Boustead Holdings Berhad (“BHB”), a member of the Lembaga Tabung Angkatan Tentera group, takes notice of the news reports in relation to the sale of ExxonMobil Corporation’s downstream assets in Malaysia to San Miguel Corporation (“the Sale”).

On 28^th August 2011, ExxonMobil Corporation had disclosed through a press conference certain information in relation to the Sale.  BHB noted inaccuracies in the information as reported and therefore would like to correct them as follows:-

1.                  BHB did submit a binding bid in July 2011 to ExxonMobil Corporation for the same assets, namely 65% in Esso Malaysia Berhad, 100% shareholding in ExxonMobil Malaysia Sdn Bhd and 100% shareholding in ExxonMobil Borneo Sdn Bhd.  BHB noted that the average share price of Esso Malaysia Berhad for the period between 3 January to 30 June 2011 was RM3.943 per share (Source:- Bloomberg)

2.                  BHB did submit a fair and competitive offer in terms of price. BHB’s bid for the 65%  shares in Esso Malaysia Berhad took into consideration the relevant interests of the minority shareholders.

3.                  BHB clarifies that there was never any intention on BHB’s part to close-down the Port Dickson refinery or to lay-off any staff.  The Bid was made on the basis of business continuity, i.e. the refinery would be operating as per usual.

This announcement is dated 6 September 2011.