The Board of Directors of KPJ ("Board") wishes to announce that JLB, a subsidiary of JCorp, had, in its letter dated 10 April 2012 ("Offer Letter ") , offered KPJSB to purchase a parcel of vacant commercial land held under H.S.(D) 501209, Lot No PTD 163189 located in Mukim of Tebrau, District of Johor Bahru, Johor Darul Takzim ("Land") from JCorp for a total cash consideration of RM 45,000,000 ("Offer"). KPJSB had then via a letter to JLB dated 15 May 2012 accepted the Offer based on the terms and conditions therein, details of which are set out in Section 2 below.

For the avoidance of doubt, JLB's issuance of the Offer Letter and KPJSB's acceptance of the same is subject to the signing of a definitive sale and purchase agreedment ("SPA") by JLB and KPJSB together with JCorp, as the registered owner of the Land, to undertake the Proposed Acquisition. Accordingly, the indicative terms and conditions as set out in Section 2.4 of this announcement, may be subject to change

Further details of the Proposed Acquisition are as attached.