Date: October 31, 2003

SIAS officials met with Mr Alan Shaw and his team, yesterday, on SGX’s reply to SIAS dated 16th October 03, on the concerns raised by SIAS on behalf of minority shareholders of Natsteel vide our letter dated 23rd September 03. We had a lengthy discussion on SGX’s reply. The position SGX takes is that unless SGX has evidence of a listing rule breach it cannot take enforcement action. SIAS’ noted this and conveyed its views on the position taken by SGX. SIAS will consider at the appropriate time, if necessary, taking this matter further to the relevant authorities.

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)