ADAMA Ltd.

  Independent Opinions on the Relevant Issues of the
       21st Meeting of the 8th Session of the Board of
                                    Directors

Pursuant to relevant laws and internal rules, we, as independent directors of the
Company, give the following independent opinions on the relevant issues of the 21st
meeting of the 8th session of the Board of Directors.


I. Opinions on Changes of Senior Executives of the Company


1. The nomination procedure for President & CEO is lawful and valid.


2. After reviewing the profile of the nominee, we don’t find there is any situation that
prohibits Mr. Ignacio Dominguez from being the President & CEO of the Company.

We are of the opinion that Mr. Ignacio Dominguez meet the relevant requirements for
taking the above positions of a listed company.


3. We approve the nomination on Mr. Ignacio Dominguez as the President & CEO of
the Company.


II. Opinions on the Remuneration Plan for Non-independent Directors and the
Remunerations of the Senior Executives


After deliberation, we hold the opinion that the remuneration plan of the
non- independent directors and the remunerations of Senior Executives of the
Company are made on the basis of the duty and actual performance of relevant
personnel. The decision-making procedures follow the relevant laws, regulations and

the Articles of Association of the Company, and are in line with the requirements of
Company’s development. It will not harm the interests of the Company and
shareholders. Therefore, we approve the Proposal on the Remuneration Plan for
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Non-independent Directors and the Proposal on the Remunerations of the Senior
Executives.




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(The signature page of Independent Opinions on the Relevant Issues of the 21st
Meeting of the 8th Session of the Board of Directors)

Independent Director Signature:




  Tang Yunwei                                                  X i Zhen




                                                             February 26, 2020




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