Unless otherwise stated, all abbreviations, definitions and terms used herein shall have the same meanings as those used in the Company’s announcements dated 19 January 2017, 27 February 2017, 3 March 2017 and 11 April 2017, as well as the circular to the shareholders of the Company dated 12 April 2017 in relation to the Proposals.

On 19 January 2017, on behalf of the Board, Maybank IB announced the intention of UMWH to undertake the Proposals. Concurrently, on 19 January 2017, UMW-OG announced, inter-alia, its intention to undertake the acquisitions of shares in ICON Offshore Berhad (“ICON”) and Orkim Sdn Bhd (“Orkim”), amongst other corporate proposals (collectively referred to as “UMW-OG Proposals”).

On 4 May 2017, UMW-OG announced that it had on 3 May 2017 received a letter from Hallmark Odyssey Sdn. Bhd. (“HOSB”) and Tetap Kuasa Sdn Bhd (“TKSB”) proposing to terminate the respective sale and purchase agreements involving the acquisition of shares in ICON and Orkim ("Termination Letter"). The Board of UMW-OG has agreed to the request made by HOSB and TKSB to accept the Termination Letter (“Mutual Termination”). In view of the conditionality of the UMW-OG Proposals, UMW-OG will not proceed with the UMW-OG Proposals following the Mutual Termination.

As the Proposals are not inter-conditional with the UMW-OG Proposals, the Company will proceed with the Proposals accordingly and an application for confirmation from the High Court for the Proposals via an order shall be made as planned.

This Announcement is dated 4 May 2017.