2018 Annual Results March 2019

The presentation is prepared by GCL Poly Energy Holdings Limited. (“GCL-Poly" , the “Group” or the

“Company”) and is being presented solely for the purpose of corporate communication and general

reference. The presentation is not intended as an offer to sell, or to solicit an offer to buy or form any basis

of investment decision for any class of securities of the Company in any jurisdiction. All such information

should not be used or relied on without professional advice. The presentation is a brief summary in nature

and does not purport to be a complete description of the Company, its business, its current or historical

operating results or its future prospects.

This presentation contains forward-looking statements that involve risks and uncertainties. All statements

other than statements of historical facts are forward-looking statements. These statements involve known

and unknown risks, uncertainties and other factors that may cause GCL-Poly’s actual results, performance

or achievements to be materially different from those expressed or implied by the forward-looking

statements.

This presentation is provided without any warranty or representation of any kind, either expressed or

implied. The Company specifically disclaims all responsibilities in respect of any use or reliance of any

information, whether financial or otherwise, contained in this presentation.

Disclaimer

1

GCL-Poly Energy Holdings Limited was established in 2006 and listed in HongKong Stock Exchange in November 2007 (stock code : 3800.HK)

It is one of the world’s largest PV material manufacturers, ranked first in theworld in both polysilicon and wafer production capacity. GCL-Poly holds62.3% equity interest in GCL New Energy (stock code : 451.HK), the largestprivately-owned solar IPP in China as of 20 June 2018

Included in the Hang Seng Composite Index, Hang Seng Mainland China 100Index, MSCI Emerging Markets Index and Hang Seng Sustainability Index,gaining recognition from international capital markets

Included in the trading list of Shenzhen-Hong Kong Stock Connect and HangSeng Stock Connect Hong Kong Index, gaining recognition from China’scapital markets

2017 Corporate Social Responsibility Report was published and rating uphalf-star to Four-and-Half-Star Rating from China Academy of Social Sciences(with Five-Star the highest rating)

Company Profile

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Experienced Senior Management Team

Mr. Zhu GongshanChairman, Executive Director

Mr. Zhu ZhanjunExecutive Director, CEO

Mr. Charles Yeung Executive Director CFO

Ms. Amy Song Vice President

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Content

Results Highlights

Industry Overview

Development Strategies

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Results Highlights

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2018 Results Highlights (including 0451.HK)

(RMB Million) FY 2018 FY 2017

Continuingoperations

Revenue 20,565 23,794

Gross Profit Margin 24.5% 34.5%

Adjusted EBITDA 8,003 9,532

Net (Loss) / Profit Attributable to Owners

(693) 1,926

(Loss) / Profit for the Period* (458) 2,274

Basic (Loss) / Earning Per Share RMB(3.81) Cents RMB 10.44 Cents

Continuing and Discontinued operations**

Net (Loss) / Profit Attributableto Owners

(693) 1,974

(Loss) / Profit for the Period (458) 2,351

Basic (Loss) / Earning Per Share RMB(3.81) Cents RMB 10.70 Cents

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* Net loss for the period of RMB458million, including gain from disposal of a subsidiary company of RMB445million, impairment losses on financial assets (net of reversal) of RMB247million, impairment loss on property, plant and equipment of RMB526 million, impairment loss on goodwill of RMB177 million, research and development costs of RMB521 million and net exchange loss of RMB480 million ** No discontinued operations recorded in 2018

2018 Segment Results

(RMB Million)

Solar Material Business

Solar Farm Business 0451 Business**

FY 2018 FY 2017 FY 2018 FY 2017 FY 2018 FY 2017

Segment Revenue

14,436 19,355 497 497 5,632 3,942

Segment (Loss) / Profit*

(1,011) 1,264 116 68 708 852

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*451 segment profit included allocated corporate expenses**451 2017 revenue and segment profit are from continuing operation, not include revenue and segment profit from discontinued operations

Solar Material Business –Key Operating Data

*The figures of production and shipment volume included processing with supplied materials **Excluding ASP of wafers processed with supplied materials. Average conversion rates in FY2018 and FY2017 were 4.62 and 4.56 respectively. VAT has been adjusted to 16% from 17% since May 2018. ASP of wafer ( VAT excluded) / watt *average conversion rate* (1+VAT)= ASP of wafer (RMB/Piece, VAT included)*** Solar Material Business, excluding 451

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(RMB Million) FY 2018 FY 2017

Poly-Si Production (MT) 61,785 74,818

Poly-Si External Shipment (MT) 20,041 7,316

Poly-Si

ASP (RMB/kg, VAT included)

91.6 122.6

ASP (RMB/kg, VAT excluded)

78.8 104.8

Wafer Production (MW) 24,189 23,902

Wafer Shipment* (MW) 24,761 23,417

Wafer

ASP**(RMB/Piece, VAT

included)3.07 4.83

ASP**(RMB/Watt, VAT

excluded)0.570 0.905

Inventory*** 992 991

Solar Material Business – Key Financial Metrics

(RMB Million) FY 2018 FY 2017

Revenue 14,436 19,355

Gross Profit Margin 6.9% 27.2%

EBITDA 2,648 5,705

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2018 Cashflow

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(RMB Billion)

The Group GNE Group

FY 2018 FY 2017 FY 2018 FY 2017

Net Cash from Operating Activities

6.4 9.0 2.5 1.9

Net Cash (used in) from Investing Activities

(12.7) (18.8) （7.7） (13.4)

Net Cash (used in) from Financing Activities

(0.4) 11.7 2.5 11.9

EBITDA from Continuing Operations / Finance Costs (x)

2.21 3.75 2.04 2.40

2018 Key Operating Data

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(RMB Million)

3800 Consolidated 0451

As at 31 Dec 2018

As at 31 Dec 2017

As at 31 Dec 2018

As at 31 Dec 2017

Current Ratio 0.54 0.72 0.45 0.54

Quick Ratio 0.52 0.69 0.45 0.54

Trade and Other Receivables

13,309 14,537 4,930 4,228

2018 Key Operating Data

* “Adjusted” refers to the data after receiving bank waivers in 27 March 2019** Bank balances and cash, pledged and restricted bank deposits, deposits paid to related company and assets classified as held for sale

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(RMB Million)

3800 Consolidated 0451

As at 31 Dec 2018

As at 31 Dec 2018 (Adjusted*)

As at 31 Dec 2018

As at 31 Dec 2018 (Adjusted*)

Total Indebtedness 62,588 62,588 40,688 40,688

Liabilities Due Within One Year

27,931 22,640 9,509 7,573

Liabilities Due after One Year

34,657 39,948 31,179 29,243

Total Liabilities to Total Assets

76% 76% 84% 84%

Cash in Hand** 10,907 10,907 3,456 3,456

RMB Borrowings 85% 85% 85% 85%

Other Currencies Borrowings

15% 15% 15% 15%

（RMB Billion) 3800 Consolidated 451

As at 31 Dec 2018 As at 31 Dec 2018

Cash and Cash Equivalent (Restricted Included)

10.8 3.5

Short-Term Commercial Paper 1.0 -

Corporate Bonds 4.5 3.0

Medium-Term Notes 3.0 3.0

New Bank Borrowings after December 31, 2018

2.3 2.3

Total 21.6 11.8

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Company Cash Resources and Financing Facilities During the Period

Industry Overview

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After a period of adjustment and integration, the global market is seeing decreasing prices and accelerated process to achieve grid parity

With the upcoming grid parity, demand is expected to grow continuously. The global market is expected to resume solid growth trend from 2019

Moving into the Age of Grid Parity, Global Market Expected to Resume Stable Growth from 2019

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Source: Bloomberg NEF

GW Stable growth in new solar installation in 2019-2020

Conservative forecast

Optimistic forecast

0

20

40

60

80

100

120

140

160

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2018E 2019E 2020E

中国 美国 印度 欧洲 日本 拉丁美州 中東 东南亚 非洲 世界其他

127133

146

18

28 30

4245

55

75

99

8

105

117109

China US India Europe JapanLatin

America

Middle

EastSE Asia Africa Rest of the World

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Industry Landscape Featuring Dominant Leading Players, Well Defined Sub-segments and Complementary Advantages

With prices trending to be rational, downstream clients have become more sensitive to high cost-performance products, including module output and product prices

Improvement in efficiency and reduction in cost as well as product upgrading by manufacturers to satisfy market demand for products with higher cost-performance

Quasi Mono mainly comprised of the GCL product enjoys competitive advantages in the market

0 2 4 6 8 10 12 14 16

合理硅片价差（元/片）

市场价差（元/片）

合理价差平衡线

Mono vs Quasi Mono

Mono vs black silicon wafer +PERC

Difference in 60-piece-wafer module power output (watt)

Wafer price difference (RMB/piece)

Theoretical value for money balancing point (RMB/piece)

Higher cost performance

Lower cost performance

Value for money boundary line

Market price difference (RMB/piece)

Larger price gap between products compared

Smaller price gap between products compared

Smaller power output gap between products compared

Larger power output gap between products compared

Source: Company Information

17

Prices Have Rebounded, Continuously Providing High Cost Performance for the End Market

With the market warming up and the exit of low efficiency capacity, supply-demand dynamics have stabilized. After hitting a deep bottom, wafer prices have rebounded at the beginning of 2019 and maintained a trend of continuous recovery

The end market is more focused on cost performance profile. Following the recovery, upstream product prices is expected to maintain within a reasonable range

VVV

Stabilizing and Recovering Wafer Market (RMB/piece)

Multiwafer

Mono wafer

Quasi Mono

Development Strategies

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Development Strategies

Develop both multi and mono wafer, create

differentiated products, maintain industry

leading position 19

Polysilicon

Mono Wafer

Quasi Mono

Maintain industry leadership position, developing the benchmark

project in the global polysilicon manufacture industry

Focusing on high-

efficiency products,

achieving comprehensive

market-oriented mass

production

Strengthen strategic

partnership, accelerate

the presence in the

mono wafer market

协鑫

其他硅片厂商

GCL-Poly Market Share*

GCL-Poly

Other Producers

*As at 31 December 2018

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Polysilicon: Maintain Industry Leadership Position, Developing the Benchmark Project in the Global Polysilicon Manufacture Industry

Polysilicon Wafer

Xinjiang polysilicon plant successfully commenced production, developing a high quality, low cost competitive advantage

Xinjiang polysilicon plant phase I - 50k ton capacity started production in Q1, becoming the benchmark project in the global polysilicon manufacture industry;

Competitive Advantages

Resource advantage: utilize local electricity and steam, with lower production cost

Industry leading material consumption

Long-standing operating expertise

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Multi Wafer: Focusing on High Efficiency Products, with Quasi-Mono Achieving Comprehensive Market-oriented Mass Production

Polysilicon Wafer

1、Product Advantage Lower oxygen content, lower degradation, adaptable to all high efficiency technologies for cell and

modules; Larger size increases unit efficiency, which is the trend for future module development; Better cost performance: The latest Quasi Mono 60-piece module has power output gap of only 3W

compared to conventional Mono + PERC products; to achieve the same solar farm investment return, the back calculated price gap between Quasi Mono and conventional Mono is expected to be approximately RMB0.2/piece, 2x the actual price difference

In between mono and multi wafer, find a middle path with low cost, low energy consumption, high efficiency

Quasi Monoingot

Quasi Mono wafer

Quasi Mono cell

Quasi Mono module

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Multi Wafer: Focusing on High Efficiency Products, with Quasi-Mono Achieving Comprehensive Market-oriented Mass Production

Polysilicon Wafer

2、Launch to the Market In response to the recovery of market demand, GCL Poly will launch mass production of

Quasi Mono Product; Currently already received positive feedback from tier-1 and tier-2 downstream customers,

concurrently upgrading the production line in conjunction with the marketing of Quasi Mono, shipment is expected to accelerate in second quarter of 2019;

1.2

4.8

9.0

12.0

2019Q1 2019Q2 2019Q3 2019Q4

Illustrative 2019 Quasi Mono Capacity Upgrade

Annual Capacity/GW

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Multi Wafer: Focusing on High Efficiency Products, Black-silicon Intelligent Plant Achieved Mass Production

Polysilicon Wafer

Continuously narrow the efficiency gap between mono and multi module, “Diamond-wire + Black-silicon + PERC” to become the standard for 300W+ multi module;

Black-silicon Intelligent Production Line achieved full production

Intelligent Production Achieved Full Production

Robot Production Line ”TS+”Second Generation Black-silicon

Mono Wafer: Strengthen Strategic Partnership, Accelerate the Presence in the Mono Wafer Market

Polysilicon Wafer

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Strengthen the strategic partnership with Tianjin Zhonghuan, create strong synergies, accelerate the presence in mono wafer market

Comprehensive cooperation in polysilicon, mono crystallization and wafer cutting, achieve high quality, large scale, low cost, asset light model, complement each other’s advantages

GCL-Poly 30% vs Zhonghuan 70%

Xinjiang 60k ton polysilicon project

Zhong-huan

GCL-Poly

Economies

of Scale1Lower

Financing Cost2

Late-mover

Advantage3Best

Quality4Partnership of Two Giants, Creates

four Key Advantages

Mono crystallization project

GCL-Poly 70% vs Zhonghuan 30%

Diversified Product Mix, Maintain Leadership Position

Polysilicon Wafer

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Conventional Multi

Mono

Mono

Black-siliconMulti

Quasi-Mono

Quasi MonoBlack-siliconMulti

Conventional Multi

2018 Actual Shipment 2019 Shipment Guidance

Develop both mono and multi technology at the same time, introduce “Quasi Mono” as a new product, with three products in the mix to satisfy different market demand

With the technology improvement of furnace, continuously increase the capacity of Quasi Mono

GCL-Poly Energy Holdings Limitedwww.gcl-power.com

SuzhouAddress: GCL Energy Center, No. 28, Xinqing Road, Suzhou Industrial Park, Jiangsu ProvinceTel: 86-512-6853 6666Fax: 86-512-6983 2396

Hong KongAddress: Level 17, International Commerce Centre, 1 Austin Road West, Kowloon, Hong KongTel: 852-2526 8368Fax: 852-2526 7638