COSCO SHIPPING Development Co., Ltd. — Capital/Financing Update 2021

May 25, 2021

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.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company.

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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)

APPROVAL OF THE PROPOSED ACQUISITION AND THE PROPOSED NON-PUBLIC ISSUANCE OF A SHARES BY COSCO SHIPPING

Reference is made to (i) the announcements of COSCO SHIPPING Development Co., Ltd. (the “ Company ”) dated 27 January 2021, 10 February 2021, 9 March 2021, 9 April 2021 and 29 April 2021 and 21 May 2021 in relation to, among other things, (a) the Proposed Acquisition; (b) the Proposed Non-public Issuance of A Shares; (c) the CS Subscription; (d) the Whitewash Waiver; and (e) the Special Deal; and (ii) the circular of the Company dated 24 May 2021 (the “ Circular ”). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

The Company is pleased to announce that on 25 May 2021, COSCO SHIPPING, as the competent state-owned assets supervision and administrative authority in respect of the Restructuring under the relevant PRC laws and regulations, has approved the Proposed Acquisition, the Proposed Non-public Issuance of A Shares and the CS Subscription. Accordingly, the approval of the Restructuring by the competent state-owned assets supervision and administrative authorities has been obtained and therefore, (1) condition (v) under the conditions of the effectiveness of the Acquisition Agreement; (2) condition (ii) under the conditions precedent of the Proposed Non-public Issuance of A Shares; and (3) condition (iii) under the conditions precedent of the CS Subscription (as further detailed in the Circular) have been fulfilled.

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Completion of the Proposed Acquisition, the Proposed Non-public Issuance of A Shares and the CS Subscription remain subject to the satisfaction of certain conditions, and may or may not proceed. Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

By order of the Board COSCO SHIPPING Development Co., Ltd. Cai Lei Joint Company Secretary

Shanghai, the People’s Republic of China 25 May 2021

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

The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement the omission of which would make any statement in this announcement misleading.

• The Company is a registered non-Hong Kong company as defined in 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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