New City Development Group Limited — Earnings Release 1999

May 22, 2000

Listed Company Information

CHINA EB INT'L<0257> - Results Announcement China Everbright International Limited announced on 22/5/2000: (stock code: 257) Year end date: 31/12/1999 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/1/1999 from 1/1/1998 to 31/12/1999 to 31/12/1998 ('000) ('000) Turnover - Continuing : 635,251 725,736 - Discontinued : - 2,740 Operating Profit/(Loss) - Continuing : (513,114) (137,993) - Discontinued : - (3,675) Total Operating Profit/(Loss) : (513,114) (141,668) Share of Profit/(Loss) of Associated Companies : (446,344) (216,137) Share of Profit/(Loss) of Jointly Controlled Entities : (16,750) 18,435 Profit/(Loss) after Tax & MI : (887,593) (298,108) % Change over Last Period : N/A EPS/(LPS)-Basic : (38 cents) (14 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (887,593) (298,108) Final Dividend per Share : Nil Nil (Specify if with other options) : - - B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 26/6/2000 to 30/6/2000 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1) Share of Profit/(loss) of Associated Companies The amount includes the Group's sharing amounting HK$133 million of a provision for diminution in the value of investment in Hainan Yangpu Power Station made by an associated company. 2) Loss per share (a) Basic loss per share The calculation of basic loss per share is based on the loss for the year of $887,593,000 (1998: loss $298,108,000) and the weighted average of 2,360,551,543 ordinary shares (1998: 2,144,636,287) in issue during the year. (b) Diluted loss per share Diluted loss per share is not shown as the potential ordinary shares are anti-dilutive. 3) Comparative Figures Certain comparative figures have been reclassified to conform with the current year's presentation.