The rating of AAAID (Islamic Debt) assigned to MISC Berhad’s (“MISC” or “the Group”) up to RM2.5 billion Murabahah Medium-Term Notes (“MTN”) Programme reflects the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly in the liquefied natural gas (“LNG”) segment; extended geographic footprint through its petroleum tanker unit AET Inc. Ltd (formerly known as American Eagle Tanker Inc. Ltd); sound financial profile characterised by resilient profitability, low debt leverage and exceptional financial flexibility; and strategic benefits accruing to MISC as a subsidiary of Petroliam Nasional Berhad (“PETRONAS”).

MISC is the dominant shipping and logistics services provider in Malaysia especially in the transportation of LNG, crude oil and petroleum products. As at June 2007, the Group owns a diversified fleet of 108 owned vessels and six (6) Floating, Production, Storage and Offloading (FPSO)/ Floating, Storage and Offloading (FSO) facilities. MISC is currently the largest single owner operator of LNG carriers in the world with a fleet of 24 tankers, which is expected to increase to 29 tankers by end-2009. As the sole transporter of LNG from Malaysia, MISC is in a favourable position to benefit from the growing demand for LNG transportation through long term contracts which average 15 to 20 years. MISC is also the second largest owner operator of Aframax tankers following its acquisition of AET, with a market reach that covers the Atlantic Basin, Europe, Mediterranean, Arabian Gulf and the Far East.