Ordinary Shares of RM1.00 each

On 10 January 2003, the mandatory conditional cash offer ("Offer") by 98 Holdings Pte Ltd ("98 Holdings") for all the issued and paid-up ordinary shares of NSL became unconditional as to acceptances, and NSL became a subsidiary of 98 Holdings.

(Note: For the purpose of this notice, 98 Holdings is regarded as having a direct interest in the shares in NSL which were tendered in acceptance of the Offer, regardless of whether or not settlement and transfer of such shares had taken place.)

By virtue of Section 6A of the Companies Act 1965, OBS has a deemed interest in the 76,329,000 shares in the capital of Southern Steel Berhad (representing 27.03% of the total issued capital of Southern Steel Berhad) held by NSL through his interest in Reef Holdings Pte Ltd.

Deemed interest