Further to the Company’s announcement on 29 February 2012 on the unaudited quarterly financial results for the fourth

quarter ended 31 December 2011 (“Unaudited 4^th Quarterly Results”) and the announcement on the Audited Financial

Statements for the financial year ended 31 December 2011 on 30 April 2012, the Board of PICORP wishes to announce

that subsequent to the completion of the audit by the external auditors, certain adjustments were made which resulted in

the Company registering a profit after tax and minority interest of RM11,391,796 in the Audited Financial Statements for

the year ended 31 December 2011 as compared with RM9,234,095 previously announced in the Unaudited 4^th Quarterly Results.

This has resulted in a deviation of 23%.

The reconciliation is detailed as below:

	RM'000	RM’000
Unaudited net profit after taxation and minority interest for the financial year ended 31 December 2011 announced on 29 February 2012		9,234
(i) Re-instatement of impairment of investment in an associate *	1,510
(ii) Re-instatement of share of profit from 2008 to 2011 due to item (i) above	336
(iii) Increase in share of loss of an associate	(53)
(iv) Reversal of prior years’ provision of tax in a subsidiary	509
(v) Increase in profit attributable to Non-controlling interest	(200)
(iv) Others	56
		2,158
Audited net profit after tax and minority interest for the financial year ended 31 December 2011		11,392

Note:-

*          For the 4^th quarter unaudited results, on prudence ground the Directors of PICORP have made a full provision for its investment in PJBUMI. The auditors, in reviewing the accounts of PICORP, are of the view that the full provision is not according to Accounting Standards and have recommended to the Audit Committee and the Board the write-back of RM1.5 million, which was accepted by the Board.