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27-11-22 8627 65799773 liuyr@cjsc.com.cn 28 27 65 121.22% 91.3% 619 898 27 6282 78 12 7681 28 6681 5681 4681 3681 2681 1681 6-11 6-12 7-1 7-2 7-3 7-4 7-5 7-6 7-7 7-8 7-9 7-1 28 28 WIND 28 28 15% 5.1~5.2 28 28 28 4-45 1% 5.4

1 27...1 27...1 27...1...3...3 1 28...4 2 28...4 3...8 4...1...11 1...11 2...12...15...15 1...15 2...17 3...17 4...18...18 1...19 2...2 3...21 4...23...24 1...24 2...25 3...26 4...27...27 1...27 2...28...28...28...31...33...34...34 1...34 2...35 3...37...37 1...37 2...38 3...38 4...38

1 27...2 2 27...2 3 27 3 5...2 4 27 7 9...3 5 27...3 6...4 7 27...4 8 27...5 9 26...5 1...5 11...6 12 27...6 13 27 BDI...8 14...8 15...8 16 27...9 17...9 18...9 19...9 2...1 21...12 22 25...12 23...12 24...13 25...14 26...15 27 27...15 28 GDP...16 29...16 3...17 31 27...17 32 27...17 33 27...18 34 27...19 35...2 36...2 37 27...2 38...21 39...21 4 27...22 41...23 42...23 43 24 27...25 44 27 1-1...26 45 27...28 46 27...28 2

47 27...29 48...29 49...3 5...3 51 27...31 52 27...31 53...32 54 27...33 55 27...33 56...34 57 27 EPS...35 58 27 EPS...35 1 26 1...7 2...11 3...11 4 28...11 5...13 6...14 7...14 8 1...19 9 IMF...22 1 IISI...23 11 28...24 12 28...25 13...26 14 28...29 15...32 16 EPS...34 17 27 EPS...36 18...39 3

27 27 1 26 12.39 8.8% 11.13 8.5% 27 26 27 9 9.81 7.3% 21 1.5 26 4.2 27 4.9 26 27 2 27 9.5% 9 / 35 / 13 / 17 / 3 26 27 55 9 6 4 27 8 2.21 38% 1245.5 58.52% 27 27 11 12 121.22% 91.3% 27 2.64% 27 27 1

1 27 25% 2% 15% 1% 5% % 148.92% 121.22% 167.22% Wind 27-1-4 27-11-12 2.64% 91.3% 27 3 5 7 9 2 27 8183 7183 6183 5183 4183 3183 2183 7-1 7-2 7-3 7-4 7-5 7-6 7-7 7-8 7-9 7-1 7-11 Wind 27-1-4 27-11-12 7 3 27 3 5 2

14% 12% 1% 122.8% 113.% 16.65% 8% 74.98% 6% 5.42% 4% 2% % Wind 27-3-6 27-5-28 4 27 7 9 9% 83.98% 8% 7% 73.9% 67.89% 6% 5% 4% 3% 33.57% 2% 1% % Wind 27-7-2 27-9-17 27 28 27 27 27 5 27 3

19 17 15 13 11 9 7-1-5 7-1-19 7-2-2 7-2-16 7-3-2 7-3-16 7-3-3 7-4-13 7-4-27 7-5-11 7-5-25 7-6-8 7-6-22 7-7-6 7-7-2 7-8-3 7-8-17 7-8-31 7-9-14 7-9-28 7-1-12 7-1-26 1 28 27 28 6 6 3% 5 4 3 2 25% 2% 15% 1% 1 5% 21 22 23 24 25 26 27E 28E % 28 1% 5 8 2 28 27 5% 7 27 4

7% 19% 43% 12% 7% 12% Rio Tinto Mysteel 1 25 114.6% 27 27 7.12 1.3 22% 27 8 27 8 7 6 5 4 3 2 1 Jan-7 Feb-7 Mar-7 Apr-7 May -7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 7% 6% 5% 4% 3% 2% 1% % -1% Wind 26 36 28.1% 2 26 9 26 7 6 5 4 3 2 1 1-2 3 4 5 6 7 8 9 1 11 12 14% 12% 1% 8% 6% 4% 2% % -2% 25 26 1 5

1 8 6 4 2 5% 4% 3% 2% 1% 26A 27E 28E 29E 21E % 28 28 7 15% 35 2 11 35 3 25 2 15 1 5 32.9% 4.4% 32.3% 2.7% 18.6% 14.9% -5.8% 21 22 23 24 25 26 27Q3 6% 4% 2% % -2% -4% -6% 12 27 4 35 3 25 2 15 1 5 Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 4% 3% 2% 1% % -1% -2% -3% 2.98~3 1-9 6

7 22.7% 95 2 4.5 1.9 9 2.2 3 2 215 3 1.7 3 36 FMG 3 3 212 2 1 26 1 21 11783 4 1254 9 729 3 652 2 195 1 77 2 48 42 14738 Mysteel 27 64% 28 45 28 7

3 BDI 1% 13 27 BDI 12, 11, 1, 9, 8, 7, 6, 5, 4, 7-1-2 7-2-2 7-3-2 7-4-2 7-5-2 7-6-2 7-7-2 7-8-2 7-9-2 7-1-2 7-11-2 Clarkson 14 3 25 2 15 1 5 1996 1997 1998 1999 2 21 22 23 24 25 26 / Clarkson 15 8 7 6 5 4 3 2 1 1998 1999 2 21 22 23 24 25 26 8

1% 16 27 1 8 6 4 2 7-1-5 7-1-19 7-2-2 7-2-16 7-3-2 7-3-16 7-3-3 7-4-13 7-4-27 7-5-11 7-5-25 7-6-8 7-6-22 7-7-6 7-7-2 7-8-3 7-8-17 7-8-31 7-9-14 7-9-28 7-1-12 7-1-26 7-11-9 Clarkson 21 28 17 1 8 GT 6 4 2 1999 2 21 22 23 24 25 26 27E 28E 29E Clarkson 18 DWT 14 12 1 8 6 4 2 2 21 22 23 24 25 26 27E 28E 29E 21E 211E 212E Clarkson 19 9

DWT 7 6 5 4 3 2 1 2 21 22 23 24 25 26 27E 28E 29E 21E 211E 212E 12 1 8 6 4 2 BDI Clarkson 28 2 Clarkson 4 28 28 1

/ 2 / 13 47.58 51.47-82.42-78.53 184 175 133.23 87.84-5.56-95.94 3% 1 28 3 1 27 26 27 26 66% 136. 75. 64. 61. 72. 63.5% 14. 66. 6. 74. 8. 51.47 47.1 39.5 4.46 11.97 36.37 16.57 9.45 19.8 26.93 / 87.84 63.58 48.95 24.26 38.9 47.58 43.45 36.52 4.13 11.6 85.65 36.21 23. 49.44 62.65 / 133.23 79.66 59.51 53.57 73.71 1 6% 4% 4 28 / 1% 2% 3% 4% 5% 1% 49.33 57.31 65.3 73.29 81.27 2% 58.3 66.29 74.27 82.26 9.25 3% 67.27 75.26 83.25 91.23 99.22 11

5% 345 ~695 4 8.6%~17.4% 2 8 2.21 38% 1245.5 58.52% 25 21 3 25 2 15 1 5 1999 2 21 22 23 24 25 26 27 8 5 4 3 2 1 Wind 25 25 25 22 25 12 115 11 15 1 95 9 85 8 Jan-5 Jan-5 Feb-5 Feb-5 Mar-5 Mar-5 Apr-5 Apr-5 Apr-5 May-5 May-5 Jun-5 Jun-5 Jul-5 Jul-5 Aug-5 Aug-5 Sep-5 Sep-5 Sep-5 Oct-5 Oct-5 Nov-5 Nov-5 Dec-5 Dec-5 23 12

17 15 13 11 9 7 Oct-4 Dec-4 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 Oct-7 5 Pearson Correlation.612(**).826(**) N 152 152 Pearson Correlation.736(**).91(**) N 152 152 ** Correlation is significant at the.1 level (2-tailed) 24 3 25 2 15 1 5 Mar-3 May-3 Jul-3 Sep-3 Nov-3 Mar-4 May-4 Jul-4 Sep-4 Wind Nov-4 Mar-5 May-5 Jul-5 Sep-5 Nov-5 Mar-6 May-6 Jul-6 Sep-6 Nov-6 2 15 1 5 13

25 12 1 8 6 4 2 8% 7% 6% 5% 4% 3% 2% 1% % 24-1-29 24-12-31 25-4-29 25-6-24 25-8-26 25-1-28 25-12-3 26-4-28 26-6-3 26-8-25 26-1-27 26-12-29 Wind 6 Pearson Correlation.365.51(*).425(*) Sig. (2-tailed).73.11.34 N 27 27 27 * Correlation is significant at the.5 level (2-tailed). 7 Pearson Correlation.679(**).779(**).592 (**) Sig. (2-tailed)...3 N 27 27 27 * Correlation is significant at the.5 level (2-tailed). 14

26 28 1 27 GDP 11.5% 27 27 15

17 16 15 14 13 12 2715 27119 2722 27216 2732 27316 2733 27413 27427 27511 27525 2768 27622 2776 2772 2783 27817 27831 27914 27928 27112 27126 27119 1 28 11% 28 IMF 28 1.5% 1% IMF 28 GDP 25 2 15 1 5 8.4 8.3 9.1 1 1.1 1.4 1.7 11.5 2 21 22 23 24 25 26 27.9 14 12 1 8 6 4 2 Wind 25% 29 1 8 6 4 2 1.5 14.4 18.3 29.1 27.6 27.2 24.5 26.4 2 21 22 23 24 25 26 27.9 35 3 25 2 15 1 5 16

Wind 1~11% 2 3 5 4 3 2 1 21.5% 21.2% 25.9% 14.6% 14.% 18.8% 3% 25% 2% 15% 1% 5% % 21 22 23 24 25 26 31 27 38 37 36 35 34 33 32 31 3 29 2% 16.5% 15% 13.1% 11.6% 12.5% 1.6% 7.4% 4.5% 6.5% 1% 5% % Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 3 32 27 17

4 35 3 25 2 15 1 5 7.1.12 7.1.26 7.2.9 7.2.27 7.3.9 7.3.23 7.4.6 7.4.27 7.5.18 7.6.1 7.6.22 7.7.6 7.7.2 7.8.1 7.8.24 7.9.7 7.9.21 7.1.8 7.1.19 7.11.2 Mysteel 27 4 GDP 27 13% 15% GDP 28 15% 5.1~5.2 1 48 91.2% 33 27 8 7 6 5 4 3 2 1 2% 15% 1% 5% % -5% 1 2 3 4 5 6 7 8 9 1 18

3 55 34 27 8 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 9 1 7% 6% 5% 4% 3% 2% 1% % -1% 28 1 8 1 26.9.14 26 9 15 142 11% 8% 26.1.27 27.4.9 27.4.3 27.5.21 27.6.19 26 11 1 1 5% 27 4 15 27 72 76 5 83 27 5 2 83 24 28 27 6 1 8 5-1% 1% 15% 27 7 1 2831 13% 5% 13% 9-11% 9 6 5 21 83 4 3 1% 5% 19

11% 5%-1% 2 35 8 7 6 5 4 3 2 1 24-1 24-3 24-5 24-7 24-9 24-11 25-1 25-3 25-5 25-7 25-9 25-11 26-1 26-3 26-5 26-7 26-9 26-11 27-1 27-3 27-5 27-7 27-9 Wind 5 4 3 2 1 7% 36 16 14 12 1 8 6 4 2 21 22 23 24 25 26 27E 12% 1% 8% 6% 4% 2% % IISI 37 27 2

115 11 15 1 95 9 1 2 3 4 5 6 7 8 9 16% 14% 12% 1% 8% 6% 4% 2% % IISI 38 14 12 1 8 6 4 2 22 23 24 25 26 7 1-8 IISI 39 12 1 8 6 4 2 22 23 24 25 26 7 1-8 IISI 3 27 9% 28 21

4 27 2% 1% 21% 1% 4% 62% IMF 1 IMF 9 IMF 27 1 7 26 27 28 27 28 5.4 5.2 4.8 -.4 2.9 2.5 2.2 -.1 -.6 2.9 1.9 1.9 -.1 -.9 2.8 2.5 2.1 -.1 -.4 7.7 7.8 7 +.2 -.1 9.8 9.8 8.8 +.2 -.3 11.1 11.5 1 +.3 -.5 9.7 8.9 8.4 -.1 5.6 5.7 6.5 -.7 +.3 5.6 5.9 5.9 +.5 +.4 28 CRU 28 28 28 27 22

8.7% 28 IMF 27 28.4.9 6.8% 6.8% 1 IISI 26 27 28 6/5% 7/6% 8/7% 27 184.9 192.2 195 11.4 4. 1.4 27.2 29.3 31 11. 7.8 5.7 5 59.8 65.2 18.1 19.5 8.9 155.7 148.1 153.9 11.5-4.9 4 35.6 39.5 41.6 11.8 1.9 5.2 23.1 25.1 27.5 11.4 8.9 9.5 37.3 4.4 43.4 9.8 8.4 7.5 ( ) 67.2 663.2 721.1 6.2 9.2 8.7 1,12.9 1,197.7 1,278.6 8.8 6.8 6.8 457.8 516.6 573.9 9.8 12.8 11.1 763.5 799.6 834.8 8.7 4.7 4.4 Mysteel 4 41 42 23

18 16 14 12 1 8 Jan-3 Apr-3 Jul-3 Oct-3 Jan-4 Apr-4 Jul-4 Oct-4 Jan-5 Apr-5 Jul-5 Oct-5 Jan-6 Apr-6 Jul-6 Oct-6 Jan-7 Apr-7 Jul-7 Oct-7 Global Index CRU Mysteel 28 28 28 55 4-45 1 28 4 11 28 1 178mm 27.11 4 2 158 27.12 2 3 178mm 28.1 4 4 125 28.1 2 5 125 28.3 2 6 225mm 28.3 4 7 125 28.4 2 8 145 28.6 3 9 15 28.6 22 1 158 28.6 3 11 178 28.1 4 12 17mm 28.1 2 13 178mm 28.12 3 14 158 28.12 3 15 225 28.12 5 16 15 28.12 3 17 213mm 28.12 4 522 24

1 12 28 1 39+41mm 27.1 14 2 33/33 27.11 15 3 27.11 14 4 35mm 27 12 5 35 /35 27 12 6 28mm 27.12 12 7 42mm 28.3 16 8 55mm 28.8 2 9 43mm 28.1 16 1 43mm 28 18 149 2 24 26 26 28 28 43 24 27 35 3 25 2 15 1 5 Feb-4 Apr-4 Wind Jun-4 Aug-4 Oct-4 Dec-4 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 25 2 1.5 1.5 -.5

44 27 1-1 44 42 4 38 36 34 32 3% 25% 2% 15% 1% 5% % 1 2 3 4 5 6 7 8 9 1 3 27 13 % % 1 2255.2 969.2 43 2422.8 872.7 36 398 186 46.7 519 268 51.6 1 656 65.6 32 25 221 43 19.5 6 6 1 15 15 1 248 19 7.7 37.6 135.6 36.6 195 195 1 13.2 13.2 1 1 5 5 141 477.2 31.1 6.5 75 35 46.7 14 26

8 1 49 791 23 6 52 248 371 4 15 26 113 1 27 1 3 28 37 191 29 1 1 15 277 21 2 1 1 3 115 734 27 21 2 3 23 24 11 18 4859 3619 27 141 1146 27 3666 3569 28 4 28 1% 5.4 1 28 5.4 5 45 27

2 1 27 27 45 27 16 15 14 13 12 11 1 2715 27119 2722 27216 2732 27316 2733 27413 27427 27511 27525 Mysteel 2768 27622 2776 2772 2783 27817 27831 27914 27928 27112 27126 27119 46 27 1 8 6 4 2 5% 4% 3% 2% 1% Jan-7 Feb-7 Mar-7 Apr-7 May -7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 % 28

47 27 35 7% 3 6% 25 2 15 5% 4% 3% 1 2% 5 1% Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 % 48 75 65 55 45 35 25 25-1-4 25-2-5 25-4-8 25-5-16 25-6-16 25-7-19 25-8-19 25-9-21 25-1-27 25-11-29 25-12-3 26-2-9 26-3-14 26-7-1 26-8-1 26-9-12 26-1-18 26-11-2 26-12-21 27-1-24 27-3-2 27-4-6 27-5-14 27-6-2 27-7-23 27-8-27 27-9-27 27-11-2 2 28 28 4 14 28 1 213 26.6 2 2 178 26.7 18 3 26.12 7 4-26.12 8 5 12mm 26.12 18 29

6 13mm 26.12 7 7 3# 26.12 1 26 88 8 213mm 27.8 21 9 27.12 13 1 175mm 27.11 15 11 27.12 2 12 27.12 1 13 15 27-28 1 14 145 27-28 1 27 99 3 28 28 1 722.25 22.6% 9 28 2% 1 49 8 7 6 5 4 3 2 1 1999 2 21 22 23 24 25 26 27.1 5% 4% 3% 2% 1% % Wind 27 1 2% 28 5 1 8 6 4 2 22 23 24 25 26 Oct-7 6% 5% 4% 3% 2% 1% % -1% 3

Wind 4 1 27 27 51 27 18 17 16 15 14 13 12 2715 27119 2722 27216 2732 27316 2733 27413 27427 27511 27525 2768 Mysteel 27622 2776 2772 2783 27817 27831 27914 27928 27112 27126 27119 3% 5 25% 52 27 5 4 3 2 1 5% 4% 3% 2% 1% Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 % 2 28 28 1 2% 31

3 28 165% 426 42% 53 9 2.% 8 7 6 5 4 3 2 1 18.% 16.% 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 Clarkson, 26 215 215 24 21 635 13 21 1838 21 1 1.5 2 21 14 15 25A 26A 27E 28E 29E 21E GW 517 622 79 784 855 92 13 15 14 1 75 15 1 9 85 75 17.2% 2.3% 14.% 1.6% 9.1% 7.7% 32

4 1 27 27 54 27 17 16 15 14 13 12 2715 27119 2722 27216 2732 27316 2733 27413 27427 27511 27525 2768 Mysteel 27622 2776 2772 2783 27817 27831 27914 27928 27112 27126 27119 27 2% 55 27 25 2 15 1 5 25% 2% 15% 1% 5% Jan-7 Feb-7 Mar-7 Apr-7 May -7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 % 2 28 3 28 33

56 25 2 15 1 5 1999 2 21 22 23 24 25 26 27.1 35% 3% 25% 2% 15% 1% 5% % Wind 28 4 1 Wind 27 11 14 7 8 PE 2.26 15.62 PE 16 EPS 6A 7E 8E 7E 8E.5469.7364.9553 2.26 15.62.92.3464.4651 39.86 29.47.7235.8335.981 44. 37.42.2172.6142.8534 38.12 27.88.3247.456.4813 34.85 29.11.193.4679.7118 44.2 28.74.2158.437.5648 39.18 3.3 34

.968.37.3983 45.5 34.11.2191.619.7654 43.24 33.67.1999.3426.4824 39. 27.71.2828.5331.8434 51.13 32.7.256.3195.4194 52.42 4.1.1359.336.4774 75.64 52.38.91.3497.678 48.31 27.92.2384.541.6857 65.88 46.62.614.4271.4594 35.2 27.52.295.3751.4886 36.89 32.19.2497.5395.7395 29.29 2.76.788.4876.619 37.74 3.98 -.856.2468.3521 43.22 28.27.5273.7775 1.135 24.66 19.1.2172.6142.8534 38.12 27.88.1425.4648.647 39.6 3.9.17.3295.543 46.21 28.28 Wind 27-11-12 2 27 57 27 EPS 5% 4% 3% 2% 1% %..2.4.6.8 1. 1.2 Wind 27-1-4 27-11-12 58 27 EPS 5% 4% 3% 2% 1% % -1% % 1% 2% 3% 4% 5% 6% 7% 35

Wind 27-1-4 27-11-12 3% 27 315.81% 2% 17 27 EPS 7Q3EPS EPS.375 44.18% 135.33% 1 569 *ST.288 39.91% 149.6% 2 629.2219-11.24% 26.6% 3 78.5491-3.84% 13.51% 4 79.7528 47.61% 237.36% 5 717.3813 35.26% 163.86% 6 761.393 37.89% 115.75% 7 778.375 18.78% 114.2% 8 825 1.358 1.35% 126.54% 1 898 1.169 27.52% 158.72% 12 932.4611 74.% 148.27% 13 959.1842-3.5% 114.77% 14 961.638 27.6% 22.65% 15 211.5684-12.55% 143.38% 18 2761 B.393 37.89% 57.7% 19 61.2756 1.24% 64.19% 2 65.6374 9.84% 137.81% 21 61.1619 15.64% 128.8% 22 619.623 15.83% 83.29% 23 622.7258 23.2% 179.98% 24 612.8764 39.11% 274.48% 25 6117.2793 21.22% 343.67% 26 6126.4574 75.92% 152.26% 28 6231.529 1.54% 114.66% 29 6282.7899 185.16% 315.81% 3 637.5785 47.2% 431.84% 31 6357.387 1.25% 26.4% 32 6399.372 43.8% 218.7% 34 6569.3231 49.17% 259.9% 35 6581.4333 116.65% 267.89% 36 6782.21 16.4% 261.46% 39 688.2442-6.11% 95.98% 4 6894.382 664.% 155.87% 41 6992.1922-3.9% 8.71% 42 615.2337 94.75% 151.77% Wind 27-1-4 27-11-12 36

3 1 27 2 28 3 1 11 16~18 1/4 27 3.44% 2% HIB 27.6 7 8 EPS.86 1.25 37

2 22 27 212 5 75% 7 8 EPS.78 1.15 3 27 16 27 28 5 28 2 28 7 8 EPS 1.2 1.58 4 6 55 27 7 6 9 38

7 8 EPS 1.4 1.27 18 EPS PE 6A 7E 8E 6A 7E 8E 65.5.86 1.25 3.5 17.7 12.2 619.74.78 1.15 21.2 2.1 13.6 898 1.15 1.2 1.58 23.1 22.2 16.8 6282.42 1.4 1.27 38.8 15.7 12.8 78.71.72.95 19.4 19.1 14.5 39

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