Progress Non-tradable Share Reform in Chinese Capital markets 29 April 2005, 1st batch of 4 companies participated in the pilot program June 2005, 2nd batch of 42 companies joined the reform Nov 2005, 35 large state-owned companies joined the reform As of Dec. 2006, 96% of the listed companies completed the reform OR INTERNAL USE ONLY this communication may be reproduced or redistributed ② 中国证券监督管理委员会 CHINA SECUIRITIES E ATDRYCDFOR INTERNAL USE ONLY – No portion of this communication may be reproduced or redistributed. Non-tradable Share Reform in Chinese Capital markets Progress Progress „29 April 2005, 1st batch of 4 companies participated in the pilot program „June 2005, 2nd batch of 42 companies joined the reform „Nov. 2005, 35 large state-owned companies joined the reform „As of Dec. 2006, 96% of the listed companies completed the reform