An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year

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1 HAI LECK HOLDINGS LIMITED (Company Registration No. : D) Financial Statements And Dividend Announcement For first nine Months and Third Quarter Ended 31 March (a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year 3rd quarter 3rd quarter 9 months 9 months Change Change $'000 $'000 % $'000 $'000 % Revenue 35,850 27, ,507 73, Less: Cost of sales (20,910) (16,452) 27.1 (59,907) (42,958) 39.5 Other income (22.0) 1,369 2,052 (33.3) Distribution and selling expenses (330) (149) (814) (588) 38.4 Administrative expenses (7,101) (5,599) 26.8 (20,476) (15,449) 32.5 Other operating expenses (3,285) (2,059) 59.5 (11,824) (5,025) Interest expense (6) (5) 20.0 (22) (8) Profit before taxation 4,704 3, ,833 11, Taxation (978) (648) 50.9 (2,841) (2,120) 34.0 Net Profit for the period 3,726 3, ,992 8, Attributable to: Equity holders of the Company 3,726 3, ,992 8, Net profit included the following 3rd quarter 3rd quarter 9 months 9 months $' 000 $' 000 $' 000 $' 000 Interest income Interest expense (6) (5) (22) (8) Foreign exchange gain/(loss), net (54) (21) (59) 36 Gain on disposal of property, plant and equipment Impairment loss on quoted investment (200) Amortisation of intangible assets (3) - (11) (7) Depreciation of property, plant and equipment (2,429) (2,027) (10,953) (5,038) Consolidated statement of comprehensive income 3rd quarter 3rd quarter 9 months 9 months Net profit for the period 3,726 3,010 9,992 8,928 Other comprehensive income: Foreign currency translation Other comprehensive income for the period Total comprehensive income for the period 3,828 3,092 10,085 8,963 Total comprehensive income attributable to: Equity holders of the Company 3,828 3,092 10,085 8,963

2 1(b)(i) A balance sheet (for the issuer and the group) together with a comparative statement as at the end of the immediately preceding financial year. Company $'000 $'000 $'000 $'000 Non-current assets: Property, plant and equipment 41,097 47, Investments in subsidiary companies ,000 28,000 Long-term loan to a subsidiary company ,496 21,088 Intangible assets ,328 47,766 49,496 49,088 Current assets: Inventories Trade receivables 31,996 27, Other receivables and deposits 2,557 2, Prepayments Due from subsidiary companies, non-trade Due from subsidiary companies, trade - - 1, Other investments 1,013 1, Gross amount due from customers for contract work-in-progress - 1, Cash and bank balances 31,356 15,340 10,688 5,895 Fixed deposits 3,901 2, ,643 51,141 12,427 7,129 Current liabilities: Trade and other payables 24,841 20,721 1,041 1,011 Advances from customers 1,313 1, Due to subsidiary companies - non-trade Loan from minority interests Provision for taxation 3,431 1, Finance lease obligation - current portion ,484 24,134 1,059 1,026 Net current assets 41,159 27,007 11,368 6,103 Non-current liabilities: Deferred taxation 2,705 2, Finance lease obligation - non-current portion ,053 3, Net assets 79,434 71,438 60,864 55,191 Equity attributed to equity holders of the Company Share capital 48,804 48,800 48,804 48,800 Capital reserve 1,157-1,157 - Accumulated profits 29,656 22,914 10,903 6,391 Translation reserve (183) (276) - - Total equity 79,434 71,438 60,864 55,191

3 1(b)(ii)Aggregate amount of group's borrowings and debt securities Amount repayable in one year or less, or on demand Amount repayable after one year $'000 $'000 $'000 $'000 Secured Unsecured Secured Unsecured $'000 $'000 $'000 $'000 Secured Unsecured Secured Unsecured Details of any collateral Hire purchase financing for plant and equipment.

4 1c Consolidated Statement of Cash Flows 3rd quarter 3rd quarter 9 months 9 months $'000 $'000 $'000 $'000 Cash flows from operating activities: Profit before taxation 4,704 3,658 12,833 11,048 Adjustments for: Depreciation of property, plant and equipment 2,429 2,027 10,953 5,038 Amortisation of intangible assets Impairment loss on quoted investment Gain on disposal of property, plant and equipment 9 (116) (1) (661) Currency realignment (4) Interest income (3) (13) (14) (54) Interest expense Operating cash flows before working capital changes 7,240 5,614 23,904 15,585 Decrease/(increase) in trade and other receivables and prepayments (7,903) 7,136 (4,327) (2,523) Decrease/(increase) in inventories (277) 28 (357) 400 Increase in trade and other payables 897 (1,970) 4,201 2,570 (Increase)/decrease in gross amount due from customers for contract work-in-progress 593 1,073 1,410 1,078 Cash generated from operations ,881 24,831 17,110 Tax refund/(paid) (207) (1,256) (678) (2,140) Net cash flows generated from operating activities ,625 24,153 14,970 Cash flows from investing activities: Interest received Purchase of property, plant and equipment (787) (13,218) (4,406) (27,839) Proceeds from disposal of property, plant and equipment ,730 Net cash flows (used in)/generated from investing activit (784) (13,089) (4,381) (25,055) Cash flows from financing activities: Net proceeds from issue of new shares ,800 Net proceeds from issue of new warrants (5) - 1,157 - Loan from minority shareholders of a subsidiary company Interest paid (6) (5) (22) (8) Repayment of finance lease obligations (183) (158) (436) (192) Dividend paid - - (3,250) (2,600) Net cash flows (used in)/generated from financing activit (194) 229 (2,547) 17,392 Net increase/(decrease) in cash and cash equivalents (635) (2,235) 17,225 7,307 Cash and cash equivalents at beginning of period 35,892 21,212 18,032 11,670 Cash and cash equivalents at end of period 35,257 18,977 35,257 18,977

5 1(d)(i) A statement (for the issuer and group) showing either (I) all changes in equity or (ii) changes in equity other than those arising from Capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year. Statements of changes in equity For period ended 31 March 2009 Share Capital Accumulated Translation Total capital reserve profits reserve equity $' 000 $' 000 $' 000 $' 000 $' 000 At 1 July ,000-14,492 (302) 42,190 Total comprehensive income for the period - - 8, ,963 Issuance of ordinary shares 22, ,100 Share issue expenses (1,300) (1,300) Dividend on ordinary shares - - (2,600) - (2,600) Balance at 31 March ,800-20,820 (267) 69,353 At 1 July ,800-22,914 (276) 71,438 Total comprehensive income for the period - - 9, ,085 Issuance of ordinary shares Issuance of warrants - 1, ,300 Warrant issue expenses - (143) - - (143) Dividend on ordinary shares - - (3,250) - (3,250) Balance at 31 March ,804 1,157 29,656 (183) 79,434 Company Share Capital Accumulated capital reserve profits Total $' 000 $' 000 $' 000 $' 000 At 1 July as previously stated 28,000-5,945 33,945 Total comprehensive income for the period - - (306) (306) Issuance of ordinary shares 22, ,100 Share issue expenses (1,300) - - (1,300) Dividend on ordinary shares - - (2,600) (2,600) Balance at 31 March ,800-3,039 51,839 At 1 July ,800-6,391 55,191 Total comprehensive income for the period - - 7,762 7,762 Issuance of ordinary shares Issuance of warrants - 1,300-1,300 Warrant issue expenses - (143) - (143) Dividend on ordinary shares - - (3,250) (3,250) Balance at 31 March ,804 1,157 10,903 60,864

6 1(d)(ii)Details of any changes in the company's share capital arising from right issue, bonus issue, share buy-back, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year. On 26 August, 14 September and 12 October 2009, the Company had announced that it was proposing to undertake a renounceable non-underwritten rights issue of 130,000,000 warrants ( Warrants ) at an issue price of S$0.01 for each Warrant, each Warrant carrying the right to subscribe for one (1) new ordinary share in the capital of the Company ( New Share ) at an exercise price of s$0.26 for each New Share during the exercise period on the basis of two (2) warrants for every five (5) existing ordinary shares in the capital of the company held by the entitled shareholders as at the books closure date, fractional entitlements to be disregarded ("Warrants Issue"). The Company had obtained an approval in-principle from SGX-ST on 13 October 2009 in respect of the above application for the dealing in, listing of and quotation for the Warrants and New Shares, subject to fulfillment of certain conditions as set in the Company's announcement released on 14 October Approval in-principle granted is not be taken as an indication of the merits of the Warrants Issue, the Warrants, the New Share, the Company and its subsidiaries. The offer information statement in relation to the Warrants Issue had been lodged with the Monetary Authority of Singapore on 30 October On 26 November 2009, the Company had allotted and issued the Warrants pursuant to the Warrants Issue. The 130,000,000 Warrants were listed and quoted on the Official List of SGX-ST on 30 November The New Shares arising from the exercise of the Warrants will be listed and quoted on the Official List of SGX-ST. On 21 December 2009, 14,000 Warrants were exercised to acquire 14,000 New Shares. In view of the above, the changes in the Company's share capital are as follows:- As at No of shares S$ At 1 January ,000,000 50,100,000 Share issued pursuant to the exercise of Warrants 14,000 3,640 At 31 March ,014,000 50,103,640 Save for the above, there is no changes in the issued share capital of the Company since 30 June (d)(iiiTo show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year. On 31 March 2010, the total number of issued ordinary shares was 325,014,000 ( 30 June 2009: 325,000,000) 1(d)(ivA statement showing all sales, transfer, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on..

7 2 Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice. The figures have not been audited nor reviewed. 3 Where the figures have been audited or reviewed, the auditors report (including any qualifications or emphasis of matter).. 4 Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied. The has adopted all the applicable new and revised FRS and INT FRS that are mandatory for financial year beginning on or after 1 July The adoption of these FRS and INT FRS has no significant impact on the financial statements, except for FRS1 and FRS108 as indicated below : FRS 1 Presentation of Financial Statements Revised Presentation The revised FRS 1 requires owner and non-owner changes in equity to be presented separately. The statement of changes in equity will include only details of transactions with owners, with all non-owner changes in equity presented as a single line item. In addition, the revised standard introduces the statement of comprehensive income: it presents all items of income and expense recognised in profit and loss, together with all other non-owner changes in equity, either in one single statement, or in two linked statements. The is presenting the statement of comprehensive income in two linked statements. FRS 108 Operating Segments FRS 108 requires entities to disclose segment information based on the information reviewed by the entity s chief operating decision maker. As this is a disclosure standard, it will have no impact on the financial position and results of the. 5 If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.. 6 Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends. 3rd quarter 3rd quarter 9 months 9 months Profit for the period attributable to ordinary equity 3,726 3,010 9,992 8,928 holders of the Company ($'000) Weighted average number of ordinary shares in issue 325,014, ,000, ,006, ,111,111 applicable to basic earnings per share Weighted average number of ordinary shares in issue 340,436, ,000, ,444, ,111,111 applicable to diluted earnings per share EarninBasic (cents) Fully diluted (cents) Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the (a) current period reported on and (b) immediately preceding financial year Company Net asset value ($'000) 79,434 71,438 60,864 55,191 Number of ordinary shares in issue at end of period 325,014, ,000, ,014, ,000,000 Net asset value per ordinary share based on the number of shares in issue at end of period (cents)

8 8 A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must any significant factors that affected the turnover, costs, and earnings of the group for the current financial (a) period reported on, including (where applicable) seasonal or cyclical factors; and any material factors that affected the cash flow, working capital, assets or liabilities of the group during the (b) current financial period reported on. Review of Financial Results Results for first nine months and third quarter ended 31 March 2010 Revenue For the first nine months ended 31 March 2010, revenue increased by 43.1% or $31.5 million to reach $104.5 million compared to $73.0 million recorded in the corresponding period The increase is mainly contributed by higher revenue from Project services. These are derived from the on-going projects, which were mostly contracted between and Quarter-on-quarter, revenue increased by 31.3% or $8.6 million to reach $35.9 million in the third quarter ended 31 March 2010 compared to $27.3 million in the corresponding quarter , which is largely attributed to higher revenue from Project services. Cost of sales For the first nine months ended 31 March 2010, cost of sales increased by 39.5% or $16.9 million to $59.9 million as compared to $43.0 million in the corresponding period in This is in line with the higher revenue. Quarter-on-quarter, cost of sales increased by 27.1% or $4.5 million to $20.9 million in the third quarter ended 31 March 2010 compared to $16.4 million in the corresponding quarter in Other income Our other income comprises mainly interest income, miscellaneous income earned from non-core businesses as well as safety and performance incentives. This also includes items such as gain on disposal of property, plant and equipment. For the first nine months ended 31 March 2010, the other income amounted to $1.4 million, a decrease of S$0.7 million. In the previous corresponding period, the record a gain on disposal of an industrial property. Other income for the third quarter ended 31 March 2010 decreased to $0.1 million.. Operating Expenses Our operating expenses consist of distribution and selling expenses, administrative expenses and other operating expenses, including depreciation, amortisation and exchange differences. For the first nine months ended 31 March 2010, operating expenses increased by 57.2% or $12.0 million to $33.1 million compared to $21.1 million recorded in same period in The increase in operating expenses were due to: a. Higher staffing cost from additional employees being engaged to supervise and implement upcoming and ongoing projects, as a result of the increase in Project services. b. Increase in rental expenses as more dormitories were leased to house foreign labour. c. Higher maintenance costs and insurance expenses incurred due to an increase in business activities. d. In financial year , the estimated useful life of some scaffolds was revised from 5 years to the shorter project duration period of 1.5 years to better reflect its economic useful life. Most of these scaffolds were purchased in second half year ; as such the revision did not have a significant impact on the first nine months depreciation charge. The change to a shorter useful life and the acquisition of the additional scaffolds in second half contributed to an increase in depreciation charge by approximately $5.0 million in the first nine months In addition, acquisition and development of an automated shot-blasting facility, workshop and warehouse, as well as office premises at 47, Tuas View Circuit, that were carried out in financial year were put to use in the month of June 2009 and hence were only depreciated from June As such, the first nine months , 1 July 2008 to 31 March 2009 did not have any depreciation charge relating to these property, plant and equipment whereas the corresponding period ended 31 March 2010 included the nine months depreciation expense. Operating expenses in the third quarter ended 31 March 2010 increased 37.3% to $10.7 million. The increase is largely attributed to many projects being at the peaks, thus incurring more of the above expenses.

9 Profit attributable to equity holders of the Company The profit attributable to equity holders for first nine months ended 31 March 2010 increased by $1.1 million or 11.9% to $10.0 million compared to the corresponding period in , which is in line with higher revenues. However the increase was weakened by the higher depreciation charges for the new corporate headquarters and new production plant, and scaffolds and equipment purchased. For the third quarter ended 31 March 2010, the profit attributable to equity holders increased by $0.7 million or 23.8% due to the above reasons. Review of Financial Position Non-current assets Non-current assets of the decreased by 13.5% or $6.5 million, from $47.8 million as at 30 June 2009 to $41.3 million as at 31 March This decrease is mainly due to increase in depreciation charge against its property, plant and equipment for automated shot-blasting facility, workshop and warehouse, as well as office premises at 47, Tuas View Circuit; and equipment and scaffolding for ongoing projects. Current assets Current assets increased by 40.1% or $20.5 million, from $51.1 million as at 30 June 2009 to $71.6 million as at 31 March This is mainly due to an increase in cash and cash equivalent resulting from better collection with the increase of revenue. Current liabilities Current liabilities increased by 26.3% or $6.4 million, from $24.1 million as at 30 June 2009 to $30.5 million as at 31 March 2010, primarily due to an increase in account payables. Current liabilities comprise of payables to suppliers of materials and equipment and subcontractors. Non-current liabilities Non-current liabilities decreased by 8.5% or $0.3 million, from $3.3 million as at 30 June 2009 to $3.0 million as at 31 March 2010, mainly due to repayment of finance leases. Utilisation of Warrant Issue Proceeds On 26 November 2009 the Company had allotted and issued 130,000,000 Warrants and raised net proceeds of $1.2 million for working capital. As at 31 March 2010, the maintains the proceeds as working capital.

10 9 Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results. 10 A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months. Corresponding to the gradual turnaround in global market conditions, capital expenditure activities in the Oil & Gas sectors, both globally and in the region, are expected to pick up speed. Amidst this encouraging backdrop, the long-term industry fundamentals in the Oil & Gas industry remain robust and this spells continuing optimistic prospects for the over the longer period. With a healthy balance sheet and several ongoing infrastructure construction projects and maintenance works, the is cautiously optimistic about its performance for the rest of We will continue to adopt a disciplined approach to controlling expenses and enhancing operational efficiencies to further drive profit growth. Moving forward, the will continue to focus on its core businesses in Project and Maintenance services, leveraging its strong track record and established market reputation. 11 Dividend (a) Current Financial Period Reported On Any dividend declared for the current financial period reported on? (b) Corresponding Period of the immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? (c) Date payable (d) Books closure date 12 If no dividend has been declared/recommended, a statement to that effect 13 Confirmation By The Board Pursuant To Rule 705(4) Of The Listing Manual We, Cheng Buck Chng Bok Poh and Lee See Kee, being Directors of the Company, do hereby confirm, on behalf of the Board of Directors of the Company that, to the best of our knowledge, nothing has come to the attention of the Board which may render the unaudited financial results for the period ended 31 March 2010 to be false or misleading in any material aspect. The initial public offering of the Company was sponsored by UOB Asia Limited ("Issue Manager"). The Issue Manager assumes no responsibility for the contents of this announcement. By order of the Board Lee See Kee Chief Executive Officer 11 May 2010