Date: March 10, 2005

Some Shareholders of Citiraya are concerned with the continuation of the suspension. I have, on behalf of SIAS discussed with the Company, including its directors, on this matter.

The company has explained its reasons for continuing the suspension which do not appear unreasonable to us and we agree that any premature and incomplete disclosure whilst multiple concurrent investigations are on going, is not in the company’s and its shareholders’ interest. The proposed investment by Mr Koh Boon Hwee and his team is also in the interest of the Company and its Stakeholders.

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