Zhejiang Expressway Co., Ltd. — Earnings Release 1998

May 31, 1999

Listed Company Information

TINGYI<0322> - Results Announcement Tingyi (Cayman Islands) Holdings Corp. announced on 28/5/1999: (stock code: 322) The accounts which contain the following results are modified by the Company's auditor. For more details, please refer to the press announcement issued by the Company on 31/5/1999. Year end date: 31/12/1998 Currency: US$ Last Current Corresponding Period Period from 1/1/1998 from 1/1/1997 to 31/12/1998 to 31/12/1997 ('000) ('000) Turnover/Interest Income : 586,041 605,874 Profit-Continuing Operations - Operating Profit/(Loss) : (16,332) 24,945 - Exceptional Items : 18,451 23,417 - Discontinued Operations : - - Total Operating Profit/(Loss) : 2,119 48,362 Share of Profit/(Loss) of Associated Companies : (989) (490) Profit/(Loss) after Tax & MI : (4,436) 42,766 % Change over Last Period : N/A EPS/(LPS)-Basic : (US0.11 cent) US1.02 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (4,436) 42,766 Final Dividend per Share : NIL US0.36 cent (Specify if with other options) : - B/C Dates for Final Dividend : - Payable Date : - B/C Dates for (-) General Meeting : - Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) Exceptional Items: 1998 1997 US$'000 US$'001 Investment grants, less provision (note) 16,909 14,187 VAT compensation - Credit for the year - 943 - Provision for disputed claims - (4,336) - Write back of excess provision for disputed claims 979 - Net profit on disposals of short-term investments 563 12,623 ---------- --------- 18,451 23,417 ====== ====== Note: This represents investment incentives receivable from the relevant PRC authorities for setting up operations in the respective development zones and are circulated based on certain percentages of the VAT or profit tax liabilities of the respective subsidiaries. Provision has been made against amounts that might not be fully recoverable on grounds of prudence. For more details, please refer to the press announcement today.