The board of directors of Shenzhen Investment Holdings Bay Area Development Company Limited announced that Mr. Wei HU has resigned as an Executive Director and the Chairman of the Board, a member and the chairman of the committee of the Executive Directors of the Company, and a member and the chairman of the nomination committee of the Company with effect from 6 January 2023 due to retirement. The Board announced that Mr. Xiangwen LIAO has been appointed as an Executive Director, the Chairman of the Board, a member and the chairman of the Executive Committee and a member and the chairman of the Nomination Committee with effect from 6 January 2023. Mr. LIAO, aged 54, obtained a Doctor degree in Laws from Southwest University of Political Science and Law.

He has extensive experience in toll highway management, legal affairs and human resource management. Mr. LIAO has previously served in the Transport Commission of Shenzhen Municipality. He joined Shenzhen Expressway Corporation Limited in November 2004 and had successively served as the deputy manager of the public relations department and the general manager of the human resources department.

From September 2009 to September 2018, Mr. LIAO was the vice president of Shenzhen Expressway and was appointed as president since September 2018. Mr. LIAO has been a Director of Shenzhen Expressway since November 2016 and chaired the operation of the board of directors of Shenzhen Expressway for the moment since December 2022. Mr. LIAO now also holds directorship in some subsidiaries and investment enterprises of Shenzhen Expressway.

CHANGE IN COMPOSITION OF THE EXECUTIVE COMMITTEE: With effect from 6 January 2023, the composition of the Executive Committee has been changed as follows: Mr. HU has resigned as a member and the chairman of the Executive Committee, and Mr. LIAO has been appointed as a member and the chairman of the Executive Committee. The composition of the Executive Committee immediately after the abovementioned changes becoming effective is as follows: Mr. Xiangwen LIAO (Chairman); Mr. Tianliang ZHANG; Mr. Jianming WU; Mr. Cheng WU; Mr. Ji LIU. CHANGE IN COMPOSITION OF THE NOMINATION COMMITTEE: With effect from 6 January 2023, the composition of the Nomination Committee has been changed as follows: Mr. HU has resigned as a member and the chairman of the Nomination Committee, and Mr. LIAO has been appointed as a member and the chairman of the Nomination Committee.

The composition of the Nomination Committee immediately after the abovementioned changes becoming effective is as follows: Mr. Xiangwen LIAO (Chairman); Mr. Brian David Man Bun LI; Mr. Yu Lung CHING; Mr. Tony Chung Nin KAN.