Net Income

Net income attributable to Noah shareholders for the fourth quarter of 2011 was US$3.5 million, a 16.8% decrease from the corresponding period in 2010. Net margin for the fourth quarter of 2011 was 24.5%, as compared to 30.3% for the corresponding period in 2010. Income per basic and diluted ADS for the fourth quarter of 2011 were both US$0.06, as compared to US$0.08 for the corresponding period in 2010.

Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2011 was US$4.3 million, a 9.0% decrease from the corresponding period in 2010. Non-GAAP net margin for the fourth quarter of 2011 was 29.4%, as compared to 33.3% for the corresponding period in 2010. Non-GAAP income per diluted ADS for the fourth quarter of 2011 was US$0.07, as compared to US$0.09 for the corresponding period in 2010.

Balance Sheet and Cash Flow

As of December 31, 2011, the Company had US$136.9 million in cash and cash equivalents, a decrease of US$0.6 million from US$137.5 million as of September 30, 2011. In the fourth quarter of 2011, the Company generated US$4.7 million in its operating activities, received US$3.0 million from the maturity of fixed-term deposits, invested US$8.2 million in fixed income products and used US$1.2 million to acquire property and equipment.

DECLARATION OF CASH DIVIDEND

Noah also announced today that its Board of Directors (the "Board") has authorized and approved the Company’s payment of an annual cash dividend of US$0.14 per American depositary share (“ADS”), or US$0.28 per ordinary share (two ADSs represent one ordinary share). The annual dividend is the first since Noah’s initial public offering in November 2010 and will be payable on or about April 15, 2012 to holders of ordinary shares (which includes holders of ADSs) of record as of the close of business on March 30, 2012. Dividends to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. Declaration and payment of future dividends is at the discretion of the Board and may be adjusted as the Board may deem necessary or appropriate in the future.

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