CHINA MINSHENG BANKING CORP., LTD. 01988 2011 12 31 (www.hkexnews.hk) (www.cmbc.com.cn) H 2012 3 22 5 222011 AH 103.0 2011 2012 3 22
3 4 7 45 56 68 97 98 108 112 114 116 221 222 1
2012 3 22 181815 3 3 2011 2
CHINA MINSHENG BANKING CORP., LTD. CMBC 1 100873 86-10-68946790 86-10-68466796 cmbc@cmbc.com.cn 2 100031 www.cmbc.com.cn cmbc@cmbc.com.cn 1236 A www.sse.com.cn H www.hkexnews.hk 12 8 10 8 A 16636 H 183 17M A 600016 H01988 1996 2 7 4 2007 11 20 2 100000000018983 110101100018988 110101100018988000 3
2011 2010 2011 2010 2009 2008 2007 % 64,821 45,873 41.31 32,240 30,380 22,580 17,375 8,794 97.58 9,797 4,593 2,692 82,196 54,667 50.36 42,037 34,973 25,272 35,449 25,452 39.28 20,539 17,817 13,752 8,376 5,504 52.18 5,307 6,518 2,265 37,175 22,976 61.80 15,656 10,488 9,212 27,920 17,581 58.81 12,104 7,885 6,335 % 1.05 0.66 59.09 0.53 0.35 0.31 1.05 0.66 59.09 0.53 0.35 0.31 3.78 1.40 170.00 2.56 2.96-0.97 % 1.40 1.09 0.31 0.98 0.80 0.77 23.89 18.30 5.59 17.06 15.15 18.23 2.96 2.82 0.14 2.49 3.00 2.84 3.14 2.94 0.20 2.59 3.15 2.93 18.37 15.16 3.21 11.09 12.76 9.46 37.14 40.90-3.76 43.47 43.04 46.49 4
2011 2010 2011 2010 2009 2008 2007 % 2,229,064 1,823,737 22.23 1,426,392 1,054,350 918,837 1,205,221 1,057,571 13.96 882,979 658,360 554,959 2,094,954 1,718,480 21.91 1,337,498 999,678 868,650 1,644,738 1,417,877 16.00 1,128,830 786,987 671,963 26,715 26,715 0.00 22,262 18,823 14,479 129,597 104,108 24.48 88,034 53,880 50,187 4.85 3.90 24.36 3.95 2.86 3.47 % 0.63 0.69-0.06 0.84 1.20 1.22 357.29 270.45 86.84 206.04 150.04 113.14 2.23 1.88 0.35 1.73 1.81 1.38 % 10.86 10.44 0.42 10.83 9.22 10.73 7.87 8.07-0.20 8.92 6.60 7.40 6.02 5.77 0.25 6.23 5.19 5.46 1 = 2= 3= 4= 5= 6= 7= 8= 92011 5
2011 12 31 40.90 72.85 0.99 2.29 3.86 20.93 1 2201174.3% 3= 6
2011 2011 279.20103.39 58.81% 1.40%0.31 23.89%5.591.05 0.3959.09% 821.96 275.29 50.36%3.14% 0.20 648.21 189.48 41.31%173.75 85.81 97.58%151.01 68.12 82.18%18.37%3.21 7
22,290.64 4,053.27 22.23% 20,949.54 3,764.74 21.91% 12,052.21 1,476.50 13.96% 16,447.38 2,268.61 16.00% 2,324.95 735.09 46.24% 15 4,841.62 24.58%11,353 4,650684 0.63%0.06 357.29%86.84 2.23%0.35 37.14% 3.76 279.20 58.81% 2011 2010 % 82,196 54,667 50.36 64,821 45,873 41.31 17,375 8,794 97.58 35,449 25,452 39.28 8,376 5,504 52.18 1,196 735 62.72 37,175 22,976 61.80 8,732 5,288 65.13 28,443 17,688 60.80 27,920 17,581 58.81 523 107 388.79 8
648.21189.48 41.31% 104.2785.21 2011 3.14%0.20 2011 2010 % % 1,130,746 80,958 7.16 971,602 56,218 5.79 811,097 58,112 7.16 758,338 44,138 5.82 319,649 22,846 7.15 213,264 12,080 5.66 195,419 6,553 3.35 180,609 5,272 2.92 289,304 4,261 1.47 202,409 2,912 1.44 402,886 21,981 5.46 174,252 4,521 2.59 44,476 3,528 7.93 29,221 1,853 6.34 2,062,831 117,281 5.69 1,558,093 70,776 4.54 9
2011 2010 % % 1,491,616 30,977 2.08 1,211,382 18,592 1.53 1,242,977 26,256 2.11 1,014,358 15,385 1.52 558,064 4,361 0.78 497,907 3,225 0.65 684,913 21,895 3.20 516,451 12,160 2.35 248,639 4,721 1.90 197,024 3,207 1.63 68,471 329 0.48 52,674 186 0.35 180,168 4,392 2.44 144,350 3,021 2.09 370,650 18,319 4.94 193,043 4,709 2.44 28,676 1,408 4.91 22,610 955 4.22 33,650 1,756 5.22 21,220 647 3.05 1,924,592 52,460 2.73 1,448,255 24,903 1.72 64,821 45,873 2.96 2.82 3.14 2.94 1 2 2011 10
2011 2010 2011 2010 9,208 15,532 24,740 432 849 1,281 1,250 99 1,349 5,932 11,528 17,460 967 708 1,675 17,789 28,716 46,505 4,301 8,084 12,385 4,332 9,278 13,610 256 197 453 379 730 1,109 9,268 18,289 27,557 8,521 10,427 18,948 11
1 1,172.81 465.05 65.71%287.16 177.89 69.03% 18.74% (1) 809.58 247.40 44.01% 28.22%6.73 7.16%1.37 (2) 65.53 24.30% (3) 42.6146.33% (4) 219.81386.20% (5) 2 35.2816.75 90.39% 524.60 275.57 110.66%182.89 92.68 59.05% 34.92% 12
(1) 309.77123.85 66.61%2.08%0.55 (2) 183.19136.10 289.02% (3) 14.0847.43% 100 (4) 17.56 171.41% 173.7585.81 97.58% 2011 2010 % 15,101 8,289 82.18 2,274 505 350.30 17,375 8,794 97.58 13
1 151.0168.12 82.18% 2011 2010 % 4,072 1,764 130.84 3,614 2,389 51.28 2,362 1,462 61.56 2,124 1,007 110.92 1,686 924 82.47 670 469 42.86 494 335 47.46 969 403 140.45 15,991 8,753 82.69 890 464 91.81 15,101 8,289 82.18 2 2011 2010 % 484 284 70.42 352 539-34.69 98-168 34-87 1,790 221 709.95 2,274 505 350.30 2011 14
354.4939.28% 37.14% 3.76 2011 2010 % 15,603 10,842 43.91 6,116 3,827 59.81 2,716 1,921 41.38 1,878 1,900-1.16 9,136 6,962 31.23 35,449 25,452 39.28 83.7628.72 52.18% 2011 2010 % 7,973 5,303 50.35 396 195 103.08 7 6 16.67 8,376 5,504 52.18 87.3234.44 23.49% 15
22,290.64 4,053.27 22.23% 2011 12 31 2011 12 31 2010 12 31 % % 1,205,221 54.07 1,057,571 57.99-26,936-1.21-19,848-1.09 1,178,285 52.86 1,037,723 56.90 411,103 18.44 274,847 15.07 332,805 14.93 266,835 14.63 212,072 9.51 181,419 9.95 9,971 0.45 8,809 0.48 84,828 3.81 54,104 2.97 2,229,064 100.00 1,823,737 100.00 16
1 12,052.21 1,476.50 54.07% 30.21% 2011 12 31 2010 12 31 % % 841,118 69.79 778,409 73.60 13,960 1.16 11,931 1.13 364,103 30.21 279,162 26.40 1,205,221 100.00 1,057,571 100.00 2011 12 31 2010 12 31 % % 232,495 63.85 158,986 56.95 83,337 22.89 97,494 34.92 38,551 10.59 16,432 5.89 9,720 2.67 6,250 2.24 364,103 100.00 279,162 100.00 2 4,111.03 49.58% 3 2,120.72 16.90% 17
2011 12 31 2010 12 31 % % 20,423 9.63 6,024 3.32 64,857 30.58 35,192 19.40 117,886 55.59 128,610 70.89 8,319 3.92 11,117 6.13 587 0.28 476 0.26 212,072 100.00 181,419 100.00 (1) % 2003 2,565 2.8 2013 4 9 2006 1,122 2.51 2013 2 27 2007 1,693 3.9 2014 8 23 2008 3,320 2.71 4.16 2013 4 21 2023 2 28 2009 2,989 2.26 2.29 2014 4 2 2014 6 4 2010 13,940 2.01 3.67 2012 1 28 2020 10 28 2011 29,354 2.77 3.6 2012 1 13 2016 2 17 54,984 18
(2) % 2002 1,020 2.7 2012 4 23 2003 3,860 3.72 3.99 2013 5 9 2013 6 16 2010 3,010 3.05 4.09 2015 9 7 2020 02 25 2011 17,900 3.31 4.24 2012 4 12 2016 12 28 25,790 (3) 37,069 351-371 38,183 106-85 29,719 129-150 2,818 0-180 132 1-1 8,300 0 0 587-787 20,949.54 21.91% 16,447.38 16.00%78.51% 19
2011 12 31 2011 12 31 2010 12 31 % % 1,644,738 78.51 1,417,877 82.51 333,135 15.90 225,094 13.10 40,825 1.95 25,211 1.47 31,030 1.48 21,048 1.22 45,226 2.16 29,250 1.70 2,094,954 100.00 1,718,480 100.00 1 16,447.38 2,268.61 16.00%82.26% 17.55%0.19%42.26% 57.55%0.19% 2011 12 31 2010 12 31 % % 1,352,991 82.26 1,184,527 83.54 609,850 37.08 579,530 40.87 743,141 45.18 604,997 42.67 288,622 17.55 231,366 16.32 85,198 5.18 71,795 5.06 203,424 12.37 159,571 11.26 3,125 0.19 1,984 0.14 1,644,738 100.00 1,417,877 100.00 2 3,331.35 48.00% 20
1,341.10 288.53 27.41%1,295.97 254.89 24.48% 2011 12 31 2010 12 31 % 26,715 26,715 0.00 38,360 38,075 0.75 8,647 5,903 46.48 16,740 13,822 21.11-110 -288-61.81 39,245 19,881 97.40 129,597 104,108 24.48 4,513 1,149 292.78 134,110 105,257 27.41 2011 12 31 2010 12 31 % 462,638 308,584 49.92 67,321 50,115 34.33 66,368 30,062 120.77 56,334 24,267 132.14 12,578 18,618-32.44 2,808 1,898 47.95 2,046 5,629-63.65 10,068 8,296 21.36 6,549 4,149 57.85 2011 12 9 13.39% 11.56% 13.51%13.7% 15.85% 21
2011 12 31 2010 12 31 % % 186,664 15.49 143,036 13.51 129,740 10.76 129,424 12.23 116,510 9.67 107,736 10.19 94,756 7.86 62,031 5.87 64,586 5.36 61,845 5.85 62,208 5.16 69,248 6.55 36,578 3.03 53,798 5.09 31,202 2.59 26,237 2.48 28,972 2.40 32,567 3.08 26,818 2.23 31,712 3.00 19,904 1.65 24,277 2.30 19,331 1.60 18,112 1.71 4,574 0.38 3,933 0.37 19,275 1.61 14,453 1.37 841,118 69.79 778,409 73.60 364,103 30.21 279,162 26.40 1,205,221 100.00 1,057,571 100.00 22
2011 12 31 2010 12 31 % % 335,145 27.81 307,220 29.05 446,079 37.01 400,678 37.89 130,601 10.84 113,682 10.75 293,396 24.34 235,991 22.31 1,205,221 100.00 1,057,571 100.00 2011 12 31 2010 12 31 % % 179,185 14.87 177,165 16.75 368,321 30.56 296,146 28.00 519,191 43.08 492,037 46.53 138,524 11.49 92,223 8.72 1,205,221 100.00 1,057,571 100.00 349.082.90% 23
2011 12 31 2010 12 31 % % 1,197,682 99.37 1,050,232 99.31 1,184,347 98.27 1,040,101 98.35 13,335 1.10 10,131 0.96 7,539 0.63 7,339 0.69 3,915 0.32 3,701 0.35 2,399 0.20 1,983 0.19 1,225 0.11 1,655 0.15 1,205,221 100.00 1,057,571 100.00 2011 2010 2009 1.20% 1.25% 1.37% 26.79% 20.26% 9.38% 17.50% 21.15% 82.19% 2.96% 5.18% 53.01% 2011 12 31 2010 12 31 % % 1,717 0.14 2,412 0.23 10,323 0.86 7,996 0.76 1 2 1 24
2011 2010 19,848 15,241 9,048 6,237-1,075-934 -2 0-861 -773 222 246-234 -170-10 1 26,936 19,848 75.39 0.63% 0.06 25
0.42 0.20 2011 100 2011 12 31 2010 12 31 2009 12 31 174,034 133,772 107,656 126,086 103,488 88,756 48,073 30,408 21,224 125 124 2,324 1,602,301 1,280,847 993,773 % 7.87 8.07 8.92 % 10.86 10.44 10.83 1,299,472 29,338 9,185 754,749 26,655 14,102 278,661 9,907 5,164 470,410 16,296 8,724-581,210 0 0 2,222,082 82,196 37,175 26
961,612 39,238 17,825 364,499 21,340 7,153 830,410 19,728 10,937 65,561 1,890 1,260 2,222,082 82,196 37,175 1 2 BLOOMBERGDATASCOPE 27
1. 6,024 28 0 0 20,423 2. 476 111 0 0 587 3. 35,067 0-110 0 64,732 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 41,567 139-110 0 85,742 368 419 0 0 787 1 1+2+N 13,580 23.4731.00%% 33.73% 0.73 0.59 28
1+2+N 500 500500 11,353 4,841.6238.59% 24.58% 83.60% 60.14% 2 8,369.06 607.19 7.82% 8,050.17 545.16 7.26%0.78%0.06 4,1841,290 33.38% 87.53% 29
49.92%2.13 7.15%1.33 3 13,452.58 1,649.81 13.98%56.552 1,457.6788.35% 6,751.987,0521,633.64 94.68% 72.16% 51.32% 2,647.52 2010 2011 4 89.4669.27% 61.91% 30
++ 3,811.55 83.12% 3.93 104.69% 2011 106,69373.37% 46.52 45.88% 6881 572.37 5 (1) 88.89% 92.04% 469.43 1,065.00 12.25%5.92%1.72% 10.6326.55% 31
(2) 17183.58 142.10 51.67% 46.70% 625.59 1,000.51 48.35% 7.43%0.54% 9.80148.73% (3) 52.10% 36.42% 408.26 460.82 5.39% 2.24%0.26% 8.3572.52% (4) 75.74% 62.38% 449.24 408.21 7.13% 4.30%0.20% 6.7916.87% 32
(5) 1,052.17 32.30% 96.48%9,712 43.9%0.69% (6) 500 2727 124 27.2 29.93 2011 (FCI) 432011 85 86121.18 9.65 5,926 + (TSF) 47 60 33
6 767,7124 284 697,306 1 2011 2011 12 313,614.49 835.64 30.07%829.9822.96% 2011 2,000 2011 12 312,324.95 735.09 46.24% 2011 12 31 15 30% 2011 2.2 20112.0 2.0 34
2.0 2011 2011 12 310.14% 2 2011 2,863.56559.54 24.29% 3 2011 12 312,798.66 296.442011SNOOPY 2011 12 31Snoopy34.22 2011 5+N 4 2011 2011 2011 1,1531,775.20 64.91% 385.51 134.61% 2011 IN IN IN IN 2011 9 35
2011 20112010 2011 2010 2011 IT 5 75029 6 2011 12 31 2,197.61 2,863.562011 2011 12 314,685.63 48.04%5017.61 1,711.1159.75% 2011 201120112011 20112011 2011 7 29 684 4,6502.89 51.33%76.54% 110.95% 36
2011 6 1.0 2011VC/PE 1 33,730.97 21.32% 68.90 214.32%482.72 155.69%5.92128.57% 2 2,154.67 17.07% 2011 3 2011 2,3547,643 37
21 2010 2011 2011 TOP10 2011 4 2011103.38 10,103.948.04 1,277.79 1,200 130% 118,77545.22%80% 418.2 45.18% 443.3 37.41% Email 77.20% 84.61% 4.4300 4,70075% 3,179.9 955682,976.54006895568 187.3400869556816.199.42% 94.62%98.45%99.44% 38
95568 3 3 95568 5002011 29 2011 201120112011 U 2011 2011 1 52008 42011 12 32 50.95 81.25%51.03% 612.23 47.59% 8.5873.33% 19.60%6.230 78 133 447 2011 2011 2011 2011 2 2008 112 60% 39
7,2994,070 5,058 2,9936 51.66 96%2011 1166 2010582011 55 31.99 2011 3 9 18 100.26 68.66 1.90 9 40
2011 2011 2011 2011 41
2011 2011 2011 2011 42
2011 IT 2012 2012 1 2 43
3 4 5 6 7 8 9 ++ 10 44
2010 12 31 + - 2011 12 31 % % 1 2 3 4 26,714,732,987 100 26,714,732,987 100 1 22,587,602,387 84.55 22,587,602,387 84.55 2 3 4,127,130,600 15.45 4,127,130,600 15.45 4 26,714,732,987 100 26,714,732,987 100 45
2000 11 27A 2009 11 26 H3,321,706,000 2009 12 189.08H H 117,569,500267.50 H22,262,277,489 [2003]132003 2 27 40 2003 3 18 2003 2 213 13 2003 8 272008 2 262008 2 263,999,671,000 (100016) (600016)1,616,729,400 11.17%329,000 0.008%2008 2 26 [2006] 3 [2006]18220 200620072006 10032.88%2006 5 22 100 2009 5 222006100 2007120360 560 3 3.67%3.06%0.61% 2007 6 222010 6 22 5 46
3.82%3.06%0.76% 2007 6 222012 6 222007 6 22 120 2010 6 22 2007603 [2004]59[2004] 159 58 43.155.1%14.85 4.65% 2.25%+2.4% 10 2004 11 858 58 2009 11 258 [2005]112[2005] 309 14 105 3.68%55 300BP 2005 12 2614 142010 12 23 14 [2006] 27 [2006]8043 15 10 335.05%5 10300BP 10 2% 11100BP 2006 12 2843 43 [2009] 8 [2009]1650 15 10 33.255.70%5 10300BP 16.75 47
3% 11 300BP2009 3 2650 50 [2004] 159 [2010] 31 58 10 4.29% 2010 6 1758 58 [2010] 625 [2011] 64 100 605.50% 40 5.70% 2011 3 28 100 100 48
836,369 10 15.27% 4,078,975,347 0 4.99% 1,333,586,825 0 005L CT001 4.31% 1,151,307,314 0 3.39% 905,764,505 0 3.33% 888,970,224 0 3.02% 805,600,038 0 2.76% 737,955,031 0 2.62% 698,939,116 0 2.12% 566,151,500 0 2.09% 558,306,938 0 49
10 4,078,975,347 H 1,333,586,825 005L CT001 1,151,307,314 905,764,505 888,970,224 805,600,038 737,955,031 698,939,116 566,151,500 558,306,938 HH 50
571 3362011 12 31 % % A A 1,891,893,763 1 4 8.38 7.08 1,333,586,825* 1 5.90 4.99 A 1,333,586,825* 1 5.90 4.99 A A Morgan Stanley H BlackRock, Inc. H 1,891,893,763 2 4 8.38 7.08 1,891,893,763 3 4 8.38 7.08 353,503,858 5 8.57 1.32 250,561,369 5 6.07 0.94 303,766,370 6 7.36 1.14 41,631,867 6 1.01 0.16 51
% % UBS AG H 265,796,141 22,438,700 762,810 513,673,052 312,500 288,997,651 7 7.00 1.08 513,985,552 7 12.45 1.92 Deutsche Bank Aktiengesellschaft H 66,621,824 177,460,516 57,746,097 92,454,716 244,082,340 8 5.91 0.91 Citigroup Inc. H 77,730,902 122,664,213 23,898,018 150,200,813 8 3.64 0.56 224,293,133 9 5.43 0.84 85,904,798 9 2.08 0.32 52
% % Vogel Holding Group Limited H 306,879,500 10&11 7.43 1.15 H 306,879,500 10&11 7.43 1.15 Fosun International Limited H 185,197,000 104,015,500 289,212,500 12&13 7.01 1.08 Fosun International Holdings Ltd. H 289,212,500 12&13 7.01 1.08 H 289,212,500 12&13 7.01 1.08 * 2011 12 31 1. 1,891,893,763 A 558,306,938 A 1,333,586,825 A 45.7% 25% 75% 558,306,938 A1,333,586,825 A 1,333,586,825 A 2. 1,891,893,763 A 3. 1 36.35% 1,891,893,763 A 4. 1,891,893,763 A 53
5. Morgan Stanley353,503,858 H 250,561,369 H 5.1 Morgan Stanley & Co. International plc. (Morgan Stanley) 146,585,186 H113,457,797 H 5.2 Morgan Stanley & Co. LLC (Morgan Stanley) 107,954,972 H 108,135,972 H 5.3 Morgan Stanley Investment Management Company (Morgan Stanley) 81,735,500 H 5.4 MSDW Equity Financing Services (Luxembourg) S.a.r.l. (Morgan Stanley) 14,077,200 H14,077,200 H 5.5 MSDW Equity Finance Services I (Cayman) Limited (Morgan Stanley) 2,400,000 H2,400,000 H 5.6 Mitsubishi UFJ Morgan Stanley Securities 419,500 H403,500 H Mitsubishi UFJ Morgan Stanley Securities 40%Morgan Stanley Japan Holdings Co., Ltd. Morgan Stanley Japan Holdings Co., Ltd. Morgan Stanley 5.7 Morgan Stanley Capital (Luxembourg) S.A. 331,500 HMorgan Stanley Capital (Luxembourg) S.A. 93.75%Morgan Stanley International IncorporatedMorgan Stanley International Incorporated Morgan Stanley 5.8 Morgan Stanley Capital (Cayman Islands) Limited (Morgan Stanley) 331,500 H 5.9 Morgan Stanley Capital Services Inc. (Morgan Stanley) 216,000 H 5.10 Morgan Stanley Asia Securities Products LLC (Morgan Stanley) 11,755,400 H 79,405,500 H563,000 H 331,500 H 79,405,500 H 231,500 H 6. BlackRock, Inc. 303,766,370 H670,500 H 41,631,867 H400 H 7. UBS AG 762,810 H 312,500 H 47,243,164 H510,809,552 H 60 H 18,673,604 H 2,509,552 H 28,569,500 H 508,300,000 H 8. Deutsche Bank Aktiengesellschaft,8,751,900 H 7,755,890 H1,525,500 H Abbey Life Assurance Company Limited 54
9. Citigroup Inc. 224,293,133 H 85,904,798 H Citigroup Inc.122,664,213 H 1,066,510 H14,508,480 H 10. Vogel Holding Group Limited306,879,500 HH Vogel Holding Group Limited306,879,500 H 11. Vogel Holding Group Limited 306,879,500 H 12. Fosun International Limited289,212,500 H185,197,000 HPramerica-Fosun China Opportunity Fund, L.P. 29,660,500 HTopper Link Limited 74,355,000 HPramerica-Fosun China Opportunity Fund, L.P. Topper Link Limited Fosun International Limited Fosun International Limited 79.08% Fosun Holdings LimitedFosun Holdings Limited Fosun International Holdings Ltd. Fosun International Holdings Ltd. 58% Fosun International Limited Pramerica-Fosun China Opportunity Fund, L.P. 29,660,500 HTopper Link Limited 74,355,000 H Fosun International Holdings Ltd. Fosun International Limited289,212,500 H 13. Fosun International Limited Fosun International Holdings Ltd. 289,212,500 H 2011 12 31 336 5%5% 2011 12 315%5% 5%5% 2011 12 315%5% 55
1957 2009.3.23 2012.3.23 1954 2009.3.23 2012.3.23 1951 2009.3.23 2012.3.23 1951 2009.3.23 2012.3.23 1951 2009.3.23 2012.3.23 1958 2009.3.23 2012.3.23 1962 2009.3.23 2012.3.23 1962 2009.3.23 2012.3.23 1971 2009.3.23 2012.3.23 1971 2009.3.23 2012.3.23 1940 2009.3.23 2012.3.23 1952 2009.3.23 2012.3.23 1957 2009.3.23 2012.3.23 1962 2009.9.9 2012.3.23 1963 2009.9.9 2012.3.23 1969 2009.9.9 2012.3.23 1957 2009.3.23 2012.3.23 1958 2009.3.23 2012.3.23 1952 2009.3.23 2012.3.23 1964 2009.3.23 2012.3.23 1955 2009.3.23 2012.3.23 1955 2009.3.23 2012.3.23 0 0 516.25 0 0 89.50 0 0 87.50 0 0 84.50 0 0 84.50 0 0 71.00 0 0 82.00 0 0 80.00 0 0 90.00 0 0 79.00 0 0 0 0 101.50 0 0 126.50 0 0 0 0 86.00 0 0 93.00 0 0 511.46 0 0 428.70 0 0 472.67 0 0 79.60 0 0 66.50 0 0 60.50 56
1945 2009.3.23 2012.3.23 1942 2009.3.23 2012.3.23 1960 2009.3.23 2012.3.23 1961 2009.3.23 2012.3.23 1963 2010.8.10 2012.3.23 1957 2009.3.23 2012.3.23 1956 2009.3.23 2012.3.23 1972 2009.3.23 2012.3.23 1957 2010.4.19 2012.3.23 0 0 70.00 0 0 71.00 0 0 407.89 0 0 397.47 328.31 0 0 337.20 0 0 337.20 0 0 337.20 0 0 337.20 1 (2008)22 2011 2 3 1993 1999 5 2002 1993 1992 2001 9 2001 4 2010 9 2007 2010 2 2011 6 57
2000 4 30 2007 2000 4 2000 42006 7 2006 7 19931995 1992199519911994 19881991 301993 2004 1 8 20002009 3 2009 31996 11996 9 1996 91998 4 1998200019941995 19931994 19851991 261996 2009 3 23 19962002 20032005 200220072005 2 19941995 19921994 19911992 19851991 301993 2000 4 30 58
600811 600190/900952 0467 19972007 1997 2006 7 16 2003 62006 000046 2003 62004 122004 12 2006 6 600837 1995 2009 3 23 2006 000876 2011 12 27 1993 2003 1995 12 3 600837 1977 1995 12 3 1985 2003 6 16 1982 59
2006 7 16 GA 600895 20042007 1984 1990 2006 7 16 2009 12 29 600155 2009 3 23 2007 2009 2011 2 20042007 20002004 2008 2006 7 16 2006 7 16 1989 60
2006 7 16 2010 7 1 Keefe Bruyette & Woods Asia Limited 2002 2009 9 9 2009 9 9 002355 0009721993 2009 9 9 2011 12 2008 61
2007 1 15 2009 3 23 600190 600811 EMBA 2007 1 15 2001 200820012005 19792001 2007 1 15 19942000 Stone Resources Limited SRH) 2007 1 15 20062007 20042006 2000 200420002001 19781999 19811983 19841989 1990199119921999 1969 62
2009 3 23 1995 12 32009 3 22 19932003 19911993 1968 2007 1 15 2000 20002007 2007 1996199819871996 2007 1 15 1997 19992000 20002001 200120032003 2004 19931996 2001 2 2010 7 2010 19881991 19911994 19941998 19982003 2003 47 2003 72006 20062008 20082010 6 2005 1 199519962000 2000 122005 2 1993 63
199519881993 21 2008 2008 4 200520082003 200720012007 20002001 1998 2000 25 2008 4 20022003 62004 3 1999 200219951996 19941995 19921993 1995 1998 2000 2010 4 2007 11 1996 1996 112002 4 2002 52007 10 19761987 19871996 352006 2007 2006 2004 462009 11 2 2002 64
1 2011 4 2 2011 6 30 600895 3 2011 11 17 4 2011 12 2011 6 0006092011 12 002476 5 2011 10 6 2011 8 2011 8 19A.5419A.55 40,820 39,885 935 3,77119,237 16,87736,62592% 76 2011 65
2011 2984186,3949,610100% 3232 1 590 1 13,078 634,218 2 51 2,727 435,961 2 52 2,377 279,846 100 33 1,553 83,298 68 36 1,205 106,197 30 1,299 76,808 396 22 1,050 71,732 2 27 1,326 64,406 10 17 703 43,390 28 31 1,582 134,144 20 25 1,313 108,535 25 20 836 71,673 9 17 815 48,802 78 17 632 27,677 280 17 988 61,472 229 16 674 30,129 348 26 957 65,951 966 6 66
17 737 32,790 188 13 15 485 31,549 331 10 400 16,048 689 13 778 49,405 23 15 724 28,468 18 8 474 22,289 335 10 431 50,201 90 18 581 38,614 CBD 1 11 508 27,662 669 7 337 13,971 500 7 340 18,900 135 7 395 22,925 237 7 282 8,899 17 1 3 2 129 5,724 111-1 2 86 25,144 A 1 3D 2 52 390 A 1 31 12 36 (581,210) 590 39,885 2,155,618 1 2 3 42011 12 22 5 2012 1 5 67
68 1 87 2 121 536 13 210 2 2011 3
4 5 6 2011 7 8 9 8 2 35 69
10 75018 11 18 93 6 3 6 1 70
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 71
72 2009 9 9 2012 3 23 2009 3 23 2012 3 23 12 2011 1 7 2011 1 8 2011 2 14 2011 2 15 2011 2 25 2011 2 26 2011 3 25 2011 3 26 2011 4 27 2011 5 9 2011 5 10 2011 7 5 2011 7 6 2011 7 11 2011 8 16 2011 8 17 2011 10 27 2011 10 28 2011 11 23 2011 12 30 2011 12 31
12 52 2011 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 12/12 2010 2010 2010 12 31 AH26,714,732,987 2011 6 8 10 1.0026.72 AH2011 6 14A 2011 7 26H 6 73
1 2007 3 1-2 35 6120 2 2008 2 29 60 2011 2011 3 (1) (2) (3) 74
(4) (5) (6) 1 4 2011 12 11 1 12 12 0 12 12 0 12 12 0 12 11 1 12 12 0 2011 12 31 75
2011 12 31 2011 1 2011 7 2011512 71 5/5 5/5 5/5 5/5 5/5 5/5 5/5 2 2011 2011 76
(1) 20115 21 (2) (3) 20119 (4) 20102011 2011 (5) 77
1 2011 9 2011 5151 4/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 2 (1) 78
1% (2) (3) 79
3 2011 2011 (1) 2011515 (2) 2011 2011 3442% 9573% 12960% (3) 1 2011 9 2011 510 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 80
2 2011 2011 2011 (1) 2011 2011 2011 (2) 2010 2010 2010 2011 (3) 2010 18 2010 2010 (4) 20112010 2011 81
(5) 15 3 1 2011 5 201119 34 19/19 19/19 19/19 19/19 19/19 82
2 2011 20112011 2011 2011 20102011-2013 132 20102011 201132011 64 2 2011 1021 10/10 10/10 9/10 10/10 10/10 10/10 2011 2011 1 83
2 2011 3 2011 2012 4 4 5 6 2011 7 8 431 2011 913 84
9/9 8/9 9/9 9/9 9/9 9/9 9/9 9/9 2011 2011 1 2 2011913 3 4 85
832 323 3 1 2 3 4 5 6 7 8 9 10 86
11 12 6 2011 3 8 2011 3 25 2011 4 27 2011 7 8 2011 8 16 2011 10 27 2011 3 26 2011 7 9 20102011 20102010 13 2011 6/6 6/6 6/6 6/6 6/6 6/6 6/6 6/6 87
2011 2009 3 23 6 201134 3/3 3/3 3/3 3/3 3/3 2/3 2011 2010 2011 2011 1 2010 2011 2011 12 88
2 2010 2010 3 100% 2009 3 23 7 20111015 10/10 10/10 10/10 10/10 9/10 10/10 10/10 89
2011 2011 1 1041,580.76 5 2 3 20 90
4 2011 2011 20112011 2009 2008 91
2011 2011 20112011 800 117.5 145.9 1 2 92
3 93
4 5 94
6 89 37161 301 32 95
20114 47120 2011 7 2011 2011 2010LACP League of American Communications Professionals2010ARC International ARC Awards Competition 2011 IR Global Rankings IRGR 2011 5 60 80 2011 1513 600 12 96
1 2011 5 4 20112011A 2011H 2011 A H A H 2011-2013 2011A A H2011H A H 2011 5 5 2 2011 5 26 20101 2010 20102010 20102010 2011 2011 2011 5 27 97
2011274.36 2011 10% 27.44 29.002011 384.86 2011 AH103.0 AH 2011 2012 20122012 201220% 2010 2009 2008 2,672 1,113 1,506 17,193 12,009 7,831 % 15.54 9.27 19.23 98
1 2010 4 19 5,000 2,55051% 2011 2 21 2 2010 4 19 7,000 3,57051% 2011 3 18 3 2010 8 10 20,000 10,200 51%2011 4 1 4 2010 4 19 10,000 5,10051% 2011 4 28 5 2010 4 19 10,000 5,10051% 2011 5 4 6 2010 8 10 6,000 3,06051% 2011 8 16 99
7 2010 8 10 10,000 5,100 51%2011 9 13 8 2010 8 10 4,000 2,04051% 2011 11 22 9 2010 8 10 5,000 2,55051% 2011 12 16 1 2011 12 31612.23 72.7120118.58 2 2011 12 317,299 4,07020112,993 3 2011 12 3118121.76 17.3020111.90 4 2011 2011 103.8 15.922.81% 41.88% 100
5,095 51.03% 200 60% 55 36.36% 100 35% 150 35% 60 50% 50 50% 80 51% 50 51% 80 51% 50 51% 50 51% 200 51% 70 51% 100 51% 100 51% 60 51% 100 51% 40 51% 50 51% 1. 1 21 0.5 1.5 2. 1.318.95 24.63550.95 101
2011 12 31 % % A 1,891,893,763 1 8.38 7.08 A 931,073,370 2 4.12 3.49 A 566,151,500 3 2.51 2.12 A 698,939,116 4 3.09 2.62 A 805,600,038 5 3.57 3.02 H 306,879,500 5 7.43 1.15 1. 1,891,893,763 A 558,306,938 A 1,333,586,825 A 45.7%25% 75% 558,306,938 A1,333,586,825 A 63.65%1.31% 1,891,893,763 A 2. 931,073,370 A888,970,224 A 42,103,146 A 27.98% 32.58% 31.20% 94% 3. 566,151,500 A51.03% 102
4. 698,939,116 A96.7% 77.14% 5. 805,600,038 A95.14% 95% 306,879,500 H Vogel Holding Group Limited Vogel Holding Group Limited Vogel Holding Group Limited Vogel Holding Group Limited 306,879,500 H 2011 12 31 % 2,000,000 1 3.64 1. 2,000,000 63.65%1.31% 2011 12 31 % 6,000,000 1 6.00 1. 6,000,000 95.14% 95% 2011 12 31 352 XV7 8 10 103
2010 4 19 2011 12 31 2010 4 19 2012 3 22 43 2011 2012 2011 2011 104
2012 2012 2012 2012 1 2 3 4 5 6 105
7 8 9 10 11 (1) 106
(2) 2011 63.13 107
2011 1 2011 56 2 2011 67 3 2011 1011 1 2011 2011 2 20112011 1 2011 4 3 108
2 2011 4 3 3 2011 9 4 4 2011 9 2 5 2011 11 6 35 3 2011 18 109
2011100 60 40100 93.927 2011 110
2012 2011 2012 2012 2012 2012 111
2011 12 31 100177 110,092.8635 15,152.69 (CBD)Z4 2010P26 112
1 [2010]386 2011 1 5 2 [2010]1913 2011 1 5 3 [2011] 64 100 2011 3 8 4 [2011]328A H2011 9 2 5 [2011] 364 50.95 51.03%2011 9 27 6 [2011]222 2011 9 27 7 [2011]480 500 2011 11 9 8 [2011] 119 500 2011 12 22 9 [2011]508 2011 12 24 113
2011 2.0 (2011) 2.0 2011 114
290 1820 860 2011 4800 1324804404 150 1432 58 2000 2011 115
2011 116
117
2011 2010 117,281 70,776 (52,460) (24,903) 6 64,821 45,873 15,991 8,753 (890) (464) 7 15,101 8,289 8 484 284 9 1,790 221 10 (8,376) (5,504) 11 (35,449) (25,452) (1,196) (735) 37,175 22,976 13 (8,732) (5,288) 28,443 17,688 27,920 17,581 523 107 28,443 17,688 14 1.05 0.66 38 8,014 2,672 118
2011 2010 28,443 17,688 39 238 (528) 39 (60) 134 178 (394) 28,621 17,294 28,098 17,187 523 107 28,621 17,294 119
2011 2010 15 332,805 266,835 16 232,336 125,462 527 279 17 20,423 6,024 18 587 476 19 37,745 36,453 20 141,022 112,932 21 1,178,285 1,037,723 22 64,857 35,192 22 117,886 128,610 22 8,319 11,117 23 44,895 29,288 24 9,971 8,809 25 6,982 4,455 27 32,424 20,082 2,229,064 1,823,737 120
2011 2010 160 50 29 1,644,738 1,417,877 30 279,341 201,221 31 53,794 23,873 32 40,825 25,211 18 787 368 3,061 1,966 33 31,030 21,048 5,770 4,940 34 35,448 21,926 2,094,954 1,718,480 121
2011 2010 35 26,715 26,715 35 38,360 38,075 36 8,647 5,903 36 16,740 13,822 39 (110) (288) 36 39,245 19,881 129,597 104,108 37 4,513 1,149 134,110 105,257 2,229,064 1,823,737 122
2011 2010 15 330,898 265,624 16 230,190 124,857 527 279 17 20,423 6,024 18 587 476 19 37,745 36,453 20 141,022 112,932 21 1,171,516 1,034,260 22 64,827 35,192 22 117,886 128,235 22 8,319 11,117 26 3,425 2,998 24 9,587 8,437 25 6,842 4,413 27 18,666 9,013 2,162,460 1,780,310 123
2011 2010 29 1,634,712 1,412,663 30 282,437 202,360 31 47,391 15,247 18 787 368 3,061 1,966 33 31,030 21,048 5,601 4,890 34 28,940 18,209 2,033,959 1,676,751 124
2011 2010 35 26,715 26,715 35 38,063 38,063 36 8,647 5,903 36 16,700 13,800 39 (110) (288) 36 38,486 19,366 128,501 103,559 2,162,460 1,780,310 125
2011 1 1 26,715 38,075 5,903 13,822 (288) 19,881 1,149 105,257 27,920 523 28,443 178 178 178 27,920 523 28,621 2,304 2,304 290 310 600 (5) (3) (219) 227 36 2,744 (2,744) 36 2,921 (2,921) 2010 38 (2,672) (2,672) 2011 12 31 26,715 38,360 8,647 16,740 (110) 39,245 4,513 134,110 126
2010 1 1 22,262 38,075 4,184 10,904 106 12,503 860 88,894 17,581 107 17,688 (394) (394) (394) 17,581 107 17,294 182 182 36 1,719 (1,719) 36 2,918 (2,918) 2009 (1,113) (1,113) 2009 4,453 (4,453) 2010 12 31 26,715 38,075 5,903 13,822 (288) 19,881 1,149 105,257 127
2011 2010 37,175 22,976 8,376 5,504 1,293 1,072 1,118 697 (4) 8 280 4 (55) (221) 1,408 955 (6,553) (5,272) 43,038 25,723 (78,658) (92,586) (1,292) (15,737) (28,090) (60,633) (148,511) (175,365) (51,945) (21,785) (308,496) (366,106) 226,861 289,047 78,120 55,251 29,921 17,526 (10,489) (5,358) 41,971 21,339 366,384 377,805 100,926 37,422 128
2011 2010 113,885 132,626 843 106 (121,836) (151,803) (6,761) (4,153) (13,869) (23,224) 2,904 182 9,975 5,771 (7,400) (920) (2,003) (2,672) 9,287 (3,450) 1 1 172,217 161,750 (299) (281) 12 31 40 268,262 172,217 129
2011 1 1996 2 7 2000A3.52009 11 2612 23H3,439,275,500 222.62 2010 6 182009 10 2 4,452,455,498267.15 B10911000H0001 1000001001898 2011 12 313220 2012 3 22 2 (1) (i)(ii) 4 (a) 24 (2009) (2010) 130
24 (2009) 24 (2009) (2010) 7 3 (b) 2011 12 31 5 2011 12 31 7 2011 7 1 12 2012 1 1 1 2012 7 1 10 2013 1 1 11 2013 1 1 12 2013 1 1 13 2013 1 1 27 (2011) 2013 1 1 28 2013 1 1 19 2013 1 1 9 2015 1 1 9 (2) 2(17) 131
(3) (4) (a) (b) (5) (a) (i) 132
(ii) (1) (2) (3) (iii) (1) (2) (3) (iv) (b) (i)(ii) (iii) 133
(c) (i) (ii) (iii) (6) (a) 134
(i) (ii)(iii) (b) (i) (ii) (iii) 135
(7) (a) (i) (ii) (b) (i) (ii) (8) (i) (ii) (iii) 136
(9) (10) (11) (12) (13) (14) 40 5% 2.38% 137
(15) 15 40 5% 2.38% 6.33% 5 10 0% 10% 20% 5 10 5% 9.5% 19% 5 24 5% 3.96% 19% 2(17) (16) 2(17) (17) 138
(a) (b) (18) (19) (a) 139
(b) (20) (21) (a) (b) (22) 2(6)(a) (23) (24) 140
(25) (26) (27) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (a) (28) (vi) (a)(i)(a)(i) (1) (2) (3) 141
3 (1) 2011 12 31 18 2011 (2) (i) a 142
143 b BBB A A-1 (ii) a
b c (iii) 2(6) (1) (2) 144
(iv) 2011 2010 2011 2010 327,630 262,238 325,796 261,628 232,336 125,462 230,190 124,857 37,745 36,453 37,745 36,453 20,423 6,024 20,423 6,024 587 476 587 476 141,022 112,932 141,022 112,932 821,348 761,632 817,192 759,438 356,937 276,091 354,324 274,822 190,923 174,794 190,893 174,419 44,895 29,288 19,920 13,220 14,115 7,490 2,193,766 1,798,610 2,132,287 1,758,539 670,093 439,173 666,815 436,703 2,863,859 2,237,783 2,799,102 2,195,242 (v) 2011 2010 2011 2010 1,193,177 1,047,549 1,186,313 1,044,050 4,505 2,683 4,505 2,683 7,539 7,339 7,537 7,339 1,205,221 1,057,571 1,198,355 1,054,072 (22,603) (15,483) (22,508) (15,447) (430) (168) (430) (168) (3,903) (4,197) (3,901) (4,197) (26,936) (19,848) (26,839) (19,812) 1,170,574 1,032,066 1,163,805 1,028,603 4,075 2,515 4,075 2,515 3,636 3,142 3,636 3,142 1,178,285 1,037,723 1,171,516 1,034,260 145
a 2011 2010 2011 2010 834,375 771,795 830,163 769,574 358,802 275,754 356,150 274,476 1,193,177 1,047,549 1,186,313 1,044,050 2011 2010 2011 2010 176,563 175,583 176,499 175,568 366,179 293,982 362,036 291,471 512,098 486,359 510,079 485,496 138,337 91,625 137,699 91,515 1,193,177 1,047,549 1,186,313 1,044,050 b 90 2011 30 30 60 60 90 90 168 30 4 202 1,627 1,914 495 267 4,303 1,795 1,944 499 267 4,505 2010 30 30 60 60 90 90 73 1 74 1,823 479 229 78 2,609 1,896 480 229 78 2,683 146
2011 12 3124.89 32.822010 13.46 c 2011 2010 2011 2010 6,541 6,538 6,541 6,538 998 801 996 801 7,539 7,339 7,537 7,339 0.63% 0.69% 0.63% 0.69% (3,283) (3,583) (3,283) (3,583) (620) (614) (618) (614) (3,903) (4,197) (3,901) (4,197) 9030 180 90 30 90 2011 2010 2011 2010 718 636 718 636 2,044 2,120 2,043 2,120 4,626 4,049 4,625 4,049 151 534 151 534 7,539 7,339 7,537 7,339 4,215 3,644 4,214 3,644 147
d 2011 12 3117.772010 24.12 90 2011 2010 70 33 0.01% 0.00% (vi) a 2011 2010 2011 2010 A AAA 303,182 217,508 303,182 216,964 B BBB 75,237 22,357 73,091 22,296 32,684 34,982 32,684 34,982 411,103 274,847 408,957 274,242 (vii) 2011 2010 45,395 29,071 324 645 45,719 29,716 28 (824) (428) 44,895 29,288 148
(viii) 2011 20,414 63,572 117,610 8,319 209,915 20,414 63,572 117,610 8,319 209,915 2010 5,994 31,621 128,254 11,117 176,986 5,994 31,621 128,254 11,117 176,986 2011 20,414 63,542 117,610 8,319 209,885 20,414 63,542 117,610 8,319 209,885 2010 5,994 31,621 127,879 11,117 176,611 5,994 31,621 127,879 11,117 176,611 149
2011 AA AA+ 9 722 731 A 116 116 308 276 584 9 1,146 276 1,431 2010 AAA 30 492 522 AA AA+ 36 289 325 A A+ 2,456 67 2,523 A 230 230 232 232 30 3,446 356 3,832 2011 12 31 3.182010 3.25 3.002010 3.15 (ix) 150
a 2011 301,305 15,341 3,662 7,322 327,630 24,374 121,529 63,103 23,330 232,336 36,345 1,200 200 37,745 43,334 35,151 16,552 45,985 141,022 335,145 446,079 130,601 293,396 1,205,221 (8,359) (9,975) (2,728) (5,874) (26,936) 44,895 44,895 13,800 3,533 1,176 1,998 20,507 790,839 612,858 212,366 366,357 1,982,420 2010 244,236 10,950 2,688 4,364 262,238 22,279 60,787 22,385 20,011 125,462 34,953 1,000 500 36,453 5,788 55,122 36,848 15,174 112,932 307,220 400,678 113,682 235,991 1,057,571 (8,748) (6,127) (1,828) (3,145) (19,848) 29,288 29,288 7,088 2,411 1,201 2,996 13,696 642,104 524,821 174,976 275,891 1,617,792 151
2011 300,957 14,258 3,629 6,952 325,796 22,964 121,207 62,933 23,086 230,190 36,345 1,200 200 37,745 43,334 35,151 16,552 45,985 141,022 335,145 441,411 130,461 291,338 1,198,355 (8,361) (9,912) (2,726) (5,840) (26,839) 8,094 3,490 1,156 1,962 14,702 738,478 606,805 212,005 363,683 1,920,971 2010 244,236 10,491 2,688 4,213 261,628 23,160 59,836 22,385 19,476 124,857 34,953 1,000 500 36,453 5,788 55,122 36,848 15,174 112,932 307,220 398,211 113,682 234,959 1,054,072 (8,748) (6,112) (1,828) (3,124) (19,812) 4,097 1,704 888 1,277 7,966 610,706 520,252 174,663 272,475 1,578,096 2011 20,414 9 20,423 64,613 18 87 64,718 117,610 142 134 117,886 8,319 8,319 210,956 27 229 134 211,346 2010 5,994 30 6,024 34,227 586 224 30 35,067 128,320 149 141 128,610 11,117 11,117 179,658 616 373 171 180,818 152
2011 20,414 9 20,423 64,583 18 87 64,688 117,610 142 134 117,886 8,319 8,319 210,926 27 229 134 211,316 2010 5,994 30 6,024 34,227 586 224 30 35,067 127,945 149 141 128,235 11,117 11,117 179,283 616 373 171 180,443 b 2011 327,630 327,630 232,336 232,336 37,745 37,745 141,022 141,022 19,090 181,822 126,401 494,035 821,348 15,361 70,254 112,453 236,444 434,512 356,937 356,937 209,063 209,063 144,474 8,609 21,681 1,553 14,606 190,923 31,064 3,449 10,382 44,895 15,903 1,642 8,273 3,197 10,820 1,095 40,930 488,007 440,444 242,840 134,600 529,843 358,032 2,193,766 153
2010 262,238 262,238 125,462 125,462 36,453 36,453 112,932 112,932 17,995 139,314 126,147 478,176 761,632 13,534 69,725 106,943 179,540 369,742 276,091 276,091 204,036 204,036 130,408 8,206 15,239 1,301 19,640 174,794 13,681 2,910 12,697 29,288 4,823 450 2,578 1,679 10,190 19,720 397,469 301,498 170,812 132,037 520,703 276,091 1,798,610 2011 325,796 325,796 230,190 230,190 37,745 37,745 141,022 141,022 18,815 179,913 126,401 492,063 817,192 15,206 69,335 112,453 235,525 432,519 354,324 354,324 208,446 208,446 144,474 8,579 21,681 1,553 14,606 190,893 15,870 1,625 5,663 2,584 8,306 1,077 35,125 486,140 437,976 207,257 130,538 514,975 355,401 2,132,287 154
2010 261,628 261,628 124,857 124,857 36,453 36,453 112,932 112,932 17,995 138,258 126,139 477,046 759,438 13,534 69,725 106,943 179,540 369,742 274,822 274,822 203,656 203,656 130,408 7,936 15,239 1,301 19,535 174,419 4,823 450 564 531 7,622 13,990 396,859 300,623 154,061 127,971 504,203 274,822 1,758,539 (3) (i) VaR 155
(ii) 2011 330,377 1,917 338 173 332,805 219,637 8,314 1,318 3,067 232,336 37,745 37,745 141,022 141,022 1,161,118 16,654 6 507 1,178,285 189,640 1,327 95 191,062 44,895 44,895 64,235 6,042 10 627 70,914 2,188,669 34,254 1,672 4,469 2,229,064 1,615,673 21,692 3,721 3,652 1,644,738 272,707 6,544 52 38 279,341 53,262 439 93 53,794 40,825 40,825 31,030 31,030 41,988 1,506 369 1,363 45,226 2,055,485 30,181 4,142 5,146 2,094,954 133,184 4,073 (2,470) (677) 134,110 390 (3,813) 2,455 796 (172) 611,601 53,634 1,524 3,334 670,093 156
2010 265,403 1,178 118 136 266,835 117,987 5,234 345 1,896 125,462 35,592 861 36,453 112,932 112,932 1,025,273 12,170 1 279 1,037,723 171,117 3,698 104 174,919 29,288 29,288 39,451 338 10 326 40,125 1,797,043 23,479 474 2,741 1,823,737 1,400,214 14,103 870 2,690 1,417,877 193,595 7,140 454 32 201,221 21,476 2,397 23,873 25,211 25,211 21,048 21,048 29,250 29,250 1,690,794 23,640 1,324 2,722 1,718,480 106,249 (161) (850) 19 105,257 (41) 163 1 (54) 69 387,737 46,627 70 4,739 439,173 157
2011 328,470 1,917 338 173 330,898 217,491 8,314 1,318 3,067 230,190 37,745 37,745 141,022 141,022 1,154,349 16,654 6 507 1,171,516 189,610 1,327 95 191,032 53,378 6,042 10 627 60,057 2,122,065 34,254 1,672 4,469 2,162,460 1,605,647 21,692 3,721 3,652 1,634,712 275,803 6,544 52 38 282,437 46,859 439 93 47,391 31,030 31,030 35,151 1,506 369 1,363 38,389 1,994,490 30,181 4,142 5,146 2,033,959 127,575 4,073 (2,470) (677) 128,501 390 (3,813) 2,455 796 (172) 608,323 53,634 1,524 3,334 666,815 2010 264,192 1,178 118 136 265,624 117,382 5,234 345 1,896 124,857 35,592 861 36,453 112,932 112,932 1,021,810 12,170 1 279 1,034,260 170,742 3,698 104 174,544 30,966 338 10 326 31,640 1,753,616 23,479 474 2,741 1,780,310 1,395,000 14,103 870 2,690 1,412,663 194,734 7,140 454 32 202,360 12,850 2,397 15,247 21,048 21,048 25,433 25,433 1,649,065 23,640 1,324 2,722 1,676,751 104,551 (161) (850) 19 103,559 (41) 163 1 (54) 69 385,267 46,627 70 4,739 436,703 158
2011 12 31 100 0.0120100.01 1000.0120100.01 a b c d e f 100 100 (iii) 159
2011 327,630 5,175 332,805 225,546 6,390 400 232,336 37,745 37,745 89,419 49,450 2,153 141,022 (i) 984,061 179,705 8,869 5,650 1,178,285 31,177 53,743 78,123 27,880 139 191,062 44,895 44,895 16,027 7,330 7,237 2,583 37,737 70,914 1,718,755 334,363 96,782 36,113 43,051 2,229,064 1,101,944 508,692 34,099 3 1,644,738 178,278 97,284 3,779 279,341 40,529 13,265 53,794 7,758 27,847 4,583 637 40,825 1,670 6,998 15,056 7,306 31,030 14,894 160 45 30,127 45,226 1,345,073 654,246 57,562 7,946 30,127 2,094,954 373,682 (319,883) 39,220 28,167 12,924 134,110 160
2010 262,238 4,597 266,835 123,990 1,472 125,462 15,120 21,333 36,453 107,495 5,437 112,932 (i) 895,825 129,555 9,745 2,598 1,037,723 38,467 51,911 60,386 24,030 125 174,919 29,288 29,288 11,856 3,845 1,026 39 23,359 40,125 1,484,279 213,553 71,157 26,667 28,081 1,823,737 992,714 408,054 16,779 330 1,417,877 160,521 34,200 6,500 201,221 20,357 3,516 23,873 19,544 5,667 25,211 8,665 12,383 21,048 8,219 21,031 29,250 1,201,355 460,102 23,279 12,713 21,031 1,718,480 282,924 (246,549) 47,878 13,954 7,050 105,257 (i) 2011 12 3163.932010 43.18 161
2011 325,796 5,102 330,898 223,510 6,280 400 230,190 37,745 37,745 89,419 49,450 2,153 141,022 (i) 980,814 176,417 8,636 5,649 1,171,516 31,177 53,743 78,093 27,880 139 191,032 10,366 7,330 7,237 2,583 32,541 60,057 1,661,082 330,965 96,519 36,112 37,782 2,162,460 1,094,932 505,798 33,982 1,634,712 180,115 98,496 3,826 282,437 34,160 13,231 47,391 1,670 6,998 15,056 7,306 31,030 14,455 23,934 38,389 1,325,332 624,523 52,864 7,306 23,934 2,033,959 335,750 (293,558) 43,655 28,806 13,848 128,501 2010 261,628 3,996 265,624 123,387 1,470 124,857 15,120 21,333 36,453 107,495 5,437 112,932 (i) 895,130 126,947 9,585 2,598 1,034,260 38,142 51,861 60,386 24,030 125 174,544 6,203 3,845 1,026 39 20,527 31,640 1,447,105 210,893 70,997 26,667 24,648 1,780,310 988,682 406,907 16,744 330 1,412,663 161,660 34,200 6,500 202,360 15,231 16 15,247 8,665 12,383 21,048 7,962 17,471 25,433 1,173,535 449,788 23,244 12,713 17,471 1,676,751 273,570 (238,895) 47,753 13,954 7,177 103,559 (i) 2011 12 3163.902010 43.18 162
2012 1 1 100 2011 2010 2011 2010 100 2,070 1,531 1,837 1,478 100 (2,070) (1,531) (1,837) (1,478) a b c d e f (4) 75% 2011 12 3119%5% 163
(i) (ii) (i) 2011 278,456 54,349 332,805 58,435 137,129 29,982 6,390 400 232,336 37,745 37,745 33,215 56,204 49,450 2,153 141,022 (ii) 5,186 2,525 83,195 117,387 561,162 253,764 155,066 1,178,285 157 1,187 4,717 27,579 24,120 7,097 64,857 9,420 8,522 18,473 61,958 19,513 117,886 104 673 1,727 5,815 8,319 1,742 2,096 11,020 27,978 2,059 44,895 29,480 716 2,047 4,066 12,724 15,768 6,113 70,914 313,279 116,025 267,935 223,078 725,216 387,868 195,663 2,229,064 697,910 212,552 191,449 382,521 157,837 2,469 1,644,738 26,520 111,574 40,184 97,284 3,779 279,341 25,047 10,243 15,323 2,879 302 53,794 617 7,141 27,847 4,583 637 40,825 6,000 16,054 8,976 31,030 2,784 19,164 4,155 3,606 8,057 6,526 934 45,226 2,784 743,594 353,945 252,623 537,032 191,658 13,318 2,094,954 310,495 (627,569) (86,010) (29,545) 188,184 196,210 182,345 134,110 42,287 20,518 23,576 17,140 12,700 116,221 164
(i) 2010 198,234 68,601 266,835 51,509 44,441 28,040 1,472 125,462 9,080 6,040 21,333 36,453 55,718 49,434 5,437 2,343 112,932 (ii) 4,583 1,251 58,456 94,359 458,458 286,959 133,657 1,037,723 148 1,389 4,990 18,519 5,279 4,867 35,192 8,628 16,145 24,101 61,940 17,796 128,610 681 1,444 3,007 5,985 11,117 848 1,224 6,345 18,613 2,258 29,288 19,889 295 2,460 1,399 12,337 2,851 894 40,125 222,854 121,656 181,020 202,312 549,446 380,992 165,457 1,823,737 653,016 194,012 145,686 285,780 138,553 830 1,417,877 36,608 56,671 57,942 37,973 12,027 201,221 7,663 8,885 6,018 1,043 264 23,873 760 5,750 17,592 720 389 25,211 11,773 9,275 21,048 1,773 10,598 2,295 846 10,151 2,575 1,012 29,250 1,773 700,222 261,401 219,109 357,514 166,691 11,770 1,718,480 221,081 (578,566) (80,381) (16,797) 191,932 214,301 153,687 105,257 11,455 9,710 13,394 12,170 13,362 60,091 165
2011 (i) 276,839 54,059 330,898 56,666 136,909 29,935 6,280 400 230,190 37,745 37,745 33,215 56,204 49,450 2,153 141,022 (ii) 5,186 2,525 82,739 116,434 556,075 253,499 155,058 1,171,516 157 1,187 4,717 27,579 24,090 7,097 64,827 9,420 8,522 18,473 61,958 19,513 117,886 104 673 1,727 5,815 8,319 24,426 713 2,025 3,933 11,754 11,782 5,424 60,057 306,608 113,963 265,495 219,849 708,029 355,609 192,907 2,162,460 693,039 211,347 190,546 379,594 157,720 2,466 1,634,712 26,853 112,787 40,475 98,496 3,826 282,437 23,925 10,235 13,231 47,391 6,000 16,054 8,976 31,030 2,798 18,764 4,015 3,410 6,263 2,944 195 38,389 2,798 738,656 352,074 244,666 503,584 180,544 11,637 2,033,959 303,810 (624,693) (86,579) (24,817) 204,445 175,065 181,270 128,501 42,287 20,518 23,576 17,140 12,700 116,221 2010 (i) 197,713 67,911 265,624 51,056 44,291 28,040 1,470 124,857 9,080 6,040 21,333 36,453 55,718 49,434 5,437 2,343 112,932 (ii) 4,583 1,251 58,194 93,850 455,918 286,807 133,657 1,034,260 148 1,389 4,990 18,519 5,279 4,867 35,192 8,303 16,145 24,051 61,940 17,796 128,235 681 1,444 3,007 5,985 11,117 17,134 279 462 747 6,337 2,793 3,888 31,640 219,578 120,497 177,437 199,927 534,509 362,169 166,193 1,780,310 649,735 193,557 145,390 284,633 138,518 830 1,412,663 37,256 57,162 57,942 37,973 12,027 202,360 7,643 7,588 16 15,247 11,773 9,275 21,048 1,773 10,107 1,691 651 9,558 756 897 25,433 1,773 697,098 260,053 211,571 332,180 163,074 11,002 1,676,751 217,805 (576,601) (82,616) (11,644) 202,329 199,095 155,191 103,559 11,455 9,710 13,394 12,170 13,362 60,091 166
(i) (ii) (iii) 2011 54,350 278,469 332,819 196,265 30,521 6,638 419 233,843 42 39,725 39,767 35,402 56,207 49,452 2,186 143,247 97,921 130,323 600,971 327,512 234,404 1,391,131 9,824 18,008 48,711 101,771 37,820 216,134 2,087 2,501 13,119 33,338 2,455 53,500 2,615 2,779 10,190 17,423 6,407 39,414 398,464 240,381 768,806 482,649 559,555 2,449,855 912,878 195,366 397,965 192,920 3,159 1,702,288 139,573 43,866 97,581 3,824 284,844 25,432 10,538 16,028 2,879 302 55,179 763 7,517 27,597 6,678 809 43,364 848 6,711 21,125 10,720 39,404 1,117 355 3,083 4,259 748 9,562 1,079,763 258,490 548,965 231,685 15,738 2,134,641 167
2010 68,604 198,320 266,924 96,225 28,365 1,496 126,086 9,130 6,160 22,030 37,320 56,168 49,927 5,574 2,534 114,203 65,610 105,968 493,298 363,686 193,671 1,222,233 10,075 22,466 46,191 81,596 34,164 194,492 1,014 1,464 7,590 22,265 2,701 35,034 494 804 5,312 8,123 1,847 16,580 307,320 215,154 581,491 478,204 430,703 2,012,872 855,814 147,369 298,137 156,836 639 1,458,795 94,397 60,501 39,712 13,873 208,483 7,668 9,087 6,201 1,207 297 24,460 763 5,935 18,008 862 442 26,010 277 644 9,142 21,144 31,207 2,359 804 1,358 2,498 732 7,751 961,001 223,973 364,060 184,418 23,254 1,756,706 2011 54,060 276,851 330,911 194,276 30,474 6,528 419 231,697 42 39,725 39,767 35,402 56,207 49,452 2,186 143,247 97,384 129,535 595,467 327,215 234,371 1,383,972 9,824 18,008 48,714 101,802 37,820 216,168 2,582 2,620 9,389 12,876 5,419 32,886 393,528 236,886 749,275 444,498 554,461 2,378,648 906,802 194,463 395,038 192,803 3,156 1,692,262 141,119 44,154 98,793 3,871 287,937 24,310 10,530 13,936 48,776 848 6,711 21,125 10,720 39,404 1,919 570 2,586 1,529 51 6,655 1,074,150 250,565 517,064 219,328 13,927 2,075,034 168
2010 67,914 197,799 265,713 95,622 28,365 1,494 125,481 9,130 6,160 22,030 37,320 56,168 49,927 5,574 2,534 114,203 65,347 105,456 490,729 363,632 193,671 1,218,835 9,750 22,466 46,141 81,596 34,164 194,117 422 761 4,301 2,866 3,886 12,236 304,353 213,135 570,269 450,628 429,520 1,967,905 852,078 147,073 296,989 156,802 639 1,453,581 95,486 60,501 39,712 13,873 209,572 7,668 7,688 16 15,372 277 644 9,142 21,144 31,207 1,773 609 946 612 374 4,314 957,005 216,148 338,307 180,429 22,157 1,714,046 (iv) a 2011 2 21 (20) 3 2 21 (20) 3 2010 (6) 9 28 88 119 1 1 (6) 9 28 89 120 169
b 2011 (37,629) (15,492) (15,300) (189) (68,610) 37,628 15,488 15,309 189 68,614 (1,278) (1,544) (2,822) 1,241 1,405 2,646 (38,907) (17,036) (15,300) (189) (71,432) 38,869 16,893 15,309 189 71,260 2010 (10,902) (8,259) (10,065) (29,226) 10,895 8,272 10,092 29,259 (762) (24) (786) 798 24 822 (11,664) (8,259) (10,089) (30,012) 11,693 8,272 10,116 30,081 170
(v) 2011 462,638 462,638 33,077 23,866 10,378 67,321 65,752 616 66,368 * 55,601 733 56,334 12,578 12,578 7,187 2,881 10,068 1,331 3,572 1,646 6,549 2,443 365 2,808 435 271 1,340 2,046 641,042 32,304 13,364 686,710 2010 308,584 308,584 27,087 20,253 2,775 50,115 28,872 1,190 30,062 * 24,267 24,267 18,618 18,618 3,087 5,209 8,296 1,160 1,228 3,241 5,629 1,134 2,094 921 4,149 1,898 1,898 414,707 29,974 6,937 451,618 171
2011 462,169 462,169 33,076 23,866 10,378 67,320 65,752 616 66,368 * 55,601 733 56,334 12,578 12,578 1,303 3,496 1,618 6,417 435 271 1,340 2,046 25 97 122 630,939 29,079 13,336 673,354 2010 308,012 308,012 27,087 20,253 2,775 50,115 28,872 1,190 30,062 * 24,267 24,267 18,618 18,618 1,160 1,228 3,241 5,629 1,120 2,054 884 4,058 3,087 319 3,406 412,223 25,044 6,900 444,167 * (5) (i) 7 Nasdaq S&P 500 172
2011 12 31 2011 9 20,414 20,423 587 587 820 63,763 135 64,718 14 125 139 843 84,889 135 85,867 (787) (787) (787) (787) 2011 9 20,414 20,423 587 587 820 63,763 105 64,688 14 125 139 843 84,889 105 85,837 (787) (787) (787) (787) 2010 12 31 2010 30 5,994 6,024 476 476 92 34,778 197 35,067 125 125 122 41,373 197 41,692 (368) (368) (368) (368) 20112010 173
(ii) 2011 2010 2011 2010 1,178,285 1,037,723 1,171,516 1,034,260 117,886 128,610 117,886 128,235 8,319 11,117 8,319 11,117 1,644,738 1,417,877 1,634,712 1,412,663 31,030 21,048 31,030 21,048 2011 2010 2011 2010 1,194,894 1,038,564 1,188,028 1,035,101 117,771 127,013 117,771 126,638 8,002 11,220 8,002 11,220 1,644,005 1,417,231 1,633,979 1,411,997 30,384 21,300 30,384 21,300 a b c d e 174
(6) 2006 2011 2010 26,715 26,715 38,250 37,787 8,647 5,903 16,740 13,822 38 31,221 18,112 4,513 1,149 126,086 103,488 50% (62) (62) 126,024 103,426 23,033 15,308 9,277 9,300 15,753 5,800 10 100% 48,073 30,408 174,159 133,896 (125) (124) 174,034 133,772 1,602,301 1,280,847 7.87% 8.07% 10.86% 10.44% 175
4 (1) (2) (3) 39 (4) (5) 176
5 8 177
2011 19,910 22,835 8,416 13,660 64,821 (1,824) 742 381 701 18,086 23,577 8,797 14,361 64,821 10,718 2,773 974 1,526 15,991 (449) (233) (97) (111) (890) 10,269 2,540 877 1,415 15,101 (17,405) (9,011) (3,712) (5,321) (35,449) (1,664) (3,446) (1,061) (2,205) (8,376) (101) 442 263 474 1,078 9,185 14,102 5,164 8,724 37,175 706 239 149 199 1,293 5,051 429 333 512 6,325 1,299,472 754,749 278,661 470,410 (581,210) 2,222,082 6,982 2,229,064 (1,219,088) (736,461) (272,312) (448,303) 581,210 (2,094,954) 179,143 269,122 74,873 146,955 670,093 2010 16,136 15,861 4,514 9,362 45,873 (1,594) 488 837 269 14,542 16,349 5,351 9,631 45,873 5,786 1,505 600 862 8,753 (235) (112) (64) (53) (464) 5,551 1,393 536 809 8,289 (12,258) (6,556) (2,852) (3,786) (25,452) (1,924) (2,227) (404) (949) (5,504) (193) (36) (1) (230) 5,718 8,923 2,630 5,705 22,976 568 209 127 168 1,072 3,561 273 167 152 4,153 1,082,213 613,448 228,677 328,094 (433,150) 1,819,282 4,455 1,823,737 (1,011,283) (599,242) (223,080) (318,025) 433,150 (1,718,480) 93,735 174,539 55,872 115,027 439,173 178
2011 28,531 18,214 16,847 1,229 64,821 (2,827) (3,348) 6,171 4 8,938 3,126 2,378 659 15,101 8 (8) (16,604) (9,898) (8,789) (158) (35,449) (3,686) (4,285) (405) (8,376) 646 (4) 501 (65) 1,078 17,825 7,153 10,937 1,260 37,175 423 285 256 329 1,293 2,654 1,555 1,392 724 6,325 961,612 364,499 830,410 65,561 2,222,082 6,982 2,229,064 (1,362,023) (321,634) (339,917) (71,380) (2,094,954) 654,707 12,578 2,808 670,093 179
2010 25,838 7,659 11,496 880 45,873 (827) (1,459) 2,286 5,252 1,470 1,125 442 8,289 44 (44) (15,684) (4,798) (4,885) (85) (25,452) (4,460) (892) 64 (216) (5,504) (571) (3) 557 (213) (230) 10,375 3,436 8,357 808 22,976 450 135 140 347 1,072 2,986 204 211 752 4,153 765,678 281,331 731,024 41,249 1,819,282 4,455 1,823,737 (1,194,969) (231,269) (243,194) (49,048) (1,718,480) 418,657 18,618 1,898 439,173 6 2011 2010 55,125 41,394 22,846 12,080 2,987 2,744 12,254 1,851 8,182 1,808 6,553 5,272 4,261 2,912 3,528 1,853 1,545 862 117,281 70,776 (30,977) (18,592) (16,272) (4,063) (2,047) (646) (1,756) (647) (1,408) (955) (52,460) (24,903) 64,821 45,873 246 170 180
7 2011 2010 4,072 1,764 3,614 2,389 2,362 1,462 2,124 1,007 1,686 924 670 469 494 335 969 403 15,991 8,753 (890) (464) 15,101 8,289 8 2011 2010 352 539 98 (168) 34 (87) 484 284 9 2011 2010 1,731 59 221 1,790 221 2011 10 2011 2010 7,973 5,303 396 195 (64) 7 70 8,376 5,504 181
11 2011 2010 11,644 7,839 1,709 1,280 2,250 1,723 6,116 3,827 2,716 1,921 1,878 1,900 1,538 1,257 1,634 1,170 1,293 1,041 558 491 410 380 366 368 323 270 122 103 2,878 1,896 35,449 25,452 2011 12 31 0.092010 0.08 12 2011 2011 (1) (1) 4,289 332 542 5,163 (1) 4,274 306 535 5,115 (1) 3,930 281 516 4,727 (1) 3,535 256 496 4,287 2,064 156 1,859 4,079 2,032 163 1,780 3,975 1,265 1,265 1,015 1,015 930 930 900 900 895 895 875 875 860 860 845 845 845 845 820 820 800 800 796 796 790 790 710 710 710 710 700 700 665 665 605 605 (2) (2) (1) 43 (2) 2011 (3) 182
2010 2010 (1) (1) 4,353 328 2,474 7,155 (1) 4,068 303 2,474 6,845 (1) 3,672 278 2,461 6,411 (1) 3,356 253 2,087 5,696 1,878 154 1,940 3,972 1,844 160 1,844 3,848 1,110 1,110 1,045 1,045 940 940 940 940 860 860 850 850 840 840 825 825 795 795 785 785 780 780 756 756 755 755 750 750 680 680 665 665 660 660 650 650 605 605 (2) (1) 43 (2) 2010 201042010 2011 2010 2,496 266 2,087 4,849 183
13 2011 2010 11,324 6,456 (5) (28) 11,319 6,428 25 (2,587) (1,140) 8,732 5,288 2011 25% 201025%24% 201022% 2011 2010 37,175 22,976 9,293 5,737 (i) (698) (528) (ii) 135 105 2 (26) 8,732 5,288 (i) (ii) 14 2011 2010 20102009 12 31 10 2 4,452,455,4982010 7 14 2011 2010 2011 2010 27,920 17,581 26,715 26,715 1.05 0.66 184
15 2011 2010 2011 2010 5,175 4,597 5,102 3,996 278,045 198,224 276,428 197,703 49,174 64,004 48,957 63,915 411 10 411 10 332,805 266,835 330,898 265,624 2011 12 31 19% 201017%5% 20105% 18 16 2011 2010 2011 2010 221,500 117,445 219,354 116,840 2,076 2,535 2,076 2,535 8,760 5,301 8,760 5,301 181 181 232,336 125,462 230,190 124,857 17 2011 2010 13,851 4,823 6,572 1,201 20,423 6,024 185
18 2011 37,069 351 (371) 38,183 106 (85) 29,719 129 (150) 2,818 (180) 132 1 (1) 8,300 587 (787) 2010 21,277 319 (260) 11,215 77 (66) 18,171 63 (41) 762 16 366 1 (1) 8,300 476 (368) 186
2011 2010 166 12 190 48 356 60 19 2011 2010 3,450 4,111 26,695 22,842 * 7,600 9,500 37,745 36,453 * 20 2011 2010 129,508 104,801 9,361 5,708 2,153 2,343 80 141,022 112,932 187