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1、Deutsche Bank Access China Conference Feb 2004 Corporate Presentation,Xinao - A Leader in the Industry,Xinao Gas Holdings Limited (the “Company” or “Xinao Gas”), being one of the first non-state-owned piped gas distributors in the PRC, was founded by Mr. Wang Yusuo and Ms. Zhao Baoju in 1993,. Xinao
2、 Gas was listed on the main board of the Stock Exchange of Hong Kong (stock code: 2688) after transferring its listing status from GEM in June 2002. At the end of 2003, Xinao Gas secured 39 city gas concessions, covering cities in the provinces of Anhui, Guangdong, Hebei, Henan, Hunan, Jiangsu, Liao
3、ning, Shandong and Zhejiang as well as Beijing Municipality. Xinao Gas has secured exclusive rights to operate piped gas business in Shijiazhuang, Dongguan and Changsha. We view the securing of these projects as a major milestone for our city gas business. It proves our ability to sign up new contra
4、cts in large cities.,Exclusive Rights on Piped Gas Distribution in 39 Locations in Anhui, Guangdong, Hebei, Henan, Hunan, Jiangsu, Liaoning, Shandong, Zhejiang & Beijing Municipality covering 18.5 million connectable population,Best Financial Management FinanceAsia 2002 Best Small Cap IPO 2001- Fina
5、nce Asia The 200 Best Small Companies Forbes Global 2001, 2002, 2003 Best Small Company (China) AsiaMoney 2001,2002, 2003 Overall Best Managed Company Asiamoney 2001, 2003 Top 500 Chinese Enterprise Yazhou Zhoukan 2001,2002, 2003 Top 20 Chinese Enterprises of Revenue Growth Yazhou Zhoukan 2002 , 200
6、3,An Award Winning Company,Business Review,Xinao Gas is a leading privately-owned gas distributor in the PRC 4 projects when IPO launched in May 2001 39 locations in 10 provinces as at the end of 2003, covering a connectable population of approximately 18.5 million Exclusive rights of operation for
7、20-50 years granted by the local governments guaranteeing sustainable and stable development Coordinated management for project investment, construction, operation and services Except for the Dongguan project (49% interest), other projects are majority controlled (55-95%) Sino-foreign joint ventures
8、 and wholly-owned subsidiaries Constructing processing stations, intermediate pipelines and main pipelines to provide sufficient and stable city gas supply,Secured Source of Natural Gas,Natural gas is the primary gas source Gas supply: long distance pipeline, compressed natural gas (CNG), liquefied
9、natural gas (LNG) Suppliers undertake (to the local governments) to supply gas for long periods (1020 years) Gas purchase agreements signed with annual renewal option,(4 years of business relationship),(10 years of business relationship),(4 years of business relationship),Operation Capacity,Gas Deli
10、very Process,Gas Pricing Structure,Customers,State Development and Planning Council,Approval from Local State Price Bureau,Commercial Negotiation,Operating costs + Margin,Wellhead price (RMB0.93 per m3 with 10% allowance for adjustment),Connection fee: RMB2,200 3,500 Gas usage charges: RMB1.5 3.5 pe
11、r m3,Immediate Revenue Inflow Upon Connection,Revenue / Cost,Connection fee dominates in early years when the project companies are signing up new customers Gas usage increases as projects mature, becoming the major source of recurrent income Prior to the completion of construction, revenue will be
12、generated as soon as gas supply commences to certain districts. The construction normally takes 6-12 months to complete.,A typical project,Key Management Strength,Over 10 years industry experience in the PRC Expertise in piped gas industry Focused on shareholder value Committed to high level of tran
13、sparency Priority on continuous management and employee training Clear and effective appraisal and remuneration system Appropriate management employees incentive scheme through share option and bonus,Xinao Gas Investment Highlight,Pure play on the rapidly growing PRC natural gas sector Clear strateg
14、y to maintain leadership in piped gas distribution Excellent record in safety and in securing new projects Capable and highly experienced management,Strong growth potential,Market leadership,Proven track record,Strong management,Attract investment to develop local economy Enhance city infrastructure
15、s, improve investment environment and raise the peoples living standard Increase employment and financial revenue,Foreign investment to develop local company Professional and experienced piped gas distributor with good track record Localization of staff, paying tax in accordance with the law,Governm
16、ent Vs Xinao Gas,30/6/2003 30/6/ 2002 Change Length of intermediate & 1,291 558 +131% main pipelines (km) Combined designed daily 3,926,000 1,568,000 +150% capacity of existing processing stations (m3) Processing stations 28 14 +14 Accumulated no. of gas connections made -Residential households 279,671 130,879 +114% - C/I customers 607 422 +44% Designed daily capacity for 493,332 323,638 +52% C/I cu
