CITIC : Change of Independent Non-executive Director and Strategic Committee Member

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR

AND STRATEGIC COMMITTEE MEMBER

The board of directors (the "Board") of CITIC Limited (the "Company") announces the following changes with effect from 3 May 2021:

1. appointment of Mr Toshikazu Tagawa as an Independent Non-executive Director and a member of the Strategic Committee of the Company; and
2. resignation of Mr Shohei Harada as an Independent Non-executive Director and a member of the Strategic Committee of the Company.

The Board of the Company announces the following changes:

1. Appointment of Mr Toshikazu Tagawa as an Independent Non-executiveDirector

Mr Toshikazu Tagawa ("Mr Tagawa"), aged 67, has been appointed as an Independent Non-executive Director of the Company with effect from 3 May 2021.

Mr Tagawa joined Audit Firm Asahi & Co. (now known as KPMG AZSA LLC) in November 1979, where he performed audit engagements. From November 1984 to June 2008, he worked as a tax professional at Ernst & Young ("EY") New York office for 18 years, EY San Francisco office for 4 years and Arthur Andersen New York office for 2 years, and became an EY US tax partner in 1996. From July 2008 to June 2010, he was

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stationed as a tax partner at EY Tax Co. in Japan. From July 2010 to June 2012, Mr Tagawa was stationed as a tax partner at Shanghai office of EY China, managing tax engagements of the Japanese Business Services in China. Mr Tagawa retired from EY US in June 2012. From July 2012 to April 2015, he assumed the position of Managing Director of the Financial Services Department of Ernst & Young ShinNihon LLC. From May 2015 to December 2020, he was appointed as a director and CFO of "Japan SR Association" which managed Super Rugby Japan team. He was appointed as a member of the Audit & Supervisory Board of Sumitomo Mitsui DS Asset Management Co., Ltd. as of June 2016 and CEO of Ranzan USA Corp. as of September 2018. Mr Tagawa graduated from Kobe University of Commerce (now known as University of Hyogo) with a Bachelor degree in Business Administration in March 1977. From September 2016 to March 2019, he was a visiting professor in the Faculty of Economics at Musashi University. Mr Tagawa is a licensed Certified Public Accountant.

There is no service contract entered into between the Company and Mr Tagawa. He has entered into a letter of appointment with the Company and pursuant to the Company's articles of association, he will hold office only until the next following annual general meeting, or if earlier, the next following extraordinary general meeting of the Company and will then be eligible for re-election at such meeting. Thereafter, he will be subject to retirement by rotation and re-election in accordance with the Company's articles of association.

Following his appointment, Mr Tagawa will receive from the Company a director's fee of HK$380,000 per annum (on a pro rata basis), at the same rate as that payable by the Company to the other Independent Non-executive Directors of the Company, which has been determined by shareholders of the Company.

As at the date hereof, Mr Tagawa does not have any interest in the ordinary shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance. Save as disclosed above, he has no relationships with any directors, senior management, substantial shareholders or controlling shareholders of the Company, and does not hold and has not held in the last three years any directorships in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas.

In relation to the appointment of Mr Tagawa as an Independent Non-executive Director of the Company, there is no information to be disclosed pursuant to any of the requirements of Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules nor are there other matters that need to be brought to the attention of the shareholders of the Company.

The Board would like to extend its warmest welcome to Mr Tagawa on his appointment.

2. Appointment of Mr Toshikazu Tagawa as a member of the Strategic Committee

Following his appointment as an Independent Non-executive Director of the Company, Mr Toshikazu Tagawa has also been appointed as a member of the Strategic Committee of the Company with effect from 3 May 2021.

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3. Resignation of Mr Shohei Harada as an Independent Non-executiveDirector and a member of the Strategic Committee

Due to other work commitments, Mr Shohei Harada ("Mr Harada") has tendered his resignation as an Independent Non-executive Director and a member of the Strategic Committee of the Company with effect from 3 May 2021.

Mr Harada has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

Mr Harada has been a director of the Company since April 2018. He has provided valuable services and support to the Company during his tenure of office. The Board express its sincere gratitude to Mr Harada for his valuable services and great contributions made to the Company.

By Order of the Board

CITIC Limited

Zhu Hexin

Chairman

Hong Kong, 3 May 2021

As at the date of this announcement and immediately after the above change of director, the executive directors of the Company are Mr Zhu Hexin (Chairman), Mr Xi Guohua and Ms Li Qingping; the non- executive directors of the Company are Mr Song Kangle, Mr Liu Zhuyu, Mr Peng Yanxiang, Ms Yu Yang, Mr Liu Zhongyuan and Mr Yang Xiaoping; and the independent non-executive directors of the Company are Mr Francis Siu Wai Keung, Dr Xu Jinwu, Mr Anthony Francis Neoh, Mr Gregory Lynn Curl and Mr Toshikazu Tagawa .

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