Dida Inc. — Board/Management Information 2002

Dec 9, 2002

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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CHINA SHIPPING DEVELOPMENT COMPANY LIMITED

(a joint stock limited company incorporated in the People’s Republic of China with limited liability)

Announcement of the 10th Meeting of the 2002 Board of Directors

The Board is pleased to announce that the 10th meeting of the 2002 Board was duly convened on 9 December 2002, during which the resolutions set out below were duly passed.

The board (the “Board”) of directors (the “Directors”) of China Shipping Development Company Limited (the “Company”) is pleased to announce that the 10th meeting (the “Meeting”) of the 2002 Board was held on 9 December 2002 at 9:00 a.m. at 700 Dong Da Ming Road, Shanghai, the People’s Republic of China (the “PRC”).

A quorum of Directors was present at the Meeting. Members of the supervisory committee and the senior management staff were also present at the Meeting. The Meeting was chaired by Mr. Li Kelin. The Meeting was duly convened in accordance with the relevant provisions of the PRC Company Law and the articles of association of the Company. The following resolutions were duly passed at the Meeting:

1. the resolution regarding the proposed sale of an oil tanker named “Daqing 30” by the Company to Digang Dili Material Recovery Company ( );

2. the resolution regarding the proposed entering into of the time charterparty relating to an oil tanker named “Daqing 88” between Shanghai Shipping Industrial Company Limited ( ) (as the lessor) and the Company (as the lessee);

3. the resolution regarding the renewal of the bareboat charterparties relating to seven container vessels named “Xiangxing”, “Xiangwang”, “Xiangzhu”, “Xiangmao”, “Xiangli”, “Xiangzhuang” and “Xiangyue” between the Company (as the lessor) and China Shipping Container Lines Company Limited ( ) (as the lessee); and

4. the resolution regarding the provision of a guarantee by the Company in favour of Citic Industrial Bank (Haidian branch, Beijing) for the proportionate part of a loan of RMB 84,000,000 granted to Zhuhai New Century Shipping Company Limited ( ) (“New Century”), a jointly controlled entity, established by the Company and Shenhua Group Corporation Limited ( ), an independent

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third party. The Company owns 50% of the registered share capital of New Century and proposes to provide a guarantee in respect of 50% of the above loan, being RMB 42,000,000, for a term of one year from 1 January 2003 to 31 December 2003 at an interest rate of 20% below the one year lending rate announced by the People’s Bank of China on 20 February 2002.

Details regarding items 1, 2 and 3 above are set out in a separate announcement of the Company issued on the same date as this announcement.

This announcement is made in compliance with the simultaneous dissemination of information requirement under paragraph 2(2) of the Listing Agreement. The Company’s A shares are listed on the Shanghai Stock Exchange, and it has been requested by the Shanghai Stock Exchange to make an announcement similar to this announcement.

By order of the Board China Shipping Development Company Limited Ye Yumang Company Secretary

Shanghai, the PRC 9 December 2002

Please also refer to the published version of this announcement in The Standard.

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