#1CNGM气站 ENNER ENN 新奥 ENN Energy Holdings Limited (Stock code: 2688) 2015 Annual Results Analyst Presentation March 2016#2CONTENTS 1. Financial Highlights 2. Operational Review 3. Company Strategies 4. Appendix ENN 新奥#3Financial Highlights ENN 新奥 (RMB million) 2015 2014 Change Revenue 32,063 29,087 10.2% Gross Profit 6,866 6,069 13.1% EBITDA 6,355 5,395 17.8% EBIT 5,272 4,552 15.8% Profit attributable to owners of 2,036 2,968 -31.4% the Company EPS - Basic (RMB) 1.88 2.74 -31.4% 2#4Revenue Breakdown ENN 新奥 2014 2015 0.3% 1.3% 0.2% 1.4% 10.7% 17.2% 10.0% 15.1% 13.2% 12.3% 58.2% 60.1% 2013 6.8% 0.3% 1.4% JT 16.7% 13.4% 2015 2014 Core Operating Segments Change 61.4% (RMB mil) (RMB mil) Gas connection 5,508 4,403 25.1% Sales of piped gas 18,680 17,485 6.8% Gas connection Vehicle gas refuelling 3,931 3,849 2.1% stations Sales of piped gas Wholesale of gas 3,429 2,898 18.3% Venicle gas refuelling stations Revenue attributable to gas sales accounted for 81.2% ■Wholesale of gas Sales of other energy Others (Sales of gas appliances and materials) 3#5ENN 新奥 High-Quality Customer Mix (By Revenue) Residential customers Commercial / Industrial "C/I" customers Vehicle gas refuelling stations Wholesale of gas 2015 Gas connection 26.1% 26.7% Gas sales 8.0% 17.4% 73.9% 2014 73.3% 26.7% 2013 73.3% 10.1% 6.9% 8.8% 4.9% 9.5% 17.8% 18.1% 64.5% 66.2% 67.8% 4#6Margin Analysis Gross profit margin 21.4% (2014: 20.9%) Margins analysis Net profit margin 8.5% (2014: 12.4%) ENN 新奥 Gross profit margin: Gross profit margin increased by 0.5ppt mainly due to increased contribution from the higher- margin connection fee revenue ➤ Gross profit margin of piped gas sales increased from 15.2% in 2014 to 15.3% in 2015 Net profit margin: Stripping out impact from one-off items, net profit margin in 2015 was 10.7% compared with 10.3% in 2014, increased by 0.4 ppt ➤ Higher operating efficiency offset the increase in finance cost due to the US$400 million 5-year bond issued in 2H2014 and loss from North America refuelling business 5#7Financial Resources and Liquidity ENN 新奥 (RMB billion) At 31 Dec 2015 At 31 Dec 2014 Change Cash on hand 7.36 A/R Days 16 10.50 15 -29.9% 1 Total Debts 15.68 14.50 8.1% - Short-term loans 3.10 1.53 102.6% - Long-term loans 4.03 2.67 50.9% - 10-year bonds 4.58 4.52 1.3% - Convertible bonds 3.56 3.36 6.0% - 5-year bonds 0.42 2.42 -82.6% Net Gearing Ratio 51.7% 27.5% 24.2ppt ROE¹ 20.3% 19.4% 0.9ppt 1. Stripping out impact from one-off items Maintained Rating agency S&P Moody's Fitch investment-grade credit ratings Credit Rating BBB (Stable) Baa3 (Positive) BBB (Stable) 6#8Refinancing Plan As of 31 Dec 2015 (RMB billion) Total Debt 15.68 Short-term loans: Subsidiary level 3.09 loans Long-term loans 4.03 5-year bonds 0.42 • 10-year bonds 4.58 • Convertible bonds 3.56 Refinancing Plan ENN 新奥 • • • • We have RMB7.36 billion cash on hand, which is enough to refinance the short-term loans 7-year corporate bond which will be expired in 2018, at 6.45% per annum (RMB500 million) 5-year medium term notes which will be expired in 2017 at 5.55% per annum (RMB700 million) 5-year corporate bond which will be expired in 2020 at 3.68% per annum (RMB2.5 billion) 15-year loan from China Development Bank which will be expired in 2020, at PBOC rate 7-year long term loans from IFC which will be expired in 2020 at LIBOR + 2.75% per annum Due in 2019, fixed coupon 3.25% Due in 2021, fixed coupon 6.0% . Due in 2018, zero coupon . • Bondholders can convert their bonds into new shares anytime until 16 Feb 2018, conversion price is HK$48.62/share Assuming full conversion, approximately 80 million shares will be issued, representing around 6.9% of the enlarged issued share capital 7#9Debt Structure Analysis RMB loans 40.7% Debt Structure USD million 800 600 400 200 Offshore Debt Maturity Date ENN 新奥 2016 2017 2018 2019 2020 2021 USD loans 59.3% 6% 10-year bond due in 2021 (USD715 million) 13.25% 5-year bond due in 2019 (USD65 million) Zero coupon convertible bond due in 2018 (USD500 million) IFC loan (US$113 million) ➤ In response to RMB depreciation and onshore interest rate reduction, the Group repaid USD370 million debt, and refinanced by RMB2.5 billion bond during the year Currently, US Dollar debt amounted to USD1,393 million, the Group will keep track of the movement of exchange rate fluctuation, and will take appropriate measures to reduce FX risk 8#10RMB billion CAPEX 4 3.5 3 2.5 2.65 2.10 1.69 1.69 2 1.42 1.28 1.02 1.5 1 3.57 3.15 4.23 0.5 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 The Group recorded positive free cash flow of RMB1.33 billion in 2015 (2014: RMB892 million positive free cash flow) 2.85 ENN 新奥 9#11CONTENTS 1. Financial Highlights 2. Operational Review 3. Company Strategies 4. Appendix ENN 新奥#12Key Operational Data ENN 新奥 2015 2014 Change Coverage & Gas Penetration Rates of PRC Projects Number of project cities 152 142 10 Connectable urban population coverage ('000) 71,536 65,375 9.4% Connectable households coverage ('000) 23,845 21,792 9.4% Piped gas (including natural gas) penetration rate (%) 51.7% 48.7% 3.0% Accumulated Connection of Piped Gas Residential (households) 12,326,036 10,604,598 16.2% C/I customers (sites) 56,858 47,689 9,169 Installed designed daily capacity for C/I customers (m³) 58,608,161 50,243,155 16.6% Connection of Piped Natural Gas Acc. connected / converted households Increase in the Period (ex. acq & conversion) Acc. connected / converted C/I customers (sites) Increase in the Period (ex. acq & conversion) Acc. connected / converted C/I customers (m³) Increase in the Period (ex. acq & conversion) 12,246,084 10,524,408 16.4% 1,707,020 1,322,723 29.1% 56,673 47,503 9,170 9,054 8,660 394 58,553,575 8,160,660 50,188,368 16.7% 8,317,243 -1.9% 11#13Key Operational Data 2015 ENN 新奥 2014 Change Gas Infrastructure Length of intermediate & main pipelines (km) 29,936 27,065 10.6% Natural gas processing stations 157 149 8 Combined daily capacity of natural gas 80,198 73,617 8.9% processing stations ('000 m³) CNG refuelling stations 306 286 20 LNG refuelling stations Gas Sales Volume 270 241 29 Piped natural gas ('000 m³) 8,487,926 7,896,334 7.5% Vehicle natural gas ('000 m³) 1,566,453 1,419,078 10.4% Wholesale natural gas ('000 m m³) 1,231,521 804,160 53.1% Total natural gas sales ('000 m³) 11,285,899 10,119,572 11.5% Other piped gas ('000 m³) 3,989 6,276 -36.4% Other vehicle gas ('000 m³) Total gas sales ('000 m³) 22,475 22,245 1.0% 11,312,363 10,148,093 11.5% 12#14Natural Gas Pricing Reform Shanghai Petroleum & Natural Gas Exchange Commenced trading on 1 July 2015 ENN 新奥 ➤ The Group procured 939mil m³ of piped gas and 68,000 tonnes of LNG through the exchange ➤ Aim at becoming a national and international trading platform Non-residential gas tariff adjustment Effective from 20 November 2015 ➤ City-gate price -0.70/m³ Average downstream tariff adjustment -0.70/m³ 70 out of 82 affected projects completed pass through Further adjustment is negotiable between suppliers and gas operators Residential gas tariff ➤ NDRC proposed to establish tier pricing mechanism for residential gas usage in all city- gas projects 68 projects already set up tier pricing mechanism. Other projects are in preparation for public hearing. 1.0x 1st Tier Average gas volume consumed by 80% of users 20% upward adjustment City-gate Price No limit for downward adjustment 1.2x 2nd Tier Average gas volume consumed by 95% of users 1.5x 3rd Tier Average gas volume consumed exceeds 2nd tier volume 13#15New Projects Development 10 New Projects in 7 provinces acquired with additional coverage of 1,780,000 Province Project New projects acquired in 2H2015: Total 152 Projects Total connectable population..sia ENN 新奥 Fujian Ningde (寧德市) Henan Ruzhou (汝州市) Anhui 71,536,000 Guangxi Hebei Henan Suzhou Economic Development Zone (宿州經濟開發區) Beihai Tieshan Port Industrial Park (北海市鐵山港工業園) Luquan Yi'an Town (鹿泉宜安鎮) Xin'an Wanshan Lake Industrial Park (新安萬山湖工業園) New projects acquired in 1H2015: Jiangxi Guangdong Guangxi Hebei Shangrao Economic Development Zone (上饒經濟開發區) Dongguan Dongkeng Town (東莞東坑鎮) Wuzhou Imported Renewable Resources Processing Park (梧州進口再生資源加工園區) Qingyuan County Western Industrial Zone B (清苑縣西部工業區B區) Sichuan Province • Existing projects Hunan Province • Guangxi Yunnan Province ● New projects acquired in 1H15 ● New projects acquired in 2H15 Tieshan Port fer construction • Hainan Beijing Municipality Caofeidian Tianjin Floating Terminal Tianjin Binnal under construction) Hebei Province Shandong Province Henan Province Zhuha Anhui Province Liaoning Province Calian Qingdao Jiangsu Province o Rudong Fujian Province Guangdong Province Yuedong ongguan Dapeng Shenzheng (under construction) Shanghai Ningbo Zhejiang Province Putian (under construction) 14#16ENN 新奥 New Projects Development 19 New Concessions managed by existing project companies Province Project Anhui Chaohu Miaogang County (巢湖廟崗鄉) Chaohu Langanji Town (巢湖欄杆集鎮) Chaohu Suwan Town (巢湖蘇灣鎮) Chaohu Zhegao Town Industrial Zone (巢湖柘皋鎮工業集中區) (六安市施橋鎮青龍嘴工業園區) Liuan Shiqiao Town Qinglongzui Industrial Park Liuan Shuanghe Industrial Park (六安市雙河工業園區) Liuan Sungang Industrial Park (六安市孫崗工業園區) Towns and counties in Quanjiao (全椒鄉鎮) Xingtang New Zone Hebei (行唐新城區) Dingzhou Pangcun Industrial Park (定州市龐村產業聚集區) Baolongcang International Agriculture Products Logistics Park (保龍倉國際農產品物流園) Province Project Henan Hunan Jiangsu Zhejiang Zhuxian Town National Culture, Ecology & Tourism Demonstration Zone (朱仙鎮國家文化生態旅遊示範園區) Jingzhou Industrial Park (靖州工業集中區) Jianhu County Jiulongkou Town (建湖縣九龍口鎮) Jianhu County Yanhe Town (建湖縣沿河鎮) Huai'an Qingpu District Heping Town (淮安青浦區和平鎮) Huai'an Qingpu District Wudun Town (淮安青浦區武墩鎮) Longyou Shifo Town Industrial Park (龍游石佛鄉工業園區) Jiande Datong Industrial Park (建德市大同工業園區) 15#17ENN 新奥 New Projects Development 寧德市 Ningde City 100% owned by ENN with registered capital of RMB100 million, GDP growth was 8.6% in 2015, amounted to RMB150 billion Current connectable population is 1 million, gas penetration rate is only 5% More than 2 million population is residing in suburban and rural areas, connectable population will rise as urbanization progresses ➤ An industrialized city with major industries including machinery, food processing, stainless steel processing, automobile and parts, pharmaceuticals, ship building, etc. The city launched various initiatives to curb pollution, including the "Save the clear water and blue sky" campaign in Jan 2016 and elimination of high- emission vehicles by 2017 Jiangxi Province -Nanchang Zhejiang Province Sanming- Fujian Province Nanping Ningde. Fuzhou Putian Longyan. Quanzhou >> Xiamen Guangdong Province Zhangzhou Gde.com FIE Taipei Taiwan Province 16#18Henan Ruzhou (汝州市) Jiangxi Shangrao Economic Development Zone (上饒經濟開發區) 150,000 Anhui Suzhou Economic Development Zone (宿州經濟開發區) 130,000 Guangdong Dongguan Dongkeng Town (1) 100,000 New Projects Development Province Project Fujian Stakeholding Major Industry Connectable Population Ningde (寧德市) 1,060,000 100% 330,000 74% ENN 新奥 Electronic appliances, metal processing, stainless steel, food processing, power, shipbuilding, construction material, automobile spare parts, biopharmaceutical, chemical, leather & plastic, new material industries Coal to chemical, new material, food processing, equipment manufacturing, ecology & tourism industries Non-ferrous metals, automobile manufacturing, photovoltaic, pharmaceuticals and mineral fibers industries Biopharmaceutical, new material, equipment manufacturing, food processing industries Electronics, hardware, garment and toy industries 90% 49% 80% Hebei Luquan Yi'an Town 10,000 56% (鹿泉宜安鎮) Cement, construction material, transportation & logistics industries Guangxi Wuzhou Imported Renewable Resources NA 49% Processing Park Non-ferrous metal and processing of renewable resources industries (梧州進口再生資源加工園區) Guangxi Beihai Tieshan Port Industrial Park NA 50% (北海市鐵山港工業園) Petroleum, chemical, metal, stainless steel, special glass industries Hebei Qingyuan County Western Industrial Zone B NA 49% (清苑縣西部工業區B區) Automobile components production, new hardware materials, food and beer industries Henan Xin'an Wanshan Lake Industrial Park (新安萬山湖工業園) NA 56% Ceramic sands, refractory material industries 17#19Coal-to-gas Conversion ENN 新奥 Connection to coal-based C/I users increased Newly installed daily capacity of 3.18 million m³ were switched from coal-based boilers Share of coal-to-gas conversion in total new C/I connection increased yoy Leveraged on supportive government's policies to boost coal-to-gas conversion • Local governments provided subsidies to phase out obsolete coal-fired boilers Dollar margin remained stable with the increasing share of coal-to-gas users New C/I Connection Break-down 4% 2% 5% 2015 2014 20% 15% 5% 2013 33% 3% 16% 39% 10% 10% 51% 49% 39% ■ Coal ■New Sites ■LPG ■ Diesel & Heavy Oil ■ Others 18#20North America Refuelling Business Gas Sales Volume ('000 DGE) ENN 新奥 Payback calculation for LNG trucks +9% 4,821 Average diesel price¹ (USD/gallon). 2.2 4,427 Average LNG price² (USD/DGE) 1.45 Spread (USD/DGE) 0.75 Average miles travelled (miles/year) 100,000 LNG consumption (DGE/year) 18,000 2015 2014 DGE=Diesel gallon equivalent US LNG excise tax was reduced by 41% effective from 1 Jan 2016 US Congress approved to extend the 0.85/DGE tax credit for selling LNG retroactive for 2015 and for all of 2016 Share tax credit with potential customers to create more incentive to switch under low oil price environment Notes: 1. Diesel price in U.S. West Coast in March 2016 released on EIA 2. Average LNG price $2.3 at the pump plus tax credit refund $0.85 at ENN US stations in March 2016 19 Savings (USD/year) 13,500 Incremental cost for adopting LNG truck (USD) 30,000 Payback (years) 2.2#21CONTENTS 1. Financial Highlights 2. Operational Review 3. Company Strategies 4. Appendix ENN 新奥#22ENN 新奥 Favorable Industry Policies • • Chinese Economy Structural Reform 50.5% of GDP attributable to tertiary industry in 2015, up 2.4 ppt Urbanization Progress . . • Target to increase urbanized population to 60% in 2020 from 55% currently Establish an Ecologically-balanced Society China committed to achieve CO2 emission peak by 2030, CO2 emissions per unit GDP reduce by 60-65% compared with 2005 400,000 steam tonnes of coal-fired boilers should be phased out by 2018, 112 billion m³ of natural gas needed for "coal-to-gas" projects by 2020 NEA expected gas penetration to increase to 10% in 2020 and 15% in 2030 Carbon trading shall cover industries contributing 50% of total carbon emission by 2017 Nation-wide Fuels Upgrade and Pricing Adjustment The State Council required nationwide application of National Standard V gasoline and diesel by Jan 17, one year earlier than the previous plan of Jan 18 No further downward adjustment on gasoline and diesel prices when oil price drops below $40/barrel Natural Gas 6% Renewable 12% Crude 18% 2015 Primary Energy Mix O • Natural gas will remain competitive as a cleaner energy source Coal 64% 21 21#23Secured Long Term LNG Supply China will gradually open up natural gas midstream facilities for third party usage Signed 10-year LNG supply contracts with Chevron, Total and Origin LNG import volume amounts to 1.5 million tonnes annually (equivalent to 2.1bcm) It is expected to start supply in 2018/19 Secured stable gas source for the Group's downstream distribution business Citygas distribution LNG refuelling stations Energy trading 1 1 LNG ENN 新奥 22#24ENN 新奥 Explore Electricity Sales Business • • PRC government implemented electricity industry reform Intended to open up the distribution and retail sales of electricity Electricity Consumption by C/I Users in 2015: Encouraged private enterprises to invest in the establishment of 4.82 trillion kWh electricity sales entities 19 provinces and regions were approved as pilot projects in 2016 Set up two JVs in Guangdong's Zhaoqing and Yunnan's Kunming with strategic partners to explore and develop electricity sales business • Fully utilize existing resources in citygas operation Offer integrated energy solutions to customers Provide new revenue stream to the Group Estimated revenue of electricity sales: RMB2.3 trillion Integrated GAS ENN 新奥 energy supply 23#25Become an Integrated Energy Supplier Continue to Expand Operational Areas • • • • Acquire small to medium sized projects and industrial parks Expand into new development zones and regions surrounding existing projects Develop C/I Customers Coal to gas, oil to gas conversion for industrial customers to expand sales volume Aggressively develop commercial customers to modify customer mix ENN 新奥 • Provide integrated gas and power solutions Maximize Profitability of Vehicle Gas Refuelling Stations • Promote the use of natural gas as transportation fuel Introduce convenience stores and other value added services in the stations • Implement new incentive program for station manager to boost sales Deepen Residential Gas Penetration Rate • • Develop old buildings residential customers Establish tier-pricing mechanism to enhance residential gas sales profitability Capitalize on over 12 million connected households for side businesses Expand Energy Trading Business . • Access to market-priced overseas LNG resources Active participation in SHPGX to obtain first-hand market information and amplify our influence in the industry 24#26Q&A ENN 新奥#27CONTENTS 1. Financial Highlights 2. Operational Review 3. Company Strategies 4. Appendix ENN 新奥#28Latest Benchmark City-gate Price ENN 新奥 Province From 1 April 2015 From 20 Province From 1 April 2015 From 20 November 2015 onward November 2015 onward Unit: RMB (RMB/m³ Incl. 13% VAT) Henan 2.71 2.01 Beijing 2.70 2.00 Hubei 2.66 1.96 Tianjin 2.70 2.00 Hunan 2.66 1.96 Hebei 2.68 1.98 Guangdong 2.88 2.18 Shanxi 2.61 1.91 Guangxi 2.71 2.01 Inner Mongolia 2.04 1.34 Hainan 2.34 1.64 Liaoning 2.68 1.98 Chongqing 2.34 1.64 Jiling 2.46 1.76 Sichuan 2.35 1.65 Heilongjiang 2.46 1.76 Guizhou 2.41 1.71 Shanghai 2.88 2.18 Yunnan 2.41 1.71 Jiangsu 2.86 2.16 Shaanxi 2.04 1.34 Zhejiang 2.87 2.17 Gansu 2.13 1.43 Anhui 2.79 2.09 Ningxia 2.21 1.51 Jiangxi 2.66 1.96 Qinhai 1.97 1.27 Shandong 2.68 1.98 Xinjiang 1.85 1.15 Source: NDRC 27#29Economics of Natural Gas as Transportation Fuels ENN 新奥 Payback calculation of a CNG taxi Payback calculation of a new LNG truck Total number of CNG stations by ENN 306 Total number of LNG stations by ENN 270 Average gasoline price (RMB/litre) 5.7 Average diesel price (RMB/litre) 5.2 Average CNG price (RMB/m³) 4.0 Average LNG price (RMB/m³) 3.8 Gasoline consumption per km (litre) 0.05 Diesel consumption per km (litre) 0.4 CNG consumption per km (m³) 0.055 LNG consumption per km (m³) 0.44 Cost saved per km (RMB) 0.07 Cost saved per km (RMB) 0.41 Average driving distance (km/day) 400 Average driving distance (km/day) 400 Daily average savings (RMB) Monthly average savings (RMB) Conversion fee (RMB) Payback period (months) Q Reduce fuel costs by over 20% 28 Daily average savings (RMB) 164 840 Monthly average savings (RMB) 4,920 3,500 Price difference of LNG & diesel truck (RMB) 60,000 4.2 Payback period (months) 12.2 28#30Gas Delivery Process Natural gas fields Pressure regulating plants (") Long distance pipelines OR Assets owned by the Group: 66666 Intermediate pipelines CNG or LNG trucks(") Main pipelines Branch pipelines Pressure regulating boxes Switches CNG trucks Processing stations Storage tanks (spherical or cylinder) Residential households (2) Industrial users (2) Notes: (1) Gas delivery using either intermediate pipelines or CNG or LNG trucks. Vehicle & ship gas users (2) Customers' pipelines and metres which are not owned by the Group are within the customers' premises and are not highlighted in this diagram. ENN 新奥 Commercial users (2) 29 29#31Immediate Revenue Inflow upon Connection Revenue / Cost Simplified model for a typical matured project Year 1 Year 3 Year 5 Year 7 Year 9 Year 11 Total Revenue Gas usage fee Capex Free cash flow Connection fee ENN 新奥 Connection fee dominates in early years when the project companies are signing up new customers Gas usage increases as projects mature, becoming the major source of recurrent income Prior to the completion of the whole pipeline network in cities, revenue will be generated as soon as gas supply becomes available in certain districts. Each connection contract normally takes 6-12 months to complete In general, gas projects would generate positive free cash flow after 5 years operation 30#32Conversion factors Conversion of NG to other fuels in terms of same heating capacity Heating capacity 1 cubic meter of NG* = North American LNG business unit conversion 1 DGE LNG = 4,500kcal/kg 10,000kcal/kg 1 DLE LNG = ENN 新奥 Fuels Coal Heavy Oil LPG Diesel Gasoline Electricity 11,000kcal/kg 10,930kcal/kg 10,264kcal/kg 860kcal/kWh 2.0kg 0.90kg 0.82kg 0.82kg 0.88kg 10.47kWh DLE Kilogram Gallon Cubic meter mmbtu 3.8 2.9 1.7 4.0 0.14 1 0.8 0.45 1.1 0.037 Το Natural gas and LNG billion cubic meters NG billion cubic million tonnes million tonnes feet NG oil equivalent LNG trillion British thermal units* million barrels ** oil equivalent From Multiply by 1 billion cubic meters NG 1 35.3 0.90 0.74 35.7 6.60 1 billion cubic feet NG 0.028 1 0.025 0.021 1.01 0.19 1 million tonnes oil equivalent 1.11 39.2 1 0.82 39.7 7.33 1 million tonnes LNG 1.36 48.0 1.22 1 48.6 8.97 1 trillion British thermal units** 0.028 0.99 0.025 0.02 1 0.18 1 million barrels oil equivalent 0.15 5.35 0.14 0.11 5.41 1 * Heating capacity of NG: 9,000kcal/cubic meter 1kg of LNG = 1.38 cubic meter of NG ** 28 m³ = 1 mmbtu Source: U. S. Alternative Fuels Data Center, BP Global Statistics, ENN Internal Research 31#33Awards & Honors 2015 All-Asia Executive Team Ranking: Best CFO, Sell Side Rank no. 2 & Buy Side Rank no. 3 (Power Sector) asiam 2014 All-A 2014 All-Asia Executive Team Ranking: DAVID LI's Best CEO, Rank no.1 (Power Sector) Best CFO, Buy Side Rank no.2 HOT TICKET Institutional Investor magazine The Asset & Sell Side Rank no. 3 (Power Sector) Best IR Company, Ranked no.2 (Power Sector) Best IR Professional, Ranked no.2 (Power Sector) 2013 All-Asia Executive Team Ranking: Asia Best Companies in China, Rank no. 1 (Power Sector) Best CEO, Rank no.2 (Power Sector) Best CFO, Rank no.3 (Power Sector) Best IR Company, Ranked no. 3 (Power Sector) Best IR Professional, Ranked no. 3 (Power Sector) 2012 All-Asia Executive Team Ranking: Best CEO, Rank no.1 (Power Sector) Best CFO, Rank no.1 (Power Sector) Best IR Company, Ranked no. 2 (Power Sector) "2012 China's Most Promising Companies - Hidden Dragon" Jes BEST ❝China's Most Promising Companies 2009: The Power and Public Utilities sector" "Platts Top 250 Global Energy Companies" 2013, Platts 2014, 2015 2013 China's Best CEO Forbes 2012 Asia's Fab 50 ENN 新奥 AMESEM IR Magazine "Top 100 for Investor Relations in Greater China" for 2013, 2014, 2015 2004 "Mainland Enterprises Listed in HK Ranking - maga Best Co Company in 國際華商 Clean and Renewable Energy Industry" for 2014, 2015 Yazhou Zhoukan ☐ "1000 Global Chinese Enterprise" for 2007 "Chinese Business 500" for 2001, 2002, 2003, 2004, 2005, 2006 HK Polytechnic University 200 Corporate 2004, "Top 20 Chinese Enterprises of Assets Growth" for 2003, 2004, 2005 Bauhinia Cup Outstanding Entrepreneur Awards 2012 Torbes A Small-Cap Governance Asia The Map 15 U.S. ins global 2015 5th Asian Excellence Awards, Best CFO, Best IR Company & Best IR Professional UNDER BILI Big Year for the Commonwealth Annual International ARC Awards LACP FinanceAsia "Silver, Annual Reports: Electric & Gas Services" for 2014 "Honor, Cover Design, Oil and Gas Production Services" for 2011 "Gold, Overall Annual Report: Gas Distribution, Transport & Transmission" for 2008 ASIA'S "Honor, Overall Annual Report: Gas Distribution, Transport & Transmission" for 2004, 2006, 2007 COMPANIES "Silver, 2014 Vision Awards Annual Report, Energy: Consumable Fuels" Oil, Gas & "Gold, 2010 Vision Awards Annual Report, Energy: Oil, Gas & Consumable Fuels" 32#34Share Price Performance 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 ENN 新奥 Market Capitalization (as at 11 March 2016): HK$42.4 billion Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Hang Seng China Enterprise Index Mar-06 ENN Energy Mar-07 Mar-08 Mar-09 HSI Mar-10 Mar-11 Mar-12 HSCE Mar-13 Mar-14 Mar-15 ENN Energy Hang Seng Index Mar-16 33#35ENN 新奥 Disclaimer The information provided to you in this presentation does not constitute or form part of any offer for subscription or sale of, or solicitation of any offer to subscribe for or sale of any securities of ENN Energy Holdings Limited (the "Company") nor shall it form the basis of, nor can it be relied on in connection with, any contract or commitment whatsoever Confidentiality The information provided to you in this presentation is given on a confidential basis and must not be passed to, or their contents disclosed to, any other person and no copy shall be taken thereof For Investor Relations Contact: Ms. Shirley Kwok / Ms. Hedy Shen Tel: +852 2528 5666 Fax: +852 2865 7204 Email: [email protected]/[email protected] Website: www.ennenergy.com 34 ==