ADAMA Ltd.

  Independent Opinions on the Relevant Issues of the
7th Meeting of the 9th Session of the Board of Directors


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 and normative documents, as well as the Articles of Association and
Independent Director System, we, as the independent directors of ADAMA Ltd.
(hereinafter referred to as “Company”), give our independent opinions on the relevant
proposals of the 7th Meeting of the 9th Session of the Board of Directors from the
standpoint of independent judgment:

We are of the opinion that：

(1) The signing of Entrusted Operation and Management Agreement regarding Anhui
   Petroleum & Chemical Group Co., Ltd between the Company and China National
   Agrochemical Co., Ltd. (hereinafter as “CNAC”) constitutes a related-party
   transaction.

(2) The deliberation procedures at the Board of Directors on the related-party
   transaction meet relevant laws, regulations and the Company’s Articles of
   Association. The related directors, Mr. Erik Fyrwald and Mr. Chen Lichtenstein
   refrained from voting

(3) The signing of Entrusted Operation and Management Agreement regarding Anhui
   Petroleum & Chemical Group Co., Ltd with CNAC is in the interest of resolving
   the potential horizontal competition. The transaction arrangements, including the
   price, is fair. The transaction will not harm the interests of the Company, the
   non-related shareholders, and the medium-small shareholders.




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 (The signature page of Independent Opinions on the Relevant Issues of the 7th
Meeting of the 9th Session of the Board of Directors)



Independent Director Signature:




__________________                                  ___________________

      Ge Ming                                             Xi Zhen




                                                             December 31st, 2021




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