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.

Announcement regarding the remuneration of Mr. Richard Lancaster as the new Chief Executive Officer and Mr. Andrew Brandler as an advisor to the Chief Executive Officer

As previously advised in our announcement dated 20 May 2013 regarding the appointment of Mr. Richard Kendall Lancaster as the Chief Executive Officer (CEO) of CLP Holdings Limited ("the Company") to succeed Mr. Andrew Clifford Winawer Brandler to take effect from 30 September
2013, a further announcement on Mr. Lancaster's remuneration as the new CEO will be made upon Mr. Lancaster assuming the role of CEO.

Mr. Richard Lancaster

Upon assuming the role of CEO on 30 September 2013, Mr. Lancaster will be entitled to a base compensation of HK$7.1 million per annum together with other non-remuneration related employment benefits. Mr. Lancaster will also be entitled to participate in (i) the Senior Executive Annual Incentive Scheme; (ii) the Senior Executive Long-term Incentive Scheme; and (iii) the CLP Group Provident Fund Scheme, in accordance with terms as implemented by the Company from time to time. Fuller details of the Annual Incentive, Long-term Incentive and Group Provident Fund schemes for Senior Management are set out in the Human Resources & Remuneration Committee Report (pages 129 to 131), which forms part of CLP Holdings' 2012
Annual Report, and is available on CLP website www.clpgroup.com. Mr. Lancaster's employment contract is terminable by either Mr. Lancaster or the Company by providing six months' written notice or by payment of six months' pay in lieu. As an Executive Director of the Company, Mr. Lancaster will not be entitled to any Directors' fees for serving on the Board and Board Committees.

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Since 20 May 2013, there have been some changes in the directorships of Mr. Lancaster. By 30
September 2013, Mr. Lancaster will not only be the CEO of the Company, but will also be the Chairman of the Sustainability Committee and a Member of the Finance & General Committee of the Board of the Company, the Chairman and Director of CLP India Private Limited, the Chairman and Executive Director of CLP Power Asia Limited (and the Chairman of its Finance and General Committee), the Deputy Chairman of EnergyAustralia Holdings Limited (and a member of its Nomination and Remuneration Committee), the Deputy Chairman and Executive Director of CLP Properties Limited, the Deputy Chairman of CLP Property Investment Limited (formerly known as Kar Ho Development Company Limited), and a Director of CLP Power Hong Kong Limited (and a member of its Finance & General Committee), CLP Energy Infrastructure Limited, CLP Nuclear Investment Company Limited, CLP Enterprises Limited and CLP Treasury Services Limited, all are wholly-owned subsidiaries of the Company. Mr. Lancaster also serves as a Director of Castle Peak Power Company Limited (and a member of its Finance Committee) and Hong Kong Pumped Storage Development Company, Limited, both are joint ventures of CLP Power Hong Kong Limited and ExxonMobil Energy Limited. Mr. Lancaster is also a Director of the Business Environment Council. In the past three years and as at the date of this announcement, Mr. Lancaster has not served as a director of any listed public companies in Hong Kong or overseas.
Save for the above information about Mr. Lancaster's remuneration and directorships, all other information with regard to Mr. Lancaster, including his age, education background, experience and professional qualifications, together with his interests in the shares of the Company, remain the same as disclosed in the previous announcement dated 20 May 2013.

Mr. Andrew Brandler

After stepping down as the CEO on 30 September 2013, Mr. Andrew Brandler will remain on the Board as a Director of the Company. He will continue to serve as a Member of the Finance & General Committee and the Sustainability Committee of the Board of the Company, and as a Director and a member of the Nomination and Remuneration Committee of EnergyAustralia Holdings Limited. Mr. Brandler will also remain employed in a limited capacity by the Company until 31 March 2014 in order to be available to provide advice to the new CEO and support a smooth transition. During this period, Mr. Brandler will be entitled to a revised monthly remuneration of HK$189,000 and monthly contributions by the Company to CLP Group Provident Fund based on this monthly amount together with other non-remuneration related employment benefits. The revised monthly remuneration is equivalent to the Directors' fees payable on a pro rata basis for service on the boards and committees of the Company and EnergyAustralia on which Mr. Brandler will continue to serve. Mr. Brandler's entitlement to Annual Incentive for 2013 will cease on 30 September 2013 and there will be no Long-Term Incentive award made in 2014 for Mr. Brandler. The above employment arrangement can be extended or terminated by mutual agreement on the provision of one month notice.
By Order of the Board

April Chan

Company Secretary
Hong Kong, 27 September 2013

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CLP Holdings Limited (incorporated in Hong Kong with limited liability) (Stock Code: 00002)

The Directors of the Company as at the date of this announcement are:

Non-executive Directors: The Hon. Sir Michael Kadoorie, Mr. William Mocatta, Mr. R. J. McAulay, Mr. J. A. H. Leigh, Mr. I. D. Boyce, Dr. Y. B. Lee and Mr. Paul A. Theys

(Mr. David Moore as Mr. Theys' alternate)

Independent Non-executive Directors: Mr. V. F. Moore, Professor Judy Tsui, Sir Rod Eddington, Mr. Nicholas C. Allen, Mr. Vincent Cheng,

Mrs. Fanny Law, Ms. Irene Lee and Dr. Rajiv Lall

Executive Directors: Mr. Andrew Brandler and Mr. Richard Lancaster

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