O TTO M ARINE L IMITED - Microsoft Internet Explorer - SGX

will not be prejudicial to the interests of the Company or minority Shareholders, we have considered the
following:
(a) the Directors’ rationale for, and the benefits accruing to the Group arising from, the
Shareholders’ Mandate;
(b) the class of Interested Person and the Mandated Transactions to be covered by the
Shareholders’ Mandate; and
(c) the guidelines and review procedures for the Mandated Transactions.
Based on the above, Provenance Capital is of the opinion that the current guidelines and review
procedures for determining the transactions prices and terms of the Mandated Transactions, as set out in
the section “Guidelines and Review Procedures for Mandated Interested Person Transactions” of the
Prospectus, if adhered to, are sufficient to ensure that the Mandated Transactions will be carried out on
normal commercial terms and will not be prejudicial to the interests of the Company or minority
Shareholders.
Our recommendations are addressed to the Independent Directors for their benefit, in connection
with and for the purposes of their consideration of the Shareholders’ Mandate, but any recommendations
made by the Independent Directors in respect of the Shareholders’ Mandate shall remain their
responsibility. Our recommendations may not be used and/or relied on by any other person for any
purpose at any time and in any manner except with our prior written consent in each specific case.
This Letter is governed by, and construed in accordance with, the laws of Singapore, and is strictly
limited to the matters stated herein and does not imply implication to any other matter. Nothing herein shall
confer or be deemed or is intended to confer any right of benefit to any third party and the Contracts (Rights
of Third Parties) Act, Chapter 53B, of Singapore and any re-enactment thereof shall not apply.
Yours faithfully,
For and on behalf of
PROVENANCE CAPITAL PTE. LTD.
Wong Bee Eng
Chief Executive Officer
A6-5