ADAMA Ltd.

Independent Opinions on an External Guarantee in a
                      Related Party Transaction

In accordance with the Company Law of the People’s Republic of China, Guidance on
Establishing the Independent Director System in Listed Companies, and other laws,
regulations, we, as the independent directors of ADAMA Ltd.(hereinafter referred to
as “Company”), give our independent opinions on the external guarantee in a related
party transaction from the standpoint of independent judgment:


The guarantee in favor of Huaihe approved by the Board of Directors of the Company
is the continuation of the original guarantee provided by Anpon before the close of the
transfer of equity interests in Anpon. CNAC, the controlling shareholder of the
Company, provided an Undertaking Letter to the Company. Therefore, neither the
Company’s independent status nor the interests of the Company and its shareholders
is affected by the above guarantee. The decision-making procedures for the above
guarantee conform to the Company Law of the People’s Republic of China, the
Listing Rules of Shenzhen Stock Exchange. We approve to submit the guarantee to
the shareholders for further approval.




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(The signature page of Independent Opinions on the External Guarantee in a Related
Party Transaction)

Independent Director Signature:




__________________                               ___________________

    Tang Yunwei                                         Xi Zhen




                                                                  March 29, 2019




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