One catalyst comes true, gaining duty free business in SH, ahead ofexpectation

We view this event positively and believe its timeline is ahead of our expectation.We believe the launch of working with Sunrise will follow the same pattern as thatof the Sunrise Beijing acquisition. CITS acquired a 51% share of Sunrise Beijingfirst in the middle of this year. CITS and Sunrise Beijing successfully won thebidding of duty free operation of Terminal 2 and Terminal 3 of Beijing InternationalAirport, respectively.

The total duty free sales of Shanghai airports (both Hongqiao and Pudong)should be larger than Beijing Airport. Currently, it's still at a preliminary stage ofcooperation. We believe the key factor here is whether the concessionaire ratepaid to Shanghai airports will be as high as those at Beijing Airport

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