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Noah Holdings Limited Announces 2010 Fourth Quarter And Fiscal Year 2010 Financial Results

Mr. Tom Wu, Chief Financial Officer, said, “The fourth quarter financial results are evidence of favorable industry fundamentals, the sustainability of our model and the successful implementation of our strategic initiatives. We successfully expanded our branch network, focusing on the second- and third-tier towns in China where private economy thrives. As we continue to build the value of our client relationships, we are also benefiting from the efficiency gained from economies of scale.”

FOURTH QUARTER 2010 and FISCAL YEAR 2010 FINANCIAL RESULTS

Net Revenues

Net revenues for the fourth quarter of 2010 were US$14.0 million, representing an increase of 157.1% from US$5.4 million in the fourth quarter of 2009. The year-over-year increase was attributable to an increase of US$6.1 million in one-time commissions and an increase of US$2.5 million in recurring service fees.

Net revenues for the full year 2010 were US$37.9 million, representing an increase of 160.0% from US$14.6 million in the full year 2009. The year-over-year increase was attributable to an increase of US$17.8 million in one-time commissions and an increase of US$5.5 million in recurring service fees.

Net revenues from one-time commissions for the fourth quarter of 2010 were US$10.3 million, a year-over-year increase of 145.2% from US$4.2 million in the fourth quarter of 2009. Net revenues from one-time commissions for the full year 2010 were US$29.2 million, a year-over-year increase of 155.6% from US$11.4 million in the full year 2009. The year-over-year increases in net revenues from one-time commissions for the fourth quarter of 2010 and fiscal year 2010 were primarily driven by increases in both the number of active clients and the average transaction value per client.

Net revenues from recurring service fees for the fourth quarter of 2010 were US$3.7 million, a year-over-year increase of 208.3% from US$1.2 million in the fourth quarter of 2009. Net revenues from recurring service fees for the full year 2010 were US$8.6 million, a year-over-year increase of 176.2% from US$3.1 million in the full year 2009. The year-over-year increases in net revenues from recurring service fees for the fourth quarter of 2010 and fiscal year 2010 were mainly due to an increase in the transaction value of private equity fund products distributed.

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