On the evening of July 21, COSCO Shipping Specialized Carriers Co., Ltd. (hereinafter referred to as "COSCO Shipping Specialized") issued the "Announcement on the Resolutions of the 10th Meeting of the 9th Board of Directors."** The announcement stated that, based on the written recommendation from its indirect controlling shareholder, China COSCO Shipping Group Co., Ltd., the Board of Directors agreed to elect Director Chen Shuai as the Chairman of the 9th Board of Directors of the Company.

Resume of Chen Shuai

Chen Shuai, male, of Han ethnicity, born in October 1974. He graduated from the Marine Engineering Management major at Shanghai Maritime Staff University. He has successively served as Assistant Manager and Deputy Manager of the Container Shipping Department I of China Shipping Container Lines Co., Ltd. (now known as COSCO Shipping Development Co., Ltd.), Assistant to the General Manager of China Shipping Container Lines (Hong Kong) Co., Ltd., General Manager of the Americas Division of China Shipping Container Lines Co., Ltd., Assistant to the General Manager and Deputy General Manager of China Shipping Container Lines Co., Ltd., Deputy General Manager of COSCO Shipping Holdings Co., Ltd., and Deputy General Manager of COSCO Shipping Container Lines Co., Ltd.