Recent Chinese Investments in the GCC

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1 Recent Chinese Investments in the GCC COMP. DATE TARGET TARGET DOMICIL E SECTOR BUSINESS DESCRIPTION ACQUIROR STAKE (%) DEAL VAL. ($M) Jul-12 Oil & Gas Assets Qatar Oil & Gas Exploration and production rights for Block 4 China National Petroleum Corp. 40.0% n.a. Jan-12 Yanbu Aramco Sinopec Refining Co. Saudi Arabia Oil & Gas JV to build a 400,000 bpd refinery in Yanbu Industrial City China Petrochemical Corp. 32.5% n.a. Jan-12 Oil & Gas Assets UAE Oil & Gas Oil terminal in Fujairah Sinopec Kantons Holdings 50.0% $20.1 Sep-11 Al Mansoori Hilong Petroleum Pipes UAE Oil & Gas Abu Dhabi based pipe manufacturing JV with Hilong Holding Hilong Holding 51.0% $12.1 Aug-11 International Turnkey Systems (Business Support System division) UAE TMT Business support system division Huawei Technologies Co. n.a. n.a. Jun-11 Steel Pipe Plant Saudi Arabia Industrials Steel pipe manufacturing JV established with the Abdel Hadi Abdullah Al Qahtani & Sons Group Chu Kong Petroleum & Natural Gas Steel Pipe Holdings 50.0% $26.7 Apr-11 Maxx Logistics UAE Transportation Logistics service provider Sinotrans n.a. n.a. Mar-11 Atlantic Maritime Group UAE Services Marine engineering service provider Fastube 100% $114.4 Source: Dealogic.

2 Recent GCC Investments in China COMP. DATE TARGET SECTOR BUSINESS DESCRIPTION ACQUIROR Aug-12 Citic Capital Holdings Financial Services Asset management firm Sep-11 Citic Securities (IPO) Financial Services Investment bank Aug-11 China Construction Bank Corp. Financial Services Commercial Bank Dec-10 Chongqing Rural Commercial Bank Financial Services Commercial Bank Qatar Investment Kuwait Investment Qatar Investment Abu Dhabi Int. United Inv. DOMICIL E STAKE (%) DEAL VAL. ($M) Qatar 22.2% n.a. Kuwait n.a. n.a. Qatar n.a. n.a. UAE 2.5% $99.8 Nov-10 Shanghai Zhangyou Energy Power & Energy LPG distributor Oman Oil Co Oman 45.0% $131.5 Jul-10 Agricultural Bank of China Ltd. Financial Services Commercial bank Jul-10 Agricultural Bank of China Ltd. Financial Services Commercial bank Kuwait Investment Qatar Investment Kuwait 8.5% $1,900 Qatar 27.1% $6,000 Oct-10 Yangzijiang Shipbuilding Transportation Ship building company Qatari Diar Qatar 2.3% $78.5 Sep-08 Baisui United Logistics Transportation Logistics service provider Agility Kuwait 100% $50.5 Jun-08 Cosa Freight Inc. Transportation Logistics service provider Agility Kuwait n.a. n.a. Mar-08 Shandong Rongxing Petroleum Services Oil & Gas Petroleum products trader National Petroleum Services Qatar n.a. n.a. Jan-08 Debao Property Development Real Estate Property developer Dubai Investment Group UAE n.a. $10.1 Nov-07 May-07 Apr-07 Hebei Dongguang Chemical Ind. Co. Guangzhou Runtong Int. Transport Kunshan Traders Park Hotel Co. Chemicals Chemicals manufacturer Dubai Ventures UAE 39.2% $17.5 Transportation Logistics service provider Agility Kuwait n.a. n.a. Real Estate Hotel property portfolio Source: Dealogic. Kingdom Hotel Investments UAE 100% $40.1

3 GCC Government Expenditures ($Bn) Source: Institute of International Finance, Wall Street research.

4 Estimated Crude Oil Breakeven Prices ($) ($/bbl) Fiscal Balance Break-Even Price (2011) Iraq Iran Oman Kuwait Qatar Bahrain Saudi Arabia Algeria UAE ($) Change in the Fiscal Break-Even Price: Source: International Monetary Fund, National Authorities, Wall Street research.

5 GCC Contracts Awarded 2001 to 2011 ($m) Source: MEED Projects.

6 GCC Oil, Gas & Petrochemical Projects Combined project orders from the GCC are expected to exceed $300bn for 2012 and 2013 BY COUNTRY BY SECTOR Source: MEED Projects, Broker Research.

7 Top 10 EPC Contractors in the GCC VALUE OF CONTRACTS ($BN) CONTRACTOR Q Q PERCENTAGE CHANGE Samsung Engineering % Saipem % Hyundai Engineering & Construction % Daelim Industrial Company % GS Engineering & Construction (1%) SK Engineering & Construction (9%) JGC Corporation (36%) Samsung Corporation 6.8 n.a. n.a. Doosan Heavy Industries & Construction 6.0 n.a. n.a. Petrofac Limited (6%) Source: MEED Projects.

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