1. INTRODUCTION

The Board of Sarawak Plantation Berhad ("SPB") is pleased to announce that its wholly owned subsidiary, Sarawak Plantation Agriculture Development Sdn. Bhd.(SPAD), has entered into a Memorandum of Understanding (MOU) on 17 January 2012 with Citra Widya Education PT to collaborate on training of oil palm estate, mill and logistics operations and management.

2. DURATION OF THE MOU

The MOU is valid for Twelve (12) months from 17 January 2012 within which period a contract will be executed between the parties hereto unless an extension of the MOU is mutually agreed to by the parties hereto in writing.

 
3. FINANCIAL EFFECTS OF THE MOU

The execution of the MOU will not have any material effect on the earnings or net assets of the Company for the year ending 31 December 2012.

4. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the directors, major shareholders and or persons connected with them has any interest, whether direct or indirect, in the MOU.

Dated this 17th day of January 2012.