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China Nepstar Chain Drugstore Terminates Voting Rights Agreement for Yunnan Subsidiary
Date:1/5/2009

ing rights of JZJ resided with Nepstar, JZJ's financial results had been consolidated into Nepstar's financial statements. As a result of the termination of the voting rights agreement, Nepstar will no longer consolidate JZJ's financials, beginning in the first quarter of 2009, and the financial results of JZJ will be accounted for under the equity method. The following pro forma financial information is presented to show the accounting impact of the termination of the voting rights agreement as if that had been taken place in the beginning of the relevant period.



        Nepstar Income Statement for the year ended December 31, 2007
                                (in RMB 000s)

                             Historical    Margin    Pro Forma   Pro Forma
                             Financials             Financials      Margin

    Revenues                  1,954,683      --      1,629,151         --
    Gross Profit                862,672    44.1%       762,155       46.8%
    Income from Operations      180,818     9.3%       165,152       10.1%
    Share of JZJ's net income        --      --          5,381         --
    Net Income                  148,165     7.6%       148,165        9.1%



   Nepstar Income Statement for the three quarters ended September 30, 2008
                                (in RMB 000s)

                             Historical    Margin    Pro Forma   Pro Forma
                             Financials             Financials      Margin

    Revenues                  1,740,865      --      1,462,877         --
    Gross Profit                839,923    48.2%       749,712       51.2%
    Income from Operations      102,950     5.9%        91,298        6.2%
    Share of JZJ's net income        --      --          4,059         --
    Net Income                  146,612     8.4%       146,612       10.0%


Dr. Simin Zhang, Chairman of Nepstar, commented, "The Board and th
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SOURCE China Nepstar Chain Drugstore Ltd.
Copyright©2009 PR Newswire.
All rights reserved

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