Investor Presentaiton

Financial Resources and Liquidity ENN 新奥 (RMB billion) At 30 Jun 2015 At 31 Dec 2014 Change Cash on hand 6.33 10.62 -40.4% A/R Days 16 15 1 Total Debts 14.26 14.50 -1.7% - Short-term loans 1.50 1.53 -2.0% - Long-term loans 2.35 2.67 -12.0% - 10-year bonds 4.52 4.52 - Convertible bonds 3.47 3.36 3.3% - 5-year bonds 2.42 2.42 Net Gearing Ratio 56.6% 27.5% 29.1ppt ROE¹ 21.0% 20.8% 0.2% 1. Stripping out impact from the fair value change of CB Maintained Rating agency S&P investment-grade credit ratings Credit Rating BBB (Stable) Moody's Fitch Baa3 (Positive) BBB (Stable) 19

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