<P><FONT size=5>DBS：中国环保行业投资机会 </FONT></P>
<P><FONT size=5>China Environment and Stocks</FONT></P>
<P><FONT size=5>－A toss-up: economic prosperity or environmental crisis?</FONT></P>
<P><FONT size=5>58页 9 January 2007 DBS Group Research . Equity</FONT></P>
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<P> <FONT size=5> Table of Contents<BR>China turns its focus towards the environment 3<BR>Major challenges for China’s water supply 4<BR>Water pollution - recent policy response 6<BR>Investment opportunities for water companies 8<BR>Tap Water 10<BR>Waste Water Treatment 12<BR>Risk factors 15<BR>Major challenges for China’s clear skies 17<BR>Measures to curb air pollution 18<BR>Investment opportunities for air pollution control<BR>companies 19<BR>Valuations not cheap but supported by growth 20<BR>Hong Kong listed companies<BR>China Everbright 24<BR>China Water 30<BR>NWS Holding 36<BR>Tianjin Capital 40<BR>Singapore listed companies<BR>Epure 48<BR>Sino-Environment 52</FONT></P>