Investor Presentaiton

Financial 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

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