The Board of Directors of COSCO SHIPPING Development Co., Ltd. announced that Mr. Wang Daxiong has tendered his resignation as the chairman of the Board an executive Director, the chairman of the executive committee of the Company the chairman of the investment and strategy committee of the Company and a member of the nomination committee of the Company with effect from 16 June 2022 due to his age. Following the resignation of Mr. Wang as the Chairman, Mr. Liu Chong ("Mr. Liu"), an executive Director, has been appointed as the Chairman with effect from 16 June 2022. The Board announces that Mr. Xu Hui has tendered his resignation as an executive Director and the deputy general manager of the Company with effect from 16 June 2022 due to his age.

Each of Mr. Wang and Mr. Xu has confirmed that he has no disagreement with the Board and there are no matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. Following the resignation of Mr. Wang as the chairman of the Executive Committee, the chairman of the Investment Strategy Committee and a member of the Nomination Committee, Mr. Liu has been appointed as the chairman of the Executive Committee, the chairman of the Investment Strategy Committee and a member of the Nomination Committee with effect from 16 June 2022. Following the resignation of Mr. Xu, he has ceased to be a member of the Executive Committee with effect from 16 June 2022.

Following the resignation of Mr. Wang, he has also ceased to be an authorized representative of the Company for the purpose of Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited Mr. Liu has been appointed as an Authorized Representative with effect from 16 June 2022.