| Company | Equity Analyst |
| Bank of America Merrill Lynch | Matty Zhao |
| China International Capital Corporation Limited | Qing Gong |
| Citigroup Global Markets Asia Ltd | Eric Lau |
| CLSA Asia-Pacific Markets | Timothy Lee |
| Credit Suisse (HK) Ltd. | Jocelyn Zhang |
| Daiwa Capital Markets Hong Kong Limited | Carlton Lai |
| DBS Vickers Securities | Patricia Yeung |
| First Shanghai Financial Group | Wilson Zou |
| GF Securities | Zhong Ping Zhao |
| Goldman Sachs (Asia) LLC | Joy Zhang |
| Huatai Financial Holdings (Hong Kong) Limited | Jie Gong |
| Jefferies Hong Kong Limited | Johnson Wan |
| JP Morgan Securities (Asia Pacific) Limited | Po Wei |
| Macquarie Capital Limited | Xinyi Ye |
| Morgan Stanley | Rachel Zhang |
| The Hong Kong and Shanghai Banking Corporation Limited | Howard Lau |
| UBS Securities Asia Limited | Beili Wang |
| Yuanta Securities (Hong Kong) Company Ltd. | Peter Chu |
DISCLAIMER: It is our understanding that the institutions and analysts listed above provide research coverage on Nine Dragons Paper. This list may not be comprehensive nor up-to-date as institutions may from time to time change their analyst appointment or research coverage without notifying us. Any views, estimates, projections or recommendations provided by these institutions and analysts do not necessarily represent or reflect the views, estimates, projections or recommendations of Nine Dragons Paper, its directors or management. By listing such research coverage above, Nine Dragons Paper does not imply its endorsement of, agreement on or propagation of the views, estimates, projections or recommendations provided by these institutions and analysts.