POWERGRID Corporate Disclosure — 20 November 2014

(Continuation of News of POWERGRID):We had no other practical alternative auditing procedure that we could apply to authenticate the physical existence as well as the value thereof as on 30 June 2014. Bangladesh Accounting Standards (BASs) 36 requires impairment test of property, plant and equipment and necessary disclosure in this regard. The Company has no laid down policy and procedure in regard to impairment test, and no such test was carried out. However, the company has hired the services of a firm of Chartered Accountants for the valuation in September 2011 which has now cancelled due to failure to complete the assignment in due time. (cont. 2)