SAID HOLDINGS LIMITED MEETING OF THE BOARD to be held at the of?ces of Morgan Stanley, 1585 Broadway, New York on Tuesday 28 September 2004 at 10.30 AGENDA Board Membership EM Rati?cation of appointment of the Rt Hon Brian Mulroney Minutes: CT Minutes of the Board meeting held on 21 May 2004 Minutes of the Investment Committee and rati?cation of the Committee?s recommendations Matters arising from the minutes of the Board meeting held on 21 May 2004 (excluding items covered separately): Update on Hamilton Square IB Revised SHL procedures/procedures manual CT Update on performance monitoring systems IB Update on audit matters (including tax review) PS Financial statements: PJH Consolidated accounts for the period ended 31 August 2004 Dividend Current corporate structure chart Review of investment performance: Quarterly report for the 2nd quarter 2004 LB Managed portfolios: current estimates MB ?153 6. Review of investment strategy: Global investment environment BM Review of asset allocation strategy BMICIIKS This will include the following: - Currency policy and overlay Fixed income: progress in restructuring - Equity index funds; European equity markets DAX CAC - Alternatives: Mariner and hedge fund bubbles - Private equity: proxy and secondaries - Real assets - Real estate strategy (0) New investment proposals Update on Sagitta CMC Any other business Date of next meeting EM To con?rm Thursday 18 November in Bermuda For information - m: GS LIMITED I SAID HOLDIN MINUTES OF A MEETING OF THE BOARD OF DIRECTORS A meeting of the Board of Directors of Said Holdings Limited (SHL) was held in New York on 28 September 2004. Present: Mr Wa?c Said Chairman Mr Robert Genillard Deputy Chairman Mr Barton Biggs Director Mr Paul Manduca Director Rt Hon Brian Mulroney Director Mr Khaled Said Director Mr Philip Seers Director Apologies: I Mr Shaun Morris Director In attendance: Lord Powell of Bayswater Sagitta Mr Daniel Martineau Close Trustees Mr William Heard Legal Counsel Mr Ian Barnard Safinvest SA Miss Charlotte Thorne Safinvest SA Mr Paul Harrison Safinvest SA Liz Morris Assistant Company Secretary Mr Chris Cottrell Sagitta Mr Bob Michaelson Sagitta 1. BOARD MEMBERSHIP The Chairman reminded the Board that he had written to directors on 2 June 2004 proposing the addition of Rt Hon Brian Mulroney to the SHL Board. Mr Genillard seconded Mr Mulroney?s nomination and the Board agreed to invite Mr Mulroney to join the Board. The invitation was accepted. The Chairman expressed his great satisfaction that Mr Mulroney had agreed to join the Board of SHL and looked forward to working with him over the years to come.