Dida Inc. — Board/Management Information 2004

Apr 23, 2004

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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) (Stock Code: 1138)

Resolutions passed at the Fourth Meeting of the 2004 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 2004 Board was duly convened by means of telecommunication on 22 April 2004, 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 22 April 2004.

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 Shaode. 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 42,000 tonnes carriers for the transportation of crude oil and refined oil (the “ Vessels ”) by China Shipping Development (Hong Kong) Marine Company Limited (“ Hong Kong Marine ”), a wholly-owned subsidiary of the Company, 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. Hong Kong Marine proposes to enter into an agreement with Guangzhou Shipyard International Company Limited ( ), an independent third party, in respect of the construction of the Vessels. The Vessels are expected to come into operation in February and June 2006, respectively. The total investment in respect of the Vessels by Hong Kong Marine is expected to be US$57,000,000 (approximately HK$444,600,000).;

2. the first quarterly report of 2004 of the Company; and

3. a resolution regarding a proposed increase of capital investment in Shanghai Friendship Marine Company Limited ( ) (“ Friendship Marine ”). The Company and Shanghai Electric Power Fuel Co., Ltd. ( ), an independent third party, jointly invested in and incorporated Friendship Marine in 2001. Friendship Marine proposes to increase its registered capital from RMB20,000,000 (approximately

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HK$18,867,924) to RMB50,000,000 (approximately HK$47,169,811). The Company is required to increase its capital contribution to Friendship Marine in proportion to its interests in Friendship Marine from RMB10,000,000 (approximately HK$9,433,962) to RMB25,000,000 (approximately HK$23,584,906).

Details regarding item 2 above are set out in the first quarterly report of 2004 of the Company issued on the same date as this announcement.

This announcement is made in compliance with the requirement under Rule 13.09 of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. 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 2004

Shanghai, the PRC

• Note: Unless otherwise specified, conversion of US$ into HK$ is based on the exchange rate of US$1.00=HK$7.80, and conversion of RMB into HK$ is based on the exchange rate of HK$1.00=RMB1.06.

• As at the date of this announcement, the Board of Directors of the Company is comprised of Mr. Li Shaode, Mr. Xu Zuyuan, Mr. Wang Daxiong, Mr. Yan Mingyi and Mr. Yao Zuozhi as executive directors, Mr. Xie Rong, Mr. Hu Honggao and Mr. Zhou Zhanqun as independent non-executive directors.

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

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