Income StatementFor the year ended 31 December(Expressed in millions of Renminbi unless otherwise stated)Interest incomeYOY growthInterest expenseof interest incomeNet interest incomeFee and commission incomeYOY growthFee and commission expenseof fee and commission incomeNet fee and commission incomeDividend incomeNet gain arising from dealing securitiesNet gain arising from investment securitiesNet gain arising from foreign currency dealingOther operating (loss)/incomeOperating incomeOperating expensesof operating incomeProvisions for impairment losses on-loans and advances to customersof interest incomeothersImpairment lossesProfit before taxIncome taxof profit before taxNet profitProfit MarginBasic and diluted earnings per share(in RMB)No.of shares in 2006:224,689 millionAnnual Growth Rate Based on Projected Net ProfitPastPro Forma200220032004200520062007E116.554132.471147.196173,601215,189279,74613.66%11.12%17.94%23.96%30.00%-37.68841,532-45.708-57.050-74,821-100.70832.34%31.35%31.05%32.86%34.77%36.00%78.86690.939101.488116,551140,368179.0374.1295.1597,3529.26114.62719,74624.95%42.51%25.97%57.94%35.00%-467-578-881-806-1.056-2,37011.31%11.20%11.98%8.70%7.22%12.00%3.6624.5816,4718.45513.57117,3771,049952777546424551713003064556198053204792.7011.9271,0121,316301392509-1,306-6,068-7,8889309611,7242,0861.6672,16785,19998.604113,976128,714151,593193,364-42,700-50.740-53.419-58.092-66,662-87,01450.12%51.46%46.87%45.13%43.97%45.00%42,49947,86460.55770,62284,931106,350-19.602-9,662-6.109-13,706-18.997-25,17716.82%7.29%4.15%7.90%8.83%9.00%495-500-3,249-1,552-217-282-20,097-10.162-9.358-15.258-19.214-25,45922,40237,70251,19955,36465,71780,891-11,068-15.169-2,159-8,268-19,398-27,50349.41%40.23%4.22%14.93%29.52%34.00%11,33422,53349.04047.09646.31953,3889.72%17.01%33.32%27.13%21.52%19.08%0.060.120.260.240.210.2498.81%117.64%-3.96%-1.65%15.26%123,354140,714160,565186,570227,470296,4422008E2009E2010E2011E2012E335,695399,477459.398519.120576,22320.00%19.00%15.00%13.00%11.00%-120.850-143.812-165.383-186.883-207.44036.00%36.00%36.00%36.00%36.00%214.845255,665294.015332.237368.78326.06533.88540.66248.79457.57732.00%30.00%20.00%20.00%18.00%-3,128-4,066-4.879-5,855-6.90912.00%12.00%12.00%12.00%12.00%22,93729,81935,78242,93950,6686617879051.0231.1359661,1491.3211.4931,6581.5791,8792,1602.4412,710-9,466-11,265-12,954-14,638-16,2492.6013,0953.5594,0214,464234,122281.129324.789369.516413,169-105,355-126,508-146,155-166.282-185,92645.00%45.00%45.00%45.00%45.00%128,767154.621178.634203,234227.243-36.926-43.942-45.940-46,721-51.86011.00%11.00%10.00%9.00%9.00%-339-403-523-581-37,265-44.345-46,403-47244-52.44191,502110,276132,231155,990174,802-22,876-27,569-33,058-38.997-43,70025.00%25.00%25.00%25.00%25.00%68,62782.70799,173116.992131,10120.44%20.70%21.59%22.54%22.75%0.310.370.440.520.5828.54%20.52%19.91%17.97%12.06%358,100429,007495,052562.255627,519