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2007-004 2006 2006 00 1

2007-004 2006 2

2007-004 2006 4 5....8 13 18 19 20 36 37 42 83 3

2007-004 2006 1 Guilin Tourism Corporation Limited GTCL 2 3 272309 541002 07733558966 07733558955 zhou9060@sina.com 272212 541002 07733558976 07733558955 ZJB888@tom.com 4 272 541002 http://www.guilintravel.com gltour@guilintravel.com 5 http//www.cninfo.com.cn 6 000978 71998429 4

2007-004 2006 4500001001100 450300708618439 1166A 1 55,202,384.33 44,283,813.19 * 47,061,702.80 107,833,044.02 7,363,244.70 43,351,945.38 15,178,544.37 500,000.00-3,828,105.42 99,788,804.56 13,640,923.81 * 44,283,813.19 139,769.74 3,967,875.16 60,000.00 500,000.00-490,215.81 47,061,702.80 2 5

2007-004 2006 2006 2005 2004 288,983,575.87 272,652,873.67 236,562,884.30 44,283,813.19 37,152,349.56 36,405,794.37 828,405,524.77 807,783,037.96 757,712,724.96 427,253,647.77 418,685,779.52 409,853,429.96 0.250 0.210 0.206 0.250 0.210 0.206 0.266 0.211 0.206 2.414 2.365 2.316 2.357 2.307 2.273 0.564 0.401 0.331 (%) 10.36 8.87 8.88 (%) 10.42 8.97 9.24 (%) 11.08 9.03 9.27 9 2006 % 107,833,044.02 25.24 25.38 0.6092 0.6092 43,351,945.38 10.15 10.20 0.2449 0.2449 44,283,813.19 10.36 10.42 0.2502 0.2502 47,061,702.80 11.01 11.08 0.2659 0.2659 (1) = (2) = (3) ROE ROE=P/E 0 NP2E i M i M 0 E j M j M 0 P NP E 0 E i 6

2007-004 2006 E j M 0 M i M j (4) EPS EPS=P/S 0 S 1 S i M i M 0 S j M j M 0 P S 0 S 1 S i S j M 0 M i M j (5) =/ (6) = / (7) =/ 3 177,000,000 163,012,134.82 30,283,780.03 15,141,890.02 33,247,974.65 418,685,779.52 19,570,271.34 39,855,431.87 59,425,703.21 3,855,944.94 15,141,890.02 31,860,000.00 50,857,834.96 177,000,000 159,156,189.88 49,854,051.37 0 41,243,406.52 427,253,647.77 1 2200667<> 200611 2005123115,141,890.02 3 4 2005 7

2007-004 2006 1 (%) 116,999,998 66.10-19,200,000-19,200,000 97,799,998 55.25 1 2 79,330,935 44.82-13,018,410-13,018,410 66,312,525 37.46 3 37,669,063 21.28-6,181,590-6,181,590 31,487,473 17.79 37,669,063 21.28-6,181,590-6,181,590 31,487,473 17.79 60,000,002 33.90 19,200,000 19,200,000 79,200,002 44.75 1 60,000,002 33.90 19,200,000 19,200,000 79,200,002 44.75 2 3 4 177,000,000 100 0 0 177,000,000 100 20065 116,999,998 19,200,00010 3.2 (%) 2 1199840 8

2007-004 2006 1998 4 29 18,000 2 1998 12 21 1998 1999 1998 12 31 10,200 1999 1 18,000 7,800 3 2000 4 21-22 4,000 (A ) 6.86 2000 5 18 11,800 4 2001 4 2000 2000 10 2.6 5 17,700 6,000 5 2006 5 17,700 97,799,998 79,200,002 120061231 9

2007-004 2006 6,252 36.09 63,885,709 63,885,709 17.10 30,274,065 30,274,065 4.48 7,928,061 0 3.95 7,000,000 0 2.87 5,072,868 0 1.99 3,529,601 0 1.70 3,002,261 0 1.17 2,067,448 0 1.13 1,999,906 0 1.07 1,900,000 0 7,928,061 A 7,000,000 A 5,072,868 A 3,529,601 A 3,002,261 A 2,067,448 A 1,999,906 A 1,900,000 A 1,870,278 A 1,640,631 A 10

2007-004 2006 2 2007 5 19 14,260,224 83,539,774 93,460,226 1234 2008 5 19 7,080,000 76,459,774 100,540,226 1234 2009 5 19 76,459,774 0 177,000,000 1234 3 1 63,885,709 2007 5 19 5,310,000 2008 5 19 3,540,000 134 2009 5 19 55,035,709 2 30,274,065 2007 5 19 5,310,000 2008 5 19 3,540,000 1 2009 5 19 21,424,065 3 4 5 6 1,213,408 2007 5 19 1,213,408 2 1,213,408 2007 5 19 1,213,408 2 727,790 2007 5 19 727,790 4 485,618 2007 5 19 485,618 234 11

2007-004 2006 1,451,623 1,451,600 4 1994 13,600 100% 36.09% 510%10% 19939,531 12

2007-004 2006 () () 56 2004.9-2007.9 0 0 54 2004.9-2007.9 0 0 44 2004.9-2007.9 0 0 41 2004.9-2007.9 0 0 43 2004.9-2007.9 0 0 55 2004.9-2007.9 0 0 36 2006.4-2007.9 0 0 40 2006.4-2007.9 0 0 60 2004.9-2007.9 0 0 63 2004.9-2007.9 0 0 54 2004.9-2007.9 0 0 60 2004.9-2007.9 0 0 62 2004.9-2007.9 0 0 49 2004.9-2007.9 0 0 46 2004.9-2007.9 0 0 31 2004.9-2007.9 0 0 54 2004.9-2007.9 0 0 53 2004.9-2007.9 0 0 44 2004.9-2007.9 0 0 33 2004.9-2007.9 0 0 13

2007-004 2006 1 1 56 1998 10 2 54 1998 2004 6 2004 6 40% 3 44 1998 40% 4 41 1998 40% 40% 14

2007-004 2006 5 43 2000 6 55 1996 7 36 MBA 2005 12 2006 12 2006 12 1998 2003 2002 2003 2004 8 40 9 60 1 63 2 54 1982 2000 15

2007-004 2006 3 60 4 62 2 1 49 1998 2 46 1998 2001 2001 3 31 2002 3 1 54 1998 2 53 3 44 1998 40% 40% 16

2007-004 2006 4 33 2004 3 2001 4 2004 3 1 2000 2 () 48.10 39.00 32.50 28.60 28.60 2.00 1.50 2.00 2.00 5.00 5.00 5.00 5.00 28.60 10.40 6.50 28.60 26.00 26.00 26.00 356.40 17

2007-004 2006 2006 4 18 2005 2006 4 19 1,609 1,240 72 141 55 101 115 263 1,231 157 1 5 2 3 0 5 5 0 0 5 3 2 0 5 5 0 0 2 18

2007-004 2006 1 2 3 4 5 2000 1 2005 2006 4 18 2006 4 19 2 2006 5 12 2006 5 13 19

2007-004 2006 1 2006 8 2006 2 22 2006 3 189.02-94.52 2 2006 28,898.36 4,428.38 2005 5.99%19.20 % 97 13.85% 163.40 19.67% 9.4 20

2007-004 2006 1.73% 38.28 28.41% 12006 (%) 28,486.53 16,477.70 10,775.96 37.83 411.83 386.24 7.34 1.78 11,524.32 5,413.08 5,471.64 47.48 8,321.91 3,633.20 4,250.43 51.08 5,391.24 5,171.70 207.36 3.85 1,191.66 655.37 466.80 39.17 1,909.22 1,562.73 281.38 14.74 () 189.02 196.33-17.80-9.42 222.81 189.91 25.15 11.29 148.18 41.62 98.34 66.37 51% 96.87% 88.32% 88.32% 74% 50% 2 84 36% 82.64% 35.52% 295 16% 164 10% 21

2007-004 2006 3 10% % % % % % 11,524.32 5,413.08 5,471.64 47.48 8.71 18.67 0.43-3.92 8,321.91 3,633.20 4,250.43 51.08 15.60 2.89 29.35 5.44 5,391.24 5,171.70 207.36 3.85-11.97-12.57 5.10 0.63 2006 970,983 39.88%50.74% 2005 2005 4 1,194.68 65.32% 3 2006 12 31 (%) 2005 12 31 (%) 4,396.66 5.31 4,429.19 5.48 314.71 0.38 305.19 0.38 22,229.13 26.83 22,569.65 27.94 37,610.64 45.40 36,361.34 45.01 1,240.22 1.50 826.39 1.02 15,400.00 18.59 18,600.00 23.03 7,600.00 9.17 10,590.00 13.11 82,840.55 100 80,778.30 100 4 22

2007-004 2006 2006 2005 % 487.84 525.55-37.71-7.18 5,134.83 4,848.07 286.76 5.91 1,561.77 1,369.27 192.50 14.06 929.09 697.13 231.96 33.27 1 2 3 4 5 2006 2005 % 9,978.88 7,089.75 2,889.13 40.75-2,072.90-4,653.32 2,580.42 55.45-6,541.89-1,190.69-5,351.20-449.42 1 2 493 2,045 3 1,340 3,090 535 6 1 719.5 96.87% 23

2007-004 2006 3,629.25 2,946.36 2006 817,812 3,054.91 2,280.03 1,756.94 2 2,600 51% 4,796.79 3,435.85 2006 299,048 1,082.51 380.37 181.19 3 10,300 13,508.83 10,692.87 2,640.54 848.90 335.34 2006 145,946 4 1,540.15 1,367.06 1,064.01 564.43 367.06 2006 237,071 5 2,338.30 24

2007-004 2006 74% 3,698.95 1,873.69 2006 134,081 479.95 176.70-294.39 2005 6 5,064.54 A 6,004.10 4,947.10 2006 466,993 2,132.03 306.53-68.06 118.7 7 500 2006 8 16 2006 1,000 500 130 130 140 140 100 25

2007-004 2006 100 30 30 500 490 98% 10 8 500 50% 15% 1,037.87 319.45 2006 148.18 98.34 47.95 9 450 40% 277.25-255.51 2006 116.79-255.05-274.03 2005 160 140 100 850 40%35.06% 24.94% 2005 4 2005 2006 3 2006 26

2007-004 2006 2006 7 10 600 12,702.51 4,240.92 40% 2006 4,987.15 1,389.30 772.16 308.86 11 3,30040% 10,382.026,36120063,230.26 1,514.57204.83 81.93 12 8,000 10% 13 27

2007-004 2006 1.65 0.606% 1 2007 2008 2010 2006 2007 2 1 28

2007-004 2006 --- () 2 2008 2010 2007 2008 2007 3 2007 2007 2006 29

2007-004 2006 30

2007-004 2006 3 2007 4 1 2003 2 31

2007-004 2006 3 4 2002 22% 2006 44% 5 6 [2001]100 2002 15 32

2007-004 2006 2002 15% 2003 2004 2005 2006 15% 5 1 2007 1 1 33

2007-004 2006 2 2 9 14% 17 18 38 34

2007-004 2006 1 2 1 1 2006 2006 1 23 2006 1 24 2 2006 2006 3 16 2006 3 18 3 2006 2006 4 18 2006 4 19 4 2006 2006 8 16 2006 8 18 5 2006 2006 10 23 2006 10 24 2 2005 2006 35

2007-004 2006 (2007) 0018 2006 44,283,813.19 1,387,974.65 10% 4,428,381.32 41,243,406.52 2006 2006 2006 1 2 1 2006 2006 3 16 1 2005 2 2005 2 2006 2006 8 16 2006 1 36

2007-004 2006 2 2006 2006 12 31 3 4 5 1 1,588.13 2 1 1,588.13 37

2007-004 2006 % 347.41 26.83 1,194.68 65.22 46.04 3.55 1,588.13 35.90 1 17.10% 2 3 2 3 4 5 120027,000 4020027 1 7/200311 [2004]5 2004 4 1 20 35 2004 4 1 12.25 / 1,205.86 918.43 2 2002 3,000 40 2002 38

2007-004 2006 7 1 3 / 2003 1 1 [2004]5 2004 4 1 15 25 2004 4 1 5 / 652.07 507.63 1 2 200412 2,000 2006 1 23 2006 2,000 600 3 1 66.54 1,857.92 1,836.65 87.81 2 39

2007-004 2006 32006 1 1,451,623 1,451,600 2 2006 5 18 1,451,600 238,215 238,215200612 40

2007-004 2006 2006 4 18 2005 2006 9 20062005 2006 2005 40 40 40 40 2006 2006.4.28 2006.5.10 2006.6.21 2006.7.21 2006.11.14 1 2 1 2 3 4 1 2 3 1 2 1 2 3 1 2 3 41

2007-004 2006 2005 2006 4 19 42

2007-004 2006 () 1998 4 29 [1998]40 18,000 1998 12 21 1999 199967 1998 12 31 10,200 18,000 7,800 50,951,793 65.32% 24,144,960 30.96% 967,749 1.24%2000 4 14 200042 43

2007-004 2006 A 4,000 2000 4 21 5 18 11,800 2001 4 2000 10 5 177,000,000 1 2 1 1 12 31 3 4 5, - 6 7 8 (1) A, 44

2007-004 2006 B C D (2) (3) A B 10% 10% 9 (1) (2) (3) (4) 6% 10 (1) (2) (3) (4) 45

2007-004 2006 (5) A B 11 (1) A B - C- D, A 20%( 20%) 20% 20% 20% 20% B C : 46

2007-004 2006 10 (2) A B C - A B (3) 12 (1) (2) : 47

2007-004 2006 13 (1) 2000 (2) (3) - (4) A ( 3% 5%) % (%) 30-40 5 3.17-2.37 10-15 5 9.5-6.33 8-15 5 11.87-6.33 5 5 19 B (5) :, (6) 14,, 48

2007-004 2006 15 (1) (2) (3) A B C 16 (1) - - (2) 49

2007-004 2006 10 10 50 50 50 50 40 40 40 40 40 40 40 40 40 40 40 40 50 50 50 50 (3) 17, 18 19 (1) (2) 50

2007-004 2006 A B, (3) 20 21 22 (1) [1995]11 50% 50% 50% 50% (1996)2 10% (2), 1 % 5 3 5 751 3 1 0.1 51

2007-004 2006 2 (1) 15% [2001]100 2001 15% 2002 15% (2) 33% 1 () % (1) 5,064.55 5,064.55 100 (2) 10,300.00 9,096.80 88.32 (2) 1,000.00 883.20 88.32 2,600.00 1,326.00 51 719.50 696.98 96.87 (3) 500.00 250.00 50 (4) 500.00 500.00 100 (5) 2,338.30 1,730.34 74 (6) 65.35 33.33 51 (6) 50.16 25.58 51 (1) 2006 1 0.35% (2) 2006 1 23 2006 10,300 1,000 88.32% 2006 3 (3) 35% 15% 50% 52

2007-004 2006 (4) 2006 8 1000 500 2006 9 (5) 2006 12 16 14% 327.35 310, 14% 310 14% 60% 74% (6) 51% 2 2006 2 22 2006 3 1 314,803.62 419,604.98 79,856,004.55 63,990,846.08 14,898.50 2,134,331.80 80,185,706.67 66,544,782.86 2 264,000.00 660,000.00 264,000.00 660,000.00 2005 53

2007-004 2006 3 % % 1 42,869,272.24 91.65 42,042,365.42 89.23 1-2 1,045,674.81 2.24 588,850.44 1.25 2-3 378,510.74 0.81 1,109,240.80 2.35 3 2,479,502.99 5.30 3,378,590.13 7.17 46,772,960.78 100.00 2,806,377.75 47,119,046.79 100.00 2,827,142.82 43,966,583.03 44,291,903.97 (1) 29,546,804.25 63.17% (2) 5% 5% () 4 % % 1 3,285,453.64 31.10 4,210,649.17 41.61 1-2 1,973,945.11 18.69 640,311.22 6.33 2-3 334,113.68 3.16 607,793.00 6.01 3 4,969,468.59 47.05 4,659,431.59 46.05 10,562,981.02 100 2,988,541.09 10,118,184.98 100.00 1,361,853.33 7,574,439.93 8,756,331.65 (1) 4,568,401.88 43.25% (2) 5% 5% 5 % % 1 1,452,128.11 100 953,707.52 100 1,452,128.11 100 953,707.52 100 5% 5% 54

2007-004 2006 6 2,545,493.30 2,471,157.42 72,021.20 58,189.15 528,707.40 504,458.12 904.00 18,058.70 3,147,125.90 3,051,863.39 7 993,131.58 2,807,321.41 2,620,799.26 1,179,653.73 23,638.50 100,235.33 29,816.53 94,057.30 153,636.16 1,254,745.54 1,354,694.69 53,687.01 10,000.00 10,000.00 9,744.00 2,520.00 9,744.00 2,520.00 15,033.38 177,590.76 136,590.58 56,033.56 1,205,183.62 4,342,413.04 4,161,645.06 1,385,951.60 8 225,696,450.69 4,006,687.86 7,411,839.72 222,291,298.83 225,696,450.69 4,006,687.86 7,411,839.72 222,291,298.83 4,006,687.86 A 3,833,850.05 4,498,495.59 819,309.68 74,098.07 1,409,857.15 B 0.35% 4,287.29 55

2007-004 2006 C 14% 168,550.52 7,411,839.72 A 2,500,000.00 () B 3,031,041.16 C 2005 264,000.00 264,000.00 D 2005 1,616,798.56, 1,616,798.56 (1) () () (%) 69,320,000.00-1,461,319.54 264,000.00-3,014,732.19 66,305,267.81 40 19,851,552.00-1,409,857.15-3,230,884.03 16,620,667.97 40 400,000.00 4,498,495.59 1,616,798.56 6,904,378.33 7,304,378.33 40 1,800,000.00-74,098.07-1,800,000.00 0.00 40 1,468,601.30 0 1,468,601.30 0.606 8,200,000.00 0 8,200,000.00 10 100,000,000.00 2,500,000.00-11,250,000.00 88,750,000.00 333,318.43 0 333,318.43 51 255,790.50 0 255,790.50 51 190,000.00 0 190,000.00 19 201,819,262.23 1,553,220.83 4,380,798.56-12,391,237.89 189,428,024.34 (2) 56

2007-004 2006 3,484,752.98 40 3,078,198.47 87,118.83 2,991,079.64 747,704.67 10 394,272.16 4,287.29 73,864.73 324,694.72 20,501,422.66 66 19,362,454.74 310,627.62 19,051,827.12 2,923,938.20 40 2,741,254.82 1 74,591.96 2,666,662.86 8,321,986.47 40 7,864,668.43 168,550.52 204,208.80 7,829,010.15 45,571,043.60 20 43,141,902.13 2,280,629.22 40,861,272.91 81,550,848.58 76,582,750.75 172,837.81 3,031,041.16 73,724,547.40 9 (1) 245,503,129.96 30,729,499.12 1,261,838.41 274,970,790.67 26,872,241.33 1,000,755.60 27,872,996.93 214,261,111.72 13,368,411.38 32,010,079.71 195,619,443.39 21,840,134.68 1,455,417.70 111,373.70 23,184,178.68 508,476,617.69 46,554,083.80 33,383,291.82 521,647,409.67 (2) 13,445,824.70 6,960,331.90 66,950.44 20,339,206.16 5,164,342.66 2,678,831.48 7,843,174.14 116,467,263.08 15,703,136.20 27,723,541.74 104,446,857.54 9,543,843.02 3,212,571.50 86,629.99 12,669,784.53 144,621,273.46 28,554,871.08 27,877,122.17 145,299,022.37 (3) 363,855,344.23 376,348,387.30 363,855,344.23 376,348,387.30 (1) 43,181,717.41 (2) 57

2007-004 2006 (3) 1200 1,396.61 890 938.98 (4) () 2006 12 31 30,421,082.02 15,754,498.42 4 241,958.61 241,958.61 241,958.61 241,958.61 10 ( ) ( ) 792,000.00 3,236,702.25 845,154.21 3,183,548.04 % 349,424.00 5,404,291.00 5,523,855.00 229,860.00 100 218,800.00 1,269,389.75 62,543.75 148,800.00 1,276,846.00 1,723,292.46 1,432,185.28 3,155,477.74 100 C 44,956.55 825,347.60 869,256.55 1,047.60 100 60,000.00 4,924,966.17 4,984,966.17 100 2,190,857.36 2,171,320.17 1,975,534.06 2,386,643.47 23,707,477.57 23,378,262.43 329,215.14 336,290.00 153,911.50 113,911.50 376,290.00 1,311,052.66 916,751.00 122,787.00 2,105,016.66 1,599,918.50 1,599,918.50 1,237,230.02 1,836,786.37 2,149,969.00 10,241.50 913,805.89 8,263,903.05 47,479,047.16 43,181,717.41 159,041.50 12,402,191.30 100 3.4 11 58

2007-004 2006 1,836,640.41 1,836,640.41 12 ) 16,500,000.00 9,831,250.00 1,650,000.00 8,181,250.00 () 10,000,000.00 8,466,666.67 200,000.00 8,266,666.67 41.3 6,000,000.00 5,580,000.00 120,000.00 5,460,000.00 45.5 2,903,259.42 2,558,522.96 72,576.00 2,485,946.96 34.3 5,942,187.15 5,298,427.15 148,560.00 5,149,867.15 34.7 1,000,000.00 947,925.00 24,996.00 922,929.00 37 273,800.00 250,983.30 27,380.04 223,603.26 8.2 1,243,825.86 1,109,393.15 31,092.00 1,078,301.15 34.7 6,115,408.00 5,703,045.02 122,887.08 5,580,157.94 45.4 5,489,930.00 4,460,568.33 137,248.20 4,323,320.13 31.5 26,310,703.72 25,477,531.49 528,454.78 24,949,076.71 45 2,078,900.00 2,026,940.00 51,960.00 1,974,980.00 38 7,422,011.25 7,169,934.16 185,550.24 6,984,383.92 37.6 14,600.00 8,893.40 2,919.96 5,973.44 25 95,042.00 54,924.63 12,072.04 42,852.59 109,830.50 32,949.08 21,966.12 10,982.96 6 7,000.00 4,372.00 3,504.00 868.00 3 7,500.00 6,250.00 3,750.00 2,500.00 8 GPS 9,100.05 8,088.93 3,033.36 5,055.57 20 91,523,097.95 78,996,665.27 3,347,949.82 75,648,715.45 (1) 10 (2) (3) 13 59

2007-004 2006 50,000.00 25,000.00 25,000.00 1,037,000.00 792,000.00 35,000.00 60,000.00 767,000.00 25 1,207,480.50 739,219.91 64,135.00 250,399.65 552,955.26 2 300,000.00 300,000.00 20,000.00 280,000.00 4 8 2,594,480.50 1,556,219.91 399,135.00 355,399.65 1,599,955.26 2002 5 2003 1 2031 12 31 29 3 87 2002 1 2031 12 31 3 90 2006 12 31 103.7 14 1,600,000.00 1,600,000.00 781,000.00 756,000.00 2,381,000.00 2,356,000.00 15 9,000,000.00 9,000,000.00 145,000,000.00 177,000,000.00 154,000,000.00 186,000,000.00 9 16 8,741,049.26 18,543,218.12 1 9,802,168.86 60

2007-004 2006 2 5%( 5%) () 17 4,323,634.44 4,622,366.02 5%( 5%) 18 3,613,292.78 18,518,995.60 19 17,334.12 17,934.12 119,101.99 119,101.99 43.80 261,292.14 397,728.25 137,079.91 2001-2002 2005 20 794,674.54 730,500.29 37,237.17 38,622.32 4,835,340.87 4,810,638.71 439,100.25 1,701,555.49 545,503.81 545,503.81 119,238.48 167,628.62 6,771,095.12 7,994,449.24 21 21,570,452.90 24,668,330.68 5%( 5%) 61

2007-004 2006 () 22 157,500.00 17,500.00 442,672.43 420,218.01 108,528.50 43,783.50 294,482.00 66,900.00 36,000.00 1,070,082.93 517,501.51 23 11,900,000.00 4,000,000.00 40,000,000.00 51,900,000.00 4,000,000.00 9 24 14,000,000.00 20,000,000.00 15,900,000.00 62,000,000.00 70,000,000.00 76,000,000.00 105,900,000.00 14,000,000.00 25 62

2007-004 2006 (%) (%) 116,999,998 66.10-19,200,000-19,200,000 97,799,998 55.25 1 2 79,330,935 44.82-13,018,410-13,018,410 66,312,525 37.46 3 37,669,063 21.28-6,181,590-6,181,590 31,487,473 17.79 37,669,063 21.28-6,181,590-6,181,590 31,487,473 17.79 60,000,002 33.90 19,200,000 19,200,000 79,200,002 44.75 1 60,000,002 33.90 19,200,000 19,200,000 79,200,002 44.75 2 3 4 177,000,000 100 177,000,000 100 10 3.2 26 161,421,483.00 3,743,444.94 157,678,038.06 1,478,151.82 1,478,151.82 112,500.00 112,500.00 163,012,134.82 3,855,944.94 159,156,189.88 3,855,944.94 27 63

2007-004 2006 30,283,780.03 19,570,271.34 49,854,051.37 15,141,890.02 15,141,890.02 45,425,670.05 19,570,271.34 15,141,890.02 49,854,051.37 [2006]67 <> 2006 1 1 2005 12 31 15,141,890.02 28 44,283,813.19 37,152,349.56 1,387,974.65 1,668,477.53 10% 4,428,381.32 3,715,234.96 5% 1,857,617.48 41,243,406.52 33,247,974.65 31,860,000.00 41,243,406.52 1,387,974.65 29 284,348,554.47 266,743,528.91 164,175,891.91 159,810,091.88 4,635,021.40 5,909,344.76 4,463,496.34 6,338,673.05 288,983,575.87 272,652,873.67 168,639,388.25 166,148,764.93 134,265,908.24 46.46% 30 64

2007-004 2006 11,486,284.01 10,443,447.89 567,807.96 557,708.48 457,051.63 415,769.97 12,511,143.60 11,416,926.34 31 655,078.39 666,131.40 1,050,201.78 966,570.97 484,216.53 165,680.21 370,141.00 3,320,915.50 4,610,624.90 103,840.86 104,677.38 360,807.28 378,678.36 932,659.37 311,313.49 85,383.99 147,504.34 7,363,244.70 7,351,181.05 32 4,878,391.07 5,255,539.65 33 51,348,270.62 48,480,748.69 34 65

2007-004 2006 15,986,672.90 13,886,937.12 494,076.07 373,756.08 40,838.25 101,110.29 590.42 12,827.31 84,836.99 91,274.96 15,617,681.65 13,692,738.98 14.06% 35 3,833,850.05 2,720,116.36 (1) 115,200.00 219,366.00-3,031,041.16-3,017,689.45 (2) 14,260,535.48 11,421,141.38 15,178,544.37 11,342,934.29 (1) 115,200.00 115,200.00 (2) ()2 36 59,064.44 61,737.48 22,979.00 25,888.27 57,726.30 52,679.20 139,769.74 140,304.95 37 66

2007-004 2006 3,390,243.53 27,537.16 3,707.27 202,628.00 158,795.00 298,551.35 284,687.40 52,552.28 23,900.00 89,495.06 3,967,875.16 564,221.89 38 929.53 () 490.79 195.04 114.09 49.41 39 1,950.14 () 341.44 196.40 188.83 154.51 156.62 198.25 99.98 96.13 79.98 62.99 42.00 40 385.59 1 67

2007-004 2006 % % 1 28,522,670.68 93.98 29,791,061.94 95.33 1-2 540,117.81 1.78 8,000.00 0.03 2-3 3 1,285,705.82 4.24 1,451,441.42 4.64 30,348,494.31 100 2,519,525.43 31,250,503.36 100 2,573,113.10 27,828,968.88 28,677,390.26 (3) 5% 5% () 2 % % 1 5,136,018.80 34.48 82,149,888.35 90.23 1-2 1,610,826.80 10.81 3,009.86 2-3 7,000.00 0.05 3 8,143,953.34 54.66 8,887,750.34 9.77 14,897,798.94 100.00 2,021,597.54 91,040,648.55 100.00 395,197.83 12,876,201.40 90,645,450.72 (1) 83.64% 7,458.67 (2) 11,187,724.95 75.10% (3) (4) 5% 5% () 3 (1) 68

2007-004 2006 454,334,383.62 38,988,130.87 49,881,212.61 443,441,301.88 454,334,383.62 38,988,130.87 49,881,212.61 443,441,301.88 38,988,130.87 A 25,708,890.80 B 0.35% 174,952.78 4,287.29 C 14% 2,931,449.48 168,550.52 D 10,000,000.00 49,881,212.61 A 2,500,000.00 () B 3,031,041.16 C 2005 264,000.00 264,000.00 D 2005 1,616,798.56, 1,616,798.56 E 2005 11,907,983.84 11,907,983.84 F 10,000,000.00 G 2006 2 26,340,703.72-5,779,314.67 (2) 69

2007-004 2006 (%) 1,468,601.30 0.606 8,200,000.00 10 88,750,000.00 40 5,168,017.12 98 20,513,909.97 51 847,271.47 35 49,795,716.56 100 47,593,190.65 96.87 96,157,738.60 88.32 13,022,249.83 88.32 66,305,267.81 40 21,694,292.27 74 16,620,667.97 40 7,304,378.33 40 443,441,301.88 70

2007-004 2006 ( 17,829,500.00 836,965.30 7,009,209.97 795,600.00 4,324,800.00 50,464,198.50 179,240.07-753,867.24-847,722.01 4,900,000.00 242,438.08 1,415,081.88 173,222.58 1,147,064.76 1,750,000.00 239,773.45-667,184.15 235,544.38 26,263,000.00 16,709,171.93 44,891,836.36 10,939,161.26 23,561,645.71 101,000,000.00-10,000,000.00 3,106,757.44 5,157,738.60 10,000,000.00 3,022,249.83 3,022,249.83 69,320,000.00-1,461,319.54-2,090,732.19 264,000.00 924,000.00 26,340,703.72-26,340,703.72 21,828,317.00 3,100,000.00-2,278,859.98-3,234,024.73 19,851,552.00-1,409,857.15-3,230,884.03 400,000.00 4,498,495.59 8,521,176.89 1,616,798.56 1,616,798.56 1,800,000.00-74,098.07-1,800,000.00 () 3,484,752.98 40 3,078,198.47 87,118.83 2,991,079.64 747,704.67 10 394,272.16 4,287.29 73,864.73 324,694.72 20,501,422.66 66 19,362,454.74 310,627.62 19,051,827.12 2,923,938.20 40 2,741,254.82 1 74,591.96 2,666,662.86 8,321,986.47 40 7,864,668.43 168,550.52 204,208.80 7,829,010.15 45,571,043.60 20 43,141,902.13 2,280,629.22 40,861,272.91 81,550,848.58 76,582,750.75 172,837.81 3,031,041.16 73,724,547.40 4 129,049,901.51 117,594,949.17 62,647,822.22 52,156,945.07 129,049,901.51 117,594,949.17 62,647,822.22 52,156,945.07 5 114,947,296.96 89.07%29 5 71

2007-004 2006 25,708,890.80 16,435,212.17-3,031,041.16-3,017,689.45 14,260,535.48 11,421,141.38 36,938,385.12 24,838,664.10 ()2 () 1 2 () () 13,600.00 13,600.00 5,064.55 5,064.55 11,300.00 1,000.00 10,300.00 1,000.00 1,000.00 2,600.00 2,600.00 719.50 719.50 500.00 500.00 1,000.00 500.00 500.00 2,338.30 2,338.30 72

2007-004 2006 3 % % % % 76,427,689.00 43.18 12,541,980 7.09 63,885,709.00 36.09 50,464,198.50 99.65 181,281.59 50,645,480.09 100 99,800,000.00 88.32 8,832,000 90,968,000.00 88.32 8,832,000 8,832,000. 88.32 13,260,000.00 51 13,260,000.00 51 6,969,796.50 96.87 6,969,796.50 96.87 2,500,000.00 50 2,500,000.00 50 10,000,000.00 100 5,000,000 5,000,000.00 100 14,029,800.00 60 3,273,620 14 17,303,420.00 74 () () 1 347.41 150.53 1,194.68 1,024.69 46.04 22.64 2 2002 7 7000 40 3000 73

2007-004 2006 40 2003 7 /3 / 2003 1 1,, 2004 4 1 15 25 2004 4 1 5 / 2004 4 1 20 35 2004 4 1 12.25 / 40 250 2006 18,579,267.00 2,500,000.00 14,260,535.48 3 () () 878,102.75 665,368.75 1,600,00.00 1,600,00.00 95,049.00 585,269.45 829,816.06 1 2007 2006 74

2007-004 2006 2006 22004 11 1,320 4,000 2,600 2004 12 7 4,000 2007 1 2007 1 26 1 4,000 468.65 2005 1 1 2007 1 20 2 2007 1 30 4,468.65 2007 25 4,468.65 2007 3 15 : 75

2007-004 2006 1 2006 () % / 107,833,044.02 25.24 25.38 0.6092 0.6092 43,351,945.38 10.15 10.20 0.2449 0.2449 44,283,813.19 10.36 10.42 0.2502 0.2502 47,061,702.80 11.01 11.08 0.2659 0.2659 2 () () 44,283,813.19 37,152,349.56 3,967,875.16 564,221.89 139,769.74 140,304.95 500,000.00 117,281.00 60,000.00 20,000.00-490,215.81-42,995.39 47,061,702.80 37,395,990.11 3 76

2007-004 2006 2006 12 31 () 4,188,996.15 1,626,687.76 20,765.07 20,765.07 5,794,918.84 2,827,142.82 20,765.07 20,765.07 2,806,377.75 1,361,853.33 1,626,687.76 2,988,541.09 241,958.61 241,958.61 241,958.61 241,958.61 77

2007-004 2006 78

2007-004 2006 2007 1 1 2006 2007 2007 1 1 2007 2007 1 1 2006 11 [2006 ]136 ) 38 2006 38 2006 38 1 38 2 79

2007-004 2006 1 2006 12 31 2006 12 31 2007 3 13 [2007 ] 0018 2006 2 2006 12 31 5,657,742.50 2,991,079.64 2,666,662.86 38 2007 1 1 5,657,742.50 3 2006 12 31 27,205,531.99 19,051,827.12 7,829,010.15 324,694.72 38 2007 1 1 8,153,704.87 4 1 3 2007 1 1 1,918,462.08 : 1,910,593.18 7,868.90 2 6,048,730.61 2 80

2007-004 2006 5,657,742.50 1,755,970.97 2007 1 1 1,755,970.97 5 2006 12 31 38,312,728.84 2007 1 1 38,312,728.84 2007 1 1 71,001.94 7,868.9 38,320,597.74 81

2007-004 2006 82

2007-004 2006 1 2 3 2007313 83

2007-004 2006 2006 12 31 2005 12 31 1 80,185,706.67 50,713,207.26 66,544,782.86 32,782,716.15 2 264,000.00 556,324.56 660,000.00 2,401,630.23 3 43,966,583.03 27,828,968.88 44,291,903.97 28,677,390.26 4 7,574,439.93 12,876,201.40 8,756,331.65 90,645,450.72 5 1,452,128.11 104,699.48 953,707.52 3,965.23 6 3,147,125.90 586,429.05 3,051,863.39 599,592.80 7 1,385,951.60 833,350.01 1,205,183.62 622,783.27 137,975,935.24 93,499,180.64 125,463,773.01 155,733,528.66 8 222,291,298.83 443,441,301.88 225,696,450.69 454,334,383.62 32,863,274.49 33,440,848.62 222,291,298.83 443,441,301.88 225,696,450.69 454,334,383.62 9 521,647,409.67 216,687,968.25 508,476,617.69 154,229,524.88 9 145,299,022.37 85,992,983.29 144,621,273.46 90,075,768.34 376,348,387.30 130,694,984.96 363,855,344.23 64,153,756.54 241,958.61 241,958.61 376,106,428.69 130,694,984.96 363,613,385.62 64,153,756.54 10 12,402,191.30 6,606,225.08 8,263,903.05 3,541,971.88 11 1,836,640.41 388,508,619.99 137,301,210.04 373,713,929.08 67,695,728.42 12 75,648,715.45 38,762,381.66 78,996,665.27 15,598,777.35 13 1,599,955.26 1,556,219.91 14 2,381,000.00 2,356,000.00 79,629,670.71 38,762,381.66 82,908,885.18 15,598,777.35 828,405,524.77 713,004,074.22 807,783,037.96 693,362,418.05 84

2007-004 2006 2006 12 31 2005 12 31 15 154,000,000.00 145,000,000.00 186,000,000.00 177,000,000.00 16 18,543,218.12 3,029,044.40 8,741,049.26 5,657,472.54 17 4,622,366.02 9,031.00 4,323,634.44 18 18,518,995.60 14,693,403.99 3,613,292.78 2,347,137.87 6,167,690.91 5,607,886.91 5,050,581.19 4,262,746.24 19 397,728.25 261,292.14 137,079.91 20 6,771,095.12 1,539,312.96 7,994,449.24 3,346,380.31 179,640.53 76,849.34 340,316.95 243,148.89 21 24,668,330.68 12,923,201.28 21,570,452.90 11,365,136.58 22 1,070,082.93 610,404.43 517,501.51 454,616.10 23 51,900,000.00 40,000,000.00 4,000,000.00 286,839,148.16 223,750,426.45 242,288,358.18 204,676,638.53 24 76,000,000.00 62,000,000.00 105,900,000.00 70,000,000.00 76,000,000.00 62,000,000.00 105,900,000.00 70,000,000.00 362,839,148.16 285,750,426.45 348,188,358.18 274,676,638.53 38,312,728.84 40,908,900.26 : 25 177,000,000.00 177,000,000.00 177,000,000.00 177,000,000.00 177,000,000.00 177,000,000.00 177,000,000.00 177,000,000.00 26 159,156,189.88 159,156,189.88 163,012,134.82 163,012,134.82 27 49,854,051.37 46,258,302.88 45,425,670.05 41,829,921.56 15,141,890.02 13,943,307.19 28 41,243,406.52 44,839,155.01 1,387,974.65 4,983,723.14 31,860,000.00 31,860,000.00 427,253,647.77 427,253,647.77 418,685,779.52 418,685,779.52 828,405,524.77 713,004,074.22 807,783,037.96 693,362,418.05 85

2007-004 2006 2006 2005 29 288,983,575.87 129,049,901.51 272,652,873.67 117,594,949.17 29 168,639,388.25 62,647,822.22 166,148,764.93 52,156,945.07 30 12,511,143.60 7,195,696.93 11,416,926.34 6,610,726.47 ( - ) 107,833,044.02 59,206,382.36 95,087,182.40 58,827,277.63 ( - ) 31 7,363,244.70 4,729,827.02 7,351,181.05 5,069,442.73 32 4,878,391.07 1,633,095.45 5,255,539.65 2,082,231.89 33 51,348,270.62 37,453,804.91 48,480,748.69 33,082,407.39 34 15,617,681.65 13,149,429.76 13,692,738.98 11,869,308.89 ( - ) 43,351,945.38 11,699,879.26 35,009,336.13 16,862,772.19 ( - ) 35 15,178,544.37 36,938,385.12 11,342,934.29 24,838,664.10 500,000.00 117,281.00 36 139,769.74 83,485.44 140,304.95 61,337.48 37 3,967,875.16 530,400.34 564,221.89 413,091.30 ( - ) 55,202,384.33 48,191,349.48 46,045,634.48 41,349,682.47 9,290,856.20 3,907,536.29 6,971,325.17 4,197,332.91 1,627,714.94 1,921,959.75 ( - ) 44,283,813.19 44,283,813.19 37,152,349.56 37,152,349.56 2006 2005 1 2 3 4 5 6 86

2007-004 2006 2006 2005 44,283,813.19 44,283,813.19 37,152,349.56 37,152,349.56 1,387,974.65 4,983,723.14 1,668,477.53 5,264,226.02 45,671,787.84 49,267,536.33 38,820,827.09 42,416,575.58 4,428,381.32 4,428,381.32 3,715,234.96 3,715,234.96 1,857,617.48 1,857,617.48 41,243,406.52 44,839,155.01 33,247,974.65 36,843,723.14 31,860,000.00 31,860,000.00 41,243,406.52 44,839,155.01 1,387,974.65 4,983,723.14 87

2007-004 2006 2006 335,844,730.70 136,578,929.10 500,000.00 38 9,295,258.82 14,967,937.10 345,639,989.52 151,546,866.20 143,989,252.37 28,084,863.81 55,139,803.24 35,339,976.07 27,220,713.26 16,950,177.98 39 19,501,416.09 17,160,848.68 245,851,184.96 97,535,866.54 99,788,804.56 54,010,999.66 2,500,000.00 2,770,754.53 17,811,265.56 29,029,913.30 534,376.00 534,376.00 20,845,641.56 32,335,043.83 38,295,410.96 16,397,741.79 3,279,240.07 3,279,240.07 41,574,651.03 19,676,981.86-20,729,009.47 12,658,061.97 190,000,000.00 177,000,000.00 190,000,000.00 177,000,000.00 204,000,000.00 177,000,000.00 47,562,926.34 44,882,625.58 40 3,855,944.94 3,855,944.94 255,418,871.28 225,738,570.52-65,418,871.28-48,738,570.52 13,640,923.81 17,930,491.11 88

2007-004 2006 1 44,283,813.19 44,283,813.19 1,605,922.69 1,572,812.04 28,554,871.08 13,872,820.57 3,347,949.82 2,325,249.18 355,399.65-180,767.98-188,309.36 552,581.42 155,788.33 () -52,814.44-52,814.44 3,383,993.53 346,843.34 15,986,672.90 13,299,706.05-15,178,544.37-36,938,385.12-95,262.51 13,163.75 () -597,130.62 2,357,424.41 () 17,822,120.20 12,962,887.72 99,788,804.56 54,010,999.66 2 3 80,185,706.67 50,713,207.26 66,544,782.86 32,782,716.15 13,640,923.81 17,930,491.11 89