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T_RankInfo T_ReportDate T_PreferredList T_Graph T_ReportAbstract 2008 -A 2008-04-26 600030 42 -A 12 1985 5%200630% 1 23 10%106% 2002-2006 24% 4% 0.5 10% T_Analyst CFA 010-66581626 yangjh@essences.com.cn 010-66581629 huanglj2@essences.com.cn T_RelatedReport 1

1. 1.1. 2007 51% 49% 1 2002 8% 2007 27% 2 2002 62% 2006 73% 31985 5%2006 30% 4 1990 10%2006 20% 5 6 2006 23 17 22 1.5 7 12 3 FICC 1 2007 51% 26% 17% 1% QFII 2% 2% 0% 1% 2

2 30% 26.56% 20% 16.34% 19.18% 13.66% 10% 7.75% 0% 2003 2004 2005 2006 2007 100% 60% Wind 3 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 62% 64% 67% 70% 73% 38% 36% 33% 30% 27% 2002 2003 2004 2005 2006 Board of Governors of the Federal Reserve System 3

4 ICI 5 ICI 4

6 100% 90% 80% 40.4 26.5 37 70% 60% 50% 5.2 1.7 34.2 22.6 74.1 87 40% 30% 20% 10% 0% 10.7 22.9 52.7 7.3 28.6 8.1 0.3 17.5 3 10.5 9.7 7 2006 IFSL 1.2. 2002 6.6%2005 18.7% 82006 2007 2007 5 35% 5 9 10 57% 10 14 9 2007 3 2002 4.9% 2007 12.6% 5

8 20% 18.72% 16.49% 16.18% 13.09% 10.99% 10% 6.63% 0% 2002 2003 2004 2005 2006 2007 Wind 9 Wind 1 2007 5,960 8.15% 5,656 7.74% 5,491 7.51% 4,528 6.20% 3,791 5.19% 3,588 4.91% 3,534 4.83% 3,183 4.36% 2,793 3.82% 2,786 3.81% Wind 6

10 Wind 1.3. 10%10% 6% 2007 309 3.14 1% 2007 1.2 70% 20% 10% 11 SIFMAJSDAKSDA 7

12 2007 1.4. 50 20 12.4 32% 16 14.4 37% 12 10.8 28% 1.3 3% 49%, 3 2006 BlackRock 49.8% 688 14 17% 2 2006 50 Rank Manager Industry Market Total assets 1 UBS Switzerland 2,452 2 Barclays Global Investors U.K. 1,814 3 State Street Global U.S. 1,749 4 AXA Group France 1,740 5 Allianz Group Germany 1,708 6 Fidelity Investments U.S. 1,635 7 Capital Group U.S. 1,404 8 Deutsche Bank Germany 1,274 8

9 Vanguard Group U.S. 1,167 10 BlackRock U.S. 1,125 11 Credit Suisse Switzerland 1,093 12 JPMorgan Chase U.S. 1,014 13 Mellon Financial U.S. 995 14 Legg Mason U.S. 958 15 BNP Paribas France 817 16 ING Group Netherlands 792 17 Natixis France 770 18 AIG Global Investment U.S. 731 19 Credit Agricole France 704 20 Aviva U.K. 701 21 Northern Trust Global U.S. 697 22 Goldman Sachs Group U.S. 693 23 Prudential Financial U.S. 616 24 Morgan Stanley U.S. 606 25 HSBC Holdings U.K. 595 26 Wellington Management U.S. 575 27 Societe Generale France 557 28 Fortis Group Belgium 556 29 Franklin Templeton U.S. 553 30 Bank of America U.S. 543 31 MetLife U.S. 528 32 Generali Group Italy 524 33 Aegon Group Netherlands 478 34 Prudential U.K. 477 35 Old Mutual South Africa 468 36 INVESCO U.K. 463 37 Legal & General Group U.K. 456 38 MassMutual Financial U.S. 456 39 Nippon Life Insurance Japan 440 40 TIAA-CREF U.S. 406 41 Ameriprise Financial U.S. 397 42 Rabobank Group Netherlands 378 43 Sun Life Financial Canada 375 44 Zenkyoren Japan 365 45 Manulife Financial Canada 355 46 Mitsubishi UFJ Financial Japan 351 47 T. Rowe Price U.S. 335 48 Unicredito Italiano Italy 328 49 Hartford Financial U.S. 328 50 Zurich Financial Services Switzerland 310 Pensions&Investments, Waston Wyatt 3 2,186 100% 1,667 73% 1,473 45% 1,081 48% 654 50% 569 47% 533 47% 406 51% 367 41% 283 49% 9

101 46% Wind 4 11,691 17% 11,420 17% 10,498 16% 6,717 10% 5,879 9% 5,589 8% 5,048 8% 4,012 6% 1,656 2% 1,497 2% 1,369 2% 1,232 2% 344 1% 151 0% 67,103 100% Wind 2. 2.1. 5 2008 8 5 60% 13 1976 46% 2006 8% 1975 90 2002 5 22 27 61 54 56 22 16 N.A. 16 30 11 6 4 3 5 11 N.A. N.A. N.A. 0 10 6 10 N.A. 0 13 N.A. N.A. N.A. 1 11 45 25 27 8 10

13 150% 2007 2008Q1 123% 100% 50% 55% 43% 45% 43% 42% 62% 50% 50% 70% 64% 82% 36% 43% 23% 0% Wind 2008Q1 14 SIFMA 11

15 SIFMA 2.2. 2.2.1. 2000 240 2006 369 5 3000 7 1500 2007 10 2008 1 2008 3 1359 7% 2000 2004 17 16 % 3500 3000 1000% 800% 2500 600% 2000 1500 400% 1000 200% 500 0% 0-200% 2000 2001 2002 2003 2004 2005 2006 200701 200702 200703 200704 200705 200706 200707 200708 200709 200710 200711 200712 200801 200802 200803 200804 Wind 12

17 SIFMA 2.2.2. 2007 5 99% 1999 6 2008 3 34% 1999 32% 18 Wind 13

19 SIFMA 20 2007 WFE 2.2.3. 5 12008 25% 10% 22008 360% 3 2008 2009 6400 5000 50% 5 1400 1700 2100 2850 3300 6 2007 2008E 2009E 2010E 2011E 2012E 2,500,331 9,306,418 9,896,418 19,275,487 31,005,690 35,362,846 2,312,232 3,035,472 7,444,934 8,711,504 922,352 0 733,041 640,000 500,000 750,000 1,125,000 1,687,500 14

3,760,814-3,085,473 1,734,135 2,798,699 3,192,804 3,536,285 9,306,418 9,896,418 19,575,487 31,865,690 37,191,846 42,598,530 765% 360% 280% 200% 200% 200% 45,172,247 34,565,104 41,260,666 51,441,176 69,057,535 79,790,376 YoY -23% 18% 23% 32% 12% 185,894 142,831 170,499 212,567 285,362 329,712 2.3. 10 7.88% 2007 7.7% 8.1% 8% 7.9% 3.3% 3.6% 4.1% 4.2% 1.3% 1.4% 1.2% 1.4% 165 53 218 123 57 180 2009 1 2.8 2.5 3017 1 406 263 3 256 20 3 2.1 21 2007 10 Wind 15

22 Wind 23 Wind 24 2007 16

25 2007 Wind 26 2007 Wind 17

27 0.30% 0.20% 0.21% 0.20% 0.18% 0.17% 0.16% 0.14% 0.12% 0.12% 0.10% 0.00% 2.4. 10 44% 10 81% 1 20% 19% 10% 452 406 390 345 28 2007 Wind 18

29 2007 Wind 3. 2007 A 7728 2006 214% 2008 3 IPO22 550 55 950 1499 2008 6600 2007 23% 17% 10% 9% 5% 64% 2006 2007 18 2.8 16%2002-2006 24% 32 27% 50% 142% 179% 4% 2000 10% 4% 1.5 34 19

30 A 2008 Wind 31 Wind 32 20

SIFMA 33 % 200 179 136 142 157 100 87 50 27 0 34 SIFMA 4. 2007 FICC 35%15% 8% 50% FICC 21

35 2007 36 2007 FICC 2007 37% 95% 22

2008 1 37 2007 100% 95% 88% 88% 78% 81% 92% 82% 65% 50% 29% 30% 30% 32% 37% 7% 13% 17% 0% 38 2007 Wind 23

39 2007 70% 60% 50% 44% 45% 50% 53% 60% 40% 30% 20% 22% 29% 10% 0% Wind 40 2007 Wind 5. 5.1. IB IB 10 IB 1.2 0.2 3.1 0.5 0.5 10% 7 24

41 CEIC 7 / 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 1 2% 3% 3% 4% 5% 5% 6% 7% 2 4% 5% 7% 8% 9% 11% 12% 13% 3 6% 8% 10% 12% 14% 16% 18% 20% 4 8% 11% 13% 16% 19% 21% 24% 27% 5 10% 13% 17% 20% 23% 27% 30% 33% 5.2. 12 12 90 50%-60% 30% 10% 10% 10% 5% 10% 25

42 % CEIC 8 12 6 50% 130% 150% 1 5 2 8 4000 1 20% 2 4% 3 5 CSRC 5.3. 2007 8% 2007 9 15 30 20 10 150 26

6. 60% -A -A -B -B 43 50 2007 2008Q1 46 40 36 38 38 30 20 10 10 13 21 16 17 22 20 27 24 29 0 CEIC 9 EPS P/E 2008E 2009E 2010E 2008E 2009E 2010E P/B 600030 1.42 1.39 1.78 19 20 15 3.0 27.52 -A 600837 0.41 0.44 0.54 60 54 45 5.0 24.12 -A 000783 0.73 0.76 0.91 26 26 21 5.2 19.40 -A 000728 0.54 0.65 0.79 42 34 28 6.3 22.25 -B 000686 0.96 1.14 1.40 24 20 16 4.9 22.52 -B 000562 0.67 0.77 0.95 28 25 20 4.5 19.03 -A 600109 1.53 1.47 1.10 28 29 38 10.3 42.15 -B : 2008-6-13 27

1 2006 7 20 2008 4 8 10 2007 1 407 44 2007 10 100% 40% 8% 20% 3% 20% 100% 30% 5% 10% 500% 100% 15% 8% 4% 8% 5% 28

5% 10% 5% 5% 20% 90% 50% 80% 50% 2000 500 10% ABCD 0.6 0.8 1 2 CSRC 29

2 58% 7% 17% 45 2006 SIFMA 2007 61 34% 7% 46 2007 Other 22% US 34% Spain 3% India 3% Germany 3% Canada 4% HongKong 4% UK 6% Netherland 7% Japan 7% China 7% WFE 2007 70 47% 14% 8% 2% 47 2007 30

Netherlands 3% Spain 4% Canada 2% China 2% South Korea 2% UK 6% France 6% US 47% Italy 6% Germany 8% WFE Japan 14% 2006 22 47% 10% 8% 48 2006 ICI 31

T_AuthorInfo 6 300 10% 6 300-10% 10% 6 300 10% A 300 B 300 T_Sales 021-68801216 liangtao@essences.com.cn 021-68801217 zhangqin@essences.com.cn 021-68801229 ligr@essences.com.cn 010-58331156 lixin@essences.com.cn 010-58331112 mazn@essences.com.cn 0755-23982944 panlin@essences.com.cn 0755-23982979 hesz2@essences.com.cn 0755-23982931 lijin@essences.com.cn 518026 200122 5 B 19 100034 32