The board of directors of Weichai Power Co., Ltd. announced that, in light of work requirements, Mr. Tan Xuguang (Mr. Tan) has made an application to cease to serve concurrently as the Chief Executive Officer of the Company (Chief Executive Officer), and such arrangement has taken effect since 13 October 2023. Mr. Tan will continue to act as the Chairman of the Board and an executive director of the company (and as members of the relevant Board committees). The Board announced that Mr. Wang Decheng ("Mr. Wang"), an executive Director, has been appointed as the Chief Executive Officer of the Company with effect from 13 October 2023, for a term from 13 October 2023 to the conclusion of the annual general meeting of the Company for the year ending 31 December 2023 (both days inclusive).

Mr. Wang Decheng (alias David Wang), Chinese, aged 45, holder of a Master's degree in Engineering and currently an engineering doctoral student of the Tianjin University and a senior engineer. Mr. Wang is currently an executive Director, Chief Executive Officer, general manager and deputy head engineer of the Company and he is also the vice chairman of Weichai Group Holdings Limited. He joined the Company in July 2004 and has long been involved in front-line work in research and market development.

He held various positions including supervisor of the application engineering centre, application engineering director, engine platform director, president of the engine research institute, assistant to president, vice president, executive president and executive CEO of the Company. He was also granted the title of Weichai Scientist. Mr. Wang will not enter into any service contract with the Company in respect of his additional service as Chief Executive Officer and general manager of the Company.

His basic salary is to be determined in accordance with relevant emolument policy of the Company on the basis of, inter alia, his merit, qualifications and competence after taking into consideration the remuneration of the current Directors, based on the recommendation of the remuneration committee of the Company. The specific remuneration amount payable to Mr. Wang for the service rendered by him shall be disclosed in the relevant annual report of the Company.