The following are analysts in print on Xinhua Finance and its business performance. Please contact the analyst directly to obtain a copy of the most recent report.

Michael Gilmore
Nomura Securities

Any opinions, estimates or forecasts regarding Xinhua Finance's performance made by the above analyst(s) are theirs alone and do not represent opinions, forecasts or predictions of Xinhua Finance or its management. Xinhua Finance does not distribute such reports and does not imply its endorsement of or concurrence with the information, conclusions or recommendations contained in such reports.

Xinhua Finance takes no responsibility for the accuracy or completeness of the material contained in reports that are prepared by independent analysts. Xinhua Finance does not endorse, in any respect, the analysis or projections contained in any analyst's report.