The board of directors of COSCO International Holdings Limited has announced that Mr. Liu Xianghao, the executive director and managing director of the company, resigned from his position as managing director of the company due to change of work designation but remains as executive director of the company with effect from 27th September 2016. In addition, Mr. Liu Xianghao also resigned as chairman of Corporate Governance Committee and member of each of Remuneration Committee and Nomination Committee of the Company. On the same day, Mr. Liu Gang has been appointed as executive director and managing director of the company, chairman of Corporate Governance Committee and member of each of Remuneration Committee, Nomination Committee, Strategic Development Committee and Risk Management Committee of the company.

Mr. Liu Xianghao has confirmed that there was no disagreement with the Board and there was no other matter regarding his resignation as managing director of the company that would need to be brought to the attention of the shareholders of the Company. The Board welcome Mr. Liu Gang to join the Board. Mr. Liu Gang is a vice president of COSCO (Hong Kong) Group Limited (the intermediate controlling shareholder of the company).

Mr. Liu G was the deputy general manager of COSCO Tianjin Freight Co., the general manager of COSCO Tianjin International Freight Co. Ltd., the general manager of COSCO International Freight Co. Ltd. and the general manager of COSCO Africa (Pty) Ltd. Mr. Liu G has over 30 years of experience in logistics management and shipping industry and also has extensive experience in corporate operational management, strategic operation and management of international cargo transportation and modern logistics.

Mr. Liu G has entered into a letter of appointment with the company for a term commencing from 27th September 2016 to the conclusion of the 2018 annual general meeting of the company. Mr. Liu Xianghao, an executive director since March 2016, is member of Strategic Development Committee and Risk Management Committee of the company, and director of various subsidiaries of the company. Before the re-designation, Mr. Liu XH was the managing director of the company.

He is vice president, chief legal consultant and financial controller of COSCO (Hong Kong) Group Limited. Mr. Liu XH had worked in the Supervision Division, Executive Division and General Manager's Office of China Ocean Shipping (Group) company.