2016

AnnualResults

Enriching life一站式满足生活所需

Overview

Continuously develop one-stop lifestyle concept.

Improve operations quality and know-how.

Enrich merchandise and service offerings.

Total GSP remains stable with revenue increase of 14.7%.

EBIT and EBITDA increased by 22.1% and 19.2%, reaching

RMB1.48B and RMB1.86B, respectively.

2

Financial Highlights

Gross Sales Proceeds (GSP) Concessionaire Sales Direct Sales Rental Income Sales of Properties OthersGross ProfitOther Operating IncomeOperating ExpensesEBITEBITDAProfit Attributable to ShareholdersEPS – Basic (RMB)Full Year and Special Dividends

2015(restated)

(+/-)Year ended 31 December (RMB ‘M)

2016

16,291.813,993.12,024.8

236.5-

37.42,685.8

324.51,801.91,208.41,561.2

825.80.4740.170

+0.7%-3.8%

+2.3%+39.4%

n/a+234.4%

+7.6%-3.8%-4.1%

+22.1%+19.2%-50.5%-48.5%

16,399.313,454.82,071.9

329.7417.7125.2

2,890.9312.2

1,727.61,475.51,860.3

408.40.244

0.3168

Financial Highlights

4

5

Year ended 31 December (RMB ‘M)

2016 2015(restated)

(+/- )

Total EBITDA

Retail EBITDA

1,860.3

1,740.7

1,561.2

1,561.2

+299.1

+179.5

EBITDA Analysis

- New Stores Opened in 2015 * Increase in Gross Profit * Effective Cost Control

- Stores Closed in 2015

Others

+114.7

+29.2

119.6 +119.6

+81.6

- Existing Stores Opened before 2015 * Stable Gross Profit * Disciplined Cost Control

(+/- )

+19.2%

+11.5%

+6.8%

+443.5%

n/a

n/a-

-1.4+152.0

+97.5-36.7

Year ended 31 December (RMB ‘M)

2016 2015(restated)

(+/- )

Total Retail Operating Expenses 1,302.9

1,243.5

1,449.1

1,433.9

-146.2

-190.4

EBITDA Analysis (Cont’d)

(+/- )

-10.0%

-13.3%

n/a-

- Staff Costs- Utilities- PR and Promotion- Property Management- Repairs and Maintenance- Other Expenses

-70.5-29.0-20.9-18.4-17.5-34.1

Global Era Stores Acquired in 2015

43.1 +43.1

Existing and New Stores

6

(+/- )% points

Year ended 31 December (%)

2016

Gross Margin 19.3% +1.220.5%

2015(restated)

Margin Analysis

Combined Margin from Concessionaire Sales and Merchandise Sales

+0.1

Sale of Properties - n/a

17.8%

27.9%

17.7%

7

Financial Position

Note 1: Cash and near cash represents bank balances and cash and various short-term bank related deposits, including investments in interest bearing instruments, structured bank deposits and restricted cash

Note 2: Gearing ratio = total borrowings / total assets

As at 31 Dec 2016

As at 31 Dec 2015

(restated)RMB ‘MTotal Assets

Total Liabilities

Net Assets

Cash and Near Cash (note 1)

Total Borrowings Short-Term and 10-Year Secured Bank Loans 3-Year Syndicated Loan 3-Year PRC Medium-Term Notes 10-Year Senior NotesNet DebtsGearing Ratio (note 2)

19,828.9

14,720.2

5,108.7

4,290.9

8,311.81,012.2

4,866.4-

2,433.2(3,816.3)

43.1%

(4,020.9)42.0%

8

21,893.4

16,846.3

5,047.1

5,611.8

9,428.190.0

5,242.71,492.7 2,602.7

9

Net cash generated from operating activities

2015(restated)

Net increase in cash and cash equivalents

2016

- Acquisition of subsidiaries and assets

(2,230.5)

77.4

1,017.2

(649.1)

(677.3)

Net cash generated from (used in) financing activities (378.6) 43.2

1,172.9 411.3

1,436.2

Net cash used in investing activities

Year ended 31 December (RMB ‘M)

Cash Flow Statement

- Increase in net bank and other borrowings 534.3 1,632.7

- Operating cash flows before working capital movements 1,707.71,842.9

- Decrease in deferred revenue (278.0) (12.3)

- Dividends paid to owners of the Company

(93.8) (787.6)

- Change in short-term bank related deposits510.3

- Repurchase of own shares

(467.0) (455.0)

(813.8)

- Decrease (increase) in inventories 59.8 (64.9)

- Interests in joint ventures and associates

(2,471.9) 1,608.1

- Redemption of senior notes (109.0)-

Growth and Profitability

10

14.7%

19.2%

3.2%

0.7%

EBITDA Sales Per Ticket (Same-Store Comparison)

GSP & Combined Margin Revenue

Stable Expense Ratio

11

Rental Expense

Staff Expense

Other Operating Expenses

Depreciation and Amortization

Merchandise Upgrade and Investment

Merchandise and Services Upgrade

G-Life Series

Lifestyle Investment

Controllable Merchandise

Merchandise Framework Streamline

Corporate Marketing

Omni Channel

VIP Member Service

Lifestyle Center

Enrich Lifestyle Related Merchandise

Diversify Marketingand Service Offer

13

• To satisfy customers’ demand forcomprehensive lifestyle services and experiences.

• To integrate and combine distinct merchandise resources into G-Life, covering six major

lifestyle elements: gourmet supermarket, bookstore, pet care, health, beauty, and kids.

• To drive continued traffic flow and operation performance while contributing to overall long-term core competitiveness.

G-Life Series

G·LIFE

14

Merchandise and Services Upgrade

G.Life

• Continued expansion and growth of G-Mart,

premium gourmet supermarket.

• Major traffic drawer contributing 20+% to each store, targeting customers with increased interest in food quality and variety.

• 2016 GSP RMB564.7M, 6.6% YOY.

15

G.Life

• Self-operated bookstore concept designed by Japan’s Tsutaya, targeting the middle class and their aspirational needs.

• 30,000+ SKUs focusing on books, magazines, home, decor, and design with more than 2,000 visitors per day.

• Currently two stores in operation: Nanjing Xinjiekou Store since December 2016 and Suzhou Gaoxin Store since January 2017.

16

• A collection of the world’s best-selling beauty and skincare products.

• Featuring the top four international cosmetic groups, targeting long-term and steady consumption.

• First concept shop opened in Nanjing Xinjiekou Store in March 2017.

17

G.Life

G.Baby• A family paradise for children accompanied by parents and

grandparents.

• Covering maternity and children’s products, children’s fashion, playground, early education, and activities to foster creativity and aid in development.

• First concept shop will launch in Nanjing Xinjiekou Store by the first half of 2017.

18

G.Life

G.Qute

• Entered into a strategic partnership with Corner Pet.

• A full-range pet service center providing activities, grooming, veterinary care, supplies, and international events.

• First two shops will launch in Nanjing Xinjiekou Store and Nanjing Hexi Store.

19

G.Life

• Entered into a strategic partnership with Ye Dental, the number one

dental brand in South Korea with 55 clinics and an abundant team

of physicians.

• Positioned for middle to high-end patients, covering dental implants,

cosmetic dentistry, and children’s oral health.

• First two clinics will launch in Nanjing Xinjiekou Store and Nanjing

Hexi Store in 2017.

20

G.Life

• World famous indoor golf operator committed to the

development of an unsurpassed golf simulator.

• Golf enthusiasts of all ages can enjoy the sport year-

round regardless of weather and at a much lower

cost.

21

Lifestyle Investment

• Strategic investment in Pop Mart, a creative

specialty toy brand, in 2014.

• Pop Mart currently operates 31 stores with

annual sales of RMB110M in 2016 attracting

young customers to Golden Eagle lifestyle

centers.

• Pop Mart listed on the PRC National Equities

Exchange and Quotations in February 2017.

• Strategic investment in Korea’s number one

children’s footwear retailer TOEBOX, which

generated annual sales of over KRW23.8B in

2016.

• The first two TOEBOX shops opened in China

in 2016: Nanjing Xinjiekou Store and Jiangning

Store.

• TOEBOX will be listed on the KASDAQ in April

2017.

Portfolio of Lifestyle Investments

22

Portfolio of Controllable Merchandise

Continue to enhance stores with well-valued

specialty merchandise.

• Continue to focus on unique fashion brands as well as international household brands.

• 82 controllable brands with 221 counters.

• In-house development of premium quality best-selling items such as men’s dress shirts and women’s cashmere cardigans.

• 2016 GSP RMB331.5M, 7.4% YOY.

23

Omni Channel Update

• “Goodee Mobile App” registered over 6.1M downloads, 30% with various enhanced functions to upgrade customers’ shopping experience and convenience.

• 1.5M VIP customers connected their E-VIP cards with the App.

• Newly launched functions, including merchandise search, F&B information, G.E. Class, social media and marketing events.

Continued to develop Omni Channel

model.

Goodee Mobile Jinying.com

Omni Shopping

Overseas Purchase

Reward Points Redemption

G-Mart

Shopping Guide

E-VIP Card

Smart Parking

G-Class

24

Corporate Marketing

Corporate Marketing

Golden Eagle Calendar Baby Selection

• 2,785 babies enrolled through social media.

• Total media views up to 560,000 times and up to 233,000 internet votes.

Golden Eagle Open 2016 - Taiwan Golf Tournament

• 138 players from 11 countries participated in the tournament featured in both Mainland China and Taiwan media.

• Spread the international influence of the Golden Eagle brand.

Exclusive sponsor of Joint Cup for Cross-Strait Writing Competition

• Publicized in Jiangsu Province to over 600,000 students from hundreds of schools with more than 5,000 students attending.

• Mr. Zhu Lilun, mayor of New Taipei City awarded the winners.

26

39.7%RMB ’M

11.18

Effective Marking Events

• Integrating chain stores’ resources in unified promotional campaigns with key brands.

• Created new marketing events to improve sales performance with Black Friday being awarded as one of the top ten major marketing events in the China retail industry in 2016.

• Foot traffic for the Nanjing Xinjiekou Store Anniversary celebration reached over 70,000, an increase of 79% YOY.

27

Integration of O2O channels increased VIP members’ loyalty.

Social Media Mass Marketing

People ‘000

28

5M clicks on "Come and Shop in Golden Eagle" song and video.

Share business resources and platform with strategic partners.

• Over RMB25M worth of free gifts shared with VIP customers on the platform in 2016.

• Over 600 campaigns with nearly 500 partners participated.

• First time cooperation with game operator Migu took advantage of its traffic flow creating an effective

closed-circuit O2O loop, attracting over 785,000 customers and creating GSP of RMB58.8M with 14.1%

YOY for our stores.

Shared Resources

29

Newly Opened Stores

Newly Opened Stores

31

First managed store as an asset-light business model for the Group.

Suzhou Gaoxin Lifestyle CenterXi’an Qujiang Lifestyle Center

Location CBD of Xi’an Qujiang District Furong Xintiandi Plaza

GFA 50,000 square meters

Function Lifestyle center format with G-Mart, cinema, kids and education, F&B and fitness.

Opened date December 2016

GSP RMB10.6M in the first week of operation

Suzhou Hi-Tech District Opposite to the Suzhou Amusement Land

176,764 square meters

Lifestyle center format with G-Mart, G-Takaya, cinema, kids and education, F&B and fitness.

January 2017

RMB37.4M in the first week of operation

Reopened in the CBD of Suzhou with 12 times greater GFA.

TransportationDirectly connected to Metro Line 4

Directly connected to Metro Lines 1 and Line 3

Golden Eagle World

Asia’s largest comprehensive lifestyle center with multiple functions and amenities.

33

Sky Corridor connecting floors 44 to 48

Tower A: 368 meters high, 76 floors of offices and hotel

Commercial Retail Space 5,000 car parking with direct access to shopping center

Tower C:300 meters high, 60 floors of office

Tower B:328 meters high, 67 floors of office

• Over RMB10B investment.

• The world’s tallest asymmetric three-tower skyscraper is currently under construction with a sky garden conjoining all three buildings 190 meters above ground.

Total GFA

Commercial & Parking

Office

Apartments

Hotel

Sky Corridor

Golden Eagle World

’square meters

920,000

60,000

70,000

120,000

170,000

500,000

Luxury Car Showroom

F & B

Tower AHotel/Office

Building

Tower BOffice Building

Tower COffice Building

Sky Corridor

New Retail

Lifestyle

F & BLifestyle

LifestyleSupermarket

Supermarket

Thoughtful design to satisfy the middle class demand for higher quality lifestyle.

Golden Eagle World (Cont’d)

34

Business Partnership Conference 2017

More than 500 strategic partners and representatives of renowned brands from all over the world attended the conference “Creating Lifestyle for the Future”.

• Set to become the Group’s newest comprehensive lifestyle flagship and a new commercial landmark and tourist destination in China.

• Expected daily customer traffic of over 100,000 individuals and annual GSP of over RMB10B.

35

Future Development Strategy

Upcoming New Stores

37@ To be in the format of comprehensive lifestyle center& Including Suzhou Lifestyle Center, with total GFA of 176,764 sq.m..

Upcoming new store GFA (sq.m.) Owned / Leased 2017 2018 and onwards

1 Xianlin Additional, Nanjing @ Owned 168,900

2 Hexi, Nanjing @ Leased 274,000

3 Jiangdu, Yangzhou Phase I @ Owned 153,000

Jiangdu, Yangzhou Phase II @ Owned 216,000

4 Xuzhou Additional, Jiangsu @ Leased 110,000

5 Changzhou 3, Jiangsu Leased 60,000

6 Danyang Additional, Jiangsu @ Leased 58,100

Total 1,216,764 772,664 444,100

% Year End GFA Increase2,001,643

(as at 31 March 2017)42.3% 17.1%

% of Owned Properties (GFA) 61.3% 59.5%

% of Owned Properties and Properties

Leased from Related Parties (GFA)93.5% 92.5%

Estimated Max Capex. (RMB) Around 1.2 billion each year

&&

1

11

12

2

11

1

24

Xuzhou

Suqian Yancheng

HuaibeiHuai’an Taizhou

Yangzhou

Danyang

Nanjing

LiyangKunshan

Shanghai

1Changzhou

2 1

Nantong

1

YunnanProvinceKunming

ShaanxiProvince

Xi’anJiangsuProvince

AnhuiProvince

Shanghai1

Total 34

No. of Stores

Department Store 17

Lifestyle Center 17

1

2

13 13

By the end of 2019, Golden Eagle will have 34 stores throughout China, with GFA of over 3.0M square meters.

1

21

Suzhou

1

Ma’anshan1

1

sq.m.

2.3M

0.7M

3.0M

1

1

1

11Wuhu

1

Our Future Network

38

Kids Health

• Education• Playground

• Dental• Postpartum

Care

• VR Experience

• Pet Care

• Co-Work Space

• Cultural Creativity

• Focus on lifestyle investments with abundant customer shopping experiences and whole family consumption.

• Target retail start-ups with reasonable profit-generating business models run by professional founders with deep understanding of consumer value.

Speed up Lifestyle Investment

Entrepreneurial Experience

39

Omni Channel Business Model

• Place best-selling items from stores online via “Goodee Mobile App”.

• Customers can purchase on the “Goodee Mobile App” or in-store at physical counters with merchandise being delivered directly with the same level of VIP service.

• Launched in Nanjing Xinjiekou Store in January 2017 and expanding to all chain stores soon.

• 14,000 SKUs focusing on cosmetics, small household appliances, fashion, and bedding.

• Integrating more functions and services online in the future, e.g. E-gift card, mobile banking and lifestyle coupons, etc.

Develop online counters, driving a significant increase in customer traffic and sales performance.

40

The first lifestyle operator to make self-serve mobile payment into operation in China.

• Golden Eagle was an early mover in implementing a centralized payment program and supermarket self-serve mobile payment program.

• Launched in May 2017 in Nanjing Xinjiekou G-Mart and expanding to all chain stores soon.

Omni Channel Business Model (Cont’d)

41

Business Review

• Yangzhou Jinghua Store

• Shanghai Store

• Nanjing Hanzhong Store

• Nanjing Xianlin Store

• Liyang Store• Xuzhou People

Square Store• Kunming Nanya

Store (suspended in Aug 2015)

• Yancheng Outlet Store

• Changzhou Wujin Store (suspended in Dec 2015)

Growing Presence in the PRC

* Nanjing Xinjiekou Store, together with the additional area of 81,098 sq.m., was upgraded to a lifestyle center in Apr 2014

• Kunming Lifestyle Centre

• Nanjing Zhujiang Store

• Nanjing Xinjiekou Store

• Nantong Store

• Yangzhou Store

1996 2000 2001 2002 2003 2004

• SuzhouStore (closed in Feb 2013)

• Xuzhou Store

2005 2006

• Xi’an Gaoxin Store

• Taizhou Store

2007 2008

• Huai’an Store

• Yancheng Lifestyle Center

1997-

1999

• Hefei Dadongmen Store (suspended in May 2015)

• Hefei Baihuajing Store (suspended in May 2015)

• Anhui Huaibei Store

2013 2011 20092010201220142015

• Hefei Suzhou Road Store (suspended in Dec 2015)

• Changzhou Jiahong Store

• Xi’an Xiaozhai Store (suspended in Oct 2014)

• Suqian Store

• Nanjing Xinjiekou Lifestyle Center

• Yancheng Julonghu Lifestyle Center

• Nantong Lifestyle Center

*• Danyang Lifestyle Center

• Kunshan Lifestyle Center

• Jiangning Lifestyle Center

• Ma’anshan Lifestyle Center• Nantong Renmin

Road Store• Wuhu Store• Wuhu New City

Store

• Xi’an GuomaoStore (closed in Oct 2010)

The Group’s total GFA as of 31 March 2017 amounted to 2,001,643 square meters.

Of 31 stores in operation, 12 stores are lifestyle centers.

201320162017

• Xi’an Qujiang Lifestyle Center

• Suzhou Lifestyle Center

43

Self-owned properties in prime locations account for 63.5% of GFA.

Lifestyle centers are 63.3% of GFA.

Self Owned Properties

Owned-to-leased GFA ratio

28.1%*Leased from

related parties

63.5%*Owned

6.0%*Leased from independent

3rd parties

Store(in operation) Owned / Leased GFA (sq. m.)

17 Suqian Owned 65,41018 Liyang Owned / Leased 53,469 / 18,35519 Xuzhou People’s Square Owned 37,45720 Yancheng Outlet Leased 18,37721 Yancheng Julonghu # Leased 110,84822 Nantong (lifestyle) # Owned 94,70023 Danyang # Leased 52,97624 Kunshan # Owned 118,50025 Nanjing Jiangning # Leased 144,71026 Ma’anshan # Leased 87,56827 Nantong Renmin Road Owned 30,19128 Wuhu Shopping Owned 30,62929 Wuhu New City # Owned 98,90630 Xi’an Qujiang # Managed 48,502

31 Suzhou # Owned 176,764

Total 2,001,643@

Store(in operation) Owned / Leased GFA (sq. m.)

1 Nanjing Xinjiekou # Owned / Leased 85,303 / 29,2422 Nantong Owned 9,2973 Yangzhou Owned / Leased 37,562 / 3,4504 Xuzhou Owned 59,9345 Xi’an Gaoxin Owned 27,2876 Taizhou Owned 58,3747 Kunming # Owned 116,8178 Nanjing Zhujiang Leased 33,5789 Huai’an Owned 55,76810 Yancheng # Owned 95,90411 Yangzhou Jinghua Leased 29,59812 Shanghai Leased 29,65113 Nanjing Hanzhong Leased 12,46214 Nanjing Xianlin Leased 42,79515 Anhui Huaibei Leased 34,71416 Changzhou Jiahong Owned / Leased 18,362 / 34,183

# In the format of lifestyle center* As a percentage of total GFA (sq. m.) as at 31 Mar 2017

2.4%*Managed

44@ Excluds Lianyungang Supermarket, with total GFA of 938 sq.m..

Category 2016 GSP Contribution

2015 GSP Contribution

(+/- )% points Top Performing Brands

Apparel & Accessories 50.9% 51.4% -0.5

Gold, Jewelry and Timepieces 16.9% 17.9% -1.0 　

Cosmetics 9.5% 8.9% +0.6 　

Outdoor Clothing and Sportswear 7.1% 6.0% +1.1

Electronics and Appliances 3.9% 4.6% -0.7 　

Tobacco and Wines, Household and Handicrafts

4.1% 4.3% -0.2 　

Children’s Wear and Toys 3.8% 3.4% +0.4 　

Supermarket and Others 3.8% 3.5% +0.3 　

Merchandise Mix (Concessionaire and Direct Sales) in 2016

Offering a full range of mid to high-end merchandise to meet the one-stop shopping needs of customers.

Merchandise Offering

45

Continuously expanding VIP customer base, strengthens loyalty and provides the foundation for long-term growth.

* As at 31 December 2016

VIP members % of Total GSP

VIP consumption

A Broad VIP Customer Base

2.7M VIP members with 1.5M members connected into the “Goodee Mobile App”.VIP consumption accounted for 55.8% of total GSP in 2016.2 types:

-G. Club: Platinum and Gold levels with varying discounts, enrollment and renewal based on consumption. -G. Point: pre-VIP, free to enroll, with point accrual only.

Point awards, exclusive benefits.Introduced co-branded credit cards with different banks.

46

Chain Store Years intooperation

Retail OFA(sq.m.)

Lifestyle OFA(sq.m.)

Total OFA(sq.m.)

2016 Sales(RMB'M)

SSSG(%)

2016 ASP(RMB)

2015 ASP(RMB)

1Nanjing

XinjiekouLifestyle Center

20.5 61,347 19,791 81,138 2,883 -2.4% 1,496 1,411

2 Nantong 16 5,757 0 5,757 107 -37.1% n/a 920

3 Yangzhou 15 27,525 1,356 28,881 1,353 -10.2% 1,195 1,111

4 Xuzhou 13 39,117 4,205 43,322 1,680 -5.3% 1,025 989

5 Xi'an Gaoxin 10.5 19,026 1,691 20,717 858 -7.6% 1,324 1,243

6 Taizhou 10 35,556 5,324 40,880 782 -1.7% 1,029 882

7 KunmingLifestyle Center 9.5 46,154 31,886 78,040 592 -14.3% 797 890

8 Nanjing Zhujiang 9 21,083 5,070 26,153 387 -14.1% 738 713

9 Huai'an 8 28,517 5,342 33,859 460 -6.1% 910 864

10 YanchengLifestyle Center 8 44,602 15,900 60,502 1,195 -0.7% 1,049 996

(1) (2) (3) (3)

Golden Eagle is the leading premium retail store chain targeting the mid to high-end market in second-tier cities.

(1) As at 31 December 2016 (2) Retail OFA of 915,857 sq.m., Lifestyle OFA of 356,080 sq.m. and total OFA of 1,271,937 sq.m. as at 31 December 2016. (3) Excluding supermarket sales. Same store ASP RMB916 (2015: RMB881) 4.0%. (4) Nantong store has been upgraded to sport themed concept store in Oct 2016 and mainly generates rental income.

(4) (4)

47

Store Sales

Chain Store Years intooperation

Retail OFA(sq.m.)

Lifestyle OFA(sq.m.)

Total OFA(sq.m.)

2016 Sales(RMB'M)

SSSG(%)

2016 ASP(RMB)

2015 ASP(RMB)

11 Yangzhou Jinghua 7.5 18,811 478 19,289 543 2.6% 763 694

12 Shanghai 7.5 2,625 18,197 20,822 74 -7.1% 7,553 5,949

13 Nanjing Hanzhong 7.5 10,336 0 10,336 270 -3.4% 416 410

14 Nanjing Xianlin 7 30,399 3,091 33,490 757 4.3% 512 478

15 Anhui Huaibei 6 24,992 3,822 28,814 326 -3.5% 605 608

16 Changzhou Jiahong 5.5 28,259 6,668 34,927 42 -30.4% 401 421

17 Suqian 5 40,806 10,455 51,261 471 5.6% 754 680

18 Liyang 5 33,309 13,362 46,671 131 -29.3% 638 583

19 Xuzhou People's Square 5 17,051 10,102 27,153 261 -5.1% 628 701

(1) (2) (3) (3)

Store Sales (Cont’d)

(1) As at 31 December 2016 (2) Retail OFA of 915,857 sq.m., Lifestyle OFA of 356,080 sq.m. and total OFA of 1,271,937 sq.m. as at 31 December 2016. (3) Excluding supermarket sales. Same store ASP RMB916 (2015: RMB881) 4.0%. (5) Store closed for major revamp since May 2014 and re-launched in Oct 2016.

(5) (5)

48

Chain Store Years intooperation

Retail OFA(sq.m.)

Lifestyle OFA(sq.m.)

Total OFA(sq.m.)

2016 Sales(RMB'M)

SSSG(%)

2016 ASP(RMB)

2015 ASP(RMB)

20 Yancheng Outlet 4.5 14,835 353 15,188 143 8.9% 380 346

21Yancheng Julonghu

Lifestyle Center2.5 60,608 27,739 88,347 424 18.9% 760 758

22 NantongLifestyle Center 2 38,782 7,405 46,187 393 21.1% 841 749

23 DanyangLifestyle Center 2 30,423 10,077 40,500 105 -30.5% 529 578

24 KunshanLifestyle Center 2 38,727 42,049 80,776 408 31.0% 721 700

25 JiangningLifestyle Center 1.5 80,694 25,638 106,332 404 121.7% 679 621

26 Ma’anshanLifestyle Center 1.5 24,407 35,737 60,144 278 142.2% 708 737

27 Wuhu Shopping Center 1 25,591 2,659 28,250 183 - 707 -

28 NantongRenmin Road 1 6,199 16,408 22,607 3.5 - n/a -

29 Wuhu New City 1 33,930 27,449 61,379 3.3 - n/a -

30 QujiangLifestyle Center Dec 2016 26,391 3,826 30,217 n/a - n/a -

(1) (2) (3) (3)

(1) As at 31 December 2016 (2) Retail OFA of 915,857 sq.m., Lifestyle OFA of 356,080 sq.m. and total OFA of 1,271,937 sq.m. as at 31 December 2016. (3) Excluding supermarket sales. Same store ASP RMB916 (2015: RMB881) 4.0%. (6) Acquired in Dec 2015, closed for major revamp and re-launched in Oct 2016. The stores mainly operate under lease model. (7) Being a managed store.

(6)

(6)

(6)

(6)

49

Store Sales (Cont’d)

(7)

Open Forum

Ø The material in this document is a presentation of general background information about the Company’s activities at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. This presentation may not be reproduced or redistributed to any other person and you agree to keep the contents herein confidential. No representation or warranty, express or implied is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented herein.

Ø These documents are not an offer of securities for sale inside or outside of the United States. Securities may not be offered or sold in the United States unless they are registered or exempt from registration. Any offering of securities to be made in the United States will be made by means of an offering circular that may be obtained from the Bank. Such offering circular will contain detailed information about the company and its management, as well as the Company’s financial statements.

Ø This document may not be copied or otherwise reproduced and may not be distributed in the United States or to U.S. persons, or in Canada or Japan.

Disclaimer

51