dbAccess: China Energy Corporate Day

Deutsche BankdbAccessdbAccess China Energy Corporate Day International Commerce Centre, Hong KongNovember 24, 2016 (Thursday)Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016.Distributed on: 23/11/2016 05:42:52 GMT Deutsche Bank Markets Research Asia China Energy Oil & Gas Strategy dbAccess China Date 22 November 2016 Special Report Handbook for China Energy Corporate Day DB’s energy day – 6 companies & 3 market leading consultants ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016. Johnson Wan Research Analyst (+852 ) 2203 6163 johnson.wan@db.com Vitus Leung Research Analyst (+852 ) 2203 6158 vitus.leung@db.com Companies Featured Sinopec (0386.HK),HKD5.29 Buy PetroChina (0857.HK),HKD5.20 Buy CNOOC Ltd (0883.HK),HKD9.73 Hold SPC - H (0338.HK),HKD4.00 Buy Hilong Holding (1623.HK),HKD2.28 Hold Source: Deutsche Bank Into the first year of its 13th five-year period, China’s oil & gas sector continues to provide numerous investment opportunities. With the release of China’s five-year energy plan around the corner, the focal point has turned to reforms. In upstream E&P, low oil prices have accelerated the depletion of thin crude reserves. In refining and chemicals, the rise of teapot refiners has led to structural changes in the operating landscape. In oil field services, new government targets to boost shale gas production for 2020/2030 have renewed investor interest. DB’s Energy Corporate Day provides a forum to discuss topical issues and strengthen relationships between corporates and investors. We are pleased to welcome you to our dbAccess China Energy & Chemicals Corporate Day at Deutsche Bank's HK offices, International Commerce Centre, 24 November (Thursday). In this conference handbook, we provide a summary of each of the companies attending. The summaries carry the following information: 1) Business overview & investment thesis 2) Suggested question list 3) Company financials and forecasts (if available) 4) Valuation comparison Insights from 6 energy and chemicals companies  Three China oil majors: PetroChina (857 HK), Sinopec (386 HK), CNOOC (883HK)  Two oil servicing companies: Anton (3337 HK), Hilong Holding (1623 HK)  Refining and chemical company: Sinopec Shanghai Petroleum Co (338 HK) Latest policy and industry trends  Consultant 1: WWF – Climate change and financial risk: the growth of electric vehicles and their impact on oil  Consultant 2: Longzhong Petrochem – Teapot refiners and their impact on regional refining  Consultant 3: ICIS China – Energy reforms in China 22 November 2016 Energy dbAccess China Page 2 Deutsche Bank AG/Hong Kong Table Of Contents Agenda on Energy & Chemicals Corporate Day ................. 3 PetroChina (857 HK, Buy) ..................................................... 4 Outlook .....................................................................................................................4 Key questions ...........................................................................................................4 Sinopec (386 HK, Buy) ........................................................... 6 Outlook .....................................................................................................................6 Key questions ...........................................................................................................6 CNOOC (883 HK, Hold) .......................................................... 8 Outlook .....................................................................................................................8 Key questions ...........................................................................................................8 Anton (3337 HK, non-rated) .................................................. 9 Company description ................................................................................................9 Key questions ...................................................................