General Announcement::ENTRY INTO SETTLEMENT AGREEMENT ON LITIGATION AND CLAIMS INVOLVING A SUBSIDIARY OF THE COMPANY

PEC Ltd. is a Singapore-based company, which is engaged in the provision of mechanical engineering and contracting services. The Company operates through three segments: Project works, Plant maintenance and related services, and Other operations. The project works segment is engaged in the provision of engineering, procurement and construction services for certain aspects of plant projects, such as tankage and piping work, and procurement to the oil and gas, pharmaceutical and oil and chemical terminal industries. The plant maintenance and related services segment is engaged in maintenance services provided to the oil and gas, pharmaceutical and oil and chemical terminal industries. The other operations segment provides services through its subsidiaries, the services include heat treatment, information technology services or products and construction equipment leasing services. The Company operates in Singapore, China, and the Middle East.