Wheelock and : Appointment of Independent Financial Adviser

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This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of Wheelock and Company Limited nor is it a solicitation of any vote or approval in any jurisdiction.

WHEELOCK AND COMPANY LIMITED

(Incorporated in Hong Kong with limited liability)

Stock Code: 20

Appointment of Independent Financial Adviser

The Board of Directors (the "Board") of Wheelock and Company Limited (the "Company") announces the appointment of Anglo Chinese Corporate Finance, Limited as the independent financial adviser to the Independent Board Committee in accordance with the Takeovers Code.

Reference is made to the joint announcement dated 27 February 2020 issued by Admiral Power Holdings Limited and the Company in relation to, amongst other things, the Proposal (the "Joint Announcement"). Unless otherwise defined in this announcement, terms defined in the Joint Announcement have the same meanings when used in this announcement.

The Board announces that Anglo Chinese Corporate Finance, Limited, a licensed corporation to carry out Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the SFO, has been appointed as the independent financial adviser to advise the Independent Board Committee in connection with the Proposal, and such appointment has been approved by the Independent Board Committee pursuant to Rule 2.1 of the Takeovers Code.

The letter of advice from the Independent Financial Adviser to the Independent Board Committee and the recommendations of the Independent Board Committee will be included in the Scheme Document to be despatched to the Shareholders and Optionholders in due course.

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Wheelock and Company Limited - Announcement (5 March 2020)

WARNING: Shareholders and/or potential investors should be aware that the Proposal is subject to the Scheme Conditions and Distribution Conditions being fulfilled or waived, as applicable, and therefore the Proposal may or may not be implemented. This announcement is made in compliance with the Takeovers Code for the sole purpose of informing the Shareholders of the fact that an independent financial adviser has been appointed to advise the Independent Board Committee. Shareholders and/or potential investors should therefore exercise caution when dealing in the securities of the Company. Persons who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor or other professional advisers.

By Order of the Board

Wheelock and Company Limited

Wilson W. S. Chan

Company Secretary

Hong Kong, 5 March 2020

As at the date of this announcement, the Board comprises Mr. Douglas C. K. Woo, Mr. Stephen T. H. Ng, Mr. Stewart C. K. Leung, Mr. Paul Y. C. Tsui, Mr. Ricky K. Y. Wong, Mr. Horace W. C. Lee and Mrs. Mignonne Cheng, together with seven Independent Non- executive Directors, namely, Mr. Tak Hay Chau, Mr. Winston K. W. Leong, Mr. Alan H. Smith, Mr. Richard Y. S. Tang, Mr. Kenneth W. S. Ting, Ms. Nancy S. L. Tse and Dr. Glenn S. Yee.

The directors of the Company jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement the omission of which would make any statements in this announcement misleading.

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Wheelock and Company Limited - Announcement (5 March 2020)