COSCO (H.K.) GROUP

Jotun COSCO Marine Coatings (HK) Limited ("Jotun COSCO") is a jointly controlled entity between COSCO International and Jotun A/S in Norway, each of which owns 50% equity interests. Jotun COSCO has a coating manufacturing plant in Guangzhou and sales offices in Shanghai, Tianjin, Dalian, Qingdao, Fuzhou and Hong Kong, etc. Jotun COSCO is responsible for the production and sales of marine coatings for new ship building, dry docking and maintenance and repair coatings in China (including HKSAR and Macau SAR).

China's ship building industry has developed quickly in recent years. Jotun COSCO accelerated the construction of a new coating plant in Qingdao, China to line up with the production capacity expansion for future development. The plant is expected to commence operation in 2012 with a total annual production capacity of 72,500 tonnes, thus further strengthening Jotun COSCO's leading position in the marine coating market in China.