Malaysia Airlines today received recognitions as the `Most Improved Company` in three of the four “Best Company - Investor Relations” categories of the 2003 Annual Institutional Investor Research Group Asia Equities Investment Report survey conducted amongst a broad cross-section of investment decision makers in Asia.

Mr Low Chee Teng, Malaysia Airlines` Chief Financial Officer (CFO), received the recognitions on behalf of the company from Ms Wendy Gallagher, Publisher Asia & Investor Guides, at Malaysia Airlines headquarters in Kuala Lumpur today.

The survey findings, released recently in a report by The Institutional Investor Research Group (“IIRG”) based in New York/USA and London/UK, ranked Malaysia Airlines in the top position for

* Most Improved Company for the Sell-Side View in the `Industrials` section for “Best Company-Investor Relations, Industry Category”
* Most Improved Company of Malaysia for the Sell-Side View in the `Best Company-Investor Relations, Country Category”
* Most Improved Company of Malaysia for the Buy-Side View in the `Best Company-Investor Relations, Country Category”

Malaysia Airlines earned the first two rankings after being assessed on thirteen attributes, namely - site visits, conference calls, corporate website, e-mail alerts, speed of response to inquiries, access to management, quality of ongoing relationship, quality & depth of answers to inquiries, one-to-one meetings/phone calls, transparency and quality of financial reporting and disclosure as well as helping investment decision makers understand long term corporate/industry direction, short-term factors that contribute to interim/year-to-year reports and comparative position in the industry.

The third top ranking was based on Malaysia Airlines` sound investor relations in the areas of transparency and disclosure, responsiveness and access to Chief Executive Officer (CEO) / Chief Financial Officer (CFO).

On receiving the recognitions, Mr Low Chee Teng said, “These rankings are timely and augur well for the company which has made a convincing recovery with the successful implementation of its turnaround programme initiated last year. This recognition also bears testimony of the strong investor confidence in our financial management which is supported by sound corporate governance and a good formal risk management framework”.

The Institutional Investor Research Group (“IIRG”) develops detailed analyses of Institutional Investor magazine`s published research team rankings covering the U.S., Europe, Asia and Latin America. It also conducts its own research for its market reports, published in tandem with each research team, which include rankings of the sales and trading divisions of investment banks, as well as a comprehensive study of the investor relations interface between corporations, the sell side and institutional investors.

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