Handbook for Environmental & Clean Energy Corporate Day

Deutsche BankdbAccessdbAccess China Environmental Protection & Clean Energy Corporate Day International Commerce Centre, Hong Kong September 23, 2016 (Friday) Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016.Distributed on: 16/09/2016 14:03:28 GMT Deutsche Bank Markets Research Asia China Utilities Industry dbAccess China Date 16 September 2016 Special Report Handbook for Environmental & Clean Energy Corporate Day 4th Environmental Protection & Clean Energy Corporate Day on 23 September ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016. Michael Tong, CFA Research Analyst (+852 ) 2203 6167 michael.tong@db.com Thomas Zhu, CFA Research Analyst (+852 ) 2203 6235 thomas.zhu@db.com Hanyu Zhang Research Associate (+852 ) 2203 6207 hanyu.zhang@db.com Luka Zhu Research Associate (+852 ) 2203 6173 luka.zhu@db.com Going into the first year of the 13th Five-Year period, the environmental & clean energy sector in China continues to see an uptrend in total investment. Significant opportunities have been proposed in the form of “Public-Private Partnership (PPP)”, which remains one of the few underinvested areas. Meanwhile, renewable development has witnessed extended growth momentum, with the release of a slew of supporting policies. Nevertheless, the industry is facing growing challenges, intensifying project competition, energy oversupply, a funding gap and the risk that policies are not strictly enforced. Performance divergence within the sector also adds complexity for investors. We would be pleased to welcome you to our 4th dbAccess China Environmental & Clean Energy Corporate Day, to be held at Deutsche Bank's HK offices, International Commerce Centre, on 23 September (Friday). In this conference handbook, we provide a summary of each of the companies attending. These summaries include the following information: 1) Business overview 2) Suggested question list 3) Company financials and forecasts (if available) 4) Valuation comparison 5) Share price performance Insight from 11 leading players covering environmental/power/renewables/gas  Five environmental companies: Beijing Enterprises Water (371 HK), China Everbright International (257 HK), Canvest Environmental (1381 HK), China Water Affairs (855 HK), Yunnan Water (6839 HK)  Three power & renewable companies: China Power International (2380 HK), DAQO New Energy (DQ US), GCL New Energy (451 HK)  Three gas companies: ENN Energy (2688 HK), Shenzhen Gas (601139 SH), Tian Lun Gas (1600 HK) Latest policy developments and market outlook provided by industry speakers  Experts from the People's Bank of China on green financing in China  Experts from State Grid (China) on power grid reform and renewable curtailment resolution 16 September 2016 Utilities dbAccess China Page 2 Deutsche Bank AG/Hong Kong Table Of Contents Comps and share price performance .................................. 3 Beijing Enterprises Water (371 HK) ..................................... 9 Overview ............................................................................................................. 9 Key questions ..................................................................................................... 9 China Everbright Int’l (257 HK) .......................................... 11 Overview ........................................................................................................... 11 Key questions ................................................................................................... 11 China Power Int’l (2380 HK) .............................................. 13 Overview ........................................................................................................... 13 Key questions ................................................................................................... 13 ENN Energy (2688 HK) ..........