Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

中國中鐵股份有限公司 CHINA RAILWAY GROUP LIMITED (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 390)

This overseas regulatory announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Please refer to the attached “Announcement of China Railway Group Limited on Winning of Bids for Material Projects” published by China Railway Group Limited on the Shanghai Stock Exchange website on 9 December 2019 for your information.

By Order of the Board China Railway Group Limited Zhang Zongyan Chairman

9 December 2019

As at the date of this announcement, the executive directors of the Company are ZHANG Zongyan (Chairman), CHEN Yun and ZHANG Xian; the independent non-executive directors are GUO Peizhang, WEN Baoman, ZHENG Qingzhi and CHUNG Shui Ming Timpson; and the non-executive director is MA Zonglin. A Shares Stock Code: 601390 A Shares Stock Name: China Railway Announcement No.: H Shares Stock Code: 00390 H Shares Stock Name: China Railway Lin 2019-082

Announcement of China Railway Group Limited on

Winning of Bids for Material Projects

The board of directors of China Railway Group Limited (the “Company”) and all the directors hereby undertake that this announcement does not have any false or misleading statements or any material omissions, and assume the joint and several liability for the truthfulness, accuracy and completeness of the contents.

Recently, the consortium comprising the Company and its wholly-owned subsidiary, China Railway

City Development and Investment Group Co., Ltd., won the bid for the PPP project of Leshan-Xichang

Expressway (Leshan-Mabian segment) and the bid for the PPP project of the segment from Zhaotong

(located at the boundary of Sichuan Province and Yunnan Province) to Xichang of the G7611 Line.

The total length of the Leshan-Xichang Expressway (Leshan-Mabian segment) is about 84.7 kilometers, with an estimated total investment of about RMB16.479 billion; the cooperation period of the project is 34 years, of which the construction period is 4 years. The government representative and the private capital investor will jointly fund the establishment of the project company, of which the government representative will hold 49% equity interest, and the consortium as the private capital investor will hold 51% equity interest in the project company; the capital invested in the project covers

25% of the total investment (i.e. RMB4.12 billion), of which RMB2.1 billion will be contributed by the private capital investor and RMB2.02 billion will be contributed by the government representative.

During the cooperation period, the project company will recover the investment and reasonable returns through user-charges and viability gap funding. After the cooperation period expires, the project company will hand over the project to the government-designated agency without compensation.

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The total length of the segment from Zhaotong (located at the boundary of Sichuan Province and

Yunnan Province) to Xichang of the G7611 Line is 184.8 kilometers, of which 16.7 kilometers will share the same road as the Expressway Along the Yangtze River, and 168.1 kilometers will be independently constructed in this project, with an estimated total investment of about RMB30.012 billion. The cooperation period of the project is about 34 years, of which the construction period will be 5 years. The capital invested in the project covers no less than 20% of the total investment of the project (i.e. RMB6.0024 billion), and the consortium as the private capital investor will invest in the project company. During the cooperation period, the project company will recover the investment and reasonable returns through viability gap funding during the construction period and user-charges.

After the cooperation period expires, the project company will hand over the project to the government-designated agency without compensation.

The bids for the above two projects were considered and approved at the 23rd and 28th meetings of the fourth session of the board of directors of the Company, respectively.

The Board of Directors of

China Railway Group Limited

10 December 2019

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