We refer to the announcement dated 31 January 2013 and all subsequent announcements made in relation to the Offer.

The Board of Directors of MISC wishes to announce the receipt of the Notice of Revised Offer dated 5 April 2013, wherein the offer price had been revised from RM5.30 per Offer Share ("Original Offer Price") to RM5.50 per Offer Share ("Revised Offer Price"), the Independent Adviser, AmInvestment Bank, had advised that the Revised Offer Price of RM5.50 translates to a discount of between 3.3% and 9.8% to the range of the indicative SOPV of RM5.69 to RM6.10 per MISC Share ("SOPV Range") (from a discount of between 6.9% and 13.1% to the SOPV Range pursuant to the Original Offer Price). As such, pursuant to Practice Note 15 of the Code, the Revised Offer Price is not fair as the indicative SOPV of the MISC Group is above the Revised Offer Price.

Notwithstanding the above, AmInvestment Bank considered the discount of between 3.3% and 9.8% of the Revised Offer to be reasonable after taking into consideration the risks and challenges as set out in the IAL dated 8 March 2013. Accordingly, AmInvestment Bank is of the opinion that the Revised Offer is not fair but reasonable and recommends that the Holders ACCEPT the Revised Offer. Their comments, opinions and recommendation as contained in the IAL remain unchanged.

The Board (save for the Interested Directors) CONCURS with the recommendation of AmInvestment Bank. Accordingly, the Board's (save for the Interested Directors) comments, opinions and recommendation as contained in the IAC remain unchanged.

Source: MISC Berhad