COSCO SHIPPING Energy Transportation : ANNOUNCEMENT IN RELATION TO THE FORMAL APPROVAL FROM THE CSRC ON THE PROPOSED NON-PUBLIC ISSUANCE OF A SHARES

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COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.*

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1138)

ANNOUNCEMENT IN RELATION TO THE FORMAL APPROVAL FROM THE CSRC ON THE PROPOSED NON-PUBLIC ISSUANCE OF A SHARES

Reference is made to the announcements of COSCO SHIPPING Energy Transportation Co., Ltd. (the "Company") most recently dated 30 October 2019, and the circulars of the Company most recently dated 25 November 2019 (the "Circular") in respect of, inter alia, the Proposed Non-public Issuance of A Shares.

Unless otherwise defined, capitalized terms used herein have the same meanings as ascribed to them in the Circular.

On 5 December 2019, the Company has received the formal approval of the Proposed Non-Public Issuance of A Shares from the CSRC and pursuant to which, among other things:

1. the issuance of not more than 806,406,572 Shares under the Proposed Non-Public Issuance of A Shares has been approved, provided that if the total equity changes as a result of capitalization or other circumstances, the number of Shares to be issued under the Proposed Non-Public Issuance of A Shares may be correspondingly adjusted;
2. the Proposed Non-Public Issuance of A Shares should be implemented strictly in accordance with the application documents submitted by the Company to the CSRC;
3. such approval will remain valid for six (6) months from the date of issuance of such approval; and
4. if any material event occurs to the Company from the date of such approval to the date of completion of the Proposed Non-Public Issuance of A Shares, the Company should promptly report to the CSRC and handle in accordance with the relevant regulations.

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The Company will further announce relevant information based on the progress of the Proposed Non- public Issuance of A Shares and in accordance with the disclosure requirements under relevant laws and regulations. Investors are advised to pay attention to the investment risks thereof.

Shareholders and potential investors are advised to exercise caution when dealing in the Shares, and are recommended to consult their stockbroker, bank manager, solicitor or other professional adviser if they are in any doubt about their position and as to actions they should take.

By order of the Board

COSCO SHIPPING Energy Transportation Co., Ltd.

Yao Qiaohong

Company Secretary

Shanghai, the People's Republic of China

5 December 2019

As at the date of this announcement, the Board comprises Mr. Liu Hanbo and Mr. Zhu Maijin as executive directors, Mr. Feng Boming, Mr. Zhang Wei and Ms. Lin Honghua as non-executive directors, Mr. Ruan Yongping, Mr. Ip Sing Chi, Mr. Rui Meng and Mr. Teo Siong Seng as independent non-executive directors.

• For identification purposes only

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