United Photovoltaics Group Limited board of directors of the Company informed the shareholders of the Company and potential investors that, based on a preliminary review on the unaudited consolidated management accounts of the Group for the six months period ended 30 June 2015, (i) the Group is expected to record revenue and tariff adjustment in amount of approximately RMB 283 million, an increase by 125% as compared to those for the corresponding period in 2014; (ii) the EBITDA of the Group is expected to be around RMB 200 million, an increase by more than 200% as compared to that for the corresponding period in 2014; and (iii) the net profit of the Group is expected to be around RMB 200 million, a decrease by approximately 38% as compared to that for the corresponding period in 2014 due to the increase in interest expenses and depreciation in property, plant and equipment, and the fair value changes arising from certain derivative financial instruments. EBITDA is used by the management for monitoring business performance of the Group. The improvement in revenue and tariff adjustment and EBITDA of the Group for the Period was mainly attributable to the increase in the generation volume of electricity of the solar power plants of the Group and its associates by approximately 139% from approximately 168,349 megawatt-hour (MWh) for the six months ended 30 June 2014 to approximately 402,390MWh for the Period.

The decrease of the expected net profit of the Group was mainly attributable to (a) an increase in interest expenses incurred for various long-term financings for its development and operation of the solar power plant business; (b) an increase in depreciation in property, plant and equipment as a result of the acquisitions of new solar power plants; and (c) change in the fair value, a non-cash item, arising from measurement or re-measurement of certain financial instruments, based on preliminary valuation results from an independent valuer.