The boards of directors of HK Electric Investments Manager Limited and HK Electric Investments Limited announced the following changes to the Boards with effect from 22 July 2022: Mr. CHEN Daobiao has resigned as an Executive Director of the Boards, due to his other business commitments; and Mr. WANG Yuanhang has been appointed as an Executive Director of the Boards. Mr. Chen has also resigned, and Mr. Wang has also been appointed, as a Director of The Hongkong Electric Company, Limited both with effect from the aforesaid date. In addition, Mr. Chen has ceased to act as the Co-General Manager of HK Electric, and Mr. Wang will act as the Co-General Manager of HK Electric upon his obtaining working visa permission from the Immigration Department of the Government of the Hong Kong Special Administrative Region. Mr. Chen has confirmed that he has no disagreement with the Boards and does not have any matters in relation to his resignation that should be brought to the attention of the holders of share stapled units jointly issued by the Trust and the Company. Newly appointed director of the Boards: Mr. WANG Yuanhang, aged 46, is a Director of State Grid International Development Limited. He previously served as Director of the Development and Strategy Department of State Grid Brazil Holding S.A., Director of Department of Overseas Operations of State Grid International Development Co., Limited and Director of Independent Power Transmission Operator S.A. in Greece. State Grid International Development Limited and State Grid International Development Co., Limited are substantial holders of the Share Stapled Units for the purpose of Part XV of the Securities and Futures Ordinance. Mr. Wang holds a Bachelor Degree in Relay Protection and Automatic Telecontrol Technology from North China
Electric Power University and a Master Degree in Business Administration from Shanxi University. He is also a Chartered Engineer registered by the Engineering Council in the United Kingdom. Save as disclosed above, Mr. Wang has not held in the last three years and is not holding any directorships in any other publicly listed companies in Hong Kong or overseas, and he does not have any relationship with any other Directors or senior management of the Trustee-Manager and the Company, or substantial or controlling holders of Share Stapled Units. Mr. Wang does not have
any interest in the Share Stapled Units for the purpose of Part XV of the SFO. There is a letter of
appointment between the Company and Mr. Wang in respect of his directorship with the Company
with effect from 22 July 2022 until 31 December 2022 which automatically renews for successive
12-month periods, subject to re-election at the next following general meeting of holders of Share
Stapled Units, and thereafter to retirement by rotation and re-election once every three years in
accordance with the Company's restated and amended articles of association. As specified in the
letter of appointment, Mr. Wang is entitled to a Company Director's fee of HKD 70,000 per annum. There is also a separate letter of appointment between the Trustee-Manager and Mr. Wang. Pursuant to the deed of trust constituting the Trust, the retirement by rotation provisions will also be applicable, indirectly, in relation to the Board of the Trustee-Manager. He is not entitled to receive any Director's fees from the Trustee-Manager. According to his service contract as the Co-General Manager of HK Electric, Mr. Wang is entitled to an annual remuneration including benefits of approximately HKD 2.44 million and a discretionary bonus to be approved by the Remuneration Committee of the Company. The emoluments were determined with reference to the Company's performance and profitability, as well as remuneration benchmark in the industry and the prevailing market conditions. The service contract is conditional and will become effective upon Mr. Wang's obtaining working visa permission from the Immigration Department of the Government of the Hong Kong Special Administrative Region.