MEDIA RELEASE

For Immediate Release

REXIT FORMS JV WITH JAPANESE MARUBENI GROUP TO TAP OVERSEAS MARKETS
Marubeni Corporation To Also Take 10% Stake In Rexit

Petaling Jaya, October 12, 2006: Rexit Berhad (‘Rexit’), a leading service provider of comprehensive application solutions and facilitator of e-Commerce transactions for the general insurance industry, has entered into an agreement with Marubeni Corporation (‘Marubeni’) to form a joint venture company, Rexit International Sdn Bhd, to promote, market and sell Rexit’s software products and services in markets outside of Malaysia.

In conjunction with the joint venture, Marubeni is also to purchase 18.93 million shares or 10% of the issued paid-up capital of Rexit’s quoted shares from substantial shareholder, Rexit Venture Sdn Bhd.

The joint venture company, Rexit International Sdn Bhd, will have an issued paid-up share capital of 8 million shares at par value of RM1.00, where Rexit will own 51% share and Marubeni the remaining 49% share in the joint venture company. Rexit will finance its portion of the joint venture through internally generated funds.

The formation of Rexit International Sdn Bhd is a major development for Rexit, in enabling the group to leverage on Marubeni’s established global networks, marketing systems and international recognition to accelerate its international sales growth and providing it with a strong platform to penetrate global markets.

Speaking at the signing ceremony, Rexit Chairman Datuk Ng Kam Chiu said, “We are proud and indeed honoured to have such a reputable organization as our partner as well as shareholder. The potential from this joint venture is tremendous. In Japan alone, the total premiums for general insurance amounted to 9 trillion yen, or approximately RM270 billion, compared to Malaysia, where the total insurance premiums were about RM9 billion. So you can well appreciate how excited we truly are on our future prospects in the international markets.”

To further streamline the group’s overseas activities, Rexit’s share in 51% owned PT Rexit Indonesia will also be assigned into Rexit International Sdn Bhd, subject to the consent of its Indonesia partner, PT Swadayanusa Kencana Raharja. PT Rexit Indonesia was awarded a contract to develop, customise and implement web-based insurance management system for PT Asuransi Sinar Mas, the second largest insurance company in Indonesia.

Rexit’s e-Cover portal is among the largest e-commerce portals in Malaysia, being subscribed and accessed by more than 26,000 registered users, seven insurance companies, four banks and several telecommunication companies. To date, more than RM2.3 billion in premium have been transacted through the portal, which has recently received the Merit Award for Best of Financial Applications category in the 2006 MSC-Asia Pacific ICT Awards.

Datuk Ng added, “With our award winning e-Cover application, and a partnership with the Marubeni Group, Rexit is well positioned to capitalise on the opportunities for growth in Malaysia as well as in the international markets.” Through Rexit’s e-Cover technology, Rexit is also aiming to extend its products and services to the non-motor general insurance policies, as well as other financial applications including hire purchase. We are also making big progress and in the final stage of contractual negotiations with three more insurance companies in Malaysia, which we expect to conclude before the year end.”

“Rexit is going through a period of very strong growth, and we are truly excited and confident of the group’s prospects. Through further investments and emphasis on research and development, we aim to develop new technologies and innovative products to eventually realize our vision of becoming the largest domestic and regional e-commerce service provider.”

- end -

Issued on behalf of Rexit Berhad by NRA Access Sdn Bhd. For further information, contact Nasrudin at telephone no.: 603 2163 3700, fax no.: 603 2163 4700, or e-mail nasrudin@nra.com.my.

About Rexit Berhad:

Rexit is a leading service provider of comprehensive application solutions and facilitator of e-Commerce transactions for the general insurance industry. It operates the “e-Cover” portal, a one-stop centre for online insurance transactions.

The company has grown from a four-person operation in 1998 to being listed on the MESDAQ Market of Bursa Malaysia Securities Berhad on November 16, 2005. Rexit Software, its wholly-owned subsidiary was also granted MSC (“Multimedia Super Corridor”) status for its suite of insurance solutions.

Rexit’s customers include Kurnia Insurans (M) Bhd, Allianz General Insurance Malaysia Bhd, Commerce Assurance Bhd, AmBank (M) Bhd and Tokio Marine Insurans (M) Bhd.

Rexit have received recognition from the Malaysian Government in terms of a grant for research and development in new technologies and approval from the RTD to be a gateway provider, and approval from Bank Negara to implement its suite of insurance solutions. It is also a registered software vendor with the Ministry of Finance.

About Marubeni Corporation:

Marubeni Corporation is a large conglomerate with diversified businesses and investment interests. It was founded in 1858, and incorporated on 1 December 1949. Marubeni is listed on the stock exchanges of Tokyo, Nagoya and Osaka.

The Marubeni Group’s major business segments comprise of agri-marine products; textile; forest products & general merchandise; chemicals; energy; metals & mineral resources; transportation & industrial machinery; power projects; plant, ship & infrastructure projects; information & communication; development & construction; and finance, logistics & new business, iron & steel strategies & coordination and overseas corporate subsidiaries.

As at 31 March 2006, Marubeni’s total paid-in capital stand at Japanese Yen (¥)262.7 billion (RM8.2 billion). Based on the unaudited financial results of Marubeni and its subsidiaries for the three months period ended 30 June 2006, the net income and shareholders’ equity of Marubeni Group is ¥34.8 billion (RM1.1 billion) and ¥667.3 billion (RM20.8 billion) respectively.