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As stated in our previous announcement dated 4 April 2008, Maybank’s insurance and takaful holding company, Mayban Fortis Holdings Berhad (“Mayban Fortis”) has been designated as the legal entity (instead of Maybank) to pursue the Proposed Acquisition. Subsequently, on 11 April 2008, Anugrah performed the submission to the Ministry of Finance of Republic of Indonesia (“MOF”) for approval of Mayban Fortis as the legal entity to acquire the 60% stake in Anugrah in respect of the Proposed Acquisition.

Following the above, we are pleased to announce that Anugrah has informed us that the MOF had vide its letter dated 8 May 2008, approved the application of Anugrah to change its ownership with Mayban Fortis acquiring 60% from Panin.

Both parties are currently working on the formalization and execution of the definitive agreements and completion of the Proposed Acquisition will be subject to the terms of the definitive agreements including obtaining regulatory approvals of the Republic of Indonesia such as submission of the amended articles of association of Anugrah to the Ministry of Law and Human Rights of the Republic of Indonesia.

This announcement is dated 23 May 2008.