Clarification Announcement

Hong Kong Stock Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Zhejiang Expressway Co., Ltd.
 (A joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock code: 0576)

Euro365 million zero coupon convertible bonds due 2022 (Stock Code: 5434)

CLARIFICATION ANNOUNCEMENT

Reference is made to the announcement of the Company dated December 18, 2017 in relation to, among others, the results of the EGM (the "Announcement"). Terms defined in the Announcement should have the same meaning when used herein.

It is noted that the interim dividend expected to be paid to the H Shareholders of the Company on January 19, 2018 should be "HK$0.07083 per share (before tax)" instead of "HK$0.07083 cents per share (before tax)" in both English and Chinese versions of the Announcement.

It is further clarified that the Additional Conversion Shares will be issued and allotted pursuant to the general mandate approved by the Shareholders at the annual general meeting of the Company held on May 6, 2016 (the "2016 General Mandate"). The Company is entitled to issue and allot a maximum of 286,770,900 H Shares pursuant to the 2016 General Mandate which is sufficient to cover the maximum number of Conversion Shares (currently being 241,482,137 H Shares) to be issued under the CB Terms and Conditions, taking into account the Adjustment.

Save as disclosed above, all other information in the Announcement remain the same.

On behalf of the Board
Zhejiang Expressway Co., Ltd.
Tony Zheng
Company Secretary

Hangzhou, the PRC, December 19, 2017

As at the date of this announcement, the executive directors of the Company are: Mr. ZHAN Xiaozhang, Mr. CHENG Tao and Ms. LUO Jianhu; the non-executive directors of the Company are: Mr. WANG Dongjie, Mr. DAI Benmeng, and Mr. ZHOU Jianping; and the independent non-executive directors of the Company are: Mr. ZHOU Jun, Mr. PEI Ker-Wei and Ms. LEE Wai Tsang, Rosa.