Orient Overseas International : CHANGE OF EXECUTIVE DIRECTORS, CHANGE OF CHIEF EXECUTIVE OFFICER AND CHANGE OF COMPOSITION OF BOARD COMMITTEES

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ORIENT OVERSEAS (INTERNATIONAL) LIMITED

東 方 海 外（國 際）有 限 公 司*

(Incorporated in Bermuda with members' limited liability)

(Stock Code: 316)

CHANGE OF EXECUTIVE DIRECTORS

CHANGE OF CHIEF EXECUTIVE OFFICER

AND

CHANGE OF COMPOSITION OF BOARD COMMITTEES

The board of directors (the "Board") of Orient Overseas (International) Limited (the "Company") hereby announces with effect from 18 September 2019:

1. Mr. HUANG Xiaowen resigned as an Executive Director, the Chief Executive Officer, a member of the Executive Committee and the chairman of the Inside Information Committee and the Risk Committee of the Company due to his work commitments;
2. Mr. ZHANG Wei resigned as an Executive Director and a member of the Executive Committee, the Remuneration Committee, the Inside Information Committee and the Risk Committee of the Company due to his work commitments;
3. Mr. WANG Haimin has been appointed as the Chief Executive Officer and the chairman of the Inside Information Committee and the Risk Committee of the Company, and resigned as a member of the Finance Committee and the Compliance Committee of the Company;
4. Mr. YANG Zhijian has been appointed as an Executive Director and a member of the Executive Committee, the Finance Committee, the Compliance Committee, the Inside Information Committee and the Risk Committee of the Company; and
5. Mr. FENG Boming has been appointed as an Executive Director and a member of the Executive Committee, the Remuneration Committee, the Inside Information Committee and the Risk Committee of the Company.

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RESIGNATION OF EXECUTIVE DIRECTORS, CHIEF EXECUTIVE OFFICER AND MEMBERS OF THE BOARD COMMITTEES

The Board hereby announces the following resignation of Executive Directors, Chief Executive Officer and members of the Board committees of the Company, all with effect from

18 September 2019:

1. Mr. HUANG Xiaowen ("Mr. Huang") resigned as an Executive Director, the Chief Executive Officer, a member of the Executive Committee and the chairman of the Inside Information Committee and the Risk Committee of the Company due to his work commitments;
2. Mr. ZHANG Wei ("Mr. Zhang") resigned as an Executive Director and a member of the Executive Committee, the Remuneration Committee, the Inside Information Committee and the Risk Committee of the Company due to his work commitments; and
3. Mr. WANG Haimin ("Mr. Wang") resigned as a member of the Finance Committee and the Compliance Committee of the Company.

Both Mr. Huang and Mr. Zhang have confirmed that they have no disagreement with the Board and there is no other matter in respect of their resignation that needs to be brought to the attention of the shareholders of the Company.

The Board would like to express their gratitude and appreciation to Mr. Huang and Mr. Zhang for their valuable contribution to the Group during their tenure of service.

APPOINTMENT OF EXECUTIVE DIRECTORS, CHIEF EXECUTIVE OFFICER AND MEMBERS OF THE BOARD COMMITTEES

The Board has accepted the recommendation of the Nomination Committee of the Company on the following appointment of Executive Directors, Chief Executive Officer and members of the Board committees of the Company, all with effect from 18 September 2019:

1. Mr. Wang, an Executive Director of the Company, has been appointed as the Chief Executive Officer and the chairman of the Inside Information Committee and the Risk Committee of the Company;
2. Mr. YANG Zhijian ("Mr. Yang") has been appointed as an Executive Director and a member of the Executive Committee, the Finance Committee, the Compliance Committee, the Inside Information Committee and the Risk Committee of the Company; and
3. Mr. FENG Boming ("Mr. Feng") has been appointed as an Executive Director and a member of the Executive Committee, the Remuneration Committee, the Inside Information Committee and the Risk Committee of the Company.

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Biographies of Mr. Wang, Mr. Yang and Mr. Feng are set out below:

Mr. Wang

Mr. Wang, aged 47, has been an Executive Director and a member of certain board committees of the Company since 3rd August 2018 and a director of certain subsidiaries of the Company. He had been a director, the co-Chief Executive Officer and a member of the Executive Committee of Orient Overseas Container Line Limited, a wholly-owned subsidiary of the Company. Mr. Wang graduated from Shanghai Maritime University, major in Transport Economics, and holds a master degree in Business Administration from Fudan University and is an engineer. Mr. Wang is currently the executive vice president and the Party Committee member of China COSCO SHIPPING Corporation Limited ("China COSCO SHIPPING"), the vice chairman and an executive director of COSCO SHIPPING Holdings Co., Ltd. ("COSCO SHIPPING Holdings", a company listed in both Shanghai and Hong Kong), a non-executive director of COSCO SHIPPING Ports Limited ("COSCO SHIPPING Ports", a company listed in Hong Kong), a director of Faulkner Global Holdings Limited and a director of Shanghai International Port (Group) Co., Ltd. (a company listed in Shanghai).

Mr. Wang had been the head of planning and cooperation department of the strategic planning division, the deputy general manager of the corporation planning division and the general manager of the strategy and development division of COSCO SHIPPING Lines Co., Ltd. ("COSCO SHIPPING Lines"), the general manager of the transportation division of China Ocean Shipping Co., Ltd., the deputy general manager of COSCO SHIPPING Ports, the deputy general manager, the general manager, a director and the Deputy Party Secretary of COSCO SHIPPING Lines, and the deputy general manager, the general manager and the Deputy Party Secretary of COSCO SHIPPING Holdings. Mr. Wang has over 20 years of experience in corporate management in the shipping industry. He has extensive experience in container shipping, operation of terminal and enterprise management.

Mr. Yang

Mr. Yang, aged 55, holds an executive master degree in Business Administration from Shanghai Maritime University and is an economist. Mr. Yang is currently the employee representative director of China COSCO SHIPPING, the general manager and the Deputy Party Secretary of COSCO SHIPPING Holdings (a company listed in both Shanghai and Hong Kong), the general manager, the chairman of the board and the Deputy Party Secretary of COSCO SHIPPING Lines.

Mr. Yang had been the head of ocean transportation division of Shanghai Ocean Shipping Co., Ltd., the head of corporate planning division and deputy general manager of marketing department of COSCO SHIPPING Lines, the deputy general manager of Hong Kong Ming Wah Shipping Co., Ltd., the general manager of the trade service division and the general manager of the Asia-Pacific trade division of COSCO SHIPPING Lines, the general manager and the Deputy Party Secretary of Shanghai PANASIA Shipping Company Limited, an assistant to the general manager and the deputy general manager of COSCO SHIPPING Logistics Co., Ltd., the deputy general manager, the general manager and the Deputy Party Secretary of COSCO SHIPPING Bulk Co., Ltd. Mr. Yang has over 30 years of experience in the maritime industry and has extensive experience in container shipping, logistics and bulk shipping.

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Mr. Feng

Mr. Feng, aged 49, holds a master degree in Business Administration from The University of Hong Kong and is an economist. Mr. Feng is currently the chairman of the board of directors and an executive director of COSCO SHIPPING Ports (a company listed in Hong Kong), a non-executive director of each of COSCO SHIPPING Development Co., Ltd., COSCO SHIPPING Energy Transportation Co., Ltd. and COSCO SHIPPING International (Hong Kong) Co., Ltd. (all listed in Hong Kong), and a director of COSCO SHIPPING (Hong Kong) Co., Limited, COSCO SHIPPING Bulk Co., Ltd., COSCO SHIPPING Financial Holding Co., Ltd., Piraeus Port Authority S.A. (a company listed in Athens) and certain subsidiaries of China

COSCO SHIPPING.

Mr. Feng had been the general manager of the strategic and corporate management department of China COSCO SHIPPING, the manager of the commercial section of the ministry of trade protection of COSCO SHIPPING Lines, the general manager of COSCO Container Hong Kong Mercury Co., Ltd., the general manager of the management and administration department of COSCO Holdings (Hong Kong) Limited, the general manager of COSCO International Freight (Wuhan) Co., Ltd. and COSCO Logistics (Wuhan) Co., Ltd., the director of the strategic management implementation office of China Ocean Shipping Co., Ltd. and COSCO SHIPPING Holdings, and a non-executive director of COSCO SHIPPING Holdings. Mr. Feng has over 20 years of work experience in the shipping industry. He has extensive experience in ports management and operation, enterprise strategy management, business management, container shipping and management.

Save as disclosed above, each of Mr. Wang, Mr. Yang and Mr. Feng does not hold directorships in any other public companies listed in Hong Kong and overseas in the last three years, does not hold any other position with the Company and other members of the group, and does not have any relationship with any directors, senior management or substantial shareholders or controlling shareholders of the Company.

As at the date of this announcement, each of Mr. Wang, Mr. Yang and Mr. Feng does not have any interest in the ordinary shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Mr. Wang has entered into a supplemental letter to his existing letter of appointment with the Company for his new role and duties as the Chief Executive Officer of the Company and as the chairman of both the Inside Information Committee and the Risk Committee of the Company. The other terms of appointment in Mr. Wang's existing letter of appointment remain unchanged. Mr. Wang is subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the Bye-Laws of the Company. Mr. Wang does not have a service contract with the Company.

Each of Mr. Yang and Mr. Feng has a letter of appointment with the Company as Directors and Board Committee members for a term of three years with effect from 18 September 2019 unless either party gives six months written notice to the other to terminate the letter of appointment before expiry of the existing term. Both of Mr. Yang and Mr. Feng shall hold office until the next following annual general meeting of the Company and shall be eligible for re-election at that meeting, and is subject to retirement by rotation and re-election at any subsequent annual general meeting of the Company in accordance with the Bye-Laws of the Company. Each of Mr. Yang and Mr. Feng does not have a service contract with the Company.

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Each of Mr. Wang, Mr. Yang and Mr. Feng will not receive emolument from the Company for their directorship in the Company, but the expenses incurred in connection with their discharge of duties as Directors will be borne by the Company.

Save as disclosed above, there is no other information relating to the above appointment of the Company required to be disclosed pursuant to Rule 13.51(2) of the Listing Rules nor are there any other matters that need to be brought to the attention of the shareholders of the Company.

The Board would like to welcome Mr. Yang and Mr. Feng for joining the Board.

By Order of the Board

Orient Overseas (International) Limited

Lammy LEE

Company Secretary

Hong Kong, 18 September 2019

As at the date of this announcement, our Executive Directors are Mr. XU Lirong, Mr. WANG Haimin, Mr. YANG Zhijian, Mr. FENG Boming and Mr. TUNG Lieh Cheung Andrew; our Non-Executive Directors are Mr. YAN Jun, Ms. WANG Dan, Mr. IP Sing Chi and Ms. CUI Hongqin; and our Independent Non-Executive Directors are Mr. CHOW Philip Yiu Wah, Dr. CHUNG Shui Ming Timpson, Mr. YANG Liang Yee Philip, Ms.CHEN Ying and Mr. SO Gregory Kam Leung.

• For identification purpose only website: http://www.ooilgroup.com

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