Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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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)

VOLUNTARY ANNOUNCEMENT

Reference is made to the announcement of Shanghai Electric Group Company Limited (the "Company") on 14 October 2016 in relation to, among other things, the acquisition of 50.1% equity interests in Thales Saic Transportation System Limited Company (上海自儀泰雷茲交 通自動化系統有限公司) from Shanghai Electric (Group) Corporation (上海電氣(集團)總公 司) (the "Thale Saic Announcement"). Unless otherwise indicated, the capitalized terms in this announcement shall have the same meaning as defined in the Thales Saic Announcement.

As disclosed in the Thales Saic Announcement, SEC undertakes that the audited actual net profit attributable to the owners of the parent company after deduction of non-recurring profit and loss of Thales Saic (the "Actual Net Profit") for the years of 2017, 2018 and 2019 shall be no less than RMB54,475.9 thousand, RMB62,945.8 thousand and RMB64,280.2 thousand, respectively, failing which, SEC will compensate the Company in accordance with relevant rules (the "Profit Guarantee").

The Company voluntarily announces that the Profit Guarantee for the years ended 31 December

2017 and 2018 was met, details of which are set out as follows:

For the year ended

Profit Guarantee

Actual Net Profit(Note)

31 December

(RMB in millions)

(RMB in millions)

2017

54.4759

66.24

2018

62.9458

88.15

Note: the Actual Net Profit for the years ended 31 December 2017 and 2018 are from the Company's financial statements for respective years audited by PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership), an accounting firm with securities and futures qualifications, in accordance with generally accepted accounting principles in the PRC.

The Company will further disclose the outcome of the Profit Guarantee for the year ending 31 December 2019 in its annual report 2019, irrespective of whether the Profit Guarantee is met,

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whilst the Company will disclose by way of an announcement should the Profit Guarantee fail to be met in accordance with requirements of the Listing Rules.

By order of the Board

Shanghai Electric Group Company Limited

ZHENG Jianhua

Chairman of the Board

Shanghai, the PRC, 30 October 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 Mr. KAN Shun Ming(Note), Dr. CHU Junhao and Dr. XI Juntong.

Note: Mr. KAN Shun Ming tendered his resignation as an independent non-executive director of the Company on 21 October 2019 whilst his resignation has not yet come into effect as of the date of this announcement.

* For identification purpose only

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Shanghai Electric Group Co. Ltd. published this content on 30 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2019 09:06:08 UTC