The board of directors of Guangshen Railway Company Limited announced that, based on a preliminary review and analysis of the unaudited consolidated management accounts of the Group for the first quarter ended 31 March 2020 and information currently available to the Board, the Group is expected to record a net loss attributable to the shareholders of the Company in the range of approximately RMB 450,000,000 to RMB 550,000,000 for the first quarter of 2020, representing a decrease in the range of approximately 215% to 241% as compared to the net profit attributable to the shareholders of the Company of RMB 390,328,300 for the first quarter ended 31 March 2019. Based on the information currently available, the Board believes that the expected loss is due to the expected significant decrease in the revenue of the Group for the First Quarter of 2020 as a result of the outbreak of the Novel Coronavirus (COVID-19).