L T - malaysiastock.biz Pengarah Bebas Bukan Eksekutif Dr. Mohd Hafetz bin Ahmad Zainah binti Mustafa MANAGEMENT TEAM KUMPULAN PENGURUSAN Yusaini bin Sidek Suhaimi bin Saad, Senior

Laporan TahunanAnnual Report 2OO8

AL-’ AQAR KPJ REIT

“ I-REIT Category ”“ Best Islamic REIT Deal

in South East Asia ”2007

“ Real Estate Dealsof the Year ”

Lot. G 12-14, Level 5, Block G (North), Pusat Bandar Damansara, 50490 Kuala LumpurTel : 03-2095 3252 / 2626 Fax : 03-2092 2692 Website : www.alaqarkpjreit.com.my

DAMANSARA REIT MANAGERS

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Annual R

eport 2008 Laporan Tahunan

The full report available upon request and without charges.

Appreciation to all Al-’Aqar KPJ REIT stakeholders for your commitment and continuous support in ensuring the first Islamic REIT in the world

Penghargaan kepada semua atas komitmen dan sokongan berterusan bagi memastikan Al-’Aqar KPJ REIT sebagai REIT Islam yang pertama di dunia

Al-’Aqar KPJ REIT has been awardedAl-’Aqar KPJ REIT telah dianugerahkan

SELESA TOWER

ContentsIsi Kandungan

02 Corporate Information Maklumat Korporat

04 Board of Directors Ahli Lembaga Pengarah

05 Directors’ Profile Profil Lembaga Pengarah

13 Syariah Committees Profile Profil Jawatankuasa Syariah

16 Corporate Statement Perutusan Korporat

20 Manager’s Report Laporan Pengurus

22 Market Report Laporan Pasaran

24 Financial Highlight Maklumat Utama Kewangan

25 Al-’Aqar KPJ REIT Portfolio at a Glance Hartanah Al-’Aqar KPJ REIT Seimbas Lalu

26 New Acquisition for 2008 Pemilikan Baru bagi 2008

32 The Structure of Al-’Aqar KPJ REIT Struktur Al-’Aqar KPJ REIT

33 Salient Features of Al-’Aqar KPJ REIT Ciri-ciri Utama Al-’Aqar KPJ REIT

34 Al-’Aqar KPJ REIT in the News Berita Al-’Aqar KPJ REIT

37 Financial Statements

61 Penyata Kewangan

SELESA TOWER

Corporate InformationMaklumat Korporat

MANAGER PENGURUS

Damansara REIT Managers Sdn Bhd (717704-V)

Registered Office Pejabat Berdaftar

Level 2 PERSADA Johor International Convention Centre Jalan Abdullah Ibrahim 80000 Johor Bahru Johor Darul Takzim Tel: 607-219 2692 Fax: 607-223 3175

Principal Place of Business Pejabat Urusan

Lot G12-14, Level 5, Block G (North) Pusat Bandar Damansara 50490 Kuala Lumpur Tel: 603-2095 3252/603-2095 2626 Fax: 603-2092 5462

BOARD OF DIRECTORS LEMBAGA PENGARAH

Non-Independent Non-Executive Chairman Pengerusi Bukan Bebas Bukan Eksekutif

Tan Sri Dato’ Muhammad Ali Hashim

Non-Independent Non-Executive Directors Pengarah Bukan Bebas Bukan Eksekutif

Datin Paduka Siti Sa’diah binti Sheikh Bakir

Kamaruzzaman bin Abu Kassim

Lukman bin Abu Bakar

Independent Non-Executive Directors Pengarah Bebas Bukan Eksekutif

Dr. Mohd Hafetz bin Ahmad

Zainah binti Mustafa

MANAGEMENT TEAM KUMPULAN PENGURUSAN

Yusaini bin Sidek

Suhaimi bin Saad, Senior Operation Executive

Dzulkifli bin Yusof, Accountant

Azlan bin Abd Malek, Account Executive

Shareen Zurina binti Md. Dzulkifli, Strategic Planning & Investors Relationship Executive

COMPANY SECRETARY SETIAUSAHA SYARIKAT

Salmah binti Hj Abd Wahab (LS 02140) 15, Jalan 5/15 Taman Setia Indah 81100 Johor Bahru Johor Darul Takzim

MAINTENANCE MANAGER PENGURUS PENYELENGGARAAN

Healthcare Technical Services Sdn Bhd (342111-A) Mezzanine Floor, Bangunan PharmaCARE 129, Jalan Pahang Barat 53000 Kuala Lumpur Tel: 603-4021 2331 Fax: 603-4021 2337

TRUSTEE PEMEGANG AMANAH

Amanah Raya Berhad (344986-V) Tingkat 15, Wisma AmanahRaya No. 2, Jalan Ampang 50450 Kuala Lumpur Tel: 603-2055 7388 Fax: 603-2072 8498

SYARIAH COMMITTEE MEMBER AHLI JAWATANKUASA SYARIAH

Dato’ Haji Nooh bin Gadot

Dato’ Haji Md Hashim bin Haji Yahaya

Prof. Madya Dr. Ab Halim bin Muhammad

REGISTRAR AND TRANSFER OFFICE PENDAFTAR DAN PEJABAT PEMINDAHAN

Pro Corporate Management Services Sdn Bhd (349501-M) Suite 2, 17th Floor, KOMTAR Jalan Wong Ah Fook 80000 Johor Bahru Johor Darul Takzim Tel: 607-222 5044/4044 Fax: 607-222 3044

AUDITORS AND REPORTING ACCOUNTANTS JURUAUDIT DAN AKAUNTAN PELAPOR

Deloitte KassimChan (AF0080) Level 19, Uptown 1 1, Jalan SS21/5B Damansara Uptown 47400 Petaling Jaya Selangor Darul Ehsan Tel: 603-7723 6500/7726 1833 Fax: 603-7726 3986/8986

ANNUAL REPORT 2008 ¦ AL-’AQAR KPJ REIT02

TAXATION ADVISER PENASIHAT CUKAI

Deloitte KassimChan Tax Services Sdn Bhd (36421-T) Level 16, Uptown 1 1, Jalan SS21/5B Damansara Uptown 47400 Petaling Jaya Selangor Darul Ehsan Tel: 603-7725 1888/7712 5100 Fax: 603-7725 7768/69

SOLICITORS FOR THE IPO PEGUAMCARA UNTUK IPO

Abdul Raman Saad & Associates Level 8, Bangunan KWSP No.3, Changkat Raja Chulan Off Jalan Raja Chulan 50200 Kuala Lumpur Tel: 603-2032 2323 Fax: 603-2032 5775/5776

PRINCIPAL BANKERS BANK-BANK UTAMA

AmInvestment Bank Berhad (23742-V) 22nd Floor, Bangunan AmBank Group 55, Jalan Raja Chulan 50200 Kuala Lumpur Tel: 603-2078 2633/44/55 Fax: 603-2078 8596

AmIslamic Bank Berhad (295576-U) Regional Business Centre – South 31st Floor, Selesa Tower Jalan Dato’ Abdullah Tahir 80300 Johor Bahru Johor Darul Takzim Tel: 607-334 8766 Fax: 607-332 3843

Public Bank Berhad (6463-H) 27th Floor, Menara Public Bank Jalan Ampang 50450 Kuala Lumpur Tel: 603-2176 6000/2176 6666 Fax: 603-2163 9916/2163 0623

INDEPENDENT PROPERTY VALUER PENILAI HARTANAH BEBAS

C H Williams Talhar & Wong Sdn Bhd (18149-U) 32nd Floor, Menara Tun Razak Jalan Raja Laut P.O. Box 12157 50768 Kuala Lumpur Tel: 603-2693 8888 Fax: 603-2693 6565

ISSUING HOUSE PEJABAT PENERBITAN SAHAM

MIDF Consultancy and Corporate Services Sdn Bhd (11324-H) 12th Floor, Bangunan MIDF 195A, Jalan Tun Razak 50400 Kuala Lumpur Tel: 603-2161 3355 Fax: 603-2162 8273

ADVISER, MANAGING UNDERWRITER & PLACEMENT AGENT PENASIHAT, PENGURUS PENAJA JAMIN & AJEN PENEMPATAN


UNDERWRITERS PENAJA JAMIN


AmSecurities Bank Berhad (92977-V) 22nd Floor, Bangunan AmBank Group 55, Jalan Raja Chulan 50200 Kuala Lumpur Tel: 603-2078 2788 Fax: 603-2031 3827

LISTING PENYENARAIAN

Main Board of Bursa Securities Papan Utama Bursa Securities

WEBSITE LAMAN WEB

www.alaqarkpjreit.com.my

AL-’AQAR KPJ REIT ¦ LAPORAN TAHUNAN 2008 03

Non-Independent Non-Executive ChairmanPengerusi Bukan Bebas Bukan Eksekutif

1. Tan Sri Dato’ Muhammad Ali Hashim

Non-Independent Non-Executive DirectorsPengarah Bukan Bebas Bukan Eksekutif

2. Datin Paduka Siti Sa’diah binti Sheikh Bakir

3. Kamaruzzaman bin Abu Kassim

4. Lukman bin Abu Bakar

Independent Non-Executive DirectorsPengarah Bebas Bukan Eksekutif

5. Dr. Mohd Hafetz bin Ahmad

6. Zainah binti Mustafa

Chief Executive OfficerKetua Pegawai Eksekutif

7. Yusaini bin Sidek

Company SecretarySetiausaha Syarikat

8. Salmah binti Hj Abd Wahab

4 7 5 3

6 1 2

8

Board of DirectorsAhli Lembaga Pengarah


TAN SRI DATO’ MUHAMMAD ALI HASHIMMalaysian, aged 61Warganegara Malaysia, berusia 61 tahun

Directors’ ProfileProfil Lembaga Pengarah

Tan Sri Dato’ Muhammad Ali Hashim was appointed as the Non-Independent Non-Executive Chairman of Damansara REIT Managers Sdn Berhad (DRMSB) since 22 June 2006. Tan Sri is the President and CEO of Johor Corporation (JCorp), the ultimate holding corporation of DRMSB, and has held that position since January 1982.

He graduated from the University of Malaya with a Bachelor of Economics (Honors) Degree in 1969 and participated in the Senior Executive Program, Stanford University, United States of America in 1985. Tan Sri was conferred the Honorary Doctorate of Management by Universiti Teknologi Malaysia on 19 August, 2000; Honorary Doctorate in Entrepreneurship by Universiti Teknologi MARA (UiTM) on 24 May 2007; and Honorary Doctorate in Technology Management by Universiti Tun Hussien Onn Malaysia (UTHM) on 2 September 2007.

Tan Sri’s tenacity, business acumen and entrepreneurial leadership had enabled JCorp to grow into one of Malaysia’s leading conglomerates with more than 250 companies, 8 of which are listed on Bursa Malaysia and another on the London Stock Exchange. Market capitalization of JCorp’s portion of PLC shares stood at RM3.7 billion at end 2008. This highly diversified Group offers meaningful career opportunities to more than 50,000 employees.

As CEO of JCorp Group, Tan Sri had also successfully steered the Group through extreme business challenges, especially when the JCorp Group was hard hit by the 1997 Asian Crisis. In 2006 – 2007, JCorp, through Kulim (Malaysia) Berhad had also successfully acquired two PLCs namely QSR Brands Bhd and KFC Holdings (Malaysia) Bhd, overcoming a protracted hostile challenge. This had led to the exercise becoming one of Malaysia’s landmark corporate acquisitions.

Tan Sri Dato’ Muhammad Ali Hashim telah dilantik sebagai Pengerusi Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sendiri Berhad (DRMSB) pada 22 Jun 2006. Beliau juga memegang jawatan Presiden dan Ketua Eksekutif Officer, Kumpulan Johor Corporation (Jcorp), badan korporat induk DRMSB sejak Januari 1982.

Beliau berkelulusan ijazah Sarjana Muda Ekonomi (Kepujian) dari Universiti Malaya pada tahun 1969 dan menyertai Program Eksekutif Kanan, di Universiti Stanford Amerika Syarikat pada tahun 1985. Tan Sri telah dianugerahkan Doktor Falsafah Kehormat Pengurusan oleh Universiti Teknologi Malaysia pada 19 Ogos 2000; Doktor Falsafah Kehormat Keusahawanan dari Universiti Teknologi Mara (UiTM) pada 24 Mei 2007; dan Diktor Falsafah Kehormat Pengurusan daru Universiti Tun Hussein Onn (UTHM) pada 2 September 2007.

Berkarisma, ketulusan dalam perniagaan serta kepimpinan dalam keusahawanan yang ada pada Tan Sri telah membawa Johor Corporation membangun sebagai salah satu konglomerat Malaysia yang berjaya dengan lebih daripada 250 anak syarikat dengan 8 daripadanya tersenarai di Bursa Malaysia dan satu di Pasaran Saham di London. Modal pasaran PLC di bawah JCorp berjumlah RM 3.7 billion unit pada akhir 2008. Kumpulan yang berdedikasi tinggi ini mewujudkan peluang pekerjaan kepada lebih 50,000 pekerja.

Sebagai Ketua Pegawai Eksekutif, Tan Sri juga berjaya menerajui kumpulan dengan mengharungi cabaran perniagaan yang ekstrim ketika Johor Corporation terpaksa melalui zaman krisis Asia pada tahun 1997. Pada 2006-2007 juga, JCorp melalui Kulim (Malaysia) Berhad telah berjaya memperolehi dua syarikat tersenarai di Bursa Malaysia iaitu QSR Brands Bhd dan KFC Holdings (Malaysia) Bhd, selepas mengharungi cabaran dan persengketaan yang panjang. Ini telah menjadi satu sejarah proses pemilikan korporat terunggul di Malaysia.


…Directors’ Profile…Profil Lembaga Pengarah

JCorp, has also successfully managed Malaysia’s one and only ‘market-driven’ local authority, namely the Pasir Gudang Local Authority (PGLA), with Tan Sri Ali as President with mayorial responsibilities since January 1982 up to July 2008. JCorp was the single most important agency responsible for Pasir Gudang’s development into one of Malaysia’s vibrant and dynamic industrial townships. PGLA made history by becoming the first business-driven local authority in Malaysia to issue a Mudharabah Bond rated triple ‘A’ by Rating Agency Malaysia Berhad.

Tan Sri sits as Chairman of Kulim (Malaysia) Berhad, KPJ Healthcare Berhad, QSR Brands Bhd and KFC Holdings (Malaysia) Bhd, Sindora Berhad, Johor Land Berhad and Damansara Realty Berhad, which are JCorp’s subsidiaries listed on the Main Board of the Bursa Malaysia. Tan Sri is also active as a Council Member of Malaysian Industrial Development Authority (MIDA), President of the Malaysian Kite Council and President of Malaysian Yachting Association; Vice President of the Malaysian Islamic Chamber of Commerce (MICC) and Chairman of the MICC Corporate Bureau, and Chairman of Kumpulan Waqaf An-Nur Berhad, an Islamic endowment institution that spearheads JCorp Group’s CSR programs, including the unique Corporate Waqaf Concept initiated by JCorp.

Other than as disclosed, Tan Sri does not have any family relationship with any director and/or major shareholder of the Company. He has no personal interest in any business arrangement involving Damansara REIT Managers Sendirian Berhad. He has no conviction for any offences within the past 10 years.

JCorp telah berjaya menguruskan satu-satunya pihak berkuasa tempatan Malaysia yang berteraskan pasaran, iaitu Pihak Berkuasa Tempatan Pasir Gudang (PBTPG), dengan Tan Sri sebagai Presiden sejak Januari 1982 hingga Julai 2008. JCorp adalah agensi utama terpenting dan bertanggungjawab bagi pembangunan Pasir Gudang sehingga menjadi satu bandar industri yang pesat membangun dan dinamik di Malaysia. PBTPG telah mencipta sejarah dengan menjadi Pihak Berkuasa Tempatan pertama yang berteraskan perniagaan di Malaysia yang menerbitkan Bon Mudharabah yang diiktiraf AAA oleh Rating Agency Malaysia.

Tan Sri juga menyandang jawatan Pengerusi Kulim (Malaysia) Berhad, KPJ Healthcare Berhad (KPJ), QSR Brands Berhad dan KFC Holdings (Malaysia) Berhad, Sindora Berhad, Johor Land Berhad dan Damansara Realty Berhad, dimana semua anak syarikat Jcorp tersenarai di Papan Utama Bursa Malaysia. Tan Sri juga aktif sebagai Ahli Majlis Lembaga Pembangunan Perindustrian Malaysia (MIDA), Presiden Majlis Layang-layang Malaysia, Naib Presiden Malaysian Islamic Chamber of Commerce (MICC) dan Pengerusi Biro Korporat MICC dan juga Pengerusi Kumpulan Waqaf An-Nur Berhad, sebuah pertubuhan kebajikan yang menyediakan perkhidmatan prisihatin kepada mereka yang tidak berkemampuan.

Selain dari yang dimaklumkan, Tan Sri tidak memiliki sebarang pertalian keluarga dengan mana-mana Pengarah dan/atau pemegang saham utama syarikat. Beliau juga tiada sebarang kepentingan peribadi dalam urusan perniagaan melibatkan Damansara REIT Managers Sendirian Berhad. Beliau juga tidak disabitkan atas sebarang kesalahan selama 10 tahun lepas.


DATIN PADUKA SITI SA’DIAH BINTI SHEIKH BAKIRMalaysian, aged 56Warganegara Malaysia, berusia 56 tahun

YB Datin Paduka Siti Sa’diah Sheikh Bakir has been a Non-Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad since 2006.

Datin Paduka Siti Sa’diah is the Managing Director of KPJ Healthcare Berhad (KPJ) since 1 March 1993. She graduated with a Bachelor in Economics degree from the University of Malaya in 1974, and holds an MBA from Henley Management College, London, United Kingdom.

Her career with Johor Corporation (JCorp) commenced in 1974 and she has been directly involved with JCorp’s Healthcare Division since 1978. Datin Paduka was appointed as the Chief Executive of Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB), the holding company of KPJ, in 1989 and held the post until the listing of KPJ.

Datin Paduka currently sits as the Chairman of various hospitals in the KPJ Group. She also sits as Chairman of Willis (Malaysia) Sdn Bhd , and a Director of Kulim (Malaysia) Berhad and Puteri Hotels Sdn Bhd, all of which are companies within the JCorp Group. She is a Director of Kumpulan Waqaf An-Nur, a non-governmental organisation spearheaded by JCorp and dedicated to the provision of healthcare services to the less fortunate.

Committed to promoting excellence in healthcare, Datin Paduka is the President of the Malaysian Society for Quality in Health (MSQH), elected since its inception in 1997 until today.

Datin Paduka is a Board member of MATRADE since 1999, a member of the Malaysia Productivity Corporation’s (MPC) Consultative Panel on Healthcare since 2001, and a member of the National Patient Safety Council, Ministry of Health since 2003.

Datin Paduka is an elected Independent Director of Bursa Malaysia since 2004.

Other than as disclosed, Datin Paduka does not have any family relationships with any director and/or major shareholder of the Company. She has no personal interest in the business arrangement involving Damansara REIT Managers Sendirian Berhad. She has no conviction for any offences within the past 10 years.

YB Datin Paduka Siti Sa’diah Sheikh Bakir telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad sejak tahun 2006.

Datin Paduka Siti Sa’diah merupakan Pengarah Urusan KPJ Healthcare Berhad (KPJ) sejak 1 Mac 1993. Beliau merupakan graduan Ekonomi dari Universiti Malaya pada tahun 1974 dan memiliki MBA dari Kolej Pengurusan Henley di London, United Kingdom.

Datin Paduka memulakan kerjayanya dengan Johor Corporation (JCorp) pada tahun 1974 dan telah terlibat secara langsung dengan Bahagian Prisihatin JCorp sejak tahun 1978. Beliau merupakan Ketua Eksekutif Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB), syarikat induk KPJ, sejak tahun 1989 hingga penyenaraian KPJ di Bursa Malaysia.

Datin Paduka merupakan Pengerusi beberapa hospital di dalm Kumpulan KPJ. Beliau merupakan Pengerusi Willis (Malaysia) Sdn Bhd dan Pengarah Kulim (Malaysia) Berhad, selain menjadi Pengarah Puteri Hotels Sdn Bhd, di mana kesemuanya di bawah Kumpulan JCorp. Beliau juga Pengarah Kumpulan Waqaf An-Nur Berhad, sebuah organisasi bukan kerajaan yang diterajui JCorp, bagi menyediakan perkhidmatan prisihatin kepada golongan yang kurang berkemampuan.

Datin Paduka aktif dalam organisasi profesional yang menggalakkan kecemerlangan dalam perkhidmatan prisihatin dan menjadi Presiden bagi Malaysian Society for Quality in Health (MSQH), sejak dari tarikh penubuhannya hingga 1997.

Datin Paduka juga adalah Ahli Lembaga Pengarah MATRADE sejak tahun 1999, Pengerusi Jawatankuasa Audit MATRADE sejak tahun 2003, Ahli Jawatankuasa Panel Perunding Sektor Perubatan Perbadanan Produktiviti Negara sejak tahun 2001, dan Ahli Majlis Keselamatan Pesakit, Kementerian Kesihatan Malaysia sejak tahun 2003. Beliau dilantik sebagai Pengarah Bebas Bursa Malaysia sejak tahun 2004.

Selain dari yang dimaklumkan, Datin Paduka tidak memiliki sebarang pertalian keluarga dengan mana-mana Pengarah dan/atau pemegang saham utama syarikat. Beliau juga tiada sebarang kepentingan peribadi dalam urusan perniagaan melibatkan Damansara REIT Managers Sendirian Berhad. Beliau juga tidak disabitkan atas sebarang kesalahan selama 10 tahun lalu.



KAMARUZZAMAN BIN ABU KASSIMMalaysian, aged 44Warganegara Malaysia, berusia 44 tahun

Encik Kamaruzzaman Abu Kassim was appointed as the Non Independent Non-Executive Director of Damansara REIT Managers Sendirian Berhad (DRMSB) on 12 January 2007. He is currently the Chief Operating Officer of JCorp.

He graduated with a Bachelor of Commerce majoring in Accountancy from the University of Wollongong, New South Wales, Australia in 1987. He embarked his career as an Audit Assistant with Messrs K.E Chen & Associates in May 1988 and later joined Coopers & Lybrand (currently known as PricewaterhouseCoopers) in Johor Bahru. In December 1992, he left the firm to join JCorp as a Deputy Manager, Corporate Finance Department. He joined Damansara Realty Berhad as Executive Director in 1999 until September 2006.

He is currently Senior Vice President of Johor Corporation, the Deputy Chairman of Damansara Realty Berhad and a director of Kulim (Malaysia) Berhad, both are JCorp’s companies listed on the main board of Bursa Malaysia.

Other than as disclosed, Encik Kamaruzzaman does not have any family relationship with any director and/or major shareholder of the Company. He has no personal interest in any business arrangement involving Damansara REIT Managers Sendirian Berhad. He has no conviction for any offences within the past 10 years.

Encik Kamaruzzaman Abu Kassim dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sendiri Berhad (DRMSB) pada 12 Januari 2007. Beliau kini merupakan Timbalan Presiden Kanan Kumpulan Johor Corporation (JCorp).

Beliau memiliki Ijazah Sarjana Muda Perdagangan (Perakaunan) daripada University of Wollongong, New South Wales, Australia pada tahun 1987. Dia memulakan kerjayanya sebagai Penolong Audit di Messrs K.E. Chen & Associates dalam bulan Mei 1988. Beliau kemudiannya menyertai Coopers & Lybrand (kini dikenali sebagai PricewaterhouseCoopers) di Johor Bahru. Pada Disember 1992, beliau menyertai JCorp sebagai Penolong Pengurus, Jabatan Kewangan Korporat. Beliau kemudiannya dinaik pangkat kepada Pengarah Eksekutif Damansara Realty Berhad (syarikat dimana majoriti saham dimiliki olej Jcorp) dari 1999 sehingga September 2006.

Beliau juga kini merupakan Timbalan Presiden Kanan Johor Corporation, Timbalan Pengerusi Damansara Realty Berhad, Pengarah di Kulim (Malaysia) Berhad, syarikat yang tersenarai di Papan Utama Bursa Malaysia.

Selain dari yang dimaklumkan, Encik Kamaruzzaman tidak memiliki sebarang pertalian keluarga dengan mana-mana Pengarah dan/atau pemegang saham utama syarikat. Beliau juga tiada sebarang kepentingan peribadi dalam urusan perniagaan melibatkan Damansara REIT Managers Sendirian Berhad. Beliau juga tidak disabitkan atas sebarang kesalahan selama 10 tahun lepas.


LUKMAN BIN HAJI ABU BAKARMalaysian, aged 49Warganegara Malaysia, berusia 49 tahun

Tuan Haji Lukman Abu Bakar was appointed to the Board as a Director of Damansara REIT Managers Sendirian Berhad (DRMSB) on 12 January 2007. He graduated with a Bachelor of Urban and Regional Planning from the University of Technology Malaysia in 1982 before joining Johor Corporation as a Town Planning Officer in the same year. He also holds a Post Graduate Diploma (Housing, Building and Planning) from Institute for Housing Studies, Rotterdam, Holland.

On 1 September 1993, Tuan Haji Lukman was appointed as the Deputy General Manager (Down Stream Processing Division) of Sindora Berhad and later promoted to the position of General Manager of Sindora Berhad in 1995, a company within Johor Corporation Group. He later became the Secretary of Pasir Gudang Local Authority cum Senior General Manager of Johor Corporation. On 1 July 2008, he was appointed as the President of Majlis Perbandaran Pasir Gudang.

He also sits as a Director of Damansara Realty Berhad and a Director Johor Land Berhad, public listed companies and as a Director of Syarikat Pengangkutan Maju Berhad and Penawar Ekspress Line Berhad, other public companies within the Johor Corporation Group. Apart from that, he also sits as director of numerous private companies within the Group.

Other than as disclosed, Tuan Haji Lukman does not have any family relationship with any director and/or major shareholder of the Company. He has no personal interest in any business arrangement involving Damansara REIT Managers Sendirian Berhad. He has no conviction for any offences within the past 10 years.

Tuan Haji Lukman Abu Bakar telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sendiri Berhad (DRMSB) pada 12 Januari 2007. Beliau memiliki Ijazah Sarjana Muda Perancangan Bandar dan Wilayah daripada Universiti Teknologi Malaysia pada tahun 1982, sebelum menyertai Johor Corporation (JCorp) sebagai seorang Pegawai Perancang Bandar dalam tahun yang sama. Beliau juga memiliki Post Graduate Diploma (Perumahan, Bangunan dan Perancangan) daripada Institute for Housing Studies, Rotterdam, Holland pada tahun 1995.

Pada 1 September 1993, Tuan Haji Lukman juga telah dilantik sebagai Timbalan Pengurus Besar (Bahagian “Down Stream Processing”), Sindora Berhad dan beliau telah dinaikkan pangkat sebagai Pengurus Besar pada tahun 1995, syarikat dalam Kumpulan JCorp. Pada 1 Julai 2008, beliau telah dilantik sebagai Presiden Majlis Perbandaran Pasir Gudang.

Beliau juga berkhidmat sebagai Pengarah bagi Damansara Realty Berhad dan Johor Land Berhad, syarikat yang disenaraikan dan sebagai Pengarah, Syarikat Pengangkutan Maju Berhad, Penawar Ekspress Line Berhad dan beberapa syarikat lain di bawaj Kumpulan Johor Corporation. Selain yang dinyatakan, beliau juga merupakan Pengarah beberapa syarikat dalam Kumpulan jCorp.

Selain dari yang dimaklumkan, Tuan Haji Lukman tidak memiliki sebarang pertalian keluarga dengan mana-mana Pengarah dan/atau pemegang saham utama syarikat. Beliau juga tiada sebarang kepentingan peribadi dalam urusan perniagaan melibatkan Damansara REIT Managers Sendirian Berhad. Beliau juga tidak disabitkan atas sebarang kesalahan selama 10 tahun lepas.



DR. MOHD HAFETZ BIN AHMADMalaysian, aged 58Warganegara Malaysia, berusia 58 tahun

Dr. Mohd Hafetz Ahmad was appointed as the Independent Non-Executive Director of Damansara REIT Managers Sendirian Berhad (DRMSB) on 22 June 2006.

Dr. Hafetz obtained his Medical Degree from University Malaya in 1975. He did his housemanship in Hospital Sultanah Aminah, Johor Bahru and continued as Medical Officer in the same hospital until 1978, when he did his specialist training in Obstretrics and Gynaecology at the University Hospital, Kuala Lumpur. He served as Trainee Lecturer and then as Lecturer at the Department of Obstretrics and Gynaecology, University Malaya until 1983.

He joined Johor Specialist Hospital (JSH) in 1983 as Consultant Obstetrician and Gynaecologist. In the mid 1980’s, Dr. Hafetz served for several years as a member of the Visitors Board, Jubilee Home, Johor Bahru.

Besides his clinical practice, Dr. Hafetz has been involved in various aspects of Hospital Management and Clinical Governance in his capacity as Chairman, JSH Consultant’s Advisory Committee (1990-1994) and Medical Director (1994 to-date). He also sits on the Board of Directors of Johor Specialist Hospital Sdn Bhd and Kumpulan Wakaf An-Nur Berhad.

Dr. Hafetz was the President of Obstetrical and Gynaecological Society of Malaysia (OGSM) from 2004 to 2005 and served as a Council member of the OGSM from 2003 to 2006. He is a member of the Malaysian Medical Association, Malaysian Menopause Society and Persatuan Perubatan Islam Malaysia.

Other than as disclosed, Dr. Hafetz does not have any family relationship with any director and/or major shareholder of the Company. He has no personal interest in any business arrangement involving Damansara REIT Managers Sendirian Berhad. He has no conviction for any offences within the past 10 years.

Dr. Mohd Hafetz Ahmad telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sendirian Berhad (DRMSB) pada 22 Jun 2006.

Dr. Hafetz memiliki Ijazah Perubatan dari Universiti Malaya pada tahun 1975. Beliau memulakan kerjayanya sebagai Doktor Residen di Hospital Sultanah Aminah, Johor Bahru dan menyambung sebagai Pegawai Perubatan di hospital yang sama sehingga 1978, di mana beliau menjalankan latihan kepakaran dalam Obstetrik dan Ginekologi di Hospital Universiti, Kuala Lumpur. Beliau telah berkhidmat sebagai Pelatih Pensyarah dan Pensyarah di Bahagian Obstetrik dan Ginekologi, Universiti Malaysia hingga 1983.

Kemudian beliau telah menyertai Hospital Pakar Johor pada tahun 1983 sebagai Perunding Obstetrisyen dan Ginekologi. Pada pertengahan tahun 1980-an, Dr. Hafetz perkhidmat selama beberapa tahun sebagai ahli Lembaga Pelawat, Jubilee Home di Johor bahru.

Selain dari latihan perubatan, Dr. Hafetz telah menyertai pelbagai aspek Pengurusan Hospital dan Tadbir Urus Klinik dalam kapasiti beliau sebgaai Pengerusi, ahli Jururunding Jawatankuasa Penasihat Hospital Pakar Johor dari tahun 1990 hingga 1994 dan Pengarah Perubatan dari tahun 1994 hingga kini. Beliau juga merupakan ahli bagi Lembaga Pengarah Johor Specialist Hospital Sdn Bhd, Pengarah Kumpulan Waqaf An-Nur Berhad dan Johor Land Berhad sejak 22 Mei 2007.

Dr. Hafetz juga merupakan Presiden Persatuan Obstetrik dan Ginekologi Malaysia dari tahun 2004 sehingga 2005 dan berkhidmat sebagai ahli majlis Persatuan Obstetrik dan Ginekologi Malaysia dari tahun 2003 hingga 2006. Beliau juga merupakan ahli Persatuan Perubatan Malaysia, Persatuan Menopos Malaysia dan Persatuan Perubatan Islam Malaysia.

Selain dari yang dimaklumkan, Dr. Hafetz tidak memiliki sebarang pertalian keluarga dengan mana-mana Pengarah dan/atau pemegang saham utama syarikat. Beliau juga tiada sebarang kepentingan peribadi dalam urusan perniagaan melibatkan Damansara REIT Managers Sendirian Berhad. Beliau juga tidak disabitkan atas sebarang kesalahan selama 10 tahun lepas.


ZAINAH BINTI MUSTAFAMalaysian, aged 53Warganegara Malaysia, berusia 53 tahun

Puan Zainah Mustafa was appointed on 16 February 2007 as the Independent Non-Executive Director of Damansara REIT Managers Sendirian Berhad (DRMSB) and a member of the DRMSB Audit Committee. She also sits on the board of three other companies in the JCorp Group of Companies namely KPJ Healthcare Berhad (KPJ), Damansara Realty Berhad and Puteri Hotels Sdn Bhd.

She started her career as an Assistant Senior Auditor in Perbadanan Nasional Berhad in 1977 after graduating from Institut Teknology MARA (presently UiTM). She obtained her Association of Chartered Certified Accountants (ACCA) United Kingdom in 1976. She joined JCorp in October 1978 and rose through the ranks to the Group Chief Financial Officer before retiring on 31 October 2002.

Other than as disclosed, Puan Zainah does not have any family relationship with any director and/or major shareholder of the Company. She has no personal interest in any business arrangement involving Damansara REIT Managers Sendirian Berhad. She has no conviction for any offences within the past 10 years.

Puan Zainah Mustafa dilantik sebagai Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sendirian Berhad (DRMSB) dan juga ahli kepada Jawatankuasa Audit DRMSB pada 16 Februari 2007. Beliau juga merupakan ahli lembaga tiga anak syarikat di bawah Kumpulan Johor Corporation (Jcorp) iaitui KPJ Healthcare Berhad, Damansara Realty Berhad dan Puteri Hotels Sdn Bhd.

Puan Zainah memulakan kerjayanya sebagai Penolong Juruaudit Kanan di Perbadanan Nasional Berhad pada tahun 1977 selepas menamatkan pengajian di Institut Teknologi MARA (kini dikenali sebagai UiTM). Beliau adalah seorang ‘Fellow’ Association of Chartered Certified Accountants (ACCA), United Kingdom yang diterima pada tahun 1976. Beliau menyertai Jcorp pada Oktober 1978 sehingga menyandang jawatan Ketua Pegawai Kewangan Kumpulan sebelum bersara pada 31 Oktober 2002.

Selain dari yang dimaklumkan, Puan Zainah tidak memiliki sebarang pertalian keluarga dengan mana-mana Pengarah dan/atau pemegang saham utama syarikat. Beliau juga tiada sebarang kepentingan peribadi dalam urusan perniagaan melibatkan Damansara REIT Managers Sendirian Berhad. Beliau juga tidak disabitkan atas sebarang kesalahan selama 10 tahun lepas.



YUSAINI BIN SIDEKMalaysian, aged 40Warganegara Malaysia, berusia 40 tahun

Encik Yusaini Sidek was appointed as the Chief Executive Officer of Damansara REIT Managers Sendirian Berhad (DRMSB) on 22 June 2006.

He graduated with a Bachelor in Business Administration from Universiti Kebangsaan Malaysia in 1999 after obtaining a Diploma In Valuation in 1989 from Universiti Teknologi Malaysia. He has vast experience in the area of building management for nearly 16 years which include preparation of valuation reports for various properties inclusive of commercial, residential, retail property and others. He also prepares analytical reports on property market movements. He gained professional experience via attachment with a number of companies such as Colliers Jordan Lee & Jaafar, Jabatan Penilaian dan Perkhimatan Harta, Kementerian Kewangan Malaysia, Bank Industri Malaysia Berhad, Fima Corporation Berhad, CSM Corporation Berhad and Empire Tower (M) Sdn Bhd.

Some of the buildings managed by him are Bank Industri Building, Airtel Complex, Plaza Damansara, Jaya Shopping Centre, Menara CSM, Empire Tower and City Square Complex. He was vastly involved in the planning and operation of building management, primarily in the areas of Tenancy Management, Marketing, Promotion and Maintenance Management.

He was previously employed by Harta Consult Sdn Bhd since February 2001 as Senior Manager, which had enabled him to capitalize his expertise in property management to ensure the smooth operation of the buildings of Damansara Assets Sdn Bhd (formerly known as Damansara Town Centre Sdn Bhd). Currenly he is the Executive Director for Damansara REIT Managers Sendirian Berhad.

Encik Yusaini Sidek telah dilantik sebagai Ketua Pegawai Eksekutif Damansara REIT Managers Sendirian Berhad pada 22 Jun 2006.

Beliau telah menamatkan pengajian dengan kelulusan ijazah Sarjana Muda Pentadbiran Perniagaan dari Universiti Kebangsaan Malaysia pada tahun 1999 selepas memperolehi Diploma Penilaian pada tahun 1989 dari Universiti Teknologi Malaysia. Beliau mempunyai pengalaman luas dalam bidang pengurusan bangunan selama hampir 16 tahun yang mana termasuk penyediaan laporan penilaian bagi pelbagai harta termasuk perdagangan, kediaman, harta runcit dan lain-lain. Beliau juga menyediakan laporan analitikal mengenai pengerakan pasaran harta. Beliau memperolehi pengalaman profesional melalui perkhimatan dengan beberapa syarikat sebelum ini seperti Colliers Jordan Lee & Jaafar, Jabatan Pernilaian dan Perkhimatan Harta, Kementerian Kewangan Malaysia, Bank Industri Malaysia Berhad, Fima Corporation Berhad, CSM Corporation Berhad dan Empire Tower (M) Sdn Bhd.

Diantara bangunan yang diuruskan oleh beliau termasuk bangunan Bank Industri, Kompleks Airtel, Plaza Damansara, Pusat Membeli Belah Jaya, Menara CSM, Menara Empire dan Kompleks City Square. Beliau terlibat secara meluas dalam perancangan dan operasi pengurusan bangunan, terutamanya dalam bidang Pengurusan Penyewaan, Pemasaran, Promosi dan Pengurusan Penyelenggaraan.

Beliau sebelum ini bekerja dengan Harta Consult Sdn Bhd sejak Februari 2001 sebagai Pengurus Kanan, yang telah membolehkan beliau untuk menggunakan kepakaran beliau dalam pengurusan harta bagi memastikan kelancaran operasi bangunan-bangunan Damansara Assets Sdn Bhd (dahulunya dikenali sebagai Damansara Town Centre Sdn Bhd). Kini, beliau merupakan Pengarah Eksekutif Damansara REIT Managers Sendirian Berhad.


Syariah Committees ProfileProfil Jawatankuasa Syariah

DATO’ HAJI NOOH BIN GADOTMalaysian, aged 63Warganegara Malaysia, berusia 63 tahun

Dato’ Haji Nooh Gadot was appointed on 22 June 2006 as the Syariah Committee member for Al-‘Aqar KPJ REIT.

He graduated from the Al-Azhar University in Egypt with a Bachelor in Islamic Law and Syariah. He also obtains his tertiary Islamic education from various Islamic Schools in Johor Bahru.

He started his career as an Islamic Teacher with the state government of Johor in year 1967 and rose through the ranks to the high position in Islamic Law and Syariah Department of Johor.

In the mid 1980’s, Dato’ Haji Nooh Gadot served for several years as a Qadi and Syariah Adviser in various departments at Jabatan Agama Johor. His involvement as the Chairman and members of committees has gained him with extensive experienced and recognition not only from the state level but up to national level.

Currently, he is the Adviser for Majlis Agama Islam Johor.

Dato’ Haji Nooh Gadot telah dilantik sebagai ahli jawatankuasa Syariah Al-‘Aqar KPJ REIT pada 22 Jun 2006.

Beliau memiliki Ijazah Sarjana Perundangan Islam dan Syariah dari Universiti Al-Azhar di Mesir. Beliau juga mendapat pendidikan Islam dari pelbagai sekolah pengajian Islam Johor Bahru.

Beliau memulakan kerjaya sebagai seorang guru agama bagi kerajaan negeri Johor pada tahun 1967. Bermula dari situ, beliau mula mendapat kepercayaan bagi menyandang pelbagai jawatan penting yang berkaitan dengan Jabatan Perundangan Islam dan Syariah Johor.

Pada pertengahan tahun 1980, Dato’Haji Nooh Gadot berkhidmat sebagai Kadi dan Penasihat Syariah di beberapa jabatan di Jabatan Agama Johor. Penglibatan beliau sebagai Pengerusi dan ahli jawatankuasa memberi beliau pengalaman yang luas dan penghargaan bukan sahaja peringkat negeri sehingga kebangsaan.

Kini, beliau merupakan Penasihat kepada Majlis Agama Islam Johor.


…Syariah Committees Profile…Profil Jawatankuasa Syariah

DATUK HAJI MD. HASHIM BIN HAJI YAHAYAMalaysian, aged 70Warganegara Malaysia, berusia 70 tahun

Datuk Haji Md. Hashim Hj Yahaya was appointed on 22 June 2006 as the Syariah Committee member for Al-’Aqar KPJ REIT.

He obtains his Diploma in Education majoring in Ain Shams and later graduated with both bachelor and master from the Al-Azhar University in Egypt.

He started his career as the lecturer as Higher Education Centre Nilam Puri from year 1970 until 1980 and later became the lecturer of Islamic Academy ay University Malaysia until year 1995, after which he joint as the Mufti for Federal Territory of Kuala Lumpur until year 2003. Currently he is the Fellow Honourable in Academic at Islamic International University of Malaysia.

He sited as the member of syariah committee and syariah advisor for Bank Negara Malaysia, Securities Commission of Malaysia and Islamic Development Bank of Jeddah.

Datuk Haji Md. Hashim Hj Yahaya telah dilantik sebagai ahli jawatankuasa Syariah Al-‘Aqar KPJ REIT pada 22 Jun 2006.

Beliau memiliki Diploma Pendidikan, khusus dalam bidang Ain Shams dan kemudiannya memiliki Ijazah dan Srjana dari Universiti Al-Azhar, Mesir.

Beliau memulakan kerjayanya sebagai pensyarah di Pusat Pengajian Tnggi Nilam Puri dari tahun 1970 hingga 1980 dan kemudiannya menyambung sebagai pensyarah di Akademi Islam, Universiti Malaya hingga 1995. Selepas itu beliau berkhidmat sebagai Mufti Wilayah Persekutuan hingga tahun 2003. Kini beliau merupakan ‘Fellow’ Kehormat Akademi di Universiti Islam Antarabangsa Malaysia.

Datuk Haji Md Hashim Yahaya telah menganggotai beberapa Majlis Penasihat Syariah seperti di Bank Negara Malaysia, Suruhanjaya Sekuriti Malaysia dan Bank Pembanggunan Islam di Jeddah.


PROF. MADYA DR. AB. HALIM BIN MUHAMMADMalaysian, aged 64Warganegara Malaysia, berusia 64 tahun

Prof Madya Dr. Ab.Halim Muhammad was appointed on 22 June 2006 as the Syariah Committee member for Al-‘Aqar KPJ REIT.

He graduated from the Al-Azhar University in Egypt with a Bachelor in Syariah in 1972 and subsequently obtained his Phd in Syariah from the St Andrew, University of Scotland in 1977.

He started his career with Universiti Kebangsaan Malaysia as the Head of Department of Quran and Sunnah, Faculty of Islamic Studies. He has served as syariah adviser and Syariah committee member within various corporate organization such as Tabung Haji, Bank Negara Malaysia, Dewan Bahasa dan Pustaka, Bank Muamalat, Bank Rakyat, RHB Bank, Bank Pembangunan, CCB bank, Takaful National, Terengganu Trust Unit, Angkasa Trust Unit and he also took supervision of thesis paper Phd’s student majoring in Islamic Jurisprudence.

Prof Madya Dr. Ab.Halim Muhammad telah dilantik sebagai ahli jawatankuasa Syariah Al-‘Aqar KPJ REIT pada 22 Jun 2006.

Beliau memiliki Sarjana bidang Syaruah dari Universiti Al-Azhar pada tahun 1972 dan kemudiannya memiliki Doktor Falsafah dalam bidang Syariah dari St Andrew, Universiti Scotland pada 1977.

Beliau memulakan kerjaya bersama Universiti Kebangsaan Malaysia sebagai Ketua Jabatan Quran dan Sunnah, Fakulti Pengajian Islam. Beliau telah berkhidmat sebagai penasihat Syariah serta menganggotai Jawatankuasa Syariah dalam beberapa organisaso korporat seperti Tabung Haji, Bank Negara Malaysia, Dewan Bahasa dan Pustaka, Bank Muamalat, Bank Rakyat, RHB Bank, Bank Pembangunan, Bank CCB, Takaful National, Unit Amanah Terengganu, Unit Amanah Angkasa dan juga menilai kertas kerja pelajar Phd dalam bidang perundangan Islam.


On behalf of the Board of Directors of Damansara REIT Managers Sdn Berhad, the managers of Al-‘Aqar KPJ Real Estate Investment Trust (REIT), it gives me great pleasure to present Al-‘Aqar KPJ REIT’s Annual Report for the financial year ending 31 December 2008.

Bagi pihak Lembaga Pengarah Damansara REIT Managers Sdn Berhad, selaku Pengurus kepada Al-‘Aqar KPJ REIT, saya dengan sukacitanya membentangkan Laporan Tahunan Al-‘Aqar KPJ REIT bagi tahun kewangan berakhir pada 31 Disember 2008.

Corporate StatementPerutusan Korporat

THE AL-‘AQAR KPJ REIT – WORLD’S FIRST ISLAMIC REIT

2008 marked another exciting and challenging year for Al-‘Aqar KPJ REIT, Malaysia’s first healthcare Islamic real estate investment trust, which was listed on the Main Board of Bursa Malaysia Securities Berhad on 10 August 2006.

The anchor properties in Al-Aqar’s stable are KPJ Johor Specialist Hospital Building and Puteri Specialist Hospital Building, both in Johor Bahru, Johor; KPJ Ampang Puteri Specialist Hospital Building, KPJ Damansara Specialist Hospital Building and KPJ Selangor Specialist Hospital Building in Shah Alam, Selangor; and KPJ Ipoh Specialist Hospital Building in Ipoh, Perak.

The fund was further strengthened by the injection of five (5) more hospital buildings bringing the total number of properties to eleven (11) by the end of 2008. The second injection of assets involved acquisitions of Perdana Specialist Hospital Building, Kota Bahru, Kelantan; Kuantan Specialist Hospital Building, Pahang; Sentosa Medical Centre Building, Kuala Lumpur; KPJ Kajang Specialist Hospital Building, Kajang, Selangor; and Kedah Medical Centre Building, Alor Setar, Kedah.

Alhamdullillah, since we commenced operations in the middle of 2006, our capital raising, acquisition and operational activities have increased substantially. Cumulative proceeds from our initial public offer of common units totaled RM 340 million through the end of 2007, and our pace of capital-raising has continued to increase in early 2008. Our total assets valued by the end of 2008 were RM 663.0 million, compared to RM 481.0 million in 2007. We completed our second full year of operations, with direct ownership interest in a portfolio of eleven (11) hospital buildings in ten (10) major cities. This translates into establishing Al-‘Aqar KPJ REIT as the largest healthcare Real Estate Investment Trust in Malaysia.

AL-‘AQAR KPJ REIT – REIT ISLAM PERTAMA DI DUNIA

2008 menempa tahun yang cukup mencabar dan menarik bagi Al-‘Aqar KPJ REIT, tabung amanah hartanah penjagaan kesihatan Islam pertama di Malaysia, disenarai di papan utama Bursa Malaysia Sekuriti pada 10 Ogos 2006.

Hartanah pertama tersenarai dalam Al-‘Aqar adalah Bangunan Hospital Pakar KPJ Johor dan Bangunan Hospital Pakar Puteri, kedua-duanya di Johor Bahru, Johor; Bangunan Hospital Pakar KPJ Ampang Puteri, Bangunan Hospital Pakar KPJ Damansara dan Bangunan Hospital Pakar KPJ Selangor di Shah Alam, Selangor; dan Bangunan Hospital Pakar KPJ Ipoh di Ipoh, Perak.

Al-‘Aqar KPJ REIT terus mengukuhkan kedudukan dengan pengambilalihan lima (5) lagi bangunan hospital yang menjadikan jumlah hartanah kepada sebelas (11) pada akhir tahun 2008. Pengambilalihan kedua terdiri daripada pemilikan Bangunan Hospital pakar Perdana, Kota Bahru, Kelantan; Bangunan Hospital Pakar Kuantan, Pahang; Bangunan Pusat Perubatan Sentosa, Kuala Lumpur; dan BangunanPusat Perubatan Kedah, Alor Setar, Kedah.

Alhamdullillah, sejak kami memulakan operasi pada pertengahan tahun 2006, modal kami meningkat, aktiviti operasi dan pemilikan telah naik secara mendadak. Keuntungan terkumpul dari tawaran biasa unit-unit awam berjumlah RM340 juta sehingga tahun 2007, dan rentak peningkatan modal ini terus meningkat pada awal 2008. Nilai jumlah keseluruhan aset pada akhir 2008 berjumlah RM663.0 juta, berbanding RM481.0 juta pada tahun 2007. Kami melengkapkan selama dua tahun operasi, dengan pemilikan secara langsung sebelas (11) portfolio bangunan hospital di sepuluh (10) bandar-bandar besar. Ini secara langsung telah menterjemahkan Al-‘Aqar KPJ REIT sebagai Tabung Amanah Hartanah Penjagaan Kesihatan terbesar di Malaysia.


2008 OPERATION REVIEW

Al-‘Aqar KPJ REIT will keep to its key objective to provide unitholders with stable distribution per unit with the potential for sustainable long-term growth. The fund had announced in 19 August 2008 to acquire another nine properties with the high-yielding and diversified assets. The new properties, with market value of RM 398.0 million, were Seremban Specialist Hospital Building, Negri Sembilan; Taiping Medical Centre Building, Perak; Damai Specialist Hospital Building, Kota Kinabalu, Sabah; Tawakal Hospital (existing building) and Tawakal Hospital (New Building), Kuala Lumpur; and Bukit Mertajam Specialist Hospital Building and KPJ Penang Specialist Hospital Building, both in Penang. Two other properties which are not directly classified under the categorization of hospital buildings but are nonetheless complementary to the healthcare industry, are the KPJ International College of Nursing and Health Sciences located at Nilai, Negri Sembilan and Selesa Building which comprises of Hotel Selesa & Metropolis Tower in Johor Bahru, Johor.

The acquisition of Hotel Selesa Johor Bahru is well positioned to offer benefit from healthcare tourism. More important is the fact that the operation of the hotel is fully in accordance with Syariah principles. The Selesa Hotel was granted the “Halal” certification by Jabatan Agama Islam Johor, accordingly endorsed by the Syariah Committee of Al-`Aqar KPJ REIT. Another non-hospital property to be acquired by Al-‘Aqar KPJ REIT is the KPJ International College building, whose primary objective is to cater for the needs for the healthcare industry to be self-sufficient in fulfilling its human capital requirements especially in nursing. Largely driven by the increased demand for better healthcare services, Al–‘Aqar has strategised towards the inclusion of the nursing college in Al-`Aqar KPJ REIT’s portfolio of properties. The acquisitions of these properties are still pending regulatory approvals and are expected to be completed by the first quarter of 2009.

The year under review also marked a commendable increase in Al-‘Aqar KPJ REIT market value. The Amanah Raya Berhad, trustee of Al-‘Aqar KPJ REIT, undertook a revaluation of its six anchor properties, namely KPJ Ampang Puteri Specialist Hospital Building, KPJ Damansara Specialist Hospital Buildings, KPJ Johor Specialist Hospital Building, KPJ Ipoh Specialist Hospital Building, KPJ Selangor Specialist Hospital Building and Puteri Specialist Hospital Building, which were last valued in 2006. The Securities Commission, in its Guidelines on REITs, require a revalution of REIT’s properties be done every three years, in accordance with Financial Reporting Standard 140 (FRS 140).

The revaluation, which was announced on 31 December 2008, increased the valuation of the six properties by RM 4.8 million, concurrently increasing the Trust’s market value to RM 663.0 million. The hospital buildings owned by Al-‘Aqar KPJ REIT with 100% occupancy rate coupled with their strong financial performance are indicative of the quality of the properties comprising the Trust’s portfolio.

The operational performance of the properties is testimony to the strategic success of Al-‘Aqar KPJ REIT’s that has been put in place. All properties continue to leverage on the positions in the niche healthcare and healthcare tourism markets that they occupy, which in turn, have enabled the properties to be differentiated from competitors, thus equipping them with unique and distinctive competitive advantages.

Al-‘Aqar KPJ REIT akan terus memastikan objektif utamanya untuk memberikan pemegang-pemegang unit dengan pengagihan setiap unit dengan potensi pertumbuhan jangka panjang yang stabil. Al-‘Aqar KPJ REIT telah mengumumkan pada 19 Ogos 2008 untuk mengambilalih sembilan (9) hartanah aset pelbagai yang mempunyai kadar pulangan yang tinggi. Hartanah baru yang berjumlah RM398.0 juta pada nilai pasaran adalah Bangunan Hospital Pakar Seremban, Negeri Sembilan; Bangunan Pusat Perubatan Taiping, Perak; Bangunan Hospital Pakar Damai, Kota Kinabalu, Sabah; Hospital Tawakal (Bangunan Sediada) dan Hospital Tawakal (Bangunan Baru), Kuala Lumpur; dan Bangunan Hospital Pakar Bukit Mertajam dan Bangunan Hospital Pakar KPJ Penang, kedua-duanya di Pulau Pinang. Dua (2) hartanah lain yang mana tidak di klasifikasikan dibawah kategori bangunan hospital namun secara tidak langsung terlibat dalam industri prisihatin, adalah Kolej Antarabangsa Kejururawatan dan Sains Kesihatan KPJ yang terletak di Nilai, Negeri Sembilan dan Bangunan Selesa yang merangkumi Hotel Selesa dan Menara Metropolis di Johor Bahru, Johor.

Pemilikan Hotel Selasa Johor Bahru memberi kelebihan kepada pelancongan penjagaan kesihatan. Ianya disokong melalui fakta yang memastikan operasi hotel adalah berlandaskan prinsip-prinsip Syariah. Hotel Selesa telah mendapat pengesahan “Halal” oleh Jabatan Agama Islam Johor, seterusnya oleh Jawatankuasa Syariah Al-‘Aqar KPJ REIT. Satu lagi hartanah yang tidak terlibat dengan bangunan hospital adalah Kolej Antarabangsa Kejururawatan dan Sains Kesihatan KPJ, dimana objektif utamanya adalah untuk menyediakan keperluan sumber manusia yang berkesan terutama jururawat kepada industri penjagaan kesihatan. Dengan peningkatan permintaan kepada perkhidmatan penjagaan kesihatan, Al-‘Aqar telah menetapkan strategi kearah menyenaraikan kolej kejururawatan ke dalam portfolio hartanah Al-’Aqar KPJ REIT. Namun pemilikan kesemua hartanah tersebut masih menunggu kelulusan pihak berkuasa dan dijangka akan selesai pada suku pertama 2009.

Pada tahun penilaian, Al-‘Aqar KPJ REIT juga menandakan peningkatan ketara melalui nilai pasaran Al-‘Aqar KPJ REIT. Amanah Raya Berhad, pemegang amanah Al-‘Aqar KPJ REIT telah menjalankan penilaian semula enam (6) hartanah utamanya iaitu, Bangunan Hospital Pakar KPJ Ampang Puteri, Bangunan Hospital Pakar KPJ Damansara, Bangunan Hospital Pakar KPJ Johor, Bangunan Hospital Pakar KPJ Ipoh, Bangunan Hospital Pakar KPJ Selangor dan Bangunan Hospital Pakar Puteri yang mana kali terakhir dinilai pada tahun 2006. Dalam Garispanduan Tabung Amanah Hartanah, Suruhanjaya Sekuriti, penilaian semula hartanah hendaklah dilakukan setiap tiga (3) tahun, mengikut Piawaian Laporan Kewangan 140.

Penilaian tersebut telah diumumkan pada 31 Disember 2008, dengan peningkatan penilaian enam (6) hartanah dengan jumlah RM4.8 juta, seterusnya meningkatkan nilai pasaran Al-‘Aqar KPJ REIT kepada RM663.0 juta. Bangunan hospital yang dimiliki oleh Al-‘Aqar KPJ REIT dengan kadar penghuniannya 100% serta prestasi kewangan yang kukuh adalah selari dengan kualiti hartanah yang terkandung dalam portfolio Al-‘Aqar KPJ REIT.

Prestasi operasi hartanah juga merupakan bukti kepada kejayaan strategi berkesan oleh Al-‘Aqar KPJ REIT. Semua hartanah terus berkembang dalam linkungan posisi penjagaan kesihatan dan pasaran pelancongan penjagaan kesihatan, yang mana seterusnya, membezakan hartanah tersebut dikalangan pesaing-pesaingnya, ini menjadikan mereka lebih unik dan mempunyai kelebihan persaingan yang terbaik.


...Corporate Statement

... Perutusan Korporat

As the largest healthcare Islamic REIT in the world, KPJ Al Aqar was deliberately designed to offer unitholders a strategic and unique assets class – with an inherent ability to benefit from demand for excellent quality healthcare assets. This benefit is expected to be sustainable, as it is further under-pinned by the ever growing demand for private healthcare throughout the world. It is also a demand that is expected to remain resilient, even in spite of the looming global economic crisis.

HIGHLIGHTS OF FINANCIAL PERFORMANCE

During 2008, we continued to raise capital from our initial public offering of our common units, which was first launched in 2006. We raised 88.7 million units during 2008, bringing our total capital raised to 428.7 million units. We attribute this increased pace to several factors including implementation of Sukuk Ijarah Programme.

Al-‘Aqar KPJ REIT rating by RAM Rating Services Berhad on the Sukuk Ijarah Programme is AAA, AA2 and AAA(bg). The objective of the fund raising programme is to part finance the proposed acquisitions, pay for fees and expenses relating to the proposed acquisitions, to finance future acquisitions, to meet with working capital needs as well as refinancing of the existing bank borrowings of Al-‘Aqar KPJ REIT. Previous six (6) hospital building was financed by Bai Bithamin Ajil with a rate of 5.65% a year while Sukuk Ijarah provides with a lower rate of 4.69%.

Al-‘Aqar KPJ REIT recorded gross revenue of RM 47.78 million for the financial year ended 31 December 2008. Meanwhile, net income stood at RM 45.65 million for the same year, exceeding the Trust’s IPO projection by 43.6%.

On 13 February 2009, Al-‘Aqar KPJ REIT declared its final dividend of 4.10 sen per unit in respect of the financial year ended 31 December 2008, representing approximately 99.2% of the REIT’s gross income for the financial period under review. The distribution was approved by the trustees, Amanah Raya Berhad, and will be paid in 1st Quarter 2009. This distribution represents an annualized yield of 8.10 sen per unit, 2.2% higher than the forecast yield of 7.92 sen per unit in the IPO Prospectus.

AL-‘AQAR KPJ REIT MADE HISTORY

Alhamdulillah, we are indeed grateful that the Islamic Finance News had proclaimed and awarded the Al-‘Aqar KPJ REIT as the Deal of the Year in the Islamic-REIT category plus an Honorable Mention in the Country Deal Section.

In the year 2008, Al-‘Aqar KPJ REIT was further awarded one of the prestigious awards from Euromoney Magazine, the industry’s leading capital markets focused publication for professionals around the globe involved in the financial capital market. Al-‘Aqar KPJ REIT won the Islamic Finance Award for the Most Innovative Deal category. The award’s major highlight was the establishment of “Sukuk Ijarah Programme” involving the issuance of up to RM 300 million as the financing facilities to Al-‘Aqar KPJ REIT’s second assets acquisition. Yet another award received on the acquisition of properties in the same year is the best Islamic REIT Deal in South East Asia by the Southeast Asia Magazine.

The latest recognition in its list of accolades was received on 10 January 2009, when Al-‘Aqar KPJ REIT was awarded another

Sebagai Tabung Amanah Hartanah Islam terbesar di dunia, Al-‘Aqar KPJ REIT telah direka untuk menawarkan kelas aset yang unik dan strategik kepada para pemegang unit – dengan keupayaan untuk memperolehi aset penjagaan kesihatan yang berkualiti cemerlang. Kelebihan ini dijangka menstabilkan permintaan yang meningkat untuk penjagaan kesihatan swasta di seluruh dunia. Permintaan ini akan terus meningkat walaupun dalam keadaan krisis ekonomi.

TINJAUAN PRESTASI KEWANGAN

Pada tahun 2008 juga, kami berterusan meningkatkan modal dari tawaran biasa unit-unit awam pertama sejak dilancarkan pada 2006. Kami mengumpul 88.7 juta unit sepanjang 2008, dengan menjadikan jumlah keseluruhan modal kepada 428.7 juta unit. Kami merujuk peningkatan ini kepada beberapa faktor termasuk implementasi Program Sukuk Ijarah.

Al-‘Aqar KPJ REIT telah mendapat penarafan AAA, AA2 dan AAA(bg) dari syarikat akreditasi Malaysia iaitu Rating Agensi Malaysia (RAM). Objektif penerbitan Program Sukuk Ijarah ini adalah untuk membiayai sebahagian daripada pinjaman yang sediada dan juga digunakan untuk pengambilalihan di masa akan datang, memenuhi keperluan modal kerja serta membiayai semula pinjaman bank sediada bagi Al-‘Aqar KPJ REIT. Enam (6) bangunan hospital terdahulu telah dibiayai oleh Bai Bithamin Ajil dengan kadar faedah sebanyak 5.65% setahun manakala Sukuk Ijarah menawarkan kadar faedah yang lebih rendah iaitu 4.69%.

Al-‘Aqar KPJ REIT mencatatkan pendapatan kasar iaitu RM47.78 juta bagi tahun kewangan berakhir 31 Disember 2008. Dimana pendapatan bersih bagi tahun yang sama iaitu RM 45.65 juta, melebihi jangkaan IPO Al-‘Aqar KPJ REIT sebanyak 43.6%.

Pada 13 Februari 2009, Al-‘Aqar KPJ REIT mengumumkan dividen akhirnya pada 4.10 sen bagi setiap unit bagi tahun kewangan sehingga 31 Disember 2008, mewakili anggaran 99.2% dari pendapatan kasar Al-‘Aqar KPJ REIT bagi tahun kewangan. Pengagihan telah diluluskan oleh Pemegang Amanah iaitu Amanah Raya Berhad dan akan dibayar pada suku pertama 2009. Pengagihan ini mewakili kadar faedah tahunan sebanyak 8.10 sen setiap unit, dengan peningkatan pada kadar 2.2% dari jangkaan 7.92 sen setiap unit yang dinyatakan dalam Prospektus.

AL-‘AQAR KPJ REIT MENCATAT SEJARAH

Alhamdulillah, kami amat bersyukur kerana Islamic Finance News telah mengisytihar dan menganugerahkan Al-‘Aqar KPJ REIT sebagai “Deal of the Year” bagi kategori REIT Islam disamping “Honorable Mention” bagi “Country Deal Section”.

Pada tahun 2008, Al-‘Aqar KPJ REIT telah dianugerahkan salah satu anugerah berprestij dari Majalah Euromoney, penerbitan khusus bagi industri pasaran modal yang utama dikhaskan kepada profesional di seluruh dunia yang terlibat dalam industri perbankan. Al-‘Aqar KPJ REIT dipilih oleh panel juri Majalah Euromoney berdasarkan kecemerlangannya di dalam industri ini. Al-‘Aqar KPJ REIT telah memenangi “Anugerah Kewangan Islam”, dalam kategori paling inovatif. Anugerah itu diterima hasil daripada terbitan Program Sukuk Ijarahnya yang melibatkan terbitan sehingga RM300 juta bertujuan untuk membiayai pemilikan aset terkini Al-‘Aqar KPJ REIT. Satu lagi anugerah yang telah dimenangi adalah “Best Islamic REIT Deal” oleh majalah South East Asia.


round of winners from Islamic Finance News, as the Best Real Estate Deal of the Year 2008 category. This latest award had only added Al-‘Aqar KPJ REIT’s many outstanding corporate milestones not only in Malaysia, but also globally by being the first Asian Healthcare REIT, first listed REIT globally and the first to be launched and listed under the Malaysian Securities Commission’s Guidelines for Islamic REITs.

FUTURE PROSPECTS

On August 2008, the Securities Commission decided to revise the Guidelines on Real Estate Investment Trusts (REITs Guidelines) which took effect immediately. This guideline is set up to enhance the attractiveness of Bursa Malaysia as a destination for REIT listings and to promote a vibrant and competitive REIT industry domestically and regionally.

The Guidelines now provide greater flexibility for REIT Managers to manage their REIT’s portfolio mix – a freedom to manage a combination of local and foreign real estate or real estates that is not wholly-owned or have a majority ownership.

The Managers remain firmly committed to ensuring that Al-‘Aqar KPJ REIT’s unitholders are amply-rewarded for their investment. With a view towards sustainability, Al ‘Aqar will continue to explore acquisition opportunities of suitable properties, the key requirement being that they are yield accretive and will complement the Trust’s existing portfolio. The Managers are very optimistic about prospects of leveraging their expertise in managing Syariah-compliant healthcare properties and to further expand regionally, especially to the Middle East.

Damansara REIT Managers Sdn Bhd as the Managers of Al-‘Aqar KPJ REIT will continue to review and implement various operating strategies aimed at increasing the rental and occupancy rates of the Properties with the goal of improving yields and returns for the Trust and will seek to explore and seize capital growth opportunities and initiate more Islamic Financial Instrument in the Islamic Capital Market.

APPRECIATION

On behalf of the Board of Directors of Damansara REIT Managers Sdn Berhad, the Managers of Al-‘Aqar KPJ REIT, I would like to take this opportunity to thank the unitholders of Al-‘Aqar KPJ REIT for their trust and confidence in us. We would like to assure all unit holders of our full commitment and dedication to sustain performance that must manifest itself in terms of rewarding and gratifying returns for all those investing in Al-‘Aqar KPJ REIT.

We would also like to extend our appreciation to all our customers, tenants and business associates; the regulatory authorities and investors, especially for the trust and strong support which had been instrumental in enabling the Al-‘Aqar KPJ REIT to out perform its target set during the past two years of operations. Finally, our achievements are indeed the result of the concerted effort and contributions of the entire team of dedicated managers, executives and staff, to all of whom we remain indebted.

TAN SRI DATO’ MUHAMMAD ALI HASHIMChairmanDamansara REIT Managers Sdn Berhad

Anugerah terkini dalam senarainya diterima pada 10 Januari 2009, Al-‘Aqar KPJ REIT telah memenangi kali kedua dari Islamic Finance News iaitu anugerah kategori “Best Real Estate Deal of the Year 2008”. Anugerah terkini ini merupakan tambahan kepada pencapaian korporat terbaik Al-‘Aqar KPJ REIT, termasuklah sebagai REIT Prisihatin Pertama di Asia, REIT Islam Pertama di dunia dan juga yang pertama disenaraikan di bawah Garispanduan REIT Islam, Suruhanjaya Sekuriti, Malaysia.

PROSPEK HADAPAN

Pada Ogos 2008, Suruhanjaya Sekuriti telah mengemaskini Garis Panduan Tabung Amanah Hartanah yang berkuatkuasa serta merta. Garis panduan tersebut bertujuan untuk menambahbaikan dan mempunyai daya tarikan kepada Bursa Malaysia sebagai destinasi bagi penyenaraian Tabung Amanah Hartanah serta mempromosi industri Tabung Amanah Hartanah yang berdaya saing secara domestik dan antarabangsa.

Garis Panduan tersebut kini lebih fleksibal bagi pihak Pengurus Tabung Amanah Hartanah untuk menguruskan portfolio hartanah yang lebih pelbagai – kebebasan menguruskan campuran hartanah antara tempatan dan asing atau hartanah yang tidak dimiliki sepenuhnya atau pemilikan majoriti.

Pihak Pengurus akan terus komited bagi memastikan pemegang-pemegang unit Al-‘Aqar KPJ REIT mendapat pulangan bagi pelaburan mereka. Dengan memandang kearah penstabilan, Al-‘Aqar akan terus meneroka peluang-peluang pemilikan hartanah yang sesuai, keperluan utamanya mestilah faedah yang menarik dan bertepatan dengan portfolio kini. Pihak Pengurus juga amat optimistik berkenaan keumpilan dalam mengurus hartanah penjagaan prisihatin berlandaskan Syariah bagi terus berkembang ke peringkat antarabangsa, terutama ke Negara Timur Tengah.

Damansara REIT Managers Sdn Bhd selaku Pengurus kepada Al-‘Aqar KPJ REIT akan terus meninjau dan mengimplementasi beberapa strategi operasi bagi meningkatkan sewa dan kadar penghunian hartanah dengan tujuan memberi kadar pulangan Al-‘Aqar KPJ REIT yang lebih baik. Al-‘Aqar KPJ REIT juga akan terus meneroka peluang mengembangkan saiz modal dan mempelbagaikan lagi lebih banyak Instrumen Kewangan Islam dalam Pasaran Modal Islam.

PENGHARGAAN

Bagi pihak Lembaga Pengarah Damansara REIT Managers Sdn Berhad, Pengurus kepada Al-‘Aqar KPJ REIT, saya ingin mengambil peluang ini mengucapkan terima kasih kepada pemegang-pemegang unit Al-‘Aqar KPJ REIT atas kepercayaan dan keyakinan kepada kami. Kami ingin terus memastikan para pemegang unit akan komitmen dan dedikasi bagi memastikan prestasi selaras dengan pulangan dan ganjaran bagi setiap pelaburan dalam Al-‘Aqar KPJ REIT.

Kami juga ingin merakamkan penghargaan kepada semua pelanggan, penyewa dan sekutu perniagaan; pihak berkuasa dan pelabur, terutama atas kepercayaan dan sokongan kuat sebagai pemangkin kepada Al-‘Aqar KPJ REIT untuk memenuhi sasaran sepanjang dua tahun operasinya. Akhir sekali, kejayaan ini juga merupakan hasil usaha dan sumbangan semua pihak pengurusan, eksekutif dan kakitangan serta yang terlibat.

TAN SRI DATO’ MUHAMMAD ALI HASHIMPengerusiDamansara REIT Managers Sdn Berhad


Manager’s ReportLaporan Pengurus Interim

Damansara REIT Managers Sdn Berhad (“DRMSB”), the Manager of Al-’Aqar KPJ Real Estate Investment Trust (Al-’Aqar KPJ REIT) have pleasure in submitting their report to the Unitholders of Al-’Aqar KPJ REIT together with the audited financial statements of Al-’Aqar KPJ REIT for the financial year ended 31 December 2008.

THE TRUST AND THE MANAGER

Al-’Aqar KPJ REIT is a Malaysian-based real estate and investment trust, established on 28 June 2006 pursuant to the execution of a Trust Deed dated 27 June 2006 between the Manager (“DRMSB”), and the Trustee (“Amanah Raya Berhad”). It was listed on the Main Board of Bursa Malaysia on 10 August 2006. Al-’Aqar KPJ REIT was initially formed to own and invest in Syariah acceptable properties which comprise of Ampang Puteri Specialist Hospital Building, Damansara Specialist Hospital Building, Johor Specialist Hospital Building, Ipoh Specialist Hospital Building, Puteri Specialist Hospital Building and Selangor Medical Centre Building (collectively the “Properties”).

The fund acquired five (5) more hospital buildings bringing the total number of properties to eleven (11) by the end of 2008. The second injection of assets involve acquisitions of Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building, Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital Building and Kedah Medical Centre Building.

The Manager, incorporated in Malaysia, is a wholly-owned subsidiary of Damansara Asset Sdn Bhd, a subsidiary of Johor Corporation. The principal activity of the Manager is management of real estate investment trusts. There has been no significant change in the nature of the activity during the period.

FUND OBJECTIVE

Our key objective of Al-’Aqar KPJ REIT is to provide Unitholders with stable distributions per unit with the potential for sustainable long-term growth of such distributions and Net Asset Value (NAV) per unit.

The objective is sought to be achieve by optimizing the performance and enhancing the overall quality for a large and geographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and business strategies.

For the period ended 31 December 2008, the Al-’Aqar REIT has declared an income distribution of 8.10 sen per unit which is in line with the objective of providing the unitholders with a steady stream of income.

CATEGORY OF FUND

Real estate and real estate-related assets.

TYPE OF FUND

Income and growth.

Damansara REIT Managers Sendirian Berhad (“DRMSB”), Pengurus kepada Amanah Pelaburan Hartanah Islam Al-’Aqar KPJ (Al-’Aqar KPJ REIT) dengan sukacitanya membentangkan Laporan Pengurus Interim kepada Pemegang unit Al-’Aqar KPJ REIT berserta dengan penyata kewangan Al-’Aqar KPJ REIT bagi tempoh berakhir 31 Disember 2008.

DANA AMANAH, PENGURUS DAN AKTIVITI UTAMA

Al-’Aqar KPJ REIT adalah sebuah dana amanah pelaburan hartanah yang berpengkalan di Malaysia telah ditubuhkan pada 28 Jun 2006 dengan termeterainya Suratikatan bertarikh 27 Jun 2006 diantara Pengurus (DRMSB) dan Pemegang Amanah (Amanah Raya Berhad). Ia telah disenaraikan di Papan Utama Bursa Malaysia pada 10 Ogos 2006. Al-’Aqar KPJ REIT pada asalnya ditubuhkan untuk memiliki dan melabur dalam harta-harta yang boleh diterima Syariah yang terdiri daripada Bangunan Hospital Ampang Puteri, Bangunan Hospital Pakar Damansara, Bangunan Hospital Pakar Johor, Bangunan Hospital Pakar Ipoh, Bangunan Hospital Pakar Puteri dan Bangunan Pusat Perubatan Selangor (dikenali sebagai “hartabenda”).

Al-’Aqar KPJ REIT memiliki 5 buah bangunan hospital dengan menjadikan jumlah keseluruhan hartana sebanyak sebelas (11) pada akhir 2008. Pemilikan kedua terdiri daripada bangunan Hospital Pakar Perdana, Bangunan Hospital Pakar Kuantan, Bangunan Pusat Perubatan Sentosa, Bangunan Hospital Pakar KPJ Kajang dan Bangunan Pusat Perubatan Kedah.

Pengurus, sebuah syarikat yang diperbadankan di Malaysia, adalah syarikat milik penuh Damansara Asset Sdn Bhd, syarikat anak milik Johor Corporation. Aktiviti utama Pengurus adalah pengurusan amanah pelaburan hartanah. Tiada sebarang perubahan ketara di dalam aktiviti utama di sepanjang tempoh ini. Aktiviti utama Al-’Aqar KPJ REIT adalah melabur dalam dalam harta-harta yang berlandaskan syariah dengan objektif utamanya untuk menyediakan pengagihan pendapatan yang stabil dan berpotensi untuk mengekalkan pertumbuhan jangka masa panjang dan peningkatan modal.

OBJEKTIF DANA

Objektif utama Al-’Aqar KPJ REIT adalah untuk menyediakan pemegang-pemegang unit dengan pengagihan pendapatan per unit yang stabil dengan potensi pertumbuhan jangka panjang boleh kekal bagi pengagihan pendapatan dan Nilai Aset Bersih (NAB) per unit tersebut.

Objektif adalah dihasratkan untuk dicapai dengan mengoptimumkan prestasi dan meningkatkan keseluruhan kualiti portfolio pelbagai aset hartanah yang mematuhi Syariah secara geografi melalui beberapa strategi bisnes dan pelaburan yang dibenarkan.

Bagi tempoh berakhir 31 Disember 2008, Al-’Aqar KPJ REIT telah mengisytiharkan pengagihan pendapatan sebanyak 8.10 sen per unit di mana ini adalah sejajar dengan objektifnya untuk menyediakan pendapatan yang stabil kepada para pemegang unit.

KATEGORI DANA

Hartanah dan aset-aset berkaitan hartanah.


TERM OF THE FUND

The Fund has no fixed termination date. However, the Trust Deed does provide for a number of circumstances under which the Fund may be terminated.

INVESTMENT POLICIES

(i) Portfolio composition

Al-’Aqar KPJ REIT’s investments maybe allocated in the following manner, as prescribed by the Guidelines on Real Estate Investment Trust (“Guidelines on REITs”) and the Guidelines for Islamic Real Estate Investment Trust (“Guidelines on Islamic REITs”):

(a) at least 75% of Al-’Aqar KPJ REIT’s total assets shall be invested in Syariah compliance real estate, single-purpose companies which are Syariah-compliant, Syariah compliant real estate-related assets or liquid assets;

(b) at least 50% of Al-’Aqar KPJ REIT’s total assets must be invested in Syariah compliant real estate or single-purpose companies which are Syariah compliant; and

(c) the remaining 25% of Al-’Aqar KPJ REIT’s total assets may be invested in other Syariah compliant assets (i.e. Syariah compliant real estate-related assets, Syariah compliant non-real estate-related assets or Islamic asset-backed securities).

(ii) Diversification

Al-’Aqar KPJ REIT will seek to diversify its Syariah-compliant real estate portfolio by property and location type. Al-’Aqar KPJ REIT will primarily be focused on investing in real estates which are primarily used for healthcare purposes and will continue to look for opportunities that will provide attractive returns.

(iii) Leverage

Al-’Aqar KPJ REIT will be able to leverage on its financing to make the permitted investments. Leveraging on its financing will enable the returns to unitholders to increase.

JENIS DANA

Pendapat dan Pertumbuhan.

TEMPOH DANA

Tiada ditetapkan tarikh penamatan dana. Walaubagaimanapun, Suratikatan Amanah ada memperuntukkan keadaan-keadaan dimana dana boleh ditamatkan.

POLISI-POLISI PELABURAN

(i) Komposisi portfolio

Pelaburan Al-’Aqar KPJ REIT mungkin diperuntukkan dengan komposisi berikut, seperti yang dinyatakan di dalam Garispanduan bagi Amanah Pelaburan Hartanah (Garispanduan REIT) dan Garispanduan bagi Amanah Pelaburan Hartanah Islam (Garispanduan REIT Islam):

(a) Sekurang-kurangnya 75% daripada jumlah aset Al-’Aqar KPJ REIT perlu dilaburkan di dalam hartanah yang mematuhi Syariah, syarikat yang ditubuhkan untuk tujuan tertentu yang mematuhi Syariah, asset-aset yang berkaitan dengan hartanah atau asset cair yang mematuhi Syariah;

(b) Sekurang-kurangnya 50% daripada jumlah aset Al-’Aqar KPJ REIT mesti dilaburkan di dalam hartanah yang mematuhi Syariah atau syarikat yang ditubuhkan untuk tujuan tertentu yang mematuhi Syariah; dan

(c) Baki 25% daripada jumlah aset Al-’Aqar KPJ REIT mungkin dilaburkan di dalam aset lain yang mematuhi Syariah (contoh: aset-aset berkaitan hartanah yang mematuhi Syariah, aset-aset tidak berkaitan hartanah yang mematuhi Syariah atau sekuriti sokongan aset Islam).

(ii) Kepelbagaian

Al-’Aqar KPJ REIT akan mempelbagaikan portfolio hartanah yang mematuhi Syariah bedasarkan ciri-ciri harta dan jenis lokasi. Al-’Aqar KPJ REIT akan memberikan fokus utamanya pada pelaburan di dalam hartanah yang mana perubatan merupakan kegunaan utamanya dan akan berterusan mencari peluang-peluang yang akan memberikan pulangan yang menarik.

(iii) Keumpilan

Al-’Aqar KPJ REIT boleh mengumpil pembiayaannya untuk membuat pelaburan yang dibenarkan. Pengumpilan ke atas pembiayaan dapat meningkatkan pulangan kepada pemegang unit.


Market ReportLaporan Pasaran

MALAYSIA ECONOMIC OVERVIEW

The sub-prime meltdown which began in August 2007 has brought down several of the long established and large financial establishments in the US and Europe. Major banks and other financial institutions around the world have reported losses of approximately US$540 billion as of September 2008, and this has continued to increase. Despite concerted efforts by governments and central banks worldwide to cut interest rates and inject massive liquidity into the stock market and the banking system, the global crisis has yet to show any sign of abating. Countries are already experiencing recession while the more resilient economies are revising their economic growth downwards.

IMPACT TO MALAYSIA’S ISLAMIC FINANCE INDUSTRY

The Malaysian Institute of Economic Research (MIER) has revised its growth forecast for 2009 to 3.4% from its earlier forecast of 5%. The government has introduced a multi-pronged economic stabilisation package aimed at mitigating a sharp slowdown in domestic demand given the substantial weak external environment. The contraction is expected to hurt banks’ income and Islamic financial institutions will not be spared.

The value of sukuk approved until September 2008 was RM24.6 billion, down from RM121.3 billion at end–2007. In the near future, it is expected that prospective issuers may reconsider issuing sukuk as they face higher yields, and the fact that the economic slowdown would require them to reexamine their financing requirements.

MARKET PROSPECT

Malaysian society places importance on the expansion and development of healthcare, putting 5% of the government social sector development budget into public healthcare — an increase of more than 47% over the previous figure. This has meant an overall increase of more than RM 2 billion. With a rising and aging population, the Government wishes to improve in many areas including the refurbishment of existing hospitals, building and equipping new hospitals, expansion of the number of polyclinics, and improvements in training and expansion of telehealth. Over the last couple of years they have increased their efforts to overhaul the systems and attract more foreign investment.

There are currently 114 government hospitals and healthcare centers with a total of 28,163 beds. There are also seven special medical institutions (including psychiatric institutions) with a total of 6,292 beds. As for private hospitals, there are 225 of them (including maternity and nursing homes) in Malaysia, and they provide 9,498 beds. The majorities are in urban areas and, unlike many of the public hospitals, are equipped with the latest diagnostic and imaging facilities. Private hospitals have not generally been seen as an ideal investment - it has often taken up to 10 years before companies have seen any profits. However, the situation has now changed and companies are now looking into this area again, particularly in view of the increasing interest by foreigners in coming to Malaysia for medical care.

TINJAUAN EKONOMI MALAYSIA

Kecarian sub-prima yang bermula pada Ogos 2007 telah mengheret beberapa institusi kewangan stabil dan lama ditubuhkan di Amerika Syarikat dan Eropah. Bank utama dan institusi kewangan lain diseluruh dunia telah merekodkan kerugian hampir kepada US$540 bilion pada bulan September 2008 dan ini berterus meningkat. Walaupun kerajaan dan bank utama telah mengandakan usaha bagi merendahkan kadar faedah dan meningkatkan kecairan dalam pasaran saham dan system perbankan, krisis ekonomi global masih tidak menunjukkan sebarang tanda pemulihan. Negara-negara yang pernah mengalami kegawatan ekonomi serta Negara-negara yang megalami kemurungan ekonomi mula menyemak kadar pertumbuhan ekonomi yang lebih rendah.

KESAN KEPADA INDUSTRI KEWANGAN ISLAM MALAYSIA

Institut Kajian Ekonomi Malaysia telah mneyemak jangkaan kadar pertumbuhan bagi 2009 kepada 3.4% dari jangkaan awal 5%. Kerajaan telah memperkenalkan pelbagai inisiatif pakej penstabilan ekonomi yang memberi tumpuan kepada menjana kepada permintaan domestik yang menurun dengan akibat dari perubahan persekitaran luaran yang lemah. Akibat dari itu akan menberi kesan kepada pendapatan bank dan institute kewangan Islam juga tidak terkecuali.

Nilai diluluskan bagi sukuk sehingga September 2008 adalah RM 24.6 bilion, kurang dari RM121.3 bilion pada akhir 2007. Pada masa hadapan, dijangka penerbit yang prospektif akan mempertimbangkan untuk mengisu sukuk kerana kadar faedah yang tinggi, dan hakikat akan ekonomi yang lembap yang memerlukan mereka untuk menyemak semula keperluan kewangan.

PROSPEK PASARAN

Masyarakat Malaysia mengutamakan pembangunan dan peningkatan prisihatin, dengan memperuntukan 5% pembangunan sektor social kerajaan – peningkatan lebih daripada 47% dari peruntukan lepas. Ini menunjukkan peningkatan lebih daripada RM 2 bilion. Dengan populasi yang meningkat ada berusia, kerajaan berharap dapat membaikpulih pelbagai aspek termasuk memulihkan bangunan hospital sedia ada, membina dan melengkapkan hospital baru, meningkatkan bilangan poliklinik, menanaiktaraf latihan dan peningkatan telekesihatan. Sejak bebrapa tahun kebelakangan ini, kerajaan telah mengandakan usaha kearah membaikpulih sistem dan menarik lebih ramai pelaburan asing.

Kini terdapat lebih kurang 114 hospital kerajaan dan pusat perubatan dengan jumlah keseluruhan katil sebanyak 28,163 unit. Terdapat juga sebanyak tujuh (7) institusi perubatan khas (termasuk institusi psikaitrik) dengan jumlah katil sebanyak 6,292 unit. Bagi hospital swasta di Malasia, terdapat 225 hospital (termasuk pusat bersalin dan rumah jururawat), menyediakan sebanyak 9,498 unit katil. Lokasi terletak di bandar-bandar dan seperti yang terdapat di hospital swasta lain, hampir kesemua dilengkapi dengan kemudahan perimejan dan pengdiagosan terkini.


COMPARATIVE RETURNS / PERBANDINGAN PULANGAN10

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18 Jan 08

Kuala Lumpur Composite Index Al-’Aqar KPJ

08 Feb 08

29 Feb 08

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28 No

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Unit Information

AS AT AS AT VA- 31 DEC 31 DEC RIANCE 2008 2007 (%)

Market Price Per Unit (RM) 0.87 0.97 (10.31)

Highest Traded Price Per Unit for the Period (RM) 0.90 1.05 (14.29)

Lowest Traded Price Per Unit for the Period (RM) 0.83 0.925 (10.27)

DISTRIBUTION

The Board of Director and the Trustee, Amanah Raya Berhad, have approved a total income of 8.10 sen per unit for the financial year ended 31 December 2008. An interim income distribution of 4.00 sen per unit for the period from 1 January 2008 to 30 June 2008, was paid on August 2008. The Manager had also declared a final dividend of 4.10 sen per unit. The total income distribution for the financial year ended 31 December 2008 amounted to RM34,726,401.

Maklumat Unit

PADA PADA PER- 31 DIS 31 DIS BEZAAN 2008 2007 (%)

Harga Pasaran Per Unit (RM) 0.87 0.97 (10.31)

Harga Urusniaga Paling Tinggi pada Tempoh Tersebut (RM) 0.90 1.05 (14.29)

Harga Urusniaga Paling Rendah pada Tempoh Tersebut (RM) 0.83 0.925 (10.27)

PENGAGIHAN PENDAPATAN

Lembaga Pengarah dan Pemegang Amanah, Amanah Raya Berhad, telah meluluskan pengagihan pendapatan sebanyak 8.10 sen seunit bagi tahun kewangan berakhir 31 Disember 2008. Pengagihan pendapatan interim sebanyak 4.00 sen seunit untuk tempoh kewangan berakhir 1 Januari hingga 30 Jun 2008 dan telah dibayar pada Ogos 2008. Pengurus juga telah mengistiharkan pengagihan pendapatan akhir sebanyak 4.10 sen seunit. Ini menjadikan jumlah pengagihan pendapatan untuk tahun kewangan berakhir 31 December 2008 sebanyak RM34,726,401.


Financial HighlightMaklumat Utama Kewangan

THE GROUP THE FUND KUMPULAN AL-’AQAR KPJ REIT

2008 2008 2007 RM RM RM

Net Income 43,853,741 43,395,088 25,343,157 Pendapatan Bersih

Income Distribution 34,726,401 34,726,401 24,890,000 Pengagihan Pendapatan

Earnings Per Unit 10.61 sen 10.50 sen 7.45 sen Pengagihan Seunit

Distribution Per Unit 8.1 sen 8.1 sen 7.32 sen Pengagihan Seunit

Annualised Management Expense Ratio (%) – 0.18 0.27 Nisbah Perbelanjaan Pengurusan Tahunan (%)

Total Assets 663,450,000 663,450,000 481,000,000 Jumlah Aset

Total Borrowing 234,279,427 – 133,420,052 Jumlah Pinjaman

Total Unitholders’ Fund 441,721,300 441,267,747 348,715,038 Jumlah Dana Pemegang Unit

Market Capitalisation 428,721,000 428,721,000 340,000,000 Permodalan Pasaran

Total Borrowings to Total Assets 35.42% – 27.86% Jumlah Pinjaman untuk Jumlah Aset

Net Asset Value Per Unit 1.03 1.03 1.03 Nilai Bersih Aset Sesaham

Unit Price (RM) – IPO – Retail Portion 0.95 sen 0.95 sen 0.95 sen Harga Seunit – IPO – Bahagian Runcit

Market Price Per Unit as at 31 December 2008 0.87 sen 0.87 sen 0.97 sen Harga Pasaran Seunit pada 31 Disember 2008

No. of Units in Circulation 428,721,000 428,721,000 340,000,000 Jumlah Unit Teredar

No. of Unitholders 2,356 2,356 2,491 Jumlah Pemegang Unit

Remark:Past performance is not necessarily indicative of future performance. Unit prices and investment returns may fluctuate.

Note:Pencapaian dana pada masa lalu bukannya petunjuk atau gambaran pencapaian masa hadapan. Harga unit dan pulangan ke atas pelaburan akan berubah-ubah mengikut pasaran.


Al-’Aqar KPJ REIT Portfolio at a GlanceHartanah Al-’Aqar KPJ REIT Seimbas Lalu

OVERVIEW

The initial investments of Al-’Aqar KPJ REIT comprise following properties, where the tenants are operating as private specialist hospitals. The activities involve healthcare sector which are permissible according to Syariah and approved by Syariah Committee Members.

TINJAUAN

Pelaburan awal Al-’Aqar KPJ REIT meliputi hartanah-hartanah berikut, di mana penyewa menggunakan premis sebagai hospital pakar swasta. Aktiviti-aktiviti yang dijalankan melibatkan sektor perkhidmatan kesihatan yang dibenarkan mengikut Syariah dan diluluskan oleh Ahli Jawatankuasa Syariah.

Property under Al-’Aqar KPJ REIT Hartanah Milik Al-’Aqar KPJ REIT

KPJ Damansara Specialist Hospital BuildingBangunan Hospital Pakar KPJ DamansaraNo. 119, Jalan SS20/10, Damansara Utama 47400 Petaling Jaya, Selangor Darul Ehsan

Puteri Specialist Hospital BuildingBangunan Hospital Pakar PuteriNo. 33, Jalan Tun Abdul Razak (Susur 5) 80000 Johor Bahru, Johor Darul Takzim

KPJ Ampang Puteri Specialist Hospital BuildingBangunan Hospital Pakar KPJ Ampang PuteriNo. 1, Jalan Mamanda 9, Taman Dato’ Ahmad Razali 68000 Ampang, Selangor Darul Ehsan

Perdana Specialist Hospital BuildingBangunan Hospital Pakar PerdanaNo. PT 37 and PT 600, Jalan Bayam, Section 14 15200 Kota Bharu, Kelantan

KPJ Selangor Specialist Hospital BuildingBangunan Hospital Pakar KPJ SelangorLot 1, Jalan 20/1 (also known as Jalan Singa 20/1) Section 20, 40300 Shah Alam, Selangor Darul Ehsan

Kuatan Specialist Hospital BuildingBangunan Hospital Pakar KuantanNo. 51, Jalan Alor Akar, Taman Kuantan 25250 Kuantan, Pahang

KPJ Ipoh Specialist Hospital BuildingBangunan Hospital Pakar KPJ IpohNo. 26, Jalan Raja DiHilir 30350 Ipoh, Perak

KPJ Johor Specialist Hospital BuildingBangunan Hospital Pakar KPJ JohorNo. 39-B, Jalan Abdul Samad 80100 Johor Bahru, Johor Darul Takzim

Sentosa Medical Centre BuildingBangunan Pusat Perubatan SentosaNo. 36, Jalan Chemur Damai Complex 50400 Kuala Lumpur

KPJ Kajang Specialist Hospital BuildingBangunan Hospital Pakar KPJ KajangJalan Cheras, 43000 Kajang Selangor Darul Ehsan

Kedah Medical Centre BuildingBangunan Pusat Perubatan KedahPumpong, 05250 Alor Setar Kedah Darul Aman

THE GROUP THE FUND KUMPULAN AL-’AQAR KPJ REIT

2008 2008 2007 RM RM RM

Net Income 43,853,741 43,395,088 25,343,157 Pendapatan Bersih

Income Distribution 34,726,401 34,726,401 24,890,000 Pengagihan Pendapatan

Earnings Per Unit 10.61 sen 10.50 sen 7.45 sen Pengagihan Seunit

Distribution Per Unit 8.1 sen 8.1 sen 7.32 sen Pengagihan Seunit

Annualised Management Expense Ratio (%) – 0.18 0.27 Nisbah Perbelanjaan Pengurusan Tahunan (%)

Total Assets 663,450,000 663,450,000 481,000,000 Jumlah Aset

Total Borrowing 234,279,427 – 133,420,052 Jumlah Pinjaman

Total Unitholders’ Fund 441,721,300 441,267,747 348,715,038 Jumlah Dana Pemegang Unit

Market Capitalisation 428,721,000 428,721,000 340,000,000 Permodalan Pasaran

Total Borrowings to Total Assets 35.42% – 27.86% Jumlah Pinjaman untuk Jumlah Aset

Net Asset Value Per Unit 1.03 1.03 1.03 Nilai Bersih Aset Sesaham

Unit Price (RM) – IPO – Retail Portion 0.95 sen 0.95 sen 0.95 sen Harga Seunit – IPO – Bahagian Runcit

Market Price Per Unit as at 31 December 2008 0.87 sen 0.87 sen 0.97 sen Harga Pasaran Seunit pada 31 Disember 2008

No. of Units in Circulation 428,721,000 428,721,000 340,000,000 Jumlah Unit Teredar

No. of Unitholders 2,356 2,356 2,491 Jumlah Pemegang Unit

Remark:Past performance is not necessarily indicative of future performance. Unit prices and investment returns may fluctuate.

Note:Pencapaian dana pada masa lalu bukannya petunjuk atau gambaran pencapaian masa hadapan. Harga unit dan pulangan ke atas pelaburan akan berubah-ubah mengikut pasaran.


New Acquistion for 2008Pemilikan Baru untuk 2008

SEREMBAN SPECIALIST HOSPITAL BUILDING BANGUNAN HOSPITAL PAKAR SEREMBAN

Address / Alamat

Lot 6219 & 6220, Jalan Toman 1, Kemayan Square 70200 Seremban, Negeri Sembilan Darul Khusus

Description / Penerangan

A five (5)-storey purpose-built private specialist hospital building together with all fixtures and fittings erected on freehold land held under title nos. GRN 51612, GRN 51630, Lot Nos. 17522, 17523 and on a leasehold land PN 25974, Lot No. 24007 situated in Pekan Bukit Kepayang, District of Seremban, Negeri Sembilan.Hospital pakar swasta lima (5) tingkat dibina khas di atas tanah berstatus pegangan kekal dengan nombor GRN 51612, GRN 51630, Lot Nos. 17522, 17523 dan sebidang tanah sewaan iaitu PN 25974, Lot No. 24007 terletak di Pekan Bukit Kepayang, Daerah Seremban, Negeri Sembilan.

Year of Completion / Tahun Siap

2004

Registered Proprietor / Pemilik Berdaftar

Lot Nos. 17522 and 17523 by Seremban Specialist Hospital Sdn Bhd (SSHSB) and Lot No. 24007 by Majlis Agama Islam Negeri Sembilan.Lot nombor 17522 dab 17523 dimiliki oleh Seremban Specialist Hospital Sdn Bhd (SSHSB) dan Lot nombor 24007 oleh Majlis Agama Islam Negeri Sembilan.

Occupancy / Penghuniaan

100% by Seremban Specialist Hospital Sdn Bhd, the owner and operator of Seremban Specialist Hospital Building.100% oleh Seremban Specialist Hospital Sdn Bhd, pemilik dan operator bangunan Hospital Pakar Seremban.

Land Area / Keluasan Tanah

16,823 square meter / 16,823 meter persegi

Gross Floor Area Whole Building / Keluasan Lantai Kasar Keseluruhan Bangunan

14,651.6 square meter / 14,651.6 meter persegi

KPJ PENANG SPECIALIST HOSPITAL BUILDING BANGUNAN HOSPITAL PAKAR KPJ PENANG

Address / Alamat

PT 799, Jalan Perda Utama, Bandar Perda 14000 Bukit Mertajam, Pulau Pinang


A purpose built private specialist hospital building comprising a five (5)-storey main hospital building together with all fixtures and fittings erected on a freehold land held under title no. HSM 375, Lot No. PT 799 situated at Mukim 7, Seberang Perai Tengah. Hospital pakar swasta lima (5) tingkat dibina khas di atas tanah berstatus pegangan kekal dengan nombor HSM 375, Lot No. PT 799 terletak di Mukim 7, Seberang Perai Tengah.


2008


Bukit Mertajam Specialist Hospital Sdn Bhd (BMSHSB)


100% by Bukit Mertajam Specialist Hospital Sdn Bhd, the owner and operator of KPJ Penang Specialist Hospital Building.100% oleh Bukit Mertajam Specialist Hospital Sdn Bhd, pemilik dan operator bangunan Hospital Pakar KPJ Penang.






KPJ INTERNATIONAL COLLEGE BUILDING BANGUNAN KOLEJ ANTARABANGSA KPJ

Address / Alamat

PT 17010, Persiaran Seriemas, Kota Seriemas 71800 Nilai, Negeri Sembilan.


A private nursing and health sciences college comprising administrative and academic block, a block of students’ hostel and car parks together with all the fixtures and fitting erected on freehold lands held under title nos. HS(D) 189780, Lot No. PT 7, Bandar Baru Kota Sri Mas and HS(D) 180301, Lot No. PT 29560, Mukim of Labu, District of Seremban, Negeri Sembilan.Kolej swasta kejururawatan dan sains kesihatan dengan blok akademik dan pentadbiran, blok hostel pelajar dan tempat letak kereta dibina khas di atas tanah berstatus pegangan bebas dengan nombor HS(D) 189780, Lot No. PT 7, Bandar Baru Kota Sri Mas dan HS(D) 180301, Lot No. PT 29560, Mukim Labu, Daerah Seremban, Negeri Sembilan.


2007


Puteri Nursing College Sdn Bhd (PNCSB)


100% by Puteri Nursing College Sdn Bhd, the owner and operator of KPJ International College.100% oleh Puteri Nursing College Sdn Bhd, pemilik dan operator bangunan Kolej Antarabangsa KPJ.





SELESA BUILDING BANGUNAN SELESA

Address / Alamat

Hotel Selesa and Metropolis Tower (Selesa Tower) Jalan Dato’ Abdullah Tahir/Jalan Tebrau 80300 Johor Bahru.


An integrated commercial development comprising a four (4) star hotel known as Hotel Selesa and a block of office building known as Metropolis Tower together with basement/elevated car parks together with all the fixtures and fittings erected on a freehold land held under title No. HSD 180798, Lot No. PTB 19109, Township of Johor Bahru, District of Johor Bahru, Johor.Pembangunan komercial integrasi terdiri daripada hotel empat (4) bintang dikenali sebagai Hotel Selesa and satu blok bangunan pejabat dikenali sebagai Menara Metropolis dengan tingkat basemen/ tempat letak kereta tangga bergerak dibina khas di atas tanah berstatus pegangan bebas dengan nombor HSD 180798, Lot No. PTB 19109, Bandaraya Johor, Daerah Johor Bahru, Johor.


1995


Hotel Selesa Sdn Bhd (HSSB)


100% by Hotel Selesa Sdn Bhd, the owner and operator of Selesa Building.100% oleh Hotel Selesa Sdn Bhd, pemilik dan operator bangunan Selesa.






KPJ TAWAKAL SPECIALIST HOSPITAL BUILDING BANGUNAN HOSPITAL PAKAR KPJ TAWAKAL

Address / Alamat

Jalan Pahang Barat/ Jalan Sarikei, 53000 Kuala Lumpur.


A seven (7) specialist hospital building with a single podium as the main lobby and a three (3) level elevated car park erected on a freehold land held under title no. HSB 114982, Lot No. PT 135 situated at Section 85A, Town of Kuala Lumpur, District of Kuala Lumpur, Federal Teritory of Kuala Lumpur.Hospital pakar swasta tujuh (7) tingkat dengan satu (1) tingkat pengkalan terjulur sebagai lobi utama dan tiha (3) tingkat tempat paarkir kereta dibinakhas di atas tanah berstatus pegangan bebas yang bernombor HSB 114982, Lot no. PT 135 terletak di Seksyen 85A, Bandaraya Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.


Under construction and expected to commence operation in third quarter of 2009.Dalam pembinaan dan dijangka memulakan operasi pada suku ketiga 2009.


Pusat Pakar Tawakal Sdn Bhd (PPTSB)


Nil / Tiada





…New Acquistion for 2008…Pemilikan Baru untuk 2008

TAWAKAL HOSPITAL BUILDING BANGUNAN HOSPITAL TAWAKAL

Address / Alamat

No. 202A, Jalan Pahang, 53000 Kuala Lumpur


A renovated four (4)-storey shop office building comprising eighteen (18) units together with all fixtures and fittings erected on freehold land held under title nos. GRN 4412 to GRN 4425, GRN 4432 to GRN 4436, Lot Nos. 78 to 91, Lot Nos. 98 to 102 and leasehold land held under title nos. PN 6271 to PN 6272, Lot Nos. 124 to 125 situated at Section 85A, Town of Kuala Lumpur, District of Kuala Lumpur, Federal Territory of Kuala Lumpur. Hospital swasta empat (4) tingkat kedai pejabat diubahsuai kepada lapan belas (18) unit dibinakhas di atas tanah berstatus pegangan no. GRN 4412 hingga GRN 4425, GRN 4432 hingga GRN 4436, Lot No. 78 hingga 91, Lot Nos. 98 hingga 102 dan sebidang tanah sewaan iaitu PN 6271 to PN 6272, Lot Nos. 124 to 125 terletak di Seksyen 85A, Bandaraya Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.


1983


Pusat Pakar Tawakal Sdn Bhd (PPTSB), save for GRN No. 4423 and 4424, Lot Nos. 89 & 90, Section 85A, Town of Kuala Lumpur, District of Kuala Lumpur, Federal Territory of Kuala Lumpur, which are registered in the name of Jcorp.Pusat Pakar Tawakal Sdn Bhd (PPTSB), bagi Lot no. GRN No. 4423 and 4424, Lot No. 89 & 90, Seksyen 85A, Bandaraya Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, dimana didaftarkan dibawah nama Jcorp.


100% by Pusat Pakar Tawakal Sdn Bhd, the owner and operator of Tawakal Hospital Building.100% oleh Pusat Pakar Tawakal Sdn Bhd, pemilik dan operator bangunan Hospital Tawakal.






TAIPING MEDICAL CENTRE BUILDING BANGUNAN PUSAT PERUBATAN TAIPING

Address / Alamat

No. 39, 41, 43, 45, 47 & 49, Jalan Medan Taiping 2 Medan Taiping, 34000 Taiping, Perak.


A purpose-built private specialist hospital comprising a four (4)-storey main hospital building and a parcel of commercial lot with a single storey store building together with all fixtures and fittings erected on leasehold land held under title nos. PN 235465 – PN 235468, PN 235470, PN 235471 and HSD 2094/89, Lot Nos. 3102 – 3107 and PT 1106 situated in Bandar Taiping, Daerah Larut & Matang, Perak.Pusat perubatan swasta empat (4) tingkat dengan sebahagian ruang perniagaan dibina khas di atas tanah berstatus sewaan dengan nombor PN 235465 – PN 235468, PN 235470, PN 235471 dan HSD 2094/89, Lot Nos. 3102 – 3107 dan PT 1106 terletak di Bandar Taiping, Daerah Larut & Matang, Perak.


1993


Taiping Medical Centre Sdn Bhd


100% by Taiping Medical Centre Sdn Bhd the owner and operator of Taiping Medical Centre Building.100% oleh Taiping Medical Centre Sdn Bhd, pemilik dan operator bangunan Taiping Medical Centre.





BUKIT MERTAJAM SPECIALIST HOSPITAL BUILDING BANGUNAN HOSPITAL PAKAR BUKIT MERTAJAM

Address / Alamat

No. 565, Jalan Sungai Rambai 14000 Bukit Mertajam, Pulau Pinang


An existing six (6)-storey purpose built private specialist hospital building with a basement level and car parks together with all fixtures and fittings erected on freehold land held under title nos. GRN 38350 and 19017, Lot Nos 1417 and 54, and two (2) parcels of development land held under title nos. GRN 41544 and HSD 47983, Lot Nos. 55 and 1529, all situated at Section 5, Town of Bukit Mertajam, Seberang Perai Tengah, Pulau Pinang.Hospital pakar swasta enam (6) tingkat dengan basemen dan tempat parker dibina khas di atas tanah berstatus pegangan kekal dengan nos. GRN 38350 dan 19017, Lot No 1417 dan 54, dan dua (2) parcel pembinaan dengan no. GRN 41544 dan HSD 47983, Lot No. 55 dan 1529, terletak di Seksyen 5, Bandar Bukit Mertajam, Seberang Perai Tengah, Pulau Pinang.


1995


Bukit Mertajam Specialist Hospital Sdn Bhd (BMSHSB)


100% by Bukit Mertajam Specialist Hospital Sdn Bhd, the owner and operator of Bukit Mertajam Specialist Hospital.100% oleh Bukit Mertajam Specialist Hospital Sdn Bhd, pemilik dan operator bangunan Hospital Pakar Bukit Mertajam.






…New Acquistion for 2008…Pemilikan Baru untuk 2008

DAMAI SPECIALIST HOSPITAL BUILDING BANGUNAN HOSPITAL PAKAR DAMAI

Address / Alamat

Lorong Tepus 1, Off Jalan Damai 88300 Kota Kinabalu, Sabah


A five (5)-storey purpose built private specialist hospital building together with all fixtures and fittings erected on a piece of leasehold land held under title no. Town Lease 017548828 situated at Kota Kinabalu.Hospital pakar swasta lima (5) tingkat dibina khas di atas tanah berstatus pegangan kekal dengan Town Lease 017548828 di Kota Kinabalu.


1993


Kota Kinabalu Specialist Hospital Sdn Bhd (KKSHSB)


100% by Kota Kinabalu Specialist Hospital Sdn Bhd, the owner and operator of Damai Specialist Hospital.100% oleh Kota Kinabalu Specialist Hospital Sdn Bhd, pemilik dan operator bangunan Hospital Pakar Damai.






The Structure of Al-’Aqar KPJ REITStruktur Al-’Aqar KPJ REIT

INTRODUCTION

Al-’Aqar KPJ REIT is a Malaysian-based unit trust established on 28 June 2006, with the investment objective of owning and investing in Syariah-compliant real estate and Syariah compliant real estate-related assets used, or predominantly used, for commercial purposes, whether directly or indirectly through the ownership of single purpose companies, which are Syariah-compliant, who wholly own real estate. Al-’Aqar KPJ REIT is initially formed to own and invest in these Syariah acceptable properties which comprise Ampang Puteri Specialist Hospital Building, Damansara Specialist Hospital Building, Johor Specialist Hospital Building, Ipoh Specialist Hospital Building, Puteri Specialist Hospital Building and Selangor Medical Centre Building.

INTRODUCTION TO ISLAMIC REIT

An Islam REIT is an investment vehicle that invests primarily in income-producing Syariah-compliant real estate and/or single purpose companies which are Syariah-compliant whose principal assets comprise Syariah-compliant real estates, and uses the income from the properties and/or companies to provide returns to its unitholders. A portion of the REIT funds can also be invested in other Syariah-compliant asset classes, such as cash or Syariah acceptable deposits. In purchasing a unit in an Islamic REIT, you share the benefits and risks of owning the Syariah-compliant real estate assets held by the Islamic REIT. Islamic REIT is an attractive asset class for investors seeking strong dividend yields as REIT tends to distribute most of its income to unit holders in dividends. The Islamic REIT also provides a new investment opportunity for those who wish to invest in real estate through Syariah-compliant capital market instruments.

OBJECTIVE OF AN ISLAMIC REIT

The key objective of a REIT is to provide unitholders with stable distributions per unit with the potential for sustainable long-term growth of such distributions.

The objective is sought to be achieved by optimising the performance and enhancing the overall quality of a large and geographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and business strategies.

PENGENALAN

Al-’Aqar KPJ REIT adalah sebuah dana amanah saham berpangkalan di Malaysia ditubuhkan pada 28 Jun 2006 dengan objektif pelaburan untuk memiliki dan melabur dalam hartanah yang mematuhi Syariah, dan aset-aset berkaitan hartanah yang mematuhi Syariah atau sebahagian besarnya digunakan, untuk tujuan komersial, sama ada secara langsung atau tidak langsung menerusi pemilikan syarikat-syarikat satu tujuan yang memiliki sepenuhnya hartanah yang mematuhi Syariah. Al-’Aqar KPJ REIT pada asalnya ditubuhkan untuk memiliki dan melabur dalam harta-harta yang boleh diterima Syariah yang terdiri daripada Bangunan Hospital Pakar Ampang Puteri, Bangunan Hospital Pakar Damansara, Bangunan Hospital Pakar Johor, Bangunan Hospital Pakar Ipoh, Bangunan Hospital Pakar Puteri dan Bangunan Pusat Perubatan Selangor.

PENGENALAN KEPADA REIT ISLAM

REIT Islam adalah instrumen pelaburan yang melabur terutamanya dalam hartanah yang mematuhi Syariah menghasilkan pendapatan dan/atau syarikat satu tujuan yang mana aset utama yang mematuhi Syariah terdiri daripada hartanah yang mematuhi Syariah, dan menggunakan pendapatan dari harta dan/atau syarikat untuk memberi pulangan kepada pemegang-pemegang unit. Sebahagian daripada dana REIT boleh juga dilaburkan dalam aset kelas lain yang mematuhi Syariah seperti tunai atau deposit yang boleh diterima Syariah.

Dalam pembelian unit dalam REIT Islam, pemegang unit berkongsi manfaat dan risiko memiliki aset hartanah yang mematuhi Islam yang dipegang oleh REIT Islam. REIT Islam adalah kelas aset menarik untuk pelabur-pelabur mencari hasil dividen yang kukuh memandangkan REIT Islam cenderung untuk mengagih kebanyakan daripada pendapatannya kepada pemegang-pemegang unit dalam bentuk dividen. REIT Islam juga menyediakan peluang pelaburan baru bagi mereka yang berhasrat untuk melabur dalam hartanah melalui instrumen pasaran modal mematuhi Syariah.

OBJEKTIF REIT ISLAM

Objektif utama REIT adalah untuk menyediakan pemegang-pemegang unit dengan pengagihan setiap unit stabil dengan potensi pertumbuhan jangka panjang boleh kekal pengagihan tersebut.

Objektif adalah dihasratkan untuk dicapai dengan mengoptimumkan prestasi dan meningkat keseluruhan kualiti portfolio pelbagai aset harta tanah yang mematuhi Syariah dan secara geografi melalui beberapa strategi pelaburan dan perniagaan yang dibenarkan.


…The Structure of Al-’Aqar KPJ REIT…Struktur Al-’Aqar KPJ REIT

KPJ Ampang Puteri Specialist Hospital Building Bangunan Hospital Pakar KPJ Ampang Puteri

KPJ Damansara Specialist Hospital Building Bangunan Hospital Pakar KPJ Damansara

KPJ Johor Specialist Hospital Building Bangunan Hospital Pakar KPJ Johor

KPJ Ipoh Specialist Hospital Building Bangunan Hospital Pakar KPJ Ipoh

Puteri Specialist Hospital Building Bangunan Hospital Pakar Puteri

KPJ Selangor Specialist Hospital Building Bangunan Hospital Pakar KPJ Selangor

Kuantan Specialist Hospital Building Bangunan Hospital Pakar Kuantan

Perdana Specialist Hospital Building Bangunan Hospital Pakar Perdana

Kedah Medical Centre Building Bangunan Pusat Perubatan Kedah

KPJ Kajang Specialist Hospital Building Bangunan Hospital Pakar KPJ Kajang

Sentosa Specialist Hospital Building Bangunan Hospital Pakar Sentosa

PSHSB

Unit Holders Pemegang-pemegang Unit

Maintenance and management services

Perkhidmatan penyelenggaraan dan pengurusan

Maintenance and management fees

Yuran penyelenggaraan dan pengurusan

RentSewa

Rental paymentsPembayaran sewa

Maintenance managerPengurus penyelenggaraan

REIT Properties Comprising Hartanah REIT Terdiri Daripada

Holding of unitsPemegangan unit

DistributionsPengagihan

Ownership of properties/buildingPemilikan bangunan harta

Net property incomePendapatan harta bersih

Management servicesPerkhidmatan pengurusan

Management feesYuran pengurusan

Acts on behalf of unitholdersBertindak bagi pihak

pemegang-pemegang unit

Trustee feesYuran pemegang amanah

Amanah Raya Berhad

TrusteePemegang amanah

Damansara REIT Managers Sdn Bhd

DSHSB

JSHSB

MASB

MCJSB

SMCSB

KSHSB

PPDNSB

KMCSB

HSSB

SMCSB

Syariah Commitee Members Ahli Jawatankuasa Syariah

Healthcare Technical Services Sdn Bhd

ManagerPengurus

11 Hospital Tenants (which are subsidiaries

of KPJ) 11 Penyewa Hospital

(yang merupakan anak-anak syarikat KPJ)

Advise the Al-’Aqar KPJ REIT

on Syariah related mattersMenasihati Al-’Aqar

KPJ REIT mengenai hal-hal berkaitan Syariah


Salient Features of Al-’Aqar KPJ REIT & Lease TermsCiri-ciri Utama Al-’Aqar KPJ REIT & Terma Pajakan

PURCHASE CONSIDERATION

First Acquisition

At RM461.25 million, a 4.1 percent discount to total asset value of RM481 million.

Second Acquisition

At RM170.04 million, a 5.0 percent discount to total asset value of RM179.9 million.

DISTRIBUTABLE INCOME

Up to 99 percent.

TENANTED AREA

100 percent.

FORECAST DISTRIBUTION PER UNIT

7.52 sen per annum (FYE 31 December 2008).

DISTRIBUTION PER UNIT

Minimum 6.5 sen per annum.

PROFORMA NAV (UPON LISTING)

RM0.98 sen per unit.

RENTAL REVIEW

Every 3-year.

LEASE TERM

15-year renewable for another 15 years.

GEARING RATIO

35.42 percent.

FINANCING

Financing Facilities of up to RM300 million nominal value Islamic CP/MTN program under the Syariah Principles of Ijarah (Sukuk Ijarah Programme) through its whollyowned special purpose company Al-’Aqar Capital.

PERTIMBANGAN BELIAN

Pemilikan Pertama

Pada RM461.25 juta, 4.1 peratus diskaun daripada nilai jumlah aset yang berjumlah RM481 juta.

Pemilikan Kedua

Pada RM170.04 juta, 5.0 peratus diskaun daripada nilai jumlah aset yang berjumlah RM179.9 juta.

PENDAPATAN YANG DIAGIHKAN

Sehingga 99 peratus.

KAWASAN DISEWA

100 peratus.

RAMALAN PENGAGIHAN SETIAP UNIT

7.52 sen setiap tahun (bagi tahun kewangan berakhir 2008).

PENGAGIHAN SETIAP UNIT

Minimum, 6.5 sen setiap tahun.

PROFORMA NAV (SEMASA PENYENARAIAN)

RM0.98 sen setiap unit.

KAJIAN SEMULA SEWAAN

Setiap 3 tahun.

TERMA PAJAKAN

15 tahun, boleh dibaharui selama 15 tahun lagi.

NISBAH GEARAN

35.42 peratus.

PEMBIAYAAN

Kemudahan pembiayaan sehingga RM300 juta nilai nominal berteraskan Islam kertas CP/MTN program dibawah Prinsip Ijarah berasaskan Syariah (Program Sukuk Ijarah).

FINANCIAL YEAR 31 DECEMBER / TAHUN KEWANGAN 31 DISEMBER 2008 2009 2010

Distribution/Unit (sen) / Pengagihan/Unit (sen) 8.01 8.19 8.32

Distribution Yield (based on RM1.00/unit) (%) / Kadar Hasil Pengagihan (pada harga RM1.00/unit) (%) 8.01 8.19 8.32

PROJECTED AND FORECAST DISTRIBUTION YIELD / RAMALAN DAN JANGKAAN PENGAGIHAN KADAR HASIL


Al-’Aqar KPJ REIT in the NewsBerita Al-’Aqar REIT



…Al-’Aqar KPJ REIT in the News…Berita Al-’Aqar REIT

NO. ARTICLE MEDIA DATE

1. KPJ yakin kekal hasil RM1 bilion bagi 2008 Berita Harian 02 December 2008

2. KPJ poised for more M&As The Star 20 October 2008

3. KPJ mampu kekal pencapaian kewangan Berita Harian 03 November 2008

4. Al-’Aqar KPJ REIT to surpass RM1 billion asset mark Bernama 19 August 2008 by end of the year

5. Al-’Aqar REIT to cross RM1 billion by year-end The Star 20 August 2008

6. Lower tax on dividend on foreigners Xinhua 29 August 2008 to boost Malaysia’s REIT market

7. “Reduce tax on foreigners to boost reits” says manager Bernama 22 August 2008

8. Al-’Aqar KPJ Real Estate Invetsment Trust Plan The News Straits Times 20 August 2008 to surpass RM1 billion mark

9. Sasar REIT Islam terbesar Utusan Malaysia 20 August 2008

10. KPJ paves the way for hospital REITs The Edge Daily 22 January 2008

11. Al-’Aqar KPJ REIT may double in size The News Straits Times 19 February 2008

12. Lower taxes on dividend on foreigners will boost REIT market Bernama 29 August 2008

13. Capai saiz dana RM1 bilion Berita Harian 20 August 2008

14. Al-’Aqar KPJ REIT to surpass RM1 billion asset mark The Borneo Post Online 21 August 2008 by year-end

15. Urusniaga sukuk hampir RM15 bilion setengah tahun pertama Utusan Malaysia 22 July 2008

16. “Al-’Aqar KPJ REIT, Islamic Finance Award 2008 Bernama 06 February 2008 – Most Innovative Deal Category by Euromoney”


Financial Statements

38 StatementbyManager

39 DeclarationbytheOfficerPrimarilyResponsible

40 Trustee’sReport

41 IndependentReportofAuditors

42 SyariahCommitteeReport

43 IncomeStatements

44 BalanceSheets

45 StatementsofChangesinNetAssetsValue

46 CashFlowStatements

47 NotestotheFinancialStatements

59 AnalysisofUnitHolders

SELESATOWER

Statement by Managerto the unitholders of Al-’Aqar KPJ REIT

We, TAN SRI DATO’ MUHAMMAD ALI BIN HASHIM and DATIN PADUKA SITI SA’DIAH SHEIKH BAKIR, being two of the Directors of DAMANSARA REIT MANAGERS SDN BERHAD (“the Manager”), state that, in the opinion of the Manager, the financial statements of AL-’AQAR KPJ REIT (the “Fund”) and its subsidiary company (the “Group”) as set out on pages 6 to 30 are drawn up in accordance with the provisions of the Trust Deed dated June 27, 2006 and the applicable Malaysian Accounting Standards Board approved accounting standards in Malaysia modified by the Securities Commission’s Guidelines on Real Estate Investment Trust so as to give a true and fair view of the financial position of the Group and of the Fund as of December 31, 2008 and of the results, changes in net asset value and cash flows of the Group and of the Fund for the year then ended.

Signed on behalf of the Board in accordance with a resolution of the Directors of the Manager,

TAN SRI DATO’ MUHAMMAD ALI BIN HASHIMDirector

DATIN PADUKA SITI SA’DIAH SHEIKH BAKIRDirector

Kuala LumpurFebruary 16, 2009


Declaration by the Officer Primarily Responsiblefor the financial management of Al-’Aqar KPJ REIT

I, YUSAINI BIN SIDEK, the Chief Executive Officer of DAMANSARA REIT MANAGERS SDN BERHAD (“the Manager”) primarily responsible for the financial management of AL-’AQAR KPJ REIT (the “Fund”) and its subsidiary company (the “Group”), do solemnly and sincerely declare that the financial statements as set out on pages 6 to 30 are, in my opinion, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.

YUSAINI BIN SIDEK

Subscribed and solemnly declared by the abovenamed YUSAINI BIN SIDEK at KUALA LUMPUR this 16th day of February, 2009.

Before me,

COMMISSIONER FOR OATHS


We, AMANAH RAYA BERHAD, being the Trustee for AL-’AQAR KPJ REIT (“the Fund”), are of the opinion that DAMANSARA REIT MANAGERS SDN BERHAD (“the Manager”), acting in the capacity of Manager of the Fund, have fulfilled their duties in the following manner for the year ended December 31, 2008:

(a) the Fund is being managed in accordance with the limitations imposed on the investment powers of the Manager and the Trustee under the Trust Deed, the Securities Commission’s Guidelines on Real Estate Investment Trust, the Securities Commission Act, 1993 and other applicable laws during the financial year ended December 31, 2008;

(b) The distribution to the unitholders of AL-’AQAR KPJ REIT is in line with the objectives of the Fund.

For and on behalf of the Trustee AMANAH RAYA BERHAD

DATO’ AHMAD RODZI BIN PAWANTEHGroup Managing Director

Kuala LumpurFebruary 16, 2009

Trustee’s Reportto the unitholders of Al-’Aqar KPJ REIT


Independent Report of Auditorsto unitholders of Al-’Aqar KPJ REIT

Report on the Financial Statements

We have audited the financial statements of AL-’AQAR KPJ REIT (the “Fund”) and its subsidiary company (the “Group”), which comprise the balance sheets of the Group and of the Fund as of December 31, 2008 and the income statements, statements of changes in net assets value and cash flow statements of the Group and of the Fund for the year then ended, and a summary of significant accounting policies and other explanatory notes as set out in pages 6 to 30.

Directors Responsibility for the Financial Statements

The directors of the DAMANSARA REIT MANAGERS SDN BERHAD (“the Manager”) are responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the Trust Deed dated June 27, 2006 and the applicable Malaysian Accounting Standards Board approved accounting standards in Malaysia modified by the Securities Commission’s Guidelines on Real Estate Investment Trust. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors Responsibility

Our responsibility is to form an independent opinion based on our audit on these financial statements and to report to you, as a body, in accordance with the applicable Securities Commission’s Guidelines on Real Estate Investment Trust and for no other purpose. We do not assume responsibility towards any other person for the contents of this report.

We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessment, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstance, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the financial statements are properly drawn up in accordance with the provisions of the Trust Deed dated June 27, 2006 and the applicable Malaysian Accounting Standards Board approved accounting standards in Malaysia modified by the Securities Commission’s Guidelines on Real Estate Investment Trust so as to give a true and fair view of the financial position of the Group and of the Fund as of December 31, 2008 and their financial performance and cash flows for the year then ended.

Report on Other Legal and Regulatory Requirements

We are satisfied that the accounts of the subsidiary company that have been consolidated with the financial statements of the Fund are in form and content appropriate and proper for the purposes of the financial statements of the Group, and we have received satisfactory information and explanations as required by us for these purposes.

Our auditors’ report on the accounts of the subsidiary company was not subject to any qualification.

DELOITTE KASSIMCHANAF 0080Chartered Accountants

OOI THIAM POHPartner – 2495/01/10 (J)Chartered Accountant

February 16, 2009


Syariah Committee Reportto the uniholders of Al-’Aqar KPJ REIT for financial period 31 December 2008

We, the Syariah Committee Member for AL-‘AQAR KPJ REIT are responsible to ensure that the procedure and the workflow process which carried out by the Manager of AL-‘AQAR KPJ REIT that is DAMANSARA REIT MANAGERS SENDIRIAN BERHAD are in compliant with the principles of Syariah which has been defined in the Trust Deed.

In our opinion, DAMANSARA REIT MANAGERS SENDIRIAN BERHAD has complied in managing and administering AL-‘AQAR KPJ REIT for the financial year ended 31 December 2008 with:

1. The Syariah Principles

2. Security Commission Guideline Terms

3. Practice Note issued by the Security Commission

AL-‘AQAR KPJ REIT also has accepted the criteria that has been imposed by the Board of Syariah Adviser, Security Commission in choosing the Syariah compliance securities.

For the Member of Syariah Committee

DATO’ HAJI NOOH BIN GADOTChairman – Syariah Committee AL-’AQAR KPJ REIT

February 16, 2009


Income Statementsfor the financial year ended December 31, 2008

THE GROUP THE FUND 2008 2007 2008 2007 NOTE RM RM RM RM

Gross revenue 4 47,778,660 35,701,524 47,778,660 35,701,524 Property expenses 5 (2,617,061) (2,063,606) (2,617,061) (2,063,606) Net rental income 45,161,599 33,637,918 45,161,599 33,637,918 Investment revenue 6 719,710 193,082 250,821 193,082 Other Income 26,500 – 26,500 –Gain on fair value adjustment

of investment properties 10 11,937,493 – 11,937,493 – Total income 57,845,302 33,831,000 57,376,413 33,831,000

Expenditure:Finance costs:

Long-term Islamic financing 11,469,055 7,413,509 780,285 7,413,509 Amount owing to subsidiary company – – 10,847,437 –

Manager’s fees 647,584 527,814 647,584 527,814 Amortisation of direct issue costs

on long-term Islamic financing 738,616 161,846 579,948 161,846 Service tax 75 – – –Trustee’s fees 129,517 105,563 129,517 105,563 Valuation fee 330,000 100,000 330,000 100,000 Printing expenses 108,786 85,603 108,626 85,603 Annual financing fee:

Current year – 30,000 – 30,000 Overprovision in prior years (53,440) – (53,440) –

Registrar fee 17,341 22,133 17,341 22,133 Auditors’ fee 35,000 21,500 25,000 20,000 Stamp duties 110,990 – 110,990 –Professional fees in respect

of acquisition of investment properties 422,025 – 422,025 –Administration expenses 26,712 14,175 26,712 10,575 Tax agent’s fee 6,300 9,000 6,300 9,000 Syariah adviser 3,000 1,800 3,000 1,800

Total expenditure (13,991,561) (8,492,943) (13,981,325) (8,487,843)

Income before tax 43,853,741 25,338,057 43,395,088 25,343,157 Tax expense 7 – – – – Net income for the year 43,853,741 25,338,057 43,395,088 25,343,157

Net income for the year is made up as follows: Realised 31,916,248 25,338,057 31,457,595 25,343,157 Unrealised 11,937,493 – 11,937,493 –

43,853,741 25,338,057 43,395,088 25,343,157

Earnings per unit (sen): 8 Gross 10.61 7.45 10.50 7.45 Net 10.61 7.45 10.50 7.45

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

Income distribution per unit (sen): 9 Gross 8.10 7.32 8.10 7.32 Net 8.10 7.32 8.10 7.32

The accompanying notes form an integral part of the financial statements.


THE GROUP THE FUND 2008 2007 2008 2007 NOTE RM RM RM RM

ASSETS Non-Current Assets Investment properties 10 663,450,000 481,000,000 663,450,000 481,000,000 Investment in subsidiary company 11 – – 2 2 663,450,000 481,000,000 663,450,002 481,000,002

Current Assets Prepaid expenses 1,151,688 484,796 1,070,418 484,796 Amount owing from subsidiary company 11 – – – 3,250 Fixed deposits with licensed banks 22,736,793 11,025,892 5,635,777 11,025,892 Cash and bank balances 16,435,604 2,414,348 16,434,104 2,412,848 40,324,085 13,925,036 23,140,299 13,926,786

TOTAL ASSETS 703,774,085 494,925,036 686,590,301 494,926,788

LIABILITIES Current Liabilities Other payables and accrued expenses 12 10,193,797 281,046 5,750,012 277,698 Income distribution payable 13 17,579,561 12,514,000 17,579,561 12,514,000 27,773,358 12,795,046 23,329,573 12,791,698

Non-Current LiabilitiesAmount owing to subsidiary company 11 – – 221,992,981 – Long-term Islamic financing 14 234,279,427 133,420,052 – 133,420,052 234,279,427 133,420,052 221,992,981 133,420,052

TOTAL LIABILITIES 262,052,785 146,215,098 245,322,554 146,211,750

NET ASSETS VALUE 441,721,300 348,709,938 441,267,747 348,715,038

UNITHOLDERS’ FUNDS Unitholders’ capital 15 417,814,139 333,930,117 417,814,139 333,930,117 Undistributed income 23,907,161 14,779,821 23,453,608 14,784,921 TOTAL UNITHOLDERS’ FUNDS 441,721,300 348,709,938 441,267,747 348,715,038

NUMBER OF UNITS IN CIRCULATION 15 428,721,000 340,000,000 428,721,000 340,000,000

NET ASSETS VALUE PER UNIT (EX-DISTRIBUTION) 1.03 1.03 1.03 1.03

Balance Sheetsas of December 31, 2008



UNDISTRI- UNITHOLDERS’ BUTED CAPITAL INCOME TOTAL THE GROUP RM RM RM

Balance as of January 1, 2007 333,951,575 14,331,764 348,283,339 Operations for the year:

Net income for the year – 25,338,057 25,338,057

Unitholders’ transactions: Underprovision of listing expenses in prior year (21,458) – (21,458) Distribution to Unitholders (Note 9) – (24,890,000) (24,890,000)

Decrease in net assets resulting from Unitholders’ transactions (21,458) (24,890,000) (24,911,458) Balance as of December 31, 2007 333,930,117 14,779,821 348,709,938



Unitholders’ transactions: Issues of units 84,284,950 – 84,284,950 Share issue expenses (400,928) – (400,928) Distribution to Unitholders (Note 9) – (34,726,401) (34,726,401)

Increase in net assets resulting from Unitholders’ transactions 83,884,022 (34,726,401) 49,157,621 Balance as of December 31, 2008 417,814,139 23,907,161 441,721,300

UNDISTRI- UNITHOLDERS’ BUTED CAPITAL INCOME TOTAL THE FUND RM RM RM



Unitholders’ transactions: Underprovision of listing expenses in prior year (21,458) – (21,458) Distribution to Unitholders (Note 9) – (24,890,000) (24,890,000)

Decrease in net assets resulting from Unitholders’ transactions (21,458) (24,890,000) (24,911,458) Balance as of December 31, 2007 333,930,117 14,784,921 348,715,038



Unitholders’ transactions: Issues of units 84,284,950 – 84,284,950 Share issue expenses (400,928) – (400,928) Distribution to Unitholders (Note 9) – (34,726,401) (34,726,401)

Increase in net assets resulting from Unitholders’ transactions 83,884,022 (34,726,401) 49,157,621 Balance as of December 31, 2008 417,814,139 23,453,608 441,267,747

Statements of Changes in Net Assets Valuefor the financial year ended December 31, 2008



THE GROUP THE FUND 2008 2007 2008 2007 RM RM RM RM

CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES Net income for the year 43,583,741 25,338,057 43,395,088 25,343,157 Adjustments for:

Finance costs 11,469,055 7,413,509 11,627,722 7,413,509 Amortisation of direct issue costs on long-term Islamic financing 738,616 161,846 579,948 161,846 Investment revenue (719,710) (193,082) (250,821) (193,082) Gain on fair value adjustment of investment properties (11,937,493) – (11,937,493) –

Operating Profit Before Working Capital Changes 43,404,209 32,720,330 43,414,444 32,725,430

(Increase)/Decrease in:Prepaid expenses (666,892) (484,796) (585,622) (484,796) Amount owing by subsidiary company – – 3,250 (3,250)

Increase/(Decrease) in: Other payables and accrued expenses 9,912,751 (4,956,185) 5,472,314 (4,959,533)

Net Cash From Operating Activities 52,650,068 27,279,349 48,304,386 27,277,851

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Income received on investment 719,710 193,082 250,821 193,082 Purchase of investment in subsidiary company – – – (2) Purchase of investment properties (86,227,557) – (86,227,557) – Net Cash From/(Used In) Investing Activities (85,507,847) 193,082 (85,976,736) 193,080

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES Finance cost paid (11,469,055) (7,413,509) (11,627,722) (7,413,509) Share issue expenses paid (400,928) (21,458) (400,928) (21,458) Dividends paid (29,660,840) (21,624,000) (29,660,840) (21,624,000) Repayment of long-term Islamic financing (134,000,000) – (134,000,000) –Increase in advances from subsidiary company – – 221,992,981 –Proceeds from long-term Islamic financing

(net of direct issue costs of RM879,241) 234,120,759 – – – Net Cash From/(Used In) Financing Activities 58,589,936 (29,058,967) 46,303,491 (29,058,967)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 25,732,157 (1,586,536) 8,631,141 (1,588,036)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 13,440,240 15,026,776 13,438,740 15,026,776

CASH AND CASH EQUIVALENTS AT END OF YEAR 16 39,172,397 13,440,240 22,069,881 13,438,740

Cash Flow Statementsfor the financial year ended December 31, 2008



Notes to the Financial Statements

1. GENERAL INFORMATION

Al-’Aqar KPJ REIT (the “Fund”) is a Malaysian domiciled Islamic real estate investment trust constituted pursuant to a Trust Deed dated June 27, 2006 (the “Deed”) between Damansara REIT Managers Sdn Berhad (the “Manager”) and Amanah Raya Berhad (the “Trustee”). The Deed is regulated by the Securities Commission Act, 1993, the Securities Commission’s Guidelines on Real Estate Investment Trusts and the Listing Requirements of Bursa Malaysia Securities Berhad, the Rules of the Depository and taxation laws and rulings of Malaysia. The Fund will continue its operations until such time as determined by the Trustee and the Manager as provided under the provisions of the Deed.

The Fund was listed on the Main Board of Bursa Malaysia Securities Berhad on August 10, 2006 and commenced its business operations on August 17, 2006.

The principal activity of Al-’Aqar KPJ REIT is to invest in syariah compliant properties with the primary objective of providing Unitholders with stable distribution and potential for sustainable long term growth of such distribution and capital appreciation.

The Fund has entered into several service agreements in relation to the management of the Fund and its property operations. The fees structure of these services is as follows:

(a) Maintenance and Management Fee

The Maintenance Manager, Healthcare Technical Services Sdn Bhd, is entitled to an annual maintenance and management fee of up to 0.08% gross value of the investment properties in respect of the management of the investment properties owned by the Fund in accordance with the Deed. The fee is calculated on a monthly accrual basis.

(b) Manager’s Fee

Pursuant to the Deed, the Manager is entitled to receive a fee of up to 0.15% per annum of the Net Assets Value of the Fund, calculated based on the monthly accrual basis and payable monthly in arrears. The Manager’s fees for the financial year ended December 31, 2008 of RM647,584 (2007: RM527,814) is determined based on 0.15% (2007: 0.15%) of the monthly net assets value.

(c) Trustee’s Fee

Pursuant to the Deed, the Trustee is entitled to receive a fee of up to 0.03% per annum of the Net Assets Value of the Fund, calculated based on the monthly accrual basis and payable monthly in arrears. The Trustee’s fees for the financial year ended December 31, 2008 of RM129,517 (2007: RM105,563) is determined based on 0.03% (2007: 0.03%) of the monthly net assets value.

The registered office of the Manager is located at 13th Floor, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru.

The financial statements of the Group and of the Fund were authorised by the Board of Directors of the Manager for issuance on February 16, 2009.

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The financial statements of Al-’Aqar KPJ REIT have been prepared in accordance with the provisions of the Deed and the applicable Malaysian Accounting Standards Board (“MASB”) approved accounting standards in Malaysia modified by the Securities Commission’s Guidelines on Islamic Real Estate Investment Trust.

In the current financial year, the Group and the Fund adopted all of the new and revised Financial Reporting Standards (“FRS”) and Interpretations issued by the MASB that are relevant to its operations and are effective for annual period beginning on or after January 1, 2008.

The adoption of these new and revised FRSs and Interpretations does not result in significant changes in the accounting policies of the Group and of the Fund and has no significant financial effect on the financial statements of the Group and of the Fund in the current and previous financial years.

Accounting Standards Issued but Not Effective

FRS 139 “Financial Instruments: Recognition and Measurement” is effective for accounting periods beginning on or after January 1, 2010. This new standard establishes principles for recognising and measuring financial assets and financial liabilities. The Group and the Fund will apply this standard from financial year ending December 31, 2010.

By virtue of the exemption in paragraph 103AB of FRS 139, the impact of applying FRS 139 on the financial statements upon first adoption of this standard as required by paragraph 30(b) of FRS 108, Accounting Policies, Changes in Accounting Estimates and Errors is not disclosed.


…Notes to the Financial Statements

3. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of the Group and of the Fund have been prepared under the historical cost convention modified to include the fair value adjustments for investment properties.

Revenue Recognition

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the Group and the amount of the revenue can be measured reliably.

Revenue from rental of investment properties are recognised on an accrual basis.

Investment revenue from profit sharing income from Islamic fixed deposits placement are recognised on an accrual basis.

Income Tax

Income tax for the year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted at the balance sheet date.

Deferred tax is provided for, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the financial statements. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference arises from goodwill or negative goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit.

Deferred tax is measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in the income statements, except when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is also recognised directly in equity, or when it arises from a business combination that is an acquisition, in which case the deferred tax is included in the resulting goodwill or negative goodwill.

Investment Properties

Investment properties, which are properties held to earn rental and/or for capital appreciation, are stated at its fair value at the balance sheet date. Gains or losses arising from changes in the fair value of investment properties are included in income statements for the year in which they arise.

Investment properties are derecognised on disposal or when the investment properties are permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in the income statements in the year/period of retirement or disposal.

Investment properties are stated at fair value, which reflects market condition at the balance sheet date. Fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm’s length transaction.

Provisions

Provisions are made when the Group or the Fund have a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount can be made.

Provisions are measured at the Manager’s best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.

At each balance sheet date, the provisions are reviewed by the Manager and adjusted to reflect the current best estimate. The provisions are reversed if it is no longer probable that the Group or the Fund will be required to settle the obligation.


Financing Facilities

Financing facilities are initially measured at fair value, and are subsequently measured at amortised cost, using the effective profit rate method. Any difference between the proceed (net of transaction costs) and the settlement or redemption of financing facility is recognised over the term of the financing facility.

Profit sharing expenses on financing directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial year of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income on the temporary investment of specific financing facility pending their expenditure on qualifying assets is deducted from the profit sharing expenses on financing eligible for capitalisation.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash and bank balances and other are short-term, highly liquid investments with maturities of three months or less from the date of acquisition and are readily convertible to cash with insignificant risk of changes in value.

4. REVENUE

THE GROUP AND THE FUND

2008 2007 RM RM

Rental income from: KPJ Damansara Specialist Hospital 8,142,000 7,979,004 KPJ Johor Specialist Hospital 5,703,000 5,589,000 KPJ Ipoh Specialist Hospital 5,226,000 5,121,000 Puteri Specialist Hospital 2,953,920 2,895,480 KPJ Ampang Puteri Specialist Hospital 9,755,040 9,560,040 KPJ Selangor Specialist Hospital 4,650,000 4,557,000 Kedah Medical Centre 3,078,470 –Perdana Specialist Hospital 2,674,730 –Kuantan Specialist Hospital 1,305,830 –Sentosa Specialist Hospital 1,640,170 –KPJ Kajang Specialist Hospital 2,649,500 –

47,778,660 35,701,524

5. PROPERTY EXPENSES

THE GROUP AND THE FUND

2008 2007 RM RM

Assessment 1,355,946 1,069,989 Takaful coverage 539,070 404,993 Maintenance fee 523,791 403,041 Quit rent 198,254 185,583 2,617,061 2,063,606



6. INVESTMENT REVENUE


Income from:Syariah based deposits 719,710 174,424 250,821 174,424 Takaful – 18,658 – 18,658

719,710 193,082 250,821 193,082

7. TAX EXPENSE


Estimated tax payable — — — —

A numerical reconciliation of income tax expense at the applicable statutory income tax rate to income tax expense at the effective income tax rate is as follows:


Income before tax 43,853,741 25,338,057 43,395,088 25,343,157

Tax at statutory tax rate of 26% (2007: 27%) 11,401,973 6,841,275 11,282,723 6,842,652 Tax effects of:

Non deductible expenses 305,378 88,706 305,378 88,706 Income not subject to tax (117,222) – – –Income exempted from tax (11,590,129) (6,929,981) (11,588,101) (6,931,358)

– – – –

In accordance with Section 61A(1) of the Malaysian Income Tax Act 1967, the total income of the Fund will be exempted from income tax provided that at least 90% of the total taxable income of the Fund is distributed to unitholders within two months from the end of the financial year.

In accordance with the Deed, the Fund is required to distribute at least 95% of its net income. The Manager also expects to distribute the net income within two months from the end of each financial year and accordingly, no estimated current tax payable or deferred tax is required to be provided in the financial statements.

8. EARNINGS PER UNIT

The gross and net earnings per unit were calculated based on the income before tax and net income for the year of the Group of RM43,853,741 (2007: RM25,338,057) and of the Fund of RM43,395,088 (2007: RM25,343,157) and the weighted average number of units in circulation as of December 31, 2008 of 413,206,945 (2007: 340,000,000) units.


9. DISTRIBUTIONS

For the financial year ended December 31, 2008, the Manager, with the approval of the Trustee, has declared the following distributions:


First interim distribution – 4.00 sen per unit (2007: 3.64) 17,148,840 12,376,000 17,148,840 12,376,000 Second interim distribution – Nil sen per unit (2007: 3.22) – 10,948,000 – 10,948,000 Final distribution – 4.10 sen per Unit (2007: 0.46 sen) 17,577,561 1,566,000 17,577,561 1,566,000 34,726,401 24,890,000 34,726,401 24,890,000

The total distribution for the financial year ended December 31, 2008, which amounts to RM34,726,401 (2007: RM24,890,000), represents approximately 109% (2007: 98%) of the realised net income for the year.

Distribution to Unitholders is derived from the following sources:

THE GROUP 2008 2007 RM RM

Net rental income 45,161,599 33,377,843 Investment revenue 250,821 –Other income 26,500 –Gain on fair value adjustments of investment properties 3,268,806 – 48,707,726 33,377,843Less: Expenses (13,981,325) (8,487,843) 34,726,401 24,890,000

Gross distribution per unit (sen) 8.10 7.32

Net distribution per unit (sen) 8.10 7.32



10. INVESTMENT PROPERTIES

The Group and The Fund

RE- MAINING DATE ACQUISI- FAIRDESCRIPTION TENURE TERM TERM OF 2007 TION VALUE 2008OF OF OF OF VALUA- FAIR COSTIN ADJUST- FAIRPROPERTY LAND LEASE LEASE LOCATION TION* VALUE 2008 MENTS VALUE RM RM RM

KPJ Ampang Puteri Leasehold 99 82 Ampang December 128,800,000 N/A 200,000 129,000,000 Specialist 15, Hospital 2008 Building

KPJ Damansara Freehold N/A N/A Damansara December 107,500,000 N/A 2,500,000 110,000,000 Specialist 15, Hospital 2008 Building

KPJ Johor Specialist Leasehold 99 72 Johor December 75,300,000 N/A 1,500,000 76,800,000 Hospital Bahru 18, Building 2008

KPJ Ipoh Specialist Leasehold 999 887 Ipoh December 69,000,000 N/A – 69,000,000 Hospital 11, Building 2008

Puteri Specialist Leasehold 99 46 Johor December 39,000,000 N/A – 39,000,000 Hospital Bahru 17, Building 2008

KPJ Selangor Leasehold 99 89 Shah December 61,400,000 N/A 600,000 62,000,000 Specialist Alam 10, Hospital Building 2008

Kedah Medical Leasehold N/A N/A Alor December – 47,078,267 (228,267) 46,850,000 Centre Setar 31, Building 2008

Perdana Specialist Leasehold 66 56 Kota December – 40,903,860 1,496,140 42,400,000 Hospital Bharu 31, Building 2008

Kuantan Specialist Freehold N/A N/A Kuantan December – 19,288,880 811,120 20,100,000 Hospital 31, Building 2008

Sentosa Specialist Freehold N/A N/A Kuala December – 24,180,200 1,819,800 26,000,000 Hospital Lumpur 31, Building 2008

KPJ Kajang Freehold N/A N/A Kajang December – 39,061,300 3,238,700 42,300,000 Specialist 31, Hospital 2008 Building

Total 481,000,000 170,512,507 11,937,493 663,450,000

The investment properties are charged to the financial institution for credit facilities granted to Al-’Aqar KPJ REIT as mentioned in Note 14.

* The properties were valued at the respective dates by C H Williams Talhar & Wong Sdn Bhd, an independent firm of professional valuers using the profit methods of valuation.


11. INVESTMENT IN SUBSIDIARY COMPANY

THE FUND 2008 2007 RM RM

Unquoted shares, at cost 2 2

The details of subsidiary company are as follows:

EFFECTIVE EQUITY INTEREST DIRECT COUNTRY OF 2008 2007 SUBSIDIARY COMPANY INCORPORATION % % PRINCIPAL ACTIVITY

Al-’Aqar Capital Sdn Bhd Malaysia 100 100 Single purpose company for the purpose of raising Islamic financing for Al-’Aqar KPJ REIT

Amount owing by subsidiary company, which arose mainly from payments on behalf, is interest-free, and has no fixed repayment terms.

Amount owing to subsidiary company represents unsecured advances received from the proceeds raised from Islamic financing by the subsidiary company. The finance costs and repayment terms of the unsecured advances mirror the finance costs and repayments terms of Islamic financing raised by the subsidiary company as disclosed in Note 14.

12. OTHER PAYABLES AND ACCRUED EXPENSES


Amount owing to the Trustee 11,410 8,765 11,410 8,765 Amount owing to the Manager 57,047 43,823 57,047 43,823 Other payables 1,235,993 35,518 1,234,145 33,670 Accrued expenses 4,797,677 192,940 355,740 191,440 Deposits received 4,091,670 – 4,091,670 – 10,193,797 281,046 5,750,012 277,698

13. INCOME DISTRIBUTION PAYABLE


Balance at beginning of year 12,514,000 9,248,000 12,514,000 9,248,000 Distribution for the year 34,726,401 24,890,000 34,726,401 24,890,000 Payment made during the year (29,660,840) (21,624,000) (29,660,840) (21,624,000) Balance at end of year 17,579,561 12,514,000 17,579,561 12,514,000



14. LONG-TERM ISLAMIC FINANCING


Long-term Islamic financing 235,000,000 134,000,000 – 134,000,000 Less:

Direct issue costs 879,241 809,230 – 809,230 Accumulated amortisation (158,668) (229,282) – (229,282)

(720,573) (579,948) – (579,948) 234,279,427 133,420,052 – 133,420,052

On February 6, 2008, the subsidiary company issued RM235,000,000 in nominal value Islamic Commercial Papers (ICP) under a Sukuk Ijarah Programme facility. The said facility, which is secured against the investment properties as mentioned in Note 10, comprises the following tranches:

AMOUNT PROFIT TRANCHE RM RATE (%)

Class A Islamic Medium Term Notes 155,000,000 4.78 Class B Islamic Medium Term Notes 25,000,000 5.05 Class C Islamic Medium Term Notes 55,000,000 4.28 Total 235,000,000

The facility is repayable in 14 equal semi-annually instalments of RM5,512,750 (cost of financing only) and final instalment of RM240,512,750 (principal and last semi-annual cost of financing) commencing August 2008.

The direct issue costs arising from the facility were offset against the proceeds from the facility and are accreted over the year of the facilities of 60 months.

In 2007, long-term Islamic financing comprises a syndicated Bai’ Bithamin Ajil financing facility arrangement from AmInvestment Bank Berhad (formerly known as AmMerchant Bank Berhad), Public Bank Berhad and AmIslamic Bank Berhad which was obtained on June 28, 2006. The said facility, which was secured against the investment properties as mentioned in Note 10 and bore finance cost at profit rate ranging from 5.50% to 5.65%, was fully settled during the financial year using the proceeds arising from the issuance of the Sukuk Ijarah Program facility.


15. UNITHOLDERS’ CAPITAL

The Group

2008 2007 NO. OF NO. OF UNITS RM UNITS RM

Balance at beginning of year 340,000,000 333,930,117 340,000,000 333,951,575 Issue of new units 88,721,000 84,284,950 – –Share issue expenses – (400,928) – (21,458) Balance at end of year 428,721,000 417,814,139 340,000,000 333,930,117

The Fund

2008 2007 NO. OF NO. OF UNITS RM UNITS RM

Balance at beginning of year 340,000,000 333,930,117 340,000,000 333,951,575 Issue of new units 88,721,000 84,284,950 – –Share issue expenses – (400,928) – (21,458) Balance at end of year/period 428,721,000 417,814,139 340,000,000 333,930,117

Details of Units held by related parties as of December 31, 2008 are as follows:

2008 2007 NO. OF MARKET NO. OF MARKET UNITS VALUE UNITS VALUE

The Manager’s director and shareholder: Datin Paduka Siti Sa’diah Sheikh Bakir

– Direct 28,862 27,130 18,862 18,862 – Indirect 1,350 1,269 1,350 1,350

Kamaruzzaman bin Abu Kassim 10,000 9,400 10,000 10,000 Tan Sri Dato’ Muhammad Ali Hj Hashim

– Direct 5,677 5,336 5,677 5,677 – Indirect 840 790 840 840

Dr Mohd Hafetz bin Ahmad 560 526 560 560

Related parties: Puteri Specialist Hospital Sdn Bhd 29,280,900 27,524,046 25,923,300 25,923,300Damansara Specialist Hospital Sdn Bhd 24,170,000 22,719,800 23,975,000 23,975,000Johor Specialist Hospital Sdn Bhd 18,040,000 16,957,600 18,000,000 18,000,000Medical Center (Johore) Sdn Bhd 18,000,000 16,920,000 18,000,000 18,000,000Medical Associates Sdn Bhd 28,055,000 26,371,700 28,000,000 28,000,000Selangor Medical Centre Sdn Bhd 35,000,000 32,900,000 35,000,000 35,000,000Johor Corporation 7,073,872 6,649,440 7,258,178 7,258,178Pusat Pakar Darul Naim Sdn Bhd 16,789,000 15,781,660 – –Sentosa Medical Centre Sdn Bhd 17,153,000 16,123,820 – –Kuantan Specialist Hospital Sdn Bhd 13,705,000 12,882,700 – –Kajang Specialist Hospital Sdn Bhd 11,074,000 10,409,560 – –Kedah Medical Centre Sdn Bhd 15,000,000 14,100,000 – –



16. CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the cash flow statement comprise the following balance sheet items:


Fixed deposits with licensed banks 22,736,793 11,025,892 5,635,777 11,025,892 Cash and bank balances 16,435,604 2,414,348 16,434,104 2,412,848 39,172,397 13,440,240 22,069,881 13,438,740

17. MANAGEMENT EXPENSE RATIO ( MER )

THE FUND 2008 2007 % %

MER 0.18 0.27

The calculation of MER is based on the total fees of the Fund incurred for the year, including the Manager’s fees, Trustee’s fees, audit fees, tax agent’s fee and administrative expenses, to the average net assets value during the year calculated on a weekly basis. Since the average net asset value is calculated on a weekly basis, comparison of the MER of the Fund with other real estate investment trust which use a different basis of calculation may not be an accurate comparison.

18. PORTFOLIO TURNOVER RATIO ( PTR )

THE FUND 2008 2007

PTR (times) 0.40 –

The calculation of PTR is based on the average of total acquisition and total disposals on investments in the Fund for the year, to the average net asset value during the year calculated on a weekly basis.

19. SIGNIFICANT RELATED PARTY TRANSACTIONS

The Fund derives all its rental income as disclosed in Note 4 from related parties.

Significant related party transaction other than those disclosed in Note 4 is as follows:


Maintenance fee paid/payable to Maintenance Manager 523,791 403,041 523,791 403,041


20. FINANCIAL INSTRUMENTS

Financial Risk Management Objectives and Policies

The operations of the Group and the Fund are subject to a variety of financial risks, including credit risk and liquidity risk. The Group and the Fund have taken measures to minimise their exposure to risks and/or costs associated with its financing, investing and operating activities and operates within clearly defined guidelines as set out in the Securities Commission’s Guideline on Real Estate Investment Trusts.

(i) Credit risk

The financial instruments which potentially subject the Group and the Fund to credit risk are trade receivables. However, as of the balance sheet date, the Group and the Fund do not have any significant exposure to credit risk as all of its tenants have fully settled all their outstanding balances.

The Group and the Fund places its deposits with licensed bank with credit worthy financial institutions.

(ii) Liquidity risk

The Group and the Fund practice prudent liquidity risk management to minimise the mismatch of financial assets and liabilities and to maintain sufficient funds for contingent funding requirement of working capital.

Financial Assets

The Group’s principal financial assets are cash and bank balances, and fixed deposits with licensed banks.

The Fund’s principal financial assets also include amount owing by subsidiary company.

The accounting policies applicable to major financial assets are as disclosed in Note 3.

Financial Liabilities

Debts or equity instruments are classified as liability or equity in accordance with the substance of the contractual arrangement entered into.

Significant financial liabilities of the Group include other payables and long-term borrowings, which are stated at their nominal values.

Significant financial liabilities of the Fund also include amount owing to subsidiary company, which is stated at its nominal value.

Fair Values

The carrying amounts of financial assets and financial liabilities reported in the balance sheet approximate their fair values because of the immediate or short maturity period for these instruments except for the following:

The Group

2008 2007 CARRYING FAIR CARRYING FAIR NOTE AMOUNT VALUE AMOUNT VALUE RM RM RM RM

Financial Liability Long-term Islamic financing 14 234,279,427 234,879,411 133,420,052 132,191,062

The Fund

2008 2007 CARRYING FAIR CARRYING FAIR NOTE AMOUNT VALUE AMOUNT VALUE RM RM RM RM

Financial Liability Long-term Islamic financing 14 – – 133,420,052 132,191,062

The fair value of long-term Islamic financing is estimated using discounted cash flow analysis based on current equivalent borrowing rate of 4.69% (2007: 6.25%) per annum for similar type of facility.



21. SIGNIFICANT EVENTS

During the current financial year, on August 19, 2008 and subsequently on September 3, 2008, the Fund announced the following proposed acquisitions by Amanah Raya Berhad (“Trustee”), acting as trustee on behalf of the Fund, of:

• Seremban Specialist Hospital Building, Taiping Medical Centre Building, Damai Specialist Hospital Building, Bukit Mertajam Specialist Hospital Building, KPJ Penang Specialist Hospital Building, KPJ Tawakal Specialist Hospital Building and KPJ International College Of Nursing And Health Sciences Building from the subsidiaries of KPJ Healthcare Berhad (“KPJ”);

• Tawakal Hospital Existing Building from KPJ and Johor Corporation (“JCorp”); and

• Hotel Selesa and Metropolis Tower from Hotel Selesa (JB) Sdn Bhd, a wholly-owned subsidiary of JCorp.

For a total purchase consideration of RM383,400,000 to be satisfied partly by cash consideration of RM239,526,300 and partly by the issuance of 151,446,000 new units in the Fund at an issue price of RM0.95 per unit.

The proposed acquisition was approved by the Securities Commission of Malaysia on December 16, 2008 and is subject to the approval of Unit Holders at an Extraordinary General Meeting to be held on February 25, 2009.


Issued : 428,721,000 Units of RM1/= each

Fully Paid-Up Capital : RM428,721,000

BREAK DOWN OF UNITHOLDINGS

NO. OF NO. OF SIZE OF UNITHOLDINGS UNITHOLDERS % UNITS %

Less than 100 766 32.51 47,657 0.01100 – 1000 945 40.11 371,026 0.091,001 – 10,000 399 16.94 1,538,713 0.3610,001 – 100,000 133 5.65 5,134,265 1.20100,001 to less than 5% of Issued Capital 108 4.58 240,815,740 56.175% and above of Issued Capital 5 0.21 180,813,599 42.17 TOTAL 2,356 100.00 428,721,000 100.00

TOP THIRTY SECURITIES ACCOUNT HOLDERS (WITHOUT AGGREGATING THE SECURITIES FROM DIFFERENT SECURITIES ACCOUNTS BELONGING TO THE SAME DEPOSITOR)

NO. OF NAME UNITS %

1. Lembaga Tabung Haji 64,307,699 15.00%2. HSBC Noms (T) Sdn Bhd – A/C Selangor Medical Centres Sdn Bhd (355-300641-089) 35,000,000 8.16%3. Ampang Puteri Specialist Hospital Sdn Bhd 29,280,900 6.83%4. Medical Associates Sdn Bhd 28,055,000 6.54%5. Damansara Specialist Hospital Sdn Bhd 24,170,000 5.64%6. Johor Specialist Hospital Sdn Bhd 18,040,000 4.21%7. Medical Centre (Johore) Sdn Bhd 18,000,000 4.20%8. Sentosa Medical Centre Sdn Bhd 17,153,000 4.00%9. Pusat Pakar Darul Naim Sdn Bhd 16,789,000 3.92%10. Kedah Medical Centre Sdn Bhd 15,000,000 3.50%11. Kuantan Specialist Hospital Sdn Bhd 13,705,000 3.20%12. HSBC Noms (A) Sdn Bhd

– A/C Exempt An for BNP Paribas Securities Services (Dublin USD) 12,535,400 2.92%13. Kajang Specialist Hospital Sdn Bhd 11,074,000 2.58%14. Employees Provident Fund Board 10,665,565 2.49%15. Koperasi Permodalan Felda Berhad 10,000,000 2.33%16. Johor Corporation 7,073,872 1.65%17. Citigroup Noms (A) Sdn Bhd

– A/C Exempt An for American International Assurance Berhad 6,793,000 1.58%18. Malaysian Assurance Alliance Berhad 6,068,400 1.42%19. Amanah Raya Noms (Tempatan) Sdn Bhd – A/C Public Islamic Dividend Fund 5,315,240 1.24%20. Uni.Asia General Insurance Berhad 3,795,000 0.89%21. Malaysia Noms (T) Sdn Bhd – A/C Great Eastern Life Assurance (M) Berhad (LGF) 3,200,000 0.75%22. Mayban Noms (T) Sdn Bhd – A/C Mayban Life Assurance Berhad (Non-Par Fund) 3,050,000 0.71%23. Mayban Noms (T) Sdn Bhd – A/C Mayban Life Assurance Berhad (Par Fund) 3,050,000 0.71%24. Mayban Noms (T) Sdn Bhd – A/C Etiqa Takaful Berhad (Family Fund) 2,900,600 0.68%25. MCIS Zurich Insurance Berhad 2,810,169 0.66%26. Malaysia Noms (T) Sdn Bhd – A/C Great Eastern Life Assurance (M) Berhad (DR) 2,440,000 0.57%27. Amanah Raya Noms (T) Sdn Bhd – A/C Public Islamic Enhanced Bond Fund 2,343,300 0.55%28. Malaysia Noms (T) Sdn Bhd – A/C Great Eastern Life Assurance (M) Berhad (PAR 1) 2,257,000 0.53%29. Cartaban Noms (T) Sdn Bhd

– A/C Exempt An for MIDF Amanah Asset Noms (T) Sdn Bhd (Account 1) 2,141,500 0.50%30. MCIS Zurich Insurance Berhad 2,000,000 0.47%

Analysis of Unit Holdersas at 31 December 2008


…Analysis of Unit Holders

SUBSTANTIAL UNITHOLDERS

DIRECT INDIRECT NO. OF NO. OF NAME SHARES % SHARES %

1. Lembaga Tabung Haji 64,307,699 15.00 459,300 0.112. HSBC Noms (T) Sdn Bhd

– A/C Selangor Medical Centres Sdn Bhd (355-300641-089) 35,000,000 8.16 199,877,991 46.623. Ampang Puteri Specialist Hospital Sdn Bhd 29,280,900 6.83 205,597,091 47.964. Medical Associates Sdn Bhd 28,055,000 6.54 206,822,991 48.245. Damansara Specialist Hospital Sdn Bhd 24,170,000 5.64 210,707,991 49.15

ANALYSIS OF UNITHOLDERS

NO. OF NO. OF UNITHOLDERS % UNITS %

Malaysian – Bumiputra 708 30.05 330,365,432 77.06 – Others 1,584 67.23 84,075,807 19.61Foreigners 64 2.72 14,279,761 3.33 TOTAL 2,356 100.00 428,721,000 100.00


Penyata Kewangan

62 LaporanPengurus

63 AkuanBerkanunolehPegawaiBertanggungjawab

64 LaporanPemegangAmanah

65 LaporanJuruaudit

66 LaporanAhliJawatankuasaSyariah

67 PenyataPendapatan

68 PenyataAsetdanLiabiliti

69 PenyataPerubahanDalamNilaiAsetBersih

70 PenyataAliranTunai

71 Nota-notaBerkenaanPenyataKewangan

83 AnalisaPemegang-pemegangUnit

SELESATOWER

Laporan Penguruskepada pemegang-pemegang unit Al-’Aqar KPJ REIT

Kami, TAN SRI DATO’ MUHAMMAD ALI HASHIM dan DATIN PADUKA SITI SA’DIAH BINTI SHEIKH BAKIR, sebagai dua daripada Pengarah DAMANSARA REIT MANAGERS SENDIRIAN BERHAD (“Pengurus”), dengan ini menyatakan bahawa, pada pendapat Para Pengurus, penyata kewangan AL-’AQAR KPJ REIT (“Tabung Amanah”) dan anak-anak syarikat (“Kumpulan”) yang dibentangkan pada halaman 6 hingga 30 telah disediakan bertepatan dengan peruntukan Perjanjian Ikatan bertarikh Jun 27, 2006 dan piawaian perakaunan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia yang diubahsuai oleh Garis Panduan Suruhanjaya Sekuriti untuk Amanah Pelaburan Hartanah Islam untuk memberi gambaran yang benar dan saksama berkenaan hal ehwal kewangan Kumpulan dan Tabung Amanah pada 31 Disember 2008, dan hasilnya, perubahan dalam nilai aset bersih dan aliran tunai Kumpulan dan Tabung Amanah untuk tempoh kewangan berakhir.

Tandatangan bagi pihak Lembaga Pengarah bertepatan the resolusi Pengarah bagi pihak Pengurus,

TAN SRI DATO’ MUHAMMAD ALI BIN HASHIMPengarah

DATIN PADUKA SITI SA’DIAH SHEIKH BAKIRPengarah

Kuala LumpurFebruari 16, 2009


Akuan Berkanun oleh Pegawai Bertanggungjawabbagi pihak pengurusan Al-’Aqar KPJ REIT

Saya, YUSAINI BIN SIDEK, Ketua Pegawai Eksekutif DAMANSARA REIT MANAGERS SENDIRIAN BERHAD (“Pengurus”) yang memegang tanggungjawab utama di atas keadaan kewangan AL-’AQAR KPJ REIT (“Tabung Amanah”) dan juga anak-anak syarikat (“Kumpulan”), dengan sesungguhnya dan sebenarnya mengakui bahawa penyata kewangan yang dibentangkan pada halaman 6 hingga 30 sepanjang pengetahuan saya, adalah benar dan saya membuat pengakuan ini berdasarkan kepercayaan dan keyakinan saya bahawa perkara-perkara yang dinyatakan adalah benar, dan bertepatan dengan peruntukan yang ditetapkan dalam Akta Akuan Berkanun 1960.

YUSAINI BIN SIDEK

Sebenarnya dan sesungguhnya diakui oleh YUSAINI BIN SIDEK di KUALA LUMPUR pada 16 haribulan Februari, 2009.

Sebelum saya:

SURUHANJAYA SUMPAH


Laporan Pemegang Amanahkepada pemegang-pemegang unit Al-’Aqar KPJ REIT

Kami, AMANAH RAYA BERHAD, sebagai Pemegang Amanah bagi AL-’AQAR KPJ REIT (“Tabung Amanah”), berpendapat bahawa DAMANSARA REIT MANAGERS SENDIRIAN BERHAD (“Pengurus”), yang bertindak sebagai Pengurus Tabung Amanah, telah menyempurnakan tanggungjawab mereka untuk tempoh kewangan berakhir pada 31 Disember 2008, seperti yang berikut:

(a) Pemegang Amanah telah diuruskan bertepatan dengan had yang ditetapkan pada kuasa pelaburan Pengurus dan Pemegang Amanah di bawah Perjanjian Ikatan, Garis Panduan Suruhanjaya Sekuriti untuk Tabung Amanah Pelaburan Hartanah Islam, Akta Suruhanjaya Sekuriti 1993 dan undang-undang lain yang berkaitan pada tempoh kewangan berakhir 31 Disember 2008.

(b) Pengagihan kepada pemegang-pemegang unit Al-’AQAR KPJ REIT adalah selaras the objektif Tabung Amanah.

Untuk dan bagi pihak Pemegang AmanahAMANAH RAYA BERHAD

DATO’ AHMAD RODZI PAWANTEHPengarah Urusan Kumpulan

Kuala LumpurFebruari 16, 2009


Laporan Juruauditkepada pemegang-pemegang unit Al-’Aqar KPJ REIT

Laporan kepada Penyata Kewangan

Kami telah mengaudit penyata kewangan AL-’AQAR KPJ REIT (“Tabung Amanah”) dan anak-anak syarikat (“Kumpulan”) yang terdiri daripada penyata aset dan liabiliti yang bertarikh pada 31 Disember 2008 dan juga penyata pendapatan yang berkaitan, penyata perubahan untuk nilai bersih aset dan aliran tunai untuk tempoh kewangan berakhir, serta ringkasan kepada polisi perakaunan penting dan juga nota-nota penjelasan dinyatakan pada mukasurat 6 hingga 30.

Tanggungjawab Pengarah kepada Penyata Kewangan

Para Pengarah DAMANSARA REIT MANAGERS SDN BERHAD (”Pengurus”) bertanggungjawabnya menyediaan dan mempersembahkan penyata kewangan yang adil seperti yang peruntukan Perjanjian Ikatan bertarikh 27 Jun 2006 dan piawaian perakaunan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia yang diubahsuai oleh Garis panduan Suruhanjaya Sekuriti untuk Tabung Amanah Pelaburan Hartanah. Tanggungjawab ini termasuk: merekacipta, implementasi dan mengekalkan kawalan internal berkaitan dengan penyediaan dan persembahan penyata kewangan yang adil dan bebas daripada material tersalahnyata, walaupun berkaitan dengan penipuan atau kesilapan; memilih atau mengadaptasi polisi perakaunan berkaitan, dan membuat anggaran perakaunan yang wajar dalam apa jua keadaan.

Tanggungjawab Juruaudit

Tanggungjawab kami adalah untuk membentuk tanggapan bebas berdasarkan audit yang dijalankan keatas penyata kewangan dan laporan yang disediakan selaras dengan peruntukan Garis Panduan Suruhanjaya Sekuriti Malaysia untuk Tabung Amanah Pelaburan Hartanah dan tanpa tujuan lain. Kami tidak mempunyai tanggapan berkenaan tanggungjawab individu terhadap kandungan laporan ini.

Kami menjalankan audit selaras dengan berdasarkan piawai pengauditan yang dibenarkan di Malaysia. Piawaian-piawaian ini memerlukan kami merancang dan melakukan tugasan audit untuk mendapatkan kepastian yang sewajarnya bahawa penyata-penyata kewangan ini bebas daripada kesilapan yang ketara.

Sesuatu audit itu merangkumi prosedur bagi mendapatkan bukti audit berkenaan jumlah dan nilai tidak nyata dalam penyata kewangan. Prosedur dipilih bergantung kepada penilaian juruaudit, termasuk perkara salah nyata serta penilaian risiko penyata kewangan, samada kesilapan atau penipuan. Dalam menjalankan penilaian risiko, juruaudit akan menimbangtara kawalan dalaman bagi menyediakan dan menghasilkan sesuatu entiti dalam penyata kewangan bagi mereka prosedur audit yang bersesuaian dalam sebarang kemungkinan, tetapi tidak bagi tujuan memberi pendapat dalam keberkesanan kawalan entiti dalamam. Audit juga termasuk menilai keberberkesanan polisi perakaunan yang digunakan dan kewajaran anggaran perakuanan oleh Pengurus dan juga menilai persembahan keseluruhan penyata kewangan.

Kami percaya bukti audit yang diperolehi adalah mencukupi dan sesuai sebagai panduan kepada kami untuk memberikan pendapat.

Pada pendapat kami, penyata-penyata kewangan Kumpulan dan Tabung Amanah telah disediakan selaras dengan peruntukan Perjanjian Ikatan bertarikh 27 Jun 2006 dan piawaian perakaunan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia yang diubahsuai oleh Garis panduan Suruhanjaya Sekuriti untuk Tabung Amanah Pelaburan Hartanah untuk memberi gambaran yang benar dan saksama mengenai Kumpulan dan Tabung Amanah pada tarikh 31 Disember 2008 dan pendapatan dan perbelanjaan, perubahan dalam nilai bersih aset dan aliran tunai untuk tempoh kewangan yang berakhir pada tarikh tersebut.

Laporan Perundangan Lain dan Keperluan Undang-undang

Kami berpuashati bahawa penyata kewangan anak-anak syarikat yang digabungkan bersama penyata kewangan Tabung Amanah adalah dibentuk dan disediakan sesuai bagi menyediakan pergabungan penyata kewangan dan kami telah menerima maklumat yang memuaskan serta penjelasan yang diperlukan oleh pihak kami bagi tujuan tersebut.

Laporan juruaudit keatas penyata kewangan dan anak-anak syarikat tidak tertakluk kepada apa-apa kemahiran.

DELOITTE KASSIMCHANAF 0080Chartered Accountants

OOI THIAM POHPartner – 2495/01/10 (J)Chartered Accountant

Februari 16, 2009


Laporan Ahli Jawatankuasa Syariahkepada pemegang-pemegang unit Al-’Aqar KPJ REIT bagi tempoh berakhir 31 Disember 2008

Kami, Ahli Jawatankuasa Syariah untuk AL-‘AQAR KPJ REIT, bertanggungjawab memastikan yang prosedur dan proses aliran kerja yang dipraktikan oleh Pengurus Al-‘Aqar KPJ REIT iaitu DAMANSARA REIT MANAGERS SENDIRIAN BERHAD adalah memenuhi prinsip-prinsip Syariah yang dinyatakan di dalam Surat Ikatan.

Kami, berpendapat bahawa, DAMANSARA REIT MANAGERS SENDIRIAN BERHAD di dalam mengurus dan mentadbir AL-‘AQAR KPJ REIT untuk tempoh berakhir 31 Disember 2008, telah mengikut:

1. Prinsip-prinsip Syariah

2. Terma-terma berkaitan dengan Garis Panduan yang dikeluarkan oleh Suruhanjaya Sekuriti

3. Nota Praktis yang dikeluarkan oleh Suruhanjaya Sekuriti.

AL-‘AQAR KPJ REIT juga telah mengaplikasi kriteria-kriteria yang digunakan oleh Majlis Penasihat Suruhanjaya Sekuriti di dalm memenuhi sekuriti berkaitan dengan Syariah.

Bagi Pihak Jawatankuasa Syariah

DATO’ HAJI NOOH BIN GADOTPengerusi – Jawatan Syariah Al-‘Aqar KPJ REIT

Februari 16, 2008


Penyata Pendapatanbagi tahun kewangan berakhir pada 31 Disember 2008

Nota-nota lampiran adalah sebahagian daripada penyata ini.

KUMPULAN AL-’AQAR KPJ REIT 2008 2007 2008 2007 NOTA RM RM RM RM

Pendapatan Kasar 4 47,778,660 35,701,524 47,778,660 35,701,524Perbelanjaan Hartanah 5 (2,617,061) (2,063,606) (2,617,061) (2,063,606) Pendapatan Sewa Bersih 45,161,599 33,637,918 45,161,599 33,637,918Pendapatan Pelaburan 6 719,710 193,082 250,821 193,082Pendapatan Lain 26,500 – 26,500 –Lebihan dari pelarasanPelaburan hartanah 10 11,937,493 – 11,937,493 – Jumlah Pendapatan 57,845,302 33,831,000 57,376,413 33,831,000

Perbelanjaan:Kos pembiayaan:

Pembiayaan Islam jangka panjang 11,469,055 7,413,509 780,285 7,413,509Jumlah hutang kepada subsidiary – – 10,847,437 –

Yuran Pengurus 647,584 527,814 647,584 527,814Hapuskira perbelanjaan untuk

pinjaman jangka panjang 738,616 161,846 579,948 161,846Cukai Perkhidmatan 75 – – –Yuran Pemegang Amanah 129,517 105,563 129,517 105,563Yuran Jurunilai 330,000 100,000 330,000 100,000Perbelanjaan Percetakan 108,786 85,603 108,626 85,603Yuran Pembiayaan tahunan:

Tahun Semasa – 30,000 – 30,000Terlebih peruntukan tahun sebelumnya (53,440) – (53,440) –

Yuran Pendaftar 17,341 22,133 17,341 22,133Yuran Juruaudit 35,000 21,500 25,000 20,000Duti Setem 110,990 – 110,990 –Yuran professional dibayar bagi

pemilikan pelaburan hartanah 422,025 – 422,025 –Perbelanjaan Pentadbiran 26,712 14,175 26,712 10,575Yuran Agen Cukai 6,300 9,000 6,300 9,000Penasihat Syariah 3,000 1,800 3,000 1,800

Jumlah Perbelanjaan (13,991,561) (8,492,943) (13,981,325) (8,487,843)

Pendapatan Sebelum Cukai 43,853,741 25,338,057 43,395,088 25,343,157Perbelanjaan Cukai 7 – – – – Pendapatan Bersih Bagi Tahun 43,853,741 25,338,057 43,395,088 25,343,157

Pendapatan Bersih bagi Tahun adalah dari sumber seperti berikut:Nyata 31,916,248 25,338,057 31,457,595 25,343,157Tidak Nyata 11,937,493 – 11,937,493 –

43,853,741 25,338,057 43,395,088 25,343,157

Pendapatan setiap unit (sen): 8Kasar 10.61 7.45 10.50 7.45Bersih 10.61 7.45 10.50 7.45

Pengagihan Pendapatan Bersih 9 34,726,401 24,890,000 34,726,401 24,890,000

Pengagihan Pendapatan setiap unit (sen): 9Kasar 8.10 7.32 8.10 7.32Bersih 8.10 7.32 8.10 7.32



Penyata Aset dan Liabilitibagi tahun kewangan berakhir pada 31 Disember 2008

KUMPULAN AL-‘AQAR KPJ REIT 2008 2007 2008 2007 NOTA RM RM RM RM

ASETSAset Bukan SemasaPelaburan Hartanah 10 663,450,000 481,000,000 663,450,000 481,000,000Pelaburan dalam subsidiari 11 – – 2 2 663,450,000 481,000,000 663,450,002 481,000,002

Aset SemasaPrabayaran 1,151,688 484,796 1,070,418 484,796Hutang dari subsidiari 11 – – – 3,250Deposit tetap dengan bank berlesen 22,736,793 11,025,892 5,635,777 11,025,892Baki bank dan tunai 16,435,604 2,414,348 16,434,104 2,412,848 40,324,085 13,925,036 23,140,299 13,926,786

JUMLAH ASET 703,774,085 494,925,036 686,590,301 494,926,788

LIABILITILiabiliti SemasaPerbayaran lain dan perbelanjaan terakru 12 10,193,797 281,046 5,750,012 277,698Peruntukan pengaghan pendapatan 13 17,579,561 12,514,000 17,579,561 12,514,000 27,773,358 12,795,046 23,329,573 12,791,698

Liabiliti Bukan SemasaJumlah hutang kepada subsidiari syarikat 11 – – 221,992,981 –Pinjaman Jangka Panjang 14 234,279,427 133,420,052 – 133,420,052 JUMLAH LIABILITI 262,052,785 146,215,098 245,322,554 146,211,750

NILAI ASET BERSIH 441,721,300 348,709,938 441,267,747 348,715,038

DANA PEMEGANG UNITModal Pemegang Unit 15 417,814,139 333,930,117 417,814,139 333,930,117Pendapatan tidak diagihkan 23,907,161 14,779,821 23,453,608 14,784,921 JUMLAH DANA PEMEGANG UNIT 441,721,300 348,709,938 441,267,747 348,715,038

JUMLAH UNIT DIAGIHKAN 15 428,721,000 340,000,000 428,721,000 340,000,000

NILAI ASET BERSIH SETIAP UNIT (SELEPAS PENGAGIHAN) 1.03 1.03 1.03 1.03


MODAL PENDAPATAN PEMEGANG YANG BELUM SAHAM DIAGIHKAN JUMLAH KUMPULAN RM RM RM

Baki pada 1 Januari 2007 333,951,575 14,331,764 348,283,339Operasi bagi tahun:

Pendapatan bersih bagi tahun – 25,338,057 25,338,057

Transaksi Pemegang Unit:Terlebih peruntukan bagi perbelanjaan penyenaraian tahun sebelumnya (21,458) – (21,458)Pengagihan kepada Pemegang unit (Nota 9) – (24,890,000) (24,890,000)

Penurunan dalam nilai asset bersih dari transaksi pemegang unit (21,458) (24,890,000) (24,911,458) Baki pada 31 Disember 2007 333,930,117 14,779,821 348,709,938



Transaksi Pemegang Unit:Unit yang diisu 84,284,950 – 84,284,950Perbelanjaan penyenaraian (400,928) – (400,928)Pengagihan kepada Pemegang unit (Nota 9) – (34,726,401) (34,726,401)

Penurunan dalam nilai asset bersih dari transaksi pemegang unit 83,884,022 (34,726,401) 49,157,621 Baki pada 31 Disember 2008 417,814,139 23,907,161 441,721,300

MODAL PENDAPATAN PEMEGANG YANG BELUM SAHAM DIAGIHKAN JUMLAH AL-’AQAR KPJ REIT RM RM RM



Transaksi Pemegang Unit:Terlebih peruntukan bagi perbelanjaan penyenaraian tahun sebelumnya (21,458) – (21,458)Pengagihan kepada Pemegang unit (Nota 9) – (24,890,000) (24,890,000)

Penurunan dalam nilai asset bersih dari transaksi pemegang unit (21,458) (24,890,000) (24,911,458) Baki pada 31 Disember 2007 333,930,117 14,784,921 348,715,038



Transaksi Pemegang Unit:Unit yang diisu 84,284,950 – 84,284,950Perbelanjaan Penyenaraian (400,928) – (400,928)Pengagihan kepada Pemegang unit (Nota 9) – (34,726,401) (34,726,401)

Penurunan dalam nilai asset bersih dari transaksi pemegang unit 83,884,022 (34,726,401) 49,157,621 Baki pada 31 Disember 2008 417,814,139 23,453,608 441,267,747

Penyata Perubahan Dalam Nilai Aset Bersihbagi tahun kewangan berakhir pada 31 Disember 2008



Penyata Aliran Tunaibagi tahun kewangan berakhir pada 31 Disember 2008

KUMPULAN AL-’AQAR KPJ REIT 2008 2007 2008 2007 RM RM RM RM

ALIRAN TUNAI DARI/(DIGUNAKAN DALAM) AKTIVITI OPERASI

Untung bersih bagi tahun 43,853,741 25,338,057 43,395,088 25,343,157Pelarasan untuk:

Kos pembiayaan 11,469,055 7,413,509 11,627,722 7,413,509Hapuskira bagi pinjaman jangka panjang 738,616 161,846 579,948 161,846Pendapatan Pelaburan (719,710) (193,082) (250,821) (193,082)Lebihan dari pelarasan nilai saksama ke atas pelaburan hartanah (11,937,493) – (11,937,493) –

Keuntungan operasi sebelum perubahan modal kerja 43,404,209 32,720,330 43,414,444 32,725,430

Peningkatan/(Penurunan) dalam:Perbelanjaan terakru (666,892) (484,796) (585,622) (484,796)Jumlah hutang subsidiary syarikat – – 3,250 (3,250)

Peningkatan/(Penurunan) dalam:Pembayaran lain dan perbelanjaan terakru 9,912,751 (4,956,185) 5,472,314 (4,959,533)

Tunai bersih dari aktiviti operasi 52,650,068 27,279,349 48,304,386 27,277,851

ALIRAN TUNAI DARI/(DIGUNAKAN DALAM) AKTIVITI PELABURAN

Pendapatan keuntungan bersama yang diterima atas pelaburan 719,710 193,082 250,821 193,082Pembelian pelaburan dalam subsidiary syarikat – – – (2)Pembelian pelaburan hartanah (86,227,557) – (86,227,557) – Tunai bersih dari/(digunakan) bagi aktiviti pelaburan (85,507,847) 193,082 (85,976,736) 193,080

ALIRAN TUNAI DARI/ (DIGUNAKAN DALAM) AKTIVITI PEMBIAYAAN

Kos pembiayaan dibayar (11,469,055) (7,413,509) (11,627,722) (7,413,509)Bayaran perbelanjaan isu saham (400,928) (21,458) (400,928) (21,458)Perbelanjaan dividen (29,660,840) (21,624,000) (29,660,840) (21,624,000)Pembayaran pembiayaan Islam jangka panjang (134,000,000) – (134,000,000) –Peningkatan pendahuluan dari subsidiary – – 221,992,981 –Terimaa dari pinjaman jangka panjang

(kos bersih terbitan langsung berjumlah RM879,241) 234,120,759 – – – Tunai bersih dari/(digunakan dalam) aktiviti kewangan 58,589,936 (29,058,967) 46,303,491 (29,058,967)

PENINGKATAN/(PENURUNAN) BERSIH DALAM TUNAI DAN TUNAI SETARA 25,732,157 (1,586,536) 8,631,141 (1,588,036)

TUNAI DAN TUNAI SETARA PADA AWAL TAHUN 13,440,240 15,026,776 13,438,740 15,026,776

TUNAI DAN TUNAI SETARA PADA AKHIR TAHUN (Nota 16) 39,172,397 13,440,240 22,069,881 13,438,740



Nota-nota Berkenaan Penyata Kewangan

1. MAKLUMAT AM

Al-’Aqar KPJ REIT adalah amanah pelaburan hartanah yang diperbadankan di Malaysia yang dibentuk menurut perjanjian ikatan yang bertarikh 27 Jun 2006 (“Surat Ikatan Amanah”) di antara Damansara REIT Managers Sdn Berhad (“Pengurus”) dan Amanah Raya Berhad (“Pemegang Amanah”). Surat Ikatan Amanah tersebut digubal berdasarkan Akta Suruhanjaya Sekuriti 1993, Garis panduan Suruhanjaya Sekuriti untuk Amanah Pelaburan Hartanah Islam, Keperluan Penyenaraian Bursa Malaysia Securities Berhad, Peraturan Depositori dan undang-undang percukaian dan penggarisan. Al-’Aqar KPJ REIT akan meneruskan operasinya sehingga satu masa yang ditetapkan oleh Pemegang Amanah dan Pengurus seperti yang ditentukan di dalam peruntukan Ikatan Amanah.

Al-’Aqar KPJ REIT disenaraikan di Papan Utama Bursa Malaysia Securities Berhad pada 10 Ogos 2006 dan memulakan operasi perniagaan pada 17 Ogos 2006.

Aktiviti utama Al-’Aqar KPJ REIT adalah melabur dalam hartanah yang berlandaskan syariah dan objektif utamanya adalah menyediakan pengagihan yang stabil kepada pemegang saham dengan potensi untuk pertumbuhan jangka panjang yang boleh dipertahankan untuk pengagihan tersebut dan pertumbuhan modal.

Al-’Aqar KPJ REIT telah menandatangani beberapa perjanjian perkhidmatan berkaitan dengan pengurusan Al-’Aqar KPJ REIT dan operasi hartanahnya. Struktur yuran untuk perkhidmatan-perkhidmatan ini adalah seperti berikut:

(a) Yuran Penyelenggaraan dan Pengurusan

Pengurus Penyelenggara, Healthcare Technical Services Sdn Bhd berhak menerima yuran penyelenggaraan dan pengurusan berjumlah sehingga 0.08% daripada nilai kasar hartanah pelaburan berkaitan dengan pengurusan hartanah pelaburan yang dimiliki oleh Al-’Aqar KPJ REIT bertepatan dengan Ikatan Amanah. Yuran tersebut dikira mengikut jumlah terakru bulanan.

(b) Yuran Pengurus

Mengikut Ikatan Amanah, Pengurus berhak menerima yuran berjumlah sehingga 0.15% daripada Nilai Aset Bersih Al-’Aqar KPJ REIT setiap tahun, dikira berdasarkan jumlah terakru bulanan dan pembayaran bulanan tertunggak. Yuran Pengurus untuk tempoh kewangan berakhir 31 Disember 2008 adalah berjumlah RM 647,584 (2007: RM 527,814) bersamaan 0.15% (2007: 0.15%) daripada nilai aset bersih bulanan.

(c) Yuran Pemegang Amanah

Menurut Ikatan Amanah, Pemegang Amanah berhak menerima yuran berjumlah sehingga 0.03% daripada Nilai Aset Bersih Al-’Aqar KPJ REIT setiap tahun, dikira berdasarkan jumlah terakru bulanan dan pembayaran bulanan tertunggak. Yuran Pemegang Amanah untuk tempoh kewangan berakhir 31 Disember 2007 berjumlah RM129,517 (2006: RM 105,563) bersamaan 0.03% (2007: 0.03%) daripada nilai aset bersih bulanan.

Alamat berdaftar bagi Pengurus adalah Tingkat 13, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru.

Penyata-penyata kewangan bagi Al-’Aqar KPJ REIT telah diluluskan oleh Pengurus untuk diterbitkan pada Februari 16, 2009.

2. ASAS PERSEDIAAN BAGI PENYATA-PENYATA KEWANGAN

Penyata kewangan bagi Al-’Aqar KPJ REIT telah disediakan mengikut peruntukan Ikatan Amanah dan mengikut piawaian perakaunan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia di Malaysia yang diubahsuai oleh Garis panduan Suruhanjaya Sekuriti untuk Amanah Pelaburan Hartanah Islam.

Pada tahun kewangan semasa, Kumpulan dan Al-‘Aqar KPJ REIT mengadaptasi Piawaian Laporan Perakaunan (”Financial Reporting Standards (FRS)”) dan Intrepretasi diterbitkan oleh Lembaga Piawaian Perakaunan Malaysia yang sesuai kepada operasi dan digunakan pada 1 Januari 2008.

Adaptasi FRS dan Interpretasi yang baru dan telah disemak tidak mewujudkan sebarang perubahan kepada polisi perakaunan Kumpulan dan Al-‘Aqar KPJ REIT dan tidak memberi impak serta kesan kepada penyata kewangan Kumpulan dan Al-’Aqar KPJ REIT bagi tahun kewangan semasa atau sebelumnya.

Piawaian Perakaunan diterbitkan namun tidak memberi kesan

FRS 139 “Instrumen Kewangan: Pengistiharan dan Pengukuran” berkesan bagi tempoh perakaunan bermula pada atau selepas Januari 1, 2010. Kewujudan prinsip piawaian baru ini adalah untuk mengistiharkan dan mengukur asset kewangan dan liability kewangan. Kumpulan dan Al-‘Aqar KPJ REIT akan mengaplikasi piawaian ini dari tempoh kewangan berkahir Disember 31, 2010.

Telah dinyatakan pengecualian dalam peranggan 103AB dalam FRS 139, kesan aplikasi FRS 139 pada penyata kewangan pada permulaan aplikasi piawaian seperti dinyatakan dalam perenggan 30(b) dalam FRS 108, Polisi Perakaunan, Perubahan dalam Ramalan Perakaunan dan Kesilapan tidak dinyatakan.


…Nota-nota Berkenaan Penyata Kewangan

3. DASAR-DASAR PERAKAUNAN UTAMA

Dasar Perakaunan

Penyata-penyata Kewangan Al-’Aqar KPJ REIT telah disediakan berdasarkan konvensyen kos sejarah dengan mengambilkira pelarasan nilai saksama keatas hartanah pelaburan.

Pengiktirafan Pendapatan

Pendapatan diiktiraf apabila ada kemungkinan manfaat ekonomi yang berkaitan dengan urusniaga akan mengalir kepada syarikat dan jumlah pendapatan boleh diukur dengan pasti.

Pendapatan daripada sewa hartanah pelaburan diiktiraf mengikut dasar terakru.

Pendapatan pelaburan daripada pendapatan Perkongsian keuntungan daripada simpanan tetapi Islam diiktiraf mengikut dasar terakru.

Cukai Pendapatan

Cukai pendapatan untuk keuntungan atau kerugian untuk tahun yang dicatatkan merangkumi cukai semasa dan cukai tertunda. Cukai semasa adalah jumlah cukai pendapatan dibayar yang dijangkakan yang berkaitan dengan keuntungan boleh cukai bagi tahun yang dicatatkan dan diukur menggunakan kadar cukai yang telah digunakan pada tarikh lembaran imbangan.

Cukai tertunda diperuntukkan dengan menggunakan kaedah liabiliti ke atas perbezaan sementara pada tarikh lembaran imbangan di antara asas cukai dan nilai bawaan di dalam penyata kewangan. Secara prinsipnya, liabiliti cukai tertunda diiktiraf bagi kesemua perbezaan sementara boleh cukai dan aset cukai tertunda diiktiraf untuk semua perbezaan sementara boleh ditolak, kerugian cukai belum digunakan dan kredit cukai belum digunakan sehingga keuntungan boleh cukai dijangkakan boleh menyerap perbezaan sementara boleh ditolak, kerugian cukai belum digunakan dan kredit cukai belum digunakan, boleh digunakan. Cukai tertunda tidak akan diiktiraf jika perbezaan sementara berpunca daripada muhibah atau muhibah negatif atau daripada pengiktirafan awal aset atau liabiliti dalam urusniaga yang bukan merupakan kombinasi perniagaan dan pada masa urusniaga itu, tidak mempengaruhi keuntungan perakaunan atau pun keuntungan boleh cukai.

Cukai tertunda diukur menggunakan kadar cukai yang dijangka digunakan dalam tempoh aset itu direalisasikan atau liabiliti telah diselesaikan, berdasarkan pada kadar cukai yang telah dibuat atau telah dibuat dengan substantif pada tarikh lembaran imbangan. Cukai tertunda diiktiraf di dalam penyata pendapatan, kecuali jika cukai itu wujud daripada urusniaga yang diiktiraf secara langsung dalam ekuiti, atau jika cukai itu wujud daripada kombinasi perniagaan yang merupakan pengambilalihan, di mana cukai tertunda diambilkira dalam muhibah atau muhibah negatif akibat daripada pengambilalihan tersebut.

Pelaburan Hartanah

Pelaburan hartanah, iaitu hartanah yang dimiliki untuk mendapat sewa dan/atau untuk naik nilai modal, dicatatkan pada nilai saksamanya pada tarikh lembaran imbangan. Keuntungan atau kerugian yang dihasilkan daripada perubahan dalam nilai saksama hartanah pelaburan dimasukkan ke dalam penyata kewangan untuk tempoh ianya dihasilkan.

Pelaburan hartanah ditamat-iktirafkan apabila ianya sudah dihapuskan atau apabila pelaburan hartanah tersebut tidak digunakan lagi dan tiada sebarang manfaat ekonomi akan diperolehi daripada penghapusannya. Sebarang keuntungan atau kerugian yang dihasilkan oleh penghapusan pelaburan hartanah itu diiktiraf di dalam penyata kewangan untuk tempoh penghapusan atau pemberhentian penggunaan hartanah tersebut.

Hartanah pelaburan dicatatkan pada harga saksama, yang menggambarkan keadaan pasaran pada tarikh lembaran imbangan. Harga saksama itu mewakili jumlah di mana aset tersebut boleh dijualbeli di antara pembeli yang sanggup dan berpengetahuan dengan penjual yang sanggup dan berpengetahuan dalam urusniaga selengan.

Peruntukan

Peruntukan dibuat apabila Kumpulan atau Al-’Aqar KPJ REIT menyatakan kewajipan yang sah atau konstruktif hasil daripada peristiwa yang lepas, apabila terdapat kemungkinan yang aliran keluar sumber diperlukan untuk menyelesaikan kewajipan tersebut dan apabila anggaran jumlahnya boleh dibuat dengan pasti.

Peruntukan diukur pada kadar jangkaan paling pasti oleh pihak Pengurus dimana perbelanjaan diperlukan bagi menyelesaikan kewajipan tersebut pada tarikh penyata imbangan, dan nilai semasa pada kadar diskaun apabila kesan tersebut adalah material.

Pada tarikh setiap penyata imbangan, peruntukan akan disemak oleh pihak Pengurus dan perubahan bagi menunjukkan jangkaan kini yang paling pasti. Peruntukan ini boleh dibalikkan sekiranya tiada lagi kemungkinan bagi Kumpulan atau Al-‘Aqar KPJ REIT diperlukan bagi menyelesaikan kewajipan tersebut.


Kemudahan-kemudahan Kewangan

Kemudahan-kemudahan kewangan pada awalnya diukur pada nilai saksama, dan kemudian diukur pada kos terlunas, menggunakan kaedah kadar bunga berkesan. Sebarang perbezaan di antara kutipan (kos urusniaga bersih) dan penyelesaian atau penebusan kemudahan kewangan akan diiktiraf pada terma kemudahan kewangan itu.

Perbelanjaan pengongsian keuntungan untuk kewangan yang disebabkan secara langsung oleh pengambilalihan, pembinaan atau pengeluaran aset yang layak, iaitu aset yang memerlukan masa yang lama untuk disediakan sebelum ianya boleh digunakan atau dijual, dipermodalkan sebagai sebahagian daripada kos aset tersebut, sehingga tiba pada masa di mana aset itu sudah boleh digunakan atau dijual. Pendapatan pelaburan untuk pelaburan sementara bagi kemudahan kewangan tertentu sementara menunggu perbelanjaan untuk aset yang layak, akan ditolak daripada perbelanjaan pengongsian keuntungan bagi kelayakan kewangan untuk permodalan.

Tunai dan Tunai Setara

Tunai dan Tunai Setara terdiri dairpada tunai dan baki bank serta lain-lain jangka pendek, pelaburan mudah cair dengan tempoh matang tiga bulan atau kurang dari tarikh pemilikan dan sedia untuk ditukarkan kepada tunai serta risiko minimum perubahan dalam nilai.

4. PENDAPATAN

KUMPULAN DAN AL-‘AQAR KPJ REIT

2008 2007 RM RM

Pendapatan Sewa dari:KPJ Damansara Specialist Hospital 8,142,000 7,979,004KPJ Johor Specialist Hospital 5,703,000 5,589,000KPJ Ipoh Specialist Hospital 5,226,000 5,121,000Puteri Specialist Hospital 2,953,920 2,895,480KPJ Ampang Puteri Specialist Hospital 9,755,040 9,560,040KPJ Selangor Specialist Hospital 4,650,000 4,557,000Kedah Medical Centre 3,078,470 –Perdana Specialist Hospital 2,674,730 –Kuantan Specialist Hospital 1,305,830 –Sentosa Specialist Hospital 1,640,170 –KPJ Kajang Specialist Hospital 2,649,500 –

47,778,660 35,701,524

5. PERBELANJAAN HARTANAH

KUMPULAN DAN AL-‘AQAR KPJ REIT

2008 2007 RM RM

Penaksiran 1,355,946 1,069,989Perlindungan Takaful 539,070 404,993Yuran Penyelenggaraan 523,791 403,041Cukai Tanah 198,254 185,583 2,617,061 2,063,606



6. PENDAPATAN PELABURAN

KUMPULAN AL-‘AQAR KPJ REIT 2008 2007 2008 2007 RM RM RM RM

Pendapatan dari:Deposit berlandaskan Syariah based 719,710 174,424 250,821 174,424Takaful – 18,658 – 18,658

719,710 193,082 250,821 193,082

7. PERBELANJAAN CUKAI


Anggaran cukai yang dibayar – – – –

Penyesuaian berangka untuk perbelanjaan cukai pendapatan pada kadar cukai pendapatan berkanun yang berkaitan dengan perbelanjaan cukai pendapatan pada kadar cukai pendapatan berkesan adalah seperti berikut:


Pendapatan sebelum cukai 43,853,741 25,338,057 43,395,088 25,343,157

Cukai pada kadar berkanun 26% (2007: 27%) 11,401,973 6,841,275 11,282,723 6,842,652Kesan cukai pada:

Perbelajaan tidak tercukai 305,378 88,706 305,378 88,706Pendapatan tidak dikenakan cukai (117,222) – – –Pendapatan Pelepasan Cukai (11,590,129) (6,929,981) (11,588,101) (6,931,358)

– – – –

Berdasarkan Seksyen 61A(1) Akta Cukai Pendapatan Malaysia 1967, jumlaj pendapatan Al-‘Aqar KPJ REIT akan dikecualikan dari cukai pendapatan sekiranya 90% dari cukai pendapatan Al-‘Aqar KPJ REIT diagihkan kepda pemegang-pemegang unit dalam tempoh dua bulan dari akhir tempoh kewangan. Berdasarkan pada Surat Ikatan, Al-‘Aqar KPJ REIT dikehendaki mengagihkan sekurang-kurangnya 95% dari pendapatan bersihnya. Pengurus juga diharap dapat mengagih pendapatan bersihnya dalam tempoh dua bulan pada akhir setiap tahun kewangan dan menurutnya, tiada penganggaran cukai berbayar kini atau pngecualian cukai perlu dinyatakan dalam penyata kewangan.

8. PERNDAPATAN SEUNIT

Pendapatan sesaham bersih dan kasar telah dikira berdasarkan pendapatan sebelum cukai dan pendapatan bersih Kumpulan untuk tempoh yang dicatatkan yang berjumlah RM43,853,741 (2007: RM25,338,057) dan Al-‘Aqar KPJ REIT berjumlah RM43,395,088 (2007: RM25,343,157) dan bilangan unit yang diedarkan sehingga Disember 31, 2008 adalah 413,206,945 (2007: 340,000,000) unit.


9. PENGAGIHAN

Bagi tempoh kewangan berakhir Disember 31, 2008, Pengurus, dengan kebenaran pihak Pemegang Amanah, telah mengumumkan pengagihan seperti berikut:


Pengagihan interim pertama – 4.00 sen per unit (2007: 3.64) 17,148,840 12,376,000 17,148,840 12,376,000Pengagihan interim kedua – Tiada sen per unit (2007: 3.22) – 10,948,000 – 10,948,000Pengagihan terakhir – 4.10 sen per unit (2007: 0.46 sen) 17,577,561 1,566,000 17,577,561 1,566,000 34,726,401 24,890,000 34,726,401 24,890,000

Jumlah pengagihan bagi tahun berakhir pada Disember 31, 2008, yang berjumlah RM34,726,401 (2007: RM24,890,000), diwakili lebih kurang 109% (2007: 98%) pendapatan bersih nyata bagi tahun.

Pengagihan kepada pemegang unit diperolehi adalah dari sumber-sumber berikut:

KUMPULAN 2008 2007 RM RM

Pendapatan sewa bersih 45,161,599 33,377,843 Keuntungan pelaburan 250,821 – Lain-lain pendapatan 26,500 – Lebihan dari pelarasan nilai saksama keatas pelaburan hartanah 3,268,806 – 48,707,726 33,377,843 Tolak: Perbelanjaan (13,981,325) (8,487,843) 34,726,401 24,890,000

Pengagihan kasar per unit (sen) 8.10 7.32

Pengagihan bersih per unit (sen) 8.10 7.32



10. PELABURAN HARTANAHINVESTMENT PROPERTIES

Kumpulan dan Al-’Aqar REIT

KOS PENGAMBIL- TERMA ALIHAN PAJAKAN 2007 PADA PELARASAN 2008KETERANGAN PEGANGAN TERMA YANG TARIKH NILAI TAHUN NILAI NILAIHARTANAH TANAH PAJAKAN TINGGAL LOKASI PENILAIAN SAKSAMA 2008 SAKSAMA SAKSAMA RM’000 RM’000 RM’000 RM’000

Bangunan Pajakan 99 82 Ampang Disember 128,800,000 N/A 200,000 129,000,000 Hospital 15, Pakar KPJ 2008 Ampang Puteri

Bangunan Pegangan N/A N/A Damansara Disember 107,500,000 N/A 2,500,000 110,000,000 Hospital Kekal 15, Pakar KPJ 2008 Damansara

Bangunan Pajakan 99 72 Johor Disember 75,300,000 N/A 1,500,000 76,800,000 Hospital Pakar Bahru 18, KPJ Johor 2008

Bangunan Pajakan 999 887 Ipoh Disember 69,000,000 N/A – 69,000,000 Hospital Pakar 11, KPJ Ipoh 2008

Bangunan Pajakan 99 46 Johor Disember 39,000,000 N/A – 39,000,000 Hospital Bahru 17, Pakar Puteri 2008

Bangunan Pajakan 99 89 Shah Disember 61,400,000 N/A 600,000 62,000,000 Hospital Pakar Alam 10, KPJ Selangor 2008

Bangunan Pajakan N/A N/A Alor Disember – 47,078,267 (228,267) 46,850,000 Pusat Perubatan Setar 31, Kedah 2008

Bangunan Pajakan 66 56 Kota Disember – 40,903,860 1,496,140 42,400,000 Hospital Pakar Bharu 31, Perdana 2008

Bangunan Pegangan N/A N/A Kuantan Disember – 19,288,880 811,120 20,100,000 Hospital Pakar Bebas 31, Kuantan 2008

Bangunan Pegangan N/A N/A Kuala Disember – 24,180,200 1,819,800 26,000,000 Hospital Pakar Bebas Lumpur 31, Sentosa 2008

Bangunan Pegangan N/A N/A Kajang Disember – 39,061,300 3,238,700 42,300,000 Hospital Pakar Bebas 31, KPJ Kajang 2008

Jumlah 481,000,000 170,512,507 11,937,493 663,450,000

Hartanah pelaburan digadai kepada institusi kewangan untuk kemudahan kredit yang diberikan kepada Al-’Aqar KPJ REIT seperti yang dinyatakan dalam Nota 14.

* Hartanah-hartanah telah dinilai, pada tarikh-tarikh yang dicatatkan, oleh C H Williams Talhar & Wong Sdn Bhd, sebuah firma penilai harta bebas dan jurunilai profesional dengan menggunakan kaedah penilaian berdasarkan keuntungan.


11. PELABURAN DALAM SUBSIDIARI SYARIKAT

AL-‘AQAR KPJ REIT 2008 2007 RM RM

Saham tidak dinyatakan, pada kos 2 2

Butir-butir lanjut berkenaa subsidiary syarikat adalah seperti berikut:

KADAR EKUITI EFEKTIF SUBSIDIARI SYARIKAT NEGARA 2008 2007 LANGSUNG DITUBUHKAN % % AKTIVITI UTAMA

Al-’Aqar Capital Sdn Bhd Malaysia 100 100 Syarikat satu tujuan bagi menerbitkan kewangan Islam bagi Al-’Aqar KPJ REIT

Jumlah hutang oleh subsidiari syarikat, yang wujud akibat prabayaran, adalah tanpa faedah, dan tiada tempoh pembayaran.

Jumlah hutang kepada subsidiari syarikat mewakili penerimaan pendahuluan tiada jaminan dari lebihan yang timbul dari pembiayaan Islam oleh subsidiari syarikat. Kos pembiayaan dan terma pembayaran pendahuluan tanpa jaminan menunjukkan kos pembiayaan dan terma pembayaran semula yang timbul dari pembiayaan Islam subdiadri syarikat seperti dinyatakan dalam Nota 14.

12. PERBELANJAAN LAIN DAN PERBELANJAAN TERAKRU


Jumlah hutang kepada Pemegang Amanah 11,410 8,765 11,410 8,765Jumlah hutang kepada Pengurus 57,047 43,823 57,047 43,823Perbelanjaan lain 1,235,993 35,518 1,234,145 33,670Perbelanjaan terakru 4,797,677 192,940 355,740 191,440Penerimaan Deposit 4,091,670 – 4,091,670 – 10,193,797 281,046 5,750,012 277,698

13. PERUNTUKAN PENGAGIHAN PENDAPATAN


Baki pada awal tahun 12,514,000 9,248,000 12,514,000 9,248,000Pengagihan bagi tahun 34,726,401 24,890,000 34,726,401 24,890,000Pembayaran dibuat bagi tahun (29,660,840) (21,624,000) (29,660,840) (21,624,000) Baki pada awal tahun 17,579,561 12,514,000 17,579,561 12,514,000



14. PINJAMAN JANGKA PANJANG


Pembiayaan Islam jangka panjang 235,000,000 134,000,000 – 134,000,000 Tolak:

Kos Isu Langsung 879,241 809,230 – 809,230 Belanjan hapuskira terkumpul (158,668) (229,282) – (229,282)

(720,573) (579,948) – (579,948) 234,279,427 133,420,052 – 133,420,052

Pada 6 Februari 2008, subsidiari syarikat mengisu Kertas Komersial Islam dengan nilai nominal RM235,000,000 dibawah kemudahan Program Sukuk Ijarah. Kemudahan kewangan tersebut dicagarkan di atas hartanah pelaburan seperti yang dinyatakan dalam Nota 10, merangkumi tranche dan kadar keuntungan seperti berikut:

KADAR KE- JUMLAH UNTUNGAN TRANCHE RM (%)

Kelas A IMTN 155,000,000 4.78Kelas B IMTN 25,000,000 5.05Kelas C IMTN 55,000,000 4.28 Jumlah 235,000,000

Kemudahan kewangan tersebut dibayar dalam 14 kali pembayaran 2 kali setahun pembayaran yang sama nilainya, iaitu RM5,512,750 (hanya perbelanjaan pengongsian keuntungan) dan pembayaran terakhir berjumlah RM240,512,750 (jumlah pokok dan perbelanjaan pengongsian keuntungan untuk bulan sebelumnya) yang bermula daripada bulan Ogos 2008.

Kos terbitan langsung yang wujud daripada penggunaan kemudahan ini telah diimbangkan dengan kutipan daripada kemudahan dan dikreditkan untuk jangkamasa kemudahan itu, iaitu 60 bulan.

Pada 2007, pembiayaan Islam jangka panjang iaitu kemudahan kewangan bersindiket Bai’ Bithamin Ajil daripada AmInvestment Bank Berhad (dahulunya dikenali sebagai AmMerchant Bank Berhad), Public Bank Berhad dan AmIslamic Bank Berhad yang diperolehi pada 28 Jun 2006. Kemudahan kewangan tersebut dicagarkan di atas hartanah pelaburan seperti yang dinyatakan dalam Nota 10, dengan kos pembiayaan pada kadar keuntungan diantara 5.50% hingga 5.65%, telah dijelaskan pada tahun kewangan dengan menggunakan lebihan yang wujud dari terbitan kemudahan Program Sukuk Uijarah.


15. MODAL PEMEGANG UNIT

Kumpulan

2008 2007 BIL. BIL. UNIT RM UNIT RM

Baki pada awal tahun 340,000,000 333,930,117 340,000,000 333,951,575Terbitan unit baru 88,721,000 84,284,950 – –Perbelanjaan isu saham – (400,928) – (21,458) Baki pada akhir tahun 428,721,000 417,814,139 340,000,000 333,930,117

Al-‘Aqar KPJ REIT

2008 2007 BIL. BIL. UNIT RM UNIT RM

Baki pada awal tahun 340,000,000 333,930,117 340,000,000 333,951,575Terbitan unit baru 88,721,000 84,284,950 – –Perbelanjaan isu saham – (400,928) – (21,458) Baki pada akhir tahun/Tempoh 428,721,000 417,814,139 340,000,000 333,930,117

Butir-butir mengenai pihak berkaitan yang memegang unit dalam Al-’Aqar KPJ REIT sehingga 31 Disember 2008 adalah seperti berikut:

2008 2007 JUMLAH NILAI JUMLAH NILAI UNIT PASARAN UNIT PASARAN

Pengarah dan pemegang unit pengurus: Datin Paduka Siti Sa’diah Sheikh Baqir

– Langsung 28,862 27,130 18,862 18,862– Tidak langsung 1,350 1,269 1,350 1,350

Kamaruzzaman bin Abu Kassim 10,000 9,400 10,000 10,000Tan Sri Dato’ Muhammad Ali Hj Hashim

– Langsung 5,677 5,336 5,677 5,677– Tidak langsung 840 790 840 840

Dr Mohd Hafetz bin Ahmad 560 526 560 560

Pihak yang berkaitan: Puteri Specialist Hospital Sdn Bhd 29,280,900 27,524,046 25,923,300 25,923,300Damansara Specialist Hospital Sdn Bhd 24,170,000 22,719,800 23,975,000 23,975,000Johor Specialist Hospital Sdn Bhd 18,040,000 16,957,600 18,000,000 18,000,000Medical Center (Johore) Sdn Bhd 18,000,000 16,920,000 18,000,000 18,000,000Medical Associates Sdn Bhd 28,055,000 26,371,700 28,000,000 28,000,000Selangor Medical Centre Sdn Bhd 35,000,000 32,900,000 35,000,000 35,000,000 Johor Corporation 7,073,872 6,649,440 7,258,178 7,258,178Pusat Pakar Darul Naim Sdn Bhd 16,789,000 15,781,660 – –Sentosa Medical Centre Sdn Bhd 17,153,000 16,123,820 – –Kuantan Specialist Hospital Sdn Bhd 13,705,000 12,882,700 – –Kajang Specialist Hospital Sdn Bhd 11,074,000 10,409,560 – –Kedah Medical Centre Sdn Bhd 15,000,000 14,100,000 – –



16. TUNAI DAN TUNAI SETARA

Tunai dan tunai setara di dalam penyata aliran tunai mewakili:


Simpanan tetap dengan bank berlesen 22,736,793 11,025,892 5,635,777 11,025,892Baki tunai dan baki bank 16,435,604 2,414,348 16,434,104 2,412,848 39,172,397 13,440,240 22,069,881 13,438,740

17. NISBAH PERBELANJAAN PENGURUSAN (MER)

AL-‘AQAR KPJ REIT 2008 2007 % %

MER 0.18 0.27

Pengiraan MER berdasarkan jumlah yuran Al-‘Aqar KPJ REIT bagi tahun, termasuk Yuran Pengurus, Yuran Pemegang Amanah, Yuran Juruaudit, Yuran Agen Cukai dan perbelanjaan pentadbiran dibahagi dengan nilai purata asset bersih bagi tahun dikira setiap minggu. Oleh kerana nilai purata asset bersih dikira pada kadar mingguan, perbandingan MER Al-‘Aqar KPJ REIT dengan tabung amanah hartanah lain yang menggunakan perbezaan pengiraan mungkin tidak menunjukkan perbandingan yang tepat.

18. NISBAH PUSINGAN PORTFOLIO (“PTR”)

AL-‘AQAR KPJ REIT 2008 2007

PTR (kali) 0.40 –

Pengiraan PTR berdasarkan jumlah purata pemilikan dan jumlah penghapusan pelaburan bagi Al-‘Aqar KPJ REIT bagi tahun, dan dibahagikan dengan nilai asset bersih bagi tahun yang dikira secara mingguan.

19. URUSNIAGA PIHAK BERKAITAN YANG UTAMA

Al-‘Aqar KPJ REIT mendapat pendapatan sewanya seperti dinyatakan dalam Nota 4 dari pihak-pihak berikut. Urusniaga pihak berkaitan utama selain seperti yang dinyatakan dalam Nota 4 adalah seperti berikut:


Yuran penyelenggaraan yang dibayar/akan dibayar pada pengurus penyelenggaraan 523,791 403,041 523,791 403,041


20. INSTRUMEN KEWANGAN

Polisi dan Objectif Pengurusan Risiko Kewangan

Operasi Al-’Aqar KPJ REIT dan Kumpulan terdedah pada berbagai jenis risiko kewangan, termasuklah risiko kredit, risiko kecairan. Al-’Aqar KPJ REIT dan Kumpulan telah mengambil langkah untuk meminimumkan pendedahannya terhadap risiko-risiko ini dan/atau kos yang berkaitan dengan kewangan, pelaburan dan aktiviti operasinya dan beroperasi hanya dalam linkungan garis panduan seperti dinyatakan dalam Garis Panduan Tabung Amanah Hartanah Suruhanjaya Sekuriti.

(i) Risiko Kredit

Instrumen kewangan yang berpotensi mendedahkan Al-’Aqar KPJ REIT dan Kumpulan kepada risiko kredit adalah penerimaan perdagangan. Walaubagaimanapun, pada tarikh lembaran imbangan, Al-’Aqar KPJ REIT dan Kumpulan tidak mempunyai sebarang pendedahan yang ketara terhadap risiko kredit kerana kesemua penyewanya telah membayar semua jumlah berbaki.

Al-’Aqar KPJ REIT menyimpan depositnya dengan bank berlesen di dalam institusi kewangan yang mempunyai latar belakang kredit yang baik.

(ii) Risiko Kecairan

Al-’Aqar KPJ REIT mengamalkan pengurusan risiko kecairan yang cermat untuk meminimumkan ketakpadanan aset kewangan dan liabiliti dan untuk mengekalkan dana yang mencukupi untuk keperluan dana kontingen untuk modal bekerja.

Aset Kewangan

Aset Kewangan Prinsipal bagi Kumpulan adalah tunai dan baki bank, dan simpanan tetap dengan bank berlesen. Aset Kewangan Prinsipal bagi Al-’Aqar KPJ REIT termasuk jumlah hutang dari subsidiari syarikat. Polisi perakaunan boleh digunakpakai bagi aset kewangan utama telah dinyatakan dalam Nota 3.

Liabiliti Kewangan

Hutang atau instrumen ekuiti dikategorikan sebagai liability berdasarkan intipati kontrak yang telah dipersetujui. Liabiliti kewangan utama bagi Kumpulan termasuk prabayar lain dan pinjaman jangka panjang, seperti yang dinyatakan pada nilai nomimal.

Nilai Saksama

Nilai bawaan aset kewangan dan liabiliti kewangan yang dilaporkan di dalam lembaran imbangan menganggarkan nilai saksamanya kerana tempoh kematangan segera atau pendek untuk instrumen-instrumen ini kecuali yang berikut:

Kumpulan

2008 2007 NILAI NILAI NILAI NILAI BAWAAN SAKSAMA BAWAAN SAKSAMA RM RM RM RM

Liabiliti KewanganPembiayaan Islam jangka panjang (Nota 14) 234,279,427 234,879,411 133,420,052 132,191,062

Al-’Aqar KPJ REIT

2008 2007 NILAI NILAI NILAI NILAI BAWAAN SAKSAMA BAWAAN SAKSAMA RM RM RM RM

Liabiliti KewanganPembiayaan Islam jangka panjang (Nota 14) – – 133,420,052 132,191,062

Nilai saksama untuk pinjaman jangka panjang dianggarkan dengan menggunakan analisis aliran tunai berdiskaun berdasarkan kadar pinjaman semasa iaitu 4.69% (2007: 6.25%) setahun bagi jenis pinjaman yang sama.



21. ACARA PENTING

Dalam tempoh tahun kewangan, pada 19 Ogos 2008 dan seterusnya pada 3 September 2008, Al-‘Aqar KPJ REIT melalui Amanah Raya Berhad (Pemegang Amanah) telah memohon pemilikan yang berikut:

• Bangunan Hospital Pakar Seremban, Bangunan Pusat Perubatan Taiping, Bangunan Hospital Pakar Damai, Bangunan Hospital Pakar Bukit Mertajam, Bangunan Hospital Pakar KPJ Penang, Bangunan Hospital Pakar KPJ Tawakal dan Kolej Antarabangsa KPJ, Kejururawatan dan Sains Kesihatan iaitu subsidiari kepda KPJ Healthcare Berhad (“KPJ”);

• Bangunan Hospital Tawakal kini dari KPJ dan Johor Corporation (“JCorp”); dan

• Menara Metropolis dan Hotel Selesa dari Hotel Selesa (JB) Sdn Bhd, subsiriari milik penuh JCorp.

Dengan belian pada nilai pertimbangan RM383,400,000 dengan memenuhi sebahagian melalui tunai pertimbangan sebanyak RM239,526,300 dan sebahagian lagi melalui terbitan unit baru sebanyak 151,446,000 dalam Al-‘Aqar KPJ REIT pada harga RM0.95 seunit.

Permohonan pemilikan telah diluluskan oleh Suruhanjaya Sekuriti Malaysia pada 16 Disember 2008 dan tertakluk kepada pemegang-pemegang unit dalam Mesyuarat Agong Luarbiasa yang akan diadakan pada 25 Februari 2009.


Analisa Pemegang-pemegang Unitsehingga 31 Disember 2008

Diterbitkan : 428,721,000 Unit pada RM1/= setiap satu

Modal Berbayar Sepenuhnya : RM428,721,000

PECAHAN PEMEGANG-PEMEGANG UNIT

BIL. PEMEGANG BIL. SIZE UNIT DIPEGANG UNIT % UNIT %

Less than 100 766 32.51 47,657 0.01100 – 1000 945 40.11 371,026 0.091,001 – 10,000 399 16.94 1,538,713 0.3610,001 – 100,000 133 5.65 5,134,265 1.20100,001 to less than 5% of Issued Capital 108 4.58 240,815,740 56.175% and above of Issued Capital 5 0.21 180,813,599 42.17 JUMLAH 2,356 100.00 428,721,000 100.00

30 PEMEGANG-PEMEGANG AKAUN TERATAS

BIL. NAMA UNIT %

1. Lembaga Tabung Haji 64,307,699 15.00%2. HSBC Noms (T) Sdn Bhd – A/C Selangor Medical Centres Sdn Bhd (355-300641-089) 35,000,000 8.16%3. Ampang Puteri Specialist Hospital Sdn Bhd 29,280,900 6.83%4. Medical Associates Sdn Bhd 28,055,000 6.54%5. Damansara Specialist Hospital Sdn Bhd 24,170,000 5.64%6. Johor Specialist Hospital Sdn Bhd 18,040,000 4.21%7. Medical Centre (Johore) Sdn Bhd 18,000,000 4.20%8. Sentosa Medical Centre Sdn Bhd 17,153,000 4.00%9. Pusat Pakar Darul Naim Sdn Bhd 16,789,000 3.92%10. Kedah Medical Centre Sdn Bhd 15,000,000 3.50%11. Kuantan Specialist Hospital Sdn Bhd 13,705,000 3.20%12. HSBC Noms (A) Sdn Bhd

– A/C Exempt An for BNP Paribas Securities Services (Dublin USD) 12,535,400 2.92%13. Kajang Specialist Hospital Sdn Bhd 11,074,000 2.58%14. Employees Provident Fund Board 10,665,565 2.49%15. Koperasi Permodalan Felda Berhad 10,000,000 2.33%16. Johor Corporation 7,073,872 1.65%17. Citigroup Noms (A) Sdn Bhd

– A/C Exempt An for American International Assurance Berhad 6,793,000 1.58%18. Malaysian Assurance Alliance Berhad 6,068,400 1.42%19. Amanah Raya Noms (Tempatan) Sdn Bhd – A/C Public Islamic Dividend Fund 5,315,240 1.24%20. Uni.Asia General Insurance Berhad 3,795,000 0.89%21. Malaysia Noms (T) Sdn Bhd – A/C Great Eastern Life Assurance (M) Berhad (LGF) 3,200,000 0.75%22. Mayban Noms (T) Sdn Bhd – A/C Mayban Life Assurance Berhad (Non-Par Fund) 3,050,000 0.71%23. Mayban Noms (T) Sdn Bhd – A/C Mayban Life Assurance Berhad (Par Fund) 3,050,000 0.71%24. Mayban Noms (T) Sdn Bhd – A/C Etiqa Takaful Berhad (Family Fund) 2,900,600 0.68%25. MCIS Zurich Insurance Berhad 2,810,169 0.66%26. Malaysia Noms (T) Sdn Bhd – A/C Great Eastern Life Assurance (M) Berhad (DR) 2,440,000 0.57%27. Amanah Raya Noms (T) Sdn Bhd – A/C Public Islamic Enhanced Bond Fund 2,343,300 0.55%28. Malaysia Noms (T) Sdn Bhd – A/C Great Eastern Life Assurance (M) Berhad (PAR 1) 2,257,000 0.53%29. Cartaban Noms (T) Sdn Bhd

– A/C Exempt An for MIDF Amanah Asset Noms (T) Sdn Bhd (Account 1) 2,141,500 0.50%30. MCIS Zurich Insurance Berhad 2,000,000 0.47%


…Analisa Pemegang-pemegang Unit

PEMEGANG UNIT UTAMA

LANGSUNG TIDAK LANGSUNG BIL. PEMEGANG BIL. NAMA UNIT % UNIT %

1. Lembaga Tabung Haji 64,307,699 15.00 459,300 0.112. HSBC Noms (T) Sdn Bhd

– A/C Selangor Medical Centres Sdn Bhd (355-300641-089) 35,000,000 8.16 199,877,991 46.623. Ampang Puteri Specialist Hospital Sdn Bhd 29,280,900 6.83 205,597,091 47.964. Medical Associates Sdn Bhd 28,055,000 6.54 206,822,991 48.245. Damansara Specialist Hospital Sdn Bhd 24,170,000 5.64 210,707,991 49.15

ANALISIS PEMEGANG UNIT

BIL. PEMEGANG BIL. UNIT % UNIT %

Warga Malaysia – Bumiputra 708 30.05 330,365,432 77.06 – Lain-lain 1,584 67.23 84,075,807 19.61Warga Asing 64 2.72 14,279,761 3.33 JUMLAH 2,356 100.00 428,721,000 100.00


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L T - malaysiastock.biz Pengarah Bebas Bukan Eksekutif Dr. Mohd Hafetz bin Ahmad Zainah binti Mustafa MANAGEMENT TEAM KUMPULAN PENGURUSAN Yusaini bin Sidek Suhaimi bin Saad, Senior