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CHINA EVERBRIGHT LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 165)

(1) RESIGNATION OF CHAIRMAN AND EXECUTIVE DIRECTOR; (2) APPOINTMENT OF CHAIRMAN; AND (3) CHANGES IN COMPOSITION OF BOARD COMMITTEES

The Board announces that, with effect from 25 September 2020:

(i) Dr. Cai Yunge has resigned as the Chairman and an Executive Director;

(ii) Dr. Zhao Wei, currently an Executive Director and the Chief Executive Officer of the Group, has been appointed as the Chairman;

(iii) Dr. Cai Yunge has ceased to be the Chairman of the Executive Committee and a member of the Nomination Committee, Remuneration Committee and Strategy Committee of the Board; and

(iv) Dr. Zhao Wei has been redesignated from a member to the Chairman of the Executive Committee.

RESIGNATION OF CHAIRMAN AND EXECUTIVE DIRECTOR

The board of directors (the “Board” or the “Director(s)”) of (the “Company”, together with its subsidiaries, collectively the “Group”) hereby announces that Dr. Cai Yunge (“Dr. Cai”) has resigned as the Chairman of the Board (the “Chairman”) and an Executive Director with effect from 25 September 2020 due to work adjustment.

Dr. Cai has confirmed to the Board that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.

Dr. Cai had served as an Executive Director since November 2016 and the Chairman since December 2016. During his tenure of service, Dr. Cai had worked with dedication and had taken the role of strategic co-ordination, direction setting and overall situation management, making outstanding contribution to the high-quality and sustainable development of the Company. The Board would like to express its utmost appreciation and sincere gratitude to Dr. Cai for his valuable contribution during his tenure of service.

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APPOINTMENT OF CHAIRMAN

The Board is pleased to announce that Dr. Zhai Wei (“Dr. Zhao”), currently an Executive Director and the Chief Executive Officer of the Group, has been appointed as the Chairman with effect from 25 September 2020.

Biographical Details of Dr. Zhao

Dr. Zhao Wei, aged 48, has been an Executive Director and the Chief Executive Officer of the Group since May 2019. Dr. Zhao is also the Chairman and an Executive Director of China Aircraft Leasing Group Holdings Limited (stock code: 1848.HK). Prior to joining the Group, Dr. Zhao was the Vice President and the Chief Financial Officer of China Reinsurance (Group) Corporation (stock code: 1508.HK) and a Director of Asian Reinsurance Corporation. Dr. Zhao used to serve in China Life Insurance (Group) Company and China Life Asset Management Company Limited, and also used to serve as the General Manager of China Life Asset Management (Hong Kong) Corporation Limited, the President of China Life Franklin Asset Management Co., Limited and the Vice President of New China Asset Management Corporation Limited. He also used to be the Vice Chairman and the General Manager of China Re Asset Management Company Ltd., the Chairman of China Re Asset Management (Hong Kong) Company Limited and the Chairman of China ReCapital Management Company Limited. Dr. Zhao was the Chairman of Everbright Jiabao Co., Ltd. (stock code: 600622.SH) from July 2019 to May 2020. He also served as a Non-executive Director of China Everbright Company Limited (stock code: 601818.SH, 6818.HK) from February 2015 to July 2019 and Beijing Jingneng Clean Energy Co., Limited (stock code: 579.HK) from December 2016 to January 2019. Dr. Zhao obtained a Master’s degree in national economic planning and management from Jilin University and a Doctoral degree in finance from the Fiscal Science Research Institute of the Ministry of Finance (now known as Chinese Academy of Fiscal Sciences). Save as disclosed above, Dr. Zhao did not hold any directorship in other listed public companies in the past three years.

Dr. Zhao is a member of the Strategy Committee of the Board (the “Strategy Committee”) and the Chairman of the Executive Committee of the Board (the “Executive Committee”) and Management Decision Committee of the Group. He is also a director of a number of subsidiaries of the Company. Save as disclosed above, he does not hold any position with the Company and other members of the Group and does not have any relationship with any Directors, senior management, substantial or controlling shareholders of the Company.

As at the date of this announcement, Dr. Zhao has other interest of 417,134 ordinary shares of the Company, which are held through an independently managed fund, of which he holds certain non-voting, participating and redeemable shares, within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Dr. Zhao has entered into a service contract with the Company with no specific term and his directorship is subject to retirement by rotation and re-election at annual general meetings in accordance with the articles of association of the Company. There is no director’s emolument and salary for Dr. Zhao as an Executive Director. For the year of 2020, Dr. Zhao is entitled to an annual salary of HK$3,478,428 for his employment as the Chief Executive Officer of the Group, which was determined by the Remuneration Committee of the Board (the “Remuneration Committee”), with authorisation granted by the shareholders of the Company at annual general meetings, with reference to the market conditions. He is also entitled to a performance-based bonus subject to the approval of the Remuneration Committee.

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Save as disclosed above, the Board is not aware of any other matters or information that need to be brought to the attention of the shareholders of the Company or to be disclosed pursuant to rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) in relation to the appointment of Dr. Zhao as the Chairman.

Compliance with the Corporate Governance Code

Code provision A.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules states that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Notwithstanding the deviation from code provision A.2.1 upon the appointment of Dr. Zhao as the Chairman, the Board believes that with the support of the management, vesting the roles of both the Chairman and Chief Executive Officer by the same person can facilitate strong leadership, promote efficient execution of the Group’s business strategies and boost effectiveness of its operation. The Board will review the above arrangement from time to time and consider separating the two roles as and when appropriate.

CHANGES IN COMPOSITION OF BOARD COMMITTEES

The Board hereby announce the changes in composition of Board committees as follows with effect from 25 September 2020:

(i) Dr. Cai has ceased to be the Chairman of the Executive Committee and a member of the Nomination Committee, Remuneration Committee and Strategy Committee of the Board upon his resignation; and

(ii) Dr. Zhao has been redesignated from a member to the Chairman of the Executive Committee.

By order of the Board China Everbright Limited Chan Ming Kin Desmond Company Secretary

Hong Kong, 25 September 2020

As at the date of this announcement, the directors of the Company are:

Executive Directors: Independent Non-executive Directors: Dr. Zhao Wei (Chairman and Chief Executive Dr. Lin Zhijun Officer) Dr. Chung Shui Ming Timpson Mr. Zhang Mingao Mr. Law Cheuk Kin Stephen Mr. Tang Chi Chun Richard Mr. Yin Lianchen

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