10:05     GUANGZHOU SHIP<00317> - Announcement (5)                            

    the leadership of the State Council of the PRC                            
                                                                              
    "CSSC Group"   CSSC and its subsidiaries and associates                   
                                                                              
    "Directors"   the Board of Directors of the Company, comprising eleven    
    directors; namely executive directors Messrs. Hu Guoliang, Yu Baoshan,    
    Han Guangde and Wang Yi; non-executive directors Messrs. Zhong Jian, Li   
    Junfeng and Miao Jian; and independent non-executive directors Messrs.    
    Wu Fabo, Bu Miaojin, David Hon To, Yu and Philip Pak Yiu, Yuen            
                                                                              
    "Framework Agreement"   the framework agreement dated 19 April 2004 in    
    relation to the Transactions entered into between the Company and CSSC,   
    details of which are set out in the circular of the Company dated 30      
    April 2004                                                                
                                                                              
    "Group"   the Company and its subsidiaries                                
                                                                              
    "Independent Shareholders"   Shareholders other than CSSC and its         
    associates                                                                
                                                                              
    "Listing Rules"   The Listing Rules of the Stock Exchange                 
                                                                              
    "PRC"   People's Republic of China                                        
                                                                              
    "Shareholders"   shareholders of the Company                              
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "Supplemental Agreement"   the supplemental agreement dated 31 March      
    2005 entered into between the Company and CSSC, details of which are set  
     out in the paragraph headed "Terms of the Supplemental Agreement" above  
                                                                              
                                                                              
    "Transactions"   transactions entered into between the Group and the      
    CSSC Group pursuant to the Framework Agreement and as amended by the      
    Supplemental Agreement, details of which are set out above                
                                                                              
    As at the date of this announcement, the Board of Directors comprises     
    eleven directors; namely executive directors Messrs. Hu Guoliang, Yu      
    Baoshan, Han Guangde, Wang Yi and non-executive directors Messrs. Zhong   
    Jian, Li Junfeng, Miao Jian, and independent non-executive directors      
    Messrs. Wu Fabo, Bo Miaojin, David Hon To, Yu and Philip Pak Yiu, Yuen    
                                                                              
    For illustrative purposes of this announcement, RMB 106 = HKD100.         
                                                                              
    By order of the Board                                                     
    Guangzhou Shipyard International Company Limited                          
    Li Zhidong                                                                
    Company Secretary                                                         
                                                                              
    Guangzhou, 31 March 2005