% 22% A IPO IPO A A H 1 12 A A

11 A 2006 11 1 / / 63295888 445 chenli@sw108.com 63295888-310 anyun@sw108.com (8621) 63295888 344 zhoufeng@sw108.com 99 8621 63295888 http://www.sw108.com 11 6-9 06 3 3 14% 22% ROE 1 06 EPS 27% 07EPS 18% 06PE 11 2 07/08 1 9 2 06 07 1-3 30% 11 3% 2% 1% 2% 2% 2%

1. 11 1.1 11 3 06 3 3 14% 22% 06 2 3 6-9 6-9 A 11 10 9 IPO 29.5 10 10 65.6 6 IPO A A H 1 12 A A 2628 15 240 525 27.5 100 1

991 10 60 2318 11.5 250 694 8 40 1919 15 55 3328 20 120 883 n.a. n.a. 857 100 400 2600 n.a. n.a. A H 20 A H A 750 A 1000 A H A 06 11 2007 A IPO 1500 10 130 2007 600-700 14 A 2200 A 1.2 25 06PE 1 300 60 50 40 30 20 10 0 01-06 01-25 02-24 03-17 04-07 04-28 05-26 06-16 07-07 07-28 08-18 09-08 09-29 2

1-2 price in 3-6 3-6 10% 8000 2 2.1 1345 1755.7 22.8% 34395.5 17.8% 0.21 8.4% 0.454 31.9% 2 3.0 35% 2.5 30% 2.0 1.5 1.0 25% 20% 15% 10% 0.5 5% 0.0 ( ) ( ) CFO( ) EPS( ) 0% 05 ( ) 06 ( ) ( ) WIND 06 3

06 1 14.1% 8.7% 132 71.9% 2001 2005 2007 1 07 2 2002 17.2% 3.4% 23.8% 2003 28.2% 36.6% 23.4% 2004 31.2% 23.8% 22.5% 2005 21.1% -4.9% 19.9% 2006Q1 16.5% -12.0% 16.7% -14.3% 2006Q1-Q2 17.8% 3.8% 19.6% 1.4% 2006Q1-Q3 17.8% 22.8% 18.6% 14.1% WIND 3 40% 30% 20% 10% 0% 2001 2002 2003 2004 2005 2006Q1 2006M 2006Q3-10% -20% 4

WIND 20% A 372 50% 246 127 A 04 06 4 / 140 120 2001 14.0% 130.0 2002 14.4% 28.1 2003 15.4% 60.8 2004 13.8% 6.7 2005 13.1% 116.3 2006 11.8% 73.8 20063Q 10.5% 132.0 100 80 60 40 20 0 2001 2002 2003 2004 2005 2006 20063Q 16% 15% 14% 13% 12% 11% 10% 9% 8% / WIND A 06-1% 8.7% 14.1% 2.2 5

IT 3 06 06 06 06 06 06 268.90% 1578.50% 765.00% 182.70% 44.50% 50.00% 101.40% 448.30% 397.60% 34.90% 47.10% 47.20% 37.10% 62.80% 153.90% 2.20% 32.40% 43.80% -60.60% 139.90% 143.60% 36.70% 34.70% 41.20% 66.80% 105.20% 123.80% -18.80% 34.70% 39.80% -379.40% 101.80% 114.00% 22.40% 29.70% 38.70% 31.60% 61.10% 113.30% 25.90% 38.40% 37.30% 207.50% 137.80% 103.90% 4.00% 33.50% 36.00% 122.00% 90.10% 102.70% -0.10% 23.40% 34.00% -500.50% 87.90% 94.30% 26.90% 35.00% 31.20% 14.30% 35.10% 83.50% -6.50% 42.20% 30.40% 35.10% 87.90% 81.00% 31.70% 29.80% 28.60% 87.30% 29.00% 78.50% 42.10% 20.80% 27.20% 263.40% 68.50% 73.40% 26.60% 19.70% 20.00% -1.00% 2.70% 67.20% 41.40% 22.00% 19.30% 6.40% 2.80% 64.00% -13.30% 3.10% 19.10% 67.40% 57.10% 55.30% 9.90% 11.70% 15.30% 49.70% 44.10% 54.00% -5.20% -0.60% 13.10% WIND 21.90% 16.90% 12.50% 4 ROE ROE ROE ROE 06 06 06 5 2006 2006 2006 2006 ROE ROE ROE ROE 6

27.5% 20.6% 21.1% 22.3% 7.4% 0.3% 0.5% 0.3% 11.0% 11.7% 12.0% 11.6% 2.8% 0.3% 0.9% 1.3% 24.8% 19.8% 21.1% 21.2% 4.7% -0.1% 0.5% 1.1% 55.2% 61.0% 58.5% 58.5% 7.4% 0.3% 0.9% 1.8% 20.0% 17.9% 17.9% 18.2% 9.2% 0.5% 2.1% 4.3% 21.2% 16.3% 16.7% 17.0% -0.7% 0.0% 0.5% 3.3% 43.0% 43.7% 44.0% 43.4% 5.2% 0.4% 0.5% 0.6% 16.4% 17.9% 18.7% 17.7% 18.8% 1.6% 5.6% 8.7% 22.3% 20.4% 20.9% 21.1% 6.4% 0.7% 1.6% 2.3% WIND ROE 3 3.1 20% 12 5 9 3 EPS EPS 2006 2006 % 2006 2006 ROE 2006 10.8% 27.1% 18.3% 0.3% 37.8% 4.9% 13.4% 22.60% 22.70% 17.90% -0.50% 7.10% 0.10% 15.30% P/E 2006 PEG P/B P/FCF EV/EBITDA EV/ 2006 P/D 10.2 0.7 1.4 27.4 6.1 3.9 23.6 14.2 1 2.2 45.4 6.4 0.9 51.8 9 06 EPS EPS 7

06PE PEG PB P/FCF EV/EBTIDA 30% 10 A-H A H 15% 5 30% A 80% 70% 60% 50% 40% 30% 20% 10% 0% 11-1 12-1 1-1 2-1 3-1 4-1 5-1 6-1 7-1 8-1 9-1 10-1 11-1 -10% -20% 6 10 3 EPS EPS 2006 2006 % 2006 2006 ROE 2006 10.8% 27.1% 18.3% 0.3% 37.8% 4.9% 13.4% P/E 2006 PEG P/B P/FCF EV/EBITDA EV/ 2006 P/D 10.9 0.6 1.5-8.8-23.6 EPS 20% 30% 8

7 1999 2 35.5-2000 11 133.6-1997 11 91-2000 2 33.7-2004 10 82-8 06 EPS 07 EPS 08 EPS 06 6 0.060 0.118 0.140 07 07 0 0.049 0.114 0 0.020 0.045 07 08 0 0 0.122 9 7 1 4 1 30% 15% 15% 4 1 10% 06 EPS 07 EPS 08 EPS 06 7 1 0.062 0.065 0 06 4 1 0 0.03 0 06 07 0 0.039 0.021 9

06 4 0.003 0 0 06 07 0 0.066 0.036 EV/EBITDA 06-08 10 2005 2006 EPS EPS 2007 EPS 2008 EPS 06PE 07PE 0.134 0.15 0.17 30.8 34.6 0.496 0.342 0.363 0.392 23.9 22.6 0.55 0.578 0.569 0.597 13.5 13.7 A 0.905 0.977 0.98 1.029 14 14 0.509 0.692 0.743 0.802 11.7 10.9 0.141 0.148 0.169 0.212 20.4 17.8 0.455 0.462 0.499 0.544 16.3 15.1 S -0.41 0.043 0.134 0.15 72.5 23.5 0.154 0.239 0.058 0.111 15.8 65.2 S 0.512 0.497 0.436 0.442 18.9 21.5 0.043-0.231-0.111 0.028 0.252 0.29 0.341 0.4 18.2 15.5 0.252 0.277 0.388 0.51 24.5 17.5 0.312 0.363 0.43 0.507 21.4 18.1 0.721 0.85 0.993 0.896 17.9 15.3 0.341 0.513 0.6 0.661 13.6 11.6 0.204 0.296 0.401 0.441 12.1 9 0.44 0.721 0.749 0.824 11 10.6 0.282 0.319 0.387 0.418 12 9.9 0.352 0.385 0.423 0.466 9 8.1 0.397 0.441 0.48 0.528 11.3 10.4 0.222 0.274 0.298 0.342 16.2 14.9 0.816 0.789 0.915 0.946 10.3 8.9 1.046 0.766 0.699 0.699 9.6 10.5 0.465 0.444 0.434 0.478 10.3 10.5 0.274 0.322 0.391 0.418 19 15.6 0.188 0.296 0.356 0.423 22.8 19 10

11 3.2,, 9 20 300 / 6 06 06 2000 05 2400 7 8 2600 2800 3000 3200 3400 3600 3800 13-May-05 02-Jun-05 22-Jun-05 12-Jul-05 01-Aug-05 21-Aug-05 10-Sep-05 30-Sep-05 20-Oct-05 09-Nov-05 29-Nov-05 19-Dec-05 08-Jan-06 28-Jan-06 17-Feb-06 09-Mar-06 29-Mar-06 18-Apr-06 08-May-06 28-May-06 17-Jun-06 07-Jul-06 27-Jul-06 16-Aug-06 05-Sep-06 25-Sep-06 8 25 3000 3800 4600 5400 6200 7000 7800 13-May-05 02-Jun-05 22-Jun-05 12-Jul-05 01-Aug-05 21-Aug-05 10-Sep-05 30-Sep-05 20-Oct-05 09-Nov-05 29-Nov-05 19-Dec-05 08-Jan-06 28-Jan-06 17-Feb-06 09-Mar-06 29-Mar-06 18-Apr-06 08-May-06 28-May-06 17-Jun-06 07-Jul-06 27-Jul-06 16-Aug-06 05-Sep-06 25-Sep-06 1.0*1250*2500 2500 3100 3700 4300 4900 5500 13-May-05 02-Jun-05 22-Jun-05 12-Jul-05 01-Aug-05 21-Aug-05 10-Sep-05 30-Sep-05 20-Oct-05 09-Nov-05 29-Nov-05 19-Dec-05 08-Jan-06 28-Jan-06 17-Feb-06 09-Mar-06 29-Mar-06 18-Apr-06 08-May-06 28-May-06 17-Jun-06 07-Jul-06 27-Jul-06 16-Aug-06 05-Sep-06 25-Sep-06 16000 19000 22000 25000 28000 31000 34000 May-05 Aug-05 Nov-05 Feb-06 May-06 Aug-06

190 170 150 130 110 90 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 70 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 07 200 80% 07 07 2006 1 8-1.36% 9 2007 10 2007 35% 30% 40% 35% 25% 30% 20% 25% 15% 20% 10% 5% 0% 2005 2006 2007 2008 15% 10% 5% 0% 2005 2006 2007 2008 7 8 850 07 10% 935 11 12

12% 10% 8% 6% 4% 2% 0% Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 06 A H 12 10 9 8 7 6 5 4 3 G G + 04-07 04-10 04-12 05-03 05-06 05-08 05-11 06-02 06-05 06-07 06-09 1000 0.8 G G G G 13

11 2006-10-31 05EPS 06EPS(F) 07EPS(F) 08EPS(F) 04PE 05PE 06PE 07PE 4.78 0.72 0.75 0.85 1.02 6.37 6.64 6.37 5.62 3.12 0.62 0.48 0.58 0.66 7.61 5.06 6.50 5.38 3.05 0.44 0.36 0.40 0.51 5.55 6.92 8.47 7.63 6.90 0.70 1.18 1.30 1.40 11.50 9.83 5.85 5.31 3.60 0.48 0.33 0.40 0.44 5.71 7.50 10.80 9.00 3.25 0.10 0.35 0.40 0.43 2.88 31.99 9.29 8.13 7.99 0.60 0.77 1.00 1.17 10.24 13.29 10.38 7.99 3.77 0.27 0.39 0.43 0.48 6.61 14.19 9.67 8.77 5.26 0.88 0.86 0.88 0.92 6.12 5.98 6.12 5.98 3.93 0.33 0.34 0.36 0.40 3.78 11.91 11.56 10.92 4.51 0.50 0.68 0.74 0.75 6.63 9.02 6.63 6.09 3.96 0.40 0.34 0.36 0.40 6.44 9.90 11.65 11.00 2.39 0.22 0.29 0.32 0.35 6.64 11.12 8.24 7.47 3.53 0.44 0.40 0.45 0.49 5.12 8.05 8.83 7.84 4.08 0.70 0.52 0.60 0.65 3.89 5.83 7.85 6.80 4.31 0.25 0.35 0.43 0.48 11.97 17.24 12.31 10.02 3 3.1 10 10 30 05 14

15 115.9% 74.7% 41.2% 13 WIND, 3.2 30 30% 10 183 A 2006 50 75 100 125 150 175 200 225 05-05-27 05-06-24 05-07-22 05-08-19 05-09-16 05-10-21 05-11-18 05-12-16 06-01-13 06-02-17 06-03-17 06-04-14 06-05-19 06-06-16 06-07-14 06-08-11 06-09-08 06-10-13

2006 1-2 30 30% 12 2006 - (06 2006 ) 2005 600877 16.0% -525.6% 541.6% -1.6% 9.93% 600393 24.5% -412.4% 436.9% -0.4% 23.61% 000408 *ST -60.0% -303.0% 243.0% 17.7% 6.10% 000159-7.4% -239.4% 232.0% 3.8% 34.18% 000061-16.0% -208.2% 192.2% 2.8% 26.44% 600146 119.2% -4.5% 123.7% 11.6% 18.15% 600781 *ST 182.8% 62.9% 119.9% 21.1% 20.78% 600293 38.6% -81.2% 119.7% 1.5% 10.00% 600582 S 173.1% 72.5% 100.5% -1.8% 24.84% 600203-10.4% -99.0% 88.6% 1.4% 3.18% 000685 4.7% -77.3% 82.0% 0.2% 52.47% 600189 1.7% -48.1% 49.8% 1.4% 25.11% 600289 21.2% -22.2% 43.4% 2.2% 33.25% 000717 16.8% -26.0% 42.8% 3.8% 4.63% 600326 23.7% -17.0% 40.7% 0.0% 17.19% 000802 13.2% -27.4% 40.6% 12.3% 34.26% 600597 0.2% -40.2% 40.4% 0.5% 31.15% 600569-4.8% -43.4% 38.6% 1.6% 8.16% 000515 37.1% 2.3% 34.7% -0.4% 15.33% 000525 23.2% -10.5% 33.6% 0.1% 10.46% 16

600561 50.2% 16.7% 33.5% 1.4% 28.34% 600310 52.2% 21.4% 30.7% 5.9% 28.25% 600461 9.8% -15.4% 25.1% 1.2% 38.12% 600202 7.5% -13.4% 21.0% 3.8% 21.90% 600827 21.9% 2.9% 18.9% 1.7% 17.69% 600012 5.5% 24.4% -18.9% -4.4% 69.26% 600361 9.9% 35.1% -25.2% -1.2% 11.04% 600268 23.4% 52.7% -29.3% -4.0% 32.61% 600060 26.1% 61.0% -34.9% -0.4% 16.12% 600704-4.1% 32.3% -36.4% -0.5% 10.58% 000800 1.9% 64.6% -62.7% -0.1% 22.95% 000823 45.5% 124.3% -78.8% -2.1% 19.29% 000615-46.2% 49.8% -96.0% -1.3% 13.97% 000893 28.3% 126.0% -97.7% -0.1% 16.01% 000025 A 9.0% 164.7% -155.7% -1.5% 9.88% 600517 119.4% 330.6% -211.2% -1.5% 30.91% WIND 1-3 4 A 4.1 A 15 11 A 3-5 A A A GICS A H 17

13 A GICS A Automobiles & Components 2.3% 0.6% 0.9% Banks 33.0% 5.8% 34.3% Capital Goods 9.0% 8.5% 2.5% Commercial Services & Supplies 0.3% 0.6% 0.0% Consumer Durables & Apparel 2.8% 1.2% 0.1% Consumer Services 1.1% 1.7% 0.2% Diversified Financials 1.0% 10.3% Energy 6.1% 9.6% 14.8% Food & Staples Retailing 0.4% 2.3% 0.1% Food Beverage & Tobacco 4.9% 4.8% 0.6% Health Care Equipment & Servic 0.5% 4.2% 0.0% Household & Personal Products 0.3% 2.4% Insurance 4.7% Materials 13.3% 2.9% 2.6% Media 0.6% 3.4% 0.0% Pharmaceuticals, Biotechnology 2.9% 8.3% 0.1% Real Estate 3.7% 1.2% 2.1% Retailing 2.4% 3.4% 1.0% Semiconductors & Semiconductor 0.2% 2.7% Software & Services 0.8% 5.8% 0.1% Technology Hardware & Equipmen 2.9% 6.9% 1.1% Telecommunication Services 0.9% 3.5% 32.9% Transportation 6.0% 1.8% 4.3% Utilities 4.6% 3.5% 2.2% Bloomberg DataStream 1 1 12 A A 2 1-2 H A 3 A capital goods Consumer Durables & Apparel Automobiles & Components Food 18

Beverage & Tobacco Materials Transportation Utilities Retailing 4 A 3 5 5 A IT A IT A IPO IPO A A 4.2 A 19

14 A 60 50 40 30 20 A 35% 30% 25% 20% 15% 10% 10 0 Semiconductors & Semiconductor Household & Personal Products Commercial Services & Supplies Food & Staples Retailing Health Care Equipment & Servic Media Software & Services Telecommunication Services Diversified Financials Consumer Services Automobiles & Components Retailing Consumer Durables & Apparel Pharmaceuticals, Biotechnology Technology Hardware & Equipmen Real Estate Utilities Food Beverage & Tobacco Transportation Energy Capital Goods Materials Banks 5% 0% WIND ( ) 06PE( ) 07PE( ) 15 50 45 40 S&P 500 12% 10% 35 30 8% 25 6% 20 15 4% 10 5 2% 0 0% Commercial Services & Supplies Automobiles & Components Real Estate Consumer Durables & Apparel Consumer Services Transportation Food & Staples Retailing Household & Personal Products Semiconductors & Semiconductor Materials Retailing Media Utilities Telecommunication Services Health Care Equipment & Servic Insurance Food Beverage & Tobacco Banks Software & Services ( ) 06PE( ) 07PE( ) Technology Hardware & Equipmen Pharmaceuticals, Biotechnology Capital Goods Energy Diversified Financials WIND A 20

QDII QFII A A 5 5.1 10 300 1.71% 6.71% 5% 5.2 75% 10 11 5.3 10 10 10 14.11% 10.2% 0.56% 8.62% 13.6% A 11 11 1 07 60% 2 06 6 3 4 H A 15% 1 2 3 06PE 14-16 16 06PE 4 21

1 06PE 14 2 30% 15% 3 07EPS20% 4 06 5 5.4 11 3% 2% 5.3 1% 2% 2% 2% 2% 14 2006 6 SW300 ( ) 0.0% 2.3% -2.3% 2.0% 0.8% 1.2% ( 1 ) 06PE 07PE 05PB 2.0% 9.02 714.4 0.9 32 25 2 6.0% 2.6% 3.4% 2.0% 12.76 1595.0-8.9 25 17 4 4.0% 9.28 1078.0 1.5 29 21 3 3.0% 5.2% -2.2% A 3.0% 8.19 23933.6 8.2 18 14 3 0.0% 8.1 1550.1-8.0 35 32 3 0.0% 1.7% -1.7% 3.0% 7.9% -4.9% 3.0% 7.11 23017.8 8.2 17 14 3 22

8.0% 9.2% -1.2% 3.0% 4.88 18530.0 17.6 7 6 4 2.0% 5.15 1767.5 38.1 6 6 4 3.0% 6.93 6531.2 23.7 6 5 5 8.0% 6.6% 1.4% 3.0% 6.43 23045.1 21.2 11 9 3 3.0% 9.94 1189.8 3.0 11 8 4 2.0% 16.59 7621.4 10.4 24 18 2 11.0% 4.7% 6.3% 5.0% 13.38 2409.0-6.0 23 18 3 4.0% 13.66 2194.2 21.3 38 20 2 2.0% 9.37 742.1-6.8 24 15 3 2.0% 2.3% -0.3% 2.0% 6.14 1564.5-2.7 20 18 5 2.0% 2.5% -0.5% 2.0% 6.75 1421.6-0.9 14 9 4 6.0% 8.6% -2.6% 4.0% 15.75 14187.3 13.5 19 16 5 2.0% 7.4 4121.2 21.5 13 11 4 3.0% 3.9% -0.9% 3.0% 13.81 1590.9 22.2 17 11 4 14.0% 10.2% 3.8% 2.0% 5.93 36252.1 10.0 17 14 2 6.0% 10.41 49020.0 4.7 30 24 4 6.0% 14.72 25238.5-1.7 35 29 4 2.0% 1.3% 0.7% 2.0% 9.5 1311.0 6.7 21 17 2 2.0% 1.0% 1.0% 2.0% 7.24 1129.4 0.6 16 9 4 6.0% 4.1% 1.9% 4.0% 24.9 7325.5-4.1 27 19 4 2.0% 15.9 1242.5 0.8 33 26 2 8.0% 6.6% 1.4% 3.0% 12.53 2224.1-6.2 22 17 2 3.0% 53.99 16322.2 13.8 35 30 6 2.0% 16.5 5493.8 8.6 47 35 2 4.0% 6.3% -2.3% 2.0% 2.86 23795.2 14.4 18 15 2 2.0% 15.56 1195.1 4.4 28 21 3 3.0% 3.1% -0.1% 3.0% 34.16 12853.9 6.9 27 19 11 23

5.0% 3.2% 1.8% 3.0% 21.21 1461.4 30.4 36 26 4 2.0% 7.52 1163.1 13.6 17 12 4 2.0% 5.0% -3.0% 2.0% 20.09 1241.4 14.4 37 21 4 24