Computer And Technologies Holdings Limited — Board/Management Information 2001

May 24, 2001

CHINA AEROSPACE INTERNATIONAL HOLDINGS LIMITED

(Incorporated in Hong Kong with limited liability)

ANNOUNCEMENT

CHANGE OF DIRECTORS

The Board of Directors (the "Board") of China Aerospace International Holdings Limited (the "Company") is pleased to announce that Mr. Zhang Tao had been appointed as Executive Director of the Company on May 23, 2001. On the same date, Mr. Wang Yanguang and Mr. Jin Xuesheng resigned as Executive Directors of the Company.

Mr. Zhang Tao, aged 37, a Senior Engineer, graduated from Xidian University with a bachelor degree in engineering in 1983, and Chinese Academy of Space Technology with a master degree in engineering in 1988. He went to work and study in the Officine Galileo in Italy in 1990. He once held such positions as Deputy Director of System Designing Department of Beijing Institute of Control Engineering under Chinese Academy of Space Technology, responsible for the controlling system research for the Chinese "Dongfanghong"-series telecommunications satellites and the "Shenzhou" manned spaceship; and as Director, promoted in 1996, of Foreign Trade & Economic Cooperation Division in China Aerospace Corporation ("CASC"), responsible for the planning for international cooperation in Chinese space technology and the coordination for international investment projects in space technology, as well as the management for the CASC's joint ventures, oversea companies and import/export business. He joined the Company in 1999, holding the positions as General Manager of Business Planning & Development Department and Managing Director of the Company's subsidiary, CASIL Research & Development Company Limited, and is responsible for the business planning, investment, financing, technology research and development of the Company. He has had more than ten years of professional experience in long-term business planning, project investment, corporate management and technology research in the aerospace field.

The Board takes this opportunity to express its warm welcome to Mr. Zhang for his joining the Board of the Company and to thank Mr. Wang and Mr. Jin for their valuable contributions to the Company during their tenure of services.

By Order of the Board

Ken Chan

Company Secretary

Hong Kong, May 23, 2001

"Please also refer to the published version of this announcement in the Hong Kong i-mail"