LISTING'S CIRCULAR NO. L/Q : 13542 OF 2002

Initial Public Offering of 5,500,000 new ordinary shares of VADS Berhad ("VADS") of RM1.00 each ("Shares") at the issue price of RM2.10 per share to the entitled shareholders of Telekom Malaysia Berhad ("TM") whose names appear in the Record of Depositors and have registered addresses in Malaysia at the close of business on 21 June 2002 ("Entitled Shareholder of TM"), in conjunction with the proposed listing of VADS, a wholly owned subsidiary of TM on the Second Board of the Kuala Lumpur Stock Exchange.


Kindly be advised of the following :

1) The above Company's securities will be traded and quoted [ "Ex - Offer" ]
as from : [ 19 June 2002 ]

2) The last date of lodgement : [ 21 June 2002 ]

3) Retention Money : Where securities are not delivered in time for registration by the seller, then the brokers concerned :-

a) Selling Broker to deduct [ 1/2 ] , of the Selling Price against the Selling Client.

b) Buying Broker to deduct [ 10% ] of the Purchase Price against the Buying Client.

c) Between Broker and Broker, the deduction of [ 1/2 ] of the Transacted Price is applicable.

REMARKS:-
Each Entitled Shareholder of TM will be entitled to one (1) non-transferable preferential application form which allow for the application of Shares of VADS in multiples of 1,000 Shares. In the event of an oversubscription of Shares under this category, the acceptance of applications shall be subject to a restricted ballot between the Entitled Shareholders of TM.

The basis of allocation of Shares allotted to the Entitled Shareholders of TM shall take into account the desirability of distributing the issue to a reasonable number of applicants with a view of broadening the shareholding base of VADS to meet the public spread requirements and to establish a liquid and adequate market in the Shares.