The 22^nd meeting of the 1^stterm board of directors of FREP was held on March 24^th at the 15/Fboard meeting room at Fulian Building. Chairman Mr. Gu Yuefeng chaired the meeting. FREPDirectors, Supervisors, Office of the President, shareholders’ representatives,and General Managers from Finance Department andTechnical & Planning Departmentattended the meeting.

The Company management deliveredpresentations to the meeting covering Business Performanceof 2016 and 2017 YTD, 2017 Capital Project, and Financial Status Update etc., with relevant itemsreviewed and approved.

At the meeting, the directors fullyrecognized all the good accomplishments of FREP management and employees in 2016.Especially maintained continuous positive profit and turned cumulative lossesinto gains in 2015 and 2016. The directors present at the meeting appreciatedthe efforts and contributions of FREP management and employees, and encouragedthe management to keep up the good work, maintain and further improve FREP’scompetitiveness.

President Mr. Gu Yuefeng commented onbehalf of the Company management that FREP management has confidence to leadall employees in further improving efficiency and sense of responsibility, andrealizing continuous improvement of operation performance of FREP. (Yuwei)