The board of directors (the "Board") of Power Assets Holdings Limited announced that with effect from 1 July 2023: Mr. WAN Chi Tin will, due to retirement, resign as an Executive Director of the Company; and Mr. CHENG Cho Ying, Francis will be appointed as an Executive Director of the Company. Mr. CHENG Cho Ying, Francis, aged 66, is an Executive Director of HK Electric Investments Manager Limited which is the trustee-manager of HK Electric Investments ("HKEI", a listed investment trust) and HK Electric Investments Limited ("HKEIL", a company listed together with HKEI) and will be appointed as Chief Executive Officer of HKEIL with effect from 1 July 2023. He is currently the Operations Director of The Hongkong Electric Company, Limited "HK Electric", a wholly-owned subsidiary of HKEIL) and will be promoted as its Managing Director with effect from 1 July 2023. Mr. Cheng has worked for HK Electric since 1979, and has over 40 years of experience in the power business, in particular the electricity business. He holds Bachelor's degree in Chemistry and is a Fellow of the Royal Society of Chemistry in the United Kingdom, and a Fellow of The Hong Kong Institution of Engineers. There is a letter of appointment between Mr. Cheng and the Company for appointing him as an Executive Director of the company with effect from 1 July 2023 until 31 December 2023 which automatically renews for successive 12-month periods, subject to re-election at the next following general meeting of the company, and thereafter to retirement by rotation and re-election once every three years in
accordance with the Company's articles of association.