We refer to the news article titled "ECM Libra yet to identify M&A target" in The Edge Financial Daily published today.

We wish to advise that on 7 December 2016 the Company had submitted a proposal to the Standing Cabinet Appointed Procurement Committee, Minister of Transport & Civil Aviation, Sri Lanka, for the establishment and operation of an airport hotel at Bandaranaike International Airport, Katunayake, Sri Lanka. As of today, the Company has not been awarded the project.

In the event that the project is awarded to the Company, the award is non-binding as it is subject to further evaluation/due diligence and contract negotiations.

This announcement is dated 13 April 2017.