COSCO Corporation (Singapore) Limited
(Company Registration No.: 196100159G)

ESTABLISHMENT OF ENTERPRISE RISK MANAGEMENT COMMITTEE

The Board of Directors of Cosco Corporation (Singapore) Limited (the “Company”) wishes to announce that the Company has established an Enterprise Risk Management Committee (“ERMC”) on 28 February 2008.

The ERMC is established to take over the risk management portfolio from Management so that the duties and responsibilities of managing enterprise risk is separated from the policy making decisions and risk management implementation. The existing Risk Management Committee of the Management Team will continue to function but will focus more intensively on implementing the policies established by the ERMC.

The appointments of the members of the Risk Management Committee comprising: -

Mr Ang Swee Tian – Chairman (Non-Executive and Independent)
Mr Ji Hai Sheng – Member (Executive)
Mr Tom Yee Lat Shing – Member (Non-Executive and Independent)
Dr Wang Kai Yuen – Member (Non-Executive and Independent)
Mr Er Kwong Wah – Member (Non-Executive and Independent)
were effected on 28 February 2008.

FOR AND ON BEHALF OF THE BOARD
Ji Hai Sheng
Vice Chairman / President
28 February 2008

Source: COSCO Corporation (Singapore) Limited