Announcement Details :

The Board of Directors of Amalgamated Industrial Steel Berhad (“AISB” or the “Company”) wishes to inform that the Group’s audited profit after tax attributable to shareholders for the financial year ended 31 December 2007 has now been revised to RM1.62 million. The Group had in its fourth quarter announcement dated 28 February 2008 stated that the unaudited profit after tax attributable to shareholders for the financial year ended 31 December 2007 was RM2.05 million. This gives rise to a deviation of RM0.43 million or 21%.

The deviation arose mainly from the application of Financial Reporting Standard 1122004 on Income Taxes. This standard requires the reduction in statutory tax rate relating to revaluation surplus to be credited directly to equity, instead of being credited to income statement.

Upon the adjustment above, the Group’s basic earnings per share has revised to 1.39 sen from 1.76 sen previously reported.

This announcement is dated 22 April 2008.