Hong Kong / China Chart Book Monthly

China Toll Roads

DBS Group Research . Equity 4 March 2010

More vehicles hitting the road HSI: 20,877

Double digit growth y-o-y. China’s highway passenger Analyst

traffic jumped 20% and 14% y-o-y in 2009, respectively Paul Yong CFA +86 21 6888 3372
paulyong@dbsvickers.com
for passenger traffic and cargo traffic. Jan 2010 traffic
grew 22% and 27% y-o-y for passenger and cargo Patrick Xu +65 6398 7957
transport respectively as well. patrickxu@dbsvickers.com
More wheels hitting the road. Number of motor vehicles
in China surged 23% y-o-y to c. 63 mn as of end 2009,
driven by 46% jump in auto sales for full year 2009, which
will underpin growth of toll revenue going forward.
Cargo traffic reviving. Foreign trade continued its y-o-y
growth since Nov 2009 into Jan 2010, which bodes well
for toll revenue for those roads with more exposure to
cargo traffic, ie Hopewell Highway Infrastructure (737 HK)
and Shenzhen Expressway (548 HK) in the Pearl River Delta
and Jiangsu Expressway (177 HK) and Zhejiang Expressway
(576 HK) in the Yangtze River Delta. Furthermore, we’ve
observed up trend of average toll rates of those roads, as
cargo traffic account for higher weights in traffic mix.

Chart of the month – China’s monthly passenger and cargo traffic on highways

mn Persons mn Ton
2,600 2,000

2,500 1,900
2,400 1,800
2,300
1,700
2,200
1,600
2,100
1,500
2,000
1,400
1,900
1,800 1,300

1,700 1,200

1,600 1,100
Jan, Apr, Jul, Oct, Jan, Apr, Jul, Oct, Jan, Apr, Jul, Oct, Jan,
2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010

Passenger Carried Cargo Carried

Source: Company, DBS Vickers

In Singapore, this research report or research analyses may only be distributed to Institutional Investors,
Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.

www.dbsvickers.com
Refer to important disclosures at the end of this report
Sa - DC
Chart Book Monthly
China Toll Roads

Peer Comparison Valuation

Mkt Cap Last Rating TP ----PER---- FY08-10 EPS P/B Prospective
Stock code Name (US$m) Px FY08 FY09 FY10 CAGR FY09F ROE Yield
995 HK Anhui 1,692 5.29 Buy 5.51 12.6 10.9 10.7 8.7% 1.4 13.3% 5.2%
737 HK HHI 1,976 5.18 Hold 5.22 15.0 14.5 15.0 0.2% 1.6 10.6% 6.5%
177 HK Jiangsu 5,546 7.32 Buy 8.07 20.3 16.3 17.1 8.9% 2.1 13.3% 5.3%
548 HK Shenzhen 1,765 4.11 Buy 4.82 15.6 12.6 9.9 25.9% 1.1 8.6% 4.0%
576 HK Zhejiang 3,911 6.99 Hold 7.54 14.1 13.8 13.1 3.7% 1.9 13.8% 4.3%
107 HK Sichuan 3,732 4.53 Buy 4.61 18.7 13.4 11.0 30.0% 1.6 12.6% 6.2%
Avg 16.0 13.6 12.8 5.3%
Source: Bloomberg, DBS Vickers

Page 2
 Chart Book Monthly
China Toll Roads

Anhui Expressway
Hening Expressway (Hefei - Nanjing)
Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

600 65,000
60,000
500 55,000
50,000
400
45,000
300 40,000
35,000
200 30,000
Mar

Apr

Oct

Mar
Apr

Oct
Jul

Jul
Dec

Dec
Jan

Feb

Jun

Aug

Sep

Jan
Feb

Jun

Aug
Sep
May

Nov

May

Nov
2007 2008 2009 2007 2008 2009

• YTD Vol: +11.5%

• YTD Rev: +13.3%

• Artery linking Hefei (capital of Anhui Province) and Nanjing (capital of Jiangsu Province)

• Widening from 4 lanes to 8 lanes completed in 3Q09

Source: Company, DBS Vickers

National Trunk 205 Tianchang Section (Nanjing – Huai’an)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

300 7,000
6,000
250 5,000
4,000
200
3,000
150 2,000
1,000
100 0
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

Mar

Apr

Oct
Jul

Dec
Jan
Feb

Jun

Aug
Sep
May

Nov

2007 2008 2009 2007 2008 2009

• YTD Vol: -4.1%

• YTD Rev: +2.1%

• Diversion caused by the parallel Ninghuai Expressway Tianchang Section that is also part of the Group since Dec 2006

• Raised its toll-by-weight rates twice in Mar and Jul 2009

Source: Company, DBS Vickers

Page 3
Chart Book Monthly
China Toll Roads

Xuanguang Expressway (Xuancheng - Guangde)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

500 37,000
450
400 32,000
350
27,000
300
250 22,000
200
150 17,000

Mar
Apr

Oct
Jul

Dec
Jan
Feb

Jun

Aug
Sep
May

Nov
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2007 2008 2009 2007 2008 2009

• YTD Vol: +16.5%

• YTD Rev: +12.5%

• Natural traffic growth

• Higher passenger vehicles in the traffic mix

Source: Company, DBS Vickers

Gaojie Expressway (Gaohe - Jiezidun)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

400 45,000
350 40,000
35,000
300
30,000
250 25,000

200 20,000
Mar
Apr

Oct
Jul

Dec
Jan
Feb

Jun

Aug
Sep
May

Nov
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2007 2008 2009 2007 2008 2009

• YTD Vol: +0.2%

• YTD Rev: -2.0%

• Resurfacing completed in Jun 2009

Source: Company, DBS Vickers

Page 4
 Chart Book Monthly
China Toll Roads

Lianhuo Expressway Anhui Section (Lianyungang – Huo’erguosi)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

310 25,000
290
270 20,000
250
230 15,000
210
190 10,000
170
150 5,000
Mar

Apr

Oct
Jul

Dec
Jan
Feb

Jun

Aug
Sep
May

Nov

Mar
Apr

Oct
Jul

Dec
Jan
Feb

Jun

Aug
Sep
May

Nov
2007 2008 2009 2007 2008 2009

• YTD Vol: -5.7%

• YTD Rev: -13.2%

• Leading to an important port in Jiangsu Province

• Hence, exposed to export activities

Source: Company, DBS Vickers

Ninghuai Expressway Tianchang Section (Nanjing - Lianyungang)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

550 6,000
500
450 5,000
400 4,000
350
300 3,000
250 2,000
200
150 1,000
Mar
Apr

Oct
Jul

Dec
Jan
Feb

Jun

Aug
Sep
May

Nov
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2007 2008 2009 2007 2008 2009

• YTD Vol: +23.1%

• YTD Rev: +31.8%

• Consistently diverting traffic from National Trunk 205 Tianchang Section

Source: Company, DBS Vickers

Page 5
Chart Book Monthly
China Toll Roads

Hopewell Highway Infrastructure

GS Superhighway (Guangzhou - Shenzhen)
Traffic Volumes (‘000 entrances) Toll Revenue (RMB ‘000)

12,000 340,000
320,000
11,000
300,000
10,000 280,000
9,000 260,000
240,000
8,000
220,000
7,000 200,000

Oct

Mar
Apr
Jul

Dec
Oct

Apr

Aug
Sep

Jan
Feb

Jun
Mar
Jul

Nov

May
Dec
Aug
Sep

Jan
Feb

Jun
Nov

May

FY08 FY09 FY10 FY08 FY09 FY10

• FYTD Vol: +9.5% y-o-y

• FYTD Rev: +4.1% y-o-y

• Lower average toll rate per entrance, due to less cargo transport in the traffic mix.

Source: Company, DBS Vickers

West Route Phase I (Guangzhou – Foshan)

Traffic Volumes (‘000 entrances) Toll Revenue (RMB ‘000)

1,200 17,000
1,100 15,000
1,000
13,000
900
800 11,000
700 9,000
600 7,000
Oct

Mar
Apr
Jul

Dec
Aug
Sep

Jan

Feb

Jun
Nov

May

Oct

Mar
Apr
Jul

Dec
Aug
Sep

Jan
Feb

Jun
Nov

May

FY08 FY09 FY10 FY08 FY09 FY10

• FYTD Vol: +12.0%

• FYTD Rev: +10.4%

• Driven by the urbanization of Guangzhou and Foshan

Source: Company, DBS Vickers

Page 6
 Chart Book Monthly
China Toll Roads

Jiangsu Expressway
Huning Expressway (Shanghai – Nanjing) Guangjing Expressway (Guangling – Jingcheng)
Traffic Volumes (‘000 full trips) Traffic Volumes (‘000 full trips)

2,000 1,400
1,300
1,800
1,200
1,600 1,100
1,000
1,400 900
1,200 800
700
1,000 600
Mar
Apr

Oct
Jul

Dec
Jan
Feb

Jun

Aug
Sep
May

Nov

Mar
Apr

Oct
Jul

Dec
Jan
Feb

Jun

Aug
Sep
May

Nov
2008 2009 2010 2008 2009 2010

• YTD Vol: -17.2%

• YTD Vol: +3.1% • Connecting Xicheng Expressway

• Toll-by-weight rates raised since 1 Jul 2009 • Diversion caused by Sutong Bridge from May08

• Toll-by-weight rates raised since 1 Jul 2009

Source: Company, DBS Vickers Source: Company, DBS Vickers

Xicheng Expressway (Wuxi - Chengjiang) Huning Section of National Trunk 312 (Shanghai - Nanjing)
Traffic Volumes (‘000 full trips) Traffic Volumes (‘000 entrances)

1,400 1,250
1,300 1,150
1,050
1,200
950
1,100 850
1,000 750
650
900
550
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

800
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2008 2009 2010 2008 2009 2010

• YTD Vol: 5.6%

• YTD Vol: -3.4%
• Volume decreasing every year due to inferior surface
• Diversion caused by Sutong Bridge from May08 conditions as compared to the parallel Huning
Expressway
• Toll-by-weight rates raised since 1 Jul 2009
• Toll-by-weight rates raised since 1 Jul 2009
Source: Company, DBS Vickers Source: Company, DBS Vickers

Page 7
Chart Book Monthly
China Toll Roads

Nanjing Section of Ninglian Highway (Nanjing - Lianyungang)

Traffic Volumes (‘000 entrances)

250
230
210
190
170
150
130
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2008 2009 2010

• YTD Vol: +7.6%

• Consistent diversion caused by the parallel Ninglian

Expressway

• Toll-by-weight rates raised since 1 Jul 2009

Source: Company, DBS Vickers

Page 8
 Chart Book Monthly
China Toll Roads

Shenzhen Expressway
Meiguan Expressway (Meilin - Guanlan)
Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

2,000 30,000
1,900 28,000
1,800
26,000
1,700
1,600 24,000
1,500 22,000
1,400 20,000
1,300
1,200 18,000
1,100 16,000
Mar

Apr

Oct

Mar

Apr

Oct
Jul

Jul
Dec

Dec
Jan

Feb

Jun

Aug

Sep

Jan

Feb

Jun

Aug

Sep
May

Nov

May

Nov
2008 2009 2010 2008 2009 2010

• YTD Vol: +33.1%

• YTD Rev: +32.8%

• Driven by continued recovery of foreign trade activities

Source: Company, DBS Vickers

Jihe West Expressway (Shenzhen Bao’an Int’l Airport – Heze)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

1,800 36,000
1,700 34,000
1,600 32,000
1,500 30,000
1,400 28,000
1,300 26,000
1,200 24,000
1,100 22,000
1,000 20,000
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2008 2009 2010 2008 2009 2010

• YTD Vol: +35.6%

• YTD Rev: +32.3%

• Driven by continued recovery of foreign trade activities

Source: Company, DBS Vickers

Page 9
 Chart Book Monthly
China Toll Roads

Jihe East Expressway (Shenzhen Bao’an Int’l Airport - Heze)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

1,950 45,000
1,850
1,750 40,000
1,650
35,000
1,550
1,450 30,000
1,350
1,250 25,000
Ju l
M ar

Apr

O ct

D ec
Jan

F eb

Ju n

Aug

S ep
M ay

Nov

Ju l
M ar

Apr

O ct

D ec
Jan

F eb

Ju n

Aug

S ep
M ay

Nov
2008 2009 2010 2008 2009 2010

• YTD Vol: +15.6%

• YTD Rev: +21.6%

• Driven by continued recovery of foreign trade activities

Source: Company, DBS Vickers

Yanba Expressway (Yantian - Bagang)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

600 9,000
550 8,000
500
450 7,000
400 6,000
350 5,000
300
250 4,000
200 3,000
Mar

Apr

Oct

Mar

Apr

Oct
Jul

Jul
Dec

Dec
Jan

Feb

Jun

Aug

Sep

Jan

Feb

Jun

Aug

Sep
May

Nov

May

Nov

2008 2009 2010 2008 2009 2010

• YTD Vol: +22.6%

• YTD Rev: +27.4%

• Opening of a connecting road in Jul08 boosted traffic

• Driven by continued recovery of foreign trade activities

Source: Company, DBS Vickers

Page 10
 Chart Book Monthly
China Toll Roads

Nanguang Expressway (Nanshan – Guangming New Zone)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

700 14,000

600 12,000
500 10,000
400 8,000
300 6,000
200 4,000
100 2,000
0 0
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov
2008 2009 2010 2008 2009 2010

• YTD Vol: +131.0%

• YTD Rev: +137.0%

• Monthly toll revenue keeps hitting new heights since its opening in Feb08
Source: Company, DBS Vickers

Qinglian Expressway (Qingyuan - Lianzhou)

Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

610 36,000
560
510 31,000
460
410 26,000
360
21,000
310
260 16,000
210
160 11,000
Mar

Apr

O ct
Jul

Dec
Jan

F eb

Jun

Aug

S ep
May

Nov

Mar

Apr

O ct
Ju l

D ec
Jan

F eb

Aug

S ep
May

Ju n

Nov

2009 2010 2009 2010

• YTD Vol: n.a.

• YTD Rev: n.a.

• Numbers before Jan09 were not disclosed

• Toll rate scheme upgraded to the expressway level since Jul09 from Class I level, resulting in lower traffic but higher toll
revenue

• Started toll-by-weight since Nov09

Source: Company, DBS Vickers

Page 11
Chart Book Monthly
China Toll Roads

Sichuan Expressway
Chengyu Expressway (Chengdu - Chongqing)
Traffic Volumes (‘000 entrances) Toll Revenue (RMB ‘000)

800 100,000
95,000
750
90,000
700 85,000
650 80,000
600 75,000
550 70,000
65,000
500
60,000
450 55,000
400 50,000
M ar

Ap r

O ct

M ar

Apr

O ct
Ju l
Jul

Dec
Jan

F eb

Jun

Aug

S ep

D ec
M ay

No v

M ay

Nov
Jan

F eb

Ju n

Aug

S ep
2008 2009 2010 2008 2009 2010

• YTD Vol: -14.4%

• YTD Rev: +20.5%

Source: Company, DBS Vickers

Chengya Expressway (Chengdu – Ya’an)

Traffic Volumes (‘000 entrances) Toll Revenue (RMB ‘000)

600 55,000
550 50,000
500 45,000
450 40,000
400 35,000
350 30,000
300 25,000
250 20,000
Mar

Apr

Oct
Jan

Feb

Jun

Aug

Sep

Dec
Jul
May

Nov

Mar

Apr

O ct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2008 2009 2010 2008 2009 2010

• YTD Vol: +14.6%

• YTD Rev: +38.4%

Source: Company, DBS Vickers

Page 12
 Chart Book Monthly
China Toll Roads

Chengbei Expressway (North exit expressway of Chengdu)

Traffic Volumes (‘000 entrances) Toll Revenue (RMB ‘000)

1,100 10,000

1,000 9,000
8,000
900
7,000
800
6,000
700 5,000
600 4,000

M ar

Apr

O ct
Ju l

D ec
Jan

F eb

M ay

Ju n

Aug

S ep

Nov
Jul

D ec
Jan

Feb

Jun

A ug

Sep
May

N ov
Mar

A pr

Oct

2008 2009 2010 2008 2009 2010

• YTD Vol: +24.7%

• YTD Rev: +9.3%

Source: Company, DBS Vickers

Chengle Expressway (Chengdu - Leshan)

Traffic Volumes (‘000 entrances) Toll Revenue (RMB ‘000)

750 40,000
700
35,000
650
600 30,000
550
25,000
500
450 20,000
400
15,000
350
300 10,000
Mar

Apr

Oct

Dec
May

Nov
Jan

Feb

Jun

Jul

Aug

Sep
Mar

Apr

Oct
Jan

Feb

Jun

Aug

Sep

Dec
Jul
May

Nov

2008 2009 2010

2008 2009 2010

• YTD Vol: +28.7%

• YTD Rev: +28.2%

• Mainly attributable to natural growth

Source: Company, DBS Vickers

Page 13
 Chart Book Monthly
China Toll Roads

Zhejiang Expressway
Shanghai-Hangzhou Section
Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

1,400 120,000
1,300 110,000
1,200 100,000
1,100 90,000
1,000 80,000
900 70,000
800 60,000
Mar

Apr

Oct
Jul

Dec
Feb

Jun

Aug

Sep
Jan

May

Nov

Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov
2008 2009 2010 2008 2009 2010

• YTD Vol: +17.5%

• YTD Rev: +24.3%

• Diversions stabilised
Source: Company, DBS Vickers

Hangzhou-Ningbo Section
Traffic Volumes (‘000 full trips) Toll Revenue (RMB ‘000)

1,400 170,000
1,300 160,000
150,000
1,200
140,000
1,100 130,000
1,000 120,000
110,000
900
100,000
800 90,000
Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

Mar

Apr

Oct
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2008 2009 2010 2008 2009 2010

• YTD Vol: +10.6%

• YTD Rev: +21.7%

• Diversions stabilised
Source: Company, DBS Vickers

Page 14
 Chart Book Monthly
China Toll Roads

Shangsan Expressway (Shangyu - Sanmen)

Traffic Volumes (‘000 entrances) Toll Revenue (RMB ‘000)

750 80,000

700 75,000
70,000
650
65,000
600
60,000
550 55,000
500 50,000

Mar

Apr

Oct
Jul

Dec
Mar

Apr

Oct

Jan

Feb

Jun

Aug

Sep
May

Nov
Jul

Dec
Jan

Feb

Jun

Aug

Sep
May

Nov

2008 2009 2010 2008 2009 2010

• YTD Vol: -9.0%

• YTD Rev: -0.3%

• 2010 traffic volume will be adversely impacted by the parallel Zhuyong Expressway which partially opened in Jan 2010.
Source: Company, DBS Vickers

Page 15
Chart Book Monthly
China Toll Roads

DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return i.e. > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends

DBS Vickers Research is available on the following electronic platforms: DBS Vickers (www.dbsvresearch.com); Thomson
(www.thomson.com/financial); Factset (www.factset.com); Reuters (www.rbr.reuters.com); Capital IQ (www.capitaliq.com) and Bloomberg (DBSR
GO). For access, please contact your DBSV salesperson.

GENERAL DISCLOSURE/DISCLAIMER
This document is published by DBS Vickers (Hong Kong) Limited (“DBSVHK”), a direct wholly-owned subsidiary of DBS Vickers Securities Holdings
Pte Ltd ("DBSVH"). This report is intended for clients of DBSV Group only and no part of this document may be (i) copied, photocopied or
duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVHK. DBSVHK and the research analyst will
not be held responsible if this investment research, or recommendation is published or otherwise reproduced in whole or in part by the mass
media without the relevant disclosures.

The research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty as to its
accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general
circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and
the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for
the exercise of judgement by addressees, who should obtain separate legal or financial advice. DBSVHK accepts no liability whatsoever for any
direct or consequential loss arising from any use of this document or further communication given in relation to this document. This document is
not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBSVH is a wholly-owned subsidiary of DBS Bank Ltd.
DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned
in this document. DBSVHK, DBS Vickers Research (Singapore) Pte Ltd (“DBSVR”), DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), DBS Bank
Ltd and their associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and
may also perform or seek to perform broking, investment banking and other banking services for these companies.

The assumptions for commodities in this report are for the purpose of forecasting earnings of the companies mentioned herein. They are not to be
construed as recommendations to trade in the physical commodities or in futures contracts relating to the commodities mentioned in this report

DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a
manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures
in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

ANALYST CERTIFICATION
The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies
and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation
was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of the date the report is
published, the analyst and his / her spouse and/or relatives and/or associate who are financially dependent on the analyst, do not hold interests in
the securities recommended in this report (“interest” includes direct or indirect ownership of securities, directorships and trustee positions).

COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Vickers (Hong Kong) Limited do not have a proprietary position in the securities recommended in this report as of the date
the report is published.
2. DBSVHK, DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-
registered broker-dealer, may beneficially own a total of 1% or more of any class of common equity securities of the subject
companies mentioned in this document as of the latest available date of the updated information.

3. Compensation for investment banking services:

DBSVHK, DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA may have received compensation, within the past 12
months, and within the next 3 months may receive or intends to seek compensation for investment banking services from
subject companies mentioned in this document.

Page 16
 Chart Book Monthly
China Toll Roads

RESTRICTIONS ON DISTRIBUTION
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident
General of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use
would be contrary to law or regulation.
This report is being distributed in Australia by DBSVHK, DBSVR and DBSVS, which are exempted from the requirement
to hold an Australian financial services licence under the Corporation Act 2001 [“CA”] in respect of financial services
provided to the recipients. DBSVHK, DBSVR and DBSVS are regulated by the Securities and Futures Commission
Australia
under the laws of Hong Kong, and the Monetary Authority of Singapore [“MAS”] under the laws of Singapore,
respectively, which differ from Australian laws. Distribution of this report is intended only for “wholesale investors”
within the meaning of the CA.
This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by
Hong Kong
the Hong Kong Securities and Futures Commission.
This report is being distributed in Singapore by DBSVR, which holds a Financial Adviser’s licence and is regulated by
the MAS. This report may additionally be distributed in Singapore by DBSVS (Company Regn. No. 198600294G),
which is an Exempt Financial Adviser as defined under the Financial Advisers Act. Any research report produced by a
Singapore foreign DBS Vickers entity, analyst or affiliate is distributed in Singapore only to “Institutional Investors”, “Expert
Investors” or “Accredited Investors” as defined in the Securities and Futures Act, Chap. 289 of Singapore. Any
distribution of research reports published by a foreign-related corporation of DBSVR/DBSVS to “Accredited Investors”
is provided pursuant to the approval by MAS of research distribution arrangements under Paragraph 11 of the First
Schedule to the FAA.
This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the
United
meaning of the Financial Services and Markets Act and is regulated by The Financial Services Authority. Research
Kingdom
distributed in the UK is intended only for institutional clients.
rd
This report is being distributed in Dubai/United Arab Emirates by DBS Bank Ltd, Dubai (PO Box 506538, 3 Floor,
Dubai/
Building 3, Gate Precinct, DIFC, Dubai, United Arab Emirates) and is intended only for clients who meet the DFSA
United Arab
regulatory criteria to be a Professional Client. It should not be relied upon by or distributed to Retail Clients. DBS
Emirates
Bank Ltd, Dubai is regulated by the Dubai Financial Services Authority.
Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person
United States
except in compliance with any applicable U.S. laws and regulations.
In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for
Other
qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such
jurisdictions
jurisdictions.

th
DBS Vickers (Hong Kong) Limited 18 Floor Man Yee building, 68 Des Voeux Road Central, Central, Hong Kong
Tel: (852) 2820-4888, Fax: (852) 2868-1523

Page 17