onsulted with M-Flex’s management and concluded that the current price and terms of the Offer are contrary to the best interests of M-Flex and its unaffiliated stockholders. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Since the announcement of the Offer in March 2006, MFS’ financial performance has been materially worse than the growth trends that MFS’
management expressed in public filings. Specifically, our Special Committee and board of directors had premised their original approval and recommendation for the Offer on substantially higher estimates of MFS’ operating results than those
achieved by MFS in each of the June, September and December 2006 quarters, reflecting the growth trend that MFS’ management had expressed in public filings it expected to continue, barring any unforeseen circumstances. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Following is a brief summary of those results as compared to the comparable period in the prior fiscal year. The financial results for MFS have been
obtained from public information filed by MFS with the SGX on January 17, 2007. This MFS financial information has been included for informational purposes as our Special Committee believes it is relevant to evaluating the trends in MFS’
business. We were not involved in the preparation of such MFS financial information and has not been able to perform due diligence procedures on the September 30, 2006 or December 31, 2006 MFS financial results and accordingly, we take no
responsibility for the presentation of such financial results. </FONT></P> </R> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><I>Reported Financial Results of MFS for the Three-Month Periods
Ended June 30, 2005 and 2006 </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><I>(in millions of Singapore Dollars, except percentages) </I></B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">  </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>June 30, 2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">  </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>June 30, 2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">  </FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">  </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(unaudited)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">  </FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN