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Iceberg Cold & Heat Technology Co., Ltd.

Iceberg Hot and Cold

Harmonious Iceberg, Soaring Dreams

Iceberg Hot and Cold

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9: Report on the Sale of Guotai Junan Shares

2020 Document No. 9 of the Annual General Meeting

Report on the Sale of Guotai Junan Shares

Dear Shareholders:

Iceberg Hot and Cold Technology The joint-stock company (hereinafter referred to as the “Company”) currently holds 12,910,008 shares of Guotai Junan Securities Co., Ltd. (stock abbreviation: Guotai Junan; stock code: 601211). Of these, 3,000,000 shares are pledged. If the holders of the “18 Major Cold EB” elect to convert their bonds before July 29, 2021 (the bond’s maturity date), the company will hold Guotai Junan will be reduced accordingly.

Effective January 1, 2019, the Company has adopted Accounting Standard for Business Enterprises No. 22—Financial Instruments: Recognition and Measurement. Under this standard, changes in the fair value of the Company’s holdings in Guotai Junan Securities are recognized in current profit or loss. Given that the Chinese stock market remains an emerging market characterized by significant volatility, with even greater fluctuations in the broader market and in Guotai Junan’s share price, the Company’s quarterly net profit has exhibited markedly increased volatility, which has hindered the full realization of improvements in its core business performance.

In order to allocate resources rationally and effectively, optimize the asset structure, and reduce volatility in non-recurring profits, the Company intends to, prior to December 31, 2022, opportunistically sell all of its holdings through the Shanghai Stock Exchange’s securities trading system. CITIC Securities shares. The net proceeds will be primarily used to replenish working capital or repay bank loans. Specific matters shall be handled by the company’s management as authorized.

Please review the above report.

2021 May 14th, Year