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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, we are pleased to announce on the progress of MySPEED, a joint venture company between Telekom Malaysia Berhad ("TM"), Pernec Corporation Berhad, Heitech Padu Sdn Bhd and Bank Islam Malaysia Berhad.

MySPEED has completed and signed off some of the Business Processing Re-engineering reports, which are divided into several modules. The signed off reports are the Road Transport Department ("JPJ") summons services, JPJ end of day payment and settlement, and Tenaga Nasional Berhad bill payment services. Whilst JPJ driver licencing services and TM bill payment services have yet to be completed. MySPEED is also proposing some new services which are for the Polis Diraja Malaysia ("PDRM") summon services and Jabatan Kastam and Eksais Diraja.

MySPEED has completed the required document deliverables such as the Detailed Specifications, Help Desk Plan, System Test Plan, and the Training/Curriculum Plan. The Risk and Quality Management Reports are being revised whilst the Change Management study will be developed in due course.

The roll out of the stand alone system development will be delivered on a staggered basis from 23 March 2001. Full phase 1 deployment is targeted to take effect from 23 May 2001.