The board of directors of COSCO SHIPPING Development Co., Ltd. announced that as Mr. Zhu Donglin has tendered his resignation as an employee representative supervisor of the Company. Mr. Zhu has confirmed that, as at the date of this announcement, he has no disagreement with the Board and the supervisory committee of the Company (the "Supervisory Committee"), and that there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Zhao Xiaobo was appointed as an employee representative supervisor of the Company at an employee representative meeting of the Company held on 16 November 2020. The term of office Mr. Zhao will commence on 16 November 2020 until the end of the sixth session of the Supervisory Committee. Mr. Zhao Xiaobo obtained a bachelor's degree in financial management from the China Youth University of Political Studies in July 2009 and a master's degree in national economics from the University of Shanghai for Science and Technology in March 2013. Mr. Zhao currently holds the title of senior accountant. He had previously served as a supervisor, senior supervisor, assistant manager and deputy manager of the financial management department of China Shipping Investment Co., Ltd. and/or Shanghai Universal Logistics Equipment Co., Ltd. Mr. Zhao currently serves as the deputy manager of financial management department of Shanghai Universal Logistics Equipment Co., Ltd. and the chief accountant of Orient International Containers (Guangzhou) Co., Ltd.