An Appraisal Report For Valin Group’s Reference In Transferring Its Shareholdings Of VAME VICPV Appraisal Report No.0134, 2015 湖南
華菱鋼鐵集團有限責任公司擬轉讓 華菱安賽樂米塔爾電工鋼有限公司股權項目 評估報告書 沃克森評報字[2015]第0134號 Vocation International Certified Public Valuer Co., Ltd April 15th，2015 沃克森（北京）國際資產評估有限公司 二O一五年四月十五日 Contents目 錄 The Statement of CPVs註冊評估師聲明 ...............................................................1 Abstract摘要 .....................................................2 一、Introduction緒言 ..............................................6 二、The client, appraised entity and other report users 委託方、被評估單位概況及其他評估報告使用者 ..6 三、Appraisal purpose評估目的 ....................................12 四、Appraisal objective and scope評估對象和範圍 .....................12 五、Value type價值類型及其定義 ..................................16 六、Base date of the appraisal評估基準日 ............................16 七、Appraisal bases評估依據 ......................................16 八、Appraisal methods評估方法 ....................................21 九、Appraisal procedures 評估程序實施過程及情況 ...................27 十、Appraisal assumption評估假設 ..................................30 十一、Conclusions評估結論 .......................................32 十二、Attentions特別事項說明 .....................................34 十三、Appraisal report instructions評估報告使用限制說明 ..............37 十四、Appraisal report date評估報告日 ..............................38 Signature page評估報告籤字蓋章頁 .................................39 Appendices附件 ..................................................40 The Statement of CPVs 註冊資產評估師聲明 一、We state, as the CPVs, that to the best of our knowledge and belief, our opinions were developed in accordance with law and valuation standards. The statements of fact contained in this report are true and correct. We take the responsibility for the appraisal conclusion. 我們在執行本資產評估業務中，遵循了相關法律法規和資產評估準則，恪守了獨立、客觀和公正的原則。根據我們在執業過程中掌握的事實，在我們認知的最大能力範圍內，評估報告陳述的事項是客觀的，並對評估結論合理性承擔相應的法律責任。 二、We performed the valuation with the historical financial information provided and confirmed by VAME, which should be objective, legal and complete. This report should be used authorized and properly. 評估對象涉及的資產、負債申報表、歷史年度經營成果、盈利預測數據及相關法律權屬資料由委託方（即被評估單位）提供並經其籤章確認；提供必要的資料並保證所提供資料的真實性、合法性、完整性及恰當使用評估報告是委託方和相關當事方的責任。 三、We have no present or prospective interest and no bias with respect to the business that is the subject to this report. 我們與評估報告中的評估對象無利益關係，與相關當事方無利益關係，對相關當事方不存在偏見。 四、We conducted random inspection to examine ownership information of the appraisal objectives. We do not, however, take any responsibility for the state of title of property. Any problems found in the examination have been submitted to VAME and disclosed in the report. 註冊資產評估師及項目組成員已對評估報告中的評估對象進行抽查；我們已對評估對象的法律權屬狀況給予必要的關注，對評估對象法律權屬資料進行查驗，但我們對評估對象的法律權屬不做任何形式的保證；對查驗過程中發現的問題，我們已提請被評估單位完善產權，並對發現的問題進行了披露。 五、The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions. Report users should combine all these factors with the appraisal conclusion. 我們出具的評估報告中的分析、判斷和結論受評估報告中假設和限定條件的限制，評估報告使用者應當充分考慮評估報告中載明的假設、限定條件、特別事項說明及其對評估結論的影響。 An Appraisal Report For Valin Group’s Reference In Transferring Its Shareholdings of VAME （Abstract） VICPV Appraisal Report No. 0134, 2015 湖南
華菱鋼鐵集團有限責任公司擬轉讓 華菱安賽樂米塔爾電工鋼有限公司股權項目 評估報告書 （摘要） 沃克森評報字[2015]第0134號 Attention！ This abstract is taken from the main body. Please read the main body to know the details and understand the conclusion properly. 重 要 提 示 以下內容摘自評估報告正文，欲了解本評估項目的詳細情況和 合理理解評估結論，應當閱讀評估報告正文 一、Introduction緒言 Hunan Valin Iron & Steel Group Co., Ltd (―Valin Group‖) intends to transfer its holding of shares of Valin ArcelorMittal Electrical Steel Co., Ltd (―VAME‖). Based on our engagement letter with VAME, we valued the Market Value of the total shareholders』 equity of VAME as of December 31st, 2014. Our valuation was made in accordance with laws and commonly accepted assets valuation practices. 沃克森（北京）國際資產評估有限公司接受華菱安賽樂米塔爾電工鋼有限公司的委託，根據有關法律、法規和資產評估準則、資產評估原則，按照必要的評估程序，對湖南
華菱鋼鐵集團有限責任公司擬轉讓其所持有的華菱安賽樂米塔爾電工鋼有限公司股權所涉及的華菱安賽樂米塔爾電工鋼有限公司股東全部權益在2014年12月31日的市場價值進行了評估，現將資產評估情況報告如下： 二、The client and the appraised entity委託方及被評估單位 The client： Valin ArcelorMittal Electrical Steel Co., Ltd 委託方： 華菱安賽樂米塔爾電工鋼有限公司 The appraised entity: Valin ArcelorMittal Electrical Steel Co., Ltd 被評估單位： 華菱安賽樂米塔爾電工鋼有限公司 三、Appraisal purpose評估目的 Valin Group intends to transfer its holding of shares of VAME. It is necessary to assess the Market Value of the total shareholders』 equity of VAME, which can provide reference value for the transferring. 湖南
華菱鋼鐵集團有限責任公司擬轉讓其所持有的華菱安賽樂米塔爾電工鋼有限公司股權，需對華菱安賽樂米塔爾電工鋼有限公司的股東全部權益市場價值進行評估，為湖南
華菱鋼鐵集團有限責任公司從事該經濟行為提供價值參考。 四、Appraisal object and scope評估對象和範圍 This valuation was performed to establish the Market Value of the total shareholders』 equity of VAME. Valin Group states that there is no unclear, illegal or law dispute ownership items such as mortgage, pledge and freeze about its holding of shares of VAME. 本次評估對象為湖南
華菱鋼鐵集團有限責任公司擬轉讓其所持有的華菱安賽樂米塔爾電工鋼有限公司股權所涉及的華菱安賽樂米塔爾電工鋼有限公司股東全部權益市場價值。擬轉讓股權持有單位已聲明其所持有股權不存在抵押，質押、凍結等權屬瑕疵事項，並承諾該股權權屬清晰，合法，不存在任何法律糾紛事項。 The valuation includes all the assets and liabilities of VAME as of December 31st, 2014. The valuation scope is subjected to the declared assets and liabilities on the base date, the book value of which was audited by Deloitte Touche Tohmatsu CPA LLP in Mainland China, who issued a standard and unqualified opinion in No P0251 [2015] audit report. 具體評估範圍為華菱安賽樂米塔爾電工鋼有限公司於評估基準日的全部資產及負債，具體以被評估單位申報的評估基準日的全部資產和負債為準。 本次華菱安賽樂米塔爾電工鋼有限公司於評估基準日申報的全部資產和負債帳面數據，業經德勤華永會計師事務所（特殊普通合夥）審計，並出具德師報(審)字(15)第P0251號標準無保留意見審計報告。 五、Base date of the appraisal評估基準日 The base date of the appraisal is December 31st, 2014. 本項目評估基準日為2014年12月31日。 六、Appraisal method評估方法 Asset-based approach was used in this appraisal. 本次評估採用資產基礎法。 七、Value type價值類型 Value type adopted in the appraisal is Market Value 本次評估的價值類型為市場價值。 八、Conclusion評估結論 It is our opinion that the Market Value for the total shareholders』 equity of VAME, as of December 31st, 2014, is as follow: 此次評估採用資產基礎法，評估結論如下： Items Market Value (December 31st, 2014, RMB) Appraised value 387,593,202.27 Appreciation 12,224,110.00 Appreciation rate 3.26% 採用資產基礎法對華菱安賽樂米塔爾電工鋼有限公司的股東全部權益價值評估值為38,759.32萬元，評估增值1,222.41萬元，增值率3.26%。 The use of the report is restricted for the purpose indicated herein. We do not purport to be guarantors of value. As such, we assume no responsibility for your inability to obtain a purchase contract for this business at this or any value. We strongly suggest that the client and related report users should make decisions based on the analysis of appraisal report and in consideration of factors such as assets condition and market circumstance at the time. The appraisal conclusion is only for the purpose indicated herein and valid before the expiry date. We are not responsible for any improper use of this report. 本評估報告僅為業務約定書約定的報告使用者實施本次評估目的提供價值參考，不應當被視為是對被評估資產和本次評估對象可實現價格的保證。建議委託方和相關報告使用者在參考分析評估結論的基礎上，結合評估目的經濟行為實施時資產狀況和市場狀況等因素，合理進行決策。本報告及其所披露的評估結論僅限於評估報告載明的評估目的，僅在評估報告使用有效期限內使用，因使用不當造成的後果與評估機構和註冊資產評估師無關。 Please specially notice the attentions and appraisal assumptions- as indicated in our report within chapter 12 and 10 when using the report for reference. 報告使用者在使用本報告的評估結論時，請注意本報告正文中第十二項―特別事項說明‖對評估結論的影響；並關注評估結論成立的評估假設及前提條件。 The report is valid for one year from the base date, after which, another appraisal must be performed 按照有關規定，本評估報告結論使用有效期一年，自評估基準日起計算，超過一年，需重新進行評估。 Appraisal Report For Valin Group’s Reference In Transferring Its Shareholdings of VAME （Main Body） VICPV Appraisal Report No.0134, 2015 湖南
華菱鋼鐵集團有限責任公司擬轉讓 華菱安賽樂米塔爾電工鋼有限公司股權項目 評估報告書 （正文） 沃克森評報字[2015]第0134號 一、Introduction緒言 Dear Valin ArcelorMittal Electrical Steel Co., Ltd: Based on our engagement letter, we valued the Market Value of the total shareholders』 equity of Valin ArcelorMittal Electrical Steel Co., Ltd （「VAME」） as of December 31st, 2014, which can be a reference for Hunan Valin Iron & Steel Group Co., Ltd (―Valin Group‖) in transferring its holding of shares of VAME. Our valuation was made in accordance with law and commonly accepted assets valuation practices. 華菱安賽樂米塔爾電工鋼有限公司： 沃克森（北京）國際資產評估有限公司接受貴公司的委託，根據有關法律、法規和資產評估準則、資產評估原則，按照必要的評估程序，對湖南
華菱鋼鐵集團有限責任公司擬轉讓其所持有的華菱安賽樂米塔爾電工鋼有限公司股權所涉及的華菱安賽樂米塔爾電工鋼有限公司股東全部權益在2014年12月31日的市場價值進行了評估，現將資產評估情況報告如下： 二、The client, the appraised entity and other report users 委託方、被評估單位概況及其他評估報告使用者 VAME is the client and the appraised entity. 本次評估委託方與被評估單位為同一單位，均為華菱安賽樂米塔爾電工鋼有限公司。 1、Introduction概況 Institution：Valin ArcelorMittal Electrical Steel Co., Ltd 單位名稱：華菱安賽樂米塔爾電工鋼有限公司 Registered address：No.88 Jixing North Road, Louxing Economic Development District，Loudi Municipality, Hunan Province 註冊地址：湖南省婁底市婁底經濟開發區吉星北路88號 Legal representative：Huiquan Cao 法定代表人：曹慧泉 Registered capital：RMB 1,336 million 註冊資金：人民幣133,600萬元 Paid-in capital：RMB 386.4 million 實收資本：人民幣38,640萬元 Company type：Limited Liability Company (Sino-foreign joint venture) 經濟性質： 有限責任公司(中外合資) Establishment date：September 27th, 2010 成立日期：2010年9月27日 Operation term： From September 27th, 2010 to August 27th, 2030 經營期限： 自2010年9月27日至2030年8月17日 Trade registration number： 430000400004214 工商註冊號： 430000400004214 Operation scope：Grain Oriented and Non-Grain Oriented Silicon Steel manufacturing; sales, after-sales and consulting services of steel production; import and export of steel production; commission agent(except for auction); other related supplementary services; business consulting. 經營範圍：生產晶粒取向和非晶粒取向矽鋼產品；銷售和經銷鋼製產品並提供相關售後和技術諮詢服務；鋼製品的進出口；佣金代理（拍賣除外）；其他相關配套服務；商務諮詢。 2、Introduction, share construction and alteration events of VAME被評估單位簡介、股權結構及變更情況 （1）Introduction 公司簡介 On August 8th, 2008, Valin Group and ArcelorMittal executed a Joint Venture Contract in connection with establishment of VAME for the purpose of manufacturing and sale of Non-Grain Oriented Steels and Grain Oriented Grade Electrical Steel. The total investment of the project was 3.93 billion. The registered capital was 1,336 million. Each of Valin Group and VAME took half of the share. According to the Joint Venture Contract and Article of Incorporation signed by the two parties, each contributed 193.2 million and paid-in registered capital was 386.4 million as of December 31st, 2014. 2008年8月8日，湖南
華菱鋼鐵集團有限責任公司與安賽樂米塔爾股份公司（ ArcelorMittal）籤署合資經營合同，投資設立從事非晶粒取向電工鋼和晶粒取向電工鋼的生產和銷售的華菱安賽樂米塔爾電工鋼有限公司。項目總投資39.3億元，註冊資本13.36億元，湖南
華菱鋼鐵集團有限責任公司與安賽樂米塔爾股份公司 （ArcelorMittal）各佔50%股權，根據雙方籤署的《合資經營合同》及《公司章程》的約定，截止評估基準日雙方股東各出資1.932億元，註冊資本到位3.864億元。 Valin Steel and ArcelorMittal agreed to suspend the VAME’s business plan and operation activities, which is indicated in Memorandum of Understanding in Relation to Valin Arcelormittal Electrical Steel Co., Ltd signed by the two parties on June 6th, 2012. 根據湖南
華菱鋼鐵集團有限責任公司與安賽樂米塔爾股份公司（ ArcelorMittal）於2012年6月6日籤署的《關於華菱安賽樂米塔爾電工鋼有限公司合資項目的備忘錄》，暫緩啟動或運營華菱安賽樂米塔爾電工鋼有限公司的經營方案及業務活動。 （2）Company establishment公司設立 The shareholders of VAME made contribution of capital in two separate installments from September 27th, 2010 to December 31st, 2014. The first installment was as follow: 華菱安賽樂米塔爾電工鋼有限公司從成立到評估基準日股東共兩次出資，首期出資如下表： Shareholders 投資方名稱 Amount of capital contribution （million RMB） 本期出資額 Share proportion 持股比例 Valin Group 湖南
華菱鋼鐵集團有限責任公司 100.20 50% ArcelorMittal 安賽樂米塔爾股份公司 100.20 50% Total 合計 200.40 100% This investment event was tested by Baker Tilly China and issued in testing report No. QJ161 [2011]. 該出資事項已經天職國際會計師事務所有限公司審驗，並出具了天職湘QJ（2011）161號驗資報告。 The second installment was as follow:第二期出資如下表： Shareholders 投資方名稱 Amount of capital contribution （million RMB） 本期出資額 Total 累計出資 Share proportion 持股比例 Valin Group 湖南
華菱鋼鐵集團有限責任公司 93.00 193.20 50% ArcelorMittal 安賽樂米塔爾股份公司 93.00 193.20 50% Total 合計 186.00 386.40 100% This investment event was tested by Baker Tilly China and issued in testing report No QJ290 [2012]. 該出資事項已經天職國際會計師事務所有限公司審驗，並出具了天職湘QJ（2012）290號驗資報告。 3、The amount of capital contribution and share proportion of VAME as of December 31st,2014. 截止評估基準日，被評估單位股東出資及持股比例如下表： Shareholders 投資方名稱 Amount of capital contribution （million RMB） 註冊資本 Paid-in registered capital 實收資本 Share proportions 持股比例 Valin Group 湖南
華菱鋼鐵集團有限責任公司 668.00 193.20 50% ArcelorMittal 安賽樂米塔爾股份公司 668.00 193.20 50% Total 合計 1,336.00 386.40 100% 4、Historical balance sheet of VAME被評估單位近年資產負債狀況 RMB Items項目名稱 2012-12-31 2013-12-31 2014-12-31 Monetary funds 貨幣資金 221,705,961.34 168,425,929.65 144,785,996.78 Prepayments 預付款項 150,000.00 Other receivables 其他應收款 18,000,000.00 80,000,000.00 89,000,000.00 Items項目名稱 2012-12-31 2013-12-31 2014-12-31 Other current assets 其他流動資產 209,439.18 482,156.89 483,005.95 Total current assets 流動資產合計 240,065,400.52 248,908,086.54 234,269,002.73 Available-for-sale financial assets 可供出售金融資產 30,000,000.00 Fixed assets 固定資產 272,221.60 208,267.20 144,512.80 Construction in progress 在建工程 63,950,322.13 85,712,618.16 89,721,924.80 Intangible assets 無形資產 29,240,998.24 28,645,256.32 28,049,514.40 Other non-current assets 其他非流動資產 23,685,776.86 23,685,776.86 23,685,776.86 Total non-current assets 非流動資產合計 147,149,318.83 138,252,018.54 141,601,728.86 Total assets 資產總計 387,214,719.35 387,160,105.08 375,870,731.59 Accounts payable 應付帳款 59,355.75 63,835.98 48,853.98 Other accounts payable 其他應付款 755,363.60 696,251.10 452,785.34 Total current liabilities 流動負債合計 814,719.35 760,105.08 501,639.32 Total non-current liabilities 非流動負債合計 0.00 0.00 0.00 Total liabilities 負債總計 814,719.35 760,105.08 501,639.32 Net assets 淨 資 產 386,400,000.00 386,400,000.00 375,369,092.27 5、Accounting and preferential policy of VAME被評估單位執行的主要會計政策或者優惠政策 In accordance with Provisions of the Accounting Standard for Business Enterprises, VAME recognizes and measures on the basis of going-concern assumption, actual transactions and events. Then VAME prepares for statement. 被評估單位以持續經營為前提，根據實際發生的交易和事項，按照企業會計準則的規定進行確認和計量，並在此基礎上編制財務報表。 （1）Receivables應收款項 VAME pays separate impairment testing for individual financial asset with significant amount. For individual financial asset with no significant amount, it could pay separately impairment testing, or testing with similar credit risk financial asset portfolio. The financial asset without impairment which has been tested separately (including individual financial asset with or without significant amount) shall be tested again for impairment with similar credit risk financial portfolio. 被評估單位對單項金額重大的金融資產單獨進行減值測試；對單項金額不重大的金融資產，單獨進行減值測試或包括在具有類似信用風險特徵的金融資產組合中進行減值測試。單獨測試未發生減值的金融資產(包括單項金額重大和不重大的金融資產)，包括在具有類似信用風險特徵的金融資產組合中再進行減值測試。已單項確認減值損失的金融資產，不包括在具有類似信用風險特徵的金融資產組合中進行減值測試。 （2）Depreciation of fixed assets固定資產折舊 Confirming depreciation method, service life, expected rate of net salvage value and yearly depreciation 折舊方法及使用壽命、預計淨殘值率和年折舊率的確定： If fixed assets are ready for use, the depreciation would be started from the next month. Straight-line Depreciation Method is used during service life. The service life, expected rate of net salvage value and yearly depreciation are as follows: 固定資產從達到預定可使用狀態的次月起，採用年限平均法在使用壽命內計提折舊。各類固定資產的使用壽命、預計淨殘值和年折舊率如下： Category Expected rate of net salvage value Service life Yearly depreciation 類別 預計淨殘值率折舊年限 折舊年限 年折舊率 Transportation equipment 5% 5 years 19% 運輸設備 5% 5年 19% （3）Main tax categories and rates主要稅種和稅率 ①Value-added tax（VAT）增值稅 VAT equals to substituted money on VAT minus deductible input tax. Sales amount multiplied by 17% equals to amount of substituted money on VAT. 應納增值稅為銷項稅額減可抵扣進項稅後的餘額，銷項稅額按根據相關稅法規定計算的銷售額的17%計算。 ② Income tax所得稅 Income tax rate is 25% 所得稅稅率為25%。 （三）Relationship between the client and appraised entity委託方和被評估單位之間的關係 VAME is the client and the appraised entity of this report. 本次評估委託方與被評估單位為同一單位，均為華菱安賽樂米塔爾電工鋼有限公司 （四）Other report users委託方以外的其他評估報告使用者 The report can only be used by the client and entities authorized by law for the same purpose of this report. Any other unauthorized entities or individuals who get the report should not use it. 本評估報告僅供委託方及國家法律法規規定的報告使用者用於本評估目的。除國家法律、法規另有規定外，任何未經評估機構和委託方確認的單位或個人不能由於得到評估報告而成為評估報告使用者。 三、Appraisal purpose評估目的 Valin Group intends to transfer its holding of shares of VAME. It is necessary to assess the Market Value of the total shareholders』 equity of VAME, which can provide reference value for the transferring. 湖南
華菱鋼鐵集團有限責任公司擬轉讓其所持有的華菱安賽樂米塔爾電工鋼有限公司股權，需對華菱安賽樂米塔爾電工鋼有限公司的股東全部權益市場價值進行評估，為湖南
華菱鋼鐵集團有限責任公司從事該經濟行為提供價值參考。 四、Appraisal object and scope評估對象和範圍 （一）Object and scope評估對象、範圍 This valuation was performed to establish the Market Value of the total shareholders』 equity of VAME. Valin Group states that there is no unclear, illegal or law dispute ownership items such as mortgage, pledge and freeze about its holding of shares of VAME. 本次評估對象為湖南
華菱鋼鐵集團有限責任公司擬轉讓其所持有的華菱安賽樂米塔爾電工鋼有限公司股權所涉及的華菱安賽樂米塔爾電工鋼有限公司股東全部權益市場價值。擬轉讓股權持有單位已聲明其所持有股權不存在抵押，質押、凍結等權屬瑕疵事項，並承諾該股權權屬清晰，合法，不存在任何法律糾紛事項。 The appraisal contents are total assets and liabilities of VAME as of December 31st, 2014. The book value of total assets is ￥375.87 million. The book value of liabilities is ￥0.5 million and shareholders』 equity is ￥375.37million. 具體評估範圍為華菱安賽樂米塔爾電工鋼有限公司於評估基準日的全部資產及負債，其中資產總額帳面值37,587.07萬元，負債總額帳面值50.16萬元，所有者權益帳面值37,536.91萬元。 The book values of all the declared assets and liabilities were audited by Deloitte Touche Tohmatsu CPA LLP in Mainland China, who issued a standard and unqualified opinion in No.P0251 [2015] audit report. 本次華菱安賽樂米塔爾電工鋼有限公司於評估基準日申報的全部資產和負債帳面數據，業經德勤華永會計師事務所（特殊普通合夥）審計，並出具德師報(審)字(15)第P0251號標準無保留意見審計報告。 Assets and liabilities declared by VAME 評估申報匯總表 RMB Items 項目 Book value 帳面價值 A 1 Current assets 流動資產 234,269,002.73 2 Non-current assets 非流動資產 141,601,728.86 3 Fixed assets 固定資產 144,512.80 4 Construction in progress 在建工程 89,721,924.80 5 Intangible assets 無形資產 28,049,514.40 6 Other non-current assets 其他非流動資產 23,685,776.86 7 Total assets 資產合計 375,870,731.59 8 Current liabilities 流動負債 501,639.32 Items 項目 Book value 帳面價值 A 9 Non- current liabilities 非流動負債 - 10 Total liabilities 負債合計 501,639.32 11 Net assets(shareholders』 equity) 淨資產（所有者權益） 375,369,029.27 （二）Physical assets with great value評估範圍中價值較大實物資產情況及特點 Physical assets of VAME include transportation equipment, land and constructions in process, which are located in different apartments of VAME. 被評估單位實物資產的種類主要有：運輸設備、土地及在建工程。主要分布在被評估單位的各個部門內。 1、Transportation equipment運輸設備 Transportation equipment declared is a Subaru SUV. Specific information is as follow:此次申報評估的運輸設備為斯巴魯越野車1輛，具體情況如下表： Serial number序號 License number 車輛牌號 Name 車輛名稱 Vehicle model 車輛型號 Registered date 註冊登記日期 Traveled miles已行駛公裡數 1 湘KK2292 Subaru SUV 斯巴魯越野車 Outback 2457CC SUV JF1BR9 傲虎2457CC越野車JF1BR9 December,2011 2011年12月 40000 2、Land土地： VAME owns the use right of an industrial land located in the south of Lianyuan Road, Loudi Municipality. The acreage is 441,290.30㎡. VAME has got the land use right certificate. 土地使用權是華菱安賽樂米塔爾電工鋼有限公司擁有的位於婁底市婁漣公路南側的一宗工業用地使用權，土地面積441,290.30平方米，已取得土地使用權證。 Specific information is as follow:具體見下表： Serial number宗地 編號 Location 位臵 Grading土地 等級 Number of state-owned land use right certificate 國有土地使用證號 Land serial number地號 Drawing serial number 圖號 Usage 土地 用途 Type of use right使用權 類型 Expiry Date 終止日期 Acreage (㎡) 土地面積 （㎡） Four boundaries 土地 四至 1 Loulian Road, Loudi Municipality 婁底市婁漣公路 Grade three Loudi state-owned No 00572, 2012 婁國（2012）第00572號 1-6-85-1 72.50-503.75 Industry Transfer 2061-11-25 441,290.30 Yingchun Road in the east, Jixing Road in the west, Loudi Eastern Railway Station in the north, Loulian road in the south 東臨迎春路、南臨市國土局儲備中心用地、西臨吉星北路，北至婁漣公路。 3、Construction in process includes civil engineering(projects in progress of VAME) and other projects, such as power supply for construction, sewerage culvert, retaining walls, etc. 在建工程：包括土建工程，為華菱安賽樂米塔爾電工鋼有限公司尚在建設中的項目，包括平基工程、施工電源工程、排水涵工程、擋土牆工程等。 （三）Off-balance sheet intangible assets declared by VAME被評估單位申報的帳面記錄或未記錄的無形資產情況 As of December 31st, 2014, management indicates that there was no other on balance sheet or off-balance sheet intangible assets. 截至評估基準日，被評估單位除所申報的土地使用權外無其他帳面無形資產，也無帳外無形資產申報。 （四）Off-balance sheet assets declared by VAME被評估單位申報的帳外資產的類型、數量 As of December 31st, 2014, there were no off- balance sheet assets to declare. 截至評估基準日，公司無帳外資產申報。 （五）The type, amount and book value（or appraised value） of assets involved in the report issued by other institution引用其他機構出具的報告結論所涉及的資產類型、數量和帳面金額（或者評估值） Book value data of profit and loss, assets, and liabilities declared by VAME as of December 31st, 2014 were audited by Deloitte Touche Tohmatsu CPA LLP in Mainland China, who issued a standard and unqualified opinion in No P0251 [2015] audit report. VAME declared the audited data. We cited no report other than the audit report. 本次華菱安賽樂米塔爾電工鋼有限公司於評估基準日申報的全部資產和負債及損益帳面數據，經過德勤華永會計師事務所（特殊普通合夥）審計，並出具了德師報(審)字(15)第P0251號標準無保留意見審計報告，本次被評估單位以審計後帳面值申報。除審計報告外無引用其他機構出具的報告結論。 Our analysis does not include the assessment of possible undeclared assets or liabilities, other than those which were brought to our attention by the management of VAME through the documents provided to us. VAME promises that they prepared the documents in an objective way and the documents are true, correct and complete record of economic activities. 具體評估範圍以被評估單位提供的申報表為準，未考慮被評估單位提供資產評估申報表範圍外可能存在的資產及負債。委託方即被評估單位承諾，申報評估的資產及負債範圍與經濟行為涉及的範圍一致，未重未漏，不存在影響評估價值的任何限制。 五、Value type價值類型及其定義 Considering factors such as reporting purposes, features and condition of appraisal object, assumptions and market circumstance, we adopted Market Value as the value standard. Based on ―going-concern‖ assumption, we valued the Market Value of the total shareholders』 equity of VAME as of December 31st, 2014. Market Value is defined as ―the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion.‖ 根據本次評估目的和評估對象的特點，考慮市場條件及評估對象的自身條件以及評估的假設前提，確定本次評估結論的價值類型為市場價值。 本次是在公司持續經營假設前提下評估華菱安賽樂米塔爾電工鋼有限公司股東全部權益在評估基準日的市場價值。市場價值是指自願買方和自願賣方在各自理性行事且未受任何強迫的情況下，評估對象在評估基準日進行正常公平交易的價值估計數額。 六、Base date of the appraisal評估基準日 The base date of the appraisal is December 31st, 2014. 本項目評估基準日為2014年12月31日。 The base date was determined by VAME. The major considerations were time of the economic activity, accounting system of VAME, integrity of accounting information. All the information declared were as of December 31st, 2014. The price selection standard of this valuation is the valid price standard on the base date of the appraisal. 評估基準日系由委託方確定，主要考慮經濟行為發生時間、被評估單位會計核算、會計資料的完整性等因素確定。被評估單位申報資料均基於評估基準日，本次評估以評估基準日有效的價格標準為取價標準。 七、Appraisal basis評估依據 The appraisal was performed on following bases: 本次評估工作中所遵循的法規依據、具體行為依據、產權依據和取價依據包括： （一）Laws and regulations主要法律法規 1、 Rules on the Evaluation and Management of State Assets (Order No. 91[1991] of State Council) 《國有資產評估管理辦法》(國務院第91號令，1991年) 2、Interim Administration Measures for Valuation of State-owned Assets of Enterprises (Order No.12 of State-owned Assets Supervision and Administration Commission (―SASAC‖)of State Council) 《企業國有資產評估管理暫行辦法》國務院國資委第12號令； 3、Interim Measures for the Management of the Transfer of the State-owned Property Right of Enterprises( Order No. 3 of SASAC) 《企業國有產權轉讓管理暫行辦法》國資委3號令 4、Notice of the Appraisal and Management of State-owned Assets(Order No.274 [2006] of SASAC) 《關於加強企業國有資產評估管理工作有關問題的通知》國資委產權[2006]274號； 5、Notice on the Relevant Matters on the Transfer of State-owned Property Rights of Enterprises(Order No.306[2006] of SASAC) 《關於企業國有產權轉讓有關事項的通知》（國資發產權[2006]306號） 6、Law of the People's Republic of China on the State-Owned Assets of Enterprises 《中華人民共和國企業國有資產法》； 7、Company Law of the People's Republic of China 《中華人民共和國公司法》； 8、Property Law of the People's Republic of China 《中華人民共和國物權法》； 9、Income Tax Law and its implementing regulations of the People's Republic of China 《中華人民共和國企業所得稅法及其實施條例》； 10、Decision and Rules for the Implementation of Value-added Tax of the People's Republic of China 《中華人民共和國增值稅暫行條例及其實施細則》； 11、Land Administration Law of the People's Republic of China 《中華人民共和國土地管理法》； 12、Urban Real Estate Administration Law of the People's Republic of China 《中華人民共和國房地產管理法》； 13、Interim Measures for Urban State-owned Land Use Right Transferring of the People's Republic of China(Order No.55 of State Council ) 《中華人民共和國城鎮國有土地使用權出讓轉讓暫行條例》（國務院令第55號）； 14、Other laws and regulations related to the appraisal 其他與資產評估有關的法律法規。 （二）Appraisal standard bases準則依據 1、Assets Valuation Standards -- Basic Standards (Order No. 76[2004]) 《資產評估準則-基本準則》財企[2004]20號； 2、Professional Codes of Ethics for Assets Appraisal –Basic Standards(Order No. 20 [2004] of Ministry of Finance) 《資產評估職業道德準則-基本準則》財企[2004]20號； 3、Professional Codes of Ethics for Assets Appraisal—Independence(Order No.248[2012] of China Appraisal Society(―CAS‖)) 《資產評估職業道德準則——獨立性》中評協.2012.248 號； 4、Guidelines on Internal Governance for Appraisal Institutions(Order No. 121[2010] of CAS) 《評估機構內部治理指引》中評協[2010]121號； 5、Guidelines for Service Quality Controls for Appraisal Institutions(Order NO. 214[2010] of CAS) 《評估機構業務質量控制指南》中評協[2010]214號； 6、Guiding Opinions on Assets Appraisal Value Type(Order No. 189[2007] of CAS)《資產評估價值類型指導意見》中評協[2007]189號； 7、Guidance Notes on Checking Ownership of Valuation Object for CPVs (Order No 18[2003] of Chinese Institute of Certified Public Accountants ) 《註冊資產評估師關注評估對象法律權屬指導意見》會協[2003]18號； 8、Assets Valuation Standards –Appraisal Report (Order No 230[2011] of CAS) 《資產評估準則-評估報告》中評協[2011]230號； 9、Assets Valuation Standards –Appraisal Procedures(Order No.189[2007] of CAS) 《資產評估準則-評估程序》中評協[2007]189號； 10、Assets Valuation Standards –Engagement Letters(Order No.230[2011] of CAS) 《資產評估準則-業務約定書》中評協[2011]230號； 11、Assets Valuation Standards –Wording Papers(Order No.189[2007] of CAS) 《資產評估準則-工作底稿》中評協[2007]189號； 12、Assets Valuation Standards -- Real Estate(Order No.189[2007] of CAS) 《資產評估準則-不動產》中評協[2007]189號； 13、Assets Valuation Standards -- Machines and Equipment(Order No.189[2007] of CAS) 《資產評估準則-機器設備》中評協[2007]189號； 14、Assets Valuation Standards –Enterprises Value(Order No.227[2011] of CAS) 《資產評估準則-企業價值》中評協[2011]227號； 15、Guidelines on State-owned Assets Appraisal Report of Enterprises(Order No.230[2011] of CAS) 《企業國有資產評估報告指南》中評協[2011]230號； （三）Economic activities files經濟行為文件 1、Shareholders Meeting Resolution 《股東會決議》； 2、Assets Appraisal Engagement Letter 《資產評估業務約定書》。 （四）Property rights certificates , major contracts and agreements產權證明文件、重大合同協議 1、 Business License, Organizational Code Certificate, Articles of VAME, Reports on the Verification of Capital 營業執照、組織機構代碼證、被評估單位章程、驗資報告； 2、Vehicle Registration 車輛行駛證； 3、Permits for the Use of State-Owned Construction Land 國有建設用地使用許可證； 4、Payment vouchers of major assets 重大資產的付款憑證； 5、Other property rights certificates 其他產權證明文件。 （五）Bases of price standard used 採用的取價標準依據 1、A Manual for Common Data and Parameters in Assets Appraisal (China Machine Press) 《資產評估常用數據與參數手冊》（機械工業出版社）; 2、Provisions on the Standards for Compulsory Retirement of Motor Vehicles(Order No. 12 [2012] of the Ministry of Commerce, National Development and Reform Commission, the Ministry of Public Security, and the Ministry of Environmental Protection) 《機動車強制報廢標準規定》（商務部、發改委、公安部、環境保護部令2012年第12號 ； 3、Interim Regulation of the People's Republic of China on Vehicle Purchase Taxes Order (No. 294[2001] of the State Council) 《中華人民共和國車輛購臵稅暫行條例》(2001年國務院第294號令)； 4、Notice of Taxation on Including the Railway Transportation and Postal Industries in the Pilot Program of Replacing Business Tax with Value-Added Tax(No. 106 [2013] of the Ministry of Finance) 財稅[2013]106號 關於將鐵路運輸和郵政業納入營業稅改徵增值稅試點的通知； 5、Interim Regulation of the People's Republic of China on Value Added Tax(Order No. 538 of the State Council); Detailed Rules for the Implementation of the Interim Regulation of the People’s Republic of China on Value Added Tax (Order No. 50 of the Ministry of Finance of the State Administration of Taxation) 《中華人民共和國增值稅暫行條例》(中華人民共和國國務院令第538號)及《中華人民共和國增值稅暫行條例實施細則》(財政部國家稅務總局令第50號)； 6、Report on Benchmark Land Price Updating and Demarcated Land Price System Building of Central Loudi Municipality(2013) 《婁底市中心城區基準地價更新及標定地價體系建立技術報告》（2013）； 7、Code of Urban Land Valuation（GB/T18508-2014） 《城鎮土地估價規程》（GB/T18508-2014）； 8、Land-use Status Classification （GB/T21010-2007） 《土地利用現狀分類》（GB/T21010-2007）； 9、Quote query on the Internet 網站報價查詢； （六）Reference material參考資料 1、Checking appraisal specification on the base date 評估基準日清查評估明細表； 2、Financial accounting and operation materials of VAME, audit report No. P0251 issued by Deloitte Touche Tohmatsu CPA LLP in Mainland China. 被評估單位財務會計經營資料及德勤華永會計師事務所（特殊普通合夥）出具的德師報(審)字(15)第P0251號審計報告； 3、Price information such as national bond rate，bank loan rate 國債利率、銀行貸款利率等價格資料； 4、 Recent major equipment purchase contracts and invoices of VAME 被評估單位近期主要設備的訂購合同、購臵發票； 5、 Recent sales price list and sales contracts or agreements of VAME 被評估單位產成品近期銷售價目表、產品銷售合同或協議； 6、Other material related to the appraisal 其他與評估有關的資料等。 八、Appraisal methods評估方法 （一）Introduction評估方法介紹 All valuation methodologies applied in an appraisal of enterprise values can be broadly classified into one of the following three approaches: asset-based, market and income approach. 被評估單位價值評估通常有三種方法，即資產基礎法、市場法和收益法。 1、The asset-based approach establishes values of assets and liabilities on and off balance sheet of the appraised entity on the base date to confirm the value of appraised object. 資產基礎法，是指以被評估單位評估基準日的資產負債表為基礎，合理評估被評估單位表內及表外各項資產、負債價值，確定評估對象價值的評估方法。 2、The market approach is used to estimate value through the analysis of recent sales of comparable property or listed company. 市場法是指將評估對象與可比上市公司或者可比交易案例進行比較，確定評估對象價值的評估方法。 3、The income approach can be defined as an approach to value based on discounting to present value the expected future benefits generated by an investment in the property being valued. 收益法是指通過將被評估單位預期收益資本化或折現以確定評估對象價值的評估方法。 （二）Method selection and method adopted in conclusion評估方法選擇及評估結論確定的方法 1、Application analysis of market approach對於市場法的應用分析 This approach is generally used to value the current market value of assets. It features direct appraisal perspective, intuitive appraisal procedure. The appraisal data are selected directly from the market. The conclusion is always convincing. However, there is a lack of developed and active capital market and no more than three comparable companies. Therefore, market approach is not adopted in this appraisal. 市場法是以現實市場上的參照物來評價評估對象的現行公平市場價值，它具有評估角度和評估途徑直接、評估過程直觀、評估數據直接取材於市場、評估結果說服力強的特點。但由於目前缺乏一個充分發展、活躍的資本市場，缺少與評估對象相似的三個以上的參考企業，故本次評估不採納市場法。 2、Application analysis of income approach對於收益法的應用分析 The appraisal should meet following three requirements: 收益法評估必須具備以下三個前提條件： （1）The price paid by investors is less than the discounted value of future prospective earnings of invested company. 投資者在投資某個企業時所支付的價格不會超過該企業未來預期收益折現值。 （2）Future prospective earning is predictable 能夠對企業未來收益進行合理預測。 （3）Yield considering risk of future prospective earning can be estimated reasonably 能夠對企業未來收益的風險程度相對應的收益率進行合理估算。 Influenced by the global economy and steel industry depression, the electrical steel market has greatly changed. Valin Steel and ArcelorMittal agreed to suspend the business plan and operation activities of VAME, which is indicated in Memorandum of Understanding in Relation to Valin Arcelormittal Electrical Steel Co., Ltd signed by the two sides on June 6th, 2012. 由於受國內外經濟形勢以及鋼鐵行業低迷的影響，電工鋼市場形勢發生重大變化，湖南
華菱鋼鐵集團有限責任公司與安賽樂米塔爾股份公司（ ArcelorMittal）於2012年6月6日籤署《關於華菱安賽樂米塔爾電工鋼有限公司合資項目的備忘錄》，暫緩啟動或運營華菱安賽樂米塔爾電工鋼有限公司的經營方案及業務活動。 Therefore, income approach is inappropriate for the appraisal. 本次對該項目不宜採用收益法進行評估。 3、Application analysis of asset-based approach對於資產基礎法的應用分析 This approach can be used to establish the value of appraisal object through valuing all the assets and liabilities. As all the information needed in this approach could be provided by VAME or be collected outside, we believe asset-based approach is proper in this appraisal. 資產基礎法是指在合理評估企業各項資產價值和負債的基礎上確定評估對象價值的評估思路。由於被評估單位可以提供、評估師也可以從外部收集到滿足資產基礎法所需的資料，結合本次評估目的及資料收集情況，評估人員認為可以採用資產基礎法進行評估。 （三）Introduction of the methods adopted對於所採用的評估方法介紹 Asset-based approach資產基礎法 1、Appraisal methods for current assets and other assets流動資產和其他資產的評估方法 （1）All monetary fund is cash in bank. The valuer checked the monetary fund, which was accurate. The valuer regarded book value as appraised value. 貨幣資金全部為銀行存款。對於貨幣資金進行核實，經核實無誤後，以帳面值確認評估值。 （2）The valuer checked all receivables to ensure accuracy. If any conclusive evidence proved that there was loss, the valuer would confirm the bad debts according to actual loss amount. If no conclusive evidence could prove that there was loss, the valuer would estimate the expected loss according to the provision for bad debt accounting. After checking the prepayments to ensure accuracy, the valuer would confirm the appraised value according to the value of assets or rights formed by repossessed goods. 各種應收款項在核實無誤的基礎上，如有確鑿證據證明有損失的，按實際損失金額確認壞帳損失，如無確鑿證據證明有損失，則參照會計計提壞帳政策估算預計損失；預付帳款在核實無誤的基礎上，根據所能收回的相應貨物形成資產或權利的價值確定評估值。 2、Appraisal methods for non-current assets非流動資產的評估方法 （1）Machinery equipment appraisal機器設備的評估 On the basis of continuing use assumption, replacement cost approach was used. Formula is as follow: 根據評估目的及資料收集情況，此次對車輛按繼續使用的假設前提，採用重臵成本法。具體公式如下： Appraised value = Replacement total price* Comprehensive newness rate 評估值＝重臵全價×綜合成新率 A、Confirming replacement total price重臵全價的確定 VAME is general value-added tax payer. According to national value added tax policy, value-added income tax paid in purchasing fixed assets for producing can be deducted. Value-added income tax is not included in the replacement total price in equipment appraisal. 被評估單位為增值稅一般納稅人，根據國家有關增值稅政策，對企業購入的生產用固定資產所支付的增值進項稅可以抵扣。本次設備評估中，重臵全價均不含增值稅進項稅額。 To confirm the replacement total price of vehicle, the valuer added market value of vehicle on December 31st, 2014 to vehicle purchase tax and other reasonable expenses, such as license fee. It is ordered in Notice of Taxation on Including the Railway Transportation and Postal Industries in the Pilot Program of Replacing Business Tax with Value-Added Tax (No. 106 [2013] of the Ministry of Finance) that general value-added tax payers should pay consumption tax for motorcycles, autos, and yachts for private use, but the value-added income tax can be deducted. Therefore, the formula of replacement total price for vehicles is: 對車輛，按評估基準日市場價格，加上車輛購臵稅和其它合理的費用(如牌照費)來確定其重臵全價。根據「關於將鐵路運輸和郵政業納入營業稅改徵增值稅試點的通知 財稅[2013]106號」規定「原增值稅一般納稅人自用的應徵消費稅的摩託車、汽車、遊艇，其進項稅額準予從銷項稅額中抵扣。」，因此車輛重臵全價計算公式為： Replacement total price for vehicles= Purchasing price+ Vehicle purchase surtax+ License fees and incidentals- Value-added tax deductible. 車輛重臵全價=購臵價+車輛購臵附加稅+牌照費及雜費-可抵扣增值稅 Where: Vehicle purchase surtax= Purchasing price÷1.17×10% Value-added tax deductible= Purchasing price÷1.17×10% 其中：車輛購臵附加稅=車輛購臵費÷1.17×10% 可抵扣增值稅=車輛購臵費÷1.17×17% B、Confirming comprehensive newness rate綜合成新率的確定 The valuer confirmed the comprehensive newness rate according to Motor Vehicle Mandatory Scrapping Standard(the ―Standard‖)and the People's Republic of China Road Traffic Safety Rules for its Implementation(No 12[2012])， jointly released by the Ministry of Commerce, National Development and Reform Commission, Ministry of Public Security and Ministry of Environmental Protection. 對車輛綜合成新率的確定，按照商務部、發改委、公安部、環境保護部令2012年第12號《機動車強制報廢標準規定》和《中華人民共和國道路交通安全法實施條例》。具體確定方法如下： Some vehicles are mandatory to be scrapped after some years (as indicated in Standard). For these vehicles, the valuer calculated the life newness rate and mileage newness rate first, the lower one of which would be selected to confirm theoretical newness rate. To confirm on-site investigation newness rate of the vehicle, the valuer would check the appearance, construction, engine condition, circuit, brake performance and gas emission. At last, the valuer confirmed vehicle comprehensive newness rate. The formula is as follow 對於《機動車強制報廢標準規定》中有規定強制報廢使用年限的車輛，本次評估首先計算車輛的年限成新率和裡程成新率，再依據孰低原則確定車輛的理論成新率；結合現場查看車輛的外觀、結構是否有損壞，發動機是否正常，電路是否通暢，制動性能是否可靠，是否達到尾氣排放標準等指標以確定車輛的現場勘察成新率。最後根據理論成新率權重40%、現場勘察成新率權重60%的原則確定車輛的綜合成新率。即 Comprehensive newness rate= Theoretical newness rate*40% + On–site investigation newness rate *60%. 綜合成新率=理論成新率×40% +現場勘察成新率×60% Where：The lower one of life newness rate and mileage newness rate is theoretical newness rate. 其中理論成新率根據年限成新率與行駛裡程成新率按孰低原則確定。年限成新率及行駛裡程成新率具體計算公式如下： Life newness rate=Remaining service life/ (Serviced life+ Remaining service life)*100% 年限成新率=尚可使用年限/(已使用年限+尚可使用年限)×100% Mileage newness rate= Travelable mileages/ (Traveled miles+ Travelable mileages)*100% 行駛裡程成新率=尚可行駛裡程/(已行駛裡程+尚可行駛裡程)×100% On–site investigation newness rate was confirmed according to on-site investigation and State of Vehicles Questionnaire filled in by VAME. 現場勘察成新率系評估人員通過現場查看並參考被評估單位填寫的《車輛狀況調查表》對車輛給出的成新率。 ②Some vehicles are not ordered in the Standard for mandatory scrapping. The valuer confirmed the comprehensive newness rate according to the People's Republic of China Road Traffic Safety Rules for its Implementation( article 16), where indicates that life of large and medium non-operational passenger service vehicle is 10 years, while life of small and mini non-operational passenger service vehicle is 15 years. The valuer confirmed the comprehensive newness rate by the method indicated in ①. 對於《機動車強制報廢標準規定》中未規定強制報廢使用年限的車輛，我們參考《中華人民共和國道路交通安全法實施條例》第十六條規定，大型、中型非營運載客汽車經濟耐用年限確定為10年，小型、微型非營運載客汽車經濟耐用年限確定為15年。並按以上①條的方式確定綜合成新率。 C、Confirming appraised value評估值的確定 Appraised value = Replacement total price* Comprehensive newness rate 評估值=重臵全價×綜合成新率。 （2）Valuation method of construction in progress: Since the construction in progress started not long before the base date, based on the project completion degree, the valuer adopted replacement cost method 在建工程的評估方法：由於在建工程開工時間較短，根據項目完工程度，採用重臵成本評估。 （3）Valuation method of construction land use right 建設用地使用權的評估方法 According to the feature and exploitation situation of the land, the valuer adopted cost approach and land datum value method. 評估人員在認真分析所掌握的資料並進行了實地調查之後，根據待估宗地的特點及土地開發狀況，選取成本逼近法和基準地價修正法作為本次評估的基本方法。 ① Land datum value method基準地價係數修正法 It is a method that corrects date, year, region and individual factor according to the benchmark land price standards in Loudi Municipality. It also corrects the difference of infrastructure construction between benchmark land and appraised land. The formula is as follow: 基準地價係數修正法是按照所在市縣基準地價標準，根據基準地價修正體系，進行期日修正、年期修正、區域因素和個別因素修正，並進行基準地價基礎設施條件和待估宗地基礎設施條件差異修正，得到待估宗地的評估地價。其基本公式： P工=Level of benchmark land price×（1＋ΣKi）×Ky×Kt×Ks×Ka×Kp＋Kf P工=級別基準地價×（1＋ΣKi）×Ky×Kt×Ks×Ka×Kp＋Kf Where: 以上公式中： ΣKi—Sum of the factors』 corrected number in appraised land correction coefficient tables ΣKi—宗地修正係數表中各因素修正值之和 Ky— Year correction coefficient Ky—年期修正 Kt— Date correction coefficient Kt—估價期日修正係數 Ks—Land acreage correction coefficient Ks—宗地面積修正係數 Kf— Land exploitation degree correction amount Kf—開發程度修正額 Ka— Land shape correction coefficient Ka—宗地形狀修正係數 Kp—Land deviation degree correction coefficient Kp—宗地偏離度修正係數 ②Cost approach 成本逼近法 It is always used to confirm land price based on the sum of expenses caused by land exploitation，interests, profit, tax and land value-added revenue. 成本逼近法是以開發土地所耗費的各項客觀費用之和為主要依據，再加上一定的利息、利潤、應繳納的稅金和土地增值收益來確定土地價格的方法。 The formula is as follow: 其計算公式為： Land price= (Land purchasing price and tax+ Land exploitation expenses+ Investment interests+ Investment return+ Land value-added revenue)*Year correction coefficient *Location correction coefficient 土地價格=（土地取得費及稅費+土地開發費+投資利息+投資利潤+土地增值收益）×年期修正係數×區位修正係數 ③ Having Considered local actual land price, the valuer adopted simple arithmetic average of price in cost approach and land datum value method. 採用基準地價係數修正法及成本逼近法評估後，結合現實地價水平並與評估測算結果相比照，最後按兩種方法的簡單算術平均值確定評估地塊的最終價格結果。 3、Liability appraisal method負債的評估方法 The valuer checked all the liabilities to ensure accuracy. We confirmed appraised value according to the liabilities that VAME should undertake after appraisal purpose realized. The liabilities that VAME doesn’t actual undertake are not included herein. 各類負債在查閱核實的基礎上，根據評估目的實現後被評估單位實際需要承擔的負債項目及金額確定評估值。對於負債中並非實際需要承擔的負債項目，按零值計算。 九、Valuation procedure評估程序實施過程及情況 Our valuation was made in accordance with the procedures described in assets valuation rules and the engagement conferred us by VAME. Procedures are as follows 根據國家有關部門關於資產評估的規定，按照我公司與委託方籤定的資產評估業務約定書，評估人員實施了必要的評估程序。資產評估的詳細過程如下： （一）Before engagement接受委託階段 The project manager should 在接受項目委託前，項目負責人首先： 1、know the organization structure and distribution of VAME 了解被評估單位組織架構和機構分布； 2、investigate for activity features and assets condition of VAME. 了解被評估單位經營業務特點資產狀況； 3、understand internal control and accounting system of main activities of VAME. 了解被評估單位主要業務內控制度和會計核算制度； 4、plan for the appraisal according to the survey. 根據對被評估單位的調研情況編制評估計劃。 Having had a general knowledge of the project, we signed an engagement letter with VAME, which makes clear the purpose, object, scope and base date of the appraisal. Then, we wrote the Operation Scheme of Assets Appraisal for this project. 初步了解項目情況後，我公司與委託方籤定了評估業務約定書，明確了評估目的、評估對象及範圍和評估基準日。撰寫項目組《資產評估操作方案》。 （二）Check and calculation清查核實階段 1、 Training for the appraisal項目培訓階段 To smooth the appraisal and to unify the methodology, parameter and technical plan, we trained all the appraisers involved in. Main training contents are background, intermediary, appraisal schedule, keynote in specification audit, requirement for inventory, valuation methodologies for different assets, requirements and attentions in intermediary cooperation, audit requirements at different levels, requirements for report style, standard requirement for electronic documents and wording papers, responsibility of personnel at all levels, project coordination mechanism and operating discipline. 針對本項目特點，為了保證質量、統一評估方法和參數，確保評估技術方案的貫徹落實，我們對參與本項目的評估人員進行培訓；主要內容為：項目基本背景及情況、相關的中介機構、項目組織及時間安排、明細表審核要點、現場清查工作的要點及具體要求、各類資產的評估方法、中介機構的對接要求及注意事項、各級審核要求、報告體例要求、電子文檔的規範要求、工作底稿的要求、各級人員職責、項目協調機制、工作紀律等內容。以明確項目情況及總體要求，並確保在被評估單位資產申報過程中對有關共性問題解釋的一致性。 All the preparation work done by the management of VAME such as checking assets, declaring assets and preparing materials, were guided by the appraisers in accordance with consistent requirements of this appraisal. 評估人員根據項目統一要求指導被評估單位清查資產、填報資產評估申報表、準備評估資料。 2、 On-site check現場清查階段 We assumed that VAME declared and checked the assets objectively, on the basis of which, we inspected the concerning assets and liabilities randomly. 在被評估單位如實申報資產並對委估資產進行全面自查的基礎上，評估人員對納入評估範圍內的資產和負債進行了抽查核實。 The work were to 資產清查工作主要包括： （1）check if the appraisal objects were real and legal評估對象真實性和合法性的查證 According to the assets specification declared by VAME, we inspected and checked the assets randomly in the storage place to confirm the quality and number. 根據被評估單位提供的資產評估申報明細表，評估人員到實物存放現場進行了抽查核實，以確定其客觀存在。 （2）investigate book value of the declared assets帳面價值構成的調查 In consideration of assets feature of VAME, we checked the concerning accounting documents and books to know the value composition of the assets declared by VAME. 根據被評估單位的資產特點，查閱被評估單位有關會計憑證和會計帳簿及決算資料，了解被評估單位申報評估的資產價值構成情況。 （3）collect information for the appraisal評估資料的收集 To instruct VAME to collect and prepare material needed in this appraisal, we submitted a list. 向被評估單位提交與本次評估相關的資料清單，指導被評估單位進行資料收集和準備。 （4）acquire information about the production, management and operation condition of VAME, such as manpower deployment, material resource supply, resource allocation and use, management system and policy, financial and operation plan. Analyze historical financial information, current operation condition and future development plan. 了解被評估單位的生產、管理和經營情況，如：人力配備、物料資源供應情況、資產配臵及使用情況，管理體制和管理方針、財務計劃和經營計劃等；對被評估單位以前年度的財務資料進行分析，並對經營狀況及發展計劃進行分析。 （三）Evaluation and calculation評定估算階段 In accordance with law, valuation practices and assets pricing plan, the appraisers determined valuation parameter and price standard in consideration of the condition of assets appraised and the information collected. Based on the collected pricing information we performed the evaluation and calculation. 評估人員依據評估各項準則及國家相關的法律法規，結合委估資產情況及評估資料收集情況確定評估方法，根據各類資產的作價方案，明確評估參數和價格標準，收集相關作價資料，進行評定估算工作。 （四）Summary匯總階段 After finished the first draft, the appraisers summarized the work to ascertain the valuation conclusion 項目組完成初稿，最終匯總確定評估結果。 （五）Report information check審核階段 We checked the specification, explanation, report and working paper of the valuation in accordance with the internal review procedure of VICPV. Specific modification opinions and suggestions were given according to the review. 完成評估初步結果後，按照我公司內部覆核程序，對項目組提供的評估明細表、評估說明、評估報告及相關的工作底稿進行了全面審核並提出具體的審核修改意見和建議。 After all the work about review was finished, we completed and perfected the specification, explanation and report according to the modification opinions and suggestions. We submitted the modified report for VAME’s comment. 各級審核工作結束後，項目組根據各級審核意見和建議對評估明細表、評估說明、評估報告進行了相應的修改、補充和完善，覆核通過後我公司將評估報告徵求意見稿提供給委託方交換意見。 （六）Report issuing出具報告階段 After a communication about appraisal conclusion with VAME, we issued the official report 在將評估結果與委託方溝通後正式出具評估報告。 十、Appraisal assumptions評估假設 （一）Basic assumptions基本假設 1、Open market assumption. It assumes the requirements of the entry of asset and how the market affects the asset. An open market refers to a market which is developed and perfect, where buyers and sellers are equal in status and in a situation of free competition. Information in the market is accessible to buyers and sellers, transactions between whom are under voluntary and rationality. 公開市場假設：公開市場假設是對資產擬進入的市場的條件，以及資產在這樣的市場條件下接受何種影響的一種假定說明或限定。公開市場是指充分發達與完善的市場條件，是一個有自願的買者和賣者的競爭性市場，在這個市場上，買者和賣者的地位是平等的，彼此都有獲取足夠市場信息的機會和時間，買賣雙方的交易行為都是在自願的、理智的而非強制的或不受限制的條件下進行的。 2、Continuing use assumption: It assumes that the appraised assets are in use, including assets in use and spare assets. According to concerning data and information, one can infer that the assets in use will continue to be used. The assumption not only indicates the condition and environment of market the assets are in, but also the existence state of the assets. It is assumed in this appraisal that all the appraised assets other than abandoned assets would continue to be used in the place. 持續使用假設：該假設首先設定被評估資產正處於使用狀態，包括正在使用中的資產和備用的資產；其次根據有關數據和信息，推斷這些處於使用狀態的資產還將繼續使用下去。持續使用假設既說明了被評估資產所面臨的市場條件或市場環境，同時又著重說明了資產的存續狀態。根據本次評估目的，假設納入評估範圍內的各項資產除報廢資產外，其他正常使用的資產均為在原地按照現行用途持續使用。 （二）General assumptions一般假設 1、No significant change occurs in relative laws, regulations and policies. 國家現行的有關法律、法規及方針政策無重大變化； 2、No significant policy change occurs in national economic and industry. 國家的宏觀經濟形勢政策及關於行業的基本政策無重大變化； 3、No drastic policy change in current bank rate, exchange rate and tax. 國家現行的銀行利率、匯率、稅收政策等無重大改變； 4、Our valuation is based on a ―going-concern‖ assumption under the foundation of explicit property right. 企業在產權明確的情況下，以保持持續經營為前提條件； 5、No significant change occurs in operation model. 企業的經營模式不發生重大變化； 6、No drastic change in accounting policy and calculating methods. 企業會計政策與核算方法無重大變化； 7、No domestic political, economic and social change occurs in the area of VAME. 企業所處地區的政治、經濟和社會環境無重大變化； 8、No significant general environment and policy change occurs in the industry of VAME, which is to say sales would not decline sharply with the change of environment and policy intervention. 企業所處行業大環境、基本政策無重大變化，即市場銷售不會因大環境的變化而急劇下降，或因政策幹預而大幅萎縮； 9、No irresistible or unanticipated events would occurs internally or externally. 企業及外部環境未來不會發生其他人力不可抗拒及不可預測因素的其他重大影響。 十一、Conclusion評估結論 Asset-based approach was used in the appraisal. Our opinion is as follow: 此次評估採用資產基礎法，根據以上評估工作，得出如下評估結論： RMB Items Book value Appraised value Value appreciation Appreciation rate Assets 375,870,731.59 388,094,841.59 12,224,110.00 3.25% Liabilities 501,639.32 501,639.32 0 0 Net assets 375,369,092.27 387,593,202.27 12,224,110.00 3.26%。 在評估基準日2014年12月31日，華菱安賽樂米塔爾電工鋼有限公司資產總額帳面值37,587.07萬元，評估值38,809.484萬元，評估增值1,222.41萬元，增值率3.25%； 負債總額帳面值50.16萬元，評估值50.16萬元，評估值與帳面值無差異； 淨資產帳面值37,536.91萬元，評估值38,759.32萬元，評估增值1,222.41萬元，增值率3.26%。 Please read appraisal specification for specific results. 評估結論詳細情況見資產評估結果匯總表及評估明細表。 Summary Sheet of Assets Appraisal Results December 31st, 2014 資產評估結果匯總表 評估基準日：2014年12月31日 Appraised Entity: VAME RMB 被評估單位：華菱安賽樂米塔爾電工鋼有限公司 金額單位：人民幣元 Items 項目 Book Value 帳面價值 Appraised Value 評估價值 Appreciation/ Devaluation 增減值 Appreciation rate 增值率% A B C=B-A D=C/A×100% 1 Current assets 流動資產 234,269,002.73 234,269,002.73 - - 2 Non-current assets 非流動資產 141,601,728.86 153,825,838.86 12,224,110.00 8.63 3 Fixed asset 固定資產 144,512.80 208,976.00 64,463.20 44.61 4 Construction in process 在建工程 89,721,924.80 25,354,000.00 -64,367,924.80 -71.74 5 Intangible assets 無形資產 28,049,514.40 104,577,086.00 76,527,571.60 272.83 6 Other non-current assets 其他非流動資產 23,685,776.86 23,685,776.86 - - 7 Total assets 資產合計 375,870,731.59 388,094,841.59 12,224,110.00 3.25 8 Current liabilities 流動負債 501,639.32 501,639.32 - - 9 Non-current liabilities 非流動負債 - - - - 10 Total liabilities 負債合計 501,639.32 501,639.32 - - 11 Net assets (shareholders』 equity) 淨資產（所有者權益） 375,369,092.27 387,593,202.27 12,224,110.00 3.26 It is our opinion that the appraised value of all shareholders' equity is ￥387,593,200. Appreciation amount is ￥12,224,100. Appreciation rate is 3.26%. 採用資產基礎法對華菱安賽樂米塔爾電工鋼有限公司的股東全部權益價值的評估值為38,759.32萬元，評估增值1,222.41萬元，增值率3.26%。 The use of the report is restricted for the purpose indicated herein. We do not purport to be guarantors of value. As such, we assume no responsibility for your inability to obtain a purchase contract for this business at this or any value. We strongly suggest that the client and related report users should make decisions based on the analysis of appraisal report and with the considering of factors such as assets condition and market circumstance at the time. The appraisal conclusion is only for the purpose indicated herein and valid before the expiry date. We are not responsible for any improper use of this report. 本評估報告僅為業務約定書約定的報告使用者實施本次評估目的提供價值參考，不應當被視為是對被評估資產和本次評估對象可實現價格的保證。建議委託方和相關報告使用者在參考分析評估結論的基礎上，結合經濟行為實施時資產狀況和市場狀況等因素，合理進行決策。本報告及其所披露的評估結論僅限於評估報告載明的評估目的，僅在評估報告使用有效期限內使用，因使用不當造成的後果與評估機構和註冊資產評估師無關。 十二、Attentions特別事項說明 Some factors can affect appraisal conclusion to some extent but cannot be evaluated or estimated to the best of CPV s』 knowledge, which should be specially noticed. 以下事項並非本公司註冊資產評估師執業水平和能力所能評定和估算，但該事項 （一）According to Guidance Notes on Checking Ownership of Valuation Object for CPVs released by CICPA, the client and interested parties should provide ownership right information of the appraisal object, which should be prepared in a true, legal and complete way. CPVs have the responsibility to give professional opinions to the value of the appraisal object, but take no responsibility to confirm the ownership. 中國註冊會計師協會頒布的《註冊資產評估師關注評估對象法律權屬指導意見》中指出，委託方和相關當事人應當提供評估對象法律權屬等資料，並對所提供的評估對象法律權屬資料的真實性、合法性和完整性承擔責任。註冊資產評估師執行資產評估業務的目的是對評估對象價值進行估算並發表專業意見，對評估對象法律權屬確認或發表意見超出註冊資產評估師執業範圍。， （二）The report is without considering the effect caused by the additional price paid by some special deals. Two other factors are also out of consideration, namely expenses and taxes caused by concerning assets ownership alteration and registration, tax changes caused by appraisal appreciation and impairment. Therefore, report users should take tax into consideration and handle according to relevant state regulations 本報告未考慮特殊的交易方可能追加付出的價格等對評估價值的影響，也未考慮評估對象及納入本次評估範圍的資產在權屬變更或權屬登記時應承擔的相關費用和稅項，也未考慮各類資產評估增、減值額納稅影響；委託方在使用本報告時，應當仔細考慮稅負問題並按照國家有關規定處理。 （三）CPVs didn’t inspect technical parameter and performance. This opinion of equipment value assumes that all the technical information and running data provided by VAME are real and effective. 本次評估中，註冊資產評估師未對各種設備在評估基準日的技術參數和性能做技術檢測，設備評估結論是在假定被評估單位提供的有關技術資料和運行記錄是真實有效的前提下得出的。 （四）Land土地情況 On June 9th, 2009, The Management Committee of Loudi Municipality Economic Development District（the ―Committee‖) signed an investment attraction agreement on automotive steel and electrical steel joint venture project with Valin Group, ArcelorMittal and Hunan Valin Iron & Steel Corp.. Each side reached an agreement that Loudi Municipality government and the Committee should offer a 329 acres construction land in the economic zone to the joint venture company and reserve 107 acres land for extension, development and supplementary construction. The four boundaries of 329 acres construction land are Yingchun Road in the east, Jixing Road in the west, Loudi Eastern Railway Station in the north, Loulian road in the south. The land was transferred listed. The joint venture company obtained the land at a delisted price in accordance with concerning laws. In the previous regulation, each side agreed that the land price was ￥273.200 per acre. The price includes but is not limited to expenses on land-transferring, contract tax, plant compensation, relocation compensation and settlement. Expenses caused by state-owned land use right certificate handling should be paid by Loudi government and the Committee. For the avoidance of doubt，each side further confirmed that the joint venture company would not need to pay any other fees or payments apart from ￥273.200 per acre. 2009 年6月9日，婁底經濟開發區管理委員會與華菱集團、安賽樂米塔爾、 湖南
華菱鋼鐵股份有限公司籤訂關於汽車板和電工鋼合資項目的招商引資協議：關於合資項目建設用地 ，各方理解並確認，婁底市政府、婁底開發區管委會應在婁底經濟開發區內為合資項目向合資公司提供2000畝左右建設用地，並預留650畝左右建設用地以備合資公司擴建、發展及其配套建設之用。前述2650畝左右土地的四至為：東臨迎春路、西臨吉星路、南臨婁底火車東站、北臨婁漣公路。上述土地依法實行掛牌出讓，合資公司取得前述2000畝左右建設用地的地價為按有關政策摘牌的價格，但是，儘管有前述規定，各方同意並確認合資公司僅按4.5萬元人民幣/畝支付土地價款，前述價款包括但不限於土地出讓金、契稅、青苗補償費、拆遷補償和安臵等所有費用，辦理該項目國有土地使用權證的相關費用由婁底市政府、婁底開發區管委會負責承擔。為避免疑義，各方進一步確認，合資公司取得前述2000畝左右建設用地土地使用權證，除按每畝支付人民幣4.5萬元價款外，無須支付其他任何費用或款項。 On December 2nd, 2011, VAME and Loudi Land and Resources Bureau signed a contract on the state-owned construction land use right transfer. Land transfer number is 1-6-85-6. The land acreage is 441,290.30 m2. Transfer price is ￥103,050,000 (￥233.51 per square meter) 2011年12月2日，被評估單位與婁底市國土資源局籤訂了國有建設用地使用權出讓合同，出讓宗地編號為1-6-85-6，出讓宗地面積為441,290.30平方米，出讓價款為103,050,000元（每平方米233.51元）。 On February 2nd，2012， VAME received the State-owned Land Use Right Certificate, which records serial number(No. 000572, 2012), acreage of the land (441,290.30 m2), usage (industrial land), use right type(state-owned land transfer), and expiry date(November 25th, 2061). According to the book value of VAME, the total cost for the land was ￥29,787,095.00 as of December 31st, 2014 2012年2月11日，被評估單位取得了婁國用（2012）第000572號國有土地使用權證，證載上述土地使用權面積441,290.30平方米，用途為工業用地，使用權類型為國有出讓，終止日期2061年11月25日。根據被評估單位帳面記錄，至評估基準日，公司為上述土地共計支付成本29,787,095.00元。 Land transferring fees not paid as indicated in land transferring contract are presented in Land Valuation Sheet as a deduction item. Please notice the effect caused by the item. 本次評估對未按土地出讓合同交納的土地出讓金作為土地評估值的減項在土地評估表中進行列示。特此提請報告使用者注意此事項對評估結果的影響。 （五）Influenced by the global economy and steel industry depression, the electrical steel market has greatly changed. Valin Steel and ArcelorMittal agreed to suspend the business plan and operation activities of VAME, which is indicated in Memorandum of Understanding in Relation to Valin Arcelormittal Electrical Steel Co., Ltd signed by the two sides on June 6th, 2012. Therefore, income approach is inappropriate for the appraisal. 由於受國內外經濟形勢以及鋼鐵行業低迷的影響，電工鋼市場形勢發生重大變化，湖南
華菱鋼鐵集團有限責任公司與安賽樂米塔爾股份公司（ ArcelorMittal）於2012年6月6日籤署《關於華菱安賽樂米塔爾電工鋼有限公司合資項目的備忘錄》，暫緩啟動或運營華菱安賽樂米塔爾電工鋼有限公司的經營方案及業務活動。本次對該項目不宜採用收益法進行評估。 （六） If the actual assets amount varies after the base date, report users should consider the variations in pricing and adjust them accordingly. If assets price standard that affects our valuation changes, another appraisal would be needed. 評估基準日後若資產數量發生變化，評估報告使用者應當根據評估基準日後資產變化，在資產實際作價時給予充分考慮，進行相應調整；若資產價格標準發生變化，並對資產評估值產生明顯影響時，委託方應及時聘請評估機構重新確定評估值。 （七）The report assessed the Market Value of the total shareholders』 equity, without considering the effect of equity premium and discount. We have to remind report users that value of part equity is unnecessarily equal to the product of the total shareholders』 equity value and its share proportion. 本次評估結論為股東全部權益價值，所以不考慮股權溢價、股權折價等因素對評估結論的影響，提請報告使用者注意部分股權價值並不必然等於股東全部權益價值與持股比例的乘積。 （八）The report doesn’t consider the effect of liquidity discount to share value. 本次評估結論未考慮流動性折扣對股權價值的影響。 十三、Appraisal report instructions評估報告使用限制說明 （一）The use of the report is restricted for the purpose indicated herein. 評估報告只能用於評估報告載明的評估目的和用途； （二）The use of the report is restricted to the users indicated herein 評估報告只能由評估報告載明的評估報告使用者使用； （三）If the report should be approved or filed by the State-owned Assets Supervision Department, it cannot be used before approval and filing. 評估報告如需報經國有資產監管部門核准或備案，在未經核准或備案前，本評估報告不得被使用； （四）Any person who is not authorized by VICPV or laws should not copy, quote or disclose the report to the public. 未徵得評估機構同意，評估報告的全部或部分內容不得被摘抄、引用或披露於公開媒體，法律、法規另有規定的除外； （五）The report takes effect after signed by the CPV and sealed by VICPV 本評估報告經註冊資產評估師籤字，評估機構蓋章後方可正式使用。 （六）If events occurring after our valuation could result in substantially different conclusions than those presented in this report, VAME should reconfirm a base date for another appraisal. 當政策調整對評估結論產生重大影響時，應當重新確定評估基準日進行評估； （七）The report is valid for one year from the basis date, after which, another appraisal must be performed 按照有關規定，本評估報告結論使用有效期一年，自評估基準日起計算，超過一年，需重新進行評估。 十四、Report date 報告日 The appraisal report date is April 15th, 2015 2015本次評估報告日為2015年4月15日。 Signature page評估報告籤字蓋章頁 [This page is intentionally left blank此頁無正文] Vocation International Certified Public Valuer Co. Ltd 沃克森（北京）國際資產評估有限公司 Legal representative (or authorized representative) 法定代表人（或授權代表）： CPV: 註冊資產評估師： CPV: 註冊資產評估師： April 15th, 2015 二O一五年四月十五日 Appendices評估報告附件 Contents目 錄 一、Copies of document about economic activity involved in the appraisal 資產評估經濟行為文件複印件 二、The commitment letter of Valin Group on no ownership defective items such as mortgage, pledge and freeze about its holding of shares of VAME湖南
華菱鋼鐵集團有限責任公司關於持有股權不存在抵押，質押、凍結等權屬瑕疵事項的承諾函 三、Copies of business license of VAME 委託方即被評估單位營業執照複印件 四、Copies of 2012 and 2013 audited financial statement and audit report on base date of VAME被評估單位2012年、2013年經審計後財務報表、評估基準日審計報告複印件 五、Ownership evidential documents產權證明文件 六、The commitment letter of VAME委託方即被評估單位承諾函 七、The commitment letter of CPVs資產評估師承諾函 八、Copy of business license of VICPV資產評估機構營業執照複印件 九、Copy of the credential of VICPV資產評估機構資格證書複印件 十、Name list and credentials of the valuers評估人員名單及其資格證書複印件 十一、Copies of assets appraisal engagement letter資產評估業務約定書複印件 參加本評估項目主要人員名單 項目負責人： 伍智紅 項目覆核人： 劉繼紅 流動資產： 伍智紅 土地使用權及在建工程： 李鵬飛 機器設備： 田煉 質監部覆核人： 王愛萍
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