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We refer to our earlier announcement dated 13 October 2000 pertaining to the above Proposal.

Subsequent to the above, Aseambankers Malaysia Berhad, on behalf of Maybank, is pleased to announce that the Securities Commission ("SC") had approved the above Proposal vide its letter dated 4 May 2001, which was received on 8 May 2001. The approval of the SC on the above Proposal is subject to inter-alia, the following conditions:-

(i) that a fourth supplemental trust deed to the original trust deed dated 11 January 1990 and the three (3) subsequent supplemental trust deeds dated 19 June 1990, 13 August 1990 and 27 December 1996 ("Trust Deeds") be executed between Mayban Property Trust Management Berhad ("MPTMB"), Pelaburan Hartanah Nasional Berhad ("PHNB") and Bumiputra-Commerce Trustee Berhad ("BCTB"), the trustee for Mayban Property Trust Fund One ("MPTF1"), in order to reflect the retirement of MPTMB as the management company of MPTF1 as well as the appointment of PHNB as the new management company of MPTF1;

(ii) that a unitholders' resolution at a unitholders' meeting (in which those parties which are deemed interested in the above Proposal, such as Permodalan Nasional Berhad ("PNB"), Maybank, PHNB and MPTMB, be disallowed from voting for the said resolution) be obtained prior to making the necessary modifications to the Trust Deeds via the above-mentioned fourth supplemental trust deed;

(iii) that the above-mentioned fourth supplemental trust deed be approved and registered with the SC prior to the hand-over of the management of MPTF1 from MPTMB to PHNB;

(iv) that adequate disclosure as well as an announcement is made to the unitholders of MPTF1 at the unitholders' meeting with regards to the interests held by those deemed as interested persons in the above Proposal, such as PNB, Maybank, PHNB and MPTMB;

(v) that the unitholders of MPTF1 be informed on the change in the management company of MPTF1 as soon as possible upon PHNB's appointment as the new management company of MPTF1 and upon completion of the above Proposal; and

(vi) that the SC be informed on the change in the management of MPTF1 from MPTMB to PHNB within a period of two (2) weeks from the date of completion of the above Proposal.

The circular to unitholders of MPTF1 would be despatched in due course.