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2009 2009 2009 3 8-1

2009 2009 2009 20 7.08% 2009 3 12 2009 3 18 10 10 8-2

2009 0.5 9.5 AA 8-3

2009 8-4

2009 8-5...6...8...8...16...20...20...22...23...24...25...37...44...47...48...52...59...63...66...67...68

2009 20 2009 2009 2009 2008 8-6

2009 8-7

2009 [2009]464 34 34 0451-84553522 0451-84551484 150016 4018 35 28 A02 5 B 18 8-8

2009 : 010-66581733/66581738/66581736/66581739/66581757/66581758 010-66581751 100034 1 6 6 919 010-84861205 010-84861321 :010-84861532 100004 2 357 166 A 2905 0551-5161701 0551-5161705 :0551-5161828 230069 3 8-9

2009 46 32 010-88576895-815 0755-83703737 :010-88576900 0755-83716871 518040 4 12 B 25 26 12 B 26 0755-25832911 0755-25832903 :0755-25832940 518028 5 69 69 020-87322668 :020-87325030 8-10

2009 510095 6 1 18 021-58791268 0769-22119242 :021-58790329 0769-22119242 523000 25 1 389 18 9 D 010-88321815 010-88321683 010-88321635 :010-88321685 100044 2 5047 10 24 8-11

2009 5047 22 0755-82493862 :0755-82492077 518001 3 16 16 1901 010-85252652 010-85252605 :010-85252644 100020 4 510 9 500 26 021-68768159 021-68761616-8213 :021-68767880 8-12

2009 200122 5 1012 16-26 A 20 010-66211553 010-66211559 010-66211327 010-66211426 :010-66211553 010-66214702 100032 6 5 12 15 5 B 12 010-66555302 010-66555187 :010-66555327 100032 7 B 15 8-13

2009 B 15 010-68349485 010-68341295 0755-82943769 :010-68341867 0755-82940511 518026 20 20 0451-87646969 150010 5045 0755 25918532 0755 82083872 518010 1 1093 18 8-14

0755 25946003 0755 25987422 518031 2009 2 33 B 5 33 B 5 010-88087971/88087972 010-88086356 100032 110 11 110 11 010-68360123-3301/3214 010-68360123-3000 100044 8-15

2009 6 D 7 6 D 7 010-85679696-8875/8882 010-85679228 :100022 81 1 15 81 1 15 010-65846688 010-65846666 100025 2009 09 20 8-16

2009 7.08% 5.17% 5 www.shibor.org Shibor 1.91% 100 1,000 1,000 10 8-17

2009 0.5 9.5 5 2009 3 18 2 2009 3 13 1 2009 3 12 3 12 2009 3 12 2019 3 11 3 12 8-18

2009 1 20 2019 3 12 1 20 AA 8-19

2009 : 8-20

2009 http://www.chinabond.com.cn 101699 09 9 15 1 000 10 10 100 100 8-21

2009 10 10 111052 http://www.szse.cn 2009 8-22

2009 8-23

2009 1 2010 2019 3 12 1 20 2019 8-24

2009 3 12 1 20 [2004]7 Ltd. Harbin City Planning Investment Group Company, 2004 4 8 50 34 8-25

2009 5 2007 12 31 119.06 83.46 29.85% 2007 1.94 2004 2006 2004 4 8 [2004]7 8 2006 2006 4 [2006]93 42 50 8-26

2009 100% 1 2 3 4 5 6 7 8 9 10 11 8-27

2009 1 2 3 4 5 6 7 1 2 1 2 3 1 2 3 4 8-28

2009 1 2 3 4 5 6 7 8 9 2007 6 5 1 8-29

2009 8-30 2004 4 8 [2004]7 100% 2007 5

2009 1 89.66% 2 66.00% 3 90.00% 4 97.56% 5 80.00% 1 2003 6 23 2,900 2004 4 2007 1,106,418,972.36 29,000,000.00 2005 2006 2007 2007 89.66% 2 2000 3 30 1,000 2007 5 660 8-31

2009 2007 11,697,354.32 8,895,302.35 2007 2,597,699.10-461,663.81-461,663.81 2007 66.00% 3 2006 2 23 500 2007 67,413,680.09-2,566,372.48 2007 5,320,600.00-6,539,602.43-6,539,602.43 2007 90.00% 4 2006 5 23 205 2008 4 2007 2,059,633.47 2,052,571.49 2007 115,000.00 8-32

6,768.05 6,203.57 2009 2007 97.56% 5 2007 9 26 2004 4 [2006]57 [2006]57 2007 1,002,854.02 999,854.02 2007 80.00% 6 2004 7 2007 8-33

2009 1 1953 11 2 1954 3 3 1957 9 4 1962 11 5 1960 9 8-34

2009 6 1960 9 7 1960 5 8 1958 7 9 1957 7 1 1950 10 2 1953 2 8-35

2009 3 1967 4 4 1965 4 5 1967 2 1 2 3 4 5 1970 3 8-36

2009 21 2007 1978 2007 17.92% 44.9% 30 26.98 2010 125 GDP 70% 8-37

2009 20 8-38

2009 961.6 18% 15% 8-39

2009 1 2 2007 3 8-40

2009 [2004]7 [2006]93 2007 180 1 2 3 3 8-41

2009 4 5 6 5 7 2004 2007 41.79 25.67 7.2 0.9 5.24 3.3 30.76 2008 2012 8-42

2009 124.64 2007 30.76 2012 93.88 5 18.78 2008 4 46.20 3.8 9.5 1 2 BT - BOT - - TOT - - 8-43

2009 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005-2007 2005 2006 2007 2,734,702,616.13 9,761,558,052.76 11,906,110,176.07 432,913,150.85 6,164,380,061.19 6,205,443,783.13 1,191,374,874.63 1,957,656,142.05 3,554,290,974.55 588,530,892.90 885,247,838.32 2,234,997,774.66 1,540,327,741.50 7,800,901,910.71 8,345,794,798.72 1,170,387.60 3,950,141.40 8,857,047.10 198,788,675.58 242,678,287.20 289,546,068.31 131,624,628.78 159,775,969.21 193,759,260.49 197,469,243.35 246,335,855.05 602,615,328.49-747,812,469.52-1,451,342,887.90-1,515,060,164.62 781,325,711.17 1,097,488,358.30 978,642,806.85 8-44

2009 2005-2007 2005 2006 2007 / 0.00055 0.00063 0.00082 / - - 17.91 / 0.00456 0.00120 0.00143 / - 0.00065 0.00161 1 = / 2 = / 3 = / 4 = / 2005 2006 2007 1,170,387.60 3,950,141.40 8,857,047.10 198,788,675.58 242,678,287.20 289,546,068.31 131,624,628.78 159,775,969.21 193,759,260.49 8-45

2009 2005-2007 2005 2006 2007 1,170,387.60 3,950,141.40 8,857,047.10 198,788,675.58 242,678,287.20 289,546,068.31 131,624,628.78 159,775,969.21 193,759,260.49 2005-2007 2005 2006 2007 432,913,150.85 6,164,380,061.19 6,205,443,783.13 588,530,892.90 885,247,838.32 2,234,997,774.66 2,734,702,616.13 9,761,558,052.76 11,906,110,176.07 1,191,374,874.63 1,957,656,142.05 3,554,290,974.55 198,788,675.58 242,678,287.20 289,546,068.31 0.74 6.96 2.78 0.74 0.40 0.18 43.57% 20.05% 29.85% 1 = / 2 = - / 3 = / 8-46

2009 2005 2007 2005 2006 2007 2005 2006 197,469,243.35 246,335,855.05 2007 602,615,328.49 2005-2007 2005 2006 2007 197,469,243.35 246,335,855.05 602,615,328.49-747,812,469.52-1,451,342,887.90-1,515,060,164.62 781,325,711.17 1,097,488,358.30 978,642,806.85 230,982,485.00-107,518,674.55 66,197,970.72 2005 2006 2007 8-47

2009 20 108.17 197,200.11 101,150.79 51.29% 499,051.00 63,332.21 12.69% 385,400.00 35,517.00 9.22% 1,081,651.11 200,000.00 18.49% 1 1995 8-48

2009 2 3 [2005]457 4 197,200.11 5 1 8-49

2009 2 57.5 8 1 6 30 10 3 [2004]311 4 499,051.00 5, 1 8-50

2009 2 15 70 72 6 24 24 9 3 [2005]313 4 385,400.00 5 8-51

2009 1 2 3 ; 4 2008 4 30 38 1 100% 8-52

2009 2008 3 [2008]20 2008 4 30 1 100% 20 1 100% 2007 9 26 2007 9 8-53

2009 1 20 20 20% 2008 4 29 20 2008 4 30 8-54

2009 8-55 2005 2006 2007 1,170,387.60 3,950,141.40 8,857,047.10 131,624,628.78 159,775,969.21 193,759,260.49 2005 2006 197,469,243.35 246,335,855.05 2007 602,615,328.49 [2006]93 2006 55 2049.55 74% 40 / 55 120 75% 30 6

2009 11.73 6.2 56 3 2007 8 2 7000 5000 1000 7000 12 8-56

2009 12% 2010 GDP 3225 GDP 4000 2007 2007 224 16.67% 132 19.1% 232.4 24.7% 2008 4 8-57

2009 218 8-58

2009 1 2 3 8-59

2009 1 2 1 2 8-60

2009 3 1 2 8-61

3 2009 1 1 2 8-62

2009 1 2 3 AA AA 8-63

2009 1 2 3 4 1 8-64

2009 2 3 12 8-65

2009 1 2 3 2008 4 5 6 7 8-66

2009 8-67

2009 2005 2006 2007 2008 1 3 8-68

2009 34 0451-84553522 0451-84551484 150016 5 B 18 010-66581733/66581738/66581736/66581739/66581757/66581758 010-66581751 100034 www.essences.com.cn www.ndrc.gov.cn www.chinabond.com.cn 8-69

2009 8-70

2009 2009 1 010-66581717 5 010-66581719 B 18 2 010-84861321 6 13 3 9 010-88321635 D 4 010-85252652 16 010-85252605 1901 010-66211553 5 010-66211559 27 010-66211327 A 20 010-66211426 6 5 010-66555302 B 12 7 010-68349485 010-68341295 8 500 021-58791268 9 C 9 021-68768159 500 021-68761616-8228 26 10 0755-83716852 32 11 0755-25832911 12 8-71

2009 B 26 12 5047 0755-82493978 22 13 0551-5161705 166 14 69 020-87322668 15 1 0769-22119242 8-72

2009 2005 2006 2007 2005 12 31 2006 12 31 2007 12 31 369,929,296.07 262,410,621.52 328,608,592.24 988,852.24 186,733.00 95,374.45 69,134,523.05 62,768,539.08 95,570,965.22 400,000.00 5,806,303,100.00 5,806,311,815.60 28,582.70 432,913,150.85 6,164,380,061.19 6,205,443,783.13 244,158,353.44 1,284,051,945.31 2,310,675,163.73 244,158,353.44 1,284,051,945.31 2,310,675,163.73 424,402.34 244,158,353.44 1,284,051,945.31 2,311,099,566.07 1,039,300.00 28,015,002.05 58,756,436.12 220,576.56 1,294,291.83 7,677,625.07 818,723.44 26,720,710.22 51,078,811.05 818,723.44 26,720,710.22 51,078,811.05 2,056,812,388.40 2,286,405,336.04 3,338,488,015.82 2,057,631,111.84 2,313,126,046.26 3,389,566,826.87 2,734,702,616.13 9,761,558,052.76 11,906,110,176.07 8-73

2009 2005 12 31 2006 12 31 2007 12 31 50,000,000.00 50,000,000.00 110,000,000.00 160,736,061.60 285,665,132.32 805,107,644.96 161,017.56 157,067.56 158,067.57 39,728.40 235,387.69 116,143.11 68,803,361.35 151,163,283.38 249,693,126.81 6,202.46 24,060.30-13,626.53 308,784,521.53 397,996,707.07 759,591,451.74 6,200.00 344,967.00 310,000,000.00 588,530,892.90 885,247,838.32 2,234,997,774.66 350,000,000.00 709,000,000.00 937,500,000.00 16,000,000.00 1,999,200.00 4,168,800.00 252,843,981.73 361,409,103.73 361,624,399.89 602,843,981.73 1,072,408,303.73 1,319,293,199.89 1,191,374,874.63 1,957,656,142.05 3,554,290,974.55 3,000,000.00 3,000,000.00 6,024,402.80 800,000,000.00 5,000,000,000.00 5,000,000,000.00 800,000,000.00 5,000,000,000.00 5,000,000,000.00 607,000,000.00 2,507,798,200.00 2,861,498,200.00 27,571,026.70 44,263,090.88 63,873,129.81 13,785,513.35 * -2,566,372.48 105,756,714.80 248,840,619.83 422,989,841.39 1,540,327,741.50 7,800,901,910.71 8,345,794,798.72 2,734,702,616.13 9,761,558,052.76 11,906,110,176.07 8-74

2009 2005 2006 2007 2005 2006 2007 1,170,387.60 3,950,141.40 8,857,047.10 453,102.50 1,873,023.27 9,376,181.09 415,083.39 518,639.21 545,317.23 302,201.71 1,558,478.92-1,064,451.22 2,014,821.00 34,421,961.11 25,723,635.96-501,294.87-541,769.39-1,190,562.29-1,211,324.42-32,321,712.80-25,597,524.89 200,000,000.00 275,000,000.00 315,000,000.00 144,330.00 736.80 198,788,675.58 242,678,287.20 289,546,068.31 67,164,046.80 82,902,317.99 98,510,146.00-156,965.70 + 2,566,372.48 131,624,628.78 159,775,969.21 193,759,260.49 1,362,490.18 105,756,714.80 248,840,619.83 132,987,118.96 265,532,684.01 442,599,880.32 13,615,202.08 16,692,064.18 19,610,038.93 13,615,202.08 105,756,714.80 248,840,619.83 422,989,841.39 105,756,714.80 248,840,619.83 422,989,841.39 8-75

2009 2005 2006 2007 2005 2006 2007 69,387.60 3,156,428.49 10,752,492.56 200,000,000.00 276,500,000.00 642,356,587.94 200,069,387.60 279,656,428.49 653,109,080.50 352,542.50 1,003,403.80 4,105,156.81 1,168,052.31 2,440,489.92 5,607,507.94 527,114.95 28,928,494.23 15,713,147.23 552,434.49 948,185.49 25,067,940.03 2,600,144.25 33,320,573.44 50,493,752.01 197,469,243.35 246,335,855.05 602,615,328.49 30,000,000.00 526,902.43 5,359,020.19 144,330.00 6,844,487.91 3,638,434.30 30,000,000.00 7,371,390.34 9,141,784.49 697,812,469.52 1,456,643,360.93 1,455,580,112.77 80,000,000.00 60,000,000.00 2,070,917.31 8,621,836.34 777,812,469.52 1,458,714,278.24 1,524,201,949.11-747,812,469.52-1,451,342,887.90-1,515,060,164.62 : 50,000,000.00 471,000,000.00 362,709,200.00 300,000,000.00 974,968,300.00 960,350,000.00 591,303,981.70 177,516,340.80 61,387,037.03 941,303,981.70 1,623,484,640.80 1,384,446,237.03 75,000,000.00 330,968,300.00 342,500,000.00 4,978,270.53 25,027,982.50 62,391,668.49 80,000,000.00 170,000,000.00 911,761.69 159,978,270.53 525,996,282.50 405,803,430.18 781,325,711.17 1,097,488,358.30 978,642,806.85 230,982,485.00-107,518,674.55 66,197,970.72 8-76

2009 2005 2006 2007 131,624,628.78 159,775,969.21 193,759,260.49 130,627.76 1,057,872.75 5,580,461.22 436.10 6,200.00 338,767.00 23,400.00-144,330.00-503,081.63-555,972.00-3,204,938.51 500,000.00-15,000.00-1,669.00-17,800.00 1,247,733.31 66,216,632.34 86,061,185.09 407,709,184.42-3,169,140.44 197,469,243.35 246,335,855.05 602,615,328.49-3,202,072.38 369,929,296.07 262,410,621.52 328,608,592.24 138,946,811.07 369,929,296.07 262,410,621.52 230,982,485.00-107,518,674.55 66,197,970.72 8-77