The Board is pleased to announced that, on January 25, 2016, the Company entered into an Investment Agreement with Guodian Shandong, Shandong Ludian and Shandong Tuoneng, pursuant to which, the parties will make contributions to establish a JV Company which will be in charge of the investment in and construction of 2 x 1,000 MW power generator units of Guodian Boxing Power Plant. The total investment in the Project amounts to RMB 8,706 million (subject to the approved Project budget), of which the registered capital of the JV Company is RMB 1,741 million. The parties' respective proportions in and contributions to the registered capital of the JV Company are as follows: (i) the Company will contribute RMB 522 million, representing 30% of the registered capital; (ii) Guodian Shandong will contribute RMB 888 million, representing 51% of the registered capital; (iii) Shandong Ludian will contribute RMB 174 million, representing 10% of the registered capital; and (iv) Shandong Tuoneng will contribute RMB 157 million, representing 9% of the registered capital.