Corporation Limited

PRESS RELEASE

Jackspeed Corporation Limited Wins RM55 million Contract from Naza Automotive Manufacturing Sdn Bhd • Jackspeed's Malaysian subsidiary will supply leather trims for Naza’s New MPV project for three years

Singapore, September 13, 2004 – SGX Mainboard-listed Jackspeed Corporation Limited (“Jackspeed””), a manufacturer of custom-fitted automotive leather trim for car seats and leather wrapping for automotive interior products, has secured a RM 55 million contract from Naza Automotive Manufacturing Sdn Bhd (“Naza Automotive”).

This is its third and also single largest contract that Naza Automotive has awarded to Jackspeed. The contract is for the company’s Malaysian subsidiary to supply leather trims for Naza’s new MPV project for three years, starting on November 2004.

Naza Automotive assembles, markets and distributes the Naza range of vehicles for its third national car project. Jackspeed is currently a Tier One supplier of Naza Automotive. .

Commenting on the new contract win, Mr Jackson Liew, Jackspeed’s Group Chairman and CEO said, "This latest contract with Naza Automotive is a strong testament to their trust and confidence in our high standards of quality and delivery.

We see tremendous potential in the automotive industry in Malaysia. With the implementation of AFTA and reduction of tariffs, the region’s automotive industry is expected to enjoy robust growth. This will also drive further growth in the automotive manufacturing sector in Malaysia. Jackspeed, which already has an established presence in Malaysia, is well-poised to take advantage of new opportunities in the auto sector and ride on its vibrant growth.

Mr Liew said that this major contract win will further reinforce its relationship with Naza Automotive and strengthen its stronghold in the Malaysian automotive industry.

The contract is expected to contribute positively to Jackspeed’s turnover in the next three financial years but it will not have any material impact on the earnings per share and net tangible assets per share of the company for the current financial year ending February 2005.

None of the directors or substantial shareholders of the company has any interest, direct or indirect, in the above transaction.

About Jackspeed Corporation Limited

Established in 1993, Jackspeed started as a trader of automobile parts and accessories. Since then, Jackspeed has grown into a manufacturer of automotive leather trim with one production facility each in Singapore, Malaysia, Indonesia and Thailand to serve a growing clientele.

In addition to the manufacture of custom-fitted automotive leather trim for car seats, it also provides leather wrapping for other automotive interior products, such as steering wheels, consoles, gear-shift knobs and hand brakes, as well as leather trim and leather wrapping for non-automotive interior products in the aviation and marine industries.

Its subsidiaries in Malaysia, Jackspeed Leather Special Manufacturer (M) Sdn.Bhd and Jackspeed Industries Sdn Bhd., are tier-one suppliers to Naza Automotive Manufacturing Sdn. Bhd. and Honda in Malaysia. Its Thai subsidiary Jackspeed Leather Manufacture (Thailand) Co., Ltd., is a tier-one supplier to the Ford Group. Leveraging on its strengths in design and its high product and service quality standards, Jackspeed has established itself as a recognised brand name in the industry. Jackspeed was one of the winners of the “Singapore Promising Brand Award” in 2003 organised by the Association of Small and Medium Enterprises and Lianhe Zaobao, an award given to selected companies in Singapore whose brand is associated with good value and quality products and services. Jackspeed has also achieved several international certifications and awards including the ISO/TS 16949 (Technical Standard for the Automotive Industry), ISO9002:1994, ISO14001:1996 (for the design, manufacturing and installation of automotive leather trim and other accessories) and TUV Kraftfahrt GmbH (for airbag safety). Jackspeed has also achieved ISO14001 (for environmental management) and OHSAS 18001 certification (for occupational health and safety management system).

Jackspeed has established a profitable track record in the last 4 financial years. Group revenue rose from S$14.59 million in FY2001 to S$26.94 million in

2 FY2004. Profit before tax increased from S$1.65 million in FY2001 to S$2.62 million in FY2004.

About Naza Automotive Manufacturing Sdn Bhd

The Naza group, which started in 1976 as an importer of used and reconditioned vehicles, today markets completely-built-up Mercedes Benz, KIA, Peugeot, Bentley, Ferrari and Marserati cars apart from its hospitality, public transport and other businesses. The Naza Group of companies is one of Malaysia’s largest importer of cars.

The group became a full-fledged auto assembler when it launched the KIA Spectra in 2001. Last year, Naza launched Malaysia’s first multi-purpose vehicle, the Naza Ria.

Naza Automotive is a member of Malaysia’s Naza Group of Companies, which assembles, markets and distributes the KIA range of vehicles, Malaysia’s third national car project.

For more information, please contact: Tham Moon Yee/Mr Lee Yew Meng Stratagem Consultants Pte Ltd Tel : 6227 0502 Fax : 6227 5663 Email : [email protected] [email protected]