Subject: LNG + Infrastructure News Summary
From: "JiaQi Bao" <[email-masked]>
To: "Mervyn Yan" <[email-masked]>, "Gongwen Dong" <[email-masked]>, "Jim Biden" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Robert Biden" <[email-masked]>
Date: Thu, 15 Feb 2018 18:28:46 -0500

Please find attached for a quick summary of relevant news pertaining to
the LNG industry and infrastructure sector.

Domestically, Trump's infrastructure plan proposed streamlining of
environmental review and permitting processes, which could be beneficial to
projects such as LNG terminal and NG pipeline projects that are currently
taking years to go through approval.  Trump's infrastructure plan also
shift most ownership / financial responsibility to the state/local
governments, which might be favorable to private sector investors in terms
of 1). quantity of potential projects to choose from, 2). incentive and
flexibility local authorities willing to give, and 3). greater efficiency,
more certainty, and shorter lead time on project execution.

Internationally, Chinese buyer, for the first time, signed a long-term
purchase agreement with U. S. LNG provider.  The timing of this deal is
worth noting: China is facing the challenge of energy security and energy
source diversification amidst a breach of contract by China's #1 gas
supplier, Turkmenistan, this winter.  This unexpected disruption has led to
shortage and skyrocketed price.   As China is experiencing an structural
shift in its energy mix (consumption pattern), the demand for U. S. LNG
will continue to remain robust.

As such, all of the above mentioned factors are in our favor, in support of
our investment thesis in natural gas (NG)/LNG along with our pursuit of
energy and infrastructure related opportunities at large.

Happy Lunar New Year!

Best,

JiaQi 泓慧

JiaQi Bao | [email-masked] | 202.679.016