Pursuant to the lease agreement entered into by China COSCO Holdings Company Limited (“China COSCO”) and China Shipping Container Lines Company Limited (“CSCL”)

on December 11, 2015, on March 1, 2016, COSCON (a subsidiary of China COSCO) and CSCL signed a series of definitive leasing contracts of container ships and containers as well as certain other related agreements, which began the integration of the two companies.

During the past month, COSCON reorganized its headquarter in Shanghai and integrated the network in China. We communicated with our customers, partners and other related parties about the changes and the transition has been proceeding smoothly. From April 12, we will start the integration of the global network with the aim of optimizing the process and providing better services to our customers.

We are confident that the integration of the global network will greatly improve overall performance and efficiency of COSCON and, as a result, we will also be able to provide superior and value-added service to our customers. We will maintain best service quality and business continuity during the integration period. Any changes and/or updates will be communicated promptly.