stock values 2

SUMMARY OF INTRINSIC VALUES OF STOCKSCAROTECH RM 1 Dividend growth where: 1.1 r = annualised monthly return 1.2 r = RF + (RM - RF) 1.3 r = return of industry average 2 PE multiples 2.1 Based on PE as at 30 July 2011 2.2 Based on market PE as at 30 June 2011 of 16.2 2.1 Based on average PE for industry Price to book ratio 3.1 Based on current P/BV 3.2 Based on average P/BV for industry HAP SENG RM

0.00 0.00 0.00

0.00 1.07 6.42

0.00 -

2.86 3.62 1.75

3

0.04 0.26 2

2.88 6.10 7

Total 1 to 3 divided by (Result with zero/nil is disregarded for computation of average) Average Price Highest Price Lowest Price Market Price as at 30 July 2011

0.15 0.26 0.04 0.05

3.53 6.42 1.07 2.73

LONDON BISCUITS RM

0.00 0.00 0.00

0.95 3.14 1.51

0.92 6.19 5

2.54 6.19 0.92 0.85

INTRINSIC VALUESCAROTECH Data:- Dividend paid recently (D0) - Earnings per share (EPS) - Return on equity (from ratio analysis) (ROE) - Ri (from beta coefficient) - monthly return - Ri (from beta coefficient) - annualised return - Risk free (RF) - annualised return - (Beta) - RM (market return) - monthly - RM (market return) - annualised - g = ROE X (1 - DPS/EPS) 1. Expected Dividends 1.1 Ri = average return (annualised) RM 0.00 0.00 -206.24% -2.84% -34.14% 3.10% 1.4350 0.90% 10.84% 0.00 HAP SENG RM 0.07 0.21 9.60% 0.30% 3.63% 3.10% 1.2553 0.90% 10.84% 6.4%

D1 = Do(1+g) Po = D1/(r-g)Note: This model cannot be used at g > r 1.2 Ri = RF + (RM - RF) (from CAPM)

0.00 -

0.07 (2.69)

-23.0% 0.00 7.56% 0.00

13.4% 1.07 7.56% 6.42

Po = D1/(r-g)1.3 Ri = Industry average

Po = D1/(r-g)2. PE Multiples PE ratio as at 30 July 2011 Market PE ratio as at 30 June 2011 Average PE ratio for industry Price = EPS (forecast) X PE ratio Price = EPS(1 + g) X PE ratio 2.1 Price based on PE ratio as at 30 July 2011 Price = EPS(1 + g) X PE ratio as at 30 July 2011

0.00 16.20 7.81

12.80 16.20 7.81

-

2.86

2.2 Price based on market PE as at 30 June 2011 Price = EPS(1 + g) X market PE ratio 2.2 Price based on market PE as at 30 June 2011 Price = EPS(1 + g) X average PE ratio for industry 1.75 3.62

3. Price to Book Value Price as at 30 June 2011 (RM) Book value per share (RM) 3.1 Price to Book Value (Current) P/BV (based on data) Price = BV(forecast) X P/BV ratio Price = BV(1 + g) X P/BV ratio 3.2 Price to Book Value (Industry Average) P/BV Price = BV(1 + g) X P/BV ratio 0.04 0.10 2.71 2.20

0.40

1.23

0.04

2.88

2.59 0.26

2.59 6.10

LONDON BISCUITS RM 0.00 0.18 7.56% 0.13% 1.52% 3.10% 0.9336 0.90% 10.84% 7.6%

Notes

From Dr Saiful's data From Dr Saiful's data From ratio analysis From beta coefficient calculation From beta coefficient calculation Risk free rate determined earlier From beta coefficient calculation From beta coefficient calculation From beta coefficient calculation Formula from the lecture notes

0.00 -

8.7% 0.00 7.56% 0.00 From beta coefficient calculation

4.90 16.20 7.81

From theStar Biz as at 30 July 2011 From Dr Saiful's email From ratio analysis Formula from lecture notes Formula from lecture notes

0.95

3.14

1.51

0.86 2.39

From Dr Saiful's data From Dr Saiful's data

0.36

Formula from lecture notes

0.92

Formula from lecture notes

2.59 6.19

From ratio analysis Formula from lecture notes

CAROTECH BERHAD

OVERVIEW - INDEPENDENT REVIEW OF FUNCTIONS AND ACTIVITIES Carotech Berhad is a publicly quoted company engaged in the extraction and processing of nutrients from palm oil for the purpose of manufacturing and producing pharmaceutical, phytonutrient and oleochemical products. The company was incorporated in 1990 and has its registered head office located in Ipoh, Perak, Malaysia. Carotech is a leading and largest producer of tocotrienol complex in the world. The company offers a wide variety of phytonutrient products ranging from concentrated oil extracts, tabletgrade beadlets, water dispersible powders and emulsions for different applications in dietary supplements, functional foods/ drinks, cosmetic/ personal care and functional food/ drink industries. Its product brands include Caromin, a natural palm mixed carotenoids complex; Tocomin, a natural full spectrum palm tocotrienol/ tocopherol complex; Stelessterol, a natural palm phytosterol complex; Maxopene, a natural lycopene complex; Spectra, a natural palm tocotrienol/ tocopherol and mixed carotenoids complex; Carolein, a natural red palm olein; CaroDiesel, a refined and distilled natural palm fatty acid methyl ester; and Crude Glycerine. The company's products are marketed to the United States, Europe, Japan and Australia. Carotech is listed on Kuala Lumpur Stock Exchange under the ticker symbol CTEH.

GLOBAL FORMAT

BALANCE SHEET Cons 6/30/2010 12 months No opinion th MYR AR IFRS - NFC Cons 6/30/2009 12 months Unqual th MYR AR IFRS - NFC Cons 6/30/2008 12 months Unqual th MYR AR IFRS - NFC

Current Assets Stock Debtors Others Cash & Cash Equivalent Fixed Assets Tangible Fixed Assets Intangible Fixed Assets Other Fixed Assets Total Assets

83,212 62,821 14,532 5,859 730 295,567 295,189 n.a. 378 378,779

181,068 145,768 15,411 19,889 5,222 323,954 323,552 n.a. 402 505,022

153,536 91,789 47,219 14,528 1,539 307,138 306,276 n.a. 862 460,674

Current Liabilities Loans Creditors Other Non Current Liabilities Long Term Debt Other Non Current Liabilities Provisions Shareholders Funds Capital Other Total Shareh. Funds & Liab.

333,802 169,377 13,135 151,290 136 136 0 n.a. 44,841 91,229 -46,388 378,779

232,377 44,989 16,543 170,845 179,776 170,658 9,118 n.a. 92,869 45,614 47,255 505,022

191,591 14,951 27,300 149,340 171,334 164,772 6,562 n.a. 97,749 45,614 52,135 460,674

Enterprise Value Working Capital Net Current Assets Total Liabilities & Debt

333,108 64,218 -250,590 333,938

454,179 144,636 -51,309 412,153

410,198 111,708 -38,055 362,925

Number of Employees

n.a.

n.a.

n.a.

INCOME STATEMENT Cons 6/30/2010 12 months No opinion th MYR AR IFRS - NFC Cons 6/30/2009 12 months Unqual th MYR AR IFRS - NFC Cons 6/30/2008 12 months Unqual th MYR AR IFRS - NFC

Operating Revenue / Turnover Sales Costs of Goods Sold Gross Profit Other Operating Items Depreciation/Amortization Operating P/L Financial Revenue Financial Expenses Financial P/L Other non Oper./Financial Items

246,354 243,140 -268,779 -22,425 -37,341 -30,868 -90,634 5 -14,725 -14,720 3,799

137,484 137,316 -66,215 71,269 -40,495 -20,799 9,975 7 -10,219 -10,212 -18,178

107,225 105,924 -89,656 17,569 -5,959 -8,512 3,098 122 -4,313 -4,191 6,499

P/L before Tax Taxation P/L after Tax Extraord. & Oth. Items P/L for Period

-101,555 9,075 -92,480 0 -92,480

-18,415 953 -17,462 0 -17,462

5,406 1,802 7,208 0 7,208

Material Costs Costs of Employees Research & Development expenses

0 -8,762 -1,008

-64,687 -8,002 -1,886

-87,628 -8,494 -1,739

Cash Flow Added Value EBIT EBITDA

-61,612 -29,050 -90,634 -59,766

3,337 22,511 9,975 30,774

15,720 30,329 3,098 11,610

MONTHLY PRICING SERIES

All figures have been adjusted based on the Stock split/Dividend ratio.

2011 Monthly high prices (MYR) January February March April May June July August September October November December 0.08 0.07 0.07 0.06 0.06 0.05 n.a. n.a. n.a. n.a. n.a. n.a.

2010

2009

0.19 0.18 0.17 0.17 0.16 0.15 0.14 0.12 0.09 0.09 0.05 0.07

0.16 0.16 0.12 0.14 0.20 0.22 0.19 0.19 0.17 0.19 0.19 0.19

Monthly low prices (MYR) January February March April 0.06 0.06 0.05 0.06 0.17 0.17 0.15 0.15 0.14 0.10 0.10 0.10

May June July August September October November December

0.05 0.03 n.a. n.a. n.a. n.a. n.a. n.a.

0.13 0.14 0.07 0.07 0.07 0.07 0.04 0.05

0.14 0.16 0.17 0.15 0.14 0.15 0.16 0.16

Month end market prices (MYR) January February March April May June July August September October November December 0.06 0.06 0.06 0.06 0.05 0.04 n.a. n.a. n.a. n.a. n.a. n.a. 0.18 0.17 0.16 0.16 0.15 0.14 0.09 0.08 0.07 0.07 0.05 0.07 0.15 0.12 0.11 0.14 0.17 0.19 0.19 0.16 0.16 0.17 0.17 0.18

Monthly trading volume (shares) January February March April May June July August September October November December 55,640,900 30,040,300 16,417,900 16,357,600 16,242,900 18,805,500 n.a. n.a. n.a. n.a. n.a. n.a. 43,183,400 12,901,300 9,528,900 7,562,600 9,555,800 7,956,600 73,196,896 209,007,600 198,300,096 78,293,904 99,946,496 75,564,000 2,017,590 5,474,243 5,149,998 10,169,981 18,715,144 32,218,228 10,204,747 12,743,543 9,183,166 86,275,392 33,980,800 34,371,500

Monthly average daily volume (shares) January February March 2,782,045 1,877,519 713,822 2,159,170 806,331 414,300 106,189 304,125 245,238

April May June July August September October November December

778,933 812,145 854,795 n.a. n.a. n.a. n.a. n.a. n.a.

343,755 477,790 361,664 3,327,132 9,952,743 9,915,005 3,728,281 4,997,325 3,598,286

462,272 935,757 1,464,465 443,685 637,177 459,158 3,921,609 1,699,040 1,636,738

No of days traded January February March April May June July August September October November December 20 16 23 21 20 22 n.a. n.a. n.a. n.a. n.a. n.a. 20 16 23 22 20 22 22 21 20 21 20 21 19 18 21 22 20 22 23 20 20 22 20 21

Monthly Outstanding Shares (th) January February March April May June July August September October November December 456,144 456,144 456,144 456,144 456,144 456,144 n.a. n.a. n.a. n.a. n.a. n.a. 456,144 456,144 456,144 456,144 456,144 456,144 456,144 456,144 456,144 456,144 456,144 456,144 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 456,144 456,144

Monthly Market capitalisation (th MYR) January February 27,369 25,088 79,825 77,544 100,352 77,544

March April May June July August September October November December

27,369 25,088 22,807 18,246 n.a. n.a. n.a. n.a. n.a. n.a.

72,983 70,702 66,141 63,860 38,772 34,211 31,930 31,930 22,807 29,649

75,264 91,229 111,755 123,159 125,439 102,633 104,913 114,036 77,544 79,825

ANNUAL STOCK DATA


6/30/2010 MYR

6/30/2009 MYR

Stock split / Dividend ratio Market price - year end Market price - high Market price - low

1.00 0.14 0.20 0.13

0.70

0.28 0.10

Shares outstanding (th) Nominal value Market capitalisation (mil)

456,144 0.10 64

655,306 0.10 123

Shareholders - common

5370.00

4524.00

Earnings per share

n.s.

n.s.

Cash flow per share Capital expenditure per share Operating rev. / Turnover per share Operating profit per share

-0.14 0.00 0.54 -0.20 -0.03 0.21 0.02

Dividends per share Book value per share Tangible book value per share Long term liabilities per share Working capital per share

0.00 0.10 n.a. 0.00 0.14

0.00

n.a. 0.27 0.22

rients

d

ce

tra,

Cons 6/30/2007 12 months Unqual th MYR AR IFRS - NFC

Cons 6/30/2006 12 months Unqual th MYR AR Local GAAP


Pro Forma 10/31/2004 4 months Qualif n.a. th MYR AR Local GAAP

83,029 64,121 4,339 14,569 10,104 180,293 179,836 n.a. 457 263,322

42,393 29,658 10,750 1,985 1,180 100,430 99,986 n.a. 444 142,823

34,293 15,540 12,092 6,661 183 40,585 40,585 n.a. n.a. 74,878

28,844 13,612 7,107 8,125 1,073 31,681 31,391 n.a. 290 60,525

77,619 6,120 2,732 68,767 95,520 87,012 8,508 n.a. 90,183 45,614 44,569 263,322

31,099 620 3,855 26,624 35,624 31,417 4,207 n.a. 76,100 45,614 30,486 142,823

9,741 n.a. 3,526 6,215 1,375 n.a. 1,375 n.a. 63,762 28,509 35,253 74,878

20,083 2,700 3,473 13,910 12,695 11,765 930 n.a. 27,747 3,432 24,315 60,525

451,749 65,728 5,410 173,139

490,165 36,553 11,294 66,723

114,088 24,106 24,552 11,116

n.a. 17,246 8,761 32,778

n.a.

233

n.a.

n.a.




Pro Forma 10/31/2004 4 months Qualif n.a. th MYR AR Local GAAP

93,563 93,529 -38,239 55,324 -27,099 -6,673 21,552 147 -2,700 -2,553 2,870

60,793 60,627 -23,029 37,764 -18,812 -3,362 15,590 180 -303 -123 -231

53,323 53,323 -28,592 24,731 -12,465 -2,715 9,551 111 -1,157 -1,046 -626

13,260 13,260 -7,838 5,422 -3,707 -660 1,055 41 -306 -265 4

21,869 -4,365 17,504 0 17,504

15,236 -2,898 12,338 n.a. 12,338

7,879 -710 7,169 n.a. 7,169

794 -164 630 n.a. 630

-37,779 n.a. -1,309

-22,084 n.a. -664

-24,407 n.a. -406

n.a. -1,214 -87

24,177 n.a. 21,552 28,225

15,700 n.a. 15,590 18,952

9,884 n.a. 9,551 12,266

1,290 2,646 1,055 1,715

2008

2007

2006

2005

0.37 0.29 0.24 0.21 0.21 0.21 0.26 0.28 0.25 0.22 0.20 0.19

0.64 0.63 0.56 0.57 0.51 0.50 0.56 0.50 0.52 0.54 0.45 0.39

0.39 0.46 0.52 0.96 1.02 0.72 0.78 0.76 0.72 0.61 0.70 0.68

n.a. n.a. n.a. 0.26 0.18 0.18 0.17 0.18 0.29 0.35 0.31 0.36

0.26 0.23 0.18 0.18

0.58 0.50 0.47 0.50

0.31 0.32 0.45 0.48

n.a. n.a. n.a. 0.18

0.19 0.18 0.18 0.22 0.19 0.13 0.14 0.14

0.41 0.41 0.49 0.34 0.48 0.45 0.38 0.35

0.56 0.57 0.63 0.67 0.58 0.58 0.58 0.60

0.16 0.16 0.17 0.17 0.17 0.25 0.26 0.26

0.28 0.24 0.19 0.21 0.21 0.19 0.25 0.24 0.23 0.14 0.16 0.15

0.59 0.55 0.53 0.50 0.42 0.50 0.50 0.49 0.52 0.45 0.38 0.36

0.33 0.45 0.49 0.93 0.63 0.68 0.70 0.69 0.60 0.60 0.64 0.63

n.a. n.a. n.a. 0.18 0.16 0.17 0.17 0.17 0.27 0.28 0.26 0.30

4,928,471 1,936,708 4,892,268 3,256,963 1,215,525 1,988,714 5,956,517 7,537,230 2,924,385 5,046,561 12,493,715 2,801,698

18,541,312 21,829,450 13,677,203 8,574,757 9,231,868 28,503,128 54,391,892 18,983,648 13,451,797 10,490,204 5,122,415 5,407,297

37,607,424 57,032,116 61,439,808 69,134,208 86,534,696 13,357,124 24,078,624 9,750,919 14,456,713 4,487,285 57,977,412 20,896,508

n.a. n.a. n.a. 68,327,976 8,840,389 5,525,818 7,933,134 5,149,768 166,804,752 243,053,904 21,949,954 16,057,396

246,424 107,595 244,613

882,920 1,284,085 621,691

2,089,301 3,168,451 2,671,296

n.a. n.a. n.a.

148,044 60,776 94,701 270,751 358,916 139,256 252,328 624,686 140,085

428,738 439,613 1,357,292 2,472,359 862,893 672,590 476,827 243,925 284,595

3,638,643 4,120,700 607,142 1,146,601 443,224 688,415 236,173 2,635,337 1,044,825

6,832,798 442,019 251,174 377,768 234,080 7,582,034 11,573,995 1,155,261 764,638

20 18 20 22 20 21 22 21 21 20 20 20

21 17 22 20 21 21 22 22 20 22 21 19

18 18 23 19 21 22 21 22 21 19 22 20

n.a. n.a. n.a. 10 20 22 21 22 22 21 19 21

655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306

655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306

655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306

n.a. n.a. n.a. 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306 655,306

184,739 155,089

387,722 358,073

214,388 296,494

n.a. n.a.

127,720 136,843 136,843 127,720 164,212 159,650 150,528 91,229 102,633 100,352

348,950 330,705 278,248 328,424 326,143 319,301 337,547 294,213 248,599 234,914

323,862 611,233 415,091 447,021 456,144 449,302 390,003 392,284 419,653 415,091

n.a. 119,737 106,909 111,185 111,185 109,760 178,181 181,032 169,629 198,423

6/30/2009 MYR

6/30/2008 MYR

6/30/2007 MYR

6/30/2006 MYR

0.70 0.19 0.28 0.10

0.70 0.20 0.56 0.18

0.70 0.50 0.78 0.41

0.44 0.68 1.02 0.17

655,306 0.10 123

655,306 0.10 128

655,306 0.10 328

655,306 0.10 447

4524.00

4489.00

4584.00

3598.00

n.s.

0.01

0.03

0.02

0.01 -0.03 0.21 0.02

0.02 -0.21 0.16 0.01

0.04 -0.13 0.14 0.03

0.02 -0.10 0.09 0.02

0.00 0.14 n.a. 0.27 0.22

n.a. 0.15 n.a. 0.26 0.17

0.01 0.14 n.a. 0.15 0.10

0.00 0.12 n.a. 0.05 0.06

6/30/2006 MYR

6/30/2005 MYR

0.44 0.68 1.02 0.17

0.44 0.17 0.26 0.16

655,306 0.10 447

655,306 0.10 111

3598.00

2102.00

0.02

0.01

0.02 -0.10 0.09 0.02

0.02 -0.02 0.08 0.02

0.00 0.12 n.a. 0.05 0.06

0.00 0.10 n.a. 0.00 0.04

HAP SENG PLANTATIONS HOLDINGS BERHAD

OVERVIEW - INDEPENDENT REVIEW OF FUNCTIONS AND ACTIVITIES Hap Seng Plantations Holdings Berhad (HSP) is a Malaysia-based investment holding company that carries out marketing and trading activities for its subsidiaries. Its subsidiaries are primarily engaged in the cultivation of oil palm and fresh fruit bunches in Malaysia. The group operates its plantations on a contiguous block of land of approximately 36,354 hectares located between Lahad Datu and Sandakan. The group also produces crude palm oil and palm kernel. HSP was founded in 1950 and is headquartered in Selangor, Malaysia. The company's subsidiaries include Jeroco Plantation Sdn Bhd and Hap Seng Plantations (River Estates) Sdn Bhd, both engaged in the cultivation of palm oil and processing of fresh fruit bunches (FFB), and Hap Seng Plantations (Wecan) Sdn Bhd, Hap Seng Plantations (Tampilit) Sdn Bhd and Hap Seng Plantations (Ledang Kawa) Sdn Bhd, all engaged in the cultivation of oil palm.

GLOBAL FORMAT

BALANCE SHEET Cons 12/31/2010 12 months Unqual th MYR AR IFRS - NFC Cons 12/31/2009 12 months Unqual th MYR AR IFRS - NFC IFRS - NFC Cons 12/31/2008 11 months Unqual th MYR


110,865 17,523 25,700 67,642 58,699 1,908,922 576,940 n.a. 1,331,982 2,019,787

87,286 23,670 19,036 44,580 34,565 1,900,955 574,494 n.a. 1,326,461 1,988,241

108,357 29,262 13,278 65,817 45,739 1,859,594 548,470 n.a. 1,311,124 1,967,951

Current Liabilities Loans Creditors

51,146 17,500 8,494

66,783 13,334 7,334

73,185 13,333 15,843

Other Non Current Liabilities Long Term Debt Other Non Current Liabilities Provisions Shareholders Funds Capital Other Total Shareh. Funds & Liab.

25,152 207,500 17,500 190,000 n.a. 1,761,141 800,000 961,141 2,019,787

46,115 241,418 55,000 186,418 n.a. 1,680,040 800,000 880,040 1,988,241

44,009 242,815 55,334 187,481 n.a. 1,651,951 800,000 851,951 1,967,951


2,656,301 34,729 59,719 258,646

1,892,269 35,372 20,503 308,201

1,320,028 26,697 35,172 316,000

Number of Employees

n.a.

n.a.

n.a.

INCOME STATEMENT Cons 12/31/2010 12 months Unqual th MYR AR IFRS - NFC Cons 12/31/2009 12 months Unqual th MYR AR IFRS - NFC IFRS - NFC Cons 12/31/2008 11 months Unqual th MYR

Operating Revenue / Turnover Sales Costs of Goods Sold Gross Profit Other Operating Items Depreciation/Amortization Operating P/L Financial Revenue Financial Expenses Financial P/L Other non Oper./Financial Items P/L before Tax Taxation P/L after Tax Extraord. & Oth. Items

475,524 473,754 -171,988 303,536 -51,850 -24,401 227,285 760 -1,709 -949 40 226,376 -57,265 169,111 0

374,367 373,134 -171,163 203,204 -42,554 -23,378 137,272 520 -2,656 -2,136 0 135,136 -35,039 100,097 0

395,021 393,605 -145,116 249,905 -60,072 -21,313 168,520 497 -2,743 -2,246 n.a. 166,274 -35,452 130,822 0

P/L for Period

169,111

100,097

130,822


n.a. -60,233 n.a.

n.a. -50,527 n.a.

n.a. -43,606 n.a.


193,512 198,189 227,325 251,686

123,475 141,619 137,272 160,650

152,135 163,032 168,520 189,833




2010

2009

2.53 2.40 2.53 2.48 2.45 2.31 2.31 2.41 2.39 2.78 3.14 3.35

1.80 1.74 1.67 1.97 2.32 2.20 2.24 2.36 2.28 2.32 2.32 2.38

Monthly low prices (MYR) January February March April May June July August 3.10 2.99 2.76 2.82 2.60 2.60 n.a. n.a. 2.29 2.28 2.34 2.35 2.04 2.18 2.24 2.28 1.57 1.55 1.55 1.66 1.92 2.03 2.00 2.19

September October November December

n.a. n.a. n.a. n.a.

2.26 2.35 2.71 3.08

2.16 2.25 2.24 2.23


Monthly trading volume (shares) January February March April May June July August September October November December 26,606,600 6,109,100 5,049,900 2,272,900 6,185,900 17,817,800 n.a. n.a. n.a. n.a. n.a. n.a. 5,311,300 1,409,800 5,587,700 2,460,000 2,103,500 1,111,300 1,285,400 2,409,700 2,971,500 18,872,900 35,240,700 27,321,600 6,476,600 6,771,100 3,816,200 13,732,800 17,941,900 12,610,200 5,181,200 7,460,400 4,815,700 7,337,107 5,695,100 2,997,600

Monthly average daily volume (shares) January February March April May June July 1,330,330 381,819 219,561 108,233 309,295 809,900 n.a. 265,565 88,113 242,943 111,818 105,175 50,514 58,427 340,874 376,172 181,724 624,218 897,095 573,191 225,270

August September October November December

n.a. n.a. n.a. n.a. n.a.

114,748 148,575 898,710 1,762,035 1,301,029

373,020 240,785 333,505 284,755 142,743



Monthly Market capitalisation (th MYR) January February March April May June 2,560,000 2,400,000 2,400,000 2,280,000 2,184,000 2,168,000 1,880,000 1,896,000 1,984,000 1,952,000 1,760,000 1,800,000 1,296,000 1,280,000 1,328,000 1,512,000 1,800,000 1,712,000

July August September October November December

n.a. n.a. n.a. n.a. n.a. n.a.

1,848,000 1,928,000 1,904,000 2,192,000 2,512,000 2,680,000

1,784,000 1,776,000 1,816,000 1,808,000 1,808,000 1,840,000

ANNUAL STOCK DATA


12/31/2010 MYR

12/31/2009 MYR


1.00 3.35 3.35 2.04


800,000 1.00 2,680

800,000 1.00 1,840


10437.00

11207.00

Earnings per share

0.21

Cash flow per share Capital expenditure per share Operating rev. / Turnover per share Operating profit per share Dividends per share Book value per share Tangible book value per share Long term liabilities per share

0.24 -0.03 0.59 0.28 0.07 2.20 n.a. 0.26

Working capital per share

0.04

y that

HSP was

de

n the

g Kawa)


Pro Forma 7/31/2007 12 months Unaudited th MYR AR Local GAAP

123,590 21,331 19,290 82,969 69,323 1,816,345 536,618 n.a. 1,279,727 1,939,935

98,090 20,872 10,729 66,489 11,452 1,805,863 526,448 n.a. 1,279,415 1,903,953

86,252 13,333 5,837

80,342 8,167 5,041

67,082 252,545 56,667 195,878 n.a. 1,601,138 800,000 801,138 1,939,935

67,134 294,222 98,333 195,889 n.a. 1,529,389 800,000 729,389 1,903,953

2,480,677 34,784 37,338 338,797

n.a. 26,560 17,748 374,564

n.a.

n.a.


Pro Forma 7/31/2007 12 months Unaudited th MYR AR Local GAAP

294,427 216,588 -51,466 242,961 -34,545 -9,105 199,311 828 -2,837 -2,009 n.a. 197,302 -31,742 165,560 0

280,276 278,885 -127,280 152,996 -31,208 0 121,788 7,771 -25 7,746 n.a. 129,534 -28,582 100,952 0

165,560

100,952

n.a. -17,710 n.a.

n.a. n.a. n.a.

174,665 163,470 199,311 208,416

100,952 n.a. 121,788 121,788

2008

2007

n.a. n.a. n.a. 3.10 3.08 3.10 3.04 2.82 2.32 1.91 1.72 1.61

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

n.a. n.a. n.a. 2.57 2.90 2.80 2.74 2.20

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

1.66 1.25 1.50 1.40

n.a. n.a. n.a. n.a.

3.10 3.16 2.83 3.02 2.98 3.04 2.82 2.36 1.93 1.50 1.56 1.59

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.08 3.18

n.a. n.a. n.a. 31,896,200 11,875,600 22,029,800 17,667,800 9,261,900 26,963,300 14,229,200 4,177,100 2,200,200


n.a. n.a. n.a. 1,449,827 593,780 1,049,038 803,082

n.a. n.a. n.a. n.a. n.a. n.a. n.a.

441,043 1,283,967 711,460 208,855 110,010

n.a. n.a. n.a. n.a. n.a.

n.a. n.a. n.a. 22 20 21 22 21 21 20 20 20


800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 800,000 800,000

2,480,000 2,528,000 2,264,000 2,416,000 2,384,000 2,432,000

n.a. n.a. n.a. n.a. n.a. n.a.

2,256,000 1,888,000 1,544,000 1,200,000 1,248,000 1,272,000

n.a. n.a. n.a. n.a. 2,464,000 2,544,000

12/31/2009 MYR

12/31/2008 MYR

7/31/2007 MYR

1.00 2.30 2.38 1.55

1.00 1.59 3.10 1.25

1.00 n.a. n.a. n.a.

800,000 1.00 1,840

800,000 1.00 1,272

800,000 1.00 n.a.

11207.00

11814.00

n.a.

0.13

0.16

0.13

0.15 -0.04 0.47 0.17 0.04 2.10 n.a. 0.30

0.19 -0.02 0.49 0.21 0.15 2.07 n.a. 0.30

0.13 -0.04 0.35 0.15 0.00 1.91 n.a. 0.37

0.04

0.03

0.03

LONDON BISCUITS BERHAD

OVERVIEW - INDEPENDENT REVIEW OF FUNCTIONS AND ACTIVITIES London Biscuits Berhad is a Malaysian-based company engaged in manufacturing and trading confectionery and other related foodstuffs in Malaysia and internationally. The company, formerly known as London Biscuits Sdn Bhd, was founded in 1981 and is headquartered in Ulu Tiram, Malaysia. It operates as a publicly quoted company whose shares are listed on Kuala Lumpur Stock Exchange. The company, together with its subsidiaries, manufactures a wide range of products. Its product portfolio includes extruded corn snacks; cake products, such as Swiss rolls, pie cakes, and layer cakes; and chocolate confectionery, including chocolate-coated peanuts and biscuits, pancake cookies, jellies and puddings, wafer sticks, cup sticks and snack noodles, chocolates, cakes, and other snack products. London Biscuits also engages in trading preserved foods and general food stuffs, and letting of property. The company offers its products under various brand names, including Lonbisco, London, Kinos, Gega, Caca, Mizu, and Hiro. London Biscuits products can be found in Malaysia and in more than 65 other markets, worldwide. Its main overseas markets are China, Hong Kong, Macau, Indonesia, Singapore, Taiwan, Thailand, Vietnam and the Middle East.

GLOBAL FORMAT

BALANCE SHEET Cons 6/30/2010 12 months Unqual th MYR AR IFRS - NFC Cons 6/30/2009 12 months Unqual th MYR AR IFRS - NFC Cons 6/30/2008 12 months Unqual th MYR AR IFRS - NFC


109,189 31,563 26,306 51,320 21,506 392,175 355,047 12,660 24,468 501,364

94,855 33,055 22,772 39,028 15,805 352,901 321,007 12,659 19,235 447,756

84,762 18,030 15,905 50,827 28,214 286,936 233,989 4,205 48,742 371,698

Current Liabilities Loans Creditors Other Non Current Liabilities Long Term Debt Other Non Current Liabilities Provisions Shareholders Funds Capital Other Total Shareh. Funds & Liab.

152,379 19,054 52,273 81,052 149,655 99,564 50,091 n.a. 199,330 96,014 103,316 501,364

154,142 8,982 29,154 116,006 119,626 70,490 49,136 n.a. 173,988 78,045 95,943 447,756

145,971 48,651 22,534 74,786 73,092 70,976 2,116 n.a. 152,635 78,045 74,590 371,698


245,565 5,596 -43,190 302,034

229,380 26,673 -59,287 273,768

232,991 11,401 -61,209 219,063

Number of Employees

n.a.

n.a.

n.a.

INCOME STATEMENT Cons 6/30/2010 12 months Unqual th MYR AR IFRS - NFC Cons 6/30/2009 12 months Unqual th MYR AR IFRS - NFC Cons 6/30/2008 12 months Unqual th MYR AR IFRS - NFC

Operating Revenue / Turnover Sales Costs of Goods Sold Gross Profit Other Operating Items Depreciation/Amortization Operating P/L Financial Revenue Financial Expenses Financial P/L Other non Oper./Financial Items

223,940 223,434 -154,007 69,933 -38,202 -10,046 21,685 40 -8,193 -8,153 4,063

184,600 184,302 -121,566 63,034 -29,399 -8,421 25,214 133 -10,535 -10,402 2,800

138,440 138,163 -93,950 44,490 -17,957 -9,702 16,831 3 -10,007 -10,004 2,430

P/L before Tax Taxation P/L after Tax Extraord. & Oth. Items P/L for Period

17,595 470 18,065 -3,001 15,064

17,612 -491 17,121 0 17,121

9,257 1,246 10,503 0 10,503


n.a. -15,220 n.a.

n.a. -15,500 n.a.

n.a. -9,798 n.a.


25,110 48,993 22,561 31,731

25,542 51,086 26,310 33,635

20,205 41,256 17,820 26,533




2010

2009

1.21 1.18 1.09 1.18 1.13 1.08 1.35 1.35 1.14 1.16 1.08 1.09

0.82 0.73 0.70 0.78 0.75 0.90 0.90 1.05 1.03 1.10 1.10 1.04

Monthly low prices (MYR) January February March April 1.02 1.00 0.94 1.00 1.01 1.00 1.00 1.04 0.66 0.65 0.65 0.65

May June July August September October November December

0.98 0.85 n.a. n.a. n.a. n.a. n.a. n.a.

1.00 1.01 1.01 1.11 1.04 1.05 1.00 1.00

0.66 0.70 0.78 0.87 0.98 0.95 1.02 0.99


Monthly trading volume (shares) January February March April May June July August September October November December 6,572,700 2,687,700 3,495,100 4,314,300 3,530,600 3,128,300 n.a. n.a. n.a. n.a. n.a. n.a. 15,966,700 5,153,800 8,081,900 8,340,300 2,224,800 1,465,700 39,121,100 11,706,100 6,273,500 5,575,700 4,006,200 6,721,000 345,900 138,600 53,600 726,200 1,273,600 3,290,400 796,601 912,100 1,084,100 5,596,900 2,543,100 2,046,000

Monthly average daily volume (shares) January February March 328,635 167,981 151,961 798,335 322,113 351,387 18,205 7,700 2,552

April May June July August September October November December

205,443 176,530 142,195 n.a. n.a. n.a. n.a. n.a. n.a.

379,105 111,240 66,623 1,778,232 557,433 313,675 265,510 200,310 320,048

33,009 63,680 149,564 34,635 45,605 54,205 254,405 127,155 97,429



Monthly Market capitalisation (th MYR) January February 87,665 83,490 96,014 85,995 54,632 54,632

March April May June July August September October November December

85,160 85,160 81,820 71,801 n.a. n.a. n.a. n.a. n.a. n.a.

87,665 94,344 86,830 86,830 112,712 94,344 89,334 89,334 86,830 89,334

54,632 56,973 54,632 68,680 73,710 82,655 83,490 89,334 87,665 84,325

ANNUAL STOCK DATA


6/30/2010 MYR

6/30/2009 MYR


1.00 1.04 1.21 0.78


83,490 1.00 87

78,045 1.00 69


4020.00

3218.00

Earnings per share

0.18

Cash flow per share Capital expenditure per share Operating rev. / Turnover per share Operating profit per share

0.30 -0.57 2.68 0.26

Dividends per share Book value per share Tangible book value per share Long term liabilities per share Working capital per share

0.00 2.39 2.24 1.79 0.07

ge of

nd

iwan,







76,362 17,315 13,679 45,368 16,443 222,655 197,378 2,096 23,181 299,017

71,252 16,754 21,026 33,472 17,267 183,643 169,029 2,195 12,419 254,895

69,331 14,803 21,876 32,652 18,491 161,975 140,877 3,116 17,982 231,306

85,367 8,994 16,110 60,263 52,386 104,096 94,924 n.a. 9,172 189,463

49,451 8,698 20,908 19,845 10,216 79,637 79,629 n.a. 8 129,088

33,129 4,614 18,715 9,800 1,531 68,705 68,690 n.a. 15 101,834

92,731 3,411 15,632 73,688 86,884 67,511 19,373 n.a. 119,402 72,600 46,802 299,017

67,654 336 12,832 54,486 74,247 57,651 16,596 n.a. 112,994 71,031 41,963 254,895

65,892 4,409 9,831 51,652 63,225 47,208 16,017 n.a. 102,189 68,209 33,980 231,306

40,111 513 4,955 34,643 56,371 46,459 9,912 n.a. 92,981 68,200 24,781 189,463

47,056 2,595 7,185 37,276 11,494 3,402 8,092 n.a. 70,538 47,243 23,295 129,088

33,107 50 6,442 26,615 6,695 5,995 700 n.a. 62,032 40,000 22,032 101,834

236,476 15,362 -16,369 179,615

204,354 24,948 3,598 141,901

231,708 26,848 3,439 129,117

175,956 20,149 45,256 96,482

n.a. 22,421 2,395 58,550

n.a. 16,887 22 39,802

n.a.

470

466

196

196

138







122,517 117,171 -75,491 47,026 -20,740 -7,238 19,048 43 -9,044 -9,001 4,558

107,810 107,740 -58,861 48,949 -18,072 -9,552 21,325 51 -6,241 -6,190 3,509

82,096 81,958 -40,148 41,948 -13,840 -8,894 19,214 507 -5,687 -5,180 504

66,069 65,511 -33,809 32,260 -11,347 -6,506 14,407 221 -2,801 -2,580 282

53,072 52,744 -27,386 25,686 -7,142 -5,540 13,004 35 -1,987 -1,952 29

43,836 43,657 -22,160 21,676 -6,188 -4,385 11,103 34 -1,754 -1,720 14

14,605 -2,753 11,852 -26 11,826

18,644 -3,957 14,687 -486 14,201

14,538 -2,801 11,737 -234 11,503

12,109 -2,616 9,493 0 9,493

11,081 -2,135 8,946 0 8,946

9,397 -697 8,700 0 8,700

n.a. -9,800 n.a.

n.a. -8,555 n.a.

n.a. -6,288 n.a.

n.a. -4,747 n.a.

n.a. -3,444 n.a.

n.a. -2,531 n.a.

19,064 35,155 23,570 26,286

23,753 34,592 24,655 30,877

20,397 29,571 19,734 28,108

15,999 20,931 14,673 20,913

14,486 17,782 13,004 18,544

13,085 16,673 11,117 15,488

2008

2007

2006

2005

2004

1.25 1.33 1.21 1.14 1.07 1.03 1.00 1.00 1.00 1.00 0.86 1.07

1.98 2.03 1.80 1.71 1.70 1.69 1.62 1.61 1.48 1.43 1.31 1.31

1.91 1.98 1.77 1.80 1.82 1.77 1.76 1.86 1.90 1.88 1.90 1.92

2.46 2.47 2.47 2.44 2.36 2.27 2.23 2.22 2.17 2.14 2.00 1.98

2.60 2.54 2.47 2.55 2.35 2.30 2.24 2.18 2.17 2.18 2.37 2.60

1.01 1.11 0.98 1.00

1.82 1.50 1.59 1.64

1.73 1.71 1.70 1.70

2.32 2.33 2.40 2.29

2.26 2.28 2.28 2.20

1.00 0.96 0.92 0.95 0.75 0.56 0.70 0.58

1.60 1.55 1.50 1.30 1.30 1.23 1.22 1.19

1.70 1.70 1.68 1.70 1.78 1.77 1.78 1.76

2.20 2.14 2.12 2.16 2.08 1.99 1.82 1.65

2.20 2.09 2.05 2.00 2.01 2.02 2.10 2.16

1.20 1.15 1.02 1.04 1.02 1.00 0.98 0.99 0.90 0.74 0.85 0.83

1.89 1.72 1.69 1.68 1.65 1.57 1.53 1.50 1.33 1.25 1.30 1.20

1.91 1.76 1.76 1.78 1.75 1.74 1.75 1.83 1.84 1.82 1.85 1.84

2.37 2.43 2.42 2.29 2.21 2.21 2.19 2.17 2.10 2.00 1.95 1.79

2.40 2.42 2.42 2.32 2.26 2.20 2.20 2.15 2.13 2.15 2.32 2.57

589,500 407,500 720,800 278,000 324,000 334,700 240,300 115,700 405,800 291,500 134,700 100,900

4,765,000 3,046,800 1,023,600 1,112,200 1,619,600 2,702,800 4,977,500 1,491,400 1,516,000 6,681,200 4,525,500 4,360,500

3,765,200 4,814,900 1,859,300 1,186,000 814,300 448,100 219,800 475,700 760,700 1,113,700 4,736,100 3,209,300

3,227,800 3,902,100 3,909,200 2,384,000 1,474,100 1,136,600 1,123,300 1,223,700 971,500 651,600 374,000 1,420,800

8,339,100 8,710,900 11,621,500 8,956,300 4,990,600 3,561,300 3,203,400 4,150,100 1,727,300 475,900 824,800 3,686,800

29,475 22,639 36,040

226,905 179,224 46,527

209,178 267,494 80,839

153,705 195,105 169,965

463,283 512,406 505,283

12,636 16,200 15,938 10,923 5,510 19,324 14,575 6,735 5,045

55,610 77,124 128,705 226,250 67,791 75,800 303,691 215,500 229,500

62,421 38,776 20,368 10,467 21,623 36,224 58,616 215,277 160,465

119,200 73,705 51,664 53,490 55,623 44,159 31,029 19,684 67,657

407,105 262,663 161,877 145,609 188,641 78,514 22,662 39,276 160,296

20 18 20 22 20 21 22 21 21 20 20 20

21 17 22 20 21 21 22 22 20 22 21 19

18 18 23 19 21 22 21 22 21 19 22 20

21 20 23 20 20 22 21 22 22 21 19 21

18 17 23 22 19 22 22 22 22 21 21 23

78,045 78,045 78,045 78,045 78,045 78,045 78,045 78,045 78,045 78,045 78,045 78,045

71,964 71,964 71,964 72,600 72,600 72,600 77,178 78,045 78,045 78,045 78,045 78,045

68,745 68,745 68,745 68,745 68,745 68,745 68,745 68,745 68,745 68,745 68,745 71,497

68,200 68,200 68,200 68,200 68,200 68,200 68,745 68,745 68,745 68,745 68,745 68,745

60,000 60,000 68,200 68,200 68,200 68,200 68,200 68,200 68,200 68,200 68,200 68,200

93,654 89,752

136,012 123,778

131,303 120,991

161,634 165,726

144,000 145,200

79,606 81,167 79,606 78,045 76,484 77,265 69,850 57,753 66,338 64,387

121,619 121,968 119,790 113,982 118,082 117,068 103,800 97,556 101,459 93,654

120,991 122,366 120,304 119,616 120,304 125,803 126,491 125,116 127,178 131,554

165,044 156,178 150,722 150,722 150,552 149,177 144,365 137,490 134,053 123,054

165,044 158,224 154,132 150,040 150,040 146,630 145,266 146,630 158,224 175,274

6/30/2009 MYR

6/30/2008 MYR

6/30/2007 MYR

6/30/2006 MYR

1.00 0.88 1.07 0.56

1.00 1.00 1.62 0.96

1.00 1.57 2.03 1.50

1.00 1.74 2.23 1.65

78,045 1.00 69

78,045 1.00 78

72,600 1.00 114

68,745 1.00 120

3218.00

3019.00

3216.00

1869.00

0.22

0.14

0.16

0.21

0.33 -0.42 2.36 0.32

0.26 -0.32 1.77 0.22

0.26 -0.53 1.69 0.26

0.35 -0.32 1.57 0.31

0.00 2.23 2.07 1.53 0.34

0.00 1.96 1.90 0.94 0.15

0.04 1.65 1.62 1.20 0.21

0.23 1.64 1.61 1.08 0.36



Cons 6/30/1996 12 months Qualif n.a. th MYR

Acc. Std na

27,294 4,868 13,450 8,976 1,061 49,558 49,543 n.a. 15 76,852

10,815 3,404 6,498 913 33 12,862 12,815 n.a. 47 23,677

6,454 1,588 4,746 120 16 8,317 8,317 n.a. 0 14,771

31,290 572 4,902 25,816 10,915 10,632 283 n.a. 34,647 7,500 27,147 76,852

12,630 93 1,558 10,979 1,925 1,527 398 n.a. 9,122 4,545 4,577 23,677

9,884 106 1,494 8,284 1,220 966 254 n.a. 3,667 2,450 1,217 14,771

n.a. 13,416 -3,996 42,205

n.a. 8,344 -1,815 14,555

n.a. 4,840 -3,430 11,104

124

n.a.

n.a.



Cons 6/30/1996 12 months Qualif n.a. th MYR

Acc. Std na

36,623 35,982 -19,176 17,447 -3,237 -2,973 11,237 34 -2,033 -1,999 n.a.

14,841 14,841 -9,629 5,212 n.a. -1,144 n.a. 1 -869 -868 103

12,428 12,428 -9,524 2,904 n.a. -636 n.a. 1 -385 -384 5

9,238 -1,590 7,648 0 7,648

3,303 57 3,360 0 3,360

1,889 -731 1,158 0 1,158

n.a. -1,899 n.a.

n.a. n.a. n.a.

n.a. n.a. n.a.

10,621 12,963 11,237 14,210

4,504 n.a. 103 n.a.

1,794 n.a. 5 n.a.

6/30/2006 MYR

6/30/2005 MYR

6/30/2004 MYR

1.00 1.74 2.23 1.65

1.00 2.21 2.60 2.00

1.00 2.20 2.60 2.09

68,745 1.00 120

68,200 1.00 151

68,200 1.00 150

1869.00

1094.00

1075.00

0.21

0.17

0.14

0.35 -0.32 1.57 0.31

0.30 -0.54 1.20 0.28

0.24 -0.23 0.97 0.21

0.23 1.64 1.61 1.08 0.36

0.11 1.50 1.45 0.93 0.39

0.05 1.36 n.a. 0.83 0.30

stock values 2

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