Singapore, 26 May 2003 - Pursuant to Rule 704(14) of the Listing Manual of the Singapore Exchange Securities Trading Limited ('SGX-ST'), the management of China Aviation Oil (Singapore) Corporation Ltd ("CAO") is pleased to announce the following:

At the 9th Annual General Meeting (AGM) of the Company and the Extraordinary General Meeting (EGM) held on 26 May 2003, all resolutions relating to matters as set out in the notices of Meetings dated 30 April 2003, including the item pertaining to the final dividend of S$0.01 per ordinary share tax exempt for the year ended 31 December 2002, were duly passed.

Notice of Books Closure

Notice is hereby given that the Share Transfer Books and Register of Members of CAO will be closed at 5.00 pm on 10 June 2003.

Duly completed registered transfers in respect of shares in the Company received up to the close of business at 5.00pm on 10 June 2003 by the Company's Share Registrar, Lim Associates (Pte) Ltd, 10 Collyer Quay #19-08 Ocean Building, Singapore 049315 will be registered to determine shareholders' entitlements to the said dividend. Members whose Securities Accounts with the Central Depository (Pte) Limited are credited with shares in the Company as at 5.00pm on 10 June 2003 will be entitled to the approved dividend.

The approved dividend by the members at the 9th AGM held on 26 May 2003, will be paid on 23 June 2003