The 18th BOD meeting of Company First Term BOD was convened on April 22^nd on the 15^th floor in Quanzhou office building, presided over by Chairman Gu Yuefeng, with presence of the Company Directors, Supervisors, Office of President, Production Operation General Manager, Project GM and Shareholder representatives as well as attendance of heads of FREP Finance Department, Technical and Planning Department, HR and Administration Department as non-voting attendees for relevant review items.

The Company management delivered presentations to the meeting covering business review of 2014 and 2015 Q1, finance and DOAG, 2015 capital projects, PX contract strategy, 2015 annual bonus strategy, progress of SC debottlenecking project and long term facility planning, with relevant items reviewed and approved.

At the meeting, the board directors fully recognized FREP’s effective accomplishments as of beginning of 2014 under leadership of the Company management, particularly the progress in perspectives of internal optimization, profit increase, HSE performance improvement and turning losses into gains taking on the challenges of tough market in the first quarter this year. The directors present at the meeting encouraged the management to keep up the good work, pay continuous attention to safety, reliability, gross margin and the other key focus areas, and further improve profitability of the joint venture.

For next steps, President Gu Yuefeng expressed on behalf of the Company management that the Company would make great efforts to manage production operation in a safe and steady manner, seize the opportunity of market, give full play to the synergy of refining and petrochemical integration and improve refining and chemical profitability. The management has confidence to lead all the employees to faithfully work hard and continuously make profit to achieve the established targets and further improve FREP’s competiveness with great support by all the Shareholders and Board of Directors. (Coordination Office of President)