The directors of Boulder Steel Limited announced that they have signed 2 Framework Agreements with Arabia for Business Strategies, pursuant to their extended MoU originally announced to the market on 25 May 2009.

Framework Agreement No 1 - Gladstone Iron and Steel Project of Australia

The parties agreed that:
1. ABS will have an economic interest of 70%
2. Boulder will have an economic interest of 30%
3. ABS is responsible to secure all debt funding
4. Boulder has to service its portion of the debt funding

Details of the equity funding will be subject to further negotiations between the two parties.

Framework Agreement No 2 - Rail and Heavy Beam Plant

The parties agreed that:
1. ABS will have an economic interest of 70% to 80%
2. Boulder will have an economic interest of 20% to 30%
3. ABS is responsible to secure all debt funding
4. Boulder has to service its portion of the debt funding