Chongqing Iron & Steel : ANNOUNCEMENT OF RESOLUTIONS PASSED AT 2021 FIRST EXTRAORDINARY GENERAL MEETING

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ANNOUNCEMENT OF RESOLUTIONS PASSED AT 2021 FIRST

EXTRAORDINARY GENERAL MEETING

The board of directors (the "Board") is pleased to announce that the 2021 first extraordinary general meeting (the "EGM") was held on Wednesday, 10 March 2021 and all resolutions as set out in the notice of the EGM were duly passed by poll without amendments by the attending shareholders and authorized proxies carrying voting rights.

References are made to the notice of the 2021 first extraordinary general meeting of the Company dated 19 February 2021 and the announcement of the postponement of 2021 first extraordinary general meeting dated 23 February 2021 (collectively the "Notice"). Unless otherwise stated, the capitalized terms used herein shall have the same meanings as those used in the Notice.

The EGM was held at 2:30 p.m. on 10 March 2021 at Chongqing Iron & Steel Conference Center, No. 2 Jiangnan Avenue, Jiangnan Street, Changshou District, Chongqing, the PRC. The resolutions as set out in the Notice were duly passed. The EGM was chaired by Mr. Zou An, a director of the Company. Among the 8 directors of the Company, 1 director attended the EGM. The remaining directors were unable to attend the EGM due to business engagement. Among the 5 supervisors of the Company, 1 supervisor attended the EGM and the remaining supervisors were unable to attend the EGM due to business engagement. The president of the Company attended the EGM.

I. RESULTS OF THE EGM

A total of 21 shareholders and their proxies, representing 3,022,405,270 shares, attended the EGM in person and by way of online voting, the details of which are set out below:

1. Number of shareholders and proxies who attended the EGM	21
Of which: Number of A shareholders	20
Number of H shareholders	1
2. Total number of shares carrying voting rights held by shareholders who attended the EGM (share)	3,022,405,270
Of which: Total number of shares held by A shareholders	3,013,883,234
Total number of shares held by H shareholders	8,522,036
3. Percentage of the number of shares carrying voting rights held by shareholders who attended the EGM relative to the total number of shares carrying voting rights of the Company (%)	33.89
Of which: Percentage of the shares held by A shareholders relative to the total number of shares (%)	33.79
Percentage of the shares held by H shareholders relative to the total number of shares (%)	0.10

As at the date of the EGM, there were a total of 8,918,602,267 shares of the Company in issue entitling the holders to attend and vote at the EGM, of which 8,380,475,067 shares are A shares and 538,127,200 shares are H shares. There were no shares of the Company entitling the holders to attend and abstain from voting in favour of the proposed resolutions pursuant to Rule 13.40 of the Rules Governing the Listing of Securities on the Main Board of The Stock Exchange of Hong Kong Limited (the "Listing Rules") and no shareholders were required to abstain from voting under the Listing Rules.

II. CONSIDERATION OF THE RESOLUTIONS AT THE EGM

As considered by shareholders and proxies attending the EGM, the relevant resolutions were voted on by way of both on-site voting and online voting.

I. Voting results of resolutions adopting non-cumulative voting

1. Resolution: Resolution on the Service and Supply Agreement and its supplemental agreement and the continuing connected transactions (including the proposed caps) entered into between the Company and China Baowu

Voting result: Passed

Poll Results:

Type of shareholders	For	Against	Abstained
Number of votes	Percentage (%)	Number of votes	Percentage (%)	Number of votes	Percentage (%)
A shares	810,232,954	88.37	931,200	0.10	105,737,480	11.53
H shares	8,522,036	100.00	0	0.00	0	0.00
Total ordinary shares	818,754,990	88.47	931,200	0.10	105,737,480	11.43

2. Resolution: Resolution on the election of Mr. Zhang Wenxue as a Director of the Company

Voting result: Passed

Poll Results:

Type of shareholders	For	Against	Abstained
Number of votes	Percentage (%)	Number of votes	Percentage (%)	Number of votes	Percentage (%)
A shares	3,011,294,834	99.91	2,588,300	0.09	100	0.00
H shares	8,522,036	100.00	0	0.00	0	0.00
Total ordinary shares	3,019,816,870	99.91	2,588,300	0.09	100	0.00

3. Resolution: Resolution on the amendments to the Articles of Association and its appendices

Voting result: Passed

Poll Results:

Type of shareholders	For	Against	Abstained
Number of votes	Percentage (%)	Number of votes	Percentage (%)	Number of votes	Percentage (%)
A shares	2,976,289,490	98.75	37,585,644	1.25	8,100	0.00
H shares	8,000	0.09	8,514,036	99.91	0	0.00
Total ordinary shares	2,976,297,490	98.47	46,099,680	1.53	8,100	0.00

II. Voting results on material issues by shareholders holding less than 5% interests

No.	Resolutions	For	Against	Abstained
Number of votes	Percentage (%)	Number of votes	Percentage (%)	Number of votes	Percentage (%)
1	Resolution on the Service and Supply Agreement and its supplemental agreement and the continuing connected transactions (including the proposed caps) entered into between the Company and China Baowu	810,232,954	88.37	931,200	0.10	105,737,480	11.53
2	Resolution on the election of Mr. Zhang Wenxue as a Director of the Company	914,313,234	99.72	2,588,300	0.28	100	0.00
3	Resolution on the amendments to the Articles of Association and its appendices	879,307,890	95.90	37,585,644	4.10	8,100	0.00

III. Illustration regarding voting on the resolutions

Chongqing Changshou Iron & Steel Company Limited, the connected shareholder of the Company (which holds 2,096,981,600 shares in the Company, representing 23.51% of total share capital of the Company, and is a controlling shareholder of the Company) has abstained from voting on the abovementioned resolution 1, namely Resolution on the Service and Supply Agreement and its supplemental agreement and the continuing connected transactions (including the proposed caps) entered into between the Company and China Baowu.

The abovementioned resolution 3, namely Resolution on the amendments to the Articles of Association and its appendices was a special resolution, and has been passed by over two-thirds of the total valid voting rights present at the EGM.

III. WITNESS OF LAWYERS

Wu Lin Tao ( ю؍ᏹ ) and Chen Xi ( ௓Ҏ ), lawyers from Beijing Zhonglun Law Firm ( ̏ԯ̹ʕࡐܛࢪԫਕה ), witnessed the procedures of convening and holding of and voting at the EGM and issued the legal opinion certifying that the convening and holding procedures of the EGM are in compliance with the relevant laws and regulations, regulatory documents and the provisions of the Articles of Association of the Company; the qualifications of the convener and the attendees of this meeting are lawful and valid; and the voting procedures and voting results of this meeting are lawful and valid.

IV. DOCUMENTS AVAILABLE FOR INSPECTION

• 1. Resolutions of the EGM signed and confirmed by the attending directors and recorder and sealed by the Board;

• 2. The legal opinion signed and sealed by the officer of the witnessing law firm.

By order of the Board

Chongqing Iron & Steel Company Limited

Liu Jianrong

Chairman

Chongqing, the PRC, 11 March 2021

As at the date of this announcement, the Directors of the Company are: Mr. Liu Jianrong (Executive Director), Mr. Zhang Wenxue (Executive Director), Mr. Tu Deling (Executive Director), Mr. Zou An (Executive Director), Mr. Song De An (Non-executive Director), Mr. Zhou Ping (Non-executive Director), Mr. Xin Qingquan (Independent Non-executive Director), Mr. Xu Yixiang (Independent Non-executive Director) and Mr. Wong Chunwa (Independent Non-executive Director).