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Voting recommendations

Company: China Unicom Limited
Stock code: 0762
Date of meeting: 12-May-03
Time of meeting: 10:30
Advice date:  28-Apr-03
CCASS voting cut-off 7-May-03

Notice of Meeting:

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Voting method: Webb-site.com will require a poll, all proxies will be counted

Note to journalists:
We have up to 4 proxy seats available inside this AGM. Please contact us if you want one.

Item Description Vote
1 Adopt the accounts FOR
2 Declare a final dividend FOR
3.1 Elect Shan Weijian FOR
3.2 Re-elect Shi Cuiming FOR
3.3 Re-elect Ge Lei FOR
3.4 Re-elect Craig Oliver McCaw FOR
3.5 Re-elect William Lo Wing Yan FOR
3.6 Re-elect Ye Fengping FOR
3.7 Authorise the directors to fix directors' fees FOR
4 Re-appoint PriceWaterhouseCoopers FOR
5 Mandate the directors to repurchase shares FOR
6 Mandate the directors to issue additional shares AGAINST
7 Mandate the directors to issue repurchased shares AGAINST

Reasons AGAINST

Items 6 and 7

Webb-site.com urges all investors to vote against the general issue mandate for all listed companies, for the reasons explained in Project Vampire, unless they comply with the recommendations set out in that article. The non-pre-emptive issue mandate allows management to choose the shareowners by allotment of shares. This corrupts the governance mechanism. Shareowners should govern management, not the other way around. If a company wishes to raise cash by issuing shares, then it should do so by rights issue.

Copyright Webb-site.com, 2003

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