Appointment of Directors

Zhejiang Expressway Co
12 February 2003


                          Zhejiang Expressway Co., Ltd

               (a joint stock limited company incorporated in the
               People's Republic of China with limited liability)

                       APPOINTMENT OF THE NEW DIRECTORS,

                        SUPERVISORS AND SENIOR OFFICERS

Zhejiang Expressway Co., Ltd. (the 'Company') has elected the members for the
Board of Directors and the Supervisory Committee of the third session, and has
appointed its Senior Officers, with effect from 1st March, 2003.

The Board (the 'Board') of Directors (the 'Directors') of the Company is pleased
to announce that, Mr. Geng Xiaoping, Mr. Fang Yunti, Mr. Zhang Jingzhong and Mr.
Xuan Daoguang, were re-elected as Executive Directors. Ms. Zhang Luyun was
elected as a non-executive Director. Ms. Zhang Yang was re-elected as a
non-executive Director. Mr. Tung Chee Chen and Mr. Zhang Junsheng were
re-elected as independent non-executive Directors and Mr. Zhang Liping was
elected as independent non-executive Director. The term of service for the
Directors will be three years, with effect from 1st March, 2003.

Mr. Geng Xiaoping was elected as the Chairman of the Company and was appointed
as the chairman of the Strategic Development Committee. Mr. Tung Chee Chen was
appointed as the chairman of the Audit Committee and the Nomination and
Remuneration Committee.

Mr. Ma Kehua was re-elected as the Supervisor representing shareholders and will
act as the chairman of the Supervisory Committee. Mr. Fang Zhexing was elected
by the staff as the Supervisor representing employees. Mr. Sun Xiaoxia and Mr.
Zheng Qihua were re-elected as independent Supervisors. Mr. Jiang Shaozhong was
elected as an independent Supervisor. The term of service for the Supervisors
will be three years, with effect from 1st March, 2003.

Mr. Fang Yunti was appointed as the General Manager of the Company. Mr. Xuan
Daoguang, Mr. Jiang Wenyao, Ms. Huang Qiuxia and Mr. Pan Jiaxiang were appointed
as the Deputy General Managers of the Company. Mr. Zhang Jingzhong was appointed
as the Secretary to the Board. Mr. Wu Junyi was appointed as the Financial
Controller of the Company. The appointments above will be for a term of three
years, with effect from 1st March, 2003.

The Board wishes to welcome all new Directors and Supervisors, and would like to
express its gratitude towards the Directors, Dr. Hu Hung Lick, Henry and Ms.
Zhang Chunming, as well as the Supervisors, Mr. Ni Ciyun and Mr. Lu Fan, whose
terms of service will expire on 28th February, 2003, for their contribution to
the Company.

                                                           BY ORDER OF THE BOARD
                                                                   Geng Xiaoping
                                                                        Chairman
                                                   Hangzhou, 11th February, 2003

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