MECOM Power and Construction : VOLUNTARY ANNOUNCEMENT - SHARE BUY-BACK PROGRAMME

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MECOM POWER AND CONSTRUCTION LIMITED

澳 能 建 設 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1183)

VOLUNTARY ANNOUNCEMENT

SHARE BUY-BACK PROGRAMME

This announcement is made by MECOM Power and Construction Limited (the ''Company'') on a voluntary basis.

Reference is made to the general mandate to buy back the shares (the ''Shares'') of the Company (the ''Share Buy-backMandate'') granted by the shareholders of the Company at the annual general meeting of the Company held on 29 May 2020 (the ''AGM''). Under the Share Buy-back Mandate, the Company is allowed to buy back a maximum of 119,619,200 Shares, being 10% of the total number of issued Shares as at the date of the AGM.

The board (the ''Board'') of directors (the ''Directors'') of the Company considers that the current trading price of the Shares does not reflect their intrinsic value and is at a level which undervalues the Company's performance, assets value and business prospects and that it presents a good opportunity for the Company to buy back the Shares. The Board resolved that, subject to market conditions, to utilise the Share Buy-back Mandate by actively undertaking an on-market share buy-back programme (the ''Share Buy-backProgramme'') of the Shares in the open market from time to time. The period for the Share Buy-back Programme is from 10 September to 10 December 2020, subject to a maximum of 50,000,000 Shares.

The Board believes that the Share Buy-back Programme can demonstrate the confidence of the Board and the management team in the long-term strategy and growth of the Company and would ultimately benefit the Company and create value to the shareholders.

The buy-back of Shares will only be conducted under circumstances which the Board considers to be appropriate and in the interest of the Company and its shareholders as a whole. The Board considers that the current financial resources of the Company would enable it to implement the Share buy-back while maintaining a solid financial position.

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The implementation of the Share Buy-back Programme will be subject to compliance with the Share Buy-back Mandate, applicable provisions of the memorandum and articles of association of the Company, the Rules Governing the Listing of Securities (the ''Listing Rules'') on The Stock Exchange of Hong Kong Limited, the Codes on Takeovers and Mergers and Share Buy-backs, the Companies Law of the Cayman Islands and all applicable laws and regulations to which the Company is subject to. Any Shares bought back under the Share Buy-back Programme will be cancelled in due course.

Shareholders and potential investors of the Company should note that the implementation of the Share Buy-back Programme by the Company will be subject to market conditions and will be at the absolute discretion of the Board. There is no assurance of the timing, quantity or price of any Share buy-backs.

Shareholders and potential investors of the Company should exercise caution when dealing in the shares of the Company.

By Order of the Board

MECOM Power and Construction Limited

Kuok Lam Sek

Chairman

Hong Kong, 9 September 2020

As at the date of this announcement, the executive Directors are Mr. Kuok Lam Sek and Mr. Sou Kun Tou, and the independent non-executive Directors are Ms. Chan Po Yi, Patsy, Mr. Cheung Kiu Cho, Vincent and Mr. Lio Weng Tong.

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