COSCO SHIPPING Development : INSIDE INFORMATION

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)

INSIDE INFORMATION

This announcement is made by COSCO SHIPPING Development Co., Ltd. (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2)(a) of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors (the "Board") of the Company announces that the Group proposes to

dispose of (the "Potential Disposal") certain of its equity interests in China International Marine Containers (Group) Co., Ltd. (中國國際海運集裝箱（集團）股份有限公司), a joint stock company

incorporated in the People's Republic of China with limited liability, the H shares and A shares of which are listed on the Hong Kong Stock Exchange (Stock Code: 02039) and the Shenzhen Stock Exchange (Stock Code: 000039), respectively ("CIMC"). As at the date of this announcement, CIMC is held as to approximately 22.68% by the Group.

The Potential Disposal is in line with the strategic development needs of the Group and is expected to optimise the asset structure of the Group, thereby facilitating the development of the shipping leasing business, the container manufacturing business and the investment and related service business of the Group and the achievement of its strategic development objective in becoming an integrated supply chain financial service platform featuring shipping logistics.

As the Potential Disposal is still at the planning stage, there are uncertainties in the proposal for the Potential Disposal. The Potential Disposal, if materialises, may constitute a notifiable transaction of the Company under Chapter 14 of the Listing Rules. Further announcement(s) in respect of the Potential Disposal will be made by the Company as and when appropriate.

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As the Potential Disposal is subject to definitive agreement being entered into and may or may not proceed, the shareholders and potential investors of the Company should exercise caution when dealing in the securities of the Company.

By order of the Board

COSCO SHIPPING Development Co., Ltd.

Cai Lei

Joint Company Secretary

Shanghai, the People's Republic of China

18 August 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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