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:-

MCN received an offer of land, under Perbadanan Aset Keretapi (“PAK”) measuring approximately 14.31 hectares located in Kempas, Johor for MCN to construct its Iskandar Malaysia commuter train depot, from the Ministry of Transport, Malaysia. MCN has submitted the necessary application to PAK to apply for the said land and awaiting their reply. MCN has meetings with Unit Kerjasama Awam dan Swasta (UKAS) under the purview of the Prime Minister’s Department to prepare the necessary working paper for the Cabinet’s approval.

This announcement is dated 28 February 2013.

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