SIME DARBY PROPERTY BERHAD Investor Presentation

UBS Singapore Day – 3rd October 2018 Presentation Outline

1 Profile

Key Growth Areas and Recent 2 Developments

3 Growth Strategies

4 Financial and Operational Highlights

5 Challenges & Market Outlook

6 Appendices

2 1 Sime Darby Property

3 Shareholding Structure RM1.15 Share Price 55.8% Share Price Movement (RM)

1.78

As at 1st Oct’18

1.11 1.15 Foreign Shareholdings 14.4% 10.9% RM7.8bn 4.6% Market Capitalisation Other Domestic Shareholdings 14.3% 6,800,839 Number of Ordinary and the public Shares (000’) 4 Source: Tricor The Largest Property Developer in In terms of land bank size RM2.4bn RM683mn RM640mn 1,584 FY18 Revenue FY18 PBIT FY18 PATAMI Employees

UNITED Property Development KINGDOM Active townships, integrated and THAILAND 23 niche developments KEDAH Acres of remaining developable land bank to be Helensvale, 20,572 developed over 10 -25 years Queensland

GEORGETOWN, PENINSULA PENANG Estimated Remaining Gross AUSTRALIA MALAYSIA RM89bn Development Value (GDV) Average trading discount to 48% Realised Net Asset Value (RNAV) Property Investment 3,239 acres 2,838 acres Sq. ft. of net commercial space in Malaysia and 2,826 acres 1.4mn NEGERI Singapore SEMBILAN Hospitality & Leisure 1,462 acres JOHOR Assets across 4 countries

BANDAR UNIVERSITI PAGOH including 2 golf courses 3,262 acres 6 (36-hole & 18-hole Key Developments respectively) and a North-South Expressway Singapore convention center 5 Sustainable Growth with Remaining Developable Period of 10 to 25 years By Remaining By Remaining Gross Developable Land Development Value (GDV)

1,462 3,398 8.8 20.0 (12%) (28%) (11%) (25%) 338 O (3%) N G O 12,147 28.5 RM80.9 5.4 I (35%) 2,826 acres billion (7%) N (23%) 845 G (7%) 5.7 (7%) 3,278 12.6 (27%) (16%) 0.3 0.1 Legend 2,031 (4%) F (24%) (1%) U 3,092 T 8,425 (37%) RM8.4 U acres billion R E 3,302 8.0 (39%) (96%)

Notes: 1. Township categorisation: • Guthrie Corridor: (Ongoing) Elmina West, Elmina East, & and , (Future) Kota Elmina & • Negeri Sembilan: (Ongoing) Nilai, Bandar Ainsdale, Planters’ Haven & Chemara, (Future) MVV and others • Johor: Bandar Universiti Pagoh and Taman Pasir Putih • Greater Valley & Others: 6 • (Ongoing) , ALYA, , KL East, USJ Heights, , , SJCC and SJ7 Refer to slide 51 - 52 • (Future) Jalan Acob, Victoria Estate and others 2. Future remaining GDV is preliminary and currently excludes MVV Key Growth Areas & 2 Recent Developments

7 Key Growth Areas (Flagship Developments) With remaining development period of about 25 years

Guthrie Corridor Klang South Selangor Johor Expressway Elmina East and West Bandar Serenia City Bandar Universiti Pagoh

Remaining Acreage 3,095 2,826 1,462 3,262 Remaining GDV RM18bn RM13bn RM9bn RM6bn Total Residential Units 26,809 21,857 13,234 5,671 Residential Units 2,394 7,829 302 383 Launched Total Industrial 177 710 196 238 Components

Industrial First launch Acreage Sold 152 265 55 in 1H19

• Along the Guthrie • Highly-connected in • Xiamen University, 1st• Pagoh Education Key Corridor Klang, close to Port university branch outside Hub, 1st multi-varsity Catalysts • >3000 acres of Klang and KLIA of China education hub (506 green spaces • Horizon Village Outlet acres) with ~7200 8 to open in 1Q19 students Developments along the Guthrie Corridor Expressway KEY HIGHLIGHTS Lagong 1,552 acres 10,297 acres Total land bank along Guthrie Corridor Expressway 6,490 acres Remaining developable land bank Kota Elmina • 52% of total land bank are on ongoing 1,540 acres developments • 48% on future developments (Kota Elmina and Lagong) Elmina West RM28 billion 2,661 acres Estimated remaining GDV Forest Elmina East Reserve 1,089 acres > 40,000 Total residential units with over 28,400 Denai Alam & Bukit remaining units to be launched Subang 1,250 acres DASH RRI Good connectivity:  GCE, DASH, NKVE, LATAR and NSE  Mass Rail Transit-1 (MRT 1) and Bukit Jelutong Keretapi Tanah Melayu Line (KTM) 2,205 acres

9 Elmina East and West - A Wellness Hub

KEY HIGHLIGHTS FY2018 3,750 acres HIGHLIGHTS (Remaining: 3,095 acres) 2,394 Elmina City Centre straddles both sides of the Total residential units GCE from the Elmina West to Elmina East, launched since 2013 forming a prime integrated development hub (FY2018: 470 units) • 1,680 from Elmina West of RM17.9bn RM587k - RM1,453k Estimated Remaining GDV (RM340 – RM513 psf) • 714 from Elmina East priced between RM600k – 26,809 units RM2,308k (RM307 – RM564 Total estimated residential units psf) 300 acres 152 Elmina Central Park Acres of industrial land sold (RM89 – RM127psf) 2,700 acres Tasik Subang Dam Forest Reserve 853 Delivery of residential units 42 acres from Elmina Valley 1,2 and 3 Wellness Cluster 55 unsold completed units and 90 km 27 unsold ongoing units Combined jogging and cycling track launched prior to FY2018

An Award-Winning Township • Winner in Best Landscape Architectural Design • Highly Commended in Best Township Development • Winner in Best Universal 10 Design Development Bandar Bukit Raja - Highly Connected Township

KEY HIGHLIGHTS FY2018 HIGHLIGHTS 4,333 acres (Remaining: 2,826 acres) Close proximity to KLIA and RM12.6bn Estimated Remaining GDV 6,023 open market residential 21,857 units units launched since 2011 Total estimated residential units (FY2018: 388 units)

82,000 residents • RM119.8k – RM1,280.3k Expected population at full capacity (RM142 – 459 psf) 710 acres Industrial components 125 acres 84 Town Park delivery of completed High Connectivity detached factories in via major road infrastructure FY2018 New North Klang Straits Bypass (Shapadu Highway) and upcoming West Coast Expressway (WCE)

RECENT INDUSTRIAL DEVELOPMENTS 39 50 Acres of industrial land Acres of industrial across 10 plots for built-to- land sold to Vinda suit industrial facilities. Group, one of the Potential tenants include largest producers food manufacturers and of hygiene global logistics services products 11 provider Serenia City - Industrial and High Technology Hub

KEY HIGHLIGHTS FY2018 HIGHLIGHTS 2,370 acres (Remaining: 1,462 acres) Close proximity to , Putrajaya, and KLIA RM8.8bn Estimated Remaining GDV 100% take-up in the first hour 13,234 units of 1st residential launch Total estimated residential units 196 acres Serenia Amani Industrial components (2-storey house) High Connectivity Accessible via ELITE Highway, Federal Road, ERL & KLIA Development Catalysts • Express Rail Link (ERL) 302 units 12 minutes to KLIA and 27 minutes to KL From RM536,888 Central via the Station (RM293 – RM 400 psf) • Xiamen University First Chinese university branch campus in Malaysia with a total capacity of 10,000 55 students, with 3,300 current student population. Opened in February 2016. acres of industrial land sold to date • Horizon Village Outlet starting from RM60 One-storey retail lots over total net lettable area of 400,000 sq ft with 2,000 covered psf parking bays. Target to be completed by 1Q 2019. • Sunsuria City An integrated development by Sunsuria which commenced in November 2015 12 Bandar Universiti Pagoh – A University Town

KEY HIGHLIGHTS FY2018 4,099 acres HIGHLIGHTS (Remaining: 3,262 acres) Malaysia’s First Integrated Township with an Education Hub 383 Residential units launched to- RM5.5bn date (Harmoni Vista 1) Estimated Remaining GDV 5,671 units Total estimated residential units 35 delivery of completed 238 acres commercial units in FY2018 Industrial components (Sarjana Square) 107 acres Earmarked for affordable housing 2 unsold completed units and 12 506 acres unsold ongoing units launched Pagoh Education Hub prior to FY2018

Launches to date with total GDV of >RM108mn Harmoni Vista Sarjana Square Sarjana Promenade (2-storey house) (Shop Office) (Shop Office)

To Pagoh Johor Bahru Toll 383 units 35 units 35 units 13 From RM365,888 From RM888,888 From RM950,000 Pagoh Education Hub (PEH) A strategic decision to retain this Concession Arrangement

st 60:40 1 integrated multi- Key Proposition varsity education hub in the Concession Agreement country situated within Bandar Stable Recurring Cash Flow in between Sime Darby 1 the Next 19 Years Property and Tunas Selatan Universiti Pagoh (BUP) Construction Facilities Management 2 4 Services (FM) • Estimated average annual revenue of Major Institutions ~RM30 mil to ~RM50 mil over the 19 years • Potential to grow the FM business as part 10,800 of the recurring income strategy The education hub as a key Maximum student 3 capacity with 7,200 Catalyst to BUP current student population 506 4 Financial Performance FY2018 RM’m Acres of development PBIT 36.5 Accretion of interest 92.6 (availability charges) Interest income 2.5 2017 Finance Costs (65.6) Year of Profit Before Tax 66.0 completion 14 Malaysia Vision Valley (MVV) Sime Darby Property to ride on the State Government’s support

16.8km dual-carriageway MVV Total Area: ~27,000 acres Nilai Parcel A: 2,838 acres Sime Darby Property’s Interest:

 Owned: Parcel A of 2,838 acres  MVV Option Agreements with SD Berhad: 8,796 acres

Additional 8,796 acres Key Catalyst:

Chemara Hills  A new 16.8km dual (44 acres) carriageway linking Nilai and Labu to Bandar Enstek  Expected completion by July 2021

State Government’s Support  The infrastructure work and construction of the dual carriageway is ONGOING  The State Government’s 16.8km NLE Dual Carriageway commitment to spur Existing KTM Rail economic growth is in line with our strategy to accelerate the MVV development 15 16

Transit Oriented Developments (TOD) and Transit Adjacent Developments (TAD)

Total of 9 Developments, with an estimated remaining GDV of > RM10bn SJ 7

6T 16 KL East – A Transit Adjacent Development

TO GOMBAK KEY HIGHLIGHTS QUARZA MIXED (19 min / 15km) DEVELOPMENT 160 acres (Remaining: 50.8 acres) A Flourishing Bloom Ideally situated within Klang KYS Gates quartz ridge, the longest International quartz ridge in the world School (6 acres) RM2.2 bn Estimated remaining GDV 2,458 units • 6.74 acres development with GDV of RM744 mil Estimated residential units • Target completion: May 2020 • Price from RM516,888/unit Gombak 53 acres • 57% of 254 residential units Integrated Forest park Transport launched has been sold Terminal (GITT) High Connectivity • Linked by major highway – MRR2 Galleria, KL East • 800m from Gombak The Veo • Lifestyle suburban mall with Integrated Transportation 380,000 sqft retail space Terminal (LRT Line and RapidKL bus hub) • Expected to open in 4th Quarter 2019 Access to Kolej Yayasan Saad • Anchor tenants: MBO, Jaya Grocer, Camp 5, Blue • Top international school with Frost Ice Rink expected student capacity of 1000 students

TO AMPANG (25 min /17km)

17 SJCC – The Nerve Centre of KEY HIGHLIGHTS LOT 15 P e r s i a r a n K e w a j i p a n Serviced Apartments 30 acres (Remaining: 28.1 acres)

Subang Centrally located within Subang Jaya LRT Subang Jaya matured township and KTM Avenue Komuter Station RM3.6 bn

AEON Estimated remaining GDV Big 3,350 units Estimated residential units

Future Future Development Subang Parade Easy access via 2.23 acres • Federal Highway development • Public transportation – 500m RM270.5 million from KTM Komuter Subang of GDV Empire Jaya and LRT Subang Jaya Shopping station November 2021 Gallery Target completion date Nearby to 361 • Educational institution – 5 units launched to date minutes to INTI International College 54% Future • Shopping malls – Subang Take up rate as of August 2018 Development Parade, Empire Shopping Price per unit from Gallery RM609,888 to RM1,015,888

18 Melawati – Kuala Lumpur’s Best Kept Secret

Serini Melawati KEY HIGHLIGHTS Serini Melawati Stylish Living Above The 880 acres (Remaining: 1.0 acres) Rest Tranquil residential park set against dramatic landscape RM0.6 bn Central Park Melawati Estimated remaining GDV 3.64 acres 5,178 units development Estimated residential units RM361 million Nearby of GDV • Melawati Mall (5 minutes walk) Melawati Mall August 2018 • Damai Service Hospital Target completion date • KLCC (15-minutes drive) 2 towers - 528 units (633 – 1494 sqft) launched • 180 local and international brands 58% • 8 million shoppers over Take up rate as of August time 2018 • 83% occupancy rate • 635k sqft Damai Service Price per unit from Hospital RM 456,888

19 ALYA, Kuala Lumpur - A Life in Rhythm

Future Development KEY HIGHLIGHTS Senada Layers of Luxury 62 acres (Remaining: 50.5 acres) Ideally located in the pristine landscape of Bukit Kiara RM7.1 bn Estimated remaining GDV

Jendela 2,465 units Estimated residential units 4.03 acres development 2 acres of Sky Park Garden RM941 million Recreation and relaxation of GDV facilities Overview of Projects 429 units of serviced apartment • 2 blocks of Serviced launched Future Suites Development • 18 floors residential units 50% • 1 block of office Take up rate as of August • 4 floors of retail and 2018 office podium

20 Cantara Residences – No.1 Living Destination

KEY HIGHLIGHTS Recent Developments 7.12 acres Located in the heart of Ara Damansara, RM659 million Estimated remaining GDV 2,465 units 700 units Estimated residential units Serviced apartment launched in May 2016 6 acres Skypark recreational areas May 2020 Target completion date

Overview: Selling price per unit from RM549,888 • 4 blocks of apartments, Bridge and Annex 52% • 23-storeys building Booking rate as at 31 Aug’18 • 888 units of serviced apartment

• Sky Deck / Recreation

21 Update on KL-Singapore High Speed Rail (HSR) Two HSR hubs were initially earmarked at Sime Darby Property’s land

Reported that HSR has been scrapped 30 MAY in a move to control government’s spending and reduce debt

KL-Singapore high-speed rail is 12 JUN postponed for further review - not scrapped

A cheaper option to upgrade the railway 19 JUN link between KL and Singapore by upgrading the existing KTM Rail Network

HSR has been reported to be postponed 3 SEP by two years to May 31, 2020 to allow Malaysia time to review the project

Brief facts of HSR and KTM Rail Network: HSR KTM Rail Sime Darby Property is in ongoing Projected Cost ~ RM65 bil < RM20 bil conversation with Est. Travel Time 90 mins 130 mins both Federal and Speed 320 km/hr 200 km/hr State Governments Proposed Work New alignment Upgrade existing alignment, will largely be in Johor Key Difference Duplication of Complements existing existing rail network network 22 Land Options Agreements Option to Increase Land Bank Totaling ~20k acres

1. Land Options 2 0 , 6 0 2 2. MVV Options Agreement Agreement with Sime Darby Plantation a c r e s with Sime Darby Berhad 11,806 acres 8,796 acres

Kedah SD Plantation entered into 9 Kumpulan Sime Darby and Sime Darby Property entered call option agreements Bukit Selarong estate: into several call option with SD Property pursuant to 148 acres agreements for lands within which SD Property has options the MVV development to purchase these lands at Penang region future market value Byram estate: 864 acres

Options Validity: Options Validity: 5 5 effective years effective years Nov’2017, extendable by Nov’2017, extendable 3 years by 3 years Selangor Sungai estate: 993 acres West Estate, : 2,000 acres Negeri Labu, New Labu (Kirby), New Sembilan Labu (Main) and Hamilton estates estate: 2,000 acres Lothian Estate: 485 acres

Ainsdale estate: 268 acres Kulai, Johor

Kulai estate - A: 1,862 acres Kulai estate - B: 3,186 acres 23 Unlock Value from Battersea Project The Power Station Phase Two Commercial Assets 100% of commercial space taken up

TOTAL RESIDENTIAL UNITS LAUNCHED 867  Total ~1 million sq. ft. of Net Take-up: 99% 539 Lettable Area comprising: 253 Take-up: 71% • 90 retail units Take-up: 90% • A fashion hub • 40,000 sq. ft. of F&B outlets Phase 1 Phase 2 Phase 3A • 580,000 sq. ft. office spaces  Successful completion and handover of Phase 1  Main tenants: ~470k sq. ft. and . FY17: 321 units, FY18: 534 units ~40k sq. ft.  Total share of profit recognized  Target to sign with PNB and EPF FY17 RM140m for Proposed Disposal of Power Station by December 2018 FY18 RM94m RM234m Northern Line  Remaining 12 units of high-end penthouses left Extension . 4 exchanged and 5 sold pending legal documents Target completion by end-2020 . 3 unsold 24 Key Highlights in FY2018

1 2 3 Sime Darby Property’s Inclusion into FTSE4Good Index and Dow Jones • 39 acres of industrial land across Sustainability Index 10 plots to be jointly developed for built-to-suit industrial facilities via 50:50 JV with Mitsui • 50 acres of industrial land sold to Vinda Group

4 Delivery of completed • Successfully selected as an units in FY2018: 2,305 index constituent for Since the Mall started operations 1. FTSE4Good Bursa in July 2017: Township Units Malaysia Index and Elmina 853 FTSE4Good ASEAN 5 • 180 local and international Taman Melawati & KL East 459 Index (For the period of brands Putra Heights 340 Taman Pasir Putih 292 Jul’18 to Jun’19) • 8 million shoppers over time Nilai 178 Bandar Bukit Raja 84 2. Dow Jones Sustainability • 83% occupancy rate Others 99 Emerging Market Index (Effective Sep’18)

• Highlights Sime Darby Property’s commitment in ensuring only the highest standards in ESG practices 25 3 Growth Strategies

26 Sustainable & Balanced Growth Strategies

No. 1 Property Developer in Malaysia

FIVE KEY STRATEGIC OBJECTIVES

#1 Re-balancing & #2 Launching #3 Enhancing #4 Achieving #5 Elevating expanding new growth overall Cost & Organisational development areas customer Operational Effectiveness portfolio income experience Efficiencies

• Township: Enhance • New Business • Enhance data • Diligent cost • Improve project GDV and review Segment: Industrial driven customer management management strategic masterplan & Logistics insights • Review Leisure governance Development • Roll-out online Management’s • Executive optimal • Integrated: Improve community business model strategic partnership capabilities & • Focus on profitable marketplace and • Shorter end-to-end model income contribution affordable housing

digital innovation development cycle • Strengthen talent & STRATEGIC STRATEGIC

PRIORITIES projects for both township & performance • Review MVV project integrated products management

The Preferred Consistent Sustainable Consistent Employer Shareholders’ PATAMI Sales within Real Return growth Performance

Estate

BY BY 2023 TARGETS

KEY KEY Brand value & People & HR Operating Model & Innovation &

marketing capabilities Business Process technology 27 ENABLERS Dynamic and Active Land Bank Management

Three-pronged approach to maximize investment returns of our sizeable land bank

S t r a t e g i c D e v e l o p Monetisation Partnerships

Prioritise on growth of high Earmark potential developers to Strategic land sale outside performing townships to co-develop ongoing and greenfield key development focus to: extract highest economic townships as a mean to: . Expedite the development value via other developers . Accelerate development of our . Speedy realisation of land Drive cost reduction sizeable land bank value initiatives to enhance . Leverage on partners’ expertise profitability and resources Target disposal:~1,700 acres

2015: Elmina land (135 acres) to E&O

2016: Serenia City land (375 acres) to Sunsuria & land (238 acres)

2017: Semenyih land (803

acres) to I&P

O n g o i n g J V K e y A r e a s

Past Records2018: New Lunderston land (298 acres) 28 Strategies: Property Development

1. Build home for specific target 1. Tackle major operational groups: challenges around cost and • Assisted living quality issues • Multi-generational living 2. Focus on Transit Oriented • Customised Built-to-Suit (TOD) and Transit products Adjacent (TAD) • Themed townships developments 2. Focus on Time, Cost and 3. Formation of specialist Quality Township Integrated team for central Project 3. Lengthen planning visibility & Development Development Management and Strata adopt portfolio perspective Management

Two-Pronged Approach Unsold Industrial & 1. Identified 461 acres of Completed Completed Logistics industrial land with an Review campaign And Ongoing Development estimated GDV of ~RM5.1bn Stocks Portfolio strategy & increase . 253 acres in Elmina East, incentive BBR1 & 2 and Serenia City to be developed as Industrial Build-to-Suit facilities and Ongoing Future retained by Property Launches Launches Investment as a recurring Review pricing Plan towards income pool and positioning achieving zero incoming stock

29 Strategies: Property Investment

To achieve 10% of PBIT contribution by FY2023 via: 1. Actively grow high-yielding asset portfolio 2. Monetisation of non-core assets 3. Generate steady recurring income via Built-to-Suit Industrial Facilities (BTS) and Managed Industrial Business Parks

Actively grow 01 high-yielding asset portfolio • Expansion plan to increase Generate recurring recurring income income via BTS and • Optimise value creation of Managed Industrial 02 existing strategic partnerships Business Parks • Opportunistic acquisition of 3rd party assets • Joint venture (JV) and strategic partnerships with Industrial Actively grow experts to transform our land 03 high-yielding bank into a thriving industrial / asset portfolio logistics park • The JV with Mitsui on 39 acres at • Divest non-core hospitality Bandar Bukit Raja is the first step assets in Australia, Singapore &

Vietnam by Dec 2019 30 Sime Darby Property’s Rigorous Asset Monetisation Journey

2015 2016 2017 2018 Beyond

 Sold 135 acres  Sold 375 acres  Sold 803  Sold 298 Target of Elmina land of Serenia City acres of acres of New disposal of to Eastern & land to Sunsuria Semenyih Lunderston ~1,700 Oriental (E&O): and 238 acres land to I&P: estate land: acres of RM48mil of Semenyih RM413mil RM84mil land: RM320mil land  Sale of Subang  Sale of 1  Sale of 40% Avenue Mall:  Sale of investment equity stake 3 RM55mil Equatorial Hotel property in in Seriemas hospitality in Melaka and 2 Singapore: Development assets  Sale of 50% properties in RM131 mil and 100% stake in Singapore: stake in Sunsuria JV: RM486mil MLDC: RM157mil RM318 mil

Rigorous focus on monetising non-strategic land bank and non-core assets which translated to over RM2 billion of gains

31 Financial and 4 Operational Highlights

32 5-Year Financial Highlights Return on Profit Before Shareholders’ Gross Revenue Interest & Tax Funds (ROSF) Sales Value Units Sold

RM’mn RM’mn Margin % 5-Year RM’mn Units Average ROE: 12.4%

FY2018 SE FY2018 2,353 683 29% 8.0 RM9.73bn 2,250 3,045

FY2017 2,611 824 32% 11.0 1,917 1,765

FY2016 3,371 36% 1,203 18.0 1,745 1,894

FY2015 3,624 931 26% 16.0 2,134 1,659

FY2014 2,630 419 16% 10.0 2,750 3,049

33 Financial Year Ended 30 June 2018

In RM’m 4QFY18 4QFY17 YOY % FY2018 FY2017 YOY %

Revenue 617.4 1,139.5 (46) 2,353.1 2,610.9 (10)

Segment Results 45.8 421.3 (89) 364.9 719.2 (49)

PBIT 45.5 435.8 (90) 682.5 823.7 (17)

PBT 73.8 455.1 (84) 728.4 888.8 (18)

PATAMI 46.6 327.7 (86) 640.0 624.0 3

Basic EPS (sen) 0.7 8.4 (92) 11.1 16.5 (33)

4QFY2018 vs 4QFY2017 FY2018 vs FY2017 C O • Lower Revenue as 4QFY17 included: • PBIT for FY2017 included gains on: • Land sales - RM211m • Land disposal - RM469m M • Sales of 4 office blocks - RM343m • Disposal of SD Property (Alexandra) M • Lower PBIT as 4QFY17 included gains on: – RM131m E • Land disposal - RM209m • Disposal of an investment property by SD REIT 1 – RM135m N • Disposal of 4 office blocks - RM49m • Lower effective tax rate at 14% due to gains on T • PBIT for 4QFY18 was affected by: • Share of losses of Battersea - RM9m (vs. profit of equity disposals not subjected to tax A RM53m in 4QFY17) R • Reversal of impairment on Serenity Cove’s • Higher minority interest in FY2017 attributable to disposal of Glengowrie land Y inventories - RM40m

34 Core Earnings Improvement

REVENUE  Excluding one-off items of RM406m in FY2018, core RM’m FY2018 FY2017 PBIT higher by 143% driven by higher sales and development activities and profit from Concession Reported 2,353 2,611 10% Arrangement revenue One-off items in FY2018: Land sales (89) (482) Land disposal gains 88 Revenue Gain on disposal of MLDC and Seriemas 318 excluding 2,264 2,129 6% land sales Total one-off items (59% of total PBIT) 406

PBIT FY2018 Core PBIT 277 RM824mil One-off items in FY2017: RM683mil Compulsory acquisition / land disposal gains 469 Lower Gain on disposal of SD Property (Alexandra) 131 one-off Project abortive cost on the termination of (25) 406 gains in Saizen REIT FY2018 by 710 Share of gains from the disposal of an RM304mil 135 investment property by SD REIT 1 Total one-off items (86% of total PBIT) 710 277 143% FY2017 Core PBIT: 114 114

FY2018 FY2017

PBIT excluding One-Offs 35 one-offs Segment Results for FY2018 FY2018 FY2017 38%

570

352 99% 80% 500%

158 2 (26) 36 (15) 6 Property Property Leisure & Concession Development Investment Hospitality Arrangement

Improved earnings from operation Lower share of JVs / Higher operating Strong performance • Higher sales and development activities at associates losses Elmina West, Elmina East, Serenia City and • FY17 included the • Lower • Supply of teaching Bukit Jelutong townships and Cantara share of profit of contribution equipment profit Residences and Serini Melawati RM135m from the from Sime recognised of RM30m • Serenity Cove, Australia contributed disposal of a property Darby (FY17: RM6m) RM14.3m (+198%) from the sale of 21 by SD REIT 1 Convention • Revenue from this plots of residential land Centre & TPC KL segment consisted of • Reversal of an facility and asset FY18 included: impairment of management services • Land disposal gains: RM88m property, plant following the completion • Reversal of write down on inventories: and equipment of the construction of RM40m of RM16.1m in the Pagoh Education Hub • Share of results of Battersea: RM94m FY17 on 2 May 2017

FY17 included: • Land disposal gains: RM469m • Impairment on inventories: RM149m 36 • Share of results of Battersea: RM139m Segment Results for 4QFY2018 4QFY2018 4QFY2017 92% 274 100% 97% 209%

140

21 34 (0.5) (8) (4) 11

Property Property Leisure & Concession Development Investment Hospitality Arrangement

Lower operating profit Largely due to one-off Higher operating Strong performance • Adversely affected by lower revenue from items in 4QFY2017 losses Elmina West, Denai Alam, Serini and • Share of gain from the • Lower • Supply of teaching Bandar Universiti Pagoh disposal of a property contribution equipment profit by SD REIT 1 of from Sime recognized of RM34m 4QFY18 included: RM135m Darby (4QFY17:RM11m) • Reversal of write down on inventories: • Gain on disposal of Convention RM40m investment property in Centre & TPC KL • Share of losses of Battersea: (RM9m) UK of RM14m

4QFY17 included: • Gain on disposal of Glengowrie Estate: RM209m • Impairment on inventories: RM70m • Share of profit of Battersea: RM53m

37 Cash and Debt Position as at 30 June’18

HDA cash CASHFLOW RM581m (RM’m) • Negative operating cash flow 1,129 HDA cash RM492m largely due to high working 342 capital of RM770m (FY17: 749 RM25m) • Higher payments to contractors (12) (120) and trade and other payables (589) due to increased development activities • Higher outflow from Financing Beginning Cashflow Cashflow Cashflow Foreign Ending Cash Activities due to: Balance from from from Exchange Balance • Repayments to related Operating Investing Financing companies of RM348m

TOTAL BORROWINGS (RM’m) • Borrowings rose 23% mainly to fund the acquisition FY2018 of MVV land of RM690m in FY2017 Short Term November 2017 Short Term 496 275 (20%) • Healthy D/E ratio (13%) 26% 18% Total Total Gross D/E Ratio Net D/E Ratio 2,064 2,542 (FY17:31%) (FY17:14%) Long Term Long Term 2,046 1,789 (80%) (87%) 38 Breakdown of Inventory Completed and Launched Inventory

Key Completed Projects

The Tmn. Chemara Planters' Elmina RM’m Alya KL KL East Others RM2,450m Glades Melawati East Haven West RM2,192m Carrying 12% 836 Value: 378 101 62 59 53 46 28 109 799 YoY Units: 104 39 54 51 58 67 53 222

Key Ongoing Launched Projects 1,614 KL East & B. Jelutong 1,393 Oasis Ara Bdr. Elmina Tmn. Ara D’sara & Denai D’sara Ainsdale Melawati Alam Carrying 253 243 234 186 158 136 Value: FY2017 FY2018 Launched Completed Alya KL SJCC Serenia City Pagoh Others

68 64 45 43 184 • ~57% of the completed inventories are from the Alya and The Glades developments • Higher launched inventories of RM1.6b vs RM1.4b due to higher number of newly launched developments

Inventory (Property Development Expenditure)

RM’m FY17 FY18 Current 2,387 2,464 3% • Mainly for Bandar Bukit Raja and Elmina

Non-current 1,227 1,866 52% • Due to the acquisition of MVV land for RM690m 39 Sales Performance

FY2018 Year-on-Year Performance FY2018 Sales Breakdown by Township

• FY2018 Sales Value: RM2.3bn 16% • 91% of sales originated from Selangor, followed by Negeri Sembilan (7%) and • Units sold: 3,045 72% (includes 731 Johor (2%) statutory units with GSV of RM150m) RM’m BBR 2&3 386 • Units sold excl. statutory: 2,314 74% Elmina East 294 Elmina West 279 Putra Heights 277 Gross Sales Value Units Sold Denai Alam & Bukit Subang 228 RM’m Serenia City 173 Ara D'sara 122 16% 72% 3,045 SJCC 111 Nilai 101 2,250 BBR 1 55 1,933 1,766 Bukit Jelutong 52 Klang Bdr. Ainsdale 50 Guthrie Corridor

Pagoh & Tmn. Pasir Putih 47 Greater KL East 38 Negeri Sembilan Johor Tmn Melawati 26 Others* 11

2017 2018 2017 2018 * Others: USJ Heights and Saujana Impian 40 Unbilled Sales FP2018 (Jul-Dec’18) Targets: FY2018: RM2,034 million Sales: RM1,000 million 33% QoQ (31 Mar’18: RM1,531 million) 22% YoY (30 Jun’17: RM1,670 million) Unbilled Sales: RM2,200 million

RM’m 571 403 919 110 31

347

205 194 186 179 174 176 159

106

56 55 56 54 24 29 31 3

Elmina Denai Elmina Bukit BBRBBR 2&3 BBR 1 Putra Ara ALYA Serenia SJCC KL East Tmn Others* Nilai Bdr. Pagoh & West Alam & East Jelutong 2&3 Heights D'sara City Melawati Ainsdale Tmn. Bukit Pasir Subang Putih QoQ %: (9) 93 (9) 32 >100 (30) >100 (14) (5) >100 61 46 11 (40) 63 (15) 9

Along Guthrie Corridor Bdr. Bukit Raja Negeri (BBR) Greater Klang Valley Johor Expressway (GCE) Klang Sembilan

* Others: USJ Heights and Saujana Impian

41 Overview of Launches in FY2018

GSV of Launches: RM2,709mn 101% RM’m 494 2,709 1,176 358 1,346 681

1QFY18 2QFY18 3QFY18 4QFY18 FY2018 FY2017 Residential 667 (98%) 841 (71%) 325 (91%) 494 (100%) 2,327 (86%) 1,088 (81%) Industrial - 300 (26%) - - 300 (11%) 125 (9%) Commercial 14 (2%) 35 (3%) 33 (9%) - 82 (3%) 133 (10%)

Total Units 1,983 995 580 540 4,098 1,717 139% Take-Up Rates 52% 68% 83% 69% 63% 59%

Note: Includes the launch of Rumah Selangorku of 1,700 apartments at Putra Heights in 1QFY18

Breakdown by Location Breakdown by Price (Residential only) • Launches along GCE and Greater Klang Valley make-up • 17% : 1,700 RSKU units (~RM228,800 per unit) 81% of total launches: • 41% of RM400k - 800k price range from Elmina (EG1), BBR • 26% from Elmina East and West (Azira), Serenia City (Serenia Amani), SJCC (Lot 15), Bandar • 15% from Denai Alam Ainsdale (Redup) & Nilai Impian (Orkid) • 15% from Putra Heights 1% • 10% from SJCC 12% 6% • 8% from Serenia City 12% 17% RSKU (RM1.2mn Klang Negeri Sembilan 41% Johor 42 Target Launches (Jul’18 – Dec’19)

GDV of Launches Total Estimated Units RM3.5 bil – RM4.5 bill 4,000 – 5,000

Breakdown by Type Breakdown by Location Breakdown by Price (Residential only)

6% 8% 13% 18% 14% 31% 38% 39%

7% 17% 2% 54% 31% 22%

DSLH Condo / Apartment Greater Klang Valley Along Guthrie Corridor RM1.2m Industrial Johor Commercial

Landed Highrise Affordable

Elmina West (EG4) Putra Heights (HT5T4) Elmina West (Harmoni 1) (2-storey house) (Condominium) (Apartment) No. of Units : 194 units No. of Units : 72 units No. of Units : 562 units Est. GDV : RM137.7mn Est. GDV : RM80.3mn Est. GDV : RM131.0mn

Serenia City (A3) SJCC (Lot 61714) (2-storey house) (Serviced Apartment)

No. of Units : 176 units No. of Units : 234 units Est. GDV : RM97.5mn Est. GDV : RM170.6mn 43 Challenges & 5 Market Outlook

44 Headwinds in 2018 - 2019

Re-introduction of Sales and Service Tax (SST) • Clarity on the details 01 and uncertainty on the effect of the Oversupply of high-rise implementation medium range properties • Buyers adopt “wait • Industry is producing and see” approach 02 faster than the absorption • Expect moderation in rate sales performance • High number of unsold inventory in Selangor may affect the sales National Housing Policy volume of ongoing / new • Catalyst to ease the 03 launches affordability of home buyers • Waiting for clear scope and Slowdown in Malaysian parameters of economy proposed policy 04 • Revised GDP growth • Streamline effort to forecast of 5% from 5.5% deliver affordable houses

45 Economic and Financial Stability Expected to Remain Intact

Gross Domestic Product (GDP) Year-on-Year % • Q2 2018 GDP grew slower by 4.5% year- 7.0 on-year vs. 5.4% and 5.8% in Q1 2018 and Q2 2017 respectively. The slight contraction in 4.8 - 5.1% 6.0 growth was attributed to commodity-specific 6.2 5.0 5.9 5.8 5.9 shocks. 5.6 5.4 4.0 5.0 4.8 4.7 4.5 4.1 4.3 4.5 • Malaysia’s GDP is expected to remain on a 3.0 4.0 steady growth path supported by robust 2.0 private consumption, positive labour market 1.0 conditions and investment. GDP is expected to hover between 4.8 – 5.1% over the next 0.0 7 quarters.

Historical Forecasts

Overnight Policy Rate (OPR) % 3.25 – 3.55% 3.60 • The overnight policy rate (OPR) was held at 3.50 3.25% in September 2018 by Bank Negara 3.40 Malaysia as the economy faces downside risks 3.30 from heightened trade tensions in the immediate term. 3.20 3.25 3.10 3.00 • However, rate hikes of up to 5 to 30 basis 3.00 2.90 points are expected at the beginning of 2.80 2019, in-line with forecasted improvements in 2.70 the economy.

Historical Forecasts

46 Source: Bloomberg and Bank Negara Malaysia Loan Approvals and Housing Prices Continue to Trend Sideways Loans Applied & Loans Approved for Residential Property Purchase RM mil' % 30,000 60 • Loan approval rates in July 2018 stood at 37%, marginally lower 25,000 50 than 42% a year earlier and the 3- 20,000 40 year average of 43%.

15,000 30 • Loan approval rates are expected 10,000 20 to hover around the current levels in the coming months. 5,000 10

0 0

Loan Approval Rate (RHS) Loans Approved Loans Applied

The Malaysian House Price Index % Index • The Housing Price index is on a

195.0 190.1 190.5 190.8 10.0 steady upward trend albeit at 190.0 186.3 9.0 a slower pace year-on-year, 183.3 185.0 8.0 growing at 4.1% in Q1 2018 vs. 178.5 179.5 180.0 174.4 7.0 6.7% in Q1 2017. 175.0 171.8 6.0 170.0 167.1 167.8 5.0 • The price index is expected to 165.0 162.8 160.2 4.0 trend sideways without any 160.0 155.0 3.0 major fluctuations. 150.0 2.0 145.0 1.0 140.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018

Index YoY% (RHS) 47 Source: Bloomberg, National Property Information Centre and Bank Negara Malaysia 25% of Total Unsold Units in Malaysia are Overhang Units while 45% are Priced between RM500k & RM1mn

Unsold Units Based on Category

Total Units: 13,917 13,975 15,975 15,361 3,076 4,091 19,155 16,731 106,394 100,459 • The total unsold units in Malaysia decreased 100% 2% 3% approximately 6% year-on-year in Q1 2018, 9% 5% 10% 12% 14% 90% 17% predominantly due to the decline in unsold units 80% under construction and unsold units not 47% 70% 57% constructed despite an increase in overhang units, 60% 73% 65% consistent with trends in both Selangor and 68% 86% 69% 72% 61% 50% 66% Johor. 40% • However, KL and Negeri Sembilan registered 30% 48% 34% higher total number of unsold units mainly 20% 30% due to unsold not constructed and unsold under 25% 22% 25% 10% 19% 19% 17% 8% 12% construction respectively. 0% 5% Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18

KL Selangor N. Sembilan Johor Malaysia Overhang Unsold under construction Unsold not constructed Unsold Units Based on Price Segment

Total Units: 13,917 13,975 15,975 15,361 3,076 4,091 19,155 16,731 106,394 100,459 100% • Total unsold units in Malaysia decreased across 7% 4% 13% 13% 13% 12% 10% 9% 90% 17% 15% all price categories with the greatest decline in 80% 30% the RM500k – RM1mn segment. 28% 28% 70% 34% 46% 37% 37% 42% 38% 43% • Although Selangor and Johor showed a similar 60% decline in total unsold units, the decline in units 50% was mainly in the RM200k – 500k price 40% 43% 45% 59% 32% 30% segment. 30% 33% 46% 28% 23% 43% 20% • However, the total unsold units in KL and Negeri

10% 19% 18% 21% 18% 18% Sembilan increased, primarily due to the 13% 16% 6% 7% 0% 5% increase in the RM200k – 500k price Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 segment. KL Selangor N. Sembilan Johor Malaysia RM1mn 48 Source: National Property Information Centre Cautionary Note

This presentation does not constitute and is not an offer to sell or the solicitation of an offer to buy securities of any company referred to in this presentation in the United States or elsewhere. The companies referred to herein have not registered and do not intend to register any securities under the US Securities Act of 1933, as amended (the “Securities Act”), and any securities may not be offered or sold in the United States absent registration under the Securities Act or an exemption from registration under the Securities Act. By attending the presentation you will be deemed to represent, warrant and agree that to the extent that you purchase any securities in any of the companies referred to in the presentation, you either (i) are a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act, or (ii) you will do so in an "offshore transaction" within the meaning of Regulation S under the Securities Act. This presentation may contain forward-looking statements by Sime Darby Property Berhad that reflect management’s current expectations, beliefs, intentions or strategies regarding the future and assumptions in light of currently available information. These statements are based on various assumptions and made subject to a number of risks, uncertainties and contingencies. Actual results, performance or achievements may differ materially and significantly from those discussed in the forward-looking statements. Such statements are not and should not be construed as a representation, warranty or undertaking as to the future performance or achievements of Sime Darby Property Berhad and Sime Darby Property Berhad assumes no obligation or responsibility to update any such statements. No representation or warranty (either express or implied) is given by or on behalf of Sime Darby Property Berhad or its related corporations (including without limitation, their respective shareholders, directors, officers, employees, agents, partners, associates and advisers) (collectively, the "Parties") as to the quality, accuracy, reliability or completeness of the information contained in this presentation (collectively, the "Information"), or that reasonable care has been taken in compiling or preparing the Information. None of the Parties shall be liable or responsible for any budget, forecast or forward-looking statements or other projections of any nature or any opinion which may have been expressed or otherwise contained or referred to in the Information.

49 50

THANK YOU

SIME DARBY PROPERTY INVESTOR RELATIONS

Email Address : [email protected] Telephone : +(603) 7849 5000 Website : https://www.simedarbyproperty.com/investor-relations 6 Appendices

51 Land Bank Status as at 30 June 2018 ~21k acres of remaining developable land bank with a remaining GDV of RM89.3bn Remaining Township/Development Name Total Area (Acres) Developable Area Remaining GDV (RM’bn) (Acres) Niche / Integrated ALYA, Kuala Lumpur 62 50.5 7.1 Chemara Hills, Seremban 44 3.0 0.04 USJ Heights, Subang Jaya 375 11.1 0.2 SJ 7, Subang Jaya 40 34.6 5.3 SJCC, Subang Jaya 30 28.1 3.6 KL East 160 50.8 2.2 Township City of Elmina: Elmina West, 2,661 2,511.5 15.4 City of Elmina: Elmina East, Shah Alam 1,089 583.2 2.5 City of Elmina: Denai Alam & Bukit Subang 1,250 143.9 1.0 Bandar Bukit Raja 2 & 3, Klang 2,820 2,665.0 11.5 Bandar Bukit Raja 1, Klang 1,513 160.6 1.2 Serenia City, , Sepang 2,370 1,462.0 8.8 Putra Heights, Subang Jaya 1,796 77.4 3.4 Ara Damansara, Petaling Jaya 693 80.3 6.0 Bukit Jelutong, Shah Alam 2,205 159.6 1.2 Saujana Impian, 600 4.1 0.03 Taman Melawati, 880 1.0 0.6 Nilai Impian 2, Nilai 546 426.0 3.1 Nilai Impian 1, Nilai 1,263 163.5 1.0 Bandar Ainsdale, Seremban 562 169.3 1.2 Planters' Haven, Nilai 250 83.6 0.1 Bandar Universiti Pagoh, Muar 4,099 3,262.0 5.5 Taman Pasir Putih, Pasir Gudang 356 16.3 0.2 TOTAL ONGOING DEVELOPMENT 25,664 12,147 80.9 TOTAL FUTURE DEVELOPMENT 8,425 8.41 GRAND TOTAL 20,572 89.3 52 Note: 1. Future remaining GDV is preliminary and currently excludes MVV Future Developments as at 30 June 2018

Development Area Total Area (Acres) GDV (RM bn) Kedah 1,639 - Ladang Bukit Selarong 300 - Harvard Suasana Resort 1,268 - Jerai Estate Victoria Estate 71 - Selangor 3,328 8.03 Kota Elmina 1,540 6.86 Lagong 1,552 1.17 Jalan Acob Estate 236 - Negeri Sembilan 3,302 0.31 Chemara West 20 - Planters' Haven West (Amaya) 95 0.31 Ladang Sua Betong 373 - Hamilton (MVV) 934 - Labu (MVV) - New Labu (Main Div) (MVV) 1,880 - New Labu (Kirby) (MVV) - Sabah 144 - Mostyn Estate 144 - Others 12 0.06 Total Future Development 8,425 8.40

53 Our History Taman Melawati • Negara Properties, the subsidiary of Golden Hope Plantations launched its 1972 first township – Taman Melawati (880 acres) • Sime UEP was established through the acquisition of a large stake in United Estates Projects Bhd, the developer of Subang Jaya township 1984 (2,241 acres) • Guthrie Property Development Holding Bhd, a subsidiary of Kumpulan Guthrie Berhad launched its first township – Bukit Jelutong (2,205 Subang Jaya 1995 acres) • Launched and transformed Nilai Impian 1 (1,263 acres) into a comprehensive township at the Pajam Nilai interchange along the North- 1997 South Expressway

• Completion of the Guthrie Corridor Expressway (25 km) which 2005 connect Shah Alam to Rawang Bukit Jelutong • Sime Darby Property Division was established following the historical merger of Kumpulan Sime Darby Bhd, Kumpulan Guthrie Bhd and Golden 2007 Hope Plantations Bhd • Sime Darby Property, SP Setia and EPF acquired the iconic Battersea Power Station for GBP400mn (42 acres) 2012 • Signed concession agreements with government of Malaysia and four higher learning institutions to develop Pagoh Education Hub

• City of Elmina was launched (5,000 acres) City of Elmina • Started the developments of Denai Alam, Bukit Subang and 2013 Elmina East

• Launched Bandar Bukit Raja 2 (~1,400 acres) and Serenia City (2,370 acres) 2016 • Listing of Sime Darby Property on to Bursa Securities Malaysia on 30 November 2017 2017 54 Investment Thesis for the New Company We are in execution mode to fundamentally transform Sime Darby Property

Largest developable • 20,572 acres with remaining estimated GDV of land bank in Malaysia RM89.3bn • Additional 20,602 acres of lands under City of Elmina, Selangor Bandar Bukit Raja, Options Agreements with Sime Darby 1 Klang Plantation Berhad and Sime Darby Berhad • All freehold developments except for developments in Bandar Universiti Pagoh and ALYA

Strategic locations with • Offering a wide range of products, especially in the full spectrum of products affordable-to-medium range of properties • Located in growth areas with robust economic 2 activities and superior accessibility to major road systems and railways • Well positioned along the Guthrie Corridor Transit Oriented / Adjacent Developments Expressway (GCE) and West Coast Expressway

Recognised brand with • Good track record of over 40 years in property established track record development • Received awards over the years for excellence and distinctions 3 Taman Subang Melawati Jaya Putra Brand Awards 2017 StarProperty.my Awards Gold Award in Property 2017 Since 1972 Since 1976 Category Top Ranked Developers (7 consecutive years) of the Year

55 Strong Board Governance and Management 10 8 5 3 Total Board Non-Executive Independent Women Members Directors Directors Directors

Non-Independent Non-Executive Chairman Tan Sri Dr. Zeti Akhtar Aziz Sime Darby Property Board

R i s k Governance & Nomination & T e n d e r Management A u d i t Remuneration C o m m i t t e e C o m m i t t e e C o m m i t t e e C o m m i t t e e • Accountable for holistic • Ensure effective • Oversee the process of • Responsible for all matters risk management corporate governance awarding material relating to the nomination framework and efficacy contracts of new Directors and of internal controls assessment of Group Managing Director and his direct reports

Develop long-term Group Managing Director strategies for sustainable Operational excellence and value growth creation Dato’ Sri Amrin Awaluddin Adhere to the highest Efficient employment of company standards on resources to deliver value to Management Team Environmental, Social and shareholders Governance (ESG) practices

56 Highly-Qualified Board of Directors

Board members have held prominent positions and directorships in public listed companies involving the property sector as well as the banking and finance sectors and in governmental, regulatory and professional bodies

Tan Sri Dr. Zeti Akhtar Dato' Sri Amrin Aziz Datuk Tong Poh Keow Awaluddin Non-Independent Non- Executive Director Group Managing Director Executive Chairman

Tengku Datuk Seri Ahmad Shah Alhaj ibni Almarhum Dato' Jaganath Derek Dato' Johan Ariffin Sultan Salahuddin Abdul Steven Sabapathy Independent Non- Azjz Shah Alhaj Independent Non- Executive Director Independent Non- Executive Director Executive Director

Dato' Seri Ahmad Datin Norazah Encik Rizal Rickman Datuk Dr Mohd Daud Johan Mohammad Mohamed Razali Ramli Bakar Raslan Independent Non- Non-Independent Non- Non-Independent Non- Independent Non- Executive Director Executive Director Executive Director Executive Director

57 Strong Management Team

Strong management team with relevant experience and a proven track record in the real estate industry

Dato' Sri Amrin Awaluddin Group Managing Director

Fairuz Radi Dato’ Wan Hashimi Quek Cham Datuk Tong Poh Gerard Yuen Albakri Hong Keow Chief Transformation Yun Wei Officer & Head, Group Chief Operating Officer Chief Operating Chief Financial Chief Marketing Managing Director’s – Township Officer – Officer & Sales Officer Office Development Integrated

Azlina Hamzah Choo Suit Mae Tang Ai Leen Aravindan Chief People Chief Risk and Devapalan Nair Group General Officer Counsel Compliance Chief Corporate Officer Assurance Officer

58