NagaCorp Ltd. — Capital/Financing Update 2006

Nov 10, 2006

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities. This announcement is made pursuant to the requirement under section 9(2) of the Securities and Futures (Price Stabilising) Rules under the Securities and Futures Ordinance.

Unless otherwise defined in this announcement, terms defined in the prospectus of NagaCorp Ltd. (the “Company”) dated 6 October, 2006 (the “Prospectus”) have the same meanings when used in this announcement.

The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

==> picture [224 x 52] intentionally omitted <==

NAGACORP LTD.

*****

(Incorporated in the Cayman Islands with limited liability)

Stock code: 3918

STABILISING ACTIONS AND THE END OF THE STABILISING PERIOD

The Company announces that the stabilising period in connection with the Share Offer referred to in the Prospectus ended on 10 November, 2006.

The stabilising actions undertaken were (i) the borrowing of 75,000,000 Shares by Kim Eng Securities from Tan Sri Dr Chen under the Stock Borrowing Agreement solely to cover over-allocations in the Placing; and (ii) the exercise in full of the Over-allotment Option in respect of 75,000,000 Shares at HK$1.43 per Share, being the Offer Price determined under the Share Offer.

The Company announces that the stabilising period in connection with the Share Offer referred to in the Prospectus ended on 10 November, 2006. As confirmed by Kim Eng Securities, the stabilising manager of the Share Offer, the following stabilising actions were undertaken during the stabilising period:

• (i) the borrowing of 75,000,000 Shares by Kim Eng Securities from Tan Sri Dr Chen under the Stock Borrowing Agreement solely to cover over-allocations in the Placing; and

• (ii) the exercise in full by Kim Eng Securities on 2 November, 2006 of the Over-allotment Option in respect of 75,000,000 Shares (the “Over-allotment Shares”) at HK$1.43 per Share (excluding brokerage fee of 1%, SFC transaction levy of 0.005% and Stock Exchange trading fee of 0.005%), being the Offer Price determined under the Share Offer. The Over-allotment Shares were used to return the 75,000,000 Shares borrowed by Kim Eng Securities from Tan Sri Dr Chen under the Stock Borrowing Agreement.

Please refer to the Company’s announcement of 2 November, 2006 for details of the exercise of the Over-allotment Option.

— 1 —

As at the date this announcement, the Directors of the Company are:

Executive Directors

Tan Sri Dr Chen Lip Keong, David Martin Hodson, Tian Toh Seng, Lee Wing Fatt, Lew Shiong Loon, Monica Lam Yi Lin and John Pius Shuman Chong

Independent Non-executive Directors

Timothy Patrick McNally, Tun Dato’ Seri Abdul Hamid Bin Haji Omar, Wong Choi Kay and Zhou Lian Ji

By order of the Board NagaCorp Ltd. Timothy Patrick McNally Chairman

Hong Kong, 10 November, 2006

• For identification purposes only

Please also refer to the published version of this announcement in South China Morning Post.

— 2 —