Shenyang Public Utility Holdings Company Limited is expected to record a significant decrease in profit for the year ended December 31, 2015 as compared to the net profit of approximately RMB 44 million for the year ended December 31, 2014. The Board considers that such decrease in profit was mainly attributable to, among other things, loss on the fair value change of equity securities listed in Hong Kong of approximately HKD 18,850,000 for the year ended 31 December 2015 as a result of the volative stock market in Hong Kong.