Ann: Market Update, page-32

Dear Wot,

Please do not twist it.

NDRC approval is required for the 100 million investment in outside China. Please read ANS announcement. It clearly stated that WAPRC will lodge the OI investment to China NDRC Shanghai office end of Sep 2018 and it will take around 4 to 6 weeks for the approval.  For the overseas investment which is $300 million and above, it will be processed by China NDRC office in Beijing.

Today is 14 Dec 2018. It has been more than 12 weeks from the estimated time.

Accept the fact that NDRC Shanghai office has not approved for the WAPRC's application for overseas investment of $100 million. No news could mean that the application might be refused by China's NDRC Shanghai office.

If China NDRC has approved it, as happened in the past ANS will surely announce it since this will be a big news and support their credibility.

Unfortunately, no news means bad news.