All related parties,

In accordance with the Announcement on the Release of the Revised Trading Rules of the Shanghai International Energy Exchange and the Risk Management Rules of the Shanghai International Energy Exchange, Shanghai International Energy Exchange (hereinafter referred to as “INE”) hereby notifies the adjustments of the hedge trading management as follows:

1. Application Time Window for Adjusting Hedging Quota for Nearby Delivery Months

As from January 1, 2026, for all futures contracts(Copper (BC) or TSR 20) with the 15^th of the contract month as the last trading day, the application for hedging quota for nearby delivery months of a Copper (BC) or TSR 20 futures contract shall be submitted between the first trading day of the second month prior to the delivery month of the contract and the last trading day of the month prior to the delivery month of the contract.

For all futures contracts (Crude Oil and Low Sulfur Fuel Oil) with the final trading day set on the last trading day of the month preceding the contract month, the application for hedging quota for nearby delivery months of a crude oil or a low sulfur fuel oil futures contract shall be submitted during the period from the first trading day of the third month prior to the delivery month to the last trading day of the second month prior to the delivery month of the contract.

Please refer to the Trading Rules of the Shanghai International Energy Exchange for detailed provisions on the application for hedging quota for nearby delivery months of each futures product.

2. Standards for the Automatic Conversion of Nearby Delivery Month Hedging Quota

In accordance with Article 46 of the INE Trading Rules, for those who do not apply for the hedging quota for nearby delivery months as the nearby delivery months approach, it can be converted into hedging quota at the prescribed quota. INE will make separate announcement regarding the specific futures products, effective date and conversion quota.

The hedging quota for nearby delivery months of all INE futures products is subject to conversion based on the following standards. The INE may make adjustments according to the market conditions.

For Non-Futures Firm Members, Overseas Special Non-Brokerage Participants and Clients who do not apply for the hedging quota for nearby delivery months as the nearby delivery months approach, the INE shall take the lower level between the hedging quota in regular months and the general position limit of such listed product in nearby delivery months as the hedging quota for nearby delivery months.

3. Application Methods for Regular Month Hedging Quota

In accordance with Article 38 of the INE Trading Rules, applications for hedging quota in regular month may be submitted on a per-contract or a per-product basis. The applicable application methods for each product will be announced separately by the INE, which reserves the right to make adjustments base on market conditions.

For all the futures products of INE, currently there is only one way to apply for hedging quota for regular months, that is applying the hedging quota for regular months by contracts. Later, if there is any product of which the hedging quota for regular months is applied by product, INE will make another announcement separately.

In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.

Shanghai International Energy Exchange

November 28, 2025