ADAMA Ltd. Annual Report 2024

ADAMA LTD.ANNUAL REPORT 2024

ADAMA Ltd. is a global leader in crop protection, providing solutions to farmers across theworld to combat weeds, insects and disease. ADAMA has one of the widest and mostdiverse portfolios of active ingredients in the world, state-of-the art R&D, manufacturing andformulation facilities, together with a culture that empowers our people in markets aroundthe world to listen to farmers and ideate from the field. This uniquely positions ADAMA tooffer a vast array of distinctive mixtures, formulations and high-quality differentiated products,delivering solutions that meet local farmer and customer needs in dozens of countriesglobally, with direct presence in all top 20 markets.For further important additional information and details, please refer to the Annex.

March 2025

ADAMA Ltd. Annual Report 2024

Section I - Important Notice, Table of Contents and Definitions

? The Company’s Board of Directors, Board of Supervisors, directors, supervisors and senior managers confirmthat the content of the Report is true, accurate and complete and contains no false statements, misleadingpresentations or material omissions, and assume joint and several legal liability arising therefrom.

? Ga?l Hili, the person leading the Company (President and Chief Executive Officer) as well as its legalrepresentative, and Efrat Nagar - the person leading the accounting function (Chief Financial Officer), herebyassert and confirm the truthfulness, accuracy and completeness of the Financial Report.

? All of the Company’s directors attended the board meeting for the review of this Report.

? The forward-looking information described in the Report, such as future plans, development strategy etc., doesnot constitute, in any manner whatsoever, a substantial commitment of the Company to investors. Investors andother relevant people are cautioned to be sufficiently mindful of investment risks as well as the difference betweenplans, forecasts and commitments.

? The Company has described its future development strategies, work plan for 2025 and possible risks in “XI.

Outlook of the Company’s future development” in Section III. The major risks of the Company include, amongothers, exchange rate fluctuations; exposure to interest rate, Israel CPI and NIS exchange rate fluctuations;fluctuations in raw material inputs and prices, and in sales. Investors and other relevant people are cautioned tobe sufficiently mindful of investment risks. For the complete “Risk factors and countermeasures” of the Company,please see the relevant section below.

? Pre-plan of dividend distribution or reserve transfer to equity capital approved for the reporting period by themeeting of the Board of Directors on March 12, 2025

□Applicable √Not applicable

The Company does not plan to distribute cash or share dividends, nor plan to transfer capital reserve to equitycapital.

? This Report and its abstract have been prepared in both Chinese and English. Should there be any discrepancies

between the two versions, the Chinese version shall prevail.

ADAMA Ltd. Annual Report 2024

Table of Contents

Section I - Important Notice, Table of Contents and Definitions ...... 2

Section II - Corporate Profile and Financial Results ...... 6

Section III - Performance Discussion and Analysis ...... 12

Section IV - Corporate Governance ...... 51

Section V - Environment and Social Responsibilities ...... 78

Section VI - Significant Events ...... 92

Section VII - Change in Shares & Shareholders ...... 147

Section VIII - Preferred Stock ...... 157

Section IX - Corporate Bonds ...... 158

Section X - Financial Report ...... 159

ADAMA Ltd. Annual Report 2024

Contents of Documents Available for Reference(I) Duly signed Financial Statements by the Legal Representative and Accounting Principal as well as Head of theAccounting Organ.(II) Duly signed Auditor’s Report and seals the certified public accountants.(III) Originals of all Company’s documents previously disclosed in media designated by the CSRC as well as the originalsof all the public notices, were deposited in the Company’s office.

ADAMA Ltd. Annual Report 2024

DefinitionsIn this Report, the following terms have the meaning appearing alongside them, unless otherwise specified:

Company, the Company

Adama Solutions

Anpon, ADAMA Anpon

Board of Directors/Board

Board of Supervisors

Articles of Association / AOA

Group, the Group, ADAMA

ChemChina

CNAC

CSRC

SZSE

SASAC

Syngenta Group

Sinochem Holdings

Sinochem Group

Report

Financial Report

Reporting Period, this Period,Current Year

Company Law

Securities Law

Listing Rules

ADAMA Ltd. Annual Report 2024

Section II - Corporate Profile and Financial ResultsI. Corporate Information

II. Contact Information

ADAMA Ltd. Annual Report 2024

III. Information Disclosure

IV. Company Registration and Alteration

ADAMA Ltd. Annual Report 2024

Co., Ltd. to CNAC.In June, 2020, CNAC transferred 1,810,883,039 shares of the Company held by it to SyngentaGroup free of charge and completed the registration procedures for the above transferredshares. After the completion of the share transfer, Syngenta Group has become the directcontrolling shareholder of the Company.During the reporting period, the controlling shareholder of the Company did not change.

V. Other Information

The Accounting Firm Engaged by the Company

Sponsor engaged by the Company to continuously perform its supervisory function during the Reporting Period

□ Applicable √ Not applicable

Financial advisor engaged by the Company to continuously perform its supervisory function during the Reporting Period

□ Applicable √ Not applicable

ADAMA Ltd. Annual Report 2024

VI. Main Accounting and Financial Results

Whether the Company performed any retroactive adjustments to or restatement of its accounting data

□ Yes√ No

Unit: RMB’000

The net income before or after deduction of non-recurring profit or loss for the last three fiscal years is negative no matterwhich amount is less and the audit report for the most recent year shows that there is uncertainty about the company'sability to continue its operation.

□ Yes √ No

The less amount of the net income before and after extraordinary gain or loss is negative

√ Yes □ No

VII. Differences in Accounting Data under Domestic and Foreign Accounting

Standards

1. Differences in the net profit and the net assets disclosed in the financial reports preparedunder Chinese and international accounting standards

□ Applicable √ Not applicable

ADAMA Ltd. Annual Report 2024

None during the Reporting Period.

2. Differences in the net profit and the net assets disclosed in the financial reports preparedunder Chinese and foreign accounting standards

□ Applicable √ Not applicable

None during the Reporting Period.

3. Explanation on the differences in accounting data

□ Applicable √ Not applicable

VIII. Main Financial Results by Quarter

Unit: RMB’000

Any material differences between the financial indicators above or their summations and those which have been disclosedin quarterly or semi-annual reports

□ Yes √ No

ADAMA Ltd. Annual Report 2024

IX. Non-Recurring profit/loss

√ Applicable □ Not applicable

Unit: RMB’000

Details of other profit and loss items that meet the definition of non-recurring profit or loss.

□ Applicable √ Not applicable

No such cases during the Reporting Period.Explanation of non-recurring items of profit or loss listed in "Explanatory Announcement No. 1 on Information Disclosurefor Companies Offering their Securities to the Public-Non-Recurring Profit and Loss" reclassified as recurring items of profitor loss

□ Applicable √ Not applicable

No such cases during the Reporting Period.

ADAMA Ltd. Annual Report 2024

Section III - Performance Discussion and AnalysisI. Industry in which the Company Operates during the Reporting PeriodThe company is required to comply with the “Self-regulatory Guidelines for Listed Companies on Shen-zhen Stock Exchange: No. 3 - Disclosure of Industry Information”.The Company is a corporation incorporated in the People's Republic of China.The Group is a global leader in crop protection, engaging in the development, manufacturing and commercialization of awide range of crop protection products, that are largely off-patent. The Group provides solutions to farmers to combatweeds, insects and disease, and sells its products in dozens of countries globally, with direct presence in all top 20 markets.The Group's business model integrates end-customer access, regulatory expertise, state-of-the art global R&D, productionand formulation facilities, thereby providing the Group a significant competitive edge and allowing it to launch new anddifferentiated products that meet local farmers and customer needs in key markets.The Group's primary operations are global, spanning activities in North America, Latin America, Asia-Pacific (includingChina) and Europe, Africa and the Middle East.The Group also utilizes its expertise to adapt such products also for the development, manufacturing and commercializationof similar products for non-agricultural purposes (Consumer and Professional Solutions).In addition, the Group leverages its core capabilities in the agricultural and chemical fields and operates in several othernon-agricultural areas, none of which, individually, is material for the Group. These activities, collectively reported asIntermediates and Ingredients, include primarily, (a) the manufacturing and marketing of dietary supplements, food colors,texture and flavor enhancers, and food fortification ingredients; (b) fragrance products for the perfume, cosmetics, bodycare and detergents industries; (c) the manufacturing of industrial products and (d) other non-material activities.Syngenta GroupAs of June 2020, the Group is a member of Syngenta Group, a world leader in agricultural inputs, spanning crop protection,seeds, fertilizers, additional agricultural and digital technologies, as well as an advanced distribution network in China. Asof August 2021, following the combination between ChemChina and SinoChem Group, Syngenta Group, and subsequentlythe Group, are ultimately controlled by SinoChem Holdings - parent of both ChemChina and Sinochem Group,subordinated to SASAC.For further important additional information and details, please refer to the Annex.

General Environment and the Effect of External Factors on the Company’s OperationsAs a global leader in the crop protection industry, major trends, events and key developments in the Group's macro-economic environment may materially impact the Group’s business results and development. The impact of these factorsmay differ by geographic region and the different products of the Group. Since the Group offers one of the widest and mostdiverse product portfolios of crop protection products and since it operates in many geographic regions, the aggregateeffect of these factors in any given year, and during the course thereof, is not uniform and may sometimes be mitigated byoffsetting effects. The activities and results of the Group are further subject to, and affected by, certain global, localizedand other factors, such as: demographic changes; economic growth and rising standards of living; agricultural commodityprices; significant fluctuations in raw material costs and global energy prices; development of new crop protectiontechnologies; patent expiries and growth in volumes of off-patent products; the global agricultural markets and volatile

ADAMA Ltd. Annual Report 2024

weather conditions; regulatory changes; government policies; world ports, international monetary policies and the financialmarkets.Key commodity crop prices remained subdued in 2024, pressuring farmer income, despite some ease in the prices ofinputs. Global crop protection industry sales is estimated to have declined in 2024.While channel inventory levels continue to ease following pandemic-era stockpiling, the high-interest rate environment,coupled with ample product supply (driven by significant over-capacity production of active ingredients (“AIs”) in China)contributing to low AI prices, continue to drive a just-in-time purchasing approach by the channel.

II. Main business of the Company during the Reporting PeriodThe company is required to comply with the “Self-regulatory Guidelines for Listed Companies on Shen-zhen Stock Exchange: No. 3 - Disclosure of Industry Information”.

Procurement model of major raw materials

* Prices in RMB are based on average exchange rates for the relevant period.

Reasons for significant changes in raw material prices compared with the previous reporting period

□ Applicable √ Not applicable

Whether the Company spends more than 30% of its total production cost on energy supply

□ Applicable √ Not applicable

Reasons that there is material change to the main energy types during the reporting period

□ Applicable √ Not applicable

ADAMA Ltd. Annual Report 2024

Production Technologies of Main Products

Capacity of main products

Note: Capacity figures in the above table is the synthesis capacity of the Group. In addition, the Group has approximately600,000 tons of formulation capacity globally.

ADAMA Ltd. Annual Report 2024

Products Produced in Major Chemical Industry Parks

EIA approval status that is being applied or newly obtained during the reporting period

√ Applicable □ Not applicable

During the reporting period, the Company and its subsidiaries received the following EIA approvals:

On 1

st

November 2024, the Company obtained the approval opinion from Jingzhou Economic and Technological Develop-ment Zone of the Municipal Ecological and Environmental Bureau on the Environmental Impact Report for “AcephateWastewater Extraction Optimization Project of ADAMA Ltd.”;On 3

rd

July 2024, ADAMA Huifeng (Jiangsu) Co., Ltd. obtained the approval from Yancheng Bureau of Ecology and Envi-ronment on the Environmental Impact Report for the “Portfolio Adjustment, Production Facility Renovation and TechnologyImprovement Project for Formulation Processing with Annual Output of 40,000 Tons”. On 22

ndJuly 2024, it obtained theapproval from the same municipal bureau on the Environmental Impact Report of the “Wastewater Extraction and Optimi-zation Project for 15,000KL 2,4-D Dimethylamine AS”;On 5

th

November 2024, ADAMA Anpon (Jiangsu) Co., Ltd. obtained the approval from the Sub-bureau of Huai'an MunicipalBureau of Ecology and Environmental Protection at the Industrial Park on the Environmental Impact Report for the ‘Tech-nical Improvement Project of Ethylene Oxide(EO) Recycling Process for an Ethephon Plant with Annual Capacity of 13,000Tons on 100% Dry Basis”.

Abnormal production suspension during the reporting period

□ Applicable √ Not applicable

Relevant approvals, permits and qualifications

√ Applicable □ Not applicable

ADAMA Ltd. Annual Report 2024

ADAMA Ltd. Annual Report 2024

Company focused on oil processing and trade

□ Applicable √ Not applicable

Company focused on fertilizer

□ Applicable √ Not applicable

Company focused on agrochemicals

√ Applicable □ Not applicable

Market share - As mentioned herein, ADAMA is a leading company among the crop-protection companies that focus onoff-patent crop protection solutions. The Group’s global crop protection market share was approximately 5% in 2024, basedon preliminary estimation made by AgBio Investor regarding total sales in the agrochemical industry, and 5.1% in 2023.Registration - The materials and products marketed by the Group require, at various stages of their development productionand marketing, registration in every country where the Company intends to market them. The Company has developmentand registration centers, located in Europe, Israel, Latin America, Brazil, North America, India and Asia. Further, the Grouphas gained registration expertise in over 80 countries, enables the Group to efficiently introduce new products in all majormarkets and provide farmers with a comprehensive portfolio of crop protection solutions. In 2024, the Company continuedinvesting in the development and manufacturing of new products, launched new active ingredients and new formulations,and obtained 190 new registrations. These capabilities are increasingly important as regulatory requirements continue toincrease globally.Application of Main ProductsThe Group is focused on the development, manufacturing and commercialization of largely off-patent crop protectionproducts, which are generally herbicides, insecticides and fungicides, which protect agricultural and other crops againstweeds, insects and disease, respectively.

ADAMA Ltd. Annual Report 2024

Herbicides - During cultivation, crops are exposed to various weeds that grow in their environment and compete for water,light and nutrients. Herbicides are designed to prevent or stunt the development of such weeds to allow the cultivated cropto develop optimally throughout the different stages of its growth, and therefore to reach optimum yield. The herbicidessold by the Company are both selective (do not affect or harm the crop itself) and non-selective. The best-selling herbicidesare those designed to protect soy, corn, cereals, rice and cotton.Insecticides - Insecticides are designed to control various types of insects and pests in a selective manner (without harmingthe crop itself). The best-selling insecticides are designed to protect fruits and vegetables, corn, cotton and soy.Fungicides - Fungicides are designed to combat various diseases and parasitical fungi. In general, when weatherconditions in the agricultural season are dry, the prevalence of crop diseases is much smaller, reducing demand for suchproducts. Fungicides are used most frequently in crops such as cereals, fruit, vegetables, soy, grapevines and rice.

Tax policies - The Group develops, purchases, manufactures and markets its products through many companies worldwide,and as such operates through approximately 60 subsidiaries. To the best of the Group’s knowledge, it is in materialcompliance with applicable tax laws.

Company focused on chlorine alkali and caustic soda business

□ Applicable √ Not applicable

III. Core Competitiveness AnalysisAs a leading off-patent crop protection provider in the global crop protection market, the Group believes that the followingstrengths provide it with sustainable competitive advantages and the foundation to capitalize on favorable underlyingagriculture and crop protection industry trends:

? Off-patent Industry Leader. The Group’s success as one of the world’s leading off-patent companies has given it

a deep understanding of the industry and enabled it to build one of the most extensive off-patent product offerings,giving it the ability to provide efficient, value-added solutions to farmers of every major crop around the world.Moreover, the breadth of the Group’s product portfolio, with most active ingredients individually constituting no morethan 10% of its sales in 2024, combined with its extensive geographic reach, provide effective diversification andenhanced stability. The Group strives to continue to gain market share, building on its leading role in the market,farmer-centric focus and broad product portfolio. Furthermore, the Group’s addressable market continues to expandas the crop protection market globally continues to shift towards off-patent products, the segment of the market onwhich the Group focuses. This shift is the result of significant increases in the costs and risks of discovering anddeveloping novel and effective Active Ingredients (AIs), which over time has led to fewer introductions of newmolecules each year by the Company’s Research-Based Company (RBC) competitors. The Group believes that itsstrength in the off-patent market provides it with a certain competitive advantage relative to RBCs, as it is able, withits research, technology and know-how, to access off-patent crop protection products developed by all of the variousmajor RBCs. This allows the Group to enhance existing crop protection products and introduce unique mixturesand formulations. In parallel, the Group’s global scale, registration expertise and manufacturing footprint arecompetitive advantages in comparison to many of its off-patent peers.? Global Reach and Strength in Emerging Markets. The Group has an industry leading global footprint with

extensive market presence. The Group enjoys broad geographic diversification by selling in dozens of countrieswith a balanced regional split, as evidenced by its 2024 revenue breakdown of approximately 25% in Latin America,21% in North America, 27% in Asia Pacific, and 27% in the Europe, Middle East and Africa (EAME). This regional

ADAMA Ltd. Annual Report 2024

balance enhances the Group’s growth profile and provides diversification across different countries, climates, cropsand planting seasons. The Group has a particularly strong presence in emerging markets, where growth is expectedto outpace developed markets, and from which it derived more than half of its 2024 sales.? Unique Positioning and Access to China. The Group believes that the foundation provided by the integration of

Adama Solutions with the operational and commercial infrastructure of the Company in China, together with itsunique relationship with its ultimate controlling shareholder, Sinochem Holdings, provides it with a clear advantagein penetrating the Chinese market, one of the largest and fastest growing agricultural markets in the world. TheGroup is one of the only global crop protection providers with a significant integrated commercial and operationalinfrastructure within China. The Group intends to leverage this infrastructure to pursue a leading position in theChinese crop protection market and capitalize on the growing importance of high-quality global brands in China.With its activities in China also forming part of Syngenta Group China, the Group believes it is uniquely positionedto capitalize on the trend toward consolidation within the high-growth, highly fragmented Chinese crop protectionmarket. In addition to helping it become a leader in the Chinese crop protection market, the integration of theCompany’s China-based manufacturing facilities into the Group’s global manufacturing operations provides it withthe ability to more effectively develop and commercialize advanced, differentiated products, as well as benefit fromimproved cost positions in key molecules, enhance the optimization of its global supply chain over time, drive greaterefficiency throughout the organization, and secure both revenue growth as well as increased profitability.? Collaborations with members of the Syngenta Group. The Group is working together with the other companies

within the Syngenta Group to create value for itself and the Syngenta Group through increasing the Group’s sales,reducing costs and improving processes. Such efforts include various collaboration initiatives for the sale anddistribution of finished products, raw materials supply and procurement, logistics and supply chain, as well as in theR&D and products’ registration fields, in order to reduce costs, to improve processes and to increase the Company’ssales. Such collaborations have and are expected to continue to generate meaningful additional benefits for theCompany as well as Syngenta Group.? Vertically Integrated Business with Global Scale. The Group is one of the few off-patent crop protection providers

that is active across virtually the entire value chain, from worldwide marketing, sales and distribution, to registration,production and R&D. As a result, the Group is able to efficiently manage its product portfolio and operations inresponse to the dynamic needs of farmers, changing weather conditions, government policies and regulations, andcapture value at each point in the value chain. Approximately 85% of the Group’s products are synthesized and/orformulated or both in its world-class, well-invested facilities across the globe. Having deep knowledge, expertiseand experience in all aspects of the development process, integrated chemical synthesis and formulation productionand control over the entire supply chain, provides the Group with cost and control advantages, and the agility toaddress market challenges and capture value. Further, its global registration network, providing local registrationexpertise in over 80 countries, enables the Group to efficiently introduce new products in all major markets andprovide farmers with a comprehensive portfolio of crop protection solutions. In 2024, the Company continuedinvesting in the development and manufacturing of new products, launched new active ingredients and newformulations, and obtained 190 new registrations. These capabilities are increasingly important as regulatoryrequirements continue to increase globally. The Group’s sales and marketing infrastructure is characterized by itslocal sales forces in each of its strategic markets, who build strong relationships with local distributors and with theend users, the farmers, to better understand their needs. This drives demand at the wholesale, retail and farmerlevel and provides the Group with valuable market insight and understanding.? Extensive, Differentiated Offering. The Group offers farmers a hybrid portfolio of increasingly differentiated

products and solutions that are tailored to the specific needs of each geographic region and each type of crop. The

ADAMA Ltd. Annual Report 2024

Group utilizes an integrated, solutions-based approach to its entire offering in order to meet the unique demands ofits global customer base. The Group strives to offer farmers a branded portfolio that is comprised of both high-valuedifferentiated products as well as high-volume off-patent products, alongside an increasing number of uniquemixtures and formulations and novel, innovative products and services, aimed to provide solutions to farmers innearly every region, and for all major crops. The Group’s extensive portfolio is composed of over 300 centrallymanaged AIs and over 1,580 different mixtures and formulations.? Experienced and Empowered Management Team. With a deep understanding of the crop protection industry and

firm focus on sustaining the Group’s leadership and financial strength, its management team is a cohesive andintegrated team that has the knowledge, skills and experience required to guide the Group on its path to achievingits ambition of global leadership. The Group believes in empowering its teams and creating leaders from itsstrongest performers, with the result that its management team is composed of the people who have successfullymanaged its business, and developed and executed its strategy over the last few years, continuing its track recordof consistent, profitable growth.

IV. Main Business Analysis

1. Overview

For general crop protection market environment, please refer to I. Industry in which the Company Operates during theReporting Period of Section III above.

ADAMA Ltd. Annual Report 2024

Note: Since the functional currency of main overseas subsidiaries is the USD, and the Company’s management review ofthe Company’s performance is based on the USD results, following explanations and analysis are based on USD-denominated numbers.

2. Revenues and costs

RevenuesRevenues in the fourth quarter declined by approximately 2% (-2% in RMB; +2% in CER) to $1,113 million, reflecting anincrease of 7% in volumes more than offset by a decrease of 4% in prices and negative foreign exchange impacts. Volumeswere up compared with Q4 2023 driven by demand recovery in many regions due to improved channel inventory levels,while the Company has continued shifting away from selected low profit products, marking the second consecutive quarterof volume growth. However, the positive impacts were more than offset by lower prices due to just-in-time purchasingpatterns of the channel in light of overcapacity and a higher interest rate environment, and negative foreign exchangeimpacts, primarily depreciation of the Brazilian Real.These results brought the revenues in the full year of 2024 to $4,141 million, a decline of approximately 11% (-10% in RMB;-8% in CER), reflecting a decrease of 8% in prices attributable to reasons stated above and stable volumes.

(1) Operating revenues

Unit: RMB’000

ADAMA Ltd. Annual Report 2024

Unit: USD’000

Notes: (1) the sales split per product category is provided for convenience purposes only, and is not representative of theway the Company is managed or in which it makes its operational decisions; (2) The discrepancies between the ‘ratio ofthe operating revenue’ in RMB and USD detailed in the tables above derive mainly from exchange rates recorded at theend of each quarter.

ADAMA Ltd. Annual Report 2024

Regional Performance ReviewEurope, Africa & Middle East (EAME): Revenues in Q4 2024 were similar to those of Q4 2023, with an increase involumes offset by a similar decrease in pricing. Throughout 2024, pricing pressure remained strong, but channel stocklevels began to normalize after two years of high levels.North America: Consumer & Professional Solutions – Fourth quarter and full year 2024 sales grew in every sector ofits market, and margins remained strong. Demand was fueled by a growth in disposable income.The US Ag enjoyed positive volume growth, only partially offset by pricing pressures. While channel inventory levelsreturned to post-pandemic normal, high interest rates and lower crop commodity prices continue to result in just-in-timepurchasing patterns..In Canada, the 2024 crop season had good growing conditions, leading to high usage rates of herbicides and fungicides.However, lower insect pressure resulted in a smaller insecticide market.Latin America: Brazil – ADAMA’s sales in FY and Q4 2024 enjoyed strong growth in fungicides (e.g., ALMADA,BLINDADO TOV) and insecticides (e.g., MAGNUM), with a decline in non-selective herbicides. However, pricing pressuresand the weak currency negatively impacted performance. In the rest of LATAM, sales were weaker in FY and Q4 2024 ascompared to FY and Q4 2023, mostly due to increased competition and just-in-time purchasing patterns.Asia-Pacific: In China, the sales in the fourth quarter increased mainly driven by volume growth of the active ingredient(AI) business and higher pricing of the non-ag business. The fourth quarter is an off season for branded formulations. TheAI sales increased driven by demand recovery in many regions globally and enhanced management of key customers,while the non-ag sales were affected by lower sales partially offset by higher prices. Sales in the full year still reflectedweak demand and prices. In response to the sluggish markets, the branded formulations business proactively promoteddifferentiated and high-margin products, and the non-ag business adjusted sales of certain low-profit products, bothachieving business quality improvement.Sales in APAC, excluding China, continued to experience pricing pressure throughout 2024, with sales declining comparedto FY and Q4 2023. Ample over supply of Chinese generics contributed to the declines. Sales in 2024 were also impactedby unpredictable weather in India. However, pricing in some key markets such as Australia seem to have stabilized. Andnew product registrations in India such as Bazak?, Forpido? and the soft introduction of Upturn? in Q4 were well received.

(2) List of the industries, products, regions and distribution models exceed 10% of the operatingrevenues or operating profits of the Company

√ Applicable □ Not applicable

The company is required to comply with the “Self-regulatory Guidelines for Listed Companies on Shen-zhen Stock Exchange: No. 3 - Disclosure of Industry Information”.

Unit: RMB’000

ADAMA Ltd. Annual Report 2024

In the event that the statistical manner of the Company's main business data is adjusted during the reporting period, theCompany's main business data for the most recent year adjusted to the manner at the end of the reporting period

□ Applicable √ Not applicable

Whether the Company generates more than 10% revenue or net profit from its overseas business against the auditedannual revenue and net profit for the most recent accounting year

√ Applicable □ Not applicable

(3) Whether the Company’s revenue from sale of goods exceed the revenue from services

√ Yes □ No

ADAMA Ltd. Annual Report 2024

Reasons for any over -30% YoY movement of the data above:

□ Applicable √ Not applicable

(4) Execution of the significant sales and procurement contracts signed by the Company up tothe Reporting Period

□ Applicable √ Not applicable

(5) Composition of Operating Costs

Category of the industries

Unit: RMB’000

Explanations:

Over the full-year period, the lower operating cost mainly reflected the positive impacts of lower costs of new inventorysold, following improvement of internal inventory level, including the decline of finished goods, as well as of lowertransportation and logistic costs. The positive impact was partially offset by the soil and water cleanup remediation costsincurred at the Company’s sites in Israel and Brazil, which newly occurred in 2024 and amounted to RMB 130 million. TheCompany improved the gross margin in the full year also because of an improved sales mix towards higher margin productsfollowing management's focus on the quality of business, moderated by lower prices and the negative impact of exchangerates.

(6) Has the consolidated scope changed during the Reporting Period

□ Yes √ No

ADAMA Ltd. Annual Report 2024

(7) List of significant changes or adjustment of the industries, products or services of theCompany during the reporting period

□ Applicable √ Not applicable

(8) List of major trade debtors and major suppliers

List of the major trade debtors of the Company

Information of the Top 5 Customers

Notes of other situation of the major customers

□ Applicable √ Not applicable

List of the major suppliers of the Company

Information of the Top 5 Suppliers

ADAMA Ltd. Annual Report 2024

Notes of the other situation of the major suppliers

□ Applicable √ Not applicable

Sales from trading activities constitutes over 10% of the total sales

□ Yes √ No □ Not applicable

3. Expenses

Explanations for the change of above expenses:

Note: As noted above and since functional currency of main overseas subsidiaries is the USD, and the Company’smanagement review of the Company’s performance is based on the USD results, following explanations and analysis arebased on USD-denominated numbers.

(1) Sales and Marketing Expenses

In 2024, the Company continued to undertake tight OPEX management measures, including initiatives in the Company’s“Fight Forward” Transformation Plan. Despite that, the higher sales and marketing expenses were mainly due to：(1) aspart of implementing the Transformation Plan, the Company was optimizing its global operating model, managementstructure and processes, and department settings, which incurred additional restructuring costs in 2024. (2) legal claimsrelated to product liabilities were settled in 2024, incurring one-off legal claim expenses. In addition, its sales and marketingexpenses also included some non-operational, mostly non-cash charges in both 2023 and 2024 as the Companyconducted corporate development activities, including mergers and acquisitions in recent years, which are mainly: (i) non-cash amortization charges in respect of Transfer Assets received and written-up related to the 2017 ChemChina-Syngentaacquisition (for details please refer to the 2023 Annual Report), and (ii) charges related to the non-cash amortization ofintangible assets created as part of the Purchase Price Allocation (PPA) on acquisitions, with no impact on the ongoingperformance of the companies acquired. The above items affected the Company’s reported numbers amounting to RMB657 million ($ 92 million) in the full year of 2024 in comparison to RMB 256 million ($36 million) in 2023.Excluding the abovementioned non-operational charges, the lower selling and marketing expenses reflected the results ofthe tight OPEX management measures and the positive impact of exchange rates.

(2) General and Administrative Expenses

As part of developing and implementing the Transformation Plan, the general and administrative expenses also recordedhigher restructuring and advisory costs, resulting into an increase compared with 2023.

ADAMA Ltd. Annual Report 2024

(3) R&D Expenses

In order to capitalize on future opportunities in the agrochemical market, the Company is focusing on the Value Innovationsegment, where value is provided by using off-patent Active Ingredients (“AIs”) enhanced by proprietary formulationtechnologies that are designed to address farmers’ needs and improve their efficiency by delivering tangible benefits suchas rainfastness, improved leaf penetration, ease of use, as well as enhancing ROI. In 2024, the Company continued tostrengthen its pipeline for future new launches while prioritizing investments in line with the optimization of the Company'sportfolio.

(4) Financial Expenses:

“Financial Expenses” alone mainly reflect interest payments on corporate bonds and bank loans as well as foreignexchange gains/losses on the bonds and other monetary assets and liabilities before the Company carries out any hedging.The impact of Financial Expenses (before hedging) is RMB 1,770 million ($248 million) for 2024 compared with RMB 1,183million ($167 million) for 2023.Given the global nature of its operational activities and the composition of its assets and liabilities, the Company, in theordinary course of its business, uses foreign currency derivatives (forwards and options) to hedge the cash flow risksassociated with existing monetary assets and liabilities that may be affected by exchange rate fluctuations.The “Gains/Losses from Changes in Fair Value” recorded mainly the hedging impacts. “Gains/Losses from Changes inFair Value” amounted to a net loss of RMB 46 million ($7 million) in 2024 compared with a net loss of RMB 650 million($94 million) in 2023.The aggregate of Financial Expenses and Gains/Losses from Changes in Fair Value (hereinafter as “Total Net FinancialExpenses”), which more comprehensively reflects the financial expenses of the Company in supporting its main businessand protecting its monetary assets/liabilities, amounted to RMB 1,816 million ($255 million) in 2024 compared with RMB1,833 million ($262 million) in 2023.The lower Total Net Financial Expenses were mainly due to (i) lower net CPI impact on CPI-linked bonds and lower interestpaid on loans following a decrease in loans and improved efficiency of cash management in light of the positive cash flowachieved and better loan mix. The lower financial expenses in 2024 were achieved despite that a higher income due torevaluation of put options attributed to minority stake in subsidiaries and an income due to release of holdback related tothe original acquisition were recorded in 2023.

(5) Income Tax expenses:

Despite reaching losses before tax, the Company recorded tax expenses in 2024 mainly because the losses were primarilyincurred by subsidiaries with relatively lower tax rates, while some of them did not create deferred tax assets on the losses.On the other hand, the subsidiaries that generated profit have a higher tax rate.In 2024 the company recorded tax expenses due to the non-cash impact of the weakness of the BRL compared with taxincome due to stronger BRL in the fourth quarter and full year of 2023.

ADAMA Ltd. Annual Report 2024

4. R&D Investment

√ Applicable □ Not applicable

R&D Personnel

Note: The figures under “Composition of Educational Background” and “Composition of Age” represent those of theCompany and the domestic subsidiaries held by it and do not cover the Group’s overseas R&D employees.

R&D Investment of the Company

ADAMA Ltd. Annual Report 2024

Note: The R&D investment included the R&D expenses incurred in the profit & loss and additions of registrations in theintangible assets during the year.

Reasons for and effects of significant changes to the composition of the Company's R&D personnel

□ Applicable √ Not applicable

Reason of notable changes over the last year in the ratio of total R&D investment amount to operating income

□ Applicable√ Not applicable

Reason of notable change in the ratio of R&D investment capitalization and its reasonable explanation

□ Applicable √ Not applicable

5. Cash flow

Unit: RMB’000

Notes of the major effects on the YoY significant changes occurred of the data above

√ Applicable □ Not applicable

Cash flow from Operating Activities: In the full year, despite lower sales, the operating cash flow significantly improveddue to the company maintaining strict procurement practices, intensive collections and an improvement in supplier terms,reflecting implementation of initiatives taken as part of the company's transformation plan.Cash flow from Investing Activities: The lower cash used in investing activities in the full year reflected prioritization ofinvestments in its manufacturing facilities and the decision to increase focus on products in line with the optimization of theCompany's portfolio. The difference in the full year also reflected proceeds from the sale of a real estate asset in the thirdquarter of 2024 and the payment of the acquisition of AgriNova New Zealand in the first quarter of 2023.Cash flow from Financing Activities: The cash used in financing activities in 2024 reflected mainly the repayments ofloans during the year, as well as a partial repayment and the execution of a buyback plan of Solutions' bonds.

ADAMA Ltd. Annual Report 2024

Notes to the reason of the significant differences between the net cash flow from the operating activities and the net profitsof the Company during the Reporting Period

√ Applicable □ Not applicable

Please refer to the notes provided above under this item.V. Analysis of the non-core business

√ Applicable □ Not applicable

Unit: RMB’000

VI. List and Analysis of the assets and liabilities

1. List of significant changes of assets

Unit: RMB’000

ADAMA Ltd. Annual Report 2024

Oversea assets account for a higher proportion

√ Applicable □ Not Applicable

2. Assets and liabilities measured at fair value

√ Applicable □ Not applicable

Unit: RMB’000

Significant changes in the measurement attributes of the main assets in the Reporting Period

□ Yes √ No

ADAMA Ltd. Annual Report 2024

3. Restriction / limitation on asset rights

At the end of the Reporting Period, restricted assets included Company’s bank balance of RMB 46,645,000 as cash depositfor bills receivable; and other non-current assets of RMB 117,624,000 as deposit for legal suits.

VII. List and Analysis of the investment

1. Overall condition

√ Applicable □ Not applicable

2. List of the significant equity investment during the Reporting Period

□ Applicable √ Not Applicable

3. List of the significant non-equity investments executed during the Reporting Period

□ Applicable √ Not applicable

Construction projects that were still in progress by the end of reporting period and were with contract value over RMB200 million

□ Yes □ No √ Not applicable

4. Investment on the financial assets

(1) List investments in securities

□ Applicable √ Not applicable

No such investments were executed during the Reporting Period.

ADAMA Ltd. Annual Report 2024

(2) Investment in derivative financial instruments

√ Applicable □ Not applicable

(1) Investment in Derivative Financial Instruments for Hedging during the Reporting Period

√ Applicable □ Not Applicable

Unit: 000 RMB

ADAMA Ltd. Annual Report 2024

ADAMA Ltd. Annual Report 2024

The company is required to comply with the “Self-regulatory Guidelines for Listed Companies on Shen-zhen Stock Exchange: No. 3 - Disclosure of Industry Information”.The derivative transactions carried out by the Group were mainly through options and forward in order to mitigate thecurrency exposure and the fluctuation in Israeli CPI. For more details, please refer to the section above.

(2) Investment in Derivative Financial Instruments for Speculation during the Reporting Pe-riod

□ Applicable √ Not Applicable

No such situation occurred during the Reporting Period.

5. Use of raised funds

□Applicable √Not applicable

VIII. Sale of significant assets and equities

1. Sale of significant assets

□ Applicable √ Not applicable

No selling of significant assets occurred during the reporting period.

2. Sale of significant equities

□ Applicable √ Not applicable

IX. Analysis of major controlling and stock-participating companies

√ Applicable □ Not applicable

List of stock-participating companies responsible for over 10% of the net profits of the Company:

Unit: RMB’000

ADAMA Ltd. Annual Report 2024

Subsidiaries acquired or disposed during the Reporting Period

□ Applicable√ Not Applicable

Description of major holding and equity participating companiesDuring the Reporting Period, total sales of Solutions, a wholly-owned subsidiary of the Company, amounted to USD 3,736million, a decrease of 11% (8% decrease in prices and stable volumes), driven by lower prices due to just-in-timepurchasing patterns of the channel in light of overcapacity and a higher interest rate environment, and negative foreignexchange impacts. For detailed explanation of the performance movement, see above explanation of the Section.

X. List of the structured main entities controlled by the Company

□ Applicable √ Not applicable

XI. Outlook of the Company’s future development

(I) Industry structure and trends

1. The competitive structure of crop protection industry

(1) The competitive structure of the global crop protection industry

The global crop protection market is dominated by seven multinational companies, including the Group, five of whichare originator companies. In the past two decades, a number of mergers and acquisitions were completed among thelargest players in the crop protection industry. Nonetheless, the crop protection industry as a whole is relativelydecentralized, with a number of local manufacturers competing in each country against the global multinational companies.The Group believes that entry barriers for the crop protection market are relatively high, although they vary from region toregion.

ADAMA is a leading company among the crop-protection companies that focus on off-patent crop protection solutions.The Group’s global crop protection market share was approximately 5% in 2024, based on preliminary estimation madeby AgBio Investor regarding total sales in the agrochemical industry, and 5.1% in 2023.

The Group's competitors are multinational Originator Companies that continue producing and marketing their originalproducts after their patent expiry (“Originator Companies”), as well as other crop protection companies. In the Group'sexperience, in most cases the Originator Company’s market share in a particular product fall to approximately 30% - 70%within a number of years following the expiry of the relevant patent, leaving the remaining market share open to competitionamong off-patent crop protection companies, in addition to their competition with the Originator Company (which continuesmanufacturing the product and even leads its market prices and sales terms).

The Group competes with Originator Companies and other international off-patent crop protection companies in allthe markets in which it operates, as these companies generally also have global marketing and distribution networks. Inaddition, there are several smaller Originator Companies that also compete with the Group. As a rule, other off-patent cropprotection companies that do not have international marketing and distribution networks compete with the Group locally inthose geographical markets in which they operate.

(2) The competitive structure of the crop-protection industry in China

The chemicals industry in China, which the Company understands to be the largest in the world, as well as theagrochemicals industry in the country, includes thousands of companies which have invested in manufacturinginfrastructure, most of whose production capacity is currently aimed at exports, intended for sale through small and largecompanies across the world, including companies like the Group and its competitors. The growth in production capacity,on one hand, and the price levels and competitiveness of the products produced in China on the other, affect the structure

ADAMA Ltd. Annual Report 2024

of competition in the entire industry. Active Ingredient prices in China began to increase at the end of 2020 due to therecovery of oil prices together with reduced capacities of chemical manufactures caused by higher raw material costs - adynamic that has continued throughout 2021. In the beginning of 2022, the prices of AI peaked, and have since beendeclining, though maintaining historically elevated levels. The cost environment further improved in 2023 as activeingredient prices in China continued to decline all through 2023 reaching low levels. During 2024 Active Ingredient pricesin China continued to decline due to significant over-capacity production.

2. The development trends of the crop-protection industry

In the last few years, some new emerging trends that may affect the nature of competition in this sector can beidentified: (1) The market share of products whose patents have expired continues to rise relative to that of patented originalproducts, primarily due to the fact that the rate of patent expiry exceeds that of the launching of new patent-protectedproducts; (2) a trend of some off-patent companies expanding and becoming stronger (inter alia, as a result of corporatemergers and acquisitions as well as product acquisitions), which may lead to them competing with the Group in geographicmarkets in which they have not operated up to now; (3) smaller companies have begun operating, in limited scale, in certainmarkets with relatively low entry barriers; (4) improvement of the agrochemicals industry in China inter alia, increasingmarket entry barriers; (5) price competition in certain markets by multinational Originator Companies and/or increasing thecredit days to its customers; and (6) large mergers and acquisitions among leading companies in the sector.The Group believes that in view of the industry's development trends, the following are critical success factors: (i)reputation, branding, expertise and accumulated knowledge in the sector in the various countries and among customersand suppliers; (ii) financial strength and resilience combined with consistent growth, allowing the Group to realize acorporate development strategy including the potential for mergers and acquisitions with other companies in the sphere,and being able to respond efficiently to attractive business opportunities in order to expand its product portfolio and thescale of its operations; and (iii) access to funding sources and reasonable funding terms allowing the Group to makeinvestments that earn a positive return.(II) Development strategy of the Company

The Group strives to be a global leader in the Crop Protection industry, and intends to achieve this aim by executionof the following strategies:

? Utilize the Group’s Differentiated Offering to Strengthen and Grow its Market Position. The Group intends tocontinue to drive the growth of its business through effective commercialization of differentiated, high quality productsthat meet farmers’ needs efficiently. To that end, the Group will leverage its extensive R&D and registration capabilitiesto continue to provide unique yet simple solutions to farmers. In addition, the Group adds value by enhancing thefunctionality and efficacy of the industry’s most successful and commercially proven molecules, by developing new andunique mixtures and advanced formulations. These innovative products are designed to provide farmers with bettersolutions to the challenges they face, including weeds, insects and disease, increasing resistance and insufficient pestcontrol related to the use of genetically modified seeds.Such solutions include higher-margin, higher-value complex off-patent products, unique mixtures and formulations aswell as innovative, novel products that are protected by patents and other intellectual property rights. As evidence of thiseffort, the Group has significantly increased the proportion of unique mixtures and formulations in its R&D pipeline overthe last several years. Over the coming years, as this shift in the pipeline towards more differentiated and innovativesolutions starts to be reflected in the Group’s commercial offering especially in key strategic market segments, it isexpected to be a significant driver of growth in profitability. In this respect, and in order to capitalize on future opportunitiesin the agrochemical market, the Group has intensified its efforts to develop a leading pipeline of crop protection productsaimed at providing value-added solutions to farmers around the world, based on AIs that are expected to come off-patentin the coming years. These newly off-patent AIs will be developed into new mixtures and formulations, in combinationwith new formulation and delivery technologies that provide more efficient ways to deliver the products into the plants,

ADAMA Ltd. Annual Report 2024

thereby creating truly unique and differentiated, value-added solutions to farmers. In this way, the Group strives toachieve a double competitive advantage – to be the first to market launching new products after the expiry of the patenton the AI, and to capitalize on cost leadership through increased backward integration through the Group’s globaloperations capabilities.? Bridge China and the World. The Group is striving to become a leading global crop protection company in China, bothcommercially and operationally, and in so doing, to drive its global growth in the future.China is currently the third largest, and one of the fastest growing, agricultural markets in the world. Moreover, in recentdecades, China has become the leading manufacturing center for the global crop protection industry - from the sourcingof raw materials and chemical intermediates to the synthesizing of active ingredients and the formulation of finishedproducts.The Group intends to capitalize on its status in China and its relationship with SinoChem, as well as close collaborationwith Syngenta Group, to increase its commercial activity in the country. The Group has an operational infrastructure andcommercial foundation upon which a leading Chinese domestic distribution network has been built, and which the Groupbelieves will make it one of the only global crop protection providers with significant integrated commercial andoperational infrastructures both within and outside of China.Through the combination with Solutions and the collaboration with the Syngenta Group, the Group intends to achievecost savings and improved margins and efficiencies through the vertical integration of manufacturing and formulationtogether with the Group’s global supply chain and logistics capabilities. In addition, the Group’s global R&D efforts arebeing complemented by a new R&D center in Nanjing to service the Group’s expanded product development needs andenable the introduction of advanced technologies into China and globally. The Group expects to drive significant demandfor its products by launching advanced active ingredients and intermediates with higher R&D content. In addition, theadvanced formulation center in Jiangsu Province will serve as a platform to introduce cost-advantaged crop protectionsolutions into China and globally.The Group expects that its unique positioning and profile in China, including the relationship with Syngenta group andSinochem, should establish it as a partner of choice for companies outside China seeking to access its domestic market,as well as for Chinese companies looking to expand their global footprint. In addition, the Group constantly assessesstrategic joint ventures and M&A opportunities to further bolster its commercial and operational platform in China, and tooptimize resources.? Collaboration of the Company with Syngenta and Sinochem as members of the Syngenta Group. The Companyengaged with Syngenta in collaboration for sale and distribution of finished products, raw materials supply, joint venturesin the fields of procurement, logistics, production and supply chain as well as in the R&D and products’ registration fields,in order to reduce costs, to improve processes, to accelerate market launches and to increase the Company’s sales.Such collaborations have and are expected to continue to generate meaningful additional benefits for the Group.? Continue to Strengthen Position in Emerging Markets. In addition to developing its China platform, the Group enjoys

strong and leading positions in key emerging agricultural markets such as Latin America, India, Asia and Eastern Europe,with around half of its global sales achieved in these emerging markets. Over the last several years, in order to establishdirect market access and distribution capabilities in these markets, the Group has successfully integrated acquisitions inChile, France, Greece, Paraguay, Peru, Romania, New Zealand, China and the US. Similarly, the Group has a direct go-to-market strategy in many high-growth markets around the world, leveraging a direct sales force and driving demand atthe retail and farmer level. The Group intends to continue to invest in its growth in the key emerging markets with highgrowth potential. The Group’s strong global platform and leading commercial infrastructure in such markets will allow itto capitalize on worldwide growth opportunities, and continue to drive its profitable growth.? Grow Revenues and Increase Profitability. The Group believes that it has the capacity and operational leverage to

increase profitability through focused execution of its strategy within the framework of prudent working capital

ADAMA Ltd. Annual Report 2024

management. The Group is aiming to increase its revenues and margins consistently over time as it shifts to a moredifferentiated, higher-margin product portfolio and continues to strengthen its product pipeline with significant number ofhigher-value products, based on AIs which patent protection has just expired, unique mixtures and formulations, as wellas innovative and, in some cases, patent-protected products. The Group believes that its investment in developing anoperational footprint in China will lower costs and improve manufacturing efficiency and distribution logistics and reduceinventory requirements in many markets worldwide.In recent years, the Group has focused on growing and improving its business, infrastructure and brand. Other thaninvestments in the further development of its China operations, the Group believes that its existing global infrastructureis largely of sufficient scale to support higher revenues, allowing it to enjoy economies of scale and continually improveprofitability over time.? Continue to Capitalize on the Global Portfolio Integration and Rebranding Initiative. In 2014 the ADAMA brandwas launched, integrating dozens of legacy brands across the globe to form a single, streamlined sales and distributionentity under a unified brand name. In 2019, following extensive farmer and customer research in 13 major markets, theCompany further evolved its brand, creating a unique and compelling brand story that elevates ADAMA’s distinctentrepreneurial and agile culture; increases its relevance to its customers (channel partners and growers); and furtherdifferentiates the Company from key competitors. The evolved brand positioning, known as “Listen, Learn, Deliver”,focuses on a process of listening to customer needs, bringing insights from the field and combining them with theextensive know-how and experience in the Company; and delivering solutions that meet local farmer and customer painpoints. With this new brand positioning the Company is investing in platforms to ensure ongoing and intimate farmer andcustomer interactions which will provide the source for future product and solution ideation.? Opportunistically Pursue Acquisitions to Enhance Market Access and Strengthen the Product Portfolio. the

Group has a history of successfully completing and integrating add-on acquisitions across the globe. The Group mayselectively consider bolt-on acquisitions, in-licensing agreements and joint ventures that present attractive opportunitiesto enhance its market access and strengthen its product portfolio.(III) 2025 Business planIn 2025, the Company anticipates a maintained depressed environment in global economic growth due to the high-interest environment, which will lead to a cautious crop protection channel purchasing behavior, with no sharp inventoryrestocking. Despite this, crop protection consumption at the farmer level is expected to remain healthy, supported byhigh crop area and reasonable farmer margins. The prices of AI from China are expected to remain low due to over-capacity in China, however, the eventual increase in volumes may outpace the pricing pressure, leading to somewhatmoderate growth in the market.Overall, the Group is expecting to see moderate revenue growth driven by volume growth and the continued launchof new products. However, the extent to which this will materialize will be determined by its ability to execute on its plans,as well as other external impacts such as weather conditions, competition in the market and other unforeseeabledynamics.The Group aims to continue to exercise discipline in management of its operating expenses, while focusing onimprovement in working capital efficiency and quality of business.In 2025, the Group strives to expand its differentiated offering, specifically with the registrations and launch of productswith proprietary formulations. This will be driven by investment in Innovation, Research and Development, and focusingon all aspects of development of its portfolio – product development, obtaining of registrations, development of advancedformulations and innovative delivery technologies, as well as differentiated mixtures, alongside further investments inchemical R&D.

ADAMA Ltd. Annual Report 2024

Note: The business plan described above does not constitute a commitment to investors on the Company’sperformance, and the Company suggests that investors should maintain adequate risk awareness therefor, andunderstand the difference between the Company’s business plan and a performance commitment.(IV) Company’s financing and creditThe Group finances its business activities by means of its equity as well as credit from external sources. The primaryexternal financing is by means of long-term bonds issued by Solutions.The Group has additional sources of external funding from: (1) long-term credit from banks and related parties; (2)short-term bank credit and related parties; and (3) supplier credit. In addition, the Group has significant cash balances aswell as unused set bank credit lines.(V) Risk factors and countermeasures

The Group is exposed to several major risk factors, resulting from its economic environment, the industry and theGroup's unique characteristics, as follows (the order below does not indicate priority):

Exchange rate fluctuationsAlthough the Company reports its consolidated financial statements in RMB, the Company’s material subsidiary Solutionsreports its consolidated financial statements in US dollars, which is its functional currency, while its operations, sales andpurchases of raw materials are carried out in various currencies. Therefore, fluctuations in the exchange rate of the sellingcurrency against the purchasing currency impact the Company’s results. The Group's most significant exposures are tothe Euro, the Israeli Shekel and the Brazilian Real. The Group has lesser exposures to other currencies. The strengtheningof the US dollar against other currencies in which the Company operates reduces the dollar value of such sales and viceversa.On an annual basis, approximately 22% of the Group’s sales are to the European market and therefore the impact of long-term trends on the Euro may affect the Company's results and profitability.Analyses of currency exposure from foreign currency exchange rate fluctuations against assets, liabilities and cash flowdenominated in foreign currencies are done constantly. High volatility of the exchange rates of these currencies couldincrease the costs of transactions to hedge against currency exposure, thereby increasing the Company's financing costs.The Group uses commonly accepted financial instruments to hedge most of its substantial net balance sheet exposure toany particular currency. Nonetheless, since as part of these operations the Group hedges against most of its balance sheetexposure and only against part of its economic exposure, exchange rate volatility might impact the Group’s results andprofitability. As of the date of publication of this Report, the Group has hedged most of its balance sheet exposure.In addition, as the Company’s product sales depend directly on the cyclical nature of the agricultural seasons, thereforethe Company’s income and its exposure to the various currencies is not evenly distributed over the year. Countries in thenorthern hemisphere have similar agricultural seasons and therefore, in these countries, the highest sales are usuallyduring the first half of the calendar year. During this period, the Company is most exposed to the Euro. In the southernhemisphere, the seasons are opposite and most of the local sales are carried out during the second half of the year. Duringthese months, most of the Company's exposure pertains to the Brazilian Real.Exposure to Interest rate, Israel CPI and NIS exchange rate fluctuationsThe debentures issued by Solutions, the material subsidiary of the Company, are Israeli Shekel based and linked to theIsrael Consumer Price Index “CPI” and therefore an increase in the CPI and an appreciation of the shekel rate against thedollar might lead to a significant increase in its financing expenses. In addition, high volatility of the exchange rate ofUSD/NIS and expectations of material changes in the inflation rate, may increase the costs of hedging transactions oncurrency exposure, and as a result, may lead to a further increase in the company's financing costs. As of the date ofapproval of the financial statements, Solutions hedged most of its exposure to these risks on an ongoing basis, throughCPI hedging and USD-ILS exchange rate hedging transactions.

ADAMA Ltd. Annual Report 2024

In addition, inflation in several global markets has a cross effect on the business results of the Group, since on one hand,it contributes to the Group's ability to increase the sale price of its products, but on the other hand, it may increase theGroup's production costs and operating expenses. As of the date of the Report, the Group is unable to isolate the influenceof inflation on its sale prices and its costs. The Group estimates that the cumulative cross influence of inflation does nothave a material effect on to its financial results.Since December 31, 2021, the Group have had dollar denominated liabilities bearing variable interest rates previouslybased on LIBOR, exposing it to interest rate fluctuations. Following the global transition away from LIBOR, the Companymonitors its exposure and periodically evaluates hedging strategies. As of January 1, 2022, SOFR (USD), ESTR (EUR)and SONIA (GBP) have replaced LIBOR as alternative risk-free rates. As of the date of publication of this Report, theGroup has not carried out hedging for such exposure, since US dollar interest rates have been relatively stable.In addition, the effect of interest changes on the debt that serves the Group’s working capital is seasonal. Such debt bearsa variable interest, but has no material effect on the Group’s financing expenses. As a result, the net increase in interestrate does not have a material effect on the Group’s business.Business operations in emerging marketsThe Group conducts business - mainly product sales and raw material procurement – inter alia, in emerging markets suchas Latin America (particularly in Brazil, the largest market, country wise, in which the Group operates), Eastern Europe,Southeast Asia and Africa. The Group's activity in emerging markets is exposed to risks typical of those markets, including:

political and regulatory instability; volatile exchange rates; economic and fiscal instability and frequent revisions ofeconomic legislation; relatively high inflation and interest rates; terrorism or war; restrictions on import and trade; differingbusiness cultures; uncertainty as to the ability to enforce contractual and intellectual property rights; foreign currencycontrols; governmental price controls; restrictions on the withdrawal of money from the country; barter deals and potentialentry of international competitors and accelerated consolidations by large-scale competitors in these markets.Developments in these regions may have a significant effect on the Group's operations. Distress to the economies of thesemarkets could impair the ability of the Group's customers to purchase its products or the ability to market them atinternational market prices, as well as harm the Group's ability to collect customer debts, in a way that could have asignificant adverse effect on the Group's operating results.The Group’s operations in multiple regions allows for the diversification of such risks and for the reduction of its dependencyon particular economies. In addition, changes in registration requirements or customers' preferences in developed westerncountries, which may limit the use of raw materials purchased from emerging economies, may require redeployment of theGroup's procurement organization, which might negatively affect its profitability for a certain period.Operating in a competitive marketThe crop protection products industry is highly competitive. Currently, seven multinational companies, including theCompany, lead the global industry. Five of these, Bayer, Syngenta, Corteva, BASF and FMC, are Originator Companies,which develop, manufacture and market both patent-protected as well as off-patent products. The Group competes withthe original products with the aim of maintaining and increasing its market share.The Originator Companies possess resources enabling them to compete aggressively, in the short-to-medium term, onprice and profit margins, so as to protect their market share. Loss of market share or inability to acquire additional marketshare from the Originator Companies can affect the Group's position in the market and adversely affect its financial results.For details regarding the Group’s competitive advantages see Section III - subsection III. Core competitiveness analysisabove.Similarly, the Group also competes in the more decentralized off-patent segment of the market, against other off-patentcompanies and smaller-scale Originator Companies, which have significantly grown in number in recent years and arematerially changing the face of the crop protection industry, the majority of whom have not yet deployed global distribution

ADAMA Ltd. Annual Report 2024

networks, and are only active locally. These companies often price their products aggressively and at times have lowerprofit margins than the Group, which may adversely impact the Group's sales and product prices. The Group's ability tomaintain its revenues and profitability from a specific product in the long term is affected by the number of companiesproducing and selling comparable off-patent products and the timing of their entrance to the relevant market.Any delay in developing or obtaining registrations for products and/or delayed penetration into markets and/or growth ofcompetitors that focus on off-patent active ingredients (whether by the expansion of their product portfolio, grantingregistrations to other manufacturers (including manufacturers in China and India) to operate in additional markets,transforming their distribution network to a global scale or increasing the competition for distribution access), and/ordifficulty in purchasing low cost raw materials, may harm the Group’s sales, affect its global position and lead to priceerosion.Decline in scope of agricultural activities; Climate change and exceptional changes in weather conditionsThe scope of general agricultural activities worldwide may be negatively affected by many exogenous factors, someresulting from climate change, including but not limited to extreme weather conditions, natural disasters, a decrease inagricultural commodity prices, government policies and the economic condition of farmers. A material decline in the scopeof agricultural activities would by necessary implication cause a decline in the demand for the Group’s products, erosionof its prices and collection difficulties, which may have a significant adverse effect on the Group's results. Extreme weatherconditions, both chronic and acute, as well as other damages caused by nature may have an impact on the demand forthe Group's products, as well as to price thereof. For example, drought may reduce the need for fungicides, which couldresult in fewer sales and greater unsold inventories in the market, whereas excessive rain could lead to increased plantdisease or weed growth requiring growers to purchase and use more crop protection products. Drought and/or increasedtemperatures may change insect pest pressures, requiring growers to use more, less, or different insecticides. Climatechange may increase the frequency or intensity of extreme weather such as storms, floods, heat waves, droughts andother events that could affect the demand for the Company’s products. The Group believes, that should extreme weatherconditions or a number of such bad seasons occur in succession, without favorable seasons in the interim, its results maysustain significant harm.Environmental, health and safety legislation, standards, regulation and exposureMany aspects of the Group's operations are strictly regulated, including in relation to production and trading, and particularlyin relation to the storage, treatment, manufacturing, transport, usage and disposal of its products, their ingredients andbyproducts, some of which are considered hazardous. The Group's activities involve hazardous materials. Defectivestorage or handling of hazardous materials may cause harm to human life or to the environment in which the Groupoperates. The regulatory requirements regarding the environment, health and safety could, inter alia, include soil andgroundwater clean-up requirements; as well as restrictions on the volume of the hazardous materials permitted to be storedin the Group’s facilities and type of emissions the Group is permitted to discharge into the air and water.The regulatory requirements applicable to the Group vary from product to product and from market to market, and tend tobecome stricter with time. In recent years, both government authorities and environmental protection organizations havebeen applying increasing pressure, including through investigations and indictments as well as increasingly stricterlegislative proposals and class action suits related to companies and products that may potentially pollute the environment.Compliance with these legislative and regulatory requirements and protection against such legal actions requires the Groupto commit considerable human and financial resources (both in terms of substantial ongoing costs and in terms of materialone-time investments) to meet mandatory environmental standards. In some instances, this may result in delaying theintroduction of products into new markets or in adverse effects on the Group’s profitability. In addition, the toughening,material alteration or revocation of environmental licenses or permits, or their stipulations, or the inability to obtain suchlicenses and permits, may significantly affect the Group's ability to operate its production facilities, which in turn may havea material adverse effect on the financial and business results of the Group. The Group may be required to bear significant

ADAMA Ltd. Annual Report 2024

civil liabilities (including due to class actions) or criminal liabilities (including high penalties and/or high compensationpayments and/or costs of environmental monitoring and rehabilitation), resulting from violation of environmental, healthand safety regulations, while some of the existing legislation may impose “strict liability” regime on the Group, i.e. the Groupwill be held liable, regardless of proof of negligence or malice.While the Group invests material sums in adapting its facilities and in constructing special facilities in accordance withenvironmental requirements, it is currently unable to assess with any certainty whether these investments (current andfuture) and their outcomes may satisfy current or future requirements, should these be significantly increased or changed.In addition, the Group is unable to predict with any certainty the extent of future costs and investments it may incur in orderto meet the requirements of the environmental authorities in the relevant countries in which it operates since, inter alia, theGroup is unable to estimate the extent of potential pollutions, their duration, the extent of the measures required to betaken by the Group in handling them, the division of responsibility among other parties and the amounts recoverable fromthird parties.Furthermore, the Group may be the target of bodily injury claims and property damage claims caused by exposure tohazardous materials, which are largely covered under the Group’s insurance policies.The Group is evaluating both transition and physical risks related to climate change. Physical chronic and acute risks toADAMA production assets, activities and products are being evaluated with the PCRAM methodology. The Company hasbeen assessing the transition risks, including the carbon taxes. Additional transition risks include the adaptation of noveltechnologies aimed at reducing carbon emissions.In addition, regarding products that are exported to Europe, the Group may be subject to the EU Carbon Border AdjustmentMechanism (CBAM). As of this date, the Group’s products are not subject to the first phase of the CBAM.Legislative, standard and regulatory changes in product registrationThe majority of the substances and products marketed by the Group require registration at various stages of theirdevelopment, production, import, utilization and marketing, and are also subject to strict regulatory supervision by theregulatory authorities in each country. Compliance with the regulatory requirements that vary from country to country andwhich are becoming more stringent with time, involves significant time and costs, and rigorous compliance with individualregistration requirements for each product. Noncompliance with these regulatory requirements might materially adverselyaffect the Group’s expenses, cost structure and profit margins, as well as penetration of its products in the relevant market,and may even lead to suspension of sales of the relevant product, and recall of those products already sold, or to legalaction. Moreover, to the extent new regulatory requirements are imposed on existing registered products (requiringadditional investment or leading to the existing registration's revocation) and/or the Group is required to compensateanother company for its use of the latter's product registration data, these might amount to significant sums, considerablyincreasing the Group's costs and adversely affecting its results and reputation. In recent years the industry has beensuffering from revocation of registration for many products around the world. This trend is particularly evident in Europeancountries as well as in many other countries worldwide.Nevertheless, the Group believes that, in countries where the Group maintains a competitive edge, any toughening ofregistration requirements may actually increase this edge, since this will make it difficult for its competitors to penetrate thesame market, whereas in countries in which the Group possesses a small market share, if any, such toughening may makefurther penetration of the Group's products into that market more difficult.Product liabilityProduct and producer liability are a risk for the Group. Regardless of their prospects or actual results, product liabilitylawsuits might involve considerable costs as well as tarnish the Group's reputation, thus potentially impacting its profits.The Group has a third-party and defective product liability insurance cover. However, there is no certainty that the scopeof insurance cover is sufficient. Any future product liability lawsuit or series of lawsuits could materially affect the Group’s

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operations and results, should the Group lose the lawsuit or should its insurance cover not suffice or apply in a particularinstance. In addition, while the Group has not currently encountered any difficulty renewing such insurance policy, it ispossible that it will encounter future difficulties in renewing an insurance policy for third party liability and defective productson terms acceptable to the Group.Successful market penetration and product diversificationThe Group’s growth and profit margins are affected, inter alia, by the extent of its success in developing differentiatedproducts and obtaining registrations for them, so as to enable it to gain market share at the expense of its competitors.Usually, being the first to launch a certain off-patent product affords the Group continuing advantage, even after othercompetitors penetrate the same market. As such, the Group's revenues and profit margins from a certain new off-patentproduct could be materially affected by its ability to launch such product ahead of the launch of a comparable product byits competitors.Should new products fail to meet registration requirements in the different countries or should it take a long period of timeto obtain such registrations, the Group's ability to successfully introduce a new product to the relevant market in the futuremay be affected, since entry into the market prior to other competitors is important for successful market penetration.Furthermore, successful market penetration involves, inter alia, product diversification in order to suit each market'schanging needs. Therefore, if the Group fails to adapt its product mix by developing new products and obtaining therequired regulatory approvals, its future ability to penetrate that market and to maintain its existing market share could beaffected. Failure to introduce new products to given markets and meet Group objectives (given the considerable time andresources invested in their development and registration) might affect the sales of the product in question in the relevantmarket, the Group’s results and margins.Intellectual property rights of the Group and of third partiesThe Group's ability to develop off-patent products is dependent, inter alia, on its ability to oppose patents or patentapplication of Originator Companies or other third parties, or to develop products that do not otherwise infringe intellectualproperty rights in a manner that may involve significant legal and other costs. Originator Companies tend to vigorouslydefend their products and may attempt to delay the launch of competing off-patent products by registering patents onslightly different versions of products for which the original patent protection is about to expire or has expired, with the aimof competing against the off-patent versions of the original product. The Originator Companies may also change thebranding and marketing of their products. Such actions may increase the Group's costs and the risk it entails, and harm oreven prevent its ability to launch new products.The Group is also exposed to legal claims that its products or production processes infringe on third-party intellectualproperty rights. Such claims may involve time, costs, substantial damages and management resources, impair the valueof the Group's brands and its sales and adversely affect its results. Such lawsuits that were concluded involved non-material amounts.Furthermore, although the Group protects its brands and trade secrets with patents, trademarks and other methods ofintellectual property protection, these protective means may not be sufficient for fully safeguarding its intellectual property.Any unlawful or other unauthorized use of the Group's intellectual property rights could adversely affect the value of itsintellectual property and goodwill. In addition, the Group may be required to take legal actions involving financial costs andresources to safeguard its intellectual property rights.Fluctuations in raw material inputs and prices, and in sales costsSignificant percentage of the Groups’ cost of sales derives from raw material costs. Hence, significant increases ordecreases in raw material costs affect the cost of goods sold, and are, due to the length of the Company’s inventory cycle,generally reflected in the Company’s financials. Most of the Group's raw materials are distant derivatives of oil prices andtherefore, extreme changes or decrease in oil prices may affect the costs of raw materials, although only partially.

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To reduce exposure to fluctuations in the prices of raw materials, the Group customarily engages in long-term purchasecontracts for key raw materials, wherever possible. Similarly, the Group acts to adjust its sales prices, wherever possible,to reflect the changes in the costs of raw materials.As of the date of approval of the financial statements, the Group has not engaged in any hedging transactions againstincreases in oil and other raw material costs.Exposure due to recent developments in the genetically modified seeds marketAny significant development in the market of genetically modified seeds for agricultural crops, including as a result ofregulatory changes in certain countries currently prohibiting the use of genetically modified seeds, and/or any significantincrease in the sales of genetically modified seeds and/or to the extent new crop protection products are developed forfurther crops that would be widely used (substituting traditional products), will affect demand for crop protection products,requiring the Group to respond by adapting its product portfolio to the new demand structure. Consequently, to the extentthat the Group fails to adapt its product mix accordingly, this may reduce demand for its products, erode their sales priceand by implication affect the Group’s results and market share.Nevertheless, the fact that the Group itself markets some of the products for which herbicide tolerance traits have beendeveloped, acts to mitigate this exposure (albeit only in terms of marketing margins).In addition, natural and/or biological substances that attack weeds, pests and diseases are potential alternatives for theCompany’s products, though as of the date of the report, their efficiency is relatively limited, and they are commercializedin a relatively small volumes.Operational risksThe Group’s operations, including its manufacturing activities, rely, inter alia, on state-of-the-art computer systems. TheGroup continually invests in upgrading and protecting these systems from malfunctions and attack. Any unexpected failureof these systems, as well as the integration of new systems, could involve substantial costs and adversely affect theGroup's operations until completion of the repair or integration. The potential occurrence of a substantial failure that cannotbe repaired within a reasonable time frame may also affect the Group's operations and its results. Currently, the Grouphas a property and loss-of-profit insurance policy.The Group's production capacity is affected, among others, by its facilities’ output and individual area and time allocationat full capacity. The Group's Multi-purpose facilities provide manufacturing flexibility and enable the Group to prepare forthe manufacturing of new products. Although the Group believes that its existing sites have sufficient facilities and landareas to expand its production capacity, if necessary, in the case of immediate or short-term increases in demand for newproducts supply may be delayed due to lack of capacity to meet demand for such new products.Data protection and cyber securityDuring its activity, the Group may be exposed to risks and threats, related to the stability of its information technologiessystems, data protection and cyber security, which could appear in many different forms (such as service denial, misleadingemployees, malfunction, encryption or data erasing and other cyber-attacks via E-mail or malicious software). An attackon such computerized systems, mainly network based systems may cause the group material damages and expenses andeven partial suspension and disruption of their proper functioning. In order to minimize the abovementioned risks, the groupinvests resources in its technological resilience and in proper protection of its systems.Raw material supply and/or shipping, port service disruptions and inventoryLack of raw materials or other inputs utilized in the manufacture of the Group’s products may prevent the Group fromsupplying its products or significantly increase production costs. Moreover, the Group imports raw materials to itsproduction facilities worldwide, from where it then exports the technical or formulated products to its subsidiaries aroundthe world for formulation and/or commercialization purposes. Disruptions in the supply of raw materials from regularsuppliers may adversely affect operations until an alternative supplier is engaged. If any of the Group's suppliers are unable

ADAMA Ltd. Annual Report 2024

to supply raw materials for a prolonged period, including due to ongoing disruptions and/or prolonged strikes and/orinfrastructure defects in the operating of a relevant port, and if the Group is unable to engage with an alternative supplierat similar terms and in accordance with the relevant product registration requirements, this may adversely affect the Group'sresults, significantly affect its ability to obtain raw materials in general, or obtain them at reasonable prices, as well as limitits ability to supply products and/or meet customer supply deadlines. These might negatively affect the Group, its financesand operating results. In order to reduce this risk, it is the Group's practice to occasionally adjust the volume of its productinventories or in certain scenarios, to increase the levels of inventory held by the Company to overcome possible supplyshortages, logistic challenges and increases in cost of inventory, as mentioned above, in order to support expected futuresales. Additionally, in the case of fluctuations in the market prices for inventory held by the Company, this may affect itsfinances and operating results. In addition, war, regional conflicts, acts of terror and/or governmental instability around theworld may negatively impact the Company's operations. This may result, among others, in the suspension of operationsor the shutdown of affected facilities, hence causing production and distribution delays, loss of property, injury to employees,and increased insurance premiums.Failed mergers and acquisitions; difficulties in integrating acquired operationsThe Group's strategy may include selective mergers, acquisitions, investments and collaborations to enhance andstrengthen its presence in certain markets. When pursuing such opportunities, effective integration with market conditions,profitability forecasts and competition are key considerations. Challenges in implementation or deviations from forecastsmay impact the expected value, customer retention, liability exposure and the valuation of intangible assets related to amerger or acquisition, as well as affect the retention of skilled personnel resources.Production concentration in limited plantsA large portion of the Group’s production operations is concentrated in a relatively small number of locations. Naturaldisasters, hostilities, labor disputes, substantial operational malfunction or any other material damage might significantlyaffect Group operations, as a result of the difficulty, the time and investment required for relocating the production operationor any other activity.International taxationMost of the Group’s sales are global, through its consolidated subsidiaries worldwide. These individual companies areassessed in accordance with the tax laws effective in each respective location. The Group’s effective tax rate could besignificantly affected by different classification or attribution of the profits arising from the proportional value of thecomponents of each of the companies in the Group in the various countries, as is recognized in each tax jurisdiction;changes in the characteristics (including regarding the location of control and management) of these companies; changesin the breakdown of the Group's profits into regions where differing tax rates apply; changes in statutory tax rates and otherlegislative changes; changes in assessment of the Group's deferred tax assets or deferred tax liabilities; changes indetermining the areas in which the Group is taxed; and potential changes in the Group's organizational structure.Changes in tax regulations and the manner of their implementation, including with regard to the implementation of BEPS,may lead to a substantial increase in the Group's applicable tax rates and have a material adverse effect on its financialposition, results and cash flows.Risks arising from the Group’s debtThe Group finances its business operations by means of its own equity and loans from external sources (primarily tradeddebentures issued by Solutions, bank credit and credit from related parties). The Group's main source for servicing thedebt and its operating expenses is by means of the profits from the Group companies’ operations. Restrictions applying tothe Group companies regarding distribution of dividends to the Group, or the tax rate applicable on these dividends, mayaffect the Group's ability to finance its operations and service its debt.In addition, the Group's Finance Documents, as contained in the bank credit agreements, require meeting certain Financial

ADAMA Ltd. Annual Report 2024

Covenants. Failure to meet these covenants due to an exogenous event or non-materialization of Group forecasts, andinsofar as the financing parties refuse to extend or update these Financial Covenants as per the Group’s capabilities, maylead the financing parties to demand the immediate payment of these liabilities (or part thereof).Exposure to customer credit risksThe Group’s sales to customers worldwide usually involve customer credit as is customary in each market. A portion ofthese credit lines is insured, while the remainder are exposed to risk, particularly during economic slowdowns in therelevant markets. The Group’s aggregate credit, however, is diversified among many customers in dozens of countries,mitigating this risk. In addition, in certain regions, particularly in South America, credit days are particularly long (comparedto those extended to customers in regions such as Europe), and on occasion, inter alia, owing to agricultural seasons oreconomic downturns in those countries, the Group may encounter difficulty in timely collection of customer debts, with thecollection period being extended over several years.Generally, such issues arise more often in developing countries where the Group may be less familiar with its customers,the collaterals might be in double until actual repayment and the insurance cover of these customers is likely to be limited.Credit default by any of the customers may negatively impact the Group's cash flow and financial results.The Group’s working capital and cash flow needsSimilar to other companies operating in the crop protection industry, the Group has substantial cash flow and workingcapital requirements in the ordinary course of operations. In view of the Group's growth and considering its primary growthregions, the Group’s broad product portfolio and the Group’s investments in manufacturing infrastructures, the Group hassignificant financing and investment needs. The Group acts continually to improve the state and management of its workingcapital. While currently the Group is in compliance with all its financial covenants, significant deterioration of its operatingresults may in the future lead the Group to fail to comply with its financial covenants and fail to meet its financial needs. Asa result, the Group's ability to meet its goals and growth plans, as well as its ability to meet its financial obligations, maybe harmed.Contagious disease outbreakOutbreak of a contagious disease and pandemics, or other adverse public health developments, in territories wheresignificant production activity is taking place or from which raw materials are supplied to a significant extent, may have amaterial adverse effect on the Company’s activity, such that the Company may encounter difficulties with procurement ofraw materials and intermediates, experience a certain decrease of activity within its production facilities due togovernmental instructions, and be constrained with respect to its logistics and supply lines. In addition, the Company salescould be potentially impacted by a temporary decrease in demand for its products, as well as by temporary disruption ofthe Company’s ability to sell and distribute products as mentioned above.

XII. Information regarding communication with investors during the Reporting Period

√ Applicable □ Not applicable

ADAMA Ltd. Annual Report 2024

XIII. Development and Implementation of Market Cap Management Policy andValuation Enhancement Plan

Has the Company developed Market Cap Management Policy

□Yes √ No

Has the Company disclosed Valuation Enhancement Plan

√Yes □No

On March 12

th, the 10

th

Meeting of the 10

thSession of the BOD approved the Valuation Enhancement Plan which wasdisclosed at www.cninfo.com.cn on March 14

that Announcement No. 2025-13. For details, please refer to the

ADAMA Ltd. Annual Report 2024

announcement.XIV. Implementation of Action Plan on Enhancing Quality ReturnsHas the Company disclosed Action Plan on Enhancing Quality Returns

□Yes √ No

ADAMA Ltd. Annual Report 2024

Section IV - Corporate GovernanceI. Basic details of corporate governanceDuring the Reporting Period, the Company continuously improved the awareness of corporate governance and corporategovernance structure and perfected the corporate system as well as standardized the operation of the Company, promotedinternal control activities, and constantly improve the Company's management levels stringently according to requirementsof relevant laws and regulations, such as the Company Law, Securities Law, and Corporate Governance Principle of ListedCompany, as well as Rules for Listing Shares in Shenzhen Stock Exchange.

1. About Shareholders and the Shareholders’ meeting

During the Reporting Period, the Company has ensured that all shareholders, especially small and medium shareholders,are treated equal and able to fully exercise their rights. It held one annual general meeting of shareholders and threeinterim shareholders meeting, during which 21 proposals in total were reviewed and approved. Lawyers were invited toattend all the meetings mentioned above for testimony and issuing legal opinions. Online voting has been applied duringall above-mentioned meetings to ensure that all shareholders, especially small and medium shareholders, enjoy equalstatus and fully exercise their rights. Notices of shareholders' meeting, meeting proposals, discussion procedures, votingon proposals and information disclosure all meet the requirements. Every major decision of the Company has been decidedby the shareholders' meeting according to laws and regulations with lawyers as the witness to ensure that the right to know,to participate and vote on major issues of all shareholders, especially the small and medium shareholders are properlyprotected.

2. About Directors and the Board of Directors

During the Reporting Period, the number, composition and qualifications of the board of directors were in compliance withthe laws and regulations as well as the Articles of Association of the Company. All board members are diligent andresponsible for attending the board and shareholders’ meetings in accordance with the relevant provisions of the CompanyLaw and the Articles of Association. During the Reporting Period, the Company held 13 board meetings during which 49proposals were reviewed. The organizing, convening and formation of resolutions were carried out in accordance withrelevant provisions of the Articles of Association and the Rules of Procedure for the Board of Directors. The Company hasestablished an independent director system in accordance with relevant regulations. Each of the independent directorshave expressed independent opinions on important business of the Company during the Reporting Period. The Company'sboard of directors consists of one nomination committee, one audit committee and one remuneration and appraisalcommittee, all of which are functioning with respective implementation rules to ensure the scientific and compliant decision-making by the board of directors.

3. About Supervisors and the Board of Supervisors

During the Reporting Period, the board of supervisors of the Company consisted of three supervisors. The number,composition and qualifications of the Board of Supervisors were in compliance with laws and regulations as well as theArticles of Association of the Company. During the Reporting Period, five meetings were held and 11 proposals werereviewed. All meetings were organized and convened in accordance with the procedures of the Articles of Association andthe Rules of Procedure for the Board of Supervisors. All supervisors have earnestly performed their duties by reviewingthe company's periodic reports and other matters and issuing verification opinions with a strong sense of responsibilitiesto the shareholders. All of them have effectively fulfilled their duties and safeguarded the legitimate rights and interests ofthe Company and its shareholders.

4. About Investors’ Relations

ADAMA Ltd. Annual Report 2024

The Company communicates with investors through public announcements, consultations by telephone, interactiveplatforms, e-mails and other multiple media to enhance opinion exchange. It has been making various efforts on deepeningthe understanding of investors about the Company's operation and development outlook and also maintaining goodrelations with them. Meanwhile, it has been serious to receive investors' opinions and suggestions and encouraged theinteraction between investors and itself. During the Reporting Period, the Company has been patient to respond investorsby answering calls and questions through all interactive platforms, which has guaranteed a sound and fair access forinvestors to obtain information.Whether there is any difference between the actual corporate governance situation of the Company and the provisions ofthe laws, administrative regulations and relevant rules of CSRC or not?

□ Yes √ No

There is no difference between the actual corporate governance situation of the Company and the provisions of the relevantrules of CSRC.II. Particulars about the Company’s independence from the controlling shareholder

and the actual controller in ensuring the company’s assets, personnel, financials,institutions and business, etc.

1. In respect of assets: The assets relationship between the Company and the controlling shareholder is clear. Thecompany has complete control over all its assets. There is no such thing as a free possession or usage by the controllingshareholder.

2. In respect of personnel: The Company and controlling shareholder are mutually independent in the labor, personnel andsalary management, the Company CEO and other senior management personnel get the salary in the Company, and notperform administrative work in the controlling shareholder unit.

3. In respect of financing, the Company owned independent financial department, established independent accountingsystem and financial management system, opened independent bank account, paid tax in line with laws.

4. In respect of organization, the Company has set up the organization that was independent from the controllingshareholder completely, the Board of Directors, the Supervisory Committee and internal organization could operateindependently.

5. In respect of business: the Company had a complete business system and independent operation, and conducts itsindependent and complete business with self-management ability.

ADAMA Ltd. Annual Report 2024

III. Horizontal competition

√ Applicable □ Not applicable

IV. Particulars regarding the annual shareholders’ general meeting and special

shareholders’ general meetings held during the Reporting Period

1. Particulars regarding the shareholders’ general meeting during Reporting Period

ADAMA Ltd. Annual Report 2024

2. Special Shareholders’ General Meeting applied by the preferred stockholder with restitution ofvoting right

□ Applicable √ Not applicable

V. Directors, Members of the Supervisory Board, Senior Management Staff &

Employees

1. Basic Information

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VI. Whether there was any departure of directors and supervisors and dismissal of

senior management during the reporting period

√ Yes □ No

1. Mr. Erik Fyrwald resigned as the director in the Company due to arrangements of Syngenta Group, effective from April16, 2024.

2. Mr. Jiang Chenggang left the position of Chairman of the Board of Supervisors upon the conclusion of his term on May13, 2024.

3. Mr. Steve Hawkins resigned as the President and CEO (legal representative of the Company) due to his appointmentas President of Syngenta Crop Protection, effective from October 1, 2024.

VII. Particulars regarding changes of Directors, Supervisors and Senior Executives

√ Applicable □ Not applicable

2. Resumes of important personnel

Professional background, main working experience and main responsibilities of current directors, supervisors and seniormanagement staffMr. Qin Hengde, serves as the Chairman of the Board of Directors of the Company. He holds a master's degree, senioraccountant, is the Chief Financial Officer of Syngenta Group Co., Ltd., and the Chairman of Zhenda Xianjing (Shanghai)Science and Technology Development Co., Ltd. He joined in work in August 1991 and served as deputy chief accountant

ADAMA Ltd. Annual Report 2024

of Hubei Hongqi Cable Factory, chief accountant of SDIC YuanYi Industry Co.,Ltd., as well as deputy general manager ofinvestment management department of D'Long International Strategic Investment Co.,Ltd. Mr. Qin Hengde joinedSinochem in July 2004 and served as General Manager of Business Development Department, Financial Controller,Deputy General Manager, Executive Deputy General Manager, General Manager and the Party Secretary of SinochemInternational Corporation. He previously served as the Party Secretary and President of Agricultural Division of SinochemCorporation, Vice Chairman of Qinghai Salt Lake Industry Co., Ltd., the Party Secretary and Executive Director of ChinaNational Seed Group Co., Ltd, Party Secretary and President of Syngenta Group China, Chairman and General Managerof Syngenta Group Modern Agricultural Technology Co., Ltd, the Vice President and Chief Human Resources Officer ofSyngenta Group, Party Secretary, General Manager and Executive Director of Sinofert Holdings Limited, and GeneralManager and Executive Director of Sinofert Company Limited, Chairman of Jiangsu Yangnong Chemical Co., Ltd. as wellas the Chairman of Winall Hi-tech Seed Co.,Ltd.

Mr. Liu Hongsheng, serves as a Director of the Company and Special Advisor to ADAMA’s CEO on Operations. He joinedSinochem Group in 2000 and held various positions in the logistics sector of Sinochem International (Holdings) Co., Ltd.,and then took the office of the general manager of the company as well as the chairman of Hesheng Agricultural Group in2016. In 2018, Mr. Liu was promoted to the party secretary and president for the chemical division of Sinochem Group, theparty secretary, director of the board and the general manager of Sinochem International (Holdings) Co., Ltd. In 2022, Hewas appointed as the CPC party secretary and president of Syngenta Group China, the chairman of the board of directorsfor both Sinofert and Jiangsu Yangnong, and he later served as a senior adviser of production and operation of SinochemHoldings. Prior to joining Sinochem, he once served in the Ministry of Foreign Trade and Economic Cooperation of Chinaand the Chinese Embassy in Thailand. Mr. Liu graduated from Peking University with a Bachelor's Degree in Philosophyand later obtained the MBA degree from Shanghai Maritime University.

Mr. An Liru, serves as a Director of the Company. He holds a master degree of chemical engineering and MBA, seniorengineering, senior economist. He used to be the Assistant of General Manager, Vice General Manager, General Manager,Deputy Party Secretary of Jiangsu Anpon Electrochemical Co., Ltd., Chairman of Directors, Party Secretary of JiangsuHuaihe Chemicals Co., Ltd., Executive Director and CEO of Jiangsu Maidao Agrochemical Co., Ltd., the Chairman of theBoard of Directors of the Company, Executive Director of Jiangsu Anpon Electrochemical Co., Ltd., Chairman of Directorsand Party Secretary of China National Agrochemical Co., Ltd., Party Secretary of the Company, the Executive VicePresident of Solutions, as well as Executive Director and General Manager of Adama (China) Investment Co., Ltd. Currently,he serves also as a Director of Solutions, Vice president and QHSE Director of Syngenta Group Modern AgriculturalTechnology Co., Ltd.

Mr. Ge Ming, serves as an independent director of the Company. He holds a master’s degree in western accounting, andhe is a senior accountant, a certified Chinese public accountant as well as an Australian certified public accountant. Hepreviously served as the chairman and chief accountant of Ernst & Young Hua Ming Certified Public Accountants Firm, andas the managing partner, chief accountant and senior advisor of Ernst & Young Hua Ming Certified Public Accountants(special general partnership). Mr. Ge currently serves as an independent director on the boards of AsiaInfo, China TourismGroup Duty Free Corporation Limited, GAC Aion New Energy Automobile Co., Ltd. and Apollobio Corp. He currently alsoserves on the supervisory boards of the Bank of Shanghai as well as Taikang Insurance Group Inc., and serves as theexecutive director and general manager of Beijing Huaming Fulong Accounting Consulting Co., Ltd.

Mr. Yang Guangfu, serves as an independent director of the Company. He holds a title of PhD in pesticide science. He is

ADAMA Ltd. Annual Report 2024

the recipient of National Outstanding Youth Science Fund, and he is also honored as a leading talent in science andtechnology innovation of the “Ten Thousand Talents Plan” of the Organization Department of the Central Commitment ofthe CPC, one of the leading "Shennong Talent" for a major national talent programme proposed by the Central Committeeof the CPC and the State Council, the Innovation Team Leader of the Ministry of Education, the National Model Teacherand one of the National Outstanding Scientific and Technological Professionals, etc. Starting his career life in July 1997,Yang has successively served as lecturer, associate professor and professor in the Institute of Pesticide Chemistry ofCentral China Normal University. He also held positions including dean and professor for the School of Chemistry as wellas the assistant to the President of the University, etc. He is currently a professor, doctoral supervisor, director of theNational Key Laboratory of Green Pesticide (based at the University). Additional academic appointments of Professor Yanginclude Member of the Pesticide Industry Development Guidance Expert Group of the Ministry of Agriculture and RuralDevelopment, Director of the Chinese Chemical Society, Director of the Chinese Plant Protection Society, Deputy Directorof the Agricultural Chemistry Committee of the Chinese Chemical Society, Member of the Chemical Biology Committee ofthe Chinese Chemical Society, Deputy Director of the Pesticide Committee of the Chinese Society of Chemical Engineering,Vice President of the Hubei Plant Protection Society, and so on.

Mr. Huang Jingsheng, serves as an independent director of the Company. He is the founder and CEO of AEX HoldingsLimited (Hong Kong). He was the VP for Asia at the Chicago Climate Exchange (CCX) and the Managing Director forGreater China at the Intercontinental Exchange (ICE). Prior to that, Mr. Huang had more than 10 years of experience incross-border M&A and futures markets in the United States, in the areas of regulated exchanges, futures companies andFinTech software, etc. Mr. Huang graduated from China Foreign Affairs University with a master’s degree in internationaleconomics, and currently also serves as the Executive Director and General Manager of Beijing Qize Energy DataTechnology Co., Ltd.

Mr. Ga?l Ali Hili, French, serves as the President & Chief Executive Officer of both the Company and Adama Solutions,concurrent with his position as Director Adama Solutions. He holds a master’s degree in mechanical engineering fromUniversité de Technologie de Compiègne (France). Mr. Ga?l Ali Hili previously assumed several positions at Syngenta,including Regional Director EAME of Syngenta Seeds, Head of East Europe and Head of Europe Syngenta CP and SeedsFC. Prior to Syngenta, Mr. Ga?l Ali Hili served as Corporate Marketing Director at Dow.

Ms. Efrat Nagar, Israeli, serves as the Chief Financial Officer. She holds master’s degree in business administration (focusin Finance) from Bar Ilan University, Israel and bachelor's degree in Economics and Accounting from Bar Ilan University,Israel. She previously served as Regional CFO of India, Middle East and Africa, Executive Corporate Business Director(serving as the Chief of Staff for ADAMA’s CEO) and VP Finance in ADAMA.

Mr. Niu Limin, serves as the Chairman of the Supervisory Board of the Company and the general manager of ADAMAJingzhou Site. He is a senior engineer. Starting his career life in the 1990s, he once worked for FMC (Zhangjiagang)Specialty Chemicals Co. Ltd. and Chemtura Advanced Materials (Nantong) Co., Ltd., and also held different positions inAxalta Coating Systems (Shanghai) Ltd. and the industrial coating division of Nippon Paint Investment Co., Ltd. beforejoining the Company. Mr. Niu graduated from Jilin Institute of Chemical Technology, majoring in organic chemistry andaccepted the manufacturing management education of Warwick University in the UK.

Mr. Liu Jianhua, Doctor of Engineering, serves as a member of the Supervisory Board of the Company and as the generalmanager of ADAMA Huifeng (Jiangsu) Ltd.. He previously served as the GM Assistant of Hubei Sanonda Co. Ltd., as theCOO of Jiangsu Anpon Electrochemical Co., Ltd., as the member of CPC Committee of China National Agrochemical

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Corporation and as the Non Ag Business Manager of ADAMA China.

Ms. Yuan Yuan, serves as a member of the Supervisory Board of the Company and as PMO head of ADAMA China. Sheobtained a bachelor’s degree of international trade from Zhongnan University of Economics and Law and a master degreeof business administration from University of International Business and Economics. Before joining ADAMA，she servedas Deputy and Executing Director of Commerce Dept. in China National Agrochemical Corporation.

Mr. Guo Zhi, serves as the secretary of the Board of Directors, and the legal head of ADAMA China. Mr. Guo got hisMaster of Laws severally from Peking University and Melbourne University. From 2004 to 2017, he practiced law inCommerce & Finance Law Offices (“C&F”) and had been a partner of C&F for eight years. His practicing area covers IPO,M&A, and Foreign Investment. From March 19, 2018 to November 16, 2020, he was a member of the Supervisory Boardof the Company. From August 2022 to February 2025, he served as the Director of the Discipline Inspection Commissionof the Company. Currently, he also serves as the Director and General Manager of Adama (China) Investment Co., Ltd.

Positions in shareholder units

√ Applicable □ Not applicable

Positions in other units

√ Applicable □ Not applicable

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Particulars regarding the Company's current directors, supervisors and senior managers who received punishments, if any,from Securities Regulatory Institution during the recent three years (including the Reporting Period)

□ Applicable √ Not applicable

3.Remuneration of directors, supervisors and senior managementDecision-making procedures, basis for determination and actual payment of the remuneration to directors,supervisors and senior executivesRemuneration of office holders is decided by the authorized organs of the Company according to the Remuneration Policy.In addition, global professional benchmarks, implementations of performance at the Company level, and the actualperformance of the respective person are also taken into account in the resolutions regarding remuneration.Independent directors are entitled to receive annual allowance and would not receive salary by the Company. TheCompany also adopted a remuneration plan of the non-independent directors. A non-independent director who holds amanagement position in the Company and/or any of its subsidiaries, shall receive the remuneration set for such positionand will not be entitled to any additional remuneration for serving as a director; A non-independent director who doesn’thold a management position in the Company or any of its subsidiaries, may receive a monthly remuneration. For details,please see the Announcement of the Resolutions of 25

th

meeting of the 7

thSession of the Board of Directors(Announcement no. 2018-5) and the Announcement of the Resolutions of 21

st meeting of the 8

th

Session of the Board ofDirectors (Announcement no. 2020-7).Internal supervisors, who are full-time employees of the Company (or any of its subsidiaries), will be entitled to receive aremuneration set for their posts and will not be entitled to any additional remuneration for serving as supervisors.External supervisors, who are not employees of the Company (or any of its subsidiaries), will be entitled to receive annualallowance and would not receive salary by the Company.For details, please see the Announcement of the Resolutions of 4

th meeting of the 8

thSession of the Board of Supervisors(Announcement no. 2018-25).Total remuneration of the directors, supervisors and senior management of the Company during the Reporting Period isas follow:

Unit RMB’0000

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Particulars regarding other information

□ Applicable √ Not applicable

VIII. Performance of Directors of the Board during the Reporting Period

1. Particulars regarding the Board meeting during Reporting Period

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2. Particulars regarding directors’ attendance to board sessions and shareholders’general meetings

Explanation of failure to attend two consecutive board meetings in personNo such cases during the reporting period.

3. Particulars regarding directors’ objections

Whether directors objected to various events

□ Yes √ No

During the Reporting Period, no directors proposed any objection on relevant events of the Company.

4. Other explanations regarding the directors’ duty performance

Whether directors’ advice were adopted

√ Yes □ No

Explanation regarding advices of directors:

According to the Company Law, the Listed Corporate Governance Standards, and "Articles of Association", the directors,in general, during the Reporting Period, focus actively over Company’s operation, and earnestly performs their duties,render professional suggestions to the Company's information disclosure and daily management decision-making, etc.The directors play a proper role in improving the supervision, and safeguard the legitimate rights and interests of theCompany and its shareholders. The directors especially pay attention (and paid attention - during the Reporting Period) tothe Company’s operation state, dynamic state of the industry, public opinion and dynamic state report of the Company.They actively and effectively perform the duties of directors and well maintained overall benefits of the Company and thelegal interests of all shareholders, especially the middle and small shareholders. Their roll is required for positive, normal,stable and healthy development of the Company.

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IX. Performance of the Special Committees under the Board during the Reporting

Period

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Note: 1. On April 16, 2024, Mr. Liu Hongsheng replaced Mr. Erik Fyrwald as a member of the Strategy Committee.

2. The 1st meeting of the 10th Session of the Board of Directors of the Company resolved on May 13, 2024, that the 10thSession of the Board shall establish three special committees: the Audit Committee, the Nomination Committee and theRemuneration and Appraisal Committee. The Company will no longer establish the Strategy Committee.

3. Mr. Huang Jingsheng assumed the positions of a member of the Company's Audit Committee, the NominationCommittee and the Remuneration and Appraisal Committee on December 30, 2024. He also serves as the chairperson of

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the Nomination Committee.

X. Performance of the Supervisory CommitteeHas the Supervisory Committee, during the Reporting Period, found a risk in the Company within its supervisory activity

□ Yes √ No

The Supervisory Committee had no objection on the supervised events during the Reporting Period.

XI. Particulars regarding Group’s employees

1. Number of employees, professional composition and educational background

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Note: The figures under “Educational Background” represent those of the Company and the domestic subsidiaries held byit and do not cover the Group’s 4,861 overseas employees.*Administrative personnel include employees of all the functional departments.

2. Employee’s remuneration policy

The Company's remuneration policy in 2024 is the same as in 2023. It is still a salary structure that integrates post salary,quarterly performance bonus and annual performance bonus.The Company established an online and offline assessment model. Online assessment is carried out by SF system.Individual goals are set at the beginning of the year and are assessed at the end of the year.

3. Employee’s training plan

The Group usually conducts seminars, trainings, exercises and refresh of procedures (including with respect to increasingsafety awareness) to its various employees in its various entities, as needed and/or required under its applicableprocedures.

4. Labor outsourcing

√ Applicable □ Not applicable

Details of ADAMA Ltd. on labor sourcing are as follows.

X. Situations for dividend distribution and turning capital reserve into share capitalDividend distribution policies, especially the formulation, execution or theadjustment of the cash dividend policies during the Reporting Period

√ Applicable □ Not applicable

The Company did not revise its dividend distribution policy over the Reporting Period. The 2023 Annual General Meetingwhich was held on April 16, 2024 approved the dividend distribution plan for the year 2023, which was no cash or sharewould be distributed as dividend, and no reserve would be transferred to equity capital.

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The Company (including its subsidiaries) made profit in the reporting period and the retained earnings for profit distributionof the common shares held by the shareholders of the Company (without subsidiaries) were positive, but it did not putforward a preplan for cash dividend distribution of the common shares:

□ Applicable √ Not applicable

Situations for dividend distribution and turning capital reserve into share capital for the Reporting Period

□ Applicable √ Not applicable

The Company does not plan to distribute cash or share dividends for the year, and does not plan to transfer capitalreserve to equity capital.XI. Stock incentive plans, ESOPs or other employee incentives

□ Applicable √ Not applicable

To the date of the report, the Company does not have stock incentive plans, ESOP or other staff incentives. It shall benoted, that Adama Solutions currently has several long-term incentive plans according to which it has granted long-termcash rewards to executive officers and employees. These long-term incentive plans are based either on the performanceof the Company's shares (phantom cash incentives) and/or the Company's performance.. Adama Solutions has further

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adopted an incentive plan linked to the increase in the Syngenta Group EBITDA.

XII. System Establishment and Implementation for Internal Control during theReporting Period

1. System Establishment and Implementation

The Group's existing internal control system adapts to the management requirements. It also provides a reasonable basisfor the preparation of true and fair financial statements, and ensures the healthy operation of the Group's various businessactivities, as well as the implementation and compliance of relevant laws and regulations and the Group's own internalrules. With the changes in the external environment and the development of the Group's business, the Company plans totake the following measures to further improve the internal control system:

(1) Further improve the internal control system by strengthening the research and implementation of internal controlmanagement and risk management. Based on the risk assessment result and the needs of the Group, adjust and improvethe relevant business processes in a timely manner to establish effective internal control system which would support thesmooth operations of the Company.

(2) Emphasizing on the importance of the internal control system within the Group. Providing training to managerialpersonnel on the related laws and regulations regarding internal controls. This would enhance the awareness and level ofstandardization of operation, which could further improve the corporate governance structure.

(3) Regularly evaluating key controls in the business processes. Through the rectification of issues identified, themanagement and operational risks would be reduced which could lead to a better operation and compliant environment.

(4) Continuously improving the execution of internal controls. Constructing the internal control systems including internalenvironment, risk assessment, control activities, information and communication, and internal supervision in accordancewith the requirements by the "Basic Standards for Enterprise Internal Control", in order to improve the systematization andeffectiveness of the internal control.

(5) Strengthening the management and control of high-risk areas through effective integration with the internal controlevaluation system to ensure that the Group's major risks are under control. At the same time, the existing internal controlsystem is continuously reviewed and improved along with the optimization of management processes, which is to minimizebusiness risks and ensure the Group's sustainable, stable and healthy development.For details, please refer to the "2024 Annual Internal Control Self-Assessment Report" published by the Company onwww.cninfo.com.cn on March 14, 2025.

2. Details of the Material deficiencies in internal control identified during the reporting period

□ Yes √ No

XIII. Management and Control of the Company’s Subsidiaries during the Reporting

PeriodNote: The Company did not add new subsidiaries during the reporting period.

XIV. Self-assessment Report or Audit Report on Internal Control

1. Self-assessment report on internal control

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2. Audit report on internal control

√ Applicable □ Not applicable

Does the accounting firm issue non-standard audit opinion on internal control?

□ Yes √ No

Is the opinion issued by accounting firm consistent with the opinion in the self-assessment report by the Board?

√ Yes □ No

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XV. Rectification of Problems Identified during the Self-examination Action Dedicatedfor Corporate Governance of Listed Companies

According to the self-inspection results on special actions of corporate governance of listed companies in 2021, theCompany should carry out actions on a long-term basis to continuously enhance corporate governance in the followingaspects:

? Update relevant policies and procedures of corporate governance and internal control according to latest laws,regulations and regulatory requirements and in combination with the actual situation of the Company;? Further strengthen training of the Company's directors, supervisors and senior management of relevant laws and

regulations, and further standardize their work and raise self-discipline awareness;In the year of 2024, the Company carried out the following accordingly:

? As approved at the 7

th meeting of the 10

th Board of Directors on November 6, 2024, and the 3

rdExtraordinary GeneralMeeting of Shareholders on November 22, 2024, the Company revised its Articles of Association and Rules ofProcedure for the Board of Directors. One of the main revisions is that to enhance corporate governance, theCompany adjusted the structure and number of board members, revising the number of board members from 5 tothe range of 5 to 7, among which the number of independent directors increased from 2 to 3.? As approved by the 33

rd

meeting of the 9

thBoard of Directors on April 25, 2024, the Company revised the Policy ofIndependent Directors (later being approved by the 1

st

Extraordinary General Meeting of Shareholders on May 13,2024), Implementation Rules for the Remuneration and Assessment Committee of the Board of Directors,Implementation Rules for the Nomination Committee of the Board of Directors, and Implementation Rules for theAudit Committee of the Board of Directors to reflect the new provisions of the Independent Director ManagementMeasures issued by CSRC in August 2023.? The Company ensures that its directors and supervisors participate in relevant trainings organized by the CSRC'sauthorized agencies and the Stock Exchange, which include annual report training，and thematic trainings on thereform of the independent director system, the new requirements in the Opinions of the State Council onStrengthening Regulation, Preventing Risks and Promoting High-Quality Development of the Capital Market, as wellas corporate governance. As some senior management members are foreigners, the Company translated the trainingmaterial into English so that foreign senior management is timely updated and enhances their understanding of thenew policies in China, facilitating the implementation of relevant requirements in the Company's global business.

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Section V - Environment and Social Responsibilities

I. Major Environmental Protection IssuesIs the Company listed as key polluting entities by environmental protection agencies?

√ Yes □ No

Policies and Sector Standards related to Environmental ProtectionThe Group complies with the following laws, regulations and sector standards related to environmental protection in the process of production and operation:

1. Laws and Regulations

1) Environmental Protection Law of the People's Republic of China;

2) Law of the People's Republic of China on the Prevention and Control of Air Pollution;

3) Law of the People's Republic of China on the Prevention and Control of Water Pollution;

4) Law of the People's Republic of China on the Prevention and Control of Environmental Pollution by Solid Waste;

5) Law of the People's Republic of China on the Prevention and Control of Environmental Noise Pollution;

6) Law of the People's Republic of China on the Prevention and Control of Soil Pollution;

7) Water Law of the People's Republic of China;

8) Cleaner Production Promotion Law of the People's Republic of China;

9) Yangtze River Protection Law of the People's Republic of China;

10) Regulations on the Administration of Pesticides;

11) Regulations on the Administration of Environmental Protection of Construction Projects;

2. Sector Standards

1) Discharge Standard of Pollutants for Urban Sewage Treatment Plant (GB18918-2002);

2) Water Quality Standard for Sewage Discharged into Urban Sewers (GB/T 31962-2015);

3) Emission Standard of Air Pollutants for Pesticide Manufacturing Industry (GB 39727-2020);

4) Standard for Pollution Control of Hazardous Waste Incineration GB18484-2020;

5) Emission Standard of Air Pollutants for Thermal Power Plants (GB 13223-2011);

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6) Emission Standard of Air Pollutants for Pesticide Manufacturing Industry (GB 39727-2020);

7) Standard for fugitive emission control of volatile organic compounds (GB37822-2019);

8) Emission Standard for Volatile Organic Compounds in Chemical Industry (DB 32/3151-2016);

9) Emission Standard for Odor Pollutants (GB 14554-93);

10) Emission Standard for Industrial Enterprises Noise at Boundary GB12348-2008;

11) Standard for Pollution Control of Storage and Landfill of General Industrial Solid Waste GB18599-2020;

12) Standard for Pollution Control of Hazardous Waste Storage GB18597-2023.

Environmental Protection Administrative Permits

1. EIA Approval

During the reporting period, the EIA approvals obtained by the Company and its subsidiaries include:

On 1st November 2024, the Company obtained the approval opinion from Jingzhou Economic and Technological Development Zone of the Municipal Ecological and Environ-mental Bureau on the Environmental Impact Report for “Acephate Wastewater Extraction Optimization Project of ADAMA Ltd.”;On 3rd July 2024, ADAMA Huifeng (Jiangsu) Co., Ltd. obtained the approval from Yancheng Bureau of Ecology and Environment on the Environmental Impact Report for the“Portfolio Adjustment, Production Facility Renovation and Technology Improvement Project for Formulation Processing with Annual Output of 40,000 Tons”. On 22nd July 2024,it obtained the approval from the same municipal bureau on the Environmental Impact Report of the “Wastewater Extraction and Optimization Project for 15,000KL 2,4-DDimethylamine AS”;On 5th November 2024, ADAMA Anpon (Jiangsu) Co., Ltd. obtained the approval from the Sub-bureau of Huai'an Municipal Bureau of Ecology and Environmental Protection atthe Industrial Park on the Environmental Impact Report for the ‘Technical Improvement Project of Ethylene Oxide(EO) Recycling Process for an Ethephon Plant with AnnualCapacity of 13,000 Tons on 100% Dry Basis”.

2. Waste Discharge Permits

The discharge permits of the Company and its subsidiaries, including ADAMA Anpon and ADAMA Huifeng, are all within the validity period for the year.

Sector Discharge/Emission Standards and Pollutant Discharge and Emission during Operational Activities

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Treatment of Pollutants

(1) Development and Operation of Wastewater Facilities

The Company has a 20,000 tons/ D wastewater treatment station, adopting the process of "two-layer A / O + MBR + ozonesynergistic oxidation + MBBR + calcium removal of phosphorus". The wastewater treatment facilities are running normally.After treatment, the COD, ammonia nitrogen and total phosphorus in the discharged wastewater are within the limit.ADAMA Anpon, the subsidiary of the Company, has a 11,000 tons/ D wastewater treatment station. As all its facilities areoperating well, COD, ammonia nitrogen, and total phosphorous discharged after the treatment are within the limit.ADAMA Hufieng, the subsidiary of the Company has a 5000 tons/D wastewater treatment station. As all its facilities areoperating well, COD, ammonia nitrogen, total nitrogen and total phosphorous discharged after the treatment are within thelimit.

(2) Development and Operation of Waste Gas Facilities

The Company's coal-fired thermal power plant was carried out ultra-low emission transformation. After the transformation,the environmental protection facilities of the power plant operate normally. Sulfur dioxide, nitrogen oxides and dust in fluegas all meet the ultra-low emission standards.The incinerator of hazardous waste of the Company adopts the process of "SNCR + semi dry (quench) deacidification +activated carbon injection + bag dust removal + SCR" for the tail gas. Sulfur dioxide, nitrogen oxides and fume and dust intail gas all meet the standard.The RTO of the Company adopts treatment process of VOCs using "acid washing and absorption + alkali washing andabsorption + three-chamber RTO incineration + quench tower + alkali absorption”. Sulfur dioxide, nitrogen oxide, fume anddust, and VOCs in the tail gas all meet the standard.ADAMA Anpon, the subsidiary of the Company, is equipped with RTO, TO, resin adsorption and other tail gas treatmentfacilities. Under the condition of meeting the emission standard, operation management is strengthened to further reducethe total VOCs emission.ADAMA Huifeng, the subsidiary of the Company, has RTO, alkali washing facilities and acid washing facilities, which arerespectively used to treat process waste gas containing volatile organic compounds, acid washing waste gas and alkaliwashing waste gas. The main emission indicators of waste gas, such as sulfur dioxide, nitrogen oxides, fume and dust,and NMHC in tail gas all meet the standard.ADAMA (Nanjing) Agricultural Technology Co., Ltd，an indirectly owned subsidiary of the Company, is equipped withblowers and vent piping, each of which has scrubber and active carbon filters. VOC and HCl in treated waste gas meet thestandards.

(3) Implementation of the Interim Measures on Environmental Information

The Company and its subsidiaries disclose production and pollution information according to the Interim Measures onEnvironmental Information Disclosure and transfer information of main wastewater and air pollutants to the informationplatform of the local environmental bureaus on a daily basis.

Contingency Plan of Environmental AccidentsThe Company and its relevant subsidiaries have formulated the Contingency Plan for Environmental Emergenciesaccording to their production facilities and industry features, and then submitted files to the local environmental protectionauthorities as record.

Environment self-monitoring planADAMA attributes great importance to protecting the environment, out of a sense of responsibility to society and theenvironment and strives to meet the relevant regulatory requirements and to even go beyond mere compliance, engagingin constant dialogue with stakeholders, including the authorities and the community.

ADAMA Ltd Annual Report 2024

In order to improve the environmental management, track the discharge of various pollutants, evaluate the impact on thesurrounding environment, strengthen the discharge management of pollutants in the production process, accept thesupervision and inspection of environmental authorities and provide reference for pollution prevention and control, thecompany has formulated a self-monitoring plan, which conducts regular tests in strict accordance with the requirements.The major monitored indicators and frequency are as the following:

1. Monitored Indicators

Wastewater: COD, ammonia nitrogen, pH, SS, Petroleum, TP.Air Pollutant: SO

, Nitrogen oxide, Fume and Dust, Non-Methane HydrocarbonNoise: Noise at the Site Border

2. Frequency

Continuous auto monitoring: Fume and dust and NMHC in boiler emission, SO

, NOx, fume and dust of RTO, andwastewater discharged from the centralized point (COD, Ammonia Nitrogen and total phosphorous)Manual sampling: particles from certain air emissions, suspended particles from wastewater and Petroleum once a month.Noise: once a quarter.ADAMA continually examines the implications of the environmental laws, takes actions to prevent or mitigate theenvironmental risks and to reduce the environmental effects that may result from its activities, and invests extensiveresources to fulfill those legal provisions that are, and are anticipated to, affect it. ADAMA’s plants are subject toatmospheric emissions regulations, whether by virtue of the stipulations provided in the business licenses or under theapplicable law. Hazardous materials are stored and utilized in the Company's plants, together with infrastructures andfacilities containing fuels and hazardous materials. ADAMA takes actions to prevent soil and water pollution by thesematerials and treats them, if revealed. ADAMA’s plants conduct various soil surveys, risk surveys and tests with regard totreatment of the soil or ground water at the plants.ADAMA intends to continue investing in environmental protection, to the extent required and beyond this, whether on itsown volition or in compliance with contractual commitments, regulatory or legal standards relating to environmentalprotection, so as to realize its best available policy and comply with any legal requirements.As part of its policy of ecological process improvement, ADAMA also invests in remediation, changes in productionprocesses, establishment of sewage facilities, as well as in byproduct storage and recycling.

ADAMA Ltd Annual Report 2024

Inputs in Environmental Protection and Treatment and Payment of Environmental Tax

Note: Adama (Nanjing) Agricultural Science and Technology Co., Ltd. is not required to pay environmental protection taxbecause it is not a key environmental enterprise.

Measures taken to reduce its carbon emissions during the reporting period and their effects

√ Applicable □ Not applicable

During the reporting period, the Company established the working group on energy conservation and carbon reduction,formulated the indicators of energy conservation and carbon reduction in the future, completed carbon emission verificationand compliance, and carried out a number of energy conservation and emission reduction work, such as reducing thepower consumption of membrane caustic soda production by removing iodine from brine, constructing and operatingphotovoltaic power generation, eliminating backward and high energy-consuming equipment, etc. to reduce energyconsumption and CO

emission.

Administrative punishment for environmental problems during the reporting period

√ Applicable □ Not applicable

Other environmental information that should be disclosedNone

Other environmental related informationNone

ADAMA Ltd Annual Report 2024

Occurrence of Environmental AccidentsDuring the reporting period, the Company and its subsidiaries didn’t have material environmental accidents.

II. Social Responsibilities

The Company publicized the 2023 Environmental, Social, and Corporate Governance (ESG) Report on May 15

th, 2024. In2024, the Company remained committed to developing innovative formulations that enhance both farmers' productivity andsustainability, while also advancing sustainable manufacturing practices.Sustainability in Products:

? In 2024 ADAMA launched EDAPTIS

?

, a unique formulation which not only expands the spectrum of efficacy but alsoimproves the effectiveness in combating resistant weed populations. In addition, the product is formulated as an oildispersion using refined rapeseed oil, a renewable resource, thus eliminating use of hydrocarbons found in conven-tional oil dispersion formulations.? Feralla

?

a novel molluscicide active ingredient, achieved a key milestone with EFSA’s positive assessment towardsEU approval. Its unique and patented formulation, powered by ADAMA’s Desidro

? Technology, enhances pest palata-bility, while its low active ingredient concentration supports farmers in achieving their sustainability goals.? ADAMA continued to grow the market presence of Sesgama? based products. Sesgama? is ADAMA's proprietaryformulation technology platform addressing high-load and otherwise challenging formulations enabling less use of co-formulants, transport and packaging materials per acre treated with a resulting improved product sustainability profile.? During 2024, ADAMA continued to register and launch products based on its proprietary Asorbital

?

formulation tech-nology platform, that improves the leaf penetration and systemic movement of the Active Ingredient in the plant. Thistechnology provides greater efficacy and sustainability and can be used to reduce application rates.Sustainability in manufacturing:

? Opening of the new energy-efficient chlor-alkali production facility – The advanced technology utilized in thefacility allows ADAMA Makhteshim to produce chlorine up to 40% more efficiently, reducing energy consumption andensuring a safer, more sustainable process. The chloralkali plant utilizes cutting-edge membrane cell technology, re-placing the company's mercury-based system. This transition not only eliminates the risks associated with mercury, butalso significantly improves energy efficiency .? Installment of Regenerative Thermal Oxidizer (RTO) – In 2024, an RTO system was installed in ADAMA Agan’s

wastewater treatment plant to effectively manage odor and pollutant emissions. This initiative aims to enhance airquality for both site employees and neighboring communities. The system is scheduled to become operational in thesecond quarter of 2025.The Company is required to comply with the “Self-regulatory Guidelines for Listed Companies on Shenzhen StockExchange: No. 3 - Disclosure of Industry Information”, specifically for the chemical sector.The Company’s safety performance has been maintained at a sound level with no material casualty occurred during thereporting period.The Company and each of its production subsidiaries have established a full production safety responsibility system inaccordance with the requirements of the Work Safety Law, based on the structure and functions of each department andvarious subsidiary. A safety management grid was constructed with sufficient full-time production safety personnel assigned.With production safety rules and regulations formulated, the Company has guaranteed investment in production safetyfunds, materials, technology and personnel and continuously improved production safety conditions through inherent safeprocesses.

ADAMA Ltd Annual Report 2024

To strengthen risk prevention and control, it has also built a dual prevention mechanism for safety risk classification andhidden risk detection and treatment. And smart HSE application systems were configured for major hazardous sourcemonitoring, personnel positioning, five-in-one management, electronic work permits and on-site inspection so as to improvethe quality of safety production and ensure the sound performance.The Company and its manufacturing subsidiaries have all passed the safety standardization audit for enterprises(hazardous chemicals). It integrates the safety standardization with SinoChem’s “FORUS” system and continuouslypromotes and effectively operates in all production subsidiaries..In terms of production processes, chemicals of less hazards replaced more hazardous ones, continuous reactions replacedthe batch-based ones, and the principle of safety fundamentals were given priority by buying intermediates directly insteadof operating some high-risk reactions, adopting vacuum feeding machine (PTS) and automatic feeding silo instead ofmanual operation, etc, which all displays an effective and efficient practice of prioritizing inherent safe. In terms of hardware,the company continuously improves and perfects the application of automation and implements a number of safetyinitiatives while being equipped with automatic control, alarms, interlocks, safety instrumentation systems, emergencypressure relief and other safety devices and instruments, which provide multiple protections for safe production.In terms of management system, the Company organically integrates and effectively implements the production safetystandardization system, occupational health and safety management system, process safety management system,SinoChem FORUS system, etc., so that its safety management level has achieved remarkable progress.In terms of safe production education and training, the Company has formulated a comprehensive annual training plan. Atraining network with clear focus and resources from both internal and external was formed up to cover the entire work-force. It has invested sufficient funds and manpower to continuously improve the production safety capacity of the entireworkforce.During the reporting period, the Company's production sites received more than 300 inspections from government of var-ious levels as well as upper-level companies, and rectification plans were formulated according to the inspection resultsand completed in accordance with the principle of “Five Prohibitions”.

III. Enhancement of the results of poverty alleviation and rural revitalization

According to the arrangements of the Huai'an Rural Revitalization Work Team, the designated supporting site of theCompany's subsidiary ADAMA Anpon has been adjusted to Yuanzhuang Village, Caoyun Town, Huai'an District. After jointdiscussions with the village committee, it was decided to continue strengthening public space governance in 2024. In thefirst half of the year, they helped to dredge the river, clean up garbage, and maintain a clean environment of rural roadsand the public space in the village. In the second half of the year, they helped to repair the village road lights, paved thefield roads in the village, and renewed the sanitation facilities in the village. In 2024, ADAMA Anpon allocated 100,000 RMBto assistance funds.In June 2024, after the summer maize was sown in Dezhou, Shandong Province, the local area faced a drought with littlerainfall for more than 20 days. Coupled with consecutive rainfall and strong winds in the later period, the maize rootsbecame fragile, resulting in severe lodging. The ADAMA commercial team took prompt actions, delivering agriculturalsupport supplies to the farmers in Youyi Village, Deping Town, Linyi County and Qiandang Village, Zhaijia Town, DezhouCity, Shandong Province. They also supported local maize farmers in scientific field management, helping farmers solveproblems and facilitating post - disaster resumption of production. In September, the super typhoon "Yagi" made a stronglandfall in Xuwen, Zhanjiang. The ADAMA commercial team visited various towns to assist farmers in resuming production.The Guangdong sales team, in collaboration with the Bureau of Agriculture and Rural Affairs of Xuwen County and the

ADAMA Ltd Annual Report 2024

Jufeng Agricultural Materials Bureau of Xuwen County, promptly delivered the agricultural support supplies to the YishenVillage Committee of Nanshan Town, the Xiguo Village Committee of Chengbei Township, and the Beishui VillageCommittee of Chengbei Township in Xuwen County. At the same time, they provided technical guidance for farmers toresume production, fulfilling their social responsibilities.

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Section VI - Significant EventsI. Performance of commitments

1. Commitments completed by the Company, the shareholders, the actual controllers, the purchasers, or the other related parties during the ReportingPeriod and those hadn’t been completed execution up to the period-end

√ Applicable □ Not applicable

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Note 1: On November 6, 2024, the Company held the 7th meeting of the 10

thsession of the Board of Directors to review the ‘Proposal on Signing of the Entrusted ManagementAgreement with Related Parties’ and disclosed the ‘Announcement on the Signing of the Entrusted Management Agreement with Related Parties’ (No. 2024-55). On November22, 2024, the Company held the 3rd interim shareholders meeting in 2024 to review and approve the ‘Proposal on Signing of the Entrusted Management Agreement with RelatedParties’, Syngenta Group, as a related party of the Company, abstained from voting. On December 30, 2024, the Company held the 9th meeting of the 10th session of the Boardof Directors to consider the ‘Proposal on Amendments to Certain Terms of the Entrusted Management Agreement’.The original entrusted management measure and its adjustment are concrete measures taken by ChemChina and Syngenta Group to fulfil its undertakings on the resolution ofthe horizontal competition. ChemChina and Syngenta Group, in accordance with the ways as set forth in the undertakings and through the aforementioned arrangement, conferredthe management right of the Entrusted Business related to the Overlapping Products between the Company and SAG to the Company, and conferred the management right ofthe Entrusted Business related to the Overlapping Products between the Company and YN Chemical to the Company or YN Chemical respectively, to fulfill the undertakingsmade to the capital market and to protect the long-term interests of the Company.ChemChina and Syngenta Group have taken measures to effectively avoid conflicts of interest arising from horizontal competition, and the interests of small and mediumshareholders of the Company can be effectively protected. The Company will conscientiously implement the agreement and urge the counterparty to conscientiously implementthe agreement, and safeguard the legitimate rights and interests of the Company and all shareholders.

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2. Assets or projects with profit forecast, still relevant for forecast period

□Applicable √Not applicable

II. Inadequate use of Company’s capital by the controlling shareholder or by its

related parties for non-operating purposes

□ Applicable √ Not applicable

No such situation occurred during the Reporting Period.

III. Non-compliance with external guarantees

□ Applicable √ Not applicable

No such cases during the reporting period.

IV. Explanation by the board of directors on the latest "non-standard audit report"

□ Applicable √ Not applicable

V. Explanation by the Board of Directors, the Supervisory Board and independent

directors (if any) regarding “non-standard audit report” issued by Company’sauditor for the Reporting Period

□ Applicable √ Not applicable

VI. Changes in accounting standards, accounting estimates or corrections of

significant accounting errors compared to last financial report

√ Applicable □ Not applicable

On 25 October 2023, the Ministry of Finance issued "Accounting Standards for Business Enterprises Interpretation No. 17”(hereinafter referred to as “Interpretation No. 17”). The Interpretation No.17 provided clarifications and guidance on thefollowing accounting treatments which were affective from 1 January 2024:

(1) Classification of liabilities as current or noncurrent;

(2) Lease Liability in a Sale and Leaseback; and

(3) Disclosure on suppliers financing arrangements.

The "Accounting Standards for Business Enterprises Interpretation No. 18” (hereinafter referred to as “Interpretation No.18”) issued by the Ministry of Finance clarified the accounting treatments for warranties that do not constitute a separateperformance obligation, which were effective from 6 December 2024.The application of the above clarifications in the current year had no material impact on the consolidated financialstatements.

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VII. Change of the consolidation scope as compared with the financial reporting of

last year

□Applicable √ Not applicable

VIII. Engagement of Company’s AuditorAuditor engaged at present

Change of the Auditor at Reporting Period

□ Yes √ No

Engagement of the Auditor for internal control, financial adviser or sponsor

√ Applicable □ Not applicable

In the Reporting Period, the Company continued to engage Deloitte Touche Tohmatsu Certified Public Accountants LLP asthe auditor of the Company for 2024 annual financial reports and 2024 annual internal control of the Company. Totalremuneration for the Auditor was RMB 3.15 million.

IX. Trading termination of Company’s securities that the Company will face after the

disclosure of this annual report

□ Applicable √ Not applicable

X. Bankruptcy and reorganization

□ Applicable √ Not applicable

No such cases in the Reporting Period.XI. Material Legal Claims/proceedings

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□ Applicable √ Not applicable

No such cases in the Reporting Period.

Litigations disclosed by the Company during the reporting period and as of the disclosure date of the annual report.

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XII. Punishment and rectification

□ Applicable √ Not applicable

None during the Reporting Period.XIII. Credibility of the Company, its controlling shareholders and actual controller

√ Applicable □ Not applicable

The Company’s controlling shareholder and actual controller are in good credibility status. They are not in the situation thatthe effective judgment of the court was not executed and the large amount of debt was not repaid when due during thereporting period.

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XIV. Significant related-party transactions

1. Related-party transactions in the ordinary course of business

√ Applicable □Not applicable

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2. Related-party transactions arising from asset acquisition or sale

□ Applicable √ Not applicable

There were no related-party transactions arising from asset acquisition or sale in the Reporting Period.

3. Related-party transitions with joint investments

□ Applicable √ Not applicable

The Company was not involved in any significant related-party transaction with joint investments during the ReportingPeriod.

4. Credits and liabilities with related parties

√ Applicable □ Not applicable

Whether there was non-operating credit and liability with related parties

□ Yes √ No

The Company was not involved in any non-operating credit and liability with related parties.

5. Transactions with finance companies with related relationships

√ Applicable □ Not applicable

Deposit business

In RMB ’0000

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Loans

In RMB ’0000

Facilities and Other Financial Services

In RMB ’0000

6. Transactions between the finance company controlled by the Company and related parties

□ Applicable √ Not applicable

The company does not hold any equity interest in any finance company.

7. Other material related-party transactions

√ Applicable □ Not applicable

(1) The 1

stInterim Shareholders Meeting in 2024 approved the Proposal on Credit Facility from the Related Party.

(2) The 2nd Interim Shareholders Meeting in 2024 approved the Proposal on the Purchase of Liability Insurance for

Directors, Supervisors and Senior Executives and the Related-party Transaction.

(3) The 3rd Interim Shareholders Meeting in 2024 approved the Proposal on the Renewal of the Financial Service

Agreement with Sinochem Finance Co., Ltd. and the Proposal on New Credit Facility from the Related Party aswell as the Proposal on Signing of the Entrusted Management Agreement with Related Parties.

(4) The 8th Meeting of the 10th Session of the Board of Directors approved the Proposal on Signing of SupplementalAgreement II to the Entrusted Operation and Management Agreement on Anhui Petro & Chemical

(5) The 9th Meeting of the 10th Session of the Board of Directors approved the Proposal on Amendments to Certain

Terms of the Entrusted Management Agreement.

The website to disclose the interim announcements on significant related-party transactions:

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XV. Particulars regarding material contracts and execution thereof

1. Particulars about trusteeship, contract and lease

(1) Trusteeship

□ Applicable √ Not applicable

There was no trusteeship of the Company in the reporting period.

(2) Contract Operation

□ Applicable √ Not applicable

There was no contract operation of the Company in the reporting period.

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(3) Lease

□ Applicable √Not applicable

There is no major lease in the reporting period.

2. Significant guarantees

√ Applicable □ Not applicable

(1) Guarantees

Unless otherwise specified, the unit hereunder is RMB ‘0000

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3. Cash assets management entrustment

(1) Wealth management entrustment

□ Applicable √ Not applicable

No such cases in the Reporting Period.

(2) Entrustment loans

□ Applicable √ Not applicable

No such cases in the Reporting Period.

4. Other significant contracts

□ Applicable √ Not applicable

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No such cases in the Reporting Period.

XVI. Other significant events

□ Applicable √ Not applicable

There were no other significant events during the Reporting Period.

XVII. Significant events of subsidiaries

□ Applicable √ Not applicable

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Section VII - Change in Shares & ShareholdersI. Changes in shares

1. Change in Shares

Unit: share

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Reason for the change in shares

√ Applicable □ Not applicable

The previously restricted shares are held by Mr. Jiang Chenggang, whose term as the Chairman of the Board ofSupervisors of the Company ended in May 2024. The restriction expired 6 months after expiration of the term.

Approval of the change in shares

□ Applicable √ Not applicable

The registered status for the change in shares

□Applicable √ Not applicable

Effects of the change in shares on the basic EPS, diluted EPS, net assets per share attributable to common shareholdersof the Company and other financial indexes over the last year and last period.

□ Applicable √ Not applicable

Other contents that the Company considered necessary or were required by the securities regulatory authorities todisclose

□ Applicable √ Not applicable

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2. Changes in restricted shares

√ Applicable □ Not applicable

Unit: share

II. Issuance and listing of securities

1. Issuance of securities (excluding preferred stock) during the Reporting Period

□ Applicable √ Not applicable

2. Explanation on changes in share capital & the structure of shareholders, the structure of assetsand liabilities

□ Applicable √ Not applicable

3. Shares held by internal staffs of the Company as a measure of the reform of State-OwnedEnterprises

□ Applicable √ Not applicable

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III. Particulars about the shareholders and actual controller

1. Total number of shareholders and their shareholding

Unit: share