Plantation Assets Portfolio

SHARIAH-COMPLIANT PLANTATION ASSETS
AS AT 30 SEPTEMBER 2011

Assets	Titled land Area (ha)	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	1,226.1	Boustead Sungai Manar Sdn Bhd	3 years	5,369	Cultivation of oil palm plantation	29 December 2006	33,510	49,100	49,566	4.69
Malaya Estate Located within the precinct of Kubu Gajah, Selama, Perak	922.4	Boustead Silasuka Sdn Bhd	3 years	1,336	Cultivation of palm oil	29 December 2006	20,770	37,400	38,238	3.62
Kulai Young Estate Located along Jalan Alor Bukit, 15 km north of Pekan Nenas town, Johor	803.0	Boustead Sungai Manar Sdn Bhd	3 years	2,411	Cultivation of oil palm plantation	29 December 2006	40,850	52,800	53,349	5.05
Bukit Mertajam Estate Located along the Kulim-Mahang main road and Batu Puteh-Labu Besar main Road, Kulim, Kedah	2,173.2	Boustead Silasuka Sdn Bhd	3 years	8,935	Cultivation of oil palm plantation	29 December 2006	96,970	112,800	112,800	10.65
Batu Pekaka Estate Located along the Sungai Petani/Baling main road, about 18 kilometres from Sungai Petani town, Kedah	968.7	Boustead Silasuka Sdn Bhd	3 years	2,800	Cultivation of oil palm plantation	29 December 2006	38,630	45,200	45,472	4.31
Chamek Estate Located along the eastern side of the train tracks next to Kampung Chamek, Johor	816.9	Boustead Sungai Manar Sdn Bhd	3 years	3,665	Cultivation of oil palm plantation	29 December 2006	22,020	42,300	42,344	4.01
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	3,679.5	Boustead Heah Joo Seang Sdn. Bhd.	3 years	15,205	Cultivation of oil palm plantation	29 December 2006	138,590	213,600	214,266	20.29
Telok Sengat Mill P.O. Box 513, 81909 Kota Tinggi, Johor	19.3	Boustead Heah Joo Seang Sdn. Bhd.	3 years	Rental under Telok Sengat Estate	Processing of palm oil	29 December 2006	8,810	14,623	15,620	1.48
Lepan Kabu Estate Located at the 75th km post Kota Bharu/ Gua Musang main road, Kuala Krai, Kelantan	2,036.2	Boustead Plantations Berhad	3 years	6,795	Cultivation of oil palm plantation	26 June 2007	67,610	83,500	83,639	7.92
Lepan Kabu Mill Kampung Kuala Pahi, 18000 Kuala Kerai, Kelantan	8.0	Boustead Plantations Berhad	3 years	Rental under Lepan Kabu Estate	Processing of palm oil	26 June 2007	4,140	4,310	4,310	0.41
Malakoff Estate Located at Mukim 6, 12 and 13, District of Seberang Perai Utara, Pulau Pinang	1,396.6	Boustead Plantations Berhad	1 year	6,030	Cultivation of oil palm plantation	11 December 2008	100,500	106,000	106,617	10.10
Bebar Estate Located at Mukim of Keratong, District of Rompin, Pahang	2,340.6	Boustead Plantations Berhad	1 year	5,298	Cultivation of oil palm plantation	11 December 2008	88,300	95,000	98,616	9.34
Taiping Rubber Plantation (“TRP”) Estate Located along Changkat Jering – Beruas main road, Trong Perak.	1,355.6	Boustead Telok Sengat Sdn Bhd	1 April 2011 till 31 December 2012	3,993*	Cultivation of oil palm plantation	1 April 2011	64,500	64,500	65,183	6.17
Trong Palm Oil Mill Located along Changkat Jering – Beruas main road, Trong Perak.		Boustead Telok Sengat Sdn Bhd	1 April 2011 till 31 December 2012	Rental under TRP Estate	Processing of palm oil	1 April 2011	24,233	24,233	24,233	2.29
Sutera Estate Located at Segaliud, KM 60, Sandakan-Lahad Datu Highway, Sabah.	2,200.7	Boustead Rimba Nilai Sdn Bhd	1 April 2011 till 31 December 2012	4,522*	Cultivation of oil palm plantation	1 April 2011	100,500	100,500	101,873	9.64
	19,948						849,933	1,045,866	1,056,127	100.00

1.	The investment properties were valued by independent professional valuers using the investment (discounted cash flow)
	method. The plantation assets were valued in November and December 2010 by CH Williams Talhar & Wong Sdn Bhd.
2.	All the above plantation assets are freehold, save and except for:
	--------------------------------------------: Bebar Estate (leasehold for a term of 99 years expiring in 2083)
	--------------------------------------------: 5 lots of Malakoff Estate (leasehold for a term of 61 years expiring in 2027)
3.	Annual rental for TRP Estate, Trong Palm Oil Mill and Sutera Estate have been pro-rated accordingly.