Date: 30 August 2007

General Announcement

Submitting Merchant Bank
:
 ASEAMBANKERS MALAYSIA BERHAD  

Type : Announcement

Subject : AMANAHRAYA REAL ESTATE INVESTMENT TRUST ("AMANAHRAYA REIT" OR "FUND")

· PROPOSED PRIVATE PLACEMENT; AND
· PROPOSED ACQUISITIONS

REFERRED TO HEREINAFTER AS THE "PROPOSALS"

Contents :
        We refer to the announcement made on 8 June 2007 in relation to the Proposals.

        Aseambankers Malaysia Berhad ("Aseambankers"), on behalf of the Board of Directors of AmanahRaya-JMF Asset Management Sdn Bhd ("ARJMF"), the management company of AmanahRaya REIT, is pleased to announce that the Securities Commission ("SC") had vide its letter dated 28 August 2007 approved the followings:

        (i) the proposed issuance of up to 248,617,021 new Amanahraya REIT units ("Proposed Issuance");

        (ii) the valuation of the real estates to be acquired by Amanahraya REIT;

        (iii) the listing of, and quotation for up to 248,617,021 new units of Amanahraya REIT on the Main Board of Bursa Malaysia Securities Berhad ("Bursa Securities"); and
        (iv) the exemption from compliance with Clause 7.03(2) of the Guidelines on Real Estate Investment Trusts in relation to the placement of up to 100,000,000 new Amanahraya REIT units ("Proposed Exemption").

        The approval of the SC for Proposed Issuance is subject to amongst others, the following conditions:

        (i) ARJMF and Aseambankers are required to inform the SC prior to the listing of the units:
          · the actual number of units to be issued;
          · the date of issuance of the units; and
          · the date of the listing of and the quotation for the new units of Amanahraya REIT on the Main Board of Bursa Securities.
        (ii) The Proposed Issuance and listing of the new units on the Main Board of Bursa Securities must be completed within 6 months from the date of the SC's approval. The approval is deemed to lapse if ARJMF fails to do so within the stipulated time frame.

        The approval of the SC for the Proposed Exemption is subject to amongst others, the following conditions:

        (i) the exemption applies only to issuance/placement of up to 25% of the fund size of Amanahraya REIT before the Proposed Placement;

        (ii) issuance/placement to a single placee is limited to 10% of the fund size of Amanahraya REIT before the Proposed Placement;
        (iii) placement units must not be priced at more than 10% discount to the weighted average market price of the Amanahraya REIT units for the 5 days immediately prior to the price-fixing date: and
        (iv) the placement of units must not be made to:
          (a) directors, substantial shareholders or chief executive officer of ARJMF (hereinafter referred to as "interested persons"), whether in their own names or through nominees;
        (b) persons connected to the interested persons mentioned in paragraph (a) above;
        (c) nominee companies, unless the names of the ultimate beneficiaries are disclosed; or
        (d) parties connected to the placement agent, except where such parties are:
              · statutory institutions managing funds belonging to contributors or investors who are members of the public; or
              · entities established as collective investment schemes that are considered to represent public investors.
        This announcement is dated 30 August 2007.


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