Qiniu Limited — Capital/Financing Update 2012

Jan 6, 2012

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SIBERIAN MINING GROUP COMPANY LIMITED 西伯利亞礦業集團有限公司 [*]

(incorporated in the Cayman Islands with limited liability)

(Stock code: 1142)

TERMINATION OF THE AGREEMENT IN RELATION TO THE EQUITY LINE OF CREDIT AND THE OPTION TO THE COMPANY

This announcement is made pursuant to Rule 14.36 of the Listing Rules.

The Board announces that after trading hours on 6 January 2012, the Company and the Investor mutually agreed to terminate the Agreement dated 17 June 2011 in relation to the Equity Line of Credit and the Option by entering into an agreement of termination with effect from 6 January 2012, in view of the prevailing share price of the Company is substantially below the Threshold Price of HK$1.80 (as adjusted for the effect of share consolidation with effect from 3 October 2011).

In response to the Termination, the Share Lender and the Investor also mutually agreed to terminate the related Share Lending Agreement dated 17 June 2011 by entering into an agreement of termination also with effect from 6 January 2012.

To the best of the Directors’ knowledge, information and belief, the Directors are of the view that the Termination will not have any material adverse impact on the financial position and business operation of the Group.

This announcement is made pursuant to Rule 14.36 of the Rules (the “ Listing Rules ”) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Reference is made to the announcement (the “ Announcement ”) of Siberian Mining Group Company Limited (the “ Company ”) dated 17 June 2011 and the circular (the “ Circular ”) of the Company dated 30 June 2011 in relation to, among other matters, the granting to the Company the Option to require the Investor to subscribe for up to an aggregate of 28,400,000 Option Shares of HK$0.20 each (568,000,000 Option Shares of HK$0.01 each before share consolidation with effect from 3 October 2011) if the Option structured under the Equity Line of Credit is exercised in full. Terms used in this announcement shall have the same meanings as those defined in the Announcement and the Circular unless otherwise stated herein.

* For identification purpose only

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The Board announces that after trading hours on 6 January 2012, the Company and the Investor (the “ Parties ”) mutually agreed to terminate the Agreement dated 17 June 2011 in relation to the Equity Line of Credit and the Option by entering into an agreement of termination with effect from 6 January 2012 (the “ Termination ”), in view of the prevailing share price of the Company is substantially below the Threshold Price of HK$1.80 (as adjusted for the effect of share consolidation with effect from 3 October 2011). Upon Termination, the Parties have been mutually released from their respective rights and obligations under the Agreement.

In response to the Termination, the Share Lender and the Investor also mutually agreed to terminate the related Share Lending Agreement dated 17 June 2011 by entering into an agreement of termination also with effect from 6 January 2012.

As at the date of this announcement, no Option Shares have been issued to the Investor under the Specific Mandate, and upon Termination, no Option Shares will be issued to the Investor under the Specific Mandate. To the best of the Directors’ knowledge, information and belief, the Directors are of the view that the Termination will not have any material adverse impact on the financial position and business operation of the Group.

By order of the Board Siberian Mining Group Company Limited Lim Ho Sok Chairman

Hong Kong, 6 January 2012

As at the date of this announcement, the Board comprises Mr. Lim Ho Sok and Mr. Shin Min Chul as executive directors of the Company and Mr. Pang Ngoi Wah Edward as non-executive director of the Company and Mr. Liew Swee Yean, Mr. Tam Tak Wah and Mr. Young Yue Wing Alvin as independent non-executive directors of the Company.

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