INCOME STATEMENT

2007 2008 2009

Gross Rental Income 38,107 41,592 53,220

Performance based profit sharing 17,078 25,911 17,811
55,185 67,503 71,031
less Plantation operating exp (3,798) (1,505) (1,559)
Net rental income 51,387 65,998 69,472
Gain on disposal of investment properties - - 6,539
Gain on disposal of investment in quoted securities - - 430
Gain on disposal of land 20 - -
Gross dividend income 14 222 178
Profit earned from investment 457 193 101
unrealised fair value gain on investment pro - 129,047 12,512

Gross income 51,878 195,460 89,232

EXPENDITURE
other expenses (2,051) (281) (358)
Fees to: Manager - (2,153) (2,238)
Trustee - (150) (179)
Auditors - (16) (16)
Tax Agent - (8) (11)
Shariah Adviser - (12) (11)
Valuers - (129) (220)
Profit sharing exp on financing - (124) (4,615)
Gain/Loss investment in quoted Shariah securities (23) (2,411) 1,586
Loss on disposal of investmnt in quoted securities - (28) -
unrealised losses
EARNINGS BEFORE TAXATION 49,804 190,148 83,170
TAXATION - - -
EARNINGS AFTER TAXATION 49,804 190,148 83,170

EARNINGS PER UNIT (Sen) 11.44 40.17 14.93

BALANCE SHEET
2007 2008 2009
NON CURRENT ASSETS
Investment properties 477,305 808,043 831,259

CURRENT ASSETS
Investmnt in quoted Shariah- compliiant securities 3,198 4,109 5,450
Trade and other receivables
Receivables 17,099 25,976 17,882
shariah based deposits with financial institution 17,707 7,830 10,945
Cash and bank balances 14 25 19

TOTAL CURRENT ASSETS 38,018 37,940 34,296

TOTAL ASSETS 515,323 845,983 865,555

CURRENT LIABILITIES
Trade and other payables 8,108 9,104 6,938
Provision for distribution 34,078 40,884 31,248
Shariah compliant financing facility - 95,000 95,000
Cash line-i - - 5
TOTAL LIABILITIES 42,186 144,988 133,191

NET ASSETS VALUE 473,137 700,995 732,364

UNITS' HOLDERS FUND

Unitholders' capital 472,181 565,681 565,681
Undistributed income 956 135,314 166,683

TOTAL UNITHOLDERS FUND 473,137 700,995 732,364

UNIT IN CIRCULATION('000) 472,001 557,001 557,001

NAV PER UNIT (RM) 1.00 1.26 1.31

 INCOME STATEMENT
2006 2007 2008

Gross Rental Income 13,257,910 35,701,524 47,778,660

COGS Less: property expenses (758,791) (2,063,606) (2,617,061)
Net rental income 12,499,119 33,637,918 45,161,599
investment revenue 888,677 193,082 250,821
Gain on fair value adjustmnt of invstmnt pr 14,276,615 - 11,963,993
TOTAL INCOME 27,664,411 33,831,000 57,376,413

Exenditure:
Manager's fees 199,737 527,814 647,584
Trustee's fees 39,947 105,563 129,517
Auditors' fee 10,000 20,000 25,000
Valuation fee 100,000 330,000
Printing expenses 85,603 108,626
Tax Agent's fee 9,000 9,000 6,300
Annual financing fee 30,000 30,000 (53,440)
Amortisation of direct issue cost 67,436 161,846 579,948
Registrar fee 21,740 22,133 17,341
Administration expenses 35 10,575 26,712
profit sharing expenses on financ 3,706,752 7,413,509
Shariah adviser 1,800 3,000
Finance cost:
Long Term islamic finance 780,285
amount owning to sub. Company 10,847,437
professional fees 422,025
Stamp duties 110,990
Secretarial fee
Maintenance of property

Expenditure 4,084,647 8,487,843 13,981,325

Income before taxation 23,579,764 25,343,157 57,376,413

Tax expense - - -

Net income 23,579,764 25,343,157 57,376,413

Earnings per share (sen) 6.94 7.45 10.50

Net income distribution 9,248,000 24,890,000 34,726,401

BALANCE SHEET

2006 2007 2008

NON CURRENT ASSETS
Investment properties 481,000,000 481,000,000 663,450,000
Investment in sub. Com. 2 2

CURRENT ASSETS
Trade and other receivables 14,637,765 11,025,892 5,635,777
Cash and bank balances 389,011 2,412,848 16,434,104
Prepaid expenses 484,796 1,070,418
Amount owning from sub com 3,250 -
15,026,776 13,926,786 23,140,299
TOTAL ASSETS 496,026,776 494,926,788 686,590,301

CURRENT LIABILITIES
Trade and other payables 5,237,231 277,698 5,750,012
Provision for distribution 9,248,000 12,514,000 17,579,561
14,485,231 12,791,698 23,329,573
Long Term Borrowing 133,258,206 133,420,052 221,992,981

TOTAL LIABILITIES 147,743,437 146,211,750 245,322,554

NET ASSETS VALUE 348,283,339 348,715,038 441,267,747

UNITS' HOLDERS FUND

Unit holders' capital 333,951,575 333,930,117 417,814,139
Undistributed income 14,331,764 14,784,921 23,453,608
Retained earnings

TOTAL UNITHOLDERS FUND 348,283,339 348,715,038 441,267,747

UNIT IN CIRCULATION(unit) 340,000,000 340,000,000 428,721,000

NAV PER UNIT (RM) 1.02 1.03 1.03

 2009

60,579,965
(3,483,728)
57,096,237
250,180
16,959,360
74,305,777

846,029
150,349
27,116
200,000
98,577
26,499

430,818
27,196
22,833

3,600

4,901,264
12,110,338
853,424
305,670
44,322
338,560

20,386,595

74,305,777
-

74,305,777

11.15

39,658,557
 2009

961,500,000
2

1,054,783
14,545,299
1,247,486
16,103,544
32,951,112
994,451,114

9,880,740
19,699,945
29,580,685
424,646,377

454,227,062

540,224,052

502,509,819
37,714,233

540,224,052

518,367,000

1.04
 INCOME STATEMENT
2005 2006 2007 2008 2009

Gross Revenue 13,761 40,931 46,819 63,331 71,598

COGS Less: property expenses (2,300) (7,802) (8,639) (9,876) (11,661)
Net rental income 11,461 33,129 38,180 53,455 59,937
Interest income 328 37 8 111 272
Change in the fair value of invstmnt pro - 16,517 40,613 24,478 19,098
TOTAL GROSS INCOME 11,789 49,683 78,801 78,044 79,307

Expenditure:
Manager's fees 794 2,420 3,077 4,242 4,808
Trustee's fees 57 142 154 212 236
Auditor's fees 40 54 55 78 93
Tax agent's fees 10 12 11 11 12
Bad Debts written off - 119 144 - -
Allowance for doubtful debts - 167 (125) 158 54
Administrative expenses 98 353 673 1,068 719
interest expenses 738 3,137 5,454 227 784
Valuation fees - 97 154 8,393 193
Borrowing cost - - 600 206 739
Islamic financing cost - - - - 9,693

Expenditure 1,737 6,501 10,197 14,595 17,331

Income before taxation 10,052 43,182 68,604 63,449 61,976

Tax expense 34 260 3 - -

Net income 10,018 42,922 68,601 63,449 61,976

Earnings per share (sen) 5.25 22.02 34.81 26.69 24.58

Net income distribution 9,677 13,898 28,064 38,701 42,981

BALANCE SHEET

2005 2006 2007 2008 2009

NON CURRENT ASSETS
Investment properties 332,200 408,250 570,400 723,100 884,962

CURRENT ASSETS
Trade and other receivables 2,799 3,318 10,647 2,752 6,822
Cash and bank balances 222 62 656 365 15,807
Tax recoverable 61 151 154 154 154
Prepaid expenses
Amount owning from sub com
Deposits placed with license banks 4,350 -
7,432 3,531 11,457 3,271 22,783
TOTAL ASSETS 339,632 411,781 581,857 726,371 907,745

CURRENT LIABILITIES
Trade and other payables 12,104 15,685 21,885 8,252 14,780
Provision for distribution 9,677 13,898 15,504 20,139 15,293
Borrowing/financing 40,000 88,089 209,816 230,456 145,000
61,781 117,672 247,205 258,847 175,073
Tenants' deposits 19,678 18,383
Borrowing/financing 163,932
- - - 19,678 182,315
TOTAL LIABILITIES 61,781 117,672 247,205 278,525 357,388

NET ASSETS VALUE 277,851 294,109 334,652 447,846 550,357

UNITS' HOLDERS FUND

Unit holders' capital 234,892 234,892 234,892 323,338 406,854
Undistributed income 341 59,217 99,760 124,508 143,503
Revaluation reserve 42,618

TOTAL UNITHOLDERS FUND 277,851 294,109 334,652 447,846 550,357

UNIT IN CIRCULATION(unit) 205,901 205,901 205,901 255,901 307,081

NAV PER UNIT (RM) 1.35 1.43 1.63 1.75 1.79

INCOME STATEMENT

2007 2008 2009

Gross revenue 78,330,975 84,092,285 87,712,338
property expenses (29,052,074) (31,376,978) (34,687,631)
net rental income 49,278,901 52,715,307 53,024,707

interest income 121,858 171,797 121,566

fair value adjustmt on invstmt property 43,841,617 24,114,645 400,519
others income 1,500 12,319 21,014
total income 93,243,876 77,014,068 53,567,806

manager's fees 3,258,055 3,612,149 3,790,195

trustee's fees 128,118 134,239 143,838
audit fees 40,000 40,000 40,000
tax agent's fees 10,000 19,040 15,700
valuation fees 60,000 12,000 110,000
professional fees 600,965 1,111,475 135,304
allowance for doubtful debts 79,844 108,473 37,364
administration exp 218,085 228,101 213,731
interest exp 8,324,809 11,395,857 11,944,599

total expenses (12,719,876) (16,661,334) (16,430,599)

net income before expenses 93,243,876 77,014,068 53,567,938

taxation - - -
net income 93,243,876 77,014,068 53,567,938

earning per unit (cent) 25.16 18.86 11.61

BALANCE SHEET

Assets
investment properties 559,400,000 713,400,000 720,000,000
capital work in progress 2,755,559 106,234 14,202,085
fixed deposit with a licensed bank 1,278,529 1,767,432 2,141,013
trade receivables 915,562 471,741 375,188
other receivable 5,350,886 4,142,252 3,832,728
cash and bank balances 18,096,940 18,220,797 36,574,334
total asset 587,797,476 738,108,456 777,125,348
Current asset 28,397,476 24,708,456 57,125,348
Account Receivable 6,266,448 4,613,993 4,207,916

Liabilities
trade payables 134,968 188,183 3,466,092
other payables and accruals 18,041,869 24,719,007 23,461,017
provision for income distribution 11,232,035 9,600,030 9,920,031
borrowings 184,000,000 301,500,000 334,000,000
total liabilities 213,408,872 336,007,220 370,847,140
Current liabilities 29,408,872 34,507,220 36,847,140

NAV 374,388,604 402,101,236 406,278,208

Unitholders' capital 328,136,711 328,136,711 328,136,711

Undistributed income realised 2,410,276 6,008,263 9,784,716
undistributed income unrealised 43,841,617 67,956,262 68,356,781
total unitholders' fund 374,388,604 402,101,236 406,278,208

number of unit circulation 320,001,000 320,001,000 320,001,000

NAV per unit 1.17 1.26

LIQUIDITY RATIOS

Cureent ratio al aqar kpj reit axxis

2006 2007 2008 2009 2005
CA/CL 1.04 1.09 0.99 1.11 0.12

Collection period

AR/SALES*360 397.47 111.18 42.46 6.27 73.22

RETURN ON INVESTMENT

Return on Asset

NI/TA 0.0475 0.0512 0.0836 0.0747 0.0295

Return on Equity

NI/TE 0.0677 0.0727 0.1300 0.1375 0.0361

OPERATING PERFORMANCE

Net Profit Margin

NI/SALES 1.7785 0.7099 1.2009 1.2266 0.7280

ASSET UTILIZATION

ARTO

SALES/AR 0.91 3.24 8.48 57.43 4.92

Working Capital TO

SALES/ (CA-CL) 24.48 31.45 -252.43 17.97 -0.25

TATO

SALES/TA 0.0267 0.0721 0.0696 0.0609 0.0405

MARKET VALUATION

EPS (cent)
 (NI-Ps)/no share o stand 6.94 7.45 10.50 11.15 5.25

BVPS

(STOCKHOLDERS' EQUITY 1.02 1.03 1.03 1.04 1.35

 axxis reit hektar reit
2006 2007 2008 2009 2007 2008 2009
0.03 0.05 0.01 0.13 0.97 0.72 1.55

29.18 81.87 15.64 34.30 28.80 19.75 17.27

0.1042 0.1179 0.0874 0.0683 0.159 0.104 0.069

0.1459 0.2050 0.1417 0.1126 0.2491 0.1915 0.1319

1.0486 1.4652 1.0019 0.8656 1.1904 0.9158 0.6107

12.34 4.40 23.01 10.50 12.50 18.23 20.84

-0.36 -0.20 -0.25 -0.47 -77.45 -8.58 4.33

0.0994 0.0805 0.0872 0.0789 0.1333 0.1139 0.1129

22.02 34.81 26.69 24.58 25.16 18.86 11.61

1.43 1.63 1.75 1.79 1.17 1.26 1.27