ENN Energy Holdings Limited made an offer to purchase the 2.625% Senior Notes due 2030 for cash of up to the Tender Cap under a modified Dutch auction procedure. The Company reserves the right, but is not obligated, to increase the Tender Cap in its sole discretion without extending the Withdrawal Date or otherwise reinstating withdrawal rights. As at the date of this announcement, the Company has made available through the information and tender agent, to the Holders the Offer to Purchase setting forth, among other things, the terms and conditions of the Tender Offer.

The Tender Offer commences on 8 November 2023 and will expire at 5:00 p.m., New York City time, on 8 December 2023, unless extended or earlier terminated by the Company in its sole discretion. An announcement will be made by the Company as soon as reasonably practicable after the relevant decision in relation to such extension or termination is made. The Tender Offer will be conducted on the terms and conditions as set forth in the Offer to Purchase.

Notes tendered by the Holders on or before the Early Participation Date, and accepted for purchase by the Company will receive the Total Consideration, which includes an Early Tender Premium. Holders who validly tender their Notes after the Early Participation Date will not be eligible to receive the Early Tender Premium and, accordingly, Holders whose Notes are validly tendered after the Early Participation Date and on or prior to the Expiration Date and are accepted for purchase pursuant to the Tender Offer will receive the Tender Offer Consideration consisting of the Total Consideration less the Early Tender Premium. Following consummation of the Tender Offer, the Notes that are purchased by the Company in the Tender Offer will be retired and cancelled and no longer remain outstanding obligations.

The Notes which are not validly tendered and accepted for purchase pursuant to the Tender Offer will remain outstanding. The Tender Offer is being conducted pursuant to a modified Dutch auction procedure. Holders who elect to participate in the Tender Offer prior to the Early Participation Date must specify a maximum spread (the "Bid Spread") in excess of the yield to maturity (the "Reference Yield") of the reference security set forth in the table above (the "Reference Security") that such Holder would be willing to accept as the basis for determining the Total Consideration payable in exchange for each USD 1,000 in principal amount of Notes tendered (and not validly withdrawn) in the Tender Offer.

For each tender of the Notes, the Company will determine the Bid Premium for such tender by subtracting the Bid Spread for the Notes from the Base Spread. The Company will use all of the Bid Premiums received for the Notes tendered on or prior to the Early Participation Date to calculate a Clearing Spread Premium in accordance with the procedure set forth below. The purchase price for each USD 1,000 in principal amount of Notes tendered (and not validly withdrawn) on or before the Early Participation Date and accepted for purchase by the Company, which includes the Early Tender Premium, will be equal to an amount that would reflect as of the date of purchase, a yield to the Maturity Date equal to the sum of (i) the Reference Yield of the Reference Security as of 8:00 a.m., New York City time, on the first Business Day following the Early Participation Date, plus (ii) a spread, which consists of the Base Spread less the Clearing Spread Premium, as determined pursuant to the modified Dutch auction procedure (the "Total Consideration").