COSCO SHIPPING Specialized Carriers

The Company was established as a joint-stock company with Guangzhou Ocean Shipping Company (hereinafter referred to as "Guangyuan Company") as the main sponsor, contributing its assessed net operating assets of RMB 290,950,900 from 25 vessels mainly engaged in ocean-going specialized transportation, including semi-submersible vessels, ro-ro vessels, heavy-lift vessels, multi-purpose vessels and general cargo vessels, and with China Guangzhou Ocean Shipping Agency (hereinafter referred to as "Guangzhou Ocean Agency"), Guangzhou Economic and Technological Development Zone Guangyuan Shipping Service Co., Ltd. (hereinafter referred to as "Shipping Service Company"), Shenzhen Ocean Shipping Co., Ltd. (hereinafter referred to as "Shenzhen Ocean Shipping") and Guangzhou COSCO International Freight Co., Ltd. (hereinafter referred to as "Guangzhou COSCO Freight") as co-sponsors contributing a total cash of RMB 17 million, of which Guangzhou Ocean Agency contributed RMB 3.5 million in cash, Shipping Service Company contributed RMB 8.5 million in cash, Shenzhen Ocean Shipping contributed RMB 3 million in cash, and Guangzhou COSCO Freight contributed RMB 2 million in cash. On December 7, 2016, the company name was changed from "COSCO Shipping Co., Ltd." to "COSCO SHIPPING Specialized Carriers Co., Ltd.", and the English name was changed from "COSCO Shipping Co., Ltd." to "COSCO SHIPPING Specialized Carriers Co., Ltd.".