All members,

In order to improve the membership management system, COREX will adjust the membership types, services and relevant fees from January 1, 2022.

I. Membership types include trading member and information member. Trading member are corporate legal entities which undertake iron ore spot trading activities, and information members are corporate legal entities which undertake information or other service.

Existing observing members will be automatically converted to information members within the valid membership period.

II. The membership services are adjusted as follows:

III. The annual membership fee and seat fee are adjusted as follows:

i.    The annual membership fee is CNY30,000/year or USD5,000/year.

ii.   The fee of CNY 10,000/year/seat or USD1,500/year/seat shall be charged for extra seat.

Regulations on Iron Ore Spot Trading of Beijing Iron Ore Trading Center，Administrational Measures for Membership Management of Beijing Iron Ore Trading Center and  Administrative Measures for Fees on Iron Ore Spot Trading of Beijing Iron Ore Trading Center will be revised and effective simultaneously.

Beijing Iron Ore Trading Center Corporation

December 16^th, 2021