Singapore, 27 May 2003 - Following the resolutions passed at the Extraordinary General Meeting ("EGM") held on 26 May 2003, the Management of China Aviation Oil (Singapore) Corporation Ltd ("The Company") wishes to announce the following notice:

NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of the Company will be closed at 5.00pm on 10 June 2003 ("Books Closure Date") for the purpose of determining the entitlements of Members to the Bonus Shares, in the proportion of one (1) Bonus Share for every five (5) Ordinary Shares of S$0.05 each then held by such Shareholders as at the Books Closure Date, and such Bonus Shares to rank pari passu in all respects with the existing Ordinary Shares of the Company.

Duly completed transfers received by the Company's Share Registrar, Lim Associates (Pte) Ltd at 10 Collyer Quay #19-08, Ocean Building, Singapore 049315, up to the close of business at 5.00pm. on 10 June 2003 will be registered before entitlements to the Bonus Shares are determined.