2010 9 15 2010 [1277] 5-1 ........................................................................................................................................ 3 ........................................................................................................................................ 4 ............................................................................................................................... 7 ......................................................................................................................... 11 ......................................................................................................................... 25 ......................................................................................................................... 25 ......................................................................................... 34 ......................................................................................................................... 35 ................................................................................................................ 36 ........................................................................................................... 37 ...................................................................................................... 46 .................................................................................................................... 48 ........................................................................................................... 48 ........................................................................................................... 54 ...................................................................................................... 55 ........................................................................................................... 56 ....................................................................... 61 .................................................................................................................... 63 ................................................................................................................ 67 .................................................................................................. 76 .................................................................................... 94 .................................................................................. 110 .................................................................................................... 111 ......................................................................... 111 .................................................................................................................. 112 5-2 5-3 1. 2. 3. “ ” 4. 5. 6. 7. 8. 2003 10 28 2004 6 1 9. 10. 11. 12. 13. 14. 5-4 15. 16. 17. 18. 19. 20. 21. (“ ”) 22. 23. 24. 25. 26. 27. 28. 29. 3 5-5 30. 31. : 32.T 33.T+n T n ( T ) 34. 35. 34. 35. 36. 37. 38. 39. 40. ( ) 10% 41. 42. 43. 44. 45. 5-6 46. : 47. , 48. JF JF 49. 50. 51. 52. 53 5-7 1 2 3 4 5 5-8 1 2 3 4 5 , , 6 “ ” 7 5-9 8 9 1 2 5-10  3 10 , , 11 ( ) ( ) 5-11  60 -95 5 -40 5% ( ) 1 1 5-12  2 P/B ratio P/E ratio (P/CE ratio) Dividend Yield Price yield 3 / 4 2 3 5-13 1 2 3 1 2 5-14  3 / 4 5 ( ) 75 95 ( ) 1. 5-15  (1) 20% (2) 10% (3) 10% 3% (4) 10% (5) 10% (6) 20 (7) 10% (8) 60 -95 5 -40 5% (9) 100 (10) 10 5-16 (11) (a) (b) (c) 20% (12) 1 - 8 30 6 10 10 30 3 2. 1 2 3 4 5 5-17  10% 6 7 8 9 10 11 ( ) 1 1 2 3 4 2 30 5-18 3 ( ) 1 2 3 4 % 1 63,743,692.91 83.83 51,019,372.96 67.10 12,724,319.95 16.73 - - - - 2 - - 3 - - 5-19  - - - - 4 - - - - - - - - - - 5 - - - - 6 - - 7 11,319,576.21 14.89 8 972,466.60 1.28 9 76,035,735.72 100.00 ( ) 13,082,285.74 17.52 9,293,964.45 12.44 7,666,512.48 10.26 6,342,639.39 8.49 6,279,893.73 8.41 5,980,784.76 8.01 5,057,807.47 6.77 2,967,845.76 3.97 5-20  2,145,799.31 2.87 2,088,976.49 2.80 1,808,034.82 2.42 920,057.87 1.23 109,090.64 0.15 63,743,692.91 85.34 8,721,836.88 11.68 6,030,880.75 8.07 4,666,688.16 6.25 4,186,780.13 5.61 4,043,718.55 5.41 3,620,221.49 4.85 2,988,995.78 4.00 2,957,687.69 3.96 2,921,134.34 3.91 2,102,015.79 2.81 2,063,502.59 2.76 1,643,019.27 2.20 1,555,774.47 2.08 5-21  1,516,635.49 2.03 1,412,070.70 1.89 1,364,971.94 1.83 1,311,155.84 1.76 1,145,402.67 1.53 836,619.68 1.12 820,587.89 1.10 798,389.76 1.07 795,499.78 1.07 791,702.80 1.06 782,776.47 1.05 777,592.56 1.04 762,290.30 1.02 740,744.52 0.99 719,769.04 0.96 665,941.11 0.89 650,078.34 0.87 349,208.13 0.47 63,743,692.91 85.34 5-22  ) Companhia de 1 ABV US Bebidas das - 12,200 2,957,687.69 3.96 Americas Tingyi (Cayman 2 322 HK 140,000 2,262,559.22 3.03 Islands) Holdings Corp China Gas 3 384 HK 700,000 2,203,198.44 2.95 Holdings Ltd Cheng Shin Rubber 4 2105 TT 130,000 2,063,502.59 2.76 Industry Co Ltd Infrastructure Development 5 IDFC IN - 128,000 1,974,125.50 2.64 Finance Co Ltd ATAD 6 Tatneft - 9,300 1,973,463.67 2.64 LI LKOD 7 Lukoil - 5,500 1,939,372.46 2.60 LI VALE 8 Vale SA - 15,000 1,883,238.97 2.52 US 9 SOL SJ Sasol Ltd - 7,100 1,880,061.73 2.52 Shoprite 10 SHP SJ - 15,000 1,747,825.43 2.34 Holdings Ltd 5-23 1 - 2 626,273.49 3 323,769.78 4 837.57 5 21,585.76 5-24  6 - 7 - 8 - 9 972,466.60 -20.80% 1.08% -22.24% 1.49% 1.44% -0.41% -2011/12/31 2012/1/1-2012/6/30 4.29% 0.90% 2.68% 1.03% 1.61% -0.13% 99 20 99 20 5-25  2004 5 12 2.5 51% 49% [2004]56 2004 5 12 2005 8 12 67 33 51% 49% 2006 6 6 “ ” “ ” 2006 4 29 2006 6 2 2009 3 31 2009 3 31 ( ) 5-26 5-27 5-28 5-29 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 5-30  1 2 3 4 5 6 7 8 4 1 2 3 4 5 6 7 8 9 10 5 (1) (2) 5-31  (3) (4) 1 1 2 3 4 5 2 1 2 3 4 3 1 2 5-32 4 1 2 3 4 5 6 5-33 1 : 25 Bank Street Canary Wharf London E14 5JP Director Martin Porter 1974 2 27 / 119337 1,425 2011 12 31 Anuj Arora (1) 212 648 0563 (1) 212 648 1984 anuj.x.arora@jpmorgan.com www.jpmorgan.co.uk 5-34  2 Anuj Arora Anuj Arora 2006 Anuj Mesirow Fiancial Birkelbach Investment Securities Anuj Arora Illinois 1 JPMorgan &Chase Bank, N.A. 1111 Polaris Parkway, Columbus, Ohio 43240, USA. 270 Park Avenue, New York, New York 10017-2070 James Dimon 1799 2011 12 31 183 573 2011 12 31 16.9 Aa3 2 1 2 / 3 5-35  3 2 200 10 10 10 1 2 30 200 5-36  5,000 20 2 1 2 3 4 40% 5-37  12 24 12 31 40% 3 2 1 “ ” 2 “ ” 3 “ ” 4 5 2 1. 2. 5-38  (T ) T+2 T T+3 3. T 10 ( ) 1. 1 000 ( ) 1 000 2. 100 100 100 100 3. 4. 3 1 2 5-39 3 M M 100 1.6% 100 ≤M 500 1.0% M≥500 1000 4 0.50% 0.30% 0% 25% 5 2 6 1 “ ” = / 1 5-40  = = / 2 “ ” T = × = × = 3 T T+1 T+2 3 4 4 5 2 T+2 T+3 T+2 2 5-41 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 1. 2. 5-42 3. 4. 5. 6. 7. 8. 20 1. ( ) 10% 2. (1) (2) 10 5-43 3 2 4 2 ( ) 20 2 2 5-44  “ ” “ ” “ ” 5-45 ( ) 1. 2. 3. 4. 5. 6. ( ) 7. 8. 9. ( “ ”) 10. 11. ( ) ( ) 5-46 1. 1.8% H E× ÷ H E 3 2. 0.35% H E× ÷ H E 3 3. ( ) 3 11 ( ) ( ) ( ) 5-47 ( ) ( ) ( ) ( ) ( ) 5-48  ( ) T+1 ( ) 1 (1) (2) 1 (3) (4) 1 (5) 2 1 1 1 2 3 1 1 4 1 5-49  1 1 2 3 5 6 WM 7 8 1 7 1 7 9 10. 5-50  ( ) 1. 0.001 2. T+1 ( ) 1. “ ” “ ” 2. 1 5-51  2 3 4 0.5% 5 6 7 3. 1 2 5-52  3 0.5% 0.5% 4 4. 1 2 3 , T T 4 ( ) 1. 2. 3. 4. 5. 5-53 5-54  1. 2. 1 1 12 31 2 3. 4. 5. 6. 7. 1. 2. 5-55  3. 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