Qingdao Port International Co., Ltd. announced on 20 May 2020, it received a resignation letter from Mr. CHU Xiaozhong and pursuant to which, Mr. Chu would resign as an employee representative director of the Company (the "Employee Representative Director"), a member of the strategy and development committee of the Board (the "Strategy and Development Committee") and a member of the audit committee of the Board (the "Audit Committee") due to reaching his retirement age. Mr. Chu's resignation of the Employee Representative Director took effect upon the delivery of his resignation letter to the Board. Mr. Chu has confirmed to the Board that he has no disagreement with the Board and there are no matters that need to be brought to the attention of the shareholders of the Company in connection with his resignation. Mr. Chu has also confirmed that he does not have any action or claim, existing or pending, against the Company. On the same date, Ms. WANG Fuling was elected as the Employee Representative Director at the joint meeting of employee representative meeting of the Company. Ms. Wang, together with the other directors of the Company who are non-Employee Representative Directors, shall constitute the Board of the third session. The term of office of Ms. Wang as the Employee Representative Director will take effect from 20 May 2020 and end on the date of the expiration of the Board of the third session. The Board announced that on 20 May 2020, Ms. Wang was appointed as a member of the Strategy and Development Committee and a member of the Audit Committee of the Board of the third session, with a term commencing on 20 May 2020 and ending on the date of the expiration of the Board of the third session. The Board hereby announces that due to the adjustment of work arrangements, Mr. ZHANG Wei tendered his resignation letter to the Board on 20 May 2020, to the effect that he would resign as a Non-executive Director, and a member of the Strategy and Development Committee. The resignation letter of Mr. Zhang took effect upon the delivery to the Board. Mr. Zhang will no longer hold any position in the Company after his resignation from the aforesaid positions. Mr. Zhang has confirmed that he has no disagreement with the Board and does not have any matters in relation to his resignation that should be brought to the attention of the Shareholders. Mr. Zhang has also confirmed that he does not have any action or claim, existing or pending, against the company.