This is a sem-annually questionnaire put forward to north European companies in China, The purpose is to follow how these companies are viewing the future for their companies in China. The answers are then analysed and an index is the reult.

1. China
Financial Index
SEB Shanghai Branch 16 March 2010
Investments up as business climate improves
- But profit expectations fall as margins deteriorate
= =
=
pÉåáçê= ã~å~ÖÉêë= ~í= kçêíÜÉêå= bìêçéÉ~å=
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ëìÄëáÇá~êáÉë= áå= `Üáå~= ÑçêÉëÉÉ= ~= ÅçåíáåìÉÇ=
ã~å~ÖÉêë= Ñêçã= ~êçìåÇ= RM= ëìÄëáÇá~êáÉë= çÑ=
áãéêçîÉãÉåí= áå= ÄìëáåÉëë= éêçëéÉÅíë= çå= íÜÉ=
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êÉëéçåÇÉåíë= ÉñéÉÅí= íÜÉáê= ÄìëáåÉëë= ëáíì~íáçå=
çÑ= íÜÉáê= çïå= ÄìëáåÉëë= ~ë= ïÉää= ~ë= íÜÉ= ã~Åêç=
íç= áãéêçîÉ= ÑìêíÜÉê= ~åÇ= OMB= ÉñéÉÅí= áí= íç=
~åÇ= Ñáå~åÅá~ä= ÉåîáêçåãÉåíK= lîÉê~ääI=
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ÅçåíáåìÉ= íç= áãéêçîÉ= ~åÇ= ~êÉ= ãçîáåÖ= Ñêçã=
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íÜÉ= éêÉîáçìë= ““Å~êÉÑìääó= Éñé~åÇÒ= ëíê~íÉÖó=
`Üáå~= ~Ö~áå= ïáíÜ= SRB= éä~ååáåÖ= ãçÇÉëí=
íÜ~í=ã~åó=Åçãé~åáÉë=~ÇçéíÉÇ=áå=pÉéíÉãÄÉê=
áåîÉëíãÉåí= ~åÇ= NUB= éä~ååáåÖ= ã~àçê=
íçï~êÇë= ~= ãçêÉ= ~ÖÖêÉëëáîÉ= Éñé~åëáçå= áå=
áåîÉëíãÉåíë= áå= íÜÉ= ÅçãáåÖ= ëáñ= ãçåíÜëK=
`Üáå~K=
oÉÅêìáíãÉåí=éä~åë=~äëç=ÅçåíáåìÉ=íç=áåÅêÉ~ëÉK=
=
=
=få= íÜÉ= ãÉ~åíáãÉI= ãçåÉí~êó= éçäáÅáÉë= ~êÉ=
eçïÉîÉêI=éêçÑáí=ÉñéÉÅí~íáçåë=~êÉ=äçïÉê=íÜ~å=
ÉñéÉÅíÉÇ=íç=ÄÉ=íáÖÜíÉêK=jçêÉ=íÜ~å=íïç=íÜáêÇë=
éêÉîáçìëäóI= áåÇáÅ~íáåÖ= Ñ~ääáåÖ= ã~êÖáåë= ~ë=
ÉñéÉÅí= áåíÉêÉëí= ê~íÉ= ÜáâÉë= ~åÇ= Ü~äÑ= çÑ= íÜÉ=
ÜáÖÜÉê= ã~åìÑ~ÅíìêáåÖ= Åçëíë= Å~ååçí= ÄÉ=
êÉëéçåÇÉåíë= ÉñéÉÅí= íÜÉ= oj_= íç= ëí~êí= íç=
ÅçãéäÉíÉäó= é~ëëÉÇ= çå= íç= ÅäáÉåíë= ~åÇ=
~ééêÉÅá~íÉ=~Ö~áåëí=íÜÉ=rpJÇçää~êK=
ÇçãÉëíáÅ=ÅçãéÉíáíáçå=áåÅêÉ~ëÉK=
=
=
= Our conclusions
pb_Ûë=`Üáå~=cáå~åÅá~ä=fåÇÉñ=êÉ~ÅÜÉÇ=SR=áå=
= jìäíáå~íáçå~ä= Åçãé~åáÉë= ~êÉ= ãçîáåÖ= Ä~Åâ= íç=
pÉéíÉãÄÉêI=ìé=Ñêçã=SO=áå=pÉéíÉãÄÉêK==
= ~å= Éñé~åëáçå= ãçÇÉ= çå=íÜÉ= `ÜáåÉëÉ= ã~êâÉí ~ë=
=
SEB’s China Financial Index = íÜÉ= Åçìåíêó= ÅçåíáåìÉë= íç= êÉéçêí= ÜáÖÜ= ÖêçïíÜK=
= táíÜ= ÜáÖÜÉê= ê~ï= ã~íÉêá~ä= éêáÅÉëI ~åÇ= ~=
90.0
= ëíêçåÖÉê= oj_I= ã~åìÑ~ÅíìêáåÖ= Åçãé~åáÉë= ~êÉ=
80.0
70.0
= ÉñéÉÅíáåÖ íç= Ñ~ÅÉ= êáëáåÖ= áåéìí= ÅçëíëI= ïÜáäÉ=
60.0
= çîÉêÅ~é~Åáíó= ~åÇ= ÅçãéÉíáíáçå= áå= ~äãçëí= ÉîÉêó=
50.0
= ã~åìÑ~ÅíìêáåÖ=ëÉÅíçê=äáãáíë=íÜÉ=~Äáäáíó=çÑ=Ñáêãë=
40.0
= íç=ê~áëÉ=Ñáå~ä=ÖççÇë=éêáÅÉëK=qÜ~í=ëÜçìäÇ=ÄÉ=íÜÉ=
30.0 = ãçëí= äçÖáÅ~ä= êÉ~ëçå= ÄÉÜáåÇ= Ç~ãéÉåÉÇ= éêçÑáí=
20.0 = éêçëéÉÅíë=~ãçåÖ=êÉëéçåÇÉåíë=áå=íÜáë=ëìêîÉóK=
10.0 =
Index value Business
climate
Investment
plans
Employees Profit
cêÉÇêáâ=e®ÜåÉä=
pçìêÅÉW=pb_=pÜ~åÖÜ~áK=dêÉó=ëí~Åâë=ëÜçï=êÉëìäíë=áå=j~êÅÜ=~åÇ=pÉéíÉãÄÉêI=OMMV=
ÑêÉÇêáâKÜ~ÜåÉä]ëÉÄKëÉI=íÉäW=HUS=ON=RPVS=SSUN=
This report is produced by Skandinaviska Enskilda Banken AB (publ) for institutional investors only. Information and opinions contained within this document are given in good faith and are based on sources
believed to be reliable, we do not represent that they are accurate or complete. No liability is accepted for any direct or consequential loss resulting from reliance on this document. Changes may be made to
opinions or information contained herein without notice. Any US person wishing to obtain further information about this report should contact the New York branch of the Bank which has distributed this report
in the US. Skandinaviska Enskilda Banken AB (publ) is a member of London Stock Exchange. It is regulated by the Securities and Futures Authority for the conduct of investment business in the UK.

2. SEB Shanghai 16 March 2010 2
ëí~íáëíáÅëW= qÜÉ= j~êâáí= mjf= áåÇÉñ= Ñçê=
Confidence High ã~åìÑ~ÅíìêáåÖ= áåéìí= éêáÅÉë= Ü~ë= ÄÉÉå=
China leading growth in 2010 ÅäáãÄáåÖ=ëíÉ~ÇáäóI=íç=SVKV=áå=aÉÅÉãÄÉê=Ñêçã=
= QQKP= áå= j~óK= jçêÉ= íÜ~å= Ü~äÑ= çÑ= íÜÉ=
`Üáå~Ûë=ÉÅçåçãó=ÖêÉï=Äó=UKTB=áå=OMMV=~åÇ= êÉëéçåÇÉåíë= áå= çìê= ëìêîÉó= Ü~îÉ=
pb_Ûë= ÑçêÉÅ~ëí= áë= íÜ~í= `Üáå~= ïáää= Öêçï= Äó= ã~åìÑ~ÅíìêáåÖ=áå=`Üáå~K==
NMKRB=áå=OMNM=~åÇ=Äó=VB=áå=OMNNK=`Üáå~=ïáää= =
íÜÉêÉÄó=ëÜçï=íÜÉ=ÜáÖÜÉëí=ÖêçïíÜ=é~ÅÉ=çÑ=~ää= The RMB will appreciate vs. the USD
ã~àçê=ã~êâÉíë=áå=íÜÉ=ïçêäÇK=qÜáë=áë=áå=ëí~êâ= again; interest rates are on their way up
Åçåíê~ëí=íç=íÜÉ=rpI=bìêçéÉ=~åÇ=g~é~å=ïÜáÅÜ= =
~êÉ= ~ää= ëíáää= ëíêìÖÖäáåÖ= áå= íÜÉ= ï~âÉ= çÑ= íÜÉ= ^äíÜçìÖÜ= `ÜáåÉëÉ= çÑÑáÅá~äë= Ü~îÉ=
Ñáå~åÅá~ä=ÅêáëáëK=qÜÉ=âÉó=íç=ÖêçïíÜ=Ü~ë=ÄÉÉå= ÉãéÜ~ëáòÉÇ= íÜ~í= ~= ëí~ÄäÉ= EáKÉK= åçí=
ÑáëÅ~ä= ëíáãìäìë= Ñáå~åÅÉÇ= Äó= ÜìÖÉ= Ä~åâ= ~ééêÉÅá~íáåÖF= oj_= áë= áå= `Üáå~Ûë= áåíÉêÉëíë=
äÉåÇáåÖK= ^í= íÜÉ= êÉÅÉåí= k~íáçå~ä= mÉçéäÉÛë= ~åÇ= íÜ~í= íÜÉ= Åçìåíêó= ïáää= åçí= ÖáîÉ= áå= íç=
`çåÖêÉëëI= íÜÉ= ÖçîÉêåãÉåí= ~ëëìêÉÇ= ã~êâÉíë= éêÉëëìêÉ= Ñêçã= çíÜÉê= ÅçìåíêáÉë= íç= äÉí= íÜÉ=
íÜ~í= áí= ïáää= ã~áåí~áå= áíë= Éñé~åëáçå~êó= ÅìêêÉåÅó= ëíêÉåÖíÜÉåI= íÜÉêÉ= ~êÉ= ã~åó= ëáÖåë=
ãçåÉí~êó= ~åÇ= ÑáëÅ~ä= éçäáÅáÉëI= ÉîÉå= ~ë= íÜÉ= íÜ~í=íÜÉ=oj_=ïáää=áå=Ñ~Åí=ëí~êí=íç=ëíêÉåÖíÜÉå=
ÖçîÉêåãÉåí= ~ííÉãéíë= íç= í~ÅâäÉ= êáëâë= çÑ= ÇìêáåÖ= OMNMK= oÉÅÉåíäóI= wÜçì= uá~çÅÜì~åI=
çîÉêÜÉ~íáåÖ= áå= íÜÉ= ÉÅçåçãó= Äó= ÑáåÉ= íìåáåÖ= ÖçîÉêåçê= çÑ= `Üáå~Ûë= `Éåíê~ä= _~åâI=
éçäáÅáÉë= ~åÇ= ÅçåíêçääáåÖ= áåÑê~ëíêìÅíìêÉ= ÇÉëÅêáÄÉÇ= íÜÉ= ÅìêêÉåí= éÉÖ= íç= íÜÉ= rp= Ççää~ê=
áåîÉëíãÉåí== ~ë= íÉãéçê~êóI= äÉ~ÇáåÖ= íç= ã~êâÉí=
= ÅçåÅäìëáçåë=íÜ~í=`Üáå~=ïáää=áå=Ñ~Åí=ÅçåíáåìÉ=
= íç= äÉí= íÜÉ= ÅìêêÉåÅó= ëíêÉåÖíÜÉå= ~Ö~áåëí= íÜÉ=
= rp=Ççää~ê=~ÑíÉê=~=Ü~äí=áå=~ééêÉÅá~íáçåë=ëáåÅÉ=
= ^ìÖìëí=OMMUK=e~äÑ=çÑ=íÜÉ=êÉëéçåÇÉåíë=áå=íÜáë=
= ëìêîÉó= ÉñéÉÅí= ~å= ~ééêÉÅá~íáçå= ~åÇ= íÜÉ= NO=
= ãçåíÜë=éêáÅÉ=áå=íÜÉ=kac=ã~êâÉí=áë=~í=SKSPK=
= =
= China USD/CNY & NDF 12-mth
= 8.50
= 8.25
= 8.00
= USD/CNY
7.75
=
USD/CNY
7.50
=
7.25
=
= 7.00
=
= 6.75
pçìêÅÉW=pb_I=kçêÇáÅ=lìíäççâI=pÉéíÉãÄÉê=OMNM= 12-mth NDF
= 6.50
tÜáäÉ=~ää=áåÇáÅ~íçêë=áå=íÜáë=ëìêîÉó=éçáåí=~í=~= 6.25
ÅçåíáåìÉÇ= áãéêçîáåÖ= ÄìëáåÉëë= Åäáã~íÉ= áå= 05 06 07 08 09 10
`Üáå~I= éêçÑáí= éêçëéÉÅíë= Ü~îÉ= Ñ~ääÉå= ëáåÅÉ=
pÉéíÉãÄÉêK= = ^åÉÅÇçí~ä= ÉîáÇÉåÅÉ= Ñêçã= SUB= çÑ= ã~å~ÖÉêë= ~êÉ= ÉñéÉÅíáåÖ= áåíÉêÉëí=
ÇáëÅìëëáçåë= ïáíÜ= çìê= ÅäáÉåíë= ïáíÜáå= íÜÉ= ê~íÉë= íç= áåÅêÉ~ëÉ= áå= íÜÉ= ÅçãáåÖ= S= ãçåíÜëK=
ã~åìÑ~ÅíìêáåÖ= áåÇìëíêó= áåÇáÅ~íÉë= íÜ~í= íÜáë= qÜÉ=áåÑä~íáçå=ÑáÖìêÉ=Ñçê=cÉÄêì~êó=Å~ãÉ=áå=~í=
áë=ã~áåäó=ÇìÉ=íç=êáëáåÖ=áåéìí=ÅçëíëK=^ë=ÑáÉêÅÉ= OKTBI= ìé= Ñêçã= NKRB= áå= g~åì~êóK= jçëí=
ÅçãéÉíáíáçå= ~åÇ= çîÉêëìééäó= áå= ã~åó= ÉÅçåçãáëíë=ÄÉäáÉîÉ=íÜ~í=íÜáë=áå=ÅçãÄáå~íáçå=
ã~åìÑ~ÅíìêáåÖ= ëÉÅíçêë= ~êÉ= âÉÉéáåÖ= Ñáå~ä= ïáíÜ= çîÉêÜÉ~íáåÖ= áå= íÜÉ= éêçéÉêíó= ã~êâÉí=
ÖççÇë= éêáÅÉë= ÇçïåI= íÜáë= êÉëìäíë= áå= Ñ~ääáåÖ= ïáää= äÉ~Ç= íç= ëÉîÉê~ä= ê~íÉ= ÜáâÉë= Äó= íÜÉ=
ã~êÖáåë=ïÜáÅÜ=ëÉÉãë=íç=ÄÉ=~=êáëáåÖ=ÅçåÅÉêå= mÉçéäÉÛë= _~åâ= çÑ= `Üáå~= ÇìêáåÖ= OMNMK= qÜÉ=
Ñçê= Åçãé~åáÉëK= qÜáë= áë= ÑìêíÜÉê= éêçîÉå= Äó= çåÉ=óÉ~ê=äÉåÇáåÖ=ê~íÉ=íçÇ~ó=áë=RKPNBK=

3. SEB Shanghai 16 March 2010 3
=
Survey Results Subject: Employee Structure
= bîÉå= áå= íÜÉ= ãáÇÇäÉ= çÑ= íÜÉ= Ñáå~åÅá~ä= ÅêáëáëI=
Information about the Survey íÜÉêÉ=ïÉêÉ=åç=ã~àçê=ä~óJçÑÑë=~ãçåÖ=ÑçêÉáÖå=
The SEB China Financial Survey is based on input Åçãé~åáÉë=áå=`Üáå~K=^ë=ã~å~ÖÉêë=áå=kçêíÜ=
from CEOs and CFOs at 50 subsidiaries of major
Swedish, Danish, Finnish, Norwegian and German
bìêçéÉ~å= Åçãé~åáÉë= ÄÉÅçãÉ= áåÅêÉ~ëáåÖäó=
companies. Most of the companies have a global ÄìääáëÜI= íÜÉó= ~êÉ= åçï= éä~ååáåÖ= íç= áåÅêÉ~ëÉ=
turnover of over EUR 500 million. The survey is web- ëí~ÑÑ= ÑìêíÜÉêK= RRB= éä~å= íç= áåÅêÉ~ëÉ= ëí~ÑÑ=
based and confidential and was carried out during the åìãÄÉêë= ~åÇ= SB= ~êÉ= éä~ååáåÖ= ëáÖåáÑáÅ~åí=
period March 1 – 10, 2010.
áåÅêÉ~ëÉëK=qÜáë=Å~å=ÄÉ=Åçãé~êÉÇ=íç=QPB=~åÇ=
=
TB=êÉëéÉÅíáîÉäó=áå=pÉéíÉãÄÉê=ä~ëí=óÉ~êK==
=
EpÉÉ=Öê~éÜ=Q=çå=é~ÖÉ=RF=
=
=
=
=
Subject: Business Climate / Profit
Subject: Fixed Asset Investment Plans
Expectations
qÜÉ= åìãÄÉê= çÑ= Åçãé~åáÉë= éä~ååáåÖ=
kçêíÜÉêå=bìêçéÉ~å=ëìÄëáÇá~êó=ã~å~ÖÉêë=áå=
áåîÉëíãÉåíë= Ü~ë= Ñáå~ääó= ëí~êíÉÇ= íç= áåÅêÉ~ëÉK=
`Üáå~=Ü~îÉ=~å=áåÅêÉ~ëáåÖäó=éçëáíáîÉ=îáÉï=çÑ=
få= íÜáë= ëìêîÉóI= SRB= ~êÉ= éä~ååáåÖ= ãçÇÉëí=
íÜÉ= ÄìëáåÉëë= Åäáã~íÉ= Ñçê= íÜÉ= ÅçãáåÖ= ëáñ=
áåîÉëíãÉåíë= ~ë= Åçãé~êÉÇ= íç= RMB= áå=
ãçåíÜëI= Åçãé~êÉÇ= íç= ëáñ= ãçåíÜë= ~ÖçK= QUB=
pÉéíÉãÄÉêI= ~åÇ= íÜÉ= éÉêÅÉåí~ÖÉ= çÑ=
EQSB= áå= pÉéíÉãÄÉêF= çÑ= Åçãé~åáÉë= ÉñéÉÅí=
Åçãé~åáÉë=éä~ååáåÖ=ëáÖåáÑáÅ~åí=áåîÉëíãÉåíë=
ÄìëáåÉëë=ÅçåÇáíáçåë=íç=ÄÉ=Ñ~îçê~ÄäÉ=çîÉê=íÜÉ=
Ü~ë= áåÅêÉ~ëÉÇ= íç= NUB= Ñêçã= NNB= áå=
ÅçãáåÖ=ëáñ=ãçåíÜë=~åÇ=OMB=ETB=áå=j~êÅÜF=
pÉéíÉãÄÉêK= qÜáë= áë= áåÇáÅ~íáåÖ= ~= ëÜáÑí= áå=
ÄÉäáÉîÉ=íÜÉó=ïáää=ÄÉ=îÉêó=Ñ~îçê~ÄäÉK=låäó=UB=
`Üáå~= ëíê~íÉÖáÉë= ~ãçåÖ= kçêíÜ= bìêçéÉ~å=
ÄÉäáÉîÉ=íÜ~í=ÅçåÇáíáçåë=ïáää=ÄÉ=ìåÑ~îçê~ÄäÉK=
Åçãé~åáÉë= íÜ~í= ëÉÉã= íç= ÄÉ= ãçîáåÖ= Ñêçã=
qÜáë=Å~å=ÄÉ=Åçãé~êÉÇ=íç=NNB=áå=pÉéíÉãÄÉê=
““Å~êÉÑìääó=Éñé~åÇáåÖÒ=íç=~=ãçêÉ=~ÖÖêÉëëáîÉ=
~åÇ=PRB=çåÉ=óÉ~ê=~ÖçK=kç=Åçãé~åó=ÉñéÉÅíë=
ëíê~íÉÖóK= fåîÉëíãÉåí= ÇÉÅáëáçåë= ~êÉ= ãçëíäó=
îÉêó=ìåÑ~îçê~ÄäÉ=ÅçåÇáíáçåëK=
í~âÉå= çå= ÜÉ~Çèì~êíÉê= äÉîÉä= ~åÇ= ïÜÉå=
=
ãìäíáå~íáçå~ä= Åçãé~åáÉë= Åçãé~êÉ= ã~êâÉí=
tÜÉå=~ëâÉÇ=~Äçìí=éêçÑáí=ÉñéÉÅí~íáçåëI=ROB=
éêçëéÉÅíë= Ñçê= OMNMI= ÉãÉêÖáåÖ= ã~êâÉíë= ~êÉ=
ÉñéÉÅí= éêçÑáíë= íç= áåÅêÉ~ëÉ= ~ë= Åçãé~êÉÇ= íç=
ÉñéÉÅíÉÇ= íç= ëÜçï= íÜÉ= ÜáÖÜÉëí= ÖêçïíÜ= áå=
SNB= ëáñ= ãçåíÜë= ~ÖçI= ~åÇ= åç= Åçãé~åáÉë=
OMNMK=`Üáå~=áë=áå=~=Åä~ëë=çÑ=áíë=çïåI=äÉ~ÇáåÖ=
ÄÉäáÉîÉ= íÜ~í= éêçÑáíë= ïáää= áãéêçîÉ=
íÜÉ=êÉÅçîÉêóK=
ÅçåëáÇÉê~Ääó= EÅçãé~êÉÇ= íç= QB= áå=
=EpÉÉ=Öê~éÜ=O=çå=é~ÖÉ=RF=
pÉéíÉãÄÉêFK= NQB= ÉñéÉÅí= Ñ~ääáåÖ= éêçÑáíë= EQB=
=
áå=pÉéíÉãÄÉêFK=
=
=
Subject: Average Outstanding Account
dêçïíÜ= áå= OMMV= ÉåÇÉÇ= ~í= UKTB= ~åÇ= ãçëí=
Receivables days
ÑáÖìêÉë=éçáåí=~í=ÅçåíáåìÉÇ=ëíêçåÖ=ÖêçïíÜ=áå= cçêÉáÖå=Åçãé~åáÉë=çÑíÉå=ÜáÖÜäáÖÜí=é~óãÉåí=
`Üáå~K= `ÜáåÉëÉ= Éñéçêíë= EçÑ= ïÜáÅÜ= íÉêãë= ~åÇ= íÜÉ= áëëìÉ= çÑ= ~Åíì~ääó= ÄÉáåÖ= é~áÇ=
~ééêçñáã~íÉäó=SMB=~êÉ=éêçÇìÅÉÇ=Äó=ÑçêÉáÖå= çå= íáãÉ= ~ë= çåÉ= çÑ= íÜÉ= ã~áå= ÅÜ~ääÉåÖÉë= áå=
áåîÉëíÉÇ=Åçãé~åáÉëF=êçëÉ=QRKTB=áå=cÉÄêì~êó= `Üáå~K= _~ëÉÇ= çå= íÜáë= ëìêîÉóI= çåäó= ~= ëã~ää=
Åçãé~êÉÇ= íç= íÜÉ= ë~ãÉ= ãçåíÜ= ä~ëí= óÉ~êK= ãáåçêáíó= çÑ= kçêÇáÅ= ~åÇ= dÉêã~å= Åçêéçê~íÉë=
^äíÜçìÖÜ= íÜÉ= ëáÖåáÑáÅ~åí= áåÅêÉ~ëÉ= áë= ã~áåäó= Ü~îÉ= ~îÉê~ÖÉ= çìíëí~åÇáåÖ= ~ÅÅçìåí=
ÇìÉ= íç= Ä~ëÉ= ÉÑÑÉÅíëI= ãçëí= ~å~äóëíë= ÉñéÉÅí= êÉÅÉáî~ÄäÉ= Ç~óë= çÑ= ãçêÉ= íÜ~å= VM= Ç~óëK= qÜÉ=
Éñéçêí= ÑáÖìêÉë= íç= Öê~Çì~ääó= êÉÅçîÉê= ÇìêáåÖ= çåäó= ëí~íáëíáÅ~ääó= ëáÖåáÑáÅ~åí= ÅÜ~åÖÉ= áë= íÜ~í=
OMNMK= oÉí~áä= ë~äÉë= áåÅêÉ~ëÉÇ= OOKNB= áå= é~óãÉåí= íÉêãë= ëÉÉã= íç= ÄÉ= ëÜçêíÉê= íÜ~å=
cÉÄêì~êó= ïÜáÅÜ= áë= QB= ÜáÖÜÉê= íÜ~å= ã~êâÉí= éêÉîáçìëäóK= OQB= çÑ= êÉëéçåÇÉåíë= åçï= Ü~îÉ=
ÉñéÉÅí~íáçåëK= mçëëáÄäÉ= êÉ~ëçåë= ÄÉÜáåÇ= PM= Ç~óë= ~îÉê~ÖÉ= é~óãÉåí= íÉêãë= Åçãé~êÉÇ=
Ñ~ääáåÖ= éêçÑáí= ÉñéÉÅí~íáçåë= ~êÉ= ÇáëÅìëëÉÇ= çå= íç=NSB=ëáñ=ãçåíÜë=~ÖçK=
é~ÖÉë=N=~åÇ=OK= EpÉÉ=Öê~éÜ=R=çå=é~ÖÉ=RF
E^äëç=ëÉÉ=Öê~éÜë=N=~åÇ=PI=éK=RF=

4. SEB Shanghai 16 March 2010 4
Subject: Funding Needs= pÉéíÉãÄÉê= NNI= ìé= ìåíáä= j~êÅÜ= NNI= íÜÉ= oj_=
cìåÇáåÖ= åÉÉÇë= ~êÉ= çå= íÜÉ= êáëÉK= qçÇ~óI= QOB= Ü~ë= ~ééêÉÅá~íÉÇ= Äó= TKMQB= ~Ö~áåëí= íÜÉ= broI=
çÑ=ã~å~ÖÉêë=~êÉ=ÉñéÉÅíáåÖ=ÑìåÇáåÖ=åÉÉÇë=íç= NKVVB= ~Ö~áåëí= íÜÉ= pbhI= SKTMB= ~Ö~áåëí= íÜÉ=
áåÅêÉ~ëÉ= áå= íÜÉ= ÅçãáåÖ= ëáñ= ãçåíÜëI= ~ë= ahh= ~åÇ= ÇÉéêÉÅá~íÉÇ= MKPQB= ~Ö~áåëí= íÜÉ=
Åçãé~êÉÇ= íç= PPB= ëáñ= ãçåíÜë= ~ÖçK= RSB= çÑ= klhK=qÜÉ=Ñ~Åí=íÜ~í=ëç=ã~åó=Åçãé~åáÉë=~êÉ=
ã~å~ÖÉêë= ÉñéÉÅí= ÑìåÇáåÖ= åÉÉÇë= íç= êÉã~áå= ÉñéÉÅíáåÖ= íÜÉ= oj_= íç= ëí~êí= ãçîáåÖ= ~Ö~áåëí=
ìåÅÜ~åÖÉÇI= ïÜÉêÉ~ë= çåäó= çåÉ= ëáåÖäÉ= íÜÉ=rpa=íÜáë=óÉ~ê==ã~ó=ÄÉ=çåÉ=êÉ~ëçå=ïÜó=
Åçãé~åó= ÉñéÉÅíë= ÑìåÇáåÖ= åÉÉÇë= íç= ~ë= ã~åó= ~ë= QSB= ~êÉ= ÜÉÇÖáåÖ= ëçãÉ= çê= ãçëí=
ÇÉÅêÉ~ëÉK= `çåëáÇÉêáåÖ= íÜ~í= áåîÉëíãÉåí= çÑ= íÜÉáê= cu= Ñäçïë= çå= íÜÉ= çåJëÜçêÉ= Ñçêï~êÇ=
éä~åë= ~êÉ= áåÅêÉ~ëáåÖI= íÜáë= ëÉÉãë= äçÖáÅ~äK= ^í= ã~êâÉíI= ~åÇ= ~åçíÜÉê= NSB= ~êÉ= ÜÉÇÖáåÖ= îá~=
íÜÉ= ë~ãÉ= íáãÉI= íÜÉ= áãéêçîÉÇ= ÄìëáåÉëë= íÜÉáê=ÜÉ~Ç=çÑÑáÅÉë=íÜêçìÖÜ=kacJÅçåíê~Åíë=K=
ëáíì~íáçå=ïáíÜ=áåÅêÉ~ëÉÇ=ë~äÉë=ëÜçìäÇ=äÉ~Ç=íç= =EmäÉ~ëÉ= ëÉÉ= Öê~éÜë= T= ~åÇ= U= çå= é~ÖÉ= R= éäìë=
~=ÖêÉ~íÉê=åÉÉÇ=Ñçê=ïçêâáåÖ=Å~éáí~äK== Öê~éÜ=V=~åÇ=NM=çå=é~ÖÉ=SF=
EpÉÉ=Öê~éÜ=S=çå=é~ÖÉ=RF= =
= =
= Subject: Main Concerns=
Subject: FX and Interest Rates= qÜÉ= ã~àçê= ÅçåÅÉêå= Ñçê= äçÅ~ä= ã~å~ÖÉãÉåí=
qÜÉ= îáÉï= íÜ~í= íÜÉ= `ÜáåÉëÉ= ÉÅçåçãó= áë== êÉã~áåë= ““ÅìëíçãÉê= ÇÉã~åÇÒI= ïÜáÅÜ= áë=
Éñé~åÇáåÖ=Ñ~ëí=Å~å=ÄÉ=ëÉÉå=Ñêçã=ã~å~ÖÉêëÛ= ëäáÖÜíäó=ìé=Ñêçã=íÜÉ=ä~ëí=ëìêîÉó=ëáñ=ãçåíÜë=
îáÉïë= çÑ= áåíÉêÉëí= ê~íÉë= ~åÇ= íÜÉ= oj_= ~ÖçK= få= pÉéíÉãÄÉêI= QUB= ê~íÉÇ= áí= ~ë= íÜÉáê=
ÉñÅÜ~åÖÉ= ê~íÉK= kç= Åçãé~åó= ÄÉäáÉîÉë= íÜ~í= ã~áå= ÅçåÅÉêå= Åçãé~êÉÇ= íç= QRB= áå= j~êÅÜK=
áåíÉêÉëí= ê~íÉë= ïáää= Ñ~ääI= ïÜÉêÉ~ë=SUB= ÄÉäáÉîÉ= qÜÉ= ÄáÖÖÉëí= ÅÜ~åÖÉ= Ñêçã= çìê= ä~ëí= ëìêîÉó= áë=
íÜ~í= ê~íÉë= ïáää= Öç= ìéK= POB= ÉñéÉÅí= ê~íÉë= íç= íÜ~í= ~ë= ã~åó= ~ë= NPB= åçï= ëÉÉ= ““ä~Äçê=
ëí~ó= ~í= ÅìêêÉåí= äÉîÉäë= áå= íÜÉ= ÅçãáåÖ= ëáñ= ëÜçêí~ÖÉÒ= ~ë= ~= ã~áå= ÅçåÅÉêå= Eìé= Ñêçã= RB=
ãçåíÜëK= _çíÜ= ÇÉéçëáí= ê~íÉë= ~åÇ= äÉåÇáåÖ= ëáñ= ãçåíÜë= ~ÖçFK= qÜáë= ïçìäÇ= ÄÉ= äçÖáÅ~ä=
ê~íÉë=~êÉ=êÉÖìä~íÉÇ=áå=`Üáå~=~åÇ=íÜÉ=ÅìêêÉåí= ÅçåëáÇÉêáåÖ= íÜ~í= ëç= ã~åó= Åçãé~åáÉë= ~êÉ=
äÉåÇáåÖ= ê~íÉ= Ñçê= ~= NOJãçåíÜ= Ä~åâ= äç~å= áë= åçï= áåîÉëíáåÖ= ~åÇ= êÉÅêìáíáåÖI= ïÜáÅÜ= ï~ë=
RKPNBK= qÜÉ= NOJãçåíÜ= ÇÉéçëáí= ê~íÉ= áë= OKORBK= åçí= ëç= ÅäÉ~êäó= íÜÉ= Å~ëÉ= ëáñ= ãçåíÜë= ~ÖçK=
dáîÉå= íÜ~í= `Üáå~= Ü~Ç= ~= `mf= çÑ= OKTB= áå= líÜÉê= áëëìÉë= íÜ~í= ïÉêÉ= ãÉåíáçåÉÇ= ïÉêÉ=
cÉÄêì~êóI= ÇÉéçëáí= ê~íÉë= ~êÉ= åçï= åÉÖ~íáîÉ= ““ÅçãéäÉñ= êìäÉë= ~åÇ= êÉÖìä~íáçåëÒI= ““Åçëí= çÑ=
~Ö~áåK=^äíÜçìÖÜ=íÜÉ=ÖçîÉêåãÉåí=ïáää=ãçîÉ= ê~ï=ã~íÉêá~äÒ=~åÇ=““ÑçêÉáÖå=ÉñÅÜ~åÖÉ=ê~íÉëÒK=
Å~ìíáçìëäóI= ãçëí= ÉÅçåçãáëíë= ÉñéÉÅí= çåÉ= çê= ^ë= ÇáëÅìëëÉÇ= ~ÄçîÉI= ÜáÖÜÉê= ê~ï= ã~íÉêá~ä=
ãçêÉ= áåíÉêÉëí= ê~íÉ= ÜáâÉë= áå= íÜÉ= ÅçãáåÖ= ëáñ= Åçëíë= ~åÇ= ~å= ÉñéÉÅíÉÇ= ~ééêÉÅá~íáçå= çÑ= íÜÉ=
ãçåíÜëK= oj_=~êÉ=åÉÖ~íáîÉ=Ñ~Åíçêë=Ñçê=ã~åìÑ~ÅíìêáåÖ=
= Åçãé~åáÉëK=EpÉÉ=Öê~éÜ=NN=çå=é~ÖÉ=RF=
jçêÉ= ã~å~ÖÉêë= ÉñéÉÅí= íÜÉ= oj_= íç= ëí~êí= =
~ééêÉÅá~íáåÖ= ~Ö~áåëí= íÜÉ= rp= Ççää~ê= ~ÑíÉê= =
çîÉê= ~= óÉ~ê= ~åÇ= ~= Ü~äÑ= çÑ= ëí~ÄäÉ= oj_Lrpa=
ê~íÉëK= RMB= ÉñéÉÅí= íÜÉ= oj_= íç= ~ééêÉÅá~íÉ= China Financial Index - Composition
çîÉê=íÜÉ=ÅçãáåÖ=S=ãçåíÜë=Åçãé~êÉÇ=íç=PPB= The SEB China Financial Index in March had a value
áå= pÉéíÉãÄÉêK= eçïÉîÉêI= ~å= Éèì~ääó= ä~êÖÉ= of 65, indicating a positive attitude. A value of 50
would indicate a neutral view. The index is based on
éÉêÅÉåí~ÖÉÓ=RMB=J=ëíáää=ÄÉäáÉîÉ=íÜ~í=íÜÉ=oj_= four components with the following ranking in this
ïáää= êÉã~áå= ëí~ÄäÉ= ~Ö~áåëí= íÜÉ= Ççää~êK= ^= survey: General Business Situation – 66, Profit
ëí~ÄäÉ= oj_Lrpa= ÉñÅÜ~åÖÉ= ê~íÉ= áë= çåÉ= çÑ= Expectations – 59, Investment Plans – 70, and
Employment Plans – 63. (see the graph on page 1)
íÜÉ= ã~áå= êÉ~ëçåë= ïÜó= ~ë= ã~åó= ~ë= TQB= çÑ=
kçêíÜÉêå=bìêçéÉ~å=Åçãé~åáÉë=ìëÉ=íÜÉ=rpa= =
~ë= íÜÉáê= ã~áå= íê~ÇáåÖ= ÅìêêÉåÅó= áå= `Üáå~I= =
ïÜáÅÜ= áë= ~Åíì~ääó= ìé= Ñêçã= TMB= áå= çìê= ä~ëí=
ëìêîÉóK= OQB= ìëÉ= íÜÉ= bro= ~åÇ= çåäó= OB=
~åëïÉêÉÇ= íÜ~í= íÜÉó= ìëÉ= pÅ~åÇáå~îá~å=
ÅìêêÉåÅáÉëK= páåÅÉ= Éñ~Åíäó= ëáñ= ãçåíÜë= ~ÖçI=

5. SEB Shanghai 16 March 2010 5
1. Business Conditions 5. Average Outstanding A/R
60% 50%
45%
50%
40%
40% 35%
30%
30%
25%
20% 20%
15%
10% 10%
5%
0%
Very Favourable Average Not so Very 0%
favourable favourable unfavourable
= 0-30 days 30-60 days 60-90 days 90-120 days >120 days
=
= =
2. Fixed Asset Investment Plans 6. Funding Needs
70% 70%
60% 60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
Major Modest No Minor Major 0%
investments investments investments divestments divestments
= Increase Be Unchanged Decrease
=
3. Profit Expectations 7. RMB against USD
70% 70%
60% 60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
Improve Improve Remain Deteriorate Deteriorate 0%
Considerably Unchanged Considerably
= Weaker RMB Unchanged RMB Stronger RMB
=
4. Number of Employees 8. RMB Interest Rates
60% 80%
50% 70%
60%
40%
50%
30% 40%
20% 30%
20%
10%
10%
0% 0%
Increase Increase Remain Decline Decline Interest rates will fall Interest rates will go up Interest rates will be
Significantly Unchanged Significantly
= unchanged
=

6. SEB Shanghai 16 March 2010 6
9. Main Trading Currency 11. Main Concerns
80%
80%
70%
70% 60%
50%
60%
40%
50% 30%
40% 20%
10%
30% 0%
20%
n
s
y
d
s
ge
s
ns
te
te
ilit
tie
an
io
io
rta
ra
ra
tit
ab
i
m
od
at
pe
ho
st
de
ge
ul
t
m
en
om
re
s
g
n
10%
om
er
re
te
ha
or
ym
C
m
In
b
l/c
d
c
pa
to
la
an
ex
ia
us
d
er
s
n
s
ille
er
0%
C
le
ig
at
m
ru
re
Sk
fm
to
Fo
ex
USD EUR Scandinavian
us
to
pl
C
os
om
Currencies
= =
C
C
=
10. Hedging Strategy 12. Main Index
40% 90.0
35% 80.0
30% 70.0
25% 60.0
20% 50.0
15% 40.0
10% 30.0
5% 20.0
0%
10.0
Hedge most Hedge some Never hedge Hedging is Have no FX
flows on-shore flows on-shore done by flows
Index value Business Investment Employees Profit
climate plans
headquarters
= =
Source: SEB Shanghai. Grey stacks are indicating
companies’ answers in March 2009, and September 2009

7. SEB Shanghai 16 March 2010 7
= =
Financial Data
=
=
Macro Data (% changes) 2005 2006 2007 2008 2009
GDP 10.4 11.6 13.0 9.6 8.7
CPI 1.8 1.5 4.8 5.9 -0.7
Industry Output 16.4 16.6 18.5 12.9 11.0
Exports 18.2 24.7 21.7 17.3 -16.0
Imports 22.2 13.9 25.7 18.5 -11.2
On-shore deposit rates, major currencies, below 3m USD equivalent
On-shore interest rates (%) Current 3M 6M 9M 12M
USD 0.0500 0.1600 0.7500 0.8500 1.0000
EUR 0.1000 1.0000 1.1250 1.1875 1.2500
JPY 0.0001 0.0100 0.0100 0.0100 0.0100
HKD 0.0100 0.1500 0.5000 0.6250 0.7500
RMB Interest Rates (PBOC Regulated)
PBOC Rate 100311 (%) < 6M 6M-1Y 1Y-3Y 3Y-5Y > 5Y
Lending Rates 4.86 5.31 5.4 5.76 5.94
PBOC Rate 100311 (%) Current 3M 6M 1Y 2Y
Deposit Rates 0.36 1.71 1.98 2.25 2.79
FX Indicative Spot and Forward Rates
11/Jun/10 11/Sep/10 11/Dec/10 11/Mar/11
FX 11/Mar 3M 6M 9M 12M
USD/CNY 6.826 6.824 6.812 6.792 6.753
EUR/CNY 9.320 9.323 9.315 9.272 9.224
GBP/CNY 10.226 10.221 10.201 10.168 10.105
JPY/CNY 7.551 7.553 7.544 7.526 7.490
HKD/CNY 0.880 0.879 0.878 0.875 0.870
SEK/CNY 0.957 0.957 10.955 0.953 0.947
DKK/CNY 1.253 1.250 1.250 1.246 1.239
NOK/CNY 1.162 1.163 1.161 1.157 1.150
All indicative rates as per 2010-03-11
For further information please contact SEB Shanghai's Trading Room:
stella.peng@seb.se or +86 21 5396 6081