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Further to the previous engagements with the authorities on the possible joint venture partnership in PT Anugrah Life Insurance, Maybank would like to inform that Panin had on 9 November 2007 advised that the Ministry of Finance of the Republic of Indonesia (“MOF”) had written to Panin on 6 November 2007 informing that the MOF was unable at this stage to proceed to consider the application for approval on the above proposed acquisition due to the limitations of Article 43(2) of the MOF Regulation No.426/KMK.06/2003 which requires a foreign holding company to maintain a majority of its portfolio in insurance business should it wish to become a shareholder of a local insurance company.

MOF had however also advised that a comprehensive review on the legislation relating to the insurance industry including on requirements in respect of foreign equity was currently being undertaken.

In light of the latest development, Maybank is currently reviewing its earlier business proposal and the relevant announcement on its proposed next course of action would be made in due course.

This announcement is dated 13 November 2007.