Update on the Joint-Venture Agreement entered between Masteel and KUB Malaysia Berhad

We refer to the announcement made on 19 January 2011, wherein Masteel announced that the Company had entered into a Heads of Joint Venture Agreement (“JVA”) with KUB Malaysia Berhad (Company No. 6022-D) (“KUB”), a company listed in the Main Market of Bursa Malaysia Securities Berhad whereby KUB and Masteel (“Parties”) have agreed to combine their capabilities and resources to co-operate and collaborate with each other in the joint-venture company, Metropolitan Commuter Network Sdn Bhd (“MCN”) to pursue the rail transit network project in the Iskandar Development Region (“Project”) and the Parties are desirous of submitting a joint proposal for the Project to the Government of Malaysia (“Proposal”).

Pursuant to Bursa Malaysia Securities Berhad’s letter dated 4 August 2006, we wish to announce the status of the JVA as follows:-

Further to the announcement made on 6 November 2012, MCN is in the midst of preparing the necessary documents for submission to Perbadanan Aset Keretapi on the application for the land offered.

This announcement is dated 30 November 2012.

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