Independent Financial Advisor Report
Independent Financial Advisor Statement
China International Capital Corporation accepts the commission from the Board of Directors of Jinzhou Petrochemical Co., Ltd. to act as the independent financial advisor for this tender offer. The Boards of Jinzhou Petrochemical Co., Ltd. and China National Petroleum Corporation commit that all materials, documents, or other bases provided to this independent financial advisor for issuing this report are true, accurate, complete, and timely, with no false records, misleading statements, or significant omissions. Except for the relevant information provided by the Boards of Jinzhou Petrochemical Co., Ltd. and China National Petroleum Corporation, other information relied upon in this report comes from public channels, including but not limited to the audited reports of Jinzhou Petrochemical Co., Ltd. for the past three years and public data from the capital market. This independent financial advisor report expresses opinions solely on the comprehensive tender offer by China National Petroleum Corporation for the circulating shares of Jinzhou Petrochemical Co., Ltd., including the financial condition of Jinzhou Petrochemical Co., Ltd., whether the tender offer conditions are fair and reasonable, and the potential impact of the acquisition on the company. The independent financial advisor assumes no responsibility for any consequences arising from investment decisions made by investors based on this report. The matters described in this report do not represent the substantive judgment, confirmation, or approval of the approval authority regarding the relevant matters of this tender offer, and the effectiveness and completion of this tender offer are still subject to the approval of the relevant authorities.