COSCO CORPORATION (SINGAPORE) LIMITED

(Company Registration No. 196100159G)

CHANGES IN THE COMPOSITION OF THE BOARD

The Board of Directors of COSCO Corporation (Singapore) Limited (“COSCO” or the

“Company”) wishes to announce the following:

RESIGNATION

Mr Wang Xing Ru has resigned as Non-Independent and Non-Executive Director of the

Company with effect from 14 July 2011.

Consequent to the resignation of Mr Wang Xing Ru as Non-Independent and Non- Executive Director of the Company, Mr Liu De Tian shall cease to be the alternate director to Mr Wang Xing Ru with effect from 14 July 2011.

APPOINTMENT

Mr Wang Yu Hang has been appointed as the Non-Independent and Non-Executive

Director of the Company in place of Mr Wang Xing Ru with effect from 14 July 2011.

Mr Wang Yu Hang, born in October 1961, is a senior engineer with a bachelor’s degree. He graduated from marine engineering department of Dalian Maritime College in 1983. After his graduation, he started his career in Tianjin Ocean Shipping Company (COSCO Tianjin).

From June 1987 to November 1999, Mr Wang Yu Hang had worked with COSCO Group head office in various positions, as deputy manager of human resources department, deputy general manager of business development department and general manager of supervision department and human resources department.

From February 2000 to February 2007, Mr Wang Yu Hang was vice president of COSCO Americas. He was the Managing Director of COSCO shipbuilding Industry Co. Ltd (“COSCO Shipbuilding”) since May 2009, promoted from Deputy Managing Director, a post held by him from February 2007 to May 2009. COSCO Shipbuilding, which is a shareholder of Nantong COSCO KHI Ship Engineering Co., Ltd, is one of the most advanced shipbuilding yards in China.

Mr Wang Yu Hang has good qualifications and extensive working experience in the shipbuilding industry.

He is appointed as General Manager of COSCO Shipyard Group Co., Ltd on 24 June 2011 and promoted to the position of Managing Director with effect from 14 July 2011.

The particulars of Mr Wang Yu Hang pursuant to the requirements of Rule 704(7) of the Listing Manual of Singapore Exchange Securities Trading Limited will be furnished in a separate announcement.

Mr Liu De Tian has been appointed as the Alternate Director to Mr Wang Yu Hang with effect from 14 July 2011.

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The particulars of Mr Liu De Tian pursuant to the requirements of Rule 704(7) of the Listing Manual of Singapore Exchange Securities Trading Limited will be furnished in a separate announcement.

COMPOSITION OF BOARD

Following the abovementioned appointments and resignation, with effect from 14 July

2011, the Board of Directors of COSCO comprises the following members: -

Mr Liu Guo Yuan - Chairman and Non-Independent Non-Executive Director

Mr Jiang Li Jun

- Vice Chairman, President and Non-Independent

Executive

Director

Mr Ma Gui Chuan

- Non-Independent Executive Director

Mr Wang Hai Min

- Non-Independent Non-Executive Director

Mr Ma Zhi Hong

- Non-Independent Non-Executive Director

Mr Wang Yu Hang

- Non-Independent Non-Executive Director

Mr Tom Yee Lat Shing

- Non-Executive Independent Director

Dr Wang Kai Yuen

- Non-Executive Independent Director

Mr Er Kwong Wah

- Non-Executive Independent Director

Mr Ang Swee Tian

- Non-Executive Independent Director

Alternate Directors:

Mr Li Jian Xiong - Alternate to Mr Liu Guo Yuan Mr Lu Cheng Gang - Alternate to Mr Wang Hai Min Mr Ye Bin Lin - Alternate to Mr Ma Zhi Hong Mr Liu De Tian - Alternate to Mr Wang Yu Hang

By Order of the Board

Jiang Li Jun

Vice Chairman and President

15 July 2011

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