MAXXAM Inc. Makes Board of Director Nominations.

Business Editors

HOUSTON--(BUSINESS WIRE)--March 30, 2000

MAXXAM Inc. (AMEX:MXM) announced today that it has nominated Michael J. Rosenthal and J. Kent Friedman to serve on the Company's Board of Directors. The nominations of Messrs. Rosenthal and Friedman represent the addition of two new positions to MAXXAM's Board of Directors, bringing to seven the total number of directors.

Michael J. Rosenthal, age 56, is a nominee for election as a Common Director of the Company to serve until the 2001 Annual Meeting of Stockholders. Since 1986, Mr. Rosenthal has served as Chairman and President of M.J. Rosenthal and Associates, Inc., an investment company. From 1984 to 1986, Mr. Rosenthal served as a partner and a Managing Director of Wesray Capital Corporation, an investment company, and, prior to that, was Senior Vice President and Managing Director of the Mergers and Acquisitions department of Donaldson, Lufkin & Jenrette, Inc., an investment banking firm. Mr. Rosenthal also serves as a director and Treasurer of the Horticultural Society of New York and serves as a director of Star Corrugated Box Company. Over the last several years, Mr. Rosenthal has also served as Chairman, a director and/or Chief Executive Officer of a number of companies including: American Vision Centers, Northwestern Steel & Wire Company, Vector Distributors, Inc., Western Auto Supply Company and Wilsons Sporting Goods Company. Mr. Rosenthal is a C.P.A. and holds a J.D. with honors from New York University Law School, an M.B.A. with honors from the Columbia University Graduate School of Business, and a B.A. from McGill University.

J. Kent Friedman, age 56, is a nominee for election as a General Director to serve until the 2003 Annual Meeting of Stockholders. Since December 1999, Mr. Friedman has served as General Counsel of MAXXAM Inc. Prior to joining the Company, Mr. Friedman was a partner of the law firm Mayor, Day, Caldwell & Keeton, where he was one of the founding partners and served as the Managing Partner for over a decade. During his career, Mr. Friedman has represented numerous well-known institutions in Houston, including serving as General Counsel for the Houston Astros and as Special Counsel for the Port of Houston. Mr. Friedman has also been extremely active in Houston-area public affairs, serving as Campaign or Finance Chair for numerous elected officials including Mayor Lee Brown, former Mayors Fred Hofheinz and Jim McConn, and the late congressman Mickey Leland. Mr. Friedman earned B.B.A. and J.D. degrees from Tulane University and a Master of Laws Degree from Boston University.

"Messrs. Rosenthal and Friedman are uniquely qualified to serve on MAXXAM's Board of Directors based on their distinguished business careers and knowledge of the issues and trends affecting the Company," said Charles E. Hurwitz, Chairman and Chief Executive Officer of MAXXAM Inc. "They will actively serve the interests of all of the Company's shareholders."

Shareholders will vote on the nominations at MAXXAM's May 24, 2000 Annual Meeting.