Singapore, 29 December 2006 - The Board of CAO wishes to announce the resignation of Dr Wu Shen Kong as a Director from the Board of Directors with effect from 1st January 2007. In addition, Dr Wu Shen Kong will also resign from the following Board Committees with effect from 1st January 2007.

a) Member of the Remuneration Committee;
b) Member of the Nominating Committee; and
c) Member of the Disclosure Committee.

The Board would also like to announce the appointment of Mr Michael J Bennetts as a Director of the Board of Directors of the Company with effect from 1st January 2007. In addition, Mr Michael Bennetts will assume the following appointments:

a) Member of the Remuneration Committee;
b) Member of the Nominating Committee; and
c) Member of the Disclosure Committee.

The Board wishes to thank Dr Wu Shen Kong for his services to the Company.