SKM Valuation Of Transco's Assets Underway

NEWS RELEASE

2 June 2005

VALUATION OF TRANSCO'S ASSETS UNDERWAY

Work has commenced on an important valuation of TransCo's assets in the Philippines.

The National Transmission Corporation (TransCo) is a Philippine Government-owned and controlled corporation that has assumed the electrical transmission functions of the National Power Corporation (NPC) in the Philippine grid.

The valuation is being carried out for regulatory purposes by leading energy consulting firm, Sinclair Knight Merz, in association with Joaquin Cunanan/PricewaterhouseCoopers and Cuervo Appraisers Inc., both from the Philippines.

Sinclair Knight Merz Project Manager, Mike Farr said the Project involves an international team of more than 20 SKM engineers and support personnel sourced from Australia, the United Kingdom and the Philippines.

Many of these engineers will be based in Manila for varying durations over a period of about four months.

"This is the first external re-valuation of TransCo," Mr Farr said.

"In winning the Contract, the SKM team beat off an international field of competing bidders from Australia, the UK and other parts of Europe," he said.

"This is a strategic project that will further establish SKM in the emerging Asian deregulated electricity supply industry," he added.

Sinclair Knight Merz is a long established independent, employee owned project delivery organisation with more than 4000 staff in offices in major business centres across the globe.

TransCo is responsible for the planning, construction, operation and maintenance of high voltage transmission facilities across the Philippines including those of grid interconnections, as well as the provision of ancillary services.

ENDS

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