Guotai Junan (HK)

2006 2006 Hong Kong 2H Market Outlook

Guotai Junan (HK) 2006........................................................ 4............................................................. 41............................................................... 42 (0836)........................................................... 45 (0902)........................................................... 48 (0991)........................................................... 51 (1071)........................................................... 54 (2380)........................................................... 56................................................................. 59 (0029)........................................................... 61 (0405)................................................... 63 (0588)........................................................... 64 (0604)........................................................... 66 (0688)....................................................... 69 (1207)........................................................... 72 (2868)........................................................... 75 (3383)......................................................... 76 1................................................................. 78 (0966)........................................................... 81 (2318)........................................................... 83 (2328)........................................................... 86 (2628)........................................................... 88......................................................... 91 (0694)................................................... 95 (0753)....................................................... 97 (1110)........................................................... 100................................................................. 102 (0183)....................................................... 106 (0349)........................................................... 108 (0939)........................................................... 110 (2388)........................................................... 112 (3328)........................................................... 114 (3988)........................................................... 117................................................................... 120 (0177)........................................................... 123 (0548)........................................................... 125 (0576)......................................................... 127 (0995)........................................................... 129

............................................................... 131 (0338)........................................................... 135 (0386)........................................................... 138 (8042)........................................................... 142................................................................... 144 (0728)........................................................... 147 (0762)........................................................... 150 (0906)........................................................... 154 (0941)........................................................... 157 (0874)........................................................... 160 (1093)........................................................... 163 (2005)........................................................... 166 (8069)......................................................... 169............................................................. 171 2......................................................... 173 (0358)......................................................... 176 (2600)......................................................... 179 (2626)......................................................... 182 (2899)......................................................... 184 (3330)......................................................... 187................................................................. 189 (0323)....................................................... 191 (0347)......................................................... 193 (1053)......................................................... 196 (0914)....................................................... 198................................................................... 201 (0506)........................................................... 201 (0700)........................................................... 203 (0828)........................................................... 206 (0980)........................................................... 208 (1068)........................................................... 210 (1212)........................................................... 212 (2319)........................................................... 214 (2331)............................................................... 217 (3389)......................................................... 219................................................................... 222................................................................. 222 (0135)................................................... 226 (0857)......................................................... 229 (0883)........................................................... 232 (2883)..................................................... 235 (8261)......................................................... 239................................................................. 241 (1088)......................................................... 244 (1171)......................................................... 247

Guotai Junan (HK)................................................................... 250 (0267)........................................................... 252 (0270)........................................................... 254 (0291)........................................................... 257 (0363)........................................................... 260 (0392)........................................................... 263 (0882)........................................................... 266............................................................. 269 (0144)......................................................... 273 (0525)........................................................... 275 (0598)........................................................... 277 (1138)........................................................... 279 (1199)......................................................... 281 (1919)........................................................... 284 (2866)..................................................... 286 (2880)......................................................... 288 (3382)......................................................... 292................................................................... 295 (0297)....................................................... 295 (0763)........................................................... 299 (0981)........................................................... 302 (1072)........................................................... 305 (1133)......................................................... 307 (2727)........................................................... 309 (2345)........................................................... 312 (8243)........................................................... 315 3

2006 91 11 14 16 17 2004 2008 18 18 18 19 (%) 19 20 20 (%) 21 A 21 4 22 23 2004 2008 23 23 24 25 2004 2008 25 25 1993 26 1993 A 26 1999 2005 6 26 1996 IPO 26 1996IPO 26 GDP19932006 6 27 (PMI) 2005 27 (PMI) 2005 27 ISM 1995 27 ISM 1995 27 OECD1995 27 OECD1995 28 OECD1995 28 OECD1995 28 OECD1995 28 OECD1995 28 OECD1995 28

Guotai Junan (HK) 2000 29 2000 29 1991 29 1993 29 2001 29 ISM 1995 29 CRB1995 30 1998 30 1983 30 1LIBOR/HIBOR19992006 6 31 1LIBOR/HIBOR19992006 6 31 FTSE102004 2006 6 31 1999 31 1998 31 1986-2006 32 1986-2006 33 2 2004 34 10 2001 34 2 1995 34 10 1995 34 10 1973 34 S&P500(MMI) 1954 34 5 HA 35 HA 35 06 36 06 36 06 36 05-08 06 37 06 05-08 PEG 37 06 06 38 06 06 38 39 40

2006 Larry Jiang Vivien Zhang 6 23 06 5 811 17,328 7,468 0516.5% 40.1%05 06 17,5003 7,500 7,500 5 66 23 6.3% 17.6% 6 0102 0607 0526.8% 06 0820.1% 11.1% 6.3% 06 19.6% 07 089.4% 10.8% 05 56 3% 4% 6 23 07 GDP 07 GDP GDP 07

Guotai Junan (HK) 0506 0708 3G 08 061 ; 04 0540.4% 32.4% 0624.7% 0718.3% 0811.1% 06 0804 05 06 06 08 19.4% 8.4% 11.4%17.7% 6.3% 3.8%06 1.7 07 2.1 087.6 06 0708 07 08 06 08 24.6% 24.0% 24.8%0706 08 04 22.4% 0524.3% 7 6 230.8%5.5% 16.8% 2 0508 19.3% 19.5% 19.7% 20.5% 0508 8.5% 06074.3% 4.8%10.9 9.7 (0836) (0902) 5 16.9% 10.6% 4 39.6% 40-50%3 4 05 08 29.1% 06 079.9 7.3 (0688) (0604)

53.1% 46.8% 35.5%05 08 26.6% 06 PEG 0.8 05 283 2.0% 1,178 5.6%A (2628) 13.4% 7.2% 4.2% (0694) 05 0867.1% 06 07 54.0 23.7 4.4% 5.3% 8 19.3% 13.0% 1.7% 05 08 15.2%2.4 06 07 18.7 16.4 06 PEG 1.2 (3328)(0349) (0183) 06 1.2 1.305 2.2 11.5% 5.3% 6.1% 05 0819.2% 06 07 13.8 12.006 PEG0.706 07 5.0% 5.7% (0995) (0177) (0548) 9.2% 2.9% 8.4% 04 05 10.9% 7.8% 06 086.6% 6.9% 6.7% 08 06 (0338) 05 08 7.6% 06 078.8 8.2 (0386) (0338) 8.6% 2.4%9.0% 2 2 3G (0941) 3

Guotai Junan (HK) (0762) (0906) (0728) 05 08 10.9% 06 07 12.1 11.006 PEG1.1 18.6% 18.3% 32.3% 26.0% 14.7% GDP1.0-1.5 02 06 0823%0422.1% 05 21.3% 05 08 26.9% 06 077.4 6.706 PEG0.3(0358) (2600) (2899) (2626) (3330) 39.8% 33.5% 22.2% GDP1.5-1.8 0413.1% 06 6.8%07 088.8% 11.6% 05 08 32.6% 06 079.2 7.106 PEG0.3 5.3% 6.8% 3 9 23.6% 17.3% 6.0% (0857)05 08 11.2% 06 078.8 8.406 PEG0.8 29.6% 26.1%4.7% 4.9%5(0883) (0135) (8261) 1.9%4.4% 15.7% 25.3% 05 084.9% 06 0710.7 12.8 4.4% 3.9% (0270) (0291) (0392) 11.7% 5.4% 5.9% (1199) (3382) 06 05 (1138)

(0525)05 08 1.6% 06 0710.0 10.3 3.9% 3.7% 43.6% 2 37.3% 26.0% 06 08 15%0415.3% 0514.8%04 0532.9 31.5 06 0827.7 27.0 26.605 08 24.0% 06 0720.6 17.0 06 PEG 0.9(0700)(3389) (2331) (1212) 18.6%12.3% 1.0% (1093) 0604 0513.2% 12.3% 06 0811.7% 12.6% 12.6%(0297) (0914) 10 06 07 37,5007,468 06(3988) 7,41006 14.107 12.8 07 7,93715.113.6 3067,152 2 6,9977,4200613.214.0 5 6.9 21.0 10.45,500 06 907 307 93 15% 0506 17,50017,32806 1020 19976 7 07 39 18,000 15 06 10 8.1 27.9 13.7 16,000

Guotai Junan (HK) 91(1) 06 (%) (%) 06 07 08 06 07 08 06 07 08 (%) 06 07 08 6 23 06 (%) (%) 05 06 07 08 06 07 08 * 9.7 8.6 8.2 2.6 2.9 3.1 1.5 1.3 1.1 7.720 28.1 15.7 15.9 14.9 21,159 11.8 10.9 9.4 5.1 5.5 6.4 1.4 1.4 1.3 6.010 18.9 12.5 12.8 13.9 58,770 10.0 8.4 7.9 5.0 6.0 6.3 1.3 1.2 1.1 6.500 23.5 13.9 15.2 14.9 25,685 11.1 9.9 8.0 3.2 3.5 4.4 1.0 0.9 0.8 2.520 17.7 9.0 9.4 10.9 12,494 11.1 10.1 8.8 3.3 3.7 4.2 1.2 1.1 1.0 3.200 14.8 11.2 11.4 12.1 8,543 0836 -R 5.55 26.9 0.750 0.569 0.648 0.681 (24.1) 13.9 5.0 0902 -H 4.88 (4.4) 0.389 0.413 0.447 0.518 6.3 8.2 15.9 0991 -H 4.98 (12.7) 0.438 0.499 0.594 0.631 13.9 19.1 6.2 1071 -H 2.08 4.8 0.172 0.188 0.210 0.261 9.1 12.0 24.0 2380 -R 2.73 6.9 0.203 0.246 0.269 0.309 21.2 9.2 15.0 10.9 9.7 8.7 4.3 4.8 5.5 1.3 1.2 1.1 12.9 13.4 13.9 126,651 1.4 12.1 12.3 10.7 9.6 8.4 3.8 4.3 4.9 1.3 1.2 1.1 12.5 12.9 13.3 3.3 9.5 8.5 1.7 1.7 1.7 0.5 0.5 0.5 6.632 64.2 17.5 5.5 5.8 520 15.2 15.0 14.9 6.6 6.7 6.7 1.0 1.0 1.0 3.457 11.8 6.7 6.7 6.8 3,050 9.4 7.9 8.5 2.1 2.1 2.1 0.6 0.6 0.5 3.932 58.3 6.3 7.1 6.2 3,062 7.8 6.2 4.8 6.4 8.1 10.5 0.9 0.9 0.8 3.950 51.9 12.2 14.5 16.9 4,747 10.7 7.4 7.5 2.3 3.8 3.8 2.0 1.5 1.3 4.800 16.7 19.8 22.4 18.3 25,712 6.0 5.5 6.8 3.3 3.6 2.9 1.3 0.8 0.6 2.736 49.6 25.0 17.2 9.9 2,540 22.4 5.8 5.6 1.8 6.9 7.1 1.2 0.9 0.7 4.361 47.8 5.5 17.2 14.2 3,904 9.2 8.3 7.5 2.3 2.5 2.8 2.5 2.1 1.8 4.694 16.9 29.7 27.4 25.6 13,515 0029 2.38 56.3 0.421 0.723 0.250 0.279 72.0 (65.4) 11.5 0405 REIT-R 3.05 (11.6) 0.041 0.201 0.203 0.205 395.8 1.0 1.0 0588 -H 1.64 (15.5) 0.131 0.174 0.207 0.193 33.6 18.4 (6.5) 0604 -R 1.90 75.9 0.215 0.243 0.309 0.398 13.0 26.9 28.8 0688 -R 4.00 20.3 0.240 0.372 0.538 0.537 55.4 44.6 (0.3) 1207 -R 1.38 31.4 0.206 0.228 0.250 0.202 11.1 9.5 (19.2) 2868 -H 2.28 0.0 0.119 0.102 0.390 0.404 (14.8) 284.5 3.6 3383 -R 3.90 4.0 0.371 0.422 0.471 0.519 13.7 11.7 10.0 9.9 7.3 6.8 2.8 4.1 4.3 1.5 1.2 1.1 19.3 20.5 17.9 57,050 47.8 36.7 6.4 10.5 8.2 8.0 3.3 4.4 4.7 1.2 1.0 0.9 15.3 14.7 13.0 41.4 21.8 14.3 0.6 1.2 1.8 2.8 2.5 2.2 6.028 20.4 6.4 12.0 15.3 6,427 24.7 20.4 16.9 0.9 1.2 1.5 3.8 3.4 2.9 22.336 5.1 16.0 17.5 18.5 131,335 12.4 15.6 15.9 1.2 1.0 0.9 1.6 1.5 1.4 2.746 6.2 13.5 9.8 8.9 28,690 22.9 21.0 16.5 0.6 0.7 0.9 3.5 3.5 3.3 10.398 (4.8) 15.9 16.7 20.3 291,739 0966 -R 4.80 45.5 (0.324) 0.116 0.221 0.334 90.1 51.7 2318 -H 21.20 48.3 0.656 0.860 1.039 1.256 31.0 20.9 20.9 2328 -H 2.58 15.7 0.096 0.208 0.166 0.162 116.6 (20.5) (2.0) 2628 -H 10.90 59.1 0.334 0.476 0.520 0.659 42.4 9.2 26.8 22.3 20.4 16.6 0.7 0.9 1.1 3.3 3.1 2.9 15.6 16.4 19.0 458,190 50.5 9.5 23.0 25.3 19.7 15.9 0.8 1.0 1.3 2.9 2.7 2.4 13.0 14.0 15.7 n.a. n.a. 20.6 0.0 0.0 1.8 1.1 1.3 1.4 n.a. n.a. (16.1) (8.3) 6.5 5,256 17.0 14.7 11.9 2.6 2.8 3.8 2.0 1.9 1.7 5.171 13.5 12.3 13.2 14.9 17,212 13.7 18.4 13.1 0.8 0.8 1.1 1.2 1.1 1.0 n.a. n.a. 8.9 6.3 8.3 28,064 n.a. n.a. n.a. 0.0 0.0 1.1 0.9 1.0 1.0 n.a. n.a. (15.9) (6.4) (3.0) 7,524 0670 -H 1.08 (12.2) (0.092) (0.175) (0.074) 0.052 0694 -H 4.48 26.1 0.227 0.263 0.304 0.375 16.0 15.4 23.2 0753 -H 2.98 20.2 0.245 0.218 0.162 0.227 (11.2) (25.8) 40.2 1055 -H 1.72 (22.7) (0.406) (0.327) (0.118) (0.052) 54.0 23.7 12.9 1.1 1.2 2.0 1.3 1.3 1.2 4.4 5.3 8.6 58,055 12.0 127.2 83.6 15.3 16.6 12.5 0.8 0.9 2.0 1.3 1.3 1.3 (2.7) 1.2 6.7 14.8 12.8 11.6 3.4 3.9 4.3 1.3 1.3 1.2 5.040 16.7 9.2 10.1 10.6 13,446 11.9 10.6 9.6 5.0 5.6 6.2 1.2 1.2 1.1 13.619 17.4 10.5 11.2 11.7 12,614 16.8 14.8 12.3 2.4 2.7 3.2 2.5 2.3 2.1 3.703 10.2 15.3 16.0 17.4 747,091 13.6 14.3 14.2 4.6 4.4 4.4 1.9 1.8 1.7 17.095 13.4 14.2 13.0 12.5 156,477 17.7 15.5 13.0 2.2 2.5 3.0 2.5 2.3 2.1 5.223 9.1 14.5 15.2 16.5 217,569 21.7 19.5 16.3 0.9 1.8 2.5 2.3 2.1 1.9 3.168 (7.3) 12.4 11.3 12.5 863,053 0183 -R 4.20 46.1 0.345 0.284 0.329 0.364 (17.7) 15.7 10.6 0349 -R 11.25 18.4 0.911 0.945 1.059 1.170 3.7 12.1 10.5 0939 -H 3.33 23.1 0.227 0.198 0.224 0.270 (12.8) 13.1 20.6 2388 -R 14.80 (0.7) 1.276 1.090 1.032 1.044 (14.6) (5.3) 1.2 3328 -H 4.75 34.8 0.209 0.268 0.306 0.367 28.5 14.2 19.7 3988 -H 3.40 15.3 0.135 0.157 0.174 0.209 16.5 11.1 20.0 18.7 16.4 13.9 1.9 2.5 3.0 2.3 2.1 2.0 13.8 13.6 14.7 2,010,250 13.4 13.8 18.3 16.1 14.6 12.8 3.1 3.5 4.0 2.0 1.8 1.7 12.7 12.8 13.5 15.6 13.1 11.1 5.4 6.5 7.6 1.7 1.7 1.6 5.210 21.3 10.7 13.0 14.6 20,655 12.7 10.3 9.7 3.6 4.1 5.1 1.3 1.2 1.1 4.696 19.6 10.2 11.7 11.6 8,232 13.3 12.2 11.0 5.0 5.4 5.6 1.7 1.6 1.5 5.727 21.4 13.2 13.7 14.4 19,544 12.6 11.3 10.1 5.4 5.9 5.9 1.7 1.6 1.4 7.297 20.5 13.6 14.4 14.5 9,620 0177 -H 4.10 (6.3) 0.128 0.263 0.314 0.368 105.9 19.6 17.2 0548 -H 3.78 48.0 0.240 0.298 0.365 0.388 24.2 22.6 6.3 0576 -H 4.50 (6.3) 0.317 0.338 0.368 0.407 6.7 8.8 10.8 0995 -H 5.80 54.7 0.398 0.462 0.515 0.575 16.2 11.5 11.5 13.8 12.0 10.7 5.0 5.7 6.3 1.6 1.5 1.4 12.0 13.3 14.1 58,051 31.4 14.8 12.3 13.5 11.7 10.5 4.8 5.5 6.1 1.6 1.5 1.4 11.9 13.2 13.8 11 HR * 06 7

12 91(2) 06 (%) (%) 06 07 08 06 07 08 06 07 08 (%) 06 07 08 6 23 06 (%) (%) 05 06 07 08 06 07 08 18.1 11.8 12.5 2.1 3.3 3.0 1.4 1.3 1.2 4.100 8.5 8.0 11.5 10.1 27,000 8.4 8.0 7.3 3.3 3.5 3.8 1.4 1.3 1.1 4.900 15.3 18.3 17.0 16.4 359,815 6.6 6.1 5.6 2.9 3.1 3.3 1.1 1.0 0.9 1.000 29.0 20.5 17.9 16.7 359 0338 -H 3.75 26.1 0.247 0.207 0.319 0.299 (16.2) 54.1 (6.1) 0386 -H 4.15 7.8 0.454 0.492 0.521 0.566 8.5 5.7 8.7 8042 -R 0.71 129.0 0.107 0.108 0.117 0.126 1.6 7.8 8.0 8.8 8.2 7.5 3.2 3.4 3.7 1.4 1.3 1.1 17.6 16.6 15.9 387,174 7.4 7.4 8.0 11.0 8.6 8.5 2.7 3.3 3.4 1.3 1.2 1.1 15.6 15.5 14.4 8.9 8.4 7.9 3.4 3.6 3.8 1.0 0.9 0.8 3.180 23.8 11.8 11.4 11.0 196,261 16.0 14.6 13.8 1.7 1.9 2.0 1.1 1.1 1.0 8.316 17.0 7.1 7.4 7.4 86,842 7.9 7.1 6.4 4.6 4.8 5.0 1.2 1.1 0.9 16.267 22.2 16.0 15.8 15.4 83,521 13.6 12.2 11.3 3.1 3.3 3.5 2.8 2.5 2.2 52.653 19.9 21.7 21.3 20.3 836,383 0728 -H 2.43 (14.9) 0.251 0.271 0.290 0.306 8.1 6.9 5.4 0762 -R 6.90 9.5 0.377 0.431 0.472 0.500 14.2 9.6 6.0 0906 -R 12.65 0.8 1.529 1.594 1.788 1.973 3.3 12.2 10.3 0941 -R 42.15 14.9 2.609 3.089 3.441 3.720 18.4 11.4 8.1 12.1 11.0 10.2 3.1 3.3 3.6 1.9 1.7 1.5 18.6 18.3 17.5 1,203,007 14.5 10.5 7.6 11.3 10.4 9.8 3.2 3.4 3.6 1.5 1.4 1.2 14.2 14.0 13.5 14.0 14.1 12.6 1.8 1.8 1.8 1.3 1.2 1.2 n.a. n.a. 9.4 9.0 9.5 3,568 8.0 15.8 5.0 0.0 0.0 6.0 0.5 0.5 0.5 n.a. n.a. 3.1 9.5 10.8 1,246 7.5 6.2 5.4 6.7 8.0 9.2 1.6 1.4 1.2 n.a. n.a. 22.1 23.5 23.8 864 11.6 10.4 9.2 3.5 3.8 4.3 3.1 2.7 2.3 n.a. n.a. 24.9 24.0 23.5 2,833 0874 - H 4.40 39.7 0.235 0.314 0.312 0.349 33.9 (0.5) 11.6 1093 - R 0.81 (32.5) 0.159 0.102 0.051 0.163 (36.1) (49.7) 219.0 2005 2.98 14.4 0.423 0.396 0.478 0.546 (6.3) 20.6 14.2 8069 -H 15.50 15.7 1.216 1.337 1.491 1.682 9.9 11.5 12.8 12.3 9.3 8.1 2.6 2.8 4.0 1.3 1.2 1.1 14.9 15.5 15.8 8,511 5.2 32.2 15.3 10.3 11.6 8.1 3.0 3.4 5.3 1.6 1.4 1.3 14.9 16.5 16.9 5.3 4.8 5.3 5.7 6.2 7.6 1.7 1.3 1.1 12.600 49.2 36.6 30.9 23.4 18,528 5.2 4.9 4.7 5.7 6.2 6.3 1.4 1.1 1.0 10.600 49.1 30.5 25.7 22.3 63,148 13.1 9.9 9.2 2.3 3.0 3.2 2.2 1.9 1.6 3.800 28.3 23.1 20.3 18.8 9,321 24.5 22.2 20.5 2.0 2.2 2.4 10.6 8.4 6.9 4.700 28.7 51.1 42.1 36.9 35,219 21.0 16.9 13.9 1.4 1.8 2.2 3.7 3.2 2.7 10.400 31.3 26.6 20.1 21.0 5,507 0358 -H 6.40 74.1 0.651 1.209 1.327 1.212 85.7 9.8 (8.7) 2600 -H 5.40 (8.5) 0.611 1.029 1.109 1.143 68.5 7.7 3.1 2626 -H 2.73 65.2 0.194 0.207 0.275 0.295 7.1 32.5 7.2 2899 -H 3.35 30.1 0.129 0.137 0.151 0.163 6.3 10.1 8.5 3330 -H 7.15 317.5 0.298 0.341 0.423 0.516 14.6 23.9 22.1 7.4 6.7 6.6 4.3 4.7 5.1 2.0 1.6 1.4 36.2 30.2 26.0 131,723 81.0 11.0 1.7 13.8 11.8 10.7 3.4 3.9 4.4 3.9 3.2 2.7 33.6 27.8 24.5 11.9 9.5 4.6 2.5 4.2 8.7 0.8 0.8 0.7 n.a. n.a. 7.0 8.3 15.5 15,009 7.5 6.1 4.8 6.7 8.1 10.4 1.4 1.3 1.1 n.a. n.a. 27.4 21.8 24.3 39,454 n.a. n.a. 7.1 0.0 0.0 3.0 0.7 0.7 0.6 n.a. n.a. (9.7) (1.7) 9.2 2,213 0323 -H 2.33 (3.1) 0.433 0.196 0.244 0.503 (54.7) 24.3 106.4 0347 -H 6.65 59.3 0.687 0.886 1.082 1.387 29.0 22.0 28.2 1053 -H 1.60 (17.5) 0.160 (0.250) (0.041) 0.226 9.2 7.1 4.8 5.3 6.8 9.7 1.2 1.0 0.9 20.5 17.3 21.4 56,676 22.2 28.4 48.6 9.7 7.8 4.7 3.1 4.1 7.4 1.0 0.9 0.8 8.2 9.5 16.4 15.6 14.4 13.2 3.0 3.2 3.5 0.9 0.8 0.8 2.267 24.6 5.8 6.1 6.4 9,473 14.7 13.3 11.9 2.4 2.6 2.9 1.4 1.3 1.2 4.985 17.3 10.2 10.4 10.8 7,265 27.9 22.4 19.0 1.1 1.4 1.6 8.2 6.4 5.2 19.354 19.9 32.0 32.6 29.7 27,272 16.7 14.2 12.2 2.4 2.8 3.3 2.4 2.1 1.9 3.315 18.5 14.7 15.8 16.7 3,362 19.2 16.6 14.7 1.7 2.0 2.2 2.6 2.3 2.1 10.111 17.4 14.0 14.6 14.9 5,194 16.3 13.3 10.8 1.5 1.9 2.3 3.3 2.8 2.3 7.208 20.2 21.6 22.4 23.4 8,349 17.3 15.1 13.8 2.6 3.0 3.3 3.0 2.7 2.5 16.170 19.0 18.4 18.9 18.7 11,096 20.7 15.6 11.9 1.2 1.6 2.1 4.7 3.8 3.0 n.a. n.a. 25.4 27.1 28.3 13,342 29.5 22.2 16.2 1.3 1.8 2.4 5.8 5.0 4.2 9.420 23.6 20.8 24.1 28.2 7,394 23.1 18.3 15.2 1.5 2.0 2.4 2.9 2.8 2.4 4.525 19.3 17.0 16.1 16.9 4,534 0308 -R 1.71 (8.1) 0.121 0.110 0.119 0.130 (9.2) 8.0 9.3 0506 -R 4.13 19.6 0.244 0.281 0.309 0.345 15.3 9.9 11.7 0700 15.50 86.7 0.263 0.555 0.691 0.814 110.8 24.4 17.9 0828 -R 2.70 (6.1) 0.147 0.162 0.190 0.222 10.2 17.7 16.7 0980 -H 8.35 15.2 0.371 0.434 0.503 0.567 17.2 15.9 12.8 1068 5.75 32.9 0.331 0.353 0.431 0.534 6.8 22.0 24.0 1212 13.10 21.3 0.694 0.759 0.867 0.952 9.4 14.2 9.9 2319 9.75 47.7 0.321 0.471 0.626 0.819 46.7 33.0 30.8 2331 7.20 30.9 0.175 0.244 0.324 0.443 38.9 32.8 36.9 3389 3.65 82.5 0.141 0.158 0.200 0.239 12.0 26.7 19.8 20.6 17.0 14.4 1.7 2.0 2.4 2.8 2.5 2.2 21.4 22.2 22.1 97,280 33.6 20.7 18.3 20.1 16.6 13.9 1.9 2.2 2.6 3.5 3.0 2.6 18.0 18.8 19.4 HR

Guotai Junan (HK) 91(3) 06 (%) (%) 06 07 08 06 07 08 06 07 08 (%) 06 07 08 6 23 06 (%) (%) 05 06 07 08 06 07 08 6.7 6.9 7.2 3.0 2.9 2.8 1.2 1.0 0.9 5.200 29.3 19.2 16.1 13.7 17,729 8.5 8.0 7.6 5.3 5.6 5.9 2.3 2.0 1.7 8.600 11.0 29.5 26.5 24.2 1,369,510 8.4 8.4 8.1 3.6 3.6 3.7 2.3 2.0 1.6 8.000 27.5 32.9 25.6 22.1 251,299 12.2 10.8 10.4 2.5 2.8 2.9 3.2 2.6 2.2 16.720 22.5 29.8 26.9 23.4 234,260 8.6 7.9 7.3 4.4 4.8 5.1 1.4 1.2 1.1 7.030 25.3 16.7 16.3 15.8 25,822 14.1 12.8 12.2 1.9 2.1 2.2 1.7 1.5 1.4 3.800 9.2 12.5 12.5 12.0 13,784 10.2 7.8 6.3 2.9 3.9 4.8 2.4 2.0 1.6 2.500 28.0 26.0 27.9 28.1 1,166 0135 -R 3.68 114.9 0.762 0.547 0.529 0.508 (28.1) (3.3) (4.1) 0857 -H 7.65 20.5 0.725 0.903 0.951 1.002 24.4 5.4 5.3 0883 -R 5.80 10.5 0.593 0.689 0.690 0.715 16.2 0.1 3.6 1088 -H 12.95 51.5 0.901 1.058 1.199 1.248 17.4 13.3 4.1 1171 -H 5.25 5.5 0.563 0.613 0.667 0.721 8.7 8.9 8.1 2883 -H 3.45 10.4 0.198 0.244 0.269 0.284 23.7 10.2 5.3 8261 -H 1.80 33.3 0.135 0.176 0.232 0.286 30.2 31.5 23.4 8.8 8.4 8.0 4.7 4.9 5.2 2.3 2.0 1.7 29.6 26.1 23.5 1,913,570 23.9 5.6 4.9 9.8 8.9 8.4 3.4 3.6 3.9 2.1 1.8 1.5 23.8 21.7 19.9 8.3 14.0 12.0 6.6 5.0 5.8 1.1 1.1 1.1 25.590 13.4 14.2 8.0 9.2 48,594 12.0 11.2 10.6 3.3 3.6 3.8 1.3 1.2 1.1 4.240 33.4 11.6 11.0 10.6 17,013 15.2 15.0 13.6 2.6 2.7 2.9 1.7 1.6 1.5 16.430 10.5 11.9 11.2 11.5 34,215 11.4 9.0 7.5 3.5 4.5 5.4 0.8 0.8 0.7 19.940 28.3 7.2 8.7 9.8 13,844 15.7 11.5 10.3 2.6 3.1 3.4 0.8 0.8 0.8 16.360 27.3 5.5 7.2 7.6 7,408 8.8 11.0 9.6 2.0 2.1 2.4 0.7 0.7 0.7 7.830 39.0 8.3 6.5 7.1 4,630 0267 -R 22.15 3.3 1.819 2.675 1.579 1.842 47.0 (41.0) 16.7 0270 -R 2.83 (2.6) 0.227 0.235 0.253 0.267 3.7 7.3 5.7 0291 -R 14.70 6.1 1.017 0.970 0.980 1.080 (4.6) 1.0 10.2 0363 -R 14.30 (11.5) 1.066 1.254 1.596 1.913 17.6 27.2 19.9 0392 -R 11.90 (9.2) 0.916 0.760 1.038 1.151 (17.1) 36.6 10.9 0882 -R 4.78 29.9 0.630 0.542 0.433 0.497 (13.9) (20.0) 14.7 10.7 12.8 11.2 4.4 3.9 4.4 1.2 1.1 1.1 11.7 9.3 9.9 125,704 21.0 (15.9) 13.5 11.9 11.9 10.6 3.5 3.5 4.0 1.1 1.0 1.0 9.8 8.8 9.3 18.6 16.2 14.2 2.5 2.8 3.0 2.8 2.6 2.4 18.827 (13.1) 15.8 16.8 17.7 48,843 16.4 12.8 12.1 4.7 4.7 4.7 1.1 1.1 1.1 3.314 18.5 5.3 8.7 8.9 11,706 11.0 10.2 10.5 3.1 3.3 3.2 1.3 1.2 1.1 3.146 23.7 12.5 12.4 11.1 10,198 6.5 6.3 5.9 5.4 5.4 6.4 1.4 1.3 1.1 8.518 37.2 23.8 21.5 19.9 17,794 13.4 13.5 12.0 4.3 4.3 4.8 2.2 2.1 1.9 17.244 5.8 17.5 15.9 16.6 36,159 4.8 6.7 5.3 6.3 4.5 5.6 1.0 1.0 0.8 4.163 10.5 24.0 15.0 16.8 22,872 5.0 7.2 7.1 4.0 2.8 2.8 0.7 0.6 0.6 n.a. n.a. 13.9 9.0 8.5 11,879 26.1 23.7 19.6 1.5 1.9 2.3 2.1 2.0 1.9 4.455 19.2 9.8 8.6 9.8 10,534 23.9 18.9 16.1 1.7 1.9 2.2 1.5 1.4 1.3 2.746 17.2 9.1 7.5 8.3 4,065 0144 -R 21.30 26.4 1.079 1.146 1.318 1.505 6.2 15.0 14.2 0525 -H 2.70 16.1 0.136 0.164 0.211 0.224 20.7 28.6 6.0 0598 -H 2.40 (23.8) 0.194 0.219 0.235 0.229 12.7 7.5 (2.6) 1138 -H 5.35 (6.1) 0.778 0.818 0.853 0.910 5.1 4.2 6.8 1199 -R 16.25 14.4 1.184 1.215 1.201 1.358 2.6 (1.2) 13.0 1919 -H 3.73 8.8 1.021 0.779 0.558 0.698 (23.7) (28.4) 25.2 2866 -H 1.97 (27.0) 0.571 0.390 0.275 0.277 (31.7) (29.4) 0.5 2880 -H 3.60 39.8 0.206 0.138 0.152 0.184 (33.0) 9.9 21.1 3382 -R 2.28 21.0 0.131 0.095 0.121 0.141 (27.4) 26.5 16.9 10.0 10.3 9.1 3.9 3.7 4.1 1.6 1.4 1.3 16.5 14.8 15.3 174,048 (4.3) (3.0) 12.7 14.0 12.8 11.4 3.7 3.5 3.9 1.6 1.5 1.4 14.6 12.8 13.1 15.7 11.7 9.5 0.9 1.2 1.5 3.6 2.8 2.2 3.500 23.6 25.4 26.8 26.0 15,536 18.9 13.6 10.1 1.0 1.4 1.8 2.1 1.8 1.6 33.823 31.0 11.3 14.2 16.7 22,405 15.8 11.8 9.7 1.6 2.5 3.1 2.4 2.0 1.8 19.000 38.4 16.0 18.6 19.4 14,691 n.a. 12.8 5.8 0.0 0.0 0.0 0.8 0.7 0.7 n.a. n.a. 0.3 6.0 12.1 18,644 8.6 7.8 7.7 4.7 5.1 5.2 2.7 2.2 1.9 16.900 24.3 35.8 31.6 26.7 5,760 11.7 9.0 9.9 2.7 3.6 3.2 2.3 1.9 1.7 10.600 21.7 21.6 23.2 18.2 10,578 14.4 12.6 11.1 1.9 2.1 2.4 1.9 1.7 1.6 3.200 20.3 14.0 14.6 14.7 30,324 13.7 13.7 12.0 1.9 2.2 2.5 1.6 1.5 1.4 3.320 23.2 15.1 11.3 11.8 3,668 18.6 17.0 15.9 1.3 1.5 1.6 1.4 1.4 1.3 n.a. n.a. 8.0 8.2 8.3 386 0297 -R 2.68 85.8 0.145 0.171 0.228 0.280 17.9 33.4 22.9 0763 -H 23.35 (10.5) 1.290 1.233 1.716 2.314 (4.5) 39.2 34.9 0914 -H 11.70 22.5 0.295 0.739 0.992 1.205 150.2 34.2 21.5 0981 -R 1.02 (2.9) (0.048) 0.004 0.080 0.177 1700.6 121.4 1072 - H 12.80 62.0 1.143 1.493 1.644 1.661 30.6 10.1 1.0 1133 - H 8.30 59.6 0.375 0.708 0.918 0.839 89.1 29.6 (8.7) 2727 -H 2.55 (3.8) 0.146 0.177 0.203 0.229 21.1 14.8 13.0 2345 -H 2.55 21.4 0.173 0.186 0.187 0.212 7.7 0.2 13.7 8243 -H 0.47 111.4 0.023 0.025 0.027 0.029 8.5 9.2 7.0 12.1 11.1 10.0 3.1 3.4 3.8 2.1 1.8 1.7 19.9 18.6 18.3 6,987,933 (1)+(2)* 19.6 9.4 10.8 13.8 12.2 10.6 2.9 3.3 3.8 2.0 1.7 1.5 15.3 15.1 15.3 12.1 11.0 9.9 3.0 3.4 3.9 2.1 1.9 1.7 19.8 18.5 18.4 5,099,904 (1) 21.6 9.7 11.4 13.7 11.9 10.5 2.9 3.3 3.9 2.0 1.7 1.5 15.2 15.0 15.4 12.0 11.1 10.3 3.3 3.4 3.7 2.0 1.8 1.6 20.0 18.6 17.7 1,814,657 (2) 13.8 8.2 8.6 12.7 11.8 10.1 3.0 3.3 3.8 1.6 1.4 1.3 13.7 13.5 13.5 HR *9 13

(1) 14 5% 06 0.5% 0624% 2006 ( %)* 2006 ( %) 2006 ( %) 0836 -R 5.0 (2.5) (16.7) 0902 -H 4.2 (2.7) (11.3) 0991 -H 3.1 (3.8) 2.6 1071 -H 4.1 (4.1) 13.4 2380 -R 1.3 (1.4) (11.7) 0029 -R 5.0 (0.3) (16.5) 0405 REIT-R 5.0 (6.0) 0.0 0588 -H 5.0 (0.0) 13.7 0604 -R 0.0 (2.9) (11.8) 0688 -R 4.2 (0.1) (5.4) 1207 -R 8.0 (1.0) 13.4 2868 -H 5.0 (0.4) (9.5) 3383 -R 0.0 (0.1) 12.6 0966 -R (35.5) (5.5) 0.0 2318 -H (12.2) 2.5 (5.0) 2328 -H (15.9) (1.1) 12.2 2628 -H (7.3) 1.5 7.0 0670 -H n.a. n.a. n.a. 0694 -H (0.3) (0.3) 13.1 0753 -H 19.4 (0.3) 13.1 1055 -H n.a. n.a. n.a. 0183 -R 1.4 1.3 3.7 0349 -R 2.5 0.7 0.6 0939 -H (3.7) 3.6 11.3 2388 -R 0.3 0.5 0.1 3328 -H (5.8) 4.8 10.6 3988 - H (9.4) (4.3) 15.4 0177 -H 0.0 (2.4) 13.6 0548 -H 4.9 (0.4) (10.1) 0576 -H 2.4 (0.3) 9.9 0995 -H (0.3) (0.2) (10.6) 0338 -H 19.3 (0.3) 0.0 0386 -H 19.5 (0.3) 9.4 8042 (0.1) (0.6) 0.0 0728 -H 0.2 (0.5) 2.2 0762 -R 0.3 0.1 9.4 0906 -R (0.4) (2.2) 8.7 0941 -R (0.0) 0.7 11.8 0874 -H 0.0 (1.3) 15.0 1093 -R 4.0 (4.7) (20.0) 2005 0.0 (0.7) 0.0 8069 -H 0.0 (0.2) (10.6) HR *

Guotai Junan (HK) (2) 5% 06 0.5% 0624% 2006 ( %)* 2006 ( %) 2006 ( %) 0358 -H (1.6) (1.1) (13.6) 2600 -H (2.9) (0.4) 0.0 2626 -H (1.1) (1.3) 5.6 2899 -H (3.7) (0.1) 5.9 3330 -H (2.1) (0.3) 11.8 0323 -H 34.2 (7.3) (16.1) 0347 -H (15.4) 0.3 0.0 1053 -H 20.5 3.7 0.0 0308 -R 0.0 0.0 (12.1) 0506 -R 73.4 1.7 (2.3) 0700 (6.0) 0.8 (17.4) 0828 -R 1.0 1.4 1.3 0980 -H 0.0 1.4 11.6 1068 1.1 1.4 (1.1) 1212 0.6 (0.3) (0.7) 2319 0.0 (0.3) (11.6) 2331 (0.3) 1.0 7.5 3389 7.4 (2.7) 11.9 0135 -R 0.0 0.0 3.6 0857 -H (1.3) 0.2 5.7 0883 -R (7.6) 0.3 9.1 1088 -H (2.1) (0.7) (5.8) 1171 -H (3.1) 0.7 8.5 2883 -H (2.9) (0.6) 0.0 8261 -H (0.7) (0.6) 8.3 0267 -R 1.3 (1.4) (2.7) 0270 -R 1.7 (1.9) (2.8) 0291 -R 2.2 (0.1) (7.1) 0363 -R 2.8 0.9 (8.4) 0392 -R 4.9 0.5 (1.2) 0882 -R 5.0 (0.1) (6.1) 0144 -R (3.9) (0.5) (11.8) 0525 -H 5.6 (1.0) (9.2) 0598 -H (22.0) 2.1 10.4 1138 -H (0.5) (0.2) (10.6) 1199 -R 0.7 0.0 (11.5) 1919 -H (6.2) 0.0 (5.0) 2866 -H (12.5) (0.6) (9.0) 2880 -H 1.3 (3.1) 14.7 3382 -R (0.9) (0.9) (10.6) 0297 -R 1.5 (0.5) 3.8 0763 -H (9.1) 4.6 (0.1) 0914 -H (3.5) (3.8) 8.6 0981 -R n.a. (45.5) (23.2) 1072 -H 0.0 0.0 (10.5) 1133 -H (14.3) (1.2) (5.1) 2727 -H (3.4) 1.9 10.0 2345 -H (4.3) 0.7 4.3 8243 -H 0.0 (0.1) (6.0) HR * 15

23/6/2006 2006F (%) 1071 -H 2.075 2.160 3.9 0029 2.375 4.476 46.9 0588 -H 1.64 2.679 38.8 0604 -R 1.9 2.044 7.0 1055 -H 1.72 1.893 9.1 0728 -H 2.425 2.427 0.1 1093 -R 0.81 1.615 49.9 0323 -H 2.325 2.849 18.4 1053 -H 1.6 2.387 33.0 0308 -R 1.71 1.974 13.4 16 0363 -R 14.3 17.748 19.4 0392 -R 11.9 14.053 15.3 0882 -R 4.775 6.457 26.0 2866 -H 1.97 2.945 33.1 0981 -R 1.02 1.288 20.8 HR

Guotai Junan (HK) (%) 05A 06F 07F 08F 05A 06F 07F 08F 0902 -H 0.240 0.248 0.268 0.311 4.9 5.1 5.5 6.4 0991 -H 0.219 0.249 0.297 0.315 4.4 5.0 6.0 6.3 0405 REIT-R 0.041 0.201 0.203 0.205 1.3 6.6 6.7 6.7 0604 -R 0.130 0.122 0.154 0.199 6.8 6.4 8.1 10.5 0349 -R 0.530 0.567 0.636 0.702 4.7 5.0 5.6 6.2 0177 -H 0.139 0.223 0.267 0.313 3.4 5.4 6.5 7.6 0576 -H 0.212 0.223 0.243 0.252 4.7 5.0 5.4 5.6 0995 -H 0.269 0.311 0.340 0.340 4.6 5.4 5.9 5.9 0906 -R 0.466 0.585 0.606 0.629 3.7 4.6 4.8 5.0 2005 0.160 0.198 0.239 0.273 5.4 6.7 8.0 9.2 0358 -H 0.185 0.363 0.398 0.485 2.9 5.7 6.2 7.6 2600 -H 0.206 0.309 0.333 0.343 3.8 5.7 6.2 6.3 0323 -H 0.154 0.059 0.098 0.201 6.6 2.5 4.2 8.7 0347 -H 0.346 0.443 0.541 0.693 5.2 6.7 8.1 10.4 0857 -H 0.325 0.404 0.426 0.449 4.2 5.3 5.6 5.9 1171 -H 0.211 0.230 0.250 0.270 4.0 4.4 4.8 5.1 0267 -R 1.100 1.472 1.105 1.290 5.0 6.6 5.0 5.8 0363 -R 0.420 0.502 0.638 0.765 2.9 3.5 4.5 5.4 0525 -H 0.115 0.126 0.126 0.126 4.3 4.7 4.7 4.7 1138 -H 0.288 0.291 0.291 0.340 5.4 5.4 5.4 6.4 1199 -R 0.670 0.693 0.697 0.774 4.1 4.3 4.3 4.8 1919 -H 0.125 0.234 0.167 0.210 3.4 6.3 4.5 5.6 1072 -H 0.481 0.597 0.658 0.664 3.8 4.7 5.1 5.2 HR 17

912004 2008 04 05 06 07 08 55.9 26.9 19.6 9.4 10.8 18.4 14.5 12.1 11.1 10.0 (%) 2.1 2.5 3.1 3.4 3.8 2.8 2.4 2.1 1.8 1.7 19.8 20.3 19.9 18.6 18.3 2006 6 236,268 2,165 (1) 91 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 ) 20,429 26,164 31,605 34,962 36,906 941 1,131 1,366 1,476 1,608 1,596 2,200 2,739 3,023 3,105 (%) 28.1 20.8 10.6 5.6 20.1 20.8 8.0 9.0 37.8 24.5 10.4 2.7 (%) 4.6 4.3 4.3 4.2 4.4 7.8 8.4 8.7 8.6 8.4 (2) ) 5,679 6,928 8,091 9,078 9,862 435 497 601 654 702 269 313 361 397 439 (%) 22.0 16.8 12.2 8.6 14.1 21.1 8.7 7.4 16.3 15.5 9.9 10.5 (%) 7.7 7.2 7.4 7.2 7.1 4.7 4.5 4.5 4.4 4.4 18 (1)+(2) * 26,273 33,320 40,001 44,437 47,257 1,396 1,643 1,990 2,155 2,343 1,885 2,537 3,132 3,453 3,580 (%) 26.8 20.1 11.1 6.3 17.7 21.1 8.3 8.7 34.6 23.5 10.3 3.7 (%) 5.3 4.9 5.0 4.8 5.0 7.2 7.6 7.8 7.8 7.6 * 91 (%) (%) 04 05 06 07 08 04 05 06 07 08 (1)+(2) * 22.4 24.3 24.6 24.0 24.8 18.1 19.7 19.7 19.0 19.7 (1) 22.7 22.4 22.6 22.9 23.3 15.5 15.2 15.2 15.0 15.4 (2) 23.1 27.1 26.9 26.5 27.1 23.4 26.3 26.1 26.2 27.1 22.8 19.3 19.5 19.7 20.5 25.4 19.3 13.8 12.6 12.3 18.9 31.4 39.8 33.9 37.2 14.3 25.7 32.1 23.1 25.9 4.4 4.5 7.7 7.8 8.7 3.5 3.2 5.9 6.0 6.6 15.2 12.6 13.5 15.0 16.7 8.3 7.6 8.1 8.8 9.3 46.8 51.4 49.9 50.9 52.3 37.8 43.9 41.8 44.4 46.1 64.1 69.8 66.6 67.9 67.8 43.0 44.7 44.5 45.8 46.0 10.9 7.8 6.6 6.9 6.7 7.9 5.5 4.7 5.0 4.9 19.3 19.8 20.5 20.4 20.3 9.4 13.2 13.4 13.6 13.8 13.2 12.3 11.7 12.6 12.6 10.3 9.5 9.0 9.9 10.0 22.1 21.3 23.1 23.5 22.9 15.1 14.2 15.4 15.5 14.6 13.1 9.3 6.8 8.8 11.6 10.3 6.6 3.7 5.2 7.8 15.3 14.8 15.2 15.1 15.1 12.6 12.2 12.1 11.9 11.9 33.6 43.3 35.1 33.2 33.8 24.2 35.9 29.2 28.5 30.3 24.2 21.9 23.4 22.6 22.7 18.0 15.3 15.0 13.2 13.5 25.2 29.2 28.1 25.1 25.5 33.3 35.8 35.7 34.3 34.5 * 9 + 05 REIT (0405)

Guotai Junan (HK) 91 04 05 06 07 08 04 05 06 07 08 (1)+(2) * 43.3 42.5 44.3 35.6 35.6 31.2 36.5 36.2 32.8 31.8 (1) 43.1 45.1 49.5 33.7 33.2 32.7 33.6 38.5 36.3 36.0 (2) 45.2 38.1 37.4 37.2 37.0 23.1 25.4 25.9 24.8 24.9 53.0 47.8 50.5 51.8 53.1 12.2 14.2 16.3 16.6 16.8 ** 116.1 123.1 143.4 49.0 51.6 71.2 89.6 82.4 40.6 30.5 19.7 22.8 23.7 22.9 22.4 0.0 0.0 0.0 0.0 0.0 37.0 47.9 45.9 36.9 34.4 10.9 9.6 8.5 8.0 7.8 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 83.3 46.4 25.1 24.5 24.2 2.0 1.2 0.9 0.8 0.8 16.7 12.4 11.8 12.2 12.4 33.1 33.9 35.3 36.6 37.5 25.3 23.6 25.2 25.9 26.6 7.4 6.1 5.7 6.0 6.3 51.2 56.3 55.6 56.4 57.5 69.3 75.3 76.8 75.0 75.6 21.6 20.1 18.1 19.5 19.2 57.6 62.9 55.3 58.4 57.8 26.9 22.4 22.5 21.7 18.9 43.1 53.2 58.6 58.9 53.6 32.9 31.5 27.7 27.0 26.6 44.7 44.8 46.0 42.4 39.6 32.1 34.3 38.0 40.3 42.3 26.5 26.1 25.6 27.1 28.5 59.5 50.7 49.4 49.1 46.9 37.1 36.2 34.2 33.4 32.9 50.9 47.8 45.5 43.3 43.0 6.1 5.6 7.0 6.7 6.8 * 9 ** 19 91 (%) 03 04 05 06 07 08 (1)+(2) * 42.5 40.4 32.4 24.7 18.3 11.1 (1) 49.3 49.5 41.1 33.7 26.3 19.7 (2) 29.7 24.5 17.7 8.9 4.0 49.1 84.8 122.6 129.9 129.5 115.7 18.3 33.5 25.2 20.6 9.8 n.a. n.a. n.a. n.a. n.a. n.a. 209.0 192.3 234.4 221.9 220.8 230.7 n.a. n.a. n.a. n.a. n.a. n.a. 13.8 30.1 41.2 44.1 37.2 61.9 64.4 61.7 60.7 54.5 48.2 52.6 45.5 30.7 16.5 7.3 10.3 15.7 13.0 9.4 4.5 47.7 31.8 28.8 13.8 14.1 33.6 52.0 45.3 32.9 30.9 24.9 23.7 3.9 26.5 32.6 32.7 26.2 25.6 22.8 38.0 18.8 26.0 18.8 17.4 15.6 *9

91 (%) 03 04 05 06 07 08 04 05 06 07 08 (1)+(2)* 367,141 460,975 525,313 641,142 599,303 624,257 25.6 14.0 22.0 (6.5) 4.2 (1) 242,071 301,534 361,017 420,747 418,424 451,865 24.6 19.7 16.5 (0.6) 8.0 (2) 124,149 157,811 162,603 217,799 178,349 169,790 27.1 3.0 33.9 (18.1) (4.8) 14,718 26,704 42,239 39,049 21,539 21,006 81.4 58.2 (7.6) (44.8) (2.5) 1,077 959 3,488 1,435 1,076 1,095 (11.0) 263.9 (58.9) (25.0) 1.8 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13,604 12,615 23,538 27,881 31,832 28,232 (7.3) 86.6 18.5 14.2 (11.3) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,028 6,823 7,962 5,786 5,651 3,330 125.3 16.7 (27.3) (2.3) (41.1) 43,141 65,885 61,843 70,280 82,331 88,066 52.7 (6.1) 13.6 17.1 7.0 148,805 152,129 156,733 178,239 173,017 169,225 2.2 3.0 13.7 (2.9) (2.2) 848 1,538 824 984 579 550 81.5 (46.5) 19.5 (41.2) (5.0) 7,199 11,732 11,980 15,044 14,521 11,845 63.0 2.1 25.6 (3.5) (18.4) 7,031 5,780 10,257 10,971 9,126 8,155 (17.8) 77.5 7.0 (16.8) (10.6) 2,252 2,828 2,894 4,882 4,256 4,257 25.5 2.3 68.7 (12.8) 0.0 101,630 124,042 156,028 223,478 214,035 251,179 22.1 25.8 43.2 (4.2) 17.4 5,543 7,653 7,111 15,250 8,750 6,250 38.1 (7.1) 114.5 (42.6) (28.6) 10,040 22,172 26,548 32,044 18,414 16,487 120.8 19.7 20.7 (42.5) (10.5) 20 3G * 9 91 03 04 05 06 07 08 (1)+(2)* 115,545 94,725 172,698 177,512 309,015 356,008 (1) 70,018 46,617 78,546 107,636 170,636 186,090 (2) 44,728 47,970 92,158 68,013 135,270 165,587 (1,182) (18,281) (19,939) (9,510) 13,475 16,408 1,837 (260) (3,311) 2,491 6,992 12,945 n.a. n.a. n.a. n.a. n.a. n.a. (6,853) (3,671) (19,688) (23,574) (12,207) (11,817) n.a. n.a. n.a. n.a. n.a. n.a. 818 (1,945) (927) 580 4,217 6,298 22,346 8,474 21,562 18,895 15,451 22,274 36,609 61,972 95,947 89,109 116,546 129,888 380 (781) (135) 142 503 698 (351) (562) 2,054 6,746 12,363 16,184 (923) 2,249 (2,209) (1,626) 3,184 9,040 (79) 842 2,047 2,372 3,361 5,870 60,108 56,347 105,364 89,909 126,990 115,234 1,949 5,760 8,294 2,565 9,222 13,223 3,263 (3,859) (4,936) (775) 5,960 8,967 *9

Guotai Junan (HK) 91(%) 03 04 05 06 07 08 (1)+(2)* 0.08 0.09 0.09 0.08 0.07 0.05 (1) 0.09 0.10 0.10 0.10 0.09 0.07 (2) 0.08 0.07 0.06 0.04 0.02 (0.02) 0.23 0.48 0.79 0.94 1.01 0.97 0.06 0.13 0.13 0.13 0.08 (0.08) (0.12) (0.12) (0.10) (0.08) (0.07) (0.11) 1.04 1.17 1.67 1.86 2.11 2.30 (0.33) (0.34) (0.39) (0.47) (0.53) (0.60) (0.00) 0.08 0.18 0.25 0.28 0.25 0.27 0.31 0.35 0.39 0.40 0.40 0.20 0.18 0.14 0.08 0.04 (0.03) (0.06) 0.07 0.11 0.10 0.08 0.04 0.08 0.07 0.09 (0.02) (0.06) (0.14) 0.06 0.07 0.18 0.37 0.41 0.34 0.04 (0.01) (0.05) (0.06) (0.08) (0.12) 0.05 0.06 0.01 (0.01) (0.03) (0.05) 0.19 0.23 0.25 0.22 0.22 0.21 0.10 0.07 0.13 0.12 0.12 0.12 *9 A 06% 07% 05 06 07 04 P/B 05 P/B 05 ROE PER PER PER % 15 14 (7.1) 4.4 21.9 21.9 17.3 18.7 15.3 2.8 2.6 13.7 7 7 46.2 30.3 20.0 13.0 27.5 18.8 15.7 3.6 3.8 21.0 2 2 (24.7) (15.3) (14.0) (20.0) 10.8 14.3 16.6 2.1 3.2 26.9 6 6 44.2 19.2 21.0 12.2 29.8 20.6 17.1 3.1 3.0 9.9 7 7 28.7 10.0 13.8 11.1 29.6 23.0 20.2 3.5 3.0 17.0 12 12 12.3 15.3 7.4 11.2 14.5 12.9 12.1 1.9 1.9 12.4 13 12 48.6 30.7 31.7 20.3 46.3 31.2 23.6 4.7 6.3 13.6 13 13 23.1 22.9 10.7 13.0 21.7 17.6 15.9 4.5 3.9 14.8 13 13 27.7 18.0 22.9 11.5 20.8 16.3 13.3 1.5 1.9 9.3 12 12 29.6 7.8 17.7 6.8 22.2 17.1 14.6 2.3 2.2 10.0 9 7 26.8 21.0 23.5 21.9 32.0 25.2 20.4 4.4 3.7 11.8 4 4 15.0 13.0 35.8 36.0 43.8 38.1 28.1 4.2 4.3 10.1 11 11 47.5 25.9 25.4 28.3 20.8 14.1 11.3 2.4 2.6 13.2 10 10 18.0 30.4 24.7 22.3 20.8 17.7 14.2 3.2 3.3 10.1 10 9 42.9 18.5 (0.4) 15.3 45.3 31.7 31.8 5.5 5.2 14.1 6 6 36.9 31.0 18.7 18.2 21.7 15.9 13.4 1.7 1.7 9.7 24 24 33.6 18.8 17.5 15.3 29.8 22.3 19.0 3.7 3.6 12.7 2 2 49.0 28.8 21.2 13.3 53.7 36.1 29.8 2.4 2.7 6.5 6 6 59.0 29.6 n.a 28.5 18.0 3.9 3.9 1.1 8 8 163.2 163.2 76.7 78.2 n.a 30.1 17.1 2.0 2.1 (4.7) 1 1 8.6 7.7 6.1 (10.7) 17.2 15.9 15.0 1.1 1.0 6.0 6 6 (13.2) (16.0) 21.7 20.2 23.8 27.5 22.6 2.1 2.8 9.9 15 17 (25.0) 10.0 92.0 0.4 37.8 50.3 26.2 4.0 3.7 13.4 10 8 52.0 14.3 0.2 (4.2) 22.7 14.9 14.9 5.2 4.4 18.5 2 2 (28.8) (30.7) 26.4 15.3 5.3 7.4 5.8 1.2 1.0 18.5 7 7 14.6 23.2 21.0 17.1 12.2 10.7 8.8 1.0 1.1 10.8 2 1 84.1 25.0 (4.9) 5.1 62.6 34.0 35.8 9.6 8.7 13.0 13 15 1.4 6.8 15.3 4.6 12.2 12.0 10.4 2.5 2.2 18.3 246 242 9.1 9.0 18.0 11.1 17.6 16.1 13.6 3.1 3.0 13.9 2006 7 142005 12 29PER P/B ROE 2006 7 14 21

22 % % * 06 07 08 06 07 08 06 07 08 % % 2.1 3.3 3.0 1.4 1.3 1.2 8.0 11.5 10.1 0.6 1.2 8,738 3.3 3.5 3.8 1.4 1.3 1.1 18.3 17.0 16.4 4.6 9.3 69,639 5.3 5.6 5.9 2.3 2.0 1.7 29.5 26.5 24.2 10.7 15.4 115,373 2.5 2.8 2.9 3.2 2.6 2.2 29.8 26.9 23.4 2.9 5.9 44,012 4.4 4.8 5.1 1.4 1.2 1.1 16.7 16.3 15.8 0.7 1.4 10,282 1.9 2.1 2.2 1.7 1.5 1.4 12.5 12.5 12.0 0.4 0.7 5,295 4.2 4.5 4.7 1.9 1.6 1.4 24.9 22.7 20.8 19.8 33.8 253,338 2.4 2.7 3.2 2.5 2.3 2.1 15.3 16.0 17.4 49.4 13.8 103,681 0.9 1.2 1.5 3.8 3.4 2.9 16.0 17.5 18.5 3.6 4.0 29,834 1.2 1.0 0.9 1.6 1.5 1.4 13.5 9.8 8.9 0.6 0.8 6,229 0.6 0.7 0.9 3.5 3.5 3.3 15.9 16.7 20.3 5.4 10.8 81,109 2.2 2.5 3.0 2.5 2.3 2.1 14.5 15.2 16.5 7.3 9.5 71,212 1.8 2.0 2.4 2.7 2.5 2.2 15.3 16.0 17.9 66.2 39.0 292,065 5.1 5.5 6.4 1.4 1.4 1.3 12.5 12.8 13.9 1.0 2.0 14,895 5.0 6.0 6.3 1.3 1.2 1.1 13.9 15.2 14.9 0.5 1.0 7,118 3.2 3.5 4.4 1.0 0.9 0.8 9.0 9.4 10.9 0.2 0.4 2,969 5.0 5.6 6.4 1.3 1.2 1.1 12.5 13.1 13.8 1.7 3.3 24,982 2.5 4.2 8.7 0.8 0.8 0.7 7.0 8.3 15.5 0.3 0.5 4,029 6.7 8.1 10.4 1.4 1.3 1.1 27.4 21.8 24.3 0.4 0.8 5,919 5.7 6.2 7.6 1.7 1.3 1.1 36.6 30.9 23.4 0.6 1.2 8,880 1.6 2.5 3.1 2.4 2.0 1.8 16.0 18.6 19.4 0.3 0.7 5,068 5.7 6.2 6.3 1.4 1.1 1.0 30.5 25.7 22.3 1.4 2.8 21,297 2.0 2.2 2.4 10.6 8.4 6.9 51.1 42.1 36.9 0.7 1.4 10,735 4.6 5.4 6.3 1.6 1.4 1.2 32.1 27.3 24.7 3.7 7.5 55,928 5.4 6.5 7.6 1.7 1.7 1.6 10.7 13.0 14.6 0.3 0.7 5,010 5.0 5.4 5.6 1.7 1.6 1.5 13.2 13.7 14.4 0.4 0.9 6,452 5.4 6.1 6.8 1.7 1.6 1.5 12.1 13.4 14.5 0.8 1.5 11,463 4.7 4.7 4.7 1.1 1.1 1.1 5.3 8.7 8.9 0.3 0.5 3,865 3.1 3.3 3.2 1.3 1.2 1.1 12.5 12.4 11.1 0.3 0.6 4,290 5.4 5.4 6.4 1.4 1.3 1.1 23.8 21.5 19.9 0.5 0.9 6,934 6.3 4.5 5.6 1.0 1.0 0.8 24.0 15.0 16.8 0.6 1.0 7,523 4.0 2.8 2.8 0.7 0.6 0.6 13.9 9.0 8.5 0.3 0.6 4,291 5.1 4.9 5.5 1.0 0.9 0.8 17.8 14.4 14.2 1.9 3.6 26,902 2.6 2.8 3.8 2.0 1.9 1.7 12.3 13.2 14.9 0.4 0.8 6,024 0.8 0.8 1.1 1.2 1.1 1.0 8.9 6.3 8.3 0.6 1.0 7,199 0.0 0.0 1.1 0.9 1.0 1.0 (15.9) (6.4) (3.0) 0.1 0.2 1,717 1.5 1.8 2.5 1.2 1.0 1.0 7.4 7.6 9.6 1.2 2.0 14,940 2.2 2.4 2.8 2.4 2.3 2.2 7.7 8.6 10.1 0.4 0.4 2,882 1.7 2.0 2.3 2.3 1.9 1.7 18.9 19.1 18.8 0.7 1.3 9,631 3.4 3.6 3.8 1.0 0.9 0.8 11.8 11.4 11.0 2.2 4.5 33,653 1.0 1.4 1.8 2.1 1.8 1.6 11.3 14.2 16.7 0.2 0.5 3,740 1.4 1.7 1.6 1.6 1.4 1.1 16.7 16.3 15.2 0.1 0.3 2,160 4.2 4.8 5.4 0.9 0.8 0.7 14.4 14.2 14.5 0.2 0.4 3,016 1.9 2.1 2.4 1.9 1.7 1.6 14.0 14.6 14.7 0.5 1.0 7,581 3.8 5.1 6.6 3.3 2.5 1.8 39.1 39.4 40.3 0.4 0.9 6,462 3.2 3.5 3.9 1.9 1.7 1.5 19.6 18.7 18.7 748,741 3.2 3.5 4.1 2.0 1.8 1.6 16.8 16.2 16.3 3.1 3.4 3.5 1.9 1.7 1.5 19.0 18.0 16.9 3.1 3.5 3.7 2.0 1.7 1.5 16.3 15.5 14.8 6 23 06 % % 05 06 07 08 06 07 08 06 07 08 0338 3.75 26.1 0.25 0.21 0.32 0.30 (16.2) 54.1 (6.1) 18.1 11.8 12.5 0386 4.15 7.8 0.45 0.49 0.52 0.57 8.5 5.7 8.7 8.4 8.0 7.3 0857 7.65 20.5 0.73 0.90 0.95 1.00 24.4 5.4 5.3 8.5 8.0 7.6 1088 12.95 51.5 0.90 1.06 1.20 1.25 17.4 13.3 4.1 12.2 10.8 10.4 1171 5.25 5.5 0.56 0.61 0.67 0.72 8.7 8.9 8.1 8.6 7.9 7.3 2883 3.45 10.4 0.20 0.24 0.27 0.28 23.7 10.2 5.3 14.1 12.8 12.2 22.1 6.0 5.9 8.8 8.2 7.8 0939 3.325 23.1 0.23 0.20 0.22 0.27 (12.8) 13.1 20.6 16.8 14.8 12.3 2318 21.2 48.3 0.66 0.86 1.04 1.26 31.0 20.9 20.9 24.7 20.4 16.9 2328 2.575 15.7 0.10 0.21 0.17 0.16 116.6 (20.5) (2.0) 12.4 15.6 15.9 2628 10.9 59.1 0.33 0.48 0.52 0.66 42.4 9.2 26.8 22.9 21.0 16.5 3328 4.75 34.8 0.21 0.27 0.31 0.37 28.5 14.2 19.7 17.7 15.5 13.0 2.7 13.0 20.9 18.2 16.2 13.4 0902 4.875 (4.4) 0.39 0.41 0.45 0.52 6.3 8.2 15.9 11.8 10.9 9.4 0991 4.975 (12.7) 0.44 0.50 0.59 0.63 13.9 19.1 6.2 10.0 8.4 7.9 1071 2.075 4.8 0.17 0.19 0.21 0.26 9.1 12.0 24.0 11.1 9.9 8.0 7.9 10.6 14.0 10.7 9.6 8.4 0323 2.325 (3.1) 0.43 0.20 0.24 0.50 (54.7) 24.3 106.4 11.9 9.5 4.6 0347 6.65 59.3 0.69 0.89 1.08 1.39 29.0 22.0 28.2 7.5 6.1 4.8 0358 6.4 74.1 0.65 1.21 1.33 1.21 85.7 9.8 (8.7) 5.3 4.8 5.3 0914 11.7 22.5 0.30 0.74 0.99 1.20 150.2 34.2 21.5 15.8 11.8 9.7 2600 5.4 (8.5) 0.61 1.03 1.11 1.14 68.5 7.7 3.1 5.2 4.9 4.7 2899 3.35 95.6 0.13 0.14 0.15 0.16 6.3 10.1 8.5 24.5 22.2 20.5 75.4 10.9 4.6 7.1 6.3 5.8 0177 4.1 (6.3) 0.13 0.26 0.31 0.37 105.9 19.6 17.2 15.6 13.1 11.1 0576 4.5 (6.3) 0.32 0.34 0.37 0.41 6.7 8.8 10.8 13.3 12.2 11.0 27.5 12.4 13.1 13.7 12.1 10.7 0525 2.7 16.1 0.14 0.16 0.21 0.22 20.7 28.6 6.0 16.4 12.8 12.1 0598 2.4 (23.8) 0.19 0.22 0.23 0.23 12.7 7.5 (2.6) 11.0 10.2 10.5 1138 5.35 (6.1) 0.78 0.82 0.85 0.91 5.1 4.2 6.8 6.5 6.3 5.9 1919 3.725 8.8 1.02 0.78 0.56 0.70 (23.7) (28.4) 25.2 4.8 6.7 5.3 2866 1.97 (27.0) 0.57 0.39 0.28 0.28 (31.7) (29.4) 0.5 5.0 7.2 7.1 (8.2) (12.9) 12.6 6.3 6.9 6.3 0694 4.475 26.1 0.23 0.26 0.30 0.37 16.0 15.4 23.2 17.0 14.7 11.9 0753 2.975 20.2 0.25 0.22 0.16 0.23 (11.2) (25.8) 40.2 13.7 18.4 13.1 1055 1.72 (22.7) (0.41) (0.33) (0.12) (0.05) n.a. n.a. n.a. (5.3) (14.6) (33.3) 7.8 3.9 37.7 22.8 17.0 11.7 0168 8.8 7.3 0.24 0.29 0.32 0.39 21.6 11.0 18.9 30.1 27.1 22.8 0489 3.55 82.1 0.25 0.28 0.33 0.37 10.9 20.4 12.3 12.9 10.7 9.5 0728 2.425 (14.9) 0.25 0.27 0.29 0.31 8.1 6.9 5.4 8.9 8.4 7.9 0763 23.35 (10.5) 1.29 1.23 1.72 2.31 (4.5) 39.2 34.9 18.9 13.6 10.1 1211 14.45 20.9 0.94 1.38 1.57 1.84 46.4 13.7 17.4 10.5 9.2 7.8 2698 8.75 (17.5) 1.30 1.23 1.42 1.62 (5.5) 15.8 14.4 7.1 6.2 5.4 2727 2.55 (3.8) 0.17 0.18 0.20 0.23 1.0 14.8 13.0 14.4 12.6 11.1 2777 30.55 13.1 1.87 3.22 4.45 5.81 72.1 37.9 30.7 9.5 6.9 5.3 6,268 17.6 19.4 8.4 11.4 11.0 10.1 9.0 20.7 9.3 11.8 12.6 11.0 9.0 17.7 6.3 3.8 11.1 10.4 9.9 22.5 7.4 5.3 12.4 10.6 15.0 2006 6 236,268 *

Guotai Junan (HK) % 25 20 20.7 15 11.8 10 5 0 7.4 7.9 6.1 4.7 3.2 1.9 n.a. n.a. n.a. n.a. n.a. n.a. 18/6/2004 31/12/2004 24/6/2005 30/12/2005 9.3 23/06/2006 2006 6 236,268 2004 2008 04A 05A 06F 07F 08F 23 % 64.5 19.2 20.7 9.3 11.8 % 22.5 7.4 5.3 15.8 13.3 11.0 10.1 9.0 % 1.9 2.3 3.2 3.5 3.9 2.8 2.2 1.9 1.7 1.5 % 20.0 19.3 19.6 18.7 18.7 2006 6 236,268 05A 06F 07F 08F 05A 06F 07F 08F 3,500 7.4 6.1 5.6 5.0 8,000 17.0 14.1 12.9 11.5 4,000 8.5 7.0 6.4 5.7 8,500 18.0 14.9 13.7 12.2 4,500 9.5 7.9 7.2 6.5 9,000 19.1 15.8 14.5 12.9 5,000 10.6 8.8 8.0 7.2 9,500 20.1 16.7 15.3 13.7 5,500 11.7 9.7 8.8 7.9 10,000 21.2 17.6 16.1 14.4 6,000 12.7 10.5 9.6 8.6 10,500 22.3 18.4 16.9 15.1 6,500 13.8 11.4 10.4 9.3 11,000 23.3 19.3 17.7 15.8 7,000 14.8 12.3 11.2 10.1 11,500 24.4 20.2 18.5 16.5 7,500 15.9 13.2 12.1 10.8 12,000 25.4 21.1 19.3 17.2 2006 6 236,268

24 (%) (%) 06 07 08 06 07 08 06 07 08 06 07 08 (%) 06 (%) 23/6/2006 (%) 05 06 07 08 06 07 08 12.0 11.0 9.7 4.6 5.0 5.5 2.0 1.8 1.6 16.1 16.1 16.6 29.0 1,547,333 16.2 15.4 14.4 5.5 5.6 6.0 4.2 4.1 3.9 26.5 27.0 27.9 3.5 185,735 16.0 14.6 13.1 4.4 4.8 5.3 1.9 1.8 1.8 12.3 12.9 13.8 0.9 47,957 13.8 13.1 12.3 5.2 5.4 5.5 1.9 1.8 1.8 14.3 14.4 14.9 2.9 156,477 12.5 11.5 10.3 4.7 5.0 5.5 2.1 1.9 1.7 16.8 16.9 17.5 36.3 1,937,502 0005 134.8 8.3 10.5 11.3 12.3 13.9 6.9 9.0 13.2 0011 97.15 (4.0) 5.9 6.0 6.3 6.8 1.2 5.0 7.3 0023 31.2 33.0 1.8 2.0 2.1 2.4 6.7 9.1 12.0 2388 14.8 (0.7) 1.3 1.1 1.1 1.2 (15.8) 4.7 6.6 28,386 6.7 4.4 8.4 12.2 11.3 10.8 10.2 5.3 5.5 5.8 2.0 1.9 1.7 18.8 18.0 17.5 2.0 108,010 16.9 19.2 22.0 2.7 2.6 2.5 4.2 3.9 3.6 26.2 20.2 16.6 1.8 94,200 10.9 10.3 9.9 5.5 5.8 6.0 1.6 1.5 1.4 15.1 15.0 14.4 1.4 74,379 12.6 12.5 12.3 4.5 4.6 4.7 2.3 2.1 1.9 20.3 17.9 16.3 5.2 276,589 0002 44.85 (0.3) 4.7 4.0 4.2 4.4 (15.7) 4.8 5.4 0003 17.1 3.3 0.9 1.0 0.9 0.8 6.5 (12.1) (12.4) 0006 34.85 (9.2) 4.0 3.2 3.4 3.5 (20.0) 5.7 4.3 31,310 (1.7) (12.5) 0.8 1.1 13.0 13.6 10.8 2.7 2.8 3.1 0.9 0.9 0.8 7.7 7.2 8.1 3.5 188,304 10.4 13.2 13.9 2.8 3.0 3.0 0.9 0.9 0.9 9.9 6.5 5.8 1.3 70,224 14.0 14.8 14.5 3.0 3.3 3.4 1.1 1.1 1.0 9.9 7.1 7.1 3.6 191,812 11.5 12.3 11.2 2.2 2.4 2.7 1.2 1.2 1.1 12.1 9.4 9.8 0.9 49,347 17.7 12.2 10.2 3.6 4.1 4.4 1.2 1.2 1.1 6.1 8.8 11.1 1.0 52,096 13.1 13.7 12.2 2.9 3.1 3.3 1.0 1.0 0.9 9.0 7.5 7.9 10.3 551,783 0001 81.3 2.2 6.0 6.3 6.0 7.5 3.6 (4.6) 26.3 0012 38.7 6.0 2.3 3.7 2.9 2.8 59.3 (21.3) (4.9) 0016 77 2.0 4.4 5.5 5.2 5.3 25.0 (5.2) 2.4 0083 11.45 21.8 0.5 1.0 0.9 1.0 102.2 (6.2) 10.0 0101 14.05 16.1 0.8 0.8 1.2 1.4 (4.8) 45.4 19.9 18,938 5.3 22.6 (4.2) 12.2 14.4 13.9 13.0 3.1 3.3 3.5 0.9 0.8 0.8 6.8 6.8 7.2 1.2 65,601 18.7 16.5 15.0 3.3 3.7 4.2 17.7 11.4 9.5 161.3 90.4 82.5 0.7 37,033 14.3 20.6 15.8 2.5 2.5 2.6 1.1 1.1 1.0 7.2 5.8 7.4 5.6 298,223 14.9 13.5 13.6 2.7 2.9 3.1 0.7 0.7 0.6 4.5 4.7 4.5 0.8 42,578 18.2 16.0 13.9 2.9 3.2 3.5 1.2 1.1 1.0 6.5 7.3 7.6 5.7 303,497 19.8 19.4 20.3 2.3 2.4 2.4 1.3 1.3 1.2 6.7 5.8 5.3 1.9 100,110 17.9 15.7 14.3 2.5 2.9 3.2 2.7 2.4 2.1 16.5 17.2 15.4 0.9 48,843 24.1 18.1 16.1 2.2 2.8 3.0 3.0 2.7 2.5 12.2 16.4 16.9 0.4 20,573 9.1 12.9 11.0 5.1 5.0 5.2 1.1 1.1 1.1 9.6 8.9 10.5 0.9 48,594 16.6 15.3 13.4 2.7 2.9 3.2 1.7 1.5 1.4 10.0 10.9 11.4 0.6 34,215 13.3 11.1 9.5 5.0 4.3 5.1 1.2 1.2 1.1 8.8 10.4 11.3 0.8 44,822 18.9 15.4 13.0 3.4 4.2 5.1 8.7 7.2 5.9 48.8 50.0 49.3 1.4 72,282 22.2 18.0 15.4 3.5 4.3 5.3 9.9 8.6 7.6 45.2 49.6 51.4 1.0 50,676 12.0 10.4 9.2 4.2 4.9 5.7 2.0 1.8 1.7 17.8 18.6 19.2 0.6 33,043 15.7 14.2 12.4 1.8 2.1 2.4 1.1 1.0 1.0 7.3 7.7 8.1 1.6 86,842 8.5 9.5 9.4 4.0 3.3 3.5 2.5 2.1 1.9 33.5 24.1 21.2 4.7 251,299 7.8 7.5 7.4 4.4 4.7 4.7 1.2 1.1 1.0 16.8 14.8 14.2 1.6 83,521 14.0 12.9 11.9 3.0 3.6 4.1 2.8 2.5 2.2 20.4 19.9 19.2 15.7 837,965 23.4 19.1 12.7 1.7 1.9 2.5 2.2 2.3 1.8 12.5 11.6 16.9 0.4 21,511 12.4 11.4 10.8 4.2 4.6 4.9 1.4 1.3 1.2 11.9 12.1 12.2 1.0 51,058 14.1 13.3 11.8 4.0 4.2 4.6 2.3 2.2 1.9 16.7 16.5 16.6 0.7 36,044 13.6 13.4 12.2 3.1 3.4 3.7 1.7 1.6 1.5 19.1 17.1 16.7 48.1 2,568,330 0004 26.8 (2.2) 5.7 1.9 1.9 2.1 (67.2) 3.7 6.7 0008 5.5 15.2 0.2 0.3 0.3 0.4 17.7 13.6 9.6 0013 69.95 (5.3) 3.4 4.9 3.4 4.4 45.6 (30.6) 30.8 0017 11.7 9.9 0.8 0.8 0.9 0.9 1.4 9.9 (0.2) 0019 A 77.15 10.8 12.3 4.3 4.8 5.5 (65.3) 13.7 14.6 0066 18.25 19.7 1.6 0.9 0.9 0.9 (40.5) 2.1 (4.5) 0144 21.3 26.4 1.1 1.2 1.4 1.5 10.4 13.9 9.4 0179 5.6 (23.8) 0.2 0.2 0.3 0.3 17.2 33.3 12.5 0267 22.15 3.3 1.8 2.4 1.7 2.0 33.6 (29.5) 17.9 0291 14.7 6.1 1.0 0.9 1.0 1.1 (12.7) 8.4 13.8 0293 13.25 (2.2) 1.0 1.0 1.2 1.4 1.6 20.6 16.3 0330 59.25 7.5 2.8 3.1 3.8 4.6 14.2 22.2 18.8 0494 15.65 4.7 0.6 0.7 0.9 1.0 15.4 22.9 17.2 0551 20.4 (5.8) 1.5 1.7 2.0 2.2 12.1 15.3 13.8 0762 6.9 9.5 0.4 0.4 0.5 0.6 16.9 9.9 15.0 0883 5.8 10.5 0.6 0.7 0.6 0.6 15.1 (10.4) 1.1 0906 12.65 0.8 1.5 1.6 1.7 1.7 6.0 3.9 2.1 0941 42.15 14.9 2.6 3.0 3.3 3.5 15.2 9.0 8.1 0992 2.525 (29.4) 0.1 0.1 0.1 0.2 (28.0) 22.2 50.8 1038 22.65 (7.2) 2.7 1.8 2.0 2.1 (31.2) 8.9 5.5 1199 16.25 14.4 1.2 1.2 1.2 1.4 (2.5) 6.0 12.0 7,655 7.2 (12.4) 1.2 10.2 13.1 12.6 11.4 3.7 4.0 4.4 1.7 1.6 1.5 17.3 16.1 16.1 5,334,203 14.9 14.1 12.8 3.5 3.8 4.1 2.7 2.3 2.1 19.9 17.3 17.3 15,809 6.3 (3.7) 3.4 10.7 Bloomberg 2006 6 2315,809

Guotai Junan (HK) % 12 10 8 8.2 8.3 7.8 9.5 7.0 10.7 6 4 3.0 3.4 2 0 n.a. n.a. n.a. n.a. n.a. n.a. -2-4 -3.7-6 18/6/2004 31/12/2004 24/6/2005 30/12/2005 23/6/2006 Bloomberg 2006 6 2315,809 2004 2008 04A 05A 06F 07F 08F 25 % 45.6 41.9-3.7 3.4 10.7 17.9 12.6 13.1 12.6 11.4 % 3.1 3.7 3.7 4.0 4.4 2.0 1.9 1.7 1.6 1.5 % 14.6 16.6 17.3 16.1 16.1 Bloomberg 2006 6 2315,809 05A 06F 07F 08F 05A 06F 07F 08F 10,000 8.0 8.3 8.0 7.2 16,500 13.1 13.6 13.2 11.9 11,000 8.8 9.1 8.8 7.9 17,000 13.5 14.0 13.6 12.3 12,500 10.0 10.3 10.0 9.0 17,500 13.9 14.5 14.0 12.6 13,000 10.4 10.7 10.4 9.4 18,000 14.3 14.9 14.4 13.0 13,500 10.7 11.2 10.8 9.7 18,500 14.7 15.3 14.8 13.4 14,000 11.1 11.6 11.2 10.1 19,000 15.1 15.7 15.2 13.7 14,500 11.5 12.0 11.6 10.5 19,500 15.5 16.1 15.6 14.1 15,500 12.3 12.8 12.4 11.2 20,000 15.9 16.5 16.0 14.4 16,000 12.7 13.2 12.8 11.6 22,000 17.5 18.2 17.6 15.9 Bloomberg 2006 6 2315,809

26 1999 2005 6 0 10 20 30 40 50 1H2006 2005 2004 2003 2002 2001 2000 1999 2006 6 232006 1996 IPO 0 300 600 900 1,200 1,500 1,800 2,100 06F 05 04 03 02 01 00 99 98 97 96 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 0639,441 70%1,052 1996IPO 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 06F 05 04 03 02 01 00 99 98 97 96 0 10,000 20,000 30000, 40,000 50,000 60,000 70,000 80,000 90,000 100,000 06 61,052 1993 0 4,000 8,000 12,000 16,000 20,000 0 2,000 4,000 6,000 8,000 10,000 1993 A 0 2,000 4,000 6,000 8,000 10,000 0 500 1,000 1,500 2,000 2,500

Guotai Junan (HK) GDP 19932006 6 PMI 2005 15 9,000 7,500 60 14 8,000 7,000 58 13 7,000 12 6,000 11 5,000 10 4,000 9 3,000 8 2,000 7 1,000 6 0 6,500 6,000 5,500 5,000 4,500 4,000 48 05 2 3 4 5 6 7 8 9 10 11 12 06 2 3 4 5 6 1 1 56 54 52 50 : CEIC Data CEIC Data PMI 2005 ISM 1995 17,000 16,500 16,000 15,500 60 58 56 54 18,000 16,000 14,000 65 60 55 27 15,000 14,500 14,000 52 50 12,000 10,000 50 45 13,500 48 8,000 40 13,000 46 6,000 35 95 96 97 98 99 00 01 02 03 04 05 06 CEIC Data (ISM) ISM 1995 OECD 1995 7,000 65 12,000 115 6,000 5,000 60 55 11,000 10,000 9,000 110 105 4,000 3,000 50 8,000 7,000 100 95 2,000 1,000 45 40 6,000 5,000 4,000 90 85 0 35 95 96 97 98 99 00 01 02 03 04 05 06 3,000 95 96 97 98 99 00 01 02 03 04 05 06 80 (ISM) (OECD)

OECD 1995 OECD 1995 18,000 115 8,000 115 16,000 110 7,000 110 14,000 105 100 6,000 5,000 105 100 12,000 4,000 10,000 95 90 3,000 2,000 95 90 8,000 85 1,000 85 6,000 95 96 97 98 99 00 01 02 03 04 05 06 80 0 95 96 97 98 99 00 01 02 03 04 05 06 80 (OECD) (OECD) OECD 1995 OECD 1995 18,000 110 8,000 110 28 16,000 14,000 105 100 7,000 6,000 5,000 105 100 12,000 95 4,000 95 10,000 90 3,000 90 8,000 85 2,000 1,000 85 6,000 95 96 97 98 99 00 01 02 03 04 05 06 80 0 95 96 97 98 99 00 01 02 03 04 05 06 80 (OECD) (OECD) OECD 1995 OECD 1995 18,000 105 8,000 105 16,000 100 7,000 6,000 100 14,000 95 5,000 95 12,000 4,000 10,000 8,000 90 85 3,000 2,000 1,000 90 85 6,000 95 96 97 98 99 00 01 02 03 04 05 06 80 0 95 96 97 98 99 00 01 02 03 04 05 06 80 (OECD) (OECD)

Guotai Junan (HK) 29 2000 0 4,000 8,000 12,000 16,000 20,000 (6,000) (4,000) (2,000) 0 2,000 4,000 6,000 2006 2005 2004 2003 2002 2001 2000 1991 0 5,000 10,000 15,000 20,000 05 06 04 03 02 01 00 99 98 97 96 95 94 93 92 91 70 80 90 100 110 120 130 2001 (4) (2) 0 2 4 6 8 10 12 CEIC data 2000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 (6,000) (4,000) (2,000) 0 2,000 4,000 6,000 1993 7.65 7.70 7.75 7.80 (2,000) (1,500) (1,000) (500) 0 500 ISM 1995 0 1 2 3 4 5 6 7 35 40 45 50 55 60 65 (ISM)

CRB 1995 8,000 CRB 400 6,000 CRB 350 300 250 4,000 200 150 2,000 100 50 0 95 96 97 98 99 00 01 02 03 04 05 06 0 1998 30 8,000 7,000 6,000 80 70 60 5,000 50 4,000 3,000 40 30 2,000 20 1,000 10 0 98 99 00 01 02 03 04 05 06 0 CEIC Data 1983 20,000 750 700 16,000 12,000 8,000 650 600 550 500 450 400 4,000 350 300 250 0 83 85 87 89 91 93 95 97 99 01 03 05 200

Guotai Junan (HK) 1LIBOR/HIBOR 19992006 6 1LIBOR/HIBOR 19992006 6 20,000 3.0 8,000 2.5 18,000 16,000 2.5 2.0 1.5 7,000 6,000 2.0 1.5 14,000 1.0 5,000 1.0 0.5 4,000 0.5 12,000 0.0 3,000 0.0 10,000 8,000 (0.5) (1.0) (1.5) 2,000 1,000 (0.5) (1.0) 6,000 (2.0) 0 (1.5) CEIC Data British Banker Association CEIC Data British Banker Association FTSE10 20042006 6 350 8,000 300 250 7,000 6,000 31 200 5,000 150 4,000 100 3,000 50 2,000 0 1,000 1999 1998 20,000 6 20,000 60,000 16,000 5 4 16,000 50,000 12,000 3 12,000 40,000 2 30,000 8,000 4,000 1 0 (1) 8,000 4,000 20,000 10,000 0 99 00 01 02 03 04 05 06 (2) 0 98 99 00 01 02 03 04 05 06 0 LIBOR Bloomberg

30 24 18 12 20 15 10 5 0-5 20 15 10 5 0 6 0 10,000 8,000 6,000 4,000 2,000 0 32 1986-2006 % 20 % % pa 10 0-10 % pa 20 15 10 5 0 30 24 18 12 6 0 20,000 16,000 12,000 8,000 4,000 0 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 CEIC Data

Guotai Junan (HK) 1986-2006 6 70 4 60 50 2 40 0-2 30 CPI 10 10 8 8 6 6 4 4 2 2 0 120 0 80 110 60 100 40 90 80 50 20 0 12,000 40 30 20 10 0 10,000 8,000 6,000 4,000 2,000 0 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 CEIC Data 33

2 2004 10 2001 7 6 25 6 5 20 5 4 3 2 15 10 4 3 2 1 0 5 1 0 01 02 03 04 05 06 0 CEIC data 2 1995 : CEIC Data 10 1995 6.0 2.5 5.0 2.0 34 4.0 3.0 2.0 1.5 1.0 1.0 0.5 0.0 95 96 97 98 99 00 01 02 03 04 05 06 0.0 95 96 97 98 99 00 01 02 03 04 05 06 10 1973 S&P 500 MMI 1954 50 18 140 45 16 40 14 35 12 30 10 25 8 20 6 15 10 4 5 2 0 73 75 78 80 83 85 88 90 93 95 98 00 03 06 0 120 100 80 60 40 20 054 56 58 61 63 65 68 70 72 75 77 79 82 84 86 89 91 93 96 98 00 03 05 (20) (40) (60) (80) CEIC Data S&P 500 (MMI) = S&P 500 * 10-1 MMI > 0 MMI < 0 MMI > 20% MMI < -20%

Guotai Junan (HK) HA HA 2003 6 20 2003 12 31 2004 6 18 2004 12 31 2005 6 24 2005 12 30 2006 6 23 69% (3.5 ) 48% (2.2 ) 58% (2.9 ) 41% (2.0 ) 29% (1.6 ) 33% (1.7 ) 34% (1.8 ) 33% 84% (5%) 75% 20% 84% (10%) 78% (16%) 70% (11%) 75% (19%) 76% 2,717 5,020 3,919 4,741 4,843 5,330 6,268 A 1,602 1,569 1,500 1,330 1,157 1,221 1,688 HA 2006 6 23 HA AH H A H A (%) 0042.HK 000585.SZ 0.75 2.8 72.4 3.6 0168.HK 600600.SS 8.8 11.85 23.5 1.3 0177.HK 600377.SS 4.1 5.15 18.0 1.2 0187.HK 600860.SS 1.65 3.62 53.1 2.1 0300.HK 600806.SS 2.45 6.33 60.1 2.5 0317.HK 600685.SS 4.875 7.28 31.0 1.4 0323.HK 600808.SS 2.325 2.78 13.9 1.2 0338.HK 600688.SS 3.75 5.81 33.5 1.5 0347.HK 000898.SZ 6.65 5.74 (19.3) 0.8 0350.HK 000666.SZ 1.91 4.74 58.5 2.4 0358.HK 600362.SS 6.4 10.65 38.1 1.6 0386.HK 600028.SS 4.15 5.89 27.4 1.4 0548.HK 600548.SS 3.775 3.88 (0.2) 1.0 0553.HK 600775.SS 1.82 7.71 75.7 4.1 0670.HK 600115.SS 1.08 2.74 59.4 2.5 0719.HK 000756.SZ 1.17 3.15 61.7 2.6 0763.HK 000063.SZ 23.35 26.93 10.7 1.1 0874.HK 600332.SS 4.4 7.11 36.3 1.6 0902.HK 600011.SS 4.875 4.7 (6.8) 0.9 0914.HK 600585.SS 11.7 12.24 1.5 1.0 0921.HK 000921.SZ 0.89 2.42 62.1 2.6 0995.HK 600012.SS 5.8 5.41 (10.4) 0.9 1033.HK 600871.SS 1.68 3.85 55.1 2.2 1055.HK 600029.SS 1.72 2.62 32.4 1.5 1065.HK 600874.SS 1.64 4 57.8 2.4 1071.HK 600027.SS 2.075 3.23 33.8 1.5 1072.HK 600875.SS 12.8 15.99 17.5 1.2 1108.HK 600876.SS 0.7 2.89 75.1 4.0 1138.HK 600026.SS 5.35 6.3 12.5 1.1 1171.HK 600188.SS 5.25 7.13 24.2 1.3 35 33.6 1.8 1. (0921)H2005 6 17 2. HK$ = RMB1.03

06 2006 6 23 06 36 IBES 06

Guotai Junan (HK) 05-08 06 06 54.0 37 06 05-08 PEG 06 54.0 PEG 6.4

06 06 40 35 30 (%) 25 20 15 10 5 0 5 7 9 11 13 15 17 19 21 23 25 38 06 06 40 35 30 25 20 15 10 5 0 0 1 2 3 4 5 6

Guotai Junan (HK) (B-A) (C-B) (C-A) (E-D) (A) (B) (C) (D) (E) % 04 3 04 4 04 4 04 5 04 11 2 1,964 14 0 2 7 02 6 03 3 03 3 03 4 03 8 10 2,667 24 0 10 5 01 2 01 9 01 9 01 10 06 4 8 6,152 38 0 8 55 00 4 00 11 00 11 00 12 01 1 8 3,422 20 0 8 2 97 8 98 8 98 8 98 9 99 12 13 9,091 56 0 13 16 94 2 95 1 95 1 95 2 96 1 12 4,144 36 0 12 12 90 8 90 9 90 9 90 10 91 2 2 678 20 0 2 5 89 5 89 6 89 6 89 7 89 9 2 842 27 0 2 3 87 10 87 10 87 11 87 12 91 7 1 1,704 43 1 2 44 81 8 82 11 84 7 84 8 85 7 16 969 58 20 36 12 80 3 80 3 80 3 80 4 80 5 1 132 14 0 1 2 78 11 78 11 78 12 79 1 79 9 1 174 26 1 2 9 74 7 74 9 74 12 75 1 75 4 3 187 47 3 6 4 73 3 73 4 74 12 75 1 81 2 2 891 55 20 22 74 1096-06 8 4,859 30 0 8 17 2086-06 6 3,407 31 0 7 17 3076-06 6 2,662 31 2 8 14 4066-06 6 2,358 34 3 9 18 97 1096-06 7 3,551 24 0 7 17 2086-06 6 2,697 28 0 6 17 3076-06 6 2,077 29 2 8 14 4066-06 5 1,840 32 3 9 18 39 A B- C- D- 2E-

40 2006 6 23 2005 05 05 05 06 06 06 % % % % 06 07 % 15,809 14,876 6.3 (14.1) 1.9 18.7 13.1 12.6 3.7 1.7 2.5 6,268 5,330 17.6 (19.0) 13.1 40.5 11.0 10.1 3.2 1.9 1.5 2,165 1,935 11.9 (66.5) 6.3 53.0 13.1 12.1 2.2 2.3 2.1 A 1,688 1,221 38.3 (27.9) 21.0 61.1 28.0 25.9 2.0 2.5 1.3 B 89 62 44.1 (63.0) 6.1 77.5 32.3 22.9 2.1 1.4 0.7 A 433 290 49.2 (38.7) 25.4 78.1 60.1 35.1 2.3 2.3 1.1 B 281 196 43.2 (37.1) 1.1 52.1 20.9 19.3 1.8 1.5 0.7 10,989 10,718 2.5 (6.5) 0.0 9.9 20.1 14.7 2.4 3.0 1.1 500 1,245 1,248 (0.3) (19.9) (2.5) 9.5 16.5 14.5 1.9 2.7 1.4 2,121 2,205 (3.8) (58.7) (6.9) 12.3 46.4 26.1 0.8 2.5 1.8 100 5,692 5,619 1.3 (18.1) 0.8 19.4 16.2 11.9 3.8 2.5 1.2 DAX 5,530 5,408 2.3 (32.0) 1.1 33.0 13.1 12.4 3.1 1.6 0.6 CAC40 4,818 4,715 2.2 (30.6) 0.8 26.6 13.3 12.0 2.8 2.1 1.0 225 15,124 16,111 (6.1) (61.2) (8.0) 40.4 36.0 39.0 1.1 2.4 1.5 1,229 1,379 (10.9) (16.1) (11.2) 41.8 10.4 12.0 1.7 1.3 0.5 6,452 6,548 (1.5) (37.9) (2.2) 15.9 17.3 13.8 3.6 1.7 1.0 2,113 2,096 0.8 (34.8) (2.7) 17.0 12.5 12.8 2.1 1.8 1.3 660 714 (7.6) (60.8) (11.6) 4.6 9.5 9.7 4.4 1.6 0.9 906 900 0.7 (28.9) (5.0) 5.5 15.8 14.4 4.3 1.7 1.6 2,343 2,347 (0.2) (12.1) (2.4) 13.6 12.4 13.9 3.6 1.7 1.8 4,926 4,709 4.6 (8.0) 4.4 26.8 18.2 14.8 3.7 2.6 1.9 50 3,584 3,371 6.3 (5.7) 3.3 24.0 18.6 16.7 7.7 2.8 2.1 BSE30 10,401 9,398 10.7 (17.9) 10.1 71.4 19.2 15.8 1.5 4.5 2.7 HERMES 43,517 55,360 (21.4) (37.7) (21.4) 82.1 12.8 13.3 5.2 3.4 2.9 Bloomberg Bloomberg

2006 6 23 Guotai Junan (HK) 42 59 78 91 102 120 131 144 160 171 173 189 201 41 222 222 241 250 269 295 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%

42 Zhang wenxian 06 7 2003-200510.0% 10.1% 9.9%15.4% 14.9% 13.5% 2006 1GDP10.2% 2006 11.4% 14.8% 13.8% 9.4% 2006 12%27,500 2007 11%30,250 2001-2008 0 2 4 6 8 10 12 14 16 18 20 2008E 2007E 2006E 2005 2004 2003 2002 2001 2006 7,50020056,600 14.8% 12% 2007 20061,200 2006 1,000 20052,5002007 5 2005 5 2006-2007 8.6% 2.4%2005 2006 2007 3.6% 4.7%

Guotai Junan (HK) 7,000 6,500 6,000 5,500 5,000 4,500 1999 2000 2001 2002 2003 2004 2005E 2006E 2007E 5 5 18.5 2005 7.9% 2006 34.1% 2005 20.9% 2006 3.0% 43 2006 46 2003 2005 40% 1 21.7 12.1 8,000 22.5, 22.6 20056,000 2006 3%-5% 2006 2007 5 2006

2005-2006 6 470 55 460 50 450 45 440 40 430 420 35 410 01/2005 02/2005 03/2005 04/2005 05/2005 06/2005 07/2005 08/2005 09/2005 10/2005 11/2005 12/2005 01/2006 02/2006 03/2006 04/2006 05/2006 06/2006 30 FOB 44 2006 57 5 1,500700 5 2007 2006 2007 2008 10.59.48.42006 4.6% 5 200620079.28.2 10.59.42.7% 3.1% P/BV 1.441.27 2006 200710.67.9 DCF NAV 7.9112 7.10NAV 10% 2006 200711.710.4 06 07 08 06 06 06 06 (HK$) (X) (X) (X) ROE(%) (%) (RMB) (%) 0836 5.550 9.2 8.2 8.0 16.6 84.4 0.156 2.7 0902 4.875 11.2 10.4 9.0 13.2 88.6 0.270 5.4 0991 4.975 9.9 8.5 7.8 14.1 215.3 0.260 5.1 1071 2.075 10.5 9.4 8.0 9.4 210.2 0.071 3.3 2380 2.725 10.3 8.7 7.9 12.0 62.8 0.101 3.6 10.5 9.4 8.4 13.5 123.9 0.218 4.6 2006 6 23

Guotai Junan (HK) 0836 HK$5.550 06 7 2006 1-519%C1% 2006 2007 11.9% 14.8% 2006 200729.0% 12.4% 126.00 7.10 2006 2007 11.710.4 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 1,898 1,196 0.314 53.8 17.7 0.086 1.5 12.5 2005A 5,927 2,858 0.750 139.0 7.4 0.190 3.4 24.6 2006F 9,465 2,305 0.605 (19.4) 9.2 0.151 2.7 16.6 2007F 13,058 2,591 0.680 12.4 8.2 0.170 3.1 16.5 2008F 13,620 2,635 0.692 1.7 8.0 0.173 3.1 14.9 Shares in issue (m) 3,812.5 Major shareholder 72.2% Market cap. (HK$ m) 21,159.4 Free float (%) 27.8 3 Average vol. ( 000) 4,853.0 06 06 Net gearing (%) 84.4 06 06 P/B (x) 1.4 06 06 NBV per share (HK$) 3.9 52 52 Weeks high/low (HK$) 6.750/4.125 Est. NAV (HK$) 7.9 Absolute % change in price (1m/3m/1yr) (7.5)/1.1/27.6 Relative % change in price (1m/3m/1yr) (7.1)/0.9/16.2 45 Bloomberg06 07 081 1.03 1-5 19% 2006 5416.29 1.9% 2006 1-5 2,068.4 19% 1-4 24% 1-5 35.8% 2006 2006 59 2,400MW 1,631MW2005 18.1% 2006 2006 10% 800 60 600 40 400 20 200 0 0 2001 2002 2003 2004 2005 2006E 2007E 2008E -20 Zhang Wenxian

46 2006 2007577 686 3.1% 2.0%16.3% 18.9% 2004 2005 30.3% 50.8% C1% 6 2.5% 48340% 87.5%90%C 35% 36% C1% 2006 2007 0.1% 0.2%C 3 660MW1996 2006 120.08 20.8% 2005 2004 21.0%19.5% 20063% 5% 4% 2006 2006 1% 170.5 2007 2% 2006 2 2006-200822.2% 23.6% 22.7% 300 310 320 330 340 350 2008E 2007E 2006E 2005 2004 2003-3 -2-1 0 1 2 3 4 5 2006 2007 11.9% 14.8% 2006 2007 16.3% 18.9% 1% 2% 3% 3%2006 2007 23.05 25.91 19.3% 12.4%11.9% 14.8% 20052006 200729.0% 12.4% 2006 20070.6050.68019.4% 12.4% 2005 29.0% 12.4% 25% 2006 20070.1510.170

Guotai Junan (HK) 2006 2007 9.28.210.59.42.7% 3.1% P/BV 1.441.272006 2007 10.67.9 DCFNAV 7.91 126.00 7.10NAV 10.2% 2006 200711.710.4 12 2004A 2005A 2006F 2007F 2008F 1,898 5,927 9,465 13,058 13,620 0 0 0 0 0 (911) (3,231) (5,071) (6,956) (7,123) (26) (111) (199) (274) (286) (192) (588) (1,033) (1,722) (1,929) (368) (727) (1,041) (1,306) (1,362) (1,498) (4,657) (7,344) (10,257) (10,700) 31 72 115 159 166 431 1,342 2,236 2,960 3,087 (123) (381) (504) (653) (748) 958 855 940 988 1,037 250 195 0 0 0 (23) 0 0 0 0 0 1,071 0 0 0 1,493 3,082 2,673 3,294 3,375 (0) (11) (82) (325) (345) 1,493 3,071 2,591 2,969 3,030 (297) (213) (286) (379) (395) 1,196 2,858 2,305 2,591 2,635 328 724 576 648 659 (HK$) 0.314 0.750 0.605 0.680 0.692 (HK$) 0.314 0.469 0.605 0.680 0.692 (HK$) 0.086 0.190 0.151 0.170 0.173 12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 11,981 17,561 22,528 25,307 25,578 3,878 3,890 4,830 5,818 6,855 1,185 0 1,169 1,169 1,170 53 108 103 97 93 8 8 8 8 8 17,207 22,000 29,071 32,832 34,136 154 292 466 643 671 651 1,579 2,521 3,479 3,628 84 174 278 383 400 3,247 4,411 3,832 4,791 6,772 4,199 6,457 7,097 9,297 11,471 21,406 28,457 36,169 42,129 45,607 1,180 3,452 4,482 5,333 5,448 2 32 51 70 74 2,458 1,983 3,333 4,346 4,841 3,640 5,467 7,866 9,749 10,362 6,621 9,062 12,212 14,575 15,730 0 0 0 0 0 3 13 13 13 13 6,624 9,075 12,225 14,588 15,743 10,264 14,542 20,091 24,336 26,104 3,808 3,810 3,810 3,810 3,810 6,350 9,283 10,864 12,878 14,866 10,158 13,093 14,673 16,688 18,675 984 822 1,404 1,105 828 21,406 28,457 36,169 42,129 45,607 (HKD) 2.67 3.44 3.85 4.38 4.90 47 1,493 3,082 2,673 3,294 3,375 188 588 1,033 1,722 1,929 123 381 504 653 748 (958) (855) (940) (988) (1,037) (250) (195) 0 0 0 (144) (134) (174) (177) (28) (465) (802) (1,046) (1,063) (166) 362 405 1,030 851 115 104 34 0 0 0 453 1,433 3,079 4,293 4,936 (5,903) (3,909) (6,000) (4,500) (2,200) 0 0 0 0 0 635 0 0 0 0 115 2,949 (767) (767) (767) (5,153) (960) (6,767) (5,267) (2,967) 0 0 0 0 0 (328) (505) (667) (865) (991) 7,983 7,410 6,666 6,200 4,796 (3,438) (5,695) (2,166) (2,825) (3,146) 128 71 0 0 0 4,250 624 3,109 1,934 11 (450) 1,097 (580) 960 1,980 3,696 3,247 4,411 3,832 4,791 1 67 0 0 0 3,247 4,411 3,832 4,791 6,772 12 2004A 2005A 2006F 2007F 2008F (%) 22.7 22.6 23.6 22.7 22.7 (%) 63.0 48.2 24.3 19.8 19.3 (%) 27.4 25.3 25.0 25.0 25.0 20.0 17.5 18.8 19.7 22.4 92.6 68.7 79.1 83.9 95.2 250.3 181.5 197.2 174.6 183.9 (x) 17.7 7.4 9.2 8.2 8.0 (x) 15.3 5.3 3.7 2.8 2.8 EBITDA (x) 46.5 16.3 10.6 7.9 7.6 (x) 2.1 1.6 1.4 1.3 1.1 (%) 12.5 24.6 16.6 16.5 14.9 (%) 5.6 10.0 6.4 6.1 5.8 (%) 3.2 7.2 9.3 9.9 9.5 (%) 61.1 57.1 84.4 90.1 78.0 (%) 65.2 69.2 83.2 87.3 84.2 (x) 1.2 1.2 0.9 1.0 1.1 (%) 1.5 3.4 2.7 3.1 3.1 (x) 3.5 3.5 4.4 4.5 4.1

0902 HK$4.875 06 7 2006 2006 2007 5.8% 5.4% 12 5.65 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 30,118 5,324 0.442 (2.0) 11.7 0.250 4.8 15.2 2005A 40,077 4,872 0.404 (8.5) 12.5 0.250 4.9 12.8 2006F 47,198 5,424 0.450 11.3 11.2 0.270 5.4 13.2 2007F 50,123 5,847 0.485 7.8 10.4 0.291 5.8 13.4 2008F 55,489 6,711 0.557 14.8 9.0 0.334 6.7 14.4 48 Shares in issue (m) 12,055.4 Major shareholder 42.8% Market cap. (HK$ m) 58,770.1 Free float (%) 25.3 3 Average vol. ( 000) 33,401.0 06 06 Net gearing (%) 88.6 06 05 P/B (x) 1.4 06 06 NBV per share (HK$) 3.4 52 52 Weeks high/low (HK$) 5.950/4.700 Est. NAV (HK$) 6.3 Absolute % change in price (1m/3m/1yr) (6.3)/(3.5)/(15.2) Relative % change in price (1m/3m/1yr) (5.9)/(3.7)/(26.6) Bloomberg06 07 081 1.03 20066,615 2006 4 5,094 77% 2,55250% 55%-65%5 2005-2006 6 8%-16% 2006 2005 2007 5% 2006 5% 163.94 2007 3% 200 40 30 150 20 100 10 0 50-10 0-20 1998A 1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006F 2007F 2008F Zhang Wenxian

Guotai Junan (HK) 2006 2 2006 2007-2008 2006 2006-2008 18.0% 18.7% 20.1% 1998-2008 35 30 25 20 15 10 5 0 1998A1999A2000A2001A2002A2003A2004A2005A2006F2007F2008F A+H2006 4A 10 3 120.55 83.5 69.3%37.05 30.7% 11.14 9.2% 52.1% 49 2006 2007 5.8% 5.4% 2006 2007 10.2% 4.2%5% (3%) 6.8% 1.1%18% 19% 2006 200754.24 58.47 5.8% 5.4% EPS 0.4500.4852005 62%60% 2006 2007 DPS 0.2700.291 2006 2007 11.2 10.45.4% 5.8% P/BV 1.431.342006 2007 5.95.3 DCF6.27 2006 125.50 5.85 NAV 10% 2006 200712.912.0 6.25 NAV

50 12 31 2004A 2005A 2006F 2007F 2008F 30,118 40,077 47,198 50,123 55,489 (%) 28.8 33.1 17.8 6.2 10.7 (15,068 ) (21,203 ) (24,593 ) (25,297 ) (27,332 ) (808 ) (1,165 ) (1,372 ) (1,457 ) (1,614 ) (4,707 ) (6,168 ) (7,056 ) (7,978 ) (8,701 ) (1,877 ) (2,487 ) (2,929 ) (3,111 ) (3,444 ) 0 0 0 0 0 (134 ) (141 ) (166 ) (176 ) (195 ) (606 ) (1,903 ) (2,580 ) (2,740 ) (3,033 ) (23,200 ) (33,068 ) (38,697 ) (40,759 ) (44,318 ) 6,918 7,009 8,502 9,363 11,170 43 54 54 54 54 (663 ) (1,427 ) (1,842 ) (1,992 ) (2,014 ) (119 ) 249 65 0 0 (740 ) (1,124 ) (1,723 ) (1,938 ) (1,961 ) 0 0 0 0 0 312 644 677 710 746 6,530 6,592 7,532 8,220 10,056 (949 ) (1,044 ) (1,356 ) (1,562 ) (2,413 ) 5,581 5,548 6,176 6,658 7,643 (257 ) (676 ) (753 ) (811 ) (931 ) 5,324 4,872 5,424 5,847 6,711 (%) (2.0 ) (8.5 ) 11.3 7.8 14.8 (RMB) 0.442 0.404 0.450 0.485 0.557 (%) (2.0 ) (8.5 ) 11.3 7.8 14.8 3,014 3,014 3,254 3,508 4,027 (RMB) 0.250 0.250 0.270 0.291 0.334 (%) 4.8 4.9 5.4 5.8 6.7 12 31 2004A 2005A 2006F 2007F 2008F 6,530 6,592 7,532 8,220 10,056 0 0 0 0 0 4,707 6,173 7,056 7,978 8,701 (43 ) (54 ) (54 ) (54 ) (54 ) 663 1,427 1,842 1,992 2,014 (205 ) (205 ) (205 ) (205 ) (205 ) (975 ) (1,965 ) (2,414 ) (2,760 ) (2,735 ) 44 60 56 57 58 (1,124 ) (1,044 ) (1,356 ) (1,562 ) (2,413 ) (1,434 ) (2,302 ) (1,275 ) (1,670 ) (1,749 ) 8,163 8,681 11,182 11,995 13,672 (9,878 ) (13,843 ) (14,700 ) (14,100 ) (9,800 ) 132 0 0 0 0 (4,607 ) (2,528 ) 0 0 0 702 958 1,128 1,198 1,326 (13,650 ) (15,413 ) (13,572 ) (12,902 ) (8,474 ) 6,151 0 6,093 5,084 751 (3,006 ) (3,022 ) (3,014 ) (3,254 ) (3,508 ) 509 267 0 0 0 3,654 7,085 7,919 1,830 (2,757 ) (1,833 ) 352 5,529 922 2,440 4,129 2,296 2,648 8,177 9,099 2,296 2,648 8,177 9,099 11,540 12 31 2004A 2005A 2006F 2007F 2008F 57,780 78,997 96,997 105,997 115,717 4,328 4,594 5,410 5,746 6,361 255 1,033 1,033 1,033 1,033 377 672 0 0 0 (1,484 ) 0 0 0 0 1,772 2,016 2,374 2,522 2,791 63,126 87,377 105,815 115,298 125,903 2,296 2,648 8,177 9,099 11,540 13 3 3 3 4 4,973 6,022 7,093 7,532 8,338 1,431 2,311 2,722 2,891 3,200 723 856 1,008 1,071 1,185 9,654 12,063 19,003 20,596 24,267 72,780 99,440 124,818 135,894 150,170 4,551 6,905 8,132 8,636 9,561 9,642 9,747 11,479 12,190 13,495 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16,733 23,107 24,550 25,765 23,056 0 0 0 0 0 15,955 28,862 28,285 27,719 27,165 560 1,326 1,562 1,659 1,836 16,515 30,188 29,847 29,378 29,001 12,055 12,055 12,055 12,055 12,055 24,210 27,982 30,392 32,984 36,187 36,266 40,037 42,447 45,040 48,243 3,266 6,107 27,975 35,712 49,870 72,780 99,440 124,818 135,894 150,170 (Rmb) 3.01 3.32 3.52 3.74 4.00 12 31 2004A 2005A 2006F 2007F 2008F (%) 23.0 17.5 18.0 18.7 20.1 (%) 17.7 12.2 11.5 11.7 12.1 27.0 32.2 37.4 40.5 40.7 47.1 50.1 50.7 53.2 52.2 47.8 52.2 58.1 61.1 59.8 (x) 2.9 2.4 2.0 1.8 1.6 EBITDA (x) 7.5 7.3 5.9 5.3 4.5 (x) 15.3 14.1 10.8 10.1 8.9 (x) 1.7 1.5 1.4 1.3 1.3 (%) 15.2 12.8 13.2 13.4 14.4 (%) 10.9 8.1 7.6 7.2 7.8 (%) 12.9 9.4 8.8 8.4 9.2 (%) 66.4 107.2 88.6 81.7 62.4 (%) 44.0 72.1 66.6 61.5 56.3 (x) 0.6 0.5 0.8 0.8 1.1 (x) 10.4 4.9 4.6 4.7 5.5

Guotai Junan (HK) 0991 HK4.975 06 7 A 2006 2007 EPS14.1% 16.6%125.70 5.85 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 13,584 2,293 0.444 26.5 11.9 0.220 4.2 14.0 2005A 17,994 2,351 0.455 2.6 11.4 0.228 4.4 13.3 2006F 23,933 2,684 0.520 14.1 9.9 0.260 5.1 14.1 2007F 31,497 3,129 0.606 16.6 8.5 0.303 5.9 15.1 2008F 31,346 3,411 0.661 9.0 7.8 0.330 6.4 15.1 Shares in issue (m) 5,162.8 Major shareholder 35.4% Market cap. (HK$ m) 29,428.0 Free float (%) 27.7 3 Average vol. ( 000) 15,000.0 06 06 Net gearing (%) 215.3 06 06 P/B (x) 1.3 06 06 NBV per share (HK$) 3.7 52 52 Weeks high/low (HK$) 6.200/4.775 Est. NAV (HK$) 6.5 Absolute % change in price (1m/3m/1yr) (5.2)/(2.5)/(16.4) Relative % change in price (1m/3m/1yr) (4.9)/(2.7)/(27.8) 51 Bloomberg06 07 081 1.03 2005 3,250MW 30.8%2005 8,950MW 7,200MW 1,750MW2006 2007 5,075MW 3,071MW 4,980MW 2,742MW36.7% 28.5% 26.4% 19.8%2005 2,600MW 80%2006 2006 2007 4.9% 3.4% 2006 2007 26.8% 25.5% 845.2 1,060.4 40 7,000 6,000 30 20 10 5,000 4,000 3,000 2,000 0 1,000 0 Zhang wenxian

80% 20% 225 20%45 3,400MW 4 650MW 2,600MW145 4 200MW80 2012-20155 A 2006 510 A 10 3.02 0.92 34.57% A 3 60 A 2006 62007 AA2007 188.4% Net gearing A 19.4%2007 A A (%) A (%) 52 1. 1,828,768,200 35.43 2,130,472,961* 34.57 671,792,400 13.01 671,792,400 10.90 671,792,400 13.01 671,792,400 10.90 559,827,000 10.84 652,185,600* 10.58 2. A 605,936,639 9.83 H 1,430,669,000 27.71 1,430,669,000 23.21 5,162,849,000 100 6,162,849,000 100.00 * 2006 2007 14.1% 16.6% 2006 2007 26.8% 25.5%2006 2007 5.0% 5.0% 10% 12% 25% 27% 2006 200726.84 31.290.5200.606 14.1% 16.6%50% 2006 2007 0.2600.303 2006 2007 9.9 8.55.1% 5.9% P/BV 1.331.222006 2007 6.95.4 DCFNAV 6.54 2005-2007EPS 15.4% 12 5.70 5.85NAV 10% 2006 2007 11.6 9.9 6.50200711.0

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 13,584 17,994 23,933 31,497 31,346 (4,951) (7,532) (10,505) (14,751) (13,851) (544) (574) (736) (875) (927) (2,087) (2,768) (3,548) (4,216) (4,466) (873) (1,193) (1,586) (2,088) (2,078) (169) (205) (273) (360) (358) (860) (1,223) (1,627) (2,141) (2,130) (9,485) (13,495) (18,275) (24,430) (23,810) 4,099 4,500 5,658 7,067 7,536 (4) (1) (1) (1) 0 47 40 53 70 70 (479) (675) (1,070) (1,102) (1,141) 3,663 3,863 4,640 6,034 6,465 (920) (813) (1,160) (1,629) (1,746) 2,744 3,050 3,480 4,405 4,719 (451) (699) (796) (1,276) (1,308) 2,293 2,351 2,684 3,129 3,411 (%) 26.5 2.6 14.1 16.6 9.0 (RMB) 0.444 0.455 0.520 0.606 0.661 (%) 26.5 2.6 14.1 16.6 9.0 1,136 1,177 1,342 1,565 1,706 (%) 49.5 50.0 50.0 50.0 50.0 (RMB) 0.220 0.228 0.260 0.303 0.330 (%) 4.2 4.4 5.1 5.9 6.4 (x) 11.9 11.4 9.9 8.5 7.8 12 2004A 2005A 2006F 2007F 2008F 0 0 0 0 0 6,097 6,790 8,188 10,250 10,931 (1,034) (923) (1,160) (1,629) (1,746) (1,189) (1,514) (1,177) (1,342) (1,565) 3,874 4,354 5,851 7,279 7,620 0 0 0 0 0 1,062 210 0 0 0 (15,573) (17,813) (8,340) (4,050) (5,850) 22 0 53 70 70 19 47 63 82 82 (469) (154) (154) (154) (154) (14,940) (17,710) (8,378) (4,052) (5,852) 0 0 0 0 0 22,935 31,111 3,812 (1,460) 4,376 (11,884) (18,627) (140) (300) 304 (1,022) (1,646) (1,070) (1,102) (1,141) 343 115 153 201 201 10,372 10,953 2,755 (2,660) 3,739 (693) (2,403) 228 567 5,507 4,155 3,462 1,029 1,257 1,824 3,462 1,029 1,257 1,824 7,331 12 2004A 2005A 2006F 2007F 2008F 42,636 59,377 64,169 64,003 65,387 1,210 1,470 2,828 4,602 5,577 43,845 60,846 66,996 68,605 70,965 3,462 1,029 1,257 1,824 7,331 210 0 0 0 0 0 0 0 0 0 224 493 656 863 859 443 693 922 1,213 1,207 1,290 1,474 1,961 2,581 2,568 5,629 3,690 4,796 6,481 11,966 49,475 64,536 71,792 75,086 82,930 3,456 4,559 6,063 7,979 7,941 5,980 5,717 6,053 7,673 10,013 1,107 2,489 2,629 2,930 2,625 501 358 477 627 624 11,043 13,130 15,222 19,209 21,204 17,949 29,215 32,551 29,171 31,511 155 152 0 0 0 19,353 30,677 33,650 30,270 32,610 30,396 43,807 48,872 49,479 53,814 5,163 5,163 5,163 5,163 5,163 11,948 13,163 14,669 16,456 18,303 17,110 18,325 19,832 21,619 23,466 1,968 2,403 3,088 3,987 5,651 49,475 64,536 71,792 75,086 82,930 12 2004A 2005A 2006F 2007F 2008F (%) 30.2 25.0 23.6 22.4 24.0 (%) 16.9 13.1 11.2 9.9 10.9 (%) 49.5 50.1 50.0 50.0 50.0 29.0 27.5 28.1 26.4 31.9 82.5 81.3 81.0 81.4 92.7 (x) 3.5 3.4 2.7 2.0 1.9 EBITDA (x) 7.7 8.3 6.9 5.4 5.1 (x) 7.0 6.1 4.5 3.6 3.5 (x) 1.6 1.5 1.3 1.2 1.1 (%) 14.0 13.3 14.1 15.1 15.1 (%) 4.6 3.6 3.7 4.2 4.1 (%) 11.8 9.0 9.3 11.0 11.4 (%) 138.0 211.6 215.3 188.4 168.2 (%) 104.9 159.4 164.1 134.9 134.3 (x) 0.5 0.3 0.3 0.3 0.6 (x) 8.6 6.7 5.3 6.4 6.6 53

1071 HK$2.075 06 7 A 103 H 2006 2007 13.6% 12.0%12 2.30 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 10,175 1,046 0.199 1.7 11.1 0.055 2.5 11.0 2005A 13,300 1,066 0.179 (10.0) 12.1 0.065 3.0 9.5 2006F 14,968 1,224 0.203 13.6 10.5 0.071 3.3 9.4 2007F 19,786 1,370 0.228 12.0 9.4 0.080 3.7 9.8 2008F 24,857 1,617 0.268 18.0 8.0 0.094 4.4 10.8 54 Shares in issue (m) 6,021.1 Major shareholder 50.0% Market cap. (HK$ m) 12,493.8 Free float (%) 27.2 3 Average vol. ( 000) 9,963.0 06 06 Net gearing (%) 210.2 06 06 P/B (x) 1.0 06 06 NBV per share (HK$) 2.2 52 52 Weeks high/low (HK$) 2.450 /1.850 Est. NAV (HK$) 2.6 Absolute % change in price (1m/3m/1yr) 2.5/(4.6)/(6.7) Relative % change in price (1m/3m/1yr) 2.8/(4.8)/(18.1) Bloomberg06 07 081 1.03 2006 4 3.1520.19% 515.6 2005 8 2005 5.37 4,036 2005 9-127.5% 22.5% 9%-10% ( 600027) 102.510 3.0 36 50.0% 48.2% 3A 1.26 A+H H 2006 2007 5.2% 5.1% 2006 2007 2006 20075.4% 35.4%8.4% 32.2% 1% 15% 31% 32%2006 200712.24 13.70 14.8% 12.0% 2006 20070.2030.228 35% 2006 20070.0710.080 Zhang Wenxian

Guotai Junan (HK) 2006 2007 10.59.4P/B 0.960.89 3.3% 3.7% 122.20 2.30NAV 12.9% 2006 200711.7 10.4182.50200711.3 12 2004A 2005A 2006F 2007F 2008F 10,175 13,300 14,968 19,786 24,857 (4,648) (7,271) (7,962) (10,634) (13,386) (144) (152) (171) (226) (284) (1,533) (1,622) (1,754) (2,346) (3,038) (920) (1,057) (1,190) (1,573) (1,976) (214) (257) (290) (383) (481) (358) (506) (570) (753) (946) (108) (134) (151) (200) (251) (8,158) (11,247) (12,366) (16,482) (20,824) 2,017 2,054 2,602 3,304 4,033 22 45 51 67 84 (494) (446) (558) (905) (1,182) 0 0 0 0 0 1,576 1,669 2,094 2,466 2,935 (504) (512) (649) (814) (969) (%) 32.0 30.7 31.0 33.0 33.0 1,072 1,157 1,445 1,652 1,967 (26) (91) (221) (282) (350) 1,046 1,066 1,224 1,370 1,617 (%) 1.7 2.0 14.8 12.0 18.0 (RMB) 0.199 0.179 0.203 0.228 0.268 (%) 1.7 (10.0) 13.6 12.0 18.0 (RMB) 0.055 0.065 0.071 0.080 0.094 12 2004A 2005A 2006F 2007F 2008F 10,187 13,140 14,968 19,786 24,857 (6,694) (9,647) (10,612) (14,136) (17,786) 3,493 3,493 4,356 5,650 7,071 (616) (757) (558) (905) (1,182) (554) (401) (649) (814) (969) 2,323 2,335 3,148 3,931 4,920 0 0 0 0 0 13 17 19 25 31 (80) (165) 0 0 0 0 0 0 0 0 0 0 0 0 0 (2,775) (6,025) (12,600) (10,350) (6,300) (26) (37) 0 0 0 3 10 0 0 0 0 (369) (437) 0 0 0 (3,227) (6,647) (12,581) (10,325) (6,269) 1,837 2,029 10,080 7,245 4,410 (289) (316) (391) (428) (480) 1,595 3,897 9,689 6,817 3,930 691 (414) 256 422 2,582 569 1,260 846 1,101 1,523 1,260 846 1,101 1,523 4,105 12 2004A 2005A 2006F 2007F 2008F 20,925 21,349 27,155 31,019 31,761 2,877 9,048 14,088 18,228 20,748 1,101 1,614 1,885 2,113 2,359 24,903 32,011 43,128 51,361 54,869 - - - - - 1,260 846 1,101 1,523 4,105 453 87 98 130 163 1,050 1,263 1,422 1,879 2,361 358 559 612 817 1,029 20 3 3 4 5 3,141 2,758 3,236 4,354 7,663 28,044 34,769 46,364 55,714 62,532 - - - - - 1,427 1,062 1,195 1,580 1,985 4,850 6,076 8,596 10,666 11,926 782 923 1,038 1,373 1,724 85 114 128 170 213 7,143 8,174 10,957 13,788 15,848 - - - - - 9,763 12,357 19,917 25,092 28,242 452 575 660 739 872 10,215 12,932 20,577 25,831 29,114 17,358 21,106 31,534 39,619 44,962 5,256 6,021 6,021 6,021 6,021 4,617 6,601 7,433 8,375 9,512 9,874 12,622 13,454 14,396 15,533 813 1,041 1,375 1,700 2,037 10,687 13,662 14,829 16,096 17,571 28,044 34,769 46,364 55,714 62,532 12 2004A 2005A 2006F 2007F 2008F (%) 19.8 15.4 17.4 16.7 16.2 (%) 10.3 8.0 8.2 6.9 6.5 ( ) 21.5 23.0 26.8 24.5 25.2 ( ) 33.8 31.7 32.7 30.4 31.1 ( ) 117.1 62.5 51.7 47.6 48.6 (x) 2.4 2.2 2.6 2.3 1.9 EBITDA (x) 7.0 7.9 8.9 8.0 6.7 (x) 1.2 1.0 1.0 0.9 0.8 (%) 11.0 9.5 9.4 9.8 10.8 (%) 3.7 3.1 2.6 2.5 2.6 (%) 9.6 7.4 7.1 7.1 7.8 (%) 140.6 156.4 210.2 245.8 241.0 (%) 98.9 97.9 148.0 174.3 181.8 (x) 0.4 0.3 0.3 0.3 0.5 (x) 4.1 4.6 4.7 3.7 3.4 55

2380 HK$2.725 06 7 2006 2006 2007 7.5% 16.8%12 3.05183.30 NAV Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 3,352 636 0.275 (4.7) 10.5 0.027 0.9 13.2 2005A 4,362 662 0.211 (23.1) 13.4 0.079 2.8 10.2 2006F 5,169 855 0.273 29.2 10.3 0.101 3.6 12.0 2007F 6,163 1,014 0.323 18.5 8.7 0.120 4.3 13.1 2008F 7,659 1,119 0.357 10.4 7.9 0.132 4.7 13.2 56 Shares in issue (m) 3,135.0 Major shareholder Market cap. (HK$ m) 8,542.9 Free float (%) 36.3 3 Average vol. ( 000) 6,595.0 06 06 Net gearing (%) 62.8 06 06 P/B (x) 1.2 06 06 NBV per share (HK$) 2.3 52 52 Weeks high/low (HK$) 3.000/2.375 Est. NAV (HK$) 3.3 Absolute % change in price (1m/3m/1yr) 4.8/(0.9)/1.9 Relative % change in price (1m/3m/1yr) 5.2/(1.1)/(9.5) Bloomberg06 07 081 1.03 4 2005 5 4.3%-25.1% 25.1% 11.0% 5 2006 2007 3.0% 4.4% RMB/MWh 360 320 280 240 200 160 120 80 40 0 Zhang Wenxian

Guotai Junan (HK) 2006 A600021 2005 10 3.2 64.56% 60.82% 2006 2007 5 2007 2006 2006 2006 2007 7.5% 16.8%2006 2007 16.6% 9.3% 2006 2007 3.0% 4.4% 3%137.6MWh 137.6MWh2005 15%2006 2007 9% 15%2006 20078.55 10.14 2006 2007 EPS 0.273 0.32329.2% 18.5% 37% 2006 20070.1010.120 2006 2007 10.38.7 3.6% 4.3% P/BV 1.21.12006 2007 10.09.2 12 2.75 3.052006 200711.59.7DCF NAV8%183.30 NAV 57 1% 2006 2007 2.8% 2.8% 1% 2006 2007 4.9% 4.8%

58 12 2004A 2005A 2006F 2007F 2008F 3,352 4,362 5,169 6,163 7,659 22 76 30 30 30 3,374 4,438 5,199 6,193 7,689 (1,826) (2,652) (2,960) (3,380) (4,200) (326) (320) (410) (500) (635) (262) (315) (373) (445) (553) (142) (184) (219) (261) (324) (51) (63) (75) (90) (111) (159) (204) (242) (288) (358) 608 698 919 1,229 1,507 (77) (77) (117) (186) (326) 151 122 137 148 156 682 744 939 1,191 1,336 (46) (82) (85) (179) (200) 1 1 1 1 (17) 636 662 855 1,014 1,119 (RMB) 0.275 0.211 0.273 0.323 0.357 83 248 316 375 414 (RMB) 0.027 0.079 0.101 0.120 0.132 12 2004A 2005A 2006F 2007F 2008F 682 744 939 1,191 1,336 (151) (122) (137) (148) (156) 326 320 410 500 635 (183) (160) (149) (183) (276) (152) 32 (26) (33) (49) (17) (151) (49) (61) (91) 105 49 53 65 98 202 (14) 105 130 195 (21) (82) (85) (179) (200) (3) 50 0 0 0 795 665 1,061 1,283 1,493 (367) (1,085) (3,870) (3,500) (2,500) (600) (1,653) 0 0 0 (967) (2,738) (3,870) (3,500) (2,500) 2,605 0 0 0 0 604 1,594 2,553 1,912 1,240 (165) (83) (248) (316) (375) 71 (314) 0 0 0 3,115 1,197 2,305 1,596 865 2,943 (876) (504) (621) (142) 122 3,064 2,188 1,684 1,063 3,064 2,188 1,684 1,063 920 12 2004A 2005A 2006F 2007F 2008F 3,526 5,343 9,233 12,232 14,097 850 836 952 1,078 1,211 14 13 13 13 13 5,004 8,223 10,908 14,064 16,090 115 266 315 376 467 644 804 952 1,136 1,411 175 143 170 202 252 48 84 84 84 84 3,064 2,188 1,684 1,063 920 4,046 3,485 3,206 2,861 3,134 9,050 11,709 14,114 16,924 19,225 237 287 340 405 503 329 476 564 673 836 217 92 109 130 161 261 400 200 200 200 593 488 688 560 400 32 20 0 0 0 1,669 1,763 1,901 1,968 2,101 1,153 2,714 5,266 7,306 8,706 1,153 3,127 5,266 7,306 8,706 3 11 (468) (462) (439) 6,225 6,808 7,416 8,113 8,857 9,050 11,709 14,114 16,924 19,225 12 2004A 2005A 2006F 2007F 2008F (%) 18.0 15.7 17.7 19.8 19.6 (%) 18.8 14.9 16.5 16.4 14.6 (%) 9.7 37.4 37.0 37.0 37.0 21.2 26.2 35.8 37.3 36.6 59.8 59.5 61.7 61.5 60.5 36.9 36.0 38.6 40.2 39.5 (x) 2.3 2.3 2.6 2.6 2.2 EBITDA (x) 8.4 10.1 10.0 9.2 8.1 (x) 10.7 12.9 8.0 6.7 5.7 (x) 1.5 1.3 1.2 1.1 1.0 (%) 13.2 10.2 12.0 13.1 13.2 (%) 7.0 5.7 6.1 6.0 5.8 (%) 12.3 10.4 9.4 9.4 9.6 (%) (22.0) 21.7 62.8 90.2 98.8 (%) 18.5 39.9 71.0 90.0 98.3 (x) 2.4 2.0 1.7 1.5 1.5 (x) 7.9 9.1 7.8 6.6 4.6

Guotai Junan (HK) James Dai 054 4 4-5 05 2,259 277 375 823 1,299 376 1,412 1,681 105 537 932 (%) 30.1 26.6 27.9 40.1 25.8 31.1 32.4 31.7 36.9 19.4 38.6 05 1,535 212 244 539 1,266 301 941 1,217 92 385 534 2005EPS 0.24 0.12 0.13 0.23 1.87 0.21 0.39 1.13 0.42 0.25 0.22 (%) 43.0 (18.7) 1.6 24.6 133.9 233.7 330.0 181.0 159.9 1,700.1 26.4 1,117 194 51 402 930 121 418 1,295 24 318 225 05 1.73 1.78 2.48 1.42 8.12 0.99 1.35 4.03 3.79 2.60 1.93 1.7 1.1 0.3 1.7 12.2 0.8 1.2 10.6 1.1 1.0 0.6 NAV 4.8 4.4 3.9 n.a. n.a. 2.7 4.7 n.a. 6.6 n.a. 3.9 9 59 (1) 1-2(2)(3) (4)(1) 60% (2) 2004 4-5 3-4 2005 4 4 06 0706 07 05 06 07 2008 05 06 2-3%

20%20%0% 5%NAV 4-5 (1) (2) (3) 2005 7 (%) 2005-2006(%) 100.0 25 80.0 20 60.0 60.4 58.5 45.2 53.9 45.5 60.1 47.2 15 10 60 40.0 20.0 5 0 0.0 Shanghai Beijing Guangzhou Shenzhen Suzhou Hangzhou Chengdu -5 1Q2005 2Q2005 3Q2005 4Q2005 Feb-06 Mar-06 Apr-06 May-06 4-5 8 0610.806 1.8 06-07 NAV 5% NAV 2-7 (0688) (0604) (1207) 2006-6-23 06 YIELD 06 ROE NAV (HK$) 2006F 2007F 2008F 06 P/B 06 DPS (%) (%) (HK$) (%) 0688 4.000 10.7 7.4 7.5 2.0 0.090 2.3 19.8 4.8 16.7 2868 2.275 22.4 5.8 5.6 1.2 0.042 1.8 5.5 4.4 47.8 0588 1.640 9.4 7.9 8.5 0.6 0.035 2.1 6.3 3.9 58.3 0604 1.900 7.8 6.2 4.8 0.9 0.122 6.4 12.2 3.9 51.9 3383 3.900 9.2 8.3 7.5 2.5 0.090 2.3 29.7 4.7 16.9 1207 1.380 6.0 5.5 6.8 1.3 0.046 3.3 33.3 2.7 49.6 REIT 0405 3.050 15.2 15.0 14.9 1.0 0.201 6.6 6.7 3.5 11.8 0029 2.375 3.3 9.5 8.5 0.5 0.040 1.7 16.2 6.6 64.2 n.a. n.a. 10.8 7.8 7.6 1.8 0.090 2.8 19.7 4.5 25.7 Bloomberg06 071 1.03

Guotai Junan (HK) 0029 HK$2.375 69% 60% 0654%1.6 0.723NAV6.6NAV64% 5.0 NAV24% 111% Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 410 35 0.162 n.a. 14.7 0.040 1.7 4.8 2005A 127 92 0.421 159.9 5.6 0.040 1.7 11.1 2006F 196 158 0.723 72.0 3.3 0.040 1.7 17.5 2007F 211 55 0.250 (65.4) 9.5 0.040 1.7 5.5 2008F 138 61 0.279 11.5 8.5 0.040 1.7 5.8 Shares in issue (m) 219.1 Major shareholder 42.6% Market cap. (HK$ m) 520.4 Free float (%) 51.4 3 Average vol. ( 000) 272 06/ 06 Net gearing (%) (2.6) 06 06 P/B (x) 0.5 06 06 NBV per share (HK$) 4.5 52 52 Weeks high/low (HK$) 3.350/1.150 Est. NAV (HK$) 6.6 Absolute % change in price (1m/3m/1yr) (4.4)/(11.2)/93.1 Relative % change in price (1m/3m/1yr) (4.7)/(11.5)/81.7 Bloomberg06 07 081 1.03 61 69% 06 78.2%06 6 69% 06 9,50216.9 1.6 60%2 06 6 60%06 1.2101,419 06 72% 06 1.96 37%06 29.2% 17.2 06 72%1.6 06-07 Dennis Yao James Dai

06-07 06 160.4 29.5 18.4% 82.0% 51.5% 14.2 13.8 97.3% 7.3% 24.1% 21.0 13.9 66.3% 10.7% 24.4% 195.6 57.2 29.2% 100.0% 100.0% 07 116.1 21.3 18.4% 55.0% 24.7% 72.8 58.2 80.0% 34.5% 67.4% 22.2 6.9 31.0% 10.5% 8.0% 211.1 86.4 41.0% 100.0% 100.0% 06 07 EPS 0.723 0.250 079.5 NAV 64% 06 NBV 4.5 5.0 NAV24% 111% 62 12 2004A 2005A 2006F 2007F 2008F 410 127 196 211 138 (337 ) (80 ) (120 ) (98 ) (12 ) 73 47 75 114 127 3 5 10 11 7 0 80 0 0 0 (27) (26 ) (28 ) (38 ) (38 ) 49 105 183 86 96 (2 ) (1 ) (5 ) (8 ) (8 ) 0 2 0 0 0 47 106 178 79 88 (9) (11) (16) (23) (25) 38 95 162 56 63 (3 ) (3 ) (4 ) (1 ) (2 ) 35 92 158 55 61 (HK$) 0.162 0.421 0.723 0.250 0.279 (HK$) 0.065 0.206 0.228 0.250 0.202 12 2004A 2005A 2006F 2007F 2008F 49 105 183 86 96 2 2 1 1 1 (11) (7) (16) (23) (25) 0 0 (16 ) (189 ) 1 180 (27 ) 159 70 7 (1 ) (1 ) 0 0 0 (174 ) 1 0 (220 ) 0 53 86 240 0 0 (9 ) (9 ) (9 ) (9 ) (9 ) (7 ) (7 ) (5 ) (8 ) (8 ) 63 8 227 (17 ) (17 ) 69 (18 ) 385 (167 ) (9 ) 50 120 102 487 321 120 102 487 321 311 12 2004A 2005A 2006F 2007F 2008F 14 12 11 10 9 420 500 815 1,199 1,199 200 220 220 0 0 15 7 7 7 7 649 739 1,053 1,216 1,215 138 249 100 220 220 202 150 62 4 0 24 33 51 55 36 120 102 487 321 311 45 56 69 71 58 529 590 768 670 625 141 124 394 394 394 111 89 89 89 89 252 212 483 483 483 91 118 182 197 129 25 100 69 69 69 33 37 79 85 56 149 255 330 351 254 749 831 981 1,027 1,079 28 31 27 25 24 12 2004A 2005A 2006F 2007F 2008F 17.9% 36.9% 38.4% 53.8% 91.5% 12.0% 82.6% 93.7% 41.0% 69.1% 8.6% 72.6% 81.0% 25.9% 44.2% ROE 4.8% 11.7% 17.5% 5.5% 5.8% ROA 4.2% 7.9% 10.1% 4.6% 5.2% 25.0 133.9 38.2 11.2 12.3 34.0% 35.2% 44.7% 44.2% 40.1% Net Gearing 6.2% 15.4% (2.6% ) 14.2% 14.5% 34.8% 9.6% 10.7% 11.2% 7.5%

Guotai Junan (HK) 0405 HK$3.05 05-09 06 07 2.012.03 06 6.6% 123.2016% 2.700.77NAV Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2005A 7 41 0.041 n.a. 75.2 0.041 1.3 1.3 2006F 364 201 0.201 395.8 15.2 0.201 6.6 6.7 2007F 367 203 0.203 1.0 15.0 0.203 6.7 6.7 2008F 370 205 0.205 1.0 14.9 0.205 6.7 6.8 Shares in issue (m) 1,000.0 Major shareholder 32.1% Market cap. (HK$ m) 3,050.0 Free float (%) 67.9 3 Average vol. ( 000) 4,171.0 06 06 Net gearing (%) 24.0 06 06 P/B (x) 1.0 06 06 NBV per share (HK$) 3.0 52 52 Weeks high/low (HK$) 3.775/2.850 Est. NAV (HK$) 3.5 Absolute % change in price (1m/3m/1yr) 1.7/(10.9)/n.a. Relative % change in price (1m/3m/1yr) 2.0/(11.2)/n.a. Bloomberg06 07 081 1.03 05 12 210505 12 31 63 05 48% 05-09 2005 2009 164 2% 5% 07 0.203 063.64 06 07100%06 2.01 0.20107 1% 2.03 0.203 052.65% (0823) (0808) 062.3% 7.1% (2778)06 7.2% 066.6% 40 NAV3.5123.2016% 2.70 0.77NAV Dennis Yao James Dai

0588 HK$1.640 15 A NAV 3.939% 2.300612.8 NAV41% Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 2,343 235 0.126 (18.3) 13.8 0.250 14.4 4.6 2005A 2,871 254 0.136 8.1 12.6 0.025 1.5 4.9 2006F 3,298 336 0.180 32.3 9.4 0.035 2.1 6.3 2007F 3,920 397 0.213 18.4 7.9 0.035 2.1 7.1 2008F 3,250 372 0.199 (6.5) 8.5 0.035 2.1 6.2 64 Shares in issue (m) 1,867.0 Major shareholder 62.1% Market cap. (HK$ m) 3,061.9 Free float (%) 37.9 3 Average vol. ( 000) 7,315.8 06 06 Net gearing (%) 12.2 06 06 P/B (x) 0.6 06 06 NBV per share (HK$) 2.8 52 52 Weeks high/low (HK$) 2.680/1.500 Est. NAV (HK$) 3.9 Absolute % change in price (1m/3m/1yr) (8.4)/(27.1)/3.2 Relative % change in price (1m/3m/1yr) (7.8)/(27.7)/(8.0) Bloomberg06 07 081 1.03 06 07 915 06 08 05 1/3 30 67% 06 NAV 34% 423 1.5 GFA90 5,000 / 5,000-6,0009,000 NAV A 06 08 140 15 2,476 A IPO A 15 A 33-352.2-2.3 NAV19-20% 3.23-3.2730% NAV Holly Tao James Dai

Guotai Junan (HK) 06-0706 07 06 30 32% 0.18007 EPS18% 0.213 A06 07 EPS45% 42% 0.100 0.123 2.30 06-0808 NAV 3.9 1.64069.4 NAV58% 12 2.312.810.8 06 07 0.8 06NAV41%ANAV 27% 06-08 09 12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 2,343 2,871 3,298 3,920 3,250 (1,601 ) (2,070 ) (2,335 ) (2,823 ) (2,230 ) 743 801 963 1,097 1,020 (133 ) (128 ) (113 ) (125 ) (128 ) (270 ) 296 (336 ) (353 ) (325 ) 356 390 513 619 567 356 388 509 611 570 (120 ) (125 ) (168 ) (202 ) (188 ) 236 263 341 409 382 (2 ) (10 ) (5 ) (12) (11 ) 235 254 336 397 372 (280 ) (47 ) (65 ) (65) (65 ) 0.126 0.136 0.180 0.213 0.199 924 879 6,588 7,083 7,570 5,438 4,627 6618 7,115 7,604 93 55 90 (36 ) (249 ) 1,182 2,696 2669 2,199 2,268 257 85 216 268 177 501 635 982 1667 1958 2,533 4,506 3957 4,098 4,154 1,924 2,551 2793 2,575 2,292 330 470 1230 1730 2230 2,264 3,024 4027 4,308 4,525 133 141 146 158 168 5,177 5,158 5452 5,796 6,112 0 400 400 400 400 65 12 2004A 2005A 2006F 2007F 2008F EBIT 356 388 509 611 570 80 81 56 60 65 (420 ) (305 ) 200 500 106 (67 ) (97 ) (300 ) 250 (250 ) (354 ) 431 553 435 435 (841 ) 28 453 685 291 1,342 501 529 982 1,667 501 529 982 1,667 1,958 12 2004A 2005A 2006F 2007F 2008F (%) 32 28 29.2 28 31.4 (%) 15 14 15.6 15.8 17.5 (%) 10 9 10.2 10.1 11.4 Gearing (%) (3) 5 12.2 8.2 11.3 (%) 35 44 48.4 48.3 48 ROE (%) 5 5 6.3 7.1 6.2 ROA (%) 3 3 3.4 3.6 3.2 ROCE (%) 8 8 9.4 10.4 9.3 (x) 13 12 9.4 7.9 8.5 (x) 0.6 0.6 0.6 0.6 0.5

0604 HK$1.900 ROE 3.3 NAV15%13.610.7 06 07 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 2,000 423 0.170 75.6 11.2 0.050 2.6 11.9 2005A 3,003 534 0.215 26.5 8.8 0.130 6.8 12.6 2006F 1,972 604 0.243 13.0 7.8 0.127 6.4 12.2 2007F 3,302 766 0.309 26.9 6.2 0.154 8.1 14.5 2008F 3,363 987 0.398 28.8 4.8 0.199 10.5 16.9 66 Shares in issue (m) 2,501.9 Major shareholder 55.9% Market cap. (HK$ m) 4,753.6 Free float (%) 43.1 3 Average vol. ( 000) 25,059.7 06 06 Net gearing (%) 22.1 06 06 P/B (x) 0.9 06 06 NBV per share (HK$) 2.0 52 52 Weeks high/low (HK$) 2.90/0.92 Est. NAV (HK$) 3.9 Absolute % change in price (1m/3m/1yr) (13.6)/(20.0)/81.0 Relative % change in price (1m/3m/1yr) (13.1)/(20.6)/69.9 Bloomberg06 07 081 1.03 0527% NAV 42%8 63% 915 90 70% 100 NAV 13% NAV 4%3 19% 04 051,748 1,642 NAV8%05 75% NBV95% Holly Tao James Dai

Guotai Junan (HK) 358 4 5 500 37% 34 NAV 3.9505 105% 0570 60% 200530%-40% 60% 5% ROE 3.30 06 07 06-07 0706 07 1442 8 22 06 07 13% 27% 0.2430.309NAV3.9 06 7.8 NAV51%3.3 NAV15%13.610.7 06 07 (1) (2) (3) 67 2006 NAV NAV NAV/share Share of NAV (HK$ m) (HK$) (%) 7,687.7 3.1 78.4 2,810.0 1,325.6 4,135.7 1.7 42.2 1,436.2 2,115.8 3,552.0 1.4 36.2 15 x 322.1 236.3 0.1 2.4 15 x (46.4) 113.2 0.1 1.2 20 x 2005 248.6 396.0 0.2 4.0 8 x (400.5) (2.6) (0.0) (0.0) (210.0) 2,043.0 0.8 20.8 12 x 2006 847.4 0.3 8.6 Share of Market Capital 1,195.6 0.5 12.2 (669.0) (0.3) (6.8) 9,804.5 3.9 100.0

12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 68 2,000 3,003 1,972 3,302 3,363 (1,310) (1,844) (1,154) (2,075) (1,952) 690 1,159 818 1,227 1,411 163 147 162 178 196 (59) (66) (43) (73) (74) (341) (367) (394) (424) (457) (81) (70) (73) (75) (76) 527 932 470 833 1,000 (115) (179) (189) (192) (247) 412 754 281 642 754 334 244 386 456 535 769 998 816 1,097 1,288 (58) (152) (125) (168) (197) 711 845 691 930 1,091 (289) (311) (87) (163) (104) 423 534 604 766 987 50 50 50 50 50 75 273 273 273 273 125 323 302 383 493 0.170 0.215 0.243 0.309 0.398 12 2004A 2005A 2006F 2007F 2008F 656 998 816 1,097 1,288 + 71 69 67 76 84 + (14 ) (122 ) (12 ) (12 ) (12 ) 334 244 386 456 535 (65 ) 394 (270 ) (97 ) 56 (249 ) 10 (217 ) (226 ) (193 ) 734 1,593 770 1,295 1,758 (75 ) (99 ) (150 ) (150 ) (150 ) (703 ) (795 ) (125 ) (145 ) (177 ) (186 ) 441 (418 ) (307 ) (320 ) (963 ) (453 ) (694 ) (602 ) (647 ) 1,276 (644 ) 61 1,217 (288 ) 24 0 0 0 0 (273 ) (346 ) (302 ) (383 ) (493 ) 0 0 (189 ) (192 ) (247 ) 1,028 (990 ) (430 ) 642 (1,028 ) 798 124 (353 ) 1,335 83 2,580 3,385 3,509 3,155 4,490 6 0 0 0 0 3,385 3,509 3,155 4,490 4,574 646 611 694 767 833 29 38 38 38 38 (113) 0 12 24 36 905 1,070 1,123 1,179 1,238 2,357 2,654 2,919 3,065 3,218 2,669 3,047 3,199 3,359 3,527 6,543 7,464 7,984 8,432 8,890 375 153 151 253 258 448 365 394 660 673 163 304 230 443 422 278 224 247 392 410 3,385 3,509 3,155 4,490 4,574 4,789 4,605 4,180 6,242 6,339 2,058 2,050 2,195 2,375 2,344 209 195 221 310 304 1,023 1,154 883 1,374 1,453 47 106 58 107 104 3,338 3,505 3,358 4,166 4,205 2,814 2,133 2,048 3,086 2,829 92 130 88 145 149 2,906 2,263 2,136 3,231 2,978 1,376 1,509 1,596 1,760 1,864 124 124 124 124 124 3,514 4,395 4,676 5,120 5,784 74 273 273 273 273 3,713 4,793 5,074 5,517 6,182 12 2004A 2005A 2006F 2007F 2008F % 34.5 38.6 41.5 37.1 41.9 % 21.1 17.8 30.6 23.2 29.3 EBIT Margin % 26.3 31.0 23.9 25.2 29.7 EBITDA Margin % 35.7 31.5 44.2 35.2 40.5 EBIT% (4.6) (5.2) (2.5) (4.3) (4.1) Gearing % 40.1 14.1 22.1 18.3 10.2 % 0.6 0.5 0.5 0.6 0.5 ROE % 11.9 12.6 12.2 14.5 16.9 ROA % 4.0 4.6 5.0 5.7 6.6 ROCE % 13.4 16.9 12.9 15.6 17.8 11.2 8.8 7.8 6.2 4.8 EV/EBITDA 6.6 5.0 5.4 4.1 3.5 1.3 1.0 0.9 0.9 0.8

Guotai Junan (HK) 0688 HK$4.000 06-07 06 11% 170 3 33% 06-078 16 35% 06 EPS6% 07 EPS11%40% 06 NAV4.8 5.3079.9 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 5,308 1,074 0.171 34.1 23.4 0.060 1.5 11.8 2005A 6,971 1,535 0.240 40.3 16.7 0.070 1.8 14.5 2006F 12,317 2,384 0.372 55.4 10.7 0.090 2.3 19.8 2007F 16,676 3,665 0.538 44.6 7.4 0.150 3.8 22.4 2008F 19,467 3,870 0.537 (0.3) 7.5 0.150 3.8 18.3 Shares in issue (m) 6,398.0 Major shareholder 51.1% Market cap. (HK$ m) 25,591.9 Free float (%) 48.4 3 Average vol.( 000) 33,979.7 06 06 Net gearing (%) 52.9 06 06 P/B (x) 2.0 06 06 NBV per share (HK$) 2.0 52 52 Weeks high/low (HK$) 6.050/1.420 Est. NAV (HK$) 4.8 Absolute % change in price (1m/3m/1yr) (12.6)/(15.8)/174.0 Relative % change in price (1m/3m/1yr) (12.0)/(16.4)/162.9 Bloomberg06 07 081 1.03 8 10707 0806 07 08EPS 69 06 170 0526% 33% 06205 170 06 44 26% 06 06 33% 2 26% 915 70% 1 06-07 1,117 06-07 8 1 5 268 14.5 648 36 05 57% 50% Net gearing6 35% 06 NBV2.04 2.31 ROE19.8%17.2% NAV Holly Tao James Dai

06 EPS 07-08 EPS6%-11% 06 072206 28 07 14 0706 07 EPS5.8% 08 EPS10.6% 0.5380.537 06 NAV 4.8 06 NAV4.8 140% 99%NAV 3 4.77 5.306-07 NAVNAV17%06 10.7125.333% 079.9 NAV (1) 91570% (2) 06 07 06 (sq.m) (%) 07 (sq.m) (%) 70 101,300 100 30,282 100 8,539 100 65,450 50 106,646 75.05 24,614 100 122,159 72 191,850 99.5 B 179,761 100 202,795 100 106,332 100 42,915 100 36,510 100 73,163 100 159,849 79 96,139 79 54,497 100 215,158 100 B 26,241 100 146,998 100 B 55,283 79 2,046,481 62,839 100 1 90,550 50 138,128 100 60,500 100 78,502 99.5 146,024 100 K2 138,680 60 G2 97,627 100 D7-6 139,181 100 184,240 100 213,532 63.2 399,009 100 174,584 100 264,405 100 51,600 100 148,700 100 240,454 100 2,628,554

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 5,308 6,971 12,317 16,676 19,467 (3,459 ) (4,279 ) (7,325 ) (9,429 ) (11,264 ) (372 ) (594 ) (893 ) (1,027 ) (1,019 ) 1,476 2,098 4,099 6,219 7,184 114 244 211 286 334 (161 ) (197 ) (341 ) (461 ) (538 ) (347 ) (434 ) (714 ) (917 ) (1,032 ) 352 50 0 0 0 1,435 2,259 3,255 5,127 5,948 (18 ) (6 ) (6 ) (7 ) (9 ) 17 45 411 353 31 (156 ) (250 ) (430 ) (403 ) (414 ) 1,278 2,048 3,230 5,069 5,556 (202 ) (407 ) (646 ) (1,267 ) (1,389 ) 1,151 1,673 2,584 3,802 4,167 (78 ) (139 ) (199 ) (137 ) (297 ) 1,074 1,535 2,384 3,665 3,870 382 448 577 1,082 1,082 0.171 0.240 0.372 0.538 0.537 0.060 0.070 0.090 0.150 0.150 12 2004A 2005A 2006F 2007F 2008F EBIT 1,435 2,259 3,255 5,127 5,948 164 129 163 189 204 (81 ) (27 ) 405 345 22 (3,330 ) (3,452 ) (6,478 ) (5,064 ) 66 (208 ) 483 (4,561 ) (2,954 ) (1,863 ) (215 ) (284 ) (646 ) (1,267 ) (1,389 ) 1,652 (753 ) 7,466 9,852 3,918 (845 ) (1,658 ) (396 ) 6,228 6,905 (410 ) (256 ) (333 ) (295 ) (314 ) 458 958 (188 ) 40 304 (1,958 ) 702 (521 ) (254 ) (10 ) (174 ) (224 ) (410 ) (543 ) (550 ) 2,226 289 6,000 (700 ) 1,000 (319 ) (447 ) (448 ) (577 ) (1,082 ) (83 ) 1,882 (199 ) (137 ) (297 ) 3,191 1,493 4,943 (1,956 ) (929 ) 388 537 4,026 4,018 5,966 2,183 2,571 3,126 7,152 11,170 2,571 3,126 7,152 11,170 17,136 1,833 1,572 1,572 1,572 1,572 1,197 1,214 1,384 1,490 1,599 179 200 240 288 345 1,298 225 219 212 203 1,666 1,690 2,101 2,454 2,485 6,943 5,858 6,207 6,271 6,085 41 37 91 113 126 9,859 13,610 20,088 25,152 25,086 47 914 914 914 914 1,514 1,000 1,677 1,476 1,467 94 329 362 398 438 205 213 397 532 622 2,618 3,148 7,152 11,170 17,136 14,466 19,284 30,715 39,792 45,830 2,901 2,868 4,561 6,051 6,923 1,984 2,187 4,120 5,602 6,469 154 155 155 155 155 290 341 341 341 341 1,806 1,922 3,933 3,233 3,233 7,318 7,568 13,224 15,519 17,285 6,336 10,489 14,273 16,336 14,642 3,059 3,279 7,268 7,268 8,268 232 278 278 278 278 4,519 6,794 10,782 10,782 11,782 (498 ) (302 ) (103 ) 34 331 637 640 640 721 721 9,434 10,443 12,379 19,006 21,794 10,071 11,083 13,019 19,727 22,515 12 2004A 2005A 2006F 2007F 2008F (%) 27.8 30.1 33.3 37.3 36.9 (%) 27.0 32.4 26.4 30.7 30.6 (%) 21.7 24.0 21.0 22.8 21.4 EBIT (x) 9.2 9.0 7.6 12.7 14.4 Gearing (%) 24.8 41.4 52.9 10.1-15.7 ROE (%) 11.8 14.5 19.8 22.4 18.3 ROA (%) 5.0 6.1 6.5 8.0 7.5 ROCE (%) 12.2 17.6 19.2 26.9 34.6 (x) 23.4 16.7 10.7 7.4 7.5 (x) 2.5 2.3 2.0 1.5 1.3 EV/EBITDA (x) 15.9 10.7 7.5 5.4 4.7 71

1207 HK$1.380 71.6% 05-07 47% 06 074.5 4.9 0.5 NAV 2.10 12 0.77 NAV52% Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 601 90 0.065 (4.3) 21.3 0.034 2.5 9.0 2005A 1,379 301 0.206 216.8 6.7 0.043 3.1 30.5 2006F 2,367 447 0.228 11.1 6.0 0.046 3.3 33.3 2007F 2,752 489 0.250 9.5 5.5 0.050 3.6 17.2 2008F 2,261 395 0.202 (19.2) 6.8 0.040 2.9 9.9 72 Shares in issue (m) 1,846.7 Major shareholder Good Times 48% Market cap. (HK$ m) 2,548.4 Free float (%) 52.0 3 Average vol. ( 000) 14,194.0 06/ 06 Net gearing (%) (0.3) 06 06 P/B (x) 1.3 06 06 NBV per share (HK$) 1.1 52 52 Weeks high/low (HK$) 2.100/0.750 Est. NAV (HK$) 2.7 Absolute % change in price (1m/3m/1yr) (12.1)/(13.8)/70.4 Relative % change in price (1m/3m/1yr) (11.8)/(14.0)/59.0 Bloomberg06 07 081 1.03 2006 6 1 90 70% 06 45 799 47%1,108 37% 139 60% 0671.6% 139 05 97.6% 2006 17 1.2 50%20 0671.6%23.7 06-08 06 300-50006 06 08 25.8% 04-08 Dennis Yao James Dai

Guotai Junan (HK) 06-08 % 06 16.8% 49,151 7.0 340,616 29.4% 36.8% 32,417 45.0 743,970 42.9% 16.0% 20,575 16.0 322,616 25.3% 25.5% 58,418 9 515,948 28.2% 4.9% 100% 173,816 12 2,021,617 33.4% 07 33.8% 100,000 7.6 752,400 32.3% 13.3% 9,700 60.0 296,820 48.8% 3.8% 14,000 12.0 84,000 18.2% 21.1% 30,000 16.0 470,400 25.3% 7.8% 18,000 10.0 172,800 30.5% 20.2% 60,000 17.0 448,800 33.6% 100.0% 171,700 13.0 2,225,220 32.6% 08 46.2% 100,000 7.6 752,400 32.3% 10.6% 18,000 10.0 172,800 30.5% 43.1% 100,000 18.0 702,000 35.4% 100.0% 218,000 7.5 1,627,200 33.4% 2004A 2005A 2006F 2007F 2008F 84.5% 97.6% 85.4% 80.9% 72.0% 0.0% 0.0% 7.6% 6.5% 4.0% 0.1% 0.2% 5.1% 10.9% 21.8% 15.4% 6.8% 1.9% 1.7% 2.3% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 73 05-0747%05-07 47% 06 07 4.47 4.89 06 07 0.2280.25006 06 06 06 2,022 769 38.0% 85.4% 82.8% 180 78 43.1% 7.6% 8.4% 121 66 54.6% 5.1% 7.1% 44 16 37.0% 1.9% 1.8% 2,367 929 39.2% 100.0% 100.0%

NAV 2.74 0.5 NAV 12 2.100.77 NAV52% 1. 2. 74 12 2004A 2005A 2006F 2007F 2008F 601 1,379 2,367 2,752 2,261 (465 ) (951 ) (1,195 ) (1,596 ) (1,342 ) 137 429 1,172 1,156 920 12,978 47,537 70,999 82,560 67,834 (34) (29 ) (49 ) (57 ) (47 ) (50) (72 ) (123 ) (143 ) (118 ) 65 376 929 874 687 (1) (33 ) (104 ) (90 ) (90 ) 52 162 64 190 190 116 505 889 973 787 (24) (131 ) (293 ) (321 ) (260 ) 92 374 595 652 527 90 301 447 489 395 2 73 149 163 132 (HK$) 0.065 0.206 0.228 0.250 0.202 12 2004A 2005A 2006F 2007F 2008F 546 400 913 615 30 (40) (68 ) (104 ) (90 ) (90 ) (48) (87 ) (293 ) (321 ) (260 ) 0 0 (443 ) 287 289 458 245 73 491 (31 ) (30 ) (4 ) (5 ) (5 ) (5 ) (127 ) (295 ) 0 0 0 12 47 0 0 0 0 (288 ) 0 0 0 (244 ) (163 ) 0 0 0 0 153 0 0 0 (498 ) (533 ) (5 ) (5 ) (5 ) 0 22 0 0 0 291 366 0 0 0 0 0 1,560 0 0 186 475 (431 ) 0 0 0 (22 ) (34 ) (33 ) (26 ) (22) (16 ) (89 ) (98 ) (79 ) 454 827 1,006 (130 ) (105 ) 414 540 1,074 355 (142 ) 435 848 1,376 2,450 2,805 848 1,376 2,450 2,805 2,663 12 2004A 2005A 2006F 2007F 2008F 94 124 140 153 163 126 49 49 49 49 124 124 124 124 124 207 525 525 525 525 344 559 559 559 559 207 294 294 294 294 1,103 1,674 1,690 1,703 1,714 846 836 836 836 836 1,294 1,544 1,666 1,309 433 984 1,396 2,450 2,805 2,663 323 633 1,068 1,238 1,022 3,447 4,409 6,021 6,188 4,954 779 831 400 400 400 0 0 1,560 1,560 1,560 253 334 0 0 0 5 4 4 4 4 1,037 1,169 1,964 1,964 1,964 86 20 20 20 20 314 361 619 720 592 115 97 166 193 158 1,712 1,997 2,198 1,607 0 98 465 465 465 465 2,384 3,289 3,615 3,152 1,382 1,129 1,625 2,131 2,775 3,321 12 2004A 2005A 2006F 2007F 2008F 22.7% 31.1% 49.5% 42.0% 40.7% 10.9% 27.3% 39.2% 31.7% 30.4% 15.0% 21.8% 18.9% 17.8% 17.5% ROE 9.0% 24.6% 25.0% 17.2% 9.9% ROA 1.4% 6.2% 12.0% 11.1% 10.3% ROCE 4.8% 21.9% 44.1% 38.5% 24.9% 72.6 11.5 8.9 9.7 7.6 75.2% 73.3% 72.4% 64.8% 50.2% Net Gearing 23.0% 37.2% (0.3% ) (12.6%) (5.5% ) 13.2% 22.7% 30.7% 34.9% 33.9%

Guotai Junan (HK) 2868 HK$2.275 6 20 2.2 NAV50% 6 2022 6 17 28 06 1.9 5 27 17.61 6 5(000608.SZ) 9 70% 30%27500 180 6,500 / 1.0-1.1 08 50% 05 68%70% Net gearing109%139% (688) (604) 75 08 915 06 0706-07 3A-Z Town 4 NAV 4.4 45% NAV48%6 13 3.5 NAV30-50% 2.2 NAV50% Holly Tao

3383 HK$3.90 06 870 06 560 46% 5,600 2006 0.83 NAV 12 4.61.0 NAV Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 2,549 228 1.093 5,779.0 3.8 0.000 0.0 39.4 2005A 5,371 979 0.386 (64.7) 10.5 0.028 0.7 37.4 2006F 9,163 1,501 0.434 12.6 9.2 0.090 2.3 29.7 2007F 10,273 1,677 0.485 11.7 8.3 0.101 2.5 27.4 2008F 11,300 1,846 0.534 10.0 7.5 0.111 2.8 25.6 76 Shares in issue (m) 3,456.3 Major shareholder Top Coast 68.3% Market cap. (HK$ m) 13,479.4 Free float (%) 31.5 3 Average vol. ( 000) 21,292.0 06 06 Net gearing (%) (99.2) 06 06 P/B (x) 2.5 06 06 NBV per share (HK$) 1.6 52 52 Weeks high/low (HK$) 6.950/3.650 Est. NAV (HK$) 4.7 Absolute % change in price (1m/3m/1yr) (20.8)/(25.0)/n.a. Relative % change in price (1m/3m/1yr) (20.5)/(25.2)/n.a. Bloomberg06 07 081 1.03 0554% 35% 3-5 2006 6 1 90 70% 08 50% 06-07 870 05 590 1,00006-08 1,000 06 06 870 061100613006 560 46% 5,60006110 5,600 Dennis Yao James Dai

Guotai Junan (HK) 0653% 06 91.6 06 30-31%0506 07 15 17 53% 12% 06 070.43 0.49 NAV 4.7 0.83 NAV 12 4.601.0 NAV06 10.6 12 2004A 2005A 2006F 2007F 2008F 2,549 5,371 9,163 10,273 11,300 (1,901 ) (3,632 ) (6,371 ) (7,151 ) (7,866 ) 648 1,739 2,793 3,121 3,433 7 54 92 103 113 (188 ) (217 ) (367 ) (411 ) (452 ) (98 ) (99 ) (165 ) (185 ) (203 ) 367 1,468 2,246 2,508 2,759 (17 ) (10 ) (13 ) (12) (12 ) 350 1,458 2,233 2,496 2,747 (119 ) (475 ) (726 ) (811 ) (893 ) 230 983 1,507 1,685 1,854 228 979 1,500 1,677 1,846 3 4 7 7 8 1.093 0.386 0.434 0.485 0.534 12 2004A 2005A 2006F 2007F 2008F 516 659 2,829 2,437 2,016 1,332 758 518 618 318 60 48 51 51 51 70 17 27 27 27 474 772 629 629 629 2,127 1,870 2,858 3,502 749 570 1,101 1,649 1,849 2,034 1,194 562 1,374 1,541 1,695 173 4,205 6,111 7,755 9,759 6,129 9,620 13,578 16,292 15,540 728 4,510 5,611 6,653 7,794 77 12 2004A 2005A 2006F 2007F 2008F 367 1,468 2,246 2,508 2,759 13 12 56 59 62 (261 ) 465 227 (662 ) (521 ) 746 (1,144 ) (33 ) 83 83 864 801 2,496 1,988 2,383 (9 ) (31 ) (300 ) (20) (20 ) 0 0 0 0 0 413 921 (300 ) (20) (20 ) IPO 0 3,346 0 0 0 (602 ) (131 ) 0 0 0 0 (391 ) (300 ) (335 ) (369 ) (1,198 ) 2,313 (289 ) (325 ) (359 ) 79 4,035 1,906 1,643 2,004 94 173 4,205 6,111 7,755 173 4,205 6,111 7,755 9,759 1,098 778 700 700 700 65 312 163 163 163 3,899 3,472 5,352 7,024 5,131 319 508 400 400 400 5,401 5,110 6,656 8,328 6,435 12 2004A 2005A 2006F 2007F 2008F ROE 39.4% 37.4% 29.7% 27.4% 25.6% ROA 3.8% 12.5% 13.0% 11.3% 11.6% 25.4% 32.4% 30.5% 30.4% 30.4% 14.4% 27.3% 24.5% 24.4% 24.4% 8.9% 18.2% 16.4% 16.3% 16.3% 88.1% 53.1% 49.0% 51.1% 41.4% 21.4 148.7 171.1 207.2 228.0

James Dai 2005 (1)2005 14.5% 12.8% 23.3% (2)2005 05 2005 Yoy Yoy Yoy EPS Yoy (%) (%) (%) (%) (%) 2628 98,212 27.9 9,306 29.8 16,435 64.0 3.8 0.348 559,219 29.0 2318 64,590 2.2 4,226 35.6 10,020 41.2 4.0 0.682 319,706 20.9 2328 62,332 0.5 1,130 730.6 837 159.1 2.2 0.100 93,380 2.9 0966 8,993 18.8 (434 ) n.a. 855 86.0 4.2 (0.324 ) 27,334 65.1 78 A QDII A 103.3% 05 A 5-10%10% 0.4-0.8%4277 0.5% 8% A10% 7% 4 10 9% 2 9% 0.1 5% 5% 7.7 12 6 0.5 24% 5% 3 7% 9 12% 3 08 0.5 11% 50 12.7 50 4 3

Guotai Junan (HK) 15% 2005 283 2.0%147.2 5.6% 40-54 GDP8% 15% 042.6%20058.9% 1 5 5.0% 05 7%051.6% 44% 06-07 5 25.2% 28.9% 131.1%13.6% 2005 04 17.1% 0518.9% 0436.6% 0532.0% 3.1 4.8 79 2005 1Q2006 1-5M2006 2005 1Q2006 1-5M2006 3,646.2 1,215.0 1,845.3 1,281.1 386.5 631.3 (yoy %) 14.2 8.1 13.6 (yoy %) 13.9 9.6 10.8 1,606.8 637.2 907.6 659.4 190.6 305.0 (yoy %) 7.3 31.7 28.9 (yoy %) 0.9 1.3 0.7 (%) 44.1 52.4 49.2 51.5% 49.3% 48.3% 588.5 171.6 305.0 126.7 39.9 64.2 (yoy %) 7.2 17.2 25.2 (yoy %) 19.1 28.5 26.4 (%) 16.1 14.1 16.5 9.9% 10.3% 10.2% 78.5 36.0 52.6 13.9 4.5 7.5 (yoy %) 20.9 152.4 131.1 (yoy %) 50.1 36.4 36.1 (%) 2.2 3.0 2.8 1.1% 1.2% 1.2% 324.4 64.0 92.7 16.8 5.0 8.7 (yoy %) 284.6 (71.6) (62.1) (yoy %) 23.5 30.4 30.3 (%) 8.9 5.3 5.0 1.3% 1.3% 1.4% 5 7-8% 2005 94 0.7% 47.1 1.79% 7-8% 8

2004 (2328) 200551.5%5 48.3% 2006 6 23 Price 05 ROE 05 ROA 05 P/E 06 P/E 07 P/E 05 P/B (%) (%) 80 PING AN 21.200 31.2 24.9 20.7 4.0 13.8 1.5 CHINA LIFE 10.900 31.1 23.6 19.6 3.6 12.7 1.9 CIGNA 94.150 7.4 11.6 10.5 2.1 30.8 2.6 GREAT-WEST 27.860 14.3 13.1 11.6 2.8 20.7 1.0 LINCOLN NATL 54.990 11.5 11.5 10.3 1.5 13.2 0.7 MANULIFE 34.580 16.8 14.1 12.4 2.3 14.2 1.1 PRINCIPAL 53.020 16.9 15.9 14.4 2.0 11.9 0.8 SUN LIFE 43.610 13.9 12.3 11.0 1.7 12.7 1.1 AIG 59.260 14.7 10.8 9.7 1.7 12.6 1.3 INSURANCE AUSTRALIA 5.360 11.7 10.9 13.2 2.6 23.2 4.6 CATHAY LIFE 59.500 36.4 n.a. n.a. 4.4 12.2 1.0 18.7 14.9 13.3 2.6 16.2 1.6 PICC 2.575 25.8 14.1 12.7 1.7 6.8 1.2 MITSUI SUMITOMO 1,386 30.5 29.9 n.a. 1.0 3.8 0.9 SOMPO JAPAN 1,564 22.7 24.9 n.a. 1.1 5.8 1.2 SAMSUNG FIRE 122,000 20.0 15.0 12.6 1.9 9.7 2.0 WR BERKLEY 31.950 11.2 9.9 9.3 2.3 23.3 4.3 CHUBB 49.290 10.7 10.2 10.2 1.6 16.2 4.0 INSURANCE AUSTRA 5.360 11.7 10.9 13.2 2.6 23.2 4.6 PROGRESSIVE 25.720 14.5 12.9 14.1 3.2 24.8 7.7 MILLEA HOLDINGS 2,030,000 24.9 n.a. n.a. 1.4 5.9 5.9 19.1 16.0 12.0 1.9 13.3 3.5 bloomberg 3 1.615% 3 2006 6 23 06 DPS 06 yield 06 ROE (HK$) 06 P/E 07 P/E 08 P/E 06 P/B (HK$) (%) (%) (HK$) (%) 2628 10.900 22.9 21.0 16.5 3.3 0.068 0.6 15.4 10.1 (7.9) 2318 21.200 24.7 20.4 16.9 3.8 0.194 0.9 16.0 22.3 5.1 2328 2.575 12.4 15.6 15.9 1.6 0.031 1.2 13.5 2.7 6.2 0966 4.800 41.4 21.8 14.3 2.8 0.029 0.6 6.4 6.0 20.4 23.0 20.5 16.6 3.3 0.102 0.7 15.3 n.a. (0.9) Bloomberg06 071 1.03

Guotai Junan (HK) 0966 HK$4.80 06 20% 3,200 0506 07 08 6.0 2/3 5.4 NAV10%0724.4 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 7,308 (23) (0.017) n.a. n.a. 0.000 0.0 (0.9) 2005A 8,612 (434) (0.324) n.a. n.a. 0.000 0.0 (16.8) 2006F 11,793 156 0.116 n.a. 41.4 0.029 0.6 6.4 2007F 14,548 297 0.221 90.1 21.8 0.055 1.2 12.0 2008F 17,600 450 0.334 51.7 14.3 0.084 1.8 16.2 Shares in issue (m) 1,338.9 Major shareholder 54.3% Market cap. (HK$ m) 6,426.5 Free float (%) 36.3 3 Average vol. ( 000) 3,500.8 06 06 Net gearing (%) n.a. 06 06 P/B (x) 2.8 06 06 NBV per share (HK$) 1.7 52 52 Weeks high/low (HK$) 5.450/2.425 Est. NAV (HK$) 6.0 Absolute % change in price (1m/3m/1yr) 9.7/20.8/68.4 Relative % change in price (1m/3m/1yr) 10.3/20.2/57.3 81 Bloomberg06 07 081 1.03 06 2005 15%2.65 3,600 96% 874 2004 97.2% 200599.2% 99 04 06 07 97%06 3,200 065 131% 52.5 0571% 5 05 44%10.2%200511.8% 04 9,37405 18,413 3,10004 110215 77% 10.9 3.204 3.3 19-20% 08 05 20% James Dai

40.0% 065 7.5 36.1%10.8% 1.2%11 06100% 05A05 058.5, 86% 4.2% 04 39 5.9%04 043.1% 054.3% A 05 06 07 0805 06 1.6 061.6 0.1207 08 20-30% 07 3.0 084.50.220.34 6.0 2/312 06 1.581 6.0 50.5%54.2 2/3 25 82 05 064.80 07 21.806 2.85.4 NAV10%0724.5063.1 12.5% 12 2004A 2005A 2006F 2007F 2008F 7,308 8,612 11,793 14,548 17,600 7,091 8,344 11,203 13,700 16,466 (49) (126) (9) (9) (10) 7,041 8,218 11,194 13,691 16,456 460 855 1,497 1,692 2,147 38 15 15 15 15 7,572 8,993 12,674 15,363 18,582 (1,007) (1,423) (2,003) (2,133) (2,528) (652) (809) (1,052) (1,259) (1,486) (679) (1,180) (1,354) (1,576) (1,804) (28) (250) 0 0 0 (5,326) (5,785) (7,972) (9,790) (11,843) (121) (454) 293 606 921 (36) (49) 2 6 11 (85) (129) (137) (131) (134) (242) (631) 157 480 797 52 36 (12) (44) (77) (189) (595) 145 436 721 166 162 11 (140) (271) (23) (434) 156 297 450 0 0 39 74 113 12 2004A 2005A 2006F 2007F 2008F 16,555 27,334 33,374 44,328 56,811 501 551 567 584 608 352 315 317 322 333 14,762 25,627 31,759 42,635 55,112 13,916 23,911 30,120 40,690 52,542 467 591 329 338 348 9,390 15,454 23,194 32,974 44,808 2,642 2,507 2,349 2,593 2,954 67 67 67 67 67 2,576 2,440 2,283 2,526 2,887 12 2004A 2005A 2006F 2007F 2008F EPS (0.017) (0.324) 0.116 0.221 0.334 EPS YOY % (116.3) 1,793.0 (135.8) 90.1 51.7 DPS 0.000 0.000 0.029 0.055 0.084 bvps 1.970 1.642 1.741 1.922 2.191 P/E(X) n.a. (14.8) 41.4 21.8 14.3 P/B(X) 2.4 2.9 2.8 2.5 2.2 yield (%) 0.0 0.0 0.6 1.2 1.8 ROE (%) (0.9) (16.8) 6.4 12.0 16.2

Guotai Junan (HK) 2318 HK$21.20 06 3-4 06 556 22.00625.618 25.0 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 63,193 3,117 0.560 19.2 40.1 0.140 0.6 15.1 2005A 64,590 4,226 0.682 21.8 32.3 0.000 0.0 13.8 2006F 72,797 5,485 0.885 29.8 24.7 0.200 0.9 16.0 2007F 78,312 6,629 1.070 20.9 20.4 0.266 1.2 17.5 2008F 85,763 8,012 1.293 20.9 16.9 0.321 1.5 18.5 Shares in issue (m) 6,195.1 Major shareholder HSBC 19.9% Market cap. (HK$ m) 131,335.1 Free float (%) 41.3 3 Average vol. ( 000) 9,753.2 06 06 Net gearing (%) n.a. 06 06 P/B (x) 3.8 06 06 NBV per share (HK$) 5.5 52 52 Weeks high/low (HK$) 24.200/12.150 06 Est. AVPS (HK$) 22.3 Absolute % change in price (1m/3m/1yr) (2.1)/9.0/70.3 Relative % change in price (1m/3m/1yr) (1.5)/8.4/59.2 Bloomberg06 07 081 1.03 83 5.3 78.7% 6.5% 81 06 87 8% 06 7% 83% 03-05 100% 80% 60% 40% 20% 9,864 10,562 34,616 8,114 7,054 1,133 5,836 35,949 38.776 14,000 12,000 10,000 8,000 6,000 4,000 2,000 151 3,351 4,589 373 3,545 6,232 535 4,044 7,497 0% 2003A 2004A 2005A 0 2003A 2004A 2005A James Dai

84 05 19% 120.8 0497.2% 95.3% 4.2 94% 1-5 64.2 26.4% 10.2%05 0.3 06 3-4 20042,01122% 2005 2,467 06 05 164% 152 2.7% 5.8% A 20% 4.7% 054.0% 0636% 13107 250 (%) 0 10 20 30 40 50 60 70 80 0 1 2 3 4 5 6 7 68.5 5.80 5.30 5.00 4.80 4.70 53.3 45.3 40.0 42.0 145 128% 06 07 6% 3% 60% 06 55 505 42.304 36% 2006 30%55 0.89

Guotai Junan (HK) EVPS 8.86 17.0 AVPS 22.32 05 EPS 0.07 PER 10.00 0.68 RMB 23.0 HK$ 22.3 A2006 8.6 1 0.76 17.0200622.3 6 22.006 25.6062.518 25.007 24.1 2006 12 2004A 2005A 2006F 2007F 2008F 60,033 59,021 63,543 68,400 73,515 (4,122 ) (4,241 ) (5,082 ) (5,349 ) (5,672 ) 55,911 54,780 58,461 63,050 67,843 (1,191 ) (1,581 ) (950 ) (939 ) (819 ) 54,720 53,199 57,512 62,112 67,024 1,376 1,371 1,636 1,691 1,810 7,097 10,020 13,649 14,509 16,929 63,193 64,590 72,797 78,312 85,763 2,261 3,830 4,253 2,965 3,187 (16,465 ) (20,646 ) (25,262 ) (26,380 ) (29,060 ) (33,872 ) (29,557 ) (30,909 ) (32,700 ) (35,004 ) (5,255 ) (5,928 ) (6,453 ) (5,720 ) (6,152 ) (5,922 ) (7,090 ) (7,481 ) (7,972 ) (8,397 ) (106 ) (209 ) (168 ) (183 ) (196 ) (59,445 ) (59,778 ) (66,495 ) (70,642 ) (76,474 ) 3,748 4,812 6,302 7,670 9,289 (601 ) (547 ) (767 ) (980 ) (1,204 ) 3,147 4,265 5,535 6,690 8,085 (30 ) (39 ) (51 ) (61) (74 ) 3,117 4,226 5,485 6,629 8,012 867 0 1,239 1,645 1,989 12 2004A 2005A 2006F 2007F 2008F 201,125 246,748 291,343 334,025 377,682 12,903 15,898 21,076 28,255 37,549 264,439 319,706 357,478 410,859 468,799 28,197 32,996 35,396 40,379 46,402 193,770 223,538 254,447 287,147 322,151 12,903 15,898 21,076 28,255 37,549 235,812 286,184 321,506 369,842 421,686 12 2004A 2005A 2006F 2007F 2008F (%) 126.9 142.1 153.7 173.6 195.5 123.1 140.7 n.a. n.a. n.a. 158.7 153.4 n.a. n.a. n.a. EPS (RMB) 0.560 0.682 0.885 1.070 1.293 BVPS (RMB) 4.552 5.326 5.714 6.518 7.490 EVPS (RMB) 6.094 7.659 8.857 9.751 11.100 AVPS (RMB) 17.866 20.560 22.325 22.818 23.287 DPS (RMB) 0.140 0.000 0.200 0.266 0.321 P/E (X) 40.1 32.3 24.7 20.4 16.9 P/B (X) 4.9 4.1 3.8 3.4 2.9 P/EV (X) 3.7 2.9 2.5 2.2 2.0 P/AV (X) 1.3 1.1 1.0 1.0 0.9 YIELD (%) 0.6 0.0 0.9 1.2 1.5 85

2328 HK$2.575 548.3% 05 A 2.7 06 3.1 0614.9061.9 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 62,003 134 0.012 (90.8) 227.0 0.000 0.0 0.8 2005A 62,332 1,113 0.100 730.6 26.8 0.072 2.8 6.7 2006F 65,449 2,388 0.214 114.6 12.4 0.032 1.2 13.5 2007F 68,721 1,899 0.170 (20.5) 15.6 0.026 1.0 9.8 2008F 72,157 1,862 0.167 (2.0) 15.9 0.025 1.0 8.9 86 Shares in issue (m) 11,141.8 Major shareholder 69.0% Market cap. (HK$ m) 28,690.1 Free float (%) 31.0 3 Average vol. ( 000) 14,244.9 06 06 Net gearing (%) n.a. 06 06 P/B (x) 1.6 06 06 NBV per share (HK$) 1.6 52 52 Weeks high/low (HK$) 3.525/1.71 Est. NAV (HK$) 2.7 Absolute % change in price (1m/3m/1yr) 5.1/4.0/29.4 Relative % change in price (1m/3m/1yr) 5.7/3.5/18.3 Bloomberg06 07 081 1.03 548.3% 065 305 0.7% 05 3.2 49% 06 7 1 1.3 35%40-50% 0506 05 73% 96.5% 0499.1% 17.7 A A06 5 A 1,1616 23 38% 0528.4 5.4% 06 061,600 32%5.0% 8 05 2.9% James Dai

Guotai Junan (HK) 05 05 04 10.9% 5.4%0434.3% 05 41.3% A 052.45 3.540% 70%6 0.63.530% 6.5 2.706-08 182.7 07 2006 2006 23.9 0.214 2006 06 12.4 3.10614.9 1.9 12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 87 62,003 62,332 65,449 68,721 72,157 50,628 49,802 51,181 53,293 55,957 (39,015 ) (36,335 ) (37,272 ) (39,221 ) (41,497 ) (3,560 ) (4,792 ) (4,974 ) (5,231 ) (5,547 ) (7,054 ) (6,372 ) (6,751 ) (6,983 ) (7,214 ) 436 1,766 1,661 1,308 1,122 1,326 1,478 1,558 1,573 1,614 (988 ) (336 ) 1,114 592 643 (15 ) (305 ) (229 ) (172 ) (129 ) 395 2,203 3,764 2,954 2,902 (261 ) (1,090 ) (1,376 ) (1,054 ) (1,040 ) 134 1,113 2,388 1,899 1,862 51,125 51,810 52,272 53,453 55,414 11,914 12,332 11,909 11,663 11,421 27,718 29,238 29,116 30,270 31,398 90,757 93,380 93,297 95,386 98,233 52,620 54,533 55,176 56,987 59,398 8,786 8,449 8,618 8,790 8,966 11,198 11,562 10,915 9,505 8,183 72,604 74,544 74,709 75,282 76,547 16,153 16,836 18,588 20,103 21,687 12 2004A 2005A 2006F 2007F 2008F (%) 12.8 0.5 5.0 5.0 5.0 (%) 25.3 (1.6 ) 2.8 4.1 5.0 (%) (70.9 ) 305.0 (6.0 ) (21.2 ) (14.2 ) 12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F (%) 77.1 73.0 72.8 73.6 74.2 (%) 22.1 23.5 23.2 22.8 22.5 (%) 99.1 96.5 96.1 96.4 96.6 338 1,142 2,672 2,165 2,257 51,125 51,810 52,272 53,453 55,414 49,275 51,468 52,041 52,862 54,434 (%) 0.7 2.2 5.1 4.1 4.1 EPS (RMB) 0.012 0.100 0.214 0.170 0.167 yoy (%) (90.8 ) 730.6 114.6 (20.5 ) (2.0 ) DPS (RMB) 0.0 0.1 0.0 0.0 0.0 (%) 0.8 6.7 13.5 9.8 8.9 (RMB) 1.4 1.5 1.7 1.8 1.9 P/E (X) 227.0 26.8 12.4 15.6 15.9 P/B (X) 1.9 1.8 1.6 1.5 1.4

2628 HK$10.90 06 11% 20% A 06 131 0.49 6 11.40624.01814.0 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 76,806 7,171 0.268 (5.9) 43.1 0.000 0.0 11.1 2005A 98,212 9,306 0.348 29.8 32.6 0.050 0.4 12.7 2006F 119,259 13,125 0.490 41.0 22.9 0.071 0.6 15.9 2007F 132,501 14,329 0.535 9.2 21.0 0.077 0.7 16.7 2008F 150,948 18,164 0.679 26.8 16.5 0.098 0.9 20.3 88 Shares in issue (m) 26,764.7 Major shareholder 72.2% Market cap. (HK$ m) 291,735.3 Free float (%) 27.8 3 Average vol. ( 000) 109,049.2 06 06 Net gearing (%) n.a. 06 06 P/B (x) 3.3 06 06 NBV per share (HK$) 3.3 52 52 Weeks high/low (HK$) 13.05/5.15 Est. AVPS (HK$) 10.1 Absolute % change in price (1m/3m/1yr) (2.7)/13.5/105.7 Relative % change in price (1m/3m/1yr) (2.1)/13.0/94.6 Bloomberg06 07 081 1.03 0504 86% 91% 05 204 1% 05 21.9% 060511% 06 16% 92 2005 2002-2005 1.6% 12.5% 40,000 35,000 30,000 22,576 21,071 25,000 13,250 17,012 20,000 6,900 8,714 11,112 12,546 15,000 10,000 5,000 9,992 8,325 6,066 7,439 12,565 7,630 11,061 9,364 85.9% 0 1H2002 2H2002 1H2003 2H2003 1H2004 2H2004 1H2005 2H2005 James Dai

Guotai Junan (HK) 20% 10%06 15% 86 0.32 20% 051 15% 75 0.28 2 19% A2005 12 3958.0% 10% 3010 9% 10% 3% A 103.3% 055%1 9%7% A 064.6%06 20%40620% 1,400 06 131 0444% 05 48% 89 06 131 06 06-0711% A06-07 41% 9% 131 143 0.490.54 2005A 2006F 70,143 83,361 (VIF) 37,164 43,811 (Unwind of VIF) 5,135 5,038 7,490 8,429 43,811 43,127 (EMBEDDED VALUE) 113,954 126,488 7,490 8,429 19.9 19.9 148,727 154,734 (APPRAISAL VALUE) 254,481 279,397 (AVPS,RMB) 9.5 10.4 (hk$) 9.2 10.1 (EVPS,RMB) 4.3 4.7 (hk$) 4.1 4.6

3 20-30% 06 4.7 05 10% 06 18405 13%19.9 10.410.1 611.4 063.40624.0 ROE10% 10% 18 14.0073.70726.0 90 12 2004A 2005A 2006F 2007F 2008F 88,737 85,946 92,414 99,004 105,901 65,008 80,038 92,353 105,004 118,077 11,317 16,685 25,434 26,136 31,505 (237 ) (510 ) (180 ) (208 ) (125 ) (1,061 ) 260 0 0 0 1,779 1,739 1,652 1,569 1,491 76,806 98,212 119,259 132,501 150,948 (42,299 ) (54,029 ) (64,926 ) (73,152 ) (82,445 ) (616 ) (973 ) (1,073 ) (1,279 ) (1,500 ) (7,793 ) (8,521 ) (9,512 ) (9,975 ) (10,627 ) (2,048 ) (5,359 ) (7,538 ) (8,369 ) (9,136 ) (6,263 ) (7,766 ) (8,885 ) (10,548 ) (12,442 ) (1,472 ) (1,845 ) (2,113 ) (2,402 ) (2,714 ) (6,585 ) (7,237 ) (7,711 ) (8,273 ) (8,606 ) (67,303 ) (86,702 ) (102,862 ) (115,212 ) (128,800 ) ) 9,503 11,510 16,396 17,289 22,149 (2,280 ) (2,145 ) (3,188 ) (2,869 ) (3,869 ) ) 7,223 9,365 13,208 14,420 18,279 ) 7,171 9,306 13,125 14,329 18,164 12 2004A 2005A 2006F 2007F 2008F 374,890 494,356 593,566 711,654 842,535 150,234 255,554 344,268 441,226 539,222 17,271 39,548 47,485 56,932 67,403 175,498 164,869 164,529 175,912 182,988 279 0 1,074 2,353 3,770 27,217 28,051 29,678 28,466 42,127 58,781 64,863 77,177 86,927 99,763 433,671 559,219 670,743 798,581 942,298 117,301 159,287 210,820 268,047 331,808 191,885 237,001 285,512 337,483 393,074 66,530 80,378 84,989 86,741 92,314 433,671 559,219 670,743 798,581 942,298 433,671 559,219 670,743 798,581 942,298 (367,141 ) (478,841 ) (585,754 ) (711,840 ) (849,984 ) 54,456 80,378 84,989 86,741 92,314 37,192 60,533 60,220 56,891 56,957 % 315.4 405.0 343.1 290.6 261.1 12 2004A 2005A 2006F 2007F 2008F 327,069 434,623 543,961 652,610 777,095 3.5% 3.8% 4.7% 4.0% 4.1% 3.1% 3.8% 4.6% 4.0% 4.0% 12 (%) 2004A 2005A 2006F 2007F 2008F 29.9 1.6 11.1 9.0 8.8 1.5 (3.1 ) 7.5 7.1 7.0 35.8 27.0 17.4 15.6 13.9 22.4 29.8 41.0 9.2 26.8 12 2004A 2005A 2006F 2007F 2008F EPS (RMB) 0.268 0.348 0.490 0.535 0.679 BVPS (RMB) 2.601 2.948 3.439 3.974 4.652 EVPS (RMB) 3.345 4.258 4.726 5.110 5.564 AVPS (RMB) 8.219 9.659 10.439 11.384 12.379 DPS (RMB) 0.000 0.050 0.071 0.077 0.098 P/E (X) 43.1 32.6 22.9 21.0 16.5 P/B (X) 4.4 3.8 3.3 2.8 2.4 P/EV (X) 3.5 2.7 2.4 2.2 2.0 P/AV (X) 1.4 1.2 1.1 1.0 0.9 YIELD (%) 0.0 0.4 0.6 0.7 0.9

Guotai Junan (HK) 91 Alan Lam 2006 2006 (0670) (1055) 06 12.2% 22.7%(1110) (0293)(0753)2.80 77.6% (0753) 05 20.2% (0694) (0696) 26.1% 18.9% 06 21.0% 6.3% 16.3% 4.9% 2006 1 231 4 28 63 30%-40% (0670) 11.5% (0293) 2 22 352 2902006-2010 2006-1020% 14% 07 09 100 2010 2005 64% 150 0615.3% 6,02021.0% 86.066 23 18% 5%-10% 4 50% 06 3.2%0.3%

92 06235% 630% 15%-70% 306-08 12.9 9.3 5.96.48.09.5 06 07 06-08 23% 26% 23% 82.282.2% 100% 25% 7 060.8% 2-3 305 2006 07 19.0 56.406 06 EV/EBITDA13.906 P/BV 1.20P/BV02-03 2006 06 06

Guotai Junan (HK) 06941 3 08 06 0717.0 14.713.5% 12 6% 5.10 6% 5.50 (0753) A 06 0713.7 18.406 P/BV 1.19 P/BV 62.8006 P/BV 1.1 (1110) 07 08 38.126.006 P/BV 1.6 2% (0694) 068.4 06 P/BV 1.14 03 6 12.5% 1.1006 P/BV 1.1 93 80% 18% 50 A3202652009-10 06 P/BV 0.91 6 21% 1.5006 P/BV 0.8

06 07 08 06 EV/EBITDA 06 P/B 06 (HK$) X X X X X (RMB) % 0670 1.080 n.a. n.a. 20.6 6.3 1.1 0.000 0.0 0753 2.975 13.7 18.4 13.1 8.1 1.2 0.023 0.8 1055 1.720 n.a. n.a. n.a. 13.6 0.9 0.000 0.0 1110 2.700 3.1 38.1 26.0 37.0 1.6 0.129 4.8 19.0 56.4 19.8 13.9 1.2 1.3 0357 3.750 n.a. 11.7 11.0 9.0 7.2 1.1 0.106 2.8 0694 4.475 17.0 14.7 11.9 8.4 2.0 0.117 2.6 0696 8.500 n.a. 15.0 13.3 11.8 6.2 2.0 0.243 2.9 16.1 14.1 11.7 7.7 1.9 2.7 17.8 27.5 15.9 11.8 1.5 1.8 Bloomberg06 07 081 1.03 (0670) Turnover EBITDA Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 94 2004A 21,387 3,533 321 0.066 n.a. 17.4 0.020 1.7 4.8 2005A 27,454 3,951 (467) (0.096) n.a. n.a. 0.000 0.0 (7.3) 2006F 33,793 5,370 (877) (0.180) 87.6 n.a. 0.000 0.0 (16.2) 2007F 36,689 7,073 (371) (0.076) (57.7) n.a. 0.000 0.0 (8.3) 2008F 42,016 8,590 263 0.054 n.a. 20.6 0.020 1.8 6.5 Shares in issue (m) 4,867.0 Major shareholder 61.6% Market cap. (HK$ m) 5,256.3 Free float (%) 38.4% 3 Average vol. ( 000) 9,815.8 06/ 06 Net gearing (%) 843.4 /06 06 P/B (x) 1.1 06 06 NBV per share (HK$) 1.0 52/ 52 Weeks high/low (HK$) 1.440/0.950 06 06 Return on assets (%) (1.4) Absolute % change in price (1m/3m/1yr) (3.6)/(15.6)/(22.3) Relative % change in price (1m/3m/1yr) (3.2)/(15.9)/(33.7) : 06 6 231.08 (1055) Turnover EBITDA Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 23,974 3,322 (48) (0.011) (86.6) n.a. 0.000 0.0 (0.4) 2005A 38,293 3,135 (1,848) (0.422) 3750.0 n.a. 0.000 0.0 (16.9) 2006F 43,335 3,669 (1,471) (0.336) (20.4) n.a. 0.000 0.0 (15.9) 2007F 48,640 5,674 (532) (0.122) (63.9) n.a. 0.000 0.0 (6.4) 2008F 54,895 6,945 (233) (0.053) (56.2) n.a. 0.020 1.1 (3.0) Shares in issue (m) 4,374.2 Major shareholder 50.3% Market cap. (HK$ m) 7,523.6 Free float (%) 49.7% 3 Average vol. ( 000) 7,113.0 06/ 06 Net gearing (%) 414.7 06 06 P/B (x) 0.9 06 06 NBV per share (HK$) 1.9 52 52 Weeks high/low (HK$) 2.700/1.650 06 06 Return on assets (%) (1.9) Absolute % change in price (1m/3m/1yr) (14.0)/(24.4)/(34.5) Relative % change in price (1m/3m/1yr) (13.6)/(24.6)/(45.9) : 06 6 231.72

Guotai Junan (HK) 0694 HK$4.475 125.105.50 Net revenue Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 3,036 749 0.195 87.3 24.3 0.090 1.9 10.1 2005A 2,984 909 0.236 21.2 19.7 0.113 2.4 11.5 2006F 3,180 1,044 0.271 14.9 17.0 0.120 2.6 12.3 2007F 3,677 1,204 0.313 15.4 14.7 0.130 2.8 13.2 2008F 4,736 1,484 0.386 23.2 11.9 0.174 3.8 14.9 Shares in issue (m) 3,846.2 Major shareholder 65.0% Market cap. (HK$ m) 17,211.6 Free float (%) 25.0 3 Average vol. ( 000) 6,200.8 06 06 Net gearing (%) 06 06 P/B (x) 2.0 06 06 NBV per share (HK$) 2.2 52 52 Weeks high/low (HK$) 5.650/2.925 Est. NAV (HK$) 5.2 Absolute % change in price (1m/3m/1yr) (5.3)/6.5/49.2 Relative % change in price (1m/3m/1yr) (4.9)/6.3/37.8 Bloomberg06 07 081 1.03 1 5(0694) 1-5 21.0% 1,85919.6% 35.63 10.2% 14.82 95 2 22 06 16.2% 12.5% 06 11.3%(0753) (0293) 12 31 5400 05-08 14.3% 1 10% 1,1002 08 Alan Lam

05 4.40 12.1%04 36.6% 05 43.6% 60% 60% 07 190 20 40 5 2 10% AH1.8% 96 125.10 06 07 17.014.7062.6 5.1713.5% 5 18% 12 6% 5.100716.8 06 6% 5.5007 12 2005A 2006F 2007F 2008F 12 2005A 2006F 2007F 2008F 2,984 3,180 3,677 4,736 1,318 1,562 1,787 2,399 0 0 0 0 25 (10) (21) (188) 0 0 0 0 1,342 1,553 1,766 2,210 (427) (509) (562) (726) 916 1,044 1,204 1,484 (7) 0 0 0 909 1,044 1,204 1,484 0.236 0.271 0.313 0.386 (%) 21.2 14.9 15.4 23.2 12 2005A 2006F 2007F 2008F 1,966 1,813 2,191 3,001 (7) (10) (21) (188) (365) (443) (473) (550) (10) 0 0 0 0 0 0 0 (381) (452) (494) (739) (329) (509) (562) (726) (1,929) (117) (3,400) (3,900) 0 0 0 0 (48) 49 0 0 (1,978) (68) (3,400) (3,900) 0 0 0 0 50 250 1,250 3,000 (1) 0 0 0 49 250 1,250 3,000 (673) 1,033 (1,015) 636 1,330 657 1,690 675 657 1,690 675 1,311 8,512 8,108 10,968 14,122 0 0 0 0 52 3 3 3 15 1 1 1 1,627 1,199 1,286 1,609 657 1,690 675 1,311 0 0 0 0 10,862 11,001 12,932 17,047 1,391 670 614 775 800 750 750 750 401 411 416 436 0 300 1,550 4,550 79 79 79 79 2,671 2,209 3,408 6,589 3 3 3 3 8,188 8,789 9,521 10,454 3,846 3,846 3,846 3,846 4,342 4,943 5,674 6,608 8,188 8,789 9,521 10,454 2.13 2.29 2.48 2.72 12 2005A 2006F 2007F 2008F (%) 44.2 49.1 48.6 50.6 (%) 30.4 32.8 32.8 31.3 (%) 8.8 9.5 10.1 9.9 (%) 11.5 12.3 13.2 14.9 (%) 47.8 44.2 41.5 40.0 (%) 1.8 17.8 39.9 167.1 161.9 84.9 12.7 0.9 1.6 1.1 1.5 0.9 1.6 1.1 1.5 125.3 114.0 77.9 69.7

Guotai Junan (HK) A 0753 HK$2.975 A 06-07 62.80 Turnover EBITDA Net profit EPS* EPS PER EV/EBITDA DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB m) (RMB) ( %) (x) (x) (RMB) (%) (%) 2004A 33,521 7,949 2,386 0.355 1347.5 8.9 7.6 0.000 0.0 20.4 2005A 38,291 8,186 2,406 0.255 (28.2) 12.1 7.4 0.024 0.8 13.1 2006F 43,735 7,387 2,412 0.224 (12.1) 13.7 8.1 0.024 0.8 8.9 2007F 48,576 8,271 2,216 0.166 (25.8) 18.4 7.5 0.025 0.8 6.3 2008F 54,360 10,129 3,108 0.233 40.2 13.1 6.6 0.035 1.1 8.3 Shares in issue (m) 9,433.2 Major shareholder 65.8% Market cap. (HK$ m) 28,063.8 Free float (%) 24.2% 3 Average vol. ( 000) 19,840.7 06 06 Net gearing (%)* 103.1 06 06 P/B (x) 1.2 06 06 NBV per share (HK$)* 2.5 52 52 Weeks high/low (HK$) 3.675/2.250 06 06 Return on assets (%)* 2.8 Absolute % change in price (1m/3m/1yr) (4.0)/2.6/11.2 Relative % change in price (1m/3m/1yr) (3.7)/2.3/(0.2) * 06 A Bloomberg06 07 081 1.03 97 17.5%(0753) (0293) 53.91 (0019) (0267) 10.16%40.7 11.79 10% 20% 32.27 7.34% (1110)17.5% 29.2 15 428 63 11.79 11%A 06 07-08 13%-15% Alan Lam

98 AA 27 80 320.2% 20 A320-200 15 787 10 737-80006 1.7 1.0 07-08 10%-12% 06-08 23%-26%1 21%06 15.3% 12 05 12.4% 06 30%1.3 06 06 0710% 065,421 0512.8%06-08 23% 26% 23% 6 2.80 06 0713.7 18.4 06 P/BV 1.19 P/BV P/BV A 6 2.8006 P/BV 1.1

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 38,291 43,735 48,576 54,360 8,186 7,387 8,271 10,129 3,674 2,276 2,614 3,926 225 463 1,034 1,203 (524) (1,110) (933) (1,265) 0 2,049 0 0 0 0 0 0 3,374 3,677 2,715 3,863 (904) (1,194) (435) (707) 2,470 2,483 2,280 3,157 (64) (71) (64) (49) 2,406 2,412 2,216 3,108 0.255 0.224 0.166 0.233 (%) (28.2) (12.1) (25.8) 40.2 12 2005A 2006F 2007F 2008F EBITDA (%) 21.4 16.9 17.0 18.6 (%) 9.6 5.2 5.4 7.2 (%) 6.3 5.5 4.6 5.7 (%) 3.5 2.8 2.6 3.2 (%) 13.1 8.9 6.3 8.3 (%) 9.3 10.6 15.0 15.0 (%) 169.7 103.1 84.1 79.2 7.0 2.0 2.8 3.1 0.3 0.5 0.4 0.5 0.3 0.5 0.3 0.5 30.0 30.0 30.0 30.0 52,405 58,626 66,837 77,557 7,453 8,442 9,723 11,094 (%) 74.2 72.0 72.6 73.1 0.57 0.56 0.54 0.53 1.35 1.39 1.43 1.43 12 2005A 2006F 2007F 2008F 47,191 54,517 58,071 61,079 3,794 9,288 9,805 10,407 9,677 9,233 9,023 9,111 851 894 939 986 2,764 4,425 3,560 5,376 177 177 177 177 2,346 2,877 1,590 1,877 1,402 5,869 2,066 6,661 68,202 87,279 85,230 95,673 9,098 15,886 11,372 18,564 12,358 9,555 9,555 9,291 2,091 2,300 2,487 2,710 20,902 21,259 21,599 22,204 113 31 (166) (392) 46,651 51,332 47,335 55,088 1,458 1,529 1,593 1,642 20,092 34,418 36,302 38,943 9,433 13,312 13,312 13,312 10,659 21,106 22,989 25,631 20,092 34,418 36,302 38,943 2.13 2.59 2.73 2.93 12 2005A 2006F 2007F 2008F (379) (797) (225) (795) (8,608) (12,438) (9,211) (9,211) (3,893) (5,008) 539 602 (12,500) (17,446) (8,672) (8,609) (766) 10,428 1,074 254 (7,219) (233) (1,287) 287 54 0 0 0 9,413 2,248 2,016 728 2,248 2,016 728 1,016 97 861 861 861 2,346 2,877 1,590 1,877 99 2005 2005 8.4% 17% 11.1% 53.5% 4% 34% 7.7% 5% 13.3% 10% 5.9% 4% 13% 13%

2.80 1110 HK$2.70 31.6% 32.27 2.76 Net revenue Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 1,891 361 0.109 n.a. 24.8 0.016 0.6 12.9 2005A 2,667 225 0.068 (37.7) 39.8 0.018 0.7 7.4 2006F 2,588 2,847 0.859 1,165.2 3.1 0.129 4.8 64.3 2007F 3,323 235 0.071 (91.8) 38.1 0.011 0.4 4.1 2008F 5,534 344 0.104 46.7 26.0 0.016 0.6 6.0 100 Shares in issue (m) 3,312.7 Major shareholder 68.4% Market cap. (HK$ m) 8,944.2 Free float (%) 31.6 3 Average vol. ( 000) 12,023.0 06 06 Net gearing (%) 06 06 P/B (x) 1.6 06 06 NBV per share (HK$) 1.7 52 52 Weeks high/low (HK$) 2.750/1.300 Est. NAV (HK$) 2.8 Absolute % change in price (1m/3m/1yr) 56.1/40.6/30.1 Relative % change in price (1m/3m/1yr) 56.4/40.4/18.7 Bloomberg06 07 081 1.03 82.2(1110)43.29% (0293)82.2 (0019) 100% 13.55.48 8.2 43.29% 7.34% 5.252 29.6 0533.3 05 P/BV 3.172 2.809.75% (0753) 2.80 31.6%10.48 1.661.044 1.14 32.27 0541.205 P/BV 2.97 1.15 0.35 1.252.76 07-08 58% 07 08 46.7% 36.5% 2.353.44 Alan Lam

Guotai Junan (HK) 51% 07 08 38.126.006 P/BV 1.6 2% 6 2.60 (0694) 12 2005A 2006F 2007F 2008F 2,687 2,610 3,347 5,560 (2,739) (2,553) (3,218) (5,320) (52) 57 130 240 (1.9%) 2.2% 3.9% 4.3% 277 3,286 206 228 130 3,097 0 0 56 81 83 87 11 15 17 19 80 92 106 122 101 0 242 167 202 222 3,585 503 670 (10) (698) (193) (189) 212 2,886 310 480 13 (40) (76) (136) 225 2,847 235 344 0.068 0.859 0.071 0.104 (37.7%) 1165.2% (91.8%) 46.7% 2006F (0293) 7.34% 13.25 3,824 50.00% 15.0x 1,219 51.00% 1.0x 914 43.65% 2.0x 204 33.65% 15.0x 1,163 25.00% 1.0x 30 60.00% 15.0x 411 20.20% 15.0x 191 1,174 9,131 2.76

James Dai 4 277 0.5 8% 5 1.787 10% 2001-200518.3% 14.4% GDP 9.5% 8.8 4.9 A2,000 06 8% 10% GDP 2 102 0.5%6% 0.120.129% 06 5 12 (19.9%) 50% 2002 8% 5% WTO 24% 1 2008 2-3%24% 1.7-2.6 359H1,000 20051.3% 22H

Guotai Junan (HK) 15%150H 0349 1Q2004-1Q2006yoy % 1Q2004 2Q2004 3Q2004 4Q2004 1Q2005 2Q2005 3Q2005 4Q2005 1Q2006 GDP 9.8 9.7 9.5 9.5 9.4 9.5 9.4 9.9 10.2 17.3 14.7 12.1 14.0 14.0 16.2 19.3 18.6 19.2 17.7 15.1 12.2 13.8 13.7 15.6 18.7 18.1 18.6 21.0 18.2 15.9 15.6 15.9 17.2 19.1 19.4 19.5 20.1 13.9 11.2 11.6 10.8 9.6 10.1 9.8 11.3 NPL 16.60 13.32 13.37 13.21 12.40 8.71 8.58 8.61 8.03 062006GDP 6% 050.1% 2003 1% 5.5-6.0% 2005-2006 2006 103 (%) 9.00 (%) 12 8.00 10 7.00 8 6.00 5.00 4.00 6 4 3.00 2 2.00 0 1.00 0.00 3M05 6M05 9M05 12M05 3M06-2 -4 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 0.25-0.5% 625 5.25% 25 06 1.69%05 3 05

2000 % 2000 2001 2002 2003 2004 2005 1Q2006 2.14 2.03 2.09 1.91 1.65 1.66 1.69 38.10 43.20 40.60 38.60 41.60 41.80 41.00 0.44 0.40 0.34 0.29 (0.20) 0.00 0.04 9.50 5.17 5.00 5.00 5.00 7.47 8.00 0604 05 0.02% 06 0.04% 16.4% 104 8 06-07 06 0718% 111 8% 102 2006 6 23 06 P/E 07 P/E 08 P/E 05 P/B 06 P/B 06 ROE 06 DPS 06 yield (HK$) (x) (x) (x) (x) (x) (%) (HK$) (%) (HK$) (%) 2388 14.800 13.6 14.3 14.2 2.3 1.9 14.2 17.1 13.4 0.687 4.6 0349 11.250 11.9 10.6 9.6 1.2 1.2 11.2 13.6 17.4 0.702 6.2 0183 4.200 14.8 12.8 11.6 1.4 1.3 9.2 5.0 16.7 0.142 3.4 0939 3.325 16.8 14.8 12.3 2.7 2.5 15.3 3.7 10.2 0.078 2.4 3328 4.750 17.7 15.5 13.0 2.7 2.5 14.5 5.2 9.1 0.105 2.2 3988 3.400 21.7 19.5 16.3 3.3 2.3 12.4 3.1 (7.3) 0.030 0.9 18.7 16.8 14.2 2.9 2.4 13.9 n.a. 2.9 0.112 1.9 Bloomberg06 07 081 1.03

Guotai Junan (HK) 2006 6 23 Price 05 yield (%) 2005A 2006F 2007F 05 P/B 05 ROE (%) 05 ROA (%) CREDIT AGRICOLE 28.4 3.5 10.6 9.1 8.5 1.4 13.7 0.41 BARCLAYS 597 4.4 11.0 9.7 8.9 2.2 20.7 0.47 BANK OF MONTREAL 58.9 3.1 12.3 12.0 11.3 2.1 18.7 0.84 BANK OF NOVA SCOTIA 44.6 3.0 13.5 12.8 11.9 2.8 21.1 1.07 CITIGROUP 47.74 3.8 12.1 11.0 10.2 2.1 22.3 1.65 COMMERZBANK 27.86 n.a. 11.6 11.1 10.1 1.4 10.4 0.27 CAN IMPL BK COMM 75.99 3.3 12.3 11.9 10.9 2.9 (1.7) (0.06) DEUTSCHE BANK 85.2 n.a. 9.6 9.0 8.5 1.4 12.6 0.39 SOC GENERALE 110.5 n.a. 12.4 9.7 9.2 2.4 21.2 0.61 HBOS 931.5 3.6 11.3 10.0 9.0 2.1 18.7 0.65 HSBC 946 4.6 12.6 11.6 10.6 2.1 17.0 1.09 JPMORGAN CHASE 40.87 3.3 13.6 11.9 10.5 1.3 8.0 0.72 LLOYDS TSB GROUP 521.5 7.0 11.7 11.3 10.4 2.9 23.5 0.84 ROYAL BK SCOTLAN 1,724 4.1 10.2 9.2 8.4 1.6 15.6 0.79 ROYAL BK CANADA 43.88 2.7 13.8 12.8 11.7 2.9 18.3 0.75 STANDARD CHARTER 1,306 2.9 16.0 14.1 12.7 2.6 18.9 1.07 TORONTO-DOM BANK 56.32 2.7 13.3 12.3 10.9 2.2 15.6 0.66 BANK OF AMERICA 47.41 4.3 11.5 10.7 9.8 1.7 16.4 1.37 3.7 12.2 11.1 10.2 2.1 16.2 0.8 bloomberg 2006 6 23 Price 05 yield(%) 2005A 2006F 2007F 05 P/B 05 ROE (%) 05 ROA (%) 105 22.9 n.a. n.a. 12.0 11.8 1.8 (55.0) (2.8) 19.5 0.0 n.a. 13.5 8.4 1.3 (4.1) (0.2) 9.8 1.3 15.1 11.8 9.3 2.4 17.3 0.5 4.2 1.2 15.2 12.4 10.2 2.7 19.6 0.6 7.3 1.2 22.1 16.2 13.4 3.2 15.6 0.6 BANGKOK BANK 98.0 n.a. 9.6 9.9 9.1 1.3 16.0 1.5 HDFC BANK LTD 749.9 0.7 26.5 19.5 14.5 4.4 17.9 1.4 ICICI BANK LTD 508.3 2.2 16.4 13.8 11.0 3.1 18.5 1.2 KASIKORNBANK 56.0 n.a. 9.7 9.7 8.8 1.6 19.3 1.7 KRUNG THAI BANK 9.9 n.a. 8.2 7.8 7.1 1.3 16.4 1.1 PUNJAB NATL BANK 324.5 1.5 7.1 5.8 4.8 1.2 19.9 1.2 164.6 1.2 14.4 12.0 9.9 2.2 9.2 0.6 bloomberg 2006 6 23 Price (HK$) 05 yield(%) 2005A 2006F 2007F 05 P/B 05 ROE(%) 05 ROA(%) 97.2 5.1 16.4 16.3 15.4 4.4 27.2 2.0 31.2 5.4 17.1 16.0 14.6 2.0 12.0 1.2 64.5 4.5 13.5 13.6 12.8 1.5 11.3 1.5 68.0 4.1 14.8 13.7 12.6 2.4 17.2 1.4 56.0 3.9 13.7 12.5 11.6 1.5 11.8 1.2 2.9 6.3 14.0 14.9 13.6 0.9 6.5 0.5 15.1 4.9 16.6 14.3 13.0 n.a. 7.0 0.9 14.2 4.3 13.4 12.7 11.3 1.5 12.0 1.2 188.5 2.9 16.3 14.5 13.0 2.7 18.9 1.1 134.8 4.6 12.7 12.0 11.0 2.1 17.0 1.1 4.6 14.8 14.1 12.9 2.1 14.1 1.2 bloomberg

0183 HK$4.20 16.4% 06 5% 06 07 0.28 0.33 12 5.0051.305 2.5061.6 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 2,155 904 0.283 34.9 14.8 0.141 3.4 11.2 2005A 1,971 1,103 0.345 21.9 12.2 0.173 4.1 12.4 2006F 2,097 1,140 0.284 (17.7) 14.8 0.142 3.4 9.2 2007F 2,223 1,586 0.329 15.7 12.8 0.164 3.9 10.1 2008F 2,292 1,754 0.364 10.6 11.6 0.182 4.3 10.6 106 Shares in issue (m) 3,201.3 Major shareholder 56.2% Market cap. (HK$ m) 13,445.6 Free float (%) 38.5 3 Average vol. ( 000) 20,784.4 06 06 Net gearing (%) n.a. 06 06 P/B (x) 1.3 06 06 NBV per share (HK$) 3.2 52 52 Weeks high/low (HK$) 5.00/2.775 Est. NAV (HK$) 5.0 Absolute % change in price (1m/3m/1yr) (3.5)/20.9/36.6 Relative % change in price (1m/3m/1yr) (2.9)/20.3/25.5 Bloomberg06 07 081 1.03 06 451 16.4%051.15059.8 3.41 15.1 2001-2006% 1,800 2.5 1,600 1,400 2.0 1,200 1,000 1.5 800 600 1.0 400 200 0.5 0 2001A 2002A 2003A 2004A 2005A 2006F 0.0 James Dai

Guotai Junan (HK) 2005 4166,17005 3.9% 8.2%2005 28.6 (ROE) 13.3% 15% 07 06 0720% 40% 06 5% 05 06 06 1.7% 12% 06 0610% 5% 8.8 06 070.28 0.33 12 5.012 5.0 051.3052.5 061.618 5.50071.60716.7 12 2004A 2005A 2006F 2007F 2008F 70,297 73,425 76,948 79,988 82,483 2.0 1.8 1.7 1.8 1.8 1,474 1,099 1,231 1,320 1,361 682 871 866 903 931 2,155 1,971 2,097 2,223 2,292 (1,117) (1,095) (1,133) (1,178) (1,215) 1,038 876 965 1,045 1,077 (78) 58 (82) (49) (44) 960 934 883 995 1,033 1,055 1,216 1,360 1,902 2,106 (151) (112) (219) (315) (351) 0 0 (1) (1) (1) 904 1,103 1,140 1,586 1,754 12 2004A 2005A 2006F 2007F 2008F EPS (HK$) 0.283 0.345 0.284 0.329 0.364 BVPS (HK$) 2.605 2.957 3.179 3.344 3.525 DPS (HK$) 0.141 0.173 0.142 0.164 0.182 ROE (%) 11.2 12.4 9.2 10.1 10.6 ROA (%) 1.1 1.3 1.3 1.6 1.8 ROCE (%) 10.3 13.7 11.0 12.1 12.7 (x) 14.8 12.2 14.8 12.8 11.6 (x) 1.6 1.4 1.3 1.3 1.2 (%) 3.4 4.1 3.4 3.9 4.3 (%) 68.4 55.8 58.7 59.4 59.4 31.6 44.2 41.3 40.6 40.6 12 2004A 2005A 2006F 2007F 2008F 43,323 44,108 46,314 47,703 48,657 70,297 73,425 76,948 79,988 82,483 83,577 85,037 94,829 97,432 100,840 55,452 54,415 57,136 59,421 61,798 75,255 75,581 79,491 81,301 83,831 3,194 3,198 4,824 4,824 4,824 5,128 6,257 10,512 11,305 12,182 8,322 9,455 15,336 16,129 17,006 4,276 4,352 4,363 4,370 2,193 % 2004A 2005A 2006F 2007F 2008F 1,884 1,171 1,209 1,232 1,255 (%) 4.4 2.7 2.6 2.6 2.6 (%) 56.1 48.6 54.9 57.1 59.1 (%) (5.6) (25.4) 12.0 7.2 3.1 48.4 27.9 (0.6) 4.2 3.1 3.2 (15.6) 10.1 8.3 3.1 37.5 22.0 3.3 39.2 10.6 EPS 34.9 21.9 (17.7) 15.7 10.6 (%) (51.9) (55.5) (54.0) (53.0) (53.0) (%) CAR 14.1 16.6 17.0 17.0 18.1 107

0349 HK$11.25 067% 12.9-13.6 12.9 06 P/E 13.606 P/B 1.4 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 1,645 760 0.800 12.2 14.1 0.450 4.0 10.3 2005A 2,033 981 0.911 13.8 12.3 0.530 4.7 10.7 2006F 2,180 1,059 0.945 3.7 11.9 0.567 5.0 10.5 2007F 2,386 1,188 1.059 12.1 10.6 0.636 5.6 11.2 2008F 2,570 1,312 1.170 10.5 9.6 0.702 6.2 11.7 108 Shares in issue (m) 1,121.3 Major shareholder 59.7% Market cap. (HK$ m) 12,614.2 Free float (%) 31.3 3 Average vol. ( 000) 2,424.6 06 06 Net gearing (%) n.a. 06 06 P/B (x) 1.2 06 06 NBV per share (HK$) 9.2 52 52 Weeks high/low (HK$) 12.45/9.35 Est. NAV (HK$) 13.6 Absolute % change in price (1m/3m/1yr) 2.7/(3.4)/17.2 Relative % change in price (1m/3m/1yr) 3.3/(4.0)/6.1 Bloomberg06 07 081 1.03 05 12% 04 1.1% 05 8.9% 06 06 4206 8% 2001-06% 2003-05% James Dai

Guotai Junan (HK) 067% 06 12% 1,147 05 061.25% 9.0% 14.3 HIBOR05 1.07% 05 1.30% 06 06 05 24% 7% 21.8 06 04 1.3%0.9% 05 6309 06 2,900 0.02% 42 05 100% 12.9-13.612.9 P/B 06 12.9-13.6 2006 6 2311.25 065.0% 12 12.9 06 P/E 13.706 P/B 1.41813.8 07 P/E P/B 13.0 1.4 109 12 2004A 2005A 2006F 2007F 2008F 1,275 1,316 1,434 1,587 1,718 370 717 746 799 852 1,645 2,033 2,180 2,386 2,570 (690) (890) (926) (963) (1,001) (55) 0 0 0 0 901 1,143 1,254 1,423 1,569 22 (6) (29) (41) (26) 923 1,136 1,224 1,382 1,542 937 1,208 1,284 1,440 1,590 (176) (227) (225) (252) (278) 760 981 1,059 1,188 1,312 12 2004A 2005A 2006F 2007F 2008F EPS (HK$) 0.800 0.911 0.945 1.059 1.170 BVPS (HK$) 8.150 8.802 9.203 9.695 10.230 DPS (HK$) 0.450 0.530 0.567 0.636 0.702 EPS (%) 12.2 13.8 3.7 12.1 10.5 ROE (%) 10.3 10.7 10.5 11.2 11.7 ROA (%) 0.9 0.9 0.9 0.9 2.0 ROCE (%) 7.8 8.3 8.3 9.0 9.6 (x) 14.1 12.3 11.9 10.6 9.6 (x) 1.4 1.3 1.2 1.2 1.1 (%) 4.0 4.7 5.0 5.6 6.2 12 2004A 2005A 2006F 2007F 2008F 19,658 27,787 28,898 30,054 31,256 59,501 68,153 73,605 78,021 82,702 61,367 67,676 73,110 77,493 82,157 99,344 115,399 123,726 130,508 138,113 73,578 86,086 92,979 101,264 107,085 85,454 100,191 108,069 114,298 121,304 13,890 15,209 15,658 16,210 16,809 87,318 102,765 114,717 122,113 129,171 % 2004A 2005A 2006F 2007F 2008F NPL 765 661 631 638 658 (%) 1.3 1.0 0.9 0.8 0.8 (%) 109.3 72.2 78.5 82.8 83.0 (%) 77.5 64.7 65.8 66.5 66.8 22.5 35.3 34.2 33.5 33.2 (%) 41.9 43.8 42.5 40.4 39.0 (%) CAR 9.8 10.3 10.0 9.4 8.9 CAR 17.4 15.8 15.5 14.6 13.7 )

0939 HK$3.325 06 07 2.68% 2.64% 06-07 55-60 3.712 3.40617.106 2.5 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 113,467 49,040 0.260 116.7 13.2 0.015 0.4 25.3 2005A 130,020 47,096 0.236 (9.2) 14.5 0.015 0.4 19.5 2006F 146,352 45,818 0.204 (13.6) 16.8 0.082 2.4 15.3 2007F 163,078 51,819 0.231 13.1 14.8 0.092 2.7 16.0 2008F 181,516 62,506 0.278 20.6 12.3 0.111 3.2 17.4 110 Shares in issue (m) 224,689.1 Major shareholder 61.5% Market cap. (HK$ m) 747,091.2 Free float (%) 11.4 3 Average vol. ( 000) 366,259.7 06 06 Net gearing (%) n.a. 06 06 P/B (x) 2.5 06 06 NBV per share (HK$) 1.3 52 52 Weeks high/low (HK$) 3.85/2.30 Est. NAV (HK$) 3.7 Absolute % change in price (1m/3m/1yr) 0.8/(6.3)/n.a. Relative % change in price (1m/3m/1yr) 1.3/(6.9)/n.a. Bloomberg06 07 081 1.03 05 10% 12%05 042 60% GDP 20% 059.2% 10.1% 23.5% 20% 1 ROA 06 07 2.68% 2.64% 05 9 2.76% 2.78%04 4 4927.2% 2005 10 2.25% 2006 2007 2.68% 2.64% 06-07 55-60 05 63% 152 5304 26 04 3.9% 3.8%3 042.8% 3.03%62% 69% 06-07 55-60 James Dai

Guotai Junan (HK) 06 3% 458 07 13% 518 06 07 16% 11% 821 915 458 5180.20 0.23 06-071.3%051.1% 06 0.9% 0615.3% 0716.0% 3.7123.410.5% 3.83.72006 5% 2806 4%123.4 0617.106 2.5 18 3.5 3.8072.607 17.0 12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 147,196 173,601 192,178 214,625 238,404 (45,708 ) (57,050 ) (62,100 ) (70,247 ) (78,395 ) 101,488 116,551 130,078 144,378 160,010 7,352 9,261 11,398 13,383 15,191 (881 ) (806 ) (972 ) (1,119 ) (1,244 ) 6,471 8,455 10,426 12,264 13,946 777 546 445 362 559 306 455 280 320 380 2,701 1,927 2,600 2,700 3,000 509 (1,306 ) (2,435 ) (4,865 ) 1,270 1,724 2,086 2,524 3,054 3,621 113,976 128,714 143,918 158,213 182,786 (9,358 ) (15,258 ) (17,673 ) (18,377 ) (20,970 ) (53,419 ) (58,092 ) (61,739 ) (66,716 ) (73,185 ) (62,777 ) (73,350 ) (79,412 ) (85,094 ) (94,154 ) 51,199 55,364 64,506 73,120 88,632 (2,159 ) (8,268 ) (18,688 ) (21,300 ) (26,126 ) 49,040 47,096 45,818 51,819 62,506 12 2004A 2005A 2006F 2007F 2008F 399,366 480,136 579,485 651,876 728,986 112,531 190,108 218,519 245,817 274,894 2,173,562 2,395,313 2,752,954 3,117,695 3,481,076 1,107,636 1,413,871 1,535,934 1,652,198 1,802,492 3,909,920 4,585,742 5,194,672 5,777,023 6,398,207 112,039 164,524 170,200 172,316 154,159 3,491,121 4,006,046 4,604,731 5,179,972 5,792,704 39,896 39,907 39,711 39,515 39,515 3,714,369 4,298,065 4,885,301 5,436,750 6,020,420 194,230 224,689 224,689 224,689 224,689 195,551 287,677 309,372 340,273 377,787 3,608,698 4,194,736 4,852,639 5,459,341 6,073,289 2,058,461 2,284,438 2,574,133 2,935,325 3,299,386 3,343,397 3,748,584 4,305,388 4,892,351 5,486,338 3,733,493 4,247,831 4,890,207 5,485,848 6,087,615 12 2004A 2005A 2006F 2007F 2008F 87,380 94,469 106,172 117,515 131,072 (%) 3.9 3.8 3.8 3.7 3.7 LLS/NPL % 61.6 66.8 71.5 75.2 78.7 111 (%) 11.6 14.8 11.6 11.0 10.8 62.9 (2.6) 13.8 (0.0) 64.6 5.3 8.7 6.3 8.1 9.7 26.5 16.6 16.4 11.3 19.8 117.6 (4.0) (2.7) 13.1 20.6 (%) 89.4 89.6 88.9 88.5 88.2 10.6 10.4 11.1 11.5 11.8 (%) 46.9 45.1 42.9 42.2 40.0 1.4 1.4 1.3 1.2 1.2 (%) 2.8 2.8 2.7 2.6 2.6 0.3 0.5 0.6 0.6 0.6 2.9 3.1 3.2 3.1 3.3 12 2004A 2005A 2006F 2007F 2008F CAR TIER-1 (%) 8.6 8.1 11.3 10.5 9.9 CAR (%) 11.3 10.7 13.9 13.2 12.8 EPS (RMB) 0.260 0.236 0.204 0.231 0.278 BVPS (RMB) 1.007 1.280 1.377 1.514 1.667 DPS (RMB) 0.015 0.015 0.082 0.092 0.111 EPS (%) 116.7 (9.2) (13.6) 13.1 20.6 ROE (%) 25.3 19.5 15.3 16.0 17.4 ROA (%) 1.3 1.1 0.9 0.9 1.0 (x) 13.6 14.7 16.8 14.8 12.3 (x) 3.5 2.7 2.5 2.3 2.1 (%) 0.4 0.4 2.4 2.7 3.2

2388 HK$14.80 HIBOR 0606 15% 5 16.5 062.10615.1 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 15,857 11,242 1.063 41.2 13.9 0.715 4.8 17.5 2005A 17,896 13,494 1.276 20.0 11.6 0.808 5.5 18.2 2006F 19,326 11,524 1.090 (14.6) 13.6 0.687 4.6 14.2 2007F 20,132 10,909 1.032 (5.3) 14.3 0.650 4.4 13.0 2008F 20,892 11,035 1.044 1.2 14.2 0.658 4.4 12.5 112 Shares in issue (m) 10,572.8 Major shareholder 66.0% Market cap. (HK$ m) 156,477.1 Free float (%) 34.0 3 Average vol. ( 000) 33,020.7 06 06 Net gearing (%) n.a. 06 06 P/B (x) 1.9 06 06 NBV per share (HK$) 7.8 52 52 Weeks high/low (HK$) 16.95/14.15 Est. NAV (HK$) 17.1 Absolute % change in price (1m/3m/1yr) (2.0)/(5.4)/1.4 Relative % change in price (1m/3m/1yr) (1.4)/(6.0)/(9.7) Bloomberg06 07 081 1.03 HIBOR 06 05 HIBOR 2.1 11.4% 1.6 05 34.5%06 1.78% 06 8% 5.5% 136 2002-05% 2002-05 2.5 13,942 12,874 12,617 13,580 15,000 20,000 2.0 2.00 11,193 1.82 1.55 1.71 1.78 15,000 10,000 1.5 10,000 1.0 5,000 0.5 5,000 0.0 2002A 2003A 2004A 2005A 2006F 0 0 2002A 2003A 2004A 2005A James Dai

Guotai Junan (HK) 0615% 05 17.5% 2003 IPO 06 07 30% 31% 06-07 0526.5 0416.323.6% 148 06 07 06 0720 06 0718% 111 8% 102 1.3% 5 6 1 062006-2011 16.5 06 16.5 06 07 12 16.5062.10615.1 12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 113 11,193 12,874 13,580 14,008 14,305 4,664 5,022 5,746 6,124 6,587 15,857 17,896 19,326 20,132 20,892 (5,505) (5,730) (6,052) (6,298) (6,527) 10,352 12,166 13,274 13,834 14,364 1,628 2,645 (169) (860) (1,041) 11,980 14,811 13,105 12,974 13,324 0 209 200 200 0 1,363 50 600 0 0 188 (98) 100 100 100 13,531 16,368 14,005 13,274 13,424 (2,131) (2,710) (2,311) (2,190) (2,215) (158) (164) (170) (175) (174) 7,559 8,543 7,260 6,873 6,952 11,242 13,494 11,524 10,909 11,035 12 2004A 2005A 2006F 2007F 2008F (13.1) 15.0 5.5 3.2 2.1 6.5 7.7 14.4 6.6 7.6 (2.7) 4.1 5.6 4.1 3.6 41.2 20.0 (14.6) (5.3) 1.2 70.6 71.9 70.3 69.6 68.5 29.4 28.1 29.7 30.4 31.5 34.7 32.0 31.3 31.3 31.2 0.7 0.7 0.7 0.8 0.8 CAR 16.1 14.8 15.0 15.1 15.2 217,655 222,008 226,448 230,977 235,596 309,211 335,355 365,224 394,323 425,747 796,776 822,105 830,071 845,898 862,049 665,770 673,746 696,135 708,391 720,387 727,016 741,372 746,305 758,429 770,362 68,521 79,435 82,416 86,065 90,227 721,402 752,257 762,919 778,230 794,733 12 2004A 2005A 2006F 2007F 2008F 9,239 4,263 4,360 5,178 5,943 (%) 2.9 1.3 1.2 1.3 1.4 (LLS/NPL)(%) 70.3 40.2 35.9 34.9 34.9 (%) 42.2 42.8 45.7 48.4 51.2 (%) 47.4 50.0 52.3 55.5 58.9 EPS (HK$) 1.063 1.276 1.090 1.032 1.044 BVPS (HK$) 6.481 7.513 7.795 8.140 8.534 DPS (HK$) 0.715 0.808 0.687 0.650 0.658 EPS (%) 41.2 20.0 (14.6) (5.3) 1.2 ROE (%) 17.5 18.2 14.2 13.0 12.5 ROA (%) 1.4 1.7 1.4 1.3 1.3 ROCE (%) 20.6 21.8 17.0 15.5 15.0 (x) 13.9 11.6 13.6 14.3 14.2 (x) 2.3 2.0 1.9 1.8 1.7 (%) 4.8 5.5 4.6 4.4 4.4

3328 HK$4.75 064.9-5.5 186.0 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 27,957 1,604 0.061 (76.3) 80.5 0.000 0.0 4.5 2005A 35,153 9,249 0.217 257.3 22.5 0.080 1.6 13.7 2006F 43,354 12,655 0.276 27.2 17.7 0.109 2.2 14.5 2007F 49,612 14,448 0.315 14.2 15.5 0.125 2.5 15.2 2008F 55,753 17,291 0.378 19.7 13.0 0.149 3.0 16.5 114 Shares in issue (m) 45,804.0 Major shareholder 21.8% Market cap. (HK$ m) 217,569.2 Free float (%) 50.4 3 Average vol. ( 000) 93,633.1 06 06 Net gearing (%) n.a. 06 06 P/B (x) 2.5 06 06 NBV per share (HK$) 1.9 52 52 Weeks high/low (HK$) 5.400/2.725 Est. NAV (HK$) 5.2 Absolute % change in price (1m/3m/1yr) (3.6)/(3.1)/69.6 Relative % change in price (1m/3m/1yr) (3.0)/(3.7)/58.6 Bloomberg06 07 081 1.03 577 0.5%6% 0.124 27 27 06 6 4% 07 8% 5 9 15 05 7.9%4% 18.0% James Dai

Guotai Junan (HK) 100 (1) 2,600 1.5 (2) 1.5% (3) 45.4% 06 07 27% 20% 10.4% 10.9% 819 10.8% 4.7 06 07 06 0718% 16% 2.51% 05 1305 121 05 20050.2% 5.7% 4 06 072.59% 115 223.7 2.62%05 0.1890 05 43 20% 32 14.5% 2008 1 20083% ROE 0.4 24% 10% ROE 1.7 2006-07 27% 14% 0.28 0.32 06 07 37% 14% 126 144 27% 14% 0.28 0.32 ROA 0.82% 0.81% ROE 14.5% 15.1% 4.9-5.45.45.3 16% 065.5 5.4

65.0 186.0 6 234.75 06 17.72.5 1-12% 65.00618.706 2.618 6.00719.607 2.8 12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 116 38,352 49,680 60,873 70,106 79,257 (13,160) (18,089) (22,035) (25,883) (29,874) 25,192 31,591 38,838 44,223 49,383 1,675 2,109 2,425 2,903 3,448 55 45 61 54 53 325 420 983 1,130 1,299 77 359 218 273 340 633 629 829 1,029 1,229 (3,215) (4,298) (4,726) (6,073) (6,552) (16,992) (18,012) (20,722) (22,875) (24,428) 7,750 12,843 17,905 20,664 24,772 (6,146) (3,600) (5,256) (6,218) (7,480) 1,604 9,249 12,655 14,448 17,291 12 2004A 2005A 2006F 2007F 2008F 128,501 140,309 165,503 190,345 215,682 88,923 170,101 190,612 219,223 248,404 631,612 758,773 884,486 1,027,039 1,182,385 246,728 314,343 377,144 414,858 456,344 1,144,005 1,423,439 1,659,550 1,895,380 2,149,022 31,711 84,094 88,299 92,714 106,621 1,029,941 1,220,839 1,440,053 1,656,202 1,876,667 1,091,902 1,340,293 1,568,757 1,795,849 2,039,029 39,070 45,804 45,804 45,804 45,804 52,103 83,146 90,793 99,531 109,993 968,595 1,198,779 1,471,358 1,705,390 1,977,140 574,144 695,193 821,630 955,763 1,104,712 952,050 1,125,390 1,330,446 1,548,128 1,766,435 1,034,963 1,283,722 1,541,494 1,777,465 2,022,201 (%) 28.0 25.4 22.9 13.9 11.7 22.0 28.8 26.8 19.3 18.2 33.9 6.0 15.0 10.4 6.8 18.5 56.3 32.0 18.1 17.2 (63.4) 476.8 36.8 14.2 19.7 (%) 90.1 89.9 89.6 89.1 88.6 9.9 10.1 10.4 10.9 11.4 (%) 60.8 51.2 47.8 46.1 43.8 1.6 1.4 1.3 1.3 1.2 (%) 59.3 58.0 55.8 56.0 55.9 22.4 25.9 24.2 24.0 23.5 60.3 61.8 61.8 61.7 62.5 61.3 62.2 61.4 62.0 63.0 (%) CAR TIER-1 6.8 8.8 8.3 8.1 8.6 CAR 9.7 11.2 10.5 10.0 9.6 12 2004A 2005A 2006F 2007F 2008F 19,193 21,579 24,183 27,312 30,317 (%) 3.0 2.8 2.7 2.6 2.5 8,446 12,601 17,179 22,171 26,078 (%) 44.0 58.4 71.0 81.2 86.0 (%) 1.3 1.7 1.9 2.2 2.2 EPS (RMB) 0.061 0.217 0.276 0.315 0.378 BVPS (RMB) 1.334 1.815 1.982 2.173 2.386 DPS (RMB) 0.000 0.080 0.109 0.125 0.149 EPS (%) (76.3 ) 257.3 27.2 14.2 19.7 ROE (%) 4.5 13.7 14.5 15.2 16.5 ROA (%) 0.2 0.7 0.8 0.8 0.9 (x) 82.9 22.8 17.7 15.5 13.0 (x) 3.8 2.7 2.5 2.3 2.1 (%) 0.0 1.6 2.2 2.5 3.0

Guotai Junan (HK) 3988 HK$3.40 123.506 22.306 2.4 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 115,813 22,301 0.120 (29.4) 29.2 0.076 2.1 11.2 2005A 125,106 25,921 0.140 16.7 25.0 0.067 1.9 12.1 2006F 141,067 38,024 0.162 15.4 21.7 0.030 0.9 12.4 2007F 155,887 45,575 0.180 11.1 19.5 0.063 5.9 11.3 2008F 177,513 54,685 0.215 20.0 16.3 0.086 8.1 12.5 Shares in issue (m) 253,839.2 Major shareholder 67.5% Market cap. (HK$ m) 863,053.1 Free float (%) 11.1 3 Average vol. ( 000) n.a. 06 06 Net gearing (%) n.a. 06 06 P/B (x) 2.3 06 06 NBV per share (HK$) 1.5 52 52 Weeks high/low (HK$) 3.575/2.95 Est. NAV (HK$) 3.1 Absolute % change in price (1m/3m/1yr) n.a./n.a./n.a. Relative % change in price (1m/3m/1yr) n.a./n.a./n.a. 117 Bloomberg 06 07 081 1.03 1912 11,000600 20054.7412.7% 90 2005 19.8% 41.1%2005 38% 2004A 2005A 88,435 101,488 101,008 116,551 27,378 12,488 24,098 12,163 (%) 23.6 10.6 19.3 10.4 (%) 2.2 2.8 2.3 2.8 (%) 0.7 1.3 0.7 1.1 GDP 5,000 James Dai

118 2005 19.3% 2004 52.933.1 167% 3 13-15% 20-21% 1 20062.4% 10% 24%14.5%24% 2006 26% 2005 37 2003 2005 4.24% 4.51% 5.16% 5.03% 5.18% 5.26%(1) (2) (3)10 3.0-3.5% 20045.13% 20054.62% 200512.7% 0419.8%11.8% 12.1%2005 5.7% 8%20046 31.8% 20056 196 4,600 2005 83.2 1 8.27691802007 12 44.72005 32.3 2006 1% 45 2% 2006

Guotai Junan (HK) 0616% 0.16 07 11% 0.18 06 11% 20% 07 11% 11% 06 07380 456 47% 20% 06 07 ROA 0.9% 0.9% ROE 12.4% 11.3% 10 5.0% BVPS ROE % beta 1 1 2 9% 11.9% 28% 0.14 4 5.5% 2 8 7% 14.0% 50% 0.75 24 COE 10.5% 50 6% 16.1% 65% 2.29 72 1 + r 1.105 3.19 100 123.50 20% 5% 07 3.26 233.4006 21.72.3 12 3.50622.3062.4 12 2004A 2005A 2006F 2007F 2008F 132,353 167,948 188,159 204,971 220,642 (43,918 ) (66,940 ) (76,018 ) (81,055 ) (82,266 ) 88,435 101,008 112,141 123,917 138,377 11,388 12,698 14,737 16,836 19,077 (2,831 ) (3,451 ) (3,965 ) (4,484 ) (5,031 ) 8,557 9,247 10,772 12,351 14,046 8,882 4,283 7,161 7,340 11,815 337 (582 ) 283 283 80 9,602 11,150 10,710 11,995 13,195 115,813 125,106 141,067 155,887 177,513 (23,812 ) (11,486 ) (9,589 ) (8,210 ) (10,422 ) (54,879 ) (59,984 ) (64,665 ) (69,174 ) (74,546 ) (78,691 ) (71,470 ) (74,254 ) (77,385 ) (84,969 ) 37,263 53,811 66,993 78,702 92,765 (10,198 ) (22,253 ) (24,419 ) (28,577 ) (33,530 ) 27,065 31,558 42,574 50,125 59,235 22,301 25,921 38,024 45,575 54,685 12 2004A 2005A 2006F 2007F 2008F (%) 15.5 14.2 11.0 10.5 11.7 9.5 (12.0 ) 20.0 10.5 22.4 19.1 9.3 7.8 7.0 7.8 10.2 6.9 17.3 13.5 18.7 (20.8 ) 16.6 34.9 17.7 18.2 (%) 76.4 80.7 79.5 79.5 78.0 23.6 19.3 20.5 20.5 22.0 (%) 47.4 47.9 45.8 44.4 42.0 1.3 1.3 1.3 1.3 1.3 (%) 48.9 48.1 46.5 47.0 47.7 37.9 43.9 43.8 43.0 42.5 62.7 60.0 58.5 59.6 60.8 62.1 58.2 58.8 60.2 61.4 12 2004A 2005A 2006F 2007F 2008F 284,348 316,941 346,667 374,390 403,307 340,192 332,099 363,247 392,296 422,595 2,072,919 2,152,112 2,380,292 2,632,424 2,889,404 1,229,522 1,571,531 1,743,842 1,869,391 2,005,654 4,265,221 4,740,048 5,210,228 5,659,462 6,125,523 111,788 134,217 139,465 150,618 162,251 3,338,448 3,699,464 4,046,441 4,370,033 4,707,560 4,037,314 4,484,529 4,792,667 5,204,900 5,630,779 186,390 209,427 253,839 253,839 253,839 227,907 255,519 417,561 454,562 494,743 4,087,883 4,395,716 4,871,795 5,333,238 5,793,493 1,997,390 2,112,515.5 2,266,202.086 2,506,358.126 2,760,914.025 3,185,906 3,518,956 3,872,952 4,208,237 4,538,796 4,119,251 4,502,635 4,975,138 5,434,845 5,892,492 % 2004A 2005A 2006F 2007F 2008F 110,146 103,226 93,756 90,697 88,750 5.1 4.6 3.8 3.3 3.0 (LLS) 74,769 83,153 84,588 85,448 88,779 (LLS/NPL) 67.9 80.6 90.2 94.2 100.0 (LLS) 3.6 3.9 3.6 3.2 3.1 (%) CAR TIER-1 8.5 8.1 10.8 10.5 10.3 CAR 10.0 10.4 13.4 13.3 13.2 12 2004A 2005A 2006F 2007F 2008F EPS,RMB 0.120 0.140 0.162 0.180 0.215 BVPS,RMB 1.077 1.081 1.520 1.655 1.802 DPS,RMB 0.076 0.067 0.030 0.063 0.086 EPS (29.4 ) 16.7 15.4 11.1 20.0 ROE (%) 11.2 12.1 12.4 11.3 12.5 ROA (%) 0.7 0.7 0.9 0.9 1.0 (x) 30.0 25.3 21.7 19.5 16.3 (x) 3.3 3.3 2.3 2.1 1.9 (%) 2.1 1.9 0.9 1.8 2.5 119

120 Alan Lam 2006 2006 11.6% 6.3% (0576) 2 30% 6.3% (0177) 45.5530%6.3% (0995) 54.7% (0548) 48.0% 062005 5 7.7% 05 31.8% 1AH (0177) (0548) (0995)06 39.0% 28.1% 26.8% 32.4% 2006 10% 20% 90 17,000 7,000 5 1,0002010 230 65,000 0506 (0107) (0548) (0576)

Guotai Junan (HK) 0.5 06 0.8% (0548) 5 05 45% 05-08 41% 44% 37% (0177) 3 7 30%-50% 07 3 09 06 30% 2005-08 18.7% 04 64% 08 68% 5% 06 1.7% (0548) 5%4.9% 04 58%06 66% 3 A (0177(0548) (0995) 2 121 24% (0177) (0576)10% (0548) (0995) 06 14.4% 15.0% 2006 2006 24% (%) (%) (0177) 0.307 13.6% 6.21 15.7% (0548) 0.276 (10.1%) 4.37 (9.1%) (0576) 0.383 9.9% 6.75 14.4% (0995) 0.426 (10.6%) 6.93 (7.8%) 0.7% (3.3%)

2006 2007 13.511.7064.906 22.3% 06 P/BV 1.56200630%2005-08 18.7%2003 (0995)06 0712.6 11.320.5% 7% 126.40 7.30 122 05-0842% 06 0715.613.1 21.3% 12 4% 4.70 5.20 06 07 12.7 10.3 063.620%12 8% 4.2018% 4.60 422% 4.00 A 06 07 13.312.2 21.4% PEG1.7 73.6% 12 4.005.15 06 06 06 07 08 06 06 (HK$) (x) (x) (x) (HK$) (%) (RMB) (%) (%) 0107 1.150 n.a. 9.6 8.2 7.7 1.51 (23.8) 0.040 3.4 6.1 0177 4.100 15.6 13.1 11.1 5.21 (21.3) 0.230 5.4 10.7 0548 3.775 12.7 10.3 9.7 4.70 (19.6) 0.140 3.6 10.2 0576 4.500 13.3 12.2 11.0 5.73 (21.4) 0.230 5.0 13.2 0995 5.800 12.6 11.3 10.1 7.30 (20.5) 0.320 5.4 13.6 1052 3.175 n.a. 9.1 7.6 6.9 5.51 (42.4) 0.134 4.1 10.4 13.5 11.7 10.4 (22.3) 4.9 11.6 Bloomberg06 07 081 1.03

Guotai Junan (HK) 0177 HK$4.10 5 05-08 42% 124.705.20 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 2,952 979 0.194 (2.6) 22.4 0.145 3.3 7.4 2005A 2,111 668 0.133 (31.8) 32.2 0.145 3.4 5.0 2006F 3,682 1,362 0.270 103.9 15.6 0.230 5.4 10.7 2007F 4,232 1,630 0.323 19.6 13.1 0.275 6.5 13.0 2008F 4,646 1,910 0.379 17.2 11.1 0.322 7.6 14.6 Shares in issue (m) 5,037.7 Major shareholder 55.2% Market cap. (HK$ m) 20,654.8 Free float (%) 27.2 3 Average vol. ( 000) 8,836.1 06 06 Net gearing (%) 74.4 06 06 P/B (x) 1.7 06 06 NBV per share (HK$) 2.4 52 52 Weeks high/low (HK$) 5.550/3.800 Est. NAV (HK$) 5.2 Absolute % change in price (1m/3m/1yr) (9.9)/(17.6)/4.5 Relative % change in price (1m/3m/1yr) (9.5)/(17.8)/6.9 Bloomberg06 07 081 1.03 123 1-5 (0177)06 1-5 18573.1% 37,144 5 1.07 1 1-5 25.4% 8.7% 18.4% 1-515.0% 34,099 0639% 20061-3 39.0% 2.5270.0502 52.9% 8.3582.3% 578.5 161.9 04 175 06 78% 38,500168 0637% 05 28.0 62.2% 91140 2.923 05 5.5% 25 06 40 06 75% 05 2.54 06 065.3 37.0% Alan Lam

53 15% 05-0842% 24% 06 13.6% 3 424% 12 4.50 06 07 15.613.1 21.3% PEG 0.77 0.91 12 4% 4.700715.010% 5.2006 12 2005A 2006F 2007F 2008F 12 2005A 2006F 2007F 2008F 124 2,111 3,682 4,232 4,646 1,017 2,151 2,563 2,887 136 179 214 249 (162) (367) (422) (371) 0 0 0 0 991 1,963 2,355 2,765 (290) (554) (671) (795) 701 1,409 1,683 1,969 (33) (47) (54) (60) 668 1,362 1,630 1,910 0.133 0.270 0.323 0.379 (%) (31.8) 103.9 19.6 17.2 12 2005A 2006F 2007F 2008F 1,538 500 3,395 3,774 (416) (367) (422) (371) (716) (755) (1,158) (1,385) 119 60 72 83 (29) (33) (38) (42) (1,043) (1,095) (1,546) (1,715) (247) (499) (604) (716) (3,973) (50) (420) (50) 0 (132) 0 0 0 0 0 0 (3,973) (182) (420) (50) 0 0 0 0 4,274 1,060 (1,000) (1,000) 0 0 0 0 4,274 1,060 (1,000) (1,000) 549 (215) (175) 293 525 1,074 859 684 1,074 859 684 977 23,008 20,782 20,404 19,606 1,577 1,828 1,970 2,136 11 11 11 11 9 13 14 16 119 133 157 161 1,074 859 684 977 0 0 0 0 25,798 23,625 23,240 22,908 2,814 404 464 509 4,369 4,369 4,369 4,369 51 82 149 229 4,940 6,000 5,000 4,000 0 0 0 0 12,174 10,854 9,982 9,107 417 431 447 465 13,208 12,340 12,811 13,336 5,038 5,038 5,038 5,038 8,170 7,302 7,774 8,298 13,208 12,340 12,811 13,336 2.62 2.45 2.54 2.65 12 2005A 2006F 2007F 2008F (%) 48.2 58.4 60.6 62.1 (%) 31.6 37.0 38.5 41.1 (%) 1.5 3.7 7.0 8.3 (%) 5.0 10.7 13.0 14.6 (%) 109.3 85.0 85.0 85.0 (%) 62.2 74.4 69.1 56.5 6.3 5.9 6.1 7.8 0.2 0.2 0.2 0.2 0.1 0.2 0.1 0.2 12.5 12.5 12.5 12.5

Guotai Junan (HK) 0548 HK$3.775 06-08 4%-20% 46%5 12 8% 4.2018% 4.60 Turnover Net Profit EPS EPS PER DPS Yield ROE End 12/31 (Rmb m) (Rmb m) (Rmb) ( %) (x) (Rmb) (%) (%) 2004A 706 415 0.190 (53.9) 21.0 0.110 2.7 6.9 2005A 911 544 0.249 31.1 15.7 0.120 3.1 8.8 2006F 1,295 669 0.307 23.0 12.7 0.140 3.6 10.2 2007F 1,476 820 0.376 22.6 10.3 0.160 4.1 11.7 2008F 1,672 871 0.400 6.3 9.7 0.200 5.1 11.6 Shares in issue (m) 2,180.7 Major shareholder 30.0% Market cap. (HK$ m) 8,232.1 Free float (%) 41.9 3 Average vol. ( 000) 3,997.1 06 06 Net gearing (%) 49.6 06 06 P/B (x) 1.3 06 06 NBV per share (HK$) 3.0 52 52 Weeks high/low (HK$) 4.20/2.30 Est. NAV (HK$) 4.7 Absolute % change in price (1m/3m/1yr) (1.3)/25.8/32.5 Relative % change in price (1m/3m/1yr) (1.0)/25.6/21.1 Bloomberg06 07 081 1.03 1-5 47.2% 5 18.5% 20.5% 1 3 1.28 28.1%1.2 79.5% 125 5 4.28 06 2,400 06 5% 11.4% 100% 5 10 06 4,800 3.7% 0608 36% 63% 90 Alan Lam

064,700 C 5 90 24.9% 08 77% 2-3 46%9 5 0.5% 06 0.4% 124.20 06-08 11% 20% 4%0616% 4.70 06 07 12.7 10.3063.620% 12 8% 4.200614.111%18% 4.600712.60716% 15% 24% 0610% 126 12 2005A 2006F 2007F 2008F 911 1,295 1,476 1,672 748 822 991 1,095 (24) 34 58 101 (91) (68) (94) (209) 0 0 0 0 633 787 956 986 (80) (113) (126) (115) 553 674 830 872 (10) (5) (10) (0) 544 669 820 871 0.249 0.307 0.376 0.400 (%) 31.1 23.0 22.6 6.3 12 2005A 2006F 2007F 2008F 719 1,235 1,514 1,652 (79) (129) (226) (307) 10 0 0 0 (240) (262) (305) (349) 0 0 0 0 (8) (5) (10) (0) (317) (395) (542) (656) (76) (113) (126) (115) (39) (1,310) (1,453) (659) 0 0 0 0 (2,328) (1,009) (1,046) (1,165) (2,367) (2,319) (2,499) (1,824) 0 0 0 0 1,675 2,078 1,635 1,100 16 0 0 0 1,691 2,078 1,635 1,100 (350) 484 (18) 157 1,242 892 1,377 1,359 0 0 0 0 892 1,377 1,359 1,516 12 2005A 2006F 2007F 2008F 5,942 8,159 10,509 12,037 3,045 2,884 2,761 2,761 7 3 0 0 4 4 4 4 158 174 191 210 892 1,377 1,359 1,516 32 32 32 32 10,079 12,632 14,855 16,559 671 738 812 893 270 270 270 270 16 16 16 16 2,231 4,309 5,944 7,044 519 519 519 519 3,707 5,852 7,560 8,742 43 43 43 43 6,330 6,737 7,252 7,774 2,181 2,181 2,181 2,181 4,149 4,556 5,071 5,593 6,330 6,737 7,252 7,774 2.90 3.09 3.33 3.56 12 2005A 2006F 2007F 2008F (%) 82.1 63.5 67.2 65.4 (%) 59.7 51.7 55.6 52.1 (%) 6.2 5.9 6.0 5.5 (%) 8.8 10.2 11.7 11.6 (%) 48.1 45.6 42.5 50.1 (%) 26.0 49.0 69.4 77.2 8.0 12.5 11.2 5.7 1.1 1.5 1.4 1.5 1.1 1.5 1.4 1.5 113.5 46.7 45.1 43.8

Guotai Junan (HK) 0576 HK$4.50 422% 4.00PEG 12 4.005.15 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 3,132 1,226 0.282 21.5 16.9 0.190 4.0 11.7 2005A 3,456 1,431 0.330 16.8 14.2 0.220 4.7 13.1 2006F 3,834 1,512 0.348 5.6 13.3 0.230 5.0 13.2 2007F 4,174 1,644 0.379 8.8 12.2 0.250 5.4 13.7 2008F 4,459 1,822 0.420 10.8 11.0 0.260 5.6 14.4 Shares in issue (m) 4,343.1 Major shareholder 56.0% Market cap. (HK$ m) 19,544.0 Free float (%) 32.5 3 Average vol. ( 000) 13,834.7 06 06 Net gearing (%) 21.0 06 06 P/B (x) 1.7 06 06 NBV per share (HK$) 2.6 52 52 Weeks high/low (HK$) 5.95/3.90 Est. NAV (HK$) 5.7 Absolute % change in price (1m/3m/1yr) 0.0/(10.0)/(14.3) Relative % change in price (1m/3m/1yr) 0.4/(10.2)/(25.7) Bloomberg06 07 081 1.03 127 (0576)1-5 5 7.7%37,59610.9% 1-5 1.2%1.7%06 05 06 10% 3 07 20% 673.625% 70.46%61.77 12 5.87 Alan Lam

06 A 6 0.13 2 068% 5.73 4 22% 4.00TCI 4.5006 07 13.3 12.2065.0 21.4% PEG1.7 12 4.000611.830% 5.1507 17% 12 2005A 2006F 2007F 2008F 12 2005A 2006F 2007F 2008F 128 3,456 3,834 4,174 4,459 2,302 2,567 2,778 3,069 24 26 28 31 (61) (124) (137) (144) 0 0 0 0 2,265 2,469 2,669 2,956 (692) (817) (862) (940) 1,572 1,652 1,808 2,016 (141) (140) (163) (194) 1,431 1,512 1,644 1,822 0.330 0.348 0.379 0.420 (%) 16.8 5.6 8.8 10.8 12 2005A 2006F 2007F 2008F 2,596 3,326 3,470 3,807 (67) (124) (137) (144) (941) (999) (1,042) (1,086) 28 13 14 16 (65) (70) (82) (97) (1,045) (1,180) (1,247) (1,311) (506) (799) (843) (920) (945) (1,000) (900) (700) 85 0 0 0 (170) (600) (1,145) 0 (1,029) (1,600) (2,045) (700) 0 0 0 0 10 1,452 (48) (1,053) 0 0 0 0 10 1,452 (48) (1,053) 25 1,199 (712) (178) 804 829 2,028 1,316 829 2,028 1,316 1,138 13,999 14,339 14,565 14,576 307 920 2,079 2,095 86 69 61 61 6 8 9 11 356 374 393 412 829 2,028 1,316 1,138 728 612 612 612 16,312 18,350 19,035 18,905 718 703 734 803 887 548 553 548 411 430 449 469 1,548 3,338 3,285 2,237 384 384 384 384 3,948 5,404 5,405 4,441 1,168 1,238 1,319 1,416 11,196 11,709 12,311 13,047 4,343 4,343 4,343 4,343 6,853 7,366 7,968 8,704 11,196 11,709 12,311 13,047 2.58 2.70 2.83 3.00 12 2005A 2006F 2007F 2008F (%) 66.6 67.0 66.5 68.8 (%) 41.4 39.4 39.4 40.9 (%) 9.0 8.7 8.8 9.6 (%) 13.1 13.2 13.7 14.4 (%) 66.8 66.1 66.0 62.0 (%) 9.1 10.9 15.9 8.2 37.6 20.7 20.3 21.4 1.0 1.8 1.3 1.2 0.9 1.8 1.3 1.2 41.3 34.7 33.5 32.9

Guotai Junan (HK) 0995 HK$5.80 17.9 42 4 8 6% 7.30 12 6.400613.8 12.3%7.3006 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 1,201 480 0.289 40.5 21.3 0.100 1.6 10.5 2005A 1,495 686 0.414 43.0 14.6 0.280 4.6 13.2 2006F 1,584 789 0.476 15.1 12.6 0.320 5.4 13.6 2007F 1,763 881 0.531 11.5 11.3 0.350 5.9 14.4 2008F 1,961 982 0.592 11.5 10.1 0.350 5.9 14.5 Shares in issue (m) 1,658.6 Major shareholder 32.5% Market cap. (HK$ m) 9,619.9 Free float (%) 44.8 3 Average vol. ( 000) 2,243.2 06 06 Net gearing (%) 17.7 06 06 P/B (x) 1.7 06 06 NBV per share (HK$) 3.5 52 52 Weeks high/low (HK$) 6.450/3.650 Est. NAV (HK$) 7.3 Absolute % change in price (1m/3m/1yr) 4.5/26.8/16.0 Relative % change in price (1m/3m/1yr) 4.9/26.5/4.6 Bloomberg06 07 081 1.03 129 (0995) 42, 4 8 317.87 4,255 (0576) (0177) 6% 21 25 305 6 512% 52% 4 22.3 0.27 6.4% 7.30 06 26.8% 06 1.747 26.8% 06 4.4% 7.4 66.7% 0655%1-5 1-5 27.1% 23.3% 14.0% 5 12.4% 1-5 7.3% 0654.9% 6.83 06 6.0% 15.84 Alan Lam

2006-07 05 8 5 49% 6.6 100% 18 0619 06 19 23.1 49%9.5 06 060717.7% 19.4% 0.5% 0.3% 07-08 2%- 3%06 0712.611.320.5% 06 5.4 12 6.400613.812.3% 7.3006 130 12 2005A 2006F 2007F 2008F 1,495 1,584 1,763 1,961 1,185 1,264 1,448 1,602 943 987 1,134 1,232 3 0 0 0 (56) (58) (86) (62) 890 928 1,048 1,170 (205) (139) (167) (188) 685 789 881 982 1 0 0 0 686 789 881 982 0.414 0.476 0.531 0.592 (%) 40.9 15.1 11.5 11.5 12 2005A 2006F 2007F 2008F 1,151 1,283 1,467 1,621 (10) (58) (86) (62) (166) (467) (531) 0 1 0 0 0 0 0 0 0 (175) (525) (617) (62) (147) (154) (162) (170) (400) (950) 0 0 0 0 0 0 (426) (909) (856) (856) (826) (1,859) (856) (856) 0 0 0 0 (100) 1,050 150 (550) 0 0 0 0 (100) 1,050 150 (550) (96) (205) (18) (17) 678 581 376 358 582 376 358 341 : 12 2005A 2006F 2007F 2008F 7,203 8,485 9,026 9,512 6 6 6 6 18 18 18 18 3 3 3 3 25 30 37 44 581 376 358 341 0 0 0 0 7,836 8,918 9,448 9,924 474 497 522 548 350 1,400 1,550 1,000 112 97 103 121 0 0 0 0 1,071 771 771 771 2,007 2,766 2,946 2,441 200 200 200 200 5,629 5,951 6,301 7,283 3,106 3,106 3,106 3,106 2,523 2,845 3,195 4,177 5,629 5,951 6,301 7,283 3.39 3.59 3.80 4.39 12 2005A 2006F 2007F 2008F (%) 63.1 62.3 64.3 62.8 (%) 45.9 49.8 49.9 50.1 (%) 9.0 9.4 9.6 10.1 (%) 13.2 13.6 14.4 14.5 (%) 67.7 67.2 65.9 59.1 (%)* 17.7 19.4 9.7 16.7 16.9 13.2 19.8 0.7 0.2 0.2 0.2 0.6 0.2 0.2 0.2 7.1 6.4 6.9 7.5 *

Guotai Junan (HK) Grace Liu 2006 1-51.23869 4.6% 4.4% -2.9% 6.3% 27.8% 24.5% 17.6% 14.4% 12.5% 13.9% 2006 1-4 31.77% 31.77% 20.07% 17.43% 1-4 155.882005 12 100 1-45.90% 46.78% 14.94% 31.15% 96.78% 2005 1-2006 4 10,000,000 8,000,000 131 6,000,000 4,000,000 2,000,000 0-2,000,000-4,000,000-6,000,000 Jan Feb Mar Apr May Jun 05 05 05 05 05 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov Dec Jan Feb Mar Apr 05 05 06 06 06 06-8,000,000 2006 1-4 : % % 398,683 31.77 (15,588) 1.21% (5.27) n.a. n.a. n.a. n.a. 78,451 31.77 2,405 5.90 10.62% (1.74) 3.07% (0.75) 1.13% (0.24) 111,264 20.07 2,983 (46.78) 8.37% (4.25) 2.68% (3.37) 0.96% (1.15) 57,244 24.55 2,059 14.94 9.46% (0.69) 3.60% (0.30) 1.48% (0.14) 6,223 26.84 643 31.15 18.23% (1.88) 10.34% 0.34 3.64% 0.46 43,213 13.22 101 (96.78) 4.86% (9.45) 0.23% (7.99) 0.09% (3.52) 81,774 17.43 4,490 (3.21) 13.68% (2.57) 5.49% (1.17) 1.62% (0.46)

132 2006 Bloomberg 2006 1-6 31.07% 29.21% 8.98% 1-3OECD 1.91% 2005 3.16% 42.5CERA 2006 2.5% 2006 2006 2005 2005 2.86 3.28 4.76%2006 1-4 7.9% 2006 5.2% 3 265 24 1-520.49% 23.31% 17.19% 17.26% 2006 1-665.39 33.54% 60.92 39.11%6 0.57 1-6 -1.43 5 18% 2004-2006 5 30 40 50 60 70 80 90 100 2004 1-2006 5 2,500 2,900 3,300 3,700 4,100 4,500 4,900 5,300 5,700 5 CPI 2007 2006 2007 2005 440 3.6% 1.17 200493.2% 2006-2007 2008

Guotai Junan (HK) 2005755 20.41%38% 2005707 3 4 820 201058% 40%-60% 2006 1-4 23.2% 9.6% 19.0% 9.5% 22.0% 20068% 2006 1-6579.36 30.70% 1,042.52 19.47% 17.54% 8.09% -1.91% -1.85% 12.94% -6.45% 7.35% 0.59% 8.92% 24.13% 21.94% 2006 1-522 0.25% 7.87% 8.69% -8.82% 1.48% -12.98% -5.97% 9.77% 4.23% 5.01% 15.39%2 2006 20% 2006 2004-2006 6 2004-2006 5 133 1,200 19,000 1,000 17,000 800 15,000 600 400 13,000 11,000 9,000 200 7,000 0 5,000 Bloomberg 4 1 0.202.7% 6% 0.102%30% 4.27 12.18 2006 2006 2007 2007 (0386) 12.18 (1.81%) 17.05 (2.39%) (0338) 1.94 (7.79%) 2.59 (6.81%) (0857) 4.27 (0.17%) 6.26 (0.24%)

3 14 2005 8 12 4 28 0.27 5.58% 5.85% 0.6 45%-60% 0.27 0.27 2006 2006 2007 2007 (RMB m) (RMB m) (0386) 130,642 (0.32%) 134,561 (0.51%) (0338) 4,816 (0.29%) 4,347 (0.30%) (8042) 150 (0.28%) 146 (0.25%) 134 5 2007 4 A (0338/600688) (1033/600871) (000783) (000668) (000554) (0338) 4 A 223 440A313 30% A 2006 06 07 08 06ROE 06 06 (HK$) (%) (RMB) (%) 0386 4.150 8.4 8.0 7.3 18.3 0.140 3.3 0338 3.750 18.1 11.8 12.5 8.0 0.080 2.1 8042 0.710 6.6 6.1 5.6 20.5 0.021 2.9 9.1 8.2 7.7 17.6 0.136 3.2 Bloomberg06 07 081 1.03

Guotai Junan (HK) 0338 HK$3.750 07 4.10 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 39,403 3,971 0.552 183.3 7.2 0.200 5.0 23.8 2005A 45,956 1,850 0.257 (53.4) 15.2 0.100 2.6 9.9 2006F 50,733 1,535 0.213 (17.1) 18.1 0.080 2.1 8.0 2007F 53,835 2,366 0.329 54.1 11.8 0.126 3.3 11.5 2008F 52,386 2,221 0.308 (6.1) 12.5 0.117 3.0 10.1 Shares in issue (m) 7,200.0 Major shareholder 55.6% Market cap. (HK$ m) 27,000.0 Free float (%) 32.4 3 Average vol. ( 000) 40,311.0 06 06 Net gearing (%) 19.9 06 06 P/B (x) 1.4 06 06 NBV per share (HK$) 2.6 52 52 Weeks high/low (HK$) 5.000/2.250 Est. NAV (HK$) 4.1 Absolute % change in price (1m/3m/1yr) (2.6)/(24.2)/42.9 Relative % change in price (1m/3m/1yr) (2.2)/(24.5)/31.5 Bloomberg06 07 081 1.03 135 1.54 2006 1-3 6.42% 113.341.54 1-331.87% 1.38 3.44% 2.8637.75% 4,251.7 10.85% 59.90 2006 1-522 0.25% LDPE5.97% HDPE PP 9.77% 4.23% 4-6 4%-17% 20% 3 265 24 19.94% 17.66% 4 5 1-6-1.4210 5 2007 2006 2007 Grace Liu

136 1,400 2005 640PTA2005 112006 18 57.49% 38330 2006 0.07% 0.25% 2.35% 5.61% 9.36% 0.37%200710% 2009 4 1 1.95 7.79% ( ) % 2006 3,120 194,454 (7.79%) 2007 3,120 259,272 (6.81%) 2008 3,120 259,272 (7.22%) A (0386)4 A 1128 223146 A 4.50-5.20 06 07 2006-20080.213 0.329 0.308 07 15% 4.1006 07 PE 19.81 12.85 06 07 PB 1.551.42 2004-2006 6-6 -4-2 0 2 4 6 8 Jan- 04 Feb- 04 Mar- 04 Apr- 04 May- 04 Jun- 04 Jul- 04 Aug- 04 Sep- 04 Oct- 04 Nov- 04 Dec- 04 Jan- 05 Feb- 05 Mar- 05 Apr- 05 May- 05 Jun- 05 Jul- 05 Aug- 05 Sep- 05 Oct- 05 Nov- 05 Dec- 05 Jan- 06 Feb- 06 Mar- 06 Apr- 06 May- 06 Jun- 06(E) Bloomberg 2004-2006 5 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 Jan- 04 Feb- 04 Mar- 04 Apr- 04 May- 04 Jun- 04 Jul- 04 Aug- 04 Sep- 04 Oct- 04 Nov- 04 Dec- 04 Jan- 05 Feb- 05 Mar- 05 Apr- 05 May- 05 Jun- 05 Jul- 05 Aug- 05 Sep- 05 Oct- 05 Nov- 05 Dec- 05 Jan- 06 Feb- 06 Mar- 06 Apr- 06 May- 06 Jun- 06

Guotai Junan (HK) PB (2004) PB (2005) PE (2004) PE (2005) A (000618) 3.19 3.28 (2005 3Q) 7.26 n.a. 6.9% 41.9% (000763) 1.83 4.22 (2005 3Q) 12.5 n.a. 10.1% 35.8% (000817) 2.99 2.98 (2005 3Q) 15.7 n.a. 18.8% 33.9% (600002) 3.22 2.60 15.42 10.80 24.45% 38.6% (000866) 2.82 2.30 6.94 9.23 26.24% 36.6% (000956) 2.24 2.01 16.93 14.3 13.17% 51.9% (000406) 2.15 2.06 27.84 20.2 16.91% 58.2% 2.63 2.78 14.66 13.63 16.65% 42.41% H (0325) 1.62 n.a. 4.68 n.a. 10.9% 32.4% (0368) 2.05 n.a. 4.07 n.a. 15.5% 41.4% (1128) 2.49 2.29 (2005 1H) 10.65 n.a. 12.2% 33.1% 2.05 2.29 6.47 n.a. 12.87% 35.63% (0338) 1.55 1.49 7.21 15.18 n.a. n.a. 6 233.750 12 2004A 2005A 2006F 2007F 2008F 39,402,533 45,955,903 50,732,737 53,835,125 52,386,446 (738,474) (765,689) (1,111,949) (1,210,167) (1,198,899) 38,664,059 45,190,214 49,620,787 52,624,958 51,187,547 0 632,820 0 0 0 (33,223,604) (42,887,742) (47,337,814) (49,394,851) (48,044,360) 5,440,455 2,935,292 2,282,973 3,230,107 3,143,187 (408,144) (444,449) (490,647) (520,651) (506,640) 277,005 238,611 212,232 242,616 231,153 (284,164) (201,494) (242,829) (222,162) (232,495) 5,025,152 2,527,960 1,761,729 2,729,911 2,635,204 (36,915) (60,968) 301,874 320,334 311,714 (292,008) (179,398) (194,376) (147,269) (232,226) 4,696,229 2,287,594 1,869,227 2,902,977 2,714,693 (637,061) (366,300) (276,438) (447,078) (409,777) (88,065) (70,845) (57,888) (89,903) (84,072) 3,971,103 1,850,449 1,534,900 2,365,995 2,220,843 0.55 0.26 0.21 0.33 0.31 12 2004A 2005A 2006F 2007F 2008F 5,591,615 4,676,107 3,154,265 4,351,797 5,094,348 (346,696) (301,537) (318,070) (332,305) (472,934) (673,214) (430,992) (268,145) (433,666) (397,484) 18,006 0 0 0 0 4,589,711 3,943,578 2,568,050 3,585,826 4,223,930 (2,205,957) (1,142,927) (1,805,825) (3,069,902) (4,911,843) 42,750 39,631 59,950 76,504 99,669 96,591 79,688 383,949 412,047 398,608 (273,990) (165,634) 66,751 64,532 52,702 (2,340,606) (1,189,242) (1,295,175) (2,516,820) (4,360,864) (1,766,760) (1,557,742) (158,220) (511,578) 1,151,051 (576,000) (1,440,000) (720,000) (576,903) (904,936) (56,221) (96,476) 0 0 0 (2,398,981) (3,094,218) (878,220) (1,088,481) 246,115 (149,876) (339,882) 394,654 (19,475) 109,180 1,840,351 1,690,500 1,347,237 1,741,891 1,722,416 25 (3,381) 0 0 0 1,690,500 1,347,237 1,741,891 1,722,416 1,831,596 12 2004A 2005A 2006F 2007F 2008F 15,206,325 14,651,167 14,338,996 14,995,186 17,781,421 511,307 514,582 517,780 520,898 523,937 807,477 787,376 866,214 1,150,651 916,754 3,135,582 3,349,692 3,420,041 3,519,361 3,660,493 19,660,691 19,302,817 19,143,031 20,186,096 22,882,605 1,690,500 1,347,237 1,741,891 1,722,416 1,831,596 3,727,749 4,114,978 4,542,705 4,820,498 4,690,781 395,353 252,166 278,377 295,400 287,451 1,675,412 731,204 807,208 856,570 833,520 1,126,896 1,061,969 1,172,354 1,244,045 1,210,569 8,615,910 7,507,554 8,542,535 8,938,931 8,853,918 797,753 963,230 1,063,352 1,128,378 1,098,013 259,746 68,302 75,402 80,012 77,859 4,870,305 4,870,305 3,896,742 3,779,840 3,401,856 1,507,010 1,204,363 1,269,287 1,283,208 1,376,191 7,434,814 6,132,637 6,187,880 5,893,454 6,804,384 1,181,096 1,374,917 2,354,655 3,045,476 2,049,534 20,841,787 20,677,734 21,497,686 23,231,572 24,932,139 2,014,614 1,377,261 1,335,943 1,202,349 1,502,936 0 100,000 100,000 100,000 100,000 37,100 23,033 11,515 0 0 2,051,714 1,500,294 1,447,458 1,302,349 1,602,936 18,790,073 19,177,440 20,050,228 21,929,224 23,329,203 7,200,000 7,200,000 7,200,000 7,200,000 7,200,001 11,216,989 11,629,987 12,444,887 14,233,979 15,549,886 18,416,989 18,829,987 19,644,887 21,433,979 22,749,887 373,084 347,453 405,341 495,244 579,316 18,790,073 19,177,440 20,050,228 21,929,224 23,329,203 137 2006 41% 4% 10% 32% 13%

0386 HK$4.150 QDII 4.90 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 619,783 36,019 0.415 60.6 10.6 0.120 2.7 19.8 2005A 823,117 40,920 0.472 13.6 9.1 0.130 3.0 19.6 2006F 1,017,980 43,962 0.507 7.4 8.4 0.140 3.3 18.3 2007F 1,111,591 46,487 0.536 5.7 8.0 0.148 3.5 17.0 2008F 1,119,485 50,552 0.583 8.7 7.3 0.161 3.8 16.4 138 Shares in issue (m) 86,702.4 Major shareholder 71.2% Market cap. (HK$ m) 359,815.1 Free float (%) 19.4 3 Average vol. ( 000) 150,571.0 06 06 Net gearing (%) 63.7 06 06 P/B (x) 1.5 06 06 NBV per share (HK$) 2.9 52 52 Weeks high/low (HK$) 5.550/2.900 Est. NAV (HK$) 4.9 Absolute % change in price (1m/3m/1yr) (12.6)/(13.5)/40.7 Relative % change in price (1m/3m/1yr) (12.3)/(13.8)/29.3 Bloomberg06 07 081 1.03 1-3 30.48% 2,271.95 3.62% 92.88 159.98% 166.23 78.756.01% 46.96%143.9026.68% 2006 700 19% 2006 2.81% 23.4% 2.45% 7.87% 23.85% 34.94% 23.29% 1.90% 11.65% 13.66%2.50% 2006 1.35% 11.40%4.33% 11.30% 7.17% 6.17% 2.55% 4.15% 2006 46.3%3,112.81 54.46 13.69%745.10 5 05 1206 562.78 47.91% 2006-2008 58 60 53 Grace Liu

Guotai Junan (HK) 2006-2008 81.39 124.97 71.93 10.99% 15.20% 8.67% % 2006 58 4.80 282.6 8,139 5,429 (10.99%) 2007 60 5.50 284.0 12,497 8,335 (15.20%) 2008 53 3.15 285.4 7,193 4,798 (8.67%) BP-TNKUdmurtneft 1727.5% 18 40%1520% 3 265 241-5 19.89% 24.20%22.00% 18.38% 17.20% 17.26% 19.94% 17.66% 1-6-1.42 2005 20073 14 2007 2006 2007 139 2004-2006.5 20 15 10 5 0 Jan- 04-5 Mar- 04 May- 04 Jul- 04 Sep- 04 Nov- 04 Jan- 05 Mar- 05 May- 05 Jul- 05 Sep- 05 Nov- 05 Jan- 06 Mar- 06 May- 06-10 Bloomberg 213100 44 350-1,000

2 20%2006 4 1 12.181.81% 2006 19.54 12.18 (1.81%) 2007 20.51 17.05 (2.39%) 2008 21.54 17.90 (2.31%) 140 4 28 0.27 2005 0.6 45%-60% 2006 2007 0.32% 0.51% 350 52007 A 4 A 223440 A313 30% A 2006 2007 2008 QDII 350 4.900607 PE 9.959.41P/B1.711.51

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 597,197 799,115 992,473 1,084,485 1,083,674 22,586 24,002 25,507 27,106 35,810 619,783 823,117 1,017,980 1,111,591 1,119,485 0 9,415 0 0 0 (443,590) (653,056) (798,096) (870,376) (875,437) (31,843) (33,709) (41,865) (45,747) (45,713) (32,342) (31,413) (36,216) (38,658) (43,307) (6,396) (6,411) (7,962) (8,700) (8,694) (919) (369) (320) (345) (332) (18,634) (18,483) (22,955) (25,083) (25,065) (16,324) (17,152) (33,694) (40,832) (35,602) (6,666) (5,125) (5,896) (5,510) (5,703) (556,714) (765,718) (947,004) (1,035,252) (1,039,853) 63,069 66,814 70,976 76,340 79,632 374 382 463 657 384 (4,583) (5,920) (7,498) (9,441) (11,271) (162) 917 3 84 211 (4,371) (4,621) (7,032) (8,699) (10,677) 111 178 145 161 153 797 857 827 842 835 59,606 63,228 64,916 68,644 69,942 (17,815) (19,388) (19,905) (21,049) (18,185) (5,772) (2,920) (1,048) (1,108) (1,205) 36,019 40,920 43,962 46,487 50,552 0.42 0.47 0.51 0.54 0.58 12 2004A 2005A 2006F 2007F 2008F 90,718 103,402 109,098 118,082 127,324 374 386 463 657 384 (5,450) (6,961) (9,589) (11,282) (13,204) 322 668 972 1,003 987 (16,883) (20,998) (20,211) (21,372) (18,464) 69,081 76,497 80,732 87,089 97,027 (67,583) (63,135) (70,508) (81,671) (85,755) 317 510 3,192 3,455 3,614 0 (4,324) (22,300) 0 0 (6,726) (4,102) 2,088 (418) (293) (73,992) (71,051) (87,529) (78,635) (82,434) 13,645 (2,921) 18,613 5,005 1,719 (8,670) (10,404) (11,529) (12,323) (13,149) 53 5,265 0 0 0 5,028 (8,060) 7,084 (7,318) (11,431) 117 (2,614) 287 1,136 3,162 1 (22) 0 0 0 16,263 16,381 13,745 14,032 15,168 16,381 13,745 14,032 15,168 18,330 2006 1-3 12 2004A 2005A 2006F 2007F 2008F 284,123 314,573 344,704 396,313 422,591 46,185 48,267 67,826 51,719 60,221 24,015 29,190 31,286 34,496 36,629 354,323 392,030 443,816 482,527 519,441 16,381 13,745 14,032 15,168 18,330 1,899 1,002 952 904 859 64,329 89,474 111,124 121,426 121,335 9,756 14,532 18,048 19,721 19,707 7,812 7,143 8,871 9,694 9,687 20,094 19,395 24,088 26,321 26,301 120,271 145,291 177,115 193,235 196,219 32,307 40,411 42,244 45,625 45,124 23,792 52,967 65,783 71,882 71,828 30,797 23,243 28,867 31,543 31,520 45,276 48,167 59,822 65,368 65,319 14,105 5,861 9,496 7,202 7,908 146,277 170,649 206,212 221,620 221,699 (26,006) (25,358) (29,097) (28,386) (25,480) 328,317 366,672 414,718 454,141 493,960 97,587 106,992 119,831 123,426 124,660 6,644 6,684 8,410 8,966 8,943 104,231 113,676 128,241 132,392 133,604 224,086 252,996 286,477 321,749 360,357 86,702 86,702 86,702 86,702 86,702 106,338 136,854 169,287 203,451 240,854 193,040 223,556 255,989 290,153 327,556 31,046 29,440 30,488 31,596 32,801 224,086 252,996 286,477 321,749 360,357 2006 1-3 141 19.6% 11.1% 2.7% 20,000 15,000 16,623 10.4% 10,000 5,000 0 3,329 3,135 (350) 56.2% -5,000-10,000 (7,875)

8042 HK$0.710 0.98 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB 000) (RMB 000) (RMB) ( %) (x) (RMB) (%) (%) 2004A 422,728 32,712 0.078 17.6 9.7 0.015 2.0 23.9 2005A 627,616 46,802 0.111 42.5 6.7 0.021 2.8 26.4 2006F 792,848 53,125 0.112 0.6 6.6 0.021 2.9 20.5 2007F 946,088 60,844 0.120 7.8 6.1 0.023 3.1 17.9 2008F 1,119,315 65,713 0.130 8.0 5.6 0.024 3.3 16.7 Shares in issue (m) 505.8 Major shareholder 40.8% Market cap. (HK$ m) 359.1 Free float (%) 59.2 3 Average vol. ( 000) 713.8 06 06 Net gearing (%) 29.6 06 06 P/B (x) 1.1 06 06 NBV per share (HK$) 0.6 52 52 Weeks high/low (HK$) 1.170/0.270 Est. NAV (HK$) 1.0 Absolute % change in price (1m/3m/1yr) (21.1)/(19.3)/82.1 Relative % change in price (1m/3m/1yr) (20.8)/(19.6)/70.6 Bloomberg06 07 081 1.03 142 4.01% 2006 1-3 24.15% 1.77 4.01% 1,249.3 BB48.8% 11.7% 5.4% 31.7% 1.1% 1.2% BB 17% 1.69 5 0.788,400 19.91% 6,300 BB 2006 1-513.4% 1-4 8.0%102% 267 40-50% 20065,800 6.9% 20082.5% 20062005 1-5 1.11% 3.05% 9.27%0.39% 4.55%1,725 20062005 4 8 BB100 2007 2008 Grace Liu

Guotai Junan (HK) 2006-2008 6 2005 BB30 BB706 5 2005 7 2006-2008 2006-2008 0.9806 07 PE 9.04 8.39 PB 1.53 1.40 12 2004 2005 2006E 2007E 2008E 422,728 627,616 792,848 946,088 1,119,315 (336,679 ) (497,767 ) (631,814 ) (758,929 ) (905,888 ) 86,049 129,849 161,034 187,159 213,427 773 0 2,559 2,570 3,410 (22,062 ) (34,640 ) (43,760 ) (52,217 ) (61,778 ) (28,394 ) (38,646 ) (48,820 ) (58,256 ) (68,923 ) 5,004 4,697 2,583 2,713 2,648 41,370 61,260 73,597 81,967 88,784 (7,476 ) (8,060 ) (11,824 ) (10,386 ) (11,474 ) 33,894 53,200 61,773 71,581 77,310 (1,215 ) (6,421 ) (8,648 ) (10,737 ) (11,596 ) 32,679 46,779 53,125 60,844 65,713 33 23 0 0 0 32,712 46,802 53,125 60,844 65,713 0.08 0.11 0.11 0.12 0.13 12 2004 2005 2006E 2007E 2008E 56,620 99,559 85,676 97,294 104,865 (7,476 ) (8,060 ) (9,216 ) (10,386 ) (11,474 ) (1,701 ) (6,891 ) (8,216 ) (10,200 ) (11,017 ) 47,443 84,608 68,245 76,708 82,374 (49,246 ) (38,887 ) (73,885 ) (59,108 ) (41,376 ) 342 525 1,122 1,429 2,135 (6,115 ) (3,140 ) (4,628 ) (3,884 ) (4,256 ) 340 1,351 2,559 2,570 3,410 130 (470 ) 130 130 130 (54,549 ) (40,621 ) (74,702 ) (58,863 ) (39,956 ) (40,908 ) (23,860 ) (20,482 ) (18,996 ) (21,473 ) 0 0 67,813 0 0 35,400 21,040 (3,337 ) (4,677 ) (4,529 ) (4,586 ) (7,335 ) (8,998 ) (10,412 ) (11,557 ) (4,028 ) 0 (2,608 ) 0 0 637 0 0 0 0 (13,485 ) (10,155 ) 32,387 (34,085 ) (37,559 ) (20,591 ) 33,832 25,930 (16,240 ) 4,859 34,517 13,926 47,758 73,688 57,448 13,926 47,758 73,688 57,448 62,308 12 2004 2005 2006E 2007E 2008E 163,878 189,528 247,734 287,742 307,683 42,957 45,124 48,746 51,534 54,636 1,000 1,000 1,000 1,000 1,000 (12,366) 0 0 0 0 195,469 235,652 297,480 340,276 363,320 51,037 74,340 93,911 112,062 132,581 46,802 53,329 67,369 80,390 95,109 13,926 47,758 73,688 57,448 62,308 53,940 77,800 98,282 117,278 138,752 165,705 253,227 333,251 367,179 428,749 69,229 124,790 157,643 188,112 222,555 0 9,000 0 0 0 95,430 135,870 141,973 137,713 133,582 164,659 269,660 299,616 325,826 356,137 1,046 (16,433 ) 33,635 41,353 72,612 196,515 219,219 331,114 381,629 435,932 37,200 8,800 8,360 7,942 7,545 7,388 7,330 7,293 7,257 7,221 266 162 594 1,131 1,711 44,854 16,292 16,248 16,330 16,477 567 0 0 0 0 151,094 202,927 314,866 365,299 419,455 44,713 44,713 53,407 53,407 53,407 106,381 158,214 261,459 311,892 366,048 151,094 202,927 314,866 365,299 419,455 143

144 Tiffany Feng 2006 2006 6 23 8.6% 6.3% (0941)14.9% (0762) 9.5%(0906) 0.8% (0728) TD 14.9%3G 2006 3G 06 3 TD-SCDMA1-23-4 34 (0763) 6 TD 8 TD WCDMA CDMA2000 TDTD WCDMA CDMA200007 TDTD TD (0728)TD TD(0906) TD (0941) GSM TD (0728) TD WCDMA(0941) TD (0941) TD 67% TD TD CDMA2000(0762)TD GSM CDMA (0762) WCDMA CDMA2000CDMA50% CDMA SKT (0762) CDMA20003G CDMA2000(0762) GSM GSM 766.47(0906) (0941) (0728)TD 0645% WTO 17 49% 07 35% 49%

Guotai Junan (HK) (%) 0762 SKT 2006.6 8.63 20.2 1.4 6.67 0906 Telefonica 2005.9 12.38 8.1 1.4 2.01 2005.7 11.45 7.5 1.3 2.99 0941 Vodafone 2002.5 24.72 15.4 3.0 1.25 (0762) 06 (0906) - (SP)- (CP) SP (CP) SP CP15 50 35 (0941)(8002) Femoo (0762) SP-CP 50 50 CP (0941) (8002) 3G 145 30% 16 25% 20% 15% 14 12 10 8 10% 6 4 5% 2 0% 0 06 07 12.7 11.413.612.33G NAV93%

(0941) 50.016.314.7 06 07 11.4% 18.6% (0762) CDMA 3G GSM NAV8.018.817.1 06 07 1.3 06 NAV4% (0728) 3.0 11.210.4 06 07 1.3 06 (0906) 05-08 8.6% 14.59.28.2 06 07 1.2 06 146 2006 6 23 06 07 05 05 05 (x) (x) (x) (%) (%) Vodafone Group VOD.L 12,564,278 10.9 10.2 0.8 5.9 n.a AT&T T 106,413 13.1 11.8 1.9 4.9 8.8 Verizon Comms VZ 95,772 12.9 12.3 2.4 4.9 18.6 Telefonica TEF.MC 79,542 12.2 10.5 5.0 1.9 34.9 NTT DoCoMo 9437.T 68,436 15.5 14.9 2.0 2.4 15.1 Deutsche Telekom DTEGn.DE 66,788 12.2 10.6 1.2 5.8 12.1 Bellsouth Corp BLS 64,176 15.9 14.9 2.7 3.3 12.4 Saudi Telecom 7010.SE 61,718 14.4 13.1 7.0 4.2 37.9 Telefonica Movil TEM.MC 58,719 19.7 16.7 8.1 1.9 33.4 Sprint Nextel S 56,145 14.1 12.0 1.1 0.5 3.5 France Telecom FTE.PA 54,198 9.1 8.7 1.7 6.0 23.0 13.6 12.3 3.1 3.8 20.0 06 07 08 06 06 06 06 (HK$) (x) (x) (x) (x) (%) (RMB) (%) 0728 2.425 8.9 8.4 7.9 1.0 11.8 0.084 3.4 0762 6.900 16.0 14.6 13.8 1.1 7.1 0.124 1.7 0906 12.650 7.9 7.1 6.4 1.2 16.0 0.603 4.6 0941 42.150 13.6 12.2 11.3 2.8 21.7 1.336 3.1 12.7 11.4 10.6 2.3 18.6 3.1 Bloomberg06 07 081 1.03 (0728) (0906)

Guotai Junan (HK) 0728 HK$2.425 20% 7% 3.011.210.5 06 07 PE 1.3 06 P/B Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 152,754 19,565 0.248 356.4 10.4 0.069 2.7 12.6 2005A 162,529 21,131 0.261 5.2 9.7 0.078 3.1 12.4 2006F 170,033 22,620 0.279 7.0 8.9 0.084 3.4 11.8 2007F 177,135 24,179 0.299 6.9 8.4 0.090 3.6 11.4 2008F 184,061 25,473 0.315 5.4 7.9 0.094 3.8 11.0 Shares in issue (m) 80,932.4 Major shareholder 72.1% Market cap. (HK$ m) 196,261.0 Free float (%) 17.1 3 Average vol. ( 000) 113,246.0 06 06 Net gearing (%) 60.2 06 06 P/B (x) 1.0 06 06 NBV per share (HK$) 2.4 52 52 Weeks high/low (HK$) 3.275/2.275 Est. NAV (HK$) 3.18 Absolute % change in price (1m/3m/1yr) (4.9)/(7.8)/(9.5) Relative % change in price (1m/3m/1yr) (4.6)/(9.4)/(24.9) Bloomberg06 07 081 1.03 147 214 2,316 19.3%051.5 05 19.9% 3IPTV 06 736 2,839 IT 600 10.9% 2.331 (1) (2)(3) 114 114 Tiffany Feng

20% 0622.6% 20.1% 07 08 2-3 80% 06 5 2.18 770 170 4 51305 06 1,90018.9% 70% 100% 80% 148 60% 40% 20% 0% 04A 05A 06F 07F 08F 3GTD-SCDMA 3G TD3G 064 CDMA TD06 07800 1,200TD 1,200 150 3G30% 06 283 07500 3GTD 7% 3G 7.0% 05-08 6.4% 3.0 6 232.4251.0 06 P/B 3.011.210.5 06 07 1.3 06

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 12 2005A 2006F 2007F 2008F 169,310 174,998 180,430 186,083 129,964 129,708 129,656 129,929 27,838 34,116 39,898 45,537 11,508 11,173 10,876 10,616 162,529 170,033 177,135 184,061 (49,652) (50,316) (51,896) (53,446) (47,334) (48,499) (50,170) (51,764) (27,852) (29,478) (31,064) (32,646) (5,518) (6,113) (6,722) (7,353) (130,356) (134,406) (139,853) (145,210) 38,954 40,591 40,577 40,873 55 65 68 72 (4,895) (5,283) (5,004) (4,473) 34,114 35,373 35,641 36,472 (6,160) (7,747) (8,126) (8,936) (42) (42) (41) (41) 27,912 27,585 27,474 27,495 21,131 22,620 24,179 25,473 0.345 0.341 0.339 0.340 0.261 0.279 0.299 0.315 12 2005A 2006F 2007F 2008F 34,114 35,373 35,641 36,472 (6,781) (4,965) (3,295) (2,022) 49,652 50,316 51,896 53,446 5,458 5,283 5,004 4,473 (12,094) (9,838) (2,656) (6,631) (5,011) (7,747) (8,126) (8,936) 68,359 68,105 76,755 74,351 (52,083) (51,000) (49,598) (47,856) 243 278 516 743 23 (36) (286) (267) (51,894) (51,036) (49,884) (48,123) 954 2,921 (7,308) (7,663) (5,701) (5,561) (5,521) (5,216) (5,596) (6,786) (7,254) (7,642) (14,809) (3,865) (14,562) (15,305) 1,656 13,204 12,309 10,924 13,465 15,121 28,325 40,634 15,121 28,325 40,634 51,558 328,281 330,937 329,616 324,813 23,567 21,595 20,618 19,830 5,117 5,117 5,117 5,117 10,885 10,885 10,885 10,885 12,623 12,623 12,623 12,623 380,473 381,157 378,858 373,268 15,121 28,325 40,634 51,558 292 328 614 881 2,702 3,019 2,941 3,253 16,142 17,172 18,019 19,053 2,406 2,851 2,140 2,542 36,663 51,695 64,349 77,286 84,968 92,666 91,720 90,411 33,949 33,053 33,836 32,642 26,885 27,153 29,142 29,354 2,108 2,108 2,108 2,108 108 108 108 108 8,958 7,166 5,733 4,586 156,976 162,254 162,647 159,209 55,777 51,000 44,638 38,285 52 52 52 52 18,750 13,125 9,188 6,431 2,620 2,620 2,620 2,620 77,199 66,797 56,497 47,388 1,444 1,486 1,527 1,568 181,517 202,316 222,536 242,389 2.243 2.500 2.750 2.995 12 2005A 2006F 2007F 2008F EBITDA (%) 50.3 50.5 50.3 50.1 (%) 19.8 21.0 21.0 21.1 (%) 13.0 13.3 13.6 13.8 (%) 5.1 5.3 5.5 5.7 (%) 12.4 11.8 11.4 11.0 0.2 0.3 0.4 0.5 6.1 6.1 6.1 6.1 33.8 35.8 36.3 36.8 73.8 60.2 45.1 33.3 (%) 29.9 30.0 30.0 30.0 (%) 50.3 50.5 50.3 50.1 149

GSM 0762 HK$6.9 06 GSM3%93.4% CDMA SKT CDMA CDMA2000 3G 3G GSM NAV 7.3 8.018.817.1 06 07 PE 1.3 06 P/B NAV4% Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 79,087 4,493 0.358 7.0 20.4 0.100 1.4 6.3 2005A 87,049 4,931 0.392 9.7 18.3 0.110 1.5 6.6 2006F 92,950 5,582 0.444 13.1 16.0 0.124 1.7 7.1 2007F 99,638 6,118 0.486 9.6 14.6 0.136 1.9 7.4 2008F 106,910 6,483 0.515 6.0 13.8 0.144 2.0 7.4 150 Shares in issue (m) 12,585.8 Major shareholder BVI 77.3% Market cap. (HK$ m) 86,841.8 Free float (%) 22.7 3 Average vol. ( 000) 18,968.0 06 06 Net gearing (%) 21.9 06 06 P/B (x) 1.1 06 06 NBV per share (HK$) 6.2 52 52 Weeks high/low (HK$) 7.900/5.850 Est. NAV (HK$) 8.3 Absolute % change in price (1m/3m/1yr) 4.6/9.4/6.9 Relative % change in price (1m/3m/1yr) 4.8/7.8/(8.6) Bloomberg06 07 081 1.03 GSM93.4% 06 530GSM 9,971 464 9304 8 GSM1,122 GSM ARPU 1.1% 47.9 06 GSM 11.0% 578.94 62.3% EBITDA 2.1 46.7% 3.1% 93.4% CDMA 06 1-5 CDMA151 3,423 30 CDMA 06 C 327 ARPU68 CDMA1.3% 279.47 EBITDA3.2 31.1% 3.9 Tiffany Feng

Guotai Junan (HK) GSM CDMA 1.3 1.4 1.2 1.1 1.0 0.9 1.2 1.0 0.8 0.8 0.7 0.6 0.5 0.6 0.4 0.2 0.4 1 2 3 4 5 6 7 8 9 10 11 12 0.0 1 2 3 4 5 6 7 8 9 10 11 12 SKCDMASK SKT CDMA ITSKT10 78.63 9 6.67% SKT 5% SKT CDMA SKT CDMACDMA SKTCDMA 04 CDMA SKT CDMA CDMA 151 CDMA20003G GSM CDMA SKTCDMA20003G GSM CDMA CDMA GSM (1) CDMA06-083.9 5.4 7.640% 14-16 GSM (2) CDMA GSM CDMA CDMA 01-05 94073% 130.26 CDMA06534.33GSM06 657.12 (3) GSM06 NAV 766.47 534.33 (4) 3GCDMA2000 1/3 30050% 47,000 75G CDMA80

2006CDMA CDMA 01 19,200 5 13,303 5,897 2,661 CDMA 03 27,400 4 15,187 12,213 3,797 CDMA 3.1 04 9 21,400 2.25 6,672 14,728 2,965 CDMA 3.2 05 26,000 1.5 5,404 20,596 3,603 94,000 40,567 53,433 13,026 NAV8.3SKT SKT 8.6328.8% SKT CDMACDMA NAV 8.32 (1) GSM5.9114.7 06 PE 1.2 06 P/B DCF WACC=12.0% GSM5.9114.7 06 PE 1.2 06 P/B (0941) 16.3 06 PE 3.3 06 P/B 9.8% 63.6%GSM 152 (2) CDMA1.241.0 06 PEG CDMA06 DCFWACC=12.0% 1.24 1.0 PEG 06 PE/06-08(0941) 1.5 06 PEG33.3% CDMA (3) 1.160.85 06 P/B DCF 0.67 VoIP 0.5 06 P/B0.49 1.160.85 06 P/B (0728) (0906) 1.25 06 P/B32.0% 7.3 8.03G GSM NAV8.0 18.817.1 06 07 PE 1.3 06 P/B NAV4% 06 06 06 (%) (%) (HK$) GSM 93.4 8.2 5.91 DCF@WACC=12.0% CDMA 4.9 n.a 1.24 DCF@WACC=12.0% (1.1) n.a 0.67 DCF@WACC=12.0% 2.9 0.3 0.49 0.5x FY06 P/B 100.0 7.1 8.32

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 87,049 92,950 99,638 106,910 GSM 52,136 57,894 64,547 71,152 CDMA 27,577 27,947 28,126 28,801 3,050 2,745 2,470 2,223 1,525 1,289 1,119 993 2,762 3,075 3,374 3,741 42,915 58,539 41,744 61,895 3,005 4,320 2,107 4,727 4,025 5,921 3,953 6,119 12,293 16,385 14,165 16,765 3,364 4,597 3,657 4,354 10,600 15,264 8,680 17,200 6,989 9,112 7,122 9,071 2,639 2,939 2,060 3,659 8,070 8,753 9,272 9,647 96 100 88 93 (1,099) (852) (592) (451) 35 38 42 47 7,102 8,039 8,810 9,336 (2,170) (2,457) (2,693) (2,853) 4,931 5,582 6,118 6,483 0.392 0.444 0.486 0.515 12 2005A 2006F 2007F 2008F 7,102 8,039 8,810 9,336 20,368 22,219 24,241 25,847 964 752 504 358 (2,039) 1,095 427 268 (1,474) (2,457) (2,693) (2,853) 30,804 28,896 30,786 32,597 (16,551) (22,000) (23,167) (23,798) 96 100 88 93 380 282 0 0 (577) (1,637) (680) (1,297) (16,748) (23,355) (23,847) (25,095) 52 0 0 0 (7,572) 1,127 (35) 1,222 9,691 (4,933) (2,466) (2,466) (14,130) (8,145) (2,445) (3,205) 0 (421) 0 0 (1,099) (852) (592) (451) (1,257) (1,563) (1,713) (1,815) (13,213) (5,935) (6,659) (6,265) 842 (394) 280 1,237 4,629 5,472 5,078 5,358 5,472 5,078 5,358 6,595 12 2005A 2006F 2007F 2008F 116,056 115,837 114,763 112,714 3,144 3,144 3,144 3,144 7,819 9,456 10,136 11,433 335 335 335 335 127,354 128,772 128,378 127,626 385 385 385 385 138 269 277 309 2,342 2,751 3,255 3,775 2,108 2,476 2,984 3,460 4,548 5,638 6,373 7,100 282 0 0 0 5,472 5,078 5,358 6,595 15,276 16,596 18,631 21,624 18,527 20,851 22,351 23,660 38 38 38 38 117 117 117 117 822 1,058 1,134 1,233 421 0 0 0 5,145 2,145 1,845 485 1,016 1,016 1,016 1,016 7,887 8,417 9,023 9,639 9,866 6,000 6,000 6,000 7,024 8,151 8,116 9,338 50,862 47,793 49,640 51,526 11,982 6,836 4,691 2,846 145 145 145 145 15,481 18,336 16,190 14,345 3 3 3 3 76,284 80,296 84,675 89,302 6.07 6.38 6.73 7.10 12 2005A 2006F 2007F 2008F EBITDA (%) 32.7 33.3 33.6 33.2 (%) 9.3 9.4 9.3 9.0 (%) 5.7 6.0 6.1 6.1 (%) 3.5 3.8 4.2 4.3 (%) 6.6 7.1 7.4 7.4 0.3 0.4 0.4 0.5 10.9 9.0 10.0 11.0 20.5 20.0 22.0 23.0 (%) 39.2 21.9 14.4 7.2 (%) 28.1 28.0 28.0 28.0 153

0906 HK$12.65 26.5% 05-08 8.6% 14.59.28.2 06 07 1.2 06 Turnover Net Profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 79,148 (1,647) (0.293) n.a. n.a. 0.039 0.3 (2.8) 2005A 83,827 10,483 1.590 n.a. 8.3 0.485 3.7 16.4 2006F 86,997 10,828 1.642 3.3 7.9 0.603 4.6 16.0 2007F 91,477 12,161 1.844 12.3 7.1 0.625 4.8 15.8 2008F 95,171 13,416 2.035 10.3 6.4 0.649 5.0 15.4 154 Shares in issue (m) 6,593.5 Major shareholder 75.0% Market cap. (HK$ m) 83,408.1 Free float (%) 20.0 3 Average vol. ( 000) 12,303.0 06/ 06 Net gearing (%) 95.0 /06 06 P/B (x) 1.2 06 06 NBV per share (HK$) 10.6 52/ 52 Weeks high/low (HK$) 15.700/11.000 Est. NAV (HK$) 16.3 Absolute % change in price (1m/3m/1yr) 4.6/(4.2)/15.3 Relative % change in price (1m/3m/1yr) 4.8/(5.8)/(0.1) Bloomberg06 07 081 1.03 06 1-5 1,289 625(0728) (0906) 10 435 60% (0728) 50% 0.4% VoIP 0.6% ARPU 100,000 20,000 80 80,000 16,000 60 60,000 12,000 40 40,000 8,000 20,000 4,000 20 0 2004A 2005A 2006F 2007F 2008F 0 2004A 2005A 2006F 2007F 2008F 0 Tiffany Feng

Guotai Junan (HK) 1.69 40% 23.3%02-031.81 05-1.03 2.72 0523.2% 06-089.0% 4% 3% 3G06-08 380-420 3G260-270120-160 TD150 06 95% EBITDA 05-08 8.6% 3.8% 869.97209.94 24% 626%06 3.3% 4 06-08 EBITDA 1.305-08 8.6% 155 Telefonica 4.9% Telefonica06 20.0% Telefonica 75.0%5 4.9% BVIBVI70.1%5 4.9% TelefonicaTelefonica5% 9.9% Telefonica 14.5 05-08 8.6% 14.59.28.2 06 07 1.2 06

12 2005A 2006F 2007F 2008F 12 2005A 2006F 2007F 2008F 156 87,232 89,431 93,059 96,015 69,691 69,254 68,892 68,013 8,352 10,640 13,325 15,887 3,255 2,496 2,745 2,965 5,934 7,041 8,097 9,151 83,827 86,997 91,477 95,171 (25,049) (25,800) (27,105) (27,923) (14,418) (14,529) (15,094) (15,513) (12,323) (12,354) (12,715) (13,038) (13,412) (14,094) (15,094) (15,989) (1,509) (1,479) (1,464) (1,523) (66,711) (68,255) (71,471) (73,986) 20,521 21,177 21,588 22,029 122 73 46 31 (3,485) (3,491) (3,232) (2,969) 17,317 17,922 18,572 19,271 (3,429) (4,660) (4,829) (5,010) 13,888 13,261 13,743 14,260 10,483 10,828 12,161 13,416 2.106 2.009 2.082 2.160 1.590 1.642 1.842 2.032 12 2005A 2006F 2007F 2008F 17,317 17,922 18,572 19,271 (3,405) (2,434) (1,582) (844) 25,012 25,800 27,105 27,923 3,429 3,418 3,186 2,938 20,463 (1,116) (3,191) (1,015) (4,065) (4,660) (4,829) (5,010) 33,557 37,851 37,392 40,855 (27,282) (27,286) (27,443) (26,648) 186 73 46 31 2,954 (1,467) 556 283 (24,328) (28,753) (26,887) (26,364) (8,922) (5,012) (5,366) (5,129) (909) 0 0 0 (3,000) (1,960) (1,960) (1,960) (1,566) 0 0 0 (259) (3,978) (4,123) (4,278) (14,656) (10,951) (11,449) (11,367) 10,581 4,874 3,042 2,098 (5,707) (1,853) (945) 3,124 10,581 4,874 3,042 2,098 4,874 3,042 2,098 5,222 168,663 168,445 168,317 167,125 6,822 8,527 8,993 8,910 1,393 1,393 1,393 1,393 6,034 6,898 6,700 7,447 3,480 3,480 3,480 3,480 186,392 188,742 188,883 188,355 4,895 3,042 2,098 5,222 2 1,469 913 629 7,401 10,237 8,309 11,507 472 1,673 633 1,818 1,729 1,847 1,938 2,032 14,499 18,268 13,890 21,209 16,719 22,080 18,215 23,186 3,905 4,721 3,347 4,004 47,341 32,259 42,226 24,393 6,846 7,074 3,904 5,614 8,990 8,990 8,990 8,990 7,975 6,289 5,822 5,329 4,029 3,801 3,883 3,540 2,594 2,594 2,594 2,594 98,399 87,807 88,982 77,649 18,143 27,985 15,821 26,815 7,840 5,880 3,920 1,960 10,925 10,338 9,777 8,853 3,174 3,307 2,959 2,989 1,324 1,324 1,324 1,324 25 25 25 25 41,431 48,859 33,826 41,967 63,010 72,293 81,913 91,895 9.556 10.964 12.407 13.918 12 2005A 2006F 2007F 2008F EBITDA (%) 50.3 51.2 51.5 51.6 (%) 20.4 21.5 21.9 22.3 (%) 12.5 12.5 13.3 14.1 (%) 5.0 5.3 5.9 6.5 (%) 16.4 16.0 15.8 15.4 0.2 0.2 0.2 0.3 3.7 4.5 4.6 4.7 31.7 37.0 37.0 38.0 82.4 81.4 80.4 79.4 (%) 105.7 95.0 77.6 59.4 (%) 23.0 30.0 30.0 30.0

Guotai Junan (HK) 0941 HK$42.15 06 21%06 25%0618% 50.016.314.7 06 07 PE 11.4% 18.6% Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 192,381 41,749 2.122 17.4 21.1 0.701 1.6 19.3 2005A 243,041 53,549 2.713 27.8 16.2 1.065 2.4 21.2 2006F 284,143 63,133 3.182 17.3 13.6 1.336 3.1 21.7 2007F 325,308 70,462 3.544 11.4 12.2 1.418 3.3 21.3 2008F 359,560 76,175 3.832 8.1 11.3 1.533 3.5 20.3 Shares in issue (m) 19,880.6 Major shareholder 74.9% Market cap. (HK$ m) 837,965.2 Free float (%) 25.1 3 Average vol. ( 000) 26,511.0 06 06 Net gearing (%) 06 06 P/B (x) 2.8 06 06 NBV per share (HK$) 15.1 52 52 Weeks high/low (HK$) 47.550/27.250 Est. NAV (HK$) 52.7 Absolute % change in price (1m/3m/1yr) 2.8/10.6/47.9 Relative % change in price (1m/3m/1yr) 3.1/9.0/32.5 Bloomberg06 07 081 1.03 06 531 2.69 2,127 425 3 30 4004,388 5,1253G 07 08 157 330 4,500 280 4,000 3,500 230 3,000 180 2,500 2,000 130 1,500 80 1 2 3 4 5 6 7 8 9 10 11 12 1,000 1 2 3 4 5 6 7 8 9 10 11 12 ARPU 5 38.5-55.1% 6 50% ARPU 06 ARPU 3 Tiffany Feng

158 3.2%87 ARPU3G MSN TOM(IM) (SP) SP IMFemooSPIM Femoo iresearch05 IM 9,300 23.7% SP 15% 5-10 50%IM IM ARPU 4-5% 25% SP (CP) (8002) 15% 30-50% SP CP 06-08 0520.6% 25% 28% 30% 05-08 29.5% 3G06 744 07 08 250WCDMA3G WCDMAGSM 900 3,000 7,000 300(0728)TD TD TD 67%TD TD 50.0 3G 17.9% 50.0 16.314.7 06 07 11.4% 18.6% ARPU 0 50 100 150 200 250 08F 07F 06F 05A 04A 83.0 84.9 87.0 89.8 91.8 202.0 198.3 191.3 185.0 167.4 56.0 55.7 55.7 55.0 56.4 0% 20% 40% 60% 80% 100% 08F 07F 06F 05A 04A

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 243,041 284,143 325,308 359,560 156,710 177,056 196,084 212,081 25,055 24,205 25,547 26,002 50,187 71,036 91,086 108,587 11,089 11,846 12,591 12,890 3,224 2,841 2,602 2,517 15,309 17,614 20,166 22,289 14,200 16,886 19,657 22,086 80,254 94,394 111,323 126,640 56,368 65,172 74,828 82,068 169,355 196,907 228,576 255,600 73,686 87,236 96,732 103,960 3,284 3,383 3,484 3,589 1,025 1,137 1,301 1,438 1,615 2,627 3,707 4,692 (1,346) (1,470) (1,527) (1,573) 78,264 92,912 103,698 112,106 (24,675) (29,732) (33,183) (35,874) (40) (47) (53) (57) 53,549 63,133 70,462 76,175 2.713 3.182 3.544 3.832 12 2005A 2006F 2007F 2008F 78,264 92,912 103,698 112,106 56,368 65,172 74,828 82,068 (269) (1,157) (2,180) (3,119) 11,128 13,958 10,552 4,994 (24,585) (29,732) (33,183) (35,874) 131,709 141,153 153,714 160,174 (66,027) (83,300) (78,000) (76,000) 1,468 2,627 3,707 4,692 (21,661) 9,695 (26,727) (6,582) (87,116) (70,979) (101,020) (77,890) 3,422 (2,455) 11,266 (9,819) 10,989 (1,635) (1,470) (1,527) (1,573) (18,894) (26,516) (28,185) (30,470) (25,173) (16,720) (39,531) (21,054) 19,420 53,454 13,164 61,231 45,149 64,461 117,915 131,078 64,461 117,915 131,078 192,309 12 2005A 2006F 2007F 2008F 216,505 225,067 226,799 222,542 34,201 43,767 45,208 43,397 35,300 35,300 35,300 35,300 77 77 77 77 6,625 6,625 6,625 6,625 299,951 318,079 321,251 315,183 64,461 117,915 131,078 192,309 41,925 32,231 58,957 65,539 2,365 3,084 3,154 3,741 63 427 134 486 6,603 7,410 8,633 9,099 1,911 1,981 2,475 2,451 3,583 4,415 4,836 5,508 165 165 165 165 121,076 167,628 209,433 279,297 11,366 1,647 12,736 68 68 68 68 16,975 20,836 23,754 26,969 269 269 269 269 96 96 96 96 1,359 2,189 1,873 2,617 41,931 45,258 50,998 51,452 40,007 48,739 52,864 55,496 9,249 9,249 9,249 9,249 109,954 138,070 140,818 158,952 12,912 12,812 12,712 12,612 23,633 23,633 23,633 23,633 97 97 97 97 1,324 1,324 1,324 1,324 37,966 37,866 37,766 37,666 283 330 383 440 272,824 309,441 351,718 397,423 13.822 15.594 17.692 19.991 12 2005A 2006F 2007F 2008F EBITDA (%) 54.9 54.8 53.8 52.7 (%) 32.1 32.7 31.9 31.2 (%) 22.0 22.2 21.7 21.2 (%) 21.2 21.7 21.3 20.3 (%) 13.6 13.9 13.9 13.5 1.1 1.2 1.5 1.8 3.7 3.5 3.5 3.5 9.9 9.0 9.0 9.0 57.8 56.0 54.0 52.0 (%) (%) 39.3 42.0 40.0 40.0 159

0874 HK$4.40 06-08 45% NAV5.950.74 NAV 06 07 EPS 0.2810.322 124.6529% 6.01.0 07 NAV Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 7,710 43 0.053 (70.8) 86.6 0.025 0.5 1.7 2005A 9,026 198 0.244 361.8 18.8 0.070 1.5 7.5 2006F 10,285 228 0.281 15.1 16.1 0.080 1.8 9.4 2007F 11,657 261 0.322 14.6 14.1 0.080 1.8 9.0 2008F 13,227 291 0.359 11.6 12.6 0.080 1.8 9.5 160 Shares in issue (m) 810.9 Major shareholder 60.6% Market cap. (HK$ m) 3,568.0 Free float (%) 27.1 3 Average vol. ( 000) 990 06/ 06 Net gearing (%) 16.1 06 06 P/B (x) 1.3 06 06 NBV per share (HK$) 3.4 52 52 Weeks high/low (HK$) 5.250/2.725 PEG (X) 1.2 Absolute % change in price (1m/3m/1yr) 2.3/15.8/57.1 Relative % change in price (1m/3m/1yr) 2.7/15.6/45.7 Bloomberg06 07 081 1.03 06-0845% 48% 052.7% 16.4% 06 100% 06-08 40% 07 6,800.70726% 3 Amerisourse Bergen (ABC) Cardinal Health (CAH) Mckesson (MCK) 90% 1.510 40% 15% 100 06-07 07 NAV5.95 Sum-of-Parts 07 NAV5.95 06-0845% 2507 Dennis Yao

Guotai Junan (HK) 07 1136 15 07 36% 3 Amerisourse Bergen (ABC) Cardinal Health (CAH) Mckesson (MCK)P/B 2.403-05 ROE11.6% AP/B 2.9 05 ROE9% 2.107 P/BA12.5% 25% 07 07 NAV (HK$) 68,007 25xPE 1,700,187 2.04 137,956 15xPE 2,069,344 2.48 55,044 2.1xP/B 1,197,525 1.43 261,008 4,967,056 5.95 115 161 06 15% 06 14% 102.8 06 0.6 16.6%06 0.14.0% 0615%2.2% 06 06 06 2,422 1,262 52.1% 23.5% 73.9% 7,297 365 5.0% 70.9% 21.4% 335 67 20.0% 3.3% 3.9% 232 13 5.6% 2.3% 0.8% 10,285 1,706 16.6% 100.0% 100.0% 124.6529% 6.0 06 07 15.1% 14.6% 2.3 2.6 06 07 EPS 0.281 0.322 NAV5.950.74 NAV124.6529% 6.0 1.0 07 NAV36%

12 2004A 2005A 2006F 2007F 2008F 12 2004A 2005A 2006F 2007F 2008F 162 7,710 9,026 10,285 11,657 13,227 (6,314) (7,473) (8,579) (9,758) (11,113) 1,396 1,553 1,706 1,899 2,113 65 92 78 89 101 (557) (617) (679) (746) (847) (667) (641) (689) (769) (847) 209 370 416 472 521 (47) (54) (53) (56) (56) (0) (1) (1) 0 0 162 315 363 416 465 (110) (108) (87) (142) (158) 51 208 276 275 307 (9) (10) (14) (14) (15) 43 198 262 261 291 20 57 65 65 65 0.053 0.244 0.323 0.322 0.359 12 2004A 2005A 2006F 2007F 2008F 209 370 416 472 521 115 131 160 175 190 (59) (307) (168) (215) (246) (10) (71) (137) (171) (196) (229) (165) (271) (261) (298) 159 (70) 235 213 243 0 0 0 0 0 (117) (108) (87) (142) (158) 111 129 155 173 191 (329) (258) (245) (250) (250) 11 0 0 0 0 (318) (258) (245) (250) (250) 8 8 8 8 8 293 (67) 100 0 0 (20) (57) (65) (65) (65) (8) (9) (12) (12) (14) 273 (125) 30 (70) (71) 65 (255) (59) (147) (130) 817 882 628 568 422 882 628 568 422 291 1,589 1,542 1,658 1,733 1,793 6 5 5 5 1,793 49 53 53 53 5 69 0 0 0 53 1,916 1,855 1,971 2,046 0 1,078 1,149 1,286 1,457 2,106 1,519 1,683 1,954 2,215 2,513 19 0 0 0 0 882 619 568 422 1,653 3,498 3,461 3,819 4,104 2,513 1,430 1,360 1,594 1,807 0 45 45 45 45 291 985 918 918 918 4,469 2,450 2,303 2,543 2,760 3,008 110 0 100 100 2,050 206 89 189 189 189 212 202 216 229 918 2,546 2,723 2,843 2,973 3,008 12 2004A 2005A 2006F 2007F 2008F 18.1% 17.2% 16.6% 16.3% 16.0% 0.6% 2.2% 2.5% 2.2% 2.2% 2.7% 4.1% 4.0% 4.1% 3.9% 4.4 6.9 7.8 8.4 9.3 Gearing 8.3% 11.4% 16.1% 20.5% 23.8% ROE 1.7% 7.5% 9.4% 9.0% 9.5% ROA 0.8% 3.7% 4.5% 4.2% 4.4% ROCE 7.1% 11.5% 11.9% 12.4% 12.7%

Guotai Junan (HK) 1093 HK$0.810 C02 C 06 C 0607 06 07 EPS 0.051 0.163 0.45 07 NBV 1.55 12 0.87 07 NBV Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 2,451 245 0.159 (52.1) 5.1 0.000 0.0 11.2 2005A 3,192 157 0.102 (36.1) 8.0 0.000 0.0 6.6 2006F 3,341 79 0.051 (49.7) 15.8 0.000 0.0 3.1 2007F 3,929 251 0.163 219.0 5.0 0.049 6.0 9.5 2008F 4,405 307 0.200 22.3 4.1 0.080 9.9 10.8 Shares in issue (m) 1,538.1 Major shareholder 48.7% Market cap. (HK$ m) 1,245.9 Free float (%) 48.9 3 Average vol. ( 000) 4,299.0 06 06 Net gearing (%) 33.6 06 06 P/B (x) 0.5 06 06 NBV per share (HK$) 1.7 52 52 Weeks high/low (HK$) 1.670/0.780 PEG (X) 0.3 Absolute % change in price (1m/3m/1yr) (23.6)/(44.1)/(48.1) Relative % change in price (1m/3m/1yr) (23.2)/(44.4)/(59.5) Bloomberg06 07 081 1.03 163 C02 CC05 21.7%25.6%C 3 C 1214 06 C 053.2 2.8 2002 C C C 2 C 70% CC-C2005C 25% 18% C2.4 2.8 C3,000 C CDSM 05 C 1.5 C 06C3 06CC 3.2-3.307-08C 3.25-3.3 C Dennis Yao

C 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2002 2003 2004 2005 2006E 2007E 2008E 164 7-ACA 07-087-ACA 05 30% 06 7- ACA0592.87777 7-ACA 0707-08 7-ACA88 06 07 C 7-ACA 06 065%33.42.8 18.9% 50% 07-08C 7-ACA 07 0708219% 22% 06 06 06 701 158 22.6% 21.0% 25.1% 766 80 10.4% 22.9% 12.6% C 560 98 17.5% 16.8% 15.5% 1,314 295 22.5% 39.3% 46.8% 3,341 631 18.9% 100.0% 100.0% 2004 DSM 1.78 04 P/B ;, 1.9 04 P/B C 0.45 07 NBV C 07 NBV13%

Guotai Junan (HK) 1.55 12 06C 3.37-ACA7706 06 50%7,90007-08 C 7-ACA 0707 08 2.513.107 08 0.163 0.200 0.45 07 NBV 1.55 12 0.87 07 NBV91% 1. 2. 3. C 12 2004A 2005A 2006F 2007F 2008F 2,451 3,192 3,341 3,929 4,405 (1,820) (2,499) (2,710) (3,014) (3,355) 631 694 631 915 1,050 15 21 22 26 29 (131) (183) (184) (224) (251) (230) (293) (294) (356) (405) (11) (21) (17) (20) (22) 273 218 159 342 401 (28) (68) (79) (79) (79) 3 (1) 3 2 1 249 149 83 264 323 (3) 7 (4) (13) (16) (0) 0 0 0 0 245 157 79 251 307 0 0 0 (75) (123) (HK$) 0.159 0.102 0.051 0.163 0.200 12 2004A 2005A 2006F 2007F 2008F 273 218 159 342 401 168 194 220 240 251 (161) (303) (35) (139) (113) 25 (99) (22) (94) (76) 103 113 28 176 143 (16) 7 (4) (13) (16) 502 204 424 496 557 (1,082) (400) (530) (200) (200) (1,080) (407) (530) (200) (200) 761 368 0 0 0 0 0 0 0 0 606 369 0 (75) (123) 28 166 (106) 220 234 473 501 667 561 781 501 667 561 781 1,016 12 2004A 2005A 2006F 2007F 2008F 2,908 3,177 3,168 3,128 3,077 70 61 61 61 61 56 56 56 56 56 25 24 24 24 24 3,218 3,475 3,466 3,426 3,375 453 756 791 931 1,043 414 513 535 629 705 90 118 134 157 176 501 473 561 781 1,016 1,490 1,905 2,066 2,544 2,987 4,707 5,380 5,532 5,970 6,362 861 975 1,002 1,179 1,321 388 404 434 511 573 58 4 26 26 26 4 7 4 13 16 250 345 345 345 345 1,566 1,738 1,812 2,074 2,281 55 55 55 55 55 817 1,091 1,091 1,091 1,091 872 1,146 1,146 1,146 1,146 2,438 2,884 2,958 3,220 3,427 10 11 11 11 11 2,259 2,485 2,564 2,739 2,924 4,707 5,380 5,532 5,970 6,362 12 2004A 2005A 2006F 2007F 2008F (%) 25.7 21.7 18.9 23.3 23.8 (%) 11.1 6.8 4.7 8.7 9.1 (%) 10.0 4.9 2.4 6.4 7.0 ROE (%) 11.2 6.6 3.1 9.5 10.8 ROA (%) 5.2 2.9 1.4 4.2 4.8 Gearing (%) 25.5 40.6 33.6 23.7 13.9 9.8 3.2 2.0 4.3 5.1 151.2 150.3 153.8 145.2 148.5 77.0 64.9 71.0 67.5 69.1 74.7 88.3 104.2 104.3 107.4 165

OTC 2005 HK$2.975 20%06 OTC 93% OTC 0627% 6.2 07 12 5.00710.5 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 903 89 0.422 26.0 7.5 0.427 13.5 35.3 2005A 885 93 0.440 4.3 7.0 0.166 5.4 24.6 2006F 1,012 119 0.408 (7.2) 7.5 0.204 6.7 22.1 2007F 1,185 143 0.492 20.6 6.2 0.246 8.0 23.5 2008F 1,309 163 0.562 14.2 5.4 0.281 9.2 23.8 166 Shares in issue (m) 290.5 Major shareholder 42.7% Market cap. (HK$ m) 864.2 Free float (%) 29.6 3 Average vol. ( 000) 394 06 06 Net gearing (%) (24.0) 06 06 P/B (x) 1.6 06 06 NBV per share (HK$) 1.6 52 52 Weeks high/low (HK$) 3.750/2.175 PEG (X) 0.4 Absolute % change in price (1m/3m/1yr) (4.0)/(18.5)/n.a. Relative % change in price (1m/3m/1yr) (3.7)/(18.7)/n.a. Bloomberg06 07 081 1.03 20% 80%06 5 16 1.026 20% 05 12 31 4.0626.34% 06 6 26 20%06 6 23 0616.1% 05 47.7% 66% 2006 07 14.2% 7.2% 5,508 5,904 06 07 8.99.0 0506 07 16.1% 8.1%4.9 5.3 OTC06 93% OTC 0546.1% 2,993.4 2006-07 06 07 93% 30% 5,771 7,502 Dennis Yao

Guotai Junan (HK) 06 2002-05 8.4-8.9 OTC06 06 07 14.3% 17.1%10.1 11.8 06 50.4%05 07 80% 51.6% 06-0714.9% 15.1%0506 07 0912% 06 07 27% 20.6% 1.19 1.43 06 07 EPS 0.4080.4920605-07 23.8% 06 06 06 167 11.2% 15.4% 16.8% 40.3% 48.5% 67.8% 07 1107 6.2 07 8.0% 12 5.00710.5 07 P/B 2.368% 1.2006-0768% 61% 2.

168 12 2004A 2005A 2006F 2007F 2008F 903 885 1,012 1,185 1,309 (449) (437) (502) (574) (636) 454 448 509 611 673 2 2 0 0 0 (221) (203) (243) (296) (327) (97) (108) (116) (136) (144) 139 139 150 178 201 (7) (7) (12) (16) (16) 131 132 139 163 186 (22) (15) (7) (20) (22) 109 117 132 143 163 89 93 119 143 163 20 23 13 0 0 0.422 0.440 0.408 0.492 0.562 0.427 0.166 0.204 0.246 0.281 12 2004A 2005A 2006F 2007F 2008F 131 132 139 163 186 (22) (15) (7) (20) (22) 36 36 39 42 45 (63) (59) 38 (21) (11) 6 6 11 14 14 47 140 219 177 212 (57) (30) (92) (90) (60) 0 0 (103) 0 0 44 0 0 0 0 (7) (26) (191) (84) (54) IPO 0 121 0 0 0 57 (24) 156 0 0 (50) (29) (59) (72) (82) 4 20 97 (72) (82) 43 134 125 22 76 95 139 273 398 420 139 273 398 420 496 12 2004A 2005A 2006F 2007F 2008F 335 337 362 390 385 10 7 7 7 7 23 7 11 11 11 1 0 21 21 21 34 15 40 40 39 369 352 401 430 424 81 93 101 118 131 154 151 185 247 273 43 66 40 47 52 1 0 0 0 0 139 275 398 420 496 418 586 725 833 953 259 501 573 645 726 86 94 0 0 0 345 594 573 645 726 3 0 156 156 156 15 17 17 17 17 48 0 0 0 0 66 17 173 173 173 48 60 71 83 92 32 15 40 47 52 114 109 132 154 170 58 37 26 51 51 122 108 108 108 108 375 327 380 446 478 12 2004A 2005A 2006F 2007F 2008F ROE 35.3% 24.6% 22.1% 23.5% 23.8% ROA 11.3% 10.0% 10.5% 11.3% 11.9% ROCE 42.3% 35.8% 34.3% 38.0% 40.6% 50.2% 50.6% 50.4% 51.6% 51.4% 15.3% 15.7% 14.9% 15.1% 15.4% 14.6% 14.9% 13.7% 13.7% 14.2% 9.8% 10.5% 11.7% 12.1% 12.5%

Guotai Junan (HK) 8069 HK$15.50 (OTC)06 14%15% 8.9% 07 06 07 EPS 1.377 1.53612 2007 13 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 983 206 1.125 17.9 14.6 0.460 2.8 28.7 2005A 1,136 231 1.265 12.4 12.7 0.460 2.9 27.0 2006F 1,295 252 1.377 8.9 11.6 0.551 3.4 24.9 2007F 1,491 281 1.536 11.5 10.4 0.614 3.8 24.0 2008F 1,720 317 1.732 12.8 9.2 0.693 4.3 23.5 Shares in issue (m) 182.8 Major shareholder 54.7% Market cap. (HK$ m) 2,833 Free float (%) 40.0 3 Average vol. ( 000) 247 06 06 Net gearing (%) (28.9) 06 06 P/B (x) 2.7 06 06 NBV per share (HK$) 5.8 52 52 Weeks high/low (HK$) 17.900/12.900 PEG (X) 1.0 Absolute % change in price (1m/3m/1yr) (2.2)/(3.1)/3.7 Relative % change in price (1m/3m/1yr) (1.9)/(3.4)/(7.7) Bloomberg06 07 081 1.03 169 190 2001 2005OTC50% OTC 15% 15%06 0606 20%4,100 06 20% 6.814%12.9 06 55% 0.6 51.2%0615% 8.9% 07 2007 07 1.6 2006 072.5 2.8 1.3771.536 19.4% 18.8% 0711 20% 12 2006 07151329% Dennis Yao

170 12 2004A 2005A 2006F 2007F 2008F 983 1,136 1,295 1,491 1,720 (451) (561) (632) (736) (850) 532 575 663 755 870 (200) (221) (250) (291) (344) (103) (97) (111) (128) (148) 230 258 302 336 378 (0) (0) 0 0 0 225 252 296 330 372 (18) (19) (44) (50) (56) 2 1 0 0 0 206 231 252 281 317 (84) (84) (101) (112) (127) 1.125 1.265 1.377 1.536 1.732 DPS 0.460 0.460 0.551 0.614 0.693 12 2004A 2005A 2006F 2007F 2008F 230 258 302 336 378 25 34 40 43 46 (154) (60) (51) (66) (51) (18) (19) (44) (48) (54) 167 213 269 253 309 (153) (130) (50) (50) (50) (3) 0 0 0 0 (114) (193) (50) (50) (50) 60 85 15 0 0 (79) (84) (101) (112) (127) 4 13 (73) (100) (114) 58 33 146 104 145 128 186 219 365 469 186 219 365 469 614 12 2004A 2005A 2006F 2007F 2008F 403 513 499 506 511 33 55 33 33 33 5 5 5 5 5 446 578 541 549 553 186 206 365 469 614 91 28 28 28 28 144 133 152 174 174 460 480 544 626 722 893 872 1,117 1,330 1,577 1,339 1,450 1,659 1,879 2,130 75 85 100 100 100 194 149 170 195 225 62 36 41 47 54 511 440 498 550 611 11 13 13 13 13 522 455 512 564 625 779 936 1,087 1,255 1,445 1,339 1,450 1,659 1,879 2,130 12 2004A 2005A 2006F 2007F 2008F (%) 54.1 50.6 51.2 50.6 50.6 (%) 23.4 22.8 23.3 22.5 22.0 (%) 20.9 20.4 19.4 18.8 18.4 49.9 40.5 54.8 61.0 68.7 51.5 52.0 52.0 52.0 52.0 32.1 18.0 18.0 18.0 18.0 135.7 136.0 136.0 136.0 136.0 Gearing (%) (28.3) (17.4) (28.9) (33.9) (40.1) ROE (%) 28.7 27.0 24.9 24.0 23.5 ROA (%) 15.4 15.9 15.2 14.9 14.9

Guotai Junan (HK) Wu Xianfeng 10% GDP1-1.8GDP7-10% 10% GDP 1-5 06 (%) 05 (%) GDP 4.33 10.2 18.23 9.9 2.54 30.3 7.51 27.2 1.63 18.6 3.49 24.6 743.54 19.3 1,585.13 15.5 4.29 20.4 10.38 11.6 1.61 12.0 3.66 16.8 1.91 31.5 4.20 25.3 488.33 49.3 860.87 23.2 06 GDP 06 06 1-5 30% 5 171 20 2 06 05 06

19% 80% (0347) (1053)PB 0.7 172 (0914) 4 2006 6 23 05 06 07 06P/B 06ROE 06 06 (HK$) ( ) ( ) ( ) ( ) (%) (RMB) (%) 0323 2.325 5.4 11.9 9.5 0.8 6.9 0.061 2.5 0347 6.650 9.7 7.5 6.1 1.4 20.7 0.456 6.7 0358 6.400 9.8 5.3 4.8 1.7 36.6 0.373 5.7 0914 11.700 39.6 15.8 11.8 2.4 16.0 0.19 1.6 1053 1.600 10.0 n.a. n.a. 0.7 (9.7) 0.000 0.0 2600 5.400 8.8 5.2 4.9 1.4 30.5 0.318 5.7 2626 2.725 13.9 13.1 9.9 2.2 23.1 0.064 2.3 2899 3.350 52.1 24.5 22.2 7.7 51.1 0.070 2.0 3330 7.15 24.0 21.0 16.9 3.7 26.6 0.105 1.4 20.2 11.5 9.9 2.7 29.2 0.235 4.1

Guotai Junan (HK) 173 Wu Xianfeng 06 8,000 23% 21% 25% 14% 26% 04 LME 1500 3500 5500 7500 9500 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 0 10 20 30 40 50 LMEMB 1500 2000 2500 3000 3500 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 300 400 500 600 700 300 400 500 600 700 800 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 90 100 110 120 130 220 LME 500 1500 2500 3500 4500 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 10 30 50 70 90

174 5 27 BP 06 706,000 GDP GDP 40% 50% 05 (ICSG) 2004 80 200515 2006 1-22 06 1-5 23% 82.106 1-4 26.7% 93.7 LME 11 LME 06 5 8,800 LME 5,000 06 07 45,000 48,000 29% 45%

Guotai Junan (HK) 060521.7% 131.9 06 423.3% 8.306 1-4 17% 280 05 740 06 06 0720,500 21,500 19% 26% 06 1-4 12% 22049% 380 MB 627.514% 540 5%400 06 40% 06 07 40%SHFE4,500 4,300 7% 13% 06 07 160 165601 620 0543.204 29.8 0607 06 06 10.5% 8.0% 175 06 06 05 5 06 07 86.3% 12.5% 05 06 07 06P/B 06ROE 06 06 (HK$) (%) (RMB) (%) 0358 6.400 9.8 5.3 4.8 1.7 36.6 0.373 5.7 2600 5.400 8.8 5.2 4.9 1.4 30.5 0.318 5.7 2899 3.350 52.1 24.5 22.2 7.7 51.1 0.070 2.0 2626 2.725 13.9 13.1 9.9 2.2 23.1 0.064 2.3 3330 7.150 24.0 21.0 16.9 3.7 26.6 0.105 1.4 20.9 11.5 10.2 3.2 36.0 0.236 4.3

0358 HK$6.400 0696.3% 29.710 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 10,627 1,108 0.416 119.3 16.3 0.120 1.8 19.9 2005A 13,178 1,872 0.677 62.8 9.8 0.192 2.9 26.2 2006F 18,829 3,604 1.245 83.9 5.3 0.373 5.7 36.6 2007F 21,896 3,956 1.367 9.8 4.8 0.410 6.2 30.9 2008F 28,130 3,613 1.248 (8.7) 5.3 0.499 7.6 23.4 176 Shares in issue (m) 2,895.0 Major shareholder 44.1% Market cap. (HK$ m) 18,528.2 Free float (%) 47.9 3 Average vol. ( 000) 40,274.0 06 06 Net gearing (%) 14.0 06 06 P/B (x) 1.7 06 06 NBV per share (HK$) 3.8 52 52 Weeks high/low (HK$) 9.750/3.550 Est. NAV (HK$) 12.6 Absolute % change in price (1m/3m/1yr) (11.1)/14.3/64.1 Relative % change in price (1m/3m/1yr) (10.8)/14.0/52.7 Bloomberg06 07 081 1.03 5 05 (ICSG) 06 06 1-5 23% 82.106 1-426.7% 93.7 05 34,183 23.8% 13.3% 2,9318.1% 117.67.2% 2,193 25.5% 133.418%82% 15 Wu Xianfeng

Guotai Junan (HK) 05 83.2% 67.4% 05 6.7 25.3% 0696.3%06 34.8% 45.149.1496.3% 0.316 80.6% 05 6.631.9% 06 50% 9.8 0.37 05 5.463.61 06 1.88 05 7.8% 1.63 06 4 22 50% 177 06 EPS 45,000 50,000 55,000 60,000 65,000 70,000 145 1.171 1.317 1.462 1.608 1.753 1.898 155 1.209 1.355 1.500 1.646 1.791 1.936 165 1.241 1.386 1.532 1.677 1.823 1.968 175 1.274 1.420 1.565 1.711 1.856 2.001 1 =3.76 10,00030 796212 5,200 25 1/3 285179 4,100 859.6 29.7 1,198.3 41.4 10 0645,000 93% EPS 1.245 10 05 06 07 PER 8.3 7.5 8.306 3.6% DCF20%

(1) 2) 20% H 2.77 9.6%(3) 178 12 2004A 2005A 2006F 2007F 2008F 10,627 13,178 18,829 21,896 28,130 (8,688) (9,993) (13,500) (16,176) (22,342) 1,939 3,185 5,328 5,720 5,788 41 59 92 97 129 (85) (96) (132) (153) (197) (326) (354) (490) (569) (731) (137) (405) (377) (263) (281) (507) (795) (906) (889) (1,081) 1,432 2,389 4,422 4,831 4,707 (200) (191) (167) (161) (122) 1,233 2,199 4,255 4,671 4,585 (117) (299) (596) (654) (917) 1,116 1,900 3,659 4,017 3,668 (8) (28) (55) (60) (55) 1,108 1,872 3,604 3,956 3,613 (RMB) 0.120 0.201 0.373 0.410 0.499 (RMB) 0.416 0.677 1.245 1.367 1.248 12 2004A 2005A 2006F 2007F 2008F 1,233 2,199 4,255 4,671 4,585 457 537 538 633 709 5 5 5 5 5 (945) (276) (1,264) (735) (1,493) 200 191 167 161 122 (18) 500 (500) (465) (580) 931 3,155 3,200 4,269 3,347 (576) (1,600) (2,000) (2,000) (1,600) 5 6 (22) (4) (7) (571) (1,594) (2,022) (2,004) (1,607) 0 870 0 0 0 192 (1,056) (115) (709) 462 (200) (191) (167) (161) (122) (320) (320) (556) (1,081) (1,187) 23 72 (55) (100) (100) (379) (624) (893) (2,051) (946) (19) 937 285 214 793 306 287 1,142 1,318 1,423 287 1,142 1,318 1,423 1,969 12 2004A 2005A 2006F 2007F 2008F 6,865 7,273 8,735 10,103 10,994 128 159 154 149 144 10 10 6 6 6 7,003 7,442 8,895 10,257 11,143 2,926 3,286 4,519 5,255 6,751 1,047 1,165 1,657 1,927 2,475 0 0 30 35 45 6 0 8 9 11 0 0 15 18 23 287 1,142 1,318 1,423 1,969 4,267 5,594 7,546 8,667 11,274 938 984 1,695 1,971 2,532 63 220 0 0 0 23 95 40 40 40 1 1,961 1,723 2,259 2,190 2,250 2,986 3,022 3,994 4,201 4,822 2,092 1,278 648 23 415 39 37 16 1 10 2,132 1,315 663 24 425 196 367 404 444 489 2,664 2,895 2,895 2,895 2,895 3,292 5,436 8,485 11,360 13,786 5,956 8,331 11,380 14,255 16,681 12 2004A 2005A 2006F 2007F 2008F ROE 19.92% 26.20% 36.57% 30.87% 23.36% ROCE 15.50% 23.95% 38.16% 34.49% 29.03% ROA 13.63% 20.13% 30.81% 27.99% 23.30% Gross Margin 18.25% 24.17% 28.30% 26.12% 20.58% EBIT Margin 13.48% 18.13% 23.48% 22.06% 16.73% Net Gearing 63.2% 22.3% 14.0% 5.5% 4.2% Interest Cover (x) 7.2 12.5 26.5 30.1 38.7 12 2004A 2005A 2006F 2007F 2008F EV/EBITDA 11.2 7.2 4.3 3.9 3.9 P/E 16.3 9.8 5.3 4.8 5.3 P/B 3.0 2.3 1.7 1.3 1.1

Guotai Junan (HK) 2600 HK$5.400 2 8100 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 32,313 6,392 0.579 71.1 9.9 0.176 3.1 27.6 2005A 37,110 7,022 0.636 9.8 8.8 0.214 3.8 23.3 2006F 56,283 12,156 1.060 66.8 5.2 0.318 5.7 30.5 2007F 62,697 13,354 1.142 7.7 4.9 0.343 6.2 25.7 2008F 68,543 13,764 1.177 3.1 4.7 0.353 6.3 22.3 Shares in issue (m) 11,694.0 Major shareholder 39.8% Market cap. (HK$ m) 63,147.6 Free float (%) 33.8 3 Average vol. ( 000) 43,937.0 06 06 Net gearing (%) 06 06 P/B (x) 1.4 06 06 NBV per share (HK$) 3.9 52 52 Weeks high/low (HK$) 8.750/4.125 Est. NAV (HK$) 10.6 Absolute % change in price (1m/3m/1yr) (12.9)/(31.2)/25.6 Relative % change in price (1m/3m/1yr) (12.6)/(31.4)/14.2 Bloomberg06 07 081 1.03 179 2 4 28 5,200 5,650 8.7% 111.6% 211 278 06 1-4 12% 22049% 380 MB 627.514% 540 5% 300 8100 8 8 10005 150 250 25% Aricom PLC Aricom Wu Xianfeng

06 35-40% 06 07 08 40%SHFE4,500 4,300 4,100 50% 06 07 0820,500 21,500 21,500 0516,689 2010 900300 500 33% 56%150 300400 50% 05 40% 180 06059.9% 13.0% 4 3 50% 180770 08 190400 22Aurukun 6.5 05A 06F 07F 08F 3,824 4,500 4,300 4,100 718 870 957 1,053 16,689 20,500 21,500 21,500 104 130 150 172 EPS 0.636 1.060 1.142 1.177

Guotai Junan (HK) DCF06 NAV 51% 8.5 128.5DCF 20%8.5 7.8 7.606 07 08EPS 12 2004A 2005A 2006F 2007F 2008F 32,313 37,110 56,283 62,697 68,543 (21,503 ) (24,822 ) (35,278 ) (39,288 ) (43,715 ) 10,810 12,288 21,005 23,409 24,828 101 116 182 195 216 (648 ) (687 ) (1,126 ) (1,254 ) (1,371 ) (1,221 ) (1,523 ) (2,082 ) (2,320 ) (2,536 ) (133 ) (113 ) (169 ) (188 ) (206 ) 0 0 (56 ) (63) (69 ) 8,910 10,081 17,754 19,779 20,863 (110 ) (367 ) (512 ) (425 ) (472 ) 8,800 9,714 17,242 19,354 20,391 (4 ) 27 0 0 0 8,796 9,742 17,242 19,354 20,391 (2,161 ) (2,495 ) (4,311 ) (4,839 ) (5,098 ) 6,635 7,246 12,932 14,516 15,293 (244 ) (224 ) (776 ) (1,161 ) (1,529 ) 6,392 7,022 12,156 13,354 13,764 0.176 0.214 0.318 0.343 0.353 0.579 0.636 1.060 1.142 1.177 12 2004A 2005A 2006F 2007F 2008F EBIT 8,910 10,081 17,754 19,779 20,863 2,870 3,317 3,900 4,430 4,854 (23) 8 35 35 35 926 (669 ) (730 ) 157 126 (114 ) (340 ) (512 ) (425 ) (472 ) (2,161 ) (2,495 ) (4,311 ) (4,839 ) (5,098 ) 10,408 9,901 16,137 19,138 20,307 (10,300 ) (8,420 ) (11,000 ) (10,000 ) (8,000 ) 0 0 0 0 0 (10,300 ) (8,420 ) (11,000 ) (10,000 ) (8,000 ) 3,068 0 0 0 0 2,052 3,490 (5,546 ) 1,206 1,142 (1,061 ) (1,945 ) (2,365 ) (3,647 ) (4,006 ) 0 0 0 0 0 4,059 1,545 (7,910 ) (2,441 ) (2,864 ) 4,167 3,027 (2,774 ) 6,697 9,443 2,596 6,763 9,790 7,016 13,713 6,763 9,790 7,016 13,713 23,156 12 2004A 2005A 2006F 2007F 2008F 729 721 687 652 617 34,042 39,836 45,873 51,443 54,589 112 1,071 21 21 21 11 10 21 21 21 0 0 0 0 0 307 409 33 33 33 35,201 42,047 46,634 52,170 55,281 5,232 7,235 9,568 10,658 11,652 1,965 961 2,251 2,508 2,742 0 0 1,163 1,321 1,468 936 1,169 1,690 1,903 2,088 0 0 0 0 0 3 0 0 0 0 0 6,224 7,598 12,002 18,699 28,142 14,357 16,963 26,675 35,089 46,093 2,048 2,649 4,995 5,740 6,311 0 0 1,201 1,435 1,635 5,545 5,585 7,096 7,991 8,907 1,079 999 520 520 520 1,074 1,354 2,146 2,454 2,777 0 1,971 0 0 0 3,449 2,379 2,251 2,508 2,742 13,193 14,938 18,209 20,648 22,892 7,392 9,690 5,628 6,270 6,854 1,239 1,560 2,336 3,498 5,027 27,567 32,644 47,136 56,843 66,601 12 2004A 2005A 2006F 2007F 2008F 33.5% 33.1% 37.3% 37.3% 36.2% 19.8% 18.9% 21.6% 21.3% 20.1% EBIT Margin 27.6% 27.2% 31.5% 31.5% 30.4% EBIT 81.0 27.5 34.7 46.5 44.2 Gearing 24.6% 25.9% -5.0% -14.4% -25.5% ROE 27.6% 23.3% 30.5% 25.7% 22.3% ROA 21.1% 18.6% 26.9% 24.6% 22.1% ROCE 29.1% 26.4% 39.7% 39.4% 38.4% 9.9 8.8 5.2 4.9 4.7 EV/EBITDA 5.6 4.9 2.7 2.3 1.8 2.3 1.9 1.4 1.1 1.0 181

2626 HK$2.725 3DCF 20% Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 7,309 555 0.265 227.9 10.6 0.000 0.0 40.6 2005A 9,291 426 0.201 (24.1) 13.9 0.106 3.7 25.3 2006F 16,318 731 0.214 6.1 13.1 0.064 2.3 23.1 2007F 18,961 969 0.283 32.5 9.9 0.085 3.0 20.3 2008F 19,809 1,038 0.303 7.2 9.2 0.091 3.2 18.8 182 Shares in issue (m) 3,420.7 Major shareholder 57.6% Market cap. (HK$ m) 9,321.4 Free float (%) 39.8 3 Average vol. ( 000) 97,698.0 06 06 Net gearing (%) 22.3 06 06 P/B (x) 2.2 06 06 NBV per share (HK$) 1.3 52 52 Weeks high/low (HK$) 4.025/2.225 Est. NAV (HK$) 3.8 Absolute % change in price (1m/3m/1yr) (2.7)/n.a./n.a. Relative % change in price (1m/3m/1yr) (2.3)/n.a./n.a. Bloomberg06 07 081 1.03 06 1.85 27.78% 4 80% 14.97% 45.9% CMR 7,000 CMR3,000 Wu Xianfeng

Guotai Junan (HK) 06 07 18% 37% 3 DCF20%14.5 10.9 10.2 06 07 08 PE 12 2004A 2005A 2006F 2007F 2008F 7,309 9,291 16,318 18,961 19,809 (6,171 ) (7,780 ) (13,879 ) (16,137 ) (16,896 ) 1,138 1,511 2,439 2,824 2,913 386 53 333 428 502 (145 ) (165 ) (277 ) (322 ) (337 ) (500 ) (560 ) (946 ) (1,100 ) (1,149 ) (14 ) (41 ) (85 ) (93) (81 ) 864 798 1,464 1,737 1,849 (148 ) (174 ) (176 ) (132 ) (132 ) 29 48 66 77 86 746 671 1,354 1,682 1,802 (96 ) (134 ) (379 ) (471 ) (505 ) (95 ) (111 ) (244 ) (242 ) (260 ) 555 426 731 969 1,038 0 231 219 291 311 0.265 0.201 0.214 0.283 0.303 0.000 0.106 0.064 0.085 0.091 2,091 2,115 3,421 3,421 3,421 12 2004A 2005A 2006F 2007F 2008F 746 671 1,354 1,682 1,802 148 174 176 132 132 (29 ) (48 ) (66 ) (77) (86 ) (4 ) (14 ) (4 ) (7 ) (8 ) 281 304 392 459 527 16 28 63 56 51 (26 ) (13 ) (23 ) (21) (19 ) 836 1,150 1,900 2,227 2,400 (666 ) (640 ) (209 ) (462 ) (123 ) 130 175 (183 ) 77 (111 ) 1 (8 ) 46 (96 ) 80 (226 ) (137 ) (99 ) (195 ) 100 12 90 3 217 (146 ) (86 ) (194 ) 194 (135 ) 154 90 (70 ) 147 205 (92 ) (21 ) 34 (12 ) 0 7 70 399 1,786 1,839 2,269 (120) 168 1,223 1,230 1,626 (524 ) (528 ) (820 ) (1,247 ) (1,000 ) (58 ) 364 116 141 207 (581 ) (164 ) (704 ) (1,106 ) (793 ) 740 331 (1,616 ) 0 0 0 0 1,953 0 0 0 0 (231 ) (219 ) (291 ) 736 421 105 (219) (291 ) 34 425 624 (96) 542 12 2004A 2005A 2006F 2007F 2008F 2,281 3,398 3,826 4,614 5,087 751 775 759 762 765 12 627 565 508 457 526 40 219 262 174 14 20 34 23 25 63 57 68 63 63 3,647 4,918 5,471 6,231 6,571 1,338 2,787 2,996 3,459 3,581 302 235 418 341 452 71 178 133 229 149 482 857 956 1,151 1,050 30 28 41 33 34 52 24 38 38 33 372 1,005 1,422 1,327 1,870 2,648 5,115 6,003 6,577 7,170 409 678 682 898 752 247 85 278 143 297 708 1,015 1,161 1,367 1,274 2,130 3,295 2,000 2,000 2,000 56 162 78 99 113 3,550 5,235 4,199 4,507 4,437 (902) (120 ) 1,804 2,070 2,734 2,745 4,798 7,275 8,301 9,305 466 721 400 400 400 390 299 335 341 325 0 507 0 0 0 19 65 38 40 48 875 1,592 773 782 773 1,871 3,206 6,502 7,519 8,532 449 1,265 2,109 2,376 2,641 1,422 1,941 4,393 5,143 5,891 0.68 0.92 1.28 1.50 1.72 12 2004A 2005A 2006F 2007F 2008F 15.6% 16.3% 14.9% 14.9% 14.7% 7.6% 4.6% 4.5% 5.1% 5.2% EBIT 11.8% 8.6% 9.0% 9.2% 9.3% EBIT 5.8 4.6 8.3 13.2 14.0 Net Gearing 156.4% 155.2% 22.3% 20.9% 9.0% ROE 40.6% 25.3% 23.1% 20.3% 18.8% ROA 8.7% 5.2% 6.8% 8.0% 7.8% ROCE 24.0% 18.6% 28.4% 30.0% 29.3% 10.9 14.1 13.1 9.9 9.2 EV/EBITDA 7.1 8.0 5.5 4.7 4.2 4.2 3.1 2.2 1.9 1.6 (0.06 ) 0.08 0.36 0.36 0.48 183

2899 HK$3.350 06 CGD Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 1,508 418 0.040 (3.0) 89.4 0.050 1.4 23.0 2005A 3,036 704 0.067 68.5 52.1 0.080 2.3 32.7 2006F 7,709 1,481 0.141 110.5 24.5 0.070 2.0 51.1 2007F 8,612 1,631 0.155 10.1 22.2 0.078 2.2 42.1 2008F 9,310 1,769 0.168 8.5 20.5 0.084 2.4 36.9 184 Shares in issue (m) 10,513.0 Major shareholder 32.0% Market cap. (HK$ m) 35,218.6 Free float (%) 30.5 3 Average vol. ( 000) 44,244.0 06 06 Net gearing (%) 06 06 P/B (x) 10.6 06 06 NBV per share (HK$) 0.32 52 52 Weeks high/low (HK$) 4.950/0.795 Est. NAV (HK$) 4.7 Absolute % change in price (1m/3m/1yr) (15.2)/47.3/270.2 Relative % change in price (1m/3m/1yr) (14.8)/47.1/258.8 Bloomberg06 07 081 1.03 05 04230 203 05224.05178.56 9.36% 8.55% 40.36 9.0422.4% 2.605 375 05 1445,231.92 14 1732.34 043.2 05 375 6,250 215 650 100 226 400 06 2006(1)4091% 20(2) 3.2 61% (3) 50 43% 5 6 Wu Xianfeng

Guotai Junan (HK) 30% CGD 2 CGD 70%2005 CGD 609,522,858 150,720,59330,957,162 26,927,293 1.537.41 CGD 52% 05 10 05 3-5 06 30% 06 82% 185 0.905 0.51% 06 40.2% 5 0.5 1.3 3.0 0.9 2.0 05 2,730 06 2/30706 07 1%66% 20 12

3.8DCF 20%27.8 25.2 23.3 06 07 08 4.7DCF 186 12 2004A 2005A 2006F 2007F 2008F 1,508 3,036 7,709 8,612 9,310 (683 ) (1,563 ) (4,546 ) (5,001 ) (5,354 ) 824 1,473 3,163 3,611 3,956 21 28 17 17 17 (10) (66 ) (116 ) (129 ) (140 ) (168 ) (245 ) (385 ) (431 ) (465 ) (40) (68 ) (154 ) (172 ) (186 ) 627 1,121 2,525 2,896 3,181 (6) (18) (53) (61) (65) 15 31 62 69 74 637 1,134 2,534 2,903 3,191 (179 ) (264 ) (659 ) (813 ) (893 ) (40) (166 ) (394 ) (460 ) (528 ) 418 704 1,481 1,631 1,769 0.079 0.134 0.141 0.155 0.168 0.050 0.080 0.070 0.078 0.084 12 2004A 2005A 2006F 2007F 2008F 637 1,134 2,534 2,903 3,191 6 18 53 61 65 101 220 331 403 474 5 4 4 4 4 25 43 63 83 97 182 9 (720 ) (114 ) 58 (179 ) (264 ) (659 ) (813 ) (893 ) (200 ) 0 0 0 0 577 1,164 1,606 2,528 2,996 (926 ) (1,800 ) (1,200 ) (1,200 ) (1,200 ) 0 0 0 0 0 (926 ) (1,800 ) (1,200 ) (1,200 ) (1,200 ) 0 0 0 0 0 56 973 85 (10 ) (123 ) (6) (18) (53) (61) (65) (197 ) (263 ) (421 ) (741 ) (815 ) 271 85 533 (424 ) (582 ) 123 777 145 (1,236 ) (1,585 ) (226 ) 141 551 92 210 1,114 889 1,030 1,581 1,673 889 1,030 1,581 1,673 1,883 12 2004A 2005A 2006F 2007F 2008F 1,371 2,395 3,024 3,581 4,067 16 55 82 123 184 109 212 254 305 335 435 596 716 836 956 57 367 487 607 727 20 91 109 120 132 2,079 3,800 4,774 5,694 6,549 195 303 771 861 931 56 244 463 431 372 11 69 139 138 140 36 30 27 31 29 889 1,030 1,581 1,673 1,883 1,187 1,675 2,980 3,134 3,355 393 637 771 689 745 46 631 771 861 838 545 1,494 1,662 1,701 1,749 643 181 1,318 1,433 1,607 2,721 3,981 6,092 7,127 8,156 412 803 733 653 553 382 808 1,927 2,153 2,327 1,927 2,371 3,432 4,322 5,275 263 526 1,051 1,051 1,051 1,665 1,845 2,380 3,270 4,224 1,927 2,371 3,432 4,322 5,275 12 2004A 2005A 2006F 2007F 2008F 54.7% 48.5% 41.0% 41.9% 42.5% 27.7% 23.2% 19.2% 18.9% 19.0% EBIT 41.6% 36.9% 32.8% 33.6% 34.2% ROE 23.0% 32.7% 51.1% 42.1% 36.9% ROCE 57.0% 56.4% 86.4% 80.1% 73.6% ROA 12.8% 12.9% 19.1% 18.5% 17.9% Interest Cover 107.5 60.8 47.5 47.1 49.0 2.18 1.12 1.79 1.84 1.92 1.82 0.92 1.33 1.29 1.92 EV/EBITDA 11.6 6.8 3.0 2.6 2.2 PBV 19.4 15.4 10.6 8.4 6.9 PE 89.4 52.1 24.5 22.2 20.5 CFPS (0.09 ) 0.03 0.05 0.01 0.02

Guotai Junan (HK) 3330 HK$7.150 10 0522% 50% 8.3DCF 20% Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 1,223 119 0.239 57.5 31.7 0.000 0.0 43.0 2005A 1,556 155 0.310 29.6 24.0 0.080 1.1 37.3 2006F 2,169 271 0.351 13.5 21.0 0.105 1.4 26.6 2007F 2,398 335 0.435 23.9 16.9 0.131 1.8 20.1 2008F 2,550 410 0.532 22.1 13.9 0.160 2.2 21.0 Shares in issue (m) 770.2 Major shareholder 48.5% Market cap. (HK$ m) 5,507.3 Free float (%) 38.6 3 Average vol. ( 000) 10,122.0 06 06 Net gearing (%) 06 06 P/B (x) 3.7 06 06 NBV per share (HK$) 1.9 52 52 Weeks high/low (HK$) 10.800/4.300 Est. NAV (HK$) 10.4 Absolute % change in price (1m/3m/1yr) (10.6)/60.7/n.a. Relative % change in price (1m/3m/1yr) (10.3)/60.4/n.a. Bloomberg06 07 081 1.03 187 05 13 594.09 3 6.18 0523654.09105 10 0510 05 5% 14.46%5.7% 05 (m) 21.0 72.9% 375 10,513.0 3.35 48.5% 13.7 38.7% 212 2,895.0 6.4 24.2% 10.0 21.9% 105 770.2 7.15 20.6% 06 50% Wu Xianfeng

8.3DCF20% 24.3 19.6 16.1 06 07 08 PE 188 12 2004A 2005A 2006F 2007F 2008F 1,223 1,556 2,169 2,398 2,550 (976) (1,235) (1,670) (1,799) (1,836) 248 320 499 600 714 12 12 20 22 23 (1) (1) (2) (1) (2) (7) (12) (14) (14) (16) (58) (71) (95) (103) (107) 194 248 408 503 612 0 2 0 0 0 (16) (23) (10) (10) (10) 179 227 398 493 602 (59) (72) (127) (158) (193) 119 155 271 335 410 0 62 81 101 123 0.239 0.310 0.351 0.435 0.532 0.000 0.080 0.105 0.131 0.160 500 500 770 770 770 12 2004A 2005A 2006F 2007F 2008F 179 227 398 493 602 16 23 10 10 10 29 34 63 119 162 6 28 9 8 8 2 56 20 26 34 231 368 500 656 816 (69) (104) (85) 33 (34) (43) 9 (149) 98 (132) 6 (17) 147 (101) 132 (22) 22 (7) (2) 4 104 278 406 683 786 (59) (72) (127) (158) (193) 44 206 279 526 593 (110) (111) (475) (509) (400) 1 2 2 1 1 (109) (110) (474) (508) (399) 50 107 (192) 0 0 (16) (23) (10) (10) (10) (1) 0 (62) (81) (101) 3 0 837 0 0 36 84 573 (91) (111) (29) 181 378 (74) 84 88 59 241 620 547 59 241 620 547 632 12 2004A 2005A 2006F 2007F 2008F 206 246 658 1,049 1,287 60 111 100 90 100 37 82 74 66 60 0 5 4 4 3 9 9 9 9 9 11 11 11 11 11 11 16 19 23 23 334 479 875 1,252 1,493 188 292 376 343 377 176 166 316 217 349 36 1 16 17 11 77 118 620 547 632 476 577 1,328 1,126 1,370 160 143 291 189 321 16 2 10 9 7 295 292 100 100 100 470 438 401 299 428 6 139 927 827 942 340 618 1,802 2,079 2,434 0 110 110 110 110 0 6 2 3 3 0 116 112 113 113 340 502 1,690 1,966 2,321 2 10 152 174 220 338 493 1,538 1,792 2,101 12 2004A 2005A 2006F 2007F 2008F 20.2% 20.6% 23.0% 25.0% 28.0% 9.8% 9.9% 12.5% 14.0% 16.1% EBIT 15.9% 15.9% 18.8% 21.0% 24.0% EBIT 12.5 10.7 40.8 50.3 61.2 Net Gearing 64.6% 57.7% (26.7%) (18.8%) (20.1%) 1.0 1.3 3.3 3.8 3.2 ROE 43.0% 37.3% 26.6% 20.1% 21.0% ROA 16.8% 16.6% 16.6% 14.6% 15.6% ROCE 42.7% 37.2% 42.8% 39.0% 39.1% 31.7 24.0 21.0 16.9 13.9 EV/EBITDA 26.5 19.4 11.0 8.5 6.7 11.2 7.5 3.7 3.2 2.7 0.089 0.413 0.362 0.683 0.770

Guotai Junan (HK) Wu Xianfeng 058 0606 10% 40% 02 CRU 1,800 1,600 1,400 1,200 1,000 180 170 160 150 140 130 120 110 100 50 45 40 35 30 25 20 15 10 800 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 90 80 5 0 189 05 (RMB m) (%) (RMB m) (%) (RMB m) (%) (%) 32,083.1 19.8 3,366.1 (17.2) 2,909.9 (19.0) 14.7 (7.6) 8,856.1 3.6 275.6 (68.4) 230.8 (72.6) 8.2 (7.2) 26,488.1 14.0 3,036.7 14.0 2,117.4 17.8 14.1 (0.4) 05 23,691 30.09% 1,274 0.96%78 25% 8% 05 7.614.7%8.2%05 3.93 1.62 05 19% 16 19% 19% 550 566% 530

43% 80% 80% 052.75 43% 2004 40.5% 2005 32.3%27.7% 10-20% 0605 0571.5%10-20% 19% 19% 20053.52 450 19% 65%FOB44.757.11.5 11190 300 190 6% 7% 10% 06 10% 300 06 058-10% 05 05 06 (1) (2) 11% 5% 04 05 06 05P/B 05ROE 05 05 (HK$) (%) (RMB) (%) 0323 2.325 5.4 11.9 9.5 0.8 6.9 0.061 2.5 0347 6.650 9.7 7.5 6.1 1.4 20.7 0.456 6.7 1053 1.600 10.0 n.a. n.a. 0.7 (9.7) 0.000 0.0 8.1 9.3 7.5 1.2 13.1 0.272 4.6

Guotai Junan (HK) 500 0323 HK$2.325 0553.3%22.3% 14.7% 06 07 500 08 1,500 555AH 3.11.1 PB Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 26,770 3,592 0.556 35.1 4.4 0.220 8.9 21.1 2005A 32,083 2,910 0.451 (19.0) 5.4 0.160 6.6 15.7 2006F 30,607 1,304 0.202 (55.2) 11.9 0.061 2.5 6.9 2007F 33,093 1,621 0.251 24.3 9.5 0.100 4.2 8.0 2008F 42,094 3,345 0.518 106.4 4.6 0.207 8.7 14.6 Shares in issue (m) 6,455.3 Major shareholder 63.2% Market cap. (HK$ m) 15,008.6 Free float (%) 26.8 3 Average vol. ( 000) 43,434.0 06 06 Net gearing (%) 76.5 06 06 P/B (x) 0.8 06 06 NBV per share (HK$) 2.8 52 52 Weeks high/low (HK$) 3.350/2.200 Absolute % change in price (1m/3m/1yr) (16.2)/(13.1)/(8.8) Relative % change in price (1m/3m/1yr) (15.9)/(13.3)/(20.2) Bloomberg06 07 081 1.03 0553.3% 05FOB 71.5% 57922.2%25% 430 45.6% 53.3% 22.3% 14.7% 19% 191 04 45.6% 15.7% 2.8% 5.4% 7.9% 6.0% 8.7% 7.9% 05 53.3% 14.3% 3.1% 5.2% 7.1% 4.1% 8.0% 4.8% 500 08 250 500 5,000 07 07 40 H- 07 08 500 1,500 555AH 555AH A 59.34% 49.67% A H 92 Wu Xianfeng

05A 06F 07F 08F (%) 10 (10) 2 6 (%) 16 6 6 20 (%) 16.3 10.5 12.0 15.0 EPS 0.451 0.202 0.251 0.518 500 2.5 3.11.1 06 PB 15.8 12.7 6.2 06 07 08 PE 192 12 2004A 2005A 2006F 2007F 2008F 26,770 32,083 30,607 33,093 42,094 (20,810) (27,370) (27,394) (29,121) (35,780) 5,961 4,713 3,214 3,971 6,314 131 208 214 202 275 (369) (428) (444) (463) (547) (1,432) (745) (796) (860) (1,052) 2 (20) (184) (199) (253) 4,292 3,729 2,005 2,651 4,737 (225) (362) (484) (762) (838) 4,066 3,366 1,520 1,889 3,899 (461) (415) (198) (246) (507) 3,592 2,910 1,304 1,621 3,345 (1,420) (873) (391) (648) (1,338) 0.556 0.451 0.202 0.251 0.518 0.220 0.135 0.061 0.100 0.207 12 2004A 2005A 2006F 2007F 2008F EBIT 4,292 3,729 2,005 2,651 4,737 1,789 2,065 2,877 3,558 4,174 21 21 21 21 21 1,205 332 (433) (316) 595 (461) (415) (198) (246) (507) (434) 129 (270) 53 194 6,413 5,860 4,003 5,722 9,214 (4,380) (8,713) (9,200) (7,000) (6,000) 139 (220) 130 2 (3) (4,241) (8,933) (9,070) (6,998) (6,003) (489) 5,508 6,172 2,571 (868) 0 0 0 0 0 (225) (362) (484) (762) (838) (1,356) (1,420) (873) (391) (648) (258) 357 (82) (82) (82) (2,328) 4,082 4,733 1,335 (2,437) (156) 1,010 (334) 60 775 2,262 2,113 3,049 2,762 2,885 7 (73) 47 63 63 2,113 3,049 2,762 2,885 3,722 12 2004A 2005A 2006F 2007F 2008F 18,728 19,522 25,365 29,477 32,137 2,312 7,477 8,338 7,669 6,835 30 28 28 28 28 150 611 303 355 423 21,256 27,691 34,094 37,588 39,482 4,754 5,168 5,203 5,626 6,735 2,199 2,215 2,296 2,482 2,947 792 590 918 993 1,263 22 156 26 23 26 2,173 3,113 2,602 2,647 3,368 9,940 11,243 11,044 11,771 14,338 3,272 3,862 3,673 3,640 4,630 188 118 184 199 253 4,445 4,495 4,591 4,964 6,314 1,351 2,191 8,670 11,232 10,639 125 115 153 165 210 9,380 10,782 17,271 20,200 22,046 4,134 8,571 8,264 8,273 7,998 540 898 612 662 842 40 29 46 50 63 4,714 9,498 8,922 8,985 8,903 6,455 6,455 6,455 6,455 6,455 10,569 12,059 12,491 13,720 16,416 17,025 18,515 18,946 20,175 22,872 12 2004A 2005A 2006F 2007F 2008F (%) 22.3 14.7 10.5 12.0 15.0 (%) 16.0 11.6 6.5 8.0 11.3 (%) 13.4 9.1 4.3 4.9 7.9 EBIT 19.1 10.3 4.1 3.5 5.7 Gearing (%) 20.8 43.0 76.5 86.2 70.9 ROE (%) 22.6 16.4 7.0 8.3 15.5 ROA (%) 13.8 9.6 4.4 5.4 8.8 ROCE (%) 21.5 15.5 6.6 7.4 12.3 4.4 5.4 11.9 9.5 4.6 0.9 0.8 0.8 0.8 0.7 EV/EBITDA 3.2 4.1 6.2 5.3 3.5

Guotai Junan (HK) 0347 HK$6.650 06 ROE 29% 10%06 20% 8.8 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 23,178 1,798 0.607 25.4 11.6 0.300 4.3 19.1 2005A 26,488 2,117 0.715 17.8 9.7 0.360 5.2 19.9 2006F 49,000 5,415 0.913 27.7 7.5 0.456 6.7 20.7 2007F 57,680 6,609 1.114 22.0 6.1 0.557 8.1 21.8 2008F 68,783 8,476 1.429 28.2 4.8 0.714 10.4 24.3 Shares in issue (m) 5,933.0 Major shareholder 69.1% Market cap. (HK$ m) 39,454.5 Free float (%) 15.0 3 Average vol. ( 000) 11,055.0 06 06 Net gearing (%) 16.6 06 06 P/B (x) 1.4 06 06 NBV per share (HK$) 4.6 52 52 Weeks high/low (HK$) 8.250/3.500 Absolute % change in price (1m/3m/1yr) 5.6/4.7/70.5 Relative % change in price (1m/3m/1yr) 5.9/4.5/59.1 Bloomberg06 07 081 1.03 193 05 23,691 30.09% 1,274 0.96%78 11,753 16.42% 769 10.62% 05 17.8%0.4 06 (Angang Steel Company Limited) 2005 12 31 2006 1 1 196.9 100% 4.29 29.7 A 127.4170 2006 200623 ROE 29% ROE 19705 1277005 240 31023% ROE 29%PB 20% 52% 43% 057.1% 0621.7% 063.15 Wu Xianfeng

, 0 1,325267% 1,100 76% 1,020 2006 1,600 30% 85-90% 10% 550-570480-500 06 06 05 0607 06 194 0606 12111EPS 0.18518.6% 16% 06 07 08 3 EPS28.5% 27.2% 20.5% 06 05A 06F 07F 08F 605 1,400 1,600 1,800 4,380 3,500 3,605 3821 3,764 2,818 2,884 3,019 (%) 14.1 19.5 20.0 21.0 EPS 0.715 0.913 1.114 1.429 (%) n.a. 28.5 27.2 20.5 06 05 119.88 12.99% 20.7% 11% 5% 40% 6 10% 7 8.806 07 089.9 8.1 6.31.906 PB

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 23,178 26,488 49,000 57,680 68,783 (19,806) (22,764) (39,445) (46,144) (54,339) 3,372 3,724 9,555 11,536 14,445 106 110 113 133 158 (423) (463) (882) (1,038) (1,238) (271) (314) (735) (865) (1,032) 2,784 3,058 8,051 9,765 12,333 (120) (19) (315) (324) (225) 2,664 3,037 7,736 9,441 12,108 (867) (919) (2,321) (2,832) (3,632) 1,798 2,117 5,415 6,609 8,476 (889) (1,067) (2,708) (3,305) (4,238) 0.607 0.715 0.913 1.114 1.429 12 2004A 2005A 2006F 2007F 2008F EBIT 2,784 3,058 8,051 9,765 12,333 760 829 1,654 2,681 2,927 (1,227) (579) (1,407) (2,589) (3,458) (867) (919) (2,321) (2,832) (3,632) (55) 26 1 (9) 6 1,395 2,414 5,978 7,016 8,175 (746) (700) (1,500) (1,800) (1,800) (670) (41) (81) 73 (29) (1,417) (741) (1,581) (1,727) (1,829) 133 (1,090) 4,075 (473) (2,650) 0 0 12,613 0 0 (120) (19) (315) (324) (225) (592) (889) (1,067) (2,708) (3,305) (457) (1,997) 15,306 (3,505) (6,179) (479) (323) 19,702 1,783 166 2,317 1,814 562 735 865 (24) 0 0 0 0 1,814 562 735 865 1,032 12 2004A 2005A 2006F 2007F 2008F 6,908 6,365 23,562 26,031 25,753 611 2,886 5,193 3,497 2,648 446 420 419 428 422 7,966 9,670 29,174 29,956 28,823 2,221 2,608 7,825 8,652 9,630 305 282 845 825 1,011 1,555 933 2,799 1,730 2,064 106 168 504 349 451 2,748 562 735 865 1,032 6,934 4,553 12,708 12,422 14,186 446 419 735 865 1,032 244 0 172 270 188 74 48 4,748 2,884 688 1,661 1,144 2,450 1,154 1,376 1,207 758 3,967 3,233 250 3,633 2,369 12,072 8,406 3,533 1,245 604 1,470 1,730 2,064 2,963 2,963 5,933 5,933 5,933 7,059 8,288 22,407 26,309 31,480 10,022 11,251 28,340 32,242 37,413 12 2004A 2005A 2006F 2007F 2008F (%) 14.5 14.1 19.5 20.0 21.0 (%) 12.0 11.5 16.4 16.9 17.9 (%) 7.8 8.0 11.1 11.5 12.3 1.9 1.9 1.1 1.5 4.0 Gearing (%) (3.0) 7.1 16.6 12.7 3.4 ROE (%) 19.1 19.9 20.7 21.8 24.3 ROA (%) 18.7 21.0 28.7 23.2 28.9 ROCE (%) 19.7 18.6 22.7 19.5 21.6 (x) 11.6 9.7 7.5 6.1 4.8 EV/EBITDA (x) 11.7 10.8 4.7 3.6 2.7 (x) 2.1 1.8 1.4 1.3 1.1 195

1053 HK$1.600 05 08 A 2.15 0.9 PB Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 8,552 844 0.610 (13.6) 2.8 0.115 6.8 23.9 2005A 8,856 231 0.167 (72.6) 10.0 0.115 6.9 5.9 2006F 8,338 (355) (0.257) (254.0) n.a. 0.000 0.0 (9.7) 2007F 9,014 (58) (0.042) n.a. n.a. 0.000 0.0 (1.7) 2008F 10,012 322 0.233 n.a. 7.1 0.050 3.0 9.2 196 Shares in issue (m) 1,383.1 Major shareholder 61.1% Market cap. (HK$ m) 2,213.0 Free float (%) 38.9 3 Average vol. ( 000) 4,867.0 06 06 Net gearing (%) 76.9 06 06 P/B (x) 0.7 06 06 NBV per share (HK$) 2.4 52 52 Weeks high/low (HK$) 3.500/1.850 Absolute % change in price (1m/3m/1yr) (12.1)/(4.6)/(21.5) Relative % change in price (1m/3m/1yr) (11.7)/(4.9)/(32.9) Bloomberg06 07 081 1.03 05 08 0505 3.93 1.62 060708 1) 2) 3) 4) A 0.7 06 PB 2.150.9 PB 05A 06F 07F 08F 239.61 248.86 263.79 279.61 3,469 3,115 3,177 3,336 (%) 8.2 1.1 4.7 9.0 EPS 0.167 (0.257) (0.042) 0.233 Wu Xianfeng

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 8,552 8,856 8,338 9,014 10,012 (7,237) (8,128) (8,245) (8,586) (9,112) 1,315 728 93 428 899 (10) 6 7 7 8 (139) (150) (133) (140) (150) (203) (176) (167) (171) (180) 0 0 (4) (5) (5) 963 408 (204) 120 572 (91) (132) (151) (178) (198) 872 276 (355) (58) 374 (28) (45) 0 0 (52) 844 231 (355) (58) 322 0 0 0 0 844 231 (355) (58) 322 160 160 0 0 69 0.610 0.167 (0.257) (0.042) 0.233 0.115 0.115 0.000 0.000 0.050 12 2004A 2005A 2006F 2007F 2008F EBIT 963 408 (204) 120 572 336 398 283 299 314 25 25 25 25 25 (502) (479) 351 43 (26) (28) (45) 0 0 (52) (91) (132) (151) (178) (198) 702 96 (355) (58) 322 (1,000) (1,254) (600) (600) (600) (227) 193 (31) (21) (33) (1,227) (1,061) (631) (621) (633) 313 836 483 360 80 (213) (160) (160) 0 0 0 0 0 0 0 100 676 323 360 80 (425) (289) (663) (319) (231) 1,347 735 451 417 451 735 451 417 451 501 12 2004A 2005A 2006F 2007F 2008F 4,039 5,055 5,372 5,673 5,960 81 106 111 100 106 4,120 5,161 5,483 5,773 6,065 1,541 1,849 1,584 1,623 1,602 578 637 584 624 651 227 34 65 86 119 735 451 417 451 501 3,081 2,971 2,650 2,783 2,872 1,553 1,468 1,501 1,623 1,602 28 0 0 0 0 1,084 1,907 2,397 2,692 2,731 2,664 3,375 3,898 4,315 4,333 539 1,018 667 624 651 692 841 834 899 940 0 0 0 0 0 1,064 1,064 1,383 1,383 1,383 2,781 2,852 2,018 1,960 2,282 3,845 3,916 3,401 3,343 3,665 12 2004A 2005A 2006F 2007F 2008F (%) 15.4 8.2 1.1 4.7 9.0 (%) 11.3 4.6 (2.5) 1.3 5.7 (%) 9.9 2.6 (4.3) (0.6) 3.2 EBIT (x) 10.6 3.1 (1.4) 0.7 2.9 Gearing (%) 29.5 59.2 76.9 93.1 90.5 (%) 46.6 51.8 58.2 60.9 59.0 ROE (%) 23.9 5.9 (9.7) (1.7) 9.2 ROA (%) 14.7 5.3 (2.5) 1.4 6.5 ROCE (%) 23.5 7.3 (3.3) 1.9 8.6 (x) 2.8 10.0 (6.4) (39.3) 7.1 (x) 0.5 0.5 0.7 0.7 0.6 EV/EBITDA (x) 2.1 4.9 49.3 12.2 6.0 197

0914 HK$11.700 3 15.2 0.87 PEG05-08 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 8,335 961 0.765 23.4 16.2 0.130 1.0 19.9 2005A 10,826 386 0.307 (59.8) 39.6 0.070 0.6 7.2 2006F 14,200 956 0.761 147.8 15.8 0.190 1.6 16.0 2007F 16,509 1,283 1.022 34.2 11.8 0.307 2.5 18.6 2008F 18,342 1,558 1.241 21.5 9.7 0.372 3.1 19.4 198 Shares in issue (m) 1,255.7 Major shareholder 49.6% Market cap. (HK$ m) 14,691.7 Free float (%) 34.5 3 Average vol. ( 000) 3,343.0 06 06 Net gearing (%) 149.7 06 06 P/B (x) 2.4 06 06 NBV per share (HK$) 4.9 52 52 Weeks high/low (HK$) 17.000/6.650 Est. NAV (HK$) 19.0 Absolute % change in price (1m/3m/1yr) (20.4)/9.9/60.3 Relative % change in price (1m/3m/1yr) (20.1)/9.6/48.9 Bloomberg06 07 081 1.03 04 0506 42.5 06 320 300 17.0% 13.7% 280 260 2.0% 240 220 200 67.3% Wu Xianfeng

Guotai Junan (HK) 3 05 1.01 4.73 45%12 20004.4%0513.3% 1-5 4 2010 12.5 2.5 40% 70%3500 30% 200-300 4 27 05 5,692 52% 843 7.817%05 05 12% 199 0569%8 12% 6% 8%5% 147.9 06 8% 27.77% 06 100% 04A 05A 06F 07F 08F 3,758 5,692 7,400 8,510 9,360 221.8 190.2 191.9 194.0 195.9 148.2 147.9 138.2 137.2 137.2 33.2% 22.3% 28.0% 29.3% 30.0% 8.6% 11.1% 10.9% 10.6% 10.3% EPS 0.765 0.307 0.761 1.022 1.241

15.2 6.306DCF 19.0 15.2 20.6 15.3 12.6 06 07 08 EPS 0.87PEG05-08 200 12 2004A 2005A 2006F 2007F 2008F 8,335 10,826 14,200 16,509 18,342 (5,570) (8,416) (10,226) (11,675) (12,843) 2,764 2,411 3,973 4,834 5,499 (444) (833) (1,079) (1,222) (1,321) (271) (369) (469) (528) (569) 196 105 142 165 183 2,246 1,315 2,568 3,249 3,793 13 4 14 17 18 (292) (447) (543) (569) (581) (597) (316) (673) (890) (1,066) (408) (169) (410) (524) (606) 961 386 956 1,283 1,558 163 88 239 385 467 0.765 0.307 0.761 1.022 1.241 0.130 0.070 0.190 0.307 0.372 12 2004A 2005A 2006F 2007F 2008F EBIT 2,259 1,318 2,582 3,266 3,812 529 675 790 893 968 (86) (15) 10 10 10 (1,023) (10) (440) (297) (212) Tax (554) (316) (673) (890) (1,066) (320) (447) (543) (569) (581) 179 0 0 0 0 1,110 1,205 1,725 2,413 2,930 (2,402) (3,280) (2,600) (2,000) (1,700) (468) 0 0 0 0 35 0 0 0 0 (2,835) (3,280) (2,600) (2,000) (1,700) 1,166 1,013 (358) (720) 746 739 1,755 823 949 (1,032) 0 0 0 0 0 (126) (163) (88) (239) (385) (675) 248 0 0 0 1,105 2,854 377 (11) (671) 2,257 1,637 2,416 1,917 2,319 (620) 779 (498) 402 560 1,637 2,416 1,917 2,319 2,879 12 2004A 2005A 2006F 2007F 2008F 548 792 413 413 413 11,312 14,485 15,801 16,908 17,640 180 195 185 176 166 172 164 47 47 47 95 114 22 22 22 12,306 15,749 16,469 17,566 18,288 865 964 1,296 1,564 1,681 244 424 561 594 701 107 280 157 206 285 748 575 791 938 1,171 1,627 1,178 1,420 1,486 1,651 3,591 3,423 4,225 4,787 5,490 1 3,693 4,706 4,348 3,627 4,374 756 763 561 594 701 117 267 157 206 285 437 205 673 890 1,066 1,111 1,455 1,420 1,321 1,284 6,113 7,397 7,159 6,638 7,710 3,256 4,875 5,680 6,604 5,502 159 294 313 337 407 3,414 5,169 5,992 6,941 5,909 1,121 1,082 1,151 1,338 1,550 3,001 3,001 3,001 3,001 3,001 2,248 2,522 3,391 4,435 5,608 5,249 5,524 6,392 7,436 8,609 12 2004A 2005A 2006F 2007F 2008F (%) 33.2 22.3 28.0 29.3 30.0 (%) 26.9 12.1 18.1 19.7 20.7 (%) 11.5 3.6 6.7 7.8 8.5 ROE (%) 19.9 7.2 16.0 18.6 19.4 ROA (%) 15.5 7.5 12.9 15.1 16.4 ROCE (%) 22.1 9.7 16.2 18.9 20.7 Gearing (x) 113.4 161.5 149.7 131.4 107.6 EBIT (x) 7.7 2.9 4.7 5.7 6.5 EV/EBITDA (x) 7.7 12.0 7.0 5.7 4.9 (x) 16.2 39.6 15.8 11.8 9.7 (x) 3.0 2.8 2.4 2.0 1.8

Guotai Junan (HK) 0506 HK$4.125 70% 06 40%50% 5.2 NAV 5.017.816.2 06 07 PE Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 16,793 286 0.163 (35.6) 25.3 0.065 1.6 6.8 2005A 17,588 429 0.244 49.7 16.9 0.087 2.1 9.5 2006F 19,016 496 0.281 15.3 14.7 0.098 2.4 10.2 2007F 20,656 545 0.309 9.9 13.3 0.108 2.6 10.4 2008F 22,233 608 0.345 11.7 11.9 0.121 2.9 10.8 Shares in issue (m) 1,761.2 Major shareholder 68.4% Market cap. (HK$ m) 7,265.1 Free float (%) 31.6 3 Average vol. ( 000) 4,985.0 06 06 Net gearing (%) 41.3 06 06 P/B (x) 1.4 06 06 NBV per share (HK$) 2.9 52 52 Weeks high/low (HK$) 5.200/2.650 Est. NAV (HK$) 5.0 Absolute % change in price (1m/3m/1yr) (7.3)/(4.9)/17.2 Relative % change in price (1m/3m/1yr) (7.0)/(6.5)/1.7 201 Bloomberg06 07 081 1.03 20% 3,000 3%CBOT 2,600 5,800 3.2% 6.2%19.7% 2006/07 200 1% 50% 7.7 1185% 20% 9.3 15% 15% 0.6 065.2% 06 40.3%52.1% 70% 1% 0615.1% Tiffany Feng

5.2 06 5.2% 2.8% NAV3.7% 5.0 4.125 21.2% NAV3.7% 5.017.8 16.2 06 07 NAV 06 EPS 06 PE NAV Weight EPS 06 PE NAV Weight EPS 06 PE NAV Weight (HK$) (x) (HK$) (%) (HK$) (x) (HK$) (%) (%) (%) (%) (p.p) 0.055 16.0 0.89 17.8 0.055 16.0 0.89 17.1 0.7 0.147 24.0 3.52 70.6 0.155 24.0 3.71 71.7 (5.2) (5.2) (1.1) 0.007 20.0 0.13 2.7 0.007 20.0 0.13 2.6 0.1 0.004 8.0 0.04 0.7 0.004 8.0 0.04 0.7 0.0 0.068 6.0 0.41 8.2 0.068 6.0 0.41 7.9 0.3 0.281 17.7 4.99 100.0 0.289 17.9 5.18 100.0 (2.8) (1.0) (3.7) 12 2005A 2006F 2007F 2008F 12 2005A 2006F 2007F 2008F 202 17,588 19,016 20,656 22,233 1,720 2,044 2,308 2,623 216 221 235 264 (987) (1,138) (1,301) (1,488) (289) (276) (295) (316) 684 815 912 1,041 (164) (213) (195) (248) 79 51 23 22 628 689 776 857 (139) (153) (172) (190) (59) (41) (60) (59) 429 496 545 608 0.244 0.281 0.309 0.345 12 2005A 2006F 2007F 2008F 628 689 776 857 105 141 124 164 270 264 315 350 (563) 911 (793) 810 (158) (153) (172) (190) 107 1,712 126 1,827 (644) (1,148) (622) (521) (781) (1,148) (622) (521) 746 (339) 897 (360) (142) (153) (173) (191) 604 (488) 723 (551) (71) 76 227 755 955 1,059 1,287 2,042 3,315 4,200 4,506 4,677 482 482 482 482 548 548 548 548 44 44 44 44 2,892 2,253 3,056 2,372 1,956 1,810 2,130 1,955 983 1,059 1,287 2,042 11,299 11,378 13,066 13,229 1,400 1,430 1,791 1,838 3,403 3,065 3,961 3,601 5,600 5,291 6,549 6,235 1,013 1,054 1,114 1,173 4,686 5,033 5,404 5,821 2.459 2.665 2.857 3.068 12 2005A 2006F 2007F 2008F (%) 9.8 10.7 11.2 11.8 (%) 3.6 3.6 3.7 3.9 (%) 2.4 2.6 2.6 2.7 (%) 4.2 4.4 4.5 4.6 (%) 9.5 10.2 10.4 10.8 48.4 49.4 46.9 44.6 21.6 20.5 19.5 18.5 13.0 13.6 14.3 15.0 (%) 53.8 41.3 51.3 27.8 5.0 4.6 5.7 5.1 1.2 1.1 1.1 1.1 (%) 35.6 35.0 35.0 35.0

Guotai Junan (HK) 0700 HK$15.50 (SP)07 SP 16.60 335% 12 19.30 24.00PEG 1.0 Revenue Net Profit EPS EPS PER Diluted Diluted DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) EPS (RMB) PER (x) (RMB) (%) (%) 2004A 1,144 441 0.290 18.7 56.7 0.284 57.9 0.070 0.4 28.2 2005A 1,426 485 0.274 (5.4) 58.8 0.267 60.4 0.083 0.5 17.4 2006F 2,936 1,010 0.572 108.8 28.2 0.556 29.0 0.175 1.1 32.0 2007F 3,750 1,259 0.712 24.4 22.7 0.690 23.4 0.217 1.3 32.6 2008F 4,452 1,450 0.839 17.9 19.2 0.813 19.8 0.249 1.5 29.7 Shares in issue (m) 1,757.9 Major shareholder MIH Market cap. (HK$ m) 27,248.0 Free float (%) 45.8 3 Average vol. ( 000) 4,726.3 06 06 Net gearing (%) 06 06 P/B (x) 8.2 06 06 NBV per share (HK$) 1.9 52 52 Weeks high/low (HK$) 18.400/5.750 Est. NAV (HK$) 19.3 Absolute % change in price (1m/3m/1yr) 5.8/34.2/138.5 Relative % change in price (1m/3m/1yr) 6.2/34.0/127.1 Bloomberg06 07 081 1.03 203 (0700)(Instant Messaging) 06 5.32 7.9%9.2% 2.205 (IVAS) (MVAS) 27.4% 17.3% IVAS MVAS 43% 15% QQ IVAS QQ QQ 38%QQIVAS 65.9% 4.37 IVAS 67.7% IVAS6 78% 5%-6% 06 IVASIVAS 06 IVAS159% 20.345.7 76.0% 05-08 IVAS60% MVAS(0941)11SP SPSP 6 SP SP SPSP IM Alan Lam

204 SP MVASSP 3 35% QQ MVASIVAS IM06 MVAS 25.3% SMS 17%IM2.2 IMSP SMS75% MVAS32% 07-08 MVAS9.7% 9.5% 2.2% 2.0% 19.3 17.8%IVAS 07 10.20605-08 44%35% IVAS QQ IVAS MVAS 3G 14% 16.6 14% 16.57 15.05 SP 3 27.7 3.26 4,500 3,260 1.8% 15.00 5 6 16.8-17.1200 0.11% 6 12 19.3006-08 19.3 06 07 28.2 22.706 PEG 0.65PEG IVAS 12 19.3006 0728.206 PEG 0.8 24.00PEG 1.0 EV/EBITDA PEG P/BV 2006F 2007F 2005 2006F 2007F 2006F 2006F 1,305.6 22.2 16.4 30.9 33.2 25.4 3.2 3.5 960.4 21.3 15.6 34.9 32.9 24.7 1.7 5.7 2,874.5 13.5 11.2 27.8 19.9 16.9 0.7 6.6 955.4 25.5 15.2 11.6 54.7 26.9 (1.6) 4.3 Tom 1,034.6 18.5 14.8 25.3 19.2 15.3 0.7 2.8 7,130.5 18.5 13.8 26.8 28.6 20.6 1.0 5.0 3,515.9 20.7 16.4 28.2 22.7 19.2 0.7 8.2 IBES 2006 6 23

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 1,426 2,936 3,750 4,452 787 2,034 2,643 3,201 517 731 865 950 113 159 228 284 IM 10 12 14 17 956 2,103 2,675 3,142 484 1,138 1,424 1,634 (47) (40) (40) (40) 437 1,097 1,384 1,594 48 (88) (125) (143) 485 1,010 1,259 1,450 0.267 0.556 0.690 0.813 (%) (5.9) 108.3 24.1 17.8 12 2005A 2006F 2007F 2008F 1,018 1,199 1,791 1,752 0 0 0 0 (24) (88) (125) (143) 994 1,111 1,667 1,608 (269) (294) (375) (445) 0 0 0 0 46 (40) (40) (40) 213 0 0 0 (11) (334) (415) (486) (115) (407) 0 0 0 0 0 0 (132) (147) (303) (378) 0 0 0 0 0 0 0 0 (247) (555) (303) (378) 736 222 949 745 (20) (40) (40) (40) 860 1,576 1,758 2,666 1,576 1,758 2,666 3,371 12 2005A 2006F 2007F 2008F 365 560 799 1,065 0 0 0 0 398 398 398 398 3 3 4 5 255 650 507 868 446 446 446 446 1,576 1,758 2,666 3,371 384 384 384 384 3,427 4,199 5,204 6,536 (222) (422) (400) (576) 0 0 0 0 (42) (42) (42) (42) (234) (351) (421) (506) (1) (1) (1) (1) (499) (816) (864) (1,124) 0 0 0 0 2,928 3,383 4,340 5,412 0 0 0 0 2,928 3,383 4,339 5,412 2,928 3,383 4,340 5,412 1.66 1.96 2.50 3.09 12 2005A 2006F 2007F 2008F (%) 67.0 71.6 71.3 70.6 (%) 34.0 34.4 33.6 32.6 (%) 15.4 26.5 26.8 24.7 (%) 17.4 32.0 32.6 29.7 (%) 30.3 30.0 30.0 30.0 (%) 5.3 4.0 4.6 4.5 53.2 54.0 54.0 54.0 38.9 40.0 40.0 40.0 10.6 14.6 16.4 17.8 8.1 10.1 10.9 11.8 205 (IVAS) 16.0 14.0 80% 14.0 12.0 10.0 8.0 6.0 4.0 2.0 12.0 10.0 8.0 6.0 4.0 2.0 75% 70% 65% 60% 0.0 2003 1Q 2003 2Q 2003 3Q 2003 4Q 2004 1Q 2004 2Q 2004 3Q 2004 4Q 2005 1Q 2005 2Q 2005 3Q 2005 4Q 2006 1Q 0.0 55% 2001 2002 2003 2004 2005 2006F 2007F 2008F

0828 HK$2.7 50% 05-08 15.6%3.3 20.417.4 06 07 PE Yr End Turnover Net Profit EPS EPS PER DPS Yield ROE 12/31 (HK$ m) (HK$ M ) (HK$) ( %) (x) (HK$) (%) (%) 2004A 805 166 0.184 41.4 14.6 n.a n.a 37.5 2005A 947 179 0.147 (20.5) 18.4 0.057 2.1 20.7 2006F 1,158 201 0.162 10.2 16.7 0.065 2.4 14.7 2007F 1,410 237 0.190 17.7 14.2 0.076 2.8 15.8 2008F 1,689 276 0.222 16.7 12.2 0.089 3.3 16.7 206 Shares in issue (m) 1,245.0 Major shareholder 44.8% Market cap. (HK$ m) 3,361.5 Free float (%) 28.1 3 Average vol. ( 000) 2,803.0 06 06 Net gearing (%) 06 06 P/B (x) 1.1 06 06 NBV per share (HK$) 2.4 52 52 Weeks high/low (HK$) 3.650/2.450 Est. NAV (HK$) 3.3 Absolute % change in price (1m/3m/1yr) (7.7)/(17.7)/(1.8) Relative % change in price (1m/3m/1yr) (7.4)/(19.3)/(17.2) Bloomberg06 07 081 1.03 10% 3.5%8 9 4 5,000 10-15% 10% 06 3.5% 20% 5% 8% 1 2.0%06-08 1-2% 50% 50% 50% 11% Tiffany Feng

Guotai Junan (HK) 21% 4.1 22.2% 11% 25% 1,195 60%10% 1% 05-08 15.6% 3.320.417.4 06 07 207 12 2005A 2006F 2007F 2008F 947 1,158 1,410 1,689 491 586 708 846 19 15 17 17 (222) (261) (324) (397) (59) (70) (82) (95) 229 270 318 372 (48) (68) (80) (93) (2) (2) (2) (2) 179 201 237 276 0.147 0.162 0.190 0.222 12 2005A 2006F 2007F 2008F 293 386 432 474 355 343 407 491 152 178 209 245 763 864 874 956 1,592 1,800 1,951 2,196 240 325 332 409 0 0 0 0 255 340 347 424 31 33 35 37 1,306 1,427 1,569 1,735 1.05 1.15 1.26 1.39 12 2005A 2006F 2007F 2008F 229 270 318 372 22 27 33 38 (19) (15) (17) (17) (125) 72 (88) (44) 54 286 167 255 (126) (120) (80) (80) (108) (105) (63) (63) 724 0 0 0 (139) (80) (95) (111) (120) (80) (95) (111) 585 (80) (95) (111) 531 101 10 82 763 864 874 956 12 2005A 2006F 2007F 2008F (%) 51.8 50.6 50.2 50.1 (%) 24.2 23.4 22.6 22.0 (%) 18.9 17.4 16.8 16.4 (%) 15.0 11.9 12.6 13.3 (%) 20.7 14.7 15.8 16.7 235.4 222.6 194.7 194.4 42.0 40.0 39.0 38.0 38.4 38.5 40.2 40.1 (%) 5.0 4.1 4.3 4.0 3.6 3.1 3.1 2.8 (%) 39.6 40.0 40.0 40.0

0980 HK$8.35 3 15% PEG 12 8.00 9.65 Revenue Net Profit EPS EPS PER DPS Yield ROE End 12/31 (Rmb m) (Rmb m) (Rmb) ( %) (x) (Rmb) (%) (%) 2004A 11,645 216 0.362 11.4 24.4 0.120 1.4 14.3 2005A 15,534 240 0.385 6.4 22.5 0.130 1.5 13.2 2006F 19,917 278 0.447 16.0 19.2 0.148 1.7 14.0 2007F 22,737 322 0.518 15.9 16.6 0.171 2.0 14.6 2008F 25,304 363 0.584 12.8 14.7 0.193 2.2 14.9 208 Shares in issue (m) 622.0 Major shareholder 34.0% Market cap. (HK$ m) 5,193.7 Free float (%) 33.3 3 Average vol. ( 000) 1,259.2 06 06 Net gearing (%) 06 06 P/B (x) 2.6 06 06 NBV per share (HK$) 3.2 52 52 Weeks high/low (HK$) 10.650/6.900 Est. NAV (HK$) 10.1 Absolute % change in price (1m/3m/1yr) (4.6)/(6.7)/(3.5) Relative % change in price (1m/3m/1yr) (4.2)/(6.9)/(14.9) Bloomberg06 07 081 1.03 2005 (0980) 4851.7% 50% 27.8% 5,4190.83 0.76% 2 3 060.04 0.6% 30.8% 24.5%200541.7% 6.35 30.3% 7.99 0.43 1.71% 06 5%1% 06 2.5% 1% 06 2.1% 0.9% 90.6% 95% 2 10 2006 100 06-08 3.2%-3.4% 5500 80% 2003-0545% Alan Lam

Guotai Junan (HK) 21% 06 0.07 1.65% 06 07 19.216.6PEG 1.2906 P/BV 2.6 315% 20%PEG 12 8.0007 16PEG 1.24(3389) 06 76.7 Best Buy 8.00 9.6506 PEG 1.50 12 2005A 2006F 2007F 2008F 15,534 19,917 22,737 25,304 2,825 3,694 4,273 4,834 266 328 383 440 94 103 114 121 (2) 12 16 20 358 443 513 580 (104) (146) (169) (192) 254 297 344 389 (15) (18) (22) (26) 240 278 322 363 0.385 0.447 0.518 0.584 (%) 6.4 16.0 15.9 12.8 12 2005A 2006F 2007F 2008F 875 853 1,465 809 7 12 16 20 (44) (80) (98) (112) 85 92 102 108 (29) (18) (22) (26) 19 5 (0) (9) (107) (112) (132) (152) (465) (626) (630) (630) (1) 0 0 0 (1) 94 0 0 (467) (532) (630) (630) 0 0 0 0 (74) 0 0 0 0 (4) (4) (5) (73) (4) (4) (5) 246 211 698 13 837 1,083 1,294 1,992 1,083 1,294 1,992 2,004 : 12 2005A 2006F 2007F 2008F 2,994 3,125 3,309 3,468 335 288 262 235 284 255 230 208 1,757 1,955 2,284 2,430 528 595 689 742 1,083 1,294 1,992 2,004 13 13 13 13 6,995 7,525 8,778 9,100 (3,743) (4,079) (5,112) (5,188) (3) (3) (3) (3) (1,117) (1,117) (1,117) (1,117) (16) (16) (16) (16) 0 0 0 0 (4,880) (5,216) (6,248) (6,324) (224) (221) (216) (211) 1,891 2,089 2,313 2,565 622 622 622 622 1,269 1,467 1,691 1,943 1,891 2,089 2,313 2,565 3.04 3.36 3.72 4.12 12 2005A 2006F 2007F 2008F (%) 1.7 1.6 1.7 1.7 (%) 1.5 1.4 1.4 1.4 (%) 4.1 3.8 4.0 4.1 (%) 13.2 14.0 14.6 14.9 (%) 33.0 33.0 33.0 33.0 (%) 0.7 0.7 0.8 0.8 0.3 0.4 0.4 0.4 33.9 34.0 34.0 34.0 10.1 10.0 10.0 10.0 209

1068 HK$5.75 22%46.6% 12 6.518.615.2 06 07 PE 0.8 06 PEG 7.020.016.4 06 07 PE 0.9 09 PEG Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 2,593 169 0.185 77.4 32.9 n.a n.a. 30.1 2005A 4,454 359 0.344 85.9 17.4 0.068 1.1 24.8 2006F 5,165 528 0.364 5.8 16.3 0.091 1.5 21.6 2007F 7,718 644 0.444 22.0 13.3 0.111 1.9 22.4 2008F 9,814 799 0.550 24.0 10.8 0.138 2.3 23.4 210 Shares in issue (m) 1,452.0 Major shareholder 51.5% Market cap. (HK$ m) 8,348.7 Free float (%) 32.3 3 Average vol. ( 000) 6,203.0 06 06 Net gearing (%) 06 06 P/B (x) 3.3 06 06 NBV per share (HK$) 1.8 52 52 Weeks high/low (HK$) 6.750/3.200 Est. NAV (HK$) 7.2 Absolute % change in price (1m/3m/since IPO) (0.9)/8.6/57.1 Relative % change in price (1m/3m/since IPO) (0.6)/7.0/51.8 Bloomberg06 07 081 1.03 061-4 22.0%6.851 04 4 03 91-4 2.6% 0620% 6.85 2.2% 3.8%7-807 07-088% 6% 95-98% 1-415.6%11.85 06 18.0% 8.18 6.0% 7.55078.0% 6.5% 08 6.7% 5.5% 06 0.5% 06 5% 07 08 4.5-5.5% 3.5-4.5% Tiffany Feng

Guotai Junan (HK) 06 10 61.7% 3 74.4% 05-08 43.7% 24.8% 30.1% 16 30 % 14 2.0 25 12 10 8 1.8 1.6 20 15 10 6 1.4 5 4 1.2 0 2002A 2003A 2004A 2005A 2006F 2007F 2008F 211 0646.6% 06 1.5 206 1.6 16.0% 03 06 46.6% 07 08 22.2% 24.1% 12 6.5 12 6.518.615.2 06 07 PE 0.8 06 PEG7.020.016.4 06 07 PE 0.9 09 PEG 2006 6 23 05PE 06PE 07PE EPS 06PEG 05P/B Bloomberg Code (US$ m) (X) (X) (X) (X) (X) HORMEL FOODS CORP HRL 5,047 18.9 18.3 16.8 5.9 3.1 3.0 SMITHFIELD FOODS INC SFD 3,090 15.8 15.4 13.2 9.6 1.6 1.5 TYSON FOODS INC TSN 5,326 25.9 n.a 17.3 22.4 n.a 1.2 SHUANGHUI DEVELOPMENT 000895 CH 2,001 40.3 35.5 29.8 16.6 2.1 9.6 PEOPLE'S FOOD HLD PFH SP 702 7.7 7.1 6.2 10.8 0.7 1.5 3,233 21.7 19.1 16.7 13.1 1.9 3.4 YURUN FOOD 1068 HK 1,075 17.4 16.3 13.3 23.0 0.7 3.9 IBES

1212 HK$13.1 7.4% 05-08 14.4%15.720.718.1 06 07 PE 3.6 06 P/B 16.8% Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 1,609 414 0.621 1.9 21.1 0.27 2.1 n.a 2005A 2,094 539 0.694 11.7 18.9 0.31 2.3 21.1 2006F 2,493 643 0.759 9.4 17.3 0.34 2.6 18.4 2007F 2,712 734 0.867 14.2 15.1 0.39 3.0 18.9 2008F 2,864 807 0.952 9.9 13.8 0.43 3.3 18.7 212 Shares in issue (m) 847.0 Major shareholder Real Reward 64.9% Market cap. (HK$ m) 11,095.7 Free float (%) 26.1 3 Average vol. ( 000) 1,267.0 06 06 Net gearing (%) 06 06 P/B (x) 3.0 06 06 NBV per share (HK$) 4.3 52 52 Weeks high/low (HK$) 15.750/9.750 Est. NAV (HK$) 16.2 Absolute % change in price (1m/3m/1yr) 7.8/2.5/4.3 Relative % change in price (1m/3m/1yr) 7.5/0.9/(11.1) Bloomberg06 07 081 1.03 5 7.4% 06 1-5 3.4410% 5.6%53.94 4% 21 10% 9.3 28% 11% 4407.4% 41.9 4 3,000 9 4,200 5 4 06 1-5 06 1-5 500 2,500 22% 400 2,000 21% 300 1,500 20% 200 1,000 100 500 19% 0 0 18% Tiffany Feng

Guotai Junan (HK) 213 49.9% 06 1-57,600 50% 06 14% 3.7 33.7% 5% 21749.9% 8.22 27.5% 72.5% 10.2% (3368) (3308) 5 3 06 25.4% 26.0% 18.0% 24.3%05 52,500 8,000 1% 060.3 14.9% 0 1,000 2,000 3,000 4,000 2008F 2007F 2006F 2005A 2004A -200 0 200 400 600 800 1,000 1,200 2008F 2007F 2006F 2005A 2004A 80.5% 50% 6% 8.2% 05-08 14.4% 5% (GST) 6 2313.117.315.1 06 07 PE 3.0 06 P/B 15.7 20.718.1 06 07 PE 3.6 06 P/B 16.8%

2319 HK$9.750 06 CEO 11.7 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 7,214 319 0.285 30.0 35.6 0.059 0.6 24.2 2005A 10,825 457 0.334 17.1 30.4 0.069 0.7 21.3 2006F 14,181 664 0.485 45.3 20.9 0.121 1.2 25.4 2007F 17,973 882 0.645 33.0 15.7 0.161 1.6 27.1 2008F 22,686 1,154 0.843 30.8 12.0 0.211 2.1 28.3 214 Shares in issue (m) 1,368.4 Major shareholder 18.5% Market cap. (HK$ m) 13,341.9 Free float (%) 64.8 3 Average vol. ( 000) 5,004.0 06 06 Net gearing (%) 06 06 P/B (x) 4.7 06 06 NBV per share (HK$) 2.1 52 52 Weeks high/low (HK$) 10.050/4.825 PEG05-08 0.8 Absolute % change in price (1m/3m/1yr) 7.1/14.0/95.0 Relative % change in price (1m/3m/1yr) 7.5/13.8/83.6 Bloomberg06 07 081 1.03 AC 05 55.5% 61.3% AC Nielsen 04 22.0%05 28.6% 0.8 600597 SH 30% 05 05 0.7 05 (%) (%) 600887 CH 121.75 39.38 9.09 2.93 22.69 11.2 2319 HK 108.25 50.06 13.16 4.57 43.02 9.1 05 05 05 (%) (%) 600887 CH 29.03 (0.69) (1.19) 30.22 (1.17) 2319 HK 22.29 0.02 (0.14) 22.43 (1.38) 05 Wu Xianfeng

Guotai Junan (HK) 05 045.72 132% 13.28 0434.1% 29.3% 05 04 6.8 36.6 36.5 6.9 05 6.0 32.5 39.3 (0.8) 06 0620% 06 13 04 278 05300 06 20%, 20% 5 AFI 50 5.4 1.8 50% 100 1 6,000 52% 48% 05 2 215 CEO 2 08 60%UHT

06 05605 30% OMP7-8 20-30% 03-05 60% 56% 50% 3.5% 2.23% 3% 216 31% 20% 4% 31% 05 4.2% 36% 2004A 2005A 2006F 2007F 2008F (%) 77.2 50.1 31.0 26.7 26.2 (%) 22.3 22.3 22.7 23.1 23.5 (%) 16.4 16.5 16.1 15.8 15.5 EBIT 440 646 965 1,356 1,881 (%) 43.7 46.9 49.5 40.5 38.7 (%) 4.5 10.0 15.0 20.0 25.0 319.4 456.8 663.6 882.5 1,154.1 (%) 94.3 43.0 45.3 33.0 30.8 EPS 0.285 0.334 0.485 0.645 0.843 (%) 30.0 17.1 45.3 33.0 30.8 11.7 12 11.71.0 PEG05-0825.1 18.9 14.4 06 07 08

Guotai Junan (HK) 2331 HK$7.2 30% 05-0835.9% 9.4529.721.8 07 08 PE 1.1 06 PEG Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 1,878 122 0.138 10.2 55.4 0.046 0.6 17.5 2005A 2,451 187 0.182 32.4 41.0 0.073 1.0 17.2 2006F 3,194 258 0.251 37.6 29.5 0.099 1.3 20.8 2007F 4,157 342 0.333 32.8 22.2 0.132 1.8 24.1 2008F 5,553 469 0.457 36.9 16.2 0.181 2.4 28.2 Shares in issue (m) 1,027.0 Major shareholder 36.6% Market cap. (HK$ m) 7,394.3 Free float (%) 42.4 3 Average vol. ( 000) 2,344.0 06 06 Net gearing (%) 06 06 P/B (x) 5.8 06 06 NBV per share (HK$) 1.2 52 52 Weeks high/low (HK$) 9.150/3.250 Est. NAV (HK$) 9.4 Absolute % change in price (1m/3m/1yr) (7.1)/0.6/95.4 Relative % change in price (1m/3m/1yr) (6.8)/(1.1)/80.0 Bloomberg06 07 081 1.03 217 200-600 40-50% 10-15% 20-30% 45-47% 40-50% (WSJ) (Zou Marketing)05 26.8% 22.1% 30-50% 20 4 30% 4 448 10% 10-15%30% Tiffany Feng

218 2005 0 5 10 15 20 25 30 35 ZOU Marketing WSJ 0 1,000 2,000 3,000 4,000 5,000 6,000 0 1,000 2,000 3,000 4,000 5,000 6,000 2008F 2007F 2006F 2005A 2004A 2003A 7274,100 1613,534 07 08 500 8004,000 77% 85% 4%3% 86 70 AIGLE 07 AIGLE 414 18 AIGLE50 06 15% 07 08 07 AIGLE06 2% 9.45 05-08 31.3% 35.9% NAV9.45 39.129.721.8 06 07 08 1.1 06 PEG NAV 7.221.3%

Guotai Junan (HK) 3389 HK$3.65 05-08 28.4% Swatch 6 4.9031.024.5 06 07 PEG 1.2 5.7028.5 07 1.4 PEG 08NAV Revenue Net Profit Diluted EPS EPS Change Diluted PER PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) (RMB) ( %) (x) (x) (RMB) (%) (%) 2004A 1,519 98 0.094 0.130 75.9 42.0 30.4 n.a. n.a. 38.6 2005A 1,397 121 0.117 0.146 12.6 33.2 26.4 0.048 1.2 24.7 2006F 2,211 185 0.149 0.163 11.0 25.7 23.6 0.055 1.4 17.0 2007F 3,050 256 0.206 0.206 26.7 18.6 18.6 0.076 2.0 16.1 2008F 3,484 306 0.247 0.247 19.8 15.6 15.6 0.091 2.4 16.9 Shares in issue (m)* 1,242.3 Major shareholder* 57.5% Market cap. (HK$ m)* 4,627.4 Free float (%)* 17.9 3 Average vol. ( 000) 3,082.0 06/ 06 Net gearing (%) 19.9 /06 06 P/B (x) 2.9 06 06 NBV per share (HK$) 1.3 High/low after IPO (HK$) 3.925/1.320 Est. NAV (HK$) 4.5 Absolute % change in price (1m/3m/since IPO) 1.3/49.4/180.1 Relative % change in price (1m/3m/since IPO) 1.6/47.7/172.8 Bloomberg06 07 081 1.03 * 219 3.6 100% 1.85,625 3.20 07-096,000 6(0398) (1) (2) 420% (3) (4) 70% 70% Alan Lam Tiffany Feng

15 10 1580 06 25 0690 1,600 (Olma)(Numa Jeannin) 3 45%23 59% 220 Swatch Swatch1,250 1,250 3.10Swatch 7.23% Swatch 4.82% 1 6.27% Swatch Swatch18 Swatch(Basic Range) UCI1.235 1,250 3.10Swatch 1,250 4.6035 9.94% 627 (0939) (3988) (0754) 05-08 28.4% 06 6,208 07-09 7,1397,9968,79540% 0619.7% 06-0811.0% 26.7% 19.8%05-08 28.4% 6 4.90 14.6% 07 6 4.9031.024.5 06 07 PEG 1.2 5.7028.5 07 1.4 PEG 08NAV

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 1,397 2,211 3,050 3,484 745 955 1,110 1,278 637 1,241 1,923 2,190 15 16 16 17 (1,032) (1,688) (2,358) (2,681) 364 523 692 803 16 56 100 112 (97) (169) (248) (281) (63) (102) (137) (158) 220 309 406 476 (23 (23) (22) (14) 197 286 384 463 (65) (88) (112) (137) 132 198 271 326 (11) (13) (16) (19) 121 185 256 306 0.147 0.163 0.206 0.247 12 2005A 2006F 2007F 2008F 197 286 384 463 12 141 24 6 20 21 20 10 (81) (648) 69 (84) (49) (88) (112) (137) 98 (288) 385 258 (13) (471) (80) (20) (195) 132 2 3 (208) (339) (78) (17) 364 660 0 0 (84) 35 (89) (173) (23) (23) (22) (14) (92) (50) (55) (65) (5) (6) (8) (9) 174 616 (174) (261) 64 (11) 133 (20) 78 143 132 264 143 132 264 245 12 2005A 2006F 2007F 2008F 96 426 482 496 33 33 33 33 18 18 18 18 147 477 533 547 662 1,315 1,215 1,277 159 204 264 271 54 54 54 54 143 132 264 245 1,062 1,747 1,840 1,890 314 349 261 88 121 169 198 184 39 39 39 39 25 25 25 25 49 49 49 49 549 632 572 385 1 1 1 1 100 106 114 124 560 1,485 1,686 1,927 0.670 1.436 1.629 1.862 12 2005A 2006F 2007F 2008F (%) 26.1 26.1 26.5 26.8 (%) 15.8 15.0 14.6 15.1 (%) 8.7 8.4 8.4 9.0 (%) 11.0 8.3 7.6 9.0 (%) 24.7 13.6 11.0 12.0 (%) 26.3 18.8 16.8 19.6 (%) 0.13 0.13 0.13 0.13 (%) 0.06 0.09 0.10 0.11 2.2 2.8 3.2 4.9 0.6 0.6 1.0 1.5 144.9 163.1 151.4 130.6 40.1 30.0 28.0 28.0 18.0 24.0 22.0 20.0 (%) 8.5 19.9 10.8 13.1 16.6 45.4 (%) 41.2 37.0 37.0 37.0 221 4,000 3,500 1.0% 18.9% 3,000 2,500 2,000 1,500 UCI 1.0% 4.5% Swatch 7.2% 1,000 500 0 2004A 2005A 2006F 2007F 2008F 9.9% 57.5%

222 2006 1 4 200 250 300 350 400 450 500 550 600 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 0% 20% 40% 60% 80% 100% 2006 1 4 100 150 200 250 300 350 400 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 0% 20% 40% 60% 80% 100% 120% Grace Liu 2006 1-4 2,12837.59% 2006 1-5 7.54 11.8%7,626.8 2.0% 240.8 24.3% 2006 1-42,09441.40% 1,26152.87% 500 26.41% 1-458.48% 12.012005 2006-2008 2006 1-665.39 33.54% (IMF)20064.9% 2007 4.7% 2006 1-5 0.49% 2006 1-41.073 8.6% 43.57% 3.69 2006 6% 2003 2006 5 2004 2005 2003 2006 19,000 19,500 20,000 20,500 21,000 21,500 22,000 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 000 b/d 20042006 4 2004 2005 2006 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan

Guotai Junan (HK) 20051,770.6 1.16% 173.1 1.20% OPEC69.76% 51.59% BP (2006) 2005 40.6 2004 0.1 65.1 1.6 19802005 1,900 190 1,800 180 50 1,700 170 1,600 160 45 1,500 1,400 1,300 150 140 130 R/P ratio 40 35 1,200 120 30 1,100 110 1,000 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 100 2005 25 20 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 94 96 97 98 99 00 01 02 03 04 05 BP(2006) 2006 4OPEC231 2.72% 3,300 2,860 10% 3,250 20103,800 100 1,100 4 202 280 2006230 223 4 8,5091.25% 1-4OPEC3.14% OPEC 0.38%OPECOPEC 2004 12006 4 OPEC10 20052006 4 OPECOPEC 60.00 6.00% 5.00% 50.00 4.00% 40.00 3.00% 30.00 20.00 2.00% 1.00% 0.00% 10.00 0.00 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06-1.00% -2.00% -3.00%

224 OECD2006 4 26.31 2.25%54 6 21 3.471 6.02%2.134 1.16% 1.245 11.66% 6.886597.27 40% 2006 1-613.90% 4.56 1-3OECD 1.91% 2006 5 20068,483125 1.5% 2007 2.91% 1.25% 2.60% 2006 2007 2-3 5-10 20062006 65 2007 200867 60 200527.95% 30.24% 30.66%2008 2008 2007 2008 3 26 405 20% 40% 2006 (0857) (0386)(0883) 358.35 2006 8.41% 10.99% 9.59% 2007 556.51 20032006 6 10 20 30 40 50 60 70 80 Dubai WTI Brent 2003 2004 2005 2006 Bloomberg 20032007 7,500 8,000 8,500 9,000 2007E 2006E 2005 2004 2003 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50%

Guotai Junan (HK) 2006 2006 2006 2007 2007 (0857) 58.0 4.80 22,913 (8.41%) 35,357 (11.85% ) (0386) 58.0 4.80 8,139 (10.99%) 12,497 (15.20% ) (0883) 62.0 6.30 4,783 (9.59%) 7,797 (14.45% ) 3 265 24 03 5CPI 2007 2006 2007 2005 22.68OML130 45% 2008 1.5MEG16.69% BP-TNKUdmurtneft 0.27 4 28 0.27 5.58% 5.85% 43.57% H A QDII 2003 2005 7 1 8-3014-30 2-15 7-15 308.21.19% 1.23% 2005 4% 12.5% 1% 3% 8% 2006-2008 QDII 2006-2007 225

0135 HK$3.675 07 06 4.40 226 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 2,533 768 0.162 50.8 22.7 0.035 1.0 20.6 2005A 3,378 3,645 0.762 370.2 4.8 0.080 2.2 43.7 2006F 4,244 2,640 0.547 (28.1) 6.7 0.109 3.0 19.2 2007F 4,135 2,554 0.529 (3.3) 6.9 0.106 2.9 16.1 2008F 3,382 2,448 0.508 (4.1) 7.2 0.102 2.8 13.7 Shares in issue (m) 4,824.1 Major shareholder 52.9% Market cap. (HK$ m) 17,728.5 Free float (%) 47.1 3 Average vol. ( 000) 38,488.0 06 06 Net gearing (%) (5.5) 06 06 P/B (x) 1.2 06 06 NBV per share (HK$) 3.1 52 52 Weeks high/low (HK$) 5.100/1.220 Est. NAV (HK$) 5.2 Absolute % change in price (1m/3m/1yr) (6.4)/40.0/203.7 Relative % change in price (1m/3m/1yr) (6.0)/39.8/192.3 Bloomberg06 07 081 1.03 2005 3.752005 33.7833.36% 10.997.93931.34 19.391.52 17.0636.45 3.75 2005 117 68.95% 14.91% 16.14% K&K 44.60% 78.79% 102.96% 91.69% 70.27% 25.50% 23.47 6.4Gobustan 3,774 2005 2005 6 15CaspianAktobeAktobe 2003 12 13 2005 10 14 17.06Caspian 200488,196,328 Aktobe 20047,259,700,000 10.892Aktobe 20065 2006 2005 43.94% 41.75 2006 1-665.39 33.54% 2005 12557.62 50.30% 2006-2008 2006-200856 58 51 200611.80 Caspian 40% 60%Aktobe10.048% 15.072% 200610.5011.80 Grace Liu

Guotai Junan (HK) 3 26 40 2006-2008 7.00% 10.26% 5.63% % 2006 56 4.10 12,430 29,8124 198,849 (7.00%) 2007 58 4.80 11,687 437,563 291,854 (10.26%) 2008 51 2.55 11,008 218,952 146,041 (5.63%) 20052.26% K&K9.13% 1.05% 8.16% 2.85% Sukhothai 29.90% 37.40% 2005L21/43 315.5Gobustan 1,434.2 Madre de Dios 111 113 2.449 (0857) K&K (0857) (0857) 2006-2008 0.547 0.529 0.508 07 06Bloomberg 4.40 06 07 PER 8.04 8.3106(0857)(0883)15.8% PB 1.43 1.2670 15.4% 2005 (HK$) 70% 1,174,100 (9.13%) 606,131,000 44.60% 54% 691,000 (1.05%) 370,898,000 78.79% Aktobe 15% n.a. n.a. 2,347,258,000 n.a. Sukhothai 96% 378,000 29.90% 73,454,000 102.96% L21/43 n.a. n.a. 3,155,000 (87.41%) 50% 1,215,160 (8.16%) 67,750,000 91.69% : 1,176,596,000 (22.26% ) 111113 n.a. 2006 n.a. n.a. n.a. 25% 1,418,000 37.40% 107,806,000 70.27% Tetma Block IOR-3, Tuyintaung Block BSF-2, 50% n.a. 14,342,000 (49.41%) Gwegyo-Ngashandaung Block RSF-3 Kursangi Karabagli 25% 1,159,000 (2.85%) 59,970,000 25.5% Gobustan 25% 06 n.a. n.a. 30,384,000 50% 69,000 (40.00% ) 25,764,000 (2.13%) 175,000 40.00% BOPP 25% n.a. n.a. 234,000 (87.72%) 227

228 12 2004A 2005A 2006F 2007F 2008F 2,533,312 3,378,323 4,244,134 4,135,278 3,382,440 (1,537,929) (1,780,745) (2,237,122) (2,179,743) (1,782,915) 995,383 1,597,578 2,007,012 1,955,535 1,599,525 0 0 (198,849) (437,563) (218,952) 68,462 89,667 96,384 93,026 94,705 0 1,705,847 0 0 0 (18,281) (3,155) (38,203) (38,585) (38,971) (23,014) (32,705) (41,087) (40,033) (32,745) 1,022,550 3,357,232 1,825,257 1,532,380 1,403,562 (10,735) (33,627) (62,784) (54,528) (45,575) 1,424 134,246 152,297 157,195 152,744 66,143 793,281 1,967,985 2,129,965 2,002,803 1,079,382 4,251,132 3,882,755 3,765,011 3,513,534 (275,974) (415,660) (478,693) (408,762) (302,146) 803,408 3,835,472 3,404,063 3,356,250 3,211,388 (35,374) (190,958) (763,712) (802,393) (763,064) 768,034 3,644,514 2,640,351 2,553,857 2,448,324 165,693 385,927 528,070 510,771 489,665 16.20 76.16 54.73 52.94 50.75 16.01 75.82 53.67 51.91 49.77 12 2004A 2005A 2006F 2007F 2008F 1,616,707 1,732,708 2,187,144 2,076,208 2,088,164 (10,735) (33,627) (62,784) (54,528) (45,575) (209,500) (320,872) (526,562) (429,200) (392,790) 1,396,472 1,378,209 1,597,798 1,592,480 1,649,799 (557,552) (594,401) (683,561) (786,095) (904,010) 16,019 85,766 152,297 157,195 152,744 70,338 271,359 0 0 0 21,599 22,347 44,476 68,190 95,167 (154,847) (1,061,002) (17,602) (23,805) (23,255) (604,443) (1,275,931) (504,390) (584,515) (679,354) (20,766) 0 0 0 0 0 600,120 (533,395) (373,376) (261,364) (94,681) (165,693) (385,927) (528,070) (510,771) (59,280) 8,050 0 0 0 (174,727) 442,477 (919,322) (901,447) (772,135) 617,302 544,755 174,087 106,518 198,310 665,949 1,282,402 1,831,521 2,002,196 2,105,348 (849) 4,364 (3,412) (3,366) (3,389) 1,282,402 1,831,521 2,002,196 2,105,348 2,300,269 1,282,402 1,831,521 2,002,196 2,105,348 2,300,269 271,359 0 0 0 0 1,553,761 1,831,521 2,002,196 2,105,348 2,300,269 2005 16.14% 12 2004A 2005A 2006F 2007F 2008F 2,711,100 2,805,036 2,931,976 3,096,446 3,303,874 3,982 3,842 3,688 3,519 3,332 701,643 819,135 860,092 903,096 948,251 150,250 9,730,309 11,698,294 13,828,258 15,831,061 19,587 74,722 70,418 70,676 68,842 3,586,562 13,433,044 15,564,467 17,901,995 20,155,361 20,055 29,346 36,867 35,921 29,382 88,883 772,019 969,875 944,999 772,960 0 0 0 0 0 1,553,761 1,831,521 2,002,196 2,105,348 2,300,269 1,662,699 2,632,886 3,008,938 3,086,269 3,102,611 372,129 312,861 393,042 382,961 313,242 0 0 0 0 0 332,280 950,472 665,330 465,731 326,012 124,179 200,907 153,341 132,865 41,957 828,588 1,464,240 1,211,714 981,558 681,211 834,111 1,168,646 1,797,224 2,104,711 2,421,399 4,420,673 14,601,690 17,361,691 20,006,706 22,576,760 47,341 48,241 48,241 48,241 48,241 4,010,655 12,558,831 14,285,184 16,328,270 18,286,929 0 0 528,070 510,771 489,665 4,057,996 12,607,072 14,861,496 16,887,283 18,824,835 134,027 969,476 1,733,188 2,535,581 3,298,645 21,840 827,511 579,258 405,480 283,836 206,810 197,631 187,749 178,362 169,444 4,420,673 14,601,690 17,361,691 20,006,706 22,576,760 2005 14.91% 68.95%

Guotai Junan (HK) 0857 HK$7.650 2008 2006-2008 QDII 8.60 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 397,354 103,843 0.591 47.9 13.7 0.263 3.2 26.5 2005A 552,229 133,362 0.754 27.7 10.5 0.338 4.2 28.3 2006F 663,349 166,449 0.930 23.2 8.5 0.417 5.3 29.5 2007F 735,306 175,401 0.980 5.4 8.0 0.439 5.6 26.5 2008F 736,905 184,732 1.032 5.3 7.6 0.462 5.9 24.2 Shares in issue (m) 179,021.0 Major shareholder 88.2% Market cap. (HK$ m) 1,369,510.5 Free float (%) 11.8 3 Average vol. ( 000) 127,072.0 06 06 Net gearing (%) (8.2) 06 06 P/B (x) 2.3 06 06 NBV per share (HK$) 3.4 52 52 Weeks high/low (HK$) 9.600/5.600 Est. NAV (HK$) 8.6 Absolute % change in price (1m/3m/1yr) (9.5)/(3.8)/ 34.2 Relative % change in price (1m/3m/1yr) (9.1)/(4.0)/ 22.8 Bloomberg06 07 081 1.03 229 2006 1-32.677 6.27% 2.077 0.04% 3,602 35.57% 1.96 2.66% 1.79% 3.78% 3.47% 17,970 0.63% 11.19% -5.33% 15.94% -10.05% 20060.45% 26.08%5.19% 6.74% 2005 1.04 2006 1 2006 55.14 46.53%2005 12 2006 2 2860.59 53.37% 11% 5 2006-2008 2006 1-665.39 33.54%2005 12 2006 563.31 38.73%2006-2008200658 19.91% 200760 2008 53 2008 2008 2006-2008 Grace Liu

2004-2006 6 85 75 65 55 45 35 25 15 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Bloomberg Bloomberg 2006-2008 229.13 353.57 204.52 8.41% 11.85% 6.88% % 2006 58 4.80 795.6 22,913 15,283 (8.41%) 2007 60 5.50 803.6 35,357 23,583 (11.85%) 2008 53 3.15 811.6 20,452 13,642 (6.88%) 230 23.69% 31.14% 28.84% 17.72% 19.95% 2007 35300 2005 22.73% 2.4320%47.62 350-1,000 2006 2007 2006 2007 200650% PetroKazakhstan A 4 1 2006-2008 4.27 6.26 7.52 2005 7 1 30 2006-2008 0.930 0.980 1.032 2005 19.37 13.34 2008 2006-2008 QDII 8.6006 07 PE 9.53 9.04PB 2.59 2.2370

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 397,354 552,229 663,349 735,306 736,905 (114,249 ) (200,321 ) (205,638 ) (227,945 ) (228,441 ) (22,934 ) (29,675 ) (35,646 ) (39,513 ) (39,599 ) (12,090 ) (15,566 ) (18,698 ) (20,726 ) (20,772 ) (48,362 ) (51,305 ) (60,139 ) (69,206 ) (80,102 ) (28,302 ) (36,538 ) (43,890 ) (48,651 ) (48,757 ) (220 ) 0 (110 ) (55 ) (83 ) (19,943 ) (23,616 ) (53,951 ) (69,691 ) (54,993 ) 0 0 0 0 0 (116 ) (3,037 ) (3,098 ) (3,160 ) (3,223 ) (246,216 ) (360,058 ) (421,171 ) (478,947 ) (475,968 ) 151,138 192,171 242,178 256,359 260,938 (2,896 ) (2,762 ) (3,145 ) (3,424 ) (3,616 ) 1,373 1,924 3,799 5,760 7,383 8 88 (28 ) 23 28 (1,515 ) (750 ) 626 2,359 3,795 1,621 2,401 2,011 2,206 2,109 151,244 193,822 244,815 260,924 266,841 (43,598 ) (54,180 ) (68,434 ) (72,937 ) (66,710) 107,646 139,642 176,381 187,986 200,131 (3,803 ) (6,280 ) (9,932 ) (12,586 ) (15,399) 103,843 133,362 166,449 175,401 184,732 0.59 0.75 0.93 0.98 1.03 12 2004A 2005A 2006F 2007F 2008F 141,691 203,885 245,062 266,609 290,058 (94,045 ) (119,227 ) (149,761 ) (179,713 ) (215,656) (10,316 ) (1,038 ) (436 ) (159 ) (305) (692 ) (2,711 ) (100 ) (102 ) (104) 2,777 31,400 13,145 15,098 17,939 (102,276 ) (91,576 ) (137,152 ) (164,876 ) (198,126) (5,627 ) (6,171 ) (7,326 ) (6,593 ) (5,934) 0 19,692 0 0 0 (34,328 ) (53,667 ) (69,573 ) (76,587 ) (80,683) 369 (2,488 ) 105 115 127 (39,586 ) (42,634 ) (76,794 ) (83,065 ) (86,490) 246 (458 ) 0 0 0 75 69,217 31,117 18,668 5,442 11,613 11,688 80,905 112,022 130,689 11,688 80,905 112,022 130,689 136,131 12 2004A 2005A 2006F 2007F 2008F 485,612 563,890 641,300 738,218 857,926 30,582 38,282 42,774 45,597 46,063 516,194 602,172 684,075 783,815 903,989 47,377 62,733 75,356 83,530 83,712 8,680 7,658 9,199 10,197 10,219 19,866 22,673 27,235 30,190 30,255 33,217 235 282 313 314 1,425 1,691 2,031 2,252 2,257 11,688 80,905 112,022 130,689 136,131 122,253 175,895 226,126 257,171 262,888 73,072 99,758 119,831 132,830 133,119 22,516 25,391 29,783 34,059 37,408 34,937 28,689 25,820 23,238 20,914 130,525 153,838 175,435 190,127 191,442 (8,272 ) 22,057 50,691 67,044 71,446 507,922 624,229 734,765 850,859 975,435 175,824 179,021 179,021 179,021 179,021 251,949 336,368 433,244 532,058 636,106 427,773 515,389 612,265 711,079 815,127 15,199 28,278 38,210 50,796 66,195 44,648 44,570 40,113 36,102 32,492 20,302 35,992 44,177 52,882 61,621 64,950 80,562 84,290 88,984 94,113 507,922 624,229 734,765 850,859 975,435 231 2005 2005 12.5% 3.9% 12.0% 220,000 208,080 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0-19,810 3,276 3,183-2,558 71.6% -20,000-40,000

0883 HK$5.800 2008 OML13007 6.60 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 55,222 16,139 0.393 39.9 15.6 0.170 2.8 31.3 2005A 69,456 25,323 0.617 56.9 9.8 0.208 3.4 38.9 2006F 86,599 30,096 0.710 15.1 8.4 0.213 3.6 32.9 2007F 93,843 30,795 0.711 0.1 8.4 0.213 3.6 25.6 2008F 91,900 31,899 0.736 3.6 8.1 0.221 3.7 22.1 232 Shares in issue (m) 43,327.4 Major shareholder 66.4% Market cap. (HK$ m) 251,298.9 Free float (%) 33.6 3 Average vol. ( 000) 164,381.0 06 06 Net gearing (%) 16.4 06 06 P/B (x) 2.3 06 06 NBV per share (HK$) 2.5 52 52 Weeks high/low (HK$) 6.850/4.100 Est. NAV (HK$) 8.0 Absolute % change in price (1m/3m/1yr) (1.7)/(8.7)/40.6 Relative % change in price (1m/3m/1yr) (1.3)/(8.9)/29.2 Bloomberg06 07 081 1.03 43.8% 164.39.5% 450,46311% 415,144 2005 42.7% 186%23.63 2006 100% 6Liwan 3-1-1 Block 29/26 250Liwan 3-1-1 4-6 51% 0.55 FPSO 7 3 2.2 20061.58582.45%1.4652 4.4% 07 200630.63 39.10% 2006-2007 15200610 25-1/25-1 A 19-1 21-1 1-14 (SES) 45,500 156 2007 Grace Liu

Guotai Junan (HK) OML130 45% 22.68 184 (OML130)45% Akpo P50 6OML130 5 P50Akpo2008 17.57.875 15% Egina Egina South Preowei 39.3% 58.13 2006 1-6 64.81 70.29 59.62 34.34% 33.61% 46.22% 2006-2008 62 64 57 2006-2008 47.83 77.97 52.29 9.59% 14.45% 9.84% 2007 % 2006 62 6.30 141.380 4,783 3,190 (9.59%) 2007 64 7.10 151.278 7,797 5,201 (14.45%) 2008 57 4.45 161.868 5,229 3,488 (9.84%) 4 6 BHP Billiton Outer Browse WA-301-P WA-303-P WA-304-P WA-305-P 25%2 S5 233 6 12810 4.05% 06-0820.91% 16.04% 12.78% 16.43% 10.83% 6.20% 2006 06-080.63% 1.25% 1.20% 4 6.1525 5.77%137.8 OML13026.9222.5 400 A 4 28 0.27 4% 12.5% 1% 3% 2005 8%

2006-2008 0.710 0.711 0.736 2008 2008 OML1302007 6.6070 18%0607 PE 9.579.5606 PB 2.632.25 234 12 2004A 2005A 2006F 2007F 2008F 36,886,019 53,417,669 69,412,216 77,229,955 75,000,158 18,191,353 15,901,325 17,046,339 16,473,832 16,760,086 144,691 136,749 140,720 138,735 139,727 55,222,063 69,455,743 86,599,275 93,842,522 91,899,970 (5,070,344 ) (5,934,598 ) (7,067,436 ) (7,562,156 ) (8,091,507 ) (1,725,674 ) (2,596,543 ) (8,156,536 ) (11,551,305 ) (8,874,755 ) (1,316,160 ) (1,293,687 ) (1,400,577 ) (1,498,618 ) (1,603,521 ) (5,455,062 ) (5,964,740 ) (8,372,937 ) (10,814,590 ) (12,362,757 ) (201,637 ) (252,857 ) (273,749 ) (292,912 ) (313,415 ) 0 (90,190 ) 0 0 0 (17,963,461 ) (15,704,100 ) (16,834,912 ) (16,269,506 ) (16,552,209 ) (1,104,348 ) (1,370,368 ) (1,901,813 ) (2,102,426 ) (2,022,153 ) (45,844 ) (77,062 ) (106,948 ) (118,229 ) (113,715 ) (32,882,530 ) (33,284,145 ) (44,114,907 ) (50,209,742 ) (49,934,033 ) 22,339,533 36,171,598 42,484,368 43,632,780 41,965,937 206,872 359,294 576,807 953,396 1,549,029 (441,825 ) (1,100,532 ) (887,755 ) (1,426,867 ) (1,531,237 ) 29,269 287,027 158,148 222,588 190,368 72,438 247,893 211,747 295,543 399,570 344,469 307,075 325,772 316,424 321,098 519,206 28,579 273,893 151,236 212,564 23,069,962 36,300,934 43,142,979 44,145,100 43,107,329 (6,930,826 ) (10,977,812 ) (13,046,924 ) (13,349,976 ) (11,207,906 ) 16,139,136 25,323,122 30,096,056 30,795,123 31,899,424 0.39 0.62 0.71 0.71 0.74 0.39 0.61 0.69 0.69 0.71 12 2004A 2005A 2006F 2007F 2008F 29,705,761 41,695,648 51,387,075 54,882,782 54,857,165 (7,402,280 ) (9,849,454 ) (12,820,152 ) (12,547,866 ) (10,773,798 ) 206,871 359,294 576,807 953,396 1,549,029 135,000 232,346 325,772 316,424 321,098 4,626 45,785 211,747 295,543 399,570 (322,118 ) (329,797 ) (765,500 ) (1,052,238 ) (1,055,848 ) 0 0 35,893 (152,041 ) (285,021 ) 22,327,860 32,153,822 38,951,643 42,696,001 45,012,195 (18,622,045 ) (17,469,555 ) (52,000,000 ) (25,272,000 ) (23,743,512 ) (6,280,000 ) (3,597,000 ) 244,000 (2,391,200 ) (5,738,880 ) 294,853 (8,282,661 ) 276,939 (4,070,999 ) (7,056,398 ) 0 0 230,336 188,296 188,873 (24,607,192 ) (29,349,216 ) (51,248,725 ) (31,545,903 ) (36,349,917 ) 0 0 14,396,591 0 0 8,154,085 0 (825,674 ) (2,696,300 ) (2,696,300 ) (21,075 ) (18,654 ) 12,794,348 1,851,886 0 (6,101,395 ) (7,772,218 ) (8,743,022 ) (9,133,677 ) (4,619,269 ) (61,153 ) 4,500 0 0 0 1,970,462 (7,786,372 ) 17,622,243 (9,978,091 ) (7,315,569 ) (308,870 ) (4,981,766 ) 5,325,161 1,172,007 1,346,710 14,400,394 14,091,524 8,991,758 14,316,919 15,488,926 0 (118,000 ) 0 0 0 14,091,524 8,991,758 14,316,919 15,488,926 16,835,635 12 2004A 2005A 2006F 2007F 2008F 57,182,026 66,625,167 110,245,164 124,688,431 136,054,752 1,327,109 3,718,482 3,701,877 3,689,488 3,681,173 58,509,135 70,343,649 113,947,041 128,377,919 139,735,924 4,276,489 5,277,784 6,858,081 7,630,491 7,410,182 1,147,294 1,199,626 1,558,823 1,734,390 1,684,314 5,444,113 13,846,935 13,569,996 17,640,995 24,697,393 8,603,000 12,200,000 11,956,000 14,347,200 20,086,080 14,091,524 8,991,758 14,316,919 15,488,926 16,835,635 1,730,305 2,905,312 3,775,233 4,200,429 4,079,153 35,292,725 44,421,415 52,035,052 61,042,430 74,792,758 93,801,860 114,765,064 165,982,093 189,420,349 214,528,682 3,102,024 2,867,678 3,726,330 4,146,018 4,026,314 4,191,024 5,206,943 6,766,028 7,528,070 7,310,719 24,364 825,674 844,414 2,696,300 2,696,300 581,485 1,248,416 1,622,222 1,804,929 1,752,817 2,503,466 3,467,505 3,694,277 4,496,388 4,930,496 10,402,363 13,616,216 16,653,272 20,671,706 20,716,645 865,211 24,392 12,800,000 12,800,000 12,800,000 16,313,550 16,531,780 15,706,106 13,009,806 10,313,506 3,089,448 4,161,663 4,505,519 4,820,905 5,158,368 6,688,498 6,827,916 6,964,474 7,103,764 7,245,839 26,956,707 27,545,751 39,976,099 37,734,475 35,517,713 876,586 876,635 922,090 922,090 922,090 55,566,204 72,726,462 108,430,632 130,092,079 157,372,234 56,442,790 73,603,097 109,352,722 131,014,169 158,294,324 93,801,860 114,765,064 165,982,093 189,420,349 214,528,682

Guotai Junan (HK) 2883 HK$3.450 3.80 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 3,824 702 0.176 50.6 20.8 0.067 1.8 10.3 2005A 4,789 821 0.205 17.0 17.5 0.055 1.5 11.2 2006F 5,839 1,006 0.252 22.5 14.1 0.067 1.9 12.5 2007F 6,329 1,109 0.278 10.2 12.8 0.074 2.1 12.5 2008F 6,773 1,168 0.292 5.3 12.2 0.078 2.2 12.0 Shares in issue (m) 3,995.3 Major shareholder 61.58% Market cap. (HK$ m) 13,783.9 Free float (%) 38.4 3 Average vol. ( 000) 8,493.0 06 06 Net gearing (%) 0.5 06 06 P/B (x) 1.7 06 06 NBV per share (HK$) 2.1 52 52 Weeks high/low (HK$) 4.925/2.650 Est. NAV (HK$) 3.8 Absolute % change in price (1m/3m/1yr) (13.8)/(15.9)/19.5 Relative % change in price (1m/3m/1yr) (13.4)/(16.1)/8.1 Bloomberg06 07 081 1.03 235 1-31,1134.7% 10.5%17.0%88.3% 3.9 0.5 100% 22.3% 1,219 20.3% 19.0% 46.2% -8.2% 33.9% 0.3% 5,663 0.3 92.5% 0.5 97.1% 294.9% 55.2% 24.4% 91.8% 146851 7 4 5 5 200628 35.19% 942 NH2 COSL931 1 2 5 400 COSL941 400 122 30,000 9,1446 1.35 2006 400 2008 2008 2006-2008 Grace Liu

2006-2007 Baker Hughes1-5 14.04% 2,948 1.25% 443ODS-Petrodata2006 6 16 92.6% 2.6 1-62,001-5,000 250-300 141.83% 131.41% 149.97% 2005 ExxonMobil BP Shell Chevron Conocophillips Total Eni17.06% 2006-2007 2006 2005 90% 2000 1-2006 5 1999-2006 1Q 3,000 600 95% 2,500 500 90% 2,000 400 85% 1,500 300 80% 1,000 200 75% 236 500 0 Jan-00 May-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Sep-00 LAND Jan-04 May-04 Sep-04 Jan-05 May-05 OFFSHORE 100 0 Sep-05 Jan-06 May-06 70% 65% 60% Baker Hughes ODS-Petrodata 2004 1-2006 6 1,000 900 800 700 600 500 400 300 200 100 0 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 ODS-Petrodata 200630.9% 9.5% 450,46311% 415,144 11.5% 37.195 4.323.7% 20062006-2007 152006 10 1.68 1.709%5.7% 200630.63 39.10% 72.35% 30.36%60 50% 25,000 4,000 2006-2010 7-11%

Guotai Junan (HK) (0883) 200543,542 18.0% 97.53%200610% 15% 2005 21.70% 61.56% 2005 18.0% 97.53% 2006 15% 90% ODS-Petrodata 2003-2005 2002-2005 5,000 120% 60,000 40% 4,500 4,000 100% 50,000 30% 3,500 3,000 2,500 2,000 1,500 80% 60% 40% 40,000 30,000 20,000 20% 10% 0% 1,000 500 20% 10,000-10% 0 2003 2004 2005 0% 0 2002 2003 2004 2005-20% 237 200514.21%2004 1.91 15%2005 5 2006-2008 2006 2.21 2005 6BR Energy (Workover Pulling Unit (WPU)) 7 10 1,000 200625% 2006 20 3.80 0607 PE 15.54 14.1006 07 20%P/EBITDA7.89 7.23PB 1.87 1.69P/EBITDA PB

238 12 2004A 2005A 2006F 2007F 2008F 3,824,029 4,788,792 5,839,156 6,329,190 6,773,030 23,488 12,919 12,320 17,904 15,411 3,847,517 4,801,711 5,851,476 6,347,093 6,788,442 (666,971) (755,676) (890,068) (983,828) (1,068,051) (640,153) (833,345) (1,016,129) (1,101,405) (1,178,642) (226,733) (285,166) (347,714) (376,895) (403,325) (1,125,938) (1,437,233) (1,752,473) (1,899,544) (2,032,751) (186,828) (213,436) (260,251) (282,091) (301,873) (166,549) (105,288) (128,382) (139,156) (148,914) (38,045) (61,737) (47,613) (42,829) (52,283) (3,051,217) (3,691,881) (4,442,629) (4,825,747) (5,185,840) 796,300 1,109,830 1,408,846 1,521,347 1,602,602 199 (16,802) (8,302) (12,552) (10,427) 0 (104) (58,400) (78,400) (98,400) 34,300 16,956 42,580 58,769 81,293 34,499 50 (24,122) (32,183) (27,533) 99,196 106,617 102,907 104,762 103,834 825,863 956,934 1,171,136 1,250,869 1,311,790 (124,136) (135,938) (165,162) (141,934) (143,598) 701,727 820,996 1,005,974 1,108,935 1,168,192 266,888 219,743 269,253 296,811 312,671 17.56 20.55 25.18 27.76 29.24 12 2004A 2005A 2006F 2007F 2008F 1,677,215 1,567,920 2,013,147 2,167,775 2,209,606 0 (104) (58,400) (78,400) (98,400) (316,913) (464,107) (309,180) (371,508) (389,602) 151,611 191,280 221,313 270,852 289,293 (271) (33,582) (16,836) (8,553) (21,068) 1,511,642 1,261,407 1,850,045 1,980,166 1,989,829 (1,611,848) (2,071,173) (2,796,084) (1,957,258) (1,761,533) 8,512 1,144 3,561 4,930 5,454 662,970 640,755 64,076 6,408 641 (1,231) 3,162 (240) (112) (101) 34,300 16,956 42,580 58,769 81,293 35,737 54,410 102,907 104,762 103,834 8,352 (3,466) (24,090) (23,221) (22,403) (863,208) (1,358,212) (2,607,290) (1,805,723) (1,592,814) 0 0 2,000,000 0 0 (182,187) (230,930) (232,256) (276,217) (300,819) 0 (200,000) 0 0 0 (182,187) (430,930) 1,767,744 (276,217) (300,819) 466,247 (527,735) 1,010,499 (101,774) 96,196 792,614 1,258,861 731,126 1,741,625 1,639,851 1,258,861 731,126 1,741,625 1,639,851 1,736,047 2,166,537 1,014,888 1,961,551 1,853,482 1,949,138 (4,255) (1,093) (1,333) (1,445) (1,546) 2,162,282 1,013,795 1,960,219 1,852,037 1,947,592 (923,424) (282,669) (218,594) (212,186) (211,545) 20,003 0 0 0 0 1,258,861 731,126 1,741,625 1,639,851 1,736,047 2005 12 2004A 2005A 2006F 2007F 2008F 5,763,424 7,258,247 9,160,701 10,129,202 10,817,229 184,263 239,936 244,735 249,629 254,622 5,947,687 7,498,183 9,405,436 10,378,831 11,071,851 215,853 229,784 280,184 303,698 324,995 123,923 208,854 254,664 276,035 295,393 662,548 709,453 865,063 937,661 1,003,415 4,255 1,093 1,333 1,445 1,546 2,162,282 1,013,795 1,960,219 1,852,037 1,947,592 24,272 2,800 3,414 3,701 3,960 3,193,133 2,165,779 3,364,877 3,374,577 3,576,901 0 0 2,000,000 2,000,000 2,000,000 571,874 925,306 1,128,261 1,222,947 1,308,707 228,161 206,805 252,165 273,327 292,495 217,602 94,573 155,032 187,758 209,979 225,249 196,720 239,868 259,998 278,231 1,242,886 1,423,404 3,775,327 3,944,030 4,089,412 1,950,247 742,375 (410,450) (569,454) (512,511) 7,897,934 8,240,558 8,994,986 9,809,377 10,559,340 433,258 385,816 366,525 348,199 330,789 400,000 200,000 200,000 200,000 100,000 833,258 585,816 566,525 548,199 430,789 7,064,676 7,654,742 8,428,461 9,261,179 10,128,551 3,995,320 3,995,320 3,995,320 3,995,320 3,995,320 2,893,961 3,495,214 4,231,936 5,044,060 5,899,581 175,395 164,208 201,205 221,798 233,650 7,064,676 7,654,742 8,428,461 9,261,179 10,128,551 2005 11% 47% 13% 10% 59% 18% 18% 24%

Guotai Junan (HK) 8261 HK$1.800 2008 2.45 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB 000) (RMB 000) (RMB) ( %) (x) (RMB) (%) (%) 2004A 487,688 61,366 0.122 12.7 15.6 0.035 1.8 34.1 2005A 776,522 85,227 0.141 15.1 13.3 0.037 2.0 26.0 2006F 1,339,022 117,757 0.182 29.0 10.2 0.055 2.9 26.0 2007F 1,864,022 154,858 0.239 31.5 7.8 0.072 3.9 27.9 2008F 2,214,022 191,097 0.295 23.4 6.3 0.088 4.8 28.1 Shares in issue (m) 648.0 Major shareholder 43.1% Market cap. (HK$ m) 1,166.4 Free float (%) 38.0 3 Average vol. ( 000) 465.0 06 06 Net gearing (%) (5.5) 06 06 P/B (x) 2.4 06 06 NBV per share (HK$) 0.8 52 52 Weeks high/low (HK$) 2.600/0.920 Est. NAV (HK$) 2.5 Absolute % change in price (1m/3m/1yr) (10.0)/1.7/87.5 Relative % change in price (1m/3m/1yr) (9.6)/1.5/76.1 Bloomberg06 07 081 1.03 47.2% 2006 1-3 46.4% 2.314 47.2% 2,458.6 33.53% (0857) (0386) 239 2.52 22.32% 1-5 6.6% 7.6% 8.6% 9.2% 7.4% 068%-10% 25 7 10 2006 2007 2005-2008 30.89% 2006-2007 2.42005 90%2005 8 33% 33% 2008 2008 Grace Liu

2006-2007 2005 17.06% Baker Hughes1-514.04% 2,948 17.13% 2,6111-4 8.6% 1.073 1.9% 6,055.4 43.57% 3.69 1-4 68.12% 127.18% 2006 (0857) (0386)0.45% 1.35% 19.39% 19.20%12.36% 29.03% 2006-2007 2008 2.45 0607 PE13.8910.56PEG05-08 0.5006 PE PEG06 07 P/B 3.292.68 240 12 2004A 2005A 2006F 2007F 2008F 487,688 776,522 1,339,022 1,864,022 2,214,022 (391,030 ) (596,113 ) (1,050,780 ) (1,466,985 ) (1,749,077 ) 96,658 180,409 288,242 397,037 464,945 15,458 14,146 14,802 14,474 14,638 (20,128 ) (24,853 ) (42,856 ) (59,659 ) (70,861 ) (14,300 ) (33,162 ) (51,795 ) (72,102 ) (85,641 ) (7,540 ) (17,577 ) (30,309 ) (42,193 ) (50,116 ) 70,148 118,963 178,083 237,556 272,965 (4,572 ) (3,444 ) (9,610 ) (8,488 ) (5,573 ) 65,576 115,519 168,473 229,068 267,393 (1,485 ) (27,271 ) (46,542 ) (68,721 ) (69,522 ) 64,091 88,248 121,931 160,348 197,870 (2,725 ) (3,021 ) (4,174 ) (5,489 ) (6,774 ) 61,366 85,227 117,757 154,858 191,097 0.122 0.141 0.182 0.239 0.295 12 2004A 2005A 2006F 2007F 2008F 35,434 302,623 239,238 272,259 295,387 1,016 2,048 6,814 13,713 4,122 (55,772 ) (223,018 ) (144,962 ) (115,969 ) (121,768 ) 0 (11,838 ) 0 0 0 (120 ) (200 ) (210 ) (221 ) (232 ) 290 824 610 1,526 1,622 3,637 (41,667 ) (52,230 ) (48,748 ) (32,498 ) 6,289 0 1,080 870 702 (44,660 ) (273,851 ) (188,898 ) (148,829 ) (148,051 ) 102,669 105,631 0 0 0 (21,760 ) (5,155 ) 0 0 0 (60,000 ) 20,000 50,000 (20,000 ) (32,000 ) (10,806 ) (21,082 ) (30,657 ) (41,157 ) (52,639 ) (6,436 ) 0 0 0 0 3,667 99,394 19,343 (61,157 ) (84,639 ) (5,559 ) 128,166 69,682 62,274 62,697 97,159 57,528 185,694 255,376 317,650 57,528 185,694 255,376 317,650 380,347 26,077 110,166 125,137 136,347 165,001 31,451 75,528 130,239 181,303 215,346 57,528 185,694 255,376 317,650 380,347 12 2004A 2005A 2006F 2007F 2008F 124,330 326,114 445,178 528,846 613,141 0 8,037 8,005 7,973 7,941 8,872 20,201 19,727 19,242 18,779 112 273 433 572 705 50 5,288 4,240 3,402 2,732 133,364 359,913 477,583 560,036 643,298 140,284 213,854 368,766 513,351 609,741 89,871 75,744 130,612 181,822 215,962 61,886 147,630 254,571 354,382 420,923 26,077 110,166 125,137 136,347 165,001 15,577 51,822 89,361 124,397 147,755 333,695 599,216 968,447 1,310,300 1,559,382 169,096 421,189 726,292 1,011,054 1,200,895 30,000 50,000 100,000 80,000 48,000 302 23,355 28,009 34,881 41,833 21,017 49,519 85,390 118,869 141,189 220,415 544,063 939,691 1,244,804 1,431,918 113,280 55,153 28,757 65,495 127,465 246,644 415,066 506,340 625,531 770,762 0 0 0 0 0 0 0 0 0 0 246,644 415,066 506,340 625,531 770,762 1,090 4,891 9,065 14,554 21,328 54,000 64,800 64,800 64,800 64,800 191,554 345,375 432,475 546,177 684,634 245,554 410,175 497,275 610,977 749,434 246,644 415,066 506,340 625,531 770,762

Guotai Junan (HK) 241 Zhang Wenxian 2006 20032005 40% 2006 1 2005 7,0002007 120065,0002006 11%1 200622.621.5 2006 1-57.993.4% 2004 1-2006 5 0 50 100 150 200 250 300 350 05/2006 04/2006 03/2006 02/2006 01/2006 12/2005 11/2005 10/2005 09/2005 08/2005 07/2005 06/2005 05/2005 04/2005 03/2005 02/2005 01/2005 12/2004 11/2004 10/2004 09/2004 08/2004 07/2004 06/2004 05/2004 04/2004 03/2004 02/2004 01/2004-40 -20 0 20 40 60 80 100 2006 5 1.46 0.3531.5%7.4% 6 597.1488.5 108.6 4-5 1.5 2.0 2006 1-4 1,280 73.2% 3%-6%

242 2005 12006 6 0 100 200 300 400 500 600 700 06/2006 05/2006 04/2006 03/2006 02/2006 01/2006 12/2005 11/2005 10/2005 09/2005 08/2005 07/2005 06/2005 05/2005 04/2005 02/2005 12/2004 2005 1-2006 4 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 04/2006 03/2006 02/2006 01/2006 12/2005 11/2005 10/2005 09/2005 08/2005 07/2005 06/2005 05/2005 04/2005 03/2005 02/2005 01/2005 12/2004 10/2004 2005 2005 2004 2005 6 37.95 27.0%2005 12 BJ 50-53 2006-2007 200551.75 50.5 2005-2006 6 BJ 30 35 40 45 50 55 06/2006 05/2006 04/2006 03/2006 02/2006 01/2006 12/2005 11/2005 10/2005 09/2005 08/2005 07/2005 06/2005 05/2005 04/2005 03/2005 02/2005 01/2005

Guotai Junan (HK) 2006 46 1 2010 24.5 75% 2 5-7 395% 80% 30%40% 4 20102005 25% 5 75% 50% 60% 2006 2007 2008 11.8 10.510.12006 2.7% ROE 28.4% 2 2006 2007 8.67.94.4% 4.8% ROE 16.7% 19.2% P/B 1.351.22 200551.5% 12 6.30 2006 200710.39.4NAV 10.4%7.00 NAV2006 2007 11.410.5 243 06 07 08 06 06 06 06 (HK$) (X) (X) (X) ROE(%) (%) (RMB) (%) 0857 7.650 8.5 8.0 7.6 29.5 (8.2) 0.417 5.3 0883 5.800 8.4 8.4 8.1 32.9 16.4 0.213 3.6 0135 3.675 6.7 6.9 7.2 19.2 (5.5) 0.109 3.0 1088 12.95 12.2 10.8 10.4 29.8 30.8 0.327 2.5 1171 5.250 8.6 7.9 7.3 16.7 (6.5) 0.237 4.4 8.9 8.4 8.0 29.7 (0.1) 0.373 4.7 2006 6 23

A 1088 HK$12.950 3 11.9% 2006 A 2006 2007 26.1% 13.3%12 14.50 20062007 13.712.1 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 39,267 8,935 0.596 208.0 23.0 0.503 3.7 42.7 2005A 52,242 15,632 0.937 57.4 14.4 0.125 0.9 37.8 2006F 63,902 19,718 1.090 16.3 12.2 0.327 2.5 29.8 2007F 71,985 22,340 1.235 13.3 10.8 0.370 2.8 26.9 2008F 78,236 23,250 1.285 4.1 10.4 0.386 2.9 23.4 244 Shares in issue (m) 18,089.6 Major shareholder 81.2% Market cap. (HK$ m) 234,260.3 Free float (%) 18.8 3 Average vol. ( 000) 20,069.0 06 06 Net gearing (%) 30.8 06 06 P/B (x) 3.2 06 06 NBV per share (HK$) 4.0 52 52 Weeks high/low (HK$) 16.850/7.300 Est. NAV (HK$) 16.7 Absolute % change in price (1m/3m/1yr) (2.6)/2.8/71.5 Relative % change in price (1m/3m/1yr) (2.3)/2.5/60.1 Bloomberg06 07 081 1.03 311.9% 2006199.76 150.55 75.4% 104.62 45.93 1,500 201021.65 2006-2008 1.37 1.58 1.75 13.0%2006-20081.65 1.86 2.0211.9% 2002-2008 250 40 200 30 150 20 100 50 10 0 0 Zhang wenxian

Guotai Junan (HK) 20062005 77.3% 522.7% 5 38 2006 2005 15 90% 2006 2007 313295 2.4% 5.8% AAA AA 3 5 80% 2005 2006 3 70% 350 300 2008 245 2006 20071 2006 2007 197.18 223.40 26.1% 13.3% 2006 2007 1.0901.23516.3% 13.3% 30% 2006 20070.3270.370 2002A 2003A 2004A 2005A 2006F 2007F 2008F 59.6 81.6 101.4 121.4 137.0 158.0 174.9 76.6 99.1 126.9 144.3 163.3 184.9 200.6 (RMB/t) 195 195 245 305 313 295 294 (MW) 2,322 2,595 3,075 3,441 6,951 8,037 8,877 (GWh) 21,770 26,730 35,491 36,370 52,588 61,666 64,951 (%) 18.4 19.2 21.1 18.5 20.0 20.0 25.0 2006 2007 12.210.8 2.5% 2.8% P/B 3.22.62006 NAV 16.7212 14.50 2006 2007 13.712.112.0% NAV 13.3%18 16.00200713.3 NAV 4.3%

246 12 2004A 2005A 2006F 2007F 2008F 39,267 52,242 63,902 71,985 78,236 (4,452) (5,821 ) (7,331 ) (8,618 ) (9,213 ) (1,564) (2,046 ) (2,444 ) (2,758 ) (2,948 ) (4,795) (5,182 ) (7,026 ) (7,929 ) (8,476 ) (2,146) (2,660 ) (2,539 ) (2,865 ) (3,063 ) (5,557) (6,215 ) (7,331 ) (7,929 ) (8,476 ) (2,708) (3,195 ) (4,318 ) (4,880 ) (5,220 ) (21,222) (25,119 ) (30,546 ) (34,473 ) (36,852 ) (2,492) (3,289 ) (3,339 ) (3,817 ) (4,108 ) (54) (150 ) (148 ) (170 ) (182 ) (23,768) (28,558 ) (34,033 ) (38,459 ) (41,142 ) 15,499 23,684 29,869 33,526 37,094 0 0 0 0 0 (2,358) (2,060 ) (2,051 ) (2,042 ) (1,845 ) 0 0 0 0 0 0 10 0 0 0 198 461 581 653 722 13,339 22,095 28,400 32,137 35,971 (2,773) (4,083 ) (5,680 ) (6,427 ) (8,993 ) (1,631) (2,380 ) (3,002 ) (3,369 ) (3,728 ) 8,935 15,632 19,718 22,340 23,250 (%) 208.0 75.0 26.1 13.3 4.1 (RMB) 0.596 0.937 1.090 1.235 1.285 (RMB) 0.503 0.125 0.327 0.370 0.386 12 2004A 2005A 2006F 2007F 2008F 13,339 22,095 28,400 32,137 35,971 4,949 5,182 7,026 7,929 8,476 2,437 0 0 0 0 (183 ) 231 (599 ) (415 ) (321 ) (29) (881 ) (797 ) (553 ) (427 ) (299 ) 1,965 (284 ) (197 ) (152 ) 1,624 2,190 1,473 1,021 790 818 893 1,249 866 670 (2,711) 0 0 0 0 (999 ) (4,083 ) (5,680 ) (6,427 ) (8,993 ) (59) 0 0 0 0 18,934 24,088 30,788 34,360 36,013 (16,666) (22,060 ) (19,976 ) (10,588 ) (15,000 ) (96) 0 0 0 0 (1,596) (1,596 ) (1,596 ) (1,596 ) (1,596 ) 163 0 0 0 0 200 0 0 0 0 (17,995) (17,578 ) (21,572 ) (12,184 ) (16,596 ) 1,872 (10,813 ) (3,005 ) (4,882 ) (4,000 ) 0 19,600 0 0 0 0 (7,549 ) (2,261 ) (5,915 ) (6,702 ) 165 0 0 0 0 2,037 6,177 (3,005 ) (4,882 ) (4,000 ) 2,976 12,687 6,211 17,294 15,417 4,162 7,138 19,825 26,036 43,330 7,138 19,825 26,036 43,330 58,747 12 2004A 2005A 2006F 2007F 2008F 72,923 82,358 94,900 102,050 108,613 12,352 19,160 19,568 15,078 15,039 1,210 1,293 1,293 1,293 1,293 2,731 3,686 4,076 4,513 4,997 109 74 74 74 74 3,766 3,839 3,839 3,839 3,839 1,242 1,431 1,145 916 733 94,333 111,841 124,895 127,762 134,587 2,691 3,572 4,369 4,922 5,349 2,913 2,682 3,281 3,696 4,016 3,239 1,274 1,558 1,755 1,908 55 66 2,265 3,770 5,111 7,138 19,825 26,036 43,330 58,747 16,036 27,419 37,509 57,472 75,131 110,369 139,260 162,404 185,235 209,718 13,857 9,443 15,302 13,691 12,371 4,411 6,601 8,074 9,096 9,885 1,475 1,124 1,564 1,769 2,476 4,704 5,597 6,846 7,712 8,382 24,447 22,837 31,787 32,268 33,114 46,332 39,933 31,069 27,797 25,117 650 852 895 939 986 459 744 1,035 1,171 1,639 47,441 43,934 32,998 29,908 27,742 71,888 66,771 64,785 62,176 60,857 13,085 15,107 22,780 31,794 41,049 25,396 57,382 74,839 91,264 107,812 110,369 139,260 162,404 185,235 209,718 12 2004A 2005A 2006F 2007F 2008F (%) 39.5 45.3 46.7 46.6 47.4 (%) 22.8 29.9 30.9 31.0 29.7 (%) 84.5 13.3 30.0 30.0 30.0 46.0 45.5 47.4 49.2 50.9 26.2 19.5 17.0 17.7 18.0 68.4 80.0 87.7 90.9 94.0 (x) 23.0 14.4 12.2 10.8 10.4 (x) 6.5 5.2 4.1 3.4 2.8 EBITDA (x) 12.8 9.5 7.1 5.8 4.8 (x) 10.9 10.3 8.1 7.2 6.9 (x) 8.1 4.2 3.2 2.6 2.2 (%) 42.7 37.8 29.8 26.9 23.4 (%) 8.1 11.2 12.1 12.1 11.1 (%) 17.9 24.5 27.2 28.0 29.8 (%) 253.5 71.4 30.8 (2.2) (21.4 ) (%) 182.4 69.6 41.5 30.5 23.3 (x) 0.7 1.2 1.2 1.8 2.3 (%) 3.7 0.9 2.5 2.8 2.9 (x) 6.6 11.5 14.6 16.4 20.1

Guotai Junan (HK) 1171 HK$5.250 2006 1 4 2006 2007 12 6.30 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 10,575 3,154 0.665 120.2 8.4 0.163 2.9 23.7 2005A 11,517 2,881 0.586 (11.9) 9.3 0.220 4.0 17.4 2006F 12,205 3,103 0.631 7.7 8.6 0.237 4.4 16.7 2007F 13,975 3,378 0.687 8.9 7.9 0.258 4.8 19.2 2008F 15,211 3,652 0.742 8.1 7.3 0.278 5.1 20.2 Shares in issue (m) 4,918.4 Major shareholder 52.9% Market cap. (HK$ m) 24,469.0 Free float (%) 39.8 3 Average vol. ( 000) 23,338.0 06 06 Net gearing (%) Cash 06 06 P/B (x) 1.4 06 06 NBV per share (HK$) 3.9 52 52 Weeks high/low (HK$) 7.289/4.575 Est. NAV (HK$) 7.0 Absolute % change in price (1m/3m/1yr) (9.3)/(17.8)/(14.6) Relative % change in price (1m/3m/1yr) (9.0)/(18.1)/(26.0) Bloomberg06 07 081 1.03 247 20061 901 863 6.7% 4.7% 420061 4 3 2006 3,600 10.8% 2,900 2005 14.9%700 3.4% 20062007 4 2007 4,30019.4% 3,300 13.8% 1,000 42.9% 2005 26.3% 349.5 20061354.96 2005 0.7%20051.6% 7.2% 331.45 2005 0.7% 23.3% 442.14 20059.3% 2006 5% 2006 2006 20074.4% 4.1% 2006 2007 6.0% 14.5% Zhang Wenxian

2006 4 A10 A 2.5 54.33%52.86% A5.85%7.32% 2006 100500 500 2006 20072006 2007 3.5% 0.3%53.7% 51.8% 200554.1%2006 2007 31.03 33.78 7.7% 8.9% EPS0.6310.687 37.5% 2006 20070.237 0.258 2006 20078.67.9 4.4% 4.8% P/B 1.351.22 NAV7.03 12 6.30 2006 200710.39.4 NAV 10.4%7.00 NAV 2006 200711.410.5 248

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 10,575 11,517 12,205 13,975 15,211 (%) 52.2 8.9 6.0 14.5 8.8 (4,552 ) (5,289 ) (5,656 ) (6,738 ) (7,372 ) 6,023 6,228 6,549 7,238 7,839 (1,480 ) (1,919 ) (2,033 ) (2,328 ) (2,534 ) 166 135 143 164 178 4,709 4,445 4,659 5,073 5,483 (36) (25 ) (26 ) (30) (33 ) 4,673 4,420 4,633 5,043 5,451 (1,519 ) (1,538 ) (1,529 ) (1,664 ) (1,799 ) 3,155 2,882 3,104 3,379 3,652 (0 ) (0 ) (1 ) (1 ) (1 ) 3,154 2,881 3,103 3,378 3,652 799 1,080 1,164 1,267 1,369 2,355 1,801 1,940 2,112 2,282 (RMB) 0.665 0.586 0.631 0.687 0.742 (RMB) 0.163 0.220 0.237 0.258 0.278 12 2004A 2005A 2006F 2007F 2008F 3,155 2,882 3,104 3,379 3,652 959 952 1,122 1,277 1,277 305 105 112 128 139 4,418 3,939 4,337 4,784 5,068 0 0 0 0 0 (743 ) (1,315 ) (2,800 ) 0 0 0 0 0 0 0 (97) (1 ) (2,000 ) (2,000 ) (1,500 ) (2,301 ) (2,262 ) (4,800 ) (2,000 ) (1,500 ) 0 0 0 0 0 (200 ) (200 ) (200 ) (200 ) (200 ) 0 0 0 0 0 (471 ) (799 ) (1,164 ) (1,267 ) (1,369 ) 1,757 0 0 0 0 (11) (10 ) 0 0 0 1,075 (1,009 ) (1,364 ) (1,467 ) (1,569 ) 3,193 668 (1,826 ) 1,317 1,999 2,024 5,217 5,886 4,059 5,376 5,217 5,886 4,059 5,376 7,375 12 2004A 2005A 2006F 2007F 2008F 5,217 5,886 4,059 5,376 7,375 485 471 499 571 621 2,287 4,424 4,569 4,942 5,203 8,320 10,951 9,298 11,060 13,370 139 153 147 140 133 579 580 539 499 459 8,537 9,318 12,996 13,719 15,342 726 215 145 136 128 10,017 10,303 16,027 14,495 16,063 18,337 21,254 25,325 25,555 29,433 478 498 527 604 657 1,338 1,576 1,670 1,912 2,081 0 0 0 0 0 0 508 0 0 0 529 647 678 0 0 2,545 3,429 3,076 2,616 2,839 41 32 23 13 4 200 0 2,640 1,000 2,000 264 178 2,663 1,013 2,004 2,809 3,607 5,738 3,629 4,843 15,524 17,619 19,642 21,857 24,241 4 29 (55 ) 69 349 18,337 21,254 25,325 25,555 29,433 12 2004A 2005A 2006F 2007F 2008F (%) 44.5 38.6 38.2 36.3 36.0 (%) 29.8 25.0 25.4 24.2 24.0 39.6 33.0 31.3 29.0 29.5 42.5 54.6 68.5 66.0 67.6 36.3 33.7 33.1 30.6 31.2 EBITDA (x) 4.0 3.9 4.4 3.5 3.2 (x) 1.8 1.5 1.4 1.2 1.1 (%) 23.7 17.4 16.7 16.3 15.8 (%) 28.7 20.4 21.1 21.6 19.6 (%) (36.2 ) (34.3 ) (6.5 ) (20.6 ) (22.9 ) (%) 1.3 0.0 13.4 4.6 8.3 (x) 3.3 3.2 3.0 4.2 4.7 (x) 131.0 180.6 178.6 169.9 168.7 249

Zhang wenxian 20072008 24%-25% 2005 2005 2003-2005 (%) (%) (%) 0267 38.9 61.1 12.2 0270 76.5 23.5 13.0 0392 53.1 46.9 13.9 0882 69.0 31.0 13.0 0291 99.3 0.7 22.9 0270 100 0.0 15.4 72.8 27.2 18.1 250 33% 1 24% A 2006 6 19A 1,026 76.9% 2006 6 AA A 1.90 2.90 20052006 A 2.18A 20054.8% 1.0% 200618.0% 61.3% 2.75 50.13%1.73 A

Guotai Junan (HK) A6 A 0267 1.9 2005 0270 n.a. 0291 0363 2.182006 0392 2.902006 0882 n.a. n.a. NAV 6 22.9%- 36.9% 2006 NAV10%-39% 39% 27%-33% 13.4%-10.5% NAV 6NAV 2006 6 23 06 NAV 12 NAV (HK$) (HK$) (%) (HK$) (%) 0267 22.15 25.59 13.4 23.50 8.2 0270 2.825 4.24 33.4 3.40 19.8 0291 14.70 16.43 10.5 16.20 1.4 0363 14.30 19.94 28.3 15.95 19.9 0392 11.90 16.36 27.3 14.70 10.0 0882 4.775 7.83 39.0 5.90 25.4 25.3 14.1 251 6 2006 2007 2008 11.513.0 11.52006 ROE 11.6% 4.3% 2006 2007 8.810.9 11.411.02.0% 2.1%2006 NAV 7.83NAV 39.0% 26.1%6 125.90 2006 NAV 25%2006 2007 14.113.6 7.05 NAV 10% 06 07 08 06 ROE 06 06 06 (HK$) (x) (x) (x) (%) (%) (HK$) (%) 267 22.15 8.3 14.0 12.0 14.2 43.9 1.472 6.6 270 2.825 12.0 11.2 10.6 11.6 99.8 0.094 3.3 291 14.70 15.2 15.0 13.6 11.9 10.7 0.388 2.6 363 14.30 11.4 9.0 7.5 7.2 (22.4) 0.502 3.5 392 11.90 15.7 11.5 10.3 5.5 (16.6) 0.314 2.6 882 4.775 8.8 11.0 9.6 8.3 0.3 0.094 2.0 11.5 13.0 11.5 11.6 29.6 0.759 4.3 2006 6 23

0267 HK$22.150 2006 2007 12 23.50 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 22,912 3,534 1.614 171.7 13.7 1.100 5.0 9.3 2005A 26,564 3,989 1.819 12.7 12.2 1.100 5.0 10.5 2006F 28,467 5,867 2.675 47.0 8.3 1.472 6.6 14.2 2007F 31,187 3,463 1.579 (41.0) 14.0 1.105 5.0 8.0 2008F 33,463 4,041 1.842 16.7 12.0 1.290 5.8 9.2 252 Shares in issue (m) 2,193.9 Major shareholder 28.8% Market cap. (HK$ m) 48,594.9 Free float (%) 52.9 3 Average vol. ( 000) 5,114.0 06 06 Net gearing (%) 43.9 06 06 P/B (x) 1.1 06 06 NBV per share (HK$) 19.8 52 52 Weeks high/low (HK$) 28.700/19.700 Est. NAV (HK$) 25.6 Absolute % change in price (1m/3m/1yr) (4.7)/(4.7)/(1.8) Relative % change in price (1m/3m/1yr) (4.4)/(5.0)/(13.2) Bloomberg06 07 081 1.03 6 9 7.9 17.5% 50% (0293.HK) 17.5% (19.HK) 2-3 65% 2005 11 14.19 65% 50% 600 53% Zhang Wenxian

Guotai Junan (HK) 2006 2007 20 2006-2008 18.0% 40.0% 41.6% 10.95 8.94 10.11 2006 200758.67 34.63 2006 20072.6751.579 1.472 1.105 2006 2007 8.314.0 11.514.1 P/B 1.11.16.6% 5.0% 2006 NAV 25.59 13.4% 12 23.50 2006 NAV 8.2% 2007 14.9 2006 2006EBIT 3.1% 4.7% 17.9% 0.6% 17.8% 3.1% 46.6% 41.7% 16.0% 7.3% 253 4.0% 37.4% EBIT 2006 NAV 2006NAV % NAV (HK$ m) NAV/sh (HK$) NAV (%) 17.5 MARKET 9,092 4.15 16.2 10 15X2006F 512 0.23 0.9 25 12X2006F 204 0.09 0.4 9,807 4.47 17.5 DCF@11% 4,560 2.08 8.1 10X2006F 567 0.26 1.0 5,127 2.34 9.1 DCF@12% 6,640 3.03 11.8 100 10X2006F 2,420 1.10 4.3 CPCNET 100 COST 150 0.07 0.3 50 1,411 0.64 2.5 20 10X2006F 1,311 0.60 2.3 5,292 2.41 9.4 100 18X2006F 6,624 3.02 11.8 35 1XBV 28 0.01 0.0 1XBV 33,200 15.14 59.2 10X2006F 6,530 2.98 11.6 51 2XBV 1,020 0.47 1.8 1.5XBV 488 0.22 0.9 8,038 3.67 14.3 (18,639) (8.50) (33.2) NAV 56,117 25.59 100.0

0270 HK$2.825 2006 20072006 NAV 4.24 12 3.40 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 5,109 896 0.160 (20.6) 17.7 0.060 2.1 9.4 2005A 5,249 1,303 0.227 41.9 12.4 0.090 3.2 12.1 2006F 5,552 1,417 0.235 3.7 12.0 0.094 3.3 11.6 2007F 5,798 1,520 0.253 7.3 11.2 0.101 3.6 11.0 2008F 6,139 1,607 0.267 5.7 10.6 0.107 3.8 10.6 254 Shares in issue (m) 6,022.2 Major shareholder 62.6% Market cap. (HK$ m) 17,012.7 Free float (%) 37.4 3 Average vol. ( 000) 11,604.0 06 06 Net gearing (%) 99.8 06 06 P/B (x) 1.3 06 06 NBV per share (HK$) 2.2 52 52 Weeks high/low (HK$) 3.800/2.150 Est. NAV (HK$) 4.2 Absolute % change in price (1m/3m/1yr) (5.0)/(19.9)/22.8 Relative % change in price (1m/3m/1yr) (4.7)/(20.1)/11.4 Bloomberg06 07 081 1.03 200659.8% 59.5%2006-2008 2006 2006 200824.952004 20053,490 1.4% 2006-2008 2006 11%-20%2005 84.6% 20% 2005 2006 2007 8% 8% 11.22 12.12 2005 1.3% 14.5%16% 30.66 6 Zhang Wenxian

Guotai Junan (HK) 2005133 2004 87.7%2005 2,924 212005 35 8 200529.8% 24.5% 2,010 2006 1 1 20061 135MW2006 2006 2006 2007 5,763 6,223 2006 20072006 20071.06 1.174.45 4.67 0.69 0.730.86 0.93 2006 200714.17 15.20 0.2350.253 40% 2006 2007 0.0940.101 2006 2007 12.011.2 P/BV1.31.2 3.3% 3.6%2006 NAV 4.24 NAV33.4% 124.003.40NAV20% 200614.5 183.80 2006 NAV10% 2006 2006 255 20.6% 6.4% 5.0% 23.5% 3.7% 60% 4.6% 59.5% 0.2% 7.8% 5.6% 3.1% 2006 NAV NAV NAV/share Share of (HK$ m) (HK$) NAV(%) DCF@10% 29,699 4.94 116.5 10x2006E 602 0.10 2.4 15x2006E 1382 0.23 5.4 0.00 12x2006E 4,641 0.77 18.2 12x2006E 724 0.12 2.8 20x2006E 1,503 0.25 5.9 (13,052) (2.17) (51.2) 25,500 4.24 100.0

256 12 2004A 2005A 2006F 2007F 2008F 5,109 5,249 5,552 5,798 6,139 (2,768) (2,771) (2,776) (2,899) (3,069) 2,341 2,478 2,776 2,899 3,069 56 227 240 250 265 (60) (73) (77) (81) (85) (315) (373) (394) (412) (436) (65) 118 125 131 139 1,958 2,378 2,670 2,788 2,952 (798) (754) (670) (670) (670) 34 66 74 77 82 45 38 43 45 48 1,238 1,728 2,117 2,240 2,412 (159) (218) (360) (381) (410) (183) (207) (341) (340) (395) 896 1,303 1,417 1,520 1,607 change (%) (19.1) 45.5 8.7 7.3 5.7 332 430 567 608 643 (HK$) 0.160 0.227 0.235 0.253 0.267 change (%) (20.6) 41.9 3.7 7.3 5.7 (HK$) 0.153 0.215 0.234 0.250 0.265 0.060 0.090 0.094 0.101 0.107 12 2004A 2005A 2006F 2007F 2008F 1,238 1,728 2,117 2,240 2,412 786 754 670 670 670 990 909 955 955 955 261 (236) (27) (21) (30) 0 (5) (3) (2) (3) (126) 347 (66) (54) (74) 0 0 0 0 0 0 0 0 0 0 18 105 117 123 130 (124) (182) (360) (381) (410) 124 (114) 0 0 0 3,167 3,306 3,404 3,530 3,649 0 0 0 0 0 (115) (250) (1,000) (1,000) (1,000) 0 (7) 0 0 0 (8) (435) 0 0 0 2 5 0 0 0 (81) (334) 0 0 0 (201) (1,020) (1,000) (1,000) (1,000) 0 0 0 0 0 0 0 0 0 0 (1,066) (1,062) (500) (700) (700) (497) 0 0 0 0 0 0 0 0 0 (2,669) (2,248) (1,624) (1,937) (1,825) 296 38 780 593 825 1,271 1,568 1,624 2,403 2,997 1 18 0 0 0 1,568 1,624 2,403 2,997 3,821 12 2004A 2005A 2006F 2007F 2008F 12,178 11,782 12,369 12,956 13,543 2,085 2,303 2,303 2,303 2,303 12,642 12,148 11,655 11,162 10,669 1,317 1,619 1,597 1,720 1,850 28,226 27,868 27,924 28,140 28,364 44 49 52 54 57 309 459 486 507 537 26 26 26 26 26 1,643 2,114 2,403 2,997 3,821 108 33 28 27 27 2,129 2,681 2,994 3,611 4,468 30,355 30,549 30,918 31,751 32,832 (114) (1,143) (1,209) (1,263) (1,337) (666) 0 0 0 0 (51) (41) 0 0 0 (288) (324) (324) (324) (324) 0 0 0 0 0 0 0 0 0 0 (42) (46) 0 0 0 (1,279) (1,845) (1,652) (1,705) (1,780) (14,586) (13,111) (12,611) (11,911) (11,211) (35) (29) (40) (40) (40) 0 0 0 0 0 (527) (592) (592) (592) (592) (17,157) (15,623) (15,134) (14,434) (13,734) (18,435) (17,468) (16,786) (16,140) (15,514) 1,875 1,603 1,125 1,043 1,597 2,781 3,009 3,009 3,009 3,009 7,069 8,169 9,585 11,105 12,712 10,045 11,478 13,007 14,568 15,721 26,605 27,344 28,668 29,665 29,637 12 2004A 2005A 2006F 2007F 2008F (%) 38.3 45.3 48.1 48.1 48.1 (%) 17.5 24.8 25.5 26.2 26.2 (%) 37.5 39.6 40.0 40.0 40.0 5.8 6.1 6.6 6.7 6.6 38.7 26.7 31.0 31.2 31.0 14.6 82.8 154.6 155.6 154.6 (x) 17.7 12.4 12.0 11.2 10.6 (x) 6.3 5.8 5.3 4.9 4.4 EBITDA (x) 11.0 9.1 8.2 7.5 6.8 (x) 5.3 5.2 5.1 4.9 4.7 (x) 1.6 1.5 1.3 1.2 1.1 (%) 9.4 12.1 11.6 11.0 10.6 (%) 3.0 4.3 4.6 4.8 4.9 (%) 7.1 8.9 10.2 10.5 11.1 (%) 159.3 121.3 99.8 79.2 62.1 (%) 170.8 136.1 116.4 99.1 87.4 (x) 1.7 1.5 1.8 2.1 2.5 (%) 2.1 3.2 3.3 3.6 3.8 (x) 2.5 3.2 4.0 4.2 4.4

Guotai Junan (HK) 0291 HK$14.700 12 16.20 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 47,078 1,480 0.703 0.4 20.9 0.270 1.8 10.4 2005A 53,585 2,220 1.017 44.6 14.5 0.380 2.6 13.3 2006F 63,490 2,242 0.970 (4.6) 15.2 0.388 2.6 11.9 2007F 69,591 2,265 0.980 1.0 15.0 0.392 2.7 11.2 2008F 75,831 2,496 1.080 10.2 13.6 0.432 2.9 11.5 Shares in issue (m) 2,327.5 Major shareholder 54.6% Market cap. (HK$ m) 34,214.3 Free float (%) 37.5 3 Average vol. ('000) 5,452.0 06 06 Net gearing (%) 10.7 06 06 P/B (x) 1.7 06 06 NBV per share (HK$) 8.4 52 52 Weeks high/low (HK$) 18.000/11.250 Est. NAV (HK$) 16.4 Absolute % change in price (1m/3m/1yr) (7.0)/(10.4)/25.6 Relative % change in price (1m/3m/1yr) (6.6)/(10.6)/14.2 Bloomberg06 07 08 1 1.03 2006 1Q1.27 41.7% 2005 1.07 48.58 1.01 28.2% 83.8% 2.08% 5.6% 39.0% 3.1% 257 (HK$ m) 300 200 100 0 2001A 2002A 2003A 2004A 2005A 2006E 2007E 2008E -100-200 Zhang Wenxian

258 2006 2006 2006 1Q 2.33%2004 20050.37% 0.66% 2006 2007 122% 24% 2.38 2.96 2005 25.9% 200662.0% 0.80 3 HIT 2004 20058,100 2006 1,8008% 2006-200810%-17% 2006 20070.86 0.91 6.2% 5.8% 31.9% 9.4% 13.2% 0.6% 37.8% 7.1% 3.5% 8.9% 17.1% 27.3% 16.1% 9.8% 17.3% 2006 20072006 2007 2.17 2.51 60.0% 15.2%4.19 4.76 1.2% 13.6%2006 2007 22.42 22.65 1.0% 1.0%2006 2007 30.9% 1.0% 2006 20070.9700.980 40%0.3880.392

Guotai Junan (HK) 2006 2007 15.215.0 P/B1.71.62.6% 2.7%2006 NAV 16.4310.5% 12 16.20 2006 NAV 1.4% 2006 2007 16.716.5 2006NAV Valuation Attributable NAV NAV per share Percentage of Basis Stake (HK$ m) (HK$) NAV DCF@ 10% 100% 7,465 3.23 19.7% 2006E *20X 65%-73.5% 3,618 1.57 9.5% 2006E *18X 98.1%-100% 776 0.34 2.0% 2006E *25X 51%-100% 454 0.20 1.2% DCF@ 10% 100% 7,548 3.27 19.9% 2006E *25X 51% 6,521 2.82 17.2% 2006E *11X 51%-100% 947 0.41 2.5% DCF@ 10% 100% 4,750 2.06 12.5% HIT 2006E *15X 5,874 2.54 15.5% Total NAV: 37,953 16.43 100.0% 12 2004A 2005A 2006F 2007F 2008F 511 624 415 430 445 52 107 238 296 361 381 414 419 476 540 104 136 217 251 289 (0.9) 81 86 91 97 310 690 664 482 500 320 356 392 431 474 1,676 2,408 2,431 2,456 2,707 (196) (188) (190) (192) (211) 1,480 2,220 2,242 2,265 2,496 (%) 1.7 50.0 1.0 1.0 10.2 240 84 1,240 1,712 2,242 2,265 2,496 (%) (2.4) 38.1 30.9 1.0 10.2 (HK$) 0.703 1.017 0.970 0.980 1.080 (HK$) 0.589 0.784 0.970 0.980 1.080 (HK$) 0.27 0.38 0.39 0.39 0.43 259

0363 HK$14.300 2006 2007 12 15.95 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 3,429 1,378 1.447 7.6 9.9 0.550 3.8 9.2 2005A 6,025 1,028 1.066 (26.3) 13.4 0.420 2.9 6.4 2006F 6,849 1,214 1.254 17.6 11.4 0.502 3.5 7.2 2007F 7,792 1,545 1.596 27.2 9.0 0.638 4.5 8.7 2008F 8,873 1,852 1.913 19.9 7.5 0.765 5.4 9.8 260 Shares in issue (m) 968.1 Major shareholder 56.7% Market cap. (HK$ m) 13,843.8 Free float (%) 43.3 3 Average vol. ( 000) 1,762.0 06 06 Net gearing (%) Cash 06 06 P/B (x) 0.8 06 06 NBV per share (HK$) 17.8 52 52 Weeks high/low (HK$) 18.450/13.300 Est. NAV (HK$) 19.9 Absolute % change in price (1m/3m/1yr) (2.7)/(13.6)/(4.0) Relative % change in price (1m/3m/1yr) (2.4)/(13.8)/(15.4) Bloomberg06 07 08 1 1.03 2005 A00099971.17% 2005 1.2 22.33 40 50 30 2006 2007 2.973.51 25.8% 18.2% A 600597.SH4 50%6 15 2005 691.8% 33.60% 2.1122.7% 43.3% 2005 5.9% Zhang Wenxian

Guotai Junan (HK) 6 22.55 17.5 26 2008 2.2 2.5 4.72006 1 1 2008 12 2005 2006 2007 2006 20074.24 4.66 10% 10% 1.4 200620070.64 0.69 2006 20071.32 1.48 12% 12% 2006 200712.14 15.451.254 1.59617.6% 27.2% 40% 0.5020.638 20062007 11.49.0 3.5% 4.5%2006 NAV 19.94 NAV28.3% 12 16.20 15.952006 NAV20% 2006 2007 12.710.0 1817.90NAV 10% 2006 NAV NAV NAV per share NAV 12 31 (HKD m) (HK$ m) (HK$) (%) 261 (100%) DCF 2,145 2.22 11.1 (30%) 2006Ex12 348 0.36 1.8 2006Ex12 1,476 1.52 7.6 3,969 4.10 20.6 (20%) 2005Ex12 224 0.23 1.2 (9.98%) 1X2006BV 2,375 2.45 12.3 (24.9%) 2006Ex12 138 0.14 0.7 (25%) 2006Ex12 156 0.16 0.8 2,893 2.99 15.0 2006EX12 3,565 3.68 18.5 3,565 3.68 18.5 0.00 2006Ex8 240 0.25 1.2 (100%) 2006Ex12 6,353 6.56 32.9 (93.3%) 2006Ex10 1,322 1.37 6.8 (30.8%) 2006Ex15 961 0.99 5.0 8,875 9.17 46.0 NAV 19,302 19.94 100.0

262 12 2004A 2005A 2006F 2007F 2008F 3,429 6,025 6,849 7,792 8,873 (1,505) (3,720 ) (3,425 ) (3,896 ) (4,436 ) 1,924 2,306 3,425 3,896 4,436 234 389 443 504 574 31 162 0 0 0 (742 ) (830 ) (944 ) (1,074 ) (1,223 ) (402 ) (717 ) (815 ) (927 ) (1,055 ) (145 ) (10 ) (11 ) (12 ) (14 ) 900 1,301 2,098 2,387 2,718 (19) (82 ) (58 ) (58 ) (58 ) 699 181 0 0 0 76 3 3 3 4 254 103 152 209 275 (33) 0 0 0 0 1,685 1,450 2,195 2,541 2,938 (186 ) (194 ) (307 ) (356 ) (411 ) 1,499 1,256 1,888 2,185 2,527 (122 ) (228 ) (674 ) (641 ) (675 ) 1,378 1,028 1,214 1,545 1,852 524 411 486 618 741 (HK$) 1.447 1.066 1.254 1.596 1.913 (HK$) 1.438 1.063 1.254 1.596 1.913 (HK$) 0.550 0.420 0.502 0.638 0.765 12 2004A 2005A 2006F 2007F 2008F 900 1,301 2,098 2,387 2,718 (95 ) (3 ) (3 ) (3 ) (4 ) (86) (103 ) (152 ) (209 ) (275 ) 177 253 112 112 112 (17) 0 0 0 0 (226 ) (197 ) (33 ) (36 ) (39 ) 9 3 (105 ) (113 ) (122 ) 218 (362 ) 177 203 233 (181 ) (206 ) (325 ) (377 ) (436 ) 65 (26 ) 0 0 0 765 661 1,768 1,963 2,188 (2,479) 0 0 0 0 0 0 0 0 0 (144 ) 0 0 0 0 692 320 0 0 0 0 422 0 0 0 (388 ) (350 ) (1,000 ) (1,000 ) (1,000 ) 328 115 0 0 0 688 551 (1,000 ) (1,000 ) (1,000 ) (27) (640 ) 500 500 500 (597 ) (641 ) (486 ) (618 ) (741 ) 106 525 0 0 0 212 106 0 0 0 (306 ) (650 ) 14 (118 ) (241 ) 1,147 563 782 846 947 4,039 5,186 5,765 6,547 7,393 5,186 5,765 6,547 7,393 8,340 12 2004A 2005A 2006F 2007F 2008F 46 52 52 52 52 2,078 2,630 3,518 4,406 5,294 346 398 382 367 352 2,140 2,391 2,394 2,397 2,401 4,367 3,868 3,871 3,875 3,878 51 0 1,000 1,500 1,500 246 0 0 0 0 99 547 622 708 806 11,157 11,662 13,544 14,941 15,855 878 1,216 1,299 1,388 1,485 1,487 1,540 1,645 1,758 1,880 1,084 0 0 0 0 5,766 6,040 6,547 7,393 8,340 234 99 99 99 99 9,450 10,310 9,590 10,638 11,804 20,607 21,972 23,134 25,579 27,658 1,227 1,298 1,475 1,678 1,911 97 65 0 0 0 1,241 1,320 1,570 1,820 2,070 2,564 2,683 3,045 3,498 3,981 859 974 1,224 1,474 1,724 92 107 0 0 0 951 1,081 1,224 1,474 1,724 3,516 3,764 4,269 4,972 5,705 96 97 97 97 97 15,519 16,279 17,082 18,141 19,375 15,615 16,376 17,179 18,238 19,472 1,476 1,832 1,687 2,370 2,482 20,607 21,972 23,134 25,579 27,658 (HK$) 16.29 16.93 17.75 18.84 20.12 12 2004A 2005A 2006F 2007F 2008F (%) 26.3 21.6 30.6 30.6 30.6 (%) 40.2 17.1 17.7 19.8 20.9 (%) 38.0 39.4 40.0 40.0 40.0 106.4 59.6 69.2 65.0 61.1 127.0 91.7 84.9 79.7 74.8 196.7 123.9 147.8 147.7 147.6 (x) 4.0 2.3 2.0 1.7 1.5 EBITDA (x) 13.6 9.8 6.2 5.4 4.6 (x) 21.4 25.0 9.4 8.4 7.6 (x) 0.9 0.8 0.8 0.8 0.7 (%) 9.2 6.4 7.2 8.7 9.8 (%) 6.7 4.7 5.2 6.0 6.7 (%) 4.6 6.1 9.4 10.1 10.6 (%) (24.4 ) (23.4 ) (22.4 ) (23.1 ) (24.1 ) (%) 5.5 5.9 7.1 8.1 8.9 (x) 3.7 3.8 3.1 3.0 3.0 (%) 3.8 2.9 3.5 4.5 5.4 (x) 46.6 15.9 36.2 41.1 46.9

Guotai Junan (HK) 0392 HK$11.90 2006 2007 12 14.70 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 9,666 503 0.808 11.8 14.7 0.300 2.5 6.5 2005A 11,001 570 0.916 13.4 13.0 0.300 2.5 7.0 2006F 12,399 473 0.760 (17.1) 15.7 0.314 2.6 5.5 2007F 13,770 646 1.038 36.6 11.5 0.363 3.1 7.2 2008F 15,299 716 1.151 10.9 10.3 0.403 3.4 7.6 Shares in issue (m) 622.5 Major shareholder 52.1% Market cap. (HK$ m) 7,407.8 Free float (%) 47.9 3 Average vol. ( 000) 2,925.0 06/ 06 Net gearing (%) Cash 06 06 P/B (x) 0.8 06 06 NBV per share (HK$) 14.1 52 52 Weeks high/low (HK$) 17.800/10.250 Est. NAV (HK$) 16.4 Absolute % change in price (1m/3m/1yr) (11.5)/(19.6)/14.4 Relative % change in price (1m/3m/1yr) (11.2)/(19.8)/3.0 Bloomberg06 07 081 1.03 263 2005 2005 NAV 4.2 26.5% 2006 5 5,000 16.5360.08% 52.05% 2006 5 53.9% 47.7% 2.92006 A600573 12 6% 2006 2007 20% 15% 1.61 1.85 Zhang wenxian

2006 2007 2006 2007 7.9% 12.7% 3.83 4.32 2006 20070.30 0.34 2006 20074.73 6.46 2006 2007 0.7601.03835% 2006 2007 0.3140.363 20062007 15.711.52.6% 3.1%2006NAV 16.3627.3% 235.3%12 2005 12 14.70 2006 NAV 10% 2006 2007 19.314.2 16.40 NAV 200715.8 2006 NAV NAV NAV/sh NAV % (HK$ m) (HK$) (%) 264 96 DCF@10% 3,467 5.57 34.0 53.1 DCF@10% 240 0.39 2.4 100 DCF@10% 1,535 2.47 15.1 5,242 8.42 51.5 47.6 25X2006F 4,023 6.46 39.5 51 15X2006F 77 0.12 0.8 4,099 6.58 40.2 75 Book value 100 0.16 1.0 100 0.16 1.0 55.8 Market value 223 0.36 2.2 65.9 12x2006F 240 0.39 2.4 463 0.74 4.5 Book value 200 0.32 2.0 81 0.13 0.8 NAV 10,185 16.36 100.0

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 9,666 11,001 12,399 13,770 15,299 (%) 21.3 13.8 12.7 11.1 11.1 (7,006 ) (8,025 ) (8,990 ) (9,983 ) (11,092 ) 2,660 2,975 3,410 3,787 4,207 (%) 27.5 27.0 27.5 27.5 27.5 45 73 82 92 102 363 448 505 560 623 (835 ) (1,166 ) (1,315 ) (1,460 ) (1,622 ) (1,095 ) (1,037 ) (1,169 ) (1,298 ) (1,443 ) (226 ) (255 ) (287 ) (319 ) (354 ) 14 14 0 0 0 925 1,051 1,226 1,361 1,512 (138 ) (156 ) (216 ) (215 ) (215 ) 56 (27 ) (28 ) (30) (31 ) 51 22 24 26 29 0 0 0 0 0 894 890 1,006 1,142 1,295 (229 ) (175 ) (230 ) (260 ) (282 ) 665 715 776 883 1,013 (162 ) (144 ) (303 ) (237 ) (297 ) 503 570 473 646 716 (%) 11.8 13.4 (17.1 ) 36.6 10.9 (HK$) 0.808 0.916 0.760 1.038 1.151 (%) 11.8 13.4 (17.1 ) 36.6 10.9 (HK$) 0.30 0.30 0.31 0.36 0.40 (%) 2.5 2.5 2.6 3.1 3.4 (x) 14.7 13.0 15.7 11.5 10.3 12 2004A 2005A 2006F 2007F 2008F 894 890 1,006 1,142 1,295 698 699 774 849 924 (305 ) (220 ) (200 ) (196 ) (219 ) (207 ) (143 ) (118 ) (116 ) (129 ) 108 341 148 145 162 (189 ) (203 ) (230 ) (260 ) (282 ) 300 294 331 368 408 1,298 1,658 1,712 1,933 2,160 (1,058 ) (1,366 ) (1,500 ) (1,500 ) (1,500 ) (258 ) (47 ) (47 ) (47) (47 ) (143 ) 678 764 848 943 356 392 962 0 0 220 (30 ) (33 ) (37) (41 ) (883 ) (373 ) 145 (736 ) (646 ) 0 0 0 0 0 337 (1,036 ) (276 ) 49 189 (174 ) (187 ) (187 ) (195 ) (226 ) (153 ) (208 ) (235 ) (261 ) (290 ) 10 (1,431 ) (698 ) (407 ) (326 ) 425 (147 ) 1,159 790 1,188 3,083 3,508 3,418 4,576 5,366 (0 ) 56 0 0 0 3,508 3,418 4,576 5,366 6,554 12 2004A 2005A 2006F 2007F 2008F 6,339 8,037 8,763 9,413 9,989 1,891 1,794 1,704 1,619 1,538 557 183 161 138 114 591 249 273 299 328 69 33 37 42 46 285 510 575 638 709 380 467 527 585 650 10,884 12,046 12,813 13,508 14,147 4,141 3,508 4,576 5,366 6,554 1,240 1,575 1,775 1,971 2,190 790 929 1,047 1,162 1,292 825 1,055 1,189 1,321 1,467 63 39 41 43 46 141 459 517 574 638 8,505 7,584 9,146 10,439 12,187 19,390 19,630 21,959 23,946 26,334 766 1,166 1,314 1,459 1,621 368 395 445 495 550 2,100 2,505 1,629 928 368 1,596 1,888 2,128 2,363 2,626 5,324 6,000 5,516 5,245 5,164 587 549 549 549 549 1,705 373 973 1,723 2,473 8 33 37 41 45 164 169 190 211 234 2,465 1,123 1,749 2,524 3,302 7,788 7,123 7,265 7,769 8,466 3,720 4,064 5,946 6,979 8,180 62 62 62 62 62 7,694 8,256 8,542 8,993 9,483 125 125 143 143 143 7,881 8,443 8,748 9,198 9,689 19,390 19,630 21,959 23,946 26,334 (HK$) 12.66 13.56 14.05 14.78 15.56 12 2004A 2005A 2006F 2007F 2008F (%) 9.6 9.6 9.9 9.9 9.9 (%) 5.2 5.2 3.8 4.7 4.7 (%) 37.1 32.7 41.3 35.0 35.0 58.5 64.0 68.0 68.5 68.5 29.0 28.5 29.1 29.3 29.3 37.4 43.9 50.3 50.7 50.7 (x) 0.7 0.6 0.4 0.3 0.2 /EBITDA (x) 4.4 3.9 2.7 2.2 1.6 (x) 5.7 4.5 4.3 3.8 3.4 (x) 0.9 0.9 0.8 0.8 0.8 (%) 6.5 7.0 5.5 7.2 7.6 (%) 2.6 2.9 2.2 2.7 2.7 (%) 3.3 (1.0 ) (16.6 ) (24.1 ) (33.5 ) / (%) 21.6 4.4 11.1 18.7 25.5 (x) 1.6 1.3 1.7 2.0 2.4 (%) 2.5 2.5 2.6 3.1 3.4 (x) 6.7 6.7 5.7 6.3 7.0 265

0882 HK$4.775 NAV 39.0% 12 5.902006 2007 14.113.6 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 2,102 564 0.802 155.7 6.0 0.080 1.7 12.2 2005A 2,239 573 0.630 (21.5) 7.6 0.086 1.8 10.4 2006F 2,698 504 0.542 (13.9) 8.8 0.094 2.0 8.3 2007F 3,026 420 0.433 (20.0) 11.0 0.101 2.1 6.5 2008F 3,457 482 0.497 14.7 9.6 0.116 2.4 7.1 266 Shares in issue (m) 969.6 Major shareholder 62.2% Market cap. (HK$ m) 4,629.8 Free float (%) 37.8 3 Average vol. ( 000) 4,357.0 06 06 Net gearing (%) 0.3 06 06 P/B (x) 0.7 06 06 NBV per share (HK$) 6.5 52 52 Weeks high/low (HK$) 6.600/2.850 Est. NAV (HK$) 7.8 Absolute % change in price (1m/3m/1yr) (2.6)/(10.7)/64.7 Relative % change in price (1m/3m/1yr) (2.3)/(10.9)/53.1 Bloomberg06 07 081 1.03 5 1,702 2006 662.8% 1.15 2006 2007 1.50 1.35 1.4% 10.0% 2005 12006 5 2004 9 2006 20073.29 3.41 84.6% 81.6% 20% 24.46% Zhang Wenxian

Guotai Junan (HK) 2006 2007 0.6% 6.7% 2006 20070.52 0.62 10% 20% 2006 2007 0.90 1.05 3.4 15.0% 2006 2007 0.84 0.97 15% 15%2006 2007 3.89 4.20 0.8% 6.7% 2006 2007EPS 0.4180.433 2006 2007 5.04 4.20 0.5420.433 23%0.094 0.101 2006 2007 11.411.02.0% 2.1% P/B 0.74 0.70 2006 NAV 7.83 9.7% NAV 39.0% 26.1% 126.40 5.902006 NAV 24.6%2006 2007 14.113.6 7.05 NAV10% 2006 2006 8.2% 16.8% 10.3% 51.1% 40.7% 25.2% 29.8% 267 17.9% 2006 NAV 2006NAV (%) NAV (HK$ m) NAV/sh (HK$) NAV (%) 83.9 DCF@10% 484 0.50 6.4 62.8 DCF@11.3% 3,016 3.11 39.7 94.4 DCF@10% 630 0.65 8.3 91.4 DCF@12% 300 0.31 3.9 90.9 DCF@12% 462 0.48 6.1 4,892 5.05 64.4 0.00 44.8 DCF@9.5% 1753 1.81 23.1 1753 1.81 23.1 0.00 20 10X2006F 839.5 0.87 11.1 51 1xBV 7.2 0.01 0.1 24.5 10X2006F 14 0.01 0.2 860.7 0.89 11.3 7,506 7.74 98.8 (90) (0.09) (1.2) NAV 7,596 7.83 100.0

268 12 2004A 2005A 2006F 2007F 2008F 2,102 2,239 2,698 3,026 3,457 (1,203) (1,479) (1,565) (1,755) (2,005) 900 760 1,133 1,271 1,452 46 77 93 104 119 (169) (11) (13) (15) (17) (359) (389) (469) (526) (600) (28) (10) (11) (13) (15) 980 663 732 821 939 (56) (98) (88) (88) (88) 78 146 272 272 272 (2) (14) (2) (2) (2) 1,001 698 915 1,004 1,121 (137) (73) (183) (201) (235) 864 625 732 803 885 (300) (52) (228) (383) (403) 564 573 504 420 482 (%) 164.9 1.7 (12.0) (16.6) 14.7 (HK$) 0.802 0.630 0.542 0.433 0.497 (%) 155.7 (21.5) (13.9) (20.0) 14.7 (HK$) 0.080 0.086 0.094 0.101 0.116 (%) 1.7 1.8 2.0 2.1 2.4 (x) 6.0 7.6 8.8 11.0 9.6 12 2004A 2005A 2006F 2007F 2008F 980 663 732 821 939 166 167 160 160 160 (58) 0 (2) (1) (2) 122 15 (56) (40) (53) (23) 6 3 2 3 (56) (94) (88) (88) (88) (67) (53) (183) (201) (235) 143 (125) (151) (169) (193) 1,208 580 416 485 531 (186) (137) (777) (360) (360) (12) (20) 0 0 0 0 0 0 0 0 7 (117) 0 0 0 284 (273) (1,659) (360) (360) (840) 28 443 375 375 0 256 0 0 0 (58) (73) (85) (91) (105) (76) (5) (20) (34) (36) 15 9 11 12 13 (960) 215 1,576 262 248 532 521 334 386 419 1,424 1,956 2,505 2,839 3,225 1,956 2,505 2,839 3,225 3,645 12 2004A 2005A 2006F 2007F 2008F 5,189 5,002 5,202 5,402 5,602 376 1,023 1,295 1,567 1,839 94 82 80 78 76 189 180 180 180 180 400 401 399 398 396 6,659 7,168 7,597 8,066 8,534 18 6 6 6 6 262 8 10 11 13 386 273 329 369 421 272 182 220 246 282 62 164 0 0 0 1,956 2,505 2,839 3,225 3,645 86 72 87 98 112 3,042 3,212 3,491 3,956 4,478 48 15 18 21 24 703 657 792 888 1,014 389 0 350 350 350 75 370 88 88 88 105 94 82 69 79 1,320 1,136 1,330 1,415 1,555 1,653 2,045 2,420 2,795 3,170 68 80 80 80 80 1,720 2,125 2,500 2,875 3,250 91 91 97 97 97 5,135 5,750 6,164 6,486 6,856 5,226 5,841 6,261 6,583 6,953 1,435 1,277 997 1,149 1,256 (HK$) 5.74 6.41 6.46 6.79 7.17 12 2004A 2005A 2006F 2007F 2008F (%) 46.6 29.6 27.1 27.1 27.1 (%) 26.8 25.6 18.7 13.9 13.9 (%) 10.0 13.7 17.3 23.3 23.3 70.8 33.4 2.2 2.2 2.2 60.0 53.7 40.7 42.0 41.7 10.0 7.8 3.9 4.0 4.0 (x) 2.1 1.9 1.7 1.5 1.3 EBITDA (x) 4.0 5.2 5.2 4.7 4.2 (x) 3.6 7.5 11.1 9.5 8.7 (x) 0.8 0.7 0.7 0.7 0.7 (%) 12.2 10.4 8.3 6.5 7.1 (%) 5.8 5.5 4.5 3.5 3.7 (%) 3.5 (1.6) 0.3 0.1 (0.5) (%) 32.9 36.4 39.9 43.7 46.7 (x) 2.3 2.8 2.6 2.8 2.9 (x) 17.7 6.8 8.3 9.3 10.7

Guotai Junan (HK) 269 Alan Lam 2006 2006 06 11.7%06 0533.8% 18.5% (0144)(1199) 14.4% 26.4%33 2 5 (2880) (3382) 45 1,700 21.0% 39.8% 8.7% (0525) A 3.50 16.1%(0598) 23.702 23.8% 17.1% 10.6% (1138) 12.4% (2866)05 33.3% (1919) 2.5% 2006 HRCI 635.4% CCFI 7.4% (FEFC) (TSA) 6-7 TEU 90 350 07 06 11% 15% 07 P&O 07 2 0206-07 4.2% 4.1% 0506 16.7% 4.7%1-5 31.4% 33.8% 30.6% 11.6% (BHP) 19%

270 70-80 40% 064.5% 6% 05 05 0706 (1138) (1138) (1919) (2866)37.6% 16.2% 21.6% (1919) (2866) (1138) 06 0.8% 5% (1919) (2866)06 6.2% 12.5% 5% 0.5% 2% 13% 2005 3,000 GDP 1.8% 2003 10 05 02-05 32.8% (1138) 1-3 23% 16% 6% 131% 8% 20% 06 4,220 TEU 22.6% 23.9% 06

Guotai Junan (HK) 271 2006 3 20% -5 21.7% 38.2% 49.8%39% 1-5 16.6% 11.1%06 5 22% 2052% 300 TEU (1199) (0144) 8 3 04 68% 08 70% 10% (2880) 11%-12% 2006 10 802010 751.5 TEU 14.7% 2006-10 5,500 TEU (0144)(1199) (DPI) 0429 P&O PSA 44 05 43(0013) 20% CKYH 3 12 12.2%

2006 2007 17.716.106 P/BV 2.506 3.0 1.1% 10.4% 06 (1199)(3382)(2880)06 90%(0144) 2 2006 2007 13.911.606 P/BV 1.0 063.9 (0525) (0525) (0598) 272 (1919) (2866)06-07 07 06 5.4P/BV 1.1065.5P/BV0.67 P/BV 0.5 (1138) (1919) (2866) 06 07 08 06P/B 06 06 06 ROE (HK$) (X) (X) (X) (X) (HK$) (%) (%) 0144 21.300 18.6 16.2 14.2 2.8 0.530 2.5 15.8 1199 16.250 13.4 13.5 12.0 2.2 0.693 4.3 17.5 2880 3.600 26.1 23.7 19.6 2.1 0.055 1.5 9.8 3382 2.275 23.9 18.9 16.1 1.5 0.038 1.7 9.1 17.7 16.1 14.0 2.5 3.0 15.5 0525 2.700 16.4 12.8 12.1 0.8 0.126 4.7 5.3 0598 2.400 11.0 10.2 10.5 1.3 0.074 3.1 12.5 13.9 11.6 11.3 1.0 3.9 8.6 1138 5.350 6.5 6.3 5.9 1.4 0.291 5.4 23.8 1919 3.725 4.8 6.7 5.3 1.0 0.234 6.3 24.0 2866 1.970 5.0 7.2 7.1 0.7 0.078 4.0 13.9 5.4 6.6 5.9 1.1 5.5 21.7 13.5 12.8 11.4 1.9 3.9 16.5 06 07 081 1.03

Guotai Junan (HK) 0144 HK$21.30 G A 5 12 22.30 25.00 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 2,059 2,054 0.956 36.8 22.3 0.450 2.1 15.6 2005A 2,972 2,364 1.079 12.9 19.7 0.500 2.3 15.9 2006F 3,774 2,670 1.146 6.2 18.6 0.530 2.5 15.8 2007F 4,537 3,135 1.318 15.0 16.2 0.600 2.8 16.8 2008F 4,986 3,656 1.505 14.2 14.2 0.640 3.0 17.7 Shares in issue (m) 2,293,1 Major shareholder 55.4% Market cap. (HK$ m) 48,842.7 Free float (%) 44.6 3 Average vol. ( 000) 5,404.8 06 06 Net gearing (%) 63.0 06 06 P/B (x) 2.8 06 06 NBV per share (HK$) 7.6 52 52 Weeks high/low (HK$) 28.000/14.550 Est. NAV (HK$) 18.8 Absolute % change in price (1m/3m/1yr) (5.8)/(1.4)/42.0 Relative % change in price (1m/3m/1yr) (5.4)/(1.6)/30.6 Bloomberg06 07 081 1.03 273 A (0144)30% 70.18% G(600018.SS) A 1 G4.5 16.530% 26.5% A 06-081.7% 5.1% 6.1% 06-08 0.4% 1.3% 64005 30 17055.71 2.14.8 A 163 TEU388 7.1 37% 121 28 2005 1,808 TEU 24.2% 12.8% 2.68 06 1-6 17.8% 1,008 TEU 06 549% 22%TEU 200 2052% 140 Alan Lam

300 TEU 21 TEU7%A 3% 06 6.5324.5% 24% 0612% 1222.30 A 0618.83 06 07 18.616.2062.506 PEG 1.6 13% (1199) 22.30 12 0717.0PEG 1.7 12% 25.00 0719.0PEG 1.9 274 12 2005A 2006F 2007F 2008F 2,972 3,774 4,537 4,986 570 677 1,012 1,188 2,191 2,412 2,726 3,131 (174) (292) (468) (520) 0 0 0 0 2,587 2,797 3,269 3,798 (54) (30) (32) (34) 2,533 2,767 3,237 3,764 (169) (97) (102) (108) 2,364 2,670 3,135 3,656 1.079 1.146 1.318 1.505 (%) 12.5 6.2 15.0 14.2 12 2005A 2006F 2007F 2008F 49 254 1,738 865 (64) (292) (468) (520) (380) (1,136) (1,299) (1,470) 920 1,206 1,090 1,252 (67) 0 0 0 409 (221) (677) (738) (53) (22) (30) (32) (2,248) (1,516) (487) (511) (6,454) (1,802) (1,077) (1,239) 382 25 25 25 (8,320) (3,292) (1,539) (1,724) 53 0 0 0 6,531 3,412 700 1,000 (135) 0 0 0 6,449 3,412 700 1,000 (1,066) 131 193 (629) 2,071 940 1,072 1,265 940 1,072 1,265 635 12 2005A 2006F 2007F 2008F 8,082 9,382 9,632 9,882 15,223 18,231 20,942 24,060 1,137 1,112 1,087 1,062 170 321 398 437 968 128 1,040 244 940 1,072 1,265 635 899 899 899 899 27,419 31,144 35,262 37,219 539 539 539 539 22 30 32 34 7,792 11,204 11,904 12,904 155 155 155 155 9,792 11,885 14,065 13,727 1,468 1,565 1,667 1,775 16,159 17,693 19,530 21,716 219 219 219 219 15,940 17,474 19,311 21,497 16,159 17,693 19,530 21,716 7.36 7.60 8.21 8.94 12 2005A 2006F 2007F 2008F (%) 19.2 17.9 22.3 23.8 (%) 79.5 70.7 69.1 73.3 (%) 8.0 9.1 9.4 10.1 (%) 15.9 15.8 16.8 17.7 (%) 46.3 46.2 45.5 42.5 (%) 49.8 63.0 60.1 62.1 15.9 10.6 8.0 8.3 1.6 4.6 1.8 3.3 1.5 4.0 1.6 2.7 92.0 53.0 47.0 47.0

Guotai Junan (HK) 0525 HK$2.70 A A 12 3.203.65 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 3,038 567 0.131 10.9 21.9 0.110 3.8 5.5 2005A 3,277 613 0.141 8.1 19.8 0.120 4.3 5.8 2006F 3,483 733 0.169 19.6 16.4 0.130 4.7 5.2 2007F 10,591 1,542 0.218 28.6 12.8 0.130 4.7 8.7 2008F 11,195 1,634 0.231 6.0 12.1 0.130 4.7 8.9 Shares in issue (m) 4,335.6 Major shareholder 66.99% Market cap. (HK$ m) 11,706.0 Free float (%) 33.0 3 Average vol. ( 000) 7,028.3 06 06 Net gearing (%) 16.0 06 06 P/B (x) 1.1 06 06 NBV per share (HK$) 2.4 52 52 Weeks high/low (HK$) 3.525/2.000 Est. NAV (HK$) 3.3 Absolute % change in price (1m/3m/1yr) (10.0)/(12.9)/(5.9) Relative % change in price (1m/3m/1yr) (9.6)/(13.1)/(16.7) 275 Bloomberg06 07 081 1.03 AA A A 1 A06 11 5 A 100 06 12 31 A 2007 8.57 95% A0719% 50% 3.31 48 0732.1% 10.2 06 1-5 5.6% 2,320.62.7% 5.7% 1-5 9.2% 938.5 96% 11,700 067.2% 9.3% 27.46 2010 Alan Lam

065 12% 06 1-59.7% 1,1568.6% 16.2%05 4 06 4.8%0616.1% 05 20.2% 19.8% 11.1% 2% 4 12 3.20 16% 06 07 16.4 12.8064.7 3.3118.5% 06 P/BV 1.13 12 3.200715.3 06 3.65 07 276 12 2005A 2006F 2007F 2008F 3,277 3,483 10,591 11,195 EBITDA 1,052 1,213 2,919 3,136 711 821 1,968 2,101 29 31 58 63 (23) 10 (193) (222) 717 861 1,834 1,942 (104) (129) (293) (309) 612 732 1,540 1,632 1 1 1 2 613 733 1,542 1,634 0.141 0.169 0.218 0.231 (%) 8.1 19.6 28.6 6.0 12 2005A 2006F 2007F 2008F (%) 21.7 23.6 18.6 18.8 (%) 18.7 21.1 14.6 14.6 (%) 5.1 3.8 5.7 5.7 (%) 5.8 5.2 8.7 8.8 (%) 84.8 76.9 59.7 56.4 (%) 31.2 31.8 26.1 31.3 10.2 9.5 1.2 1.0 0.8 1.0 1.2 0.9 0.7 0.9 * 06 7,000 2.0 3,500 0.6 6,000 5,000 1.5 1.0 3,000 2,500 0.5 0.4 0.3 4,000 3,000 0.5 2,000 1,500 0.2 0.1 2,000 1,000 0.0 (0.5) 1,000 500 0.0 (0.1) (0.2) 0 (1.0) 0 02 1 5 9 03 1 5 9 04 1 5 9 05 1 5 9 06 1 5 (0.3)

Guotai Junan (HK) 0598 HK$2.40 24% 12 3.00 Turnover Net profit EPS EPS PER Recurrent Recurrent DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) EPS (RMB) PER (x) (RMB) (%) (%) 2004A 21,680 804 0.189 8.7 13.4 0.167 15.3 0.064 2.5 12.4 2005A 28,577 857 0.202 6.6 12.4 0.165 15.1 0.076 3.0 12.2 2006F 33,653 957 0.225 11.6 11.0 0.186 13.3 0.076 3.1 12.5 2007F 37,396 1,028 0.242 7.5 10.2 0.203 12.2 0.082 3.3 12.4 2008F 40,863 1,001 0.236 (2.6) 10.5 0.236 10.5 0.079 3.2 11.1 Shares in issue (m) 4,249.0 Major shareholder 57.9% Market cap. (HK$ m) 10,197.6 Free float (%) 42.1 3 Average vol. ( 000) 8,039.2 06 06 Net gearing (%) 06 06 P/B (x) 1.3 06 06 NBV per share (HK$) 1.8 52 52 Weeks high/low (HK$) 3.700/2.050 Est. NAV (HK$) 3.1 Absolute % change in price (1m/3m/1yr) (1.0)/(26.2)/(2.0) Relative % change in price (1m/3m/1yr) (0.7)/(26.4)/13.4) Bloomberg06 07 081 1.03 277 (0598) 06 15% 20% 20% 10% 20% 06 17.8% 336.5 83% 05 17% 13% 060.23 4.04% e A (600270.SS)06 1-3 23.6% 12.23 5.1% 1.075.7 34.9% e- e 20% e06 10 A2.5 5,381.6 A 5.832 70.36%64.41% 07 08 3.0% 2.8% 3.2% 3.04 Alan Lam

06 05 115 3.15 05 60.3 1.42 2.17 0.23062 06-08 1.8%-2.3% 0611% 3.15 24% 12 3.00200607 11.0 10.206 24% 5% 22% 12 14% 3.005% 0712.813% 3.30 07 278 12 2005A 2006F 2007F 2008F 28,577 33,653 37,396 40,863 1,225 1,363 1,468 1,774 13 14 15 17 (33) 40 70 79 0 0 0 0 1,204 1,417 1,554 1,869 (377) (439) (482) (580) 1,045 1,215 1,305 1,290 (188) (259) (277) (289) 857 957 1,028 1,001 0.202 0.225 0.242 0.236 (%) 6.6 11.6 7.5 (2.6) 12 2005A 2006F 2007F 2008F 1,965 2,043 2,475 2,242 70 40 70 79 (306) (307) (333) (342) 8 2 3 3 (85) (36) (38) (40) (314) (300) (299) (301) (370) (439) (482) (580) (803) (1,800) (500) (500) (153) 413 413 413 96 0 0 0 (859) (1,387) (87) (87) 0 0 0 0 (59) 0 0 0 44 0 0 0 (15) 0 0 0 407 (83) 1,608 1,275 4,723 5,130 5,047 6,656 5,130 5,047 6,656 7,931 12 2005A 2006F 2007F 2008F 2,950 3,873 3,457 3,101 166 178 191 205 495 495 495 495 23 28 30 32 4,774 6,296 6,623 7,158 5,130 5,047 6,656 7,931 1,198 1,320 1,373 1,423 14,736 17,237 18,825 20,346 4,175 5,770 6,419 6,983 72 72 72 72 1,691 1,725 1,730 1,779 9 9 9 9 276 276 276 276 6,223 7,851 8,505 9,118 1,193 1,416 1,655 1,904 7,320 7,970 8,664 9,323 4,249 4,249 4,249 4,249 3,071 3,721 4,415 5,074 7,320 7,970 8,664 9,323 1.72 1.88 2.04 2.19 12 2005A 2006F 2007F 2008F (%) 4.3 4.1 3.9 4.3 (%) 3.0 2.8 2.7 2.4 (%) 6.2 6.0 5.7 5.1 (%) 12.2 12.5 12.4 11.1 (%) 37.7 33.7 33.7 33.7 (%) 1.9 1.7 1.8 1.9 63.0 60.0 63.0 61.5 50.0 52.0 52.0 52.0

Guotai Junan (HK) 1138 HK$5.35 12 6.90 068.506 P/BV 1.9 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 6,452 1,845 0.555 80.2 10.2 0.150 2.6 23.1 2005A 8,515 2,691 0.809 45.9 6.9 0.300 5.4 27.6 2006F 9,213 2,802 0.843 4.1 6.5 0.300 5.4 23.8 2007F 9,699 2,921 0.878 4.2 6.3 0.300 5.4 21.5 2008F 10,229 3,118 0.938 6.8 5.9 0.350 6.3 19.9 Shares in issue (m) 3,326.0 Major shareholder 50.5% Market cap. (HK$ m) 17,794.1 Free float (%) 49.5 3 Average vol. ( 000) 10,314.5 06 06 Net gearing (%) 10.0 06 06 P/B (x) 1.4 06 06 NBV per share (HK$) 3.7 52 52 Weeks high/low (HK$) 6.750/5.150 Est. NAV (HK$) 8.4 Absolute % change in price (1m/3m/1yr) (2.7)/(12.3)/(10.1) Relative % change in price (1m/3m/1yr) (2.4)/(12.5)/(21.5) Bloomberg06 07 081 1.03 31% (1138) 5 065 6.7% 5,839.550.4% 1-5 8.6% 39.1610.8% 29.2% 46.6%1-3 11.9% 7.312 5.95 37.8% 40% 05 47% 19.41 37.6% 4.8 35% (1919) (2866) 3.35% 5 4.9% 90% 06 59% 1 18% BITY BIDY333% 44% 05 06 6%4.5% 07 279 Alan Lam

2010 (VLCC)10-12 5.6 4 30 VLCC 42,000 09 06 07 3519 5.7% 40 08 06 07 6.56.306 5.4 12 6.90 06 8.506 P/BV 1.9 8.200610.0 280 12 2005A 2006F 2007F 2008F 8,515 9,213 9,699 10,229 4,180 4,317 4,589 4,836 3,258 3,380 3,524 3,689 0 0 0 0 (111) (82) (86) (19) 3,147 3,298 3,438 3,670 (453) (495) (516) (550) 2,694 2,803 2,922 3,119 (3) (1) (1) (1) 2,691 2,802 2,921 3,118 0.809 0.843 0.878 0.938 (%) 45.9 4.1 4.2 6.8 12 2005A 2006F 2007F 2008F 4,133 4,040 4,778 4,772 (119) (82) (86) (19) (499) (998) (998) (998) 0 0 0 0 0 0 0 0 (618) (1,080) (1,084) (1,017) (456) (41) (495) (516) (2,501) (3,531) (1,931) (1,531) 0 0 0 0 (2,501) (3,531) (1,931) (1,531) 0 0 0 0 (634) 140 (521) (569) (65) (84) (45) (25) 6 0 (0) (0) (693) 56 (565) (593) (135) (556) 702 1,115 1,313 1,178 621 1,324 1,178 621 1,324 2,439 12 2005A 2006F 2007F 2008F 11,468 14,003 14,801 15,112 0 0 0 0 83 83 83 83 267 245 252 266 392 908 720 996 1,178 621 1,324 2,439 0 0 0 0 13,387 15,860 17,179 18,896 736 894 833 987 296 173 109 75 41 495 516 550 1,440 1,619 1,118 559 0 0 0 0 2,514 3,181 2,576 2,171 25 26 27 28 10,849 12,653 14,576 16,697 3,326 3,326 3,326 3,326 7,523 9,327 11,250 13,371 10,849 12,653 14,576 16,697 3.26 3.80 4.38 5.02 12 2005A 2006F 2007F 2008F (%) 38.5 37.1 36.5 36.6 (%) 31.6 30.4 30.1 30.5 (%) 21.4 19.2 17.7 17.3 (%) 27.6 23.8 21.5 19.9 (%) 37.1 35.6 34.2 37.3 (%) 5.7 10.0 28.3 40.3 39.9 192.4 1.7 1.1 1.6 2.3 8.3 15.0 16.0 16.0 10.0 12.0 13.0 13.0

Guotai Junan (HK) 1199 HK$16.25 8.694 60.05 TEU 59.6% 12 18.80 20.50 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (US$ m) (US$ m) (US$) ( %) (x) (US$) (%) (%) 2004A 275 207 0.096 37.0 21.9 0.054 2.6 14.8 2005A 296 335 0.153 59.7 13.7 0.086 4.1 20.0 2006F 257 349 0.157 2.6 13.4 0.089 4.3 17.5 2007F 254 348 0.155 (1.2) 13.5 0.090 4.3 15.9 2008F 300 397 0.175 13.0 12.0 0.100 4.8 16.6 Shares in issue (m) 2,218.1 Major shareholder 53.0% Market cap. (HK$ m) 36,044.5 Free float (%) 47.0 3 Average vol. ( 000) 5,849.2 06 06 Net gearing (%) 06 06 P/B (x) 2.2 06 06 NBV per share (HK$) 7.3 52 52 Weeks high/low (HK$) 18.650/12.150 Est. NAV (HK$) 17.4 Absolute % change in price (1m/3m/1yr) 2.2/6.2/7.6 Relative % change in price (1m/3m/1yr) 2.6/6.0/(3.8) Bloomberg06 07 081 1.03 281 60%(1199)8.694 DVB 60.0468 TEU 59.6% 450 6 300527.4P/BV 1.12 TEU 1,448 06 44% 57.9 TEU 3,0001-3% 06 5,100 60 TEU70%30% (1919) 05 38% 80% 0615% 06 31% 1 20%3 30% 4.65 (0363) 10% 2006-10 25%06-08 07 23% 15% Alan Lam

(1199) 1-5 15 1,227 TEU 22.9%04 1-511.8% 2 06 20% 52%37% (1199)16.23% (000039.SZ/200039.SZ) 06 32.5% 55.011-3 43.4% 5.18 TEU 1,400 2,0003 065,035 13.5% 05 282 10 A 7 18 10 B 16.23% 37.26%42.41 44% A 10.0 12 10 21.40615.6 6.1% 06 18 DPI 0429 P&OPSA 44 05 43 20% (1111)20% 1,003(0662) 2.5 P/BV 06 P/BV 1.10.64 4% 06 07 13.4 13.5064.306 PEG 1.16.4% (0144)/ 18.8012 0715.6PEG 1.2807 2%9% 20.5008 PEG 1.4 24% 0612%

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 296 257 254 300 175 154 159 189 155 195 225 243 (32) (27) (12) (12) 62 51 0 0 360 373 372 420 (22) (21) (21) (20) 338 352 351 400 (3) (3) (3) (3) 335 349 348 397 0.153 0.157 0.155 0.175 (%) 59.7 2.6 (1.2) 13.0 12 2005A 2006F 2007F 2008F 280 301 214 271 (33) (27) (12) (12) (181) (159) (200) (212) 103 133 152 163 (2) 0 0 0 (112) (53) (60) (60) (2) (1) (1) (1) (237) 567 (175) (167) (68) (117) (117) (117) (0) 0 0 0 (305) 450 (292) (283) 22 37 25 25 193 (343) (100) 0 0 0 0 0 215 (306) (75) 25 (1) (13) (23) (35) 76 391 (214) (48) 90 157 535 298 166 548 321 250 157 535 298 215 12 2005A 2006F 2007F 2008F 1,422 755 846 918 887 1,082 1,288 1,502 302 302 302 302 2 2 2 2 84 66 82 93 157 535 298 215 1 1 1 1 2,855 2,743 2,819 3,032 54 51 54 69 87 35 35 35 1 20 40 59 75 75 75 75 10 14 17 20 227 194 220 259 749 441 318 283 1,880 2,107 2,280 2,490 28 28 28 28 1,852 2,079 2,252 2,462 1,880 2,107 2,280 2,490 0.86 0.95 1.02 1.10 12 2005A 2006F 2007F 2008F (%) 59.3 59.9 62.4 63.1 (%) 113.3 135.8 137.0 132.3 (%) 11.7 12.7 12.3 13.1 (%) 20.0 17.5 15.9 16.6 (%) 56.6 57.0 58.0 57.0 (%) 39.1 1.5 3.4 12.3 14.9 32.4 37.5 1.7 5.7 3.0 1.9 1.7 5.7 3.0 1.9 95.7 105.0 105.0 105.0 283 2005 25 20 15 2.0 1.5 1.0 0.5 0.0 16.8% 1.2% 2.7% 34.6% 10 (0.5) (1.0) 5 0 Jan-99 May-99 Sep-99 Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 (1.5) (2.0) (2.5) 18.5% 26.3% Reuters

1919 HK$3.725 3.03 05 P/BV0.5 06 2 6 8% 4.257% 4.70 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 32,189 4,158 1.014 126.8 3.9 n.a. n.a. 88.5 2005A 39,166 5,451 1.062 4.7 3.7 0.130 3.4 42.1 2006F 45,996 4,927 0.803 (24.4) 4.8 0.241 6.3 24.0 2007F 53,046 3,528 0.575 (28.4) 6.7 0.172 4.5 15.0 2008F 59,168 4,417 0.719 25.2 5.3 0.216 5.6 16.8 284 Shares in issue (m) 6,140.0 Major shareholder 63.5% Market cap. (HK$ m) 22,871.5 Free float (%) 36.5 3 Average vol. ( 000) 14,215.8 06 06 Net gearing (%) 10.3 06 06 P/B (x) 1.0 06 06 NBV per share (HK$) 3.6 52 52 Weeks high/low (HK$) 4.250/2.950 Est. NAV (HK$) 4.8 Absolute % change in price (1m/3m/Since IPO) 4.2/5.7/(12.4) Relative % change in price (1m/3m/Since IPO) 4.5/5.4/(23.1) Bloomberg06 07 081 1.03 14% (1919)06 10.0% 113.1 TEU7% 13% 4.8% 72.94 TEU13.5% 0.1%22% 14% 2 4 1 CCFI 7.4% 2 2 06-07 05-08 17.0%09 8 5,100 TEU 2009 10 0605 TEU3.9% 5,146 61.9% 49.616.2%38.1 12.53 12% 31% Alan Lam

Guotai Junan (HK) 285 06 4.99.9% 1%06 1% 26% 5% 06 32% CKYH (2866) 15% 24% 065.0% 0627.525.3 06 326,500 TEU 06 40.04 TEU2.928.4 (1199) 60%8.7 06 10% 8% 4.77 3.03 0.70 05 92.91.5105 P/BV0.5 06 06-08 11.4% 2.0% 1.1%8.0% 4.77 P/BV 0.8 64.25 06 074.8 6.7 066.306 P/BV 1.0 06 2 6 8.0% 4.2511% 065.5 7% 4.700710% 5% 6.2% 0 10 20 30 40 50 60 2008F 2007F 2006F 2005 2004 2003 0% 5% 10% 15% 20% 25% 30% 0 10 20 30 40 50 60

2866 HK$1.97 06 P/BV 0.67 P/BV 6 2.15 Turnover Net Profit EPS EPS Diluted EPS Diluted PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (RMB) (x) (RMB) (%) (%) 2004A 22,364 4,014 0.793 73.4 0.666 3.1 0.200 5.0 44.7 2005A 28,375 3,583 0.594 (25.1) 0.594 3.4 0.120 5.9 23.2 2006F 33,001 2,424 0.402 (32.3) 0.402 5.0 0.080 4.0 13.9 2007F 34,785 1,710 0.284 (29.4) 0.284 7.2 0.057 2.8 9.0 2008F 36,725 1,718 0.285 0.5 0.285 7.1 0.057 2.8 8.5 Shares in issue (m) 6,030.0 Major shareholder 59.87% Market cap. (HK$ m) 11,879.1 Free float (%) 40.1 3 Average vol. ( 000) 19,991.7 06 06 Net gearing (%) 37.8 06 06 P/B (x) 0.7 06 06 NBV per share (HK$) 2.9 52 52 Weeks high/low (HK$) 3.55/1.80 06 EV/EBITDA (x) 3.9 Absolute % change in price (1m/3m/1yr) (7.3)/(25.0)/(38.0) Relative % change in price (1m/3m/1yr) (6.9)/(25.2)/(49.4) 286 Bloomberg06 07 081 1.03 (2866)061-3 22.7% 125.66 TEU 5.2% 65.49 14.3%TEU 5,212 12.0% (CCFI)10% 2136.8% 34.785 TEU 313 06397 TEU 14%4,000 TEU 06 06 07 2.1% 3.8%06 6.5 11.3% TEU9.9% 4,996(1919) 68.9% 21.6% 58.1% 6.8 16.4%1.9 27 8,00006 310 9%1-2 40% 07 08 15.6% 35.7% Alan Lam

Guotai Junan (HK) 06-08 101 6130 40 3.72 28.85 8 05 38% 08 45% 0.5 06 0.6% 6 2.15 06-07 06 07 5.0 7.206 P/BV 0.67 P/BV 6 14% 2.15 06 P/BV 0.80 12 2005A 2006F 2007F 2008F 12 2005A 2006F 2007F 2008F 28,375 33,001 34,785 36,725 5,521 4,576 3,964 4,292 4,646 3,288 2,478 2,618 6 7 9 10 (342) (390) (437) (569) 4,309 2,905 2,050 2,059 (724) (479) (338) (340) 3,585 2,426 1,711 1,719 (2) (2) (1) (1) 3,583 2,424 1,710 1,718 0.594 0.402 0.284 0.285 (%) (10.7) (32.3) (29.4) 0.5 12 2005A 2006F 2007F 2008F 5,304 3,322 4,364 4,076 (194) (279) (336) (419) (1,686) (724) (485) (342) 5 4 5 6 (3) (0) (0) (0) (1,877) (998) (816) (755) (163) (479) (338) (340) (5,089) (3,500) (2,600) (4,000) 1 0 0 0 (5,088) (3,500) (2,600) (4,000) 0 0 0 0 212 1,000 0 1,500 (834) (853) (817) (842) 6 0 0 0 (616) 147 (817) 658 (2,440) (1,508) (207) (360) 5,863 3,423 1,916 1,708 3,423 1,916 1,708 1,348 20,784 23,696 25,510 28,536 48 50 54 58 13 13 13 13 553 608 669 736 4,183 4,767 4,718 5,370 3,423 1,916 1,708 1,348 0 0 0 0 29,005 31,052 32,673 36,061 (3,267) (3,568) (3,713) (3,974) (960) (886) (886) (886) 0 0 0 0 (7,512) (7,629) (7,879) (9,629) (637) (637) (637) (637) (12,376) (12,720) (13,115) (15,126) (37) (39) (40) (41) 16,592 18,292 19,518 20,894 6,030 6,030 6,030 6,030 10,562 12,262 13,488 14,864 16,592 18,292 19,518 20,894 2.75 3.03 3.24 3.47 12 2005A 2006F 2007F 2008F (%) 16.4 10.0 7.1 7.1 (%) 12.6 7.3 4.9 4.7 (%) 13.3 8.1 5.4 5.0 (%) 23.2 13.9 9.0 8.5 (%) 20.2 20.0 20.0 20.0 (%) 32.7 37.8 37.3 45.4 13.6 8.4 5.7 4.6 1.9 1.6 1.5 1.5 1.8 1.5 1.4 1.4 47.7 48.0 48.2 48.5 287

2880 HK$3.60 124.00 4.60 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 1,103 368 0.188 3.7 20.3 n.a. n.a. 21.3 2005A 1,269 420 0.214 14.1 17.5 n.a. n.a. 19.8 2006F 1,505 370 0.142 (33.6) 26.1 0.057 1.5 9.8 2007F 1,780 457 0.156 9.9 23.7 0.070 1.9 8.6 2008F 1,985 553 0.189 21.1 19.6 0.085 2.3 9.8 288 Shares in issue (m) 2,926.0 Major shareholder 62.1% Market cap. (HK$ m) 10,533.6 Free float (%) 33.0 Average vol. ( 000) 37,167.0 06 06 Net gearing (%) 68.3 06 06 P/B (x) 2.1 06 06 NBV per share (HK$) 1.7 High/low after IPO (HK$) 4.675/2.575 Est. NAV (HK$) 4.6 Absolute % change in price (1m/Since IPO) (5.9)/39.8 Relative % change in price (1m/Since IPO) (5.5)/45.4 Bloomberg06 07 081 1.03 (2880) 1711 5,745 305 TEU 2005259.8 3,180 2005 74.9% 96.7% 2004 10.5%20.3% 824.5% 90%05-08 12.2% (0857) 1,500 163.4 62.2% 312.8% 606 11.8% 680 06 10% 3,469 9.3% 5.3135.3% 05-08 12.8% Alan Lam

Guotai Junan (HK) 800 56% 50 20% 600 54% 40 15% 30 400 52% 10% 20 200 50% 10 5% 0 48% 0 0% 3 12 16 2005 96.7% 70% 289 03 2000-2004 22% 8% 200585.2% 06-08 4 160 TEU 05-0815.1% 23.0% 9% 0626.0%7.246 48.2%0641.5% PSA 3 05-0818.5%

1,000 43% 6,000 900 800 42% 5,000 700 4,000 600 500 41% 3,000 400 300 40% 2,000 200 100 39% 1,000 0 38% 0 290 2005 04 14.2% 6.238 23% 14% 12% 10% 06 3.8% 24% 0614.7% 25 06 1.168.3% 4.33 14 4 6.812 3 23.5 8-9 0860% (3382) 11.6% 5% 06 4.59073006-08 PEG 2.2 12 4.0006 07 26.123.7061.506 P/BV 2.106-08 PEG 1.7 17.2%12 4.008% 0726.4 4.6006 0.5 06 3.1%

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 1,269 1,505 1,780 1,985 487 531 624 699 575 725 870 957 207 249 286 329 646 745 890 1,012 576 685 813 901 (0) 9 14 46 (100) (167) (167) (167) 476 526 661 781 (43) (156) (204) (227) 433 370 457 553 (13) 0 0 0 420 370 457 553 0.214 0.142 0.156 0.189 (%) 14.1 (33.6) 9.9 21.1 12 2005A 2006F 2007F 2008F 640 898 1,053 1,163 (160) (167) (167) (167) (43) (156) (204) (227) 438 575 682 769 (141) (1,714) (1,240) (343) 8 9 14 46 (37) (79) (115) (250) (171) (1,784) (1,341) (547) 71 2,471 0 0 3,306 (430) 0 0 (385) (56) (180) (220) (3,096) 0 0 0 (104) 1,985 (180) (220) 163 776 (838) 2 195 358 1,134 296 358 1,134 296 298 12 2005A 2006F 2007F 2008F 5,486 7,009 8,022 8,117 133 223 350 605 644 644 644 644 1 2 2 2 145 146 171 190 358 1,134 296 298 272 272 272 272 7,039 9,430 9,757 10,127 236 271 320 357 650 220 220 220 145 145 145 145 3,492 3,492 3,492 3,492 73 0 0 0 4,595 4,128 4,177 4,214 101 101 101 101 2,343 5,201 5,479 5,812 1,960 2,926 2,926 2,926 383 2,275 2,553 2,886 2,343 5,201 5,479 5,812 1.20 1.78 1.87 1.99 12 2005A 2006F 2007F 2008F (%) 45.4 45.5 45.7 45.4 (%) 33.1 24.6 25.7 27.9 (%) 6.8 4.5 4.8 5.6 (%) 19.8 9.8 8.6 9.8 (%) n.a. 45.0 45.0 45.0 (%) 178.8 68.3 64.0 60.5 5.9 4.3 5.2 5.5 0.8 2.4 1.1 1.1 38.2 32.7 30.3 31.2 60.3 61.5 60.6 62.3 291 2005 1,000 800 12% 7% 32% 600 12% 400 200 0 14% 23%

3382 HK$2.275 42.7% 06-08 21.6% A 12 2.75 3.15 Turnover Net Profit EPS EPS PER DPS Yield ROE End 12/31 (HK$ m) (HK$ m) (HK$) ( %) (x) (HK$) (%) (%) 2004A 800 77 0.069 11.2 33.0 n.a. n.a. 6.1 2005A 898 147 0.131 90.1 17.3 n.a. n.a. 10.8 2006F 1,097 192 0.095 (27.4) 23.9 0.038 1.7 9.1 2007F 1,218 215 0.121 26.5 18.9 0.042 1.9 7.5 2008F 1,453 252 0.141 16.9 16.1 0.049 2.2 8.3 292 Shares in issue (m) 1,786.7 Major shareholder 62.8% Market cap. (HK$ m) 4,064.7 Free float (%) 37.2 Average vol. ( 000) 33,707.0 06 06 Net gearing (%) 06 06 P/B (x) 1.5 06 06 NBV per share (HK$) 1.6 High/low after IPO (HK$) 2.725/1.880 Est. NAV (HK$) 2.7 Absolute % change in price (1m/since IPO) 21.0/21.0 Relative % change in price (1m/since IPO) 21.4/21.4 Bloomberg06 07 081 1.03 (3382) (0882) 213192 TEU 2005 183 205 TEU03-059.7% 17.3%2005 42.7% 100% 11 5 6 6 10 0570% 33% 64% 60%66% 9%-10% Alan Lam

Guotai Junan (HK) 06 08 09 41,100 70 126 TEU 2011 180 TEU40 15 25 40% 630% A 08 05-08 24.9%(600717.SS) A 2-3 3 (9%)(20%) 2005 45.1%12.4%8.1%05 1115 4 47.0% 5% 7.5% 06 5 8.94 136.5 1.79 06-073,000 06 30% 06 5 52.01 TEU 23.8% 5.5% 2,211 1-51.05 106 23.5% 253 TEU 06 30% 1.92 20103 1,000 TEU 2005-10 15.8% 05-08 19.6% 293 2.75 (DCF) 12.1%5% 2.7507 22.806 P/BV 1.8(2880) (3378) 12 2.7506 07 23.918.906 P/BV 1.6061.706-08 PEG 1.1 A0622.9P/BV 1.7PEG 2.5 (2880) 06A A A 122.75063.1507 0726PEG 1.5 AA (600717.SS) 03 49.5% 05 42.7%08 4 308 A 05-08 21.5%

07 06 2005 898.4 49.1% 0707 294 12 2005A 2006F 2007F 2008F 898 1,097 1,218 1,453 544 706 839 996 339 373 358 432 15 18 21 24 422 526 591 712 174 233 261 312 6 1 1 (6) (7) (7) (8) (9) 173 227 254 297 (25) (34) (38) (45) 148 193 216 253 (0) (1) (1) (1) 147 192 215 252 0.131 0.095 0.121 0.141 (%) 90.1 (27.4) 26.5 16.9 12 2005A 2006F 2007F 2008F 257 290 327 385 (7) (7) (8) (9) (23) (34) (38) (45) 227 249 281 332 (141) (767) (357) (80) 1 1 1 1 10 (76) (110) (241) (131) (842) (466) (320) 0 1,186 0 0 0 0 0 0 0 (23) (70) (80) (0) 0 0 0 (0) 1,163 (70) (80) 96 570 (255) (68) 155 257 832 583 6 6 6 6 257 832 583 520 12 2005A 2006F 2007F 2008F 1,361 2,048 2,321 2,313 19 109 236 491 56 56 56 56 1 2 2 2 92 111 122 143 257 832 583 520 0 0 0 0 1,786 3,159 3,320 3,526 213 224 234 254 106 106 106 106 9 9 9 9 29 29 29 29 0 0 0 0 356 367 377 397 4 4 5 6 1,426 2,787 2,938 3,122 0 179 179 179 1,426 2,609 2,759 2,944 1,426 2,787 2,938 3,122 0.84 1.56 1.64 1.75 12 2005A 2006F 2007F 2008F (%) 19.4 21.2 21.5 21.4 (%) 16.4 17.5 17.7 17.3 (%) 8.8 7.8 6.6 7.4 (%) 10.8 9.1 7.5 8.3 (%) n.a. 35.2 35.0 35.0 (%) 7.6 31.5 32.4 35.6 1.1 2.8 2.0 1.8 29.7 29.7 31.2 30.2 41.4 43.4 39.0 32.7

Guotai Junan (HK) 0297 HK$2.675 45% 2008700-800 3.50 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 11,837 511 0.101 41.4 26.4 0.000 0.0 26.9 2005A 19,249 779 0.145 43.3 18.5 0.020 0.8 29.0 2006F 23,395 993 0.171 17.9 15.7 0.024 0.9 25.4 2007F 29,398 1,324 0.228 33.4 11.7 0.032 1.2 26.8 2008F 36,336 1,627 0.280 22.9 9.5 0.039 1.5 26.0 Shares in issue (m) 5,807.9 Major shareholder 53.5% Market cap. (HK$ m) 15,536.3 Free float (%) 26.5 3 Average vol. ( 000) 24,353.0 06 06 Net gearing (%) 28.5 06 06 P/B (x) 3.6 06 06 NBV per share (HK$) 0.7 52 52 Weeks high/low (HK$) 3.600/1.210 PEG 0.8 Absolute % change in price (1m/3m/1yr) (2.7)/5.9/55.5 Relative % change in price (1m/3m/1yr) (2.4)/5.7/44.1 Bloomberg06 07 081 1.03 2005 52.58% 2005 192.4962.61%7.79 52.58%14.49 52.59% 13.72% 15.64% 14.58% 95% 5% 20050.64 8.02% 0.28 3.79% 8-9% 4-4.5% 20082005 1,117 33.69% 34% 57% 147% 7% 2005 20 71% 14 1,0632008 2,00023.45% 20% 295 2,500 12% 2,000 10% 2,000 10% 1,500 1,000 500 7% 404 9% 552 1,063 8% 6% 4% 2% 0 59 43.39 2002 44.12 46.37 2003 2004 2005 2006 2007 2008P 0% 45%9 Potash Corporation of Saskatchewan20% 50% 45% 300 23% 40% Grace Liu

2008 700-800 2005 17% 273 75% 25% 210 1502008 700-800 (000792) 20% 1,500 40% 2006 600 60% 600 20062.352005 43.22% 2.712006 2.35 800-1,000 40% 50% 51.7 18.3% 267 102% 296 2006 5,800 6.9%20082.5% 2005 10.7% 4,888.0 13.8% 5,425.7 2006 1-513.4% 1-4 8.0% 2006 1-4 23.5% 200522.06% 2006 1-4 22.4% 06 06-08 2006 310 1,050 7002005 883280-300 4.5% 200569.40% 120 2009 30%50% 2006 30 10% 15% 1.7% 3% 7% 1-930% 10-1215% 1-5 6.60% 11.24% 8.96% 0.04% 3.05% 12.23% 1.40% 1.11%

Guotai Junan (HK) 297 10 20Potashcorp Mosaic Potashcorp200610 2006 2004-2006 5 500 700 900 1,100 1,300 1,500 1,700 1,900 2,100 2,300 2,500 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 2003-2005 40.50% 17% 41.20% 2005-200827.8% 24.6% 45% 2008 700-800 PEG Bloomberg 3.50 06 07 PER 20.48 15.35 PB 4.67 3.67PEG05-08 0.83 2005 52.6% 13.7% 15.6% 14.6 3.5%

298 12 2004A 2005A 2006F 2007F 2008F 11,837,185 19,248,665 23,394,827 29,397,940 36,335,854 (10,812,113 ) (17,705,872 ) (21,519,717 ) (27,041,676 ) (33,423,512 ) 1,025,072 1,542,793 1,875,111 2,356,264 2,912,342 83,423 67,701 75,562 71,632 73,597 (316,130 ) (394,898 ) (479,959 ) (603,117 ) (745,452 ) (118,799 ) (223,204 ) (271,282 ) (340,893 ) (421,344 ) 673,566 992,392 1,199,431 1,483,886 1,819,143 (47,115 ) (112,376 ) (100,174 ) (120,441 ) (64,053 ) 41,614 49,941 102,403 239,351 251,319 668,065 929,957 1,201,661 1,602,796 2,006,409 (141,254 ) (137,533 ) (192,266 ) (256,447 ) (351,122 ) 526,811 792,424 1,009,395 1,346,349 1,655,287 (15,987 ) (13,003 ) (16,802 ) (22,411 ) (28,054 ) 510,824 779,421 992,593 1,323,938 1,627,233 10.12 14.49 17.09 22.80 28.02 12 2004A 2005A 2006F 2007F 2008F 454,299 424,905 833,744 1,019,502 1,292,790 24,932 6,280 5,539 7,940 14,657 (47,115 ) (112,376 ) (100,174 ) (120,441 ) (64,053 ) (143,268 ) (191,119 ) (134,586 ) (243,625 ) (333,565 ) 288,848 127,690 604,524 663,376 909,828 (56,011 ) (255,445 ) (235,674 ) (106,053 ) (265,134 ) (94,011 ) 0 (247,365 ) (742,096 ) 0 0 41,782 71,682 167,546 175,923 (50,839 ) 192,904 1,095 1,390 1,538 (200,861 ) (20,759 ) (410,262 ) (679,214 ) (87,673 ) 87,987 106,931 194,262 (15,838 ) 822,155 0 0 (116,913 ) (137,665 ) (183,620 ) (133,300 ) (627,458 ) (74,661 ) 177,672 (569,088 ) 0 482,325 0 0 0 1,247 (112,375 ) 0 0 0 (132,053 ) (257,508 ) (191,574 ) 40,007 (752,708 ) (44,066 ) (150,577 ) 2,687 24,169 69,447 258,612 214,064 66,551 69,238 93,407 (482 ) 3,064 0 0 0 214,064 66,551 69,238 93,407 162,854 2005 12 2004A 2005A 2006F 2007F 2008F 507,994 726,510 893,042 917,068 1,086,357 42,659 41,924 40,278 38,696 37,177 351,698 367,861 645,947 1,459,848 1,535,244 16,246 555,898 561,570 567,408 573,418 918,597 1,692,193 2,140,837 2,983,021 3,232,197 3,902,571 4,798,149 5,277,964 5,805,760 6,386,336 205,462 0 0 0 0 533,193 846,710 1,029,091 1,293,156 1,598,341 1,052,677 453,839 551,596 693,135 856,715 0 1,417,893 1,723,307 2,165,508 2,676,568 214,064 66,551 69,238 93,407 162,854 5,907,967 7,583,142 8,651,196 10,050,967 11,680,814 6,826,564 9,275,335 10,792,033 13,033,988 14,913,011 78 767,766 767,766 767,766 767,766 1,900,788 2,589,979 3,444,907 4,585,225 5,986,773 0 116,913 137,665 183,620 225,685 1,900,866 3,474,658 4,350,338 5,536,611 6,980,223 155,436 186,055 202,857 225,268 253,322 2,056,302 3,660,713 4,553,195 5,761,879 7,233,546 130,701 234,088 210,679 242,281 121,141 4,154 21,385 22,454 23,577 24,756 134,855 255,473 233,133 265,858 145,896 1,431,328 2,448,312 2,693,143 2,962,458 3,258,703 1,456,682 417,284 507,167 637,306 787,710 108,392 50,608 108,288 121,110 138,666 0 1,417,893 1,723,307 2,165,508 2,676,568 1,639,005 1,025,052 973,799 1,119,869 671,922 4,635,407 5,359,149 6,005,704 7,006,251 7,533,569 4,770,262 5,614,622 6,238,838 7,272,109 7,679,465 6,826,564 9,275,335 10,792,033 13,033,988 14,913,011 1,272,560 2,223,993 2,645,492 3,044,716 4,147,245 2,191,157 3,916,186 4,786,328 6,027,737 7,379,442 2005 5.1% 0.6% 5.0% 94.3% 95.0%

Guotai Junan (HK) 0763 HK$23.35 0.8 5.4% 07 3G 30.024.617.7 06 07 PE Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 21,220 1,272 1.569 22.2 15.8 0.296 1.2 18.4 2005A 21,576 1,288 1.342 (14.5) 18.1 0.250 1.0 13.2 2006F 24,129 1,218 1.269 (5.4) 18.9 0.237 1.0 11.3 2007F 31,671 1,696 1.768 39.2 13.6 0.329 1.4 14.2 2008F 41,231 2,287 2.384 34.9 10.1 0.444 1.8 16.7 Shares in issue (m) 959.5 Major shareholder 37.4% Market cap. (HK$ m) 22,404.8 Free float (%) 55.4 3 Average vol. ( 000) 1,471.0 06 06 Net gearing (%) 06 06 P/B (x) 2.1 06 06 NBV per share (HK$) 11.4 52 52 Weeks high/low (HK$) 21.200/33.350 Est. NAV (HK$) 33.8 Absolute % change in price (1m/3m/1yr) (11.1)/(20.3)/(0.9) Relative % change in price (1m/3m/1yr) (10.8)/(22.0)/(16.3) Bloomberg06 07 081 1.03 299 PHS PSTN 20% CDMA 05170 27 30 GSM IPTV CDMA PHS PSTN TD-SCDMA 8 TD 06 05 16.7%10.4% TATA(Tata-Indicom) ZESCOTATA CDMA 2000 1XZESCO 07 48.5% 51.9% CDMA CDMA GSM 60% 0413.7% 058.0% Tiffany Feng

國泰君安 ( 香港 ) 海外業務經營成本高于國內業務 公司的海外業務覆蓋 100 多個國家, 為了加強海外業務的競爭力, 公司已將絕大部分銷售及售后服務平台遷移至當地 但由于海外業務分散 各地區銷售規模不足, 且各地政策不統一, 導致海外業務的分銷及行政等經營成本高于國內 05 年公司分銷及行政成本占營業額 19.8%, 預計 06-08 年將略高于 20%, 高于國際設備商約 14% 的平均水平 由于經營成本已不具備相對优勢, 這將使公司日后的海外市場拓展由低价策略轉向提供更多售后服務 此外, 公司也需尋找海外合作 協同海外銷售來降低成本 國際同業并購使公司的研發成本优勢面臨壓力 与國際設備商相比, 公司的研發成本相對較低, 占收入比例約 9.1%, 預計 06-08 年也將低于 10%, 但國際同業則介于 10-18%, 摩托羅拉和諾基亞該比例較低, 主因手机產品比重較大 ( 約占 60%), 而設備系統產品比重較大 ( 超過 90%) 的愛立信研發占收入比例高達 16% 公司的低研發成本优勢主要是由于大部分研發在國內進行, 但諾基亞与西門子 阿爾卡特与朗訊 愛立信与馬可尼 (Marconi) 等國際設備商開始借助合并來削減成本, 尤其是研發成本, 如諾基亞与西門子設備系統部門的合并, 以及阿爾卡特與朗訊的合併預計可減少的開支將分別占營業額 10% 和 6.8%, 同時市場預期, 目前成本相對較高 效益較低的北電 (Nortel) 將成為下一個并購目標 因此, 在國際設備商的并購潮下, 我們認為公司的低研發成本优勢將面臨壓力 2005 年各設備商研發成本佔營業額比重 2005 年各設備商分銷及行政成本佔營業額比重 中興 9.1% 中興 19.9% 平均 13.2% 平均 14.0% 阿爾卡特 11.0% 阿爾卡特 15.2% 300 愛立信 摩托羅拉 10.0% 16.1% 愛立信 摩托羅拉 11.1% 10.5% 諾基亞 11.2% 諾基亞 10.4% 北電 17.6% 北電 22.9% 0% 5% 10% 15% 20% 0% 5% 10% 15% 20% 25% 資料來源..各公司年報 國泰君安 ( 香港 ) 資料來源..各公司年報 國泰君安 ( 香港 ) 同業并購也對公司的全業務优勢形成挑戰 在固网移動网融合的趨勢下, 全球電信運營商都在朝著綜合型服務方向發展, 因此需要設備商提供更全面的產品及服務, 公司是全球為數不多的能夠提供 2G 3G 無線通信 光通信 數据通信 交換及接入 電信軟件系統等全業務產品的設備制造商, 具備滿足客戶 一條龍 產品服務需求的优勢 但是, 競爭對手的合并在產品線方面 尤其是固网和移動网方面也形成強強互補, 我們認為中興除了要鞏固其產品線的完整性优勢外, 還需要進一步加強与同業的技術合作來提高其產品及服務的競爭能力 預計今年盈利將下跌 5.4% 考慮到今年國內市場繼續萎縮將引起公司無線通信產品收入下降, 并將因此造成公司整体盈利能力下降, 我們預計今年盈利將下跌 5.4% 不過, 我們仍然預計 07 年公司將受益 TD 業務的大規模開展, 并獲得至少 30% 的 TD 市場分額, 帶動盈利恢复增長 39.2% 維持 中性 評級 以 6 月 23 日收市價 23.35 港元計算, 現價相當於 18.9 倍的 06 年預測市盈率, 与國際同業約 18 倍的估值水平基本相當 我們維持 中性 的投資評級 目標价維持 30.0 港元, 相當于 24.6 倍和 17.7 倍 06 07 年預測市盈率 該目標价含有對公司 07 年將有顯著 3G 收入入賬的預期 另外, 目標价較 NAV 估值折讓 11.3%, 以反映行業的周期性風險, 公司海外業務的風險性, 以及我們對公司能否保持長遠競爭优勢的疑慮

Guotai Junan (HK) 12 2005A 2006F 2007F 2008F 21,576 24,129 31,671 41,231 8,931 8,881 13,942 21,481 2,753 3,165 3,482 3,761 3,353 4,217 4,998 5,567 4,333 4,885 5,431 5,837 2,206 2,981 3,817 4,586 (14,102) (15,980) (20,780) (26,740) 7,474 8,149 10,891 14,491 55 40 56 43 627 662 873 1,224 (1,960) (2,240) (3,003) (3,992) (3,186) (3,636) (4,836) (6,378) (1,095) (1,206) (1,584) (2,062) (129) (96) (94) (122) 1,786 1,674 2,304 3,204 (176) (137) (164) (178) 1,606 1,537 2,140 3,026 (180) (203) (283) (520) 1,426 1,334 1,858 2,505 (138) (116) (162) (218) 1,288 1,218 1,696 2,287 1.342 1.269 1.768 2.384 12 2005A 2006F 2007F 2008F 1,606 1,537 2,140 3,026 387 488 596 714 83 84 86 90 176 137 164 178 (1,854) 911 (2,611) 850 55 40 56 43 (176) (137) (164) (178) (251) (203) (283) (520) (240) (240) (227) (316) (44) 0 0 0 (286) 2,661 (299) 3,844 (804) (851) (958) (1,041) (207) (231) (304) (395) (87) 68 (45) 36 (1,067) (1,014) (1,306) (1,400) (767) 585 (199) 406 (735) 585 (199) 406 (2,088) 2,233 (1,804) 2,849 7,509 5,397 7,630 5,825 5,397 7,630 5,825 8,675 12 2005A 2006F 2007F 2008F 2,471 2,834 3,196 3,523 336 483 701 1,006 42 42 42 42 60 60 60 60 1,039 1,039 1,039 1,039 4,002 4,512 5,093 5,725 2,240 2,519 3,554 3,675 4,687 5,229 7,786 8,029 1,188 927 1,329 930 4,689 4,566 6,714 6,841 176 108 153 117 5,397 7,630 5,825 8,675 18,462 20,981 25,363 28,268 600 494 878 826 6,270 6,291 8,460 8,484 733 1,911 2,428 3,221 2,900 3,050 3,892 4,015 36 36 36 36 115 115 115 115 163 163 163 163 10,817 12,059 15,972 16,860 80 771 188 645 30 32 34 36 127 127 127 127 688 688 688 688 926 1,618 1,037 1,497 471 587 748 966 10,251 11,229 12,698 14,669 10.683 11.702 13.233 15.288 12 2005A 2006F 2007F 2008F (%) 34.6 33.8 34.4 35.1 (%) 8.3 6.9 7.3 7.8 EBITDA (%) 10.4 9.3 9.4 9.7 (%) 6.0 5.0 5.4 5.5 (%) 5.9 5.1 6.1 7.1 (%) 13.2 11.3 14.2 16.7 1.7 1.7 1.6 1.7 33.5 36.0 35.0 32.0 89.7 75.0 75.0 70.0 89.8 95.0 85.0 75.0 (%) 14.3 17.0 20.9 23.4 (%) 18.6 18.6 18.6 18.6 301

0981 HK$1.020 06 PB PS 1.3 1.7 Turnover Net profit EPS EPS PER DPS EV/EBITDA ROE End 12/31 (US$ m) (US$ m) (US$) ( %) (x) (US$) (x) (%) 2004A 975 71 0.0040 448.4 33.1 0.000 4.8 3.1 2005A 1,171 (112) (0.0061) (255.1) n.a. 0.000 4.5 (3.6) 2006F 1,666 10 0.0006 n.a. 228.5 0.000 3.9 0.3 2007F 2,182 188 0.0103 1,700.6 12.7 0.000 2.9 6.0 2008F 2,636 417 0.0228 121.4 5.7 0.000 2.1 12.1 302 Shares in issue (m) 18,184.4 Major shareholder 10.2% Market cap. (HK$ m) 18,548.1 Free float (%) 75.9 3 Average vol. ( 000) 58,963.0 06 06 Net gearing (%) 26.2 06 06 P/B (x) 0.8 06 06 NBV per share (HK$) 1.3 52 52 Weeks high/low (HK$) 1.760/0.950 Absolute % change in price (1m/3m/1yr) (7.3)/(12.1)/(39.6) Relative % change in price (1m/3m/1yr) (6.9)/(12.3)/(51.0) Bloomberg06 07 081 1.03 046 058152,219 0504943,4639.75 1,347,302 8 11.7 42.8% 20.2% Gartner 2005 6%20% 157,330 05 40.6% 0.13 0.13 04 11.0%15.4% 0.1343% 47% 11% 13% 0.1390 06 35% Elpida9012512M-bit DDR265 06 IC Insights2000 33% 05408 93 55 05 12 8% TD-SCDMA WCDMA CDMA2000 0.133G HDTV 05 Wu Xianfeng

Guotai Junan (HK) 0597.46 06 11 12 06 200,000 82 5 6 30% 3-5 06 056.9% 068% Gartner Dataquest05 2.6% 06 18.3% 07 23.1%IC Insight 0632% SMG 06 3%29%06 1Q06 5.4% 303, 5 5 5 0707 86%93% 60% 1.754 904 05 30% 90%

PB PS 06 07PE PB PS PB PS 2 (23/06/06) 05PE 06PE 07PE 05PB (USDm) 05PS 2330 TT 57.20 15.3 11.8 11.0 3.5 37,106.5 5.4 2303 TT 18.86 52.2 15.9 12.6 1.3 9,424.6 2.7 981 HK 1.02 n.a. 228.5 12.7 0.8 2,400.5 2.4 1.306 NBV1.71.3 21.1 9.6 07 08 304 12 2004A 2005A 2006F 2007F 2008F 975 1,171 1,666 2,182 2,636 (721) (1,082) (1,391) (1,680) (1,898) 253 90 275 502 738 (78) (79) (100) (120) (132) (46) (36) (47) (57) (63) (8) (18) (20) (22) (21) (23) (41) (40) (40) (25) (15) 0 (20) (22) (26) (171) (174) (227) (260) (267) 82 (84) 48 241 471 8 (26) (38) (52) (50) (0) (0) (0) (2) (4) 71 (112) 10 188 417 USD 0.0050 (0.0061) 0.0006 0.0103 0.0228 12 2004A 2005A 2006F 2007F 2008F 90 (112) 10 188 417 457 746 767 824 859 (16) (211) 19 82 94 531 648 797 1,094 1,370 (1,839) (873) (1,100) (1,000) (1,000) 12 13 (0) 8 7 (1,827) (860) (1,100) (992) (993) 1,458 190 468 20 (327) 162 (21) 164 123 50 12 2004A 2005A 2006F 2007F 2008F 607 586 750 873 923 20 14 20 26 32 169 241 283 284 264 144 191 233 262 290 15 15 20 20 20 955 1,047 1,306 1,464 1,528 39 35 33 31 30 3,312 3,286 3,619 3,795 3,936 78 216 80 80 80 4,384 4,583 5,038 5,370 5,573 283 541 700 873 1,002 83 93 92 89 91 730 896 1,158 1,442 1,673 544 622 843 704 259 1,275 1,519 2,001 2,145 1,931 3,109 3,026 3,037 3,225 3,642 17,934 18,184 18,278 18,278 18,278 12 2004A 2005A 2006F 2007F 2008F (%) 26.0 7.7 16.5 23.0 28.0 (%) 8.5 (7.2) 2.9 11.1 17.9 ROE (%) 3.1 (3.6) 0.3 6.0 12.1 EV/EBITDA 4.8 4.5 3.9 2.9 2.1 Net Gearing (%) 9.6 18.8 26.2 22.5 9.8 P/B 0.8 0.8 0.8 0.7 0.7

Guotai Junan (HK) 1072 HK$12.80 05 111.7% 06 07 06 07 29.4% 10.1% 12 16.406 0711.0 10.0 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 2,051 253 0.561 1,256.7 24.2 0.120 0.9 23.1 2005A 3,048 535 1.188 111.7 11.2 0.500 3.8 36.7 2006F 4,180 692 1.537 29.4 8.6 0.615 4.7 35.8 2007F 4,716 762 1.693 10.1 7.8 0.677 5.1 31.6 2008F 4,888 770 1.711 1.0 7.7 0.684 5.2 26.7 Shares in issue (m) 450.0 Major shareholder 48.9% Market cap. (HK$ m) 5,760.0 Free float (%) 37.8 3 Average vol. ( 000) 1,618.0 06 06 Net gearing (%) 06 06 P/B (x) 2.7 06 06 NBV per share (HK$) 4.7 52 52 Weeks high/low (HK$) 19.00/5.85 Est. NAV (HK$) 16.9 Absolute % change in price (1m/3m/1yr) (7.2)/(5.8)/73.8 Relative % change in price (1m/3m/1yr) (6.6)/(6.4)/62.8 Bloomberg06 07 081 1.03 305 05 2005 20,306MW 30.48 32.0% 48.6% 4.9 31.3% 7.4 20.3% 5.35 111.7% 06 07 05 5805 180 5.9 3.7 3.0 2008 1,800 06 0737.2% 12.8% % 30,000 25,000 20,000 15,000 6,000 5,000 4,000 3,000 40 35 30 25 20 10,000 5,000 2,000 1,000 15 10 5 0 2001A 2002A 2003A 2004A 2005A 2006F 2007F 2008F 0 0 Jim Luo

05 1.6 22.9% 20101.6 20202.7151,025 1995 2005640 05 38.3% 6.6%25% 05 05 11%06 07 20% 06 05 4 27.3%04 06 0705 0606 07 28% 27% 05 11 0708 306 06 07 06 0725.8% 23.4% 15.1% 22.3% 06 0729.4% 10.1% 08 1.0%06-08 1.5371.6931.711 2006E 2007E 2008E (RMB m) 3,323 3,822 n.a. (RMB m) 4,180 4,716 4,888 25.8% 23.4% n.a. 33.0 31.0 n.a. 28.0 27.0 26.0 EPS (RMB ) 1.336 1.385 n.a. EPS (RMB ) 1.537 1.693 1.711 15.1% 22.3% n.a. 16.4 06 078.77.6 4.7% 5.1% 08 12 16.406 0711.010.0 NAV 3% 28%

Guotai Junan (HK) 1133 HK$8.30 3.706 07 06 07 06 07 87.2% 29.6% 0.730 0.946 07 08 129.5 06 0713.4 10.3 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 10,216 118 0.099 119.9 86.5 0.051 0.6 3.8 2005A 18,464 465 0.390 294.1 21.9 0.061 0.7 13.3 2006F 22,324 930 0.730 87.2 11.7 0.235 2.7 21.6 2007F 24,531 1,206 0.946 29.6 9.0 0.304 3.6 23.2 2008F 22,638 1,101 0.864 (8.7) 9.9 0.278 3.2 18.2 Shares in issue (m) 1,274.5 Major shareholder 55.8% Market cap. (HK$ m) 10,577.9 Free float (%) 44.2 3 Average vol. ( 000) 9,177.0 06/ 06 Net gearing (%) 1.9 06 06 P/B (x) 2.3 06 06 NBV per share (HK$) 3.6 52 52 Weeks high/low (HK$) 9.100/2.775 Est. NAV (HK$) 10.6 Absolute % change in price (1m/3m/1yr) 6.4/44.3/127.1 Relative % change in price (1m/3m/1yr) 7.0/43.8/161.1 Bloomberg06 07 081 1.03 307 06 07 05690 05 3.7200805 22,363MW 06 07 206 07 04 05 06 070620.9% 223.2 0580.7%59.8 % 300 25 250 20 200 15 150 10 100 5 50 0 2001A 2002A 2003A 2004A 2005A 2006F 2007F 2008F 0 2001A 2002A 2003A 2004A 2005A 2006F 2007F 2008F Jim Luo

0708 05 5.0813.5% 6800 0706 0770004500 0608 06 100 60%06 140 1. 70% 068%-10% 2. 06 07 3. 05 15-20% 06 07 2.40.8 08 06 06 0708 06 0787.2% 29.6% 08 06-08 0.730 0.946 0.864 2006F 2007F 2008F 308 (RMB m) 21,454 24,251 25,582 (RMB m) 22,324 24,531 22,638 4.1% 1.2% (11.5%) (%) 11.13 11.20 10.90 (%) 12.50 13.34 12.94 (5.50%) (5.20%) (5.00%) (5.50%) (5.20%) (5.00%) (RMB m) 723 876 934 (RMB m) 930 1,206 1,101 28.6% 37.6% 17.9% EPS (RMB ) 0.567 0.687 0.733 EPS (RMB ) 0.730 0.946 0.864 28.6% 37.6% 17.9% 9.5 06 07 11.79.0 12 9.506 0713.4 10.3NAV 10.3%14.5%

Guotai Junan (HK) 2727 HK$2.550 2007 A 122.80 2006 200715.813.8 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 24,502 1,089 0.119 93.9 22.8 0.033 1.2 16.2 2005A 34,400 1,672 0.152 28.0 17.5 0.041 1.5 14.3 2006F 40,196 2,164 0.182 20.0 14.4 0.049 1.9 14.0 2007F 46,445 2,483 0.209 14.8 12.6 0.056 2.1 14.6 2008F 51,014 2,805 0.236 13.0 11.1 0.064 2.4 14.7 Shares in issue (m) 11,891.6 Major shareholder 51.6% Market cap. ( 000) 30,323.6 Free float (%) 25.0 3 Average vol. ( 000) 26,114.0 06 06 Net gearing (%) Cash 06 06 P/B (x) 1.9 06 06 NBV per share (HK$) 1.3 52 52 Weeks high/low (HK$) 3.700/1.710 Est. NAV (HK$) 3.2 Absolute % change in price (1m/3m/1yr) (9.7)/(16.4)/47.4 Relative % change in price (1m/3m/1yr) (9.4)/(16.6)/36.0 Bloombery06 07 081 1.03 309 20072005 70,000MW2008 2008 2006 2006 20%-23% 2005 13.2% 200417.5% 10%-15% 2007 2006 2006-200823.1% 17.9% 10.1% 16.5% 10.3% 10.1% (RMB m) 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Zhang Wenxian

310 2006 1A 600835 1.56 1.73%6,222.6514.76% 24% 2006 5% 36% 2006-2007 1.4% 21.3% 6.2% 6.7% A 2006 5A10 16 10 20 2006 20072006 2007 16.8% 15.5% 18.6% 18.6% 28.8% 2006 2007 21.64 24.83 29.4% 14.7% 0.1820.209 27% 2006 20070.0490.056 2006 2007 14.412.6P/BV 1.91.7 1.9% 2.1% 2005-2007 17.3% 2003-2005 31.1% 123.00 2.80 NAV 12.5% 2006 200715.813.8 3.20 NAV 2006 2006EBIT 58.7% 28.4% 8.5% 3.3% 1.1% 70.2% 17.0% 1.9% 0.3% 10.6%

Guotai Junan (HK) 12 2004A 2005A 2006F 2007F 2008F 24,502 34,400 40,196 46,445 51,014 (%) 48 40 17 16 10 (19,323) (27,694) (32,701) (37,785) (41,423) 5,179 6,706 7,495 8,660 9,591 (%) 21 19 19 19 19 839 894 1,137 1,312 1,442 (830) (950) (1,521) (1,749) (1,922) (2,362) (2,660) (3,369) (3,952) (4,355) (433) (620) (495) (572) (701) 2,393 3,370 4,237 4,843 5,457 (117) (67) (47) (33) (23) 247 247 311 355 400 2,500 3,478 4,501 5,165 5,834 (573) (1,003) (1,298) (1,490) (1,682) (838) (803) (1,039) (1,193) (1,347) 1,089 1,672 2,164 2,483 2,805 306 488 584 670 757 (RMB) 0.119 0.152 0.182 0.209 0.236 (RMB) 0.033 0.041 0.049 0.056 0.064 12 2004A 2005A 2006F 2007F 2008F 2,500 3,478 4,501 5,165 5,834 117 67 0 0 0 (247) (247) (311) (355) (400) (385) (354) 0 0 0 496 796 727 835 960 (3,553) (3,410) (2,031) (2,190) (1,601) (1,915) (3,358) (1,971) (2,214) (1,619) 9,179 2,086 3,021 3,090 2,153 (486) (414) (536) (615) (694) 229 245 0 0 0 5,935 (1,111) 3,402 3,716 4,633 (1,322) (1,947) (2,300) (2,150) (2,500) (7,507) (224) 0 0 0 (348) (625) 0 0 0 (2,323) (258) (1,095) (1,181) (863) (624) (358) 0 0 0 2,604 842 0 0 0 590 78 0 0 0 1,043 357 0 0 0 (7,887) (2,135) (3,395) (3,331) (3,363) 2,750 4,900 0 0 0 157 16 0 0 0 (530) (491) (32) (29) (26) (656) (483) (488) (584) (670) 528 (1,504) 0 0 0 (117) (64) 0 0 0 0 0 0 0 0 11 (144) 0 0 0 2,143 2,230 (520) (613) (696) 191 (1,016) (513) (227) 574 8,312 8,503 7,487 6,974 6,746 8,503 7,487 6,974 6,746 7,320 12 2004A 2005A 2006F 2007F 2008F 5,097 6,351 7,924 9,240 10,780 299 315 315 315 315 4,535 4,636 3,866 4,208 4,595 9,931 11,302 12,105 13,763 15,690 8,870 12,053 14,084 16,273 17,874 4,055 5,986 6,995 8,082 8,877 11,433 10,881 6,974 6,746 7,320 12,823 14,942 16,999 19,307 20,994 37,181 43,862 45,051 50,408 55,064 47,112 55,164 57,156 64,171 70,755 3,815 5,142 6,008 6,943 7,625 334 357 417 482 529 333 886 1,147 1,316 1,486 24,375 25,581 27,736 29,892 31,362 749 147 172 198 218 650 249 224 202 182 321 217 0 0 0 1,504 0 0 0 0 32,081 33,262 35,704 39,033 41,403 155 69 62 56 50 246 275 275 275 275 297 373 373 373 373 698 717 710 704 698 32,779 33,979 36,414 39,737 42,101 5,827 6,306 4,674 6,468 8,553 9,189 11,892 11,892 11,892 11,892 (684) 2,500 4,176 6,075 8,209 8,505 14,879 16,068 17,967 20,101 47,111 55,164 57,156 64,171 70,755 (RMB) 0.926 1.251 1.351 1.511 1.690 12 2004A 2005A 2006F 2007F 2008F (%) 9.8 9.8 10.5 10.4 10.7 (%) 4.4 4.9 5.4 5.3 5.5 (%) 28.1 27.1 27.0 27.0 27.0 134.7 137.9 145.9 146.6 150.4 51.6 53.3 58.9 59.2 60.7 59.9 59.0 62.2 62.6 64.2 (x) 22.8 17.5 14.4 12.6 11.1 (x) 0.6 0.6 0.6 0.5 0.5 EBITDA (x) 4.9 5.3 4.9 4.4 3.8 (x) 4.2 (28.9) 9.2 8.4 6.7 (x) 2.9 2.1 1.9 1.7 1.6 (%) 16.2 14.3 14.0 14.6 14.7 (%) 2.3 3.0 3.8 3.9 4.0 (%) 118.5 47.0 34.3 30.3 27.6 (%) (157.9) (90.3) (43.2) (38.1) (37.2) (%) 1.8 0.5 0.4 0.3 0.3 (x) 1.2 1.3 1.3 1.3 1.3 (%) 1.2 1.5 1.9 2.1 2.4 (x) 20.5 50.3 90.3 147.5 237.5 311

2345 HK$2.575 2006 2007 73.4% 18.3% 123.00 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 851 64 0.085 92.3 32.0 0.013 0.5 29.6 2005A 1,425 135 0.180 111.3 14.9 0.006 0.2 27.1 2006F 2,533 234 0.192 6.7 13.8 0.049 1.8 15.1 2007F 3,033 277 0.192 0.2 13.8 0.058 2.2 11.3 2008F 3,517 315 0.219 13.7 12.1 0.066 2.5 11.8 312 Shares in issue (m) 1,438.3 Major shareholder 47.2% Market cap. (HK$ m) 3,703.6 Free float (%) 52.8 3 Average vol. ( 000) 40,949.0 06 06 Net gearing (%) Cash 06 06 P/B (x) 1.6 06 06 NBV per share (HK$) 1.6 52 52 Weeks high/low (HK$) 3.300/2.375 Est. NAV (HK$) 3.3 Absolute % change in price (1m/3m/1yr) 3.0/n.a./n.a. Relative % change in price (1m/3m/1yr) 3.4/n.a./n.a. Bloomberg06 07 081 1.03 2005 35.2% 49.0%2003-2005 58.1% 285.1% 2007 1-2 2007 2006 2007 30% 20%31.5% 20.0% 1,000 25 800 20 600 15 400 10 200 5 0 0 0.6 3.4 Zhang Wenxian

Guotai Junan (HK) 313 15 1,300280 6040% 12% 2006 2007 30% 30%64.3% 30.0% 0 100 200 300 400 500 600 0 2 4 6 8 10 12 2003-2005 22.5% 88.2% 20%-30% 80% 16% 2.24 2006 2007 15% 20% 10.6 % 20.0% 2005 920 2006 2007 3.3% 10.0% 2005 11 0.412005 9 2005 12 6,780 6202005 3.0% 2006 2006 2007 13.1220.0% 2006 2007 73.4% 18.3% 2006 2007 77.7% 19.7% 21.6% 21.6% 27%2006 2007 2.34 2.77 73.4% 18.3%2006 2007 0.1920.19220%-30% 30% 2006 20070.0490.058 2006 2007 13.813.8P/BV 1.61.5 1.8% 2.2% 12 3.00 NAV 10% 2006 16.1 3.30 NAV

314 12 2004A 2005A 2006F 2007F 2008F 850,942 1,425,348 2,532,890 3,032,989 3,516,697 (%) 67.5 77.7 19.7 15.9 14.5 (631,872 ) (1,059,808 ) (1,984,830 ) (2,376,392 ) (2,781,028 ) 219,070 365,540 548,060 656,597 735,668 (%) 25.7 25.6 21.6 21.6 20.9 15,874 34,865 25,132 30,194 35,196 (16,951 ) (33,495 ) (46,438 ) (55,550 ) (64,814 ) (111,465 ) (144,740 ) (177,145 ) (212,024 ) (247,116 ) (9,948 ) (12,548 ) (19,498 ) (23,409 ) (27,347 ) 96,580 209,622 330,111 395,808 431,588 (15,172 ) (17,202 ) (6,848 ) (14,686 ) (16,002 ) 10,349 8,525 13,425 16,097 17,552 91,757 200,945 336,688 397,219 433,138 (26,428 ) (55,481 ) (90,906 ) (107,249 ) (103,953 ) 65,329 145,464 245,782 289,970 329,185 63,730 134,845 233,787 276,573 314,532 (%) 92.5 111.6 73.4 18.3 13.7 1,599 10,619 11,996 13,397 14,653 9,451 4,511 70,136 82,972 94,360 (RMB) 0.085 0.180 0.192 0.192 0.219 (RMB) 0.013 0.006 0.049 0.058 0.066 12 2004A 2005A 2006F 2007F 2008F 91,757 200,945 336,688 397,219 433,138 15,172 17,202 6,848 14,686 16,002 (10,349) (8,525 ) (13,425 ) (16,097 ) (17,552 ) 50,388 58,482 59,706 103,567 129,609 (22,282) (142,813 ) (175,736 ) (62,003 ) (55,027 ) 9,362 (103,408 ) (178,800 ) (80,735 ) (78,089 ) (1,423) 145,958 480,544 216,748 202,602 (12,378) (34,006 ) (90,906 ) (107,249 ) (103,953 ) 10,376 (11,225 ) 0 0 0 130,623 122,610 424,919 466,135 526,730 (145,221) (289,729 ) (538,600 ) (384,100 ) (467,000 ) 11,756 32,715 0 0 0 4,625 (64,522 ) 14,000 0 0 (128,840) (321,536 ) (524,600 ) (384,100 ) (467,000 ) 14,193 304,000 1,390,000 0 0 9,462 53,602 0 0 0 317,240 314,690 269,300 192,050 233,500 (332,576) (397,070 ) 0 0 0 (14,672) (16,195 ) (19,498 ) (23,409 ) (27,347 ) 19,302 (13,152 ) 0 0 0 12,949 245,875 1,639,802 168,641 206,153 14,732 46,949 1,540,121 250,675 265,883 97,384 112,116 159,065 1,699,186 1,949,862 112,116 159,065 1,699,186 1,949,862 2,215,745 12 2004A 2005A 2006F 2007F 2008F 542,559 636,453 1,115,347 1,395,880 1,733,271 141,553 208,500 283,698 317,653 350,495 235,566 452,327 628,063 690,067 745,093 94,594 230,106 408,906 489,641 567,730 1,588 15,515 27,571 33,014 38,279 86,857 62,973 111,905 134,000 155,370 0 14,000 0 0 0 112,116 165,065 1,699,186 1,949,862 2,215,745 8,299 14,341 (105,351 ) (213,508) (328,197 ) 79,546 265,254 471,365 564,432 654,449 11,430 4,422 7,858 9,410 10,910 43,517 62,531 104,772 123,608 134,786 166,516 294,397 523,153 626,446 726,352 299,667 306,860 441,510 537,535 654,285 600,676 933,464 1,548,658 1,861,431 2,180,783 28,926 17,880 152,530 248,555 365,305 30,983 27,751 24,976 22,478 20,230 268,380 3,275 5,820 6,969 8,080 0 2,131 0 0 0 328,289 51,037 183,326 278,002 393,616 928,965 984,501 1,731,984 2,139,433 2,574,398 218,283 747,640 1,438,286 1,438,286 1,438,286 34,794 (3,772 ) 916,150 1,122,586 1,354,147 41,090 70,911 82,907 96,303 110,956 294,167 814,779 2,437,342 2,657,176 2,903,389 (RMB) 0.34 0.99 1.64 1.78 1.94 12 2004A 2005A 2006F 2007F 2008F (%) 11.3 14.7 13.0 13.1 12.3 (%) 7.5 9.5 9.2 9.1 8.9 (%) 14.8 3.4 25.4 30.0 30.0 130.2 118.5 99.3 101.2 94.2 43.0 41.6 46.0 54.1 54.9 45.2 59.4 67.7 79.5 80.0 (x) 2.7 1.5 1.1 0.9 0.7 EBITDA (x) 14.3 7.8 7.0 5.3 4.7 (x) 15.6 16.3 9.0 8.2 7.2 (x) 8.1 2.7 1.6 1.5 1.4 (%) 29.6 27.1 15.1 11.3 11.8 (%) 5.2 7.5 5.6 5.8 5.7 (%) 19.8 28.2 28.6 28.0 27.0 (%) 100.6 32.0 (71.3 ) (47.4 ) (44.7 ) (%) 11.4 2.4 6.5 9.7 13.1 (x) 0.9 1.0 1.8 1.7 1.6 (x) 6.4 12.2 48.2 27.0 27.0

Guotai Junan (HK) 8243 HK$0.465 06-09 06 06 7.5%2,136 60.36039% 0.50 07 P/B 1.5 Turnover Net profit EPS EPS PER DPS Yield ROE End 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (%) (%) 2004A 222 18 0.022 (43.7) 22.1 0.008 1.8 7.7 2005A 311 20 0.024 7.5 20.2 0.006 1.3 7.9 2006F 345 21 0.026 7.5 18.6 0.006 1.4 8.0 2007F 370 23 0.028 9.2 17.0 0.007 1.6 8.2 2008F 402 25 0.030 7.0 15.9 0.008 1.7 8.3 Shares in issue (m) 830.0 Major shareholder 48.8% Market cap. (HK$ m) 386.0 Free float (%) 30.1 3 Average vol. ( 000) 597 06 06 Net gearing (%) 36.4 06 06 P/B (x) 1.4 06 06 NBV per share (HK$) 0.3 52 52 Weeks high/low (HK$) 0.470/0.160 PEG (X) 2.3 Absolute % change in price (1m/3m/1yr) 32.9/24.0/120.4 Relative % change in price (1m/3m/1yr) 33.2/23.8/109.0 Bloomberg06 07 081 1.03 315 06-0905 200, 1.6%06-09 20% 06 061 06 061.2 + 1,0002,000 18.6 1.507 NBV1.407 NBV 06 07 7.5% 9.2%2,136 2,333 06 07 0.0260.028 60.36039% 0.50 07 P/B 1.5 Dennis Yao

316 12 2004A 2005A 2006F 2007F 2008F 222 311 345 370 402 (152 ) (219 ) (246 ) (265 ) (289 ) 70 91 98 105 113 5 3 3 4 4 (21) (26 ) (29 ) (31 ) (33 ) (24) (32 ) (36 ) (39 ) (42 ) 30 36 37 40 42 (6 ) (9 ) (8 ) (8 ) (8 ) 24 27 29 32 34 (4 ) (5 ) (6 ) (6 ) (7 ) 18 20 21 23 25 0.022 0.024 0.026 0.028 0.030 12 2004A 2005A 2006F 2007F 2008F 24 27 29 32 34 35 34 35 36 36 (3 ) (1 ) (1 ) (1 ) (1 ) (51) (40 ) (14 ) (11 ) (13 ) 14 (8 ) 3 2 3 (4 ) (5 ) (6 ) (6 ) (7 ) 7 9 10 11 12 21 16 56 63 64 (87) (30 ) (40 ) (40 ) (40 ) (30) (20 ) (20 ) (20 ) (20 ) (117 ) (50 ) (60 ) (60 ) (60 ) 0 0 0 0 0 60 20 (15 ) 0 0 (7 ) (7 ) (5 ) (5 ) (6 ) 53 13 (20 ) (5 ) (6 ) (43) (20 ) (23 ) (2 ) (1 ) 129 87 66 43 41 87 66 43 41 39 12 2004A 2005A 2006F 2007F 2008F 214 210 216 221 226 6 5 5 5 5 3 16 16 16 16 0 0 0 0 0 4 4 63 63 63 239 235 300 305 310 11 12 13 14 16 31 62 69 74 81 55 64 71 77 83 94 103 43 41 39 215 287 197 206 219 453 521 497 511 528 135 155 140 140 140 11 14 15 16 18 22 12 13 14 15 9 19 21 22 24 179 205 188 192 197 0 25 0 0 0 1 0 0 0 1 1 25 0 0 1 180 230 189 193 197 83 83 83 83 83 162 176 192 210 229 245 259 275 293 312 28 33 33 26 19 453 521 497 511 528 12 2004A 2005A 2006F 2007F 2008F 31.4% 29.4% 28.6% 28.5% 28.2% 13.5% 11.7% 10.7% 10.7% 10.4% 8.3% 6.4% 6.2% 6.3% 6.2% ROE 7.7% 7.9% 8.0% 8.2% 8.3%