2004

2004

2 2 3 6 9 13 15 16 24 25 31 58 1

1 2 3 1 SHANGHAI HAIXIN GROUP CO.,LTD. HX GROUP 2 3 666 18 021-63917000 021-53513883 E-mail cml@haixin.com 4 666 18 200001 www.haixin.com.cn hxsecretary@haixin.com 5 www.sse.com.cn 666 18 6 A A A 600851 B B B B 900917 1994 1 20 2002 12 5 019021 310227607221926 550 12 550 12 2

: : 216,226,113.41 162,233,293.57 147,387,540.89 442,307,999.66 19,085,096.21 191,101,959.27 19,691,864.90 2,688,782.11 2,743,507.13 214,404,990.13 27,831,394.32 : : 164,130 174,725 2,097,422 1,985,360-419 - - (314) (642) 1,818 2,132 768 768 (2,541) (3,309) (3,216) (2,916) 6,466 9,682 (814) 2,559 - - ( ) 1,679 (443) (1,571) (3,250) 162,233 174,470 2,101,594 1,990,615 : : 1,973,111.48 2,688,782.11 7,901,412.75 1,495,342.54 (389,635.38) 3,201,160.00 (2,024,420.82) 14,845,752.68 3

: 2004 2003 2002 (%) 1,933,561,092.40 1,828,578,540.30 5.74 1,629,164,338.45 1,629,164,338.45 216,226,113.41 224,689,718.56 (3.77) 176,193,185.06 176,193,185.06 162,233,293.57 174,470,499.63 (7.01) 157,619,220.82 157,619,220.82 147,387,540.89 160,840,841.72 (8.36) 142,029,222.08 142,029,222.08 2002 2004 2003 (%) 3,817,358,657.94 3,570,702,719.59 6.91 3,296,428,088.12 3,296,428,088.12 2,101,594,513.91 1,990,615,593.29 5.58 1,851,924,132.33 1,791,571,298.33 214,404,990.13 169,893,072.92 26.20 83,924,805.28 83,924,805.28 2004 2003 2002 (%) 0.27 0.29 (6.90) 0.26 0.26 7.72 % 8.76 (11.87) 8.51 8.80 7.01 8.08 (13.24) 7.67 7.93 % 0.36 0.28 28.57 0.14 0.14 0.27 0.29 (6.90) 0.26 0.26 0.24 0.27 (11.11) 0.24 0.24 0.24 0.27 (11.11) 0.24 0.24 7.83 % 9.00 (13.00) 8.86 8.86 7.11 8.29 (14.23) 7.99 7.99 % 2002 2004 2003 (%) 3.48 3.30 5.45 3.07 2.97 3.46 3.26 6.13 3.03 2.93 9 : : % 21.05 21.35 0.73 0.73 9.09 9.22 0.32 0.32 7.72 7.83 0.27 0.27 7.01 7.11 0.24 0.24 4

: : 603,528,346.00 874,343,744.78 326,098,685.02 103,951,945.18 175,919,183.60 1,990,615,593.29 2,505,383.51 35,777,687.59 9,174,245.21 162,233,293.57 171,649,551.67 96,448,318.64 60,670,631.05 603,628,346.00 876,849,128.29 361,876,372.61 113,126,190.39 241,704,158.53 2,101,594,513.91 5

1 : 1 218,520,875 218,520,875 66,409,654 66,409,654 119,014,465 119,014,465 33,096,756 33,096,756 2 3 4 218,520,875 218,520,875 1 183,678,936 183,678,936 2 201,328,535 201,328,535 3 4 385,007,471 385,007,471 603,528,346 603,528,346 2 (1) (2) (3) 1 29,201 7 A 8,828 B 20,366 2 : ( ) (%) 1. 0 75,081,998 12.44 6

0 28,416,756 4.71 2. -1,000,000 42,866,015 7.10 3. 0 43,364,856 7.19 17,000,000 4. 0 29,532,467 4.89 5. 0 23,044,798 3.82 6. 0 20,091,618 3.33 7. 0 14,400,000 2.39 8. 0 12,789,000 2.12 9. NAITO SECURITIES CO., LTD. 119,002 5,019,650 0.83 10. 0 4,680,000 0.78 10 3 1 5,000,000 1982 4 6 2 3 100% 12.44%,1992 7 8000 4 5,000,000 1983-01-04 7

5 A B H 1 42,866,015 B 2 20,091,618 A 3 12,789,000 A 4 NAITO SECURITIES CO., LTD. 5,019,650 B 5 TOYO SECURITIES ASIA LTD. A/C CLIENT 1,572,036 B 6 WARBURG DILLON READ NOMINEES (HONG KONG) LTD-GENERAL A/C 1,097,430 B 7 990,000 A 8 895,940 A 9 807,000 B 10 653,340 B 10 8

1 2002 5 2004 12 49 2003-06-18 2006-06-18 18,000 18,000 0 / 57 2003-06-18 2006-06-18 136,217 136,217 0 / 43 2003-06-18 2006-06-18 0 0 0 / 61 2003-06-18 2006-06-18 46,800 46,800 0 / 54 2003-06-18 2006-06-18 9,000 9,000 0 / 49 2004-06-09 2006-06-18 0 0 0 / 69 2003-06-18 2006-06-18 0 0 0 / 60 2003-06-18 2006-06-18 0 0 0 / 55 2003-06-18 2006-06-18 0 0 0 / 52 2003-06-18 2006-06-18 0 0 0 / 62 2003-06-18 2006-06-18 53,561 53,561 0 / 50 2003-06-18 2006-06-18 0 0 0 / 49 2003-06-18 2006-06-18 0 0 0 / 62 2003-06-18 2006-06-18 134,381 134,381 0 / 53 2003-06-18 2006-06-18 81,338 81,338 0 / 42 2003-06-18 2006-06-18 0 0 0 / 43 2003-06-18 2006-06-18 0 0 0 / (1) 1998 5 1998 1 2002 5 (2) 1993 9 (3) 2001 10 2000 3 2002 7 (4) 1995 2 1993 11 (5) 1999 5 1998 7 (6) 2004 6 1999 10 2002 8 2002 8 2004 4 2004 4 (7) 2001 5 1993 1999 1999 2001 (8) 2002 5 1996 4 (9) 2002 5 2000 9 (10) 2002 5 (11) 1999 5 9

(12) 2003 6 2001 10 (13) 1996 2003 6 2003 6 (14) 1986 10 (15) 1988 6 (16) 1994 2001 10 2001 10 (17) 2001 5 / BASF 26 2 1998 1 / 2000 3 / 2002 7 / 1998 7 / 2004 4 / 2001 10 / 2001 4 1998 5 1994 1997 1998 12 2002 12 2003 5 2003 7 HG USA CORPORATION 2002 6 2001 3 2001 12 2001 4 2002 1 1995 10 1994 8 1999 9 2003 5 2000 10 2001 4 2002 7 10

1998 2002 2002 2002 1996 1997 1998 1997 1997 2003 1998 2003 2001 12 2001 4 2001 3 2002 1 2001 3 2001 4 1999 5 1998 7 1998 7 2001 8 2004 2001 3 2001 4 2003 7 2004 1995 9 2000 2001 1 1999 4 2001 2003 2004 1994 1995 2001 2004 2004 2004 2004 2001 2004 11

1 : 2 3 300 180 6 4 5 50 3 20 45 2 10 20 1 2004 6 9 2003 1204 7 1 2 1065 37 28 15 59 12 38 52 1102 12

2002 1 7 1 2 3 4 5 6 7 1 5 3 2 0 5 5 0 0 5 5 0 0 2 1 2 13

3 4 5 14

1 2003 2004 6 9 1:30 2000 38 303725219 50.3249%( B 22 49654935, B 24.6636%) 1 2003 2 2003 3 2003 4 2003 5 6 7 8 2003 9 2 2004 6 10 2004 15

2004 38.17 2003 35.71 6.89% 21.02 2003 19.91 5.58% 19.34 2003 18.29 5.74% 4.42 2003 4.45 0.67% 1.62 2003 1.74 6.90% 7.72% 2003 8.76% 11.87% 2004 2005 2004 1 2 2003 2004 1100 800 424 53% 2004 10 3 1 (1),, (2) : : (%) (%) % 1,482,076,220.38 76.65 306,969,852.10 69.40 20.72 252,214,438.11 13.04 29,261,584.80 6.62 11.60 18,286,458.15 0.95 1,745,841.42 0.39 9.55 315,640,700.35 16.32 82,292,161.12 18.61 26.54 6,057,173.28 0.31 1,907,411.30 0.43 37.42 176,804,344.63 9.14 22,332,432.20 5.05 17.12 : 44,425,018.00 2.30 2,251,079,334.90 / 444,509,282.94 / 20.19 317,518,242.50 / 2,201,283.28 / 0.69 1,933,561,092.40 100 442,307,999.66 100 23.39 16

(3) : : % (%) (%) 870,445,279.04 45.02 217,101,250.67 49.08 24.96 193,356,003.60 10.00 52,215,569.86 11.81 27.00 252,214,438.11 13.04 29,261,584.80 6.62 11.60 418,274,937.74 21.63 37,653,031.57 8.51 9.00 315,640,700.35 16.32 82,292,161.12 18.61 26.54 176,804,344.63 9.14 22,241,662.25 5.03 17.12 18,286,458.15 0.95 1,745,841.42 0.39 9.55 6,057,173.28 0.31 1,998,181.25 0.45 37.42 : 44,425,018.00 2.30 2,251,079,334.90 / 444,509,282.94 / 20.19 317,518,242.50 / 2,201,283.28 / 0.69 1,933,561,092.40 100 442,307,999.66 100 23.39 44,425,018.00 (4) : : (%) (%) 1,945,771,316.24 100.63 1,537,317,066.82 398,516,831.05 90.10 80,740,135.59 4.18 77,042,071.19 3,698,064.40 0.84 224,567,883.07 11.61 182,273,495.58 42,294,387.49 9.56 :44,425,018.00 2.30 2,251,079,334.90 / 1,796,632,633.59 444,509,282.94 317,518,242.50 / 315,316,959.22 2,201,283.28 1,933,561,092.40 100 1,481,315,674.37 442,307,999.66 100 76.65%, 95% (5) 3000 20% 20% 17

(6) 10% : : (%) 1,482,076,220.38 1,174,934,955.51 20.72 252,214,438.11 222,952,853.31 11.60 315,640,700.35 231,873,189.94 26.54 2 (1) 1500 474,807,568.73 33,754,621.41 1000 135,371,896.32 (595,993.13) 1200 186,979,540.70 24,063,795.76 850 224,302,420.48 20,026,711.24 100 50,471,529.78 15,215,515.25 800 145,499,750.16 17,314,349.77 180 72,548,968.72 2,538,240.81 40 22,786,103.75 345,507.09 180 71,039,540.32 3,147,744.40 150 40,269,855.88 (786,494.22) 500 15,602,007.56-550 141,492,712.55 4,406,151.72 350 72,391,924.41 126,213.64 1300 229,421,983.54 5,599,206.85 1500 223,938,351.18 (6,538,521.25) HG USA CORPORATION 2 201,430,096.78 (6,792,091.69) 2000 20,937,474.84 67,915.97 6000 177,596,144.03 18,074,354.06 1500 151,626,832.84 (11,208,032.80) 8000 81,108,912.02 (7,127,502.47) 2000 108,953,017.41 10,925,038.97 9000 168,537,597.62 (1,638,221.84) 500 42,591,684.50 (167,562.39) 50 3,662,094.44 (67,744.58) 18

1600 521,635,790.27 11,181,980.54 HG RESOURCES INC 10 4,870,571.27 814,119.48 300 17,608,787.55 (246,784.38) (2) 10% : : (%) 20,000,000 12.33 3 : : 238,232,992.93 24.26% 221,136,153.36 11.44% 4 43,334,201.77 19,203,337.82 30.71% 1 2 2004 9 9000 2004 3 19 10000 2055.2 343 3433 34.33% 70.43 2005 1 17 11.83 500 2004 11 2004 10 800 1731.43 19

318 424 53% 2004 500 300 60% - 350 35% 16.96 12.62 350 100% 187.5 500 49.16 314.77 180 43% 1200 850 53% 2002.67 168 4333.43 : : ( ) % 3,817,358,657.94 3,570,702,719.59 246,655,938.35 6.91 442,307,999.66 445,332,156.38 (3,024,156.72) (0.68) - 162,233,293.57 174,470,499.63 (12,237,206.06) (7.01) 27,831,394.32 (11,513,610.84) 39,345,005.16 341.73 2,101,594,513.91 1,990,615,593.29 110,978,920.62 5.58 2005 2005 20

2005 1 2950 1050 150-180 300 129 43% 45 15% 30 10% 96 32% 30-40 230 150 100 2004 500 2 3 4 1 1 2004 4 20 2003 2003 2003 2004 2003 2003 2003 603,528,346 10 1 115,566,349.60 " 2004 8.5 2003 " " " 2003 -- 2003 A B - 2004 A B 2003 A B 80 " 6 2003 2003 2 2004 4 26 2004 3 2004 5 28 21

4 2004 8 18 2004 5 2004 10 27 2004 2 1 2003 2004 8.5 2004 8.4702 2 2003 2004 43,334,201.77 2004 641,758,419.67 2004 2,101,594,513.91 50% 3 2003 2004 6 12 www.sse.com.cn 4 2003 2003 603,528,346 A 10 1 0.8 B 10 0.12082 8.2767 115,566,349.60 A B 2004 8 4 2004 8 9 10 3 10 1 10 7 2004 2004 2004 162,233,293.57, 10% 18,348,490.43 5% 9,174,245.21 8,572,748.40, 175,919,183.60 2003 60,352,834.60, 241,704,158.53 2004 603,528,346 10 1 10 3 2004 603,528,346 10 7 292,820.13 2004 876,849,128.29, 10 7, 454,379,286.09 3,850 22

: : 50,000,000-11,500,000 38,500,000 ( ),,, 2004 8.47 2003 56 1.22 2003 2.71 55% 2003 8 3 3 23

1 2004 4 20 1 2003 2 2003 3 2003 2 2004 8 18 2004 2004 1,,, 2, 3 4 24

1 ( ) 19,039,861.23 0.98 1,016,825.24 0.05 24,368,331.53 1.26 2 : : (11,500,000) 38,500,000 / / (11,500,000) 38,500,000 / 11,500,000 38,500,000 1 2 3 25

4 : : 3200 2004 3 1 2004 3 1 2005 3 1-2500 2004 4 8 2004 4 8 2005 4 8-2200 2004 8 15 2004 8 15 2005 8 15-1000 2004 8 10 2004 8 10 2005 8 9-828 2004 3 18 2004 3 18 2005 3 18-828 2004 7 16 2004 7 16 2005 2 16-1490 2004 4 2 2004 4 2 2005 4 2-1490 2004 11 22 2004 11 22 2005 11 22-1500 2004 7 5 2004 7 5 2005 7 4-1500 2004 7 19 2004 7 19 2005 7 18-268 2004 2 5 2004 2 5 2005 2 5-750 2004 9 6 2004 9 6 2005 9 6-1400 2004 9 30 2004 9 30 2005 9 30-500 2004 11 23 2004 11 23 2005 11 23-414 2004 6 18 2004 6 18 2005 2 18-414 2004 2 12 2004 2 12 2005 2 12-414 2004 3 15 2004 3 15 2005 3 15-662 2004 3 31 2004 3 31 2005 3 31-497 2004 6 14 2004 6 14 2005 6 14-910 2004 9 9 2004 9 9 2005 9 9-500 2004 2 10 2004 2 10 2005 2 10-1675 2004 6 21 2004 6 21 2005 6 21-1140 2004 10 8 2004 10 8 2005 4 8-414 2004 6 21 2004 6 21 2005 6 21-220 2004 7 10 2004 7 10 2005 7 10-26

1800 2004 3 22 2004 3 22 2005 3 22-300 2004 8 10 2004 8 10 2005 8 10-500 2004 4 21 2004 4 21 2005 4 20-828 2004 3 15 2004 3 15 2005 3 9-828 2004 3 16 2004 3 16 2005 3 16-414 2004 8 20 2004 8 20 2005 8 20-1490 2004 10 8 2004 10 8 2005 10 8-1904 2004 6 7 2004 6 7 2005 6 7-200 2004 12 30 2004 12 30 2005 3 30-100 2004 8 31 2004 8 31 2005 8 21-100 2004 2 27 2004 2 27 2005 2 21-100 2004 3 26 2004 3 26 2005 3 21-100 2004 4 29 2004 4 29 2005 4 29-100 2004 5 28 2004 5 28 2005 5 28-100 2004 6 25 2004 6 25 2005 6 25-100 2004 7 30 2004 7 30 2005 7 21-500 2004 12 29 2004 12 29 2005 6 28-331 2004 7 28 2004 7 28 2005 1 27-414 2004 6 10 2004 6 10 2005 6 9-414 2004 9 22 2004 9 22 2005 9 20-414 2004 10 15 2004 10 15 2005 10 15-414 2004 11 9 2004 11 9 2005 11 8-1000 2003 4 21 2003 4 21 2005 6 29-800 2004 10 13 2004 10 13 2005 8 18-828 2004 3 30 2004 3 30 2005 3 12-828 2004 7 19 2004 7 19 2005 7 15-828 2004 9 20 2004 9 20 2005 9 1-27

200 2004 6 29 2004 6 29 2005 6 29-250 2004 1 5 2004 1 5 2005 1 5-290 2004 8 26 2004 8 26 2005 8 26-1700 2004 7 28 2004 7 28 2005 7 27-1200 2004 3 26 2004 3 26 2005 3 26-1200 2004 3 26 2004 3 26 2006 3 26-1500 2004 4 29 2004 4 29 2005 4 28-1000 2004 3 22 2004 3 22 2005 3 22-500 2004 6 1 2004 6 1 2005 5 31-1500 2004 4 22 2004 4 22 2005 4 22-2400 2004 5 8 2004 5 8 2005 5 8-2230 2004 5 8 2004 5 8 2005 5 8-500 2004 10 29 2004 10 29 2005 6 29-500 2004 12 9 2004 12 9 2005 12 8-414 2004 5 28 2004 5 28 2005 5 28-414 2004 1 30 2004 1 30 2005 1 30-207 2004 6 7 2004 6 7 2005 6 7-1500 2004 6 29 2004 6 29 2005 6 28-3000 2004 12 19 2004 12 19 2005 6 27-3000 2004 12 19 2004 12 19 2005 6 27-2168 2004 8 19 2004 8 19 2005 2 19-1000 2004 8 13 2004 8 13 2005 8 12-1655 2004 3 19 2004 3 19 2005 3 18-2483 2004 6 30 2004 6 30 2005 6 30-1655 2004 7 15 2004 7 15 2005 7 15-828 2004 7 16 2004 7 16 2005 7 16-400 2004 11 9 2004 11 9 2005 5 9-28

2000 2004 10 28 2004 10 28 2005 10 28-400 2004 12 16 2004 12 16 2005 12 16-400 2004 12 16 2004 12 16 2005 12 16-2000 2004 10 15 2004 10 15 2005 10 15-150 2004 10 27 2004 10 27 2005 4 26-200 2004 12 2 2004 12 2 2005 6 1-300 2004 12 28 2004 12 28 2005 6 28-250 2004 12 30 2004 12 30 2005 6 30-800 2004 6 17 2004 6 17 2005 6 16-1625 2004 3 10 2004 3 10 2005 3 8-100 2004 7 23 2004 7 23 2005 7 21-100 2004 8 16 2004 8 16 2005 8 11-100 2004 10 27 2004 10 27 2005 10 27-134 2004 12 13 2004 12 13 2005 12 6-24,080 24,080 60,622 60,622 84,702 (%) 40.30 50 7,500 70 4,689 50 12,189 5 6 5% 5% 29

2001 5 18 2004 A B 90 30

1 (2005) 0425 ( )2004 12 31 2004 2004 12 31 2004 2 31

2004 1. ( ) A B 1993 60,352.83 688, 2.5.1 1 32

2.5.2 ( ) 2.7.1 2.7.2 2.8.1 1-1 2 10% 2 3 30% 3 100% 2.8.2 2.9.1 33

2.9.2 2.10.1 20% 20% 20% ---- ---- 2.10.2 2.10.3 2.11.1 2,000 10% 20-30 3%-4.5% 10-15 6%-9% 5 18% 5 18% 2.11.2 34

2.12.1 2.12.2 2.13.1 2.13.2 (1) (2) (3) 35

2.17.1 2.17.2 2.17.3 2.19.1 2.19.2 2.19.3 17% 5% 36

7% 24% 70% 12% ( ) ( ) % 1 USD1,500 USD1,500 100 2 USD1,300 USD754 58 3 USD180 USD60.084 33.38 4 USD550 USD357.5 65 5 USD350 USD350 100 6 USD500 USD500 100 7 USD50 USD50 100 8 USD40 USD20.4 51 9 RMB2,000 RMB2,000 100 10 USD1,500 USD825 55 11 RMB9,000 RMB9,000 100 12 USD1,200 USD1,200 100 13 ( ) HKD1,600 HKD1,600 100 14 HG RESOURCES,INC USD10 USD10 100 15 RMB2,000 RMB1,000 50 16 RMB8,000 RMB5,200 65 17 USD180 USD77.40 43 18 RMB6,000 RMB2,050 27.33 19 USD100 USD85 85 20 USD1,000 USD1,000 100 21 USD150 USD97.5 65 22 USD850 USD468 53 23 USD800 USD424 53 24 RMB300 RMB300 100 25 USD500 USD500 100 2004 (1) 25 2004 (2) 3 17 18 50% 37

60% 55% 41% 73% HG(USA) CORPORATION 2 500 5. ( ) ( ) ( ) 2,230,051.97 3,170,753.84 16,739,357.00 138,718,591.61 8,293,743.37 68,644,825.74 12,040,611.83 12,807,671.21 66,709,239.85 71,092,036.90 2,873.00 32,357.74 6,593.24 68,162.89 401,742,850.11 400,635,476.37 553,301,470.67 540,440,501.90 17,890,446.59 1,979,319.17 573,421,969.23 545,590,574.91 5,500,000.00-5,500,000.00 500,000.00-500,000.00 1,217,551.79 34,883.20 1,182,668.59 120,000.00-120,000.00 6,717,551.79 34,883.20 6,682,668.59 620,000.00-620,000.00 9,935,262.94 5,790,789.00 988,251.76-10,923,514.70 5,790,789.00 5% 5% 38

5.4.1 1 357,641,669.70 91.01% - 357,641,669.70 304,442,217.06 90.49% - 304,442,217.06 1-2 12,858,020.62 3.27% 1,319,146.56 11,538,874.06 9,003,310.04 2.68% 900,331.37 8,102,978.67 2-3 6,647,951.20 1.69% 1,994,385.36 4,653,565.84 8,727,827.32 2.59% 2,618,347.60 6,109,479.72 3 15,803,382.40 4.03% 15,803,382.40-14,281,159.13 4.24% 14,281,159.13-392,951,023.92 100% 19,116,914.32 373,834,109.60 336,454,513.55 100% 17,799,838.10 318,654,675.45 11.81% 7,864,705.15, 7.19% 551,715.96, 51,563,543.83 13.79% 5.4.2 1 69,598,777.84 95.26% - 69,598,777.84 55,003,185.77 95.42% - 55,003,185.77 1-2 1,118,367.84 1.53% 111,836.78 1,006,531.06 175,367.65 0.30% 17,536.77 157,830.88 2-3 726,112.69 0.99% 217,833.81 508,278.88 1,425,081.16 2.47% 427,523.75 997,557.41 3 1,619,025.61 2.22% 1,619,025.61 1,043,108.20 1.81% 1,043,108.20 - - 73,062,283.98 100% 1,948,696.20 71,113,587.78 57,646,742.78 100% 1,488,168.72 56,158,574.06 5.5.1 1 152,927,569.52 95.48% - 152,927,569.52 121,455,132.18 96.13% - 121,455,132.18 1-2 2,735,356.44 1.71% 196,864.64 2,538,491.80 2,949,382.85 2.33% 669,079.68 2,280,303.17 2-3 2,697,913.97 1.68% 800,434.34 1,897,479.63 1,683,160.24 1.33% 1,530.00 1,681,630.24 3 1,802,239.33 1.13% 256,128.39 1,546,110.94 268,628.79 0.21% 266,128.79 2,500.00 160,163,079.26 100% 1,253,427.37 158,909,651.89 126,356,304.06 100% 936,738.47 125,419,565.59 5%( 5%) 85,171,662.70 53.60% 39

5.5.2 1 148,849,318.05 99.90% - 148,849,318.05 145,999,291.61 99.93% - 145,999,291.61 1-2 81,271.47 0.05% 8,127.15 73,144.32 59,353.40 0.04% 5,935.34 53,418.06 2-3 41,441.00 0.03% 12,432.30 29,008.70 3,000.00 0.01% 900.00 2,100.00 3 34,772.33 0.02% 34,772.33-34,772.33 0.02% 34,772.33-149,006,802.85 100% 55,331.78 148,951,471.07 146,096,417.34 100% 41,607.67 146,054,809.67 1 127,148,981.71 86.65% 27,627,129.95 54.98% 1-2 6,847,681.51 4.66% 22,620,225.00 45.02% 2-3 12,750,000.00 8.69% - - 146,746,663.22 100% 50,247,354.95 100% 5%( 5%) 1.92 322,644,041.50 958,848.42 321,685,193.08 300,867,665.12 958,848.42 299,908,816.70 61,367,005.63-61,367,005.63 37,412,107.43-37,412,107.43 121,828,394.82 857,496.96 120,970,897.86 127,348,782.18-127,348,782.18 61,049,716.53-61,049,716.53 61,262,194.44-61,262,194.44 4,636,152.01-4,636,152.01 3,995,212.60-3,995,212.60 61,755,117.16-61,755,117.16 135,807,581.11-135,807,581.11 5,140,435.87-5,140,435.87 5,834,748.60-5,834,748.60 1,405,652.09-1,405,652.09 620,137.63 620,137.63 639,826,515.61 1,816,345.38 638,010,170.23 673,148,429.11 958,848.42 672,189,580.69-1,452,051.66 1,049,202.51 520,824.63 463,543.81 40

1,700,856.30 2,682,040.16 219,711.45-318,635.45 1,275,298.34 4,212,079.49 5,470,084.82 5.9.1 1,680,644.16-1,680,644.16 1,680,644.16-1,680,644.16 189,371,320.14-189,371,320.14 164,449,878.74-164,449,878.74 443,168,615.28-443,168,615.28 451,654,426.82-451,654,426.82 632,539,935.42-632,539,935.42 616,104,305.56-616,104,305.56 7,537,840.09-7,537,840.09 9,000,577.93-9,000,577.93 641,758,419.67-641,758,419.67 626,785,527.65-626,785,527.65 (1) 95,472 <5% 494,544.96-228,096 <5% 1,186,099.20-1,680,644.16 - (2) 20 42.09% 44,242,552.67 3,200,000.00-10 25% 25,289,344.12 - - 34.33% 22,209,225.21 - - 25 55% 39,079,606.78 - - 15 41% 9,259,211.31 (192,606.46) - 73% 18,563,112.58 - - 9.998% 231,000,000.00 - - 8.8% 2,500,000.00 - - 41

30 40.24% 200,000,000.00 - - <5% 3,678,176.00 - - 15 60% 3,492,627.68 - - 10 49% 1,980,383.67 1,273,207.36 - <5% 2,000,000.00 - - 15 48% 22,247,883.80 - - 15 60% 3,000,000.00 - - 20 35% 3,500,000.00 - - HAIXIN GROUP CA (U.S.A),INC. 40% 497,811.60 - - 632,539,935.42 4,280,600.90 - (3) 7 (459,115.40) (306,076.94) - (65,587.91) (240,489.03) 7 5,810,357.67 3,320,204.37-830,051.10 2,490,153.27 10 526,397.06 342,158.08-52,639.71 289,518.37 10 (783,173.40) (983,876.25) 376,916.83 (78,317.34) (528,642.08) 10 523,574.86 510,485.49-52,357.49 458,128.00 10 923,560.30 1,103,624.59 (272,420.32) 92,356.03 738,848.24 10 6,837,352.69 5,014,058.59-683,735.27 4,330,323.32 13,378,953.78 9,000,577.93 104,496.51 1,567,234.35 7,537,840.09 5.9.2 1,230,581,121.70-1,230,581,121.70 1,175,011,272.66-1,175,011,272.66 10,131,524.46-10,131,524.46 10,097,566.47-10,097,566.47 162,862,280.12-162,862,280.12 139,513,378.38-139,513,378.38 440,670,803.68-440,670,803.68 449,654,426.82-449,654,426.82 1,844,245,729.96-1,844,245,729.96 1,774,276,644.33-1,774,276,644.33 (1) 75% 242,850,174.68 - - 33% 68,857,704.55 - - 33.38% 6,383,230.91 (240,489.03) - 65% 40,128,944.75 - - 72% 12,946,793.16 2,490,153.27-70% 41,081,292.84 - - 70% 3,827,341.59 - - 36% 1,900,612.50 - - 42

60% 17,516,946.02 - - 55% 54,675,329.81 289,518.37-90% 73,935,917.56 - - 65.64% 109,751,075.89 - - ( ) 100% 209,155,012.27 - - HG RESOURCES,INC 100% - - - 65% 47,367,123.39 - - 43% 8,922,471.58 (528,642.08) - 27.33% 67,322,726.73 - - 60% 15,510,330.88 - - 75% 82,324,102.65 - - 45% 7,716,292.90 - - 53% 57,761,912.78 738,848.24-53% 44,271,085.38 - - 33.34% 855,305.13 - - 75% 15,519,393.75 - - 50% 10,131,524.46 - - 42.09% 44,242,552.67 3,200,000.00-25% 31,665,687.65 - - 34.33% 22,209,225.21 - - 55% 39,079,606.78 - - 41% 9,259,211.31 (192,606.46) - 48% 16,405,996.50 - - 9.998% 231,000,000.00 - - 8.8% 2,500,000.00 - - 40.24% 200,000,000.00 - - <5% 3,678,176.00 - - 60% 3,492,627.68 - - 1,844,245,729.96 5,756,782.31 - ( ) HG USA CORPORATION 100% (2) 43 7 (459,115.40) (306,076.94) - (65,587.91) (240,489.03) 7 5,810,357.67 3,320,204.37-830,051.10 2,490,153.27 10 (481,516.12) (240,758.07) - (48,151.61) (192,606.46) 10 526,397.06 342,158.08-52,639.71 289,518.37 10 (783,173.40) (983,876.25) 376,916.83 (78,317.34) (528,642.08) 10 923,560.30 1,103,624.59 (272,420.32) 92,356.03 738,848.24 10 4,000,000.00 3,600,000.00 400,000.00 3,200,000.00 9,536,510.11 6,835,275.78 104,496.51 1,182,989.98 5,756,782.31

521,697,525.41 775,844,998.06 42,653,171.12 52,241,930.49 1,392,437,625.08 146,081,210.05 57,658,176.28 7,037,907.22 16,625,155.36 227,402,448.91 7,683,532.05 22,087,981.48 5,959,632.60 2,533,758.71 38,264,904.84 660,095,203.41 811,415,192.86 43,731,445.74 66,333,327.14 1,581,575,169.15 103,114,159.91 252,739,325.00 24,771,397.30 25,613,827.16 406,238,709.37 17,973,010.37 58,508,416.08 5,569,505.22 7,938,571.00 89,989,502.67 3,544,752.19 13,396,334.06 3,205,188.82 969,246.34 21,115,521.41 117,542,418.09 297,851,407.02 27,135,713.70 32,583,151.82 475,112,690.63 418,583,365.50 523,105,673.06 17,881,773.82 26,628,103.33 986,198,915.71 542,552,785.32 513,563,785.84 16,595,732.04 33,750,175.32 1,106,462,478.52 3,200,000.00 1,160.00 - - 3,201,160.00 /( ) (3,200,000.00) (1,160.00) - - (3,201,160.00) - - - - - 415,383,365.50 523,104,513.06 17,881,773.82 26,628,103.33 982,997,755.71 542,552,785.32 513,563,785.84 16,595,732.04 33,750,175.32 1,106,462,478.52 191,441,595.80 67,779,090.39 44 - - - 4,010,963.01-4,010,963.01 - - - 2,716,646.02-2,716,646.02 - - - 1,986,508.81-1,986,508.81 28,657,425.16-28,657,425.16 92,484,735.16-92,484,735.16 GMP 3,234,667.78-3,234,667.78 7,000,608.64-7,000,608.64

8,465,383.57-8,465,383.57 8,320,630.98-8,320,630.98 2,164,145.41-2,164,145.41 - - - 2,472,930.09-2,472,930.09 - - - 1,822,000.00-1,822,000.00 - - - 5,491,625.27-5,491,625.27 2,568,772.20-2,568,772.20 52,308,177.28-52,308,177.28 119,088,864.82-119,088,864.82 130,127,397.32 191,441,595.80 5,466,489.06 56.68% 71,034,170.18 14,700,000.00 5,684,810.50 29,233,411.33 2,505,060.00 123,157,452.01 56,122,555.15 12,005,000.00 4,159,499.59 17,290,622.93 2,009,983.61 91,587,661.28 - - - - - - 56,122,555.15 12,005,000.00 4,159,499.59 17,290,622.93 2,009,983.61 91,587,661.28 5,660,124.81-160,000.00 9,210,000.00-15,030,124.81 10,363,677.41 - - - - 10,363,677.41 1,781,040.83 1,470,000.00 660,560.69 2,596,803.62 249,671.88 6,758,077.02 /( ) - - - - - - 12,144,718.24 1,470,000.00 660,560.69 2,596,803.62 249,671.88 17,121,754.43 49,637,961.72 10,535,000.00 3,658,938.90 23,903,819.31 1,760,311.73 89,496,031.66 - - - - - - 49,637,961.72 10,535,000.00 3,658,938.90 23,903,819.31 1,760,311.73 89,496,031.66 45

7,818,325.54 9,430,027.01 4,597,500.00 4,343,608.55 4,497,808.84 6,496,291.10 1,436,014.48 2,839,065.22 15,269,179.64 3,320,516.70 30,000.00-215,626.47 3,566,143.17-5,453,913.56 - - 5,453,913.56 5,300,222.40 354,318.75 418,950.00 708,562.11 6,782,053.26 2,518,103.14 718,058.79 1,017,064.48 2,346,129.58 6,599,355.99 5,300,222.40 3,258,054.66 3,580,435.52 1,997,478.97 441,642,000.00 296,110,650.00 24,000,000.00 30,000,000.00 463,959,125.00 436,598,535.00 929,601,125.00 762,709,185.00 1,500 2,875.12 900 1,744.36 2,000 25 815 2 245 ( 44,395.91 ) 11,589,775.00 16,063,250.00 300,000.00-11,889,775.00 16,063,250.00 5% 5% 159,747,595.74 186,125,175.53 11.81% 5,419,625.18 46

24,469,521.51 25,068,766.12, 5% ( 5%) 1,508,199.80 209,492.83 17,111.58 17,111.58 1,696,129.74 3,402,139.07 3,221,441.12 3,628,743.48 1,105,795.72 198,803.62 (6,216,093.68) (21,871,403.35) 155,439.24 77,193.70 17,267,303.87 12,379,268.45 71,576.36 56,815.97 12,726.94 12,726.94 88,284.51 109,082.18 12,485,032.96 (9,037,512.49) 103,164,272.38 74,473,785.52 5% 5% 1,829,084.47 746,056.25 678,476.56 1,140,413.14 143,950.33 7,117.00 47

518,513.10 557,151.94 1,104,512.68 1,160,664.78-3,132,284.55 719,160.99 288,764.35 720,521.86 585,711.20 5,714,219.99 7,618,163.21 24,829,500.00-12,000,000.00-11,201,765.85 1,105,238.97 48,031,265.85 1,105,238.97 1,200 1,100 1,858.47-24,830,100.00 12,000,000.00 30,000,000.00 1,343,174.10 12,506,285.01 13,343,174.10 67,336,385.01 1,200 126.27 ( 134.32 ) 18.97 ( 20.18 ) 282 218,520,875.00 218,520,875.00 : 66,409,654.00 66,409,654.00 119,014,465.00 119,014,465.00 48

33,096,756.00 33,096,756.00 218,520,875.00 218,520,875.00 183,678,936.00 183,678,936.00 201,328,535.00 201,328,535.00 385,007,471.00 385,007,471.00 603,528,346.00 603,528,346.00 1 2002 9 30 2002 1122 835,306,237.02 835,306,237.02 17,733,559.45 15,228,175.94 23,809,331.82 23,809,331.82 876,849,128.29 874,343,744.78 171,874,152.32 145,270,709.94 113,126,190.39 103,951,945.19 76,876,029.90 76,876,029.89 361,876,372.61 326,098,685.02 35,777,687.59 175,919,183.60 118,854,670.14 162,233,293.57 174,470,499.63 338,152,477.17 293,325,169.77 18,348,490.43 18,532,961.96 9,174,245.21 17,953,596.56 317,796.45 1,352,469.57 8,254,951.95 10,527,008.49 302,056,993.13 244,959,133.19 49

- 8,687,115.59 60,352,834.60 60,352,834.00 241,704,158.53 175,919,183.60 2005 3 16 2004 2004 10% 5% 2004 10 1.00 60,352,834.00 11,722,653.63 4,577,671.52 7,144,982.11 7,950,154.41 3,425,096.66 4,525,057.75 12,693,837.13 3,130,513.87 9,563,323.26 6,685,311.53 1,069,405.01 5,615,906.52 3,145,127.87 868,258.44 2,276,869.43 1,579,234.16 451,700.58 1,127,533.58 - - - 2,200,000.00 110,000.00 2,090,000.00 219,670.45 119,749.04 99,921.41 85,218.80 80,103.61 5,115.19 27,781,289.08 8,696,192.87 19,085,096.21 18,499,918.90 5,136,305.86 13,363,613.04 42.81% 34,024,078.15 27,850,633.46 8,854,180.72 9,454,837.90 25,169,897.43 18,395,795.56 2,722,674.15 1,221,532.30 2,874,164.85 3,259,188.93 30,766,736.43 22,876,516.79 34.49% 5.30.1 1,475,181.82 876,675.14 50

20,160.72 - / (34,883.20) - 22,403,090.57 20,916,606.00 (6,669,175.72) (5,280,566.25) (564,049.67) (564,049.67) 3,061,540.38-19,691,864.90 15,948,665.22 5.30.2 22,399,940.00 20,916,606.00 87,180,007.37 97,032,876.96 (1,182,989.98) (1,164,624.48) 108,396,957.39 116,784,858.48 391,656.11 190,008.00 2,297,126.00 2,348,496.00 2,688,782.11 2,538,504.00 110,419.21 5,222,725.48 391,206.18 121,162.16 32,349.00 20,200.21 107,160.80 111,110.52 641,135.19 5,475,198.37 178,436.70 924,951.61 241,426.30 159,047.57 125,240.00 434,600.00 480,827.98 1,081,762.48 3,201,160.00-72,857.08 131,759.84 2,102,371.94 2,732,121.50 51

14,845,752.68 1,495,342.54 2,688,782.11 110,419.21 2,041,128.97 7,901,412.75 3,201,160.00 178,436.70 389,635.38 2,024,420.82 5.35.1 3,581.01 5.35.2 18,782.54 5.35.3 1,517.41 6.1.1 1,482,076,220.38 1,415,663,430.87 1,174,934,955.51 1,100,141,672.26 252,214,438.11 330,559,228.86 222,952,853.31 281,410,761.52 18,286,458.15 23,494,487.97 16,540,616.73 19,273,751.28 315,640,700.35 293,835,526.58 231,873,189.94 214,612,824.29 6,057,173.28 6,503,732.68 3,790,322.08 4,063,228.67 176,804,344.63 34,705,602.17 146,540,696.02 30,127,324.07 2,251,079,334.90 2,104,762,009.13 1,796,632,633.59 1,649,629,562.09 : 317,518,242.50 276,183,468.83 315,316,959.22 270,015,454.44 1,933,561,092.40 1,828,578,540.30 1,481,315,674.37 1,379,614,107.65 52

6.1.2 1,945,771,316.24 1,788,554,091.11 1,537,317,066.82 1,370,573,594.25 80,740,135.59 111,043,703.09 77,042,071.19 104,867,947.57 224,567,883.07 205,164,214.93 182,273,495.58 174,188,020.27 2,251,079,334.90 2,104,762,009.13 1,796,632,633.59 1,649,629,562.09 : 317,518,242.50 276,183,468.83 315,316,959.22 270,015,454.44 1,933,561,092.40 1,828,578,540.30 1,481,315,674.37 1,379,614,107.65, 221,136,153.36, 11.44% 204,295,665.63 226,604,596.44 143,302,743.45 158,791,386.35 7.1.1 53 ( ) HG USA CORPORATION HG RESOURCES,INC

7.1.2 ( ) 54 /( ) USD1,500 - USD1,500 USD1,300 - USD1,300 USD180 - USD180 USD550 - USD550 USD350 - USD350 USD500 - USD500 USD50 - USD50 USD40 - USD40 RMB2,000 - RMB2,000 USD1,500 - USD1,500 RMB9,000 - RMB9,000 USD1,200 - USD1,200 ( ) HKD1,600 - HKD1,600 HG USA CORPORATION USD0.0002 - USD0.0002 HG RESOURCES,INC USD10 - USD10 RMB2,000 - RMB2,000 RMB8,000 - RMB8,000 USD180 - USD180 RMB6,000 - RMB6,000 USD100 - USD100 USD1,000 - USD1,000 USD150 - USD150 USD1,200 (USD350) USD850 USD500 USD300 USD800 RMB300 - RMB300 - USD500 USD500 7.1.3 ( ) /( ) % % % USD1,500 100 - - USD1,500 100 USD754 58 - - USD754 58 USD60.084 33.38 - - USD60.084 33.38 USD357.5 65 - - USD357.5 65 USD252 72 USD98 28 USD350 100

USD500 100 - - USD500 100 USD50 100 - - USD50 100 USD20.4 51 - - USD20.4 51 RMB2,000 100 - - RMB2,000 100 USD825 55 - - USD825 55 RMB9,000 100 - - RMB9,000 100 USD1,200 100 - - USD1,200 100 ( ) HKD1,600 100 - - HKD1,600 100 HG USA CORPORATION USD500 100 - - USD500 100 HG RESOURCES,INC USD10 100 - - USD10 100 RMB1,000 50 - - RMB1,000 50 RMB5,200 65 - - RMB5,200 65 USD45 25 USD32.40 18 USD77.40 43 RMB2,050 27.33 - - RMB2,050 27.33 USD85 85 - - USD85 85 USD1,200 100 - - USD1,200 100 USD97.5 65 - - USD97.5 65 USD636 53 (USD168) - USD468 53 USD106 53 USD318 - USD424 53 RMB300 100 - - RMB300 100 - - USD187.5 100 USD187.5 100 11.81% 7.19% 19,039,861.23 26,107,859.52 1,016,825.24 3,493,352.49 24,368,331.53 30,714,116.63 11,500,000.00 24,690,778.38 40,072,620.25 8,000,000.00 240,018.24 55

10,002,883.73 16,446,306.15 17,542,213.62 7,864,705.15 4,762,741.99 551,715.96 775,327.82 184,615.51 38,500,000.00 50,000,000.00 5,419,625.18 8,240,018.24 2004 215 2003 213 2004 14 2003 14 10 2003 10 2004 12 31 7,500 10,130 125 28,215 2,245 2004 12 31 1,500 2,875.12 126.27 ( 134.32 ) 18.97 ( 20.18 ) 282 900 1,744.36 1,100 1,858.47 56

10.1 2005 1 14 1,000 1 10.2 2005 2 24 700 6 10.3 2005 3 16 2004 5.27 2005 3 16 2005 3 16 2004 164,130 174,725 2,097,422 1,985,360-419 - - (314) (642) 1,818 2,132 768 768 (2,541) (3,309) (3,216) (2,916) 6,466 9,682 (814) 2,559 - - 1,679 (443) (1,571) (3,250) 162,233 174,470 2,101,594 1,990,615 57

2005 3 21 1 2 3 58

2004 12 31 01 5.1 573,421,969.23 545,590,574.91 145,398,034.76 145,389,292.98 5.14 929,601,125.00 762,709,185.00 306,742,000.00 262,055,850.00 5.2 6,682,668.59 620,000.00 5.15 11,889,775.00 16,063,250.00 5.3 10,923,514.70 5,790,789.00 1,290,000.00 400,000.00 5.16 159,747,595.74 186,125,175.53 62,054,836.97 67,811,053.73 905,898.48 2,731,838.89 905,898.48 2,731,838.89 5.17 24,469,521.51 25,068,766.12 5,348,350.51 1,956,633.92 20,410,256.06 22,546,409.90 4,161,265.58 931,575.18 5.4 373,834,109.60 318,654,675.45 71,113,587.78 56,158,574.06 39,774,033.84 49,056,883.52 8,279,658.84 15,798,428.08 5.5 158,909,651.89 125,419,565.59 148,951,471.07 146,054,809.67 5.18 3,221,441.12 3,628,743.48 1,525,311.38 226,604.41 5.6 146,746,663.22 50,247,354.95 72,951,687.91 2,096,856.82 5.19 12,485,032.96 (9,037,512.49) 7,346,512.48 5,913,702.51 715,636.80 274,648.44 65,797.53 5.7 638,010,170.23 672,189,580.69 135,217,749.63 139,539,438.68 5.20 103,164,272.38 74,473,785.52 20,533,435.97 14,499,092.80 5.8 4,212,079.49 5,470,084.82 47,702.00 96,641.90 5.21 5,714,219.99 7,618,163.21 338,075.14 120,536.41 5.22 48,031,265.85 1,105,238.97 24,829,500.00 18,452.50 18,452.50 1,913,646,725.43 1,727,430,101.10 575,876,131.63 492,467,453.00 1,358,801,640.39 1,139,442,338.79 441,158,946.87 369,313,477.04 5.9 641,758,419.67 626,785,527.65 1,844,245,729.96 1,774,276,644.33 5.23 13,343,174.10 67,336,385.01 24,830,100.00 641,758,419.67 626,785,527.65 1,844,245,729.96 1,774,276,644.33 10,185,354.10 17,187,133.88 1,000,000.00 1,000,000.00 221,701.27 961,401.27 5.10 1,581,575,169.15 1,392,437,625.08 206,740,395.75 203,598,167.66 475,112,690.63 406,238,709.37 98,204,791.66 88,227,061.42 23,750,229.47 85,484,920.16 1,000,000.00 25,830,100.00 1,106,462,478.52 986,198,915.71 108,535,604.09 115,371,106.24 3,201,160.00 3,200,000.00 1,106,462,478.52 982,997,755.71 108,535,604.09 112,171,106.24 1,382,551,869.86 1,224,927,258.95 442,158,946.87 395,143,577.04 456,160.00 333,212,274.17 355,159,867.35 5.11 52,308,177.28 119,088,864.82 3,184,225.27 1,887,237.41 5.24 603,528,346.00 603,528,346.00 603,528,346.00 603,528,346.00 1,158,770,655.80 1,102,542,780.53 111,719,829.36 114,058,343.65 603,528,346.00 603,528,346.00 603,528,346.00 603,528,346.00 5.12 89,496,031.66 91,587,661.28 5.25 876,849,128.29 874,343,744.78 876,849,128.29 874,343,744.78 5.13 6,599,355.99 15,269,179.64 93,178.84 144,003.88 5.26 361,876,372.61 326,098,685.02 307,413,530.79 283,140,454.86 113,126,190.39 103,951,945.18 110,973,081.68 102,882,056.37 96,095,387.65 106,856,840.92 93,178.84 144,003.88 241,704,158.53 175,919,183.60 301,984,917.84 224,790,322.18 5.27 19,381,419.18 13,284,664.07 (1,744,910.70) (2,559,030.18) 7,087,469.39 7,087,469.39 2,101,594,513.91 1,990,615,593.29 2,089,775,922.92 1,985,802,867.82 3,817,358,657.94 3,570,702,719.59 2,531,934,869.79 2,380,946,444.86 3,817,358,657.94 3,570,702,719.59 2,531,934,869.79 2,380,946,444.86

2004 02 6 1,933,561,092.40 1,828,578,540.30 204,295,665.63 226,604,596.44 6 1,481,315,674.37 1,379,614,107.65 143,302,743.45 158,791,386.35 9,937,418.37 3,632,276.27 442,307,999.66 445,332,156.38 60,992,922.18 67,813,210.09 5.28 19,085,096.21 13,363,613.04 6,356,660.55 2,590,841.47 91,812,640.77 95,737,294.30 2,322,673.85 2,705,272.78 147,711,759.40 136,622,485.86 8,537,948.36 4,911,796.76 5.29 30,766,736.43 22,876,516.79 760,984.43 (601,245.28) 191,101,959.27 203,459,472.47 55,727,976.09 63,388,227.30 5.30 19,691,864.90 15,948,665.22 108,396,957.39 116,784,858.48 5.31 2,688,782.11 2,538,504.00 2,323,947.50 2,348,496.00 5.32 641,135.19 5,475,198.37 47,470.52 6,682.15 5.33 (2,102,371.94) 2,732,121.50 (3,168,417.05) 86,744.62 216,226,113.41 224,689,718.56 169,664,768.55 182,441,519.31 30,398,556.37 20,110,010.41 7,844,262.36 8,699,207.55 22,780,143.99 32,665,576.52 (814,119.48) 2,556,368.00 162,233,293.57 174,470,499.63 161,820,506.19 173,742,311.76 175,919,183.60 118,854,670.14 224,790,322.18 154,836,422.37 338,152,477.17 293,325,169.77 386,610,828.37 328,578,734.13 18,348,490.43 18,532,961.96 16,182,050.62 17,374,231.18 9,174,245.21 17,953,596.56 8,091,025.31 17,374,231.18 317,796.45 1,352,469.57 8,254,951.95 10,527,008.49 302,056,993.13 244,959,133.19 362,337,752.44 293,830,271.77 8,687,115.59 8,687,115.59 60,352,834.60 60,352,834.00 60,352,834.60 60,352,834.00 241,704,158.53 175,919,183.60 301,984,917.84 224,790,322.18

2004 03 1 2 1,948,261,708.79 208,063,881.27 3 32,264,619.92 1,697,339.91 4 35,810,088.62 20,317,638.93 5 2,016,336,417.33 230,078,860.11 6 1,358,435,408.96 126,297,612.27 7 183,052,037.33 24,528,198.34 8 72,618,563.81 11,503,238.20 9 187,825,417.10 3,522,618.26 10 1,801,931,427.20 165,851,667.07 11 214,404,990.13 64,227,193.04 12 13 84,927,563.21 14 24,938,286.57 77,953,397.45 15 582,598.66 56,000.00 16 17 110,448,448.44 78,009,397.45 18 239,933,655.66 74,803,296.77 19 101,911,231.88 46,235,686.75 20 4,756,451.30 21 346,601,338.84 121,038,983.52 22 (236,152,890.40) (43,029,586.07) 23 24 22,464,984.88 25 22,464,984.88 26 1,118,394,085.00 392,106,100.00 27 28 1,140,859,069.88 392,106,100.00 29 951,301,799.45 347,419,950.00 30 124,776,406.75 65,874,346.52 31 31,040,090.66 32 15,174,140.00 33 1,091,252,346.20 413,294,296.52 34 49,606,723.68 (21,188,196.52) 35 (27,429.09) (668.67) 36 27,831,394.32 8,741.78 :

( ) 2004 03 37 1. 38 39 162,233,293.57 161,820,506.19 40 (814,119.48) 41 22,780,143.99 42 883,499.08 43 (675,014.72) (2,725,748.41) 44 85,325,914.77 10,304,877.98 45 6,758,077.02 46 6,782,053.26 50,825.04 ( ) 47 1,258,005.33 48,939.90 ( ) 48 (1,903,943.22) 217,538.73 ( ) 49 26,241.43 (19,066.92) 50 68,017.49 51 34,503,540.58 7,028,861.82 ( ) 52 (19,726,748.10) (108,396,957.39) ( ) 53 ( ) 54 28,602,554.46 4,321,689.05 ( ) 55 (97,600,580.85) (4,991,299.40) ( ) 56 (15,724,183.44) (3,432,973.55) 57 58 214,404,990.13 64,227,193.04 59 2. 60 61 62 63 64 65 66 3. 67 68 573,421,969.23 145,398,034.76 69 545,590,574.91 145,389,292.98 70 71 72 27,831,394.32 8,741.78 :

2004 01 1 : 18,736,576.57 1,529,776.39 1,633,765.12 474,251.59 20,370,341.69 2,004,027.98 : 17,799,838.10 1,488,168.72 1,317,076.22 460,527.48 19,116,914.32 1,948,696.20 936,738.47 41,607.67 316,688.90 13,724.11 1,253,427.37 55,331.78 34,883.20 34,883.20 : 34,883.20 34,883.20 958,848.42 954,000.00 857,496.96 1,816,345.38 954,000.00 : 857,496.96 857,496.96 958,848.42 954,000.00 958,848.42 954,000.00 : 3,201,160.00 3,200,000.00 3,201,160.00 3,200,000.00 3,201,160.00 3,200,000.00 : 3,200,000.00 3,200,000.00 3,200,000.00 3,200,000.00 3,200,000.00 3,200,000.00 1,160.00 1,160.00 1,160.00 : 22,896,584.99 5,683,776.39 2,526,145.28 474,251.59 3,201,160.00 3,200,000.00 3,201,160.00 3,200,000.00 22,221,570.27 2,958,027.98

2004 21.05% 21.35% 0.73 0.73 9.09% 9.22% 0.32 0.32 7.72% 7.83% 0.27 0.27 0.00% 7.11% 0.00 0.00