COSCO SHIPPING Development : GRANT OF RESERVED SHARE OPTIONS UNDER THE REVISED SHARE OPTION INCENTIVE SCHEME

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)

GRANT OF RESERVED SHARE OPTIONS UNDER THE REVISED

SHARE OPTION INCENTIVE SCHEME

This announcement is made by COSCO SHIPPING Development Co., Ltd.* (the "Company") pursuant to Rule 17.06A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

Reference is made to (i) the announcements of Company dated 16 December 2019, 22 January 2020, 5 March 2020 and 30 March 2020; and (ii) the circular of the Company dated 17 February 2020 (the "Circular"), in relation to, among other things, the Revised Share Option Incentive Scheme. Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

GRANT OF RESERVED SHARE OPTIONS UNDER THE REVISED SHARE OPTION INCENTIVE SCHEME

According to the Revised Share Option Incentive Scheme, a total of 8,847,445 Share Options, being the Reserved Share Options, have been reserved. The Board is pleased to announce that the Conditions of Grant under the Revised Share Option Incentive Scheme have been fulfilled, and on 6 May 2021, the 8,847,445 Reserved Share Options were granted to 19 Participants, who are core management and business personnel of the Group.

Further details of the grant of the 8,847,445 Reserved Share Options are set out as follows:

Date of grant:6 May 2021 ("Date of Grant")

Exercise price: The exercise price of the Reserved Share Options is RMB2.52 per A Share. The aforementioned exercise price will be adjusted in the event of distribution of dividends, capitalization issue, bonus issue, subdivision or consolidation of Shares or rights issue of the Company since the Date of Grant and before the exercise of the Reserved Share Options in accordance with the Revised Share Option Incentive Scheme.

1

Closing price of the	RMB2.94 per A Share
A Shares on the
Date of Grant:
Validity period of the	The Revised Share Option Incentive Scheme shall be effective for 10
Reserved Share	years from 5 March 2020. The exercise period of the Reserved Share
Options:	Options shall be seven years from the Date of Grant. Reserved Share
	Options not exercised within seven years from the Date of Grant shall
	lapse automatically.
Vesting Period of the	The Vesting Period of the Reserved Share Options is two years from
Reserved Share	the Date of Grant.
Options:
Exercise arrangement of	Subject to the satisfaction of the Conditions of Exercise, the Reserved
the Reserved Share	Share Options will be exercisable in three tranches after the expiration
Options:	of the Vesting Period in accordance with the following arrangement:
			Proportion of
			the Reserved
			Share Options
			exercisable to
			the total
			number of the
	Exercise		Reserved Share
	period	Duration	Options granted
	First exercise	Commencing on the first trading day	1/3
	period	after the expiration of the
		24-month period from the Date of
		Grant and ending on the last
		trading day of the 36-month period
		from the Date of Grant
	Second	Commencing on the first trading day	1/3
	exercise	after the expiration of the
	period	36-month period from the Date of
		Grant and ending on the last
		trading day of the 48-month period
		from the Date of Grant.
	Third exercise	Commencing on the first trading day	1/3
	period	after the expiration of the
		48-month period from the Date of
		Grant and ending on the last

trading day of the 84-month period from the Date of Grant.

2

None of the Participants granted with the Reserved Share Options is a Director, chief executive or substantial shareholder of the Company, or any of their respective associates (as defined under the Listing Rules).

By order of the Board

COSCO SHIPPING Development Co., Ltd.

Cai Lei

Joint Company Secretary

Shanghai, the People's Republic of China

6 May 2021

As at the date of this announcement, the Board comprises Mr. Wang Daxiong, Mr. Liu Chong and Mr. Xu Hui, being executive Directors, Mr. Huang Jian, Mr. Liang Yanfeng and Mr. Ip Sing Chi, 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.

• For identification purpose only

3