SHANDONG ZHONGLU OCEANIC FISHERIES CO.,LTD

2 2 3 5 8 10 11 12 25 26 31 66 1

Shandong Zhonglu Oceanic Fisheries Company Limited 43 0531-6553278 6553276 0531-6943084 zlzqb@163.com 43 43 250014 zlzqb@163.com http//www.cninfo.com.cn 2

ST B 200992 1999 7 23 2000 11 30 3700001803000 370102863043102 370001863043102 1166 AB 7-8 -215,140,076.00-213,472,451.00-193,771,219.00 58,343,596.00 266,833.00-181,794,274.00-8,546,916.00 - -24,798,886.00-21,817,255.00-37,342,779.00 3

-25,426,288 1,350,134.00 2,026.00 193,951.00 678,945.00 3,500,000.00-19,701,232.00 2003-213,472-209,398 72,398-213,472 1-13 2-4,061 72,398-209,398 2003 2002 2001 318,865,044 310,982,756 310,982,756 332,560,732-213,472,451-229,808,572-225,282,438 5,507,444 562,738,775 804,177,030 804,879,214 1,020,809,474 72,396,580 277,032,440 277,937,637 496,028,469 / -0.80-0.86-0.85 0.02 / 0.27 1.04 1.04 1.86 / 0.25 1.02 1.02 1.86 / -0.08 0.18 0.18 0.33-294.87-82.95-81.06 1.1 % -113.18-24.21-47.19 2.28 4

2003 (%) ( / ) 80.59 34.08 0.22 0.22-251.11-106.19-0.68-0.68-294.87-124.69-0.80-0.80-267.65-113.18-0.73-0.73 266,071,320 197,166,189.00 21,766,728.00 7,255,576-203,209,359 277,937,637-4,093,909 31,142 15,571-213,472,451 - - 19,756 - - 46,713 205,541,057 266,071,320 201,240,342 21,813,441 7,271,147 416,728,523 72,396,580 - + - 128,071,320 128,071,320 1 127,811,320 260,000 127,811,320 260,000 2 3 5

4 128,071,320 128,071,320 1 2 138,000,000 138,,000,000 3 4 138,000,000 138,000,000 266,071,320 266,071,320 1 2000 6 26 [2000]82 2000 7 3 7 5 B 12,000 1.93 2.05 2000 7 24 2000 8 22 15% B 1800 1.93 2.05 2 1 21,446 5 21,441 2 10 2003 12 31 (%) 1 0 125,731,320 47.25 125,731,3 20 2 3 COREPACIFIC-YAMAICHI NTERNATIONAL(H.K.)LIMITED KINGSWAYFINANCIAL SERVICES GROUP LIMITED-CLIENTS A/C 6,046,649 2.27 3,353,105 1.26 6

4 * 0 1,950,000 0.73 5 1,498,290 0.56 6 0 1,078,200 0.41 7 0 855,200 0.32 8 NATWEST SECURITIES HONG KONG LIMITED 773,230 0.29 9 IP,HUNG FEI +349,000 700,000 0.26 10 0 615,000 0.23 a.* *ST 000951 b 3 1988 11 38,000 : : 100% : : 4 5 10% 10% 7

10% 10% 6 A B H 1 2 COREPACIFIC-YAMAICHI NTERNATIONAL(H.K.)LIMITED KINGSWAYFINANCIAL GROUP LIMITED-CLIENTS A/C SERVICES 6,046,649 B 3,353,105 B 3 1,498,290 B 4 1,078,200 B 5 855,200 B 6 NATWEST SECURITIES HONG KONG LIMITED 773,230 B 7 IP,HUNG FEI 700,000 B 8 615,000 B 9 572,600 B 10 558,800 B 51 2003.5 2005.9 0 0 51 2002.9 2005.9 0 0 47 2002.9 2005.9 0 0 57 2002.9 2005.9 0 0 43 2002.9 2005.9 0 0 40 2002.9 2005.9 0 0 35 2003.5 2005.9 0 0 49 2002.9 2005.9 0 0 49 2003.7 2005.9 0 0 44 2002.9 2005.9 0 0 30 2002.9 2005.9 0 0 34 2003.10 2005.9 0 0 8

2003 4 -- 2003 9 1998 1 2003 11 1 35.9 2 12.9 3 2 300 / 4 12 10 4.5-6 2, 3-4.5 3, 2-3 5 5 2, 1 2 3 4 5 6 7 8 1222 658 182 133 82 169 72 6% 152 12.4% 170 13.9% 601 9

1 1/3 2 3 4 1 a. b. [2003]162 2 3 1 10

2 3 4 5 2002 2003 5 30 43 2002 2003 4 26 6 128,556,309 48.32% 3 127,811,320 99.42% 2 260,000 0.2% 1 484,989 0.38% 1 2 3 4 2002 5 2002 6 2002 7 2002 11

8 2002 9 10 11 12 13 14 15 2002 16 2003 2003 5 31 1 2 3.6 3.97 31887 5384 2002 2680-21347 2002 1181 2003 12

1 1 128,250,437 32,026,850 95,216,077 2,862,135 28,628,746 12,265,849 1,496,509-2,501,336 29,144,414 9,960,898 36,128,861 5,364,101 318,865,044 59,978,497 2 152,672,332 29,100,344 67,063,597 16,373,888 36,479,718 11,474,851 51,165,093 2,616,357 2,322,757-2,006,124 695,293 153,399 804,507-208,571 7,661,747 2,474,353 318,865,044 59,978,497 2 13

(%) 98,377,177 84,595,947 14.01 37,374,435 18,944,166 49.31 91,900,323 87,207,590 5.11 28,628,746 16,362,897 42.84 3 1 2003 4 2 2003 7 1 54 412 523 22,505,600 95% 21,380,320 2,884,746 Habitat International Corporation 33 375 349 100% 12,476,146 327,808 12,476,146 ( 85,602,925 56,793,300 60.98% 32,280,000 ) -11,217,915 73,219,477 52% 144,606,744 45% 1 2003 2003 2 14

3 16% 4 5 2003 2003 12 31 B 255,340,000 222,135,000 87% 33,205,000 13% 60,000 25,534.00 * 4,343.00 6.00 22,213.50 15 4,474.0 0-663.00

4,783.00 4,100.00 1,462.5 0 4,102.0 0 / / 735.50 4,991.00 0.00 / / 3,984.00 * 4,929.00 27,130.00 / 1,240.0 0 2,466.8 0 13,745. 30 858.00 208.20 1138.70 / 1 56 2 4 * 4 2 160 80 2 2003 7 2003 12 31 2 2004 1 2003 8 23 " " " " 2003 9 27 " 1998 9 29 [1998]989 4783 1375 2003 8 1462.5 3320.5 2003 12 30 2 2000 4320 3 2744 671 2000 16

1 2003 2002 % 562,738,775 804,879,214-242,140,439-30.08 72,396,580 277,937,637-205,541,057-73.95 58,343,596 31,543,561 26,800,035 84.96-213,472,451-225,282,438 11,809,987 5.24-37,342,779-3,942,143-33,400,636-847.27 2 3 (1) 2002 2002 3,857,241 203,013 4,060,254 3,857,241 203,013 2002 4,060,254 4,060,254 4,060,254 (2) 2001 22,684,710 2003 18,808,789 2001 2002 21,982,526 22,684,710 2002 666,738 35,446 2003 1 17

2 2002 2003 1 2003 4 14 1 2 3 4 2 2003 4 29 1 2 2002 3 2002 4 2002 5 2002 6 2002 7 2003 8 9 10 11 12 13 14 15 16 2002 18

3 2003 5 30 4 2003 7 29 1 2 3 4 2003 5 2003 8 22 6 2003 10 29 1 2 3 4 5 6 72003 7 2003 10 29 1 2 3 1 2002 2002 2 2002 3 19

2002 2003 2003-213,472,451-209,398,000-416,728,523-416,707,000 2003 2004 046 2003 [2003]56 1 SGCFE S.A. Prodesur S.A. 20

2 (1) 1 1,659 1,659 - - 2 202,190 202,190 - - 3 96,382 96,382 - - 4 Prodesur S.A.( ) 2,440,826 2,351,995 3,763,956 3,852,787 5-293,512 5,248,600 4,955,088 2,741,057 2,945,738 9,012,556 8,807,875 2 (1) 1 1,659 1,659 - - 2 202,190 202,190 - - 3 96,382 96,382 - - 4 Prodesur S.A.( ) 2,440,826 2,351,995 3,763,956 3,852,787 5-293,512 5,248,600 4,955,088 2,741,057 2,945,738 9,012,556 8,807,875 (2) 1 190,422,893 217,753,069 42,156,506( 2) 14,826,330 3 2 6,383,036 6,383,036 - - 3 62,009,316 53,008,961 1,605,785( 4) 10,606,140 5 4 SGCFE S.A. 21,550,572 22,362,506 2,467,414 1,655,480 5 366,147 4,863,914 94,569,050 6 90,071,282 6 2,352,479 1,666,241 3,747,388 7 4,433,627 8 7,462,935 7,761,350 298,415-21

3,664,602 3,169,882 2,002,476 8 2,497,196 8 9 10 Prodesur S.A.( ) 2,865,326 886,794 30,560,470 9 32,539,002 11 15,526,657 14,057,790-1,468,867 12 395,544 345,544-50,000 13 500,427 500,427 - - 14 408,295 402,799-5,496 322,574,408 341,199,872 177,407,504 158,782,040 1 167,738,183 2001 22,684,710 2003 18,808,789 2001 22,684,710 190,422,893 2 42,156,506 A ( ) -3,982,337 3,982,337 B 2,135,000 2002 11 2003 6 21 1,706,127.06 2003 8 6 2003 235 2003 8 18 500,000 1,206,129.06 2005 12 10 2003 8 20 2003 12 31 1,136,163.76 1,050,072.26 8,691,133 1,136,163.76 9,403,687 18,094,820, 1,399,427 19,494,247 C 2003 HIC HIC 12,602,154 12,602,154 D 2003 158,493 515,530.00 674,023 3 14,826,330 22

A 2003 HIC 12,602,154 2 B B 2003 1,240,000 1,240,000 4, 1,605,785 2003 842,574 5 10,606,140 9,447,830 9,447,830 6 94,569,050 2003 41,720,418 52,848,632 90,071,282 2003 41,720,418 48,350,864 7 3,747,388 4,433,627 1,399,427 2 B. 8 2,002,476 1,322,268 61,454 2,497,196 1,322,268 9 Prodesur S.A. 30,560,470 Prodesur S.A. 30,560,470 32,539,002 30,779,971 2003 1 2 ( ) 18,094,820-158,493 904,028 515,530 - - 4,497.768 18,768,843 5,401,796 2004 3 29 23

2003 56 2003 12 31 1 5,250,000 3,383,322 5,000,000 3,383,322 2 25 3 79,770,000 2003 12 31 70,270,000 8000 8000 70,270,000 4 21,510,000 2003 12 31 21,510,000 5 ( ) 31,500,000 1,000,000 2003 56 2/3 2003 56 24

, : 1 2003 4 24, : 1 2 2002 3 2002 4 2002 5 2002 6 2003 2 2003 5 16 1 2002 2002 2 2002 2003 3 2003 7 29 1 2003 2 4 2003 10 29, 1 2003 2 5 2003 12 30 (1) (2) 2003 1 25

2 2003 2003 3 2000 4 5 6 1 50232114.37 2003 2 28 2003 8 26 2003 747 50232114.37 2 2003 7 15 3 2003 8 20 2,157,212.65, 4 G20030234 26

2001 2 20% 643324.76 60,000 --- 2003 10 61.6 2004 1 5 45 5 2004 1 18 2003 378 50 1 17.31% 2003 1 3 2 4 320 2 160 80 2 7 2 2003 12 31 2 2004 3 2003 3 31 G.A.T 3 8154 36 386.83 88.03 4 2003 3 25 502 2003 3 26 932 60 370 2003 3 28 5 2003 2 19 1 130 1 327.01 197.01 27

6 2003 6 26 65 200.09 135.09 7 2003 8 23 95% 1,374,964 14,625,036 16,000,000 2003 12 31 1,374,964 2,225,036 236.78 2003 8 23 9 27 1 : 2003 695,293 66.5% 150,000 Prodesur S.A. 350,218 33.50% 30,000 423,300.00 1.17% 56,300 2 : 2002 41,720,418 100% -30,000 Prodesur S.A. 30,779,971 100% 1,010,000 3 (1) 2003 843,530 396,354 : 28

(2) SGCFE S.A. 2,467,414 1 496,800 780,000 6,000 2003 4 1 2 6 (1) 3 SGCFE S.A. SGCFE S.A. 80,000 155,000 9,700 9,900 2003 4 1 4 : 2003 Prodesur S.A. 3,579,279 Prodesur S.A. 70 2003 3,579,279 1 Prodesur S.A. 2 2 3 1 6 3 SGCFE S.A 2003 4 1 2 Prodesur S.A. 70 1999 1 1 10 Prodesur S.A. 2003 1 1 2003 8 1 1 1 25, 0.35% 29

2 5,000,000 3,383,322 2 31,500,000 1,000,000 3 1 21,510,000 2003 1 25 2003 12 31 2 79,770,000 2003 12 31 70,270,000 1-7 5 2003 2003 1 2003 2 25 2003 2 27 2 2003 2 28 2003 2 28 30

2004 0236 2003 12 31 2003 2003 2003 2003 12 31 70,270,000 2003 12 31 2003,, 2003 213,472,451 2003 12 31 209,579,114 2004 3 27 31

2003 12 31 2002 12 31 16,788,041.00 7,592,293.00 55,288,914.00 23,589,696.00 55,996.00 55,996.00 61,642.00 61,642.00 100,000.00 100,000.00 1,194,053.00 22,081,605.00 20,282,341.00 37,054,067.00 23,121,585.00 109,633,513.00 117,366,013.00 230,688,405.00 278,750,630.00 1,485,949.00 611,540.00 1,467,188.00 203,887.00 57,824.00 57,824.00 75,059,712.00 62,740,613.00 84,252,703.00 68,834,514.00 1,699,615.00 1,699,615.00 525,650.00 525,650.00 226,962,255.00 210,506,235.00 410,532,622.00 395,087,604.00 23,207,250.00 91,580,838.00 33,107,250.00 104,858,895.00 50,000.00 50,000.00 23,207,250.00 91,580,838.00 33,157,250.00 104,908,895.00 : 516,264,338.00 365,723,280.00 540,573,680.00 423,050,824.00 173,538,865.00 135,255,277.00 210,942,360.00 169,430,503.00 342,725,473.00 230,468,003.00 329,631,320.00 253,620,321.00 40,838,799.00 40,838,799.00 52,084,024.00 51,414,660.00 301,886,674.00 189,629,204.00 277,547,296.00 202,205,661.00 1,272,768.00 1,041,395.00 65,959,531.00 187,504.00 21,716.00 21,716.00 303,181,158.00 190,692,315.00 343,506,827.00 202,393,165.00 9,388,112.00 64,920.00 11,928,857.00-5,753,658.00 5,753,658.00 9,388,112.00 64,920.00 17,682,515.00 5,753,658.00 562,738,775.00 492,844,308.00 804,879,214.00 708,143,322.00 : : : 32

2003 12 31 2002 12 31 298,760,387.00 249,580,000.00 285,213,110.00 242,930,000.00 25,175,694.00 25,090,322.00 40,430,935.00 28,249,665.00 5,323,159.00 5,164,708.00 9,799,629.00 6,627,465.00 14,184,488.00 12,304,098.00 21,254,179.00 19,336,324.00 1,383,416.00 1,383,416.00 2,097,786.00 988,274.00 459,330.00 459,330.00 509,330.00 509,330.00 9,692,662.00 7,865,416.00 11,549,373.00 8,475,917.00 15,046.00 7,812.00 22,605.00 12,263.00 41,416,460.00 41,216,749.00 22,042,700.00 26,282,073.00 1,273,927.00 1,273,927.00 6,005,155.00 5,925,155.00 26,441,750.00 26,441,750.00 845,932.00 845,932.00 12,415,050.00 12,415,050.00 36,290,000.00 36,290,000.00 436,541,369.00 383,202,578.00 436,060,734.00 376,472,398.00 37,245,150.00 37,245,150.00 69,740,000.00 49,740,000.00 136,046.00 136,046.00 37,245,150.00 37,245,150.00 69,876,046.00 49,876,046.00 473,786,519.00 420,447,728.00 505,936,780.00 426,348,444.00 16,555,676.00 21,004,797.00 266,071,320.00 266,071,320.00 266,071,320.00 266,071,320.00 266,071,320.00 266,071,320.00 266,071,320.00 266,071,320.00 201,240,342.00 201,240,342.00 197,166,189.00 197,166,189.00 21,813,441.00 19,184,673.00 21,766,728.00 19,184,673.00 7,271,147.00 7,319,769.00 7,255,576.00 7,319,769.00-3,857,241.00-416,728,523.00-414,099,755.00-203,209,359.00-200,627,304.00 72,396,580.00 72,396,580.00 277,937,637.00 281,794,878.00 562,738,775.00 492,844,308.00 804,879,214.00 708,143,322.00 : : : 33

318,865,044.00 249,915,604.00 310,982,756.00 237,036,630.00 258,886,547.00 214,045,751.00 277,521,608.00 230,161,747.00 1,634,901.00 587,379.00 1,917,587.00 1,017,770.00 58,343,596.00 35,282,474.00 31,543,561.00 5,857,113.00 266,833.00 234,904.00-200,442.00-244,550.00 29,268,758.00 25,022,289.00 35,384,634.00 28,877,353.00 193,292,804.00 172,019,960.00 162,895,676.00 130,207,270.00 17,843,141.00 15,191,254.00 20,947,567.00 17,483,367.00-181,794,274.00-176,716,125.00-187,884,758.00-170,955,427.00-8,546,916.00-11,900,143.00 7,239,604.00-5,848,351.00 - - 1,191,464.00 1,200,000.00 1,244,290.00 1,217,910.00 2,969,247.00 2,812,263.00 26,043,176.00 26,028,431.00 54,064,617.00 53,290,923.00-215,140,076.00-213,426,789.00-230,549,060.00-226,082,438.00 1,654,325.00 45,662.00 1,059,287.00-800,000.00-4,585,624.00-2,468,668.00-1,263,674.00 3,857,241.00-213,472,451.00-213,472,451.00-225,282,438.00-225,282,438.00-203,209,359.00-200,627,304.00 22,104,283.00 24,655,134.00-416,681,810.00-414,099,755.00-203,178,155.00-200,627,304.00 31,142.00 20,803.00 15,571.00 10,401.00-416,728,523.00-414,099,755.00-203,209,359.00-200,627,304.00-416,728,523.00-414,099,755.00-203,209,359.00-200,627,304.00 34

: : : 330,199,491.00 257,784,044.00 - - 21,346,256.00 17,392,608.00 351,545,747.00 275,176,652.00 266,222,627.00 189,063,192.00 38,148,990.00 26,135,730.00 5,801,548.00 1,377,344.00 63,189,837.00 41,086,622.00 373,363,002.00 257,662,888.00-21,817,255.00 17,513,764.00-1,356,987.00 1,382,474.00 1,096.00 1,096.00 18,049,835.00 17,847,707.00 - - 16,693,944.00 19,231,277.00 37,511,995.00 7,351,890.00 4,300.00 4,300.00 - - 37,516,295.00 7,356,190.00-20,822,351.00 11,875,087.00 - - - 255,700,387.00 186,520,000.00 1,158,094.00-256,858,481.00 186,520,000.00 233,186,510.00 216,153,400.00 18,395,026.00 15,772,736.00 - - 251,581,536.00 231,926,136.00 5,276,945.00-45,406,136.00 19,882.00 19,882.00-37,342,779.00-15,997,403.00 : : : 35

1-213,472,451.00-213,472,451.00-4,585,624.00 : 1,263,674.00 145,861,900.00 140,730,559.00 27,646,685.00 20,796,059.00 510,733.00 2,549,180.00 2,549,180.00-1,331,119.00-1,173,965.00-4,785,996.00-4,860,446.00-466,828.00-444,522.00 18,447,961.00 15,825,671.00 8,546,916.00 11,900,143.00 6,542,546.00 18,176,800.00-66,404,457.00-10,749,756.00 32,263,807.00 12,640,674.00 25,595,818.00 25,595,818.00-21,817,255.00 17,513,764.00 2 3 16,788,041.00 7,592,293.00 54,130,820.00 23,589,696.00-37,342,779.00-15,997,403.00 : : : 36

121,312,321.00 170,962,934.00-14,894,613.00 14,894,613.00 13,394,427.00-1,550,193.00 4,128,520.00 4,128,520.00 107,917,894.00 172,513,127.00 10,766,093.00 10,766,093.00 18,352.00 3,366.00 - - - 18,352.00 3,366.00 20,061,754.00 1,538,435.00 193,951.00 17,605,869.00 17,799,820.00 12,439,503.00 839,848.00 10,071,287.00 10,071,287.00 2,147,208.00 698,587.00 2,253,490.00 2,253,490.00-5,475,043.00 193,951.00 5,281,092.00 5,475,043.00-9,900,000.00 - - - 9,900,000.00 - - 52,084,024.00 51,543.00 678,945.00 10,617,823.00 11,296,768.00 4,699,161.00 678,945.00 669,364.00 1,348,309.00 974,165.00 51,543.00 471,490.00 471,490.00 46,410,698.00 9,476,969.00 9,476,969.00 - - - - - - - - 193,476,451.00 182,456,278.00 872,896.00 43,118,305.00 43,991,201.00 37

: : : 2003 2002 1 1,350,134.00 7,234,946.00 2 3 ( ) 4 ( ) -3,252,034.00 5 1 2 2003 (%) 80.59 34.08 0.22 0.22-251.11-106.19-0.68-0.68-294.87-124.69-0.80-0.80-267.65-113.18-0.73-0.73 : : : 38

[1999] 85 1999 7 30 2000 6 26 [2000]82 B 12,000 2000 7 24 B 2000 8 22 15% B 1800 266,071,320.00 43 1 2 1 1 12 31 3 4 5 6 7 8 (1) A B C D (2) (3) (4) 39

9 6 5% 6-1 10% 1-2 30% 2-3 50% 3 100% 10 (1) (2) (3) 11 (1) A B C 20%( 20%) 20% 20% 20% 40

(2) A B C (3) : 12 (1) 1 (2) (3) A 20 40 3% 5% 15 20 * 3% 5% B (4) 8 20 3% 5% 5 3% 5% 5 3% 5% 13 41

(1) (2) A 3 B C (3) 14 (1) (2) : 10 (3) 15 16 (1) (2) A B 17 18 19 (1) A B C D (2) A B 42

C (3) 20 21 (1) (2) 1995 11 < > 50% 50% 1996 2 10% 10% 10% 10% [1999]10 22 2002 8 2003 20 3,252,034 23 (1) 2002 2002 3,857,241 203,013 4,060,254 3,857,241 203,013 2002 4,060,254 4,060,254 4,060,254 (2) 2001 22,684,710 2003 18,808,789 2001 2002 21,982,526 22,684,710 2002 666,738 35,446 1. 17% 13% 1997 3 10 2. 33% 1997 10 20 43

3. 3 5 7% 3% 1 % 22,505,600 95 21,380,320 Habitat International 12,476,146 100 12,476,146 Corporation ( ) 56,793,300 60.98 32,280,000 : 2001 6 18 ( ) ( ) 76.65% 2001 9 17 1,780,000 14,680,000 56,793,300 56.84% 2003 12 31 60.98% 2 % 9,341,700 95 8,874,615 2003, 95% 1,374,964 2003 6 30 2003 1-6 1 362,072 782,973 14,334,498 54,505,941 2,091,471 16,788,041 55,288,914 1 44

741,386 8.2767 6,136,230 117,313 0.077263 9,064 4,081 10.3383 42,191 6,187,485 (2) 2,072,911 2. 2002 2003 12 31 12 31 79,994 4,300 6,580 77,714 (18,352) (3,366) - 21,718 61,642 55,996 2003 12 31 2003 12 31 3 100,000 1,162,775 31,278 100,000 1,194,053 2003 12 31 1 4 6 20,118,407 68 1,470,536 31,453,093 62 772,534 6 1 3,080,413 10 341,795 4,476,825 9 360,029 1-2 319,846 1 95,954 2,495,721 5 641,203 45

2-3 382,447 1 291,223 6,012,872 12 5,610,678 3 5,896,206 20 5,516,206 6,009,983 12 6,009,983 29,797,319 100 7,715,714 50,448,494 100 13,394,427 (1) 5% 5% (2) 15,642,200 52% (3) 20,651,175 5 6 35,102,642 9 1,871,161 227,794,563 65 2,368,090 6 1 38,854,912 10 2,523,269 11,871,120 4 10,333,556 1-2 219,198,783 57 185,961,411 20,119,738 6 18,223,078 2-3 20,037,277 5 19,587,295 4,341,713 1 4,251,291 3 66,104,827 17 59,721,792 74,479,165 24 72,741,879 379,298,441 100 269,664,928 338,606,299 100 107,917,894 (1) 5 5%.5-F 2 317,003,570 84% (3) 344,145,610 267,276,772.5-F (4) 2001 22,684,710 2003 18,808,789 2001 22,684,710 6 (%) (%) 1 1,485,959 100% 1,467,188 5% 5% 46

7 57,824, 8 14,651,995 592,305 17,749,297 2,147,208 815,691 2,433,694-39,890,515 3,208,064 58,975,203 12,439,503 23,501,880 25,156,263 5,475,043 20,061,754 78,860,081 3,800,369 104,314,457 (1) 24% 19,084,688 (2) 9 461,952 8,427,301 7,189,638 1,699,615 63,698 1,777,647 1,841,345 0 525,650 10,204,948 9,030,983 1,699,615 10 33,107,250 9,900,000 23,207,250 50,000 50,000 0 33,157,250 9,950,000 23,207,250 (1) % ( ) 33,000,0 33,000, 00 000 107,250 107,250 33,107,2 50 47 33,107, 250

(1) 5% (2) 2003 12 31 33,000,000 2002 12 31 33,000,000 8,700,000 2002 12 31 20,000,000 2 9,900,000.00 9,900,000.00 2004 1 2 30% 3 2003 2002 12 31 12 31 % 50,000 50,000 0 50,000 11 63,715,089 35,876,807 5,553,168 94,038,728 427,215,960 14,011,781 69,563,251 371,664,490 40,628,569 18,289,111 14,905,275 44,012,405 2,949,283 462,745 1,493,382 1,918,646 6,064,779 514,724 1,949,434 4,630,069 540,573,680 69,155,168 93,464,510 516,264,338 32,623,500 3,134,979 3,852,654 31,905,825 153,444,128 20,913,388 52,282,443 122,075,073 21,365,982 2,203,629 7,118,345 16,451,266 1,425,403 713,724 831,448 1,307,679 2,083,347 680,965 965,290 1,799,022 210,942,360 27,646,685 65,050,180 173,538,865 329,631,320 342,725,473 48

4,699,161 1,348,309 3,350,852 46,410,698 9,476,969 36,933,729 974,165 51,543 471,490 554,218 52,084,024 51,543 11,296,768 40,838,799 277,547,296 301,886,674 1 51,897,009 2 2003 12 31 190,139,966 1003 1004 2002 12 31 116,073,758 122,700,000 2002 12 31 85,000,000 3 2003 12 31 30,812,108 2002 12 31 6,558,893 5,000,000 2002 12 31 5,000,000 (4). 20,306,263, 9,941,770 (5) 8154 3 69,563,251 52,282,443 (6) 12 % 47,830, 000 16,224,260 26,249,1 22 42,473,382 32,280, 000 49,547,767 2,178,66 4 51,726,43 1 100 231,373 231,373 954,105 8,000 946,105 1,100,0 187,50 00 4 70,364 162,578 95,290 100 81,210, 65,959 29,683,6 51,897,00 1,272,7 000,531 28 9 42,473,382 68 (1) 42,473,382 (2) 0 13 9,929,529 9,551,263 236,417 9,314,8 39 1 49

- 46 2,017, 2,465,000 2,289,500 272,278 222 141,412 88,094 12,535,94 1 11,928,857 64,92 0 64,92 0 77,710 2,038 73,266 2,094, 932 510,733 9,388,1 12 2 8 3 8 1 2 2001 22,684,710 2003 18,808,789 2001 21,982,526 14 8,614,965 5,753,6 58 7,173,961 2,549,180 10,378,43 9 0 5,753,6 8,614,965 58 7,173,961 9 0 2003 [2003]10, 10,378,439 15 50 2,549,180 10,378,43 162,360,387 175,713,110 136,400,000 109,500,000 298,760,387 285,213,110 (1) 47,180,387 28,000,000 20,000,000 28,730,000 16,250,000 22,200,000 (2) 122,700,000 1003 1004 8,700,000 30,000,000 5,000,000 (3) 1,000,000 1:8.2767 8,276,700 (4)2002 12 31 8,168,575

7,668,575 5 2003 12 31 27,510,000 16 25,175,694 40,430,935 (1) 5% 5% (2) 3 17 5,323,159 9,799,629 (1) 5% 5% (2) 1 18 14,184,488 21,254,179 : 19 459,330 509,330 : 50,000 20 9,897,809 10,940,311-541,452 399,795 336,305 209,267 9,692,662 11,549,373 21 15,046 22,605 22 51

41,416,460 22,042,700 (1) 5% 5% (2) 3 (3) 88%, 23 609,753 400,536 190,750 - - 5,393,367 473,424 211,252 1,273,927 6,005,155 24 26,441,750 845,932 : 26,441,750 1 2003 378 4,931,750 4,931,750 2 21,510,000 2003 12 31 21,510,000 25 2003 12 31 6,000,000 49,660,200 2002.2-2007.3 LIBOR+2% 1:8.2767 (1) (2) 12,415,050 26 (+,-) 1. : 127,811,320 127,811,320 260,000 260,000 52

2. 3. 128,071,320 128,071,320 1 2138,000,000 138,000,000 266,071,320 266,071,320 125,731,320 47.25% : (1) 11,700,000 8,000,000 3% (2) 73,580,680 2003 2 17 80,000,000 30.07% (3) 73,344,932 2003 2 19 37,731,320 14.18% 27 201,240,342 2002 2003 12 31 12 31 68,961,380 68,961,380 117,322,331 117,322,331 (1) 19,756 19,756 (2) 10,804,083 4,074,153 14,878,236-19,756 19,756 58,639 58,639 197,166,189 4,093,909 19,756 201,240,342 :(1) 19,756 2 a 6 3 SGCFE S.A. SGCFE S.A. 80,000 155,000 9,700 9,900 2003 4 1 (b) Prodesur S.A. 70 1999 1 1 10 2001 64 2003 970,905 3,103,248 28 53

14,511,152 31,142 14,542,294 7,255,576 15,571 7,271,147 21,766,728 46,713 21,813,441 31,142 15,571 29-203,209,359 213,472,451 (10%) 31,142 (5%) 15,571 416,728,523 30 (1) 2003 2002 2003 2002 2003 2002 128,250,437 130,568,62 2 96,223,587 140,145,05 7 32,026,850-9,576,435 95,216,077 42,230,519 92,353,942 36,091,914 2,862,135 6,138,605 28,628,746 40,997,406 16,362,897 22,723,599 12,265,849 18,273,807 1,496,509 11,020,784 3,997,845 13,102,047-2,501,336-2,081,263 29,144,414 32,948,720 19,183,516 24,697,290 9,960,898 8,251,430 36,128,861 53,216,705 30,764,760 40,761,701 5,364,101 12,455,004 318,865,044 310,982,75 6 258,886,547 277,521,60 8 59,978,497 33,461,148 (2) 152,672,332 123,571,988 29,100,344 67,063,597 50,689,709 16,373,888 36,479,718 25,004,867 11,474,851 51,165,093 48,548,736 2,616,357 2,322,757 4,328,881-2,006,124 695,293 541,894 153,399 804,507 1,013,078-208,571 7,661,747 5,187,394 2,474,353 318,865,044 258,886,547 59,978,497 (1) 144,606,744 45% (2), : A:, B: 31 54

2003 1-12 2002 1-12 251,466 311,295 107,771 134,432 1,275,664 1,471,860 1,634,901 1,917,587 32 2003 2002 145,798-200,442 121,035 266,833-200,442 33 2003 29,268,758, 35,384,634 17% ( 6,115,876 ), 34 2003 193,292,804, 162,895,676 19%( 30,397,128 ), 35 2003 1-12 2002 1-12 18,554,244 22,019,308 1,479,442 3,370,048 672,468 383,484 110,844 110,844 206,715 2,023,667 17,843,141 20,947,567 3,104,426 3,500,000 36 6,316-3,366 9,900,000 1,350,134-8,546,916 37 55

2003 1-12 2002 1-12 654,868 2,155,668 589,422 813,579 1,244,290 2,969,247 : 38 2003 1-12 2002 1-12 188,040 922,685-627,402 52,084,025 26,482,538 1,057,907 26,043,176 54,064,617 39 63,189,837 241,443 922,969 2,961,783 899,590 4,260,162 815,477 21,398,398 2,003,555 1,456,918 40-1,356,987 : (1) 95% 1,374,964, 2,739,461 (2) 7,510 1 (%) (%) 6 18,066,910 65 1,375,838 22,407,713 76 750,861 6 1 3,417,949 11 341,795 843,811 3 84,381 1-2 319,846 1 95,954 665,534 6 199,660 2-3 582,446 2 291,223 5,157,999-4,918,570 56

3 5,516,206 21 5,516,206 559,646 4 559,646 27,903,357 100 7,621,016 29,634,703 100 6,513,118 (1) 5% 5% (2) 15,642,200 56% 2 (%) (%) 6 41,662,068 11 1,408,905 228,801,377 61 1,906,857 6 1 37,188,670 10 857,029 60,245,664 16 8,835,418 1-2 211,631,628 56 178,468,917 17,838,476 5 16,853,179 2-3 17,358,901 5 17,352,316 111,641-97,821 3 67,333,705 18 59,721,792 67,281,009 18 67,834,262 375,174,972 100 257,808,959 374,278,167 100 95,527,537 (1) 5 5%.5-F (2) 309,543,075 83% 332,340,498 255,915,055.5-F (4) 2001 22,684,710 18,808,789 2001 22,684,710 3 (1) 104,858,895 13,278,057 91,580,838 50,000 50,000 104,908,895 13,328,057 91,580,838 (1) + - % + - 21,380,3 20 95 311,418 Habitat International 12,476,1 2,884,7 Corporation 46 100 46 ( 32,280,0 60.98-6,549, 57 5,960, 683 4,933, 124 27,341,0 03 17,409,2 70

)00 391-8,656,685 23,623,3 15 8,874,61-8,874 5 95,615 0 24,830-100 - - 24,830-0 107,250 107,250 33,000,0 00 33,000,0 00 108,143, 161-3,353, 227-6,637,493 24,830 101,480, 838 : 1 95% 2 (3) 2003 12 31 33,000,000 2002 12 31 33,000,000 8,700,000 2002 12 31 20,000,000 4 5% (2) 9,900,000.00 9,900,000.00 2004 1 2 30% 3 12 31 12 31 % 50,000 50,000 0 50,000 58 2003 2002 4 2003 2002 2003 2002 2003 2002 136,295,788 130,568,622 104,268,938 140,145,057 32,026,850 9,576,435 95,216,077 42,230,519 92,353,944 36,091,914 2,862,133 6,138,605 1,496,509 11,020,784 3,997,845 13,102,047-2,501,336 2,081,263 16,907,230 53,216,705 13,425,024 40,822,729 3,482,206 12,393,976 249,915,604 237,036,630 214,045,751 230,161,747 35,869,853 6,874,883

(1) 128,843,015 52% (2) (.30) 5 6,316-3,353,227-3,366 1,350,134-9,900,000-11,900,143 (1) (2) 1 38,000 1988 2,250.56 1994 Habitat International Corporation 1,247.6146 1998 ( ) 5,693.33 1999 2 38,000 38,000 2,250.56 2,250.56 Habitat International Corporation 1,247.6146 1,247.6146 ( ) 5,693.33 5,693.33 3 % % % % 47.2 125,731,320 47.25 125,731,320 5 14,524,524 95 17,409,270 95 59

Habitat International Corporation 27,029,585 100 27,341,003 100 ( ) 60.9 30,172,706 60.98 23,623,315 8 4 SGCFE S.A. Afrik---Shangdong Liminted Co Prodesur S.A. 5 A 2003 2002 695,293 14,530,459 3,490,367 60

1,322,268 Prodesur S.A. 350,218 423,300.00 1,468,811 19,343,094 B 2003 2002 41,720,418 28,506,193 Prodesur S.A. 30,779,971 18,668,083 72,500,389 47,174,276 C (1) 2003 2002 843,530 6,473,500 396,354 3,293,333 (2) SGCFE S.A. 2,467,414 11,020,784 1 496,800 780,000 6,000 2003 4 1 2 6 (1) 3 SGCFE S.A. SGCFE S.A. 80,000 155,000 9,700 9,900 2003 4 1 D 2003 2002 Prodesur S.A. 3,579,279-299,950 Prodesur S.A. 70 2003 3,579,279 E (1) 2003 12 31 5,250,000 3,383,322 5,000,000 3,383,322 ( ) 31,500,000 1,000,000 61

5,000,000 2003.11.10-2004.10.14 266,000 2003.11.17-2003.12.16 966,000 2003.11.17-2004.1.16 511,841 2003.7.16-2003.8.15 575,818 2003.7.17-2003.8.15 143,954 2003.11.24-2004.1.21 439,862 2003.11.28-2004.1.21 479,847 2003.12.26-2004.1.21 250,000 2003.10.22-2004.10.22 ( ) 31,500,000 2003.2-2004.10 ( ) 1,000,000 2003.1-2004.2 2 2003 12 31 76,450,000 5,000,000 2002.11.19-2003.11.18 18,000,000 2003.4.29-2004.4.28 5,000,000 2002.07.12-2003.07.11 10,000,000 2003.10.30-2004.10.30 3,250,000 2003.11.13-2004.11.12 2,200,000 2003.11.5-2004.11.4 5,000,000 2003.11.11-2004.10.26 8,000,000 2003.8.11-2004.8.10 10,000,000 2003.4.23-2004.4.23 10,000,000 2003.5.14-2004.5.14 F (1) 1,659 1,659 202,190 202,190 96,382 96,382 Prodesur S.A.( ) 2,351,995 235,200 293,512 293,512 2,945,738 828,943 (2) 62 1 217,753,069 154,448,177 2 6,383,036

3 53,008,961 53,008,961 4 SGCFE S.A. 22,362,506 22,362,506 6 4,863,914 243,196 7 1,666,241 1,666,241 87,761,350 7,761,350 93,169,882 3,169,882 10 8,037,559 8,037,559 11 Prodesur S.A.( ) 886,794 443,397 12 14,057,790 14,057,790 13345,544 345,544 14. 500,427 500,427 15. 402,799 402,799 341,199,872 266,447.829 1 2003 2003 12 48,133.45 13,342,592 2 A: 2003 2003 118 43 2004 001 55,160,000 B: 2003 2003 1632 17.31% 6,705,892 2003 12 31 38,739,991 C: 2003 2003 1763 5% 1,439,000 2003 12 31 28,780,002 (3) Prodesur S.A., 678,597 243,196 (4) (3) 1,000,000 154,630 (4) 873,709 5 (1) 2003 63

(2), 2003 1 2003 12 31 7,425 2002.2-2006.7 7,027 2002.3-2003.9 25 2003.10-2004.10 2003 12 31 70,270,000 8000 2 2003 12 31 5,000,000 5,000,000 3,383,322 ( ) 31,500,000 1,000,000 5,000,000 2003.11.10-2004.10.14 266,000 2003.11.17-2003.12.16 966,000 2003.11.17-2004.1.16 511,841 2003.7.16-2003.8.15 575,818 2003.7.17-2003.8.15 143,954 2003.11.24-2004.1.21 439,862 2003.11.28-2004.1.21 479,847 2003.12.26-2004.1.21 ( ) 31,500,000 2003.2-2004.10 ( ) 1,000,000 2003.1-2004.2 2001 5 616,000 2003 7 10 643,224.76 60,000 2003 10 616,000 1 8,000,000 2004 1 2004 7 2 9,000,000 64

2003 213,472,451 209,579,114 2004, 2004 2002 2003 1 2002 12 31 167,738,183 SGCFE S.A. 21,550,572 189,288,755 2003 12 31 217,754,728 SGCFE S.A. 22,362,506 240,117,234 2003 SGCFE S.A. SGCFE S.A. 63,304,892 SGCFE S.A. 176,812,342.5-F 2 2002 12 31 101,280,000 2,135,000 1999 21,510,000 2003 12 31 21,510,000 2,135,000 2002 11 2003 6 21 1,706,127.06 2003 8 6 2003 235 2003 8 18 500,000 1,206,129.06 2005 12 10 2003 8 20 2003 12 31 1,136,163.76 1:8.2767 9,403,687 2003 12 31 70,270,000 3 2002 225,282,438 2002 12 31 SGCFE S.A. 214,816,867 2002 172,783,447 225,282,438 SGCFE S.A. 214,816,867 2003 18,049,835 65

2003 318,865,044 58,343,596 3% 85% 1 2 2003 66