Plantation Assets Portfolio

DETAILS OF THE PLANTATION ASSETS AS AT 31 DECEMBER 2008

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	3,350	Cultivation of palm oil	29 December 2006	33,510	48,000	48,000	5.77
Malaya Estate Located within the precinct of Kubu Gajah, Selama, Perak	922.4	Boustead Silasuka Sdn Bhd	3 years	2,164	Cultivation of palm oil	29 December 2006	20,770	36,000	36,000	4.33
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	2,574	Cultivation of palm oil	29 December 2006	40,850	51,500	51,500	6.20
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	6,983	Cultivation of palm oil	29 December 2006	96,970	109,000	109,000	13.11
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	2,330	Cultivation of palm oil	29 December 2006	38,630	44,500	44,500	5.35
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	2,700	Cultivation of palm oil	29 December 2006	22,020	40,000	40,000	4.81
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	3,692.7	Boustead Heah Joo Seang Sdn. Bhd.	3 years	15,406	Cultivation of palm oil	29 December 2006	138,590	208,000	207,995	25.03
Telok Sengat Mill P.O. Box 513, 81909 Kota Tinggi, Johor	19.2	Boustead Heah Joo Seang Sdn. Bhd.	3 years	Rental under Telok Sengat Estate	Processing of palm oil	29 December 2006	8,810	13,191	13,968	1.68
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	6,385	Cultivation of palm oil	26 June 2007	67,610	80,800	80,802	9.72
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	4,167	4,167	0.50
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 palm oil	11 December 2008	100,500	101,500	101,418	12.20
Bebar Estate Located at Mukim of Keratong, District of Rompin, Pahang	2,340.6	Boustead Plantations Berhad	1 year	5,298	Cultivation of palm oil	11 December 2008	88,300	93,500	93,942	11.30
	16,403.6			53,220			660,700	830,158	831,259	100

1.	The investment properties were valued by independent professional valuers using the investment (discounted cash flow)
	method. The plantation assets were valued in October 2009 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)