MARC has placed Oilcorp Berhad’s (Oilcorp) RM70.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes Facility (MUNIF/IMTN) ratings of MARC-2ID/A-ID on MARCWatch Developing following Oilcorp’s announcement dated May 20, 2008 to Bursa Malaysia that its annual audited accounts for the year ended December 31, 2007 will be amended due to a disagreement between management and its auditors, Messrs Baker Tilly Monteiro Heng, on the accounting treatment relating to a long term contract amounting to RM110.0 million. In the announcement to Bursa Malaysia, Oilcorp had indicated that the previously announced profit before tax will be reduced from RM22.0 million to approximately RM7.0 million.

MARC is closely monitoring the development of the above and will assess the impact on the current ratings. Any rating implications arising therefrom will be advised in due course.