On May 08, 2019, CHINA ALUMINUM INTERNATIONAL ENGINEERING CORP. LTD.(“CHALIECO”) and GLOBAL MAINTENANCE SERVICE S.R.L.(“Owner”) signed the Contract for “ALUMINUM REDUCTION POT UPGRADING AND SUPPLY OF CERTAIN EQUIPMENT AND SERVICES FOR REVAMPING PORTOVESME SMELTER IN SADINA, ITALY”(“Contract”), which represents another important milestone of the cooperation between Italy and China in the aluminumindustry.

Owner’s affiliate, SIDERALLOYS ITALIA S.p.A.(“Sideralloys”), owns PortoVesme smelter in Sardinia, Italy(“Plant”), built in the early 1970’s, and has been shut down since 2012. Sideralloys wishes to re-start the Plant and also to revamp or modernize certain parts of the Plant (“Project”). After thorough discussion and clarification, Owner decides, by award the Contract, to engage CHALIECO and apply the proprietary aluminum reduction technology of CHALIECO’s subsidiary (Shenyang Aluminum and Magnesium Engineering and Research Institute Company Limited “SAMI”) to upgrade certain number of the existing reduction pots to improve their performance and to supply certain equipment and materials, and to render certain engineering design and technical services.

CHALIECO and SAMI will continue to act from a corporate philosophy of “Customer First, Integrity Based” to endeavor the best efforts and allocate all available resources to construct an Owner-satisfied project representing Chinese technology and management level by integrating the well-proven and advanced technology and design philosophy into the actual situation of PortoVesme smelter; and also make greater contributions in promoting the international cooperation among Chinaand Italy.