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 liabilities whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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

(Stock Code: 0598)

UPDATE ON THE DISCLOSEABLE TRANSACTION - ACQUISITION OF EUROPEAN TARGET COMPANIES

References are made to the announcements of Sinotrans Limited (the "Company") dated 27 September 2019, 22 October 2019 and 7 November 2019 (the "Announcements") with respect to the acquisition of seven subsidiaries of KLG Holding (the "Acquisition") by the Company at an estimated maximum consideration of no more than EUR385,693,735 (equivalent to approximately RMB3,005,904,124) as contemplated under the Share Sale and Purchase Agreement dated 27 September 2019 entered into between the Purchasers, China Merchants Shipping and the Sellers. Unless otherwise defined herein, capitalized terms used in this announcement have the same meaning as defined in the Announcements.

The Board is pleased to announce that, the conditions precedent to the completion of the Step 1 Transaction have been fully satisfied, and the completion of the Step 1 Transaction has taken place on 12 December 2019 (HKT). Accordingly, the seven subsidiaries of KLG Holding as the Target Companies have become 80% owned indirect subsidiaries of the Company. The Company will proceed with the Acquisition including the purchase of the remaining 20% equity interests of the Target Companies in the Step 2 Transaction and fulfill the information disclosure obligations in due course (if any).

For the purpose of this announcement, unless otherwise indicated, the exchange rate of EUR1.00=RMB7.7935 has been used, where applicable, for the purpose of illustration only and does not constitute a representation that any amount has been, could have been or may be exchanged at such rate or any other rate or at all on the date or dates in question or any other date.

By order of the Board

Sinotrans Limited

Li Shichu

Joint Company Secretary

Beijing, 13 December 2019

1

As at the date of this announcement, the board of directors of the Company comprises Li Guanpeng (Chairman), Song Dexing (Vice Chairman), Song Rong (executive director), Su Jian (non-executive director), Xiong Xianliang (non-executive director), Jiang Jian (non-executive director), Jerry Hsu (non-executive director), and four independent non-executive directors, namely Wang Taiwen, Meng Yan, Song Haiqing and Li Qian.

2

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Sinotrans Limited published this content on 13 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2019 08:35:07 UTC