Investors

Update On Corporate Development For An Associated Company, eBworx Berhad ("eBworx")

Further to our announcements dated 2 March 2012 and 5 April 2012, we wish to announce that CSE Global (Asia) Limited ("CSE-Asia"), a wholly owned subsidiary of CSE Global Limited ("CSE"), had on 8 May 2012 accepted the Takeover Offer by Hitachi Limited for all the 59,789,000 Shares held by CSE-Asia, representing 30.94% of the entire issued and paid up share capital of eBworx (excluding treasury shares held by eBworx).

Maybank Investment Bank Berhad, on behalf of Hitachi Limited, has on 8 May 2012 announced the Takeover Offer as wholly unconditional as it had received more than 85% acceptance.

CSE will record a one-time gain of S$10.3 million from the transaction in 2Q 2012. The net consideration received of S$21.4 million will be used to repay bank loan thereby strengthening its balance sheet and improving its net gearing.

None of the Directors or controlling shareholders of CSE has any interest, direct or indirect, in the abovementioned transaction.

Where appropriate, further announcements will be made in due course.

By Order Of The Board

Tan San-Ju
Company Secretary
8 May 2012