The Company wishes to make an announcement in response to the queries published by the SGX-ST on Masnet dated 7 July 2003.

Question 1: Are you aware of any information not previously announced concerning you (the issuer), your subsidiaries or associated companies which, if known, might explain the trading?

Answer: The Company is not aware of any information not previously announced concerning the Company, its subsidiaries or associated companies, which may explain the increase in price and trading volume of Company's shares today.

Question 2: Are you aware of any other possible explanation for the trading?

Answer: The Company is not aware of any other possible explanation for the trading.

Question 3: Can you reconfirm your compliance with the listing rules and in particular, listing rule 703?

Answer: The Company confirms that it is in compliance with the Listing Rules, in particular, Rule 703, regarding disclosures.


Submitted by
Dhrubajyoti Das, Executive Director
on 07/07/2003 to the SGX