On 1 April 2023, China Power International Development Limited CPI Holding entered into the Entrusted Management Framework Agreement with SPICOI and SPIC Green Energy, pursuant to which the Company agreed to provide planning, operating and management services to the Entrusted Companies under CPI Holding, SPICO I and SPIC Green Energy for a term of two years and nine months from 1 April 2023 to 31 December 2025. Pursuant to the Entrusted Management Framework Agreement, the proposed annual caps of management fees payable by CPI Holding, SPIC and SPIC Green Energy to the Company, in aggregate, for the financial years ending 31 December 2023, 2024 and 2025 shall be RMB 110,430,000, RMB 125,220,000 and RMB 148,030,000, respectively. Accordingly, the transactions contemplated under the Entrusted Management Framework agreement constitute continuing connected transactions of the Company.

As the highest applicable percentage ratio in relation to the highest annual cap of the Entrusted Management framework Agreement exceeds 0.1% but is less than 5%, it is therefore subject to the reporting, announcement and annual review requirements but is exempt from the independent shareholders' approval requirement under Chapter 14A of the Listing Rules. Reference is made to the announcement of the Company dated 31 March 2020 in relation to the entrusted management agreement entered into between the Company, which expired on 31 March 2023. On 1 April 2023, the Company entered into the Entrusted Management Framework agreements with CPI Holding, SPICOI & SPIC Green Energy, pursuant To the Company agreed to provide certain management services to the Entrusted Companies under CPI Holding, SPIC Green Energy for a term of two years and nine months.