2024 mid-term Profit Distribution Implementation

China Yangtze Power Co., Ltd.
Announcement of 2024 mid-term Profit Distribution Implementation

This announcement contains the English translation of the Chinese version of China Yangtze Power Co.,Ltd. Announcement of 2024 mid-term Profit Distribution Implementation as published on the website of the Shanghai Stock Exchange, and is provided for your reference only. In case of discrepancy between the Chinese version and the English version, the Chinese version shall prevail.

Important Notes:

l Distribution ratio per share

A-share cash dividend per share: RMB 0.21 (tax included)

l Relevant Dates

l Differentiated dividend distribution: No

Ⅰ. The number and date of the general meeting to approve the distribution plan

The profit distribution plan was reviewed and approved at the Company's Fourth Extraordinary General Meeting of 2024 held on December 30, 2024.

ⅠⅠ. Distribution Plan

1.    Distribution Period: Midterm of 2024

2.    Distribute to:

All shareholders of the Company registered with the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as the "CSDC Shanghai Branch") as of the close of the Shanghai Stock Exchange on the afternoon of the equity registration date.

3.    Distribution Plan:

This profit distribution is based on the Company's total share capital of 24,468,217,716 shares before the implementation of the plan, with a cash dividend of RMB 0.21 (tax included) per share, for a total cash dividend of RMB 5,138,325,720.36 (tax included).

ⅠⅠⅠ. Relevant Dates

Ⅳ. Distribution Plan

1.    Implementation

For unrestricted common shares, dividends are entrusted to the CSDC Shanghai Branch to be distributed through its funds clearing system to shareholders who are registered after the close of the Shanghai Stock Exchange on the equity registration date and have applied for designated transaction at each member of the Shanghai Stock Exchange. Investors who have completed designated transactions can collect cash dividends through their designated securities business department on the dividend distribution date. The dividends of shareholders who have not completed designated transactions will be temporarily kept by the the CSDC Shanghai Branch and will be distributed after the designated transactions are completed.

2.    Self-distribution

The cash dividends of China Three Gorges Corporation (non-trust guarantor), China Three Gorges Construction Engineering Corporation and Sichuan Energy Industry Investment Group Co., Ltd. are distributed directly by Company.

3.    Tax Withholding

(1) The income tax on cash dividends self-distributed by the Company directly shall be paid by themselves.

(2) For natural person shareholders and securities investment funds holding the Company's stocks, according to the Notice on Issues Concerning Differentiated Individual Income Tax Policies on Dividends and Dividends of Listed Companies (CaiShui[2015] No.101) and the relevant provisions of the Notice on Issues Concerning the Implementation of Differentiated Personal Income Tax Policies on Dividends and Bonuses of Listed Companies (CaiShui[2012] No. 85) issued by the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission, the Company will not withhold personal income tax for the time being and will actually distribute a cash dividend of RMB 0.21 per share. When the shares are actually transferred, the tax payable amount will be calculated based on the holding period.

If the natural person shareholder or securities investment funds transferred shares after the equity registration date, the CSDC Shanghai Branch will calculate the actual tax payable amount based on the shareholding period. The securities company or other share custodian institution will withhold the tax from individual's account and transfer the tax to the CSDC Shanghai Branch. The CSDC Shanghai Branch will transfer the tax to the Company within 5 working days of the following month. The Company will report and pay the tax to the competent tax authority within the statutory reporting period of the month when the tax is received. The specific tax is: if the shareholding period is within 1 month (including 1 month), the dividend income will be fully included in the taxable income, and the actual tax rate is 20%; if the shareholding period is from 1 month to 1 year (including 1 year), the taxable income will be temporarily reduced to 50% , and the actual tax rate is 10%; if the shareholding period exceeds 1 year, the dividend income will be temporarily exempted from personal income tax.

(3) For the qualified foreign institutional investors (QFII) shareholders holding the Company's shares, the Company will withhold and pay corporate income tax at a tax rate of 10% in accordance with the Notice on Issues Concerning Withholding and Payment of Corporate Income Tax on Dividends, Bonuses and Interests Paid by Chinese Resident Enterprises to QFII (GuoShuiHan[2009] No. 47) issued by the State Administration of Taxation. The actual cash dividend per share after tax is RMB 0.189. If the any shareholders believe that the dividend income obtained is subjected to any tax treatment, they may apply to the relevant tax authority in accordance with regulations after receiving the dividend.

(4) For Hong Kong Stock Exchange investors (including enterprises and individuals) who invested in the Company's common shares on the Shanghai Stock Exchange (Shanghai-HongKong Stock Connect), the cash dividends are distributed by the Company in RMB to the nominee accounts of the stock holders through the CSDC Shanghai Branch. Withholding tax is carried out in accordance with the Notice on Tax Policies on the Shanghai-Hong Kong Stock Connect Mechanism (CaiShui[2014] No.81)  by the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory Commission. Income tax is withheld at a rate of 10%. The actual cash dividend per share after tax is RMB 0.189. For Shanghai-HongKong Stock Connect investors who are tax residents of other countries which reached tax agreement with China that the dividend income tax rate is lower than 10%, the enterprise or individual may apply to the Company's tax authority for such tax treatment. After review by the tax authority, a tax refund will be granted based on the difference between the tax collected and the tax payable amount based on the tax rate of the tax agreement.

The time arrangements for the equity registration date, cash dividend payment date, etc. for investors of the Shanghai-Hong Kong Stock Connect are the same as those for the Company's A-share shareholders.

(5) For qualified investors who invest in the Global Depository Receipts (GDRs) issued by the Company on the London Stock Exchange and who qualified for relevant domestic and overseas regulatory rules (hereinafter referred to as "GDR Investors"), the cash dividends will be distributed by the Company through the CSDC Shanghai Branch to Citibank and National Association, which are nominal holders of A shares corresponding to the GDRs, and income tax will be withheld at a rate of 10% in accordance with the Enterprise Income Tax Law of the People's Republic of China, and other relevant tax regulations. After receiving GDR dividend income, the GDR investors may apply to tax authorities in accordance with relevant regulations for any tax treatments.

The registration date for GDR investors is the same as that for A-share shareholders. Cash dividends will be paid to GDR investors by Citibank and National Association through Euroclear Bank SA/NV and Clearstream Banking, S.A. on January 31, 2025, London time.

(6) For other investors, the Company will not withhold income tax on their behalf. The income tax on their cash dividends will be paid by themselves in accordance with relevant tax laws. The actual cash dividend per share is RMB 0.21.

This announcement is hereby given.

Board of Directors of China Yangtze Power Co., Ltd.

January 15, 2025