六、公司组织结构与管理架构

A 35 C 1030 7 18 1807-1819

1 2004 6 24 A 2 2006 2 33 38 [2006]3 2006 10 [2006]18 2007 1 1 3 2006 7 89.36% 4 1995 1999 5%-9% 5 1 1 1

2003 19.6% 2005 16.1% 6 2006 11 13 A A 1 1 2

A A 1.00 11.5 33.8 / 7,345,053,334 A H 4,786,409,636 2,558,643,698 A A 2007 1 31 1 1 3

1 1 4

... 5... 9... 14...14...16...18...20...20... 21...21...22...22... 29...29...40...42... 44...44...44...47...64...76...80...92...94... 96...96...96...104...109 1 1 5

...115...142...148...148...153...154...154... 155...155...167... 172...172...172...173...175...176...176... 177...177...189...190...190...191...192....192...192...192... 196...196...197...201...205......206...206 1 1 6

1 1 7... 207...207...209...217...228...238...240...241...241...241...242...244...244...245...246...247...248...249...249...250...250...252...253...253...255...255......255...258...261...261... 262...262...274...291...293...298...301...303... 308

2006 9 30...309...310 2005 12 31...315...315...316... 319...319...321...322... 323...323...323...323... 325...325...326...326... 327...327...327...329...330... 331... 350 1 1 8

1 1 9

2006 11 13 2006 11 13 2006 11 13 2006 11 13 11.5 A A H 1 1 10

/ WTO COSO 1 1 11

100% 100% 1 1 12

100% 1 1 13

( ) 1. 2. Ping An Insurance (Group) Company of China, Ltd. Ping An of China 3. 6,195,053,334 4. 5. 1988 3 21 6. 7. 518029 8. 400-8866338 9. 0755-82431029 10. www.pingan.com.cn 11. ir@pingan.com.cn pr@pingan.com.cn 1988 18 20 4 3,000 3,000 200 2005 716.09 588.49 127.60 1 1 14

( ) 1988 1992 1994 1996 2002 2003 2004 2005 2006 12 2004 6 1,387,892,000 1,261,720,000 126,172,000 6,195,053,334 H 2,558,643,698 41.30% 3,636,409,636 58.70% 6 24 H 2318 ( ) 1 1 15

2006 11 2006 9 2006 2006 8 2006 3 CRM CRM 2005 12 2005 2005 8 2001 2005 2005 3 2004 12 21 2004 11 4 Investor Relations Magazine 2004 2006 12 31 5% 1 1 16

% 1 618,886,334 H 9.99 2 613,929,279 H 9.91 3 543,181,445 8.77 4 389,592,366 6.29 5 380,000,000 6.13 6 331,117,788 5.34 1. 1969 6 17 1,500 1,468.74 1866 8 14 ( ) 300 224.94 1,232,815,613 19.9% 2. 2004 10 13 44 100% 3. 1992 12 30 2.05 95% 5% 4. 2000 10 27 16 50% 5. 1996 12 31 8,000 80% 20% 1 1 17

1. 2006 1-9 2005 2004 2003 61,415 67,383 61,496 63,697 13,598 9,685 6,871 6,328 3,973 3,822 3,364 2,713 3,677 3,338 2,608 2,106 332,893 288,104 238,967 182,657 29,408 17,530 15,216 7,913 34,359 32,664 30,177 14,882 0.59 0.54 0.42 0.43 0.59 0.54 0.47 0.43 0.59 0.53 0.42 0.42 0.59 0.53 0.47 0.42 5.55 5.27 4.87 3.02 5.06 5.13 6.18 7.13 % 10.7 10.2 8.6 14.2 % 10.9 10.6 11.6 15.0 % 10.6 10.0 8.7 14.0 % 10.8 10.4 11.6 14.8 1 1 18

2. 2006 9 30 1 1 19 2005 12 31 2004 12 31 2003 12 31 1 % 89.7 88.7 87.4 91.9 2 % 387.7 354.6 504.1 617.5 3 % 18.8 7.4 6.8 10.7 4 % 2.3 3.9 4.1 4.5 5 % 2.4 3.4 2.7 3.3 15,685 15,177 11,335 8,752 12,240 10,787 9,206 7,661 % 128.1 140.7 123.1 114.2 3 % 38.4 25.7 30.0 3.3 6 % 96.4 96.9 95.0 97.6 7 % 3.6 3.1 5.0 2.4 8 % 59.9 61.0 59.8 66.4 2,033 2,113 1,754 1,440 1,776 1,377 1,105 835 % 114.5 153.4 158.7 172.5 1 + / 2 / 3 - / 2006 1 9 2005 1 9 4 = + + + - /[ + + + + + + /2] 2006 1 9 2006 1 9 5 /[ + + + /2] 2006 1 9 2006 1 9 6 + / + - - - 7 / + - - 8 - + +

/ + - - - 1. A 2. 1.00 3. 11.5 4. 33.8 / 5. A 6. A 11.5 388.7 / 1 1 20

A 1.00 11.5 33.8 / 76.18 2005 5.55 2006 9 30 9.88 2006 9 30 3.42 A A 648,075,640 613,050,000 9,000,000 3,006,037 1,320,000 1,580,000 19,110,962 1,008,641 1 1 21

2007 2 2 2007 2 7 2007 2 9 2007 2 12 2007 2 12 2007 2 14 2007 3 1 ( ) 400-8866338 0755-82431029 ( ) 1. 35 C 010-66568888 010-66568857 2. 1030 1 1 22

0755-82485201 0755-82485221 3. 7 18 1807-1819 010-66273333 010-66273300 ( ) 400-8866338 0755-82434614 ( ) 1. 12 B 25 26 010-68055788 1 1 23

2. 99 16 0591-87609894 3. 66 4 010-65183888-81039 4. 48 49 50 010-66276803 5. 98 021-63411631 6. 171 1 1 24

021-54030869 7. 673 021-63341050 8. 99 15 021-68598000-6153 9. 618 021-62583469 10. 1 010-68567378-603 11. 5047 10 24 25 1 1 25

0755-82493855 12. 1012 16-26 0755-82130556 13. A 38-45 0755-82943126 14. 200 39 010-66229111 15. 45 010-64482828-387 16. 1 1 26

90 025-84457777-955 17. 8 010-68069166 ( ) 12 6 010-65693399 010-65693836 ( ) 1 16 010-58153000 010-85188298 ( ) 7 A 40 1 1 27

010-58785588 010-58785566 ( ) 1515 11 Michael Ross 021-52986888 021-52986889 Michael Ross Michael Ross ( ) 166 36 021-58708888 021-58899400 ( ) 1 1 28

( ) 1. COSO 2006 9 30 3,000 1 1 29

2. 2006 9 30 0.47% 1.96% 1.74% 3. 1 1 30

4. 5. 2006 9 30 1 10 219 12,299,400 10 21 8,690,800 4 2 1 1 31

6. 7. 2006 9 30 33 17,804.45 2006 9 30 20 53,076.07 2006 9 1 1 32

30 2006 9 30 10 8. 15% 33% ( ) 1. (1) 1 1 33

(2) (3) 2. 1 1 34

3. 1 2 4. 5. 1 1 35

2005 5.92% 0.02% 6. 2006 7 1 2006 9 30 95.7% 1 1 36

7. 8. ( ) 1. (1) 2006 6 1 1 37

(2) 2006 9 30 2004 (3) 2006 9 30 2. 2006 1 1 38

3. 4. 1 1 39

1. WTO 2. 1 1 40

1995 1999 5%-9% 2006 9 30 12% 1999 6-212.63 3. 2005 7 21 2005 4.08 4. 1 1 41

1. 2. H A H A A H A H H A 3. 1 1 42

H 4. 2003 21.06 23.20 2004 26.08 31.16 2005 33.38 42.26 2006 1-9 36.77 53.17 2007 1 1 5. 2007 1 1 1 1 43

H 2318 Ping An Insurance (Group) Company of China, Ltd. Ping An of China 6,195,053,334 1988 3 21 518029 400-8866338 0755-82431029 www.pingan.com.cn ir@pingan.com.cn pr@pingan.com.cn ( ) 1988 3 21 [1988]113 1988 4 22 05716 4,200 1992 6 4 [1992]189 1992 11 14 [1992]93 1 1 44

1992 11 14 [1992]505 5 1993 12 17 [1993]366 1995 12 6 [1995]437 15 1996 5 24 < > [1996]157 1997 1 16 10001231-6 15 2001 12 5 [2001]197 2002 4 2 [2002]32 2002 10 28 [2002]98 [2002]350 [2002]351 2003 1 24 2,466,666,667 2004 6 1 1 45

H [2003]228 ( ) [2004]18 H 1,387,892,000 10.33 / 1,261,720,000 126,172,000 H 1,170,751,698 H 6,195,053,334 H 2,558,643,698 41.30% 3,636,409,636 58.70% 6 24 H 2318 ( ) 1. 2. ( ) 1. 5% 1 1 46

2. 2006 9 30 5% 5% 3. 4. 5. 1 1 47

( ) 1. [1988]113 1988 4 22 05716 4,200 51% 49% 2. 1 1989 9 20 89 109 25% 1989 9 29 00546 7,395 2 1991 8 29 [1991]36 14.91% 3 1992 12 31 [1992] 263 1992 22,362,883.55 10% 4 1992 9 29 1992 11 14 1 1 48

( [1992]505 ) 5 1993 5 262,287,557 4 1993 12 17 [1993]366 1994 [1994]177 [1995]218 1994 7 6 1995 4 1992 1995 1995 12 6 [1995]437 15 54 1995 12 31 1,500,000,000 % 1 266,809,271 17.79 2 1 396,068,347 26.40 3 173,288,029 11.55 4 121,392,110 8.09 5 138,247,736 9.22 6 7 120,191,723 8.01 120,191,723 8.01 8 6,828,399 0.46 9 1,707,100 0.11 1 1 49

10 580,414 0.04 11 2 751,124 0.05 12 682,840 0.05 13 17,070,998 1.14 14 1,707,100 0.11 15 ( ) 12,741,793 0.85 16 ( ) 6,828,399 0.45 17 546,272 0.04 18 1,263,254 0.08 19 6,828,399 0.46 20 682,840 0.05 21 ( ) 6,828,399 0.46 22 546,272 0.04 23 1,707,100 0.11 24 1,126,686 0.08 25 1,019,139 0.07 26 580,414 0.04 27 853,550 0.06 28 3,414,200 0.23 29 1,092,544 0.07 30 563,343 0.04 31 546,272 0.04 32 959,732 0.06 33 2,321,656 0.15 34 546,272 0.04 35 546,272 0.04 36 1,126,686 0.08 37 955,976 0.06 38 9,707,037 0.65 39 3,347,253 0.22 40 3,347,255 0.22 41 1,673,629 0.11 42 3,347,255 0.22 43 3,347,255 0.22 44 1,673,627 0.11 45 1,673,627 0.11 46 1,673,627 0.11 47 8,615,833 0.57 1 1 50 48 2,209,188 0.15 49 2,209,188 0.15 50 8,368,135 0.56 51 3,347,253 0.22 52 14,057,129 0.94

53 ( ) 3,892,188 0.26 54 8,368,137 0.56 1,500,000,000 100 1 1996 3 27 [1996]35 6 2 1996 [1995]24 ( ) 1. 1996 5 24 < > ( [1996]157 ) 1997 1 16 10001231-6 15 2. 1 1997 1996 4 30 1996 7 25 [1996]228 1997 4 3 [1997]146 15 25 2.8 1997 4 3 2.8 7.2 1.76 22.2 10,430,175.23 49,162,868 169,354,591 1 1 51

% 1 266,809,271 17.79 109,134,878 17.09% 2 173,288,029 11.55 70,881,225 11.10% 3 121,392,110 8.09 49,653,871 7.77% 4 138,247,736 9.22 56,548,447 8.85% 5 120,191,723 8.01 49,162,868 7.70% 6 120,191,723 8.01 49,162,868 7.70% 7 8 9 ( ) 3,892,188 0.26 1,592,049 0.25% 0 0 269,558,894 12.25% ( ) 0 0 61,004,900 2.77% 10 0 0 3,300,000 0.15% 720,000,000 2001 9 30 [2001]62 2002 10 14 1000001001231 22.2 2 2002 2002 10 8 2002 2002 9 17 [2002]102 246,666,667 6 4,966,320,000 246,666,667 2003 1 9 ( ) [2003]8 2003 1 24 1000001001231 2,466,666,667 3 2003 2003 9 10 2003 1 1 52

2003 11 26 [2003]142 10 10 4,933,333,334 2003 12 19 1000001001231 4,933,333,334 4 2004 H 2004 3 9 2004 2003 12 31 H [2003]228 2004 5 12 [2004]18 H 2004 6 10.33 1,387,892,000 H 1,261,720,000 126,172,000 1,170,751,698 H 6,195,053,334 H 2,558,643,698 41.30% 3,636,409,636 58.70% 2005 11 28 H 1000001001231 6,195,053,334 ( ) 1. 1 2 3 ( ) 6,828,399 2000 1 19 1,707,100 [2000]13 3,347,255 1 1 53

1 1 54 4 5 ( ) 6 2000 1 7 27 97,727,96 [2000]23 8 0 9 10 11 12 13 14 15 16 ( ) ( ) 682,840 2000 4 24 658,000 [2000]109 2,756,200 2000 9 30 169,354,5 [2000]264 ( ) ( ) 91 2000 11 23 396,068,3 17 [2000]354 47 18 2000 12 1,126,686 26 [2000]422

19 20 21 22 23 24 25 26 27 28 563,343 2001 1 9 [2001]18 2,756,200 2001 11 1,126,686 29 [2001]75 ( ) 12,741,79 3 2001 11 29 30,000,00 [2001]77 0 1,673,627 2002 1 15 [2002]4 9,707,037 3,347,255 2002 4 10 3,347,255 [2002]34 6,828,399 2002 5 15 14,057,12 29 [2002]42 9 30 31 2002 5 17 ( 169,354, [2002]51 ) 591 141,544,1 2002 6 49 19 1 1 55

190,000,0 [2002]52 00 44,400,00 0 32 1,673,629 33 1,092,544 100,000,0 00 34 ( 66,458,44 ) 2 2002 12 77,710,81 26 2 [2002]163 35 ( ) 2,209,188 36 853,550 37 38 39 1,707,100 2003 1 30 [2003]18 8,615,833 ( ) 2003 3 10 24,666,66 [2003]53 7 ( ) 40 2003 5 3,300,000 13 41 [2003]61 1,707,100 ( ) 1 1 56

42 682,840 2003 8 5 [2003]94 43 8,368,135 ( ) 44 45 46 47 2003 9 16 [2003]111 955,976 ( ) 2003 6 27 20,000,00 [2003]114 0 ( ) 4,153,550 2003 11 24 [2003]139 ( ) 2,209,188 171,045,9 2003 11 48 81 24 [2003]140 49 959,732 ( ) 50 546,272 51 52 53 54 88,000,00 0 2004 1 6,828,399 13 [2004]55 ( ) 6,828,399 3,347,255 1 1 57

55 56 57 58 59 60 61 62 63 64 65 [2005]53 25,000,00 0 [2005]53 4,643,312 [2004]137 39,960,00 0 [2004]152 331,117,7 88 [2004]159 2,185,088 [2005]55 37,231,66 6 [2005]74 13,000,00 0 [2005]76 1,160,828 [2005]101 11,112,88 6 [2005]107 963,178 ( ) 12,039,73 0 [2005]125 1 1 58

66 67 [2005]142 17,000,00 0 [2006]1 132,916,8 84 [2006]63 166,800,0 00 [2006]103 50,000,00 0 68 [2006]138 50,000,00 0 69 70 [2006]138 20,726,84 4 331,631,3 2005 8 06 25 [2005]745 282,297,9 ( ) 73 [2006]138 2,500,000 5,000,000 500,000 5,000,000 1,000,000 1 1 59

6,000,000 1 2004 6 15 2004 7 7 10% 2 2. [1998]95 1 2 3 4 5 6 7 8 9 10 - - - - 1 1 60 1998 9 23 2001 1 15 [2001]4 - - - 2001 11 29 [2001]75 11 2002 1 15

12 13 14 [2002]3 ( ( ) ) 2002 4 5 [2002]23 15 [2003]18 16 2003 4 8 2003 5 13 17 18 19 20 2003 11 5 2004 11 10 [2004]128 [2004]223 21 [2004]146 22 23 24 25 26 [2005]106 [2005]114 [2006]14 1 1 61

27 28 [2006]44 [2006]143 ( ) 1 1988 8 29 1988 14 2 1989 9 18 8909-105 3 1996 9 16 96 052 4 2002 7 3 [2002]26-A 5 2002 11 26 [2002] 641 6 2003 12 15 [2003] 1166 7 2005 11 18 [2005]134 ( ) 2004 2 16 [2004]14 49.33 6.68 13.54% 3.98 8.06% 1 1 62

H 2005 7 7 H [2005]117 H 17 5.89 9.51% 3.51 5.66% H 2006 12 6 [2006]255 2006 10 31 5.89 9.51% 3.68 5.93% ( ) 2001 12 5 [2001]197 2002 2 20 2002 2002 4 2 [2002]32 2002 7 8 2002 12 24 1000001003745 2002 6 11 [2002]0011 2002 7 8 2002 12 17 1000001003746 2002 6 11 [2002]0010 1 1 63

2002 10 28 [2002]98 [2002]350 [2002]351 2003 1 24 ( ) ( ) 2002 6 26 [2002]54 5 5% ( ) 5% 1. 1969 6 17 1,500 1 468.74 8 Canada Square,London,E14 5HQ,United Kingdom 76 9,500 1 1 64

2006 12 31 H 618,886,334 9.99% 1866 8 14 ( ) 300 224.94 1 20 600 5 20 2006 12 31 H 613,929,279 9.91% 1,232,815,613 19.90% 1959 1 1 7,500 5,782 8 Canada Square,London,E14 5HQ,United Kingdom 1.25 1 1 65

100% HSBC Finance( Netherlands) 100% HSBC Holdings BV 100% 100% HSBC Asia Holdings (UK) 100% HSBC Asia Holdings BV 100% 2. 2004 10 13 18 44 44 2006 12 31 543,181,445 8.77% [2006]A051 2005 12 31 31,475,812,508.28 13,794,862,152.01 2005 220,094,239.35 3. 1 1992 12 30 2.05 95% 5% 1 1 66

1010 2 [2002]54 2006 12 31 389,592,366 6.29% [2006] 016 2005 12 31 426,588,964.74 352,542,577.42 2005 55,519,711.09 2 (1992) 263 1996 5 27 ( ) 1997 3 25 [1997]35 1997 12 30 2.05 95% 5% 2006 11 5% 95% 5% 3 1992 11 14 1 1 67

[1992]505 1992 12 31 1992 263 1992 22,362,883.55 10% 1993 41,964,071.46 13,988,023.82 1993 1995 1995 12 31 138,247,736 1996 7 25 [1996]228 1996 12 99,525,266.72 1.76 / 56,548,447 2003 11 26 [2003]142 10 10 194,796,183 2004 4 20 [2004]210 2006 12 31 389,592,366 6.29% 4. 2000 10 27 1568 5 301-305 16 50% 2006 9 30 380,000,000 1 1 68

6.13% 2005 12 31 1,658,211,836.96 1,658,189,483.88 5. 1 1996 12 31 8,000 80% 20% 1010 2 [2006] 018 2005 12 31 414,723,964.63 364,933,526.21 2005 47,814,374.94 2 1999 10 15 [1999]48 [1999]47 80% 20% 3 2004 12 331,117,788 2006 12 31 331,117,788 5.34% 1 1 69

( ) 2002 9 17 [2002]102 2006 9 30 618,886,334 9.99% 2002 11 25 2008 12 31 2006 12 31 2009 12 31 2002 11 25 6 6% ( ) 100% 11.63% - 1. 1 1 70

1997 12 19 1999 6 23 1999 6 23 2. 1 1 71

3. 2001 10 2006 12 31 18,969 430,619,411 4,743,600 1.10% 500,000 0.12% 4,168,300 0.97% 5,000 0.00% 502,080 0.12% 992,800 0.23% 836,160 0.19% 2,358,240 0.55% 64,602 0.02% 300,000 0.07% 300,000 0.07% 735,040 0.17% 300,000 0.07% 1,721,520 0.40% 1,373,040 0.32% 1 1 72

300,000 0.07% 19,200,382 4.47% ( ) 1. 1992 9 9 10,000 B 8 2006 12 31 566,249,530.18 514,050,516.74 2006 356,482,926.73 ( ) 2. 63.34% 36.66% 2005 5.86% 2.93% 3.83% 0.44% 0.12% 1 1 73

0.35% Richard JACKSON 0.59% 1.76% 1.41% 3.57% 1.17% 3.81% 0.70% 26.54% 3. 4. 1 2005 2005 6-11,112,886 97,000,000 4.35 1 1 74

20.45% 2005 6 20 89 20.4526% 2005 6 10 2005-2006 2006 42.8874% 26.225% 63.34% 36.66% 2 2005 10 19-108,112,886 88,112,886 5. 1997 4 3 [1997]146 269,558,894 22.2 12.14% 2001 11 29 30,000,000 239,558,894 10.79% 1 1 75

2002 9 246,666,667 239,558,894 2,466,666,667 9.71% 2003 11 10 10 479,117,788 9.71% 2004 6 H 479,117,788 6,195,053,334 7.73% 2004 12 331,117,788 148,000,000 2.39% 2005 6 11,112,886 159,112,886 2.57% 2006 11 2,000 250 500 50 500 100 600 139,112,886 2.25% 2006 12 31 139,112,886 2.25% ( ) A 6,195,053,334 1 1 76

% % /A 3,636,409,636 58.70 4,786,409,636 65.17 A 1,150,000,000 15.66 H 2,558,643,698 41.30 2,558,643,698 34.83 6,195,053,334 100 7,345,053,334 100 ( ) 2006 12 31 % % 1 FLS 618,886,334 H 24.19 9.99 2 (FLS) 613,929,279 H 23.99 9.91 3 (SS) 543,181,445 14.94 8.77 4 389,592,366 10.71 6.29 5 380,000,000 10.45 6.13 6 331,117,788 9.11 5.34 7 (SLS) 301,585,684 8.29 4.87 8 200,000,000 5.50 3.23 9 195,455,920 5.37 3.16 10 176,000,000 4.84 2.84 3,749,748,816 60.53 SS State-own Shareholder SLS State-own Legal-person Shareholder FLS Foreign Legal-person Shareholder ( ) 2006 12 31 % % 1 CHAN MING HUNG 150,000 H 0.0059 0.0024 2 KONG YIU MAN SIMON 150,000 H 0.0059 0.0024 3 CHOW KIM SIN 100,000 H 0.0039 0.0016 4 TAM WING FAN 100,000 H 0.0039 0.0016 1 1 77

5 WONG LEUNG SAU HING 100,000 H 0.0039 0.0016 6 WU WAI KUEN ALBERT 100,000 H 0.0039 0.0016 7 YAM KAM MING 100,000 H 0.0039 0.0016 8 LO CHI HANG 86,000 H 0.0034 0.0014 9 CHIM CHUN HOP 50,000 H 0.0020 0.0008 10 LEE FUNG MEI 50,000 H 0.0020 0.0008 986,000 0.0385 0.0159 H ( ) 2006 12 31 01 (SS) 543,181,445 14.94% 8.77% 02 389,592,366 10.71% 6.29% 03 380,000,000 10.45% 6.13% 04 331,117,788 9.11% 5.34% 05 301,585,684 (SLS) 8.29% 4.87% 06 200,000,000 5.50% 3.23% 07 195,455,920 5.37% 3.16% 08 176,000,000 4.84% 2.84% 09 166,800,000 4.59% 2.69% 10 139,112,886 3.83% 2.25% 11 132,916,884 3.66% 2.15% 12 113,800,000 3.13% 1.84% 13 81,880,000 2.25% 1.32% 14 50,888,464 1.40% 0.82% 15 50,000,000 1.37% 0.81% 16 50,000,000 1.37% 0.81% 17 45,000,000 1.24% 0.73% 18 39,960,000 1.10% 0.65% 19 24,785,317 (SS) 0.68% 0.40% 20 23,000,000 0.63% 0.37% 21 20,726,844 0.57% 0.33% 1 1 78

22 17,000,000 (SLS) 0.47% 0.27% 23 (SLS) 14,754,569 0.41% 0.24% 24 13,656,798 0.38% 0.22% 25 13,656,798 0.38% 0.22% 26 13,000,000 0.36% 0.21% 27 (SS) 12,039,730 0.33% 0.19% 28 8,852,747 (SS) 0.24% 0.14% 29 8,307,100 0.23% 0.13% 30 6,000,000 0.16% 0.10% 31 5,901,829 (SLS) 0.16% 0.10% 32 (SLS) 5,901,826 0.16% 0.10% 33 5,901,826 (SLS) 0.16% 0.10% 34 5,512,400 0.15% 0.09% 35 5,000,000 0.14% 0.08% 36 5,000,000 0.14% 0.08% 37 4,779,880 0.13% 0.08% 38 4,643,312 0.13% 0.08% 39 3,012,008 0.08% 0.05% 40 41 42 43 44 ( ) 3,009,933 (SLS) 0.08% 0.05% 2,950,914 (SLS) 0.08% 0.05% 2,950,914 (SLS) 0.08% 0.05% 2,648,740 (SLS) 0.07% 0.04% 2,526,508 0.07% 0.04% 45 2,500,000 0.07% 0.04% 46 2,185,088 0.06% 0.04% 47 (SLS) 1,986,556 0.05% 0.03% 48 1,986,556 (SLS) 0.05% 0.03% 49 1,316,000 0.04% 0.02% 50 1,160,828 0.03% 0.02% 51 1,000,000 0.03% 0.02% 52 (SLS) 963,178 0.03% 0.02% 53 500,000 0.01% 0.01% 3,636,409,636 100.00% 58.70% 1 1 79

( ) 1 19.9% 2 13.88% 3 8.96% 4 2.76% 5 1.97% ( ) A 1 1 80

1 1 81

1 1 82 ( )

( ) 1 2 / 3 / 4 5 / IT 6 7 / ( ) 2006 12 31 18 15 3 1. 2002 12 17 38 1 1 83

99% 15 1% 2005 12 31 2,508.19 104.65 2005 28.40 2006 9 30 2,863.02 89.60 2006 1-9 29.03 2. 2002 12 24 30 99.062% 15 2005 12 31 141.12 22.86 2005 2.91 2006 9 30 186.45 22.94 2006 1-9 5.84 3. 1984 11 19 1995 42 99.881% 1 1 84

2005 12 31 75.29 42.93 2005 0.45 2006 9 30 119.42 45.17 2006 1-9 2.23 4. 1996 7 18 18 86.21% 9.9% 1.6667% 1.6667% 0.5556% 2005 12 31 36.81 14.41 2005 0.06 2006 9 30 65.37 16.34 2006 1-9 1.94 5. 1 1 85

1993 1 8 2003 9 29 50% 23% 2004 2 19 73% 6.14 73% 27% 2005 12 31 11.17 4.98 2005 0.07 2006 9 30 15.59 6.91 2006 1-9 0.03 6. 2004 12 13 3 95% 3% 1% 0.5% 0.5% 2005 12 31 2.96 2.93 2005 0.07 2006 9 30 2.94 2.91 2006 1-9 0.02 2006 12 15 [2006]1416 35 127 1 1 86

7. 2005 6 13 5 95% 2% 2% 0.5% 0.5% 2005 12 31 5.03 5.01 2005 0.01 2006 9 30 5.04 5.01 2006 1-9 0.0004 8. 2005 5 27 2 90% 5% 5% 2005 12 31 2.14 2.05 2005 0.05 2006 9 30 2.17 2.10 2006 1-9 0.05 9. 1996 10 24 55,500 5,549,999 1 1 1 87

2005 12 31 1.10 0.94 2005 0.01 2006 9 30 0.91 0.90 2006 1-9 0.03 10. 1976 8 17 8,000 75% 25% 2005 12 31 1.67 1.21 2005 0.01 2006 9 30 1.77 1.21 2006 1-9 0.002 11. 2006 5 2,500 2006 9 30 0.22 0.22 2006 5-9 0.04 12. 1996 4 10 5,000 49% 42% 9% 2005 12 31 0.83 0.46 2005 0.002 2006 9 30 1.74 0.46 2006 1-9 0.004 13. 1992 11 24 2,000 1 1 88

80% 20% 2005 12 31 0.72 0.71 2005 0.02 2006 9 30 0.72 0.71 2006 1-9 0.002 14. 1995 1 6 2,000 90% 10% 2005 12 31 0.82 0.69 2005 0.01 2006 9 30 0.82 0.73 2006 1-9 0.04 15. 2005 3 8 3 98.33% 1.67% 2005 12 31 3.04 3.03 2005 0.03 2006 9 30 3.11 3.11 2006 1-9 0.08 16. 2005 9 5 300 90% 10% 1 1 89

2005 12 31 0.03 0.03 2005 0.002 2006 9 30 0.04 0.04 2006 1-9 0.02 17. 2006 7 31 3,850 80% 20% 18. 1 1995 8 3 16 55.02 89.36% / 1995 7 17 16 1995 8 3 1 1 90

16 1998 3 26 2 2006 1 27 [2006]90 2006 7 28 / 1 10.08 63% 1 39.02 55.02 89.24% 10.08 10.08 2006 7 28 2006 9 29 2006 2006 11 30 [2006]397 2006 12 15 2006 1 1 91

7 6,611,320 49.17 89.36% ( ) 2006 9 30 48,286 34 1. % 41,849 86.67 1,939 4.02 185 0.38 4,313 8.93 48,286 100 2. % 1,522 3.15 16,833 34.86 18,061 37.40 11,870 24.58 48,286 100 3. % 30 22,366 46.32 31 40 19,069 39.49 1 1 92

% 41 50 5,888 12.19 51 60 853 1.77 60 110 0.23 48,286 100 ( ) 1. 2. 3. 1 1 93

4. 5. ( ) H 2004 6 H H [2004]61 ( ) [2004]18 1,170,751,698 H H H H H 2005 8 25 ( ) [2005]745 331,631,306 282,297,973 1 1 94

613,929,279 9.91% 2005 8 H H ( ) A A A 1 1 95

1988 1992 1994 1996 2002 2003 2004 2005 2006 12 18 20 4 3,000 3,000 200 2005 716.09 588.49 127.60 ( ) 1 1 96

1. (1) 1 1 97

70% (2) 1 1 98

(3) 2. ( ) Sigma 2006 5 2005 34,260 19,740 14,520 1 1 99

2.5% 3.9% 0.6% 2005 14.0% 2005 3 (2) (2) ( ) ( ) ( ) (1) ( ) ( ) (1) ( ) 2,226 1,715 9.9% 39.6 1.8% 30.5 20.5 0.9% 15.8 12,487 42,343 3.5% 517.1 4.1% 1,753.2 625.8 5.0% 2,122.0 4,521 35,542 2.7% 376.0 8.3% 2,956.3 100.5 2.2% 790.4 2,808 33,995 0.9% 90.2 3.1% 1,042.1 107.0 3.7% 1,268.4 2,101 34,958 1.4% 154.1 7.1% 2,474.6 68.2 3.1% 1,093.9 809 16,646 4.0% 58.8 7.3% 1,210.6 24.1 3.0% 495.5 798 723 7.7% 20.2 2.5% 18.3 4.8 0.6% 4.4 347 15,219 4.1% 38.8 11.2% 1,699.1 10.2 2.9% 446.4 367 49,595 1.9% 22.7 6.2% 3,078.1 18.3 5.0% 2,480.3 178 25,797 7.3% 15.3 8.6% 2,213.2 2.3 1.3% 331.7 (1) (2) (3) Sigma 2005 1.8% 0.9% 30.5 15.8 2000 2005 25.1% 2005 4,928.4 3,644.9 1,283.5 1 1 100

2000-2005 2000 2001 2002 2003 2004 2005 1,609 2,116 3,048 3,849 4,323 4,928 % 11.4 31.5 44.1 26.3 12.3 14.0 2005 5 498.24 437.34 392.84 333.63 291.23 1,953.28 39.6% 2005 1,132.8 11.6% 2005 14,315.8 3,357.2 52.3% 2005 845.6 2005 3,644.9 14.0% 2000 2001 2002 2003 2004 2005 1,003 1,425 2,275 2,983 3,198 3,645 (%) 13.3 42.1 59.7 31.1 7.2 14.0 2005 1,283.5 14.1% 2000 2001 2002 2003 2004 2005 606 691 773 866 1,125 1,284 % 8.4 14.0 11.9 12.0 30.0 14.1 ( ) 1. 2002 1 1 101

2005 6 2. 2003 77.7% 3. 4. 5. 2000 13 2005 40 22 1 1 102

( ) 1. 2010 2000 7.5% 2. 2000 65 7% 2015 9% 2025 12% 3. 4. 2010 2005 1 4% 750 5 1 1 103

5. 6. 7. WTO WTO ( ) 1998 11 18 ( ) 1995 2002 1 1 104

1. 2. 3. 4. 5. 20% 1 1 105

6. 7. 1 2 30% 10% 3 1 1 106

AA AA 30% 10% 4 30% 10% 5% 5 30% 10% 10% 3% 2000 10 15% 3% 10% 2004 10 5% 100% 80% 5% 10% 1 1 107

5% 2006 3 2006 6 2006 9 8. 2003 1 1% 4% 2 3 0.1% 3 5 0.15% 5 0.3% 1 1 108

1 1 18% 1 16% 2 3 7,000 26% 7,000 23% 100% ( ) 2005 82 6 1,800 12 152 ( ) 2005 % 1,609.49 44.2 588.49 16.1 362.01 9.9 210.78 5.8 178.05 4.9 696.08 19.1 3,644.90 100.0 1 1 109

2005 % 659.82 51.4 148.66 11.6 126.76 9.9 348.25 27.1 1,283.49 100.0 ( ) 2005 2005 2004 2003 588.49 548.77 589.59 (%) 16.1 17.2 19.6 126.76 106.44 84.18 (%) 9.9 9.5 9.7 2003-2005 1 2004 2005 27 42 2003 2005 77.0% 70.2% % 2006 2005 2004 2003 45.3 44.2 46.5 44.9 17.0 16.1 17.2 19.6 9.3 9.9 10.8 12.5 1 1 110

71.6 70.2 74.5 77.0 2003-2005 2006 2 H 2003 63.8% 2005 78.6% 2005 2004 2003 (%) (%) (%) (%) (%) 46,239 78.6 14.9 40,252 73.4 6.9 37,637 63.8 7,332 12.4 (15.5) 8,681 15.8 (19.3) 10,760 18.3 5,278 9.0 (11.2) 5,944 10.8 (43.7) 10,562 17.9 58,849 100.0 7.2 54,877 100.0 (6.9) 58,959 100.0 ( ) ( ) 1. 1 1 111

2006 2005 2005 2006 2. 1995 1996 1 1 112

3. 2006 9 30 70 3,000 20 9,000 24,000 PA18 2005 68% 65% 4. 3,000 200 2004 2005 8.73 13.38 8.1% 10.5% 5.40 2.52 5. 1 1 113

2003 2004 2005 2006 1-9 376.37 402.52 462.39 413.07 63.8% 73.3% 78.6% 79.6% 6. 1997 7. 2006 3,000 8. 1 1 114

2005 500 CRM 2005 ( ) 1 2 WTO ( ) 1. 35 2,000 2003-2005 2006 1-9 2006 1-9 2005 2004 2003 % % % % 41,307 79.6 46,239 78.6 40,252 73.4 37,637 63.8 5,102 9.8 5,278 9.0 5,944 10.8 10,562 17.9 1 1 115

5,492 10.6 7,332 12.4 8,681 15.8 10,760 18.3 51,901 100.0 58,849 100.0 54,877 100.0 58,959 100.0 (1) 2005 2006 1-9 78.6% 79.6% 2005 2006 1-9 19.6% 16.5% 2005 2006 1-9 38.1% 42.1% 2005 2006 1-9 22.4% 23.0% 2003 2005 2006 1-9 19.9% 18.4% 2006 9 30 19.5 2,384 19,811 1 1 116

2006 9 30 95.7% 1 2 3 4 PA18 PA18 2006 1-9 2005 2004 2003 / 3,631 4,446 3,245 3,039 / 2.2 2.3 2.3 2.7 PA18 13 25 1 1 117

1 1 118 2006 1-9 2005 2004 2003 13 88.7% 85.9% 87.5% 85.7% 25 80.0% 81.9% 80.3% 79.6% 2006 1-9 2005 2004 2003 (%) (%) (%) (%) 9,771 23.7 11,642 25.2 9,049 22.5 9,096 24.2 7,560 18.3 8,944 19.3 6,396 15.9 6,086 16.2 23 0.1 41 0.1 128 0.3 519 1.4 2,188 5.3 2,657 5.8 2,525 6.3 2,491 6.6 31,536 76.3 34,597 74.8 31,203 77.5 28,541 75.8 41,307 100.0 46,239 100.0 40,252 100.0 37,637 100.0 (2) 2005 2006 1-9 9.0% 9.8% 2005 2006 1-9 15.3% 5.3% 2005 2006 1-9 84.6% 94.6% 2005 2006 1-9 0.1% 0.1%

2006 9 30 130 24,000 2006 1-9 2005 2004 2003 (%) (%) (%) (%) 4,913 96.3 5,052 95.7 5,747 96.7 10,443 98.9 23 0.5 40 0.8 98 1.6 184 1.8 4,888 95.8 5,010 94.9 5,645 95.0 10,257 97.1 2 0.0 2 0.0 4 0.1 2 0.0 189 3.7 226 4.3 197 3.3 119 1.1 5,102 100.0 5,278 100.0 5,944 100.0 10,562 100.0 (3) 2005 2006 1-9 12.4% 10.6% 2005 2006 1-9 15.0% 17.4% 2005 2006 1-9 1 1 119

53.6% 44.6% 2005 2006 1-9 3.8% 4.8% 2005 2006 1-9 27.6% 33.2% 1,700 PA18 2006 1-9 2005 2004 2003 (%) (%) (%) (%) 5,140 93.6 6,875 93.8 8,215 94.6 10,287 95.6-0.0 1 0.0 1 0.0 1 0.0 3,319 60.4 4,850 66.2 6,730 77.5 8,916 82.9 1,821 33.2 2,024 27.6 1,484 17.1 1,370 12.7 352 6.4 457 6.2 466 5.4 473 4.4 5,492 100.0 7,332 100.0 8,681 100.0 10,760 100.0 (4) 1 1 120

1995 1999 5%-9% 50 (5) 2003-2005 2006 1-9 : 2006 1-9 2005 2004 2003 41,307 46,239 40,252 37,637 9,771 11,642 9,049 9,096 7,560 8,944 6,396 6,086 23 41 128 519 2,188 2,657 2,525 2,491 31,536 34,597 31,203 28,541 5,102 5,278 5,944 10,562 4,913 5,052 5,747 10,443 23 40 98 184 4,888 5,010 5,645 10,257 2 2 4 2 189 226 197 119 5,492 7,332 8,681 10,760 5,140 6,875 8,215 10,287-1 1 1 3,319 4,850 6,730 8,916 1,821 2,024 1,484 1,370 352 457 466 473 51,901 58,849 54,877 58,959 19,824 23,569 23,011 29,826 7,583 8,985 6,495 6,271 1 1 121

8,230 9,901 12,503 19,692 4,011 4,683 4,013 3,863 32,077 35,280 31,866 29,133 2006 1-9 2005 2004 2003 (%) 77.4 76.8 70.7 66.9 (%) 0.5 0.8 1.7 1.8 (%) 0.0 0.0 0.0 0.0 2006 9 2005 2004 2003 194,962 200,193 199,997 188,033 1,735 1,644 1,605 1,275 24,188 27,222 20,023 21,299 2. 39 1,300 2003-2005 2006 1-9 1 1 122

2006 1-9 2005 2004 2003 (%) (%) (%) (%) 8,647 67.0 7,935 62.2 6,600 61.5 4,847 57.0 3,604 27.9 4,259 33.4 3,744 34.9 3,491 41.1 658 5.1 566 4.4 387 3.6 162 1.9 12,909 100.0 12,760 100.0 10,731 100.0 8,500 100.0 2003-2005 2006 1-9 2006 1-9 2005 2004 2003 (%) (%) (%) (%) 12,828 99.4 12,676 99.3 10,644 99.2 8,418 99.0 81 0.6 84 0.7 87 0.8 82 1.0 12,909 100.0 12,760 100.0 10,731 100.0 8,500 100.0 2006 1-9 2005 2004 2003 (%) (%) (%) (%) 1,832 14.2 3,444 27.0 2,340 21.8 2,902 34.1 6,414 49.7 5,605 43.9 5,680 52.9 4,489 52.8 3,017 23.4 2,119 16.6 1,466 13.7 609 7.2 1,344 10.4 1,338 10.5 873 8.1 378 4.5 302 2.3 254 2.0 372 3.5 122 1.4 12,909 100.0 12,760 100.0 10,731 100.0 8,500 100.0 (1) 1 1 123

PA18 2003-2005 2006 9 2006 9 2005 2004 2003 8,671 7,708 6,975 6,742 (2) 2003-2005 2006 9 2006 9 2005 2004 2003 10,629 6,176 6,168 7,589 (3) (4) 2003-2005 2006 1-9 2006 1-9 2005 2004 2003 1,353 1,338 873 443 % 10.5 10.5 8.1 5.2 1 1 124

3. 2005 8 0.2% 1.2% 2006 12 15 35 127 4. 2005 1 1 125

5. (1) 2003-2005 2006 9 30 2006 9 2005 2004 2003 3,131.7 3,031.2 2,836.2 2,688.0 26.5 26.7 17.7 18.8 (2) 2003-2005 2006 9 30 2006 9 2005 2004 2003 501.3 600.6 551.9 393.3 167.8 168.0 61.3 51.5 6. (1) 1 1 126

(2) 20 1,700 24,000 8,000 10,000 (3) 1 1 127

(4) A- 2006 1-9 2005 2004 2003 520 810 813 981 % 1.0 1.4 1.5 1.7 2,900 3,431 3,309 2,819 % 22.5 26.9 30.8 33.2 2005 538 237 17 1 1 128

4 3 2006 9 30 2005 1,126 617 Aon Group Limited 317 CNOOC Insurance Limited 249 Munich Reinsurance Co., Hong Kong 227 2006 9 30 2003 HIH Casualty & General Insurance Ltd. HIH 55.5 HIH 2006 2,000 1,500 1,000 1,500 1,500 2006 9 30 1 1 129

% % 1 CNOOC and Shell Petrochemicals Company Ltd. AIG 3,563 ( 2.5 97.5 ) 2 3 4 CNOOC and Shell Petrochemicals Company Ltd. Nuclear Power Qinshan Joint Venture Co., Ltd. SAE Magnetics (HK) Ltd. &/or SAE Dongguan) AIG 3,008 ( 2.5 97.5 ) 7,492 5.1 94.9 7,442 CHUBB 1.6 98.4 INSURANCE CO. 5 CONOCOPHILLIPS CHINA INC. 700 8.4 91.6 6 SAE Magnetics (HK) Ltd. &/or SAE (Dongguan) 5,040 CHUBB 1.5 98.5 INSURANCE CO. 7 3,840 7.9 92.1 8 AT&S CHINA CO.LTD 3,479 3.6 96.4 FACTORY MUTUAL INSURANCE CO. 1 1 130

9 HNA GROUP COMPANY LIMITED/AIRPORT S AS PER SCHEDULE/SUBSID IARY/ASSOCIATED /AFFILIA 420 10.9 89.1 10 3,247 3.7 96.3 (5) (6) 1 1 131

10 2005 91.59% 10 ( ) 1. 1 1 132

(CFO) (1) CFO (2) 11 (3) (4) 2005 5 27 1 1 133

(5) 2. 2006 9 30 2,830 2006 1-9 2005 2004 115.98 92.32 63.56 4.6% 4.2% 3.6% 3. (1) (2) 1 1 134

(3) 4. (1) (2) (3) 1 1 135

(4) 5. ( ) 1. 2005 12 31 3.3 38.4 29.6 21.4 1 2 3 1 1 136

2003 4 2003 4 2. 2006 12 1 2004 2006 6 23 3 2006 10 2006 9 30 2005 2004 862 616 137 91 46 26 732 557 108 39 13 3 310 252 71 1,118 303 174 0% 2006 9 30 40% 23% 1 1 137

2 D10025840H0001 2005 12 31 1 45 150 1400 2004 17 3 15% 2006 2006 84,199 4,851 148 72,275 47,563 4.1% 6.5% 133.2% 136.4% 10.7% 1 1 138

2006 7 28 10.08 10.08 39.02 3 5 66% 2006 12 15 2006 12 15 2006 12 31 2006 2006 2 ( ) 1. 1 1 1 139

2 2005 1% 2002 51 34 17 96.56 2006 1-9 2005 2004 2003 288.02 181.95 181.57 73.02 56.93 10.95 4.78 0.56 105.75 80.88 49.3 14.15 84.48 2.61 22.27 9.49 74.69 31.18 67.1 5.77 0.07 0.02 2.24 9.68 58.82 79.53 58.1 31.29 11.23 15.2 0.1 0.02 657.53 371.92 385.26 143.98 2. 1 20 80 1990 1 1 140

2006 9 A B 1,396 15,784 52,283 7,616 2005 116 33 86 3 2005 2 2006 4 16 2003 2005 8 6,322 7,846 3,943 2006 9 30 22 2 2003 2005 12,782 14,492 11,742 1 1 141

2003 2005 12,416 51,986 15,158 2,926 1,723 261 2003 2005 7,832 4,758 1,208 ( ) 1. 2004 2006 5 18 12,000 2. 8 3,000 3. 6 1 1 142

1 1 143 1 2 3 4 5 6

4. 2006 9 30 ( ) 2005 500 500 CRM 2005 1. 1,000 50% 90% 1 1 144

2. 1 2002 3,000 2003 3,000 600 2004 2 2002 / B/S / 1 1 145

1 1 146 3 2000 PA18 4 2006 CMMI 2 CMMI 2 CMMI 5 2004 BSI ISO9000 IT 2004 ITIL IT IT IT IT IT IT 6

2004 IT 2006 9 143 93 2004 10 BS7799 2005 BS7799 BS7799 3. IT 2006 1 1 147

2003 2004 2005 2006 1-9 5 1.6% 1.1% 1.1% 1.4% 50% 5% ( ) 1 2006 9 30 2005 12 31 2004 12 31 2003 12 31 7,833 7,071 6,949 6,745 (2,451) (2,235) (2,017) (1,692) (353) (323) (301) (213) 5,029 4,513 4,631 4,840 1. 2006 9 30 2005 12 31 2004 12 31 2003 12 31 5,353 4,751 4,852 4,831 (955) (895) (760) (603) (353) (323) (301) (213) 4,045 3,533 3,791 4,015 (1) 1 1 148

2006 11 24 248 567,454.2 2006 9 30 10 663.09 2006 12 31 2 2006 9 30 33 17,804.45 1 1 149

2006 9 30 20 53,076.07 33 20 41 66,164.28 10 3,836.18 2 880.06 2006 12 31 6 40,911.34 16 109,643.25 / 2006 9 30 790 (2) 1 1 150

2006 11 24 2 231,560.1 2. 2006 9 30 2005 12 31 2004 12 31 2003 12 31 1,324 1,346 888 791 (27) (27) (27) (11) 1,297 1,319 861 780 2006 9 30 3 3. 1 1 151

177 186 151 110 156 150 133 134 2006 9 30 2005 12 31 2004 12 31 2003 12 31 407 347 222 122 (230) (161) (71) (12) - - - - % 43.5 53.6 68.0 90.2 1,673 1,573 1,426 1,328 651 644 556 581 (1,022) (929) (870) (747) - - - - % 38.9 40.9 39.0 43.8 400 400 449 464 (244) (250) (316) (330) - - - - % 39.0 37.5 29.6 28.9 = / *100% ( ) 3 2006 9 30 2005 12 31 2004 12 31 2003 12 31 106 103 76 57 - - - - 106 103 76 57 1. 2006 9 30 169 1 1 152

2. 2006 9 30 45 49 4 3. 2006 9 30 2006 9 30 E10021SXZ IC2004034 L10031SZX IC2004036 P10031SZX 00297894 IC2004003 Z27574000 SC200505 Z 019 92003 215 W10042900H0001 E10081VSH 0036 0004 L10391VSH F10051VSH1 A032035038 1 1 153

1996 2006 12 34 2003-2005 2006 1-9 0.82 0.87 0.84 0.81 1 1 154

( ) 1 1 155

1 1 156

1. 1 2 3 4 2. 1 1 157

1 2 3 4 5 6 7 8 3. (1) 1 1 158

1 1 159 (2) (3)

/ (4) 4. 1 1 160

1 2 3 4 ( ) 1. 1 1995 2 1997 3 2000 4 2002 5 2003 6 2003 7 2006 1 1 161

2. IT 1 ALM 2 3 4 5 3. 1 Committee of Sponsoring Organizations of the Treadway Commission COSO ERM 2 3 4. 1 2005 1 1 162

2 ( ) 1. : 1 2 3 4 5 6 1 1 163

2. 2004 2005 1 2 3 4 5 1 1 164

3. 1 2 3 4. 1 1 1 165

1 2 5. 1 1 166

1 2 3 4 5 ( ) 1. 2. 1 1 167

1 1 1 168

/ / / 2 1 1 169

3 1 1 170

4 2005 BS7799 ( ) 2006 9 30 1 1 171

19.90% ( ) 2005 8 31 19.90% 19.90% 9.99% 9.91% 2005 8 31 9.91% 9.99% ( ) 5% 5% 2006 9 30 1 1 172

1 8.77% 2 6.29% 3 6.13% 4 5.34% ( ) ( ) ( ) 2006 9 30 ( ) 2006 7 28 1 10.08 63% 5.35 5.35 1 1 173

1 39.02 6,611,320 49.17 89.36% ( ) 2002 11 25 6 ( ) 1. 2006 9 30 2005 12 31 308 232 1 1,900 5.52% 2004 10 13 2024 10 13 2. 2006 9 30 9 2005 8 31 2005 12 31 4 10 3 2005 8 31 ( ) 2003 10 22 1 1 174

1 1 2003 10 21 6 19 314 2 2003 ( ) 2006 9 30 9 2005 2004 2003 52 62 51 38 1 1 175

1 1 176

( ) 1. 19 3 12 4 Anthony HOPE Philip 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 1 1 177

51 1994 4 2001 4 1988 3 43 2006 5 2003 10 2003 2 2000 2 1993 2000 53 1995 3 1994 10 2003 2 1990 7 Anthony Philip HOPE 59 2002 11 HOPE 2005 8 25 HOPE 1987 1996 55 1 1 178

1 1 179 2005 6 2005 8 2004 9 2004 4 2004 9 1992 12 2004 4 55 2006 5 2005 4 1980 1996 1997 2000 2002 56 2006 5 1998 1 1987 6 1993 2 46 2002 5 51

1 1 180 2003 5 2002 1988 1998 2000 41 2003 5 2004 44 2003 5 2000 1997 2000 60 2002 10 2001 McMaster 58 2004 3 2003 4 2003 6 2003 11 52 2003 10 1992 12 36

2002 10 75 1995 9 2003 1999 1987 13 1988 1993 57 2003 5 Tom Online Inc. 1984 1998 1992 1997 2006 1 2005 7 57 2003 5 1 1 181

2005 12 31 56 2005 6 2004 9 1994 5 2006 5 2006 4 2006 10 31 2006 5 8 2. 2006 5 25 2006 Anthony Philip HOPE ( ) 1. 9 3 3 3 1 1 182

2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 72 2006 5 2009 5 2006 5 2009 5 2006 5 2009 5 1994 8 2003 5 1994 68 2003 5 2003 4 64 2006 5 1 1 183

43 2006 5 37 2006 5 37 2003 5 EMBA 51 2006 5 42 2003 5 1991 9 39 2006 5 MPA 2. 1 1 184

2006 5 25 2006 2006 ( ) 1. Richard JACKSON John Pearce Richard JACKSON John Pearce 51 1994 4 2001 4 1 1 185

43 2003 10 2003 2 53 1994 10 2003 2 2006 5 59 2006 6 2006 3 2004 1 2004 1 2004 1 2006 1 1996 2003 1989 1996 1975 1989 Richard JACKSON 50 2005 11 JACKSON 2005 11 1985 2005 JACKSON 1974 1985 JACKSON JACKSON 50 2003 2 2001 5 2001 6 2003 2 1995 1 1 186

2001 HPC John Pearce 43 2007 1 Pearce 2007 1 2003 Pearce 2000 2003 1991 2000 Pearce Pearce Macquarie 37 2007 1 1992 2004 2 2007 1 2003 2 2007 1 2002 2003 1992 2002 1999 37 2007 1 2005 8 2003 9 2000 2 2004 12 2007 1 2003 9 2007 1 Hamilton 50 2004 1 2006 7 1989 6 2005 8 2006 7 1 1 187

2002 2004 1998 2002 1995 1997 1994 1995 49 2007 1 2002 6 1992 2003 2 2007 1 2002 6 2006 5 1999 2002 1996 1999 1995 1996 44 2007 1 2006 2 2003 2 2002 6 2006 2 2007 1 2003 10 2006 2 2002 2003 2001 2002 1993 2001 Olivetti Olivetti & Oracle AT & T 2. 2006 5 26 Richard JACKSON 2006 11 22 John Pearce 1 1 188

1 1 189 ( ) 1. 248,000 H 177,500 H 2. 1 2003 8 30 88,000,000 2003 12 [2003]142 10 10 176,000,000 2 2005 63.34% 139,112,886 2.25% 3. 4.47% 11.63%

( ) ( ) 176,000,000 44,000,000 88,000,000 ( ) 300,000 150,000 2006 9 30 2005 2006 9 30 500 3 5,231 1 1 190

24 2005 19 200 499 3 100 199 1 80 99 1 60 79 2 40 59 1 20 39 6 20 7 500 4 200 499 2 100 199 0 80 99 0 60 79 0 40 59 2 20 39 6 20 5 5,440 ( ) 2004 1 H 2004 2008 2004 H 10.33 4,192 2007 2008 2009 1,397.33 2005 2008 2005 1,572 12.47 2006 1,572 21.5 4% 2004 1,103.80 2005 343.60 1 1 191

Anthony Philip HOPE 2003 2004 2005 ( ) 2003 5 16 2003 5 16 2003 5 16 2003 5 16 2003 5 16 2003 5 16 1 1 192

2003 10 10 2004 11 4 2004 12 10 Dicky Peter YIP ( ) 2005 5 1 2006 5 25 Henry CORNELL ( ) 2006 5 25 2003 10 10 2004 3 9 2005 6 23 2005 6 23 2006 5 25 2006 5 25 2006 5 25 ( ) 2003 5 16 2003 5 16 2003 5 16 2003 5 16 2003 5 16 2003 5 16 2006 5 25 2006 5 25 2006 5 25 2006 5 25 2006 5 25 2006 5 25 2006 5 25 2006 5 25 2006 5 25 2006 5 25 ( ) 2003 2 2003 2 2003 2 1 1 193

Stephen Thomas MELDRUM Richard JACKSON John Pearce 2003 2 2003 2 2003 8 2003 8 2003 10 2004 1 2005 10 2005 11 2006 6 2006 5 2007 1 2007 1 2007 1 2007 1 2007 1 2003 2 2005 8 2006 3 1 1 194

2006 7 2006 12 2006 12 Stephen Thomas 2007 1 MELDRUM 1 1 195

1994 2004 8 2005 2006 1 1 196

( ) 1. 2. 2003 1 1 ( ) 1. 1 1 197

19 19 3 12 4 3 4 12 2. 3. 2003 1 1 4. 3 (1) Anthony Philip HOPE 5 1 1 198

(2) Anthony Philip HOPE 5 (3) 5 ( ) 1. 9 3 2. 1 1 199

3. 2003 1 1 ( ) 1. 1 1 200

2. ( ) 1. 2. ( ) 8 1 1 201

CEO ( ) 2006 9 30 7 17 25 49 1 1 202

1 1 203 1 2 3

/ / ( ) 3-5 1 1 204

1 1 205 2006 9 30 1 10 219 12,299,400 10 21 8,690,800 4 2 85 38.29% 96 43.24% 41 18.47% 2006 12 31 209 94.14%

1 1 206

2003 2004 2005 12 31 3 2006 9 30 9 2006 246008 22 ( ) ( ) 50% 1 2 3 2006 9 30 1 1 207

99.00% - 3,800 99.00% - 1,600 99.52% - 4,200-85.80% 1,800-72.65% 614 95.00% 4.96% 300 90.00% 9.90% 200 95.00% 4.96% 500 ( ) 100.00% - 55 ( )- 75.00% 80-92.80% 50-99.52% 20-99.52% 20-74.25% 5 ( ) - 99.52% 300-99.52% 3 ( ) - 100.00% 25-79.62% 39 1 1 208

( ) 2006 2005 2004 2003 2006 2005 2004 2003 9 30 12 31 12 31 12 31 9 30 12 31 12 31 12 31 25 14 12 14 - - - - 90,736 80,291 95,326 85,869 8,848 11,753 18,206 4,888 624 185 90 336 - - - - 38 20 4 - - - - - 796 426 559 - - - - - 18,245 16,533 4,099 5,991 4,600 2,935 148-361 131 - - - - 41-904 401 63 - - - - - 1,220 864 545 297 - - - - 850 - - 2,968 25 - - - 1,931 438 718 579 248 22 126 9 3,137 749 617 439 - - - - 805 720 381 173 - - - - 34 36 35 15 - - - - 224 226 86 174 - - - - 61 34 20 16 - - - - 1,661 431 286 704 1,401 4 1 6 3 4 6 6 - - - - 104 90 78 78 1 1 - - 92 94 83 90 - - - - 66 - - - - - - - 1,341 780 1,702 1,896-198 - - 123,258 102,467 104,710 99,645 15,123 14,913 18,522 4,903 7,597 3,007 235 260 18,124 17,960 13,121 10,044 299 330 328 249 - - - - 166,221 151,966 110,479 65,228 1,599 829 - - 6,408 6,978 3,293-310 - - - 180,525 162,281 114,335 65,737 20,033 18,789 13,121 10,044 1,030 130 67 21 - - - - 7,833 7,071 6,949 6,745 73 41 13 5 (2,451) (2,235) (2,017) (1,692) (14) (7) (4) (3) 5,382 4,836 4,932 5,053 59 34 9 2 (353) (323) (301) (213) - - - - 5,029 4,513 4,631 4,840 59 34 9 2 1,297 1,319 861 780 3 3 - - - - 1 1 - - - - 6,326 5,832 5,493 5,621 62 37 9 2 128 126 78 59 12 11 2-34 37 46 159 3 3 - - 1,240 1,240 1,200 1,200 - - - - 22 26 32 39 - - - - 34 47 91 95 - - - - 20,216 15,898 12,903 10,059 - - - - 21,674 17,374 14,350 11,611 15 14 2-80 20 12 22 35 - - - 332,893 288,104 238,967 182,657 35,268 33,753 31,654 14,949 1 1 209

2006 2005 2004 2003 2006 2005 2004 2003 9 30 12 31 12 31 12 31 9 30 12 31 12 31 12 31 : 800 - - - - - - - 64 18 29 - - - - - 194 37 - - - - - - 79 - - - 308 274 - - 3,271 7,095 601 200 200 645 - - 136 76 54 42 - - - - 575 557 502 455 - - - - 753 533 477 420 - - - - 618 1,880 1,627 2,129 - - - - 11 58 106 130 - - - - 122 77 35 109 - - - - 828 475 245 103 250 66 - - 236 142 155 99 19 17 6 3 63 - - - - - - - 3,688 2,864 1,977 1,189 - - - - 86 76 74-86 76 74-969 673 691 508 24 2 27 20 1,617 1,361 2,773 1,596 19 9 1,341 44 63 15 41 28 3-29 - 5,960 4,928 3,874 3,102 - - - - 8,538 6,241 4,869 3,833 - - - - 115 60 827 - - - - - 3,003 1,730 1,814 2,195 - - - - 31,789 28,896 20,771 16,138 909 1,089 1,477 67 : 2,478 2,414 1,895 1,471 - - - - 213,317 183,096 154,098 125,648 - - - - 29,942 24,569 18,626 13,337 - - - - - - - 710 - - - - 38 40 43 49 - - - - 155 - - - - - - - 1 2 2 2 - - - - 20,216 15,898 12,903 10,059 - - - - 18,366 15,276 13,045 10,132 - - - - 266,147 226,019 187,567 151,276 - - - - 297,936 254,915 208,338 167,414 909 1,089 1,477 67 598 525 452 361 - - - - : 6,195 6,195 6,195 4,933 6,195 6,195 6,195 4,933 15,163 15,163 15,147 3,130 15,163 15,163 15,147 3,130 5,526 5,526 5,025 4,634 5,526 5,526 5,025 4,634 395 395 395 395 395 395 395 395 59 35 - - 59 35 - - 7,021 5,350 3,415 1,790 7,021 5,350 3,415 1,790 - - 867 592 - - 867 592 34,359 32,664 30,177 14,882 34,359 32,664 30,177 14,882 332,893 288,104 238,967 182,657 35,268 33,753 31,654 14,949 1 1 210

( ) 2006 2006 9 30 2005 2004 2003 9 30 2005 2004 2003 9 9 64,810 71,609 65,608 67,459 - - - - 25 15 10 38 - - - - (3,420) (4,241) (4,122) (3,800) - - - - 61,415 67,383 61,496 63,697 - - - - (7,645) (8,222) (6,561) (6,032) - - - - 1,773 2,475 1,929 1,737 - - - - 36 49 44 33 - - - - (4) (4) (18) (17) - - - - (813) (982) (829) (649) - - - - (1,888) (3,263) (2,210) (2,352) - - - - (1,692) (2,447) (2,705) (1,821) - - - - (5,803) (6,956) (4,542) (4,312) - - - - (2) (2) (4) (14) - - - - (1,269) (964) (877) (843) - - - - (4,499) (4,962) (4,374) (4,819) - - - - (1,238) (910) (769) (564) (4) (2) - - (6,084) (7,032) (6,098) (5,606) (430) (410) (171) (96) 1,255 1,371 1,376 1,247 - - - - (203) (209) (106) (84) - - - - (28,076) (32,058) (25,744) (24,096) (434) (412) (171) (96) 1 1 211

2006 2006 9 30 2005 2004 2003 9 30 2005 2004 2003 9 9 (5,960) (4,928) (3,874) (3,102) - - - - 4,928 3,874 3,102 1,871 - - - - (8,538) (6,241) (4,869) (3,833) - - - - 6,241 4,869 3,833 3,681 - - - - (2,478) (2,414) (1,895) (1,471) - - - - 2,414 1,895 1,471 1,170 - - - - (231,683) (198,372) (167,143) (135,780) - - - - 198,372 167,143 135,780 99,628 - - - - (29,942) (24,569) (18,626) (13,337) - - - - 24,569 18,626 13,337 8,829 - - - - (42,077) (40,117) (38,884) (42,344) - - - - (8,738) (4,792) (3,132) (2,743) (434) (412) (171) (96) 19 215 170 111 3 5 - - 10,894 5,885 2,986 2,608 3,802 3,205 2,393 1,862 2,704 3,800 3,885 3,720 342 581 425 301 6-41 133 - - - - 259 131 143 73 - - - - 85 79 107 28 - - - - 106 83 49 14 - - - - (295) (408) 1 - (15) (3) 4 - (40) (16) (22) (19) (20) - - - (977) (1,064) (843) (988) - - - - (50) (91) (21) (224) (7) (3) - - 3,973 3,822 3,364 2,713 3,671 3,373 2,651 2,067 29 57 29 27 - - 3 - (92) (123) (176) (85) (1) - - - 3,910 3,756 3,217 2,655 3,670 3,373 2,654 2,067 (172) (388) (580) (524) 7 (35) (46) 39 3,738 3,368 2,637 2,131 3,677 3,338 2,608 2,106 (61) (30) (29) (25) - - - - 3,677 3,338 2,608 2,106 3,677 3,338 2,608 2,106 1 1 212

( ) 2006 2006 9 30 2005 2004 2003 9 30 2005 2004 2003 9 9 3,677 3,338 2,608 2,106 3,677 3,338 2,608 2,106 / 5,350 3,415 1,790 493 5,350 3,415 1,790 493 9,027 6,753 4,398 2,599 9,027 6,753 4,398 2,599 - (334) (261) (211) - (334) (261) (211) - (167) (130) (105) - (167) (130) (105) (24) (35) - - (24) (35) - - 9,003 6,217 4,007 2,283 9,003 6,217 4,007 2,283 (1,982) (867) (592) (493) (1,982) (867) (592) (493) / 7,021 5,350 3,415 1,790 7,021 5,350 3,415 1,790 1 1 213

( ) ; 2006 2006 9 30 2005 2004 2003 9 30 2005 2004 2003 9 9 58,540 68,488 61,538 63,201 - - - - 699 362 244 228 - - - - - 300 - - - - - - 45 42-96 - - - - - - 55 - - - - - - - - 146 - - - 146 2,163 276 2,304 549-2 1,334 2,651 61,447 69,468 64,141 64,220-2 1,334 2,797 (7,427) (8,295) (6,355) (6,105) - - - - (977) (1,130) (1,248) (1,217) - - - - - - (74) - - - - - (2) (25) - (72) - - - - (2) (3) (6) (20) - - - - (1,209) (942) (865) (854) - - - - (4,481) (4,907) (4,327) (4,856) - - - - (809) (982) (829) (643) - - - - (1,857) (3,811) (2,506) (2,463) - - - - (1,633) (1,817) (2,287) (1,669) - - - - (4,859) (5,876) (3,866) (2,950) - - - - (153) (177) (87) (37) - - - - - (340) - (756) - - - - (2,757) (2,967) (2,519) (2,187) (148) (159) (82) (42) (896) (794) (655) (519) (3) (2) - (1) (116) (437) (335) (734) (4) (62) (44) (546) (134) (112) (36) (46) (3) (5) - (3) (148) (976) - - - - - - (2,637) (4,067) (3,776) (3,914) (87) (1,524) (78) (278) (30,097) (37,658) (29,771) (29,042) (245) (1,752) (204) (870) 31,350 31,810 34,370 35,178 (245) (1,750) 1,130 1,927 1 1 214

2006 2006 9 30 2005 2004 2003 9 30 2005 2004 2003 9 9 62,016 31,516 39,315 25,532 6,919 1,069 2-1,240 267 393 159 4,937 1 - - 3,785 4,347 2,565 2,854 33 29 - - - 1,055 - - - - - - 466 392 13 - - - - - 1,104 1,000 255 228 - - - - 118 67 46 22 - - - - - - - - - 41 - - 186 111 22 6 - - - - 894 391 40,317 35,877 185-50 - 971 4,080 3,604 3,872 117 685 308 292 7,949 34,003 9,736 13,292 4,828 20,565 1,167 928 - - 295 2,436 - - - - - - - 224 - - - - 78,729 77,229 96,561 84,502 17,019 22,390 1,527 1,220 (1,122) (1,079) (470) (743) (39) (45) (10) (2) (69,848) (66,994) (67,730) (55,964) (12,303) (3,015) (48) - (230) (131) - - - - (41) - (2,862) (1,619) (596) (353) - - - - (1,743) (391) (37,326) (29,588) (210) - (50) - (1,777) (21,472) (4,206) (10,298) (788) (20,990) (121) (322) (1,950) (1,170) (7,617) (7,788) (225) - (6,961) - (12,834) (10,156) (13,128) (1,785) (404) - - - - - (158) - (1,386) (1,680) (688) (2,206) (400) (8,571) (5,503) - - - - - (357) (282) (15) (198) - - - - (93,123) (111,865) (136,749) (106,717) (15,355) (25,730) (7,919) (2,530) (14,394) (34,636) (40,188) (22,215) 1,664 (3,340) (6,392) (1,310) 76-13,279 - - - 13,279-955 - - - - - - - 79 - - - 34 274 - - 68,816 119,455 27,067 186,459 11,817 7,716 - - 69,926 119,455 40,346 186,459 11,851 7,990 13,279 - (2,022) (865) (518) (493) (1,972) (866) (518) (493) - - - - (16) - - - (72,687) (113,042) (26,708) (194,797) (12,269) (7,074) - - (74,709) (113,907) (27,226) (195,290) (14,257) (7,940) (518) (493) (4,783) 5,548 13,120 (8,831) (2,406) 50 12,761 (493) (295) (408) 1 - (15) (3) 4 - /( ) 11,878 2,314 7,303 4,132 (1,002) (5,043) 7,503 124 1 1 215

2006 2006 9 30 2005 2004 2003 9 30 2005 2004 2003 9 9 3,677 3,338 2,608 2,106 3,677 3,338 2,608 2,106 61 30 29 25 - - - - 360 537 438 362 7 3 1-41 43 28 17 4 1 - - 15 37 120 205 2 - - - (17) (27) 10 2 - - - - /( ) /( ) 88 98 (21) (59) (1) 1 - - 31 38 26 6 2 2 2 7 /( ) (124) (734) 464 (375) - - - - /( ) (70) 103 118 (23) - - - - 61 77 118 63 - - - - /( ) - (73) 2 - - - - - (11,623) (9,015) (7,134) (5,447) (4,122) (3,785) (2,820) (2,170) 295 408 (1) - 15 3 (4) - - - - 84 - - - - 38,987 37,886 35,971 40,059 - - - - /( ) (2,851) (700) 378 (1,429) (46) (4) 5 2,567 /( ) 2,419 (236) 1,216 (418) 217 (1,309) 1,338 (583) 31,350 31,810 34,370 35,178 (245) (1,750) 1,130 1,927 /( ) / 29,408 17,530 15,216 7,913 1,635 2,637 7,680 177 /(17,530) (15,216) (7,913) (3,781) (2,637) (7,680) (177) (53) /( ) 11,878 2,314 7,303 4,132 (1,002) (5,043) 7,503 124 1 1 216

( ) 2006 2005 9 30 9 2004 2003 / 6,195 6,195 4,933 2,467 / - - 1,262 2,466 - - - 2,466 - - 1,262 - / 6,195 6,195 6,195 4,933 / 15,163 15,147 3,130 5,596 / - - - (2,466) - - - (2,466) - - 12,017 - - 16 - - / 15,163 15,163 15,147 3,130 / 1,719 1,385 1,124 913-334 261 211 783 - - - / 2,502 1,719 1,385 1,124 / / 3,024 3,024 3,024 3,024 / 783 616 486 381-167 130 105 (783) - - - / - 783 616 486 / / 395 395 395 395 / 35 - - - 24 35 - - / 59 35 - - / 5,350 3,415 1,790 493 / 3,677 3,338 2,608 2,106 - (334) (261) (211) - (167) (130) (105) (24) (35) - - (1,982) (867) (592) (493) / 7,021 5,350 3,415 1,790 34,359 32,664 30,177 14,882 ( ) 1 1 1 1 217

( ) ( ) 1 2 3 1 1 218

4 ( ) 1. 1 ( 1 ) 1 2. 90 3. 90 4. ( ) ) ( [2001]416 ) 1 1 219

( ) 1. 1 (2) (3) 10 2. 1 1 220

3. 4., ( ) 1-30 - 35 5% 5 5% 5-8 5% 1 1 221

( ) 3 ( ) 3 ( ) 2005 1% 6% 2005 [2004]16 1 1 222

1 1% 2 0.15% 3 0.05% 1% 6% ( ) 1 1 1/365 [1999]90 50% ( ) 4% 2006 9 1 [2006] 8 Bornhuetter-Ferguson ( ) 1 1 1 1 223

( ) [1999] 90 [2003]67 [2005]8 ( ) [1999]90 2005 ( ) 1 1 224

( ) 1 2 3 ( ) 1 1 225

( ) ( ) ( ) Black Scholes 1 1 226

( ) 1 5% 2 / 15% 33% 17.5% ( ) 1 1 227

1 35 2,000 2 39 1 1 228

1,000 3 2006 4 16 4 2002 51 34 17 96.56 5 2006 6 23 6 7 1 1 229

2006 9 30 9 51,901 12,909 - - - - - - 64,810-25 - - - - - - 25 (520) (2,900) - - - - - - (3,420) 51,381 10,034 - - - - - - 61,415 (1,726) (5,919) - - - - - - (7,645) 414 1,359 - - - - - - 1,773-36 - - - - - - 36 - (4) - - - - - - (4) (813) - - - - - - - (813) (1,888) - - - - - - - (1,888) (1,692) - - - - - - - (1,692) (5,803) - - - - - - - (5,803) - (2) - - - - - - (2) (218) (1,085) - - - - - 34 (1,269) (4,499) - - - - - - - (4,499) (489) (705) (26) (9) (1) (4) (4) - (1,238) (3,185) (2,099) (248) (65) (16) (430) (76) 35 (6,084) 195 1,060 - - - - - - 1,255 (103) (100) - - - - - - (203) (19,807) (7,459) (274) (74) (17) (434) (80) 69 (28,076) 1 1 230

2006 9 30 9 (3,094) (2,866) - - - - - - (5,960) 2,338 2,590 - - - - - - 4,928 (2,333) (6,205) - - - - - - (8,538) 1,980 4,261 - - - - - - 6,241 - (2,478) - - - - - - (2,478) - 2,414 - - - - - - 2,414 (231,683) - - - - - - - (231,683) 198,372 - - - - - - - 198,372 (29,942) - - - - - - - (29,942) 24,569 - - - - - - - 24,569 (39,793) (2,284) - - - - - - (42,077) (8,219) 291 (274) (74) (17) (434) (80) 69 (8,738) 7 1 2 (16) - 3 62 (40) 19 10,175 360 167 35-133 24-10,894 2,258 92-44 12 342 8 (52) 2,704 6 - - - - - - - 6 - - 226 60 1-1 (29) 259 10-75 - - - - - 85 - - 76 2 26-2 - 106 (254) (12) (1) (1) 1 (15) (13) - (295) - (2) (50) - (19) (20) (1) 52 (40) (977) - - - - - - - (977) (35) (6) - (2) - (7) - - (50) 2,971 724 221 48 4 2 3-3,973 5 2 2 20 - - - - 29 (72) (7) (2) (10) - (1) - - (92) 2,904 719 221 58 4 1 3-3,910 (1) (135) (27) (9) (1) 7 (6) - (172) 2,903 584 194 49 3 8 (3) - 3,738 1 1 231

2005 58,849 12,760 - - - - - - 71,609-15 - - - - - - 15 (810) (3,431) - - - - - - (4,241) 58,039 9,344 - - - - - - 67,383 (2,058) (6,164) - - - - - - (8,222) 564 1,911 - - - - - - 2,475-49 - - - - - - 49 - (4) - - - - - - (4) (982) - - - - - - - (982) (3,263) - - - - - - - (3,263) (2,447) - - - - - - - (2,447) (6,956) - - - - - - - (6,956) - (2) - - - - - - (2) (206) (818) - - - - - 60 (964) (4,962) - - - - - - - (4,962) (188) (700) (10) (6) - (2) (4) - (910) (4,007) (2,336) (199) (36) (12) (410) (57) 25 (7,032) 227 1,144 - - - - - - 1,371 (116) (93) - - - - - - (209) (24,394) (7,013) (209) (42) (12) (412) (61) 85 (32,058) 1 1 232

2005 (2,338) (2,590) - - - - - - (4,928) 1,842 2,032 - - - - - - 3,874 (1,980) (4,261) - - - - - - (6,241) 1,621 3,248 - - - - - - 4,869 - (2,414) - - - - - - (2,414) - 1,895 - - - - - - 1,895 (198,372) - - - - - - - (198,372) 167,143 - - - - - - - 167,143 (24,569) - - - - - - - (24,569) 18,626 - - - - - - - 18,626 (38,027) (2,090) - - - - - - (40,117) (4,382) 241 (209) (42) (12) (412) (61) 85 (4,792) 144 10 29 4 1 5 56 (34) 215 5,545 252 7 11-60 10-5,885 3,079 144-4 6 581 6 (20) 3,800 - - 117 62 - - 3 (51) 131 48-31 - - - - - 79 - - 55 7 19-2 - 83 (379) (8) (1) (1) - (3) (16) - (408) (1) (3) (25) - (7) - - 20 (16) (1,064) - - - - - - - (1,064) (82) (3) (1) (2) - (3) - - (91) 2,908 633 3 43 7 228 - - 3,822 14 14 4 24 - - 1-57 (79) (22) (1) (21) - - - - (123) 2,843 625 6 46 7 228 1-3,756 (2) (336) - (8) - (35) (7) - (388) 2,841 289 6 38 7 193 (6) - 3,368 1 1 233

2004 54,877 10,731 - - - - - - 65,608-10 - - - - - - 10 (813) (3,309) - - - - - - (4,122) 54,064 7,432 - - - - - - 61,496 (1,726) (4,835) - - - - - - (6,561) 520 1,409 - - - - - - 1,929-44 - - - - - - 44 - (18) - - - - - - (18) (829) - - - - - - - (829) (2,210) - - - - - - - (2,210) (2,705) - - - - - - - (2,705) (4,542) - - - - - - - (4,542) - (4) - - - - - - (4) (203) (674) - - - - - - (877) (4,374) - - - - - - - (4,374) (157) (591) (14) (6) - - (1) - (769) (3,692) (1,962) (206) (33) (6) (171) (29) 1 (6,098) 234 1,142 - - - - - - 1,376 (32) (74) - - - - - - (106) (19,716) (5,563) (220) (39) (6) (171) (30) 1 (25,744) 1 1 234

2004 (1,842) (2,032) - - - - - - (3,874) 1,355 1,747 - - - - - - 3,102 (1,621) (3,248) - - - - - - (4,869) 1,434 2,399 - - - - - - 3,833 - (1,895) - - - - - - (1,895) - 1,471 - - - - - - 1,471 (167,143) - - - - - - - (167,143) 135,780 - - - - - - - 135,780 (18,626) - - - - - - - (18,626) 13,337 - - - - - - - 13,337 (37,326) (1,558) - - - - - - (38,884) (2,978) 311 (220) (39) (6) (171) (30) 1 (3,132) 75 15 (3) 12 (1) - 34 38 170 2,848 84 22 33 - - (1) - 2,986 3,288 167-3 1 425 1-3,885 38 1-2 - - - - 41 - - 145 37 - - - (39) 143 40-67 - - - - - 107 - - 39 1 9 - - - 49 - (3) - - - 4 - - 1 - (4) (16) - - - (2) - (22) (843) - - - - - - - (843) (17) - - (4) - - - - (21) 2,451 571 34 45 3 258 2-3,364 19 3 13 - - 3 - (9) 29 (86) (46) (38) (15) - - - 9 (176) 2,384 528 9 30 3 261 2-3,217 (285) (245) (3) - - (46) (1) - (580) 2,099 283 6 30 3 215 1-2,637 1 1 235

2003 58,959 8,500 - - - - - - 67,459-38 - - - - - - 38 (981) (2,819) - - - - - - (3,800) 57,978 5,719 - - - - - - 63,697 (1,634) (4,398) - - - - - - (6,032) 568 1,169 - - - - - - 1,737-33 - - - - - - 33 - (17) - - - - - - (17) (649) - - - - - - - (649) (2,352) - - - - - - - (2,352) (1,821) - - - - - - - (1,821) (4,312) - - - - - - - (4,312) - (14) - - - - - - (14) (255) (588) - - - - - - (843) (4,819) - - - - - - - (4,819) (109) (447) (2) (5) - - (1) - (564) (3,923) (1,498) (42) (30) - (96) (31) 14 (5,606) 371 876 - - - - - - 1,247 (28) (56) - - - - - - (84) (18,963) (4,940) (44) (35) - (96) (32) 14 (24,096) 1 1 236

2003 (1,355) (1,747) - - - - - - (3,102) 575 1,296 - - - - - - 1,871 (1,434) (2,399) - - - - - - (3,833) 1,179 2,502 - - - - - - 3,681 - (1,471) - - - - - - (1,471) - 1,170 - - - - - - 1,170 (135,780) - - - - - - - (135,780) 99,628 - - - - - - - 99,628 (13,337) - - - - - - - (13,337) 8,829 - - - - - - - 8,829 (41,695) (649) - - - - - - (42,344) (2,680) 130 (44) (35) - (96) (32) 14 (2,743) 69 10 3 24 - - 19 (14) 111 2,484 110 9 1 - (7) 11-2,608 3,246 172 - - - 301 1-3,720 120 3 1 9 - - - - 133 - - 26 47 - - - - 73 22-6 - - - - - 28 - - 8 6 - - - - 14 (5) (10) (4) - - - - - (19) (988) - - - - - - - (988) (218) (6) - - - - - - (224) 2,050 409 5 52-198 (1) - 2,713 21 2-4 - - - - 27 (34) (23) - (28) - - - - (85) 2,037 388 5 28-198 (1) - 2,655 (312) (251) - - - 39 - - (524) 1,725 137 5 28-237 (1) - 2,131 1 1 237

2006 9 30 2005 12 31 22 13 2 1 1-25 14 : 77,584 67,607 12,781 12,167 348 456 21 59 2 2 90,736 80,291 : 608 182 6-10 3 624 185 2006 9 30 2005 12 31 ( ) 25,999 11,332 64,737 68,959 90,736 80,291 1 1 238

2006 9 30 2005 12 31 1 35,733 16,581 1 2 ( 2 ) 9,248 24,405 2 3 ( 3 ) 3,822 10,637 3 4 ( 4 ) 1,130 1,477 4 5 ( 5 ) 1,050 1,590 5 13,754 14,269 64,737 68,959 2006 9 30 8,760 8,283 8,000 6,874 4,620 28,200 64,737 2005 12 31 9,055 8,760 8,366 8,000 4,705 30,073 68,959 1 1 239

2006 9 30 2005 12 31 4,126 1,836 55 49 193 166 4,374 2,051 : 853 1,009 10 64 4 3 867 1,076 5,241 3,127 2006 9 30 2005 12 31 1,626 1,447 128 533 1,498 914 2,513 463-152 2,513 311 5,031 4,291 336 701 4,695 3,590 9,170 6,201 5,184 1,905 5,184 1,905 3,891 8,427 745 947 3,146 7,480 9,075 10,332 18,245 16,533 1 1 240

2006 9 30 2005 12 31 1,908 420 23 18 1,931 438 2006 9 30 2005 12 31 2006 9 30 2005 12 31 3 ( 3 ) 2,988 676 3 1 ( 1 ) 149 73 1 - - 3,137 749 2006 9 30 2005 12 31 9 ( 9 ) 805 720 9 - - 805 720 1 1 241

/ / 2006 9 30 2005 12 31 154 90 118 170 ( ) 92 138 Munich Reinsurance Company 90 35 Guy Carpenter & Company Inc. 38 68 313 219 805 720 5% ( ) 2006 9 30 2005 12 31 7,448 2,950-20 124 3 25 34 7,597 3,007 2006 9 30 2005 12 31 7,155 2,757 293 193 7,448 2,950 2006 9 30 ( ) 95,000,000 24% 124 1 1 242

( ) 2006 9 30 2005 12 31 91,184 91,254 42,783 41,305 48,401 49,949 46,904 41,952 38-46,866 41,952 29,474 19,540 6,303 6,055 23,171 13,485 167,562 152,746 1,243 534 83 64 1,160 470 51 203 51 203 47 43 42-5 43 1,341 780 166,221 151,966 ( ) 2006 9 30 2005 12 31 663 917 5,745 6,061 6,408 6,978 1 1 243

2006 9 30 2005 12 31 129 148 338 75 650-1,117 223 (87) (93) 1,030 130 ( ) : 2006 9 30 2005 12 31 - - 1,624 279 310 252 1,934 531 ( ) : 2006 9 30 2005 12 31 71 40 74 75 40 41 63 65-32 1,560 260 126 18 1,934 531 1 1 244

2006 9 30 407 5,353 1,673 400 7,833 230 955 1,022 244 2,451-353 - - 353 177 4,045 651 156 5,029 ( ) 2006 9 2005 30 9 / 4,928 3,874 / 7,461 7,243 / (6,653) (6,684) / 224 495 / 5,960 4,928 ( ) 2006 9 30 2005 12 31 8,538 6,241 2,478 2,414 11,016 8,655 2006 9 30 9 2005 / 8,655 6,764 / 13,539 13,235 / (11,178) (11,344) / 11,016 8,655 1 1 245

( ) 2006 9 30 9 2005 / 60 827 / 203 209 / (148) (976) / 115 60 ( ) 2006 9 30 9 2005 / 183,096 154,098 / 10,011 11,927 / 20,210 17,071 / 213,317 183,096 ( ) 2006 9 30 9 2005 / 24,569 18,626 / 94 145 / 5,279 5,798 / 29,942 24,569 2006 9 30 2005 12 31 2004 12 31 2003 12 31 6,195 6,195 6,195 4,933 15,163 15,163 15,147 3,130 5,526 5,526 5,025 4,634 395 395 395 395 59 35 - - 7,021 5,350 3,415 1,790 34,359 32,664 30,177 14,882 1 1 246

: / 2006 9 30 9 Willis Limited 3 - - 2 - - 1 - - 1 - - Samsung Fire & Marine Insurance Co., Ltd. - 2 - / 2005 J & H Marsh & Mclennan Company, Inc 2 - - Samsung Fire & Marine Insurance Co., Ltd. 2 1 1 Jardine Insurance Brokers Ltd. 2 - - HSBC GIBBS (Asia-Pacific) Ltd. 1 - - Swiss Reinsurance Co. 1 - - / 2004 Swiss Reinsurance Co. 6 10 2 Samsung Fire & Marine Insurance Co., Ltd. 1 - - - - - Mitsui Sumitomo Insurance Co., Ltd. - - - International Reinsurance Management - - - Ltd. / 2003 Swiss Reinsurance Co. 29 16 12 2 - - Samsung Fire & Marine Insurance Co., Ltd. 2 - - Aon Re China Ltd. 2 - - ( ) 1 - - 1 1 247

: / 2006 9 30 9 1,024 537 425 474 344 60 Munich Reinsurance Company 462 143 205 Aon Group Limited 353 112 84 ( ) 213 377 181 / 2005 1,126 571 453 ( ) 854 759 363 538 396 77 Aon Group Limited 317 208 101 249-14 / 2004 ( ) 1,470 914 460 1,099 289 437 390 247 86 Aon Risk Services Hong Kong Limited 277 120 87 Guy Carpenter & Company Lnc. 146 70 51 / 2003 ( ) 2,497 1,387 907 Aon Re China Ltd. 332 78 70 Munich Reinsurance Company 304 108 118 Guy Carpenter & Company Lnc. 108 39 40 96-6 1 1 248

2006 9 30 2005 2004 2003 9 : 4,159 4,008 3,174 3,344 692 958 730 518 10 13 13 12 139 164 151 127 46 7 9 29 302 244 186 158 5 - - - 165 211 287 110 171 353 145 71 130 125 53 4 79 69 32 2 21 12 55 23 5,919 6,164 4,835 4,398 : 719 998 997 1,002 1,007 1,060 729 632 1,726 2,058 1,726 1,634 7,645 8,222 6,561 6,032 2006 9 30 2005 2004 2003 9 : 815 496 444 360 96 111 94 99 21 27 26 27 25 28 24 17 3 3 2 1 26 34 19 25 9 13 30 37 11 15 12 15 16 11 4 1 27 17 17 5 2 3 2 1 1,051 758 674 588 218 206 203 255 1,269 964 877 843 1 1 249

2006 9 2005 2004 2003 30 9 2,846 2,692 2,354 2,172 289 316 256 226 78 87 126 74 142 189 164 178 191 263 211 222 222 350 310 272 395 506 521 524 360 537 438 362 41 43 28 17 11 29 115 205 209 239 201 152 90 133 108 130 225 314 239 213 192 251 228 202 61 61 42 38 5 7 6 10 /( ) 88 98 (21) (59) 36 57 46 43 179 168 102 63 71 91 82 83 5 10 10 2 348 591 532 477 6,084 7,032 6,098 5,606 5,156 6,187 5,524 5,269 32 54 25 17 896 791 549 320 6,084 7,032 6,098 5,606 2006 9 2005 2004 2003 30 9 : 440 376 184 220 13 85 37 23 (2) - - 2 (7) 6 35 7 (21) 20 - (21) 44 23 28 17 1 1 250

(196) 12 (5) 205 (1) 14 8 4 1 5 2-2 3-1 3 14 (4) (7) 276 558 285 451 : 756 496 487 780 1,032 1,054 772 1,231 2006 9 2005 2004 2003 30 9 : 1,688 775 767 (137) 38 76 6 (29) 2 - (1) (2) 8 8 6-12 3 7-18 37 (4) (15) 1 (2) 2 (2) 1 1 (1) - 1 2-1 62 49 33 35 75 59 31 50 38 5 3 (4) 1,944 1,013 849 (103) : 353 359 187 255 2,297 1,372 1,036 152 2006 9 2005 2004 2003 30 9 15 31 (2) (31) 11 (28) 24 11 (11) 41 252 137 2 1 1 (1) 1 4 3 - - 6 (7) 2 22 408 128 203 25 58 26 (25) (1) (2) (1) 5 64 519 424 301 1 1 251

2006 9 2005 2004 2003 30 9 33,311 31,229 31,363 36,152 2006 9 2005 2004 2003 30 9 5,373 5,943 5,289 4,508 2006 9 2005 2004 2003 30 9 60 62 37 47 226 117 145 26 2 3 - - 29 51) (39) - 259 131 143 73 2006 9 30 9 2005 2004 2003 128 9 67 9 83 9 14 9 28 1 12 1 13 1 2 1 18 2 11 2 12 2 3 2 7 1 4 1 4 1 1 1 8 1 4 1 5 1 1 1 5 1 2 1 3 1 1 1 3 1 2 1 3 1 1 1 5 1 2 1 3 1-1 7 1 4 1 5 1 1 1 4 1 2 1 3 1 1 1 5 1 3 1 4 1 1 1 4 1 2 1 3 1-1 4 1 2 1 4 1-1 226 22 117 22 145 22 26 22 1 1 252

2006 9 2005 2004 2003 30 9 (A ) 26 2 44 2 5 17 30 6 7 36 12 16 36 17 - - 5 2 3-6 5 18 4 85 79 107 28 ( ) 1 2006 9 30 4.75 2 ( ) 1 2006 7 28 1 1 253

10.08 1,008,186,384 63% 5.35 5.35 2006 7 28 39.02 39.02 89.24% 2 2006 9 30 2005 12 31 3,823 3,030 726 472 4,549 3,502 3 2006 9 30 2005 12 31 1 389 372 1 2 247 236 2 3 146 129 3 114 113 896 850 4 2006 9 30 2005 12 31 564 60 1 1 254

1 2006 10 17 [2006]1112 16 30 2 2006 10 16 2006 9 30 9 2005 2004 2003 17 27 (10) (2) (18) (17) (19) 7 40 75 14 23 39 85 (15) 28 (3) (5) (3) (3) - (1) - - 36 79 (18) 25 1 1 255

( ) 2006 9 2005 2004 30 9 2003 3,677 3,338 2,608 2,106 1 (31) (440) (536) (288) 2 (102) 310 269 (32) 3 (3,161) (3,006) (1,622) (2,347) 4 3,872 3,830 2,261 2,885 5 1,269 360 18 61 6 (280) (159) (19) 39 73 (7) 137 (104) 5,317 4,226 3,116 2,320 ( ) 2006 2005 2004 2003 9 30 12 31 12 31 12 31 34,359 32,664 30,177 14,882 1 (1,581) (1,550) (1,110) (574) 2-102 (208) (477) 3 (29,953) (25,816) (22,599) (20,977) 4 30,355 26,428 22,622 20,361 5 6,066 1,440 (883) (312) 6 (713) (69) 350 282 (162) (203) (152) (233) 38,371 32,996 28,197 12,952 ( ) 1. 4% 2006 9 1 ( [2006]8 ) 1 1 256

Bornhuetter-Ferguson 2. 50% 2005 ( ) (1/365 ) 3. 4 4. 4 5. 32 39 1 1 257

6. 12 2006 9 30 9 124 - (124) - (124) - 6 - (6) - (6) - 1 - (1) - (1) - 117 - (117) - (117) - 237 95 (7) (59) (66) 266 25 - - (9) (9) 16 92 90 - - - 182 52 - - (50) (50) 2 17 5 - - - 22 51 - (7) - (7) 44 347 4 (74) (5) (79) 272 297 4 (36) (5) (41) 260 12 - - - - 12 38 - (38) - (38) - 93 - - (6) (6) 87 323 65 - (35) (35) 353 323 65 - (35) (35) 353 27 - - - - 27 3 - - - - 3 19 - (4) - (4) 15 1,173 164 (209) (105) (314) 1,023 1 1 258

( ) 2005 864 4 (738) (6) (744) 124 6 4 - (4) (4) 6 4 - (1) (2) (3) 1 854 - (737) - (737) 117 161 98 - (22) (22) 237 25 - - - - 25 64 45 - (17) (17) 92 56 1 - (5) (5) 52 16 1 - - - 17-51 - - - 51 269 172 (69) (25) (94) 347 150 170 - (23) (23) 297 13 1 - (2) (2) 12 106 1 (69) - (69) 38 195 2 (75) (29) (104) 93 301 75 - (53) (53) 323 301 75 - (53) (53) 323 27 - - - - 27 3 - - - - 3 26 2 - (9) (9) 19 1,846 353 (882) (144) (1,026) 1,173 1 1 259

( ) 2004 400 464 - - - 864-6 - - - 6-4 - - - 4 400 454 - - - 854 321 6 (27) (139) (166) 161 164 - - (139) (139) 25 90 - (26) - (26) 64 56 - - - - 56 11 6 (1) - (1) 16 - - - - - - 170 132 (14) (19) (33) 269 152 26 (14) (14) (28) 150 18 - - (5) (5) 13-106 - - - 106 248 2 - (55) (55) 195 213 97 - (9) (9) 301 213 97 - (9) (9) 301 11 16 - - - 27 3 - - - - 3 21 5 - - - 26 1,387 722 (41) (222) (263) 1,846 1 1 260

( ) 2003 775 - (375) - (375) 400 - - - - - - - - - - - - 775 - (375) - (375) 400 436 56 (115) (56) (171) 321 200 - - (36) (36) 164 205 - (115) - (115) 90-56 - - - 56 31 - - (20) (20) 11 - - - - - - 195 - (23) (2) (25) 170 175 - (23) - (23) 152 20 - - (2) (2) 18 - - - - - - 261 - - (13) (13) 248 171 42 - - - 213 171 42 - - - 213 59 - - (48) (48) 11 3 - - - - 3-21 - - - 21 1,900 119 (513) (119) (632) 1,387 1 1 261

( ) 2006 9 30 2005 2004 2003 12 31 3,328.93 2,881.04 2,389.67 1,826.57 2006 9 30 60.1% 27.3% 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 90,761 27.3 80,305 27.9 95,338 39.9 85,883 47.0 18,245 5.5 16,533 5.7 4,099 1.7 5,991 3.3 (1) 181,866 54.6 163,061 56.6 116,037 48.6 67,633 37.0 (2) 3,154 0.9 1,395 0.5 675 0.3 318 0.2 (3) 6,326 1.9 5,832 2.0 5,493 2.3 5,621 3.1 20,216 6.1 15,898 5.5 12,903 5.4 10,059 5.5 12,325 3.7 5,080 1.8 4,422 1.8 7,152 3.9 332,893 100.0 288,104 100.0 238,967 100.0 182,657 100.0 (1) (2) (3) 1. 2006 9 30 2005 2004 2003 12 31 907.61 803.05 953.38 858.83 27.3% 27.9% 39.9% 47.0% 1 1 262

2. 2006 9 30 2005 2004 2003 12 31 182.45 165.33 40.99 59.91 5.5% 5.7% 1.7% 3.3% 2005 1 2 2006 9 30 50.3% 2005 37.5% 2004 39.3% 2003 22.5% 2004 1.3% 2006 9 30 28.4% A 1 1 263

2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 464 2.6 1,386 8.4 395 9.6 193 3.2 (1) 8,706 47.7 4,815 29.1 1,216 29.7 1,156 19.3 9,170 50.3 6,201 37.5 1,611 39.3 1,349 22.5 745 4.1 947 5.7 1,383 33.7 1,821 30.4 (2) 3,146 17.2 7,480 45.3 1,053 25.7 2,800 46.7 3,891 21.3 8,427 51.0 2,436 59.4 4,621 77.1 5,184 28.4 1,905 11.5 52 1.3 21 0.4 5,184 28.4 1,905 11.5 52 1.3 21 0.4 18,245 100.0 16,533 100.0 4,099 100.0 5,991 100.0 (1) (2) 3. 2006 9 30 2005 2004 2003 12 31 1,818.66 1,630.61 1,160.37 676.33 54.6% 56.6% 48.6% 37.0% 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 7,896 4.3 3,337 2.0 563 0.5 509 0.8 (1) 167,562 92.2 152,746 93.7 112,181 96.7 67,124 99.2 6,408 3.5 6,978 4.3 3,293 2.8 - - 181,866 100.0 163,061 100.0 116,037 100.0 67,633 100.0 (1) 1 1 264

(1) 2006 9 30 2005 2004 2003 12 31 78.96 33.37 5.63 5.09 4.3% 2.0% 0.5% 0.8% 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 7,155 90.6 2,757 82.6 - - - - (1) 741 9.4 580 17.4 563 100.0 509 100.0 7,896 100.0 3,337 100.0 563 100.0 509 100.0 (1) (2) 2006 9 30 2005 2004 2003 12 31 1,675.62 1,527.46 1,121.81 671.24 92.2% 93.7% 96.7% 99.2% 2006 9 30 2005 2004 2003 12 31 54.4% 59.7% 63.6% 56.8% 2005 2006 9 30 2005 12 31 28.0% 27.5% 1 1 265

2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 42,783 25.5 41,305 27.0 34,880 31.1 20,351 30.3 48,401 28.9 49,949 32.7 36,500 32.5 17,809 26.5 38 0.0 - - - - - - 46,866 28.0 41,952 27.5 25,824 23.0 18,757 28.0 6,303 3.8 6,055 4.0 6,022 5.4 5,150 7.7 23,171 13.8 13,485 8.8 8,955 8.0 5,057 7.5 167,562 100.0 152,746 100.0 112,181 100.0 67,124 100.0 5 2006 9 30 2005 2004 2003 12 31 81.8% 86.8% 81.8% 80.5% 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 1 1,341 0.8 780 0.5 1,702 1.5 1,896 2.8 1 5 29,140 17.4 19,311 12.7 18,732 16.7 11,193 16.7 5 137,081 81.8 132,655 86.8 91,747 81.8 54,035 80.5 167,562 100.0 152,746 100.0 112,181 100.0 67,124 100.0 (3) 2006 9 30 2005 2004 12 31 64.08 69.78 32.93, 3.5% 4.3% 2.8% 1 1 266

2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 663 10.3 917 13.1 - - - - 5,745 89.7 6,061 86.9 3,293 100.0 - - 6,408 100.0 6,978 100.0 3,293 100.0 - - 4. 2006 9 30 2005 2004 2003 12 31 31.54 13.95 6.75 3.18 2006 9 30 38.7% 32.7% 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 904 28.6 401 28.7 63 9.3 - - 1,220 38.7 864 62.0 545 80.8 297 93.4 1,030 32.7 130 9.3 67 9.9 21 6.6 3,154 100.0 1,395 100.0 675 100.0 318 100.0 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) 5.25-6.50 5.22-6.50 5.50-7.50 5.50-7.50 5. 2006 9 30 2005 2004 2003 12 31 1.9% 2.0% 2.3% 3.1% 1 1 267

2006 9 30 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 5,029 79.5 4,513 77.4 4,631 84.3 4,840 86.1 1,297 20.5 1,319 22.6 861 15.7 780 13.9 - - - - 1 0.0 1 0.0 6,326 100.0 5,832 100.0 5,493 100.0 5,621 100.0 6. 2006 9 30 2005 2004 2003 12 31 202.16 158.98 129.03 100.59 6.1% 5.5% 5.4% 5.5% 7. 2006 9 30 2005 2004 2003 12 31 123.25 50.80 44.22 71.52 3.7% 1.8% 1.8% 3.9% 2005 2004 12 31 0.08 0.17 2006 9 30 2006 9 30 2005 12 31 9.70 2.04 1 1 268

2006 2005 9 30 12 31 (%) (%) 857 88.4 95 46.6 206 21.2 30 14.7 177 18.2 - - 86 8.9 - - 80 8.2 - - 56 5.8 - - - - 33 16.2 - - 32 15.7 252 26.1 - - 113 11.6 109 53.4 970 100.0 204 100.0 ( ) 2006 9 30 2005 2004 2003 12 31 2,979.36 2,549.15 2,083.38 1,674.14 2006 9 30 2005 12 31 1 1 269 2004 12 31 2003 12 31 (%) (%) (%) (%) 115 0.0 60 0.0 827 0.4 710 0.4 136 0.0 76 0.0 54 0.0 42 0.0 3,688 1.2 2,864 1.1 1,977 1.0 1,189 0.7 5,960 2.0 4,928 1.9 3,874 1.9 3,102 1.9 8,538 2.9 6,241 2.5 4,869 2.3 3,833 2.3 2,478 0.8 2,414 1.0 1,895 0.9 1,471 0.9 213,317 71.6 183,096 71.9 154,098 74.0 125,648 75.0 29,942 10.1 24,569 9.6 18,626 8.9 13,337 8.0

20,216 6.8 15,898 6.2 12,903 6.2 10,059 6.0 13,546 4.6 14,769 5.8 9,215 4.4 8,023 4.8 297,936 100.0 254,915 100.0 208,338 100.0 167,414 100.0 2006 9 30 2005 2004 2003 12 31 87.4% 86.9% 88.0% 88.1% 1. 2006 9 30 2005 2004 2003 12 31 1.15 0.60 8.27 7.10 2005 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 45 39.1 38 63.3 444 53.7 406 57.2 70 60.9 22 36.7 383 46.3 304 42.8 115 100.0 60 100.0 827 100.0 710 100.0 2. 2006 9 30 2005 2004 2003 12 31 1.36 0.76 0.54 0.42 78.9% 40.7% 28.6% 1 1 270

2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) 25 150.0 10 - - - - 111 68.2 66 22.2 54 28.6 42 136 78.9 76 40.7 54 28.6 42 3. 2006 9 30 2005 2004 2003 12 31 36.88 28.64 19.77 11.89 28.8% 44.9% 66.3% 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) 3,688 28.8 2,864 44.9 1,977 66.3 1,189 4. 2006 9 30 2005 2004 2003 12 31 82.0% 82.8% 84.0% 85.2% (1) 2006 9 30 2005 2004 2003 12 31 59.60 49.28 38.74 31.02 30.94 23.38 18.42 13.55 28.66 25.90 20.32 17.47 1 1 271

2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) 3,094 32.3 2,338 26.9 1,842 35.9 1,355 2,866 10.7 2,590 27.5 2,032 16.3 1,747 5,960 20.9 4,928 27.2 3,874 24.9 3,102 (2) 2006 9 30 2005 2004 2003 12 31 85.38 62.41 48.69 38.33 23.33 19.80 16.21 14.34 62.05 42.61 32.48 23.99 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) 2,333 17.8 1,980 22.1 1,621 13.0 1,434 6,205 45.6 4,261 31.2 3,248 35.4 2,399 8,538 36.8 6,241 28.2 4,869 27.0 3,833 (3) 2006 9 30 2005 2004 2003 12 31 24.78 24.14 18.95 14.71 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) 2,478 2.7 2,414 27.4 1,895 28.8 1,471 1 1 272

(4) 2006 9 30 2005 2004 2003 12 31 2,133.17 1,830.96 1,540.98 1,256.48 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) 213,317 16.5 183,096 18.8 154,098 22.6 125,648 (5) 2006 9 30 2005 2004 2003 12 31 299.42 245.69 186.26 133.37 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) 29,942 21.9 24,569 31.9 18,626 39.7 13,337 5. 2006 9 30 2005 2004 2003 12 31 202.16 158.98 129.03 100.59 6.8% 6.2% 6.2% 6.0% 1 1 273

2006 1-9 2005 2004 2003 (%) (%) 61,415 67,383 9.6 61,496 (3.5) 63,697 (28,076) (32,058) 24.5 (25,744) 6.8 (24,096) (42,077) (40,117) 3.2 (38,884) (8.2) (42,344) 10,894 5,885 97.1 2,986 14.5 2,608 2,704 3,800 (2.2) 3,885 4.4 3,720 (977) (1,064) 26.2 (843) (14.7) (988) 90 (7) (101.5) 468 303.4 116 3,973 3,822 13.6 3,364 24.0 2,713 (63) (66) (55.1) (147) 153.4 (58) 3,910 3,756 16.8 3,217 21.2 2,655 (172) (388) (33.1) (580) 10.7 (524) 3,738 3,368 27.7 2,637 23.7 2,131 (61) (30) 3.4 (29) 16.0 (25) 3,677 3,338 28.0 2,608 23.8 2,106 ( ) 2006 9 30 9 2005 2004 2003 12 31 1. 2006 1 9 2005 2004 2003 614.15 673.83 614.96 636.97 648.10 716.09 656.08 674.59 2006 1 9 2005 9.6% 2004 2006 1 9 2005 2004 2003 34.20 42.41 41.22 38.00 1 1 274

2006 1-9 2005 2004 2003 (%) (%) 64,810 71,609 9.1 65,608 (2.7) 67,459 25 15 50.0 10 (73.7) 38 (3,420) (4,241) 2.9 (4,122) 8.5 (3,800) 61,415 67,383 9.6 61,496 (3.5) 63,697 2006 1 9 2005 2004 2003 519.01 588.49 548.77 589.59 80.1% 82.2% 83.6% 87.4% 2006 1-9 2005 2004 2003 (%) (%) (%) (%) 51,901 80.1 58,849 82.2 54,877 83.6 58,959 87.4 12,909 19.9 12,760 17.8 10,731 16.4 8,500 12.6 64,810 100.0 71,609 100.0 65,608 100.0 67,459 100.0 2. (1) 2006 9 30 2005 12 31 2004 12 31 2003 12 31 (%) (%) (%) (%) 1 1 275

64,903 24.3 69,018 28.2 80,793 40.1 78,322 50.5 (1) (1) 175,760 65.7 158,947 65.0 113,793 56.5 68,473 44.1 4,365 1.6 1,526 0.6 675 0.3 3,286 2.1 (2) (3) 13,080 4.9 5,242 2.2 614 0.3 530 0.3 (1) 9,240 3.5 9,827 4.0 5,729 2.8 4,621 3.0 267,348 100.0 244,560 100.0 201,604 100.0 155,232 100.0 (1) (2) (3) 2006 9 30 2005 2004 2003 12 31 2,673.48 2,445.60 2,016.04 1,552.32 80.3% 84.9% 84.4% 85.0% 2006 9 30 65.7% 24.3% 2003 12 31 50.5% 2006 9 30 24.3% 2003 12 31 44.1% 2006 9 30 65.7% 2003 12 31 0.3% 2006 9 30 4.9% 2007 1 1 22 1 1 276

2006 9 2005 12 2004 12 2003 12 30 31 31 31 245,422 230,261 193,855 149,623 64,737 68,959 80,320 78,233 64,737 68,959 80,320 78,233 176,320 159,776 112,860 68,104 8,299 5,814 2,726 2,111 48,073 36,038 26,522 27,886 119,948 117,924 83,612 38,107 4,365 1,526 675 3,286 4,365 1,526 675 3,286 27,546 15,244 5,766 4,891 15,084 5,186 269 243 5,551 676 55 40 9,409 4,507 211 200 124 3 3 3 12,462 10,058 5,497 4,648 3,679 3,206 3,161 4,648 8,783 6,852 2,336-272,968 245,505 199,621 154,514 (2) 2006 1-9 2005 2004 (%) (%) (%) (%) (%) (%) 2,295 19.8 3.4 3,452 37.4 4.6 3,592 56.5 4.5 (1) 1 1 277

(1) 4,946 42.6 3.0 5,745 62.2 4.2 3,097 48.7 3.4 104 0.9 3.5 56 0.6 5.1 70 1.1 3.5 (2) (3) 1,827 15.8 19.9 41 0.5 1.4 (28) (0.4) (4.9) (1) 2,426 20.9 25.4 (62) (0.7) (0.8) (375) (5.9) (7.2) (4) 11,598 100.0 9,232 100.0 6,356 100.0 4.6 4.2 3.6 (5) (1) (2) (3) (4) (5) 2006 1-9 2006 1 9 2005 2004 115.98 92.32 63.56 2005 2004 2004 10 29 2006 1-9 2004 3.4% 2005 4.2% 2004 2005 2006 1-9 2005 2005 2006 1-9 1 1 278

3. 2006 1 9 2005 2004 2003 37.38 33.68 26.37 21.31 2006 1 9 2005 27.7% 2004 23.7% 2006 1-9 2005 2004 2003 (%) (%) (%) (%) 2,903 77.7 2,841 84.4 2,099 79.6 1,725 81.0 584 15.6 289 8.6 283 10.7 137 6.4 3 0.1 7 0.2 3 0.1 - - 49 1.3 38 1.1 30 1.1 28 1.3 194 5.2 6 0.2 6 0.2 5 0.2 5 0.1 187 5.5 216 8.3 236 11.1 3,738 100.0 3,368 100.0 2,637 100.0 2,131 100.0 ( ) 1. (1) 2006 1 9 519.01 2005 588.49 7.2% 2004 548.77 6.9% 2004 1 1 279

2005 13 25 85% 80% 2006 1-9 2005 2004 2003 (%) (%) (%) (%) (%) (%) 41,307 79.6 46,239 78.6 14.9 40,252 73.4 6.9 37,637 63.8 5,492 10.6 7,332 12.4 (15.5) 8,681 15.8 (19.3) 10,760 18.3 5,102 9.8 5,278 9.0 (11.2) 5,944 10.8 (43.7) 10,562 17.9 51,901 100.0 58,849 100.0 7.2 54,877 100.0 (6.9) 58,959 100.0 2006 1 9 2005 2004 2003 38.7% 38.0% 43.7% 53.7% 2004 21.96 2005 112.35 2006 1 9 114.30 2003 7 1 2003 6 2003 6 2003 56.66 2005 38.80 2006 1 9 31.73 2006 1-9 2005 2004 2003 (%) (%) (%) (%) (%) (%) 1 1 280

20,100 38.7 22,345 38.0 (6.8) 23,981 43.7 (24.2) 31,649 53.7 11,430 22.0 11,235 19.1 411.6 2,196 4.0 - - - 8,297 16.0 9,904 16.8 10.6 8,955 16.3 11.2 8,055 13.6 4,350 8.4 5,622 9.6 (20.4) 7,062 12.9 16.7 6,054 10.3 3,173 6.1 3,880 6.6 (11.6) 4,389 8.0 (22.5) 5,666 9.6 3,429 6.6 4,552 7.7 (36.2) 7,139 13.0 10.0 6,489 11.0 1,122 2.2 1,311 2.2 13.5 1,155 2.1 10.4 1,046 1.8 51,901 100.0 58,849 100.0 7.2 54,877 100.0 (6.9) 58,959 100.0 2006 1 9 2005 2004 2003 40.3% 39.4% 40.3% 41.5% 2006 1 9 93.97 2005 107.26 16.4% 2006 1-9 2005 2004 2003 (%) (%) (%) % (%) % 9,085 17.5 10,804 18.4 4.7 10,318 18.8 (10.9) 11,585 19.6 1 1 281

6,192 11.9 7,125 12.1 6.2 6,709 12.2 (8.6) 7,343 12.5 20,899 40.3 23,208 39.4 4.9 22,125 40.3 (9.6) 24,478 41.5 9,397 18.1 10,726 18.2 16.4 9,211 16.8 (1.6) 9,358 15.9 6,328 12.2 6,986 11.9 7.2 6,514 11.9 5.2 6,195 10.5 51,901 100.0 58,849 100.0 7.2 54,877 100.0 (6.9) 58,959 100.0 2005 2006 1-9 2005 2004 2003 71.8% 71.9% 71.7% 73.6% : 2006 1-9 2005 2004 2003 % % % % 5,946 11.4 6,754 11.5 6,841 12.5 8,396 14.2 5,757 11.1 6,549 11.1 5,047 9.2 5,429 9.2 4,990 9.6 6,216 10.6 6,133 11.2 7,527 12.8 4,294 8.3 4,585 7.8 4,123 7.5 4,324 7.3 3,809 7.3 4,309 7.3 4,068 7.4 4,358 7.4 3,564 6.9 4,092 7.0 4,050 7.4 4,132 7.0 3,070 5.9 3,355 5.7 3,154 5.7 3,495 5.9 2,371 4.6 2,644 4.5 2,297 4.2 2,217 3.8 1,795 3.4 1,966 3.3 1,889 3.4 1,821 3.1 1,693 3.3 1,862 3.2 1,747 3.2 1,706 2.9 37,289 71.8 42,332 71.9 39,349 71.7 43,405 73.6 51,901 100.0 58,849 100.0 54,877 100.0 58,959 100.0 1 1 282

(2) 2006 1-9 2005 2004 1 1 283 2003 (%) (%) 11,508 15,142 31.8 11,492 12.7 10,200 4,717 5,168 12.9 4,577 (9.8) 5,074 3,185 4,007 8.5 3,692 (5.9) 3,923 (195) (227) (3.0) (234) (36.9) (371) 592 304 60.8 189 38.0 137 19,807 24,394 23.7 19,716 4.0 18,963 2006 1 9 115.08 2005 151.42 31.8% 2004 114.92 12.7% 2005 2005 2005 2006 1-9 2005 2004 2003 (%) (%) 3,580 5,710 16.2 4,915 17.8 4,173 5,803 6,956 53.1 4,542 5.3 4,312

2,539 3,040 19.0 2,555 11.9 2,283 (414) (564) 8.5 (520) (8.5) (568) 11,508 15,142 31.8 11,492 12.7 10,200 2006 1 9 2005 2005 12.9% 2004 2006 1-9 2005 2004 2003 (%) (%) 218 206 1.5 203 (20.4) 255 4,499 4,962 13.4 4,374 (9.2) 4,819 4,717 5,168 12.9 4,577 (9.8) 5,074 2006 1 9 31.85 2005 40.07 8.5% 2004 36.92 5.9% 2006 1 9 2005 (3) 2006 1 9 2005 2004 2003 397.93 380.27 373.26 416.95 1 1 284

2006 2005 2004 2003 1-9 (%) (%) 756 496 1.8 487 (37.6) 780 353 359 92.0 187 (26.7) 255 33,311 31,229 (0.4) 31,363 (13.2) 36,152 5,373 5,943 12.4 5,289 17.3 4,508 39,793 38,027 1.9 37,326 (10.5) 41,695 (4) 2006 1 9 2005 2004 2003 9.77 10.64 8.43 9.88 2006 1-9 2005 2004 2003 (%) (%) 977 1,064 26.2 843 (14.7) 988 (5) 2006 1 9 2005 2004 2003 0.01 0.02 2.85 3.12 2006 1 9 2005 2006 2. (1) 2006 1 9 129.09 2005 1 1 285

127.60 18.9% 2004 107.31 26.2% 2006 1 9 2005 2004 2003 67.0% 62.2% 61.5% 57.0% 2006 1 9 86.47 2005 79.35 20.2% 2004 66.00 36.2% 2006 1 9 2005 2004 2003 36.04 42.59 37.44 34.91 2005 2004 13.8% 7.2% 2005 2004 14.6% 11.6% 2006 1 9 2005 2004 2003 6.58 5.66 3.87 1.62 2005 2004 46.3% 138.9% 2006 1-9 2005 2004 2003 (%) (%) (%) (%) (%) (%) 8,647 67.0 7,935 62.2 20.2 6,600 61.5 36.2 4,847 57.0 3,604 27.9 4,259 33.4 13.8 3,744 34.9 7.2 3,491 41.1 658 5.1 566 4.4 46.3 387 3.6 138.9 162 1.9 12,909 100.0 12,760 100.0 18.9 10,731 100.0 26.2 8,500 100.0 1 1 286

2006 1 9 2005 2004 2003 37.4% 36.7% 36.0% 35.9% 26.7% 26.2% 27.5% 29.7% 2006 1 9 19.43 2005 21.32 25.0% 2004 17.06 43.2% : 2006 1-9 2005 2004 2003 % % % % % % 1,943 15.1 2,132 16.7 25.0 1,706 15.9 43.2 1,191 14.0 947 7.3 939 7.4 15.9 810 7.6 35.0 600 7.1 4,832 37.4 4,688 36.7 21.5 3,859 36.0 26.4 3,054 35.9 3,443 26.7 3,346 26.2 13.2 2,956 27.5 17.0 2,526 29.7 1,663 12.9 1,571 12.3 19.6 1,313 12.2 25.4 1,047 12.3 81 0.6 84 0.7 (3.4) 87 0.8 6.1 82 1.0 12,909 100.0 12,760 100.0 18.9 10,731 100.0 26.2 8,500 100.0 2005 2006 1-9 2005 2004 2003 72.2% 71.1% 72.3% 74.1% : 2006 1-9 2005 2004 2003 % % % % 2,587 20.0 2,388 18.7 2,200 20.5 1,990 23.4 1,246 9.7 1,296 10.2 967 9.0 772 9.1 1 1 287

949 7.3 1,000 7.8 824 7.7 628 7.4 877 6.8 849 6.6 792 7.4 634 7.5 894 6.9 764 6.0 604 5.6 548 6.4 769 6.0 742 5.8 626 5.8 466 5.5 586 4.5 599 4.7 513 4.8 391 4.6 514 4.0 541 4.2 467 4.4 296 3.5 472 3.7 454 3.6 411 3.8 292 3.4 423 3.3 443 3.5 357 3.3 282 3.3 9,317 72.2 9,076 71.1 7,761 72.3 6,299 74.1 12,909 100.0 12,760 100.0 10,731 100.0 8,500 100.0 (2) 2006 1 9 59.19 2005 61.64 27.5% 2004 48.35 2003 43.98 9.9% 2006 2005 2004 2003 1-9 (%) (%) 4,159 4,008 26.3 3,174 (5.1) 3,344 1,551 1,962 24.5 1,576 50.4 1,048 209 194 128.2 85 1,316.7 6 5,919 6,164 27.5 4,835 9.9 4,398 2006 1 9 2005 2004 2003 10.85 8.18 1 1 288

6.74 5.88 2006 2005 2004 2003 1-9 (%) (%) 846 556 25.2 444 23.3 360 196 234 12.0 209 (5.9) 222 43 28 33.3 21 250.0 6 1,085 818 21.4 674 14.6 588 2006 1 9 20.99 2005 23.36 19.1% 2004 31.0% 2006 1 9 2005 (3) 2006 1 9 2005 2004 2003 22.84 20.90 15.58 6.49 2006 2005 2004 2003 1-9 (%) (%) 276 558 95.8 285 (36.8) 451 1,944 1,013 19.3 849 (103) 64 519 22.4 424 40.9 301 2,284 2,090 34.1 1,558 140.1 649 (4) 1 1 289

2006 1 9 2005 2004 2003 1.35 3.36 2.45 2.51 2006 1 9 2006 3. 2006 1 9 2005 2004 0.39 0.25 0.10 0.03 0.07 0.03 2006 1 9 2006 2006 1-9 2005 2004 12 31 39 25 10 3 7 3 4. 2006 1 9 2005 2004 2003 1.14 0.86 0.60 0.87 0.49 0.38 0.30 0.28 2006 1-9 2005 2004 2003 114 86 60 87 49 38 30 28 2006 9 30 2005 12 31 2004 12 31 2003 12 31 8,804 3,330 1,084 189 5. 2006 1 9 2005 2004 2003 4.80 2.45 2.82 2.91 1.94 1 1 290

0.06 0.06 0.08 2006 1 9 IPO 2006 1-9 2005 2004 2003 480 245 282 291 194 6 6 8 2003 10 22 12 31 0.05 6. 2005 1 2 3 4 1 1 291

2006 1-9 2005 2004 2003 61,447 69,468 64,141 64,220 (30,097) (37,658) (29,771) (29,042) 31,350 31,810 34,370 35,178 78,729 77,229 96,561 84,502 (93,123) (111,865) (136,749) (106,717) (14,394) (34,636) (40,188) (22,215) 69,926 119,455 40,346 186,459 (74,709) (113,907) (27,226) (195,290) (4,783) 5,548 13,120 (8,831) (295) (408) 1-11,878 2,314 7,303 4,132 1. 2006 1 9 2005 2004 2003 585.40 684.88 615.38 632.01 2006 1 9 2005 2004 2003 82.36 92.77 71.84 67.48 34.90 56.28 47.93 41.32 48.59 58.76 38.66 29.50 44.81 49.07 43.27 48.56 2. 1 1 292

2006 1 9 2005 2004 2003 787.29 772.29 965.61 845.02 2006 1 9 2005 2004 2003 931.23 1,118.65 1,367.49 1,067.17 3. 2004 H 132.79 2006 1 9 2005 2004 2003 699.26 1,194.55 403.46 1,864.59 2006 1 9 2005 2004 2003 747.09 1,139.07 272.26 1,952.90 2006 2 ( 33 ) 38 ( [2006]3 ) 2006 10 ( [2006]18 )( ) 2007 1 1 38 2003 1 1 2006 9 30 2006 1 1 1 1 293

1. (1) 2007 2006 9 30 2006 9 30 15.81 15.81 2003 1 1 2006 9 30 2006 1 1 9 30 ( 9 ) 0.31 9 0.31 2006 1 1 38 9 15.81 9 15.81 1 1 294

(2) 26 2006 9 30 9 (3) 25 2007 2006 9 30 9 2. (1) 22 1 1 295

2007 2006 9 30 2006 9 30 60.66 60.66 2003 1 1 2006 9 30 9 12.69 9 12.69 2006 1 1 38 9 10.03 9 10.03 (2) 1 1 296

20 ( ) 2006 9 30 2006 9 30 ( ) 0.31 0.31 9 9 ( )0.31 9 0.31 3. 2006 9 30 2006 9 30 5.98 9 2007 1 1 1 1 297

2006 9 30 1. 1995 1999 5%-9% 50 2006 9 30 990 6.5% 2006 1-9 2005 2004 2003 12.8 19.5 22.0 14.5 1 1 298

2006 1-9 60 11% 2007 2008 2009 43 51 73 2050 1,700 2006 9 30 2005 2004 2003 12 31 5% 37.8% 40.0% 42.0% 45.3% 1999 6 2.5% 2006 9 30 2005 2004 2003 12 31 4.6% 4.7% 4.8% 5.0% 2006 9 30 11.5% 12% 12.5% 1999 6-221.88-212.63-203.85 11.5% 12% 12.5% 1999 6 460.12 447.23 434.89 2006 9 30 2. 1 1 299

2004 2 5 2004 2008 1 H 4% H 2006 9 30 9 2005 2004 4.15 0.61 0.29 2006 9 30 9 2005 2004 2006 1-9 2005 2004 / 58 42 - /- 16 42 / 58 58 42 2006 9 30 2005 12 31 2004 12 31 5.05 0.90 0.29 3. 2006 7 28 10.08 1,008,186,384 63% 5.35 5.35 2006 7 28 39.02 39.02 89.24% 1 1 300

4. 2006 9 30 2005 12 31 3,823 3,030 726 472 4,549 3,502 2005 2005 1 1 1/365 2005 515 519 2005 0.04 2005 0-4% 5% 2005 562 537 3 3 2005 1 1 301

0.25 2006 4% [2006]8 2006 9 1 Bornhuetter-Ferguson 2006 9 30 9 485 1,032 2006 9 30 9 5.47 1 1 302

( ) 9-2006 1 9 (%) ( ) 11.6 11.7 0.64 0.64 10.7 10.9 0.59 0.59 10.6 10.8 0.59 0.59 11.7 12.2 0.62 0.62 10.2 10.6 0.54 0.54 2005 10.0 10.4 0.53 0.53 11.1 15.0 0.54 0.60 8.6 11.6 0.42 0.47 2004 8.7 11.6 0.42 0.47 18.2 19.3 0.55 0.55 14.2 15.0 0.43 0.43 2003 14.0 14.8 0.42 0.42 1 1 303

2006 9 30 2005 12 31 2004 12 31 2003 12 31 1 (%) 89.7 88.7 87.4 91.9 2 (%) 387.7 354.6 504.1 617.5 3 18.8 7.4 (6.8) 10.7 (%) 4 (%) 2.3 3.9 4.1 4.5 5 (%) 2.4 3.4 2.7 3.3 3 38.4 25.7 30.0 (3.3) (%) (%) 6 96.4 96.9 95.0 97.6 (%) 7 3.6 3.1 5.0 2.4 (%) 8 59.9 61.0 59.8 66.4 1 + / 2 / 3 - / 2006 1 9 2005 1 9 4 = + + + - /[ + + + + + + /2] 2006 1 9 2006 1 9 5 /[ + + + /2] 2006 1 9 2006 1 9 6 + / + - - - 7 / + - - 8 - + + / + - - - 1 1 304

1. 2005 2006 1 9 2005 2004 2003 10.6% 10.0% 8.7% 14.0% 2004 2004 H 2006 1-9 2005 2004 2003 0.59 0.53 0.42 0.42 2005 26.2% 2004 H 2. 90% 2006 9 30 2005 2004 2003 12 31 387.7% 354.6% 504.1% 617.5% 2005 3. 1 1 1 305

2004 2 2003 2004 2006 1-9 2006 1 9 2005 2004 2003 96.4% 96.9% 95.0% 97.6% 2005 2005 1 1 306

( ) 100% 2006 9 30 2005 12 31 2004 12 31 2003 12 31 15,685 15,177 11,335 8,752 12,240 10,787 9,206 7,661 128.1% 140.7% 123.1% 114.2% 2,033 2,113 1,754 1,440 1,776 1,377 1,105 835 114.5% 153.4% 158.7% 172.5% 100% 2006 10 17 16 30 A 1 1 307

1 1 308

2006 9 30 2005 12 31 2006 9 30 2006 9 30 /11.5% /12.0% /12.5% 37,663 37,663 37,663 1999 6 (22,188) (21,263) (20,385) 1999 6 46,012 44,723 43,489 (5,373) (5,677) (5,965) 56,114 55,446 54,802 1 1 309

11.5% 12.0% 12.5% 5,683 5,471 5,272 (523) (548) (571) 5,160 4,922 4,701 2006 9 30 2005 12 31 ( ) 2006 2007 2008 2009 2010 2011+ 4.20% 4.30% 4.40% 4.50% 4.60% 4.70% 4.70% 4.80% 4.90% 5.00% 5.10% 5.20% 4.30% 4.40% 4.50% 4.60% 4.70% 4.80% 4.90% 5.00% 5.10% 5.20% 1 1 310

( ) 80% 80% 80% ( ) 1990-1993 终 40% 45% 50% 55% 60% 65% 35% 40% 45% 50% 55% 60% 1990-1993 75% 1990-1993 65% 65% 60% 60% 50% 1 6 75% 60% 1 1 311

30% 60% 75% 20% 40% 60% ( ) 15%-75% ( ) 5% 1 2 3 4 5+ 2.0%-15.0% 2.0%-17.5% 2.0%-10.0% 2.0%-8.0% 2%-5.0% 2.0%-3.0% 2.0%-3.0% 2.0%-3.0% 2.0%-3.0% 2.0%- 3.0% / 2.0% 2.0% 2.0% 2.0% 2.0% 17.0%-30.0% 10.0%-15.0% 6.5%-10.0% 5.0%-7.0% 5.0% 10.0%-22.0% 5.0%-10.5% 4.0%-7.5% 4.0%-5.0% 4.0%-5.0% 15.0% 7.5% 5.0% 5.0% 5.0% 7.5% 9.0% 10.0% 5.0% 5.0% 20.0%-100.0% 12.0%-20.0% 9.0%-18.0% 7.0%-12.0% 5.0%-10.0% 1.0% 2.0% 3.0% 6.0% 7.0% 3.0%-17.0% 3.0%-7.0% 3.0%-5.0% 3.0%-5.0% 3.0%-5.0% 0.0 %-15.0% 0.0 %-15.0% 0.0%-15.0% 0.0%-15.0% 0.0%-15.0% 15.0%-20.0% 15.0%-20.0% 15.0%-20.0% 15.0%-20.0% 15.0%-20.0% / 5.0% 5.0% 5.0% 5.0% 5.0% 3.0% 3.0% 3.0% 3.0% 3.0% 1 1 312

5.0% 1.5% 3.0% 0.75% 1.5% ( ) 2005 73% 2.0% ( ) 12 2005 10 2006 9 230 2006 9 30 12 42.9% 2.0% 18.1% 9.2% 27.8% 100.0% 1 1 313

( ) ( ) 15% 33% 15% 5.5% ( ) 5% 5% 1 1 314

2005 12 31 2005 12 31 /11.5% /12.0% /12.5% 33,072 33,072 33,072 1999 6 (18,874) (18,089) (17,344) 1999 6 39,658 38,537 37,465 (4,893) (5,157) (5,408) 48,963 48,363 47,786 11.5% 12.0% 12.5% 5,356 5,148 4,954 (587) (609) (627) 4,769 4,539 4,326 2005 12 31 12 2006 9 30 9 12.0% 1 1 315

2005 12 31 2006 9 30 37,248 48,363 2,403 2,202 5,984 4,621 306 41 (1,824) (2,638) 5,424 2,896 (632) 1,666 321 277 49,230 57,428 (867) (1,982) / 48,363 55,446 2006 9 30 25 25 10% 10% 10% 5% 85% 1 1 316

2006 9 30 /11.5% /12.0% /12.5% /11.5% /12.0% /12.5% 23,824 23,460 23,104 18,451 17,783 17,139 25 18,287 18,080 17,876 13,465 12,989 12,528 25 28,730 28,191 27,667 23,024 22,161 21,333 1999 6 (23,173) (22,201) (21,279) (25,766) (24,892) (24,063) 1999 6 47,725 46,355 45,045 44,848 43,265 41,755 24,552 24,154 23,766 19,081 18,374 17,692 23,685 23,327 22,978 18,664 18,006 17,370 24,752 24,359 23,976 19,424 18,727 18,054 22,430 22,105 21,786 17,360 16,735 16,131 11.5% 12.0% 12.5% 11.5% 12.0% 12.5% 5,683 5,471 5,272 5,160 4,922 4,701 25 5,582 5,376 5,182 5,034 4,803 4,588 25 5,784 5,567 5,363 5,286 5,042 4,814 5,936 5,710 5,498 5,370 5,118 4,882 5,772 5,556 5,355 5,251 5,010 4,785 5,799 5,585 5,384 5,279 5,040 4,816 5,567 5,361 5,167 5,039 4,807 4,591 2005 12 31 2004 1 1 317

25 25 10% 10% 10% 2005 12 31 / /12% 12% 15,291 4,539 2004 16,897 4,584 25 11,244 4,436 25 18,966 4,644 10% 15,502 4,756 10% 15,481 4,624 10% 15,951 4,642 1 1 318

( ) 1. 2. ( ) 1. 1 1 319

2. 1 1 320

3. ( ) 1 2 3 4 5 ( ) 1 1 321

A 1 1 322

( ) 1,150,000,000 A A 2006 11 13 2006 ( ) A / 1 A 2 A 2006 9 30 3 2004 6 1 1 323

1,387,892,000 10.33 / 1,261,720,000 126,172,000 132.79 H 1 1 324

( ) ( ) 1 1 325

1 2004 4 20 2003 2003 12 31 0.12 5.92 2 2005 6 23 2004 2004 12 31 0.14 8.67 3 2006 5 25 2005 2006 0.20 12.39 4 2006 8 15 2006 0.12 7.43 2006 11 13 A A 1 1 326

( ) 0755-22623323 0755-22622828 0755-22623215 0755-82431019 yaojun@pingan.com.cn wangxiaoli004@pingan.com.cn yangxu002@pingan.com.cn ( ) 0755-22623487 0755-22623130 0755-22623589 0755-22626372 0755-82400850 IR@pingan.com.cn ( ) 1 1 327

2006 9 30 ( ) 1 10 376.94 ( ) 14 14 304.5 ( ) 1 3 7 ( ) 1 2002 11 25 2 2004 9 28 2004 10 13 19,000,000 2024 10 15 5.52% 2005 4 29 2005 5 9 2004 10 13 19,000,000 2024 10 15 5.52% 3 2006 6 30 1 1 328

50,069.75 4 2006 3 10 6 2010 12 31 2010 12 31 5 2006 6 30 332,000,000 56 347 6 2006 7 28 89.24% 7 2006 8 24 170 160 10 8 2006 9 12 2006 9 12 2007 9 11 8 8 1 1 329

2006 12 16 10.15 39.02 ( ) 2006 9 30 1,000 10% ( ) 2006 9 30 1 1 330

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