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