(cont.) For the financial year ended 31 December 2008 - ChartNexus

Page 1To be a property developerof distinction, creating qualitylifestyles and communitiesTo develop a brand thatrepresents quality and innovationwhich creates value and is thepreferred choiceIntegrityCustomer drivenProfitableExcellenceRewardingTeam that worksProgressiveUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 2Corporate Profile5Operations Review38Corporate Information8Corporate Social Responsibility43Chairman’s Message11Corporate Calendar49Group’s Five-Year Financial Highlights16Corporate Governance60Financial Calendar18Corporate Governance Statement61Group Corporate Structure20Statement on Internal Control69Audit Committee Report72Additional Compliance Information75Board of Directors24Profile of Directors26Financial Statements81Management Team34Other Information161List of Properties162Analysis of Shareholdings-Notice of 48th Annual General Meeting-Statement Accompanying Notice of 48th AnnualGeneral Meeting-Laporan Tahunan 2008(Versi Bahasa Malaysia)Form of Proxy / Borang ProksiUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 3thinkBeing a caring corporate citizen anddriven by a commitment to be innovative,responsive and responsible, both sociallyand environmentally in the development ofour townships and niche developments forour future generation, UMLand is guided byits vision, mission and core values towardsbeing a developer of distinctionTo meet the challenges ahead, it isimperative that we must think out of the boxand let our imagination soar. Like a childwho is filled with imagination and creativity,the “think tomorrow” mindset will enableus to continue our growth path during thischallenging timeUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 4UNITED MALAYAN LAND BHD ANNUAL REPORT 2008suasana sentral loft

UNITED MALAYAN LAND BHD ANNUAL REPORT 2008Page 5

Page 6corporateprofileUnited Malayan Land Bhd. (UMLand) was incorporatedin 1961 and listed on the Main Board of Bursa MalaysiaSecurities Berhad in 1969. The Group is principally involvedin property development.With a dynamic Board of Directors chaired by YABhg TunMusa Hitam, UMLand’s Board of Directors comprises ninemembers and an alternate, four of whom are independent.With a proven track record as a property developer ofdistinction in both mixed-development townships andhigh-end niche developments, the Group’s growth strategyis to build on its solid foundation by enhancing the value ofits Township Division and expanding its Niche Division.The Group’s Township Division has three townshipdevelopments with a total land area of more than 5,000acres, located in Johor (Bandar Seri Alam and TamanUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 7Seri Austin) and Selangor (Bandar Seri Putra), all ofwhich are high growth development areas. In the high-endniche development market, the Group has completed anddelivered 846 units of condominium and serviced residencesin the Golden Triangle in downtown Kuala Lumpur (Seri BukitCeylon) and at Kuala Lumpur Sentral (Suasana Sentral Loft).In addition, the Niche Division has launched Suasana Bangsar,a 190-unit condominium located in the upmarket suburb ofBangsar. Besides Suasana Bangsar, the Group has four newprojects in hand, located within the vicinity of KLCC, KualaLumpur Golden Triangle and Johor Bahru.As at December 31, 2008, UMLand’s paid up share capital isRM241,705,233, comprising 241,705,233 ordinary shares ofRM1.00 each. The Group’s shareholders’ fund is RM816.39million and its net assets per ordinary share is RM 3.38.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 8UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 9BOARD OF DIRECTORSTun Musa HitamChairmanIndependent Non-Executive DirectorDato’ Ng Eng TeeDeputy Chairman/Executive DirectorNon-Independent Executive DirectorChen Lian PangNon-Independent Non-Executive DirectorDatuk Syed Ahmad KhalidSyed MohammedIndependent Non-Executive DirectorDatuk Nur Jazlan Tan Sri MohamedIndependent Non-Executive DirectorChan Say YeongNon-Independent Non-Executive DirectorSyed Azmin Mohd Nursin@ Syed NorNon-Independent Non-Executive DirectorNg Eng SoonNon-Independent Non-Executive DirectorPakhruddin SulaimanIndependent Non-Executive DirectorLim Wie Shan(alternate to Chen Lian Pang andChan Say Yeong)Non-Independent Non-Executive DirectorAUDIT COMMITTEEDatuk Syed Ahmad KhalidSyed MohammedDatuk Nur Jazlan Tan Sri MohamedChan Say YeongPakhruddin SulaimanEXECUTIVE COMMITTEETun Musa HitamDato’ Ng Eng TeeSyed Azmin Mohd Nursin@ Syed NorChan Say YeongTENDER BOARD COMMITTEEDato’ Ng Eng TeeSyed Azmin Mohd Nursin@ Syed NorChan Say YeongREMUNERATION COMMITTEEDatuk Syed Ahmad KhalidSyed MohammedDatuk Nur Jazlan Tan Sri MohamedSyed Azmin Mohd Nursin@ Syed NorNOMINATION COMMITTEEDatuk Syed Ahmad KhalidSyed MohammedDatuk Nur Jazlan Tan Sri MohamedSyed Azmin Mohd Nursin@ Syed NorRISK COMMITTEESyed Azmin Mohd Nursin@ Syed NorDato’ Ng Eng TeePakhruddin SulaimanOPTION COMMITTEESyed Azmin Mohd Nursin@ Syed NorDato’ Ng Eng TeeAnthony YapSENIOR MANAGEMENTDato’ Ng Eng TeeDeputy Chairman/Executive DirectorAnthony YapGroup Chief Executive OfficerPee Tong LimDirector, Finance & CorporateZulkifly GaribDirector, OperationsCOMPANY SECRETARYZuraidah Mohd Yusoff(MAICSA 7001552)REGISTERED OFFICESuite 1.1, 1st FloorKompleks AntarabangsaJalan Sultan Ismail50250 Kuala LumpurTel : 603 2142 1611Fax : 603 2142 1826 (Corporate)603 2141 4867 (Secretarial)AUDITORSPricewaterhouseCoopersChartered AccountantsLevel 10, 1 SentralJalan TraversKuala Lumpur Sentral50706 Kuala LumpurPRINCIPAL BANKERSOCBC Bank (Malaysia) BerhadAlliance Bank Malaysia BerhadMalayan Banking BerhadCIMB Bank BerhadKuwait Finance House (Malaysia) BerhadAmBank BerhadSHARE REGISTRARSecurities Services (Holdings) Sdn. Bhd.Level 7, Menara MileniumJalan DamanlelaPusat Bandar DamansaraDamansara Heights50490 Kuala LumpurTel : 603 2084 9000Fax : 603 2094 9940STOCK EXCHANGE LISTINGMain BoardBursa Malaysia Securities BerhadStock Name : UMLANDStock Code : 4561WEBSITE ADDRESSwww.umland.com.myUNITED MALAYAN LAND BHD ANNUAL REPORT 2008


Page 11Dear shareholders,As Chairman of the Board of Directors (“Board”) of United Malayan LandBhd (“UMLand” or “the Group”), it is with pleasure that I present to youthe annual report of the Group for the fi nancial year ended 31 Decemberchairman’smessageThe Group has enjoyedconsiderable success withthe niche division with thecompletion of two high-endprojects, namely Seri BukitCeylon and Suasana SentralLoft while another, SuasanaBangsar, was launched duringthe year under review2008 (FY2008).The year under review is one of the most challenging in recent years,which saw the international community experiencing levels of volatility andglobal fi nancial turmoil of an unprecedented scale.It is times like this that will test the mettle of UMLand. The Group isfundamentally sound. We have proven leadership and personnel; ourdevelopment projects are in established locations; and our gearingconservative. We build quality products across a spectrum that includeslanded mid-cost residential properties to high-end residences.This is a time for the Group to “take stock” and re-plan for a new tomorrow.We need to be fl exible to cater to current conditions yet be able to takeadvantage of changes in the market place when the opportunity arises.Riding out the storm is of essence, as the fi nancial meltdown of leadingglobal economies has seen the tentacles of the fi nancial crisis reachingout and impacting all economies across the globe.The Malaysian economy felt the impact of the slowdown in the globaleconomy in the second-half of 2008, which also brought on a wholeset of challenges with the fall in consumer and investor sentiments. Theeconomic and fi nancial crises came to a head in 2008, with half the worldin recession or at the brink of one. All sectors of the economy wereaffected, which in turn caused uncertainties in the demand for residentialproperty.Furthermore, a spike in infl ation brought on by higher food and fuel pricesthrough most of last year did not help consumer sentiments, with manycutting down on consumption and deferring purchases of big-ticket itemssuch as houses and cars. Redemption-driven selling by hedge funds inearly 2008 as well as political uncertainties at home following the March 8elections also dampened sentiments on the ground.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 12From October onwards, Bursa Malaysia’s benchmark index, the KLCI,also refl ected the concerns of investors following the bankruptcy ofLehman Brothers Holdings Inc. and the rescue of American InternationalGroup Inc. by the US government.All these factors contributed to a slow property market and the defermentA re-look of the 5-year planIn view of the continuing economic downturn, the Group is reviewingits 5-year strategic plan. It is clear that there needs to be a period ofevaluation and reassessment of the existing and future strategies to tryand mitigate as much as possible the impact of the global slowdown.of launches by the Group in both niche and township developments.As part of the programme to add further value to the townships, theAs a result of the economic conditions and lower consumer confi dence,UMLand registered a sharp drop in revenue due to lower sales from thetownship division of the Group and a decrease in contribution from theniche division.Group has been focusing on the sale and lease of completed propertiesand non-core development land to strategic partners especially in BandarSeri Alam, which has developed into an educational hub for institutionsof higher learning with campuses being built for MARA and UniversitiKL. Recently, the Group sold 200 acres of land to Universiti TechnologyThe performance of the Group was in line with the general industry trendwhere the deteriorating conditions have affected every property developerin the country to varying degrees.Financial performanceMARA (“UiTM”) for the establishment of UiTM’s engineering and hospitalitycampuses and a 15-acres parcel of land to house the Eastern DistrictPolice Headquarters for Johor. These developments coupled with thepresence of the Regency Medical Centre, Tesco hypermarket and aMcDonald’s restaurant, have elevated the Bandar Seri Alam township toa higher level of maturity.During the year under review, the Group registered a decrease in revenueto RM172.1 million compared to RM396.8 million registered in the lastfi nancial year ended 31 December 2007 (“FY2007”) due mainly to thecompletion of Suasana Sentral Loft which contributed RM108.7 millionMeanwhile, the Group is reviewing the master plan of the townships as toland usage with a view to further improving land use and capitalizing onthe potential revenue stream.in FY2007.For the niche division, the Group has deferred the launch of fourThe township division also saw a signifi cant drop in revenue as a resultof both lower property sales registered in the year and an absence ofprojects pending stabilization of market conditions and anticipated lowerconstruction costs.strategic land sales in Bandar Seri Alam, Johor. In FY2007, land sold inBandar Seri Alam comprised bungalow lots; a 50-acre parcel to MARAand a 60-acre parcel to Universiti KL for the development of its campus.In FY2007, two niche projects were identifi ed for launch in FY2008. Oneof this, Suasana Bangsar was launched with good take-up rates whilethe other, a serviced apartment project in the Raja Chulan neighbourhoodThe decrease in revenue negatively impacted the Group’s profi t beforetax, profi t after tax and profi t after tax and minority interest (“PATMI”).PATMI registered a loss of RM3.5 million compared to FY2007’s profi t ofRM46.6 million. Earnings per share fell to -1.4 sen in FY2008 comparedto 19.6 sen in FY2007DividendThe Group did not pay any interim dividend for FY2008 in view of theresults. A fi nal dividend of 2.5% less tax is being proposed by thedirectors. This will be subject to shareholders’ approval in the forthcomingof the Golden Triangle, has been temporarily deferred. Besides the RajaChulan project, the other niche projects that have been deferred are theproposed developments of Ipjora project located in the Golden Triangleand the Matex project in Johor Bahru, both acquired in 2008. TheMayang project in the vicinity of KLCC (a 50:50 joint venture with BoltonBhd) is pending the development order approval.In a nutshell, the Group will be cautious in launching new products orphases of existing projects in 2009 but will move forward with suitableadjustments to its 5-year plan in an effort to make it more relevant to facethe challenges ahead.annual general meeting. If approved, the Group will be paying it out ofretained profi ts brought forward from previous years.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 13Property outlook in 2009AcknowledgementsThe property outlook in 2009 is not expected to show much improvementover 2008 as the global economic slowdown is expected to worsen.The Group will face many challenges, among which include sales,availability of fi nancing and construction costs. The prospect goingforward will depend very much on the recovery of the Malaysian economy,which in turn hinges on the global economy recovering.At this juncture, there are no plans in terms of land acquisition, corporatemovements and partnerships besides those already being exploredand announced, namely, the proposal of joint development with UEMLand Bhd in Nusajaya and the proposed joint venture development withTradewinds Johor Sdn Bhd in Pulai.Nevertheless, the Group is always open to any new opportunities that arefeasible should they arise.For the township division, the main focus will be on existing completedinventories. Whilst sales will be ongoing, certain land and properties willAs always, the key strengths of the Group lie in the strong and unwaveringsupport of its major shareholders, a dedicated and professional Board aswell as the commitment shown by the management and employees.I am confi dent that, working together and with the support from theshareholders, the Board and employees, the Group will be able toweather the challenges ahead. The current year will undoubtedly be atough year, but we are prepared for the eventualities and have tacticalplans to cushion the impact of the economic uncertainty. We are awarethat the only constant is change, and we are determined to be agileenough to surge ahead and weather the storm.I would like to thank the management team and to extend my heartfeltappreciation to all the employees of the Group, for their dedication andloyalty in this time of uncertainty.Last but not least, my appreciation also goes out to all our valuedcustomer, bankers, business associates and the various local authoritiesfor their continued confi dence and support.be leased to generate returns. In this regard, the Group has set up anasset management department at Bandar Seri Alam for the purposeof leasing properties and land to qualifi ed third parties. In view of theeconomic downturn, the Group has taken proactive steps to review newproducts, as well as the launching schedules.Township division is expected to continue providing the base contributionboth in terms of development sales and sale of non-core developmentTun Musa HitamChairmanland to strategic partners to accelerate township growth.The Group has enjoyed considerable success with the niche division withthe completion of two high-end projects, namely Seri Bukit Ceylon andSuasana Sentral Loft while another, Suasana Bangsar, was launchedduring the year under review.The future projects under the niche division include the Raja Chulan andIpjora projects in the Golden Triangle, the Mayang project in the vicinity ofKLCC and the Matex project in Johor Bahru.The current year will be challenging to say the least but we will continueto push ahead to explore opportunities that will yield strong results forthe Group. The Group will ensure that it remains resilient in the face ofunprecedented challenges and mitigate as much as possible the effectsof the global downturn.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008


Page 15today’s foundationsUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 16group’sfive-yearfinancialhighlights(Figures in RM Million unless otherwise specifi ed)UMLand Group20082007200620052004OPERATING RESULTSRevenue172.08396.77416.58214.80164.85Profi t before taxation0.5871.0567.4636.8635.02Taxation(1.84)(11.10)(10.89)(3.13)(9.31)Net profi t /(loss) for the fi nancial year(1.26)59.9556.5733.7325.71Attributable to:Equity holders of the Company(3.46)46.6140.1529.2120.57Minority interests2.2013.3416.424.525.14KEY BALANCE SHEET DATAProperty, plant and equipment328.91339.43344.29344.39344.16Long term investmets40.1735.184.724.762.75Land held for propery development172.97163.97174.29178.45206.99Other non-current assets16.5214.1217.2521.8618.43Current assets712.87728.13812.61642.37571.21TOTAL ASSETS1,271.441,280.831,353.161,191.831,143.54Current liabilities211.49199.18360.90240.57229.07Non-current borrowings134.67149.87116.11112.6789.60Other non-current liabilities24.8312.0829.1132.7936.50TOTAL LIABILITIES370.99361.13506.12386.03355.17TOTAL NET ASSETS900.45919.70847.04805.80788.37Minority interests(84.06)(86.87)(74.65)(59.40)(54.40)SHAREHOLDERS’ EQUITY816.39823.83772.39746.40733.97FINANCIAL RATIOSGross dividend per share (sen)- Taxed2.510.06.57.57.5- Tax exempt--2.5--Basic earnings per share (sen)Net assets per share (RM)(1.4) *3.38 **19.63.4517.33.3312.63.228.93.16Gearing (times)0.340.300.450.350.31* Basic earnings per share is calculated based on the weighted average number of shares of 241,299,682 in issue during the year.** Net assets per share (attributable to equity holders of the Company) is calculated based on the reduced number of shares of 241,303,433 in issue(which is net of 401,800 treasury shares).UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 17Revenue57%Net profit/(loss)attributable to equity holdersof the Company107%Basic earnings per share107%1 2004 164.852 2005 214.803 2006416.584 2007396.775 2008 172.081 2004 20.572 2005 29.213 200640.154 200746.615 2008 (3.46)1 2004 8.92 200512.63 200617.34 200719.65 2008(1.4)Total assets1% Net assets per share2%Gross dividend per share75%12345200420052006200720081,143.541,191.831,353.161,280.831,271.441 20042 20053 20064 20075 20083.163.223.333.453.381 20042 20053 20064 20075 20087.57.59.010.02.5(Figures in RM Million unless otherwise specifi ed)UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 18financial calendarfor the period of1 january 2008 to31 december 2008feb feb mayPayment of an interim dividend of2.5 sen gross per ordinary shareless tax in respect of the fi nancialyear ended 31 December 2007.The net dividend amounted toRM4,463,922.06.Announcement of Quarter 4 fi nancialresults for the fi nancial year ended31 December 2007 to Bursa MalaysiaSecurities Berhad.Announcement of Quarter 1 fi nancialresults for the fi nancial year ended31 December 2008 to Bursa MalaysiaSecurities Berhad.june aug sept47th Annual General Meeting andExtraordinary General Meetingat Crowne Plaza Mutiara, KualaLumpurAnnouncement of Quarter 2 fi nancialresults for the fi nancial year ended31 December 2008 to Bursa MalaysiaSecurities Berhad.Payment of a fi nal dividend of 7.5sen gross per ordinary share lesstax, in respect of the fi nancialyear ended 31 December 2007.The net dividend amounted toRM13,392,341.21.novAnnouncement of Quarter 3 fi nancialresults for the fi nancial year ended31 December 2008 to Bursa MalaysiaSecurities Berhad.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 19artist impression ofsuasana bangsarUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 20groupcorporatestructureINVESTMENT HOLDING AND PROVISIONOF MANAGEMENT SERVICESSUASANA SENTRAL TWOSDN. BHD.Property Developmentand Related Activities70%ALPINE RETURNSDN. BHD.Property Developmentand Related Activities50%SERI ALAM PROPERTIESSDN. BHD.Property Development100%DYNASTY VIEWSDN. BHD.Property Developmentand Related Activities100%BANGI HEIGHTSDEVELOPMENT SDN. BHD.Property Developmentand Property Investments70%COUNTRY EQUITYSDN. BHD.Investment Holding100%EXQUISITE SKYLINESDN. BHD.Property Development71%SERI ALAM HOTELRESORT SDN. BHD.General Trading100%PMS SERVICESSDN. BHD.Project Management100%SERI ALAM LEISURESDN. BHD.Investment Holding100%SERI ALAM GOLF &EQUESTRIAN CLUB SDN. BHD.Operation of a RecreationalClub and Related Activities100%UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 21UM LAND BENASDN. BHD.Property Developmentand Related Activities100%UM DEVELOPMENTSDN. BHD.Property Development andRelated Activities100%EXQUISITE MODESDN. BHD.Property Development100%CLEAR DYNAMICSDN. BHD.Property Development100%UM RESIDENCESSDN. BHD.Development of ServicedApartments100%UM LAND ASSETSSDN. BHD.Property Investment100%UM LEISURESDN. BHD.General Trading100%EXTREME CONSOLIDATEDSDN. BHD.Property Development100%NUSAJAYA CONSOLIDATEDSDN. BHD.Property Development50%SSBC SDN. BHD.Letting and Marketing SomersetSeri Bukit Ceylon ServicedResidences50.533%IPJORA HOLDINGSSDN. BHD.Developing, Building, Owningand Operating Serviced Apartments100%UNITED MALAYAN LAND BHD ANNUAL REPORT 2008


Page 23today’s characterUNITED MALAYAN LAND BHD ANNUAL REPORT 2008


Page 25board of directorsUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 26profile ofdirectorsTun Musa HitamChairmanIndependent Non-Executive Director, 75, MalaysianTun Musa Hitam was appointed to the Board of UMLand on 26January 2006. He is also the Chairman of the Executive Committeeof UMLand.Before becoming Malaysia’s fi fth Deputy Prime Minister and Ministerof Home Affairs from 1981 to 1986, Tun Musa Hitam held a numberof key government posts, including Chairman of Federal LandDevelopment Authority (FELDA), Deputy Minister of Trade & Industry,Minister of Primary Industries and Minister of Education. Between1990 and 1991, he was Malaysia’s Special Envoy to the UnitedNations and from 1995 to 2002 the Prime Minister’s Special Envoy tothe Commonwealth Ministerial Action Group. He was leader of theMalaysia delegation to the UN Commission on Human Rights from1993 to 1998 and Chairman of the 52nd Session of the Commissionin 1995.Tun Musa Hitam received his Bachelor of Arts Degree from theUniversity of Malaya and Masters Degree in International Relationsfrom the University of Sussex, United Kingdom. He also holdsHonorary Doctorates from the University of Sussex, UniversityMalaysia Sabah and University of Malaya. He was a Fellow at theCentre for International Affairs, Harvard University, United Statesof America and is currently a Fellow of the Malaysian Institute ofManagement and a member of the Advisory Board of the MalaysianJournal of Diplomacy and Foreign Relations.He is currently the Chairman of Sime Darby Berhad and LionIndustries Corporation Berhad.He is also a member of the Advisory Panel of the South JohorEconomic Region, a Joint-Chairman of the Malaysia-China BusinessCouncil, Chairman of the World Islamic Economic Forum, Chairmanof the Eminent Persons Group on the ASEAN Charter and SpecialEnvoy of the Commonwealth Secretary-General to the Maldives.Tun Musa Hitam does not have any family relationship with anydirector or major shareholder of UMLand. He has never been chargedfor any offence and there has been no business arrangements withUMLand in which he has personal interests.Megan Lim, 5likes the view of KLCC fromSeri Bukit Ceylon, Kuala Lumpur.Ambition : AstronomerUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 27Dato’ Ng Eng TeeDeputy Chairman/Executive DirectorNon-Independent Executive Director, 59, Singaporean/Malaysian PRDato’ Ng Eng Tee joined the Board of UMLand on 31 October1995 and assumed the position of Joint Deputy Chairman/Executive Director on 28 August 2002. On 31 October 2008, hewas redesignated as the Deputy Chairman/Executive Directorof UMLand. He is a member of the Executive Committee, TenderBoard Committee, Risk Committee and Option Committee of UMLand.He graduated from the Singapore Polytechnic. He is also theManaging Director of Chee Tat Holdings (Singapore) Pte. Ltd. Inaddition, he is the President of King George Financial Corporationand a Director of Allied Hotel Properties Incorporated, both listed onthe Canadian Stock Exchange. He is also a founding life member ofthe Presidents Club of Simon Fraser University.Dato’ Ng Eng Tee is a brother to Ng Eng Soon, a director of UMLand.He is also a nominee of Chee Tat Holdings (Singapore) Pte. Ltd., amajor shareholder of UMLand. Hence, he is deemed to be interestedin certain recurrent related party transactions of a revenue andtrading nature which are necessary for the day-to-day operations ofwhich UMLand and its subsidiaries may enter with Chee Tat Holdings(Singapore) Pte. Ltd.. He has never been charged for any offenceand there has been no business arrangements with UMLand in whichhe has personal interests.Khairul Danish, 8likes riding his bicycle at his favourite parkin Bandar Seri Alam, Johor.Ambition : Olympics Mountain Biker ChampionUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 28Chen Lian PangNon-Independent Non-Executive Director, 51, MalaysianDatuk Syed Ahmad Khalid SyedMohammedIndependent Non-Executive Director, 59, MalaysianChen Lian Pang joined the Board of UMLand on 2 April 2007.He is currently the CEO of Southeast Asia for CapitaLand CommercialLimited. He was the CEO and Managing Director of T.C.C. CapitalLand Ltd., CapitaLand’s joint venture company with T.C.C. Land inThailand, since the inception of the joint venture in September 2003till 31 December 2008. He has more than 20 years of constructionand real estate experience in both Singapore and overseas.Datuk Syed Ahmad Khalid Syed Mohammed was appointed to theBoard of UMLand on 19 October 1994. He is currently the Chairmanof the Audit Committee and a member of the Nomination Committeeand Remuneration Committee of UMLand.Datuk Syed Ahmad Khalid received a Masters Degree majoringin Economics and International Trade and Finance from the OhioUniversity, United States of America.Prior to joining CapitaLand, he was the Deputy Chief ExecutiveOffi cer/Country Director with L&M International, where he gainedinternational experience and exposure in offi ce and commercialdevelopments and condominium projects.He does not have any family relationship with any director or majorshareholder of UMLand. He has never been charged for any offenceand there has been no business arrangements with UMLand in whichhe has personal interests.He holds a Master of Science in Civil Engineering from the NationalUniversity of Singapore and a Bachelor of Science in Civil Engineering(First Class Honours) from the University of Cardiff, United Kingdom.He is a registered professional engineer.He does not have any family relationship with any director or majorshareholder of UMLand except by virtue of being a nominee ofCapitaLand, a major shareholder of UMLand. Hence, he is deemedto be interested in certain recurrent related party transactions of arevenue and trading nature which are necessary for the day-to-dayoperations of which UMLand and its subsidiaries mayenter with the CapitaLand Group. He has neverbeen charged for any offence and there has beenno business arrangements with UMLand in whichhe has personal interests.Gayethri Mani Vannan, 5loves to play hide and seek at the park inTaman Seri Austin, Johor with herbest friends every evening.Ambition : DoctorUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 29Datuk Nur Jazlan Tan Sri MohamedChan Say YeongIndependent Non-Executive Director, 43, MalaysianNon-Independent Non-Executive Director, 45, MalaysianDatuk Nur Jazlan was appointed to the Board of UMLand on 19October 1994. He is also a member of the Audit Committee,Nomination Committee and Remuneration Committee of UMLand.Chan Say Yeong was appointed to the Board of UMLand on 1 August2008. He is also a member of the Audit Committee, ExecutiveCommittee and Tender Board Committee of UMLand.Datuk Nur Jazlan is a Fellow of the Association of Chartered Certifi edAccountants (ACCA), United Kingdom. He is a Council Member andChairman of Public Relations Committee of Malaysian Institute ofAccountants as well as a Council Member of the Asean Federationof Accountants (AFA).In addition to his corporate experience, Datuk Nur Jazlan is alsoactive in politics. He is the Head of UMNO Pulai, Johor and also theChairman of Barisan Nasional for the division. He was an EXCOMember of UMNO Youth from 1996 until 2004. He was re-electedas a Member of Parliament for Pulai Parliamentary Constituency(Johor) in the general election held in March 2008. He is also amember of the Public Accounts Committee (PAC) in the Parliamentand the Chairman of the Finance Committee of the Barisan NasionalBackbenchers Club.He currently sits on the Board of Telekom Malaysia Berhad (TM),Prinsiptek Corporation Berhad, Penang Port Sdn. Bhd., JaycorpBerhad, TSH Resources Berhad and Ekowood InternationalBerhad.He is currently the Chief Executive Offi cer and Executive Director ofQuill Capita Management Sdn. Bhd. Prior to this, he was the ManagingDirector of CapitaLand Financial Limited based in Malaysia.Chan Say Yeong holds a Bachelor of Accounting from the NationalUniversity of Singapore. He completed the Executive DevelopmentProgram in Wharton School of the University of Pennsylvania, UnitedStates of America.He does not have any family relationship with any director or majorshareholder of UMLand except by virtue of being a nominee ofCapitaLand, a major shareholder of UMLand. Hence, he is deemedto be interested in certain recurrent related party transactions of arevenue and trading nature which are necessary for the day-to-dayoperations of which UMLand and its subsidiaries may enter with theCapitaLand Group. He has never been charged for any offence andthere has been no business arrangements with UMLand in which hehas personal interests.Datuk Nur Jazlan was the Chairman of TM’s Board AuditCommittee from 2004 to 2007 and a Member of Board TenderCommittee. He was also a Member of Board of Commissionersof PT Excelcomindo Pratama, Indonesia until 28 July 2008, andChairman of Multinet Pakistan (Private) Limited, subsidiaries of TMuntil 30 June, 2008.Datuk Nur Jazlan does not have any family relationshipwith any director or major shareholder ofUMLand. He has never been charged forany offence and there has been no businessarrangements with UMLand in which he haspersonal interests.Wan Harith, 8likes building model airplanes in his home atBandar Seri Putra, Selangor.Ambition : PilotUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 30Syed Azmin Mohd Nursin@ Syed NorNon-Independent Non-Executive Director, 45, MalaysianNg Eng SoonNon-Independent Non-Executive Director, 52, SingaporeanSyed Azmin Mohd Nursin @ Syed Nor was appointed to the Boardof UMLand on 3 May 2006. He is also a member of the ExecutiveCommittee, Tender Board Committee, Risk Committee, NominationCommittee, Remuneration Committee and Option Committee ofUMLand.He is currently the Executive Director of Amtek Holdings Berhad.He also sits on the Board of the Engtex Group Berhad, TradewindsCorporation Berhad and Tradewinds (M) Berhad.He was an Executive Director of CN Asia Corporation Berhad from1997 to 2005 where he was responsible for the corporate affairs andbusiness development. In 1999, he was one of the Founders /Directorof an IT company, Commerce Dot Com Sdn. Bhd. which undertookone of the government’s electronic commerce project, e-Perolehan.Syed Azmin graduated with a Bachelor of Science Degree, majoringin Business Management from University of Berkeley, United Statesof America. Upon his graduation in 1984, he was involved in severalprivate business ventures which included trading in commodities,housing development, manufacturing and stock broking.Ng Eng Soon was appointed to the Board of UMLand on 31 October1995. He is currently the Executive Director of Chee Tat Holdings(Singapore) Pte. Ltd.He graduated from the London School of Economics, United Kingdomwith a Bachelor of Science Degree majoring in Economics.Ng Eng Soon is a brother to Dato’ Ng Eng Tee, the Deputy Chairman/Executive Director of UMLand. He is a nominee of Chee Tat Holdings(Singapore) Pte. Ltd, a major shareholder of UMLand. Hence, he isdeemed to be interested in certain recurrent related party transactionsof a revenue and trading nature which are necessary for the day-todayoperations of which UMLand and its subsidiaries may enter withChee Tat Holdings (Singapore) Pte. Ltd. He has never been chargedfor any offence and there has been no business arrangements withUMLand in which he has personal interests.He does not have any family relationship with any director ofUMLand. He is a nominee of Tradewinds Corporation Berhad,a major shareholder of UMLand and a brother to YBhg TanSri Dato’ Syed Mokhtar Shah Syed Nor, a deemed substantialshareholder of UMLand. Hence, he is deemed to be interestedin certain recurrent related party transactions of a revenueand trading nature which are necessary for the day-to-dayoperations of which UMLand and its subsidiaries may enter withTradewinds Corporation Berhad and its Group. He has neverbeen charged for any offence and there has beenno business arrangements with UMLand in whichhe has personal interests.Puteri Adriana Cinta, 6likes swimming at her condominium,Seri Bukit Ceylon‘s, Kuala Lumpur.Ambition : Synchronised SwimmerUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 31Pakhruddin SulaimanIndependent Non-Executive Director, 52, MalaysianLim Wie Shan(ALTERNATE TO CHEN LIAN PANG AND CHAN SAY YEONG)Non-Independent Non-Executive Director, 39, SingaporeanPakhruddin Sulaiman was appointed to the Board of UMLand on27 August 2007. He is a member of the Audit Committee and RiskCommittee of UMLand.Pakhruddin graduated from the University of London, UnitedKingdom with a Bachelor Degree in Law. He is also a Barrister-at-lawfrom Lincoln’s Inn.He started his career in 1985 as a legal assistant of several legalfi rms. He joined Mohd Khamil & Co. as its Managing Partner in 1993.He is currently the Managing Partner of Pakhruddin & Partners.He also sits on the Board of Tradewinds Plantation Berhad.Pakhruddin does not have any family relationship with any director ormajor shareholder of UMLand. He has never been charged for anyoffence and there has been no business arrangements with UMLandin which he has personal interests.Lim Wie Shan joined the Board of UMLand as alternate director toChen Lian Pang and Chan Say Yeong on 1 August 2008.Lim Wie Shan is currently a director of MCDF Investment Pte. Ltd.and MCDF Management Pte. Ltd.He graduated from the Nanyang Technology University with aBachelor of Engineering (Hons) Degree in 1993 and has a postgraduateMaster of Science (Civil) and MBA from the NationalUniversity of Singapore and Imperial College, University of Londonrespectively. He completed the Executive Development Program inWharton School of the University of Pennsylvania.In 1997, he joined Pidemco Land Limited (now known as CapitaLandLimited). He is currently the Senior Vice President, Investment andAsset Management of CapitaLand Commercial Limited. He is also adirector of MCDF Investment Pte. Ltd. and MCDF Management Pte.Ltd., focusing on Malaysia.Lim Wie Shan does not have any family relationship with any directoror major shareholder of UMLand except by virtue of being a nomineeof CapitaLand, a major shareholder of UMLand. Hence, he is deemedto be interested in certain recurrent related party transactions of arevenue and trading nature which are necessary for the day-to-dayoperations of which UMLand and its subsidiaries may enterwith the CapitaLand Group. He has never been charged forany offence and there has been no business arrangementswith UMLand in which he has personal interests.Najmuddin, 5Suasana Sentral Loft, Kuala Lumpur,likes to play with building blocks.Ambition : ArchitectUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 32today’s performanceUNITED MALAYAN LAND BHD ANNUAL REPORT 2008


Page 34management teamgroup senior managementAnthony YapGroup Chief Executive Officer61, CanadianPee Tong LimDirector, Finance & Corporate59, MalaysianZulkifly GaribDirector, Operations48, MalaysianAnthony Yap joined the UMLand Group inAugust 2006 as the Group Chief ExecutiveOffi cer. He is responsible for the strategicdirection and the overall management andoperations of the Group.He graduated with a Bachelor of LawDegree (2nd Upper) from the University ofSingapore and was in private practice forseveral years.He has over 20 years of internationalexperience in the hospitality industry,property development, management andsales. He has also held offi ce as a Director,Senior Executive Director and Chairmanof public listed entities in Malaysia, HongKong and Australia.Pee Tong Lim joined the UMLand Groupin March 2005 as Director, Finance &Corporate. He is responsible for thefi nancial management, treasury functionand corporate development of the Group.He graduated with a Bachelor ofAccountancy Degree from the Universityof Singapore and is a registered memberof The Institute of Certifi ed PublicAccountants, Singapore and a Fellow ofthe Association of Chartered Certifi edAccountants, United Kingdom.He has many years of experience inmerchant banking being involved incorporate fi nance, advisory and planning.He has held various senior positions inboth private and public entities in Malaysiaand Singapore. He was also a Directorand member of the Audit Committee ofthe Company from October 1995 to March2005.Zulkifl y Garib joined the UMLand Group inAugust 2006 as Director, Operations andis responsible for the Group’s portfolio oftownship development projects.He graduated with a Bachelor of ScienceDegree in Civil Engineering from TheHatfi eld Polytechnic, United Kingdomand began his career as a consultantcivil engineer in 1986. He then took uppositions as a Geotechnical Engineer andsubsequently as Facilities Engineer withPLUS Berhad and UMW Corporation Sdn.Bhd. respectively.He has over 15 years of propertydevelopment experience and held seniormanagerial positions with Land & GeneralBerhad. Prior to joining UMLand, hewas the Senior General Manager of UDAHoldings Bhd. and head of the Group’sTownship Division.Zulkifl y Garib has served in the committeeof the Building Services Technical Divisionof the Institution of Engineers, Malaysiaand is presently a committee member ofthe REHDA Johor branch.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 35managementteammanagementoperationsUnited Malayan Land Bhd. Suasana Sentral Two Sdn. Bhd. Seri Alam Properties Sdn. Bhd.and Dynasty View Sdn. Bhd.Lim Chin TianTechnical DirectorMohd Dinniah YusofSenior General Manager, Tax AdvisoryLong Foo LumGeneral Manager, Business DevelopmentTengku Mahmood Tengku IsmailGeneral Manager, Group Technical LiaisonGan Teong HockFinancial ControllerChong Sumi LeongGeneral Manager, ProjectsZuraidah Mohd YusoffAssistant General Manager, Secretarial / LegalLeong Chooi KuenAssistant General Manager, Corporate,Tax Planning and Risk ManagementNeoh Kim WahAssistant General Manager,Group Marketing & SalesNoralina KamarudinAssistant General Manager,Group Human Resources & AdministrationYap Man YingSenior Manager, FinanceLim Siang JooSenior Manager, Information TechnologyAb Aziz Ab HamidManager, Group SecurityJessylina Mat LazimManager, Public AffairsNorulhudai NasirSenior Manager,Finance & Risk ManagementTeo Lian SengSenior Manager, ProjectsBangi Heights DevelopmentSdn. Bhd.Ng Tay GuanGeneral ManagerWoo Wee TiongSenior Manager, Project ManagementYasmin DaudSenior Manager, Township ManagementMun Choong JanSenior Manager, FinanceAw Wee KiatManager, LiaisonAu Kar ShengManager, Sales & MarketingMohd Noor Abdul SalamGeneral Manager, Seri Alam Properties Sdn. Bhd.(SAP)Wong Kuen KongGeneral Manager, Dynasty View Sdn. Bhd.(DVSB)Goh Hong SeongGeneral Manager, ProjectsTan Siew PengAssistant General Manager, FinanceTan Kiat HowAssistant General Manager,Asset Management and Support ServicesMohd Saifuddin SalehuddinSenior Manager, Township ManagementChang Siau HamSenior Manager, Sales and Marketing (SAP)Law Teck SengManager, LiaisonCheng Siew LeeAssistant Manager, Sales and Marketing (DVSB)UNITED MALAYAN LAND BHD ANNUAL REPORT 2008


Page 37today’s teamworkUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 38operationsreviewPreambleThe year under review will be remembered as the year that the entireglobal fi nancial system was crippled, with leading global economiesbeing affected in an unprecedented manner.Higher infl ation for part of the year, costlier building materials anda slowdown in the economy leading to lower consumer sentimentsin the latter half of the year were several of the major events thataffected the property industry in Malaysia. The landscape of theglobal economic system has changed drastically, and Malaysia isfeeling the effects of the economic pendulum.External events such as the failure of major international fi nancialinstitutions and recession among Malaysia’s major trading partnershas led to a more cautious market, with many consumers andinvestors adopting a wait and see attitude and deferring the purchaseof big ticket items due to various concerns.The economy in 2008The year under review was characterized by higher infl ation dueto higher food and fuel prices in the fi rst-half of 2008, not only inMalaysia but also throughout the world. There was also a sharpincrease in building material prices in the same period, which resultedin construction costs going up substantially and creating a rippleeffect on the entire industry.Domestic consumption, while resilient in the fi rst half of the year,began to falter in the latter part of the year, due to hikes in the pricesof fuel and the consequential effects arising there from.To boost the economy, the government announced a stimuluspackage worth RM7 billion in November 2008 following slowergrowth, especially in the manufacturing sector, which has seenindustrial output falling since October. Following this, a massiveRM60 billion second stimulus package was also unveiled in March2009 by the government.The Malaysian economy’s growth trajectory also slowed downon account of much lower external demand. The gross domesticproduct (“GDP”) grew by only 0.1% in the fourth quarter of 2008(“4Q08”), compared to a growth of 4.7% in the previous quarter. Fullyear growth was 4.6% in 2008 versus the growth of 6.3% in 2007.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 39The manufacturing sector in particular took a severe battering, with acontraction of 8.8% in 4Q08 as a result of plunging exports. For thefull year, the sector grew 1.3% compared to 3.1% in 2007.Underpinning the growth in the economy was the services sector,which moderated to 5.6% in 4Q08 compared to 7.1% in the quarterbefore. For the full year, the sector grew 7.3% compared to 9.7% in2007.While most of the sub-sectors comprising services posted growthalbeit lower compared to the year before, the real estate and businessservices sub-sector contracted by 16.7% from 2007’s 18.2% growthto 2008’s 1.5% growth.The construction sector, of which the property industry accounts fora signifi cant portion, posted a growth of 2.1% in 2008 compared to3.1% in 2007, supported by higher activities across the three subsectors:civil engineering, non-residential and residential.The property industryThe economic slowdown in the second half of 2008 has affected theindustry in terms of sales of ongoing launches as well as developersdeferring launches. Furthermore, rising construction costs on theback of higher building material prices also placed an additionalburden on the industry in the fi rst half of the year.The rise in infl ation through the year, exacerbated by hikes in fuelprices as well as electricity tariffs also affected the sentiment ofconsumers.To counteract the situation, the country’s benchmark lending rate,the overnight policy rate (“OPR”), was lowered, starting with a cutof 25 basis points to 3.25% by Bank Negara in November 2008.Following that, the central bank made two other substantial cuts inthe OPR, one of 75 basis points in January 2009 and another of 50basis points in February 2009, to bring it to 2.0%.In the wake of the OPR cuts, commercial banks have also followedsuit with cuts in the base lending rate. This has somewhat eased theburden of house buyers.Besides the interest rate cuts, a 50% stamp duty exemption wasalso extended to housing loan agreements executed on or before 30August 2008 up to 31 December 2010. Previously, the stamp dutyexemption was only given to the instrument of transfer executed onor after 8 September 2007 but not later than 31 December 2010.Another boon for the industry involved the Employees Provident Fundallowing for the monthly withdrawal from the Account 2 by membersto pay their housing loans in a move to stimulate the property market,especially in the mid-priced market segment, from the beginning ofJanuary 2008.Notwithstanding these measures, the property market has seen adrop in the value of properties in general with luxury high-rise unitsbeing the most vulnerable due to a fall in the number of foreignersbuying into these locations.Financial resultsThe slower growth in the economy greatly infl uenced sentimentswithin the property market. As a result, the Group’s performance wasaffected and this was refl ected in the signifi cant drop in sales andrevenue.Revenue decreased to RM172.1 million in the fi nancial year ended31 December 2008 (“FY2008”) compared to RM396.8 million in thefi nancial year ended 31 December 2007 (“FY2007”). The differenceUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 40in revenue was mainly due to lower contributions from the nichedivision of the Group following the completion of the Suasana SentralLoft project in FY2007. For FY2008, the niche division contributedRM30.5 million to the Group compared to RM139.2 million in 2007,a drop of RM108.7 million.The township division of the Group also recorded a signifi cant dropin revenue due to lower sales. There was also no land sales recordedin FY2008 compared to FY2007, where such sales in Bandar SeriAlam, Johor brought in revenue of RM71.8 million to the Group.Consequently, profi t before tax, profi t after tax and profi t after tax andminority interest (PATMI) were affected resulting in a RM3.5 millionloss at PATMI level.Township divisionIn 2008, the Group launched a total of 489 units in the threetownships of Bandar Seri Alam and Taman Seri Austin in Johorand Bandar Seri Putra in Selangor. Bandar Seri Alam accountedfor 164 units of terraced houses and apartment units, Taman SeriAustin accounted for 71 units of shop offi ces and terraced housesand Bandar Seri Putra saw the launch of 254 units of bungalows andterraced houses.The year under review also saw the groundbreaking ceremony forUniversiti KL, the soft opening of Regency Medical Centre and theopening of a McDonald’s restaurant in Bandar Seri Alam, whichfurther enhanced the facilities at the township.During the year ended December 31, 2008, a total of 315 units of2-storey terraced and semi-detached houses were completed andhanded over.The Group has a balance of 1,843 acres of freehold land fordevelopment in its townships with an estimated gross developmentvalue of RM4.78 billion. Bandar Seri Alam forms the bulk of it with1,411 acres, followed by Taman Seri Austin with 255 acres andBandar Seri Putra, 177 acres. With the slow down in sales, the Grouphas focused on leasing out certain of its properties at Bandar SeriAlam to generate income from its assets.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 41Niche divisionTo date, the Group has completed two freehold high-end projectswith a total of 846 units - Seri Bukit Ceylon serviced apartments andSuasana Sentral Loft all of which were fully sold.The Group launched Suasana Bangsar, a freehold 25-storey highendcondominium project with 190 units in July 2008. The projectwas well received despite diffi cult economic conditions.The Group has another four niche projects at various stages ofdevelopment in the pipeline. Two of these are located within theGolden Triangle of downtown Kuala Lumpur, namely the SuasanaResidences @ Bukit Ceylon, a 310-unit serviced residence, and theIpjora project. The Jalan Mayang project, a 50:50 joint venture withBolton Bhd, is located in the vicinity of KLCC and the Matex projectis in the heart of Johor Bahru City Centre.Prospects aheadThe outlook for the property market will continue to be challengingin 2009 with further slowdowns anticipated in the economy. Theconsensus is that Malaysia will enter into a technical recession thatwill continue into 2009.Additionally, recent reports by the World Bank and the InternationalMonetary Fund have shown that the global recession is deepening.Malaysia, as a country reliant on international trade, will be affectedby this global slump as external demand dries up for commodities, oiland gas and, electrical and electronic products.The outlook for the property market in 2009 will not show muchimprovement from that of the latter part of 2008. Therefore, theGroup will be cautious in launching new products and on-goingdevelopment phases in the year ahead.The Group has taken proactive steps to counter the expecteddownturn, such as reviewing existing products, revising the launchingschedules of new projects and downsizing new projects.As part of the exercise, the Group is also reviewing the masterplanning of specifi c parcels within the three townships that it isdeveloping to further improve effi ciency in land usage and improvingthe potential revenue stream.2009 will be a year of consolidation, in which we will undertake theabove-mentioned steps to ensure the sustainability and growth ofthe Group.AcknowledgementsThe management takes this opportunity to thank the Group’sshareholders and the Board of Directors for their support andguidance during these challenging times.Also, we would not be able to continue delivering on our resultswithout the hard work and dedication of the staff. They haveproven themselves before and will prove themselves again amid thechallenging circumstances expected in 2009.ANTHONY YAPGroup Chief Executive Offi cerUNITED MALAYAN LAND BHD ANNUAL REPORT 2008



Page 44Corporate Social ResponsibilityCorporate Social Responsibility is an integral part of UMLand’s businessphilosophy because we fi rmly believe that the company’s long termsuccess and sustainable growth is intertwined with socially responsibleactions and creating value for all stakeholders – be it our shareholders,employees, regulatory authorities, customers or the communities weoperate within.We strive to continuously inculcate socially responsible behaviour andpractices and to contribute positively towards the development ofsociety, cognizant that our stakeholders today look increasingly at sociallyacceptable behaviour and responsible actions as benchmarks; preferringto deal with organisations they can trust and respect.Part of our business ethos and principles include creating long-termbenefi ts that will be enjoyed by generations of Malaysians. This is achievedby ensuring that everyone within UMLand believes in being sociallyresponsible and are guided by our commitment “Towards Building ASustainable Future”.Contribution to the CommunityOur role as a responsible corporation is demonstrated by how we assistthe communities we operate in, which is an inherent part of the UMLand’sbusiness philosophy. We recognise that in order to win the trust andrespect of all our stakeholders, strong and sustainable fi nancial resultsare merely one aspect of how we are judged as an entity.Being able to benefi t the communities as we build them is important andwe have embarked on various initiatives to provide the building blocks forcommunity development. During the period under review, the Group’scommunal activities included:UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 45• Visit to Ti-Ratana welfare homes in conjunction with Chinese NewYear by UMLand employees led by Group CEO Anthony Yap. The visitincluded serving lunch to the children and handing out of traditionalred packets and hampers to the residents.• Breaking of fast during Ramadhan with MAKNA patients in BandarSeri Alam, with UMLand’s Independent Non-Executive Director, DatukNur Jazlan Tan Sri Mohamed along with General Manager Mohd NoorSalam. The families were also given cash contributions and hampersfor Hari Raya.• Donation contribution to Surau Al-Iman, Surau Al-Husna, Surau Al-Ikhlas and Masjid Nurul Hidayah in Bandar Seri Alam .• Donation to Nam Heng Chinese School at Bandar Seri AlamEnvironmentAppreciation of the environment around us is one of the fi rst steps ininculcating a green attitude among consumers and home owners,and acts as a catalyst for them to adopt a mindset to protect theneighbourhood in which they live. With these communities in mind, wehave adopted the philosophy of greening the townships developed byus, by providing for vast greenery within the townships. Another exampleof this planning philosophy is the employment of Effective MicroorganismBio Technology for Water Treatment in Taman Seri Austin, which refl ectsUMLand’s emphasis on the importance of preserving nature and itsdepleting resources.EducationInvesting in the nation’s future begins with preparing the young by providingthem with a strong and solid foundation, as well as the opportunities todevelop their potential to the fullest. We fi rmly believe that education isa great enabler. During the year under review, the Group organised amonth-long recycling campaign at the various schools within Bandar SeriAlam to inculcate a strong sense of awareness in them.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 46Human ResourcesWell aware that the people behind UMLand are the company’s greatestassets and resources, the Group places strong emphasis on thedevelopment of its personnel. The commitment to the development andwell being of our staff is also an integral part of how we conduct ourbusiness in a responsible way and ourselves as a socially responsiblecompany by ensuring the welfare, well being and wellness of our staff.Ongoing education, training opportunities and social activities such asannual dinners and family events, are all part of the programmes providedto the Group’s employees.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 47A healthy working environment, healthy working relationship and healthybody ensures that the well-being of all employees is at an optimum levelat all times. Be it the body, mind or soul, it is important that all personnelstrike a healthy balance between their daily work routines and personallives for the overall improvement in their quality of life.During the year, in the spirit of sportsmanship and teamwork,UMLand Group organised a team building retreat in Langkawi whichsaw employees from UMLand, Seri Alam Properties, Bangi HeightsDevelopment, Dynasty View and UM Residences enjoying a three-daytrip together with the management, which included the annual dinner.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008



Page 50corporate events • UMLandJANUARY 08Seri Alam State-wide Safety CampaignBandar Seri Alam, JohorIn a bid to strengthen security measures throughout Johor, UMLandGroup has stepped forward to sponsor the state-wide ‘BersamasamaMemerangi Jenayah’ campaign, organised by the MalaysianChinese Association in collaboration with the Polis DiRaja Malaysiaand Seri Alam Properties Sdn. Bhd.Property Carnival Receives Good TurnoutBandar Seri Alam & Taman Seri Austin, JohorThe Property Carnivals held in Bandar Seri Alam and Taman SeriAustin was held in conjunction with the New Year celebration withlots of incentives, prizes and freebies given away during the event.It received tremendous response from residents and purchasersalike.FEBRUARY 08CNY with Ti-Ratana Welfare CentreUMLand, Kuala LumpurUMLand brought joy and laughter to the children of Ti-RatanaWelfare Centre in welcoming the Lunar New Year of the Rat. A sumof RM9,000 was donated to the orphanage which included dailyessentials and RM2,000 worth of Ang Pow.MARCH 08Bandar Seri Alam Welcomes UniKL and MRSMBandar Seri Alam, JohorBandar Seri Alam will soon have a Universiti Kuala Lumpur andMaktab Rendah Sains Mara in its township following the recentgroundbreaking ceremony at their respective sites.Green is in Taman Seri AustinTaman Seri Austin, Johor BahruThe campaign kicked off with the planting of a tree by the Johor BahruCity Mayor Datuk Mohd Naim Nasir together with UMLand GeneralManager Mohd Noor bin Abdul Salam. The ceremony symbolised thecommencement of the ‘Green Living” campaign by UMLand Groupin Taman Seri Austin.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 51corporate events • UMLandMARCH 08Cheer for Deanna HomebuyersTaman Seri Austin, Johor BahruDynasty View Sdn. Bhd. handed over keys to 150 units of Deanna homeowners.The key handing over ceremony also celebrates the early delivery by six monthsto our purchasers.The launching of the Grand Vista Apartments was held concurrently with SeriAlam Lake Challenge Fishing Competition and the ‘Seri Alam Amazing Hunt’.The hunt took participants to a tour around Bandar Seri Alam and providedthem with a chance to view the facilities and amenities within the township.Introducing Grand Vista ApartmentsBandar Seri Alam, JohorAPRIL 08UMLand Reveals Suasana BangsarSuasana Bangsar, Kuala LumpurA two-day sales preview was held at Crowne Plaza Mutiara Hotel with overwhelminginterests and registrations for the 190 high-end condominium units at SuasanaBangsar, which promises to elevate the lifestyle of its occupants with its address ofprominence and distinction. Built-up areas start from 1,112 square feet, the unitsare priced from RM550 per square foot.UMLand Goes GreenBandar Seri Alam, JohorHeeding the call of the Government to adopt the habit of recycling concerningthe rising quantity of waste and rubbish in the country, UMLand Group initiatedthe ‘UMLand Goes Green’ campaign. To kick start the campaign, UMLandin collaboration with Southern Waste Management Sdn. Bhd. organised‘Recyclable Items Collection’ competition amongst schools in Bandar SeriAlam. The competition is aimed at increasing the students’ awareness towardsthe environment as well as to educate them on the importance of recycling.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 52corporate events • UMLandMAY 08Continuing Efforts to Beef Up Security in Bandar SeriPutraBandar Seri Putra, BangiA Neighhourhood Watch Scheme was organised by Bangi HeightsDevelopment Sdn. Bhd. at Bandar Seri Putra to enforce securitymeasures and awareness program for the residents. The programwas offi ciated by Kajang Police Chief Assistant Commissioner YangDihormati Mohd Sakaruddin Che Mood. The event is also part of theSafe City programme initiated by the Ministry of Housing and LocalGovernment to improve crime prevention in townships and cities.Contribution To Mubarak JohorBandar Seri Alam, JohorAs a caring and responsible developer, UMLand is mindful that youngchildren would eventually become the nation’s future leaders. In viewof this, UMLand contributed RM75,000 to Johor’s Tabung KebajikanMubarak to lend a helping hand to some 30 kids from TabungKebajikan Mubarak Negeri Johor.JUNE 08First Intake for UniKL JohorBandar Seri Alam, JohorUniversiti Kuala Lumpur had its fi rst intake in August at a temporarycampus in Bandar Seri Alam.Lakeside Residency Grand LaunchBandar Seri Alam, JohorThe launch of Lakeside Residency at Bandar Seri Alam held variouspromotions featuring Vintage Car shows and Father’s Day familyactivities.Car Wash Charity Drive for Earthquake VictimsBandar Seri Alam, JohorAs a caring and responsible developer, Seri Alam Properties Sdn.Bhd. organised a Management Charity Car Wash to collect fundsfor the victims of Myanmar cyclone and China earthquake. A totalof RM4,288 was raised and forwarded to Sin Chiew Jit Poh PressFoundation for distribution.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 53corporate events • UMLandJUNE 08RM750,000 for Nam Heng Chinese schoolBandar Seri Alam, JohorAs a caring and responsible developer, a total of RM750,000 wascontributed by UMLand Group to Nam Heng Primary Chinese Schoolin Bandar Seri Alam.UMLand’s 47th AGM/EGMUMLand, Kuala LumpurThe year 2007 saw UMLand performing well with registering RM46.6million profi t after tax for the fi nancial year ended 31 December 2007on the back of RM396.8 million in turnover which represents a 16%growth against last fi nancial year’s RM40.1 million profi t after tax.RM1 million Donation to Majlis Agama IslamBandar Seri Alam, JohorA total of RM1 million was donated by UMLand Group in its bid toencourage and expedite development of religious facilities of MajlisAgama Islam Johor in Bandar Seri AlamAcquisition of an Associated CompanyUMLand, Kuala LumpurAcquisition of Freehold Land in Johor BahruUMLand, Kuala LumpurUMLand’s wholly-owned subsidiary, UM Land Assets Sdn. Bhd.,acquired the remaining 60% interests in Ipjora Holdings Sdn. Bhd.for a cash consideration of RM5.3 million making it a wholly ownedsubsidiary.Exquisite Mode Sdn. Bhd., a wholly-owned subsidiary of UMLand,acquired three (3) pieces of freehold commercial land of approximately6,026.41 square metres located in Johor Bahru for a cashconsideration of RM27 million.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 54corporate events • UMLandJULY 08Bandar Seri Putra Residents Team Up with PDRMBandar Seri Putra, BangiBangi Heights Development Sdn. Bhd. and Polis DiRaja Malaysiaheld a dialogue session which was organised by D’Punchak Unggulresidents to acquiant themselves and highlight security tips.UMLand Contributes RM50,000 toMaktab Sultan Abu BakarJohor BahruAs a caring and responsible developer, UMLand Group donateda sum of RM50,000 to Maktab Sultan Abu Bakar, Johor. UMLandGroup Chief Executive Offi cer, Anthony Yap presented the cheque.Seri Alam Masterplan and Building Design CompetitionBandar Seri Alam, JohorSeri Alam Properties Sdn. Bhd. collaborated with Universiti TeknologiMalaysia to derive a Masterplan & Building design concept proposalfor Bandar Seri Alam. 20 students took part in this competition.Suasana Bangsar Sales Gallery LaunchSuasana Bangsar, Kuala LumpurUMLand Sales Gallery was offi cially opened with glitz and glitter on theevening of 26 July 2008 by UMLand’s Group Chief Executive Offi cer,Anthony Yap. The auspicious event also witnessed the opening andlaunch of the tasteful show units of Suasana Bangsar, a towering andprestigious boutique condominium in the heart of Bangsar.Seri Alam Fruit FiestaBandar Seri Alam, JohorTo promote a healthy lifestlye in Bandar Seri Alam, Seri Alam PropertiesSdn. Bhd. in collaboration with Tourism Development Corporation,FAMA and State Agriculture Department organised a two-day eventto promote local fruits and agriculture products. The event wasgraced by YB Tan Cher Puk, Johor Jaya State Assemblyman.AUGUST 08Building Team Spirit for UMLand StaffUMLand, Kuala LumpurUMLand Group’s staff and management experienced a three-daycompany trip to Langkawi’s Berjaya Langkawi Beach Resort. About180 staff joined the trip and there were various activities includingsight-seeing, island hopping and even UMLand’s very own Idolsinging competition.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 55corporate events • UMLandAUGUST 08National Day CelebrationBandar Seri Putra, BangiBangi Heights Development Sdn. Bhd. together with Bukit Mahkotajoined forces with a display of unity and solidarity at its Bangi townshipBandar Seri Putra by hosting a one-day celebration in conjunctionwith the nation’s 51st National Day celebrations. Bangi’s Memberof Parliament YB. Dr. Shafi e Abu Bakar offi ciated the openingceremony.SEPTEMBER 08Breaking of Fast with MAKNABandar Seri Alam, JohorUMLand Group took the time to get acquainted and perform thebreaking of fast with 12 cancer-affl icted child patients at Bandar SeriAlam. A total contribution amounting to RM8,500 was donated toMAKNA patients, Masjid Nurul Hidayah, Surau Al Husnaa, Surau AlIkhlas, and Surau Al Iman.Taking note of the latest evolving trends and interests in discerninghousebuyers today, UMLand took a different approach in introducingSuasana Bangsar to a more fashion-conscious crowd. Joining forceswith luxury goods retailer Valiram Group, UMLand treated guests to‘A Fashionable Afternoon with Asprey’ at Suasana Bangsar’s showunit.Suasana Bangsar Goes Fashionable with AspreySuasana Bangsar, Kuala LumpurUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 56corporate events • UMLandSEPTEMBER 08Neighbourhood Signages at Bandar Seri PutraBandar Seri Putra, BangiAs a responsible and caring developer, Bangi Heights DevelopmentSdn. Bhd. installed neighbourhood signages in all the township’s parcels.Important information was included like emergency hotlines and importantphone numbers for the convenience of the residents. This is under theNeighbourhood Watch Scheme in Bandar Seri Putra.OCTOBER 08UMLand Teams Up with UEM Land For Nusajaya ProjectUMLand, Kuala LumpurUMLand entered into a Subscription and Joint Venture Agreement with UEMLand Bhd., the master developer of Nusajaya, to develop two prime landparcels offering mixed commercial-cum-retail development with residentialprecincts on 8.8 acres within Nusajaya’s Puteri Harbour enclave.Ronald McDonald Now in Bandar Seri AlamBandar Seri Alam, JohorWith the opening of McDonald’s Drive-Thru restaurant at Seri Alam Sentral inBandar Seri Alam, the famous fast food giant joins the list of growing amenitiesat the township.Fun Times for Kids at PreciousChildren’s HomeUMLand, Kuala LumpurAs a caring and responsible developer, the staff of UMLand visited 20-oddchildren living at Precious Children’s Home in Petaling Jaya. This was inconjunction with the double festive celebrations Hari Raya and Deepavali.UMLand Group Chief Executive Offi cer, Anthony Yap presented donationsamounting RM8,500.NOVEMBER 08Regency Specialist Hospital Opens in Bandar Seri AlamBandar Seri Alam, JohorBandar Seri Alam now houses Regency Specialist Hospital, a Singapore’sMain Board-listed company Health Management International Ltd. Thespecialist healthcare centre is located in a six-storey building and has begunits operations.Community Event at Seri AustinTaman Seri Austin, Johor BahruDynasty View Sdn. Bhd. recently organised a sales drive-cum-communityevent to bring together the residents of Taman Seri Austin township for a dayof fun, laughter and togetherness. It proved to be a great opportunity for theresidents and developer to get to know each other. About 600 people turnedup and some prospective buyers were rewarded with door gifts.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 57corporate events • UMLandNOVEMBER 08Dynasty View Sdn. Bhd. has undertaken the responsibility in preserving theenvironment by adopting the Effective Microorganism Technology for watertreatment in Taman Seri Austin. Johor Bahru City Mayor, Datuk Mohd Naim Nasir,offi ciated the Effective Microorganism Application Program.New EM Bio-Technology for WaterTreatment at Seri AustinTaman Seri Austin, Johor BahruDECEMBER 08Big Valley Ranch Creates Buzz in Bandar Seri AlamBandar Seri Alam, JohorBandar Seri Alam’s Big Valley ranch is the latest addition to the township whichpromises to offer an outdoor lifestyle. Sitting on a 54-acre tract, its features includethe Cactus Inn and a tropical orchard, horse riding club and club house.Community PolicingBandar Seri Putra, BangiBangi Heights Development Sdn. Bhd. and D’Punchak Unggul ResidentCommittee held a talk on crime prevention measures in the community with PolisDiRaja Malaysia.JANUARY 09With the aim of improving the Group’s overall structure and operational effi eciency,UMLand restructured its 70% shareholdings in Bangi Heights Development Sdn.Bhd. via a shareholding rationalisation exercise.Proposed Shareholding Rationalisation ofBangi Heights Development Sdn. Bhd.UMLand, Kuala LumpurFEBRUARY 09In a 51:49 joint venture with Tradewinds Johor Sdn. Bhd., UMLand will developa 629-acre parcel of land within Bandar Pulai Jaya. The proposed developmentof the land comprises commercial/logistics/transportation hub/industrial park andresidential development. The joint venture company, Extreme Consolidated Sdn.Bhd., acquired the land for a total cash consideration of RM233.0 million.UMLand Further Expands in IskandarMalaysiaUMLand, Kuala LumpurUNITED MALAYAN LAND BHD ANNUAL REPORT 2008


Page 59today’s strategiesUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 61corporate governance statementThe Board of Directors (Board) of United Malayan Land Bhd (UMLand) recognizes that the exercise of good corporate governance in conductingthe affairs of the UMLand Group with integrity, transparency and professionalism is key component for the Group’s continued progress andsuccess as this would not only safeguard and enhance shareholders’ investment and value but ensure that the interests of other stakeholdersare protected.The Board is committed to implementing the principles and best practices of the Malaysian Code on Corporate Governance (the Code)wherever applicable in the best interest of the shareholders of the Group. The following statement outlines the Group’s application of the Codethroughout the fi nancial year ended 31 December 2008 up to the date of this Annual Report 2008.BOARD OF DIRECTORSThe present size and composition of the Board is well balanced comprising individuals of high calibre, with varied academic background andprofessional qualifi cations and experiencesBoard Composition and BalanceThe Board currently consists of nine (9) members and an alternate. There are eight (8) non-executive directors and one (1) executive director, ofwhom four (4) are independent. With this composition, the Board is in compliance with paragraph 15.02 of the Listing Requirements of BursaMalaysia Securities Berhad (Bursa Securities). Brief profi le of each director is presented under the Profi le of Directors appearing on pages 26to 31 of this Annual Report 2008.All directors are jointly responsible for the corporate governance, strategic direction, formulation of policies and overseeing the resources,investments and businesses of the Group. The role of the independent non-executive directors is particularly important in ensuring that thestrategies proposed by management are fully deliberated and examined taking into account the long-term interest of the shareholders andother stakeholders in which the Group conducts its business.There is a clear separation of role between the Chairman, the Executive Director (ED) and the Group Chief Executive Offi cer (GCEO) with cleardivision of responsibilities to ensure proper balance of power and authority. The ED and GCEO are responsible for the day-to-day managementof the Group’s businesses with objectives and strategies established by the Board.Appointments to the BoardIn order to comply with good practices for the appointment of new directors through a formal and transparent procedure, the Board has setup a Nomination Committee, which comprises exclusively of non-executive directors, to evaluate and recommend candidates for directorshipsto the Board and Board Committees.Roles and ResponsibilitiesThe Board retains full and effective responsibility for the overall strategic direction of the Group. It ensures that management develops andmaintains sound policies and practices, which will help to promote and drive long-term sustainable growth and shareholders’ value. To thisend, the Board had assumed the following responsibilities in accordance with the best practices of the Code:• Determine the strategic plan for the Company and Group;• Overseeing the conduct of the Group’s businesses;• Managing principal risks affecting the Group;• Reviewing the adequacy and integrity of the Group’s internal control systems;• Implementing succession planning for timely succession of key management positions, within the Group; and• Maintaining an effective investor relations programme and shareholders communication policy for the Group.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 62corporate governance statement (cont.)MeetingsThe Board meets at least once every quarter on a scheduled basis with additional meetings convened as and when critical issues anddecisions are required. During the fi nancial year ended 31 December 2008, the Board met four (4) times to deliberate and consider a varietyof signifi cant matters including the review of the Group’s strategic plans, budget, quarterly fi nancial statements, corporate proposals and otherrelated business matters that require deliberation and approval.Details of attendance of each director who were in offi ce during the fi nancial year ended 31 December 2008 are set out below.Directors Attendance % of attendanceTun Musa Hitam 4/4 100Dato’ Ng Eng Tee 3/4 75Chen Lian Pang 2/4 50Datuk Syed Ahmad Khalid Syed Mohammed 4/4 100Datuk Nur Jazlan Tan Sri Mohamed 2/4 50Ng Eng Soon 3/4 75Syed Azmin Mohd Nursin @ Syed Nor 4/4 100Chan Say Yeong 1 2/2 100Pakhruddin Sulaiman 3/4 75Lim Wie Shan (alternate to Chen Lian Pang and Chan Say Yeong) 2 N/A N/ALui Chong Chee 3 1/2 50Ho Kiam Kheong (alternate to Chen Lian Pang and Lui Chong Chee) 4 N/A N/A1 - Appointed on 1 August 2008.2 - Appointed as alternate to Chen Lian Pang and Chan Say Yeong on 1 August 2008 respectively.3 - Resigned on 1 August 2008.4 - Ceased as alternate to Lui Chong Chee and Chen Lian Pang on 1 August 2008 respectively.Note: Attendance record of alternate director shall be read in concurrence with attendance record of their respective Principals.Supply of InformationThe Board has full and unrestricted access to all information pertaining to the Group’s businesses and affairs to enable them to discharge theirduties effectively.Prior to each Board meeting, all directors will receive the agenda and a set of comprehensive reports for each agenda item to be discussed,in a timely manner to enable directors to obtain further clarifi cation or explanation, where necessary, in order to be adequately informed beforethe meeting.The directors also have access to independent professional advice, where necessary and appropriate, in the furtherance of their duties. Alldirectors have full access to the advice and services of the Company Secretary. The Company Secretary attends to all corporate secretarialadministration matters of the Group in addition to attending meetings of the Board and Board Committees.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 63Directors’ TrainingDuring the fi nancial year, the Directors had attended various training programmes and seminars organized by the relevant regulatory authoritiesand professional bodies to broaden their knowledge and to keep abreast with the relevant changes in law, regulations and the businessenvironment.The training programmes, seminars and workshops attended by the Directors during the fi nancial year were, inter alia, on areas relating tocorporate leadership and governance, social responsibilities and fi nancial reporting, details of which are listed below:Course / TitleDateDirectors duties in light of the amendments to the Companies Act, 1965, corporatedisclosure transactions and corporate governance obligations 3 January 2008CommunicAsia 2008 17 – 18 June 20082008 National Conference on Internal Auditing 28 – 29 July 2008CapitaLand 2008 IAP Event, Singapore 5 September 2008International Telecommunication Union (ITU) Asia 2008 2 – 5 September 2008Eisenhower Fellowship Conference in Malaysia/Singapore 16 – 17 October 2008Khazanah Megatrends Forum 20 – 21 October 2008Workshops on Corporate Governance, creative accounting, investors relations andcorporate social responsibilities 22 December 2008Re-electionIn accordance with the Company’s Articles of Association, one-third of the directors for the time being shall retire from offi ce at every AnnualGeneral Meeting (AGM). Retiring directors can offer themselves for re-election.Directors who are appointed as additional Directors or to fi ll casual vacancies during the year are subject to re-election by the shareholders atthe next AGM following their appointments.Directors who are over the age of seventy years are required to submit themselves for re-appointment annually in accordance with Section129(6) of Companies Act, 1965.Directorships in other CompaniesPursuant to the Listing Requirements of Bursa Securities, each member of the Board shall hold not more than ten (10) directorships in publiclisted companies and not more than fi fteen (15) directorships in non-public listed companies. This ensures that their commitment, resourcesand time are focused for an effective input to the Board and the Company. All directors are in compliance with this requirement.Directors’ RemunerationDirectors’ remuneration is determined at levels, which enable the Company to attract and retain directors with the relevant experience andexpertise needed to manage the Group effectively. For executive directors, the components of remuneration are structured so as to linkrewards to corporate and individual performance. For non-executive directors, the level of remuneration refl ects the experience and level ofresponsibilities undertaken by these directors.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 64corporate governance statement (cont.)The determination of remuneration packages for non-executive directors, including the non-executive chairman, is a matter for the Board as awhole. The directors concerned are required to abstain from deliberations and voting on decisions in respect of their individual remuneration.The remuneration package of the directors is as follows:i. Basic salary - Basic salary for executive director is recommended upon consideration of individual performance and rates of salaryfor similar positions in comparable companies.ii.Fees - Directors’ fees are based on a fi xed sum as determined by the Board after considering comparable organizations and theirparticipation in various Board committees. The fees are approved by the shareholders at the AGM of the Company.iii.Bonus Scheme - The Group operates a non-contractual bonus scheme for its executive directors, which is determined based onthe Group’s level of profit and individual’s performance during the period. Bonuses payable to executive directors are reviewed andapproved by the Remuneration Committee after consultation with the Board.iv.Benefits-in-kind - Other customary benefi ts such as medical care, car, driver, etc are made available as appropriate.v. Directors’ Share Options - The executive and non-executive directors are eligible to participate in the Company’s EmployeesShare Options Scheme on the same terms and conditions as those offered to employees. The executive director and non-executivedirectors’ movement in share options (if any) will be refl ected in the audited fi nancial statements.A summary of the total remuneration of the directors in offi ce for the fi nancial year ended 31 December 2008, distinguishing between executiveand non-executive directors, in aggregate with categorisation into appropriate components and the number of directors whose remunerationfalls into each successive bands of RM50,000 are disclosed below:ExecutiveNon-ExecutiveDirectors Directors Total(RM) (RM) (RM)Basic salaries and bonus 483,000 - 483,000Fees 40,000 375,000 415,000Meeting allowance 21,000 79,000 100,000Benefi ts-in-kind 35,200 - 35,200Total 579,200 454,000 1,033,200Executive Directors Non-Executive Directors TotalRM 0 - RM50,000 - 4 4RM50,001 - RM100,000 - 4 4RM100,001 - RM150,000 - 1 1RM450,001 - RM500,000 - - -RM500,001 - RM550,000 - - -5RM550,001 - RM660,000 1 - 1Total 1 9 10* Inclusive of Company’s contribution to provident fundUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 65Conflict of InterestAll directors have a continuing responsibility to determine whether they have a potential or actual confl ict of interest in relation to any transaction,which considered by the Board, and make appropriate declaration when they have an interest in such transaction.Trading and insider informationAll directors are prohibited from trading in securities and any other property of the Company based on price sensitive information and knowledgewhich have not been publicly announced. Quarterly reminders are disseminated to all directors on restriction in trading in the Company’ssecurities within the “closed periods” as stipulated under the Listing Requirements of Bursa Securities.Directors’ IndemnityThe Company has in place a Liabilities Insurance Policy for directors and offi cers in respect of liabilities arising from holding offi ce as itsdirectors and key offi cers. They contribute payment towards the annual premium of this policy.Related Party TransactionsAll directors recognize that they must declare their respective interest in related party transactions and abstain from deliberation and voting inrespect thereof at Board and general meetings to consider the matter.Board CommitteesThe Board has delegated specifi c responsibilities to the following Board Committees within their terms of reference in compliance with theCode. With the exception of the Executive Committee to which the Board has granted discretionary authority to deliberate and decide certainoperational matters, the ultimate responsibility for fi nal decision on all matters lies with the entire Board.The following Board Committees were established by the Board with clearly defi ned terms of references:Audit CommitteeExecutive CommitteeTender Board CommitteeBOARD OF DIRECTORSBoard CommitteesRemuneration CommitteeNomination CommitteeRisk CommitteeOption CommitteeUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 66corporate governance statement (cont.)Audit CommitteeThe committee has been established to assist the Board in execution of its responsibilities. The committee meets periodically to carry outits functions and duties pursuant to its terms of reference and shall have unrestricted access to both the internal and external auditors andmembers of management of the Group. The activities carried out by the committee during the fi nancial year under review are summarized inthe Audit Committee Report as stated in pages 72 to 74 of this Annual Report 2008.Executive CommitteeThe role of the Executive Committee (EXCO) is to assist the Board in reviewing major operational and fi nancial issues, monitoring progress andperformance of business units in addition to ensuring the achievement of the Group’s strategic goals and objectives.The functions of the EXCO include but are not limited to:• Evaluation of the Group’s strategic plans;• Recommending all major investments and business deals to the Board;• Advising management on the overall policies and practices of the Company and the Group;• Reviewing the performance evaluation and reward system to be used as a basis of measurement of management and staffeffectiveness;• Monitoring the development and implementation of an investor relation programme; and• Such other functions as may be delegated by the Board from time to time.Tender Board CommitteeThe committee is tasked by the Board to oversee the Group’s tender and contract procurement processes in compliance with the Group’srelevant policies and requirements. In addition, the committee also considers, evaluates and approves tender awards, which are within itsfi nancial authority limit, taking into consideration various factors such as price, usage of products and services and other relevant factors.Remuneration CommitteeThe role of the committee is to recommend a remuneration framework for all executive directors by ensuring that the remunerationframework recommended refl ects the Group’s performance. Additionally, the committee also reviews and approves annual salaries, incentivearrangements, service agreements and employment conditions for executive directors and key management as well as performing regularreview of the competitiveness of the Group’s remuneration structure and policy.Nomination CommitteeThe committee is primarily responsible for identifying and making recommendations for any appointment to the Board and Board Committees.The committee also evaluates the effectiveness of the Board and review the required mix of skills and experience and qualities of all directorshipsin determining the appropriate board balance and size of the non-executive participation.Risk CommitteeThe committee assists the Board to actively focus and deliberate on all risk oversight responsibilities of the Group. The committee reports tothe Board and is tasked with maintaining an effective risk management system, which will contribute towards the achievement of the Group’sstrategic, fi nancial, operational and other business objectives. Ultimately, the Board is responsible for the Group’s overall responsibility for riskoversight within the Group.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 67Option CommitteeThe committee was established to administer the Group’s Employees’ Share Option Scheme (the Scheme) in accordance with the By-Lawsapproved by the shareholders of the Company and amendments that may be imposed by Bursa Securities in relation to the Scheme fromtime to time.The Group had implemented a Scheme on 4 September 2003 which existed for a period of fi ve (5) years. The Scheme has since expired on3 September 2008.INVESTOR RELATIONS AND SHAREHOLDER COMMUNICATIONThe key elements of good corporate governance are transparency and accountability to all stakeholders, which involves communication ofclear and relevant information. As such, the Company supports the Code’s principle to encourage shareholders and investors participationand is committed to regular and proactive communication with shareholders and investors.The Board recognizes the importance of regular and timely dissemination of information to shareholders and investors via its annual report,circulars, quarterly fi nancial reports, newsletters, press releases and corporate announcements made to Bursa Securities during the year.Established procedures are also in place to ensure that material information is released in an accurate and timely manner.From time to time, management actively responds to request from analysts and fund managers to provide updates on quarterly fi nancialperformance, corporate and business developments, regulatory issues as well as changes in operating environment which may impact theGroup’s operations.On a regular basis, management participates in investor relations programmes initiated and supported by Bursa Securities and MalaysianInvestor Relations Association. Its participation is aimed at enhancing the Company’s overall investor relations function and achieves adequateprofi ling through specifi c online distribution channels in order to reach out to the investment community.Shareholders also have the opportunity to communicate their views and engage with the Board and the senior management at the AGM.Every opportunity is given to the shareholders to seek clarifi cation from the Board members and the senior management on all issues relevantto the Group at the AGM.Shareholders and investors can also access the Group’s website at www.umland.com.my where a dedicated investor relations segmentis maintained to provide inter alia business and corporate information, fi nancial and stock information as well as current developments of theGroup. Shareholders seeking the Group’s updates are able to do so through subscription of email alerts on the website and communicationwith the Group’s investor relations unit via email at ir@umland.com.my.ACCOUNTABILITY AND AUDITFinancial ReportingIn presenting the annual fi nancial statements, annual report and quarterly announcement of results to shareholders, the Board aims to provideand present a balanced assessment of the Group’s fi nancial position, performance and prospects. The Board also ensured that fi nancialstatements are prepared in accordance with Companies Act, 1965 (the Act) and the applicable approved accounting standards set by theMalaysian Accounting Standards Board. The Board is assisted by the Audit Committee to oversee the Group’s fi nancial reporting processesand the quality of its fi nancial reporting.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 68corporate governance statement (cont.)Directors’ responsibility statement in respect of the preparation of the annual financialstatementsThe Board is responsible for ensuring that the fi nancial statements gives a true and fair view of the state of affairs of the Group as at the endof the fi nancial year and of the results and cashfl ow for the fi nancial year then ended.In preparing the fi nancial statements, the directors have ensured that relevant accounting policies were applied consistently and madejudgements and estimates that are reasonable and prudent. The directors have also ensured that all applicable accounting standards havebeen followed and fi nancial statements were prepared on the going concern basis as the directors have a reasonable expectation, havingmade enquiries that the Company and Group have adequate resources to continue in operational existence for the foreseeable future.The directors also have responsibility for ensuring that the Company keeps accounting records, which disclose with reasonable accuracy thefi nancial position of the Company and of the Group, which enable them to ensure that the fi nancial statements comply with the provisions ofthe Act.The Directors have overall responsibilities for taking such steps as are reasonably open to them to safeguard the assets of the Group to preventand detect fraud and other irregularities.Internal ControlsThe Board acknowledged its overall responsibility for maintaining a sound system of internal controls not only fi nancial controls but alsooperational and compliance controls as well as risk management.The Statement on Internal Control set out on pages 69 to 71 of this Annual Report 2008 provides an overview of the state of internal controlwithin the Group.Relationship With The AuditorsThe Board, through the Audit Committee maintains an active, transparent and professional relationship with the Company’s Auditors, bothexternal and internal, particularly in seeking their professional advice towards ensuring compliance with the accounting standards in Malaysia.A full report of the Audit Committee enumerating its role in relation to the internal and external auditors is set out on pages 72 to 74 of thisAnnual Report 2008.This statement is made in accordance with a Board resolution dated 8 April 2009.TUN MUSA HITAMChairmanDATO’ NG ENG TEEDeputy Chairman/Executive DirectorUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 69statement on internal controlIntroductionEnterprise Risk Management FrameworkParagraph 15.27(b) of the Listing Requirements of Bursa MalaysiaSecurities Berhad (Bursa Securities) requires the board of directorsof public listed companies to include in its annual report a “statementabout the state of internal control of the listed issuer as a group”.The Board of Directors (Board) is committed to maintaining a soundsystem of internal control within the Group and is pleased to providethe following statement, which outlines the nature and scope ofinternal control of the Group during the fi nancial year ended 31December 2008.Board’s ResponsibilityThe Board affi rms its overall responsibility for the Group’s system ofinternal controls which includes the establishment of an appropriatecontrol environment and framework as well as reviewing its adequacyand integrity. Because of the limitations that are inherent in any systemof internal controls, it can only provide reasonable, and not absolute,assurance against material misstatement or loss, as it is designed tomanage rather than eliminate the risk of failure to achieve businessobjectives of the Group. The system of internal controls covers, interalia, risk management procedures and fi nancial, operational andcompliance controls.The Board has established an ongoing process for identifying,evaluating and managing signifi cant risks faced by the Group. Thisprocess includes updating the system of internal controls when thereare changes to business environment and regulatory guidelines.It has been regularly reviewed by the Board and accords with theStatement on Internal Control: Guidance for Directors of Public ListedCompanies (Internal Control Guidance).The Board is of the view that the system of internal controls in placefor the year under review and up to the date of approval of the annualreport and fi nancial statements is sound and suffi cient to safeguardthe shareholders’ investment and the Group’s assets.Whilst the Board maintains ultimate control over risk and controlissues, the executive management assists the Board in theimplementation of the system of risk management and internalcontrol within an established framework. The Board has establishedkey policies and has carried out a specifi c assessment of the Group’srisk management and internal control systems.The Board fully supports the contents of the Internal Control Guidanceand through the Risk Committee, continually reviews the adequacyand effectiveness of the risk management processes in place withinthe various business units of the Group. As such, the Board hasformalised the process for identifying, evaluating and managingsignifi cant risks faced by the Group through the establishment of anenterprise risk management framework.Management is responsible for the management of risk, for developing,operating and monitoring the system of internal control and forproviding assurance to the Board that it has done so in accordancewith the policies adopted by the Board. Further independentassurance is provided by the outsourced internal audit function,which performs its internal audit work on the Group’s operations inaccordance with an internal audit plan annually approved.The Board believes that maintaining a sound system of internalcontrols is premised on a clear understanding and appreciation of thefollowing key elements of the Group’s enterprise risk managementframework:• A risk policy and procedures manual is in place and it outlinesmainly the risk management strategies and policies, riskcommunication structure and monitoring of the Group’s riskmanagement framework. This document is subject to reviewand improvement from time to time in order to enhance riskmanagement processes.• The establishment of a Risk Committee enables the main Boardto perform a more active and meaningful oversight role of riskmanagement within the Group.• A Risk Management Committee, headed by the Group ChiefExecutive Offi cer, is placed with the responsibility to identify andcommunicate to the Risk Committee the present and potentialcritical risks the Group faces, their changes and management’saction plans to manage these risks.• Risk Management Units, established at the business unit level andheaded by the Head of Subsidiary, on an ongoing basis, identifypresent and potential critical risks encountered, formulate actionplans with implementation timescales to address key risks andcontrol issues in line with their risk profi les and communicate themto the Risk Management Committee.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 70statement on internal control (cont.)• The appointment of the Group Risk Coordinator at the Group levelas well as Risk Coordinators at business unit level ensures thatthere is clear leadership, direction and coordination of the groupwideapplication of risk management.• The risk profi les of the respective business units are assessedat regular intervals in line with the Group’s risk monitoring andreporting framework and these are communicated to the RiskCommittee. In addition, the monitoring framework also involvesdiscussions on risk environment, effectiveness of controls andreview on implementation status of action plans to address therisks identifi ed.The internal audit reports, including management’s action plansto improve the internal control system, are reviewed by the AuditCommittee. The Audit Committee presents its fi ndings to the Boardbased on the frequency of internal audit cycles set out in the internalaudit plan.For further details, please refer to the Audit Committee Report.Other Risk and Control ProcessesThe current system of internal control and risk management in theGroup has within it, the following elements:During the fi nancial year, external consultants were engaged bythe Risk Committee to undertake a risk assessment exercise of anew business unit within the Group. The risk assessment exerciseinvolved risk management awareness session, risk assessmentinterview and workshop. A risk assessment report, which includedthe risk profi le, was tabled to and approved by the Risk Committee.The risk profi le is now being managed in line with the Group’s riskmanagement framework.The Board considers that the enterprise risk management frameworkis robust, but will still subject the framework to continuousimprovement, taking into consideration best risk managementpractices and the changing business environment.Internal Audit FunctionThe internal audit function of the Group is outsourced to externalconsultants who report directly to the Audit Committee. Theinternal audit’s role is to provide independent assurance to theAudit Committee and the Board on the adequacy and integrity ofthe existing system of internal controls, including the Enterprise RiskManagement processes.Internal audit evaluates the internal controls within the key activities ofthe Group’s businesses on the basis of an annual internal audit planpresented to the Audit Committee for approval. The internal auditfunction adopts a risk-based approach and prepares its internal auditstrategy and plan based on the risk profi les of the major business unitsof the Group. In addition, the annual internal audit plan covers otherareas of importance as guided by management that complementsthe risk-based approach.• There is in place an organisational structure with clearly defi nedlines of responsibility and delegation of authority.• A fi ve-year strategic plan outlining strategies towards achievementof corporate and business objectives of the Group, whichprovides a basis for monitoring the Group’s fi nancial and businessperformance.• Established fi nancial limits of authority, which have been approvedby the Executive Committee of the Board, are in place to ensureproper accountability and delegation of authority.• A budgetary control system is in place whereby the Group’s annualbudget is prepared and approved by the Board. Review of actualperformance against budget is regularly carried out to monitorthe level of achievement of the Group and material variances arereported to the Board. Appropriate remedial and corrective actionsare taken by management to minimise the adverse effect of suchvariances, where necessary.• Standard operating procedures in respect of certain operationalareas have been established to regulate the day-to-day operationswithin the Group. Such standard operating procedures are subjectto regular review and improvement to address changes in thebusiness operating environment.• Standardised fi nancial practices have been put in place to ensureuniformed fi nancial policies and accounting treatment, practicesand procedures within the Group. The fi nancial practices aredocumented in a Group Financial Policy Manual, which wasapproved by the EXCO. The manual is subject to regular review andupdates to address changes in fi nancial reporting requirements.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 71• The Cost Management & Control Department has put in placecost planning and control measures including Standard OperatingProcedures in respect of contracts and projects of the Group. Thisprovides the Board assurance on the adequacy and effectivenessof the project operating procedures and its control environment.Weaknesses in Internal Controls that Resultin Material LossesThere were no material losses incurred during the current fi nancialyear as a result of weaknesses in internal control. Managementcontinues to take measures to strengthen the control environment.Review of the Statement on Internal Controlby External AuditorAs required by paragraph 15.24 of the Listing Requirements of BursaSecurities, the external auditors have reviewed this Statement onInternal Control. Their review was performed in accordance withRecommended Practice Guide (RPG) 5 issued by the MalaysianInstitute of Accountants. Based on their review, the external auditorshave reported to the Board that nothing has come to their attentionthat causes them to believe that this Statement is inconsistent withtheir understanding of the process the Board has adopted in thereview of the adequacy and integrity of internal control of the Group.RPG 5 does not require the external auditors to and they did notconsider whether this Statement covers all risks and controls, or toform an opinion on the effectiveness of the Group’s risk and controlprocedures.This statement is made in accordance with the resolution of theBoard dated 8 April 2009.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 72audit committee reportFORMATIONThe Audit Committee (Committee) was established by the Board ofDirectors (Board) in 1995 to assist the Board in fulfi lling its fi duciaryresponsibilities relating to internal controls, fi nancial and accountingpolicies as well as fi nancial reporting practices of the Company andits subsidiaries (the Group). The Committee is governed by its Termsof Reference.MEMBERSHIPSUMMARY OF ACTIVITIES DURING THEYEARThe Committee performed, inter-alia, the following activities duringthe fi nancial year in the discharge of their duties and responsibilitiesin accordance with its Terms of Reference:• Reviewed and recommended the quarterly and year end fi nancialresults, external audit plans and related fees for the Group to theBoard for approval;For the fi nancial year ended 31 December 2008, the Committeecomprises three (3) members of whom two (2) are independent nonexecutiveDirectors. Members of the Committee and those who hadserved during the fi nancial year are as follows:• Reviewed recurrent related party transactions of the Groupcovered by the shareholders’ mandate and where relevant,additional related party transactions and their appropriatedisclosure requirements;i) Datuk Syed Ahmad Khalid Syed MohammedChairman/ Independent Non-Executive Directorii) Datuk Nur Jazlan Tan Sri MohamedMember/ Independent Non-Executive Directoriii) Chan Say YeongMember/ Non-Independent Non-Executive Director(Appointed on 31 October 2008)iv) Chen Lian PangMember/ Non-Independent Non-Executive Director(Resigned on 31 October 2008)MEETINGS AND ATTENDANCEThe Committee meets on a scheduled basis, at least four (4) times ayear with additional meetings convened as and when required. Duringthe fi nancial year ended 31 December 2008, the Committee held atotal of seven (7) meetings. Details of attendance by the membersare set out below:Attendancei) Datuk Syed Ahmad Khalid Syed Mohammed 7/7ii) Datuk Nur Jazlan Tan Sri Mohamed 7/7iii) Chan Say Yeong 2/2iv) Chen Lian Pang 0/5The meetings were also attended by the senior management ofthe Group and the Group’s internal and external auditors uponinvitation by the Chairman of the Committee to provide input duringdeliberations on issues raised.• Reviewed fi ndings of audit examination conducted by the externalauditors during the fi nancial year;• Reviewed and ensured compliance of the fi nancial statementswith presentation and disclosure requirements of the newFinancial Reporting Standards;• Reviewed and approved internal audit plans for Cycles 12 and 13including related fees for the Group; and• Reviewed internal audit recommendation arising from internalaudit reviews in the respective cycles and management’s actionplans to address the key improvement areas based on theirimplementation priority.INTERNAL AUDIT FUNCTIONThe internal audit reviews in respect of fi nancial year 2008 coveredthe Company, Seri Alam Properties Sdn. Bhd., Bangi HeightsDevelopment Sdn. Bhd., Dynasty View Sdn. Bhd. and UMDevelopment Sdn. Bhd. with the overall scope and emphasis areasconcentrated on high and signifi cant risk areas. The internal auditreviews also covered key priority areas identifi ed in consultation withManagement, which compliment the risk-based audit approach. Thebusiness processes covered were as follow:Core processes• Sales and marketing• Project managementUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 73Resources processesMEETINGS• Strategic management• Financial management• Legal and regulatory management• Human resource managementThe Committee assessed the annual audit plan to ensure adequatescope and comprehensive coverage over the key risk areas ofthe Group. The Committee reviewed the internal audit reports,considered the major fi ndings and recommendation arising frominternal audit reviews in key areas with improvement opportunitiesas well as management’s proposed remedial action plans andmonitored the corrective actions on the outstanding audit issues toensure that key risks and control lapses have been addressed. Theinternal auditors carried out follow-up reviews on these highlightedobservations and action plans in their subsequent review cycles. Inaddition, the follow-up reviews were performed in conjunction withManagement-initiated reporting to the Committee from time to timeon measures undertaken to address key improvement areas. Internalaudit fees incurred for the fi nancial year ended 31 December 2008amounted to RM110,000.TERMS OF REFERENCECOMPOSITIONThe Committee shall be appointed by the Board from amongst theirnumber and shall consist of not less than three (3) members, all ofwhom must be non-executive directors with a majority, including theChairman, being independent directors of the Company. No alternatedirector shall be appointed as a member of the Committee.The Committee shall include at least one (1) person:a) who is a member of the Malaysian Institute of Accountants; orb) who has at least three (3) years’ working experience and:i) has passed the examinations specifi ed in Part I of the 1stSchedule of the Accountants Act 1967; orii) is a member of one of the associations of accountantsspecifi ed in Part II of the 1st Schedule of the AccountantsAct, 1967.The terms of offi ce and performance of the Committee shall bereviewed by the Board no less than once in every three (3) years.Meetings shall be held not less than four (4) times a year. A quorumshall be formed when the majority of the Committee members areindependent directors. The Committee may convene meetingswith the external auditors, the internal auditors or both, includingthe attendance of other directors and employees, wheneverdeemed necessary. The attendance of employees, other directors,representatives of the internal and external auditors at such meetingswill be at the Committee’s invitation.The Secretary to the Committee shall be the Company Secretary orAssistant Company Secretary or any other person appointed by theCommittee. The Secretary will be responsible for keeping the minutesof meetings of the Committee and circulating them to Committeemembers and other members of the Board.AUTHORITYThe Committee is authorised by the Board to investigate anyactivities within its terms of reference and shall have unrestrictedaccess to both the internal and external auditors and members ofmanagement of the Group. The Committee is also authorised by theBoard to obtain independent professional advice and to secure theattendance of outsiders with relevant experience and expertise if itconsiders this necessary in the performance of their duties.DUTIESThe duties of the Committee shall be:• To consider the appointment of the external and internal auditors,the audit fee and any questions of resignation and dismissal;• To discuss with the external auditors:- The audit plan;- Their evaluation of the system of internal controls;- The audit report on the fi nancial statements.• To ensure co-ordination of the external audit process where morethan one audit fi rm is involved;• To review the assistance given by employees of the Group to theexternal and internal auditors;• To review the quarterly and year-end fi nancial statements of theCompany, focusing particularly on:- Changes in accounting policies and practices;UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 74audit committee report (cont.)- Signifi cant and unusual events;- Signifi cant adjustments arising from the audit;- The going concern assumption;- Compliance with accounting standards and other legalrequirements;• To discuss fi ndings and matters arising from the interim and fi nalaudits, and any matters the auditors may wish to discuss;• To review the internal and external auditors’ management letterand management’s response;• To do the following in relation to an internal audit function:- Review the adequacy of the scope, functions, competencyand resources of the internal audit function, and that it hasthe necessary authority to carry out its work;- Review the internal audit programme and results ofthe internal audit process and where necessary, ensurethat appropriate action is taken on the recommendationsof the internal audit function;- Review any appraisal or assessment of the performance ofmembers of the internal audit function;• To review any related party transactions and confl ict of interestsituation that may arise within the Company or the Group;• To verify the allocation of share options granted to the Group’seligible employees and directors in accordance with the By-Lawsand Internal Guidelines governing the Employees’ Share OptionScheme at the end of each fi nancial year;• To consider the major fi ndings of internal and special investigationsand management’s response; and• To consider other matters as defi ned by the Board.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 75additional compliance information1. SHARE BUY BACKDuring the fi nancial year, the Company did not have the authority to buy back its own shares as it did not renew its shareholders’ mandatefor the share buy-back scheme at its Extraordinary General Meeting following the conclusion of the 45th Annual General Meeting (AGM)held on 20 June 2006.The Company had, during the period in which it had its shareholders’ mandate to implement the share buy-back scheme, purchased401,800 of its own shares at a total purchase consideration, including incidental cost, of RM463,068 or at an average gross priceof RM1.15 per share. These shares are now being held as treasury shares. None of the shares bought back has been resold in themarket.The Company proposes to seek a fresh mandate from the shareholders to buy back its own shares at its forthcoming 48th AGM. Thedetails of the proposed share buy-back are disclosed in the accompanying circular to shareholders.2. MATERIAL CONTRACTSSave as disclosed below, there are no material contracts of the Company and/or its subsidiaries, involving directors’ and major shareholders’interest, either still subsisting at the end of the fi nancial year or, if not then subsisting, entered into since the end of the previous fi nancialyear:(i)Joint venture agreement dated 7 March 2003 between UM Residences Sdn. Bhd. (UMR), a wholly-owned subsidiary of the Company,and Liang Court (Malaysia) Sdn. Bhd. (LCSB), a subsidiary of CapitaLand Limited which in turn is a major shareholder of the Company,for the purpose of establishing a joint venture partnership for the operation of Somerset Seri Bukit Ceylon Serviced Residences (JVPartnership).The JV Partnership also entered into a management agreement dated 7 March 2003 with Ascott International Management (Malaysia)Sdn. Bhd. (AIM), a subsidiary of CapitaLand Limited which in turn is a major shareholder of the Company, for purposes of engagementand appointment of AIM to operate, maintain, manage and market the Somerset Seri Bukit Ceylon Serviced Residences for and onbehalf of the JV Partnership.On 31 July 2006, UMR entered into a shareholders’ agreement with LCSB for the purpose of regulating their relationship with oneanother as shareholders in a new joint venture company (JV Company) and to regulate and govern certain material aspects of theaffairs and conduct of the business of the JV Company. The JV Company will undertake the operations of Somerset Seri Bukit CeylonServiced Residences (SSBCSR) originally envisaged under the JV Partnership.On 8 October 2007, the JV Partnership entered into a novation agreement with AIM and SSBC Sdn. Bhd. (SSBC) to novate all rightsand obligations attached with the JV Partnership under the management agreement dated 7 March 2003 to SSBC, a 50.533% ownedsubsidiary of UMR.(ii) Tenancy agreement dated 8 October 2007 between the UMR and SSBC. The tenancy agreement is for the rental of 48 units ofSSBCSR together with 24 vehicle parking bays by SSBC in order for SSBC to manage, operate and market for rental the 48 unitsof SSBCSR. The tenancy agreement is for a duration of three years from 1 July 2007 to 30 June 2010 with an automatic renewalof a further six months commencing from 1 July 2010 and expiring on 31 December 2010 at a basic rental of RM235,000.00 perquarter.(iii) Tenancy agreement dated 8 October 2007 between the SSBC and LCSB. The tenancy agreement is for the rental of 48 units ofSSBCSR together with 24 vehicle parking bays by SSBC in order for SSBC to manage, operate and market for rental the 48 unitsof SSBCSR. The tenancy agreement is for a duration of three years from 1 July 2007 to 30 June 2010 with an automatic renewalof a further six months commencing from 1 July 2010 and expiring on 31 December 2010 at a basic rental of RM230,000.00 perquarter.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 76additional compliance information (cont.)(iv) Two separate tenancy agreements dated 8 October 2007 between UMR and SSBC. The tenancy agreements are for the rental of onepart of the ground fl oor and another part of the ground fl oor containing the lobby, maintenance offi ce and back of house of SSBCSR.The tenancy agreements are for a duration of three years from 1 July 2007 to 30 June 2010 with an automatic renewal of a furthersix months commencing from 1 July 2010 and expiring on 31 December 2010 at RM1,782.00 per month and RM1.00 per annumrespectively.(v) Joint venture and shareholders agreement dated 28 April 2004 between the Company and Malaysian Resources CorporationBerhad to govern a joint venture company, namely Suasana Sentral Two Sdn. Bhd., for the development of the Suasana Sentral Loftcondominium project in Kuala Lumpur Sentral. The condominium project was completed in 2007.(vi) Sale and purchase agreement (SPA) dated 3 June 2008 between UM Land Assets Sdn. Bhd. (UMLand Assets), a wholly-ownedsubsidiary of the Company, and Ipjora (S) Pte. Ltd. to acquire 3,600,000 ordinary shares of RM1.00 each and 36,000 cumulativeredeemable preference shares of RM1.00 each representing 60% of the entire issued and paid up capital of Ipjora Holdings Sdn. Bhd.(Ipjora) for a cash consideration of RM5,309,882. Prior to the execution of the SPA, UMLand Assets holds 40% equity interest in Ipjora.Ipjora is an indirect subsidiary of CapitaLand Limited which in turn is a major shareholder of the Company.The agreement was completed on 1 December 2008 upon the settlement of the balance of purchase consideration. Following thecompletion of the SPA, UMLand Assets holds 100% equity interest in Ipjora.(vii) Sale and purchase agreement dated 3 June 2008 between Exquisite Mode Sdn. Bhd., a wholly-owned subsidiary of the Company, andWisma Matex Sdn. Bhd. (Wisma Matex) to acquire three (3) pieces of freehold commercial land measuring in aggregate approximately6,026.41 square metres located in Bandar Johor Bahru and District of Johor Bahru for a cash consideration of RM27 million. WismaMatex is an indirect 30% owned associated company of CapitaLand Limited which in turn is a major shareholder of the Company.The agreement was completed on 1 December 2008 upon the settlement of the balance of purchase consideration.3. NON-AUDIT FEESNon-audit fees paid to external auditors for the fi nancial year ended 31 December 2008 amounted to RM16,000.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 774. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATUREAt an extraordinary general meeting held on 24 June 2008, the Company had obtained shareholders’ mandate to allow the Companyand/or its subsidiaries to enter into recurrent related party transactions of a revenue or trading nature. Pursuant to Paragraph 10.09(1)(b)of the Bursa Securities Listing Requirements, the details of the recurrent related party transactions conducted during the current fi nancialyear are disclosed as follows:Mandated Related Parties Nature of Transactions Value Interested PartiesAscott International Management Procurement of (732,749) Interested major shareholders(Malaysia) Sdn. Bhd. technical consultancy • Opal Holdings Pte. Ltd.and management services• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedRMInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanBangi Heights Development Sdn. Bhd. Provision of 1,920,000 Interested major shareholdersmanagement services• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanExquisite Skyline Sdn. Bhd. Provision of project 1,688,555 Interested directormanagement services• Syed Azmin Mohd Nursin@ Syed NorProvision of 600,000management servicesSuasana Sentral Two Sdn. Bhd. Provision of 375,000 Interested major shareholdersmanagement services• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanPersons connected to major shareholder• Malaysian Resources Corporation Berhad• Shahril Ridza RidzuanUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 78additional compliance information (cont.)Mandated Related Parties Nature of Transactions Value Interested PartiesRMTradewinds Properties Sdn. Bhd. Rental of offi ce premises, parking, (809,912) Interested directormaintenance and other services• Syed Azmin Mohd Nursin@ Syed NorTradewinds International Insurance Procurement of insurance services (140,983) Interested directorBrokers Sdn. Bhd.• Syed Azmin Mohd Nursin@ Syed NorSSBC Sdn. Bhd. Rental income 1,198,826 Interested major shareholdersof serviced residences• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanLiang Court (Malaysia) Sdn. Bhd. Rental expense (1,188,838) Interested major shareholdersfor serviced residences• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 795. FINANCIAL ASSISTANCEAt an extraordinary general meeting held on 24 June 2008, the Company had obtained shareholders’ mandate for provision/procurementof fi nancial assistance. The fi nancial assistance comprises the pooling of funds via centralized treasury management for a duration notexceeding three years. Pursuant to Paragraph 10.09(1)(b) of the Bursa Malaysia Securities Listing Requirements, the details of fi nancialassistance provided/procured during the current fi nancial year are disclosed as follows:Financial Assistance Balance as at Interested Parties31 December 2008Provided by Provided to RMCompany and/or Alpine Return Sdn. Bhd. 5,549,988 Not applicableits subsidiariesCompany and/or Bangi Heights 627,672 Interested major shareholdersits subsidiaries Development Sdn. Bhd. • Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanBangi Heights Development Company and/or its subsidiaries 31,502,278 Interested major shareholdersSdn. Bhd.• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanCompany and/or Suasana Sentral Two Sdn. Bhd. 81,973 Interested major shareholdersits subsidiaries• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial LimitedCapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanPersons connected to major shareholder• Malaysian Resources Corporation Berhad• Shahril Ridza RidzuanUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 80additional compliance information (cont.)Financial Assistance Balance as at Interested Parties31 December 2008Provided by Provided to RMCompany and/or its subsidiaries Exquisite Skyline Sdn. Bhd. 14,805,992 Interested director• Syed Azmin Mohd Nursin@ Syed NorCompany and/or its subsidiaries SSBC Sdn. Bhd. 69,016 Interested major shareholders• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanSSBC Sdn. Bhd. Company and/or its subsidiaries Nil Interested major shareholders• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedInterested directors• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 81financialstatementsDirectors’ ReportIncome StatementsBalance SheetsConsolidated Statement of Changes in EquityCompany Statement of Changes in EquityCash Flow StatementsNotes to the Financial StatementsStatement by DirectorsStatutory DeclarationReport of the Auditors82888991939597158158159UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 82directors’ report For the financial year ended 31 December 2008The Directors hereby submit to the members their annual report and the audited fi nancial statements of the Group andCompany for the fi nancial year ended 31 December 2008.PRINCIPAL ACTIVITIESThe principal activities of the Company are investment holding and the provision of management services.The principal activity of the subsidiary companies is property development. Other activities include property investment andinvestment holding.There were no signifi cant changes in the nature of these activities during the fi nancial year.FINANCIAL RESULTSThe fi nancial results of the Group and Company for the fi nancial year ended 31 December 2008 are as follows:GroupRM’000CompanyRM’000(Loss)/profi t for the fi nancial year (1,267) 12,459Attributable to:Equity holders of the Company (3,462) 12,459Minority interests 2,195 -(1,267) 12,459DIVIDENDSThe dividends paid by the Company since 31 December 2007 were as follows:In respect of the fi nancial year ended 31 December 2007:RM’000- interim dividend of 2.5 sen gross per ordinary share,less income tax of 26%, paid on 26 February 2008 4,464- fi nal dividend of 7.5 sen gross per ordinary share,less income tax of 26%, paid on 23 September 2008 13,39217,856The Directors now recommend the payment of a fi nal dividend of 2.5 sen gross per ordinary share on 241,303,433 ordinaryshares (which is net of 401,800 treasury shares), less income tax of 25%, in respect of the fi nancial year ended 31 December2008. This fi nal net dividend amounting to RM4,524,439 is subject to the approval of the members at the forthcoming AnnualGeneral Meeting of the Company.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 83RESERVES AND PROVISIONSAll material transfers to or from reserves and provisions during the fi nancial year are as disclosed in the fi nancial statements.EMPLOYEES' SHARE OPTION SCHEME ("ESOS")The Company had implemented an Employees’ Share Option Scheme ("ESOS") for its eligible employees and ExecutiveDirectors of the Group. The ESOS was approved by the shareholders at an Extraordinary General Meeting (“EGM”) held on25 June 2003.The existing by-laws of the ESOS were amended to effect certain amendments to the material terms of the by-laws andalso to allow the Non-Executive Directors to participate in the ESOS. The amendments to the existing ESOS by-laws andgranting of options over ordinary shares to Non-Executive Directors were approved by the shareholders at an EGM held on20 June 2007.The ESOS expired on 3 September 2008.Details of the ESOS are as set out in Note 25 to the fi nancial statements.ISSUANCE OF SHARESDuring the fi nancial year, 55,500 new ordinary shares of RM1.00 each were issued by the Company at exercise prices rangingfrom RM1.31 to RM1.61 per share for cash by virtue of the exercise of options over ordinary shares pursuant to the Company’sESOS. The new ordinary shares issued during the fi nancial year ranked pari passu in all respects with the existing ordinaryshares of the Company.TREASURY SHARESDetails of the treasury shares are as set out in Note 25 to the fi nancial statements.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 84directors’ report (cont.) For the financial year ended 31 December 2008DIRECTORSThe Directors who have held offi ce during the period since the date of the last report are as follows:Alternate DirectorYABhg Tun Musa HitamDato’ Ng Eng TeeDatuk Syed Ahmad Khalid Syed MohammedDatuk Nur Jazlan Tan Sri MohamedChan Say YeongLim Wie Shan(Appointed on 1 August 2008) (Appointed on 1 August 2008)Chen Lian PangHo Kiam Kheong(Resigned on 1 August 2008)Lim Wie Shan(Appointed on 1 August 2008)Ng Eng SoonSyed Azmin bin Mohd Nursin @ Syed NorPakhruddin SulaimanLui Chong CheeHo Kiam Kheong(Resigned on 1 August 2008) (Resigned on 1 August 2008)In accordance with Article 94 of Company's Articles of Association, Datuk Syed Ahmad Khalid Syed Mohammed and DatukNur Jazlan Tan Sri Mohamed retire by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselvesfor re-election.In accordance with Article 99 of Company’s Articles of Association, Chan Say Yeong, who was appointed during the period,retires at the forthcoming Annual General Meeting and, being eligible, offers himself for election.In compliance with Section 129(2) of Companies Act, 1965, YABhg Tun Musa Hitam, being over seventy years of age, retiresat the forthcoming Annual General Meeting and offers himself for reappointment as Director in accordance with Section 129(6)of Companies Act, 1965.DIRECTORS’ BENEFITSDuring and at the end of the fi nancial year, no arrangements subsisted to which the Company is a party, being arrangementswith the object or objects of enabling Directors of the Company to acquire benefi ts by means of the acquisition of shares in, ordebentures of, the Company or any other body corporate.Since the end of the previous fi nancial year, no Director has received or become entitled to receive a benefi t (other than theDirectors’ remuneration as disclosed in Note 7 to the fi nancial statements) by reason of a contract made by the Company or arelated corporation with the Director or with a fi rm of which he is a member, or with a company in which he has a substantialfi nancial interest except as disclosed in Note 31 to the fi nancial statements.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 85DIRECTORS’ INTERESTS IN SHARES AND DEBENTURESAccording to the Register of Directors’ Shareholdings, particulars of interests of Directors who held offi ce at the end of thefi nancial year in the shares and options over ordinary shares in the Company are as follows:Shareholdings in the name of the DirectorNumber of ordinary shares of RM1.00 eachAs atAs at1.1.2008 Acquired Disposed 31.12.2008‘000 ‘000 ‘000 ‘000Dato’ Ng Eng Tee 6,036 489 - 6,525Ng Eng Soon 7,151 - - 7,151Datuk Syed Ahmad Khalid Syed Mohammed 10 - - 10Shareholdings in which the Directoris deemed to have an interestDato’ Ng Eng Tee 26,626 1,981 - 28,607Ng Eng Soon 17,829 - - 17,829Number of options over ordinary shares of RM1.00 eachExercise As at As atprice/share 1.1.2008 Granted Exercised Lapsed 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘000YABhg Tun Musa Hitam 1.99 150 - - (150) -Dato’ Ng Eng Tee 1.61 10 - - (10) -1.99 40 - - (40) -Datuk Syed Ahmad Khalid 1.61 25 - - (25) -Syed Mohammed 1.99 115 - - (115) -Datuk Nur Jazlan Tan 1.61 25 - - (25) -Sri Mohamed 1.99 115 - - (115) -Chen Lian Pang 1.99 125 - - (125) -Ng Eng Soon 1.61 25 - - (25) -1.99 115 - - (115) -Syed Azmin bin Mohd 1.61 3 - - (3) -Nursin @ Syed Nor 1.99 125 - - (125) -The options over ordinary shares of the Company expired on 3 September 2008.Dato’ Ng Eng Tee and Ng Eng Soon by virtue of their direct and indirect interests in the Company, are deemed to have aninterest in the shares of the subsidiary companies to the extent the Company has an interest.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 86directors’ report (cont.) For the financial year ended 31 December 2008DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (cont.)Other than as disclosed above, according to the Register of Directors’ Shareholdings, the Directors in offi ce at the end of thefi nancial year did not hold any interest in shares, options over ordinary shares or debentures in the Company and its relatedcorporations during the fi nancial year.STATUTORY INFORMATION ON THE FINANCIAL STATEMENTSBefore the income statements and balance sheets were made out, the Directors took reasonable steps:(a)to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowancefor doubtful debts and satisfi ed themselves that all known bad debts had been written off and that adequate allowancehad been made for doubtful debts; and(b)to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of businesstheir values as shown in the accounting records of the Group and Company had been written down to an amountwhich they might be expected so to realise.At the date of this report, the Directors are not aware of any circumstances:(a)which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in thefi nancial statements of the Group and Company inadequate to any substantial extent; or(b)which would render the values attributed to current assets in the fi nancial statements of the Group and Companymisleading; or(c)which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group andCompany misleading or inappropriate.No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve monthsafter the end of the fi nancial year which, in the opinion of the Directors, will or may affect the ability of the Group or Companyto meet their obligations when they fall due.At the date of this report, there does not exist:(a)any charge on the assets of the Group or Company which has arisen since the end of the fi nancial year which securesthe liability of any other person; or(b)any contingent liability of the Group or Company which has arisen since the end of the fi nancial year.At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the fi nancialstatements which would render any amount stated in the fi nancial statements misleading.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 87STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (cont.)In the opinion of the Directors:(a)the results of the operations of the Group and Company during the fi nancial year were not substantially affected byany item, transaction or event of a material and unusual nature; and(b)except as disclosed in Note 35 to the fi nancial statements, there has not arisen in the interval between the end ofthe fi nancial year and the date of this report any item, transaction or event of a material and unusual nature likely toaffect substantially the results of the operations of the Group and Company for the fi nancial year in which this reportis made.AUDITORSThe auditors, PricewaterhouseCoopers, have expressed their willingness to continue in offi ce.Signed on behalf of the Board of Directors in accordance with their resolution dated 24 April 2009.DATO’ NG ENG TEEDIRECTORDATUK NUR JAZLAN BIN TAN SRI MOHAMEDDIRECTORUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 88income statements For the financial year ended 31 December 2008GroupCompanyNote 2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Revenue 5 172,083 396,767 36,395 33,586Interest income 2,905 4,327 - -Other operating income 2,799 3,075 18 19Development costs recognised as expenses (117,704) (272,062) - -Advertising and promotion expenses (4,322) (3,436) (45) (16)Allowance for doubtful debts (3,300) (2,689) - -Depreciation of property, plant and equipment (1,841) (1,653) (462) (422)and investment propertiesEmployee benefi ts expenses 6 (21,891) (21,154) (9,288) (8,785)Impairment loss of other investments (1,973) (460) (1,973) (460)Management fees (150) (555) - -Professional consultancy fees (3,861) (2,855) (610) (511)Rental of premises (1,089) (737) (756) (646)Upkeep, repairs and maintenance of assets (3,402) (2,621) (190) (289)Write-back of allowance for doubtful debts 1,886 1,695 - -Other operating expenses (9,406) (14,190) (1,841) (1,541)Finance costs 8 (9,842) (12,442) (4,509) (4,355)Share of results of an associate - 18 - -Share of results of jointly controlled entities (316) 25 - -Profi t before tax 9 576 71,053 16,739 16,580Tax expense 10 (1,843) (11,102) (4,280) 42(Loss)/profi t for the fi nancial year (1,267) 59,951 12,459 16,622Attributable to:Equity holders of the Company (3,462) 46,611 12,459 16,622Minority interests 2,195 13,340 - -(Loss)/profi t for the fi nancial year (1,267) 59,951 12,459 16,622Earnings per share attributableto equity holders of the Company (sen)- basic 11 (1.43) 19.6- diluted 11 N/A 19.5Dividend per share (sen) 12 2.5 10.0 2.5 10.0UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 89balance sheets As at 31 December 2008GroupCompanyNote 2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000ASSETSNon-current assetsProperty, plant and equipment 13 328,910 339,433 2,027 2,198Investment properties 14 17,258 6,843 - -Investments in subsidiary companies 15 - - 451,530 426,478Investment in an associate 16 - 3,142 - -Investments in jointly controlled entities 17 19,799 20,115 20,000 20,000Other investments 18 3,108 5,081 3,099 5,072Land held for property development 19 172,974 163,974 - -Deferred tax assets 20 16,522 14,117 370 362558,571 552,705 477,026 454,110Current assetsCompleted properties 21 86,798 114,226 - -Property development costs 22 392,150 320,902 - -Tax recoverable 2,280 3,466 1,778 1,947Trade and other receivables 23 107,893 211,520 219,022 182,818Deposits, bank and cash balances 24 123,747 78,011 1,808 20,136712,868 728,125 222,608 204,901Total assets 1,271,439 1,280,830 699,634 659,011EQUITY AND LIABILITIESCapital and reserves attributableto equity holders of the CompanyShare capital 25 241,705 241,650 241,705 241,650Reserves 26 574,683 591,181 341,431 342,408816,388 832,831 583,136 584,058Minority interests 84,062 86,871 - -Total equity 900,450 919,702 583,136 584,058Non-current liabilitiesDeferred tax liabilities 20 10,828 12,084 - -Long term trade payable 27 14,000 - - -Borrowings 28 134,668 149,868 60,564 60,825159,496 161,952 60,564 60,825UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 90balance sheets(cont.) As at 31 December 2008GroupCompanyNote 2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Current liabilitiesTrade and other payables 29 69,683 91,763 5,225 4,479Provision 30 78 2,578 - -Borrowings- bank overdrafts 28 14,998 14,356 4,949 -- others 28 124,667 85,648 45,760 5,248Current tax liabilities 2,067 430 - -Dividend payable 12 - 4,401 - 4,401211,493 199,176 55,934 14,128Total liabilities 370,989 361,128 116,498 74,953Total equity and liabilities 1,271,439 1,280,830 699,634 659,011Net assets per share attributableto equity holders of the Company 11 RM3.38 RM3.45UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 91consolidated statement of changes in equityFor the financial year ended 31 December 2008Attributable to equity holders of the CompanyShareShare Share Revaluation Capital Option Treasury Retained Revaluation Minority TotalNote capital premium reserves reserves reserve shares earnings reserves* Total interests equityRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000As at 1 January 2008 241,650 63,950 245,922 (41,625) 667 (463) 252,933 69,797 832,831 86,871 919,702Income and expenserecognised directlyin equity:- realisation of revaluationreserves - - (3,304) - - - - 3,304 - - -- revaluation reserves arisingfrom acquisition of asubsidiary company - - 400 - - - - - 400 - 400Loss for the fi nancial year - - - - - - (3,462) - (3,462) 2,195 (1,267)Total recognised incomeand expense for thefi nancial year - - (2,904) - - - (3,462) 3,304 (3,062) 2,195 (867)Employees’ Share OptionScheme:- shares issued 55 21 - - (2) - - - 74 - 74- options expired - - - - (665) - 665 - - - -Issuance of ordinary sharesin a subsidiary company to aminority interest - - - - - - - - - 797 797Interim dividend paid for thefi nancial year ended31 December 2007 12 - - - - - - (63) - (63) - (63)Final dividend paid for thefi nancial year ended31 December 2007 12 - - - - - - (13,392) - (13,392) (5,801) (19,193)As at 31 December 2008 241,705 63,971 243,018 (41,625) - (463) 236,681 73,101 816,388 84,062 900,450* This represents the accumulated revaluation reserves which have already been realised.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 92consolidated statement of changes in equity (cont.)For the financial year ended 31 December 2008Attributable to equity holders of the CompanyShareShare Share Revaluation Capital Option Treasury Retained Revaluation Minority TotalNote capital premium reserves reserves reserve shares earnings reserves* Total interests equityRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000As at 1 January 2007 232,347 60,428 236,944 (41,625) - (463) 222,166 62,591 772,388 74,653 847,041Income and expenserecognised directlyin equity:- realisation of revaluationreserves - - (7,206) - - - - 7,206 - - -- reversal of deferred taxliabilities 20 - - 16,184 - - - - - 16,184 - 16,184Profi t for the fi nancial year - - - - - - 46,611 - 46,611 13,340 59,951Total recognised incomeand expense for thefi nancial year - - 8,978 - - - 46,611 7,206 62,795 13,340 76,135Employees’ Share OptionScheme:- shares issued 9,303 3,522 - - (478) - - - 12,347 - 12,347- options granted - - - - 1,145 - - - 1,145 - 1,145Issuance of ordinary sharesin a subsidiary company to aminority interest - - - - - - - - - 72 72Dividend paid for thefi nancial year ended31 December 2006 - - - - - - (11,443) - (11,443) (1,194) (12,637)Interim dividend payablefor the fi nancial year ended31 December 2007 12 - - - - - - (4,401) - (4,401) - (4,401)As at 31 December 2007 241,650 63,950 245,922 (41,625) 667 (463) 252,933 69,797 832,831 86,871 919,702* This represents the accumulated revaluation reserves which have already been realised.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 93company statement of changes in equityFor the financial year ended 31 December 2008Non-distributableDistributableShareShare Share option Merger Treasury Retained RevaluationNote capital premium reserve reserve shares earnings reserves* TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000As at 1 January 2008 241,650 63,950 667 209,375 (463) 53,623 15,256 584,058Profi t for the fi nancial year - - - - - 12,459 - 12,459Total recognised incomeand expense for thefi nancial year - - - - - 12,459 - 12,459Employees’ Share OptionScheme:- shares issued 55 21 (2) - - - - 74- options expired - - (665) - - 665 - -Interim dividend paid for thefi nancial year ended31 December 2007 12 - - - - - (63) - (63)Final dividend paid forthe fi nancial year ended31 December 2007 12 - - - - - (13,392) - (13,392)As at 31 December 2008 241,705 63,971 - 209,375 (463) 53,292 15,256 583,136* This represents the accumulated revaluation reserves which have already been realised.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 94company statement of changes in equityFor the financial year ended 31 December 2008Non-distributableDistributableShareShare Share option Merger Treasury Retained RevaluationNote capital premium reserve reserve shares earnings reserves* TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000As at 1 January 2007 232,347 60,428 - 209,375 (463) 52,845 15,256 569,788Profi t for the fi nancial year - - - - - 16,622 - 16,622Total recognised incomeand expense for thefi nancial year - - - - - 16,622 - 16,622Employees’ Share OptionScheme:- shares issued 9,303 3,522 (478) - - - - 12,347- options granted - - 1,145 - - - - 1,145Dividend paid for thefi nancial year ended31 December 2006 - - - - - (11,443) - (11,443)Interim dividend payable for thefi nancial year ended 12 - - - - - (4,401) - (4,401)31 December 2007As at 31 December 2007 241,650 63,950 667 209,375 (463) 53,623 15,256 584,058* This represents the accumulated revaluation reserves which have already been realised.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 95cash flow statements For the financial year ended 31 December 2008GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000CASH FLOW FROM OPERATING ACTIVITIESProfi t before tax 576 71,053 16,739 16,580Adjustments for:Allowance for doubtful debts 3,300 2,689 - -Depreciation of property, plant andequipment and investment properties 1,841 1,653 462 422Gain on disposal of property,plant and equipment (31) (20) (18) (20)Gross dividend income fromsubsidiary companies - - (19,208) (18,980)Impairment loss of other investments 1,973 460 1,973 460Interest expense 9,842 12,442 4,509 4,355Interest income (3,423) (4,449) (8,154) (8,126)Negative goodwill (4) - - -Options over ordinary sharesgranted under ESOS - 1,145 - 691Property, plant and equipment written off 4 8 - 8Share of results of an associate - (18) - -Share of results of jointly controlled entities 316 (25) - -Write-back of allowance for doubtful debts (1,886) (1,695) - -(Write-back)/provision for penalty charges (2,500) 2,500 - -10,008 85,743 (3,697) (4,610)(Increase)/decrease in land heldfor property development,completed properties andproperty development costs (41,462) 84,718 - -Decrease/(increase) in receivables 102,065 47,014 (42,592) (9,487)Decrease in payables (8,350) (36,481) (366) (1,321)Net cash fl ow from operations 62,261 180,994 (46,655) (15,418)Interest paid (13,238) (17,611) (4,460) (3,237)Interest received 3,593 3,094 10,985 6,857Tax (paid)/refunded (2,678) (15,298) 174 -Net cash fl ow from operating activities 49,938 151,179 (39,956) (11,798)UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 96cash flow statements (cont.) For the financial year ended 31 December 2008GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000CASH FLOW FROM INVESTING ACTIVITIESAcquisition of a subsidiary company,net of cash acquired (Note 15(a) (5,199) - - -Investment in subsidiary companies - - (25,052) (678)Investment in jointly controlled entities - (20,039) - (19,913)Net dividend income from subsidiary companies - - 19,535 12,770Proceeds from disposal of property, plantand equipment 175 23 162 22Purchase of property, plant and equipment (853) (926) (435) (398)Net cash fl ow from investing activities (5,877) (20,942) (5,790) (8,197)CASH FLOW FROM FINANCING ACTIVITIESDividends paid to equity holders of the Company (17,856) (17,241) (17,856) (17,241)Dividends paid to minority interests (5,801) (1,194) - -Finance lease principal payments (249) (186) (249) (186)Net drawdown/(repayment) of borrowings 24,068 (77,976) 40,500 26,000Proceeds from issuance of ordinaryshares on exercise of ESOS 74 12,347 74 12,347Proceeds from issuance of ordinary sharesin a subsidiary company to a minority interest 797 72 - -Net cash fl ow from fi nancing activities 1,033 (84,178) 22,469 20,920NET INCREASE/(DECREASE) INCASH AND CASH EQUIVALENTS 45,094 46,059 (23,277) 925CASH AND CASH EQUIVALENTSAT BEGINNING OF THE FINANCIAL YEAR 63,655 17,596 20,136 19,211CASH AND CASH EQUIVALENTSAT END OF THE FINANCIAL YEAR 108,749 63,655 (3,141) 20,136Cash and cash equivalents comprise:Bank and cash balances (Note 24) 29,787 25,509 1,808 20,136Bank balances under HousingDevelopment Accounts (“HDA”) (Note 24) 29,240 51,163 - -Bank balances under sinking fund (Note 24) 1,215 1,339 - -Fixed deposits (Note 24) 63,505 - - -Bank overdrafts (Note 28) (14,998) (14,356) (4,949) -108,749 63,655 (3,141) 20,136UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 97notes to the financial statementsFor the financial year ended 31 December 20081. CORPORATE INFORMATIONThe Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Boardof Bursa Malaysia Securities Berhad.The address of the registered offi ce of the Company is as follows:Suite 1.1, 1st FloorKompleks AntarabangsaJalan Sultan Ismail50250 Kuala LumpurMalaysiaTelephone : (603) 2142 1611Fax : (603) 2142 1826Website : http: //www.umland.com.myThe principal activities of the Company are investment holding and the provision of management services.The principal activitiy of the subsidiary companies is property development. Other activities include property investmentand investment holding.There were no signifi cant changes in the nature of these activities during the fi nancial year.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe following accounting policies have been used consistently in dealing with items which are considered material inrelation to the fi nancial statements.(a) Basis of preparationThe fi nancial statements of the Group and Company have been prepared under the historical cost convention (asmodifi ed to include the revaluation of certain property, plant and equipment), unless otherwise indicated in this summary ofsignifi cant accounting policies.The fi nancial statements comply with Financial Reporting Standards (“FRSs”), theMalaysian Accounting Standard Boards(“MASB”) Approved Accounting Standards in Malaysia for Entities Other than Private Entities and the provisions ofCompanies Act, 1965.The preparation of the fi nancial statements in conformity with FRSs requires the use of certain critical accounting estimatesand assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the fi nancial statements, and the reported amounts of revenues and expenses during the reportedfi nancial year. Although these estimates and judgments are based on the Directors’ best knowledge of current events andactions, actual results may differ.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 98notes to the financial statements (cont.) For the financial year ended 31 December 20082 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(a) Basis of preparation (continued)The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates aresignifi cant to the fi nancial statements, are disclosed in Note 3.(i)Standards, amendments to published standards and interpretations to existing standards that are applicableand are effectiveThe Group and Company adopted the following standards that are effective for fi nancial periods beginning onor after 1 January 2008:• FRS 112 “Income Taxes”. The adoption of this policy has no material impact on the fi nancial statements ofthe Group and Company.• Revised standards that have no signifi cant changes compared to the original standards:- FRS 107 “Cash Flow Statements”- FRS 111 “Construction Contracts”- FRS 118 “Revenue”- FRS 137 “Provisions, Contingent Liabilities and Contingent Assets”- IC Interpretation 8 “Scope of FRS 2”All changes in accounting policies have been made in accordance with the transitional provisions in therespective standards, amendments to published standards and interpretations to existing standardsand have been applied retrospectively except for IC Interpretation 8 which requires retrospective applicationsubject to the transitional provision of FRS 2. FRS 2 requires retrospective application for all equity instrumentsgranted after 31 December 2004 and not vested as at 1 January 2006.(ii)Standards, amendments to published standards and interpretations to existing standards that are effectivebut not relevantThe following standards, amendments to published standards and interpretations to existing standards aremandatory for fi nancial periods beginning on or after 1 January 2008 but are not relevant to the Group’soperations:• FRS 120 “Accounting for Government Grants and Disclosure of Government Assistance”• Amendment to FRS 121 “The Effects of Changes in Foreign Exchange Rates – Net Investment in a ForeignOperation”• IC Interpretation 1 “Changes in Existing Decommissioning, Restoration and Similar Liabilities”• IC Interpretation 2 “Members’ Share in Co-operative Entities and Similar Instruments”UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 992 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(a) Basis of preparation (cont.)(ii)Standards, amendments to published standards and interpretations to existing standards that are effective butnot relevant (continued)• IC Interpretation 5 “Rights to Interests arising from Decommissioning, Restoration and EnvironmentalRehabilitation Funds”• IC Interpretation 6 “Liabilities arising from Participating in a Specifi c Market – Waste Electrical and ElectronicEquipment”• IC Interpretation 7 “Applying the Restatement Approach” under FRS 129 “Financial Reporting inHyperinfl ationary Economies”(iii) Standards, amendments to published standards and interpretations to existing standards that are not yeteffective and have not been early adoptedThe Group has not early adopted the following standards, amendments to published standards andinterpretations to existing standards that are mandatory for fi nancial periods beginning on or after1 January 2009 or later periods:• FRS 7 “Financial Instruments: Disclosures” (effective for fi nancial periods beginning on or after 1 January2010). This new standard supersedes the disclosure part of FRS 132 “Financial Instruments: PresentationandDisclosures” and introduces new disclosures relating to fi nancial instruments. The Group has applied thetransitional provision in FRS 7, which exempts entities from disclosing the possible impact arising fromthe initial application of this standard on the fi nancial statements of the Group. The Group will apply thisstandard from fi nancial periods beginning on 1 January 2010.• FRS 8 “Operating Segments” (effective for fi nancial periods beginning on or after 1 July 2009). This newstandard supersedes FRS 114 2004 “Segment Reporting”. This standard requires the “managementapproach”, which segment information is presented on the same basis as that used for internal reportingpurposes. The Group will apply this standard from fi nancial periods beginning on 1 January 2010.• FRS 139 “Financial Instruments: Recognition and Measurement” (effective for fi nancial periods beginningon or after 1 January 2010). This new standard establishes principles for recognising and measuring fi nancialassets, fi nancial liabilities and some contracts to buy and sell non-fi nancial items. Hedge accounting ispermitted only under strict circumstances. The Group has applied the transitional provision in FRS 139,which exempts entities from disclosing the possible impact arising from the initial application of this standardon the fi nancial statements of the Group. The Group will apply this standard from fi nancial periods beginningon 1 January 2010.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 100notes to the financial statements (cont.) For the financial year ended 31 December 20082 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(a) Basis of preparation (continued)(iii) Standards, amendments to published standards and interpretations to existing standards that are not yeteffective and have not been early adopted (continued)• IC Interpretation 9 “Reassessment of Embedded Derivatives” (effective for fi nancial periods beginning onor after 1 January 2010). IC Interpretation 9 requires an entity to assess whether an embedded derivativeis required to be separated from the host contract and accounted for as a derivative when the entity fi rstbecomes a party to the contract. Subsequent reassessment is prohibited unless there is a change in theterms of the contract that signifi cantly modifi es the cash fl ows that otherwise would be required under thecontract, in which case reassessment is required. The Group will apply this standard from fi nancialperiods beginning on 1 January 2010.• IC Interpretation 10 “Interim Financial Reporting and Impairment” (effective for fi nancial periods beginning onor after 1 January 2010). IC Interpretation 10 prohibits the impairment losses recognised in an interim periodon goodwill and investments in equity instruments and in fi nancial assets carried at cost to be reversedat a subsequent balance sheet date. The Group will apply this standard from fi nancial periods beginning on1 January 2010.With the exception of FRS 139, the Group does not anticipate the above standards, amendments to publishedstandards and interpretations to existing standards to have any signifi cant impact on the fi nancial statements ofthe Group.(iv) Standards, amendments to published standards and interpretations to existing standards that are not yeteffective and are not relevant to the Group’s operationsThe following standard is mandatory for the Group’s fi nancial periods beginning on 1 January 2010 but is notrelevant to the Group’s operations:• FRS 4 “Insurance Contracts” (effective for fi nancial periods beginning on or after 1 January 2010). Thisnew standard supersedes FRS 202 2004 “General Insurance Business” and FRS 203 2004 “Life InsuranceBusiness”. This standard specifi es the reporting requirement of all insurance contracts that an entity issuesand reinsurance contracts that it holds.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1012 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(b) Basis of consolidationThe consolidated fi nancial statements include the fi nancial statements of the Company and all its subsidiary companiesmade up to the end of the fi nancial year. Subsidiary companies are those companies in which the Group has powerto exercise control over the fi nancial and operating policies so as to obtain benefi ts from their activities. The existenceand effect of potential voting rights that are currently exercisable or convertible are considered when assessing whetherthe Group controls another entity.Subsidiary companies are consolidated using the purchase method of accounting except for a subsidiary company(as disclosed in Note 15 to the fi nancial statements) which was accounted for using the merger method of accounting.The subsidiary was consolidated prior to 1 January 2002 in accordance with Malaysian Accounting Standard No. 2“Accounting for Acquisitions and Mergers”, the generally accepted accounting principle prevailing at that time.The Group has used the exemption provided by FRS 122 2004 “Business Combinations” and FRS 3 “BusinessCombinations” to apply these Standards prospectively. Accordingly, business combinations entered into prior to therespective effective dates have not been restated to comply with these Standards.Under the purchase method of accounting, subsidiary companies are consolidated from the date control is transferredto the Group and are no longer consolidated from the date that control ceases. The results of subsidiary companiesacquired or disposed of during the fi nancial year are included from the date of acquisition up to the date of disposal.At the date of acquisition, the fair values of the subsidiary companies’ net assets are determined and these values arerefl ected in the consolidated fi nancial statements.The excess of the cost of acquisition over the Group’s interest in the net fair value of the subsidiary company’sidentifi able assets, liabilities and contingent liabilities at the date of acquisition is refl ected as goodwill. See accountingpolicy Note 2(e) on goodwill. If the cost of acquisition is less than the net fair value of the identifi able assets, liabilitiesand contingent liabilities of the subsidiary company acquired, the difference is recognised directly in the incomestatement. The cost of acquisition is measured as the aggregate of the fair value of the assets given, equity instrumentsissued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition.Under the merger method of accounting, the results of the subsidiary company are presented as if the merger hadbeen effected throughout the current and previous fi nancial years. The assets and liabilities combined are accountedfor based on the carrying amounts from the perspective of the common control shareholder at the date of transfer.On consolidation, the cost of the merger is cancelled with the values of the shares received. Any resulting creditbalance is classifi ed as equity and regarded as a non-distributable reserve. Any resulting debit difference is adjustedagainst any suitable reserve. Any share premium, capital redemption reserve and any other reserves which areattributable to share capital of the merged enterprises, to the extent that they have not been capitalised by a debitdifference, are reclassifi ed and presented as movement in other capital reserves. Expenditure incurred in connectionwith the merger is recognised as an expense in the income statement.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 102notes to the financial statements (cont.) For the financial year ended 31 December 20082. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(b) Basis of consolidation (continued)All inter-company transactions, balances and unrealised gains on transactions are eliminated; unrealised losses arealso eliminated unless costs cannot be recovered in which case such costs are charged to the income statementimmediately. Accounting policies for subsidiary companies have been changed to ensure consistency with the policiesadopted by the Group.When the acquisition of a subsidiary company involves stages of successive share acquisition, any adjustment to thefair values of the subsidiary company’s identifi able assets, liabilities and contingent liabilities relating to previously heldinterests of the Group is accounted for as a revaluation.Minority interest represent the portion of the profi t or loss and net assets in subsidiary companies attributable toquity interests that are not owned, directly or indirectly through subsidiary companies, by the Group. It is measured atthe minorities’ share of the fair value of the subsidiary companies’ identifi able assets and liabilities at the acquisitiondate and the minorities’ share of changes in the subsidiary companies’ equity since that date.(c)AssociatesAssociates are entities in which the Group exercises signifi cant infl uence and which are neither a subsidiary companynor a joint venture of the Group. Signifi cant infl uence is the power to participate in the fi nancial and operating policiesdecisions of the associates but not control over those policies.Investments in associates are accounted for in the consolidated fi nancial statements using the equity method ofaccounting. The Group’s investments in associates include goodwill identifi ed on acquisition, net of any accumulatedimpairment losses. See accounting policy Note 2(i) on impairment of assets. The associates are equity accountedfor from the date the Group obtains signifi cant infl uence until the date the Group ceases to have signifi cant infl uenceover the associates.Under the equity method of accounting, the investments in associates are carried in the consolidated balance sheetat cost adjusted for post-acquisition changes in the Group’s share of net assets of the associates. The Group’sshare of post-acquisition profi t or loss is recognised in the consolidated income statement and its share of postacquisitionmovements within reserves is recognised in reserves. The cumulative post-acquisition movements areadjusted against the carrying amount of the investments. When the Group’s share of losses in the associates equalsor exceeds its interest in the associates, including any other unsecured receivables, the Group’s interest is reducedto nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal orconstructive obligations or made payments of behalf of the associates.Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’sinterest in the associates; unrealised losses are also eliminated unless the transaction provides evidence of impairmentof the asset transferred in which case such impairment is charged to the income statement immediately. Wherenecessary, in applying the equity method of accounting, adjustments are made to the fi nancial statements ofassociates to ensure consistency of accounting policies with those of the Group.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1032. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(d) Jointly controlled entitiesJointly controlled entities are entities over which there is contractually agreed sharing of control by the Group with oneor more parties where the strategic fi nancial and operating decisions relating to the entities require unanimous consentof the parties sharing control.The Group’s interest in jointly controlled entities is accounted for in the consolidated fi nancial statements using theequity method of accounting. The Group’s investments in jointly controlled entities include goodwill identifi ed onacquisition, net of any accumulated impairment losses. See accounting policy Note 2(i) on impairment of assets.Under the equity method of accounting, the Group’s share of the post-acquisition profi t or loss of the jointly controlledentities is recognised in the consolidated income statement and its share of post-acquisition movements withinreserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carryingamount of the investments.The Group recognises the portion of profi ts or losses on the sale of assets of the Group to the joint venture that isattributable to the other venturers. The Group does not recognise its share of profi ts or losses from the joint venturethat result from the purchase of assets by the Group from the joint venture until it resells the assets to an independentparty. However, a loss on the transaction is recognised immediately if the loss provides evidence of a reduction in thenet realisable value of current assets or an impairment loss.Where necessary, in applying the equity method of accounting, adjustments are made to the fi nancial statements ofjointly controlled entities to ensure consistency of accounting policies with those of the Group.(e)GoodwillGoodwill represents the excess of the cost of acquisition over the fair values of the Group’s share of the subsidiarycompanies’, associates’ and jointly controlled entities’ identifi able net assets at the date of acquisition.Goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortised but it is reviewedfor impairment, annually or more frequently, if events or changes in circumstances indicate that the carrying amountmay be impaired. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entityinclude the carrying amount of goodwill relating to the entity disposed.Goodwill is allocated to cash-generating units (“CGUs”) for the purpose of impairment testing. The allocation is madeto those CGUs or groups of CGUs that are expected to benefi t from the synergies of the business combination inwhich the goodwill arose.Goodwill on acquisitions of associates and joint controlled entities are included in the carrying amount of theseinvestments. The entire carrying amount of these investments is tested for impairment when there is objectiveevidence of impairment. See accounting policy Note 2(i) on impairment of assets.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 104notes to the financial statements (cont.) For the financial year ended 31 December 20082 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(f)Property, plant and equipmentProperty, plant and equipment are initially stated at cost. Subsequent costs are included in the asset’s carryingamount or recognised as a separate asset, as appropriate, only when it is probable that future economics benefi tsassociated with the item will fl ow to the Group and the cost of the item can be measured reliably. The carrying amountof the replaced part is not recognised. All other repairs and maintenance costs are charged to the income statementduring the fi nancial period in which they are incurred.Subsequent to recognition, property, plant and equipment except for freehold land, are stated at cost less accumulateddepreciation and accumulated impairment losses.Freehold land is stated at cost or valuation. Freehold land is not depreciated as it has an infi nite life. The freehold landwas revalued by the Directors based on professional valuations carried out by independent professional valuers. TheDirectors have applied the transitional provision issued by MASB on adoption of FRS 116 “Property, Plant andEquipment”, which allows these assets to be stated at their 1990 and 1996 valuations. Accordingly, the valuationshave not been updated.Surpluses arising on revaluation are credited to non-distributable revaluation reserves. Defi cits arising on revaluationare charged against non-distributable revaluation reserves to the extent of previous surpluses credited to nonof thesame asset. In all other cases, a decrease in carrying amount is charged to the income statement. Upon disposal orretirement of an asset, any revaluation reserve relating to the particular asset is transferred directly to distributablerevaluation reserves.All other property, plant and equipment are depreciated on a straight line basis to write-off the cost of the assets, totheir residual values over their estimated useful lives, summarised as follows:BuildingsFurniture, fi ttings and equipmentMotor vehiclesPlant and machineryStable and equestrian equipment20 years5 years5 years5 years5 yearsDepreciation on assets under construction commences when the assets are ready for their intended use.The residual values and useful lives of assets are reviewed and adjusted if appropriate, at each balance sheet date.Where an indication of impairment exists at the balance sheet date, an analysis is performed to assess whetherthe carrying amount of the asset is fully recoverable. A write-down is made if the carrying amount exceeds the recoverableamount. See accounting policy Note 2(i) on impairment of assets.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1052 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(f)Property, plant and equipment (cont.)On disposal of an asset, the difference between the net disposal proceeds and its carrying amount is charged orcredited to the income statement. In the case of revalued land, the amount in non-distributable revaluation reserverelating to these revalued lands which had been disposed is transferred to distributable revaluation reserves.(g) Investment propertiesInvestment properties are properties which are held either to earn rental income or for capital appreciation or for both,and are not occupied by the Group.Investment properties comprise freehold land and buildings.Freehold land is stated at cost or valuation. Freehold land is not depreciated as it has an infi nite life. The freehold landwas revalued by the Directors based on professional valuations carried out by independent professional valuers.The Directors have applied the transitional provision issued by MASB on adoption of FRS 116, which allows thesessets to be stated at their 1990 and 1996 valuations. Accordingly, the freehold land was transferred to “InvestmentProperties” at its carrying amount.Buildings are stated at cost less accumulated depreciation and accumulated impairment losses. Buildings aredepreciated on a straight line basis over the estimated useful lives of 20 years.Investment property is derecognised upon disposal or the investment property is permanently withdrawn from usedand no future economics benefi t is expected from its disposal. The difference between the net disposal proceedsand the carrying amount is charged or credited to the income statement in the fi nancial period of the retirement ordisposal.(h) InvestmentsInvestments in subsidiary companies, associates and jointly controlled entities are stated at cost less accumulatedimpairment losses. Where an indication of impairment exists, the carrying amount of the investments is assessedand written down immediately to its recoverable amount. See accounting policy Note 2(i) on impairment of assets.Investments in other non-current investments are stated at cost and an allowance for diminution in value is madehere, in the opinion of the Directors, there is a decline other than temporary in the value of such investments. Wherethere has been a decline other than temporary in the value of an investment, such a decline is recognised as anexpense in the period in which the decline is identifi ed.On disposal of an investment, the difference between the net disposal proceeds and its carrying amount is chargedor credited to the income statement.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 106notes to the financial statements (cont.) For the financial year ended 31 December 20082 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(i)Impairment of assetsAssets that have indefi nite useful life are not subject to amortisation and are tested annually for impairment. Assetsthat are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicatethat the carrying amount may not be recoverable. Impairment loss is recognised for the amount by which the carryingamount of the asset exceeds its recoverable amount.Recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in use. In assessingvalue in use, the estimated future cash fl ows are discounted to their present value using a pre-tax discount rate thatrefl ects current market assessments of the time value of money and the risks specifi c to the asset.For the purpose of assessing impairment, recoverable amount is determined on an individual asset basis unless theasset does not generate cash fl ows that are largely independent of those from the other assets. If this is the case,recoverable amount is determined for the CGU to which the asset belongs to.The impairment loss is charged to the income statement in the fi nancial period in which it arises, unless the asset iscarried at a revalued amount, in which case the impairment loss is accounted for as a revaluation decrease to theextent that the impairment loss does not exceed the amount held in the asset revaluation reserve for the sameasset.Impairment loss on goodwill is not reversed in a subsequent fi nancial period. Impairment loss for an asset other thangoodwill is reversed if, and only if, there has been change in the estimates used to determine the asset’s recoverableamount since the last impairment loss recognition. The carrying amount of an asset other than goodwill is increasedto its revised recoverable amount provided that this amount does not exceed the carrying amount that would havebeen determined (net of amortisation and depreciation) had no impairment loss had been recognised for the assetin prior fi nancial years. A reversal of impairment loss for an asset other than goodwill is recognised in the incomestatement, unless the asset is carried at revalued amount, in which case such reversal is treated as a revaluationincrease.(j)Completed propertiesProperties which have been completed but not sold are classifi ed as “Completed properties” and are stated at thelower of cost and net realisable value. The cost of unsold properties comprises cost associated with the acquisitionof land, direct costs and appropriate proportion of allocated costs attributable to property development activities.Net realisable value is the estimate of the selling price in the ordinary course of business, less the costs of completionand selling expenses.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1072 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(k) Property development activities(i)Land held for property developmentLand held for property development consists of land upon which no signifi cant development work has beenundertaken or where development activities are not expected to be completed within the normal operatingcycle. Such land is classifi ed as non-current asset and is stated at cost less accumulated impairment losses.Cost of land includes the purchase price of the land, professional fees, stamp duties, commissions, conversionfees and other relevant levies. Where the Group had previously recorded the land at revalued amount, it continuesto retain this amount as its surrogate cost as allowed by FRS 201 “Property Development Activities”.Where an indication of impairment exists, the carrying amount of the asset is assessed and writtendown immediately to its recoverable amount. See accounting policy Note 2(i) on impairment of assets.Land held for property development is transferred to “Property development costs” (under current assets) uponcommencement of development activities and where the development activities can be completed within theGroup’s normal operating cycle.(ii)Property development costsProperty development costs comprise cost of land and all costs directly attributable to development activitiesor that can be allocated on a reasonable basis to those activities. It includes borrowing costs related to thefi nancing of development activities of the land, related development costs common to the development projectand direct construction costs. Borrowing costs are included in the property development costs until thecompletion of the development projects.When the outcome of the development activities can be estimated reliably, property development revenue andexpenses are recognised by using the stage of completion method as stated in Note 2(x) on revenuerecognition.When the outcome of the development activities cannot be estimated reliably, property development revenue isrecognised only to the extent of property development costs incurred that is probable will be recoverable;property development costs on the development units sold are recognised when incurred.Irrespective of whether the outcome of property development activities can or cannot be estimated reliably,when it is probable that total property development costs will exceed total property development revenue,the expected loss is recognised as an expense immediately. Property development costs not recognised as anexpense are recognised as an asset and stated at the lower of cost and net realisable value.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 108notes to the financial statements (cont.) For the financial year ended 31 December 20082 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(k) Property development activities (cont.)(ii)Property development costs (cont.)Where revenue recognised in the income statement exceeds billings to purchasers, the balance is presentedas accrued billings under “Trade and other receivables” (within current assets). Where billings to purchasersexceed revenue recognised in the income statement, the balance is presented as progress billings under“Trade and other payables” (within current liabilities).(l)Trade receivablesTrade receivables are carried at invoiced amount less an allowance for doubtful debts. The allowance is establishedwhen there is objective evidence that the Group will not be able to collect all amounts due according to the original termsof the receivables.Trade receivables arising from the sale of completed properties under instalment schemes are recorded at their fair value,which is determined by discounting all future receipts using an imputed rate of interest.(m) Cash and cash equivalentsFor the purposes of the cash fl ow statements, cash and cash equivalents comprise cash in hand, bank balances,deposits held at call with banks, short-term and highly liquid investments with original maturities of three months or less,and bank overdrafts.Bank overdrafts are included within “Borrowings” in current liabilities in the balance sheet.(n) Share capital(i)ClassificationOrdinary shares are classifi ed as equity. Distributions to holders of a fi nancial instrument classifi ed as an equityinstrument are charged directly to equity.(ii)Share issue costsIncremental external costs directly attributable to the issue of new shares or options over ordinary shares are shownin equity as a deduction, net of tax, from the proceeds.(iii) Dividends to shareholders of the CompanyInterim dividends on ordinary shares are recognised as liabilities when proposed.Final dividend proposed after the balance sheet date is not recognised as a liability at the balance sheet date until itsapproval by the shareholders at the Annual General Meeting.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1092 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(o) Purchase of own sharesWhere the Company or its subsidiary companies purchase the Company’s equity share capital, the considerationpaid, including any directly attributable incremental external costs, net of tax, is deducted from equity as treasuryshares until they are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, anyconsideration received, net of any directly attributable incremental external costs and the related tax effects, isincluded in equity.(p) PayablesPayables are measured initially and subsequently at cost. Payables are recognised when there is a contractualobligation to deliver cash or another fi nancial asset to another entity.(q) BorrowingsBorrowings are initially recognised based on the proceeds received, net of transaction costs incurred. In subsequentfi nancial periods, borrowings are stated at amortised cost using the effective yield method. The difference betweenproceeds (net of transaction costs) and the redemption value is recognised in the income statement over the periodof the borrowings.Interest, dividends, losses and gains relating to a fi nancial instrument or a component part classifi ed as a liability, isreported within fi nance costs in the income statement.Borrowings are classifi ed as current liabilities unless the Group has an unconditional right to defer settlement of theliability for at least 12 months after the balance sheet date.(r)Capitalisation of borrowing costsBorrowing costs incurred to fi nance the construction of property, plant and equipment are capitalised as part of thecost of the asset during the period of time that is required to complete and prepare the asset for its intended use.Borrowing costs incurred to fi nance property development activities and construction contracts are accounted for inthe similar manner.All other borrowing costs are recognised in the income statement in the fi nancial period in which they are incurred.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 110notes to the financial statements (cont.) For the financial year ended 31 December 20082 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(s)LeasesA lease is recognised as a fi nance lease if it transfers substantially to the Group all the risks and rewards incidentalto ownership. All leases that do not transfer substantially all the risks and rewards are classifi ed as operating leases.(i)Finance leases – the Group as LesseeAssets acquired by way of fi nance leases are stated at an amount equal to the lower of their fair values and thepresent value of the minimum lease payments at the inception of the leases, less accumulated depreciation andimpairment losses. The corresponding liability is included in the balance sheet as “Borrowings”.Lease payments are apportioned between the fi nance costs and the reduction of the outstanding liability.Finance costs, which represent the difference between the total leasing commitments and the fair value of theassets acquired, are recognised in the income statement over the term of the relevant lease so as to produce aconstant periodic rate of charge on the remaining balance of the obligations for each accounting period.Property, plant and equipment acquired under fi nance leases are depreciated over the shorter of the estimateduseful life of the asset and the lease term.(ii)Operating leases – the Group as LessorAssets leased out under operating leases are presented in the balance sheet according to the nature of theassets. Rental income (net of any incentives given to the lessees) from operating leases is recognised on astraight line basis over the lease term.(t)ProvisionsProvisions are recognised when the Group has a present legal or constructive obligation as a result of past events,when it is probable that an outfl ow of resources will be required to settle the obligation, and when a reliable estimateof the amount can be made.Provisions are reviewed at each balance sheet date and adjusted to refl ect the current best estimate. Where the effectof time value of money is material, provisions are discounted using a current pre-tax rate that refl ects, whereappropriate, the risks specifi c to the obligation. Where discounting is used, the increase in the provisions due topassage of time is recognised as fi nance cost.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1112 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(u) Tax expenseTax expense in the income statement comprises current and deferred tax. Current tax expense is the expectedamount of income taxes payable in respect of the taxable profi t for the fi nancial year and real property gains taxpayable on the disposal of properties. Current tax expense is measured using the tax rates that have been enactedat the balance sheet date.Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amountsattributed to assets and liabilities for tax purposes and their carrying amounts in the fi nancial statements. However,deferred tax is not recognised if a temporary difference arises from goodwill or from the initial recognition of an assetor a liability in a transaction other than a business combination that at the time of the transaction affects neitheraccounting nor taxable profi t or loss.Deferred tax assets are recognised to the extent that it is probable that taxable profi ts will be available against whichthe deductible temporary differences or unused tax losses can be utilised.Deferred tax is recognised on temporary differences arising on investments in subsidiary companies and associatedcompanies except where the timing of reversal of the temporary differences can be controlled and it is probable thatthe temporary differences will not reverse in the foreseeable future.Deferred tax is determined using tax rates (and tax laws) that have been enacted or substantively enacted by thebalance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred taxliability is settled.(v)Employee benefits(i)Short term employee benefitsWages, salaries, paid annual leave, sick leave, bonuses, and non-monetary benefi ts are accrued in the period inwhich the associated services are rendered by the employees (including Executive Directors) of the Group.(ii)Defined contribution plansDefi ned contribution plans are post-employment benefi t plans under which the Group pays fi xed contributionsinto separate entities or funds and will have no legal or constructive obligation to pay further contributions ifany of the funds do not hold suffi cient assets to pay all employees’ benefi ts relating to employees’ services in thecurrent and preceding fi nancial years. As required by law, companies in Malaysia make such contributions tothe Employees’ Provident Fund (“EPF”), the national defi ned contribution plan. The Group’s contributions to EPFare charged to the income statement in the fi nancial period to which they relate.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 112notes to the financial statements (cont.) For the financial year ended 31 December 20082 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(v)Employee benefits (cont.)(iii) Share-based compensationThe Group’s ESOS, an equity-settled, share-based compensation plan, allows the Group’s employees andDirectors to acquire ordinary shares of the Company. The fair value of options over ordinary shares grantedto employees and Directors is recognised in employees’ benefi ts expenses in the income statement with acorresponding increase in the share option reserve within equity over the vesting period, taking into account theprobability that the options over ordinary shares will vest.The fair value of options over ordinary shares is measured at grant date, taking into account, if any, the marketvesting conditions upon which the options over ordinary shares were granted but excluding the impact of anynon-market vesting conditions. Non-market vesting conditions are included in assumptions about the numberof options over ordinary shares that are expected to become exercisable on vesting date.At each balance sheet date, the Group revises its estimates of the number of options over ordinary shares thatare expected to become exercisable on vesting date. It recognises the impact of the revision of original estimates,if any, in the income statement and a corresponding adjustment to equity over the remaining vesting period. Theequity amount is recognised in the share option reserve until the options over ordinary shares are exercised,upon which it will be transferred to share premium, or until the options over ordinary shares expire, upon whichit will be transferred directly to retained earnings.The proceeds received net of any directly attributable transaction costs are credited to share capital (nominalvalue) and share premium when the options over ordinary shares are exercised.(w) Contingent liabilities and contingent assetsThe Group does not recognise a contingent liability but discloses its existence in the fi nancial statements. Acontingent liability is a possible obligation that arises from past events whose existence will be confi rmed by theoccurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or apresent obligation that is not recognised because it is not probable that an outfl ow of resources will be requiredto settle the obligation. A contingent liability also arises in the extremely rare circumstance where there is aliability that cannot be recognised because it cannot be measured reliably.A contingent asset is a possible asset that arises from past events whose existence will be confi rmed by theoccurrence or non-occurrence of one or more uncertain future events beyond the control of the Group. TheGroup does not recognise a contingent asset but discloses its existence where infl ows of economic benefi ts areprobable, but not virtually certain.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1132 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(x)Revenue recognitionRevenue comprises the fair value of the consideration received or receivable, net of discounts and after eliminatingsales within the Group.The Group recognises revenue when the amount of revenue can be reliably measured and it is probable that futureeconomic benefi ts will fl ow to the Group and specifi c criteria have been met for each of the Group’s activities asdescribed below. The amount of revenue is not considered to be reliably measurable until all contingencies relating tothe sale have been resolved. The Group bases its estimates on historical results, taking into consideration the typeof customer, the type of transaction and the specifi cs of each arrangement.Revenue from sale of development properties is recognised net of discounts, based on the stage of completionmethod. The stage of completion is measured by reference to the physical proportion of work completed as apercentage of total physical work of the project as certifi ed by duly appointed consultants.Revenue from sale of completed properties is recognised net of discounts, in accordance with the terms of the sale andpurchase agreements. The sales consideration of completed properties under instalment schemes are recorded at their fairvalue, which is determined by discounting all future receipts using an imputed rate of interest.The difference between the fair value and the nominal value of the sales consideration is recognisedas interest income and taken to the income statement on a time proportion basis that takes intoaccount the effective yield on the receivables arising from the sale of completed properties under the instalmentRevenue from construction contracts is recognised based on the stage of completion method. The stage ofcompletion is measured by reference to the proportion that the contract costs incurred for work performed to-datebears to the estimated total costs for the contract as certifi ed by duly appointed consultants.Interest income is recognised on time proportion basis, taking into account the principal outstanding and the effectiverate over the period of maturity, when it is determined that such income will accrue to the Group.Interest on overdue amounts receivable from house buyers is recognised in the income statement as it accrues. Anallowance for doubtful debts is made when the collectibility of this interest is in doubt.Rental income from properties is recognised on a straight-line basis over the term of the lease.Gross dividends from investments are taken up in the fi nancial statements when the Company’s right to receivepayment is established.Management fees and project management fees are recognised when services are rendered.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 114notes to the financial statements (cont.) For the financial year ended 31 December 20082 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)(y)Functional and presentation currencyThe fi nancial statements are presented in Ringgit Malaysia, which is the Company’s functional and presentationcurrency.(z)Financial instrumentsDescriptionA fi nancial instrument is any contract that gives rise to both a fi nancial asset of one enterprise and a fi nancial liability orequity instrument of another enterprise.A fi nancial asset is any asset that is cash, a contractual right to receive cash or another fi nancial asset from anotherenterprise, a contractual right to exchange fi nancial instruments with another enterprise under conditions that areA fi nancial liability is any liability that is a contractual obligation to deliver cash or another fi nancial asset to anotherenterprise, or to exchange fi nancial instruments with another enterprise under conditions that are potentiallyunfavourable.Financial instruments recognised in the balance sheetFinancial instruments recognised in the balance sheet include deposits, cash and bank balances, investments,receivables, payables and borrowings. The recognition method adopted for fi nancial instruments recognised inthe balance sheet is disclosed in the individual accounting policy statements associated with each item.Fair value estimation for disclosure purposesIn assessing the fair value of fi nancial instruments, the Group uses a variety of methods and makes assumptionsthat are based on market conditions existing at each balance sheet date. In particular, the fair value of fi nancial assets andfi nancial liabilities is estimated by discounting the future contractual cash fl ows at the current market interest rateavailable to the Group for similar fi nancial instruments. Fair value of other investments is determined based on themarket value at the balance sheet date.The face values of fi nancial assets (less any estimated credit adjustments) and financial liabilities with a maturity period ofless than one year are assumed to approximate their fair values.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1153 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTSEstimates and judgments are continually evaluated by the Directors and are based on historical experience and otherfactors, including expectations of future events that are believed to be reasonable under the circumstances.Critical accounting estimates and assumptionsThe Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by defi nition,rarely equal the related actual results. The estimates and assumptions that have a signifi cant risk of causing a materialadjustment to the carrying amounts of assets and liabilities within the next fi nancial year are outlined below.(i)Revenue recognitionRevenue from sale of development properties is recognised net of discounts, based on the stage of completionmethod. The stage of completion is measured by reference to the physical proportion of work completed as a stageof total physical work of the project as certifi ed by duly appointed consultants.Signifi cant judgment is required in determining the stage of completion, the extent of the property development costsincurred, the estimated total property development costs to be incurred (including future common infrastructurecosts) and the estimated proportion of the common infrastructure costs to be allocated to development properties.In making this judgment, the Group relies on past experience and the work of specialists.(ii)Deferred tax assetsDeferred tax assets are recognised to the extent that it is probable that taxable profi ts will be available against whichthe deductible temporary differences or unused tax losses can be utilised. Management judgment is required todetermine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of futuretaxable profi ts.Critical judgments in applying accounting policiesThere were no critical judgments used in applying the Group’s accounting policies.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 116notes to the financial statements (cont.) For the financial year ended 31 December 20084 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESThe Group is exposed to various fi nancial risks including foreign currency exchange risk, interest rate risk, credit risk,liquidity risk and cash fl ow risk in the normal course of business. The Group’s overall fi nancial risk management objective isto ensure that the Group creates value for its shareholders. The Group focuses on the unpredictability of fi nancial marketsand seeks to minimise potential adverse effects on the fi nancial performance of the Group. Financial risk management iscarried out through risks review and internal control systems. The Board of Directors regularly reviews these risks to ensurethat the Group’s fi nancial risk management policies are adhered to.Foreign currency exchange riskThe Group is not exposed to currency risk as foreign currency transactions entered into within the Group are minimal.Interest rate riskThe Group’s income and operating cash fl ows are substantially independent of changes in market interest rates. Interestrate exposure arises from the Group’s borrowings and is managed through the use of fi xed and fl oating rates debts. TheGroup actively monitors its borrowings to ensure that the Group will benefi t most from the operating environment.Credit riskConcentration of credit risk with respect to trade receivables is limited as the ownership and rights to the properties revertto the Group in the event of default. The Group’s historical experience in collection of trade receivables falls within therecorded allowances. Due to these factors, management believes that no additional credit risk beyond amounts providedfor collection losses is inherent in the Group’s trade receivables.Liquidity and cash flow riskPrudent liquidity risk management implies maintaining suffi cient cash and the availability of funding through an adequateamount of committed credit facilities. The Group aims at maintaining fl exibility in funding by keeping committed credit linesavailable.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1175 REVENUE2008 2007RM’000 RM’000GroupRevenue from property development 169,982 394,955Interest income 518 122Land lease rental income 85 120Quarry lease rental income - 257Rental income from investment properties 1,054 869Rental income from properties 444 444172,083 396,767CompanyDividend income from subsidiary companies 19,208 18,980Interest income 8,154 8,126Provision of management services 9,033 6,48036,395 33,5866 EMPLOYEE BENEFITS EXPENSESGroupCompant2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Wages, salaries and bonus 17,926 16,439 7,757 6,700Defi ned contribution retirement plan 2,603 2,362 1,106 979Options over ordinary sharesgranted under ESOS (Note 25(a)) - 1,145 - 691Other employee benefi ts 1,362 1,208 425 41521,891 21,154 9,288 8,785Employee benefi ts expenses include the remuneration of an Executive Director.At the end of the fi nancial year, there were 285 (2007: 261) employees in the Group and 66 (2007: 62) employees in theCompany.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 118notes to the financial statements (cont.) For the financial year ended 31 December 20087 DIRECTORS’ REMUNERATIONThe aggregate amount of emoluments received and receivable by the Directors of the Company for the fi nancial years areas follows:GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Executive Directors:- fees 40 40 40 40- basic salaries and bonus 420 450 420 450- defi ned contribution retirement plan 63 68 63 68- options over ordinary shares granted under ESOS - 25 - 25- other emoluments 23 34 21 34546 617 544 617- estimated monetary value of benefi ts-in-kind 35 28 35 28581 645 579 645Non-Executive Directors:- fees 375 356 375 356- options over ordinary shares granted under ESOS - 420 - 420- other emoluments 85 102 79 96460 878 454 872- estimated monetary value of benefi ts-in-kind 60 60 60 60520 938 514 9321,101 1,583 1,093 1,577Directors’ remuneration excluding estimatedmonetary value of benefi ts-in-kind (Note 31) 1,006 1,495 998 1,489UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 1197 DIRECTORS’ REMUNERATION (cont.)Directors of the Company have been granted options over ordinary shares under ESOS on the same terms and conditionsas those offered to other employees of the Group (Note 25). The options over ordinary shares expired on 3 September2008. Details of these options over ordinary shares granted to the Directors are as follows:Number of options over ordinary shares of RM1.00 eachExercise As at As atGrant date Expiry date price/share 1.1.2008 Granted Exercised Lapsed 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘000200810.4.2007 3.9.2008 1.61 88 - - (88) -3.12.2007 3.9.2008 1.99 910 - - (910) -998 - - (998)Number of options over ordinary shares of RM1.00 eachExercise As at As atGrant date Expiry date price/share 1.1.2007 Granted Exercised Lapsed 31.12.2007RM ‘000 ‘000 ‘000 ‘000 ‘00020075.9.2003 3.9.2008 1.31 500 - (500) - -10.4.2007 3.9.2008 1.61 - 91 - (3) 883.12.2007 3.9.2008 1.99 - 910 - - 910500 1,001 (500) (3) 9982008 2007‘000 ‘000Number of options over ordinary shares exercisableas at balance sheet date - 998UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 120notes to the financial statements (cont.) For the financial year ended 31 December 20088 FINANCE COSTSGroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Interest expense on:- revolving credit 956 3,350 490 576- bank overdrafts 423 731 17 7- term loan 6,473 7,117 3,778 3,600- bridging loan 1,947 1,202 - -- fi nance lease 43 42 43 42- advances from subsidiary companies - - 181 1309,842 12,442 4,509 4,3559 PROFIT BEFORE TAXThe following amounts have been (credited)/charged in arriving at profi t before tax:GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Interest income from:- short term deposits (291) (212) (146) (122)- subordinated bonds (176) - (176) -- advances to a jointly controlled entity (196) - (393) -- advances to subsidiary companies - - (7,439) (8,004)- sale of completed properties under instalment schemes - (199) - -- amounts overdue from purchasers (716) (2,672) - -- others (2,044) (1,366) - -Gain on disposal of property, plant and equipment (31) (20) (18) (20)Rental income (1,971) (2,387) - -Direct operating expenses of investment properties:- revenue generating during the fi nancial year 262 198 - -- non-revenue generating during the fi nancial year 308 - - -Guaranteed lease rental 1,406 1,441 - -Auditors' remunerationStatutory audit 181 166 42 44Non statutory audit fees:- tax advisory and compliance work 114 - 19 -- other regulatory work 16 15 8 8Management fees paid and payable to a related party - 315 - -Negative goodwill 4 - - -Property, plant and equipment written off 4 8 - 8(Write-back)/provision for penalty charges (2,500) 2,500 - -UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 12110 TAX EXPENSEGroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Current tax:- Malaysian tax 5,504 8,817 4,288 7Deferred tax (Note 20) (3,661) 2,285 (8) (49)1,843 11,102 4,280 (42)Current taxCurrent fi nancial year 5,603 8,511 4,288 -(Over)/underaccrual in prior fi nancial years (net) (99) 306 - 75,504 8,817 4,288 7Deferred taxOrigination and reversal of temporary differences (3,426) 2,138 14 (49)(Over)/underaccrual in prior fi nancial years (net) (41) 19 (37) (1)Change in income tax rate (194) 128 15 1(3,661) 2,285 (8) (49)1,843 11,102 4,280 (42)The numerical reconciliation between the average effective tax rate of the Group and Company and the Malaysian tax rateis as follows:GroupCompany2008 2007 2008 2007% % % %Malaysian tax rate 26 27 26 27Tax effects of:- expenses not deductible for tax purposes 282 3 8 4- income not subject to tax (7) - (4) (21)- current year’s tax loss not recognised 68 14 - 2- lower tax rate resulting from restatementof land costs for tax purposes (193) (29) - -- utilisation of previously unrecognised tax losses 2 - - -- share of results of jointly controlled entities 14 - - -- group tax relief - - (4) (12)- overaccrual of current tax in prior fi nancial years (17) - - -- overaccrual of deferred tax in prior fi nancial years (7) - - -- change in income tax rate (42) - -- others 194 1 - -Average effective tax rate 320 16 26 -UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 122notes to the financial statements (cont.) For the financial year ended 31 December 200810 TAX EXPENSE (cont.)Included in tax expense of the Group are tax savings from utilisation of current fi nancial year’s tax losses of subsidiarycompanies amounting to RM733,000 (2007: RM9,066,000).11 EARNINGS AND NET ASSETS PER SHARE(a) Earnings per share (“EPS”)Basic EPSBasic EPS of the Group is calculated by dividing the (loss)/profi t attributable to equity holders of the Company forthe fi nancial year by the weighted average number of ordinary shares in issue during the fi nancial year, excludingordinary shares acquired by the Company and held as treasury shares.2008 2007(Loss)/profi t attributable to equity holders of the Company for the fi nancial year (RM’000) (3,462) 46,611Weighted average number of ordinary shares in issue (‘000) 241,303 238,343Basic EPS (sen) (1.43) 19.6Diluted EPSFor the diluted EPS calculation, the weighted average number of ordinary shares in issue is adjusted to assumeconversion of all dilutive potential ordinary shares. The Group’s dilutive potential ordinary shares are in respect ofoptions over ordinary shares granted to employees.In respect of options over ordinary shares granted to employees, a calculation is done to determine the number ofordinary shares that could have been acquired at fair value (determined as the average share price of the Company’sshares) based on the monetary value of the subscription rights attached to outstanding options over ordinary shares.The number of ordinary shares calculated is compared with the number of ordinary shares that would have beenissued assuming the exercise of the options over ordinary shares. The difference is added to the denominator as anissue of ordinary shares for no consideration. This calculation serves to determine the “bonus” element in the ordinaryshares outstanding for the purpose of computing the dilution. No adjustment is made to profi t for the fi nancial yearattributable to equity holders of the Company for the options over ordinary shares calculation.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 12311 EARNINGS AND NET ASSETS PER SHARE (cont.)(a) Earnings per share (“EPS”) (cont.)The options over ordinary shares granted to employees expired on 3 September 2008. Accordingly, diluted earningsper share information is not presented in the fi nancial statements.2008 2007Profi t attributable to equity holders of the Company for the fi nancial year (RM’000) N/A 661Weighted average number of ordinary shares in issue (diluted) (‘000) N/A 238,471Diluted EPS (sen) N/A 19.52008 2007(b) Net assets per share attributable to equity holders of the CompanyThe net assets per share attributable to equity holders of the Company is calculated by dividing the capital and reservesattributable to equity holders of the Company of RM816,388,192 (2007: RM832,830,978) at the end of the fi nancialyear by the issued share capital of 241,303,433 shares, (which is net of 401,800 treasury shares) (2007: 241,247,933shares, (which is net of 401,800 treasury shares)) of the Company at the end of the fi nancial year.12 DIVIDEND PER SHAREDividends declared and proposed for the fi nancial year are as follows:GroupCompany2008 2007GrossGrossdividend Amount of dividend Amount ofper share net dividend per share net dividendSen RM’000 Sen RM’000Interim dividend paid, less income tax of 26% - - 2.5 4,464Proposed fi nal dividend, less income tax of 25% (2007: 26%) 2.5 4,524 7.5 13,3922.5 4,524 10.0 17,856At the forthcoming Annual General Meeting (“AGM”) on 24 June 2009, a fi nal dividend of 2.5 sen (2007: 7.5 sen) grossper ordinary share on 241,303,433 ordinary shares (which is net of 401,800 treasury shares), less income tax of 25%, inrespect of the fi nancial year ended 31 December 2008 will be proposed for shareholders’ approval. This fi nal net dividendamounts to RM4,524,439.These fi nancial statements do not refl ect this fi nal dividend as a liability. The fi nal dividend will be accrued as a liability onlyafter it has been approved by the shareholders at the forthcoming AGM.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 124notes to the financial statements (cont.) For the financial year ended 31 December 200813 PROPERTY, PLANT AND EQUIPMENTAs at Disposals/ As at1.1.2008 Additions write-off Transfer* 31.12.2008RM’000 RM’000 RM’000 RM’000 RM’000Group2008Cost/ValuationFreehold land 327,617 - - (6,880) 320,737Buildings 17,045 43 - (5,220) 11,868Furniture, fi ttings and equipment 7,624 469 (178) - 7,915Motor vehicles 3,104 341 (322) - 3,123Plant and machinery 20 - (20) - -Stable and equestrian equipment 97 - - - 97355,507 853 (520) (12,100) 343,740Charge forAs at the financial Disposals/ As at1.1.2008 year write-off Transfer* 31.12.2008RM’000 RM’000 RM’000 RM’000 RM’000Accumulated depreciationFreehold land - - - - -Buildings 8,437 850 - (2,605) 6,682Furniture, fi ttings and equipment 6,249 563 (174) - 6,638Motor vehicles 1,271 320 (178) - 1,413Plant and machinery 20 - (20) - -Stable and equestrian equipment 97 - - - 9716,074 1,733 (372) (2,605) 14,830As at Disposals/ As at1.1.2007 Additions write-off Transfer* 31.12.2007RM’000 RM’000 RM’000 RM’000 RM’000Group2007Cost/ValuationFreehold land 332,308 - - (4,691) 327,617Buildings 17,045 - - - 17,045Furniture, fi ttings and equipment 7,858 834 (1,068) - 7,624Motor vehicles 2,920 662 (478) - 3,104Plant and machinery 20 - - - 20Stable and equestrian equipment 97 - - - 97360,248 1,496 (1,546) (4,691) 355,507* Freehold land and building with net book values of RM6,879,605 (2007: RM4,691,138) and RM3,180,170 (2007: Nil)respectively were transferred to investment properties (Note 14).Building with book value of RM564,947 (2007: Nil) was transferred from completed properties.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 12513 PROPERTY, PLANT AND EQUIPMENT (continued)Charge forAs at the financial Disposals/ As at1.1.2007 year write-off 31.12.2007RM’000 RM’000 RM’000 RM’000Accumulated depreciationFreehold land - - - -Buildings 7,600 837 - 8,437Furniture, fi ttings and equipment 6,784 524 (1,059) 6,249Motor vehicles 1,455 292 (476) 1,271Plant and machinery 20 - - 20Stable and equestrian equipment 97 - - 9715,956 1,653 (1,535) 16,074As atAs at31.12.2008 31.12.2007RM’000 RM’000GroupNet book valueFreehold land 320,737 327,617Buildings 5,186 8,608Furniture, fi ttings and equipment 1,277 1,375Motor vehicles 1,710 1,833Plant and machinery - -Stable and equestrian equipment - -328,910 339,433As atAs at1.1.2008 Additions Disposal 31.12.2008RM’000 RM’000 RM’000 RM’000Company2008CostFurniture, fi ttings and equipment 1,316 108 - 1,424Motor vehicles 2,523 327 (266) 2,5843,839 435 (266) 4,008UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 126notes to the financial statements (cont.) For the financial year ended 31 December 200813 PROPERTY, PLANT AND EQUIPMENT (cont.)Charge forAs at the financial Disposals/ As at1.1.2008 year write-off 31.12.2008RM’000 RM’000 RM’000 RM’000Accumulated depreciationFurniture, fi ttings and equipment 888 161 - 1,049Motor vehicles 753 301 (122) 9321,641 462 (122) 1,981As at Disposals/ As at1.1.2007 Additions write-off 31.12.2007RM’000 RM’000 RM’000 RM’000Company2007CostFurniture, fi ttings and equipment 2,032 306 (1,022) 1,316Motor vehicles 2,339 662 (478) 2,5234,371 968 (1,500) 3,839Charge forAs at the financial Disposals/ As at1.1.2007 year write-off 31.12.2007RM’000 RM’000 RM’000 RM’000Accumulated depreciationFurniture, fi ttings and equipment 1,754 147 (1,013) 888Motor vehicles 955 275 (477) 7532,709 422 (1,490) 1,641As atAs at31.12.2008 31.12.2007RM’000 RM’000CompanyNet book valueFurniture, fi ttings and equipment 375 428Motor vehicles 1,652 1,7702,027 2,198UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 12713 PROPERTY, PLANT AND EQUIPMENT (cont.)The freehold land of the Group was revalued by the Directors in 1990 based on a valuation carried out by an independentfi rm of professional valuers using the comparison method basis. The book value of freehold land was adjusted to refl ectthe revaluation and the revaluation surplus arising thereof was credited to revaluation reserves.A certain portion of the freehold land of the Group was revalued again by the Directors in 1996 based on a valuationcarried out by an independent fi rm of professional valuers using the open market valuation basis and as approved bySecurities Commission. The book value of freehold land was adjusted to refl ect the revaluation and the revaluationsurplus arising thereof was credited to revaluation reserves.Group2008 2007RM’000 RM’000The freehold land consists of the following:At cost or valuationLand, at 1990 valuation 19,113 19,113Land, at 1996 valuation 297,978 304,858Development expenditures, at cost 3,646 3,646320,737 327,617If the freehold land had been determined in accordance with the historical cost convention, the cost of the freehold landfor the Group is RM14,815,583 (2007: RM15,675,056).Acquisition of property, plant and equipment of the Group and Company was fi nanced by:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Cash 853 926 435 398Finance lease - 570 - 570853 1,496 435 968The net book value of motor vehicles under fi nance leases at the balance sheet dates was RM946,646 (2007:RM1,134,776) and these motor vehicles were pledged as security under fi nance lease arrangement (Note 28).UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 128notes to the financial statements (cont.) For the financial year ended 31 December 200814 INVESTMENT PROPERTIESGroup2008 2007RM’000 RM’000Net book valueAt beginning of the fi nancial year 6,843 -Transfer from property, plant and equipment (Note 13) 10,060 4,691Transfer from completed properties - 2,152Transfer from property development costs (Note 22) 463 -Depreciation (108) -At end of the fi nancial year 17,258 6,843Cost 19,971 6,843Accumulated depreciation (2,713) -Net book value 17,258 6,843The fair value of the properties was estimated at RM38,740,000 (2007: RM18,740,000) based on valuation by independentprofessionally qualifi ed valuers and internal valuation. Valuations were based on current prices in an active market for allproperties.Investment properties with book value of RM462,635 (2007: Nil) has been pledged as security for borrowings (Note28).15 INVESTMENTS IN SUBSIDIARY COMPANIESGroup2008 2007RM’000 RM’000Unquoted shares, at cost 451,530 426,478Details of the subsidiary companies, all of which were incorporated in Malaysia, are as follows:Group’s effective interestName of company Principal activities 2008 2007% %@ Seri Alam Properties Sdn Bhd Property development 100 100* UM Leisure Sdn Bhd General trading 100 100^ UM Land Assets Sdn Bhd Property investment 100 100UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 12915 INVESTMENTS IN SUBSIDIARY COMPANIES (cont.)Group’s effective interestName of company Principal activities 2008 2007% %UM Land Bena Sdn Bhd Property development 100 100and related activitiesCountry Equity Sdn Bhd Investment holding 100 100^ UM Development Sdn Bhd Property development 100 100and related activitiesUM Residences Sdn Bhd Development of serviced 100 100apartmentsSuasana Sentral Two Sdn Bhd Property development 70 70and related activities^ Dynasty View Sdn Bhd Property development 100 100and related activities^ Exquisite Skyline Sdn Bhd Property development 71 71and related activities^ Exquisite Mode Sdn Bhd Property development 100 100and related activities** Clear Dynamic Sdn Bhd Property development 100 -and related activities** Extreme Consolidated Sdn Bhd Property development 100 -and related activitiesSubsidiary companies of Seri AlamProperties Sdn Bhd* PMS Services Sdn Bhd Project management 100 100* Seri Alam Hotel Resort Sdn Bhd General trading 100 100Seri Alam Leisure Sdn Bhd Investment holding 100 100Subsidiary company of Seri AlamLeisure Sdn Bhd# Seri Alam Golf & Equestrian Club Operation of a recreational 100 100Sdn Bhdclub and related activitiesUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 130notes to the financial statements (cont.) For the financial year ended 31 December 200815 INVESTMENTS IN SUBSIDIARY COMPANIES (cont.)Group’s effective interestName of company Principal activities 2008 2007% %Subsidiary company ofCountry Equity Sdn BhdBangi Heights DevelopmentProperty development andSdn Bhd property investment 70 70Subsidiary company of UM LandAssets Sdn BhdIpjora Holdings Sdn Bhd Developing, building,owning 100 40and operating serviced apartments@ Subsidiary company consolidated using the merger method of accounting.* These subsidiary companies have not commenced operations.# This subsidiary company has ceased operations.** These subsidiary companies were acquired during the fi nancial year for a cash consideration of RM2, representing itsentire issued and paid-up share capital of 2 ordinary shares of RM1 each.^During the fi nancial year, the paid-up share capital of these subsidiaries were increased as follows:IIncreasedAs at during the As at1.1.2008 financial year 31.12.2008RM RM RMUM Land Assets Sdn Bhd 2 249,998 250,000UM Development Sdn Bhd 500,000 2,000,000 2,500,000Dynasty View Sdn Bhd 9,250,000 20,750,000 30,000,000Exquisite Skyline Sdn Bhd 250,000 2,750,000 3,000,000Exquisite Mode Sdn Bhd 2 99,998 100,000UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 13115 INVESTMENTS IN SUBSIDIARY COMPANIES (continued)(a) Acquisition of a subsidiary companyOn 1 December 2008, UM Land Assets Sdn Bhd, a wholly-owned subsidiary of the Company acquired 3,600,000ordinary shares of RM1.00 each and 36,000 cumulative redeemable preference shares of RM1.00 each representing60% of the entire issued and paid-up share capital of Ipjora Holdings Sdn Bhd for a cash consideration of RM5,309,882,UM Land Assets Sdn Bhd owned 40% equity interest in Ipjora Holdings Sdn Bhd prior to this acquisition.For the month of December 2008, the acquired subsidiary company contributed loss for the fi nancial year of RM25,455to the Group’s results. If the acquisition had occurred on 1 January 2008, the Group’s loss for the fi nancial year wouldhave been RM3,454,861The assets and liabilites arising from the acquisition are as follows:Fair valuerecognisedon acquisitionRM’000Acquiree’scarrying amountRM’000Identifiable assets and liabilitiesLand held for property development 5,400 4,800Tax recoverable 2 2Trade and other receivables 14 14Cash and bank balances 66 66Total assets 5,482 4,882Other payables (168) (168)Total liabilities (168) (168)Identifi able net assets acquired 5,314 4,714Negative goodwill (4)Cost of acquisition 5,310The effects of the acquisition on the cash fl ows of the Group are as follows:RM’000Purchase consideration satisfi ed by cash 5,310Less: Cash and cash equivalents inthe subsidiary company acquired (111)Net cash outfl ow of the Group 5,199UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 132notes to the financial statements (cont.) For the financial year ended 31 December 200816 INVESTMENT IN AN ASSOCIATE2008 2007RM’000RM’000GroupShare of net assets of an associate - 3,142The summarised fi nancial information of the associate is as follows:ResultsRevenue - 90Profi t after tax - 46Assets and liabilitiesNon-current assets - 8,000Current assets - 135Current liabilities - (280)Net assets - 7,855Details of the associate, which was incorporated in Malaysia, is as follows:Group’s effective interestName of company Principal activities 2008 2007% %Ipjora Holdings Sdn Bhd Developing, building, owning - 40and operating serviced apartmentsUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 13317 INVESTMENTS IN JOINTLY CONTROLLED ENTITIES2008 2007RM’000 RM’0002008 2007GroupShare of net assets of jointly controlled entities 19,799 20,115CompanyUnquoted shares, at cost 20,000 20,000The summarised fi nancial information of the jointly controlled entities is as follows:ResultsRevenue 7,764 3,743(Loss)/profi t after tax (639) 78Assets and liabilitiesNon-current assets 186 153Current assets 131,762 126,575Current liabilities (92,361) (6,503)Non-current liabilities (1) (80,000)Net assets 39,586 40,225Details of the jointly controlled entities, which were incorporated in Malaysia, are as follows:Group’s effective interestName of company Principal activities 2008 2007% %Alpine Return Sdn Bhd Property development 50 50and related activitiesSSBC Sdn BhdLetting and marketing SomersetSeri Bukit Ceylon serviced residences 50.533 50.533UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 134notes to the financial statements (cont.) For the financial year ended 31 December 200818 OTHER INVESTMENTSGroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Unquoted shares, at cost 9 9 - -Unquoted subordinated bonds, at cost 6,000 6,000 6,000 6,000Less: Accumulated impairment loss (2,901) (928) (2,901) (928)3,099 5,072 3,099 5,0723,108 5,081 3,099 5,072The fair value of the unquoted bonds as at the fi nancial year end approximates the carrying amount.19 LAND HELD FOR PROPERTY DEVELOPMENTGroup2008 2007RM’000 RM’000At beginning of the fi nancial year 163,974 174,294Acquisition of subsidiary company (Note 15(a) 9,000 -Transfer to property development costs (Note 22) - (10,320)At end of the financial year 172,974 163,974Land held for property development with book value of RM142,058,880 (2007: RM143,298,647) has been pledged assecurity for borrowings (Note 28).The fair value of the land held for property development recognised from the acquisition of subsidiary company isRM9,000,000.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 13520 OTHER INVESTMENTSDeferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets againstcurrent tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determinedafter appropriate offsetting, are shown in the balance sheet:GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Deferred tax assets:- subject to income tax 6,629 3,886 370 362- subject to real property gains tax (“RPGT”) 9,893 10,231 - -16,522 14,117 370 362Deferred tax liabilities:- subject to income tax (10,828) (12,084) - -- subject to RPGT - - - -(10,828) (12,084) - -5,694 2,033 370 362At beginning of the fi nancial year: 2,033 (11,866) 362 313Credited/(charged) to income statement (Note 10):- property, plant and equipment 13 (84) (1) (43)- land held for property development 47 435 - -- property development costs 462 (4,346) - -- interest capitalised 1,826 1,857 - -- receivables 331 72 (31) 28- payables 39 - 40 64- tax losses 943 (219) - -3,661 (2,285) 8 49Reversal to revaluation reserve- property, plant and equipment - 16,184 - -At end of the fi nancial year 5,694 2,033 370 362UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 136notes to the financial statements (cont.) For the financial year ended 31 December 200820 DEFERRED TAX (cont.)GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Subject to income tax:Deferred tax assets (before offsetting):- property, plant and equipment 71 56 - -- property development costs 2 21 - -- interest capitalised 5,129 3,317 - -- receivables 796 465 74 105- payables 742 703 372 332- tax losses 954 11 - -7,694 4,573 446 437Offsetting (1,065) (687) (76) (75)Deferred tax assets (after offsetting) 6,629 3,886 370 362Deferred tax liabilities (before offsetting):- property, plant and equipment (125) (123) (76) (75)- land held for property development (9,305) (9,352) - -- property development costs (2,389) (3,208) - -- interest capitalised (74) (88) - -(11,893) (12,771) (76) (75)Offsetting 1,065 687 76 75Deferred tax liabilities (after offsetting) (10,828) (12,084) - -Subject to RPGT:Deferred tax assets:- property development costs 9,893 10,231 - -The amount of unused tax losses (with no expiry date) for which no deferred tax asset is recognised in the balance sheetis as follows:GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Tax losses 98,528 98,010 - -UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 13721 COMPLETED PROPERTIESCompleted properties with book value of RM25,911,545 (2007: RM34,402,002) have been pledged as security forborrowings (Note 28).22 PROPERTY DEVELOPMENT COSTSGroup2008 2007RM’000 RM’000At beginning of the financial yearFreehold land - at cost 100,176 90,512- at valuation 56,445 62,079Development costs incurred 425,828 490,953Accumulated costs charged to income statement (261,547) (264,482)320,902 379,062Costs incurred during the financial yearAcquisition of land 47,000 23,600Development costs incurred 112,192 168,039Transfer from land held for property development (Note 19) - 10,320Transfer to investment properties (Note 14) (463) -Transfer to completed properties (11,397) (71,688)Accumulated costs charged to income statement (76,084) (188,431)71,248 (58,160)At end of the financial yearFreehold land - at cost 103,616 100,176- at valuation 52,386 56,445Development costs incurred 306,399 425,828Accumulated costs charged to income statement (70,251) (261,547)392,150 320,902The freehold land at valuation was transferred from “Property, plant and equipment” to “Property development costs”at its carrying amounts. The Directors have applied the transitional provision issued by MASB on adoption of FRS 116“Property, Plant and Equipment”, which allows these assets to be stated at their 1990 and 1996 valuations. Accordingly,the carrying amounts have not been updated.Included in the development costs incurred during the fi nancial year is interest capitalised amounting to RM3,387,353(2007: RM5,779,704).Property development costs with book value of RM152,033,090 (2007: RM135,126,106) have been pledged as securityfor borrowings (Note 28).UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 138notes to the financial statements (cont.) For the financial year ended 31 December 200823 TRADE AND OTHER RECEIVABLESGroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Trade receivablesThird parties 77,210 84,279 297 297Related parties:Related companies 20 339 - -Persons related to a Director 284 - - -Accrued billings in respect ofproperty development 23,164 117,703 - -Accrued rental income frominvestment properties 1,615 869 - -102,293 203,190 297 297Less: Allowance for doubtful debtsThird parties (10,821) (9,478) (297) (297)Trade receivables, net 91,472 193,712 - -Other receivablesOther receivables 6,644 9,365 280 5,695Less: Allowance for doubtful debts (603) (517) - -6,041 8,848 280 5,695Amounts due from related parties:Subsidiary companies - - 212,320 174,173Associate - 1 - 1Jointly controlled entities 5,423 2,358 5,550 1,848Related companies 6 5 4 -5,429 2,364 217,874 176,022Deposits 4,278 3,895 216 205Prepayments 673 2,701 652 89610,380 8,960 218,742 177,123107,893 211,520 219,022 182,818UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 13923 TRADE AND OTHER RECEIVABLES (cont.)(a)Amounts due from related parties (Trade receivables)All related parties receivable are unsecured, non-interest bearing, repayable on demand and are to be settled incash.(b)Amounts due from related parties (Other receivables)Amounts due from subsidiary companies bear interest ranging from 7.50% to 8.50% (2007: 7.75% to 8.75%)per annum as at fi nancial year end. Amount due from a jointly controlled entity bears interest of 7.50% (2007: Nil)per annum as at fi nancial year end. Other related parties receivable are non-interest bearing. All related partiesreceivable are unsecured, repayable on demand and are to be settled in cash.24 DEPOSITS, BANK AND CASH BALANCESGroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Bank and cash balances 29,787 25,509 1,808 20,136Bank balances under HousingDevelopment Accounts (“HDA”) 29,240 51,163 - -Bank balances under sinking fund 1,215 1,339 - -Fixed deposits 63,505 - - -123,747 78,011 1,808 20,136The effective weighted average interest rates of deposits and bank balances as at the balance sheet dates were asfollows:GroupCompany2008 2007 2008 2007% p.a. % p.a. % p.a. % p.a.Bank balances 0.08 1.91 1.25 2.41Bank balances under HDA 2.02 2.03 - -Bank balances under sinking fund 3.00 3.00 - -Fixed deposits 3.14 - - -Bank balances are deposits held at call with banks.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 140notes to the financial statements (cont.) For the financial year ended 31 December 200824 DEPOSITS, BANK AND CASH BALANCES (cont.)The subsidiary companies’ bank balances under Housing Development Accounts are not freely remissible to theCompany until the issuance of the Certifi cate of Fitness for the respective housing developments and with the approvalof the Controller of Housing after deducting certain sums of monies as specifi ed in Housing Development (Controland Licensing) Act 1966, Housing Developers (Housing Development Account)(Amendment) Regulations 2002,Regulation 9.The sinking fund, which is established in accordance with the terms stipulated in the loan agreement, represents depositswith a bank which will be utilised for the repayment of term loan and bridging loan of a subsidiary company.25 SHARE CAPITALGroup and Company2008 2007RM’000 RM’000Authorised:Ordinary shares of RM1.00 each, at beginning and end of the fi nancial yea r 500,000 500,000Issued and fully paid:Ordinary shares of RM1.00 eachAt beginning of the fi nancial year 241,650 232,347Issued during the fi nancial year pursuant to ESOS 55 9,303At end of the fi nancial year 241,705 241,650(a)EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)The Company’s ESOS is governed by the by-laws approved by the shareholders at an Extraordinary General Meeting(“EGM”) held on 25 June 2003. The ESOS was implemented on 4 September 2003 and is to be in force for a periodof 5 years from the date of implementation. The ESOS expired on 3 September 2008.The existing by-laws of the ESOS were amended to effect certain amendments to the material terms of the by-lawsand also to allow the Non-Executive Directors to participate in the ESOS. The amendments to the existing ESOSby-laws and granting of options over ordinary shares to Non-Executive Directors were approved by the shareholdersat an EGM held on 20 June 2006.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 14125 SHARE CAPITAL (continued)(a)EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”) (cont.)The main features of the ESOS are as follows:(i)The maximum number of new ordinary shares of the Company which may be available under the schemeshall not in aggregate exceed 15% of the issued and paid-up share(ii)Subject to the eligibility criteria as may be set by the Option Committee taking into consideration amongstothers, length of service, performance and seniority, an eligible participant shall be eligible to participate inthe scheme;(iii)The maximum number of new ordinary shares of the Company that may be offered and allotted to an eligibleparticipant shall be determined at the discretion of the Option Committee taking into consideration thecontribution and performances, seniority and years of service of the eligible participant. The allocation to theDirectors and senior management the scheme. Not more than 10% of the new ordinary shares of theCompany available under the scheme should be allocated to any eligible participant who, either singly orcollectively, through persons connected with the eligible participant, holds 20% or more of the issued andpaid-up capital of the Company;(iv)The option price shall be determined by the Option Committee based on the 5-day weighted averagemarket price of the ordinary shares of the Company immediately preceding the Offer Date of the optionsover ordinary shares, with an allowance for a discount of not more than 10% or such other limit as may bepermitted from time to time by Bursa Malaysia Securities and/or any other relevant authorities, or at the parvalue of the ordinary shares of the Company, whichever is higher;(v)The scheme shall be in force for a period of 5 years commencing from 4 September 2003. Upon the expiryof the scheme, and subject to the provisions of the Listing Requirements of Bursa Malaysia SecuritiesBerhad and the requirements of any other authorities, if any, the Board shall have the discretion to extendthe duration of the scheme provided that any extension of the scheme shall be for a maximum duration of5 years;(vi)The new ordinary shares of the Company to be allotted upon any exercise of any options over ordinary sharesgranted shall the Company so allotted will not be entitled to any dividends, rights, allotments and/or otherdistributions unless such new ordinary shares of the Company meet the conditions as specifi ed in the bylawsof the ESOS.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 142notes to the financial statements (cont.) For the financial year ended 31 December 200825 SHARE CAPITAL (cont.)(a)EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”) (continued)During the fi nancial year, 55,500 (2007: 9,303,100) new ordinary shares of RM1.00 each were issued by the Company atexercise prices ranging from RM1.31 to RM1.61 (2007: RM1.31 to RM1.99) per share for cash by virtue of the exercise ofoptions over ordinary shares pursuant to the Company’s ESOS. The new shares issued during the fi nancial year rankedpari passu in all respects with the existing ordinary shares of the Company.The movements during the fi nancial year in the number of options over ordinary shares of the Company were asfollows:Exercise As at As atGrant date Expiry date price/share 1.1.2008 Granted Exercised Lapsed 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘00020085.9.2003 3.9.2008 1.31* 178 - (52) (126) -10.4.2008 3.9.2008 1.61 172 - (3) (169) -3.12.2008 3.9.2008 1.99 1,268 - - (1,268) -1,618 - (55) (1,563) -Exercise As at As atGrant date Expiry date price/share 1.1.2008 Granted Exercised Lapsed 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘00020075.9.2003 3.9.2008 1.31* 9,243 - (8,781) (284) 17810.4.2008 3.9.2008 1.61 - 691 (515) (4) 1723.12.2008 3.9.2008 1.99 - 1,276 (7) (1) 1,2689,243 1,967 (9,303) (289) 1,6182008 2007’000 ’000Number of options over ordinary shares exercisable as atbalance sheet date - 1,618* As allowed by transitional provisions in FRS 2, the recognition and measurement principles in FRS 2 have not been applied to this grantas it was granted before 31 December 2004.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 14325 SHARE CAPITAL (cont.)(a)EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”) (continued)The weighted average share price during the fi nancial year was RM1.27 (2007: RM2.31) per share.The fair values of options over ordinary shares granted during the fi nancial year ended 31 December 2007 weredetermined using the Black Scholes valuation model. The fair values of options over ordinary shares measured atgrant date and the assumptions were as follows:2007Exercise price (RM) 1.61 1.99Fair value of options over ordinary shares (RM) 0.923 0.398Share price as at grant date (RM) 2.54 2.23Expected volatility (%) 22.91 33.38Expected option life (months) 4.5 5Expected dividend yield (%) 2.92 1.57Risk-free interest rate (% per annum) 3.40 3.48The expected volatility measured at the standard deviation of continuously compounded share return is based onstatistical analysis of daily share prices over the past three years from the grant date. The expected volatility refl ectsthe assumption that the historical volatility is indicative of future trends, which may not necessarily be the actualoutcome. No other features of the options over ordinary shares granted were incorporated into the measurementof fair value.The expense in respect of options over ordinary shares granted under ESOS charged to the income statementsof the Group and Company during the fi nancial year ended 31 December 2007 amounted to RM1,145,364 andRM691,657 respectively.(b)TREASURY SHARESIn previous fi nancial years, the Company had cumulatively repurchased 401,800 of its issued ordinary shares fromthe open market on Bursa Malaysia Securities at the average price of RM1.14 per share. These repurchases werefi nanced by internally generated funds. These shares repurchased are being held as treasury shares as allowedunder Section 67A of Companies Act, 1965. None of these treasury shares has been sold.As at 31 December 2008, the number of outstanding shares in issue which are fully paid is 241,303,433 (net of401,800 treasury shares) (2007: 241,247,933 (net of 401,800 treasury shares)) ordinary shares of RM1.00 each.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 144notes to the financial statements (cont.) For the financial year ended 31 December 200826 RESERVESGroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Non-distributableShare premium 63,971 63,950 63,971 63,950Revaluation reserves 243,018 245,922 - -Share option reserve - 667 - 667Merger reserve - - 209,375 209,375306,989 310,539 273,346 273,992Capital reserves:- Merger defi cit (41,625) (41,625) - -Treasury shares (Note 25) (463) (463) (463) (463)264,901 268,451 272,883 273,529DistributableRetained earnings 236,681 252,933 53,292 53,623Revaluation reserves* 73,101 69,797 15,256 15,256309,782 322,730 68,548 68,879574,683 591,181 341,431 342,408* This represents the accumulated revaluation reserves which have already been realised.27 LONG TERM TRADE PAYABLEGroup2008 2007RM’000 RM’000Current 3,000 -Later than 1 year but not later than 2 years 4,000 -Later than 2 years but not later than 5 years 10,000 -14,000 -17,000 -Long term trade payable is the consideration payable to a land owner for granting the exclusive right to a subsidiary companyto develop and selling of serviced residences. The consideration is payable over the next three years. The consideration payablewithin twelve months amounting to RM3,000,000 (2007: RM Nil) is included in “Trade and other payables” in current liabilities.The fair value of this long term trade payable as at the balance sheet date is RM12,384,756 (2007: Nil). The fair value is estimatedbased on future contractual cash fl ows discounted at the interest rates ranging from 4.55% to 4.65% (2007: Nil) per annum.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 14528 BORROWINGSGroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Non-currentSecuredBridging loan 34,904 25,043 - -Term loan 39,200 64,000 - -Finance lease liabilities 564 825 564 82574,668 89,868 564 825UnsecuredTerm loan 60,000 60,000 60,000 60,000134,668 149,868 60,564 60,825CurrentSecuredBank overdrafts 10,049 14,356 - -Revolving credit 44,000 43,000 - -Bridging loan 6,563 15,000 - -Term loan 28,344 22,400 - -Finance lease liabilities 260 248 260 24889,216 95,004 260 248UnsecuredBank overdrafts 4,949 - 4,949 -Revolving credit 45,500 5,000 45,500 5,000139,665 100,004 50,709 5,248TotalBank overdrafts 14,998 14,356 4,949 -Revolving credit 89,500 48,000 45,500 5,000Bridging loan 41,467 40,043 - -Term loan 127,544 146,400 60,000 60,000Finance lease liabilities 824 1,073 824 1,073274,333 249,872 111,273 66,073The borrowings are secured by the following:Property, plant and equipment (Note 13) 947 1,135 947 1,135Investment properties (Note 14) 463 - - -Land held for property development (Note 19) 142,059 143,299 - -Completed properties (Note 21) 25,912 34,402 - -Property development costs (Note 22) 152,033 135,126 - -321,414 313,962 947 1,135UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 146notes to the financial statements (cont.) For the financial year ended 31 December 200828 BORROWINGS(continued)Weighted average Total Maturity profileinterest rate carryingat balance sheet date amount < 1 year 1 – 5 years% p.a. RM’000 RM’000 RM’000Group2008Bank overdrafts 7.50 14,998 14,998 -Revolving credit 5.27 89,500 89,500 -Term loan 5.26 28,344 28,344 -Bridging loan 5.32 41,467 6,563 34,904Term loan 5.57 39,200 - 39,200Term loan 6.30 60,000 - 60,000Finance lease liabilities 4.45 824 260 564274,333 139,665 134,6682007Bank overdrafts 7.82 14,356 14,356 -Revolving credit 5.35 48,000 48,000 -Term loan 5.66 22,400 22,400 -Bridging loan 5.41 40,043 15,000 25,043Term loan 5.51 64,000 - 64,000Term loan 6.30 60,000 - 60,000Finance lease liabilities 4.46 1,073 248 825249,872 100,004 149,868Company2008Bank overdrafts 7.50 4,949 4,949 -Revolving credit 5.11 45,500 45,500 -Term loan 6.30 60,000 - 60,000Finance lease liabilities 4.45 824 260 564111,273 50,709 60,5642007Revolving credit 5.20 5,000 5,000 -Term loan 6.30 60,000 - 60,000Finance lease liabilities 4.46 1,073 248 82566,073 5,248 60,825UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 14728 BORROWINGS(cont.)The net exposure of borrowings of the Group and Company to interest rate changes and the periods in which theborrowings reprice are as follows:Weighted average Total Floating Fixedinterest rate carrying interest rate interest rateat balance sheet date amount < 1 year 1 – 5 years% p.a. RM’000 RM’000 RM’000Group2008Bank overdrafts 7.50 14,998 14,998 -Revolving credit 5.27 89,500 89,500 -Term loan 5.26 28,344 28,344 -Bridging loan 5.32 41,467 41,467 -Term loan 5.57 39,200 39,200 -Term loan 6.30 60,000 - 60,000Finance lease liabilities 4.45 824 - 824274,333 213,509 60,8242007Bank overdrafts 7.82 14,356 14,356 -Revolving credit 5.35 48,000 48,000 -Term loan 5.66 22,400 22,400 -Bridging loan 5.41 40,043 40,043 -Term loan 5.51 64,000 64,000 -Term loan 6.30 60,000 - 60,000Finance lease liabilities 4.46 1,073 - 1,073249,872 188,799 61,073Company2008Bank overdrafts 7.50 4,949 4,949 -Revolving credit 5.11 45,500 45,500 -Term loan 6.30 60,000 - 60,000Finance lease liabilities 4.45 824 - 824111,273 50,449 60,8242007Revolving credit 5.20 5,000 5,000 -Term loan 6.30 60,000 - 60,000Finance lease liabilities 4.46 1,073 - 1,07366,073 5,000 61,073UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 148notes to the financial statements (cont.) For the financial year ended 31 December 200828 BORROWINGS (cont.)(a)Unsecured term loan of RM20 million represents primary collateralised loan obligation entered by the Company in2005. The term loan is subject to fi xed interest rate of 6.13% per annum and is repayable in one lump sumin September 2010. The fair value of this long term loan as at the balance sheet date is RM20,597,628 (2007:RM20,438,229). The fair value is estimated based on future contractual cash fl ows discounted at the interest rateof 4.55% (2007: 5.33%) per annum.(b)Unsecured term loan of RM40 million represents primary collateralised loan obligation entered by the Company in2007. The term loan is subject to fi xed interest rate of 6.38% per annum and is repayable in one lump sum inJanuary 2012. The fair value of this long term loan as at the balance sheet date is RM42,211,596 (2007:RM41,547,652). The fair value is estimated based on future contractual cash fl ows discounted at the interest rateof 4.65% (2007: 5.40%) per annum.(c) The fair value of the non-current fi nance lease liabilities as at the balance sheet date is RM538,817 (2007:RM787,275). The fair value is estimated based on future contractual cash fl ows discounted at the interest ratesranging from 4.17% to 4.88% (2007: 4.17% to 4.88%) per annum.The carrying amount of all other borrowings (except fi nance lease liabilities) of the Group and Company at the balancesheet dates approximates their fair values.The minimum lease payments at the balance sheet dates are as follows:Group and Company2008 2007RM’000 RM’000Future minimum lease payments:Not later than 1 year 291 291Later than 1 year and not later than 5 years 590 882Total future minimum lease payments 881 1,173Less: Future fi nance charges (57) (100)Present value of fi nance lease liabilities 824 1,073Analysis of present value of finance lease liabilitiesNot later than 1 year 260 248Later than 1 year and not later than 5 years 564 825824 1,073UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 14929 TRADE AND OTHER PAYABLESGroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Trade payables 35,734 31,990 - -Trade accruals 21,203 46,187 - -Amounts due to related parties:Subsidiary companies - - 1,064 473Related companies 65 376 65 61Payroll liabilities 3,938 3,509 1,742 1,418Other payables and accruals 8,743 9,701 2,354 2,52769,683 91,763 5,225 4,479Credit terms of trade payables granted to the Group vary from no credit terms to 60 days.Amounts due to subsidiary companies bear interest ranging from 5.45% to 7.50% (2007: 7.75%) per annum as atfi nancial year end. Amounts due to related companies are non-interest bearing. All related parties payable are unsecured,repayable on demand and are to be settled in cash.30 PROVISIONGroup2008 2007RM’000 RM’000Property development costsAt beginning of the fi nancial year 2,578 183Provision for property development costs - 2,530Utilised during the fi nancial year - (68)Reversal of unutilised provision (2,500) (67)At end of the fi nancial year 78 2,578This represents development costs estimated to be incurred. This provision will be utilised when the designateddevelopment activities take place.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 150notes to the financial statements (cont.) For the financial year ended 31 December 200831 RELATED PARTY TRANSACTIONS(a)In addition to the related party disclosures mentioned elsewhere in the fi nancial statements, set out below aretransactions with related parties during the fi nancial year:GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Transactions with subsidiary companiesDividend income - - 19,208 18,980Expenses paid on behalf by - - 254 -Interest income - - 7,439 8,004Interest expense - - 181 130Payment made on behalf for - - 67,209 40,160Provision of management services - - 9,033 6,480Transactions with jointly controlled entitiesInterest income 196 - 393 -Rental income 1,199 1,802 - -Payment made on behalf for 3,310 15,584 3,310 15,584Transactions with a corporate shareholder,Tradewinds Corporation Berhad and itsrelated companiesPurchase of goods and procurement of services 1,116 1,016 1,033 982Transactions with a corporate shareholder,Chee Tat Holdings (S) Pte Ltd and itsrelated companiesRental income - 10 - -Transactions with a corporate shareholder,CapitaLand Limited and its related companiesProcurement of management services - 315 - -Rental expenses - 27 - -UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 15131 RELATED PARTY TRANSACTIONS (cont.)GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Transactions with a Director of the CompanyProgress billings for sale of properties 192 224 - -Transactions with persons/company related toDirectors of the CompanyProgress billings for sale of properties 1,103 866 - -Procurement of marketing services* - 522 - -Rental income 12 - - -* The Group had entered into a transaction with Rhino Development Sdn Bhd, a company owned by the brother in-lawof a Director of the Company.The amounts that remained outstanding as at 31 December 2008 in respect of the above transactions with relatedparties are shown in Notes 23 and 29 to the fi nancial statements.(b)Compensation of key management personnelThe remuneration of Directors and other members of key management during the fi nancial year are as follows:GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Short term employee benefi ts 2,479 2,409 2,459 2,403Defi ned contribution retirement plan 290 281 290 281Options over ordinary shares granted under ESOS - 514 - 5142,769 3,204 2,749 3,198Included in the total remuneration of key management personnel are:GroupCompany2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Directors’ remuneration (Note 7) 1,006 1,495 998 1,489UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 152notes to the financial statements (cont.) For the financial year ended 31 December 200831 RELATED PARTY TRANSACTIONS (cont.)(b)Compensation of key management personnel (continued)During the fi nancial year ended 31 December 2007, other members of key management had been granted optionsover ordinary shares under the ESOS on the same terms and conditions as those offered to other employees of theGroup (Note 25). Details of these options over ordinary shares granted to other members of key management areas follows:Number of options over ordinary shares of RM1.00 eachExercise As at As atGrant date Expiry date price/share 1.1.2008 Granted Exercised Lapsed 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘00020083.12.2007 3.9.2008 1.99 128 - - (128) -Exercise As at As atGrant date Expiry date price/share 1.1.2008 Granted Exercised Lapsed 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘000200710.4.2007 3.9.2008 1.61 - 20 (20) - -3.12.2007 3.9.2008 1.99 - 128 - - 128- 148 (20) - 128Number of options over ordinary shares exercisable as at balance sheet date2008 2007‘000 ‘000- 128UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 15332 OPERATING LEASE COMMITMENTThe Group as lessorThe Group has entered into non-cancellable operating lease arrangements on its investment properties. The leasearrangements have a non-cancellable lease term of 30 years. Lease rental will revise upwards by 5% to 15% every 3years period commencing from the rent commencement date. Upon expiration of the lease term, the lease shall berenewed for a term of 10 years and the rental rate shall be based on the prevailing market rate of similar leases or a similartype of lease in a similar location at the time of renewal.The future minimum lease payments receivable under non-cancellable operating lease contracted for as at the balancesheet date but not recognised as receivables, are as follows:Group2008 2007RM’000 RM’000Not later than 1 year 922 296Later than 1 year and not later than 5 years 3,804 3,603Later than 5 years 28,428 27,37033,154 31,26933 MATERIAL LITIGATIONSThe Inland Revenue Board has raised notices of assessment and additional assessments in respect of prior years’income taxes of a subsidiary company, Bangi Heights Development Sdn Bhd (“BHD”). The assessments are mainly dueto a different tax treatment accorded by Inland Revenue Board on the deduction of capitalised interest expense.The Group does not agree with the assessments and additional assessments and has fi led appeals to the SpecialCommissioner of Income Tax. A deciding order was issued by the Special Commissioner of Income Tax on 22 November2005 which disallowed the deduction of capitalised interest expense. The Group has provisionally paid to-date an amountof RM2.1 million as at 31 December 2008.The Group had earlier fi led an appeal to the High Court to defend its position. However, due to the recent guidelinesissued by Inland Revenue Board on the tax treatment of capitalised interest expenses, it is no longer necessary for theGroup to pursue the tax appeal. The Inland Revenue Board has agreed to the withdrawal of this appeal at the High Courtwithout costs.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 154notes to the financial statements (cont.) For the financial year ended 31 December 200834 SIGNIFICANT EVENTS DURING THE FINANCIAL YEARThe Company had on 14 October 2008, entered into a subscription and joint venture agreement (“SJVA”) with UEMLand Berhad (“UEML”), a 71.5% owned subsidiary of UEM World Berhad, to govern a joint venture company, NusajayaConsolidated Sdn Bhd (“NCSB”), for the proposed development of two (2) pieces of land measuring in aggregateapproximately 8.819 acres located in Mukim Pulai, District of Johor Bahru, State of Johor Darul Ta’zim (“Puteri HarbourLand”) (“Proposed Joint Venture”).Pursuant to the SJVA, the Company will subscribe new shares in NCSB for a cash consideration of RM2.00 comprising2 ordinary shares of RM1.00 each. The Company and UEML will each own 50% of the issued and paid-up share capitalof NCSB.The Proposed Joint Venture is subject to the following conditions precedent:(a) approval of Foreign Investment Committee (“FIC”) for the subscription of shares in NCSB which was obtained on 3March 2009; and(b) approval by shareholders of the Company which is not required.The SJVA became unconditional on 3 March 2009 upon fulfi lment of all conditions precedent and was completed uponthe subscription of shares in NCSB by the Company on 2 April 2009.NCSB had, on the same date, entered into an Option to Purchase Agreement (“OPA”) with Bandar Nusajaya DevelopmentSdn Bhd and UEML whereby NCSB has been granted the option to acquire the Puteri Harbour Land (“Option”) for aconsideration of RM10.00. The Option shall be exercised by NCSB within six (6) months from the date of the OPA orsuch extended period as the parties may mutually agree. Upon the exercise of the Option, NCSB shall acquire the PuteriHarbour Land for a total consideration of RM67.15 million. NCSB will subsequently develop the Puteri Harbour Land intoa mixed development (“Proposed Call Option”).The Proposed Call Option is not subject to any conditions precedent.Upon the expiry of the OPA on 13 April 2009, the Option was extended for a further period of 3 months.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 15535 SIGNIFICANT EVENTS SUBSEQUENT TO THE FINANCIAL YEAR END(i)The Company had on 20 January 2009, entered into a conditional share sale and purchase agreement (“SSA”) withCountry Equity Sdn Bhd (“CESB”), a wholly owned subsidiary of the Company, for the acquisition of 70,000,000ordinary shares of RM1.00 each and 14,000,000 cumulative redeemable preference shares of RM1.00 each in BangiHeights Development Sdn Bhd (“BHD”) (collectively known as “BHD Shares”), representing 70% of theissued and paid-up share capital of BHD for a total cash consideration of RM82.86 million (“Proposed ShareholdingRationalisation”).Pursuant to the Proposed Shareholding Rationalisation, the Company would directly own 70% of the issued andpaid-up share capital of BHD instead of through CESB and hence, would have obtained direct control in BHD asdefi ned under Section 33(1) of Securities Commission Act, 1993. As such, upon completion of the ProposedShareholding Rationalisation, the Company will be obliged to extend a mandatory general offer for all the remainingBHD Shares not already owned by the Company pursuant to Part II of Malaysian Code On Take-Overs and Mergers,1998 (“Code”). Sapphire Investment Pte Ltd (“Sapphire”) is the holder of the remaining shares in BHD. In this respect,the Company had made an application to the Take-Overs and Mergers Department of the Securities Commission(“SC”) to seek an exemption from the aforesaid obligation under Practice Note 2.9.6 of the Code (“ProposedExemption”).The Proposed Shareholding Rationalisation and Proposed Exemption are subject to and conditional upon thefollowing:(a) approval of SC, for the Proposed Exemption which was obtained in a letter dated 27 March 2009;(b) approval of FIC, for the Proposed Shareholding Rationalisation which was obtained in a letter dated 27March 2009;(c) (i) approval by CESB, being the registered holder of 60 million class A ordinary shares and 10 millionclass C ordinary shares in BHD which was obtained on 12 February 2009; and(ii) approval of Sapphire, being the registered holder of 30 million class B ordinary shares in BHD which wasobtained on 12 February 2009;at separate meeting of the respective classes of shareholders for the Proposed ShareholdingRationalisation; and(d) approval by shareholder of CESB, for the disposal of the BHD Shares which was obtained on5 February 2009.The Proposed Exemption was approved by the SC in a letter dated 27 March 2009.The Proposed Shareholding Rationalisation became unconditional on 27 March 2009 upon fulfi lment of all conditionsprecedent and was completed on 1 April 2009 in accordance with the SSA.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 156notes to the financial statements (cont.) For the financial year ended 31 December 200835 SIGNIFICANT EVENTS SUBSEQUENT TO THE FINANCIAL YEAR END (cont.)(ii)The Company had on 12 February 2009, entered into the following agreements with Tradewinds Johor Sdn Bhd (“TJSB”), anindirect wholly-owned subsidiary of Tradewinds Corporation Berhad:(a)(b)Subscription and Joint Venture Agreement (“JVA”), to govern a joint venture company, Extreme Consolidated SdnBhd (“ECSB”), and together to participate in the development of the Land (as defi ned below) (“Proposed JointVenture”); andCall Option Agreement granting the Company the option to purchase the remaining 49% of the total issued andpaid-up share capital of ECSB (“Option Shares”) (“Proposed Call Option”).ECSB had, on the same date, entered into a Sale and Purchase Agreement (“SPA”) with Ambang Budi Sdn Bhd andHartaplus Realty Sdn Bhd (“HRSB”) (collectively known as “Vendors”) for the proposed acquisition of a piece of freeholdland measuring 629.25 acres held under title HS(D) 33911, PTD 47441, Mukim of Kulai, Daerah Kulaijaya, State of Johor(“Land”) for a total cash consideration of RM233.0 million (“Proposed Acquisition”).ECSB is currently a wholly-owned subsidiary of the Company with an issued and fully paid-up share capital of 2 ordinaryshares of RM1.00 each. Pursuant to the JVA, the Company and TJSB will each subscribe for 49 new ordinary sharesof RM1.00 in ECSB for a cash consideration of RM49.00 in order that the shareholding proportion in ECSB is 51:49respectively.The Proposed Joint Venture is subject to the following conditions precedent:(a)(b)approval of FIC for the subscription of shares in ECSB; andapproval by shareholders of the Company, if necessary.Under the Proposed Call Option, the Company has been granted the option to acquire the whole of the Option Shares(“Option”) for a cash consideration of RM1.00. The Option shall be exercised at any time during the period before theexpiry of the completion period as defi ned in the SPA. Upon the exercise of the Option, the Company shall acquire theOption Shares in whole for a consideration calculated on the basis of the number of Option Shares multiplied by par valueof RM1.00 each. The Proposed Call Option is not subject to any conditions precedent.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 15735 SIGNIFICANT EVENTS SUBSEQUENT TO THE FINANCIAL YEAR ENDThe Proposed Acquisition is subject to the following conditions precedent being fulfi lled or obtained within 15 months fromthe date of the SPA (“Prescribed Period”) with an extended period of 2 months:(a) approval of FIC for the acquisition of the Land by ECSB;(b) approval by shareholders of ECSB which was obtained on 25 February 2009;(c) approval by shareholders of the Company;(d) approval of the chargee (AmTrustee Berhad) of the Land being procured by the Vendors;(e) approval of the relevant authorities for:(i) the revised master layout plan (to be prepared by ECSB at the costs and expense of ECSB and appliedfor and obtained by the Vendors, at the Vendors’ costs and expense) for the Land for the proposeddevelopment which comprises commercial/logistics/transportation hub, industrial park and residentialdevelopment (“Proposed Project”), with waiver for the construction and building of any low costs componentand without signifi cant variation to the zoning components as submitted,(ii) the Land having been approved for conversion for use for the Proposed Project, and(iii) the access road from the proposed “Bandar Pulai Jaya” interchange through Johor Technology Park toSkudai Highway to be obtained by the Vendors; and(f) a written confi rmation from Renewed Global Sdn Bhd (a joint venture partner with the Vendors to developthe Land previously) that they have no claims whatsoever against the Land and/or against ECSB inrespect of ECSB’s purchase of the Land and a written indemnity by HRSB to ECSB indemnifying ECSBof any claim by Renewed Global Sdn Bhd against the Land and/or against ECSB in respect of ECSB’spurchase of the Land. The written confi rmation from Renewed Global Sdn Bhd and written indemnity byHRSB to ECSB were obtained via separate letters dated 26 February 2009.Pursuant to the SPA, HRSB shall construct the proposed “Bandar Pulai Jaya” interchange on Kilometre27.00 of the Second Link Highway and the access road to the Land (collectively known as the “Interchange”)and complete and open the Interchange for vehicular use by general public within the Prescribed Period.Any delay in the completion of the Interchange will automatically extend the completion period of theProposed Acquisition by a corresponding period of such delay.36 SEGMENTAL INFORMATIONThe Group is primarily engaged in the property development industry (Primary segment). All activities of the Group areconducted within Malaysia (Secondary segment).37 APPROVAL OF FINANCIAL STATEMENTSThe fi nancial statements have been approved for issue in accordance with a resolution of the Board of Directors on24 April 2009.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 158statement by directorsPursuant To Section 169 (15) Of Companies Act, 1965We, Dato’ Ng Eng Tee and Datuk Nur Jazlan bin Tan Sri Mohamed, two of the Directors of United Malayan Land Bhd, statethat, in the opinion of the Directors, the fi nancial statements set out on pages 88 to 157 are drawn up so as to give a trueand fair view of the state of affairs of the Group and Company as at 31 December 2008 and of the results and cash fl ows ofthe Group and Company for the fi nancial year ended on that date in accordance with Malaysian Accounting Standards Board(“MASB”) Approved Accounting Standards in Malaysia for Entities Other than Private Entities and the provisions of CompaniesAct, 1965.Signed on behalf of the Board of Directors in accordance with their resolution dated 24 April 2009.DATO’ NG ENG TEEDIRECTORDATUK NUR JAZLAN BIN TAN SRI MOHAMEDDIRECTORKuala Lumpurstatutory declarationPursuant To Section 169(16) Of Companies Act, 1965I, Gan Teong Hock, the Offi cer primarily responsible for the fi nancial management of United Malayan Land Bhd, do solemnlyand sincerely declare that the fi nancial statements set out on pages 88 to 157 are, to the best of my knowledge and belief,correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions ofStatutory Declarations Act, 1960.GAN TEONG HOCKSubscribed and solemnly declared by the abovenamed Gan Teong Hock at Kuala Lumpur, Malaysia on 24 April 2009.Before me,COMMISSIONER FOR OATHSUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 159independent auditors’ reportto the members Of United Malayan Land Bhd(Company No. 4131_M)(Incorporated in Malaysia)REPORT ON THE FINANCIAL STATEMENTSWe have audited the fi nancial statements of United Malayan Land Bhd, which comprise the balance sheet as at 31 December2008, and the income statement, statement of changes in equity and cash fl ow statement of the Group and Company for thefi nancial year then ended, and a summary of signifi cant accounting policies and other explanatory notes, as set out on pages10 to 83.Directors’ Responsibility for the Financial StatementsThe Directors of the Company are responsible for the preparation and fair presentation of these fi nancial statements inaccordance with MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities and CompaniesAct, 1965. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation andfair presentation of fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting andapplying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.Auditors’ ResponsibilityOur responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit inaccordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance whether the fi nancial statements are free frommaterial misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements.The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the fi nancialstatements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to theGroup’s preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by the Directors, as well as evaluating the overall presentation of the fi nancial statements.We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the fi nancial statements have been properly drawn up in accordance with MASB Approved Accounting Standards in Malaysiafor Entities Other than Private Entities and Companies Act, 1965 so as to give a true and fair view of the fi nancial position of the Group andCompany as of 31 December 2008 and of its fi nancial performance and cash fl ows for the fi nancial year then ended.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

PAGE 160independent auditors’ reportto the members Of United Malayan Land Bhd (cont.)REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTSIn accordance with the requirements of Companies Act, 1965 in Malaysia, we also report that, in our opinion, the accounting and other recordsand the registers required by the Act to be kept by the Company and by the subsidiary companies have been properly kept in accordancewith the provisions of the Act.OTHER MATTERSThis report is made solely to the members of the Company, as a body, in accordance with Section 174 of Companies Act, 1965 in Malaysiaand for no other purpose. We do not assume responsibility to any other person for the content of this report.PRICEWATERHOUSECOOPERS(No. AF: 1146)Chartered AccountantsLEE TUCK HENG(No. 2092/09/10 (J))Chartered AccountantKuala Lumpur24 April 2009UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 161otherinformationList of PropertiesAnalysis of ShareholdingsNotice of 48th Annual General MeetingStatement Accompanying Notice of48th Annual General Meeting162165168172UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 162list of properties AS AT 31 DECEMBER 2008Location Description & Tenure Age of Land Area Net Book Date of LastExisting Use Buildings Value RevaluationTOWNSHIP DEVELOPMENTYear Acre RM’000BANDAR SERI ALAMMukim of Plentong Vacant land Freehold - 206.91 - May-90/District of Johor Bahru - Government reserve Oct-966 Jalan Lembah Corporate offi ce Freehold 12 7.95 14,918Bandar Seri Alam81750 Johor DarulTakzim1 Jalan Purnama Equestrian clubhouse Freehold 11 59.16 10,060Bandar Seri Alam81750 Johor DarulTakzim3 Jalan Persisiran Japanese school Freehold 11 5.01 7,384 Oct-96Bandar Seri Alam81750 Johor DarulTakzimMukim of Plentong Vacant development land Freehold - 654.82 292,782District of Johor Bahru - Residential 254.02 216,408- Commercial 2.96 3,848- Recreational & others 372.28 45,228- Agriculture reserve 25.56 27,298Mukim of Plentong Completed properties Freehold - 5.01 12,932District of Johor Bahru - ResidentialMukim of Plentong Vacant development land Freehold - 769.03 187,779District of Johor Bahru - Residential 450.85 112,863- Commercial 129.43 45,242- Recreational & others 167.34 21,527- School & hostel 21.41 8,147Mukim of Plentong On-going development Freehold - 1.15 1,494 May-90District of Johor Bahru - CommercialMukim of Plentong Completed properties Freehold - 21.97 44,437District of Johor Bahru - Residential 20.30 41,397- Commercial 1.67 3,040Sub-total 1,731.01 571,786UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 163Location Description & Tenure Age of Land Area Net Book Date of LastExisting Use Buildings Value RevaluationBANDAR SERI PUTRAYear Acre RM’000Mukim of Kajang Vacant land Freehold - 387.68 -District of Ulu Langat - Government reserveSelangorMukim of Kajang Vacant development land Freehold - 161.91 125,336District of Ulu Langat - Residential 74.78 27,730Selangor - Commercial 87.13 97,606Mukim of Dengkil Vacant development land Freehold - 25.75 10,993 NoteDistrict of Sepang- IndustrialSelangorMukim of Kajang On-going development Freehold - 1.98 5,699District of Ulu Langat - ResidentialSelangorMukim of Kajang Completed properties Freehold - 2.91 1,701District of Ulu Langat - Bungalow lots 2.13 187Selangor - Residential 0.01 494- Commercial 0.77 1,020Pekan Bangi Lama Completed properties Freehold - 28.34 17,768District of Ulu Langat - Bungalow lotsSelangorSub-total 608.57 161,497TAMAN SERI AUSTINMukim of Tebrau Vacant land Freehold - 103.95 -District of Johor Bahru - Government reserveMukim of Tebrau Vacant development land Freehold - 253.19 126,906District of Johor Bahru - Residential 238.04 121,200 Note- Commercial 15.15 5,706Mukim of Tebrau On-going development Freehold - 22.79 24,106District of Johor Bahru - ResidentialMukim of Tebrau Completed properties Freehold - 3.71 7,868District of Johor Bahru - ResidentialSub-total 383.64 158,880UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 164list of properties (cont.) AS AT 31 DECEMBER 2008Location Description & Tenure Age of Land Area Net Book Date of LastExisting Use Buildings Value RevaluationNICHE DEVELOPMENTYear Acre RM’000SERI BUKIT CEYLON8 Lorong Ceylon Completed properties Freehold 3 0.21 3,012 NoteOff Jalan Raja Chulan - Commercial50250 Kuala LumpurSUASANA SENTRAL LOFTLot 80, Seksyen 70 Completed properties Freehold 1 0.03 299 NoteKuala Lumpur- CondominiumSUASANA BANGSARLot 451, Seksyen 096A On-going development Freehold - 0.93 29,410 NoteKuala Lumpur- ResidentialSUASANA BUKIT CEYLONPT21 HSD98859 On-going development Freehold - 1.50 33,947 NoteSeksyen 19,- ResidentialKuala LumpurNEW ACQUISITIONS FOR THE YEARGeran 118688 Lot 1197 Vacant land Freehold - 1.49 27,787 NoteGeran 118689 Lot 1199and Geran 99571 Lot 1201District of Johor BahruHS(D) No. 97972 Vacant land Freehold - 0.39 9,000 NotePT No. 46Seksyen 57Kuala LumpurGrand total 2,727.77 995,618Note: There has been no revaluation since the date of acquisitionUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 165analysis of shareholdings AS AT 30 APRIL 2009AUTHORISED SHARE CAPITAL : RM500,000,000ISSUED AND PAID-UP SHARE CAPITAL : RM241,705,233CLASS OF SHARES : ORDINARY SHARES OF RM1.00 EACHVOTING RIGHTS : ONE VOTE PER ORDINARY SHAREDISTRIBUTION OF SHAREHOLDINGS (#)No. of % of % ofSize of Shareholdings Shareholders Shareholders No. of shares shares capital1 - 99 67 4.18 1,683 0.00100 - 1,000 335 20.91 273,808 0.111,001 - 10,000 902 56.30 3,887,484 1.6110,001 - 100,000 235 14.67 7,149,850 2.96100,001 - to less than 5% of issued shares 59 3.68 89,097,974 36.925% and above of issued shares 4 0.25 140,097,634 58.39TOTAL 1,602 100.00 241,303,433 100.00DIRECTORS’ SHAREHOLDINGS (#)Direct InterestIndirect InterestNo. of shares % No. of shares %Dato’ Ng Eng Tee 6,525,000 2.70 28,967,234* a 12.00Datuk Syed Ahmad Khalid Syed Mohammed 10,000 0.00 - -Ng Eng Soon 7,151,032 2.96 17,828,634* b 7.39Notes:a. Deemed interested by virtue of his interests in Chee Tat Holdings (S) Pte Ltd, King George Financial Corporation, Netson Investments Ltd, King George Park Ltd pursuant to Section6A of the Companies Act, 1965 and through his spouse and children.b. Deemed interested by virtue of his interest in Chee Tat Holdings (S) Pte Ltd pursuant to Section 6A of the Companies Act, 1965.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 166analysis of shareholdings (cont.) AS AT 30 APRIL 2009SUBSTANTIAL SHAREHOLDERS(#)Direct InterestIndirect InterestList of Substantial Shareholders No. of shares % No. of shares %Wawasan Perangsang Mewah Sdn Bhd 57,153,500 23.69 - -Opal Holdings Pte Ltd 48,084,500 19.93 - -Chee Tat Holdings (S) Pte Ltd 17,828,634 7.39 - -Tradewinds Resources Sdn Bhd 17,826,000 7.39 - -Tradewinds Corporation Berhad - - 17,826,000* a 7.39Perspective Lane (M) Sdn Bhd - - 17,826,000* b 7.39Restu Jernih Sdn Bhd - - 17,826,000* c 7.39Tan Sri Dato’ Syed Mokhtar Shah Syed Nor - - 17,826,000* d 7.39Muhammad Nor Saliman - - 57,153,500* e 23.69Azman Hanafi Abdullah - - 57,153,500* e 23.69CapitaLand Residential Malaysia Pte Ltd - - 48,084,500 * f 19.93CapitaLand Commercial Limited - - 48,084,500* g 19.93CapitaLand Limited - - 50,064,500* h 20.75Temasek Holdings (Private) Limited - - 50,064,500 * i 20.75Dato’ Ng Eng Tee 6,525,000 2.70 28,967,234 * j 12.00Ng Eng Soon 7,151,032 2.96 17,828,634* k 7.39Ng Eng Ghee 6,560,864 2.72 17,828,634* k 7.39Notes:a. Deemed interested by virtue of its interest in Tradewinds Resources Sdn Bhd pursuant to Section 6A of the Companies Act 1965..b. Deemed interested by virtue of its interest in Tradewinds Corporation Berhad pursuant to Section 6A of the Companies Act, 1965.c. Deemed interested by virtue of its interest in Perspective Lane (M) Sdn Bhd pursuant to Section 6A of the Companies Act, 1965.d. Deemed interested by virtue of his interest in Restu Jernih Sdn Bhd pursuant to Section 6A of the Companies Act, 1965.e. Deemed interested by virtue of their interests in Wawasan Perangsang Mewah Sdn Bhd pursuant to Section 6A of the Companies Act, 1965.f. Deemed interested by virtue of its interest in Opal Holdings Pte Ltd pursuant to Section 6A of the Companies Act, 1965.g. Deemed interested by virtue of its interest in CapitaLand Residential Malaysia Pte Ltd pursuant to Section 6A of the Companies Act, 1965.h. Deemed interested by virtue of its interest in CapitaLand Commercial Limited and CapitaLand Residential Limited via its wholly owned subsidiary, Prime Equities Pte Ltd pursuant toSection 6A of the Companies Act, 1965.i. Deemed interested by virtue of its interest in CapitaLand Limited pursuant to Section 6A of the Companies Act, 1965.j. Deemed interested by virtue of his interests in Chee Tat Holdings (S) Pte Ltd, King George Financial Corporation, Netson Investments Ltd, King George Park Ltd pursuant to Section6A of the Companies Act, 1965 and through his spouse and children.k. Deemed interested by virtue of their interests in Chee Tat Holdings (S) Pte Ltd pursuant to Section 6A of the Companies Act, 1965.LIST OF THIRTY LARGEST SHAREHOLDERS (#)No. Name No. of Shares % of Share Capital1. Wawasan Perangsang Mewah Sdn Bhd 57,153,500 23.692. Opal Holdings Pte Ltd 48,084,500 19.933. Chee Tat Holdings (S) Pte Ltd 17,828,634 7.394. Public Nominees (Tempatan) Sdn Bhd 17,826,000 7.39Pledged Securities Account for Tradewinds Resources Sdn Bhd5. Khong Guan Flour Milling Limited 11,400,000 4.726. Citigroup Nominees (Asing) Sdn Bhd 7,383,282 3.06Exempt An for OCBC Securities Private LimitedUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 167No. Name No. of Shares % of Share Capital7. HDM Nominees (Asing) Sdn Bhd 6,560,864 2.72UOB Kay Hian Pte Ltd for Ng Eng Ghee8. Mayban Nominees (Tempatan) Sdn Bhd 4,516,200 1.87Mayban Trustee Berhad for Public Regular Savings Fund9. Amsec Nominees (Asing) Sdn BhdAmTrustee Berhad for King George Financial Corporation 4,490,800 1.8610. Amsec Nominees (Asing) Sdn BhdAmFraser Securities Pte Ltd for Ng Yew Hui 3,939,618 1.6311. Amsec Nominees (Asing) Sdn BhdAmFraser Securities Pte Ltd for Ng Yew Tong 3,939,617 1.6312. Amsec Nominees (Asing) Sdn BhdAmFraser Securities Pte Ltd for Ng Yew Chuan 3,939,617 1.6313. Amsec Nominees (Asing) Sdn BhdAmFraser Securities Pte Ltd for Ng Suat Paik Alice 3,938,210 1.6314. Amsec Nominees (Asing) Sdn BhdPledged Securities Account for Ng Eng Tee 3,289,000 1.3615. Amanah Raya Nominees (Tempatan) Sdn BhdPublic Far-East Property & Resorts Fund 3,193,000 1.3216. EB Nominees (Tempatan) Sendirian BerhadPledged Securities Account for Ng Eng Tee 3,180,000 1.3217. Victoria Prize Sdn Bhd 3,061,441 1.2718. Khong Guan Group Pte Ltd 2,830,875 1.1719. Ng Yew Khim, Dennis 2,200,000 0.9120. Hup Hock Trading Sendirian Berhad 1,980,750 0.8221. HDM Nominees (Asing) Sdn BhdDBS Vickers Secs (S) Pte Ltd for Prime Equities Pte Ltd 1,980,000 0.8222. Amsec Nominees (Asing) Sdn BhdAmTrustee Berhad for Netson Investments Ltd 1,650,000 0.6823. Kah Hong Pte. Limited 1,430,000 0.5924. Amanah Raya Nominees (Tempatan) Sdn BhdPublic Islamic Opportunities Fund 1,316,900 0.5525. Amanah Raya Nominees (Tempatan) Sdn BhdPublic Smallcap Fund 1,031,800 0.4326. Ng Suet Ning, Tammy 1,000,000 0.4127. Wong Winifred 1,000,000 0.4128. Taisho Company Sdn Berhad 927,000 0.3829. Amanah Raya Nominees (Tempatan) Sdn BhdPB Asia Real Estate Income Fund 822,000 0.3430. Amsec Nominees (Asing) Sdn BhdPledged Securities Account for Ng Yew Khim, Dennis 797,800 0.33TOTAL 222,691,408 92.29# The Analysis of Shareholdings were tabulated based on the Company’s Record of Depositors after deducting 401,800 ordinary shares of RM1.00 each bought back by theCompany and retained as treasury shares, as at 30 April 2009.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 168notice of 48th annual general meetingNOTICE IS HEREBY GIVEN THAT the 48 th Annual General Meeting of United Malayan Land Bhd will be held atNirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpuron Wednesday, 24 June 2009 at 10.30 a.m. for the following businesses:AS ORDINARY BUSINESS:1. To receive the Audited Financial Statements for the fi nancial year ended 31 December 2008together with the Reports of the Directors and Auditors thereon. Ordinary Resolution 12. To approve the payment of a fi nal dividend of 2.5 sen per ordinary share, less 25% incometax for the fi nancial year ended 31 December 2008 as recommended by the Directors. Ordinary Resolution 23. To re-elect the following Directors, each of whom retires by rotation in accordance withArticle 94 of the Company’s Articles of Association:-i) YBhg Datuk Syed Ahmad Khalid Syed Mohammedii) YB Datuk Nur Jazlan Tan Sri MohamedOrdinary Resolution 3Ordinary Resolution 44. To re-elect Encik Chan Say Yeong, a director who retires in accordance with Article 99 ofthe Company’s Articles of Association. Ordinary Resolution 55. To consider and if thought fi t, to pass the following resolution:“THAT pursuant to Section 129(6) of Companies Act 1965, YABhg Tun Musa Hitam be andis hereby re-appointed as a Director of the Company to hold offi ce until the next AnnualGeneral Meeting of the Company.” Ordinary Resolution 66. To approve the payment of Directors’ fees for the fi nancial year ended 31 December2008. Ordinary Resolution 77. To re-appoint PricewaterhouseCoopers as Auditors of the Company for the ensuing yearand to authorise the Directors to fi x their remuneration. Ordinary Resolution 8AS SPECIAL BUSINESS:To consider, and if thought fi t, to pass the following ordinary resolutions:-8. AUTHORITY TO ISSUE SHARES PURSUANT TO SECTION 132D OF THE COMPANIESACT, 1965“THAT subject always to the Companies Act, 1965, (the Act) the Company’s Articles ofAssociation and approvals of the relevant government and/or regulatory authorities, theDirectors be and are hereby empowered pursuant to Section 132D of the Companies Act,1965, to issue and allot new shares in the Company at any time at such price, upon suchterms and conditions for such purposes and to such person(s) whomsoever as the Directorsmay in their absolute discretion deem fi t and expedient in the interest of the Company,provided that the aggregate number of shares to be issued does not exceed 10% of thetotal issued share capital of the Company for the time being and THAT the Directors beand are also empowered to obtain the approval from Bursa Malaysia Securities Berhad(Bursa Securities) for the listing of and quotation for the new shares so issued and THATsuch authority shall continue to be in force until the conclusion of the next Annual GeneralMeeting (AGM) of the Company.” Ordinary Resolution 9UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 1699. PROPOSED SHAREHOLDERS’ MANDATE FOR SHARE BUY-BACK“THAT subject to Section 67A of the Act, Part IIIA of Companies Regulations 1966, provisionsof the Company’s Memorandum and Articles of Association, the Listing Requirements ofBursa Securities and any other applicable laws, rules, regulations and guidelines for thetime being in force, the Directors of the Company be and are hereby authorised to makepurchase(s) of ordinary shares of RM1.00 each in the Company’s issued and paid-upcapital on Bursa Securities subject to the following:i) the maximum number of shares which may be purchased and/or held by theCompany shall not exceed 5,800,000 ordinary shares of RM1.00 each equivalentto approximately 2.4% of the issued and paid-up share capital of the Company(Shares) for the time being;ii)iii)the maximum fund to be allocated by the Company for the purpose of purchasingthe Shares shall not exceed the aggregate of the retained profi ts and share premiumaccount of the Company. As at 31 December 2008, the audited retained profi ts andshare premium account of the Company were RM53,291,813 and RM63,970,442respectively;the authority conferred by this resolution will commence immediately upon passingof this ordinary resolution and, unless renewed by an ordinary resolution passed bythe shareholders of the Company in general meeting will expire:-(a)(b)at the conclusion of the next AGM of the Company, unless earlier revokedor varied by ordinary resolution of the shareholders of the Company in ageneral meeting; orupon the expiration of the period within which the next AGM after thatdate is required by the law to be held,whichever occurs fi rst, but not so as to prejudice the completion of purchase(s) bythe Company before the aforesaid expiry date and in any event, in accordance withthe provisions of the Listing Requirements of Bursa Securities or any other relevantauthority; andiv)upon completion of the purchase(s) of the Shares by the Company, the Directors ofthe Company be and are hereby authorised to deal with the Shares in the followingmanner:(a) cancel the Shares so purchased; or(b) retain the Shares so purchased as treasury shares; or(c ) retain part of the Shares so purchased as treasury shares and cancel theremainder; or(d) distribute the treasury shares as share dividends to shareholders and/orresell on Bursa Securities and/or cancel all or part of them; orin any other manner as prescribed by the Act, rules, regulations and guidelinespursuant to the Act and the requirements of Bursa Securities and any other relevantauthority for the time being in force;AND THAT the Directors of the Company be and are hereby authorised to take all stepsas are necessary or expedient to implement or to effect the purchase(s) of the Shares withfull power to assent to any condition, modifi cation, variation and/or amendment as may beimposed by the relevant authorities and to take all such steps as they may deem necessaryor expedient in order to implement, fi nalise and give full effect in relation thereto.Ordinary Resolution 1010. PROPOSED SHAREHOLDERS’ MANDATE FOR RENEWAL OF RECURRENTRELATED PARTY TRANSACTIONS“THAT approval be and is hereby given to the Company to renew its shareholders’ mandatefor the Company and/or its subsidiaries to enter into and give effect to specifi c recurrentrelated party transactions of a revenue or trading nature which are necessary for its dayto-dayoperations involving the Related Parties, as set out in Section 2.1.4 of Part B of theCircular to Shareholders dated 2 June 2009 (Circular) subject to the following:UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 170notice of 48th annual general meeting (cont.)(a)(b)the transactions are carried out at arm’s length, on normal commercial terms whichare not more favourable to the Related Parties than those generally available to thepublic and are not to the detriment of the minority shareholders of the Company;disclosure is made in the annual report of the aggregate value of transactionsconducted pursuant to the shareholders’ mandate during the fi nancial year andsuch approval shall confi rm to be in force until:(i)(ii)(iii)the conclusion of the next AGM of the Company, at which time it will lapse,unless by a resolution passed at the said AGM, the authority is renewed;the expiration of the period within which the next AGM of the Company isrequired to be held pursuant to Section 143 (1) of Act but shall not extendto such extension as may be allowed pursuant to Section 143 (2) of the Act;orrevoked or varied by resolution passed by the shareholders in a generalmeeting;whichever is the earlier;AND THAT the Directors of the Company be empowered to complete and do all such actsand things as they may consider expedient or necessary to give effect to the transactionscontemplated and/or authorised by this resolution.”Ordinary Resolution 1111. PROPOSED GENERAL MANDATE FOR THE PROVISION OF FINANCIALASSISTANCE“THAT approval be and is hereby given for the renewal of a general mandate to the Companyand/or its subsidiaries to provide/procure recurring fi nancial assistance on a short term basisto/from its non-wholly owned subsidiaries and jointly controlled entities via the pooling offunds as set out in Section 2.2.3 of Part B of the Circular;AND THAT a mandate be and is hereby granted for the Company and/or its subsidiaries toprovide/procure additional recurring fi nancial assistance on a short term basis to/from itsnon-wholly owned subsidiaries and jointly controlled entities via the pooling of funds, as setout in Section 2.2.3 of Part B of the Circular, subject to the following:(a)(b)(c)the transactions are fair and reasonable to the Company;the transactions are not to the detriment of the Company and its shareholders; anddisclosure is made in the annual report of the aggregate value of transactionsconducted pursuant to the general mandate during the fi nancial year and suchapproval shall continue to be in force until:(i)(ii)(iii)the conclusion of the next AGM of the Company, at which time it will lapse,unless by a resolution passed at the said AGM, the authority is renewed;the expiration of the period within which the next AGM of the Company isrequired to be held pursuant to Section 143 (1) of the Act but shall notextend to such extension as may be allowed pursuant to Section 143 (2)of the Act; orrevoked or varied by resolution passed by the shareholders in a generalmeeting;whichever is the earlier;AND THAT the Directors of the Company be empowered to complete and do all such actsand things as they may consider expedient or necessary to give effect to the ProposedGeneral Mandate for the Provision of Financial Assistance and transactions contemplatedand/or authorised by this resolution.”Ordinary Resolution 1212. To transact any other business of the Company for which due notice shall have been receivedin accordance with the Companies Act, 1965.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 171NOTICE OF ENTITLEMENT AND PAYMENT OF FINAL DIVIDENDNOTICE IS HEREBY GIVEN THAT the Final Dividend of 2.5 sen per ordinary share less 25% income tax for the fi nancial yearended 31 December 2008, subject to the approval of the shareholders at the 48th Annual General Meeting, will be paid on 18September 2009 to all Depositors whose names appear in the Record of Depositors with Bursa Malaysia Depository Sdn Bhdat the close of business on 8 September 2009.A depositor with Bursa Malaysia Depository Sdn. Bhd. shall qualify for entitlement to the dividend only in respect of:A) Shares transferred into the Depositor’s securities account before 4.00 p.m. on 8 September 2009 in respect of ordinary transfers; andB) Shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa Malaysia SecuritiesBerhad.BY ORDER OF THE BOARDZURAIDAH MOHD YUSOFFMAICSA 7001552Company SecretaryKuala Lumpur2 June 2009NOTES:1. Proxy• A member may appoint any person to be his proxy and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall not apply to theCompany.• If a member appoints two (2) proxies to attend at the same meeting, the appointment(s) shall be invalid unless he specifi es the proportion of hisholdings to be represented by each proxy.• The instrument appointing a proxy shall be writing under the hand of the appointer or his attorney duly authorized in writing or, if the appointor is acorporation, either under its seal or under the hand of an offi cer duly authorized.• The instrument appointing a proxy must be deposited at the Company’s Share Registrar, Securities Services (Holdings) Sdn. Bhd. at Level 7, MenaraMilenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur not less than forty-eight (48) hours before the timeset for holding the meeting or any adjournment thereof.2. Ordinary Resolution 9Authority to Directors to Issue SharesThis Ordinary Resolution 9, if passed, will empower the Directors to allot and issue new ordinary shares in the capital of the Company up to an aggregateamount not exceeding 10% of the issued and paid-up share capital of the Company for the time being without having to convene a general meeting. Thisauthority, unless revoked or varied at a general meeting, will expire at the conclusion of the next Annual General Meeting of the Company.3. Ordinary Resolution 10Proposed Shareholders’ Mandate for Share Buy-BackThe detailed text on Ordinary Resolution 10 in relation to the Proposed Shareholders’ Mandate for Share Buy-Back is included under Part A of the Circularto Shareholders dated 2 June 2009 despatched together with the Company’s Annual Report 2008.4. Ordinary Resolution 11Proposed Shareholders’ Mandate for Renewal of Recurrent Related Party TransactionsFurther information on Ordinary Resolution 11, is set out under Part B of the Circular to Shareholders dated 2 June 2009 despatched together with theCompany’s Annual Report 2008.5. Ordinary Resolution 12Proposed General Mandate for the Provision of Financial AssistanceFurther information on Ordinary Resolution 12 is set out under Part B of the Circular to Shareholders dated 2 June 2009 despatched together with theCompany’s Annual Report 2008.Statement Accompanying the Notice of Annual General MeetingAdditional information pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad is set out in Annexure A of Annual Report2008.UNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Page 172statement accompanying notice of48th annual general meeting(Pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad)Directors who are standing for re-election and re-appointment at the 48th Annual General Meeting of the Company are:1. RE-ELECTION PURSUANT TO ARTICLE 94 OF THE COMPANY’S ARTICLES OF ASSOCIATION:a) YBhg Datuk Syed Ahmad Khalid Syed Mohammed (Ordinary Resolution 3)b) YB Datuk Nur Jazlan Tan Sri Mohamed (Ordinary Resolution 4)2. RE-ELECTION PURSUANT TO ARTICLE 99 OF THE COMPANY’S ARTICLES OF ASSOCIATION:a) Encik Chan Say Yeong (Ordinary Resolution 5)3. RE-APPOINTMENT PURSUANT TO SECTION 129(6), COMPANIES ACT, 1965a) YABhg Tun Musa Hitam (Ordinary Resolution 6)Please refer to the Profi le of the Board of Directors disclosed in the Company’s Annual Report 2008 for further information on the abovenamedDirectors who are standing for re-election and re-appointment.A total of four (4) Board Meetings were held during the fi nancial year ended 31 December 2008. Details of the Directors’ attendance aredisclosed under the Corporate Governance Statement in the Company’s Annual Report 2008.The place, date and time of the 48 th Annual General Meeting of the Company are as follows:Place : Nirwana Ballroom 2Lower LobbyCrowne Plaza Mutiara Kuala LumpurJalan Sultan Ismail50250 Kuala LumpurDate & Time : Wednesday, 24 June 2009 at 10.30 a.mUNITED MALAYAN LAND BHD ANNUAL REPORT 2008

Untuk menjadi pemaju hartanahterunggul yang mewujudkan gayahidup berkualiti dan komunitibersepaduUntuk mencipta jenama yangmelambangkan nilai kualiti daninovasi yang tinggi serta menjadipemaju hartanah pilihan utamaIntegritiKeutamaan pelangganKeuntunganKecemerlanganBerganjaranKumpulan kerja yang mantapProgresifUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Profil KorporatInformasi KorporatPerutusan Pengerusi176177178Tinjauan OperasiTanggungjawab Sosial KorporatKalendar Korporat190192194Profil PengarahKalendar KewanganSorotan Kewangan Bagi Lima TahunPengurusan KananPengurusan180185186188189Tadbir Urus KorporatPenyata Tadbir Urus KorporatPenyata Kawalan DalamanLaporan Jawatankuasa AuditMaklumat Pematuhan Tambahan198199207210213Penyata Kewangan219Maklumat LainSenarai HartanahAnalisa Pegangan SahamNotis Mesyuarat Agung Tahunan Ke-48Penyata Iringan Notis Mesyuarat AgungTahunan Ke-48299300303306310Borang ProksiUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

fikirkanSebagai warga korporat yang prihatin dandipacu oleh komitmen untuk bersikap inovatif,responsif dan bertanggungjawab baik darisegi sosial dan alam sekitar dalam membinaperbandaran dan pembangunan khusus untukgenerasi akan datang, UMLand berpegangkepada wawasan, misi dan nilai teras untukmenjadi pemaju yang cemerlangUntuk menyahut cabaran yang mendatang,kita perlu berfikiran lebih terbuka dan penuhdengan imaginasi. Seperti dunia kanak-kanakyang dipenuhi dengan fantasi, kreativiti, dan“Fikirkan Hari Esok” membolehkan kitaterus berkembang dalam suasana yang penuhcabaranUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

profilkorporatUnited Malayan Land Bhd (UMLand) telah diperbadankanpada 1961 dan disenaraikan di Papan Utama Bursa MalaysiaSecurities Bhd pada 1969. Aktiviti utama Kumpulan ialahpembangunan hartanah.Melalui Lembaga Pengarah dinamik dipengerusikan olehYABhg Tun Musa Hitam, Lembaga Pengarah UMLand terdiridaripada sembilan ahli Lembaga Pengarah dan seorangpengarah gilir, di mana empat adalah pengarah bebas.Dengan rekod yang terbukti sebagai pemaju hartanah yangcemerlang untuk pembangunan perbandaran campurandan pembangunan khusus mewah, strategi pertumbuhanKumpulan adalah membina asas yang kukuh menerusipeningkatan nilai Bahagian Perbandaran danmengembangkan Bahagian Pembangunan Khusus.Bahagian Perbandaran Kumpulan mempunyai tigapembangunan perbandaran dengan jumlah keluasan tanahmelebihi 5,000 ekar yang terletak di Johor (Bandar Seri Alamdan Taman Seri Austin) dan Selangor (Bandar Seri Putra),di mana kesemuanya merupakan kawasan pembangunanutama. Di bahagian pasaran pembangunan khusus,Kumpulan telah menyiapkan dan menyerahkan 846 unitkondominium dan pangsapuri khidmat di kawasan Segi TigaEmas Kuala Lumpur (Seri Bukit Ceylon) dan di Kuala LumpurSentral (Suasana Sentral Loft).Selain daripada itu, Bahagian Pembangunan Khusus telahmelancarkan Suasana Bangsar, sebuah projek pangsapurimewah 190 unit yang terletak di Bangsar. Selain dari SuasanaBangsar, Kumpulan juga mempunyai empat projek baru yangterletak dalam kawasan KLCC, Segi Tiga Emas Kuala Lumpurdan Johor Bahru.Sehingga 31 Disember 2008, modal saham berbayar UMLandadalah RM241,705,233, yang terdiri daripada 241,705,233saham biasa RM1.00 sesaham. Dana pemegang sahamKumpulan adalah sebanyak RM816.39 juta dan Aset KetaraBersih sesaham biasa adalah RM 3.38.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

informasi korporatLEMBAGA PENGARAHTun Musa HitamPengerusiPengarah Bebas Bukan EksekutifDato’ Ng Eng TeeNaib Pengerusi / Pengarah EksekutifPengarah Bukan Bebas EksekutifChen Lian PangPengarah Bukan Bebas Bukan EksekutifDatuk Syed Ahmad KhalidSyed MohammedPengarah Bebas Bukan EksekutifDatuk Nur Jazlan Tan Sri MohamedPengarah Bebas Bukan EksekutifChan Say YeongPengarah Bukan Bebas Bukan EksekutifSyed Azmin Mohd Nursin@ Syed NorPengarah Bukan Bebas Bukan EksekutifNg Eng SoonPengarah Bukan Bebas Bukan EksekutifPakhruddin SulaimanPengarah Bebas Bukan EksekutifLim Wie Shan(Pengarah Gilir kepada Chen Lian Pangdan Chan Say Yeong)Pengarah Bukan Bebas Bukan EksekutifJAWATANKUASA AUDITDatuk Syed Ahmad KhalidSyed MohammedDatuk Nur Jazlan Tan Sri MohamedChan Say YeongPakhruddin SulaimanJAWATANKUASA EKSEKUTIFTun Musa HitamDato’ Ng Eng TeeSyed Azmin Mohd Nursin@ Syed NorChan Say YeongJAWATANKUASA LEMBAGA TENDERDato’ Ng Eng TeeSyed Azmin Mohd Nursin@ Syed NorChan Say YeongJAWATANKUASA IMBUHANDatuk Syed Ahmad KhalidSyed MohammedDatuk Nur Jazlan Tan Sri MohamedSyed Azmin Mohd Nursin@ Syed NorJAWATANKUASA PENCALONANDatuk Syed Ahmad KhalidSyed MohammedDatuk Nur Jazlan Tan Sri MohamedSyed Azmin Mohd Nursin@ Syed NorJAWATANKUASA RISIKOSyed Azmin Mohd Nursin@ Syed NorDato’ Ng Eng TeePakhruddin SulaimanJAWATANKUASA OPSYENSyed Azmin Mohd Nursin@ Syed NorDato’ Ng Eng TeeAnthony YapPENGURUSAN KANANDato’ Ng Eng TeeNaib Pengerusi/Pengarah EksekutifAnthony YapKetua Pegawai Eksekutif KumpulanPee Tong LimPengarah, Kewangan dan KorporatZulkifly GaribPengarah, OperasiSETIAUSAHA SYARIKATZuraidah Mohd Yusoff(MAICSA 7001552)PEJABAT BERDAFTARSuit 1.1, Tingkat 1Kompleks AntarabangsaJalan Sultan Ismail50250 Kuala LumpurTel : 603 2142 1611Faks : 603 2142 1826 (Korporat)603 2141 4867 (Kesetiausahaan)JURUAUDITPricewaterhouseCoopersAkauntan BertauliahAras 10, 1 SentralJalan TraversKuala Lumpur Sentral50706 Kuala LumpurBANK BANK UTAMAOCBC Bank (Malaysia) BerhadAlliance Bank Malaysia BerhadMalayan Banking BerhadCIMB Bank BerhadKuwait Finance House (Malaysia) BerhadAmBank BerhadPENDAFTAR SAHAMSecurities Services (Holdings) Sdn. Bhd.Aras 7, Menara MileniumJalan DamanlelaPusat Bandar DamansaraDamansara Heights50490 Kuala LumpurTel : 603 2084 9000Faks : 603 2094 9940PENYENARAIAN BURSA SAHAMPapan UtamaBursa Malaysia Securities BerhadNama Stok : UMLANDKod Stok : 4561LAMAN WEBwww.umland.com.myUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

perutusanpengerusiSemua faktor ini menyumbang kepada kelembapan pasaran hartanahdan penangguhan pelancaran oleh Kumpulan bagi kedua-dua bahagianpasaran pembinaan khusus dan bandar.Keadaan ekonomi dan keyakinan pengguna yang lemah membuatkanUMLand mencatatkan kejatuhan ketara dalam perolehan keranapenjualan yang rendah daripada bahagian pembinaan bandar Kumpulandan kurang sumbangan daripada bahagian pembinaan mewah.Para pemegang saham yang dihormati,Sebagai Pengerusi Lembaga Pengarah (“Lembaga”) UnitedMalayan Land Bhd (“UMLand” atau “Kumpulan”), saya berbesar hatimembentangkan Laporan Tahunan Kumpulan bagi tahun kewanganberakhir 31 Disember 2008 (TK2008).Tahun tinjauan merupakan antara tahun yang paling mencabar di manamasyarakat antarabangsa telah mengalami keadaan ekonomi yangtidak menentu dan kemelut kewangan global yang luar biasa.Ini merupakan tempoh yang penuh dugaan buat UMLand. KedudukanKumpulan secara amnya adalah kukuh. Kami mempunyai kepimpinandan tenaga kerja yang berkebolehan, projek pembangunan di lokasiyang mantap dan penggearan Kumpulan yang konservatif. Kamimembina produk berkualiti dalam pelbagai peringkat sasaran yangmerangkumi hartanah kediaman kos sederhana hingga ke kediamankondominium mewah.Prestasi Kumpulan adalah sejajar dengan trend industri amnya di manakeadaan yang semakin buruk telah menjejaskan setiap pemaju hartanahdi negara ini.Prestasi KewanganBagi tahun kewangan yang ditinjau, Kumpulan mencatatkan penurunanhasil iaitu RM172.1 juta berbanding RM396.8 juta yang dicatatkanpada tahun kewangan berakhir 31 Disember 2007 (“TK2007”) keranaselesainya projek Suasana Sentral Loft yang telah menyumbangsebanyak RM108.7 juta pada TK2007.Bahagian perbandaran bandar juga menunjukkan kejatuhan ketaradalam hasil disebabkan oleh jualan hartanah yang lebih rendah yangdicatatkan dan ketiadaan jualan tanah yang strategik di Bandar SeriAlam, Johor. Pada TK2007, jualan tanah di Bandar Seri Alam terdiridaripada lot-lot banglo, sebidang tanah 50 ekar kepada MARA dan 60ekar kepada Universiti KL untuk pembangunan kampusnya.Inilah masanya bagi Kumpulan untuk mengkaji keadaan sedia adadan membuat perancangan semula untuk hari esok yang baru. Kitahendaklah fl eksibel untuk menyesuaikan diri dengan keadaan semasadan mengambil peluang daripada pasaran sekiranya ada. Cabaranini perlu ditangani oleh semua memandangkan masalah kewanganekonomi global utama yang membawa kepada krisis kewangan telahmenular dan menjejaskan semua ekonomi dunia.Ekonomi Malaysia telah mula merasakan kesan kelembapan ekonomiglobal pada setengah tahun kedua 2008, yang turut memberikanpelbagai cabaran dengan kemerosotan sentimen pengguna danpelabur.Krisis ekonomi dan kewangan jelas terasa pada 2008 dan hampirseparuh daripada negara-negara di dunia mengalami kegawatan atauyang hampir mengalami kegawatan. Semua sektor ekonomi telahterjejas dan mengakibatkan ketidaktentuan dalam permintaan hartanahkediaman.Penurunan hasil telah menjejaskan keuntungan sebelum cukai,keuntungan selepas cukai dan keuntungan selepas cukai dankepentingan minoriti (“PATMI”) Kumpulan. PATMI mencatatkan kerugiansebanyak RM3.5 juta berbanding keuntungan TK2007 yang berjumlahRM46.6 juta. Pendapatan sesaham jatuh kepada -1.4 sen pada TK2008berbanding 19.6 sen pada TK2007.DividenKumpulan tidak membayar sebarang dividen interim pada TK2008memandangkan keputusan kewangan yang diperolehi. Dividenmuktamad sebanyak 2.5% ditolak cukai telah dicadangkan oleh parapengarah. Ia tertakluk kepada kelulusan pemegang saham padamesyuarat agung tahunan yang akan datang. Sekiranya diluluskan,kumpulan akan membayarnya daripada keuntungan tertahan dibawake hadapan daripada tahun sebelumnya.Mengimbas kembali perancangan 5 tahunKenaikan kadar infl asi akibat kenaikan harga makanan dan bahan apihampir sepanjang tahun lalu tidak membantu sentimen pengguna.Kebanyakan pengguna telah mengurangkan atau menangguhkanpembelian besar seperti rumah dan kereta. Penjualan disebabkanpenebusan oleh dana lindung nilai pada awal 2008 serta ketidakstabilanpolitik negara selepas pilihan raya 8 Mac turut mempengaruhi sentimenrakyat.Mulai Oktober, indeks pengukur Bursa Malaysia, KLCI, jugamencerminkan kebimbangan para pelabur berikutan kebankrapanLehman Brothers Holdings Inc. dan usaha menyelamatkan AmericanInternational Group Inc. oleh kerajaan Amerika Syarikat.Memandangkan kegawatan ekonomi, Kumpulan kini mengkaji semulapelan strategik 5 tahun. Terdapat keperluan untuk mengkaji dan menilaisemula strategi sedia ada dan yang akan datang untuk mencuba danmengurangkan sebanyak mungkin impak kelembapan ekonomi global.Sebagai sebahagian daripada rancangan untuk terus menambahnilai kepada bahagian perbandaran, Kumpulan telah memberitumpuan kepada penjualan dan pajakan hartanah yang telah siap danpembangunan tanah bukan teras kepada rakan strategik terutamanyadi Bandar Seri Alam, yang telah dibangunkan sebagai hab pendidikandengan kampus yang dibina untuk MARA dan Universiti KL. Baru-baruini, Kumpulan telah menjual tanah seluas 200 ekar kepada UniversitiUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Teknologi MARA (“UiTM”) untuk membangunkan kampus kejuruteraandan hospitalitinya dan 15 ekar lagi untuk membangunkan Ibu PejabatPolis Daerah Timur untuk negeri Johor. Projek pembangunan ini sertadengan adanya Pusat Perubatan Regency, pasar raya Tesco danrestoran McDonald’s telah menaikkan taraf Bandar Seri Alam ke tahapkeselesaan hidup yang lebih tinggi.Sementara itu, Kumpulan sedang mengkaji semula pelan indukperbandaran berkaitan penggunaan tanah untuk meningkatkan lagipenggunaan tanah dan memaksimumkan potensi aliran pendapatan.Bagi bahagian pembangunan khusus, Kumpulan telah menangguhkanpelancaran empat projek sehingga keadaan pasaran kembali stabil dankos pembinaan menjadi lebih rendah.Seri Alam bagi tujuan memajakkan hartanah kepada pihak ketiga yanglayak. Memandangkan keadaan ekonomi yang lembap, Kumpulantelah mengambil langkah-langkah proaktif untuk menyemak produkbaru serta jadual pelancarannya.Pembangunan perbandaran dijangka akan terus memberikansumbangan asas dari segi penjualan pembangunan dan jualan tanahpembangunan bukan teras kepada rakan kongsi strategik untukmempercepatkan pertumbuhan perbandaran.Kumpulan telah menikmati kejayaan yang memberangsangkan daripembangunan khusus apabila selesainya pembinaan dua projekkondominium mewah, iaitu Seri Bukit Ceylon dan Suasana Sentral Loft,manakala Suasana Bangsar, telah dilancarkan semasa tahun tinjauan.Pada TK2007, dua projek khusus telah dikenal pasti untuk dilancarkanpada TK2008. Salah satu daripadanya ialah Suasana Bangsar yangtelah dilancarkan dengan kadar jualan yang memberangsangkan,manakala bagi projek pangsapuri khidmat di kawasan kejirananSegi Tiga Emas Raja Chulan telah ditangguhkan buat sementarawaktu. Selain daripada projek Raja Chulan, projek mewah lain yangditangguhkan termasuk cadangan pembangunan projek Ipjora yangterletak di kawasan Segi Tiga Emas Kuala Lumpur dan projek Matexdi Johor Bahru Kedua-duanya diperoleh pada TK2008. Projek Mayangberhampiran kawasan KLCC (usaha sama 50:50 dengan Bolton Bhd)masih menunggu kelulusan arahan pembinaan.Secara keseluruhannya, Kumpulan akan lebih berhati-hati dalammelancarkan produk baru atau fasa-fasa projek sedia ada pada tahun2009 tetapi akan terus bergerak ke hadapan dengan penyelarasanyang sesuai kepada pelan 5 tahun Kumpulan dalam usaha untukmenjadikannya lebih relevan bagi menghadapi cabaran di masa akandatang.Gambaran Pasaran Hartanah 2009Pasaran hartanah pada 2009 dijangkakan tidak akan menunjukkanpeningkatan yang ketara berbanding 2008 kerana kegawatan ekonomiglobal dijangka bertambah buruk.Kumpulan akan berhadapan dengan lebih banyak lagi cabaran,antaranya termasuklah penjualan, pembiayaan dan kos pembinaan.Prospek di masa akan datang banyak bergantung kepada pemulihanekonomi Malaysia yang mana, ia turut bergantung kepada pemulihanekonomi global.Setakat ini belum ada lagi perancangan dari segi pembelian tanah,perubahan korporat dan rakan niaga selain daripada yang telah diterokaidan diumumkan, iaitu, cadangan pembinaan usaha sama dengan UEMLand Bhd di Nusajaya dan cadangan pembangunan usaha samadengan Tradewinds Johor Sdn Bhd di Pulai.Projek masa akan datang di bawah bahagian pembangunan khusustermasuklah projek Raja Chulan dan Ipjora di kawasan Segi Tiga EmasKuala Lumpur, projek Mayang berhampiran KLCC dan projek Matex diJohor Bahru.Tahun semasa adalah mencabar tetapi kami akan terus melangkah kehadapan untuk mencari peluang yang akan memberikan hasil yangkukuh kepada Kumpulan. Kumpulan akan memastikan ia kekal berdayasaing dalam menghadapi cabaran dan akan cuba mengurangkan kesankegawatan global sebanyak mungkin.PenghargaanSeperti biasa, kekuatan utama Kumpulan terletak pada sokongan padudan tidak berbelah bagi daripada para pemegang sahamnya, LembagaPengarah yang berdedikasi dan profesional serta komitmen yangditunjukkan oleh pihak pengurusan dan kakitangan.Saya yakin dengan kerjasama dan sokongan daripada para pemegangsaham, Lembaga dan kakitangan, Kumpulan akan mampu menghadapicabaran di masa akan datang. Tahun semasa sudah tentunya akanmenjadi tahun yang sukar tetapi kami bersedia menghadapi sebarangkemungkinan dan mempunyai pelan taktikal untuk menangani kesanketidaktentuan ekonomi. Kami sedar bahawa keadaan akan sentiasaberubah dan kami ingin menjadi cukup tangkas untuk mara ke hadapandan mengharungi cabaran.Saya ingin mengambil kesempatan mengucapkan terima kasih kepadapihak pengurusan dan juga kepada semua kakitangan Kumpulan atasdedikasi dan kesetiaan di dalam menghadapi suasana yang tidakmenentu ini.Akhir sekali, penghargaan saya buat pelanggan yang dihargai, pihakbank, rakan niaga dan pihak berkuasa tempatan atas keyakinan dansokongan yang berterusan.Walaupun begitu, Kumpulan sentiasa terbuka kepada mana-manapeluang baru yang lebih berdaya saing sekiranya ada.Untuk pembangunan perbandaran, tumpuan utama adalah untuk unitsedia ada. Jualan akan tetap diteruskan, manakala sesetengah tanahdan perumahan akan dipajakkan untuk mendapatkan pulangan. Untukini, Kumpulan telah menubuhkan bahagian pengurusan aset di BandarTun Musa HitamPengerusiUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

profilpengarahTun Musa HitamPengerusiPengarah Bebas Bukan Eksekutif, 75, Warganegara MalaysiaDato’ Ng Eng TeeNaib Pengerusi /Pengarah EksekutifPengarah Bukan Bebas Eksekutif, 59, Warganegara Singapura /Penduduk Tetap MalaysiaTun Musa Hitam telah dilantik ke Lembaga Pengarah UMLand pada26 Januari 2006. Beliau juga adalah Pengerusi JawatankuasaEksekutif UMLand.Sebelum menjadi Timbalan Perdana Menteri Malaysia yang ke-limadan Menteri Hal Ehwal Dalam Negeri daripada 1981 ke 1986, TunMusa Hitam telah memegang beberapa jawatan kanan kerajaan,termasuk Pengerusi Lembaga Kemajuan Tanah Persekutuan(FELDA), Timbalan Menteri Perdagangan dan Industri, MenteriPerusahaan Utama dan Menteri Pendidikan. Antara tahun 1990 dan1991, beliau ialah Duta Khas Malaysia kepada Pertubuhan BangsabangsaBersatu dan pada 1995 ke 2002, Duta Khas Perdana Menterikepada Kumpulan Bertindak Komanwel peringkat Menteri. Beliaumengetuai perwakilan Malaysia ke Suruhanjaya Bangsa-bangsaBersatu untuk Hak Asasi Manusia dari 1993 ke 1998 dan Pengerusiuntuk sesi ke-52 Suruhanjaya pada 1995.Tun Musa Hitam menerima Ijazah Sarjana Muda Sastera dari UniversitiMalaya dan Ijazah Sarjana dalam Perhubungan Antarabangsa dariUniversiti Sussex, United Kingdom. Beliau juga memegang DoktorKehormat dari Universiti Sussex, Universiti Malaysia Sabah danUniversiti Malaya. Beliau adalah bekas ahli fellow Pusat Hal EhwalAntarabangsa, Universiti Harvard, Amerika Syarikat dan ahli fellowInstitut Pengurusan Malaysia dan ahli Badan Penasihat JurnalDiplomasi dan Perhubungan Luar Malaysia.Dato’ Ng Eng Tee menyertai Lembaga Pengarah UMLand pada 31Oktober 1995 dan menyandang jawatan Naib Pengerusi Bersama/Pengarah Eksekutif pada 28 Ogos 2002. Pada 31 Oktober 2008,beliau dilantik sebagai Naib Pengerusi/Pengarah Eksekutif UMLand.Beliau adalah ahli Jawatankuasa Eksekutif, Jawatankuasa LembagaTender, Jawatankuasa Risiko dan Jawatankuasa Opsyen UMLand.Beliau adalah bekas graduan Politeknik Singapura. Beliau adalahPengarah Urusan Chee Tat Holdings (Singapore) Pte Ltd. Selainitu, beliau juga adalah Presiden King George Financial Corporationdan pengarah Allied Hotel Properties Incorporated, kedua-duanyatersenarai di Bursa Saham Kanada. Beliau juga adalah ahli pengasassepanjang hayat Kelab Presiden Universiti Simon Fraser.Dato’ Ng Eng Tee adalah abang kepada Ng Eng Soon, pengarahUMLand. Beliau juga adalah nomini Chee Tat Holdings (Singapore)Pte Ltd, pemegang saham utama UMLand. Justeru itu beliaudianggap mempunyai kepentingan di dalam sesetengah urus niagaberulang dengan pihak berkaitan yang berbentuk hasil dan daganganyang perlu kepada operasi harian di mana UMLand dan subsidiarinyamungkin berurusan dengan Chee Tat Holdings (Singapore) Pte Ltd.Beliau juga tidak pernah disabit dengan sebarang kesalahan dantiada perancangan perniagaan bersama UMLand di mana beliaumempunyai kepentingan peribadi.Beliau ketika ini adalah Pengerusi Sime Darby Berhad dan LionIndustries Corporation Berhad.Beliau juga adalah bekas ahli Panel Penasihat untuk Wilayah EkonomiSelatan Johor, Pengerusi Bersama Majlis Perniagaan Malaysia-China,Pengerusi Forum Ekonomi Dunia Islam, Pengerusi Kumpulan Tokohtokohutama bagi Piagam ASEAN dan Duta Khas kepada SetiausahaAm Komanwel ke Maldives.Tun Musa Hitam tidak mempunyai sebarang pertalian keluargadengan mana-mana pengarah atau pemegang saham utamaUMLand. Beliau juga tidak pernah disabit dengan sebarangkesalahan dan tiada perancangan perniagaan bersama UMLand dimana beliau mempunyai kepentingan peribadi.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Chen Lian PangPengarah Bukan Bebas Bukan Eksekutif, 51, Warganegara MalaysiaDatuk Syed Ahmad Khalid SyedMohammedPengarah Bebas Bukan Eksekutif 59, Warganegara MalaysiaChen Lian Pang menyertai Lembaga Pengarah UMLand pada 2 April2007.Beliau kini adalah Ketua Pegawai Eksekutif Asia Tenggara bagiCapitaLand Commercial Limited. Sebelum itu beliau merupakanKetua Pegawai Eksekutif dan Pengarah Urusan T.C.C. Capital LandLtd, sebuah syarikat usaha sama CapitaLand dengan T.C.C. LandThailand, sejak bermulanya kerjasama tersebut pada September2003 sehingga 31 Disember 2008. Beliau mempunyai lebih 20 tahunpengalaman dalam bidang pembinaan dan hartanah di Singapuradan luar negara.Sebelum menyertai CapitaLand, beliau adalah Timbalan KetuaPegawai Eksekutif/Pengarah Negara di L&M International, di manabeliau menimba pengalaman dan pendedahan antarabangsa dalampembangunan pejabat dan komersil serta projek kondominium.Datuk Syed Ahmad Khalid Syed Mohammed telah dilantik keLembaga Pengarah UMLand pada 19 Oktober 1994. Beliau kiniadalah Pengerusi Jawatankuasa Audit dan ahli JawatankuasaPencalonan dan Jawatankuasa Imbuhan UMLand.Datuk Syed Ahmad Khalid memperolehi Ijazah Sarjana pengkhususandalam bidang Ekonomi dan Perdagangan dan KewanganAntarabangsa dari Universiti Ohio, Amerika Syarikat.Beliau tidak mempunyai sebarang pertalian keluarga dengan manamanapengarah atau pemegang saham utama UMLand. Beliau tidakpernah disabit dengan sebarang kesalahan dan tiada perancanganperniagaan bersama UMLand di mana beliau mempunyai kepentinganperibadi.Beliau memiliki Ijazah Sarjana Sains Kejuruteraan Awam dari UniversitiKebangsaan Singapura dan Ijazah Sarjana Muda Sains pengkhususanKejuruteraan Awam (Kelas Pertama) dari Universiti Cardiff, UnitedKingdom. Beliau juga adalah seorang jurutera profesional berdaftar.Beliau tidak mempunyai sebarang pertalian keluarga dengan manamanapengarah atau pemegang saham utama UMLand kecualisebagai nomini CapitaLand, pemegang saham utama UMLand.Justeru itu beliau dianggap mempunyai kepentingan di dalamsesetengah urus niaga berulang dengan pihak berkaitan yangberbentuk hasil dan dagangan yang perlu kepada operasi hariandi mana UMLand dan subsidiarinya mungkin berurusan denganKumpulan CapitaLand. Beliau juga tidak pernah disabit dengansebarang kesalahan dan tiada perancangan perniagaan bersamaUMLand di mana beliau mempunyai kepentingan peribadi.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Datuk Nur Jazlan Tan Sri MohamedChan Say YeongPengarah Bebas Bukan Eksekutif, 43, Warganegara MalaysiaPengarah Bukan Bebas Bukan Eksekutif, 45, Warganegara MalaysiaDatuk Nur Jazlan telah dilantik ke Lembaga Pengarah UMLand pada19 Oktober 1994. Beliau juga adalah ahli Jawatankuasa Audit,Jawatankuasa Pencalonan dan Jawatankuasa Imbuhan UMLand.Datuk Nur Jazlan adalah ahli fellow Persatuan Akauntan Bertauliah(ACCA), United Kingdom. Beliau adalah Ahli Majlis dan PengerusiJawatankuasa Perhubungan Awam kepada Institut AkauntanMalaysia dan juga Ahli Majlis Akauntan Persekutuan ASEAN.Selain daripada pengalaman korporat, Datuk Nur Jazlan juga aktifdalam bidang politik. Beliau adalah Ketua UMNO Pulai, Johor danjuga Pengerusi Barisan Nasional bahagian itu. Beliau pernah menjadiAhli EXCO Pemuda UMNO dari 1996 hingga 2004. Beliau telahterpilih sebagai Ahli Parlimen untuk Kawasan Parlimen Pulai (Johor)pada pilihan raya umum yang diadakan pada Mac 2008. Beliaujuga menjadi ahli Jawatankuasa Akaun Awam (PAC) di Parlimen danPengerusi Jawatankuasa Kewangan Kelab Penyokong KerajaanBarisan Nasional.Beliau ketika ini menganggotai Lembaga Pengarah Telekom MalaysiaBerhad (TM), Prinsiptek Corporation Berhad, Penang Port Sdn Bhd.,Jaycorp Berhad, TSH Resources Berhad dan Ekowood InternationalBerhad.Datuk Nur Jazlan pernah menjadi Pengerusi Jawatankuasa AuditLembaga TM dari tahun 2004 hingga 2007 serta ahli dalamJawatankuasa Tender Lembaga. Beliau juga adalah ahli LembagaPesuruhjaya PT Excelcomindo Pratama, Indonesia sehingga 28 Julai2008, dan Pengerusi Multinet Pakistan (Private) Limited, subsidiarikepada TM sehingga 30 Jun 2008.Chan Say Yeong telah dilantik ke Lembaga Pengarah UMLandpada 1 Ogos 2008. Beliau juga adalah ahli Jawatankuasa Audit,Jawatankuasa Eksekutif dan Jawatankuasa Lembaga TenderUMLand.Beliau kini ialah Ketua Pegawai Eksekutif dan Pengarah EksekutifQuill Capita Management Sdn Bhd. Sebelum ini, beliau adalahPengarah Urusan CapitaLand Financial Limited yang berpangkalandi Malaysia.Chan Say Yeong memegang Ijazah Sarjana Muda Perakaunan dariUniversiti Kebangsaan Singapura. Beliau telah menjalani ProgramPembangunan Eksekutif di Wharton School, Universiti Pennsylvania,Amerika Syarikat.Beliau tidak mempunyai sebarang pertalian keluarga dengan manamanapengarah atau pemegang saham utama UMLand kecualisebagai nomini CapitaLand, pemegang saham utama UMLand.Justeru itu beliau dianggap mempunyai kepentingan di dalamsesetengah urus niaga berulang dengan pihak berkaitan yangberbentuk hasil dan dagangan yang perlu kepada operasi hariandi mana UMLand dan subsidiarinya mungkin berurusan denganKumpulan CapitaLand. Beliau juga tidak pernah disabit dengansebarang kesalahan dan tiada perancangan perniagaan bersamaUMLand di mana beliau mempunyai kepentingan peribadi.Datuk Nur Jazlan tidak mempunyai sebarang pertalian keluargadengan mana-mana pengarah atau pemegang saham utamaUMLand. Beliau tidak pernah disabit dengan sebarang kesalahandan tiada perancangan perniagaan bersama UMLand di mana beliaumempunyai kepentingan peribadi.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Syed Azmin Mohd Nursin@ Syed NorPengarah Bukan Bebas Bukan Eksekutif, 45, Warganegara MalaysiaNg Eng SoonPengarah Bukan Bebas Bukan Eksekutif, 52, Warganegara SingapuraSyed Azmin Mohd Nursin @ Syed Nor telah dilantik ke LembagaPengarah UMLand pada 3 Mei 2006. Beliau adalah ahliJawatankuasa Eksekutif, Jawatankuasa Lembaga Tender,Jawatankuasa Risiko, Jawatankuasa Pencalonan, JawatankuasaImbuhan dan Jawatankuasa Opsyen UMLand.Beliau kini adalah Pengarah Eksekutif Amtek Holdings Berhad. Beliaujuga menganggotai Lembaga Pengarah Engtex Group Berhad,Tradewinds Corporation Berhad dan Tradewinds (M) Berhad.Beliau adalah bekas Pengarah Eksekutif CN Asia CorporationBerhad dari 1997 hingga 2005 di mana beliau bertanggungjawabbagi hal-ehwal korporat dan pembangunan perniagaan. Pada tahun1999, beliau adalah seorang daripada Pengasas / Pengarah sebuahsyarikat IT, iaitu Commerce Dot Com Sdn Bhd, yang mengendalikansatu projek perdagangan elektronik kerajaan, e-Perolehan.Syed Azmin memperolehi Ijazah Sarjana Muda Sains, pengkhususanPengurusan Perniagaan dari Universiti Berkeley, Amerika Syarikat.Setelah menamatkan pengajian pada tahun 1984, beliau terlibatdalam beberapa perniagaan persendirian termasuk perdagangankomoditi, pembangunan kediaman, perkilangan dan pembrokeransaham.Ng Eng Soon telah dilantik ke Lembaga Pengarah UMLand pada31 Oktober 1995. Beliau kini adalah Pengarah Eksekutif Chee TatHoldings (Singapore) Pte Ltd.Beliau menamatkan pengajian dari London School of Economics,United Kingdom dengan Ijazah Sarjana Muda pengkhususanEkonomi.Ng Eng Soon ialah adik kepada Dato’ Ng Eng Tee, Naib Pengerusi /Pengarah Eksekutif UMLand. Beliau adalah nomini Chee Tat Holdings(Singapore) Pte Ltd, pemegang saham utama UMLand. Justeruitu beliau dianggap mempunyai kepentingan dalam sesetengahurus niaga berulang dengan pihak berkaitan yang berbentuk hasildan dagangan yang perlu kepada operasi harian di mana UMLanddan subsidiarinya mungkin berurusan dengan Chee Tat Holdings(Singapore) Pte Ltd. Beliau tidak pernah disabit dengan sebarangkesalahan dan tiada perancangan perniagaan bersama UMLand dimana beliau mempunyai kepentingan peribadi.Beliau tidak mempunyai sebarang pertalian keluarga denganmana-mana pengarah UMLand. Beliau adalah nomini TradewindsCorporation Berhad, pemegang saham utama UMLand dan adikkepada YBhg Tan Sri Dato’ Syed Mokhtar Shah bin Syed Nor,pemegang saham berkepentingan besar UMLand. Justeru itubeliau dianggap mempunyai kepentingan dalam sesetengah urusniaga berulang dengan pihak berkaitan yang berbentuk hasil dandagangan yang perlu kepada operasi harian di mana UMLand dansubsidiarinya mungkin berurusan dengan Tradewinds CorporationBerhad dan kumpulannya. Beliau tidak pernah disabit dengansebarang kesalahan dan tiada perancangan perniagaan bersamaUMLand di mana beliau mempunyai kepentingan peribadi.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Pakhruddin SulaimanPengarah Bebas Bukan Eksekutif, 52, Warganegara MalaysiaLim Wie Shan(PENGARAH GILIR KEPADA CHEN LIAN PANG DAN CHAN SAY YEONG)Pengarah Bukan Bebas Bukan Eksekutif, 39, Warganegara SingapuraPakhruddin Sulaiman telah dilantik ke Lembaga Pengarah UMLandpada 27 Ogos 2007. Beliau adalah ahli Jawatankuasa Audit danJawatankuasa Risiko UMLand.Lim Wie Shan menyertai Lembaga Pengarah UMLand sebagaipengarah gilir kepada Chen Lian Pang dan Chan Say Yeong pada1 Ogos 2008.Pakhruddin menamatkan pengajian dari Universiti London, UnitedKingdom dengan Ijazah Sarjana Muda Undang-undang. Beliau jugaadalah Barrister-at-law dari Lincoln’s Inn.Beliau memulakan kerjaya beliau pada 1985 sebagai pembantuundang-undang di beberapa fi rma guaman. Beliau menyertai MohdKhamil & Co sebagai Rakan Pengurusan pada 1993. Beliau kiniadalah Rakan Pengurusan Pakhruddin & Partners.Beliau juga adalah ahli Lembaga Pengarah Tradewinds PlantationBerhad.Pakhruddin tidak mempunyai sebarang pertalian keluarga denganmana-mana pengarah atau pemegang saham utama UMLand.Beliau juga tidak pernah disabit dengan sebarang kesalahan dantiada perancangan perniagaan bersama UMLand di mana beliaumempunyai kepentingan peribadi.Lim Wie Shan kini adalah pengarah MCDF Investment Pte Ltd danMCDF Management Pte Ltd.Beliau adalah bekas graduan dari Universiti Teknologi Nanyangdengan Ijazah Sarjana Muda Kejuruteraan (Kepujian) yang diperolehpada tahun 1993 dan mempunyai Ijazah Sarjana Sains (KejuruteraanAwam) serta Sarjana Pengurusan Perniagaan masing-masing dariUniversiti Kebangsaan Singapura dan Kolej Imperial, University ofLondon. Beliau juga telah menjalani Program Pembangunan Eksekutifdi Wharton School, Universiti Pennsylvania, Amerika Syarikat.Pada tahun 1997, beliau telah menyertai Pidemco Land Limited (kinidikenali sebagai CapitaLand Limited). Beliau kini adalah Naib PresidenKanan, Pelaburan dan Pengurusan Harta di CapitaLand CommercialLimited. Beliau juga adalah pengarah MCDF Investment Pte Ltd danMCDF Management Pte Ltd, yang bertumpuan terhadap Malaysia.Lim Wie Shan tidak mempunyai sebarang pertalian keluarga denganmana-mana pengarah atau pemegang saham utama UMLandkecuali sebagai nomini CapitaLand, pemegang saham utamaUMLand. Justeru itu beliau dianggap mempunyai kepentingandalam sesetengah urus niaga berulang dengan pihak berkaitan yangberbentuk hasil dan dagangan yang perlu kepada operasi hariandi mana UMLand dan subsidiarinya mungkin berurusan denganKumpulan CapitaLand. Beliau juga tidak pernah disabit dengansebarang kesalahan dan tiada perancangan perniagaan bersamaUMLand di mana beliau mempunyai kepentingan peribadi.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

kalendar kewanganbagi tempoh1 januari 2008 hingga31 disember 2008feb feb meiPembayaran dividen interimsebanyak 2.5 sen kasar sesahambiasa berhubung tahun kewanganberakhir 31 Disember 2007.Dividen bersih ini berjumlahRM4,463,922.06.Pengumuman keputusan kewanganSuku Keempat bagi tahunkewangan berakhir 31 Disember2007 ke Bursa Malaysia SecuritiesBerhad.Pengumuman keputusan kewanganSuku Pertama bagi tahunkewangan berakhir 31 Disember2008 ke Bursa Malaysia SecuritiesBerhad.junogosseptMesyuarat Agung Tahunan ke 47dan Mesyuarat Agung Luar Biasadi Crowne Plaza Mutiara, KualaLumpur.Pengumuman keputusan kewanganSuku Kedua bagi tahun kewanganberakhir 31 Disember 2008 keBursa Malaysia Securities Berhad.Pembayaran dividen akhirsebanyak 7.5 sen kasar sesahambiasa tolak cukai berhubungtahun kewangan berakhir 31Disember 2007. Dividen bersih iniberjumlah RM13,392,341.21.novPengumuman keputusan kewanganSuku Ketiga bagi tahun kewanganberakhir 31 Disember 2008 keBursa Malaysia Securities Berhad.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

sorotankewanganbagi limatahun(Angka dalam RM Juta kecuali yang dinyatakan)Kumpulan UMLand20082007200620052004KEPUTUSAN OPERASIHasil172.08396.77416.58214.80164.85Keuntungan sebelum cukai0.5871.0567.4636.8635.02Cukai(1.84)(11.10)(10.89)(3.13)(9.31)Keuntungan/(kerugian) bersih bagi tahun kewangan(1.26)59.9556.5733.7325.71Diagihkan kepada:Pemegang ekuiti Syarikat(3.46)46.6140.1529.2120.57Kepentingan minoriti2.2013.3416.424.525.14MAKLUMAT UTAMA DALAM LEMBARAN IMBANGANHartanah, loji dan peralatan328.91339.43344.29344.39344.16Pelaburan jangka panjang40.1735.184.724.762.75Tanah dipegang untuk pembangunan hartanah172.97163.97174.29178.45206.99Aset bukan semasa lain16.5214.1217.2521.8618.43Aset semasa712.87728.13812.61642.37571.21JUMLAH ASET1,271.441,280.831,353.161,191.831,143.54Liabiliti semasa211.49199.18360.90240.57229.07Pinjaman bukan semasa134.67149.87116.11112.6789.60Liabiliti bukan semasa lain24.8312.0829.1132.7936.50JUMLAH LIABILITI370.99361.13506.12386.03355.17JUMLAH ASET BERSIH900.45919.70847.04805.80788.37Kepentingan minoriti(84.06)(86.87)(74.65)(59.40)(54.40)EKUITI PEMEGANG SAHAM816.39823.83772.39746.40733.97NISBAH KEWANGANDividen kasar sesaham (sen)- Dikenakan cukai2.510.06.57.57.5- Dikecualikan cukai--2.5--Pendapatan asas sesaham (sen)Aset bersih sesaham (RM)(1.4) *3.38 **19.63.4517.33.3312.63.228.93.16Penggearan (kali)0.340.300.450.350.31* Pendapatan asas sesaham dikira berdasarkan purata berwajaran 241,299,682 bilangan saham terbitan sepanjang tahunan.** Aset bersih sesaham (diagih kepada pemegang ekuiti Syarikat) dikira berdasarkan 241,303,433 bilangan saham terbitan yang dikurangkan(setelah ditolak 401,800 saham perbendaharaan)UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

(Angka dalam RM Juta kecuali yang dinyatakan)UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

pengurusan kananAnthony YapKetua Pegawai Eksekutif Kumpulan61, Warganegara CanadaPee Tong LimPengarah, Kewangan & Korporat59, Warganegara MalaysiaZulkifly GaribPengarah, Operasi48, Warganegara MalaysiaAnthony Yap menyertai Kumpulan UMLandpada Ogos 2006 sebagai KetuaPegawai Eksekutif Kumpulan. Beliaubertanggungjawab terhadap haluanstrategik dan pengurusan dan operasikeseluruhan Kumpulan.Beliau memperolehi Ijazah Sarjana MudaPerundangan (Kelas Kedua Tertinggi) dariUniversiti Singapura dan pernah berkhidmatdi sektor swasta untuk beberapa tahun.Beliau mempunyai pengalaman antarabangsaselama lebih 20 tahun dalam industrihospitaliti, pembangunan hartanah,pengurusan dan jualan. Beliau juga pernahmenjawat jawatan sebagai Pengarah,Pengarah Eksekutif Kanan dan Pengerusientiti awam yang tersenarai di Malaysia,Hong Kong dan Australia.Pee Tong Lim menyertai Kumpulan UMLandpada Mac 2005 sebagai Pengarah,Kewangan & Korporat. Beliaubertanggungjawab terhadap pengurusankewangan, fungsi perbendaharaan danpembangunan korporat Kumpulan.Beliau adalah graduan Ijazah Sarjana MudaPerakaunan dari Universiti Singapura danahli berdaftar Institut Akauntan Awam,Singapura dan ahli fellow PersatuanAkauntan Bertauliah, United Kingdom.Beliau mempunyai pengalaman dalamperbankan perdagangan denganpenglibatan dalam kewangan korporat,khidmat nasihat dan perancangan. Beliaupernah menjawat pelbagai jawatan kanandalam sektor swasta dan sektor awam diMalaysia dan Singapura. Beliau juga pernahmenjadi Pengarah dan ahli JawatankuasaAudit Syarikat dari Oktober 1995 hinggaMac 2005.Zulkifl y Garib menyertai Kumpulan UMLandpada Ogos 2006 sebagai Pengarah,Operasidan bertanggungjawab ke atas portfolioprojek pembangunan perbandaran Kumpulan.Beliau memperolehi Ijazah Sarjana MudaSains dalam Kejuruteraan Awam dariPoliteknik Hatfi eld, United Kingdom danmemulakan kerjayanya sebagai perundingkejuruteraan awam pada 1986. Beliaukemudiannya menyandang jawatan sebagaiJurutera Geoteknikal dan seterusnya sebagaiJurutera Fasiliti masing-masing di PLUSBerhad dan UMW Corporation Sdn Bhd.Beliau mempunyai pengalaman lebih 15tahun dalam pembangunan hartanah dantelah memegang jawatan pengurusankanan di Land & General Berhad. Sebelummenyertai UMLand, beliau adalah PengurusBesar Kanan di UDA Holdings Bhd danKetua Bahagian Perbandaran Kumpulan.Zulkifly Garib pernah menganggotaijawatankuasa Bahagian TeknikalPerkhidmatan Bangunan, Institut JuruteraMalaysia dan kini merupakan ahlijawatankuasa REHDA, cawangan Johor.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

pengurusanpengurusanoperasiUnited Malayan Land Bhd. Suasana Sentral Two Sdn. Bhd. Seri Alam Properties Sdn. Bhd.and Dynasty View Sdn. Bhd.Lim Chin TianPengarah TeknikalMohd Dinniah YusofPengurus Besar Kanan, Penasihat CukaiLong Foo LumPengurus Besar, Pembangunan PerniagaanTengku Mahmood Tengku IsmailPengurus Besar, Hubungan Teknikal KumpulanGan Teong HockPengawal KewanganChong Sumi LeongPengurus Besar, ProjekZuraidah Mohd YusoffTimbalan Pengurus Besar, Kesetiausahaan /PerundanganLeong Chooi KuenTimbalan Pengurus Besar, Perancangan CukaiKorporat dan Pengurusan RisikoNeoh Kim WahTimbalan Pengurus Besar,Pemasaran KumpulanNoralina KamarudinTimbalan Pengurus Besar,Sumber Manusia dan Pentadbiran KumpulanYap Man YingPengurus Kanan, KewanganLim Siang JooPengurus Kanan, Teknologi MaklumatAb Aziz Ab HamidPengurus, Keselamatan KumpulanJessylina Mat LazimPengurus, Perhubungan AwamNorulhudai NasirPengurus KananPengurusan Kewangan dan RisikoTeo Lian SengPengurus Kanan, ProjekBangi Heights DevelopmentSdn. Bhd.Ng Tay GuanPengurus BesarWoo Wee TiongPengurus Kanan, ProjekYasmin DaudPengurus Kanan, Pengurusan PerbandaranMun Choong JanPengurus Kanan, KewanganAw Wee KiatPengurus, PerhubunganAu Kar ShengPengurus, Pemasaran & JualanMohd Noor Abdul SalamPengurus Besar, Seri Alam Properties Sdn. Bhd.(SAP)Wong Kuen KongPengurus Besar, Dynasty View Sdn. Bhd.(DVSB)Goh Hong SeongPengurus Besar, ProjekTan Siew PengTimbalan Pengurus Besar, KewanganTan Kiat HowTimbalan Pengurus Besar,Pengurusan Aset dan Khidmat SokonganMohd Saifuddin SalehuddinPengurus Kanan, Kemudahan danPenyelenggaraanChang Siau HamPengurus Kanan, Jualan dan Pemasaran (SAP)Law Teck SengPengurus, PerhubunganCheng Siew LeePenolong Pengurus, Jualan dan Pemasaran(DVSB)UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

tinjauanoperasiPendahuluanTahun tinjauan kali ini akan sentiasa diingati sebagai tahun di manakeseluruhan sistem kewangan global mengalami kejatuhan danekonomi dunia yang utama terjejas teruk.Kadar infl asi yang lebih tinggi, harga bahan binaan yang semakinmahal dan kelembapan ekonomi yang melemahkan sentimenpengguna menjelang penghujung tahun adalah antara perkara utamayang menjejaskan industri pembinaan di Malaysia. Landskap sistemekonomi global telah berubah secara mendadak dan Malaysia turutmerasai kesannya.Kejadian luaran seperti kegagalan institusi kewangan antarabangsadan kegawatan di kalangan rakan dagang utama Malaysia menjadikanpasaran lebih berhati-hati di mana kebanyakan pelanggan danpelabur mengambil sikap ‘tunggu dan lihat’ dan menangguhkanpembelian barangan bukan keperluan.Suasana ekonomi tahun 2008Semasa tahun kewangan, kadar infl asi telah meningkat, bukansahaja di Malaysia malah di serata dunia, akibat kenaikan hargamakanan dan minyak pada setengah tahun pertama 2008. Kenaikanharga bahan binaan yang mendadak semasa tempoh yang samajuga menyebabkan kos pembinaan meningkat dengan ketara danmemberi kesan terhadap industri secara keseluruhannya.Penggunaan domestik yang mampu bertahan pada setengah tahunpertama, mula menurun menjelang akhir tahun akibat kenaikan hargabahan api dan kesan yang timbul selepas itu.Untuk menaikkan ekonomi, kerajaan telah mengumumkan pakejrangsangan bernilai RM7 bilion pada November 2008 berikutanpertumbuhan yang lemah terutamanya dalam sektor pembuatanyang menyaksikan pengeluaran mengalami penyusutan ketara sejakOktober.Pertumbuhan ekonomi Malaysia turut perlahan akibat permintaan luaryang lebih rendah. Keluaran Dalam Negara Kasar (“KDNK”) hanyameningkat 0.1% dalam suku keempat 2008 (“4Q08”), berbanding4.7% pada suku tahun sebelumnya. Pertumbuhan sepanjangtahun adalah sebanyak 4.6% pada 2008 berbanding 6.3% pada2007. Sektor pengeluaran terjejas teruk dengan pengecutan 8.8%pada 4Q08 akibat kejatuhan eksport yang teruk. Untuk sepanjangtahun, sektor tersebut hanya mengalami pertumbuhan sebanyak1.3% berbanding 3.1% pada 2007.Sektor perkhidmatan menjadi asas pertumbuhan ekonomi denganmengalami pertumbuhan sederhana sebanyak 5.6% pada 4Q08berbanding 7.1% pada suku tahun sebelumnya. Pertumbuhanuntuk sepanjang tahun pula adalah sebanyak 7.3% berbanding9.7% pada 2007.Kebanyakan subsektor yang terdiri daripada perkhidmatanmencatatkan pertumbuhan, walaupun lebih rendah berbanding tahunsebelumnya. Sub-sektor hartanah dan perkhidmatan perniagaanmengecut sebanyak 16.7% kepada pertumbuhan 1.5% bagi tahun2008 berbanding 18.2% yang dicatatkan pada 2007.Sektor pembinaan, di mana industri hartanah menjadi bahagian yangutama, mencatatkan pertumbuhan 2.1% pada 2008 berbanding3.1% pada 2007, disokong oleh aktiviti dalam tiga subsektor, iaitukejuruteraan awam, kediaman dan bukan kediaman.Industri hartanahKelembapan ekonomi pada setengah tahun kedua 2008 menjejaskanindustri dari segi jualan semasa pelancaran serta pihak pemaju pulamula menangguhkan pelancaran. Tambahan pula, kos pembinaanyang semakin meningkat akibat harga barangan pembinaan yanglebih tinggi juga membebankan industri tersebut pada setengahtahun pertama.Kenaikan kadar infl asi sepanjang tahun diburukkan lagi oleh kenaikanharga bahan api dan tarif elektrik juga menjejaskan sentimenpelanggan.Untuk mengatasi masalah tersebut, Bank Negara telah menurunkankadar polisi semalaman (“OPR”) iaitu pengukur kadar pinjamannegara, sebanyak 25 mata asas kepada 3.25% pada November2008. Seterusnya selepas itu, bank pusat telah membuat dua lagipenurunan kadar OPR, iaitu sebanyak 75 mata asas pada Januari2009 dan 50 mata asas pada Februari 2009, untuk menjadikannya2.0%.Berikutan daripada potongan kadar OPR, bank-bank komersial turutmelakukan langkah yang sama dengan merendahkan kadar pinjamanasas mereka. Sedikit sebanyak, ini telah dapat mengurangkanbeban pembeli rumah.Selain daripada potongan kadar faedah, pengecualian setem dutisebanyak 50% juga diberikan bagi perjanjian pinjaman rumah yangdibuat pada atau sebelum 30 Ogos 2008 sehingga 31 Disember2010. Sebelum ini, pengecualian setem duti hanya diberikan atasinstrumen pindahan yang dilaksanakan pada atau selepas 8September 2007 tetapi tidak melebihi 31 Disember 2010.Satu lagi rangsangan industri melibatkan Kumpulan Wang SimpananPekerja yang membenarkan pengeluaran wang bulanan daripadaAkaun 2 sebagai langkah untuk menggalakkan pasaran hartanah,terutamanya segmen pasaran harga sederhana mulai Januari 2008.Walaupun dengan langkah-langkah yang ada, pasaran hartanahsecara amnya menunjukkan kejatuhan nilai hartanah dengankondominium mewah seperti di persekitaran KLCC dan Mont Kiaraantara yang paling terdedah dengan risiko ini kerana penurunanbilangan orang asing yang membeli hartanah di kawasan tersebut.Prestasi kewanganPertumbuhan ekonomi yang semakin perlahan mempengaruhisentimen pasaran hartanah. Akibatnya, prestasi Kumpulan terjejasdan memberi kesan kepada jualan dan perolehan.Hasil menurun kepada RM172.1 juta pada tahun kewanganberakhir 31 Disember 2008 (“FY2008”) berbanding RM396.8UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

juta yang diperolehi pada tahun kewangan berakhir 31 Disember2007 (“FY2007”). Perbezaan hasil adalah kerana sumbangan yanglebih rendah daripada pembangunan khusus Kumpulan berikutanselesainya pembinaan projek Suasana Sentral Loft pada FY2007.Bagi FY2008, bahagian pembangunan khusus menyumbangsebanyak RM30.5 juta kepada Kumpulan berbanding RM139.2jutapada tahun 2007, iaitu penurunan sebanyak RM108.7 juta.Bahagian pembangunan bandar Kumpulan juga merekodkanpenyusutan hasil yang ketara kerana jualan yang rendah. Tiadasebarang jualan tanah yang dicatatkan pada FY2008 berbandingFY2007, di mana jualan di Bandar Seri Alam, Johor menyumbangsebanyak RM71.8 juta kepada Kumpulan.Justeru, keuntungan sebelum cukai, keuntungan selepas cukai dankeuntungan selepas cukai dan kepentingan minoriti (PATMI) terjejasdan mencatatkan kerugian sebanyak RM3.5 juta di tahap PATMI.Pembangunan bandarPada 2008, Kumpulan telah melancarkan sebanyak 489 unit kediamandi tiga bandar, iaitu Bandar Seri Alam dan Taman Seri Austin di JohorBahru dan Bandar Seri Putra di Selangor. Jenis kediaman yangdilancarkan ialah 164 unit rumah teres dan pangsapuri di Bandar SeriAlam, 71 unit kedai pejabat dan rumah teres di Taman Seri Austindan 254 unit banglo dan rumah teres di Bandar Seri Putra.Tahun tinjauan turut menyaksikan majlis pecah tanah projekUniversiti KL, pembukaan tidak rasmi Pusat Perubatan Regencydan pembukaan restoran McDonald’s di Bandar Seri Alam yangmeningkatkan lagi kemudahan yang ada di perbandaran ini.Sehingga 31 Disember, 2008, sebanyak 315 unit rumah teres duatingkat dan rumah berkembar telah siap dan diserahkan kepadapemilik.Kumpulan mempunyai baki tanah milik bebas seluas 1,843 ekardi kawasan perbandarannya dengan anggaran nilai pembangunankasar RM4.78 bilion. Bandar Seri Alam mempunyai kawasan palingluas iaitu 1,411 ekar, diikuti oleh Taman Seri Austin dengan 255 ekardan Bandar Seri Putra, 177 ekar.Kelembapan jualan membuatkan Kumpulan mula memberi tumpuankepada pemajakan sesetengah hartanah di Bandar Seri Alam untukmemperolehi pulangan daripada asetnya.Prospek akan datangKedudukan pasaran hartanah akan terus mencabar pada 2009dengan keadaan ekonomi yang dijangka akan lebih perlahan. Ramaiberpendapat bahawa Malaysia akan terjerumus ke dalam kegawatanteknikal yang berterusan sehingga 2009.Laporan terbaru daripada Bank Dunia dan Dana KewanganAntarabangsa menunjukkan bahawa kegawatan global semakinmeruncing. Malaysia, sebagai sebuah negara yang bergantungkepada perdagangan antarabangsa, akan turut terjejas keranapermintaan luaran terhadap komoditi, minyak dan gas serta produkelektrik dan elektronik menjadi semakin berkurangan.Senario pasaran hartanah bagi 2009 tidak menunjukkan peningkatanberbanding akhir tahun 2008. Kumpulan akan lebih berhati-hatidalam melancarkan produk baru dan dalam fasa pembangunansedia ada di masa-masa akan datang.Kumpulan telah mengambil langkah proaktif untuk mengatasikegawatan ini seperti mengkaji semula produk sedia ada, menyemakjadual pelancaran projek baru dan mengecilkan saiz projek-projekbaru.Sebagai sebahagian daripada usaha tersebut, Kumpulan jugamengkaji semula pelan induk bidang tanah dalam tiga bandar yangsedang dibangunkan untuk terus meningkatkan lagi keberkesananpenggunaan tanah dan memperbaiki potensi aliran hasil.Tahun 2009 akan menjadi tahun pengukuhan di mana kamiakan mengambil langkah-langkah untuk memastikan keutuhandaya saing dan pertumbuhan Kumpulan.PenghargaanPihak pengurusan mengambil peluang ini untuk menyampaikanpenghargaan kepada para pemegang saham Kumpulan danLembaga Pengarah atas sokongan dan bimbingan mereka dalammenghadapi masa yang sukar ini.Kami juga tidak mampu untuk terus menunjukkan prestasi baiktanpa usaha keras dan dedikasi daripada kakitangan. Mereka telahmembuktikan keupayaan mereka dan akan terus melakukannyawalaupun dalam keadaan yang penuh cabaran yang dijangkakanberlaku pada 2009.Pembangunan khususSehingga kini, Kumpulan telah menyiapkan dua buah projekkediaman bertingkat mewah milik bebas dengan 846 unit iaituapartmen khidmat Seri Bukit Ceylon dan Suasana Sentral Loft yangsemuanya habis terjual.Kumpulan telah melancarkan Suasana Bangsar, sebuah projekkondominium mewah 25 tingkat milik bebas berjumlah 190 unit padaJulai 2008. Projek ini telah mendapat sambutan yang menggalakkanwalaupun dalam suasana ekonomi yang sukar.Kumpulan mempunyai empat lagi projek khusus dalam pelbagaiperingkat pembinaan. Dua daripadanya terletak di kawasan SegiTiga Emas Kuala Lumpur iaitu Suasana Residences @ Bukit Ceylon,kediaman berservis 310 unit dan projek Ipjora. Projek usaha sama50:50 dengan Bolton Bhd terletak di Jalan Mayang, berhampiran KLCCmanakala projek Matex terletak di Pusat Bandaraya Johor Bahru.ANTHONY YAPKetua Pegawai Eksekutif KumpulanUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

tanggungjawabsosialkorporatTanggungjawab Sosial Korporat memainkan peranan penting dalamfalsafah perniagaan UMLand kerana kami percaya bahawa kejayaanjangka panjang syarikat dan pertumbuhan yang berkekalan saling berkaitdengan langkah-langkah tanggungjawab sosial dan membina nilai untuksemua pemegang kepentingan sama ada para pemegang saham,kakitangan, pihak berkuasa, pelanggan atau komuniti di persekitarankami.Kami terus berusaha untuk menanam sifat dan amalan tanggungjawabsosial dan menyumbang secara positif ke arah pembangunanmasyarakat, di mana para pemegang saham kami kini menekankansikap yang dapat diterima ramai dan tindakan yang bertanggungjawabsebagai pengukur dan lebih gemar berurusan dengan organisasi yangboleh dipercayai dan dihormati.Sebahagian daripada budaya dan prinsip perniagaan kami termasuklahfaedah jangka panjang yang akan dapat dinikmati oleh generasi rakyatMalaysia. Niat ini dapat dicapai dengan memastikan yang setiap wargakerja di UMLand percaya kepada sifat tanggungjawab sosial danberpandukan kepada komitmen kami untuk “Membina Masa Hadapanyang Mampan”.Sumbangan Kepada MasyarakatPeranan kami sebagai warga korporat yang bertanggungjawabditunjukkan melalui bantuan yang diberikan kepada komuniti di sekelilingkami, yang menjadi sebahagian daripada falsafah perniagaan UMLand.Kami sedar, untuk mendapat kepercayaan dan rasa hormat daripadapemegang kepentingan, prestasi kewangan yang kukuh dan kekalhanyalah satu daripada aspek bagaimana kami dipandang sebagaisebuah entiti.Memberi faedah kepada komuniti di samping membinanya adalahpenting dan kami telah pun memulakan beberapa inisiatif pembangunanmasyarakat. Dalam tempoh tinjauan, aktiviti yang berkaitan komuniti yangtelah dilaksanakan oleh Kumpulan tertumpu kepada tema utama iaitukanak-kanak. Antara aktiviti-aktiviti Kumpulan tersebut termasuklah:• Lawatan ke rumah kebajikan Ti-Ratana bersempena Tahun BaruCina oleh kakitangan UMLand yang diketuai oleh Ketua EksekutifKumpulan, Anthony Yap. Majlis makan tengah hari dan pemberianang pow serta hamper telah dilakukan semasa lawatan tersebut.• Majlis berbuka puasa di bulan Ramadan bersama pesakit MAKNAdi Bandar Seri Alam dengan Pengarah Bukan Eksekutif BebasUMLand, Datuk Nur Jazlan Tan Sri Mohamed serta Pengurus Besar,Mohd Noor Salam. Keluarga mereka juga diberikan sumbanganwang tunai dan hamper untuk Hari Raya.• Sumbangan derma kepada Surau Al-Iman, Surau Al-Husna, SurauAl-Ikhlas dan Masjid Nurul Hidayah di Bandar Seri Alam.• Sumbangan derma kepada Sekolah Cina Nam Heng di Bandar SeriAlam.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Alam SekitarMenghargai alam sekeliling merupakan salah satu langkah pertama dalammenyemai sikap cintai alam sekitar di kalangan konsumer dan pemilikrumah serta bertindak sebagai pemangkin bagi menggalakkan merekauntuk melindungi kawasan tempat tinggal mereka. Dengan keprihatinankepada komuniti, UMLand telah mengamalkan falsafah mesra alambagi perbandaran yang dimajukan oleh kami dengan menyediakanlebih banyak kawasan hijau. Sebagai contoh pelaksanaan rancanganfalsafah ini adalah menggunakan Teknologi Bio Mikro Organisma yangEfektif bagi merawat air di Taman Seri Austin. Usaha ini mencerminkanpenekanan UMLand terhadap kepentingan memelihara alam semula jadidan sumber-sumbernya yang kian berkurangan.PendidikanMelabur dalam masa depan negara bermula dengan memupuk generasimuda dengan asas yang kukuh dan kuat serta memberi peluang kepadamereka untuk membangunkan potensi mereka dengan sepenuhnya.Kami percaya bahawa pendidikan adalah pemacu yang berkesan.Semasa tahun tinjauan, Kumpulan telah menganjurkan kempen kitarsemula selama sebulan di beberapa buah sekolah di Bandar Seri Alamuntuk menanam kesedaran yang kukuh di kalangan para pelajar.Sumber InsanKami sedar bahawa warga kerja UMLand merupakan aset dan sumberterpenting syarikat, maka Kumpulan sangat menekankan pembangunankakitangannya. Komitmen terhadap pembangunan serta kesejahteraankakitangan sangat penting dalam kami melaksanakan perniagaan denganpenuh rasa tanggungjawab dan kami sendiri sebagai sebuah syarikatmempunyai peranan sosial dalam memastikan kebajikan, kesihatan sertakesejahteraan kakitangan kami. Peluang untuk meneruskan pelajaran danlatihan, aktiviti sosial seperti makan malam tahunan dan acara keluargaadalah antara program yang disediakan untuk kakitangan Kumpulan.Persekitaran kerja yang sihat, perhubungan kerja yang baik dan badanyang sihat dapat memastikan kesejahteraan semua kakitangan beradapada tahap optimum pada setiap masa. Semua kakitangan mestilahmampu mengimbangi antara rutin kerja dan kehidupan peribadi merekasama ada dari segi fi zikal, mental dan jiwa agar dapat meningkatkankualiti keseluruhan kehidupan mereka.Semasa tahun tinjauan, Kumpulan UMLand telah menganjurkan acaramembina semangat berpasukan di Langkawi, di mana semua kakitanganUMLand, Seri Alam Properties, Bangi Heights Development, DynastyView dan UM Residences telah menikmati percutian selama tiga haribersama-sama dengan pihak pengurusan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

acara korporat • UMLandJANUARI 08Kempen Keselamatan Peringkat NegeriBandar Seri Alam, JohorDalam usaha mengukuhkan lagi langkah-langkah keselamatan di seluruhnegeri Johor, UMLand telah menaja kempen ‘Bersama-sama MemerangiJenayah’ peringkat negeri. Kempen tersebut dianjurkan oleh MCA dengankerjasama Polis Diraja Malaysia dan Seri Alam Properties Sdn. Bhd.Sambutan Menggalakkan Kempen HartanahBandar Seri Alam & Taman Seri Austin, JohorKarnival Hartanah di Bandar Seri Alam dan Taman Seri Austin diadakanbersempena dengan sambutan Tahun Baru. Kempen tersebut dipelbagaikandengan insentif, hadiah, cenderahati diberikan sepanjang acara dijalankan.Acara ini mendapat sambutan hangat daripada para penduduk dan pembeli.FEBRUARI 08Sambutan Tahun Baru Cina BersamaPusat Kebajikan T RatanaUMLand, Kuala LumpurUMLand memberikan sinar kegembiraan kepada kanak-kanak dari PusatKebajikan Ti-Ratana untuk menyambut Tahun Baru Cina - Tahun Tikus.Sumbangan berjumlah RM9,000 telah diberikan kepada rumah anakyatim tersebut termasuk barangan keperluan harian dan Ang Pow bernilaiRM2,000.MAC 08Bandar Seri Alam Mengalu-alukan KedatanganUniKl dan MRSMBandar Seri Alam, JohorHijau di Taman Seri AustinBandar Seri Austin, Johor BahruKeceriaan untuk Pembeli Rumah DeannaTaman Seri Austin, Johor BahruApartment Grand Vista DiperkenalkanBandar Seri Alam, JohorUniKL dan MRSM akan didirikan di Bandar Seri Alam berikutan upacarapecah tanah yang telah diadakan di tapak masing-masing.Kempen dimulakan dengan penanaman sebatang pokok oleh DatukBandar Johor Bahru, Datuk Mohd Naim Nasir bersama dengan PengurusBesar UMLand, Mohd Noor bin Abdul Salam. Acara tersebut menandakanpermulaan kempen ‘Kehidupan Hijau’ oleh UMLand di Taman Seri Austin.UMLand menyerahkan kunci kepada pembeli 934 unit rumah Deanna Acarapenyerahan kunci tersebut juga turut meraikan penyerahan 6 bulan lebih awaldari tarikh jangkaan dan ini merupakan kali keempat penyerahan awal daritarikh yang dijangkakan.Pelancaran Apartmen Grand Vista telah diadakan serentak denganPertandingan Memancing dan ‘Pencarian Harta Karun Seri Alam’. Acaramencari harta karun telah membawa peserta mengelilingi Bandar Seri Alamdan ini memberi mereka peluang untuk melihat kemudahan-kemudahan yangterdapat dalam perbandaran tersebut.APRIL 08UMLand memperkenalkan Suasana BangsarSuasana Bangsar, Kuala LumpurUmland ‘Goes Green’Bandar Seri Alam, JohorPreviu 2 hari yang diadakan di Hotel Crowne Plaza Mutiara telah berjayamenarik minat dan ramai yang mendaftar bagi 190 unit kondominium mewahdi Suasana Bangsar, yang menjanjikan peningkatan gaya hidup penghuni dilokasi yang mewah dan bergaya. Keluasan binaan adalah dari 1,112 kakipersegi dan harga setiap unit dari RM550 sekaki persegi.Dalam menyahut seruan Kerajaan untuk mengamalkan kitar semulamemandangkan kuantiti bahan buangan dan sampah yang semakinmeningkat di negara ini, UMLand telah memulakan kempen ‘UMLand GoesGreen’. Buat permulaan, UMLand, dengan kerjasama daripada SouthernWaste Management Sdn Bhd dan Majlis Perbandaran Johor Bahru Tengahmenganjurkan peraduan ‘Mengumpul Barangan Yang Boleh Kitar Semula’antara sekolah-sekolah di Bandar Seri Alam. Peraduan ini bertujuan untukmeningkatkan kesedaran pelajar terhadap alam sekitar serta mendidik merekatentang kepentingan kitar semula.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

acara korporat • UMLandMEI 08Usaha Berterusan Di dalam MemastikanTahap keselamatan Bandar Seri PutraBandar Seri Putra, BangiSumbangan untuk Mubarak JohorBandar Seri Alam, JohorJUN 08Skim Keselamatan Kejiranan telah dilancarkan oleh Bangi HeightsDevelopment Sdn Bhd di Bandar Seri Putra untuk meningkatkan tahapkesedaran dan keselamatan di kalangan penduduk. Program ini telahdirasmikan oleh Ketua Polis Kajang Yang Dihormati Asisten Komisioner MohdSakaruddin Bin Che Mood. Program ini adalah sebahagian daripada programBandar Selamat yang dimulakan oleh Kementerian Perumahan dan Kerajaantempatan untuk meningkatkan pencegahan jenayah di kawasan perumahandan bandar.Sebagai pemaju yang prihatin dan bertanggungjawab, UMLand sedar bahawakanak-kanak adalah pemimpin masa akan datang. Maka dengan itu UMLandtelah menyumbangkan RM45,000 kepada Tabung Kebajikan Mubarak Johordalam membantu 30 kanak-kanak yang berada di bawah jagaan dan naunganTabung Kebajikan Mubarak Negeri Johor.UniKL Penempatan PertamaBandar Seri Alam, JohorPelancaran Lakeside ResidencyBandar Seri Alam, JohorCucian Amal Kenderaan untuk MangsaGempabumiBandar Seri Alam, JohorPengambilan pertama pelajar Universiti Kuala Lumpur pada bulan Ogos dikampus sementara di Bandar Seri Alam.Pelancaran Lakeside Residency di Bandar Seri Alam diserikan denganpelbagai promosi termasuk pertunjukan kereta klasik serta aktiviti keluargabersempena dengan sambutan Hari Bapa.Sebagai pemaju yang prihatin dan bertanggungjawab, Seri Alam PropertiesSdn. Bhd. menganjurkan aktiviti Membasuh Kereta Amal oleh PengurusanSeri Alam Properties bagi mengumpul dana untuk mangsa siklon di Myanmardan gempa bumi di China. Dana sebanyak RM4,288 berjaya dikutip dandiserahkan kepada Sin Chiew Jit Poh Press untuk diagih-agihkan.RM750,000 untuk Sekolah Jenis KebangsaanCina Nam HengBandar Seri Alam, JohorSebagai pemaju yang prihatin dan bertanggungjawab, sejumlah RM750,000telah disumbangkan oleh UMLand kepada Sekolah Jenis Kebangsaan CinaNam Heng di Bandar Seri Alam.AGM/EGM UMLand ke 47UMLand, Kuala LumpurSumbangan RM1 juta kepada Majlis AgamaIslamBandar Seri Alam, JohorBagi tahun 2007, UMLand telah menunjukkan prestasi cemerlang denganmerekodkan keuntungan selepas cukai sebanyak RM46.6 juta bagi tahunkewangan berakhir 31 Disember 2007 atas perolehan sebanyak RM396.8juta yang menandakan kenaikan sebanyak 16% berbanding keuntunganselepas cukai sebanyak RM40.1 juta yang dicapai pada tahun sebelumnya.Sejumlah RM1 juta telah disumbangkan oleh UMLand untuk menggalakkandan melancarkan pembinaan kemudahan ibadat bagi Majlis Agama IslamJohor di Bandar Seri Alam.Pengambilalihan Syarikat SekutuUMLand, Kuala LumpurSyarikat subsidiari milik penuh UMLand, UM Land Assets Sdn. Bhd.,mengambil baki 60% kepentingan di Ipjora Holdings Sdn. Bhd. denganbalasan tunai RM5.3 juta.Pengambilalihan Tanah Hak-Milik Bebasdi Johor BahruUMLand, Kuala LumpurExquisite Mode Sdn. Bhd., syarikat subsidiari milik penuh UMLand,mengambil alih tiga (3) bidang tanah komersial hak-milik bebas lebih kurang6,026.41 meter persegi yang terletak di Johor Bahru dengan balasan tunaiRM27 juta.JULAI 08Kerjasama Penduduk Bandar Seri Putradan PDRMBandar Seri Putra, BangiBangi Heights Development Sdn. Bhd. dan Polis Diraja Malaysia (PDRM)menganjurkan sesi dialog bagi para penduduk D’ Punchak Unggul bertujuanuntuk mengenali antara satu sama lain dan di samping bertukar tip tentangkeselamatan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

acara korporat • UMLandJULAI 08UMLand Menyumbang RM50,000 kepadaMaktab Sultan Abu BakarBandar Seri Alam, JohorSebagai pemaju yang prihatin dan bertanggungjawab, UMLand telah memberisumbangan sebanyak RM50,000 kepada Maktab Sultan Abu Bakar, Johor.Cek telah disampaikan oleh Anthony Yap, Ketua Pegawai Eksekutif KumpulanUMLandPertandingan Reka Bentuk Bangunandan Pelan Induk Bandar Seri AlamBandar Seri Alam, JohorPelancaran Galeri Jualan SuasanaBangsarSuasana Bangsar, Kuala LumpurSeri Alam Properties Sdn. Bhd. telah bekerjasama dengan Universiti TeknologiMalaysia menganjurkan pertandingan reka bentuk bangunan dan pelan indukBandar Seri Alam. Seramai 20 orang telah mengambil bahagian di dalampertandingan ini.Galeri Jualan UMLand telah dibuka dengan rasminya dalam satu majlisyang meriah pada 26 Julai 2008 oleh Ketua Pegawai Eksekutif KumpulanUMLand, Anthony Yap. Acara turut menyaksikan pembukaan dan pelancaranunit-unit contoh Suasana Bangsar, kondominium butik mewah dan berprestijdi Bangsar.Pesta Buah-buahan, Bandar Seri AlamBandar Seri Alam, JohorOGOS 08Bagi menggalakkan gaya hidup sihat di kalangan penduduk di BandarSeri Alam, Seri Alam Properties Sdn. Bhd. bersama-sama dengan TourismDevelopment Corporation, FAMA dan Jabatan Pertanian Negeri telahmempromosikan produk buah-buahan dan sayuran tempatan selama duahari. Acara telah dirasmikan oleh YB Tan Cher Puk, ADUN Johor Jaya.Membina Semangat berpasukan untukKakitangan UMLandUMLand, Kuala LumpurKakitangan UMLand bersama-sama dengan Bahagian Pengurusan telahberkampung selama 3 hari di Berjaya Langkawi Beach Resort. Seramai180 kakitangan telah mengambil bahagian dalam pelbagai acara termasukmelancong, melawat pulau-pulau dan mengambil bahagian dalampertandingan nyanyian UMLand Idol.Sambutan Hari KebangsaaanBandar Seri Alam, JohorPara penduduk Bandar Seri Putra dan Bukit Mahkota telah berganding bahubersama-sama meraikan majlis sambutan Hari Kebangsaan ke-51 yangdiadakan di Bandar Seri Putra, Bangi. Ahli Parlimen Bangi, YB Dr Shafi e AbuBakar merasmikan majlis sambutan tersebut.SEPTEMBER 08Berbuka Puasa Bersama MAKNABandar Seri Alam, JohorAliran Fesyen Asprey di Suasana BangsarSuasana Bangsar, Kuala LumpurUMLand telah meraikan seramai 12 orang kanak-kanak penghidap kanserdalam satu majlis berbuka puasa bertempat di Bandar Seri Alam. Sumbangansebanyak RM8,500 telah disampaikan kepada para pesakit MAKNA dan jugaMasjid Nurul Hidayah, Surau Al Husnaa, Surau Al Ikhlas dan Surau Al Iman.UMLand telah melakukan pendekatan berbeza dalam memperkenalkanSuasana Bangsar kepada bakal pembeli yang gemarkan kecantikan dan gaya.Bersama dengan pengedar barangan mewah Valiram Group, bertempat diGaleri Jualan Suasana Bangsar, UMLand mempersembahkan‘A FashionableAfternoon with Asprey’.Papan Tanda Kejiranan di Bandar Seri PutraBandar Seri Putra, BangiOKTOBER 08Sebagai pemaju yang prihatin dan bertanggungjawab, Bangi HeightsDevelopment Sdn. Bhd. telah memasang papan tanda kejiranan di semuakawasan perbandaran. Maklumat penting yang dipaparkan termasuk nombortalian kecemasan dan nombor penting untuk kemudahan penduduk. Ini adalahsebahagian daripada Skim Keselamatan Kejiranan di Bandar Seri Putra.Ronald McDonald di Bandar Seri AlamBandar Seri Alam, JohorPembukaan cawangan terbaru McDonald pandu masuk di Seri Alam Sentral,telah menambahkan lagi kemudahan yang sedia ada di Bandar Seri Alam.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

acara korporat • UMLandOKTOBER 08UMLand dan UEMLand Bersama bagiProjek NusajayaUMLand, Kuala LumpurDetik Keriangan di ‘Precious Children’s Home’UMLand, Kuala LumpurNOVEMBER 08UMLand telah menandatangani Perjanjian Langganan dan Usaha Samadengan UEM Land Bhd, pemaju induk Nusajaya, untuk membangunkan duakawasan tanah utama yang menawarkan pembangunan gabungan komersildan runcit dengan kawasan perumahan seluas 8.8 ekar di Puteri Harbour,Nusajaya.Sebagai pemaju yang prihatin dan bertanggungjawab, kakitangan UMLANDtelah mengunjungi 20 orang kanak-kanak yang tinggal di Rumah Kanakkanak“Precious” di Petaling Jaya. Kunjungan ini adalah sempena meraikansambutan berganda Hari Raya dan Deepavali baru-baru ini. UMLand telahmenyumbang derma sebanyak RM8,500 yang disampaikan oleh AnthonyYap, Ketua Pegawai Eksekutif Kumpulan UMLand.Pembukaan Hospital Pakar Regency diBandar Seri AlamBandar Seri Alam, JohorBandar Seri Alam kini menempatkan Hospital Pakar Regency, milik HealthManagement International Ltd yang tersenarai di Papan Utama BursaSingapura. Hospital pakar setinggi enam tingkat ini telah pun memulakanoperasinya.Majlis Komuniti di Taman Seri AustinTaman Seri Austin, Johor BahruDynasty View Sdn Bhd baru-baru ini telah menganjurkan kempen jualandan acara masyarakat, majlis ini memberi peluang para penduduk TamanSeri Austin mengenali antara satu sama lain. Seramai 600 orang telahmengunjungi acara ini dan beberapa orang bakal pembeli telah dihadiahkandengan cenderahati kenangan.Teknologi EMT Baru Rawatan Airdi Taman Seri AustinTaman Seri Austin, Johor BahruUMLand mengambil langkah untuk memelihara alam sekitar denganmenggunakan teknologi mikro organisma berkesan atau effectivemicroorganism technology (EMT) untuk merawat air di Taman Seri Austin.Datuk Bandar Johor Bahru Datuk Mohd Naim Nasir merasmikan ProgramAplikasi Mikroorganisma Berkesan tersebut di Taman Seri Ausin.DISEMBER 08Tarikan Baru, Big Valley Ranchdi Bandar Seri AlamBandar Seri Alam, JohorSkim Kejiranan KomunitiBandar Seri Putra, BangiBig Valley Ranch di Bandar Seri Alam menjadi satu lagi daya penarik kepadagaya hidup luar di perbandaran ini. Ladang seluas 54 ekar ini mempunyaitempat menarik seperti Cactus Inn dan dusun buah-buahan.Bangi Heights Development Sdn Bhd dan Jawatankuasa PendudukD’Punchak Unggul telah mengadakan ceramah tentang langkah mencegahjenayah dalam masyarakat bersama dengan Polis Diraja Malaysia.JANUARI 09Cadangan Perasionalan Pegangan SahamBangi Heights Development Sdn. Bhd.UMLand, Kuala LumpurUMLand telah menyusun semula pegangan saham 70% dalam Bangi HeightsDevelopment Sdn. Bhd. melalui pelaksanaan perasionalan pegangan sahamyang bertujuan menambahbaikkan struktur dan kecekapan operasi Kumpulansecara keseluruhan.FEBRUARI 09UMLand Meneruskan Pengembangandi Iskandar MalaysiaUMLand, Kuala LumpurUsaha sama 51:49 dengan Tradewinds Johor Sdn. Bhd. menyaksikanUMLand membangunkan tanah seluas 629 ekar di Bandar Pulai Jaya.Cadangan pembangunan tanah terdiri daripada taman komersil/logistik/pengangkutan/perindustrian dan pembinaan rumah. Syarikat usaha samaExtreme Consolidated Sdn. Bhd., telah membeli tanah dengan bayaran tunaiRM233.0 juta.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

tadbir uruskorporatPenyata Tadbir Urus KorporatPenyata Kawalan DalamLaporan Jawatankuasa AuditMaklumat Pematuhan Tambahan199207211214UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

penyata tadbir urus korporatLembaga Pengarah (Lembaga) United Malayan Land Bhd (UMLand) sedar bahawa pelaksanaan tadbir urus korporat yang menyeluruhdalam menjalankan urusan Kumpulan UMLand dengan integriti, ketelusan dan profesionalisme adalah komponen utama bagi pertumbuhanberterusan dan kejayaan Kumpulan kerana ia bukan sahaja melindungi dan mempertingkatkan pelaburan pemegang saham tetapi jugamemastikan kepentingan pelabur yang lain dilindungi.Lembaga komited untuk melaksanakan prinsip-prinsip dan amalan terbaik Kod Tadbir Urus Korporat Malaysia (Kod) yang mana berkenaandemi kepentingan para pemegang saham Kumpulan. Penyata berikut menggariskan aplikasi Kod oleh Kumpulan sepanjang tahun kewanganberakhir 31 Disember 2008 sehingga tarikh Laporan Kewangan 2008 ini.LEMBAGA PENGARAHSaiz dan komposisi Lembaga sekarang adalah seimbang terdiri daripada individu berkaliber tinggi dengan pelbagai latar belakang akademikserta kelayakan dan pengalaman profesional.Komposisi dan Keseimbangan LembagaLembaga pada masa kini mempunyai sembilan (9) ahli dan seorang (1) pengarah gilir. Terdapat lapan (8) pengarah bukan eksekutif danseorang (1) pengarah eksekutif, di mana empat (4) daripada mereka adalah pengarah bebas. Dengan komposisi ini, Lembaga telah mematuhiperenggan 15.02 Senarai Kepatuhan Bursa Malaysia Securities Berhad (Bursa Securities). Profi l ringkas setiap pengarah dibentangkan dibawah Profi l Pengarah di muka surat 180 hingga 184 di dalam Laporan Tahunan 2008 ini.Kesemua para pengarah bertanggungjawab bersama terhadap tadbir urus korporat, arah tuju strategik, pembentukan polisi dan memantausumber, pelaburan dan perniagaan Kumpulan. Peranan pengarah bebas bukan eksekutif adalah penting dalam memastikan strategi yangdicadangkan oleh pihak pengurusan dibincangkan dan disemak dengan mengambil kira kepentingan jangka panjang para pemegang sahamdan pelabur-pelabur di mana Kumpulan menjalankan urusniaganya.Terdapat pengasingan yang nyata di antara Pengerusi, Pengarah Eksekutif (ED) dan Ketua Pegawai Eksekutif Kumpulan (GCEO) denganpembahagian tanggungjawab yang jelas untuk memastikan keseimbangan kuasa. ED dan GCEO bertanggungjawab dalam pengurusanharian perniagaan Kumpulan berdasarkan objektif dan strategi yang ditentukan oleh Lembaga.Pelantikan ke dalam LembagaDalam mematuhi amalan baik bagi pelantikan pengarah-pengarah baru melalui prosedur formal dan telus, Lembaga telah membentukJawatankuasa Pelantikan yang kesemuanya terdiri daripada pengarah bukan eksekutif untuk menilai dan mengesyorkan calon-calon pengarahkepada Lembaga dan Jawatankuasa Lembaga.Peranan dan TanggungjawabLembaga mengekalkan tanggungjawab penuh dan efektif bagi arah tuju strategik keseluruhan Kumpulan. Mereka memastikan pengurusanmembangun dan mengekalkan polisi dan amalan yang kukuh yang akan membantu pertumbuhan dan peningkatan jangka panjang berkekalanserta nilai para pemegang saham. Lembaga telah melaksanakan tanggungjawab berikut menurut amalan terbaik Kod:• Menentukan pelan strategik Syarikat dan Kumpulan;• Mengawalselia cara pengendalian urusniaga Kumpulan;• Menguruskan risiko utama yang mempengaruhi Kumpulan;• Mengkaji kecukupan dan integriti sistem kawalan dalaman Kumpulan;• Melaksanakan rancangan penggantian secara sistematik untuk jawatan pengurusan utama dalam Kumpulan; dan• Mengekalkan program perhubungan pelabur yang efektif dan polisi komunikasi pemegang saham Kumpulan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

penyata tadbir urus korporat (samb.)MesyuaratLembaga bermesyuarat sekurang-kurangnya sekali setiap suku tahun berdasarkan jadual dengan mesyuarat tambahan yang diadakanapabila terdapat isu kritikal dan keputusan perlu dibuat. Semasa tahun kewangan berakhir 31 Disember 2008, Lembaga bermesyuaratsebanyak empat (4) kali untuk berbincang dan mempertimbangkan pelbagai perkara penting termasuklah mengkaji pelan strategik Kumpulan,belanjawan, penyata kewangan suku tahunan, cadangan korporat dan lain-lain urusniaga berkaitan yang memerlukan perbincangan dankelulusan.Butiran kehadiran setiap pengarah yang berkhidmat semasa tahun kewangan berakhir 31 Disember 2008 adalah seperti berikut.Pengarah Kehadiran % kehadiranTun Musa Hitam 4/4 100Dato’ Ng Eng Tee 3/4 75Chen Lian Pang 2/4 50Datuk Syed Ahmad Khalid Syed Mohammed 4/4 100Datuk Nur Jazlan Tan Sri Mohamed 2/4 50Ng Eng Soon 3/4 75Syed Azmin Mohd Nursin @ Syed Nor 4/4 100Chan Say Yeong 1 2/2 100Pakhruddin Sulaiman 3/4 75Lim Wie Shan (pengarah gilir kepada Chen Lian Pang dan Chan Say Yeong) 2 T/B T/BLui Chong Chee 3 1/2 50Ho Kiam Kheong (pengarah gilir kepada Chen Lian Pang dan Lui Chong Chee) 41 - Dilantik pada 1 Ogos 20082 - Dilantik sebagai pengarah gilir kepada Chen Lian Pang dan Chan Say Yeong pada 1 Ogos 2008 masing-masing.3 - Bersara pada 1 Ogos 20084 - Berhenti sebagai pengarah gilir kepada Lui Chong Chee dan Chen Lian Pang pada 1 Ogos 2008.Nota: Rekod kehadiran pengarah gilir akan dibaca serentak dengan rekod kehadiran Prinsipal masing-masing.Bekalan MaklumatLembaga mempunyai akses penuh dan tidak terhad kepada semua maklumat berkaitan perniagaan dan hal ehwal Kumpulan untukmembolehkan mereka menjalankan tanggungjawab mereka secara efektif.Sebelum setiap mesyuarat Lembaga, semua para pengarah akan menerima agenda dan satu set laporan lengkap bagi setiap butiran agendayang hendak dibincangkan dalam tempoh masa yang mencukupi untuk membolehkan para pengarah mendapatkan penerangan ataumaklumat lanjut, jika perlu, supaya cukup bersedia sebelum bermesyuarat.Para Pengarah juga mempunyai akses kepada nasihat profesional bebas, apabila perlu dan sesuai, dalam meneruskan tanggungjawabmereka. Semua pengarah mempunyai akses penuh kepada nasihat dan khidmat Setiausaha Syarikat. Selain daripada menghadiri mesyuaratLembaga dan Jawatankuasa Lembaga, Setiausaha Syarikat juga mengendalikan semua perkara berkaitan pentadbiran kesetiausahaankorporat Kumpulan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Latihan para PengarahSemasa tahun kewangan, para Pengarah telah menghadiri pelbagai program dan seminar latihan yang dianjurkan oleh pihak berkuasa kawalselia dan badan profesional yang berkaitan bagi meluaskan lagi pengetahuan mereka dan mengetahui perubahan yang relevan dalam undangundang,peraturan dan persekitaran perniagaan.Program, seminar dan bengkel latihan yang dihadiri oleh para Pengarah semasa tahun kewangan antaranya termasuklah di bidang yangberkaitan dengan kepimpinan dan tadbir urus korporat, tanggungjawab sosial dan laporan kewangan. Butiran latihan adalah seperti berikut:Kursus / TajukTarikhTugas para Pengarah berhubung perubahan dalam Akta Syarikat, 1965, urus niagapendedahan korporat dan obligasi tadbir urus korporat 3 Januari 2008CommunicAsia 2008 17 – 18 Jun 2008Persidangan Audit Dalaman Kebangsaan 2008 28 – 29 Julai 2008CapitaLand 2008 IAP Event, Singapura 5 September 2008International Telecommunication Union (ITU) Asia 2008 2 – 5 September 2008Eisenhower Fellowship Coference di Malaysia/ Singapura 16 – 17 Oktober 2008Forum Megatrend Khazanah 20 – 21 Oktober 2008Bengkel Tadbir Urus Korporat, perakaunan kreatif, perhubungan pelabur dantanggungjawab sosial korporat 22 Disember 2008Pelantikan SemulaSejajar dengan Tataurusan Syarikat, satu pertiga daripada pengarah semasa akan bersara dari jawatan pada setiap Mesyuarat Agung Tahunan(AGM). Pengarah yang akan bersara boleh menawarkan diri untuk dilantik semula.Pengarah yang dilantik sebagai pengarah tambahan atau untuk mengisi kekosongan dalam tahun tinjauan akan dilantik semula oleh pemegangsaham pada AGM akan datang berikutan pelantikan mereka.Pengarah yang berumur lebih tujuh puluh tahun perlu mencalonkan diri mereka untuk pelantikan semula pada setiap tahun menurut Seksyen129(6) Akta Syarikat, 1965.Jawatan Pengarah di Syarikat LainMenurut Keperluan Penyenaraian Bursa Securities, setiap ahli Lembaga boleh memegang tidak lebih daripada sepuluh (10) jawatan pengarahdalam syarikat awam tersenarai dan tidak lebih dari lima belas (15) jawatan Pengarah dalam Syarikat awam tidak tersenarai. Ini untukmemastikan komitmen mereka, sumber dan masa difokuskan bagi sumbangan yang efektif dalam Lembaga dan Syarikat. Semua pengarahmematuhi syarat ini.Ganjaran PengarahGanjaran para pengarah ditentukan pada tahap yang membolehkan Syarikat menarik minat dan mengekalkan pengarah yang berpengalamandan mempunyai kepakaran yang diperlukan untuk mengurus Syarikat dengan berkesan. Bagi pengarah eksekutif, komponen ganjarandisusun untuk mengaitkan ganjaran dan prestasi individu. Bagi pengarah bukan eksekutif, tahap ganjaran mereka mencerminkan pengalamandan tahap tanggungjawab yang dipikul oleh pengarah tersebut.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

penyata tadbir urus korporat (samb.)Pakej ganjaran yang ditetapkan bagi pengarah bukan eksekutif, termasuk pengerusi bukan eksekutif ditentukan oleh Lembaga. Pengarahberkenaan tidak dibenarkan berbincang dan mengambil bahagian atas keputusan yang berkaitan dengan ganjaran mereka. Pakej ganjaranpara pengarah adalah seperti berikut:i. Gaji asas – Gaji asas bagi pengarah eksekutif disyorkan setelah mengambil kira prestasi individu dan kadar gaji bagi jawatan yangsama di syarikat yang setanding.ii.iii.iv.Yuran – Yuran para pengarah adalah berdasarkan jumlah tetap seperti yang diputuskan oleh Lembaga selepas mempertimbangkanorganisasi yang setanding dan penglibatan mereka dalam pelbagai Jawatankuasa Lembaga. Yuran diluluskan oleh pemegangsaham pada AGM SyarikatSkim Bonus – Kumpulan mengamalkan skim bonus tidak berkontrak bagi pengarah eksekutifnya yang ditentukan mengikut tahapkeuntungan Kumpulan dan prestasi individu dalam tempoh tersebut. Bonus yang dibayar kepada pengarah eksekutif dikaji dandiluluskan oleh Jawatankuasa Ganjaran selepas berbincang dengan Lembaga.Manfaat selain wang – Lain-lain manfaat biasa seperti penjagaan perubatan, kereta, pemandu, dan lain-lain disediakansewajarnya.v. Opsyen Saham Pengarah – Pengarah eksekutif dan bukan eksekutif layak mengambil bahagian dalam Skim Opsyen SahamKakitangan Syarikat dengan terma dan syarat yang sama seperti yang ditawarkan kepada kakitangan. Perubahan dalam opsyensaham (sekiranya ada) bagi pengarah eksekutif dan bukan eksekutif akan dinyatakan di dalam penyata kewangan yang telahdiaudit.Ringkasan jumlah ganjaran para pengarah yang berkhidmat semasa tahun kewangan berakhir 31 Disember 2008, membezakan antarapengarah eksekutif dan bukan eksekutif, dalam agregat yang dibahagikan mengikut kategori yang sewajarnya serta bilangan pengarah dimana ganjarannya adalah dalam julat RM50,000 ditunjukkan seperti berikut:PengarahPengarahEksekutif Bukan Eksekutif Jumlah(RM) (RM) (RM)Gaji asas dan bonus 483,000 - 483,000Yuran 40,000 375,000 415,000Elaun mesyuarat 21,000 79,000 100,000Manfaat selain wang 35,200 - 35,200Jumlah 579,200 454,000 1,033,200Pengarah Eksekutif Pengarah Bukan-Eksekutif JumlahRM 0 - RM50,000 - 4 4RM50,001 - RM100,000 - 4 4RM100,001 - RM150,000 - 1 1RM450,001 - RM500,000 - - -RM500,001 - RM550,000 - - -RM550,001 - RM660,000 1 - 1Jumlah 1 9 10* Termasuk caruman Syarikat kepada KWSPUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Konflik KepentinganSemua Pengarah mempunyai tanggungjawab berterusan untuk menentukan samada mereka mempunyai potensi atau konfl ik kepentinganberkaitan dengan mana-mana transaksi, yang dipertimbangkan oleh lembaga, dan membuat deklarasi yang sewajarnya apabila merekamempunyai kepentingan kepada transaksi itu.Urus Niaga dan Maklumat DalamanSemua Pengarah adalah dilarang berurus niaga dalam sekuriti dan mana-mana hartanah Syarikat berdasar kepada maklumat sensitif mengenaiharga dan maklumat yang belum diumumkan kepada orang ramai. Peringatan suku tahunan diedar kepada semua Pengarah terhadaplarangan urus niaga dalam sekuriti Syarikat di dalam “jangka masa tertutup” seperti ternyata di bawah Syarat Penyenaraian Bursa Securities.Indemniti para PengarahUMLand mempunyai Polisi Insuran Indemniti untuk Pengarah dan pegawai berdasar kepada liabililiti yang timbul dari memegang jawatansebagai Pengarah dan pegawai utamanya. Mereka membuat bayaran kepada premium tahunan polisi tersebut.Transaksi Pihak BerkaitanSemua Pengarah mengetahui bahawa mereka mengisytihar kepentingan mereka dengan transaksi pihak berkaitan dan mengecualikan diridalam perbincangan dan pengundian mengenainya di mesyuarat Lembaga dan mesyuarat –mesyuarat agung yang berkaitan.Jawatankuasa LembagaLembaga telah meyerahkan tanggungjawab tertentu kepada Jawatankuasa Lembaga yang berikut mengikut Terma-terma Rujukan menurutpematuhan Kod. Melainkan Jawatankuasa Eksekutif di mana Lembaga telah memberikan kuasa untuk mempertimbangkan dan membuatkeputusan berkaitan hal-hal operasi tertentu mengikut budi bicara mereka, tanggungjawab mutakhir bagi keputusan muktamad untuk semuaperkara terletak kepada keseluruhan Lembaga.Jawatankuasa Lembaga berikut telah ditubuhkan oleh Lembaga dengan terma-terma rujukan nyata:Jawatankuasa AuditJawatankuasa EksekutifJawatankuasa Lembaga TenderLEMBAGA PENGARAHJawatankuasa LembagaJawatankuasa GanjaranJawatankuasa PelantikanJawatankuasa RisikoJawatankuasa OpsyenUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

penyata tadbir urus korporat (samb.)Jawatankuasa AuditJawatankuasa ini telah dibentuk untuk membantu Lembaga dalam melaksanakan tanggungjawabnya. Jawatankuasa ini bermesyuarat secaraberkala untuk menjalankan fungsi dan tugasnya menurut terma rujukan dan mempunyai akses yang tidak terhad kepada kedua-dua juru auditdalaman dan luaran serta ahli pengurusan Kumpulan. Aktiviti-aktiviti yang dijalankan oleh jawatankuasa semasa tahun kewangan yang diulasdiringkaskan dalam Laporan Jawatankuasa Audit yang dinyatakan di muka surat 210 ke 212 Laporan Tahunan 2008 ini.Jawatankuasa EksekutifPeranan Jawatankuasa Eksekutif (EXCO) adalah untuk membantu Lembaga dalam mengkaji isu-isu operasi dan kewangan utama, memantaupembangunan dan prestasi unit perniagaan selain dari memastikan pencapaian sasaran strategik dan objektif kumpulan.Fungsi EXCO termasuklah, tetapi tidak terhad kepada:• Penilaian pelan strategik Kumpulan;• Mencadangkan semua pelaburan utama dan urusan perniagaan kepada Lembaga;• Menasihati pengurusan mengenai polisi dan amalan keseluruhan Syarikat dan Kumpulan;• Memeriksa penilaian prestasi dan sistem ganjaran yang digunakan sebagai asas pengukuran keberkesanan pengurusan dan kakitangan;• Memantau pembangunan dan pelaksanaan program perhubungan pelabur; dan• Lain-lain fungsi seperti yang diarahkan oleh Lembaga dari masa ke semasa.Jawatankuasa Lembaga TenderJawatankuasa ini ditugaskan oleh Lembaga untuk memantau proses tender dan perolehan kontrak menurut polisi dan keperluan Kumpulanyang berkenaan. Selain itu, jawatankuasa juga mempertimbangkan, menilai dan meluluskan pemberian tender yang di dalam lingkungan hadkuasa kewangannya dengan mengambil kira pelbagai faktor seperti harga, penggunaan produk dan perkhidmatan serta lain-lain faktor yangberkenaanJawatankuasa GanjaranPeranan jawatankuasa ini adalah untuk mencadangkan rangka kerja ganjaran bagi semua pengarah eksekutif dengan memastikan rangkakerja yang dicadangkan itu mencerminkan prestasi Kumpulan. Selain itu, jawatankuasa juga mengkaji dan meluluskan gaji tahunan, insentif,perjanjian perkhidmatan dan syarat penggajian bagi pengarah eksekutif dan pengurusan utama serta melaksanakan pemeriksaan berkala atassaingan struktur ganjaran dan polisi Kumpulan.Jawatankuasa PelantikanSecara dasarnya jawatankuasa bertanggungjawab untuk mengenal pasti dan membuat cadangan bagi sebarang pelantikan kepada Lembagadan Jawatankuasa Lembaga. Jawatankuasa juga menilai keberkesanan Lembaga dan mengkaji kombinasi kemahiran dan pengalaman sertakualiti semua pengarah dalam menentukan keseimbangan Lembaga yang sesuai dan saiz penglibatan bukan eksekutif.Jawatankuasa RisikoJawatankuasa ini membantu Lembaga untuk fokus secara aktif dan membincangkan tanggungjawab memantau semua risiko Kumpulan.Jawatankuasa melaporkan kepada Lembaga dan ditugaskan untuk mengekalkan sistem pengurusan risiko yang efektif, yang akan menyumbangke arah pencapaian strategi, kewangan, operasi dan lain-lain objektif perniagaan Kumpulan. Akhir sekali, Lembaga bertanggungjawab atasusaha keseluruhan memantau risiko Kumpulan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Jawatankuasa OpsyenJawatankuasa ini dibentuk untuk menguruskan Skim Opsyen Saham Kakitangan Kumpulan (Skim) menurut Undang-undang Kecil yangdiluluskan oleh pemegang saham Syarikat dan perubahan yang mungkin dikenakan oleh Bursa Securities yang berkaitan dengan Skim darimasa ke semasa.Kumpulan telah melaksanakan satu Skim pada 4 September 2003 selama tempoh lima (5) tahun, Skim ini telah pun luput pada 3 September2008.PERHUBUNGAN DENGAN PARA PELABUR DAN KOMUNIKASI DENGAN PEMEGANGSAHAMElemen utama tadbir urus korporat yang baik adalah ketelusan dan akauntabiliti kepada semua yang berkepentingan yang melibatkankomunikasi maklumat yang jelas dan relevan. Maka, Syarikat menyokong prinsip Kod untuk menggalakkan penglibatan pemegang sahamdan pelabur dan komited kepada komunikasi berkala dan proaktif dengan mereka.Lembaga sedar akan kepentingan untuk sering mengedarkan maklumat dan tepat pada masanya kepada pemegang saham dan pelaburmelalui laporan tahunannya, surat pekeliling, laporan kewangan suku tahun, surat berita, siaran akhbar dan pengumuman korporat yangdibuat kepada Bursa Securities semasa tahun tinjauan. Prosedur yang telah ditetapkan juga ada untuk memastikan yang maklumat pentingdikeluarkan dengan cara yang tepat dan pada masa yang sesuai.Dari semasa ke semasa, pengurusan memberi maklum balas secara aktif kepada penganalisis dan pengurus dana dalam menyediakanmaklumat terkini tentang prestasi kewangan suku tahunan, pembangunan korporat dan perniagaan, isu kawal selia serta perubahan dalampersekitaran operasi yang mungkin akan memberi impak kepada operasi Kumpulan.Pengurusan sering menyertai program perhubungan pelabur yang diusahakan dan disokong oleh Bursa Securities dan Persatuan PerhubunganPelabur Malaysia. Penyertaannya bertujuan untuk mempertingkatkan fungsi perhubungan pelabur keseluruhan Syarikat dan mencapai profi lyang mencukupi melalui saluran edaran dalam talian khusus demi menjangkau kepada komuniti pelabur.Para pemegang saham juga mempunyai peluang memberi pendapat mereka dan berhubung dengan Lembaga dan pengurusan kanansemasa AGM. Setiap peluang diberikan kepada pemegang saham untuk mendapatkan penjelasan daripada ahli Lembaga dan pengurusankanan mengenai semua isu relevan kepada Kumpulan semasa AGM.Pemegang saham dan pelabur boleh mengakses laman web Kumpulan di www.umland.com.my di mana terdapat segmen khusus bagiperhubungan pelabur dalam menyediakan maklumat perniagaan dan korporat, maklumat kewangan dan saham serta perkembangan terkiniKumpulan. Pemegang saham yang ingin mendapatkan berita terkini Kumpulan boleh juga mendapatkannya melalui langganan e-mel di lamanweb atau berhubung dengan unit perhubungan pelabur Kumpulan melalui e-mel di ir@umland.com.myAKAUNTABILITI DAN AUDITLaporan KewanganDalam membentangkan penyata kewangan tahunan, laporan tahunan dan pengumuman prestasi suku tahunan kepada pemegang saham,Lembaga ingin menyedia dan membentangkan penilaian yang seimbang atas kedudukan kewangan Kumpulan, prestasi dan prospek.Lembaga juga memastikan yang penyata kewangan disediakan menurut Akta Syarikat, 1965 (Akta) dan standard perakaunan yang diluluskanyang sesuai seperti yang ditetapkan oleh Lembaga Piawaian Perakaunan Malaysia. Lembaga dibantu oleh Jawatankuasa Audit untukmemantau proses laporan kewangan Kumpulan serta kualiti laporan kewangannya.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

penyata tadbir urus korporat (samb.)Penyata Tanggungjawab Para Pengarah Berkenaan Penyediaan Penyata KewanganTahunanLembaga bertanggungjawab untuk memastikan yang penyata kewangan memberikan pandangan yang benar dan saksama mengenaikeadaan Kumpulan sehingga pada akhir tahun kewangan serta bagi keputusan dan aliran tunai hingga akhir tahun kewangan tersebut.Dalam menyediakan penyata kewangan, pengarah telah memastikan bahawa polisi perakaunan yang relevan diguna pakai secara konsistendan membuat pertimbangan dan anggaran yang wajar dan berhemat. Pengarah juga memastikan semua standard perakaunan yang terpakaitelah dipatuhi dan penyata kewangan disediakan berdasarkan asas perniagaan berterusan kerana pengarah mempunyai jangkaan yang wajar,dan mendapatkan maklum balas bahawa Syarikat dan Kumpulan mempunyai sumber yang mencukupi untuk meneruskan kewujudan operasidi masa yang akan datang.Pengarah juga mempunyai tanggungjawab untuk memastikan Syarikat menyimpan rekod perakaunannya, yang menunjukkan kedudukankewangan Syarikat dan Kumpulan dengan ketepatan yang sewajarnya, yang membolehkan mereka memastikan bahawa penyata kewangantersebut mematuhi peruntukan Akta.Pengarah mempunyai tanggungjawab keseluruhan dengan mengambil langkah yang terbuka kepada mereka untuk melindungi aset Kumpulandemi melindungi dan mengesan penipuan serta lain-lain perkara yang tidak kena.Kawalan DalamanLembaga mengiktiraf tanggungjawab penuhnya dalam mengekalkan sistem kawalan dalaman yang kukuh, bukan sahaja kawalan kewangantetapi juga kawalan operasi dan kawalan kepatuhan serta pengurusan risiko.Penyata Kawalan Dalaman yang terdapat di muka surat 207 di dalam Laporan Tahunan 2008 ini meninjau keadaan kawalan dalamanKumpulan.Perhubungan dengan Juru AuditLembaga, melalui Jawatankuasa Auditnya mengekalkan perhubungan yang aktif, telus dan profesional dengan Juruaudit luaran dan dalamanSyarikat, terutamanya dalam mendapatkan nasihat profesional mereka ke arah menentukan kepatuhan dengan standard perakaunan diMalaysia. Laporan penuh Jawatankuasa Audit yang menerangkan peranannya berkaitan dengan juruaudit dalaman dan luaran terdapat dimuka surat 210 ke 212 di dalam Laporan Tahunan 2008 ini.Penyata ini dibuat menurut resolusi Lembaga bertarikh 8 April 2009.TUN MUSA HITAMPengerusiDATO’ NG ENG TEETimbalan Pengerusi/Pengarah EksekutifUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

penyata kawalan dalamanPengenalanPerenggan 15.27(b) Keperluan Penyenaraian Bursa MalaysiaSecurities Berhad (Bursa Securities) memerlukan lembaga pengarahsyarikat-syarikat yang disenarai awam untuk mengemukakansatu “penyata tentang keadaan kawalan dalaman syarikat yangdisenarai awam sebagai satu kumpulan” dalam laporan tahunannya.Lembaga Pengarah (Lembaga) adalah komited untuk mengekalkansistem kawalan dalaman yang kukuh dalam Kumpulan dan dengansukacitanya menyediakan penyata berikut yang menggariskan ciri-ciridan skop kawalan dalaman Kumpulan sepanjang tahun kewanganberakhir 31 Disember 2008.Tanggungjawab LembagaLembaga menegaskan keseluruhan tanggungjawabnya bagi sistemkawalan dalaman Kumpulan yang merangkumi pembentukanpersekitaran kawalan dan rangka kerja yang sewajarnya sertamengkaji semula kesempurnaan dan integritinya. Memandangkanterdapatnya batas-batas yang tidak dapat dielakkan dalam manamanasistem kawalan dalaman, sistem ini hanya dapat memberikanjaminan yang wajar dan bukannya mutlak terhadap kesilapan ataukerugian yang ketara kerana sistem ini direka untuk mengurus danbukannya menghapuskan risiko kegagalan dalam mencapai objektifperniagaan Kumpulan. Sistem kawalan dalaman meliputi, antaranya,prosedur pengurusan risiko dan kawalan kewangan, operasi sertakepatuhan.Lembaga telah mewujudkan satu proses yang berterusan untukmengenal pasti, menilai dan menguruskan risiko ketara yang dihadapioleh Kumpulan. Proses ini termasuk mengemas kini sistem kawalandalaman apabila berlaku perubahan pada persekitaran perniagaandan garis panduan regulatori. Proses ini sering dikaji semula olehLembaga dan selaras dengan Penyata Kawalan Dalaman: Panduanuntuk Para Pengarah Syarikat Disenarai Awam (Panduan KawalanDalaman).Lembaga berpendapat bahawa sistem kawalan dalaman yangditetapkan sepanjang tahun di bawah tinjauan sehingga ke tarikhkelulusan laporan tahunan dan penyata kewangan adalah mantapdan mencukupi untuk melindungi pelaburan para pemegang sahamdan aset Kumpulan.Sungguhpun Lembaga mengekalkan kawalan mutlak ke atas risikodan isu-isu yang berkaitan dengan kawalan, pengurusan eksekutifmembantu Lembaga dalam perlaksanaan sistem pengurusan risikodan kawalan dalaman mengikut rangka kerja yang telah ditetapkan.Lembaga telah mewujudkan polisi-polisi utama dan menjalankanpenilaian khusus terhadap sistem pengurusan risiko dan sistemkawalan dalaman Kumpulan.Rangka Kerja Pengurusan Risiko OrganisasiLembaga menyokong sepenuhnya isi kandungan PanduanKawalan Dalaman dan menerusi Jawatankuasa Risiko, penilaianberkaitan dengan kesempurnaan dan keberkesanan proses-prosespengurusan risiko yang ditempatkan di kalangan unit-unit perniagaanKumpulan disemak secara berterusan. Oleh itu, Lembaga telahmemformalkan proses mengenal pasti, menilai dan mengurus risikoketara yang dihadapi oleh Kumpulan menerusi pembentukan rangkakerja pengurusan risiko organisasi.Pihak pengurusan bertanggungjawab terhadap pengurusan risiko,pembangunan, pengendalian dan mengawal selia sistem kawalandalaman serta memberi jaminan kepada Lembaga bahawa iatelah dilaksanakan sejajar dengan polisi yang diterima pakai olehLembaga. Jaminan bebas selanjutnya diberikan oleh fungsi auditdalaman yang dikontrakkan kepada pihak luar yang menjalankankerja audit dalaman atas operasi Kumpulan menurut pelan auditdalaman tahunan yang telah diluluskan.Pihak Lembaga percaya bahawa mengekalkan sistem kawalandalaman yang kukuh harus berdasarkan kepada kefahaman yangjelas dan penghargaan ke atas elemen-elemen utama yang berikutdalam rangka kerja pengurusan risiko organisasi Kumpulan:• Manual polisi dan prosedur risiko sedia ada dan ia menggariskanterutamanya strategi dan polisi pengurusan risiko, strukturkomunikasi risiko dan pemantauan rangka kerja pengurusanrisiko Kumpulan. Dokumen ini tertakluk kepada penyemakan danpeningkatan dari masa ke semasa untuk memperbaiki prosespengurusan risiko.• Penubuhan Jawatankuasa Risiko membolehkan Lembaga utamamemainkan peranan mengawal selia yang lebih aktif dan bermaknadalam peranan permerhatian pengurusan risiko dalam Kumpulan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

penyata kawalan dalaman (samb.)• Jawatankuasa Pengurusan Risiko yang diketuai oleh KetuaPegawai Eksekutif Kumpulan diberikan tanggungjawab untukmengenal pasti dan berkomunikasi dengan Jawatankuasa Risikomengenai risiko kritikal yang sedia ada dan berkemungkinan yangdihadapi oleh Kumpulan, perubahannya serta pelan tindakanpengurusan untuk menangani risiko-risiko tersebut.• Unit Pengurusan Risiko yang ditubuhkan di peringkat unitperniagaan dan diketuai oleh Ketua Subsidiari, sentiasa mengenalpasti risiko kritikal yang sedia ada dan berkemungkinan dihadapi,merangka pelan tindakan dengan jadual pelaksanaannya untukmenangani risiko utama dan isu-isu kawalan sejajar dengan profi lrisiko masing-masing dan berkomunikasi mengenainya kepadaJawatankuasa Pengurusan Risiko.• Perlantikan Koordinator Risiko Kumpulan di peringkat Kumpulanserta Koordinator Risiko di peringkat unit perniagaan memastikanterdapatnya kepimpinan yang jelas, hala tuju dan koordinasidalam mengaplikasikan pengurusan risiko dalam keseluruhanKumpulan.• Profi l risiko bagi setiap unit perniagaan dinilai dengan kerap selarasdengan rangka kerja pemantauan and laporan risiko Kumpulandan ini akan dilaporkan kepada Jawatankuasa Risiko. Selain itu,rangka kerja pemantauan juga melibatkan perbincangan mengenaipersekitaran risiko, keberkesanan kawalan dan pemantauan keatas status perlaksanaan pelan tindakan dalam menangani risikoyang dikenal pasti.Dalam tahun kewangan, perunding luar dikontrakkan olehJawatankuasa Risiko untuk menjalankan usaha penilaian risiko bagiunit perniagaan baru dalam Kumpulan. Usaha penilaian risiko tersebutmelibatkan sesi kesedaran pengurusan risiko, temu duga penilaianrisiko dan bengkel. Laporan penilaian risiko yang merangkumi profi lrisiko dibentangkan dan diluluskan oleh Jawatankuasa Risiko. Profi lrisiko tersebut kini diuruskan selaras dengan rangka kerja pengurusanrisiko Kumpulan.Lembaga beranggapan bahawa rangka kerja pengurusan risikoorganisasi adalah kukuh tetapi rangka kerja tersebut masih tertaklukkepada pembaikan yang berterusan dengan mengambil kira amalanpengurusan risiko terbaik dan keadaan persekitaran perniagaanyang berubah-ubah.Fungsi Audit DalamanFungsi audit dalaman Kumpulan dikontrakkan kepada perundingluar yang melapor terus kepada Jawatankuasa Audit. Peranan auditdalaman adalah memberikan jaminan bebas kepada JawatankuasaAudit dan Lembaga mengenai kesempurnaan dan integriti sistemkawalan dalaman sedia ada, termasuklah proses Pengurusan RisikoOrganisasi.Audit dalaman menilai kawalan dalaman dalam aktiviti-aktiviti utamaperniagaan Kumpulan berdasarkan pelan audit dalaman tahunanyang dibentangkan kepada Jawatankuasa Audit untuk diluluskan.Fungsi audit dalaman menggunakan kaedah berasaskan risiko danmenyediakan strategi serta pelan audit dalaman berasaskan profi lrisiko unit-unit perniagaan utama Kumpulan. Selain itu, pelan auditdalaman tahunan merangkumi bahagian-bahagian penting yang lainyang diarahkan oleh pihak pengurusan yang melengkapi kaedahberasaskan risiko.Laporan audit dalaman termasuk pelan tindakan pengurusanuntuk mempertingkatkan sistem kawalan dalaman disemak olehJawatankuasa Audit. Jawatankuasa Audit membentangkanpenemuannya kepada Lembaga mengikut kekerapan pusingan auditdalaman yang ditetapkan dalam pelan audit dalaman.Untuk maklumat lanjut, sila rujuk kepada Laporan JawatankuasaAudit.Proses Risiko Dan Kawalan Yang LainSistem kawalan dalaman dan pengurusan risiko sedia ada dalamKumpulan mengandungi elemen-elemen berikut:• Kewujudan struktur organisasi yang menggariskan tanggungjawabdan pembahagian kuasa dengan jelas.• Pelan strategik lima tahun yang menggariskan strategi ke arahpencapaian objektif korporat dan perniagaan Kumpulan, yangmemberikan asas bagi pemantauan prestasi kewangan danperniagaan Kumpulan.• Penentuan had kuasa kewangan yang telah diluluskan olehJawatankuasa Eksekutif Lembaga untuk memastikan akauntabilitidan pembahagian kuasa yang betul.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

• Sistem kawalan bajet di mana bajet tahunan Kumpulan disediakandan diluluskan oleh Lembaga. Penilaian prestasi sebenarberbanding bajet sering dilakukan untuk memantau tahappencapaian Kumpulan dan perbezaan ketara akan dilaporkankepada Lembaga. Langkah-langkah pembetulan dan pemulihanyang sewajarnya diambil oleh pihak pengurusan untukmengurangkan kesan negatif akibat perbezaan tersebut,sekiranya perlu.• Prosedur operasi standard untuk bahagian-bahagian operasitertentu telah diwujudkan untuk mengawal selia operasi hariandalam Kumpulan. Prosedur operasi standard ini adalah tertaklukkepada kajian semula dan pembaikan yang kerap untuk mengambilkira perubahan dalam persekitaran operasi perniagaan.• Amalan kewangan piawai dilaksanakan untuk memastikan polisikewangan dan urusan perakaunan, amalan dan prosedur yangseragam dalam Kumpulan. Amalan kewangan didokumenkandalam Manual Polisi Kewangan Kumpulan yang telah diluluskanoleh EXCO. Manual ini tertakluk kepada kajian semula dankemaskini yang kerap untuk mengambil kira perubahan dalamkeperluan laporan kewangan.• Jabatan Pengurusan & Kawalan Kos telah menyediakan pelankos dan melaksanakan langkah-langkah kawalan kos termasuklahProsedur Operasi Standard berkaitan dengan kontrak dan projekKumpulan. Ini memberi jaminan kepada Lembaga tentangkesempurnaan dan keberkesanan prosedur operasi projek danpersekitaran kawalannya.Kelemahan dalam Kawalan Dalaman yangMengakibatkan Kerugian KetaraTiada kerugian ketara yang dialami sepanjang tahun kewangansemasa akibat daripada kelemahan dalam kawalan dalaman.Pihak pengurusan akan terus mengambil langkah-langkah untukmengukuhkan persekitaran kawalan.Semakan Penyata Kawalan Dalaman olehJuru Audit LuaranSelaras dengan keperluan daripada perenggan 15.24 KeperluanPenyenaraian Bursa Securities, juru audit luaran telah menyemakPenyata Kawalan Dalaman ini. Penyemakan tersebut dilakukanmenurut Panduan Amalan Yang Disyorkan (RPG) 5 yang diterbitkanoleh Institut Akauntan Malaysia. Berdasarkan semakan mereka,juru audit luaran telah melaporkan kepada Lembaga bahawa tiadasebarang perkara yang menarik perhatian mereka yang bolehmenyebabkan mereka meragui bahawa Penyata ini tidak konsistendengan kefahamam mereka terhadap proses yang telah diguna pakaioleh Lembaga dalam memeriksa kesempurnaan dan integriti kawalandalaman Kumpulan. RPG 5 tidak memerlukan juru audit luaranuntuk mempertimbangkan dan mereka tidak mempertimbangkansama ada Penyata ini merangkumi semua risiko dan kawalan, ataumemberikan pendapat mengenai keberkesanan prosedur risiko dankawalan Kumpulan.Penyata ini dibuat menurut resolusi Lembaga bertarikh 8 April 2009.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

laporan jawatankuasa auditPEMBENTUKANRUMUSAN AKTIVITI SEPANJANG TAHUNJawatankuasa Audit (Jawatankuasa) telah dibentukkan oleh LembagaPengarah (Lembaga) pada 1995 untuk membantu Lembagamemenuhi tanggungjawab fi dusiarinya berkaitan kawalan dalaman,polisi kewangan dan perakaunan dan juga amalan-amalan laporankewangan Syarikat dan subsidiarinya (Kumpulan). Jawatankuasadikawal selia mengikut Terma-terma Rujukannya.KEAHLIANBagi tahun kewangan berakhir 31 Disember 2008, Jawatankuasaterdiri daripada tiga (3) ahli yang mana dua (2) merupakan Pengarahbebas bukan eksekutif. Ahli jawatankuasa dan mereka yang telahberkhidmat semasa tahun kewangan adalah seperti berikut:i) Datuk Syed Ahmad Khalid Syed MohammedPengerusi/ Pengarah Bebas Bukan Eksekutifii) Datuk Nur Jazlan Tan Sri MohamedAhli/ Pengarah Bebas Bukan Eksekutifiii) Chan Say YeongAhli/ Pengarah Bukan Bebas Bukan Eksekutif(Dilantik pada 31 Oktober 2008)iv) Chen Lian PangAhli/ Pengarah Bukan Bebas Bukan Eksekutif(Meletak jawatan pada 31 Oktober 2008)MESYUARAT DAN KEHADIRANJawatankuasa bermesyuarat mengikut jadual, sekurang-kurangnyaempat (4) kali setahun dengan mesyuarat tambahan diadakan apabiladiperlukan. Sepanjang tahun kewangan berakhir 31 Disember 2008,Jawatankuasa telah mengadakan sebanyak tujuh (7) mesyuarat.Butiran kehadiran ahli-ahli Jawatankuasa adalah seperti berikut:Kehadirani) Datuk Syed Ahmad Khalid Syed Mohammed 7/7ii) Datuk Nur Jazlan Tan Sri Mohamed 7/7iii) Chan Say Yeong 2/2iv) Chen Lian Pang 0/5Mesyuarat turut dihadiri oleh pengurusan kanan Kumpulan danjuruaudit dalaman dan luaran Kumpulan atas jemputan PengerusiJawatankuasa untuk memberikan input semasa perbincangan isuisuyang dibangkitkan.Jawatankuasa, antara lain, telah melaksanakan aktiviti-aktivitiberikut semasa tahun kewangan dalam melaksanakan tugas dantanggungjawab mereka menurut Terma-terma Rujukannya:• Mengkaji dan mencadangkan keputusan kewangan suku danakhir tahun, pelan audit luaran dan yuran berkaitan Kumpulankepada Lembaga untuk kelulusan;• Mengkaji transaksi-transaksi berulang pihak berkaitan Kumpulanyang dirangkumi oleh mandat pemegang saham dan di manaberkenaan, transaksi tambahan pihak berkaitan dan keperluanpendedahan yang sewajarnya;• Mengkaji penemuan pemeriksaan audit yang dilakukan olehjuruaudit luaran sepanjang tahun kewangan;• Mengkaji dan memastikan pematuhan pada penyata kewangandengan keperluan penyediaan dan pendedahan StandardLaporan Kewangan yang baru;• Mengkaji dan meluluskan pelan audit dalaman untuk Pusingan 12dan 13 termasuk yuran berkaitan untuk Kumpulan; dan• Mengkaji cadangan audit dalaman yang berbangkit daripadakajian audit dalaman pada pusingan yang berkaitan dan rancangantindakan pengurusan dalam memperbaiki bidang-bidang yangpenting berdasarkan kepada keutamaan pelaksanaan.FUNGSI AUDIT DALAMANKajian audit dalaman bagi tahun kewangan 2008 merangkumiSyarikat, Seri Alam Properties Sdn Bhd, Bangi Heights DevelopmentSdn Bhd, Dynasty View Sdn Bhd dan UM Development Sdn Bhddengan skop keseluruhan dan bidang penekanan tertumpu kepadabidang-bidang risiko tinggi dan penting. Kajian audit dalaman jugameliputi bidang utama yang dikenal pasti daripada rundingan denganPengurusan yang menyokong pendekatan audit berdasarkan risiko.Proses perniagaan yang diliputi adalah seperti berikut:Proses teras• Jualan dan pemasaran• Pengurusan projekUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Proses sumber• Pengurusan strategik• Pengurusan kewangan• Pengurusan perundangan dan peraturan• Pengurusan sumber insanJawatankuasa telah mengkaji pelan audit tahunan untuk memastikanskop yang cukup dan liputan yang menyeluruh ke atas bidangbidangrisiko utama Kumpulan. Jawatankuasa mengkaji laporanaudit dalaman, mempertimbangkan penemuan utama dan cadanganyang bangkit daripada kajian audit dalaman bidang-bidang utamadengan peluang perbaikan bersama cadangan rancangan tindakanpemulihan pengurusan dan pengawasan kepada tindakan pemulihanterhadap isu-isu audit yang belum dilaksanakan bagi memastikanrisiko utama dan kelemahan kawalan telah diperbaiki. Juruauditdalaman menjalankan kajian susulan ke atas pemerhatian berbangkitdan pelan tindakan pada pusingan kajian yang berikutnya. Selain itu,kajian susulan dijalankan bersama dengan laporan yang dimulakanoleh Pengurusan kepada Jawatankuasa dari masa ke semasamengenai langkah yang diambil untuk menangani bidang-bidangpeningkatan utama. Yuran audit dalaman yang dikenakan bagi tahunkewangan berakhir 31 Disember 2008 berjumlah RM110,000.TERMA RUJUKANKOMPOSISIJawatankuasa hendaklah dilantik oleh Lembaga daripada kalanganmereka sendiri dan terdiri tidak kurang daripada tiga (3) ahli,kesemuanya hendaklah pengarah bukan eksekutif dengan majoriti,termasuk Pengerusi, adalah pengarah bebas Syarikat. Tiadapengarah gilir akan dilantik sebagai ahli Jawatankuasa.Jawatankuasa hendaklah termasuk sekurang-kurangnya satu (1)individu:a) yang menjadi ahli Institut Akauntan Malaysia; ataub) yang memiliki pengalaman kerja sekurang-kurangnya tiga (3)tahun dan:i) lulus peperiksaan seperti yang dinyatakan pada Bahagian1 Jadual 1 Akta Akauntan 1967; atauii) ahli kepada salah sebuah persatuan akauntan seperti yangdinyatakan pada Bahagian II Jadual 1 Akta Akauntan 1967.Jangka perkhidmatan dan prestasi Jawatankuasa hendaklah dikajioleh Lembaga sekurang-kurangnya sekali setiap tiga (3) tahun.MESYUARATMesyuarat hendaklah diadakan tidak kurang daripada empat (4) kalisetahun. Kuorum terbentuk apabila majoriti ahli Jawatankuasa terdiridaripada para pengarah bebas. Jawatankuasa boleh memanggilmesyuarat bersama juruaudit luaran, juruaudit dalaman atau keduaduanyasekali, termasuk kehadiran para pengarah serta kakitanganlain bilamana difi kirkan perlu. Kehadiran kakitangan, pengarah lain,wakil juruaudit dalaman dan luaran pada mesyuarat adalah atasjemputan Jawatankuasa.Setiausaha kepada Jawatankuasa adalah Setiausaha Syarikatataupun Penolong Setiausaha Syarikat ataupun mana-mana individuyang dilantik oleh Jawatankuasa. Setiausaha bertanggungjawabmenyimpan minit mesyuarat Jawatankuasa dan mengedarkannyakepada ahli Jawatankuasa dan ahli Lembaga Pengarah yang lain.KUASAJawatankuasa diberi kuasa oleh Lembaga untuk menyiasatsebarang aktiviti didalam terma rujukannya dan mempunyai aksesyang tidak terhad kepada kedua-dua juruaudit luaran dan dalamandan ahli pengurusan Kumpulan. Jawatankuasa juga diberikan hakoleh Lembaga untuk mendapatkan nasihat profesional bebas dankehadiran pihak luar yang memiliki pengalaman dan kepakaranberkaitan sekiranya perlu dalam menjalankan tugas mereka.TUGAS-TUGASTugas-tugas Jawatankuasa adalah seperti berikut:• Menimbang pelantikan juruaudit luaran dan dalaman, yuran auditdan sebarang pertanyaan mengenai peletakan jawatan danpemberhentian;• Berbincang dengan juruaudit luar:- Pelan audit;- Penilaian sistem kawalan dalaman;- Laporan audit mengenai penyata kewangan• Memastikan koordinasi proses audit luaran jika lebih daripadasatu fi rma audit yang terlibat;• Mengkaji bantuan yang diberikan oleh kakitangan Kumpulankepada juruaudit luaran dan dalaman;• Mengkaji penyata kewangan suku dan akhir tahun Syarikat,dengan fokus terutamanya kepada:- Perubahan dalam dasar dan amalan perakaunan;- Peristiwa penting dan luar biasa;UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

laporan jawatankuasa audit (samb.)- Pelarasan penting berbangkit daripada audit;- Andaian keraguan yang ada;- Pematuhan standard perakaunan dan keperluanperundangan yang lain;• Membincangkan penemuan dan hal berbangkit daripadaaudit interim dan akhir, serta sebarang perkara lain yang ingindibincangkan oleh juruaudit;• Mengkaji surat urusan juruaudit dalaman dan luaran serta balasanpihak pengurusan;• Melakukan perkara berikut berkaitan fungsi juruaudit dalaman:- Mengkaji kecukupan skop, fungsi, kecekapan dan sumberfungsi audit dalaman, dan kuasa yang difi kirkan perludalam melaksanakan tugasnya;- Mengkaji program dan keputusan proses audit dalamandan jika perlu, memastikan tindakan yang sewajarnyadiambil atas syor-syor fungsi audit dalaman;- Mengkaji sebarang penilaian prestasi ahli fungsi juruauditdalaman;• Mengkaji sebarang transaksi pihak berkaitan dan situasikonfl ik kepentingan yang mungkin timbul dalam Syarikat atauKumpulan;• Mengesahkan peruntukan opsyen saham yang diluluskan kepadakakitangan dan pengarah Kumpulan yang layak menurut UndangundangKecil dan Garis Panduan Dalaman yang menyelia SkimOpsyen Saham Pekerja pada akhir setiap tahun kewangan;• Mempertimbangkan penemuan utama dari penyiasatan dalamandan khas serta respons pihak pengurusan; dan• Mempertimbangkan perkara-perkara lain yang ditetapkan olehLembaga.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

maklumat pematuhan tambahan1. BELIAN BALIK SAHAMSepanjang tahun kewangan, Syarikat tidak mempunyai kuasa untuk membeli balik sahamnya kerana Syarikat tidak memperbaharuimandat para pemegang sahamnya pada Mesyuarat Agung Luar Biasa selepas Mesyuarat Agung Tahunan ke-45 lalu yang diadakanpada 20 Jun 2006.Sepanjang tempoh di mana Syarikat mempunyai mandat para pemegang sahamnya untuk melaksanakan skim belian balik saham,Syarikat telah membeli balik 401,800 sahamnya dengan jumlah balasan, termasuk kos sampingan sebanyak RM463,068 atau padapurata harga RM1.15 sesaham. Saham tersebut kini dipegang sebagai saham perbendaharaan. Tidak ada saham yang dibeli balik yangtelah dijual semula di pasaran.Syarikat bercadang untuk mendapatkan mandat baru daripada para pemegang saham untuk membeli balik sahamnya pada MesyuaratAgung Tahunan ke-48 yang akan datang. Maklumat lanjut mengenai cadangan belian balik saham ada disertakan di dalam pekelilingiringan kepada para pemegang saham.2. KONTRAK-KONTRAK PENTINGKecuali dinyatakan di bawah, tiada sebarang kontrak penting Syarikat dan/atau subsidiari–subsidiarinya, yang melibatkan kepentinganpara pengarah atau pemegang saham utama, sama ada ia masih wujud pada penghujung tahun kewangan atau jika ia tidak wujud, dibuatsejak penghujung tahun kewangan sebelumnya:(i)Perjanjian usaha sama bertarikh 7 Mac 2003 antara UM Residences Sdn. Bhd. (UMR), sebuah subsidiari milik penuh Syarikat, denganLiang Court (Malaysia) Sdn. Bhd. (LCSB), sebuah subsidiari CapitaLand Limited yang merupakan pemegang saham utama Syarikat,bagi menubuhkan sebuah perkongsian usaha sama untuk operasi Pangsapuri Khidmat Somerset Seri Bukit Ceylon (Perkongsian JV).Perkongsian JV juga menandatangani perjanjian pengurusan bertarikh 7 Mac 2003 dengan Ascott International Management (Malaysia)Sdn Bhd (AIM), sebuah subsidiari CapitaLand Limited yang merupakan pemegang saham utama Syarikat, bagi tujuan mengambil danmelantik AIM untuk mengendali, menyelenggarakan, mengurus dan memasarkan Pangsapuri Khidmat Somerset Seri Bukit Ceylon(SSBCSR) untuk dan bagi pihak Perkongsian JV.Pada 31 Julai 2006, UMR menandatangani perjanjian pemegang saham dengan LCSB bagi tujuan mengawal atur hubungan antarapemegang saham dalam syarikat usaha sama yang baru (Syarikat JV) serta untuk mengawal atur dan mentadbir aspek pentingtertentu berhubung dengan hal ehwal dan tataurusan perniagaan Syarikat JV. Syarikat JV akan mengambil alih operasi SSBCSR yangasalnya di bawah Perkongsian JV.Pada 8 Oktober 2007, Perkongsian JV menandatangani perjanjian novasi dengan AIM dan SSBC Sdn. Bhd. (SSBC) untuk menukarsemua hak dan obligasi yang tertakluk kepada Perkongsian JV dalam perjanjian pengurusan bertarikh 7 Mac 2003 kepada SSBC,sebuah subsidiari 50.533% milik UMR.(ii) Perjanjian penyewaan bertarikh 8 Oktober 2007 antara UMR dan SSBC. Perjanjian ini adalah untuk penyewaan 48 unit SSBCSR dan24 petak tempat letak kereta oleh SSBC untuk membolehkan SSBC mengurus, mengendali dan memasarkan 48 unit SSBCSR untukdisewa. Perjanjian ini adalah untuk tempoh masa tiga tahun dari 1 Julai 2007 hingga 30 Jun 2010 dengan pembaharuan automatiklanjutan selama 6 bulan bermula dari 1 Julai 2010 dan berakhir pada 31 Disember 2010 pada sewa asas RM235,000.00 setiap sukutahun.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

maklumat pematuhan tambahan (samb.)(iii) Perjanjian penyewaan bertarikh 8 Oktober 2007 antara SSBC dan LCSB. Perjanjian ini adalah untuk penyewaan 48 unit SSBCSR dan24 petak tempat letak kereta oleh SSBC untuk membolehkan SSBC mengurus, mengendali dan memasarkan 48 unit SSBCSR untukdisewa. Perjanjian ini adalah untuk tempoh masa tiga tahun dari 1 Julai 2007 hingga 30 Jun 2010 dengan pembaharuan automatiklanjutan selama 6 bulan bermula dari 1 Julai 2010 dan berakhir pada 31 Disember 2010 pada sewa asas RM230,000.00 setiap sukutahun.(iv) Dua perjanjian penyewaan berasingan bertarikh 8 Oktober 2007 antara UMR dan SSBC. Perjanjian-perjanjian ini adalah untukpenyewaan sebahagian daripada tingkat bawah dan sebahagian lain tingkat bawah yang mengandungi ruang lobi, pejabatpenyelenggaraan dan bahagian belakang rumah SSBCSR. Perjanjian-perjanjian ini adalah untuk tempoh masa tiga tahun dari 1 Julai2007 hingga 30 Jun 2010 dengan pembaharuan automatik lanjutan selama 6 bulan bermula dari 1 Julai 2010 dan berakhir pada 31Disember 2010 pada sewa RM1,782.00 setiap bulan dan RM1.00 setahun masing-masing.(v) Perjanjian usaha sama dan pemegang saham bertarikh 28 April 2004 antara Syarikat dan Malaysian Resources Corporation Berhaduntuk mentadbir sebuah syarikat usaha sama, iaitu Suasana Sentral Two Sdn. Bhd., untuk pembangunan projek kondominiumSuasana Sentral Loft di Kuala Lumpur Sentral. Projek kondominium ini telah siap dibina dalam tahun 2007.(vi) Perjanjian jual beli (Perjanjian) bertarikh 3 Jun 2008 antara UM Land Assets Sdn. Bhd. (UMLand Assets), sebuah subsidiari milik penuhSyarikat, dan Ipjora (S) Pte. Ltd. untuk pembelian 3,600,000 saham biasa RM1.00 setiap satu dan 36,000 saham keutamaan bolehtebus kumulatif bernilai RM1.00 setiap satu mewakili 60% daripada keseluruhan modal yang diterbitkan dan berbayar Ipjora HoldingsSdn. Bhd. (Ipjora) pada harga tunai sebanyak RM5,309,882. Sebelum Perjanjian ditandatangani, UMLand Assets memegang 40%kepentingan ekuiti dalam Ipjora. Ipjora adalah subsidiari tidak langsung CapitaLand Limited yang merupakan pemegang saham utamaSyarikat.Perjanjian ini telah disempurnakan pada 1 Disember 2008 apabila baki harga pembelian diselesaikan, dengan ini UMLand Assetsmemegang 100% kepentingan ekuiti dalam Ipjora.(vii) Perjanjian jual beli bertarikh 3 Jun 2008 antara Exquisite Mode Sdn. Bhd., sebuah subsidiari milik penuh Syarikat, dan Wisma MatexSdn. Bhd (Wisma Matex) untuk pembelian tiga (3) bidang tanah komersil pegangan bebas dengan ukuran agregat anggaran 6,026.41meter persegi yang terletak di Bandar Johor Bahru, Daerah Johor Bahru pada harga tunai sebanyak RM27 juta. Wisma Matex adalahsebuah syarikat bersekutu tidak langsung yang dimiliki 30% oleh CapitaLand Limited yang merupakan pemegang saham utamaSyarikat.Perjanjian ini telah disempurnakan pada 1 Disember 2008 apabila baki harga pembelian diselesai.3. YURAN BUKAN AUDITYuran bukan audit yang dibayar kepada juruaudit luaran bagi tahun kewangan 31 Disember 2008 berjumlah RM16,000.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

4. URUS NIAGA BERULANG DENGAN PIHAK BERKAITAN YANG BERBENTUK HASIL ATAUPERNIAGAANPada mesyuarat agung luar biasa yang diadakan pada 24 Jun 2008, Syarikat telah memperoleh mandat daripada para pemegangsaham untuk membenarkan Syarikat dan/atau subsidiarinya berurus niaga berulang dengan pihak berkaitan yang berbentuk hasil atauperniagaan. Menurut Perenggan 10.09(1)(b) Keperluan Penyenaraian Bursa Securities, butiran urus niaga berulang dengan pihak berkaitanyang dilaksanakan sepanjang tahun kewangan semasa adalah seperti berikut:Pihak Berkaitan yang Diberi Mandat Jenis Urusniaga Nilai Pihak yang BerkepentinganAscott International Management Pemerolehan khidmat (732,749) Pemegang saham utama(Malaysia) Sdn. Bhd. perunding teknikal berkepentingandan pengurusan• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedRMPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanBangi Heights Development Sdn. Bhd. Peruntukan khidmat 1,920,000 Pemegang saham utamapengurusanberkepentingan• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanExquisite Skyline Sdn. Bhd. Peruntukan khidmat 1,688,555 Pengarah berkepentinganpengurusan projek• Syed Azmin Mohd Nursin@ Syed NorPeruntukan khidmat 600,000pengurusanSuasana Sentral Two Sdn. Bhd. Peruntukan khidmat 375,000 Pemegang saham utamapengurusanberkepentingan• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanPihak berhubungan denganpemegang saham utama• Malaysian Resources Corporation Berhad• Shahril Ridza RidzuanUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

maklumat pematuhan tambahan (samb.)Pihak Berkaitan yang Diberi Mandat Jenis Urusniaga Nilai Pihak yang BerkepentinganRMTradewinds Properties Sdn. Bhd. Penyewaan premis pejabat, (809,912) Pengarah berkepentingantempat letak kereta,• Syed Azmin Mohd Nursinpenyelengaraan dan@ Syed Norperkhidmatan lainTradewinds International Insurance Pemerolehan khidmat insurans (140,983) Pengarah berkepentinganBrokers Sdn. Bhd.• Syed Azmin Mohd Nursin@ Syed NorSSBC Sdn. Bhd. Pendapatan sewa 1,198,826 Pemegang saham utamakondominium Khidmatberkepentingan• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanLiang Court (Malaysia) Sdn. Bhd. Perbelanjaan sewa bagi (1,188,838) Pemegang saham utamakondominium Khidmatberkepentingan• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

5. BANTUAN KEWANGANPada mesyuarat agung luar biasa yang diadakan pada 24 Jun 2008, Syarikat telah memperoleh mandat daripada para pemegangsaham untuk memberi/menerima bantuan kewangan. Bantuan kewangan terdiri daripada pengumpulan dana melalui pengurusanperbendaharaan pusat untuk tempoh tidak melebihi tiga tahun. Menurut Perenggan 10.09(1)(b) Keperluan Penyenaraian Bursa Securities,butiran bantuan diberi/diterima sepanjang tahun kewangan semasa adalah seperti berikutBantuan Kewangan Baki pada Pihak yang berkepentingan31 Disember 2008Diberi daripada Diberi kepada RMSyarikat dan/atau subsidiari Alpine Return Sdn. Bhd. 5,549,988 Tiada berkenaanSyarikat dan/atau subsidiari Bangi Heights 627,672 Pemegang saham utamaDevelopment Sdn. Bhd.berkepentingan• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanBangi Heights Development Syarikat dan/atau subsidiari 31,502,278 Pemegang saham utamaSdn. Bhd.berkepentingan• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanSyarikat dan/atau subsidiari Suasana Sentral Two Sdn. Bhd. 81,973 Pemegang saham utamaberkepentingan• Opal Holdings Pte. Ltd.• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial LimitedCapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanPihak berhubungan denganpemegang saham utama• Malaysian Resources Corporation Berhad• Shahril Ridza RidzuanUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

maklumat pematuhan tambahan (samb.)Bantuan Kewangan Baki pada Pihak yang berkepentingan31 Disember 2008Diberi daripada Diberi kepada RMSyarikat dan/atau subsidiari Exquisite Skyline Sdn. Bhd. 14,805,992 Pengarah berkepentingan• Syed Azmin Mohd Nursin@ Syed NorSyarikat dan/atau subsidiari SSBC Sdn. Bhd. 69,016 Pemegang saham utamaberkepentingan• Opal Holdings Pte Ltd• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanSSBC Sdn. Bhd. Syarikat dan/atau subsidiari Tiada Pemegang saham utamaberkepentingan• Opal Holdings Pte Ltd• CapitaLand Residential Malaysia Pte. Ltd.• CapitaLand Commercial Limited• CapitaLand Limited• Temasek Holdings (Private) LimitedPengarah berkepentingan• Chen Lian Pang• Chan Say Yeong• Lim Wie ShanUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 219penyatakewanganLaporan Para PengarahPenyata PendapatanLembaran ImbanganPenyata Perubahan dalam Ekuiti yang DisatukanPenyata Perubahan dalam Ekuiti SyarikatPenyata Aliran TunaiNota-nota kepada Penyata KewanganPenyata oleh Para PengarahAkuan BerkanunLaporan Juruaudit220226227229231233235296296297UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 220laporan para pengarah Bagi tahun kewangan berakhir 31 Disember 2008Para Pengarah dengan ini membentangkan kepada ahli-ahli, laporan tahunan dan penyata kewangan Kumpulan dan Syarikatyang telah diaudit bagi tahun kewangan berakhir 31 Disember 2008.AKTIVITI-AKTIVITI UTAMAAktiviti-aktiviti utama Syarikat adalah pegangan pelaburan dan peruntukan perkhidmatan pengurusan.Aktiviti utama syarikat subsidiari adalah pembangunan hartanah. Aktiviti-aktiviti lain termasuk pelaburan hartanah dan peganganpelaburan.Tiada sebarang perubahan penting dalam aktiviti-aktiviti ini sepanjang tahun kewangan.KEPUTUSAN KEWANGANKeputusan kewangan Kumpulan dan Syarikat bagi tahun kewangan berakhir 31 Disember 2008 adalah seperti berikut:KumpulanRM’000SyarikatRM’000(Kerugian)/keuntungan bagi tahun kewangan (1,267) 12,459Diagihkan kepada:Pemegang ekuiti Syarikat (3,462) 12,459Kepentingan minoriti 2,195 -(1,267) 12,459DIVIDENDividen yang telah dibayar oleh Syarikat sejak 31 Disember 2007 adalah seperti berikut:Bagi tahun kewangan berakhir 31 Disember 2007:RM’000- dividen interim 2.5 sen kasar sesaham biasa,tolak cukai pendapatan 26%, dibayar pada 26 Februari 2008 4,464- dividen akhir 7.5 sen kasar sesaham biasa,tolak cukai pendapatan 26%, dibayar pada 23 September 2008 13,39217,856Para Pengarah mencadangkan pembayaran dividen akhir sebanyak 2.5 sen kasar sesaham biasa ke atas 241,303,433 sahambiasa (iaitu bersih daripada 401,800 saham perbendaharaan), tolak cukai pendapatan 25%, bagi tahun kewangan berakhir31 Disember 2008. Dividen akhir bersih ini berjumlah RM4,524,439 adalah tertakluk kepada kelulusan ahli-ahli di MesyuaratAgung Tahunan Syarikat yang akan datang.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 221RIZAB DAN PERUNTUKANKesemua pindahan ketara kepada atau daripada rizab dan peruntukan sepanjang tahun kewangan adalah seperti yangdinyatakan dalam penyata kewangan.SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”)Syarikat telah melaksanakan Skim Opsyen Saham Kakitangan (“ESOS”) bagi kakitangan dan para Pengarah EksekutifKumpulan yang berlayakan. ESOS tersebut telah diluluskan oleh para pemegang saham di Mesyuarat Agung Luar Biasa(“EGM”) yang diadakan pada 25 Jun 2003.Undang-undang kecil sedia ada berhubungan ESOS telah dipinda untuk membuat pindaan-pindaan tertentu kepada syaratsyaratketara undang-undang kecil tersebut dan juga untuk membolehkan para Pengarah Bukan Eksekutif untuk menyertaiESOS. Pindaan terhadap undang-undang kecil sedia ada ESOS dan pemberian opsyen ke atas saham biasa kepada paraPengarah Bukan Eksekutif telah diluluskan oleh para pemegang saham di EGM yang diadakan pada 20 Jun 2006.ESOS luput pada 3 September 2008.Butiran berkaitan dengan ESOS adalah seperti yang dibentangkan dalam Nota 25 kepada penyata kewangan.TERBITAN SAHAMSepanjang tahun kewangan, 55,500 saham biasa baru bernilai RM1.00 sesaham telah diterbitkan oleh Syarikat pada hargalangganan di antara RM1.31 dan RM1.61 sesaham untuk tunai melalui pelaksanaan opsyen ke atas saham biasa selarasdengan ESOS Syarikat. Saham biasa baru yang diterbitkan sepanjang tahun kewangan bertaraf pari passu dalam semuaaspek dengan saham biasa Syarikat yang sedia ada.SAHAM PERBENDAHARAANButiran berkaitan saham perbendaharaan adalah seperti yang dibentangkan dalam Nota 25 kepada penyata kewangan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 222laporan para pengarah (samb.) Bagi tahun kewangan berakhir 31 Disember 2008PARA PENGARAHPara Pengarah yang telah berkhidmat sepanjang tempoh sejak tarikh laporan yang lepas adalah seperti berikut:Pengarah GilirYABhg Tun Musa HitamDato’ Ng Eng TeeDatuk Syed Ahmad Khalid Syed MohammedDatuk Nur Jazlan Tan Sri MohamedChan Say YeongLim Wie Shan(Dilantik pada 1 Ogos 2008) (Dilantik pada 1 Ogos 2008)Chen Lian PangHo Kiam Kheong(Bersara pada 1 Ogos 2008)Lim Wie Shan(Dilantik pada 1 Ogos 2008)Ng Eng SoonSyed Azmin Mohd Nursin @ Syed NorPakhruddin SulaimanLui Chong CheeHo Kiam Kheong(Bersara pada 1 Ogos 2008) (Bersara pada 1 Ogos 2008)Selaras dengan Artikel 94 Tataurusan Syarikat, Datuk Syed Ahmad Khalid Syed Mohammed dan Datuk Nur Jazlan Tan SriMohamed bersara mengikut giliran di Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan dirimereka untuk pemilihan semula.Selaras dengan Artikel 99 Tataurusan Syarikat, Chan Say Yeong, yang telah dilantik dalam tempoh semasa, bersara diMesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan dirinya untuk pemilihan.Selaras dengan Seksyen 129(2) Akta Syarikat, 1965, YABhg Tun Musa Hitam, kerana melebihi umur tujuh puluh tahun, bersaradi Mesyuarat Agung Tahunan yang akan datang dan menawarkan dirinya untuk pelantikan semula sebagai Pengarah menurutSeksyen 129(6) Akta Syarikat, 1965.MANFAAT PARA PENGARAHSepanjang dan di akhir tahun kewangan, tiada wujud urusan yang melibatkan Syarikat, yang bertujuan atau mempunyai tujuanuntuk membolehkan para Pengarah Syarikat mendapat manfaat menerusi perolehan saham, atau debentur Syarikat ataumana-mana badan korporat lain.Sejak akhir tahun kewangan yang lalu, tiada Pengarah yang telah menerima atau menjadi layak untuk menerima manfaat(selain daripada ganjaran Pengarah seperti yang dinyatakan dalam Nota 7 kepada penyata kewangan) menerusi kontrak yangdibuat oleh Syarikat atau syarikat yang berkaitan dengan Pengarah atau dengan fi rma yang mana Pengarah ialah ahli, ataudengan syarikat di mana Pengarah mempunyai kepentingan kewangan yang banyak, kecuali seperti yang dinyatakan dalamNota 31 kepada penyata kewangan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 223KEPENTINGAN PARA PENGARAH DALAM SAHAM DAN DEBENTURMenurut Daftar Pegangan Saham Para Pengarah, butiran kepentingan para Pengarah yang berkhidmat pada akhir tahunkewangan dalam saham dan opsyen ke atas saham biasa Syarikat adalah seperti berikut:Bilangan saham biasa bernilai RM1.00 sesahamPadaPada1.1.2008 Dibeli Dijual 31.12.2008‘000 ‘000 ‘000 ‘000Pegangan saham di atas nama PengarahDato’ Ng Eng Tee 6,036 489 - 6,525Ng Eng Soon 7,151 - - 7,151Datuk Syed Ahmad Khalid Syed Mohammed 10 - - 10Pegangan saham yang mana Pengarahdianggap mempunyai kepentinganDato’ Ng Eng Tee 26,626 1,981 - 28,607Ng Eng Soon 17,829 - - 17,829Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesahamHarga Pada Padalangganan/saham 1.1.2008 Ditawar Dilaksana Luput 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘000YABhg Tun Musa Hitam 1.99 150 - - (150) -Dato’ Ng Eng Tee 1.61 10 - - (10) -1.99 40 - - (40) -Datuk Syed Ahmad Khalid 1.61 25 - - (25) -Syed Mohammed 1.99 115 - - (115) -Datuk Nur Jazlan Tan 1.61 25 - - (25) -Sri Mohamed 1.99 115 - - (115) -Chen Lian Pang 1.99 125 - - (125) -Ng Eng Soon 1.61 25 - - (25) -1.99 115 - - (115) -Syed Azmin Mohd 1.61 3 - - (3) -Nursin @ Syed Nor 1.99 125 - - (125) -Opsyen ke atas saham biasa Syarikat luput pada 3 September 2008.Dato’ Ng Eng Tee dan Ng Eng Soon selaras dengan kepentingan langsung dan tidak langsung dalam Syarikat dianggapmempunyai kepentingan dalam saham syarikat subsidiari setakat mana Syarikat mempunyai kepentingan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 224laporan para pengarah (samb.) Bagi tahun kewangan berakhir 31 Disember 2008KEPENTINGAN PARA PENGARAH DALAM SAHAM DAN DEBENTUR (samb.)Selain daripada yang dinyatakan di atas, menurut Daftar Pegangan Saham Para Pengarah, para Pengarah yang berkhidmatpada akhir tahun kewangan tidak memegang sebarang kepentingan dalam saham, opsyen ke atas saham biasa atau debenturSyarikat dan syarikat berkaitan sepanjang tahun kewangan.MAKLUMAT BERKANUN BERKAITAN PENYATA KEWANGANSebelum penyata pendapatan dan lembaran imbangan disediakan, para Pengarah telah mengambil langkah-langkah yangsewajarnya:(a)untuk memastikan bahawa tindakan yang sewajarnya telah diambil berhubung dengan penghapuskiraan hutang lapukdan peruntukan untuk hutang ragu dan mereka telah berpuas hati bahawa kesemua hutang lapuk yang diketahuitelah dihapuskira dan peruntukan yang secukupnya telah dibuat untuk hutang ragu; dan(b)untuk memastikan bahawa sebarang aset semasa, kecuali hutang, yang tidak mungkin direalisasikan pada nilai sepertiyang ditunjukkan dalam rekod perakaunan Kumpulan dan Syarikat dalam perjalanan biasa perniagaan telah dikurangkannilainya kepada satu amaun yang dijangka boleh direalisasikan.Pada tarikh laporan ini, para Pengarah tidak menyedari akan sebarang keadaan:(a)yang boleh menyebabkan jumlah yang dihapuskira untuk hutang lapuk atau jumlah yang diperuntukkan untuk hutangragu di dalam penyata kewangan Kumpulan dan Syarikat menjadi tidak memadai kepada sebarang tahap yang ketara;atau(b)yang boleh menyebabkan nilai aset semasa dalam penyata kewangan Kumpulan dan Syarikat mengelirukan;atau(c)yang telah timbul yang boleh menyebabkan pematuhan kepada kaedah penilaian yang sedia ada bagi aset atau liabilitiKumpulan dan Syarikat mengelirukan atau tidak sesuai.Tiada liabiliti luar jangka atau liabiliti lain yang telah berkuatkuasa atau berkemungkinan akan berkuatkuasa dalam tempoh duabelas bulan selepas akhir tahun kewangan yang mana, mengikut pendapat para Pengarah, akan atau mungkin menjejaskankeupayaan Kumpulan atau Syarikat untuk memenuhi kewajipan mereka apabila tiba masanya.Pada tarikh laporan ini, tidak wujud:(a)sebarang caj ke atas aset Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan yang menjamin liabilitimana-mana pihak; atau(b)sebarang liabiliti luar jangka Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan.Pada tarikh laporan ini, para Pengarah tidak menyedari adanya sebarang keadaan yang tidak diperkatakan dalam laporan ataupenyata kewangan ini, yang boleh menyebabkan sebarang nilai yang dinyatakan dalam penyata kewangan ini mengelirukan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 225MAKLUMAT BERKANUN BERKAITAN PENYATA KEWANGAN (samb.)Pada pendapat para Pengarah:(a)keputusan operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidak terjejas dengan ketara oleh sebarangperkara, urusniaga atau peristiwa penting dan bersifar luar biasa; dan(b)kecuali seperti yang dinyatakan dalam Nota 35 kepada penyata kewangan, tiada wujud sebarang perkara, urusniagaatau peristiwa penting dan bersifar luar biasa yang timbul dalam tempoh di antara akhir tahun kewangan dan tarikhlaporan ini yang akan memberi kesan yang ketara ke atas keputusan operasi Kumpulan dan Syarikat bagi tahunkewangan di mana laporan ini dibuat.JURUAUDITJuruaudit, PricewaterhouseCoopers, telah menyatakan kesanggupan mereka untuk terus berkhidmat.Ditandatangani bagi pihak Lembaga Pengarah menurut resolusi mereka bertarikh 24 April 2009.DATO’ NG ENG TEEPENGARAHDATUK NUR JAZLAN TAN SRI MOHAMEDPENGARAHUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 226penyata pendapatan Bagi tahun kewangan berakhir 31 Disember 2008KumpulanSyarikatNota 2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Hasil 5 172,083 396,767 36,395 33,586Pendapatan faedah 2,905 4,327 - -Pendapatan operasi lain 2,799 3,075 18 19Kos pembangunan yang diiktirafsebagai perbelanjaan (117,704) (272,062) - -Perbelanjaan pengiklanan dan promosi (4,322) (3,436) (45) (16)Peruntukan hutang ragu (3,300) (2,689) - -Susutnilai hartanah, loji dan peralatandan pelaburan hartanah (1,841) (1,653) (462) (422)Perbelanjaan manfaat kakitangan 6 (21,891) (21,154) (9,288) (8,785)Kerugian kemerosotan pelaburan lain (1,973) (460) (1,973) (460)Yuran pengurusan (150) (555) - -Yuran perunding profesional (3,861) (2,855) (610) (511)Sewa premis (1,089) (737) (756) (646)Pemeliharaan, pembaikan danpenyelenggaraan aset (3,402) (2,621) (190) (289)Masuk semula peruntukanhutang ragu 1,886 1,695 - -Perbelanjaan operasi lain (9,406) (14,190) (1,841) (1,541)Kos kewangan 8 (9,842) (12,442) (4,509) (4,355)Keputusan perkongsiansyarikat bersekutu - 18 - -Keputusan perkongsian entitidikawal bersama (316) 25 - -Keuntungan sebelum cukai 9 576 71,053 16,739 16,580Perbelanjaan cukai 10 (1,843) (11,102) (4,280) 42(Kerugian)/keuntungan bagitahun kewangan (1,267) 59,951 12,459 16,622Diagihkan kepada:Pemegang ekuiti Syarikat (3,462) 46,611 12,459 16,622Kepentingan minoriti 2,195 13,340 - -(Kerugian)/keuntungan bagitahun kewangan (1,267) 59,951 12,459 16,622Pendapatan sesaham diagihkankepada pemegang ekuitiSyarikat (sen)- asas 11 (1.43) 19.6- cair 11 Tidak berkaitan 19.5Dividen sesaham (sen) 12 2.5 10.0 2.5 10.0UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 227lembaran imbangan Pada 31 Disember 2008KumpulanSyarikatNota 2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000ASETAset bukan semasaHartanah, loji dan peralatan 13 328,910 339,433 2,027 2,198Pelaburan hartanah 14 17,258 6,843 - -Pelaburan dalam syarikat subsidiari 15 - - 451,530 426,478Pelaburan dalam syarikat bersekutu 16 - 3,142 - -Pelaburan dalam entiti dikawalbersama 17 19,799 20,115 20,000 20,000Pelaburan lain 18 3,108 5,081 3,099 5,072Tanah dipegang untuk pembangunanhartanah 19 172,974 163,974 - -Aset cukai tertunda 20 16,522 14,117 370 362Aset semasa558,571 552,705 477,026 454,110Hartanah siap 21 86,798 114,226 - -Kos pembangunan hartanah 22 392,150 320,902 - -Cukai boleh dikembalikan 2,280 3,466 1,778 1,947Penghutang dagangan dan lain-lain 23 107,893 211,520 219,022 182,818Deposit, baki bank dan tunai 24 123,747 78,011 1,808 20,136712,868 728,125 222,608 204,901Jumlah aset 1,271,439 1,280,830 699,634 659,011EKUITI DAN LIABILITIModal dan rizab diagihkan kepadapemegang ekuiti SyarikatModal saham 25 241,705 241,650 241,705 241,650Rizab 26 574,683 591,181 341,431 342,408816,388 832,831 583,136 584,058Kepentingan minoriti 84,062 86,871 - -Jumlah ekuiti 900,450 919,702 583,136 584,058Liabiliti bukan semasaLiabiliti cukai tertunda 20 10,828 12,084 - -Pemiutang dagangan jangka panjang 27 14,000 - - -Pinjaman 28 134,668 149,868 60,564 60,825159,496 161,952 60,564 60,825UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 228lembaran imbangan (samb.) Pada 31 Disember 2008KumpulanSyarikatNota 2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Liabiliti semasaPemiutang dagangan dan lain-lain 29 69,683 91,763 5,225 4,479Peruntukan 30 78 2,578 - -Pinjaman- overdraf bank 28 14,998 14,356 4,949 -- lain-lain 28 124,667 85,648 45,760 5,248Liabiliti cukai semasa 2,067 430 - -Dividen perlu bayar 12 - 4,401 - 4,401211,493 199,176 55,934 14,128Jumlah liabiliti 370,989 361,128 116,498 74,953Jumlah ekuiti dan liabiliti 1,271,439 1,280,830 699,634 659,011Aset bersih sesaham diagihkan kepadapemegang ekuiti Syarikat 11 RM3.38 RM3.45UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 229penyata perubahan dalam ekuiti yang disatukanBagi tahun kewangan berakhir 31 Disember 2008Diagihkan kepada pemegang ekuiti SyarikatRizab Rizab Saham Penda- Rizab Kepen-Modal Premium nilai Rizab opsyen perbenda- patan nilai tingan JumlahNota saham saham semula modal saham haraan tertahan semula* Jumlah minoriti ekuitiRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Pada 1 Januari 2008 241,650 63,950 245,922 (41,625) 667 (463) 252,933 69,797 832,831 86,871 919,702Pendapatan danperbelanjaan diiktiraflangsung dalam ekuiti:- realisasi rizabnilai semula - - (3,304) - - - - 3,304 - - -- rizab nilaian semulatimbul akibat pemerolehansyarikat subsidiari - - 400 - - - - - 400 - 400Kerugian bagi tahunkewangan - - - - - - (3,462) - (3,462) 2,195 (1,267)Jumlah pendapatan danperbelanjaan diiktirafbagi tahun kewangan - - (2,904) - - - (3,462) 3,304 (3,062) 2,195 (867)Skim Opsyen SahamKakitangan:- saham diterbitkan 55 21 - - (2) - - - 74 - 74- opsyen luput - - - - (665) - 665 - - - -Terbitan saham biasadalam syarikatsubsidiari kepadakepentingan minoriti - - - - - - - - - 797 797Dividen interim dibayarbagi tahun kewanganberakhir31 Disember 2007 12 - - - - - - (63) - (63) - (63)Dividen akhir dibayarbagi tahun kewanganberakhir31 Disember 2007 12 - - - - - - (13,392) - (13,392) (5,801) (19,193)Pada 31 Disember 2008 241,705 63,971 243,018 (41,625) - (463) 236,681 73,101 816,388 84,062 900,450* Mewakili rizab nilai semula terkumpul yang telah direalisasikan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 230penyata perubahan dalam ekuiti yang disatukan (samb.)Bagi tahun kewangan berakhir 31 Disember 2008Diagihkan kepada pemegang ekuiti SyarikatRizab Rizab Saham Penda- Rizab Kepen-Modal Premium nilai Rizab opsyen perbenda- patan nilai tingan JumlahNota saham saham semula modal saham haraan tertahan semula* Jumlah minoriti ekuitiRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Pada 1 Januari 2007 232,347 60,428 236,944 (41,625) - (463) 222,166 62,591 772,388 74,653 847,041Pendapatan danperbelanjaan diiktiraflangsung dalam ekuiti:- realisasi rizab nilaisemula - - (7,206) - - - - 7,206 - - -- pembalikan liabiliticukai tertunda 20 - - 16,184 - - - - - 16,184 - 16,184Keuntungan bagitahun kewangan - - - - - - 46,611 - 46,611 13,340 59,951Jumlah pendapatan danperbelanjaan diiktirafbagi tahun kewangan - - 8,978 - - - 46,611 7,206 62,795 13,340 76,135Skim Opsyen SahamKakitangan:- saham diterbitkan 9,303 3,522 - - (478) - - - 12,347 - 12,347- opsyen ditawarkan - - - - 1,145 - - - 1,145 - 1,145Terbitan saham biasadalam syarikatsubsidiari kepadakepentingan minoriti - - - - - - - - - 72 72Dividen akhir dibayar bagitahun kewanganberakhir31 Disember 2006 - - - - - - (11,443) - (11,443) (1,194) (12,637)Dividen interim perlu dibayarbagi tahun kewanganberakhir31 Disember 2007 12 - - - - - - (4,401) - (4,401) - (4,401)Pada 31 Disember 2007 241,650 63,950 245,922 (41,625) 667 (463) 252,933 69,797 832,831 86,871 919,702* Mewakili rizab nilai semula terkumpul yang telah direalisasikan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 231penyata perubahan dalam ekuiti syarikatBagi tahun kewangan berakhir 31 Disember 2008Tidak boleh diagihkanBoleh diagihkanRizab Rizab Saham RizabModal Premium opsyen pengga- perbenda- Pendapatan nilaiNota saham saham saham bungan haraan tertahan semula* JumlahRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Pada 1 Januari 2008 241,650 63,950 667 209,375 (463) 53,623 15,256 584,058Keuntungan bagi tahunkewangan - - - - - 12,459 - 12,459Jumlah pendapatan danperbelanjaan diiktiraf bagitahun kewangan - - - - - 12,459 - 12,459Skim Opsyen Saham Kakitangan:- saham diterbitkan 55 21 (2) - - - - 74- opsyen luput - - (665) - - 665 - -Dividen interim dibayar bagitahun kewangan berakhir31 Disember 2007 12 - - - - - (63) - (63)Dividen akhir dibayar bagitahun kewangan berakhir31 Disember 2007 12 - - - - - (13,392) - (13,392)Pada 31 Disember 2008 241,705 63,971 - 209,375 (463) 53,292 15,256 583,136* Mewakili rizab nilai semula terkumpul yang telah direalisasikan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 232penyata perubahan dalam ekuiti syarikat (samb.)Bagi tahun kewangan berakhir 31 Disember 2008Tidak boleh diagihkanBoleh diagihkanRizab Rizab Saham RizabModal Premium opsyen pengga- perbenda- Pendapatan nilaiNota saham saham saham bungan haraan tertahan semula* JumlahRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Pada 1 Januari 2007 232,347 60,428 - 209,375 (463) 52,845 15,256 569,788Keuntungan bagi tahunkewangan - - - - - 16,622 - 16,622Jumlah pendapatan danperbelanjaan diiktiraf bagitahun kewangan - - - - - 16,622 - 16,622Skim Opsyen Saham Kakitangan:- saham diterbitkan 9,303 3,522 (478) - - - - 12,347- opsyen luput - - 1,145 - - - - 1,145Dividen akhir dibayar bagitahun kewangan berakhir31 Disember 2006 - - - - - (11,443) - (11,443)Dividen interim perlu dibayarbagi tahun kewangan berakhir31 Disember 2007 12 - - - - - (4,401) - (4,401)Pada 31 Disember 2007 241,650 63,950 667 209,375 (463) 53,623 15,256 584,058* Mewakili rizab nilai semula terkumpul yang telah direalisasikan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 233penyata aliran tunai Bagi tahun kewangan berakhir 31 Disember 2008KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000ALIRAN TUNAI DARIPADA AKTIVITI OPERASIKeuntungan sebelum cukai 576 71,053 16,739 16,580Pelarasan untuk:Peruntukan hutang ragu 3,300 2,689 - -Susutnilai hartanah, loji dan peralatandan pelaburan hartanah 1,841 1,653 462 422Keuntungan atas pelupusan hartanah,loji dan peralatan (31) (20) (18) (20)Pendapatan dividen kasar daripadasyarikat subsidiari - - (19,208) (18,980)Kerugian kemerosotan pelaburan lain 1,973 460 1,973 460Perbelanjaan faedah 9,842 12,442 4,509 4,355Pendapatan faedah (3,423) (4,449) (8,154) (8,126)Muhibah negatif (4) - - -Opsyen ke atas saham biasaditawarkan di bawah ESOS - 1,145 - 691Hartanah, loji dan peralatan dihapuskira 4 8 - 8Keputusan perkongsian syarikat bersekutu - (18) - -Keputusan perkongsian entiti dikawal bersama 316 (25) - -Masuk semula peruntukan hutang ragu (1,886) (1,695) - -(Masuk semula)/peruntukan untuk caj penalti (2,500) 2,500 - -10,008 85,743 (3,697) (4,610)(Peningkatan)/pengurangan dalam tanah yangdipegang untuk pembangunan hartanah, hartanahsiap dan kos pembangunan hartanah (41,462) 84,718 - -Pengurangan/(peningkatan) dalam penghutang 102,065 47,014 (42,592) (9,487)Pengurangan dalam pemiutang (8,350) (36,481) (366) (1,321)Aliran tunai bersih daripada operasi 62,261 180,994 (46,655) (15,418)Faedah dibayar (13,238) (17,611) (4,460) (3,237)Faedah diterima 3,593 3,094 10,985 6,857Cukai (dibayar)/dibayar balik (2,678) (15,298) 174 -Aliran tunai bersih daripada aktiviti operasi 49,938 151,179 (39,956) (11,798)UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 234penyata aliran tunai (samb.) Bagi tahun kewangan berakhir 31 Disember 2008KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000ALIRAN TUNAI DARIPADA AKTIVITI PELABURANPemerolehan sebuah syarikat subsidiari,bersih daripada tunai yang diperolehi (Nota 15(a)) (5,199) - - -Pelaburan dalam syarikat subsidiari - - (25,052) (678)Pelaburan dalam entiti dikawal bersama - (20,039) - (19,913)Pendapatan dividen bersih daripada syarikat subsidiari - - 19,535 12,770Hasil daripada pelupusan hartanah, loji dan peralatan 175 23 162 22Pembelian hartanah, loji dan peralatan (853) (926) (435) (398)Aliran tunai bersih daripada akitviti pelaburan (5,877) (20,942) (5,790) (8,197)ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAANDividen dibayar kepada pemegang ekuiti Syarikat (17,856) (17,241) (17,856) (17,241)Dividen dibayar kepada kepentingan minoriti (5,801) (1,194) - -Pembayaran prinsipal pajakan kewangan (249) (186) (249) (186)Pengambilan/(pembayaran balik) bersih pinjaman 24,068 (77,976) 40,500 26,000Hasil daripada terbitan saham biasa melaluipelaksanaan ESOS 74 12,347 74 12,347Hasil daripada terbitan saham biasa dalamsyarikat subsidiari kepada kepentingan minoriti 797 72 - -Aliran tunai bersih daripada aktiviti pembiayaan 1,033 (84,178) 22,469 20,920PENINGKATAN/(PENGURANGAN) BERSIHDALAM TUNAI DAN SETARA TUNAI 45,094 46,059 (23,277) 925TUNAI DAN SETARA TUNAI PADA AWALTAHUN KEWANGAN 63,655 17,596 20,136 19,211TUNAI DAN SETARA TUNAI PADA AKHIRTAHUN KEWANGAN 108,749 63,655 (3,141) 20,136Tunai dan setara tunai merangkumi:Baki bank dan tunai (Nota 24) 29,787 25,509 1,808 20,136Baki bank di bawah Akaun PembangunanPerumahan (“HDA”) (Nota 24) 29,240 51,163 - -Baki bank di bawah dana terikat (Nota 24) 1,215 1,339 - -Deposit tetap (Nota 24) 63,505 - - -Overdraf bank (Nota 28) (14,998) (14,356) (4,949) -108,749 63,655 (3,141) 20,136UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 235nota-nota kepada penyata kewanganBagi tahun kewangan berakhir 31 Disember 20081. MAKLUMAT KORPORATSyarikat adalah sebuah syarikat awam liabiliti terhad, yang diperbadankan dan bermastautin di Malaysia dan disenaraikandi Papan Utama Bursa Malaysia Sekuriti Berhad.Alamat pejabat berdaftar Syarikat adalah seperti berikut:Suite 1.1, Tingkat 1Kompleks AntarabangsaJalan Sultan Ismail50250 Kuala LumpurMalaysiaTelefon : (603) 2142 1611Faks : (603) 2142 1826Laman web : http: //www.umland.com.myAktiviti-aktiviti utama Syarikat adalah pegangan pelaburan dan peruntukan perkhidmatan pengurusan.Aktiviti utama syarikat subsidiari adalah pembangunan hartanah. Aktiviti-aktiviti lain termasuk pelaburan hartanah danpegangan pelaburan.Tiada sebarang perubahan penting dalam aktiviti-aktiviti ini sepanjang tahun kewangan.2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTINGDasar-dasar perakaunan berikut telah digunakan secara konsisten dalam pengurusan perkara-perkara yang dianggappenting berhubung dengan penyata kewangan.(a)Asas penyediaanPenyata kewangan Kumpulan dan Syarikat telah disediakan berdasarkan kaedah kos sejarah (yang telah diubahsuaiuntuk mengambilkira penilaian semula hartanah, loji dan peralatan), kecuali dinyatakan sebaliknya di dalam ringkasandasar-dasar perakaunan penting ini.Penyata kewangan ini mematuhi Piawaian Laporan Kewangan (“FRSs”), iaitu piawaian yang diluluskan di Malaysiaoleh Badan Piawaian Perakaunan Malaysia (“MASB”) bagi Entiti Selain daripada Entiti Persendirian dan peruntukanAkta Syarikat, 1965.Penyediaan penyata kewangan ini selaras dengan FRSs, memerlukan penggunaan anggaran perakaunan danandaian ketara tertentu yang memberi kesan kepada nilai aset dan liabiliti yang dilaporkan serta pendedahan aset danliabiliti luar jangka pada tarikh penyata kewangan serta jumlah hasil dan perbelanjaan yang dilaporkan sepanjangtahun kewangan. Walaupun anggaran ini dibuat berdasarkan pengetahuan para Pengarah sebaiknya berkaitanperistiwa dan tindakan semasa, keputusan sebenar mungkin berbeza.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 236nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(a) Asas penyediaan (samb.)Bidang yang melibatkan pertimbangan dan kerumitan bertahap tinggi, atau bidang yang mana andaian dan anggaranadalah penting kepada penyata kewangan, didedahkan dalam Nota 3.(i)Piawaian, pindaan kepada terbitan piawaian dan interpretasi kepada piawaian yang sedia ada yang berkaitan danberkuatkuasaKumpulan dan Syarikat telah menerimapakai piawaian berikut yang berkuatkuasa bagi tempoh kewanganbermula pada atau selepas 1 Januari 2008:• FRS 112 “Cukai Pendapatan”. Penerapan polisi ini tidak mempunyai kesan ketara kepada penyatakewangan Kumpulan dan Syarikat.• Piawaian yang telah disemak semula dan interpretasi kepada piawaian yang sedia ada yang tidakmempunyai perubahan ketara berbanding dengan piawaian asal:- FRS 107 “Penyata Aliran Tunai”- FRS 111 “Kontrak Pembinaan”- FRS 118 “Hasil”- FRS 137 “Peruntukan, Liabiliti Luar Jangka dan Aset Luar Jangka”- IC Interpretasi 8 “Bidang FRS 2”Penerapan polisi ini tidak mempunyai kesan ketara kepada penyata kewangan Kumpulan dan Syarikat.Semua perubahan dalam dasar perakaunan telah dibuat menurut peruntukan peralihan dalam piawaian, pindaankepada terbitan piawaian dan interpretasi kepada piawaian yang sedia ada masing-masing dan diterapkan secararetrospektif kecuali IC Interpretasi 8 yang memerlukan aplikasi retrospektif tertakluk kepada peruntukan peralihanFRS 2. FRS 2 memerlukan aplikasi retrospektif untuk semua instrumen ekuiti yang ditawarkan selepas 31Disember 2004 dan tidak dilaksanakan pada 1 Januari 2006.(ii)Piawaian, pindaan kepada terbitan piawaian dan interpretasi kepada piawaian yang sedia ada yang berkuatkuasatetapi tidak relevanPiawaian, pindaan kepada terbitan piawaian dan interpretasi kepada piawaian yang sedia ada yang berikutadalah mandatori bagi tempoh kewangan bermula pada atau selepas 1 Januari 2008 tetapi tidak relevankepada operasi Kumpulan:• FRS 120 “Perakaunan untuk Geran Kerajaan dan Pendedahan Bantuan Kerajaan”• Pindaan kepada FRS 121 “Kesan Perubahan dalam Kadar Pertukaran Asing – Pelaburan Bersih dalam OperasiAsing”• IC Interpretasi 1 “Perubahan dalam “Decommissioning” Sedia ada, Pemulihan dan Liabiliti Setara”• IC Interpretasi 2 “Saham Ahli-ahli di dalam Entiti Koperasi dan Instrumen Setara”UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2372 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(a) Asas penyediaan (samb.)(ii)Piawaian, pindaan kepada terbitan piawaian dan interpretasi kepada piawaian yang sedia ada yang berkuatkuasatetapi tidak relevan (samb.)• IC Interpretasi 5 “Hak kepada Kepentingan yang Timbul daripada Dana “Decommissioning”, Pembaikandan Pemulihan Persekitaran”• IC Interpretasi 6 “Liabiliti Timbul daripada Penyertaan dalam Pasaran Spesifi k – Sisa Peralatan Elektrik danElektronik”• IC Interpretasi 7 “Penerapan Kaedah Penyataan Semula” di bawah FRS 129 “Laporan Kewangan dalamEkonomi Infl asi Terlampau”(iii)Piawaian, pindaan kepada terbitan piawaian dan interpretasi kepada piawaian yang sedia ada yang belumberkuatkuasa dan tidak diterimapakai awalKumpulan tidak awal menerimapakai piawaian, pindaan kepada terbitan piawaian dan interpretasikepada piawaian yang sedia ada yang mandatori bagi tempoh kewangan bermula pada atau selepas 1 Januari2009 atau tempoh selepasnya:• FRS 7 “Instrumen Kewangan: Pendedahan” (berkuatkuasa bagi tempoh kewangan bermula pada atauselepas 1 Januari 2010). Piawaian baru ini menggantikan bahagian pendedahan FRS 132 “InstrumenKewangan: Persembahan dan Pendedahan” dan memperkenalkan pendedahan baru berkaitan denganinstrumen kewangan. Kumpulan telah menerap peruntukan peralihan dalam FRS 7, yang mengecualikanentiti daripada mendedahkan kesan yang berkemungkinan akan timbul daripada penggunapakaianpiawaian ini kepada penyata kewangan Kumpulan. Kumpulan akan menggunapakai piawaian ini bagitempoh kewangan bermula pada 1 Januari 2010.• FRS 8 “Segmen Operasi” (berkuatkuasa bagi tempoh kewangan bermula pada atau selepas 1 Julai 2009).Piawaian baru ini menggantikan FRS 114 2004 “Laporan Segmen”. Piawaian ini memerlukan “pendekatanpihak pengurusan”, di mana maklumat segmen dibentangkan sama seperti yang digunakan untuk tujuanlaporan dalaman. Kumpulan akan menggunapakai piawaian ini bagi tempoh kewangan bermulapada 1 Januari 2010.• FRS 139 “Instrumen Kewangan: Pengiktirafan dan Ukuran” (berkuatkuasa bagi tempoh kewanganbermula pada atau selepas 1 Januari 2010). Piawaian baru ini menetapkan prinsip untuk mengiktirafdan mengukur aset kewangan, liabiliti kewangan dan beberapa kontrak untuk membeli dan menjual itembukan kewangan. Perakaunan lindung nilai hanya dibenarkan di bawah keadaan yang ketat sahaja. Kumpulantelah menggunapakai peruntukan peralihan dalam FRS 139, yang mengecualikan entiti daripadamendedahkan kesan yang berkemungkinan akan timbul daripada penggunapakaian piawaian inikepada penyata kewangan Kumpulan. Kumpulan akan menggunapakai piawaian ini bagi tempohkewangan bermula pada 1 Januari 2010.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 238nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(a) Asas penyediaan (samb.)(iii)Piawaian, pindaan kepada terbitan piawaian dan interpretasi kepada piawaian yang sedia ada yang belumberkuatkuasa dan tidak diterimapakai awal (samb.)• IC Interpretasi 9 “Penaksiran Semula Derivatif Terbenam” (berkuatkuasa bagi tempoh kewangan bermulapada atau selepas 1 Januari 2010). IC Interpretasi 9 memerlukan entiti menaksir samada derivatif terbenamperlu dipisahkan daripada kontrak utama dan diambilkira sebagai derivatif apabila entiti mula-mula menjadisatu pihak kepada kontrak. Penaksiran semula kemudiannya tidak dibenarkan melainkan terdapatperubahan dalam terma kontrak yang mengubah aliran tunai dengan ketara yang mana diperlukan di bawahkontrak, di mana dalam kes ini penaksiran semula diperlukan. Kumpulan akan menggunapakai piawaian inibagi tempoh kewangan bermula pada 1 Januari 2010.• IC Interpretasi 10 “Laporan Kewangan Interim dan Kemerosotan” (berkuatkuasa bagi tempoh kewanganbermula pada atau selepas 1 Januari 2010). IC Interpretasi 10 melarang kerugian kemerosotan diiktirafdalam tempoh interim untuk muhibah dan pelaburan dalam instrumen ekuiti dan dalam aset kewanganyang dinyatakan pada kos yang akan dibalikkan pada tarikh lembaran imbangan berikutnya. Kumpulanakan menggunapakai piawaian ini bagi tempoh kewangan bermula pada 1 Januari 2010.Dengan pengecualian FRS 139, Kumpulan tidak menjangka piawaian, pindaan kepada terbitan piawaiandan interpretasi kepada piawaian yang sedia ada akan mendatangkan kesan yang ketara kepada penyatakewangan Kumpulan.(iv) Piawaian, pindaan kepada terbitan piawaian dan interpretasi kepada piawaian yang sedia ada yang belumberkuatkuasa tetapi tidak relevan kepada operasi KumpulanPiawaian berikut adalah mandatori bagi tempoh kewangan Kumpulan bermula pada 1 Januari 2010 tetapitidak relevan kepada operasi Kumpulan:• FRS 4 “Kontrak Insurans” (berkuatkuasa bagi tempoh kewangan bermula pada atau selepas 1 Januari 2010).Piawaian baru ini menggantikan FRS 2022004 “Perniagaan Insurans Am” dan FRS 2032004 “PerniagaanInsurans Hayat”. Piawaian ini menetapkan keperluan laporan untuk semua kontrak insurans yangdikeluarkan oleh entiti dan kontrak reinsurans yang ia pegang.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2392 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(b)Asas penyatuanPenyata kewangan yang disatukan merangkumi penyata kewangan Syarikat dan semua syarikat subsidiarinyasehingga ke akhir tahun kewangan. Syarikat subsidiari adalah syarikat yang mana Kumpulan mempunyai kuasauntuk melaksanakan kawalan ke atas dasar-dasar kewangan dan operasi bagi memperolehi manfaat daripada aktivitiaktivitimereka. Hak mengundi yang sedia ada dan kesan akibat potensi hak mengundi yang pada masa ini bolehdilaksanakan atau ditukarkan akan dipertimbang apabila menilai samada Kumpulan mengawal entiti lain.Syarikat subsidiari disatukan menggunakan kaedah perakaunan pembelian kecuali bagi sebuah syarikat subsidiari(seperti dinyatakan dalam Nota 15 kepada penyata kewangan) yang telah disatukan menggunakan kaedahperakaunan penggabungan. Subsidiari tersebut telah disatukan sebelum 1 Januari 2002 selaras dengan PiawaianPerakaunan Malaysia No. 2 “Perakaunan bagi Pengambilalihan dan Penggabungan”, yang merupakan dasarperakaunan yang diterima secara umum pada masa tersebut.Kumpulan telah menggunakan pengecualian di bawah FRS 1222004 “Gabungan Perniagaan” dan FRS 3“Gabungan Perniagaan” untuk menerapkan piawaian ini secara prospektif. Selaras dengan ini, gabunganPerniagaan yang dimasuki sebelum tarikh kuatkuasa masing-masing tidak dinyatakan semula bagi mematuhipiawaian tersebut.Di bawah kaedah perakaunan pembelian, syarikat subsidiari disatukan dari tarikh kawalan dipindahkan kepadaKumpulan dan tidak lagi disatukan dari tarikh tamatnya kawalan tersebut. Keputusan syarikat subsidiari yangdiperoleh atau dilupuskan sepanjang tahun kewangan dimasukkan dari tarikh pemerolehan sehingga ke tarikhpelupusan. Pada tarikh pemerolehan, nilai saksama aset bersih syarikat subsidiari ditentukan dan nilai inidigambarkan dalam penyata kewangan yang disatukan.Lebihan kos pemerolehan ke atas kepentingan Kumpulan dalam nilai saksama bersih aset, liabiliti dan liabiliti luarjangka syarikat subsidiari yang boleh dikenalpasti pada tarikh pemerolehan digambarkan sebagai muhibah. Silarujuk dasar perakaunan Nota 2(e) berkenaan muhibah. Jika kos pemerolehan adalah kurang daripada nilai saksamabersih aset, liabiliti dan liabiliti luar jangka yang boleh dikenalpasti bagi syarikat subsidiari yang diperoleh, perbezaantersebut diiktiraf secara langsung dalam penyata pendapatan. Kos pemerolehan ditentukan sebagai agregat nilaisaksama aset yang diberi, instrumen ekuiti yang diterbitkan dan liabiliti yang ditanggung atau diambilalih pada tarikhpertukaran, berserta kos berkaitan secara langsung dengan pemerolehan.Di bawah kaedah perakaunan penggabungan, keputusan syarikat subsidiari dibentangkan seolah-olah penggabungantelah dilaksanakan di sepanjang tahun kewangan semasa dan sebelumnya. Aset dan liabiliti yang dicantum diambilkiraberdasarkan nilai bawaan daripada perspektif pemegang saham kuasa biasa pada tarikh pemindahan. Dalampenyatuan, kos penggabungan dibatalkan dengan nilai saham yang diterima. Sebarang baki kredit diklasifi kasikansebagai ekuiti dan dianggap sebagai rizab tidak boleh diagih. Sebarang perbezaan debit dilaraskan kepadasebarang rizab yang sesuai. Sebarang premium saham, rizab modal penebusan dan sebarang rizab lain yangberkaitan dengan modal saham syarikat yang digabungkan, setakat ia belum dijadikan modal melalui perbezaan debit,diklasifi kasikan dan dibentangkan sebagai pergerakan dalam rizab modal lain. Perbelanjaan yang ditanggungberhubung dengan penggabungan diiktiraf sebagai perbelanjaan di dalam penyata kewangan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 240nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(b) Asas penyatuan (samb.)Semua urusniaga antara syarikat, baki dan keuntungan atas urusniaga yang belum direalisasi dihapuskan, kerugianbelum direalisasi turut dihapuskan kecuali kos tidak dapat dipulihkan, yang mana dalam keadaan ini kos tersebutdicajkan kepada penyata pendapatan dengan serta merta. Dasar-dasar perakaunan bagi syarikat subsidiari telah ditukardi mana perlu, bagi memastikan ketekalan dengan dasar-dasar yang diterimapakai oleh Kumpulan.Apabila pemerolehan syarikat subsidiari melibatkan beberapa peringkat pemerolehan saham, sebarangpelarasan kepada nilai saksama aset, liabiliti dan liabiliti luar jangka syarikat subsidiari yang boleh dikenalpastiberkaitan dengan kepentingan Kumpulan yang dipegang sebelumnya, akan diambilkira sebagai penilaian semula.Kepentingan minoriti merupakan bahagian perkongsian keuntungan atau kerugian dan aset bersih dalam syarikatsubsidiari yang berkaitan dengan kepentingan ekuiti yang tidak dimiliki oleh Kumpulan secara langsung atau tidaklangsung melalui syarikat subsidiari. Ia ditentukan mengikut bahagian perkongsian minoriti bagi nilai saksama asetdan liabiliti syarikat subsidiari yang boleh dikenalpasti pada tarikh pemerolehan dan bahagian perkongsian minoritiberhubung perubahan di dalam ekuiti syarikat subsidiari sejak tarikh itu.(c)Syarikat bersekutuSyarikat bersekutu adalah entiti yang mana Kumpulan menggunakan sebahagian besar pengaruhnya dan yang manabukan syarikat subsidiari mahupun usahasama Kumpulan. Sebahagian besar pengaruh bermaksud kuasa untukmenyertai dalam keputusan berkaitan dasar kewangan serta operasi syarikat bersekutu tetapi tidak mempunyaikawalan ke atas dasar-dasar tersebut.Pelaburan dalam syarikat bersekutu diambilkira di dalam penyata kewangan yang disatukan menggunakan kaedahperakaunan ekuiti. Pelaburan Kumpulan dalam syarikat bersekutu termasuk muhibah yang dikenalpasti semasapemerolehan, bersih daripada sebarang kerugian kemerosotan terkumpul. Sila rujuk dasar perakaunan Nota 2(i)berkenaan kemerosotan aset. Keputusan syarikat bersekutu diambilkira menggunakan perakaunan ekuiti dari tarikhKumpulan memperolehi pengaruh yang nyata sehingga tarikh Kumpulan tidak lagi mempunyai pengaruh yang nyatake atas syarikat bersekutu.Di bawah kaedah perakaunan ekuiti, pelaburan dalam syarikat bersekutu dinyatakan dalam lembaran imbangan yangdisatukan pada kos diselaraskan untuk perubahan dalam bahagian perkongsian Kumpulan berhubung aset bersihsyarikat bersekutu selepas pemerolehan. Bahagian perkongsian Kumpulan berhubung keuntungan atau kerugianselepas pemerolehan diiktiraf di dalam penyata pendapatan yang disatukan dan bahagian perkongsian berhubungperubahan dalam lingkungan rizab selepas pemerolehan diiktiraf di dalam rizab. Perubahan terkumpul selepaspemerolehan diselaraskan dengan nilai bawaan pelaburan. Apabila bahagian perkongsian kerugian Kumpulan didalam syarikat bersekutu bersamaan atau melebihi kepentingan di dalam syarikat bersekutu, termasuk penghutangtidak bercagar lain, kepentingan Kumpulan dikurangkan kepada sifar dan pengiktirafan untuk kerugian seterusnyadihentikan kecuali setakat Kumpulan mempunyai kewajipan undang-undang atau konstruktif atau membuatpembayaran bagi pihak syarikat bersekutu.Keuntungan belum direalisasi ke atas urusniaga di antara Kumpulan dan syarikat bersekutunya dihapuskan setakatkepentingan Kumpulan dalam syarikat bersekutu; kerugian belum direalisasi juga dihapuskan kecuali urusniagatersebut membuktikan kemerosotan aset yang dipindahkan, yang mana dalam keadaan ini, kemerosotantersebut dicajkan kepada penyata pendapatan dengan serta merta. Di mana perlu, dalam menerapkan kaedahperakaunan ekuiti, pelarasan dibuat kepada penyata kewangan syarikat bersekutu, untuk memastikan ketekalandasar-dasar perakaunan syarikat bersekutu dengan dasar-dasar perakaunan Kumpulan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2412 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(d) Entiti dikawal bersamaEntiti dikawal bersama adalah entiti yang mana terdapat persetujuan secara kontrak berkenaan perkongsian kuasaoleh Kumpulan dengan satu atau lebih pihak lain yang mana keputusan strategik kewangan dan operasi entiti tersebutmemerlukan persetujuan sepenuhnya daripada semua pihak yang berkongsi kuasa.Kepentingan Kumpulan dalam entiti yang dikawal bersama diambilkira dalam penyata kewangan yang disatukandengan menggunakan kaedah perakaunan ekuiti. Pelaburan Kumpulan dalam entiti yang dikawal bersama termasukmuhibah yang dikenalpasti semasa pemerolehan, bersih daripada sebarang kerugian kemerosotan terkumpul. Silarujuk dasar perakaunan Nota 2(i) berkenaan kemerosotan aset.Di bawah kaedah perakaunan ekuiti, bahagian perkongsian Kumpulan berhubung keuntungan atau kerugian entitidikawal bersama selepas pemerolehan diiktiraf di dalam penyata pendapatan yang disatukan dan bahagianperkongsian berhubung perubahan dalam lingkungan rizab selepas pemerolehan diiktiraf di dalam rizab. Perubahanterkumpul selepas pemerolehan diselaraskan dengan nilai bawaan pelaburan.Kumpulan mengiktiraf bahagian keuntungan atau kerugian atas jualan aset Kumpulan kepada usahasama yangberkaitan dengan pengusaha lain. Kumpulan tidak mengiktiraf bahagian perkongsian keuntungan atau kerugiandaripada usahasama akibat daripada pembelian aset oleh Kumpulan daripada usahasama sehingga Kumpulanmenjual semula aset tersebut kepada suatu pihak bebas. Walaubagaimanapun, kerugian atas urusniaga diiktirafdengan serta merta jika kerugian membuktikan pengurangan di dalam nilai realisasi bersih aset semasa ataukerugian kemerosotan.Di mana perlu, dalam menerapkan kaedah perakaunan ekuiti, pelarasan dibuat kepada penyata kewangan entitidikawal bersama bagi memastikan ketekalan dasar-dasar perakaunan dengan dasar-dasar perakaunan Kumpulan.(e)MuhibahMuhibah mewakili lebihan kos pemerolehan ke atas nilai saksama bahagian perkongsian Kumpulan terhadapaset bersih yang boleh dikenalpasti di dalam syarikat subsidiari, syarikat bersekutu dan entiti dikawal bersama padatarikh pemerolehan.Muhibah dinyatakan pada kos tolak sebarang kerugian kemerosotan terkumpul. Muhibah tidak dilunaskan tetapidisemak semula untuk kemerosotan setiap tahun atau lebih kerap, jika peristiwa atau perubahan keadaanmenunjukkan nilai bawaan mungkin merosot. Kerugian kemerosotan atas muhibah tidak dibalikkan. Keuntunganatau kerugian atas pelupusan sesuatu entiti termasuk nilai bawaan muhibah berkaitan dengan entiti yangdilupuskan.Muhibah diagihkan kepada unit penjana tunai (“CGUs”) bagi tujuan menguji kemerosotan. Pengagihan tersebutdilakukan kepada CGUs atau kumpulan CGUs yang dijangka akan mendapat manfaat daripada sinergipenggabungan perniagaan yang menghasilkan muhibah.Muhibah daripada pemerolehan syarikat bersekutu dan entiti dikawal bersama dimasukkan dalam nilai bawaanpelaburan tersebut. Keseluruhan nilai bawaan pelaburan tersebut diuji untuk kemerosotan apabila terdapat buktiobjektif berkenaan kemerosotan. Sila rujuk Nota 2(i) berkenaan kemerosotan aset.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 242nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(f)Hartanah, loji dan peralatanHartanah, loji dan peralatan pada mulanya dinyatakan pada kos. Kos berikutnya dimasukkan dalam nilai bawaanaset atau diiktiraf sebagai aset yang berlainan, mengikut kesesuaian, hanya bila manfaat ekonomi masa hadapanberkaitan dengan aset tersebut dijangka akan mengalir kepada Kumpulan dan kosnya dapat diukur dengan tepat.Nilai bawaan untuk bahagian gantian tidak diiktiraf. Semua kos pembaikan dan penyelenggaraan yang lain dicajkankepada penyata pendapatan dalam tempoh kewangan di mana ia berlaku.Selepas pengiktirafan, hartanah, loji dan peralatan kecuali tanah pegangan bebas, akan dinyatakan pada kos tolaksusutnilai terkumpul dan kerugian kemerosotan terkumpul.Tanah pegangan bebas dinyatakan pada kos atau penilaian. Tanah pegangan bebas tidak disusutnilai kerana iamempunyai tempoh hayat tidak terhad. Tanah pegangan bebas telah dinilai semula oleh para Pengarah berdasarkanpenilaian profesional yang dilaksanakan oleh jurunilai profesional bebas. Para Pengarah telah menerapkan peruntukanperalihan dalam piawaian FRS 116 “Hartanah, Loji dan Peralatan” yang dikeluarkan oleh MASB, yang membenarkanaset-aset tersebut dinyatakan pada penilaian mereka dalam tahun 1990 dan 1996. Selaras dengan itu, penilaiantersebut tidak diperbaharui.Lebihan yang timbul daripada penilaian semula dikreditkan kepada rizab nilai semula tidak boleh diagihkan. Defi sityang timbul daripada penilaian semula dicajkan kepada rizab nilai semula tidak boleh diagihkan setakat lebihansebelumnya yang dikreditkan kepada rizab nilai semula tidak boleh diagihkan bagi aset yang sama. Bagi kes-kes lain,pengurangan dalam nilai bawaan dicajkan kepada penyata pendapatan. Apabila sesuatu aset dilupuskan ataudisarakan, sebarang rizab nilai semula yang berkaitan dengan aset tersebut dipindahkan terus kepadarizab nilai semula boleh diagihkan.Semua hartanah, loji dan peralatan lain disusutnilai mengikut dasar garis lurus bagi menghapuskira kos asettersebut kepada nilai sisa sepanjang anggaran hayat guna mereka, diringkaskan seperti berikut:BangunanPerabot, kelengkapan dan peralatanKenderaan bermotorLoji dan jenteraBangsal kuda dan peralatan ekuestrian20 tahun5 tahun5 tahun5 tahun5 tahunSusutnilai ke atas aset yang sedang dibina bermula apabila aset tersebut telah siap untuk tujuan penggunaannya.Nilai sisa dan hayat guna aset disemak dan dilaraskan jika perlu, pada setiap tarikh lembaran imbangan.Bila mana wujudnya tanda kemerosotan pada tarikh lembaran imbangan, suatu analisis akan dilakukan untukmenaksir samada nilai bawaan aset tersebut boleh diperolehi sepenuhnya. Penurunan nilai dibuat jika nilai bawaanmelebihi nilai yang boleh diperolehi. Sila rujuk dasar perakaunan Nota 2(i) berkenaan kemerosotan aset.Apabila sesuatu aset dilupuskan, perbezaan di antara hasil pelupusan bersih dan nilai bawaannya dicajkan ataudikreditkan kepada penyata pendapatan. Dalam kes di mana tanah dinilai semula, amaun dalam rizab nilai semulatidak boleh diagihkan yang berkaitan dengan tanah dinilai semula yang telah dilupuskan ini akan dipindahkan kepadarizab boleh diagihkan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 243(g)Pelaburan hartanahPelaburan hartanah adalah hartanah yang dipegang untuk tujuan mendapatkan pendapatan sewa atau kenaikan nilaimodal atau kedua-duanya, dan tidak dihuni oleh Kumpulan.Pelaburan hartanah merangkumi tanah pegangan bebas dan bangunan.Tanah pegangan bebas dinyatakan pada kos atau penilaian. Tanah pegangan bebas tidak disusutnilai kerana iamempunyai tempoh hayat tidak terhad. Tanah pegangan bebas telah dinilai semula oleh para Pengarah berdasarkanpenilaian profesional yang dilaksanakan oleh jurunilai profesional bebas. Para pengarah telah menerapkan peruntukanperalihan dalam FRS 116 yang dikeluarkan oleh MASB, yang membenarkan aset-aset tersebut dinyatakan padapenilaian mereka dalam tahun 1990 dan 1996. Selaras dengan itu, tanah pegangan bebas telah dipindahkan kepada“Hartanah pelaburan” pada nilai bawaannya.Bangunan dinyatakan pada kos tolak susutnilai terkumpul dan kerugian kemerosotan terkumpul. Bangunandisusutnilai mengikut dasar garis lurus sepanjang anggaran hayat guna selama 20 tahun.Hartanah pelaburan tidak diiktiraf selepas pelupusan atau hartanah pelaburan ditarik balik penggunaannya secarakekal dan tiada manfaat ekonomi masa hadapan dijangka timbul akibat pelupusannya. Perbezaan di antara hasilpelupusan bersih dan nilai bawaannya dicajkan atau dikreditkan kepada penyata pendapatan dalam tempohkewangan ianya disarakan atau dilupuskan.(h)PelaburanPelaburan dalam syarikat subsidiari, syarikat bersekutu dan entiti dikawal bersama dinyatakan pada kos tolakkerugian kemerosotan terkumpul. Bila mana wujudnya tanda kemerosotan, nilai bawaan pelaburan ditaksir dandikurangkan kepada nilai yang dapat diperolehi dengan serta-merta. Sila rujuk dasar perakaunan Nota 2(i) berkenaankemerosotan aset.Pelaburan dalam pelaburan bukan semasa lain dinyatakan pada kos dan peruntukan untuk pengurangan nilaiakan dibuat, bila mana mengikut pendapat para Pengarah, terdapatnya penurunan selain daripada penurunansementara di dalam nilai pelaburan tersebut. Penurunan sebegini diiktiraf sebagai perbelanjaan di dalam tempoh di manapenurunan dikenalpasti.Apabila sesuatu pelaburan dilupuskan, perbezaan di antara hasil pelupusan bersih dan nilai bawaannya dicajkanatau dikreditkan kepada penyata pendapatan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 244nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(i)Kemerosotan asetAset yang mempunyai tempoh hayat tidak terhad adalah tidak tertakluk kepada pelunasan dan diuji untukkemerosotan setiap tahun. Aset yang tertakluk kepada pelunasan akan disemak semula untuk kemerosotan bila manaterdapat peristiwa atau perubahan keadaan yang menunjukkan bahawa nilai bawaan mungkin tidak dapat diperolehi.Kerugian kemerosotan diiktiraf bagi jumlah di mana nilai bawaan aset melebihi nilai yang dapat diperolehi.Nilai yang boleh diperolehi adalah nilai yang mana lebih tinggi di antara nilai saksama sesuatu aset atau CGU tolak kospenjualan dan nilai gunanya. Dalam menaksir nilai guna aset, anggaran aliran tunai masa hadapan didiskaunkankepada nilai kini menggunakan kadar diskaun pra-cukai yang menggambarkan penaksiran pasaran semasaberkenaan nilai masa wang dan risiko khusus terhadap aset tersebut.Bagi tujuan menaksir kemerosotan, nilai yang boleh diperolehi ditentukan berdasarkan asas aset individu kecualijika aset tersebut tidak menjana aliran tunai yang sebahagian besarnya bebas daripada aset lain. Dalam keadaan ini,nilai yang boleh diperolehi adalah ditentukan mengikut CGU di mana aset itu dipunyai.Kerugian kemerosotan dicajkan kepada penyata pendapatan dalam tempoh kewangan di mana ia timbul, kecuali jikaaset dibawa pada amaun yang dinilai semula, di mana dalam keadaan ini kerugian kemerosotan diambilkira sebagaipenurunan penilaian semula setakat mana kerugian kemerosotan tersebut tidak melebihi amaun yang dinyatakandalam rizab penilaian semula aset bagi aset yang sama.Kerugian kemerosotan ke atas muhibah tidak dibalikkan dalam tempoh kewangan berikutnya. Kerugian kemerosotanbagi aset selain muhibah dibalikkan hanya dan jika hanya, terdapat perubahan di dalam anggaran yang digunakanbagi menentukan nilai yang boleh diperolehi semenjak pengiktirafan kerugian kemerosotan yang terakhir. Nilaibawaan aset selain muhibah dinaikkan kepada jumlah yang boleh diperolehi yang disemak semula dengan syaratbahawa jumlah ini tidak melebihi nilai bawaan yang akan ditentukan (tolak pelunasan dan susutnilai) sekiranyatidak terdapat kerugian kemerosotan yang telah diiktiraf bagi aset tersebut dalam tahun kewangan sebelumnya.Pembalikan kerugian kemerosotan bagi sesuatu aset selain muhibah diiktiraf di dalam penyata pendapatan, kecualijika aset tersebut dibawa pada amaun dinilai semula, yang mana dalam kes ini, pembalikan dianggap sebagaipeningkatan dalam penilaian semula.(j)Hartanah siapHartanah yang telah siap tetapi belum dijual diklasifi kasikan sebagai “Hartanah siap” dan dinyatakan pada nilai yangmana lebih rendah di antara kos dan nilai realisasi bersih. Kos hartanah belum dijual merangkumi kos berkaitandengan pemerolehan tanah, kos langsung dan sebahagian peruntukan kos yang sesuai berkaitan aktivitipembangunan hartanah.Nilai realisasi bersih adalah anggaran harga jualan di dalam urusan perniagaan biasa, tolak kos penyiapandan perbelanjaan penjualan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2452 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(k)Aktiviti pembangunan hartanah(i)Tanah dipegang untuk pembangunan hartanahTanah dipegang untuk pembangunan hartanah merangkumi tanah yang tiada kerja pembangunan ketaradijalankan atau aktiviti pembangunan dijangka tidak akan siap dalam kitaran operasi biasa. Tanah seperti inidiklasifi kasikan sebagai aset bukan semasa dan dinyatakan pada kos tolak kerugian kemerosotanterkumpul.Kos tanah termasuk harga pemerolehan tanah, yuran profesional, duti setem, komisen, yuran pertukarandan levi lain yang berkaitan. Bila mana Kumpulan telah melaporkan tanah tersebut pada amaun dinilaisemula sebelum ini, ia terus mengekalkan amaun ini sebagai kos pengganti sebagaimana yang dibenarkanoleh FRS 201 “Aktiviti Pembangunan Hartanah”. Bila mana wujudnya tanda kemerosotan, nilai bawaan asetditaksir dan diturunkan nilai kepada nilai yang boleh diperolehi dengan serta merta. Sila rujuk dasarperakaunan Nota 2(i) berkenaan kemerosotan aset.Tanah dipegang untuk pembangunan hartanah dipindahkan kepada “Kos pembangunan hartanah”(di bawah aset semasa) apabila aktiviti pembangunan telah bermula dan dijangka akan siap dalam kitaranoperasi biasa Kumpulan.(ii)Kos pembangunan hartanahKos pembangunan hartanah merangkumi kos tanah dan semua kos langsung yang berkaitan dengan aktivitipembangunan atau boleh diperuntukkan dengan munasabah kepada aktiviti tersebut. Ini termasuk kospinjaman yang berkaitan dengan pembiayaan aktiviti pembangunan tanah tersebut, kos pembangunanumum yang berkaitan dengan projek pembangunan dan kos pembinaan langsung. Kos pinjamandimasukkan di dalam kos pembangunan hartanah sehingga projek pembangunan tersebut siap.Apabila keputusan aktiviti pembangunan boleh dianggarkan dengan sewajarnya, hasil dan perbelanjaanpembangunan hartanah diiktiraf dengan menggunakan kaedah tahap penyiapan seperti yang dinyatakandalam Nota 2(x) berkenaan pengiktirafan hasil.Apabila keputusan aktiviti pembangunan tidak boleh dianggarkan dengan sewajarnya, hasil pembangunanhartanah diiktiraf hanya setakat kos pembangunan hartanah yang ditanggung, yang mungkin bolehdiperolehi; kos pembangunan hartanah bagi unit pembangunan yang dijual diiktiraf apabila ia ditanggung.Samada keputusan aktiviti pembangunan hartanah boleh atau tidak boleh dianggarkan dengan sewajarnya,apabila terdapat kemungkinan jumlah kos pembangunan hartanah akan melebihi jumlah hasilpembangunan hartanah, kerugian yang dijangka diiktiraf sebagai perbelanjaan dengan serta merta.Kos pembangunan hartanah yang tidak diiktiraf sebagai perbelanjaan akan diiktiraf sebagai aset dandinyatakan pada nilai yang mana lebih rendah di antara kos dan nilai realisasi bersih.Apabila hasil diiktiraf di dalam penyata pendapatan melebihi bil kepada pembeli, baki akan dibentangkansebagai bil terakru di bawah “Penghutang dagangan dan lain-lain” (dalam aset semasa). Apabila bil kepadapembeli melebihi hasil yang diiktiraf di dalam penyata pendapatan, baki akan dibentangkan sebagai bilberperingkat di bawah “Pemiutang dagangan dan lain-lain” (dalam liabiliti semasa).UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 246nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(l)Penghutang daganganPenghutang dagangan dinyatakan pada nilai invois tolak peruntukan hutang ragu. Peruntukan diwujudkanapabila terdapat bukti objektif bahawa Kumpulan tidak dapat memungut kesemua nilai yang terhutangmengikut syarat-syarat asal hutang tersebut.Penghutang dagangan atas penjualan hartanah siap di bawah skim ansuran dinyatakan pada nilai saksamanyayang ditentukan dengan mendiskaunkan semua penerimaan masa hadapan menggunakan kadar faedah imput.(m)Tunai dan setara tunaiBagi tujuan penyata aliran tunai, tunai dan setara tunai merangkumi tunai di tangan, baki bank, deposit panggilandipegang dengan bank, pelaburan jangka pendek dan kecairan tinggi dengan kematangan asal tiga bulan ataukurang dan overdraf bank.Overdraf bank dimasukkan dalam “Pinjaman” dalam liabiliti semasa di dalam lembaran imbangan.(n)Modal saham(i)KlasifikasiSaham biasa diklasifi kasikan sebagai ekuiti. Pengagihan kepada pemegang instrumen kewangan yangdiklasifi kasikan sebagai instrumen ekuiti, dicajkan terus kepada ekuiti.(ii)Kos penerbitan sahamKos luaran tambahan yang berkaitan secara langsung dengan penerbitan saham-saham baru atau opsyenke atas saham biasa, dinyatakan dalam ekuiti sebagai potongan bersih daripada cukai, daripada hasil.(iii)Dividen kepada para pemegang saham SyarikatDividen interim bagi saham biasa diiktiraf sebagai liabiliti apabila dicadangkan.Dividen akhir yang dicadangkan selepas tarikh lembaran imbangan tidak diiktiraf sebagai liabiliti pada tarikhlembaran imbangan sehingga ia diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2472 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(o)Pembelian saham sendiriApabila Syarikat atau syarikat subsidiari membeli ekuiti modal saham Syarikat, balasan yang dibayar, termasuksebarang kos luaran tambahan yang berkaitan secara langsung, bersih daripada cukai, ditolak daripada ekuitisebagai saham perbendaharaan sehingga ia dibatalkan, diterbitkan semula atau dilupuskan. Apabila saham inidijual atau diterbitkan semula kemudiannya, sebarang balasan yang diterima, bersih daripada sebarang kos luarantambahan yang berkaitan secara langsung dan kesan cukai yang berkaitan, dimasukkan di dalam ekuiti.(p)PemiutangPemiutang dinyatakan pada mulanya dan berikutnya pada kos. Pemiutang diiktiraf apabila terdapat kewajipankontraktual untuk memberi wang tunai atau aset kewangan lain kepada entiti lain.(q)PinjamanPinjaman pada mulanya diiktiraf berdasarkan hasil yang diterima, bersih daripada kos urusniaga ditanggung. Dalamtempoh kewangan yang berikut, pinjaman dinyatakan pada kos dilunaskan dengan menggunakan kaedah faedahberkesan. Perbezaan antara hasil (bersih daripada kos urusniaga) dan nilai penebusan diiktiraf di dalam penyatapendapatan sepanjang tempoh pinjaman.Faedah, dividen, kerugian dan keuntungan berkaitan dengan suatu instrumen kewangan atau suatu bahagiankomponen diklasifi kasikan sebagai liabiliti dan dilaporkan dalam kos kewangan dalam penyata pendapatan.Pinjaman diklasifi kasikan sebagai liabiliti semasa kecuali jika Kumpulan mempunyai hak tanpa syarat bagimenangguhkan penyelesaian liabiliti tersebut sekurang-kurangnya 12 bulan selepas tarikh lembaran imbangan.(r)Pemodalan kos pinjamanKos pinjaman yang ditanggung bagi membiayai pembinaan hartanah, loji dan peralatan akan dipermodalkansebagai sebahagian kos aset sepanjang tempoh masa yang diperlukan untuk menyiapkan dan menyediakan asettersebut untuk kegunaan yang dirancang. Kos pinjaman yang ditanggung bagi membiayai aktiviti pembangunanhartanah dan kontrak pembinaan diambilkira dengan cara yang sama.Semua kos pinjaman lain diiktiraf di dalam penyata pendapatan dalam tempoh kewangan di mana ianyaditanggung.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 248nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(s)PajakanSesuatu pajakan diiktiraf sebagai pajakan kewangan jika ianya memindahkan sebahagian besar risiko dan manfaatberhubung dengan hak milik kepada Kumpulan. Semua pajakan yang tidak memindahkan sebahagian besar risikodan manfaat diklasifi kasikan sebagai pajakan operasi.(i)Pajakan kewangan – Kumpulan sebagai penyewa pajakAset yang diperolehi melalui pajakan kewangan dinyatakan pada nilai yang bersamaan dengan nilaisaksama dan nilai kini bagi bayaran pajakan minimum pada permulaan pajakan, yang mana lebih rendah,tolak susutnilai terkumpul dan kerugian kemerosotan. Liabiliti yang sepadan dimasukkan di dalam lembaranimbangan sebagai “Pinjaman”.Bayaran pajakan diagihkan di antara kos kewangan dan pengurangan liabiliti tertunggak. Kos kewanganyang merupakan perbezaan di antara jumlah komitmen pajakan dan nilai saksama aset yang diperolehi,diiktiraf di dalam penyata pendapatan sepanjang tempoh pajakan yang berkaitan untuk membolehkanpenghasilan satu kadar caj berkala yang konsisten ke atas baki obligasi bagi setiap tempoh perakaunan.Hartanah, loji dan peralatan yang diperolehi melalui pajakan kewangan disusutnilai sepanjang anggarantempoh hayat guna aset tersebut dan tempoh pajakan, yang mana lebih pendek.(ii)Pajakan operasi – Kumpulan sebagai pemberi pajakAset yang dipajakkan di bawah pajakan operasi dibentangkan di dalam lembaran imbangan mengikut jenisaset. Pendapatan sewa (bersih daripada insentif yang diberi kepada penyewa pajak) daripada pajakanoperasi diiktiraf mengikut dasar garis lurus sepanjang tempoh pajakan.(t)PeruntukanPeruntukan diiktiraf apabila Kumpulan mempunyai kewajipan perundangan atau konstruktif kini akibat peristiwalampau, dan berkemungkinan bahawa aliran keluar sumber akan diperlukan untuk menyelesaikan kewajipantersebut, dan anggaran yang munasabah bagi jumlah itu boleh dibuat.Peruntukan disemak pada setiap tarikh lembaran imbangan dan diselaraskan bagi menggambarkan anggaransemasa yang terbaik. Apabila kesan nilai mata wang adalah ketara, jumlah peruntukan didiskaunkan pada kadarpra-cukai semasa yang mencerminkan risiko khusus kepada kewajipan tersebut. Apabila pendiskaunan digunakan,peningkatan kepada peruntukan akibat jangka masa diiktiraf sebagai kos kewangan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2492 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(u)Perbelanjaan cukaiPerbelanjaan cukai di dalam penyata pendapatan merangkumi cukai semasa dan tertunda. Perbelanjaan cukaisemasa adalah jumlah cukai pendapatan yang dijangka perlu dibayar berhubung dengan keuntungan dikenakancukai bagi tahun kewangan. Perbelanjaan cukai semasa diukur menggunakan kadar cukai berkanun pada tarikhlembaran imbangan.Cukai tertunda diiktiraf sepenuhnya menggunakan kaedah liabiliti, ke atas perbezaan sementara yang timbul diantara nilai berkaitan dengan aset dan liabiliti untuk tujuan cukai dan nilai bawaannya di dalam penyata kewangan.Walaubagaimanapun, cukai tertunda tidak diiktiraf jika perbezaan sementara timbul daripada muhibah ataupengiktirafan permulaan aset atau liabiliti dalam urusniaga selain daripada penggabungan perniagaan yang padamasa urusniaga tidak memberi kesan kepada keuntungan dan kerugian perakaunan mahupun bercukai.Aset cukai tertunda diiktiraf setakat mana keuntungan dikenakan cukai berkemungkinan akan tersedia ada terhadapyang mana perbezaan sementara boleh ditolak atau kerugian cukai belum diguna boleh digunakan.Cukai tertunda diiktiraf ke atas perbezaan sementara yang timbul daripada pelaburan dalam syarikat subsidiari,syarikat bersekutu dan entiti dikawal bersama, kecuali bila penentuan masa pembalikan bagi perbezaan sementaraboleh dikawal dan ada kemungkinan perbezaan sementara ini tidak akan berbalik sejauh yang nampak padamasa hadapan.Cukai tertunda ditentukan menggunakan kadar cukai (dan undang-undang cukai) berkanun atau berkanun secarasubstantif pada tarikh lembaran imbangan dan dijangka akan digunakan apabila aset cukai tertunda yang berkaitandirealisasikan atau liabiliti cukai tertunda diselesaikan.(v)Manfaat kakitangan(i)Manfaat kakitangan jangka pendekUpah, gaji, cuti tahunan berbayar, cuti sakit, bonus dan manfaat bukan wang adalah diakru dalam tempohdi mana khidmat yang berkaitan diberikan oleh kakitangan (termasuk Pengarah Eksekutif) Kumpulan.(ii)Pelan sumbangan wajibPelan sumbangan wajib adalah pelan manfaat selepas penggajian, yang mana Kumpulan membuatsumbangan tetap ke dalam entiti atau dana berasingan dan tidak akan mempunyai sebarang kewajipanundang-undang atau konstruktif untuk membuat pembayaran selanjutnya jika mana-mana dana tidakmempunyai aset secukupnya untuk membayar semua manfaat kakitangan berhubung dengan perkhidmatankakitangan dalam tahun kewangan semasa dan sebelumnya. Seperti diwajibkan oleh undang-undang,syarikat-syarikat di Malaysia membuat sumbangan kepada Kumpulan Wang Simpanan Pekerja (“KWSP”),iaitu pelan sumbangan wajib negara. Sumbangan Kumpulan kepada KWSP dicajkan kepada penyatapendapatan dalam tempoh kewangan yang berkaitan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 250nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(v)Manfaat kakitangan (samb.)(iii)Pampasan berasaskan sahamESOS Kumpulan merupakan pelan pampasan berasaskan saham yang membolehkan kakitangan danpara Pengarah Kumpulan membeli saham biasa Syarikat. Nilai saksama opsyen ke atas saham biasa yangditawarkan kepada kakitangan dan para Pengarah diiktiraf sebagai perbelanjaan manfaat kakitangan didalam penyata pendapatan; dengan suatu peningkatan sepadan dibuat dalam rizab opsyen saham didalam ekuiti sepanjang tempoh pelaksanaan, dengan mengambilkira kemungkinan opsyen ke atas sahambiasa tersebut akan dilaksanakan.Nilai saksama opsyen ke atas saham biasa diukur pada tarikh tawaran dengan mengambilkira sekiranyaada, syarat pelaksanaan pasaran yang melibatkan opsyen ke atas saham biasa yang telah ditawarkan tetapitidak termasuk kesan daripada sebarang syarat pelaksanaan bukan pasaran. Syarat pelaksanaan bukanpasaran diambilkira dalam andaian mengenai bilangan opsyen ke atas saham biasa yang dijangka akandilaksanakan pada tarikh pelaksanaan.Pada setiap tarikh lembaran imbangan, Kumpulan akan menyemak semula anggaran bilangan opsyen keatas saham biasa yang dijangka akan dilaksanakan pada tarikh pelaksanaan. Kumpulan akan mengiktirafkesan akibat semakan semula ke atas anggaran asal, sekiranya ada, di dalam penyata pendapatan danpenyelarasan yang sepadan dibuat kepada ekuiti sepanjang baki tempoh pelaksanaan. Amaun ekuiti diiktirafdalam rizab opsyen saham sehingga opsyen ke atas saham biasa dilaksanakan, yang mana kemudiannyaakan dipindahkan kepada premium saham atau sehingga opsyen ke atas saham biasa tersebut luput, yangmana kemudiannya akan dipindahkan terus kepada pendapatan tertahan.Apabila opsyen ke atas saham biasa dilaksanakan, hasil yang diterima, bersih daripada sebarang kosurusniaga yang berkaitan secara langsung, dikreditkan kepada modal saham (nilai nominal) dan premiumsaham.(w)Liabiliti luar jangka dan aset luar jangkaKumpulan tidak mengiktiraf liabiliti luar jangka tetapi mendedahkan kewujudannya dalam penyata kewangan.Liabiliti luar jangka adalah suatu kewajipan yang berkemungkinan timbul daripada peristiwa lampau, yang manakewujudannya akan disahkan oleh peristiwa di masa hadapan yang belum pasti dan di luar kawalan Kumpulan ataukewajipan semasa yang tidak diiktiraf kerana tidak berkemungkinan suatu aliran keluar sumber akan diperlukanuntuk menyelesaikan kewajipan tersebut. Liabiliti luar jangka juga timbul dalam keadaan yang amat jarang sekali dimana terdapatnya liabiliti yang tidak boleh diiktiraf kerana ia tidak dapat diukur dengan sewajarnya.Aset luar jangka adalah aset yang berkemungkinan timbul daripada peristiwa lampau dan kewujudannya akandisahkan oleh peristiwa di masa hadapan yang belum pasti dan di luar kawalan Kumpulan. Kumpulan tidakmengiktiraf aset luar jangka tetapi mendedahkan kewujudannya apabila aliran masuk manfaat ekonomi adalahmungkin, tetapi hakikatnya tidak dapat dipastikan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2512 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(x)Pengiktirafan hasilHasil merangkumi nilai saksama balasan yang telah diterima atau akan diterima, bersih daripada diskaun dansetelah menghapuskan jualan dalam lingkungan Kumpulan.Kumpulan mengiktiraf hasil apabila jumlah hasil boleh diukur dengan sewajarnya dan adalah berkemungkinanmanfaat ekonomi masa hadapan akan mengalir kepada Kumpulan dan kriteria khusus telah dicapai bagi setiapaktiviti Kumpulan yang dijelaskan berikut. Jumlah hasil dianggap tidak dapat diukur dengan sewajarnya sehinggasemua perkara luar jangka berkaitan dengan jualan telah diselesaikan. Kumpulan membuat anggaran berdasarkankeputusan lalu, dengan mengambilkira jenis pelanggan, jenis urusniaga dan spesifi kasi setiap urusan.Hasil daripada penjualan hartanah pembangunan diiktiraf bersih daripada diskaun, berdasarkan kaedah tahappenyiapan. Tahap penyiapan diukur dengan merujuk kepada perkadaran kerja fi zikal yang telah siap sebagaiperatusan daripada keseluruhan kerja fi zikal bagi projek tersebut seperti yang disahkan oleh pakar runding yangdilantik.Hasil daripada penjualan hartanah siap diiktiraf bersih daripada diskaun, selaras dengan syarat-syarat perjanjianjual beli. Balasan penjualan daripada hartanah siap di bawah skim ansuran direkodkan pada nilai saksama, yangditentukan dengan mendiskaunkan semua penerimaan di masa hadapan menggunakan kadar faedah imput.Perbezaan di antara nilai saksama dan nilai nominal balasan penjualan diiktiraf sebagai pendapatan faedah dandimasukkan kepada penyata pendapatan berdasarkan pembahagian masa yang mengambilkira faedah berkesanke atas penerimaan yang timbul daripada penjualan hartanah siap di bawah skim ansuran sepanjang tempohansuran.Hasil daripada kontrak pembinaan diiktiraf berdasarkan kaedah tahap penyiapan. Tahap penyiapan diukur denganmerujuk kepada bahagian di mana kos kontrak ditanggung untuk kerja terkini yang dilakukan berbanding dengananggaran keseluruhan kos kontrak sepertimana yang disahkan oleh pakar runding yang dilantik.Pendapatan faedah diiktiraf berdasarkan asas perkadaran masa, dengan mengambilkira prinsipal tertunggakdan kadar berkesan sepanjang tempoh matang, apabila dipastikan pendapatan tersebut akan terakru kepadaKumpulan.Faedah atas jumlah lampau tempoh daripada pembeli rumah diiktiraf di dalam penyata pendapatan secara terakru.Peruntukan hutang ragu dibuat apabila kebolehpungutan faedah ini diragui.Pendapatan sewa daripada hartanah diiktiraf berasaskan dasar garis lurus sepanjang tempoh pajakan.Dividen kasar daripada pelaburan diambilkira di dalam penyata kewangan apabila hak Syarikat untuk menerimabayaran telah terbukti.Yuran pengurusan dan yuran pengurusan projek diiktiraf apabila perkhidmatan telah diberikan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 252nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20082 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)(y)Mata wang fungsi dan pembentanganPenyata kewangan dibentangkan dalam Ringgit Malaysia, iaitu mata wang fungsi dan pembentangan Syarikat.(z)Instrumen kewanganHuraianInstrumen kewangan adalah sebarang kontrak yang menghasilkan kedua-dua aset kewangan bagi sebuahperusahaan dan liabiliti kewangan atau instrumen ekuiti bagi sebuah perusahaan lain.Aset kewangan adalah sebarang aset yang merupakan tunai, hak kontraktual untuk menerima tunai atau asetkewangan lain daripada perusahaan lain, hak kontraktual untuk menukar instrumen kewangan dengan perusahaanlain di bawah syarat yang berpotensi baik, atau instrumen ekuiti perusahaan lain.Liabiliti kewangan adalah sebarang liabiliti yang merupakan kewajipan kontraktual untuk memberi tunai atau asetkewangan lain kepada perusahaan lain atau untuk menukar instrumen kewangan dengan perusahaan lain di bawahsyarat yang tidak berpotensi baik.Instrumen kewangan yang diiktiraf di dalam lembaran imbanganInstrumen kewangan yang diiktiraf di dalam lembaran imbangan termasuk deposit, tunai dan baki bank, pelaburan,penghutang, pemiutang dan pinjaman. Kaedah pengiktirafan yang diterimapakai bagi instrumen kewangan yangdiiktiraf di dalam lembaran imbangan didedahkan di dalam penyata dasar perakaunan individu berkaitan setiapperkara.Anggaran nilai saksama bagi tujuan pendedahanDalam menentukan nilai saksama instrumen kewangan, Kumpulan menggunakan pelbagai kaedah dan membuatandaian berdasarkan keadaan pasaran sedia ada pada setiap tarikh lembaran imbangan. Secara khususnya, nilaisaksama aset kewangan dan liabiliti kewangan dianggar dengan mendiskaunkan aliran tunai kontraktual masahadapan pada kadar faedah pasaran semasa yang tersedia ada bagi Kumpulan untuk instrumen kewangan yangserupa. Nilai saksama pelaburan lain ditentukan berdasarkan nilai pasaran pada tarikh lembaran imbangan.Nilai muka aset kewangan (tolak sebarang anggaran pelarasan kredit) dan liabiliti kewangan dengan tempoh matangkurang daripada satu tahun adalah diandaikan hampir dengan nilai saksamanya.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2533. ANGGARAN DAN PERTIMBANGAN PERAKAUNAN PENTINGAnggaran dan pertimbangan dinilai secara berterusan oleh para Pengarah dan adalah berdasarkan pengalaman lalu danfaktor lain, termasuk jangkaan peristiwa masa hadapan yang dipercayai munasabah di bawah keadaannya.Anggaran dan andaian perakaunan kritikalKumpulan membuat anggaran dan andaian berkenaan masa hadapan. Keputusan anggaran perakaunan akan menurutdefi nisi, jarang bersamaan dengan keputusan sebenar yang berkaitan. Anggaran dan andaian yang mempunyai risikopenting yang akan menyebabkan pelarasan ketara kepada nilai bawaan aset dan liabiliti dalam tahun kewangan yangberikut adalah dipaparkan di bawah.(i)Pengiktirafan hasilHasil daripada penjualan hartanah pembangunan diiktiraf bersih daripada diskaun, berdasarkan kaedah tahappenyiapan. Tahap penyiapan diukur dengan merujuk kepada perkadaran fi zikal kerja yang telah siap sebagaiperatusan keseluruhan kerja fi zikal bagi projek tersebut, seperti yang disahkan oleh pakar runding yang dilantik.Pertimbangan penting diperlukan dalam menentukan tahap penyiapan, tahap kos pembangunan hartanahditanggung, anggaran keseluruhan kos pembangunan hartanah akan ditanggung (termasuk kos infrastrukturam masa hadapan), dan anggaran bahagian kos infrastruktur am yang perlu diperuntukkan kepada hartanahpembangunan. Dalam membuat pertimbangan ini, Kumpulan bergantung kepada pengalaman lalu dan kerjapakar.(ii)Aset cukai tertundaAset cukai tertunda diiktiraf setakat mana keuntungan dikenakan cukai berkemungkinan akan tersedia ada terhadapyang mana perbezaan sementara boleh ditolak atau kerugian cukai belum diguna boleh digunakan. Pertimbanganpihak pengurusan diperlukan untuk menentukan jumlah aset cukai tertunda yang boleh diiktiraf, berdasarkanjangkaan tempoh masa dan tahap keuntungan dikenakan cukai masa akan hadapan.Pertimbangan kritikal dalam menggunapakai dasar perakaunanTiada sebarang pertimbangan kritikal digunakan dalam menggunapakai dasar perakaunan Kumpulan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 254nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20084. OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGANKumpulan terdedah kepada pelbagai risiko kewangan termasuk risiko pertukaran mata wang asing, risiko kadar faedah,risiko kredit, risiko kecairan dan risiko aliran tunai dalam urusan biasa perniagaan. Objektif keseluruhan pengurusanrisiko kewangan Kumpulan adalah untuk memastikan bahawa Kumpulan mencipta nilai bagi para pemegang sahamnya.Kumpulan fokus kepada pasaran kewangan yang tidak dapat diramalkan dan berusaha untuk meminimumkan potensikesan buruk kepada prestasi kewangan Kumpulan. Pengurusan risiko kewangan dijalankan melalui kajian risiko dan sistemkawalan dalaman. Lembaga Pengarah kerap mengkaji semula risiko-risiko bagi memastikan dasar-dasar pengurusanrisiko kewangan Kumpulan dipatuhi.Risiko pertukaran mata wang asingKumpulan tidak terdedah kepada risiko mata wang memandangkan penglibatan Kumpulan dalam urusniaga mata wangasing adalah minimum.Risiko kadar faedahPendapatan dan aliran tunai operasi Kumpulan adalah bebas secara substantif daripada perubahan dalam kadar faedahpasaran. Pendedahan kadar faedah timbul daripada pinjaman Kumpulan dan diurus dengan menggunakan pinjamanpada kadar faedah tetap dan terapung. Kumpulan sentiasa aktif memantau pinjamannya bagi memastikan Kumpulanmenerima manfaat sebaiknya daripada persekitaran operasi.Risiko kreditPenumpuan risiko kredit yang berhubung dengan penghutang dagangan adalah terhad memandangkan pemilikan danhak kepada hartanah akan berbalik kepada Kumpulan dalam keadaan berlakunya kemungkiran. Pengalaman Kumpulanyang lalu dalam pengutipan daripada penghutang dagangan adalah dalam lingkungan peruntukan yang direkodkan.Disebabkan faktor-faktor ini, pihak pengurusan percaya tiada risiko kredit tambahan yang melebihi nilai yang diperuntukkanuntuk kerugian kutipan, wujud dalam penghutang dagangan Kumpulan.Risiko kecairan dan aliran tunaiPengurusan risiko kecairan yang berhemat bermaksud mempunyai kecukupan tunai serta ketersediaan dana pembiayaanmelalui kemudahan kredit komited yang secukupnya. Kumpulan bermatlamat untuk mengekalkan fl eksibiliti dalampembiayaan dengan menyediakan barisan kredit yang komited.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2555 HASIL2008 2007RM’000 RM’000KumpulanHasil daripada pembangunan hartanah 169,982 394,955Pendapatan faedah 518 122Pendapatan sewa pajakan tanah 85 120Pendapatan sewa pajakan kuari - 257Pendapatan sewa daripada pelaburan hartanah 1,054 869Pendapatan sewa daripada hartanah 444 444172,083 396,767SyarikatPendapatan dividen daripada syarikat subsidiari 19,208 18,980Pendapatan faedah 8,154 8,126Peruntukan perkhidmatan pengurusan 9,033 6,48036,395 33,5866 PERBELANJAAN MANFAAT KAKITANGANKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Upah, gaji dan bonus 17,926 16,439 7,757 6,700Pelan sumbangan persaraan wajib 2,603 2,362 1,106 979Opsyen ke atas saham biasa ditawarkandi bawah ESOS (Nota 25(a)) - 1,145 - 691Manfaat kakitangan lain 1,362 1,208 425 41521,891 21,154 9,288 8,785Perbelanjaan manfaat kakitangan termasuk ganjaran Pengarah Eksekutif.Pada akhir tahun kewangan, terdapat seramai 285 (2007: 261) kakitangan di dalam Kumpulan dan 66 (2007: 62)kakitangan di dalam Syarikat.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 256nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20087 GANJARAN PARA PENGARAHJumlah agregat emolumen yang diterima dan akan diterima oleh para Pengarah Syarikat bagi tahun kewangan adalahseperti berikut:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Pengarah Eksekutif:- yuran 40 40 40 40- gaji pokok dan bonus 420 450 420 450- pelan sumbangan persaraan wajib 63 68 63 68- opsyen ke atas saham biasa ditawarkan di bawah ESOS - 25 - 25- emolumen lain 23 34 21 34546 617 544 617- anggaran nilai monetari bagi manfaat barangan 35 28 35 28581 645 579 645Pengarah Bukan Eksekutif:- yuran 375 356 375 356- opsyen ke atas saham biasa ditawarkan di bawah ESOS - 420 - 420- emolumen lain 85 102 79 96460 878 454 872- anggaran nilai monetari bagi manfaat barangan 60 60 60 60520 938 514 9321,101 1,583 1,093 1,577Ganjaran para Pengarah tidak termasuk anggarannilai monetari bagi manfaat barangan (Nota 31) 1,006 1,495 998 1,489UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 2577 GANJARAN PARA PENGARAH (samb.)Para Pengarah Syarikat telah ditawarkan opsyen ke atas saham biasa di bawah ESOS mengikut syarat dan peraturanyang sama seperti yang ditawarkan kepada kakitangan lain di dalam Kumpulan (Nota 25). Opsyen ke atas saham biasaluput pada 3 September 2008. Butiran tentang opsyen ke atas saham biasa ini yang ditawarkan kepada para Pengarahadalah seperti berikut:Harga Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesahamTarikh Tarikh langganan/ Pada Padatawaran luput saham 1.1.2008 Ditawar Dilaksana Luput 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘000200810.4.2007 3.9.2008 1.61 88 - - (88) -3.12.2007 3.9.2008 1.99 910 - - (910) -998 - - (998) -Harga Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesahamTarikh Tarikh langganan/ Pada Padatawaran luput saham 1.1.2007 Ditawar Dilaksana Luput 31.12.2007RM ‘000 ‘000 ‘000 ‘000 ‘00020075.9.2003 3.9.2008 1.31 500 - (500) - -10.4.2007 3.9.2008 1.61 - 91 - (3) 883.12.2007 3.9.2008 1.99 - 910 - - 910500 1,001 (500) (3) 9982008 2007‘000 ‘000Bilangan opsyen ke atas saham biasa yang boleh dilaksanakanpada tarikh lembaran imbangan - 998UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 258nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 20088 KOS KEWANGANKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Perbelanjaan faedah ke atas:- kredit pusingan 956 3,350 490 576- overdraf bank 423 731 17 7- pinjaman bertempoh 6,473 7,117 3,778 3,600- pinjaman penyambung 1,947 1,202 - -- pajakan kewangan 43 42 43 42- pendahuluan daripada syarikat subsidiari - - 181 1309,842 12,442 4,509 4,3559 KEUNTUNGAN SEBELUM CUKAIAmaun berikut telah (dikredit)/dicaj bagi mendapatkan keuntungan sebelum cukai:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Pendapatan faedah daripada:- deposit jangka pendek (291) (212) (146) (122)- bon tersubordinat (176) - (176) -- pendahuluan kepada entiti dikawal bersama (196) - (393) -- pendahuluan kepada syarikat subsidiari - - (7,439) (8,004)- Penjualan hartanah siap di bawah skim ansuran - (199) - -- amaun lampau tempoh daripada pembeli (716) (2,672) - -- lain-lain (2,044) (1,366) - -Keuntungan atas pelupusan hartanah, loji dan peralatan (31) (20) (18) (20)Pendapatan sewa (1,971) (2,387) - -Perbelanjaan operasi terus daripada pelaburan hartanah:- penjanaan hasil semasa tahun kewangan 262 198 - -- bukan penjanaan hasil semasa tahun kewangan 308 - - -Sewa pajakan terjamin 1,406 1,441 - -Ganjaran juruauditAudit berkanun 181 166 42 44Yuran audit bukan berkanun:- nasihat cukai dan kerja pematuhan 114 - 19 -- kerja kawal selia lain 16 15 8 8Yuran pengurusan dibayar kepada pihak berkaitan - 315 - -Muhibah negatif 4 - - -Hapuskira hartanah, loji dan peralatan 4 8 - 8(Masuk semula)/peruntukan untuk caj penalti (2,500) 2,500 - -UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 25910 PERBELANJAAN CUKAIKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Cukai semasa:- cukai Malaysia 5,504 8,817 4,288 7Cukai tertunda (Nota 20) (3,661) 2,285 (8) (49)1,843 11,102 4,280 (42)Cukai semasaTahun kewangan semasa 5,603 8,511 4,288 -(Terlebih)/terkurang akru dalam tahun kewangansebelumnya (bersih) (99) 306 - 75,504 8,817 4,288 7Cukai tertundaAsal dan pembalikan perbezaan sementara (3,426) 2,138 14 (49)(Terlebih)/terkurang akru dalam tahun kewangansebelumnya (bersih) (41) 19 (37) (1)Perubahan dalam kadar cukai pendapatan (194) 128 15 1(3,661) 2,285 (8) (49)1,843 11,102 4,280 (42)Penyesuaian berangka antara purata kadar cukai berkesan Kumpulan dan Syarikat dengan kadar cukai Malaysia adalahseperti berikut:KumpulanSyarikat2008 2007 2008 2007% % % %Kadar cukai Malaysia 26 27 26 27Kesan cukai bagi:- perbelanjaan tidak boleh ditolak untuk tujuan cukai 282 3 8 4- pendapatan tidak tertakluk kepada cukai (7) - (4) (21)- kerugian cukai tahun kewangan semasa yang tidak diiktiraf 68 14 - 2- kadar cukai lebih rendah akibat penyataan semulakos tanah untuk tujuan cukai (193) (29) - -- penggunaan kerugian cukai yang tidak diiktiraf sebelumnya 2 - - -- keputusan perkongsian entiti dikawal bersama 14 - - -- pelepasan cukai kumpulan - - (4) (12)- cukai semasa terlebih akru dalam tahun kewangansebelumnya (17) - - -- cukai tertunda terlebih akru dalam tahun kewangansebelumnya (7) - - -- perubahan dalam kadar cukai pendapatan (42) - - -- lain-lain 194 1 - -Purata kadar cukai berkesan 320 16 26 -UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 260nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200810 PERBELANJAAN CUKAI (samb.)Termasuk dalam perbelanjaan cukai Kumpulan ialah penjimatan cukai daripada penggunaan kerugian cukai tahun semasasyarikat subsidiari berjumlah RM733,000 (2007: RM9,066,000).11 PENDAPATAN DAN ASET BERSIH SESAHAM(a) Pendapatan sesaham (“EPS”)EPS asasEPS asas Kumpulan dikira dengan membahagikan (kerugian)/keuntungan yang diagihkan kepada pemegang ekuitiSyarikat bagi tahun kewangan dengan purata berwajaran bilangan saham biasa yang diterbitkan sepanjang tahunkewangan, tidak termasuk saham biasa yang diperolehi oleh Syarikat dan disimpan saham perbendaharaan.2008 2007(Kerugian)/keuntungan diagihkan kepada pemegang ekuitiSyarikat bagi tahun kewangan (RM’000) (3,462) 46,611Purata berwajaran bilangan saham biasa yang diterbitkan (‘000) 241,303 238,343EPS asas (sen) (1.43) 19.6EPS cairUntuk pengiraan cair, purata berwajaran bilangan saham biasa yang diterbitkan dilaraskan untuk mengambilkirapenukaran kesemua saham biasa yang berpotensi mencairkan. Saham biasa yang berpotensi mencairkan Kumpulanadalah berkaitan degan opsyen ke atas saham biasa yang ditawarkan kepada kakitangan.Berkaitan dengan opsyen ke atas saham biasa yang ditawarkan kepada kakitangan, pengiraan dibuat untukmenentukan bilangan saham biasa yang boleh diperolehi pada nilai saksama (ditentukan sebagai harga puratasaham Syarikat) berdasarkan nilai monetari hak langganan berkenaan dengan opsyen ke atas saham biasa yangtertunggak. Bilangan saham biasa yang dikira dibandingkan dengan bilangan saham biasa yang mungkin diterbitkansekiranya opsyen ke atas saham biasa dilaksanakan. Perbezaan ini ditambah kepada angka pembawah pecahansebagai penerbitan saham biasa tanpa pertimbangan. Pengiraan ini digunakan untuk menentukan elemen “bonus”dalam saham biasa yang belum dilaksanakan untuk tujuan pengiraan pencairan. Tiada pelarasan yang dibuat kepadakeuntungan bagi tahun kewangan diagihkan kepada pemegang ekuiti Syarikat untuk pengiraan opsyen ke atassaham biasa.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 26111 PENDAPATAN DAN ASET BERSIH SESAHAM (samb.)(a) Pendapatan sesaham (“EPS”) (samb.)Opsyen ke atas saham biasa yang ditawarkan kepada kakitangan luput pada 3 September 2008. Selaras denganitu, maklumat pendapatan sesaham cair tidak dibentangkan dalam penyata kewangan.2008 2007Keuntungan diagihkan kepada pemegang ekuiti Syarikat bagi tahunkewangan (RM’000) Tidak berkaitan 46,611Purata berwajaran bilangan saham biasa yang diterbitkan (dicairkan) (‘000) Tidak berkaitan 238,471EPS cair (sen) Tidak berkaitan 19.5(b) Aset bersih sesaham diagihkan kepada pemegang ekuiti SyarikatAset bersih sesaham diagihkan kepada pemegang ekuiti Syarikat dikira dengan membahagikan modal dah rizabdiagihkan kepada pemegang ekuiti Syarikat berjumlah RM816,388,192 (2007: RM832,830,978) pada akhir tahunkewangan dengan modal saham terbitan sebanyak 241,303,433 saham, (yang mana adalah bersih dari 401,800saham perbendaharaan) (2007: 241,247,933 saham, (yang mana adalah bersih dari 401,800 saham perbendaharaan))Syarikat pada akhir tahun kewangan.12 DIVIDEN SESAHAMDividen yang diisytiharkan dan dicadangkan bagi tahun kewangan adalah seperti berikut:2008 2007DividenDividenkasar Amaun kasar Amaunsesaham dividen bersih sesaham dividen bersihSen RM’000 Sen RM’000Dividen interim dibayar, tolak cukaipendapatan 26% - - 2.5 4,464Dividen akhir dicadangkan, tolak cukaipendapatan 25% (2007: 26%) 2.5 4,524 7.5 13,3922.5 4,524 10.0 17,856Pada Mesyuarat Agung Tahunan (“AGM”) yang akan datang pada 24 Jun 2009, dividen akhir sebanyak 2.5 sen (2007:7.5 sen) kasar sesaham biasa ke atas 241,303,433 saham biasa (iaitu bersih daripada 401,800 saham perbendaharaan),tolak cukai pendapatan 25%, bagi tahun kewangan berakhir 31 Disember 2008 akan dicadangkan untuk kelulusan parapemegang saham. Dividen akhir bersih ini berjumlah RM4,524,439.Penyata kewangan ini tidak mengambilkira dividen akhir ini sebagai liabiliti. Dividen akhir akan diakru sebagai liabiliti hanyaselepas ia diluluskan oleh para pemegang saham pada AGM yang akan datang.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 262nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200813 HARTANAH, LOJI DAN PERALATANPada Pelupusan/ Pada1.1.2008 Penambahan hapuskira Pindahan* 31.12.2008RM’000 RM’000 RM’000 RM’000 RM’000Kumpulan2008Kos/PenilaianTanah pegangan bebas 327,617 - - (6,880) 320,737Bangunan 17,045 43 - (5,220) 11,868Perabot, kelengkapan dan peralatan 7,624 469 (178) - 7,915Kenderaan bermotor 3,104 341 (322) - 3,123Loji dan jentera 20 - (20) - -Bangsal kuda dan peralatan ekuestrian 97 - - - 97355,507 853 (520) (12,100) 343,740Caj bagiPada tahun Pelupusan/ Pada1.1.2008 kewangan hapuskira Pindahan* 31.12.2008RM’000 RM’000 RM’000 RM’000 RM’000Susutnilai terkumpulTanah pegangan bebas - - - - -Bangunan 8,437 850 - (2,605) 6,682Perabot, kelengkapan dan peralatan 6,249 563 (174) - 6,638Kenderaan bermotor 1,271 320 (178) - 1,413Loji dan jentera 20 - (20) - -Bangsal kuda dan peralatan ekuestrian 97 - - - 9716,074 1,733 (372) (2,605) 14,830Pada Pelupusan/ Pada1.1.2007 Penambahan hapuskira Pindahan* 31.12.2007RM’000 RM’000 RM’000 RM’000 RM’000Kumpulan2007Kos/PenilaianTanah pegangan bebas 332,308 - - (4,691) 327,617Bangunan 17,045 - - - 17,045Perabot, kelengkapan dan peralatan 7,858 834 (1,068) - 7,624Kenderaan bermotor 2,920 662 (478) - 3,104Loji dan jentera 20 - - - 20Bangsal kuda dan peralatan ekuestrian 97 - - - 97360,248 1,496 (1,546) (4,691) 355,507* Tanah pegangan bebas dan bangunan dengan nilai buku bersih RM6,879,605 (2007: RM4,691,138) dan RM3,180,170(2007: -) masing-masing telah dipindahkan kepada pelaburan hartanah (Nota 14).Bangunan dengan nilai buku RM564,947 (2007: -) telah dipindahkan daripada hartanah siap.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 26313 HARTANAH, LOJI DAN PERALATAN (samb.)CajPada bagi tahun Pelupusan/ Pada1.1.2007 kewangan hapuskira 31.12.2007RM’000 RM’000 RM’000 RM’000Susutnilai terkumpulTanah pegangan bebas - - - -Bangunan 7,600 837 - 8,437Perabot, kelengkapan dan peralatan 6,784 524 (1,059) 6,249Kenderaan bermotor 1,455 292 (476) 1,271Loji dan jentera 20 - - 20Bangsal kuda dan peralatan ekuestrian 97 - - 9715,956 1,653 (1,535) 16,074PadaPada31.12.2008 31.12.2007RM’000RM’000KumpulanNilai buku bersihTanah pegangan bebas 320,737 327,617Bangunan 5,186 8,608Perabot, kelengkapan dan peralatan 1,277 1,375Kenderaan bermotor 1,710 1,833Loji dan jentera - -Bangsal kuda dan peralatan ekuestrian - -328,910 339,433PadaPada1.1.2008 Penambahan Pelupusan 31.12.2008RM’000 RM’000 RM’000 RM’000Syarikat2008KosPerabot, kelengkapan dan peralatan 1,316 108 - 1,424Kenderaan bermotor 2,523 327 (266) 2,5843,839 435 (266) 4,008UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 264nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200813 HARTANAH, LOJI DAN PERALATAN (samb.)Caj bagiPada tahun Pada1.1.2008 kewangan Pelupusan 31.12.2008RM’000 RM’000 RM’000 RM’000Susutnilai terkumpulPerabot, kelengkapan dan peralatan 888 161 - 1,049Kenderaan bermotor 753 301 (122) 9321,641 462 (122) 1,981Pada Pelupusan/ Pada1.1.2007 Penambahan hapuskira 31.12.2007RM’000 RM’000 RM’000 RM’000Syarikat2007KosPerabot, kelengkapan dan peralatan 2,032 306 (1,022) 1,316Kenderaan bermotor 2,339 662 (478) 2,5234,371 968 (1,500) 3,839Caj bagiPada tahun Pelupusan/ Pada1.1.2007 kewangan hapuskira 31.12.2007RM’000 RM’000 RM’000 RM’000Susutnilai terkumpulPerabot, kelengkapan dan peralatan 1,754 147 (1,013) 888Kenderaan bermotor 955 275 (477) 7532,709 422 (1,490) 1,641PadaPada31.12.2008 31.12.2007RM’000RM’000SyarikatNilai buku bersihPerabot, kelengkapan dan peralatan 375 428Kenderaan bermotor 1,652 1,7702,027 2,198UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 26513 HARTANAH, LOJI DAN PERALATAN (samb.)Tanah pegangan bebas Kumpulan telah dinilai semula oleh para Pengarah pada tahun 1990 berdasarkan penilaian yangdibuat oleh sebuah firma penilai profesional bebas dengan menggunakan kaedah perbandingan. Nilai buku bagi tanahpegangan bebas telah dilaraskan untuk mencerminkan penilaian semula tersebut dan lebihan penilaian semula yangtimbul telah dikreditkan kepada rizab nilai semula.Sesetengah bahagian tanah pegangan bebas Kumpulan telah dinilai semula sekali lagi oleh para Pengarah pada tahun1996 berdasarkan penilaian yang dibuat oleh sebuah firma penilai profesional bebas dengan menggunakan asas penilaianpasaran terbuka dan sebagaimana yang diluluskan oleh Suruhanjaya Sekuriti. Nilai buku tanah pegangan bebas telahdilaraskan untuk mencerminkan penilaian semula tersebut dan penilaian semula yang timbul telah dikreditkan kepadarizab nilai semula.Kumpulan2008 2007RM’000 RM’000Tanah pegangan bebas terdiri daripada yang berikut:Pada kos atau penilaianTanah, pada penilaian 1990 19,113 19,113Tanah, pada penilaian 1996 297,978 304,858Perbelanjaan pembangunan, pada kos 3,646 3,646320,737 327,617Sekiranya tanah pegangan bebas dinyatakan selaras dengan kaedah kos sejarah, kos tanah pegangan bebas Kumpulanadalah RM14,815,583 (2007: RM15,675,056).Pemerolehan hartanah, loji dan peralatan Kumpulan dan Syarikat dibiayai oleh:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Tunai 853 926 435 398Pajakan kewangan - 570 - 570853 1,496 435 968Nilai buku bersih kenderaan bermotor di bawah pajakan kewangan pada tarikh lembaran imbangan adalah RM946,646(2007: RM1,134,776) dan kenderaan bermotor ini telah dicagarkan sebagai sekuriti menurut syarat-syarat pajakankewangan (Nota 28).UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 266nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200814 PELABURAN HARTANAHKumpulan2008 2007RM’000 RM’000Nilai buku bersihPada awal tahun kewangan 6,843 -Pindahan dari hartanah, loji dan peralatan (Nota 13) 10,060 4,691Pindahan dari hartanah siap - 2,152Pindahan dari kos pembangunan hartanah (Nota 22) 463 -Susutnilai (108) -Pada akhir tahun kewangan 17,258 6,843Kos 19,971 6,843Susutnilai terkumpul (2,713) -Nilai buku bersih 17,258 6,843Nilai saksama hartanah dianggarkan pada RM38,740,000 (2007: RM18,740,000) berdasarkan penilaian oleh penilaiprofesional bebas dan penilaian dalaman. Penilaian adalah berdasarkan pada harga semasa dalam pasaran aktif untuksemua hartanah.Pelaburan hartanah dengan nilai buku RM462,635 (2007:-) telah dicagarkan sebagai sekuriti untuk pinjaman (Nota 28).15 PELABURAN DALAM SYARIKAT SUBSIDIARISyarikat2008 2007RM’000 RM’000Saham tidak disebut harga, pada kos 451,530 426,478Butiran syarikat subsidiari, yang kesemuanya diperbadankan di Malaysia, adalah seperti berikut:Kepentingan efektif KumpulanNama syarikat Aktiviti utama 2008 2007% %@ Seri Alam Properties Sdn Bhd Pembangunan hartanah 100 100* UM Leisure Sdn Bhd Perniagaan am 100 100^ UM Land Assets Sdn Bhd Pelaburan hartanah 100 100UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 26715 PELABURAN DALAM SYARIKAT SUBSIDIARI (samb.)Kepentingan efektif KumpulanNama syarikat Aktiviti utama 2008 2007% %UM Land Bena Sdn BhdPembangunan hartanah danaktiviti berkaitan 100 100Country Equity Sdn Bhd Pegangan pelaburan 100 100^ UM Development Sdn Bhd Pembangunan hartanah danaktiviti berkaitan 100 100UM Residences Sdn BhdPembangunan pangsapurikhidmat 100 100Suasana Sentral Two Sdn BhdPembangunan hartanah danaktiviti berkaitan 70 70^ Dynasty View Sdn Bhd Pembangunan hartanah danaktiviti berkaitan 100 100^ Exquisite Skyline Sdn Bhd Pembangunan hartanah danaktiviti berkaitan 71 71^ Exquisite Mode Sdn Bhd Pembangunan hartanah danaktiviti berkaitan 100 100** Clear Dynamic Sdn Bhd Pembangunan hartanah danaktiviti berkaitan 100 -** Extreme Consolidated Sdn Bhd Pembangunan hartanah danaktiviti berkaitan 100 -Syarikat subsidiariSeri Alam Properties Sdn Bhd* PMS Services Sdn Bhd Pengurusan projek 100 100* Seri Alam Hotel Resort Sdn Bhd Perniagaan am 100 100Seri Alam Leisure Sdn Bhd Pegangan pelaburan 100 100Syarikat subsidiariSeri Alam Leisure Sdn Bhd# Seri Alam Golf & Equestrian Club Operasi kelab rekreasi danSdn Bhd aktiviti berkaitan 100 100UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 268nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200815 PELABURAN DALAM SYARIKAT SUBSIDIARI (samb.)Kepentingan efektif KumpulanNama syarikat Aktiviti utama 2008 2007% %Syarikat subsidiariCountry Equity Sdn BhdBangi Heights DevelopmentPembangunan hartanahSdn Bhd dan pelaburan hartanah 70 70Syarikat subsidiariUM Land Assets Sdn BhdIpjora Holdings Sdn Bhdpemilikan dan pengendalianPembangunan, pembinaan,pangsapuri khidmat 100 40@Syarikat subsidiari yang disatukan menggunakan kaedah penggabungan perakaunan.* Syarikat subsidiari ini belum memulakan operasi.# Syarikat subsidiari ini telah menamatkan operasi.** Syarikat subsidiari ini telah diperolehi dalam tahun kewangan dengan pertimbangan tunai sebanyak RM2, mewakilikeseluruhan modal saham diterbitkan dan dibayar penuh 2 saham biasa bernilai RM1 sesaham.^Dalam tahun kewangan, modal saham dibayar penuh syarikat subsidiari berikut telah ditingkatkan seperti berikut:PeningkatanPada sepanjang Pada1.1.2008 tahun kewangan 31.12.2008RM RM RMUM Land Assets Sdn Bhd 2 249,998 250,000UM Development Sdn Bhd 500,000 2,000,000 2,500,000Dynasty View Sdn Bhd 9,250,000 20,750,000 30,000,000Exquisite Skyline Sdn Bhd 250,000 2,750,000 3,000,000Exquisite Mode Sdn Bhd 2 99,998 100,000UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 26915 PELABURAN DALAM SYARIKAT SUBSIDIARI (samb.)(a) Pemerolehan syarikat subsidiariPada 1 Disember 2008, UM Land Assets Sdn Bhd, subsidiari milik penuh Syarikat telah membeli 3,600,000 sahambiasa bernilai RM1.00 sesaham dan 36,000 saham keutamaan boleh tebus terkumpul RM1.00 sesaham yangmewakili 60% daripada keseluruhan modal saham diterbitkan dan dibayar penuh Ipjora Holdings Sdn Bhd denganpertimbangan tunai RM5,309,882. UM Land Assets Sdn Bhd memiliki 40% kepentingan ekuiti dalam Ipjora HoldingsSdn Bhd sebelum pemerolehan ini.Bagi bulan Disember 2008, syarikat subsidiari yang diperoleh telah menyumbang kerugian dalam tahun kewangansebanyak RM25,455 kepada keputusan Kumpulan. Sekiranya pemerolehan dibuat pada 1 Januari 2008, kerugianKumpulan bagi tahun kewangan akan menjadi RM3,454,861.Aset dan liabiliti yang timbul daripada pemerolehan adalah seperti berikut:Nilai saksamadikenalpasti semasapemerolehanRM’000Nilai bawaanpenjualRM’000Aset dan liabiliti yang boleh dikenalpastiTanah dipegang untuk pembangunan hartanah 5,400 4,800Cukai boleh dikembalikan 2 2Penghutang dagangan dan lain-lain 14 14Baki bank dan tunai 66 66Jumlah aset 5,482 4,882Pemiutang lain-lain (168) (168)Jumlah liabiliti (168) (168)Aset bersih boleh dikenalpasti yang diperoleh 5,314 4,714Muhibah negatif (4)Kos pemerolehan 5,310Kesan pemerolehan ke atas aliran tunai Kumpulan adalah seperti berikut:RM’000Pertimbangan pemerolehan dibayar tunai 5,310Tolak: Tunai dan setara tunai dalamsyarikat subsidiari yang diperoleh (111)Aliran keluar tunai bersih Kumpulan 5,199UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 270nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200816 PELABURAN DALAM SYARIKAT BERSEKUTU2008 2007RM’000RM’000KumpulanBahagian perkongsian aset bersih syarikat bersekutu - 3,142Ringkasan maklumat kewangan syarikat bersekutu adalah seperti berikut:KeputusanHasil - 90Keuntungan selepas cukai - 46Aset dan liabilitiAset bukan semasa - 8,000Aset semasa - 135Liabiliti semasa - (280)Aset bersih - 7,855Butiran syarikat bersekutu, yang diperbadankan di Malaysia, adalah seperti berikut:Kepentingan efektif KumpulanNama syarikat Aktiviti utama 2008 2007% %Ipjora Holdings Sdn BhdPembangunan, pembinaan,pemilikan dan pengendalianpangsapuri khidmat - 40UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 27117 PELABURAN DALAM ENTITI DIKAWAL BERSAMA2008 2007RM’000 RM’0002008 2007KumpulanBahagian perkongsian aset bersih entiti dikawal bersama 19,799 20,115SyarikatSaham tidak disebut harga, pada kos 20,000 20,000Ringkasan maklumat kewangan entiti dikawal bersama adalah seperti berikut:KeputusanHasil 7,764 3,743(Kerugian)/keuntungan selepas cukai (639) 78Aset dan liabilitiAset bukan semasa 186 153Aset semasa 131,762 126,575Liabiliti semasa (92,361) (6,503)Liabiliti bukan semasa (1) (80,000)Aset bersih 39,586 40,225Butiran entiti dikawal bersama, yang diperbadankan di Malaysia, adalah seperti berikut:Kepentingan efektif KumpulanNama syarikat Aktiviti utama 2008 2007% %Alpine Return Sdn Bhd Pembangunan hartanah 50 50dan aktiviti berkaitanSSBC Sdn BhdMenyewa dan memasarkanpangsapuri khidmat SomersetSeri Bukit Ceylon 50.533 50.533UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 272nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200818 PELABURAN LAINKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Saham tidak disebut harga, pada kos 9 9 - -Bon subordinat tidak disebut harga, pada kos 6,000 6,000 6,000 6,000Tolak: Kerugian kemerosotan terkumpul (2,901) (928) (2,901) (928)3,099 5,072 3,099 5,0723,108 5,081 3,099 5,072Nilai saksama bon tidak disebut harga pada akhir tahun kewangan adalah lebih kurang sama dengan nilai bawaan.19 TANAH DIPEGANG UNTUK PEMBANGUNAN HARTANAHKumpulan2008 2007RM’000 RM’000Pada awal tahun kewangan 163,974 174,294Pemerolehan syarikat subsidiari (Nota 15(a)) 9,000 -Pindahan kepada kos pembangunan hartanah (Nota 22) - (10,320)Pada akhir tahun kewangan 172,974 163,974Tanah dipegang untuk pembangunan hartanah dengan nilai buku berjumlah RM142,058,880 (2007: RM143,298,647)telah dicagarkan sebagai sekuriti untuk pinjaman (Nota 28).Nilai saksama bagi tanah yang dipegang untuk pembangunan hartanah yang diiktiraf daripada pemerolehan syarikatsubsidiari ialah RM9,000,000.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 27320 CUKAI TERTUNDAAset dan liabiliti cukai tertunda diimbangi apabila terdapat hak perundangan yang boleh dikuatkuasakan untuk menolakaset cukai semasa terhadap liabiliti cukai semasa dan apabila cukai tertunda ini berkaitan dengan pihak berkuasa cukaiyang sama. Amaun berikut, yang ditetapkan selepas imbangan sesuai, dinyatakan di dalam lembaran imbangan:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Aset cukai tertunda:- tertakluk kepada cukai pendapatan 6,629 3,886 370 362- tertakluk kepada cukai keuntungan hartanah (“RPGT”) 9,893 10,231 - -16,522 14,117 370 362Liabiliti cukai tertunda:- tertakluk kepada cukai pendapatan (10,828) (12,084) - -- tertakluk kepada RPGT - - - -(10,828) (12,084) - -5,694 2,033 370 362Pada awal tahun kewangan: 2,033 (11,866) 362 313Dikredit/(dicaj) kepada penyata pendapatan (Nota 10):- hartanah, loji dan peralatan 13 (84) (1) (43)- tanah dipegang untuk pembangunan hartanah 47 435 - -- kos pembangunan hartanah 462 (4,346) - -- permodalan faedah 1,826 1,857 - -- penghutang 331 72 (31) 28- pemiutang 39 - 40 64- kerugian cukai 943 (219) - -3,661 (2,285) 8 49Pembalikan kepada rizab nilai semula- hartanah, loji dan peralatan - 16,184 - -Pada akhir tahun kewangan 5,694 2,033 370 362UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 274nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200820 CUKAI TERTUNDA (samb.)KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Tertakluk kepada cukai pendapatan:Aset cukai tertunda (sebelum imbangan):- hartanah, loji dan peralatan 71 56 - -- kos pembangunan hartanah 2 21 - -- permodalan faedah 5,129 3,317 - -- penghutang 796 465 74 105- pemiutang 742 703 372 332- kerugian cukai 954 11 - -7,694 4,573 446 437Imbangan (1,065) (687) (76) (75)Aset cukai tertunda (selepas imbangan) 6,629 3,886 370 362Liabiliti cukai tertunda (sebelum imbangan):- hartanah, loji dan peralatan (125) (123) (76) (75)- tanah dipegang untuk pembangunan hartanah (9,305) (9,352) - -- kos pembangunan hartanah (2,389) (3,208) - -- permodalan faedah (74) (88) - -(11,893) (12,771) (76) (75)Imbangan 1,065 687 76 75Liabiliti cukai tertunda (selepas imbangan) (10,828) (12,084) - -Tertakluk kepada RPGT:Aset cukai tertunda:- kos pembangunan hartanah 9,893 10,231 - -Amaun kerugian cukai belum guna (tanpa tarikh luput) yang mana tiada aset cukai tertunda diiktiraf dalam lembaranimbangan adalah seperti berikut:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Kerugian cukai 98,528 98,010 - -UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 27521 HARTANAH SIAPHartanah siap dengan nilai buku RM25,911,545 (2007: RM34,402,002) telah dicagarkan sebagai sekuriti untuk pinjaman(Nota 28).22 KOS PEMBANGUNAN HARTANAHKumpulan2008 2007RM’000RM’000Pada awal tahun kewanganTanah pegangan bebas - pada kos 100,176 90,512- pada penilaian 56,445 62,079Kos pembangunan ditanggung 425,828 490,953Kos terkumpul dicaj kepada penyata pendapatan (261,547) (264,482)320,902 379,062Kos ditanggung dalam tahun kewanganPemerolehan tanah 47,000 23,600Kos pembangunan ditanggung 112,192 168,039Pindahan daripada tanah dipegang untuk pembangunan hartanah (Nota 19) - 10,320Pindahan kepada pelaburan hartanah (Nota 14) (463) -Pindahan kepada hartanah siap (11,397) (71,688)Kos terkumpul dicaj kepada penyata pendapatan (76,084) (188,431)71,248 (58,160)Pada akhir tahun kewanganTanah pegangan bebas - pada kos 103,616 100,176- pada penilaian 52,386 56,445Kos pembangunan ditanggung 306,399 425,828Kos terkumpul dicaj kepada penyata pendapatan (70,251) (261,547)392,150 320,902Tanah pegangan bebas pada penilaian telah dipindahkan daripada “Hartanah, loji dan peralatan” kepada “Kospembangunan hartanah” pada nilai bawaannya. Para Pengarah telah menggunakan peruntukan peralihan yangdikeluarkan oleh MASB melalui penerimapakaian piawaian FRS 116 “Hartanah, loji dan peralatan”, yang membolehkanaset-aset ini dinyatakan pada penilaian mereka dalam tahun 1990 dan 1996. Selaras dengan itu, nilai bawaan tidakdiperbaharui.Termasuk dalam kos pembangunan ditanggung dalam tahun kewangan ialah permodalan faedah berjumlah RM3,387,353(2007: RM5,779,704).Kos pembangunan hartanah dengan nilai buku berjumlah RM152,033,090 (2007: RM135,126,106) telah dicagarkansebagai sekuriti untuk pinjaman (Nota 28).UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 276nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200823 PENGHUTANG DAGANGAN DAN LAIN-LAINKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Penghutang daganganPihak ketiga 77,210 84,279 297 297Pihak berkaitan:Syarikat berkaitan 20 339 - -Individu berkaitan dengan Pengarah 284 - - -Bil terakru berhubung dengan pembangunan hartanah 23,164 117,703 - -Pendapatan sewa terakru daripada pelaburan hartanah 1,615 869 - -102,293 203,190 297 297Tolak: Peruntukan hutang raguPihak ketiga (10,821) (9,478) (297) (297)Penghutang dagangan, bersih 91,472 193,712 - -Penghutang lain-lainPenghutang lain-lain 6,644 9,365 280 5,695Tolak: Peruntukan hutang ragu (603) (517) - -6,041 8,848 280 5,695Amaun dihutang oleh pihak berkaitan:Syarikat subsidiari - - 212,320 174,173Syarikat bersekutu - 1 - 1Entiti dikawal bersama 5,423 2,358 5,550 1,848Syarikat berkaitan 6 5 4 -5,429 2,364 217,874 176,022Deposit 4,278 3,895 216 205Prabayar 673 2,701 652 89610,380 8,960 218,742 177,123107,893 211,520 219,022 182,818UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 27723 PENGHUTANG DAGANGAN DAN LAIN-LAIN (samb.)(a) Jumlah dihutang oleh pihak berkaitan (Penghutang dagangan)Segala hutang daripada pihak berkaitan adalah tidak bercagar, bebas daripada faedah, perlu dibayar balik ataspermintaan dan mesti dijelaskan secara tunai.(b) Jumlah dihutang oleh pihak berkaitan (Penghutang lain-lain)Jumlah dihutang oleh syarikat subsidiari dikenakan faedah di antara 7.50% ke 8.50% (2007: 7.75% ke 8.75%)setahun pada akhir tahun kewangan. Jumlah dihutang oleh entiti dikawal bersama dikenakan faedah 7.50%(2007: -) setahun pada akhir tahun kewangan. Jumlah dihutang oleh penghutang berkaitan lain-lain adalah bebasdaripada faedah. Segala hutang daripada pihak berkaitan adalah tidak bercagar, perlu dibayar balik atas permintaandan mesti dijelaskan secara tunai.24 DEPOSIT, BAKI BANK DAN TUNAIKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Baki bank dan tunai 29,787 25,509 1,808 20,136Baki bank di bawah Akaun PembangunanPerumahan (“HDA”) 29,240 51,163 - -Baki bank di bawah dana terikat 1,215 1,339 - -Deposit tetap 63,505 - - -123,747 78,011 1,808 20,136Kadar faedah purata berwajaran berkesan bagi deposit dan baki bank pada tarikh lembaran imbangan adalah sepertiberikut:KumpulanSyarikat2008 2007 2008 2007% p.a. % p.a. % p.a. % p.a.Baki bank 0.08 1.91 1.25 2.41Baki bank di bawah HDA 2.02 2.03 - -Baki bank di bawah dana terikat 3.00 3.00 - -Deposit tetap 3.14 - - -Baki bank ialah pegangan deposit panggilan dengan bank.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 278nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200824 DEPOSIT, BAKI BANK DAN TUNAI (samb.)Baki bank syarikat subsidiari di bawah Akaun Pembangunan Perumahan adalah tidak bebas diremitkan kepada Syarikatsehingga Sijil Layak Menduduki dikeluarkan bagi setiap pembangunan perumahan serta dengan kelulusan PengawalPerumahan selepas menolak jumlah wang tertentu seperti yang ditetapkan dalam Akta Pembangunan Perumahan(Kawalan dan Perlesenan) 1966, Peraturan Pembangunan Perumahan (Akaun Pembangunan Perumahan)(Pindaan)2002, Peraturan 9.Dana terikat yang diwujudkan menurut syarat-syarat di dalam perjanjian pinjaman, mewakili deposit dengan sebuahbank yang akan digunakan untuk membayar balik pinjaman bertempoh dan pinjaman penyambung sebuah syarikatsubsidiari.25 MODAL SAHAMKumpulan dan Syarikat2008 2007RM’000 RM’000Dibenarkan:Saham biasa bernilai RM1.00 sesaham,pada permulaan dan akhir tahun kewangan 500,000 500,000Diterbitkan dan dibayar penuh:Saham biasa bernilai RM1.00 sesahamPada awal tahun kewangan 241,650 232,347Diterbitkan dalam tahun kewangan menurut ESOS 55 9,303Pada akhir tahun kewangan 241,705 241,650(a)SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”)ESOS Syarikat ditadbir oleh peraturan kecil yang diluluskan oleh pemegang saham di Mesyuarat Agung Luarbiasa(“EGM”) yang diadakan pada 25 Jun 2003. ESOS telah dilaksanakan pada 4 September 2003 dan berkuatkuasauntuk tempoh 5 tahun daripada tarikh pelaksanaan. ESOS luput pada 3 September 2008.Peraturan kecil ESOS yang sedia ada telah dipinda untuk memberi kesan terhadap beberapa pindaan kepada syaratsyaratketara peraturan kecil dan juga membenarkan Pengarah Bukan Eksekutif untuk menyertai ESOS. Pindaankepada peraturan kecil ESOS yang sedia ada dan pemberian opsyen ke atas saham biasa kepada Pengarah BukanEksekutif telah diluluskan oleh pemegang saham di EGM yang diadakan pada 20 Jun 2006.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 27925 MODAL SAHAM (samb.)(a)SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”) (samb.)Ciri-ciri utama ESOS adalah seperti berikut:(i)Jumlah maksima saham biasa baru Syarikat yang tersedia di bawah skim ini secara agregat, tidak bolehmelebihi 15% modal saham diterbitkan dan dibayar penuh Syarikat pada mana-mana satu masa;(ii)Tertakluk kepada kriteria kelayakan yang ditetapkan oleh Jawatankuasa Opsyen dengan mempertimbangkantempoh perkhidmatan, prestasi dan kekananan, peserta yang berkelayakan akan layak untuk menyertaiskim tersebut;(iii)Jumlah maksima saham biasa baru Syarikat yang mungkin ditawar dan diperuntukkan kepada peserta yangberkelayakan akan ditentukan mengikut budi bicara Jawatankuasa Opsyen dengan mempertimbangkansumbangan dan prestasi, kekananan dan tempoh perkhidmatan peserta yang berkelayakan itu. Peruntukankepada Pengarah dan pihak pengurusan kanan tidak boleh melebihi 50% daripada jumlah agregat sahambiasa baru Syarikat tersedia di bawah skim. Tidak lebih daripada 10% saham biasa baru Syarikat yangtersedia di bawah skim ini akan diperuntukkan kepada mana-mana peserta yang berkelayakan yangmana, sama ada secara berseorangan atau secara kolektif melalui individu berkaitan dengan peserta yangberkelayakan, memegang 20% atau lebih, dalam modal saham diterbitkan dan dibayar penuh Syarikat;(iv)Harga opsyen akan ditentukan oleh Jawatankuasa Opsyen berdasarkan harga pasaran purata berwajaransaham biasa Syarikat bagi 5 hari terdahulu daripada Tarikh Tawaran opsyen ke atas saham biasa denganelaun untuk diskaun yang tidak melebihi 10% atau had lain yang dibenarkan dari semasa ke semasaoleh Bursa Malaysia Sekuriti dan/atau pihak berkuasa relevan yang lain atau pada nilai par saham biasaSyarikat, yang mana lebih tinggi;(v)Skim ini akan berkuatkuasa bagi tempoh 5 tahun bermula daripada 4 September 2003. Pada tempohtamat skim ini dan tertakluk kepada peruntukan Keperluan Penyenaraian Bursa Malaysia Sekuriti Berhaddan keperluan mana-mana pihak berkuasa yang lain, jika ada. Lembaga boleh mempertimbangkan untukmelanjutkan tempoh skim dengan syarat, sebarang lanjutan skim tertakluk kepada tempoh maksimum 5tahun;(vi)Saham biasa baru Syarikat yang akan diperuntukkan dengan pelaksanaan sebarang opsyen ke atassaham biasa yang ditawarkan semasa peruntukan dan terbitan, bertaraf pari passu dalam semua aspekdengan saham biasa Syarikat yang sedia ada. Saham biasa baru Syarikat yang diperuntukkan tidak akanberhak untuk sebarang dividen, hak, peruntukan dan/atau pengagihan lain kecuali saham biasa baruSyarikat tersebut memenuhi syarat-syarat seperti yang dinyatakan dalam peraturan kecil ESOS.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 280nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200825 MODAL SAHAM (samb.)(a)SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”) (samb.)Dalam tahun kewangan, 55,500 (2007: 9,303,100) saham biasa baru bernilai RM1.00 sesaham telah diterbitkanoleh Syarikat pada ha rga di antara RM1.31 dan RM1.61 (2007: RM1.31 dan RM1.99) sesaham secara tunai melaluipelaksanaan opsyen ke atas saham biasa selaras dengan ESOS Syarikat. Saham baru yang diterbitkan dalam tahunkewangan bertaraf pari passu dalam semua aspek dengan saham biasa Syarikat yang sedia ada.Pergerakan di sepanjang tahun kewangan dalam bilangan opsyen ke atas saham biasa Syarikat adalah seperti berikut:Hargalangganan/ Pada PadaTarikh tawaran Tarikh luput saham 1.1.2008 Ditawar Dilaksana Luput 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘00020085.9.2003 3.9.2008 1.31* 178 - (52) (126) -10.4.2007 3.9.2008 1.61 172 - (3) (169) -3.12.2007 3.9.2008 1.99 1,268 - - (1,268) -1,618 - (55) (1,563) -Hargalangganan/ Pada PadaTarikh tawaran Tarikh luput saham 1.1.2007 Ditawar Dilaksana Luput 31.12.2007RM ‘000 ‘000 ‘000 ‘000 ‘00020075.9.2003 3.9.2008 1.31* 9,243 - (8,781) (284) 17810.4.2007 3.9.2008 1.61 - 691 (515) (4) 1723.12.2007 3.9.2008 1.99 - 1,276 (7) (1) 1,2689,243 1,967 (9,303) (289) 1,6182008 2007’000 ’000Bilangan opsyen ke atas saham biasa yang boleh dilaksanakanpada tarikh lembaran imbangan - 1,618* Seperti yang dibenarkan oleh peruntukan peralihan FRS 2, prinsip pengiktirafan dan pengukuran dalam FRS 2 tidakdigunapakai ke atas tawaran ini kerana ia ditawarkan sebelum 31 Disember 2004.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 28125 MODAL SAHAM (samb.)(a)SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”) (samb.)Harga saham purata berwajaran sepanjang tahun kewangan adalah RM1.27 (2007: RM2.31) sesaham.Nilai saksama opsyen ke atas saham biasa yang ditawarkan sepanjang tahun kewangan berakhir 31 Disember2007 ditentukan dengan menggunakan kaedah penilaian Black Scholes. Nilai saksama opsyen ke atas sahambiasa diukur pada tarikh tawaran dan andaiannya adalah seperti berikut:2007Harga langganan (RM) 1.61 1.99Nilai saksama opsyen ke atas saham biasa (RM) 0.923 0.398Harga saham pada tarikh tawaran (RM) 2.54 2.23Jangkaan perubahan (%) 22.91 33.38Jangkaan hayat opsyen (bulan) 4.5 5Jangkaan hasil dividen (%) 2.92 1.57Kadar faedah risiko bebas (% setahun) 3.40 3.48Jangkaan perubahan diukur pada piawaian penyimpangan pulangan saham majmuk berterusan adalah berdasarkanpada analisa statistik harga saham harian bagi tempoh masa tiga tahun daripada tarikh tawaran. Jangkaanperubahan mencerminkan andaian yang perubahan masa lalu sebagai ramalan trend masa hadapan, walaupun initidak semestinya keputusan sebenar. Tiada ciri-ciri lain opsyen ke atas saham biasa yang ditawarkan diambilkiradalam pengukuran nilai saksama.Perbelanjaan yang berkaitan dengan opsyen ke atas saham biasa yang ditawarkan di bawah ESOS yang dicajkankepada penyata kewangan Kumpulan dan Syarikat dalam tahun kewangan berakhir 31 Disember 2007 masingmasingberjumlah RM1,145,364 dan RM691,657.(b)SAHAM PERBENDAHARAANPada tahun kewangan yang lepas, Syarikat telah membeli balik sebanyak 401,800 daripada saham biasa terbitannyadaripada pasaran terbuka Bursa Malaysia Sekuriti pada harga purata RM1.14 sesaham. Pembelian balik ini telahdibiayai melalui dana dalaman. Saham yang dibeli balik ini disimpan sebagai saham perbendaharaan seperti yangdibenarkan di bawah Seksyen 67A, Akta Syarikat, 1965. Tiada sebarang saham perbendaharaan ini yang telahdijual.Pada 31 Disember 2008, jumlah saham diterbitkan dan dibayar penuh yang tertunggak adalah 241,303,433 (bersihdaripada 401,800 saham perbendaharaan) (2007: 241,247,933 (bersih daripada 401,800 saham perbendaharaan))saham biasa bernilai RM1.00 sesaham.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 282nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200826 RIZABKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Tidak boleh diagihkanPremium saham 63,971 63,950 63,971 63,950Rizab nilai semula 243,018 245,922 - -Rizab opsyen saham - 667 - 667Rizab penggabungan - - 209,375 209,375306,989 310,539 273,346 273,992Rizab modal:- Defisit penggabungan (41,625) (41,625) - -Saham perbendaharaan (Nota 25) (463) (463) (463) (463)264,901 268,451 272,883 273,529Boleh diagihkanPendapatan tertahan 236,681 252,933 53,292 53,623Rizab nilai semua* 73,101 69,797 15,256 15,256309,782 322,730 68,548 68,879574,683 591,181 341,431 342,408* Mewakili rizab nilai semula terkumpul yang telah direalisasikan.27 PEMIUTANG DAGANGAN JANGKA PANJANGKumpulan2008 2007RM’000 RM’000Semasa 3,000 -Lebih daripada 1 tahun tetapi tidak melebihi 2 tahun 4,000 -Lebih daripada 2 tahun tetapi tidak melebihi 5 tahun 10,000 -14,000 -17,000 -Pemiutang dagangan jangka panjang adalah balasan yang akan dibayar kepada pemilik tanah kerana memberikan hakeksklusif kepada sebuah syarikat subsidiari untuk membangunkan dan menjual pangsapuri khidmat. Balasan ini akandibayar sepanjang tempoh tiga tahun akan datang. Balasan yang akan dibayar dalam masa dua belas bulan berjumlahRM3,000,000 (2007: RM -) adalah termasuk dalam “Pemiutang dagangan dan lain-lain” dalam liabiliti semasa.Nilai saksama bagi pemiutang dagangan jangka panjang ini pada tarikh lembaran imbangan adalah RM12,384,756(2007: -). Nilai saksama dianggarkan berdasarkan aliran tunai kontraktual masa hadapan didiskaunkan pada kadarfaedah daripada 4.55% kepada 4.65% (2007: -) setahun.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 28328 PINJAMANKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Bukan SemasaDicagarkanPinjaman penyambung 34,904 25,043 - -Pinjaman bertempoh 39,200 64,000 - -Liabiliti pajakan kewangan 564 825 564 82574,668 89,868 564 825Tidak bercagarPinjaman bertempoh 60,000 60,000 60,000 60,000134,668 149,868 60,564 60,825SemasaDicagarkanOverdraf bank 10,049 14,356 - -Kredit pusingan 44,000 43,000 - -Pinjaman penyambung 6,563 15,000 - -Pinjaman bertempoh 28,344 22,400 - -Liabiliti pajakan kewangan 260 248 260 24889,216 95,004 260 248Tidak bercagarOverdraf bank 4,949 - 4,949 -Kredit pusingan 45,500 5,000 45,500 5,000139,665 100,004 50,709 5,248JumlahOverdraf bank 14,998 14,356 4,949 -Kredit pusingan 89,500 48,000 45,500 5,000Pinjaman penyambung 41,467 40,043 - -Pinjaman bertempoh 127,544 146,400 60,000 60,000Liabiliti pajakan kewangan 824 1,073 824 1,073274,333 249,872 111,273 66,073Pinjaman dicagarkan oleh yang berikut:Hartanah, loji dan peralatan (Nota 13) 947 1,135 947 1,135Pelaburan hartanah (Nota 14) 463 - - -Tanah dipegang untuk pembangunan hartanah (Nota 19) 142,059 143,299 - -Hartanah siap (Nota 21) 25,912 34,402 - -Kos pembangunan hartanah (Nota 22) 152,033 135,126 - -321,414 313,962 947 1,135UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 284nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200828 PINJAMAN (samb.)Kadar faedah purata Jumlah Profil matangberwajaran pada tarikh nilailembaran imbangan bawaan < 1 tahun 1-5 tahun% p.a. RM’000 RM’000 RM’000Kumpulan2008Overdraf bank 7.50 14,998 14,998 -Kredit pusingan 5.27 89,500 89,500 -Pinjaman bertempoh 5.26 28,344 28,344 -Pinjaman penyambung 5.32 41,467 6,563 34,904Pinjaman bertempoh 5.57 39,200 - 39,200Pinjaman bertempoh 6.30 60,000 - 60,000Liabiliti pajakan kewangan 4.45 824 260 564274,333 139,665 134,6682007Overdraf bank 7.82 14,356 14,356 -Kredit pusingan 5.35 48,000 48,000 -Pinjaman bertempoh 5.66 22,400 22,400 -Pinjaman penyambung 5.41 40,043 15,000 25,043Pinjaman bertempoh 5.51 64,000 - 64,000Pinjaman bertempoh 6.30 60,000 - 60,000Liabiliti pajakan kewangan 4.46 1,073 248 825249,872 100,004 149,868Syarikat2008Overdraf bank 7.50 4,949 4,949 -Kredit pusingan 5.11 45,500 45,500 -Pinjaman bertempoh 6.30 60,000 - 60,000Liabiliti pajakan kewangan 4.45 824 260 564111,273 50,709 60,5642007Kredit pusingan 5.20 5,000 5,000 -Pinjaman bertempoh 6.30 60,000 - 60,000Liabiliti pajakan kewangan 4.46 1,073 248 82566,073 5,248 60,825UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 28528 PINJAMAN (samb.)Pendedahan bersih pinjaman Kumpulan dan Syarikat kepada perubahan kadar faedah dan tempoh di mana pinjamandihargai semula adalah seperti berikut:Kadar faedah purata Jumlah Kadar faedah Kadar faedahberwajaran pada tarikh nilai terapung tetaplembaran imbangan bawaan < 1 tahun 1-5 tahun% p.a. RM’000 RM’000 RM’000Kumpulan2008Overdraf bank 7.50 14,998 14,998 -Kredit pusingan 5.27 89,500 89,500 -Pinjaman bertempoh 5.26 28,344 28,344 -Pinjaman penyambung 5.32 41,467 41,467 -Pinjaman bertempoh 5.57 39,200 39,200 -Pinjaman bertempoh 6.30 60,000 - 60,000Liabiliti pajakan kewangan 4.45 824 - 824274,333 213,509 60,8242007Overdraf bank 7.82 14,356 14,356 -Kredit pusingan 5.35 48,000 48,000 -Pinjaman bertempoh 5.66 22,400 22,400 -Pinjaman penyambung 5.41 40,043 40,043 -Pinjaman bertempoh 5.51 64,000 64,000 -Pinjaman bertempoh 6.30 60,000 - 60,000Liabiliti pajakan kewangan 4.46 1,073 - 1,073249,872 188,799 61,073Syarikat2008Overdraf bank 7.50 4,949 4,949 -Kredit pusingan 5.11 45,500 45,500 -Pinjaman bertempoh 6.30 60,000 - 60,000Liabiliti pajakan kewangan 4.45 824 - 824111,273 50,449 60,8242007Kredit pusingan 5.20 5,000 5,000 -Pinjaman bertempoh 6.30 60,000 - 60,000Liabiliti pajakan kewangan 4.46 1,073 - 1,07366,073 5,000 61,073UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 286nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200828 PINJAMAN (samb.)(a)Pinjaman bertempoh tidak bercagar berjumlah RM20 juta mewakili obligasi pinjaman bercagar utama yangdimasuki oleh Syarikat dalam 2005. Pinjaman bertempoh ini tertakluk kepada kadar faedah tetap 6.13% setahundan harus dibayar balik sekaligus pada September 2010. Nilai saksama pinjaman bertempoh jangka panjang inipada tarikh lembaran imbangan adalah RM20,597,628 (2007: RM20,438,229). Nilai saksama dianggar berdasarkanaliran tunai kontraktual masa hadapan didiskaunkan pada kadar faedah 4.55% (2007: 5.33%) setahun.(b)Pinjaman bertempoh tidak bercagar berjumlah RM40 juta mewakili obligasi pinjaman bercagar utama yangdimasuki oleh Syarikat dalam 2007. Pinjaman bertempoh ini tertakluk kepada kadar faedah tetap 6.38% setahundan harus dibayar balik sekaligus pada Januari 2012. Nilai saksama pinjaman bertempoh jangka panjang ini padatarikh lembaran imbangan adalah RM42,211,596 (2007: RM41,547,652). Nilai saksama dianggar berdasarkanaliran tunai kontraktual masa hadapan didiskaunkan pada kadar faedah 4.65% (2007: 5.40%) setahun.(c) Nilai saksama liabiliti pajakan kewangan bukan semasa pada tarikh lembaran imbangan adalah RM538,817 (2007:RM787,275). Nilai saksama dianggar berdasarkan aliran tunai kontraktual masa hadapan didiskaunkan pada kadarfaedah daripada 4.17% kepada 4.88% (2007: 4.17% kepada 4.88%) setahun.Nilai bawaan bagi semua pinjaman lain Kumpulan dan Syarikat pada tarikh lembaran imbangan adalah lebih kurang samadengan nilai saksama mereka.Pembayaran minima pajakan pada tarikh lembaran imbangan adalah seperti berikut:Kumpulan dan Syarikat2008 2007RM’000 RM’000Pembayaran minima pajakan masa hadapan:Tidak lebih daripada 1 tahun 291 291Lebih daripada 1 tahun tetapi tidak melebihi 5 tahun 590 882Jumlah pembayaran minima pajakan masa hadapan 881 1,173Tolak: Caj kewangan masa hadapan (57) (100)Nilai kini liabiliti pajakan kewangan 824 1,073Analisis nilai kini liabiliti pajakan kewanganTidak lebih daripada 1 tahun 260 248Lebih daripada 1 tahun tetapi tidak melebihi 5 tahun 564 825824 1,073UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 28729 PEMIUTANG DAGANGAN DAN LAIN-LAINKumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Pemiutang dagangan 35,734 31,990 - -Dagangan terakru 21,203 46,187 - -Jumlah terhutang kepada pihak berkaitan:Syarikat subsidiari - - 1,064 473Syarikat berkaitan 65 376 65 61Liabiliti senarai gaji 3,938 3,509 1,742 1,418Pemiutang dan terakru lain 8,743 9,701 2,354 2,52769,683 91,763 5,225 4,479Syarat kredit pemiutang dagangan yang diberikan kepada Kumpulan berbeza-beza daripada tiada kredit sehingga 60hari.Jumlah terhutang kepada syarikat subsidiari dikenakan faedah daripada 5.45% kepada 7.50% (2007: 7.75%) setahunpada akhir tahun kewangan. Jumlah terhutang kepada syarikat berkaitan adalah bebas daripada faedah. Segala hutangkepada pihak berkaitan adalah tidak bercagar, perlu dibayar balik atas permintaan dan mesti dijelaskan secara tunai.30 PERUNTUKANKumpulan2008 2007RM’000 RM’000Kos pembangunan hartanahPada awal tahun kewangan 2,578 183Peruntukan kos pembangunan hartanah - 2,530Digunakan sepanjang tahun kewangan - (68)Pembalikan peruntukan yang tidak digunakan (2,500) (67)Pada akhir tahun kewangan 78 2,578Ini mewakili kos pembangunan yang dianggar akan ditanggung. Peruntukan ini akan digunakan apabila aktivitipembangunan yang ditetapkan bermula.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 288nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200831 URUSNIAGA PIHAK BERKAITAN(a)Di samping pendedahan berhubung pihak berkaitan yang dinyatakan di bahagian lain dalam penyata kewanganini, berikut adalah urusniaga dengan pihak berkaitan sepanjang tahun kewangan:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Urusniaga dengan syarikat subsidiariPendapatan dividen - - 19,208 18,980Perbelanjaan dibayar bagi pihak - - 254 -Pendapatan faedah - - 7,439 8,004Perbelanjaan faedah - - 181 130Pembayaran dibuat bagi pihak - - 67,209 40,160Peruntukan perkhidmatan pengurusan - - 9,033 6,480Urusniaga dengan entiti dikawal bersamaPendapatan faedah 196 - 393 -Pendapatan sewa 1,199 1,802 - -Pembayaran dibuat bagi pihak 3,310 15,584 3,310 15,584Urusniaga dengan pemegang saham korporat,Tradewinds Corporation Berhad dansyarikat berkaitannyaBelian barangan dan perolehan perkhidmatan 1,116 1,016 1,033 982Urusniaga dengan pemegang saham korporat,Chee Tat Holdings (S) Pte Ltd dansyarikat berkaitannyaPendapatan sewa - 10 - -Urusniaga dengan pemegang saham korporat,CapitaLand Limited dan syarikat berkaitannyaPerolehan perkhidmatan pengurusan - 315 - -Perbelanjaan sewa - 27 - -UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 28931 URUSNIAGA PIHAK BERKAITAN (samb.)KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Urusniaga dengan seorang Pengarah SyarikatBil berperingkat bagi penjualan hartanah 192 224 - -Urusniaga dengan individu/syarikat yang berkaitandengan Pengarah SyarikatBil berperingkat bagi penjualan hartanah 1,103 866 - -Perolehan perkhidmatan pemasaran* - 522 - -Pendapatan sewa 12 - - -* Kumpulan telah memasuki satu urusniaga dengan Rhino Development Sdn Bhd, sebuah syarikat yang dimiliki olehadik ipar kepada seorang Pengarah Syarikat.Jumlah yang tertunggak pada 31 Disember 2008 berhubungan dengan urusniaga di atas dengan pihak berkaitanadalah dibentangkan dalam Nota 23 dan 29 kepada penyata kewangan.(b)Pampasan kepada kakitangan pengurusan utamaGanjaran para Pengarah dan kakitangan pengurusan utama dalam tahun kewangan adalah seperti berikut:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Manfaat kakitangan jangkamasa pendek 2,479 2,409 2,459 2,403Pelan sumbangan persaraan wajib 290 281 290 281Opsyen ke atas saham biasa yang ditawarkandi bawah ESOS - 514 - 5142,769 3,204 2,749 3,198Termasuk di dalam jumlah ganjaran kakitangan pengurusan utama adalah:KumpulanSyarikat2008 2007 2008 2007RM’000 RM’000 RM’000 RM’000Ganjaran para Pengarah (Nota 7) 1,006 1,495 998 1,489UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 290nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200831 URUSNIAGA PIHAK BERKAITAN (samb.)(b)Pampasan kepada kakitangan pengurusan utama (samb.)Pada tahun kewangan berakhir 31 Disember 2007, ahli lain pengurusan utama telah diberi opsyen ke atas sahambiasa di bawah ESOS mengikut terma dan syarat yang sama seperti yang ditawarkan kepada kakitangan lain dalamKumpulan (Nota 25). Butiran tentang opsyen ke atas saham biasa yang ditawarkan kepada ahli lain pengurusanutama adalah seperti berikut:Harga Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesahamlangganan/ Pada PadaTarikh tawaran Tarikh luput saham 1.1.2008 Ditawar Dilaksana Luput 31.12.2008RM ‘000 ‘000 ‘000 ‘000 ‘00020083.12.2007 3.9.2008 1.99 128 - - (128) -Hargalangganan/ Pada PadaTarikh tawaran Tarikh luput saham 1.1.2007 Ditawar Dilaksana Luput 31.12.2007RM ‘000 ‘000 ‘000 ‘000 ‘000200710.4.2007 3.9.2008 1.61 - 20 (20) - -3.12.2007 3.9.2008 1.99 - 128 - - 128- 148 (20) - 1282008 2007‘000 ‘000Bilangan opsyen ke atas saham biasa yang boleh dilaksanakanpada tarikh lembaran imbangan - 128UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 29132 KOMITMEN PAJAKAN OPERASIKumpulan sebagai pemberi pajakKumpulan telah memasuki pengaturan pajakan operasi tidak boleh batal untuk pelaburan hartanahnya. Pengaturanpajakan ini mempunyai tempoh pajakan tidak boleh batal selama 30 tahun. Sewa pajakan akan meningkat sebanyak 5%hingga 15% setiap 3 tahun bermula dari tarikh mula sewa. Pada tamatnya tempoh pajakan, pajakan akan diperbaharuiuntuk tempoh selama 10 tahun dan kadar sewa akan berdasarkan kadar pasaran yang wujud pada masa itu untukpajakan yang serupa atau jenis pajakan yang serupa dalam lokasi yang serupa pada masa pembaharuan.Pembayaran pajakan minima masa hadapan yang akan diterima daripada pajakan operasi tidak boleh dibatal yang telahdikontrak pada tarikh lembaran imbangan tetapi tidak diiktiraf sebagai penghutang adalah seperti berikut:Kumpulan2008 2007RM’000 RM’000Tidak lebih daripada 1 tahun 922 296Lebih daripada 1 tahun tetapi tidak melebihi 5 tahun 3,804 3,603Lebih daripada 5 tahun 28,428 27,37033,154 31,26933 DAKWAAN PENTINGLembaga Hasil Dalam Negeri telah mengeluarkan notis taksiran dan notis taksiran tambahan berkaitan cukai pendapatantahun sebelumnya bagi syarikat subsidiari, Bangi Heights Development Sdn Bhd. Taksiran ini sebahagian besarnya adalahdisebabkan oleh pengolahan cukai yang berbeza oleh Lembaga Hasil Dalam Negeri ke atas potongan perbelanjaanpermodalan faedah.Kumpulan tidak bersetuju dengan taksiran serta taksiran tambahan tersebut dan telah memfailkan rayuan kepadaPesuruhjaya Khas Cukai Pendapatan. Arahan penentuan telah dikeluarkan oleh Pesuruhjaya Khas Cukai Pendapatanpada 22 November 2005 yang tidak membenarkan potongan perbelanjaan permodalan faedah tersebut. Kumpulantelah memperuntukkan bayaran sehingga kini sebanyak RM2.1 juta pada 31 Disember 2008.Kumpulan terdahulunya telah memfailkan rayuan kepada Mahkamah Tinggi untuk membela kedudukannya.Walaubagaimanapun, disebabkan garis panduan terbaru yang dikeluarkan oleh Lembaga Hasil Dalam Negeri mengenaiurusan cukai ke atas perbelanjaan faedah permodalan, Kumpulan tidak perlu lagi membuat rayuan cukai. Lembaga HasilDalam Negeri telah bersetuju dengan penarikan balik rayuan ini di Mahkamah Tinggi tanpa kos.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 292nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200834 PERISTIWA PENTING SEMASA TAHUN KEWANGANSyarikat pada 14 Oktober 2008 telah menandatangani perjanjian langganan dan usahasama (“SJVA”) dengan UEMLand Berhad (“UEML”), sebuah syarikat subsidiari 71.5% dimiliki oleh UEM World Berhad, untuk mentadbir sebuahsyarikat usahasama, Nusajaya Consolidated Sdn Bhd (“NCSB”), bagi tujuan membangunkan dua (2) bidang tanah yangberukuran agregat anggaran 8.819 ekar yang terletak di Mukim Pulai, Daerah Johor Bahru, Negeri Johor Darul Ta’zim(“Tanah Puteri Harbour”) (“Cadangan Usahasama”).Menurut SJVA, Syarikat akan melanggan saham baru dalam NCSB dengan pertimbangan tunai RM2.00 yang terdiridaripada 2 saham biasa bernilai RM1.00 sesaham. Syarikat dan UEML masing-masing akan memiliki 50% daripadamodal saham diterbitkan dan dibayar penuh NCSB.Cadangan Usahasama adalah tertakluk kepada syarat-syarat terdahulu berikut:(a) kelulusan oleh Jawatankuasa Pelaburan Asing (“FIC”) bagi langganan saham NCSB yang telah diperolehi pada 3Mac 2009; dan(b) kelulusan oleh para pemegang saham Syarikat yang mana tidak diperlukan.SJVA menjadi tanpa syarat pada 3 Mac 2009 apabila semua syarat-syarat terdahulu dipenuhi dan telah diselesaikandengan langganan saham dalam NCSB oleh Syarikat pada 2 April 2009.NCSB pada tarikh yang sama, telah menandatangani Perjanjian Opsyen untuk Pembelian (“OPA”) dengan BandarNusajaya Development Sdn Bhd dan UEML di mana NCSB telah diberikan opsyen untuk membeli Tanah Puteri Harbour(“Opsyen”) dengan pertimbangan sebanyak RM10.00. Opsyen akan dilaksanakan oleh NCSB dalam masa enam (6)bulan daripada tarikh OPA atau tempoh lanjutan yang dipersetujui bersama oleh semua pihak. Selepas pelaksanaanOpsyen, NCSB akan membeli Tanah Puteri Harbour dengan jumlah pertimbangan RM67.15 juta. NCSB seterusnya akanmembangunkan Tanah Puteri Harbour menjadi pembangunan campuran (“Cadangan Opsyen Panggilan”).Cadangan Opsyen Panggilan tidak tertakluk kepada sebarang syarat terdahulu.Selepas tamatnya OPA pada 13 April 2009, Opsyen telah dilanjutkan lagi untuk tempoh 3 bulan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 29335 PERISTIWA PENTING SELEPAS AKHIR TAHUN KEWANGAN(i)Syarikat pada 20 Januari 2009 telah menandatangani perjanjian jual beli saham bersyarat (“SSA”) dengan CountryEquity Sdn Bhd (“CESB”), subsidiari milik penuh Syarikat, bagi pemerolehan 70,000,000 saham biasa bernilaiRM1.00 sesaham dan 14,000,000 saham keutamaan boleh tebus terkumpul bernilai RM1.00 sesaham dalamBangi Heights Development Sdn Bhd (“BHD”) (secara kolektif dikenali sebagai “Saham BHD”), mewakili 70%modal saham diterbitkan dan dibayar penuh dalam BHD dengan pertimbangan tunai sebanyak RM82.86 juta(“Cadangan Rasionalisasi Pegangan Saham”).Menurut Cadangan Rasionalisasi Pegangan Saham, Syarikat akan secara langsung memiliki 70% modal sahamditerbitkan dan dibayar penuh dalam BHD dan bukannya melalui CESB. Dengan itu, Syarikat akan memperolehkawalan langsung dalam BHD seperti yang dinyatakan di bawah Seksyen 33(1) Akta Suruhanjaya Sekuriti, 1993.Oleh yang demikian,selepas selesainya Cadangan Rasionalisasi Pegangan Saham, Syarikat diwajibkan melakukantawaran am mandatori bagi semua baki Saham BHD yang masih belum dimiliki oleh Syarikat menurut BahagianII Kod Pengambilalihan dan Penggabungan Malaysia, 1998 (“Kod”). Sapphire Investment Pte Ltd (“Sapphire”)adalah pemegang baki saham dalam BHD. Berkaitan dengan ini, Syarikat telah membuat permohonan kepadaBahagian Pengambilalihan dan Penggabungan Suruhanjaya Sekuriti (“SC”) untuk mendapatkan pengecualian bagikewajipan tersebut di bawah Nota Amalan 2.9.6 Kod (“Cadangan Pengecualian”).Cadangan Rasionalisasi Pegangan Saham dan Cadangan Pengecualian tertakluk kepada dan bersyarat sepertiberikut:(a) kelulusan daripada SC, bagi Cadangan Pengecualian yang telah diperolehi melalui surat bertarikh 27 Mac2009;(b) kelulusan daripada FIC, bagi Cadangan Rasionalisasi Pegangan Saham yang telah diperolehi melalui suratbertarikh 27 Mac 2009;c) (i) kelulusan oleh CESB, sebagai pemegang berdaftar 60 juta saham biasa kelas A dan 10 jutasaham biasa kelas C dalam BHD yang telah diperolehi pada 12 Februari 2009; dan(ii) kelulusan oleh Sapphire, sebagai pemegang berdaftar 30 juta saham biasa kelas B dalam BHDyang telah diperolehi pada 12 Februari 2009;semasa mesyuarat berasingan kelas pemegang saham masing-masing bagi Cadangan RasionalisasiPegangan Saham; dan(d) kelulusan oleh pemegang saham CESB, bagi pelupusan Saham BHD yang telah diperolehi pada 5 Februari2009.Cadangan Pengecualian telah diluluskan oleh SC melalui surat bertarikh 27 Mac 2009.Cadangan Rasionalisasi Pegangan Saham menjadi tanpa syarat pada 27 Mac 2009 selepas semua syarat terdahuludipenuhi dan diselesaikan pada 1 April 2009 menurut SSA.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 294nota-nota kepada penyata kewangan (samb.) Bagi tahun kewangan berakhir 31 Disember 200835 PERISTIWA PENTING SELEPAS AKHIR TAHUN KEWANGAN (samb.)(ii)Syarikat pada 12 Februari 2009, telah menandatangani perjanjian berikut dengan Tradewinds Johor Sdn Bhd(“TJSB”), subsidiari milik penuh tidak langsung Tradewinds Corporation Berhad:(a)(b)Perjanjian Langganan dan Usahasama (“JVA”), untuk mentadbir sebuah syarikat usahasama, ExtremeConsolidated Sdn Bhd (“ECSB”), dan bersama-sama menyertai pembangunan Tanah (seperti yangdijelaskan di bawah) (“Cadangan Usahasama”); danPerjanjian Opsyen Panggilan untuk memberikan Syarikat opsyen membeli baki 49% jumlah modal sahamditerbitkan dan dibayar penuh dalam ECSB (“Saham Opsyen”) (“Cadangan Opsyen Panggilan”).ECSB pada tarikh yang sama telah menandatangani Perjanjian Jual Beli (“SPA”) dengan Ambang Budi Sdn Bhddan Hartaplus Realty Sdn Bhd (“HRSB”) (secara kolektif dikenali sebagai “Vendor”) bagi cadangan pemerolehansebidang tanah hakmilik bebas berukuran 629.25 ekar di bawah hakmilik HS(D) 33911, PTD 47441, Mukim Kulai,Daerah Kulaijaya, Negeri Johor (“Tanah”) dengan jumlah pertimbangan tunai sebanyak RM233.0 juta (“CadanganPemerolehan”).ECSB pada masa ini merupakan subsidiari milik penuh Syarikat dengan modal saham diterbitkan dan dibayar penuh2 saham biasa bernilai RM1.00 sesaham. Menurut JVA, Syarikat dan TJSB masing-masing akan melanggan 49saham biasa baru bernilai RM1.00 dalam ECSB dengan pertimbangan tunai sebanyak RM49.00 bagi membolehkanpembahagian pegangan saham dalam ECSB masing-masing 51:49.Cadangan Usahasama adalah tertakluk kepada syarat-syarat terdahulu berikut:(a)kelulusan oleh FIC bagi langganan saham ECSB; dan(b)kelulusan oleh para pemegang saham Syarikat, jika perlu.Di bawah Cadangan Opsyen Panggilan, Syarikat telah diberi opsyen untuk membeli semua Saham Opsyen(“Opsyen”) dengan pertimbangan tunai sebanyak RM1.00. Opsyen perlu dilaksanakan pada bila-bila masasebelum tamatnya tempoh penyelesaian seperti yang dinyatakan dalam SPA. Selepas pelaksanaan Opsyen,Syarikat akan memperoleh kesemua Saham Opsyen dengan pertimbangan yang dikira berdasarkan bilanganSaham Opsyen didarabkan dengan nilai par RM1.00 sesaham. Cadangan Opsyen Panggilan tidak tertakluk kepadasebarang syarat terdahulu.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 29535 PERISTIWA PENTING SELEPAS AKHIR TAHUN KEWANGAN (samb.)Cadangan Pemerolehan tertakluk kepada syarat-syarat terdahulu berikut dipenuhi atau diperolehi dalam masa 15 bulandaripada tarikh SPA (“Tempoh Ditentukan”) dengan tempoh lanjutan 2 bulan:(a) kelulusan FIC untuk pemerolehan Tanah oleh ECSB;(b) kelulusan oleh pemegang saham ECSB yang telah diperolehi pada 25 Februari 2009;(c) kelulusan oleh para pemegang saham Syarikat;(d) kelulusan pemegang gadaian Tanah (AmTrustee Berhad) yang diperoleh oleh Vendor;(e) kelulusan pihak berkuasa berkaitan untuk:(i)(ii)(iii)pelan susun atur induk yang disemak semula (disediakan oleh ECSB pada kos dan perbelanjaan ECSBdan dimohon dan diperolehi oleh Vendor, pada kos dan perbelanjaan Vendor) bagi Tanah untuk tujuancadangan pembangunan yang terdiri daripada hab komersial/logistik/pengangkutan, taman perindustriandan pembangunan perumahan (“Cadangan Projek”), dengan pengecualian untuk pembinaan danpembangunan sebarang komponen kos rendah dan tanpa variasi yang ketara kepada komponen zonseperti yang diserahkan,Tanah telah diluluskan untuk pertukaran bagi penggunaan Projek Cadangan, danjalan masuk daripada cadangan persimpangan “Bandar Pulai Jaya” melalui Johor Technology Park keLebuhraya Skudai diperolehi oleh Vendor; dan(f)pengesahan bertulis daripada Renewed Global Sdn Bhd (rakan usahasama Vendor untuk membangunkanTanah sebelumnya) bahawa mereka tidak mempunyai apa jua tuntutan terhadap Tanah dan/atau terhadap ECSBberkaitan pemerolehan Tanah oleh ECSB dan indemniti bertulis oleh HRSB kepada ECSB untuk melepaskan ECSBdaripada sebarang tuntutan oleh Renewed Global Sdn Bhd terhadap Tanah dan/atau terhadap ECSB berkaitanpemerolehan Tanah oleh ECSB. Pengesahan bertulis daripada Renewed Global Sdn Bhd dan indemniti bertulisoleh HRSB kepada ECSB telah diperolehi melalui surat yang berasingan bertarikh 26 Februari 2009.Menurut SPA, HRSB akan membina cadangan persimpangan “Bandar Pulai Jaya” di Kilometer 27.00 LebuhrayaLaluan Kedua dan jalan masuk ke Tanah (secara kolektif dikenali sebagai “Persimpangan”) dan menyiapkan sertamembuka Persimpangan untuk kegunaan kenderaan oleh orang awam dalam Tempoh Ditentukan. Sebarangkelewatan dalam menyiapkan Persimpangan akan secara automatik melanjutkan tempoh penyempurnaanCadangan Pemerolehan mengikut tempoh kelewatan yang sama.36 MAKLUMAT BERSEGMENPenglibatan utama Kumpulan adalah dalam industri pembangunan hartanah (Segmen utama). Semua aktiviti Kumpulandijalankan di Malaysia (Segmen kedua).37 KELULUSAN PENYATA KEWANGANPenyata kewangan telah diluluskan untuk penerbitan selaras dengan resolusi Lembaga Pengarah pada 24 April 2009.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 296penyata oleh para pengarahselaras dengan seksyen 169(15) akta syarikat, 1965Kami, Dato’ Ng Eng Tee dan Datuk Nur Jazlan bin Tan Sri Mohamed, dua daripada para Pengarah United Malayan Land Bhd,menyatakan bahawa, pada pendapat para Pengarah, penyata kewangan yang dibentangkan di muka surat 226 hingga 295telah disediakan bagi memberikan gambaran yang benar serta saksama berkenaan kedudukan hal ehwal Kumpulan danSyarikat pada 31 Disember 2008 serta keputusan dan aliran tunai Kumpulan dan Syarikat bagi tahun kewangan yang berakhirpada tarikh tersebut, selaras dengan Piawaian Perakaunan yang Diluluskan di Malaysia oleh MASB bagi Entiti Selain daripadaEntiti Persendirian dan peruntukan Akta Syarikat, 1965.Ditandatangani bagi pihak Lembaga Pengarah selaras dengan resolusi mereka bertarikh 24 April 2009.DATO’ NG ENG TEEPENGARAHDATUK NUR JAZLAN TAN SRI MOHAMEDPENGARAHKuala Lumpurakuan berkanunselaras dengan seksyen 169(16) akta syarikat, 1965Saya, Gan Teong Hock, Pegawai utama yang bertanggungjawab terhadap pengurusan kewangan United Malayan Land Bhd,dengan sesungguhnya dan seikhlasnya mengaku bahawa penyata kewangan yang dibentangkan di muka surat 226 hingga295 adalah, sebaik-baik pengetahuan dan kepercayaan saya, adalah betul dan saya membuat ikrar ini dengan sepenuhkepercayaan bahawa ia adalah benar, dan menurut peruntukan Akta Akuan Berkanun, 1960.GAN TEONG HOCKDitandatangani dan diikrarkan oleh penama di atas, Gan Teong Hock di Kuala Lumpur, Malaysia pada 24 April 2009.Di hadapan saya,PESURUHJAYA SUMPAHUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 297laporan juruauditkepada pemegang-pemegang saham United Malayan Land Bhd(No. Syarikat 4131 M )(Diperbadankan di Malaysia)LAPORAN MENGENAI PENYATA KEWANGANKami telah mengaudit penyata kewangan United Malayan Land Bhd, yang mengandungi kunci kira-kira Kumpulan dan Syarikatpada 31 Disember 2008, penyata pendapatan, penyata perubahan ekuiti dan penyata aliran tunai Kumpulan dan Syarikatuntuk tahun berakhir pada tarikh tersebut, dan ringkasan dasar perakaunan yang penting dan nota-nota lain, seperti yangdibentangkan pada muka surat 226 to 295.Tanggungjawab Pengarah kepada Penyata KewanganPara pengarah syarikat adalah bertanggungjawab di dalam penyediaan dan pembentangan yang saksama penyata kewanganmenurut Piawaian Perakaunan diluluskan MASB di Malaysia untuk Entiti-entiti Selain Daripada Entiti-entiti Persendirian danAkta Syarikat 1965. Tanggungjawab ini termasuk; merangka, melaksana dan memastikan kawalan dalaman yang bersesuaiandalam penyediaan dan pembentangan penyata kewangan yang saksama yang bebas daripada kenyataan-kenyataan salahnyata yang ketara, samada disebabkan oleh penipuan atau kesilapan; memilih dan menggunapakai dasar perakaunan yangbersesuaian; dan dalam keadaan tertentu membuat anggaran perakaunan yang munasabah.Tanggungjawab JuruauditTanggungjawab kami adalah untuk menyatakan pendapat ke atas penyata kewangan berdasarkan audit kami. Kami telahmelaksanakan audit kami menurut piawaian pengauditan yang diluluskan di Malaysia. Piawaian-piawaian tersebut memerlukankami mematuhi tuntutan etika dan merancang dan melaksanakan audit untuk memperolehi keyakinan yang munasabahmengenai samada penyata kewangan tersebut bebas daripada kenyataan-kenyataan salah nyata yang ketara.Sesuatu audit melibatkan prosedur untuk memperolehi bukti audit mengenai amaun dan pendedahan di dalam penyatakewangan. Prosedur yang dipilih bergantung kepada pertimbangan kami, termasuk pernilaian risiko kenyataan-kenyataansalah nyata yang ketara pada penyata kewangan, samada disebabkan oleh penipuan atau kesilapan. Dalam membuatpenilaian risiko, kami mengambilkira kawalan dalaman yang bersesuaian untuk Syarikat dalam penyediaan dan pembentanganpenyata kewangan yang saksama untuk merangka prosedur audit yang bersesuaian dengan keadaan, tetapi bukan bertujuanuntuk menyatakan pendapat mengenai keberkesanan kawalan dalaman pihak Syarikat. Sesuatu audit juga termasuk penilaiankesesuaian prinsip-prinsip perakaunan yang digunapakai dan kemunasabahan anggaran-anggaran perakaunan penting yangdibuat oleh para pengarah, serta penilaian pembentangan penyata kewangan secara keseluruhan.Kami percaya bahawa bukti audit yang kami perolehi adalah mencukupi dan bersesuaian untuk memberi asas yang munasabahuntuk pendapat kami.PendapatPada pendapat kami, penyata kewangan tersebut telah disediakan selaras dengan Piawaian Perakaunan diluluskan MASB diMalaysia untuk Entiti-entiti Selain Daripada Entiti-entiti Persendirian dan Akta Syarikat 1965 untuk memberikan gambaran yangbenar dan saksama mengenai kedudukan kewangan Kumpulan dan Syarikat pada 31 Disember 2008 dan prestasi kewangandan aliran tunai untuk tahun kewangan berakhir pada tarikh tersebut.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

MUKA SURAT 298laporan juruauditkepada pemegang-pemegang saham United Malayan Land Bhd (samb.)LAPORAN MENGENAI LAIN-LAIN KEPERLUAN PERUNDANGAN DAN BADAN PENGAWASANMenurut keperluan dalam Akta Syarikat 1965 di Malaysia, kami juga melaporkan, pada pendapat kami, rekod perakaunandan rekod-rekod lain, serta daftar-daftar yang wajib disimpan di bawah Akta oleh Syarikat dan subsidiari-subsidiarinya telahdisimpan dengan sempurna selaras dengan peruntukan-peruntukan Akta tersebut.LAIN-LAIN HALLaporan ini disediakan khas untuk pemegang-pemegang saham Syarikat, sebagai satu badan, selaras dengan peruntukanSeksyen 174 Akta Syarikat 1965 di Malaysia dan bukan untuk sebarang tujuan yang lain. Kami tidak akan bertanggungjawabkepada lain-lain pihak untuk kandungan laporan ini.PRICEWATERHOUSECOOPERS(No. AF: 1146)Akauntan BertauliahLEE TUCK HENG(No. 2092/09/10 (J))Akauntan BertauliahKuala Lumpur24 April 2009Ini adalah terjemahan Bahasa Malaysia untuk penyata kewangan United Malayan Land Bhd yang telah diaudit, yang pada asalnya telahdisediakan dalam Bahasa Inggeris. Terjemahan ini telah dibuat untuk membolehkan ahli-ahli United Malayan Land Bhd yang fasih dalamBahasa Malaysia untuk memahami sepenuhnya penyata kewangan berkenaan. Para pembaca dinasihatkan supaya merujuk kepada versiBahasa Inggeris untuk penyata kewangan dan pendapat juruaudit yang telah disahkan.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

maklumatlainSenarai HartanahAnalisa Pegangan SahamNotis Mesyuarat Agung Tahunan ke-48Penyata Iringan NotisMesyuarat Agung Tahunan ke-48300303306310UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

senarai hartanah PADA 31 DISEMBER 2008Lokasi Keterangan & Hak Milik Usia Keluasan Nilai Buku Tarikh PenilaianKegunaan Semasa Bangunan Tanah Bersih Semula TerakhirPEMBANGUNAN PERBANDARANTahun Ekar RM’000BANDAR SERI ALAMMukim Plentong Tanah kosong Pegangan - 206.91 - Mei-90/Daerah Johor Bahru - Rizab kerajaan Bebas Okt-966 Jalan Lembah Pejabat korporat Pegangan 12 7.95 14,918Bandar Seri AlamBebas81750 Johor DarulTakzim1 Jalan Purnama Rumah kelab ekuestrian Pegangan 11 59.16 10,060Bandar Seri AlamBebas81750 Johor DarulTakzim3 Jalan Persisiran Sekolah Jepun Pegangan 11 5.01 7,384 Okt-96Bandar Seri AlamBebas81750 Johor DarulTakzimMukim Plentong Tanah pembangunan kosong Pegangan - 654.82 292,782Dearah Johor Bahru - Kediaman Bebas 254.02 216,408- Komersial 2.96 3,848- Rekreasi & lain-lain 372.28 45,228- Rizab pertanian 25.56 27,298Mukim Plentong Hartanah siap dibina Pegangan - 5.01 12,932Daerah Johor Bahru - Kediaman BebasMukim Plentong Tanah pembangunan kosong Pegangan - 769.03 187,779Daerah Johor Bahru - Kediaman Bebas 450.85 112,863- Komersial 129.43 45,242- Rekreasi & lain-lain 167.34 21,527- Sekolah & asrama 21.41 8,147Mukim Plentong Pembangunan sedang dijalankan Pegangan - 1.15 1,494 Mei-90Daerah Johor Bahru - Komersial BebasMukim Plentong Hartanah siap dibina Pegangan - 21.97 44,437Daerah Johor Bahru - Kediaman Bebas 20.30 41,397- Komersial 1.67 3,040Jumlah kecil 1,731.01 571,786UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Lokasi Keterangan & Hak Milik Usia Keluasan Nilai Buku Tarikh PenilaianKegunaan Semasa Bangunan Tanah Bersih Semula TerakhirBANDAR SERI PUTRATahun Ekar RM’000Mukim Kajang Tanah kosong Pegangan - 387.68 -Daerah Ulu Langat - Rizab kerajaan BebasSelangorMukim Kajang Tanah pembangunan kosong Pegangan - 161.91 125,336Daerah Ulu Langat - Kediaman Bebas 74.78 27,730Selangor - Komersial 87.13 97,606Mukim Dengkil Tanah pembangunan kosong Pegangan - 25.75 10,993 NotaDaerah Sepang - Perindustrian BebasSelangorMukim Kajang Pembangunan sedang dijalankan Pegangan - 1.98 5,699Daerah Ulu Langat - Kediaman BebasSelangorMukim Kajang Hartanah siap dibina Pegangan - 2.91 1,701Daerah Ulu Langat - Lot banglo Bebas 2.13 187Selangor - Kediaman 0.01 494- Komersial 0.77 1,020Pekan Bangi Lama Hartanah siap dibina Pegangan - 28.34 17,768Daerah Ulu Langat - Lot banglo BebasSelangorJumlah kecil 608.57 161,497SERI AUSTINMukim Tebrau Tanah kosong Pegangan - 103.95 -Daerah Johor Bahru - Rizab kerajaan BebasMukim Tebrau Tanah pembangunan kosong Pegangan - 253.19 126,906Daerah Johor Bahru - Kediaman Bebas 238.04 121,200- Komersial 15.15 5,706 NotaMukim Tebrau Pembangunan sedang dijalankan Pegangan - 22.79 24,106Daerah Johor Bahru - Kediaman BebasMukim Tebrau Hartanah siap dibina Pegangan - 3.71 7,868Daerah Johor Bahru - Kediaman BebasJumlah kecil 383.64 158,880UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

senarai hartanah (samb.) PADA 31 DISEMBER 2008Lokasi Keterangan & Hak Milik Usia Keluasan Nilai Buku Tarikh PenilaianKegunaan Semasa Bangunan Tanah Bersih Semula TerakhirPEMBANGUNAN KHUSUSTahun Ekar RM’000SERI BUKIT CEYLON8 Lorong Ceylon Hartanah siap dibina Pegangan 3 0.21 3,012 NotaOff Jalan Raja Chulan - Komersial Bebas50250 Kuala LumpurSUASANA SENTRAL LOFTLot 80, Seksyen 70, Hartanah siap dibina Pegangan 1 0.03 299 NotaKuala Lumpur - Kondominium BebasSUASANA BANGSARLot 451, Seksyen 096A, Pembangunan sedang dijalankan Pegangan - 0.93 29,410 NotaKuala Lumpur - Kediaman BebasSUASANA BUKIT CEYLONPT21 HSD98859, Pembangunan sedang dijalankan Pegangan - 1.50 33,947 NotaSeksyen 19, - Kediaman BebasKuala LumpurPEMEROLEHAN BARU SEPANJANG TAHUNGeran 118688 Lot 1197, Tanah kosong Pegangan - 1.49 27,787 NotaGeran 118689 Lot 1199Bebasand Geran 99571 Lot 1201,Daerah Johor BahruHS(D) No. 97972 Tanah kosong Pegangan - 0.39 9,000 NotaPT No. 46,BebasSeksyen 57,Kuala LumpurJumlah besar 2,727.77 995,618Nota: Tiada penilaian semula sejak tarikh pemerolehanUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

analisa pegangan saham PADA 30 APRIL 2009MODAL SAHAM DIBENARKAN : RM500,000,000MODAL SAHAM DITERBIT DAN BERBAYAR : RM241,705,233KELAS SAHAM : SAHAM BIASA BERNILAI RM1.00 SESAHAMHAK MENGUNDI : SATU UNDI BAGI SETIAP SAHAM BIASAAGIHAN PEGANGAN SAHAM (#)Bil. Pemegang % %Saiz Pegangan Saham Saham Pemegang Saham Bil. Saham Modal Saham1 - 99 67 4.18 1,683 0.00100 - 1,000 335 20.91 273,808 0.111,001 - 10,000 902 56.30 3,887,484 1.6110,001 - 100,000 235 14.67 7,149,850 2.96100,001 - hingga kurang 5% dari saham diterbitkan 59 3.68 89,097,974 36.925% dan ke atas saham diterbitkan 4 0.25 140,097,634 58.39JUMLAH 1,602 100.00 241,303,433 100.00PEGANGAN SAHAM PARA PENGARAH (#)Kepentingan Langsung Kepentingan Tidak LangsungBil. Saham % Bil. Saham %Dato’ Ng Eng Tee 6,525,000 2.70 28,967,234* a 12.00Datuk Syed Ahmad Khalid Syed Mohammed 10,000 0.00 - -Ng Eng Soon 7,151,032 2.96 17,828,634* b 7.39Nota:a. Dianggap berkepentingan melalui kepentingan beliau dalam Chee Tat Holdings (S) Pte Ltd, King George Financial Corporation, Netson Investments Ltd, King George Park Ltd menurutSeksyen 6A Akta Syarikat, 1965 dan melalui isteri dan anak-anak.b. Dianggap berkepentingan melalui kepentingan beliau dalam Chee Tat Holdings (S) Pte menurut Seksyen 6A Akta Syarikat, 1965UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

analisa pegangan saham (samb.) PADA 30 APRIL 2009PEMEGANG SAHAM UTAMA(#)Kepentingan LangsungKepentingan Tidak LangsungSenarai Pemegang Saham Utama Bil. Saham % Bil. Saham %Wawasan Perangsang Mewah Sdn Bhd 57,153,500 23.69 - -Opal Holdings Pte Ltd 48,084,500 19.93 - -Chee Tat Holdings (S) Pte Ltd 17,828,634 7.39 - -Tradewinds Resources Sdn Bhd 17,826,000 7.39 - -Tradewinds Corporation Berhad - - 17,826,000* a 7.39Perspective Lane (M) Sdn Bhd - - 17,826,000* b 7.39Restu Jernih Sdn Bhd - - 17,826,000* c 7.39Tan Sri Dato’ Syed Mokhtar Shah Syed Nor - - 17,826,000* d 7.39Muhammad Nor Saliman - - 57,153,500* e 23.69Azman Hanafi Abdullah - - 57,153,500* e 23.69CapitaLand Residential Malaysia Pte Ltd - - 48,084,500 * f 19.93CapitaLand Commercial Limited - - 48,084,500* g 19.93CapitaLand Limited - - 50,064,500* h 20.75Temasek Holdings (Private) Limited - - 50,064,500 * i 20.75Dato’ Ng Eng Tee 6,525,000 2.70 28,967,234 * j 12.00Ng Eng Soon 7,151,032 2.96 17,828,634* k 7.39Ng Eng Ghee 6,560,864 2.72 17,828,634* k 7.39Nota:a. Dianggap berkepentingan melalui kepentingannya dalam Tradewinds Resources Sdn Bhd menurut Seksyen 6A Akta Syarikat, 1965..b. Dianggap berkepentingan melalui kepentingannya dalam Tradewinds Corporation Berhad menurut Seksyen 6A Akta Syarikat, 1965.c. Dianggap berkepentingan melalui kepentingannya dalam Perspective Lane (M) Sdn Bhd menurut Seksyen 6A Akta Syarikat, 1965.d. Dianggap berkepentingan melalui kepentingan beliau dalam Restu Jernih Sdn Bhd pursuant to Section 6A of the Companies Act, 1965.e. Dianggap berkepentingan melalui kepentingan mereka dalam Wawasan Perangsang Mewah Sdn Bhd menurut Seksyen 6A Akta Syarikat, 1965.f. Dianggap berkepentingan melalui kepentingannya dalam Opal Holdings Pte Ltd menurut Seksyen 6A Akta Syarikat, 1965.g. Dianggap berkepentingan melalui kepentingannya dalam CapitaLand Residential Malaysia Pte Ltd menurut Seksyen 6A Akta Syarikat, 1965.h. Dianggap berkepentingan melalui kepentingannya dalam CapitaLand Commercial Limited dan CapitaLand Residential Limited melalui subsidiari milik penuhnya, Prime Equities Pte Ltdmenurut Seksyen 6A Akta Syarikat, 1965.i. Dianggap berkepentingan melalui kepentingannya dalam CapitaLand Limited menurut Seksyen 6A Akta Syarikat, 1965.j. Dianggap berkepentingan melalui kepentingan beliau dalam Chee Tat Holdings (S) Pte Ltd, King George Financial Corporation, Netson Investments Ltd, King George Park Ltd menurutSeksyen 6A Akta Syarikat, 1965 dan melalui isteri dan anak-anak.k. Dianggap berkepentingan melalui kepentingan mereka dalam Chee Tat Holdings (S) Pte Ltd menurut Seksyen 6A Akta Syarikat, 1965.SENARAI TIGA PULUH PEMEGANG SAHAM TERBESAR (#)Bil. Nama Bil. Saham % Modal Saham1. Wawasan Perangsang Mewah Sdn Bhd 57,153,500 23.692. Opal Holdings Pte Ltd 48,084,500 19.933. Chee Tat Holdings (S) Pte Ltd 17,828,634 7.394. Public Nominees (Tempatan) Sdn Bhd 17,826,000 7.39Akaun Sekuriti Bercagar untuk Tradewinds Resources Sdn Bhd5. Khong Guan Flour Milling Limited 11,400,000 4.726. Citigroup Nominees (Asing) Sdn Bhd 7,383,282 3.06Exempt An untuk OCBC Securities Private LimitedUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

Bil. Nama Bil. Saham % Modal Saham7. HDM Nominees (Asing) Sdn Bhd 6,560,864 2.72UOB Kay Hian Pte Ltd untuk Ng Eng Ghee8. Mayban Nominees (Tempatan) Sdn Bhd 4,516,200 1.87Mayban Trustee Berhad untuk Public Regular Savings Fund9. Amsec Nominees (Asing) Sdn Bhd 4,490,800 1.86AmTrustee Berhad untuk King George Financial Corporation10. Amsec Nominees (Asing) Sdn Bhd 3,939,618 1.63AmFraser Securities Pte Ltd untuk Ng Yew Hui11. Amsec Nominees (Asing) Sdn Bhd 3,939,617 1.63AmFraser Securities Pte Ltd untuk Ng Yew Tong12. Amsec Nominees (Asing) Sdn Bhd 3,939,617 1.63AmFraser Securities Pte Ltd untuk Ng Yew Chuan13. Amsec Nominees (Asing) Sdn Bhd 3,938,210 1.63AmFraser Securities Pte Ltd untuk Ng Suat Paik Alice14. Amsec Nominees (Asing) Sdn Bhd 3,289,000 1.36Akaun Sekuriti Bercagar untuk Ng Eng Tee15. Amanah Raya Nominees (Tempatan) Sdn Bhd 3,193,000 1.32Public Far-East Property & Resorts Fund16. EB Nominees (Tempatan) Sendirian Berhad 3,180,000 1.32Akaun Sekuriti Bercagar untuk Ng Eng Tee17. Victoria Prize Sdn Bhd 3,061,441 1.2718. Khong Guan Group Pte Ltd 2,830,875 1.1719. Ng Yew Khim, Dennis 2,200,000 0.9120. Hup Hock Trading Sendirian Berhad 1,980,750 0.8221. HDM Nominees (Asing) Sdn Bhd 1,980,000 0.82DBS Vickers Secs (S) Pte Ltd untuk Prime Equities Pte Ltd22. Amsec Nominees (Asing) Sdn Bhd 1,650,000 0.68AmTrustee Berhad untuk Netson Investments Ltd23. Kah Hong Pte. Limited 1,430,000 0.5924. Amanah Raya Nominees (Tempatan) Sdn Bhd 1,316,900 0.55Public Islamic Opportunities Fund25. Amanah Raya Nominees (Tempatan) Sdn Bhd 1,031,800 0.43Public Smallcap Fund26. Ng Suet Ning, Tammy 1,000,000 0.4127. Wong Winifred 1,000,000 0.4128. Taisho Company Sdn Berhad 927,000 0.3829. Amanah Raya Nominees (Tempatan) Sdn Bhd 822,000 0.34PB Asia Real Estate Income Fund30. Amsec Nominees (Asing) Sdn Bhd 797,800 0.33Akaun Sekuriti Bercagar untuk Ng Yew Khim, DennisJUMLAH 222,691,408 92.29# Analisa Pegangan Saham disusun berdasarkan Rekod Pendeposit Syarikat selepas menolak 401,800 saham biasa RM1.00 sesaham yang dibeli balik oleh Syarikat dandisimpan sebagai saham perbendaharaan, pada 30 April 2009.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

notis mesyuarat agung tahunan ke-48DENGAN INI DIMAKLUMKAN BAHAWA Mesyuarat Agung Tahunan ke-48 United Malayan Land Bhd akan diadakandi Nirwana Ballroom 2, Lobi Aras Bawah, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, 50250 KualaLumpur pada hari Rabu, 24 Jun 2009 jam 10.30 pagi untuk urusan-urusan berikut:URUSAN BIASA:1. Untuk menerima Penyata Kewangan Beraudit bagi tahun kewangan berakhir 31Disember 2008 bersama Laporan Para Pengarah dan Juruaudit berkenaan. Resolusi Biasa 12. Untuk meluluskan bayaran dividen akhir sebanyak 2.5 sen sesaham biasa, tolak25% cukai pendapatan bagi tahun kewangan berakhir 31 Disember 2008 sepertiyang dicadangkan oleh Para Pengarah.3. Untuk melantik semula Para Pengarah berikut, yang mana setiap mereka bersaramengikut giliran menurut Artikel 94 Tataurusan Syarikat:-i) YBhg Datuk Syed Ahmad Khalid Syed Mohammedii) YB Datuk Nur Jazlan Tan Sri MohamedResolusi Biasa 2Resolusi Biasa 3Resolusi Biasa 44. Untuk melantik semula Encik Chan Say Yeong, pengarah yang bersara menurutArtikel 99 Tataurusan Syarikat. Resolusi Biasa 55. Untuk mempertimbangkan dan sekiranya difi kirkan wajar, meluluskan resolusiberikut:“BAHAWA menurut Seksyen 129(6) Akta Syarikat 1965, YABhg Tun Musa Hitamadalah dengan ini dilantik semula sebagai Pengarah Syarikat untuk memegangjawatan sehingga Mesyuarat Agung Tahunan Syarikat yang berikutnya.” Resolusi Biasa 66. Untuk meluluskan bayaran yuran Para Pengarah bagi tahun kewangan berakhir31 Disember 2008. Resolusi Biasa 77. Untuk melantik semula PricewaterhouseCoopers sebagai Juruaudit Syarikat bagitahun berikutnya dan memberi kuasa pada Para Pengarah untuk menetapkanbayaran khidmat mereka. Resolusi Biasa 8URUSAN KHAS:Untuk mempertimbangkan dan sekiranya difi kirkan wajar, meluluskan resolusi biasa berikut:-8. KUASA UNTUK MENERBITKAN SAHAM MENURUT SEKSYEN 132D AKTASYARIKAT, 1965“BAHAWA tertakluk sentiasa kepada Akta Syarikat, 1965, (Akta) Tataurusan Syarikat dankelulusan daripada badan kerajaan dan/atau pihak kawal selia yang lain, Para Pengarahadalah dengan ini diberi kuasa sepenuhnya menurut Seksyen 132D Akta , untuk menerbitkandan memperuntukkan saham baru Syarikat pada bila-bila masa pada harga berkenaan,berdasarkan terma dan syarat untuk tujuan tertentu kepada mana-mana pihak pada budibicara mutlak Para Pengarah difi kirkan layak dan wajar untuk kepentingan Syarikat, dengansyarat agregat bilangan saham yang diterbitkan tidak melebihi 10% daripada jumlah sahammodal diterbitkan Syarikat semasa dan BAHAWA Para Pengarah adalah dengan ini jugadiberi kuasa untuk mendapatkan kelulusan dari Bursa Malaysia Securities Berhad (BusraSecurities) untuk urusan penyenaraian dan sebut harga bagi saham baru yang diterbitkandan BAHAWA kuasa ini akan berkuat kuasa sehingga Mesyuarat Agung Tahunan Syarikat(AGM) yang berikutnya.” Resolusi Biasa 9UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

9. CADANGAN MANDAT PEMEGANG SAHAM BAGI PEMBELIAN BALIK SAHAM“BAHAWA tertakluk kepada Seksyen 67A Akta, Bahagian IIIA Peraturan-peraturan Syarikat1966, peruntukan Memorandum dan Tataurusan Syarikat, Keperluan Penyenaraian BursaSecurities dan undang-undang, peraturan, pengawalan dan garis panduan lain yang sedangdikuatkuasakan, para Pengarah Syarikat dengan ini diberi kuasa untuk membuat pembeliansaham biasa RM1.00 sesaham bagi saham terbitan dan berbayar Syarikat di Bursa Securitiestertakluk kepada syarat berikut:-i) bilangan maksimum saham yang boleh dibeli dan/atau dipegang oleh Syarikat semasahendaklah tidak melebihi 5,800,000 saham biasa RM1.00 sesaham bersamaandengan 2.4% modal terbitan dan berbayar Syarikat semasa (Saham);ii)iii)dana maksimum yang diperuntukkan oleh Syarikat bagi tujuan pembelian sahamhendaklah tidak melebihi agregat keuntungan tertahan dan akaun premium sahamSyarikat. Pada 31 Disember 2008, keuntungan tertahan dan akaun premium sahamSyarikat yang diaudit adalah RM53,291,813 dan RM63,970,442;kuasa yang diberi oleh resolusi ini akan bermula selepas kelulusan resolusi biasaini dan melainkan diperbaharui semula oleh resolusi biasa yang diluluskan olehpemegang saham Syarikat dalam mesyuarat agung akan tamat:(a)(b)pada penghujung AGM Syarikat yang akan datang, melainkan dibatalkanatau diubah terlebih dahulu oleh resolusi biasa pemegang saham Syarikatdalam mesyuarat agung; atauapabila tamat tempoh AGM Syarikat seterusnya yang diperlukan olehundang-undang untuk diadakan, yang mana berlaku lebih dahulu, tetapitidak mempengaruhi pembelian oleh Syarikat sebelum tarikh tamat yangdisebutkan di atas dan dalam apa jua keadaan, menurut peruntukanKeperluan Penyenaraian Bursa Securities atau pihak berkuasa lain yangrelevan; daniv)selepas selesai pembelian Saham oleh Syarikat, para Pengarah Syarikat dengan inidiberi kebenaran untuk berurus niaga ke atas Saham tersebut dengan cara berikut:(a)(b)(c)(d)membatalkan Saham yang dibeli; ataumengekalkan Saham dibeli sebagai saham perbendaharaan; ataumengekalkan sebahagian Saham yang dibeli sebagai saham perbendaharaandan membatalkan selebihnya; ataumengagihkan saham perbendaharaan sebagai dividen saham kepadapemegang saham dan/atau menjual semula di Bursa Securities dan/ataumembatalkan kesemua atau sebahagiannya; atauapa jua cara lain seperti dinyatakan oleh Akta, undang-undang, peraturan dan garispanduan menurut Akta dan syarat-syarat Bursa Securities dan pihak berkuasa lainyang sedang dikuatkuasakan;DAN BAHAWA para Pengarah Syarikat dengan ini diberi kebenaran untuk mengambil segalalangkah yang perlu atau boleh mempercepatkan pelaksanaan atau menzahirkan pembelianSaham dengan kuasa penuh untuk mempersetujui sebarang keadaan, modifi kasi, variasidan/atau perubahan yang mungkin dikenakan oleh pihak berkuasa berkaitan dan mengambilsegala langkah yang mereka anggap perlu bagi melaksanakan, memuktamadkan danmelakukan sepenuhnya cadangan tersebut.”Resolusi Biasa 1010. CADANGAN MANDAT PEMEGANG SAHAM UNTUK MEMPERBAHARUI SEMULAURUS NIAGA PIHAK BERKAITAN YANG BERULANG“BAHAWA kelulusan dengan ini diberikan kepada Syarikat untuk memperbaharui semulamandat pemegang saham Syarikat dan/atau subsidiarinya untuk melaksanakan danmenghasilkan urus niaga pihak berkaitan berulang yang tertentu dan bersifat hasilatau urus niaga yang perlu bagi operasi harian yang melibatkan Pihak Berkaitan, sepertiyang dinyatakan dalam Seksyen 2.1.4, Bahagian B Surat Pekeliling kepada ParaPemegang Saham bertarikh 2 Jun 2009 (Pekeliling) tertakluk kepada yang berikut:UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

notis mesyuarat agung tahunan ke-48 (samb.)(a)(b)urus niaga dijalankan secara selengan, mengikut terma komersilbiasa yang tidak menyebelahi Pihak Berkaitan dan sama sepertiyang disediakan kepada pihak awam dan tidak merugikan pemegangsaham minoriti Syarikat;pendedahan dibuat dalam laporan tahunan tentang nilai agregattahun kewangan dan kelulusan tersebut dikuatkuasakan sehingga:-(i)(ii)(iii)penutup AGM Syarikat yang berikut, di mana kelulusan ini akantamat, melainkan satu resolusi diluluskan semasa AGM tersebutdan kuasa ini diperbaharui;tamat tempoh di mana AGM Syarikat yang seterusnya perludiadakan menurut Seksyen 143 (1) Akta tetapi tidak melebihilanjutan tempoh seperti yang dibenarkan menurut Seksyen 143(2) Akta; ataupembatalan atau pengubahan resolusi yang diluluskan oleh parapemegang saham dalam mesyuarat agung;yang mana satu lebih awal;DAN BAHAWA para Pengarah Syarikat diberi kuasa untuk menyempurnakan dan melakukansemua tindakan dan perkara yang mereka anggap wajar atau perlu untuk melengkapkanurusniaga yang dirancang dan/atau yang dibenarkan oleh resolusi ini.”Resolusi Biasa 1111. CADANGAN MANDAT BAGI PERUNTUKAN BANTUAN KEWANGAN“BAHAWA kelulusan dengan ini diberikan bagi pembaharuan semula mandat kepada Syarikatdan/atau subsidiarinya untuk menyediakan/memperolehi bantuan kewangan secara berulanguntuk jangka pendek daripada/kepada syarikat subsidiari bukan milik penuhnya dan entitidikuasai bersama melalui pengumpulan dana seperti yang dinyatakan dalam Seksyen 2.2.3Bahagian B Pekeliling;DAN BAHAWA mandat juga diberikan kepada Syarikat dan/atau subsidiarinya untukmenyediakan/memperolehi tambahan bantuan kewangan secara berulang untuk jangkapendek kepada/daripada syarikat subsidiari bukan milik penuhnya dan entiti dikuasai bersamamelalui pengumpulan dana, seperti yang dinyatakan dalam Seksyen 2.2.3, Bahagian BPekeliling, tertakluk kepada yang berikut:(a)(b)(c)urus niaga adalah saksama dan berpatutan untuk Syarikat;urus niaga tidak merugikan Syarikat dan para pemegang saham; danpendedahan dibuat dalam laporan tahunan tentang nilai agregat urus niaga yangdijalankan menurut mandat am semasa tahun kewangan dan kelulusan tersebutdikuatkuasakan sehingga:-(i)(ii)(iii)penutup AGM Syarikat yang berikut, di mana kelulusan ini akan tamat,melainkan satu resolusi diluluskan semasa AGM tersebut dan kuasa inidiperbaharui;tamat tempoh di mana AGM Syarikat yang seterusnya perlu diadakanmenurut Seksyen 143 (1) Akta tetapi tidak melebihi lanjutan tempoh sepertiyang dibenarkan menurut Seksyen 143 (2) Akta; ataupembatalan atau pengubahan resolusi yang diluluskan oleh para pemegangsaham dalam mesyuarat agung;yang mana satu lebih awal;DAN BAHAWA para Pengarah Syarikat diberi kuasa untuk menyempurnakan dan melakukansemua tindakan dan perkara yang mereka anggap wajar atau perlu untuk melaksanakanCadangan Mandat Peruntukan Bantuan Kewangan dan urus niaga yang dirancang dan/atauyang dibenarkan oleh resolusi ini.”Resolusi Biasa 1212. Untuk melaksanakan sebarang urusan lain Syarikat di mana notis sewajarnya telah diterimamenurut Akta.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

NOTIS KE ATAS HAK DAN PEMBAYARAN DIVIDEN AKHIRDENGAN INI DIMAKLUMKAN BAHAWA Dividen Akhir 2.5 sen sesaham biasa tolak 25% cukai pendapatan bagi tahunkewangan berakhir 31 Disember 2008, sekiranya diluluskan oleh para pemegang saham pada Mesyuarat Agung Tahunan ke-48, akan dibayar pada 18 September 2009 kepada semua pendeposit yang tersenarai dalam Rekod Depositor dengan BursaMalaysia Depository Sdn Bhd pada tarikh penutupan urusniaga pada 8 September 2009.Pendeposit yang berdaftar dengan Bursa Malaysia Depository Sdn. Bhd. adalah layak untuk menerima dividen hanya bagi:-A) Saham-saham yang dipindahkan ke dalam akaun sekuriti Pendeposit sebelum pukul 4.00 petang pada 8September 2009 bagi pemindahan biasa; danB) Saham-saham yang dibeli di Bursa Malaysia Securities Berhad atas dasar kelayakan menurut Peraturan-peraturanBursa Malaysia Securities Berhad.DENGAN PERINTAH LEMBAGA PENGARAHZURAIDAH MOHD YUSOFFMAICSA 7001552Setiausaha SyarikatKuala Lumpur2 Jun 2009NOTA-NOTA:1. Proksi• Seorang ahli boleh melantik seseorang untuk menjadi proksinya dan peruntukan Seksyen 149(1)(b) Akta Syarikat, 1965 tidak tertakluk ke atasSyarikat.• Jika seorang ahli melantik dua (2) Proksi untuk hadir pada mesyuarat yang sama, pelantikan itu tidak sah melainkan beliau menetapkan nisbahpegangan yang diwakili oleh setiap proksi.• Instrumen pelantikan proksi hendaklah bertulis di bawah tandatangan sipelantik atau ahli guaman yang diberi kuasa secara bertulis atau, jika sipelantikadalah sebuah perbadanan, sama ada di bawah meterinya atau di bawah tandatangan pegawai yang telah diberi kuasa.• Instrumen melantik proksi mestilah diserahkan kepada Pendaftar Saham Syarikat, Securities Services (Holdings) Sdn Bhd di Aras 7, Menara Milenium,Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur tidak lewat daripada empat puluh lapan jam (48) sebelumwaktu yang telah ditetapkan untuk mengadakan mesyuarat tersebut atau sebarang penangguhannya.2. Resolusi Biasa 9Kuasa kepada Para Pengarah untuk Menerbitkan SahamResolusi Biasa 9, jika diluluskan, akan memberi kuasa kepada Para Pengarah untuk menerbitkan saham-saham biasa baru dalam modal Syarikat sehinggajumlah agregat tidak melebihi 10% daripada modal saham diterbitkan dan berbayar semasa Syarikat tanpa mengadakan mesyuarat agung. Kuasa ini,melainkan dibatalkan atau dipinda di mesyuarat agung, akan tamat pada AGM yang berikutnya.3. Resolusi Biasa 10Cadangan Mandat Pemegang Saham untuk Pembelian Balik SahamButiran teks Resolusi Biasa 10 berkaitan Cadangan Mandat Pemegang Saham untuk Pembelian Balik Saham disediakan di Bahagian A Pekeliling kepadaPemegang Saham bertarikh 2 Jun 2009 yang dihantar bersama-sama dengan Laporan Tahunan Syarikat Tahun 2008.4. Resolusi Biasa 11Cadangan Mandat Pemegang Saham Untuk Memperbaharui Semula Urus Niaga Pihak Berkaitan Yang BerulangMaklumat lanjut tentang Resolusi Biasa 11, disediakan di Bahagian B Pekeliling kepada Pemegang Saham bertarikh 2 Jun 2009 yang dihantar bersamasamadengan Laporan Tahunan Syarikat Tahun 2008.5. Resolusi Biasa 12Cadangan Mandat Bagi Peruntukan Bantuan KewanganMaklumat lanjut tentang Resolusi Biasa 12 disediakan di Bahagian B Pekeliling kepada Pemegang Saham bertarikh 2 Jun 2009 yang dihantar bersamasamadengan Laporan Tahunan Syarikat Tahun 2008.Penyata Iringan Notis Mesyuarat Agung TahunanMaklumat tambahan menurut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia Securities Berhad telah dinyatakan di Lampiran A Laporan TahunanSyarikat 2008.UNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

LAMPIRAN Apenyata iringan notis mesyuarat agungtahunan ke-48(Menurut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia Securities Berhad)Para Pengarah yang menawarkan diri untuk dipilih dan dilantik semula di Mesyuarat Agung Tahunan Syarikat ke-48 adalah:1. PEMILIHAN SEMULA MENURUT ARTIKEL 94 TATAURUSAN SYARIKAT:a) YBhg Datuk Syed Ahmad Khalid Syed Mohammed (Resolusi Biasa 3)b) YB Datuk Nur Jazlan Tan Sri Mohamed (Resolusi Biasa 4)2. PEMILIHAN SEMULA MENURUT ARTIKEL 99 TATAURUSAN SYARIKAT:a) Encik Chan Say Yeong (Resolusi Biasa 5)3. PELANTIKAN SEMULA MENURUT SEKSYEN 129(6), AKTA SYARIKAT, 1965a) YABhg Tun Musa Hitam (Resolusi Biasa 6)Sila rujuk kepada Profi l Lembaga Pengarah yang terkandung di dalam Laporan Tahunan Syarikat 2008 untuk maklumat lanjut mengenai ParaPengarah yang menawarkan diri untuk dipilih semula dan dilantik semula.Sejumlah empat (4) Mesyuarat Lembaga Pengarah telah diadakan sepanjang tahun kewangan berakhir 31 Disember 2008. Butiran tentangkehadiran Para Pengarah dinyatakan di bawah Penyata Tadbir Urus Korporat Laporan Tahunan 2008.Tempat, tarikh dan masa Mesyuarat Agung Tahunan Syarikat ke-48 adalah seperti berikut:-Tempat : Nirwana Ballroom 2Lobi Aras BawahCrowne Plaza Mutiara Kuala LumpurJalan Sultan Ismail50250 Kuala LumpurTarikh & Masa : Rabu, 24 Jun 2009 jam 10.30 pagiUNITED MALAYAN LAND BHD LAPORAN TAHUNAN 2008

proxy formNo. of Shares(Company No. 4131-M)(Incorporated in Malaysia)I/We(Name*)NRIC No./Company No.of(Full address)being a member of United Malayan Land Bhd hereby appoint the Chairman of the Meeting OR the following person(s)(delete whichever is not applicable) as my/our proxy/proxies to attend and vote for me/us and on my/our behalf, at the 48th AnnualGeneral Meeting of the Company, to be held on Wednesday, 24 June 2009 at 10.30 a.m. at Nirwana Ballroom 2, Lower Lobby, CrownePlaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur or at any adjournment thereof:-First ProxySecond ProxyName NRIC No. Shares to be represented by Proxy (%)My/our proxy/proxies is/are to vote as indicated below:Ordinary Resolutions First Proxy Second ProxyFor Against For Against1. To receive the Audited Financial Statements for the year ended 31 December 20082. Declaration of fi nal dividend of 2.5 sen less tax for fi nancial year 20083. To re-elect Director - Datuk Syed Ahmad Khalid Syed Mohammed4. To re-elect Director - Datuk Nur Jazlan Tan Sri Mohamed5. To re-elect Director - Chan Say Yeong6. To re-appoint Director - Tun Musa Hitam7. To approve Directors’ fees for fi nancial year 20088. To re-appoint PricewaterhouseCoopers as Auditors and authorise Directors to fi x remuneration9. To authorize Directors to issue Shares pursuant to Section 132D of Companies Act, 196510. To approve the Proposed Shareholders’ Mandate for Share Buy-Back11. To approve the Proposed Shareholders’ Mandate for Renewal of Recurrent Related Party Transactions12. To approve the Proposed General Mandate for the Provision of Financial AssistancePlease indicate with an “X” in the spaces provided above as how you wish your vote to be cast. If you do not do so, the proxy will vote or abstain from voting at his discretion.* Name as per NRIC/Passport/Certificate of Incorporation in capital letters.Date: day of 2009Signature/ SealNOTES• A member may appoint any person to be his proxy and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the Company.• If a member appoints two (2) proxies to attend at the same meeting, the appointment(s) shall be invalid unless he specifi es the proportion of his holdings to berepresented by each proxy.• The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or, if the appointor is a corporation,either under its seal or under the hand of an offi cer duly authorised.• The instrument appointing a proxy must be deposited at the Company’s Share Registrar, Securities Services (Holdings) Sdn Bhd at Level 7, Menara Milenium,Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur not less than forty-eight (48) hours before the time set for holding themeeting or any adjournment thereof.

FOLD HERESTAMPSHARE REGISTRARUNITED MALAYAN LAND BHDC/O SECURITIES SERVICES (HOLDINGS) SDN BHDLevel 7, Menara Milenium, Jalan DamanlelaPusat Bandar Damansara, Damansara Heights50490 Kuala LumpurFOLD HERE

orang proksiBil. Saham(No. Syarikat 4131-M)(Diperbadankan di Malaysia)Saya/Kami(Nama*)No. Kad Pengenalan/No. Syarikat(Alamat penuh)Sebagai ahli United Malayan Land Bhd dengan ini melantik Pengerusi Mesyuarat ATAU pertama berikutnya(potong mana yang tidak berkenaan) sebagai proksi/proksi-proksi saya/kami untuk hadir dan mengundi bagi saya/kami, pada MesyuaratAgung Tahunan Syarikat ke 48, yang akan diadakan pada Rabu, 24 Jun 2009 jam 10.30 pagi di Nirwana Ballroom 2, Lobi Bawah, CrownePlaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur atau pada sebarang penangguhannya:Nama No. Kad Pengenalan Saham di wakili oleh Proksi (%)Proksi PertamaProksi KeduaProksi/proksi-proksi saya/kami akan mengundi seperti di bawah:Resolusi-resolusi Biasa Proksi Pertama Proksi KeduaMen- Mem- Men- Memyokongbantah yokong bantah1. Untuk menerima Penyata Kewangan Beraudit bagi tahun kewangan berakhir 31 Disember 20082. Mengisytiharkan dividen akhir sebanyak 2.5 sen tolak cukai bagi tahun kewangan 20083. Untuk memilih semula Pengarah - Datuk Syed Ahmad Khalid Syed Mohammed4. Untuk memilih semula Pengarah - Datuk Nur Jazlan Tan Sri Mohamed5. Untuk memilih semula Pengarah - Chan Say Yeong6. Untuk melantik semula Pengarah - Tun Musa Hitam7. Untuk meluluskan yuran Pengarah bagi tahun kewangan 20088. Untuk melantik semula PricewaterhouseCoopers sebagai Juruaudit dan memberi kuasa kepadaPengarah untuk menetapkan bayaran khidmat mereka9. Untuk memberi kuasa kepada Pengarah untuk menerbitkan Saham menurut Seksyen 132DAkta Syarikat, 196510. Untuk meluluskan Cadangan Mandat Pemegang Saham untuk Pembelian Balik Saham11. Untuk meluluskan Cadangan Mandat Pemegang Saham Urus Niaga Pihak Berkaitan yang Berulang12. Untuk meluluskan Cadangan Mandat bagi Peruntukan Bantuan KewanganSila nyatakan dengan tanda “X” dalam ruang yang disediakan di atas bagaimana anda ingin membuang undi anda. Jika anda tidak melakukan sedemikian, proksi akan mengundiatau berkecuali daripada mengundi mengikut budi bicaranya.* Nama dalam huruf besar seperti di Kad Pengenalan/Pasport/Sijil Perbadanan.Tarikh: hari 2009Tandatangan/ MeteriNOTA-NOTA• Seorang ahli boleh melantik seseorang untuk menjadi proksinya dan peruntukan Seksyen 149(1)(b) Akta Syarikat, 1965 tidak tertakluk ke atas Syarikat.• Jika seorang ahli melantik dua (2) Proksi untuk hadir pada mesyuarat yang sama, pelantikan itu adalah tidak sah melainkan beliau menetapkan nisbahpegangan yang diwakili oleh setiap proksi.• Instrumen pelantikan proksi hendaklah bertulis di bawah tandatangan si pelantik atau ahli guaman yang telah diberi kuasa secara bertulis atau, jika si pelantikadalah sebuah perbadanan, sama ada di bawah meterinya atau di bawah tandatangan pegawai yang telah diberi kuasa.• Instrumen melantik proksi mestilah diserahkan pada Pendaftar Syarikat, Securities Services (Holdings) Sdn Bhd di Aras 7, Menara Milenium, Jalan Damanlela,Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur tidak kurang dari empat puluh lapan (48) jam sebelum waktu yang telah ditetapkanuntuk mengadakan mesyuarat atau sebarang penangguhannya.

LIPAT SINISETEMPENDAFTAR SAHAMUNITED MALAYAN LAND BHDC/O SECURITIES SERVICES (HOLDINGS) SDN BHDAras 7, Menara Milenium, Jalan DamanlelaPusat Bandar Damansara, Damansara Heights50490 Kuala LumpurLIPAT SINI

(cont.) For the financial year ended 31 December 2008 - ChartNexus

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