Dida Inc. — Board/Management Information 2003

Apr 23, 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.

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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)

Resolutions passed at the Fourth 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 fourth meeting (the “Meeting”) of the 2003 Board was duly convened on 22 April 2003, during which the resolutions set out below were duly passed.

The Board is pleased to announce that the fourth meeting of the 2003 Board was held on 22 April 2003 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 construction of four 57,300 tons dry bulk vessels (the “Vessels”). The proposed construction is in accordance with the overall strategy of the Company to expand its bulk cargo shipping capacity. In December 2002, the Company entered into agreements in respect of the construction of four 57,300 tons dry bulk vessels with Bohai Shipbuilding Heavy Industry Company Limited (“ ”) (“Bohai Industry”) and Shanghai Shipyard (“ ”) (“Shanghai Shipyard”), both independent third parties, with an option to construct two further vessels with each ship construction company, namely the Vessels. The Company plans to exercise its options in respect of the construction of the Vessels, in order to take advantage of the favourable dry bulk cargo shipping market and shipbuilding market conditions. Two of the Vessels are expected to be constructed by Bohai Industry at a price of US$17,980,000 (approximately HK$140,244,000) each, whereas the other two Vessels are expected to be constructed by Shanghai Shipyard at a price of US$17,280,000 (approximately HK$134,784,000) each. The construction of the Vessels are expected to be completed in April and August 2005. The total investment by the Company is expected to be US$70,520,000 (approximately HK$550,056,000);

2. the resolution regarding “an application for a long-term loan facility at a domestic bank in the PRC”. The application for the long-term loan facility shall be secured by the pledging of the Vessels. The proposed long-term loan facility shall account for approximately 70% of the total expected investment for the Vessels; and

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1. the resolution regarding “the proposed sale of oil tankers named “Daqing 47” and “Daqing 48” by the Company to Digang Dili Material Recovery Company ( )”.

Details regarding item 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 Yao Qiaohong Company Secretary

22 April 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.

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