COSCO SHIPPING Development : POLL RESULTS OF THE EXTRAORDINARY GENERAL MEETING THE H SHARES CLASS MEETING AND THE A SHARES CLASS MEETING

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.

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)

POLL RESULTS OF

THE EXTRAORDINARY GENERAL MEETING

THE H SHARES CLASS MEETING

AND

THE A SHARES CLASS MEETING

The Board is pleased to announce that all the resolutions as set out in the Notices were duly passed by way of poll at the EGM and the Class Meetings held on 5 March 2020.

Reference is made to (i) the announcement of COSCO SHIPPING Development Co., Ltd. (the "Company") dated 16 December 2019; (ii) the announcement of the Company dated 22 January 2020; (iii) the notice of the EGM dated 17 February 2020 (the "Notice of EGM"); (iv) the notice of the H Shares Class Meeting dated 17 February 2020 (the "Notice of H Shares Class Meeting", together with the Notice of EGM, the "Notices"); and (v) the circular of the Company dated 17 February 2020 (the "Circular"), in relation to, among other things, the proposed adoption of the Revised Share Option Incentive Scheme and the Revised Proposed Initial Grant by the Company.

Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

1. RESULTS OF THE EGM AND THE CLASS MEETINGS

The Board is pleased to announce that all the resolutions as set out in the Notices were duly passed at the EGM and the Class Meetings held at Level 3, Ocean Hotel Shanghai, 1171 Dong Da Ming Road, Hong Kou District, Shanghai, the People's Republic of China at 1:30 p.m. on Thursday, 5 March 2020.

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A total of 96 Shareholders and their authorised proxies holding an aggregate of (i) 5,516,477,944 shares of the Company (the "Shares"), representing approximately 47.52% of the total issued share capital of the Company, were present at the EGM or participated in the online voting;

1. 486,711,993 H Shares, representing approximately 13.24% of the issued H Share capital of the Company, were present at the H Shares Class Meeting; and (iii) 5,024,831,777 A Shares, representing approximately 63.35% of the issued A Share capital of the Company, were present at the A Shares Class Meeting or participated in the online voting.

As at the date of the EGM and the Class Meetings, the total number of issued Shares was 11,608,125,000, which comprised 7,932,125,000 A Shares (inclusive of 79,627,003 A Shares repurchased and held by the Company as treasury shares) and 3,676,000,000 H Shares. As such,

1. the total number of Shares entitling the Shareholders to attend the EGM and vote for or against resolutions no. 1 to 4 at the EGM is 11,528,497,997 Shares; (ii) the total number of H Shares entitling H Shareholders to attend and vote for or against resolutions no. 1 to 4 at the H Shares Class Meeting was 3,676,000,000 H Shares, and (iii) the total number of A Shares entitling A Shareholders to attend and vote for or against resolutions no. 1 to 4 at the A Shares Class Meeting was 7,852,497,997 A Shares.

As disclosed in the Circular, there were no Shares entitling the Shareholders to attend the EGM and/or the Class Meetings and abstain from voting in favor of the resolutions proposed at the EGM and/or the Class Meetings as set out in Rule 13.40 of the Hong Kong Listing Rules and no Shareholders were required under the Hong Kong Listing Rules to abstain from voting at the EGM and/or the Class Meetings.

The EGM and the Class Meetings were chaired by Mr. Liu Chong, an executive Director and the general manager of the Company, as elected by all the Directors, and in accordance with the Articles of Association. After consideration by the said Shareholders and authorised proxies and through voting by way of open ballot or online voting, all the resolutions as set out in the Notices were duly passed at the EGM and the Class Meetings.

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1. Poll results of the EGM

The results of the poll conducted at the EGM were as follows:

			For	Against	Abstain
No.	SPECIAL RESOLUTIONS
Number of		Percentage	Number of	Percentage	Number of	Percentage
		Shares		(%)	Shares	(%)	Shares	(%)

1. To consider and approve the resolution in relation to the proposed adoption of the Revised Share Option Incentive Scheme, the details of which are set out in the Circular:

(a)	purpose and	principles of	A Shares	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	the Revised	Share Option
	H Shares	393,929,944	80.1247	97,716,223	19.8753	0	0.0000
	Incentive Scheme;
						Total	5,411,265,478	98.0928	105,212,466	1.9072	0	0.0000
(b)	management	institution of	A Shares	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	the Revised	Share Option
	H Shares	393,929,944	80.1247	97,716,223	19.8753	0	0.0000
	Incentive Scheme;
						Total	5,411,265,478	98.0928	105,212,466	1.9072	0	0.0000
(c)	basis of	determining the	A Shares	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	Participants	and	the	scope
	H Shares	393,929,944	80.1247	97,716,223	19.8753	0	0.0000
	of the Participants;
						Total	5,411,265,478	98.0928	105,212,466	1.9072	0	0.0000
(d)	s o u r c e ,	n u m b e r	a n d	A Shares	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	allocation	of	Shares	under
	H Shares	393,929,944	80.1247	97,716,223	19.8753	0	0.0000
	the Revised	Share Option
	Incentive Scheme;			Total	5,411,265,478	98.0928	105,212,466	1.9072	0	0.0000
(e)	Validity	Period,	Date of	A Shares	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	Grant, Vesting	Period,
	H Shares	393,929,944	80.1247	97,716,223	19.8753	0	0.0000
	exercise	date,	exercise
	p e r i o d	a n d l o c k - u p	Total	5,411,265,478	98.0928	105,212,466	1.9072	0	0.0000
	provisions;
(f)	exercise price and gains of	A Shares	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	the Share Options;
		H Shares	393,929,944	80.1247	97,716,223	19.8753	0	0.0000
						Total	5,411,265,478	98.0928	105,212,466	1.9072	0	0.0000

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								For	Against	Abstain
No.	SPECIAL RESOLUTIONS
Number of		Percentage	Number of	Percentage	Number of	Percentage
							Shares		(%)	Shares	(%)	Shares	(%)
(g)	Conditions	of Grant	and	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	Conditions of Exercise;
		H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
						Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
(h)	methods and procedures for	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	adjustments	to the	number
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	and the exercise price of the
	Share Options;			Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
(i)	accounting	treatment of	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	the Revised	Share	Option
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	Incentive	Scheme	and
	impact on	the operating	Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
	results of the Company;
(j)	p r o c e d u r e s	f o r	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	implementation	of	the
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	Revised	Share	Option
	Incentive	Scheme,	grant of	Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
	Share Options and	exercise
	of Share Options by the
	Participants;
(k)	rights and	obligations	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	of the Company and the
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	Participants;
						Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
(l)	h a n d l i n g	o f s p e c i a l	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	circumstances under the
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	Revised	Share	Option
	Incentive Scheme;			Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
(m)	management, amendments	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	and termination	of	the
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	Revised	Share	Option
	Incentive Scheme; and		Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000

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								For	Against	Abstain
No.		SPECIAL RESOLUTIONS
	Number of		Percentage	Number of	Percentage	Number of	Percentage
							Shares		(%)	Shares	(%)	Shares	(%)
(n)	disclosure in relation	to	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	the	implementation	of
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	the	Revised Share	Option
	Incentive Scheme.			Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
2.	To consider and approve the	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	resolution in relation to the
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	proposed adoption of	the
	Management Measures.		Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
3.	To consider and approve the	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	resolution in relation to the
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	proposed adoption of	the
	Appraisal Measures.		Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
4.	To	consider and	approve	A Shares	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	the	resolution in	relation
	H Shares	393,929,944		80.1247	97,716,223	19.8753	0	0.0000
	to the authorisation to the
	Board and/or its authorised	Total	5,411,265,478		98.0928	105,212,466	1.9072	0	0.0000
	persons	to be responsible
	for	the	implementation	and
	management of the Revised
	Share	Option Incentive
	Scheme, the details of which
	are set out in the Circular.

Please refer to the Notice of EGM and the Circular for the details of the above resolutions.

As more than two-thirds of the votes were cast in favour of the resolutions no. 1 to 4 set out above at the EGM, such resolutions were duly passed as special resolutions of the Company.

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2. Poll results of the H Shares Class Meeting

The results of the poll conducted at the H Shares Class Meeting were as follows:

			For	Against	Abstain
No.	SPECIAL RESOLUTIONS
Number of		Percentage	Number of	Percentage	Number of	Percentage
		H Shares		(%)	H Shares	(%)	H Shares	(%)

1. To consider and approve the resolution in relation to the proposed adoption of the Revised Share Option Incentive Scheme, the details of which are set out in the Circular:

(a)	purpose and principles of the Revised	388,995,770	79.9232	97,716,223	20.0768	0	0.0000
	Share Option Incentive Scheme;
(b)	management institution of the Revised	388,995,770	79.9232	97,716,223	20.0768	0	0.0000
	Share Option Incentive Scheme;
(c)	basis of determining the Participants and	388,995,770	79.9232	97,716,223	20.0768	0	0.0000
	the scope of the Participants;
(d)	source, number and allocation of Shares	388,995,770	79.9232	97,716,223	20.0768	0	0.0000
	under the Revised Share Option Incentive
	Scheme;
(e)	Validity Period, Date of Grant, Vesting	388,994,770	79.9230	97,716,223	20.0768	1,000	0.0002
	Period, exercise date, exercise period and
	lock-up provisions;
(f)	exercise price and gains of the Share	388,994,770	79.9230	97,716,223	20.0768	1,000	0.0002
	Options;
(g)	Conditions of Grant and Conditions of	388,994,770	79.9230	97,716,223	20.0768	1,000	0.0002
	Exercise;
(h)	methods and procedures for adjustments	388,994,770	79.9230	97,716,223	20.0768	1,000	0.0002
	to the number and the exercise price of the
	Share Options;
(i)	accounting treatment of the Revised Share	388,994,770	79.9230	97,716,223	20.0768	1,000	0.0002
	Option Incentive Scheme and impact on
	the operating results of the Company;

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			For	Against	Abstain
No.	SPECIAL RESOLUTIONS
Number of		Percentage	Number of	Percentage	Number of	Percentage
		H Shares		(%)	H Shares	(%)	H Shares	(%)
(j)	procedures for implementation of the	388,994,770		79.9230	97,716,223	20.0768	1,000	0.0002
	Revised Share Option Incentive Scheme,
	grant of Share Options and exercise of
	Share Options by the Participants;
(k)	rights and obligations of the Company and	388,995,770		79.9232	97,716,223	20.0768	0	0.0000
	the Participants;
(l)	handling of special circumstances under	388,994,770		79.9230	97,716,223	20.0768	1,000	0.0002
	the Revised Share Option Incentive
	Scheme;
(m)	management, amendments and termination	388,994,770		79.9232	97,716,223	20.0768	0	0.0000
	of the Revised Share Option Incentive
	Scheme; and
(n)	disclosure in relation to the implementation	388,994,770		79.9230	97,716,223	20.0768	1,000	0.0002
	of the Revised Share Option Incentive
	Scheme.
2.	To consider and approve the resolution in	388,994,770		79.9230	97,716,223	20.0768	1,000	0.0002
	relation to the proposed adoption of the
	Management Measures.
3.	To consider and approve the resolution in	388,994,770		79.9230	97,716,223	20.0768	1,000	0.0002
	relation to the proposed adoption of the
	Appraisal Measures.
4.	To consider and approve the resolution	388,994,770		79.9230	97,716,223	20.0768	1,000	0.0002
	in relation to the authorisation to the
	Board and/or its authorised persons to be
	responsible for the implementation and
	management of the Revised Share Option
	Incentive Scheme, the details of which are
	set out in the Circular.

Please refer to the Notice of H Shares Class Meeting and the Circular for the details of the above resolutions.

As more than two-thirds of the votes were cast in favour of the resolutions no. 1 to 4 set out above at the H Shares Class Meeting, such resolutions were duly passed as special resolutions of the Company.

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3. Poll results of the A Shares Class Meeting

The results of the poll conducted at the A Shares Class Meeting were as follows:

			For	Against	Abstain
No.	SPECIAL RESOLUTIONS
Number of		Percentage	Number of	Percentage	Number of	Percentage
		A Shares		(%)	A Shares	(%)	A Shares	(%)

1. To consider and approve the resolution in relation to the proposed adoption of the Revised Share Option Incentive Scheme, the details of which are set out in the Circular:

(a)	purpose and principles of the Revised Share	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	Option Incentive Scheme;
(b)	management institution of the Revised Share	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	Option Incentive Scheme;
(c)	basis of determining the Participants and the	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	scope of the Participants;
(d)	source, number and allocation of Shares under	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	the Revised Share Option Incentive Scheme;
(e)	Validity Period, Date of Grant, Vesting	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	Period, exercise date, exercise period and
	lock-up provisions;
(f)	exercise price and gains of the Share Options;	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
(g)	Conditions of Grant and Conditions of	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	Exercise;
(h)	methods and procedures for adjustments	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	to the number and the exercise price of the
	Share Options;
(i)	accounting treatment of the Revised Share	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	Option Incentive Scheme and impact on the
	operating results of the Company;
(j)	procedures for implementation of the Revised	5,017,335,534	99.8508	7,496,243	0.1492	0	0.0000
	Share Option Incentive Scheme, grant of
	Share Options and exercise of Share Options
	by the Participants;

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			For	Against	Abstain
No.	SPECIAL RESOLUTIONS
Number of		Percentage	Number of	Percentage	Number of	Percentage
		A Shares		(%)	A Shares	(%)	A Shares	(%)
(k)	rights and obligations of the Company and	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	the Participants;
(l)	handling of special circumstances under the	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	Revised Share Option Incentive Scheme;
(m)	management, amendments and termination of	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	the Revised Share Option Incentive Scheme;
	and
(n)	disclosure in relation to the implementation of	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	the Revised Share Option Incentive Scheme.
2.	To consider and approve the resolution in	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	relation to the proposed adoption of the
	Management Measures.
3.	To consider and approve the resolution in	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	relation to the proposed adoption of the
	Appraisal Measures.
4.	To consider and approve the resolution in	5,017,335,534		99.8508	7,496,243	0.1492	0	0.0000
	relation to the authorisation to the Board and/
	or its authorised persons to be responsible for
	the implementation and management of the
	Revised Share Option Incentive Scheme, the
	details of which are set out in the Circular.

As more than two-thirds of the votes were cast in favour of the resolutions no. 1 to 4 set out above at the A Shares Class Meeting, such resolutions were duly passed as special resolutions of the Company.

The polls at the EGM and the Class Meetings were scrutinised by the representatives of the auditors of the Company, Ernst & Young (Note ). The poll results of the EGM and Class Meetings were jointly reviewed by the Shareholder representatives, the Supervisor representatives and the representatives of Grandall Law Firm (Shanghai).

Note: Scope of work of Ernst & Young

The poll results of the EGM and the Class Meetings were subject to scrutiny by Ernst & Young, Certified Public Accountants, whose work was limited to certain procedures requested by the Company to agree to the poll result summary prepared by the Company to poll forms collected and provided by the Company to Ernst & Young. The work performed by Ernst & Young in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants nor did it include provision of any assurance or advice on matters of legal interpretation or entitlement to vote.

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1. ATTESTATION

Grandall Law Firm (Shanghai) expressed its witnessing opinion in respect of the EGM and the Class Meetings. According to the witness lawyers, (i) the convening and convocation procedures of the EGM and the Class Meetings were in accordance with the relevant laws, regulations, normative documents and the Articles of Association; (ii) the qualifications of the attendees at and the conveners of the EGM and the Class Meetings were lawful, valid and in accordance with the relevant laws, regulations, normative documents and the Articles of Association; and (iii) the voting procedures of the EGM and the Class Meetings were in accordance with the relevant laws, regulations, normative documents and the Articles of Association and the results of voting were lawful and valid.

1. DOCUMENTS AVAILABLE FOR INSPECTION

1. The resolutions of the EGM and the Class Meetings; and
2. The legal opinion issued by Grandall Law Firm (Shanghai) in respect of the EGM and the Class Meetings.

By order of the Board

COSCO SHIPPING Development Co., Ltd.

Yu Zhen

Company Secretary

Shanghai, People's Republic of China

5 March 2020

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 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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