Result of AGM

RNS Number:8019V
Zhejiang Southeast Elec Power Co Ld
13 May 2002



               ZHEJIANG SOUTHEAST ELECTRIC POWER COMPANY LIMITED

     ANNOUNCEMENT ON RESOLUTIONS OF THE 2001 SHAREHOLDERS' GENERAL MEETING

The Company and all the members of the Board of Directors of the Company assure
the authenticity, accuracy and completeness of this announcement, and jointly
and severally accept full responsibility for any false representations,
misleading statements or material omissions contained herein.

I.     The convening and the quorum of the meeting

The shareholders' general meeting ("the Meeting") of Zhejiang Southeast Electric
Power Company Limited ("the Company") for 2001 was held on 10th May 2002 at the
Wanghu Hotel in Hangzhou, the People's Republic of China. 10 shareholders or
their authorized proxies were present at the Meeting (including 5 domestic
shareholders and authorized proxies and 5 shareholders of B shares and
authorized proxies), representing 1,321,140,000 shares of the Company which
accounted for 65.73% of the shares with voting right of the Company (including
1,320,000,000 domestic shares held by domestic shareholders which accounted for
100% of the aggregate issued domestic shares of the Company, and 1,140,000
shares held by shareholders of B shares which accounted for 0.17% of the total
number of the B shares of the Company. Mr. Hu Jiangchao, chairman of the Company
presided over the Meeting.

II.     Resolutions and results of the voting

The following resolutions were passed at the Meeting:


                     1.     The report of the Board of Directors of the Company
                for 2001 was approved by 1,321,140,000 shares representing 100%
                of the shareholders present with voting power at the Meeting (of
                which 1,320,000,000 shares are domestic shares accounting for
                100% of the voting rights of the shareholders of domestic shares
                present at the Meeting and 1,140,000 shares are B shares
                accounting for 100% of the voting rights of the shareholders of
                B shares present at the Meeting). There are no dissenting votes
                and abstentions.

                     2.     The report of the Supervisory Committee of the
                Company for 2001 was approved by 1,321,140,000 shares
                representing 100% of the shareholders present with voting power
                at the Meeting (of which 1,320,000,000 shares are domestic
                shares accounting for 100% of the voting rights of the
                shareholders of domestic shares present at the Meeting and
                1,140,000 shares are B shares accounting for 100% of the voting
                rights of the shareholders of B shares present at the Meeting).
                There are no dissenting votes and abstentions.

                     3.     The financial report of the Company for 2001 was
                approved by 1,321,060,000 shares representing 99.99% of the
                shareholders present with voting power at the Meeting (of which
                1,320,000,000 shares are domestic shares accounting for 100% of
                the voting rights of the shareholders of domestic shares present
                at the Meeting and 1,060,000 shares are B shares accounting for
                92.98% of the voting rights of the shareholders of B shares
                present at the Meeting). There are no dissenting votes and
                80,000 abstentions.

                     4.     The proposal for distribution of profits of the
                Company for 2001 was approved by 1,321,060,000 shares
                representing 99.99% of the shareholders present with voting
                power at the Meeting (of which 1,320,000,000 shares are domestic
                shares accounting for 100% of the voting rights of the
                shareholders of domestic shares present at the Meeting and
                1,060,000 shares are B shares accounting for 92.98% of the
                voting rights of the shareholders of B shares present at the
                Meeting). There are 80,000 dissenting votes and no abstentions.

                          The consolidated profit after tax of the Company for
                2001 was RMB 734,057,844.37 (RMB 734,057,844.37 according to
                international accounting standards). The net profit of the
                Company amounted to RMB 734,098,469.37 (RMB 734,098,469.37
                according to international accounting standards). After having
                allocated the statutory common reserve fund and the statutory
                public welfare fund on a 10% basis of the net profit of the
                Company totaling RMB 146,819,693.88 together with the
                undistributed profit at the beginning of the year totaling RMB
                748,568,674.38 (RMB 750,164,388.76 according to international
                accounting standards), and according to the principle of
                "whichever is lower", the actual consolidated profit
                distributable to shareholders amounts to RMB 1,335,806,824.87
                (RMB 1,337,402,539.25 according to international accounting
                standards) whereas the Company's actual profit distributable to
                shareholders amounts to RMB 1,335,847,449.87 (RMB
                1,337,443,164.25 according to international accounting
                standards). Taking the 2.01 billion shares at the end of the
                year as the base number, the distributable cash dividend per
                share will be RMB 0.25 (tax included), totaling RMB
                502,500,000.00.

                          Details of the distribution of profits shall be
                announced later.

                     5.     The proposed budget of the Company for 2002 was
                approved by 1,321,060,000 shares representing 99.99% of the
                shareholders present with voting power at the Meeting (of which
                1,320,000,000 shares are domestic shares accounting for 100% of
                the voting rights of the shareholders of domestic shares present
                at the Meeting and 1,060,000 shares are B shares accounting for
                92.98% of the voting rights of the shareholders of B shares
                present at the Meeting). There are no dissenting votes and
                80,000 abstentions.

                     6.     The proposal on establishing the independent
                director system was approved by 1,321,140,000 shares
                representing 100% of the shareholders present with voting power
                at the Meeting (of which 1,320,000,000 shares are domestic
                shares accounting for 100% of the voting rights of the
                shareholders of domestic shares present at the Meeting and
                1,140,000 shares are B shares accounting for 100% of the voting
                rights of the shareholders of B shares present at the Meeting).
                There are no dissenting votes and abstentions.

                     7.     The proposal on establishing the special committees
                of the Board of Directors was approved by 1,321,140,000 shares
                representing 100% of the shareholders present with voting power
                at the Meeting (of which 1,320,000,000 shares are domestic
                shares accounting for 100% of the voting rights of the
                shareholders of domestic shares present at the Meeting and
                1,140,000 shares are B shares accounting for 100% of the voting
                rights of the shareholders of B shares present at the Meeting).
                There are no dissenting votes and abstentions.

                     8.     It is agreed that Mr. Zhao Yuanjie and Mr. Zhang Dan
                will cease to be directors of the Company, and Mr. Zhang Huaiyu
                and Mr. Zhu Li are elected as directors of the Company. It is
                agreed that Mr. Huang Peigen and Mr. Kong Fanxiang will cease to
                be supervisors of the Company and Mr. Jiang Huadong and Mr. Yang
                Zhixiong are elected as supervisors of the Company. It is agreed
                that Mr. Huan Guochang, Mr. Gu Gongyun and Mr. Huang Dongliang
                are elected as independent directors of the Company.

                          The accumulative voting system was adopted for the
                election of directors (including independent directors) of the
                Company during the Meeting.

                                  (1)     It is agreed that Mr. Zhang Huaiyu is
                        elected as the director of the Company by 1,321,140,000
                        shares representing 100% of the accumulative voting
                        rights of the shareholders present with voting power at
                        the Meeting (of which 1,320,000,000 shares are domestic
                        shares accounting for 100% of the voting rights of the
                        shareholders of domestic shares present at the Meeting
                        and 1,140,000 shares are B shares accounting for 100% of
                        the voting rights of the shareholders of B shares
                        present at the Meeting).

                                  (2)     It is agreed that Mr. Zhu Li is
                        elected as the director of the Company by 1,321,140,000
                        shares representing 100% of the accumulative voting
                        rights of the shareholders present with voting power at
                        the Meeting (of which 1,320,000,000 shares are domestic
                        shares accounting for 100% of the voting rights of the
                        shareholders of domestic shares present at the Meeting
                        and 1,140,000 shares are B shares accounting for 100% of
                        the voting rights of the shareholders of B shares
                        present at the Meeting).

                                  (3)     It is agreed that Mr. Jiang Huadong is
                        elected as the supervisor of the Company by
                        1,321,140,000 shares representing 100% of the
                        accumulative voting rights of the shareholders present
                        with voting power at the Meeting (of which 1,320,000,000
                        shares are domestic shares accounting for 100% of the
                        voting rights of the shareholders of domestic shares
                        present at the Meeting and 1,140,000 shares are B shares
                        accounting for 100% of the voting rights of the
                        shareholders of B shares present at the Meeting). There
                        are no dissenting votes and abstentions.

                                  (4)     It is agreed that Mr. Yang Zhixiong is
                        elected as the supervisor of the Company by
                        1,321,140,000 shares representing 100% of the
                        accumulative voting rights of the shareholders present
                        with voting power at the Meeting (of which 1,320,000,000
                        shares are domestic shares accounting for 100% of the
                        voting rights of the shareholders of domestic shares
                        present at the Meeting and 1,140,000 shares are B shares
                        accounting for 100% of the voting rights of the
                        shareholders of B shares present at the Meeting). There
                        are no dissenting votes and abstentions.

                                  (5)     It is agreed that Mr. Huan Guochang is
                        elected as the independent director of the Company by
                        1,321,140,000 shares representing 100% of the
                        accumulative voting rights of the shareholders present
                        with voting power at the Meeting (of which 1,320,000,000
                        shares are domestic shares accounting for 100% of the
                        voting rights of the shareholders of domestic shares
                        present at the Meeting and 1,140,000 shares are B shares
                        accounting for 100% of the voting rights of the
                        shareholders of B shares present at the Meeting).

                                  (6)     It is agreed that Mr. Gu Gongyun is
                        elected as the independent director of the Company by
                        1,321,140,000 shares representing 100% of the
                        accumulative voting rights of the shareholders present
                        with voting power at the Meeting (of which 1,320,000,000
                        shares are domestic shares accounting for 100% of the
                        voting rights of the shareholders of domestic shares
                        present at the Meeting and 1,140,000 shares are B shares
                        accounting for 100% of the voting rights of the
                        shareholders of B shares present at the Meeting).

                                  (7)     It is agreed that Mr. Huang Dongliang
                        is elected as the independent director of the Company by
                        1,321,140,000 shares representing 100% of the
                        accumulative voting rights of shareholders present with
                        voting power at the Meeting (of which 1,320,000,000
                        shares are domestic shares accounting for 100% of the
                        voting rights of the shareholders of domestic shares
                        present at the Meeting and 1,140,000 shares are B shares
                        accounting for 100% of the voting rights of the
                        shareholders of B shares present at the Meeting).

                     9.     The proposed renewed appointment of Accountants was
                approved by 1,321,140,000 shares representing 100% of the voting
                rights of the shareholders present with voting power at the
                Meeting (of which 1,320,000,000 shares are domestic shares
                accounting for 100% of the voting rights of the shareholders of
                domestic shares present at the Meeting and 1,140,000 shares are
                B shares accounting for 100% of the voting rights of the
                shareholders of B shares present at the Meeting). There are no
                dissenting votes and abstentions.

                     10.     The proposed amendments to the Articles of
                Association of the Company were approved by 1,321,140,000 shares
                representing 100% of the voting rights of the shareholders
                present with voting power at the Meeting (of which 1,320,000,000
                shares are domestic shares accounting for 100% of the voting
                rights of the shareholders of domestic shares present at the
                Meeting and 1,140,000 shares are B shares accounting for 100% of
                the voting rights of the shareholders of B shares present at the
                Meeting). There are no dissenting votes and abstentions.

III.     Notarization and witness of lawyer


                     1.     The Meeting has been certified by the notary public
                officers, Mr. Chen Mingzun and Mrs. Hong Hu of Zhejiang
                Provincial Notary Public Office.

                     2.     Mr. Wang Yunjie, lawyer of Beijing Zhong Xin Law
                Firm has issued an legal opinion regarding the Meeting. Zhong
                Xin Law Firm is of the opinion that the convening and the
                procedure of the Meeting comply with the requirements of the
                Company Law of the People's Republic of China, the Articles of
                Association of the Company and other regulatory documents. The
                qualifications of the officers attending the Meeting are legal
                and valid. The voting procedures of the Meeting comply with the
                requirements of the Company Law of the People's Republic of
                China, the Articles of Association of the Company and other
                regulatory documents. The resolutions passed at the Meeting are
                legal and valid.

                                                              Board of Directors
                               Zhejiang Southeast Electric Power Company Limited
                                                                   10th May 2002



                      This information is provided by RNS
            The company news service from the London Stock Exchange