09:16     COSCO INTL HOLD<00517> - Announcement (8)                           

    ``Modern Capital''    Modern Capital Investment Limited, a                
    company incorporated in the BVI with limited liability which is           
    wholly-owned by the Vendor prior to Completion                            
                                                                              
    ``Modern Capital Group''    Modern Capital and the Target                 
    Subsidiaries                                                              
                                                                              
    ``PRC''    The People's Republic of China (for the purposes of            
    this announcement, excluding Hong Kong, Macau Special                     
    Administrative Region of the PRC and Taiwan Province)                     
                                                                              
    ``Properties''    the whole of 39th, 40th, 42nd, 47th, 48th, 49th,        
    50th and 51st Floors, COSCO Tower                                         
                                                                              
    ``Purchaser''    Wealthocean Investments Limited, a company               
    incorporated in the BVI with limited liability and a wholly-owned         
    subsidiary of COSCO Hong Kong                                             
                                                                              
    ``SGM''    the special general meeting of the Company to be held          
    to approve the transactions contemplated under the Agreement              
                                                                              
    ``Share(s)''    ordinary share(s) of HK$0.10 each in the capital          
    of the Company                                                            
                                                                              
    ``Shareholder(s)''    the holder(s) of Share(s)                           
                                                                              
    ``Stock Exchange''    The Stock Exchange of Hong Kong Limited             
                                                                              
    ``substantial shareholder''    has the meaning ascribed to it             
    under the Listing Rules                                                   
                                                                              
    ``Target Subsidiaries''    Cash In Hand, Gwee Brothers, Malayan,          
    Tian Lee, Velu Exports, Wing Thye, Year Of The Rat and 99 Prove           
    Finance, being 8 wholly-owned subsidiaries of Modern Capital              
                                                                              
    ``Tenancy Agreements''    the 1st Tenancy Agreement and the 2nd           
    Tenancy Agreement collectively                                            
                                                                              
    ``Tian Lee''    Tian Lee Property Limited, a company incorporated         
    in the BVI with limited liability, a wholly-owned subsidiary of           
    Modern Capital and the owner of the whole of 47th Floor, COSCO Tower      
                                                                              
    ``Velu Exports''    Velu Exports Limited, a company incorporated          
    in the BVI with limited liability, a wholly-owned subsidiary of           
    Modern Capital and the owner of the whole of 48th Floor, COSCO Tower      
                                                                              
    ``Vendor''    Monoland Assets Limited, a company incorporated in          
    the BVI with limited liability and an indirect wholly-owned               
    subsidiary of the Company                                                 
                                                                              
    ``Wing Thye''    Wing Thye Holdings Limited, a company                    
    incorporated in the BVI with limited liability, a wholly-owned            
    subsidiary of Modern Capital and the owner of 49th Floor, COSCO           
    Tower                                                                     
                                                                              
    ``Year Of The Rat''    Year Of The Rat Corp., a company                   
    incorporated in the BVI with limited liability, a wholly-owned            
    subsidiary of Modern Capital and the owner of the whole of 50th           
    Floor, COSCO Tower                                                        
                                                                              
    ``99 Prove Finance''    99 Prove Finance Ltd., a company                  
    incorporated in the BVI with limited liability, a wholly-owned            
    subsidiary of Modern Capital and the owner of the whole of 51st           
    Floor, COSCO Tower                                                        
                                                                              
    ``HK$''    Hong Kong dollars, the lawful currency of Hong Kong            
                                                                              
    ``US$''    US dollars, the lawful currency of The United States           
    of America                                                                
                                                                              
    ``%''    per cent.                                                        
                                                                              
    Unless otherwise specified, the conversion of US dollars into Hong        
    Kong dollars is based on the exchange rate of US$1.00:HK$7.8. No          
    representation is made that the amounts in question have been,            
    could have been or could be converted at the above rate.                  
                                                                              
    By Order of the Board                                                     
    COSCO International Holdings Limited                                      
    LIU Hanbo                                                                 
    Managing Director                                                         
                                                                              
    Hong Kong, 30th May 2005                                                  
                                                                              
    As at the date hereof, the Board comprises fourteen Directors of          
    which Mr. Wei Jiafu (Chairman), Mr. Liu Guoyuan (Vice-chairman),          
    Mr. Li Jianhong, Mr. Zhou Liancheng, Mr. Liu Hanbo (Managing              
    Director), Mr. He Jiale, Mr. Guo Huawei, Mr. Chen Pisen, Mr. Meng         
    Qinghui, Mr. Zhao Kaiji and Mr. Lin Libing are executive Directors;       
    Mr. Chan Cheong Foon, Andrew, Mr. Kwong Che Keung, Gordon and Mr.         
    Tsui Yiu Wa, Alec are independent non-executive Directors.