COSCO SHIPPING Development Co., Ltd. — Board/Management Information 2021

Jun 11, 2021

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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)

PROPOSED APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

PROPOSED APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board (the “ Board ”) of directors (the “ Directors ”) of COSCO SHIPPING Development Co., Ltd. (the “ Company ”, together with its subsidiaries, the “ Group ”) is pleased to announce that the Board has proposed to appoint Mr. Shao Ruiqing (邵瑞慶) (“ Mr. Shao ”) as an independent non-executive Director. According to the articles of association of the Company (the “ Articles of Association ”), the proposed appointment of Mr. Shao is subject to the approval by the shareholders of the Company (the “ Shareholders ”) at a general meeting of the Company. The ordinary resolution in relation to the proposed appointment of Mr. Shao is expected to be proposed at the forthcoming annual general meeting of the Company to be held on 29 June 2021 (“ AGM ”).

The biographical details of Mr. Shao are set out as follows:

Mr. Shao Ruiqing, aged 64, is currently a professor and doctoral tutor in Shanghai Lixin University of Accounting and Finance. He also holds positions including the vice president of China Communications Accounting Society, an executive director of Accounting Society of China, a director of China Audit Society, the vice president and chairman of the Academic Committee of Shanghai Accounting Association, an executive director of Shanghai Audit Association, a member of Accounting & Finance Expert Advisory Committee of Ministry of Transport, the consulting expert of China Accounting Standards Committee of Ministry of Finance. Mr. Shao previously served as dean of School of Economics and Management of Shanghai Maritime University and deputy dean of Shanghai Lixin University of Accounting.

Mr. Shao acted as an independent director of Tibet Urban Development and Investment Co., Ltd. (a company listed on the Shanghai Stock Exchange with stock code: 600773) during the period from May 2018 to May 2021. From August 2016 to June 2019, Mr. Shao served as an independent director of Shanghai Carthane Co., Ltd. (a company listed on the Shanghai Stock Exchange with stock code: 603037). Mr. Shao is currently also an independent director of China Eastern Airlines Corporation Limited (a company listed on the Shanghai Stock Exchange with stock code: 600115 and on The Stock Exchange of Hong Kong Limited (the “ Hong Kong Stock Exchange ”) with stock code: 0670), an independent director of HUAYU Automotive Systems Co., Ltd. (a company listed on the Shanghai Stock Exchange with stock code: 600741), an independent director of Shanghai International Port (Group) Co., Ltd. (a company listed on the Shanghai Stock Exchange

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with stock code: 600018), and an independent non-executive director of China Everbright Bank Company Limited (a company listed on the Shanghai Stock Exchange with stock code: 601818 and on the Hong Kong Stock Exchange with stock code: 6818).

Mr. Shao obtained a Bachelor’s degree in Economics from Shanghai Maritime University, a Master’s degree in Management from Shanghai University of Finance and Economics and a Doctoral degree in Management from Tongji University. He is entitled to a special government allowance provided by the State Council of the People’s Republic of China, and is also an honorary fellow member of the Association of International Accountants.

Subject to the approval by the Shareholders of the proposed appointment of Mr. Shao at the AGM, Mr. Shao will enter into a service contract with the Company for a term of service commencing on the date of his appointment until the end of the term of the current session of the Board. The remuneration of Mr. Shao will be determined in accordance with the remuneration standards for the onshore independent non-executive Directors, being RMB150,000 per year (before tax), which was determined with reference to the relevant duties and responsibilities and the prevailing market conditions.

Save as disclosed above, as at the date of this announcement, Mr. Shao (i) does not have any relationship with any Directors, senior management or substantial or controlling shareholders of the Company; (ii) does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (iii) does not hold any other directorships in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; and (iv) does not hold any other positions with other members of the Group.

Save as disclosed above, there are no other matters that need to be brought to the attention of the Shareholders in connection with the proposed appointment of Mr. Shao and there is no information which is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

GENERAL

A supplemental circular containing, among other things, further details of the proposed appointment of Mr. Shao and a supplemental notice of the AGM, will be despatched to the Shareholders in due course.

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

Shanghai, the People’s Republic of China 11 June 2021

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

• For identification purpose only

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