Date: October 31, 2003

In the meantime, SIAS awaits Natsteel’s reply to the concerns of the minority shareholders expressed in our letter to SGX dated 23rd September 03, which was published in the local newspapers on 9th October 03, and also expect Natsteel to heed the call by SGX to reply to the concerns of minority shareholders. Natsteel reply has been long awaited.

SIAS will comment, if necessary, after Natsteel’s reply.

Mr David Gerald J.
President & CEO
Securities Investors Association (Singapore)