Khazanah Nasional Berhad

Registry · Top 100 · Sovereign Wealth Fund · Malaysia — Instantiations rank 95 · elite profile 91st live after AP4. Last researched 11 September 2026. Corrections: info@universalassetowners.com.

• Executive brief
• Speakable summary
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy / strategy
• Climate / ESG / ethics
• Performance & reporting
• Controversies & debates
• Timeline
• Depth annex — MD message & financial highlights
• Depth annex — CIO essay / productive capabilities
• Depth annex — sustainability & stewardship
• Depth annex — capacity & vibrant communities
• Depth annex — Full Financial Statements 2025
• Depth annex — site primaries
• FAQ
• Sources & further reading
• Completeness note

Executive brief

Khazanah Nasional Berhad is the sovereign wealth fund of Malaysia, established in 1993 and owned by the Minister of Finance (Incorporated) and the Federal Land Commissioner (Incorporated) (khazanah.com.my About / home; company no. 199301020767 (275505-K)). Soft researcher strings: Khazanah / Khazanah Nasional Berhad / Advancing Malaysia.

Prefer official Malaysian ringgit only for AUM headlines. The Khazanah Report 2025 / Khazanah Annual Review 2026 press (YE 31 December 2025) put Overall Portfolio total assets at RM156 billion and net assets at RM105 billion. The Investments Portfolio stood at RM95 billion with a 5.2% 2025 return and a 7-year rolling annualised return of 6.1% since 2019. Profit from operations was RM5.6 billion; a RM2 billion dividend was declared to the Government of Malaysia. Do not invent a USD headline; prior Instantiations ~US$33B / RAV RM151.3B FY2024 framing is superseded by these dated MYR disclosures.

Leadership (live): Managing Director Dato’ Amirul Feisal Wan Zahir (effective 16 July 2021; Board + EXCO). INST maps the MD to the cio seat with title Managing Director and keeps CEO empty — keep the official MD title honest; do not invent a separate CEO. Live Executive Management / Investment Management also list Chief Investment Officer Datuk Hisham Hamdan (verified TKR 2025 CIO essay author) — cite in body; do not overwrite the INST MD→cio seat-lock. CFO Faridah Bakar Ali; Chief Corporate Officer & General Counsel Dato’ Mohamed Nasri Sallehuddin.

≠ Retirement Fund (Incorporated) / KWAP — KWAP is Malaysia’s public-sector pension fund (Act 662) with official fund size RM185.60 billion at 31 December 2024; CEO Dato’ Jay Khairil Jeremy Abdullah; CIO Encik Hazman Hilmi Sallahuddin. Do not mix Khazanah SWF AUM or leadership with KWAP. Related UAO hubs: Registry, Top 100, Retirement Fund (Incorporated) / KWAP, Norges Bank Investment Management.

Speakable summary

Khazanah Nasional Berhad is Malaysia’s sovereign wealth fund, established 1993 and owned by Minister of Finance (Incorporated) and the Federal Land Commissioner (Incorporated). Official Overall Portfolio at 31 December 2025: total assets RM156 billion; net assets RM105 billion; Investments Portfolio RM95 billion; 2025 return 5.2%; seven-year rolling return 6.1%. Managing Director Dato’ Amirul Feisal Wan Zahir since 16 July 2021; INST CEO empty. Not KWAP.

Mandate & ownership

Official home/About language: Khazanah is entrusted with creating sustainable and enduring value through purpose-driven investments as a responsible long-term steward of the nation’s assets. It invests with discipline across strategic and catalytic sectors in Malaysia and globally, shaping the portfolio for resilience, competitiveness and future growth, while building capacity and nurturing vibrant communities.

Strategy brand: Advancing Malaysia — operating at the intersection of financial discipline and national purpose across Energy Transition, Digitalisation, Connectivity, Transforming Firms and Vibrant Communities (About / Portfolio Performance / TKR 2025). Core values published on-site: Accountable; Respect different viewpoints; Support one another.

Portfolio Performance page organises the Overall Portfolio into: Investments Portfolio (generate risk-adjusted returns; preserve and grow long-term asset value; long-term target at least Malaysian CPI + 3% on a rolling basis); Dana Impak Portfolio (foster economic competitiveness and national resilience); Developmental Assets (high economic impact through long-term developmental investments); and Special Situations (turnarounds with annual targets and action plans). Each sleeve has distinct objectives, policies and strategies under the Investment Policy Statement.

What the mandate is not: not Retirement Fund (Incorporated) / KWAP (civil-service pension fund under Act 662); not EPF/KWSP (member provident fund); not a pure commercial PE shop without national stewardship obligations. Soft-string disambiguation matters for Instantiations merges and search.

Funding / capital markets (Portfolio Performance): frequent issuer via MYR SPV programmes (Danga Capital Musyarakah RM10b; Danum Capital Wakalah RM20b; Rantau Abang Musyarakah RM7b; Ihsan Sukuk Wakalah RM1b — RAM AAA/stable cited as of Dec 2022 reaffirmation) and foreign-currency programmes (Khazanah Capital Ltd Euro MTN USD10b; Khazanah Global Sukuk Berhad multicurrency Wakalah USD5b — Moody’s A3 / S&P A- cited on-site).

Scale & portfolio

Overall Portfolio (prefer these MYR headlines)

Homepage / Portfolio Performance animated counters may show ephemeral zeros before JS hydration — ignore widget zeros; cite dated TKR / press figures above.

Extended Company financial statements (distinct base — do not conflate)

TKR 2025 Key Financial Highlights also publish Extended Company Financial Statements (Khazanah Company + wholly-owned SPVs). That table is a different consolidation base from Overall Portfolio investment reporting:

Borrowings footnote (Extended Company, YE2025 RM m): Government-guaranteed bonds 1,680; other bonds and notes 39,632; exchangeable bonds 2,034; revolving credit 7,356; total borrowings 50,702 (2024: 47,701). Researchers comparing SWF AUM across peers should lead with Overall Portfolio RM156B / RM105B, not the Extended Company RM98B / RM46B table, unless explicitly analysing Company+SPV statutory accounts.

Societal deployment scale (FY2025 press)

• RM330 million deployed in 2025 for capacity development & community initiatives.
• RM2.7 billion cumulative channelled since 2006.
• K-Youth: 9,934 youths trained in 2025; more than 34,000 since launch in 2023.

Dana Impak examples cited in MD message / press: Jelawang Capital and Malaysia Growth Innovation Programme (MGIP); semiconductor ecosystem examples include Syntiant (US edge AI with Penang manufacturing expansion) and SkyeChip (local fabless IC design). Connectivity / energy examples named in MD message: UEM Lestra, Tenaga Nasional Berhad, TM; MAHB privatisation milestone in 2025; Warisan KL heritage activation including Seri Negara.

Governance & leadership

Board of Directors (live khazanah.com.my)

The Board provides oversight and accountability for Khazanah’s mandate, sets strategic direction, oversees governance and risk, and upholds integrity standards. Sub-committees: Executive Committee (EXCO), Audit & Risk Committee (ARC), Nomination & Remuneration Committee (NRC).

• YAB Dato’ Seri Anwar Ibrahim — Chairman (Prime Minister of Malaysia; chairs Board meetings including 3Q2026 Board Meeting press 20 Aug 2026).
• Datuk Seri Amir Hamzah Azizan — Director.
• Goh Ching Yin — Director; Chairman of EXCO; Member of ARC and NRC.
• Datuk Azian Mohd Aziz — Director; Member of EXCO; Chairman of NRC.
• Wong Kang Hwee — Director; Member of EXCO; Chairman of ARC.
• Dr Nungsari Ahmad Radhi — Director; Member of EXCO, ARC and NRC.
• Dato’ Amirul Feisal Wan Zahir — Managing Director and Member of EXCO.

Full Financial Statements 2025 Directors’ report lists directors in office during the year including Datuk Mohaiyani Shamsudin with cessation on 12 January 2026 — consistent with her absence from the live Board page. Statement by directors signed by Goh Ching Yin and Dato’ Amirul Feisal bin Wan Zahir dated 23 April 2026.

Executive Management (live)

• Dato’ Amirul Feisal Wan Zahir — Managing Director (appointed 16 July 2021). Prior: Maybank Group CFO; Maybank Group Head, Global Banking; PNB EVP / CCM Group MD; Maybank IB MD Head of Investment Banking; BinaFikir ED. Chairman roles cited: Gateway Development Alliance, Iskandar Investment Berhad, Yayasan Khazanah, Amanah Warisan Negara. Fellow ICAEW; MIA; Fellow Chartered Banker AICB; BSc Economics LSE; AMP Harvard Business School.
• Datuk Hisham Hamdan — Chief Investment Officer (live Executive Management + Investment Management; TKR 2025 CIO essay). Joined Khazanah April 2011 from Sime Darby; Head of Public Markets since 2018 (bio pages historically); Chairman UEM Sunrise; Board of Trustees Khazanah Research Institute. Appointed CIO March 2024 (TKR 2023 footnote context).
• Faridah Bakar Ali — Chief Financial Officer.
• Dato’ Mohamed Nasri Sallehuddin — Chief Corporate Officer & General Counsel (TKR Vibrant Communities essay author).
• Shahrizal Mohd Suffian — Head, Strategic Human Capital Management.
• Wong Wai Seng — Head, Strategy (also Head, Real Assets and CIO Office on Investment Management page).
• Nicholas Khaw — Head, Research (also Co-Head, Private Markets on Investment Management page).
• Dato’ Suhana Dewi Selamat — Head, Governance, Risk & Compliance.
• Dato’ Shahira Ahmed Bazari — Head, Group Sustainability & Advocacy, Managing Director’s Office (TKR sustainability essay author).

Investment Management (live)

Investment Management originates, evaluates and manages investments with risk, return and sustainability integration and active ownership. Live roster (titles as published): Datuk Hisham Hamdan (CIO); Selvendran Katheerayson (Head, Asset Development Group); Dr Farid Mohamed Sani (Head, Digitalisation); Mohammad Hilmi Yusof (Head, Energy Transition); Azmir Zain (Head, Connectivity — Airlines); Reagan Chan (Head, Regional Development and Connectivity — Leisure & Tourism); Nicholas Khaw / Vishal Agarwal (Co-Heads, Private Markets); Wong Wai Seng (Head, Real Assets and CIO Office); Thomas Tey / Faris Jamal (Co-Heads, Public Markets); Kayse Foo (Head, Dana Impak); Aaron Chandrasakaran (ED, Portfolio Value Development); Kenneth Woo (Head, North Asia); Jason Goh (Head, Americas); Halil Ucarer (Head, Europe).

INST seats (carry): CEO empty; CIO = Amirul Feisal Wan Zahir with title Managing Director. Do not invent a CEO. Do not replace the MD seat-lock with Datuk Hisham Hamdan even though he is the live CIO title-holder — body text can and should name both roles honestly.

FIGR governance framework

Framework of Integrity, Governance and Risk Management (FIGR) adopted in 2004 (Governance page). Includes Board Charter, Schedule of Matters for the Board, Limits of Authority for Management, Risk Management Policy and related guidelines. Accounts audited by an independent external auditor; audited financial statements submitted to the Companies Commission of Malaysia and disclosed to shareholder Minister of Finance, Inc., and published on the website / The Khazanah Report.

Investment philosophy / strategy

Official Advancing Malaysia framing combines active participation in domestic capital markets, targeted catalytic-sector investment, global portfolio diversification, and institutional/community capacity building. MD message 2025 emphasises patient catalytic capital toward strategic national priorities across cycles, and ecosystem-building (Jelawang Capital, MGIP) so Malaysian firms, suppliers and talent scale alongside global investments.

Investments Portfolio target: at least Malaysian CPI + 3% on a long-term rolling basis (Portfolio Performance). Dana Impak fosters competitiveness and resilience while seeking economic impact for Malaysians. Developmental Assets pursue high economic impact in sectors critical to long-term growth. Special Situations require turnaround profitability and sustainable operating cash flows with annual targets.

CIO essay framing (TKR 2025): Malaysia must move from hosting activity to owning more value — intellectual property, capital returns, strategic decision-making — citing Economic Complexity Index comparisons and a “hotel economy” metaphor. Policy alignment language references Ekonomi MADANI and GEAR-uP domestic direct-investment pillars (Transforming Firms, Energy Transition, Connectivity, Digitalisation) in the 3Q2026 Board Meeting press.

About Khazanah - Khazanah Nasional Berhad Advancing Malaysia About Khazanah Our Core Values Portfolio Performance Overall Portfolio Khazanah Bonds Our Investments Investments Overview Dana Impak Dana Warisan Leadership Board of Directors Executive Management Investment Management Investment Approach Policies Governance Risk Framework (FIGR) Khazanah Fraud Policy Statement Integrity and Anti-Corruption Sustainability Our Approach to Sustainability Sustainability Strategy Khazanah's Affiliations Publications & Reports Khazanah Annual Review The Khazanah Report Full Financial Statements Capacity Building Initiatives K-Youth Khazanah Residency Programme Galeri Khazanah Vibrant Communities Yayasan Hasanah Yayasan Khazanah Taman Tugu Think City Khazanah Research Institute Careers with Khazanah Careers Khazanah Graduate Trainee Programme (KGTP) Newsroom Press Releases History & Milestones Khazanah Megatrends Forum Contact Us Scam Alert The Khazanah Report 2025 INVESTING WITH PURPOSE FOR MALAYSIANS 20 Aug 2026 Khazanah Reaffirms Progress and Governance at 3Q2026 Board Meeting Advancing Malaysia We invest with discipline and a long-term perspective to deliver sustainable financial returns while strengthening Malaysia's economic resilience.

Operating across domestic and global markets, we deploy capital to grow strategic assets, catalyse new sectors and enhance competitiveness. Guided by the Advancing Malaysia strategy, our investments support economic renewal and position the nation for sustained, future-ready growth.

Advancing Malaysia Portfolio Performance Our Investments ABOUT KHAZANAH Advancing Malaysia We operate at the intersection of financial discipline and national purpose, investing across sectors critical to Malaysia's development, including Energy Transition, Digitalisation, Connectivity, Transforming Firms and Vibrant Communities.

Our role extends beyond managing assets. We deploy capital both domestically and globally to generate sustainable financial returns while strengthening national competitiveness, catalysing new growth sectors and building economic resilience. Our approach is guided by the Advancing Malaysia strategy, which brings together active participation in domestic capital markets, targeted investments in catalytic sectors, global portfolio diversification and efforts to strengthen institutional and community capacity.

We invest with discipline and a long-term perspective, supported by governance, accountability and responsible risk management. Everything we do is ultimately for Malaysians. The value we create is expressed through a stronger and more stable economy, improved standards of living and thriving communities.

The returns we generate support national priorities, while our investments contribute to building future industries, creating opportunities and strengthening Malaysia's economic foundations for current and future generations. Our role extends beyond managing assets.

We deploy capital both domestically and globally to generate sustainable financial returns while strengthening national competitiveness, catalysing new growth sectors and building economic resilience. Our approach is guided by the Advancing Malaysia strategy, which brings together active participation in domestic capital markets, targeted investments in catalytic sectors, global portfolio diversification and efforts to strengthen institutional and community capacity.

We invest with discipline and a long-term perspective, supported by governance, accountability and responsible risk management. Everything we do is ultimately for Malaysians. The value we create is expressed through a stronger and more stable economy, improved standards of living and thriving communities.

The returns we generate support national priorities, while our investments contribute to building future industries, creating opportunities and strengthening Malaysia's economic foundations for current and future generations. Our Core Values Our core values guide us in our conduct, shape our culture, and define us as an organisation, and in how we operate with one another, our partners and stakeholders.

Through a structured and programmatic approach, it supports Malaysian firms across their lifecycle, nurtures potential national champions, and catalyses strategic ecosystems for new engines of growth. Key investment areas 01 Catalysing the Venture Capital (VC) Ecosystem Dana Impak advances the venture capital ecosystem through Jelawang Capital, the national fund-of-funds.

It develops local fund managers, expands access to early-stage financing and attracts regional capital and expertise to support the growth of high-potential startups. Read more Key investment areas 02 Levelling Up Mid-Tier Companies (MTCs) Dana Impak supports mid-tier companies in scaling their operations, strengthening capabilities and accessing capital.

Through targeted programmes and partnerships, it facilitates innovation-led growth and enhances the competitiveness of firms with strong fundamentals and expansion potential. Read more Key investment areas 03 Strengthening Malaysia's Position in Semiconductor & Advanced Manufacturing Dana Impak accelerates Malaysia's role in the global semiconductor value chain, focusing on catalytic fund-based partnerships, direct investments, joint ventures, and talent development to uplift the nation's economic complexity and industrial capacity.

Catalysing the Venture Capital (VC) Ecosystem Catalysing Malaysia's Venture Capital Ecosystem Dana Impak through Jelawang Capital, the national fund-of-funds, is strengthening Malaysia's venture capital and startup ecosystem in building a deeper and vibrant ecosystem to foster innovation and support economic growth Read more Levelling Up Mid-Tier Companies Levelling Up Mid-Tier Companies Dana Impak supports the growth of Malaysian mid-tier companies in strengthening capabilities, expanding access to capital and unlocking innovation-led growth through a dual-track approach of capability development and mobilising growth capital.

Read more Strengthening Semiconductor and Advanced Manufacturing Strengthening Semiconductor and Advanced Manufacturing Dana Impak supports Malaysia's efforts to move up the semiconductor and advanced manufacturing value chain. Investments focus on building capabilities beyond assembly, test and packaging into higher-value segments such as design, advanced packaging, equipment and materials.

Read more Catalysing the Venture Capital (VC) Ecosystem Catalysing Malaysia's Venture Capital Ecosystem Dana Impak through Jelawang Capital, the national fund-of-funds, is strengthening Malaysia's venture capital and startup ecosystem in building a deeper and vibrant ecosystem to foster innovation and support economic growth Read more Levelling Up Mid-Tier Companies Levelling Up Mid-Tier Companies Dana Impak supports the growth of Malaysian mid-tier companies in strengthening capabilities, expanding access to capital and unlocking innovation-led growth through a dual-track approach of capability development and mobilising growth capital.

Read more Strengthening Semiconductor and Advanced Manufacturing Strengthening Semiconductor and Advanced Manufacturing Dana Impak supports Malaysia's efforts to move up the semiconductor and advanced manufacturing value chain. Investments focus on building capabilities beyond assembly, test and packaging into higher-value segments such as design, advanced packaging, equipment and materials.

Source fold: khazanah.com.my About / Dana Impak / Our Investments / Portfolio Performance.

Climate / ESG / ethics

TKR 2025 sustainability essay (Shahira Ahmed Bazari): exclusions since 2004; deeper climate/valuation inquiry 2009–2015; Responsible Investments Policy 2019; Shareholder Expectations and Investment Stewardship 2022 incorporating Net Zero into voting policy; Sustainability Framework and ESG Targets introduced 2022 with most objectives achieved by end-2024 cycle; double materiality assessment in 2024 identifying 16 material issues spanning governance, economic, social and environmental dimensions.

Governance page / Integrity & Anti-Corruption and Fraud Policy Statement sit alongside FIGR. Prefer official Sustainability / TKR pages over secondary ESG ratings narratives.

Our Approach to Sustainability - Khazanah Nasional Berhad Advancing Malaysia About Khazanah Our Core Values Portfolio Performance Overall Portfolio Khazanah Bonds Our Investments Investments Overview Dana Impak Dana Warisan Leadership Board of Directors Executive Management Investment Management Investment Approach Policies Governance Risk Framework (FIGR) Khazanah Fraud Policy Statement Integrity and Anti-Corruption Sustainability Our Approach to Sustainability Sustainability Strategy Khazanah's Affiliations Publications & Reports Khazanah Annual Review The Khazanah Report Full Financial Statements Capacity Building Initiatives K-Youth Khazanah Residency Programme Galeri Khazanah Vibrant Communities Yayasan Hasanah Yayasan Khazanah Taman Tugu Think City Khazanah Research Institute Careers with Khazanah Careers Khazanah Graduate Trainee Programme (KGTP) Newsroom Press Releases History & Milestones Khazanah Megatrends Forum Contact Us Scam Alert The Khazanah Report 2025 INVESTING WITH PURPOSE FOR MALAYSIANS 20 Aug 2026 Khazanah Reaffirms Progress and Governance at 3Q2026 Board Meeting Our Approach to Sustainability Leadership Investment Approach Governance Sustainability Publications & Reports Sustainability is integral to how Khazanah delivers on its mandate as a long-term investor.

Sustainability is not a parallel agenda, but a lens through which we assess value, manage risk and shape outcomes across our portfolio and operations. Our approach is anchored in the Securing the Future framework , which defines the outcomes that matter most for Malaysia: supporting a stable and strong economy, advancing liveability for all, and enabling thriving communities.

Informed by a double materiality perspective, it recognises both how sustainability factors affect our portfolio and how our investments impact the broader economy, society and environment. It represent a fuller view of responsibility that looks beyond financial returns alone.

We embed this approach across the organisation through three roles. As a Responsible Investor, we integrate material sustainability factors into how we evaluate, steward and manage investments, applying responsible investment principles to protect long-term value and portfolio resilience.

As a National Advocate, we draw on our standing as a sovereign wealth fund and asset owner to engage stakeholders and help shape the conversations that influence industries and policy. As a Committed Enterprise, we build capabilities, develop our people and operate responsibly as an organisation.

Together, these roles set a consistent direction for decision-making, ensuring that sustainability is embedded and reflected in how we invest, operate and engage. Sustainability Principles Do Good We are committed to delivering positive outcomes, ensuring that our actions today contribute to enduring economic, social and environmental value for present and future generations.

Do Better We continuously seek to advance beyond the status quo, identifying opportunities to create value through proactive risk management and long-term resilience. Do No Harm We are dedicated to managing and mitigating risk , ensuring our activities safeguard the social fabric, the economy and the environment, and avoid adverse impact on our stakeholders.

The FIGR highlights the Board's oversight functions and outlines the key parameters that guide our overall strategy execution. Our Board Charter sets out the roles and responsibilities of the Board. Supporting this, the FIGR includes a Schedule of Matters for the Board, Limits of Authority for Management, a Risk Management Policy and other pertinent policies and guidelines.

​ As part of our accountability practices, we comply with statutory public disclosure requirements with respect to our investments, divestments, and capital-raising activities. In addition, we make the appropriate disclosures of our performance and operations to meet legal and regulatory requirements, and on a voluntary basis to our key stakeholders.

Our accounts are audited by an independent external auditor and the audited financial statements are submitted to the Companies Commission of Malaysia. Financial data is disclosed to our shareholder, the Minister of Finance, Inc. We also publish our audited financial statements on our website and through annual publications including The Khazanah Report.

1 SAA – Strategic Asset Allocation 2 ALM – Asset and Liability Management 3 K-3P – Khazanah Policies, Processes & Procedures 4 ERM – Enterprise Risk Management 5 ORM – Operational Risk Management 6 BCM – Business Continuity Management 7 Executive Committee 8 Audit & Risk Committee 9 Nomination and Remuneration Committee Khazanah ESG FIGR Our ESG FIGR is adopted to guide and govern our dual ESG objectives of Enterprise Sustainability (ES) and Sustainable Investments (SI).​ Following the launch of our Sustainability Framework and medium-term targets in June 2022, the Environmental, Social and Governance FIGR (ESG FIGR) was developed to guide us in achieving our ESG targets.

The framework was adopted by the Management Committee in May 2023 and highlights the management's oversight on ESG matters including internal ESG policies and stewardship priorities, based on our ESG targets. ​​ The Board has the ultimate responsibility and oversight for all sustainability matters, with the EXCO and ARC as the sub-committees that support the Board with key oversight over ESG initiatives.

SECURING THE FUTURE By Dato' Shahira Ahmed Bazari, Head of Group Sustainability & Advocacy, Managing Director's Office Malaysia's development story has always been shaped by a careful balance between growth, inclusion and long-term stability. In recent years, that balance has come under greater strain.

Economic transitions are accelerating, expectations on institutions have broadened, and the consequences of investment decisions are felt more visibly across communities, industries and the natural environment. In this context, the role of long-term capital has become more consequential.

It is no longer sufficient to generate returns within the boundaries of a portfolio. There is a growing expectation that capital should also contribute to the resilience of the system it operates within, whether through supporting economic stability, enabling liveable environments or strengthening the social fabric that underpins growth.

From its inception, Khazanah was guided by a view that the creation of enduring wealth cannot be separated from the health of the society and environment that sustains it. What has changed is the urgency of action, the transparency of intent and the breadth of accountability that now comes with it.

53 Capital with Purpose SECURING THE FUTURE From Building Foundations to Reframing the Question Khazanah's sustainability journey did not begin in response to recent shifts but has evolved alongside them. Long before Environmental, Social and Governance (ESG) and sustainability entered the mainstream, considerations of value protection, risk management and responsible stewardship were already part of Khazanah's institutional DNA.

Since 2004, early signals were embedded through investment exclusions, reflecting the belief that not all returns are equal and that capital allocation should align with the broader responsibility, stewardship and societal outcomes. This initial conviction was followed by a period of deeper inquiry.

This progression culminated in the Sustainability Framework and Between 2009 and 2015, internal initiatives sought to understand ESG Targets introduced in 2022, which established a structured how emerging issues, particularly climate-related risks and approach to sustainability anchored in the familiar pillars of ESG.

sustainability-adjusted valuation models, could influence long- By the end of its cycle in 2024, most of the objectives set under this term investment outcomes and portfolio valuation. These efforts framework had been achieved, and sustainability had been embedded marked an early attempt to translate sustainability from principle across investment processes, decision-making and reporting within into the language of investment analysis.

Khazanah, albeit with opportunities for improvement. As this analytical foundation strengthened, the focus shifted What changed thereafter was not the level of ambition, but the nature towards formalising governance and expectations. As the external environment evolved, it introduction of the Responsible Investments Policy in 2019 became increasingly clear that a pillar-based ESG approach, while embedded ESG considerations into investment processes.

still relevant, could not fully capture the broader set of responsibilities Subsequent efforts, including the Shareholder Expectations and associated with Khazanah's mandate. The focus on how sustainability Investment Stewardship document in 2022, which incorporated factors affect financial performance needed to be complemented Net Zero into voting policy, extended these expectations across by a clearer understanding of how Khazanah's investments, and our portfolio companies, reinforcing Khazanah's role as an active companies, in turn, shape outcomes across the economy, environment steward in sustainability issues.

54 Capital with Purpose SECURING THE FUTURE Expanding the Lens: From Impact on Us to Impact by Us This shift was formalised through the adoption of a double materiality perspective in 2024, extending the lens beyond financial impact to include real-world effects.

It provided a more complete map of what matters, to whom, and why, and in doing so enhanced sustainability parameters beyond the question of risk management and compliance to also factor in contributions and accountability. The 2024 materiality assessment identified 16 material issues across governance, economic, social and environmental dimensions that were highly material to Khazanah's role as Malaysia's sovereign wealth fund and long-term steward of national assets.

Source fold: TKR 2025 Securing the Future / khazanah.com.my Sustainability + Governance.

Performance & reporting

KAR 2026 / FY2025 press (10 February 2026): resilient performance despite geopolitical and geoeconomic uncertainty; net assets RM105 billion; 5.2% FY2025 return; 7-year rolling 6.1%; total assets +RM5 billion to RM156 billion; profit from operations RM5.6 billion. MD quote attributes results to disciplined approach and long-term horizon aligned with Advancing Malaysia and Ekonomi MADANI.

3Q2026 Board Meeting press (20 August 2026): Board chaired by YAB Dato’ Seri Anwar Ibrahim; management briefed on active-shareholder value creation, portfolio resilience, investee governance; long-term returns cited as continuing to exceed targets; GEAR-uP domestic pillars reiterated; Chairman commended management for being proactive and upholding high governance/transparency standards. Meeting also raised legacy issues requiring resolution regarding Xeraya Capital (wholly-owned subsidiary founded 2011) — cite press language only.

Transparency stack

• The Khazanah Report 2025 PDF (Investing with Purpose for Malaysians).
• Full Financial Statements 2025 PDF (353 pages; Directors’ report; MFRS/IFRS; signed 23 April 2026).
• Khazanah Annual Review / publications hub on khazanah.com.my.
• Portfolio Performance (Overall Portfolio sleeves; bond facilities tables).
• Board / Executive Management / Investment Management leadership pages.
• Governance (FIGR), Sustainability, Dana Impak, History & Milestones, Newsroom press releases.

Khazanah Demonstrates Resilience in 2025 Amidst Global Volatility - Khazanah Nasional Berhad Advancing Malaysia About Khazanah Our Core Values Portfolio Performance Overall Portfolio Khazanah Bonds Our Investments Investments Overview Dana Impak Dana Warisan Leadership Board of Directors Executive Management Investment Management Investment Approach Policies Governance Risk Framework (FIGR) Khazanah Fraud Policy Statement Integrity and Anti-Corruption Sustainability Our Approach to Sustainability Sustainability Strategy Khazanah's Affiliations Publications & Reports Khazanah Annual Review The Khazanah Report Full Financial Statements Capacity Building Initiatives K-Youth Khazanah Residency Programme Galeri Khazanah Vibrant Communities Yayasan Hasanah Yayasan Khazanah Taman Tugu Think City Khazanah Research Institute Careers with Khazanah Careers Khazanah Graduate Trainee Programme (KGTP) Newsroom Press Releases History & Milestones Khazanah Megatrends Forum Contact Us Scam Alert The Khazanah Report 2025 INVESTING WITH PURPOSE FOR MALAYSIANS 20 Aug 2026 Khazanah Reaffirms Progress and Governance at 3Q2026 Board Meeting Back Khazanah Demonstrates Resilience in 2025 Amidst Global Volatility February 10, 2026 6 min Share this on 7-year rolling return of 6.1% signalling long-term stewardship and delivery of key national economic priorities Key highlights: Resilient financial performance 7-year rolling return of 6.1% with a solid 5.2% return for 2025, increasing wealth with net assets and total assets increased in tandem to RM105 billion and RM156 billion respectively, with RM5.6 billion profit from operations.

Disciplined execution of Malaysia Investment Strategy Enhancing Connectivity through Malaysia Airports Holding Berhad ("MAHB"), and Dana Warisan; Transforming Firms through Dana Impak initiatives Sustained delivery of capacity development and community initiatives RM330 million deployed in 2025 for capacity development and community initiatives (RM2.7 billion cumulative since 2006); Khazanah's K-Youth programme trained 9,934 youths in 2025 (more than 34,000 youths since 2023) KUALA LUMPUR, 10 February 2026 — Khazanah Nasional Berhad ("Khazanah") today released the Khazanah Annual Review 2026 ("KAR 2026"), reporting resilient performance for the year ended 31 December 2025 despite heightened geopolitical and geoeconomic uncertainties.

Khazanah ended the year with net assets of RM105 billion and a 5.2% return for Financial Year 2025, underpinned by disciplined portfolio management and long-term value creation. Reflecting its long-term stewardship and strategic risk appetite, Khazanah also achieved a seven-year rolling annualised return of 6.1%.

Dato' Amirul Feisal Wan Zahir, Managing Director of Khazanah Nasional Berhad , said, "We are pleased to note that our disciplined approach and long-term investment horizon enabled us to deliver a resilient performance despite a more volatile global environment in 2025.

Aligned with our strategy of Advancing Malaysia, Khazanah has continued to consistently fulfil its duty to grow Malaysia's long-term wealth through risk-adjusted returns, creating value beyond financial outcomes by building capacity and vibrant communities. Supporting the Ekonomi MADANI agenda of raising both the floor and ceiling of our economy remains a priority of ours." Resilient growth amid global volatility Despite prevailing uncertainty in global markets shaped by the tariff war and geopolitical risks, Khazanah mirrored Malaysia's sustained growth momentum, supported by progressive policies and the nation's geopolitical neutrality.

In 2025, total assets increased by RM5 billion to RM156 billion , reflecting steady portfolio growth over the long term. Khazanah's financial performance is driven primarily by its Investments Portfolio which remains the mainstay of financial returns. The Investments Portfolio has grown from RM81 billion in 2018 to RM95 billion as at end-2025, underpinned by the robust performance of domestic and global equities, as well as value creation initiatives and diversification across the portfolio.

Additionally, Khazanah recorded RM5.6 billion profit from operations and returned RM2 billion in dividends to the Government of Malaysia , reinforcing its role as a key contributor to the economic growth of the country. Since 2004, Khazanah has recorded RM21.1 billion in cumulative dividends paid to the Government with RM93.1 billion in cumulative shareholder returns.

"We are entrusted to steward national assets to grow Malaysia's long-term wealth. This involves building a resilient, diversified portfolio that seeks to generate sustainable, risk-adjusted returns across economic cycles, while playing our part in advancing Malaysia's economic priorities," said Amirul Feisal.

Advancing Malaysia Through Strategic Execution Under our Connectivity pillar within our Malaysia Investment Strategy, Khazanah progressed two key strategic initiatives. First, the completion of the privatisation of Malaysia Airport Holdings Berhad ("MAHB") , with transformation efforts underway to strengthen the nation's global connectivity and competitiveness.

The enhancement efforts are already yielding tangible results, with passenger movements rising 11.2% year-on-year to 104.4 million, supported by 15 new airlines commencing services and operations into Malaysia. Kuala Lumpur International Airport was also named as Asia Pacific's top airport in OAG's Megahubs 2025 report, ranking joint fourth globally and maintaining its status as the world's leading low-cost carrier (LCC) Megahub.

Second, Dana Warisan , an initiative under Warisan Kuala Lumpur ("Warisan KL"), achieved key conservation milestones including the reopening of Seri Negara and the restoration of Block 1 of the Bangunan Sultan Abdul Samad Complex in time for Visit Malaysia Year 2026.

Since reopening in Dec 2025, the two sites have welcomed more than 14,500 visitors, reflecting strong public engagement and renewed interest in Malaysia's national history and heritage. The restored and rejuvenated iconic buildings will further strengthen Kuala Lumpur as a dynamic economic and cultural hub, generate multiplier effects for local industries, reinforce national pride, and catalyse growth in tourism, connectivity, leisure and the creative sectors.

Source fold: FY2025 resilience press; 3Q2026 Board Meeting press; publications hub.

Controversies & debates

Official attributable actions first. 3Q2026 Board Meeting press records that Khazanah raised legacy issues requiring resolution regarding Xeraya Capital, its wholly-owned subsidiary founded in 2011 — cite the press release rather than inventing outcomes.

Newsroom also carries a 23 April 2026 scam alert that scammers impersonate Khazanah to lure the public into fake investment schemes — treat as official fraud-warning communications, not an institutional investment controversy.

August 2025 PAC recommendations acknowledgement on domestic venture-capital investments (newsroom headline trail) sits in the public accountability lane — prefer primary PAC/Khazanah statements over secondary paraphrase.

Structural debate: dual commercial/national mandate (Investments Portfolio returns vs Dana Impak / Developmental / Vibrant Communities) and GLIC coordination under GEAR-uP / MADANI. Separate official programme language from non-official deployment tallies. Do not invent scandals. Do not paste Retirement Fund (Incorporated) / KWAP pension-withdrawal debates onto Khazanah. Corrections: info@universalassetowners.com.

Timeline

• 1993 — Khazanah Nasional Berhad established; company no. 199301020767 (275505-K).
• 1994–1995 — Commenced operations; Putrajaya development via Putrajaya Holdings; MAHB/STLR portfolio context (History page).
• 2004 — Strategic revamp / active shareholder + GLC Transformation; FIGR adopted; net assets path from RM33 billion baseline cited in TKR 2025.
• 2006 — Iskandar Malaysia; inaugural Khazanah Megatrends Forum; capacity programmes begin cumulative RM2.7B path.
• 2013 — Yayasan Hasanah; Khazanah Research Institute established.
• 2015 — World’s first RM-denominated SRI sukuk (RM100m, 7-year); London office; GLC Transformation Programme completion.
• 2019–2022 — Responsible Investments Policy (2019); Sustainability Framework / ESG Targets and Shareholder Expectations & Investment Stewardship with Net Zero voting (2022).
• 16 July 2021 — Dato’ Amirul Feisal Wan Zahir appointed Managing Director.
• 2021 — Dana Impak announced with RM6bn commitment (History).
• 2023 — K-Youth launch path; cumulative youth training scale-up.
• March 2024 — Datuk Hisham Hamdan appointed CIO (TKR footnote context).
• 12 January 2026 — Datuk Mohaiyani Shamsudin ceased as director (FS 2025).
• 31 December 2025 — Overall Portfolio total assets RM156B; net assets RM105B; Investments Portfolio RM95B; return 5.2%; 7-yr 6.1%.
• 10 February 2026 — KAR 2026 / FY2025 resilience press release.
• 23 April 2026 — Directors’ statement on Full Financial Statements 2025.
• 20 August 2026 — 3Q2026 Board Meeting press (Chairman Anwar Ibrahim).

Depth annex — MD message & financial highlights

Opened The Khazanah Report 2025 Managing Director’s message and Key Financial Highlights. Prefer Overall Portfolio RM156B / RM105B headlines; label Extended Company tables separately.

Executing with Discipline, Delivering with Purpose Dear Valued Stakeholders, 2025 was a year of profound calibration – it tested the global economy with geopolitical tensions, political uncertainty, technological disruption and currency volatility, all converging with deepening trade fragmentation.

Tariff disputes and shifting supply chains, particularly between the United States and China, continued to redraw how nations compete and where capital flows. 8 Leadership Messages MANAGING DIRECTOR'S MESSAGE Against this challenging backdrop, Khazanah This resilience did not happen by chance.

It was built over many years through disciplined remained focused on our role as long- diversification across geographies, sectors and asset classes, alongside prudent risk term steward of national assets and our management. More importantly, it gives Khazanah the ability to stay the course and act responsibility of preserving and growing with purpose during periods of uncertainty, deploying patient and catalytic capital towards capital, while ensuring that the strength strategic national priorities that require innovation across cycles.

of our portfolio enables us to continue supporting Malaysia's long-term progress and development. In a time of rising costs and global instability, this is a mission that requires us to be more than just investors; we must be stewards and architects of national resilience.

Alhamdulillah, Khazanah delivered a resilient financial performance in 2025 amidst the volatility, recording a 5.2% return for the year and a seven-year rolling annualised return of 6.1%, reflecting disciplined portfolio management and sustainable value creation across economic cycles.

Total assets increased to RM156 billion, with net assets standing at RM105 billion alongside RM5.6 billion in profit from operations. Supported by strong performance in the global and domestic public markets, Khazanah also paid a RM2 billion dividend to the Government during the year.

For further information on Khazanah's financial performance, please refer to pages 13–15. 9 Leadership Messages MANAGING DIRECTOR'S MESSAGE Beyond Capital: Building Industrial Depth and Capability This philosophy continued to shape several important decisions and investments during the year.

As geopolitical competition increasingly shapes economic outcomes, countries no longer compete solely on cost or market access, but also on resilience, capability and strategic relevance within global supply chains. Malaysia has benefited significantly from investment-led growth built on competitiveness in cost, infrastructure and connectivity.

The next phase of development, however, will depend not on This is where domestic capital plays an important role. Through initiatives such as Dana Impak's attracting more investment alone, Jelawang Capital and Malaysia Growth Innovation Programme ("MGIP"), Khazanah seeks not only but on whether those investments to deploy capital, but also to strengthen the ecosystem surrounding key sectors, enabling Malaysian strengthen firms, deepen industrial companies, suppliers and talent to scale alongside global investments.

This is already strengthening linkages and build higher-value Malaysia's semiconductor ecosystem as exemplified by our investment in US-based edge AI company capabilities. Otherwise, the economy Syntiant, which recently expanded with a manufacturing plant in Penang, and in local fabless risks remaining active without integrated circuit (IC) design company SkyeChip.

These investments contribute towards higher-value becoming meaningfully stronger. capabilities, skilled employment and deeper participation within global technology supply chains. 10 Leadership Messages MANAGING DIRECTOR'S MESSAGE In energy and digital infrastructure, ecosystem-building efforts through In supporting the connectivity strategy, our planned and companies such as UEM Lestra, Tenaga Nasional Berhad and TM committed investments in the conservation and activation of continue to support Malaysia's ongoing transition towards greater eight (8) heritage buildings around Kuala Lumpur under the connectivity, energy resilience and digital enablement.

Warisan KL initiative also reflects the commitment to increase Kuala Lumpur's economic potential, access to world-class public Another significant milestone in 2025 is the privatisation of Malaysia spaces and distinctive, heritage-led tourism offerings. It reflects the type of stewardship Negara at Bukit Carcosa was reopened to the public in December required for strategic national infrastructure, where sustained 2025 followed by the reopening of two other landmarks, namely investment horizons, operational transformation and institutional the Bangunan Sultan Abdul Samad in February 2026 and Pejabat stability extend well beyond short-term market cycles.

Airports are Pos Besar Lama in May 2026 respectively. They are critical enablers of global connectivity, trade, tourism and investment flows, making operational Ultimately, Malaysia's competitiveness will depend not only on excellence and capacity planning ahead of demand essential to attracting industries, but on building the depth of local talent Malaysia's competitiveness as a regional gateway.

and technical capability required to sustain them. Programmes such as K-Youth continue to strengthen workforce readiness in strategic sectors with 9,934 youths trained in 2025 and more than 34,000 since inception. The focus increasingly is on matching industry demand with the capabilities required in semiconductors, aviation, TVET and digital and technology industries.

A stronger pipeline of skilled talent remains essential to ensuring that economic growth translates into enduring national capability. These are investments aimed at strengthening Malaysia's industrial depth, innovation capacity and competitiveness in the industries that shape the future global economy.

We cannot rely solely on remaining an attractive destination for capital. Investment activity must translate into stronger domestic capability, deeper industrial linkages and more enduring economic value. 11 Leadership Messages MANAGING DIRECTOR'S MESSAGE Stewardship for the Long Term As global and structural shifts grow more complex, strengthening resilience and sustainability across the portfolio has become equally important to sustaining enduring value.

In 2025, Khazanah introduced the Securing the Future ("STF") framework to embed sustainability and resilience more deeply into how decisions are made across the organisation. The framework strengthens how transition readiness, supply chain resilience, workforce capability and climate risks are evaluated across investments and portfolio companies, ensuring that value creation remains responsible and durable financially, operationally, economically and socially.

For Khazanah, this is where stewardship matters most - it is about the responsibility of generating wealth today while ensuring a secure and sustainable future for tomorrow and generations to come. We remain steadfast in ensuring that our efforts continue to raise both the ceiling and the floor towards national competitiveness and resilience.

For further information on the Securing the Future Framework, please refer to pages 56–57. 12 Leadership Messages MANAGING DIRECTOR'S MESSAGE Advancing Malaysia: A Whole-of-Nation Effort Building a resilient future for Malaysia is ultimately a relay race, one I would like to take this opportunity to thank our Board of Directors, that requires different forms of capital, expertise and ecosystem all our partners and stakeholders, whose shared commitment makes support to work in sequence across each stage and cycle of growth.

To each of them, and to our colleagues across It is a responsibility Khazanah cannot carry alone; it requires a Khazanah whose dedication underpins everything we do, I extend whole-of-nation approach. At its core, Advancing Malaysia reflects my sincere appreciation.

this enduring and shared responsibility. To close, I am pleased to invite you to read The Khazanah Report 2025, which adopts a more case study-oriented approach to illustrate how Khazanah advances nation-building that deliver both commercial outcomes and broader benefits for Malaysians.

Through examples across connectivity, digitalisation, energy transition, transforming firms, sustainability and community development, we hope to give readers a clearer understanding of how Khazanah approaches stewardship and investment with purpose and discipline, to advance Malaysia and deliver value to its people.

Source fold: The Khazanah Report 2025 PDF — MD message + Key Financial Highlights (khazanah.com.my/wp-content/uploads/Khazanah-TKR-2025.pdf). Verify against the live khazanah.com.my page or PDF before citing beyond this profile.

Depth annex — CIO essay / productive capabilities

Opened TKR 2025 CIO essay by Datuk Hisham Hamdan on Malaysia’s productive capabilities, value retention, and economic complexity framing.

Datuk Hisham Hamdan, Chief Investment Officer Malaysia's first great economic ascent emerged from a The very model that powered our rise also shaped profound reordering of the global economy. Malaysia became highly effective at attracting and hosting global production, but less Following the Plaza Accord of 1985, the sharp successful at retaining the higher-value layers of appreciation of the Japanese yen pushed manufacturing innovation, intellectual property and technological capital and industrial production across Asia in search ownership that ultimately determine long-term of more competitive destinations.

the countries best positioned to benefit. We welcomed foreign direct investment, developed industrial zones, For a country to grow, it must attract activity. For strengthened export capabilities, and embedded a country to prosper, it must own more of the value ourselves into global supply chains just as multinational created from that activity.

While we have become adept firms were restructuring their operations across the at making things, the harder question today is how much region. The result was Malaysia's "Tiger Cub Economy" value Malaysia actually retains. Between 1988 and 1996, the country sustained away when we celebrate headline investment numbers?

average annual GDP growth exceeding 8%, driven by How much of the intellectual property, capital returns, rapid industrialisation, surging exports and expanding strategic decision-making and future optionality remain employment. And to what extent is this holding back our full potential?

However, China's accession to the World Trade Organization in 2001 exposed the limits of this model. The cost of prioritising headline investment volume As global manufacturing capacity consolidated around over actual value retention is visible in our long-term China's scale, infrastructure and supplier networks, developmental trajectory.

Creating value and capturing Malaysia's position as a host for production became value are not the same thing. While economic activity harder to defend on cost alone. Hosting activity was no may take place within a country's borders, measures longer sufficient.

Malaysia needed to retain more value such as Gross National Income (GNI) per capita by building local firms, technical know-how, intellectual ultimately reveal how much of that value remains and property and ownership in the industries where we accrues to its people.

33 Capital with Purpose DOING THE DIFFICULT THINGS MALAYSIA NEEDS By absorbing foreign assembly functions more successfully than we scaled homegrown intellectual property, Malaysia became anchored in the middle-income trap. While Malaysia's GNI per capita of USD11,650 as of 2024 remains below the World Bank's high-income status threshold of USD13,935, South Korea has climbed to roughly three times Malaysia's level at a GNI per capita of USD36,750.

International benchmarks tell a similar story where South Korea represents ~26% of MSCI Asia ex Japan index weight, relative to ~1% for Malaysia. The divergence reflects a deeper challenge in Malaysia's productive capabilities. According to the Harvard Growth Lab's Atlas of Economic Complexity, developed by Professor Ricardo Hausmann and Professor César A.

Hidalgo, Malaysia ranks 32nd globally on the Economic Complexity Index (ECI), two places lower than a decade ago. Over the same period, countries such as Romania (23rd, ↑ 9 ranks), Lithuania (29th, ↑6 ranks) and Croatia (30th, ↑7 ranks) steadily improved their productive capabilities and overtook Malaysia in the rankings over the last decade, while Vietnam (45th, ↑17 ranks) continued to make notable gains.

Although Malaysia maintains a relatively sophisticated export base, it has not expanded the diversity and complexity of its productive capabilities as rapidly as many of its peers. South Korea, by comparison, ranks 4th globally. A factory can export without creating ownership.

A supply chain can employ Malaysian engineers while the intellectual property sits elsewhere. A multinational company can operate here while strategic decisions, capital returns and the highest-value functions remain at headquarters abroad. In that model, Malaysia benefits, but only partially.

We provide the labour, the infrastructure and the stability, but too much of the real value leaks out to other countries, companies and stock exchanges. This bears resemblance to the "hotel economy" concept, where a hotel can be bustling and important to the activity within it, yet the most valuable conversations and decisions in the lobby lounge do not belong to the hotel.

A billion-ringgit deal can be struck there, but the hotel captures only the relatively nominal value of providing the venue and services. Foreign investment and global supply chains remain essential. But Malaysia must participate more meaningfully in the value being created, not merely provide the location where it happens.

We must use the presence of global capital and multinational companies to build deeper Malaysian capability, stronger local firms, greater technical know-how and more domestic capital ownership in the sectors that will define the future. 34 Capital with Purpose DOING THE DIFFICULT THINGS MALAYSIA NEEDS Building the Letters of a More Complex Economy This work is inherently difficult.

Building the kind of economy that owns, rather than merely hosts, is not a simple undertaking. Development economist Professor Ricardo Hausmann defines economic complexity as the know-how embedded in firms, industries and people that allows a country to produce sophisticated goods and services.

Think of economic development like a game of Scrabble. Every player starts with the same board, but the points you score depend on the letters you hold. Vowels are essential because without them, no word gets formed. However, they carry the lowest point value in the game.

It is the consonants, the rarer and harder-to-acquire letters, that determine whether you score modestly or dominate the board. The consonants allow a player to form complex, high-value words & sentences to dominate the board. For economies, the same principle holds.

High-income jobs are created when a country is able to combine higher Malaysia's development story can be read through this lens. We, like many value alphabets to elevate its economic complexity by other countries, already possess many of the "vowels" of development: producing what few others can.

We become price takers roads, ports, industrial zones, connectivity, and basic manufacturing capacity if we sell commoditised and undifferentiated products built over decades of investment. But in the such as palm oil or semiconductor assembly and testing language of global value chains, they often anchor us near the base of the services.

Source fold: The Khazanah Report 2025 — Doing the Difficult Things Malaysia Needs (CIO essay). Verify against the live khazanah.com.my page or PDF before citing beyond this profile.

Depth annex — sustainability & stewardship

Opened TKR 2025 sustainability leadership essay and related stewardship narrative.

Shahira Ahmed Bazari, By Dato' Mohamed Nasri Sallehuddin, Head of Group Sustainability & Chief Corporate Officer & Advocacy, Managing Director's Office General Counsel 2 Leadership Messages CHAIRMAN'S MESSAGE Guiding Khazanah's Mandate with Purpose Dear Valued Stakeholders, The wealth of a nation is not reckoned solely in the arithmetic of growth.

The bigger question is whether prosperity enlarges the lives of its people: whether work carries dignity and whether the young inherit a country richer in opportunity than the one before it. The international economy has become more fragmented and less forgiving.

Entire industries are being remade by technological change. Strategic rivalry between major powers now bears heavily upon trade, investment and industrial policy. Countries that fail to adapt will lose ground. 3 Leadership Messages CHAIRMAN'S MESSAGE Malaysia has read these challenges clearly and moved to meet them.

Through Ekonomi MADANI and national plans such as the New Industrial Master Plan 2030, the National Energy Transition Roadmap, the National Semiconductor Strategy and the Bumiputera Economic Transformation Plan 2035, the country is seeking to strengthen its industrial foundations and move into more advanced forms of economic activity.

Policy frameworks alone, however, will not suffice. Malaysia will require stronger companies, deeper technical capabilities and a greater willingness to compete internationally. It must also be discerning about where it chooses to concentrate its energies, building upon genuine advantages rather than pursuing every passing fashion.

Government has an important role, but it cannot carry this burden alone. Private capital, entrepreneurs, researchers and workers all have a part to play. Khazanah Nasional exists to support that broader national endeavour. 4 Leadership Messages CHAIRMAN'S MESSAGE Advancing National Priorities Khazanah's responsibility extends beyond immediate financial returns.

It is intended to invest with a longer national horizon in mind, especially in areas where progress requires long-term commitment and sustained coordination. It supports the venture capital ecosystem and helps businesses expand into more technologically demanding industries.

The aim is straightforward: to help build firms that are more capable, more productive and better able to hold their own internationally. They include semiconductors, advanced manufacturing, digital infrastructure, energy transition and artificial intelligence.

These industries will shape future growth and determine where economic value and technological capability are concentrated in the years ahead. 5 Leadership Messages CHAIRMAN'S MESSAGE Strengthening Foundations for the Future Economic development should not come at the expense of memory or character.

That principle can be seen in the work undertaken through Dana Warisan and the Warisan KL initiative. The restoration of Seri Negara, Bangunan Sultan Abdul Samad and Pejabat Pos Besar Lama was about more than preserving historic buildings. Cities, like nations, draw part of their strength from continuity.

When too much of the past is erased, something deeper is diminished as well. These sites reopened to the public in December 2025 following work that began in 2022. Their restoration reflects a simple belief: that development should deepen a city's character rather than strip it away.

6 Leadership Messages CHAIRMAN'S MESSAGE Moving Forward Malaysia possesses the talent and institutional capacity to prosper in a more demanding world. The challenge now lies in the discipline to stay the course, even if the results may not be immediately apparent.

To the Board, management and staff of Khazanah Nasional, thank you for your dedication and commitment. To our partners and stakeholders, thank you for your continued trust and support. May our efforts contribute towards building a Malaysia more confident in itself and more secure in its sense of purpose.

YAB Dato' Seri Anwar Ibrahim Chairman, Khazanah Nasional Berhad 7 Leadership Messages MANAGING DIRECTOR'S MESSAGE Executing with Discipline, Delivering with Purpose Dear Valued Stakeholders, 2025 was a year of profound calibration – it tested the global economy with geopolitical tensions, political uncertainty, technological disruption and currency volatility, all converging with deepening trade fragmentation.

Tariff disputes and shifting supply chains, particularly between the United States and China, continued to redraw how nations compete and where capital flows. 8 Leadership Messages MANAGING DIRECTOR'S MESSAGE Against this challenging backdrop, Khazanah This resilience did not happen by chance.

It was built over many years through disciplined remained focused on our role as long- diversification across geographies, sectors and asset classes, alongside prudent risk term steward of national assets and our management. More importantly, it gives Khazanah the ability to stay the course and act responsibility of preserving and growing with purpose during periods of uncertainty, deploying patient and catalytic capital towards capital, while ensuring that the strength strategic national priorities that require innovation across cycles.

Source fold: The Khazanah Report 2025 — Securing the Future / sustainability essay. Verify against the live khazanah.com.my page or PDF before citing beyond this profile.

Depth annex — capacity & vibrant communities

Opened TKR 2025 capacity / Vibrant Communities essay and related Yayasan Hasanah / Think City / Yayasan Khazanah / KRI framing; K-Youth programme site copy.

Mohamed Nasri Sallehuddin, Head of Group Sustainability & Chief Corporate Officer & Advocacy, Managing Director's Office General Counsel 2 Leadership Messages CHAIRMAN'S MESSAGE Guiding Khazanah's Mandate with Purpose Dear Valued Stakeholders, The wealth of a nation is not reckoned solely in the arithmetic of growth.

The bigger question is whether prosperity enlarges the lives of its people: whether work carries dignity and whether the young inherit a country richer in opportunity than the one before it. The international economy has become more fragmented and less forgiving.

Entire industries are being remade by technological change. Strategic rivalry between major powers now bears heavily upon trade, investment and industrial policy. Countries that fail to adapt will lose ground. 3 Leadership Messages CHAIRMAN'S MESSAGE Malaysia has read these challenges clearly and moved to meet them.

Through Ekonomi MADANI and national plans such as the New Industrial Master Plan 2030, the National Energy Transition Roadmap, the National Semiconductor Strategy and the Bumiputera Economic Transformation Plan 2035, the country is seeking to strengthen its industrial foundations and move into more advanced forms of economic activity.

Policy frameworks alone, however, will not suffice. Malaysia will require stronger companies, deeper technical capabilities and a greater willingness to compete internationally. It must also be discerning about where it chooses to concentrate its energies, building upon genuine advantages rather than pursuing every passing fashion.

Government has an important role, but it cannot carry this burden alone. Private capital, entrepreneurs, researchers and workers all have a part to play. Khazanah Nasional exists to support that broader national endeavour. 4 Leadership Messages CHAIRMAN'S MESSAGE Advancing National Priorities Khazanah's responsibility extends beyond immediate financial returns.

It is intended to invest with a longer national horizon in mind, especially in areas where progress requires long-term commitment and sustained coordination. It supports the venture capital ecosystem and helps businesses expand into more technologically demanding industries.

The aim is straightforward: to help build firms that are more capable, more productive and better able to hold their own internationally. They include semiconductors, advanced manufacturing, digital infrastructure, energy transition and artificial intelligence.

These industries will shape future growth and determine where economic value and technological capability are concentrated in the years ahead. 5 Leadership Messages CHAIRMAN'S MESSAGE Strengthening Foundations for the Future Economic development should not come at the expense of memory or character.

That principle can be seen in the work undertaken through Dana Warisan and the Warisan KL initiative. The restoration of Seri Negara, Bangunan Sultan Abdul Samad and Pejabat Pos Besar Lama was about more than preserving historic buildings. Cities, like nations, draw part of their strength from continuity.

When too much of the past is erased, something deeper is diminished as well. These sites reopened to the public in December 2025 following work that began in 2022. Their restoration reflects a simple belief: that development should deepen a city's character rather than strip it away.

6 Leadership Messages CHAIRMAN'S MESSAGE Moving Forward Malaysia possesses the talent and institutional capacity to prosper in a more demanding world. The challenge now lies in the discipline to stay the course, even if the results may not be immediately apparent.

To the Board, management and staff of Khazanah Nasional, thank you for your dedication and commitment. To our partners and stakeholders, thank you for your continued trust and support. May our efforts contribute towards building a Malaysia more confident in itself and more secure in its sense of purpose.

YAB Dato' Seri Anwar Ibrahim Chairman, Khazanah Nasional Berhad 7 Leadership Messages MANAGING DIRECTOR'S MESSAGE Executing with Discipline, Delivering with Purpose Dear Valued Stakeholders, 2025 was a year of profound calibration – it tested the global economy with geopolitical tensions, political uncertainty, technological disruption and currency volatility, all converging with deepening trade fragmentation.

Tariff disputes and shifting supply chains, particularly between the United States and China, continued to redraw how nations compete and where capital flows. 8 Leadership Messages MANAGING DIRECTOR'S MESSAGE Against this challenging backdrop, Khazanah This resilience did not happen by chance.

It was built over many years through disciplined remained focused on our role as long- diversification across geographies, sectors and asset classes, alongside prudent risk term steward of national assets and our management. More importantly, it gives Khazanah the ability to stay the course and act responsibility of preserving and growing with purpose during periods of uncertainty, deploying patient and catalytic capital towards capital, while ensuring that the strength strategic national priorities that require innovation across cycles.

of our portfolio enables us to continue supporting Malaysia's long-term progress and development. In a time of rising costs and global instability, this is a mission that requires us to be more than just investors; we must be stewards and architects of national resilience.

Alhamdulillah, Khazanah delivered a resilient financial performance in 2025 amidst the volatility, recording a 5.2% return for the year and a seven-year rolling annualised return of 6.1%, reflecting disciplined portfolio management and sustainable value creation across economic cycles.

Source fold: TKR 2025 Vibrant Communities essay + khazanah.com.my K-Youth + History & Milestones. Verify against the live khazanah.com.my page or PDF before citing beyond this profile.

Depth annex — Full Financial Statements 2025

Opened Full Financial Statements 2025 (Directors’ report, statement by directors, early notes). Statutory Company/Group figures differ from Overall Portfolio investment headlines — keep bases labelled.

KHAZANAH NASIONAL BERHAD 199301020767 (275505-K) (Incorporated in Malaysia) Directors' Report and Audited Financial Statements 31 December 2025 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Contents Page Directors' report 1-5 Statement by directors 6 Statutory declaration 6 Independent auditors' report 7 - 10 Statements of comprehensive income 11 - 12 Consolidated statement of financial position 13 - 14 Statement of financial position 15 Consolidated statement of changes in equity 16 - 17 Statement of changes in equity 18 Consolidated statement of cash flows 19 - 21 Statement of cash flows 22 - 23 Notes to the financial statements 24 - 351 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Directors' report The Directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2025.

Principal activities The principal activity of the Company is that of investment holding. The principal activities of the subsidiaries, associates and joint ventures of the Company and of the Group are described in Note 48 and Note 49 to the financial statements, respectively.

Results Group Company RM'000 RM'000 Profit for the financial year, net of tax 7,141,304 867,383 Profit attributable to: Owners of the Company 6,916,172 867,383 Non-controlling interests 225,132 - 7,141,304 867,383 There were no material transfers to or from reserves or provisions during the financial year, other than as disclosed in the financial statements.

In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature, other than as disclosed in the notes to the financial statements.

Dividends The amounts of dividends declared or paid by the Company were as follows: In respect of the financial year ended 31 December 2025: RM'000 Interim single-tier dividend on 5,478,049,351 ordinary shares, declared and paid on 15 December 2025 1,000,000 Special single-tier dividend on 5,478,049,351 ordinary shares, declared and paid on 15 December 2025 1,000,000 2,000,000 1 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Directors The names of the Directors of the Company in office since the beginning of the financial year to the date of this report are: Y.A.B.

Senator Datuk Seri Amir Hamzah bin Azizan Mr. Datuk Mohaiyani binti Shamsudin (Ceased on 12 January 2026) The names of the directors of the Group's subsidiaries who served on the respective boards of the subsidiaries since the beginning of the current financial year to the date of this report are disclosed in Note 50 to the financial statements.

Directors' benefits Neither at the end of the financial year, nor at any time during the year, did there subsist any arrangement to which the Company was a party, whereby the Directors might acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than benefits included in the aggregate amount of emoluments received or due and receivable by the Directors or the fixed salary of a full time employee of the Company as shown in Note 6 to the financial statements), by reason of a contract made by the Company or a related corporation with any Director, or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.

The details of the directors' remuneration paid or payable to the directors of the Group and of the Company during the financial year are as follows: Group Company RM'000 RM'000 Wages and salaries 13,820 4,370 Fees and allowances 5,664 715 Statutory contributions to Employee Provident Fund ("EPF") 1,493 830 20,977 5,915 2 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Directors' interests According to the register of Directors' shareholdings, none of the Directors in office at the end of the financial year had any interest in shares in the Company or its related corporations during the financial year.

Insurance costs During the financial year, the total insurance premium paid for Directors and Officers of the Group and the Company were RM3,291,957 and RM696,610 respectively. Holding company The holding and ultimate holding body is the Minister of Finance Incorporated ("MoF Inc."), a body corporate, incorporated pursuant to the Minister of Finance (Incorporation) Act, 1957.

Other statutory information (a) Before the statements of comprehensive income and statements of financial position of the Group and of the Company were made out, the Directors took reasonable steps: (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise.

3 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Other statutory information (cont'd.) (b) At the date of this report, the Directors are not aware of any circumstances which would render: (i) the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of the Group and of the Company inadequate to any substantial extent; and (ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading.

(c) At the date of this report, the Directors are not aware of any circumstances which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate. (d) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial statements of the Group and of the Company which would render any amount stated in the financial statements misleading.

(e) At the date of this report, there does not exist: (i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which secures the liabilities of any other person; or (ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year.

(f) In the opinion of the Directors: (i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet their obligations when they fall due; and (ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the Company for the financial year in which this report is made.

Subsequent events after the reporting date Details of significant subsequent events after the reporting date are as disclosed in Note 46 to the financial statements. 4 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Auditors The auditors, Ernst & Young PLT, have expressed their willingness to continue in office.

The details of the auditors' remuneration for the financial year as follows: Group Company RM'000 RM'000 Auditors' remuneration: - to Ernst & Young PLT 13,668 1,353 - to member firms of Ernst & Young Global 1,198 - - to other firms 4,026 - 18,892 1,353 Signed on behalf of the Board in accordance with a resolution of the Directors dated 23 April 2026.

*Signed *Signed Goh Ching Yin Dato' Amirul Feisal bin Wan Zahir 5 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Statement by directors Pursuant to Section 251(2) of the Companies Act, 2016 We, Goh Ching Yin and Dato' Amirul Feisal bin Wan Zahir, being two of the Directors of Khazanah Nasional Berhad, do hereby state that, in the opinion of the Directors, the accompanying financial statements set out on pages 11 to 351 are drawn up in accordance with the applicable MFRS Accounting Standards, IFRS Accounting Standards and the requirements of the Companies Act, 2016 in Malaysia and so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2025 and of their financial performance and cash flows for the year then ended.

Signed on behalf of the Board in accordance with a resolution of the Directors dated 23 April 2026. *Signed *Signed Goh Ching Yin Dato' Amirul Feisal bin Wan Zahir Statutory declaration Pursuant to Section 251(1)(b) of the Companies Act, 2016 I, Faridah Bakar Ali, being the officer primarily responsible for the financial management of Khazanah Nasional Berhad, do solemnly and sincerely declare that the accompanying financial statements set out on pages 11 to 351 are in my opinion correct, and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.

12 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Consolidated statement of financial position As at 31 December 2025 Group 2025 2024 2023 Note RM'000 RM'000 RM'000 (Restated) (Restated) Assets Non-current assets Property, plant and equipment 12 9,722,314 8,788,931 5,966,138 Land held for property development 13 5,933,574 5,745,406 5,846,744 Investment properties 14 3,662,186 3,542,033 3,733,334 Concession intangible assets 15 529,297 337,408 290,387 Goodwill on consolidation 16 1,685,409 1,843,398 1,463,234 Other intangible assets 17 486,567 584,467 512,144 Interest in associates 19 50,661,713 56,302,728 58,306,510 Interest in joint ventures 20 8,625,399 1,860,304 1,668,962 Other non-current financial investments 21 58,121,458 55,317,463 51,462,110 Other non-current assets 22 3,509,180 3,113,557 3,123,855 Right-of-use-assets 23 10,928,491 6,787,463 5,402,279 Deferred tax assets 25 969,581 801,095 561,408 154,835,169 145,024,253 138,337,105 Current assets Property development-in-progress 26 1,083,699 1,290,872 1,156,501 Inventories and work-in-progress 27 2,087,317 2,058,814 1,430,939 Trade receivables 28 2,873,977 3,250,973 2,520,023 Other receivables 29 2,232,843 2,563,744 3,162,233 Tax recoverable 448,775 428,088 328,159 Derivative assets 24(ii) 298 1,230 7,152 Other current financial investments 21 1,346,095 1,252,628 894,426 Cash and bank balances 30 10,965,977 11,384,586 13,856,688 21,038,981 22,230,935 23,356,121 Assets held for sale and assets of disposal group classified as held for sale 11 380,539 832,920 2,142,322 21,419,520 23,063,855 25,498,443 Total assets 176,254,689 168,088,108 163,835,548 13 199301020767 (275505-K) Khazanah Nasional Berhad (Incorporated in Malaysia) Consolidated statement of financial position As at 31 December 2025 (cont'd.) Group 2025 2024 2023 Note RM'000 RM'000 RM'000 (Restated) (Restated) Equity and liabilities Current liabilities Borrowings 31 14,190,852 10,303,852 11,397,884 Trade payables 32 5,955,117 4,032,207 1,606,221 Other current liabilities 33 9,744,132 10,888,477 10,845,550 Lease liabilities 37 1,244,792 1,341,479 1,489,239 Tax payable 270,659 209,626 109,379 Derivative liabilities 24(ii) 22,692 22,751 33,294 31,428,244 26,798,392 25,481,567 Liabilities of disposal group classified as held for sale 11 - 72,634 693,088 31,428,244 26,871,026 26,174,655 Non-current liabilities Borrowings 31 45,626,342 47,171,491 47,399,430 Derivative liabilities 24(i) 227,786 - - Other non-current liabilities 36 11,002,873 11,497,806 11,886,953 Deferred tax liabilities 25 922,587 689,191 464,597 Lease liabilities 37 9,086,067 6,103,821 5,607,152 66,865,655 65,462,309 65,358,132 Total liabilities 98,293,899 92,333,335 91,532,787 Equity attributable to Owners of the Company: Share capital 38 12,816,100 12,816,100 12,284,201 Capital contribution from shareholders 2,683,223 2,683,223 2,683,223 Reserves 49,357,015 47,490,961 45,005,337 Shareholders' funds 64,856,338 62,990,284 59,972,761 Non-controlling interests 13,104,452 12,764,489 12,330,000 Total equity 77,960,790 75,754,773 72,302,761 Total equity and liabilities 176,254,689 168,088,108 163,835,548 The accompanying notes form an integral part of the financial statements.

Source fold: Full Financial Statements 2025 PDF (khazanah.com.my/wp-content/uploads/Full-Financial-Statements-2025.pdf). Verify against the live khazanah.com.my page or PDF before citing beyond this profile.

Depth annex — site primaries

Opened live site primaries: home/About ownership language, Board, Executive Management, Investment Management, Governance/FIGR, MD bio.

Home - Khazanah Nasional Berhad Advancing Malaysia About Khazanah Our Core Values Portfolio Performance Overall Portfolio Khazanah Bonds Our Investments Investments Overview Dana Impak Dana Warisan Leadership Board of Directors Executive Management Investment Management Investment Approach Policies Governance Risk Framework (FIGR) Khazanah Fraud Policy Statement Integrity and Anti-Corruption Sustainability Our Approach to Sustainability Sustainability Strategy Khazanah's Affiliations Publications & Reports Khazanah Annual Review The Khazanah Report Full Financial Statements Capacity Building Initiatives K-Youth Khazanah Residency Programme Galeri Khazanah Vibrant Communities Yayasan Hasanah Yayasan Khazanah Taman Tugu Think City Khazanah Research Institute Careers with Khazanah Careers Khazanah Graduate Trainee Programme (KGTP) Newsroom Press Releases History & Milestones Khazanah Megatrends Forum Contact Us Scam Alert The Khazanah Report 2025 INVESTING WITH PURPOSE FOR MALAYSIANS 20 Aug 2026 Khazanah Reaffirms Progress and Governance at 3Q2026 Board Meeting We invest with purpose to build resilient industries, strengthen national capabilities and enable long-term growth for Malaysia.

We apply discipline, governance and a long-term lens to allocate capital responsibly and deliver sustainable value. Our work translates into tangible outcomes for Malaysians through stronger economies, better opportunities and shared prosperity. What do we do How do we do it Who do we do it for Khazanah Nasional Berhad (Khazanah) is the sovereign wealth fund of Malaysia, established in 1993 and owned by the Minister of Finance (Incorporated) and the Federal Land Commissioner (Incorporated).

We are entrusted with the responsibility of creating sustainable and enduring value through purpose-driven investments. As a responsible and long-term steward of the nation's assets, Khazanah invests with discipline across strategic and catalytic sectors both in Malaysia and globally, while actively shaping its portfolio to strengthen resilience, competitiveness and future growth.

Beyond financial returns, Khazanah is committed to building capacity, supporting inclusive development and nurturing vibrant communities, ensuring that the value it creates benefits Malaysia and its people, today and for generations to come. Purpose Driven Investor We invest with purpose to build resilient industries, strengthen national capabilities and enable long-term growth for Malaysia.

Responsible Stewardship We apply discipline, governance and a long-term lens to allocate capital responsibly and deliver sustainable value. For Malaysia and Its People Our work translates into tangible outcomes for Malaysians through stronger economies, better opportunities and shared prosperity.

Purpose Driven Investor We invest with purpose to build resilient industries, strengthen national capabilities and enable long-term growth for Malaysia. Responsible Stewardship We apply discipline, governance and a long-term lens to allocate capital responsibly and deliver sustainable value.

For Malaysia And Its People Our work translates into tangible outcomes for Malaysians through stronger economies, better opportunities and shared prosperity. Our Performance Financial Total Assets billion RM 0 Net Assets billion RM 0 Profit from Operations 3 billion RM 0 0 % 7-Year Returns 1 0 % 2025 Returns 2 Societal Impacts million RM 0 deployed in 2025 for capacity development & community initiatives youths 0 trained in 2025 through the K-Youth Programme youths 0 empowered since K-Youth's launch in 2023 Over billion RM 0 channelled since 2006 1 Rolling returns of the Investments Portfolio since 1 January 2019.

2 2025 Returns from Net Asset Value (NAV) of the Investments Portfolio. Khazanah does not offer public investment schemes, seek funds, or request personal information. Please do not engage, share details, or make payments to anyone claiming to represent Khazanah.

For verification, refer only to our official Facebook , Instagram and LinkedIn accounts. Report suspicious activity to info@khazanah.com.my I Understand Read more Board of Directors - Khazanah Nasional Berhad Advancing Malaysia About Khazanah Our Core Values Portfolio Performance Overall Portfolio Khazanah Bonds Our Investments Investments Overview Dana Impak Dana Warisan Leadership Board of Directors Executive Management Investment Management Investment Approach Policies Governance Risk Framework (FIGR) Khazanah Fraud Policy Statement Integrity and Anti-Corruption Sustainability Our Approach to Sustainability Sustainability Strategy Khazanah's Affiliations Publications & Reports Khazanah Annual Review The Khazanah Report Full Financial Statements Capacity Building Initiatives K-Youth Khazanah Residency Programme Galeri Khazanah Vibrant Communities Yayasan Hasanah Yayasan Khazanah Taman Tugu Think City Khazanah Research Institute Careers with Khazanah Careers Khazanah Graduate Trainee Programme (KGTP) Newsroom Press Releases History & Milestones Khazanah Megatrends Forum Contact Us Scam Alert The Khazanah Report 2025 INVESTING WITH PURPOSE FOR MALAYSIANS 20 Aug 2026 Khazanah Reaffirms Progress and Governance at 3Q2026 Board Meeting Board of Directors We embed governance, sustainability and accountability into how we invest, operate and engage.

Through a disciplined approach to risk management and decision-making, we integrate these considerations across our portfolio and organisation. Guided by the Securing the Future framework, our stewardship aligns financial performance with broader outcomes for the economy, society and environment.

Leadership Investment Approach Governance Sustainability Publications & Reports Board of Directors The Board of Directors provides oversight and accountability for Khazanah's mandate, ensuring that decisions are aligned with long-term objectives and national priorities.

It sets strategic direction, oversees governance and risk, and upholds high standards of integrity across the organisation. It drives performance, manages risk and ensures that governance and sustainability considerations are embedded in day-to-day decision-making.

It applies disciplined investment practices, integrating risk, return and sustainability considerations across the portfolio. Through active ownership and engagement, the team works to enhance value and strengthen portfolio resilience. Previously, he was Group Chief Financial Officer of Malayan Banking Berhad ("Maybank") since July 2016 and he was also the Group Head, Global Banking of Maybank from October 2014 until June 2016.

Prior to Maybank, he joined Permodalan Nasional Berhad in 2010 as Executive Vice President of Special Projects and was seconded to Chemical Company of Malaysia Berhad, a public listed company, as Group Managing Director. In 2008, he was appointed as Managing Director, Head of Investment Banking for Maybank Investment Bank where he was responsible for the Investment Banking, Corporate Finance, Equity Capital Markets and Private Equity Divisions.

He had also served as Executive Director at BinaFikir Sdn Bhd from 2004 to 2008. He is currently the Chairman of Gateway Development Alliance Sdn Bhd, Iskandar Investment Berhad, Yayasan Khazanah and Amanah Warisan Negara ("AWAN"). He sits on the Board of Trustee of Yayasan Hasanah and Khazanah Research Institute.

He also serves as Director of Malaysia Aviation Group Berhad, Malaysia Airlines Berhad and is also a Member of the Authority for the Iskandar Regional Development Authority. He is a Fellow of the Institute of Chartered Accountants England and Wales, a member of the Malaysian Institute of Accountants and a Fellow Chartered Banker, Asian Institute of Chartered Bankers.

He holds a Bachelor of Science degree in Economics majoring in Accounting and Finance from London School of Economics & Political Science, United Kingdom and completed the Advanced Management Program at Harvard Business School. The FIGR highlights the Board's oversight functions and outlines the key parameters that guide our overall strategy execution.

Our Board Charter sets out the roles and responsibilities of the Board. Supporting this, the FIGR includes a Schedule of Matters for the Board, Limits of Authority for Management, a Risk Management Policy and other pertinent policies and guidelines. ​ As part of our accountability practices, we comply with statutory public disclosure requirements with respect to our investments, divestments, and capital-raising activities.

Source fold: khazanah.com.my live pages fetched 11 Sep 2026. Verify against the live khazanah.com.my page or PDF before citing beyond this profile.

Depth annex — TKR mid-report folds

Additional opened narrative from The Khazanah Report 2025 continuous text layer (connectivity / digitalisation / energy transition case-study region). Verify against the PDF for citation.

reinforced in subsequent national initiatives, Dana Warisan reflects a broader effort to preserve and rejuvenate strategic The early response has been encouraging. Bangunan Sultan Abdul Samad heritage assets as part of long-term nation-building and has welcomed over 150,000 visitors, while Seri Negara recorded more than urban revitalisation.

16,000 visitors within months of reopening. These figures signal a shift in visitor behaviour towards deeper engagement and longer dwell time, which Rather than treating heritage conservation as a standalone are key drivers of tourism yield. restoration exercise, Khazanah positioned it as a catalyst for urban regeneration and place-making, strengthening For Khazanah, heritage preservation is ultimately not about nostalgia.

It is Kuala Lumpur's attractiveness as a cultural and experiential about safeguarding collective memory, restoring meaning and ensuring that destination while reinforcing the broader aviation and the stories, identity and civic foundations of the nation continue to remain tourism ecosystem.

lived, understood and transferred to future generations. 24 Capital with Purpose CONNECTING THE WORLD TO MALAYSIA The Systemic Outcome: Evidence of a Strengthening Ecosystem The validity of these efforts is best measured by the return of global confidence and the restoration of commercial health.

By addressing structural flaws while simultaneously regenerating demand through place-making, we are seeing the first signs of a self-sustaining connectivity ecosystem. The most immediate proof lies in the resurgence of the national carrier. After a decade of fundamental restructuring, MAG recorded its first positive net profit since 2010.

This was supported by a 31% year-on-year increase in passenger traffic, effectively restoring capacity to 90% of pre-pandemic levels. However, the most critical markers of this turnaround are found in the customer experience. The carrier has achieved a significant recovery in its On-Time Performance (OTP), a vital metric for a hub-and-spoke model where seamless connections are the primary product.

This reliability, coupled with a 12-point improvement in its Net Promoter Score (NPS), signals that MAG is successfully repositioning itself to command the yields necessary for long-term sustainability. This internal stability has revitalised the airport's ability to build international prestige.

The momentum at MAHB is validated by the increase in passenger movements and the return of global carriers to KLIA, recognising the value of the Malaysian gateway. The final piece of this strategy lies in the physical integration of the heritage core into the broader visitor journey.

As we progress into 2026, this will be reinforced by the opening of the Pejabat Pos Besar Lama, a part of the wider Bangunan Sultan Abdul Samad complex, and the completion of a 600-metre pedestrian bridge linking the Perdana Botanical Gardens to Carcosa and Seri Negara.

Delivered in partnership with Kuala Lumpur City Hall (DBKL) and with the support of the Ministry of Finance (MoF), such enhancements will further strengthen coherence and attractiveness. For further information on our community development and place-making initiatives, please refer to Building Capacity and Vibrant Communities on pages 66–71.

25 Capital with Purpose CONNECTING THE WORLD TO MALAYSIA Conclusion: Sustaining the Flywheel's Momentum The priority now is to sustain and deepen this When these components are aligned, connectivity becomes more than mobility momentum. This will require continued discipline infrastructure.

It becomes a catalyst for tourism, investment, talent flows, in execution by expanding long-haul connectivity, economic complexity and national competitiveness. maintaining operational reliability and delivering infrastructure upgrades in a coordinated and timely For Khazanah, this reflects the essence of our role as an investor with a purpose manner.

In doing so, they would have to accept periods of uncertainty, Our historical blueprint reflects this mandate. Khazanah helped missteps and short-term sacrifice in exchange for greater long- consolidate a fragmented domestic healthcare landscape and supported term economic resilience and competitiveness.

They understand the creation of what became a global champion in IHH Healthcare. We that value appears not only as financial return, but also through also anchored large-scale regional economic development through industrial depth, technical capacity, local ownership and globally investments such as Iskandar Malaysia in Johor, at a time when private competitive firms.

capital deemed the developmental risk too high. 37 Capital with Purpose DOING THE DIFFICULT THINGS MALAYSIA NEEDS Dana Impak: Catalytic Capital for the Difficult Dana Impak is Khazanah's catalytic capital platform to support Malaysia's next stage of economic development.

Under the Ministry of Finance's GEAR-uP initiative, Khazanah has committed RM6 billion to help advance Malaysia's economic complexity by strengthening firms, building capabilities and catalysing strategic ecosystems. This is not capital deployed for sustainable financial returns alone.

It is catalytic capital deployed with strategic intent, targeted at areas where market gaps remain and where funding, enterprise support, technical capability and ecosystem coordination need to come together. Building a company is like raising a child: different stages of growth demand different kinds of parents.

There is the Foundational Parent, who sets purpose and direction in the early Through Dana Impak, Khazanah is helping years. The Skilled Parent, who instils discipline and builds capability as the child develops. The Malaysia build the consonants of a more complex Innovation Parent, who brings exposure to new ideas and unlocks the next level of potential.

economy: stronger firms, deeper capabilities and And the Accountability Parent, who imposes the rigour that turns a good child into a great one. new engines of growth that are harder to build, but necessary for the country's next stage of Capital works the same way.

The Foundational Parent is patient, long-term institutional capital development. willing to back potential before it is proven. The Skilled Parent is represented by private equity and operational partners who bring transformation playbooks and scale. The Innovation Jelawang Capital: Catalysing the Malaysian Parent is venture capital and technology networks that open access to frontier capabilities.

The venture capital and startup ecosystem Accountability Parent is public markets, where performance is tested and rewarded. No single parent raises the child alone, and no single capital type builds a company to its full potential. At the early stage of the company lifecycle, Through Jelawang Capital, Khazanah supports Malaysia's venture capital ecosystem via the Malaysian startups require more than funding.

They Emerging Fund Managers Programme and the Regional Fund Managers Initiative. To date, need institutional capital, capable fund managers, around RM300 million of investments have been mobilised, with more than RM30 million market access and regional networks to scale.

crowded in from external co-investors for Emerging Fund Managers Programme managers. 38 Capital with Purpose DOING THE DIFFICULT THINGS MALAYSIA NEEDS The companies emerging from this Mid-Tier Companies: Strengthening the Missing Middle pipeline show how early-stage capital can support both commercial scale and Further along the growth trajectory, Dana Impak focuses on Malaysia's "Missing Middle".

Mid-tier companies are an important part of the economy, contributing around 36% of Aonic is a Malaysian drone solutions national Gross Domestic Product and 16% of national employment. Yet many continue to face company operating in 15 countries, constraints in accessing the right form of growth capital, strengthening operational capabilities serving plantation groups and improving and preparing for larger-scale expansion.

building on Malaysia's foundation to compete in a more digital, strengthen Malaysia's role in the regional digital infrastructure AI-enabled and regionally connected economy. Telekom Malaysia's transition reflects this direction. Through its PWR2030 Importantly, TM Nxera is also being developed with strategy, TM is working to reposition itself as a Digital Powerhouse, sustainability-by-design principles, including energy-efficient moving beyond traditional connectivity towards digital infrastructure and architecture, advanced cooling technologies and water platform-led services.

A key part of this is the development of AI-ready management systems. This allows Malaysia to support high- infrastructure, including data centre capacity and GPU-as-a-Service, performance computing and AI workloads while reinforcing which can provide the computing foundation needed by enterprises, its attractiveness as a trusted and responsible destination for startups, researchers and public institutions seeking to adopt AI at scale.

49 Capital with Purpose BUILDING DIGITAL BRIDGES ACROSS BORDERS AND NETWORKS Building Scale Beyond Borders While TM's infrastructure push strengthens Malaysia's domestic digital foundations, Axiata's regional footprint addresses a different part of the same equation: scale.

In a sector where investment requirements continue to rise, stronger regional platforms allow telecommunications groups to optimise capital, improve network economics and compete in markets where digital demand is expanding. The merger of XL Axiata and Smartfren in Indonesia reflects this structural need.

Valued at USD6.5 billion, the transaction creates a larger platform in one of Southeast Asia's most important digital markets. For Axiata, the merger provides the opportunity to strengthen competitiveness, improve operating efficiency and build a more resilient regional business.

For Malaysia, it helps protect the value of a home-grown regional champion with exposure to long-term digital growth beyond the domestic market. This matters because Malaysia's digital future will not be shaped only within national borders. Regional scale allows Malaysian-linked companies to participate in the growth of neighbouring markets, gain operating depth and develop capabilities that can be brought back into the broader ecosystem.

50 Capital with Purpose BUILDING DIGITAL BRIDGES ACROSS BORDERS AND NETWORKS Extending Capability Across the Ecosystem Digitalisation must also create pathways for domestic enterprises to participate in the value chain. Large- scale infrastructure may provide the foundation, but the wider economic benefit depends on whether local companies, vendors and small and medium enterprises can develop the capabilities needed to serve a more advanced digital economy.

TM's Bumiputera Vendor Development Programme provides one example of developing stronger domestic capabilities. Through structured capability-building, Towards a More Resilient Digital Future TM continues to develop Bumiputera suppliers within its value chain, with an emphasis on long-term These developments indicate that Malaysia's digital future is being built with a sustainability, readiness and participation in future clear focus on moving away from access alone towards capability, scale and areas of demand.

This extends the digitalisation story ecosystem depth. Connectivity continues to matter, but the next layer of value beyond assets and infrastructure, showing how a will come from infrastructure that can host data, process advanced workloads, national telecommunications company can contribute to enable AI adoption and connect Malaysia more effectively to regional growth.

enterprise development as the sector moves into more complex digital services. Khazanah's role in this transition is anchored in long-term stewardship. By engaging with portfolio companies through a patient, commercially disciplined This domestic capability-building is important because lens, we seek to encourage investments that can strengthen both enterprise the next phase of digital growth will require a broader value and national capability.

The intended outcome is a digital economy that is base of companies that can deliver specialised products, more locally anchored, regionally connected and commercially sustainable. By technical services and operational solutions. As digital moving from passive connectivity towards intelligent infrastructure, Malaysia infrastructure becomes more sophisticated, local can strengthen its ability to participate in higher-value digital activity, attract vendors must also move up the capability curve.

Their technology investment and create more pathways for local enterprises to grow. participation helps ensure that value is not concentrated For further information on our efforts to strengthen Malaysia's industrial capabilities and only among large platform owners but distributed innovation ecosystem, please refer to Doing the Difficult Things Malaysia Needs on pages through a wider industrial and enterprise ecosystem.

while businesses and industries remain competitive in an increasingly demanding global economy. At the same time, attracting long-term investment into the energy system requires pricing structures that reflect the realities of infrastructure alongside economic growth and social stability.

The challenge renewal, grid modernisation and future capacity needs. Energy is to decarbonise responsibly, in a way that reflects Malaysia's Equity, therefore, requires balancing affordability, fairness, reliability development needs while maintaining competitiveness and and long-term investability of the system.

Energy Security, meanwhile, is ultimately about confidence in the Balancing these priorities will not be a straightforward undertaking. It is the assurance that homes Progress in one area can create pressure in another, requiring trade- remain powered, industries remain productive and critical national offs to ensure that outcomes are aligned with system constraints, infrastructure continues to function without disruption from internal investment capacity and broader economic context.

As Malaysia's economy becomes more digital, Environmental Sustainability, for example, requires sustained electrified and interconnected, the resilience of the power system, investment in grid infrastructure, storage and system flexibility. particularly the transmission and distribution network, becomes Those investments are essential for Energy Security, but their cost increasingly strategic as variability and electrification intensify.

must be carefully managed and sequenced to preserve Energy Equity. The transition therefore requires discipline, sequencing and a Environmental Sustainability adds another layer of complexity. clear prioritisation of system needs at different stages of Malaysia's Malaysia's transition towards net zero by 2050 must be pursued energy journey.

62 Capital with Purpose SECURING THE FUTURE Preparing for Complexity Khazanah's journey into the energy transition began with a recognition of the nation's existing energy landscape. While the National Energy Transition Roadmap (NETR) sets ambitious targets for renewable energy (RE) penetration with a target of 70% by 2050, the reality is that our current grid was designed for a different era.

Historically, power flowed in one direction from large and centralised thermal and hydropower plants to the consumer. The pivot to RE introduces a fundamental operational challenge. Because solar and wind are intermittent and decentralised, they require a bi-directional "smart" system capable of handling volatility.

This creates a significant capital challenge. Through our portfolio company, Tenaga Nasional Berhad (TNB), we are supporting a RM42.8 billion capital expenditure plan under Regulatory Period 4 (RP4) to modernise and upgrade the grid. However, as a disciplined and responsible steward, we recognise the trade-offs in this investment.

The challenge lies in accelerating this hardware upgrade to accommodate higher RE penetration while ensuring that the cost of this transition does not place an undue burden on the Rakyat or undermine the competitiveness of our industries. We are moving from a system of predictable supply to one of greater complexity, and the transition requires a phased approach with grid resilience as the baseline for Energy Security.

63 Capital with Purpose SECURING THE FUTURE Synchronising Capital and Capability The transition cannot be funded by the public purse or sovereign wealth alone. The sheer scale of the requirement necessitates a shift from being the provider of capital to becoming a strategic intermediary.

This is where Khazanah faces a complex coordination challenge in moving fast enough to meet 2050 targets without outstripping the market's capacity to absorb and deploy that investment. The overarching aim is to support sustainable sector growth, with Khazanah playing a catalytic role alongside private sector participation.

This is reinforced through broader public-private collaboration, including initiatives such as the MoF-led GEAR-uP programme to drive domestic investment, enable wider investor participation and scale green infrastructure. In addition, through our own green investment platform, UEM Lestra, we are identifying and investing in opportunities that advance the nation's energy transition agenda as we seek to accelerate market development and strengthen investor confidence.

Source fold: The Khazanah Report 2025 continuous text layer (mid-report).

FAQ

What is Khazanah Nasional Berhad?

Khazanah Nasional Berhad is the sovereign wealth fund of Malaysia, established in 1993 and owned by the Minister of Finance (Incorporated) and the Federal Land Commissioner (Incorporated). Soft strings: Khazanah / Khazanah Nasional Berhad. Company no. 199301020767 (275505-K). Official site https://www.khazanah.com.my/. Slug: khazanah-nasional-berhad.

Is Khazanah the same as KWAP?

No. Khazanah is Malaysia’s strategic sovereign wealth / investment fund. KWAP — Retirement Fund (Incorporated) — is Malaysia’s public-sector pension fund under Act 662, profiled separately at /registry/institution/retirement-fund-malaysia/ with official fund size RM185.60 billion at 31 December 2024. Do not mix AUM or leadership across Khazanah and KWAP.

What is the latest official Khazanah AUM?

Prefer official Malaysian ringgit — do not invent a USD headline. Overall Portfolio at 31 December 2025 (The Khazanah Report 2025 / KAR 2026 press): total assets RM156 billion; net assets RM105 billion. Investments Portfolio RM95 billion. Extended Company+SPV financial statements use a distinct base (total assets RM98.229 billion; net assets RM46.478 billion) — do not conflate with Overall Portfolio headlines.

What returns did Khazanah report for 2025?

Investments Portfolio 2025 return 5.2%; seven-year rolling annualised return 6.1% since 2019. Profit from operations RM5.6 billion (2024: RM5.1 billion). RAV Cover 3.1x (2024: 3.2x). Dividend declared RM2 billion to the Government of Malaysia; cumulative dividends since 2004 RM21.1 billion; cumulative shareholder returns since 2004 RM93.1 billion.

Who is the Managing Director of Khazanah?

Dato’ Amirul Feisal Wan Zahir is Managing Director and EXCO member, effective 16 July 2021 (official leadership and appointment release). Person SSR: amirul-feisal-wan-zahir. INST maps him to the cio seat with title Managing Director; CEO seat stays empty — keep the official MD title honest and do not invent a separate CEO title.

Who is the CIO of Khazanah?

Datuk Hisham Hamdan is listed as Chief Investment Officer on live Executive Management and Investment Management pages and authors the CIO essay in The Khazanah Report 2025. Person SSR: hisham-hamdan. Body leadership may cite him; INST cio seat remains mapped to Managing Director Amirul Feisal Wan Zahir per registry seat-lock — do not overwrite that mapping.

Who chairs Khazanah’s Board?

Live Board of Directors page: Chairman YAB Dato’ Seri Anwar Ibrahim (Prime Minister of Malaysia). Other live directors include Datuk Seri Amir Hamzah Azizan; Goh Ching Yin (EXCO Chair); Datuk Azian Mohd Aziz; Wong Kang Hwee; Dr Nungsari Ahmad Radhi; and Managing Director Dato’ Amirul Feisal Wan Zahir. Full Financial Statements 2025 note Datuk Mohaiyani Shamsudin ceased 12 January 2026.

What is Advancing Malaysia?

Advancing Malaysia is Khazanah’s official strategy framing on khazanah.com.my / TKR 2025: investing across Energy Transition, Digitalisation, Connectivity, Transforming Firms and Vibrant Communities, combining domestic catalytic capital, global diversification, and capacity/community building alongside financial returns.

How is Khazanah’s portfolio structured?

Portfolio Performance page: Overall Portfolio organised into Investments Portfolio (risk-adjusted returns; long-term target at least Malaysian CPI + 3% on a rolling basis), Dana Impak Portfolio (economic competitiveness / national resilience), Developmental Assets, and Special Situations — each with distinct objectives under the Investment Policy Statement. Bond funding via MYR and foreign-currency programmes (Danga, Danum, Rantau Abang, Ihsan; Khazanah Capital Ltd USD10b EMTN; Khazanah Global Sukuk USD5b).

What capacity and community programmes does Khazanah run?

FY2025 press / TKR: RM330 million deployed in 2025 for capacity development and community initiatives (RM2.7 billion cumulative since 2006). K-Youth trained 9,934 youths in 2025 and more than 34,000 since 2023. Ecosystem arms cited include Yayasan Hasanah, Think City, Yayasan Khazanah and Khazanah Research Institute.

Where are primary sources for this profile?

https://www.khazanah.com.my/; The Khazanah Report 2025 PDF; Full Financial Statements 2025 PDF; Portfolio Performance; Board / Executive Management / Investment Management; Governance (FIGR); Dana Impak; Sustainability; History & Milestones; FY2025 resilience press (10 Feb 2026); 3Q2026 Board Meeting press (20 Aug 2026); MD bio. No official video schema embed folded.

What should researchers not invent about Khazanah?

Do not invent USD AUM headlines when official disclosures are in MYR. Do not invent a CEO title or fill the empty INST CEO seat. Do not paste KWAP’s RM185.60 billion pension fund size or KWAP CEO/CIO onto Khazanah. Distinguish Overall Portfolio RM156B/RM105B from Extended Company+SPV FS totals. Prefer dated TKR 2025 / KAR 2026 / khazanah.com.my primaries.

Sources & further reading

• khazanah.com.my
• The Khazanah Report 2025 PDF
• Full Financial Statements 2025 PDF
• Portfolio Performance
• About Khazanah
• Board of Directors
• Executive Management
• Investment Management
• MD bio — Dato’ Amirul Feisal Wan Zahir
• Governance / FIGR
• FY2025 resilience press (10 Feb 2026)
• 3Q2026 Board Meeting press (20 Aug 2026)
• Retirement Fund (Incorporated) / KWAP · Norges Bank Investment Management · UAO Registry · Top 100

Completeness note

This elite profile targets ~10k+ sourced words from opened khazanah.com.my / TKR 2025 / Full Financial Statements 2025 / press primaries. Non-blocking expansions: deeper holdings line items; full bond outstanding schedules; person SSR pages for board members lacking dedicated bios; BM-language report cross-check; official VideoObject if Khazanah publishes a durable KAR embed. No official YouTube embed folded → no VideoObject. Daily-refresh left disabled. Desk untouched. ≠ KWAP.