Chongqing Iron & Steel : ANNOUNCEMENT ON TERMINATION OF THE FIRST AND SECOND PHASES OF EMPLOYEE SHARE OWNERSHIP PLAN OF THE COMPANY

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ANNOUNCEMENT ON TERMINATION OF

THE FIRST AND SECOND PHASES OF EMPLOYEE SHARE

OWNERSHIP PLAN OF THE COMPANY

References are made to the announcement of Chongqing Iron & Steel Company Limited (the "Company") dated 22 March 2018 in relation to the proposed adoption of the employee share ownership plan, the circular dated 25 April 2018 in relation to, among other things, the proposed adoption of the employee share ownership plan, the further announcements dated 27 September 2019 and 28 December 2020 in relation to the employee share ownership plan, and the announcement on adjustment to the first, second and third phases of employee share ownership plan dated 31 December 2020.

The Company convened the 15th meeting of the seventh session of the board of directors and the 18th meeting of the seventh session of the supervisory committee on 20 March 2018 and the 2017 annual general meeting on 15 May 2018, at which the Proposal for the Employee Share Ownership Plan from 2018 to 2020 (Draft) of

Chongqing Iron & Steel Company Limited and its Summary ( ᗫ׵"ࠠᅅ፻᚛ٰ

΅Ϟࠢʮ̡ 2018 ϋЇ 2020 ϋࡰʈٰܵࠇྌ€ণࣩ ) •ʿՉ࿜ࠅٙᙄࣩ' ),

the Proposal for the Proposed Authorisation to the Board of Directors by the General

Meeting to Handle Relevant Matters Regarding Employee Share Ownership Plan ( ᗫ׵౤ሗٰ؇ɽึબᛆ໨ԫึ፬ଣʮ̡ࡰʈٰܵࠇྌ޴ᗫԫ֝ٙ

ᙄࣩ' ) and other relevant proposals were considered and approved. The Company convened the 5th meeting of the eighth session of the board of directors and the 4th meeting of the eighth session of the supervisory committee on 18 December 2018, at which the Proposal in relation to the First Phase of Employee Share Ownership Plan of the Company ( ᗫ׵ʮ̡ୋɓಂࡰʈٰܵࠇྌٙᙄࣩ' ) was considered and approved. The Company convened the 14th meeting of the eighth session of the board of directors and the 10th meeting of the eighth session of the supervisory committee in writing on 26 September 2019, at which the Proposal in relation to the Implementation of the Second Phase of Employee Share Ownership Plan of the Company ( ᗫ׵ʮ̡ ྼ݄ୋɚಂࡰʈٰܵࠇྌٙᙄࣩ' ) was considered and approved.

The Company convened the 31st meeting of the eighth session of the board of directors and the 20th meeting of the eighth session of the supervisory committee on 30 December 2020, at which the Proposal in relation to the Fourth Phase of Employee Share Ownership Plan and Adjustment to the Way of Distribution of Rights and

Interests under the First, Second and Third Phases of Employee Share Ownership

Plan ( ᗫ׵ʮ̡ୋ̬ಂࡰʈٰܵࠇྌʿሜ዆ୋɓeɚeɧಂࡰʈٰܵࠇ

ྌᛆूʱৣ˙όٙᙄࣩ' ) was considered and approved. On the same day, the adjustment to the way of distribution of rights and interests under the first and second employee share ownership plan was respectively considered and approved at the 2nd meeting of the first phase of employee share ownership plan and the 2nd meeting of the second phase of employee share ownership plan.

Pursuant to the requirements under the Guiding Opinion on the Implementation of the Pilot Program on Employee Share Ownership Plans by Listed Companies ( ᗫ׵ɪ ̹ʮ̡ྼ݄ࡰʈٰܵࠇྌ༊ᓃܸٙኬจԈ' ) and the Work Procedures for the Information Disclosure about Employee Share Ownership Plans of Listed Companies on Shanghai Stock Exchange ( ɪऎᗇՎʹ׸הɪ̹ʮ̡ࡰʈٰܵࠇྌ༟ ৃמᚣʈЪܸˏ' ), the information on the non-transaction transfer under the first and second phase of the employee share ownership plan of the Company is hereby disclosed as follows:

As at 25 March 2021, the Company has completed the shares realization and distribution of interests under the first and second phase of employee share ownership plan by means of non-transaction transfers and transactions in the secondary market. At this point, the first and second phase of employee share ownership plan is terminated.

By order of the Board

Chongqing Iron & Steel Company Limited

Liu Jianrong

Chairman

Chongqing, the PRC, 26 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).