REPORT AND VALUATION on Mom ER CPEA) LOT NOS. PT 73478 AND PT 73479 MUKIM AND DISTRICT OF KLANG ‘STATE OF SELANGOR DARUL EHSAN PREPARED FOR BCB BERHAD@ &@ Mow AZM AR epee W001 S.GOPALA KRISHNAN SMSPIK Reged aero NAGALINGAMT eater Oss) Our Ref VSAN0162/11/SEL 46 March 2011 The Board AZM. CO (SHAH ALAM) SDN BID. (624945-5) No.8, 34 Floor Jnl Tengku Ampun Zabel D 91D 40100 Shah Alam, Selangor Darul Ehsan Malaysia ‘Telephone: 03-5310 1990 Facsimile: 03-5510 2900 erste: soo amine com ny ligature cm ny PRIVATE & CONFIDENTIAL, BCB Berhad No. 4B, 2nd and 3rd Floor South Wing Kluang Parade Jalan Sentol 86000 Kiuang Dear Sirs, In compliance with your request, the undersigned has completed a valuation of the property, namely, two parcels of leasehold development lands with a combined land area of 151.2787 acres located along Persiaran ‘Anggerik Renantanda adjoining Kota Kemuning, off Kesas Highway, Shah Alam, Selangor Darul Ehsan held under qualified titles bearing HSD No. 69603 for Lot No. PT 73478 and HSD No. 69604 for Lot No. PT 73479 in the Mukim and District of Kiang, State of Selangor Darul Ehsan. These properties are located as shown in the altached location plan and are more fully desoribed in the body of this report. Please be informed that a careful and detailed inspection was made of these sites and their improvements, Due consideration was given to all factors and forces that influence property value at the subject location. The attached report contains an analysis of general and specific data which were deemed essential to support the estimate of value as reported herein. ‘As a result of our investigations and detailed findings, it is our considered and professional opinion that the value of the Leasehold interest of about 90 years remain unexpired in the property described herein in its existing conditions, free from encumbrances, and with good registrable titles is, for the purpose of securing credit facilities, as of the material date of this valuation (3 March 2011), in the amounts as follows: MARKET VALUE - M108,000,000.00 (RINGGIT MALAYSIA: ONE HUNDRED AND EIGHT MILLION ONLY) FORCED SALE VALUE ~ M86,400,000.00 (RINGGIT MALAYSIA: EIGHTY SIX MILLION AND FOUR HUNDRED THOUSAND ONLY) We do hereby confirm that we have exercised due care in carrying out the said valuation and are aware that this Report and Valuation is required for purposes of securing credit facilities from a financial institution in reliance thereof, Please feel free to let us know if you desire additional information concerning this report or if we may be of further assistance in this matter. Registered Valuer (V-461) Designation: Director A meshes A2.GROUPOF COMPASSAZM Ear) TABLE OF CONTENTS TITLE PAGE LETTER OF TRANSMITTAL TABLE OF CONTENTS EXECUTIVE SUMMARY LIMITING CONDITION Part 1 GENERAL INFORMATION 1.0 Purpose of the Valuation 2.0 Basis of Valuation 3.0 Inspection 4.0 Particulars of Property GENERAL, SOCIAL, ECONOMIC AND OTHER DATA INFLUENCING VALUE Location Data Site Data Property Data Services Data Planning Data 10.0 Property Market Condition VALUE CONCLUSIONS 14.0 Valuation 12.0 Factors Affecting Valuation 13.0 Opinion of Value APPENDICES 1 Copy of Catatan Carian Persendirian ll, Location Plan ll, Site Plan IV. Photographs V. Schedule of sale ComparisonsEXECUTIVE SUMMARY (ur Reference ‘VSA/O162/11/SEL ‘Your Reference NMA, Client BCB Berhad Purpose of Valuation Financing Date of Valuation ‘3 March 2014 Property Type Development land Legal Description Title No. HSD No. 69603 for Lot No. PT 73478 and HSD No, 69604 for Lot No. PT 73479 in the Mukim and District of Klang, State of Selangor Darul Ehsan Location Adjoining the East side of Kota Kemuning, off Kesas Highway, Selangor Darul Ehsen| Tenure Leasohold interest expiring on 18 April 2101 (Le. with an unexpired term fof about £0 years) Category of Land Use : Bangunan Express Conditions Bangunan Kediaman Restriction-innterest ‘Tanah yang diberi milk ini tidak boleh dipindahmilk, dipajak alau digadai melainkan dengan kebenaran Pihak Berkuasa Negeri Land Area 151.2787 acres (61.2203 hectares) Floor Area NIA Encumbrance NIA Caveat Nit Registered Proprietors): TPPT Sdn Bhd In Title Market Value + RM108,000,000.00 (Ringgit Malaysia: ONE HUNDRED AND EIGHT MILLION ONLY) Forced Sale Value + RM@6,400,000.00 (Ringgit Malaysia: EIGHTY SIX MILLION AND FOUR HUNDRED THOUSAND ONLY UMMARY IS TO BE READ IN THE CONTEXT OF THE WHOLE REPORT & VALUATION, AR ATTENTION TO THE VALUATION ASSUMPTIONS, IF ANY, AS ADOPTED Registered Valuer (V-461)[TAZ Ss LIMITING CONDITIONS. The market value set forth in this Report and Valuation is subject to the following limiting conditions : 1. This Report is confidential to the Client for the specific purpose to which it refers. it may be disclosed to other professional advisers assisting the Client in respect of that purpose, but the Client shall not disclose the Report to any other person. 2. The opinion of value expressed in this Report applies strictly upon the terms of a for the purpose of this Report only. The Valuer is therefore not responsible for it if quoted out of context. 3. Neither the whole nor any part of this Report or any reference there to may be included in any published document, circular or statement nor published in any way without the Valuer’s written approval of the form and context in which it may appear, 4. While due care Is taken to note bullding defects in the course of inspection no structural survey Is made nor any inspection of woodwork or other parts of the structure which are covered or in accessible and we are therefore unable to report that such part of the property are free of hidden defects or concealed infestation. 5.* Though the property was inspected, we are not able to state that the crops are free of vermin, soil diseases, etc. We have not carried out a chemical analysis of the soil nor either investigations to ascertain the soil suitability for the present or other cultivation. Therefore, we are not able to accept any responsibility with regard to latent infestation, and defects of the soil and any disease which affect crops, 6 While we have inspected the title of the property as recorded by the Land Registry, we cannot accept any responsibility for its legal validity or for any liabilities against the property which we were unrecorded at the time of our inspection. 7. The instruction and the valuation assignment does not automatically bind the Valuer to attendance in court or to appear in enquiry before any government or statutory bodies in connection with the valuation. Prior arrangement and agreement shall be made between the Client and Valuer if such attendance or appearance is required. * As applicable, to AGRICULTURAL PROPERTY only.PARTI GENERAL INFORMATIONAZM! EET) PURPOSE OF THE VALUATION The purpose of this valuation is to establish an estimate of market value of the property described herein as of the material date of this valuation. This report is prepared to furnish a guide as to the value that the subject property should command as at the date of this valuation for purposes of securing credit facilites from a financial institution BASIS OF VALUATION The basis of valuation, for the purpose of this report, is on market value. By market value is meant the estimated amount for which an asset should exchange on the date of valuation between 2 willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. (STANDARD 4 - Market Value Basis of Valuation of the Malaysian Valuation Standards issued by the Board of Valuers, Appraisers and Estate Agents, Malaysia). INSPECTION An inspection of the subject property was made on 3 March 2011 by Mr. JOE CHAN, Senior Valuation Executive. For the purpose of this report, we have, therefore, taken the date of inspection as the material date of valuation. VENDIO VSEL ICH Page 1 of 84.0 PARTICULARS OF PROPERTY The subject property comprises two parcels of Leasehold development lands having a combined land area of 151.2787 acres (612,203 square metres or 61.2203 hectares) located along Persiaran Anggerik Renantanda adjoining the East side of Kota Kemuning, off Kesas Highway, Selangor Darul Ehsan presently held under Qualified Title bearing HSD No. 69603 for Lot No. PT 73478 and HSD No, 69604 for Lot No. PT 73479 in the Mukim and District of Klang, State of Selangor Darul Ehsan. The subject property is presently held under 2 separate documents of titles. We have made a search of the Register of Qualified Titles at the Registry of Titles, Selangor Darul Ehsan and we confirm that the subject property is described in the register documents of titles as shown by the copy of CATATAN CARIAN PERSENDIRIAN dated 8 March 2014 which is enclosed, herein, as APPENDIX |. NOTE: While due care is taken to obtain the above CATATAN CARIAN PERSENDIRIAN, we would advise that the Client seeks the services of its own solicitors to conduct a further search at the Land Registry to confirm the same and/or to ascertain the true nature of the registered proprietor’s interest in the land and also to determine the existence of any further ‘encumbrances on the land. VENDIO TISEL ICH Page 20f6PART II GENERAL, SOCIAL, ECONOMIC AND OTHER DATA INFLUENCING VALUEAZM! Et) 6.0 LOCATION DATA The subject property is located in a desirable mixed-development area within the locality popularly known as KOTA KEMUNING lying off the South side of the Kuala Lumpur - Pulau Indah Highway (KESAS) at about 10 kilometres South of Shah Alam, Selangor Darul Ehsan. This location is shown on the plan in APPENDIX Il The area is well located within the administrative area of the Majlis Bandaraya Shah Alam and is within a few minutes’ drive, by bus or car, of other notable housing developments (Bukit Rimau, Kemuning Utama, Taman Alam Megah, Taman Bunga Negara, Putra Heights, Taman Sri Muda, Bandar Putera, Alam Impian and Bandar Puteri) Communications within the area are excellent. There is easy access to Kesas Highway end Lebuhraya Kemuning Shah Alam (LKSA) via well-planned service roads and interchanges. In addition, there are good linkages to Federal Highway and New Klang Valley Expressway, which form part of the State’s aim to create the best network of roads in the region. Shah Alam city centre is within comfortable commuting distance some 10 kilometres on the north, while Kuala Lumpur City Centre is located 25 kilometres on the northeast. In view of the favourable location, the area is expected to maintain its appeal for mixed development in the foreseeable future. Vewie2/nset Joa Page 3 0f86.0 SITE DATA The subject sites are, geographically located on the East side of Persiaran Anggerik Renantanda. They have a combined net land area of 151.2787 acres (612,203 square metres or 61.2203 hectares) after the compulsory government land acquisition in 2007. PT 73478. PTTS479 Total inSq.Metres | infers | Sq Metres [ inAcres | in Sq. Metres | in Acres Origitallandarea | 44,180 | 10.9171 | 624,223 | 1642489 | 668.403 | 165.1660, ‘Land area | acquired in 2007 | 18,780 | 4.6406 | __ 37,420 9.2467 $6,200 | 13.8873 Net land area 25,400 | 6.2765 |"586,803 | 145.0023 |~_612,203 | 161.2767 The lots are reguler in shape, having frontage onto Persiaran Anggerik Rennianda: see APPENDIX for site plan. The subject property is approachable from the Kuala Lumpur city centre via the Kuala Lumpur- Seremban Highway, Kesas Highway, Persiaran Anggerik Mokara, Persiaran Anggerik Vanilla and finally via Persiaran Anggerik Renantanda. ‘As of date of inspection, the lot boundaries of the subject property are not demarcated by any form of fencing The area around the subject sites is improved as follows: To the North bounded by other parcels of development lands and further north are Kemuning Utama and Taman Sri Muda. To the East bounded by Klang River and further East is Putra Heights. To the South bounded by Kota Kemuning Industrial Area. To the West bounded by Kota Kemuning and further east is Bukit Rimau and Taman Perindustrian Berjaya. Venranseruset.scue Page 4 of 87.0 PROPERTY DATA The subject property is, as at date of inspection, unimproved of any building structures. The site is flat in terrain and is presently overgrown with thick bushes and wild trees. The Klang River runs along the eastern boundary of the property. Photographs showing the subject property and the neighbourhood scene are presented in APPENDIX IV. SERVICES DATA All public and quasi-public utilities such as water, telephones and electricity are available in the vicinity but are not connected to the subject site. Public transportation in the form of buses and taxis is also available along Persiaran Anggerik Renantanda. PLANNING DATA The subject property is located in an area zoned for Residential land use. The subject property was approved for development by Majlis Bandaraya Shah Alam vide an approved site layout plan prepared by DZJ & Associates bearing reference No. DZJ/2040/95/LP in 2006. The said approved site layout plan has however lapsed due to the effluxion of time, During our enquiries at the Town Planning Department in Shah Alam we are informed that the client will be required to submit a new layout plan for approval prior to any development works. Veninse2HSEL.J0%8 Page 6 of810.0 PROPERTY MARKET CONDITION The Malaysia economy registered a strong growth of 9.5% in the first half of 2010, led by sustained expansion in domestic demand and continued robust growth in external demand, The stronger domestic demand was supported by the expansion in both the private consumption and public sector spending. Domestic demand expanded by 7.2% (H1 momentum tom grow at 8.5% (H12009: -0.2%) supported by continued improvement in labour market conditions amidst an environment of low inflation, a steady increase in income levels and improved consumer sentiment. In tandem with the promising 9.5% growth of the Malaysia economy, the properly market recorded an improved performance in the first half of 2010. A total of 184,666 transactions worth RMS0.58 billion were registered. The volume and value of transactions recorded double-digit growths of 19.0% and 48.0% respectively from h! 2008. Likewise, the volume and of transactions increased from h@ 2009 but at a moderate rate of 1.1% and 7.95 respectively. The Selangor state's property market made appositive turn around in H1 2010 as indicated by the buoyant market activity, improved sales performance of new launches and shrinking numbers of residential and shop overhang. There were 43,221 transactions worth RM17.04 billion recorded in the review period, an increase of 8.3% in volume and 35.5% in value from H1 2009 (39,896 transactions worth RM12.57 billion). Against H2 2009 (41,983 transactions worth RM15.46 billion), the volume and value of transaction increased by 2.9% and 10.2% respectively, Residential sub- sector propelled the market, accounting for 77.0% of the state’s property market volume. This was followed by commercial (9.5%), agricultural (6.9%), development land (3/3%) and industrial (3.2%) sub-sectors. Market activity charted positive movements across the board against both halves of 2009 with one exception. Against H1 2009, commercial sub0sector led the volume growth at 29.2%, followed by development land (19.1%), industrial (15.0%), agricultural (10.0%), and residential (6.3%), sub-sectors, Against H2 2008, all sub-sectors recorded positive growths ranging from 0.3% {0 27.6% with the exception of industrial sub-sector (-5.7%). Value of transactions in all sub-sectors depicted similar positive trend from both halves of 2009. ‘Source: Property Market Report First Hall 2010 Venez VSEL-ICIA Page 6 of 8PART II VALUE CONCLUSIONSAZM) EET) 41.0 VALUATION In this instance, we have only adopted the Comparison Method of Valuation to ascertain the market value of the subject property. This is due to the property being vacant development land where Comparison Method is sufficient and appropriate to determine the market value. Under this Method, an estimate of value is derived by comparing the property under valuation with other properties of similar size, quality and location that have been sold in recent times. In the determination of value by this method, a survey was made of property sales which have occurred in the subject locality and other comparable areas within the past few years. From our investigations, we are aware of sale prices as shown in the schedule enclosed herein as APPENDIX V. The analysis of the sale evidence and the adjusted values are also shown in the said appendix. FACTORS AFFECTING VALUATION ‘The following are the principal factors which have influenced our opi 12.1. The subject property is held under two documents of Qualified Titles held under a 99-year Leasehold interest, with about 90 years unexpired term. ‘The subject property is heldin title under the Category of Land Use of “Bangunan’, subjectto the Express Condition and Restriction-in-Interest: Express Condition “Bangunan kediaman’. Restriction in Interest “Tanah yang diberi mit ini tidak boleh dipindahmilik, dipajak atau digadai melainkan dengan kebenaran Pihak Berkuasa Negon”. ‘Subject property is ideally located off Persiaran Anggerik Renantanda 1 and is within comfortable commuting distance of Shah Alam, Petaling Jaya and Kuala Lumpur City Centre. The immediate neighbourhood is rapidly developed with residential, commercial and industrial-type developments. 12.6 The scarcity of such large sized development lands in Klang Valley. Von 1earSEL Ie Page 7 of 8[AZM 1 Ee) 13.0 OPINION OF VALUE ‘As based on the above approach to value, we are of the opinion that the value of the Leasehold interest in the property of about 90 years remain unexpired described above, in its existing condition, free from encumbrances, and with good registrable titles is, for the purpose of securing credit facilities as of the material date of this valuation (3 March 2011), in the amounts as follows: MARKET VALUE - _ RINGGIT MALAYSIA:ONE HUNDRED AND EIGHT MILLION ONLY (RIM108,000,000.00) FORCED SALE VALUE - _RINGGIT MALAYSIA:EIGHTY SIX MILLION AND FOUR HUNDRED THOUSAND ONLY (RM86,400,000.00) ‘The FORCED SALE VALUE is the amount that may reasonably be received from the sale of a property under forced sale conditions that do not met all the criteria of a normal market transaction. SAI N6zr WSEL-ICI Page 8 of 8PART IV APPENDICESPRIABAT TANAH DAN GALIAN SELANGOR Selengor CATATAN CARIAN PERSENDIRIAN Adalah ‘diperakui bahawa suatu carian persendirian telah dibuat mengikut Seksyen 384, Kanun Tanah Negara berkenaan tanah berikut : Jenis dan No, Hakmilikt ; HSD 69604 Nombor Lot + PT73479 andar/Pekan/Nukim —:-Mukim Klang Tempat Kehiasan + 624223 Meter Porsegt Daerah : Klang Nombor SyitPhawal + 100-AsB,C & D Nomibor Pelan Akai: ‘Tiada ‘Tarat Pegangen + Pajakan 99 tahun ‘Tarikh Luput Pajakan: 18 Apri 2201 (Gelawa-lananya eve Palakan) (ka Berkenoan) Kawasan Rizab : Tiada (Mika Berkenaan) ‘Tarikh Daftar + 19 April 2002 Cukai Tanah + RM 90,013.00 Bahawa pada tarikh dan waktu perakuan ini dikeluarkan, butir-butir tanah iersebut adalah seperti berikut : Kategori Kegunaan Tanah: Bangunan Syarat Nyata + Bangunan kediaman Sckatan Kepentingan : ‘Tanah yang diberi milik int tidak boleh dipindah milik, + dipajak atau digadal melainkan dengan kebenaran Pihak 2” Berkuasa Negeri, Poniilikan dan Alamat + 'TPPT SDN BHD , No. Syarikat : 208360-D 1/1 bahagian TING 6 BLOK C BANK NEGARA MALAYSIA JLN DATO ONN 50480 Wilayah Persekutuan KL, ‘Tanggungan dan endosan-endosan lain + Nombor Perserahan : 33734/2005 Pindaan Cukal Tanah didaftarkan pada 15 Ogos 2005 jam 07:18:42 petang, Nombor Perserahan : 884/2007 Pengambllan Sebahaglan Tanah idaftarkan pada 20 Julai 2007 jam 03:14:35 petang. Urusan-urusan dalam Perserahan yang belum didaftarkan + Hikmitik + s90t02HSDO0NG04 Moiasat 11 12) ‘Tarith 1 0870372011‘PIJABAT TAVAH DAN GALIAN SELANGOR Selangor CATATAN CARIAN PERSENDIRIAN Adalah diperakui bahawa suatu carian persendirian telah dibuat mengikut Seksyen 384, Kann Tanah Negara berkenaan tanah berikut : Jenis dan No, Hakmilik + HSD 69603 Nombor Lot 2 PY73478 Bandar/Peken/Mukim — ‘Mukim Klang ‘Tempat : Keluasen + 44180 Meter Persegi Daerah : Klang Nombor Syit Piawal — ; 100- A,B,C & D Nombor Pelan Akui : Tiada Taraf Pegangan + Pajakan 99 tahun ‘Tarikh Luput Pajakan: 18 April 2101 (Selaia-lamanya atau Patan) (ka Berkeraan) Kawasan Rizab + Tiada (ka Bertenaan) ‘Tarlkh Dafiar 19 April 2002 Cukei Tanah RM 6371.00 Bahawa pada tarikh dan waktu perakuan ini dikeluarkan, butir-butir tanah tersebut adalah seperti berikut : Kategori Kegunaan Tanah : Bangunen Syarat Nyata + Bangunan kediaman Sckatan Kepentingan Tanah yang.diberi milik ini tidak boleh dipindah mili, + “dipajak atau digadai melainkan dengan kebenaran Pihak + Berkuasa Negeri. Pemilikan dan Alamat TPT SDN BHD , No, Syarikat : 208360-D 1/1 bahagian ‘TING 6 BLOK C BANK NEGARA MALAYSIA JLN DATO ONN 50480 Wilayah Persekutuan KL, ‘Tanggungan dan endosan-endosan lati : Nombor Perserahan : 3734/2005 Pindaan Cukai ‘Tanah didafarkan pada 15 Ogos 2005 Jam 07:18:42 peteng Nombor Perserahan : 406/2007 Pengambilan Sebahagian Tanah - Borang K seluas lebih kurang_ 1,878 Hektar dan cukai dipinda kepada -RM2,525.00 didaftarkan pada 15 Mei 2007 jam 08:47:05 pagh No Warta : 1297 bertarikh 15 Julai 2004 (No, Rujukan Fail : (21)DLM,PTG.SEL,3/K,PERTIOL/94) slot + 190.02H4sDo006608, Moke + 1 020 ark +08 03/2011LOCATION PLAN eeGuusierestusaasetee peer TE PLAN APPENDIX [it (SA /0162/11/SEL Scale : Not To ScaleGeneral view of the subject property from Persiaran Anggerik Renantanda swore2M tet - ‘The site is presently overgrown with thick bushes and wild trees Page 1 of 1Burunusy ING UUerer yo "auID4 UEIer ye p=}e00, ue] weudojanep pjousess “uesya neq so8uej0g so0z oz | soe © coarse" © cod; | “SuepHo RIO UE WEIN e6zEI- | “9 -eietuny sepueg ZJa 4a UeIer ¥e paieoo} puEy esya meg 108ue9g “BuyeIog quawdojsnsp jenuapisai PjOussi4 — G00Z LOZ 000 OFL‘Lee' LE LLL 40 OUISIG pue WaPANyY 'ES399 107 s ‘vebuequiey tag ueBuebepsag shy BuLroipe paren} ‘vosys rueq 106u2}9§ "Bureyod uel weudojenap prouseis | gooz'bi'oe | e'6s =» con'oou'eL | Ley soroinsia pue wiynyy ZzeE 11) veung Supinuey ueressiog ye peIeoo| uesyg jeg s08uE}ag pur] jusudojanap pjoysai4 | 600ZZL'SO dove oz0'0re's Lore “BUPD 40 JOURSIG PUB WHINY) 'L%GL 307 € “wey Gueqns were Ye paye20) cuesy3 jueg s06ue;g ‘Buyeteg jo pug wuowdojanap ploysei4 | OL0Z 20°60 06'89 ObO'vae'LE | FLL'OL | PUISIC) "BYESUeWEQ Jo WRYNIY ‘SELL 107 z eure] feweg uewe | j “9 eiewuny ueier 18 p2}200] ‘ueayg seq oBuE}9g “Suysjed Jo ‘Puel wausdojenap pjouse4 | OLOZ'6O'L0 sz GEL'96E'SL1 | O0De'SZL — PHMISIG puE WUNINWY “si0) PaPIAIPATS 406 be eer TS ‘Bevewy uno (my) on opm sea 5g aS wo cay ssa wai ‘SNOSIMvdiNOD JIS 40 FINGaHOS A XIONAddv EEE AZT