普华永道——CIMC notes 27.9.01-1.docVIP

Briefing notes following a meeting between PwC and China International Marine Containers (“CIMC”) 26 September 2001-09-26 Location – Shanghai (Development Co offices) 2:00pm – 4:00pm Present PwC CIMC Xiao Ying Hongren Gu Shining Jiang Wu Zhaoxia Chris Boddington The meeting opened with Xiao Ying introducing PwC and the nature of our expectations from the meeting; to understand more about the financial affairs of CIMC, their expectations of how an investment might work alongside Aegon, their market and their market position. FDD matters CIMC passed across four years’ worth of financial accounts (97-00) to PwC for CIMC. The business is quoted on the Shenzhen exchange and prepares accounts to IAS. The IAS accounts are audited by KPMG in Hong Kong. The information contained in these minutes should be considered alongside the annual accounts. We have arranged for a full version (as opposed to the extract on the HYPERLINK website) to be sent Marc van Weede in Holland. The full accounts are we suspect the source for much of the information contained in the e-mail from Bob Watson. We have tried to concentrate on new information and perspectives for you to consider rather than regurgitate old information. These matters are not exhaustive. There may well be further maters that are significant as yet unknown to us. It was made clear that the discussions could revolve at this stage only around publicly available information as the discussions between the parties are at an early stage. The following was discussed in the limited time available about the financial situation of the business:- FY00 sales growth. The 44% sales growth to US$ 1.1 billion in 2000 was phenomenal with increased output of containers arising through new plants coming on line. Expansion of this nature and extent often leads to “growing pains” i.e. problematic working capital management and ERP based difficulties. These do seem to be evident. This growth it seems has most likely been at