Stock Code: 200053   Short Form of Stock: Shenzhen Base (B Share)    No.: 2004-013

                     SHENZHEN CHIWAN PETROLEUM SUPPLY BASE CO., LTD
                             RESOLUTION OF THE ANNUAL GENERAL  
                         SHAREHOLDER'S MEETING FOR THE YEAR 2003

    The Board of Directors of Shenzhen Chiwan Petroleum Supply Base Co., Ltd. 
(hereinafter referred to as the Company) and all directors hereby guarantee that
 there exists no omission, misstatement, or misleading information in this 
resolution; individually and/or collectively accept responsibility for the 
correctness, accuracy and completeness of the contents of this resolution.
    The Annual General Shareholder's Meeting for the Year 2003 of Shenzhen Chiwan 
Petroleum Supply Base Co., Ltd (the Company) was held in 16th Floor, Chiwan 
Petroleum Building, Shenzhen, and People's Republic of China on Tuesday, 25 May 
2004 at 10:00 a.m. Three Shareholders were present at the meeting representing 
172,687,093 shares, which is 74.89 % of the total of 230,600,000 issued shares of 
the Company. This is in conformity with the Company Law and the Articles of 
Association of the Company.
    After discussion and poll the meeting passed the following resolutions:
    1.Approved 2003 annual reports of the Board of Directors.
    2.Approved 2003 annual reports of Supervisory Committee.
    3.Approved the company's financial report for the year 2003.
    4.Approved the dividend distribution plan for the year 2003.
    In accordance with the financial results audited by Shenzhen Dahua Tiancheng 
Certified Public Accountants, the Company recorded a net profit of US$9,100,229.09
 for the year of 2003. The dividend distribution plan included: statutory surplus 
reserve (10%), statutory public welfare fund (5%), discretionary reserve fund (5%)
 and dividends (80%) or US$7,280,183.27. Payment of the cash dividend (tax included) 
of US$0.3157 for every 10 shares will be made in Hong Kong Dollars and for this
purpose conversion will take place at the closing rate between US$ and HK$ announced 
by the people's Bank of China on the first working day after the resolution is 
passed by the AGM.
    5.Approved the company's budget for the year 2004.
    6.Approved the appointment of auditors for the year 2004.
    The AGM approved to continue to appoint Shenzhen Dahua Tiancheng Certificated 
Public Accountants and PRICE WATERHOUSE COOPERS as company's auditors for the year 
2004.
    7.Approved the election of new members for the Fourth Board of Directors.
    8.Approved the election of new members for the Fourth Supervisory Committee.
    9.Approved the feasibility study report and investment budget of the second 
phase project of Shanghai Baowan International Logistics Center.
    10.Approved the feasibility study report and investment budget of Beijing 
Logistics Park Project.

                                   Shenzhen Chiwan Petroleum Supply Base Co., Ltd
                                                                Board of Directors
                                                                Dated: 26 May 2004