Horton Pulte

2007-11-22 862163296838 suxj@cjsc.com.cn 2008 000002 A 600383 2007 600048 600266 600748 600376 000616 600208 12 2008 350.00% 300.00% 250.00% 200.00% 150.00% 100.00% 50.00% 0.00% -50.00% 06-11 06-12 07-01 07-02 07-03 07-04 07-05 07-06 07-07 ( ) 07-08 07-09 07-10 WIND 2008 2007 Horton Pulte Homes

1...1...1...4...7...7...8...10...10...12...12...15...17...19...19...20...27...27 Horton...30...30...31...31 Pulte...31...32...33

1 %...1 2 %...1 3 %...1 4 %...2 5 %...2 6...2 7...2 8...3 9 %...3 10 GDP...3 11...4 12 %...4 13...4 14...5 152006-2007 1-9 %...5 16 %...6 17 %...7 18 %...7 19 %...8 20...8 21...9 22...10 23...10 25OECD %...11 26...11 2720062007...19 28...22 29...29 12007 8...6 220 70-90...10 3...12 4...12 5...14 6...14 7...15 8...16 9...17 10...18 11...19 12...20 13...22 14...23 15 2007...24 2

16 2007...24 17...24 18 2006...25 19 2007...25 20...26 21 2007...26 22...26 23 2007...27 24 2007...28 25...28 26 Horton...30 27...30 28...31 29 Pulte Homes...31 30...32 31...33 32...33 33...36 34...38 3

1 90 1 % 0 50 100 150 200 250 300 350 400 450 1990Q2 1991Q1 1991Q4 1992Q3 1993Q2 1994Q1 1994Q4 1995Q3 1996Q2 1997Q1 1997Q4 1998Q3 1999Q2 2000Q1 2000Q4 2001Q3 2002Q2 2003Q1 2003Q4 2004Q3 2005Q2 2006Q1 2006Q4 0 2 4 6 8 10 12 14 16 BLOOMBERG 2006 A 2007 A 2008 2007 2007 2 % 3 % 0 500 1000 1500 2000 2500 19991 20001 20011 20021 20031 20041 20051 20061 20071 0 10 20 30 40 50 60 70 80 200412 20054 20058 200512 20064 20068 200612 20074 20078 2 3 2007

04 07 4 % 500 400 300 200 100 0 15 10 5 0 2004Q1 2004Q2 2004Q3 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 BLOOMBERG (%) 2007 05 5 % 115 110 105 100 95 90 85 80 2004M09 2004M11 2005M01 2005M03 2005M05 2005M07 2005M09 2005M11 2006M01 2006M03 2006M05 2006M07 2006M09 2006M11 2007M01 2007M03 2007M05 2007M07 2007M09 2006 7 4 9 6 9 1.82 11.3% 19.99 22.4% 15.73 23.6% 7527 18.3% 2.23 11.8% 6 7 6000 5000 25000 20000 4000 3000 15000 2000 10000 1000 0 5000 2004M09 2004M12 2005M04 2005M07 2005M10 2006M02 2006M05 2006M08 2006M11 2007M03 2007M06 2007M09 0 2004M09 2005M02 2005M06 2005M10 2006M03 2006M07 2006M11 2007M04 2007M08 8 2

3 3 3 2 8 0 1 2 3 4 5 6 7 8 9 2004M09 2004M10 2004M11 2004M12 2005M02 2005M03 2005M04 2005M05 2005M06 2005M07 2005M08 2005M09 2005M10 2005M11 2005M12 2006M02 2006M03 2006M04 2006M05 2006M06 2006M07 2006M08 2006M09 2006M10 2006M11 2006M12 2007M02 2007M03 2007M04 2007M05 2007M06 2007M07 2007M08 2007M09 0 5 10 15 20 25 WIND 9 % 95 100 105 110 115 2002Q3 2003Q1 2003Q3 2004Q1 2004Q3 2005Q1 2005Q3 2006Q1 2006Q3 2007Q1 2007Q3 - - - 1992 1996 1997 10 GDP 0 50000 100000 150000 200000 250000 2004 2005 2006 2007 GDP 2007 9 10 GDP 2006

11 11 5000 4000 3000 2000 1000 0 200409 200412 200503 200506 200509 200512 200603 200606 200609 200612 200703 200706 200709 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 12 % 175 125 75 25-25200409200503200509200603200609200703200709 (%) (%) (%) (%) (%) (%) (%) 13 4

70000 60000 50000 40000 30000 20000 10000 0 59242 56290 58710 37123 21286 24378 25762 27303 29552 32618 1997199819992000200120022003200420052006 13 2005 56290 58710 10 70% 10 20% 2003 2006 14 20% IPO 14 9.37% 5504 5.54% 5.17% 3035 3255 10399.8 3211.7 3202.5 25.3% 40.5%38.1% 5.8%3.4%4.2% 152006-2007 1-9 % 5

41 38 35 32 29 26 23 20 17 14 20061-2 1-3 1-4 1-5 1-6 1-7 1-8 1-9 1-10 1-11 1-12 20071-2 1-3 1-4 1-5 1-6 1-7 1-8 1-9 8 5% 8 11076 / 4.72% 494 / 29.33% 8 15156 / 734 / 739 / 5.14% 8 7643 / 381 / 5.23% 8 15890 / 45 80.87% 12007 8 % % / / +4.72% +29.33% 11076 +494 +5.14% +14.73% 15156 +739 +5.23% 7643 +381 +0.30% +80.87% 15890 +45 1 15 16 % 120 115 110 105 100 95 90 2004M9 2004M12 2005M3 2005M6 2005M9 2005M12 2006M3 2006M6 2006M9 2006M12 2007M3 2007M6 2007M9 WIND 6

3 2007 17 % 125 120 115 110 105 100 2002Q3 2002Q4 2003Q1 2003Q2 2003Q3 2003Q4 2004Q1 2004Q2 2004Q3 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 - - WIND 18 % 116 114 112 110 108 106 104 102 100 2004M09 2004M12 2005M03 2005M06 2005M09 2005M12 2006M03 2006M06 2006M09 2006M12 2007M03 2007M06 2007M09 WIND (%) (%) 18 2006 2005 7

19 2005 2007 19 % 145 135 125 115 105 95 2004M9 2004M12 2005M3 2005M6 2005M9 2005M12 2006M3 2006M6 2006M9 2006M12 2007M3 2007M6 2007M9 05 20 50000 40000 30000 20000 10000 0 1997199819992000200120022003200420052006 30 8

60 2006 43.9 2020 60 1 1000 31 45594 36.09% 80739 63.91% 1990 9.86 1000 21 400 350 300 250 200 150 100 50 0 1978 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2002 2 3 9

1992 14% 22 2006 4 18% 22 5000 4000 3000 2000 1000 0 2002Q3 2002Q4 2003Q1 WIND 2003Q2 2003Q3 2003Q4 2004Q1 2004Q2 2004Q3 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 23 24 2007 14000 12000 10000 8000 4537, 39% 6000 4000 6470.6, 55% 2000 0 750.8, 6% 2002Q3 2003Q2 2003Q4 2004Q2 2004Q4 2005Q2 2005Q4 2006Q2 2006Q4 2007Q2 WIND 220 70-90 1970-1983 1984-1992 1993-2000 0.3-0.4 0.2-0.3 0.15-0.2 127.30% -4.10% -22.20% CEIC 2007 2007 PK 10

25OECD % 15 10 5 0-5 1975-10 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 OECD Economic Outlook, 78 Database 10 10 9 10%30% 9 15.6% 9 30% 70%, 9 8.9% 4 3 2004 2007 26 25 20 15 10 5 0 2004M09 2004M11 2005M02 2005M04 2005M06 2005M08 2005M10 2005M12 2006M03 2006M05 2006M07 2006M09 2006M11 2007M02 2007M04 2007M06 2007M08 WIND 11

GDP 2007 2003 6 3 3 0.145 0.048 0.145 0.045 0.094 0.041 0.093 0.04 0.09 0.039 0.087 0.038 0.054 0.038 0.049 0.037 40 1.416 2005 1997 2007, 2003 4 12

1 2003 8 2 2004 5 3 2005 3 4 2005 4 5 2005 4,, 7 6 2006 5 7 2006 5 7 90/70 8 2006 7 9 2006 8 10 2006 8 12 2007 3 13 2007 6 14 2007 7 15 2007 8 9070 90 70% 90/70 2008 24 24 2006 7 5 5% 10% 0.15% 8% 16%24 2008 13

5 1 2002 5 2 2003 2 3 2003 11 4 2004 3,, 5 2004 4, 6 2004 12 7 2006 7 2006 7 8 2006 9 9 2006 11 10 2007 3 18 11 2007 10 2008 5 2008 6 1 2005 5 2 2005 6 3 2005 10 4 2006 3 14

5 2006 5 2 5 6 2006 7 5 20% 7 2006 11 5 1% 8 2007 1 30 / 9 2007 1 1 10 2007 2 11 2007 6 0.5% 7 0.5-1% 2001 ( ) 1% 0.5% / 1% 1% -- (cadastral income), 30%-50% ( ) 2.4% 0.5%-3% 26% 3% (fair market value) 1%-1.5% 25% 20% 0.4%-0.7% 33% 0.1%-0.3% 30% 0.9% 30% 0.2%-0.7% 15

16 ( 50%) 3% 50 1%3%,, 30% 2 15% 144 0.8%-1.5%/, ( ) 0.5%-3% 0.4%-0.7% 8 8 1969 5 40% 1973 20 70 ( 5 ) 1973

1973 1981 20 70 20% 2000 20 80 4000 2000 70 80 75% 4000 8000 50% 8000 75% 1991 1983 1991 1991 20 80 1998 (1998 ) 4000 6000 20% 6000 ( 25% ) 40% 110% (2 ) 15% 1997 12 31 9 1 2003 6 17

2 2004 4 20% 35% 3 2004 9 4 2005 3 20% 30% 5 2005 7 6 2005 8 7 2006 5 8 2006 7 9 2006 9 10 2007 9, () 40% 1 2003 9 1 2 2004 4 0.5 3 2006 7 0.5 4 2006 8 0.5 5 2006 11 0.5 6 2007 1 0.5 7 2007 2 0.5 8 2007 4 0.5 9 2007 5 0.5 10 2007 6 0.5 11 2007 8 0.5 12 2007 9 0.5 13 2007 10 0.5 14 2007 11 0.5 1 2004 10 0.27% 2 2005 3 0.20% 3 2006 4 0.27% 4 2006 8 0.27% 5 2007 3 0.27% 6 2007 5 0.27% 0.18% 7 2007 7 0.27% 8 2007 8 0.27% 0.18% 9 2007 9 0.27% 10 18

1 2006 7 2 2006 9 3 2007 5 4 2007 7 5 2007 10 2007 11 1 2003 6 2 2003 11 3 2004 7 4 2006 9 5 2007 1 2007 2008 2007 2720062007 32 30 28 26 24 22 2006 2007 1000 800 600 400 200 0 2007 19

27 A 2007 300 2007 A 2007 600 2008 12 1 G 76.50 28.95 51.00% 2005-2010 2 14.50 21.30 62.00% 2005-2008 3 2 26.90 60.00% 2006-2010 4 2 5.25 3.00 70.00% 2006-2008 5 45.00 45.00 50.00% 2005-2010 6 7.07 3.60 96.88% 2007-2009 7 3456 46.23 39.89 96.88% 2004-2009 20

8 32.12 12.63 96.88% 2004-2007 9 36 29.97 21.50 50.00% 2007-36 10 A1 C 31.99 12.18 100.00% 2007-11 B 10.62 5.22 100.00% 12 K7 27.60 13.61 100.00% 2007-13 C 22.17 16.34 100.00% C B B 14 F03 58.87 14.63 100.00% F05 F04 F05 15 A03 27.16 6.91 100.00% A05 16 B 15.23 12.89 100.00% 17 C 18.30 18.19 100.00% 2007-18 1# 3.46 4.50 100.00% 2#3# 19 23.86 20.94 45.53% ( B )B28-1 B28-2 20 3.68 3.87 45.53% B 21 2.77 2.62 30.00% 2008-22 60.00 21.00 100.00% 2007-2009 23 27.77 6.89 90.00% 2007-2009 24 15.03 10.62 90.00% 25 5 10.70 5.80 90.00% 2007-2008 6 26 5.18 1.33 100.00% 154 21

27 18.53 1.74 72.00% 2006-2007 28 2.55 0.54 50.00% 2008 13 S12 669.01 355.68 13 1 80.86 2 3 84.68 4 10 5 6000 6 7 20 8 9 10 160, 28 22

14 A A A 2007 A A : A 23

A 15 2007 1 36.2 28.6 6.2 4.07 100% 2 4.3 3.5 1.8 2.28 100% 3 2.8 2.8 2.8 5.28 100% 4 9.3 8.3 85% 5 10.1 8.6 100% 6 10.1 7.1 100% 7 0.5 0.4 100% 8 4.2 3.9 100% 9 11.9 7.8 100% 10 29.6 22.5 12.8 8.68 100% 11 / 18.3 12.8 1.1 1.7 100% 12 6 4.7 100% 13 / 10.7 7.5 100% 14 4.8 3.5 100% 15 33.3 21.6 4.6 3.89 100% 16 16.1 11.5 100% 16 2007 1 40 34 2 18.33 18.33 3 15 15 4 157.47 157.47 5 17.1 17.1 6 11.3 11.3 7 15.1 11.1 17 1 451.8 384.1 2 210 183 3 333.7 282.4 4 57.7 52.3 5 98.8 85.9 6 738.9 734.7 7 49.4 49.4 8 15.1 11.1 9 114.6 82.2 2070 1865.1 2007 6 30 24

18 2006 1 B1 8 1.21 100% 1.21 2 B2 8 0.55 100% 0.55 3 910 15.18 75% 11.39 4 29 1.6 88% 1.41 5 29 2.53 88% 2.23 6 A 5.86 100% 5.86 599 7 3688 4.41 100% 4.41 8 A 399 11.08 100% 11.08 9 B 399 8.3 100% 8.3 10 A 3.82 55% 2.1 6666 11 B 8.13 55% 4.47 6666 12 511 6.06 50% 3.03 13 3336 17.61 40% 7.04 14 A 479 10.1 50% 5.05 15 B1 479 4.7 50% 2.35 16 5 380 0.39 60% 0.23 17 1578 15.2 50% 7.6 18 21 15.6 98% 15.35 19 5 100% 5 20 F2 4.51 96% 4.33 21 13.07 33% 4.31 22 11.23 30% 3.37 23 B 10.81 30% 3.24 24 C) 16 8.58 60% 5.15 25 1) 18 9.37 60% 5.62 26 2) 18 2.73 60% 1.64 27 A 138-158 1.74 100% 1.74 28 C 138-158 0.81 100% 0.81 29 A 59 8.96 38% 3.4 30 A 59 42.5 38% 16.15 B C D 31 A 99 2.03 50% 1.02 32 BC 99 7.44 50% 3.72 33 A 81 14.38 100% 14.38 19 2007 25

73.33 18.1 2.75 0.4 54.31 10.04 7.38 2.19 0.93 15.19 43.08 8.99 2.36 196.97 42.08 20 157.74 107 57.64 39.11 100.1 67.9 145.99 60.07 54.31 22.22 91.68 37.85 48.65 24.33 5.2 2.6 43.45 21.73 68.37 68.37 68.37 68.37 45.23 35.94 40.17 31.03 5.06 4.9 15.19 11.39 15.19 11.39 13.34 13.34 13.34 13.34 42.02 42.02 0.93 0.93 41.09 41.09 536.53 362.46 173.44 107.28 363.09 255.18 2007 6 30 2007 6 21 147 46.58 106.45 21 2007 11 0.63 0.63 100% 175.15 174.31 100% 292 12.27 12.27 100% 327 9.27 9.27 95% 5 10.53 10.53 100% 207.85 207.01 22 456 130 57 354 112 48 1157 78 20 15 8 5 3 129 6 23 7 36 83 22 14 9 2 130 3 4 4 15 26 26

626 176 113 377 133 53 1478 45 3 19 31 4 102 114 28 52 14 31 239 467 145 42 332 98 53 1137 626 176 113 377 133 53 1478 31 31 1 24 15 102 183 11 12 26 7 239 943 87 23 80 4 1137 1157 129 36 130 26 1478 2007 6 30 1997 A, 2007 2 2006 PE 23 25,, 1000 23 2007 1 14.84 11.07 100% 2 6.44 5.23 80% 27

3 8.02 6.26 54% 4 7.68 5.91 51% 5 7.81 5.68 50% 6 3.02 3 50% 7 9.37 6.57 37.73% 8 2.6 2.84 100% 9 8.75 100% 10 1.9 1.89 100% 11 3.31 2.24 100% 12 6.54 5.03 80% 13 1.33 1 61.20% 14 16.41 12.23 60% 15 2.43 2.05 54% 16 4 3.87 52.47% 17 4.51 3.28 51% 18 3.83 3.83 51% 19 8.12 7.17 49% 20 18.13 13.98 46.55% 21 16.06 12 45% 22 9.07 6.92 37.73% 23 7.09 5.22 24.50% 24 2007 1 34.64 34.05 100% 2011 2 4.84 12.1 100% 2009 2011 3 5.93 13.08 100% 2008 2011 4 16.67 30.38 46.55% 2009 5 21.95 42.03 37.73% 2009 6 12.41 58.06 35% 2008 2012 7 50# 1.49 1.56 26.01% 2008 2009 8 10.31 21 24.50% 2010 9 8.43 40 2008 2012 25 6 157,142 7500 2900 188,100 6500 1200 25,239 6000 214,652 20000 3500 2,382,000 5800 380 125,842 7538 2100 239,480 7000 1800 186,266 10000 3000 28

290,981 11000 1100 195,721 16500 3000 220,841 5500 1300 519,576 5600 1100 425,024 5500 750 76,600 10700 1900 735,982 9900 1200 152,213 10000 3800 102,050 15000 7800 A817-0127 67,222 13000 5980 A818-0206 85,953 13000 5340 320,000 10000 2136 162,720 10000 2500 676,707 1000 30 1,030,000 2184 154,292 (NO.2007G13) 5444 71,000 6880 238,144 2000 289,700 3000 32,500 414,659 5245 1,677,934 4500 1158 335,302 10000 6759 194,700 5000 2800 324,000 24 29 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2002 2003 2004 2005 2006 2007 / 29

2007 29 2007 2006 Horton Horton 20 50 Horton 2007 Horton 26 Horton 1972 1978 Dallas 1990 25 1991 Horton 25 Horton 1992 Horton 1996 1997-1998 7 1999 89 7.5 22 2003 44 Horton 27 30

28 EPS() PE() 06A 07E 08E 06A 07E 08E 600383 0.53 1.03 1.94 90.04 46.33 24.60 000926 0.97 0.64 1.02 13.53 20.50 12.86 WIND 2007 11 22 Pulte Pulte Homes 2007 Pulte Homes 29 Pulte Homes 1950 Bill Pulte Pulte Homes 1956 Pulte Homes 50 Pulte Homes 1960-1969 1969 Pulte Homes 20 31

1975 Pulte Homes AMEX Pulte Homes 1979 1979 10 1548 1983 Pulte Homes ICM 80 Pulte Homes 1981 2.38 1989 4.33 1985-1993 Pulte Homes 1993-2002 Pulte Homes 2003 2003 89.3 25 40 Pulte Homes 2003- Pulte Homes ROI EVA Pulte Homes 30 1994 1995 2002 2002 2003 40 2004 16 100 83.4 2004 6 1347 1450 2005 1 2004 190 2005 3 2005 5 2005 11 2006 2 2006 4 2006 9 10 12.8 55% 2006 32

2006 2006 31. 32 06 07 07 ( ) 100% 513,018 514,990 121,816 196,943 12.2 100% 551,193 527,899 159,697 79,077 28.9 100% 342,984 264,947 20,275 78,775 2 17 100% 67,571 50,177-100% 40,234 233,866 61,336 100% 61,730 79,242 79,242-7.9 60% 158,639 47,270 47,270-4.7 100% 364,450 234,975-23.5 100% 26,218 77,624 77,624-7.8 100% 7,716 34,950 34,950-3.5 100% 6,576 57,736 57,736-5.8 100% 62,315 146,908 88,208 27,895 8.8 50% 144,657 433,971 144,610-43.4 33

50% 137,334 142,119 61,571-6.2 70% 222,001 154,226 86,000 93,571 8.6 100% 533,955 552,700 21,318 160,957 7.3 100% 117,198 192,817 3,741 100% 74,034 145,390 65,349 8.7 100% 301,711 451,071 62,867 66,024 8.3 29% 83,156 239,752 27,428-2.7 60% 133,333 75,946-75,946 100% 579,984 324,791 80,800 33,795 22.9 100% 146,674 146,674 - - 14.7 100% 335,525 574,228 105,341 84,111 26.5 100% 23,584 120,895-87,067 100% 110,600 251,700 46,800-25.2 100% 187,475 328,508 134,063 134,063 23.8 100% 110,000 241,725 92,220 64,730 17.7 100% 74,600 219,589 70,357 83,198 7 100% 386,400 776,824 60,960 60,960 77.7 80% 358,779 486,964 80,997 86,754 40 100% 55,657 163,559 95,564 67,995 9.6 6,319,301 8,294,033 1,857,715 1,612,288 455.2 49% 296,295 229,221 45,122-22.9 100% 38,753 106,883 55,738-10.7 50% 192,000 123,304 22,574 68,751 2.3 213# 24.8 100% 172,668 247,955 247,955 157,792 75% 60,880 61,522 61,522 100% 383,678 472,732 101,731 59,314 10.2 51% 315,865 418,558 87,423-36.8 100% 141,239 244,426 134,185 134,185 24.4 90% 238,920 352,264 105,750 139,333 10.6 53 100% 57,900 170,000 30,000-17 100% 430530 283,540 25,161 19,840 17.4 100% 366,465 333,840 124,079 139,676 27 100% 599647 541,072-13,484 100% 317,485 89,949 10,014 7,591 1 187 100% 61,724 127,000 12.7 100% 84,438 190,109 190,109-19 51% 155,838 304,340 146,810-30.4 80% 3,354,214 2,475,967 31,412 168,851 229.5 80% 98,198 174,301 174,301 0 44% 213,344 350,897 201,749 0 34

48% 8,070 29,493-2.9 51% 155,673 123,181 100,313 45,684 12.3 55% 134,771 242,902 181,499 41,903 24.3 70% 384,044 844,899 87,987 38.9 85% 560,000 330,000-33 60% 960,000 1,346,800 144,850 172,550 93 70% 81,664 216,458 106,346 78,441 10.6 ( ) 50% 358,734 445,024 33,373 128,058 3.3 100% 134,000 213,549 98,177 0 100% 770,903 821,575 163,079 65,664 79.3 100% 190,369 312,537 142,152-31.3 11,318,309 12,224,298 2,229,675 2,064,853 830.7 50% 224,254 416,500 228,423 77,314 41.7 100% 195,817 316,610 232,635 61,479 23.3 100% 38,484 114,847 86,767 0 60% 12,489 18,885 18,885-1.9 60% 14,106 65,312 65,312 0 5 60% 36,543 138,265 47,654-13.8 100% 384,142 385,049 46,692 0 100% 2,730,014 1,911,963 210,382 112,852 160.6 55% 228,534 297,103 59,518 106,853 6 50% 58,400 105,113 13,406 91,707 1.3 45% 60,208 282,978 91,424-17 55% 62,671 39,728 39,728 39,728 4 100% 52,659 115,860 81,499 34,361 8.1 100% 182,139 289,753 125,808 55,063 18.5 100% 387,471 544,484 46,621 60,310 4.7 49% 365,566 908,881 54,865 49,928 73.8 100% 344,365 153,462 44,394 21,776 14.1 100% 135,297 164,370 163,370 0 100% 161,890 221,813 33,942 3.4 100% 130,873 79,233 26,336 43,252 2.6 100% 157,709 208,722 30,386 100% 48,874 98,430 44,046 43,228 5.5 100% 161,444 180,885-41,193 80% 200,289 340,491 83,155 25.7 6,374,238 7,398,737 1,399,566 1,314,726 426 60% 444,176 738,785 50,496 61,452 36.5 100% 261,760 339,633 120,000 120,000 24.8 90% 24,773 137,569 137,569 11,500 13.8 35

100% 46,943 234,824 234,824-23.5 100% 28,183 190,362-190,362 100% 359,947 437,786 41,197 179,314 4.1 100% 201,800 254,712 81,985 143,268 14.7 55% 36,390 87,129 62,367 30,050 6.2 100% 23,851 150,044 150,044 17,766 15 1,427,823 2,570,844 878,482 753,712 138.7 25,439,671 30,487,912 6,365,437 5,745,578 1850.6 33 100% 88105 218954 218954 100% 5734 48053 48053 100% 9629 58624 58624 100% 62,223 102,018 102,018 100% 9,209 58,337 58,337 100% 14,126 95,968 95,968 100% 1,451 6,445 6,445 100% 200,000 357,000 357,000 100% 72,499 43,500 43,500 100% 83,886 263,562 263,562 * 70% 4,840 36,134 25,294 * 70% 109,000 162,345 113,642 * 70% 24,050 24,050 16,835 100% 78,583 238,006 238,006 * 63% 115,000 52,834 33,285 * 70% 13,964 13,964 9,775 * 70% 27,832 27,832 19,482 100% 249,536 374,304 374,304 51% 245,142 196,113 100,018 51% 351,639 175,820 89,668 51% 91,780 180,560 92,086 55% 75,916 250,917 138,004 50% 160,500 372,100 186,050 36

100% 82,600 206,500 206,500 GJB2007-4 100% 48,400 121,100 121,100 GJB2007-8 100% 22,370 59,502 59,502 100% 19,389 72,060 72,060 100% 19,392 22,636 22,636 100% 88,900 154,254 154,254 100% 121,405 147,374 147,374 100% 54,831 103,591 103,591 60% 155,000 271,000 162,600 100% 27,116 46,557 46,557 100% 48,938 119,433 119,433 100% 27,325 72,657 72,657 * 70% 7,253 7,253 5,077 100% 272,298 544,596 544,596 55% 138,140 453,895 249,642 * 70% 3,741 3,741 2,619 50% 97,123 135,622 67,811 100% 59,800 184,400 184,400 100% 82,000 149,000 149,000 55% 368,897 447,725 246,249 100% 166,100 333,118 333,118 14 100% 9,350 59,290 59,290 60% 79,329 450,000 270,000 55% 219,200 394,599 217,029 49% 134,589 278,338 136,386 55% 12,000 361,000 198,550 4,460,130 8,556,681 6,640,941 37

2007 A 08 EPS 35 PE 2007 400 08 EPS 30 PE 34 EPS() PE() 06A 07E 08E 06A 07E 08E 000002 A 0.49 0.71 1.43 63.63 43.91 21.8 600048 1.19 1.05 2.47 59.99 67.99 28.9 WIND, 2007 11 22 38

200002 130 5 430015 8 TEL(8621)63217917 FAX(8621)33130730 E-mail yangjf@cjsc.com.cn ( ) TEL (8621)63516121 FAX (8621)51062920 E-mail guihm@cjsc.com.cn 12 /, 12 /, 10% 5%10% -5%5% -5% http:// www.cjsc.com.cn