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600801 2005 0

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1 2 3 1 HUAXIN CEMENT CO., LTD. HUAXINCEM 2 3 897 0714-6328310 0714-6235204 E-mail investor@huaxincem.com 897 0714-6328471 0714-6235204 E-mail investor@huaxincem.com 4 897 897 435002 http//www.huaxincem.com investor@huaxincem.com 5 http//www.sse.com.cn 6 A A A 600801 B B B B 900933 7 1993 11 30 897 2000 1 11 4200001000351 420203178423X 8 C 12 33 1808 76

: 81,377,759.92 62,073,249.69 58,348,087.76 503,360,796.69 2,829,450.25 46,622,515.02-1,239,116.97 30,882,780.26 5,111,581.61 503,134,090.50-29,022,911.52 62,073 1,213,617 : 261 (1,861) 101 (1,192) 1,447 (9,125) -- 1,060 1,060 6,296 6,296 349 349 8,269 28,106 79,158 1,236,552 : 3,707,350.96-800,758.35 818,569.32 3,725,161.93 2

: 2005 2004 2003 (%) 2,639,380,167.10 2,188,101,303.80 20.62 1,188,827,685.49 81,377,759.92 255,160,148.41-68.11 117,841,100.71 62,073,249.69 148,550,557.65-58.22 68,244,142.01 58,348,087.76 120,802,513.29-51.70 68,741,266.17 0.19 0.45-57.78 0.21 % 5.11 12.73 7.62 8.46 5.54 4.81 10.35 % 8.51 9.17 4.92 14.09 % 8.74 503,134,090.50 490,510,424.42 2.57 294,856,868.91 1.53 1.49 2.68 0.90 2005 2004 2003 (%) 6,108,292,177.68 4,955,799,957.40 23.26 3,017,709,764.81 1,213,617,527.85 1,166,712,965.39 4.02 806,816,113.16 3.70 3.55 4.23 2.46 3.58 3.43 4.37 2.41 : 328,400,000 544,391,528.16 140,620,564.13 36,906,794.99 153,300,873.10 1,166,712,965.39 4,535,312.77 12,517,424.00 6,258,712.00 49,555,825.69 66,608,562.46 19,704,000.00 19,704,000.00 328,400,000 548,926,840.93 153,137,988.13 43,165,506.99 183,152,698.79 1,213,617,527.85 3

1 : (%) (%) 1 91,526,880 27.9-12,276,232 79,250,648 24.1 2 3 24,873,120 7.6-2,123,768 22,749,352 6.9 4 116,400,000 35.4-14,400,000 102,000,000 31.1 1 48,000,000 14.6 +14,400,000 62,400,000 19.0 2 164,000,000 49.0 164,000,000 49.9 3 4 212,000,000 64.6 226,400,000 68.9 328,400,000 328,400,000 2006-12- 29 2008-12- 29 2009-12- 29 2010-12- 29 12,879,120 89,120,880 239,279,120 13,832,764 75,288,116 253,111,884 : 3,962,532 9 7,925,065 67,363,051 261,036,949 9 67,363,051 0 328,400,000 2 (1) (2) (3) 4

1 : 36,626 (%) HOLCHIN B.V. 26.1 85,761,300 8,761,300 ( ) 24.1 79,250,648-12,276,232 79,250,648 36,000,000 3.0 9,870,232-2,123,768 9,870,232 MEINLBANK AKTIENGESELLSCHAFT 1.6 5,199,735 100,000 1.2 4,100,000 4,100,000 1.0 3,349,442 3,349,442 0.8 2,643,339 2,643,339 0.8 2,520,000 2,520,000 0.6 1,953,621 1,953,621 NAITO SECURITIES CO., LTD. 0.5 1,695,779 675,279 HOLCHIN B.V. 85,761,300 MEINL BANK AKTIENGESELLSCHAFT 5,199,735 3,349,442 2,643,339 1,953,621 NAITO SECURITIES CO., LTD. 1,695,779 TOYO SECURITIES ASIA LTD. A/C CLIENT 1,609,589 1,263,228 1,155,286 ( ) 955,773 10 10 10 10 2 : 2008-12-29 3,962,532 2009-12-29 7,925,065 ( 79,250,648 5% 2010-12-29 67,363,051 9 / ) 10% 9 / 5

9,870,232 2008-12-29 9,870,232 4,100,000 2006-12-29 4,100,000 2,520,000 2006-12-29 2,520,000 1,200,000 2006-12-29 1,200,000 768,000 2006-12-29 768,000 768,000 2006-12-26 768,000 768,000 2006-12-29 768,000 768,000 2006-12-29 768,000 768,000 2006-12-29 768,000 3 1 370,000,000 1996 11 14 2 3 4 100% 27.1% 4 6

: ( ) 57 2003-04-28 2006-04-28 14,900 97,900 83,000 59 42 2003-04-28 2006-04-28 24,300 54,042 29,742 59 Tom Clough 58 2004-10-21 2006-04-28 / Daniel Bach 43 2005-04-26 2006-04-28 / Paul Thaler 40 2003-04-28 2006-04-28 / 52 2003-04-28 2006-04-28 15,300 35,160 19,860 38 43 2003-04-28 2006-04-28 5 39 2003-04-28 2006-04-28 5 49 2003-04-28 2006-04-28 5 52 2003-04-28 2006-04-28 15,100 30,900 15,800 38 55 2003-04-28 2006-04-28 6 48 2003-04-28 2006-04-28 6 33 2003-04-28 2006-04-28 4 37 2003-04-28 2006-04-28 2 47 2003-04-28 2006-04-28 15,000 32,500 17,500 39 46 2003-04-28 2006-04-28 15,900 33,100 17,200 39 42 2003-04-28 2006-04-28 15,300 31,260 15,960 39 39 2003-04-28 2006-04-28 6,500 20,800 14,300 38 41 2003-04-28 2006-04-28 6,500 21,100 14,600 38 / / / / / 128,80 356,76 0 2 227,962 / 420 Tom Clough Daniel Bach Paul Thaler 2005 USD5,910 7

5 (1) 57, 1999 11 (2) 42, 1984 1992 2002 6 1987 11 1993 1 1994 6 1999 12 2004 3 1994 (3)Tom Clough 59 University of Leeds( ) 1997, Holcim PT Semen Makmur( ) Alsons Cement Corporation( )CEO PT Semen Cibinong Tbk( ) Holcim 2004 10 (4)Daniel Bach 43 ETH 1989 ~ 1994 ETH 1994, Holcim HOLDERBANK "Holderbank"/Holcim (BRM) Holcim Holcim 2005 4 (5)Paul Thaler 40 1997-1998 2000 2003 4 (6) 52, 1972 2 1997 2000 2 (7) 43, 1998-2005 2005 2002 4 (8) 39 1993 2002 4 (9) 49 1985 2003 4 8

(10) 52, 1971 11 1997 4-2000 2 2000 2 (11) 55 1970 7 2000 4 (12) 48 1981 2000 4 (13) 33 1993 2003 2003 4 (14) 37 1990 2000 5-2003 6 2003 2003 4 (15) 47 1982 2 1993 1 MBA 1982 2000 4, 2004 3 (16) 46 2004 4 1979 1 2000 4 2004 3 (17) 42 1985 1992 12 1985 7 2000 4 2004 3 (18) 39 1989 2003 9

1989 2001 11 2003 4 2004 3 (19) 41 2001 1985 2001 11 2003 4 2004 3 1999-11-05 2001-09-07 1997-04-02 2000-02-22 Tom Clough Daniel Bach Paul Thaler 1 2 1 2004 4 28 2003 2 2004 4 28 2003 2005 4 26 2005 Gerard Letellier 6,695 721 1 5,233 323 450 140 549 2 37 351 1,026 627 4,654 10

1 7 7 7 7 7 6 1 3 7 2 2 1) 2) 3) 4) 5) 2003 10 27 2004 4 28 2003 2005 4 20 2005 EBITDA 50% 60% 40% 70% 30% 2005 4 26 2004 2005 4 27 2005 12 16 A 2005 12 19 11

1 (1) 2005 2005 10.48 11.7% 2,608.35 16.2% 80.50 38.0% 2005 2004~05 10 2004 1200 2200 IT 6000 / 2500 / 3500 1000 / 80 60 65 120 12

750 120 2005 1518 1340 178 2,639,380,167.10 503,134,090.50 2004 21% 3% 81,377,759.92 62,073,249.69 2004 68% 58% (2) <1> : % (%) 2,574,343,439.41 2,076,888,915.66 18.67 20.0 31.4 7.09 65,036,727.69 40,868,379.62 34.82 50.0 70.7 6.43 2,639,380,167.10 2,117,757,295.28 19.07 20.6 32.0 6.99 32.5 1,434,385,968.74 1,115,995,277.06 21.55 44.6 51.4 3.58 42.5 1,056,933,573.80 890,656,512.26 15.08-5.3 9.3 11.35 83,023,896.87 70,237,126.34 14.75 125.5 147.0 7.48 65,036,727.69 40,868,379.62 34.82 50.0 70.7 6.43 2,639,380,167.10 2,117,757,295.28 19.07 20.6 32.0 6.99 <2> : ( ) 1,297,375,096 57.0 599,580,832-23.9 111,076,563-66.4 126,431,786 597.4 108,927,969-11.3 106,375,873 288.3 68,417,647 214.4 44,803,440-15.9 33,121,220 / 143,269,740 / 2,639,380,167 20.6 <3> 2005 736 13

21.6% 44% 305 4.2% 57 2.7% 8 4.6% 51 2.3% 59 58 44 22 <4> 504,289,768.35 36.18 309,981,291.26 11.74 (3) : 150,000,000 755,061,000 48,509,978 500,000,000 647,869,000 62,064,911 60,000,000 271,717,000 35,273,345 50,000,000 182,938,000 5,216,337 23,900,000 37,163,000 974,863 10,000,000 42,937,739 2,195,927 ( ) USD,136,000,000 1,450,953,000-48,952,805 40,000,000 162,648,000 8,381,196 108,000,000 191,282,000-6,910,476 8,000,000 42,252,000 3,419,773 1,000,000 60,604,47 915,519 25,000,000 97,422,000-3,092,017 75,000,000 167,189,514 / 60,000,000 139,810,888 / 14

2 (1) 2006 --- GDP 2006 GDP 11.3 2006 50 4000 2006 13.7 2005 40% 2006 45% 2006 2006 3000 40% -- 2005 2006 22 21.6 2006 2005 2006 2005 2006 15

2005 12 2006 7 1 2006 (2) 2006 30% 2006 1300, 2000, 60 10000 43 3 2006 12,69 5.27 3.83 2006 214,341 88,769 200 32,879 23,015 250 35,487 2,000 150 34,434 13,619 150 37,511 25,258 150 37,037 9,479 150 36,993 15,398 32,871 14,374 200 16,871 3,374 300 16,000 11,000 6,126 6,126 120 2,166 2,166 120 2,166 2,166 60 1,794 1,794 253,338 109,269 16

4 2006 1,123,090 246,577 28.13 1 2 (1)2005 6000 / 55,671 47,349 2005 4 26 120 54 1000 / 15,004 14,494 2005 6 28 10 9 130 8,700 6,420 2004 10 18 2005 4 26 67.87 3500 / 8,413 5,287 2005 8 28 25 2500 / 19,808 17,103 2005 8 30 2005 9 25 14 36 120 3,058 3,250 2005 6 5.4 (2)2005 4000 / 37,037 2004 10 2006 6 4000 / 34,434 2005 3 30 2006 7 200 16,871 2004 11 30 17

2006 4 4800 / 32,879 2005 9 29 2006 10 1 1) 2005 3 22 2004 2004 2004 2004 2004 2004 2005 3 24 2) 2005 4 26 2005 2005 2005 2005 4 27 3) 2005 8 10 2005 8 12 4) 2005 8 29 2006 5) 2005 10 28 2005 10 31 6) 2005 11 7 2006 2006 7) 2005 11 25 15 2 2005 62,587,119.94 62,073,249.69 10% 6,258,712.00 10% 6,258,712.00 2005 12 31 183,152,698.79 2005 32,840 0.06 ( ) 19,704,000 2005 [2003]56 2005 2005 50% 2005 18

2005, 2 1 2004 2004 2004 2 2004 2004 19

1 (1) : ( ) 336 0.13 (2) : ( ) 480 100 Holcim 242 100 : 155,000,000.00 377,540,000.00 377,540,000.00 (%) 31.11 20

2005 12 16 A 12 26 1 2 3 5%( 1.21%) 9 / 4 10%( 2.41%) 9 / 5 1% 2005 550,000 11 2005 1,150,000 12 2005 2005 12 29 A 21

XYZH/2005A3019 2005 12 31 2005 2005 12 31 2005 8 C 12 2006 3 3 22

: -1 368,316,897.24 397,339,808.76 116,523,790.75 168,790,952.83-2 104,574,447.75 117,045,564.16 55,038,800.53 48,826,221.90 304,555.62-3 109,388,504.02 65,581,732.92 50,082,233.45 29,087,547.97-4 82,937,052.52 67,521,873.19 262,157,755.66 131,709,886.31-5 16,112,108.95 43,448,775.66 25,289,952.47 46,197,660.96-6 328,836,476.04 285,613,147.56 123,314,015.16 135,474,166.76-7 1,123,035.17 1,266,224.48 827,322.45 894,685.11 1,011,288,521.69 978,121,682.35 633,233,870.47 560,981,121.84-8 22,711,800.80 23,950,917.77 1,482,498,456.48 914,709,627.19-8 59,057.32 59,057.32 59,057.32 59,057.32 22,770,858.12 24,009,975.09 1,482,557,513.80 914,768,684.51-8 8,003,799.64 9,251,145.04-9 5,635,949,416.58 4,550,430,830.57 2,408,334,950.34 2,339,725,759.39-9 1,596,682,649.93 1,378,073,394.33 855,023,065.10 756,364,608.04-9 4,039,266,766.65 3,172,357,436.24 1,553,311,885.24 1,583,361,151.35-9 65,456,142.75 102,879,245.77 4,047,235.70 4,047,235.70-9 3,973,810,623.90 3,069,478,190.47 1,549,264,649.54 1,579,313,915.65-10 116,090,592.93 73,190,483.12-11 440,347,060.74 448,111,293.23 188,083,767.64 269,659,546.03 4,530,248,277.57 3,590,779,966.82 1,737,348,417.18 1,848,973,461.68-12 512,819,727.58 329,695,355.41 84,724,047.31 71,078,173.38-13 31,164,792.72 33,192,977.73 11,198,709.46 12,179,248.30 543,984,520.30 362,888,333.14 95,922,756.77 83,257,421.68 6,108,292,177.68 4,955,799,957.40 3,949,062,558.22 3,407,980,689.71 23

-14 581,300,000.00 445,380,000.00 360,700,000.00 283,200,000.00-15 195,396,247.88 77,430,625.01 72,201,399.24 14,685,625.01-16 481,526,792.21 384,040,381.29 164,351,726.73 138,115,439.40-17 85,799,398.18 49,688,371.11 151,945,799.35 142,179,982.98 8,617,457.22 22,436,260.55 1,582,000.00 12,295,103.00 7,341,878.01 6,639,807.98 3,248,691.60 4,699,902.53-18 393,006.80 702,119.60 393,006.80 702,119.60-19 60,406,138.88 57,716,542.69 24,646,484.71 52,607,711.45-20 12,038,818.28 8,889,820.25 9,838,518.17 7,650,834.10-21 129,607,479.64 108,347,299.42 61,896,754.20 63,697,314.90-22 6,544,801.68 23,990,999.37 3,809,821.15 12,281,320.76-23 427,155,356.45 384,338,902.68 329,155,356.45 255,338,902.68 1,996,127,375.23 1,569,601,129.95 1,183,769,558.40 987,454,256.41-24 2,050,484,081.12 1,546,464,534.89 1,532,444,081.12 1,229,924,534.89 25-128,831,336.31 61,568,450.69 12,305,943.81 15,273,058.19-26 3,795,701.96 6,000,000.00 3,795,701.96 6,000,000.00 2,183,111,119.39 1,614,032,985.58 1,548,545,726.89 1,251,197,593.08 4,179,238,494.62 3,183,634,115.53 2,732,315,285.29 2,238,651,849.49-27 715,436,155.21 605,452,876.48-28 328,400,000.00 328,400,000.00 328,400,000.00 328,400,000.00 328,400,000.00 328,400,000.00 328,400,000.00 328,400,000.00-29 548,926,840.93 544,391,528.16 549,388,282.66 544,852,969.89-30 153,137,988.13 140,620,564.13 153,137,988.13 140,620,564.13 43,165,506.99 36,906,794.99 43,165,506.99 36,906,794.99-31 183,152,698.79 153,300,873.10 185,821,002.14 155,455,306.20-32 19,704,000.00 19,704,000.00 1,213,617,527.85 1,166,712,965.39 1,216,747,272.93 1,169,328,840.22 6,108,292,177.68 4,955,799,957.40 3,949,062,558.22 3,407,980,689.71 24

: -33 2,639,380,167.10 2,188,101,303.80 1,407,992,916.08 1,240,150,338.16-33 2,117,757,295.28 1,604,559,832.97 1,219,514,499.88 919,909,557.17-34 18,262,075.13 13,233,330.55 10,000,266.91 9,596,988.78 503,360,796.69 570,308,140.28 178,478,149.29 310,643,792.21-35 2,829,450.25 4,522,839.91 10,454,477.02-446,244.22 : 187,353,041.67 141,005,322.44 74,902,179.68 79,493,364.09 161,102,470.33 165,148,266.48 74,587,498.84 105,261,316.74-36 111,112,219.92 85,863,859.69 76,846,799.18 61,103,593.85 46,622,515.02 182,813,531.58-37,403,851.39 64,339,273.31-37 -1,239,116.97-825,033.61 83,483,602.37 75,634,057.81-38 30,882,780.26 38,477,512.83 8,381,529.27 12,879,284.63-39 10,808,085.86 39,514,722.33 848,889.52 39,328,431.67 5,696,504.25 4,820,584.72 527,742.84 824,389.11 81,377,759.92 255,160,148.41 54,782,426.93 191,356,658.31 10,707,805.26 60,295,586.82-7,804,693.01 41,006,174.30 8,596,704.97 46,314,003.94 62,073,249.69 148,550,557.65 62,587,119.94 150,350,484.01 153,300,873.10 54,524,412.25 155,455,306.20 54,878,918.99 215,374,122.79 203,074,969.90 218,042,426.14 205,229,403.00 6,258,712.00 15,035,048.40 6,258,712.00 15,035,048.40 6,258,712.00 15,035,048.40 6,258,712.00 15,035,048.40 202,856,698.79 173,004,873.10 205,525,002.14 175,159,306.20 19,704,000.00 19,704,000.00 19,704,000.00 19,704,000.00 183,152,698.79 153,300,873.10 185,821,002.14 155,455,306.20 19,704,000.00 19,704,000.00 1. 849,271.00 25

: 3,140,685,680.41 1,706,762,072.31 41,175,857.75 14,630,627.29-40 36,286,375.00 103,043,113.13 3,218,147,913.16 1,824,435,812.73 2,170,863,181.21 1,340,148,191.99 181,782,685.29 92,523,514.69 242,931,480.10 91,636,982.27-41 119,436,476.06 121,575,768.22 2,715,013,822.66 1,645,884,457.17 503,134,090.50 178,551,355.56 2,230,085.85 14,975,312.61 4,499,869.81-42 2,000,000.00 16,975,312.61 6,729,955.66 1,070,713,644.59 489,018,348.27 40,000,000.00 39,900,000.00 1,070,713,644.59 568,918,348.27-1,053,738,331.98-562,188,392.61 1,680,600,000.00 1,075,700,000.00-43 1,922,804.23 538,804.23 1,682,522,804.23 1,076,238,804.23 988,921,010.75 608,911,010.75 170,085,547.49 135,052,255.02-44 1,378,523.16 364,207.02 1,160,385,081.40 744,327,472.79 522,137,722.83 331,911,331.44-556,392.87-541,456.47-29,022,911.52-52,267,162.08 26

1 62,073,249.69 62,587,119.94 ( - ) 8,596,704.97-5,447,129.82-3,621,513.23 269,962,163.11 118,419,282.04 13,300,147.10 2,280,215.40 11,229,976.16 4,702,461.72 143,189.31 67,362.66-17,934,868.94-6,647,308.06 ( : -3,707,350.96 291,264.55 ) 114,896,741.98 78,732,595.14 1,239,116.97-83,483,602.37-29,450,325.99-25,830,116.51 ( ) -18,008,264.08-25,855,725.97 ( ) 96,240,741.00 56,909,320.25 ( ) 503,134,090.50 178,551,355.56 2 3 368,316,897.24 116,523,790.75 397,339,808.76 168,790,952.83-29,022,911.52-52,267,162.08 27

: 32,527,830.73 / / 12,409,832.73 20,117,998.00 29,842,716.15 / / 12,695,943.49 17,146,772.66 2,685,114.58 / / 286,110.76 2,971,225.34 17,417,745.33 569,499.65 17,987,244.98 17,417,745.33 17,417,745.33 569,499.65 569,499.65 5,955,600.00 3,180,000.00 2,775,600.00 5,955,600.00 3,180,000.00 2,775,600.00 102,879,245.77 37,423,103.02 65,456,142.75 27,674,723.19 1,760,800.04 25,913,923.15 74,829,854.58 35,662,302.98 369,423.00 369,423.00 5,245.00 5,245.00 564,162.79 564,162.79 28

: 1 24,381,747.50 / / 6,980,043.14 17,401,704.36 2 21,946,632.92 / / 6,900,385.54 15,046,247.38 3 2,435,114.58 / / 79,657.60 2,355,456.98 4 5 6 7 12,342,624.17 12,342,624.17 8 9 12,342,624.17 12,342,624.17 10 2,775,600.00 2,775,600.00 11 2,775,600.00 2,775,600.00 12 13 4,047,235.70 4,047,235.70 14 2,142,896.70 2,142,896.70 15 1,904,339.00 1,904,339.00 16 17 18 19 564,162.79 564,162.79 20 21 29

2005 1 1 12 31 ( ) 1993 11 30 2005 12 31 328,400 164,400 (B )164,000 2005 12 29 A 1 ( ) 79,251 2 22,749 102,000 1 A 62,400 2 B 164,000 226,400 328,400 1 2 1 1 12 31 3 30

4 5 6 7 (1) 3 (2), 1-2 5% 1-2 15% 2-3 10% 2-3 30% 3 40% 100% 31

8 (1) (2) (3) 9 (1) 1) 20% 20% 20% 20% 20% 20% 50% 2) 10 (2) (3) 32

10 (1) 2,000 (2) (3) (4) % (%) 4% 2.4-3.84% 4% 6-12% 4% 5.33-12% 4% 8-12% (5) 1 2 3 (6) 33

1) 2) 3) 4) 5) 6) 11 (1) (2) (3) 1) 3 2) 3) 34

12 (1) 1) 2) 3) (2) (3) 13 (1) (2) 10 20 50 (3) 35

1) 2) 3) 4) 14 39 12 15 16 (1) 1) 2) 3) (2) 36

17 (1) (2) 18 19 (1) (2) 10% 50% (3) 10% (4) (5), 20 (1) 50% 50% (2) 37

1 33% 24% 2004 002 2003 2004 2005 2006 2007 2004 2005 6 30 [2005]69 2004 8,200 2005 2 28 2005 6,807 [2003]41 15% [2006]1 [94] 001 2005 1 1 2005 2006 2007 [94]001 2005 1 1 38

2 17% 13% 2005 1-9 2005 10 420203010014 13% 3 5% 3% 4 7% 1% 3% 2% 5 2 6 2005 12 31 *1 23,900 14,658 80% *2 108,000 89,680 85% *3 8,000 7,870 98.38% *4 40,000 20,000 50% *5 150,000 105,000 70% *6 60,000 40,200 90.1% 39

*7 1,000 990 99% ( ) *8 136,000 28,390 51% *9 50,000 30,000 60% *10 75,000 45,000 88% *11 25,000 22,500 97% *12 500,000 400,000 80% *13 60,000 42,000 94% *14 10,000 7,000 94% *1 2001 5 31 23,900 80% 4,462 20% 2005 4 28 *2 1993 36,720 108,000 34% 2002 3 25% RDC RDC 26% 2002 4-5 2002 6 50% 2002 6 85% 2004 8 5 RDC 2005 3 20 2005 6 8 RDC 2005 12 31 12,473 2002 6 1 ( ) RDC 51% *3 2003 9 7,870 5 8,000 98.38% 1.62% 2003 6 19 1,500 890 59.33% 610 40.67% 40

*4 1999 9 21 2000 9 30 20,000 50% 40,000 *5 2002 4-12 105,000 150,000 70% 2005 5 20 *6 2003 9-12 40,200 60,000 67% 33% 2004 7 21 33% 19,800 2005 5 9 2004 9 2005 1 *7 2003 4 990 1,000 99% 1% *8 2003 6 10 2003 5 16 ( ) ( ) 27,451 940.5 7,784 50% 1% 51% 27,681.2 229,466 2003 11 26 2003 12 29 2004 1 9 13 2003 12 31 [2003]510 2004 1 2 *9 2003 12 22 50,000 30,000 41

60% 6,000 8,000 6,000 40% 2005 4 *10 2004 12 19 75,000 45,000 60% 30,000 40% 2005 10 30 45,000 2005 5 9 *11 2004 11 10 25,000 22,500 90% 2,500 10% 2005 3 16 *12 2005 2 22 500,000 400,000 80% 100,000 20% *13 2005 9 25 60,000 42,000 70% 18,000 30% *14 2005 4 8 10,000 7,000 70% 3,000 30% 1 2005 2004 458 436 346,865 380,829 20,994 16,075 368,317 397,340 42

( ) 116.11 8.0702 937 14.45 1.0403 15 0.41 4.8543 2 0.53 6.1375 3 2.38 9.5797 23 980 2 2005 2004 104,574 111,046 6,000 104,574 117,046 3 2005 2004 1 100,371 79 63,574 67 728 1 2 8,596 7 448 1,418 1 57 2 3 668 0.5 92 1,511 2 446 3 16,900 13.5 16,607 28,922 30 28,612 126,535 100 17,147 95,425 100 29,843 2005 23,466 18.55% 5% 2005 3,358 [2006]11 2,945 4 2005 2004 1 75,498 89 54,869 78 0 43

1 2 1,391 2 5,038 7 0 2 3 2,281 2 1,848 3 395 3 6,738 7 2,971 8,452 12 2,290 85,908 100 2,971 70,207 100 2,685 56,112 65.32% 5% 78 44,240 5 2005 2004 1 12,150 75 42,179 97 1 2 3,904 24 767 2 2 3 58 1 137 0 3 366 1 16,112 100 43,449 100 1 5% 6 2005 2004 176,366 13,178 170,164 17,418 60,291 48,454 0 61,017 82,913 0 49,149 4,809 1,500 0 346,823 17,987 303,031 17,418 7 2005 2004 784 832 05-06 250 172 05-06 12 137 05-06 77 125 05-06 1,123 1,266 44

8 (1) 2005 2004 25,487 29,906 2,776 5,956 22,711 23,950 59 59 22,770 24,009 2 (%) 2005 2004 49 294 8 (7) 287 0 0 4 20 0 0 20 20 20 3.9 11,724 0 0 11,724 0 0 0.014 2,000 0 0 2,000 0 0 0.03 696 0 0 696 0 0 17.2 2,000 0 0 2,000 2,000 2,000 3 150 0 0 150 150 150 12.72 506 0 0 506 506 506 5.71 100 0 0 100 100 100 * 64 3,180 (3,180) (3,180) 0 0 3,180 12,473 (1,247) (4,469) 8,004 0 0 33,143 (4,419) (7,656) 25,487 2,776 5,956 * 2005 8 31 3 * 12,473 10 1,247 4,469 8,004 45

* 2002 6 1 ( ) RDC 51% (4) 2005 2004 59 59 59 59 46

9 1 2005 1 1 1,713,933 2,395,265 277,827 163,405 4,550,430 : 455,183 861,395-174,912 45,351 1,187,017 : 417,212 659,757 28,866 25,543 1,131,378 0 0 0 0 0 25,988 182,419-208,407 0 0 3,603 86,657 164 11,074 101,498 2005 12 31 2,165,513 3,170,003 102,751 197,682 5,635,949 2005 1 1 339,574 934,983 23,035 80,481 1,378,073 65,234 190,426-211 14,513 269,962 0 0 0 0 0 9,107-9,107 0 1,141 41,993 143 8,076 51,353 2005 12 31 403,667 1,083,416 22,681 86,918 1,596,682 2005 1 1 1,374,359 1,460,282 254,792 82,924 3,172,357 2005 12 31 1,761,846 2,086,587 80,070 110,764 4,039,267 2 2004 2005 27,675 0 1,761 25,914 74,830 0 35,662 39,168 369 0 0 369 5 0 0 5 102,879 37,423 65,456 10 2005 2004 7,058 116,090 1,000 65,132 116,090 73,190 47

11 1 2004 12 2005 31 12 31 4800 328,800 0 14,675 0 0 14,675 0 5% 10% 1000 160,040 27,687 124,029 146,270 0 5,446 6000 556,710 218,104 323,748 500,709 0 41,143 3,198 95% 95% 13,066 97% 95% 120 30,580 0 15,654 14,264 0 1,390 0 50% 50% 80 85,500 31,351 53,761 85,112 0 0 0 100% 100% 65 23,014 15,107 613 15,720 0 0 0 68% 100% 2500 198,080 545 174,557 160,790 0 14,312 1,583 88% 90% 2000 268,000 5,686 89,311 0 0 94,997 0 35% 40% 4000 186,000 14,440 101,986 0 0 116,426 0 60% 70% 200 156,620 10,449 69,283 0 0 79,732 3500 70,000 8,746 80,164 88,910 0 0 130 68,000 51,241 18,016 69,257 0 0 2,500 50% 50% 43 120% 100% 240 100% 100% 5,520 4,916 1,726 0 0 6,642 0 120% 99% 4,000 2,778 1,316 4,045 40 9 0 100% 100% 4000 357,000 0 197 0 0 197 0 1% 1% 45,000 16,732 16,886 11,506 0 22,112 0 75% 70% * 40,893 37,168 34,795 43,266 0 448,675 1,123,090 1,131,378 40 440,347 20,630 * 5000T/D 48

2 2004 2005 80 564 0 564 0 564 0 564 0 12 551,923 55,200 5,705 612,828 2004 12 31 302,124 27,540 31 329,695 197,001 5,673 202,674 0 10,453 2,762 85 13,300 6,249 6,249 63,251 30,422 86 93,759 2005 12 31 482,423 24,778 5,619 512,820 37-49 7-9 4-29 13 9,267 7,800 19,259 23,223 59,549 2004 12 31 7,587 3,900 16,543 5,163 33,193 0 0 0 9,202 9,202 :0 0 0 0 0 396 857 1,241 8,736 11,230 2,076 4,757 3,957 17,594 28,384 2005 12 31 7,191 3,043 15,302 5,629 31,165 12-32 1-7 12-16 1-24 49

14 2005 2004 366,300 4.65-5.859% 301,300 15,000 5.58% 22,500 200,000 4.65-6.138% 121,580 0 581,300 445,380 15,000 25,000 28,337 20,000 8,625 7,000 10,797 140,000 203,865 8,000 21,957 15 2005 2004 195,396 77,431 195,396 77,431 5% 5% 16 2005 12 31 481,527 (2004 12 31 384,040 ) 2,209 5% 50

17 2005 12 31 85,799 (2004 12 31 49,688 ) 1 3,374 5% 18 2005 2004 393 702 393 702 19 2005 2004 17% 13% 23,776 15,705 7% 1% 3,643 737 1.2% 919 1,760 1,007 739 1 8 / 950 473 3% 5% 241 461 2 / 5,958 3,911 15% 24% 33% 20,708 32,287 5%-45% 1,446 1,615 1,758 29 60,406 57,717 20 2005 2004 3% 1,729 443 2% 9,807 8,169 0 160 55 51 447 67 12,038 8,890 51

21 2005 12 31 129,607 (2004 12 31 108,347 ), 5% 5% 3 12,596 2005 2004 30,190 14,140 10,057 33,190 43,358 12,986 46,002 48,031 129,607 108,347 22 2005 2004 1,659 3,540 88 3,772 209 7,177 2,364 3,535 Holcim 0 2,998 2,225 2,969 6,545 23,991 23 (1) 2005 2004 230,000 4.9410% 5.76% 198,000 116,716 0-6.03% 52,032 80,439 LIBOR+1%-5.99% 131,036 427,155 381,068 1,716 50,000 47,000 18,000 ( ) 50% 52

30,000 58,179 2,018 5,046 10,373 48,421 232,018 440,944 (2) ( ) 6,000 8.0702 48,421 1,340 1.2805 1,716 210.68 9.5797 2,018 52,155 (3) 2005 2004 0 3,271 0 3,271 3,271 2002 11 2005 24 (1) 2005 2004 435,000 4.9410%-6.12% 310,000 383,420 0-5.99% 375,038 1,232,064 4.9963%-6.12% 861,426 2,050,484 1,546,464 24,880 226,540 22,000 ( ) 50% 110,000 60% 53

5,046 2,018 11,661 232,018 48,421 440,944 255,500 334,612 350,000 360,000 2005 12 31 350,000 502,072 80,000, 52,469 65,000 202,330 14,500 28,455 230,000 (2) ( ) 28,750 8.0702 232,018 19,430 1.2805 24,880 527 9.5797 5,049 261,947 (3) 820,500 5.1840%-5.85% 2003.08.27-2010.03.17 24,880 0% 1994.08.24-2021.04.01 5,046 5.99% 2000.10.26-2009.01.31 232,018 4.9963% 2003.09.02-2011.09.02 115,000 5.76-6.12% 2005.07.29-2011.07.27 100,000 5.76-5.85% 2005.11.09-2010.10.09 20,000 6.1200% 2005.03.10-2011.03.10 330,000 5.76%-6.12% 2004.06.21-2011.6.29 14,500 6.048% 2005.10.28-2008.10.28 86,540 5.58% 2002.10.25-2009.01.17 100,000 5.76% 2005.02.25-2008.02.25 40,000 5.85% 2005.6.30-2010.6.29 30,000 5.76% 2005.11.07-2008.12.27 110,000 3.6% 2004.06.29-2009.06.29 22,000 5.58% 2004.12.01-2007.12.01 2,050,484 54

25 2005 2004 42,255 46,285 74,260 0 12,136 15,103 180 180 128,831 61,568 26 2005 2004 *1 3,296 6,000 500 0 3,796 6,000 2003 462 6,000 2,704 [2005]81 500 27 2005 12 31 2004 12 31 49% 444,835 468,822 30% 77,956 61,608 40% 22,167 20,000 20% 112,413 - RDC 15% 15,574 16,611 ( ) 50% 36,202 31,820 20% 5,288 5,651 1.62% 137 130 1% 25 16 839 795 715,436 605,453 55

28 (1) 1 ( ) 2004 / * 2005 1 91,527 0 0-91,527 0 0 91,527 0 0-91,527 0 0 2 24,873 0 0-24,873 0 0 116,400 0 0-116,400 0 0 1 0 0 0 79,251 79,251 0 0 0 79,251 79,251 2 0 0 0 22,749 22,749 0 0 0 102,000 0 102,000 1 48,000 0 0 14400 0 62,400 2 164,000 0 0 0 0 164,000 212,000 0 0 14,400 0 226,400 328,400 0 0 0 0 328,400 * 2005 12 16 A A A 10 3 14,400, A 515.048 12 A 2005 12 27 2005 12 29 56

5%( 1.21%) 9 / 10%( 2.41%) 9 / 1% (2) 2005 12 31 2004 12 31 ( ) 79,250.648 91,526.880 9,870.232 11,994 4,100 4,100 2,520 2,520 1,200 1,200 768 768 768 768 768 768 768 768 768 768 600 600 120 120 120 120 120 120 100 100 96 96 60 60 2.4 2.4 0.72 0.72 A 62,400 48,000 B 164,000 164,000 328,400 328,400 57

29 2004 2005 270,334 270,334 4,332 4,332 27,659 27,659 231,051 4,534 235,585 11,016 11,016 544,392 4,534 548,926 4,534 [2005]97 [2004]31 [2004]34 5,983 4187 120 192 35 30 2004 2005 49,715 6,259 0 55,974 53,998 0 53,998 36,907 6,259 0 43,166 140,620 12,518 0 153,138 31 2004 12 31 2005 2004 153,301 54,524 62,073 148,551 6,259 15,035 6,259 15,035 0 19,704 19,704 183,152 153,301 0.06 2005 4 28 58

32 2005 2004 19,704 19,704 19,704 19,704 2005 12 31 328,400 33 2005 2004 1,331,086 1,003,777 829,547 562,997 1,160,234 1,002,875 1,278,392 989,186 83,024 70,237 36,814 28,431 65,036 40,868 43,348 23,946 2,639,380 2,117,757 2,188,101 1,604,560 309,981 11.74% 34 2005 2004 7% 1% 8,888 6,178 3% 4,875 3,194 2% 2,052 1,958 3% 5% 1,665 1,388 782 515 18,262 13,233 35 2005 2004 556,693 552,926 3,767 16,567 13,586 2,981 5,273 5,051 222 815 216 599 843 47 796 7,791 8,592 (801) 14,771 14,341 430 2,975 3,334 (359) 862 1,145 (283) 572,732 569,903 2,829 33,858 29,335 4,523 59

36 2005 2004 125,678 82,815 3,785 3,054 545 3,868 14,304 219 481 1,801 2,497 653 111,112 85,864 37 1 2005 2004 0 0 0 0 0 0 0 0 0 0 0 437 8 (15) (1,247) (1,247) 0 0 0 0 0 0 0 0 (1,239) (825) 2 2005 2004 8 (15) 8 (15) 60

38 2005 2004 30,883 35,199 0 3,279 30,883 38,478 [2004]563 [2004] 017 32.5s 2004 2006 2005 8,382 2005 089 32.5 2005 002 2005 5,883 4,706 [2003]411 [2003] 169 2003 2005 2005 7,992 [2005]489 [2005] 126 32.5 2005-2007 2005 1,910 [2005]489 [2005] 029 32.5 2005-2007 2005 1,212 0733 2004-2005 2001 198 61

2005 3,443 [2003]199 [2003] 126 2003 2005 2005 3,237 39 2005 2004 9,041 2,291 0 36,650 652 373 5 81 1,110 120 10,808 39,515 2005 8,877 40 2005 4,491 8,312 2,767 6,680 3,785 10,251 36,286 41 2005 39,990 17,531 6,094 62

6,725 5,157 6,875 6,172 30,891 119,436 42 2005 2,000 2,000 43 2005 1,923 1,923 44 2005 1,379 1,379 1 2005 2004 1 42,079 65 0 27,325 53 0 1 2 8,311 13 420 765 2 29 2 3 66 1 31 1,108 2 226 3 14,672 21 14,595 21,836 43 21,691 65,128 100 15,046 51,034 100 21,946 10,442 16.03 % 5% 63

2 2005 2004 1 260,660 99 107,857 81 0 1 2 625 0 22,965 17 0 2 3 473 0 1,353 1 395 3 2,755 1 2,355 1,970 1 2,040 264,513 100 2,355 134,145 100 2,435 100,041 37.82 % 5% 78 3 1 2005 2004 1,485,274 917,485 2,776 2,776 1,482,498 914,709 59 59 1,482,557 914,768 (2) 2005 2004 (%) ( ) 51 464,810 (24,966) (1,818) 462,992 0 0 70 105,000 38,145 76,896 181,896 0 0 67 40,200 23,633 23,633 63,833 0 0 60 45,000 0 0 45,000 0 0 60 30,000 3,250 3,250 33,250 0 0 64

80 400,000 49,652 49,652 449,652 0 0 85 89,680 (7,121) 6,579 96,259 0 0 50 20,000 4,383 16,202 36,202 0 0 80 14,658 1,003 3,037 17,695 0 0 90 22,500 (2,783) (2,783) 19,717 0 0 ( ) 70 42,000 0 0 42,000 0 0 70 7,000 1,537 1,537 8,537 0 0 98.38 7,870 372 410 8,280 0 0 99 990 906 1,488 2,478 0 0 49 294 8 (7) 287 0 0 4 20 20 20 20 3.9 11,724 11,724 0 0 0.014 2,000 2,000 0 0 0.03 696 696 0 0 17.2 2,000 2,000 2,000 2,000 3 150 150 150 150 12.72 506 506 506 506 5.71 100 100 100 100 1,307,198 88,019 178,076 1,485,274 2,776 2,776 (3) * 12,473 10 1,247 4,469 8,004 ** (4,462) 20 (223) (1,004) (3,458) 8,011 1,024 3,465 4,546 * 2002 6 1 ( ) RDC 51% ** 2001 5 31 (4) 2005 2004 59 59 59 59 65

4 2005 2004 559,512 464,933 507,056 354,590 433,015 401,348 465,156 356,499 270,964 225,648 200,946 159,046 144,502 127,585 66,992 49,774 1,407,993 1,219,514 1,240,150 919,909 201,128 14.28% 5 1 2005 2004 0 0 0 0 0 0 0 0 0 0 0 437 84,507 76,221 (1,024) (1,024) 0 0 0 0 0 0 0 0 83,483 75,634 2 2005 2004 (24,966) 23,082 33,957 35,385 23,633 0 0 0 3,130 0 49,652 0 (5,874) 7,657 66

4,191 6,545 780 3,565 (2,783) 0 ( ) 0 0 1,537 0 336 23 906 (21) 8 (15) 84,507 76,221 1 67

2 2005 2004 2005 2004 510,000 510,000 27.14% 31.52% 8,000 8,000 98.38% 98.38% 1,500 1,500 59.33% 59.33% 23,900 23,900 80% 80% 40,000 40,000 50% 50% 108,000 108,000 85% 85% 150,000 150,000 70% 70% 1,000 1,000 99% 99% 60,000 60,000 90.1% 90.1% 136,000 ( ) 136,000 ( ) 51% 51% 75,000 20,000 88% 88% 25,000 25,000 97% 97% 50,000 50,000 60% 60% 68

500,000 80% 60,000 94% 10,000 94% 3 Holcim ( ) ( ) a) 2005 2004 3,356 3,357 b) 2005 2004 *1 4,800 4,800 Holcim*2 2,421 2,483 *1 4,800 *2 Holcim Group Support (Jona) Ltd., Holcim Holcim 300 2005 12 31 2,421 69

c) 1,053 360 367 78 75,840 74,260 0 54 47 29 1,420 492 75,887 74,289 2005 2004 78 26 0 1,792 0 3,271 0 0 324 244 36 0 0 8 54 123 29 0 0 1,580 * 74,260 0 * 2004 12 16 9 ( 2,000,046.1, 177,973.20 ( ) (2004)( ) 0181 ) 2005 2 22, 100,000 20% 48 (12 1 ) 1,580 9 1,580 74,260 2005 12 31 377,540 2005 31.11% 70

1 2005 12 31 316,180 2004 12 31 369,808 208,712 95,161 113,551 2006-2007 251,227 124,069 127,158 2006-2007 111,894 88,869 23,025 2006 62,684 14,775 47,909 2006 68,546 64,009 4,537 2006 703,063 386,883 316,180 2 2005 12 31 1 2005 12 31 136,540 11% 66,000 5% 20,000 2% 15,000 1% 40,000 3% 100,000 8% 377,540 31% 2 2005 12 31 71

1 2005 3,358 3 2 2005 11 25 2005 (%) ( / ) 2005 2004 2005 2004 2005 2004 2005 2004 41.48 48.88 42.37 65.46 1.53 1.74 1.53 1.74 3.84 15.67 3.92 20.98 0.14 0.56 0.14 0.56 5.11 12.73 5.23 17.05 0.19 0.45 0.19 0.45 4.81 10.35 4.92 14.09 0.18 0.37 0.18 0.37 2005 2004 3,707 4,580 36,993 24,786 3,279 2,197 (801) (855) (2,299) (1,541) 3,442 2,306 2,906 3,725 41,415 27,748 62,073 148,551 58,348 120,803 72

( ) ( ) ( ) 2 37 [ ] 73

( ) 5 2,695,976 2,188,101 (2,303,530) (1,684,664) 392,446 503,437 6 36,181 75,241 (113,990) (74,596) (120,546) (144,621) 194,091 359,461 9 (103,807) (82,973) /( ) 15 8 (15) 90,292 276,473 10 (3,167) (49,087) 87,125 227,386-79,158 179,340-7,967 48,046 87,125 227,386 ( ) 11 0.241 0.546 12 491,384 372,951 13 4,492,736 3,539,601 14 47,549 (158,422) 15 287 279 16 14,480 14,480 27 35,774 20,930 5,082,210 3,789,819 17 328,836 285,613 18 213,963 182,627 19 100,172 112,542 20 72,728 15,963 76

20 295,589 381,377 1,011,288 978,122 6,093,498 4,767,941 21 328,400 328,400 22 686,629 462,267 221,523 176,224 1,236,552 966,891 714,026 606,764 1,950,578 1,573,655 23 2,041,479 1,546,464 24 18,666 16,653 25 78,690 64,659 27 7,303-2,146,138 1,627,776 468,663 301,194 26 498,981 406,583 23 1,008,430 826,448 20,708 32,285 1,996,782 1,566,510 4,142,920 3,194,286 6,093,498 4,767,941 ( ( 21) 22(a),(b)) - 328,400 406,120 72,735-807,255 - - - - 116,228 116,228-328,400 406,120 72,735 116,228 923,483 - - - 20,000 20,000 - - - 446,582 446,582 - - - (19,800) (19,800) ( 22(d)) - - (19,704) (4,292) (23,996) - 179,340 48,046 227,386-26,077 (26,077) - - - 30,070 (30,070) - - 328,400 462,267 176,224 606,764 1,573,655 75

- 328,400 462,267 176,224-966,891 - - - - 606,764 606,764 ( 14) - - 210,207-210,207 ( 14) - 210,207 (210,20 - - - 328,400 672,474 176,2 606,764 1,783,862 - - - 100,000 100,000 ( 22(d)) - - (19,704) (705) (20,409) - - 79,158 7,967 87,125-1,637 (1,637) - - - 12,518 (12,518) - - 328,400 686,629 221,523 714,026 1,950,578 28 555,270 452,848 (150,070) (97,915) (22,285) (55,363) 382,915 299,570 - - (110,014) - - (19,800) - 50,000 14,975 10,825 (1,153,637) (767,452) (5,213) (26,805) (195) (2,406) (2,850) (41,390) 6,041 - - - 437 3,785 3,054 (1,137,094) (903,551) 1,680,600 1,122,370 (984,799) (523,171) (4,123) (6,614) (3,271) - - - 6,000 (19,311) (19,704) (705) (4,292) 668,391 574,589 (85,788) (29,392) 381,377 410,769 20 295,589 381,377 76

( ) ( ) ( ) 897 ( ) 2.1 4 2.2 1 ( ) 2 ( ) 8 ( ) 10 ( ) 16 ( ) 17 ( ) 21 ( ) 24 ( ) 27 ( ) 28 ( ) 32 ( ) 76

33 ( ) 39 ( ) 1 2 8 10 16 17 21 24 27 28 32 33 39 ( ) 1 ( ) 2 8 10 16 17 27 28 32 33 39 ( ) 21 ( ) 24 2.3 (a) 50% 2.8 (b) 20% 50% ( ) 1

2.4 2.5 (a) ( ) (b) 2.6 2.7 (a) 2.4-3.84% 6-12% 5.33-12% 8-12% (b) 2

3 (c) ( 2.9) (d) (e) 2.8 (a) (i) (ii) (iii) (b) (c) (d) (e) 2.9

( ) 2.10 (a) (b) ( ) 2.11 2.12 2.13 4

2.14 5 2.15, 2.16 ( ) 2.17 2.18 2.19

2.20 ( ) (a) (b) ( ) (c) 2.21 ( ) 2.22 (a) (i) (ii) (iii) 6

(iv) (b) (a) 2.8(a) (b) (c) 5. 10% 7

2,695,976 2,188,101 9 6. ( a) 31,467 38,478-36,650 3,387-1,327 113 36,181 75,241 (a) 7. 11,172 8,013 269,757 212,484 4,431 (13,952) 9,000 (59,642) 1,433,170 1,007,822 (3,801) (3,381) 569 14,141 150,318 160,841 (4,028) (1,324) - 2,320 8. 122,190 126,530 17,453 21,949 10,675 12,362 150,318 160,841 9. - 437 3,785 3,054 /( ) 13,759 (3,649) (121,351) (82,815) - (149,435) (96,213) - - (1,702) 28,084 15,100 (103,807) (82,973) 8

10. 10,708 60,296 ( 27) (7,541) (11,209) 3,167 49,087 90,292 276,473 33% (2004: 33%) 29,796 91,236 * (13,796) (16,554) ** (31,731) (19,457) 17,951 - (561) (8,221) 2,619 2,083 (1,111) - 3,167 49,087 * [2005]69 8,201,000 ( 6,225,000 ) ( ) 5,595,000 ( : 10,329,000 ) ** [1994]001 ( ) ( ) ( ) 11. 79,158 179,340 ( ) 328,400 328,400 ( ) 0.241 0.546 9

12. 225,288 (16,518) 208,770 208,770 26,805 159,474 (8,013) (14,085) 372,951 387,753 (14,802) 372,951 372,951 129,605 (11,172) 491,384 517,358 (25,974) 491,384 142,286,000 ( : 138,346,000 ) ( 23) 13. 913,271 1,493,471 24,305 116,465 291,616 2,839,128 (2,143) (1,904) - - - (4,047) (170,173) (502,778) (13,464) (53,233) - (739,648) 740,955 988,789 10,841 63,232 291,616 2,095,433 740,955 988,789 10,841 63,232 291,616 2,095,433 10

364,965 346,081 2,127 11,134 13,014 737,321 13,644 19,357 6,264 9,183 889,295 937,743 272,973 416,662-12,263 (701,898) - (14,283) (2,257) (441) (1,431) - (18,412) (50,208) (146,550) (3,557) (12,169) - (212,484) 1,328,046 1,622,082 15,234 82,212 492,027 3,539,601 1,544,560 2,266,537 31,223 129,495 492,027 4,463,842 (2,143) (1,904) - - - (4,047) (214,371) (642,551) (15,989) (47,283) - (920,194) 1,328,046 1,622,082 15,234 82,212 492,027 3,539,601 1,328,046 1,622,082 15,234 82,212 492,027 3,539,601 4,971 3,337 5,618 18,446 1,205,447 1,237,819 (1,132,74 417,213 655,721 32,903 26,905 2) - (2,062) (9,846) (20) (2,999) - (14,927) (64,567) (183,384) (7,292) (14,514) - (269,757) 1,683,60 1 2,087,910 46,443 110,050 564,732 4,492,736 1,963,69 9 2,912,827 69,581 169,412 564,732 5,680,251 (2,143) (1,904) - - - (4,047) (277,955) (823,013) (23,138) (59,362) - (1,183,468 1,683,60 1 2,087,910 46,443 110,050 564,732 4,492,736 13 ( ) 243,302 194,293 15,239 10,040 11,216 8,151 269,757 212,484 433,457,000 ( 788,696,000 ) 1,513,008,000 ( 543,526,000 ) ( 12) 1,512,503,000 ( 1,114,043,000 )( 23) 11

28,084,000 ( 15,100,000 ) 5.465%( 5.083% ) 14. 12,473 9,268 7,800-5,369 34,910 (1,975) (1,427) (3,250) - (2,644) (9,296) 10,498 7,841 4,550-2,725 25,614 10,498 7,841 4,550-2,725 25,614 (229,466) - - 27,917 1,155 (200,394) - 2,013 - - 393 2,406 18,231 (329) (650) (2,500) (800) 13,952 (200,737) 9,525 3,900 25,417 3,473 (158,422) (216,993) 11,281 7,800 27,917 6,917 (163,078) 16,256 (1,756) (3,900) (2,500) (3,444) 4,656 (200,737) 9,525 3,900 25,417 3,473 (158,422) - (200,737) 9,525 3,900 25,417 3,473 (158,422) 210,207 - - - - 210,207-9,470 9,525 3,900 25,417 3,473 51,785 - - - - 195 195 - (557) (650) (2,500) (724) (4,431) 9,470 8,968 3,250 22,917 2,944 47,549 9,470 11,281 7,800 27,917 7,112 63,580 - (2,313) (4,550) (5,000) (4,168) (16,031) 9,470 8,968 3,250 22,917 2,944 47,549 1% 50% 210,207,000 3 12

15. 279 294 /( ) 8 287 ( ) : 49% 16. 14,480 14,480 3.9% ( 3.9%) 11,724,000 ( 11,724,000 ) 17. 121,448 78,041 50,744 40,689 71,329 90,384 85,315 76,499 328,836 285,613 2,317,101,000 ( : 1,750,028,000 ) 569,000 ( : 14,141,000 ) 13

18. 231,110 212,470 - ( 29) 73,046 26,838-158,064 185,632 (17,147) (29,843) 213,963 182,627 19. 16,112 43,449 - ( 29) 9,053 20,914-7,059 22,535 84,060 69,093 - ( 29) 18,562-65,498 100,172 112,542 44,240,000 ( 41,390,000 ) 20. 303,376 301,340 64,941 96,000 368,317 397,340 (72,728) (15,963) 295,589 381,377 2.00%( 1.62%) 149 72,728,000 ( 15,963,093 ) 21. 14 1 ( a b) 79,251 91,527 ( a b) 22,749 24,873

A ( b) 62,400 48,000 164,400 164,400 B ( b) 164,000 164,000 328,400 328,400 (a) (b) 2005 12 16 [2005]313 12,276,232 2,123,768 A A B 22. ( a) ( b) ( b) ( b) 295,569 34,680 21,871 54,000 406,120 26,077 - - - 26,077-15,035 15,035-30,070 321,646 49,715 36,906 54,000 462,267 321,646 49,715 36,906 54,000 462,267 ( 14) 210,207 - - - 210,207 531,853 49,715 36,906 54,000 672,474 1,637 - - - 1,637-6,259 6,259-12,518 533,490 55,974 43,165 54,000 686,629 (a) 292,898,000 ( 292,898,000 ) 1,637,000 ( 26,077,000 ) (b) (i) 15 (1) ( ) (2) 10% / 50% (3) 10% (4) (5)

(ii) / 25% (iii) (c) 183,153,000 ( 153,301,000 ) (d) 16 0.06 19,704,000 [ ] [ ] [ ] 23. (a) 1,232,064 861,427 (b) 793,540 653,540 (c) 15,875 31,497 2,041,479 1,546,464 (a) 280,439 252,616 (b) 726,300 571,800 (c) 1,691 2,032 1,008,430 826,448 3,049,909 2,372,912 (a) 1,505,439 7,064 1,512,503 (b) 1,519,840-1,519,840 (c) - 17,566 17,566

3,025,279 24,630 3,049,909 (a) 1,103,348 10,695 1,114,043 (b) 1,225,340-1,225,340 (c) - 33,529 33,529 2,328,688 44,224 2,372,912 (a) (b) (c) (1) 4.65% 6.138%( 5.31% to 6.12%) 1,225,000,000 ( 786,081,000 ) 308,970,000 1,184,889,000 142,286,000 ( 12 13) (2) LIBOR+1%( 5.99%) 34,750,000 ( 40,750,000 ) 124,487,000 316,456,000 ( 13) (3) 5.99%( 5.99%) 737,392 ( 948,077 ) 11,663,000 ( 13) 1,519,840,000 ( 1,225,340,000 ) 3.78% 6.12% ( 3.60% 6.03% ) 6.1% 67,000,000 33,500,000 33,500,000 275,440 129,500 1,592 406,532 388,640 703,291 664,040 4,239 1,371,570 727,818 253,333-10,044 263,377 430,006 1,232,064 793,540 15,875 2,041,479 1,546,464 24. 17 16,653 17,977 6,041 - (4,028) (1,324) 18,666 16,653 25. - 3,271

( a) 42,255 46,285 ( b) 12,136 15,103 24,299-78,690 64,659 (a) (b) 4,030,000 ( 3,700,000 ) ( ) 26. 268,147 207,531 - ( 29) 35,278 47,194-232,869 160,337 85,799 49,688 - ( 29) 50,934 21,374-34,865 28,314 15,959 32,685 51,737 34,321 6,545 23,991 70,401 58,367 - ( 29) 8,017 33,746-62,384 24,621 393-498,981 406,583 27. - (398) (398) - (35,376) (20,532) (35,774) (20,930) - 1,450 - - 5,853-7,303-18

(20,930) (9,721) ( 10) (7,541) (11,209) (28,471) (20,930) (398) - (398) (4,295) 3,069 (1,226) (3,207) (1,532) (4,739) (4,440) - (4,440) (7,879) 4,494 (3,385) (711) (170) (881) - (20,561) (20,561) - (144) (144) (20,930) (14,844) (35,774) - 7,303 7,303 54,397,000 17,951,000 62,306,000 28. 87,125 227,386 : 19 3,167 49,087 269,757 212,484 11,172 8,013 ( )/ (3,387) 2,320 - (36,650) - (437) (3,785) (3,054) 121,351 82,815 4,431 (13,952) (4,028) (1,324)

( )/ (8) 15 ( )/ (13,759) 3,649 (43,223) (102,759) (13,304) (9,043) (56,765) (7,816) 196,526 42,114 555,270 452,848 29. 27.1% ( 31.6%) (a) - ( (i)) 814 3,357 - ( (i)) 37,859 - - ( (i)) 640,692 158,202 679,365 161,559 - ( (ii)) 4,800 4,800 - ( (iii)) 2,421 2,483 - ( (iv)) 108,912 205,386 - ( (i)) 370,376 258,125 486,509 470,794-3,982 3,563-58 55-59 51 4,099 3,669 (i) 20

(ii) (iii) (iv) (v) (vi) 47,000,000 ( 59,500,000 ) (b) 25-70,507 23,484-2,539 3,354 73,046 26,838, - 101 25-23,963 40,615-3,551 305 27,615 40,945-52,243 28,547-19,549 36,786-15,729 10,408 35,278 47,194-10,557 21,374-40,377-50,934 21,374-72 1,873-7,945 28,679 - - 3,194 8,017 33,746 21

30. % % ( ) 90.10 90.10 ( ) 98.38 98.38 99 99 59.33 59.33 50 50 ( (a)) ( ) 80 80 ( ) ( ) 70 70 ( ) ( ) 51 51 ( ) ( 60 60 ) ( ) ( 88 88 ) ( ) 97 97 ( ) (a) (b) (c) ( ) 400,000,000 100,000,000 80% 20% ( ) 42,000,000 22

18,000,000 70% 30% (d) ( ) 7,000,000 3,000,000 70% 30% (e) RDC ("RDC ") RDC 26% RDC RDC 27,224,000 RDC 28,263,000 27,224,000 1,039,000 31. 316,180 369,808 33. [ ] 62,073 1,213,617-261 (1,861) - 101 (1,192) - 1,447 (9,125) - 1,060 1,060-6,296 6,296 - (349) (349) - 8,269 28,106 79,158 1,236,552 23

( ) ( ) 2005 ( ) 2006 3 3 24

2005 2005 2005 Tom Clough Daniel Bach Paul Thaler 2006 3 3 25

2005 HUAXIN CEMENT CO., LTD. Chapter 1 Important Notice 1 Chapter 2 General 2 Chapter 3 Financial Highlights 4 Chapter 4 Changes in Share Capital and Shareholders 6 Chapter 5 Directors, Supervisors and Senior Management 11 Chapter 6 Corporate Governing 17 Chapter 7 Shareholders General Meeting 19 Chapter 8 Directors' Report 20 Chapter 9 Supervisors' Report 29 Chapter 10 Major Events 30 Chapter 11 Accounts and Auditors' Reports 33 PRC Auditors' Report 34 International Auditors' Report 89 Chapter 12 Documents for Inspection 129 600801-G -426 K5 AR EN.doc

2005 Chapter 1 Important Notice Chapter 1 Important Notice 1. The Board of Directors of the Company and its members, Supervisory Committee of the Company and its members and members of senior management guarantee that there is no false or misleading statement or material omission in this report and shall be severally and jointly liable for the truthfulness, accuracy and completeness of its contents. 2. Independent Director Mr. Lin Zongshou did not attend this board meeting due to other commitments and authorized director Mr. Zhang Tianwu to attend and exercise voting rights on his behalf. 3. Chairman of the Company Mr Chen Musen, CEO Mr Li Yeqing, CFO Mdm Kong Lingling, and chief of financial department Mdm He Fengping declare and guarantee that this annual report is true and complete. 600801-G -426 K5 AR EN.doc 1

2005 Chapter 2 General Chapter 2 General 1. Legal Name of the Company: Legal Abbreviation in Chinese: Name in English: Abbreviation in English: HUAXINCEM 2. Legal Person Representative: Mr. Chen Musen 3. Secretary to the Board: Mr. Wang Ximing Liaison Address: 897 Huangshi Avenue, Huangshi City, Hubei Province Tel: (0714) 6328310 Fax: (0714) 6235204 E-mail: investor@huaxincem.com Contact person for Information Disclosure of the Company: Ms. Wang Lu Liaison Address: 897 Huangshi Avenue, Huangshi City, Hubei Province Tel: (0714) 6328471 Fax: (0714) 6235204 E-mail: investor@huaxincem.com 4. Registered location of the Company: 897 Huangshi Avenue, Huangshi City, Hubei Province Administrative location of the Company: 897 Huangshi Avenue, Huangshi City, Hubei Province Post code: 435002 Web site: http://www.huaxincem.com E-mail: investor@huaxincem.com 5. Press for Information Disclosure: China Securities Journal, Shanghai Securities News, Hong Kong Commercial Daily Annual Report available on the Internet website appointed by CSRC: http://www.sse.com.cn The Place available: the Securities Office of the Company 6. Place of listing for A share: Shanghai Stock Exchange Abbreviation of A share: Huaxin Cement Stock Code: 600801 Place of listing for B share: Shanghai Stock Exchange Abbreviation of B share: Huaxin B share Stock Code: 900933 600801-G -426 K5 AR EN.doc 2

2005 Chapter 2 General 7. Other information: Date of first registration: November 30, 1993 First registered location of the Company: 897 Huangshi Avenue, Huangshi City, Hubei Province Date of Alternation: January 11, 2000 Registered Number of the Representative Business License: 4200001000351 Registered Number for Taxation: 420203178423X Domestic Accountant Offices appointed by the Company: ShineWing CPAs Address: 12/C, Fuhua Building, North Street, Chaoyang Gate, Dongcheng District, Beingjing International Accountant Offices appointed by the Company: PricewaterhouseCoopers (China) Co., Ltd. Address: Room 1808, Yi an Square, No. 33, Jianshe Sixth Road, Guangzhou 600801-G -426 K5 AR EN.doc 3

2005 Chapter 3 Financial Highlights Chapter 3 Financial Highlights 1. Financial Highlights for the Report Year Unit: RMB Total profit 81,377,759.92 Net profit 62,073,249.69 Net profit after elimination of extra-ordinary items 58,348,087.76 Profit from major operations 503,360,796.69 Profit from other operations 2,829,450.25 Operating profit 46,622,515.02 Investment income -1,239,116.97 Subsidy income 30,882,780.26 Net amount of non-operating income/expenditure 5,111,581.61 Net cash flows from operating activities 503,134,090.50 Net increase of cash and cash equivalents -29,022,911.52 2. Difference between national and international accounting standards Unit: 000 RMB profit net assets attributable attributable to shareholders to shareholders As per the PRC accounts 62,073 1,213,617 Impact of IFRS and other adjustments: Reversal of amortisation of goodwill having been written off in prior years. 261 (1,861) Recognition of pre-operating expenses in income statement when they are incurred 101 (1,192)- Government grants recognised as deferred income and subsidy income 1,447 (9,125) Reversal of amortisation of positive goodwill 1,060 1,060 Interest capitalised in property, plant and equipment 6,296 6,296 Difference arising from restatement of long-term payables to their current value (349) (349) Deferred tax assets 8,269 28,106 As restated after IFRS and other adjustments 79,158 1,236,552 3. Extra-ordinary items and amount Unit: RMB Extra-ordinary items Amount Gains from disposal of assets except for products 3,707,350.96 Other non-operating incomes less provisions for impairment -800,758.35 Impact for income tax 818,569.32 Total 3,725,161.93 4. Financial Statements summary and Financial Indicators of the last three years Unit: RMB 600801-G -426 K5 AR EN.doc 4

2005 Chapter 3 Financial Highlights Item 2005 2004 Change over last period (%) 2003 Income from major operations 2,639,380,167.10 2,188,101,303.80 20.62 1,188,827,685.49 Total profit 81,377,759.92 255,160,148.41-68.11 117,841,100.71 Net profit 62,073,249.69 148,550,557.65-58.22 68,244,142.01 Net profit after extraordinary items 58,348,087.76 120,802,513.29-51.70 68,741,266.17 Earnings per share 0.19 0.45-57.78 0.21 Return on net assets, % 5.11 12.73 Return on net assets after extra-ordinary items, % Return on net assets after extra-ordinary items, weighted average, % Net cash flow from Operating Activities Net cash flow per share from Operating Activities 4.81 10.35 4.92 14.09-7.62 percentage points -5.54 percentage points -9.17 percentage points 8.46 8.51 8.74 503,134,090.50 490,510,424.42 2.57 294,856,868.91 1.53 1.49 2.68 0.90 2005 end 2004 end Change over last period (%) 2003 end Total assets 6,108,292,177.68 4,955,799,957.40 23.26 3,017,709,764.81 Shareholders equity (excluding the minority) 1,213,617,527.85 1,166,712,965.39 4.02 806,816,113.16 Net assets per share 3.70 3.55 4.23 2.46 Net assets per share after adjustment 3.58 3.43 4.37 2.41 5. Changes of shareholders equity in the report period and reasons Item At year beginning Increase in the year Decrease in the year Share capital Capital reserves Surplus reserves Statutory common reserves Undistributed profit Unit: RMB Total shareholders equity 328,400,000 544,391,528.16 140,620,564.13 36,906,794.99 153,300,873.10 1,166,712,965.39 4,535,312.77 12,517,424.00 6,258,712.00 49,555,825.69 66,608,562.46 19,704,000.00 19,704,000.00 At year end 328,400,000 548,926,840.93 153,137,988.13 43,165,506.99 183,152,698.79 1,213,617,527.85 The reasons for changes of shareholders equity are profit earning and profit distribution of the Company. 600801-G -426 K5 AR EN.doc 5

2005 Chapter 4 Changes in Share Capital and Shareholders Chapter 4 Changes in Share Capital and Shareholders (I). Changes in Share Capital 1. Changes in the capital structure Unit: share Before the change Change during the period +/- After the change Shares % Capital Placement Bonus reserves others Sub-total issue issue to share Shares % 1. shares subject to conditional sales 1. State-owned shares 91,526,880 27.9-12,276, 232 2. Shares held by State legal person 3. Shares held by other domestic investors Including: Shares held by domestic legal persons 24,873,120 7.6-2,123,7 68 Shares held by domestic natural persons 4. Shares held by foreign investor Including: Shares held by foreign legal persons Shares held by foreign natural persons Sub-total 116,400,000 35.4 2. shares not subject to conditional sales 1.RMB ordinary shares 48,000,000 14.6-14,400, 000 14,400, 000 79,250,648 24.1 22,749,352 6.9 102,000,000 31.1 62,400,000 19.0 2.Domestic listed foreign 164,000,000 investment shares 49.9 164,000,000 49.9 3. Overseas listed foreign investment shares 4. Others Sub-total 212,000,000 64.6 226,400,000 68.9 Total 328,400,000 328,400,000 Tradable time of shares subject to conditional sales Time Increment of listed shares upon expiry of locking period Number of outstanding shares subject to conditional sales Number of outstanding shares not subject to conditional sales 2006-12-29 12,879,120 89,120,880 239,279,120 2008-12-29 13,832,764 75,288,116 253,111,884 Remarks Unit: share 3,962,532 state shares which are tradable in SSE at not less than 9 yuan. 2009-12-29 7,925,065 67,363,051 261,036,949 Tradable in SSE at not less than 9 yuan. 2010-12-29 67,363,051 0 328,400,000 2. Share issuing and listing 600801-G -426 K5 AR EN.doc 6

2005 Chapter 4 Changes in Share Capital and Shareholders 1). Share issuing in prior three years There is no new issuing or placement issuing of shares in previous three year from end of report period. 2). Changes of total shares and share structure of the Company There are no changes on total shares and share structure of the Company occurred for bonus issue or placement issue etc. 3). Existing internal employee shares There are no internal employee shares in the report period (II). General Information about the Shareholders 1. Number of shareholders and listed-share holders Total numbers of shareholders at the end of 36,626 report period Top ten shareholders and listed-share holders Names of Shareholders Share holder type In % HOLCHIN B.V. Foreign 26.1 State-owned Shares (held by Huaxin Group Co., Ltd.) State 24.1 Huaxin Group Co., Ltd. Other 3.0 Total Shares hold 85,761,3 00 79,250,6 48 9,870,23 2 Change in shares 8,761,3 00-12,276, 232-2,123,7 68 Shares subject to conditional sales 79,250,64 8 9,870,232 Unit: share Mortgage or frozen 36,000,00 0 mortgaged MEINL BANK AKTIENGESELLSCHAFT Foreign 1.6 5,199,73 5 100,000 Jingzhou Shalong Financial Consultant Co., Ltd Other 1.2 4,100,00 0 4,100,000 ICBC Shenwan balishengli Securities Investment Fund Other 1.0 3,349,44 2 3,349,4 42 Pension Fund Project 109 Other 0.8 2,643,33 9 2,643,3 39 Huangshi Railway Joint Operating Company Other 0.8 2,520,00 0 2,520,000 Taikang Life Insurance Co., Ltd. Other 0.6 1,953,62 1 1,953,6 21 NATIO SECURITIES CO., LTD. Foreign 0.5 1,695,77 9 675,279 600801-G -426 K5 AR EN.doc 7

2005 Chapter 4 Changes in Share Capital and Shareholders Top ten holders of shares not subject to conditional sales Names of Shareholders Number of Shares Type of share HOLCHIN B.V. Domestic listed foreign 85,761,300 investment shares Domestic listed foreign MEINL BANK AKTIENGESELLSCHAFT 5,199,735 investment shares ICBC Shenwan balishengli Securities Investment Fund 3,349,442 RMB ordinary shares Pension Fund Project 109 2,643,339 RMB ordinary shares Taikang Life Insurance Co., Ltd. 1,953,621 RMB ordinary shares NATIO SECURITIES CO., LTD. 1,695,779 Domestic listed foreign investment shares TOYO SECURITIES ASIA LTD. A/C CLIENT Domestic listed foreign 1,609,589 investment shares Pension Fund Project 601 1,263,228 RMB ordinary shares Nanjing Haodun energy efficiency S&T Co., Ltd. Bank of China Yinhua Advanced Enterprise (Balanced) Securities Investment Fund 1,155,286 955,773 RMB ordinary shares RMB ordinary shares Remark on related partnerships and concert-action ships of the above shareholders None of the top ten shareholders are co-related parties, or concert-actors referred to in the Administrating Measures of Disclosing Changes in Shareholding for Listed Companies. except that state shares held by Huaxin Group Co., Ltd. on behalf of the State. It is unknown to the Company whether or not there exists any related party relationship or concert-action relationship between any of the top ten holders of listed shares subject to conditional sales. It is unknown to Company whether or not there exists any related party relationship or concert-action relationship between any of the top ten shareholders and top ten holders of listed shares subject to conditional sales. 2. Top ten holders of shares subject to conditional sales Names of Shareholders State-owned Shares (held by Huaxin Group Co., Ltd.) Huaxin Group Co., Ltd. Jingzhou Shalong Financial Consultant Co., Ltd Huangshi Railway Joint Operating Company Number of shares 79,250,648 Trading of shares Tradable Time Increment of tradable shares 2008-12-29 3,962,532 2009-12-29 7,925,065 2010-12-29 67,363,051 9,870,232 2008-12-29 9,870,232 4,100,000 2006-12-29 4,100,000 2,520,000 2006-12-29 2,520,000 Conditions * Unit: share None of the shares shall be listed, traded or transferred 12 months after the Share Partition Reform Plan is successfully implemented, none of the shares shall be listed, traded or sold in the SSE during the period from the thirteenth month to the thirty sixth month after the Share Partition Reform Plan is successfully implemented. None of the shares shall be listed, traded or transferred 12 months after the Share Partition Reform Plan is successfully implemented. None of the shares shall be listed, traded or transferred 12 months after the Share Partition Reform Plan is successfully implemented. 600801-G -426 K5 AR EN.doc 8