27-11-22 8621 63215451 Huangzhen@cjsc.com.cn 8621 6329559 Xumf@cjsc.com.cn 28 615 6685 632 631 157 6169 6 7 6582 12 3 25 2 15 1 5-5 6-11 6-12 7-1 7-2 7-3 7-4 7-5 7-6 7-7 7-8 7-9 7-1 7-11 GDP 211 211 WIND

...1...1...2...3 28...5...8...8 211...1...16...24...3...3...34...39...42...45...45...47...5...52 1

1: 1978-25...1 2: GDP 1978-25...1 3: 25...2 4: 25 GDP...2 5:...2 6:...2 7: 2-24...3 8: (1961-1979)...3 9: 196-198...3 1: 1961-1979...3 11: 1965-1979...3 12:...4 13:...4 14:...5 15:...5 16: (1973-1979)...6 17: (1952-24)...6 18: (196-198)...6 19: (196-198)...7 2: (1961-198)...7 21: (26.11-27.11)...8 22: (26.11-27.11)...8 23: (1964-23)...9 24:...9 25: (2-26)...9 26:...1 27: (1964-26)...1 28:...11 29:...11 3: GDP...11 31:...11 32:...11 33:...12 34:...12 35: 7...13 36: 7...13 37: (2-26)...14 38: ( )...14 39:...15 4: /...15 41: BDI 22-27...17 42:...17 43:...18 44:...18 45: 9...19 2

46: 1952-21...19 47: 1965-1979...2 48:...21 49: (199-2)...21 5:...23 51:...23 52: (1992-26)...3 53:...3 54:...31 55: (1999-27.9)...31 56...32 57:...33 58:...34 59: (1965-26)...34 6: (1992-27.9)...35 61:...35 62: 2-26...37 63:...38 64: (21-25)...38 65: (21-26)...38 66: (1965-22 )...39 67: (1964-198)...39 68: 9...4 69: 25-26...42 7: (197-199 )...46 71: 196-198...46 72: (198-26)...46 73: (1999-26)...46 74: (1998-26)...47 75: (1998-26)...48 76: (1998-26)...48 77: (1998-26)...48 78:...48 79: (199-26 )...49 8: (25.2-27.9)...5 81: (21-27Q3)...5 82: (21-27Q3)...51 83: (21-27Q3)...51 84: (21-27Q3 )...51 1: ( % )...1 2: GDP...1 3:...4 4:...4 5: 27-28...12 6:...13 7: 27-212...15 8:...16 3

9:...17 1:...18 11:...18 12: 1985-1991...2 13: 8...2 14:...22 15: 215...22 16:...24 17:...24 18: 27-211 27.1...25 19:...25 2: 28-211 27.1...26 21: 29-211 ( 27.1 )...26 22: 28-211 ( )...26 23: 29-211 ( )...26 24:...27 25:...27 26:...27 27: 27-211 ( 27.1 )...28 28:...28 29...32 3:...32 31: 26-21...33 32:...34 33: 24-26...35 34: 24-25...36 35:...37 36: (24-27Q2)...37 37: (1965-198)...4 38: 26 1...4 39:...41 4: 3...42 41:...47 42:...49 43:...54 44:...54 4

1 GDP GNP 2 GDP 3 4 GDP GDP 1: ( % ) 58.7 16.6 24.7 43.6 23.4 33 28.6 3.7 4.7 23.7 33.2 43.1 8.3 4.1 51.6 2: GDP GDP 2 GDP 1 1978 1: 1978-25 2: GDP 1978-25 1 9 8 7 6 5 1 9 8 7 6 5 4 3 2 1 1978 1989 1997 25 4 3 2 1 1978 1989 1997 25 1

25 24% GDP 47% GDP 17 12 3: 25 4: 25 GDP 12% 31% 45% 41% 24% 47% 5: 6: 14 1 12 1 8 8 6 6 4 2 4 2 197 1972 1974 1976 1978 198 1982 1984 1986 1988 199 1992 1994 1996 1998 197 1972 1974 1976 1978 198 1982 1984 1986 1988 199 1992 1994 1996 1998 2 22 24 CEIC 7 4 8 4 65% 2 1.51 24 1.99 2

7: 2-24 14 12 1 8 6 4 2 2 21 22 23 24 2.5 2. 1.5 1..5. / 6 7 8: (1961-1979) 9: 196-198 8, 7, 6, 5, 4, 3, 2, 1, 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 8 7 6 5 4 3 2 1 9, 8, 7, 6, 5, 4, 3, 2, 1, 196 1962 1964 1966 1968 197 1972 1974 1976 1978 198 45% 4 35% 3 25% 2 15% 1 5% ( ) Yoy ( ) Yoy 1: 1961-1979 11: 1965-1979 16 6 5 3 14 12 1 8 6 4 2 1961 1962 1963 1964 1965 1966 1967 1968 1969 197 1971 1972 1973 1974 1975 1976 1977 1978 1979 5 4 3 2 1-1 45 4 35 3 25 2 15 1 5 1965 1966 1967 1968 1969197 1971 1972 1973 19741975 1976 1977 1978 1979 25% 2 15% 1 5% -5% -1-15% Yoy Yoy 3

6 7 3: 2 5 -- -- 2 6 -- 2 7 -- 5 7 12: 13: 3 6 3.E+11 8 25 2 5 4 2.5E+11 2.E+11 7 6 5 15 3 1.5E+11 4 1 5 197 1972 1974 1976 1978 198 1982 1984 1986 1988 199 2 1 1.E+11 5.E+1.E+ 198 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 3 2 1 6 7 5 4: 2 8-9 21 ---- 4

---- 14: 15: 3, 3 8.E+2 5 25, 2, 15, 1, 5, 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 21 23 25 25% 2 15% 1 ( ) 5% 6.E+2 4.E+2 2.E+2.E+ -2.E+2-4.E+2 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 ( ) ( ) 45% 4 35% 3 25% 2 15% 1 5% 1981-26 2 25% 4 24 5 28 28 28 1971 8 15 14.4% 1979 2 33% 1952-1976 1956-1973 8.94 3.54 5

6 16: (1973-1979) 17: (1952-24) 5 1 15 2 25 3 35 4 1971 1 1972 1 1973 1 1974 1 1975 1 1976 1 1977 1 1978 1 1979 1 5 1 15 2 25 1952 1955 1958 1961 1964 1967 197 1973 1976 1979 1982 1985 1988 1991 1994 1997 2 23 Bloomberg CEIC 18: (196-198) 2 4 6 8 1 196 1962 1964 1966 1968 197 1972 1974 1976 1978 198 198 56% 196 86% 198 17% 7

7 19: (196-198) 2,, 4,, 6,, 8,, 1,, 196 1962 1964 1966 1968 197 1972 1974 1976 1978 198-6 -4-2 2 4 6 8 ( ) Yoy 1961-198 7 2: (1961-198) -1-5 5 1 15 2 25 3 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 27 (615) (631)

21: (26.11-27.11) 22: (26.11-27.11) 12 6 1 5 8 4 6 3 4 2 2 1-2 6-11 6-12 7-1 7-2 7-3 7-4 7-5 7-6 7-7 7-8 7-9 7-1 -1 6-11 6-12 7-1 7-2 7-3 7-4 7-5 7-6 7-7 7-8 7-9 7-1 Wind 3 6 7 1962 26.1% 1971 5 2 8 21 26 35.9% 8

23: (1964-23) 1 8 6 4 2 1964 1966 1968 197 1972 1974 1976 1978 198 1982 1984 1986 1988 199 1992 1994 1996 1998 2 22 24 26 Lloyd's World Shipbuilding Statistics 2 9 23 26 1452 2 4251 15 6872 73 26 19 32 24 24: 25: (2-26) 9 8 7 6 5 4 3 2 1 2 18% 16% 14% 12% 1 8% 6% 4% 2% 1 9 8 7 6 5 4 3 2 1 199 1992 1994 1996 1998 2 22 24 26 2 21 22 23 24 25 26 Clarkson 24 25 9

26: 1 9 8 7 6 5 4 3 2 1 2 21 22 23 24 25 26 Clarkson 25 1 16 215 24 35 211 2 4 7 22 27: (1964-26) 7, 6, 5, 4, 3, 2, 1, 1964 1967 197 1973 1976 1979 1982 1985 1988 1991 1994 1997 2 23 26 ( ) Clarkson 1

11 28: 29: -1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 1986 1988 199 1992 1994 1996 1998 2 22 24 26-4 -3-2 -1 1 2 3 4 5 6-1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 1986 1987 1988 1989 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26-4 -3-2 -1 1 2 3 4 5 6 Clarkson (IMF) GDP 9 35% 26 6 22 3: GDP 31: -1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 1986 1988 199 1992 1994 1996 1998 2 22 24 26 1% 2% 3% 4% 5% 6% GDP 5, 1, 15, 2, 25, 3, 35, 4, 198 1982 1984 1986 1988 199 1992 1994 1996 1998 2 22 24 26 28E 1 2 3 4 5 6 7 ( ) GDP Clarkson IMF 32: 22 4%

33: 12 1 8 6 4 2 1999 2 21 22 23 24 25 26 IMF 2 GDP 8% GDP 5% GDP 34: 1 8 6 4 2 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27E 28E ( ) IMF 27 28 4.9% 5: 27-28 24 25 26 27E 28E 3.6% 3.1% 2.9% 1.9% 1.9% 2.7% 2% 3.2% 3% 2.5% 1.1% 1.4% 11.1% 11.5% 1. 7.9% 9. 9.7% 8.9% 8.4% 12

5.7 2.9 3.7 4.4 4.2 7.3% 7.2% 6.4% 6.7% 7. 5.3% 4.8% 5.4% 5.2% 4.8% IMF 4 7 6: 4 7 21 6 1971 1976 4 22 211 1975 LNG 73 7 35: 7 36: 7 1 1 9 8 9 8 7 6 7 6 5 5 4 3 2 1 1969 197 1971 1972 1973 4 3 2 1 1969 197 1971 1972 1973 1974 1975 1976 Clarkson 7 7 1972 76.9 1975 71.24% 13

37: (2-26) 38: ( ) 1 9 1 8 7 8 6 5 6 4 3 4 2 2 1 2 21 22 23 24 25 26 1998 1999 2 21 22 23 24 25 26 LNG&LPG LNG Clarkson 22 LNG 28 21 Common Structural Rule LNG&LPG 5 41 LNG 26 4 27 4 28 11 29 14 21 8 LNG 6 15 LNG 4 8 6 1 194 2 215 6 26 18 5 7 7 22 211 Clarkson 26 2 5 4 14

39: 6, 5, 4, 3, 2, 1, 4.5 4. 3.5 3. 2.5 2. 1.5 1..5. 1988 1989 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 ( ) / Clarkson / 1988-22 3 / 4 27 3-4 / 4: / 4.5 4. 3.5 3. 2.5 2. 1.5 1..5. 1988 1989 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 / Clarkson 18 16 14 12 1 8 6 4 2 28 26 27-21 7: 27-212 27 28 29 21 211 212 No. No. No. No. No. No. TEU ) 413 1,216,139 44 15,28,498 319 1,434,848 8 44,378 3 19,5 MDw) 256 26,681 271 29,515 339 44,538 13 19,723 7 1,593 2 6 15

(Dwt) 354 26,129 287 21,574 259 2,57 155 14,523 24 2,79 4 557 LNG (Cu.m) 3 4,491 54 9,594 41 7,453 16 2,855 LPG (Cu.m) 55 115 83 341 49 2144 12 728 (MDw) 45 8,128 324 7,491 213 5,679 58 2,135 13 473 3 135 28 26 212 27-29 22-26 8: 22 23 24 25 26 27E 28E 29E 15.5 14.8 16.1 11% 11.7 11.3 1.8 1.7 1.9 8.33% 1.77% 12.5 16.5% 15.32% 13.19% 1.68% 4.6 6.47% 5.33% -1.5-4.35% -4.2% -2.39%.2% Clarkson Clarkson 27-29 26 11.7% 29 1.7% 25 29 29 BDI 22 882 27 11 1938 (27-11-15 ) 16

41: BDI 22-27 12 1 8 6 4 2 Jan-2 May-2 Sep-2 Jan-3 May-3 Sep-3 Jan-4 May-4 Sep-4 Jan-5 May-5 Sep-5 Jan-6 May-6 Sep-6 Jan-7 May-7 Sep-7 BDI Bloomberg 2 28% 1 42: 26% 28% 21% 9% 16% 2years 15-19 years 1-14 years 5-9 years -4 years 9: Clarkson Clarkson 29 22 23 24 25 26 27E 28E 29E 21E 14.3 11.6 19.7 23.4 25.7 25.8 26.889 37.6726 48.3294 6 4.1.4 1 1.9 1 1 1 1 294.6 32 322.1 344.5 367.6 383.4 4.29 427.96 466.29 2.8 2.51% 6.66% 6.95% 6.71% 4.3 4.41% 6.91% 8.96% 5.48% 5.17% 6.47% 4.41% 4.71% 4.57% 4.4 4.4 4.3-2.68% 2.66% -.19% -2.54% -2..27% -.1% -2.51% -4.66% Clarkson 17

1 2 43: 44: 2% 3% 15% 26% 51% 29% 74% 2 years plus 15-19 years 1-14 years 5-9 years -4 years Clarkson 2 11% 26% 1: 26 27E 28E 29E 21E 65.3 71.7 79.4 86.7 91.5 8 9.7 1.8 1.9 6.3 1.6 2 3.5 6 6 71.7 79.4 86.7 91.5 91.9 9.8 1.69% 9.18% 5.65%.38% 4.98% 4.55% 5.63% 6% 7% - -4.82% -6.14% -3.55%.35% 6.62% Clarkson 11: 26 27E 28E 29E 21E 25.3 264.2 281.7 3.8 32.9 15.7 19.5 22 42.1 27.8 1.8 2 3 22 2 264.2 281.7 3.8 32.9 328.7 6.3 6.64% 6.75% 6.69% 2.44% 3% 2.74% 3.48% 3% 3% - -3.3-3.9-3.27% -3.39%.86% Clarkson Clarkson 21 29 212 18

212 2 7 8 9 21 1988 8 9 9 2 9 45: 9 2 18 16 14 12 1 8 6 4 2 1988 1989 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 5 45% 4 35% 3 25% 2 15% 1 5% Clarkson 46: 1952-21 25 2 15 1 5 1952 1955 1958 1961 1964 1967 197 1973 1976 1979 1982 1985 1988 1991 1994 1997 2 CEIC 19

1956-1973 8.94 3.54 7 47: 1965-1979 5 8% 4 3 2 1 1965 1966 1967 1968 1969 197 1971 1972 1973 1974 1975 1976 1977 1978 1979 ( ) 6% 4% 2% -2% -4% 9 25-3 1991-21 1 1.54.99 15% 12: 1985-1991 1985 26.96 39.9 29.95 1258 1987 32.86 399.6 31.32 2165 1989 49.16 732.2 33.66 244 199 59.7 834.7 35.2 2431 1991 69.3 941.3 36.8 2732 5-7 7 13: 8 58% 63% 7 36% 3 12% 5% 5% 3%.1%.1%.2%.9% 1.9% 14.8% 8-9 9 2

48: 4 35 3 25 2 15 1 5 1988 1989 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 Clarkson 9 9 49: (199-2) 6 5 4 3 2 1 1 8 6 4 2-2 -4 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 15% 1 95% 9 85% 8 75% Clarkson 7 8 7 8 21

14: 4 98.5 9 / 4-5 1-15 15-2 26 1 2 4 5 13.5 47 94.5 7 6.2 15: 215 21 4 35% 2, 215 LNG 65% 55%-6 8 22 4 2-3 21 1, 1/3 21 21 25% 215 3 21 6 215 8 21 6 215 8 215 26 388.8 / 9.33 4.3 2-3 215 13568 / 3 2 6 22

26 35% 1 4% 4 / 25 12 24 22 5: 47% 35% 4% 1 4% IISI 1999 35% 51: Steel Benchmarker, Macquarie Research 26 3 25 26 26 3 25 16 86 17 26 4.8 23

16: 13.95% 1.3% 2.43% 4.26% 16.52% -3.76% 1.71% 7.78% 37% 3.86% 7.46% 19.15% Bloomberg 26 : : 1 54% 17: 1 2 (VLCC) FPSO 5.3 28 9 6 12 5 3-4 4-45 (FPSO) 3 FPSO FPSO FPSO 24

211 Clarkson 27 1 27-211 94 26 18: 27-211 27.1 27 28 29 21 211 (DWT) (DWT) (DWT) (DWT) (DWT) Products 2 21, 4 42, Bulk 14 2,47, 14 2,477, 5 883, 25 4,423, 1 1,768, FPSO 1 28, 1 28, Tanker 1 15, 8 84, 9 1,578, 16 2855 25 3,87, 18 2,881, 25 4,423, 1 1,768, Clarkson 28 19: 26 27E 28E 29E 21E 211E 147 18 2 22 22 22 17 22 25 3 ( ) 147 18 37 44 47 52 28-29 2 4 15-2 HHI1 5-1 25

2: 28-211 27.1 28 29 21 211 (DWT) (DWT) (DWT) (DWT) Chem & Oil 4 656, 3 54,8 Container 4 244, 12 4,932, 1 11, Bulk 11 1,38, 2 2,482,5 18 2,3,5 LPG 2 33, Tanker 2 56, 5 947, 11 3,269, 1 297, 2 26 46 2 Clarkson 21: 29-211 ( 27.1 ) 29 21 211 (DWT) (DWT) (DWT) Ore 1 23, 6 1,38, 5 1,15, Tanker 2 616, 2 616, 3 8 5 Clarkson Clarkson 28-211 22: 28-211 ( ) Chem & Container Bulk Tanker LPG Oil 6,TEU 17kDWT 75kDWT 3kDWT 28 258 258 29 72 424 186 45 187 7 2,19 21 54 1,272 1,116 4 1,54 4,382 211 16 1,581 5 14 1,877 Clarkson 23: 29-211 ( ) Ore Tanker 3kDWT 29 22 284 35.5 21 132 284 416 211 11 11 Clarkson 28-29 28 26

22 293,182 41,455 525,968 73,636 879,545 24: 28 29 21 211 / 3 2 44 19 8% 15% 18% 2 5% 1 14% 16% /.13 2.2 6.13 3 28 26 13.95%29 8.97 PE 5-15 15-25 PE 8.97 2 578,565 6.63 25: PE 5 7 8.97 12 15 15 43, 62, 771,42 1,32, 1,29, 18 358,333 51,667 642,85 86, 1,75, 2 322,5 451,5 578,565 774, 967,5 25 258, 361,2 462,852 619,2 774, 28-211 EPS.18 2.25 6.75 3.26 EPS Clarkson 26: 28 29 21 211 / 3 2 44 19 8% 15% 18% 2 5% 1 14% 16% /.13 2.2 6.13 3. 7.5 7.13 6.7 6.23 /.97 14.38 41.1 18.71 / 6.63 6.63 6.63 6.63 EPS/.15 2.17 6.2 2.82 27

27-28 EPS 5.86 9.15 3 65 289.41 1 2 3 4 4 27: 27-211 ( 27.1 ) 27 28 29 21 211 (DWT) (DWT) (DWT) (DWT) (DWT) Products 1 444,3 7 294, 9 353,5 11 555,5 2 11, Chem & Oil 3 16, 6 258, 8 41, 7 284,5 2 78, 13 55,3 13 552, 17 754,5 18 84, 4 179, Clarkson 615 1 H 28: Dredg Container 27 28 1,1 TEU 3,5 TEU 5 6 11 1,44 1 6 7 28

29 21 1,44 15 15 26,1 26,1 7 6 13 12,6 168, 18,6 Clarkson 27 33% 7 15% 27-29 EPS 1.8 2.5 3.4 : 2 9 GDP 11% 21 1.3 21 1.5 22 3 21 6% 7 4.9% 27 6% 27 1.31 TEU 11% 4 29

1 14 7 22 68% 26 85% 27-29 EPS.68.95 1.22 1992 28 26 97 1992-26 11% 52: (1992-26) 12 1 8 6 4 2 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 5 4 3 2 1-1 -2 ( ) Yoy 53: 3

31 5% 1 15% 2 25% 3 35% 4 45% 5 1978 198 1985 1989 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 8 4 54: 2 4 6 8 1 9 8 8 55: (1999-27.9) 1 2 3 4 5 6 7 8 9 1999-2 1999-7 1999-12 2-6 2-11 21-5 21-1 22-4 22-9 23-3 23-8 24-2 24-7 24-12 25-6 25-11 26-5 26-1 27-4 27-9 ( ) Wind

26-21 125 56 4 35 3 25 2 15 1 5 6 5 4 3 2 1-1 -2 1999 2 21 22 23 24 25 26 27E 28E 29E 21E ( ) 29 25 21E 22E ( ) 7.5 9 1 ( ) 2.6 4 5 33.9 45% 5 ( ) 2 4 5 26.7 45% 5 3: ( ) 25 28 115 123 25 28 49 88 25 28 166 4 25 28 189 126 25 29 298 175 25 29 275 135 25 29 484 51 25 29 143 178 32

25 21 555 163 25 21 995 93 25 212 145 25 27 21 278.23 251 27 21 353.2 325.41 27 21 484.8 417.59 27 21 1318 23.36 27 28 173 95.8 27 21 95 845 1 5 26-215 15 6 4 31: 26-21 26-21 17 5-6 21-215 >5 17 23 6.5 4 57: 5 4 3 2 1 25 2 15 1 5 ( ) Yoy 33

22-21 5 58: 59: (1965-26) 2 18 16 5 45% 4 6 5 14 35% 4 12 1 3 25% 3 8 6 4 2 15% 1 2 1 2 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 5% 1965 1968 1971 1974 1977 198 1983 1986 1989 1992 1995 1998 21 24 ( ) BP 32: ( ) 22-21 1,5 21-21 5,26 26-21 12,5 26-21 39,779 2,8 1, 34

6: (1992-27.9) 7 6 5 4 3 2 1 Sep-92 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep- Sep-1 Sep-2 Sep-3 Sep-4 Sep-5 Sep-6 Sep-7 Wind 24 25 61: 14 12 1 8 6 4 2-2 -4 23 24 25 26 Wind 33: 24-26 : 24 25 26 33, 33,642 48,21 Yoy 1.95% 43.28% 13,858 112,527 129,793 Yoy 8.35% 15.34% 4,745 4,393 6,82 Yoy -7.42% 38.45% 13,25 9,274 12,19 Yoy -3.1% 3.57% 13,521 12,916 17,43 Yoy -4.47% 34.74% 35

6,28 4,34 5,36 Yoy -35.2% 24.84% ( ) 34: 24-25 -8.22% 2.77% -36.68% -.85% -26.19% 5.69% 16.32%.86% 12.74% -1.35% 45.43% 1.56% -4.57% -2.26% -42.6% -7.64% 17.4% 3.46% -37.85% -5.72% 33.8% 2.17% 43.78% -3.85% 6.85% -.4% Wind : 7 36

35: 2 2-26 39% 26 62: 2-26 6 5 4 3 2 1 2 21 22 23 24 25 26 1 8 6 4 2-2 -4 27 1 2 36: (24-27Q2) 24 25 26 27Q2 2.6 7.24% 1.42% 11.65%.75% 1.89% 4.68% 13.28% 13.45% 2.63% 2.45% 6.41% 9.99% 11.22% 8.31% 14.16% 12.67% 9.43% 3.39% 1.26% 16.14% 24.61% Wind 37

5 5 63: 11% 12% 36% 3% 11% 27% International Construction 479 364 159 64: (21-25) 3 25 2 15 1 5 21 22 23 24 25 ( ) Yoy 4 3 2 1-1 -2 International Construction 65: (21-26) 25 2 15 1 5 21 22 23 24 25 26 ( ) Yoy 2 15% 1 5% -5% International Construction 24-25 15% 24-25 38

1 26 1965 191 199 19779 12% 1965-198 23% 66: (1965-22 ) 25, 2, 15, 1, 5, 1965 1967 1969 1975 1985 1987 1989 1991 1993 1995 1997 1999 21 ( ) 1964 23 198 13 27% 67: (1964-198) 1,4, 1,2, 1,, 8, 6, 4, 2, 1964 1965 1966 1967 1968 1969 197 1971 1972 1973 1974 ( ) Yoy 1975 1976 1977 1978 1979 198 8 7 6 5 4 3 2 1 39

3 37: (1965-198) 1965 1966 1967 1968 1969 197 1975 198 / 2.4 3.5 5.2 3.5 3.2 3.9 27.43% 28.22% / 17.1 8.8 9.6 7.2 1.4 11.3 - - 2 9 9 68: 9 6, 5, 4, 3, 2, 1, 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 6 5 4 3 2 1 ( ) 26 1 38: 26 1 26 25 26 / 1 1 2662 21.4% 2 2 1196 9.1% 3 3 7648 6.3% 4 4 5775 4.7% 5 5 551 4.4% 4

6 7 5384 4.4% 7 6 4938 4% 8 CNH 8 436 3.5% 9 9 44 3.3% 1 JCB 11 3165 2.6% International Construction 26 39: 23 576,48 234,261 89,674 6,857 24 649,286 25,141 8,4 7,227 25 487,24 168,55 41,511 1,941 26 723,578 257,169 88,159 3,466 23 293,921 15,395 57,85 8,122 24 551,551 144,574 62,466 9,343 25 492,621 127,41 46,646 1,171 26 586,377 154,995 6,966 1,221 23 587,717 76,342 42,826 2,111 24 495,757 86,652 27,162 2,516 25 574,639 97,22 28,833 3,169 26 95,234 172,169 75,83 2,491 23 392,653 98,46 36,598 3,51 24 331,773 75,183 29,952 2,321 25 418,5 1,78 34,649 1,966 26 568,891 149,433 55,962 4,41 25 449,441 118,24 48,479 5,875 26 64,648 166,134 76,785 6,967 Wind 41

4: 3 26 25 14 41 2.1% 24 33.9% 26 48.9% 28 52.8% 3 37.8% International Construction 25-26 69: 25-26 2.6 2.5 3.2 3.2 2.6% 6.5% 6.5% 6.5% 9.8% 9.9% 19. 19.6% 44.7% 47.7% 1 2 3 4 5 6 25 26 International Construction 4 5%-1 42

5 8 12 4 27 1.4 28 5 27 14 1.1 28 3 2 29 3/5 8 29 29 3 43

27-29 EPS 1.72 2.35 3.29 23 7 8 8-12 51% 45% 35 25 26 1 28 2 8 3 44

& 26 27 27 15% 21 3 27-29 EPS 1.52 2.2 2.6 197 84 199 495 23% 45

7: (197-199 ) 6 5 4 3 2 1 197 1972 1974 1976 1978 198 1982 1984 1986 1988 199 BP ( ) 71: 196-198 14, 12, 1, 8, 6, 4, 2, 196 1962 1964 1966 1968 197 1972 1974 1976 1978 198 72: (198-26) 73: (1999-26) 4 35 3 45 4 35 3 25% 25 3 2 2 15 25 2 15 15% 1 1 5 1 5 5% 198 1982 1984 1986 1988 199 1992 1994 1996 1998 2 22 24 26 1999 2 21 22 23 24 25 26 ( ) ( ) Yoy BP 46

41: 74: (1998-26) 3 25 2 15 1 5 1998 1999 2 21 22 23 24 25 26 ( ) Yoy 6 5 4 3 2 1 21 21-26 27.65% 31.5% 21-25 25.69% 47

75: (1998-26) 76: (1998-26) 12 7 18 6 1 8 6 5 16 14 12 5 4 6 4 3 1 8 3 4 2 2 1 6 4 2 2 1 1998 1999 2 21 22 23 24 25 26 1998 1999 2 21 22 23 24 25 26 ( ) Yoy ( ) Yoy 1998.36 26 158 138% 77: (1998-26) 78: 18 16 14 12 1 8 6 12 1 8 6 4 4 2 2 1998 1999 2 21 22 23 24 25 26-2 1998 1999 2 21 22 23 24 25 26 ( ) 2 24 7 27 1-9 12.54 48

79: (199-26 ) 14 12 1 8 6 4 2 199 1991 1992 1993 1994 1995 1996 1997 1998 BP 1999 2 21 22 23 / 24 25 26 1.6 1.4 1.2 1..98.96.94.92 21-26 8.1 3.6 4.5 4.3 3.6 2 4.5 2.5 25 1.8 21 7 42: 3.6 4.5 8.1 3.6 2 2.5-3.8 4.3 13 1 1 21 22.4 86% 21 95% 8 4 7 5 35% 22 77 15 6 49

8: (25.2-27.9) 35 3 25 2 15 1 5 Feb-5 Apr-5 Jun-5 Aug-5 Oct-5 Dec-5 Feb-6 Apr-6 Jun-6 Aug-6 Oct-6 Dec-6 Feb-7 Apr-7 Jun-7 Aug-7 ( ) 1 4 7 81: (21-27Q3) 35 3 25 2 15 1 5 21 22 23 24 25 26 27Q3 6 4 2-2 -4-6 ( ) 3 21-26 26 27 5

82: (21-27Q3) 6 5 4 3 2 1 21 22 23 24 25 26 27Q3 21-26 38% 2 2 83: (21-27Q3) 25 2 15 1 5 21 22 23 24 25 26 27Q3 1 8 6 4 2 24 84: (21-27Q3 ) 5 4 3 2 1 21 22 23 24 25 26 27Q3 88% 86% 84% 82% 8 78% 76% 74% 72% 51

6-12 2 2 8 3 23 26 38% 8 3 4-2 2 2/3 28 95% 2 2 52

6 6 25% 27-29 EPS.76 1.25 1.52 2 15% 36% 26 27 26 7 2 6-7 2 1 5 3 1 3 53

27-29 EPS 1.6 1.59 2.13 43: EPS( ) PE( ) 6A 7E 8E 6A 7E 8E 615.77 5.86 9.15 251 33 23 6685.59 1.8 2.5 123 4 27 632.52.68.95 44 34 24 631 1.16 1.72 2.35 41 28 19 157.95 1.52 2.2 51 32 21 6169.22.76 1.25 152 44 26 6582 1.2 1.6 1.59 43 41 24 Wind 27 11 22 44: EPS PE 6A 7E 8E 6A 7E 8E 954 1153 22212 1153 37 18 13 4266 311 226 311 135 19 11 114 675 2144 675 6 19 11 6725 STX 693 2877 693 67 16 8 162 Mipo 11959 2612 11959 23 1 11 73 23 17 19 2 26 25 713 IHI Marine 12 7 1 19 33 22 77 Sasebo 16 32-36 18 - CAT 5 5 6 13 13 11 631 166 25 242 19 15 13 632 62 71 79 18 16 14 635 187 242 265 2 15 14 6395 6 91 14 2 13 11 4267 881 1571 1956 35 2 16 Bloomberg 27 11 22 54

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