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We wish to categorically state that the issues raised in the report are inaccurate and misleading. TM is concerned that the views may have unnecessary ramifications and may raise unrealistic expectations among its shareholders and investing public. For the record, TM does not own any property in Kenny Hill and therefore any expectations of realizing RM100 million profit from sale of such property is misplaced.

What has been reported is an analysis based on incomplete information, which if presented on its own, doesn’t give a true representation of the situation.

We wish to inform that TM had a Management Retreat in Cherating for the Group’s senior management to discuss the Group’s Business Plan for 2006 – 2010. The aim of the session was to set the long term vision and objectives of TM and to discuss / brainstorm strategies and initiatives to realize the Group’s vision. The retreat included a mid term review of 2005 budget and the immediate measures / quick wins necessary to help achieve the budget as approved by the Board of Directors. This is done in the ordinary course of our business planning process.

Transforming TM is a continuous journey. We have laid our clear direction and put in place the necessary ground work. We need and seek the continued support of the media and all stakeholders to realize this transformation.