APBL - Section 44A tax credits restored

The Board is pleased to announce that following representations made by the Company to the Inland Revenue Authority of Singapore, the Authority has agreed to assess the Company's dividend income for the years of assessment 1997 to 2000 (inclusive) on a calendar year basis.

This has the effect of restoring approximately $13.4 million of tax credits to the Company's dividend franking (S.44A) account. This sum can frank up to $53 million of dividends at current tax rates.

In declaring dividends, the Board generally takes into account the profit for the period (before exceptional items) and cash needs of the Company and Group for investment or capital expenditure.

This development will therefore not affect the quantum of net dividends which the Company will declare and pay, and shareholders receive, in the future. However, individual shareholders whose marginal tax rates are lower than the corporate tax rate of 20% may be able to claim some tax refund, and consequently, these retail investors are likely to benefit from this decision.

If current rates of dividend are maintained, the Company will exhaust all its S.44A tax credits before the December 2007 deadline.

Anthony Cheong
Company Secretary