09:42     COSCO PACIFIC<01199> - Announcement (2)                             

    As at the date of this announcement, COSCO HK is directly and             
    indirectly interested in approximately 52.4% of the issued share          
    capital of the Company, which represents the entire interest of           
    COSCO in the Company. COSCO HK will cease to hold any interest in         
    the Company upon completion of the Agreement.                             
                                                                              
    As at the date of this announcement, the board of directors of the        
    Company comprises 18 executive directors, namely, Capt. WEI Jiafu         
    (Chairman), Mr. LIU Guoyuan (Vice Chairman), Mr. ZHANG Fusheng,           
    Mr. WANG Futian, Mr. CHEN Hongsheng, Mr. LI Jianhong, Mr. MA Zehua,       
    Mr. MA Guichuan, Mr. LI Yunpeng, Ms. SUN Yueying, Mr. ZHOU                
    Liancheng, Mr. SUN Jiakang (Managing Director), Mr. XU Lirong, Mr.        
    HE Jiale, Mr. WONG Tin Yau, Kelvin, Mr. MENG Qinghui, Mr. LU              
    Chenggang, Mr. QIN Fuyan; 3 independent non-executive directors,          
    namely, Dr. LI Kwok Po, David, Mr. LIU Lit Man, Mr. Alexander Reid        
    HAMILTON; and 1 non-executive director, namely, Mr. KWONG Che             
    Keung, Gordon.                                                            
                                                                              
    In this announcement, the following expressions have the meanings         
    set out below unless the context requires otherwise:                      
                                                                              
    Expression   Meaning                                                      
                                                                              
    ``Agreement''   the agreement dated as of 28 December 2004 between        
    COSCO HK and COSCO Pacific Holdings                                       
                                                                              
    ``Board''   the board of directors of the Company                         
                                                                              
    ``Company''   COSCO Pacific Limited                                       
                                                                              
    ``controlling shareholder''   has the meaning ascribed to it              
    under the Rules Governing the Listing of Securities on the Stock          
    Exchange                                                                  
                                                                              
    ``COSCO''   China Ocean Shipping (Group) Company (), a company            
    established in the People's Republic of China and the ultimate            
    controlling shareholder of the Company                                    
                                                                              
    ``COSCO HK''   COSCO (Hong Kong) Group Limited, a company                 
    incorporated in Hong Kong with limited liability and a                    
    wholly-owned subsidiary of COSCO                                          
                                                                              
    ``COSCO Pacific Holdings''   COSCO Pacific Investment Holdings            
    Limited, a company incorporated in Hong Kong with limited                 
    liability and a wholly-owned subsidiary of COSCO                          
                                                                              
    ``Stock Exchange''   The Stock Exchange of Hong Kong Limited              
                                                                              
    By Order of the Board                                                     
    COSCO Pacific Limited                                                     
    SUN Jiakang                                                               
    Managing Director                                                         
                                                                              
    Hong Kong, 20 January 2005