untitled

2018

1

2

2018 1. [2000]1086 2001725 2001 98.08 69.15%2015 7 49% 78.59% 2017 9 2017230 76.33% 2017 12 2018 3 76.33% 2013 12 17 2. 1 50 10 3 3

1. 2018 50 10 3 5 32 2. / % / 16 SCP001 10 270 2.84 2016 8 50 /2016 8 16 CP001 7 365 3.10 2016 5 15 MTN001 8 3 4.08 2015 7 40 /2015 6 15 CP001 5 366 3.55 2015 7 10 CP01 2 365 4.65 2010 11 5 2 3 1. 1 2018 4

2018 CPI CPI CPI 2018 5

2018 2 A. 2015~2016 2017 1978-2017 206 4.11 14.15% 2012 2015 2015 3.95 6

8.10% 2.27 2.94% 1.68 14.27% 0.59 55.04% 2016 2016 3.69 6.77% 2.10 7.73% 1.59 5.46% 0.51 14.18% 2017 2017 4.11 11.44% 2.26 7.90% 1.84 16.11% 2.87 0.48 3. Wind 2015 8 2016 11 10 2020 7

1 2 3 B. 2017 2017 695.60 4050.00 2.71% 0.26% 287.81 2.62% 154.36 2.72% 133.47 2.43% 4. % Wind 2013 2017 7.80% 0.80 2.40 8

5. % Wind 2015 2017 21903.90 7.21%2017 1263.70 7.40%2017 6. % Wind 2016 5 2016 9 2016-2020 6%-7% 9

1% 40:27:33 2016 11 2016 12 2018 1 1 1.2-12 1.4-14 7. 2017 % 51.95 17.28 2.50 8.96 91.18 64.09 2.93 1.06 48.18 14.87 5.95 6.97 53.61 52.74 3.28 7.42 357.38 27.25 3.84 6.66 623.44 56.81 28.47 40.89 389.66 6.52 2.04 36.75 385.56 81.28 5.48-11.88 121.24 16.59 1.95 13.12 175.60 59.44 1.21 3.94 48.22 21.80 1.94 11.04 74.09 55.08 4.14 8.62 23.43 11.02 3.84 13.12 78.72 40.70 0.83 0.53 165.53 12.05 5.09 39.50 285.45 37.09 5.21 31.60 42.63 4.19 17.98 17.24 198.29 46.21 0.85 7.46 59.52 17.51 1.76 12.39 116.71 37.74 4.88 3.71 721.22 8.32 9.54 16.17 478.80 68.44 10.66 19.19 Wind 1 23 10

4 5 2. 8. / / /// // 2015~2017 2018 460.71 541.82 721.22 198.31 2017 1/ 9. 2015 2016 2017 11 2018 2017 460.71 541.82 721.22 198.31 137.27 1 56.21 72.93 146.05 47.65 17.16 % 12.20 13.46 20.25 24.03 12.50 2 385.93 465.83 561.45 147.20 117.46 % 83.77 85.97 77.84 74.23 85.57 3 47.96 51.80 65.87 12.77 11.71

2015 2016 2017 2018 2017 % 10.41 9.56 9.13 6.44 8.53 4-29.38-48.73-52.09-9.31-9.06 % -6.38-8.99-7.22-4.69-6.60 % 8.34 8.23 8.32 7.08 7.90 % 14.06 14.76 14.33 11.52 13.64 % 3.57 3.36 3.01 2.50 3.38 % 37.30 38.74 37.17 41.02 42.11 A. Auria 2018 10. 2015 % 2015 2016 2017 2018 2017 a. 26.39 11.04 30.53 13.85 77.54 14.66 17.07 11.22 6.12 11.10 15.24 13.15 25.78 14.18 51.55 12.57 26.63 10.70 7.24 13.64 2.00 29.05 1.88 28.39 2.12 21.92 0.44 24.18 0.49 25.15 3.97 16.78 4.48 12.65 3.20 18.50 0.60 19.67 0.63 18.92 8.61 20.17 10.27 17.33 11.64 17.34 2.91 17.26 2.68 16.09 56.21 14.06 72.93 14.76 146.05 14.33 47.65 11.52 17.16 13.64 EY Prolivon DisneyBagutta 2015 8 5.90 51% GAPAEO 2017 1500 1183 1152 2015 1 ~2017 2018 1 2015 9~12 12

4.74 7.08 6.97 0.54 0.56 0.40 0.29-0.11 2017 2 1.8 74.51% 18 1500 2017 4.44 1.90 2017 7.68 0.22 2 2016 11. 2015 2015 2016 2017 12000 6864 7545 12000 6248 7204 12000 4272 4863 5000 4749 4508 - - 4642 - - 4850 2017 603 461 916 100 2017 2388 1631 2015-2017 2018 3.79 6.51 9.16 1.55 b. 16 2015 0.06 2016 0.05 2 13

2017 9 3.14 IAC IAC Auria 70%IAC 100 80% 20% 3 10 19.95 2017 Auria 44.07 17.11 2017 21.16 0.75 4 2017 Auria 12. 2015 2015 2016 2017 2018 254 228 262 563 462 453 4555 3374 3331 2000 1890 1900 2040 2040 2137 3150 3113 3068 5130 4847 4809 15000 1480 1400 1200 1000 975 1621 1272 1256 860 797 1280 450 323 330 1200 1132 1115 1200 1002 1024 1350 1236 1221 338 316 297 c. 2015~2017 2018 3.97 4.48 3.20 0.60 3 31.07% 31.07% 4 14

13. 2015 2016 2017 2018 22500 18852 18838 22500 18664 18658 22500 19677 19241 22500 4858 4107 1000 232 213 1000 184 161 1000 44 99 1000 99 50 1000 202 266 1000 257 254 1000 123 228 1000 34 29 24500 19286 19317 24500 19105 19073 24500 19844 19568 24500 4991 4186 2016 5 2015~2017 2018 385.93 465.83 561.45 147.20 2016 2017 3.57%3.36% 3.01% 2.50% 14. 2015 % 2015 2016 2017 2018 213.83 57.30 217.11 51.57 223.53 54.65 56.63 55.26 42.39 11.36 50.89 12.09 70.67 17.28 16.38 15.98 116.95 31.34 153.02 36.35 114.81 28.07 29.46 28.75 373.17 100.00 421.02 100.00 409.01 100.00 102.47 100.00 5 1.1 90.91% 15

D/P 70% 30% 15. 2015 % 2015 2016 2017 2018 179.35 73.50 162.10 72.60 159.87 70.65 33.35 66.27 49.81 20.41 50.77 22.74 50.77 22.44 11.56 22.97 129.55 53.09 111.33 49.86 109.10 48.22 21.79 43.30 64.68 26.50 61.19 27.40 66.40 29.35 16.98 33.73 6.69 2.74 6.29 2.82 6.59 2.91 1.46 2.90 2.99 1.22 1.90 0.85 1.73 0.77 0.37 0.74 24.16 9.90 22.48 10.07 26.34 11.64 6.06 12.04 6.49 2.66 5.75 2.57 7.23 3.20 1.58 3.14 4.35 1.78 3.77 1.69 4.70 2.08 1.15 2.29 2.14 0.88 1.98 0.88 2.00 0.88 0.55 1.09 17.79 7.29 19.02 8.52 17.81 7.87 5.81 11.54 244.03 100.00 223.29 100.00 226.27 100 50.33 100 16. 2015 % 2015 2016 2017 2018 76.66 31.41 76.43 34.23 75.03 33.16 17.88 35.52 5.45 2.23 4.87 2.18 5.08 2.24 1.25 2.49 48.47 19.86 42.22 18.91 41.06 18.15 8.06 16.01 10.83 4.44 10.93 4.89 12.85 5.68 2.52 5.02 78.56 32.19 75.95 34.01 79.46 35.12 17.29 34.35 13.18 5.40 12.89 5.77 12.79 5.65 3.32 6.59 10.89 - - - - - - - 244.03 100.00 223.29 100.00 226.27 100.00 50.33 100.00 20% 80% 16

10% 17. 2015 % 2015 2016 2017 2018 7.40 10.50 5.62 7.61 5.69 6.05 1.22 5.20 5.91 8.38 6.42 8.70 7.92 8.43 1.94 8.25 4.42 6.26 5.89 7.98 7.31 7.78 2.33 9.92 6.56 9.30 5.46 7.40 5.44 5.79 1.65 7.01 0.45 0.64 0.62 0.84 0.85 0.91 0.15 0.66 9.74 13.81 9.04 12.25 8.12 8.64 1.87 7.95 1.04 1.47 2.79 3.78 5.28 5.62 1.56 6.63 0.45 0.64 0.28 0.38 0.36 0.38 0.04 0.18 6.82 9.67 7.47 10.12 10.78 11.48 0.81 3.47 1.04 1.47 0.79 1.07 1.05 1.12 0.41 1.73 6.62 9.39 4.01 5.43 1.51 1.60 0.03 0.15 11.17 15.84 16.12 21.84 25.28 26.91 6.94 29.54 8.90 12.62 9.30 12.60 14.38 15.31 4.53 19.31 70.52 100.00 73.81 100.00 93.96 100.00 23.48 100.00 18. 2015 % 2015 2016 2017 2018 29.91 42.42 26.51 35.91 35.91 38.22 7.34 31.24 0.44 0.62 0.23 0.31 1.20 1.27 0.66 2.82 16.68 23.65 23.79 32.23 29.23 31.13 6.55 27.91 3.31 4.69 5.19 7.03 6.79 7.22 3.65 15.56 4.51 6.39 7.51 10.17 8.15 8.69 2.41 10.25 12.61 17.87 10.59 14.34 12.63 13.45 2.87 12.21 3.07 4.36 - - - - - - 70.52 100.00 73.81 100.00 93.96 100 23.48 100 17

2015~2017 2018 47.96 51.80 65.87 12.77 19. % 2015 2016 2017 2018 21.36 32.35 21.26 36.40 22.95 39.69 4.90 47.78 15.90 45.28 16.23 42.32 26.80 30.92 4.19 35.81 7.42 40.20 7.93 29.75 9.21 31.59 2.26 31.39 1.67 94.37 2.69 96.75 3.70 94.64 0.51 95.81 1.61 36.70 3.68 13.49 3.20 20.95 0.91 21.60 47.96 37.30 51.80 38.74 65.87 37.17 12.77 41.02 2018 3 3301 74 50.58 36.08 25.84 143 P1 1.09 2.17 2 2012 6 2016 11 2017 7 9 2018 3 9.06 2.88 3301 3301 11.05 2015 2 33,753 2015 9 2018 2015 3 3,322 / AB A 8.72 20.92 B 2.92 5.50 A 1 2 70% 50%B 70% A 2015 2016 10 2018 3 A 1 22.40 18

74 2017 1 2206 / 3.82 2.5 12.56 5.80 2017 8 2# 10# 4 2017 12 2018 3 0.56 20. 2018 3 %/ 2018 4 2019 2020 100.00 9.07 9.06 0.30 - - 2016.11 3.02 5.21 2.88 3301 100.00 11.05 5.69 5.36 - - - - - - 100.00 24.66 18.87 3.00 2.00 0.79 2016.10 24.86 1.19 22.40 74 100.00 5.80 2.46 1.79 1.24-2017.12 1.43 0.64 0.56 100.00 50.58 36.08 10.45 3.24 0.79-29.31-25.84 460 84 48 50 278 6 LoftM50 55 2018 3 92.1 184.2 169.55 88.6% 2-3 2015~2017 2018 7.42 7.93 9.21 2.26 6 3 /2.7 / 2.5 / 80 / 540 19

2 21. =- 2015~2017 2018 4.52 5.36 4.93 1.34 22. 2015 2016 2017 2018 2017 460.71 541.82 721.22 198.31 137.27 38.43 44.58 59.98 14.05 10.84 % 6.80 6.71 6.62 6.24 6.96 % 0.21 0.54 0.43-0.02 0.54 1.71 2.88 4.52 - - 0.42 0.40 0.30 - - 2015~2017 2018 8.34%8.23%8.32% 7.08%2018 2015~2017 2018 6.80%6.71%6.62% 6.24% 2017 4.75 20

23. 2015 2016 2017 2018 2017 4.47 3.70 4.28 0.48 0.31 0.80 0.95 0.87 0.03 0.03 0.60-0.06 2.12 - - 2.12 1.50 0.07 0.23-4.71 3.48 2.83 0.59 0.63 1.16 1.10 0.08 0.15 0.10 2.01 0.58 1.09-0.04-0.02 0.01-0.01 - - 2015~2017 2018 4.47 3.70 4.28 0.48 2017 21.13% 0.9 1.2 2015~2017 2018 4.71 3.48 2.83 0.59 2017 2.09 2015~2017 2018 7.85 8.68 10.66 1.81 3/ 14 5-7 1. 1 2018 3 76.33% 21

2 2017 8.01 3.26 6.56 IACG SA 3.02 2017 14.74 IACG SA 5.99 8.39 IACG SA 1.87 3 9 4 1 1 1 9 3 1 3 1 1 () 600630.SH600626.SH 2018 3 30.08% 7 2017 7 9.30 2018 8 31 7.28 22

27.20 18.32 2017 44.22 1.30 2018 3 31.07% 8 2.30%2017 108.28 34.26 2017 111.26 2.23 2017 2 0311.HK74.51% 9 70.64% 2. 1/ 2014 9 28 2 1 1 12 31 8 11.23 2018 8 31 5.09 9 55% 23

3 500 500-2000 2000 2017 12 10 80% 20% 2018 3 10.16 10.10 2018 0.12 0.07. 4 24

24. 2018.8.7 2018.8.30 2018.8.30 10 2018.8.30 2018.8.16 2018.8.16 1. 2015 2017 2006 10-25

2. 1 25. 2015~2017 2018 3 195.74 231.35 327.70 360.54 60.09%62.67%68.44% 70.32% 19.95 Auria 2 26. 2013 2014 2015 2016 2017 2018 34.45 36.89 71.87 103.08 144.76 150.05 33.92 27.52 34.29 37.08 49.91 60.27 32.92 31.52 32.49 38.67 67.57 83.80 32.39 29.93 30.93 29.99 36.52 39.69 26

2013 2014 2015 2016 2017 2018 % 23.05 26.75 36.72 44.56 44.18 41.62 % 22.70 19.96 17.52 16.03 15.23 16.72 % 22.03 22.86 16.60 16.71 20.62 23.24 % 21.68 21.71 15.80 12.96 11.14 11.01 2015~2017 2018 3 25.76%23.40%31.90% 30.86% 2017 248.46 32.52% 78.73 54.66 15.74 15 MTN001 8.14 60.85%31.02 8.49 5.36 49.91 67.57 74.75% 36.52 21.76% 2018 3 275.51 2017 79.25 66.04 166.49% Auria 6.42 2018 3 85.03 3 27. 2013 2014 2015 2016 2017 2018 31.75 30.95 41.76 70.30 78.73 78.83 19.05 20.59 23.65 28.93 46.54 46.76 3.04 3.94 1.87 8.01 16.26 15.83 - - 5.08 17.24 - - 9.46 6.19 10.88 15.87 15.74 16.16 0.21 0.23 0.29 0.24 0.19 0.08 2.70 5.94 30.11 32.78 66.04 71.22 2.70 5.94 22.04 24.78 66.04 71.22 27

2013 2014 2015 2016 2017 2018 - - 8.00 8.00 - - - - 0.07 - - - % 11 3.33 3.47 3.63 3.94 2015~2016 2017 4~5% 28. 2017 / \ 1 1~2 2 2~3 3 3~5 5 5 3% - 8.41-3.14 0.05 3%~4% 4% 15.74 - - - 0.59 4%~5% 5% 62.85 27.94 16.32 9.58-5%~6% 6% - - - - - 6%~7% 7% - - - - - 7% - - - - - 78.59 36.35 16.32 12.71 0.64 3. 1 29. 2013 2014 2015 2016 2017 2018Q1 46.68 49.22 58.21 63.39 60.84 - % 99.45 104.72 110.21 107.74 112.56 111.83 8.55 7.99 15.36 22.97 42.75-1.47-8.44-14.46-12.65-20.31-23.56-1.27 0.12-6.47 2.71 2.66 19.19-2.75 EBITDA 15.73 13.20 16.27 19.39 25.29 - EBITDA/ 0.46 0.37 0.30 0.22 0.20 - EBITDA/ 17.05 11.33 9.52 6.73 5.59-11 28

100% EBITDA EBITDA 2 30. 2013 2014 2015 2016 2017 2018Q1-2.73-1.07 4.07-5.13-1.52-10.79-1.95-1.20 0.53 0.97 1.34-10.79 - - - -1.71-4.25 - - - -6.94 0.17-20.48 - -4.57-3.23-6.21-2.04-4.60-2.28 0.04 0.09-0.47-4.37 1.35 0.68-5.20-2.60-6.21-9.11-23.40-12.04 2017 Auria 5-7 3 31. 2013 2014 2015 2016 2017 2018Q1-0.84-0.73-1.51-0.40-7.10-0.22 0.84 0.73 2.04 0.84 7.25 0.39 4.13 4.37 24.86 17.80 23.22 2.05 0.79 1.32 1.25 4.37 4.98 1.18 3.29 3.05 23.13 17.30 15.93 1.68 29

4. 32. 2013 2014 2015 2016 2017 2018 % 155.69 149.17 206.12 241.48 310.90 345.38 61.42% 60.11% 64.01% 65.41% 64.93% 67.36% 43.42 38.22 59.70 73.67 90.54 77.05 20.04 22.58 29.85 35.37 53.83 57.86 32.48 35.60 51.04 61.83 76.81 88.89 32.69 23.87 28.76 37.12 55.94 70.94 14.22 20.83 22.23 22.18 20.91 21.11 % 97.78 98.99 115.88 127.68 167.90 167.35 38.58% 39.89% 35.99% 34.59% 35.07% 32.64% 37.44 38.65 41.50 41.82 61.57 62.01 5.69 3.45 4.62 3.11 8.36 9.48 7.50 9.20 15.52 23.15 20.47 19.56 1.16 1.18 1.21 1.23 1.17 1.12 12.65 12.92 9.32 12.61 12.98 13.00 14.98 15.19 20.97 20.82 23.64 23.31 0.32 0.32 3.61 3.98 15.08 15.86 13.74 10.27 17.30 31.90 57.57 58.41 9.14 9.35 11.40 20.44 24.74 25.58 /% 5.42 4.14 5.37 8.64 12.02 11.39 2017 310.90 90.54 12.02 53.83 55.94 8.69 2 13.14% 20.91 Auria 3.06 28.39% 8.90 76.81 3.07 2018 3 345.38 2017 167.90 20.47 4.97 601229.SH 2.50 002091.SZ1.93 (002486.SZ)1.52 (600115.SH) 12.97 30

96.92 15.08 11.10 Auria 2018 3 167.35 2017 57.56 12.01 9.11 2.99 2.40 3.89 Auria 25.90 5. / 33. 2013 2014 2015 2016 2017 2018 % 114.00 120.39 132.43 128.80 125.13 125.36 % 38.18 34.61 40.02 41.11 38.18 31.00 125% 40%2017 6. 2018 3 0.14 3.15 1.6 1. 2013 2018 5 0.13 22017 6 2018 8 0.02 3 0.07 2017 0.48 7. / 2015~2017 2018 1.67 2.17 1.98 0.39 7.68 31

2.55 2.66 0.03 2.86 2.16 5.54-0.13 2017 158.04 43.34 4.58 38.73 114.70 95.10 7.85 6.90 45.69 28.91% 30.35 6.20 12.68 15.34 13.80 2018 3 494.86 387.40 261.81 71.92% 34. / / 494.86 387.4 125.59 48.95 48.95 42.69 306.93 225.85 31.43 20% 10% 20% 10% 10% 10% 2018 3 31 1. 2. 32

3. 1 2015~2017 2018 460.71 541.52 721.22 198.31 38.43 44.58 59.98 14.05 2 33

34

2018 3 2018 3 35

% 2017 EBITDA 153.78 253.65 961.07 16.46 16.12 32.82 31.34 112.35 1.98 5.54 5.22 30.08 3.73 18.32 44.22 1.30-0.03 2.41 31.07 40.67 34.26 111.26 2.23 3.56 5.02 100.00 33.11 17.88 200.72 1.26 7.01 3.71 100.00 22.27 6.50 152.97 0.50-4.63 0.76 100.00 100.00 100.00 0.17 3.60 74.26 0.20 0.46 0.27 4.31 2.24 41.09 0.21-1.97 0.57 0.40 2.00 24.54 0.14 0.10 0.22 100.00 0.09 1.67 26.70 0.00-0.18 0.05 2017 36

] 322.00 369.16 478.80 512.74 ] 59.70 73.67 90.54 77.05 [] 71.87 103.08 144.76 150.05 [] 126.26 137.81 151.10 152.20 [] 460.71 541.82 721.22 198.31 [] 7.85 8.68 10.66 1.81 EBITDA[] 16.27 19.39 25.29 [] 2.71 2.66 19.19-2.75 [] -6.21-9.11-23.40-12.04 [%] 60.79 62.67 68.44 70.32 [%] 175.68 133.68 104.38 101.43 [%] 132.43 128.80 125.13 125.36 [%] 40.02 41.11 38.18 31.00 [] 6.73 4.83 3.96 [%] 0.49 0.15 0.11 0.09 [] 58.21 63.39 60.84 [%] 8.34 8.23 8.32 7.08 [%] 1.95 1.67 1.57 0.93 [%] 4.03 4.03 4.22 [%] 6.64 6.58 7.38 *[%] 6.41 7.03 7.61 [%] 110.21 107.74 112.56 111.83 [%] 1.94 1.55 8.80 [%] -2.10-3.02-1.51 EBITDA/[] 9.52 6.73 5.59 EBITDA/[] 0.30 0.22 0.20 20152017 2018 (%)=/ 100% (%)=/ 100% (%)=/ 100% (%)=[++]/ 100% ()=(+)/+ (%)=/ 100% ()=365/{/[(+)/2] +/[(+)/2] } (%)=1/ 100% (%)=/ 100% (%)= (+)/[(+)/2] 100% (%)=/[(+)/2] 100% *(%)=/ [(+)/2] 100% (%)=/ 100% (%)=/[(+)/2] 100% (%)=(+)/[( +)/2] 100% EBITDA/[]= EBITDA/+ EBITDA/[]=EBITDA/[+/2] 1. 2.=+++++++ 3.EBITDA=+++ 37

AAA AA A BBB BB B CCC CC C AAACCC + - AAA AA A BBB BB B CCC CC C AAA CCC + - 38

2014 6 2018 1 39