Investor Presentaiton

Refinancing 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

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