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    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)                               

    VOLUNTARY ANNOUNCEMENT
    IN RELATION TO
    ACQUISITION OF 80.614% EQUITY INTEREST IN
    ZHEJIANG HANGHUI EXPRESSWAY CO., LTD.

    Reference is made to the Company's circular dated 28 August 2015 (the "Circular
    ") in relation to the Hanghui Agreement. Unless otherwise defined herein, terms
    defined in the Circular have the same meaning when used in this announcement.

    It was disclosed in the Circular that "The consideration payable by the Company
    under the Hanghui Agreement was determined on the assumption that the toll
    collection rights period of the Hanghui Expressway as finally approved will be
    25 years. As at the Latest Practicable Date, the toll collection rights period
    of the Hanghui Expressway is pending final approval by the relevant PRC
    governmental authorities. It is expected that such approval will be granted
    before 30 September 2015…".

    On 13 October 2015, the Company received a letter from the Department of
    Transportation  of Zhejiang  Province (the "DOT"),  pursuant  to which,  the
     DOT  has  worked  with  the  relevant governmental  authorities  in  Zhejiang
    Province to submit a proposal (the "Proposal") in respect of the toll
    collection rights period of the Hanghui Expressway to the Zhejiang Provincial
    Government for approval.

    According to the Proposal:

    (i) the toll collection rights period of the Hanghui Expressway is tentatively
    determined as 25 years;

    (ii) the toll collection rights period of Changhua to Yulingguan of the Hanghui
    Expressway shall be commencing on 26 December 2004 and ending on 25 December
    2029;

    (iii) the toll collection rights period of Wangjiabu to Changhua of the Hanghui
    Expressway shall be commencing on 26 December 2006 and ending on 25 December
    2031; and

    (iv) the toll collection rights period of Liuxia to Wangjiabu section of the
    Hanghui Expressway shall be commencing on 26 December 2006 and ending on 25
    December 2031.

    The toll collection rights period of the Hanghui Expressway as set out in the
    Proposal shall be subject to the final approval of the Zhejiang Provincial
    Government.

                                                 On behalf of the Board            
                                                    ZHEJIANG EXPRESSWAY CO., LTD.  
                                                       ZHAN Xiaozhang              
                                                       Chairman                    

    Hangzhou, PRC, 13 October 2015

    As of 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.