<P><FONT face=黑体 size=6><STRONG>GS 高盛：中国啤酒行业深度报告  39页 </STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>China: Beverages: Brewing</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>June 28, 2007    39页</STRONG></FONT></P>
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<P>                                                                <FONT size=3><STRONG>  Table of contents<BR>Overview: Good volume growth; but slow margin improvement 2<BR>Valuation: we use DCF to capture strong cash flow 3<BR>China puts froth into the global beer market 7<BR>Leading brewers gaining market share; but margins still low 9<BR>Tsingtao: Buy H-shares on earnings growth and strong cash flow 13<BR>Yanjing Brewery (Neutral): Stable growth priced in 20<BR>Foreign players set up their stalls for the long term 26<BR>Appendix I: China Resources Snow Brewery 29<BR>Appendix II: Kingway Brewery (0124.HK) 33<BR>Disclosures 36<BR>EXPECTED NEWS FLOW/EVENTS<BR>DATE EVENT COMMENT<BR>August 2007 1H2007 results of Tsingtao Brewery and Yanjing Brewery We expect robust volume growth and improving ASPs</STRONG></FONT></P>