09:15     COSCO INTL HOLD<00517> - Announcement (7)                           

    ``Board''    the board of Directors                                       
                                                                              
    ``business day''    a day on which licensed banks in Hong Kong are        
    generally open for business (excluding Saturday, Sunday and public        
    holiday)                                                                  
                                                                              
    ``BVI''    the British Virgin Islands                                     
                                                                              
    ``Cash In Hand''    Cash In Hand Inc., a company incorporated in          
    the BVI with limited liability, a wholly-owned subsidiary of              
    Modern Capital and the owner of the whole of 39th Floor of COSCO          
    Tower                                                                     
                                                                              
    ``Company''    COSCO International Holdings Limited, a company            
    incorporated in Bermuda with limited liability, the Shares of             
    which are listed on the main board of the Stock Exchange                  
                                                                              
    ``Completion''    the completion of the transaction contemplated          
    under the Agreement                                                       
                                                                              
    ``Completion Date''    ten business days after fulfillment of all         
    the condition or such other date as may be agreed between the Vendor      
    and the Purchaser                                                         
                                                                              
    ``connected person(s)''    has the meaning ascribed to it under           
    the Listing Rules                                                         
                                                                              
    ``Consideration''    the aggregate consideration of                       
    HK$1,402,000,007.8 for the Disposal                                       
                                                                              
    ``COSCO Group''    China Ocean Shipping (Group) Company, the              
    ultimate holding company of the Company, and its subsidiaries             
    collectively                                                              
                                                                              
    ``COSCO Hong Kong''    COSCO (Hong Kong) Group Limited, a company         
    incorporated in Hong Kong with limited liability which indirectly         
    owns 58.53% of the issued share capital of the Company                    
                                                                              
    ``COSCO Ship Trading''    COSCO International Ship Trading                
    Company Limited, a company incorporated in Hong Kong with limited         
    liability and a 60% non-wholly owned subsidiary of the Company            
                                                                              
    ``COSCO Tower''    COSCO Tower, 183 Queen's Road Central, Hong            
    Kong                                                                      
                                                                              
    ``Director(s)''    the director(s) of the Company                         
                                                                              
    ``Disposal''    the disposal of the entire issued share capital           
    of and loan to Modern Capital by the Vendor to the Purchaser              
                                                                              
    ``DTZ Valuation Report''    a valuation report on the value of the        
    Properties at HK$1,402,000,000 as at 30th April 2005 to be prepared       
    by DTZ Debenham Tie Leung Ltd.                                            
                                                                              
    ``Gwee Brothers''    Gwee Brothers Limited, a company                     
    incorporated in the BVI with limited liability, a wholly-owned            
    subsidiary of Modern Capital and the owner of the whole of 40th           
    Floor, COSCO Tower                                                        
                                                                              
    ``Group''    the Company and its subsidiaries                             
                                                                              
    ``Hong Kong''    Hong Kong Special Administrative Region of the           
    PRC                                                                       
                                                                              
    ``Independent Board Committee''    the independent board                  
    committee of the Company comprising the Independent Directors,            
    appointed to consider and make recommendations to the Independent         
    Shareholders in relation to the Disposal (and the Agreement)              
                                                                              
    ``Independent Directors''    Mr. Chan Cheong Foon, Andrew, Mr.            
    Kwong Che Keung, Gordon and Mr. Tsui Yiu Wa, Alec, being the              
    independent non-executive Directors                                       
                                                                              
    ``Independent Shareholders''    the Shareholder(s) other than             
    COSCO Hong Kong and its associates                                        
                                                                              
    ``Listing Rules''    Rules Governing the Listing of Securities on         
    the Stock Exchange                                                        
                                                                              
    ``Long Stop Date''    31st August 2005, or such later date as the         
    Vendor and the Purchaser may agree in writing                             
                                                                              
    ``Malayan''    Malayan Corporations Limited, a company                    
    incorporated in the BVI with limited liability, a wholly-owned            
    subsidiary of Modern Capital and the owner of 42nd Floor, COSCO           
    Tower