The board of directors of Qingdao Port International Co., Ltd. announced that on 26 September 2018, it received a letter of resignation from the executive director and president of the company, Mr. JIAO Guangjun, and pursuant to which, Mr. Jiao resigned as the president of the Company due to changes in work arrangements. Mr. Jiao's resignation took effect since 26 September 2018, the date of his resignation letter being delivered to the Board. On the same day, the Board resolved that due to Mr. Jiao's resignation as the president of the Company, Mr. Jiao was re-designated as a non-executive director of the company and Mr. ZHANG Jiangnan, being a non-executive director of the company, was appointed as the president of the company and re-designated as the executive director of the company.

Mr. Jiao will remain as the vice chairman of the board, the member of the strategy and development committee of the Company and the member of remuneration committee of the Company; whereas Mr. Zhang will remain as the member of the strategy and development committee of the Company. The term of office of Mr. Jiao as the non-executive director of the Company took effect from 26 September 2018 and will end on the date of the expiration of the Board of the second session. The term of office of Mr. Zhang as the executive director and the president of the Company took effect from 26 September 2018 and will end on the date of the expiration of the Board of the second session.