The Audit Committee members are:

• Frank Yung-Cheng Yung, Chairman, Independent Director
• Dr Chew Kia Ngee, Independent Director
• Patrick Keith Quarmby, Non-executive Director

The Audit Committee has explicit authority to investigate any matter within its terms of reference, full access to and co-operation by Management and full discretion to invite any Director or executive officer to attend its meetings, and reasonable resources to enable it to discharge its functions properly.

The Audit Committee meets with the external and internal auditors, without the presence of Management, at least once a year.

The Audit Committee reviews the scope and results of the audit and its cost effectiveness and the independence and objectivity of the external auditors annually. It has undertaken a review of all non-audit services provided by the auditors and was of the opinion that the provision of such services would not affect the independence of the auditors.

The Audit Committee ensures that the internal audit function is adequately resourced and has appropriate standing and authority within the Company.

The Audit Committee met five times since the last Annual General Meeting and the meetings were attended by all members.

During the financial year ended September 30, 2005, the Company has complied with the Best Practices Guide on dealings in securities issued by the Singapore Exchange Securities Trading Limited.

The Audit Committee reviewed the following, where relevant, with the Executive Directors, the external auditors, Deloitte & Touche, and the internal auditors, PricewaterhouseCoopers Singapore ("PwC Singapore"):

• the external audit plans and results of their examination and evaluation of the Group's system of internal accounting controls;
• the Group's financial and operating results and accounting policies;
• the financial statements of the Company and the consolidated financial statements of the Group before their submission to the Board and the external auditors' report on those financial statements;
• the cooperation given by the Management to the external and internal auditors;
• the scope and results of the internal audit procedures;
• the appointments of the external and internal auditors of the Company;
• the effectiveness of the Company's material internal controls; and
• the framework for staff to raise concerns about possible improprieties in matters of financial reporting or other matters in confidence, and that there is independent investigation of such matters and appropriate follow-up action.

The Audit Committee has full access to and cooperation by the Management. The external and internal auditors have unrestricted access to the Audit Committee.

The Audit Committee is satisfied with the independence of the external auditors and has recommended to the Board, the nomination of Deloitte & Touche for re-appointment as external auditors of the Company at the forthcoming Annual General Meeting.