COSCO SHIPPING Energy Transportation : PROPOSED AMENDMENTS TO (1) THE ARTICLES OF ASSOCIATION (2) THE RULES AND PROCEDURES OF SHAREHOLDERS' GENERAL MEETINGS (3) THE RULES AND PROCEDURES OF MEETINGS OF THE BOARD OF DIRECTORS AND (4) THE RULES AND PROCEDURES OF MEETINGS OF THE SUPERVISORY COMMITTEE

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.

COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.*

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1138)

PROPOSED AMENDMENTS TO

1. 1. THE ARTICLES OF ASSOCIATION
2. THE RULES AND PROCEDURES OF SHAREHOLDERS' GENERAL MEETINGS
3. THE RULES AND PROCEDURES OF MEETINGS OF THE BOARD OF DIRECTORS
4. 1. 
      AND
   2. THE RULES AND PROCEDURES OF MEETINGS OF THE SUPERVISORY COMMITTEE

The board of directors (the "Board") of COSCO SHIPPING Energy Transportation Co., Ltd. (the "Company") proposes to make certain amendments to (i) the articles of association of the Company;

1. the rules and procedures of shareholders' general meetings of the Company; (iii) the rules and procedures of meetings of the board of directors of the Company; and (iv) the rules and procedures of meetings of the supervisory committee of the Company (collectively, the "Proposed Amendments"), in order to, among other things, (i) reflect recent amendments to the relevant laws and regulations of the People's Republic of China (the "PRC") and the Hong Kong Special Administrative Region of the PRC; (ii) reflect the establishment of the risk control committee of the Board; and (iii) further improve the corporate governance of the Company.

The Proposed Amendments are subject to the approval by the shareholders of the Company (the "Shareholders") by way of special resolutions at the extraordinary general meeting of the Company (the "EGM") to be convened in due course and the approval of, and registration or filing with, the relevant PRC governmental authorities.

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A circular containing, among other things, (i) the full text of the Proposed Amendments; (ii) further details of the Proposed Amendments; and (iii) a notice convening the EGM, will be despatched to the Shareholders in due course.

By order of the Board

COSCO SHIPPING Energy Transportation Co., Ltd.

Yao Qiaohong

Company Secretary

Shanghai, the PRC

30 October 2019

As at the date of this announcement, the Board comprises Mr. Liu Hanbo and Mr. Zhu Maijin as executive directors, Mr. Feng Boming, Mr. Zhang Wei and Ms. Lin Honghua as non-executive directors, Mr. Ruan Yongping, Mr. Ip Sing Chi, Mr. Rui Meng and Mr. Teo Siong Seng as independent non-executive directors.

• For identification purposes only

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