Dividend Declaration

Zhejiang Expressway Co
12 October 2004



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

                               (Stock Code: 0576)



               Announcement on 2004 Interim Dividend Distribution


Reference is made to notice dated August 17, 2004 of Zhejiang Expressway Co.,
Ltd. (the 'Company') to convene an extraordinary general meeting ('EGM') of the
Company for considering and approving the distribution of profits for the six
months ended June 30, 2004. The EGM was held at 18/F, World Trade Center, 122
Shuguang Road, Hangzhou, PRC on October 12, 2004 at 10:00 a.m.



The proposed distribution of profits by way of interim dividend by the Company
for the six months ended June 30, 2004 of the amount of Rmb4 cents per share was
approved by an ordinary resolution passed by authorised proxies of the
shareholders of the Company present at the EGM. Holders of overseas listed
foreign shares of the Company ('H Shares') whose names appeared in the register
of members of the Company on September 17, 2004 are entitled to the said interim
dividend.



Pursuant to the Articles of Association of the Company, dividends payable to
holders of H Shares of the Company 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 interim dividend is therefore HK$1.00 to RMB1.0613 and the amount
of interim dividend payable to holders of H Shares, in due course, will be
HK$0.03769 per share.


                                                By Order of the Board
                                                      ZHANG Jingzhong
                                                    Company Secretary



Hangzhou, the PRC, October 12, 2004



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




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