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CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD CIMC 2 86 755-2669 1130 86 755-2682 6579 shareholder@cimc.com 2 2 518067 http://www.cimc.com http://www.cninfo.com.cn 000039 B 200039 1 1992 9 30 2 3 2004 12 27 4 2

5 101157 440301618869509 440305618869509 6 5001 13 8 The Export-Import Bank of China Bank of Communications China Merchants Bank China Construction Bank Bank of China Citibank,N.A. The Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank Nanyang Commercial Bank 3

3,061,227,079.78 2,669,140,758.72 2,602,478,390.80 5,060,121,715.36 216,923,670.60 3,023,427,353.48 37,599,363.94 9,031,573.39-8,831,211.03 5,317,579,658.00 1,342,106,096.85 1 2005 1 12 2004 1 12-28,421,796.50 2-9,031,573.39-11,830,002.47 3 26,631,076.13-23,936,229.39 4-7,693,399.56-8,241,748.22 5 5,664,868.13 106,393,831.52 6-61,317,110.04-23,411,180.84 7-13,657,818.23 8-3,303,872.02 17,049,244.52 933,114.35 7,418,013.02 2,602,478,390.80 2,428,931,341.06 % 53.51 59.72 2.51 3.01 31.97 35.68 1.50 1.80 4

28.23 31.50 1.32 1.59 27.52 30.71 1.29 1.55 2005 1 12 2005 12 31 2,807,466 9,613,787 1-5,706-24,796 2-7,703 22,185 3-39,595-39,595 4-35,450-85,843 5 1,494-8,059 6-51,365-21,766 2,669,141 9,455,913 2005 2004 2003 TEU 1,361,358 1,570,809 1,173,293 30,959,310,599 26,567,783,802 13,800,223,269 2,669,140,759 2,389,023,556 682,688,009 17,173,071,189 16,894,251,473 9,931,968,677 9,455,912,800 7,470,723,905 5,290,940,343 1.32 2.37 1.08 1.59 2.71 1.31 1.29 2.43 1.07 1.55 2.77 1.29 4.69 7.41 8.39 4.67 7.37 8.35 28.23% 31.98% 12.90% 31.50% 37.39% 20.42% 27.52% 32.57% 12.70% 30.71% 38.31% 20.10% 2.64 1.44 1.29 5

1,008,483 1,008,483 2,016,967 1,908,801 967,355 941,446 4,007,873 474,119 4,481,992 352,457 138,225 490,682 529,536 1,690,780 2,220,316 16,030-220,838-204,808 0 0 7,470,724 1,985,189 9,455,913 6

% 363,781,013 200,079,557 +163,701,456 327,402,912 16.23 363,781,013 200,079,557 +163,701,456 327,402,912 16.23 363,781,013 200,079,557 +163,701,456 327,402,912 16.23 1 2 302,933,219 312,312 341,769,121 644,702,340 +200,079,557 +200,079,557 +302,933,219 +312,312 +541,848,678 +844,781,897 605,866,438 624,624 1,083,697,356 1,689,563,794 30.04 0.03 53.73 83.77 1,008,483,353 +1,008,483,353 2,016,966,706 100.00 2004 624,624 2003 A 2003.11.20 15.00 120,000,000 2003.12.5 120,000,000 2003 11 20 A 120,000,000 510,302,096 630,302,096 55.38% 63.87% 2005 4 25 2004 10 10 7

% % 163,701,456 16.23 163,701,456 327,402,912 16.23 163,701,456 16.23 163,701,456 327,402,912 16.23 163,701,456 16.23 163,701,456 327,402,912 16.23 3 4 302,933,219 312,312 541,848,678 844,781,897 30.04 0.03 53.73 83.77 302,933,219 312,231 541,848,678 844,781,897 605,866,438 624,624 541,848,678 844,781,897 30.04 0.03 53.73 83.77 1,008,483,353 100.00 1,008,483,353 2,016,966,706 100.00 1 2005 12 31 133,888 A B 2 2005 12 31 COSCO Container Industries Limited 163,701,456 327,402,912 16.23 0 163,701,456 327,402,912 16.23 0 68,775,052 131,547,830 6.52 0 2,869,232 33,508,869 1.66 0 22,144,318 1.10 9,591,707 19,183,414 0.95 0 18,306,605 0.91 15,911,942 0.79 6,085,171 15,307,142 0.76 15,289,705 0.76 COSCO Container Industries Limited() Long Honour Investments Limited( ) 8

3 10% COSCO Container Industries 16.23% 2004.4.26 1 Limited 16.23% 1995.1.17 10,000 1 COSCO Container Industries Limited British Virgin Islands 52.03 63.5% 2005 12 31 COSCO Container Industries Limited 16.23%Long Honour Investments Limited 0.95% 2 57.503% 16.23% Fair Oaks Development Limited 6.52% 22.75% 9

63.5% 100% 100% () 100% 57.503% 100% 52.03% Long Honour Investments Limited () 100% 100% 0.95% COSCO Container Industries Limited. 16.23% 16.23% 6.52% FAIR OAKS DEVELOPMENT LIMITED FAIR OAKS DEVELOPMENT LIMITED [CHINA MERCHANTS CIMC INVESTMENT LIMITED] FAIR OAKS DEVELOPMENT LIMITED [CHINA MERCHANTS CIMC HOLDINGS LIMITED]2005 026 2005 9 2 2005 8 26 10 327,402,912 16.23 131,547,830 6.52 33,508,869 1.66 22,144,318 1.10 19,183,414 0.95 18,306,605 0.91 15,911,942 0.79 15,307,142 0.76 15,289,705 0.76 14,417,914 0.72 10

1 50 2004.4.21 2007.4.21 0 0 0 50 2004.4.21 2007.4.21 0 0 0 2004.4.21 2007.4.21 187,387 374,774 187,387 47 2004.3.16 2007.3.16 45 2005.4.8 2007.4.21 0 0 0 40 2005.4.8 2007.4.21 0 0 0 72 2004.4.21 2007.4.21 0 0 0 51 2004.4.21 2007.4.21 0 0 0 51 2005.4.8 2007.4.21 0 0 0 57 2005.4.8 2007.4.21 0 0 0 41 2005.4.8. 2005.12.29 0 0 0 34 2005.12.29--2007.4.21 0 0 0 59 2005.5.25 2007.4.21 0 0 0 53 2004.3.16 2007.3.16 0 0 0 58 2004.3.16 2007.3.16 124,925 249,850 124,925 47 2004.3.16 2007.3.16 0 0 0 38 2004.3.16 2007.3.16 0 0 0 47 2004.3.16 2007.3.16 0 0 0 52 2004.3.16 2007.3.16 0 0 0 40 2004.3.16 2007.3.16 0 0 0 11

International WHO S WHO of Professionals 12

2 3 13

/ Antwerp Gateway NV - () / 14

3 1 15

2 275.60 8.00 8.00 8.00 109.20 119.60 106.44 106.35 75.20 106.44 75.20 61.18 1,059.21 2000.8 2001.11 2002.9 2002.3 1998 2005.11 2004 12 2004 12 31 2004 2004 2005 4 8 2004 2005 3 4 2004 16

2005 4 9 2005 12 2005 12 29 2004 2004 2005 12 30 1 32,755 2 3,455 27,798 1,502 937 1,435 10.55 84.87 4.58 2.86 4.38 17

COSCO Container Industries Limited 16.23% 18

19

2005 12 30 20

1 1 2004 309.59 26.69 16.53% 11.73% 28.23% () % 30,959 26,567 16.53% 5,060 4,511 12.16% 2,669 2,389 11.73% 16.53% 12.16% 11.73% 16.51% 3.2% 9.9% 6.2% 10.8% 1.05 TEU 3.78 TEU CLARKSON 2005 7,500 TEU 22 21

9.56% 3.49% 7.16% 13.72% 22

23

24

% 26,679 22,275 16.51 4,248 3,644 14.23 160 100 37.37 18 16 12.74 146 141-30,959 25,894 16.36 % % 8,629 27.87 30.63 12,335 39.84-10.28 9,435 30.48 64.40 560 1.81 18.03 30,959 100.00 16.53 2005 266.79 9.87% 130.45 TEU 136.14 TEU20.44% 13.34%22 11 25

34.89% 93.74 26

200553,05539.89% 42.48 84.06% 4,875 8.23 27

28

2005 2004 % 17,173 17,540-2.09 6,824 9,209-25.90 3,450 4,841-28.73 3,372 4,601-26.72 4,677 3,678 27.18 335 831-59.63 436 1,452-70.00 804 549 46.45 1,301 1,115 16.66 148 53 177.66 243 301-19.34 39.73% 52.50% -12.77 3000 53.18 14.07 278.04% 2.64 1.39 29

2 30

31

32

9,239 96,688 134,365 13,360 177,090 160,085 32,906 32,906 32,906 100% 9,214 8,454 41,350 30,191 30,191 73% 22,106 18,206 18,206 82% 5,098 14,539 14,539 14,539 100% 4,071 23,156 23,156 23,156 100% 7,642 19,021 19,021 19,021 100% 5,036 24,012 22,066 22,066 92% 177,090 160,085 160,085 90% 39,515 15,480 33

161 100 6 161 89 100 1 12 89 15 30 15 26 80 26 48 59 28 58 70 58 30 100 18 6.9 45 6.8 11 55 6.6 261 100 261 156 87.01 2 156 5 114 97.05 2006 6 36 70 100 2005 6 70 110 98 6 87 48 100 7 2006 1 25 34

05 4 8 2004 2004 2004 2004 2,269,304,559.89 10% 226,930,455.99 5% 113,465,227.99 254,850,554.60 2,243,584,455.96 2004 12 31 1,008,483,353 10 5.0 504,241,676.50 1,474,533,737.22 10 10 1,008,483,353 2,016,966,706 35

2,669,140,758.72 2005 12 31 2,016,966,706 1.3233 2,707,991,725.48 10% 270,799,172.57 5% 135,399,586.25 2,301,792,966.66 2005 12 31 2,016,966,706 10 3.8 766,447,348.28 10 1 2,016,966,706 2,218,663,377 36

37

1 2005 1 10 2005 1 11 CIMC 2005-002 2 1 2 3 2005 12 31 2.75 94.56 2.91% 5 1 2006 3 2 38

39

40

() ( )2005 12 31 42 120 2005 12 31 41

2005 12 31 5 350,452,653.78 179,126,281.17 51,723,936.71 46,939,682.52 6 46,994,930.44 16,918,043.66 12,359,606.15 11,472,662.37 7 5,145,727.43 2,701,830.20 285,783.52-33,583,132.44 59,038,007.53 8.10 427,477,208.62 584,637,014.38 9.10 26,431,585.48 12,994,948.12 510,792,119.51 368,092,083.75 11 118,245,421.49 188,967,568.60 12,391,266.64-12 12,512,085.80 2,493,982.42 13 417,796,427.29 555,713,745.49 14 2,803,606.88 1,981,563.26 318,591.06-20 1,009,157.00 5,265,606.28 - - 1,409,154,587.73 1,550,800,583.58 621,168,652.51 485,542,436.17 15 67,712,684.07 58,870,418.11 902,632,195.87 670,007,106.57 18,358,274.82 16,239,368.81 - - 67,712,684.07 58,870,418.11 902,632,195.87 670,007,106.57 16 721,318,549.59 525,176,985.06 30,544,209.98 29,254,758.21 16 163,075,550.54 131,169,579.31 8,501,509.18 6,092,684.72 558,242,999.05 394,007,405.75 22,042,700.80 23,162,073.49 16 9,805,625.76 10,614,147.83 - - 548,437,373.29 383,393,257.92 22,042,700.80 23,162,073.49 17 31,120,399.73 60,766,285.01 426,702.38 450,990.24 579,557,773.02 444,159,542.93 22,469,403.18 23,613,063.73 18 60,195,904.62 52,889,151.05 2,096,176.91 4,401,445.55 19 2,912,603.00 2,379,942.04 1,149,399.65 1,456,362.73 20 8,427,488.00 9,317,845.00 - - 71,535,995.62 64,586,938.09 3,245,576.56 5,857,808.28 2,127,961,040.44 2,118,417,482.71 1,549,515,828.12 1,185,020,414.75 42

21 41,542,104.88 100,305,366.04 22 107,786,892.96 177,197,502.69 12,391,266.64-23 303,739,642.80 334,382,627.61 28,940,374.87 25,618,617.08 355,141.15-24 127,212,873.82 101,729,783.35 67,389,936.92 59,209,602.21 5,754,672.01 5,153,570.08-25 2,106,931.95 2,656,625.03 5,033.19 5,234.53 26 (7,524,679.27) 13,359,639.52 334,091.82 328,651.84 27 66,677,487.21 53,268,327.81 227,988,110.70 34,331,654.38 28 25,799,168.84 28,659,044.33 230,534.65 114,226.55 29 68,053,904.04 66,030,163.06 30 20,645,973.99 28,148,584.19 19,610,864.66 28,106,280.19 790,735,348.10 936,509,850.79 328,304,979.73 122,095,649.70 30 53,982,602.66 175,363,285.02 52,000,000.00 172,947,826.08-212,884.45 31 809,329.38 84,251.21 123,912.66-54,791,932.04 175,660,420.68 52,123,912.66 172,947,826.08 845,527,280.14 1,112,170,271.47 380,428,892.39 295,043,475.78 107,948,595.04 103,985,870.06 32 245,605,942.35 123,808,435.95 245,605,942.35 123,808,435.95 33 113,736,359.51 230,531,545.86 121,181,420.14 235,858,532.86 34 541,707,979.57 484,042,650.66 518,933,874.12 469,529,386.25 34 59,379,056.94 42,567,325.37 57,098,069.94 40,629,907.32 35 270,027,949.31 63,956,049.25 279,958,764.60 60,900,720.74-60,900,720.74-60,900,720.74 3,406,934.52 (77,340.54) 3,406,934.52 (120,136.83) 1,174,485,165.26 902,261,341.18 1,169,086,935.73 889,976,938.97 2,127,961,040.44 2,118,417,482.71 1,549,515,828.12 1,185,020,414.75 42 120 2006 3 16 43

2005 12 31 36 3,765,469,125.06 3,208,669,541.32 37 3,149,391,918.01 2,663,417,735.38 632,879.66 402,170.76 - - 615,444,327.39 544,849,635.18 38 26,383,642.54 26,543,763.17 53,146.74 47,816.46 97,823,204.34 66,326,172.09 158,240,296.74 134,695,994.06 17,479,137.66 57,507,846.30 39 18,035,920.28 6,450,141.99 (11,102,583.62) (3,221,691.43) 367,728,548.57 363,921,090.21 (6,323,407.30) (54,238,338.41) 40 4,573,074.83 2,586,649.62 335,540,719.79 328,532,958.57 41 1,098,477.65 814,488.52 42 965,603.73 995,380.22 296,278.25 5,109.31 43 2,039,712.03 30,528,590.49 150,338.27 229,130.45 372,325,992.75 337,789,018.08 329,363,252.47 274,070,599.02 44 29,612,034.37 36,454,112.49 18,076,008.67 12,805,490.60 - - 324,637,949.71 288,529,414.99 329,363,252.47 274,070,599.02 4,777,671.70 145,451.41 44

2005 12 31 4,046,495,371.18 3,171,001,776.16 64,826,244.96 98,882,798.39 46 40,139,062.17 39,130,853.85 3,316,281,015.31 2,548,793,535.34 4,151,460,678.31 3,309,015,428.40 3,316,281,015.31 2,548,793,535.34 3,141,637,424.33 2,835,659,611.90 169,192,778.18 143,643,394.21 7,153,997.63 3,399,376.33 65,861,452.77 38,726,326.35 32,357.91 138,883.55 46 128,011,016.00 121,103,864.69 3,149,090,430.41 2,556,435,456.58 3,504,702,671.28 3,139,133,197.15 3,156,276,785.95 2,559,973,716.46 646,758,007.03 169,882,231.25 160,004,229.36 (11,180,181.12) 2,215,295.56 8,784,121.38 131,970.38 4,593,239.01 1,815,733.05 1,284,149.84 82,068,538.94 7,131,974.44 352,883.57 460,452.11 324,036.97 15,149.13 209,462.97 303,829.11 209,462.97-4,593,375.15 10,832,552.44 82,602,038.88 7,147,123.57 154,794,378.44 138,930,939.42 1,430,771.94 3,148,076.61 51,695,896.08 18,280,518.96 43,586,432.93 31,481,142.02 821,931.32 2,687,328.48-1,589,371.79 - - 206,490,274.52 158,800,830.17 45,017,204.87 34,629,218.63 (201,896,899.37) (147,968,277.73) 37,584,834.01 (27,482,095.06) 1,826,701.74 3,003,412.88 1,826,701.74 3,003,412.88 1,443,999,247.84 1,469,485,153.27 83,937,198.08 165,904,957.27-267,729.16 - - 1,445,825,949.58 1,472,756,295.31 83,937,198.08 165,904,957.27 1,633,534,558.30 1,357,365,343.25 214,883,396.37 70,039,417.52 87,670,653.06 44,648,062.34 64,314,797.77 30,457,484.07 11,578,714.79 6,869,124.80 47 851,124.59 394,059.48 785,068.19-1,722,056,335.95 1,402,407,465.07 279,983,262.33 100,496,901.59 (276,230,386.37) 70,348,830.24 (196,046,064.25) 65,408,055.68 2,288,827.79-3,241,255.07-170,919,549.08 92,262,783.76 4,784,254.19 26,745,779.50 45

1 324,637,949.71 288,529,414.99 329,363,252.47 274,070,599.02 18,076,008.67 12,805,490.60 29,092,415.10 21,235,115.95 1,251,712.69 1,206,671.50 37,096,651.15 26,952,695.01 2,375,597.07 1,528,909.57 2,201,024.19 2,235,977.04 12,993.81 141,069.12 2,599,724.97 2,311,077.58 485,689.72 462,232.87 () (822,043.62) (1,638,323.66) (318,591.06) - () (3,208,394.68) 18,018,312.06 116,308.10 101,582.53 1,320,831.25 1,066,214.43 53,236.46 (4,505.45) 13,015,027.49 8,852,029.75 936,671.48 1,898,769.98 () (4,573,074.83) (2,586,649.62) (335,540,719.79) (328,532,958.57) () 106,630,399.26 (375,956,240.25) () 207,822,852.38 (163,765,989.46) (53,780,684.94) (24,061,947.27) () (87,131,364.01) 331,823,106.83 215,048,763.35 62,009,395.58 646,758,007.03 169,882,231.25 160,004,229.36 (11,180,181.12) 2 - - - - 3 48 348,464,106.46 177,544,557.38 51,723,936.71 46,939,682.52 48 177,544,557.38 85,281,773.62 46,939,682.52 20,193,903.02 170,919,549.08 92,262,783.76 4,784,254.19 26,745,779.50 46

2005 12 31 5 2,828,223,006.54 1,483,165,608.09 417,422,514.04 388,660,571.27 6 379,258,487.64 140,081,401.50 99,744,493.55 94,993,644.42 7 41,527,049.51 22,371,154.06 2,306,330.16-271,022,595.42 488,834,702.35 8.10 3,449,826,569.01 4,840,794,479.07 9.10 213,308,181.14 107,598,170.44 4,122,194,562.87 3,047,802,453.45 11 954,264,200.51 1,564,651,468.01 100,000,000.04-12 100,975,034.82 20,650,174.44 13 3,371,700,727.51 4,601,309,812.66 14 22,625,668.24 16,407,343.79 2,571,093.57-20 8,144,098.82 43,599,220.00 - - 11,372,159,353.90 12,840,628,832.06 5,012,955,259.49 4,020,291,371.49 15 546,454,902.98 487,447,061.95 7,284,422,347.11 5,547,658,842.40 148,154,949.45 134,461,973.75 - - 546,454,902.98 487,447,061.95 7,284,422,347.11 5,547,658,842.40 16 5,821,184,958.90 4,348,465,436.30 246,497,883.38 242,229,397.98 16 1,316,052,307.97 1,086,084,116.69 68,608,879.38 50,447,429.48 4,505,132,650.93 3,262,381,319.61 177,889,004.00 191,781,968.50 16 79,133,361.01 87,885,144.03 - - 4,425,999,289.92 3,174,496,175.58 177,889,004.00 191,781,968.50 17 251,147,849.90 503,144,839.89 3,443,573.55 3,734,199.19 4,677,147,139.82 3,677,641,015.47 181,332,577.55 195,516,167.69 18 485,792,989.46 437,922,170.69 16,916,566.90 36,443,969.15 19 23,505,288.73 19,705,920.09 9,275,885.06 12,058,683.40 20 68,011,513.66 77,151,756.60 - - 577,309,791.85 534,779,847.38 26,192,451.96 48,502,652.55 17,173,071,188.55 17,540,496,756.86 12,504,902,636.11 9,811,969,034.13 47

21 335,253,094.80 830,528,430.81 22 869,861,783.57 1,467,195,322.27 100,000,000.04-23 2,451,239,665.32 2,768,688,156.61 233,554,613.28 212,122,149.42 2,866,060.11-24 1,026,633,334.30 842,322,606.14 543,850,268.93 490,255,506.30 46,441,354.06 42,671,560.26 25 17,003,362.22 21,996,855.25 40,618.85 43,341.91 26 (60,725,666.64) 110,617,815.23 2,696,187.81 2,721,237.24 27 538,100,657.28 441,061,754.27 1,839,909,650.97 284,266,098.27 28 208,204,452.37 237,296,887.05 1,860,460.73 945,795.83 29 549,208,616.38 546,729,750.14 30 166,617,139.29 233,070,277.09 158,263,599.98 232,719,999.97 6,381,392,406.23 7,754,301,564.54 2,649,486,847.42 1,010,951,979.52 30 435,650,399.99 1,452,007,999.97 419,650,400.00 1,432,007,999.94-1,762,683.25 31 6,531,449.96 697,600.02 999,999.95-442,181,849.95 1,454,468,283.24 420,650,399.95 1,432,007,999.94 6,823,574,256.18 9,208,769,847.78 3,070,137,247.37 2,442,959,979.46 893,584,132.61 861,003,004.10 32 2,016,966,706.00 1,008,483,353.00 2,016,966,706.00 1,008,483,353.00 33 941,446,421.94 1,908,801,199.72 1,002,968,463.88 1,952,908,652.08 33 4,481,991,715.23 4,007,873,147.46 4,293,902,076.97 3,887,703,318.15 34 490,681,829.86 352,457,454.06 471,815,218.86 336,415,632.61 35 2,220,316,436.76 529,535,922.31 2,301,792,966.66 504,241,676.50-504,241,676.50-504,241,676.50 (204,808,480.17) 16,030,282.49 (180,864,824.77) 15,672,054.94 9,455,912,799.76 7,470,723,904.98 9,434,765,388.74 7,369,009,054.67 17,173,071,188.55 17,540,496,756.86 12,504,902,636.11 9,811,969,034.13 48

2005 12 31 36 30,959,310,599.33 26,567,783,802.13 37 25,893,985,410.69 22,053,098,848.95 5,203,473.28 3,329,973.89 - - 5,060,121,715.36 4,511,354,979.29 38 216,923,670.60 219,782,359.05 436,967.18 395,920.29 804,292,603.76 549,180,704.91 1,301,035,895.77 1,115,282,830.82 143,711,721.93 476,164,967.36 39 148,289,532.95 53,407,175.68 (91,284,332.27) (26,675,605.04) 3,023,427,353.48 3,013,266,626.93 (51,990,422.48) (449,093,442.03) 40 37,599,363.94 21,417,458.85 2,758,782,244.04 2,720,252,896.96 41 9,031,573.39 6,743,964.95 42 7,939,097.31 8,241,748.22 2,435,970.14 42,305.09 43 16,770,308.34 252,776,729.26 1,236,066.22 1,897,200.13 3,061,227,079.78 2,796,893,069.69 2,707,991,725.48 2,269,304,559.89 44 243,467,185.38 301,840,051.42 148,619,135.68 106,029,462.17 - - 2,669,140,758.72 2,389,023,556.10 2,707,991,725.48 2,269,304,559.89 49

2005 12 31 33,269,880,292.31 26,255,894,706.61 532,994,903.44 818,749,570.67 46 330,019,355.23 324,003,469.88 27,266,130,879.78 21,104,010,472.62 34,132,894,550.98 27,398,647,747.16 27,266,130,879.78 21,104,010,472.62 25,830,228,739.10 23,479,261,586.53 1,391,086,102.92 1,189,367,304.06 58,819,453.12 28,146,836.01 541,506,278.53 320,653,982.18 266,043.51 1,149,955.79 46 1,052,493,772.43 1,002,739,999.63 25,891,506,609.79 21,167,285,580.48 28,815,314,892.98 25,992,022,872.40 25,950,592,106.42 21,196,582,372.28 5,317,579,658.00 1,406,624,874.76 1,315,538,773.36 (92,571,899.66) 18,213,938.58 72,732,525.03 1,085,047.27 38,032,019.00 14,928,775.57 10,632,760.68 674,759,320.32 59,052,748.36 2,901,373.42 3,812,543.47 2,664,199.57 125,434.80 1,722,183.59 2,515,705.03 1,722,183.60-37,766,271.16 89,693,534.21 679,145,703.49 59,178,183.16 1,272,703,900.10 1,150,348,178.40 11,763,663.82 26,066,074.33 425,038,487.95 151,362,697.00 358,363,292.91 260,663,855.93 6,757,837.12 22,251,079.81-13,159,998.42 - - 1,697,742,388.05 1,314,870,873.82 370,126,956.73 286,729,930.26 (1,659,976,116.89) (1,225,177,339.61) 309,018,746.76 (227,551,747.10) 15,018,959.00 24,868,258.65 15,018,959.00 24,868,258.65 11,872,417,415.81 12,167,337,069.08 690,123,248.90 1,373,693,046.20-2,216,797.44 - - 11,887,436,374.81 12,194,422,125.17 690,123,248.90 1,373,693,046.20 13,430,757,784.89 11,238,985,042.11 1,766,749,796.62 579,926,377.08 720,819,342.39 369,685,956.18 528,789,835.79 252,187,968.10 95,199,035.13 56,876,353.34 47 6,997,861.27 3,262,812.49 6,454,752.16-14,158,574,988.55 11,611,933,810.78 2,301,994,384.57 832,114,345.18 (2,271,138,613.74) 582,488,314.39 (1,611,871,135.67) 541,578,701.02 (44,358,830.52) - 16,075,558.32-1,342,106,096.85 763,935,849.54 28,761,942.77 221,455,054.26 50

1 2,669,140,758.72 2,389,023,556.10 2,707,991,725.48 2,269,304,559.89 148,619,135.68 106,029,462.17 239,194,927.72 175,826,760.07 10,291,456.57 9,991,240.02 305,004,956.10 223,168,314.68 19,531,921.55 12,659,371.24 18,096,600.79 18,513,889.89 106,833.81 1,168,052.31 21,374,678.74 19,135,722.36 3,993,292.31 3,827,288.16 () (6,758,760.44) (13,565,319.90) (2,619,423.84) - () (26,379,100.22) 149,191,623.86 956,273.57 841,103.35 10,859,742.46 8,828,255.48 437,704.86 (37,305.13) 107,008,254.53 73,294,806.33 7,701,219.25 15,721,815.43 () (37,599,363.95) (21,417,458.85) (2,758,782,244.05) (2,720,252,896.96) () 876,704,479.68 (3,112,917,669.27) () 1,708,698,709.99 (1,355,982,392.73) (442,179,413.53) (199,232,923.40) () (716,385,361.80) 2,747,495,324.57 1,768,109,427.38 513,437,795.43 5,317,579,658.00 1,406,624,874.76 1,315,538,773.36 (92,571,899.66) 2 - - - - 3 48 2,812,175,031.96 1,470,068,935.11 417,422,514.04 388,660,571.27 48 1,470,068,935.11 706,133,085.57 388,660,571.27 167,205,517.01 1,342,106,096.85 763,935,849.54 28,761,942.77 221,455,054.26 51

2005 12 31 () () ( ) 1992 12 [1992]1736 (1992) 261 1993 12 31 1994 1 17 [1993]925 [1994]22 (A ) (B ) 1995 12 1 ( ) 2005 12 31 2,016,966,706 327,402,912 (A )605,866,438 (B )1,083,697,356 32 1 1 12 31 52

2. - ( ) (1) (2) 3 3 1.5% 1 100% 2 53

3. - - 1 3 1.5% 2 3 ( ) () () () 3 1 1.5% 5% 1 2 1.5% 10% 2 3 1.5% 30% 3 100.0% 100% 3 3 1.5% // / 54

4. - 55

5. - (1) 10 [2003]10 10 [2003]10 (2) 56

2. - - (%) ( ) (%) 10 20-30 3-4.5 10 10-12 7.5-9 10 5 18 10 5 18 57

2. - 10 ( )( )( ) (1) 3 3 58

2. - - 20 20 (TEU) (/ TEU) 10 10.00 10 5.00 100.00 2.00-350.00 (2) ( ) 0.5% (3) 10,000.00 15,000.00 59

6. - (1),, (2) (3) (4) (5) (6) (7) 60

7. - (1) 12 31 50% (2) / / 61

8. - () 17% () 1 5% 3% 2 1 13% 2 2003 10 16 [2002]117 3% 62

3. - 1% 3% 1% 3% 15% 0-33% 16.5% 17.5% 38% 30% 40% 30% 30% 63

4. - - 15% 15% 15% 70%5% 18% 18% 18% 70%8% 24% 12% 70% 24% 10% "" 70% 10% 24% 12% 70% 24% 12% 70% 24% 12% 70% 15% 10% 70% 10% 24% 12% 70% 15% 10% 1997 32 15% 70%10% 24% 15% 2002 0082002 15% 33% - 1 633%,7 12 2005 15% - 2005 24% - 2005 24% - 2005 24% - 2005 15% - 2005 15% - 2005 15% - 2005 24% 12% 2005 15% - 2005 15% - 2005 15% 15% 33% 33% 33% 33% 33% 33% 15% 15% 24% 24% 15% 15% 33% 33% 33% 33% 15% 15% 24% - 33% - 33% 64

3. - - - 15% - 24% - 33% - 15% - () 15% - 24% - 33% - () 24% - 33% - 33% - 24% - 2004 7 17 100% 6-10 80% 70% 80% 1.2% 65

4 (1) (%) 1989.05.08 16,682,000.00 12,928,600.00 77.5% CIMC Tank Equipment Investment Corporation 1989.08.01 4,680,000.00 39,156,000.00 100.00 1990.01.08 7,700,000.00 4,774,000.00 62.00 1991.09.18 9,480,000.00 4,977,000.00 52.50 1991.11.23 67,390,000.00 50,900,000.00 75.53 1992.07.18 13,500,000.00 13,500,000.00 100.00 1992.11.18 2,000,000.00 2,000,000.00 100.00 1 () 1993.02.18 18,930,100.00 16,470,940.00 87.01 1993.04.09 28,500,000.00 13,500,000.00 47.37 3 () ( ) 1995.01.26 3,918,700.00 2,860,651.00 73.00 1 1995.05.21 15,500,000.00 12,855,000.00 82.94 1995.06.14 31,000,000.00 22,320,000.00 72.00 1995.08.16 9,910,000.00 7,485,000.00 75.53 1995.12.11 24,000,000.00 9,600,000.00 40.00 3 66

4. - (%) 1995.12.18 16,600,000.00 16,600,000.00 100.00 () 1996.08.29 60,000,000.00 60,000,000.00 100.00 CIMC Holdings (B.V.I.) Limited 1996.10 34,001.00 34,001.00 100.00 1997.10.30 105,340.000.00 100,000,000.00 51.00 1998.02.26 650,000.00 650,000.00 100.00 1 CIMC Vehicle Investment Holdings Company Limited 1998.03.06 50,000.00 50,000.00 100.00 Speedic Enterprise Corp. 1998 50,000.00 50,000.00 100.00 1998.07.10 10,000,000.00 6,200,000.00 62.00 1998.11.24 50,000,000.00 50,000,000.00 100.00 1999.01.29 27,840,000.00 27,840,000.00 100.00 1999.01.29 39,060,000.00 34,880,000.00 89.30 Polyearn Development Corp. 1999.12.01 1.00 1.00 100.00 1999.12.07 144,862,042.01 143,255,282.51 97.05 1999.12.23 16,000,000.00 16,000,000.00 100.00 3 2000.01.05 150,000,000.00 150,000,000.00 100.00 2000.09.04 20,000,000.00 18,200,000.00 80.00 2001.01.17 5,000,000.00 5,000,000.00 100.00 2001.04.09 5,000,000.00 5,000,000.00 100.00 CIMC Transportation Equipment, Inc. 2002.03.15 10.00 900,000.00 100.00 2002.04.26 500,000.00 900,000.00 90.00 2002.09.06 30,000,000.00 30,000,000.00 100.00 CIMC USA INC. 2002.11.15 10.00 23,487,044.37 100.00 67

4 - (%) 2002.11.29 12,000,000.00 12,000,000.00 100.00 () 1992.07.30 2,000,000.00 2,000,000.00 100.00 2003.01.20 9,000,000.00 9,000,000.00 100.00 2003.03.25 6,800,000.00 11,456,654.59 80.00 2 2003.03.25 2.00 2.00 100.00 Vanguard National Trailer Corporation 2003.04.12 10.00 4,000,000.00 100.00 2003.08.14 10,000,000.00 6,200,000.00 62.00 ( ) 2003.09.22 17,400,000.00 17,400,000.00 100.00 ( ) 2003.10.17 15,000,000.00 15,000,000.00 100.00 2004.05.12 20,000,000.00 16,000,000.00 100.00 4 2004.05.17 60,000,000.00 60,000,000.00 100.00 2004.05.28 3,000,000.00 3,000,000.00 100.00 2004.05.31 11,500,000.00 11,500,000.00 100.00 68

4 - (%) 2004.08.24 12,000,000.00 12,000,000.00 100.00 2004.10.25 4,000,000.00 4,000,000.00 100.00 2004.11.01 35,000,000.00 35,000,000.00 100.00 2004.11.22 9,000,000.00 9,000,000.00 100.00 2004.12.03 6,000,000.00 6,000,000.00 100.00-10,000.00 2,373,528.00 100.00 - Gold Terrain Assets Limited - 1.00 1.00 100.00 - Clive-Smith Cowley Limited - 100.00 60.00 60.00 - CIMC Australia Pty Ltd. - 50,000.00 35,000.00 70.00-69

4- (%) 2005.01.07 48,780,000.00 28,780,000.00 59.00 2005.01.11 5,000,000.00 5,000,000.00 100.00 2005.01.13 10,000,000.00 10,000,000.00 100.00 2005.01.21 80,000,000.00 78,400,000.00 98.00 2005.04.07 16,600,000.00 16,600,000.00 100.00 100% 2005.04.09 5,000,000.00 5,000,000.00 100.00 2005.05.31 23,000,000.00 6,175,000.00 100.00 4 2005.07.07 5,000,000.00 5,000,000.00 100.00 2005.07.11 20,000,000.00 6,600,000.00 55.00 4 2005.08.01 30,000,000.00 15,730,700.00 100.00 4 2005.09.06 5,000,000.00 750,000.00 100.00 4 2005.09.20 20,000,000.00 3,000,000.00 100.00 4 70

4- (%) 2005.09.22 10,000,000.00-100.00 4 2005.10.25 500,000.00 450,000.00 90.00 2005.10.10 20,000,000.00 9,194,855.00 100.00, 4 () () 2005.12.09 40,000,000.00-100.00 ( ) 4 1 2005 12 31 / 2 2005 12 31 (%) 80.00 21,375,374.34 (63,378,340.27) - (4,748,386.59) 71

4-3 50% 4 (2) (%) 2005.01.07 48,780,000.00 59.00 2005.01.11 5,000,000.00 100.00 2005.01.13 10,000,000.00 100.00 2005.01.21 80,000,000.00 98.00 2005.04.07 16,600,000.00 100.00 2005.04.19 5,000,000.00 100.00 2005.05.31 23,000,000.00 100.00 2005.07.07 5,000,000.00 100.00 2005.07.11 20,000,000.00 55.00 2005.08.01 30,000,000.00 100.00 2005.09.06 5,000,000.00 100.00 2005.09.20 20,000,000.00 100.00 2005.10.25 500,000.00 90.00 2005.10.10 20,000,000.00 100.00 2005.10.01 20,000,000.00 80.00 2005.10.01 500,000.00 90.00 72

5 302,646.69 8.0702 37,501.33 302,643.23 465,238.80 8.2765 56,188.07 465,237.22 61,023.53-61,023.53 492,472.09 16,647.29-16,647.29 137,839.56 85,210.45 7.7531 10,986.65 88,664.46 11,156.54 7.7809 1,430.36 11,843.38 9,760.00 117.44 83.57 674.43 9,366.00 103.8444 90.27 747.44 2,947.46 23,786.59 1,086.19 8,993.65 112,542.54 908,240.80 75,442.18 624,661.25 1,027,081,172.01 8.0702 127,268,877.43 1,027,085,294.64 615,246,756.50 8.2765 74,304,156.00 615,238,411.68 154,931,956.41-154,931,956.41 1,250,331,874.62 86,581,499.89-86,581,499.89 716,894,819.10 2,077,891.70 7.7531 267,913.79 2,162,117.87 2,038,742.88 7.7809 261,378.55 2,164,214.39 1,333,969,543.00 117.44 11,979,541.78 96,677,298.07 317,473,428.00 103.8444 3,101,466.09 25,680,139.23 30,074,833.11 1.2934 22,010,099.22 177,625,902.73 5,355,991.49 1.2814 4,176,362.74 34,580,283.49 20,363,812.33 1.1870 23,953,219.20 193,307,269.59 173,597.35 0.7349 235,623.69 1,950,964.15 2,623,637.18 21,173,276.77 1,098,667.05 9,096,963.17 343,035,245.01 2,768,363,034.29 169,759,154.01 1,405,605,795.21 45,752,021.65 8.0702 5,669,254.96 45,752,021.38 64,855,244.36 8.2765 7,832,759.26 64,855,246.67 279,837.44-279,837.44 2,258,344.11 32,219.83-32,219.83 266,780.19 8,257,624.07 7.7531 1,058,786.09 8,544,615.50 11,128,305.96 7.7809 1,426,705.89 11,813,124.77 296,987.74 2,396,750.46 - - 7,304,866.23 58,951,731.45 1 9,291,684.98 76,935,151.63 350,452,653.78 2,828,223,006.54 179,126,281.17 1,483,165,608.09 1 34,515,276.28 8,107,624.07 73

6 47,063,541.67 379,812,193.99 18,568,842.16 153,750,013.08 68,611.23 553,706.35 1,650,798.50 13,668,611.58 46,994,930.44 379,258,487.64 16,918,043.66 140,081,401.50 47,063,541.67 51,734,895.34 2005 12 31 1,650,798.5 78,963.83 1,661,151.10 68,611.23 7 5,145,727.43 41,527,049.51 2,701,830.20 22,371,154.06 2005 12 31 838,327.49 74

8 (1) (%) (%) 1 421,921,799.61 96.63 7,349,055.12 414,572,744.49 3,345,684,962.59 586,888,633.46 98.52 9,567,867.19 577,320,766.27 4,780,215,944.72 1 2 12,809,866.41 2.93 861,815.00 11,948,051.41 96,423,164.49 5,066,567.31 0.85 407,833.62 4,658,733.69 38,574,314.95 2 3 1,223,923.10 0.28 267,510.38 956,412.72 7,718,441.93 2,837,474.41 0.48 179,959.99 2,657,514.42 22,004,219.40 3 683,152.60 0.16 683,152.60 882,798.66 0.15 882,798.66 436,638,741.72 100.00 9,161,533.10 427,477,208.62 3,449,826,569.01 595,675,473.84 100.00 11,038,459.46 584,637,014.38 4,840,794,479.07 (2) 148,260,331.99 33.95% (3) 2005 6 29 () 49,192,575.00, 95% 2005 12 31, 75

8. - 2005 6 22 ( )RECEIVABLES PURCHASE AGREEMENT 19,810,200.00 2005 12 31 69,002,775.00 1,035,041.63 1 69,002,775.00 (4) 5%( 5%) 9 (1) (%) (%) 1 32,384,692.54 84.61 10,805,043.39 21,579,649.15 174,152,084.56 9,606,548.89 56.92 1,861,860.10 7,744,688.79 64,126,023.18 1 2 1,937,127.30 5.06 32,422.07 1,904,705.23 15,371,352.15 4,620,799.60 27.37 40,806.00 4,579,993.60 37,922,347.02 2 3 2,727,945.73 7.13 69,528.41 2,658,417.32 21,453,959.46 818,702.72 4.85 148,436.99 670,265.73 5,549,800.24 3 1,225,364.21 3.20 936,550.43 288,813.78 2,330,784.97 1,833,913.82 10.86 1,833,913.82 38,275,129.78 100.00 11,843,544.30 26,431,585.48 213,308,181.14 16,879,965.03 100.00 3,885,016.91 12,994,948.12 107,598,170.44 76

9. - (2) 19,627,413.46 51.28% (3) 5%( 5%) (4) 13,530,812.26 9,813,432.27 1-1 2005 11 11 ( ) 30,000,000.00 2003 6 30 109,196,361.14 109,196,361.14 13,530,812.26 (30,000,000.00, 3,717,379.99 ) 9,813,432.27 10 11,038,459.46-3,631,646.94 5,216,746.40 291,826.90 9,161,533.10 3,885,016.91 10,815,855.63 207,053.96 2,241,032.22 823,349.98 11,843,544.30 14,923,476.37 10,815,855.63 3,838,700.90 7,457,778.62 1,115,176.88 21,005,077.40 77

11 (%) (%) 1 116,944,866.37 943,768,460.58 98.91 187,739,270.48 1,554,481,159.57 99.35 1 2 344,066.14 2,776,682.56 0.29 1,139,601.09 9,435,897.03 0.60 2 3 891,997.44 7,198,597.74 0.75 72,584.45 600,999.25 0.04 3 64,491.54 520,459.63 0.05 16,112.58 133,412.16 0.01 118,245,421.49 954,264,200.51 100.00 188,967,568.60 1,564,651,468.01 100.00 5%( 5%) 12 12,512,085.80 100,975,034.82 2,493,982.42 20,650,174.44 78

13 230,537,292.06 26,902,301.83 203,634,990.23 1,643,375,098.15 285,494,729.27 535,963.22 284,958,766.05 2,359,458,582.89 32,517,418.24 2,486,153.51 30,031,264.73 242,358,312.62 32,464,507.57-32,464,507.57 268,806,122.68 48,955,167.52 139,787.86 48,815,379.66 393,949,876.93 45,702,494.07 71,510.06 45,630,984.01 377,824,547.60 423,187.08-423,187.08 3,415,204.37 308,107.78-308,107.78 2,551,132.42 360,219.33-360,219.33 2,907,042.04 4,941,768.38-4,941,768.38 40,917,842.19 101,454,048.73 2,959,482.31 98,494,566.42 794,870,849.92 151,902,152.06 310,441.86 151,591,710.20 1,255,179,360.46 9,071,640.52 497,152.33 8,574,488.19 69,197,834.59 5,805,956.72 497,152.33 5,308,804.39 43,956,900.35 1,780.32-1,780.32 14,367.54 11,797,362.93-11,797,362.93 97,682,165.06 22,763,551.36-22,763,551.36 183,706,412.19 12,636,500.85-12,636,500.85 104,630,227.04 4,625,567.15 960,952.61 3,664,614.54 29,574,172.26 5,737,730.22 1,243,844.04 4,493,886.18 37,209,377.57 1,032,385.43-1,032,385.43 8,331,556.90 1,581,347.15-1,581,347.15 13,093,554.40 451,742,257.74 33,945,830.45 417,796,427.29 3,371,700,727.51 558,372,657.00 2,658,911.51 555,713,745.49 4,601,309,812.66 2005 12 31 79

13. - (1) 2002.12 2006.6 37,000,000.00 12,636,500.85 22,763,551.36 (2) 2000 5,737,730.22 31,597.33 1,143,760.40 4,625,567.15 (3) 1,581,347.15-548,961.72 1,032,385.43 (4) 535,963.22 26,485,285.20 118,946.59 26,902,301.83 310,441.86 2,649,040.45-2,959,482.31 71,510.06 68,277.80-139,787.86-2,486,153.51-2,486,153.51 1,243,844.04-282,891.43 960,952.61 497,152.33 - - 497,152.33 2,658,911.51 31,688,756.96 401,838.02 33,945,830.45 80

14 1,121,449.38 9,050,320.78 226,021.38 1,871,457.03 663,427.17 5,353,989.95 1,083,140.09 8,968,399.94 93,170.03 751,900.78 168,116.44 1,392,004.12 925,560.30 7,469,456.73 504,285.35 4,175,482.70 2,803,606.88 22,625,668.24 1,981,563.26 16,407,343.79 81

15 [ 15(2)] 35,743,897.29 3,544,618.14 32,199,279.15 259,854,622.60 35,743,897.29 3,544,618.14 32,199,279.15 266,610,031.36 [ 15(3)] 1,413,471.84 1,413,471.84 1,290,241.92 730,000.00 560,241.92 4,638,803.10 [ 15(3)] 14,849,835.22-14,849,835.22 119,841,140.19 9,792,105.04-9,792,105.04 81,078,629.73 [ 15(4)] 1,313,138.15-1,313,138.15 10,597,287.50 79,423.19-79,423.19 657,624.01 18,358,274.82-18,358,274.82 148,154,949.45 16,239,368.81-16,239,368.81 134,461,973.75 [ 15(5)] 992,156.73-992,156.73 8,006,903.24 72,670,774.05 4,958,089.98 67,712,684.07 546,454,902.98 63,145,036.25 4,274,618.14 58,870,418.11 487,447,061.95 (1) 4,274,618.14 683,471.84-4,958,089.98 82

15. - (2) (%) ( ) 1.33 30,240,399.88 91,390,195 28,982,254.23-28,982,254.23 1.00 5,133,736.08 22,015,000 5,133,736.08 3,079,501.86 2,054,234.22 0.35 1,162,790.70 3,795,000 1,162,790.70-1,162,790.70 1.01 258,397.93 2,000,000 258,397.93 258,397.93-0.09 206,718.35 1,100,000 206,718.35 206,718.35-37,002,042.94 35,743,897.29 3,544,618.14 32,199,279.15 3,079,501.86 83

15. - (3) ( ) () ( ) ( ) (%) 80.00 730,000.00 730,000.00 683,471.84-1,413,471.84 1,413,471.84 1-47.11 467,184.31 560,241.92 (560,241.92) 2 93,057.61-1,197,184.31 1,290,241.92 123,229.92 93,057.61 1,413,471.84 1,413,471.84 - KYH Steel Holding Ltd 31.83 3,336,395.26 5,948,456.82-1,100,878.42-3,712,939.98 7,049,335.24-7,049,335.24 30.00 2,356,981.86-2,356,981.86 310,560.17-310,560.17 2,667,542.03-2,667,542.03 45.00 1,630,434.78 1,613,844.52-894.67 - (15,695.59) 1,614,739.19-1,614,739.19 20.00 1,000,000.00 932,115.49 (932,115.49) 3 (1,000,000.00) - 37.765 1,150,912.46 1,297,688.21-392,331.55 215,207.28 323,900.02 1,474,812.48-1,474,812.48 30.00 1,040,900.12-1,040,900.12 167,575.16-167,575.16 1,208,475.28 1,208,475.28 45.00 834,931.00-834,931.00-834,931.00-834,931.00 11,350,555.48 9,792,105.04 3,300,697.49 1,972,239.97 215,207.28 3,499,279.74 14,849,835.22-14,849,835.22 15(5) 84

15. - (3) - 1 ()() 80% 2004 2 2005 12 9 3 2005 6 3 20% 2005 12 19 (4) (%) 20 7.718 79,423.19-79,423.19 5.00 1,233,714.96-1,233,714.96 1,313,138.15-1,313,138.15 85

15. - (5) ( ) : 10 (2,683,899.80) (805,169.90) (268,390.00) (2,147,119.90) (536,779.90) 10 (214,620.68) (64,386.15) (21,462.08) (171,696.61) (42,924.07) 10 7,287,824.89 3,382,479.29 728,782.50 4,634,128.10 2,653,696.79 10 6,549,752.17 2,702,828.86 636,838.20 4,483,761.51 2,065,990.66 CIMC Tank Equipment Investment Corporation. 10 2,663,834.26 123,809.66 2,612,662.26-48,661.57 (23,976.09) 2,687,810.35 10 (30,222.40) (9,066.72) - (9,066.72) - (30,222.40) - 10 1,206,228.45 603,114.12 120,622.88 723,737.21 482,491.24 10 (31,262.21) (15,631.15) (3,126.20) (18,757.26) (12,504.95) 10 (2,685,889.00) (1,932,247.13) (202,311.04) (955,952.91) (1,729,936.09) 10 87,949.29 43,974.56 8,794.96 52,769.69 35,179.60 10 371,040.73 306,108.60 37,104.08 102,036.21 269,004.52 10 906,621.79 747,962.98 90,662.18 249,320.99 657,300.80 10 155,276.32 128,102.96 15,527.64 42,701.00 112,575.32 10 280,088.24 252,079.40 28,008.84 56,017.68 224,070.56 10 1,062,528.56 968,022.88 94,505.68 189,011.36 873,517.20 10 298,595.49 268,735.95 29,859.54 59,719.08 238,876.41 25 435,887.45 1 244,096.86 17,435.52 209,226.11 226,661.34 () 25 103,987.10 1 58,232.82 4,159.48 49,913.76 54,073.34 Clive-Smith Cowley Limited 10 5,454,295.62 5,045,223.48 409,072.14 818,144.28 4,636,151.34 CIMC Australia Pty Ltd. 10 919,992.54 858,659.74 61,332.80 122,665.60 797,326.94 10 3,107,480.21 2,427,712.40 483,397.38-196,370.43 392,740.86 2,714,739.35 () 10 1,509,612.69 834,198.87 582,725.04-150,961.28 243,650.06 1,265,962.63 10 78,362.69 70,526.43 7,836.26 15,672.52 62,690.17 10 614,884.71-614,884.71-15,372.11 15,372.11 599,512.60 10 23,373.00-23,373.00-584.33 584.33 22,788.67 27,471,722.11 16,239,368.81 4,317,042.39 (9,066.72) 2,207,203.10 9,113,447.29 18,358,274.82 86

15. - (5) - ( ) 10 257,011.62-257,011.62-12,850.58 12,850.58 244,161.04 10 787,363.88-787,363.88-39,368.19 39,368.19 747,995.69 1,044,375.50-1,044,375.50-52,218.77 52,218.77 992,156.73 1 (6) 87

16 251,644,842.70 234,400,206.54 17,972,697.55 21,159,238.27 525,176,985.06 4,348,465,436.30 2,359,233.16 697,164.91 116,461.18 77,373.63 3,250,232.88 26,723,089.72 (800,732.59) (322,434.87) (102,836.37) (93,016.79) (1,319,020.62) (10,844,855.64) 12,515,021.06 18,863,421.03 2,570,802.13 3,639,449.61 37,588,693.83 309,050,481.80 93,895,388.35 66,674,954.23 1,709,257.93 2,696,795.09 164,976,395.60 1,356,419,426.98 (1,865,835.65) (5,322,547.50) (471,694.54) (694,659.47) (8,354,737.16) (68,691,813.46) - - - - - (139,936,806.80) 357,747,917.03 1 314,990,764.34 21,794,687.88 26,785,180.34 721,318,549.59 5,821,184,958.90 31,192,525.33 79,245,042.25 9,391,438.08 11,340,573.65 131,169,579.31 1,086,084,116.69 186,545.79 1,714.98 11,362.19 9,271.22 208,894.18 1,717,507.06 (158,112.54) (247,474.75) (94,264.17) (85,965.48) (585,816.94) (4,816,528.30) 10,395,735.71 20,914,926.19 2,814,640.45 2,971,348.80 37,096,651.15 305,004,956.09 (321,118.36) (3,545,072.86) (345,521.53) (602,044.41) (4,813,757.16) (39,578,229.99) - (32,359,513.58) 41,295,575.93 96,369,135.81 11,777,655.02 13,633,183.78 163,075,550.54 1,316,052,307.97 4,188,834.16 6,037,930.05 2,264.71 385,118.91 10,614,147.83 87,885,144.03-20,051.19-261.31 20,312.50 167,007.34 (291,946.06) (488,085.54) - (48,802.97) (828,834.57) (6,814,594.95) - - - - - (2,104,195.41) 3,896,888.10 5,569,895.70 2,264.71 336,577.25 9,805,625.76 79,133,361.01 216,263,483.21 149,117,234.24 8,578,994.76 9,433,545.71 383,393,257.92 3,174,496,175.58 312,555,453.00 213,051,732.83 10,014,768.15 12,815,419.31 548,437,373.29 4,425,999,289.92 2,369,910.51 2-2,369,910.51 19,125,651.80 596,009.95-596,009.95 4,809,919.50 88

16-1 2005 12 31 862,715.37 128,673,738.33 2 2005 1 Vanguard National Trailer Corporation Vanguard Vanguard 13,500,000.00 Vanguard 2005 12 31 2,369,910.51 17 39,377,584.77 71,013,405.74 90,649,527.57 2,792,875.01 16,948,587.93 136,778,494.31 18,456,578.27 60,763,036.70 68,136,912.62 142,010.10 10,940,692.25 88,293,574.60 536,464.99 3,339,100.33 3,410,566.83 134,349.91 330,648.58 2,668,400.17 2,395,656.98 3,883,573.39 2,779,388.58 599,370.82 2,900,470.97 23,407,380.82 60,766,285.01 138,999,116.16 164,976,395.60 3,668,605.84 31,120,399.73 251,147,849.90 89

18 50,424,095.17 2,506,440.56 36,275,766.28 89,206,302.01 738,628,180.64 549,949.59 549,949.59 4,521,630.53 (621,301.15) (621,301.15) (5,108,275.93) 8,983,038.81 2,786,945.35 1-11,769,984.16 96,771,632.77 (2,420,787.22) (2,420,787.22) (19,903,470.44) - - - - (20,122,931.30) 56,914,995.20 5,293,385.91 36,275,766.28 98,484,147.39 794,786,766.27 9,257,409.98 1,130,665.42 9,945,875.18 20,333,950.58 168,365,110.80 20,984.45 20,984.45 172,532.05 (207,100.28) (207,100.28) (1,702,757.79) 1,004,746.43 542,890.53 653,387.23 2,201,024.19 18,096,600.79 - - - - - (4,571,724.43) 10,076,040.58 1,673,555.95 10,599,262.41 22,348,858.94 180,359,761.42 43,816.55-15,939,383.83 2 15,983,200.38 132,340,899.15 - - (43,816.55) (43,816.55) (360,255.29) - - - - (3,346,628.47) - - 15,939,383.83 15,939,383.83 128,634,015.39 41,122,868.64 1,375,775.14 10,390,507.27 52,889,151.05 437,922,170.69 46,838,954.62 3,619,829.96 9,737,120.04 60,195,904.62 485,792,989.46 528,965.14 - - 528,965.14 3 4,268,854.47 10-50 3-10 12 1 2005 5 12 -Polyearn Development Corp Waggonbau Elze GMBH&Co. Besitz KG 2,700,000.00 90

18. - 2 Gold Terrain Assets Limited Topco Forestry N.V. 1998 450,000 18,472,014.28 75,000 2003 2,232,034.91 1998 Gold Terrain Assets Limited Silveroad Wood Products Limited 315,460 13,707,348.92 3 528,965.14 19 ( ) 115,265.22 69,159.30 8,644.86 60,514.44 488,363.63 2-6 1,999,651.59 100,796.29 1,192,380.61 6,514.93 263,991.12 1,022,670.85 8,253,158.29 6-6.5 7,309,304.83 2,209,986.45 2,082,755.78 136,235.53 2,327,088.99 1,829,417.71 14,763,766.81 0.5-10 9,424,221.64 2,379,942.04 3,275,136.39 142,750.46 2,599,724.97 2,912,603.00 23,505,288.73 91

20 1 1,458,000.00 11,766,351.60 6,004,541.07 49,717,600.06 2 1,339,200.00 10,807,611.84 1,339,200.00 11,088,576.00 3 1,339,200.00 10,807,611.84 1,339,200.00 11,088,576.00 7,477,900.00 60,348,148.58 8,817,100.00 73,005,588.00 11,614,300.00 93,729,723.86 17,500,041.07 144,900,340.06 2,177,655.00 17,574,111.38 2,916,589.79 24,149,363.46 9,436,645.00 76,155,612.48 14,583,451.28 120,750,976.60 1 1,009,157.00 8,144,098.82 5,265,606.28 43,599,220.00 1 8,427,488.00 68,011,513.66 9,317,845.00 77,151,756.60 92

21 (%) (%) 1 16,784,986.50 16,784,986.50 135,458,198.05 4.50 50,925,048.31 50,925,048.31 421,659,400.01 1.63-3.43 68,000,000.00 8,212,560.39 68,000,000.03 4.35-5.22 184,350.50 250,217.95 2,071,804.63 2.63-2.66 2 6,765,470.54 838,327.49 6,765,470.51 5.02-5.30 3,399,749.30 3,399,749.30 28,149,924.20-18,412,800.00 2,281,579.15 18,412,800.06 4.70-5.74 1,000,000.00 120,772.95 1,000,000.03 4.78 21,637,211.74 21,637,211.74 174,616,626.18 3.54-5.58 36,965,689.38 36,965,689.38 306,075,908.07 1.63-3.43 - - 317,783.65 431,327.76 3,571,393.84 2.32 41,542,104.88 335,253,094.80 100,305,366.04 830,528,430.81 1() 3,284,986.50 Vanguard National Trailer Corporation 13,500,000.00 Vanguard National Trailer Corporation 2,369,910.51 2 6,765,470.54 838,327.49 93

22 103,074,651.04 831,833,048.83 176,708,742.92 1,463,148,391.37 4,712,241.92 38,028,734.74 488,759.77 4,046,930.90 107,786,892.96 869,861,783.57 177,197,502.69 1,467,195,322.27 23 (%) (%) 1 299,691,327.38 2,418,568,950.22 98.67 330,225,672.22 2,734,268,565.98 98.76 1 2 2,272,395.62 18,338,687.13 0.75 2,908,263.17 24,080,419.05 0.87 2 3 1,383,277.20 11,163,323.66 0.45 900,268.42 7,454,222.52 0.27 3 392,642.60 3,168,704.31 0.13 348,423.80 2,884,949.06 0.10 303,739,642.80 2,451,239,665.32 100.00 334,382,627.61 2,768,688,156.61 100.00 5%( 5%) 24 34,662,165.72 1 279,730,609.79 27,276,832.91 225,852,176.49 50,160,771.18 404,807,455.58 39,245,533.78 324,953,019.70 997,814.45 8,261,903.65 42,389,936.92 2 342,095,268.93 34,209,602.21 283,255,506.30 127,212,873.82 1,026,633,334.30 101,729,783.35 842,322,606.14 1 2 94

25 2,106,931.95 17,003,362.22 2,656,625.03 21,996,855.25 26 (348,024.11) (2,808,624.17) (244,056.73) (2,020,789.72) (24,197,235.94) (195,276,533.48) (12,512,666.30) (103,604,876.96) 222,287.87 1,793,907.57 178,981.41 1,481,966.07 14,711,310.98 118,723,221.87 24,203,842.14 200,407,812.92 915,522.37 7,388,448.63 1,911,844.89 15,830,075.69 1,171,459.56 9,453,912.94 (178,305.89) (1,476,372.77) (7,524,679.27) (60,725,666.64) 13,359,639.52 110,617,815.23 27 (%) (%) 1 57,573,991.46 464,633,625.88 86.35 43,148,485.35 357,269,458.70 81.00 1 2 4,835,599.47 39,024,254.84 7.25 6,403,611.72 53,021,905.04 12.02 2 3 2,417,187.40 19,507,185.76 3.62 2,562,189.79 21,214,931.46 4.81 3 1,850,708.88 14,935,590.80 2.78 1,154,040.95 9,555,459.07 2.17 66,677,487.21 538,100,657.28 100.00 53,268,327.81 441,061,754.27 100.00 5%( 5%) 95

28 9,304,642.61 75,090,326.79 7,866,246.62 65,132,522.01 2,362,159.89 19,063,102.74 1,712,006.36 14,175,412.66 670,784.71 5,413,366.77 1,686,480.43 13,964,057.96 695,189.17 5,610,315.64 3,298,804.87 27,314,104.32 1,170,638.14 9,447,283.92 1,269,110.33 10,508,233.53 952,425.72 7,686,266.05 603,906.53 5,000,346.07 94,191.34 760,142.95 2,855.24 23,641.39 509,329.86 4,110,393.83 1,325,871.28 10,978,214.20 779,253.43 6,288,731.03 392,395.53 3,249,034.99 9,260,553.97 74,734,522.65 10,501,367.14 86,951,319.92 25,799,168.84 208,204,452.37 28,659,044.33 237,296,887.05 29 66,570,344.04 537,235,990.47 54,884,767.31 454,445,873.34 1 1,483,560.00 11,972,625.91 1,483,560.00 12,283,876.80 2 - - 9,661,835.75 80,000,000.00 68,053,904.04 549,208,616.38 66,030,163.06 546,729,750.14 1 2 2004 () 100,000,000.00 () 80,000,000.00 9,661,835.75 () 80,000,000.00 96

30 (%) 70,000,000.00 70,000,000.00 564,914,000.00 LIBOR 167,600,000.00 167,600,000.00 1,387,728,000.00 230,000,000.00 27,777,777.77 229,999,999.94 13,000,000.00 1 1,610,864.66 12,999,999.98 4.77 47,000,000.00 5,676,328.50 46,999,999.98 8,000,000.00 2 991,301.33 7,999,999.99 5.49 20,000,000.00 2,415,458.94 20,000,000.02 1,982,602.66 3 1,982,602.66 15,999,999.99 5.184-43,808.00 43,808.00 353,539.32 42,304.00 42,304.00 350,277.12 74,628,576.65 602,267,539.28 203,511,869.21 1,685,078,277.06 18,000,000.00 18,000,000.00 145,263,600.00 24,000,000.00 24,000,000.00 198,720,000.00 13,000,000.00 1,610,864.66 12,999,999.98 34,000,000.00 4,106,280.19 33,999,999.97 8,000,000.00 991,301.33 7,999,999.99-43,808.00 43,808.00 353,539.32 42,304.00 42,304.00 350,277.12 20,645,973.99 166,617,139.29 28,148,584.19 233,070,277.09 53,982,602.66 435,650,399.99 175,363,285.02 1,452,007,999.97 1 2 18 3 97

31 521,944.93 1 4,212,200.00 84,251.21 697,600.02 123,912.66 2 1,000,000.00 111,521.40 3 900,000.00 51,950.39 419,249.96 - - 809,329.38 6,531,449.96 84,251.21 697,600.02 1 4,212,200.00 521,944.93 2 (2004)85 1,000,000.00 123,912.66 3(2004)243 2003 900,000.00 111,521.40 32 (1) 2005 1 1 12 31 ( ) 1 163,701,456.00 20,680,770.08-163,701,456.00 327,402,912.00 39,867,868.78 200,079,557.00 25,276,496.74 (200,079,557.00) - - - 363,781,013.00 45,957,266.82 (200,079,557.00) 2 163,701,456.00 327,402,912.00 39,867,868.78 1 302,933,219.00 36,712,271.11-302,933,219.00 605,866,438.00 73,776,386.11 312,312.00 37,718.84-312,312.00 624,624.00 76,060.49 2 341,769,121.00 41,138,898.02 200,079,557.00 541,848,678.00 1,083,697,356.00 131,961,687.46 644,702,340.00 77,851,169.13 200,079,557.00 2 844,781,897.00 1,689,563,794.00 205,738,073.57 1,008,483,353.00 123,808,435.95-1,008,483,353.00 1 2,016,966,706.00 245,605,942.35 1 98

32-1 2005 4 25 2004 1,008,483,353 1,008,483,353.00 ( 121,797,506.40 ) 10 10 2,016,966,706 2 Profit Crown Assets Limited 163,701,456 36,378,101 2005 3 3 B (2) 2004 1 1 12 31 1 102,313,410.00 13,268,167.23-61,388,046.00 163,701,456.00 20,680,770.08 125,049,723.00 16,216,648.81-75,029,834.00 200,079,557.00 25,276,496.74 227,363,133.00 29,484,816.04-136,417,880.00 363,781,013.00 45,957,266.82 1 189,333,262.00 22,976,681.35-113,599,957.00 302,933,219.00 36,712,271.11 237,024.00 28,626.09 66,925.00 142,213.00 312,312.00 37,718.84 2 213,605,701.00 25,672,873.70-128,163,420.00 341,769,121.00 41,138,898.02 402,938,963.00 48,649,555.05-241,763,377.00 644,702,340.00 77,851,169.13 630,302,096.00 78,134,371.09-378,181,257.00 1,008,483,353.00 123,808,435.95 2003 12 31 630,302,096 378,181,257.00 45,674,064.86 10 6 1,008,483,353 (2004) 26 99

33 (1)2005 1 1 12 31 223,908,740.09-121,797,506.40 102,111,233.69 845,481,014.93 2,326,818.35 2,326,818.35 19,266,055.94 104,657.02 104,657.02 866,560.13 39,099.03 39,099.03 323,739.97 3,789,912.53 4,965,250.98-8,755,163.51 72,204,272.78 362,318.84 37,069.07-399,387.91 3,304,778.19 230,531,545.86 5,002,320.05 121,797,506.40 113,736,359.51 941,446,421.94 32 (2)2004 1 1 12 31 269,582,804.95-45,674,064.86 223,908,740.09 1,853,964,367.93 2,326,818.35 2,326,818.35 19,266,055.94 104,657.02 104,657.02 866,560.13 39,099.03 39,099.03 323,739.97 184,324.87 3,605,587.66-3,789,912.53 31,380,475.75 362,318.84 - - 362,318.84 3,000,000.00 272,600,023.06 3,605,587.66 45,674,064.86 230,531,545.86 1,908,801,199.72 32 100

34 (1)2005 1 1 12 31 74,389,662.61 40,853,597.34-115,243,259.95 951,840,598.37 367,085,662.68 367,085,662.68 3,039,469,287.00 42,567,325.37 16,811,731.57-59,379,056.94 490,681,829.86 484,042,650.66 57,665,328.91-541,707,979.57 4,481,991,715.23 (2)2004 1 1 12 31 41,641,396.41 32,748,266.20-74,389,662.61 615,946,406.40 189,001,877.99 178,083,784.69-367,085,662.68 3,039,469,287.00 26,971,430.37 15,595,895.00-42,567,325.37 352,457,454.06 257,614,704.77 226,427,945.89-484,042,650.66 4,007,873,147.46 35 63,956,049.25 529,535,922.31 30,781,487.93 254,850,554.60 324,637,949.71 2,669,140,758.72 288,529,414.99 2,389,023,556.10 (1) 40,853,597.34 335,894,191.97 32,748,266.20 271,155,644.14 (2) 16,811,731.57 138,224,375.80 15,595,895.00 129,134,010.60 - - 178,083,784.69 1,474,533,737.23 330,928,670.05 2,724,558,113.26 92,882,957.03 769,050,718.73-3 60,900,720.74 504,241,676.50 28,926,907.78 239,514,796.42 270,027,949.31 2,220,316,436.76 63,956,049.25 529,535,922.31 - - 60,900,720.74 504,241,676.50 101

35. - (1) 10% 50% (2) 5% (3) 2004 1,008,483,353 ( 1.00 ) 10 5.00 36-3,240,446,423.69 26,642,626,450.94 2,923,211,060.39 24,204,187,580.03-514,870,509.24 4,233,213,839.92 278,065,224.93 2,302,380,062.42-10,152,192.13 83,470,308.47 7,393,256.00 61,216,159.68 3,765,469,125.06 30,959,310,599.33 3,208,669,541.32 26,567,783,802.13 980,212,806.51 26.03% 37-2,695,864,691.65 22,165,129,908.28 2,410,629,632.22 19,960,013,354.78-439,413,235.59 3,612,811,681.70 240,066,332.99 1,987,749,237.16-14,113,990.77 116,043,820.71 12,721,770.17 105,336,257.01 3,149,391,918.01 25,893,985,410.69 2,663,417,735.38 22,053,098,848.95 102

38-35,970,437.10 295,745,336.79 31,212,132.55 258,436,457.52-13,325,283.98 109,559,152.35 11,781,198.49 97,548,323.50 22,645,153.12 186,186,184.44 19,430,934.06 160,888,134.02-2,172,762.67 17,864,237.40 2,787,623.03 23,081,518.69-1,566,211.97 12,877,238.20 2,259,288.95 18,706,912.51 606,550.70 4,986,999.20 528,334.08 4,374,606.18-5,740,958.13 47,201,583.65 8,462,130.63 70,066,441.62-2,609,019.41 21,451,096.69 1,877,635.60 15,546,822.77 3,131,938.72 25,750,486.96 6,584,495.03 54,519,618.85 26,383,642.54 216,923,670.60 26,543,763.17 219,782,359.05 39 15,303,855.28 125,826,767.73 8,852,029.75 73,294,806.33 6,428,179.97 52,851,852.90 3,135,942.34 25,965,602.58 () 7,322,325.70 60,203,429.67 (353,739.80) (2,928,965.54) 1,837,919.27 15,111,188.45 1,087,794.38 9,006,937.47 18,035,920.28 148,289,532.95 6,450,141.99 53,407,175.68 103

40 () (3,239,041.60) (26,631,076.13) 2,890,848.96 23,936,229.39 1,593,843.41 13,104,421.13 1,260,940.43 10,367,326.12 869,122.18 7,196,331.65 53,801.82 442,353.18 2,000,385.03 16,446,965.68 2,530,469.89 20,952,290.69 (2,259,421.88) (18,576,740.76) (2,086,407.55) (17,275,454.51) 4,777,671.70 39,281,538.96 145,451.41 1,204,337.67 (658,475.61) (5,413,920.62) (1,176,061.67) (9,737,790.63) 1,043,371.53 8,578,496.38 (586,773.60) (4,858,485.41) 4,573,074.83 37,599,363.94 2,586,649.62 21,417,458.85 41 246,935.07 1 2,030,275.45 222,112.67 1,839,092.91 246,336.72 2 2,025,355.88 81,951.73 678,560.32 133,856.42 1,100,554.10 397,978.25 3,295,259.91 471,349.44 3,875,387.96 112,445.87 931,051.81 1,098,477.65 9,031,573.39 814,488.52 6,743,964.95 1 246,935.07 2[2002]116 246,336.72 104

41 219,665.67 1,806,069.17 384,372.32 3,182,602.81 145,536.40 1,196,585.73 45,417.67 376,058.31 29,883.33 245,697.75 113,256.80 937,766.30 570,518.33 4,690,744.66 452,333.43 3,745,320.80 965,603.73 7,939,097.31 995,380.22 8,241,748.22 43 1,350,714.58 11,105,440.21 1,196,137.90 9,904,021.81 233,612.47 1,920,738.37 275,900.94 2,284,459.78 124,486.43 1,023,514.98 77,172.83 638,991.03 66,665.46 548,116.74 11,145,395.75 92,283,876.82 9,239,710.10 76,504,799.63 8,439,383.83 69,878,098.11 264,233.09 2,172,498.04 154,889.14 1,282,482.08 2,039,712.03 16,770,308.34 30,528,590.49 252,776,729.26 44 29,612,034.37 243,467,185.39 36,454,112.49 301,840,051.42 105

45 324,637,949.71 288,529,414.99 - () 3,456,840.45 - - 1,098,477.65 1,428,744.26 - () (3,239,041.60) 2,890,848.96-935,720.40 995,380.22 - (688,997.45) (12,849,496.56) - 7,457,778.62 2,827,437.30-1,661,151.10 - - 401,838.02-2,073,638.03 112,694.97 902,226.13-316,530,046.68 293,349,195.78 46/ (1) 6,428,179.97 52,851,852.90 5,789,399.48 47,599,863.58 4,092,902.33 33,651,433.67 3,304,089.86 27,165,896.42 3,139,614.41 25,813,595.72 1,663,369.08 13,676,054.24 CMA CGM 1,339,200.00 11,010,768.48 1,164,500.00 9,574,402.55 PT ASPEX KUMBONG 1,104,000.00 9,076,977.60 1,058,946.81 8,706,554.78 11,054,860.23 90,891,955.29 40,139,062.17 330,019,355.23 106