Dividend Declaration

Zhejiang Expressway Co
30 April 2003

                                   Dividend Declaration


Zhejiang Expressway Co., Lid. (the 'Company') held an annual general meeting
today (April 30th, 2003), and approved, among other things, the resolution for
the distribution of the final dividend of the Company for the year ended
December 31st, 2002 in the amount of RMB0.09 per share.

The register of members of the Company ('Register of Members') was closed from
March 29th, 2003 to April 30th, 2003 (both days inclusive). Holders of overseas
listed foreign shares of the Company ('H Shares') whose name appeared in the
Register of Members on April 3rd, 2003 are entitled to the said final dividend.

Pursuant to the Company's Articles of Association, dividends of H Shares shall
be paid in Hong Kong dollars according to the average closing price of Hong Kong
dollars to Renminbi declared by the People's Bank of China in the five trading
days immediately preceding the date of the declaration of dividends. The
exchange rate for the purpose of the payment of the final dividend is therefore
HK$1.00 to RMB1.06096.

The final dividend of RMB0.09 or HK$0.08483 per share is expected to be payable
to holders of the H Shares of the Company on or before May 28th, 2003. 


                                                            For and on behalf of 
                                                   Zhejiang Expressway Co., Ltd.



                                        


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