COSCO SHIPPING Development Co., Ltd. — Board/Management Information 2019

Jul 5, 2019

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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)

(1) RESIGNATION OF CHAIRMAN AND EXECUTIVE DIRECTOR AND APPOINTMENT OF CHAIRMAN

AND

(2) PROPOSED RE-ELECTION OF DIRECTORS AND SUPERVISORS

RESIGNATION OF CHAIRMAN AND EXECUTIVE DIRECTOR AND APPOINTMENT OF CHAIRMAN

The board (the “ Board ” ) of directors (the “ Directors ”) of COSCO SHIPPING Development Co., Ltd. (the “ Company ” ) announces that Ms. Sun Yueying has tendered her resignation as the chairman of the Board (the “ Chairman ”), an executive Director, the chairman of the executive committee of the Company (the “ Executive Committee ”), the chairman of the investment strategy committee of the Company (the “ Investment Strategy Committee ” ), and a member of the nomination committee of the Company with effect from 5 July 2019 due to her age.

Ms. Sun Yueying has confirmed that she has no disagreement with the Board and there are no other matters in relation to her resignation that need to be brought to the attention of the shareholders of the Company (the “ Shareholders ” ).

The Board would like to take this opportunity to express its sincere gratitude to Ms. Sun Yueying for her contributions to the Company during her tenure of service.

Following the resignation of Ms. Sun Yueying, Mr. Wang Daxiong, an executive Director and the chief executive officer of the Company, has been appointed as the Chairman, the chairman of the Executive Committee and the chairman of the Investment Strategy Committee with effect from 5 July 2019.

PROPOSED RE-ELECTION OF DIRECTORS AND SUPERVISORS

The Board is pleased to announce that the Board and the supervisory committee of the Company (the “ Supervisory Committee ” ) has proposed to re-elect (the “ Proposed Re-elections ”) the Directors and the supervisors (the “ Supervisors ”) of the Company to constitute the sixth session of the Board and the Supervisory Committee, respectively.

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The ordinary resolutions in relation to the Proposed Re-elections will be proposed at the extraordinary general meeting of the Company to be convened on Tuesday, 20 August 2019 (the “ EGM ”). The term of office of the sixth session of the Board and the sixth session of the Supervisory Committee will commence from the date of approval of the Proposed Re-elections by the Shareholders until the conclusion of the annual general meeting of the Company for the year ending 31 December 2021 to be convened in the year 2022.

Proposed re-election of Directors

The Board has proposed the re-election of the following persons as Directors of the sixth session of the Board:

• (a) each of Mr. Wang Daxiong, Mr. Liu Chong and Mr. Xu Hui as an executive Director of the sixth session of the Board;

• (b) each of Mr. Feng Boming, Mr. Huang Jian and Mr. Liang Yanfeng as a non-executive Director of the sixth session of the Board; and

• (c) each of Mr. Cai Hongping, Ms. Hai Chi Yuet, Mr. Graeme Jack, Mr. Lu Jianzhong and Ms. Zhang Weihua as an independent non-executive Director of the sixth session of the Board.

Proposed re-election of Supervisors

The Supervisory Committee has proposed to re-elect Mr. Ye Hongjun and Mr. Hao Wenyi as shareholder representative Supervisors of the sixth session of the Supervisory Committee.

The election of the employee representative Supervisor of the sixth session of the Supervisory Committee will be considered and approved by the meeting of the employee representatives of the Company to be convened in due course and is not subject to Shareholders’ approval.

GENERAL

A circular containing, among other things, further details of the Proposed Re-elections, the biographical details of the Directors and the Supervisors proposed to be re-elected and a notice convening the EGM will be despatched to the Shareholders in due course.

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

Shanghai, the People’ s Republic of China 5 July 2019

As at the date of this announcement, the Board comprises Mr. Wang Daxiong, Mr. Liu Chong and Mr. Xu Hui, being executive Directors, Mr. Feng Boming, Mr. Huang Jian and Mr. Liang Yanfeng, being non-executive Directors, and Mr. Cai Hongping, Ms. Hai Chi Yuet, Mr. Graeme Jack, Mr. Lu Jianzhong, Mr. Gu Xu and Ms. Zhang Weihua, 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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