On December 29, 2020, the board of directors (the "Board") of Zhejiang Expressway Co., Ltd. has approved and resolved to submit to the shareholders of the company (the "Shareholders") to consider, and if thought fit, to approve the offer and issue of unsecured senior notes (the "Senior Notes") of no more than USD 600,000,000 or its equivalent (the "Senior Notes Issue"). The term was more than one year but no more than ten years from the date of issue. The Interest rate was fixed interest to be determined with reference to the prevailing market rate as at the issue of the Senior Notes.