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Pursuant to the Practice Note No. 1/2000 on Disclosure in relation to Internet-related business or E-commerce activities issued by the Kuala Lumpur Stock Exchange and our announcement on the Joint Venture Agreement between Telekom Malaysia Berhad, Pernec Corporation Berhad, Heitech Padu Sdn Bhd and Bank Islam Malaysia Berhad made on 17 May 2000, Telekom Malaysia Berhad is pleased to announce on the progress of the joint venture company known as MYSPEED.COM SDN BHD as follows :-

i) the Joint Venture Company

The joint venture company, Perkhidmatan Sistem Elektronik Bersepadu Sdn Bhd which was incorporated on 23 November 1998 has changed its name to MYSPEED.COM SDN BHD on 7 July 2000. The authorised capital of the company is RM10,000,000 divided into 10,000,000 ordinary shares of RM1.00 each whilst its paid up capital is RM1,000,000 divided into 1,000,000 ordinary shares of RM1.00 each.

The company has signed a 15 year Service Agreement Contract with the Government of Malaysia on 23 May 2000 to undertake the e-services project under the Electronic Government Flagship Application of the Multimedia Super Corridor.

ii) MSC status

The company has been awarded the MSC status from the Multimedia Development Corporation on 21 August 2000 and will be relocated at the Technology Park Malaysia, a MSC designated area.