Lock-up Period of 115.7 Mln Shares Extended

The company recently received a letter of commitment from China State Shipbuilding Corporation, the company's controlling shareholder, stating that it will not reduce its holdings of 24.15 mln shares of the company, which have been tradable after a lock-up period of a share reform, within two years of the date of this announcement on the condition that the secondary market price remains below RMB 120 (adjustment in selling price may be made in compliance with ex-dividend and ex-right of the shares).

China State Shipbuilding Corporation has also committed to extend the lock-up period on the 115.7 mln shares for two additional years to 30 May 2011.

Board of Directors
7 Aug 2008


Source: Shanghai Stock Exchange

Date: 7 Aug 2008

CN01/BJ2/JL/BT/KM