The terms used herein, unless the context otherwise states, shall bear the same meaning as those defined in the announcement dated 21 May 2014 in relation to the Proposed Disposals. 

We refer to our announcement dated 21 May 2014 and the letter from Bursa Malaysia Securities Berhad dated 22 May 2014, which was received by post on 13 June 2014 in relation to the Proposed Disposals, and wish to furnish the following additional information:-

1.  The Sale Consideration of the Gateway Land and SC Land are A$38.6 million and A$15.0 million respectively.

2.  The mode of satisfaction of the Sale Consideration of the Gateway Land and SC Land is in the form of cash.

3.  As the Gateway Land and SC Land are part of larger development land parcels, we have used the land area as the basis of cost allocation to derive the estimated net book value of the Gateway Land and SC Land of A$14.9 million and A$1.9 million respectively.

4.  The Gateway Land and SC Land are vacant lands.

5.  The size/land area of the Gateway Land and SC Land are 59,470 sq metres and 86,886 sq metres respectively.

6.  The Gateway Land and SC Land are freehold lands.

7.  a)  A valuation has been carried out on the larger development land parcel (which includes the Gateway Land) by CBRE Valuations Pty Limited, an independent registered valuer on 28 April 2014 based on direct comparison and residual methods. The valuation report may be inspected at the registered office of MIB at PH2, Menara Mudajaya, No. 12A, Jalan PJU 7/3, Mutiara Damansara, 47810 Petaling Jaya, Selangor Darul Ehsan during normal business hours from Mondays to Fridays (except public holidays) for a period of 3 months from the date of the announcement on 21 May 2014.

    b) No valuation was carried out on the SC Land.

8.  The total sale proceeds of the Gateway Land and SC Land were advanced to Mulpha Investments Pty Limited (“MIPL”) to settle the amount owing by MIPL to Aveo Group Limited (“Aveo”) for the acquisition of shares in Norwest by  MIPL from Aveo.

9.  a)  The Gateway Land currently forms part of the security for a bank facility granted by  Westpac Bank and approval has been obtained from the said Bank for the discharge on or before the completion date.  

     b) The SC Land is unencumbered.

10. The breakdown for the total of 740 future potential development units are set out below and is subject to approval of the relevant authorities:-

      a) 580 units for the Gateway Land; and
      b) 160 units for the SC Land.

      Details of the proposed development, including the name of the project, are not available at this juncture as it is still in the planning stage.  

11. Aveo Southern Gateway Trust and Aveo Sanctuary Cove Trust are trusts which are set up in Australia. The trustee of Aveo Southern Gateway Trust is Aveo Southern Gateway Pty Limited.  The trustee of Aveo Sanctuary Cove Trust is Aveo Sanctuary Cove Pty Limited. The units in each of Aveo Southern Gateway Trust and Aveo Sanctuary Cove Trust are owned by Aveo Funds Management Limited as the trustee for Aveo Group Trust.  The units in Aveo Group Trust are stapled to the shares in Aveo Group Limited and are listed on the Australian Securities Exchange.

12. The estimated time frame for submission of the application to the relevant authorities in Australia is within 3 months from the date of the Contracts.

This announcement is dated 17 June 2014.