Frontline Technologies Corporation Ltd

(Incorporated in the Republic of Singapore on 26 March 1998)

Invitation in respect of 190,000,000 New Shares comprising:

(a) 15,000,000 Offer Shares at S$0.22 for each Offer Share by way of public offer; and

(b) 175,000,000 Placement Shares comprising:

(i) 52,272,000 Placement Shares at S$0.22 for each Placement Share to Strategic Investors (as defined in the Prospectus dated 5 March 2001); and

(ii) 122,728,000 Placement Shares at S$0.22 for each Placement Share by way of Placement;

payable in full on application.

(Subject to an Over-allotment Option of up to 28,500,000 Shares, as defined in the Prospectus dated 5 March 2001)

The Board of Directors of Frontline Technologies Corporation Ltd ("Frontline" or the "Company") is pleased to announce that, at the close of the Application List at 12.00 noon on 14 March 2001, there were 4,137 applications for the 15,000,000 Offer Shares available to the public for subscription. In total, these subscribers applied for 76,877,000 Offer Shares, with application moneys received amounting to approximately $16.9 million.

Based on the 15,000,000 Offer Shares, the Invitation to the public is approximately 5.13 times subscribed.

To ensure a reasonable spread of shareholders of the Company, the Board of Directors of the Company has decided on the following basis of allotment:-

All the 175,000,000 Placement Shares have been successfully subscribed for. An aggregate of 52,272,000 Placement Shares were allocated to the Strategic Investors. As disclosed in the Prospectus dated 5 March 2001, an aggregate of 1,000,000 Placement Shares were allocated to 41 immediate family relatives of employees of the Group with each application not exceeding 100,000 Placement Shares. The spread of placees for the 175,000,000 Placement Shares (and the additional 28,500,000 Shares that were over-allotted by DBS Bank) is as follows:-

Pursuant to Regulation 37A(2)(e) of the Securities Industry Regulations, it is hereby announced that up to an additional 28,500,000 Shares, solely to cover over-allotments in the Invitation, are the subject of the Over-allotment Option referred to in the Prospectus dated 5 March 2001. DBS Bank may effect transactions which stabilise or maintain the market prices of the Shares for a period of 30 days from the first day of trading of the Shares on the SGX-ST, subject to compliance with the laws of Singapore. Such stabilisation, if commenced, may be discontinued at any time in accordance with the laws of Singapore.

The Company's Shares will commence trading on a "ready" basis on 16 March 2001. There will be NO trading on a "when-issued" basis.

The return of unsuccessful applications using printed Application Forms by ordinary post at the risk of the unsuccessful applicants, together with the full amount of the application moneys (without interest or any share of revenue or other benefit arising therefrom), will commence today and is expected to be completed by 20 March 2001. For unsuccessful Electronic Applications, it is expected that the full amount of the application moneys (without interest or any share of revenue or other benefit arising therefrom) will be credited to the applicants' accounts with their Participating Banks (as defined in the Prospectus dated 5 March 2001) within three market days after the close of the Application List.

In respect of partially successful applications, the balance of the application moneys is expected to be refunded (without any interest or any share of revenue or other benefit arising therefrom) to the applicants, by ordinary post at their own risk (in the case of applications made using printed Application Forms) or through the crediting of the relevant amount to the applicants' accounts with their Participating Banks (in the case of Electronic Applications) within 14 days after the close of the Application List.

The Board of Directors of Frontline is pleased to advise that CPF members may, with effect from the date on which the Company's Shares are traded as indicated above, use their CPF savings (up to 35% of investible savings) to purchase the Company's Shares under and subject to the requirements of the CPF Investment Scheme.

The Company wishes to thank the public who have applied for the Offer Shares and the Placement Shares, the relevant authorities and all who have helped in one way or another in the Company's public offering, for their support and assistance.

DBS Bank and POSBank customers may call the DBS IPO Results Enquiry Service at +65 6327 4767 to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

Issued by

The Development Bank of Singapore Ltd

For and on behalf of
Frontline Technologies Corporation Ltd

15 March 2001