Dida Inc. — Board/Management Information 2003

Mar 26, 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 Third Meeting of the 2003 Board of Directors

The Board is pleased to announce that the third meeting of the 2003 Board was duly convened on 25 March 2003, during which the resolutions set out below were duly passed.

The board (the “Board”) of directors of China Shipping Development Company Limited (the “Company”) is pleased to announce that the third meeting (the “Meeting”) of the 2003 Board was held on 25 March 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 of the Company was present at the Meeting. Members of the supervisory committee and senior management 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. Resolutions relating to approval of the following matters which were considered and duly passed at the Meeting, include, inter alia:

1. the 2002 working report of the Board;

2. the 2002 audited financial report of the Company;

3. the 2002 annual report of the Company and its summary;

4. the proposed 2002 profit distribution plan of the Company;

5. the reappointment of certain executive directors of the Company;

6. the appointment of an executive director and certain independent directors of the Company;

7. the resignation of Mr. Ye Yumang and the appointment of Ms. Yao Qiaohong as the company secretary of the Company;

8. the appointment of Mr. Yan Mingyi as the general manager of the Company and Mr. Wang Kunhe as the deputy general manager of the Company;

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Mr. Yan Mingyi, aged 58, is the director, deputy general manager and senior engineer of the Company. Mr. Yan joined Shanghai Bureau of Maritime Transportation Administration in 1970 and was formerly the captain, deputy manager and then general manager of oil tankers branch of the Company. Since 1995, he has been a deputy general manager of Shanghai Shipping (Group) Company, and since 1997, he has been the general manager of Shanghai Shipping Group, as well as a director of China Ship Building Association, a member of BV Shipping Association (Asia Pacific) and the China Committee of NK Shipping Association. Mr. Yan graduated from Dalian Maritime University with a professional qualification in marine piloting in 1968. He has engaged in navigation and shipping management for many years and has extensive experience in enterprise management;

Mr. Wang Kunhe, male, aged 55, is the deputy general manager and senior engineer of the Company. He joined Guangzhou Maritime Bureau in 1974, and has been its chief engineer and mechanical director. In 1995, he was the deputy general manager, general manager of Guangzhou Maritime Xinghua Shipping Company. In 1998, he was the deputy general manager of the cargo vessel branch of the Company, general manager of China Shipping Supply and Trading Company Limited. Mr. Wang graduated from Jimei University ( ), and has engaged in navigation and shipping management for many years, and has extensive experience in corporate management;

1. the remuneration of the directors and supervisors of the Company for 2003;

2. the reappointment of Shanghai Zhonghua Huying C.P.A. and Ernst & Young as the domestic and international auditors of the Company for 2003 respectively, and the authorisation of the Board to determine their remuneration;

3. the amendments to the articles of association of the Company; and

4. the convening of the annual general meeting of the Company for 2002.

Details regarding items 5, 6, 7, 11 and 12 above are set out in 2002 annual results 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 Li Kelin Chairman

25 March 2003 Shanghai, the PRC

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

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