BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Steve Crocker and Bruce Tonkin

Staff Members Present: Akram Atallah – Chief Operating Officer, Xavier Calvez – Chief Financial Officer; Megan Bishop, Michelle Bright, Samantha Eisner, Amy Stathos, and Nick Tomasso

The following is a summary of discussions, actions taken and actions identified:

1. Budget Review: The BFC reviewed the budget to date.

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Steve Crocker

Staff Members Present: Akram Atallah – Chief Operating Officer, Xavier Calvez – Chief Financial Officer; Megan Bishop, Michelle Bright, Samantha Eisner, Taryn Presley, Ken Redhead, and Amy Stathos

The following is a summary of discussions, actions taken and actions identified:

1. Minutes: The BFC approved the minutes of its previous meeting.

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Steve Crocker, Erika Mann, Gonzalo Navarro and Bruce Tonkin

Staff Members Present: Xavier Calvez – Chief Financial Officer; Megan Bishop, Michelle Bright, Elizabeth Le, and Amy Stathos.

The following is a summary of discussions, actions taken and actions identified:

The meeting was called to order at 4:34 p.m. in Beijing, China.

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Fadi Chehadé (President and CEO), Steve Crocker, Erika Mann and Bruce Tonkin

Staff Members Present: Akram Atallah – Chief Operating Officer, Xavier Calvez – Chief Financial Officer; Megan Bishop, Michelle Bright, Shawn Capistrano, Samantha Eisner, Ken Redhead, Diane Schroeder, and Amy Stathos.

The following is a summary of discussions, actions taken and actions identified:

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Steve Crocker

Staff Members Present: Akram Atallah – Chief Operating Officer, Xavier Calvez – Chief Financial Officer; Megan Bishop, Michelle Bright, Shawn Capistrano, Samantha Eisner, Ken Redhead, and Amy Stathos.

The following is a summary of discussions, actions taken and actions identified:

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Steve Crocker

Staff Members Present: Akram Atallah – Chief Operating Officer, Xavier Calvez – Chief Financial Officer; Shawn Capistrano, Samantha Eisner, Ken Redhead, Diane Schroeder, and Amy Stathos.

Invited Guest: Member of company helping develop investment strategy

The following is a summary of discussions, actions taken and actions identified:

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Steve Crocker and R. Ramaraj

Staff Members Present: Akram Atallah, Chief Operating Officer, Xavier Calvez – Chief Financial Officer; Kurt Pritz, Chief Strategy Officer; Michelle Bright, Samantha Eisner, Diane Schroeder, and Amy Stathos.

The following is a summary of discussions, actions taken and actions identified:

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Akram Atallah and Steve Crocker

Invited Attendees: Olga Madruga-Forti

Staff Members Present: Xavier Calvez – Chief Financial Officer, Michelle Bright, Samantha Eisner, Amy Stathos and Alina Syunkova.

The following is a summary of discussions, actions taken and actions identified:

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, and George Sadowsky

Other Board attendees: Steve Crocker, Bertrand de La Chapelle and Judith Vazquez

Invited Attendees: Fadi Chehadé

Staff Members Present: Akram Atallah – Chief Operating Officer; Xavier Calvez – Chief Financial Officer; John Jeffrey – General Counsel and Secretary; Kurt Pritz – Senior Vice President, Stakeholder Relations; Diane Schroeder and Amy Stathos.

The following is a summary of discussions, actions taken and actions identified: