2 6 8 10 15 16 23 28 31 34 36 50 52 68 70 78 79 149 153

1231 2005 2004 2003 2002 2001 * * * * 911,482 705,776 598,137 646,128 604,519 910,535 654,463 1,204,275 558,372 575,303 742,901 522,777 1,084,412 428,695 458,172 642,280 498,725 1,058,433 403,768 416,525 562,209 422,706 910,882 343,974 404,645 552,622 414,888 904,484 338,230 398,402 0.25 0.19 0.41 0.16 0.20 0.12 0.11 0.19 0.12 0.10 1231 2005 2004 2003 2002 2001 * * * * 10,079,315 7,527,763 7,184,338 6,957,138 7,032,522 3,706,556 1,458,998 1,116,098 1,530,468 1,727,499 6,329,621 6,027,065 6,026,510 5,384,616 5,264,456 6,372,759 6,068,765 6,068,240 5,426,670 5,305,023 2.90 2.76 2.76 2.47 2.41

** 1231 2005 2004 2003 2002 2001 * * * * 84.14% 74.17% 181.29% 66.35% 75.79% 68.57% 66.36% 67.02% 64.23% 63.72% 8.73% 6.88% 15.01% 6.28% 7.57% 7.74 21.99 41.74 17.20 11.00 1231 2005 2004 2003 2002 2001 * * * * 58.16% 24.04% 18.39% 28.20% 32.56% 25.24% 5.72% 5.35% * 2005 **

20051231 2005 1231 2005 1231 485,043 6,269,421 13,902 13,902 (311) 16,706 (848) (848) 6,315 (5,027) 34,955 34,955 13,054 512 512 67,579 60,200 552,622 6,329,621

1996123012.68219973 H7.47519973120548200112 A1.6520011225600548 21.8070152 30.03% CEPA

20051231

2005 2004 2005911,482 2004705,776200429.15% 552,6222004414,888 0.2520040.19200433.20% 20050.12 54% 48%

2005 2004 31%29% 2005 25 280 2004 20058 20,565 20062

2006 60 2006331

20059.9%10% 2005 12.5%15% 4,2801,82919.8%24.2% CEPA 200515,351 13.4%1,62018.6% 20% 2005 14,7708% 95%9.747.7% 20063 20022005 46.181.375%2005 97 2005911,4822004 705,77629.15% 552,6222004414,8880.25 20040.1933.20%

18 2005 2004 2005 2004 76,343 64,199 18.92% 795,315 707,711 12.38% 56,468 44,446 27.05% 786,573 631,107 24.63% 46,462 35,257 31.78% 739,855 593,856 24.58% AB 11,572 9,427 22.75% 115,139 89,165 29.13% 54,747 39,733 37.79% 504,054 382,291 31.85% * 31,739 229,452 * 20057200510 2005 28%35% 40%60% 2006 2005 738%2005 24% 30,000

AB 2005 C 2005 25% 10,362 546,907 200411 30% 6,120 164,830 200412 25% 6,563 200,847 200511 56.28% 16,459 364,449

27%39%2005 2005 80 215.85 20 55%42%51%25%

70.3 200522,895 728,039200410%17% 200510 8,276324,889 5,3932,7301% 200561 6516.7% 43.512.5% 2005 20064

C 9.15 80% 2006 2007C 14.3448%2007 66 1997 2005122008

200530%56.28%55% 63 2004 2005 2003 200628 4.8420.09% 76.37% 1512

2004 19.0820051232006 59,968 20071.37 30% 2006 2.54 2.5% 2.5% 10,9142,705 200512,010656 9(b)

2004 2005 911,482 705,776 29.15% 298,135 259,588 14.85% 766,916 523,483 46.50% (24,015) (706) 100,621 24,052 318.34% 552,622 414,888 33.20% 2005911,482200429.15% 12.07%24.29%24.24%28.78%31.49%5.38% 2005820.12% 200530.95%26.15% 200561 19 3.83%

2005 2004 10.42 11.02-5.50% 13.93 14.20-1.90% 15.92 16.84-5.46% 9.95 9.46 5.20% 9.21 9.62-4.31% 10.81 11.93-9.41% 7.27 7.97-8.77% 11.90 12.37-3.83% * 31.80 27.86 14.15% 12.67 12.37 2.38% * 2005613%5% 298,13514.85% 27.30%167,634 37.78%67,163 4,412 5.05%15,181

25.57%48,157 40,000 67.10%191,930 9,79821.26% 13,054200435,779 63.51% 6,315 JEL34,955 27,356200435,708 8,352 10,309 72,83054,962 67,323 5,50759,968 5,507

766,91646.50% 68.57%2.21 24,015 11 2005 2004 213,360 184,105 29,255 15.89% 117,535 94,907 22,628 23.84% 211,339 166,480 44,859 26.95% 25,193 31,948 (6,755) -21.14% 42,913 33,580 9,333 27.79% 1 5,992 2,645 3,347 126.54% 2 157,889 67,076 90,813 135.39% 774,221 580,741 193,480 33.32% (31,320) (57,964) 26,644-45.97% 742,901 522,777 220,124 42.11% 1 2 318.34%100,621

200511 31 2004 39 200511 11,342 6,315 320051120051231 20 200411 17 2004123159,541 8893 2.1

200512318,993,84620045,813,76054.70% 406,8592,096,205817,770 1622 200512311,085,46920041,714,003 892,48531,615157,829 386,000 20051231956,5362004883,556 253,90016,208141,760 27,901JEL384,062 200512316,372,75920046,068,765 303,994552,6222004239,877

200512312,750,020 2,230,6022,195,79525,243 9,564 155,030148,266 86,049 88,75126,534 364,388 291,408 54,000 18,980 2.5% 2.5%2.5% 30,0001 15,000 20051231892,48520041,241,838 349,353 2005564,7522004470,487 20.04% 1,691,113386,000 18,980 2,793,516328,869

20051231 36.77%200419.38% 25.24%2004 515,845 58.16%200424.04% 7.74 200421.99 20051231 C 50.46 42 20053 AAA 20051231 5.42%4.78%

20051231 10031.8 68.2 20051010 202006112006110 93.07% 2001A6.04B B2001620036 25,987439,98720051231 164,013B BA 16 2004

192005 1020061

20051231 58,2006.7630,051

20052009 2006 2006 200612 20 2006

2010 3,0001,400 20084,000

20053

2005826 1220051231 20031120051231 20054863 20051228 20061120081231 56

3 6 7174 41/3 200510 H

2005100% / 8/8 2005488 10/10 4/10# 200517 10/10 6/10# 8/10# 8/8 2005488 6/8# 2005488 2/2 2005482 2/2 2005482 2/2 2005482 9/10# 9/10# 10/10 6/6 2005636 2/4# 2005634 #

5 200111 2005 2005428 1 1 1 1 1 1 1 1 200548 2005 2005~2009 19998 2005 200563 4 4 7 6 7 7 200563 3 3 20057

2005 2005 20051231 2006331

20011120031 20056 2005 3 3 3 3 2005428 3 3 200548 20053 20042005 5658 20056

2005 3 3 3 3 2005428 3 3 200548 20053 20048 2005 3 3 3 3 2005428 1 1 200548 2 1 20053

78 79148 3200512 31 20031120051231 20054820051228 20061120081231 56

20057 68 20008 200412

2005 199610 20032004 2 2005 2005 2004 1,650 1,265 1,230 1,006 800 500 150 a. b.

45 53 5961 2004 5051

2005826

2005 2005 40 2005 67120 1 2

3 2005 4 5 2005 6 8 10 12 16.52 2005 0.12 54%48% 2006

20051231 1 199612301997 31220011225 2 20051039 40 3 2005 2005218 20042005 200548 2005 2005523 2005 200563 2005 2005826 2005 20051010 2005 20051228

(1) 2004 2005 30% 56.28% 55% (2) H 4 2326 5 6 2005123183 200512317982

24 7 (1) 2005 200512310.12 261,684,0002005 H5 (2) 2004 200420042,180,700,000 0.112004239,877,000 2 8 (1) 7175 (2) 200352820051231 20054820051231200563200512 3120031120051231 (3) (4) 3.13 (5)

9 2005.04 2005.04 2005.04 2005.04 2005.04 2005.04 2005.06 2005.04 2005.04 2005.06 2005.08 2005.08 2005.08 2005.08 2005.08 2005.08 2005.08 2005123120051228 200616 3 20061120081231 10 20054

2005 14 756 770 2005.04 16 715 731 4 443 447 11.5 11.5 10 10 8 8 2005.04 9.5 9.5 300 14 326 150 11 161 150 12 162 150 15.5 172 86 10.5 100 2005.06 0 11.5 11.5 11.5 13 357 370

541 541 161 161 2005.09 179 179 2005.09 563 563 638 638 483 483 536 536 6,391 1 1.001.04 2 45.643.2512020606060 200120031030 5,501,4004,412

11 (1) 20051231 15352 (2) 12 2,180,700,00015 13 (1) 2005123133,4834H464A33,015 (2) 20051231336 1 2 654,780,000 45.68% 30.03% 3 457,780,000 31.94% 20.99% 3 91,000,000 6.35% 4.17% H H H 4 Sumitomo Mitsui Asset Management Company, Limited 67,036,0005 8.97% 3.07% J.P. Morgan Chase & Co. 63,376,0006 8.48% 2.91% Sumitomo Life Insurance Company 59,674,0007 7.98% 2.73%

1. 2006123A 2006224A103.2 A2006227 A2006228 654,780,000 30.03% 654,780,000 30.03% 457,780,000 20.99% 46,320,113 411,459,887 18.86% 91,000,000 4.17% 3,788,677 87,211,323 4.00% 64,640,000 2.96% 2,691,210 61,948,790 2.84% 1,268,200,000 58.15% 52,800,000 1,215,400,000 55.73% 2. 3. 4. 5. 67,036,000HSumitomo Mitsui Asset Management Company, Limited 6. 63,376,000HJ.P. Morgan Chase & Co., 70,000 28,858,00034,448,000 7. 59,674,000HSumitomo Life Insurance CompanySumitomo Mitsui Asset Management Company, Limited 15336 20051231

(3) 20051231 HKSCC NOMINEES LIMITED 728,587,398 H 16,341,584 A 4,712,850 A HSBC NOMINEES (HONG KONG) LIMITED 3,872,000 H 3,232,310 A ARSENTON NOMINEES LIMITED 3,000,000 H 2,973,371 A ING BANK N.V. 2,340,776 A 1,673,925 A MERRILL LYNCH INTERNATIONAL 1,340,998 A HKSCC NOMINEES LIMITEDH (4) 14 2002HH H200548 HH 10%H2005 HH H

15 16 17 16 18 5 19 17 20 25 21 200515% 33% 3%5%2005531 5%2005613% 22 23 910 24 2005

25 200514A (1) 20041281.7930% 2.96% 2005218 (2) 200523 18.392 56.28%2.96% 56.28%2005215200546 2005523 20051229 25%200512312006 630 (3) 2005319 Sabagaya Sendirian BerhadJEL11.884 100%6.536 55% 30.03% 200563 2005712 JEL55%20058

26 21 27 (2003)56 2005 28 (1) 95%14 2005625 (2) JEL154,000,000 6.8200585 6.8 14 95% * 6.5 JEL ** 6.8 1.54 *** 2 * ** ***

29 (1) 13.16 56.28% 958,883 (2) 13.22 20051231 20051231 2,725,845 93,164 2,819,009 602,124 1,748,720 2,350,844 468,165 30 5%

31 (1) 200611093.07% (2) 2006114 (3) 2006284.84 20.09% 153535 32 (1) 200512311,303 318985 31% 83% (2) 2004 (3) (4) 200512312

(5) 7 1,182 (6) 33 20051231 34 47 35 38 2006331

2005 71 20042005 2005 2004200420042005 2005 20.09% 2005

2005 1 2005 2 2005 3 2001121.65A6.04B20051231 4.4 4 30%56.28%55% 2006331

45 1982 19972000 20003 2005420046 20054 421987 2002 199611 20021200210 20021119971

50 20003 20054 Shenzhen High-Tech Holdings Limited 59 199710199862005420054 43 2000520045 20061

50 19992004 419986 4219872001 1994 20013 521977 19961220021220031996 1 64 1988 20031

37 1999320062 20031 41 1993 20035 57 1987 1991 19919200412 Bel Fuse Inc. 20056

4219852002 1994 200592004 6199712005420061 41 19982 20045 20061 43 199810 20031

48 1995 20058 481994 20058 38 199411998 200320058 20058 43 1994 A 20058

331994 1999 1999 200211 4919983 20003200410200410 34 2000102003320033 20049 36 1992MONASH 2000 20049

() 79148 20051231 2006331

2005 12 31 2005 2004 5 4,055,081 4,130,363 6 693,443 286,584 7 368,830 386,468 8 824,585 6,815 11 2,966,903 870,698 18 6,764 9,473 10(d) 78,240 123,359 8,993,846 5,813,760 3,540 7,367 12 157,829 408,810 13 31,615 55,988 14 892,485 1,241,838 1,085,469 1,714,003 10,079,315 7,527,763 15 2,180,700 2,180,700 16 3,376,930 3,247,852 29 261,684 239,877 510,307 358,636 6,329,621 6,027,065 43,138 41,700 6,372,759 6,068,765

2005 12 31 2005 2004 17 2,230,602 142,911 18 155,030 59,767 19 364,388 372,764 2,750,020 575,442 20 670,692 283,443 15,736 17,031 17 270,108 583,082 956,536 883,556 3,706,556 1,458,998 10,079,315 7,527,763 128,933 830,447 9,122,779 6,644,207 87148

2005 12 31 2005 2004 5 2,158,511 2,196,726 6 648,089 280,242 7 70,504 73,862 9 812,690 808,974 10 1,105,944 1,207,483 11 2,601,624 871,404 7,397,362 5,438,691 2,225 6,292 12 144,074 413,347 13 31,615 55,988 14 748,672 1,163,284 926,586 1,638,911 8,323,948 7,077,602 15 2,180,700 2,180,700 16 3,249,416 3,152,408 29 261,684 239,877 503,248 359,383 6,195,048 5,932,368

2005 12 31 2005 2004 17 1,285,243 130,819 18 32,218 26,671 19 364,388 372,764 1,681,849 530,254 20 242,243 245,748 6,150 17 204,808 363,082 447,051 614,980 2,128,900 1,145,234 8,323,948 7,077,602 479,535 1,023,931 7,876,897 6,462,622 87148

2005 12 31 2005 2004 21 911,482 705,776 22 191,930 114,861 23 (38,361) (37,566) (167,634) (131,686) 24 (67,163) (48,748) (15,181) (14,451) (48,157) (64,703) 766,916 523,483 25 (100,621) (24,052) 11 (24,015) (706) 642,280 498,725 26 (80,071) (76,019) 562,209 422,706 27 552,622 414,888 9,587 7,818 562,209 422,706 28 0.25 0.19 29 261,684 239,877 87148

2005 12 31 15 16 200411 2,180,700 3,127,484 773,885 6,082,069 200411 49,967 49,967 17 2.1 (55,559) (7,743) (63,302) 200411 2,180,700 3,127,484 718,326 42,224 6,068,734 414,888 7,818 422,706 (915) (915) 120,368 (120,368) 2003 (414,333) (7,427) (421,760) 20041231 2,180,700 3,247,852 598,513 41,700 6,068,765 200511 2,180,700 3,247,852 598,513 41,700 6,068,765 39 2.1 (11,342) (11,342) 200511 2,180,700 3,247,852 587,171 41,700 6,057,423 1,153 1,153 552,622 9,587 562,209 2005 1,153 552,622 9,587 563,362 127,925 (127,925) 2004 (239,877) (8,149) (248,026) 20051231 2,180,700 3,376,930 771,991 43,138 6,372,759 87148

2005 12 31 2005 2004 920,170 708,230 27,868 17,351 26,836 32,445 (45,581) (45,720) (57,666) (47,008) (152,640) (105,374) 30 718,987 559,924 (88,992) (23,771) (75,552) (65,666) 10,309 564,752 470,487 (425,271) (295,501) 12(c) 386,000 684,597 (105,204) (929) 31 (612,651) 11(b) (1,653,754) (868,270) 11(c) (101,840) (1,468) 40,092 35,281 9,798 12,444 70,000 (2,357,626) (469,050)

2005 12 31 2005 2004 3,394,072 880,807 (1,702,959) (463,082) (16,409) 18,980 (2,528) (3,145) 29 (239,877) (414,333) (8,149) (6,890) 1,443,130 (6,643) (349,744) (5,206) 1,241,838 1,247,406 391 (362) 14 892,485 1,241,838 87148

2005 12 31 1 19961230 5022A19 HA 2006331 2 2.1 4

2005 12 31 2 2.1 20052004 1 2 7 8 10 16 17 21 23 24 27 28 31 32 33 36 38 39 39 2 3 1, 2, 7, 8, 10, 16, 21, 23, 24, 27, 2833 1 2, 7, 8, 10, 16, 23, 27, 2833 21 24

2 2.1 17 31 31 3239 200511 2 2.15(b)20041231 200511 2002117 200511 2005

2005 12 31 2 2.1 3363820041231 20 32.7(a) 200511 20041231 20051231 38 16 21 39 39 200511 2 200511 2002117 3 200511

2 2.1 1720041155,559,0002004 20051231 2005 2004 449,788 465,092 368,830 386,468 11,069 10,717 8,376 8,366 61,513 59,541 2,344 4,721 352 708 10 31 0.001 0.002 17 31 31 31 2005 2004 1,814,431 1,224,720 2,164,796 1,436,488 109,132 44,573 375,599 15,541 83,898 240,800 152,486 99,893 309,119 198,113 4,665 2,906 161,298 101,126 31200411

2005 12 31 2 2.1 338 2005 512 3,090 3,602 512 3,090 0.002 3200411 3920051111,342,00020051231 2005 5,027 5,027 6,315 0.003 39 200611

2 2.1 1 21 394 7 4 2.2 1231 (a) 2.7(a)

2005 12 31 2 2.2 (b) 20%50% 2.7(a) (c)

2 2.3 (a) (b) (c) (i) (ii) (iii)

2005 12 31 2 2.4 1 1030 8-10 5-10 5-6 2.8

2 2.5 2.17 2.6 2.7 (a) (b) 2.8

2005 12 31 2 2.9 20041231 200511 12 2.11 2.10 2.11

2 2.12 2.13 12 2.14

2005 12 31 2 2.15 (a) (b) (c) 12 (d)

2 2.16 2.17 2.18 (a) (b)

2005 12 31 2 2.18 (c) (d) (e) (f) 2.19 2.19 2.20

3 3.1 (a) 20051231 58,200,000676,195,000 30,051,000 (b) 200512316,820,000,000 (c) 3.2

2005 12 31 4 4.1 (a) 2.42.19 2.4 20051231 2001 130,010,000 27,356,000 (b) 653,632,0001,839,200,000179,180,000 Jade Emperor LimitedJEL55% 56.28% 30% 3111(b)(i)11(b)(ii)3

4 4.1 (b) 1) 2) JEL20051231 34,955,00022 JEL5%2006 1231123,000,000 20061231

2005 12 31 4 4.1 (c) 9(b) 40,000,000 200512312006 10%20061231 4,000,000 4.2 20051231 2.18(b)67,323,000 20(b)22(a) 20051231 5%20061231 86,000,000 77,000,000

5 200411 4,076,830 233,498 238,998 20,770 4,570,096 (152,845) (32,476) (92,233) (14,843) (292,397) (77,000) (77,000) 3,846,985 201,022 146,765 5,927 4,200,699 20041231 3,846,985 201,022 146,765 5,927 4,200,699 6 7,542 38,481 46,023 90 209 2,650 2,809 5,758 (100) (7,912) (307) (8,319) (131) (131) (262) (78,694) (9,055) (23,813) (1,974) (113,536) 3,768,381 199,618 156,040 6,324 4,130,363 20041231 4,076,920 241,002 249,865 18,996 4,586,783 (231,539) (41,384) (93,825) (12,672) (379,420) (77,000) (77,000) 3,768,381 199,618 156,040 6,324 4,130,363 20051231 3,768,381 199,618 156,040 6,324 4,130,363 6 17,340 7,123 15,435 39,898 255 2,759 1,835 4,849 31 1,460 8,667 352 10,479 (434) (64) (498) (94,527) (9,608) (24,069) (1,806) (130,010) 3,691,194 198,848 158,398 6,641 4,055,081 20051231 4,094,260 250,253 278,019 20,494 4,643,026 (326,066) (51,405) (119,621) (13,853) (510,945) (77,000) (77,000) 3,691,194 198,848 158,398 6,641 4,055,081

2005 12 31 5 200411 2,036,465 144,260 143,786 6,499 2,331,010 (52,053) (11,964) (35,806) (4,039) (103,862) 1,984,412 132,296 107,980 2,460 2,227,148 20041231 1,984,412 132,296 107,980 2,460 2,227,148 6 17,692 17,692 2,490 2,490 (3,349) (310) (3,659) (26,868) (4,648) (14,139) (1,290) (46,945) 1,957,544 127,648 108,184 3,350 2,196,726 20041231 2,036,465 144,260 153,986 5,273 2,339,984 (78,921) (16,612) (45,802) (1,923) (143,258) 1,957,544 127,648 108,184 3,350 2,196,726 20051231 1,957,544 127,648 108,184 3,350 2,196,726 6 5,441 10,029 1,227 16,697 1,410 1,410 (129) (590) (719) (34,848) (4,680) (15,294) (781) (55,603) 1,922,696 128,409 104,200 3,206 2,158,511 20051231 2,036,465 149,701 165,296 5,910 2,357,372 (113,769) (21,292) (61,096) (2,704) (198,861) 1,922,696 128,409 104,200 3,206 2,158,511

5 (a) (b) 1530 (c) 20051231 6 2005 2004 2005 2004 11 286,584 39,849 280,242 39,540 412,729 290,214 389,861 258,394 2,544 9(b) 40,000 5 (39,898) (46,023) (16,697) (17,692) (5,972) (5,317) 1231 693,443 286,584 648,089 280,242 20051231

2005 12 31 7 2005 2004 2005 2004 1050 368,830 386,468 70,504 73,862 2005 2004 2005 2004 386,468 404,106 73,862 77,218 (17,638) (17,638) (3,358) (3,356) 368,830 386,468 70,504 73,862

8 (a) (b) 200411 7,480 7,480 (153) (153) 7,327 7,327 20041231 7,327 7,327 945 945 (945) (945) (512) (512) 6,815 6,815 20041231 8,425 8,425 (665) (665) (945) (945) 6,815 6,815 20051231 6,815 6,815 31 837,756 837,756 (19,986) (19,986) 6,815 817,770 824,585 20051231 6,815 837,756 844,571 (19,986) (19,986) 6,815 817,770 824,585

2005 12 31 8 (a) 2005 2004 5,179 5,179 1,636 1,636 6,815 6,815 (i) 200720101%201120105%2012 (ii) 20055 (iii) 2006200711 15% (iv) 10% 20051231

8 (b) 1997923 580,000,00025 JEL 55%31 9 2005 2004 759,945 759,945 (b) (12,005) (12,005) 747,940 747,940 (b) 46,084 46,084 (b) (6,084) (46,084) 40,000 (c) 24,750 61,034 812,690 808,974

2005 12 31 9 (a) 20051231 95% 332,400,000 95% 4.75% 2,000,000 95% 5,000,000 17,000,000 100% 1 1 100% 1 11(b)(i)

9 (b) 12,005,000 46,084,000 40,000,000 6 (c) 10 2005 2004 384,000 384,000 (b) (51,590) (51,590) 332,410 332,410 (c) 643,134 669,474 (d) 130,400 205,599 1,105,944 1,207,483

2005 12 31 10 (a) 20051231 55% 40% 51% *42% JEL31 *55% 31 **55% * JEL 90% ** JELJEL55% (b) 20051231

10 (c) 361,372,0002004380,764,000 281,762,0002004288,710,000 (d) 2003330,000,000 2003 20041231205,599,000 39 18,903,000200511 10,525,000 20051231130,400,0002004186,695,000 4.95%20044.95% 2005123178,240,0002004 123,359,000 3920051111,342,000 2.16,315,00022 2005123178,240,0002004 112,017,000

2005 12 31 10 (e) JEL 2005 2004 2005 2004 2005 2004 2005 2004 2005 2005 2004 604,149 624,948 448,152 478,647 310,175 317,968 13,679 14,925 788,641 2,164,796 1,436,488 24,662 27,947 35,220 11,474 27,747 2,844 2,624 2,308 18,879 109,132 44,573 628,811 652,895 483,372 490,121 337,922 320,812 16,303 17,233 807,520 2,273,928 1,481,061 12,497 12,390 263,335 3,151 99,767 375,599 15,541 12,336 12,945 6,291 225,149 2,720 2,427 181 279 62,370 83,898 240,800 24,833 25,335 269,626 228,300 2,720 2,427 181 279 162,137 459,497 256,341 603,978 627,560 213,746 261,821 335,202 318,385 16,122 16,954 645,383 1,814,431 1,224,720 157,904 127,042 73,592 57,889 10,853 9,721 3,043 3,461 63,727 309,119 198,113 2,858 1,289 1,073 992 624 613 9 12 101 4,665 2,906 (59,440 ) (49,920 ) (44,258 ) (35,986 ) (11,950 ) (12,761 ) (2,387 ) (2,459 ) (43,263 ) (161,298 ) (101,126 ) 101,322 78,411 30,407 22,895 (473 ) (2,427 ) 665 1,014 20,565 152,486 99,893 200520041231

11 2005 2004 2005 2004 870,698 871,404 871,404 (b) 2,018,380 1,628,380 871,404 (c) 101,840 101,840 (23,786) 839 (229) (1,545) (a) (24,015) (706) 2,966,903 870,698 2,601,624 871,404 2005 2004 2005 2004 1,642,741 871,404 (a) 1,932,720 795,398 (d) 75,300 75,300 2,008,020 870,698 1,642,741 871,404 (b)(i) 958,883 958,883 2,966,903 870,698 2,601,624 871,404

2005 12 31 11 (a) 20051231 * % 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 755,130 533,193 525,345 358,783 3,363 (6,464) 240,500 25% 25% 945,000,000 (c) 330,772 78,981 228,272 16,481 35,795 684,500 25% 25% 410,000,000 (c)** 240,168 193,770 182,672 133,770 6,149 (2,504) 3,200 40% 40% 150,000,000 6,345 4,526 2,594 972 3,603 3,459 197 1,420 30% 30% 7,000,000 849,127 575,000 587,291 305,000 6,997 (8,164) 272,969 25% 25% 1,080,000,000 591,333 635,685 362,858 410,751 49,882 3,355 3,541 (581) 25% 25% 200,000,000 449,513 276,211 11,285 (5,878) 30% (b)(ii) 10,000,000 2,326,633 1,451,058 38,131 (4,743) 2,359,270 56.28% (b)(i) 1,200,000,000 5,549,021 2,021,155 3,616,301 1,225,757 119,410 6,814 (24,015) 839 2,395,065 1,201,169 * 31.28% 25% ** 20051231 *** 200520041231

11 (b) 1,839,200,00056.28% 179,180,00030% (i) 200523 56.28% 31.28%25% 958,883,000 1,839,200,0002005620051231 1,475,574,000363,626,000 958,883,000 (ii) 179,180,000 30% (c) 61,840,00040,000,000 188,840,00032

2005 12 31 11 (d) 20041231 30,135,00045,165,0003382005 11 20051231 12 2005 2004 2005 2004 (a) 39,694 35,708 (b) 838 1,904 1,862 3,123 (c) 372,946 372,946 (d) 112,304 31,941 103,176 35,741 4,993 2,019 3,328 1,537 157,829 408,810 144,074 413,347 (a) 33,118,000 200420(b)22(a) 20051231 (b) 20051231 20041231 103,428,0002004 92,721,000100,020,000 200498,733,000

12 (c) 200412312003318 107205 386,000,000 13,054,00022 (d) 2005 12 31 74,024,0002004 35(b) 13 2005 2004 31,615 55,988 20(b) 14 2005 2004 2005 2004 863,025 1,241,838 748,672 1,163,284 29,460 892,485 1,241,838 748,672 1,163,284 4.1%33

2005 12 31 15 A H 200520041231 654,780 613,420 165,000 747,500 2,180,700 1 2006123A 2006224A103.2 A2006 2271,215,400,000 A217,800,000

16 200411 2,060,009 319,020 295,064 453,391 3,127,484 64,094 56,274 120,368 20041231 2,060,009 383,114 351,338 453,391 3,247,852 200511 2,060,009 383,114 351,338 453,391 3,247,852 70,178 57,747 127,925 1,153 1,153 20051231 2,060,009 453,292 409,085 453,391 1,153 3,376,930 200411 2,060,009 271,048 271,048 453,391 3,055,496 48,456 48,456 96,912 20041231 2,060,009 319,504 319,504 453,391 3,152,408 200511 2,060,009 319,504 319,504 453,391 3,152,408 48,504 48,504 97,008 20051231 2,060,009 368,008 368,008 453,391 3,249,416

2005 12 31 16 (a) (i) (ii) 10%50% (iii) 10% (iv) (v) (b) (c) (d) (e)

17 2005 2004 2005 2004 (a) 1,897,195 950,000 (d) 310,000 100,000 310,000 100,000 2,207,195 100,000 1,260,000 100,000 (b) 30,051 33,901 30,051 33,901 (c) 9,564 12,092 2,246,810 145,993 1,290,051 133,901 (16,208) (3,082) (4,808) (3,082) 2,230,602 142,911 1,285,243 130,819 (a) 50,000 220,000 50,000 (d) 203,900 360,000 150,000 360,000 253,900 580,000 200,000 360,000 11,400 (b) 4,808 3,082 4,808 3,082 16,208 3,082 4,808 3,082 270,108 583,082 204,808 363,082 2,500,710 725,993 1,490,051 493,901

2005 12 31 17 (a) 14 95%2005123150,000,000 950,000,0005.85% 2005 1231 150,000 5.85% 2007530 20085302 400,000 6.12% 2011530 20145304 400,000 2009530 5.508% 20155307 950,000 260,000,000 676,195,000650,000,000JEL 55%11,000,000 5.022%5.85% (b) 3,723,66730,051,000 2,234,2001.8%20061120115 1,489,4677.17%2006220098 (c) (d) 4.698%5.85%20044.536%4.941%

17 (e) 2005 2004 2005 2004 265,300 580,000 4,808 3,082 81,609 100,000 6,611 4,931 1,287,386 16,829 20,340 1,634,295 680,000 28,248 28,353 826,800 11,367 17,640 2,461,095 680,000 39,615 45,993 2005 2004 2005 2004 200,000 360,000 4,808 3,082 50,000 6,611 4,931 610,000 100,000 16,829 20,340 860,000 460,000 28,248 28,353 600,000 1,803 5,548 1,460,000 460,000 30,051 33,901 (f) 2005 2004 2005 2004 2,195,795 100,000 2,157,010 98,781 25,243 30,819 23,191 27,983 9,564 12,092 8,112 11,697 2,230,602 142,911 2,188,313 138,461 5.89%-6.12%20045.89% - 6.12%

2005 12 31 17 (g) 2005 2004 2005 2004 1,794,464 692,092 1,460,000 460,000 30,051 33,901 30,051 33,901 676,195 2,500,710 725,993 1,490,051 493,901 (h) 2005 2004 3,700,000 2,160,000 2,720,000 2,240,000 6,420,000 4,400,000 400,000 6,820,000 4,400,000

18 2005 2004 2005 2004 12 (6,364) (9,089) 12 (400) (384) (6,764) (9,473) 12 149,732 59,767 32,218 26,671 12 5,298 155,030 59,767 32,218 26,671 148,266 50,294 32,218 26,671 2005 2004 2005 2004 50,294 38,605 26,671 19,925 31 90,958 7,014 11,689 5,547 6,746 148,266 50,294 32,218 26,671

2005 12 31 18 200411 25,410 1,878 27,288 65,893 65,893 (370) (370) 11,319 11,319 20041231 25,040 1,878 26,918 77,212 77,212 31 90,958 90,958 (384) (384) 8,837 (2,207) 6,630 20051231 24,656 1,878 26,534 86,049 88,751 174,800 200411 1,878 21,803 6,746 20041231 1,878 28,549 5,547 20051231 1,878 34,096

19 2005 2004 (a) 291,408 318,764 (b) 72,980 54,000 364,388 372,764 (a) 2005 2004 318,764 354,472 22 (27,356) (35,708) 291,408 318,764 AB (b) 54,000,0002004 54,000,00018,980,0002004

2005 12 31 20 2005 2004 2005 2004 11(b)(i), 31 384,062 1,714 (a) 141,760 156,538 133,018 145,182 (a) 27,901 516 27,901 516 (b) 31,615 55,988 31,615 55,988 (c) 85,354 70,401 47,995 44,062 670,692 283,443 242,243 245,748 (a) 141,760,0002004156,538,000 27,901,0002004 516,000 (b) 200428312 200511 44,432 11,556 55,988 116,000 116,000 (29,453) (95,941) (125,394) (ii) (14,979) (14,979) 20051231 (i) 31,615 31,615

20 (i) (ii) 2005 14,979,000 2005123122(a) (c) 2005 2004 1,550 1,230 1,365 1,006 650 500 150 150 21 2005 2004 911,482 705,776

2005 12 31 22 2005 2004 9,798 12,444 12(c) 13,054 35,779 10(d) 6,315 (a) 72,830 17,868 19(a) 27,356 35,708 (b) 10,309 10,914 6,473 31 34,955 6,399 6,589 191,930 114,861 (a) 20(b) 2.18(b) 67,323,00020046,333,000 20051231 5,507,0002004 (b)

23 34,956,000200436,460,0002,272,0002004198,000 1,133,0002004908,000 3%5%20055315% 2005613% 1% 3%5% 24 2005 2004 48,060 37,202 (a) 4,412 (b) 3,465 2,683 11,226 8,863 67,163 48,748 (a) 5,501,400 2005123120045,501,400 (b) 8%9%20048%9%

2005 12 31 24 (c) 20051231 (iii) 534 203 21 12 770 522 171 23 15 731 380 47 58 8 493 12 12 10 10 (iii) 8 8 (iii) 10 10 312 14 326 150 11 161 150 12 162 (i) (i) 2 2 (i) 5 5 (ii) 66 2 68 156 16 172 (iv) 90 10 100 20041231 488 133 41 14 676 366 67 79 14 526 10 10 8 8 8 8 9 9 318 13 331 159 11 170 150 12 162 150 12 162 159 11 170

24 (c) (i) 200548 (ii) 200563 (iii) 200548 (iv) 200563 (v) 2005200412310 1,040,0001,000,000 200512,000200415,000 200520041231 200520041231 (d) 2004 2004 2005 2004 1,213 1,610 443 440 44 56 213 249 1,913 2,355 20052004123101,040,000 1,000,000

2005 12 31 25 2005 2004 94,845 22,221 1,186 1,549 (11,782) (38) 84,249 23,732 16,409 (37) 320 100,621 24,052 11,782,000200438,000 5.05%5.51%20045.02% 26 2005 2004 73,057 64,330 7,014 11,689 80,071 76,019 (a) 200515% 200415%

26 (b) 50% 15%33%200415%33% (c) 17.5%200417.5% JEL (d) 2005 2004 642,280 498,725 15%200415% 96,342 74,809 1,134 60 (19,798) (10,723) 74 1,207 9,082 13,855 (5,552) (4,813) (2,848) 3,602 (341) 80,071 76,019

2005 12 31 27 521,460,0002004357,858,000 28 2005 2004 552,622 414,888 2,180,700 2,180,700 0.25 0.19 20042005 29 200520041231239,877,0000.11 414,333,0000.1920050.12261,684,000 20061231 2005 2004 0.12 20040.11 261,684 239,877

30 2005 2004 562,209 422,706 80,071 76,019 130,010 113,536 37,624 18,150 945 (40,000) 291 7,573 (9,798) (12,444) (13,054) (35,779) (6,315) (27,356) (35,708) (10,309) 31 (34,955) 84,249 23,732 16,409 24,015 706 (37) 320 3,827 (987) (121,092) (17,835) 43,198 (1,010) 718,987 559,924

2005 12 31 31 20053192005712 200585653,632,000681,215,000 JEL 55%JEL100%JEL 55% JEL45% JELJEL JEL 2005123119,644,00020,436,000 20058520051231JEL 63,727,00020,565,000200511 993,909,000567,426,000 653,632,000 681,215 20041231 (16,825) (4,674) 659,716 694,671 22 (34,955)

31 48,417 48,417 26,629 5 19,053 19,053 10,479 8 396,333 1,523,192 837,756 3,028 3,028 1,665 (7,212) (7,212) (3,967) (158,061) (158,061) (86,933) 18 (165,378) (90,958) 301,558 1,263,039 694,671 694,671 639,280 (26,629) 612,651 20041231

2005 12 31 32 2005 2004 1,054,550 310,500 2,700,800 3,822,500 3,755,350 4,133,000 188,840 469,860 484,000 2,544,496 672,840 3,014,356 4,428,190 7,147,356 35(c) 33 20(b) 2.5% 2.5%2.5% 2004 30,000,000100,000,000 15,000,000

34 30.03% 10(d)11(b)12(b)17(b)17(c) 2005 2004 6,402 5,428 192004 18

2005 12 31 35 (a) 20061120 200616103.07%9 (b) 2006114 2.54 (c) 200628 484,000,00020.09% 76.37%56.28% (d) 200622715

A 1.00 CEPA ) H 1.00

JEL Jade Emperor Limited

571 Shenzhen International Holdings Limited ABC

2005123112

Shenzhen Expressway Company Limited 5022A19 5022A19 518033 secretary@sz-expressway.com (86) 755-8294 5880 (86) 755-8295 10418294 5638 (86) 755-8291 0696 http://www.sz-expressway.com 8 292911-2912 (852) 2543 0633 (852) 2543 9996 19961230 2005421 4403011018527 440304279302515 H 0548 A 600548 2006228G

http://www.hkex.com.hk http://www.sse.com.cn http://www.sz-expressway.com 8 292911-2912 5022 A19 22 20211 8 292911-2912 B16 18346 16636 H 1111312 A 5022A12