Canvest Environmental Protection : VOLUNTARY ANNOUNCEMENT EXPANSION OF ZHONGSHAN WTE PLANT

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CANVEST ENVIRONMENTAL PROTECTION

GROUP COMPANY LIMITED

粵豐環保電力有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1381)

VOLUNTARY ANNOUNCEMENT

EXPANSION OF ZHONGSHAN WTE PLANT

This announcement is made by Canvest Environmental Protection Group Company Limited (the "Company") on a voluntary basis.

The board of directors of the Company (the "Board") is pleased to announce that Zhongshan City Guangye Longcheng Environmental Company Limited* (中山市廣業龍 澄環保有限公司), an indirect wholly-owned subsidiary of the Company, has recently entered into a concession agreement (the "Agreement") with the Bureau of Housing, Urban and Rural Construction of Zhongshan City* (中山市住房和城鄉建設局) in relation to the concession right of Zhongshan waste-to-energy plant phase II project (中山 垃圾焚燒發電廠二期（擴容）項目) (the "Zhongshan II WTE Plant") located in Zhongshan City, Guangdong Province.

Pursuant to the terms of the Agreement, the total daily municipal solid waste processing capacity ("Processing Capacity") of the Zhongshan II WTE Plant shall be 2,250 tonnes. The concession period to operate the Zhongshan II WTE Plant shall be 22 years (including the construction period). Together with the Processing Capacity of the Zhongshan I WTE Plant of 1,040 tonnes, the total Processing Capacity of the Zhongshan I & II WTE Plants shall be 3,290 tonnes.

The Company will make further announcement(s) pursuant to the requirements under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited as and when appropriate.

By Order of the Board Canvest Environmental Protection

Group Company Limited

Lee Wing Yee Loretta

Chairlady

Hong Kong, 30 March 2021

As at the date of this announcement, the board comprises Ms. Lee Wing Yee Loretta, Mr. Lai Kin Man, Mr. Yuan Guozhen and Mr. Lai Chun Tung, as executive Directors; Mr. Feng Jun and Mr. Lui Ting Cheong Alexander, as non-executive Directors; Professor Sha Zhenquan, Mr. Chan Kam Kwan Jason, Mr. Chung Wing Yin and Mr. Chung Kwok Nam, as independent non-executive Directors.

* The English translation of Chinese names or words in this announcement, where indicated, are included for information purpose only, and should not be regarded as the official English translation of such Chinese names or words.