<P><FONT size=5>GS 高华证券--行业研究--亚太能源业：将行业评级下调至中性</FONT></P>
<P><FONT size=5>January 31, 2007            10页       英文</FONT></P>
<P><FONT size=5>Asia Pacific: Energy－Changing coverage view to Neutral from Attractive</FONT></P>
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<P><FONT size=3>Driven partly by our downgrade of CNOOC stock (0883.HK) from Buy to Neutral, we have changed our view on the Asia Pacific Energy coverage group to Neutral from Attractive. Our recent downgrades of two other sector heavyweights Sinopec (0386.HK) (Neutral to Sell) and PetroChina (0857.HK) (Buy to Neutral) – which accounts for 12.8% and 21.2% of the MSCI Asia Energy Index – also contributed to the change in our view. We believe the combination of upstream production disappointments (from CNOOC and PetroChina thus far), higher than expected upstream cost inflation (both operating and capital costs) and uncompelling valuations, make it increasingly difficult for us to maintain an Attractive coverage view</FONT></P>