Pennecon Limited Responds To Recent Inquiries About Payments Made To 2011 Federal Campaign of Mr. Peter Penashue

November 1, 2012, St. John’s, NL - In recent days, questions have arisen concerning contributions made by some Pennecon Limited executives to the 2011 federal campaign of Mr. Peter Penashue. Pennecon has been in contact with Elections Canada to offer its full cooperation in responding to any questions that the office may have.

Pennecon and its executives place a high priority on ethical and transparent practices. It is assessing the current situation and conducting an internal review.