The Board of Directors of Kerjaya Prospek Group Berhad ("Company") is pleased to announce that its wholly-owned subsidiary company, Kerjaya Prospek (M) Sdn. Bhd. ("KPSB"), has on 17 August 2017 accepted a letter of award ("LA") at a total contract sum of Ringgit Malaysia Four Hundred and Forty-Two Million Only (RM442,000,000.00) ("Contract") from Aspen Vision City Sdn Bhd ("AV City"), a subsidiary of Aspen Vision Land Sdn. Bhd., which in turn a subsidiary of Aspen (Group) Holdings Limited ("Aspen"), a company listed on Catalist of the Singapore Exchange Securities Trading Limited.

The Contract is for the main building works for a proposed development project known as "Vertu Resort", a prestigious project jointly developed by Aspen Group and IKEA Southeast Asia, which consists of five (5) condominium blocks ranging from 20-storeys to 36-storeys consisting of 1,246 units of condominiums to be built above an 8-storey car park podium with one storey above the car park for community recreational facilities on Plot 10 (Fasa 4) Sebahagian Lot 282, MK. 13, S.P.S Pulau Pinang.

The construction works to be undertaken by KPSB is expected to commence on 4 September 2017 ("Date of Commencement") and due to be completed within 38 months from the Date of commencement.

The Contract will further increase and enhance the existing order book of the Company and its group of companies ("Group").

The Contract will have no effect on the issued share capital of the Company but it is expected to contribute positively to the earnings and net assets per share of the Company and the Group for the financial years ending 2017 to 2020.

More information about the Contract and Vertu Resort can be found in the attached press release.

This announcement is dated 17 August 2017.