Plantation Assets Portfolio

DETAILS OF THE PLANTATION ASSETS AS AT 31 DECEMBER 2008

Assets	Description	Tenant	Tenancy period	Annual rental	Existing use	Date of acquisition	Cost of acquisition (RM'000)	Last valuation¹ (RM'000)	Carrying value
									(RM'000)	%
Bekoh Estate Located 13 km north west of Tangkak town, Muar, Johor	Net Land area of 1,226.1 hectares and planted area of 1,188.4 hectares	Boustead Properties Berhad	3 years	3,350	Cultivation of palm oil	29 December 2006	33,510	46,300	46,300	5.73
Malaya Estate Located within the precinct of Kubu Gajah, Selama, Perak	Net land area of 922.1 hectares and planted area of 845.7 hectares	Boustead Properties Berhad	3 years	2,164	Cultivation of palm oil	29 December 2006	20,770	35,000	35,376	4.38
Kulai Young Estate Located along Jalan Alor Bukit, 15 km north of Pekan Nenas town, Johor	Net land area of 816.2 hectares and planted area of 801.3 hectares	Boustead Properties Berhad	3 years	2,574	Cultivation of palm oil	29 December 2006	40,850	49,100	49,100	6.08
Bukit Mertajam Estate Located along the Kulim-Mahang main road and Batu Puteh-Labu Besar main Road, Kulim, Kedah	Net land area of 2,173.2 hectares and planted area of 2,300.1 hectares	Boustead Properties Berhad	3 years	6,983	Cultivation of palm oil	29 December 2006	96,970	105,500	105,506	13.05
Batu Pekaka Estate Located along the Sungai Petani/Baling main road, about 18 kilometres from Sungai Petani town, Kedah	Net land area of 968.7 hectares and planted area of 899.4 hectares	Boustead Properties Berhad	3 years	2,330	Cultivation of palm oil	29 December 2006	38,630	44,000	44,228	5.47
Chamek Estate Located along the eastern side of the train tracks next to Kampung Chamek, Johor	Net land area of 816.7 hectares and planted area of 802.8 hectares	Boustead Properties Berhad	3 years	2,700	Cultivation of palm oil	29 December 2006	22,020	39,000	39,075	4.84
Telok Sengat Estate Located along both sides of the road leading to Telok Sengat village about 28.8 km southeast of Kota Tinggi town, Johor	Net land area of 3,692.71 hectares and planted area of 3,513.3 hectares	Boustead Heah Joo Seang Sdn. Bhd.	3 years	15,106	Cultivation of palm oil	29 December 2006	138,590	202,000	202,438	25.05
Telok Sengat Mill P.O. Box 513, 81909 Kota Tinggi, Johor	Held under Telok Sengat Estate with designated land area of 19.2 hectares. Mill capacity is around 30 MT/ hour	Boustead Heah Joo Seang Sdn. Bhd.	3 years	Rental under Telok Sengat Estate	Processing of palm oil	29 December 2006	8,810	11,553	11,553	1.43
Lepan Kabu Estate Located at the 75th km post Kota Bharu/ Gua Musang main road, Kuala Krai, Kelantan	Net land area of 2,036.2 hectares and planted area of 1,985.4 hectares	Boustead Plantations Berhad	3 years	6,385	Cultivation of palm oil	26 June 2007	67,610	79,500	80,058	9.91
Lepan Kabu Mill Kampung Kuala Pahi, 18000 Kuala Kerai, Kelantan	Held under Lepan Kabu Estate with designated land area of 8.0 hectares. Mill capacity is 20 MT/ hour	Boustead Plantations Berhad	3 years	Rental under Lepan Kabu Estate	Processing of palm oil	26 June 2007	4,140	4,471	4,471	0.55
Malakoff Estate Located at Mukim 6, 12 and 13, District of Seberang Perai Utara, Pulau Pinang	Net land area of 1,399.2 hectares and planted area of 1,342.5 hectares	Boustead Rimba Nilai Sdn. Bhd.	To commence on 1 January 2009		Cultivation of palm oil	11 December 2008	100,500	100,500	101,069	12.51
Bebar Estate Located at Mukim of Keratong, District of Rompin, Pahang	Net land area of 2,340.6 hectares and planted area of 2,268.6 hectares	Boustead Plantations Berhad	To commence on 1 January 2009		Cultivation of palm oil	11 December 2008	88,300	88,300	88,869	11.00
			41,592				660,700	805,224	808,043	100

1.	The investment properties were valued by independent professional valuers using the investment (discounted cash flow)
	method. Save and except for Malakoff and Bebar Estates, the plantation assets were valued in September 2008 by
	CH Williams Talhar & Wong Sdn Bhd. The Malakoff and Bebar Estates were valued in June 2008 by Azmi & Co Sdn
	Bhd.