Clarifications on The Business Times Article of 16 March 2004 entitled "Beyonics in battery deal with Matsushita"

The Board of Directors (the "Board") of Beyonics Technology Limited ("Beyonics") refers to the article entitled "Beyonics in battery deal with Matsushita" on page 4 of The Business Times of 16 March 2004 (the "Article"), specifically, to the first and the seventh paragraphs of the Article.

In the first paragraph of the Article, it is stated that "Beyonics Technology Ltd, ........ may get 5 per cent of sales this fiscal year from a contract to make batteries for Matsushita Electric Industrial Co." The Board wishes to clarify that while Beyonics has recently signed a contract with Taimatsu Industrial Co., Ltd (which is a subsidiary of Matsushita Electric Industrial Co., Ltd.) to assemble battery packs, it is currently expected that sales from this contract should not be more than 5 per cent of sales this fiscal year. During the analysts' conference held by Beyonics on 15 March 2004, the management of Beyonics has stated that while potential annualized sales from this contract may be 5 per cent of sales in future fiscal years, the management of Beyonics has never stated that Beyonics may get 5 per cent of sales this fiscal year from this contract.

The Board also refers to the seventh paragraph of the Article which states that " ... the batteries will account for about $50 million in sales for the year ended in June." The Board wishes to clarify that the estimate of $50 million in sales is an annualized estimate for future fiscal years and is not reflective of the sales estimate from the assembly of battery packs in this fiscal year. The Board also wishes to point out that the fiscal year end of Beyonics is 31 July, and not 30 June.

By Order of The Board of Directors
Submitted by Tay Peng Huat, Company Secretary on 16/03/2004 to the SGX