The board of directors of COSCO SHIPPING Development Co., Ltd. announced that Mr. Lu Jianzhong, having served as an independent non-executive Director for six consecutive years, has recently tendered his resignation as an independent non-executive Director, the chairman of the audit committee of the Board and a member of the risk and compliance management committee of the Board, pursuant to the Administrative Measures for Independent Directors of Listed Companies promulgated by the China Securities Regulatory Commission which stipulates the consecutive term of an independent director serving in the same listed company shall not exceed six years. Upon his resignation taking effect, Mr. Lu will no longer hold any position in the Company and all its subsidiaries. On 16 July 2024, the Board has approved that Mr. Shao Ruiqing, an independent non-executive Director, has been appointed as the chairman of the Audit Committee and a member of the Risk and Compliance Management Committee with effect from 16 July 2024.

Following the aforementioned Board approval of the change of composition of Board committees, the resignation of Mr. Lu as an independent non-executive Director, the chairman of the Audit Committee and a member of the Risk and Compliance Management Committee has taken effect on the same date.