LANDMARKS BERHAD ("Landmarks")
Proposed issue of up to RM495,000,000 nominal value of redeemable secured bonds ("Proposed Bonds Issue")

Further to the announcement of 11 June 2001, Alliance Merchant Bank Berhad ("Alliance") on behalf of the Board of Directors of Landmarks, is pleased to announce that the Securities Commission ("SC") has, vide its letter dated 10 October 2001, approved the Proposed Bonds Issue, as proposed.

The Bonds will be issued as settlement to the lenders of Landmarks ("Lenders").

The approval of the SC on the Proposed Bonds Issue is subject to the following conditions:-

(a) Any subsequent changes to the principal terms and conditions of the Proposed Bonds Issue is subject to the approval of the SC;

(b) Alliance to disclose to the Lenders that up to RM22,000,000 of the Bonds will be issued as settlement of debts to Alliance Bank Malaysia Berhad, the holding company of Alliance;

(c) All the security and guarantee arrangements for the Proposed Bonds Issue must be fully disclosed; and

(d) Prior to the issuance of the Bonds, Alliance must furnish the following:-

• Form FMF/JPB ("Facility Maintenance File") to the SC and Bank Negara Malaysia ("BNM"); and
• Duly executed Trust Deeds constituting the Bonds to the SC.

The Bonds will be issued subsequent to the following events:-

(i) execution of documentation between Landmarks, the Lenders, Alliance as the Lead Arranger, Facility Agent and Security Trustee, Malaysian Trustees Berhad as the Bond Trustee and BNM as the Central Depository/Paying Agent; and

(ii) setting up the Bonds on the Fully Automated System for Tendering ("FAST") and Real Time Electronic Transfer of Funds and Securities ("RENTAS") System.

This announcement is dated 12 October 2001.