Dida Inc. — Board/Management Information 2002

Jul 10, 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.

CHINA SHIPPING DEVELOPMENT COMPANY LIMITED

中海發展股份有限公司

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

Announcement of the 5th Meeting of the 2002 Board of Directors

The Board is pleased to announce that the 5th meeting of the 2002 Board was duly convened on 5 July 2002, during which resolutions regarding renewal of certain bareboat charterparties and variation of charter payments as 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 5th meeting (the “Meeting”) of the 2002 Board was held on 5 July 2002 at 9:00 a.m. at 700 Dong Da Ming Road, Shanghai, the People’s Republic of China (“PRC”). A quorum of Directors were 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 renewal of the bareboat charterparty for the oil tanker, namely “Daqing 88”, between Shanghai Shipping Industrial Company Limited (as the lessor) and the Company (as the lessee) for the period from 29 May 2002 to 31 December 2002 (inclusive).

2. The resolution regarding the renewal of the bareboat charterparties for six dry bulk cargo vessels, namely “Yong An 1”, “Yong An 2”, “Yong An 3”, “Yong An 4”, “An Ping 3” and “An Ping 6”, between the Company (as the lessor) and Southern Shipping Management Company Limited (as the lessee) for the period from 29 May 2002 to 31 December 2002 (inclusive).

3. The resolution regarding the reduction in the charter payments for five container vessels, namely “Xiangda” , “Xiangxiu”, “Xiangwang”, “Xiangzhu” and “Xiangxing” under the bareboat charterparties dated 31 December 2001 between the Company (as the lessor) and China Shipping Container Line Company Limited (as the lessee) for the period from 1 July 2002 to 31 December 2002 (inclusive).

Details regarding the above renewal of bareboat charterparties and variation of charter payments are set out in a separate announcement of the Company of 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 YumangCompany Secretary

Shanghai, the PRC
10 July 2002

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