Kunlun Energy : PROPOSED CHANGE IN AUDITOR

About this update from Kunlun Energy Co. Ltd.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) ׺Կঐ๕Ϟࠢʮ̡ (Stock Code: 00135.HK) PROPOSED CHANGE IN AUDITOR The board of directors (the "Board") of Kunlun Energy Company Limited (the "Company"), with the recommendation of the audit committee of the Company (the "Audit Committee"), has resolved to appoint PricewaterhouseCoopers as the auditor of the Company for 2021, which is subject to the approval of the shareholders (the "Shareholders") at the upcoming annual general meeting of the Company (the "AGM"). According to the relevant regulations issued by the Ministry of Finance of the People's Republic of China and the State-owned Assets Supervision and Administration Commission of the State Council (the "SASAC"), there are restrictions in respect of the number of years of audit services that an accounting firm can continuously provide to a state-owned enterprise and its subsidiaries. KPMG will retire as the international auditor of PetroChina Company Limited ("PetroChina"), the controlling shareholder of the Company and a subsidiary of China National Petroleum Corporation (a state-owned enterprise under the control of SASAC) with effect from the close of the forthcoming annual general meeting of PetroChina and will not offer themselves for re-appointment due to the relevant requirement. The board of directors of PetroChina resolved to appoint PricewaterhouseCoopers as its international auditor for the year 2021. As the Company is the subsidiary of PetroChina and PricewaterhouseCoopers is proposed to be appointed as the international auditor for PetroChina for the year 2021, the Board considers that it would be more efficient and cost effective for PricewaterhouseCoopers to be appointed as the auditor of the Company. Accordingly, the Board, with the recommendation of Audit Committee, has resolved to appoint PricewaterhouseCoopers as the auditor of the Company for the year 2021 (the "Proposal") in place of KPMG, which is subject to the approval by the Shareholders at ...

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