Shanghai Electric : DELAY IN DESPATCH OF CIRCULAR

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SHANGHAI ELECTRIC GROUP COMPANY LIMITED

上海電氣集團股份有限公司

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 02727)

ANNOUNCEMENT

DELAY IN DESPATCH OF CIRCULAR

References are made to the announcements dated 29 October 2019 (the "Announcements") made by Shanghai Electric Group Company Limited (the "Company") in relation to the continuing connected transactions under the Framework Financial Services Agreements and the continuing connected transactions under the MESMEE Framework Purchase Agreement, respectively. Terms defined in the Announcements shall have the same meaning when used herein unless the context herein requires otherwise.

As stated in the Announcements, a circular containing, among other things, (i) the details of the continuing connected transactions under the Framework Financial Services Agreements and the continuing connected transactions under the MESMEE Framework Purchase Agreement; (ii) a letter of recommendation from the Independent Board Committee to the Independent Shareholders; (iii) a letter of advice from the independent financial adviser to the Independent Board Committee and Independent Shareholders regarding the continuing connected transactions under the Framework Financial Services Agreements; and (iv) the notice convening the EGM, is in preparation and is expected to be dispatched to Shareholders no later than 20 November 2019.

As additional time is required for finalizing the circular, the Company plans to despatch the circular on or before 6 December 2019.

By order of the Board

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Shanghai Electric Group Company Limited

ZHENG Jianhua

Chairman of the Board

Shanghai, the PRC, 20 November 2019

As at the date of this announcement, the executive directors of the Company are Mr. ZHENG Jianhua, Mr. HUANG Ou, Mr. ZHU Zhaokai and Mr. ZHU Bin; the non-executive directors of the Company are Ms. YAO Minfang and Ms. LI An; and the independent non-executive directors of the Company are Dr. CHU Junhao, Dr. XI Juntong and Dr. XU Jianxin.

* For identification purpose only

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