LISTING APPLICATION TO THE SINGAPORE EXCHANGE SECURITIES AND TRADING LIMITED

The Board of Directors (the "

announcement by the Company dated 11 October 2010 (the "

relation to,

"

the announcement by the Company dated 1 November 2010 which stated,

Company has been engaged in consultation with, and has been responding to queries and

information requests from, the SGX-ST, regarding the Application. Capitalised terms used in this

Announcement shall, save as otherwise defined, have the same meaning in the 11 October

Announcement.

The Board wishes to announce that the Company had on 2 November 2010 received a letter from the

SGX-ST advising the Company that, based on representations and information provided by the

Company, the Proposed Acquisition (viewed in conjunction with the Proposed Subscription) will not

be considered a reverse take-over pursuant to Rule 1015 of the Listing Manual, subject to the

fulfillment of the following conditions:

(a) submission of a statutory declaration from Falcon Capital Global Holding Limited (the

"

Manager

nor their respective associates (collectively, the "

to, nor are they nominees of or act under the influence of or take instructions from Masba

Holdings Inc. (the "

Subscription and the Proposed Acquisition;

(b) submission of a statutory declaration from the Vendor that neither it, its directors,

shareholders nor their respective associates are related to the Investor or its associates nor

do they give instructions to the Investor or its associates in any matter relating to the

Proposed Subscription and the Proposed Acquisition and neither the Investor or its

associates nor the sole shareholder of the Fund Manager are the nominees of the Vendor, its

directors, its shareholders or their associates in any matter relating to the Proposed

Subscription and the Proposed Acquisition;

(c) confirmation from the Company that there are no relationships between the Investor and its

Associates and the Vendor;

(d) Company to disclose full information on the Investor and its Associates and directors via

SGXNet;

(e) confirmation from the Company that it will only proceed with the acquisition of the PT Kutai

Chip Mill ("Board") of United Fiber System Limited (the "Company") refers to the11 October Announcement") ininter alia, the submission of circular and additional listing application (collectively, theApplication") to the Singapore Exchange Securities and Trading Limited (the "SGX-ST"), as well asinter alia, that theInvestor") and the sole shareholder of the fund manager to the Investor (the "Fund") that neither the Investor nor the directors and shareholder of the Fund ManagerInvestor and its Associates") are relatedVendor") or its associates in any matter relating to the ProposedKutai") if it is profitable based on the audited financial results for FY2010