Investor Presentaiton

MIE Holdings Corporation (US$/bbl) Financial update Cash netback analysis of China assets and Emir-Oil Cash netback of China oilfields 105.46 105.59 104.54 104.56 Cash netback of Emir-Oil (1) (US$/bbl) 85.73 88.19 8.53 9.31 4.39 10.52 11.65 5.71 1.31 1.39 1.33 9.11 1.27 6.14 18.01 18.23 ■Lifting costs 17.63 17.73 ■Lifting cost 5.31 5.32 ■Distribution ■Taxes other than income taxes 77.62 76.66 75.05 73.91 Cash netback 1H2013 (excluding Kongnan) 1H2013 (including Kongnan) 1H2014 (excluding Kongnan) 1H2014 (including Kongnan) (1) Export: domestic sales split was 85%:15%, 79%:21% in 1H2013 and 1H2014, respectively 22.31 22.94 ■Export duty Mineral extraction tax ■Rent export tax 41.98 39.71 0.05 ■Property tax 5.71 1.18 4.39 Other taxes 0.93 0.05 ■Cash netback 46.26 44.36 35.10 32.33 Export 1H2013 Domestic Export 1H2014 Domestic 20 20

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