COSCO SHIPPING Development Co., Ltd. — Board/Management Information 2017

Sep 5, 2017

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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中遠海運發展股份有限公司 COSCO SHIPPING Development Co., Ltd.*

(A joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 02866)

EXTENSION OF TIME FOR APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Reference is made to the announcement of COSCO SHIPPING Development Co., Ltd. (the “ Company ”) dated 7 June 2017 (the “ Announcement ”). Unless otherwise defined, capitalized terms used in this announcement shall have the same meanings as those defined in the Announcement.

As disclosed in the Announcement, following the departure of Mr. Tsang, the Board comprises 10 members with three Independent Non-executive Directors, and the Audit Committee comprises two members with only one Independent Non-executive Director. As such, the number of Independent Non-executive Directors has fallen below the minimum requirement under Rule 3.10A of the Listing Rules and the composition of the Audit Committee does not meet the requirements under Rule 3.21 of the Listing Rules.

Pursuant to Rules 3.11 and 3.23 of the Listing Rules, the Company should appoint sufficient number of Independent Non-executive Directors and make appropriate appointment to the Audit Committee within three months after failing to meet the requirements under Rules 3.10A and 3.21 of the Listing Rules.

The Company has taken active steps to identify a suitable candidate to be appointed as an Independent Non-executive Director and the chairman of the Audit Committee (the “ Proposed Appointment ”). As at the date of this announcement, the Company has identified a suitable candidate for the Proposed Appointment. As the Proposed Appointment is subject to the approval by (i) the nomination committee of the Company; (ii) the Board; and (iii) the shareholders at the general meeting of the Company, additional time is required to complete the procedures relating to the Proposed Appointment. The Company has applied for, and The Stock Exchange of Hong Kong Limited has granted, a waiver from strict compliance with Rules 3.10A and 3.21 of the Listing Rules by the Company for a period from 3 September 2017 to 3 December 2017.

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The Company will endeavour to appoint an Independent Non-executive Director and fill the relevant vacancies so as to comply with the relevant requirements of the Listing Rules as soon as practicable. Further announcement(s) will be made by the Company as and when appropriate.

By order of the Board COSCO SHIPPING Development Co., Ltd. Yu Zhen

Company Secretary

Shanghai, the People’s Republic of China

5 September 2017

As at the date of this announcement, the Board comprises Ms. Sun Yueying, Mr. Wang Daxiong, Mr. Liu Chong and Mr. Xu Hui, being executive directors, Mr. Feng Boming, Mr. Huang Jian and Mr. Chen Dong, being non-executive directors, and Mr. Cai Hongping, Ms. Hai Chi Yuet and Mr. Graeme Jack, being independent non-executive directors.

• The Company is a registered non-Hong Kong company as defined under the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) and it is registered under its Chinese name and under the English name “COSCO SHIPPING Development Co., Ltd.”.

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