The Board of China Financial International Investments Limited announced that, after the execution of the Cooperation Agreement, the Nanyang Government has nominated (transliterated as Nanyang Industrial Investment Group Company Limited, "NIIG"), a state-owned limited liability company controlled by the Nanyang Government, to act in place of the Nanyang Government to enter into two joint venture agreements with the Company, Sinopec Marketing and SSPAB (collectively with NIIG, the "JV Partners") on 31 March 2020, in relation to the formation of JV Company I and JV Company II. Pursuant to the first joint venture agreement (the "First JV Agreement"), JV Company I will be engaged in, among others, the production and sales of fuel ethanol and related products, the production and supply of electricity and heat, and the research, development and technical services of fuel ethanol and denatured fuel ethanol for a term of 20 years subject to the shareholders' approval to extend its term in one year prior to the expiry of its term. The registered capital of JV Company I will be RMB 150,000,000; and each of the Company, NIIG, Sinopec Marketing and SSAPB will subscribe for 30%, 20%, 20% and 30% of the equity interest of JV Company I, respectively. Pursuant to the second joint venture agreement (the "Second JV Agreement"), JV Company II will be established for, among others, operating refined petroleum products (such as vehicle ethanol gasoline, kerosene, diesel, natural gas) without storage facilities, selling food and chemical products, retail medicine and road cargo transport for a term of 20 years subject to the shareholders' approval to extend its term in one year prior to the expiry of its term. The registered capital of JV Company II will be RMB 150,000,000; and each of the Company, NIIG, Sinopec Marketing and SSAPB will subscribe for 30%, 20%, 43% and 7% of the equity interest of JV Company II, respectively by cash during the period from the completion of the registration of JV Company II and up to 31 October 2020. The Company will finance its subscription in JV Company II by internal fund.