Stmnt re Share Price Movement

Zhejiang Expressway Co
11 July 2003

LETTER TO RNS

Please be kindly noted that the following statement was made at the request of
The Stock Exchange of Hong Kong Limited ('HKSE') on July 10, 2003:

We have noted the recent increases in the price and trading volume of the
shares of the Company ('Zhejiang Expressway Co., Ltd.'), and wish to state that
we are not aware of any reasons for such increases.

We also confirm that there are no negotiations or agreements relating to
intended acquisitions or realisations which are disclosable, under paragraph 3
of the Listing Agreement (between the Company and the HKSE), neither is the
Board (of Zhejiang Expressway Co., Ltd.) aware of any matter disclosable under
the general obligation imposed by paragraph 2 of the Listing Agreement, which is
or may be of a price-sensitive nature.

LETTER FROM ZHEJIANG EXPRESSWAY CO., LTD

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