FGV Berhad : Board Appoints Consultant to Review Non-Executive Chairman and Non-Executive Directors’ Remuneration

KUALA LUMPUR, 27 June 2022 - FGV Holdings Berhad (FGV) had recently concluded its
14th Annual General Meeting (AGM) on 23 June 2022 and announced a sterling performance
for year 2021. FGV has recorded the best result since going public in 2012.

"The Group's revenue grew 39% year-on-year around RM19.57 billion, profit before zakat and
tax increased significantly to RM1.71 billion, while profit after tax and minority interest
increased to RM1.17 billion" says Dato' Dzulkifli Abd Wahab, Non-Executive Chairman of
FGV.

"In the year 2021, FGV has contributed RM11.2 million to assist the FELDA settlers by
channelling the fund to Yayasan Felda which helps fund a number of charitable causes and
initiatives focused primarily on education, healthcare and other philanthropic causes. Aside to
this, the contribution also goes to programs like Waqaf Felda and Zakat for the community
welfare" added Dato' Dzulkifli Abd Wahab.

The resolutions relating to the Non-Executive Chairman and Directors' fees and benefits are
among the resolutions normally tabled as ordinary business at all AGMs. In 2019, the Non-Executive Chairman's fees was reduced from RM600,000 to RM300,000 together with some
abolishment and reduction in certain benefits.

In 2022, FGV Board had appointed an independent consultant to conduct a review and
benchmarking on the non-executive directors' remuneration. The Non-Executive Chairman
was currently being accorded to receive on a cash basis, director fee of RM300,000 per annum
(or RM25,000 per month) and car allowance of RM180,000 per annum (or RM15,000 per
month).

FGV Board was advised by the independent consultant that the car allowance accorded to the
Non-Executive Chairman be replaced with the provision of a company car as it is not reflective
of market and sectorial norms as companies do not generally monetise the provision of a
company car benefit in the form of allowances.

Pursuant to the advice, FGV Board proposed to provide a company car to the Non-Executive
Chairman and maintain the amount of cash accorded to him previously by converting the car
allowance of RM180,000 to board fees. Hence, there is no increase in the total cash received
by the Non-Executive Chairman.

Dato' Dzulkifli Abd Wahab intends to use an existing car belonging to a subsidiary company
to be the company car with an annual budgeted expense of not more than RM180,000 as per
approved at the AGM.

FGV Board would also like to highlight that Dato' Dzulkifli Abd Wahab has agreed to waive his
fees as Chairman of the Board Sustainability Committee until the next AGM in 2023 amounting
to RM40,000 per annum and the meeting allowances of RM2,000 per meeting. In 2021, Dato'
Dzulkifli Abd Wahab did not utilise his entitlement for benefits relating to entertainment
allowance, club membership and personal bodyguard.

ENDS