2004 2004 1 1.1 1.2 1.3 1.4 2 2.1 600021 268 268 200010 www.shanghaipower.com sepco@shanghaipower.com 2.2 268 36 268 36 200010 200010 021 51171016 51156666 021 51171016 51156666 021 51171019 021 51171019 sepco@shanghaipower.com sepco@shanghaipower.com 3 3.1 2004 2003 1 : : 2002 (%) 6,190,236,598.84 5,447,630,498.23 13.63 5,348,004,027.01 695,883,577.88 687,311,309.48 1.25 609,665,538.63 396,778,666.03 401,753,001.70-1.24 414,393,601.26 373,485,770.60 402,222,279.56 7.14 452,241,658.50 2004 2003 2002 (%) 13,627,306,587.81 10,825,467,067.71 25.88 9,533,548,298.73 6,194,270,651.91 6,096,735,623.04 16.00 4,665,308,433.60 916,084,269.20 1,570,827,144.46-41.68 1,123,415,467.74 3.2

2004 2004 2003 : : 2002 (%) 0.2538 0.2570-1.25 0.3131 (%) 6.41 6.59-2.73 8.88 6.03 6.60 (%) -8.64 9.69 0.5859 1.0047-41.68 0.8488 2004 2003 2002 (%) 3.9618 3.8994 1.6 3.5250 3.9594 3.8957 1.64 3.5227 : : -9,236,049.69 22,643,396.52 138,789.36 7,683,807.59-2,062,951.65 23,292,895.43 3.3 4 4.1 11,323,505,000 1,323,505,000 1,323,505,000 1,323,505,000 2 3 4 1,323,505,000 1,323,505,000 1 240,000,000 240,000,000 2 2

2004 3 4 240,000,000 240,000,000 1,563,505,000 1,563,505,000 4.2 85,570 ( ) (%) 0 1,009,455,000 64.56 0 314,050,000 20.09 50 3,501,400 3,501,400 0.2239 3,009,899 3,009,899 0.1925 1,571,997 1,571,997 0.1005 1,109,705 1,109,705 0.0710 ING BANK 979,957 N.V. 979,957 0.0627 943,267 943,267 0.0603 700,000 700,000 0.0448 670,000 670,000 0.0429 A B H 50 3,501,400 A 3,009,899 A 1,571,997 A 1,109,705 A ING BANK N.V. 979,957 A 943,267 A 700,000 A 670,000 A 629,171 A 180 557,259 A 4.3 4.3.1 4.3.2 1 3

2004 120 2003 8 31 2002 5 2002 1685 4.3.3 5 5.1 55 2003-03-04 2006-03-03 0 0-61 2003-03-04 2006-03-03 0 0-43 2003-03-04 2006-03-03 0 0-47 2003-03-04 2006-03-03 0 0-49 2003-03-04 2006-03-03 0 0-64 2003-03-04 2006-03-03 0 0-51 2003-03-04 2006-03-03 0 0-50 2003-03-04 2006-03-03 0 0-73 2003-03-04 2006-03-03 0 0-54 2003-03-04 2006-03-03 0 0-73 2003-03-04 2006-03-03 0 0-51 2003-03-04 2006-03-03 0 0-50 2003-03-04 2006-03-03 0 0-60 2003-03-04 2006-03-03 0 0-53 2003-03-04 2006-03-03 0 0-53 2003-03-04 2006-03-03 0 0-40 2003-03-04 2006-03-03 0 0-53 2003-03-04 2006-03-03 0 0-44 2003-03-04 2006-03-03 0 0-45 2003-03-04 2006-03-03 0 0-47 2003-03-04 2006-03-03 0 0-4

2004 5.2 5.3 : : 145.79 54.52 79.87 25 0 25 1 20-25 4 20 1 6 6.1 5

2004 2004 20% 2 90 352.92 209.62 8.46% 193.93 8.56% 1,478.90 1.95 / 2004 619,023.66 520,537.42 18.92% 2004 39,677.87 0.2538, 6.41% 2004 2003 % 810.70 732.56 78.14 10.67 114.19 106.66 7.53 7.06 69.41-69.41-9.69 9.69 151.89 147.35 4.54 3.08 475.21 478.55-3.34-0.70 188.68 193.27-4.59-2.37 11.25-209.62 193.27 16.35 8.46 2004 209.62 8.46% 6.2 : : (%) (%) (%) (%) 5,830,368,103.14 4,742,398,463.53 22.94 2.2% 2% 6

2004 6.3 : : (%) 6,190,236,598.84 13.63 6.4 : : 3,379,639,536.80 (%) 88.86 5,998,537,576.19 (%) 96.90 6.5 10 : : 19,872.27 (%) 50.08 40,555.65 6.6 6.7 6.8 6.9 6.10 6.11 6.12 7

2004 135,338.88 : : 28,568.48 114,548.88 66,460.00 66,460.00 608.53 28,764.00 28,764.00 0 23,490.00 2,700.00 0 118,714.00 / / / 6.13 : : 48,500 100% 50% / / 6.14 6.15 2005 2005 223 70,000 6.16% 61 565 10% 8

2004 2005 1 2 3 4 5 6.16 2004 396,778,666.03 125,181,410.04 521,960,076.07 65,877,757.78 52,745,331.53 2004 403,336,986.76 2004 2004 12 31 1,563,505,000.00 10 2.10 328,336,050.00 75,000,936.76 7 7.1 : :,, 2004-01- 48,500.00 3,553.135 01 50% 7.2 7.3 9

2004 : : 2,149.79 68,217.36 2,149.79 68,217.36 68,217.36 11.01 50 70 50 7.4 7.4.1 : : 0 0 337,963.95 88.86 0 0 337,963.95 88.86 7.4.2 : : 60,000 30,000 60,000 30,000 7.5 7.6 1 2003 3 GE BVI BVC HTC, 10

2004 21,901.86 2003 12 19 2004 12 31 88,485.58 92,789.74 2 2003 3, ALSTOM 920 2,981.86, 2004 12 31 9,257.79 1,338.17 3 2004 12 31 45,142.72 30,554.52 14,588.20 4 2004 12 31 14,114.16, 9,833.42 4,280.74 7.7 7.8 1 5 5 5 3 2 5 4 1 5 4 1 5 5 5 8 9 9.1 [2005] A121 9.2 11

2004 : 2004 12 31 : : 1,200,398,368.21 1,340,168,303.80 766,086,470.05 395,524,277.99 26,827,704.89 217,694,619.21 26,827,704.89 217,694,619.21 537,841,401.96 619,200,661.51 363,410,385.65 227,694,865.19 29,532,049.30 57,565,453.94 29,446,261.60 51,895,624.42 24,266,846.68 185,691,117.55 12,750,756.31 176,283,604.85 169,700,334.04 212,554,092.83 95,480,596.65 112,029,587.20 3,032,034.06 723,587.34 3,032,034.06 132,420.00 300,000,000.00 120,870.00 300,000,000.00 1,991,731,158.14 2,933,597,836.18 1,297,155,079.21 1,481,122,578.86 1,847,892,894.24 1,536,590,642.09 3,381,553,516.22 4,392,937,142.04 600,000,000.00 600,000,000.00 2,447,892,894.24 1,536,590,642.09 3,981,553,516.22 4,392,937,142.04 10,586,193.92 116,823,849.86 10,586,193.92 116,823,849.86 12,973,918,476.63 16,161,677,850.34 7,064,566,088.05 7,179,697,843.61 7,332,767,472.95 9,005,888,679.74 4,425,612,210.02 4,779,871,598.67 5,641,151,003.68 7,155,789,170.60 2,638,953,878.03 2,399,826,244.94 212,185.54 1,448,115.76 212,185.54 311,162.98 5,640,938,818.14 7,154,341,054.84 2,638,741,692.49 2,399,515,081.96 278,436,971.60 1,088,460,013.33 22,314.70 22,314.70 146,018,990.32 548,468,698.57 13,945,807.65 71,196,849.90 6,065,394,780.06 8,791,269,766.74 2,652,709,814.84 2,470,734,246.56 317,653,855.68 362,955,853.21 315,009,008.81 307,827,461.85 2,794,379.59 2,892,489.59 320,448,235.27 365,848,342.80 315,009,008.81 307,827,461.85 10,825,467,067.71 13,627,306,587.81 8,246,427,419.08 8,652,621,429.31 2,100,000,000.00 2,139,500,000.00 1,080,000,000.00 1,320,000,000.00 280,000,000.00 250,000,000.00 280,000,000.00 250,000,000.00 140,993,218.27 370,275,551.04 132,575,522.31 6,873,020.07 12

2004 9,344,853.06 9,344,853.06 13,659,869.18 38,376,611.40 14,697,118.54 1,847,432.72 142,699,065.82 153,535,597.61 142,699,065.82 142,699,065.82 43,765,368.68 70,628,081.67 12,925,265.34 15,093,892.85 1,660,312.90 1,908,908.21 1,105,852.95 602,505.88 102,514,834.40 333,892,787.20 99,216,803.46 300,099,191.81 1,789,160.17 6,720,000.00 51,425,276.84 2,707,631.81 2,832,012,669.25 3,425,231,891.73 1,748,522,509.88 2,059,409,648.03 401,169,286.16 2,013,845,387.38 401,169,286.16 399,590,742.41 401,169,286.16 2,013,845,387.38 401,169,286.16 399,590,742.41 19,073,109.60 14,834,640.80 3,252,255,065.01 5,453,911,919.91 2,149,691,796.04 2,459,000,390.44 1,476,476,379.66 1,979,124,015.99 1,563,505,000.00 1,563,505,000.00 1,563,505,000.00 1,563,505,000.00 1,563,505,000.00 1,563,505,000.00 1,563,505,000.00 1,563,505,000.00 3,820,162,574.18 3,820,164,365.14 3,820,162,574.18 3,820,164,365.14 562,870,558.82 407,264,300.01 386,252,405.90 191,248,868.38 260,197,829.22 124,640,568.00 188,302,883.60 39,612,905.30 150,197,490.04 403,336,986.76 326,815,642.96 618,702,805.35 25,016,080.00 328,336,050.00 25,016,080.00 328,336,050.00 6,096,735,623.04 6,194,270,651.91 6,096,735,623.04 6,193,621,038.87 10,825,467,067.71 13,627,306,587.81 8,246,427,419.08 8,652,621,429.31 : : : 13

2004 : 2004 : : 6,190,236,598.84 5,447,630,498.23 3,237,975,800.83 3,197,840,345.74 5,205,374,151.15 4,413,695,700.83 3,060,714,963.19 2,849,528,004.67 54,317,153.19 54,480,450.32 22,382,410.94 28,215,282.19 930,545,294.50 979,454,347.08-154,878,426.70 320,097,058.88 6,360,544.79 29,461,925.56-51,748,966.53 46,458,942.68 : 7,392,380.53 8,587,218.61 7,392,380.53 8,587,218.61 342,104,794.88 273,285,076.84 233,954,553.41 223,309,689.50 94,360,379.81 191,780,705.71 34,051,077.51 143,968,411.98-493,048,284.07 535,263,271.48-68,770,618.22-9,309,318.53-212,542,934.53 215,608,274.45 467,393,914.44 424,987,453.68 1,174,410.13 2,514,771.93 1,059,373.65 2,219,380.16 10,882,050.85 66,075,008.38 3,553,616.88 16,144,513.61 695,883,577.88 687,311,309.48-396,129,052.99 401,753,001.70 94,849,094.13 85,111,699.82 204,255,817.72 200,446,607.96 ( ) - 396,778,666.03 401,753,001.70 396,129,052.99 401,753,001.70 150,197,490.04 52,029,304.01 326,815,642.96 197,353,241.60 546,976,156.07 453,782,305.71 722,944,695.95 599,106,243.30 65,877,757.78 61,038,110.39 39,612,905.30 40,175,300.17 52,745,331.53 50,606,705.28 39,612,905.30 40,175,300.17 ( ) 428,353,066.76 342,137,490.04 643,718,885.35 518,755,642.96 25,016,080.00 191,940,000.00 25,016,080.00 191,940,000.00 ( 403,336,986.76 150,197,490.04 618,702,805.35 326,815,642.96 - ) 1. 2. 14

2004 3. ( ) 4. ( ) 5. 6. : : : 15

2004 : 2004 : : 7,112,101,593.49 3,888,210,057.93 27,344,051.30 27,344,051.30 14,285,164.49 6,571,662.86 7,153,730,809.28 3,922,125,772.09 4,878,588,984.52 3,146,512,931.33 582,801,976.59 461,156,389.90 712,653,902.91 292,686,044.24 63,601,676.06 40,666,445.55 6,237,646,540.08 3,941,021,811.02 916,084,269.20-18,896,038.93 431,512,420.00 381,500,870.00 163,499,996.62 320,948,150.78 375,413.04-4,152.90 296,807,897.10 892,195,726.76 702,444,867.88 1,694,267,649.75 243,274,768.81 662,500,000.00 950,140,000.00 32,128,897.48 2,388,896,547.23 1,193,414,768.81-1,496,700,820.47-490,969,900.93 511,360,000.01 0.00 511,360,000.01 3,729,000,000.00 2,190,000,000.00 4,240,360,000.01 2,190,000,000.00 3,291,520,306.33 1,982,455,285.29 226,560,764.91 68,240,966.91 1,892,441.91 3,519,973,513.15 2,050,696,252.20 720,386,486.86 139,303,747.80 139,769,935.59-370,562,192.06 1 396,778,666.03 396,129,052.99 ( - ) 204,255,817.72 0.00-3,357,587.06-6,954,376.40 942,830,625.58 392,643,524.21 16

2004 10,103,232.50 7,193,546.96 8,483,855.21 0.00-114,632.61 32,034.06-14,051,556.72 0.00 ( : ) 6,930,141.81 0.00 3,055,025.86 2,586,342.03 117,723,354.90 51,764,760.09-212,542,934.53-467,393,914.44-4,238,468.80 0.00-28,809,880.31-13,881,374.02 ( ) -254,763,953.24-73,031,333.75 ( ) -256,197,437.14-307,984,300.66 916,084,269.20-18,896,038.93 2 3 1,340,168,303.80 395,524,277.99 1,200,398,368.21 766,086,470.05 139,769,935.59-370,562,192.06 : : : 9.3 9.4 9.5 2003 ) 2004 *1 *2 17

2004 *3 *1 2002 1 17 71,000.00 36,920.00 52% 2003 11 19 8,138.00 2003 11 19 [2003] 2291 2003 11 15,650.00 2002 3 22 2027 3 21 2003 12 [2003]1782 36% 30% 30% 4% 25 2004 3 10 035382 79,900.00 2004 12 31 [2005] 2 2004 12 30 8,138.00 2004 12 31 2004 12 31 *2 2000 6 9 3101151019100 2002 2 25 20% 20% 40% 40% 2004 4 *3 2004 5 19 50% 2004 1 1 48,500.00 2004 7 8 [2004]597 2004 7 19 29,100.00 48,500.00 50% 2004 7 1 50% 2004 12 31 2004 2 26 18