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On August 12, 2021, Shandong Iron and Steel Co., Ltd. held the fourth meeting of its seventh board of directors. The meeting was presided over by Mr. Wang Xiangdong, the company’s chairman, with the company’s supervisors and senior management personnel in attendance. At this meeting, the following resolutions were reviewed and approved by postal voting. (1) Proposal regarding the dissolution of eight wholly-owned sales subsidiaries, including Shanggang Guangdong Economic and Trade Co., Ltd. In order to meet operational needs, integrate regional marketing resources, reduce management costs, and further improve the overall operational efficiency of the company, it is planned to dissolve, in accordance with the relevant provisions of the Company Law and the Company’s Articles of Association and through legal procedures, these eight wholly-owned sales subsidiaries: Shanggang Guangdong Economic and Trade Co., Ltd., Laiwu Iron and Steel Group Sichuan Economic and Trade Co., Ltd., Dongying Shanggang Economic and Trade Co., Ltd., Shanggang Xuzhou Economic and Trade Co., Ltd., Zhejiang Shanggang Economic and Trade Co., Ltd., Shandong Iron and Steel Jiangsu Steel Trade Co., Ltd., Zhengzhou Shanggang Iron and Steel Co., Ltd., and Tianjin Shanggang Economic and Trade Co., Ltd. Voting results: 9 votes in favor, 0 votes against, 0 abstentions. (II) Proposal regarding the closure of five sales branches, including Yantai Sales Branch of Shandong Iron and Steel Co., Ltd. In order to meet operational needs, integrate regional marketing resources, reduce management costs, and further improve the company’s overall operational efficiency, the company intends to close, in accordance with the relevant provisions of the Company Law and the Company’s Articles of Association and through legal procedures, the Yantai Sales Branch, Linyi Sales Branch, Jining Sales Branch, Laiwu Marketing Branch, and Wuhan Sales Branch of Shandong Iron and Steel Co., Ltd. For details, please refer to the announcement on the SSE website (www.sse.com.cn). Voting results: 9 votes in favor, 0 votes against, 0 abstentions. (III) The detailed contents of the proposal regarding the cancellation of the holding subsidiary Rizhao Shanggang Economic and Trade Co., Ltd. can be found in the announcements on the SSE website (www.sse.com.cn). Voting results: 9 votes in favor, 0 votes against, 0 abstentions. (IV) The detailed contents of the proposal regarding the cancellation of the equity stake in the subsidiary Weihai Jigang Qiyue Shipbuilding Materials Co., Ltd. can be found in the announcements on the SSE website (www.sse.com.cn). Voting results: 9 votes in favor, 0 votes against, 0 abstentions. (5) The detailed contents of the proposal regarding the cancellation of its holding subsidiary, Laiwu Shanggang Lida Logistics Co., Ltd., can be found in the announcements on the SSE website (www.sse.com.cn). Voting results: 9 votes in favor, 0 votes against, 0 abstentions. (VI) The detailed contents of the proposal regarding the cancellation of the holding subsidiary, Shanghai Jigang Economic and Trade Co., Ltd., can be found in the announcements on the SSE website (www.sse.com.cn). Voting results: 9 votes in favor, 0 votes against, 0 abstentions. (7) The detailed contents of the proposal regarding the cancellation of its holding subsidiary, Laigang Shanghai Economic and Trade Co., Ltd., can be found in the announcements on the SSE website (www.sse.com.cn). Voting results: 9 votes in favor, 0 votes against, 0 abstentions. (8) Proposal regarding the waiver of the pre-emptive right to purchase shares in Laiwu Iron and Steel Metallurgy Ecology Co., Ltd. Laiwu Iron and Steel Metallurgy Ecology Engineering Technology Co., Ltd. is a subsidiary controlled by the company, with a registered capital of 10 million yuan; the company holds 51% of its shares. Laiwu Iron and Steel Group Co., Ltd. intends to transfer all 10% of its equity in Laiwu Iron and Steel Metallurgical Ecology Engineering Technology Co., Ltd. to Shandong Iron and Steel Finance Holding (Shenzhen) Co., Ltd. through a share transfer agreement. The company intends to waive its pre-emption right. The company’s decision to waive its pre-emption right in this case involves a related-party transaction; the amount waived for the purchase of shares is 1 million yuan, which represents 0.0047% of the company’s most recent audited net assets. During the voting on this resolution, the related directors Mr. Wang Xiangdong, Mr. Miao Gang, Mr. Sun Ridong, and Mr. Chen Xiaohong abstained from voting, with the decision being made by the other 5 non-related directors. Voting results: 5 votes in favor, 0 votes against, 0 abstentions. (IX) Proposal regarding Shandong Iron and Steel Group Co., Ltd.’s acquisition of the shares in Shandong Iron and Steel Group Rizhao Co., Ltd. held by Huatai Securities (Shanghai) Asset Management Co., Ltd., as well as the amendment of the company’s articles of association. In accordance with the relevant contractual agreements signed between Shandong Iron and Steel Group Co., Ltd. and Huatai Securities (Shanghai) Asset Management Co., Ltd. (acting on behalf of the ICBC Investment-Huatai Shantai Steel Debt-to-Equity Swap Targeted Asset Management Plan) (hereinafter referred to as “Huatai Asset Management”), Shandong Iron and Steel Group Co., Ltd. intends to acquire all of the shares (10.926%) in Shandong Iron and Steel Group Rizhao Co., Ltd. (hereinafter referred to as “Rizhao Company”) held by Huatai Asset Management. The transfer of shares in Rizhao Company, a wholly-owned subsidiary of the company, by Huatai Asset Management does not involve any related-party transactions. Upon the completion of the share transfer, the company’s stake in Rizhao Company remains at 50.598%, which does not affect its controlling position over Rizhao Company and has no adverse impact on the company’s operations. The company intends to approve the aforementioned matters and to agree to Rizhao Company amending the provisions regarding shareholders’ subscribed capital contributions and the appointment of directors in the Rizhao Company Articles of Association as a result of the share transfer. Voting results: 9 votes in favor, 0 votes against, 0 abstentions. (10) Proposal regarding the appointment of the company’s deputy general manager: In accordance with the relevant provisions of the Company’s Articles of Association, and upon nomination by the company’s general manager, the seventh board of directors of the company appointed Mr. Zhou Ming as the company’s deputy general manager (on a temporary basis). Voting results: 9 votes in favor, 0 votes against, 0 abstentions. Resume of Mr. Zhou Ming: Zhou Ming, male, of Han ethnicity, from Tieling, Liaoning Province, was born in July 1970. He started working in August 1994. He is a Party member with a university education and a bachelor’s degree in engineering. Currently, he serves as the deputy general manager of Baosteel Corporation’s Marketing Center (Baosteel International), as well as the general manager of the Automotive Steel Sales Department and the head of the Bori Automotive Steel Sales Department. He has served as deputy director and manager of the Home Appliance Products Department in the Sales Department 2 of Baosteel’s Sales Center, vice general manager of Guangzhou Baosteel Southern Trade Co., Ltd., general manager of Baofengjing, general manager of Haikou Baosteel, and general manager of Foshan Baosteel. He was also the director for key customers from SAIC Group in the sales department of Baosteel New Nippon Steel Automotive Sheet Co., Ltd., as well as head of Baosteel’s Corporate Culture Department (Party Committee Publicity Department) and secretary of the Party Committee for the corporate headquarters. Additionally, he has held positions such as assistant to the general manager of Baosteel International and general manager of the Northern Company and Tianjin Company, as well as head of the sales department of Baosteel New Nippon Steel Automotive Sheet Co., Ltd. and general manager of the Automotive Sheet Sales Department within the Marketing Center.