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The Board of AFFIN (“Board”) is pleased to announce that the Kuala Lumpur High Court of Malaya had on 12 June 2006, given the Order under Sections 128(1), 133(1) and 135 of the Insurance Act 1996 confirming the scheme of transfer involving, inter alia, the sale and transfer of the life insurance business of Tahan Insurance Malaysia Berhad (“Life Business”) to AXA AFFIN Life Insurance Berhad (“AXA AFFIN Life”). Pursuant to the Order, the Life Business shall be transferred to AXA AFFIN Life on 30 June 2006.

The Board also wishes to announce that the Foreign Investment Committee had vide its letter dated 8 June 2006 stated that it has no objection to the Proposed JV subject to the condition that the shareholdings of AXA APH in AXA AFFIN Life through NMI does not exceed 49% in line with the approval of Bank Negara Malaysia for the Proposed JV. The approval of the Equity Compliance Unit of the Securities Commission had been obtained earlier vide its letter dated 28 April 2006.