Zhulian 10/2009 Quarter 3

Q1/2009	Q2/2009	Q3/2009	Q4/2009 *(FE)
71,085	73,554	83,426	74,261
22,326	19,741	29,486	22,980
16,844	16,690	23,822	18,042
16,844	16,690	23,801	18,042
4.88	4.84	6.9	5.23
3	3	3	3
0.829	0.8473	0.8863	0.9086

EPS 2009 *(FE) = 21.85
PER 7.5 - 8.5
TP = (21.85*7.5 - 21.85*8.5)
= (1.640 -1.860)

ROE (*FE) = EPS /NAV = 21.85/ 90.86 * 100% = 24.07%

*(FE) - Self extimate, is not the real data, please take note.