PNE Industries Ltd. will seek shareholder approval for the share repurchase program at its Annual General Meeting to be held on January 28, 2014. Under the program, the company will repurchase up to 10% of its issued capital. The shares will be repurchased either by way of market purchases on the SGX-ST and/or any other stock exchange on which the shares may for the time being be listed and quoted and/or off-market purchases (if effected otherwise than on the SGX-ST or, as the case may be, other exchange) in accordance with any equal access schemes as may be determined or formulated by the directors as they consider fit, which schemes will satisfy all the conditions prescribed by the Companies Act.

The program may be exercised by the directors at any time and from time to time. The shares will be repurchased at a maximum price of in case of market purchase, 105% of the average closing price of the shares and in case of off-market purchase pursuant to an equal access scheme, 110% of the average closing price of the shares. The program will expire at the earliest of the date on which the next Annual General Meeting is held or required by law to be held or the date on which the program is varied or revoked in general meeting or the date on which the repurchases are carried out to the full extent mandated.