COSCO SHIPPING Development Co., Ltd. announced that the Board has proposed to appoint (i) Mr. Liang Yanfeng as a non-executive director of the company; and (ii) each of Mr. Gu Xu and Ms. Zhang Weihua as an independent non-executive director of the company. According to the articles of association of the company, the Proposed Appointments are subject to the approval by the shareholders of the company at a general meeting of the company. The ordinary resolutions in relation to the Proposed Appointments will be proposed at the extraordinary general meeting of the Company to be convened in due course. Mr. Liang is currently the general manager and the vice secretary of Party Committee of COSCO SHIPPING Heavy Industry Company Limited. Mr. Gu currently serves as the chairman of Shanghai Dongsheng Investment Management Co., Ltd. Ms. Zhang, aged 56, has been an Independent Spervisor since June 2016. Subject to the approval by the Shareholders of the respective Proposed Appointment, each of Mr. Gu and Ms. Zhang will resign as an Independent Supervisor with effect from the date of the EGM.