untitled

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3G 144Kbps 384 Kbps 2 Mbps 64 KbpsITU IMT-2000 3GPP 3GPP2 3G ADSL 1.547 Mbps 128 Kbps ASON,,, CDMA 2G PN CDMA2000 CDMAOne 2 Mbps 1xRTT 1xEVDO 1xEVDV DSL xdsl ADSLHDSLVDSLMDSL RDSL GSM 170 TDMA IP IPTV IP QoS/QoE NGN PHS 1900 MHz 6

PSTN IP TD-SCDMA 3G WCDMA CDMA 3G UMTS CDMA 3Mbps 7

8

9

10

2007 4 19 11

12

13

1,069.6 807.4 753.9 7,748.5 69.2 427.7 31.8 612.2-2.1-1,555.0-1,262.1 65.1 24.0 26.2 9.4 53.5 23,031.7 21,575.9 22,698.2 807.4 1,194.3 1,008.9 14

25,916.9 21,779.1 20,830.0 10,678.9 10,125.1 9,174.4 0.84 1.24 1.05 11.13 10.55 9.56 7.56 11.80 11.00 11.12 10.55 9.53-1.62 0.18 1.71 72.56% 74.44% 8.08 8.08 4.01% 4.11% 0.45 0.45 7.56% 7.76% 0.84 0.84 7.06% 7.24% 0.79 0.79 959.5 0 0 959.5 5,506.4 3.3 0 5,509.7 1,264.1 67.0 0 1,331.1 344.9 0 0 344.9 2,171.2 807.3 210.9 2,767.6-16.0 0 16.9-32.9 239.9 143.9 239.9 143.9 10,125.1 1,021.5 467.7 10,678.9 15

23,031.7 21,575.9 21,220.1 17,036.1 10,795.9-15,250.5-14,101.7-13,813.5-11,226.1-6,924.2 7,781.2 7,474.2 7,406.6 5,810.0 3,871.7 792.1 681.6 534.1 252.0 312.1-2,832.7-1,959.5-2,265.2-1,535.7-1,127.9-3,274.6-3,186.4-2,799.6-1,981.5-1,277.0-1,097.6-1,095.4-981.4-869.0-542.4-191.5-128.6-162.4-213.9-212.6 1,176.9 1,785.9 1,732.1 1,461.9 1,023.9-153.7-175.9-140.4-171.2-122.3 7.5-4.2 3.1-3.6 4.2 1,030.7 1,605.8 1,594.8 1,287.1 905.8-127.1-179.8-115.0-198.5-159.7 903.6 1,426.0 1,479.8 1,088.6 746.1 136.6 138.3 207.3 60.3 42.5 767.0 1,287.7 1,272.5 1,028.3 703.6 16

26,787.2 22,464.0 21,007.8 16,476.4 12,022.8 15,461.4 11,742.8 11,312.2 11,649.9 8,124.8 561.9 470.7 478.4 226.6 215.4 10,763.9 10,250.5 9,217.2 4,599.9 3,682.6 0.80 1.34 1.57 1.28 0.88 11.80 11.17 11.96 6.03 4.87 6.77% 12.01% 13.12% 21.31% 18.05% 807.4 767.0 10,678.9 10,763.9 17

2 3 ( ) 4 1 2 3(H ) 4 959,521,650 100 18

37.41 358,958,824 310,982,741 16.64 159,643,439 3JADE DRAGON 1.91 18,290,896 (MAURITIUS) LIMITED 4 1.45 13,875,942 5DEUTSCHE BANK 1.32 12,699,431 AKTIENGESELLSCHAFT 6 1.26 12,096,825 7 1.19 11,431,810 8 0.92 8,860,354 9-005L-FH002 0.86 8,208,418 10 0.73 7,009,592 159,643,439 2JADE DRAGON (MAURITIUS) LIMITED 18,290,896 3 13,875,942 19

4DEUTSCHE BANK AKTIENGESELLSCHAFT 12,699,431 5 12,096,825 6 11,431,810 7 8,860,354 8-005L-FH002 8,208,418 9 7,009,592 10 6,263,819 20

34 17 37.41% 49 () () () 2006 12 29 110,819,869 310,982,741 110,819,869 2007 12 29 47,976,083 263,006,658 158,795,952 2008 12 29 263,006,658 0 421,802,610 21

() 1 358,958,824 2006 12 29 47,976,083 2007 12 29 47,976,083 1& 2& 3 2008 12 29 263,006,658 2 Jade Dragon (Mauritius) 18,290,896 2006 12 29 18,290,896 2& 3 Limited 3 11,431,810 2006 12 29 11,431,810 2& 3 4 5,520,180 2006 12 29 5,520,180 2& 3 5 5,520,180 2006 12 29 5,520,180 2& 3 6 5,520,180 2006 12 29 5,520,180 2& 3 7 5,520,180 2006 12 29 5,520,180 2& 3 8 5,520,180 2006 12 29 5,520,180 2& 3 9 5,520,180 2006 12 29 5,520,180 2& 3 22

358,958,824A (L) 37.41 44.91 358,958,824 A (L) 37.41 44.91 358,958,824 A (L) 37.41 44.91 358,958,824 A (L) 37.41 44.91 358,958,824 A (L) 37.41 44.91 Fidelity International Limited 14,299,800 H (L) 1.49 8.93 Goldman Sachs (Asia) L L C 11,622,000 H (L) 1.21 7.26 Goldman Sachs (Cayman) 11,622,000 H (L) 1.21 7.26 Holding Company Deutsche Bank 11,927,100 H (L) 1.24 7.45 Aktiengesellschaft 7,895,400 H (S) 0.82 4.93 Allianz SE 11,215,700 H (L) 1.17 7 Aranda Investments (Mauritius) 11,141,800 H (L) 1.16 6.96 Pte Ltd T. Rowe Price Associates, Inc. 9,077,500 H (L) 0.95 5.67 and its affiliates Massachusetts Financial Services 8,428,100 H (L) 0.88 5.26 Company ("MFS") Sun Life Financial, Inc. 8,428,100 H (L) 0.88 5.26 The Capital Group Companies, 8,207,900 H (L) 0.86 5.13 Inc. Halbis Capital Management 8,205,800 H (L) 0.86 5.12 (Hong Kong ) Limited 23

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1988 7 1992 12 1999 9 1999 4 28

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CDMA 31

32

73.72 6.00 6.00 6.00 6.00 6.00 157.22 78.34 82.61 6.00 6.00 6.00 6.00 33

6.00 73.43 50.68 25.88 0 0 76.06 89.65 71.01 75.61 75.12 64.87 75.27 58.57 71.01 75.43 71.28 102.17 79.39 79.71 61.01 72.06 60.57 89.87 35.70 1,986.24 34

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37

38

39

40

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23,031.7 15,171.8 33.6% 6.7% 8.8% -1.3 23,031.7 15,171.8 33.6% 6.7% 8.8% -1.3 9,186.9 5,225.0 42.6% 2.9% 6.0% -1.7 2,279.4 1,356.2 40.0% -17.2% 9.3% -14.5 3,874.7 2,944.6 23.5% 15.6% 10.5% 3.5 4,519.5 3,375.2 24.8% 4.3% -5.6% 7.8 3,171.2 2,270.8 27.9% 43.7% 48.0% -2.1 23,031.7 15,171.8 33.6% 6.7% 8.8% -1.3 69.5 46.4 33.0% 4.7% 8.4% -2.5 12,801.8 8,553.9 32.7% -7.7% -8.7% 0.7 5,753.7 3,918.2 31.4% 25.9% 45.5% -9.2 2,563.2 1,501.3 40.9% -9.6% -8.8% -0.6 1,913.0 1,198.4 36.9% 543.0% 393.8% 19.0 23,031.7 15,171.8 33.6% 6.7% 8.8% -1.3 55

10% 9,186.9 5,225.0 42.6% 2,279.4 1,356.2 40.0% 3,874.7 2,944.6 23.5% 4,519.5 3,375.2 24.8% 3,171.2 2,270.8 27.9% 3 25,916.9 100.0% 21,779.1 100.0% 19.0% 7,360.7 28.4% 4,994.4 22.9% 47.4% 1 3,061.5 11.8% 2,506.9 11.5% 22.1% 100.7 0.4% 85.5 0.4% 17.8% 469.6 1.8% 126.7 0.6% 270.6% 2 945.7 3.65% 136.1 0.6% 594.9% 3 2,761.0 10.7% 2,519.5 11.6% 9.6% 1,679.2 6.48% 767.8 3.5% 118.7% 4 47.4 270.6 594.9 118.7 4 724.4% 501.1% 223.3 1 6.5% 1.1% 5.4 690.9% 429.4% 261.5 2 3.0% -4.0% 7.0 57.2% 30.5% 26.7-0.2% 0.7% -0.9 56

3,140.1 3,023.1 3.9% 4,010.2 3,137.1 27.8% 239.6 288.8-17.0% 125.6 158.5-20.8% 223.3 261.5-1,555.0 177.3-977.0% 1-1,163.6-984.3-18.2% 1,465.8-1,195.5 222.6% 2 977.0 222.6 5,000 90 5,000 98 () 5,783.6 168.9 11,414.0 495.4 1,813.4 1,975.4 4,074.0 4,060.0 57

58

IP 24,039 24,039 22,525 22,525 23,820 23,820 12,890.1 12,890.1 20,838 20,838 NGN 20,118 20,118 17,457 17,457 141,687.1 141,687.1 212,530.7 212,530.7 354,217.8 354,217.8 2006 12 31 2004 H 59

60

61

62

12 31 959,521,650 10 2.5 239,880 H 2006 5 12,, 2006 :, 10 1.50 (), 143,928 63

64

33 [2006]3 2007 1 1 1 38 38 A 2007 21,955 ---- 1 2 3 4 5 6 7 65

8 9 66

9,186.9 8,930.8 2,279.4 2,752.6 3,874.7 3,353.0 4,519.5 3,171.2 2,206.4 23,031.7 (15,250.5) (14,101.7) 7,781.2 7,474.2 681.6 (2,832.7) (1,959.5) (3,274.6) (3,186.4) (1,097.6) (1,095.4) (128.6) 1,176.9 1,785.9 (153.7) (175.9) (4.2) 1,030.7 1,605.8 (127.1) (179.8) 1,426.0 (136.6) (138.3) 1,287.7 67

2006 2005 9,186.9 39.9% 8,930.8 41.4% 2,279.4 9.9% 2,752.6 12.8% 3,874.7 16.8% 3,353.0 15.5% 4,519.5 19.6% 4,333.1 20.1% 3,171.2 13.8% 2,206.4 10.2% 23,031.7 100.0% 21,575.9 100.0% 2006 2005 12,801.8 55.6% 13,874.3 64.3% 5,753.7 25.0% 4,568.7 21.2% 2,563.2 11.1% 2,835.4 13.1% 1,913.0 8.3% 297.5 1.4% 23,031.7 100.0% 21,575.9 100.0% 2005 21,575.9 6.7 2006 23,031.7 2006 32.8 2005 7,701.6 2006 10,229.9 2005 8,930.8 2.9% 2006 9,186.9 GSM CDMA PHS PHS 68

2005 2,752.6 17.2% 2006 2,279.4 2005 3,353.0 15.6% 2006 3,874.7 2005 4,333.1 4.3% 2006 4,519.5 3G GSM PHS 2005 2,206.4 43.7% 2006 3,171.2 12 2006 2005 5,276.6 57.4% 5,021.6 56.2% 1,361.5 59.7% 1,260.9 45.8% 2,959.8 76.4 % 2,697.7 80.5% 3,364.5 74.4% 3,575.0 82.5% 2,288.1 72.2% 1,546.5 70.1% 15,250.5 66.2% 14,101.7 65.4% 2006 2005 3,910.3 42.6% 3,909.2 43.8% 917.9 40.3% 1,491.7 54.2% 914.9 23.6% 655.3 19.5% 1,155.0 25.6% 758.1 17.5% 69

883.1 27.8% 659.9 29.9% 7,781.2 33.8% 7,474.2 34.6% 2005 7,474.2 2006 7,781.2 2005 34.6 2006 33.8 2005 43.8 42.6% CDMA PHS GSM 2005 54.2 2006 40.3% 2005 19.5 2006 23.6% DSL 2005 17.5 2006 25.6 3G PHS 3G PHS 2006 2005 CDMA GSMS 2005 29.9 2006 27.8% 2005 681.6 16.2 2006 792.1 70

2005 1,959.5 44.6 2006 2,832.7 3GWIMAXIMS 2005 2005 9.1 2006 12.3 2006 3,274.6 2005 3,186.4 2.8%2006 14.2% 2005 14.8% 0.2 % 2005 1,095.4 2006 1,097.6 2005 5.1% 2006 4.8% 2005 128.6 48.9% 2006 191.5 34.1% 2005 1,785.9 2006 1,176.9 2005 8.3% 2006 5.1% 2005 175.9 12.6% 2006 153.7 71

2005 179.8 29.3% 2006 127.1 2005 11.2% 2006 12.3% 2005 138.3 1.2% 2006 136.6 2005 9.7% 2006 15.1% 2006 18.8%2005 6.0% 12.8 2006 2006 12 31 4,142.1 2006 2005 / (2,106.3) (285.9) / (1,115.2) (1,067.3) / 1,975.6 (735.0) / (1,245.9) (2,088.2) 4,142.1 5,397.2 72

2006 2,106.3 2005 285.9 2,412.9 2,273.4 1,144.3 20052,222.9 1,863.1 2006 309.5 2006 3.7 2005 4.0 6.5 2005 7.1 2.3 2005 2.7 2006 1,115.2 2005 1,067.3 1,135.7 43.9 2006 1,975.6,2005-735.0 1,945.3 H 2006 2005 1,135.7 803.8 2006 1,135.7 73

2006 2005 394.7 47.7 2,230.3 632.0 2006 2005 945.7 599.7 1,679.3 80.0 2006 2006 12 31 2,625.0 945.7 1,409.5 269.8 201.4 118.3 81.5 1.6 12 31 2006 2005 107.2 438.5 5,200.6 2,823.8 5,307.8 3,262.3 74

12 31 2006 2005 796.0 231.6 80.3 21.1 75

76

77

2006 2006 2006 78

1200511-- ( ) 35,00036,00071,000 2200611 65,733,478 32005 12, 3,645 ( 294,200 ), 79

42005 8 171.4 ( 13,384 ), 214.3 ( 16,734 ) ( The Terms of Reference ), 5(Rawalpindi Collectorate of Customs) (Zhongxing Telecom Pakistan (Pvt) Ltd)( ),,177(23,900), 240(31,200 ),24(324,000) (CBR-CENTRAL BOARD OF REVENUE) (ADRC-Committee for Alternate Dispute Resolution Islamabad)20059 CBR(Report of Committee), 620068 762,982 (97,890) 80

81

2006 1-12 45,081 3.28% 552 0.04% 12,714 0.93% 22 0.00% 141 0.01% IC 682 0.05% 13 0.00% 563 0.02% 144 0.01% 82

H 2004 11 29 90% 63.2% 23.0% 13.8% 60% 2006 2004 11 19 2006 12 31 83

LCD 62.5% 22.5% 15% 2006 2004 11 19 2006 12 31 84

70% 55% 2006 2004 11 19 2006 12 31 85

LCM 2006 2004 11 19 2006 12 31 86

(1) 87

2006 9 8 5,000 12 5,000 (A) 5,000 1 300 4,701.50 (B) 11.76 4,701.50 311.76 A+B) 2 12,135.94 1.14% C 0 70% 0 (D) 50% (E) 0 (C+D+E) 0 (2) 20051 350155 195( 2005) 88

89

90

91

CLSA CLSA GENESIS PANTERA CAPITAL MANAGEMENT LPSchroders London ( )ABN SKANDIA TEMPLETON () ROBECO 92

93

2006 +8675526770282 2007 5 15 3 A 000063 2 2007 5 15 4 H H H H 3 4 H 94

2007 5 16 2007 6 14 H H 2007 5 15 4 183 17 1712-16 8 1 95

(1) (2) H H 20%(i)(ii) (3) 2 (1) (2) (3) 31 1 96

4 1 1 2 3 2007 5 21 2007 5 25 A 6 518057 1 2 97

24 3 +8675526770285 +8675526770286 2007 4 19 98

99

20061231 2006 2005 1 4,311,060 5,573,132 2 16,693 -- 3 1,658,406 1,244,853 1,136 -- 4 5,329,628 3,441,922 5 152,848 36,416 6 439,904 279,975 7 51,757 151,174 8 2,760,995 2,519,547 9 5,833,480 4,689,157 20,555,907 17,936,176 10 100,681 85,459 100,681 85,459 11 4,234,574 3,623,940 11 1,555,714 1,148,789 11 2,678,860 2,475,151 11 87,002 94,980 11 2,591,858 2,380,171 12 469,636 126,741 3,061,494 2,506,912 13 152,859 160,264 4 372,703 307,666 5 1,399,206 687,765 14 40,416 13,996 1,965,184 1,169,691 15 233,683 80,893 25,916,949 21,779,131 112178 100

20061231 2006 2005 16 945,726 99,695 5 152,848 36,416 17 2,242,566 1,977,584 18 4,749,099 4,292,208 9 996,275 733,455 19 635,875 861,024 668,307 622,804 298,430 394,216 20 83,941 163,008 21 (699,658) (670,282) 8,891 7,134 22 666,430 626,066 23 387,619 346,668 24 35,680 20,035 25 -- 500,000 11,172,029 10,010,031 26 1,679,242 80,000 5 1,399,206 687,765 27 425,669 405,511 3,504,117 1,173,276 14,676,146 11,183,307 561,892 470,729 28 959,522 959,522 29 5,509,666 5,506,424 30 1,331,059 1,264,060 31 2,767,616 2,171,190 (32,880) (15,981) 143,928 239,880 10,678,911 10,125,095 25,916,949 21,779,131 112178 : : : 101

2006 2006 2005 32 23,031,684 21,575,920 32 15,171,797 13,944,797 33 111,360 105,660 7,748,527 7,525,463 34 69,152 15,779 3,140,108 3,023,126 4,010,206 3,137,066 35 239,617 288,751 427,748 1,092,299 36 31,849 (59,354) 37 612,163 458,014 38 24,008 27,627 39 26,151 16,722 1,069,617 1,501,864 125,624 158,545 136,640 148,976 807,353 1,194,343 2,171,190 1,495,431 2,978,543 2,689,774 66,999 278,704 2,911,544 2,411,070 143,928 239,880 2,767,616 2,171,190 2006 2005 1. -- -- 2. -- -- 3. -- -- 4. -- 145,920 5. -- -- 6. -- -- 112178 : : : 102

2006 2006 2005 21,600,437 21,315,221 1,404,449 458,014 131,464 119,215 23,136,350 21,892,450 17,685,647 13,915,822 3,514,280 2,793,854 1,265,754 1,679,312 40 2,225,655 3,326,157 24,691,336 21,715,145 (1,554,986) 177,305 22,766 331 -- (31,555) 23,265 -- 20,851 41,372 66,882 10,148 1,181,162 921,463 48,889 72,955 394 -- 1,230,445 994,418 (1,163,563) (984,270) 103

2006 2006 2005 30,366 25,227 3,093,148 108,695 3,123,514 133,922 1,147,875 869,867 509,886 459,553 1,657,761 1,329,420 1,465,753 (1,195,498) (9,276) (22,628) (1,262,072) (2,025,091) 112178 104

2006 2006 2005 807,353 1,194,343 136,640 148,976 199,116 362,300 503,301 394,984 49,564 51,009 -- 1,616 -- 478 56,596 78,134 (2,660) (909) 17,545 7,072 173,840 175,884 (31,849) 59,354 (152,790) 23,732 (381,185) (866,316) 2,480 -- (3,612,469) (2,015,438) 679,532 562,086 (1,554,986) 177,305 4,311,060 5,573,132 5,573,132 7,598,223 (1,262,072) (2,025,091) 112178 : : : 105

20061231 2006 2005 2,957,920 4,258,936 1,617,133 1,209,151 817,631 16,465 4 5,753,208 4,481,796 275,830 5,007 6 1,220,098 1,230,352 20,619 67,305 1,458,946 1,557,312 5,809,647 4,440,842 19,931,032 17,267,166 10 2,632,569 2,833,305 2,632,569 2,833,305 2,510,628 2,491,000 811,658 712,768 1,698,970 1,778,232 87,002 87,002 1,611,968 1,691,230 402,430 77,261 2,014,398 1,768,491 78,456 87,081 4 328,166 327,122 1,394,970 683,598 1,801,592 1,097,801 217,307 76,419 26,596,898 23,043,182 112178 106

20061231 2006 2005 741,827 -- 275,830 5,007 2,187,595 1,918,831 6,704,325 6,538,622 991,612 688,876 513,954 493,438 396,952 367,583 238,962 326,370 378 928 (618,142) (844,875) 2,401 2,996 767,107 1,084,091 254,739 286,561 13,000 16,000 -- 500,000 12,470,540 11,384,428 1,329,478 -- 1,394,970 683,598 373,800 359,220 3,098,248 1,042,818 15,568,788 12,427,246 959,522 959,522 5,536,137 5,532,896 769,603 769,603 3,622,498 3,116,070 (3,578) (2,035) 143,928 239,880 11,028,110 10,615,936 26,596,898 23,043,182 112178 : : : 107

20061231 2006 2005 32 21,215,583 20,565,052 32 18,846,594 16,671,822 44,080 56,009 2,324,909 3,837,221 684,036 149,282 2,291,774 2,360,822 1,929,543 1,451,749 285,112 294,898 (1,497,484) (120,966) 36 2,106,953 919,713 44,223 8,259 10,011 19,834 13,095 6,321 650,608 820,519 252 27,953 650,356 792,566 3,116,070 2,682,269 3,766,426 3,474,835 -- 118,885 3,766,426 3,355,950 143,928 239,880 3,622,498 3,116,070 112178 : : : 108

2006 2006 2005 20,378,716 22,269,031 810,891 8,259 91,495 205,278 21,281,102 22,482,568 19,211,544 18,549,739 1,503,266 1,788,552 161,113 724,097 2,145,255 1,756,749 23,021,178 22,819,137 (1,740,076) (336,569) 9,430 331 9,196 2,621 3,942 172,186 22,568 175,138 778,177 796,746 6,340 43,552 784,517 840,298 (761,949) (665,160) 112178 109

2006 2006 2005 2,626,523 -- 2,626,523 -- 1,055,218 790,344 363,718 407,651 1,418,936 1,197,995 1,207,587 (1,197,995) (6,578) (4,505) (1,301,016) (2,204,229) 112178 110

() 20061231 2006 2005 650,356 792,566 147,489 236,168 267,920 392,118 42,062 16,004 () (34,822) 38,075 11,366 3,558 128,322 167,779 (2,106,953) (919,713) (140,888) -- () 98,366 (335,921) 2,480 -- (3,079,468) (2,171,944) 2,273,694 1,444,741 (1,740,076) (336,569) 2,957,920 4,258,936 4,258,936 6,463,165 (1,301,016) (2,204,229) 112178 : : : 111

2006 1997452453 1997106199711 18 2003 200312 200511 19971111 4403011015176N35868 20041292004 [2004]865 [2004]38(H)160,151,040 158,766,4501,384,590 20051228 20061231 95,95228 112

2006 1. 2. 111231 3. 4. 5. 113

2006 6. 7. 8. 9. (1) - - 114

2006 9. (2) 1-2 -- 2 100% 1-3 -- 3-4 58% 4-5 75% 5-6 92% 6 100% 115

2006 10. ( ) [2002]36 11. 116

2006 12. 10 200331710 13. 117

2006 13. 5 0% 20% 30 5% 3.17% - 3 5% 31.67% 5-10 5% 9.5%-19% 5 5% 19% 10 5% 9.5% 5 5% 19% 14. 118

2006 15. 10 20 50 5 16. 119

2006 17. 18. 19. 20. 21. 4,798479.8 120

2006 22. [1995]11 50% 50% 20061231 121

2006 17% 3%5% 15% (2005)004 7.5% 15% 2005 0098 122

2006 [2003]199 7.5% [2004]0372 [2005]6722006 1120061231 20040034 7.5% 20040002, 7.5% 20040381, 7.5% 123

2006 20040036, 7.5% 20050217 20060002 33 15% 124

2006 (1)(2) (1) 500 500 100% 3,000 3,000 100% 5,000 5,000 100% 5,000 5,000 100% 125

2006 (1) 5,000 5,000 100% 800 800 100% ZTE India R&D Center Private Limited 10 10 100% ZTE Korea Limited 5,000 5,000 100% ZTE Singapore PTE. Ltd. 5 5 100% ZTE CZECH,s.r.o. 20 1 100% 126

2006 (1) ZHONGXING CORPORATION 1.142857 1.142857 100% EL SALVADOR, S.A. DE C.V. ZTE Energy (Cayman) Co., 1,000 420 100% Limited ZTE INVESTMENT 33.5 ISP ICP 10 51% ZTE Norway AS 10 10 100% ZTE (Maunitius) Ltd. 1 1 100% 127

2006 (1) 1,470 500 100% 100 90 90% 500 350 70% (2) (1) 1,000,, CDMA 1,000 100% (2) 100,,, 80 80% WANAAG Communications Limited(3) 20 10 100% (1): 20066 ( ) 20067 (2): 20063( )20068 128

2006 (2) (3): 2006 8, Newinfo Holding Limited, Abdulratrman Ali HAILE Unigrow International Limited WANAAG Communications Limited( WANAAG ) 45% 200611/ 200611 727 200611 83 WANAAG 200611 815 -- -- 35 -- -- (70) 18 (6) (260) (2) -- -- 16 (6) (260) / 2006 727 200683 WANAAG 2006815 10,330 2 441 10,330 2 441 (3) -- (75) (3) -- (75) 129

2006 (3) 5,000 90% -- 90% 4,500 1,500 -- 90% 90% 1,350 Zhongxing Telecom Pakistan (Private) Ltd. 3,791.9 93% -- 93% 65.47 600 65% -- 65% 390 Congo-Chine Telecom S.A.R.L. 3,333.3 95% -- 95% 3,166.6 1,745 51% -- 51% 890 Congo-Chine Telecom International Network ( CCTNET ) 10 -- 100% 100% 10 723.1 76% -- 76% 4,504 1,243 -- 84% 84% 1,150 130

2006 (3) 5,000 73% 25% 98% 4,900 1,300 90% 10% 100% 3,300 1,000 65% -- 65% 650 300 -- 80% 80% 240 2,221.44 51% -- 51% 1,132.93 300 -- 95% 95% 285 200 -- 90% 90% 180 600 -- 90% 90% 540 5,000 100% -- 100% 5,000 131

2006 (3) ZTE Portugal Projectos de Telecommunicacoes, Unipessoal, Lda 5 -- 100% 100% 5 ZTE (USA) Inc. 2 100% -- 100% 65 Telrise(Cayman) Telecom Limited 100 54% -- 54% 54 5 52.85% 47.15% 100% 435 Telrise INC. 160.9 -- 100% 100% 160.9 10 -- 100% 100% 10 ZTE (UK) Ltd. 60.4 51% -- 51% 37.23 ZTE Do Brasil LTDA 20 100% -- 100% 90 ZTE Holdings(Thailand)C o., Ltd. 10 49% -- 49% 4.9 ZTE (Thailand)Co., Ltd. 5,000 49% 51% 100% 2,000 ZTE Corporation Mexico S. DE R.L DE C.V. 0.5 100% -- 100% 2.811 132

2006 (3) 5,500 75% 5% 80% 4,400 95 -- 100% 100% 47.5 OOO ZTE Russia Co., Ltd. 76 100% -- 100% 76 ZTE Wistron Telecom AB 100 100% -- 100% 313.74 3,000 51% -- 51% 1,530 1,000 -- 62.5% 62.5% 625 870 -- 57.47% 57.47% 550 133

2006 (3) 1,600 -- 57.5% 57.5% 920 500 -- 80% 80% 400 5,000 90% 10% 100% 5,000 1,000 51% -- 51% 510 500 90% -- 90% 450 Closed Joint Stock Company TK Mobile 400 51% -- 51% 1,687.08 CDMA800,CDMA ZTE Telecom India Private Ltd. 2.22 99.99 % 0.01% 100% 165.4 134

2006 (3) ZTE Romania S.R.L ZTE Malasysia Corporation SDN. BHD. 10 100% -- 100% 82.7 6 100% -- 100% 49.62 ZiMax (Cayman) Holdings Ltd. 550 100% -- 100% 4,548.5 1,500 -- 83% 83% 1,250 ZTE (HK) Ltd. Saudi Arabia 53.476 -- 100% 100% 53.476 ZTE NIGERIA INVESTMENT LTD 3.9 -- 100% 100% 54 ZTE Sweden AB 36 -- 100% 100% 36 PT. ZTE Indonesia 20 99.5 % 0.5% 100% 20 135

2006 (3) ZTE Istanbul Trading Ltd. Co. 5 -- 100% 100% 4.95 ZTE Hrvatska D.O.O. 0.3 -- 100% 100% 0.3 ZTE Corporation Bulgaria Ltd. 0.35 -- 100% 100% 0.35 ZTE Deutschland GmbH 15 -- 100% 100% 15 ZTE POLAND Sp.zo.o. 5 -- 100% 100% 5 2,000 30% 50% 80% 1,600 1,500 70% -- 70% 1,139 ZiMax Technologies Inc. 2,000 -- 100% 100% 537.97 Newinfo Holdings Limited 5 -- 100% 100% 0.4299 136

2006 (3) ZTE Canada Inc. 20 -- 100% 100% 3.8 ZTE Netherlands B.V. 9 -- 100% 100% 1.8 ZTE GHANA LIMITED 30 -- 100% 100% 30 ZTE (Australia) Pty Ltd. 20 -- 100% 100% 20 500 -- 100% 100% 75 GSMPHS 500 5% 95% 100% 500 ZHONGXING CORPORATION EL SALVADOR, S.A. DE C.V. 1.142857 --- 100% 100% 1.142857 ZTE Energy (Cayman) Co., Limited 1,000 --- 100% 100% 420 137

2006 (3) ZTE INVESTMENT 33.5 --- 51% 51% 10 ISPICP ZTE Norway AS 10 --- 100% 100% 10 ZTE Mauritius Ltd. 1 --- 100% 100% 1 138

2006 (3) 1,470 --- 100% 100% 500 100 --- 90% 90% 90 500 --- 70% 70% 350 ZTE SINGAPORE PTE.LTD. 5 --- 100% 100% 3.25 ZTE Korea Limited 5,000 --- 100% 100% 5.35 ZTE CZECH,s.r.o. 20 --- 100% 100% 1 ZTE India R&D Center Private Limited 10 --- 100% 100% 10 139

2006 (3) () 3,000 --- 100% 100% 3,000 5,000 --- 100% 100% 5,000 5,000 --- 100% 100% 5,000 140

2006 (3) () 5,000 --- 100% 100% 5,000 800 --- 100% 100% 800 (4) Bestel Communications Ltd. 60 -- 50% 50% 15 500 50% -- 50% 250 141

2006 (5) 6,400 40% -- 40% 3,440 1,000 -- 30.88% 30.88% 350 1,100 -- 22.7% 22.7% 250 1,000 -- 40% 40% 400 1,000 30% -- 30% 300 / 142

2006 (5) KAZNURTEL Limited Liability Company 300 49% -- 49% 398.84 CDMA45OMWLL 3,000 -- 30% 30% 462 1,500 30% -- 30% 450 1,500 -- 30% 30% 450 SM DLED LED 143

2006 (5) 600 -- 30% 30% 180 1,000 -- 35% 35% 350 WANAAG Communications Limited 10 -- 45% 45% 4.5 250 -- 40% 40% 100 144

2006 1. 2006 2005 NRO 55,424 0.0293 1,624 -- -- -- INR 6,349 0.1757 1,116 -- -- -- RMB 285 1.0000 285 387 1.0000 387 HKD 95 1.0047 95 125 1.0403 130 USD 1,004 7.8087 7,840 1,138 8.0702 9,184 BRL 16 3.6523 58 1 3.4522 3 THB 460 0.2178 100 1,540 0.1968 303 FEC -- -- -- 69 7.3633 508 GBP 3 15.5549 47 -- -- -- PKR 871 0.1283 112 574 0.1350 77 SAR 179 2.0879 374 92 2.1521 198 SOS -- -- -- 42 2.5225 106 395 150 12,046 11,046 145

2006 1. 2006 2005 () () () LYD 185 6.1005 1,129 -- -- -- TJR 1,833 2.2789 4,177 -- -- -- VND 5,698,348 0.0005 2,849 -- -- -- VEB 1,248,802 0.0036 4,496 -- -- -- ARS 1,781 2.5271 4,501 -- -- -- RMB 1,888,669 1.0000 1,888,669 3,609,771 1.0000 3,609,771 HKD 183,311 1.0047 184,173 33,408 1.0403 34,754 USD 196,734 7.8087 1,536,237 154,588 8.0702 1,247,556 BRL 1,565 3.6523 5,716 8,858 3.4522 30,580 PKR 296,881 0.1283 38,090 651,989 0.1350 88,019 EGP 9,777 1.3699 13,394 65,376 1.4035 91,755 GBP 236 15.5549 3,671 945 14.1349 13,357 SEK 17,503 1.1418 19,985 2,442 1.0154 2,480 DZD 199,541 0.1132 22,588 35,070 0.0897 3,146 IDR 6,473,322 0.0009 5,826 -- -- -- COP 1,543,200 0.0035 5,401 5,334,654 0.0035 18,671 IQD 786,017 0.0062 4,873 -- -- -- CEDI -- -- -- 3,509,473 0.0008 2,808 EUR 23,042 10.2665 236,561 19,778 9.5797 189,467 NGN -- -- -- 334,439 0.0576 19,264 THB 25,727 0.2178 5,603 2,747 0.1968 541 JPY 70,798 0.0656 4,644 -- -- -- INR 98,549 0.1757 17,315 -- -- -- SAR 213 2.0879 445 1,514 2.1521 3,258 SOS -- -- -- 613 2.5225 1,546 RUB 66,092 0.3003 19,847 38,287 0.2803 10,732 AUD 10,451 6.1559 64,335 -- -- -- 9,391 1,452 4,103,916 5,369,157 146

2006 1. 2006 2005 RMB 183,511 1.0000 183,511 79,435 1.0000 79,435 USD 1,063 7.8087 8,301 1,400 8.0702 11,298 HKD 4 1.0047 4 14,700 1.0403 15,292 PKR -- -- -- 54,131 0.1350 7,308 XOF -- -- -- 5,543,000 0.0143 79,265 JPY 49,986 0.0656 3,279 -- -- -- 3 331 195,098 192,929 4,311,060 5,573,132 2006123131,000 137,997 2. 2006 2005-16,693 -- 16,693 -- -- -- 2006123133,2882006 1229 147

2006 3. 2006 2005 461,300 448,693 1,197,106 796,160 1,658,406 1,244,853 5% 33% 4. 2006 2005 1 5,321,442 85.02% 87,201 1.64% 3,535,496 84.28% 109,961 3.11% 1-2 746,133 11.92% 297,550 39.88% 545,333 13.00% 232,046 42.55% 2-3 106,137 1.70% 93,013 87.63% 47,377 1.13% 36,826 77.73% 3 85,476 1.36% 79,093 92.53% 66,628 1.59% 66,413 99.68% 6,259,188 100% 556,857 4,194,834 100% 445,246 5,886,485 94.05% 556,857 3,887,168 92.67% 445,246 372,703 5.95% -- 307,666 7.33% -- 5%2,074 2,108,159 34% 54.84% 148

2006 4. 2006 2005 445,246 429,605 284,493 217,537 (172,882) (201,896) 556,857 445,246 2006 2005 1 5,602,594 85.53% 74,589 1.33% 4,426,106 84.78% 97,303 2.20% 1-2 627,764 9.58% 252,269 40.19% 648,024 12.42% 219,505 33.87% 2-3 205,237 3.13% 70,022 34.12% 46,038 0.88% 34,166 74.21% 3 115,007 1.76% 72,348 62.91% 100,487 1.92% 60,763 60.47% 6,550,602 100% 469,228 5,220,655 100% 411,737 6,222,436 95.00% 469,228 4,893,533 93.73% 411,737 328,166 5.00% -- 327,122 6.27% -- 2,195,12934% 5%142 2006 2005 411,737 420,598 226,157 193,035 (168,666) (201,896) 469,228 411,737 149

2006 5. 20061231 1,552,054 1.1 6. : 2006 2005 1 830,837 62.44% 543,514 65.42% 712,063 70.65% 487,678 68.49% 1-2 296,228 22.26% 151,678 51.20% 122,012 12.10% 82,721 67.80% 2-3 48,990 3.68% 40,959 83.61% 83,238 8.26% 71,825 86.29% 3 154,593 11.62% 154,593 100% 90,627 8.99% 85,741 94.61% 1,330,648 100% 890,744 1,007,940 100% 727,965 2006 2005 727,965 477,493 413,251 487,678 (250,472) (237,206) 890,744 727,965 102,539 7.71%5% 57.12% 150

2006 6. 1,777,000 13,941,000, 2007 9 787,500 8,085,000 3 1% 3% 2007 2 2007 2 2006 2005 1 579,916 28.08% 511,987 88.29% 1,058,754 54.55% 481,644 45.49% 1-2 691,790 33.50% 148,813 21.51% 656,484 33.83% 82,103 12.51% 2-3 570,066 27.61% 40,392 7.09% 102,262 5.27% 62,013 60.64% 3 223,229 10.81% 143,711 64.38% 123,248 6.35% 84,636 68.67% 2,065,001 100% 844,903 1,940,748 100% 710,396 2006 2005 710,396 465,367 616,152 481,644 (481,645) (236,615) 844,903 710,396 862,165 41.75% 5% 151

2006 7. 2006 2005 1 49,749 96.12% 150,991 99.88% 1-2 2,008 3.88% 53 0.03% 2-3 -- -- 130 0.09% 51,757 100% 151,174 100% 5% 65.76% 8. 2006 2005 1,313,470 1,221,858 58,215 102,958 713,127 538,703 845,005 892,766 * 279,840 279,220 448,662 515,958 2,760,995 2,519,547 * [2002]36 2006 2005 515,958 419,773 115,058 96,185 (182,354) -- 448,662 515,958 152

2006 9. 2006 2005 5,833,480 4,689,157 (996,275) (733,455) 4,837,205 3,955,702 21,619,372 19,420,235 (16,782,167) (15,464,533) 4,837,205 3,955,702 2006 2005 3,094,588 2,420,118 1,742,617 1,535,584 4,837,205 3,955,702 35.83% 10. 2006 2005 (1) 43,488 43,288 (2) 51,257 35,583 (3) 5,936 6,588 (4) 13,036 13,036 153 113,717 98,495 (5) 13,036 13,036 100,681 85,459

2006 10. (1) 0.33% 5,000 5,000 -- -- 5,000 7.59% 3,240 3,240 -- -- 3,240 16% 32,000 32,000 -- -- 32,000 () 19% 1,024 1,024 -- -- 1,024 SunTop Technologies Ltd. 26.54% 24 24 -- -- 24 10% 2,000 2,000 -- -- 2,000 10% 200 -- 200 -- 200 43,488 43,288 200 -- 43,488 (2) 30% 1,800 -- 1,800 (275) 1,525 40% 30,000 13,218 -- 2,608 15,826 30% 3,000 286 -- 30 316 KAZNURTEL Limited Liability Company 49% 1,012 2,477 -- -- 2,477 30.88% 3,500 3,598 -- 1,264 4,862 22.73% 2,500 2,375 -- 1,455 3,830 40% 4,000 2,976 -- (260) 2,716 40% 1,000 811 -- 4,004 4,815 30% 4,500 4,348 -- (168) 4,180 () 30% 4,500 2,354 -- 939 3,293 30% 3,335 3,143 1,843 (849) 4,137 35% 3,500 -- 3,500 (313) 3,187 WANAAG Communication Limited 45% 351 -- 351 (258) 93 62,998 35,586 7,494 8,177 51,257 154

2006 10. (3) 50% 2,500 4,613 -- (797) 3,816 Bestel Communications Ltd. 50% 2,050 1,975 -- 145 2,120 4,550 6,588 -- (652) 5,936 (4) 13,036 (5) 13,036 2006 2005 (6) 2,573,949 2,779,384 (7) 3,816 4,613 (8) 21,913 18,336 (9) 41,488 41,288 (10) 4,439 2,720 2,645,605 2,846,341 (11) 13,036 13,036 2,632,569 2,833,305 155

2006 10. (6) * 90% 1,303,114 -- 152,019 -- 1,455,133 90% 9,414 (9,430) 16 -- -- ZTE (USA) Inc. 100% (9,290) -- (73,171) (82,461) 65% 31,617 -- 11,460 (1,300) 41,777 () 100% 454,727 -- 578,334 (803,736) 229,325 51% 22,787 -- 5,698 (2,266) 26,219 Telrise (Cayman) Telecom Ltd. 52.85% 2,923 -- (218) -- 2,705 90% 3,356 -- -- -- 3,356 Congo-Chine Telecom S.A.R.L 51% 24,256 31,502 13,225 -- 68,983 65% (28,912) -- (2,103) -- (31,015) 95% 29,129 -- 38,945 -- 68,074 76% 103,676 -- 58,743 -- 162,419 ZTE(UK) Ltd. 51% (16,647) -- (17,033) -- (33,680) ZTE Do Brasil LTDA 100% (10,345) -- (32,739) -- (43,084) 73% 697,581 9,749 1,397,722 (1,536,448) 568,604 75% 78,258 -- (41,905) -- 36,353 ZTE Wistron Telecom AB 100% 2,616 -- (238) -- 2,378 OOO ZTE Russia Co., Ltd. 100% 5,110 -- 5,426 -- 10,536 ZTE Corporation Mexico S. DE R. L DE C.V. 100% (13,325) -- (6,577) -- (19,902) 51% 49,655 -- 11,486 -- 61,141 Zhongxing Telecom Pakistan (Private) Ltd. 93% (33,902) -- 79,297 -- 45,395 90% 9,280 4,500 909 -- 14,689 90% 34,378 -- (159,772) -- (125,394) 51% 10,589 -- 7,863 (510) 17,942 ZTE Holdings (Thailand) Co., Ltd. 49% (12) -- (12) -- (24) 156

2006 10. (6) * ZTE (Thailand) Co., Ltd. 49% (1,022) 1,840 207 -- 1,025 54% 1,850 -- 2,869 -- 4,719 ZTE Telecom India Private Ltd. 100% (52,142) -- (16,417) -- (68,559) ZTE Romania SRL 100% (7,483) -- (6,269) -- (13,752) ZTE Malasysia Corporation SDN.BHD 100% (2,579) -- (5,211) -- (7,790) ZiMax(Cayman) Holdings Co., Ltd. 100% 33,167 -- 12,165 -- 45,332 70% 12,298 -- 1,732 (1,050) 12,980 Closed Joint Stock Company TK Mobile 51% 14,329 -- (3,120) -- 11,209 PT. ZTE Indonesia 99.5% 5,577 -- 68,280 -- 73,857 30% 15,356 -- 21,603 (1,500) 35,459 2,779,384 38,161 2,103,214 (2,346,810) 2,573,949 2,102,454 157

2006 10. (7) 50% 4,613 (797) -- 3,816 (8) 30% 286 -- 30 316 KAZNURTEL Limited Liability Company 49% 2,478 -- -- 2,478 () 30% 2,354 -- 939 3,293 40% 13,218 -- 2,608 15,826 18,336 -- 3,577 21,913 (9) 0.33% 5,000 -- 5,000 7.59% 3,240 -- 3,240 SunTop Technologies Ltd. 26.54% 24 -- 24 () 19% 1,024 -- 1,024 16% 32,000 -- 32,000 10% -- 200 200 41,288 200 41,488 (10) (10,316) 1,719 -- (8,597) 13,036 -- -- 13,036 2,720 1,719 -- 4,439 158

2006 10. (11) 13,036 11. 917,623 51,631 210,369 1,009,942 1,419,878 14,497 3,623,940 584 10,482 40,399 208,510 424,238 5,600 689,813 17,587 9,591 -- -- 33,374 -- 60,552 -- -- (12,375) (21,704) (92,846) (1,401) (128,326) (469) -- (349) (873) (9,893) 179 (11,405) 935,325 71,704 238,044 1,195,875 1,774,751 18,875 4,234,574 110,451 28,046 64,229 331,685 607,436 6,942 1,148,789 33,943 19,327 23,589 132,769 290,035 3,638 503,301 -- -- (7,502) (10,704) (74,478) (858) (93,542) (35) -- (105) (79) (2,582) (33) (2,834) 144,359 47,373 80,211 453,671 820,411 9,689 1,555,714 790,966 24,331 157,833 742,204 954,340 9,186 2,678,860 807,172 23,585 146,140 678,257 812,442 7,555 2,475,151 7,708 -- -- 1,475 77,819 -- 87,002 7,708 -- -- 1,475 85,797 -- 94,980 783,258 24,331 157,833 740,729 876,521 9,186 2,591,858 799,464 23,585 146,140 676,782 726,645 7,555 2,380,171 100,189,722 229,981 159

2006 12 300,000 12,195 15,003 27,198 -- 1,300,000 46,665 145,153 -- 191,818 16,000 14,589 2,998 17,587 -- IT -- 9,440 -- 9,440 -- -- 34,129 26,618 -- 60,747 -- 6,008 84,449 -- 90,457 -- 1,162 91,505 -- 92,667 -- 2,553 37,721 6,327 33,947 1,616,000 126,741 403,447 60,552 469,636 2.7 13 () 272,443 108,993 42,234 45,700 166,916 105,527 5 1,354 1,354 -- 316 316 1,038 1-10 14,866 12,859 1,533 366 840 14,026 50 103,006 64,014 (1,608) 3,182 43,782 59,224 19 187,220 42,159 49,564 211,854 179,815 12,884 -- -- -- 12,884 6,322 -- -- -- 6,322 7,750 -- -- -- 7,750 26,956 -- -- -- 26,956 160

2006 14 (Algerie Telecom) 5 5 20061231 5 48,499 13,996 34,503 8,083 8,083 40,416 1.89 15 2006 2005 7,298 4,474 34,562 37,350 51,141 -- 87,516 -- 53,166 39,069 233,683 80,893 1.89 16 2006 2005 () () () () RMB 78,900 78,900 RMB 52,000 52,000 USD 95,000 741,826 -- -- RMB 125,000 125,000 PKR 353,300 47,695 945,726 99,695 8.49 161

2006 17 5% 18 5%147,860 19 5% 20 2006 2005 -- 3,186 / 83,941 159,822 83,941 163,008 79,067 162

2006 21 2006 2005 (1,023,281) (802,209) 4,752 5,508 6,000 (794) 67,950 42,020 229,963 72,652 22 18 14,936 12,523 22 (699,658) (670,282) 5%361 23 2006 2005 664 395 2,332 4,541 35,984 14,972 230,417 248,998 25,735 8,924 23,264 7,960 69,223 60,878 387,619 346,668 163

2006 24 2006 2005 4,035 4,035 31,645 16,000 35,680 20,035 78.09% 25 2006 2005 26 -- 500,000 26 2006 2005 RMB 900,026 900,026 -- -- -- USD 55,000 429,479 -- -- -- USD 9,648 80,000 USD 9,648 80,000 RMB 500,000 500,000 USD 34,543 269,737 -- 500,000 1,679,242 80,000 20 27 2006 2005 425,669 405,511 164

2006 28 959,521,6501 (). () 1. 392,080 40.86% (81,097) 310,983 32.41% 2. 12,714 1.32% (11,433) 1,281 0.13% : 11,433 1.19% (11,433) -- -- 1,281 0.13% -- 1,281 0.13% 3. 18,291 1.91% (18,291) -- -- 423,085 44.09% (110,821) 312,264 32.54% () 1. 376,286 39.22% 110,821 487,107 50.77% 2. 160,151 16.69% -- 160,151 16.69% 536,437 55.91% 110,821 647,258 67.46% 959,522 100% -- 959,522 100%. 959,522 100% -- 959,522 100% 29 -- 2,480 -- 2,480 5,462,657 -- -- 5,462,657 38,398 -- -- 38,398 62 -- -- 62 * 5,307 762 -- 6,069 5,506,424 3,242 -- 5,509,666 * 3 165

2006 30 1,264,060 66,999 -- 1,331,059 10%50% 25% 5%10% 200611(2005 20062005 1231 31 2,171,190 807,353 (210,927) 2,767,616 2006 20061231101.5143,928 32 200620059,171,419 10,124,08239.82 %46.92% 166

2006 33 2006 2005 33,277 16,499 20,785 20,260 30,930 44,632 26,368 24,269 34 111,360 105,660 2006 2005 27,813 -- 39,633 15,379 1,706 400 69,152 15,779 338% 35 2006 2005 153,694 175,884 49,050 54,870 29,422 48,390 41,018 59,746 64,533 59,601 239,617 288,751 167

2006 36 2006 2005 24,326 -- 8,175 (2,968) (652) (1,716) -- 1,598 -- (812) -- (55,456) 31,849 (59,354) 91,203 2006 2005 2,102,454 925,160 (797) (1,698) 3,577 (1,381) -- 1,598 1,719 907 -- (4,873) 2,106,953 919,713 168

2006 37 2006 2005 * 547,027 435,326 -- 8,900 12,872 3,500 52,264 10,288 612,163 458,014 * 3% 33.66% 38 2006 2005 2,660 909 4,260 9,367 9,200 10,000 7,747 5,107 141 2,244 39 24,008 27,627 2006 2005 -- 2 17,545 7,072 329 2,218 7,226 5,638 1,051 1,792 26,151 16,722 56.39% 169

2006 40 20061231 2,225,655 2006 2005 2006 2005 2006 2005 16,874,334 17,016,057 10,345,808 10,208,099 6,528,526 6,807,958 5,778,546 4,333,082 4,562,979 3,574,985 1,215,567 758,097 378,804 226,781 263,010 161,713 115,794 65,068 23,031,684 21,575,920 15,171,797 13,944,797 7,859,887 7,631,123 2006 2005 2006 2005 2006 2005 12,801,765 13,874,309 8,553,924 9,364,085 4,247,841 4,510,224 10,229,919 7,701,611 6,617,873 4,580,712 3,612,046 3,120,899 23,031,684 21,575,920 15,171,797 13,944,797 7,859,887 7,631,123 170

2006 2006 2005 2006 2005 2006 2005 15,476,765 16,408,812 13,600,610 13,175,302 1,876,155 3,233,510 5,738,818 4,156,240 5,245,984 3,496,520 492,834 659,720 21,215,583 20,565,052 18,846,594 16,671,822 2,368,989 3,893,230 2006 2005 2006 2005 2006 2005 11,951,417 13,439,004 10,599,837 10,925,688 1,351,580 2,513,316 9,264,166 7,126,048 8,246,757 5,746,134 1,017,409 1,379,914 21,215,583 20,565,052 18,846,594 16,671,822 2,368,989 3,893,230 1. 37.41% 2. 1,000 9,000 -- 10,000 10,0009,000 171

2006 3. % % % % 358,959 37.41% -- -- -- -- 358,959 37.41% 4. 172

2006 5. : (1) 2006 2005 1,704 7,910 3,682 545 38 3,248 862 2,815 130 6,478 16,889 9,025 5,632 5,233 915 13 302 -- 351 -- () 31,910 -- 364 -- (2) 2006 2005 359,439 311,970 133,646 184,326 76,558 84,327 6,821 16,163 5,524 7,718 16,217 41,623 217 8,166 66,144 36,380 19,342 11,957 12,974 5,874 14,604 -- 6,625 -- 774 -- 173

2006 5. : (3) 2006 2005 -- 1,024 (i) (ii) 6. 73 -- 9,833 -- 147,860 104,563 34,365 65,870 2,133 14,910 2,241 6,005 21,879 27,490 792 1,408 301 182 -- 2,616 66 954 9,348 11,067 1,487 3,156 6,768 -- 361 313 65 -- 12 -- -- 1,024 -- 132 65 -- 48 -- 300 -- 130 -- 174

2006 6. 58 -- -- 3,040 -- 3,173 -- 401 1,660 775 2,772 559 182 -- 75 -- 3,608 3,464 -- 1,038 2,074 177 -- 9,053 146 3,062 1,560 2,070 9 -- 32 -- 2,459 2,150 7,314 -- 362 -- 129 -- 410 -- 175

2006 6. -- 154 -- 765 4,644 -- 1,136 -- -- 14,837 -- 936 -- 2,250 -- 2,299 -- 700 -- 499 1. 20051135,000 36,00071,000 31,000 117,200 2. 20051216 36,450(294,200) 176

2006 3. 2005818 1,714(13,384) 2,143(16,734) The Terms of Reference 4. ( )2005 (Rawalpindi Collectorate of Customes) 17723.9 24031.2 24324 CENTRAL BOARD OF REVENUE (ADRC-Committe for Alterate Dispute Resolution Islamabad200595 36( 4.8)4 5. 20068762,982 97,890 6. 200612315,200,588 177

2006 2006 2005 795,991 231,561 201,371 183,425 80,331 21,065 1,077,693 436,051 2007418 178

I 20061231 2006 2005 807,353 10,678,911 1,194,343 10,125,095 -- (50,234) 126,946 106,740 177,182 -- (1,599) (32,058) (1,536) (30,459) -- -- -- 9,460 -- -- (1,454) (22,760) (21,306) (21,306) -- 16,595 16,595 -- -- -- (3,689) (3,689) -- -- 766,972 10,763,945 1,287,701 10,250,512 179

I 20061231 7,748,527 72.56% 74.44% 8.08 8.08 427,748 4.01% 4.11% 0.45 0.45 807,353 7.56% 7.76% 0.84 0.84 753,809 7.06% 7.24% 0.79 0.79 2006 807,353 (65,136) (24,008) 26,151 9,449 753,809 [2004]4 1 180

I 20061231 1,173,211 697,744 (423,354) 1,447,601 445,246 284,493 (172,882) 556,857 727,965 413,251 (250,472) 890,744 515,958 115,058 (182,354) 448,662 86,161 65,124 (20,114) 131,171 1,599 -- (1,599) -- 5,779 4,147 (1,349) 8,577 422,419 45,787 (159,292) 308,914 13,036 -- -- 13,036 13,036 -- -- 13,036 94,980 -- (7,978) 87,002 7,708 -- -- 7,708 1,475 -- -- 1,475 85,797 -- (7,978) 77,819 26,956 -- -- 26,956 6,322 -- -- 6,322 12,884 -- -- 12,884 7,750 -- -- 7,750 181

II (2007) 60438556_H01 2006 12 31 2007 1 1 38 [2006]136 2101 38 2007418 182

II 2007 1 1 2006 2007 2007 1 1 2007 183

II 1 2006 12 31 10,678,911 1 2 (32,058) 2 3 16,595 3 4 (3,689) 4 5 (2,803) 2007 1 1 10,656,956 5 6 561,892 2007 1 1 11,218,848 184

II () 2007 1 1 2006 11 [2006]136 38 2006 38 / 2006 1 38 2 3 9 12006 12 31 ( ) 2006 12 31 2007 4 18 (2007) 60438556_H01 2006 2 32,058 3 16,595 4 3,689 5 2,803 561,892 185

II 2006 2005 959,522 959,522 -- -- -- -- -- -- -- -- -- -- -- -- -- -- 959,522 959,522 5,506,424 5,491,658 3,242 14,766 -- -- -- -- -- -- -- -- -- 9,459 2,480 -- 762 5,307 -- -- -- -- 5,509,666 5,506,424 1,264,060 733,350 66,999 530,710 66,999 185,802 -- 344,908 -- -- -- -- -- -- -- -- -- -- 1,331,059 1,264,060 986,151 919,152 2,171,190 1,495,431 807,353 1,194,343 (210,927) (518,584) 2,767,616 2,171,190 186

2007 4 18 187

不 188

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(a) (b) (c) (d) (e) 226

227

228

229

金 费 税 贴 税 230

- - 231

权 励 计 - 232

233

金 红 现 利 金 贴 利 奖 金 计 计 年 执 行 立 执 行 为 贵 谢 伟 良 张 李 监 张 234

235

6,394 1,041 1,030 8,465 - - 5 5 236

237

238

239

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242

,139 15,730 731,906 116,302 402,430 1,965,507 833 ( 28,585) ( 646,331) ( 55,833) - ( 865,471) 699,139 15,730 731,906 116,302 402,430 1,965,507 243

244

245

- 42,715 1,172-43,887 ( 318) ( 45,700) ( 3,183) ( 52,357) ( 101,558) 1,038 92,643 51,474 129,750 274,905 1,356 268,722 68,007 239,619 577,704 ( 318) ( 176,079) ( 16,533) ( 109,869) ( 302,799) 1,038 92,643 51,474 129,750 274,905 246

33,843-33,843 ( 334) - ( 334) ( 41,887) ( 52,357) ( 94,244) 77,942 129,750 207,692 250,127 239,620 489,747 ( 172,185) ( 109,870) ( 282,055) 77,942 129,750 207,692 247

易 易 248

249

250

251

- 252

- - 253

15.3 254

255

256

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2006 2005 (%) (%) 4.43-6.14 2007 274,116 5.58-6.14 2006 552,000 LIBOR+0.5 2007 546,610 - - - 5.02 2007 125,000 4.96 2006 47,695 945,726 599,695 [LIBOR + 1.5] 2015 269,737 - - - 4 4.32 2008-2010 980,000 4 2007 80,000 LIBOR + 0.4 2009 429,505 - - - 1,679,242 80,000 2,624,968 679,695 261

2006 2005 (%) (%) 4.43-6.14 2007 195,217 5.58-6.14 2006 500,000 LIBOR+0.5 2007 546,610 - - - 741,827 500,000 4.05 4.32 2008-2010 900,000 - - - LIBOR + 0.4 2009 429,478 - - - 1,329,478-2,071,305 500,000 262

年 年 263

- 264

265

266

267

268

269

270

累 8,984,445 271

272

273

274

(f) 年 了 金 年 275

276

利 拨 - 277

278

279

2006 2005 (a) 359,439 311,970 (b) 3,682 545 (a) 145,991 208,207 (e) 7,830 19,621 (a) - 89 (b) 31,947 7,513 ( ) 19% (c) - 1,024 (a) 105,858 48,787 (b) 18,101 2,815 (e) - 9,025 (e) - 5,874 (a) 217 8,166 (d) 80,000 80,000 (a) 107,379 125,950 (b) 1,218 13 280

281

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2007 4 19 284