Dr. Andrew Stotz, CFA

A. Stotz Investment Research

Equity Bottom-Up

<ul>
<li>Strong cash levels, slow asset growth, and relatively strong analyst recommendation relative to its sector</li>
<li>New expressway and railway projects worth more than a total of US$100bn are planned for the next 10 years after the merger of Zhejiang Communications Investment Group and Zhejiang Railway Group in July</li>
<li>The total length of 81.6km and five toll stations will be added to the ZJEX expressways’ portfolio by end-2016 after the acquisition of Huihang Exy announced in August 2016 is successfully…</li>
</ul>

China

Zhejiang Expressway Co., Ltd., through its subsidiaries, designs, constructs, operates, and manages high grade roads, as well as develops and operates certain ancillary services, such as technical consultation, advertising, automobile servicing, and fuel facilities.