China Resources Power : ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016

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(Incorporated in Hong Kong with limited liability under the Companies Ordinance)

The board of directors (the "Board") of China Resources Power Holdings Company Limited (the "Company") announces the audited financial results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2016.

For 2016, profit attributable to owners of the Company ("Net Profit") amounted to approximately HK$7,708 million, representing a decrease of HK$2,317 million or 23.1% from a Net Profit of approximately HK$10,025 million for 2015. Basic earnings per share for 2016 is HK$1.62, representing a decrease of 22.9% from basic earnings per share of HK$2.10 for 2015.

During the year, retirement of obsolete power assets as a result of technological advancements and impairment provisions on goodwill made for certain power projects due to their forthcoming shut-down or expiration of cooperation reduced the Net Profit of the Group by approximately HK$334 million. Pursuant to the national policies, the Group plans to implement its shutdown plan of some of its coal mines gradually from 2017 to 2020. Losses from the shutdown of these coal assets, offset partly by the increase in fair value of certain coal assets and has been recorded in 2016, reduced the Net Profit of the Group by approximately HK$748 million. For details, please refer to "Operating expenses" under the section headed "Operating results".

The Board resolved to recommend a final dividend of HK$0.75 per share for 2016. Including the interim dividend of HK$0.125 per share paid in October 2016, total dividend paid and proposed for 2016 is HK$0.875 per share.

As at 31 December 2016, equity attributable to owners of the Company and total assets of the Group amounted to HK$69,021 million and HK$200,111 million, respectively. Cash and cash equivalents of the Group amounted to HK$4,347 million, with net debt to shareholders' equity ratio standing at approximately 124.6%.

Details of the operating results are set out in the section headed "Operating Results" below.

Note:

(1) Excluding non-cash income and expenses, being impairment losses, changes in the fair value of derivative financial instruments and exchange gains or losses.

The Group is engaged in the development, construction and operation of power plants, including large-scale efficient coal-fired generation units, wind farms, hydro-electric plants, gas-fired power plants and photovoltaic power projects as well as construction and operation of coal mines.

China's total power generation reached 6.0 trillion kWh in 2016, representing an increase of 5.2% compared with 2015. Thermal power generation amounted to 4.3 trillion kWh, representing an increase of 2.4% compared with 2015. Wind power generation amounted to 0.24 trillion kWh, representing an increase of 30.1% compared with 2015.

In 2016, due to the policy of reducing overcapacity in the coal industry, national restrictions on coal production and improvement in macro-economic growth, in particular the manufacturing sector, in the second half of 2016, supply in the domestic coal market was tight with coal prices rising sharply in the second half of 2016 but began to reverse somewhat after the government took measures towards the end of the year.

In 2016, as a result of the oversupply in thermal power generation capacity and rapid growth in hydropower generation, the average utilisation hours for thermal generation units in China decreased by 199 hours or 4.6% year on year to 4,165 hours. Most power plants of the Group are large-scale efficient generation units mainly located in regions with relatively strong demand for electricity which give us certain competitive advantages. The average full-load equivalent utilisation hours of the subsidiary coal-fired power plants under the Group which were operational for the full year of 2016 reached 4,922 hours, representing an increase of 0.3% compared to 4,906 hours for the full year of 2015, and exceeding the national average utilisation hours for thermal power plants by 757 hours.

In 2016, the average utilisation hours for wind power generation units in China was 1,742 hours. Wind farms of the Group are mainly located in regions with low curtailment including Eastern, Central and Southern China. The average full-load equivalent utilisation hours of our wind farms which were operational for the full year of 2016 reached 2,084 hours, exceeding the national average level for wind power generation units by 342 hours.

As at 31 December 2016, the Group's total attributable operational generation capacity increased to 36,184MW from 34,731MW as at the end of 2015.

As at 31 December 2016, attributable operational generation capacity of the Group's coal-fired power plants amounted to 31,066MW, accounting for 85.9% of the Group's total attributable operational generation capacity, representing a decrease of 0.8 percentage point compared to the end of 2015. Wind, gas-fired, hydro and photovoltaic capacity amounted to 4,632MW, 77MW, 280MW and 130MW, respectively, and together accounting for 14.1% of the Group's total attributable operational generation capacity, representing an increase of 0.8 percentage point compared to the end of 2015.

The total gross generation volume of the Group's consolidated operating power plants amounted to 160,571,282MWh in 2016, representing an increase of 6.1% from 151,278,105MWh in 2015.

The total net generation volume of the Group's consolidated operating power plants amounted to 151,589,740MWh in 2016, representing an increase of 6.1% from 142,906,824MWh in 2015.

For the 27 consolidated coal-fired power plants which were in commercial operation for the entire year of 2016 and 2015, both gross and net generation volumes increased by 0.3%. The average full-load equivalent utilisation hours of the 27 subsidiary coal-fired power plants in 2016 amounted to 4,922 hours, representing an increase of 0.3% from 4,906 hours in 2015.

In 2016, the total net generation volume of the Group's subsidiary power plants that participated in direct power supply amounted to 31,212,527MWh, and the average tariff of the direct power supply volumes compared with the average tariff of the power plants that participated in direct power supply was at a discount of approximately 11.0%. As the reform of the power industry advances, the Group accelerated collaboration with other business units of China Resources (Holdings) Company Limited ("CR Group"), our controlling shareholder. In 2016, the Group provided direct power supply for companies including but not limited to China Resources Cement Holdings Limited and China Resources Microelectronics Limited, and provided monthly centralized bidding agency services to electricity users in Guangdong Province. In 2016, the Group provided approximately 818,271 MWh of direct power supply to connected parties of CR Group, representing approximately 2.6% of its total direct power supply volume.