09:41     COSCO PACIFIC<01199> - Announcement (1)                             

    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.                                                             
                                                                              
    COSCO Pacific Limited                                                     
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 1199)                                                        
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    The Board has noted from certain articles appeared in newspapers          
    published on 18 January 2005 reporting the acquisition of COSCO           
    HK's interests in the Company by COSCO. The Board would like to           
    clarify that as notified by COSCO, for the purpose of an internal         
    reorganization of COSCO, the immediate controlling shareholder of         
    the Company will be changed from COSCO HK to COSCO Pacific Holdings,      
    both being wholly-owned subsidiaries of COSCO, upon completion of         
    the Agreement and COSCO will remain as the ultimate controlling           
    shareholder of the Company.                                               
                                                                              
    The Board has noted from certain articles appeared in newspapers          
    published on 18 January 2005 reporting, among others, that COSCO          
    will acquire shareholding interest in the Company from COSCO HK,          
    a wholly-owned subsidiary of COSCO.                                       
                                                                              
    The Board would like to clarify that it has received a notification       
    from COSCO that for the purpose of an internal reorganization of          
    COSCO, as of 28 December 2004, COSCO HK and COSCO Pacific Holdings,       
    also a wholly-owned subsidiary of COSCO, entered into the                 
    Agreement whereby COSCO Pacific Holdings will acquire from COSCO          
    HK all its direct and indirect interests in the Company. Upon             
    completion of the Agreement, the immediate controlling                    
    shareholder of the Company will be changed from COSCO HK to COSCO         
    Pacific Holdings and COSCO will remain as the ultimate controlling        
    shareholder of the Company. The change in the Company's immediate         
    controlling shareholder mentioned above will not affect the               
    business of the Company and COSCO remains supportive to the               
    Company.