The board of directors of Zhejiang Expressway Co., Ltd. announced that Mr. Jin Chaoyang ("Mr. Jin") has proposed to resign as a non-executive Director and a member of the audit committee and the remuneration committee of the Company on December 2, 2022 due to change in work arrangements. Such resignation will become effective upon the appointment of a new non-executive Director is approved by the extraordinary general meeting of the Company (the "EGM"). The Board announced that Mr. Yang Xudong ("Mr. Yang") has been nominated as a candidate for non-executive Director.

Mr. Yang will serve for a term commencing from the date of the approval at the EGM of the Company until the date of expiration of the ninth session of the Board, being June 30, 2024. Mr. Yang, born in 1973, is a senior engineer. He graduated from Highway School of Chang'an University with a Doctoral Degree in Road and Railway Engineering.

He is currently General Manager of China Merchants Expressway Network & Technology Holdings Co., Ltd. Mr. Yang also serves as Chairman of China Merchants & China Railway Holdings Co., Ltd., Deputy Chairman of Guangxi Wuzhou Communications Co., Ltd. and Shanxi Communications Industry Development Group Co., Ltd., Director and General Manager of China Merchants Equity Investment Fund Management (Tianjin) Co., Ltd. and China Merchants Ping An Infrastructure Phase I Equity Investment Fund (Tianjin) Co., Ltd., and Non-executive Director of Anhui Expressway Co., Ltd. and Hubei E'dong Yangtze River Highway Bridge Co., Ltd.