COSCO Corporation's Vice Chairman resigns

Jiang Li Jun will be replaced by Wu Zi Heng.

The Board of Directors (the “Board”) of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that Mr Jiang Li Jun, Vice Chairman, President and Executive Director of the Company, will relinquish his position as President and Executive Director of the Company with effect from 22 November 2011. Mr Jiang Li Jun will remain as a Vice Chairman of the Board and therefrom, he will be redesignated as a Non-Executive Director of the Company.

Mr Wu Zi Heng, an Executive Director of the Company, will be appointed as a Vice Chairman of the Board and assume the position of President of the Company with effect from 22 November 2011, according to a COSCO Corp. report.

Following the above changes, Mr Jiang Li Jun also ceases to be a member of the Remuneration Committee, Nominating Committee, Enterprise Risk Management Committee and Strategic Development Committee of the Company and Mr Wu Zi Heng will take over the above portfolios in these Committees simultaneously.