23 March 2016

2015 Full Year Results

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Mr. Gongshan ZHU Chairman, Executive Director

Mr. Zhanjun ZHU Executive Director and CEO

Charles YEUNG Executive Director and CFO

Mr. Lu YEUNG Director of Investor Relations

Management Team

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Disclaimer

The presentation is prepared by GCL Poly Energy Holdings Limited. (“GCL-Poly" or the

“Company”) and is being presented solely for the purpose of corporate communication and

general reference. The presentation is not intended as an offer to sell, or to solicit an offer to

buy or form any basis of investment decision for any class of securities of the Company in

any jurisdiction. All such information should not be used or relied on without professional

advice. The presentation is a brief summary in nature and does not purport to be a complete

description of the Company, its business, its current or historical operating results or its

future prospects.

This presentation contains forward-looking statements that involve risks and uncertainties.

All statements other than statements of historical facts are forward-looking statements.

These statements involve known and unknown risks, uncertainties and other factors that

may cause GCL-Poly’s actual results, performance or achievements to be materially

different from those expressed or implied by the forward-looking statements.

This presentation is provided without any warranty or representation of any kind, either

expressed or implied. The Company specifically disclaims all responsibilities in respect of

any use or reliance of any information, whether financial or otherwise, contained in this

presentation.

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2015 Results Highlights

Results of the Solar Material Business

Strategy and Outlook

Results of the New Energy Business

(0451.HK)

Content

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2015 Results Highlights

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2015 Results Highlights

（RMB Million） FY 2015 FY 2014

(Restated)

Continuing

operations

Revenue 21,766 21,523

Gross Profit

Margin 26.5% 23.1%

EBITDA 6,983 6,502

Net Profit

Attributable

to Shareholders

2,106 1,412

Basic EPS RMB13.48 Cents RMB9.04 Cents

Continuing and

Discontinued

operations*

Net Profit

Attributable

to Shareholders

2,425** 1,549

Basic EPS RMB15.52 Cents RMB9.92 Cents

Note: * Discontinued operations represented non-solar power business of the Group. The Group had completed the

disposal of the non-solar power business on 8 December 2015.

** It included the exchange loss of RMB0.43 billion incurred in 2015, and the settlement of Jinshanqiao power plant

of RMB1.16 billion.

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2015 Cashflow

(RMB Billion) FY2015 FY2014

(Restated)

Net Cash from Operating

Activities 3.2 6.9

Net Cash used in Investing

Activities 7.4 7.1

Net Cash from (used in)

Financing Activities 9.9 (0.3)

EBITDA/Interest 3.16 3.08

Note: For the year ended 31 December 2015, 0451.HK has net cash from operating activities of RMB35 million, net

cash used in investing activities of RMB9,181 million and net cash generated from financing activities of

RMB10,479 million.

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2015 Key Balance Sheet Ratios

As at 31 December

2015

As at 31 December

2014

Current ratio 0.81 0.71

Quick ratio 0.77 0.65

Net debt to equity 171.4%* 143.0%

* As at 31 December 2015, the indebtedness (including bank and other borrowings, obligations under finance

leases, notes payables, bonds payable and convertible bonds payable) of 0451.HK account for approximately 29%

of total indebtedness of 3800.HK.

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3800 Gearing Ratio improves significantly after

Rights Issue

3800 Proforma adjustments 3800

（For illustration only）

（RMB Million） As at 31 December

2015 Rights Issue

Proforma as at 31

December

2015

Net Debt 27,169 (3,558) 23,611

Equity attributable to

shareholders of GCL-Poly 15,854 2,845 18,699

Net debt/equity attributable

to shareholders of GCL-Poly 171.4% 126.3%

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Excluding 451, 3800 gearing ratio would

have been 82.3% after Rights Issue

3800

(Excl.451) Proforma adjustments

3800

（For illustration only）

（RMB Million） As at 31 December

2015 Rights Issue

Proforma as at 31

December

2015

Net Debt 17,021 (1,623) 15,398

Equity attributable to

shareholders of GCL-Poly 15,854* 2,845 18,699

Net debt/equity attributable

to shareholders of GCL-Poly

107.4% 82.3%

* Note: Assume no changes to the equity attributable to shareholders of 3800.

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Reducing our exposure to USD/HKD debt

*Assuming proceeds are used for settling non-RMB borrowings as per two Circulars in view of the depreciation of RMB.

（RMB Million） 3800

(Excl. 451) Proforma adjustments

3800

（For illustration

only）

Indebtedness

As at 31

December

2015

Utilising proceeds

from non-solar

power disposal*

Utilising proceeds

from Rights issue*

Proforma as at 31

December

2015

RMB 25,508 - - 25,508

USD/HKD 8,928 (1,153) (974) 6,801

Total 34,436 (1,153) (974) 32,309

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Results of the

Solar Material Business

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Solar Material Business – Key Operating Data

FY2015 FY2014

Poly-Si Production

(MT) 74,358 66,876

Poly-Si External Shipment

(MT) 18,023 15,443

Poly-Si ASP

(US$/kg, VAT excluded) 15.6 21.7

Wafer Production*

(MW) 14,968 13,098

Wafer Shipment*

(MW) 15,178 12,909

Wafer ASP**

(US$/W, VAT excluded) 0.188 0.215

* The figures of production and shipment volume included processing with supplied materials.

** Excluding ASP of wafers processed with supplied materials.

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Solar Material Business – Key Financial Metrics

(RMB Million) FY2015 FY2014

Revenue 19,243 20,166

Gross Profit 5,192 4,685

GP Margin 27.0% 23.2%

EBITDA 6,531 6,359

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Rising poly import Suppresses Poly price,

but price appears to be stabilizing

0

5

10

15

20

25

0

2000

4000

6000

8000

10000

12000

14000

2015 Jan 2015 Feb 2015 Mar 2015 Apr 2015 May 2015 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2016 Jan

Korea US Germany Other Price

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79% 81% 83% 87%

0.00%

50.00%

100.00%

2012 2013 2014 2015

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Wafer ASP and cost started to diverge in July

Wafer ASP was resilient vs. poly ASP and Wafers account for

the majority of Solar Material Business revenue

—— ASP/W (RMB)

------ COST/W (RMB)

Revenue/RMB

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Strategy and Outlook

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16.80% 17.30% 17.80% 18.30% 18.80%

245W 250W 255W

260W 240W

270+W

Phasing-out Low

Efficiency

Products

Diversified wafer product portfolio strengthens

long-term competitiveness

Increasing sale volume and improving

cell efficiency (60 piece of modules)

Average Solar Cell Efficiency at Customers’ End

Data Source: GCL-Poly Energy Holdings

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N-type monocrystalline wafer development

Currently the Ningxia factory has completed the ramp of N-

type monocrystalline wafer technology development and is

ready for production in a meaningful scale. In 2016, GCL will

officially enter the market of high-performance mono-

crystalline wafer market.

Diamond wire and black silicon technology

“Diamond-wire + Black Silicon” technology combo can

realize both conversion efficiency gain and cost reduction

for multi-crystalline wafers.

Pushing the envelope of technology innovation by

collaborating with our downstream customers in

“Black Silicon” solar cell technology.

New product and technology to lead the market

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Results of the New Energy Business (0451.HK)

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Key Financial Results of New Energy

Business (0451.HK)

(RMB Million) FY2015 FY2014

Revenue 1,970* 812**

Total Installed capacity (MW) 1,640 616

Power Sales (GWh) 870.2 0.6

* Includes revenue of RMB688 million from power sales and RMB1,282 million from printed circuit board business.

** The data above only reflected financial information of GCL New energy business after acquisition by GCL-Poly.

Majority of the revenue in 2014 was contributed from printed circuit board business.

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Total number of solar farms in the portfolio increased from 11 to 41 spanning across 15 provinces in China

Additional installed capacity amounted to 1,025MW in FY15

Aggregate installed capacity increased 167% from 616MW in FY14 to 1,640MW in FY15

Electricity generation surged from 647MWh in FY14 to 870,293MWh in FY15

Strong Growth of New Energy Business

(0451.HK)

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Location Number of Solar

Power Plant

Installed Capacity

(MW)

Grid-Connected

Capacity (MW)

Electricity Sales

(MWh)

Average Tariff

(Net of VAT)

(Rmb/kWh)

Revenue

(Rmb mn)

Subsidiary

Jiangsu 9 222 155 131,762 0.86 114

Inner Mongolia 3 215 175 164,883 0.77 127

Shanxi 5 180 129 126,674 0.85 108

Qinghai 2 120 120 123,106 0.91 112

Hebei 3 134 107 42,435 1.01 43

Ningxia 3 130 130 59,926 0.77 46

Hubei* 1 116 55 - - -

Xinjiang 2 80 80 62,624 0.77 48

Shaanxi 2 100 79 51,181 0.81 42

Anhui* 2 80 39 - - -

Hainan 2 50 48 29,959 0.84 25

Henan* 1 50 50 - - -

Yunnan 1 50 38 2,473 0.81 2

Shandong 1 35 35 2,564 0.85 2

Zhejiang 2 23 21 19,207 1.00 19

Sub-total 39 1,585 1,261 816,794 0.84 688

Joint Venture

Qinghai 1 30 30 48,173 0.88 42

Xinjiang 1 25 25 5,326 0.81 4

Total 41 1,640 1,316 870,293 0.84 734

* Those solar farms were connected to grids by the end of the year; minimal electricity was generated in the year

Project overview in China (0451.HK)

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In Feb 2016, the Group completed the

Rights Issue to raise ~HK$2.3bn and

has lowered the total liabilities to total

assets ratio from 89% to 83%

In view of low operational risk of solar

farms, banks are willing to provide

80% long-term financing. Strives to

maintain gearing level below 85%

The Company will adopt measures to

lower its gearing level:

− Invite equity investors on project

level

− Dispose of partial stake in solar

projects

Manageable Gearing Level (0451.HK)

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China’s Accumulated Installed Capacity (GW)

Installed capacity: China’s 13th Five-Year

Plan has uplifted the solar installed

capacity target by 50% from 100GW to

150GW by 2020

Dispatch: Priority granted to solar energy

in grid access and dispatch

Increase in renewable energy surcharge:

Effective from Jan 2016, the renewable

energy surcharge has been raised 27% to

Rmb0.019 per kWh

Tax incentives: Solar projects enjoy first

three years income tax exemption and

50% reduction thereafter for the

subsequent three years

Preferential Government Policies

Significant growth of market potential

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Thank you!