General Announcement
Reference No O&-051121-62384

Submitting Merchant Bank	:	K & N KENANGA BHD
Company Name	:	REXIT BERHAD (MESDAQ Market)
Stock Name	:	REXIT
Date Announced	:	21/11/2005


Type	:	Announcement
Subject	:	SERVICE AGREEMENT WITH ALLIANZ GENERAL INSURANCE MALAYSIA BERHAD ("AGIM")

Contents :

K & N Kenanga Bhd, on behalf of Rexit Berhad ("Rexit"), is pleased to announce that Rexit's wholly-owned subsidiary company, Rexit Software Sdn Bhd ("Rexit Software") has on 21 November 2005 entered into a service agreement with AGIM to upgrade and enhance the systems currently in use by AGIM for its operations ("Service Agreement").

Under the Service Agreement, Rexit Software agrees to supply to AGIM the Integrated Insurance Management System ("IIMS") and to provide services in relation to IIMS and other technical services for a total value of RM3,000,000. In addition, Rexit Software will also supply the following services upon AGIM's requisition at the agreed rates and terms:-
(i) System enhancements and modifications to the modules of IIMS ("Modules"); and
(ii) Data migration and reconstruction.

The warranty period of the Modules shall be twelve (12) months from the date of acceptance/sign-off of the Modules by AGIM.

None of the Directors and/or substantial shareholders and/or persons connected to the Directors and/or substantial shareholders of Rexit has any interest, direct and indirect in the said Service Agreement.

This announcement is dated 21 November 2005.