Corporate Presentation

Disclaimer
Information contained in our presentation is intended solely for your personal reference and is strictly confidential. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information about the company. Neither we nor our advisors make any representation regarding, and assume no responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information contained herein. In addition, the information contains projections and forward looking statements that reflect the companys current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the companys assumptions are correct. Actual results may differ materially from those projected.

This presentation is strictly not to be distributed without the explicit consent of the Companys management under any circumstances.

Table of Contents
Brief Corporate Profile Overall Financial Performance Financial Results Analysis Segmental Breakdown Analysis Dividend Track Record Shareholding Statistics Market Outlook & Prospects Analysts Valuations
3

Briefing Corporate Profile

Introduction to Naim Holdings Berhad

Naim Cendera Holdings Berhad (NAIM CENDERA) was incorporated on 5 July 2002 and subsequently listed on the Main Board of Bursa Malaysia Securities Berhad on 12 September 2003. Its name was changed from Naim Cendera Holdings Berhad to Naim Holdings Berhad (NAIM) in March 2009 and is listed on the Main Market of Bursa Malaysia Securities Berhad under the Property Sector. Naim is the holding company of Naim Land Sdn Bhd (NLSB) (formerly known as Naim Cendera Sdn Bhd). NLSB was formed on 12 April 1993 and has been active in property development and construction since September 1995. Naim is a Class A Bumiputera Contractor with ISO 9001 Certification. And also an approved licensed contractor for major construction and civil works, including the supply of machinery and equipment to Petronas and its production sharing contract partners. Naim focuses its business efforts on 3 principal areas as follows:

Integrated property developer based in Sarawak with projects covering Kuching, Miri and Bintulu.

Contracting of construction, civil engineering, oil and gas; and infrastructure projects.
5

Oil and gas services through its 34% shareholding investment in Dayang Enterprise Holdings Berhad

Group Structure (by Business Segment)

Property Development Property

Property Investment
Engineering & Construction Manufacturing, Quarry Operations, Trading & Services Via Associate Dayang Enterprise Holdings Bhd

Construction

Other Businesses

Oil and Gas

Property Development

In a Nutshell

Developed more than 16,000 units of residential, commercial and industrial properties throughout Sarawak valued at more than RM 2.5 billion. Accumulated remaining land bank of 2,620 acres strategically located with estimated future GDV of RM9.5 billion. Has potential to develop commercial and other properties worth more than RM 3.0 billion in Kuching, Bintulu and Miri for injection into Real Estate Investment Trusts (REIT) in future.
Naim first investment property, Permy Mall with lettable floor area of 153,000 sq ft, was completed in December 201. It is currently 94% tenanted and generating a gross return of 12%.

Past 11-year Property Sales Value & Units

Naims Core Competitive Strengths

Long track record in building townships, e.g. Bandar Baru Permyjaya in Miri, Desa Ilmu and Riveria in Kuching.

Low holding cost for the bulk of land bank owned by Naim as some received as payment in kind from completed construction jobs.

This provides greater flexibility in the timing for launching Naims property projects based on prevailing market demand.

10

Overview of On-going Projects

Gross Development Value Property Development Projects Bandar Baru Permyjaya (Miri)
Desa Ilmu (Kota Samarahan) Riveria (Kuching) TOTAL
* Note: Development is at tail-end.

(Unit: RM million)
Year of Launch 1995 2000 2005 Completed GDV in FY2010 1,242 438 191 1,871 Completed GDV in FY2011 1,355 467 233 2,055 Remaining GDV as at 01.01.2012 (RM million) 2,000 0* 112 2,112

Properties Sold Property Development Projects Bandar Baru Permyjaya FY2010 Units 429 35 29 493 Sales Value 122 6 14 142
11

(Unit: RM million) FY2011 Unbilled Sales 41 8 7 56 Units 329 116 104 549 Sales Value 113 29 42 184 Unbilled Sales 104 43 29 176

Desa Ilmu
Riveria TOTAL

Overview of On-going Projects

Take-Up Rate of New Sales Launches (for Residential and Commercial Units) Property Development Projects Bandar Baru Permyjaya Desa Ilmu Riveria TOTAL FY2010 Units Launched 162 122 6 Take-up Rate 67% 31% 100% Sales Value (RM mil) 28 7 3 Units Launched 417 108 108 (Unit: RM million) FY2011 Take-up Rate 92% 56% 98% Sales Value (RM mil) 132 16 42

290

50%

37

633

190

12

Property Investment

13

Creation of Real Estate Investment Trusts

Completed properties Naim Holdings Set up property investment arm Naim REIT (future plan) Permy Mall, Miri Retain a proportion of future properties to rent
Batu Lintang Piasau Camp Bintulu City Centre

Own & operate rental properties

Pantai Piasau Residences

To launch a REIT when property investment assets has reached sufficient size

The 2-storey Miri Permy Mall was completed on 28 October 2011. At present, its occupancy rate is 94% since February 2012 and is expected to generate rental income of RM8 million per annum. The estimated fair value for the building and land is RM85.0 million and RM3.6 million respectively as at 31 December 2011. The total development cost including land and building is RM52 million (land cost of RM3 million and building cost of RM49 million) with gross floor area of 275,000 sq ft and lettable floor area of 153,000 sq ft.

14

Construction

15

Construction Track Record

Completed Contracts by Client Base Federal Contracts State Contracts Others Contracts TOTAL Total Contract Value (RM 000) 1,621,940 1,235,448 433,936 3,291,324

Note: The contracts above do not include construction of NAIMs own property developments estimated at RM2.5 billion.

16

Track Record and Order Book

Has completed more than RM 3.0 billion worth of construction contracts, all delivered on time or ahead of schedule within specifications and budget.

Past Projects Completion Performance

30% 70%

Ahead of Schedule

On Schedule

Note: The above percentage is based on total 30 completed projects undertaken from January 1997 to March 2012.
17

Construction Order Book

Contracts by Client Base Federal State Others Order Book Value (RM million) 1,845.3 483.3 339.1 Value To Run (RM million) 1,678.9 279.7 148.2

Overseas
TOTAL

154.8
2,822.5

96.8
2,203.6

Current order book will sustain earnings growth for next 2 to 3 years. Does not include projects currently bidding for. Successful bids to sustain order book and earnings beyond 2014.

Note: i. Order book includes RM1,602 million with firm contracts and RM1,221 million at LOI stage. Given our track record and past experience of 100% conversion to LOAs, we are very confident that these LOIs will become firm orders, although this cannot be guaranteed. LOI values stated are estimates only and are subject to change.
ii. Order Book reflects Naims share only. Share of JV subject to ongoing discussion with JV partners.
18

Notable Past Completed Projects

Project Institut Kemahiran Belia, Miri Upgrading of Sibu Bintulu Road Low-Cost Housing for HDC, Miri Kolej Sains Kesihatan Bersekutu, Kuching Institut Latihan Perindustrian, Miri

Client
Federal Government Federal Government State Government Federal Government Federal Government Federal Government Federal Government State Government SPNB

Contract Value (RM million) 98.0 73.0 (Phase1) 96.1 (Phase2) 279.5 70.7 76.0 (Phase1) 33.0 (Phase2) 313.0 37.5

Completion Date May 2002 Nov 2004 Dec 2004 May 2005 May 2005 Dec 2005 Dec 2006 Feb 2008 July 2008

Police General Operations Force Camp, Kuching Kompleks CIQ, Limbang

Sarawak State Legislative Assembly Complex, Kuching Affordable Housing Project at Desa Ilmu, Kuching

296.5
90.8

May 2009
April 2009

19

Notable Past Completed Projects

Project Maktab Rendah Sains Mara, Mukah Upgrading of Sibu Julau Road Kuching Flood Mitigation Project (Phase 1) Affordable Housing Project Bakun-Similajau Transmission Line (Package A) Selangau Matadeng Road Upgrading of Kings Road, Fiji 8 National Schools and Hostels Bakun-Similajau Transmission Line (Package B) Bengoh Dam, Kuching

Client
Federal Government JKR Federal Government SPNB SESCO

Contract Value (RM million) 48.0 176.5 148.8 281.0 228.8

Completion Date May 2009 June 2010 Feb 2010 March 2010 July 2010

State Government Fiji Government Ministry of Education SESCO

State Government

202.0
56.1 63.7 104.6 310.1

April 2011
Aug 2011 Oct 2011 Sept 2011 Dec 2011

20

Notable On-going Construction Projects

Contract Value (RM million) Project Duration Start Aug 2007 Aug 2010 Target Ending Mar 2014 Feb 2014

Client
Total Value to Run (1 Apr 2012) 451.80 119.75

Affordable Housing Projects Sabah Oil and Gas Terminal (SOGT) Rehabilitation & Maintenance of Fiji National Highway Bengoh Dam Resettlement Scheme Complex Islam Murum Dam Resettlement Scheme Jalan Kampung Semadang/ Bau TOTAL

SPNB Petronas Carigali

560.46 244.40

Fiji Government
State Government Majlis Islam Sarawak

142.76
179.60 94.64

84.72
74.53 28.40

Mar 2010
Oct 2010 Apr 2009

Dec 2012
Jan 2013 Sep 2012

State Government
State Government

197.17
67.65 1,486.82

197.17
3.30 959.67

Aug 2012
July 2009

Aug 2013
Aug 2012

21

Investment in Dayang Enterprise Holdings Bhd

22

Brief Introduction on Dayang

Naim is the single largest shareholder in Dayang with 184.95 million shares (representing 33.6 % shareholding from Dayang share capital of 550 million)
Dayangs Valued Proposition to Naim Leading O&G Maintenance Services Provider Strong Operational Asset Base Record Order Book Size Earnings Visibility Reaffirmed Strong Financials and Margin Operating exclusively in Sabah & Sarawak over the last 20 years 5 Workboats (incl. 1 under construction) and 2 supply vessels Over 20 OSV under investee (Perdana Petroleum) RM1.4 billion (or outstanding order book of RM1.4 billion - 6x revenue) mid Feb 2012 RM802 mil contract win in Feb 2011 RM125 mil contract win in Feb 2012 from Talisman Cash pile of over RM260 million & low gearing (0.11x) PAT margin of 25% is higher than peers average of 11.6%
23

Dayang: Current Order Book (as at 15 Feb 2012)

Original Value * (RM mil) 802 150 500 150 80 400 125 Description Balance Contract Value * (RM mil) 680 0 100 80 80 300 125 Contract Completion Date Feb 2016 Dec 2011 Mar 2012 Nov 2012 Feb 2013 plus 2 yrs Mar 2015 plus 1 yr Managements Estimation for Completion (RM mil)

2011
120 30 100 45 20 60 -

2012
160 100 45 20 80 60 20

Petronas Carigali: Topside Structural Maintenance Petronas Carigali: Integrated Minor Maintenance (IMM) Petronas Carigali: Hook-up and commissioning Murphy Sabah: Topside Major Maintenance Brunei Shell Petroleum: Charter of Dayang Zamrud Sarawak Shell & Sabah Shell: Topside Maintenance Contract Talisman Topside Maintenance Contract NEW Workboat Dayang Topaz

2,207

Balance Contract Value

1,365

375

485

* Note: Estimates only.

Almost 1.5 times of FYE2010s revenue of RM255 mil 24

Dayang Past Financial Performance

Revenue
382.323

Profit After Tax

90.000
83.129 71.444 67.731

400.000
350.000 300.000 RM million
255.385

80.000
70.000 RM million 60.000 50.000 40.000 30.000 20.000 10.000 0.000 2007 2008 2009 2010 2011 #

250.000
200.000 150.000
181.128
127.134

196.954

44.785 28.852

100.000
50.000 0.000

2007 2008 2009 2010 2011 #

Note (#): For illustrative purposes, 2007 financial performance is presented on a proforma basis as if all the subsidiaries were part of Dayang Enterprise Holdings Bhd Group since 1 January 2007. 2008 financial performance is base on 15 months period results instead of 12 months.
25

Corporate Developments in FY 2011

2011 2012

Feb

Mar

Oct

Dec

Bonus Issue (1:4) completed to reward shareholders Secured TSM LOA from Carigali worth RM802 million

Secured contract extension from Murphy, estimated to be additional RM100 million Rights Issue (1:4) oversubscribed

Investment in Perdana Petroleum Bhd

Leading OSV charter in Malaysia Over 20 OSVs, including 15 AHTs, 7 workboat and workbarges One Additional 300 pax new workbarge by Dec 2011 Vessel Utilisation rate currently around 80% Investment is a collaboration to position Dayang favourably for new project/tender and to further consolidate Dayangs leading position in the O&G offshore maintenance support industry

26

Overall Past Financial Performance

27

Uninterrupted Financial Profitability

Net Profit Attributable to Shareholders
97.750 100.000 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0.000

84.981
79.145 69.495 48.483 66.229 46.628 76.274 80.747

RM million

2003

2004

2005

2006

2007

2008

2009

2010

2011

Since Naim was listed on Bursa Malaysia in 2003, it has never suffered losses in any single financial year while journeying through various economic cycles and slowdown.
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Consistent Growth of Shareholder Funds

Shareholder Funds
747.182 800.000 700.000 600.000 RM million 500.000 400.000 300.000 200.000 100.000 0.000 2003 2004 2005 2006 2007 2008 2009 2010 2011
An uninterrupted profitability track record has enabled Naim to build up its shareholders funds year-on-year to become close to RM750 million as at end 2011.
29

489.816 459.499 400.087 352.228

652.263 587.651 539.318

724.015

FY2011 & 1Q FY2012 Financial Results Analysis

30

Executive Summary on FY2011 Results

Naim achieved one of the lowest revenue & profitability levels in FY2011 compared to past 5-year financial performance Naims gearing position is manageable and ready to seize new business opportunities by leveraging on its RM200m cash reserves Naim is financially (balance sheet) well positioned ahead of any economic slowdown in 2012 and beyond
31

Income from associates and joint ventures contributed significantly to the Groups overall profitability

Operating cash flows remained positive in FY2011 and sharp increase in financing net inflow after issuance of Islamic bonds

Y-o-Y Financial Performance

FYE 31 December (RM million) Revenue Gross profit Gross profit margin Profit before tax Audited FY2010 612.69 164.44 Audited FY2011 411.89 63.93 15.52% 57.16 Y-o-Y Change -32.8% -61.1%

26.84%
132.04 21.55% 99.91 97.75

n/a
-56.7% n/a -51.8% -52.3%

Profit before tax margin

Profit after tax Net profit attributable to shareholders EPS (sen)

13.88%
48.15 46.63 19.68

41.25

-52.3%

Overall, lower revenue was recognised by the property division and lower contract was completed by construction division in FY2011, compared to FY2010. Correspondently, lower profitability was recognised by both property and construction division in FY2011, compared to FY2010. However, higher profitability contributed by joint ventures (RM12.8 million) and from associate Dayang Enterprise (RM28.6 million) helped to uplift overall PBT of the Group.
32

Quarter-on-quarter Financial Performance

Quarterly Period (RM million)
Revenue Gross profit Gross profit margin Operating profit (EBIT) Operating profit margin Profit before tax Profit before tax margin Profit after tax Net profit attributable to shareholders EPS (sen) 1Q FY2011 2Q FY2011 3Q FY2011 4Q FY2011 1Q FY2012

120.90 22.54 18.64% 8.12 6.72% 16.94 14.01% 12.95 12.23 5.16

103.49 14.89 14.39% 13.49 13.04% 21.55 20.82% 19.09 19.16 8.09

94.39 8.17 8.66% (0.63) (0.67%) 12.56 13.30% 9.87 10.25 4.33

93.11 18.33 19.80% 0.74 0.77% 6.11 6.93% 6.24 4.99 2.10

94.16 22.44 23.83% 11.89 12.63% 22.98 24.41% 16.86 16.08 6.79

33

Financial Position
FYE 31 December (RM million) Current assets Audited FY2010 608.40 Audited FY2011 761.79 Y-o-Y Change 25.2%

Current liabilities
Current ratio (times) Short term debt Long term debt Total debt Total equity (including MI) Total debt to total equity ratio Cash reserves Net cash / (net debt)

245.95
2.47 104.40 20.71 125.11 739.46 0.17 39.21 (85.90)

140.21
5.43 7.91 339.09 347.00 763.50 0.45 213.46 (133.54)

-43.0%
119.8% -92.4% 1537.3% 177.4% 3.3% 164.7% 444.4% 55.5%

Net debt to total equity ratio

Shareholders funds Number of shares (gross) Net assets per share (RM)

0.12
724.02 250.00 2.90

0.17
747.18 250.00 2.99

41.7%
3.2% 0.0% 3.1%

The bulk of short debt has been refinanced by long term debt where Naim utilised long term debt to fund long term assets and/or long gestation development projects, after Naim successfully issued RM300 million Islamic Bonds in 2011.
34

Financial Liquidity
FYE 31 December (RM million) Operating cash flows Investing cash flows Financing cash flows Net increase/(decrease) in cash Cash and cash equivalents at beginning of period Effect of exchange rate changes

Audited FY2010
49.48 (50.62) (49.86) (51.01) 89.70 -

Audited FY2011
35.30 (51.78) 190.57 174.10 38.69 (0.01)

Y-o-Y Change
-28.7% 2.3% -482.2% -441.3% -56.9% n/a

Cash and cash equivalents at end of period

38.69

212.78

450.0%

The operating cash flow remained positive indicating cautious approaches are always adopted by Naims management in its business conduct in both FY2010 and FY2011. The bulk of the investing cash outflow in FY2011 was due to subscription of Dayang Enterprise Holdings Bhds rights issue in Feb 2011 (RM43.5 million), capex (RM31.4 million) and acquisition of property investment assets (RM30.1 million); compared to capex and acquisition of property investments assets incurred in FY2010 (RM52 million). The huge net financing net inflow was mainly due to successful issuance of RM300 million Islamic bonds in 2011. The risks of funding mismatch has been reduced to a lower level because a series of medium to long term bonds were issued with tenures ranging from 3 years (RM150 million), 5 years (RM125 million) to 10 years (RM25 million).
35

Favourable Financial Ratings

Tenure 3-year 5-year 10-year Issuing Date Feb 2011 Sept 2011 Sept 2011 Coupon Rate 4.90 % 4.50 % 5.15 % Total

Islamic MTN Issuance Amount (RM million)

150 125 25 300

Naim has successfully issued RM300 million Islamic bonds in 2011 with a series of medium to long term bonds were issued with tenures ranging from 3 years (RM150 million), 5 years (RM125 million) to 10 years (RM25 million). Naim debt securities is rated AA3 by Rating Agency Malaysia for its RM500 million Islamic Commercial Paper and Medium Term Note Issuance Programme. This is one the highest rating awarded to Naim amongst property development and construction company. The RM300 million bonds has enable Naim to lock in fixed funding cost over the 3 to 5 years beside allowing Naim in using long term funding to finance its long term assets and long gestation property development project over the next 3 to 5 years.
36

Segmental Breakdown Analysis

37

Segmental Contribution (1/2)

FYE 31 Dec (RM million) Revenue Property Construction Any Other Biz Property Investment FYE 31 Dec (RM million) Gross Profit Property Audited FY2008 523.72 209.77 279.75 34.20 % 100.0% 40.1% 53.4% 6.5% 0.0% Audited FY2009 566.92 169.99 347.96 48.97 % 100.0% 30.0% 61.4% 8.6% 0.0% Audited FY2010 612.69 162.94 418.77 30.98 % 100.0% 26.6% 68.4% 5.1% 0.0%

Audited FY2011
411.89 117.18 259.49 30.16 5.06

% 100.0% 28.5% 63.0% 7.3% 1.2%

Audited FY2008 108.18 61.23

% 100.0% 56.6%

Audited FY2009 129.53 50.65

% 100.0% 39.1%

Audited FY2010 164.44 73.18

% 100.0% 44.5%

Audited FY2011 63.94 33.01

% 100.0% 51.6%

Construction
Any Other Biz Property Investment

43.10
3.85 -

39.8%
3.6% 0.0%

74.14
4.74 -

57.2%
3.7% 0.0%

91.23
0.03 -

55.5%
0.0% 0.0%

28.21
(0.57) 3.29

44.1%
-0.9% 5.2%

38

Segmental Contribution (2/2)

FYE 31 Dec (RM million) Revenue Property Construction Any Other Biz Property Investment Audited FY2010 612.69 162.94 418.77 30.98 % 100.0% 26.6% 68.4% 5.1% 0.0%

Audited FY2011
411.89 117.18 259.49 30.16 5.06

% 100.0% 28.5% 63.0% 7.3% 1.2%

Audited 1Q FY2012
94.16 42.12 43.20 7.24 1.60

% 100.0% 44.7% 45.9% 7.7% 1.7% 1Q FY2012 Gross Profit Margin 23.8% 28.6%

FYE 31 Dec (RM million)

Gross Profit Property

Audited FY2010
164.44 73.18

% 100.0% 44.5%

Audited FY2011 63.94 33.01

% 100.0% 51.6%

Audited 1Q FY2012 22.44 12.04

% 100.0% 53.6%

Construction
Any Other Biz Property Investment

91.23
0.03 -

55.5%
0.0% 0.0%

28.21
(0.57) 3.29

44.1%
-0.9% 5.2%

10.82
(1.12) 0.70

48.2%
-5.0%

25.0%
-15.5% 43.8%

3.2%

39

Segmental Performance
Property Development
FYE 31 Dec (RM million) Revenue Gross Profit Gross Profit Margin Audited FY2008 Audited FY2009 Y-o-Y Change Audited FY2010 Y-o-Y Change Audited FY2011 Y-o-Y Change

209.77
61.23 29.2%

169.99
50.65 29.8%

-19.0%
-17.3% 2.1%

162.94
73.18 44.9%

-4.1%
44.5% 50.7%

117.18
33.01 28.2%

-28.1%
-54.9% -37.2%

Lower sales of property was registered in 2010 (RM145 million) resulted in lower revenue and profit were recognised in FY2011 compared to 2011 (RM219 million). Approx. 70% of property sales was achieved in 2H 2011 and it is expected to contribute positively over next 2-years.

Construction
FYE 31 Dec (RM million) Revenue Gross Profit Gross Profit Margin Audited FY2008 279.75 43.10 15.4% Audited FY2009 347.96 74.14 21.3% Y-o-Y Change 24.4% 72.0% 38.3% Audited FY2010 418.77 91.23 21.8% Y-o-Y Change 20.4% 23.1% 2.2% Audited FY2011 259.49 28.21 10.9% Y-o-Y Change -38.0% -69.1% -50.0%

Construction contracts with lower profit margin were completed in FY2011 compared to FY2010, coupled with lack of new major contracts secured in 2011 resulted in lower revenue achieved in FY2011.
40

Segmental Performance
Any Other Businesses
FYE 31 Dec (RM million) Revenue Gross Profit Gross Profit Margin Audited FY2008 34.20 3.85 11.3% Audited FY2009 48.97 4.74 9.7% Y-o-Y Change 43.2% 23.1% -14.0% Audited FY2010 30.98 0.03 0.1% Y-o-Y Change -36.7% -99.3% -98.9% Audited FY2011 30.16 (0.57) -1.9% Y-o-Y Change -2.6% -2000.0% -2000.0%

Property Investment
FYE 31 Dec (RM million) Revenue Gross Profit Gross Profit Margin Audited FY2008 Audited FY2009 Y-o-Y Change Audited FY2010 Y-o-Y Change Audited FY2011 5.06 3.29 65.0% Y-o-Y Change -

Property investment income was mainly derived from the rental of property held for investment during 2011, including the launch of Naims Hypermall Shopping Mall in Miri, Sarawak in Nov 2011.
41

Dividend Track Record

42

Consistent Dividend Payout Since Listing

Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total Total Net Dividend Per share (sen) 6.48 8.64 8.64 10.80 10.95 11.31 8.00 10.00 8.00 19.39 (proforma) 27.84 32.04 27.09 31.20 33.32 35.85 41.25 19.68 33.40% 31.00% 26.97% 39.87% 35.10% 33.94% 22.32% 24.24% 40.65% EPS (sen) Payout Ratio Amount (Cash Outflow) 8,100,000 17,052,000 24,930,000 35,207,000 26,772,000 15,260,000 18,955,000 23,694,000 23,694,000 7,108,000 200,772,000

Note: Since Naim was listed in 2003, it has consistently rewarded its shareholders with unbreakable dividend track record since its first full financial year of 2003 until 2011. However, the dividend payout ratio has to be adjusted lower in 2009 & 2010 in view of economy recession and early recovery of economy, where Naim had set its priority to preserve its cash resources during that challenging period.
43

Dividend Track Record

FYE 31 Dec Tax Rate Dividend Type Interim Final Total Interim Final Total 1st Interim 2nd Interim Total 1st Interim Total 1st Interim 2nd Interim Total Gross Dividend Per share Total (RM (sen) million) 4.50 4.50 9.00 5.00 7.00 12.00 7.00 5.00 12.00 15.00 15.00 7.00 8.00 15.00
44

Net Dividend Per share Total (RM (sen) million) 3.24 3.24 6.48 3.60 5.04 8.64 5.04 3.60 8.64 10.8 10.80 5.11 5.84 10.95 8.10 8.10 16.20 8.952 12.465 21.417 12.465 8.802 21.267 26.405 26.405 12.494 14.278 26.772

2003

28%

2004

28%

2005

28%

2006

28%

11.25 11.25 22.50 12.50 17.50 30.00 17.50 12.50 30.00 37.50 37.50 17.50 20.00 37.50

2007

27%

Dividend Track Record

FYE 31 Dec Tax Rate Dividend Type
1st Interim 2nd Interim Total 1st Interim 2nd Interim Total 1st Interim 2nd Interim Total 1st Interim 2nd Interim Total

Gross Dividend Per share Total (RM (sen) million)

6.50 1.50 5.00 13.00 3.00 5.00 8.00 5.00 5.00 10.00 5.00 3.00 8.00 16.25 3.75 12.50 32.50 7.50 12.50 20.00 12.50 12.50 25.00 12.50 7.50 20.00

Net Dividend Per share Total (RM (sen) million)

4.81 1.50 5.00 11.31 3.00 5.00 8.00 5.00 5.00 10.00 5.00 3.00 8.00 11.633 3.627 11.847 27.107 7.108 11.847 18.955 11.847 11.847 23.694 11.847 7.108 18.955

2008

26% (Note)

2009

2010

2011

Note: With effect from 2008, all the subsequent dividend payout is base on tax exempt single tier dividend where gross and net dividend per share are the same. However, the actual net dividend payout is still lower than indicative gross dividend due to Naim is exempted from paying dividend to its treasury shares.
45

Share Buyback as Dividend Mode

Available Alternative Option Preferred Options
The total number of treasury shares held as at 31 Dec 2011 was 13,056,000 ordinary shares or approximately 5.22% of Naims issued share capital of 250,000,000 ordinary shares.

46

Share Buyback Track Record

Year Opening Balance Purchase During the Year 1,499,600 3,772,400 237,000 Closing Balance Cumulative Average Purchase Cost Total (RM Average Close (RM Cost per Share million) Price (RM) million) 4.584 11.026 0.705 17.154 1.279 3.06 2.92 2.97 2.62 1.28 4.584 15.610 16.315 16.315 33.469 34.748 34.748 34.748 34.748 3.06 2.96 2.96 2.96 2.78 2.66 2.66 2.66 2.66

2004 2005 2006 2007 2008 2009 2010 2011 2012

1,499,600 5,272,000 5,509,000 5,509,000

1,499,600 5,272,000 5,509,000 5,509,000

6,546,000 12,055,000

12,055,000 1,000,000 13,055,000 13,055,000 13,055,000 13,055,000 13,055,000 13,055,000 13,055,000

47

Shareholding Statistics

48

Shareholding Structure

49

Market Outlook & Prospects

50

Brighter Prospects Moving Forward

Property sales secured in 2011 is expected to contribute positively over the next 2-years Sales value in 2010 = RM145 million Sales value in 2011 = RM219 million

Continue to expand into new markets and reap recurring income from investment property Property investment assets will continue to provide consistent rental incomes Plan to develop our prime land bank near Bintulu Airport over next 5 years

Construction order book is expected to improve in 2012 and beyond Bidding more than RM2 billion value of projects
51

Focuses on key projects under Sarawak SCORE

Upcoming Launches of Property Projects

Location and Expected Launch Period Bintulu Old Airport 4Q 2012 Type of Development Estimated GDV

Street Mall

RM175 million RM175 million

Total
Kuching/Kota Samarahan 2Q 2012 Riveria Service Apartment

RM25 million RM25 million

Total
Bandar Baru Permyjaya, Miri 1Q 2012 1Q 2012 2Q 2012 2Q 2012 3Q 2012 3Q & 4Q 2012 Total

Semi Detached & Detached Shop lot Semi Detached, Detached & Terrace Shop lot Shop lot Semi D, Terrace, Apartment & Shop lot

RM40 million RM50 million RM135 million RM45 million RM80 million RM50 million RM400 million RM600 million

Grand Total
52

Strategic Landbank & Estimated GDV

Project Location Bandar Baru Permyjaya Riveria Perdana Sultan Tengah Bintulu Old Airport Batu Lintang Land Size (acres) 959 447 83 42 34 Estimated Remaining GDV (RM million) 1,807 1,592 22 2,321 1,802

Pantai Piasau Residence

Piasau Camp Upland Desa Ilmu & Riveria Desa Labang TOTAL

37
5 5 16 991 2,620

251
91 37 92 1,447 9,527

Note: Land size and GDV are estimates only and are subject to changes.
53

Pipeline Property Projects (Medium Term)

No Property Development Projects Description Residential and commercial development Condominium, resort and marine park Mixed commercial, retail, hotel and residential development Residential development Township for residential accommodation and supporting amenities
54

Land Area (acres) 37.0

Estimated GDV (RM million) 251

Pantai Piasau Residences (Miri)

Piasau Camp (Miri) New Bintulu City Centre (Old Bintulu Airport) Sultan Tengah (Kuching) Bandar Baru Permyjaya (Miri)

2 3

4.5 42.0

91 2,321

4 5

83 959

22 1,807

Pipeline Property Projects (Long Term)

No Property Development Projects Desa Rampangi (Kuching) Jalan Bukitan (Kuching) Batu Lintang (Kuching) Desa Labang (Bintulu) Description To be determined Townhouses, detached houses, gated and guarded Office towers, shopping mall, condo, hotel, theme park, retail, leisure properties To be determined Land Area (acres) 83 4.8 33.6 Estimated GDV (RM million) To be determined To be determined 1,802 (Over 20 years) 1,447 1,592 To be determined

1
2 3

4 5 6

990.9 447 5,000

Riveria Perdana, Mixed development township, Kota Samarahan residential projects New Samalaju Township (Bintulu) Township for residential accommodation and supporting amenities
55

Strategic Location of Land Bank

MIRI MOU with JINAN UNI and Panyu-Miri Smart Cities SAMALAJU MOU with CMS/BDA Land Size 5,000 acres Land Size 642 acres

TANJUNG MANIS MOU with STIDC Land Size - 85 acres

MIRI Oil and Gas Pop est. 300,000

Land Bank 1,001 ac

BINTULU Natural Gas and Palm Oil Pop est. 209,800

RAMBUNGAN Federal Administrative Centre Land Size 1,450 acres

Land Bank 1,033 acres SIBU Timber Pop est. 257,800 Land Bank 0 acres Current Land Bank - 2,620 ac KOTA SAMARAHAN Education and Medical Hub Pop est. 85,495 Land Bank 463 acres Potential Land Bank 7,177 ac

KUCHING Capital City Pop est. 634,500 Land Bank 123 acres

Slide 56

Rising Housing Units Need in Sarawak

Estimated Housing Units in Sarawak by 2010 and 2015
Households Location Housing Units Average Annual Increase in Housing Units 14,084 6,116 1,484 3,586 2,804

2010

2015

2010

2015

Sarawak Kuching/Samarahan Sibu Bintulu Miri

531,460 152,238 55,742 53,835 67,845

595,047 179,850 62,442 70,026 80,505

588,549 168,591 61,730 59,618 75,133

658,967 199,170 69,150 77,548 89,153

Source: CH Williams Talhar Wong & Yeo Sdn Bhd. May 2010
57

Sarawak Strategic Growth Factor

Sarawak growth corridor - SCORE will generate business potential in all forms for industrial, plantations, energy, construction and property. Sarawak i. is one of the fastest growing states in Malaysia; ii. has a stable and strong state government; iii. has one of the highest population growth in the country; iv. is rich in opportunity and being continuously be given special attention by the federal government.
58

Long Term Growth Factor in Sarawak

Sarawak has favourable population demographic where the average population growth rate is 3% ~ 4% in urban areas and 2.3% for the whole of Sarawak. Sarawaks population grew from 2.01 million to 2.42 million over the period of 2000 to 2010. Urban migration is an inevitable trend which continuously post rising demand for new housing units. The domestic economic expansion will also be further boosted from the future development of SCORE besides being driven by the thriving oil & gas sector, timber, plantation and natural resources development.
59

Brief Introduction on SCORE of Sarawak

SCORE is located within the Central Region of Sarawak, stretching over some 320 km along the coast from Tanjung Manis to Mukah and Similajau. SCORE covers an area of 70,708 sq km (57 % of Sarawaks land area) with a population of 862,100 people (36 % of the states population). SCORE offers vast investment opportunities in heavy and energy intensive industries, power sector development, halal industries, sustainable agriculture and Research & Development.
60

Renewable Energy as Main Driving Force

The driving force behind SCORE is its ability to provide large volume of lower priced renewable energy, leveraging the states vast hydropower potential of up to 28,000MW by 2030. SCORE allows Sarawak to price its energy competitively and encourage investment by energy-intensive industries that will trigger rapid industrial and economic development in the long run. SCORE will feature 6 hydropower dams and 2 coal-fired power plants. Bakun (2400MW) has already commenced operation, while Murum (944MW) will start producing by 2013.
61

Investments Begin Flowing Into SCORE

SCORE was first launched in February 2008 and it is expected to achieve an investment target of RM334 billion over a 22-year period from 2008 to 2030.
As at August 2011, RM28.55 billion worth of investment has been confirmed through 14 mega projects in SCORE. SCORE presents huge business opportunities for Naim to support its development. A large and affluent worker population will require quality housing and bring in higher retail spending; various factories, plants, power stations and infrastructure will need to be built, along with setting up of new refineries and oil and gas handling facilities.
62

More Action in Samalaju Industrial Park

Bakun Dam is expected to achieve a capacity of 2400MW by 2014 to support energyintensive industries in Samalaju Industries Park in Bintulu. Work in progress ... Sarawak Energy Berhad has signed a 30year power purchase agreement with Sarawak Hydro Sdn Bhd, the owner of Bakun Dam, in April 2011.
More to come Power is on ...

Various companies are coming to SCORE, such as Tokuyama Malaysia Sdn Bhd, OM Materials Sarawak Sdn Bhd, Asia Minerals Ltd and Press Metal Bhd.

63

Potential Projects in SCORE of Sarawak

Projects Tokuyama Polysilicon Plant Phase 2 Estimated Value (RM billion) 3.0

Bintulu Pulp & Paper Mill (2,700 air-dry tonne/day)

600mw Balingian Coal Fired Power Plant 500kv Transmission Line (600km) Petronas LNG LNG Train 9 (3.6mil tonne/year) Bintulu Samalaju Port Limbang 45mw & 200mw HEP Dam Baram 1,000mw HEP Dam

4.0
2.5 1.5 6.0 1.2 4.0 4.0

Pelagus 770mw HEP Dam

Balleh 960mw HEP Dam Asia Mineral Manganese Smelter Plant OM Holdings Manganese Smelter Plant Aluminium Smelter Plant TOTAL
64

3.5
4.0 4.0 4.0 6.0 47.7

Vast Opportunities Within SCORE Region

Similajau Tokuyama Polysilicon P2 (3.0b) Asia Mineral Manganese (4.0b) OM Holdings Manganese (4.0b) Press Metal Aluminium Aluminium Smelter (RM6.0b)

(RM4.0b)

Bintulu

Mukah Smart city R&D Tanjung Manis

Pulp and Paper Mill (RM4.0b) Bintulu Samalaju Port (RM1.2b) Balingian Coal Fired Plant (RM2.5b) LNG Train 9 (RM6.0b)

(RM4.0b)

Central oil distribution terminal Palm oil industrial cluster Integrated port Halal hub
(RM3.5b)

(RM4.0b)

65

Analysts Valuations & Guidance

66

Analysts Valuations
Date Forecast Net Forecast Net Profit FY2012 Profit FY2013 (RM million) (RM million) Target Price (RM)

AmResearch
TA Securities Kenanga Research

28 May 2012
28 May 2012

55.5
73.9

71.1
76.5

2.88
2.57

28 May 2012

73.7

86.6

2.94

Simple Average

67.7

78.1

2.80

67

Historical Valuation
Year 2003 2004 2005 2006 2007 2008 2009 2010 2011

EPS (sen) # 19.39 27.84 32.04 27.09 31.20 33.32 35.85 41.25 19.68

NTA/Share (RM) 1.52 1.69 1.84 1.95 2.15 2.35 2.61 2.86 2.95

Highest / Lowest Price (RM)

6.10 1.10

(#) = Base on proforma account

At the highest price of Naim at RM 6.10 in 2007, it was traded at 19 times PER and close to 3.0 times book value base on 2007 EPS and NTA per share At the lowest price of Naim at RM 1.10 in 2008, it was traded at 3 times PER and close to 0.5 times book value base on 2008 EPS and NTA per share
68

Investor Relations Contact

Mr Ricky Kho, Senior Director, Corporate Services Naim Holdings Berhad Sublot 12, Rock Commercial Centre Jalan Green 93150 Kuching, Malaysia Tel Fax Email : +6 082 411667 : +6 082 429869 : ricky.kho@naim.com.my

Mobile : +6 019 8588778 Website: www.naim.com.my

69

Thank You

70

Appendices

71

Board of Directors
Datuk Abdul Hamed Bin Haji Sepawi Chairman Sulaihah Binti Maimunni Executive Director Datu (Dr) Haji Abdul Rashid Bin Mohd Azis Independent NonExecutive Director Haji Jeli Bohari Bin Biha @ Jeli Umik Independent NonExecutive Director Professor Dato Abang Abdullah Bin Abang Mohamad Alli Independent NonExecutive Director

Datuk Hasmi Bin Hasnan Managing Director

Abang Hasni Bin Abang Hasnan Executive Director

Kueh Hoi Chuang Executive Director

Dato Ir. Abang Jemat Abang Bujang Independent NonExecutive Director

Datuk Haji Hamden Bin Haji Ahmad Senior Independent Non-Executive Director

72

Awards and Accolades

2002
Best Contractor Award

2003
The Malaysia Construction Industry Excellence Award

2004

The Malaysia Construction Industry Excellence Award Industry Excellence for Construction Award Builder Of The Year Award

2008
Property Man of The Year by FIABCI MALAYSIA

2007
Malaysia Construction Industry Excellence Award (MCIEA) 2007 Contractor Award : Grade G7

2005

KPMG Shareholder Value Award Construction & Properties Sector Corporate, Social & Environment Responsibility Award 17th International Construction & Global Quality Management Award

2009
SHEDA Excellence Awards Top Developer in Residential Development for Public Listed Group

2010
The Sarawak Chief Minister's Environmental Award 2010
73

Our Latest Achievement in 2012

Past 5-year Financial Performance

FYE 31 December (RM million) Revenue Gross profit Gross profit margin Profit before tax Profit before tax margin Profit after tax Net profit attributable to shareholders Audited FY2007 Audited FY2008 Audited FY2009 Audited FY2010 Audited FY2011 411.89 63.93 15.52% 57.16 13.88% 48.15 46.63

646.02
146.72 22.71% 126.33 19.55% 80.14 76.27 31.20

523.72
108.18 20.66% 104.30 19.92% 83.07 80.75 33.32

566.92
129.53 22.85% 115.53 20.38% 84.99 84.98 35.85

612.69
164.44 26.84% 132.04 21.55% 99.91 97.75 41.25

EPS (sen)

19.68

FY2011 represents one of the lowest revenue and profitability achieved by Naim in a single financial year, comparatively from FY2007 to FY2011.
75

Adjustment to Financial Performance (excluded disposal effects)

FYE 31 December (RM million)
Revenue Gross profit Gross profit margin Operating profit (EBIT) Operating profit margin Less: Disposal gain / (loss) (non-recurring item) Normalised operating profit Normalised operating profit margin Normalised profit after tax Normalised net profit attributable to shareholders Audited FY2007 646.02 146.72 22.71% 112.97 17.49% (0.13) 112.84 17.47% 80.27 Audited FY2008 523.72 108.18 20.66% 82.81 15.81% 13.85 68.96 13.17% 69.22 Audited FY2009 566.92 129.53 22.85% 98.15 17.31% 0.48 97.67 17.23% 84.51 Audited FY2010 612.69 164.44 26.84% 109.38 17.85% 1.75 111.13 18.14% 98.16 Audited FY2011 411.89 63.93 15.52% 21.72 5.27% 7.40 14.28 3.49% 40.75

76.40

66.90

84.50

96.00

39.23

The normalised profit after tax and normalised net profit attributable to shareholders included profits from associates companies and joint ventures.
76

Summary of Financial Position

FYE 31 December (RM million) Non-current assets Current assets Current liabilities Audited FY2007 288.91 618.01 291.00 Audited FY2008 340.26 615.66 286.86 Audited FY2009 387.14 670.03 321.11 Audited FY2010 446.23 608.40 245.95 Audited FY2011 527.27 761.79 140.21

Current ratio (times)

Short term debt Long term debt Total debt Total equity Total debt/Total equity (times) Cash reserve Net cash Shareholders' Funds Net assets/Share(RM) (Note) No. of shares (gross) (mil)
Note:

2.12
49.96 0.53 50.49 558.26 0.09 93.09 42.60 539.32

2.15
54.05 3.44 57.49 611.88 0.09 57.12 (0.37) 587.65

2.09
130.92 10.08 141.00 674.32 0.21 90.10 (50.90) 652.36

2.47
104.40 20.71 125.11 739.46 0.17 39.21 (85.90) 724.02

5.43
7.91 339.09 347.00 763.50 0.45 213.46 (133.54) 747.18

2.16 250

2.35 250

2.61 250

2.90 250

2.99 250

All the Net Assets/Share were calculated based on share capital of 250.0 million ordinary shares for year-on-year comparison purpose. 77

Summary of Cash Flow Results

FYE 31 December (RM million) Operating profit/(loss) before working capital changes Net cash flows from/(used in) operating activities Net cash flows from/(used in) investing activities Net cash flows from/(used in) financing activities Net increase/(decrease in) cash and cash equivalent Cash and cash equivalent at beginning of period Effect of exchange rate Cash and cash equivalent at end of period Audited FY2007 118.05 63.71 (88.83) (3.87) (28.98) 120.36 91.38 Audited FY2008 73.02 8.88 (14.56) (28.57) (34.25) 91.38 57.12 Audited FY2009 104.37 (1.56) (13.83) 47.98 32.58 57.12 89.70 Audited FY2010 124.88 49.48 (50.62) (49.86) (51.01) 89.70 38.69 Audited FY2011 22.60 35.30 (51.78) 190.57 174.10 38.69 (0.01) 212.78

78