Boustead Holdings Berhad ("Boustead" Or The "Company") Exercise Of Option By Granted To Tan Sri Dato' Lodin Wok Kamaruddin To Acquire Existing Ordinary Shares Of Rm1.00 Each Up To Five Percent (5%) Equity Interest In Boustead Petroleum Sdn Bhd, A Subsidiary Of Boustead ("Option").

We refer to the announcement dated 16 May 2005 and 17 May 2007 pertaining to the abovementioned Option.

On behalf of the Board of Directors ("Board") of Boustead, we are pleased to announce that the Board has approved the exercise of the Option by the Group Managing Director of Boustead, YBhg Tan Sri Dato' Lodin Wok Kamaruddin to acquire existing ordinary shares of RM1.00 each up to five percent (5%) of the issued and paid up capital of Boustead Petroleum Sdn Bhd (BPSB) from Boustead Holdings Berhad's shares in Boustead Petroleum Sdn Bhd ("BPSB") comprising of 4,137,500 ordinary shares of RM1.00 each with holding cost of 6% per annum, to take effect on 21 December 2007 at a price of RM4,755,521.30.

YBhg Tan Sri Dato' Lodin Wok Kamaruddin and Boustead Holdings Berhad would be entering into a Share Sale Agreement to finalise the acquisition.