<P><FONT size=5>中银国际-铜都铜业-盈利调整-</FONT></P>
<P><FONT size=5>070314-English     2页</FONT></P>

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<P>Earnings for 2006 up 17% YoY. Tongdu Copper (Tongdu)<BR>reported that its 2006 net profit rose 17% YoY to Rmb584m (EPS:<BR>Rmb0.68), nearly in line with our estimates. The company declared a<BR>dividend per share of Rmb0.242. The dividend payout ratio dropped<BR>to 36% in 2006 from 41% in 2005. We maintain our earnings forecast<BR>for the company.<BR>Rising sales volume and product prices. Tongdu’s earnings<BR>growth was mainly attributable to: i) a rise in the price of copper; ii) an<BR>increase of 24% to 320k tonnes in copper output; and iii) a rise of 13%<BR>YoY in the output of self-owned copper ore to around 24k tones.</P>