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POH TIONG CHOON LOGISTICS LIMITED
(Incorporated in the Republic of Singapore)
Company Reg.No. 196900049H

Memorandum of Understanding with Henan Shaolin Temple

The Directors of Poh Tiong Choon Logistics Limited (the "Company") wish to announce that the Company, in collaboration with Singapore-based Straco Corporation Limited and Siloso Beach Resort, had on 27 April 2007 signed a Memorandum of Understanding ("MOU") with Henan Shaolin Temple in central Henan Province, China, to explore the feasibility of investing in a proposed project to establish in Singapore, a "holistic lifestyle holiday retreat" where tourists can experience the Shaolin way of life through meditation, traditional Shaolin wellness therapies and treatments, as well as Shaolin martial arts performances (the "Proposed Project").

The Shaolin monastery, which was build in AD495 in Dengfeng county in central Henan Province, is commonly regarded as the birthplace of Chinese gongfu. The 1,500-year-old Shaolin Temple legacy represents one of the most cherished facets of traditional Chinese-culture.

The MOU sets out the understanding and intention of the parties in relation to the Proposed Project. It is not legally binding and does not contain any financial commitment. There is also no timeline specified in the MOU.

The Company will make further announcements in relation to the Proposed Project as and when appropriate.

By Order of the Board


Poh Khim Hong (Ms)
Finance Director


3 May 2007