LUSTER INDUSTRIES BHD. ("LUSTER" OR THE "COMPANY")

I.	PROPOSED JOINT VENTURE; 
II.	PROPOSED DIVERSIFICATION ; AND
III.	PROPOSED PRIVATE PLACEMENT

(COLLECTIVELY, THE "PROPOSALS")

We refer to Luster’s announcement dated 19 October 2020 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:

1)      To state the rationale for not requiring Fortune Tac Sdn Bhd  ("FTSB") to invest in the form of monetary in                        Glovmaster Sdn Bhd (“GSB”).

2)      To state the basis and justifications for FTSB’s 44% shareholding in GSB.

3)      To state the termination clauses of the Joint Venture Agreement and the consequential arrangement upon                      termination.

4)      To elaborate on “Moratorium Shares will be released by Luster to FTSB proportionately based on the PBT                      Guarantee achieved during the 2 years period”. If relevant, to also state the formula to compute the number of              shares to be released.

5)      To also clarify the treatment of the Moratorium Shares and the recourse available to Luster in the event GSB                  failed to achieve profit before tax during the 2 years period.

6)      To elaborate on the manner in which GSB intends to market and distribute the gloves in Malaysia and/or                       overseas.

7)      The targeted consumers and whether any contract has been secured.

8)      Whether raw materials to produce the gloves will be sourced locally or from overseas.

9)      To state the operational impact of the gloves business on Luster Group.

10)    To elaborate on each of the business diversification risk as stated in item 7.1 and what are the processes and                procedures put in place to mitigate the risks.

11)    The steps taken / to be taken by Luster to ensure the success of the gloves business in view that Luster does                not  have any track record.

12)    To state the rationale for fixing the placement price up-front instead of closer to the issue date.

13)    To state the justifications for the discount of approximately 19.72% for the issue price of the placement shares.

14)    The breakdown and details of the utilisation of proceeds raised from Private Placement I.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully

Listing

Regulation

cc: Market Surveillance Dept.  Securities Commission (via fax)