http://www.cninfo.com.cn http://www.szse.cn - 2 -

/ / / / 10 1.7 10 3.9 6.93 24 10 4.1 7.96 24 A A A A A - 3 -

A / / 5-4 -

030002 YGC1 A 000858 G 297,872,640 5 24 2006 4 3 2008 4 2 5 2008 3 27 4 2 6.93 1 1 1 A 1 1 A 2006 4 3-5 -

038004 YGP1 A 000858 G 313,148,160 5 24 2006 4 3 2008 4 2 5 2008 3 27 4 2 7.96 1 1 1 A 1 1 A 2006 4 3-6 -

- 7 - A 10 1.7 10 3.9 297,872,640 6.93 10 4.1 313,148,160 7.96 5000 24 1000 100 [2006]19 297,872,640 313,148,160 2006 4 3 030002 YGC1 038004 YGP1

A - 8 -

24 5 T+0 T+0 T+0 A - 9 -

297,872,640 A 24.93 A - 10 -

10 3.9 297,872,640 10 4.1 313,148,160 1 100 0.001 100 2 030002 3 YGC1 4 5 2006 4 3 6 297,872,640 7 5 1-11 -

100 0.001 100 2 038004 3 YGP1 4 5 2006 4 3 6 313,148,160 7 5 1 = / = / 2 = / - 12 -

Black-Scholes 6.93 / 2006 3 14 8.36 / 7.15 21.5% 2.70% 1.154 Black-Scholes 7.96 / 2006 3 14 8.36 / 7.15 21.5% 2.70% 1.097 1 2 A 3 Black-Scholes 4 = + - *125%* = - *125%* - 13 -

WULIANGYE YIBIN CO.,LTD 000858 G 1998 4 21 1998 4 27 150 150 644007 0831 3565878 3566858 0831 3555958 http://www.wuliangye.com.cn 000858 wly@sohu.com 1 1,947,628,800 71.83 1 1,817,786,880 67.04 2 493,391 0.02-14 -

1,947,628,800 71.83 1,818,280,271 67.06 763,776,000 28.17 893,124,529 32.94 : 421,702 0.016 763,776,000 28.17 893,124,529 32.94 2,711,404,800 100 2,711,404,800 100 1,817,786,880 67.04% 1,519,914,240 56.06% 2,130,935,040 78.59% 1,833,062,400 67.61% 2002 2003 2004 2005 1 3 2005 1 3 1 2005 9 30 2004 12 31 2003 12 31 2002 12 31 952,698.55 881,053.36 826,277.97 726,173.50 394,911.80 296,954.08 267,522.28 274,095.85 216,626.93 222,357.17 223,688.70 193,963.50 216,376.93 222,107.17 223,438.70 191,713.50 733,583.18 656,688.66 601,002.99 530,705.55-15 -

2 2005 1-9 2004 2003 2002 496,777.13 629,758.34 633,309.06 570,651.74 192,215.73 246,571.65 217,122.72 173,417.76 115,887.50 128,285.90 109,500.51 87,314.24 115,760.41 127,116.11 108,724.07 86,907.04 76,894.52 82,799.72 70,297.45 61,323.46 3 2005 1-9 2004 2003 2002 0.284 0.305 0.519 0.543 2.706 2.422 4.433 4.697 % 10.48 12.61 11.70 11.56 ( / 0.298 0.303 0.771 0.932 ) % 22.74 25.24 27.07 26.71 1 20 A A 20 2006 1 10 2006 3 14 1246.48 62.32 2 60 A 60 2005 11 11 2006 3 14-16 -

64.63% 3 A ( 2005 3 15 2006 3 14 ) 1,758,290,000 13,435,890,000 4 A ( 2005 3 15 2006 3 14 ) 8.95 2006 3 3 6.45 2005 6 3 5 / 2005 2006 3 4 5 6 7 8 9 10 11 12 1 2 3 14 6.93 7.66 7.10 7.52 8.00 7.78 7.48 6.74 6.79 7.26 8.11 8.11 8.36 1 http://www.szse.cn 2-17 -

644002 1999 8 14 127,216 0831-2332545 0831-2330813 : clj777@sina.com 2004 12 31-18 -

555,979.29 538,225.39 2004 50,620.60 1-19 -

297,872,640 24.93 1 0 0 0 2 0 0 0 3 0 0 0 4 0 0 0 1,817,786,880 67.04% - 20 -

973,814,400 2002 2003 2004 2002 1 1 7 2 3-21 -

2 3 0831 2332545 2330813 0831 2330813 clj777@sina.com - 22 -

297,872,640 24.93 1 1 A 2 3 24.93-23 -

2 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 2005 10 25 248 000 000 000 55 55 644002 0831-2311906 0831-2311906 3 4 2004 56,705.21 55,035.85 1,629.83 23.11 38.72 8.07-24 -

5 1 http://www.icbc.com.cn 2 http://www.icbc-ltd.com - 25 -

2006 3 27 618 1 3% 1 2 3 4 5 6 2 3% 50 3-26 -

- 27 -

0831 2332545 2330813 0831 2330813 150 0831 3566858 0831 3555958 618 12 A 20 0755 82485666 0755 82485649-28 -

39 SOHO A 31 010 58785588 010 58785566 618 0755 82485666 1 2 3 [2006]19 4 2002 2003 2004 5 6-29 -

2006 3 29-30 -

2002 2003 2004 1 2002-2004 2004 12 31 2003 12 31 2002 12 31 1 185418389.43 83752806.88 27756056.35 2 3 4 35520506.94 460000.00 460000.00 5 6 7 82736932.23 160030.00 8 9 10 11 12 13 14 15 16 17 18 19 303675828.60 84372836.88 28216056.35 20 4707145725.10 239342876.30 21 5255417058.75 4707145725.10 239342876.30 22 * 23 24 5255417058.75 4707145725.10 239342876.30 25 26 27 28 29 30 31 32 700000.00 33 34 700000.00 35 36-31 -

37 38 39 40 41 42 43 44 5559792887.35 4791518561.98 267558932.65 45 46 47 48 49 50 51 52 64287.30 152276.13 53 54 37090061.88 63729687.70 33194400.00 55 384652.80 56 57 58 59 37539001.98 63881963.83 33194400.00 60 140000000.00 61 62 63 64 65 66 140000000.00 67 68 177539001.98 63881963.83 33194400.00 * 69 70 1312673345.87 1270463345.87 221087503.10 71 1312673345.87 1270463345.87 221087503.10 72 73 74 75 76 77-32 -

78 1072864452.74 966663206.51 2,653,174.46 79 611471205.35 535540299.20 1,731,088.99 80 1,111,876.43 81 650129.23 619,212.56 82 * - 83 84 2385244881.41 1954969746.57 8,892,766.10 85 86 5382253885.37 4727636598.15 234,364,532.65 87 88 5559792887.35 4791518561.98 267,558,932.65 2 2002-2004 2004 2003 2002 1 2 3 4 5 6 7 8 9 1282084.76 10 11 12 13-14 -1282084.76-15 36726.48 16 17 209556.02 154636.30 18-1344738.69-186998.85 20603.13 19-20 62653.93-22557.17-138512.95-21 601729674.36 1946333647.11 1404000.00 22 23 24-33 -

25 26 27 28 29 30 31 32 95522000.00 20000.00 33 34 35 36 37 38 39-40 506270328.29 1946291089.94 1265487.05 41 64287.30 152276.13 * 42 * + 43-44 506206040.99 1946138813.81 1265487.05 45 1954969746.57 8892766.10 7880376.45 46 47 48 2461175787.56 1955031579.91 9145863.50 49 1 50 2 51 52 53 50620604.10 30916.67 126548.70 54 25310302.05 30916.67 126548.70 55 56 57 58 59 60 2385244881.41 1954969746.57 8892766.10 61 62 63 64 65-34 -

66 2385244881.41 1954969746.57 8892766.10 + 67 68 3 2004 2004 1 2 3 4 41796599.00 5 41796599.00 6 7 8 152276.13 9 226432559.01 10 226584835.14 11-184788236.14 12 13 14 161979080.00 15 16 17 161979080.00 18 700000.00 19 20 16170000.00 21 16870000.00 22 145109080.00 23 24 25 140000000.00 26 1344738.69 27 141344738.69 28 29 30 31 0.00 32 141344738.69-35 -

33 34 101665582.55 35 1 36 37 506206040.99 38 39 40 41 42 43 384652.80 44 45 46 1344738.69 47-601729674.36 48 49 50-82576902.23 51-26727614.65 52 18310522.62 53-184788236.14 2 54 55 56 57 58 3 59 60 185418389.43 61 83752806.88 62 63 64 101665582.55 65 66-36 -

1,817,786,880 67.04% 973,814,400-37 - 2006 3 28