CITIC : VOLUNTARY ANNOUNCEMENT - COMPLETION OF THE RESTRUCTURING OF DAYE SPECIAL STEEL (NOW KNOWN AS CITIC PACIFIC SPECIAL STEEL)

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VOLUNTARY ANNOUNCEMENT

COMPLETION OF THE RESTRUCTURING OF DAYE SPECIAL STEEL

(NOW KNOWN AS CITIC PACIFIC SPECIAL STEEL)

We refer to the announcements of CITIC Limited dated 24 December 2018, 2 January 2019 and 29 March 2019 in relation to the restructuring (the "Restructuring") of the then Daye Special Steel Co., Ltd. through an acquisition of controlling interest in Jiangyin Xincheng Special Steel Works Co., Ltd. (the "Target Company").

The board of directors of CITIC Limited is pleased to announce that the Restructuring was completed on 19 September 2019, and on 20 September 2019, the company name of Daye Special Steel Co. Ltd. was changed to CITIC Pacific Special Steel Group Co., Ltd. ("CITIC Pacific Special Steel").

Following the completion of the Restructuring, CITIC Pacific Special Steel purchased the remaining 13.50% equity interest in the Target Company through a public tender process on the Jiangsu Assets and Equity Exchange, completed on 28 November 2019 at the consideration of RMB3,617,593,400.

As at the date hereof, the Target Company has become a direct wholly-owned subsidiary of CITIC Pacific Special Steel and CITIC Limited indirectly holds 83.85% equity interest in CITIC Pacific Special Steel.

By Order of the Board

CITIC Limited

Ricky Choy Wing Kay Wang Kang

Joint Company Secretaries

Hong Kong, 28 November 2019

As at the date of this announcement, the executive directors of CITIC Limited are Mr. Chang Zhenming (Chairman), Mr. Wang Jiong and Ms. Li Qingping; the non-executive directors of CITIC Limited are Mr. Song Kangle, Ms. Yan Shuqin, Mr. Liu Zhuyu, Mr. Peng Yanxiang, Mr. Liu Zhongyuan and Mr. Yang Xiaoping; and the independent non-executive directors of CITIC Limited are Mr. Francis Siu Wai Keung, Dr. Xu Jinwu, Mr. Anthony Francis Neoh, Mr. Shohei Harada and Mr. Gregory Lynn Curl.