Further details on the abovementioned JVA are set out in the ensuing sections. The directors of CABINDO are Chuah Ah Bee and Chuah Hoon Phong.

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1 CAB CAKARAN CORPORATION BERHAD ("CAB" OR THE "COMPANY") JOINT VENTURE AGREEMENT BETWEEN CABINDO POULTRY SDN BHD ("CABINDO"), A WHOLLY-OWNED SUBSIDIARY COMPANY OF CAB, AND PT TERNAK AYAM TERPADU INDONESIA ("TERNAK AYAM TERPADU") 1. INTRODUCTION The Board of Directors of CAB ("Board") wishes to announce that CABINDO, a wholly-owned subsidiary of CAB, had on 1 November 2017 entered into a Joint Venture Agreement ("JVA") with Ternak Ayam Terpadu, to form several Joint Venture Companies ("JV CO") by combining their resources and expertise to produce halal poultry based products for the Indonesian consumers upon the terms and conditions as contained in the JVA. For avoidance of doubt, the JVA does not stipulate any terms on the investment amount that are required from CABINDO and Ternak Ayam Terpadu (collectively referred to as the "JVA Parties") and instead, the JVA is required by the JVA Parties to facilitate their application to the Badan Koordinasi Penanaman Modal, Indonesia ("BKPM") for its approval in relation to the incorporation of the JV CO as set out in Section of this announcement. Upon the relevant approvals obtained, the JV Parties will enter into the Supplemental JVA (as defined in Section 3.1 of this announcement) to further set out the terms of the capital contribution and take all necessary steps to incorporate the JV CO. The JVA is deemed a related party transaction in view of the interest of Anthoni Salim as the indirect common major shareholder of both CAB and Ternak Ayam Terpadu, of which further details are set out in Section 10 of this announcement. However, as the JVA does not stipulate any terms on the investment amount, the percentage ratio under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements") cannot be ascertained at this juncture. In the event the JVA Parties have determined the investment amount and enter into the Supplemental JVA to further set out the terms of the capital contribution at a later date, the Company shall make necessary announcement on Bursa Securities and/ or seek its shareholders' approval for the Supplemental JVA (as defined in Section 3.1 of this announcement), where required. Further details on the abovementioned JVA are set out in the ensuing sections. 2. DETAILS OF THE PARTIES TO THE JVA 2.1 CABINDO CABINDO was incorporated in Malaysia as a private limited company on 25 July As at the 10 October 2017, being the latest practicable date prior to this announcement ("LPD"), the total issued shares capital of CABINDO is RM2.00 comprising 2 ordinary shares. The current principal activity of CABINDO is investment holding and its intended principal activity is to undertake poultry operation in Indonesia. The directors of CABINDO are Chuah Ah Bee and Chuah Hoon Phong. CABINDO is a wholly-owned subsidiary company of CAB. 1

2 2.2 Ternak Ayam Terpadu Ternak Ayam Terpadu is a limited liability company duly established under the law of the Republic of Indonesia in Indonesia on 9 August As at the LPD, the authorised share capital of Ternak Ayam Terpadu is IDR100,000,000 comprising 100 ordinary shares of IDR1,000,000 each, and the issued and paid-up share capital of Ternak Ayam Terpadu is IDR100,000,000 comprising 100 ordinary shares of IDR1,000,000 each. Ternak Ayam Terpadu was incorporated to principally undertake integrated poultry activities. Anthoni Salim is the sole commissioner of Ternak Ayam Terpadu, whilst Jozef Franciscus Maria Bonang is the sole director of Ternak Ayam Terpadu. The shareholders and their shareholdings in Ternak Ayam Terpadu as at the LPD are as follows:- Name No. of shares % Anthoni Salim Jozef Franciscus Maria Bonang DETAILS OF THE JVA 3.1 Formation of JV CO Pursuant to the premises and mutual covenant, CABINDO and Ternak Ayam Terpadu agreed to form several JV CO under the provisions of the Foreign Investment Law (Act. No. 1/1967, as amended by Law no. 25 of 2007) as Penanaman Modal Asing Company to engage in each supply chain of the poultry integrated projects as set out in Section of this announcement. The JVA Parties shall closely cooperate and consult with each other in respect to the procedures and particulars of the organisation registration of each JV CO accordingly. The capital contribution from the JV Parties is unable to be ascertained at this juncture, as such capital contribution shall be further discussed and approved by both JV Parties at a later stage after taking into consideration of amongst others, the project location, surrounding market condition, infrastructure availability, raw materials supply and workforce availability. In the event the JV Parties have jointly determined the capital contribution required for the investment in JVCO, the JV Parties will enter into the supplemental joint venture agreement to further set out the terms of the capital contribution ("Supplemental JVA"). With regards to the above, CAB shall be mindful of Chapter 10 of the Listing Requirements upon the execution of the Supplemental JVA and will accordingly make the necessary announcement on Bursa Securities and/ or seek its shareholders' approval for the Supplemental JVA, where required. Upon the relevant approvals obtained and subject to the Supplemental JVA to be executed at a later date, the JV CO is intended to be formed with the following initial equity participation:- JV Parties Shareholdings Ternak Ayam Terpadu 90% CABINDO 10% 100% 2

3 CABINDO shall have the option to increase its share percentage up to 30% in each of the JV CO within 5 years after the date of commencement of business. 3.2 Information on JV CO The proposed name of each JV CO and its intended principal activities shall be as follows:- i. PT Pakan Ternak Sehat Indonesia, to establish poultry feed mill plant; ii. iv. PT CAB Ternak Ayam Indonesia, to undertake broiler and breeder farming activities; PT Farmbest Protein Sehat Indonesia, to undertake layer farming activities; and PT Olah Ayam Indonesia, to undertake slaughtering and processing of halal chicken, or any other name that will be acceptable to the Ministry of Justice of the Republic of Indonesia. The JV CO shall be domiciled in Jakarta, Indonesia but shall be entitled to open branch offices and or representative offices both elsewhere in Indonesia and abroad The Articles of Association of the JV CO shall be made and executed in the form and substance which shall be fully consistent with and which shall incorporate the substantive provisions of the JVA to the extent agreed in the JVA. The JV CO shall use their best efforts to negotiate and arrive at mutually acceptable solutions which shall be nearest to the extent agreed in the JVA Upon execution of the JVA, the JV Parties will together use all reasonable endeavours to procure that an investment approval is obtained from the BKPM. Thereafter, the JV Parties will enter into the Supplemental JVA to further set out the terms of the capital contribution and take all necessary steps to incorporate the JV CO The JV CO shall be established for an unspecified period. 3.3 Salient terms of the JVA Purpose and Objective and Business Activities The purpose and objective of each JV CO are to engage and to perform activities within their scope of supply chain in the total frame work of the integrated poultry projects. In order to achieve the purpose and objective as mentioned above, each JV CO which would be formed can perform the following business activities:- i. To perform activities in general trade including import, export, interinsular and local trade of all kinds of merchandise, either for own account or other parties' account on commission basis, to become a 3

4 ii. iv. wholesaler, supplier, distributor, agent and representative of other companies both domestic and foreign; To perform activities in the field of land transportation in general, transportation of products that are produced and marketed in the territory of the Republic of Indonesia; To perform activities in the field of industry in general, including factories, home industry and to market the products; To perform activities in the field of service and consultation in general, including technical, engineering and management service, except consultation service in the legal field; and Capital v. To perform activities in the field of printing, packing and packaging of the products as mentioned above. i. Capital of each JV CO which would be formed under the JVA would be amicably discussed and approved by both JV Parties, via an agreement to supplement the terms of the capital contribution under the JVA. Each JV CO's authorised capital amounts in USD or in Rupiah equivalent amount, will be divided into shares with nominal value of USD or Rupiah equivalent amount decided by both JV Parties. ii. From the said authorised capital, a certain percentage portion of shares with its nominal value decided by both JV Parties shall be subscribed by and issued by each shareholder according to their share percentage. The shares still being kept would be issued by the Company according to the requirement for capital of the Company, with the approval of the general meeting of shareholders. Shareholders whose names are registered in the Shareholder Register shall have a pre-emptive right to subscribe to the shares to be issued within a period of fourteen (14) days after the date when the offer is made and each shareholder shall be entitled to subscribe in proportion to the number of shares that they have owned, either on the number of shares to be issued or the number of remaining shares that are not subscribed by the other shareholders. iv. If after the offer is made there are shares remaining that have not yet been subscribed to, the board of directors shall have the right to offer the remaining shares to the shareholders who are still interested to purchase them. v. If after the lapse of fourteen (14) days from the date of offer to such shareholders, there are shares still remaining that are not subscribed to by the shareholders, the board of directors shall first offer them to the employees of the JV CO who are interested, and if after the offer to the JV CO's employees, there are shares still remaining that are not subscribed to, the board of directors will be free to offer the remaining shares to other parties. 4

5 vi. CABINDO shall have the option to increase their share percentage up to 30% within five (5) years after the date of commencement of business Board of Directors Initially, the Board of Directors of JV CO shall consist of three (3) Directors, whereby One (1) President Director and one (1) Director will be nominated by Ternak Ayam Terpadu, and one (1) Director will be nominated by CABINDO. Ternak Ayam Terpadu and CABINDO will have the right to add its number of Director based on each shareholding percentage from time to time Board of Commissioners The Board of Commissioners of JV CO shall consist of three (3) Commissioners, and in case of more than one Commissioner is appointed, one of them can be elected as the President Commissioner. President Commissioner will be nominated by CABINDO, and two (2) other Commissioners will be nominated by Ternak Ayam Terpadu. The Board of Commissioners shall anytime within the office hours of the JV CO be entitled to enter the buildings and premises or other places used or controlled by the JV CO and shall be entitled to examine all the books, letters and other documents, to inspect and to check the cash position and other matters and have the right to know all the actions taken by the Board of Directors Duration and Termination The JVA shall remain in full force and effect from the date hereof until the earlier of:- i. the completion of the dissolution of process of the Company; or ii. iv. the holding by one of the Shareholders of all the Shareholder Instruments previously held by the Shareholders; or the transfer of all the Shareholder Instruments previously held by the Shareholders to third party; or the termination of the JVA by mutual consent of the Shareholders. In the event that the Shareholders have resolved to wind-up, liquidate or dissolve both its company and the JV CO, the shareholders acknowledge the manufacturing activities shall automatically terminate upon completion of the dissolution process of the JV CO Governing Law The JVA and any dispute or claim arising out of or in connection with it or its subject matter, existence, negotiation, validity, termination or enforceability (including non-contractual disputes or claims) shall be governed by and construed in accordance with Indonesian Law. 5

6 4. LIABILITIES TO BE ASSUMED Save for the obligations pursuant to the JVA, there are no liabilities including contingent liability and guarantee to be assumed by CABINDO from the JVA. 5. SOURCE OF FUNDING As set out in Section 3.1 of this announcement, CABINDO is unable to ascertain the capital contribution in the joint venture at this juncture, as such capital contribution shall be further discussed and approved by both JV Parties at a later stage. However, upon the execution of the Supplemental JVA to finalise the terms of the capital contribution, CABINDO may finance its investment in the joint venture via internally generated funds and/ or external borrowings. 6. RATIONALE AND PROSPECTS The JVA is required by the JV Parties to facilitate their application to the BKPM for its approval in relation to the incorporation of JV CO. Upon the relevant approvals obtained, the JV Parties will enter into the Supplemental JVA to further set out the terms of the capital contribution and take all necessary steps to incorporate the JV CO. Under the JVA, the joint venture is undertaken in line with the growth plan of CAB and its subsidiary companies ("CAB Group" or the "Group"), in which the Group has been and is continuously on the look-out for opportunities to expand its business both in Malaysia and overseas. As CAB Group in principally involved in breeding of broiler chicken and trading of broiler chicken, poultry feeds and other farm consumables, processing, exporting, wholesaling and distributing and marketing of frozen marine, meat and food products, the joint venture represents an opportunity for CAB to expand into Indonesia's poultry business. Under the JVA, CAB and Ternak Ayam Terpadu shall combine their respective resources and expertise to produce halal poultry based products for the Indonesian consumers. The Board believes that after taking into consideration the growing demand for poultry products primarily driven by the growing purchaser power in the Indonesian consumer market, the joint venture pursuant to the JVA may potentially provide CAB Group an opportunity for business growth in the medium to long term. 7. FINANCIAL EFFECTS The JVA will not have any effect on the share capital, earnings and earnings per share, substantial shareholding structure and net assets and gearing of CAB Group, as the JVA is merely required to facilitate the JV Parties' application to the BKPM for its approval in relation to the incorporation of JV CO. Upon the relevant approvals obtained, the JV Parties will enter into the Supplemental JVA to further set out the terms of the capital contribution, by which then CAB Group will assess the financial effects of the aforesaid terms of the capital contribution pursuant to the Supplemental JVA. 6

7 8. RISK FACTORS The Board does not foresee any exceptional risk factors other than the normal operational risks associated with the JVA and the following risks:- i. Financing risk CABINDO may finance its investment in the joint venture through internally generated funds and/ or external borrowings, of which the exact breakdown of funding can only be determined at a later stage. Incurring any additional bank borrowings to finance the joint venture will expose CAB Group to interest rate and debt servicing risks whilst any utilisation of internally generated funds may result in a reduction of funds available for the Group's working capital purpose. ii. Political, economic and regulatory risk CABINDO is susceptible to changes in the political, economic and regulatory conditions of Indonesia, and as such any changes in the said conditions could adversely affect the financial or prospects of CAB. These include, but not limited to, risks of war, expropriation, nationalisation, changes in general economic, business or credit conditions, political or social development and changes in government policy such as changes in interest rates, inflation rate, taxation and currency exchange control. Joint venture risk Although the Board believes that CABINDO may derive benefits from the joint venture, there is no assurance that such anticipated benefits will be realised or will be able to generate sufficient returns from to offset any associated transaction/ investment costs incurred or to be incurred. The Board will take the necessary steps to mitigate the abovementioned risks as and when it occurs. 9. APPROVALS Save for the relevant approvals to be obtained from BKPM as set out in Section of this announcement, the JVA is not subject to the approval of the shareholders of CAB or any other relevant authority. However, as and when the capital contribution from the JV Parties is determined at the point of entering into the Supplemental JVA, CAB may seek its shareholders' approval at a later stage for the joint venture in accordance with Chapter 10 of the Listing Requirements, if required. 10. INTEREST OF DIRECTORS', MAJOR SHAREHOLDERS AND PERSONS CONNECTED TO SUCH DIRECTORS AND/OR MAJOR SHAREHOLDERS Save as disclosed below, none of the Directors and/or major shareholders of CAB and/or persons connected with the Directors and/or major shareholders of CAB, has any interest, direct or indirect in the JVA:- Anthoni Salim is the common indirect major shareholder in both CAB and Ternak Ayam Terpadu, and hence is deemed interested in the JVA. He is the major shareholder of Plant Wealth which in turn is a major shareholder in CAB. Plant Wealth (major shareholder of CAB) and Wijanti Tjendera (a Non-Independent Non-Executive Director in CAB) are also deemed interested in the JVA in view that they are persons connected to Anthoni Salim. 7

8 Accordingly, Wijanti Tjendera has abstained and will continue to abstain from deliberating and voting on any resolutions pertaining to the JVA at any Board meeting. In addition, if shareholders' approval is required for the joint venture as elaborated in Section 9 of this announcement, Plant Wealth and Wijanti Tjendera shall undertake to abstain from voting in respect of their direct and/ or indirect shareholdings in the Company, if any, on the resolutions pertaining to the said joint venture. Plant Wealth and Wijanti Tjendera shall also undertake to ensure that persons connected to them shall abstain from voting in respect of their direct and/ or indirect shareholdings in the Company, if any, on the resolutions pertaining to the said joint venture. 11. DIRECTORS' STATEMENT The Board (save for Wijanti Tjendera), having considered all aspects of the JVA and after careful deliberation, is of the opinion that the JVA is in the best interests of the CAB Group. 12. DOCUMENTS FOR INSPECTION The JVA is available for inspection at the registered office of CAB at Suite A, Level 9, Wawasan Open University, 54, Jalan Sultan Ahamd Shah, Georgetown, Penang during the normal business hours from Mondays to Fridays (except Saturday, Sunday and public holidays) for a period of 3 months. This announcement dated 1 November