China National Aviation Fuel Group Corporation

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Established on 11 October 2002, China National Aviation Fuel Group Corporation (“CNAF”) is a large state-owned air transportation logistics service provider in the PRC. It was established through the restructuring of its predecessor, China Aviation Oil Supply Corporation. CNAF is the largest integrated jet fuel supplier in the PRC, providing jet fuel procurement, transportation, storage, inspection, sales and refuelling services. It is a central State-owned enterprise (“SOE”) directly under the State-owned Assets Supervision and Administration Commission of the State Council (“SASAC”) and is a pilot state holding enterprise approved by SASAC to carry out state-authorised investments.