Gelonghui November 12th | Cosco Ship Engy announced that, upon deliberation, the board of directors approved its wholly-owned subsidiary, Hainan Cosco Shipping Energy Transportation Co., Ltd., to invest in the construction of six 0.307 million deadweight ton Very Large Crude Carriers ("VLCC"). Specifically as follows: 1. Hainan Energy Company, as the buyer, signed six shipbuilding contracts with Dalian Shipbuilding Industry Co., Ltd. and China Shipbuilding Industrial Wholesale Co., Ltd. as joint sellers, stipulating that Dalian Shipbuilding will build six 0.307 million deadweight ton VLCCs for Hainan Energy Company. The total price of the six ship contracts is RMB 5,748 million (inclusive of taxes). 2. Our company will increase the capital of Hainan Energy Company with its own funds, with the capital increase amount not exceeding RMB 1 billion based on the actual financial situation of Hainan Energy Company, to address some of its investment funding sources.