At the 11th Meeting of the 5th Board of Directors, held on 29 Aug 2008, the following proposals were examined and approved:

1. to purchase 81,776,500 shares of Yantai Raffles Shipyard Limited, equal to 29.9% of its total shares outstanding, at a price of USD 4.00 per share for approximately USD 327.1 mln in cash
2. to authorize Mai Boliang, the company's president, to address matters related to an equity acquisition.

Board of Directors
30 Aug 2008


Source: Securities Times

Date: 30 Aug 2008

CN01/BJ/JL/BT/KM