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1 Page % 120% 100% 80% 60% 40% 20% 0% -20% MBA zhuyan@guosen.com.cn huangbiao@guosen.com.cn % 20% %

2 Page GDP = GDP GDP ST/...9

3 Page ST / ST ST ST/ ST/ GDP GDP PEG PEG IMF GDP

4 Page / % 7%01 GDP Q4/07 0.6% 1 15 GDP % 5 4 GDP % 60% 50% -- 8% 7% 6% % 30% 20% 5% 4% 3% 1 0 '93 '95 '97 '99 '01 '03 '05 ' % 0% -10% -20% '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 2% 1% 0% -1% CEIC US BEA CEIC GDP 8% 10%

5 Page % % % GDP Flexible

6 Page CEIC /GDP /GDP 12% 20% 80% 30% 40% 4.

7 Page = = '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 50 '03 '04 '05 '06 '07 CEIC CEIC GDP 14% 12% / GDP 10% 8% 6% 4% 2% 0% '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 CEIC % 25% % 25% ) Decoupling 07 2% 4

8 Page 8 4%2) IMF % GDP % GDP '01 '02 '03 '04 '05 '06 Q1 Q2 Q3 Q4/ CEIC 1 IMF GDP IMF a. ST / b. STEBIT/

9 Page ST / ST / 10% 9% / 8% 7% / 8% 6% 7% 5% 6% 4% 5% 3% 4% '04 '05 '06 1H07 2% '03 '04 '05 '06 1H07 Wind Wind ST ST EBIT/ 8 7 EBIT/ '03 '04 '05 '06 1H07 3 '03 '04 '05 '06 1H07 Wind Wind c. 04 +/ 03 23% % 30% 12 13

10 Page ST/ ST / 25% 24% / 8 7 EBIT/ 6 23% 5 22% 4 21% '03 '04 '05 '06 1H07 3 '03 '04 '05 '06 1H07 Wind Wind GDP 30 GDP 4.5% % 70%

11 Page ' 05' 06' Nov./07 CEIC Wind GDP GDP 8% 6% 4% 2% CAGR = 11.1% 0% 77' 80' 90' 00' 05' 0 90' 92' 94' 96' 98' 00' 02' 04' 06' CEIC CEIC

12 Page GDP 10% % 8.05%

13 Page % ,000 17,000 16,000 15, ,600 1,400 1,200 1, , , , , '04 '05 '06 1Q07 2Q07 3Q07 4Q07 10,000 '04 '05 '06 1Q07 2Q07 3Q07 4Q (a) 08 GDP 10% (b) % 08 13% 2. 11% 08 20% 5 4.7%AAA 5.3% AAA 3. (a)

14 Page 14 (b) 08 1H08 17 bp 30 bp (c) 1) 08 CPI 4.0%4.14%2) 3) 5% % 10%(b) / 5. (a) (b) (c) (d) 08 30% 40% PE/ 12 EPS PE GDP 2.95% 11.1% GDP 8% 10% %

15 Page CEIC ' 01' 02' 03' 04' 05' 06' 07' 08' % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% PE PB 2007e 2008e % 48.3% % 46.2% % 59.7% % 56.3% PE PB Wind 2000 A % % 08PE PEG PEG PEG PEG Wind Wind

16 Page PE PB 2007e 2008e % 66.7% % 57.0% % 58.7% % 56.8% % 62.6% % 66.3% % 48.3% Wind PE PB 1 A 20% 32% % 20% PE PE PEG PEG PE 07 PE 08 PEG A Wind

17 Page EPS 2007E EPS 2008E PE 2007E PE 2008E PB 2007E PB 2008E ( ) PE PB A PE07 PE08 PB07 PB08 ROA ROE HKSE PE07 PE08 PB07 PB08 ROA ROE

18 Page n.a. n.a NYSE PE07 PE08 PB07 PB08 ROA ROE JP TSE PE07 PE08 PB07 PB08 ROA ROE KSE PE07 PE08 PB07 PB08 ROA ROE Kookmin n.a. n.a n.a. n.a n.a. n.a n.a. n.a n.a. n.a NSE PE07 PE08 PB07 PB08 ROA ROE n.a. n.a n.a. n.a. HDFC n.a. n.a Bloomberg % 33.8% 15.8% 14.0%

19 Page IPO 63, % 233,991 1, % IPO 30, % 327,900 1, % IPO 102, % , , , () 17, , , , , , , ,097 1, , % 10, % 10, % 9, % 8, % 14, % 66, % , % 6, % 3, % 9, % 29, % , % , % , % , % 98, % 58, % + 84, % 71, % 496,898 1, % , % 12, % 31, % , % IPO 288, % IPO 128, % IPO 47, % IPO 47, % IPO 51, %

20 Page %08 51% PE % %-110% 120%/ 07 50% 23%08 27% 91% 08 10% PB / 1/6 1/ PE

21 Page H H ---

22 Page % 6 10%-20% 6 ±10% 6 10% 6 10% 6 5%-10 6 ±5% 6 5%

23 I T IT zhengdong@guosen.com.cn shengjp@guosen.com.cn maxd@guosen.com.cn zhengy@guosen.com.cn wangxj@guosen.com.cn wanglf@guosen.com.cn tancy@guosen.com.cn wangcs@guosen.com.cn liuqin@guosen.com.cn liuyh@guosen.com.cn shaoyf@guosen.com.cn

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