Dida Inc. — Board/Management Information 2003

Sep 29, 2003

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.

==> picture [65 x 49] intentionally omitted <==

CHINA SHIPPING DEVELOPMENT COMPANY LIMITED

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

Resolutions passed at the Tenth Meeting of the 2003 Board of Directors

The board (the “Board”) of directors (the “Directors”) of China Shipping Development Company Limited (the “Company”) is pleased to announce that the tenth meeting (the “Meeting”) of the 2003 Board was duly convened by means of telecommunication on 29 September 2003, during which the resolutions set out below were duly passed.

The Board is pleased to announce that the Meeting was duly convened by means of telecommunication on 29 September 2003.

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. A resolution regarding the proposed construction of two 70,000 tonnes carriers for the transportation of crude oil (the “Vessels”) was duly passed at the Meeting. The proposed construction is in accordance with the overall strategy of the Company to expand its oil transportation fleet. The Company proposes to enter into an agreement with Dalian Shipbuilding Heavy Industry Company Limited ( ), an independent third party, in respect of the construction of the Vessels. The Vessels are expected to come into operation in July and September 2005, respectively. The total investment in respect of the Vessels by the Company is expected to be US$58,000,000 (approximately HK$452,400,000). Such investment amount is expected to be sourced partly from the Company’s own funds and partly from bank borrowings.

2. A resolution regarding the proposed construction of another two 42,000 tonnes carriers for the transportation of crude oil and refined oil (the “Other Vessels”) was duly passed at the Meeting. The proposed construction is in accordance with the overall strategy of the Company to expand its oil transportation fleet. The Company proposes to enter into an agreement with Guangzhou Shipyard International Company Limited ( ), an independent third party, in respect of the construction of the Other Vessels. The Other Vessels are expected to come into operation in June and

— 1 —

December 2005, respectively. The total investment in respect of the Other Vessels by the Company is expected to be US$52,000,000 (approximately HK$405,600,000). Such investment amount is expected to be sourced partly from the Company’s own funds and partly from bank borrowings.

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 issue an announcement similar to this announcement.

By order of the Board

China Shipping Development Company Limited Yao Qiaohong Company Secretary

29 September 2003 Shanghai, the PRC

Note: Unless otherwise specified, conversion of US$ into HK$ is based on the exchange rate of US$1.00=HK$7.80.

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

— 2 —