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Litigation Settlement in relation to the Early Power Period 06 Jan 2016

Phoenix Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community that further to disclosure made by the Company in its IPO Prospectus concerning the arbitration proceedings instituted by Daewoo Engineering & Construction Co. Ltd. (the “EPC Contractor”) against the Company, in London, relating to the Early Power Period (the “Claim”), the Company announces that the Claim has been settled and the associated arbitration proceedings have therefore terminated.

The Company clarifies that the settlement and/ or payment of the settlement amount will not impact the Company’s ability to pay dividends to shareholders or require the Company to revise the dividend forecast made in its IPO Prospectus.