SHENZHEN CHIWAN WAHRF HOLDINGS LIMITED

Interim Report for the Six Months Ended 30th June 2002

Important Note:

The Board of Directors of Chiwan Wharf Holdings Limited (“the Company”) guarantees that there exist no omission, misstatement, or misleading information in this interim report. The Board of Directors of the Company is responsible, individually and jointly, for the authenticity, accuracy and integrity of the information contained in this report. Independent Director Mr. Zhang Limin was unable to attend the third meeting of the Fourth Board of Directors and thus appointed Independent Director Mr. Liu Ruiqi as his proxy to attend, act and vote for him and on his behalf at the aforesaid Board Meeting. Financial Report of the Company for the six months ended 30th June 2002 has not been audited.

This report has been prepared in Chinese version and English version respectively. In case of difference in interpretation between the two versions, Chinese version shall prevail.

Contents

I. Company Profile ………………………………………………………………… 1 II. Changes in share capital and shareholders ………………………………..……. 2 III. Directors, supervisory committee members and senior management staff …..…. 3 IV. Statement by management staff …………………………………………………. 3 V. Significant events ……………………………………………………………..… 7 VI. Financial report ………………………………………………………………… 10 VII. Documents for reference ……………………………………………………..… 10

PART I COMPANY PROFILE A. Basic Introduction 1. Company's name in Chinese 深圳赤湾港航股份有限公司 Company's name in English Shenzhen Chiwan Wharf Holdings Limited (CWH)

2. Place of registration Port of Chiwan, Shenzhen, PRC Offices 11-12/F., Chiwan Petroleum Building, Port of Chiwan, Shenzhen, PRC Postal code 518068 E-mail [email protected]

3. Legal representative Ms. Wang Fen, Chairman

4. Company Secretary Ms. Pei Jiangyuan Authorized representative Ms. He Yingban and Mr. Tang Qingsong Address 11/F., Chiwan Petroleum Building Port of Chiwan, Shenzhen, PRC Tel +86 755 26817355, 26694620 Fax +86 755 26684117 E-mail [email protected]

5. Newspaper for information release "Securities Daily" and "Ta Kung Pao” Website for information release http:\\www.cninfo.com.cn Interim Report preparation Secretariat of the Board of Directors

6. Stock exchange Short name of the stock Shen Chiwan A/Shen Chiwan B Stock Code 000022/200022

B. Financial Highlights (RMB)

Item Jan.- June 2002 Jan.- June 2001

Net profit 77,208,989 12,851,262

Earnings per share 0.202 0.034

Return on net assets 6.27% 1.13%

Net cash flow per share from operating activities 0.419 0.214

As at 30 June 2002 As at 31 Dec. 2001

Shareholders’ equity (minority interests excluded) 1,230,774,516 1,153,494,051

Net assets per share 3.226 3.023

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Discrepancies between the figures calculated under Chinese Accounting Standard and under International Accounting Standard

Net profit Net assets Item Jan.-June Jan.-June As at June 30, 2002 As at Dec. 31, 2001 2002 2001 Calculated under Chinese 77,208,989 25,855,915 1,191,552,122 1,114,271,657 Accounting Standard

1. Assets devaluation provision - (13,004,653) - -

2. dividends for 2001 - - 38,914,734 38,914,734

3. others - - 307,660 307,660

Calculated under International 77,208,989 12,851,262 1,230,774,516 1,153,494,051 Accounting Standard

PART II CHANGES IN SHARE CAPITAL AND SHAREHOLDERS

A. During the reporting period, total amount of shares issued by the Company and the shareholdings structure has not been changed.

B. As at the end of 30 June 2002, 55463 shareholders of the Company were recorded.

C. Top ten shareholders

Amount of Propor- No. Name Type Code Shares tion Shares held by NANSHAN DEVELOPMENT (GROUP) 224,470,000 58.84% 1 0800004904 INCORPORATION (CND) Legal entity 2 00214193 NEWTON ORIENTAL FUND 3,015,631 0.79% B shares 3 00265943 CHEUNG KIT 1,045,260 0.27% B shares BTFE-VALUE PARTNERS INTELLIGENT FD- 936,121 0.25% B shares 4 00318494 CHINA B SHS FD 5 00296069 FU MING 775,050 0.20% B shares

6 0899013754 JINTONG SECURITIES CO. LTD 591,450 0.15% A shares 7 91169505 ZHENG YUYAO 511,565 0.13% B shares

8 0899023895 HONGFEI SECURITIES INVESTMENT FUND 500,000 0.13% A shares

9 91422875 YANG TIANDING 410,000 0.11% B shares 10 00309799 LONG QINFANG 370,000 0.10% B shares

Total 232,625,077 60.97%

* a) The above-mentioned amount of shares are the figures recorded as at June 30, 2002.

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b) CND is the only shareholder holding more than 5% of the Company's shares. Shares held by CND was not changed within the reporting period. CND did not pledge or freeze or entrust its shares to the others’ management during the reporting period. c) CND does not have any relations with the other nine shareholders among the top ten shareholders. The Company does not know if there is any inter-relations among the other nine shareholders.

D. Controlling shareholder of the Company did not change during the reporting period.

PART III DIRECTORS, SUPERVISORY COMMITTEE MEMBERS AND SENIOR MANAGEMENT STAFF

A. Shares held by the Company’s Directors, Supervisory Committee Members and senior management staff remained unchanged throughout the reporting period. Newly-elected Independent Director Mr. Liu Ruiqi and Mr. Zhang Limin do not hold any shares of the Company.

B. Changes in Directors, Supervisory Committee Members and senior management staff The Fourth Board of Directors as well as the Fourth Supervisory Committee were elected on the 2001 Annual General Meeting held on May 10, 2002. Ms. Wang Fen, Mr. Fan Zhaoping, Mr. Han Guimao, Mr. Yuan Yuhui, Mr. Liu Zhangjun, Mr. Zheng Shaoping, Mr. Tian Junyan, Mr. Liu Ruiqi and Mr. Zhang Limin (the latter two being Independent Director) were elected as Directors for the Company’s Fourth Board of Directors. Mr. Huang Chuanqi, Ms. Mary-Jean Wong, Mr. Yu Liming, Mr. Zhang Ning and Mr. Nie Qi were elected as Members of the Company’s Fourth Supervisory Committee. Mr. Liu Zhangjun was appointed by the Fourth Board of Directors as the Company’s General Manager, while Mr. Lu Baodi and Ms. Chen Yonglian as Deputy General Manager, Mr. Zhang Jianguo as Chief Financial Officer, and Ms. Pei Jiangyuan as Company Secretary.

PART IV STATEMENT BY MANAGEMENT STAFF

A. Financial Status With China’s entry into WTO and the comeback of global economy, as well as the global manufacturing base and procurement center moving towards China, import and export volume of China grew rapidly in the first half of 2002, which offered favorable opportunities for the development of oceangoing transportation and port business. Due to its export-oriented economy and solid foundation, the Pear River Delta ranked among the areas in China that responded willingly and thus benefited from such opportunities to the utmost. In seizing the commercial opportunities, the Company paid more efforts to develop its container terminal business as well as its bulk and general cargo terminal business. With the volumes of all of its core businesses growing rapidly, the Company achieved a turnover of RMB315m during the reporting period, 55.75% up over corresponding period of 2001 or 57.2% of the target for the whole year, while the increase of operating cost was just 14.8%. A net profit of RMB77m was accomplished, 500.8% up over corresponding period of 2001.

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Financial highlights of the Company for the first six months of 2002 are listed as follows.

Unit RMB’000

Item Jan.-June 2002 Jan.-June 2001 +/- Reason

Business growth, especially rapid Turnover 315,352 202,476 55.75% growth of container throughput

Fall of unit cost due to the increase Operating cost 144,781 126,146 14.77% of facility utilization rate Rapid growth of core business and Gross profit 170,570 76,330 123.46% decline of unit cost

Administrative expense 32,888 29,700 10.73%

Shrink of bank loan facilities and fall Financial expense-net 13,691 16,776 -18.39% of interest rate

Net profit 77,209 12,851 500.80% Increase of gross profit

Net increase or decrease in cash and cash (60,528) 24,614 -345.91% Repayment of bank loans equivalents As at As at

June 30, 2002 Dec. 31, 2001

Total assets 2,209,806 2,222,760 -0.58% Repayment of bank loans

Shareholders’ equity 1,230,775 1,153,494 6.70% Increase of net profit

B. Business Performance during the First Half of 2002

1. Core businesses

The Company is mainly engaged in the handling, warehousing and transportation of containers as well as bulk and general cargo at Chiwan , and also other related services. The Company achieved a throughput of 9.02m tons during the reporting period, 59.6% up over corresponding period of 2001, or 22.6% of the total throughput of Shenzhen while only 19.1% being recorded for the corresponding period of 2001. Container throughput of the Company for the reporting period rise 85.4% up to 676,676TEU, which signifies 21.1% share on Shenzhen container market while only 17.1% being recorded for the corresponding period of 2001. Growth rate of container throughput of the Company for the first half of 2002 (i.e 85.4%)exceeds the growth rate of 50.3% for all the Shenzhen container terminals. The Company achieved a bulk and general cargo throughput of 3.288 million tons, up 21.6% over the corresponding period of 2001 and almost the same one-third share on Shenzhen bulk and general cargo market as corresponding period of 2001. Land transportation engages mainly in the tow-truck service at the container terminals of Shenzhen as well as container trucking service outside. Container trucking volume of 1.948million TEU KM was recorded for the reporting period, up 33.4% over corresponding period of 2001. Tow-trucking service of

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the Company enjoys the largest market share in Shenzhen, and accounts for the major part for the profit of land transportation business. Marine transportation of the Company engages mainly in the tugboat service for the incoming and outgoing vessels at Chiwan Port. 6308 working hours for tugboat service was recorded, up 98.4% over corresponding period of 2001.

Figures for the market shares of container terminal business as well as of bulk and general cargo terminal business were calculated according to the statistic data provided by the Shenzhen Municipal Port Authority.

2. Breakdown of turnover (Unit: RMB’000)

Core businesses Jan.-June 2002 Proportion Jan.-June 2001 +/-

Container terminal 184,364 57% 96,998 90%

Bulk and general cargo terminal 87,860 27% 75,588 16%

Land and marine transportation 38,174 12% 29,774 28%

Godown 6,934 2%

Agency 6,112 2% 5,724 7%

Subtotal 323,444 100% 208,084 55%

Business offset (8,092) (5,608)

Total 315,352 202,476

3. Breakdown of operating cost (Unit: RMB’000)

Core businesses Jan.-June 2002 Proportion Jan.-June 2001 +/-

Container terminal 66,176 43% 54,386 22%

Bulk and general cargo terminal 56,155 37% 49,923 12%

Land and marine transportation 26,854 17% 25,816 4%

Godown 3,179 2%

Agency 1,039 1% 2,115 -51%

Subtotal 153,403 100% 132,240 16%

Business offset (8,622) (6,094)

Total 144,781 126,146

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4. Breakdown of Gross profit (Unit:RMB’000)

Core business Jan.-June 2002 Proportion Jan.-June 2001 +/-

Container terminal 118,188 69% 42,612 177%

Bulk and general cargo terminal 31,705 19% 25,665 24%

Land and marine transportation 11,320 7% 3,958 186%

Godown 3,755 2%

Agency 5,073 3% 3,609 41%

Subtotal 170,041 100% 75,844 124%

Business offset 529 486

Total 170,570 76,330

5. The Company has conducted no other business, which exerts significant influence on the Company’s profit during the reporting period.

6. It was forecasted in the Company’s Report for the First Quarter of 2002 that net profit of the Company for the first half of 2002 would rise more than 50% up compared with the figure for the first half of 2001. Net profit of the Company for the first half of 2002 rose 500.8% up compared with the figure for the corresponding period of 2001.

C. Investments in the First Half of 2002

1. Utilization of proceeds No funds were raised during the reporting period.

2. Other investments With a total investment of RMB21.5m, the new 4000hp tugboat built for the Company’s wholly-owned subsidiary Shenzhen Chiwan Shipping Co., Ltd. was delivered at the end of June, 2002 and put into operation in July 2002. The ordered container handling equipment is being built as scheduled on the contract. Upgrading of the software systems for container terminal and bulk and general cargo terminal is getting along well. Container stacking yard for Berth 12 will be put into operation in the latter half of 2002.

D. Business Plan for the Latter Half of 2002

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1 Comprehensive utilization rate of the container terminal resources will be further upgraded so as to further enhance the handling capacity and in turn ensure the service quality. Two or three more international shipping lines will call at Chiwan Container Terminal. Keeping the prospective trend of exportation containers, increase rate of container throughput of Chiwan Port for 2002 is expected to exceed the growth rate of Shenzhen container throughput.

2 In keeping the advantage of focusing on imported bulk and general cargo, throughput of imported fertilizer and grains will rise in the latter half of 2002, and thus the Company will achieve higher profit in the latter half than in the first half from the business of bulk and general cargo terminal. More work will be done in improving the traffic condition around port area so as to improve the bulk and general cargo handling efficiency and hence make full preparations for the further marketing work.

3 The Company will keep on paying attention to the tow-truck business and further enlarge the operating area and market share of the business, as well as enhance the efficiency and profit of trucking business.

4 Tugboat service will be improved so as to ensure the safe sailings of vessels in and out of Chiwan port.

5 It’s predicted that net profit of the Company for the first third quarter of 2002 will rise more than 50% up compared with the figure recorded for corresponding period of 2001 thanks to the rapid growth of the Company’s core businesses, especially the rapid development of container terminal business.

PART V SIGNIFICANT EVENTS

A. Corporate Governance

During the reporting period, the Company ran its business in accordance with the “Company Law”, “Securities Law”, “Listing Rules of Shenzhen Stock Exchange” and “Guiding Lines for Corporate Governance of Listed Companies” (“Guiding Lines”), and has basically met the requirements of the Guiding Lines. The Company will set up special committees of the Board according to relevant requirements so as to further perfect its governance structure.

B. Profit distribution for 2001

Audited by Puhua Yongdao Zhongtian Certified Public Accountants Co., Ltd. in accordance with domestic Standards on Auditing, the Company achieved a net profit of RMB86,829,223 (“domestic audited profit”) in 2001, while according to International Standards on Auditing, PricewaterhouseCoopers Certified Public Accountants set the net profit for 2001 as RMB73,824,569 (“overseas audited profit”). According to relevant rules and regulation of the State and the Company’s Articles of Association, following profit distribution plan was approved at the 2001 Annual General Meeting.

1. RMB8,682,922, i.e.10% of the domestic audited profit for 2001 was to be drawn for Statutory Surplus Reserve; 7

2. 5% of the domestic audited profit for 2001 totaling RMB4,341,461 was to be drawn for Statutory Welfare Fund; 3. 25% of the domestic audited profit for 2001 totaling RMB21,707,306 was to be drawn for Discretionary Surplus Reserve; 4. After the above drawing of Statutory Surplus Reserve, Statutory Welfare Fund and Discretionary Surplus Reserve, profit distributable to shareholders amounted respectively to RMB52,097,534 and RMB39,092,880 according to the figures of domestic and overseas audited profit. Following the principle of taking the lower amount between the overseas auditing results and domestic auditing results as the base for profit distribution, a cash dividend of RMB0.102 per share (pre-tax) totaling RMB38,914,734.00 will be paid for the total 381,517,000 shares as at the end of 2001, with the balances of domestic audited profit and of overseas audited profit (i.e. RMB13,182,800 and RMB178,146 respectively) being retained for the next year; 5. The Company has no plan to convert its reserves into equity for 2001. The aforesaid dividend distribution plan was executed with the registration day being 5th July 2002 and the ex-dividend day being 8th July 2002 .

C. The Company did not get involved in any significant law suits or arbitration cases during the reporting period.

D. The Company did not conduct any significant acquisition or sale of assets, or any merger and consolidation in the reporting period.

E. The Company did not hold in trust, contract or lease the assets from other companies during the reporting period, nor did it put in trust, contract or lease its assets to other companies.

F. The Company did not offer any significant guarantee to other companies during the reporting period.

G. The Company did not entrust others to manage its cash assets, nor did it borrow from or lend its cash assets to others.

H. Related Party Transactions 1. Land-use fees The Company and its subsidiaries leased several plots of land and some offices from China Nanshan Development (Group) Inc. (CND) and Shenzhen Chiwan Petroleum Supply Base Co., Ltd. (CPSB) during the reporting period with the rents detailed as follows.

Jan. – June 2002 Jan. – June 2001

CND 11,637,512 6,308,275

CPSB 318,430 99,235

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The above rents were settled according to the generally-accepted market price.

2. Guarantee (undue as at June 30, 2002) CND guaranteed for the Company’s bank borrowings totaling RMB29,064,000 for the period commencing from June 8, 2000 and ending on November 27, 2006. The Company repaid the above bank loans to the Shenzhen Branch of China Construction Bank on July 24, 2002.

3. Project supervision During the reporting period, the Company and its subsidiaries paid RMB544,020 to Shenzhen Haiqin Engineering Supervision Co. Ltd. for the supervision on projects. Such payments were settled according to the generally-accepted market price.

4. Joint operation of Chiwan Haiyun Building As at June 30, 2002, an income of RMB1,317,742 was realized from the joint operation of Chiwan Haiyun Building with CND. Relevant tax and administrative expense being deducted, the Company achieved a net income of RMB559,091 from such operation.

I. Since the business liscense of Zhong Tianqin Certified Public Accountants had been withdrawn by the Finance Ministry due to its misfeasance, it was resolved on the 2001 Annual General Meeting held on May 10, 2002 to dismiss Zhong Tianqin Certified Public Accountants while to appoint Puhua Yongdao Zhongtian Certified Public Accountants as the Company’s domestic accounting firm to conduct auditing for the Company for the year of 2001. It was also resolved on the 2001 Annual General Meeting to appoint Puhua Yongdao Zhongtian Certified Public Accountants and PricewaterhouseCoopers Certified Public Accountants as the Company’s accounting firms for the year of 2002.

J. Other significant events 1. “Feasibility Study Report on Berth 12 at Chiwan Port” has been approved by Shenzhen Municipal Development and Planning Bureau as well as Shenzhen Municipal Communication Bureau. Construction of Berth 12 will commence in September 2002. With a forefront of 16 metres, Berth 12 has a quay length of 360 meters and can accommodate the fifth generation container vessels (compatible for the sixth generation). Area of the stacking yard for the berth amounts to 175,000m2 and the height of seven loaded containers can be reached. Annual handling capacity for the berth is expected to be 400,000TEU.

2. With a total investment of RMB21.5m, the new 4000hp tugboat built for the Company’s wholly-owned subsidiary Shenzhen Chiwan Shipping Co., Ltd. was delivered at the end of June, 2002 as scheduled and put into operation in July 2002.

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PART VI FINANCIAL REPORT (un-audited) A. Financial Statements (See attachment) B. Notes: 1. Accounting policies and accounting estimation remained unchanged during the reporting period. 2. Since the effective control of Shenzhen Chiwan Godown Co., Ltd. (“Chiwan Godown”) has been transferred, undertakings of Chiwan Godown, in which the Company holds 50% of equity interests indirectly, has been consolidated from January 1, 2002 into the Company’s wholly-owned subsidiary Chiwan Wharf (Hong Kong) Co., Ltd. Chiwan Godown realized a turnover of RMB7.2412m, gross profit of RMB3.7552m and profit of RMB1.0119m during the reporting period.

PART VII DOCUMENTS FOR REFERENCE

1. Original copy of the Interim Report for the Six Months ended June 30, 2002 signed by the Chairman of the Board 2. Financial Report carrying the signatures of the Company's legal representative, the Chief Financial Officer and the person in charge of accounting; 3. Original copy and press release of all the documents disclosed in the first half of 2002 on “Securities Daily” and “Ta Kung Pao”; and 4. Articles of Association of the Company.

Wang Fen Chairman Shenzhen Chiwan Wharf Holdings Limited

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SHENZHEN CHIWAN WHARF HOLDINGS LIMITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2002

ASSETS 2002-6-30 2002-1-1 Non-current assets Property,plant and equipment 1,797,145,772 1,794,592,310 Investment property 19,393,064 19,411,508 Construction-in-progress 56,789,452 11,668,948 Intangible assets (3,140,805) (2,865,130) Investments in associates 2,349,592 22,115,497 Available-for-sale investments 60,227,000 60,227,000 1,932,764,075 1,905,150,133 Current assets Inventories 19,098,542 18,531,049 Amount due from holding company 705,247 - Amount due from related companies 783,763 5,331,806 Other receivables and prepayments 30,940,080 28,066,567 Trade receivables 118,649,046 103,509,920 Investment fund - - Cash and cash equivalents 106,865,698 162,170,168 277,042,376 317,609,510 Total assets 2,209,806,451 2,222,759,643

EQUITY AND LIABILITIES Capital and reserves Share capital 381,517,000 381,517,000 Reserves 732,610,403 732,538,927 Retained earnings 116,647,113 39,438,124 1,230,774,516 1,153,494,051

Minority interests 428,334,092 362,847,219

Non-current liabilities Long-term bank borrowings 57,464,000 194,308,000 57,464,000 194,308,000 Current liabilities Trade payables 25,512,526 29,623,975 Other payables and accrued expenses 28,763,731 32,360,538 Taxation 5,141,727 5,309,444 Short-term bank borrowings 426,990,339 442,406,940 Amount due to holding company 6,523,109 2,409,476 Amount due to related company 302,411 - 493,233,843 512,110,373 Total equity and liabilities 2,209,806,451 2,222,759,643

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SHENZHEN CHIWAN WHARF HOLDINGS LIMITED

CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2002

Jan.to.June 2002 Jan.to.June 2001

Revenue 315,351,551 202,475,900

Operating costs (144,781,488) (126,146,319)

Gross profit 170,570,063 76,329,581

Administrative expenses (32,887,563) (29,699,690) Other operating income 4,358,701 (5,171,302)

Operating profit 142,041,201 41,458,589

Finance expense-net (13,691,234) (16,775,653)

Share of results before tax of associates 558,344 1,046,855

Profit before tax 128,908,311 25,729,791

Tax (6,753,628) (2,391,866)

Profit after tax 122,154,683 23,337,925 Minority interests (44,945,694) (10,486,663)

Net profit 77,208,989 12,851,262

Earnings per share 0.202 0.034

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SHENZHEN CHIWAN WHARF HOLDINGS LIMITED CONSOLIDATED CASH FLOW STATEMENT FROM JANUARY TO JUNE 2002

Cash flow from operating activities Jan.to.Jun 2002

Cash generated from operations 179,544,220 Interest received 700,642 Interest paid (13,646,219) Income tax paid (6,554,580)

Net cash from operating activities 160,044,063

Cash flows from investing activities Purchase of property,plant and equipment (14,321,418) Payments for construction-in-progress (52,895,024) Disposal of an associated undertaking 614,237 Acquisition of available-for-sale investments Acquisition of an associated undertaking (1,875,000) Disposal of property,plant and equipment 1,722,820 Dividend received

Net cash used in investing activities (66,754,385)

Cash flows from financing activities Proceeds from short-term borrowings 504,893,559 Proceeds from long-term borrowings 6,456,000 Repayments of short-term borrowings (540,017,249) Repayments of long-term borrowings (124,000,000) Capital contribution from minority investors of a subsidiary Repayment of cash advance to minority investors of subsidiary Dividends paid to minority investors of a subsidiary (1,150,000) Dividends paid

Net cash(used in)/from financing activities (153,817,690)

Increase in cash and cash equivalents (60,528,012)

Movement in cash and cash equivalents: Cash and cash equivalents at 1st January 167,327,449 Increase/decrease (60,528,012) Effect of exchange rate changes 66,261

Cash and cash equivalents at 30 June 106,865,698

* The discrepancy of RMB5,157,281 between the figure for “cash and cash equivalents at 1st January” in this sheet and the figure for “cash and cash equivalent on January 1st, 2002” in the Balance Sheet comes from the cash and cash equivalent on January 1, 2002 of Shenzhen Chiwan Godown Co., Ltd., undertakings of which have been consolidated into the Company since 2002.

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SHENZHEN CHIWAN WHARF HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS AT 30 JUNE 2002 Reserves Statutory Share Capital Surplus public welfare Translation Retained Share capital premium reserves reserves fund reserve earnings Total Balance at 1st January 2001 381,517,000 250,956,191 155,384,283 253,977,961 42,503,484 (4,781,539) 49,560,937 1,129,118,317 Profit for the year 73,824,569 73,824,569 Transfer from retained profits to 30,390,228 4,341,461 (34,731,689) - reserves - Dividend paid for 2000 (49,215,693) (49,215,693) Currency translation differences (233,142) (233,142) Balance at 31 Dec 2001 381,517,000 250,956,191 155,384,283 284,368,189 46,844,945 (5,014,681) 39,438,124 1,153,494,051

Balance at 1st January 2002 381,517,000 250,956,191 155,384,283 284,368,189 46,844,945 (5,014,681) 39,438,124 1,153,494,051 Profit for the year 77,208,989 77,208,989 Transfer from retained profits to - reserves - Dividend paid for 2001 - Currency translation differences 71,476 71,476 Balance at 30 June 2002 381,517,000 250,956,191 155,384,283 284,368,189 46,844,945 (4,943,205) 116,647,113 1,230,774,516

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