The board of directors of COSCO International Holdings Limited announced that with effect from 18th March 2016, Mr. Sun Jiakang has resigned as executive director and chairman of the Board of the company due to change of work designation and Mr. Xu Zhengjun has resigned as executive director and managing director of the company due to his retirement. Accordingly, Mr. Xu ceased to be chairman of Corporate Governance Committee, member of each of Remuneration Committee, Nomination Committee, Strategic Development Committee and Risk Management Committee of the company. On the same day, Mr. Ye Weilong has been appointed as executive director and chairman of the Board of the company and Mr. Liu Xianghao has been appointed as executive director and managing director of the company and chairman of Corporate Governance Committee, member of each of Remuneration Committee, Nomination Committee, Strategic Development Committee and Risk Management Committee of the company.

Each of Mr. Sun and Mr. Xu has confirmed that there was no disagreement with the Board, and there was no other matter regarding his resignation that would need to be brought to the attention of the shareholders of the company.