The 19^th meeting of the 1^st term board of directors of FREP was held on November 27^th at the 15/F board meeting room at Fulian Building. Chairman Mr. Gu Yuefeng chaired the meeting. FREP Directors, Supervisors, Office of the President, Operation General Manager, Project General Manager and shareholders representatives attended the meeting. General Managers from Finance Department, Technical & Planning Department, Marketing & Sales Department and Human Resources & Administration Department also presented at the review of related agendas as non-voting attendees.

The Company management delivered presentations to the meeting covering Business Performance October 2015 YTD and 2015 Outlook, Business Plan (2016-2019), 2015 Capital Project, Major Contracts & Strategy, Financial Status Update, People Management Plan, Steam Cracker Debottleneck Project Update and Master Plan of the Company, with relevant items reviewed and approved.

At the meeting, the directors fully recognized all the good accomplishments of FREP management and employees in 2015. In the situation that crude price declined sharply and petrochemical industry maintained in downturn, through various initiatives on responding to challenges, catching market opportunities, optimizing operation and exploring sales channels, the Company made good progress on improving HSE performance, economy/ technical index and profit etc. The directors present at the meeting encouraged the management to keep up the good work, continuously focus on safety, flawless operation, reliability enhancement and oil loss reduction, maintain and further improve FREP’s competitiveness.

President Mr. Gu Yuefeng commented on behalf of the Company management that FREP management has confidence to lead all employees in maintaining continuous positive profit and turning cumulative losses into gains in three years. With great support of all shareholders and directors, FREP will realize the objectives of creating value, maximizing shareholders return, contributing to the community and benefiting the employees. (Coordination Office of President)