The Board of Directors of COSCO Corporation (Singapore) Limited would like to clarify that the retirement of Ji Hai Sheng as the Vice-Chairman, President and Executive Director on August 7, 2008 and the appointment of Jiang Li Jun as his replacement on the same date are steps taken within the framework of the normal planned management renewal processes put in place by China Ocean Shipping (Group) Company ("Cosco China"), the holding company of the Company. In connection with this, management changes have also recently taken place in Cosco companies in America and Hong Kong, in addition to Singapore.
The Company expects that the handing over process from Ji Hai Sheng to Jiang Li Jun will be completed in the next 2 to 3 weeks.
Cosco China has informed the Company that it notes with appreciation the track record of Ji Hai Sheng's contributions to the Company and the Cosco group in general and, in line with its planned management renewal processes, Ji Hai Sheng will be assuming another position within the Cosco China group of companies for which his significant experience, expertise and track record would be required.
The Board notes that the Company already has in place experienced and competent management and operations teams and is confident that, under the leadership of Jiang Li Jun, the Company will continue to achieve many successes.
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