Third-party Independent Verification

Scope and Objective

Hong Kong Quality Assurance Agency (hereinafter referred to as "HKQAA") was commissioned by Power Assets Holdings Ltd. (hereinafter referred to as "Power Assets") to undertake an independent verification of the Sustainability Report 2010 ("the Report"). The Report stated the sustainability performance of the assets that Power Assets has controlling equity interest in the calendar year of 2010. The purpose of the verification exercise was to independently review the materiality, completeness, accuracy, consistency and reliability of the information presented in the Report. It also assessed the Report's coverage of indicators defined in the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines Version 3.0 (G3) to confirm if it has achieved application level A+. This statement represents our independent opinion of the content of the Report.

Methodology

The verification procedure included reviewing of relevant documentation, interviewing staff involved in preparation of the Report and verifying selected sample of data and information consolidated in the Report. Accuracy of the sampled data and the underlying processes were tested through detail examination of available evidence to support substantive comments and claims made in the Report.

Conclusion

Within the scope of our assignment, we consider the Report provides a material, complete, accurate, consistent and reliable representation of Power Assets' performance in the context of social, environmental and economic aspects.

Materiality and Completeness:
Based on our review, the Report includes all major material aspects concerning Power Assets' sustainability performance. The presentation is fact-based and unbiased. Power Assets also undertook a specialised engagement process with a range of stakeholders prior to the development of the Report. It demonstrates that Power Assets holds a high level of commitment in stakeholder engagement. This engagement contributes to Power Assets' efforts to achieve an accountable and strategic response to sustainability.

Accuracy, Consistency and Reliability:
All selected data examined during our verification were accurate and consistent with the supporting information reviewed. The information provided in the Report was reliable in the presentation of Power Assets' commitments, initiatives, performance and achievements for the reporting period.

In our opinion, the Report meets the content and quality requirements of the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines Version 3.0 (G3). The assessment team confirms that the "A+ Application level" has been achieved.

Signed for and on behalf of HKQAA

Winniss Kong
Auditor, Strategic Business Branch
April 2011

GRI Application Level Check