EXECUTION OF JOINT VENTURE AGREEMENT WITH THE SANDI GROUP TO

UNDERTAKE CONSTRUCTION PROJECT IN LIBYA

PRESS RELEASE 28 May 2009:

(the “Company”) wishes to announce that its wholly owned subsidiary, Unifiber Holding Pte

Ltd (“Unifiber”) has on 27 May 2009 executed a Joint Venture Agreement (the “Joint

Venture Agreement”) with TSG Asia Pte Ltd, an affiliate of The Sandi Group (“TSG”)

company, a company incorporated in the United States of America.

TSG has recently received a Letter of Acceptance in Principle from the Organizational

Development of Administrative Centers of the Government of Libya (“ODAC”) confirming

ODAC’s award in principle for TSG to undertake the construction of a social housing project

in Libya (the “Project”). Pending the finalization of the construction contract, the Project is

estimated to have a contract value of up to LYD1.06 billion (or SGD1.23 billion) and

consists of 5,000 housing units, a hotel, administration buildings and the related

infrastructures. The Project is expected to be completed within 48 months from the date of

handover of the site.

Pursuant to the Joint Venture Agreement, TSG and Unifiber agree to exclusively

collaborate to undertake the Project on a 60:40 basis (60% for TSG and 40% for Unifiber).

In addition to the Project, TSG and Unifiber have also agreed to work on future projects in

Libya and Egypt on an exclusive basis. For the joint venture, Unifiber will leverage on the

construction expertise of Poh Lian Construction Pte Ltd, the Company’s wholly owned

subsidiary.

Dr Rubar S Sandi, Chairman and CEO of TSG said, “With Poh Lian Construction, Unifiber

has obviously established itself as one of the most prominent construction companies in

Singapore. Their quality of works and track records speak for itself. We are excited to

work with them in prominent projects in the new markets where we can complement each

other and come up with a winning combination. The joint venture marks the beginning of a

longstanding profitable relationship between the two organizations.“

Mr Jaka Prasetya, CEO of Unifiber said, “The joint venture not only delivers new exciting

markets for Unifiber’s construction business but also a formidable partner in markets

outside Singapore. A combination of The Sandi Group’s strong real estate development

and worldwide presence with proven track records in challenging environments and our

construction expertise offers a tremendous business proposition to the partnership. I am

personally honoured to share the same vision and have the opportunity to work alongside

with Dr Sandi on this venture.“

The Project is expected to contribute positively to the Group and is expected to have a

material impact on the current year’s results. Unifiber and TSG are currently working with

ODAC on finalizing the details of the contract. The Board of Directors will make a further