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Investor Presentaiton

Risk Disclaimers The net earnings from the restructuring of the Transactions will only be determined after the completion of the closing audit Upon completion of the Transactions, PetroChina Pipelines Co., Ltd., Pipeline Branch, and other subsidiaries of the Company will no longer be consolidated into the financial statements of the Group; associated companies or joint ventures will no longer apply the equity method for accounting • Upon completion of the Transactions, the Company will be entitled to receive the returns on the equity investment it has in Pipe China and gain relatively stable long- term return. However, due to changes in the national pricing policy on oil and gas pipeline transmission, downstream market demands and other factors, the profitability of Pipe China in the future is subject to uncertainty The Company and Pipe China have clarified the rights, obligations and risk assumptions of the reorganized pipeline asset management after the Transactions in the relevant agreement. However, there is still a certain degree of uncertainty regarding the specific implementation effect of the future operation-related arrangements of the reorganized pipeline assets The Transactions are subject to certain closing conditions that can be fulfilled or waived before implementation, including the general meeting, approval by relevant government authorities, and review of regulatory agency. The Transactions still have uncertainties PetroChina 15
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