Press Releases

HONG KONG--(BUSINESS WIRE)-- A.M. Best Co. has revised the outlook to stable from positive and affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of "a+" of ING Life Insurance, Korea, Ltd. (INGLK) (South Korea). Concurrently, A.M. Best has withdrawn the ratings and assigned an NR-4 to the FSR and an "nr" to the ICR. This rating action reflects INGLK management's decision to withdraw from A.M. Best's interactive rating process.

The ratings reflect INGLK's strong earnings capability, excellent capitalization, growing presence in the Korean life insurance market, the high persistency ratio of its life policies and the high retention ratio of its life planners.

For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

    Source: A.M. Best Co.

Mining Engineer Who Called for $27 Billion Award Against Chevron Hides Disqualifying Financial Conflict of Interest

SAN RAMON, Calif.--(BUSINESS WIRE)-- In a court filing today in Lago Agrio, Ecuador, Chevron Corp. (NYSE: CVX) provided newly discovered information showing that the author of a report recommending that Chevron be ordered to pay $27 billion in damages is the majority owner of an oilfield remediation company that stands to gain financially from a judgment against Chevron. Due to the remediation company's relationship with Ecuador's state-owned oil company, Petroecuador, Chevron called upon the court to immediately reject the work of Richard Cabrera on the grounds that he knowingly hid his relationship and that he stands to gain from what was supposed to be unbiased work for the court.

"For three years, Mr. Cabrera has concealed clear financial conflicts of interest that disqualify him from acting as an independent and objective evaluator of the evidence in the case," Chevron Vice President and General Counsel Hewitt Pate said. "While Mr. Cabrera's financial interests alone are sufficient grounds for his report to be rejected, his intentional concealment of those interests further demonstrates that the entirety of his work lacks honesty, integrity, or credibility."

Recently uncovered records, from 2003 through 2008, show Cabrera is co-founder, general manager, majority stockholder, and legal representative of an oilfield remediation company, Compania Ambiental Minera-Petrolera S.A. ("CAMPET"), which is registered to perform oilfield remediation and other services for Petroecuador. Cabrera failed to disclose these business interests as required by law.

In his report, Cabrera absolves Petroecuador of any responsibility or remediation obligations associated with past or present oil operations despite its majority ownership of the Petroecuador-Texaco Petroleum consortium, which operated until mid-1992, and Petroecuador's sole ownership and operation of the former consortium fields for the past 18 years. Disregarding Ecuadorian media reports and other evidence showing that Petroecuador has spilled millions of gallons of oil since taking over exclusive ownership and operations in 1992, Cabrera exclusively attributes pollution in the Amazon region of Ecuador to Texaco Petroleum, now a fifth-tier subsidiary of Chevron. Cabrera's report says that Chevron, because it acquired Texaco Inc. in 2001, is solely liable for damages, citing grossly inflated remediation costs while ignoring Petroecuador's role in oil operations and its well-documented poor environmental performance. Cabrera's report also calls on Chevron to pay $375 million to update Petroecuador's oilfield equipment, which Petroecuador has for decades failed to properly maintain or replace. These findings make no sense as a matter of Ecuadorian law or common sense, but are consistent with furthering Petroecuador's interests, as well as Cabrera's own.

After knowingly omitting to disclose his financial interest in CAMPET, as well as CAMPET's status as a registered Petroecuador contractor, Cabrera affirmatively misrepresented in court filings that he did not have any impediment or conflict that would affect his performance as an "independent" court-appointed witness. Cabrera violated the law by accepting his appointment, which required an explicit acknowledgment of public duties as an impartial analyst--an acknowledgment Cabrera could not truthfully have made given his financial interests.

Cabrera's recommendations and independence were already compromised prior to the discovery of his conflict of interests:

    --  The Amazon Defense Front, the named financial beneficiary of the
        lawsuit, directly and improperly paid Cabrera more than $200,000 for his
        work;
    --  Sections of Cabrera's $27 billion claim are copied word-for-word from
        documents written by Amazon Defense Front lawyers;
    --  Photographs and video show representatives of the Amazon Defense Front
        conducting Cabrera's field work as well as preparing soil and water
        samples for Cabrera, who had promised to carry out his work
        independently;
    --  Nearly 90 percent of Cabrera's $27 billion figure is allocated to issues
        that he was not directed to examine and that are unrelated to the actual
        claims in the Ecuador lawsuit;
    --  Cabrera assessed more than $9 billion as compensation for cancer deaths
        without providing any medical evidence or even the name of a single
        alleged victim or family member beneficiary to support his
        recommendation;
    --  Cabrera recommends Chevron pay more than $8.4 billion for what he deems
        "unjust enrichment," despite the fact that Texaco Petroleum earned less
        than $500 million in profits during the life of the consortium while the
        government of Ecuador received more than $24 billion, more than ninety
        percent of the total revenue generated by the consortium. Moreover,
        there is no basis in Ecuadorian law for such an award;
    --  Cabrera assessed $3.2 billion for groundwater remediation and $428
        million to improve potable water systems even though he did not take any
        samples of streams, rivers, municipal water sources or drinking water
        wells, and states in his own report that he did not have enough data to
        develop a groundwater remediation plan;
    --  Cabrera recommends more than $2.7 billion dollars for pit remediation,
        averaging more than $3 million per pit. This figure is vastly inflated
        compared to the $85,000 per-pit actual cost for Petroecuador's recent
        remediation work that has been implemented to the full satisfaction of
        the government. Proper remediation, therefore, of every pit that
        Petroecuador is obligated to clean up would cost well under
        $100,000,000;
    --  Cabrera claims $1.7 billion in damages for oil infrastructure sites that
        have been in constant use by Petroecuador for nearly two decades and
        substantially expanded by Petroecuador since Texaco Petroleum's
        departure in 1992;
    --  Cabrera assessed more than $1 billion in soil remediation for sites he
        never visited.

Chevron previously challenged Cabrera's lack of qualifications as well as the biased and baseless substance of his report. But Judge Juan Nunez, who subsequently was disqualified for his involvement in a scheme to solicit bribes in connection with letting remediation contracts that were supposed to be funded with the proceeds of the judgment Cabrera recommended, inexplicably ignored those challenges, thus shielding Cabrera's work from scrutiny. Now that Cabrera's clear conflicts of interest are revealed, Chevron has demanded that the court strike his entire involvement in the case.

"Mr. Cabrera has placed his own financial interests, as well as the interests of Petroecuador and the Amazon Defense Front, ahead of the interest of justice," Chevron's Pate added. "Today's disclosure further illustrates the illegitimacy of Mr. Cabrera's fictitious $27 billion recommendation. Taken into account with Mr. Cabrera's collusion with the plaintiffs' lawyers and representatives, it is clear that his report should have no bearing in the outcome of this trial."

Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Editor's Note

Corroborating evidence of Cabrera's misconduct and collaboration with the Amazon Defense Front can be accessed at: http://bit.ly/9Ux9FT

    Source: Chevron Corporation

LADNER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2010) - Canada's Economic Action plan delivers over $8 million dollars in much needed social housing renovation and retrofit investments for 13 housing co-operatives in the Lower Mainland.

The announcement was made by John Cummins, Member of Parliament for Delta-Richmond, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

"Through Canada's Economic Action Plan, our government is taking concrete action to help ensure our economic recovery and create the conditions for long-term growth," said MP John Cummins. "Funding renovation and retrofit projects like this one will not only improve the quality of life of its residents by keeping their homes safe and affordable for years to come, but also help stimulate the local economy and create jobs."

Through Canada's Economic Action Plan, the Government of Canada announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by provinces and territories on a cost-matched basis for existing federally assisted social housing projects which they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing which it directly administers. Eligible repairs include general improvements, energy efficiency upgrades or conversions, and modifications in support of persons with disabilities.

As of February 1, 2010, CMHC is accepting applications from eligible project sponsors for the remaining $75 million funding for year two. Sponsor groups can apply online or through the mail. Eligible repairs include general improvements, energy-efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The housing co-operatives that will receive contributions from the Government of Canada being announced today are:

Ladner, The Mariner Cove                                          $  203,544
Vancouver, Connaught Housing Co-operative                         $  241,839
Victoria, Craigflower Housing Co-operative                        $  195,417
Vancouver, David Wetherow Housing Co-operative                    $   64,574
Burnaby, Garden Square Housing Co-operative                       $  613,350
Burnaby, Halston Hills Housing Co-operative                       $1,403,475
Vancouver, Killarney Gardens Housing Co-operative                 $2,893,514
Vancouver, Kitsun Co-operative Housing Association                $  412,634
Richmond, Klahanie Co-operataive Housing Association              $  939,561
Vancouver, Marina Housing Co-operative                            $  106,200
New Westminster, New Westminster Co-operative Housing Association $   89,358
Vancouver, Tidal Flats Housing Co-operative                       $   65,313
Burnaby, Whattlekainum Co-operative Housing                       $  879,560

"We are very excited that the Mariner Cove has been granted federal funding through Canada's Economic Action Plan," said Bob Christofoli on behalf of the Mariner Cove. "The planned renovations will not only make our complex more energy efficient, but will also provide an adequate environment for the future of our complex."

More information on this and other measures in Canada's Economic Action Plan, the federal government's plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: www.actionplan.gc.ca.

To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan.

FOR FURTHER INFORMATION PLEASE CONTACT:
        CMHC Media Relations, BC
        Andrea Scott
        Media inquiries
        604-737-4064

        CMHC Media Relations
        Charles Sauriol
        Media inquiries
        613-748-2799
        www.cmhc.ca/housingactionplan

        Office of Minister Finley
        Michelle Bakos
        Media inquiries
        819-994-2482

Source: Canada Mortgage and Housing Corporation

LONDON & LOUISVILLE, Ky.--(BUSINESS WIRE)-- ICAP Energy, the energy arm of ICAP plc, has been voted "Overall Broker of the Year" in Energy Risk magazine's annual rankings of the energy industry for the fifth consecutive year. The "Overall Broker of the Year" award is the highest in the energy industry. ICAP Energy was awarded first place commendations in 18 categories and second place rankings in 21 others. ICAP has been consistently voted top Overall Broker throughout the 16 years the Commodity Rankings have been running.

Paul Newman, Managing Director of ICAP Energy Ltd in London, said: "ICAP Energy is totally committed to providing the best possible customer service and supporting our customers as the global energy market continues to evolve. We are grateful for this recognition and want to thank our customers and Energy Risk magazine, as well as our staff for their efforts."

Dennis Crum, Chief Executive Officer of ICAP Energy LLC, said: "In an extremely challenging year for our industry, we are proud to know that we have met or exceeded our customer's expectations. This award recognises our ongoing commitment to delivering new products and excellent service to our clients."

The Energy Risk rankings are a survey of the energy and commodity markets for the 'best of the best' in a number of products and services offered.

About ICAP Energy

ICAP Energy, a unit of ICAP plc, the world's premier electronic and voice interdealer broker, is an innovative leader in the energy and shipping industries, providing full-service and over the counter broking and advisory capabilities to a broad spectrum of businesses throughout the world. The group has approximately 350 staff located in London, North America, Amsterdam, Bergen, Singapore, and Sydney. ICAP Energy offers real-time price discovery and execution services in crude oil and oil products, electricity, natural gas, coal, base and precious metals, iron ore, emission credits, freight and weather derivative and physical products. For more information go to www.icapenergy.com.

About ICAP

ICAP is the world's premier voice and electronic interdealer broker and the source of global market information and commentary for professionals in the international financial markets. The Group is active in the wholesale markets in interest rates, credit, energy, foreign exchange and equity derivatives. ICAP plc was added to the FTSE 100 Index on 30 June 2006. For more information go to www.icap.com.

    Source: ICAP