April 28, 2011, The Company announced its operating results of the Company and its subsidiaries (collectively, the “Group”) prepared in accordance with China Accounting Standards for Business Enterprises (unaudited) for the three months ended 31 March 2011 (the “Reporting Period”).

During the Reporting Period, the Group realised a revenue of RMB574 million, representing an increase of 13.4% as compared to the corresponding period of 2010 (“year-on-year”). Of this amount, toll revenue amounted to RMB543 million, up 12.0% year-on-year. Net profit attributable to shareholders of the Company (“Net Profit”) amounted to RMB186 million, up 10.1% year-on-year. Earnings per share amounted to RMB0.085 (2010 corresponding period: RMB0.077).

Mr. Yang Hai, Chairman of the Company, said, “During the first quarter of 2011, Net Profit recorded a steady increase, which was mainly attributable to toll revenue growth and effective controls over costs and expenses.”

During the Reporting Period, toll roads operated and invested by the Group maintained overall growth in traffic volumes and toll revenues. Yanba Expressway, Nanguang Expressway and Guangwu Project continued to maintain rapid growth trends and average daily toll revenues generated were RMB337,000, RMB547,000 and RMB697,000 respectively, representing year-on-year increases of 61.3%, 40.6% and 78.0% respectively. Yanba (C) opened at the same time as Huishen Coastal Expressway in March 2010. Benefitting from an increase in toll mileage and continuous synergistic effects generated from enhanced road networks, Yanba Expressway maintained good toll revenue growth during the Reporting Period. The significant growth on Nanguang Expressway was owing to enhanced road networks nearby and the implementation of the Company’s marketing measures. The second phase of Guangwu Expressway completed construction and opened in June 2010 which led to a thorough operation of toll roads between Guangzhou and Wuzhou and an increase in toll revenue of Guangwu Project due to the synergistic effects generated from the road networks. Meanwhile, with Liannan Section of Qinglian Project commencing expressway operation on 25 January 2011, Qinglian Expressway’s total toll mileage increased from 188 km to 216 km, and the resultant link-up of the expressway has led to an increase in traffic volume. As a result, Qinglian Expressway recorded an average daily toll revenue of RMB1.29 million, representing a year-on-year increase of 14.3%. As to Jihe East, Yanpai Expressway and Shuiguan Expressway, their traffic volumes and vehicle category mixes were affected to a certain extent as a portion of their traffic were drawn back to Shenhui Road, a road near the above-mentioned projects, after the road’s completion of reconstruction and opening in the beginning of this year. During the Period, affected by various factors such as traffic control measures implemented in Wuhan City and changes in road networks nearby including the opening of Mawu Expressway, Wuhuang Expressway recorded a decrease in average daily toll revenue as compared to the corresponding period of 2010.

During the Reporting Period, the Group’s consolidated toll revenue recorded a year-on-year growth of 12.0%, mainly benefitting from rapid toll revenue growths on Nanguang Expressway, Qinglian Project and Yanba Expressway. In the meantime, the Group’s costs and expenses were well controlled. In particular, the gross margin of the toll roads operated by the Group was basically in line with that of the corresponding period of 2010, as operating costs of the toll roads recorded a year-on-year increase of 14.8% which was commensurate with traffic volume growth. Owing to a year-on-year increase in exchange gains and a year-on-year decrease in the scale of borrowings, the Group’s finance expenses decreased by 4.9% year-on-year.

Looking forward, Mr. Yang Hai said, “The current major task of the Company is to enhance the overall returns of the Group. We will also actively study and explore those industries and businesses which are related to the toll road industry and the Company’s core business capabilities, so as to seek new opportunities for the Group’s long-term development. In 2011, the Group will adhere to the pragmatic and progressive principle in striving for better operating results for the Group and a better return for the shareholders.”

Appendix I: 2011 First Quarterly Results Highlights

Appendix II: Basic Operating Statistics of Each Toll Highway During the Reporting Period