2003 2004 2004 02 04 08 10 16 26 54 62 73 75 82 83 138 143 145 148 151

1996 12 3012.682 1997 3 H 7.475 3 12 0548 2001 12A 1.6512 25 600548 21.807 0152 30.03%. 2

3 # * 2003 3 18 107 205 2003

12 31 * * * * 2003 2002 2001 2000 1999 421,531 524,291 489,813 420,455 342,069 1,054,530 414,018 424,605 365,598 339,035 899,372 347,064 408,222 348,958 331,030 0.412 0.159 0.187 0.173 0.164 4 12 31 * * * * 2003 2002 2001 2000 1999 6,988,973 6,700,302 6,764,379 5,712,406 5,427,435 906,904 1,255,021 1,448,092 1,206,899 1,150,844 6,082,069 5,445,281 5,316,287 4,505,507 4,276,591 2.789 2.497 2.438 2.235 2.122 * 2003 1 1 12

! 5 2003!

12 31 2003 2002 2001 598,137 646,128 604,519 852,037 337,454 388,050 7,105,309 6,922,503 6,968,564 5,952,866 5,363,352 5,243,872 0.391 0.155 0.178 2.73 2.46 2.41 6 2.73 2.44 2.39 0.20 0.20 0.26 14.31% 6.29% 7.40% 3.51% 6.06% 7.68% 1 2 2004

2003 12 31 2003 12 31 852,037 5,952,866 (3,979) 65,356 2,447 16,368 106,109 106,109 (48,833) (48,833) (8,475) (9,797) 66 7 47,335 129,203 899,372 6,082,069 2003

8

2003 9

20032003SARS SARS 2003 421,531 382,738 19.94% 24.13% 72.29% 25.84% 11.72% 2003 899,372159.14% 586,272 0.412 11 2003 0.19 20020.12 0.09 2003 2003 2003

2003 2003 3 6 B2003 22.68 12

11 20031,0002003 120,000 700,000 2003112.4 28.2% 1,065 TEU 40% 1,084 16% 1,000TEU CEPA 2007 10 4,000 2003 9 200270 13 2003

GDP IT 14

15 2004 3 5 2003

1996 12 3 2003 1 1 2005 12 31 20038100% 80% 17 2003 1 20 11 11 100% 9 81.82% 2003 4 11 11 11 100% 9 81.82% 2003 4 29 11 11 100% 9 81.82% 2003 5 30 11 11 100% 9 81.82% 2003 8 15 12 12 100% 12 100% 2003 9 11 12 12 100% 8 66.67% 2003 10 30 12 12 100% 10 83.33% 2003 12 5 12 12 100% 8 66.67% 2003

3 12 53 4 2003 5 28, 18 2003

19972 199934 19 2003

1999 8 3 2005 12 31 2003 1 12 2003 1 12 2003 6 30 20 2003 8 15

21 2003

20037 2003 1 20 3 3 100% 2003 3 20 3 3 100% 2003 4 23 3 3 100% 2003 6 20 3 3 100% 2003 8 11 2 2 100% 2003 10 21 3 3 100% 2003 12 19 3 3 100% 22 2000 8

2001 11 19 2003 1 20 2005 12 31 2003 23 2001 11 19 2003 1 20 2005 12 31 2003

20034 24 45

2000 5 23 2000 2001 2001 8 2001 11 25 2003

2003 SARS 2003 2003 421,531 382,738 19.94% 107 205 * 421,531 38,794 167,635 193,936 21,166 173,107 103,998 16,138 1,541 46,761 3,953 6,517 36,291 4,796 438 60 115,676 12,863 29,262 46,156 27,395 38,076 41,478 18,888 1,216 352,616 25,931 142,326 154,297 30,062 139,827 62,958-2,690 325 27 * 2003A B 2003 10 42% 2003 2003

1 (%) (%) 46,397 23.51 560,477 11.72 33,308 25.47 499,489 16.13 28,284 29.69 484,467 25.84 A 7,357 37.69 47,228 33.02 (1) 7,423 61,171 30,397 33.54 300,079 27.83 3,454 34.07 46,836 29.38 2,706 8.76 24,359 4.84 107 (2) 25,668 2.65 261,279 3.50 205 (2) 46,930 12.38 378,120 11.03 28 1 2 A B A 2001 4 B 2003 6 107 205 2003 3 18 2003SARS 4 5SARS 2003 2003 23.51% 11.72%

2003, 29.69%26.8% 105% 25.47% B 2003 6 12 A 37.69% 33.03% C 2003 10% 33.5% 2003 34.07% 205 3 2003 33.54% 29 2 SARS 2003SARS 4 52003 2003

3 80 100% 2003 1.75% 15-20 4 30

2001ETC 1128 8,000 ETC ETC 2003 200450,000 5 31 6 2002 2003 7 7 2003

1995 5 85100 1997 10 31 88 1999 5 2001 4A 2003 6B 1 B 2003 6 B 7.752001 4 A 18.37B 2001 6 6.55 2001 A 6.04 B 32 28.9280

2 15.2 11.89 2003 6 2005 12 3 100% 2003 10 24,875 100% 42% 17,000 2003 17,336 43,000 18,00042% 2002 4 1 15 200341,3858,768 33 3,281 2003 11 1 4 C2004 2003

5 2004 3 5 25% 271,680 25% 167,500 6 1995 5 1997 10 1999 5 2001 4 2003 6 34 A B

44.5 13.9 9 2004 9 4.172005 6 22.68 35 2003

40% 2004 2005 1 95% 2003 4,1381,037 36 2 40% 3 70% 30%2003 1,243 218

107 205 107 205 107 205 107 205 2003 3 18 107 205 19.32003 3 19 37 200350%9.65 2004 12 31 30% 2005 12 31 2003

1996107 205199730 2002205,194 136,382 2002 39.14% 37.25% 19.94% 72.29% 25.84% 11.72% 107 205 2003 3 18 288 19.60% 38 899,372159.14% 586,272 2003 2002 421,531 524,291-19.60% 382,738 319,097 19.94% 691,416 79,510 66,536 19.50% (183,881) (213,755) -13.98% 1,008,576 377,072 167.48% 59,094 61,873-4.49% (13,140) (24,927) -47.29% 1,054,530 414,018 154.71% (148,641) (61,085) 143.33% 899,372 347,064 159.14% 0.412 0.159 159.12% 0.19 0.12 58.33%

1 107 205 2003 2004 2005 1,930,000 106,109 (48,833) 35,779 13,054 1,987,276 (965) (1,294,895) 691,416 (105,144) 586,272 35,779 13,054 39 586,272 65.19% 2 2003 2002 326,273 262,853 +24.13% 25,931 136,382-80.99% 352,204 399,235-11.78% 691,416 (35,044) (22,163) 58.12% 1,008,576 377,072 +167.48% 2003

24.13% 29.84%14.69% 107 205167.48% 40 3 2003 2002 76,896 63,904 +20.33% (1,372) (2,031) -32.45% 12,348 196 88,068 61,873 42.34% (77,000) 50,026 (2,000) 59,094 61,873-4.49%

42.34% 4 5 1999 11 2003 150,981 49,824 77,00025,410 51,590 41 2003 12 2007 10 31 50,026 1,564 2003

1999 4.08 1.02 3.06 3.06 51 1999 2003 132,376123,378 9,39018,479 51,590 2003 12 31 141,76653,309 42 57,524 27,2132,000 28,311 28,433

6 2003 1 1 12 2002 12 31 36,754 24,224 1,00612,398 2002 12 31 12,867 59,972 2002 2003 1 1 37,647 47,574 7 43 2003 12 31421,531 2002 19.6% 107 205 2003 3 18 288 382,738 19.94%24.13% 586,272899,372 159.14%0.412 2004 3 23H 0.19 20020.12 0.09 2003 2004 4 232003 A 2003

1 2003 2002 5.44 1.30 5.43 1.29 2004 12 31107 205 65.56% 44 2 2003 2002 12 31 12 31 150 193 3 70,000 202,000 3 1,133,493 663,597 64,572 89,231 603 1,715 6,000 6,000 1,274,818 962,736 40,000 610,000 36,177 24,419 76,177 634,419

3 4 76,177 29.9 40.9 40.5 5 B1.5 0.82003 12 31 B 45 6 107,205 107,205 19.3 2003 12 319.65 2005 12 31 107 205 192003 4 11 7 C 328,000 1,808,000 2,136,000 2003

8 H 9 2003 294,006 899,275 (749,199) 444,082 46 444,082 10 11 107 205965,000 28,179168,255 A B177,264 100% 26,574 190,000 12 558,242B 80,000261,684

13 6,082,069 856,937 14.09% 2002 12 31 22.12% 2003 2002 1,149,858 539,619 1,067,670 438,945 81.25 17.61 47 107 205 2003 2002 357,133 5.11% 760,047 11.34% 499,804 7.15% 444,692 6.64% 6,082,069 87.02% 5,445,281 81.27% 49,967 0.72% 50,282 0.75% 6,988,973 100.00% 6,700,302 100.00% 53.01%12.39% 2003

2003 12 31 2002 12 31 76,177 1.09% 634,419 9.47% 780,760 11.17% 570,320 8.51% 6,082,069 87.02% 5,445,281 81.27% 49,967 0.72% 50,282 0.75% 6,988,973 100.00% 6,700,302 100.00% 40,0004.536% 4,37136,177 48 7.17% 2,234 1.8% 2,137 1 A 6.04 B 2003 6 12 2003 12 31 383,507 2.20

2 H 2003 5 30 H H 10% 2004 2 H 2004 4 23 2003 H 3 4 49 5.5 2013 4 28 2003

5 2003 12 31 6 2002 8 28 2004 8 28 5 2002 7 1 0.2 2005 7 1 5.5 2003 6 10 50 2004 6 10 7 2003 9 27 0.2 2004 9 26 * 7.4 2003 10 20 2015 10 20 3 2003 11 1 2006 11 1 3 2003 11 5 2006 11 5 4 2003 11 26 2008 11 25 * 7.4

6 2003 2003 9 15 34,8041,648 2001 7 2003 12 23 2003 12 23 2007 10 31 80,70266,800 66,800 80,702 13,902 51 2003 12 26 3.06 6 3.06 2003 12 25 70,000 66,800 51% 2003

70,000 70,000 66,800 70,000 1 52 2 3 2003 12 311,029 91 32 141 765 156 15.2%44.9%

2003 12 31 2 2003 2003 34 352 4 200270 2015 1,065 10054.7 53 2003

!"#$%!!!!!!"#$!! 19.30 95% 6/4 120,000 1995 5 2027 3!"# 23.30 55% 6 120,000 1997 3 2027 3!"# 21.00 100% 6 120,000 1997 3 2027 3!"A B 18.40 100% 6 120,000 2001 3 2031 3! 20.14 40% 6 120,000 1995 5 2024 5! 34.52 51% 4 100,000 1995 5 2024 5!" 0.58 42% 4 100,000 2002 4 2017 4!!"#$%&'()*+,-./012*3%&'456789.:#;<=>?;<2!"#$%!#&'()*+!,-. /0123456%789:;,<=>&'!"#$%&'()*+, -./0123456 &789:;<=(>?@A 55 2003!

!"#$%!!"#$%&'()*+,(-.!"#/$0123!"#(4567!"!"#$%&'( )!"#*+&'(,!"-./0123( 45205!!"#$ %&'()*+,$ -"./0123*+45107!"#$%&!"!" #$%&'()*+,-./01234567"!"#$%&'()*+,-1999 5!"#$% 56!"#$%&'"(

!"#$%!!"#$%&'()*+,!"#-./%&01 203%&'4-)5%&678!"#$%&'(!"#$)*+,-./0#$123/0#$45628.92!!"#$%&'(A B 18.84!"2001 3 2003 6!"#!"#$%&'()*+,-./0123456789:%&;'()*+,<=>?!"#$%&'()* +,-./01234567"89 :;-<=>?@ABC!"#$%&'()*+,-./01234567809:; 57 2003!

!"#$%!!"#$%&'()*+,-./012+-./3)/45,!6789:;0<=!"#$%&'()*+,-./01234.5672002 2!"#$%&'2002 12!"40,000!"#$%&'()*+,-./012345&'()67(8 40% 58!!"#$% &'()!*+,-./0,1,2340%56&72589)!:107!"#$%&'()!"*+,-*.!,/0123319!"#$%&'!"#$%&'"(

!"#$% 2004 6!"#$%&'()*+,-./01!'23456789:;<=>!"#$%&'()*+,-./0123456$7!"#$ 59!"#$%&' ()*+,-./0+12345316!"#$%&'()*!"#$%&'()*+,579!"#$%2002 4 1!"#$%&'(!"#$%&'()*+,-./()0123454,300!"#$%&'()*!"#$%&'()*&+ ()42%! 2003!

0.60 1.20 1.80 20 2.40 40 3.60 60 2 2-4 <1.3 <3.2 1 0.60 2 4 1.3 3.2 1.5 0.90 2 6 1.3 3.2 2 1.20 3 6-10 1.3 3.2 3 1.80 20 >3 >10 1.3 3.2 4 2.40 40

2 12 0.40 26 13 19 0.70 611 20 49 1.00 1118 50 1.30 1825 1.60 25 1.90 61 2003

2003 12 31 1 1996 12 30 1997 3 12 2001 12 25 2 2003 2002 2002 20022003 2003 2003 63 2003 2002 2003 107 205 2003

2003 H 2003 3 27 64 4 2003 12 3183 2003 12 3184 87 4 5 2003 12 31 0.19 414,333,000 2004 3 23 H H

6 (1) 2003 1 132003 1 15 (2) 2003 5 28 2003 5 28 2005 12 31 (3) 2003 8 15 2003 8 15 (4) 2003 8 15 65 7 2003 5 28 2005 12 31 2003 1 1 2005 12 31 8 (1) 2003 2003

(2) 2003 6,372 (3) 2003 552 40 592 (4) 1,970 (5) 1,783 (6) 2003 19 19 0 10 10 50 50 100 66 3 6 3 2 1 0 0 0 4 9 2003 12 31

10 2003 12 31 15 352 771,188 1 2003 3 16 1,595,925 4 1 2003 3 16 2,750,700 5 2 2004 3 16 2,750,700 5 3 2005 3 16 1,628,363 4 1 2003 3 16 2,750,700 5 2 2004 3 16 2,750,700 5 3 2005 3 16 65,625 1 2003 3 16 67 194,625 1 2003 3 16 155,700 1 2003 3 16 155,700 1 2003 3 16 155,700 1 2003 3 16 1,608,900 4 1 2003 3 16 2,750,700 5 2 2004 3 16 2,750,700 5 3 2005 3 16 1. 3.456H 60% A 40% 2. 3.456 2003 3 16-2004 3 15 3. 3.456 2004 3 16-2005 3 15 2003

4. 2003 12 31 1,544,025 5. 2001 3 62003 10 30 2003 12 31 2003 12 31 5,501,400 68 11 12 13 14 2,180,700,000 20

15 2003 12 31 15 336 J.P. Morgan Chase & Co. H 53,508,000(L) 7.16%(L) 2.45%(L) 1 52,906,000(P) 7.08%(P) 2.43%(L) 654,780,000(L) 45.68%(L) 30.03%(L) 457,780,000(L) 31.94%(L) 20.99%(L) 69 91,000,000(L) 6.35%(L) 4.17%(L) (L) (P) 1. J.P. Morgan Chase & Co 53,508,000 HH 7.16% 380,000 H J.P. Morgan Chase & Co 222,000 H 52,906,000 H 15 336 2003 12 31 16 21 17 14 2003

18 2003 12 3123 24 19 2003 12 318 20 A 2001 121.65 A 3.66 3.45 6.04 B2003 12 31 3.835 2.20 21 2002 1 1 15% 70 5% 22 23 24 5% 25 2003 26 2003

27 2003 28 1516 29 30 1996 5 71 31 6(c) 32 2004 2 11 2004 3 5 25% 271,680 25% 167,500 33 2003

34 2003 12 31 35 2003 2003 2003 2003 2002 2002 1,145 1,150 710 270 640 84 72 19968 2001 8 A 2002 2003 3 2004 3 5

2003 12 31 2003 2002 20032002 20032003 2003 8 2 2003 73 2003 2003

2003 2004 3 5 74

48 2000 1 1993 4 2000 9 2000 3 (0152) (0106) 40 75 1987 2002 1 2002 10 2002 11 1 2003

41 1985 1988 1993 2000 12 401985 2002 1993 5 76 2003 3 42 1984 1990 2000 1 2000 1 2002 1

48 401987 2001 1994 77 50 1977 1994 31996 1 6 2003

62 1995 1999 35 1999 62 35 78 35 1991

39 ING 2000 2001 2001 57 79 1997 10 36 2001 3 2003

411984 1987 1998 10 43 1994 80 41 1994 A

31 19941999 1999 46 1995 2003 8 81 2003

83 136 82 2003 12 31 2004 3 5

2003 2003 2002 3 421,531 524,291 3 79,510 66,536 4 691,416 (82,188) (100,674) 6 (36,646) (45,950) (7,369) (16,561) (57,678) (50,570) 5 1,008,576 377,072 8 (13,140) (24,927) 59,094 61,873 1,054,530 414,018 9 (148,641) (61,085) 83 905,889 352,933 (6,517) (5,869) 10 899,372 347,064 11 414,333 261,684 12 0.412 0.159 2003

2003 2003 2002 13 5,614 14 3,306,899 4,205,215 18 39,849 269,146 16 1,319,175 1,240,010 17 372,946 84 5,044,483 5,714,371 6,131 5,892 19 637 1,124 17 649,330 13,574 16,179 1,274,818 962,736 1,944,490 985,931 192,760 145,484 121,291 4,563 23 3,082 24 480,000 24 40,000 130,000 357,133 760,047 ---------------- ---------------- 1,587,357 225,884 ---------------- ---------------- 6,631,840 5,940,255

2003 2003 2002 20 2,180,700 2,180,700 21 3,127,484 2,938,740 21 414,333 261,684 21 359,552 64,157 6,082,069 5,445,281 49,967 50,282 23 102,389 167,626 22 42,943 36,754 25 354,472 240,312 6,631,840 5,940,255 85 2003

2003 12 31 2003 2002 14 2,315,064 3,188,397 18 39,540 268,692 15 873,333 915,509 16 1,294,874 1,243,645 17 372,946 86 4,895,757 5,616,243 5,479 5,609 19 2,340 2,360 17 649,330 10,610 16,793 1,241,688 900,817 1,909,447 925,579 185,998 137,239 115,092 1,135 23 3,082 24 480,000 24 40,000 130,000 344,172 748,374 ---------------- ---------------- 1,565,275 177,205 ---------------- ---------------- 6,461,032 5,793,448

2003 12 31 2003 2002 20 2,180,700 2,180,700 21 3,055,496 2,885,088 21 414,333 261,684 21 347,406 60,615 5,997,935 5,388,087 23 87,095 148,419 22 21,530 16,630 25 354,472 240,312 6,461,032 5,793,448 87 2003

2003 12 31 2003 2002 1 1 5,505,253 5,363,392 2(j) (59,972) (47,105) 1 1 5,445,281 5,316,287 899,372 347,064 21 (261,684) (218,070) 21 (900) 12 31 6,082,069 5,445,281 88

2003 2003 2002 445,140 553,925 (17,963) (47,091) (39,744) (42,159) (53,478) (68,315) 26(a) 333,955 396,360 (13,812) (25,962) (36,320) (36,150) 10,183 294,006 334,248 ---------------- ---------------- (177,264) (304,010) 965,000 463 100 28,179 25,938 26(d) (24,318) (40,000) 618 7,862 113,861 52,663 132,000 (140,725) 358,300 (193,040) (140,000) 54,394 41,526 89 899,275 (137,728) ---------------- ---------------- 1,193,281 196,520 ---------------- ---------------- 2003

2003 2003 2002 26(b) 366,758 1,255,359 (925,000) (1,390,000) 80,000 30,000 900 (3,913) (4,674) (261,684) (218,070) (5,360) (10,112) (749,199) (336,597) ---------------- ---------------- 444,082 (140,077) 1 1 760,736 900,813 90 12 31 1,204,818 760,736 1,274,818 962,736 (70,000) (202,000) 1,204,818 760,736

1 1996 12 30 2 (a) 2003 1 1 12 91 2(j) 2003

2 (b) 12 31 92 (c)

2 (d) 20 (e) 93 3% 7% 10% 20% 17% 2003

2 (e) 94 (f) (g)

2 (h) (i) 95 (j) 2003

2 (j) 12 2002 12 31 36,754,00022 24,224,000 1,006,00012,398,000 2002 12 31 12,867,00059,972,000 2002 2003 1 137,647,00047,574,000 21 96 (k) (l) (m)

2 (n) 2(o) (o) 97 2003

2 (p) (i) (ii) 98 (iii) 6(c) (q)

3 2003 2002 444,653 553,048 (a) (23,122) (28,757) 421,531 524,291 9,616 12,312 18,563 13,010 2,413 25 35,840 32,982 (b) 10,183 5,308 5,819 99 79,510 66,536 501,041 590,827 (a) 5% 1% 3% (b) 2003 10 28 [2003]784 10,183,000 (c) 2003

4 (a) 2003 3 18 19.3107 205 2003 3 19 (b) (1) 10 25%4.825 (2) 2003 12 31 25%4.825 (3) 2004 12 31 30%5.79 (4) 2005 12 313.86 100 2003 12 31 9.65

4 (c) 1,930,000 (i) 106,109 (ii) (48,833) 1,987,276 (965) (1,294,895) 691,416 (i) 965,000 105,144,000 9106,109,000 2004 101 (ii) 2003 3.5% 2003

4 (d) 2003 691,416 (105,144) 586,272 2004 35,779 2005 13,054 635,105 102 5 2003 2002 286 3,475 1,145 1,220 980 724 297 69 39 131 16(e) 28,311 14,519 153

6 2003 2002 25,267 30,244 (a) 4,284 4,870 (c) 2,415 2,147 4,680 8,689 36,646 45,950 (a) 2001 3 6 60,471,000 103 (i) (ii) 1,498,538 3,477,300 4,975,838 (1,498,538) (3,477,300) (4,975,838) 2003

6 (ii) 4,284,000 1,617,0002,667,000 2003 10 30 2003 12 31 (b) 2003 12 31 104 2,750,700 2004 3 16 2,750,700 2005 3 16 5,501,400 (c) 12% 7% 2002 12% 7% 2003 12 312,415,000 2002 2,147,000

7 (a) 2003 2002 872 477 82 116 690 129 696 723 319 250 29 18 927 89 105 3,615 1,802 2001 3 6 1,498,5381,617,000 6(a) 2003 2002 12 31 2003 2002 12 31 2003

7 (b) 2002 2002 2003 2002 592 828 285 255 32 30 286 108 1,195 1,221 106 2003 2002 12 31 0 1,060,0001,000,000 8 2003 2002 13,812 25,962 (672) (1,035) 13,140 24,927 1.8% 7.17% 2002 1.8% 7.17%

9 2003 2002 47,904 40,679 4 105,144 22 6,189 8,025 159,237 48,704 (10,596) 12,381 148,641 61,085 107 2003 2002 1,054,530 414,018 15% 2002 15% 158,180 62,103 (12,487) 1,525 (23,100) (12,074) 20,433 3,382 6,457 6,149 (842) 148,641 61,085 2003

9 (a) 2003 15% 33% (b) 50% (c) 108 10 871,532,000 2002 295,348,000 11 2003 2002 0.19 20020.12 414,333 261,684 2004 3 50.19 2004 12 31

12 899,372,000 2002347,064,000 2,180,700,000 2002 2,180,700,000 13 2003 12 31 26(d) 5,689 (75) 109 5,614 2003 12 31 5,689 (75) 5,614 15(c) 2003

14 110 2003 1 1 3,628,529 533,569 222,195 179,443 16,146 4,579,882 9,129 1,780 10,909 18 435,743 11,197 19,115 466,055 39,888 (39,888) 4 (1,269,647) (161,491) (52,726) (14,980) (6,448) (1,505,292) (196) (2,347) (2,543) 2003 12 31 2,834,513 332,190 180,666 192,511 9,131 3,549,011 2003 1 1 239,515 38,841 32,924 52,055 11,332 374,667 45,426 7,744 7,208 19,294 2,516 82,188 4 (162,723) (21,452) (18,492) (4,092) (5,973) (212,732) (152) (1,859) (2,011) 2003 12 31 122,218 25,133 21,640 67,105 6,016 242,112 2003 12 31 2,712,295 307,057 159,026 125,406 3,115 3,306,899 2002 12 31 3,389,014 494,728 189,271 127,388 4,814 4,205,215

14 2003 1 1 2,830,481 293,986 188,472 135,012 13,629 3,461,580 8,068 1,665 9,733 18 435,743 8,514 15,882 460,139 39,888 (39,888) 4 (1,269,647) (161,491) (52,726) (14,980) (6,448) (1,505,292) (196) (2,347) (2,543) 111 2003 12 31 2,036,465 92,607 144,260 143,786 6,499 2,423,617 2003 1 1 188,839 23,805 25,021 25,906 9,612 273,183 25,937 2,338 5,435 14,144 2,259 50,113 4 (162,723) (21,452) (18,492) (4,092) (5,973) (212,732) (152) (1,859) (2,011) 2003 12 31 52,053 4,691 11,964 35,806 4,039 108,553 2003 12 31 1,984,412 87,916 132,296 107,980 2,460 2,315,064 2002 12 31 2,641,642 270,181 163,451 109,106 4,017 3,188,397 2003

14 (a) (b) 4 107 205 1,292,560,000 2,335,000 1,294,895,000 15 2003 2002 112 750,040 721,050 (d) 123,293 194,459 873,333 915,509 (a) 2003 12 31 *95% (b) 99.75%

15 *70% *100% * (b) 60%35% 5% 99.75% 113 (c) 2003 1024,875,000 26,574,000 100% 42%5,689,000 2003 11 1 2003 12 31 202,000 2003 12 31 18,476,00042,000 (d) 123,293,000 2002194,459,000 2003

16 2003 2002 2003 2002 395,060 395,060 (h) (62,650) (9,060) 332,410 386,000 114 354,998 382,365 (b) 10,773 9,060 (e) (9,060) (9,060) 356,711 382,365 332,410 386,000 (c) 962,464 526,374 962,464 526,374 (d) 46,464 43,424 46,464 43,424 (e) (46,464) (18,153) (46,464) (18,153) 1,319,175 934,010 1,294,874 937,645 (g) 306,000 306,000 1,319,175 1,240,010 1,294,874 1,243,645

16 (a) 2003 12 31 *55% *51% *40% 115 *40% **42% * ** 2003

16 (b) 2002 121,791,000 78,000 2002 2003 1 1 (c) 401,453,000 2002 416,374,000 264,401,000 2002 110,000,000 296,610,000 2002 (d) (e) 2001 9,060,000 2001 2002 18,153,000 116 2003 12 31 28,311,000 2,000,00016(h)

16 (f) 2003 12 31 (ii) (i) (i) 2003 2002 2003 2002 2003 173,107 149,056 16,138 12,473 103,998 139,810 116,188 (153,671) (3,983) 30,870 (20,462) (17,430) 44,888 (5,480) (2,609) 119,348 98,758 (108,783) (9,463) 28,261 117 1,207,197 1,211,521 617,079 781,884 942,796 26 49,824 53,801 23,758 8,025 14,396 46,969 (10,378) (9,892) (4,387) (3,650) (9,775) 43,423 13,866 3,638 10,746 37,194 (523,417) (609,385) (581,758) (600,000) (292,072) (558,008) (28,105) (24,661) (25,838) (20,902) (6,126) 699,098 591,367 62,945 171,728 123,784 2003

16 (f) (i) 12 2(j) (ii) 150,981,000 49,824,000 (g) 2002 12 31 118 1998 7 22 8 2 1.02 51% 6 306,000,0006 51% 49%

16 (g) 2007 2003 12 23 2007 10 31 80,702,000 66,800,00013,902,000 2003 12 23 306,000,000 (h) 2003 2002 119 1 1 16(e) 9,060 9,060 16(e) 2,000 (i) 51,590 12 31 62,650 9,060 (i) 16(f)(ii) 16(g) 51,590,000 2003

17 2003 3 18 2004 2005 919,755,0002004 102,521,000 4(b) 2004 579,000 (32,191) 546,809 2005 386,000 (13,054) 372,946 965,000 (45,245) 919,755 2004 4(c)(i) 106,109 (3,588) 102,521 120 1,071,109 (48,833) 1,022,276 685,109 (35,779) 649,330 386,000 (13,054) 372,946

18 2003 2002 2003 2002 1 1 269,146 64,175 268,692 64,066 236,758 229,819 230,987 228,268 14 (466,055) (24,848) (460,139) (23,642) 12 31 39,849 269,146 39,540 268,692 2003 12 31 19 121 72,295,000 2002 61,594,000 79,256,000 2002 63,094,000 20 A H 2003 2002 12 31 654,780 613,420 165,000 747,500 2,180,700 1 2003

21 2003 1 1 2,060,909 227,303 209,535 453,391 2,951,138 373,415 12 2(j) (6,311) (6,087) (12,398) (47,574) 122 2003 1 1 2,060,909 220,992 203,448 453,391 2,938,740 325,841 899,372 98,028 91,616 189,644 (189,644) 2002 (261,684) (900) (900) 2003 12 31 2,060,009 319,020 295,064 453,391 3,127,484 773,885 2003 414,333 359,552 2003 12 31 773,885 2,060,009 319,020 295,064 453,391 3,127,484 755,659 18,226 2003 12 31 2,060,009 319,020 295,064 453,391 3,127,484 773,885

21 2002 1 1 2,060,909 156,574 156,574 453,391 2,827,448 355,244 12 2(j) (4,814) (4,644) (9,458) (37,647) 2002 1 1 2,060,909 151,760 151,930 453,391 2,817,990 317,597 347,064 69,232 51,518 120,750 (120,750) 2001 (218,070) 123 2002 12 31 2,060,909 220,992 203,448 453,391 2,938,740 325,841 2002 261,684 64,157 2002 12 31 325,841 2,060,909 220,992 203,448 453,391 2,938,740 313,008 12,833 2002 12 31 2,060,909 220,992 203,448 453,391 2,938,740 325,841 2003

21 2003 1 1 2,060,009 191,709 191,709 453,391 2,896,818 327,199 12 2(j) (5,865) (5,865) (11,730) (4,900) 124 2003 1 1 2,060,009 185,844 185,844 453,391 2,885,088 322,299 871,532 85,204 85,204 170,408 (170,408) 2002 (261,684) 2003 12 31 2,060,009 271,048 271,048 453,391 3,055,496 761,739 2003 414,333 347,406 2003 12 31 761,739

21 2002 1 1 2,060,009 156,574 156,574 453,391 2,826,548 313,711 12 2(j) (4,475) (4,475) (8,950) (1,200) 2002 1 1 2,060,009 152,099 152,099 453,391 2,817,598 312,511 295,348 33,745 33,745 67,490 (67,490) 2001 (218,070) 125 2002 12 31 2,060,009 185,844 185,844 453,391 2,885,088 322,299 2002 261,684 60,615 2002 12 31 322,299 2003

21 (a) (i) (ii) 10% 50% (iii) 10% (iv) (v) 126 (b) (c) (d)

21 (e) 2003 12 31 414,333,000 229,881,000 2002 18,179,000 22 15% 2002 15% 2003 2002 2003 2002 1 1 36,754 28,729 16,630 10,150 9 6,189 8,025 4,900 6,480 127 12 31 42,943 36,754 21,530 16,630 2003

22 2003 2002 2003 2002 1 1 (1,878) (1,878) 12 31 (1,878) (1,878) 128 2003 2002 2003 2002 1 1 36,754 28,729 16,630 10,150 8,067 8,025 6,778 6,480 12 31 44,821 36,754 23,408 16,630 44,821,000 200236,754,000 23,408,000 200216,630,000

22 2003 2002 2003 2002 (1,878) (1,878) 44,821 36,754 23,408 16,630 42,943 36,754 21,530 16,630 23 129 2003 2002 2003 2002 (a) 36,177 24,419 36,177 24,419 (b) 54,000 124,000 54,000 124,000 (c) 15,294 19,207 105,471 167,626 90,177 148,419 (a) (3,082) (3,082) 102,389 167,626 87,095 148,419 2003

23 (a) 4,370,897 2,136,6971.8% 2,234,200 7.17% 2004 2 2 2011 8 1 (b) (c) 24 2003 12 31 130 2003 2002 2003 2002 1 40,000 610,000 3,082 2 5 19,401 19,401 5 82,988 148,225 40,000 610,000 105,471 167,626 2003 12 31 4,090,000,000 2002 3,000,000,00040,000,000 2002 610,000,000

25 2003 2002 1 1 (a) 240,312 273,294 (b) 150,000 (35,840) (32,982) 12 31 354,472 240,312 (a) A B 2001 11 21 [2001]764 300,000,000 2(n) 131 (b) B 2001 11 21 [2001]764 150,000,000 2(n) 2003

26 (a) 2003 2002 132 1,008,576 377,072 82,188 100,674 153 131 28,311 14,519 (691,416) 69 39 (239) (77) (2,950) (5,646) 487 (3,088) (17,022) (32,435) (9,616) (12,312) (18,563) (13,010) 3,475 (35,840) (32,982) (10,183) 333,955 396,360

26 (b) 2003 2002 2003 2002 2003 2002 1 1 4,241,609 4,241,609 50,282 48,414 777,626 886,941 900 6,517 5,869 (5,360) (4,901) 366,758 1,255,359 80,000 30,000 (3,913) (4,674) (925,000) (1,390,000) (150,000) (900) (1,472) 133 12 31 4,240,709 4,241,609 49,967 50,282 145,471 777,626 (c) 16(g) 306,000,000 2003

26 (d) 15(c) 2003 18,595 117 2,256 (83) 20,885 5,689 26,574 134 26,574 20,000 2003 26,574 (2,256) 24,318

27 2003 12 31 2003 2002 328,000 252,630 1,197,000 496,000 1,525,000 748,630 611,000 2,136,000 748,630 135 2003 12 31 28 2003

29 (a) 2004 2 11 22.68 (b) 2004 3 5 25% 271,680,000 1,000,000 270,680,000 136 30 2004 3 5

2003 2003 12 31 2003 12 31 2003 12 31 852,037 5,952,866 (3,979) 65,356 2,447 16,368 106,109 106,109 (48,833) (48,833) (8,475) (9,797) 66 137 47,335 129,203 899,372 6,082,069 2003

2004 4 23 10:00 5022A 192003 1 2003 2 2003 3 2003 4 2003 5 2004 6 2004 138 7 8 12 66(2) 81 92 95 105 12 66 571 Securities and Futures Ordiance (Chapter 571 of the Laws of Hong Kong))

81 92 139 2003

95 70% 50% 50% 140 105 ()

9 10 H H 10% (a) (b) (c)(d) H (b) (a)h H 10% (c) (a) (i) 2004 4 232004 2004 (c)(i) 141 (ii) (iii) 25 2003

(d) (i) (ii) (iii) (e) H (i) (a)h (ii) 142 11 (a) 20% (b) 2004 3 5

2004 4 23 11:00 5022A 192004H H H H 10% (a) (b) (c)(d) H (b) (a)h H 10% (c) (a) 143 (i) 2004 4 23 2004 2003 (c)(i) (ii) (iii) 25 2003

(d) (i) (ii) (iii) (e) H (i) (a)h (ii) 144 2004 3 5

2004 4 23 11:30 5022A 192004 H H 10% (a) (b) (c)(d) H (b) (a)h H 10% (c) (a) 145 (i) 2004 4 23 2004 2003 (c)(i) (ii) (iii) 25 2003

(d) (i) (ii) (iii) (e) H (i) (a)h (ii) 146 2004 3 5 2004 3 23 2003 H 2004 H 2004

1 20032004 H 2004 2004 4 3 2 H 2004 3 24 2004 4 23HH 2003 H2004 3 23 1 2 24 H 3 4 147 1 A 2 3 183 19 1901 5 4 5022 A 19 518026 (86) 755 8294 5880 (86) 755 8291 0496 8291 0696 2003

A 1.00 CEPA 148 H 1.00

42% 107 107 149 205 205 2003

A A B B C C 2003 12 31 12 150

Shenzhen Expressway Company Limited johnson@sz-expressway.com 5022A 19 518026 (86) 755-8294 5880 (86) 755-8294 5638 (86) 755-8291 0696 http://www.sz-expressway.com 1996 12 30 2001 12 19 44030110018527 151 440304279302515 http://www.hkex.com.hk http://www.sse.com.cn. http://www.sz-expressway.com H 0548 A 600548 22 2003

5020 15 16 8 29 2911-2912 B 16 152 8 29 2911-2912 (852) 2543 0633 (852) 2543 9996 183 19 1901 5 166 36 8 29 2911-2912 5022 A 19