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• On behalf of the Board of TM, Commerce International Merchant Bankers Berhad (“CIMB”) wishes to inform that TM has on 12 December 2002 acquired (through TM International (L) Limited, a wholly-owned subsidiary of TM International Sdn Bhd, which is in turn a wholly-owned subsidiary of TM) 100% of the equity interest in Tess International Ltd (“Tess”), a company incorporated in the Republic of Mauritius under the International Companies Act, 1994.
  
  The cost of acquisition of Tess to TM is United States Dollars (“USD”) 1.00.
  
  In addition, on behalf of the Board of TM, CIMB wishes to announce that the Company has, on 13 December 2002, submitted its bid for the proposed acquisition of a 41.94% stake in Perusahaan Perseroan (Persero) P. T. Indonesian Satellite Corporation Tbk.
  
  The Company will announce details of its bid should it be successful.
  

• Tess is a company limited by shares with an authorised share capital of USD1,000 divided into 1,000 shares of USD1.00 each. Its issued and paid-up share capital as at the date of this announcement is USD1.00.

• Tess was acquired by TM for the purpose of investment holding.

• The acquisition of Tess has no effect on the share capital of TM.
  
  In addition, the acquisition of Tess will not have any material impact on the consolidated earnings of TM for the financial year ended 31 December 2002 and the consolidated net tangible assets per share of TM.

• None of the Directors or substantial shareholders of TM have any interest, whether direct or indirect, in the acquisition of Tess.