EEI Joint Venture Inks Insular Life Project

May 13, 1999 PSE CIRCULAR FOR BROKERS NO. 1068-99 PRESS RELEASE EEI CORPORATION EEI Joint Venture Inks Insular Life Project EEI Corporation's joint venture with SAE International of France obtained the general contract for the construction of the proposed headquarters of Insular Life Assurance Company. The SAEI-EEI Construction Corporation (SECC) acquired the P1.64 Billion as the General Contractor for the construction of the foundation and sub-structure, superstructure, electro-mechanical works and architectural finishing of the 35 and 30 storey twin tower project. Construction is set to commence on April 1999 and Phase I (Insular Tower) is expected to be completed on September 30, 2000 and Phase II shall be completed 14 months thereafter. "The new contracts reflects the increased confidence placed upon project owners and international principals in the capability of the company," Rizalino Navarro, chair and CEO of EEI Corporation said expressed during the signing ceremony with Insular Life's Vicente R. Ayllon. SECC is also building the Pacific Plaza Towers now undergoing construction in the Fort Bonifacio district. The joint venture with SAE is one of several strategic alliances EEI has forged to step up its technology acquisition in cutting-edge high-rise property construction and its expansion in the property market. "The contract represents another move forward with our alliance with SAE, which we hope will grow with the anticipated recovery," Navarro added. He noted that EEI has gained a significant presence in high-rise and commercial building projects, while maintaining its leading position in industrial construction. EEI a publicly listed corporation has been heavily involved in the building of power generating facilities, oil and petrochemical, cement, food and beverage manufacturing and other heavy industrial plants. Its JV partner, SAE International is one of France's largest construction companies, and has participated in landmark projects in Asia. Europe and the Americas. EEI has established a firm foothold in overseas markets. It was awarded the USS 40 million boiler mechanical erection contract by Mitsubishi Heavy Industries of Japan and Bechtel Corporation of the US for the 2,400 megawatt Ghazlan (Saudi Arabia) power plant in 1998. Construction of the two-and-a-half year project, which generated some 1,500 jobs for Filipino contract workers, is now in full swing. Also, through its Saudi Arabian subsidiary, it signed US$12.5 million contract for a debottle-necking construction of an LNG (Liquid Natural Gas) facility in ARAMCO's Shedgum Gas Plant in Shedgum, Saudi Arabia in the first quarter of 1999. The project, awarded by general contractor Pritchard Black & Veatch of the United States, involves the construction of furnaces, gas separator columns and other structures for this natural gas production facility. Last year, the company achieved international recognition when it was included in the Engineering News-Record magazine's list of the world's Top 225 International Contractors for 1998. It is thus the first Philippine company to join the prestigious list of the ENR Global Construction Sourcebook, the industry's primary information source for the global construction industry.