Ann: Ceasing to be a substantial holder, page-45

Hi Friends,

A few things to consider for this event:

- LME annouced all the margin requirement has been met. (Notice 22/055 Item 4)
https://www.lme.com/en/Metals/Non-ferrous/LME-Nickel#Trading+day+summary

- Report suggests that Beijing is helping Tsingshan with their nickel plate (Class 1 pure nickel) in the State Reserves Bureau.
https://www.ft.com/content/067ee28e-0375-48d3-a7c9-2d4330a9cc34

- Tsingshan is the biggest stainless steel maker in the world with US 56 Billion revenue. The potential US 7 Billion loss (if the chairman refused to settle with physical inventories) only accounts 12.5% of their annual revenue.

- Tsingshan has no intentions to sell any position in NIC and the $1.37 placement will not be affected.

- NIC is operating normally and our directors decided to refund the heavily oversubscribed SPP in full.

The share price may continue to drop on Monday but I believe it will bounce back and reflect the true value.

In my opinions only and time will tell.