AP Oil International Limited

(Incorporated in the Republic of Singapore on 24 December 1975)

Invitation in respect of 17,550,000 new ordinary shares of $0.05 each comprising: -

(1) 1,000,000 Offer Shares at $0.235 for each Offer Share by way of public offer; and

(2) 16,550,000 Placement Shares by way of placement, comprising: -

(a) 14,950,000 Placement Shares at $0.235 for each Placement Share; and

(b) 1,600,000 Reserved Shares at $0.235 for each Reserved Share reserved for the management staff, employees, Independent Directors and business associates of the Group and those who have contributed to the success of the Group,

payable in full on application.

The Board of Directors of AP Oil International Limited ("AP Oil" or the "Company") is pleased to announce that, at the close of the Application List at 12.00 noon on 5 June 2001, there were 5,789 valid applications for the 1,000,000 Offer Shares available to the public for subscription. In total, these applicants applied for 148,091,000 Offer Shares, with application moneys received amounting to approximately $34.80 million.

Based on the 1,000,000 Offer Shares available to the public for subscription, the offer to the public was approximately 148 times subscribed.

To ensure a reasonable spread of shareholders of the Company, the Board of Directors of the Company has decided on the following basis of allotment:-

The 14,950,000 Placement Shares have been fully taken up and the spread of the Placement Shares is as follows: -

The 1,600,000 Reserved Shares reserved for the management staff, employees, Independent Directors and business associates of the Group and those who have contributed to the success of the Group were fully subscribed. The spread of the Reserved Shares (including those allotted to the two Independent Directors) is as follows: -

As stated in the Prospectus dated 28 May 2001, two of our Independent Directors were offered an aggregate of 500,000 Reserved Shares and their acceptances are shown below: -

The Company's Shares will commence trading on a "ready" basis on 7 June 2001. There will be NO trading on a "when-issued" basis.

The return of unsuccessful applications using printed Application Forms by ordinary post at the risk of the unsuccessful applicants, together with the full amount of application moneys (without any interest or any share of revenue or other benefit arising therefrom), will commence today and is expected to be completed by 8 June 2001. For unsuccessful Electronic Applications, it is expected that the full amount of the application moneys (without any interest or any share of revenue or other benefit arising therefrom) will be credited to the applicants' accounts with their Participating Banks (as defined in the Prospectus dated 28 May 2001) within three market days after the close of the Application List.

In respect of partially successful applications, the balance of the application moneys is expected to be refunded (without any interest or any share of revenue or other benefit arising therefrom) to the applicants, by ordinary post at their own risk (in the case of applications made using printed Application Forms) or through the crediting of the relevant amount to the applicants' accounts with their Participating Banks (in the case of Electronic Applications) within 14 days after the close of the Application List.

The Board of Directors of AP Oil is pleased to advise that Central Provident Fund ("CPF") members may, with effect from the date on which the Company's Shares are traded as indicated above, use their CPF savings (up to 35% of investible savings) to purchase the Company's Shares under and subject to the requirements of the CPF Investment Scheme.

The Company wishes to thank the public who have applied for the Offer Shares and the Placement Shares, the relevant authorities and all who have helped in one way or another in the Company's initial public offering, for their support and assistance.

DBS Bank and POSBank customers may call the DBS IPO Results Enquiry Service at 327 4767 to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

Issued by
The Development Bank of Singapore Ltd

For and on behalf of
AP Oil International Limited

6 June 2001