Singapore, 19 January 2011

Singapore Exchange (“ SGX”) welcomes listing of early stage mineral, oil and gas (“MOG”) companies on Catalist from 1 February 2011. MOG companies need not have revenue or profit, but they must have established the presence of at least ‘indicated resources’ of minerals or ‘contingent resources’ of oil and gas, according to specified international standards and practices.

“With the introduction of the new Catalist rules and the increasing interest seen from potential listing applicants from this segment, we can expect a broadening of resource companies listed on SGX. SGX already has 17 companies in the commodities and resources sector with a combined market capitalisation of S$79 billion. Investors can look forward to even more investment opportunities,” said Mr Lawrence Wong, Head of Listings, Singapore Exchange.

To cater for the risk associated with exploration activity, the MOG companies will observe new listing rules in addition to the existing rules that apply to all Catalist companies. The rules relate mainly to increased transparency on the developments in the MOG companies and verification by independent qualified experts.

Companies must, for instance, report quarterly on :-

i) Their use of funds and projected fund usage for the following quarter;

ii) Information pertinent to exploration, development and production activities, and

iii) Their current position on reserves and resources.

Disclosures of technical information such as geological analysis, material new asset discoveries and disposals, require the affirmation of an independent qualified expert. Sponsors, too, must have access to such technical expertise.

At the point of listing, MOG companies will need to demonstrate that they have sufficient working capital for at least 18 months after listing. Other Catalist companies need to have sufficient working capital for at least 12 months after listing.

Existing Catalist companies, engaged in exploration activities or having acquired businesses in this sector, will also have to comply with the new continuing disclosure requirements, such as independent expert verification of technical matters, with effect from 1 July 2011.

SGX will be introducing a series of investor education initiatives to increase investor understanding of the exploration industry, including a retail investor guide, a dedicated webpage and general seminars. Details of the new Catalist rules are available on SGX’s website at:

www.sgx.com/wps/portal/corporate/cpen/

Ends --