Announcement on Resolution Passed at the EGM

ZHEJIANG EXPRESSWAY CO., LTD.                         
 (A joint stock limited company incorporated in the People's Republic of China 
                            with limited liability)                            

                              (Stock Code: 0576)                               

                 ANNOUNCEMENT ON RESOLUTION PASSED AT THE EGM                  

Results of EGM

Zhejiang Expressway Co., Ltd. (the "Company") held an extraordinary general
meeting (the "EGM") at 9:00 a.m. on Thursday, November 16, 2006 at 12/F, Block
A, Dragon Century Plaza, 1 Hangda Road, Hangzhou, Zhejiang Province 310007, the
People's Republic of China (the "PRC").

Two shareholders of the Company (the "Shareholders") attended the EGM by proxy,
representing a total of 3,551,556,925 shares of the Company entitled to attend
and to vote at the EGM, or 81.8% of total issued share capital of the Company.
Chairman of the Company, Mr. Geng Xiaoping, chaired the EGM.

After considering the ordinary resolution proposed by the board of directors
(the "Board") of the Company, the Shareholders resolved through voting by way
of poll to approve and declare an interim dividend of Rmb7.0 cents per share
for the six months ended June 30, 2006, with 3,551,556,925 shares voted in the
affirmative (representing 100% of the total shares held by the Shareholders
present at the EGM) and no share voted in the negative.

The total number of issued shares of the Company entitling the holders to
attend and vote at the EGM in respect of the ordinary resolution was
4,343,114,500. There was no share of the Company entitling any holder to attend
and vote only against the resolution at the EGM. Mr. Bing Tang of the Company's
auditors, Deloitte Touche Tohmatsu Certified Public Accountants was appointed
and acted as the scrutineer for the vote taking during the EGM. No person was
required to abstain from voting at the EGM.

Further information on the payment of interim dividend for the six months ended
June 30, 2006

As more than half of the votes cast by the Shareholders present at the EGM were
in favor of the proposed ordinary resolution, the payment of an interim
dividend of Rmb7.0 cents per share for the six months ended June 30, 2006 has
been approved. Shareholders of the Company whose names appeared in the register
of members of the Company on October 22, 2006 are entitled to the said interim
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 applicable exchange rate for the purpose of the payment of the interim
dividend is therefore HK$1.00 to Rmb1.0088. The interim dividend of HK$6.939
cents per share is expected to be paid to holders of the H Shares of the
Company on November 30, 2006.

                                                By order of the Board          
                                            Zhejiang Expressway Co., Ltd.      
                                                   ZHANG Jingzhong             
                                                  Company Secretary            

Hangzhou, the PRC, November 16, 2006

As at the date of this announcement, the executive directors of the Company
are: Messrs. Geng Xiaoping, Fang Yunti, Zhang Jingzhong and Jiang Wenyao; the
non-executive directors of the Company are: Messrs. Zhang Luyun and Zhang Yang;
and the independent non-executive directors of the Company are: Messrs. Tung
Chee Chen, Zhang Junsheng and Zhang Liping.