<P><FONT size=6>高盛：华夏银行－06年税后利润预报低于预期</FONT></P>
<P><FONT size=6>February 5, 2007　　６页</FONT></P>
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<P><FONT size=4>Hua Xia announced preliminary un-audited 2006 NPAT of Rmb1.46 bn (China GAAP, up 13% yoy), 15.7% below our estimates (IFRS) and 4% below consensus. Pre-tax profits were Rmb2.41 bn, up 20% yoy, but 7% below our estimates. We estimate the income tax rate was c. 40% in 2006, vs our forecast of 34%. Following the adoption of new China GAAP in 2006, we believe there is not much difference between China GAAP andIFRS statements</FONT></P>