De Shi Bao (Shen) Zi (24) No. S00200
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To the shareholders of ADAMA Ltd.:
We have audited the effectiveness of internal control over the financial reporting of ADAMA Ltd.(hereinafter referred to as "ADAMA") as at 31 December 2023 in accordance with the "Guidelinesfor Internal Control Audit of Enterprise" and the relevant regulations of standards for the practiceof certified public accountants in China.
I. Enterprise's Responsibility for Internal Control
Board of directors of ADAMA is responsible for the establishment, improvement and effectiveimplementation of internal control and the evaluation of its effectiveness in accordance with "BasicStandards for Internal Control of Enterprises", "Guidelines for Application of Internal Control ofEnterprises" and "Guidelines for Evaluation of Internal Control of Enterprises".
II. Auditor's Responsibility
Our responsibility is to express an audit opinion on the effectiveness of internal control overfinancial reporting based on our audit, and disclose the significant deficiencies in the internalcontrol over non-financial reporting we have noticed.
III. Inherent Limitations of Internal Control
Internal control has inherent limitations and may fail to prevent and detect misstatements. Inaddition, changes in circumstances may lead to inappropriate internal controls or reducedcompliance with control policies and procedures, so it is risky to speculate on the effectiveness offuture internal control based on the results of internal control audit.
De Shi Bao (Shen) Zi (24) No. S00200
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IV. Opinion on the Internal Control over Financial Reporting
We believe that ADAMA has maintained effective internal control over financial reporting in allmaterial aspects as at 31 December 2023 in accordance with the "Basic Standards for InternalControl of Enterprises" and related regulations.
Deloitte Touche Tohmatsu CPA LLP Chinese Certified Public Accountant: Ji YutingShanghai, China
Chinese Certified Public Accountant: Zhao Jingyuan
25 March 2024