China Construction Bank 3q09 press release

As at 30 September 2009, total assets of the Group reached RMB9,353,972 million, an
increase of RMB1,798,520 million or 23.80% over the end of last year. Total liabilities reached
RMB8,816,947 million, an increase of RMB1,729,057 million or 24.39% over the end of last
year.

=> loan growth slow down in 3q but rise significantly compare to last year at the same time consistent with deposit growth.

Net loans and advances to customers reached RMB4,563,208 million, an increase of
RMB879,633 million or 23.88% over the end of last year. Loans granted to infrastructure
sectors increased by 27.47% to RMB1,514,915 million over the end of last year. Deposits from
customers reached RMB7,791,445 million, an increase of RMB1,415,530 million or 22.20%
over the end of last year.

Total equity was RMB537,025 million, an increase of RMB69,463 million or 14.86% over the
end of last year. Capital adequacy ratio decreased by 0.05 percentage points to 12.11%; core
capital adequacy ratio decreased by 0.60 percentage points to 9.57% compared to the end of last
year.

=> Book value rise to RM$2.30 (or HK#2.60), price to book value rise to 2.7. A bit high in short term, but I think 3.0 times is still reasonable. Finally close to my fair value price I mentioned about in March.

Compared to the end of last year, the non-performing loans decreased by RMB10,200 million
to RMB73,682 million in accordance with the five-category classification standard; the nonperforming loan ratio was 1.57%, down by 0.64 percentage points; the ratio of allowances to
non-performing loans was 161.08%, up by 29.50 percentage points.

=> non-performance loans down, good!!! Allowance is a future projection, but I think bad debt ratio in China is at a reasonable level.

The carrying amount of the US sub-prime mortgage loan backed securities held by the Group
was US$109 million, after allowances for impairment losses of US$726 million. The carrying
amount of the Alt-A bonds held by the Group was US$182 million, and the allowances for
impairment losses on such securities were US$264 million.

=> immaterial

For the nine months ended 30 September 2009, net profit of the Group was RMB86,162
million, of which the net profi t attributable to equity shareholders of the Bank was RMB86,119
million, up 2.25% and 2.24% respectively over the same period last year. Annualised return on
average assets was 1.36%, and annualised return on average equity was 22.78%.

The net interest income was RMB155,580 million, down by 7.49% over the same period last
year. Net interest spread was 2.30% and the net interest margin was 2.41%, down by 0.87
percentage points and 0.89 percentage points respectively over the same period last year.
Net fee and commission income reached RMB35,763 million, an increase of 20.94% over the
same period last year. Cost-to-income ratio was 35.55%, which remained at a low level.
The income tax was RMB25,442 million, up by 4.09% over the same period last year, and the
effective income tax rate was 22.80%.

=> net margin down from 2.41% to 2.30%, in line with my expectation, looks good.