Oakwell Engineering Ltd., Annual General Meeting, Apr 26, 2013., at 15:00 Singapore Standard Time. Location: The Conference Room, No. 8. Agenda: To receive and adopt the Directors' Report and Audited Financial Statements for the year ended 31 December 2012 together with the Auditors' Report thereon; to approve re-election of directors; to approve the payment of Directors' fees of up to SGD 350,000 for the financial year ending 31 December 2013, payable in arrears (2012: SGD 327,500); to re-appoint Deloitte & Touche LLP as the Company's Auditors and to authorise the Directors to fix their remuneration; to approve share issue mandate; and to transact any other ordinary business which may properly be transacted at an Annual General Meeting.

Oakwell Engineering Ltd. reported unaudited consolidated earnings results for the year ended December 31, 2012. For the period, the company reported revenue of SGD 184,449,000 compared to SGD 184,640,000 a year ago. Loss before tax was SGD 28,513,000 compared to profit before tax of SGD 2,618,000 a year ago. Loss for the year was SGD 29,183,000 compared to profit for the period of SGD 1,921,000 a year ago. Loss attributable to owners of the company was SGD 29,257,000 or 4.38 cents per basic and fully diluted share compared to profit attributable to owners of the company of SGD 1,568,000 or 0.23 cents per basic and fully diluted share a year ago. Net cash generated from operating activities was SGD 4,036,000 compared to net cash used in operating activities of SGD 34,085,000 a year ago. Purchase of property, plant and equipment was SGD 4,420,000 compared to SGD 7,987,000 a year ago. The net cash inflow was mainly due to an increase in trade payables of SGD 14.4 million and provision for foreseeable losses of SGD 9.2 million in the shipbuilding and ship repair business. The decline in revenue generated by the Engineering Design & Fabrication and Shipbuilding segments was buffered by the increased revenue of the Distributorship segment.

Oakwell Engineering Ltd. expects to report a net loss for financial year ended 31 December 2012 due mainly to the Shipbuilding segment. The Shipbuilding segment is anticipated to post a net loss for financial year ended 31 December 2012, as a result of delays in the delivery of its on-going projects, thereby resulting higher-than-expected operational costs accounted from these on-going projects for the Group in financial year ended 31 December 2012.