1. According to Article 1 of the "Announcement of the Ministry of Finance and the State Administration of Taxation on Income Tax Policies on Interest Income from Railway Bonds" (Announcement No. 57 of the Ministry of Finance and the State Administration of Taxation 2019), 2019- Interest income from railway bonds issued in 2023 will be levied at half the corporate income tax.

Article 3 stipulates that railway bonds refer to bonds issued and repaid by China Railway Corporation, including China Railway Construction Bonds, medium-term notes, short-term financing bonds and other debt financing instruments.

2. According to Article 1 of the "Announcement of the Ministry of Finance and the State Administration of Taxation on Income Tax Policies on Interest Income from Railway Bonds" (Announcement No. 64 of 2023 of the Ministry of Finance and the State Administration of Taxation), 2024- Interest income from railway bonds issued in 2027 will be levied at half the corporate income tax.

Article 3 stipulates that railway bonds refer to bonds issued and repaid by China State Railway Group Co., Ltd., including China Railway Construction Bonds, medium-term notes, short-term financing bonds and other debt financing instruments.