TITASGAS Corporate Disclosure — 10 November 2014

(Continuation of News of TITASGAS): c) During the year, the Company has accounted for revenue amounting Taka 660 million, which is related to previous years. The related cost of sales of this revenue has already been charged in previous years. This is a non-compliance of relevant Bangladesh Accounting Standard, which requires that the amount should be accounted for retrospectively and financial statements for the previous years' need to be re-stated but this has not been done. As a result, apart from the non-compliance of relevant Bangladesh Accounting Standard as indicated above, net profit before tax for the year ended 30 June 2014 has been overstated by Taka 660 million." (end)