2004 600310 2004 2005 4 8

2004...2...3...5...8...11...17...20...22...39...41...50...77 1

2004 2

2004 1 Guangxi Guidong Electric Power Co. LTD GDEP 2 3 12 0774 5297881 5283977 0774 5283343 E-mail Liushisheng@gdep.com.cn 12 0774 5297796 5283977 0774 5285255 E-mail Lupeijun@gdep.com.cn 4 12 12 542800 http://www.gdep.com.cn 600310@gdep.com.cn 5 http://www.sse.com.cn 12 6 A A A 600310 7 1998 12 4 3

2004 4500001000166 452426711427393 1056 A-B 8 4

2004 : : 69,446,699.84 52,049,295.62 48,262,036.35 113,092,678.42 112,377.15 64,979,202.52 4,252,968.72 542,198.47-327,669.87 153,393,367.46-47,437,045.29 : : 542,198.47 1,054,802.00-327,669.87 2,308,192.10 5,014,977.87 392,683.25 : 4,412,558.05 3,787,259.27 : : 2004 2003 2002 (%) 393,931,688.59 330,003,525.26 19.37 312,758,074.67 312,758,074.67 69,446,699.84 77,350,414.34-10.22 82,498,974.55 82,498,974.55 52,049,295.62 62,224,436.09-16.35 62,481,339.06 62,481,339.06 48,262,036.35 56,232,798.80-14.17 63,384,192.23 63,384,192.23 2004 2003 2002 (%) 1,772,792,540.33 1,303,966,614.23 35.95 784,341,072.03 784,341,072.03 669,455,682.10 664,426,594.21 0.76 649,059,715.01 602,034,715.01 153,393,367.46 108,577,539.01 41.28 116,426,825.35 116,426,825.35 5

2004 2004 2003 2002 (%) 0.3321 0.3970-16.35 0.3986 0.3986 % 7.77 9.37 7.21 8.46 % 1.60 1.25 9.63 10.38 9.77 10.53 0.9786 0.6927 41.27 0.7428 0.7428 0.3321 0.3970-16.35 0.3986 0.3986 0.3079 0.3587-14.16 0.4044 0.4044 0.3079 0.3587-14.16 0.4044 0.4044 % 7.85 9.53 7.28 8.61 % 1.68 1.33 9.82 10.13 9.96 10.28 2004 2003 2002 (%) 4.2708 4.2388 0.75 4.1407 3.8407 4.2607 4.2207 0.95 4.1357 3.8357 1 2002 [2003]12-2004 2 1-3 9 4 5 9 % : : 16.89 17.06 0.7215 0.7215 9.71 9.80 0.4145 0.4145 6

2004 7.77 7.85 0.3321 0.3321 7.21 7.28 0.3079 0.3079 9 : : 156,750,000 402,790,688.12 42,025,130.00 14,008,376.66 62,860,776.09 664,426,594.21 92,837.48 7,807,394.34 2,602,464.78 44,241,901.28 52,142,133.10 88,045.21 47,025,000.00 47,113,045.21 156,750,000 402,795,480.39 49,832,524.34 16,610,841.44 60,077,677.37 669,455,682.10 1 2 3 4 5 6 7

2004 1 : 1 111,750,000 111,750,000 110,750,000 110,750,000 1,000,000 1,000,000 2 3 4 111,750,000 111,750,000 1 45,000,000 45,000,000 2 3 4 45,000,000 45,000,000 156,750,000 156,750,000 2 (1) (2) (3) 1 26,521 6 A 26,515 8

2004 2 2004 12 31 ( ) (%) : 1 0 110,750,000 70.65 2 1,617,052 1,617,052 1.03 3 0 400,000 0.26 4 298,000 298,000 0.19 5 10,000 200,000 0.13 6 173,833 173,833 0.11 7 157,700 157,700 0.10 8 0 150,000 0.10 9 0 150,000 0.10 10 0 150,000 0.10 11 0 150,000 0.10 1 5% 2 3 1 5,387 1974 9 9

2004 2 3 4 4 5 2004 12 31 A B H 1 1,617,052 A 2 298,000 A 3 200,000 A 4 173,833 A 5 157,700 A 6 102,200 A 7 97,000 A 8 84,000 A 9 76,700 A 10 75,300 A 10

2004 1 : 54 2002-03-12 2005-03-12 0 0 0 47 2002-03-12 2005-03-12 0 0 0 56 2002-03-12 2005-03-12 0 0 0 56 2002-03-12 2005-03-12 0 0 0 54 2002-03-12 2005-03-12 0 0 0 35 2002-03-12 2005-03-12 0 0 0 46 2002-03-12 2005-03-12 0 0 0 40 2002-03-12 2005-03-12 0 0 0 51 2002-05-30 2005-03-12 0 0 0 50 2002-05-30 2005-03-12 0 0 0 28 2003-07-01 2005-03-12 0 0 0 40 2003-07-01 2005-03-12 0 0 0 53 2002-03-12 2005-03-12 0 0 0 54 2002-03-12 2005-03-12 0 0 0 45 2002-03-12 2005-03-12 0 0 0 55 2002-03-12 2005-03-12 0 0 0 36 2002-03-12 2005-03-12 0 0 0 58 2002-03-12 2005-03-12 0 0 0 (1), 5 11

2004 (2) 5 (3) 5 (4) 5 (5) 5 (6) 5 (7) 5 (8) 5 (9) 5 (10) 5 12

2004 (11) 5 (12) 5 (13) 5 (14) 5 (15) 5 (16) 5 (17) 5 (18) 5 2 1999-09 1991-01 1999-09 1999-07 1999-12 13

2004 14

2004 1 2 2002 3 : : 152.42 73.44 73.44 3 15 3 4 2002 5 30-35 1 15-25 2 10-15 4 10 3 1,214 164 451 37.15% 11 164 278

2004 1 1,018 56 140 1,214 2 108 216 890 1,214 16

2004,,, [2003]56, ( [2004]3 ) 2004 1 2 3 17

2004 4 5 6 7 1 6 5 1 6 6 6 6 6 6 1 2004 3 16 18

2004 2 2004 3 16 3 2004 4 26 2 1 2 3 4 5 19

2004 1 2003 2004 3 18 2003 2004 4 22 2003 13 7 111783000 71.31% 2 2003 2003 2003 2003 2004 2003 2004 2003 2004 4 23 1 2004 1 2004 2003 12 3 2004 2004 1 5 2004 6 20

2004 5 11135 71.04% 2 10.60% 5% 1.20 2004 2004 1 6 2 2004 1 2004 2004 10 12 2004 2004 11 15 2004 6 4 11135 71.04% 2 7.5% 3 2004 2004 11 16 21

2004 2004 93% 49,840.27 2003 20.43% 26,707.27 2003 22.82% 23,133.003 2003 17.47% 2004 2003 11.21 7.25% 2004 39,393.17 19.37% 11,309.27 0.55% 5,204.93 16.35% 0.3321 16.35% 7.77% 1.60 22

2004 1 (1) (2) : : (%) (%) 352,977,269.95 89.60 105,066,602.58 92.90 40,520,023.64 10.29 7,807,260.36 6.90 434,395.00 0.11 218,815.48 0.20 : 54,567,564.14 393,931,688.59 / 113,092,678.42 / 79,338,324.26 / / 473,270,012.85 51,898,053.02 10% (3) : : (%) (%) 197,170,774.36 54.25 49,936,234.19 13.74 61,582,631.62 16.94 22,471,800.00 6.18 32,276,787.99 8.89 : 363,438,228.16 / / / / 23

2004 89.60% 10.29% (4) 30% 100% 1.5% 20% 8% 10% (5) 10% : : (%) 352,977,269.95 245,065,417.20 30.57 40,520,023.64 32,604,066.25 19.54 (6) 2003 4,052.00 99.24% 10.29% (7) 5.35 (8) 27 2003 2 (1) 24

2004 : : 4,733 24,550 1,452.75 8,000 17,893 68.80 15,000 37,344 6,000 18,164 2,685.38 12,632 680.56 1 4,733 93% 2004 12 31 24,550 2004 5,039.33 1,452.75 1,223.20 2 8,000 91.69% 2004 12 31 17,893 2004 104.51 4,052 68.80 63.08 23 2004 3 37 4 2005 3 15,000 58.50% 9 2004 12 25

2004 31 1.5 2.1 3.47 7.01 49.5% 2004 12 101 104.6 93 1# 2# 97 3# 82.8 1 3# 94 86 45 28.6 58 73 6620 2005 2005 10-11 3 4 6000 51 4.95 2004 54 91% 16 77% 3900 85% 15,231.74 36.25% 57.0 9# 12# 65.9 1# 2# 39.5 67.50 56.2 47.8 45 42 3# 2005 10-11 1.65 5 2,685.38 35.55 2004 12 31 12,632 3,703 0.975 0.4 26

2004 2004 1,891.84 232.15 2 1 8 14.84% 10.60% 5% 1.25% 7.5% 2004 2 1 35 2004 3.56 1.25 3 8.008 1 38 10 3 : : 23,433.77 % 98.93 12,952.18 % 32.88 4 1 2004 2005 2005 2 3 27

2004 5 4 3.63 3.6 3.26 2004 52,136.58 16,659.78 35,476.80 2003 51,752.32 384.26 0.74% 1 2001 1 37,845 32,073.11 15 1 5,771.89 2 : : 15,124 15,124.14 110KV ( ) 1,534 1,303 110KV ( ) 2,488 2,488 ( ) 4,815 4,393.43 13,884 37,845 / / / 1 15,124 15,124.14 2 110KV ( ) 28

2004 1,534 1,303 3 110KV ( ) 2,488 2,488 4 ( ) 4,815 4,393.43 220 2002 4,815 4,921.42 2001 2002 2002 2 8 3 13 5 13,884 5,771.89 2002 8,764.33 20.04% 1 4,325 1 35% 2 26,690,001.30 17,703,321.62 12.05% 7.99% 93% 3 1 220KV 110KV 110KV ( ) 672 672.25 29

2004 2 220KV 110KV 110KV ( ) 1,315 1,315 220KV 110KV 110KV 2004 3 110KV ( ) 1,973.42 1,484.65 4 110KV ( ) 961 921.53 4 1 10.60% 8482 2003 12 3 2004 1 6 8,482 2004 7 27 10.60 8482 1.00 8,482 2 2004 3 18 3,326.25 2004 4 1 58.50% 3 2004 18 30

2004 1,530 6000 51% 4 110KV 2004 3 18 2,524 5 1.25% 2004 4 27 1,100 2004 9 22 1.25% 1000 1.17 1.10 1170 1100 6 7.5% 2004 10 12 6,720 7.5% 6000 1.12 6,720 6,720 2004 7 2004 8 20 2,925 12 1.5 58.50% 31

2004 : : 1,772,792,540.33 1,303,966,614.23 468,825,926.10 35.95 113,092,678.42 112,475,243.28 617,435.14 0.55 52,049,295.62 62,224,436.09-10,175,140.47-16.35-47,437,045.29 94,974,240.65-142,411,285.94-149.95 669,455,682.10 664,426,594.21 5,029,087.89 0.76 55,857,014.90 37,473,046.15 18,383,968.75 49.06 567,765,287.56 255,742,303.65 312,022,983.91 122.01 42,882,189.75 4,876,088.91 38,006,100.84 779.44 7,553,093.17 3,042,045.79 4,511,047.38 148.29 40,677,533.12 27,549,718.32 13,127,814.8 47.65 534,104,615.00 89,048,251.50 445,056,363.50 499.79 2004 2003 17,122,527.17 5,783,587.17 11,338,940 196.05 (1) 425,310,789.14 (2) (3) (4) (5) (6) 49.06% (7) 122.01% (8) 779.44% (9) 148.29% (10) 47.65% 32

2004 (11) 499.79% 12 196.05% 1 2005 2005 2004 2 2005 1 1 0.02 / 3 27 2005 4 2005 2005 5 14.84% 10.60% 5% 1.25% 7.5% 2005 11.87 2004 5.89% 4.48 3.77 2004 13.73% 3.97 14.66% 6220 2004 19.50% 33

2004 6 1 1 2004 3 16 12 12 5 2003 2003 2003 2003 2004 2003 2004 2003 2003 110KV 2003 2004 3 18 2 2004 4 26 12 12 5 1 2004 1.25 34

2004 2004 4 27 3 2004 7 6 12 12 6000 2004 7 7 4 2004 8 18 12 12 5 1 2004 3 2004 8 20 5 2004 10 8 12 11 5 1 7.5 2004 2004 10 12 6 2004 10 24 12 12 2004 2 35

2004 1 2003 2003 2004 4 22 2003 2003 12 31 15,675 10 3.00 2004 5 14 2004 5 17 2004 5 24 2003 2 2004 4 2004 4 7 3 4 [2005] 0255 2004 52,049,295.62 10% 5,204,929.56 5% 2,602,464.78 15,835,776.09 2004 60,077,677.37 60,077,677.37 2004 15,675 10 3.00, 47,025,000.00, 13,052,677.37 2004 [2005] 043 2004 [2003]56 36

2004 2004 12 31 855,110.70 855,110.70 772,292.82 793,352.91 21,060.09 79,322,516.32 79,322,516.32 4,468,153.95 50,025,303.87 53,261,270.24 1,232,187.58 123,645.06 11,945,997.03 13,400,000.00-1,330,357.91 597,978.03 1,201,280.51 708,932.49 1,090,326.05 671,468.64 671,468.64 2004 12 31 2005 4 6 [2003]56 37

2004 50% 56 2005 4 6 38

2004 3 1 2004 3 16 5 5 2003 2003 2 2004 4 26 5 5 2004 3 2004 8 18 5 5 2004 2004 39

2004 2004 2004 10.60% 1.25% 7.5% 40

2004 1 1 2003 12 1 10.60% 8482 8,482 2003 12 3 2004 7 27 10.60 8482 1.00 8,482 2 2004 3 16 7.50% 375 401.25 2004 3 18 58.50% 3 2004 3 16 2,925 2004 3 18 4 1 58.50% 4 2004 3 16 1,530 2004 3 18 41

2004 6000 51% 5 2004 4 26 1.25% 1,100 2004 4 27 2004 9 22 1.25% 1000 1.17 1.10 1170 1100 6 2004 8 18 2,925 2004 8 20 12 1.5 58.50% 7 2004 10 8 7.5% 6000 6,720 2004 10 12 7.5% 6000 1.12 6,720 3,500 2004 42

2004 1 ( ) 793,352.91 0.29 79,322,516.32 28.62 43 360,000 100 216,463.20 100 2 ( ) 2.81 50,025,303.87 11.76 671,468.64 0.16 15,120 100 1,201,280.51 0.28 (1) [2001]11, 0.198 / 0.243 / (2) [2002]189

2004 2004 2 2002 1, 0.2975 / [2001]6, 0.13 / 0.15 / (3) [2004]10 [2004]222 2003 1 ( ) 0.328 / 0.4055 / (4) [2002]131 2004 4 2004 ( ) 0.307 / 0.377 / (5) 0.198 / 0.243 / (6) 2002 3 2 2004 36 2003 (7) 2003 420 3 / 15,120 / 2003 3 20 (8) 2003 18,038.60/ 216,463.20 / 2003 3 20 3 50,025,303.87 1,232,187.58 79,322,516.32 : : 44

2004 671,468.64 793,352.91 21,060.09 11,945,997.03-1,330,357.91 855,110.70 1,201,280.51 1,090,326.05 / 63,844,050.05 992,155.72 / 80,970,979.93 21,060.09 4 1,957 1,000 35,400 38,357 1 2 3 4 5 6 1 2 45

2004 3 4 5 49600 83000 1 10000 5.31% 2 11500 2500 5.301% 4.779% 3 4500 4.779% 4 19000 2000 5.31% 5000 5.472% 5000 5.49% 7000 5.58% 5 3000 1500 5.31% 1500 5.04% 6 1200 5.58% 7 5000 15 5.184% 8 10000 15 2.88% 10% 46

2004 9 1000 15.5 5.184% 10 6500 5.184% 11 5000 13 3000 2.88% 2000 3.0% 10% 12 2500 15.5 5.184% 13 1000 5.49% 14 2800 5.31% 5% 5%( ) 1 58.50% 51% 30% 2 1.2 2,550 2,925 2,925 1,530 1,530 2005 2 2004, 47

2004 10.60% 8,482 7.50% 6,720 2004 3,500 30 8 1 [2001]100 15% 2002 1 25 [2004]455 2002-2010 15% 2 [2001]55 2004 15% 3 15% 4 [2001]1 2001 2002 2003 2004 7.5% 5 15 48

2004 5 6 91.69% 0494524B0001 P0424B0015 7 [2005]01 [2005]3 2005 1 1 [2004]222 2005 1 1 0.02 / 2005 900 2005 1 18 49

2004 2005 0255 2004 12 31 2004 2004 2004 12 31 2004 2005 4 6 50

2004 [1998]114, 11,175 2001 1 9 [2001]4 2001 1 12 A 4,500, 11,175 15,675 2001 2 28 4,500 600310 12 4500001000166 1 2 1 1 12 31 3 4 5 6 (1), (2), 51

2004 (3), 7 (1) (2) (3) (4) 8 (1) (2) 1 5 1-2 10 2-3 30 3-4 50 4-5 80 % 5 100 [2002]18 9 (1) (2) (3) (4) (5) : 10 52

2004 (1), 50% 50% 20% 20% 20% 20% 20% 10 10 [ 2003 10 ] - (2) : (3) :,, 11 (1) (2) 12 (1), (2) 53

2004 (3) 5% % (4) 25 55 3.80 1.73 10 35 9.50 2.71 12 7.92 8 12 11.88 7.92 16 35 5.94 2.71 8-14 11.88-6.79 13 (1) - 54

2004 (2) 3 14 (1) (2) 15 16 (1) (2) 55

2004 (3) (4) 17 (1) (2) (3) 18 19 (1) (2) 10% (3) 5 10% (4) (5) 20 21 50% 1995 11 56

2004 1996 2 1 1 17% 2 7% 5% 7% 5% 3 3% 2 [2001]100 2001 15% 15% [2004]27 [2004]455 2002-2010 15% [2001]55 2001 2010 15% 15% [2001]1 2001 2002 2003-2005 7.5% 57

2004 2004 12 31 % 93.00 12 4,733 91.69 1 8,000 58.50 219 15,000 51.00 6,000 35.55 12 2,685.38 1 2004 2004 4 2,925.00 401.25 7.50% 2004 2004 12 2,925.00 15,000 58.50% (2004)028 058 2 2004 2004 7 1,530.00 6,000 51.00% (2004) 016 1 201,117.86 87,846.75 135,747,954.35 187,729,364.64 5,163,013.89 731,920.00 141,112,086.10 188,549,131.39 : 324.17 192.13 2 9,258,455.03 8,861,270.00 (1) 5%( 5%) (2) 58

2004 3 % ( ) % ( ) 1 52,474,123.62 90.36 2,591,047.62 40,344,103.11 72.13 2,017,205.15 1-2 3,927,860.38 6.76 392,786.04 8,253,643.34 14.76 825,364.33 2-3 1,111,374.55 1.91 333,412.37 6,053,870.99 10.82 1,816,161.30 3 560,509.58 0.97 310,298.13 1,280,144.48 2.29 640,072.24 58,073,868.13 100.00 3,627,544.16 55,931,761.92 100.00 5,298,803.02 (1) 5% 5% ( ).3 (2) 2,134.41, 36.75% 4 % ( ) % ( ) 1 12,338,585.37 86.08 248,859.26 13,009,384.96 87.67 304,783.96 1-2 1,164,830.80 8.13 102,955.08 939,273.00 6.33 93,927.30 2-3 67,433.80 0.47 20,230.14 301,493.28 2.03 67,567.98 3 763,501.11 5.32 455,145.94 588,346.89 3.97 294,593.45 14,334,351.08 100.00 827,190.42 14,838,498.13 100.00 760,872.69 (1) 5% 5% (2) 5%, ; (3) 644.93, 44.99% 5 ( ) (%) ( ) (%) 1 16,204,578.83 98.11 14,811,166.75 98.07 1-2 189,756.29 1.15 292,230.00 1.93 2-3 123,200.00 0.74 16,517,535.12 100.00 15,103,396.75 100.00 (1) 5% 5% (2) 6 ( ) ( ) ( ) ( ) 922,181.79 60,336.35 1,445,393.48 47,636.86 4,088,329.32 9,890,124.13 43,490.62 60,302.18 12,188,440.73 983,755.57 4,999,238.83 2,080,277.55 102,956.22 59

2004 22,344,637.51 60,336.35 14,459,852.91 47,636.86 1 54.53% 2 7 ( ) ( ) ( ) ( ) 837,165.99 209,291.52 627,874.47 13,337.00 150,221.70 37,549.10 126,009.60 13,337.00 987,387.69 246,840.62 753,884.07 8 268,425,665.20 81,604,472.75 1,376,432.28 348,653,705.67 2,253,578.00 2,253,578.00 268,425,665.20 83,858,050.75 1,376,432.28 350,907,283.67 1 2004 1.25% 7.50% 5.00% 11,000,000.00 35,000,000.00 3,800,000.00 2004 7.50% 262,500.00 12,455.00 31,529,517.75 32,500,000.00 970,482.25 60

2004 2 1,278,584.28 97,848.00 3 (%) ( ) ( ) 14.84 216,890,300.00 1.00 12,280,000.00 10 9,525,284.91 -- 32,500,000.00 35.00 43,298,470.83 30 93.00 33,562,835.92 35.55 334,314.01 58.50 262,500.00 348,653,705.67 4 31,814,815.22 34,841,420.20 30 1,278,584.28 33,562,835.92 495,261.45 432,162.01 5 97,848.00 334,314.01 262,500.00 262,500.00 10 262,500.00 32,572,576.67 35,273,582.21 262,500.00 1,376,432.28 34,159,649.93 : 5 6 52.42% ( ) 20.02% 9 ( ) ( ) 287,570,813.34 22,577,114.84 228,112.87 309,919,815.31 221,454,242.87 56,819,115.37 1,042,861.48 277,230,496.76 20,419,522.98 1,126,495.00 57,822.00 21,488,195.98 61

2004 6,705,352.78 410,225.26 889,726.59 6,225,851.45 229,117,054.62 48,257,327.21 195,826.38 277,178,555.45 83,141,050.11 2,892,014.61 63,483.83 85,969,580.89 848,408,036.70 132,082,292.29 2,477,833.15 978,012,495.84 ( ) ( ) 139,112,303.40 10,459,914.90 1,488.07 149,570,730.23 165,423,935.09 12,363,380.72 492,259.83 177,295,055.98 7,374,736.93 1,493,050.64 238,210.20 8,629,577.37 2,542,597.69 495,673.64 75,022.20 2,963,249.13 77,624,225.28 8,167,376.74 102,421.48 85,689,180.54 19,943,257.12 2,656,609.32 25,981.52 22,573,884.92 412,021,055.51 35,636,005.96 935,383.30 446,721,678.17 436,386,981.19 96,446,286.33 1,542,449.85 531,290,817.67 : 436,386,981.19 96,446,286.33 1,542,449.85 531,290,817.67 (1),, (2) 89,898,557.37 (3) 10 51,315,384.46 36,345,674.45 4,541,630.44 1,127,371.70 55,857,014.90 37,473,046.15 : 11 % 13,000,000.00 150,000.00 13,150,000.00 100 6,722,785.56 1,566,767.55 8,289,553.11 100 6,775,522.64 333,456.50 7,108,979.14 95 10,268,155.00 447,392.89 10,715,547.89 100 2,598,898.13 351,621.52 2,950,519.65 100 2,056,817.00 684,654.54 2,741,471.54 100 2,801,474.28 9,462,740.04 12,264,214.32 95 2,903,044.35 2,903,044.35 80 16,770,982.86 16,770,982.86 60 2,000,000.00 3,000,000.00 5,000,000.00 65 6,000,000.00 6,000,000.00 (4) 21,518,937.99 21,518,937.99 75 (4) 11,840,880.05 11,840,880.05 75 (4) 6,143,295.00 6,143,295.00 80 (3) 19,548,074.12 10,486,468.15 19,854,965.55 10,179,576.72 75 9,593,717.78 493,492.84 10,087,210.62 41,018,033.36 20,757,997.16 32,196,499.63 833,487.14 28,746,043.75 122,383,477.87 106,911,731.44 89,898,557.376,833,487.14 132,563,164.80 62

2004 18,500,402.24 56,330,863.11 74,831,265.35 5,719,834.43 5,719,834.43 16,281,871.35 32,070,560.68 48,352,432.03 464,154.50 185,961.71 650,116.21 35,246,428.09 94,307,219.93 129,553,648.02 43,811,659.13 138,596,633.08 182,408,292.21 354,137.60 15,090,779.50 15,444,917.10 49,136,533.75 51,958,086.97 101,094,620.72 4,810,067.21 1,890,577.50 6,700,644.71 98,112,397.69 207,536,077.05 305,648,474.74 255,742,303.65 408,755,028.42 89,898,557.376,833,487.14 567,765,287.56 :(1) 1,285.48 2.40 2.50 3.98 3.78 4.32 4.57 4.65 5.35 (2) (3) (4) (5), 12 6,406,400.00 5,148,889.12 1,067,733.12 2,325,244.00 4,081,156.00 3 2 2,950,881.00 2,950,881.00 59,017.68 59,017.68 2,891,863.32 42 2,147,467.65 2,057,989.83 214,746.73 304,224.55 1,843,243.10 8 7 11,504,748.65 10,157,759.95 1,341,497.53 2,688,486.23 8,816,262.42,, 13 276,128.00 276,128.00 1,877,344.56 1,877,344.56 1,877,344.56 276,128.00 1,8773,44.56 276,128.00 : 50 55 63

2004 14 19,570,000.00 118,000,000.00 285,000,000.00 298,000,000.00 304,570,000.00 416,000,000.00 15 42,882,189.75 4,876,088.91 42,882,189.75 4,876,088.91 : (1) 5% 5% ( ).3 (2) 779.44% (3) 16 4,267,916.32 27,668.80 4,267,916.32 27,668.80 : (1) 5% 5% (2) 17 790,162.78 1,070,981.15 790,162.78 1,070,981.15 18 3,249,417.66 2,062,050.98 3,249,417.66 2,062,050.98 19 1 33,225,000.00 33,225,000.00 2 120,000.00 120,000.00 3 45,000.00 45,000.00 4 45,000.00 45,000.00 5 45,000.00 45,000.00 6 45,000.00 45,000.00 7 13,500,000.00 13,500,000.00 8 654,846.95 482,600.00 172,246.95 47,679,846.95 47,507,600.00 172,246.95 (1) 1-7 2004 4 22 2003, 2003 15,675, 10 3 ( 64

2004 ), 2004 5 24 (2) 8 20 % ( ) ( ) 17 4,217,829.36 367,033.54 7 5 228,979.06-95,223.98 15 7.5 2,901,253.39 2,647,760.01 5 66,293.59-16,511.70 138,737.77 138,987.92 7,553,093.17 3,042,045.79 :(1) 148.29% (2) 21 108,479.84-26,266.32 10,462.36 90,449.74 118,942.20 64,183.42 22 40,677,533.12 27,549,718.32 40,677,533.12 27,549,718.32 (1) 5%( 5%) (2) 47.65% (3) 23 360,000.00 340,375.50 360,000.00 340,375.50 24 2005 8 25 3,000,000.00 2005 9 30 7,000,000.00 10,000,000.00 25 354,043,865.00 89,048,251.50 65

2004 9,800,000.00 170,260,750.00 534,104,615.00 89,048,251.50 (1) 499.79% (2) (3) 26 1 108,082.59 1,709,191.00 2 1,000,000.00 1,108,082.59 1,709,191.00 (1) [2002]294 300 (2) [2003]6047 27 ( ) ( ) ( ) ( ) % 111,750,000.00 111,750,000.00 71.29 110,750,000.00 110,750,000.00 70.65 1,000,000.00 1,000,000.00 0.64 45,000,000.00 45,000,000.00 28.71 45,000,000.00 45,000,000.00 28.71 156,750,000.00 156,750,000.00 100.00 28 ( ) ( ) ( ) ( ) 401,437,108.09 401,437,108.09 1,353,580.03 92,837.48 88,045.21 1,358,372.30 402,790,688.12 92,837.48 88,045.21 402,795,480.39 99,825.25 93.00% 92,837.48 247,665.84 35.55% 88,045.21 66

2004 29 28,016,753.34 5,204,929.56 33,221,682.90 14,008,376.66 2,602,464.78 16,610,841.44 42,025,130.00 7,807,394.34 49,832,524.34 30 52,049,295.62 62,224,436.09 15,835,776.09 9,970,005.41 5,204,929.56 6,222,443.61 2,602,464.78 3,111,221.80 60,077,677.37 62,860,776.09 47,025,000.00 47,025,000.00 13,052,677.37 15,835,776.09 31 2004 2003 2004 2003 352,977,269.95 309,493,165.73 245,065,417.20 198,400,270.86 40,520,023.64 20,337,074.53 32,604,066.25 16,461,219.95 434,395.00 173,285.00 192,088.14 39,604.23 393,931,688.59 330,003,525.26 277,861,571.59 214,901,095.04 (1) (2) (3) (4) 12,952.18, 32.88% 32 (%) 2004 ( ) 2003 ( ) 5 7 1,949,311.82 1,714,841.43 3 995,562.22 912,345.51 5 32,564.54 2,977,438.58 2,627,186.94 33 2004 ( ) 2003 ( ) 18,679,352.03 6,984,363.35 1,602,274.20 1,218,877.79 45,449.34 18,101.61 17,122,527.17 5,783,587.17 196.05% 67

2004 34 2004 ( ) 2003 ( ) 6,542,166.13 1,742,153.80 12,455.00 26,501.91-1,376,432.28-1,341,683.72-925,220.13 373,048.64 4,252,968.72 800,020.63 (1) (2) 35 2004 ( ) 2003 ( ) 542,198.47 542,198.47 36 2004 ( ) 2003 ( ) 18,118.16 46,474.71 84,134.50 71,408.00 10,046.40 8,130.00 500,285.66 207,612.85 283,802.51 443,401.33 896,387.23 777,026.89 37 2004 ( ) 2003 ( ) 11,726,865.12 12,600,588.59 38 2004 1,100.00 600.00 353.31 2,053.31 39 2004 1,063.81 137.07 36.00 83.25 35.13 68

2004 665.75 2,021.01 1 % ( ) % ( ) 1 34,315,928.79 85.97 1,683,159.85 32,983,953.87 67.91 1,649,197.69 1-2 3,927,860.38 9.84 392,786.04 8,253,643.34 16.99 825,364.33 2-3 1,111,374.55 2.78 333,412.37 6,053,870.99 12.46 1,816,161.30 3 560,509.58 1.41 310,298.13 1,280,144.48 2.64 640,072.24 39,915,673.30 100.00 2,719,656.39 48,571,612.68 100.00 4,930,795.56 (1) 2,024.99, 50.73% (2) 5% 5% ( ).3 2 % ( ) % ( ) 1 24,087,819.48 95.40 117,972.16 5,177,211.67 87.92 205,561.85 1-2 693,464.97 2.75 69,346.50 184,076.76 3.13 18,407.68 2-3 67,433.80 0.27 20,230.14 187,093.28 3.18 56,127.98 3 400,716.51 1.58 200,358.26 339,962.29 5.77 169,981.15 25,249,434.76 100.00 407,907.06 5,888,344.00 100.00 450,078.66 (1) 2,355.01, 93.27% (2) 1 5% 1,928.00 ; 244.84, (3) 5% 5% 3 345,269,061.58 94,466,171.49 2,419,213.69 437,316,019.38 222,656,315.83 49,812,455.00 272,468,770.83 567,925,377.41 144,278,626.49 2,419,213.69 709,784,790.21 (1) 94,466,171.49 16,560,834.01 2004 7.50% 4,012,500.00 2004 69

2004 58,500,000.00 2004 15,300,000.00 99,825.25 93.00% 92,837.48 (2) 49,812,455.00 2004 1.25% 7.50% 5.00% 11,000,000.00 35,000,000.00 3,800,000.00 12,455.00 (3) 2,419,213.69 1,278,584.28 97,848.00 954,736.20 277,003.48 677,732.72 247,665.84 35.55% 88,045.21 (4) A ( ) ( ) ( ) (%) 14.84 167,090,300.00 49,800,000.00 216,890,300.00 1.00 12,280,000.00 12,280,000.00 35.00 43,286,015.83 12,455.00 43,298,470.83 222,656,315.83 49,812,455.00 272,468,770.83 B ) ( ) ( ) ( ) ( ) ( ) ( ) 195,634,722.92 92,837.48 12,232,001.49 61,434,288.31 26,409,451.80 230,752,396.91 73,351,680.00 630,858.85 1,099,644.10 74,451,324.10 25,500,000.00 62,512,500.00 88,012,500.00 15,300,000.00 15,300,000.00 30,600,000.00 11,438,962.00 365,048.69 2,321,541.39 3,103,617.78 677,732.72 13,499,798.37 321,225,364.92 77,905,337.48 365,048.69 15,184,401.73 65,637,550.19 27,087,184.52 437,316,019.38 43,250,000.00 12,455.00 48,470.83 43,298,470.83 70

2004 43,250,000.00 12,455.00 48,470.83 43,298,470.83 364,475,364.92 77,905,337.48 365,048.69 15,196,856.73 65,686,021.02 27,087,184.52 480,614,490.21 15,196,856.73 13,510,585.77-1,278,584.28 630,858.85 12,455.00 2,419,389.39-97,848.00 C ( ) ( ) ( ) ( ) 31,814,815.22 34,841,420.20 30 1,278,584.28 33,562,835.92 495,261.45 432,162.01 5 97,848.00 334,314.01 262,500.00 10 262,500.00 262,500.00 32,572,576.67 35,273,582.21 262,500.00 1,376,432.28 34,159,649.93 7 4 4 2004 2003 2004 2003 363,438,228.16 312,816,323.69 283,094,435.57 235,108,781.44 363,438,228.16 312,816,323.69 283,094,435.57 235,108,781.44 (1) (2) 12,952.18, 35.64% 5 2004 ( ) 2003 ( ) 16,560,834.01 19,825,722.92 12,455.00 26,501.91-1,376,432.28-1,341,683.72-926,126.94 373,048.64 14,270,729.79 18,883,589.75 (1) 16,560,834.01 13,510,585.77 630,858.85 2,419,389.39 71

2004 (2) 1 12 5,387 12 4,733 1 8,000 15,000 219 6,000 12 2,685.38 2 (%) (%) (%) (%) 11,075.00 70.65 11,075.00 70.65 4,401.58 93.00 4,401.58 93.00 7,335.17 91.69 7,335.17 91.69 2,550.00 51.00 6,251.25 7.50 8,801.25 58.50 1,530.00 51.00 1,530.00 3,060.00 51.00 1,143.90 35.55 1,143.90 35.55 3 ( ) ( ) ( ) ( ) 5,387.00 5,387.00 4,733.00 4,733.00 8,000.00 8,000.00 5,000.00 10,000.00 15,000.00 3,000.00 3,000.00 6,000.00 2,685.38 2,685.38 4 72

2004 1 2004 2003 678,079.41 2,357,478.28 51,399,191.21 67,652,668.13 144,354.36 68,475,101.90 53,756,669.49 (1) [2001]11, 0.198 / 0.243 (2) [2002]189 2002 1, 0.2975 / (3) [2001]6, 0.13 / 0.15 / 2 2004 2003 573,904.82 10,210,253.87 18,191,317.74 42,756,669.97 23,844,920.58 1,026,735.48 831,429.97 54,567,564.14 42,867,668.29 : 1 [2004]10 [2004]222 ( ) 0.346 / 0.4235 / 2 [2002]131 ( ) 0.307 / 0.377 / 3 0.198 / 0.243 / 3 73

2004 21,060.09-1,330,357.91 123,645.06 1,232,187.58 4,468,153.95 1,090,326.05 597,978.03 4 1 2002 420 3 / 15,120 / 36,077 / 18,038.60 / 216,463.20 / 2 2002 3 2004 2003 36 36 36 36 2004 12 31 3 1,957 1,000 35,400 38,357 2004 12 31 1 30% 2 58.50% 2,550 2004 2,925 2 30% 1.2 2003 1,530 2004 7 1,530 3 2004, 74

2004 10.60% 8,482 7.50% 6,720 2004 3,500 2005 1 17 2006 1 17 100.00 2005 1 31 2006 1 30 2,000.00 2005 3 25 2006 3 24 1,000.00 2005 2 28 2006 2 28 2,000.00 2005 1 28 2012 3 20 1,500.00 2005 3 17 2013 3 20 1,500.00 2005 2 2 2012 7 20 2,000.00 2005 3 14 2013 7 20 1,000.00 2005 3 16 2013 7 20 1,500.00 2005 4 6 2004 47,025,000.00 2004 12 31 15,675 10 3.00 47,025,000.00 [2005]01 [2005]3 2005 1 1 [2004]222 2005 1 1 0.02 / 2006 2004 2005 4.9 0.02 / 2005 900 75

2004 1 2 2004 2,308,192.10 568,717.36-896,387.23 542,198.47 1,054,802.00 6,320,198.00-1,305,220.13 4,412,558.05 392,683.25 3,787,259.27 76

2004 2005 4 6 77

2004 2004 12 31 2003 12 31 2004 12 31 2003 12 31 1 141,112,086.10 188,549,131.39 22,365,565.74 64,123,315.88 2 9,258,455.03 8,861,270.00 6,100,000.00 7,700,000.00 3 54,446,323.97 50,632,958.90 37,196,016.91 43,640,817.12 4 13,507,160.66 14,077,625.44 24,841,527.70 5,438,265.34 5 16,517,535.12 15,103,396.75 664,569.50 2,931,534.78 6 22,284,301.16 14,412,216.05 1,744,627.75 1,653,457.44 7 753,884.07 13,337.00 748,934.97 2,253,578.00 257,879,746.11 293,903,513.53 93,661,242.57 125,487,390.56 8 348,653,705.67 268,425,665.20 709,784,790.21 567,925,377.41 2,253,578.00 350,907,283.67 268,425,665.20 709,784,790.21 567,925,377.41 34,159,649.93 35,273,582.21 9 978,012,495.84 848,408,036.70 522,598,807.31 469,514,906.33 9 446,721,678.17 412,021,055.51 271,471,853.73 256,954,976.62 531,290,817.67 436,386,981.19 251,126,953.58 212,559,929.71 531,290,817.67 436,386,981.19 251,126,953.58 212,559,929.71 10 55,857,014.90 37,473,046.15 234,750.98 11 567,765,287.56 255,742,303.65 53,169,298.98 66,213,786.50 1,154,913,120.13 729,602,330.99 304,531,003.54 278,773,716.21 12 8,816,262.42 10,157,759.95 13 276,128.00 1,877,344.56 9,092,390.42 12,035,104.51 1,772,792,540.33 1,303,966,614.23 1,107,977,036.32 972,186,484.18 78

2004 ( ) 2004 12 31 2003 12 31 2004 12 31 2003 12 31 14 304,570,000.00 416,000,000.00 230,000,000.00 280,000,000.00 15 42,882,189.75 4,876,088.91 20,845,037.80 15,411,684.87 16 4,267,916.32 27,668.80 4,267,476.82 17 790,162.78 1,070,981.15 18 3,249,417.66 2,062,050.98 1,423,711.77 1,122,130.23 19 172,246.95 20 7,553,093.17 3,042,045.79 5,970,368.51 2,523,888.78 21 118,942.20 64,183.42 92,986.45-33,699.95 22 40,677,533.12 27,549,718.32 4,341,747.87 8,440,911.04 23 360,000.00 340,375.50 319,275.00 294,975.00 24 10,000,000.00 414,641,501.95 455,033,112.87 267,260,604.22 307,759,889.97 25 534,104,615.00 89,048,251.50 170,260,750.00 26 1,108,082.59 1,709,191.00 1,000,000.00 535,212,697.59 90,757,442.50 171,260,750.00-949,854,199.54 545,790,555.37 438,521,354.22 307,759,889.97 153,482,658.69 93,749,464.65 27 156,750,000.00 156,750,000.00 156,750,000.00 156,750,000.00 156,750,000.00 156,750,000.00 156,750,000.00 156,750,000.00 28 402,795,480.39 402,790,688.12 402,795,480.39 402,790,688.12 29 49,832,524.34 42,025,130.00 49,832,524.34 42,025,130.00 16,610,841.44 14,008,376.66 16,610,841.44 14,008,376.66 30 13,052,677.37 15,835,776.09 13,052,677.37 15,835,776.09 47,025,000.00 47,025,000.00 47,025,000.00 47,025,000.00 669,455,682.10 664,426,594.21 669,455,682.10 664,426,594.21 1,772,792,540.33 1,303,966,614.23 1,107,977,036.32 972,186,484.18 79

2004 2004 2003 2004 2003 31 393,931,688.59 330,003,525.26 363,438,228.16 312,816,323.69 31 277,861,571.59 214,901,095.04 283,094,435.57 235,108,781.44 32 2,977,438.58 2,627,186.94 2,081,340.32 1,695,715.22-113,092,678.42 112,475,243.28 78,262,452.27 76,011,827.03-112,377.15 27,446.55 27,936.91 539.97 1,852,807.87 1,350,596.44 300,382.10 515,245.85 29,250,518.01 28,256,757.43 17,296,949.87 18,330,708.71 33 17,122,527.17 5,783,587.17 14,917,380.30 5,283,783.76-64,979,202.52 77,111,748.79 45,775,676.91 51,882,628.68-34 4,252,968.72 800,020.63 14,270,729.79 18,883,589.75 35 542,198.47 - - - 568,717.36 215,671.81 1,820.06 15,981.18 36 896,387.23 777,026.89 371,013.16 499,606.03-69,446,699.84 77,350,414.34 59,677,213.60 70,282,593.58 37 11,726,865.12 12,600,588.59 7,627,917.98 8,058,157.49 5,670,539.10 2,525,389.66 - - - 52,049,295.62 62,224,436.09 52,049,295.62 62,224,436.09 15,835,776.09 9,970,005.41 15,835,776.09 9,970,005.41 67,885,071.71 72,194,441.50 67,885,071.71 72,194,441.50 5,204,929.56 6,222,443.61 5,204,929.56 6,222,443.61 2,602,464.78 3,111,221.80 2,602,464.78 3,111,221.80 60,077,677.37 62,860,776.09 60,077,677.37 62,860,776.09 47,025,000.00 47,025,000.00 47,025,000.00 47,025,000.00 13,052,677.37 15,835,776.09 13,052,677.37 15,835,776.09 80

2004 2004 2003 ( / (%) ) ( / (%) ) 113,092,678.42 16.89 17.06 0.7215 0.7215 112,475,243.28 16.93 17.23 0.7175 0.7175 64,979,202.52 9.71 9.80 0.4145 0.4145 77,111,748.79 11.61 11.81 0.4919 0.4919 52,049,295.62 7.77 7.85 0.3321 0.3321 62,224,436.09 9.37 9.53 0.3970 0.3970 48,262,036.35 7.21 7.28 0.3079 0.3079 56,232,798.80 8.46 8.61 0.3587 0.3587 2004 2003 1 2 3 4 5 6 81

2004 2004 470,694,514.47 447,894,666.90 542,198.47 38 20,533,144.78 3,320,341.21 491,769,857.72 451,215,008.11 233,532,186.50 291,914,994.18 35,941,190.11 25,119,498.04 48,693,042.88 32,487,395.58 39 20,210,070.77 14,480,375.47 338,376,490.26 364,002,263.27 153,393,367.46 87,212,744.84 - - - 5,394,977.87 28,609.26 180,612.00-5,288,591.34 500,000.00 10,864,181.21 528,609.26 439,065,797.54 38,985,331.55 82,300,000.00 127,612,500.00 - - - 521,365,797.54 166,597,831.55-510,501,616.33-166,069,222.29-55,955,500.00 804,800,000.00 450,000,000.00 11,250.58 860,766,750.58 450,000,000.00 471,000,000.00 330,000,000.00 80,095,547.00 63,621,272.69-19,280,000.00 551,095,547.00 412,901,272.69 309,671,203.58 37,098,727.31-47,437,045.29-41,757,750.14 82

2004 ( ) 1 2004 52,049,295.62 52,049,295.62 : 5,670,539.10-1,592,241.64-2,240,611.28 35,082,199.40 14,541,285.90 1,341,497.53 65,672.75 743,985.87 748,934.97 19,624.50 24,300.00-520,259.57 16,450.01 17,127,202.67 14,917,380.30-4,252,968.72-14,270,729.79 - -7,897,484.09-116,569.29 19,978,822.79 11,730,894.15 34,536,962.11 9,812,114.25-153,393,367.46 87,212,744.84 2 - - - - 3-141,112,086.10 22,365,565.74 188,549,131.39 64,123,315.88 - - -47,437,045.29-41,757,750.14 83

2004 ( ) 2004. 6,059,675.71 703,250.97-2,308,192.10 2,308,192.10 4,454,734.58 5,298,803.02 539,880.31 2,211,139.17 2,211,139.17 3,627,544.16 760,872.69 163,370.66 97,052.93 97,052.93 827,190.42 47,636.86 12,699.49 - - - 60,336.35 47,636.86 12,699.49 60,336.35 84