A Letter to Fellow Shareholders from Mrs. Mingfei He: the Inheritor and Widow of the Company's Largest Shareholder

TORONTO, Oct. 23, 2020 /CNW/ -

Dear fellow CF Energy Corp. shareholders:

Our names are Ms. Mingfei He, and Mr. (Trevor) Zhipei Lin. Thank you all for your continued support for CF Energy during these unfortunate times where we have lost Mr. Huajun Lin, our husband and father and the company's founder and leader.

The transition to new leadership has proven to be a significant problem for the company, especially as the company has found itself in the hands of an unqualified director, Chairman, CEO and secretary in our daughter and sister, Ms. (Ann) Siyin Lin. We write to you, as the rightful heirs of Mr. Huajun Lin's estate and therefore the majority shareholder of the company, to request your support for 11882716 Canada Inc. in its fight to reconstitute the board of directors of CF Energy with its qualified nominees.

Ann has significantly complicated the transition to new leadership by producing what we believe is a forged will that names Ann as the sole trusteeship of the entire estate of Mr. Huajun Lin.  It is not plausible that Mr. Huajun Lin would neglect to include his widow or his three other children as trustees to his estate.  Since the circumstances around the dispute as to the administration of the estate of Mr. Huajun Lin continue (as disclosed by the independent directors in a press release by CF Energy on July 25, 2019), Ann's actions have unfortunately resulted in our inability to vote the shares held by the estate at the Company's shareholder meetings despite us being the largest shareholders of CF Energy.

In the event that we are successful in the litigation regarding Mr. Huajun Lin's estate, we hereby commit to the following:

1. We will act in good faith in accordance with the loan discharge agreement entered into by Mr. Huajun Lin and the Company, and accordingly will make an offer to repurchase common shares of CF Energy. To that end, we are willing to use our entitlement to the estate's assets to fund such repurchase if we are permitted to do so: we intend to utilize an estimated $4 Million CAD of cash held by Mr. Huajun Lin's estate here in Canada. It has been our intention to honour this agreement before any dispute arose, despite assertions by any other persons to the contrary.
2. We will support the company and the board in prioritizing the continued distribution of dividends to shareholders of CF Energy.
3. We will support the company in its commitment to continue with the development plan and vision established by Mr. Huajun Lin.

Please reach out to us personally at the contact information provided below with any questions or concerns you may have, and thank you for your continued support of both CF Energy and our efforts to ensure that the company is managed in the best interests of all shareholders.

Sincerely,

SOURCE Ms. Mingfei He and Mr. (Trevor) Zhipei Lin