[] [Statement Explaining How Certain Ratios Were Calculated in the Annual Report 1. The operating ratio of Guangshen Railway Company Limited, or the Company, is the ratio of its total railway operating expenses in 2010 (in the amount of RMB10,481.5 million, compared to RMB9,651.3 million in 2009) to its total railway revenue in 2010 (in the amount of RMB12,580.9 million, compared] [List of Subsidiaries of Guangshen Railway Company Limited The following table lists information concerning the significant subsidiaries of Guangshen Railway Company Limited, or the Company, as of December 31, 2010: Country of Percentage of Interest held Name Incorporation by the Company Guangshen Railway Dongqun Trade and Commerce Service Company PRC 100 % Shenzhen Fu Yuan Enterprise Development Company Limited PRC] [1. I have reviewed this annual report on Form 20-F of Guangshen; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period] [1. 2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Xu Xiaoming Chairman of the Board of Directors 1. 2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Shen Yi General Manager]