OPSBA JV : Fix Costs

Rate : 1€ = 1.50USD 1€ = 8.50EGP

Inflation rates : 12% (2011) 10% (2012) 8% (2013) , then 7%

All fix costs reviewed through benchmark with most recent blending of Total, and
according to existing costs specific to Egypt (energy & water, salaries etc...)

Blending plant Fixed Cos ts

Headcount 60 60 60 60 76 82
Payroll expenses 1,977 2,136 2,285 2,445 3,908 6,130
Business trips, receptions and representation 174 187 200 214 300 450
Fuel, Water & Electricity 872 980 1,048 1,122 1,573 2,361
Maintenance and upkeep 2,182 2,479 2,784 3,132 4,945 9,500
Fees and services 262 280 300 320 450 675
Outside IT, Telecom and postal services 262 280 300 320 450 675
Labs expenses & other research services 55 63 67 72 101 152
Insurance 349 373 399 427 599 899
Taxes and levies 87 93 100 107 150 225
Purchases of consumables, supplies and subscriptions 436 467 499 534 749 1,124
Technical assistance 2,616 2,799 2,995 3,205 4,495 6,746
Miscellaneous 4,249 187 200 214 300 450
Blending Fixed cos ts : Current money 13,522 10,323 11,177 12,112 18,019 29,386
variance % -23.7% 8.3% 8.4% 7.2% 8.4%
Cons tant money 12,293 8,689 8,793 8,905 9,446 10,265
Blending cos ts + depreciation (Euro / T) cons tant money 116 57 60 69 102 95

1 - Références, date, lieu

 OPSBA JV : Investments
Rate : 1€ = 1.50USD 1€ = 8.50EGP

Inflation rates : 12% (2011) 10% (2012) 8% (2013) , then 7%

Land paid through 8 terms.

KEGP
Initial investments depreciation 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Fixed assets gross 15 yrs 68,499 0 0 0 0 0 0 0 0
Others fixed assets / LT Rentals 8 yrs 16,105
5 yrs 3,634
Land 408 524 524 524 524 524 524 524
10 yrs 0
Investments growth / upkeep
Upkeep and disinvest. 15 yrs 978 1,060 978 3,016 1,019 1,630 1,141 1,182 1,223 1,304 1,793 3,301 1,345 1,345
Upkeep and disinvest. 8 yrs 163 163 163 163 163 163 163 163 163 163 163 163 163 163
Upkeep and disinvest. 5 yrs
Total investments -88,645 -524 -1,665 -1,746 -1,141 -3,179 -1,182 -1,793 -1,304 -1,345 -1,386 -1,467 -1,956 -3,464 -1,508 -1,508
Total investments inflated -88,645 -576 -1,978 -2,220 -1,552 -4,626 -1,840 -2,988 -2,325 -2,565 -2,828 -3,204 -4,571 -8,661 -4,034 -4,317
Cumulative investments inflated -88,645 -89,222 -91,200 -93,420 -94,971 -99,597 -101,438 -104,425 -106,750 -109,315 -112,143 -115,347 -119,919 -128,580 -132,614 -136,931
inflated

Upkeep investments : are based on benchmark with the other blending plants of Total
(Dubai, Vietnam, Saudi, ....)
Upkeep investment increases in 2016 while new fill-in capacities are added to absorb
the increase of volumes
Upkeep investments with depreciation 15 years are equipments. The one with
depreciation 8 years mostly spare-parts
2 - Références, date, lieu
 OPSBA JV : Funding of the Project
Rate : 1€ = 1.50USD 1€ = 8.50EGP

Capital 35%; Debt 65%.

KLE Share capital shareholding

Initial investment 88,645 Total Egypt 20,688 M EGP 65%
Initial WCR 2,290 Lybia Oil 11,140 M EGP 35%
90,935 Total Share capital 31,827 M EGP 100%

Share capital 31,827 35%

Bank loan 59,108 65%
90,935

Year Interest Cap. Reimb annuity Loan balance Interest rate 11.5%
Mid - 2011 59,108 maturity (yrs) 5
End - 2011 3,399 0 0 59,108 grace period (yrs) 2
2012 6,797 9,397 16,194 49,711
2013 5,717 10,478 16,194 39,233
2014 4,512 11,683 16,194 27,550
2015 3,168 13,026 16,194 14,524
2016 1,670 14,524 16,194 0
25,263 59,108 80,972

Year Mid - 2011 End - 2011 2012 2013 2014 2015 2016
Interest 3,399 6,797 5,717 4,512 3,168 1,670 25,263
Cap. Reimb 0 0 9,397 10,478 11,683 13,026 14,524 59,108
annuity 0 0 16,194 16,194 16,194 16,194 16,194
Loan balance 59,108 59,108 49,711 39,233 27,550 14,524 0

3 - Références, date, lieu