Ann: Visit to PH Pagbilao LNG Hub Terminal & Power Station, page-8

Hi Plough,

As far as the quality of the construction is concerned, I take my guidance from the following two events:

Firstly, since the independent director who visited the Pagbilao sites (both power station and lng hub) he has bought 2 parcels of 100,000 shares each, bringing his total to 900,000 shares.

Secondly, I understand that, as part of the $550,000million financing for the power station, the banks would want an engineering report re: construction of power station (including turbines etc) and, given the progress of these negotiations, this engineering report must have been submitted some time ago and deemed positive.

As far as the completion date is concerned, I thought that the Philippines DoE April 2015 assessment of it being in early 2016 seems the most plausible.