2015 Annual Results

Hong Kong March 2016

(China Huarong 2799.HK)

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2

Disclaimer

This document is strictly confidential and has been prepared by China Huarong Asset Management Co., Ltd. (the “Company”) solely for selected recipients for

information purposes only. By accepting this document, you are agreeing to maintain absolute confidentiality regarding the information disclosed in this document. These materials are given to you solely for your own use and information and no part of this document may be copied, reproduc ed, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization/firm) or published, or otherwise disclosed, in whole or in part, in any manner and for any purpose. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorized.

The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions presented or contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and its accuracy is not guaranteed and has not been, and will not be, updated solely to reflect material developments

which may occur after the date of the presentation. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company, or its financial or trading position or prospects. Neither of the Company nor any of i ts affiliates, advisers or representatives shall accept any responsibility or have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document contains statements that reflect the Company’s current intent, beliefs and expectations about the future as of the respective dates indicated herein. These forward-looking statements are not guarantees of future performance and are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from those described in these forward-looking statements. The Company or any of its affiliates, advisers or representatives has no obligation and does not undertake to update these forward-looking

statements for any events or developments including the occurrence of unanticipated events that occur subsequent to such dates.

This document does not constitute, in whole or in part, an offer for subscription or for sale or invitation to purchase or subscribe for any shares of the Company for sale in the United States, Hong Kong or anywhere else. No part of this document shall form the basis of or be relied upon in connection with any contract or commitment

whatsoever. Specifically, these materials do not constitute a “prospectus” within the meaning of the U.S. Securities Act of 1933, as amended, and the regulations enacted thereunder. This document does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. No shares of the Company may be sold in the United States or to U.S. persons without registration with the United States Securities and Exchange Commission except pursuant to an exemption from, or in a transact ion not subject to, such registration. The Company has not registered and does not intend to register any shares or conduct a public offering in the United States. In Hong Kong, no shares of the Company may

be offered to the public unless a prospectus in connection with the offering for sale or subscription of such shares has been formally approved by The Stock Exchange of Hong Kong Limited and duly registered by the Registrar of Companies of Hong Kong under the relevant provision of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong). Otherwise, without due registration, a prospectus must not be distributed, issued or circulated in Hong Kong. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves of, and observe, any such restrictions.

By attending this presentation, participants agree not to remove these materials, or any materials provided in connection herewith, from the conference room where such documents are provided. Participants agree further not to photograph copy or otherwise reproduce this document in any form or pass on this document to any other person for any purpose, during the presentation or while in the conference room. Participants must return this document and all other materials provided in

connection herewith to the Company upon completion of the presentation.

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3

Roadshow Team

LAI Xiaomin

Chairman, Executive Director

WANG Lihua

Vice President

HU Ying

Assistant to President

HU Jianjun

Secretary to the Board

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2015

China Huarong actively seized the opportunities of macroeconomic adjustment

and industrial transformation and upgrading, insisted on “ innovation + stabilization”,

fully realized the strategic advantage of “through-the cycle” business model,

expanded, consolidated and optimized distressed asset management core business,

further improved comprehensive financial service functions, and achieved synergetic

and balanced development among the three principal businesses-distressed asset

management business, financial services business and asset management and

investment business. In 2015, China Huarong’s operation results continued to

maintain a strong growth, and became the state-owned AMC with the largest

market capitalization in China.

Overview of 2015

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8 Achievements in 2015

1st, established a good development ecosystem and new progress made in improving cohesion and fighting

capacity of employees

2nd with the opportunity of listing in Hong Kong, new progress was made in establishing modern financial

enterprise system

3rd, new record was created in operating performance, with new progress made in the preservation and

appreciation of state-owned assets

4th, achieved collaborative development of business segments, with new progress made in reinforcing the

core business

5th, adhered to the principles of “Five Earliness, Five Preventions, and Five Cures”, with new progress made

in risk prevention and mitigation

6th, new records were created in debt offerings in the domestic and overseas, and achieved significant

milestones into a “debt financing based AMC

7th, followed closely national development strategies and built multiple new platforms, achieving new progress

in serving the real economy in an innovative way

8th, strengthened leadership and staff development, achieving new progress in sharing development results

with employees and the society

Five Earliness: Early detection, early warning, early response, early implementation and early benefits.

Five Preventions: Prevent seeking quick success and instant results; prevent continued high risk; prevent inadequate endeavor and inaction; prevent

emergencies in the market; and prevent moral hazard.

Five Cures: Cure illnesses; cure people; cure deficiencies in regulations; cure surface problems; and cure underlying problems. Take actions in

accordance with circumstances, in order to achieve the process of “examination - medication - injection - pathology removal - rehabilitation”.

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8 Changes during the “Five-year, Three-step” Period

1

2

3

4

5

6

7

8

Achieved great transformation by innovation with a clearer and more practical development

conviction

Realized a higher ranking among peers while recording more stable and stronger results

Strengthened the main business of distressed asset management with a more mature and

professional operation model

Carried on a grand business roadmap with more diversified financial services offered

Engaged in risk control through more effective internal management

Harvested greater fruits under the client strategy with enriched and materialized cooperation

achievements

Enhanced team building with a more reasonable and efficient talent composition

Added greater value in our brand with recognition and reputation from more people

Business Performance

Financial Results

Outlook for 2016

1

2

3

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8

Significant Advantage in DAM Business, and Synergetic

Development among the Three Principal Businesses

Total Asset Total Income

DAM FS AM&I

2014 2015

DAM FS AM&I

2014 2015

26.3%

23.6%

20.6% 20.2%

25.1% 23.4%

DAM FS AM&I

2014 2015

Pre-Tax ROAE12

Note 1: The Pre-tax ROAE is based on profit before tax divided by the average of beginning and ending balance of the net assets.

Note 2: The Pre-tax ROAE of DAM segment decreased from the previous year, which was mainly due to the proceeds from the listing on Oct 30, 2015

Source: Company's 2015 Annual Report

Profit Before Tax

DAM FS AM&I

2014 2015

2014: RMB 600.5bn 2015: RMB 866.5bn 2014: RMB 51.1bn 2015: RMB 75.4bn

2014: RMB 16.8bn 2015: RMB 22.2bn

53.7% 32.6%

13.8%

55.7% 32.9%

11.4%

42.7%

42.8%

16.0%

47.2% 46.7%

7.0%

56.1% 35.1%

9.9%

53.9% 31.1%

15.9%

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9

283,339

370,131

2014 2015

47,115

71,396

2014 2015

DAM Business 1

(RMB Million) (RMB Million)

Under New Normal Economic Development, DAM Business Grew Rapidly

Source: Company's 2015 Annual Report

28,647

40,648

2014 2015

9,340

11,940

2014 2015

(RMB Million) (RMB Million)

Total Assets of DAM Business Net Assets of DAM Business

Profit Before Tax of DAM Business Total Income of DAM Business

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Annualized return on monthly average gross amount

157,939

202,752

2014 2015

18,617

26,015

2014 2015

(RMB Million) (RMB Million)

13.1% 12.5% 128,378 166,384

DAM Business: Acquisition-and-Disposal & Acquisition-and-Restructuring Business 1

22,338

48,736

2014 2015

(RMB Million)

Scale of Acquisition Increased Substantially, While Profits of Restructuring Business Maintained Stable

886

1,528

2014 2015

(RMB Million)

16.0% 20.2%

IRR on completed projects

21,714 58,024

Acquisition cost of newly added distressed debt assets

Source: Company's 2015 Annual Report

Acquisition cost of newly added distressed debt assets

Gross amount of and newly added acquisition cost for acquisition-and-disposal business

Net gain or loss and IRR on completed projects1

for acquisition-and-disposal business

Income2 and annualized return on monthly average gross amount 3 for acquisition-and-restructuring business

Carrying amount of and newly added acquisition cost for acquisition-and-restructuring business

Note 1： IRR on completed projects is the rate of return that makes the net present value of all cash inflows and outflows from all the acquisition-and-disposal projects completed in a

given period from the time of acquisition to the time of disposal equal to zero Note 2： Including operating income from distressed debt assets and financial advisory income

Note 3：Annualized return on monthly average gross amount of distressed debt assets =income from distressed debt assets for the year /by the average gross amount of distressed debt

assets at the end of each month.

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51.9% 54.1%

2014 2015

1.9x

3.7x

2014 2015

1

Source: Company's 2015 Annual Report

2,477

5,524

2014 2015

(RMB Million)

Exit multiple of DES Assets disposed2

Net gain on DES Assets disposed Exit multiple of DES Assets disposed1

Existing carrying amount and DES companies

24,389 24,203

2014 2015

230 217

Existing DES companies

(RMB Million)

DAM Business: DES Asset Management Business

Securitization Rate Increased Continually, and Returns Significantly Improved

Note 1: Exit multiple of DES Assets disposed equals the sum of (i) the net gain on DES Assets disposed in a particular year and (ii) the acquisition cost of

DES Assets disposed divided by the acquisition cost of the DES Assets disposed

Note 2: Securitization rate of DES Assets = book value of listed DES Assets / (book value of listed DES Assets + book value of non-listed DES Assets)

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17,915

23,463

2014 2015

5,524

7,247

2014 2015

23.6% 25.1%

2014 2015

FS Business 2

(RMB Million)

(RMB Million)

Performance of Financial Subsidiaries Continued to Improve Under Financial New Normal

Source: Company's 2015 Annual Report

30.8% 30.9%

2014 2015

Total Income of FS Business Pre-Tax ROAE of FS Business

Profit Margin of FS Business Profit Before Tax of FS Business

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Source: Company's 2015 Annual Report

FS Business: Huarong Securities 2

Strong Featured Services, and Leading Industry Rating

Note1: “AA” Level of A grade is the top rating in the industry

Note2: According to operating data on securities companies published by the Securities Association of China

3,800

7,435

2014 2015

1,146

2,435

2014 2015

(RMB Million) (RMB Million)

Rated “A” Level of A grade or “AA” Level of A grade for 5

consecutive years from 2011 to 2015

Ranked 7th among the industry in terms of the income from

financial advisory services1

Was the sponsor and lead underwriter of the initial public offering

project of Guotai Junan, which was the largest initial public

offering project of China’s A share market over the last five years

Sponsoring of NEEQ projects ranked first in the industry as 18%

of the projects were qualified for the innovation standards. Its

NEEQ business also ranked among top 10 in the industry

Elected as an Excellent Member of Chinese Bond Market and

granted the first prize of the Progress Award of Bond Business.

Received the Best Innovative Product Award of Asset

Management in China

Industry Rating Pre-Tax ROAE

Profit Before Tax Total Income

13.6%

22.9%

2014 2015

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FS Business: Huarong Financial Leasing、Huarong Xiangjiang Bank 2

Maintained the Leading Position：As of December 31,

2015, Huarong Financial Leasing had total assets of

RMB83.7billion, net assets of RMB10.1billion and ROAE

of 16.1%, ranking 8th, 7th and 2nd among the 40 financial

leasing companies in China, respectively

Further improved risk mitigation ability and capital

adequacy: Provision coverage ratio and Core capital

adequacy ratio reached 155.4% and 12.5%, respectively

Fast Business Growth: Total deposit s and loans increased19.3%

and 30.6% , respectively

Superior Asset Quality: NPL ratio was 0.99%, and provision

coverage reached 228.2%

Sufficient capital adequacy: Core tier-1 capital adequacy ratio

and Capital adequacy ratio were 9.5% and 13.15%, respectively

Leading Rating: All major businesses indicators either satisfied or

outperformed regulatory requirements. Rated as an A-class

commercial bank in the comprehensive evaluation by the PBOC,

which is the highest rating for city commercial banks. The

standalone rating of Huarong Xiangjiang Bank were “AA” as

assessed by China Chengxin International Credit Rating Co., Ltd.

Drastic Growth and Outstanding Profitability

72,099

83,698

2014 2015

Total Asset of Huarong Financial

Leasing (RMB Million)

1,720 1,871

2014 2015

Profit Before Tax of Huarong Financial

Leasing (RMB Million)

2014 2015

165,326

211,125

(RMB Million)

2,658 2,941

2014 2015

(RMB Million)

Source: Company's 2015 Annual Report

Huarong Financial Leasing Huarong Xiangjiang Bank

Total Asset of Huarong Xiangjiang

Bank

Profit Before Tax of Huarong Xiangjiang

Bank

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42,101

138,764

2014 2015

AM&I Business 3

(RMB Million)

Core Competitiveness Continuously Strengthened in Golden Age of Pan-Asset Management

Source: Company's 2015 Annual Report

5,050

12,003

2014 2015

(RMB Million)

1,910

3,089

2014 2015

(RMB Million)

Total Asset of AM&I Business Total Income of AM&I Business

Profit before Tax of AM&I Business

228,562

427,193

2014 2015

(RMB Million)

3rd Party AUM in AM&I Business1

Note 1: The balance of assets under management for custody and agency services for distressed assets business of the parent company is 45.88 billion,

and 3rd party aum for Huarong Rongde amounts to 10.92 billion. The sum for the Group is 483.99 billion

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14,034

64,283

2014 2015

AM&I Business 3

Leading Capability of Active Management with Initial Success of Internationalization Strategy

145,002

212,449

2014 2015

Outstanding Trust AUM (RMB Million)

2,074 2,120

980 993

2014 2015

Total Income Profit before tax

Total trust Income and Profit Before Tax (RMB Million)

Total Committed Capital (RMB Million)

268

1,043

2014 2015

Total Income (RMB Million)

Source: Company's 2015 Annual Report

12,244

36,742

2014 2015

Balance of Financial Investments

(RMB Million)

1,110

1,984

2014 2015

Investment Income

from Financial Investments

(RMB Million)

13,389

60,451

2014 2015

Total Assets (RMB Million)

715

5,547

2014 2015

Total Income (RMB Million)

Trust Private Fund

International Business Financial Investments

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Risk Management and Internal Control 4

Solid and effective risk management, and prudent provisions

1.6% 1.5%

6.8%

8.7%

2014 2015

Impaired distressed debt assets ratioAllowance to distressed debt assets ratio

587.1% 416.5%

Impaired distressed debt assets coverage ratio

0.78% 0.99%

2.0%

2.3%

2014 2015Non-performing asset ratio

Provision to total loan ratio

228.2% 250.1%

1.1% 1.1%

2014 2015

Non-performing asset ratio

155.4% 132.7%

Provision coverage ratio

Provision to non-performing loan coverage ratio

Acquisition-and-Restructuring Business: Stable Impaired Ratio, and Adequate Provision

Steady Non-performing Asset ratio for Financial Lease Business Non-performing Asset ratio for banking business controlled at low level，providing adequate coverage

Acquisition-and-Restructuring Business: Sufficient Collateral1

35.7% 36.2%

2014 2015

Source: Company's 2015 Annual Report

Note1：The ratio of the gross amount of the acquisition-and-restructuring distressed debt assets of the Company secured by collateral to the total

appraised value of the collateral securing these assets

Business Performance

Financial Results

Outlook for 2016

1

2

3

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Significant Business Growth with Continuously Outstanding

Financial Performance

Source: Company's 2015 Annual Report

Note1: The decrease in ROAE in 2015 was mainly due to the proceeds from the listing on Oct 30, 2015; The weighted average return on equity of 2015 is

18.9%, represents the percentage of the net profit attributable to equity holders of the Company during the period in the weighted average balance of equity attributable to equity holders of the Company

Leading Asset Scale Outstanding Profitability Robust Growth Momentum

Outstanding Return to Shareholders Significant Equity Value Increase Effective Cost Management

34.2 42.0

69.4

98.1

2012 2013 2014 2015

315.0 408.4

600.5

866.5

2012 2013 2014 2015

26.1

37.3

51.1

75.4

2012 2013 2014 2015

5.9

8.7 10.7

14.5

2012 2013 2014 2015

29.0% 25.9% 24.7%

21.6%

2012 2013 2014 2015

Total Assets

(RMB billion)

Cost-to-income ratio

ROAE1

Profit Attributable to Equity Holders

(RMB billion)

Total Income

(RMB billion)

Equity Attributable to Equity Holders

(RMB billion)

Weighted average return on equity

17.3%

19.4%

22.7%

19.1% 18.9%

2012 2013 2014 2015

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Key Performance Indicators

Note1: ROAE = profit attributable to equity holders of the Company for the period / the average balance of equity attributable to equity holders as at the

beginning and end of the period; The weighted average return on equity of 2015 is 18.9%

Note2: ROAA = net profit for the period / the average of total assets as at the beginning and end of the period

Note3: Cost-to-income ratio = operating expenses net of land development costs / total income net of interest expenses, commission and fee expenses, and

land development expenses

(RMB million) 2014 2015

Total income 51,061 75,386 47.6%

Profit before tax 16,774 22,246 32.6%

Profit for the year 13,031 16,951 30.1%

Profit attributable to equity holders of the Company 10,656 14,482 35.9%

Total assets 600,521 866,546 44.3%

Total equity 83,532 118,801 42.2%

Equity attributable to equity holders of the Company 69,408 98,117 41.4%

Selected Financials

Financial Indicators

(RMB million, except indicated otherwise) 2014 2015

ROAE1 19.1% 17.3% (1.8%)

ROAA2 2.6% 2.3% (0.3%)

Cost-to-income ratio3 24.7% 21.6% (3.1%)

EPS (RMB) 0.38 0.43 13.2%

CAR 13.6% 14.8% 1.2%

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6.3x 6.1x

2014 2015

13.6%

14.8%

2014 2015

Sufficient Capital and Stable Leverage Provide Strong

Guarantee for Future Business Development

Source: Company's 2015 Annual Report

Continuously Growing Asset Scale Stable Leverage Ratio

CAR Higher Than CBRC Requirement

(RMB million)

CBRC

requirement ≥12.5%

1

283,339

370,131

280,307

370,651 42,101

138,764

(5,226) (13,000)

600,521

866,546

2014 2015

DAM FS AM&I Inter-segment Elimination

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2.6% 2.3%

19.1% 17.3%

2014 2015

ROAA² ROAE²

Outstanding Profitability, Superior Return on Capital, and

Effective Cost Management

Source: Company's Prospectus, 2015 Annual Report

Note1: The total number of employees was 8,352 and 9,224 in 2014 and 2015 respectively

Note2: ROAA and ROAE declined slightly in 2015, which was mainly due to the proceeds from the listing on Oct 30, 2015; The weighted averaged ROE of 2015 is

18.9%

Decreasing Cost-income Ratio

Superior Return on Asset and Capital Outstanding Profitability

24.7%

21.6%

2014 2015

Increasing Earnings Per Capita1

10,656

14,482 13,031

16,951

2014 2015

Net profit a ttributable to the Company's shareholders Net profit

(RMB million)

611

817

156 184

2014 2015Revenue per capita Net profit per capita

(RMB ten-thousand)

2

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28,647

40,648

17,915

23,463 5,050

12,003

(551) (728)

51,061

75,386

2014 2015

Rapidly Growing Business Scale with Balanced

Development Across Segments

Source: Company's 2015 Annual Report

Rapidly Growing Revenues in All Segments Well Balanced Revenue Breakdown

(RMB million)

2015 Total income: 75,386

3

(RMB million, except percentage)

Income from

distressed debt

assets classified

as receivables

30.6%

Investment income

25.4%

Interest income

18.7%

Commission

and fee income

13.8%

Fair value changes on

other financial assets

4.4% Others

7.1%

DAM FS AM&I Inter-segment Elimination

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24

239,885 295,032

48,002

143,032 117,023

139,823

36,709

53,712

26,203

30,362

13,660

15,468

2,111

965

80

20

483,674

678,413

2014 2015

Diversified Funding Channel and Well Matched Duration of

Financial Assets and Liabilities

Source: Company's 2015 Annual Report

(RMB million)

Well Matched Duration of Financial Assets and Liabilities Improved Interest-bearing Liability Structure, Increased Long-term Liabilities

(RMB million)

4

387,335

294,966

23,268

(375,164)

(261,322)

(41,927)

Less than1 year

1 to 5years

More than5 years

Financial assets Financial liabilities

BorrowingsBonds and notes issuedDue to customersOther financial liabilitiesFinancial assets sold under repurchase agreementsDeposits from financial institutionsPlacements from financial institutionsBorrowings from central bank

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Source: 2015 Annual Report

Highlights in 2015

Successfully listed in Hong Kong on October 30, 2015, and have become AMC with

the largest market capitalization1 in China

Operating results continued to grow. Net profit amounted to RMB 16.95 billion in

2015, representing an increase of 30.1% as compared to 2014

Distressed asset management (DAM) core business maintained its leading

position. Acquisition amount reached RMB 224.41 billion in 2015, representing an increase of 49.5% as compared to 2014

Note 1：Dated March 17, 2016

Financial services (FS) business developed rapidly. Achieved a revenue of RMB

23.46 billion, representing an increase of 31.0% as compared to 2014

Asset management & investment (AM&I) business expanded aggressively. Profit

before tax amounted to RMB 3.09 billion in 2015, representing an increase of 61.7% as compared to 2014

Continually optimized funding structure, and achieved significant milestones into a

“debt financing based AMC”

Risk management was solid and effective, and the provisions maintained prudent

Business Performance

Financial Results

Outlook for 2016

1

2

3

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Direction for 2016

2016

The Company will keep up with its “steady growth, striving for

success, innovative transformation, moderate development, and

prioritizing on profit” principle, round on “Restructuring, Transforming,

Improving, Hedging, Enhancing” 5 core missions, focus on “Stabilization,

Striving, Innovation, Transformation, Improvement, Excellence”, and

carried on each task strictly, carefully and reliably. The Company shall

complete all 2016 objectives, maintain stable growth of market

capitalization, and continually improve core competitiveness and

international influence.

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Outlook for 2016

Macro economy：In 2016, China has entered into a “New Normal” stage, in which the Chinese economy will

“experience a growth within a rational range and go through structural change”. The structural reform of the

supple front will be further progressed, bringing in abundant business opportunities for China Huarong

Expand, Consolidate and Optimize

Distressed Asset Management Business

Provide Well-rounded

Comprehensive

Financial Services

Work on Rapid Development of

Asset

Management

Business

To deal with the non-performing assets

through innovation under the market-

orientation principal, to go for “educing

overcapacity, destocking, deleveraging” by

establishment of funds, and to liquidize

remnant assets by distressed assets

securitization, so as to expand, consolidate

and optimize our distressed asset

management business

Capture the opportunities in the

pan-asset management in response

to the national initiative of “The Belt

and Road” and establishments of

the free trade zones, and work hard

for sustained rapid development in

the third-party asset management

business

Leverage the advantage of our

comprehensive financial services under our “one body with two

wings” framework, continue to

provide well-rounded qualified comprehensive financial services,

explore new methods in service provision, improve financial

service system, and search for

more growth opportunities

To Become First-class AMC with “Scientific Governance, Orderly Management, Excellent Core Business, Integrated Operation, and Strong Results”