09:53 ZHEJIANG GLASS<00739> - Announcement (6) "Connected Transaction" : the transaction between the Company and Hua Hong in relation to the Acquisition "Consideration" : RMB33,195,266, being the purchase price of the Land Use Rights payable by the Company to Hua Hong "Directors" : the directors of the Company "Group" : the Company and its subsidiaries "Hua Hong" : #(Shaoxing County Hua Hong Cement Co., Ltd.), a limited liability company established in the PRC, the registered capital of which is wholly owned by Zhejiang Cement "HK$" : Hong Kong dollars, the lawful currency of Hong Kong "Hong Kong" : the Hong Kong Special Administrative Region of the PRC "Land Use Rights" : the land use rights held by Hua Hong in relation to the Relevant Land "Listing Rules" : Rules Governing the Listing of Securities on the Stock Exchange "Master Supply Agreement" : the cement supply master agreement dated 29 December 2004 entered into between the Company and Zhejiang Cement in relation to the supply of cement to the Group by Zhejiang Cement "Ongoing Connected Transaction" : the continuing connected transactions between the Group and Zhejiang Cement pursuant to the Master Supply Agreement "PRC" : the People's Republic of China which, for the purpose of this announcement, excludes Hong Kong and the Macau Special Administrative Region "Relevant Land" : certain parcels of land held by Hua Hong with an aggregate area of 164,333 sq.m. and located at Tao Yan, Shaoxing County, Zhejiang Province, the PRC "RMB" : Renminbi, the lawful currency of the PRC "sq.m." : square metre "Stock Exchange" : The Stock Exchange of Hong Kong Limited "Valuation Report" : a valuation report (Shao Xian Tu Ping (2004) No. 066) dated 10 December 2004 and issued by the Valuer on a portion of the Relevant Land with a valuation record date of 9 December 2004 "Valuer" : #(Shaoxing County Land Valuation Co., Ltd.), an independent professional valuer in the PRC "Zhejiang Cement" : #(Zhejiang Cement Co., Ltd.), a limited liability company established in the PRC, the registered capital of which is owned as to (i) 61.11% by Mr Feng Guangcheng, the chairman and a substantial shareholder of the Company; (ii) 0.64% by each of Mr Xu Haichao and Mr Feng Liwen, both being holders of domestic shares of the Company; (iii) 0.64% by each of Mr Jin Jinlong and Mr Feng Guangji, both being holders of domestic shares of the Company; and (iv) 36.33% by an independent investment company incorporated in the PRC which is not connected with the Directors, chief executive and substantial shareholders of the Company or any of its subsidiaries or any of their respective associates For the purpose of this announcement, unless otherwise stated, conversion of Renminbi into Hong Kong dollars or vice versa have been calculated by using an exchange rate of HK$1.00 = RMB1.06. As at the date of this announcement, the Board comprises (i) five executive Directors, namely Mr Feng Guangcheng, Ms Feng Luwen, Ms Xu Yujuan, Ms Hong Yu Mei and Mr Wang Yan Chun, (ii) two non-executive Directors, namely Mr Liu Jianguo and Mr Shi Guodong and (iii) three independent non-executive Directors, namely Dr Li Jun, Mr Wang Yanmou and Mr Wang Herong. By order of the board Zhejiang Glass Company, Limited Feng Guangcheng Chairman Zhejiang Province, the PRC, 7 January 2005 # For the Chinese name, please refer to the press announcement today.