NOTE：

CBDSM ----  Changbao Desheng Mill

CBPSSTCO ---- Changbao Precision&Special Steel Tube Co., Ltd.

CBPSTCO ---- Changbao Precision Steel Tube Co., Ltd.

CBOOPCO --- Changbao Oman Oil Pipe Company L.L.C(FZC)

CBEMCO ---- Changbao Equipment maintenance Co.,Ltd.

CBSTCO ---- Changbao Steel Tubulars Co.,Ltd.

CBIHCO ---- Changbao International Holding Co.,Ltd.