China Merchants Securitied

Corporate Governance

The Company launched China Red Cross & China Merchants Securities Humanitarian Fund (the"Humanitarian Fund") with donation of RMB 12 million and the donantion ceremony was held at the Diaoyutai State Guesthouse.

Articles of Corporationt

During this year, the Company has completed underwriting of various bonds amounted to RMB 41.374 billion, representing an increase of 38.62% as compared to that of 2007. The Company's trading volume in inter-bank bond market totaled 7 times than that of last year and buying-back volume totaled 4.4 times than that of last year.During this year, the Company has completed underwriting of various bonds amounted to RMB 41.374 billion, representing an increase of 38.62% as compared to that of 2007. The Company's trading volume in inter-bank bond market totaled 7 times than that of last year and buying-back volume totaled 4.4 times than that of last year.

Code of Business conduct

Institutional sales business has improved sales ability through upgrading the professional ability of product research and sales force and expanding service network for institutional strategic clients. The Company has successfully completed the public offering of China Merchants Property Development Co., Ltd. under a very unfavorable market environment. Our sales team...