Sichuan Expressway : I. RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR; AND II. PROPOSED APPOINTMENT OF NEW INDEPENDENT NONEXECUTIVE DIRECTOR

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1. 1. RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR; AND
2. PROPOSED APPOINTMENT OF NEW INDEPENDENT NON- EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors") of Sichuan Expressway Company Limited* (the "Company") hereby announces that a meeting of the Board was held on Tuesday, 30 March 2021 for the purposes of approving, among other things, the following resolutions.

1. RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR, MEMBER OF THE STRATEGY COMMITTEE AND MEMBER OF THE NOMINATION COMMITTEE
   Mr. Gao Jinkang ("Mr. Gao") resigned the office as an independent non- executive Director, a member of the strategy committee and a member of the nomination committee of the Company due to personal work changes, and his resignation shall become effective until a new independent non-executive Director is elected to fill the vacancy.
   Mr. Gao has confirmed that he has no disagreement with the Board and there is no other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.
   The Board would like to express its sincere gratitude to Mr. Gao for his contribution to the Company during his tenure of office.

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1. PROPOSED APPOINTMENT OF NEW INDEPENDENT NON-EXECUTIVE DIRECTOR
   The Board also announces that Mr. Yu Haizong ("Mr. Yu") has been nominated as a candidate of the independent non-executive Director of the Company, which shall be subject to the consideration at the annual general meeting (the "AGM") of the Company to be held on 25 May 2021. If the nomination has been approved, the term of office of Mr. Yu will be effective from the date of the AGM until the expiry of the term of the seventh session of the Board of the Company. At the expiry of such term of office, the term is renewable upon re-election.
   The biographical details of Mr. Yu are set out below:
   Mr. Yu Haizong, aged 57, graduated from Southwestern University of Finance and Economics with a bachelor's degree, a master degree in economics (accounting) and a doctor degree in management (accounting). He is a certified
   public accountant in the PRC, a senior member of the Accounting Society of China, vice-president of Chengdu Real Estate and Accounting Association ( 成 都 房 地 產 會 計 學 會) and a member and accounting professor of the education committee under the Sichuan Institute of Certified Public Accountants. He has been a professor of the Accounting Faculty of Southwestern University of Finance and Economics since December 2004; an independent non-executive director of China Vanadium Titano-Magnetite Mining Company Limited (The Stock Exchange of Hong Kong Limited Stock Code: 893) since September 2009; and he served as an independent director of Sichuan Jiuzhou Electric Group Ltd. (the Shanghai Stock Exchange Stock Code: 000801) from May 2014 to October 2020 and an independent non-executive Director of the Company from March 2013 to November 2019; an independent director of Chengdu Haoneng Technology Co., Ltd. (the Shanghai Stock Exchange Stock Code: 603809) since January 2019 and an independent director of Chengdu Lead Drug Development Co., Ltd. (the Shanghai Stock Exchange Stock Code: 688222) since April 2019.

In addition, on 25 May 2021, the Company will consider the following, among others resolutions at the AGM:

The remunerations scheme for Mr. Yu is as follows: the fixed remuneration shall be RMB80,000 per year (tax inclusive)

Subject to the approval by the shareholders of the Company of his appointment, the Company will enter into a service contract with Mr. Yu and his term of office shall be effective from the date of the consideration and approval at the AGM and end on the expiry of the term of the seventh session of the Board. At the expiry of such term of office, the term is renewable upon re-election. The proposed remunerations scheme is follows: the fixed remuneration shall be RMB80,000 per year (tax inclusive).

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Save as disclosed above, Mr. Yu confirmed that (i) he did not hold any position within the Group or any directorship of other listed public companies in the last three years; (ii) he does not have any relationship with any Director, supervisor, senior management, substantial or controlling shareholder of the Company; and (iii) he does not have any interest in the Shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong).

Save as disclosed above, the Company considers that there is no information which is disclosable nor is/was Mr. Yu involved in any of the matters required to be disclosed pursuant to the requirements under Rule 13.51(2) (h) and Rule 13.51(2) (v) of the Listing Rules, and there is no other matter that needs to be brought to the attention of the shareholders of the Company.

AGM

The 2020 AGM of the Company will be held on 25 May 2021 for the purposes of considering, among other things, the resolution in relation to the appointment of Mr. Yu Haizong as an independent non-executive Director. The Company will despatch the notice of meeting and shareholders' circular of the AGM to the shareholders in due course.

By order of the Board

Sichuan Expressway Company Limited*

Zhang Yongnian

Company Secretary

Chengdu, Sichuan, the PRC

30 March 2021

As at the date of this announcement, the Board comprises Mr. Gan Yongyi (Chairman), Mr. Li Wenhu (Vice Chairman), Madam Ma Yonghan, Mr. You Zhiming and Mr. He Zhuqing as executive Directors, Mr. Yang Guofeng (Vice Chairman) and Mr. Li Chengyong as non-executive Directors, Madam Liu Lina, Mr. Gao Jinkang, Mr. Yan Qixiang and Madam Bu Danlu as independent non-executive Directors.

• For identification purpose only

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