First Reserve Corporation Closes Fund XII with Close to $9 Billion Committed

Largest Energy Sector Focused Fund Raised

GREENWICH, Conn, London and Houston; April 20, 2009 -- First Reserve Corporation, the largest
and leading private equity firm specializing in the energy industry, today announced the closing of
its most recent global buyout fund, First Reserve Fund XII, L.P. (“Fund XII”). With total
commitments of close to $9 billion, Fund XII is the largest buyout fund ever raised in the energy
sector and is the largest raised by First Reserve. Fund XII is more than $1 billion larger than Fund
XI, which closed at $7.8 billion in 2006.

For more than 25 years, First Reserve Corporation has been investing exclusively in the energy
industry. First Reserve has raised more than US$20 billion for its private-equity buyout-focused
funds.

With an initial close in mid July 2008, Fund XII was raised in just under a year which is quite a
compressed timetable for funds this size. Fund XII Limited Partners include both current,
longstanding investors as well as new investors. At close to $9.0 billion, the fund allows First
Reserve to secure access to high-quality deal flow and execute on its strategy of investing in global
energy-focused companies with significant growth potential and strong market positions.

“Fund XII provides us ample equity during what is expected to be an attractive investment
environment in the coming years. It gives us the resources to continue to secure strategic market
positions, often with industry partners, and gives us access to high-quality deal flow. Energy
remains a large, dynamic and complex industry where change creates new, attractive investment
opportunities.” said William Macaulay, Chief Executive Officer of First Reserve Corporation. “Our
experience of investing successfully throughout varying economic cycles is an advantage in the
current environment and will provide long-term opportunities for our valued Fund XII investors.”

First Reserve has established confidence within the investment community with over one third of its
deals made with strategic industry partners. Recently announced strategic partner investments
include an agreement between portfolio company Cobalt International Energy and TOTAL E&P USA;
and an agreement with Siemens Financial Services for an investment in the Longview Power project
in West Virginia.

ENDS

About First Reserve

First Reserve is the world’s leading private equity firm in the energy industry. For more than 25
years, it has invested solely in the global energy industry, and has developed an unparalleled
franchise, utilizing its broad base of specialized energy industry knowledge as a competitive
advantage. First Reserve invests strategically across a wide range of energy industry sectors,
developing a portfolio that is diversified across the energy value chain, backing talented
management teams and building value by building companies. Further information is available at
www.firstreserve.com
For media inquiries, please contact Michael Henman of Cubitt Consulting +44 (0)20 7367 5100 or
michael.henman@cubitt.com; or Caroline Harris of CJP Communications at 212-279-3115; ext. 222
or charris@cjpcom.com