*

1083 8132 0.10 2001 4 20 * 2005 11 4

... 2005 11 4... 2005 11 4... 2005 11 26... 2005 11 28... 2005 11 29... 2005 12 7... 2005 12 8... 2005 12 8 1. 2.

...... i ii... 1... 8... 19... 20... 31... 32... 36... 38... 40... 49... 62... 86... 89... 91... 99... 103... 107... I-1......... II-1 III-1 IV-1... V-1 Kenson......... VI-1 VII-1 VIII-1

2003 200420056756,300,000 51.9%858,600,00047.7%418,900,000 43.7% 2003200420056343,700,000 23.6%412,500,00022.9%256,100,000 26.7% 15 200420056 1999 200320042005 6350,100,00024.0%498,100,000 27.7%254,000,00026.5% 16 30 2004

30 PANVA 2001

(i)(ii) (iii) 39

200220032004 12 31 20042005 6 30200220032004 12 312005 6 30 12 31 6 30 2002 2003 2004 2004 2005... 1,150,322 1,457,632 1,800,253 848,634 958,053... (888,427) (1,073,289) (1,353,382) (677,218) (733,017)... 261,895 384,343 446,871 171,416 225,036... 12,118 12,874 38,066 2,248 28,592... (27,015) (35,541) (40,086) (19,440) (22,901)... (53,465) (66,418) (85,441) (35,232) (60,160)... (1,818) (1,134) (2,655) (1,574) (823)... 191,715 294,124 356,755 117,418 169,744... 541 2,433 2,433... (788) (374)... (6,691) (14,846) (27,099) (5,155) (37,860)... 83 28,561... 185,024 279,031 331,798 114,696 160,455... (8,545) (22,875) (19,711) (6,206) (16,055)... 176,479 256,156 312,087 108,490 144,390... 139,235 213,947 285,368 95,699 128,249... 37,244 42,209 26,719 12,791 16,141 176,479 256,156 312,087 108,490 144,390... 23.08 34.77 30.41 10.24 13.61... 18.75 31.05 28.33 9.44 12.75 11

12 31 6 30 2002 2003 2004 2005... 381,350 641,715 1,248,817 2,125,415... 334,614 804,377 2,726,852 2,124,033... 127,982 209,318 248,454 474,170... 206,632 595,059 2,478,398 1,649,863... 587,982 1,236,774 3,727,215 3,775,278... 278,736 643,732 1,522,214 1,558,248... 213,835 262,828 333,074 355,615 10.0710.08 10.08 10.07 (i) (ii) 10.07 10.0710.08 (i) (ii) 2001 4 77.96% 74.79% 60.57% (iii) 13.36

2005 3 22 81% Asia Pacific Asia Pacific Promotion Limited 2004 10 27 1993 6 8 60033360.22% 2005 2 1 48%

2003 3 6 46.7% 1998 10 26 85% 1998 1 16 60% 2005 3 16 13% 1998 7 16 60% 1998 1 6 2003 9 1 60% Panva Gas Holdings Limited 2000 11 16

2004 2008 50,000,000 I. 2004 6 8 6221991 7 26 2005 11 28 19928 2004 11 3 45%

Kenson Supreme All 2004 9 232011 Merrill Lynch International 200,000,000 1998 11 14 84% 32 2005 3 31 2004 2 27 51%

2003 9 2 70% Kenson Kenson Investment Limited 2000 10 17 42.58% Kenson Kenson 2004 11 1 62,500,000 3.25 Kenson II.Kenson 2005 11 1 2001 10 840% 2003 12 22 2005 12 8

2000 8 16 55% 2002 4 18 2003 9 28 25% 2005 4 26 VIII. 2001 4 4 VI. 2005 4 26 2000 3 10

2005 9 1 2005 6 1 70% 2003 5 14 90% % 1999 11 5 857 2004 5 8 90% 2001 4 4 2001 4 20 VII. V.

2004 11 10 2004 11 10 61.67% 2005 4 7 2005 6 2 571 2005 8 16 48% 0.10 1992 6 4

11681997 12 15 1997 12 30 386 2000 2 25 1998 12 25 50.1% Supreme All Supreme All Investments Limited 2000 12 20 17.99% 2004 12 312005 6 30

2002 12 25 99.5% 1998 3 25 55% 1998 6 17 60% 2003 11 1027.5% 1999 9 13 50% 1998 8 13 60% 1998 12 18 60% 2004 8 3 90% 2001 9 19 28.53%

1997 8 1325% 2000 2 18 55% 2005 3 29 100% 2000 8 266.6% 2002 7 16 90% 2002 6 5 50.1% *

CMS

20042003 12 31 24.0% 21.9%2005 6 30 20.8% 306

2005 6 2 Kenson Supreme All60.57% (i)(ii) (iii) (iv)

39 2004 9 8.25% 2004 9Morgan Stanley Capital Services Inc. 2005 3 30 2 CMS 302CMS 8.25% 2005 1 139 392005 1 1 39 39 2005 6 30106,200,000 2005 6 302005 1 1 101,300,000 4,800,000 2005 6 30 39 106,200,000 73,894 4929,941 49

87 30 (i) (ii)

2004 12 31 2005 6 30 88.3% 86.7%1.9% 3.9% 2001 7

1979

50% 1994 2005 7 21 2%

(i)942,250,891 (ii) 13,570,000 (iii) 28,959,000 (iv) (v)

10.0710.08 10.08 10.07 (i) (ii) 10.07 10.0710.08 (i) (ii) 2001 4 77.96% 74.79% 60.57% (iii) 13.36

2001 4 20 (i)942,250,891 (ii) 13,570,000 (iii) 28,959,000 (iv) (v) (i)942,250,891 (ii) 13,570,000 (iii) 28,959,000 (iv)

(v) 2005 12 81,000 1.001.0692005 7 21 1.0402005 7 21 7.801.00 6.251.00 11.1023

65-69 C3 1 1 12 D 1/5 331 402 9 8 18 2 1 10 927 C 26B 23 22 F 3 2 D

3 17 1 27 2 1711 100027 Maples and Calder 1 1504 11 23 111 26 1 10

Ugland House, P.O. Box 309 GT George Town, Grand Cayman Cayman Islands British West Indies 199 28 www.panva-gas.com CPA MBA, CPA (Aust.), CPA 65-69 C3 1 1 12 D 16-18 25

3 33 83 151 1020 1 Butterfield Fund Services (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 705 George Town Grand Cayman Cayman Islands British West Indies 183 46 183 17 1712-1716

2004 2005 6 BP Statistical Review of World EnergyBP Review 2004 1,528,000,000 BP Review 200413.6%2003 12.3% BP Review2004 15.1% BP Review 20042.0 7.0 2004 20032004 2004 3,000 15.1% 16 2,500 2,000 2,570.1 14 12 10 1,500 1,528.0 7.2% 8 1,000 500 0 737.0 567.2 2.6% 1.8% 414.2 364.2 339.0 1.9% 290.0 1.4% 0.5% 250.1 239.4 1.7% 1.3% 0.6% 6 4 2 0 BP Review

20042003 67%3% 2003 2003 7.4% 2.8% 22.7% 67.1% 2004 2004 1994 75%200367%19942003 19942003 (%) 1994... 1,227 75.0 1.9 17.4 5.7 1995... 1,312 74.6 1.8 17.5 6.1 1996... 1,389 74.7 1.8 18.0 5.5 1997... 1,378 71.5 1.7 20.4 6.2 1998... 1,322 69.6 2.2 21.5 6.7 1999... 1,301 68.0 2.2 23.2 6.6 2000... 1,303 66.1 2.5 24.6 6.8 2001... 1,349 65.3 2.7 24.3 7.7 2002... 1,480 66.1 2.7 23.4 7.8 2003... 1,678 67.1 2.8 22.7 7.4 2004

1990 2004 19945,700,000 200318,000,000 12.1%2003 199019942003 199019942003 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 1990 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 1980 63.6% 36.0%0.3% 2003 72.0% 20.0% 7.9%

19801985199019942003 19801985199019942003 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 1980 1985 1990 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 20042004 20033,2373,903 666 2004 2004 2003 7,820,0002004 2003 580,000380,000

19901995200020022003 1990 1995 2000 2002 2003... 0.27 0.46 0.63 0.49 0.58... 0.12 0.16 0.25 0.35 0.38... 1.43 3.70 5.32 6.56 7.82 2004 20012005 20052006 2004 200247,65221.4% 200357,845 200237,000,000 16.3% 2003 43,000,000 2004 2003 14,164,000,000 2002 12,593,000,00012.5% 2002 3,500,000,0007.1% 2003 3,750,000,000

15 16 30

1997 121998 1 1 2002 11 2003 8 2004 6 2004 10

2002 11 2003 6 2004 7 2004 5

2004 9 (i) (ii) (i) (ii)

0.28% 100% 58.40% 74.79% 100% 100% 33.68% 4.08% 42.58% 17.99% 0.54% 1.13% 100% 100% 100% 100% 100% 100% 100% 100% 48% 33% 70% 60% 33% 51% 100% 55% 70% 50.1% 60% 50% 60% 100% 90% 30% 15% 60% 60.22% 45% 25% 60% 40% 45% 100% 90% 10% 90% 100% 90% 56.94% 100% 55% 55% 90% 55% 95% 57% 74% 1. Smart Orient Investments LimitedSmart Orient Smart Orient 4.63% Smart Orient 2. KensonKenson Kenson19,230,769 2.04% KensonII. Kenson 4.08% 3. Asia Pacific 2005 6 161,000,000 0.11% AsiaPacific0.65%0.54%Asia Pacific 4. (i)5,440,000 (ii) 4,160,000(iii)1,000,000 III. 1.

1998 1998 1 1998 1 16 60%40% 1998 5PANVA PANVA 1999 1 13 2000 11 16Panva Holdings Limited 2001 3 22 2001 4 2001 4 208132 3.625 3,415,700,000 77.96% Kenson 2003 12 9Supreme All 2001 4 4 Supreme All 100,000,000 169,491,525 21.88% 77.31% 2003 12 314,530,366 0.58% 76.86%

2004 1 8155,200,000 155,200,000 2004 12 31 7,953,00058.45% 2005 4 7 Kenson Supreme All 1,753,231,957.10 Kenson Supreme All 3.3064,375,000 KensonKenson(i) Kenson Kenson(ii)KensonKenson Kenson2005 4 1 2005 6 2 0.69 2,540,915,880 Kenson Supreme All 2005 6 2 Kenson Supreme All 14.44 Asia Pacific 2005 6 2 2005 6 132005 7 11 Kenson 62,310,43119,935,000 3.126Kenson Supreme All570,724,98760.57% 2001 4

30 2003 9 1 20,000,00060%40% 4 1998 3 25 32,000,00055%45% 19 2003 12 30 45% 2004 11 3 83,800,000 30% 15%

31%24% 1998 12 25 16,000,00050.1%49.9% 2001 57,500,000 56.94% 31 2002 6 5 4,200,000 9 1998 10 26 6,000,00070% 25%5% 19 1998 1 16 40,000,00060%40% 27 1998 7 16 9,000,00033%45%22% 14

1998 11 14 6,000,00060%40% 14 1998 6 17 10,000,00033% 45%22% 13 1998 8 13 620,000 5,000,00040%60% 8 1998 12 18 5,000,00040%60% 6 2000 8 16 6,000,000 50,000,000 55%45% 52

2002 4 18 1,010,000 51%49% 2005 3 18 49% 2005 6 28 1,010,000 2003 11 10 10,000,00055%45% 12 1999 9 13 7,230,000 50%50% 9 2004 8 2748% 2005 2 1 589,800,000 48%2% 50% 60.22%

2004 2 27 100,000,00051%49% 2004 5 17 2004 10 27 8,000,000 2003 12 20 2004 6 8 3,300,000 2004 12 28 2005 3 31 1,790,000 90% 10% 2003 7 18 2003 12 22 6,960,000

2004 9 2070% 2005 6 1 9,000,000 70%30% 2002 2 2090% 2003 5 14 3,590,000 90% 10% 2003 10 2490% 2004 5 8 4,900,000 90% 10% 2002 9 28 2002 12 25 5,000,000 95% 5% 2004 1 1290% 2004 8 3 8,000,000 90% 10%

2004 10 19 2005 3 29 8,000,000 2000 2 18 3,000,000 55% 45% 2001 6 2890% 2002 7 16 18,890,000 90% 10% 2000 8 2 800,000 74% 26% 2001 9 19 7,090,000 58,840,00056.94% 22.94% 20.12% 40

2003 3 6 20,000,000 25% 75% 2004 11 3013% 2005 3 16 800,000,000 41% 13% 10% 36% 2001 10 8 5,800,000 40% 60% 2003 9 28 1,000,000 25% 75% 1997 8 13 10,000,00025% 37% 33%

5% 2005 3 22 81% 2005 6 30 34,500,000 2003 9 2 70% 30% 2005 6 30 2004 11 10 61.67% 61.67% 38.33% 2005 6 30

2005 8 16 48% 50% 2% 184,600,000 2005 2003 2003 788,000 2004 374,000

2003200420056 756,300,00051.9%858,600,000 47.7%418,900,00043.7% 200320042005 6343,700,00023.6%412,500,000 22.9%256,100,00026.7% 15 200420056 1999 2003 200420056350,100,000 24.0%498,100,00027.7%254,000,000 26.5% 16 30

1. 2005 1 292005 1 26 2005 2. 2005 3. 2003 9 2 2005 4. 2005 8 16 2006

200220032004 12 31 2005 6 30 2002 12 31 2003 12 31 2004 12 31 2005 6 30

30 PANVA 2001

30 15 7 10

... 48.0%... 85.0%... 60.0%... 60.0%... 45.0%... 84.0%... 55.0%... 50.1%... 55.0%... 60.0%... 27.5%... 50.0%... 60.0%... 60.0%... 29.0%... 50.1% 61.67% 100% 70% (Nanling Pan River LPG Co., Ltd.) 2003 2003 788,000 2004 374,000

14 200220032004 20042005 6 30 61.7% 51.9% 47.7% 55.3% 43.7% 270PANVA 90120 2001

1999 2001 12... 100.0%... 48.0%... 85.0%... 60.0%... 60.0%... 100.0%... 45.0%... 100.0%... 51.0%... 100.0%... 100.0%... 55.0%... 70.0%... 90.0%... 90.0%... 99.5%... 90.0%... 100.0%... 90.0%

16 19 30 81% 61.67% 48% 19 11 20052006 200220032004 20042005 6 30 1.3% 2.1% 3.7% 4.0% 5.7%

2,0003,500 200220032004 12 31 20042005 6 30 14.5% 21.9% 24.0% 17.8% 20.8%

200220032004 12 31 20042005 6 30 17,100,000 7,500,000 31,100,000 13,900,00029,000,000 1.5% 0.5% 1.7% 1.6% 3.0% 200220032004 12 31 20042005 6 30 30% 20022003 2004 12 3120042005 6 30 61.7% 51.9% 47.7% 55.3% 43.7% 5500 200220032004 12 3120042005 6 30 3.0% 20022003 2004 12 3120042005 6 30

21.0% 23.6% 22.9%21.3% 26.8% 200220032004 20042005 6 30 1.0% 200220032004 20042005 6 30 75.9% 76.7% 78.6% 79.5% 75.5% 200220032004 20042005 6 3053.1% 57.9% 57.3% 62.3% 54.6% 5%

20 40 550

7 10 270 1536 PANVA PANVAPANVA

www.panva-gas.com

200220032004 2005 6 30 2,573 2,9953,2713,6932004 20039.2% 2004 42004 12 31 2005 6 30 51.1% 52.5% 23.1% 23.8% 8.1% 8.6% 17.7% 15.1%2005 6 3099% 12% 25% 8%

16 16 2005 4 28 2002 16

19 19 2005 5 13 13 19

9 2004 2002 3022 9 9 9

II. 2. (i)(ii)(iii) (iv)

1998

19.44 19.86 50%19.86 2004 8 27 2005 4 25 2004 8 27 48% Kenson Supreme All 58% 2005 1 262005 5 11 Kenson Supreme All50% 2005 4 20 2005 1 26

Kenson Supreme All (i)(ii)(iii) (i)(ii) * * * * * * * *

Davin A. MACKENZIE Davin A. MACKENZIE *

5% (i) 5% (ii) (i) 2005 12 31 (a)(b) (c) (ii) (iii) (i) (ii) 5% (a) 5% (b)

1. 2004 7 1 19928 2004 7 12005 12 31 24,650 2001 7 42002 9 142003 9 14 19925 2004 12 312005 6 30 374,000374,000460,000273,000 2. 2003 12 5 347,959 2003 10 12006 9 31 2000 1 12001 6 12002 4 1 2004 12 312005 6 30 370,000380,000 325,000163,000

14A.33(3)

... 43... 42... 43... 42... 41... 46... 53... 53... 51... 53... 49 43 19 2000 11 42 University of Victoria The City University of New York 171998 3 2001 11 2004 7

43 191992 2 2001 1 42 111994 5 2001 1 41 152000 2004 4 46 182003 4 2003 5 53 XV Hutchison Telecommunications (Australia) LimitedPartner Communications Company Limited 30 1992 1 241998 1 12

1998 3 18 2002 12 53 1980 30 2002 12 51 27 2001 1 2004 11 19800,000 5322 2004 9 2004 11 19800,000 49 2003 1998 3

2001 7 14 2003 4 2004 11 19 800,000 39 15 2000 12 51 202004 7 32 6 2004 1 34 11 1998 4

40 161998 3 42 201998 3 41 15 2003 9 42 14 2001 7 34 10 1998 4

2005 10 28 2005 10 28 2005 10 28 2006 12 31 13.46

200220032004 12 31 2005 6 30 3,564,0004,183,0003,684,0004,105,000 200220032004 12 312005 6 30 3,238,0003,580,0004,473,0004,201,000 200220032004 12 31 2005 6 30 VII.VI. VIII. V. IX.

(i) (ii) (iii) 20042004 12 31 1,006,000,000 6,287,500,0002004 12 31 6,478,000,000 40,387,500,000 2004 12 31 285,368,0002004 12 31 1,855,288,000

XV23 10% Asia Pacific 575,806,587 575,806,587 61.11% (19,230,769) (19,230,769) (2.04%) 1 570,724,987 570,724,987 60.57% (19,230,769) (19,230,769) (2.04%) 1 570,724,987 570,724,987 60.57% (19,230,769) (19,230,769) (2.04%) 1 Kenson 401,233,462 401,233,462 42.58% (19,230,769) (19,230,769) (2.04%) 1 2 Supreme All 169,491,525 169,491,525 17.99% 1 Deutsche Bank 24,394,282 48,081,000 72,475,282 7.69% Aktiengesellschaft 3 38,461,538 19,230,769 57,692,307 6.12% 4 38,461,538 19,230,769 57,692,307 6.12% 4 38,461,538 19,230,769 57,692,307 6.12% 5 38,461,538 19,230,769 57,692,307 6.12% 5

Li Ka-Shing Unity 38,461,538 19,230,769 57,692,307 6.12% Trustee Company 5 Limited Li Ka-Shing Unity 38,461,538 19,230,769 57,692,307 6.12% Trustcorp Limited 5 Li Ka-Shing Unity 38,461,538 19,230,769 57,692,307 6.12% Trustee Company 5 Limited 48,000,000 48,000,000 5.09% 6 48,000,000 48,000,000 5.09% 6 1. Kenson Supreme All 74.79% Asia Pacific58.40% XVKenson Supreme All 401,233,462 169,491,525Asia PacificAsia PacificXV Kenson Supreme AllAsia Pacific 5,081,6000.54% 2. Kenson KensonKenson 19,230,769 3. Deutsche Bank Aktiengesellschaft 37.77% 4. 38,461,5382006 11 1 3.25 KensonKenson Kenson 19,230,76957,692,307 XV 57,692,307 5. Li Ka- Shing Unity Holdings LimitedLKS HoldingsLi Ka-Shing Unity Trustee Company LimitedTUT1TUT1 The Li Ka-Shing Unity Trust

TUT1 The Li Ka-Shing Unity Trust LKS HoldingsLi Ka-Shing Unity Trustee Corporation LimitedTDT1The Li Ka-Shing Unity Discretionary TrustDT1Li Ka-Shing Unity Trustcorp Limited TDT2 DT2 TDT1 TDT2 The Li Ka-Shing Unity Trust DT1 DT2 DT1 DT2 TDT1 TDT2 TUT1 38,461,53819,230,769Kenson 6. 48,000,00032.77% Kenson Supreme All Kenson Kenson 401,233,462 42.58%Supreme All 169,491,525 17.99% KensonKenson 2006 11 1 3.25Kenson 62,500,000 KensonKenson 382,002,69340.54% KensonKensonKenson Supreme All (i) (ii) KensonSupreme All

Kenson (i) Kenson Supreme All Kenson Supreme All (ii) Kenson Supreme All Kenson Supreme All KensonSupreme All (iii) Kenson Supreme All (iv) Kenson Supreme All KensonSupreme All Kenson Supreme All (i) Kenson Supreme AllKenson Supreme All (ii) Kenson Supreme All Kenson Supreme All

2,000,000,000... 200,000 942,250,891... 94,225 2003 4 2350,000,000 2 2003 6 72008 4 9 3.91692003 4 15 2005 8 31 4,530,3662005 8 31 3.8043 97,851,1159.4% Kenson Supreme All 60.57% Kenson Supreme All54.87% 2005 6 30 43,199,000 42,529,000 2005 6 30 670,000

VII. VI. VIII. V. IX. 28.33 200430.41 2002 1 1... 500,000,000 50,000 1... 5,043,000 505 2... 100,033,000 10,003 2003 1 1... 605,076,000 60,508 3... 169,491,525 16,949 4... 4,530,366 453 2003 12 31... 779,097,891 77,910 5... 155,200,000 15,520 6... 7,953,000 795 2004 12 31... 942,250,891 94,225 2005 6 30... 942,250,891 94,225... 942,250,891 94,225

1. 2002 12 31 1.130.94 165,000 4,878,0005,043,000 4,772,000 2. 2002 4 26 100,033,000 10,003,300 3. 2003 12 9Supreme All 0.59 100,000,000 169,491,525 4. 2003 12 313.9169 4,530,366 17,744,991 5. 2004 1 8 155,200,000 4.00 155,200,000 4.00 6. 2004 1 62004 5 250.475 0.94 5,770,000 2,183,000 2005 4 26 (i) 2005 4 26 20% (ii) 2005 4 26 10% (iii) (ii) (i) (i)(ii) (iii)(iv)

(i) (ii) (iii) (i) (ii) 2005 4 26 2005 11 4

302 11 14 200220032004 12 3120042005 6 30 1,150,300,0001,457,600,0001,800,300,000 848,600,000958,100,000

200470.6%200375.5% 2002 82.7%2005 6 3070.5% 200476.6% 2004 27.7% 200324.0% 2002 15.8%2005 6 3026.5% 200421.7%

2004 12 3120042005 6 30 200220032004 12 31 2005 6 30 12 31 6 30 2002 2003 2004 2004 2005... 1,150,322 1,457,632 1,800,253 848,634 958,053... (888,427) (1,073,289) (1,353,382) (677,218) (733,017)... 261,895 384,343 446,871 171,416 225,036... 12,118 12,874 38,066 2,248 28,592... (27,015) (35,541) (40,086) (19,440) (22,901)... (53,465) (66,418) (85,441) (35,232) (60,160)... (1,818) (1,134) (2,655) (1,574) (823)... 191,715 294,124 356,755 117,418 169,744... 541 2,433 2,433... (788) (374)... (6,691) 14,846 (27,099) (5,155) (37,860)... 83 28,561... 185,024 279,031 331,798 114,696 160,455... (8,545) (22,875) (19,711) (6,206) (16,055)... 176,479 256,156 312,087 108,490 144,390... 139,235 213,947 285,368 95,699 128,249... 37,244 42,209 26,719 12,791 16,141 176,479 256,156 312,087 108,490 144,390... 23.08 34.77 30.41 10.24 13.61... 18.75 31.05 28.33 9.44 12.75 11

12 31 6 30 2002 2003 2004 2005... 381,350 641,715 1,248,817 2,125,415... 334,614 804,377 2,726,852 2,124,033... 127,982 209,318 248,454 474,170... 206,632 595,059 2,478,398 1,649,863... 587,982 1,236,774 3,727,215 3,775,278... 278,736 643,732 1,522,214 1,558,248... 213,835 262,828 333,074 355,615 200220032004 12 31 20042005 6 30 61.7% 51.9% 47.7% 55.3% 43.7% 21.0% 23.6% 22.9% 21.3% 26.8%2002 2005 6 3015 200220032004 12 31 2005 6 30 3.0%

270 15 200220032004 12 312005 6 30 1.0% 19992001 16

200220032004 12 31 20042005 6 301.3% 2.1% 3.7 4.0% 5.7% 2005 6 3016 19 16 11 30 2004 5 1 30 2001 2002 162002 20032004 12 3120042005 6 30 14.5% 21.9% 24.0% 17.8% 20.8% 30 2,0003,500

20022003200420042005 6 301.5% 0.5% 1.7% 1.6% 3.0%

12 31 6 30 2002 2003 2004 2004 2005... 710,241 61.7% 756,264 51.9% 858,589 47.7% 469,035 55.3% 418,944 43.7%... 241,798 21.0% 343,738 23.6% 412,498 22.9% 181,198 21.3% 256,117 26.8%... 14,713 1.3% 30,379 2.1% 66,467 3.7% 33,747 4.0% 54,833 5.7%... 166,482 14.5% 319,760 21.9% 431,589 24.0% 150,743 17.8% 199,197 20.8%... 17,088 1.5% 7,491 0.5% 31,110 1.7% 13,911 1.6% 28,962 3.0%... 1,150,322 100.0% 1,457,632 100.0% 1,800,253 100.0% 848,634 100.0% 958,053 100.0% 12 31 6 30 2002 2003 2004 2004 2005... 643,435 700,837 832,035 458,403 405,950... 208,286 290,528 363,449 154,878 229,848... 10,502 20,348 52,181 29,549 42,874... 15,520 55,298 81,294 26,512 38,625... 10,684 6,278 24,423 7,876 15,720... 888,427 1,073,289 1,353,382 677,218 733,017

12 31 6 30 2002 2003 2004 2004 2005... 9.4% 7.3% 3.1% 2.3% 3.1%... 13.9% 15.5% 11.9% 14.5% 10.3%... 28.6% 33.0% 21.5% 12.4% 21.8%... 90.7% 82.7% 81.2% 82.4% 80.6%... 37.5% 16.2% 21.5% 43.4% 45.7%... 22.8% 26.4% 24.8% 20.2% 23.5%

2005 8 12 2004 12 312005 6 30 2004 12 312005 6 30 2005 6 30 2005 6 302004 6 30 2004 6 30848,600,00012.9% 2005 958,100,0002004 6 30 20.2%2005 23.5% 2004 6 3095,700,000 34.0% 2005 128,200,000 2004 6 30848,600,00012.9% 2005 958,100,000

2004 6 30469,000,00010.7% 2005 418,900,000 2004 6 30181,200,000 41.3% 2005 256,100,000 2004 6 3033,700,00062.6% 2005 54,800,000 2004 6 30 150,700,00032.2% 2005 199,200,000 2004 6 3013,900,000 108.6% 2005 29,000,000 2004 6 30677,200,000 8.2% 2005 733,000,0000 2004 6 30171,400,00031.3% 2005 225,000,000 2004 6 30 20.2%2005 23.5% 2004 6 30 19,400,00018.0% 2005 22,900,000 2004 6 304,400,000 20.5%2005 6 305,300,0002004 6 30 6,900,000 2005 6 307,900,00014.5%

2004 6 3035,200,00071.0% 2005 60,200,0002004 11 2004 6 302005 6 30 10,000,000 2004 6 302,700,000 218.5%2005 6 308,600,000 2004 6 3013,200,00035.6%2005 6 30 17,900,000 2004 6 305,200,000 628.9% 2005 37,900,000 4,800,000 2004 6 30114,700,000 39.8% 2005 160,400,000 2004 6 306,200,000 159.7% 2005 16,100,000 2004 6 30 95,700,000 34.0% 2005 128,200,000 2004 6 3011.3%2005 13.4% 2004 6 309.44 35.1% 2005 12.75 2004 12 31 2003 12 31 20031,457,600,00023.5% 20041,800,300,000 200326.4%200424.8% 203.4%94.6% 2003213,900,000 33.4% 2004 285,400,000 20031,457,600,000 23.5% 20041,800,300,000 2003 756,300,000 13.5% 2004858,600,000

2003343,700,000 20% 2004 412,500,000 200330,400,000 118.8% 200466,500,000 2003319,800,000 35.0% 2004431,600,000 20037,500,000 314.7% 2004 31,100,000 16.6% 47%203.4% 94.6% 2003 1,073,300,000 26.1% 20041,353,400,000 2003384,300,000 16.3% 2004446,900,000 2004200326.4% 200424.8% 200335,500,000 13.0% 200440,100,0002003 5,300,000 64.2% 20048,700,000 200311,700,000200412,900,000 200366,400,000 28.6% 2004 85,400,000 200320,600,000 37.4% 200428,300,000

20033,700,00067.6% 20046,200,000 20035,000,000 8.0% 20045,400,000 2004 112003 20042,700,000 200314,800,000 83.1% 200427,100,000 2003 279,000,000 18.9% 2004 331,800,000 2003 22,900,00014.0% 2004 19,700,000 2004 2003 42,200,000 36.7% 200426,700,000 2004 2003213,900,000 33.4% 2004285,400,0002003 14.7%200415.9%200331.05 8.8% 2004 28.332004 2003 12 31 2002 12 31 20021,150,300,00026.7% 20031,457,600,000 200222.8%200326.4% 2002166,500,0002003319,800,000 2002139,200,000 53.7% 2003 213,900,000

20021,150,300,000 26.7% 20031,457,600,000 2002710,200,000 6.5% 2003 756,300,000 2002241,800,000 42.2% 2003 343,700,000 2003 43.0% 200214,700,000 106.8% 2003 30,400,000 2002 166,500,000 92.1% 2003 319,800,000 200217,100,000 56.1% 2003 7,500,000 2002888,400,000 20.8% 2003 1,073,300,000 256.3% 39.5% 2002261,900,000 46.7% 2003384,300,000 200222.8%200326.4% 2002166,500,0002003319,800,000 2002 27,000,000 31.5% 200335,500,000 20021,700,000 211.8% 20035,300,000 2002 2,200,000 27.3% 20032,800,000

200253,500,000 24.1% 200366,400,000 200218,400,000 12.0% 2003 20,600,000 20025,300,000 47.2% 20037,800,000 20022,600,000 42.3% 20033,700,000 2002 1,100,000 363.6% 20035,100,000 20026,700,000 120.9% 200314,800,000 2002 185,000,000 50.8% 2003 279,000,000 2002 8,500,000 169.4% 200322,900,000 200237,200,000 13.4% 2003 42,200,000 2002139,200,000 53.7% 2003213,900,0002002 12.1%200314.7% 200218.75 65.6% 200331.05 2001Supreme All 12001 20032004 620,800,000

200220032004 12 31 2004 2005 6 30 12 31 6 30 2002 2003 2004 2004 2005... 55,731 114,955 125,137 (18,866) 38,061... (127,039) (211,310) (499,422) (165,727) (767,273)... (71,308) (96,355) (374,285) (184,593) (729,212)... 26,750 356,025 2,117,208 682,070 (21,978)... 98,224 356,809 2,096,553 854,286 1,344,219 200220032004 12 31 2005 6 3055,700,000 115,000,000125,100,00038,100,0002004 6 30 18,900,000 2002 200,500,000141,900,000 42,200,000 67,000,000 37,200,000 106,700,000 2003304,400,000177,600,000 91,800,00090,200,000 2004362,800,000224,600,000 137,300,00057,600,000 37,500,000

2005 6 30184,900,000 109,100,000 47,700,00028,100,00054,100,000 115,600,000 200220032004 2005 6 30 127,000,000211,300,000 499,400,000767,300,0002002 20032004 2005 6 30 200220032004 2005 6 30 88,800,000187,200,000285,000,000 180,400,000 33,300,00015,200,000 80,700,00045,500,0002004 70,700,000 200220032004 26,800,000356,000,0002,117,200,0002005 6 30 22,000,0002001 4 Supreme All 1 2003 122003 4 232008 50,000,00020032003 389,800,0002004 1,559,000,0002004 1 625,600,000200220032004 12,200,00026,100,00046,800,0002003 2004 11,600,00045,800,0002005 6 30 20,900,000 200320042005 6 30 32,300,00085,300,00020,900,000 2003 20,100,000 2004 35,600,000 2004 32,000,0002005 6 30 136,600,000 2005 6 30 1,897,100,000 2005 6 3056,100,000 26,300,0009,400,000 2003 4

332,800,0001,526,400,000 2002 12 31 14,600,0002003 12 31 32,500,000 2004 12 3129,400,000 2005 6 3035,700,000 2005 6 30 2005 6 30... 16,737... 42,504 59,241 2004 12 312005 6 30 2005 2002 2003 2004 6 30 11... 11,512 23,442 14,430 16,737 1... 11,474 12,933 25,247 42,504... 22,986 36,375 39,677 59,241 2005 6 3071.7% 200220032004 12 31 20042005 6 30 91211915

200220032004 12 31 3652004 2005 6 30181 2003 12 31218,400,000 2004 12 31401,900,000 2005 6 30483,700,000 20032004 2005 6 30 2005 6 30 216,300,000 34,500,000 200220032004 12 312005 6 30 12 31 6 30 2002 2003 2004 2005... 95,432 109,409 89,651 95,400... 1,474... 1,860... 2,820 5,274 4,834 7,410... 20,580 145,898 181,734... 74,836 70,253 102,058... 28 109 28,869 26,488... 28,543... 8,419 10,275... 3,084 8,203 50,647 31,757 101,364 218,411 401,905 483,665

2005 6 3070,200,000 39,300,00072,200,000 181,700,000 2005 2005 6 30 102,100,000 2005 2006 2005 6 30 28,500,000 2003 12 3168,700,000 2004 12 31131,400,000 2005 6 30177,400,000 20032004 2005 6 30 2004 9 2004 200220032004 12 312005 6 30 12 31 6 30 2002 2003 2004 2005... 4,187 24,439 15,320 31,380... 584 207 2,416 1,721... 1,242 10,017 12,322 15,929... 1,779 7,184 4,886 5,349... 2,260 1,506 36,081 36,081... 4,432 34,634 37,220... 3,595 8,870 13,953 24,853... 3,078 12,054 11,831 24,895 16,725 68,709 131,443 177,428

200220032004 12 3120042005 6 30 12 31 6 30 2002 2003 2004 2004 2005... 30 35 38 35 40... 37 29 14 15 13 200220032004 12 31 36520042005 6 30 181 200220032004 12 31 3652005 6 30 181 2005 6 30 30,100,0005,200,00011,200,00013,700,000 2005 6 30 34,500,000 220,100,000

20055 200220032004 12 31 2005 6 302005 8 31 12 31 6 30 8 31 2002 2003 2004 2005 2005... 2,438 30,992 26,941 26,333 25,096... 12,161 1,310 1,544... 224 935 9,355 9,597... 14,599 32,526 29,420 35,688 34,693... 1,871... 3,929 17,306... 748 2,152 2,207... 95,411... 323,666 329,911 332,835 357,723... 1,524,710 1,526,428 1,527,022... 95,411 330,214 1,871,927 1,861,415 1,886,952 110,010 362,740 1,901,347 1,897,103 1,921,645

200220032004 12 31 2005 6 30 5.5758.25 2005 8 31 663,800,00056,100,000 663,800,000 2003 4 2350,000,000 22003 6 7 2008 4 9 3.91692003 4 15 2005 8 31 4,530,3662005 8 31 3.8043 97,851,115 2004 9 232011200,000,000 195,500,000 8.25 3 239 23 2005 3 232011 9 23 2007 9 23108.25% 35%

() (i) (ii) (iii) 2005 8 31... 1,921,645 34,693 359,930 1,527,022... 28,244 5,430 10,264 12,550... 1,949,889 40,123 370,194 1,539,572 1,527,000,000 357,700,000 200220032004 12 31 20042005 6 30 /100%

2% 1%22% 20022003 2004 2005 6 3022% 2005 8 31 2005 8 31 2004 12 312005 6 302,478,400,000 1,649,900,0002,096,600,0001,344,200,000 39,700,00059,200,000 401,900,000483,700,000187,500,000235,400,000 29,400,00035,700,00024,100,000 79,300,000131,400,000177,400,000 47,000,00053,900,000 2005 1 2648% 2005 4 25 60.22% 2002 1 1 2005 1 26 2005 1 27 2005 6 30

2004 12 312005 1 1 2005 1 26 12 31 1 1 1 26 2002 2003 2004 2005... 442,134 763,966 1,092,745 104,128... 117,761 185,049 251,632 13,349... 59,252 92,651 129,649 6,805... 705,343 861,351 899,093 897,638... 230,810 170,711 302,652 315,469... 840,153 951,062 1,138,745 1,150,107 2005 3 23 112,000,00081% 3,600,000

200220032004 12 31 2004 2005 6 30128,500,000 113,900,000107,900,00055,700,00056,600,000 2002200320032004 2004 20022004 12 31 2004 6 30 5,100,0004,500,0004,300,000 4.0% 4.2% 7.7%2003 12 31 2005 6 30 1,500,00041,000 20022,000,000 343% 2003 9,000,0002005 6 30 25% 200220032004 12 31 2004 2005 6 3021,400,000 31,700,00015,000,0006,600,0008,400,000 F. 1.

2004 11 10 77,200,00061.67% 5,600,000 200220032004 12 312004 2005 6 30 44,300,000 58,300,00067,100,00034,200,00041,500,000 200220032003 20032004 2005 6 30 41,500,0002004 34,200,000 200220032004 12 31 20042005 6 3018,100,000

19,600,00022,800,00012,700,00016,600,000 40.9% 33.7% 34.0% 37.1% 40.0% 20022003 12 3120042005 6 30 /2,500,000 400,0001,700,0004,300,000 2004 12 31 1,700,000 F. 2. 13.1313.19 13.1313.19

2005 6 30 533,300,000 200220032004 12 312005 6 30 33% 15% 33% 200220032004 12 31 20042005 6 30 4.6% 8.2% 5.9% 5.4% 10% 2002 2003 2004 2005 6 30 2005 8 31 1 2 4 5 6 8 10 11 13 14 15 16 17 18 20 22 25 26

73,894 4929,941 49 30 (i) (ii) 37,969.489,581.42 424 2005 3

2005 6 1 4 10 11 20 24 2005 8 31 37,300,00035,900,000 4,200,000 2005 12 31

83,000 5.07 2005 8 3157,230,000... 55,029 2005 6 30... 70,396... 45,576 115,972... 3,234 2005 7 12005 8 31... (1,310)... (67,037) 2005 8 31... 50,859... 4,170 2005 6 30 2005 6 30 1... 1,417,750,000 2... 1.50 1. 2. 2005 6 30 942,250,891

2005 6 30 200220032004 12 312005 6 30

200220032004 12 31 2005 6 30 2005 11 4 2000 11 162219613 2001 4 10 2001 4 42001 4 20 1998 1 6 12,821 100% 2004 10 27 100% 8,000,000

1998 1 16 60% 40,000,000 1998 7 16 60% 9,000,000 China Overlink Holdings 1998 2 4 1 100% Co., Limited 2004 6 8 100% 3,300,000 1992 9 14 100% 1,790,000 2004 2 27 51% 100,000,000 2003 12 22 100% 6,960,000 2000 8 16 6,000,000 55% 2002 4 18 1,010,000 100% 1998 10 26 85% 6,000,000 1998 11 14 84% 6,000,000 1998 3 25 55% 32,000,000 1998 12 18 60% 5,000,000

1998 12 25 50.1% 57,500,000 2002 6 5 50.1% 4,200,000 2000 3 10 30,000,000 100% 2003 9 1 60% 20,000,000 2001 9 19 28.53% 58,840,000 1 2005 6 1 70% 9,000,000 2003 5 14 90% 3,590,000 2004 5 8 90% 4,900,000 2000 8 2 66.6% 800,000 1992 6 4 10,000 100% Sinolink LPG Investment 1999 3 16 1 100% Limited 1997 12 30 1 100% 2002 12 25 99.5% 5,000,000

1998 6 17 60% 10,000,000 2003 11 10 27.5% 10,000,000 2 1998 8 13 60% 5,000,000 1999 9 13 7,230,000 50% 3 2004 8 3 90% 8,000,000 2005 3 29 100% 8,000,000 2000 2 18 55% 3,000,000 2002 7 16 90% 18,890,000 1. 56.94% 2. 55% 3.

2004 12 31 2004 12 31 2002 2003 2004 12 31 2002 2003 2004 12 31 2002 12 31 2003 2004 12 31 2004 12 31 2004 12 31 2003 12 31 2004 12 31 2002 2003 2004 12 31 2002 2003 2004 12 31

2002 2003 2004 12 31 2002 2003 12 31 2004 12 31 2002 12 31 2003 12 31 2004 12 31 2002 2003 12 31 2004 12 31 2002 2003 12 31 2004 12 31 2002 2003 12 31 2004 12 31

2003 12 31 2004 12 31 2002 2003 2004 12 31 2003 2004 12 31 2004 12 31 20022003 2004 12 31 2003 2004 12 31 2002 12 31 2003 12 31 2004 12 31

2003 12 31 2004 12 31 2002 12 31 2003 2004 12 31 2002 2003 2004 12 31 2004 12 31 2002 2003 2004 12 31 2002 2003 2004 12 31 2004 12 31 2005 6 30

2002 2003 2004 12 312005 6 30 2004 12 31 2005 6 30 2004 6 30 2004 6 30 700 2004 6 30 2004 6 30 2004 6 30 2004 6 30

A. 12 31 6 30 2002 2003 2004 2004 2005... 4 1,150,322 1,457,632 1,800,253 848,634 958,053... (888,427) (1,073,289) (1,353,382) (677,218) (733,017)... 261,895 384,343 446,871 171,416 225,036... 5 12,118 12,874 38,066 2,248 28,592... (27,015) (35,541) (40,086) (19,440) (22,901)... (53,465) (66,418) (85,441) (35,232) (60,160)... 6 (1,818) (1,134) (2,655) (1,574) (823)... 7 191,715 294,124 356,755 117,418 169,744... 541 2,433 2,433... (788) (374)... 9 (6,691) (14,846) (27,099) (5,155) (37,860)... 83 28,561... 185,024 279,031 331,798 114,696 160,445... 10 (8,545) (22,875) (19,711) (6,206) (16,055)... 176,479 256,156 312,087 108,490 144,390... 139,235 213,947 285,368 95,699 128,249... 37,244 42,209 26,719 12,791 16,141 176,479 256,156 312,087 108,490 144,390... 11 23.08 34.77 30.41 10.24 13.61... 11 18.75 31.05 28.33 9.44 12.75

12 31 6 30 2002 2003 2004 2005... 12 339,698 578,544 1,019,796 1,226,143... 13 9,662 9,160 9,132... 14 15,534 15,534 24,485 46,449... 15 70,795 454,030... 16 939 7,906 10,415... 17 208,999... 18 25,179 30,069 36,216 44,094... 77,950 136,568 381,350 641,715 1,248,817 2,125,415... 19 22,986 36,374 39,677 59,241... 20 93,386 183,859 187,451 235,426... 101,364 218,411 401,905 483,665... 21 17,759 7,832... 18 895 1,092 1,266 1,482... 98,224 356,809 2,096,553 1,344,219 334,614 804,377 2,726,852 2,124,033... 22 89,341 79,062 24,076 79,318... 16,725 68,709 131,443 177,428... 7,317 29,021 47,020 53,881... 21 16,495 21,687... 24 106,168... 26 14,599 32,526 29,420 35,688 127,982 209,318 248,454 474,170... 206,632 595,059 2,478,398 1,649,863... 587,982 1,236,774 3,727,215 3,775,278... 26 95,411 330,214 1,871,927 1,861,415... 492,571 906,560 1,855,288 1,913,863... 27 60,508 77,910 94,225 94,225... 218,228 565,822 1,427,989 1,464,023... 278,736 643,732 1,522,214 1,558,248... 213,835 262,828 333,074 355,615... 492,571 906,560 1,855,288 1,913,863

2002 1 1... 50,000 55,329 (107) 4,973 1,101 1,212 18,640 131,148 182,103 313,251... (4,973) 10,497 (1,858) 3,666 (1,857) 1,809... 50,000 55,329 (107) 1,101 1,212 10,497 16,782 134,814 180,246 315,060... (85) (85) (85)... 139,235 139,235 37,244 176,479... (85) 139,235 139,150 37,244 176,394... 505 4,267 4,772 4,772... 10,003 (10,003)... 865 (865)... 376 376... 1,282 1,282... (5,313) (5,313) 2002 12 31... 60,508 49,593 (192 ) 1,101 2,077 10,497 155,152 278,736 213,835 492,571... (1,085) (1,085) (1,085)... 213,947 213,947 42,209 256,156... (1,085) 213,947 212,862 42,209 255,071... 16,949 10,497 (10,497) 16,949 16,949... 453 453 453... 883 883 883... 100,332 100,332 100,332... (14,833) (14,833) (14,833)... 48,350 48,350 48,350... 1,350 (1,350)... 11,635 11,635... 1,273 1,273... (4,319) (4,319)... (139) (139)... (1,666) (1,666) 2003 12 31... 77,910 145,589 (1,277) 1,101 4,310 48,350 367,749 643,732 262,828 906,560

2004 1 1... 77,910 145,589 (1,277) 1,101 4,310 48,350 367,749 643,732 262,828 906,560... (3,179) (3,179) (3,179)... 285,368 285,368 26,719 312,087... (3,179) 285,368 282,189 26,719 308,908... 15,520 15,520 15,520... 795 795 795... 609,277 609,277 609,277... (32,032 (32,032) (32,032)... 2,733 2,733 2,733... 1,248 (1,248)... (31) (31)... 45,837 45,837... 3,252 3,252... (375) (375)... (1,472) (1,472)... (3,684) (3,684) 2004 12 31... 94,225 722,834 (4,456) 2,733 1,101 5,558 48,350 651,869 1,522,214 333,074 1,855,288 39... (101,109) (101,109) (101,109)... 94,225 722,834 (4,456) 2,733 1,101 5,558 48,350 550,760 1,421,105 333,074 1,754,179... (1,144) (1,144) (1,144)... 128,249 128,249 16,141 144,390... (1,144) 128,249 127,105 16,141 143,246... 10,038 10,038 10,038... 257 (257)... 7,488 7,488... (1,088) (1,088) 2005 6 30... 94,225 722,834 (5,600) 12,771 1,101 5,815 48,350 678,752 1,558,248 355,615 1,913,863

2004 1 1... 77,910 145,589 (1,277) 1,101 4,310 48,350 367,749 643,732 262,828 906,560... 95,699 95,699 12,791 108,490... 15,520 15,520 15,520... 795 795 795... 609,277 609,277 609,277... (32,032) (32,032) (32,032)... 409 (409)... 45,837 45,837... 3,252 3,252... (375) (375)... (1,472) (1,472)... (3,684) (3,684) 2004 6 30... 94,225 722,834 (1,277) 1,101 4,719 48,350 463,039 1,332,991 319,177 1,652,168

12 31 6 30 2002 2003 2004 2004 2005... 185,024 279,031 331,798 114,696 160,445... (1,806) (3,303) (13,126) (1,557) (19,552)... 6,645 14,765 26,979 5,111 37,792... (541) (2,433) (2,433)... (1,952)... 788 374... 709 1,013 1,471 725 782... 373 502 251 28... 2,733 10,038... 18,376 20,500 36,936 14,458 25,806... 1,009 889 628 318 68... (83) (28,561)... (9,485) (9,084) (22,967) (321)... 200,472 304,431 362,812 131,248 184,894... 3,161 (11,410) (1,591) 3,141 (19,031)... (25,922) (90,237) (1,827) 52,859 (47,685)... (42,172) (91,842) (137,288) (162,741) (115,618)... (37,217) 30,030 11,246 11,246... 66,987 (11,295) (57,645) (47,800) 54,057... (106,727) (2,856) (37,452) (517) 14,003... 5,192... 58,582 126,821 138,255 (12,564) 75,812... (1,623) (10,695) (11,406) (5,490) (28,091)... (1,228) (1,171) (1,712) (812) (9,660)... 55,731 114,955 125,137 (18,866) 38,061

12 31 6 30 2002 2003 2004 2004 2005... (88,796) (187,215) (284,999) (128,831) (180,383)... 28 (33,322) (15,173) (80,662) (44,626) (45,458)... (9,317) (3,290) (656) (656) (261)... 2,545 3,222 10,601 1,650 21,933... (77,950) (58,618)... 1,851 5,283 2,423 5,829 97... (10,035)... (5,144)... (229,546)... (994) (1,151) (1,151)... 29 (3) (86)... 1,852 2,058 2,058... 187... (70,712) (307,951)... 1,712... 32,914... (127,039) (211,310) (499,422) (165,727) (767,273)

12 31 6 30 2002 2003 2004 2004 2005... 16,250 (20,103) (3,414) 3,134... 12,161 26,146 46,773 46,773... 389,750... 4,772 625,592 625,592... 376 11,635 45,837 45,837... (5,313) (4,319) (3,684) (3,684) (1,088)... (1,496) (32,251) (85,304) (3,550) (20,890)... (14,833)... 1,559,000... (35,560)... (32,032) (32,032)... 26,750 356,025 2,117,208 682,070 (21,978)... (44,558) 259,670 1,742,923 497,477 (751,190)... 142,867 98,224 356,809 356,809 2,096,553... (85) (1,085) (3,179) (1,144)... 98,224 356,809 2,096,553 854,286 1,344,219

1. 2000 11 16 22 2. (A) 2005 6 30 2005 1 1 17 17 17 20022003 2004 12 31

32 39 3239 32 32 32 200220032004 12 31 2005 1 124 24 24 2005 1 1 39 2005 1 1 2439 39 2005 1 1 226,00039

2005 1 1 39 39 2005 1 1 101,335,000 2 2 2 2 2005 1 1 2 2005 1 1 2 2002 11 72002 11 72005 1 12002 11 7 2005 1 1 2 2004 12 312002 2003 12 31 3 2002 1 1 3 3 3 3 2002 1 1

16 2002 20032004 12 31 3 8 32 36 17 2 39 38 2002 1 1... (1,858) (1,858)... 10,497 10,497... (4,973) (4,973)... (1,857) (1,857) 2003 1 1... 16 (5,333) 10,156 4,839... 10,497 10,497... (4,973) (4,973)... (1,833) (1,833) 2004 1 1... 607 (10,497) 19,602 9,712... 10,497 10,497... 48,350 48,350... (4,881) (4,881)... (1,809) (1,809) 2005 1 1... 623 (2,733) 110,879 42,872 (70,117)... 10,497 10,497... 48,350 48,350... (4,881) (4,881)... 2,733 2,733... (1,785) (1,785)

3 8 32 36 17 2 39 38 2002 12 31... 40 40... (24) (24)... 790 790... 9,366 9,366... (3,475) (3,475) 2003 12 31 16 (3,475) 10,156 6,697... 40 40... (24) (24)... 790 790... 8,656 8,656... (4,589) (4,589) 2004 12 31 16 (4,589) 9,446 4,873... (2,733) (2,733)... 40 40... (24) (24)... 1,167 1,167... 22,103 22,103... 727 727 16 (2,733) 727 23,270 21,280

3 8 32 36 17 2 39 38 2005 6 30... (10,038) (10,038)... 20 20... (12) (12)... 2,373 2,373... (692) (692)... 1,158 1,158... (4,833) (4,833) 8 (10,038) (3,675) 1,681 (12,024) (B) ( )()

5

3% 6% 18% 20% 3% 15% 6% 18% 6% 10% 20

()

()

/ ()

3. 2005 6 30 1,226,143,000 3% 20% 2005 6 30131,366,00084,917,000 14 15

2005 6 3063,278,000 4. 2002 12 31... 983,840 166,482 1,150,322... 55,791 128,338 184,129... 12,118... (4,532)... 191,715... (6,691)... 185,024... (8,545)... 176,479

2003 12 31... 1,137,872 319,760 1,457,632... 67,201 224,866 292,067... 12,874... (10,817)... 294,124... 541... (788)... (14,846)... 279,031... (22,875)... 256,156 2004 12 31... 1,368,664 431,589 1,800,253... 129,614 225,717 355,331... 38,066... (36,642)... 356,755... 2,433... (374)... (27,099)... 83... 331,798... (19,711)... 312,087 2004 6 30... 700,119 148,515 848,634... 32,887 87,035 119,922... 2,248... (4,752)... 117,418... 2,433... (5,155)... 114,696... (6,206)... 108,490

2005 6 30... 758,856 199,197 958,053... 106,365 101,090 207,455... 28,592... (66,303)... 169,744... (37,860)... 28,561... 160,445... (16,055)... 144,390 90% 5. 12 31 6 30 2002 2003 2004 2004 2005... 1,806 3,303 13,126 1,557 19,552... 1,952... 9,485 9,084 22,967... 614 657... 827 487 1,359 34 7,088 12,118 12,874 38,066 2,248 28,592

6. 12 31 6 30 2002 2003 2004 2004 2005... 1,009 889 628 318 68... 2 14 1,015 979 4... 228... 807 231 1,012 277 523 1,818 1,134 2,655 1,574 823 7. 12 31 6 30 2002 2003 2004 2004 2005 8... 3,238 3,580 4,473 2,145 4,201... 30,614 30,717 41,172 21,852 24,142... 4,508 3,751 5,118 1,861 2,777... 38,360 38,048 50,763 25,858 31,120... 373 502 251 28... 709 1,013 1,471 725 782... 1,077 1,392 1,549 228 449... 18,376 20,500 36,936 14,458 25,806... 3,834 7,593 7,194 3,293 3,438

8. 12 31 6 30 2002 2003 2004 2004 2005......... 639 300 639 300... 2,897 3,189 3,705 1,765 2,460... 250 300 30 30 1,700... 91 91 99 50 41 3,238 3,580 3,834 1,845 4,201...... 3,238 3,580 4,473 2,145 4,201 200220032004 12 31 20042005 6 305 34544 200220032004 12 3120042005 6 30326,000 603,000316,000341,000 2004 6 30 5 2004 6 30

9. 12 31 6 30 2002 2003 2004 2004 2005... 170 1,958 11,047 1,492 13,976... 28,486 56,144... 6,475 12,807 13,685 3,619 6,645... 4,833 6,645 14,765 53,218 5,111 81,598... (26,239) (43,806) 6,645 14,765 26,979 5,111 37,792... 46 81 120 44 68 6,691 14,846 27,099 5,155 37,860 10. 15% 33% 2 3 12% 16.5%

12 31 6 30 2002 2003 2004 2004 2005 % % % % %... 185,024 279,031 331,798 114,696 160,445... 61,058 33.0 92,080 33.0 109,493 33.0 37,850 33.0 52,947 33.0... 6,392 3.4 8,633 3.1 13,508 4.1 3,712 3.2 15,803 9.8... (48,906) (26.4) (61,300) (22.0) (80,865) (24.4) (24,289) (21.2) (30,674) (19.1)... (12,085) (6.5) (21,909) (7.8) (23,594) (7.1) (10,685) (9.3) (15,078) (9.4)... (27) (9,425) (5.9)... (839) (0.7) (477) (0.2)... 2,086 1.1 5,371 1.9 1,196 0.3 457 0.4 2,959 1.8... 8,545 4.6 22,875 8.2 19,711 5.9 6,206 5.4 16,055 10.0 200220032004 12 312005 6 30 28,430,00043,304,00049,559,00063,278,000 5

11. 12 31 6 30 2002 2003 2004 2004 2005... 139,235 213,947 285,368 95,699 128,249... 6,475... 5,408 13,685 3,619 6,645... 145,710 219,355 299,053 99,318 134,894 12 31 6 30 2002 2003 2004 2004 2005... 603,272,000 615,401,000 938,499,000 934,705,000 942,251,000... 4,197,000 25,884,000 19,341,000 20,023,000 17,671,000... 169,492,000... 65,234,000 97,851,000 97,851,000 97,851,000... 776,961,000 706,519,000 1,055,691,000 1,052,579,000 1,057,773,000

12 31 6 30 2002 2003 2004 2004... 21.97 33.97 28.14 10.20... 1.11 0.80 2.27 0.04... 23.08 34.77 30.41 10.24... 17.44 30.36 26.38 9.40... 1.31 0.69 1.95 0.04... 18.75 31.05 28.33 9.44

12. 2002 1 1... 37,590 18 4,357 24,655 137,762 23,523 227,905... 1,131 726 2,156 23,419 61,364 88,796... 3,726 15 348 127 3,339 69,604 77,159... (48) (62) (854) (1,011) (1,790) (3,765)... 17,036 (17,036)... 139,627 836 (140,463) 2002 12 31... 42,399 18 5,036 157,011 26,084 147,309 12,238 390,095... 3,501 2,806 3,616 136,509 5,770 4,696 30,317 187,215... 3,027 245 28,527 200 1,376 46,518 79,893... (71) (2) (4,775) (111) (4,044) (9,003)... (840) (18) (24) (242) (925) (2,049)... 3,559 210 24,436 85 2,687 (30,977) 2003 12 31... 51,646 2,806 9,012 346,481 27,122 155,032 54,052 646,151... 1,885 1,159 2,364 5,538 2,247 271,806 284,999... 7,832 538 173,854 725 2,735 9,801 195,485... (18) (347) (629) (2,405) (1,039) (4,438)... (27) (90) (139) (256)... 212 (212)... 530 (31) 300,502 357 (301,358) 2004 12 31... 61,875 3,965 11,509 820,420 30,890 158,981 34,301 1,121,941... 3,021 443 160,053 1,350 5,701 9,815 180,383... 11,147 418 39,177 584 356 253 51,935... (52) (464) (28) (19) (563)... 234 75 12,612 239 (13,160)... 2,806 (2,806) 762 3,028 (3,790) 2005 6 30... 79,083 1,159 13,155 1,035,290 32,360 161,459 31,190 1,353,696 2002 1 1... 2,701 4 1,275 7,785 21,161 32,926... 1,334 2 771 2,743 3,213 10,313 18,376... (8) (42) (600) (255) (905)... 2,370 (2,370) 2002 12 31... 4,027 6 2,004 5,113 10,398 28,849 50,397... 1,449 21 923 6,790 3,224 8,093 20,500... (18) (2,803) (10) (2,831)... (84) (5) (20) (76) (274) (459) 2003 12 31... 5,392 22 2,889 11,903 10,743 36,658 67,607... 1,915 296 1,669 20,583 3,476 8,997 36,936... (1) (245) (5) (1,672) (368) (2,291)... (8) (60) (39) (107)... (212) 212 2004 12 31... 7,306 318 4,305 32,269 12,487 45,460 102,145... 1,238 174 1,222 17,113 1,969 4,090 25,806... (41) (357) (398)... 143 (143) 2,767 (2,767) 2005 6 30... 8,687 349 5,486 52,149 14,099 46,783 127,553 2002 12 31... 38,372 12 3,032 151,898 15,686 118,460 12,238 339,698 2003 12 31... 46,254 2,784 6,123 334,578 16,379 118,374 54,052 578,544 2004 12 31... 54,569 3,647 7,204 788,151 18,403 113,521 34,301 1,019,796 2005 6 30... 70,396 810 7,669 983,141 18,261 114,676 31,190 1,226,143

8,135,00043,963,00056,472,000 56,145,000 13. 12 31 6 30 2002 2003 2004 2005... 10,035 10,035... 10,035... 10,035 10,035 10,035... 373 875... 373 502 28... 373 875 903... 9,662 9,160 9,132 14. 2002 1 1... 13,340 3... (267)... 2,461 2002 12 312003 12 31... 15,534... 8,951 2004 12 31... 24,485... 21,964 2005 6 30... 46,449 32002 1 1

12% 5% 200220032004 12 312005 6 30 15. 12 31 6 30 2002 2003 2004 2005... 35,377 369,113... 35,418 84,917 70,795 454,030 2005 6 30 45% 48%

2004 12 31 2005 6 30... 277,919 2,036,963... (198,963) (844,249)... 78,956 1,192,714... 44,553 49,183... 185 79,025 2002 1 12002 12 312003 12 31...... 35,418 2004 12 31... 35,418... 49,499 2005 6 30... 84,917 12% 5% 2004 12 312005 6 30 16. 12 31 6 30 2002 2003 2004 2005... 752 7,906 10,415... 187 939 7,906 10,415

17. 12 31 6 30 2002 2003 2004 2005... 37,961... 171,038 208,999 18. 12 31 6 30 2002 2003 2004 2005... 16,896 26,074 31,161 37,482... 9,317 3,290 656 261... 570 2,961 8,040 8,615... (904)... (151)... (709) (1,013) (1,471) (782)... 26,074 31,161 37,482 45,576... (895) (1,092) (1,266) (1,482)... 25,179 30,069 36,216 44,094 19. 12 31 6 30 2002 2003 2004 2005... 11,512 23,442 14,430 16,737... 11,474 12,932 25,247 42,504 22,986 36,374 39,677 59,241

20. 90 12 31 6 30 2002 2003 2004 2005 0 90... 84,343 132,853 184,318 225,265 91 180... 4,373 46,872 841 2,080 181 360... 1,607 2,430 1,798 2,161 360... 3,063 1,704 494 5,920 93,386 183,859 187,451 235,426 21. 22. 12 31 6 30 2002 2003 2004 2005 0 90... 80,940 72,702 16,537 69,982 91 180... 115 1,133 2,762 2,983 181 360... 64 763 3,167 1,087 360... 8,222 4,464 1,610 5,266 89,341 79,062 24,076 79,318

23.

24. 200,000,000 2011 9 22 8.25MAX[ BBA+3.7212 ] 200,000,000 2011 9 22 0 7.12 * +0.018.25 * 30CMS-2CMS 30CMS30ISDA(2) ISDAFIX1 2CMS2ISDA(2) ISDAFIX1 2005 6 30 106,168,000 2005 6 30 4,833,000 25.

26. 12 31 6 30 2002 2003 2004 2005... 2,438 32,863 26,941 26,333... 12,161 5,239 18,850... 9,355... 972 935 2,152 a... 95,411 b... 323,666 329,911 332,835 c... 1,524,710 1,526,428 110,010 362,740 1,901,347 1,897,103... 14,599 32,526 29,420 35,688... 95,411 3,929 17,306 2,152... 326,285 329,911 332,835... 1,524,710 1,526,428 110,010 362,740 1,901,347 1,897,103... (14,599) (32,526) (29,420) (35,688)... 95,411 330,214 1,871,927 1,861,415 (a) (b) (c) (d) 2001 4 4 0.59 3 27 2003 4 232003 6 72008 4 9 3.8043 2008 4 23108.119%2 2004 9 23200,000,0002011 8.25 8.25 2007 9 23 108.25% 35% 2.04.8

27. 0.1 2002 1 12002 12 31 2003 12 312004 12 31 2005 6 30... 2,000,000,000 200,000 2002 1 1... 500,000,000 50,000... 5,043,000 505... 100,033,000 10,003 2002 12 31... 605,076,000 60,508... 169,491,525 16,949... 4,530,366 453 2003 12 31... 779,097,891 77,910... 155,200,000 15,520... 7,953,000 795 2004 12 312005 6 30... 942,250,891 94,225

2002 12 31 (a) 2002 4 26100,033,0000.1 10,003,300 5 10.1 (b) 165,000 4,878,000 1.13 0.945,043,3660.1 4,772,000 2003 12 31 (a) 2003 120.59 100,000,000 169,491,5250.1 (b) 3.9169 4,530,3660.1 17,744,991 2004 12 31 (c) 2004 1 8 155,200,0000.1 4.00 155,200,000 (d) 0.4750.94 5,770,0002,183,0000.1

28. 2002 12 31 90% 99.5%34,355,000 2,461,0009,485,000 2003 12 31 100% 90%19,457,000 1,195,0005,759,000 2004 12 31 100% 90%100,562,000 8,951,00022,646,000 2004 6 30 90% 100%46,772,000 8,951,000 2005 1 70% 100%46,305,000 21,964,000

12 31 6 30 2002 2003 2004 2004 2005... 77,159 79,893 195,485 82,816 51,935... 344 2,010 4,221 74... 570 2,961 8,040 3,632 8,615... 126 2,092 1,749 367 533... 782 288 1,794 1,177 290... 1,386 24,188 17,615 13,521 15,246... 1,033 543 3,405 2,146 847... (3,119) (2,077) (2,659) (1,442) (1,185)... (34,960) (51,634) (65,958) (26,537) (31,982)... (466)... (660) (30,580) (46,183) (34,681) (12,004)... (1,282) (1,273) (3,252) (3,252) (7,488) 41,379 26,411 114,257 37,821 24,341... 2,461 8,951 8,951 21,964... (9,485) (6,954) (22,646)... 34,355 19,457 100,562 46,772 46,305... 34,355 15,716 84,067 46,772 46,305... 3,741 16,495 34,355 19,457 100,562 46,772 46,305... (34,355) (15,716) (84,067) (46,772) (46,305)... 1,033 543 3,405 2,146 847... (33,322) (15,173) (80,662) (44,626) (45,458) 2002 12 312003 12 312004 12 312004 6 302005 6 30

71,036,00079,027,000191,346,00037,520,000 36,668,00056,329,000 63,966,000128,405,00023,158,00014,094,000 2002 12 312002 1 1 1,254,000,000214,000,000 2002 1 1 2003 12 312003 1 1 1,628,000,000340,000,000 2003 1 1 2004 12 312004 1 1 1,867,000,000330,000,000 2004 1 1 2004 6 302004 1 1 856,000,000100,000,000 2004 1 1

29. 12 31 6 30 2002 2003 2004 2004 2005... 1,590 149... 151... 114 37... 52 29... 94 173... 3 126... (1,061)... (16) (69)... (139) (31) 788 414... (788) (374)... 40... 40... (3) (126)... (3) (86) 30. 2002 4 26100,033,0000.1 10,003,300 5 10.1 2003 12 5 Supreme All Investments Limited Supreme All100,000,000 169,492,0000.1

31. (a) 12 31 6 30 2002 2003 2004 2004 2005 a d 374 374 460 187 273 d 370 380 325 163 163 b Supreme All c e 3,000 2,811 (a) (b) (c) (d) (e) 3 Supreme All2003 2004 12 31

(b) 12 31 6 30 2002 2003 2004 2004 2005... 3,147 3,489 4,374 2,095 4,160... 91 91 99 50 41... 1,560 7,362 3,238 3,580 6,033 2,145 11,563 32. 12 31 6 30 2002 2003 2004 2005... 4,558 4,088 4,979 5,228... 9,602 12,602 10,602 11,166... 20,724 18,719 14,518 13,733 34,884 35,409 30,099 30,127 30 33. 12 31 6 30 2002 2003 2004 2005... 87,618 186,361 526,008 34,520

34. 2001 4 4 2001 4 19 2011 4 3 2002 12 31... 20,900,000 24,840,000 (1,000,000) 23,840,000 2001... 15,650,000 18,780,000 (5,076,000) (400,000) 13,304,000 36,550,000 43,620,000 (5,076,000) (1,400,000) 37,144,000 2003 12 31... 23,440,000 23,440,000 (2,800,000) 20,640,000 2001... 13,704,,000 13,704,000 (2,880,000) 10,824,000 37,144,000 37,144,000 (5,680,000) 31,464,000 2004 12 31... 20,640,000 20,640,000 (5,770,000) 14,870,000 2001... 10,824,000 10,824,000 (2,183,000) (1,072,000) 7,569,000 2004... 21,200,000 21,200,000 31,464,000 31,464,000 21,200,000 (7,953,000) (1,072,000) 43,639,000

2005 6 30... 13,870,000 13,870,000 13,870,000 2001... 8,569,000 8,569,000 (440,000) 8,129,000 2004... 21,200,000 21,200,000 21,200,000 43,639,000 43,639,000 (440,000) 43,199,000... 0.672 1.041 3.500 0.734 0.734 1.419 200220032004 12 312005 6 30 102,146,00019,979,00089,572,000 88,430,000... 04.04.2001 01.01.2004-03.04.2011 0.570 0.475 04.04.2001 01.01.2004-03.04.2011 0.570 0.475 2001... 13.11.2001 13.02.2002-13.02.2007 1.130 0.940 13.11.2001 13.05.2002-13.02.2007 1.130 0.940 13.11.2001 13.11.2002-13.02.2007 1.130 0.940 2004... 19.11.2004 31.12.2005-30.03.2011 3.500 19.11.2004 31.12.2006-30.03.2011 3.500 19.11.2004 31.12.2007-30.03.2011 3.500

20022002 12 31 1.662.10 4.05 2004 12 313.82 4.01 2004 12 31 1.68 Black-Scholes 2004 12 31... 3.5... 3.5... 42.54%... 6.5... 0%... 3.358% 2004 12 31 2005 6 30 2,733,00010,038,000

35. 12% 25% 200220032004 12 312004 2005 6 304,407,000 3,740,0005,113,0001,765,0002,726,000 200220032004 12 31 20042005 6 30 192,000102,000104,00046,000 51,000

B. 200220032004 12 312005 6 30 12 31 6 30 2002 2003 2004 2005... 1 10 1,410 1,188... 2 64,100 64,100 64,100 64,100... 3 160,663 64,100 64,110 65,510 225,951... 1,063 1,633 28,646 27,478... 2 128,447 296,372 1,260,453 1,440,308... 6,060 197,758 1,342,825 983,885 135,570 495,763 2,631,924 2,451,671... 3,612 3,203 39,333 36,293... 4 106,168 3,612 3,203 39,333 142,461... 131,958 492,560 2,592,591 2,309,210... 196,058 556,670 2,658,101 2,535,161... 5 95,411 323,666 1,854,621 1,859,263... 100,647 233,004 803,480 675,898... 60,508 77,910 94,225 94,225... 6 40,139 155,094 709,255 581,673... 100,647 233,004 803,480 675,898

1. 2003 12 31... 13... 1,623 2004 12 312005 6 30... 1,636 2003 12 31... 3... 223 2004 12 31... 226... 222 2005 6 30... 448 2003 12 31... 10 2004 12 31... 1,410 2005 6 30... 1,188 2. 20022003 2004 12 31 2005 6 30... 64,100 3. 2005 6 30

4. 24 5. 12 31 6 30 2002 2003 2004 2005... 95,411... 323,666 329,911 332,835... 1,524,710 1,526,428 95,411 323,666 1,854,621 1,859,263..... 95,411.. 323,666 329,911 332,835... 1,524,710 1,526,428... 95,411 323,666 1,854,621 1,859,263 26

6. 2002 1 1... 55,329 (4,416) 50,913... 10,497 10,497... 55,329 10,497 (4,416) 61,410... 4,267 4,267... (10,003) (10,003)... (15,535) (15,535) 2002 12 31... 49,593 10,497 (19,951) 40,139... 100,332 100,332... 10,497 (10,497)... (14,833) (14,833)... 48,350 48,350... (18,894) (18,894) 2003 12 31... 145,589 48,350 (38,845) 155,094... 609,277 609,277.. (32,032) (32,032)... (23,084) (23,084) 2004 12 31... 722,834 48,350 (61,929) 709,255... (127,582) (127,582) 2005 6 30... 722,834 48,350 (189,511) 581,673 22 200220032004 12 312005 6 3029,642,000 106,774,000660,905,000533,323,000