Dear Customer, Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, and implementing the following treatment for historical data: I. Adjustments Made This upgrade primarily optimizes and updates the following indicators in the balance sheet: Discontinuation of "SMM Domestic Copper Scrap Supply" and "SMM Domestic Copper Scrap Supply - Forecasted Value," and adjustment of the two data points under "Domestic Copper Scrap Production": "Domestic Old Scrap Production (Metal Content)" and "Domestic Old Scrap Production (Metal Content) - Forecasted Value." (Data modification path: Database - Copper - Copper Scrap - Production) II. Treatment of Historical Data Historical domestic copper scrap production data will no longer be updated starting from September 2025. Subsequent data will be uniformly released according to the new standards, with the revised data retroactively applied from January 2025. If you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date Effective from February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 21, 2026

Dear Customer, To keep pace with the rapid development of the recycled copper raw materials industry and meet the market's demand for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a comprehensive optimization of the data model. We are now systematically upgrading and adjusting the standards and content of China's monthly supply-demand balance data for recycled copper raw materials, with the following treatment applied to historical data: I. Adjustments This upgrade primarily optimizes and updates the following indicators in the balance table: "Supply of Old Scrap from Recycled Copper Raw Materials," "Supply of New Scrap from Recycled Copper Raw Materials," "Processing Volume of Recycled Copper Raw Materials," and "Smelting Volume of Recycled Copper Raw Materials." (Data modification path: Database > Copper > SMM Recycled Copper > Monthly Supply-Demand Balance Table for Copper Scrap) II. Historical Data Treatment Historical monthly supply-demand balance data for recycled copper raw materials will no longer be updated starting from September 2025. Subsequent data will be uniformly released under the new standard, with the revised data retroactively applied from January 2025. Should you have any questions, please feel free to contact the SMM Customer Service Team. Thank you for your continued support and trust! IV. Effective Date Effective from January 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui 86-21-5159-5826 December 19, 2025

SMM Clarification Statement SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM" or "the Company"), as a professional spot market price reporting agency and information provider, has recently noticed the circulation of false information regarding the fairness of SMM's price assessment. To avoid market misunderstandings, maintain a healthy and transparent market environment, and protect the Company's legitimate rights and interests, SMM hereby makes the following solemn clarification and statement: I. The Difference Between Spot Prices and Futures Prices is a Normal Reflection of Market Mechanisms According to basic economic principles, spot prices reflect the immediate supply-demand relationship and deliverable transaction conditions of the underlying asset, while futures prices reflect market expectations for future supply and demand, including factors such as capital cost and carrying costs. Both follow the principle of "convergence at maturity," meaning that futures prices gradually converge towards spot prices as the contract expiration date approaches. Therefore, during the life of the contract, the difference between spot prices and futures prices, especially with far-month contracts, is a normal phenomenon under the market pricing mechanism. II. Historical Data Proves the Rationality of the Price Spread Structure To objectively present the facts, SMM has made a price spread analysis chart based on publicly available market data: The chart clearly shows that from September 2023 to 2025, the monthly price spread between the SMM battery-grade lithium carbonate average price and the GFEX lithium carbonate futures contract prices fluctuated between positive and negative territory, always remaining within a reasonable range, and exhibited a significant convergence trend as the contract expiration date approached. This fully aligns with the market rule of futures and spot price convergence. Comparing a certain periods' futures prices (especially those of far-month most-traded contracts) with spot assessment prices and concluding that there is a "consistent significant deviation" is fundamentally flawed in methodology and can easily mislead market judgment. Any behavior that selectively highlights short-term trends in the price spread without considering the broader context is partial and irresponsible, failing to reflect the overall market situation. III. Recent Market Risk Control Measures Recently, to maintain the stable operation of the lithium carbonate futures market and prevent potential risks, the Guangzhou Futures Exchange, in accordance with its risk management rules, issued multiple notifications consecutively between November and December 2025, implementing a series of risk control measures for relevant contracts, including adjustments to transaction fee standards and trading limits. These measures represent the exchange's commitment to fulfill its self-regulatory duties in accordance with the law during specific market periods, aiming to promote the steady development of the market. IV. The Emergence, Nature, and Harm of False Information It is noteworthy that during this sensitive period, when the aforementioned risk control measures were being intensively implemented, a significant amount of false information began circulating on the Internet. While such information varies in content, it shares an identical core narrative: False claims have been made that SMM’s prices "consistently and significantly deviate from fair value and futures prices" and that "there are illegal benefit-related connections with certain institutions". These claims are entirely groundless. The timing and manner of their dissemination indicate that their purpose is not professional discussion but rather an attempt to exert improper pressure on SMM by confusing the price logic of spot and futures markets, interfere with the neutrality of spot price assessments, and consequently potentially mislead market expectations and disrupt the normal relationship between futures and spot prices. SMM hereby solemnly declares that SMM is always committed to price discovery in the spot market, does not participate in any futures market trading operations, and resolutely maintains market order. V. The Compliance, Neutrality, and Supervision Mechanisms of SMM's Price Assessment As a professional market price assessment agency, SMM always adheres to the principles of neutrality, objectivity, and fairness. SMM's price assessment methodology strictly follows the International Organization of Securities Commissions (IOSCO) "Principles for Financial Benchmarks" and is subject to audits by independent third-party audit firms. In terms of internal governance, SMM has established a comprehensive firewall system to ensure that personnel and management involved in the price assessment process do not hold any related futures or spot positions, thereby eliminating conflicts of interest at an institutional level. SMM also has no history of any penalties from securities regulatory authorities for violations. We consistently maintain an open attitude towards market supervision based on facts. VI. Appeal to the Public SMM strongly condemns the recent malicious fabrication and dissemination of false information in the market, which damages SMM's commercial reputation and attempts to disrupt the order of the futures and spot markets, and has initiated legal proceedings to protect its rights. Currently, SMM is comprehensively and continuously collecting and preserving evidence related to the infringements. For suspected infringing acts, the Company will take all legal measures, including but not limited to reporting to relevant regulatory authorities and filing complaints with relevant online platforms, to resolutely pursue the legal liability of the infringing parties. SMM reserves the right to pursue all legal consequences against the relevant responsible parties. We once again call on all market participants to enhance their legal awareness and professional discernment capabilities, obtain information from authoritative channels, analyze the market rationally, resolutely resist and refuse to spread any unverified and unfounded rumors, and jointly maintain a fair, orderly, and healthy development environment for the industry chain. SMM Information & Technology Co., Ltd. Dec 26, 2025

Dear Client, To keep pace with the rapid development of the magnesium metal industry and the growing need for supply-demand pattern analysis, our company has deeply optimized the data model based on the SMM Magnesium Database and is now systematically upgrading and adjusting the data standards and historical data related to magnesium metal in China. The details are as follows: I. Data Standard Upgrades and Data Revision Notes Background of Adjustments With the rapid growth in demand for magnesium alloys in the downstream sector of magnesium metal, the market landscape is evolving rapidly. For instance, technological iterations in die-casting equipment, differences in the penetration rate of thick and thin magnesium alloy die-cast parts, and recycling rates, among other multidimensional factors, have a significant impact on the production of recycled magnesium. To promptly address the industry's need for supply-demand pattern analysis amid its rapid development, adjustments have been made to the data collection standards for "recycled magnesium production," "primary magnesium production," and "total magnesium metal demand," with historical data also being revised. Previous data collection did not account for the supply of recycled magnesium, which could lead to significant deviations in supply estimates. As the SMM Magnesium Database becomes increasingly comprehensive and detailed, a more robust model has been established. Adjustment Details - Data Source Upgrade: Upgraded from a single primary magnesium market supply and demand dataset to the establishment of a dual supply-demand model for magnesium metal, encompassing both primary and recycled sources. - Revision Scope: Historical data from January 1, 2023, to the present (including retrospective revisions and future forecasts). Effective Date From October 30, 2025 SMM Information & Technology Co., Ltd. SMM Magnesium Research Team Jiao Jiani 021-20707954 October 27, 2025

Dear Valued Customers, Pursuant to the requirements of Announcement No. 10 of 2025 issued by the Ministry of Commerce (MOFCOM) and the General Administration of Customs (GAC) of China on February 4, 2025, Ammonium Paratungstate (APT) and Tungsten Oxide have been included in the list of export-controlled items. Export operators are required to apply for a license in accordance with the law before conducting related business. Affected by this policy, the export volume of domestic Ammonium Paratungstate (APT) and Tungsten Oxide products has dropped sharply, and the subsequent export scale will remain at a low level. Due to the significant decline in export transaction activity, the market price formation mechanism no longer has sufficient data support, and continuing to update price points can hardly reflect the real market situation. To ensure the accuracy and professionalism of our information services, after careful consideration, SMM has decided to cease updating the two price points of "APT FOB" and "Tungsten Oxide FOB" starting from October 9, 2025. During the suspension of updates, our company will continue to track the dynamic adjustments of export control policies and the changing trends of the global tungsten industry chain. If the market becomes active again and the price data becomes representative in the future, we will restart the price update service as soon as possible and announce it separately. The historical data of the above-mentioned price points that have ceased to be updated will continue to be retained in the SMM database. If you have any needs for historical data inquiry and related business consultation, please feel free to contact Liu Xiaolei at +86 15021973263 or Li Jiahui at +86 13792518717, lijiahui@smm.cn. Thank you for your understanding and support! Shanghai Metals MarketSeptember 30, 2025

Respected Client, To keep pace with the rapid development of the magnesium industry and the evolving needs for supply-demand analysis, our company has optimized the data model based on the SMM Magnesium Database and is now systematically upgrading the data standards and historical data for magnesium-related metrics in China and globally. Details are as follows: Data Standards and Historical Data Adjustment Notice I. Background of Adjustment With the rapid growth of downstream magnesium alloy demand, the magnesium market landscape continues to evolve. Factors such as technological advancements in die-casting equipment, varying penetration rates of magnesium alloy die-cast parts across different thickness markets, and recycling utilization rates have significantly impacted recycled magnesium production. To better capture the effects of industry changes on supply-demand analysis, and in conjunction with SMM's further in-depth research on the proportion of magnesium added in aluminum industry processes—improving recycled magnesium recovery and utilization coefficients and revising historical data for "primary magnesium" and "magnesium powder" production—we are now adjusting and updating the following metrics in the balance sheet: "recycled magnesium supply," "primary magnesium supply," "magnesium consumption in aluminum products," and "magnesium powder production." II. Adjustment Details Data Points Revised: "Recycled Magnesium Supply," "Primary Magnesium Supply," "Magnesium Consumption in Aluminum Products," "Magnesium Powder Production." Revision Scope: Historical data from January 1, 2023, onward (including retrospective revisions and future forecasts). III. Effective Date December 12, 2025 Shanghai Metals Market Information & Technology Co., Ltd. SMM Magnesium Research Team Zhu Qifan 86-21-5166-6729 December 12, 2025

Dear User, Currently, India has gradually become an important global manufacturing and export base for PV modules. In actual trade, Indian made modules exhibit differentiated supply-demand relationships and price performances in the spot market due to the varying origins of the solar cells used. To facilitate upstream and downstream enterprises in the PV industry chain to better understand India's module export and local market conditions, grasp real-time international spot price dynamics, and convey more comprehensive and diverse price information to the market, thereby reducing transaction risks and costs in overseas trade, SMM, after a period of consolidation and market surveys, plans to officially add the 'TOPCon Module-Indian Made（with domestic solar cells)' and 'TOPCon Module-Indian Made（without domestic solar cells)' product prices as market trading references starting from January 23, 2026. The published prices are all ex-work prices for these modules in India, with specific specifications and descriptions as follows: Price Point Names: TOPCon Module-Indian Made（with domestic solar cells) TOPCon Module-Indian Made（without domestic solar cells) Price Description: Price Type: Indian ex-work price (EXW) Tax Rate Standard: Tax-excluded Definition: Indian ex-work price With Domestic Solar Cells: Refers to modules manufactured in India, with the solar cells used also produced locally in India. Without Domestic Solar Cells: Refers to modules manufactured in India, but the solar cells are imported from overseas (not produced locally in India). Unit: $/W Major Brands: Waaree Technologies Ltd, Adani Group, Vikram Solar Limited, Tata Power Company Ltd, Goldi Solar Pvt Ltd, etc. Minimum Trading Volume: 10 MW Delivery Period: Within 3 months Release Time: Every Friday at 11:00 AM Beijing Time Payment Terms: Cash, and other payment methods standardized as cash SMM PV Research Team January 13, 2026

Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, with the following treatment applied to historical data: I. Adjustments Made The following data points have been newly launched: "Copper Scrap New and Old Scrap Production: Domestic Old Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Old Scrap - Forecast: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap - Forecast: Annual", and "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap - Forecast: Annual"—a total of six new data points. (Access path for new data: Database - Copper - Copper Scrap - Production - Domestic Copper Scrap Production) II. Historical Data Processing The following four historical data series will cease to be updated starting from December 2025: "Domestic Copper Scrap Supply (Metal Content), ID: a10031747", "SMM Domestic Copper Scrap Supply: YoY, ID: a10031748", "Domestic Copper Scrap Supply (Metal Content) - Forecast, ID: a12731971", and "SMM Domestic Copper Scrap Supply YoY - Forecast, ID: a12731972". Going forward, the new standards will be uniformly applied for data releases, with the revised data traceable back to 2020. Should you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 22, 2026

Dear User: Hello! In recent years, China has formed multiple consumption centers for spot aluminum ingot trading. With the development of the aluminum industry chain in the Southwest region, market attention to the Southwest region has gradually increased. Among them, Guangyuan is an important hub for aluminum trading in Sichuan, Shaanxi, Gansu, and Chongqing, and is also the location of the designated settlement warehouse for aluminum futures of the Shanghai Futures Exchange , where aluminum product trading has become increasingly frequent. Therefore, there is an urgent need to compile and release a price index that can fully reflect the spot price of A00 aluminum ingots in the Guangyuan region of our country, so as to objectively, truthfully, and timely reflect the supply and demand situation of the A00 aluminum ingot Spot Market in our country. Based on this, SMM will start to newly release the SMM A00 Aluminum (Guangyuan) and Premium Spot Price Points from November 20, 2025. 1. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry insiders, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its quotation judgment. SMM publishes daily metal spot prices (or price indices, including those for the Chinese market, markets outside China, and the global market), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website www.smm.cn for reference), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the Spot Market, SMM will make necessary revisions to the SMM Price Methodology and announce them on the SMM official website prior to formal implementation. If you have any questions or suggestions regarding SMM prices and their methodology, please contact SMM Client Server staff (please check the contact information on the SMM official website www.smm.cn). 2. Formation of the Spot Price Point of SMM A00 (Guangyuan) 2.1 Definitions The SMM A00 (Guangyuan) Spot Price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference basis for the settlement of spot trade of A00 aluminum ingots in the Guangyuan region. This price reflects the most likely range of spot transaction prices before the release time of the SMM A00 aluminum ingot spot quotation on each complete working day. This price is based on the trading conditions in the Guangyuan region on the day, and other regions can adjust the actual settlement price during trading based on the market correlation between different regions on the basis of this price. 2.2 Price Generation Method SMM obtains information on the spot price of local A00 aluminum ingots in Guangyuan through standard price benchmarking methods, including the indicative transaction price provided by the price benchmarking unit, the existing transaction spot premium or discount, and the indicative transaction spot premium or discount, etc. 2.3 Product Standards A00 Aluminum Ingot: Complies with the requirements for the "Al99.70" grade in GB/T 1196-2023 Aluminum Ingots for Remelting. 2.4 Pricing Unit and Presentation Form Unit: (Renminbi) Yuan/ton. Presented in interval form, it is a tax-inclusive price (including 13% Value Added Tax) Daily quotations include the highest, lowest, and average prices of SMM A00 Aluminum (Guangyuan) and its premium or discount. 2.5 Delivery Method Same-day delivery, pick up by the buyer at Guangyuan Warehouse 2.6 Release Time 10:15 AM every working day (excluding legal holidays and weekends) 3. Methodology Changes All markets are changing, and SMM has the responsibility to ensure that the methodology for market reports changes in tandem with the market. Therefore, SMM will conduct internal reviews of the appropriateness of the methodology on a regular basis based on industry feedback. For all potential modifications that are substantial but not urgent, SMM will follow the formal external consultation process. Then, significant changes will be announced, with a notice period of at least 28 days provided to invite industry professionals to comment, unless special circumstances, especially force majeure (natural disasters, wars, exchange bankruptcies, etc.), result in a shortened notice period. SMM commits to carefully reviewing all comments regarding the proposed methodological changes, but in some cases, may have to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. SMM commits to conducting a formal consultation on the A00 aluminum quotation once every year. The date of the last consultation and the deadline for SMM's commitment to hold the next consultation are located at the top of the methodology document. In addition, SMM has a formal methodology consultation process. SMM is committed to serving enterprises in the aluminum industry chain and reducing their transaction costs. The newly added price points will be updated at 10:15 a.m. every working day. Please stay tuned. If you have any feedback, please send it to 021-51595811 (Howard Yang). Shanghai Nonferrous Metals Network Information Technology Joint Stock Company Aluminum Business Unit 2025.11.14

To better serve industrial clients and more closely align with the market, SMM has added a weekly price for 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne, which will be officially launched on the SMM website (smm.cn) on December 19, 2025. 1. SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne Methodology 1.1 SMM Price Assessment Methodology General Provisions Shanghai Metals Market (SMM) is a fully independent third-party service organization that does not participate in any actual transactions. Instead, it maintains close communication with buyers or sellers in the market as an observer or organizer and provides relevant services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and trade conditions in the industry. Equal importance is given to normal transactions that meet the standard specifications. SMM reserves the right to exclude any price information deemed less reliable or unrepresentative from its price assessments. SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, a corresponding methodology is established (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these guidelines when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM price assessment methodology and announce these revisions on the official website www.smm.cn 28 days before their formal implementation. If you have any questions or suggestions regarding SMM prices or the methodology, please contact SMM customer service (contact information can be found on the official website www.smm.cn ). This document specifies the standards for formulating the weekly RC for 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne. The purpose of establishing this standard by SMM is to create a transparent and verifiable mechanism for SMM price formation. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation procedures, ensuring that the prices or indices accurately reflect the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the ongoing methodology or processes, thereby improving the quality of SMM’s published prices or indices. The committee may only propose modifications to the methodology and procedures used for future price or index assessments it cannot alter already published prices or indices. 2. Formation of 8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne. 2.1 Significance of the Price Assessment Current copper rod industry faces increasingly prominent overcapacity issues, with low capacity utilization rates. The market for ordinary power-grade rods suffers from homogenized competition, processing fees are caught in internal competition, and profit margins for most enterprises are severely compressed. Against this backdrop, the copper rod industry is gradually transitioning toward high-quality development, enhancing product added value, expanding profit margins, and progressively addressing the structural imbalance of "excess low-end supply and insufficient high-end supply." Tin-plated copper rods, leveraging characteristics such as oxidation resistance, ease of welding, and strong stability due to the tin coating, meet the demands of high-end sectors like new energy vehicles and electronic devices. With the continuous expansion of emerging industries such as new energy and 5G communication, the tin-plated copper rod market holds broad prospects and will become a key direction for the transformation and upgrading of the copper processing industry. 2.2 SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of tin-plated copper rod specifications, SMM adopts the 1.8mm diameter, which holds a relatively high market share, as the basis for quoting tin-plated copper rod processing fees, with reference to the standard GB/T3952-2016 Copper Rod for Electrical Purposes. 2.2.2 Price Terms Ex-works, China, 1.8mm Tin-Plated Copper Rod premium top on SMM 1# Copper Cathode 2.2.3 Payment Terms cash, other terms normalized. 2.2.4 Delivery Time Within 3 days. 2.2.5 Reference Transaction Volume Min 1 tones. 2.2.6 Delivery Location China 2.2.7 Price Release Time Weekly, by 11：30 am Beijing time, last working day of every week. 2.2.8 Processing Fee Format The reported processing fees are presented as a range, indicating the lowest and highest prices. For example: 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne range 3,000–4,000 yuan/tonne, average: 3,500 yuan/tonne. 2.2.9 Price Collection Methodology SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day. 2.2.10 Standardization of Data Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy. 2.2.11 Price Assessment Process The specific process is as follows: 2.3 Methodology Changes All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document. 2.4 Compliance with SMM Policies All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the Copper Cathode Rod industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Xinyang Wang Contact: 021-20707846, +86 15762822325