Metallurgical of China : ANNOUNCEMENT ON PROGRESS OF POTENTIAL CONNECTED TRANSACTION

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ANNOUNCEMENT ON PROGRESS OF

POTENTIAL CONNECTED TRANSACTION

Reference is made to the announcement (the "Announcement") of Metallurgical Corporation of China Ltd. (the "Company") dated 9 August 2019 in relation to the successful bidding for Guizhou Expressway PPP Project by the Consortium formed by MCC Parties, Guizhou Jiaojian Parties, 23rd Metallurgical, Guizhou Institute and Liaoning Institute. Capitalised terms used herein shall have the same meanings as those defined in the Announcement, unless the contents otherwise require.

Upon winning the bidding for the Guizhou Expressway PPP Project, due to changes in external conditions, the Consortium failed to enter into an investment agreement within the agreed time. Recently, the Consortium received a notice issued by Guizhou Provincial Department of Transportation, pursuant to which, the bid-winning status of the Consortium for the Guizhou Expressway PPP Project was cancelled after certain consideration.

Due to the abovementioned cancellation of the bid-winning status of the Consortium, the connected transaction for the Guizhou Expressway PPP Project jointly invested by MCC Parties and 23rd Metallurgical, a connected person of the Company, will cease to proceed. The cancellation of the bid-winning status will not have any material adverse impact on the Company's operation.

By order of the board of directors

Metallurgical Corporation of China Ltd.*

Zeng Gang

Joint Company Secretary

Beijing, the PRC

6 March 2020

As at the date of this announcement, the board of directors of the Company comprises two executive directors: Mr. Guo Wenqing and Mr. Zhang Zhaoxiang; four independent non-executive directors: Mr. Zhou Jichang, Mr. Yu Hailong, Mr. Ren Xudong and Mr. Chan Ka Keung, Peter; and one non-executive director: Mr. Lin Jinzhen.

• For identification purposes only