Project Status as at 30 th June 2007

As prescribed by the project follow-up calendar, CNIC Management recently conducted an overall assessment of on-going works under the Industrial Component of the Limbe Shipyard Project following the completion and provisional reception of the Breakwater on 22 nd May 2007.

In this regard, as at 30 th June 2007, the construction of the 700m Breakwater is completed and the provisional reception pronounced.

The execution of these works providing sheltered waters over a total length of over 900 meters – i.e. 700m + 120m access, absorbed 1.5 million tonnes of rock materials out of a total 3 million tonnes extracted from the Batoke Quarry.

Under Lot 2, preliminary works are currently underway and the contracting firm – Six Construct Co. International Ltd. has fully mobilised the necessary equipment and manpower to commence construction of the Quay.

However, in response to demand from clients and in a bid to ensure operational capability, anticipated works have been executed to provide a temporary anchor facility (Service Quay) of 100m long at -5CD along the Breakwater. This service quay also has six diameter 900mm operational Bollards for Bollard Pull Tests and Mooring of Rigs.

As concerns Lot 3 awarded to Dredging International N.V of Belgium, works comprising the dredging of soft sediments, the removal of altered rocks and complex dredging with the use of explosives ended on 27 th February 2006 after the dredging of a total of 49 400m³ of soft sediments and 304 000m³ of rocky substances.

For Lots 4a (Construction of a Training Centre) and 4b (Construction of Workshop and Administrative Building) awarded in March 2007 to E & T Engineering and FOKOU FOBERD respectively, after site implantation, both enterprises are actively pursuing core works on the site.

Generally, it is estimated that the overall project execution level now stands at more than 65 % with over 80% of total marine works fully executed.