ECM Libra Avenue Berhad ("ECM Libra" or Company) is pleased to announce that its wholly-owned subsidiary, ECM Libra Avenue Securities Sdn Bhd ("ECMLAS") has on 28 December 2007, received a joint letter from Bank Negara Malaysia and the Securities Commission dated 26 December 2007 informing ECMLAS that, pursuant to Section 64 (4) of the Banking and Financial Institutions Act 1989, ECMLAS has been granted approval for a merchant bank licence to be issued to ECMLAS to enable it to transform to an investment bank and to operate under the name of ECM Libra Investment Bank Berhad.

The said approval is subject to, amongst others, the following salient conditions:

1. Tan Sri Dato' Azman Hashim is required to rationalize his shareholdings in the Company within a year.

2. ECMLAS to remit the sum of RM42.5 million being balance payment for the issuance of the merchant bank licence.

3. Exemptions to Dato’ Seri Kalimullah Masheerul Hassan and Mr Lim Kian Onn to hold executive positions in the Group for a period of two years.

This announcement is dated 31 December 2007.