Performance Responsibility Agreement of 2015 Signed on April 24, 2015

Mr. WU Huailei, Chairman of Sinotec Group and General Manager of Shanghai Sinotec Co., Ltd., signed the Performance Responsibility Agreement of 2015 with the persons responsiblefor each department in Shanghai Sinotec Co., Ltd. on the afternoon of April 24, 2015. Personnels of Wisevirtue Consulting Company participated in and assisted the preparation and propaganda of the Performance Responsibility Agreement. 

On the signing ceremony, Chairman Wu pointed out, that Sinotec had maintained a stable growth, which was indeed creditable given the complicated circumstance of economic downturn and fierce competition. Classification management shall be carried out in performance assessment, to give full play to the leverage role, guiding role and function positioning role of assessment indexes. Assessments shall be linked to the total amount of salary and the annual salaries of department heads. In addition, Chairman Wu also expressed its expectation for Shanghai Sinotec to score new heights amid various challenges.