EEI Expands Foreign Projects

March 6, 2000 PSE CIRCULAR FOR BROKERS NO. 556-00 EEI EXPANDS FOREIGN PROJECTS Construction giant EEI Corporation acquired new construction contracts in the lucrative Middle Eastern market that bolstered its overseas project orderbook by a total of US$28.5 million by the end of 1999. It has been contracted by Bechtel Corporation for the electro-mechanical erection of a 5 x 115 MW gas fed power generating plant in Saudi Arabia. EEI initially undertook the supply of project engineering and construction manpower for the power plant totaling 1000 personnel in 1995 but due to various technical changes the project schedule was extended. The company's project scope was later expanded in the second quarter of 1999. Project completion is expected to be by the year 2001. The company likewise obtained the balance of project works for the expansion of the Shedgum gas plant project of Saudi Aramco in Saudi Arabia. To date, its original contract amount of US$12.5 million has been increased to US$14.2 million with additional construction works. The project was started last year and it is expected to be completed by middle of this year. "The expansion of our contracts to include major construction packages speaks highly of the sound relationships we have been able to establish in the Middle East market, specifically with renowned international contractors," said Construction Division General Manager and Senior Vice President Antonio S. Pascua. EEI is represented in the Kingdom of Saudi Arabia through its subsidiary Al Rushaid Construction Corporation Ltd. This subsidiary is also undertaking the construction of the 4 x 600 MW Ghazlan II power plant under the consortium of Mitsubishi Heavy Industries of Japan and Bechtel of the United States. In addition, EEI is also an active participant in the construction market of the State of Qatar.