COSCO SHIPPING Ports : VOLUNTARY ANNOUNCEMENT - DISPOSAL OF 33.335% EQUITY INTERESTS IN COSCO SHIPPING PORTS (ABU DHABI) LIMITED

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(Incorporated in Bermuda with limited liability)

(Stock Code: 1199)

VOLUNTARY ANNOUNCEMENT

DISPOSAL OF 33.335% EQUITY INTERESTS IN

COSCO SHIPPING PORTS (ABU DHABI) LIMITED

This announcement is made by COSCO SHIPPING Ports Limited (the "Company") on a voluntary basis.

The board of directors (the "Board") of the Company is pleased to announce that on 26 November 2019 (the "Signing Date"), the Company, COSCO SHIPPING Ports (Abu Dhabi) Limited ("CSP (Abu Dhabi)", a wholly-owned subsidiary of the Company), and Qingdao Port International Development (Hong Kong) Co., Ltd. ("QPI Development") (together the "Contracting Parties") entered into a share purchase agreement pursuant to which the Company has agreed to sell, and QPI Development has agreed to purchase 6,667 shares, representing 33.335% equity interests, in CSP (Abu Dhabi), for a consideration of US$59,276,030 (the "Disposal"). In view of the Disposal, the Contracting Parties also entered into a shareholders' agreement on the Signing Date, which will come into effect on the date of closing.

As at the date of this announcement, CSP (Abu Dhabi), directly and by way of nominee arrangement, holds a total of 90% equity interests in CSP Abu Dhabi Terminal L.L.C. ("Abu Dhabi Terminal"), and the remaining 10% equity interests is held by an independent third party. Upon completion of the Disposal, Abu Dhabi Terminal will be indirectly held as to approximately 60% by the Company and as to approximately 30% by QPI Development respectively through CSP (Abu Dhabi).

Completion of the Disposal is conditional on the fulfillment of certain conditions. The Contracting Parties will use their best endeavours to fulfill the conditions precedent to the completion no later than 4 months from the Signing Date (the "Long Stop Date"). The Long Stop Date can be extended by mutual agreement between the Company and QPI Development in case the conditions precedent have not been fulfilled as at the Long Stop Date.

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Reasons for and benefits of the transaction

The Company is committed to the development of terminal business. Abu Dhabi Terminal was the first terminal in which the Company holds a controlling stake in the Middle East, which demonstrated the Company's strategic plan to proactively build a global terminal network.

QPI Development has extensive experience in ports operation and reserve of talents. The Disposal is expected to further improve the operational efficiency of Abu Dhabi Terminal, increase the terminal's competitiveness in the Middle East and provide highly-efficient and better ports services to shipping companies. Furthermore, the Company believes that the Disposal would be beneficial to the two parties in maximising their respective advantages, expanding terminal-extended business and deepening strategic cooperation in terminal business in the long run.

Information on the Company and the relevant parties

The Company and its subsidiaries are principally engaged in the businesses of managing and operating terminals, and related businesses.

CSP (Abu Dhabi) is a special purpose vehicle established to hold the Company's interest in Abu Dhabi Terminal, which is principally engaged in the business of construction, development and operation of the container terminals at the Khalifa Port in Abu Dhabi, United Arab Emirates.

QPI Development is principally engaged in project investment, venture capital, commercial trading investment, port and terminal investment, operation and management, financial leasing, investment, financing, wealth management, technical, information and business consulting service, business and technical training and advising services.

By Order of the Board

COSCO SHIPPING Ports Limited

FENG Boming

Chairman

Hong Kong, 26 November 2019

As at the date of this announcement, the Board comprises Mr. FENG Boming1 (Chairman), Mr. ZHANG Dayu1 (Managing Director), Mr. DENG Huangjun1, Mr. ZHANG Wei2, Mr. CHEN Dong2, Mr. WANG Haimin2, Dr. WONG Tin Yau, Kelvin1, Dr. FAN HSU Lai Tai, Rita3, Mr. Adrian David LI Man Kiu3, Mr. FAN Ergang3, Mr. LAM Yiu Kin3 and Prof. CHAN Ka Lok3.

1. Executive Director
2. Non-executiveDirector
3. Independent Non-executive Director

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