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Greentown China Holdings Limited

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áe la Borsa 37

20,000 12% 16,000 10% 10 12,000 8,000 8% 6% 4% (%) 4,000 2% 0 2001 2002 2003 2004 2005 0% (%) 48

1,400 1.2% 1,350 1.0% 1,300 0.8% 1,250 0.6% (%) 1,200 0.4% 1,150 0.2% 1,100 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0.0% (%) 16,000 14,000 12,000 10,000 8,000 6,000 10% 8% 6% 4% (%) 4,000 2,000 2% 0 2001 2002 2003 2004 2005 0% 49

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 16% 14% 12% 10% 8% 6% 4% 2% 0% (%) (%) 10 1,200 1,000 800 600 400 200 40% 35% 30% 25% 20% 15% 10% 5% (%) 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 50

400 350 300 250 200 150 100 50 0 1998 1999 2000 2001 2002 2003 2004 54

3,500 3,300 3,100 2,900 2,700 2,500 2,300 2,100 1,900 1,700 1,500 1998 1999 2000 2001 2002 2003 2004 2005 2,000 1,800 1,600 1,400 10 1,200 1,000 800 600 400 200 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 10 55

350 25% 10 300 250 200 150 100 50 20% 15% 10% 5% (%) 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 10 (%) 0% 56

6.6 6.5 6.4 6.3 6.2 6.1 6.0 5.9 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% (%) 5.8 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 (%) 0.0% 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 45% 40% 35% 30% 25% 20% 15% 10% 5% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% 57

16,000 30% 14,000 12,000 10,000 8,000 6,000 4,000 2,000 20% 10% (%) 0 1999 2000 2001 2002 2003 2004 2005 0% (%) 35 70% 30 60% 25 50% 20 15 40% 30% 10 20% 5 10% 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% 58

7 50% 6 40% 5 30% 4 3 20% 10% 2 0% 1-10% 0 1997 1998 1999 2000 2001 2002 2003 2004-20% 35 30 25 20 15 10 5 45% 40% 35% 30% 25% 20% 15% 10% 5% 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% 59

7 30% 6 25% 5 20% 4 3 15% 2 10% 1 5% 0 1999 2000 2001 2002 2003 2004 0% 6,000 50% 5,000 40% 4,000 3,000 2,000 30% 20% 10% 1,000 0% 0 1999 2000 2001 2002 2003 2004-10% 60

1,500 25% 20% 10 1,000 500 15% 10% (%) 5% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% 10 (%) 61

4,600 0.8% 4,550 4,500 4,450 4,400 4,350 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% (%) 4,300 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 0.0% (%) 30,000 18% 25,000 16% 14% 20,000 12% 15,000 10% 8% (%) 10,000 6% 5,000 4% 2% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% 62

14,000 35% 12,000 30% 10,000 25% 8,000 6,000 20% 15% (%) 4,000 10% 2,000 5% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 120 60% 100 50% 40% 10 80 60 40 30% 20% 10% (%) 0% 20-10% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004-20% (%) 63

30 50% 25 40% 20 30% 15 20% 10% (%) 10 0% 5-10% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004-20% (%) 140 50% 120 40% 100 30% 80 60 20% 10% (%) 40 0% 20-10% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004-20% (%) 64

30 30% 25 25% 20 20% 15 15% (%) 10 10% 5 5% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 0% (%) 3,500 3,000 2,500 2,000 1,500 1,000 500 18% 16% 14% 12% 10% 8% 6% 4% 2% (%) 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 0% (%) 65

10 1,000 900 800 700 600 500 400 300 200 100 16% 14% 12% 10% 8% 6% 4% 2% (%) 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 13.8 13.6 13.4 13.2 13.0 12.8 1.0% 0.9% 0.8% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% (%) 12.6 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0.0% (%) 66

60,000 18% 50,000 15% 40,000 12% 30,000 9% (%) 20,000 6% 10,000 3% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 16,000 30% 14,000 25% 12,000 10,000 20% 8,000 15% (%) 6,000 10% 4,000 2,000 5% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 67

100 50% 80 40% 30% 10 60 40 20% 10% (%) 0% 20-10% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004-20% (%) 35 100% 30 25 20 15 10 5 80% 60% 40% 20% 0% (%) 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005-20% (%) 68

100 20% 80 10% 60 40 0% (%) 20-10% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005-20% (%) 35 80% 30 60% 25 20 15 40% 20% (%) 10 5 0% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005-20% (%) 69

8,000 7,000 30% 25% 6,000 5,000 4,000 3,000 2,000 20% 15% 10% 5% (%) 1,000 0% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005-5% (%) 70

800 700 600 16% 14% 12% 500 400 300 10% 8% 6% (%) 200 100 4% 2% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% 12.0 1.8% 11.8 1.6% 11.6 1.4% 11.4 11.2 11.0 10.8 10.6 1.2% 1.0% 0.8% 0.6% (%) 10.4 0.4% 10.2 0.2% 10.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 0.0% (%) 71

50,000 45,000 40,000 35,000 14% 12% 10% 30,000 25,000 20,000 8% 6% (%) 15,000 10,000 5,000 4% 2% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 14,000 25% 12,000 10,000 20% 8,000 6,000 15% 10% (%) 4,000 2,000 5% 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 72

10 90 80 70 60 50 40 30 20 10 70% 60% 50% 40% 30% 20% 10% (%) 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 30 60% 25 50% 20 40% 15 30% (%) 10 20% 5 10% 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 73

80 70 60 50% 40% 50 40 30 30% 20% (%) 20 10 10% 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 30 25 20 15 10 5 90% 80% 70% 60% 50% 40% 30% 20% 10% (%) 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 0% (%) 74

7,000 25% 6,000 20% 5,000 4,000 3,000 2,000 15% 10% 5% 0% (%) 1,000-5% 0 1999 2000 2001 2002 2003 2004 2005-10% (%) 75

100% 100% 100% Delta House Profitwise Wisearn Stark JPMorgan Securities 52% 39% 7% 1% 1% 100% Richwise 100% 100% 5% 95% 100% Green Sea International Limited 100% Hua Yick Investments Limited 29 1 1 77

7% 54% 39% (1) 7% 54% 54% 39% 39% 7% 50% 25% 25% 79

100% 100% 100% Delta House Profitwise Wisearn Stark JPMorgan Securities 38.62% 29.54% 5.30% 0.77% 0.77% 25.00% 100% Richwise (1) 100% 100% 95% 100% 100% 5% Green Sea Hua Yick International Investments Limited Limited 70% 80% 29 82

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