Investor Presentaiton

Valuation Method Valuation system co-developed with KPMG has improved transparency price available? Listed / OTC Private Placement No No Emerging Stocks No Yes Is a bench marking No Yes Yes Is the issuer listed? Yes Market price Average monthly turnover in the latest quarter > average median turnover of listed companies during the past one Yes No Yes Closing price on the valuation date No Valuation on the valuation date * liquidity discount liquidity discount factor1 factor1 Note 1: Based on Black Scholes Model Daily Average Price Range year? Note 2: Stages of development IPO Candidate Stable Is a market price available in the past 3 months? Is a binding price available in the next 3 No months? No Expansion Yes Yes. Early Market price Fund-raising price or put option Valuation by stage of development2 Surveillance The company has a qualified IPO plan or has signed contracts with recommended securities firms The company has main operations >2 years with (1) positive retained earnings for the recent financial years, or (2) net profits for the past 2 years Main operations >2 years with net loss for the recent financial years Main operations <2 years (excluding biotech companies still in the R&D-phase) The company is in trouble (e.g., termination of operations or liquidation) Valuation Method(s) IPO Candidate Stable 1st DCF Expansion DCF Early Stage DCF IPO Price Surveillance Independent Appraisal Acronyms 2nd DCF Coco DCF Coco Discounted cash flow Coco 3rd Coco NAV Coco NAV Competitor comparison NAV Net asset value 中華開發金控 CHINA DEVELOPMENT FINANCIAL This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, "CDF") and is intended to be viewed as part of that presentation. The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other services. 55

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