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22 August 2005

KEY BOARD AND MANAGEMENT CHANGES IN KHAZANAH INVESTEE COMPANIES

In line with ongoing efforts at strengthening human capital at investee companies of Khazanah Nasional Berhad (“Khazanah”) and the transformation of Government Linked Companies (“GLCs”) in general, several changes and proposed changes in the composition of senior management and Board of Directors of several Khazanah investee companies have taken place as detailed below

Malaysian Airline System Berhad (“MAS”)
Khazanah has been informed by the Board of MAS, a company that Khazanah has an effective 69.3% interest, that its Managing Director, Dato’ Ahmad Fuaad Dahalan, 55, has opted for early retirement.

In this regard, Khazanah would like to record its appreciation to Dato’ Ahmad Fuaad Dahalan for his long and considerable contributions to MAS over 31 years, where he played a significant part in making MAS among the world’s top airlines today.

Khazanah has been informed of the interim management structure as announced today by MAS< with the Executive Chairman consisting of the Chairman of MAS, Dato' Dr. Mohamed Munir Abdul Majid and supported by Executive Director and Khazanah's nominee director, Tengku Azmil Zahruddin Raja Abdul Aziz and other senior management of MAS.

This is in line with Guideline 2.1.2 of the GLC Transformation Manual issued in July 2005 which defines allowable conditions for the Board of Directors tot ake an active role in managing the operations of the company on the proviso that such an arrangement is interim and transitional. Among the key responsibilities of the Executive Committee and Board of Directors is to expeditiously address the appointment of a new CEO/Managing Director.

Penerbangan Malaysia Berhad (“PMB”)
Khazanah has been informed by PMB that Tengku Azmil Zahruddin Raja Abdul Aziz will relinquish his position as Managing Director/CEO of PMB, a company 100% owned by Khazanah, effective 23rd August 2005. Khazanah has today written to PMB to nominate Nasution Mohamed for the position of Managing DIrector/CEO of PMB.

UDA Holdings Berhad (“UDA”)
Khazanah has also been informed by UDA that Nasution Mohamed will relinquish his position as Executive Director of HDA, a company 50.01% owned by Khazanah, effective 23rd August 2005. Khazanah has today written to UDA to nominate Dr. Iskandar Ismail, Khazanah’s Director of Special Projects, as a nominee director of Khazanah to the Board of UDA, as a non-executive, non-independent director.

Malaysia AIrport Holdings Berhad (“MAHB”)
Khazanah has written today to MAHB, a company 72.7% owned by Khazanah, to nominate Dato’ Ahmad Fuaad Dahalan, as nominee director of Khazanah to the Board of MAHB as a non-executive, non-independent director.



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