Guotai Junan (HK)

Guotai Junan (HK) 2005........................................................ 4............................................................. 29............................................................... 30 (0836)........................................................... 33 (0902)........................................................... 36 (0991)........................................................... 39 (1071)........................................................... 42 (2380)........................................................... 45................................................................. 48 (0588)........................................................... 51 (0688)....................................................... 54 (2868)........................................................... 57................................................................. 60 (0966)........................................................... 63 (2318)........................................................... 65 (2328)........................................................... 68 (2628)........................................................... 71 1......................................................... 74 (0670)....................................................... 78 (0694)................................................... 81 (0753)....................................................... 84 (1055)....................................................... 87 (1110)........................................................... 89................................................................. 92 (0183)....................................................... 94 (0349)........................................................... 97 (2388)........................................................... 100................................................................... 103 (0177)........................................................... 107 (0548)........................................................... 109 (0576)......................................................... 111 (0995)........................................................... 113................................................................. 116 (0597)........................................................... 119 (0981)........................................................... 121

............................................................... 124 (0338)........................................................... 127 (0368)........................................................... 130 (0386)........................................................... 133 (1128)........................................................... 137 (8042)........................................................... 140................................................................... 143 (0728)........................................................... 147 (0762)........................................................... 150 (0906)........................................................... 153 (0941)........................................................... 156 (0874)........................................................... 159 (1093)........................................................... 161 (8069)......................................................... 164............................................................. 168 2......................................................... 170 (0358)......................................................... 173 (2600)......................................................... 176 (2899)......................................................... 179................................................................. 182 (0323)....................................................... 184 (0347)....................................................... 187 (1053)......................................................... 190 (0914)....................................................... 192................................................................... 196 (0506)........................................................... 197 (0700)........................................................... 200 (0828)........................................................... 203 (0980)........................................................... 206 (2319)........................................................... 208 (8259)......................................................... 211................................................................... 213................................................................. 213 (0135)................................................... 217 (0857)......................................................... 220 (0883)........................................................... 223................................................................. 226 (1088)......................................................... 227 (1171)......................................................... 231

Guotai Junan (HK)................................................................... 234 (0267)........................................................... 237 (0291)........................................................... 241 (0363)........................................................... 244............................................................. 248 (0144)......................................................... 251 (0598)........................................................... 254 (1138)........................................................... 256 (1199)......................................................... 258 (1919)........................................................... 261 (2866)........................................................... 264................................................................... 266 (0187)........................................................... 267 (0763)........................................................... 270 (1072)........................................................... 273 (1133)......................................................... 276 (2727)........................................................... 279 (2883)....................................................... 282 (8261)........................................................... 286 3

2005 80 11-13 (GTJA China Shares Universe) 2003 2007 14 14 14 15 (%) 15 16 16 17 18 18 19 1994 19 1993 A 19 4 20 21 2003 2007 21 21 22 2002 2007 23 23 19992005 23 HA 24 HA 24 25 26 26 1991 26 26 26 1998 26 CRB1995 27 Brent1999 27 1983 27 2 27 1-2 27 10 27 ISM1995 28 ISM1995 28 OECD 2004 28 OECD 2004 28 OECD2004 28 ISM1995 28

Guotai Junan (HK) 2005 Larry Jiang 05 6 24 6 242005 14,273 13,321 9523103,693 5,168 5,167 4,461 7063101,840 1,943 042.1% 673 1088 3328042005 0513,000 15,00015,360 4,400 5,300 5,330 16,000 5,500 5 7,500 320,000 5 05 15,360 15,802 5,6443 5 10 9

0005 1/3 GDP0506 05 3 6 51.7% GDP 1.0% 3.0% 6 62 60 100 GDP 9 4.0% 4.25% 70% 10% 25%

Guotai Junan (HK) 11.3% 05 0712.1% 16.7% 5.8% 05 0740.7%9.0% 8.8% 10.4% 13.0%0941 6.8%3G 3G0013 3G05 07 8.8% 7.8%9.5% 14.5 13.4 12.5 3.7% 4.0% 4.3% 1.7 1.6 1.5 15.6% 15.9% 15.2% 18,3985 05 15,3606 24 15,80216.0 05 5 161016 05 15,80006 17,00007 18,0000820,000 7 06 07 GDP 03 04 05 80 05 07 17.6% 1.8% 4.1%10.3 10.1 9.6 3.5% 3.5% 3.7% 1.8 1.6 1.4 20.3% 17.9% 16.8% 05GDP

23.5% 085705 20.6% 06 4.4% 07 4.0%11.3% 0386 05 074.2% 3.5% 2.5% 1171 05 06 41.7% 05 07 15.1%0.8%3.4% 18.0% 05 07 12.0% 20.8% 13.7% 8 7.5% 03580347 05 07 3.9%6.1%3.1%6.7% 0705 078.3% 7.7% 6.9%3.3% 05 07 6.1% 16.1% 17.7% 5.6% 05 05 07 7.5%9.7%9.1%3.1% 2 05 0746.1%16.8%32.3% 8.8% 0728 05 07 1.3% 0.2% 2.5% 05 07 13.9%0.5%4.3% 12.6%2.0%6.1% 05 07 9.9 9.6 9.0 3.4% 3.5% 3.7% 1.6 1.5 1.3 18.6% 17.2% 16.5%

Guotai Junan (HK) AB05 AH 9 04 V43.4% 055,330 10.9QDII 5,6440511.53 5,6196,797 4,416 7,72006 07 05 4 08570883

108811711088 0358 2600 2899 05 0995 01441199 5 10 05 0386 0338 0902 09910347 04 0338 069405 06 098108748069 1093 0688 05 0019 0001 09410941 0728 3G0013 0906 0762 0980 0828 05 07

Guotai Junan (HK) 80 (1) 05 (%) (%) 6 24 05 (%) 05 06 07 05 06 07 05 06 07 (%) 05 06 07 (%) 04 05 06 07 05 06 07 9.7 8.5 8.2 2.6 3.0 3.1 1.4 1.3 1.1 5.21 16.0 15.9 16.0 14.7 16,663 12.5 11.7 11.2 4.4 4.7 4.9 1.9 1.7 1.6 6.63 14.8 15.3 15.2 14.8 68,113 12.7 11.5 9.8 3.9 4.3 5.0 1.7 1.6 1.5 6.65 11.3 14.3 14.6 15.6 30,461 12.5 11.4 10.6 2.4 2.6 2.8 1.1 1.1 1.0 2.11 (5.5) 10.1 9.6 9.6 13,397 11.9 10.6 9.9 2.5 2.8 3.0 1.3 1.2 1.1 3.32 20.2 11.3 11.6 11.4 8,308 0836 -R 4.38 3.6 0.34 0.45 0.52 0.54 31.55 14.49 3.72 0902 -H 5.65 (2.6) 0.42 0.45 0.48 0.50 8.21 6.99 4.46 0991 -H 5.90 0.9 0.42 0.46 0.51 0.60 10.83 10.58 17.02 1071 -H 2.23 (3.3) 0.19 0.18 0.20 0.21 (5.06) 9.80 7.06 2380 -R 2.65 (7.8) 0.26 0.22 0.25 0.27 (15.26) 12.81 6.68 12.1 11.0 10.3 3.8 4.1 4.4 1.6 1.5 1.4 14.4 14.4 14.3 136,941 8.92 8.11 6.43 11.9 10.7 9.9 3.2 3.5 3.8 1.5 1.4 1.3 13.4 13.4 13.2 (1.9) 8.39 9.52 7.42 12.1 10.6 11.2 1.8 1.8 1.8 0.6 0.6 0.6 1.57 (1.5) 5.1 5.7 5.1 2,969 9.8 9.4 8.1 4.1 4.1 4.1 0.9 0.8 0.8 1.80 18.7 8.7 8.6 9.3 9,356 22.8 12.2 8.2 1.7 3.3 4.9 1.3 1.2 1.1 2.22 19.0 5.9 10.1 13.7 3,089 0588 -H 1.59 (11.2) 0.13 0.13 0.15 0.14 (0.37) 13.87 (5.78) 0688 -R 1.46 (24.0) 0.17 0.15 0.16 0.18 (12.66) 4.35 15.55 2868 -H 1.80 (20.9) 0.17 0.08 0.15 0.22 (52.25) 86.88 48.48 11.5 10.1 8.6 3.2 3.5 3.8 0.8 0.8 0.8 7.4 8.3 9.4 15,414 (14.83) 8.46 16.28 14.9 10.7 9.2 2.5 3.1 3.6 0.9 0.9 0.8 6.5 8.1 9.4 (18.7) (17.71) 14.46 17.10 245.7 26.3 16.0 0.0 1.0 1.6 1.4 1.4 1.3 3.48 18.0 0.6 5.3 8.2 3,796 23.6 18.7 16.0 1.1 1.3 1.6 2.7 2.4 2.2 13.92 10.6 16.8 21.2 24.8 77,128 20.3 15.6 11.0 0.0 1.0 1.4 1.3 1.2 1.1 1.77 (12.5) 6.6 8.0 10.5 22,172 18.0 15.3 13.7 0.6 0.7 0.7 1.9 1.7 1.5 6.03 12.1 11.3 11.9 11.7 141,855 0966 -R 2.85 (10.9) (0.02) 0.01 0.11 0.18 n.a. 834.30 64.07 2318 -H 12.45 (5.7) 0.53 0.53 0.66 0.78 (0.21) 26.01 17.27 2328 -H 1.99 (26.3) 0.02 0.10 0.13 0.18 457.00 29.92 41.48 2628 -H 5.30 1.9 0.25 0.29 0.35 0.39 16.55 17.96 10.92 20.0 16.3 14.1 0.7 0.9 1.1 2.0 1.8 1.6 12.5 14.4 15.7 244,951 14.66 19.66 12.73 76.9 19.0 14.2 0.4 1.0 1.3 1.8 1.7 1.5 8.8 11.6 13.8 (10.2) 20.07 22.20 16.08 27.9 12.8 8.0 1.4 1.4 1.4 1.0 0.9 0.9 n.a. n.a. 3.7 7.6 11.3 6,716 14.7 13.7 12.5 3.0 3.0 3.0 1.6 1.5 1.4 3.49 11.2 10.9 11.0 11.2 11,923 16.9 16.2 12.1 1.0 1.0 1.0 1.4 1.3 1.2 n.a. n.a. 8.9 8.3 10.4 25,234 n.a. 24.6 14.2 0.0 0.7 0.7 1.0 1.0 0.9 n.a. n.a. (1.8) 4.1 6.7 11,264 14.2 12.1 10.9 1.1 1.2 1.4 2.0 1.7 1.5 2.05 1.1 14.9 15.3 15.0 6,708 0670 -H 1.38 (19.3) 0.10 0.05 0.11 0.17 (50.45) 118.21 60.55 0694 -H 3.10 (6.1) 0.18 0.21 0.23 0.25 14.78 7.12 9.56 0753 -H 2.68 (10.8) 0.34 0.16 0.16 0.22 (52.85) 4.24 34.68 1055 -H 2.58 (16.3) (0.01) (0.05) 0.10 0.18 n.a. n.a. 73.04 1110 -R 2.03 25.0 0.11 0.14 0.17 0.19 28.85 16.85 11.63 22.0 15.6 11.7 1.3 1.4 1.4 1.3 1.2 1.1 7.4 8.8 10.5 61,845 (46.66) 24.35 33.76 18.4 15.9 11.5 1.3 1.5 1.5 1.4 1.3 1.2 7.3 9.3 10.9 (5.5) (39.77) 40.57 33.81 9.1 11.0 9.7 5.5 4.6 5.2 1.1 1.1 1.0 3.22 4.5 12.5 9.8 10.5 9,833 11.4 10.6 9.9 5.3 5.6 6.0 1.0 1.0 1.0 10.39 7.6 9.7 9.6 9.9 10,060 14.7 15.2 16.6 4.4 4.3 3.9 2.2 2.1 2.0 13.11 (11.4) 15.0 13.9 12.2 154,363 15.7 14.2 12.4 0.9 1.1 1.2 1.8 1.6 1.4 3.18 11.8 12.3 11.8 12.2 125,792 0183 -R 3.08 (10.9) 0.28 0.34 0.28 0.32 20.10 (17.27) 12.96 0349 -R 9.60 (13.5) 0.80 0.84 0.90 0.97 5.12 7.40 7.10 2388 -R 14.60 (1.7) 1.13 0.99 0.96 0.88 (12.47) (3.05) (8.41) 3328 -H 2.80 05 0.06 0.18 0.20 0.23 210.81 10.51 15.04 14.7 14.4 14.0 3.0 3.0 2.9 1.9 1.7 1.6 13.6 12.7 12.1 300,048 20.79 2.09 1.39 12.7 12.8 12.1 4.0 3.9 4.1 1.5 1.4 1.3 12.4 11.3 11.2 (8.7) 25.56 1.96 3.17 25.6 18.4 12.1 2.9 3.5 4.4 1.6 1.5 1.4 5.07 23.1 6.1 8.3 11.9 19,647 13.0 11.2 10.1 4.0 4.3 4.8 1.0 1.0 0.9 4.47 36.2 8.2 9.0 9.5 6,215 17.3 15.8 14.8 3.8 4.1 4.5 2.1 2.0 1.9 5.68 7.6 12.7 13.3 13.4 22,801 13.0 11.3 10.2 2.2 2.6 3.0 1.7 1.5 1.3 5.63 10.2 13.4 13.9 13.9 8,376 0177 -H 3.90 13.9 0.19 0.15 0.21 0.32 (18.50) 39.11 52.21 0548 -H 2.85 (3.4) 0.18 0.22 0.25 0.28 21.39 15.25 11.09 0576 -H 5.25 (1.9) 0.27 0.30 0.33 0.36 13.83 9.97 6.66 0995 -H 5.05 25.5 0.28 0.39 0.45 0.50 40.61 14.72 11.10 17.8 15.0 12.4 3.3 3.7 4.3 1.7 1.6 1.5 10.0 11.2 12.5 57,040 4.53 18.96 22.34 17.2 14.2 11.8 3.2 3.6 4.2 1.6 1.5 1.4 10.1 11.1 12.2 8.5 8.71 18.68 20.92 HR 11

12 80 (2) 05 (%) (%) 05 06 07 05 06 07 05 06 07 (%) 05 06 07 6 24 05 (%) (%) 04 05 06 07 05 06 07 12.8 8.8 5.8 0.8 1.1 1.7 1.0 0.9 0.8 n.a. n.a. 7.8 10.5 14.0 1,090 n.a. 44.0 17.7 0.0 0.0 0.0 1.3 1.2 1.1 n.a. n.a. (1.2) 2.8 6.7 30,259 0597 -R 0.47 (3.1) 0.04 0.04 0.05 0.08 (17.07) 46.55 49.84 0981 -R 1.66 (1.8) 0.04 (0.02) 0.04 0.09 n.a. n.a. 148.65 n.a. 38.6 16.5 0.0 0.0 0.1 1.2 1.2 1.1 (0.9) 3.1 7.0 31,349 n.a. n.a. 148.00 n.a. 26.4 11.8 0.4 0.6 0.9 1.1 1.1 1.0 3.3 6.7 10.3 (2.5) n.a. n.a. 133.48 4.9 4.5 4.4 7.4 8.1 8.3 0.9 0.8 0.7 4.00 35.0 20.4 19.6 17.9 18,720 10.5 6.2 5.7 0.0 3.2 3.5 1.3 1.1 1.0 2.50 20.0 13.2 19.3 17.9 7,122 7.2 6.9 6.7 4.0 4.2 4.3 1.2 1.1 1.0 4.00 26.9 18.3 16.7 15.3 253,605 7.5 5.7 5.3 3.9 5.1 5.5 1.5 1.2 1.1 9.50 23.7 21.0 23.6 21.3 18,297 4.1 3.5 3.4 4.8 5.6 5.8 0.9 0.8 0.7 0.45 13.3 25.2 24.1 20.7 165 0338 -H 2.60 (10.3) 0.52 0.53 0.58 0.60 1.37 9.48 3.14 0368 -H 2.00 (28.6) 0.67 0.19 0.32 0.35 (71.87) 70.64 8.39 0386 -H 2.93 (8.6) 0.39 0.41 0.42 0.43 4.24 3.52 2.48 1128 -H 7.25 (9.9) 0.98 0.97 1.28 1.37 (0.81) 32.31 6.56 8042 0.39 39.3 0.07 0.09 0.11 0.11 28.95 16.48 2.81 7.0 6.6 6.4 4.1 4.5 4.6 1.2 1.1 1.0 18.4 17.4 15.9 297,909 4.04 3.75 2.52 6.8 5.4 5.1 4.0 5.2 5.5 1.2 1.0 0.9 19.6 20.7 18.6 (3.6) (0.58) 6.80 2.98 8.1 8.1 7.9 2.5 2.5 2.5 1.3 1.1 1.0 3.50 21.4 17.1 15.0 13.7 222,563 17.9 16.0 14.2 1.7 1.9 2.1 1.1 1.1 1.0 6.00 (9.2) 6.6 6.9 7.4 82,328 8.4 8.5 8.3 3.2 2.8 3.1 1.3 1.1 1.0 11.00 (3.2) 16.1 14.1 13.1 74,837 13.0 12.2 11.6 2.5 2.6 2.7 2.3 2.0 1.8 32.00 8.3 19.0 17.8 16.6 578,621 0728 -H 2.75 (3.5) 0.34 0.34 0.34 0.35 1.30 0.19 2.47 0762 -R 6.55 6.5 0.33 0.37 0.41 0.46 11.35 11.31 13.02 0906 -R 11.35 7.6 1.55 1.35 1.33 1.36 (13.13) (1.49) 2.58 0941 -R 29.35 11.4 2.01 2.26 2.41 2.52 12.31 6.60 4.52 11.2 10.8 10.3 2.5 2.5 2.7 1.7 1.5 1.4 17.2 16.0 14.9 958,348 9.45 5.30 4.23 11.8 11.2 10.5 2.4 2.4 2.6 1.5 1.4 1.2 14.7 13.5 12.7 5.5 5.38 3.96 4.19 16.0 14.0 12.4 2.0 2.0 2.0 0.9 0.9 0.8 n.a. n.a. 5.7 6.3 6.8 2,271 11.2 10.0 6.0 3.6 4.0 6.7 1.0 0.9 0.8 n.a. n.a. 8.8 9.3 14.5 2,384 13.1 13.2 11.6 3.0 3.0 3.4 3.2 2.8 2.4 n.a. n.a. 25.8 22.3 22.1 2,705 0874 -H 2.80 70.7 0.05 0.18 0.20 0.23 251.24 14.47 13.11 1093 -R 1.55 (24.4) 0.16 0.14 0.16 0.26 (12.78) 11.93 66.82 8069 -H 14.80 (13.2) 1.06 1.13 1.12 1.27 6.08 (0.25) 13.27 13.1 12.1 9.0 2.9 3.0 4.1 1.3 1.2 1.1 14.1 13.2 14.9 7,360 15.64 7.64 33.66 13.4 12.4 10.0 2.9 3.0 4.1 1.7 1.5 1.4 13.5 12.6 14.5 11.0 17.10 8.11 34.33 7.3 6.7 6.4 4.1 4.5 4.7 1.5 1.3 1.2 5.13 24.0 22.9 21.4 19.3 10,390 7.4 6.8 7.6 4.1 4.4 4.0 1.6 1.3 1.2 5.32 20.6 22.9 21.3 16.7 46,686 15.6 13.2 11.7 3.2 3.8 4.3 3.9 3.3 2.9 2.05 12.2 28.6 27.3 26.3 9,462 0358 -H 3.90 (11.9) 0.39 0.53 0.59 0.61 35.33 10.30 4.71 2600 -H 4.23 (8.2) 0.53 0.57 0.62 0.56 7.93 8.88 (10.66) 2899 -H 1.80 2.1 0.15 0.12 0.14 0.15 (22.85) 18.17 12.33 8.0 7.2 7.7 4.0 4.4 4.1 1.7 1.5 1.3 23.7 22.1 18.5 66,537 8.16 9.12 (9.49) 10.1 8.9 8.6 3.8 4.2 4.3 2.3 2.0 1.7 24.8 23.3 20.8 (6.0) 8.50 9.80 (6.25) 6.8 8.4 6.2 5.9 4.8 6.4 1.0 0.9 0.8 n.a. n.a. 14.8 11.2 13.9 16,622 6.1 7.2 5.4 6.5 5.6 7.4 1.1 1.0 0.9 n.a. n.a. 18.6 14.6 17.4 11,411 6.8 6.7 4.9 4.4 4.5 6.1 0.7 0.7 0.6 n.a. n.a. 10.9 10.2 12.8 2,766 0323 -H 2.58 (14.2) 0.52 0.38 0.31 0.41 (27.49) (19.08) 34.09 0347 -H 3.85 (2.5) 0.57 0.63 0.54 0.71 9.47 (14.39) 32.00 1053 -H 2.60 (20.0) 0.75 0.38 0.39 0.53 (48.66) 0.93 36.78 6.5 7.7 5.8 6.0 5.0 6.7 1.0 0.9 0.8 15.9 12.4 15.1 30,800 (18.90) (17.15) 33.42 6.6 7.4 5.5 5.6 4.9 6.6 0.9 0.9 0.8 14.8 12.0 14.7 (12.2) (19.70) (15.50) 33.53 16.9 16.7 14.4 2.7 2.7 3.1 1.3 1.2 1.1 2.08 (13.0) 7.6 7.2 7.8 11,029 14.0 12.5 11.4 2.5 2.8 3.1 1.4 1.3 1.2 4.19 12.9 10.2 10.6 10.8 6,418 26.6 20.0 16.5 1.2 1.3 1.6 4.0 3.5 3.0 6.77 4.7 16.1 18.8 19.6 11,390 19.7 16.2 13.9 2.3 2.8 3.2 2.7 2.4 2.2 2.60 (7.6) 19.6 15.7 16.8 3,486 22.9 19.4 17.1 1.4 1.7 1.9 3.0 2.7 2.5 10.06 12.0 14.0 14.9 15.2 5,505 18.3 13.7 10.2 1.4 1.8 2.4 3.2 2.7 2.2 n.a. n.a. 19.2 21.6 24.1 6,911 22.7 17.9 16.1 1.5 2.0 2.2 3.5 3.1 2.7 3.96 6.6 16.5 18.4 18.0 3,785 10.9 8.5 7.7 3.2 4.1 4.5 2.0 1.7 1.5 n.a. n.a. 19.7 21.7 20.7 1,188 0308 -R 2.35 (6.0) 0.21 0.14 0.14 0.16 (34.25) 0.99 16.21 0506 -R 3.65 9.8 0.17 0.26 0.29 0.32 51.94 12.01 9.89 0700 6.45 38.7 0.28 0.24 0.32 0.39 (12.19) 32.80 21.21 0828 -R 2.80 05 0.18 0.14 0.17 0.20 (22.96) 21.40 16.76 0980 -H 8.85 (6.8) 0.34 0.39 0.46 0.52 12.88 18.22 13.62 2319 5.05 (17.2) 0.27 0.28 0.37 0.49 2.72 33.35 34.36 2331 3.70 (5.1) 0.14 0.16 0.21 0.23 15.12 26.93 11.24 8259 -H 0.70 (31.4) 0.05 0.06 0.08 0.09 18.90 27.79 10.82 19.0 16.1 13.6 1.9 2.1 2.5 2.1 1.9 1.7 14.0 15.0 15.7 49,712 (13.93) 17.08 18.99 19.0 15.6 13.4 2.0 2.4 2.8 2.6 2.3 2.1 15.4 16.1 16.6 (2.6) (7.77) 18.57 18.25 HR

Guotai Junan (HK) 80 (3) 05 (%) (%) 05 06 07 05 06 07 05 06 07 (%) 05 06 07 6 24 05 (%) (%) 04 05 06 07 05 06 07 6.5 7.3 7.3 3.3 2.9 2.9 1.3 1.2 1.1 1.30 3.1 21.2 16.7 15.4 5,965 8.7 9.1 8.8 5.2 4.9 5.1 2.2 1.9 1.7 4.00 (45.0) 27.0 22.5 20.8 1,019,780 8.5 9.7 9.3 5.1 4.5 4.6 2.6 2.3 2.0 3.50 (21.4) 34.4 25.3 23.0 174,473 8.8 8.3 7.6 3.2 3.6 3.9 2.7 2.2 1.8 9.29 18.7 38.6 29.3 26.0 134,277 6.8 7.5 7.4 3.7 3.3 3.4 1.7 1.4 1.2 7.75 20.6 26.9 20.4 17.8 30,248 15.7 15.1 14.5 1.9 2.0 2.1 1.7 1.6 1.5 2.20 (33.0) 10.9 10.7 10.5 11,686 9.2 7.4 7.1 3.3 4.1 4.2 1.7 1.4 1.3 1.00 5.0 22.3 20.9 18.9 616 0135 -R 1.26 3.3 0.16 0.20 0.17 0.17 19.39 (12.06) 0.36 0857 -H 5.80 39.8 0.55 0.67 0.64 0.66 20.56 (4.43) 3.99 0883 -R 4.25 1.8 0.37 0.50 0.44 0.46 35.03 (12.45) 3.73 1088 -H 7.55 05 0.56 0.86 0.91 0.99 52.45 6.58 8.33 1171 -H 6.15 (11.4) 0.63 0.90 0.82 0.83 43.60 (9.09) 0.83 2883 -H 2.93 23.2 0.17 0.19 0.19 0.20 12.12 3.93 4.18 8261 -H 0.95 13.1 0.12 0.10 0.13 0.13 (10.62) 24.66 4.11 8.7 9.1 8.7 4.9 4.7 4.9 2.2 2.0 1.7 28.9 23.3 21.4 1,377,045 21.37 (4.48) 4.06 9.2 9.2 8.9 3.7 3.6 3.8 2.0 1.7 1.5 25.9 20.8 18.9 11.6 25.30 (4.54) 4.32 13.5 12.4 11.8 4.8 5.2 5.5 1.3 1.2 1.2 24.14 6.2 9.6 10.0 10.1 49,664 12.1 11.3 10.4 2.4 2.6 2.9 1.2 1.1 1.0 3.06 24.8 10.2 10.1 9.9 12,872 12.5 13.4 12.3 2.8 2.6 2.8 1.4 1.4 1.3 13.06 11.2 12.0 10.4 10.6 25,498 13.2 10.4 8.8 3.0 3.8 4.5 0.9 0.8 0.8 18.45 19.2 6.8 8.2 9.1 14,385 13.4 12.5 11.8 3.0 3.2 3.4 0.8 0.8 0.7 12.01 12.6 6.1 6.2 6.4 6,536 5.8 8.1 7.1 2.8 3.1 3.5 0.5 0.5 0.4 4.27 32.1 8.4 5.7 6.2 2,640 0267 -R 22.65 2.5 1.64 1.68 1.82 1.92 2.97 8.17 5.65 0270 -R 2.30 (11.5) 0.21 0.19 0.20 0.22 (7.39) 7.22 8.32 0291 -R 11.60 (4.5) 0.76 0.93 0.87 0.94 21.92 (6.59) 9.11 0363 -R 14.90 (10.2) 1.45 1.13 1.43 1.69 (22.18) 26.47 17.95 0392 -R 10.50 (9.1) 0.81 0.78 0.84 0.89 (3.13) 6.99 6.49 0882 -R 2.90 (15.3) 0.80 0.50 0.36 0.41 (37.73) (27.88) 12.74 12.6 12.0 11.1 3.7 4.0 4.3 1.1 1.1 1.0 9.6 9.5 9.7 111,597 3.15 6.16 7.26 11.7 11.4 10.4 3.1 3.4 3.8 1.0 0.9 0.9 8.8 8.4 8.7 (8.0) (2.37) 4.99 8.82 14.8 12.8 11.3 3.0 3.6 4.2 2.1 1.9 1.7 15.25 1.0 14.8 15.5 16.0 32,680 12.3 11.6 10.8 2.8 2.9 3.2 1.5 1.4 1.3 2.96 17.9 12.5 12.3 12.1 10,304 9.1 8.7 9.3 3.1 3.9 3.9 2.0 1.7 1.5 7.92 24.2 24.4 21.4 17.5 19,956 11.5 12.7 11.3 4.5 4.6 5.1 2.5 2.3 2.1 16.35 8.2 23.1 18.9 19.4 32,879 5.5 8.5 10.0 5.4 2.9 2.5 1.4 1.3 1.2 n.a. n.a. 30.9 15.6 12.1 26,095 4.6 5.9 6.9 6.5 5.1 4.3 1.2 1.1 1.0 n.a. n.a. 29.6 19.7 15.0 20,804 0144 -R 15.10 3.1 0.96 1.02 1.18 1.34 6.80 15.57 13.27 0598 -H 2.43 6.6 0.18 0.20 0.21 0.22 10.45 6.45 6.69 1138 -H 6.00 (13.0) 0.52 0.66 0.69 0.64 26.55 4.33 (6.93) 1199 -R 15.00 (6.8) 0.74 1.30 1.18 1.32 74.58 (8.98) 11.87 1919 -H 4.25 05 1.01 0.78 0.50 0.42 (22.55) (35.70) (15.48) 2866 -H 3.45 10.4 0.75 0.75 0.59 0.50 (0.43) (21.48) (14.81) 8.2 9.5 9.8 4.3 3.9 4.0 1.7 1.6 1.4 23.0 17.5 15.8 142,717 4.27 (13.59) (1.23) 9.6 10.0 10.0 4.2 3.9 3.9 1.8 1.6 1.5 22.5 17.2 15.3 0.0 2.88 (14.02) (3.02) 10.8 9.3 8.5 2.8 2.9 3.2 0.7 0.7 0.7 2.45 10.1 7.0 7.8 8.0 928 16.6 12.7 10.1 1.1 1.5 1.9 2.3 2.0 1.7 n.a. n.a. 14.5 16.5 17.8 22,357 12.9 9.5 7.1 1.9 3.2 4.3 1.7 1.5 1.3 10.75 32.1 13.6 16.4 19.1 9,166 10.6 9.1 9.5 3.8 4.4 4.2 1.6 1.4 1.3 3.40 19.1 15.5 16.4 n.a. 3,658 7.9 6.6 5.7 3.8 4.6 5.3 2.2 1.8 1.4 9.51 21.7 31.8 29.8 27.7 3,353 12.0 9.7 8.0 2.5 3.1 3.8 1.1 1.0 1.0 3.89 21.6 9.9 11.3 12.5 3,627 13.3 12.1 10.2 1.7 2.1 2.4 1.8 1.6 1.4 1.98 11.6 14.7 13.9 14.6 20,810 6.3 5.6 4.9 3.6 3.6 3.6 0.7 0.6 0.6 n.a. n.a. 11.4 11.7 12.3 175 0187 -H 2.20 (7.4) 0.23 0.20 0.24 0.26 (9.90) 16.15 8.99 0763 -H 23.30 (7.4) 1.48 1.40 1.83 2.31 (5.29) 30.34 26.10 0914 -H 7.30 (13.6) 0.72 0.57 0.77 1.04 (21.71) 36.33 34.36 1065 -H 2.75 0.9 0.23 0.26 0.30 0.29 12.93 17.12 (4.53) 1072 -H 7.45 56.8 0.53 0.94 1.13 1.31 78.39 20.08 15.05 1133 -H 3.05 48.8 0.09 0.25 0.32 0.38 172.54 24.11 20.93 2727 -H 1.75 05 0.11 0.13 0.15 0.17 17.66 10.34 17.75 8243 -H 0.21 (43.0) 0.02 0.03 0.04 0.04 58.34 12.37 15.54 9.5 9.3 8.8 3.7 3.7 3.9 1.8 1.6 1.4 21.5 18.9 17.8 2,538,209 (H)(1) 19.00 (3.10) 4.09 12.4 11.0 9.5 2.9 3.3 3.6 1.6 1.4 1.3 15.5 15.2 14.9 (1.6) 14.23 1.79 5.86 12.0 11.9 11.4 3.2 3.2 3.3 1.8 1.7 1.5 18.1 16.0 15.1 1,393,227 (R)(2) 11.84 3.82 4.04 19.9 13.1 10.9 3.0 3.1 3.4 1.4 1.3 1.2 12.9 11.7 12.0 (3.1) 6.44 0.65 5.07 10.3 10.1 9.6 3.5 3.5 3.7 1.8 1.6 1.4 20.3 17.9 16.8 3,953,686 (1)+(2) 17.58 (1.80) 4.08 15.3 11.9 10.1 2.9 3.2 3.5 1.6 1.5 1.3 14.8 14.3 14.2 (1.4) 11.72 1.52 5.69 HR 4 13

2003 2007 03 04 05 06 07 - (%) 34.0 44.6 17.6 (1.8) 4.1 - (%) 25.1 56.3 11.7 1.5 5.7 17.9 11.5 10.3 10.1 9.6 % 2.1 2.9 3.5 3.5 3.7 2.4 2.0 1.8 1.6 1.4 17.5 21.0 20.3 17.9 16.8 2005 6 244,8431,638 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 (1) 14,102 18,346 21,630 22,818 24,467 730 861 1,024 1,113 1,257 1,146 1,622 1,906 1,912 2,041 (%) 30.1 17.9 5.5 7.2 18.0 18.9 8.7 12.9 41.5 17.5 0.3 6.8 (%) 5.2 4.7 4.7 4.9 5.1 8.1 8.8 8.8 8.4 8.3 (2) 4,779 5,727 6,545 7,082 7,615 439 482 562 630 663 182 220 251 271 297 (%) 19.8 14.3 8.2 7.5 9.9 16.5 12.2 5.2 21.1 14.2 7.8 9.8 (%) 9.2 8.4 8.6 8.9 8.7 3.8 3.8 3.8 3.8 3.9 14 (1)+(2) 18,941 24,173 28,307 30,073 32,295 1,172 1,351 1,594 1,755 1,932 1,335 1,851 2,166 2,193 2,350 (%) 27.6 17.1 6.2 7.4 15.2 18.0 10.1 10.1 38.7 17.0 1.3 7.2 (%) 6.2 5.6 5.6 5.8 6.0 7.0 7.7 7.7 7.3 7.3 4 (%) (%) 03 04 05 06 07 03 04 05 06 07 (1) 21.4 22.8 22.2 22.3 22.2 17.5 15.9 16.4 15.1 15.0 (2) 20.0 25.2 24.1 22.5 22.7 20.9 26.6 24.6 23.2 23.7 (1)+(2) 20.8 23.3 22.5 22.1 22.1 18.6 19.6 19.1 17.8 18.0 26.9 24.0 22.9 22.7 21.4 18.7 26.6 18.1 16.1 14.9 18.7 20.2 12.0 16.4 16.9 11.6 13.6 22.4 11.4 11.6 6.6 4.4 5.4 6.6 7.4 4.8 3.6 4.2 5.1 5.7 6.8 13.5 13.1 14.2 14.9 1.7 10.7 10.5 11.3 11.8 39.7 51.0 50.7 49.1 48.7 36.1 42.3 45.7 41.6 40.8 63.3 63.9 65.9 65.9 66.1 39.4 50.2 48.5 44.6 45.6 n.a. 11.4 4.6 9.6 13.8 n.a. 10.7 2.8 7.6 11.7 7.4 10.1 7.8 8.8 8.8 4.9 7.7 5.5 6.1 6.0 21.6 22.4 21.8 21.0 20.3 4.8 14.7 14.3 13.7 13.4 17.3 12.4 11.6 11.2 12.1 14.2 10.5 9.6 8.8 9.4 25.3 27.6 29.3 28.8 26.7 18.2 19.1 20.7 20.4 19.0 16.5 13.1 8.1 7.4 9.0 14.7 10.3 6.5 5.6 6.9 13.8 16.0 14.5 14.4 14.6 12.3 13.7 12.2 12.1 12.2 28.3 33.6 36.6 34.2 33.6 19.5 24.3 26.2 24.4 24.1 21.0 24.6 20.2 18.5 18.4 15.3 19.0 13.5 12.6 12.8 19.5 25.0 27.0 20.9 19.8 28.0 37.5 43.3 39.6 39.9 4

Guotai Junan (HK) 03 04 05 06 07 03 04 05 06 07 (1) 49.2 48.1 56.2 41.6 42.9 49.4 45.0 55.4 49.8 50.5 (2) 56.9 51.8 50.3 51.3 50.4 25.4 24.6 25.6 25.8 25.3 (1)+(2) 51.1 48.5 53.1 44.5 45.0 40.4 37.3 44.0 40.6 40.9 56.3 53.0 53.2 59.2 61.2 10.4 12.2 13.9 15.6 16.0 * 90.2 111.4 273.3 62.9 75.4 73.2 56.5 164.0 77.4 83.9 22.9 21.7 23.4 22.8 22.9 n.a. n.a. n.a. n.a. n.a. 34.2 31.1 34.1 33.7 32.8 13.2 10.7 10.5 10.5 10.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 84.2 113.6 75.4 59.3 60.3 3.9 2.4 1.5 1.2 1.2 109.9 69.9 73.7 67.9 65.4 48.0 34.9 38.9 35.9 32.6 18.6 11.0 9.6 10.5 10.7 30.9 28.2 28.5 29.0 28.7 25.2 25.2 24.4 25.3 25.7 7.9 7.4 7.1 7.0 7.1 43.4 58.2 66.3 65.5 59.2 66.1 79.1 85.9 84.8 84.1 18.5 14.0 16.5 16.4 15.8 74.8 60.8 64.6 65.9 64.5 42.0 31.4 30.4 32.5 30.5 45.9 43.5 50.3 54.4 52.3 34.5 35.9 37.9 38.4 39.1 56.9 53.4 51.8 52.0 52.3 37.9 31.9 31.5 32.2 34.0 30.0 26.5 28.0 27.4 30.3 55.6 59.4 53.4 54.6 53.5 35.6 37.1 39.2 39.8 39.1 66.7 60.7 60.4 62.7 63.2 7.5 7.4 7.8 7.9 8.1 4 * 15 % 02 03 04 05 06 07 (1) 45.9 47.5 47.4 39.8 33.4 26.2 (2) 36.0 29.1 24.0 15.2 6.1 (2.9) (1)+(2) 42.4 40.8 38.9 30.9 23.7 16.1 46.7 49.1 84.8 90.9 90.7 86.2 1.3 1.5 26.6 35.4 39.8 33.6 n.a. n.a. n.a. n.a. n.a. n.a. 205.3 188.0 175.2 195.1 217.6 211.3 n.a. n.a. n.a. n.a. n.a. n.a. 13.4 38.0 45.4 43.1 45.0 2.7 9.5 19.7 15.5 15.3 62.3 62.0 61.3 48.4 42.1 36.7 38.7 48.3 43.9 28.0 12.2 17.4 17.1 9.9 2.5 55.6 43.9 33.7 30.4 19.6 7.5 6.2 13.8 11.7 21.5 24.2 21.1 4.0 32.2 24.9 21.0 12.1 7.1 2.5 28.8 26.5 32.4 31.2 30.9 30.5 54.2 27.0 28.4 24.6 24.4 4

(%) 02 03 04 05 06 07 03 04 05 06 07 (1) 202,580 241,769 295,164 348,375 348,470 348,965 19.3 22.1 18.0 0.0 0.1 (2) 115,562 125,373 162,548 170,121 140,916 128,595 8.5 29.7 4.7 (17.2) (8.7) (1)+(2) 318,221 367,926 458,618 519,312 490,237 478,351 15.6 24.6 13.2 (5.6) (2.4) 8,899 14,718 26,704 26,497 23,947 18,751 65.4 81.4 (0.8) (9.6) (21.7) 1,668 2,186 4,084 4,036 3,779 3,854 31.1 86.8 (1.2) (6.4) 2.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12,041 13,636 13,113 34,915 20,222 21,863 13.3 (3.8) 166.3 (42.1) 8.1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,774 3,028 6,841 10,670 6,617 4,471 70.7 125.9 56.0 (38.0) (32.4) 6,106 3,799 14,949 8,502 5,928 8,268 (37.8) 293.5 (43.1) (30.3) 39.5 44,604 45,731 67,519 61,526 85,465 86,147 2.5 47.6 (8.9) 38.9 0.8 126,415 142,712 147,160 150,957 139,271 130,686 12.9 3.1 2.6 (7.7) (6.2) 627 758 1,908 738 538 538 20.9 151.6 (61.3) (27.1) 0.0 5,155 6,628 11,134 11,981 7,925 5,660 28.6 68.0 7.6 (33.9) (28.6) 4,546 7,031 5,780 7,736 7,075 6,887 54.7 (17.8) 33.8 (8.5) (2.7) 1,221 2,318 2,175 3,284 3,033 2,444 89.9 (6.2) 51.0 (7.6) (19.4) 87,051 102,055 120,652 152,860 156,316 161,179 17.2 18.2 26.7 2.3 3.1 6,546 8,649 8,037 8,271 8,257 7,705 32.1 (7.1) 2.9 (0.2) (6.7) 7,357 9,511 21,525 31,162 15,655 14,521 29.3 126.3 44.8 (49.8) (7.2) 3G4 16 02 03 04 05 06 07 (1) 62,266 97,148 113,543 186,456 207,479 248,364 (2) 29,139 33,933 48,676 72,814 103,903 130,470 (1)+(2) 91,462 131,120 161,761 259,744 311,913 380,161 6,837 (1,182) (17,093) (1,776) 3,866 12,140 507 (480) (2,946) (2,192) (398) 1,540 n.a. n.a. n.a. n.a. n.a. n.a. (2,473) (6,929) (3,912) (16,572) (10,441) 1,402 n.a. n.a. n.a. n.a. n.a. n.a. 1,341 818 (2,017) (6,042) 880 2,985 (6,375) (2,837) (10,644) (3,037) 1,093 (250) 24,689 35,469 30,870 54,914 46,295 49,643 7,867 20,345 70,835 88,290 108,225 125,670 (19) 376 (1,101) 139 545 725 (1,673) (207) (927) 1,345 5,552 8,091 448 (923) 2,435 (516) 398 2,019 (805) (1,061) 28 505 654 2,453 54,942 81,833 94,522 143,805 137,158 150,684 5,957 1,949 6,175 6,780 7,476 9,060 48 2,550 (4,819) (9,309) 6,019 6,925 4

Guotai Junan (HK) 5% 1% 0836 -R 05 5.0% 06 4.0% 0902 -H 05 5.0% 06 3.5% 0991 -H 05 3.6% 06 3.6% 1071 -H 05 4.8% 06 8.4% 2380 -R 05 06 0.7% 0588 -H 5% 0688 -R 5% 2868 -H 5% 2318 -H 05 1.2% 06 0.9% 053.0% 06 8.4% 2328 -H 05 1.2% 06 0.9% 051.6% 06 3.0% 2628 -H 05 0.7% 06 0.6% 051.6% 06 8.5% 0670 -H 05349.3% 06 18.6% 0694 -H 053.4% 06 4.0% 0753 -H 0557.1% 06 4.6% 1055 -H 0.37 06 15.7% 1110 -R 0511.8% 0183 -R 0349 -R 2388 -R 0177 -H 050.2% 06 6.1% 0548 -H 050.6% 06 6.9% 0576 -H 052.8% 06 3.9% 0995 -H 050.4% 06 0.4% 0597 -R 0981 -R 0338 -H 0521.1% 060.36% 0368 -H 0576.21% 060.5% 0386 -H 0531.02% 061.14% 1128 -H 0567.18% 060.20% 8042 050.50% 062.91% 0728 -H 05 0.04% 06 0762 -R 05 0.48% 06 0906 -R 05 1.45% 06 0941 -R 05 06 0874 -H 0506 4% 051% 05 4.4% 06 4.0% 1093 -R 0506 8% 051% 05 4.8% 06 4.2% 8069 -H 0506 4% 051% 05 06 0.4% 0358 -H 9% 2% 2600 -H 8% 1% 2899 -H 7% 0323 -H 5% 2% 0347 -H 12% 1053 -H 5% 1% 0506 -R 05 49% 0612% 0700 05 21.9% 061.2% 0828 -R 0980 -H 062.2% 2319 2331 05 0.01% 06 1.0% 8259 -H 20% 3% 0135 -R 051.4% n.a. 0857 -H 050.12% 060.05% 0883 -R 055.04% 060.38% 2883 -H 055% 060.87% 8261 -H 051.83% 061.91% 1088 -H 05 06 1.8% 1171 -H 05 2.6% 06 1.0% 0267 -R 05 2.5% 06 0.1% 0270 -R 05 5.3% 06 0.3% 0291 -R 05 2.2% 06 0.4% 0363 -R 05 4.3% 06 0.2% 0392 -R 05 5.1% 06 0.6% 0882 -R 05 5.0% 06 1.3% 0144 -R 052.0% 060.4% 0598 -H 0513.0% 065.5% 1138 -H 055.9% 061.0% 1199 -R 050.7% 1919 -H 061.9% 2866 -H 058.0% 060.5% 0187 -H 05 10% 06 0.8% 0763 -H 05 1.60% 06 0914 -H 3% 10% 1% 2% 1072 -H 05 06 6.1% 1133 -H 05 25.5% 06 9.3% 2727 -H 05 06 4.9% 17

6 24 05 -R 0135 1.26 0.93 -H 0338 2.60 2.74, -R 0363 14.90 16.87 -H 0368 2.00 1.53 -R 0392 10.50 13.17 -R 0506 3.65 2.65 -H 0588 1.59 2.60 -R 0688 1.46 1.72 0700 6.45 1.59 -H 0874 2.80 3.11 2005, -R 0882 2.90 6.16 -H 0980 8.85 2.90 A -H 1053 2.60 3.70 05 P/BV 0.7 -R 1093 1.55 1.62 2005,2006 18 -R 1110 2.03 1.02 -H 1128 7.25 4.95 -H 1138 6.00 2.92 -H 2333 2.83 3.53 SUV HR 24/06/2005 2005 (%) 0588 -H 1.59 2.60 38.7 0688 -R 1.46 1.72 14.9 0597 -R 0.47 0.48 3.5 0338 -H 2.60 2.75 5.5 8042 0.39 0.41 5.7 0874 -H 2.80 3.11 10.1 1093 -R 1.55 1.52 4.4 0323 -H 2.58 2.66 3.2 1053 -H 2.60 3.65 28.8 0363 -R 14.90 16.87 11.7 0392 -R 10.50 13.17 20.3 0882 -R 2.90 6.16 52.9 0187 -H 2.20 2.96 25.8 8243 -H 0.21 0.30 30.7 HR

Guotai Junan (HK) (%) 04 05 06 07 04 05 06 07 0902 -H 0.236 0.248 0.265 0.277 4.2 4.4 4.7 4.9 0991 -H 0.208 0.230 0.254 0.298 3.5 3.9 4.3 5.0 0349 -R 0.450 0.505 0.542 0.580 4.7 5.3 5.6 6.0 0548 -H 0.104 0.113 0.123 0.137 3.6 4.0 4.3 4.8 0576 -H 0.179 0.198 0.217 0.236 3.4 3.8 4.1 4.5 0338 -H 0.189 0.191 0.209 0.216 7.3 7.4 8.1 8.3 1128 -H 0.283 0.281 0.371 0.396 3.9 3.9 5.1 5.5 8042 0.015 0.019 0.022 0.022 3.7 4.8 5.6 5.8 0358 -H 0.113 0.159 0.176 0.184 2.9 4.1 4.5 4.7 0347 -H 0.283 0.251 0.215 0.283 7.4 6.5 5.6 7.4 8259 -H 0.019 0.022 0.029 0.032 2.7 3.2 4.1 4.5 0857 -H 0.249 0.300 0.286 0.298 4.3 5.2 4.9 5.1 0267 -R 1.100 1.094 1.184 1.251 4.9 4.8 5.2 5.5 19 0144 -R 0.450 0.460 0.550 0.630 3.0 3.0 3.6 4.2 1199 -R 0.420 0.676 0.687 0.768 2.8 4.5 4.6 5.1 1065 -H 0.094 0.104 0.120 0.114 3.4 3.8 4.4 4.2 1072 -H 0.113 0.283 0.340 0.392 1.5 3.8 4.6 5.3 8243 -H 0.008 0.008 0.008 0.008 3.6 3.6 3.6 3.6 1994 1993 A

20 (%) (%) H 05 06 07 05 06 07 05 06 07 05 06 07 (%) 4.9 4.5 4.4 7.4 8.1 8.3 0.9 0.8 0.7 20.4 19.6 17.9 1.4 6,058 7.2 6.9 6.7 4.0 4.2 4.3 1.2 1.1 1.0 18.3 16.7 15.3 11.3 49,083 8.7 9.1 8.8 5.2 4.9 5.1 2.2 1.9 1.7 27.0 22.5 20.8 23.5 101,978 16.0 17.8 12.6 2.6 2.7 4.1 0.6 0.6 0.6 2.8 3.1 4.5 0.4 1,736 6.5 5.6 5.4 4.4 5.2 5.4 1.4 1.2 1.0 23.7 23.4 20.7 1.2 5,247 6.8 7.5 7.4 3.7 3.3 3.4 1.7 1.4 1.2 26.9 20.4 17.8 2.8 12,044 15.7 15.1 14.5 1.9 2.0 2.1 1.7 1.6 1.5 10.9 10.7 10.5 1.0 4,489 7.9 8.0 7.7 4.7 4.6 4.8 1.6 1.5 1.3 23.6 20.2 18.6 41.7 180,636 23.6 18.7 16.0 1.1 1.3 1.6 2.7 2.4 2.2 16.8 21.2 24.8 7.3 31,855 20.3 15.6 11.0 0.0 1.0 1.4 1.3 1.2 1.1 6.6 8.0 10.5 1.6 6,877 18.0 15.3 13.7 0.6 0.7 0.7 1.9 1.7 1.5 11.3 11.9 11.7 9.1 39,438 20.1 16.5 14.2 0.7 1.0 1.1 3.0 2.7 2.4 13.1 15.3 17.0 18.0 78,171 12.5 11.7 11.2 4.4 4.7 4.9 1.9 1.7 1.6 15.3 15.2 14.8 4.0 17,263 12.7 11.5 9.8 3.9 4.3 5.0 1.7 1.6 1.5 14.3 14.6 15.6 1.9 8,441 12.5 11.4 10.6 2.4 2.6 2.8 1.1 1.1 1.0 10.1 9.6 9.6 0.7 3,184 12.6 11.6 10.7 4.0 4.4 4.7 1.7 1.6 1.5 14.4 14.4 14.5 6.7 28,888 6.8 8.4 6.2 5.9 4.8 6.4 1.0 0.9 0.8 14.8 11.2 13.9 1.0 4,462 6.1 7.2 5.4 6.5 5.6 7.4 1.1 1.0 0.9 18.6 14.6 17.4 0.8 3,427 7.3 6.7 6.4 4.1 4.5 4.7 1.5 1.3 1.2 22.9 21.4 19.3 1.0 4,510 12.9 9.5 7.1 1.9 3.2 4.3 1.7 1.5 1.3 13.6 16.4 19.1 0.7 3,162 7.4 6.8 7.6 4.1 4.4 4.0 1.6 1.3 1.2 22.9 21.3 16.7 3.2 13,942 15.6 13.2 11.7 3.2 3.8 4.3 3.9 3.3 2.9 28.6 27.3 26.3 0.7 2,884 7.8 7.5 7.1 4.3 4.4 4.8 1.5 1.3 1.1 20.9 19.3 17.8 7.5 32,387 25.6 18.4 12.1 2.9 3.5 4.4 1.6 1.5 1.4 6.1 8.3 11.9 1.1 4,766 13.0 11.2 10.1 4.0 4.3 4.8 1.0 1.0 0.9 8.2 9.0 9.5 0.5 2,130 17.3 15.8 14.8 3.8 4.1 4.5 2.1 2.0 1.9 12.7 13.3 13.4 1.7 7,528 18.4 15.6 12.9 3.5 4.0 4.5 1.7 1.6 1.5 9.8 11.0 12.3 3.3 14,424 18.8 14.3 13.6 3.9 4.2 4.3 1.2 1.2 n.a. 5.9 8.1 n.a. 0.9 4,008 12.3 11.6 10.8 2.8 2.9 3.2 1.5 1.4 1.3 12.5 12.3 12.1 1.0 4,334 9.1 8.7 9.3 3.1 3.9 3.9 2.0 1.7 1.5 24.4 21.4 17.5 1.8 7,776 4.6 5.9 6.9 6.5 5.1 4.3 1.2 1.1 1.0 29.6 19.7 15.0 1.9 8,349 7.6 8.2 8.9 4.3 4.2 4.0 1.5 1.3 1.4 21.7 17.9 12.8 5.6 24,467 27.9 12.8 8.0 1.4 1.4 1.4 1.0 0.9 0.9 3.7 7.6 11.3 0.5 2,162 14.7 13.7 12.5 3.0 3.0 3.0 1.6 1.5 1.4 10.9 11.0 11.2 1.0 4,173 12.8 13.1 11.9 3.1 3.1 3.3 1.8 1.4 1.5 13.7 13.1 12.8 0.5 2,052 16.9 16.2 12.1 1.0 1.0 1.0 1.4 1.3 1.2 8.9 8.3 10.4 2.0 8,631 n.a. 24.6 14.2 0.0 0.7 0.7 1.0 1.0 0.9 (1.8) 4.1 6.7 0.7 3,024 20.5 15.6 11.8 1.5 1.6 1.7 1.3 1.2 1.1 7.6 8.7 10.3 4.6 20,042 28.3 26.2 21.2 2.4 2.6 3.3 2.2 2.2 2.0 8.3 9.3 9.8 1.2 5,404 8.1 8.1 7.9 2.5 2.5 2.5 1.3 1.1 1.0 17.1 15.0 13.7 8.8 38,163 16.6 12.7 10.1 1.1 1.5 1.9 2.3 2.0 1.7 14.5 16.5 17.8 0.9 3,732 7.9 6.6 6.1 3.8 4.4 4.5 1.9 1.6 1.4 23.7 23.2 21.6 0.6 2,399 43.6 32.1 21.8 0.8 1.5 1.5 0.6 0.5 0.5 0.6 1.1 1.4 0.2 1,025 9.8 8.2 7.2 3.0 3.5 3.8 1.5 1.3 1.2 15.4 16.2 16.7 0.9 3,809 6 24 05 (%) (%) 04 05 06 07 05 06 07 0338.HK 2.6 (10.3) 0.52 0.53 0.58 0.60 1.4 9.5 3.1 0386.HK 2.925 (8.6) 0.39 0.41 0.42 0.43 4.2 3.5 2.5 0857.HK 5.8 39.8 0.55 0.67 0.64 0.66 20.6 (4.4) 4.0 1033.HK 1.24 (24.8) 0.06 0.08 0.07 0.10 36.7 (9.8) 40.5 1128.HK 7.25 (9.9) 0.98 1.11 1.30 1.35 13.3 17.3 3.8 1171.HK 6.15 (11.4) 0.63 0.90 0.82 0.83 43.6 (9.1) 0.8 2883.HK 2.925 23.2 0.17 0.19 0.19 0.20 12.1 3.9 4.2 15.1 (0.8) 3.4 2318.HK 12.45 (5.7) 0.53 0.53 0.66 0.78 (0.2) 26.0 17.3 2328.HK 1.99 (26.3) 0.02 0.10 0.13 0.18 457.0 29.9 41.5 2628.HK 5.3 1.9 0.25 0.29 0.35 0.39 16.5 18.0 10.9 12.0 20.8 13.7 0902.HK 5.65 (2.6) 0.42 0.45 0.48 0.50 8.2 7.0 4.5 0991.HK 5.9 0.9 0.42 0.46 0.51 0.60 10.8 10.6 17.0 1071.HK 2.225 (3.3) 0.19 0.18 0.20 0.21 (5.1) 9.8 7.1 8.3 7.7 6.9 0323.HK 2.575 (14.2) 0.52 0.38 0.31 0.41 (27.5) (19.1) 34.1 0347.HK 3.85 (2.5) 0.57 0.63 0.54 0.71 9.5 (14.4) 32.0 0358.HK 3.9 (11.9) 0.39 0.53 0.59 0.61 35.3 10.3 4.7 0914.HK 7.3 (13.6) 0.72 0.57 0.77 1.04 (21.7) 36.3 34.4 2600.HK 4.225 (8.2) 0.53 0.57 0.62 0.56 7.9 8.9 (10.7) 2899.HK 1.8 2.1 0.15 0.12 0.14 0.15 (22.9) 18.2 12.3 3.9 6.1 (3.1) 0177.HK 3.9 13.9 0.19 0.15 0.21 0.32 (18.5) 39.1 52.2 0548.HK 2.85 (3.4) 0.18 0.22 0.25 0.28 21.4 15.2 11.1 0576.HK 5.25 (1.9) 0.27 0.30 0.33 0.36 13.8 10.0 6.7 6.1 16.1 17.7 0525.HK 2.8 (11.8) 0.12 0.15 0.20 0.21 21.5 31.6 4.8 0598.HK 2.425 6.6 0.18 0.20 0.21 0.22 10.4 6.5 6.7 1138.HK 6 (13.0) 0.52 0.66 0.69 0.64 26.5 4.3 (6.9) 2866.HK 3.45 10.4 0.75 0.75 0.59 0.50 (0.4) (21.5) (14.8) 7.5 (9.7) (9.1) 0670.HK 1.38 (19.3) 0.10 0.05 0.11 0.17 (50.5) 118.2 60.5 0694.HK 3.1 (6.1) 0.18 0.21 0.23 0.25 14.8 7.1 9.6 0696.HK 6.6 4.8 0.48 0.52 0.51 0.55 7.3 (2.0) 9.3 0753.HK 2.675 (10.8) 0.34 0.16 0.16 0.22 (52.9) 4.2 34.7 1055.HK 2.575 (16.3) (0.01) (0.05) 0.10 0.18 n.a. n.a. 73.0 (46.1) 16.8 32.3 0168.HK 8.25 5.1 0.25 0.29 0.32 0.39 14.4 8.1 23.4 0728.HK 2.75 (3.5) 0.34 0.34 0.34 0.35 1.3 0.2 2.5 0763.HK 23.3 (7.4) 1.48 1.40 1.83 2.31 (5.3) 30.3 26.1 1211.HK 16.05 (22.1) 1.81 2.03 2.43 2.63 12.2 19.6 8.4 2357.HK 0.61 (16.4) 0.01 0.01 0.02 0.03 (1.1) 35.7 47.4 2698.HK 11.05 (9.8) 0.84 1.13 1.34 1.52 34.6 18.9 13.5 9.9 9.6 9.0 3.4 3.5 3.7 1.6 1.5 1.3 18.6 17.2 16.5 433,546 14.1 12.5 10.5 3.1 3.4 3.7 1.6 1.4 1.3 14.6 14.2 14.1 9.5 9.3 9.3 3.5 3.6 3.5 13.3 11.6 10.5 3.3 3.5 3.6 4,843 2.1 13.9 (0.5) 4.3 8.8 3.2 6.1 12.6 (2.0) (6.1) 12.8 2.4 (0.2)

Guotai Junan (HK) 2003 2007 03 04 05 06 07 55.0 49.6 13.9 (0.5) 4.3 60.9 51.0 8.8 3.2 6.1 12.6 (2.0) (6.1) 12.8 2.4 (0.2) 16.2 10.7 9.9 9.6 9.0 (%) 2.2 3.0 3.4 3.5 3.7 2.2 1.8 1.6 1.5 1.3 16.0 19.2 18.6 17.2 16.5 21 2005 6 244,843 03 04 05 06 07 3,300 11.0 7.3 6.7 6.5 6.1 3,500 11.7 7.8 7.1 6.9 6.5 4,000 13.4 8.9 8.2 7.9 7.4 4,500 15.1 10.0 9.2 8.9 8.4 5,000 16.7 11.1 10.2 9.9 9.3 5,500 18.4 12.2 11.2 10.9 10.2 6,000 20.1 13.3 12.2 11.8 11.2 7,000 23.4 15.5 14.3 13.8 13.0 7,500 25.1 16.6 15.3 14.8 14.0 2005 6 244,843

22 (%) (%) 05 06 07 05 06 07 05 06 07 05 06 07 (%) 04 (%) 2005/6/24 (%) 04 05 06 07 05 06 07 13.7 12.6 11.4 4.5 4.9 5.4 2.0 1.8 1.8 15.8 16.0 15.7 31.9 1,424,278 17.7 16.2 15.0 5.0 5.3 5.7 4.7 4.5 4.3 26.6 28.0 29.1 4.6 203,611 13.5 12.4 11.4 5.0 5.4 5.8 1.5 1.5 1.4 11.5 11.9 12.6 0.8 34,416 14.8 14.3 13.8 4.8 4.9 5.0 2.2 2.1 2.0 14.9 14.6 14.4 3.5 154,363 14.1 13.0 11.9 4.6 5.0 5.4 2.1 2.0 2.0 16.9 17.1 17.0 40.7 1,816,668 0005 127 (4.5) 8.49 9.29 10.11 11.17 9.4 8.8 10.5 0011 106.5 (1.4) 5.96 6.02 6.57 7.12 1.1 9.1 8.3 0023 22.9 (5.2) 1.64 1.69 1.85 2.01 3.3 9.1 8.7 2388 14.6 (1.7) 1.13 0.99 1.02 1.06 (12.9) 3.7 3.8 27,123 (3.9) 9.0 8.8 10.4 12.2 11.7 11.1 5.0 5.2 5.4 2.3 2.1 2.0 19.6 18.5 18.1 2.4 107,649 19.1 15.7 20.6 3.3 3.5 2.8 4.5 4.0 3.7 25.8 25.6 16.7 2.0 88,425 11.6 10.9 10.2 5.1 5.4 5.8 1.8 1.7 1.5 16.1 15.9 13.8 1.7 75,766 13.6 12.5 12.7 4.5 4.7 4.7 2.5 2.3 2.1 20.6 20.1 16.4 6.1 271,840 0002 44.7 0.0 3.58 3.67 3.83 4.02 2.6 4.4 4.8 0003 15.85 (1.2) 0.54 0.83 1.01 0.77 53.5 21.3 (23.8) 0006 35.5 0.0 2.94 3.05 3.27 3.48 3.7 7.1 6.7 30,648 (0.4) 11.0 8.8 (1.7) 17.3 15.8 14.4 2.3 2.4 2.4 0.9 0.9 0.9 5.0 6.1 6.2 3.9 175,449 15.7 13.2 14.0 2.9 3.2 3.2 1.0 0.9 0.9 6.7 7.6 6.5 1.5 67,139 16.7 13.7 13.3 2.6 3.0 3.1 1.3 1.2 1.1 7.9 8.8 8.6 4.1 181,878 17.9 14.8 12.6 2.0 2.2 2.5 1.0 1.0 0.9 6.2 7.2 7.6 0.8 36,774 12.9 9.7 8.8 4.3 4.9 5.0 1.1 1.0 0.9 8.5 10.6 11.0 1.0 42,540 16.4 13.9 13.1 2.6 2.9 3.0 1.1 1.0 0.9 6.6 7.7 7.6 11.3 503,781 0001 75.75 (2.3) 5.35 4.38 4.81 5.26 (18.1) 9.7 9.6 0012 37 (8.4) 1.71 2.35 2.81 2.64 37.5 19.5 (6.2) 0016 75.75 (2.6) 2.88 4.54 5.51 5.71 57.7 21.3 3.6 0083 8.45 10.5 0.35 0.47 0.57 0.67 33.9 20.5 18.1 0101 11.55 (3.8) 0.69 0.89 1.19 1.31 30.2 32.8 10.8 17,511 (3.7) 12.1 16.7 5.8 16.5 15.2 15.5 2.7 2.8 2.8 0.9 0.8 0.7 5.6 5.9 5.0 1.4 64,124 16.2 14.6 13.5 3.2 3.7 4.0 18.7 12.2 6.0 n.a. 66.4 47.3 0.7 32,247 25.1 28.3 16.6 2.5 2.5 2.5 1.1 1.1 1.1 4.1 3.7 6.8 6.8 301,633 14.3 15.9 14.6 1.6 1.9 1.9 0.6 0.6 0.5 4.6 4.2 3.9 0.7 32,762 15.4 14.8 12.9 2.9 3.1 3.6 1.2 1.1 1.0 7.8 7.6 8.2 1.5 65,126 16.5 16.4 18.9 2.9 3.0 3.0 1.2 1.1 1.0 6.8 7.1 5.7 1.8 78,738 14.8 12.5 11.0 3.2 3.8 4.0 2.1 1.9 1.8 15.4 16.3 17.1 0.7 32,389 21.3 18.0 15.8 2.0 2.4 2.7 4.1 3.6 3.2 18.9 20.8 22.2 0.6 26,268 10.4 9.7 8.7 2.8 3.0 3.4 2.6 2.1 1.8 27.4 24.0 23.3 0.5 21,781 13.6 12.4 11.3 4.9 5.2 5.3 1.2 1.2 1.1 9.3 10.3 10.8 1.1 49,664 13.9 13.2 12.4 2.6 2.8 2.9 1.4 1.3 1.2 10.3 10.9 10.2 0.6 25,498 11.0 9.5 9.3 4.5 5.0 4.9 1.3 1.3 1.2 12.7 13.4 13.6 1.1 48,149 19.7 16.3 13.4 2.5 3.1 3.6 9.5 7.3 5.7 50.5 46.8 42.8 1.5 65,050 24.1 20.0 16.3 3.3 4.0 4.9 9.5 8.6 7.5 41.2 44.1 48.2 1.0 46,389 15.4 13.7 12.1 3.2 3.7 4.1 2.6 2.4 2.2 17.7 18.4 18.5 0.9 40,089 18.4 16.6 15.7 1.6 1.8 1.8 1.1 1.1 1.0 6.3 6.9 7.4 1.8 82,329 8.1 8.5 10.4 4.8 4.7 3.8 2.5 2.1 1.9 32.3 25.5 19.4 3.9 174,482 13.3 12.7 12.4 2.7 3.2 3.5 2.3 2.1 1.9 18.2 17.2 15.9 13.0 578,889 15.1 16.2 13.4 2.3 2.3 2.7 3.2 2.1 1.9 22.7 15.7 14.2 0.4 19,346 13.6 12.2 11.0 3.7 4.1 4.7 1.6 1.5 1.4 12.2 12.5 13.5 1.2 52,861 13.6 12.6 11.1 4.1 4.4 5.2 2.6 2.3 2.0 20.4 19.6 21.3 0.7 32,879 14.4 13.9 13.0 3.0 3.3 3.4 1.7 1.6 1.4 16.1 16.2 15.4 41.9 1,870,694 0004 26.2 (3.7) 1.54 1.58 1.73 1.69 2.9 8.9 (2.3) 0008 4.8 (2.5) 0.31 0.30 0.33 0.36 (3.0) 11.1 7.9 0013 70.75 (2.7) 3.78 2.82 2.50 4.25 (25.4) (11.2) 69.8 0017 9.45 8.6 (0.35) 0.66 0.59 0.65 n.a. (10.0) 8.8 0019 A 70 7.7 4.27 4.54 4.73 5.43 6.2 4.2 14.8 0066 14.6 17.3 0.84 0.89 0.89 0.77 5.4 0.6 (13.3) 0144 15.1 3.1 0.96 1.02 1.21 1.38 6.2 18.4 14.1 0179 7.15 (5.3) 0.25 0.34 0.40 0.45 35.6 18.6 13.7 0203 2.9 4.5 0.29 0.28 0.30 0.34 (3.5) 7.9 11.7 0267 22.65 2.5 1.63 1.66 1.82 2.01 2.0 9.5 10.2 0291 11.6 (4.5) 0.76 0.84 0.88 0.93 9.9 4.9 6.5 0293 14.25 (3.1) 1.31 1.29 1.51 1.54 (1.5) 16.4 2.1 0330 54.25 15.4 1.68 2.75 3.33 4.05 63.5 21.2 21.6 0494 15.85 21.0 0.53 0.66 0.79 0.97 24.9 20.4 22.6 0551 24.75 15.7 1.47 1.61 1.81 2.04 9.6 12.8 12.4 0762 6.55 6.5 0.33 0.36 0.40 0.42 8.3 10.8 5.5 0883 4.25 1.8 0.37 0.52 0.50 0.41 42.1 (4.0) (18.2) 0941 29.35 11.4 2.02 2.21 2.32 2.36 9.6 4.7 2.0 0992 2.3 (1.1) 0.14 0.15 0.14 0.17 7.9 (6.6) 21.1 1038 23.45 4.5 1.58 1.73 1.93 2.14 9.4 11.6 10.8 1199 15 (6.8) 0.74 1.10 1.19 1.35 47.6 8.5 13.1 6,411 5.5 7.4 2.5 6.4 14.5 13.4 12.5 3.7 4.0 4.3 1.7 1.6 1.5 15.6 15.9 15.2 100.0 4,462,983 15.6 14.2 13.1 3.4 3.7 3.9 2.9 2.4 2.0 15.9 17.2 16.2 14,230 0.0 8.8 7.8 9.5 10.0 7.5 7.5 : Bloomberg 2005 6 2414,230

Guotai Junan (HK) 2002 2007 03 04 05 06 07 18.8 27.9 8.8 7.8 9.5 5.6 35.7 10.0 7.5 7.5 21.6 15.9 14.5 13.4 12.5 (%) 2.9 3.4 3.7 4.0 4.3 2.1 1.9 1.7 1.6 1.5 13.9 15.3 15.6 15.9 15.2 Bloomberg 2005 6 2414,230 03 04 05 06 07 8,000 12.1 8.9 8.1 7.6 7.0 9,000 13.6 10.1 9.1 8.5 7.9 10,000 15.2 11.2 10.2 9.4 8.8 11,000 16.7 12.3 11.2 10.4 9.7 12,000 18.2 13.4 12.2 11.3 10.5 14,000 21.2 15.6 14.2 13.2 12.3 15,000 22.7 16.8 15.2 14.2 13.2 16,000 24.3 17.9 16.2 15.1 14.1 17,000 25.8 19.0 17.3 16.1 14.9 18,000 27.3 20.1 18.3 17.0 15.8 20,000 30.3 22.3 20.3 18.9 17.6 23 Bloomberg 2005 6 2414,230 19992005 50 40 30 20 10 0 1999 2000 2001 2002 2003 2004 2005

HA HA 2002 12 31 2003 6 20 2003 12 31 2004 6 18 2004 12 31 2005 6 24 73% (4.6 ) 69% (3.5 ) 48% (2.2 ) 58% (2.9 ) 41% (2.0 ) 29% (1.6 ) 42% 88% 33% 84% (5%) 75% 20% 84% (10%) 78% (16%) 70% 1,990 2,717 5,020 3,919 4,741 4,843 A 1,419 1,602 1,569 1,500 1,330 1,157 HA 2005 6 24 H A H A HA (%) AH 24 0042.HK 000585.SZ 0.67 1.87 62.0 2.6 0168.HK 600600.SS 8.25 8.71 (0.4) 1.0 0177.HK 600377.SS 3.9 6.57 37.1 1.6 0187.HK 600860.SS 2.2 3.79 38.5 1.6 0300.HK 600806.SS 1.16 3.45 64.4 2.8 0317.HK 600685.SS 2.075 3.06 28.1 1.4 0323.HK 600808.SS 2.575 3.08 11.4 1.1 0338.HK 600688.SS 2.6 3.76 26.7 1.4 0347.HK 000898.SZ 3.85 4.03 (1.3) 1.0 0350.HK 000666.SZ 1.9 3.28 38.6 1.6 0358.HK 600362.SS 3.9 4.55 9.1 1.1 0368.HK 000618.SZ 2 3.6 41.1 1.7 0386.HK 600028.SS 2.925 3.6 13.9 1.2 0548.HK 600548.SS 2.85 4.4 31.3 1.5 0553.HK 600775.SS 1.26 3.78 64.7 2.8 0670.HK 600115.SS 1.38 2.94 50.2 2.0 0719.HK 000756.SZ 1.32 3.11 55.0 2.2 0763.HK 000063.SZ 23.3 23.58 (4.7) 1.0 0874.HK 600332.SS 2.8 5.45 45.5 1.8 0902.HK 600011.SS 5.65 6.5 7.9 1.1 0914.HK 600585.SS 7.3 6.69 (15.7) 0.9 0921.HK 000921.SZ 0.89 2.7 65.1 2.9 0995.HK 600012.SS 5.05 6.79 21.2 1.3 1033.HK 600871.SS 1.24 2.48 47.0 1.9 1055.HK 600029.SS 2.575 2.98 8.4 1.1 1065.HK 600874.SS 2.75 3.79 23.1 1.3 1071.HK 600027.SS 2.225 3.05 22.7 1.3 1072.HK 600875.SS 7.45 10.87 27.4 1.4 1108.HK 600876.SS 0.8 2.82 69.9 3.3 1138.HK 600026.SS 6 7.14 10.9 1.1 1171.HK 600188.SS 6.15 6.34 (2.9) 1.0 28.9 1.6 1. (1171)HA 2. HK$1 = RMB1.06

Guotai Junan (HK) 6 24 04 05 05 05 05 05 (%) (%) (%) (%) 05 06 (%) 14,230 0.0 (22.7) (0.3) 6.8 16.0 14.5 3.4 1.9 3.0 4,843 2.2 (37.5) (6.3) 8.6 9.9 9.6 3.4 1.6 1.1 1,638 5.2 (74.7) (1.3) 15.7 13.3 12.0 2.4 2.1 2.1 A 1,157 (13.0) (50.6) (17.0) 10.5 17.6 25.9 2.2 1.8 1.0 B 66 (12.9) (72.6) (21.4) 5.2 20.4 17.3 2.5 1.1 0.6 A 278 (15.6) (60.7) (19.5) 9.3 24.2 31.5 2.0 1.7 0.9 B 221 0.3 (50.5) (20.5) 5.7 9.7 9.9 3.4 1.4 0.6 10,298 (4.5) (12.4) (6.3) 3.0 17.8 15.8 2.5 3.0 1.1 500 1,192 (1.7) (23.3) (3.1) 4.9 19.5 16.1 2.1 2.8 1.5 2,053 (5.6) (60.0) (6.3) 8.6 44.2 28.6 1.6 2.8 1.8 100 5,079 5.5 (26.9) (0.8) 6.6 19.2 12.9 3.8 2.3 1.3 DAX 4,566 7.3 (43.9) (1.5) 9.8 15.0 12.9 2.5 1.6 0.6 CAC40 4,200 9.9 (39.5) (1.1) 10.4 15.4 12.4 2.7 2.2 0.8 225 11,403 (0.8) (70.7) (4.8) 5.9 35.8 32.1 1.1 1.9 1.2 993 10.8 (13.3) (3.1) 14.6 9.1 10.4 2.5 1.1 0.4 6,341 3.3 (49.3) (1.0) 13.9 13.6 15.6 2.9 1.7 1.2 1,947 6.8 (43.5) (10.4) 7.5 13.8 12.5 2.7 1.7 1.2 690 3.3 (61.4) (7.5) 5.9 10.0 10.0 3.8 1.9 1.1 898 (1.0) (32.6) (4.6) 4.6 13.8 15.0 4.2 1.7 1.7 2,224 7.6 (13.9) (0.3) 7.8 10.0 14.8 3.6 1.8 2.0 4,191 3.4 (2.0) (2.0) 7.8 19.9 16.9 3.5 2.3 1.8 50 3,151 2.8 (2.9) (2.9) 9.0 18.2 16.8 6.4 2.5 1.9 BSE30 7,149 8.3 (0.4) (0.4) 17.8 15.4 13.2 1.5 3.9 2.1 Bloomberg Bloomberg 25

26 0 4,000 8,000 12,000 16,000 20,000 (6,000) (4,000) (2,000) 0 2,000 4,000 6,000 1991 0 4,000 8,000 12,000 16,000 20,000 (2) (1) 0 1 2 3 4 5 6 0 1,000 2,000 3,000 4,000 5,000 6,000 (6,000) (4,000) (2,000) 0 2,000 4,000 6,000 1998 Bloomberg

Guotai Junan (HK) 27 CRB 1995 1983 0 4,000 8,000 12,000 16,000 20,000 200 250 300 350 400 450 500 550 1-2 0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 2004 52005 4 Brent 1999 2 0 1.0 2.0 3.0 4.0 5.0 6.0 10 0.0 0.5 1.0 1.5 2.0 2.5

28 ISM 1995 6,000 8,000 10,000 12,000 14,000 16,000 18,000 40 45 50 55 60 65 (ISM) OECD 2004 12,000 12,500 13,000 13,500 14,000 14,500 102.6 102.8 103.0 103.2 103.4 103.6 103.8 (OECD) OECD 2004 10,000 10,200 10,400 10,600 10,800 11,000 102.6 102.8 103.0 103.2 103.4 103.6 103.8 (OECD) ISM 1995 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 40 45 50 55 60 65 (ISM) OECD 2004 4,000 4,200 4,400 4,600 4,800 5,000 5,200 5,400 102.6 102.8 103.0 103.2 103.4 103.6 103.8 (OECD) ISM 1995 0 1 2 3 4 5 6 7 40 45 50 55 60 65 (ISM)

2005 6 24 Guotai Junan (HK) 30 48 60 74 92 103 116 124 143 159 168 170 29 182 192 196 213 213 226 234 248 266 Rating Definition The Benchmark: Hong Kong Hang Seng Index Rating : 6 18 Time Horizon: 6 to 18 months Relative Performance Buy >15% Accumulate 5% 15% Neutral (5%) 5% Reduce (5%) (15%) Sell <(15%)

Zhang Wenxian 2005 2005 1.7% 6 24 2.6% 0.9% 5.3% 3.6% 7.8% 2.1% 5 2003 2001 2002 2003 2,1402,337 3,111 2004 6,1105,1002003 2004 2004 2005-2007 7,6008,0007,8002005 10 17% 2006-2007 2005 1-513.7%2004 1-5 16.1%2.4 2005 200613% 11%2003 200415.5% 14.8% 2005 2005 30 2005 26 2,500600 20052004 2006-2007 10% 8% 2.68 2.902006-2007 2006 2007 5 2004 5 1.3%-7.7% 2003-2004

Guotai Junan (HK) 2005 4 1 31 2005 2004 5 2004 11.6%- 33%19.7% 20042004 20052005

2005 20055 20% 10%-15% 2005 7% 2005 2004 1.5 7.2 20055 4 1.2 3.3 (%) 2002 2003 2004 2005E 2006E 0836 n.a. 26.4 28.6 33.5 34.1 0902 30.2 30.2 23.0 21.8 22.1 0991 30.4 31.7 30.2 26.9 27.4 1071 26.7 25.5 19.8 16.4 16.3 2380 19.1 20.7 18.2 16.7 15.8 26.6 26.9 24.0 23.1 23.1 32 5 EPS8.0% 2005 P/BV1.49 2004 2005 2006 13.212.211.22005 3.8% 5 2004-2006 55% 2005-2007 25% 2005 2006 11.910.6 2.5% 2.8% P/BV 1.31.212 3.002005 200613.512.0DCF NAV9.6% 04 05 06 05 ROE 05 05 05 (HK$) (x) (x) (x) (%) (%) (RMB) (%) 0836 4.375 12.7 9.7 8.5 15.9 86.2 0.120 2.6 0902 5.650 13.6 12.5 11.7 15.3 68.5 0.263 4.4 0991 5.900 14.1 12.7 11.5 14.3 140.5 0.244 3.9 1071 2.225 11.9 12.5 11.4 10.1 137.0 0.057 2.4 2380 2.650 10.1 11.9 10.6 11.3 10.2 0.071 2.5 13.2 12.2 11.2 14.4 89.4 0.209 3.8 2005 6 24

Guotai Junan (HK) 0836 HK$4.375 2005 1-548.9% 2005 12 12 4.50 NAV 13.5% 20052006 10.08.7 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2003A 491 589 0.204 1,898.1 21.4 0 0 13.0 2004A 1,898 1,308 0.343 68.2 12.7 0.086 2.0 13.7 2005F 4,669 1,720 0.452 31.5 9.7 0.113 2.6 15.9 2006F 6,949 1,970 0.517 14.5 8.5 0.129 3.0 16.0 2007F 8,265 2,043 0.536 3.7 8.2 0.134 3.1 14.7 Shares in issue (m) 3,808.6 Major shareholder 72.2% Market cap. (HK$ m) 16,662.8 Free float (%) 27.8 3 Average vol. ( 000) 5,506.0 05 05 Net gearing (%) 86.2 05 05 P/B (x) 1.4 05 05 NBV per share (HK$) 3.0 52 52 Weeks high/low (HK$) 4.800/3.350 Est. NAV (HK$) 5.2 Absolute % change in price (1m/3m/1yr) 6.1/15.9/3.6 Relative % change in price (1m/3m/1yr) 2.3/11.2/(13.4) 33 2005 1-548.9% 2005 1-5 1-5 100% 173.4148.9% 2005 5 40.8565.5% 7 3,590MW 1-5 40.6% 2005 200638.5% 18.5% Zhang Wenxian

2005 2004 11.6% 2004 20052005 200480%-90% 2005 10% 2004 2005 2004 2005 2004 98% 8% 3% 2005 10% 20062005 2003-2007RMB 34 2005 2006 31.5% 14.5% 2005 2006 38.5% 18.5% 2005 2% 10%2% 3.5% 2005 2006 17.2019.70 31.5% 14.5%0.4520.51721.1% 7.1% 25% 2005 20060.1130.129 20052006 9.78.52.6% 3.0% P/BV 1.41.32005 2006 12.88.6 DCF NAV 5.2 12 12 4.50NAV 13.5% 20052006 10.08.7 1% 2005 20063,300 4,000 2005 2006 1.9% 2.0%

Guotai Junan (HK) 12 2003A 2004A 2005F 2006F 2007F 491 1,898 4,669 6,949 8,265 0 0 0 0 0 (219 ) (911 ) (2,184 ) (3,290) (4,164 ) (2 ) (26 ) (47 ) (69) (83 ) (45 ) (192 ) (442 ) (708) (1,008 ) (103 ) (256 ) (509 ) (625) (661 ) (369 ) (1,386 ) (3,181 ) (4,693) (5,915 ) 8 31 75 112 134 130 543 1,563 2,369 2,483 (34 ) (123 ) (221 ) (287) (373 ) 734 1,104 1,170 1,229 1,290 93 371 175 0 0 (28 ) (23 ) (23 ) (23) (23 ) (24 ) 0 0 0 0 870 1,872 2,665 3,287 3,377 (164 ) (267 ) (400 ) (592) (608 ) 706 1,605 2,266 2,696 2,769 (117 ) (297 ) (545 ) (726) (726 ) 589 1,305 1,819 1,970 2,043 0 328 430 492 511 (HK$) 0.204 0.343 0.452 0.517 0.536 (HK$) 0.343 0.452 0.517 0.536 (HK$) 0.086 0.113 0.129 0.134 12 2003A 2004A 2005F 2006F 2007F 870 1,872 2,665 3,287 3,377 39 188 442 708 1,008 34 123 221 287 373 (734 ) (1,104 ) (1,170 ) (1,229) (1,290 ) (93 ) (371 ) (175 ) 0 0 (10 ) (144 ) (225 ) (185) (107 ) (306 ) (465 ) (1,073 ) (883) (509 ) 97 362 1,723 1,417 818 67 (8 ) 0 0 0 (36 ) 453 2,408 3,404 3,670 (3,656 ) (5,903 ) (5,700 ) (3,300) (2,100 ) (109 ) 0 0 0 0 550 635 0 0 0 488 115 351 451 473 (2,727 ) (5,153 ) (5,349 ) (2,849) (1,627 ) 2,855 0 0 0 0 (124 ) (328 ) (589 ) (766) (995 ) 4,790 7,983 7,882 5,268 3,910 (1,213 ) (3,438 ) (3,554 ) (3,908) (3,908 ) 54 33 0 0 0 6,362 4,250 3,739 594 (993 ) 3,599 (450 ) 798 1,149 1,050 102 3,696 3,247 4,045 5,194 (5) 1 0 0 0 3,696 3,247 4,045 5,194 6,244 12 2003A 2004A 2005F 2006F 2007F 6,138 12,083 17,341 19,933 21,025 3,739 3,878 3,878 3,878 3,878 992 1,185 1,082 1,169 1,169 58 53 50 48 45 6 8 8 8 8 10,933 17,207 22,359 25,036 26,125 10 154 379 564 670 312 651 1,601 2,383 2,834 4 84 207 308 366 3,696 3,247 4,045 5,194 6,244 4,061 4,199 6,232 8,448 10,114 14,994 21,406 28,591 33,484 36,240 874 1,180 2,903 4,320 5,137 89 2 5 7 9 1,916 2,458 5,468 6,012 6,013 2,879 3,640 8,375 10,339 11,159 2,611 6,621 7,939 8,755 8,756 0 0 0 0 0 1 3 3 3 3 2,612 6,624 7,942 8,758 8,759 5,491 10,264 16,317 19,097 19,918 3,808 3,808 3,808 3,808 3,808 5,137 6,350 7,743 9,283 10,833 8,945 10,158 11,551 13,091 14,641 558 984 723 1,297 1,680 14,994 21,406 28,591 33,484 36,240 (HK$) 2.35 2.67 3.03 3.44 3.84 12 2003A 2004A 2005F 2006F 2007F (%) 26.4 28.6 33.5 34.1 30.0 (%) 120.0 68.9 36.8 28.3 24.7 (%) 0.0 25.0 25.0 25.0 25.0 4.9 21.6 30.6 36.7 38.1 117.8 92.6 88.0 104.6 115.2 559.8 270.5 234.2 280.9 291.8 (x) 21.4 12.7 9.7 8.5 8.2 (x) 41.3 12.8 5.5 3.8 3.2 EBITDA (x) 115.8 33.0 12.8 8.6 7.6 (x) 1.9 1.6 1.4 1.3 1.1 (%) 13.0 13.7 15.9 16.0 14.7 (%) 3.9 6.1 6.0 5.9 5.6 (%) 2.2 4.0 8.1 10.4 10.2 (%) 18.4 61.1 86.2 77.7 61.5 (%) 29.2 65.2 68.7 66.9 59.8 (x) 1.4 1.2 0.7 0.8 0.9 (%) 0.0 2.0 2.6 3.0 3.1 (x) 3.8 4.4 7.1 8.2 6.6 35