contents kandungan english Notices Notice of 71st Annual General Meeting 4 Notice of Book Closure For Dividend Payment 5

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3 contents english Notices Notice of 71st Annual General Meeting 4 Notice of Book Closure For Dividend Payment 5 Statements Accompanying Notice Of Annual General Meeting Directors Seeking Re-election 9 Board Meetings 9 Further Details of Directors Seeking Re-election 10 Corporate Section Corporate Information 13 Profile of Directors 14 Chairman s Statement 21 Corporate Governance Statement 23 Statement of Internal Control 26 Directors Responsibility Statement 27 Additional Compliance Information 28 Audit Committee Report 30 Directors Report & Financial Statements Directors Report 35 Consolidated Income Statement 39 Company Income Statement 40 Balance Sheets 41 Consolidated Statement of Changes in Equity 43 Company Statement of Changes in Equity 44 Consolidated Cash Flow Statement 45 Company Cash Flow Statement 47 Summary of Significant Group Accounting Policies 48 Notes to the Financial Statement 52 Statement by Directors 82 Statutory Declaration 82 Report of the Auditors 83 Properties owned 84 Analysis of Shareholdings 128 kandungan bahasa Malaysia Notis Notis Mesyuarat Agung Tahunan Ke Notis Penutupan Buku Bagi Pembayaran Dividen 137 Penyata Yang Disertakan Bersama Notis Mesyuarat Agung Tahunan Pengarah Yang Menawarkan Diri Untuk Pemilihan Semula 141 Mesyuarat Lembaga Pengarah 141 Maklumat Lanjut Mengenai Pengarah Yang Menawarkan Diri Untuk Pemilihan Semula 142 Bahagian Korporat Maklumat Korporat 145 Profil Pengarah 146 Penyata Pengerusi 153 Penyata Tadbir Urus Korporat 155 Penyata Kawalan Dalaman 158 Penyata Tanggungjawab Para Pengarah 159 Maklumat Pematuhan Tambahan 160 Laporan Jawatankuasa Audit 162 Laporan Pengarah & Penyata Kewangan Laporan Pengarah 167 Penyata Pendapatan Yang Disatukan 171 Penyata Pendapatan Syarikat 172 Kunci Kira-Kira 173 Penyata Perubahan Dalam Ekuiti Yang Disatukan 175 Penyata Perubahan Dalam Ekuiti Syarikat 176 Penyata Aliran Tunai Yang Disatukan 177 Penyata Aliran Tunai Syarikat 179 Ringkasan Dasar-dasar Perakaunan Penting Kumpulan 180 Nota-nota Kepada Penyata Kewangan 184 Penyata Oleh Pengarah 214 Pengakuan Berkanun 214 Laporan Juruaudit 215 Hartanah Yang Dimiliki 216 Analisis Pegangan Saham 217 Proxy Form 3

4 notice of 71st annual general meeting NOTICE IS HEREBY GIVEN THAT the 71st Annual General Meeting of Pos Malaysia & Services Holdings Berhad (formerly known as Phileo Allied Berhad)( PSH or the Company ) will be held at Crown Princess Kuala Lumpur, Ballroom 3, 10th Floor, City Square Centre, Jalan Tun Razak, Kuala Lumpur on Friday, 20 June 2003 at 9.30 a.m. for the following purposes: 1. To receive and adopt the Directors Report, Statement of Directors, the audited Financial Statements and the Report of the Auditors for the financial year ended 31 December (Resolution 1) 2. To declare a first and final dividend of 4% less tax in respect of financial year ended 31 December (Resolution 2) 3. To approve Directors fees. (Resolution 3) 4. To re-elect the following Directors who retire in accordance with Article 102 of the Company s Articles of Association, and being eligible, offered themselves for re-election: (a) Mr. Wee Hoe Gooi Hoe Soon (Resolution 4) (b) En. Abu Huraira bin Abu Yazid (Resolution 5) 5. To re-appoint Messrs PricewaterhouseCoopers as auditors of the Company for the ensuing year and to authorise the Directors to fix their fees. (Resolution 6) As Special Business: To consider and, if thought fit, pass the following resolutions as an ordinary resolution: 6. Power to allot and issue shares pursuant to Section 132D of the Companies Act, 1965 To authorise the Directors of the Company, pursuant to Section 132D of the Companies Act 1965, to issue shares in the Company at such time and for such consideration as they shall in their absolute discretion deem fit in accordance with the provisions of the Articles of Association of the Company provided always that the new shares to be issued shall not at any time exceed ten per centum (10%) of the issued and paid-up share capital of the Company. (Resolution 7) 7. Power to allot and issue shares pursuant to the new employee share option scheme Subject to the approval of the relevant authorities, to authorise the Directors of the Company to allot and issue from time to time such number of new ordinary shares of RM1.00 each in the capital of the Company, being ordinary shares not exceeding ten per centum (10%) of the total issued and paid-up capital of the Company as may be required to be issued pursuant to the exercise of options granted to the employees on the precise terms and conditions of issue set out in the new employee share option scheme, approved by an ordinary resolution passed by the shareholders of the Company at the Extraordinary General Meeting held on 15 August (Resolution 8) 8. To transact any other business of which due notice has been given. 4

5 notice of book closure for dividend payment NOTICE IS HEREBY GIVEN THAT a first and final dividend of 4% less tax in respect of financial year ended 31 December 2002 has been recommended and, if approved at the 71st Annual General Meeting, will be paid on 20 August 2003 to Depositors whose names appear in the Record of Depositors on 22 July Further notice is hereby given that the Register of Members will be closed from 23 July 2003 to 24 July 2003 (both dates inclusive) for the determination of first and final dividend. A Depositor 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 22 July 2003 in respect of ordinary transfers; and (b) shares bought on the Kuala Lumpur Stock Exchange on cum entitlement basis according to the Rules of the Kuala Lumpur Stock Exchange. By Order of the Board, Thean Siew Hein (Ms) MAICSA Company Secretary Kuala Lumpur 29 May 2003 Notes: 1. A member entitled to attend and vote is entitled to appoint one or more proxies to attend and vote in his stead. Where a member appoints two or more proxies to attend the Meeting, the member shall specify the proportion of his shareholdings to be represented by each proxy. A proxy need not be a member of the Company. 2. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under the corporation s seal or under the hand of an officer or attorney duly authorised. 3. The instrument appointing a proxy must be sent to Level 23, Menara Asia Life, 189 Jalan Tun Razak, Kuala Lumpur not later than 48 hours before the time set for the Meeting or any adjournment thereof. Note on Special Business: 1. The proposed Ordinary Resolution No. 7 if passed, is to give the Directors of the Company flexibility to issue and allot shares for such purposes as the Directors in their absolute discretion consider to be in the interest of the Company, without having to convene a general meeting. This authority will expire at the next Annual General Meeting of the Company. 2. The proposed Ordinary Resolution No. 8 if passed, is to enable the Directors of the Company to allot and issue shares to those employees and executive director(s) who will exercise their options under the Company s new employee share option scheme. 5

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7 statements accompanying notice of annual general meeting

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9 statements accompanying notice of annual general meeting Pos Malaysia & Services Holdings Berhad directors seeking re-election & board meetings Directors Seeking Re-election Directors seeking re-election pursuant to Article 102 of the Company s Articles of Association (retirement by rotation): Wee Hoe Gooi Hoe Soon Abu Huraira bin Abu Yazid Board Meetings Details of attendance of Directors at board meetings held in the financial year ended 31 December A total of 6 board of directors meetings were held during that period: Directors Period of Directorship Total (a) Tan Sri Abdul Halim bin Ali /6 (b) Tan Sri Dr. Samsudin bin Hitam /6 (c) Datuk Dr. Awang Adek bin Hussin /6 (d) Datuk Mohamed Adnan bin Ali /6 (e) Dato Annuar bin Maaruf /6 (f) En. Abu Huraira bin Abu Yazid /6 (g) Mr. Wee Hoe Gooi Hoe Soon /6 The place, date and time of the board meetings held during the financial year ended 31 December 2002 are as follows: Type of Meeting Place of Meeting Date Time BOD 1/2002 Menara Asia Life Thursday, p.m. BOD 2/2002 Menara Asia Life Tuesday, p.m. BOD 3/2002 Menara Asia Life Monday, p.m. BOD 4/2002 Menara Asia Life Thursday, p.m. BOD 5/2002 Menara Asia Life Thursday, a.m. BOD 6/2002 Menara Asia Life Friday, p.m. Note: BOD = Board of Directors Meeting Menara Asia Life = Conference Room, Level 23A, Menara Asia Life, 189 Jalan Tun Razak, Kuala Lumpur 9

10 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 further details of directors seeking re-election Mr. Wee Hoe Gooi Hoe Soon Age 43 Nationality Malaysian Qualifications Member of the Malaysian Institute of Certified Public Accountants and the Malaysian Institute of Accountants Position in the Company Non-Independent Non-Executive Director Working experience More than 20 years experience in the fields of accounting and corporate finance and was finance director of several private and public listed companies. Occupation Managing Director of Avenue Assets Berhad Any other Directorships of Public companies Avenue Assets Berhad Hup Seng Industries Berhad Securities holdings in the Company & its subsidiaries Nil Family relationship with any Director and/or substantial shareholder of the Company Nil Any conflict of interest with the Company Nil List of convictions for offences within the past 10 years other than traffic offences, if any Nil En. Abu Huraira bin Abu Yazid Age 50 Nationality Malaysian Qualification Bachelor of Business Administration, University of Malaya, Malaysia Position in the Company Executive Director Working experience : Manager of Credit Card Centre, The Chase Manhattan Bank; : Vice President of Bankcard Centre, Citibank Berhad; : General Manager of Card Services Division, Public Bank Berhad Occupation Chief Executive Officer of Bank Simpanan Nasional Any other Directorships of Public companies Pos Malaysia Berhad Securities holdings in the Company & its subsidiaries Nil Family relationship with any Director and/or substantial shareholder of the Company Nil Any conflict of interest with the Company Nil List of convictions for offences within the past 10 years other than traffic offences, if any Nil 10

11 corporate section Pos Malaysia & Services Holdings Berhad

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13 corporate section corporate information Board of Directors Tan Sri Abdul Halim bin Ali (Chairman / Independent Non-Executive Director) Tan Sri Dr. Samsudin bin Hitam (Non-Independent Non-Executive Director ) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) Datuk Mohamed Adnan bin Ali (Independent Non-Executive Director) Dato Annuar bin Maaruf (Non-Independent Non-Executive Director) En. Abu Huraira bin Abu Yazid (Executive Director) Mr. Wee Hoe Gooi Hoe Soon (Non-Independent Non-Executive Director) Company Secretary Ms. Thean Siew Hein MAICSA Audit Committee Members Datuk Mohamed Adnan bin Ali (Chairman / Independent Non-Executive Director) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) Dato Annuar bin Maaruf (Non-Independent Non-Executive Director) Remuneration Committee Members Tan Sri Abdul Halim bin Ali (Chairman / Independent Non-Executive Director) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) En. Abu Huraira bin Abu Yazid (Executive Director) Mr. Wee Hoe Gooi Hoe Soon (Non-Independent Non-Executive Director) Nominating Committee Members Tan Sri Abdul Halim bin Ali (Chairman / Independent Non-Executive Director) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) Mr. Wee Hoe Gooi Hoe Soon (Non-Independent Non-Executive Director) Option Committee Members Tan Sri Abdul Halim bin Ali (Chairman / Independent Non-Executive Director) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) Dato Annuar bin Maaruf (Non-Independent Non-Executive Director) Mr. Wee Hoe Gooi Hoe Soon (Non-Independent Non-Executive Director) Registered Office Level 23A, Menara Asia Life 189 Jalan Tun Razak Kuala Lumpur Telephone : Facsimile : Registrar Tenaga Koperat Sdn Bhd 20th Floor, Plaza Permata Jalan Kampar, Off Jalan Tun Razak Kuala Lumpur Telephone : Facsimile : Auditors PricewaterhouseCoopers Chartered Accountants Principal Banker Malayan Banking Berhad Stock Exchange Listing Main Board of Kuala Lumpur Stock Exchange Pos Malaysia & Services Holdings Berhad 13

14 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 profile of directors Tan Sri Abdul Halim bin Ali Y. Bhg. Tan Sri Abdul Halim bin Ali, aged 59, was appointed as Independent Non-Executive Director of Pos Malaysia & Services Holdings Berhad ( PSH ) with effect from 11 October He is the Chairman of the Board of Directors of the Company and also Chairman of the Remuneration Committee, Nominating Committee and Option Committee. A Bachelor of Arts (Honours) graduate from University of Malaya, Malaysia, Tan Sri Abdul Halim joined the Malaysian foreign services soon after graduating in During the next 30 years, his postings included the Malaysian High Commission in New Delhi, Republic of India, the Malaysian Consulate in Medan, Sumatra, Republic of Indonesia and the Malaysian Embassy in Tokyo, Japan. In 1976, he was appointed Principal Assistant Secretary, Ministry of Foreign Affairs and three years later, was posted to the United Nations in New York, as Malaysia s Deputy Permanent Representative. Government, a post he held until his retirement in January 2001, when he was named Chairman of the Employees Provident Fund Board (EPF). He is also the Chairman of EPF s wholly-owned subsidiary, Malaysia Building Society Berhad. Tan Sri Abdul Halim does not have any family relationship with any director and/or substantial shareholders of PSH or any conflict of interest with the Company. He has not been convicted of any offence in the past 10 years. In 1982, Tan Sri Abdul Halim assumed his first ambassadorial role as Malaysia s Ambassador to the Socialist Republic of Vietnam and, on his return to Kuala Lumpur, was appointed Deputy Secretary-General (III), Ministry of Foreign Affairs. In 1988, he was appointed Malaysia s Ambassador to Austria, where he also held the position of President Representative to UNIDO, IAEA, United Nations Officer in Vienna, Austria. In 1991, he was named Deputy Secretary-General (I), Ministry of Foreign Affairs, before his appointment as Secretary-General five years later. In September 1996, he was appointed Chief Secretary to the Tan Sri Abdul Halim attended all the six Board of Directors Meetings held during the financial year ended 31 December Particulars of other directorships in public companies: * Malakoff Berhad * Cycle and Carriage Bintang Berhad * Malaysia Building Society Berhad * ESSO Malaysia Berhad * Cycle & Carriage Limited 14

15 corporate section / profile of directors Pos Malaysia & Services Holdings Berhad Tan Sri Dr. Samsudin bin Hitam Y. Bhg. Tan Sri Dr. Samsudin bin Hitam, aged 55, was appointed Non-Independent Non-Executive Director of Pos Malaysia & Services Holdings Berhad ( PSH ) on 11 October Tan Sri Dr. Samsudin graduated in 1970 with a Bachelor s degree from the University of Malaya, Malaysia. He later obtained a Master of Science in Agricultural Economics and a PhD. in Land Resources, both from the University of Wisconsin, United States of America in 1977 and 1986, respectively. He began his career with the Treasury as Assistant Secretary, Budget Division in 1970 and later became an Assistant Director, Budget Division in In 1980, he was promoted to Senior Assistant Director, Budget Division. In 1986, he joined the Economic Planning Unit (EPU) as Secretary to the Economic Panel and was subsequently promoted to Director of Macroeconomics in In 1992, he was appointed Deputy General (Sectoral) of the EPU and subsequently Deputy Director General (Macro). In 1998, he was appointed Director General of the EPU before moving back to the Treasury in June 2000 as its Secretary General. Tan Sri Dr. Samsudin does not have any family relationship with any director and/or substantial shareholders of PSH or any conflict of interest with the Company. He has not been convicted of any offence within the past 10 years. Of the six Board of Directors Meetings held during the financial year ended 31 December 2002, Tan Sri Dr. Samsudin has attended five meetings and extended his apologies for the remaining one. Particulars of other directorships in pubic companies: * Malaysian Airline System Berhad * Bintulu Port Holdings Berhad Tan Sri Dr. Samsudin is also a member of the board of several statutory bodies including Lembaga Hasil Dalam Negeri, Majlis Kumpulan Wang Amanah Pencen and Bank Negara Malaysia. 15

16 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 Datuk Dr. Awang Adek bin Hussin Y. Bhg. Datuk Dr. Awang Adek bin Hussin, aged 48, was appointed as Independent Non-Executive Director of Pos Malaysia & Services Holdings Berhad ( PSH ) on 12 October He is also a Member of the Audit Committee, Remuneration Committee, Nominating Committee and Option Committee. Datuk Dr. Awang graduated with a PhD. in Economics from the University of Pennsylvania, United States of America. He served Bank Negara Malaysia (BNM) for more than 17 years before leaving in June His last posting was as Assistant Governor of BNM. 0n 1 December 2002, Datuk Dr. Awang was appointed as the Chairman of Tenaga Nasional Berhad. Particulars of other directorships in public companies: * Ya Horng Electronics (M) Bhd * Tenaga Nasional Berhad * AKN Messaging Technologies Berhad * Avenue Assets Berhad * Labuan International Financial Exchange Inc. Datuk Dr. Awang does not have any family relationship with any director and/or substantial shareholders of PSH or any conflict of interest with the Company. He has not been convicted of any offence within the past 10 years. Of the six Board of Directors Meetings held during the financial year ended 31 December 2002, Datuk Dr. Awang has attended four meetings and extended his apologies for the remaining two. 16

17 corporate section / profile of directors Pos Malaysia & Services Holdings Berhad Datuk Mohamed Adnan bin Ali Y. Bhg. Datuk Mohamed Adnan bin Ali, aged 60, was appointed as Independent Non-Executive Director of Pos Malaysia & Services Holdings Berhad ( PSH ) on 2 February He is also Chairman of the Audit Committee. Datuk Mohamed Adnan is an accountant by training. He was admitted as an Associate Member of the Chartered Institute of Management Accountants, United Kingdom in 1972 and has since become a Fellow of the Institute. General s Department as corporate director and was subsequently promoted to deputy accountant general in the same year. He became the accountant general in 1994 and served in that capacity (subsequently on a contract basis) until his retirement in year During nearly three decades of service with the Government, in the Accountant General Service, he served in various Governmental departments/units either as an accountant or treasurer. He began his career as an accountant with Jabatan Telekom Malaysia in Later, during the same year, he joined the Ministry of Trade and Industry and was subsequently transferred to the Ministry of Works as senior accountant. He moved to the Ministry of Health in 1975 as Financial Controller and thereafter served with the Ministry of Finance between 1976 and 1980 as Deputy Manager (Financial Management Unit). In 1980, he was seconded to Universiti Teknologi Malaysia as the Bursar and moved to the Ministry of Education in 1983 as chief accountant. Subsequently, he was seconded to the International Islamic University as the university s treasurer. In 1987, he was transferred to the Economic Planning Unit (FIC Division) as senior accountant before being seconded to the Employees Provident Fund Board as senior manager (Investment) in In 1992, he returned to the Accountant He is presently the Chairman of Bank Pembangunan & Infrastruktur (M) Berhad and Bintulu Port Holdings Berhad. Datuk Mohamed Adnan does not have any family relationship with any director and/or substantial shareholders of PSH or any conflict of interest with the Company. He has not been convicted of any offence within the past 10 years. Of the six Board of Directors meetings held during the financial year ended 31 December 2002, Datuk Mohamed Adnan has attended five meetings and extended his apologies for the remaining one. Particulars of other Directorships in Public companies: * Bintulu Port Holdings Berhad * Malaysia Airports Holdings Berhad * Bank Pembangunan & Infrastruktur (M) Berhad * Kumpulan Guthrie Berhad 17

18 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 Y. Bhg. Dato Annuar bin Maaruf Y. Bhg. Dato Annuar bin Maaruf, aged 57, was appointed as Non-Independent Non-Executive Director of Pos Malaysia & Services Holdings Berhad ( PSH ) on 11 October He is also a Member of the Audit Committee and Option Committee. Dato Annuar holds a Bachelor of Arts (Economic) from University of Malaya, Kuala Lumpur and a Master of Economics/Urban Economics from the University of Illinois, Champaign-Urbana, Illinois, USA. He also attended the Certificate course in Economics/Statistics at the University of Colorado, Boulder, USA, the Certificate course in Urban/Spatial Economics at the Massachusetts Institute of Technology, Boston, USA and the Certificate course in Economics at the Helsinki School of Economics, Helsinki, Finland. Dato Annuar does not have any family relationship with any director and/or substantial shareholders of PSH or any conflict of interest with the Company. He has not been convicted of any offence within the past 10 years. Of the six Board of Directors meetings held during the financial year ended 31 December 2002, Dato Annuar has attended five meetings and extended his apologies for the remaining one. Dato Annuar began his career in the public service upon graduation in During his 31 years of service in the public sector, he held various senior positions in the Government of Malaysia, including the post of Deputy Director-General of the Economic Planning Unit in the Prime Minister s Department and Secretary General of the Ministry of Agriculture. Particulars of other directorships in public companies: * Malaysian International Merchant Bankers Berhad * Pos Malaysia Berhad * Pos Malaysia Holdings Berhad He is presently the Chairman of the Board of Directors of Pos Malaysia Berhad and he also sits on the Boards of its several subsidiaries. 18

19 corporate section / profile of directors Pos Malaysia & Services Holdings Berhad En. Abu Huraira bin Abu Yazid En. Abu Huraira bin Abu Yazid, aged 50, was appointed as Non-Executive Director of Pos Malaysia & Services Holdings Berhad ( PSH ) on 9 August On 8 October 2001 he was redesignated as Executive Director of the Company. He is also a Member of the Remuneration Committee. En. Abu is a Business Administration Graduate of University Malaya and has been in the card business for the past 20 years. He commenced his career in Maybank Berhad in 1976 and was responsible for establishing and managing its card business in This was also the first full-fledged card centre in Malaysia. Consequently, he was headhunted to set up and manage other credit card centres: The Chase Manhattan Bank - Credit Card Centre (1986), Citibank Berhad - Bankcard Centre (1988), Public Bank Card Services Division - last position was the General Manager of Public Bank Card Services Division (1991). En. Abu does not have any family relationship with any director and/or substantial shareholders of PSH or any conflict of interest with the Company. He has not been convicted any offence within the past 10 years. En. Abu attended all the six Board of Directors Meetings held during the financial year ended 31 December Particulars of other directorships in public companies: * Pos Malaysia Berhad On 1 August 2000, he was appointed Chief Executive Officer of Bank Simpanan Nasional. He was a member of both Visa International s Debit Advisors Group and Visa s (Asia Pacific) Commercial Products Planning Committee. He is currently a member of Visa s Membership, Rules & Risk Administration Committee. 19

20 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 Mr. Wee Hoe Gooi Hoe Soon Mr. Gooi Hoe Soon, aged 43, was appointed as Non- Independent Non-Executive Director of Pos Malaysia & Services Holdings Berhad ( PSH ) on 18 March He is also a Member of the Remuneration Committee, Nominating Committee and Option Committee. Mr. Gooi is a member of the Malaysian Institute of Certified Public Accountants and the Malaysian Institute of Accountants. He has more than 20 years experience in the fields of accounting and corporate finance and was finance director of several private and public listed companies. He has been instrumental in the successful implementation of several corporate exercises which include merger and acquisition and corporate debt restructuring exercises undertaken by public listed companies. Mr. Gooi attended all the six Board of Directors meetings held during financial year ended 31 December Particulars of other Directorships in Public companies: * Avenue Assets Berhad * Hup Seng Industries Berhad He was appointed to the Board of Directors of Avenue Assets Berhad in 1999 and was subsequently appointed Group Managing Director in He is also the Chief Executive Officer of a stockbroking company. Mr. Gooi does not have any family relationship with any director and/or substantial shareholders of PSH or any conflict of interest with the Company. He has not been convicted any offence within the past 10 years. 20

21 corporate section Pos Malaysia & Services Holdings Berhad chairman s statement On behalf of the board of directors, I would like to present to you a brief report on Pos Malaysia & Services Holdings Berhad Group s activities and performance during the year ended 31 December Overview There were numerous significant milestones last year. These included a change in the group's name in June from Phileo Allied Berhad to Pos Malaysia & Services Holdings Berhad following the acquisition of Pos Malaysia Berhad earlier. Subsidiaries involved in financial services were hived off paving the way for the group to start afresh with a new identity and core business in postal services. Over the last 12 months, our efforts were primarily aimed at enhancing services provided to customers. Strategies were mapped out to ensure that our business remains relevant in today's environment and to create new business opportunities was the first full financial year for the group that reflected a 12-month performance of its wholly owned subsidiary, Pos Malaysia Berhad ( PMB ). Commendable Performance Postal services in the country continue to remain in demand despite the growing popularity of other communications means such as and mobile phones. We believe that it will stay important and will continue to appeal to those in the rural areas and to businesses that communicate regularly with their customers. In 2002, the group's revenue hit RM645.0 million of which 99.5% came from postal services. Pre-tax profit was encouraging at RM75.8 million. Previously, since taking over PMB in August 2001, the revenue for the 11 months ended 31 December 2001 inclusive of PMB 4 months results was RM188.9 million and the pre-tax profit was RM18.1 million. The group's performance is commendable. Profitability level was achieved mainly via boosting our efficiency and increasing productivity while keeping costs down. Business Review During the year in review, the group moved a notch higher upon gaining recognition as a quality stock following its inclusion in the Kuala Lumpur Stock Exchange Composite Index. A memorandum of understanding (MOU) was signed with Petronas Dagangan Berhad to open full-fledged post offices at 30 Petronas service stations annually. This decision, prompted by the success of two pilot projects in Klang Valley, will help to fulfill our aim of extending mail services to other accessible premises. Several strategic partnerships were sealed. One of them was with TimeCel Sdn Bhd, the cellular telecommunications division of Time dotcom Bhd, to launch Reload@Pos that enables TimeCel customers to reload their pre-paid phone cards at post offices. We also teamed up with four reputable insurance companies -- Kurnia Insurans (M) Bhd, Takaful Nasional Sdn Bhd, Malaysian Assurance Alliance Bhd (MAA Assurance) and AMI Insurans Bhd -- to be their corporate agent. Judging from the upward trend in total road tax renewals at all our post offices, we are optimistic that this will assist in enhancing the group's revenue. As a start, only selected post offices will sell selected products marketed by these companies. On service enhancement, initiatives introduced include sms@pos and the Post Office Directory. In the former, TM Touch, Celcom and Maxis customers can now check on delivery status of registered and express mail via their mobile phones. With more than eight million mobile phones users in the country, this is a timely move and one that will positively impact our performance while strengthening our position as an organisation that is customer-focused. The Post Office Directory has information on Pos Malaysia's full range of products and services and retails at RM1 each. 21

22 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 Same Day Delivery (SDD) and Time Certain Service (TCS) also made their debut to meet the demands of today's fast-paced business. In SDD, delivery can now be made on the same day for certain documents in the Klang Valley for an additional minimal amount. TCS ensures that certain documents will be delivered within 24 hours at selected post offices in the Klang Valley and Singapore. Other business-friendly services launched were free pick-up services for bulk mailing and letter shoppers from clients' premises. We also collaborated with TM Net Sdn Bhd and Empower Technologies Sdn Bhd to enable TMNet pre-paid subscribers to purchase reload coupons from our post offices. It is in our plan for all post offices nationwide to provide this service in future. An agreement was made with Gas Malaysia Sdn Bhd allowing customers to now pay their gas bills at selected post offices nationwide. Our aims to achieve the highest standards possible and providing quality services continue to be a priority. We will endeavour to improve our efficiency in the management of supply chains locally via our vast post office network and also through greater letter collaboration with global service providers. With a profitable postal services business and enormous potential ahead of us, we are confident we will have an even stronger group. Dividends The group is happy to announce a first and final dividend of 4 sen gross per share less 28% income tax for the financial year ended 31 December Our Appreciation The group's achievements and commendable performance are due largely to the dedication, commitment and efforts of the Board of Directors, management team and all our employees. Their invaluable contribution has succeeded in giving the group a good head start and helped to place it in an even stronger position as it proceeds to implement its growth plans. My sincere thanks to all of them for their hard work. To the relevant authorities, our business associates, shareholders and customers, thank you for your continuous and valuable support and cooperation. TAN SRI ABDUL HALIM BIN ALI Chairman 22

23 corporate section Pos Malaysia & Services Holdings Berhad corporate governance statement The Board of Directors of Pos Malaysia & Services Holdings Berhad fully subscribes to and supports the principles of the Malaysian Code on Corporate Governance ( Code ) and the relevant provisions in the Listing Requirements of the Kuala Lumpur Stock Exchange. The Board is committed to ensure that the highest standard of corporate governance is practiced throughout the Group as a fundamental part of discharging its responsibilities to protect and enhance shareholders value and the financial performance of the Group. As a group, the Company continues to endeavour to comply with all the key principles of the Code and Listing Requirements in an effort to observe high standards of transparency, accountability and integrity. A. Board of Directors 1. Composition The Board comprises members with a wide range of business, financial, technical and public service backgrounds. The directors also have experience and expertise in other related and non-related industries. With this mix, the Company is ably led and guided by an experienced and competent Board. The Board currently consists of seven members, comprising the Executive Director, three non-independent non-executive directors and three independent non-executive directors including the Chairman. 2. Board Meeting During the year ended 31 December 2002, six (6) Board Meetings were held. The record of attendance of the Board Members is disclosed as part of the director s profile and in the Statement Accompanying the Notice of Annual General Meeting. 3. Supply of Information Prior to each board meeting, every director is provided with an agenda and a set of Board papers detailing each item on the agenda. The Board papers are issued well in advance to enable the directors to obtain further information, where necessary, in order to be properly briefed before the meetings. In addition, there are matters reserved specifically for the Board s decision, including the approval of corporate plans and annual budgets, acquisitions and disposals of undertakings and properties of a substantial value, major investments and financial decisions and changes to the management and control structure within the Group, including key policies and procedures and delegated authority limits. The directors have access to all information within the Company whether as a full board or in their individual capacity, to the extent that the information required is pertinent to the discharge of their duties as directors and is for the benefit of the Company. The Company practices a clear demarcation of power and authority. The roles of the Chairman and the Executive Director are separated and clearly defined with the positions being individually held by two persons. The Chairman is primarily responsible for ensuring the effectiveness and conduct of the Board whilst the Executive Director is responsible for the day-to-day running of the business and implementation of Board policies and decisions. In managing the business, the Executive Director is assisted by a Chief Executive Officer. The non-executive directors provide significant contribution to the formulation of policies and decision-making and are independent of management, thereby helping ensure that no one individual or group dominates the Board s decision-making process. The presence of the independent non-executive directors is essential as they provide unbiased and independent views, advice and judgment as well as safeguard the interests of other parties such as minority shareholders and the community. All directors have access to the advice and services of the Company Secretary and may seek independent professional advice should the need arise. 4. Re-election of Directors In accordance to the Articles of Association of the Company, all directors shall retire from office once at least every three years and at least one-third of the number of directors is subject to retirement by rotation at each Annual General Meeting ( AGM ) but shall be eligible to offer themselves for re-election. Details of the directors seeking re-election such as their age, qualification, working experience, other directorships of public companies and position in the Company are disclosed in the Statement Accompanying the Notice of Annual General Meeting. 23

24 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER Directors Training All directors have attended the Mandatory Accreditation Programme advocated by the Kuala Lumpur Stock Exchange. In addition, the Company encourages its directors to attend training programmes on a continuous basis to enhance their skill and knowledge and to keep abreast with current developments. 6. Board Committees The Board has delegated specific responsibilities to the following Board Committees: Key Responsibilities Propose new nominees for the Board and review annually its required mix of skills and experience and other qualities, including core competencies which non-executive directors should bring to the Board. Recommend candidates to the Board for both directorship and to fill seats on board committees. Assess the effectiveness of the Board as a whole and the committees of the Board, and the contribution of each individual director. 6.1 Audit Committee Please refer to the Audit Committee Report on pages 30 to 31 of this Annual Report. 6.2 Remuneration Committee Members Tan Sri Abdul Halim bin Ali (Chairman/Independent Non-Executive Director) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) En. Abu Huraira bin Abu Yazid (Executive Director) Mr. Wee Hoe Gooi Hoe Soon (Non-Independent Non-Executive Director) Key Responsibilities To assess and recommend remuneration policies and practices extended to directors, senior management staff and the overall human resources development plan. 6.4 Option Committee Members Tan Sri Abdul Halim bin Ali (Chairman/Independent Non-Executive Director) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) Dato Annuar bin Maaruf (Non-Independent Non-Executive Director) Mr. Wee Hoe Gooi Hoe Soon (Non-Independent Non-Executive Director) Key Responsibilities Administer the Company s new proposed Employee Share Option Scheme ( ESOS ) and Preferential Allocation of Shares ( PAS ) in accordance with the objectives and regulations as stated in the Bye-laws and Guidelines For the Preferential Allocation of Shares respectively. Recommend to establish, amend and revoke any rules or arrangement relating to the ESOS and PAS. 6.3 Nominating Committee Members Tan Sri Abdul Halim bin Ali (Chairman/Independent Non-Executive Director) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) Mr. Wee Hoe Gooi Hoe Soon (Non-Independent Non-Executive Director) B. Directors Remuneration The fees payable to non-executive directors are determined by the Board as a whole subject to the approval by the shareholders at the AGM. The Company reimburses reasonable expenses incurred by the directors in the course of their duties as directors. Details of the remuneration of the directors of the Company for the financial year ended 31 December 2002 are as follows:- 24

25 corporate section / corporate governance statement Pos Malaysia & Services Holdings Berhad Name of Directors Salary Bonus Fees Allowance Total (RM) (RM) (RM) (RM) (RM) Executive Director En. Abu Huraira bin Abu Yazid 150,000 25, ,000 Non-Executive Directors Y. Bhg. Tan Sri Abdul Halim bin Ali ,000 6,500 54,500 Y. Bhg. Tan Sri Dr. Samsudin bin Hitam ,000 3,750 21,750 Y. Bhg. Datuk Dr. Awang Adek bin Hussin ,000 7,000 25,000 Y. Bhg. Datuk Mohamed Adnan bin Ali ,000 6,250 24,250 Y. Bhg. Dato Annuar bin Maaruf ,000 5,250 23,250 Mr. Wee Hoe Gooi Hoe Soon ,000 7,000 25,000 Total 150,000 25, ,000 35, ,750 The number of directors whose total remuneration during the financial year fall within the following bands: Number of Directors Range of Remuneration Executive Non-Executive Below RM50,000-5 RM50,001 - RM100,000-1 RM100,001 - RM150, RM150,001 - RM200, C. Investor Relations and Shareholder Communication The Board acknowledges the need for shareholders to be informed of all material business matters affecting the Group. In addition to various announcements made during the year, the timely release of financial results on a quarterly basis provides shareholders with an overview of the Group s performance and operations. The Company has been using the AGM, usually held in May or June each year as the principal forum for dialogue with shareholders. Shareholders are notified of the AGM and are provided with a copy of the Company s Annual Report before the meeting. Those who are unable to attend are allowed to appoint proxies to attend and vote on their behalf. At the AGM, shareholders have direct access to the Board and are given the opportunity to raise questions or seek further information. Members of the Board as well as the external auditors of the Company are present to respond accordingly. Shareholders and the public can also convey their concerns and queries to the senior independent non-executive director, Datuk Mohamed Adnan bin Ali, who is the Investor Relations Representative of the Board, at adnan@psh.com.my. D. Accountability and Audit 1. Financial Reporting The Company s financial statements are drawn up in accordance with the provisions of the Companies Act, 1965 and applicable approved accounting standards in Malaysia. The Board is responsible to ensure that the financial statements of the Company give a true and fair view of the state of affairs of the Company. In this regard, the Board also ensures that the Company has used acceptable accounting policies for its financial statements, consistently applied and supported by reasonable and prudent judgment and estimates. Prior to release to the Kuala Lumpur Stock Exchange, the quarterly and year-end financial statements are presented to the Audit Committee and reviewed by the Board towards ensuring that the financial statements present a balanced and understandable assessment of the Company s position and prospects. 2. Internal Audit The Company has engaged the Chief Internal Auditor of Pos Malaysia Berhad, a wholly owned subsidiary of the Company to carry out internal audit functions for the Group. Its role is to provide independent and objective reports on the organisation s management, records, accounting policies and control to the Audit Committee. The Group s Statement of Internal Control is set out on page 26 of this annual report. 3. Relationship with Auditors The Group has established transparent and appropriate relationships with the Company s auditors through the Audit Committee. This Corporate Governance Statement was adopted and approved by the Board on 21 April

26 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 statement of internal control Introduction The Statement of Internal Control by the Board of Directors on the Group is made pursuant to the Listing Requirements of the Kuala Lumpur Stock Exchange whereby the Board is committed to maintaining a sound system of internal control in the Group. The Board is pleased to provide the following statement which outlines the nature and scope of internal control of the Group during the financial year. Board Responsibilities The Board recognises the importance of maintaining a sound system of internal control to safeguard shareholders investment and the Group s assets. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable but not absolute assurance against material misstatement or loss. Risk Management Framework Apart from financial controls, the Group s system of internal control also covers operational and compliance controls and, most importantly, risk management. In an effort to further enhance its current risk management practices, the Group is in the process of formalising a Risk Management Framework. Key Elements The key elements of the Group s internal control system include:- Clearly documented internal policies and procedures are in place and updated to reflect changing risks or to resolve operational deficiencies. Establishment of a Management Committee comprising Senior Management which meets regularly to monitor financial performance and key business indicators as well as to provide key information and performance reports to the Board of Directors. Detailed budgeting process where operating units prepare budgets for the coming year that are approved by the Board. The Audit Committee, on behalf of the Board, is responsible to review the effectiveness and adequacy of the Group s system of internal control including compliance. Internal Audit Function The internal audit function is provided by the Internal Audit Department of Pos Malaysia Berhad, ie. the subsidiary of the Company. The Internal Audit performs systematic reviews of key processes relating to high risk areas and assess the effectiveness of internal control including compliance. Areas for improvement and proposed recommendations are highlighted to Senior Management and the Audit Committee with periodic follow-ups on action taken. A clearly defined organisational structure with clear lines of accountability and delegation of authority for each level. This Statement of Internal Control was adopted and approved by the Board on 21 April

27 corporate section Pos Malaysia & Services Holdings Berhad directors responsibility statement The Board of Directors is required to ensure that financial statements for each financial year are properly drawn in accordance with the provisions of the Companies Act, 1965 and applicable approved accounting standards in Malaysia so as to give a true and fair view of the state of affairs of the Company and the Group as at the financial year end and of the results and cash flows of the Company and the Group for the financial year. The Directors consider that, in preparing the financial statements of the Company and the Group for the financial year ended 31 December 2002, the Company and the Group have used appropriate accounting policies and applied them consistently, reasonably and prudently. The Directors also consider that all applicable approved accounting standards have been followed in the preparation of the financial statements. The Directors are responsible to ensure that the Company and its subsidiaries keep accounting records which disclose with reasonable accuracy the financial position of the Company and of the Group and which enable them to ensure that the financial statements comply with the provisions of the Companies Act, In addition, the Directors are responsible to take such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. This Directors Responsibility Statement was adopted and approved by the Board on 21 April

28 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 additional compliance information The following information is provided in conformance with the Kuala Lumpur Stock Exchange ( KLSE ) Listing Requirements. held on 8 December The Company had in fact purchased a total of 38,588,000 shares under the share buy back scheme. 1. Utilisation of Proceeds During the financial year ended 31 December 2002, the Company did not have any corporate proposals. 2. Share buy-back The Company did not exercise any share buy-back during the financial year ended 31 December Options, warrants or convertible securities During the financial year ended 31 December 2002, there is no conversion of the 8% Irredeemable Convertible Unsecured Loan Stocks 1999/2004 into ordinary shares of RM1.00 each. Following the completion of the disposal of Phileo Allied Options and Financial Futures Sdn Bhd, Phileo Asset Management Sdn Bhd and PhileoAllied Unit Trust Management Bhd to Pentaville Investments Limited, a wholly owned subsidiary of Avenue Assets Berhad on 19 April 2002, the then existing Employee Share Option Scheme has automatically lapsed and became null and void. 4. American Depository Receipt (ADR) / Global Depository Receipt (GDR) During the financial year ended 31 December 2002, the Company did not sponsor any ADR or GDR. 6. Non-audit fees Non-audit fees payable to the auditors, Messrs PricewaterhouseCoopers and its affiliated companies for the financial year ended 31 December 2002 as stated below amounted to RM286,696. The fees were mainly in relation to the business plan preparation consultancy services and tax advisory services for its subsidiaries. RM PricewaterhouseCoopers Consulting Sdn Bhd 135,210 PricewaterhouseCoopers Tax Services Sdn Bhd 151,486 Total 286, Variation in results The Group has recorded a negative variance of approximately RM13.5 million or 22.0% as compared to forecasted profit after tax and minority interest of RM61.2 million for profit forecast for the financial year ended 31 December This is mainly due to provision for diminution in value of long term investments of RM4.0 million, and the impairment loss on the land in Ipoh of RM7.8 million in accordance with the new MASB 23, which were not forecasted for previously. 8. Profit Guarantee During the financial year ended 31 December 2002, the Company did not give any profit guarantee. 5. Sanctions and/or Penalties On 17 May 2002, the Company was publicly reprimanded by KLSE in respect of the breach of Paragraph 1.1 of the Share Buy Back Guidelines ( SBB-Guidelines ) when the Company purchased its own shares exceeding the quantum of 37,480,299 shares as approved by the shareholders in the Extraordinary General meeting 9. Material contracts There were no material contracts entered into by the Company and its subsidiaries involving the directors and substantial shareholders, either still subsisting at the end of the financial year ended 31 December 2002 or entered into since the end of the previous financial year. 28

29 corporate section Pos Malaysia & Services Holdings Berhad 10. Revaluation Policy During the financial year ended 31 December 2002, the Company did not have any revaluation policy on landed properties. 11. Recurrent related party transactions of a revenue or trading nature conducted pursuant to the shareholders mandate approved at the Extraordinary General Meeting held on 28 June 2002 Related parties involved with the company and its subsidiaries Transacting Company Nature of Transactions Relationship Aggregate value for the financial year ended 31 December 2002 (RM) Pos Malaysia Berhad ( Pos ) Avenue Asset Management Services Sdn Bhd ( AAMS ) Fund management services Pos is a wholly owned subsidiary of Pos Malaysia & Services Holdings Berhad ( PSH ) and AAMS is a wholly owned subsidiary of Avenue Assets Berhad ( AAB ), which in turn AAB is a major shareholder of PSH 94, Pos Quantrum Alliance Sdn Bhd ( QA ) Call centre, a one stop customer service centre that offers an integrated telephony-based services, internet based services and call in centre Pos is a wholly owned subsidiary of PSH and QA is a subsidiary of AAB, which in turn AAB is a major shareholder of PSH 1,161, *AAMS Avenue Securities Sdn Bhd ( AS ) Purchase and sale of marketable securities AAMS and AS are the wholly owned subsidiaries of AAB and AAB is a major shareholder of PSH 841, Note: *AAMS is a formerly wholly-owned subsidiary of PSH 29

30 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 audit committee report 1. Composition The Audit Committee of the Company comprises three members, two of whom are Independent Non-Executive Directors. The Members of the Audit Committee are as follows: (a) Datuk Mohamed Adnan bin Ali - Chairman (Independent Non-Executive Director) (b) Datuk Dr. Awang Adek bin Hussin (Independent Non-Executive Director) (c) Dato Annuar bin Maaruf (Non-Independent Non-Executive Director) 2. Number of Meetings held During the financial year ended 31 December 2002, the Committee held five Audit Committee meetings as follow: (a) Audit Committee Meeting 1/ Tuesday, at 3.05 p.m. (b) Audit Committee Meeting 2/ Monday, at 9.10 a.m. (c) Audit Committee Meeting 3/ Wednesday, at 2.35 p.m. (d) Audit Committee Meeting 4/ Monday, at a.m. (e) Audit Committee Meeting 5/ Tuesday, at a.m. Details of attendance of each Committee member are as follows:- Members Period of Membership Total (a) Datuk Mohamed Adnan bin Ali / 5 (b) Datuk Dr. Awang Adek bin Hussin / 5 (c) Dato Annuar bin Maaruf / 5 3. Terms of Reference 3.1 Composition of Committee 1. The Committee shall be appointed by the Board from amongst its members. 2. The Committee shall consist of not less than three members of whom: I. A majority shall not: (a) be executive directors of the Company or any other related corporation; (b) comprise a spouse, parent, brother, sister, son or adopted son, daughter or adopted daughter of an executive director of the Company or of any related corporation; or (c) comprise persons having a relationship which in the opinion of the Board, would interfere with the exercise of independent judgement in carrying out the functions of the Committee or otherwise not satisfy the requirements for independence as may be required by the competent authorities from time to time. II. At least one member: (a) must be a member of the Malaysian Institute of Accountants; or (b) if he is not a member of the Malaysian Institute of Accountants, must have at least three years working experience and: i. must have passed the examinations specified in Part I of the 1st Schedule of the Accountants Act 1967; or ii. must be a member of one of associations of accountants specified in Part II of the 1st Schedule of the Accountants Act The Committee shall appoint a Chairperson from among themselves who is not an executive director or employee of the Company or any related corporation and shall satisfy the requirements for independence as may be required by the competent authorities from time to time. 3.2 Functions of the Audit Committee The Committee shall discharge the following functions: Review the following and report the same to the Board of Directors: (a) with the external auditors, the audit plan; (b) with the external auditors, the evaluation of the system of internal controls; 30

31 corporate section Pos Malaysia & Services Holdings Berhad (c) with the external auditors, the audit report; (d) the assistance given by the employees of the Company to the external auditor; (e) the adequacy of the scope, functions and resources of the internal audit functions and that it has the necessary authority to carry out its work; (f) the internal audit program, processes, the results of the internal audit program, processes or investigation undertaken and whether or not appropriate action is taken on the recommendations of the internal audit function; (g) the quarterly results and year end financial statements, prior to the approval by the Board of Directors, focusing particularly on:- i. changes in or implementation of major accounting policy changes; ii. significant and unusual events; and iii.compliance with accounting standards and other legal requirement; (h) any related party transaction and conflict of interest situation that may arise within the Company or group including any transaction, procedure or course of conduct that raises questions of management integrity; (i) any letter of resignation from the external auditors of the Company; and i. whether there is reason (supported by grounds) to believe that the Company s external auditors are not suitable for re-appointment; and ii. recommend the nomination of a person or persons as external auditors. 3.3 Frequency of Meetings (a) The Committee shall meet at least four times a year. (b) In addition, the Chairperson may call a meeting of the Committee if requested to do so by any Committee member or by the external auditors if they consider one is necessary. A member of the management team, the internal auditors and a representative of the external auditors shall normally attend meetings. However, the Committee may invite any person to be in attendance to assist it in its deliberations. The minutes of each meeting shall be kept and distributed to each member of the Committee. The company secretary shall be the secretary of the Committee. A quorum shall consist of a majority as defined in 3.1(2I) above. 4. Authority The Committee is authorised by the Board of Directors to investigate any activity within its Terms of Reference and shall have unrestricted access to any information pertaining to the Group, both the internal and external auditors and to all employees of the Group. The Committee is also authorised by the Board of Directors to obtain, at the expense of the Company, external legal or other independent professional advice as necessary. 5. Summary of activities During the financial year ended 31 December 2002, the Audit Committee carried out its duties as set out in the Terms of Reference. Among the main issues discussed by the Audit Committee are as follows: (a) the new accounting standards applicable to the consolidated financial statements for the financial year ended 31 December 2002; and (b) the new format of disclosure for financial results in accordance with the Kuala Lumpur Stock Exchange Listing Requirements. 31

32

33 Pos Malaysia & Services Holdings Berhad directors report & financial statements year ended 31 december 2002

34

35 directors report Pos Malaysia & Services Holdings Berhad directors report The Directors have pleasure in submitting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December PRINCIPAL ACTIVITIES The principal activities of the Company are investment holding and provision of management services. The principal activities of the subsidiary companies are set out in Note 16 to the financial statements. There has been no significant change in these activities during the financial year. CHANGE OF NAME At the Company s Extraordinary General Meeting held on 18 June 2002, the shareholders approved the proposed change of name from Phileo Allied Berhad to Pos Malaysia & Services Holdings Berhad. The Company assumed its present name on 24 June FINANCIAL RESULTS Group RM 000 Company RM 000 Net profit for the financial year 47,681 2,397 DIVIDENDS In respect of the financial period ended 31 December 2001, first and final dividend of 2 sen gross per share on 390,787,991 ordinary shares, which excludes the 38,588,000 treasury shares held by the Company, less 28% income tax, amounting to RM5,627,347 was paid on 20 August The Directors now recommend the payment of a first and final dividend of 4 sen gross per share on 390,787,991 ordinary shares, which excludes the 38,588,000 treasury shares held by the Company, less 28% income tax, amounting to RM11,254,694 which, subject to the approval of members at the forthcoming Annual General Meeting of the Company, will be paid on 20 August 2003 to shareholders registered on the Company s Registrar of Members at the close of business on 22 July RESERVES AND PROVISIONS All material transfers to or from reserves and provisions during the financial year are disclosed in the financial statements. IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS 1999/2004 ( ICULS 1999/2004 ) There was no conversion of ICULS 1999/2004 during the financial year ended 31 December The salient features of the ICULS 1999/2004 of the Company are as follows: (a) bear a fixed coupon rate of 8% per annum on the principal amount of the ICULS 1999/2004 payable annually on 31 December of each year during the five years they remain outstanding, the first payment being on 31 December 1999 and the last payment being on the maturity date of ICULS 1999/2004; (b) convertible into new ordinary shares on any market day after the date of issue and expiring on the market day preceding the maturity date at the conversion rate of RM1.80 nominal value of ICULS 1999/2004 for every one (1) new ordinary share in the Company; and (c) on the maturity date of 26 November 2004, any unconverted ICULS 1999/2004 will be automatically converted mandatorily at the conversion price which will be satisfied by the equivalent nominal value of ICULS 1999/2004 for every one (1) new ordinary share in the Company. 35

36 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 EMPLOYEE SHARE OPTION SCHEME The Group received approval from the Ministry of Finance and Bank Negara Malaysia in January 1997 and the Securities Commission in March 1997 for the implementation of the Phileo Allied Berhad Employee Share Option Scheme ( The Scheme ). Members of the Company had, at an Extraordinary General Meeting held on 11 April 1997, approved the establishment of The Scheme for the benefit of eligible employees of the Company and its subsidiary companies. The Kuala Lumpur Stock Exchange had, on 12 May 1997, approved The Scheme and had also approved in principle the listings of the new shares to be issued pursuant to The Scheme. The Scheme will operate for a period of five years from 28 April 1997 and the new shares to be issued shall not exceed 10% of the issued and paid-up capital of the Company at the time of allotment. As at 31 January 1997, based on the issued and paid-up share capital of the Company of 341,855,562 ordinary shares of RM1 each, a maximum of 34,185,000 new options to subscribe for shares in the Company was granted at an exercise price of RM4.90 per share to eligible employees of the Company and its subsidiary companies. The main features of The Scheme are as follows: (a) Eligible employees (including Executive Directors) are those who have been confirmed with at least twelve months continuous service in the Group. (b) The total number of new shares to be offered under The Scheme shall not exceed 10% of the total issued and paid-up share capital of the Company at any one time during the existence of The Scheme. (c) The option price of each share shall be the average market quotation of the shares of the Company as shown in the Daily Official List of the KLSE for the five market days preceding the Offer Date or the par value of the share, whichever is higher. (d) The option may be exercised in respect of any part of the new shares comprised in the option, such part being not less than one thousand (1,000) shares and only in multiples of one thousand (1,000) shares. Movements during the year in the number of options over the shares of the Company during the year are as follows: RM At 1 January ,000 Lapsed (201,000) At 31 December DIRECTORS The Directors who have held office since the date of the last report are: Tan Sri Abdul Halim bin Ali Tan Sri Dr Samsudin bin Hitam Dato Annuar bin Maaruf Datuk Mohamed Adnan bin Ali Datuk Dr Awang Adek bin Hussin Abu Huraira bin Abu Yazid Wee Hoe Gooi Hoe Soon 36

37 directors report Pos Malaysia & Services Holdings Berhad DIRECTORS (continued) In accordance with Article 102 of the Company s Articles of Association, Wee Hoe Gooi Hoe Soon and Abu Huraira bin Abu Yazid retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. DIRECTORS BENEFITS During and at the end of the financial year, no other arrangements subsisted to which the Company is a party, with the object or objects of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. Since the end of the previous financial period, no Director has received or become entitled to receive a benefit (other than directors remuneration disclosed in the financial statements) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which he is a member, or with a company in which he has a substantial financial interest, except that certain Directors received remuneration as Directors of the subsidiary companies. DIRECTORS INTERESTS IN SHARES None of the Directors in office at the end of the financial year held any interest in shares and options over shares in the Company and its related corporations. STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS Before 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 allowance for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate allowance had 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 business their values as shown in the accounting records of the Group and the Company had been written down to an amount which 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 the financial statements of the Group and the Company inadequate to any substantial extent; or (b) which would render the values attributed to current assets in the financial statements of the Group and the Company misleading; or (c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and the Company misleading or inappropriate. No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the Group or the Company to 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 and the Company which has arisen since the end of the financial year which secures the liability of any other person; or (b) any contingent liability of the Group and the Company which has arisen since the end of the financial year except as disclosed in Note 38 to the financial statements. 37

38 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 OTHER STATUTORY INFORMATION At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial statements which would render any amount stated in the financial statements misleading. In the opinion of the Directors, (a) except for the impact of the significant events during the financial year as stated in Note 40 to the financial statements, the results of the Group s and the Company s operations during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature; and (b) except as disclosed in Note 42 to the financial statements, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely to affect the results of the operations of the Group or the Company for the financial year in which this report is made. AUDITORS The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office. Signed on behalf of the Board of Directors in accordance with their resolution dated 21 April TAN SRI ABDUL HALIM BIN ALI DIRECTOR Kuala Lumpur DATUK MOHAMED ADNAN BIN ALI DIRECTOR 38

39 financial statements Pos Malaysia & Services Holdings Berhad consolidated income statement for the year ended 31 December 2002 Year ended 11 months Note ended RM 000 RM 000 RM 000 RM 000 Operating revenue - continuing operations: existing 642,739 1,115 - continuing operations: new acquisitions ,656 - discontinued operations 5 2,219 9, , ,859 Other operating income - interest income 26,862 26,594 - others 14,460 15,045 Raw materials and consumables used (7,419) (1,690) Staff cost (374,427) (132,599) Rental, communication, transportation and utilities (84,781) (14,858) Maintenance and supplies (49,570) (18,385) Depreciation expenses (45,287) (19,403) Other operating expenses (31,460) (15,512) Allowance for diminution in value of investments (9,830) 0 Loss on disposal of subsidiary companies 5 (3,061) 0 Impairment in value of investment properties (7,780) 0 Profit from operations - continuing operations: existing 75,167 10,574 - continuing operations: new acquisitions ,762 - discontinued operations 5 (2,502) 4, ,665 28,051 Finance cost 9 (6,861) (11,023) Share of results of associated companies 9,963 1,107 Profit from ordinary activities before taxation 75,767 18,135 Taxation - Company and subsidiary companies 10 (26,222) (6,610) - Associated companies 10 (1,864) 0 Net profit for the financial year/period 47,681 11,525 Earnings per share (sen) 11 - basic diluted N/A N/A Dividend per share - gross (sen)

40 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 company income statement for the year ended 31 December months Year ended ended Note RM 000 RM 000 Operating revenue ,845 Other operating income - interest income 6,580 19,051 - others Staff cost (1,427) (4,198) Rental, communication, transportation and utilities (1,624) (961) Maintenance and supplies (31) (97) Depreciation expenses (56) (113) Reversal of allowance for diminution in value of subsidiary companies 0 6,708 Allowance for amounts due from subsidiary companies 0 (9,418) Other operating expenses (1,407) (2,622) Gain on disposal of subsidiary companies 5 6,229 0 Profit from operations 7 8,306 18,219 Finance cost 9 (6,697) (10,831) Profit from ordinary activities before taxation 1,609 7,388 Taxation (3,410) Net profit for the financial year/period 2,397 3,978 Dividend per share - gross (sen)

41 financial statements Pos Malaysia & Services Holdings Berhad balance sheets as at 31 December 2002 Group Company As at As at As at As at Note RM 000 RM 000 RM 000 RM 000 NON CURRENT ASSETS Property, plant and equipment , , Investment properties 14 13,300 21, Long term investments , ,184 23, Subsidiary companies , ,059 Associated companies 17 79,056 70, , , , ,226 CURRENT ASSETS Inventories 18 5,911 6, Trade receivables 19 76,655 91, Other receivables 20 22,813 26,224 2,726 1,878 Amounts due from subsidiary companies , ,506 Marketable securities 22 45,253 56, Tax recoverable 5,514 20,490 5,432 1,743 Deposits, cash and bank balances , , , , , , , ,807 LESS: CURRENT LIABILITIES Trade payables 24 40,459 47, Other payables , ,869 6,935 7,477 Amounts due to subsidiary companies ,757 69,773 Amounts due to associated companies 27 2,310 2, Tax liabilities 4,233 1, Short term bank borrowings - bank overdrafts term loan , ,890 76,692 77,555 NET CURRENT ASSETS 607, , , ,252 41

42 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 balance sheets as at 31 December 2002 (continued) Group Company As at As at As at As at Note RM 000 RM 000 RM 000 RM 000 LESS: NON CURRENT LIABILITIES Term loan (interest bearing) , % ICULS 1999/2004 (interest bearing) 31 83,622 83,622 83,622 83,622 Pension and gratuity 32 45,907 45, Deferred taxation 33 6,256 6, , ,922 83,622 83, ,107,809 1,064,096 1,024,626 1,027,856 CAPITAL AND RESERVES Share capital , , , ,376 Reserves 763, , , ,265 1,192,594 1,148,881 1,109,411 1,112,641 Less: Treasury shares 35 (84,785) (84,785) (84,785) (84,785) SHAREHOLDERS FUNDS 1,107,809 1,064,096 1,024,626 1,027,856 42

43 financial statements Pos Malaysia & Services Holdings Berhad consolidated statement of changes in equity for the year ended 31 December 2002 Issued and paid up ordinary shares of RM1.00 each Non-distributable Distributable Ordinary shares Goodwill/ / Number Nominal Share Reserve on Retained Note of shares value premium consolidation earnings Total RM 000 RM 000 RM 000 RM 000 RM 000 At 1 January as previously reported 429, , ,368 29, ,812 1,143,254 - prior year adjustment ,627 5,627 - as restated 429, , ,368 29, ,439 1,148,881 Net profit for the financial year ,681 47,681 Disposal of subsidiary companies , ,659 Dividend for the financial period ended - 31 December (5,627) (5,627) At 31 December , , ,368 31, ,493 1,192,594 At 1 February , , ,438 (1,659) 139, ,307 Issue of shares: - conversion of ICULS 1996/ ,698 48, , ,145 - conversion of ICULS 1999/ ,603 5,603 4, ,086 Overprovision of prior year dividend ,461 1,461 Net profit for the financial period ,525 11,525 Acquisition of a subsidiary company , ,357 At 31 December , , ,368 29, ,439 1,148,881 43

44 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 company statement of changes in equity for the year ended 31 December 2002 Issued and paid up ordinary shares of RM1.00 each Non-distributable Distributable Number Nominal Share Retained Note of shares value premium earnings Total 000 RM 000 RM 000 RM 000 RM 000 At 1 January as previously reported 429, , , ,270 1,107,014 - prior year adjustment ,627 5,627 - as restated 429, , , ,897 1,112,641 Net profit for the financial year ,397 2,397 Dividend for the period ended - 31 December (5,627) (5,627) At 31 December , , , ,667 1,109,411 At 1 February , , , , ,971 Net profit for the financial period ,978 3,978 Overprovision of prior year dividend ,461 1,461 Conversion of ICULS 1996/ ,698 48, , ,145 Conversion of ICULS 1999/ ,603 5,603 4, ,086 At 31 December , , , ,897 1,112,641 44

45 financial statements Pos Malaysia & Services Holdings Berhad consolidated cash flow statement for the year ended 31 December months Year ended ended RM 000 RM 000 CASH FLOWS FROM OPERATING ACTIVITIES Net profit for the financial year/period 47,681 11,525 Adjustments for: Impairment in value of investment properties 7,780 0 Development expenditure written off 0 1,042 Share of results of associated companies (9,963) (1,107) Loss on disposal of shares in subsidiary companies 3,061 0 Depreciation of property, plant and equipment 45,287 19,403 Property, plant and equipment written off 17 0 Gain on disposal of property, plant and equipment (441) 0 Gain on disposal of marketable securities (348) (172) Amortisation of premium less accretion of discount Interest income (26,862) (26,594) Dividends from marketable securities (419) (1,428) Allowance for bad and doubtful debts Gain on disposal of long term investments (215) 0 Allowance for diminution in value of investments 9,830 0 Interest expense 6,861 11,023 Taxation 28,086 6,610 Operating profit before working capital changes 111,029 21,085 Decrease/(increase) in inventories 626 (345) Decrease in receivables 4,721 31,290 Decrease in payables (38,071) (83,124) Decrease in deposits and placements of banks and other financial institutions 0 891,029 Cash generated from operations 78, ,935 Taxation paid (8,418) (15,660) Net cash generated from operating activities 69, ,275 45

46 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 consolidated cash flow statement for the year ended 31 December 2002 (continued) 11 months Year ended ended Note RM 000 RM 000 CASH FLOWS FROM INVESTING ACTIVITIES Net sale/(purchase) of long term investments 24,800 (7,623) Disposal of shares in subsidiary companies, net of cash and cash equivalents 5 (18,343) 0 Acquisition of shares in subsidiary company, net of cash and cash equivalents 4 0 (316,544) Dividends received from marketable securities 419 1,428 Purchase of property, plant and equipment (33,131) (21,881) Proceeds from disposal of property, plant and equipment Net sales of marketable securities 1,597 1,412 Interest received 26,862 26,594 Purchase of treasury shares 0 (84,785) Net cash generated from/(used in) investing activities 2,647 (401,394) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to shareholders (5,627) (22,844) Interest paid on short term borrowings (171) (388) Repayment of term loans (2,187) (352) Interest paid on 4% ICULS 1996/2001 and 8% ICULS 1999/2004 (6,690) (10,093) Interest paid on acquisition of a subsidiary company 0 (342) Repayment of hire purchase instalments 0 (18) Net repayment of short term borrowings 0 (60,000) Net cash used in financing activities (14,675) (94,037) Net increase in cash and cash equivalents 57, ,844 Cash and cash equivalents at beginning of year/period 688, ,661 Cash and cash equivalents at end of year/period , ,505 46

47 financial statements Pos Malaysia & Services Holdings Berhad company cash flow statement for the year ended 31 December months Year ended ended Note RM 000 RM 000 CASH FLOWS FROM OPERATING ACTIVITIES Net profit for the financial year/period 2,397 3,978 Adjustments for: Allowance for amounts due from subsidiary companies 0 9,418 Depreciation of property, plant and equipment Gain on disposal of property, plant and equipment (3) (2) Gain on disposal of subsidiary companies (6,229) 0 Reversal of diminution in value of investment in subsidiary companies 0 (6,708) Interest expense 6,697 10,831 Interest income (6,580) (19,051) Taxation (788) 3,410 Operating (loss)/profit before working capital changes (4,450) 1,989 Increase in receivables (848) (830) Decrease in payables (542) (6,579) Inter-company balances 9,912 (7,456) Net cash generated from/(used in) from operations 4,072 (12,876) Taxation paid (2,902) (4,493) Net cash generated from/(used in) from operating activities 1,170 (17,369) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of long term investments 0 (18) Property, plant and equipment: - additons (10) (173) - proceeds from disposals 5 2 Withdrawals of deposits 0 879,729 Acquisition of a subsdiary company 4 0 (805,421) Interest income 6,580 19,051 Purchase of treasury shares 0 (84,785) Net cash generated from investing activities 6,575 8,385 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to shareholders (5,627) (22,844) Interest paid (6,697) (10,831) Repayment of short term borrowings 0 (60,000) Repayment of hire-purchase 0 (23) Net cash used in financing activities (12,324) (93,698) Net decrease in cash and cash equivalents (4,579) (102,682) Cash and cash equivalents at beginning of year/period 228, ,057 Cash and cash equivalents at end of year/period , ,375 47

48 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 summary of significant group accounting policies for the year ended 31 December 2002 The following accounting policies have been used consistently in dealing with material items in the financial statements. A. BASIS OF PREPARATION The financial statements of the Group and of the Company have been prepared under the historical cost convention, unless otherwise indicated below, and comply with the applicable approved accounting standards in Malaysia and the provisions of the Companies Act, The new applicable approved accounting standards adopted in these financial statements are as follows: (a) Retrospective application Comparative figures have been adjusted or extended to conform with changes in presentation due to the requirements of the following new MASB Standards that have been applied retrospectively: MASB Standard 19 Events After Balance Sheet Date MASB Standard 20 Provisions, Contingent Liabilities and Contingent Assets MASB Standard 22 Segment Reporting With the exception of MASB Standard 19 (See Note 41), there are no changes in accounting policy that affect net profit for the financial year as a result of the adoption of the above standards in these financial statements as the Group was already following the recognition and measurement principles in those standards. (b) Prospective application from 1 January 2002 MASB Standard 21 Business Combinations The Group has taken advantage of the exemption provided to apply this Standard prospectively. Accordingly, business combinations entered into prior to 1 January 2002 have not been restated to comply with this Standard. MASB Standard 23 Impairment of Assets This Standard does not allow retrospective application. MASB Standard 24 Financial Instruments: Disclosure and Presentation The Group has taken advantage of the exemption provided to apply this Standard prospectively. Accordingly, comparatives are not disclosed upon first application of this MASB Standard The preparation of financial statements in conformity with the applicable approved accounting standards in Malaysia and the provisions of the Companies Act 1965 requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported year. Actual results could differ from those estimates. B. BASIS OF CONSOLIDATION Subsidiary companies are those companies in which the Group has power to exercise control over the financial and operating policies so as to obtain benefits from their activities. The consolidated income statement and balance sheet include the financial statements of the Company and all its subsidiary companies made up to the end of the financial year. Subsidiary companies are consolidated using the acquisition method of accounting. Under the acquisition method of accounting, the results of subsidiary companies acquired or disposed during the financial year are included in the consolidated income statement as from the date of their acquisition or up to, the date of their disposal. Intercompany transactions, balances and unrealised surpluses and deficits on transactions between group companies have been eliminated. Where necessary, accounting policies for subsidiary companies have been changed to ensure consistency with the policies adopted by the Group. Separate disclosure is made of minority interests. External costs directly attributable to an acquisition, other than costs of issuing shares and other capital instruments, is included as part of the cost of acquisition. C. GOODWILL/RESERVE ON CONSOLIDATION The excess or deficit of the value of the purchase consideration over the fair value of the net assets of the subsidiary companies at the date of the acquisition is reflected as goodwill or reserve on consolidation and is written off against reserves. The amounts are taken into account in calculating the gain or loss of the relevant subsidiary companies disposed. 48

49 financial statements Pos Malaysia & Services Holdings Berhad D. PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION All property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Freehold land and capital work in progress are not depreciated. Leasehold land are amortised over the lease period ranging from 60 to 99 years and Government leasehold and buildings are amortised over 30 years. All other property, plant and equipment are depreciated on a straight line basis to write off the cost of each asset to their residual values over their estimated useful lives at the following annual rates: Buildings 2% Building improvements and office renovations 10% - 50% Plant and machinery 5% /3% Motor vehicles 15% - 25% Furniture and fittings, office and computer equipment 10% /3% Depreciation on assets under construction commences when the assets are ready for their intended use. The carrying amounts of property, plant and equipment are reviewed at each balance sheet date to determine whether there is any indication of impairment. If such an indication exists, the asset s recoverable amount is estimated. An impairment loss is charged to the income statement whenever the carrying amount of an item of property, plant and equipment exceeds its recoverable amount. Gains and losses on disposal of property, plant and equipment are determined by reference to their carrying amount and are taken into account in determining profit/(loss) from operations. E. FOREIGN CURRENCY TRANSLATION Transactions carried out with overseas postal administrations are invoiced in Special Drawing Rights (SDR) and settled in US Dollar. The SDR is a basket of currencies and composed of fixed quantities of the four major traded currencies (USD, Yen, Euro and Sterling Pound). The composition of the basket is set by International Monetary Fund. The principal closing rates used in translation of foreign currency amounts are as follows: As at As at Foreign currency US Dollar RM3.830 RM Singapore Dollar RM2.190 RM Sterling Pound RM6.146 RM SDR (Special Drawing Rights) RM5.166 RM4.771 F. DEFERRED TAXATION Provision is made using the liability method for taxation deferred by all timing differences. Deferred tax assets are recognised only if there is a reasonable expectation of their realisation. G. ASSOCIATED COMPANIES Associated companies are companies in which the Group exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the associated companies but not control over those policies. Investments in associated companies are accounted for in the consolidated financial statements by the equity method of accounting. Foreign currency transactions are accounted for at exchange rates prevailing at the transaction dates. Foreign currency monetary assets and monetary liabilities are translated to Ringgit Malaysia at the rates of exchange ruling at the balance sheet date. Exchange differences arising from the settlement of foreign currency transactions and from the translation of foreign currency monetary assets and liability are included in the income statement. Equity accounting involves recognising in the income statement the Group s share of the results of associated companies for the year. The Group s investments in associated companies are carried in the balance sheet at an amount that reflects its share of the net assets of the associated companies and includes goodwill on acquisition. The Group does not recognise the share of net liabilities in associated companies unless it has guaranteed the obligations of the associated companies. 49

50 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 Unrealised surpluses and deficits on transactions between the Group and its associated companies have been eliminated to the extent of the Group s interest in the associated companies. Where necessary, in applying the equity method, adjustments have been made to the financial statements of associated companies to ensure consistency of accounting policies with the Group. Expenditure on the production of postage stamps is expensed in the year in which it is incurred and therefore no value for stamps on hand at balance sheet date is shown in the financial statements. However, for internal control purposes, inventories of postage stamps are accounted for at face value within a dedicated accounting sub-system. H. INVESTMENTS Investments in subsidiary companies and associated companies are shown at cost. Investments in long term investments are shown at cost, and in the case of quoted bonds/loan stock and unquoted private debt securities, adjusted for the accretion of discounts or amortisation of premiums on an effective yield basis. Provision is only made where, in the opinion of the Directors there is a permanent diminution in value. Permanent diminution in the value of an investment is recognised as an expense in the period in which the diminution is identified. Marketable securities are carried at the lower of cost and market value, determined on an aggregate portfolio basis by category of investment. Cost is derived at on the weighted average basis. Market value is calculated by reference to stock exchange quoted selling prices at the close of business on the balance sheet date. Increases/decreases in the carrying amount of marketable securities are credited/charged to the income statement. On disposal of an investment, the difference between net disposal proceeds and its carrying amount is charged or credited to the income statement. I. INVENTORIES Inventories comprise mainly Pos 2020 merchandise, uniforms for postmen, insertion and mailing materials and digital certificates. Cost is determined on a weighted average basis. An estimate is made for slow moving inventories based on a review of physical balances as at financial year end. Inventories are stated at the lower of cost and net realisable value. J. TRADE RECEIVABLES Trade receivables are carried at invoiced amounts less an estimate made for doubtful debts based on a review of outstanding amounts as at year end. Bad debts are written off when identified. K. SHARE CAPITAL (1) Classification Ordinary shares with discretionary dividends are classified as equity. (2) Share issue costs External costs directly attributable to the issue of new shares are charged out to income statement. (3) Dividends Dividends on ordinary shares are recognised as liabilities when declared. (4) Treasury shares Where the Company or its subsidiary companies purchases the Company s equity share capital, the consideration paid, including any attributable transaction cost is deducted from total shareholder s equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders equity. L. INVESTMENT PROPERTIES Investment properties are held for long term capital gains and are not occupied by the Group. These properties are treated as long term investments and carried at cost. Where an indication of impairment exists, the carrying amount of the asset is assessed and written down immediately to its recoverable amount. Net realisable value is the estimate of the selling price in the ordinary course of business, less the costs of completion and selling expenses. On disposal of an investment property, the difference between the net disposal proceeds and the carrying amount is charged or credited to the income statement. 50

51 financial statements Pos Malaysia & Services Holdings Berhad M. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash in hand, bank balances, demand deposits, bank overdrafts and short term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. N. BORROWINGS Borrowings are initially recognised based on the proceeds received, net of transaction costs incurred. In subsequent periods, borrowings are stated at amortised cost using the effective yield method; any different between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings. In assessing the fair value of non-traded derivatives and financial instruments, the Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for the specific or similar instruments are used for long term debt. Other techniques, such as options pricing models and estimated discounted value of future cash flows, are used to determine fair value for the remaining financial instruments. In particular, the fair value of financial liabilities is estimated by discounting the future contractual cash flows at the current market interest rate available to the Group for similar financial instruments. The face values, less any estimated credit adjustments, for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values. O. PROVISIONS Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. P. FINANCIAL INSTRUMENTS (1) Financial instruments recognised on the balance sheet The particular recognition method adopted for financial instruments recognised on the balance sheet is disclosed in the individual policy statements associated with each item. Compound financial instruments On issue of a financial instrument that contains both a liability and an equity element, the fair value of the liability portion is determined using a market interest rate for an equivalent financial instrument; this amount is carried as a non current liability on the amortised cost basis until extinguished on conversion or maturity of the instrument. The remainder of the proceeds is allocated to the conversion option is not changed in subsequent periods. (2) Fair value estimation for disclosure purposes The fair value of publicly traded derivatives and securities is based on quoted market prices at the balance sheet date. Q. REVENUE RECOGNITION (i) Postage, prepaid mail and courier on demand are credited to the income statement on a cash basis. However, no provision is made in the financial statements for unearned revenue as at balance sheet date in respect of which the related postal service has not yet been provided. This is not in compliance with the accrual concept of accounting. However the non-compliance is not expected to have a material effect on the financial statements of the Group and Company. Courier on contract is recognised on an accrual basis. (ii) Commission on remittances and agency services are recognised on an accrual basis upon performance of services. (iii) Revenue from incoming international mail net of outgoing international mail is recognised upon performance of services. (iv) Revenue from printing and insertion services is recognised upon delivery of postal articles. (v) Revenue from sale of digital certificates is recognised ratably over the life of the digital certificates which range from 12 to 36 months. Sales transactions involving an exchange of nonmonetary assets are recognised as revenue at the fair value of the assets or services exchanged. (vi) Interest income is recognised as it accrues unless collectibility is in doubt. (vii) Dividend income is recognised when the Group and Company s right to receive payment is established. 51

52 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 notes to the financial statement for the year ended 31 December GENERAL INFORMATION The principal activities of the Company are investment holding and provision of management services. The principal activities of the subsidiary companies and associated companies are set out in notes 16 and 17 to the financial statements respectively. There has been no significant change in these activities during the financial year. The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Board of the Kuala Lumpur Stock Exchange. The address of the registered office and principal place of the Group and the Company is: Level 23A, Menara Asia Life 189, Jalan Tun Razak Kuala Lumpur The number of employees in the payroll of the Group and Company as at 31 December 2002 is 14,680 ( : 14,566) and 14 ( : 18) respectively. 2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group s activities expose it to a variety of financial risk, including foreign currency exchange risk, interest rate risk, credit risk, liquidity and cash flow risk. The Group s overall financial risk management objective is to ensure the continuous growth in profitability and enhance shareholders value in a competitive and changing environment. At the same time, the Group is focused in performing its Universal Service Obligation as a provider of postal service throughout the country and to international destinations in an efficient and effective manner. (a) Foreign currency exchange risk The Group is exposed to currency exchange risk as a result of providing foreign mail exchange service and remittance service. However the material portion of the exposure is in U.S. Dollar and the risk is mitigated by the fact that there is in place a fixed peg of Ringgit Malaysia against the U.S. Dollar. (b) Interest rate risk The Group s income and operating cash flow are substantially independent of the changes in market interest rate. Interest rate exposure arises from the Group s deposits and is managed through the use of fixed and floating rate. (c) Credit risk The Group seeks to control credit risk by setting counter party limits and ensuring that services are made to customers with an appropriate credit history. The trade receivables are all collectable and adequate allowance for bad and doubtful debts are provided for. (d) Liquidity and cash flow risks Prudent liquidity risk management implies maintaining sufficient liquid assets to meet financial commitments and obligations when they fall due at a reasonable cost. The Group ensures that liquidity requirements are met and surplus are within limits set to avoid liquidity surpluses which may result in loss of income opportunities. 3. SEGMENT REPORTING The Group is organised into two main business segments solely operating in Malaysia: Holdings - investment holding Postal - postal and its related services 52

53 financial statements Pos Malaysia & Services Holdings Berhad 3. SEGMENT REPORTING (continued) On 31 March 2002, the capital segment or fund management, unit trust management, and options and financial futures broking segment was disposed of (Note 5). Other operations of the Group mainly comprise investment holding, property investment and financing, neither of which are of a sufficient size to be reported separately. Primary reporting format - business segments Holding Postal Capital Others Total RM 000 RM 000 RM 000 RM 000 RM 000 Year ended 31 December 2002 Revenue 0 641,779 2, ,958 Results Segment results (4,493) 60, (7,471) 48,864 Loss on disposal of segment (3,061) (3,061) Operating profit 45,803 Finance costs (6,861) Interest income 26,862 Share of profit of associated companies 9,963 Profit before tax 75,767 Income taxes (28,086) Net profit 47,681 As at 31 December 2002 Other information Segment assets 255,073 1,162, ,965 1,459,790 Associated companies 79,056 79,056 Total assets 1,538,846 Segment liabilities 90, , ,037 Total liabilities 431,037 Capital expenditure 9 33, ,131 Depreciation and amortisation 56 44, ,287 Impairment loss ,780 7,780 53

54 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER SEGMENT REPORTING (continued) Primary reporting format - business segments 11 months ended 31 December 2001 Holding Postal Capital Others Total RM 000 RM 000 RM 000 RM 000 RM 000 Revenue 0 178,656 9,088 1, ,859 Results Segment results (7,945) 5,625 4,309 (532) 1,457 Operating profit 1,457 Finance costs (11,023) Interest income 26,594 Share of profit of associated companies 1,107 Profit before tax 18,135 Income taxes (6,610) Net profit 11,525 At 31 December 2001 Other information Segment assets 232,469 1,157,887 33,118 54,477 1,477,951 Associated companies 70,957 70,957 Total assets 1,548,908 Segment liabilities 91, ,294 8,282 2, ,812 Total liabilities 484,812 Capital expenditure , ,881 Depreciation and amortisation , ,403 Impairment loss

55 financial statements Pos Malaysia & Services Holdings Berhad 4. ACQUISITION OF A SUBSIDIARY COMPANY Pursuant to the shareholders approval of the acquisition of Pos Malaysia Berhad ( Pos ) in the Company s Extraordinary General Meeting held on 15 August 2001, the Company acquired the entire issued and paid ordinary shares of Pos for a purchase consideration of RM800,000,000 on 20 August As a result of the acquisition, the Group results includes the results of Pos for the period from date of acquisition until 31 December (a) The effect of the acquisition on the results of the Group for the comparative financial period from the date of acquisition was as follows: 11 months ended RM 000 Revenue 178,656 Other operating income 21,165 Operating costs (187,059) Profit from operations 12,762 Share of results of associated companies 1,107 Profit from ordinary activities before tax 13,869 Taxation (4,098) Increase in net profit for the previous financial period 9,771 (b) The effect of this acquisition on the financial position at the end of the comparative financial period is as follows: As at RM 000 Property, plant and equipment 402,540 Long term investments 131,984 Associated companies 68,587 Inventories 6,537 Trade and other receivables 97,944 Marketable securities 56,331 Deposits, cash and bank balances 443,886 Tax recoverable 18,665 Trade and other payables (326,866) Taxation (895) Pension and gratuity (45,907) Deferred taxation (6,256) Reserve on consolidation (31,357) Increase in Group net assets 815,193 55

56 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER ACQUISITION OF A SUBSIDIARY COMPANY(continued) (c) Detail of net assets acquired, reserve on consolidation and cash flow arising from the acquisition are as follows: At date of acquisition RM 000 Property, plant and equipment 399,622 Long term investments 136,375 Associated companies 69,850 Inventories 6,192 Trade and other receivables 132,757 Marketable securities 45,730 Deposits, cash and bank balances 488,877 Tax recoverable 13,098 Trade and other payables (401,942) Taxation (1,536) Pension and gratuity (45,907) Deferred taxation (6,338) Net assets acquired 836,778 Reserve on consolidation (31,357) Cost of acquisition (comprising purchase consideration and expenses directly attributable to acquisition) 805,421 Purchase consideration discharged by cash 800,000 Expenses directly attributable to the acquisition, paid in cash 5,421 Less: Cash and cash equivalents of subsidiary company acquired (488,877) Cash flow on acquisition 316,544 There were no acquisition during the current financial year. 5. DISPOSAL OF SUBSIDIARY COMPANIES On 19 April 2002, the Company disposed of Phileo Asset Management Sdn Bhd ( PAM ), Phileo Allied Options and Financial Futures Sdn Bhd ( POFF ) and PhileoAllied Unit Trust Management Bhd ( PAUT ) in exchange for 23,000,000 new ordinary shares of RM1.00 each in Avenue Assets Berhad. (a) Effect on Company financial statements The disposal of PAM, POFF and PAUT during the financial year gave rise to a gain of RM6,229,438 in the Company s financial statements. 56

57 financial statements Pos Malaysia & Services Holdings Berhad 5. DISPOSAL OF SUBSIDIARY COMPANIES (continued) (b) Effect on consolidated financial statements The effect of the disposal on the results of the Group for the financial year to the date of disposal was as follows: Period Period ended ended RM 000 RM 000 Revenue 2,219 9,088 Other operating income Expenses (1,757) (4,843) 559 4,715 Loss on disposal of subsidiary companies (3,061) 0 (2,502) 4,715 Finance cost 0 0 Loss before taxation (2,502) 4,715 Taxation (489) (1,612) Net (loss)/profit for the financial period (2,991) 3,103 (c) The effect of the disposal of PAM, POFF and PAUT on the financial position of the Group was as follows: At date At of disposal RM 000 RM 000 Deposits, cash and bank balances 18,343 15,325 Long term investment securities 3,283 6,284 Trade receivables 8,821 9,777 Other receivables 3, Property, plant and equipment 1,266 1,354 Trade creditors (2,840) (3,090) Other creditors (7,902) (7,456) Taxation (83) (129) Deferred taxation (174) (149) Net assets disposed/attributable to shareholders 24,402 22,293 Reversal of goodwill on disposal 1,659 Share received from disposal (23,000) Loss on disposal 3,061 Proceeds from disposals 23,000 Purchase consideration discharged by shares issued (23,000) Cash and cash equivalents in subsidiary companies disposed (18,343) Net cash outflow on disposal (18,343) There were no disposal in the prior year. 57

58 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER OPERATING REVENUE Year 11 months ended ended RM 000 RM 000 Group Postal and its related services 601, ,620 Printing and insertion services 39,309 9,997 Fee income 2,115 8,701 Rental income Net brokerage income Sale of digital certificates 1, , ,859 Company Management fees received from subsidiary companies Dividends received from subsidiary companies (gross) 0 9, , PROFIT FROM OPERATIONS Profit from operations is stated after charging: Group Company Year 11 months Year 11 months ended ended ended ended RM 000 RM 000 RM 000 RM 000 Auditors remuneration - Statutory audit - current year/period underprovision in respect of previous year Special audit Property, plant and equipment written off Rental - land and building 7, office and computer equipment 2,359 3,593 1, Operating licence fee 2, Development expenditure written off 0 1, Amortisation of premium Allowance for doubtful debts And after crediting: Gross dividends from subsidiary companies ,823 Foreign exchange gain - realised 1,505 1, unrealised Gain on disposal of property, plant and equipment Gross dividend from quoted shares in Malaysia 419 1, Rental income 4,082 1, Gain on disposal of marketable securities Gain on disposal of long term investment Accretion of discounts

59 financial statements Pos Malaysia & Services Holdings Berhad 8. DIRECTORS REMUNERATION Group Company Year 11 months Year 11 months ended ended ended ended RM 000 RM 000 RM 000 RM 000 Fees Estimated money value of benefits-in-kind Other emoluments 237 2, , , , FINANCE COST Interest expense - Bank overdrafts Term loan ICULS 6,690 10,093 6,690 10,093 - Others ,861 11,023 6,697 10, TAXATION The taxation charge for the financial year/ period comprises: In respect of the current year/period: - Malaysian income tax 28,594 5, ,750 - Deferred taxation 25 (82) ,619 5, ,750 In respect of prior years: - Malaysian income tax (2,397) 1,590 (788) ,222 6,610 (788) 3,410 Share of taxation of associated companies 1, ,086 6,610 (788) 3,410 The effective taxation rate of the Group was higher than the statutory rate of taxation due to losses of certain subsidiary companies and certain expenses not being deductible for tax purposes. The effective taxation rate of the Company was lower than the statutory rate due to underprovision in prior year. 59

60 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER EARNINGS PER SHARE (a) Basic earnings per share The basic earnings per share has been calculated based on the Group s net profit attributable to shareholders and on the weighted average number of ordinary shares in issue during the financial year/period. The weighted average number of ordinary shares has been adjusted for the weighted average number of treasury shares of 38,588,000 ( : 37,362,048). Year 11 months ended ended Net profit attributable to shareholders (RM 000) 47,681 11,525 Weighted average number of ordinary shares in issue ( 000) 390, ,037 Basic earnings per share (sen) (b) Diluted earnings per share Diluted EPS is not presented as the ICULS, if converted, will result in anti-dilutive earnings per share. 12. DIVIDEND Year ended 11 months ended Amount of Amount of Gross dividend, Gross dividend, per share net of tax per share net of tax sen RM 000 sen RM 000 Proposed first and final dividend 4 11, ,627 At the forthcoming Annual General Meeting, a final gross dividend in respect of the financial year ended 31 December 2002 of 4 sen per share ( : 2 sen per share) amounting to RM11,254,694 ( : RM5,627,347) will be proposed for shareholders approval. These financial statements do not reflect this final dividend which will be accrued as a liability in the year ending 31 December 2003 when approved by shareholders. This represents a change in accounting treatment from that of prior years as explained in Note

61 financial statements Pos Malaysia & Services Holdings Berhad 13. PROPERTY, PLANT AND EQUIPMENT GROUP Furniture Government Building and fittings, Freehold leasehold Leasehold improvements office and Capital land and land and land and and office Plant and computer Motor work-inbuildings buildings buildings renovations machinery equipment vehicles progress Total RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 Net book value at 1 January , ,841 77,428 18,259 10,440 47,911 15,585 42, ,294 Disposal of subsidiary companies (411) 0 (757) (98) 0 (1,266) Additions , ,257 33,131 Reclassifications 3, ,060 14, ,727 4,186 (56,422) 0 Disposals (2) 0 0 (2) Written off (17) 0 0 (17) Depreciation charges for the financial year (1,817) (9,142) (1,859) (5,972) (2,319) (17,258) (6,920) 0 (45,287) Net book value at 31 December , , ,638 26,530 8,310 43,709 13,324 12, ,853 At 31 December 2002 Cost 36, , ,111 61,323 27, ,381 76,002 12, ,934 Accumulated depreciation (7,614) (37,100) (9,473) (34,793) (18,751) (61,672) (62,678) 0 (232,081) Net book value 28, , ,638 26,530 8,310 43,709 13,324 12, ,853 At 31 December 2001 Cost 32, ,799 85,042 47,203 26, ,700 72,702 42, ,944 Accumulated depreciation (5,796) (27,958) (7,614) (28,944) (16,432) (54,789) (57,117) 0 (198,650) Net book value 26, ,841 77,428 18,259 10,440 47,911 15,585 42, ,294 Office Office Motor COMPANY renovations equipment vehicles Total RM 000 RM 000 RM 000 RM 000 Net book value at 1 January Disposal 0 (2) 0 (2) Additions Depreciation charges for the financial year (5) (50) (1) (56) Net book value at 31 December At 31 December 2002 Cost 2, ,625 Accumulated depreciation (2,650) (726) (148) (3,524) Net book value At 31 December 2001 Cost 2, ,622 Accumulated depreciation (2,645) (681) (147) (3,473) Net book value

62 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER PROPERTY, PLANT AND EQUIPMENT (continued) (a) (b) (c) The title deeds for certain landed properties have yet to be issued in the name of certain subsidiary companies as at 31 December 2002 by the relevant authorities. Freehold land and buildings, government leasehold land and buildings, and leasehold land and buildings have not been segregated as the cost pertaining to the individual category is not available. Government leasehold land and buildings: (i) (ii) Government leasehold land and buildings of RM210,799,000 are for a lease period of sixty (60) years. The cost capitalised is in respect of the lease for the first thirty (30) years period as stipulated in the agreement signed between the subsidiary company and the Government. The cost in respect of the remaining thirty (30) years lease period has not been agreed. However, this cost will be agreed upon finalisation of the agreement with the authorities, no later than 30 September 2020, and thereafter will be recognised accordingly. The Group is also in the process of finalising lease agreements with the authorities for additional Government leasehold land and buildings currently used by a subsidiary company, which are at present carried at nil values in the financial statements in the absence of Government valuation for these properties. These Government leasehold land and buildings will be recognised in the financial statements upon the valuations being finalised by the authorities. 14. INVESTMENT PROPERTIES At cost: Group As at As at RM 000 RM 000 Freehold land 11,655 18,473 Leasehold land 1,645 2,607 13,300 21,080 At start of year/period 21,080 0 Reclassified from property development project 0 21,080 Impairment losses (7,780) 0 At end of year/period 13,300 21,080 Market value of investment properties 13,300 13,300 The carrying amount of investment properties at the balance sheet date approximate their fair values. 62

63 financial statements Pos Malaysia & Services Holdings Berhad 15. LONG TERM INVESTMENTS Group Company - As at As at As at As at RM 000 RM 000 RM 000 RM 000 At cost Quoted shares in Malaysia 23, , Quoted unit trust 74,370 77, Allowance for diminution in value (12,012) (12,012) ,358 65, Quoted bonds and loan stocks 12,887 12, Allowance for diminution in value (5,042) (1,006) 0 0 Accretion of discounts ,432 12, Unquoted shares in Malaysia 10,898 10, Allowance for diminution in value 0 (100) ,898 10, Unquoted private debt securities 31,900 57, Amortisation of premium (480) (328) ,420 57, , ,184 23, Market value of investments: Quoted shares in Malaysia 15, , Quoted unit trust 32,173 38, Quoted bonds and loan stocks 2,289 4, Unquoted private debt securities 31,419 57, , ,008 15, The market values for unquoted private debt securities were obtained from a discount house which is reflective of their fair value. 63

64 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER INVESTMENT IN SUBSIDIARY COMPANIES Company As at As at RM 000 RM 000 Unquoted shares, at cost 644, ,605 Less: Allowance for diminution in value (17,977) (22,546) 626, ,059 Details of the subsidiary companies of the Company are as follows: Principal Country of Percentage Name activities incorporation of equity held As at As at PSH Capital Partners Sdn Bhd Dormant Malaysia 100% 100% (formerly known as Phileo Allied Capital Partners Sdn Bhd) Held by PSH Capital Partners Sdn Bhd Prestige Future Sdn Bhd Financing Malaysia 100% 100% PSH Management Sdn Bhd Dormant Malaysia 100% 100% (formerly known as Phileo Allied Management Sdn Bhd) PSH Properties Sdn Bhd Property Malaysia 100% 100% (formerly known as Phileo investment Allied Properties Sdn Bhd) Held by PSH Properties Sdn Bhd Real Riviera Sdn Bhd Property Malaysia 100% 100% investment Effivation Sdn Bhd Property Malaysia 100% 100% investment Prima Managers Sdn Bhd ø Dormant Malaysia 0% 100% PSH Venture Capital Sdn Bhd Investment Malaysia 100% 100% (formerly known as Phileo holding Allied Venture Capital Sdn Bhd) 64

65 financial statements Pos Malaysia & Services Holdings Berhad 16. INVESTMENT IN SUBSIDIARY COMPANIES (continued) Principal Country of Percentage Name activities incorporation of equity held As at As at Held by PSH Venture Capital Sdn Bhd Gerak Kawal Sdn Bhd Dormant Malaysia 100% 100% PSH Education Sdn Bhd Dormant Malaysia 0% 100% (formerly known as Phileo Allied Education Sdn Bhd) ø PSH Research Sdn Bhd Dormant Malaysia 100% 100% (formerly known as Phileo Allied Research Sdn Bhd) PSH Merchandise Sdn Bhd Dormant Malaysia 100% 100% (formerly known as Phileo Merchandise Sdn Bhd) PSH Allied Berhad Dormant Malaysia 100% 100% (formerly known as PhileoAllied Finance (Malaysia) Berhad) Phileo Allied Options and Financial Malaysia 0% 100% Financial Futures Sdn Bhd# futures and options broker PhileoAllied Unit Trust Unit trust funds Malaysia 0% 100% Management Bhd# management Phileo Asset Management Fund Malaysia 0% 100% Sdn Bhd# management Pos Malaysia Berhad* Postal and its Malaysia 100% 100% related services Held by Pos Malaysia Berhad Datapos (M) Sdn. Bhd. Printing, inserting Malaysia 100% 100% and mailing of postal articles Digicert Sdn. Bhd. Sale of digital Malaysia 55% 55% certificates 65

66 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER INVESTMENT IN SUBSIDIARY COMPANIES (continued) Principal Country of Percentage Name activities incorporation of equity held As at As at Held by Pos Malaysia Berhad (continued) Pos Takaful Agency Sdn Bhd Dormant Malaysia 100% 100% Poslaju (M) Sdn Bhd Dormant Malaysia 100% 100% Pos Logistic - Fulserve Sdn. Bhd. Dormant Malaysia 100% 100% Virtual Pos Sdn. Bhd. Dormant Malaysia 100% 100% ø Struck off from the register of the Companies Commission of Malaysia pursuant to Section 308 of the Companies Act, * Issued and fully paid shares include the Special Rights Redeemable Preference Share of a subsidiary company of RM1. # Disposed during the financial year. The Special Rights Redeemable Preference Share of a subsidiary company, Pos Malaysia Berhad, confers the following rights: (a) (b) (c) The Special Rights Redeemable Preference Share issued to the Government of Malaysia would enable the Government of Malaysia through Minister of Finance, (Incorporated) or its successors or any Minister, representative or any person acting on behalf, to ensure that certain major decisions affecting the operation of the subsidiary company are consistent with the Government s policy. The Special Rights Redeemable Preference shareholder is entitled to receive notices of meetings but does not carry any right to vote at such meetings of the subsidiary company. He also has the right to require the subsidiary company, to redeem the Special Rights Redeemable Preference Share at par at any time. Certain matters, in particular, the alteration of the Articles of Association of the subsidiary company relating to the rights of the Special Rights Redeemable Preference shareholder, the dissolution of the subsidiary company, any substantial acquisitions and disposal of assets, amalgamation, merger and takeover, appointment of foreign directors, creation or issue of any shares which when aggregated with all other existing issued shares, carry ten percent of total voting rights, require prior consent of the Special Rights Redeemable Preference shareholder. In a distribution of capital or a winding-up of the subsidiary company, the Special Rights Redeemable Preference shareholder is entitled to the repayment of the capital paid-up on the Special Rights Redeemable Preference Share in priority to any repayment of capital to any other member. The Special Rights Redeemable Preference Share does not confer any right to participate in the capital or profits of the subsidiary company. 66

67 financial statements Pos Malaysia & Services Holdings Berhad 17. ASSOCIATED COMPANIES Group As at As at RM 000 RM 000 Unquoted shares, at cost 53,190 53,190 Share of post acquisition profits less losses 25,866 17,767 79,056 70,957 The Group s investment in associated companies is represented by: Share of tangible assets of associated companies 73,514 63,933 Share of intangible assets of associated companies 5,542 7,024 79,056 70,957 The Group discontinued equity accounting of losses in an associated company as the losses exceeds the carrying amount of the investment. As at 31 December 2002, the share of losses in associated company for the financial year and cumulatively not accounted for amounted to RM640,173 (2001: RM402,000) and RM1,042,173 (2001: RM402,000) respectively. Details of the associated companies of the Group are as follows: Principal Country of Percentage Name activities incorporation of equity held As at As at Transmile Air Services Sdn. Bhd. Provision for air Malaysia 30.0% 30.0% transportation services Elpos Print Sdn. Bhd. Manufacturing and Malaysia 40.0% 40.0% printing of paper based products CEN Sdn. Bhd. Express distribution Malaysia 42.5% 42.5% and logistics management services 18. INVENTORIES Group As at As at RM 000 RM 000 At cost: Postal uniforms and consumables 3,508 4,337 Pos 2020 merchandise Insertion and mailing materials Digital certificates, CD ROM and Smart Card ,911 6,537 67

68 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER TRADE RECEIVABLES Group As at As at RM 000 RM 000 International mail receivables 36,497 39,349 Poslaju and cargo receivables 21,289 21,790 Allowance for doubtful debts (4,870) (5,235) 16,419 16,555 Datapos receivables 12,815 11,789 Allowance for doubtful debts (1,442) (915) 11,373 10,874 Government mail receivables 4,425 3,402 Agency commission receivables 7,553 6,689 Other trade receivables ,132 76,655 91,001 Credit terms of trade receivables other than international mail receivables range from 30 days to 60 days. The credit terms for international mail receivables range from 6 months to 18 months in accordance with the Universal Postal Union guidelines. The currency exposure profile of trade receivables is as follows: 2002 RM Ringgit Malaysia 40,166 - US Dollar 36,409 - EURO 80 76,655 68

69 financial statements Pos Malaysia & Services Holdings Berhad 20. OTHER RECEIVABLES Group Company - As at As at As at As at RM 000 RM 000 RM 000 RM 000 Agency receivables 2,811 3, Investment income receivable 3,923 6, Staff advances 6,713 6, Other debtors, deposits and prepayments 6,454 6,509 1, Allowance for doubtful debts 0 (1,173) 0 0 6,454 5,336 1, Interest receivable 2, , Other investments 0 3, Manager s stocks ,813 26,224 2,726 1,878 All amounts are denominated in Ringgit Malaysia. 21. AMOUNTS DUE FROM SUBSIDIARY COMPANIES Company As at As at RM 000 RM 000 Amounts due from subsidiary companies 352, ,355 Less: Allowance for doubtful debts (48,849) (48,849) 303, ,506 All amounts are denominated in Ringgit Malaysia. The amount due from subsidiary companies are unsecured, interest free and have no fixed terms of repayment. 69

70 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER MARKETABLE SECURITIES Group As at As at RM 000 RM 000 Cost: Quoted investments: Shares in corporations, quoted in Malaysia 118, ,198 Allowance for diminution in value (73,509) (72,285) 45,167 51,913 Bonds Unit trust 0 4,299 45,253 56,331 Market value: Shares in corporations, quoted in Malaysia 45,182 53,470 Bonds Unit trust 0 4,299 45,253 57,890 The market value of these investments at balance sheet date approximate the fair value. 23. DEPOSITS, CASH AND BANK BALANCES Group Company - As at As at As at As at RM 000 RM 000 RM 000 RM 000 Deposits with licensed banks 330, , , ,994 Deposits with licensed finance companies 205, , Deposits with other financial institutions 121,468 29, Cash and bank balances 89,598 91,880 10,131 7, , , , ,680 All deposits, cash and bank balances are denominated in Ringgit Malaysia. The weighted average interest rates of deposits, bank and cash balances as at balance sheet date are as follows: Group Company - 11 months 11 months Year ended ended Year ended ended RM 000 RM 000 RM 000 RM 000 Deposits with licensed banks Deposits with licensed finance companies Deposits with other financial institutions Deposits of the Group and Company have an average maturity of 180 to 365 days ( : 90 to 365 days). Bank balances are deposits held at call with banks. 70

71 financial statements Pos Malaysia & Services Holdings Berhad 24. TRADE PAYABLES Group As at As at RM 000 RM 000 International mail payables 40,459 40,554 Others trade payables 0 7,080 40,459 47,634 Credit terms of international mail payables of the Group range from 6 months to 18 months in accordance with the Universal Postal Union guidelines. The currency exposure profile of trade payables is as follows: 2002 RM Ringgit Malaysia 3,961 - US Dollar 36,305 - EURO 85 - SGD , OTHER PAYABLES Group Company - As at As at As at As at RM 000 RM 000 RM 000 RM 000 Agency payables 84, , Unpresented Postal and Money Orders 58,503 56, Money order payables 17,850 36, Services payables 24,225 24, ICULS interest payable 6,690 6,690 6,690 6,690 Deposits received 6,218 5, Other payables and accruals 50,561 59, , ,869 6,935 7,477 All amounts are denominated in Ringgit Malaysia. Credit terms of agency, money order and services of the Group range from 30 days to 60 days. 26. AMOUNTS DUE TO SUBSIDIARY COMPANIES All amounts are denominated in Ringgit Malaysia. The amounts due to subsidiary companies are unsecured, interest free and have no fixed terms of repayment. 71

72 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER AMOUNTS DUE TO ASSOCIATED COMPANIES All amounts are denominated in Ringgit Malaysia. The amounts due to associated companies are unsecured, interest free and have no fixed terms of repayment. 28. SHORT TERM BANK BORROWINGS Group Company - As at As at As at As at RM 000 RM 000 RM 000 RM 000 Unsecured: Bank overdrafts Secured: Term loan (Note 29) TERM LOAN Group As at As at RM 000 RM 000 Secured: Term loan - repayable within 12 months repayable after 12 months and within 5 years 0 1,009 - repayable after 5 years ,187 Current (Note 28) Non-current 0 1, ,187 The term loan which bears interest at rates of 8.9% ( : 8.9% to 9.3%) per annum and is secured by a first legal charge on the leasehold land and buildings of a subsidiary company. The term loan was fully paid during the financial year. 72

73 financial statements Pos Malaysia & Services Holdings Berhad 30. 4% IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS 1996/2001 ( ICULS 1996/2001 ) Group and Company As at As at RM 000 RM 000 Balance at beginning of year/period 0 219,145 Conversion during the year/period 0 (219,145) Balance at end of year/period 0 0 During the previous financial period, RM219,144,986 nominal amount of ICULS 1996/2001 were converted into 48,697,556 new ordinary shares of RM1 each as stated in the Statement of Changes In Equity % IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS 1999/2004 ( ICULS 1999/2004 ) Group and Company As at As at RM 000 RM 000 Balance at beginning of year/period 83,622 93,708 Conversion during the year/period 0 (10,086) Balance at end of year/period 83,622 83,622 Pursuant to a Trust Deed dated 29 July 1999 as supplemented by a Supplemental Trust Deed dated 21 October 1999, the Company issued RM150,000,000 nominal value of 5 year 8% Irredeemable Convertible Unsecured Loan Stocks 1999/2004 ( ICULS 1999/2004 ) at par. (a) (b) The ICULS 1999/2004 bear interest at 8% per annum payable annually in arrears on 31 December in each year with the first payment due on 31 December 1999 calculated in respect of the period commencing from the date of issue of the loan stocks on 26 November The ICULS 1999/2004 are convertible into fully paid ordinary shares of the Company at anytime after the date of issue and expiring on the market day preceding the maturity date. All ICULS 1999/2004 outstanding on the maturity date, 26 November 2004, the last date of the conversion period, will be automatically converted into new ordinary shares at the conversion rate of RM1.80 for one ordinary share. During the financial year there was no conversion of ICULS 1999/2004. During the period ended 31 December 2001, RM10,085,600 nominal amount of ICULS 1999/2004 were converted to 5,603,110 new ordinary shares of RM1 each as stated in the Statement of Changes In Equity. The fair value of the ICULS is RM71,079,

74 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER PENSION AND GRATUITY Group As at As at RM 000 RM 000 Balance at beginning of year/period 45,907 0 Arising from acquisition of a subsidiary company 0 45,907 Balance at end of year/period 45,907 45,907 Pension and gratuity as at 31 December 2002 represents the liabilities in respect of certain employees of a subsidiary company for their services with Jabatan Perkhidmatan Pos Malaysia prior to 1 January The last actuarial valuation carried out by the Government actuary for this pension scheme was in The Directors are of the opinion that there would be no material difference to the provision for pension and gratuity when the latest actuarial valuation is performed. 33. DEFERRED TAXATION Group As at As at RM 000 RM 000 Balance at beginning of year/period 6, Arising from acquisition of a subsidiary company 0 6,338 Disposal of subsidiary companies (174) 0 Transfer from/(to) income statements 25 (82) Balance at end of year/period 6,256 6,405 Deferred taxation has been provided for all timing differences except that no benefits have been recognised for unabsorbed tax losses of the Group and Company amounting to RM135,416,000 ( : RM138,487,000) and RM83,846,000 ( : RM83,846,000) respectively. 34. SHARE CAPITAL Group and Company As at As at RM 000 RM 000 Authorised: Ordinary shares of RM1 each 1,000,000,000 1,000,000,000 Issued and fully paid: Ordinary shares of RM1 each: Balance at beginning of year/period 429,375, ,075,325 Conversion of ICULS 1996/2001 during the year/period (Note 30) 0 48,697,556 Conversion of ICULS 1999/2004 during the year/period (Note 31) 0 5,603,110 Balance at end of year/period 429,375, ,375,991 74

75 financial statements Pos Malaysia & Services Holdings Berhad 34. SHARE CAPITAL (continued) As at 31 January 1997, based on the issued and paid-up share capital of the Company of 341,855,562 ordinary shares of RM1 each, a maximum of 34,185,000 new options to subscribe for shares in the Company was granted at an exercise price of RM4.90 per share to eligible employees of the Company and its subsidiary companies. The movements during the financial year in the number of options over the shares of the Company are as follows: RM At 1 January ,000 Lapsed (201,000) At 31 December TREASURY SHARES In the previous financial period, the Company bought back 38,588,000 ordinary shares of RM1.00 each for a total cash consideration of RM84,785,069 using internally generated funds, for the following purposes: (a) (b) (c) utilising surplus financial resources not immediately required for use; reduce the liquidity of the shares on the Kuala Lumpur Stock Exchange; and improve the market price of the shares. These treasury shares have been presented as a deduction from equity following the application of the treasury stock method. The amount of outstanding issued and paid-up shares in issue after the set-off amounted to 390,787,991 ( : 390,787,991) shares. 36. CASH AND CASH EQUIVALENTS Group Company - As at As at As at As at RM 000 RM 000 RM 000 RM 000 Deposits with licensed banks 330, , , ,994 Deposits with licensed finance companies 205, , Deposits with other financial institutions 121,468 29, Cash and bank balances 89,598 91,880 10,131 7,686 Deposits and cash and bank balances 746, , , ,680 Bank overdrafts 0 (305) 0 (305) 746, , , ,375 75

76 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER SIGNIFICANT RELATED PARTY TRANSACTIONS In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are transactions with other related parties. The related party transactions have been transacted under the terms agreed between the parties. Name of company Transmile Air Services Sdn Bhd Elpos Print Sdn Bhd CEN Sdn Bhd CEN Worldwide Sdn Bhd CEN Technology Sdn Bhd Quantrum Alliance Sdn Bhd Relationship Associated company of Pos Malaysia Berhad Associated company of Pos Malaysia Berhad Associated company of Pos Malaysia Berhad Subsidiary company of CEN Sdn Bhd Joint venture company of CEN Sdn Bhd Associated company of Avenue Assets Berhad, a substantial shareholder of Pos Malaysia & Services Holdings Berhad Group 11 months Year ended ended RM 000 RM 000 Air transportation service costs charged by Transmile Air Services Sdn Bhd 31,763 10,709 Air transportation and handling services costs charged by CEN Worldwide Sdn Bhd 3,717 4,869 Purchase of paper based supplies from Elpos Print Sdn Bhd 4,272 1,664 Track and Trace System project expenses and maintenance costs charged by CEN Technology Sdn Bhd 0 1,582 Track-on System maintenance fee charged by CEN Technology Sdn Bhd 2, Consulting fees charged by Quantrum Alliance Sdn Bhd 1, COMMITMENTS AND CONTINGENCIES (a) (i) (ii) Pursuant to the agreement entered into with Malayan Banking Berhad ( MBB ) on the sale of PhileoAllied Bank (Malaysia) Berhad and Phileo Allied Securities Sdn Bhd dated 30 August 2001 ( the Share Sale Agreement ) the Company and its subsidiary, PSH Allied Berhad (formerly known as PhileoAllied Finance (Malaysia) Berhad) ( PSHAB ) have given certain warranties, undertakings and obligations to MBB, which shall continue for a period of twenty four (24) months from the Completion Date of 31 January Save as disclosed in note 38 (a) (iii) below as at date of the financial statements, there are no legal suits filed by MBB arising from the above warranties, undertakings and obligations. For the material litigation matters identified in the Share Sale Agreement, the Company and PSHAB have agreed to indemnify MBB to the extent of the amount stated in the final judgement (including taxed costs and costs of solicitors in defending the claims) if the claim for indemnity is received by the Company and PSHAB within 4 years from the Completion Date of 31 January There were no claims for indemnity from MBB arising from the above material litigation matters as at the date of the financial statements. (iii) On 18 January 2002, the Company and PSHAB ( the Defendants ) were served with a Writ of Summons and Statement of Claim by Malayan Banking Berhad ( the Plaintiff ) Kuala Lumpur High Court Civil Suit D The Plaintiff claims against the Defendants for: 1) A declaration that the Defendants are in breach of their warranties and undertakings under the Share Sale Agreement in failing to make specific disclosure of the condition of the loan and security documents in relation to the credit facility granted by Phileo Allied Credit & Leasing Sdn Bhd to Salient Growth Sdn Bhd; 2) A declaration that the Defendants are liable, jointly and severally, to indemnify the Plaintiff and keep indemnified the Plaintiff from and against all claims, demands, damages, losses (including loss of profit), cost, obligations, penalties, liabilities, fines and expenses sustained by the Plaintiff in respect of the Defendants, or either of the Defendants breach referred to in (1) above; 76

77 financial statements Pos Malaysia & Services Holdings Berhad 38. COMMITMENTS AND CONTINGENCIES (continued) 3) That the Plaintiff be indemnified as referred to in (2) above and be at liberty to apply for an assessment of the amount to be paid thereunder; 4) Damages to be assessed; 5) That the cost of the action be borne by the Defendants; and 6) Such further or other reliefs as Honourable Court deems fit and proper. The Company has appointed solicitors to defend the suit and the matter is pending before the High Court. (iv) A wholly-owned subsidiary of the Company, Prestige Future Sdn Bhd has on 4 December 2002 filed a Writ of Summons and a Statement of Claim against Tan Sri Datuk Dr Ting Pek Khiing ( the Defendant ) for an amount of RM13,288, together with interests thereon. Pursuant to the Statement of Claim, the said subsidiary is seeking the following relief against the Defendant: (1) the sum of RM13,288, (comprising the principal sum of RM8,210, and interests) as at 14 November 2002; (2) interests at the rate of 13.5% per annum on the principal sum of RM8,210, from 15 November 2002 to date of full payment; (3) costs on an indemnity basis; and (4) such further or other relief as the Honourable Court deems fit and just to grant. (b) The Group is disputing claims by a third party for additional land lease rental payments amounting to RM6,770,000 ( : RM4,910,000) relating to a subsidiary company. The Directors are of the opinion that no material liabilities will arise upon settlement of this dispute. (c) (d) Group As at As at RM 000 RM 000 Proportionate interest in contingent liabilities of associated companies - unsecured corporate guarantees given to certain financial institutions for credit facilities granted to related companies The Company has given financial support to certain subsidiary companies to meet all their liabilities due. 39. CAPITAL COMMITMENTS Group As at As at RM 000 RM 000 Capital commitments for property, plant and equipment: Approved and contracted - Company and subsidiary companies 29,107 26,598 - Associated companies 15,960 11,400 Approved but not contracted - Company and subsidiary companies 37,686 21,141 - Associated companies 0 11,400 77

78 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) On 19 April 2002, the disposal of PAM, POFF and PAUT, to Pentaville Investments Limited, a wholly-owned subsidiary of Avenue Assets Berhad ( AAB ) was completed following the listing of the 23,000,000 new ordinary shares of RM1.00 each in AAB allocated to the Company. The disposal of PAM, POFF and PAUT gave rise to a loss of RM3,061,000 at the Group level and a gain of RM6,229,000 at the Company level. (b) On 9 December 2002, pursuant to Section 308 of the Companies Act, 1965, the Companies Commission of Malaysia ( CCM ) had struck off the Company s wholly owned subsdiaries, PSH Education Sdn Bhd (formerly known as Phileo Allied Education Sdn Bhd) and Prima Managers Sdn Bhd. 41. PRIOR YEAR ADJUSTMENT During the financial year, the Group changed its accounting policy with respect to the recognition of liabilities in compliance with the new MASB Standard 19 Events After the Balance sheet Date. This change in policy has effect on the accounting treatment for dividends as follows: Dividends In previous years, dividends were accrued as a liability when proposed by Directors. The Group has now changed this accounting policy to recognise dividends in shareholders equity in the period in which the obligation to pay is established in accordance with MASB Standard 19. Therefore, final dividends are now accrued as a liability after approval by shareholders at the Annual General Meeting. This change in accounting policy has been accounted for retrospectively. The new accounting policy has no effect on the consolidated net profit for the year ended 31 December The other effects of the change on the Group s and Company s financial statements are as follows: Group As Effect previously of change As reported in policy restated RM 000 RM 000 RM 000 At 31 December 2001: - retained earnings 146,812 5, ,439 - proposed dividends 5,627 (5,627) 0 Company At 31 December 2001: - retained earnings 140,270 5, ,897 - proposed dividends 5,627 (5,627) 0 78

79 financial statements Pos Malaysia & Services Holdings Berhad 42. SUBSEQUENT EVENTS (a) On 2 April 2003, the Company and PSH Allied Berhad ( Defendants ) were served with a Writ of Summons and Statement of Claim (Kuala Lumpur High Court Civil Suit no. D ) by Malayan Banking Berhad ( the Plaintiff ). The Plaintiff claims against the Defendants for the following: (i) a declaration that the Defendants are in breach of the warranties and undertakings under the Share Sale Agreement dated 30 August 2000 in failing to make specific disclosure of the condition of two margin accounts maintained by Zuhrah Sentosa Sdn Bhd and Ujung Prinsip Sdn Bhd respectively with Mayban Securities Sdn Bhd (formerly known as Phileo Allied Securities Sdn Bhd); (ii) a declaration that Defendants are liable, jointly and severely to indemnify the Plaintiff and keep indemnified the Plaintiff from and against all claims, demands, damages, losses, costs, obligations, penalties, liabilities, fines and expenses sustained by the Plaintiff in respect of the Defendants or either of the Defendents breach referred to in (i) above; (iii) that the Plaintiff be indemnified as referred to in (ii) above and at liberty to apply for an assessment of the amount to be paid thereunder; (iv) special damages in the sum of RM41,790, as at with interest thereon at the rate of 12.25% per annum from until the date of full payment; (v) general damages; (vi) interest on the sums payable as damages; (vii) costs to be borne by the Defendants; and (viii) such futher or other reliefs as the Court deems fit and proper. The Company has appointed solicitors to defend the suit and the matter is pending before the High Court. 79

80 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER SUBSEQUENT EVENTS (continued) (b) On 2 April 2003, the Company and PSH Allied Berhad ( Defendants ) were served with a Writ of Summons and Statement of Claim (Kuala Lumpur High Court Civil Suit No. D ) by Malayan Banking Berhad ( the Plaintiff ). Zainuddin bin Abu Bakar ( the Claimant ) instituted an action against Mayban Allied Berhad (formerly known as PhileoAllied Bank (Malaysia) Berhad) based on an alleged breach of credit facilities granted by Mayban Allied Berhad to the Claimant ( the Action ). The Plaintiff claims against the Defendents for the following: (i) a declaration that the Defendants are in breach of the warranties and undertakings under the Share Sale Agreement dated 30 August 2000 in failing to make specific disclosure of the Action; (ii) a declaration that the Defendants are liable, jointly and severally to indemnify the Plaintiff and keep indemnified the Plaintiff from and against all claims, demands, damages, losses, cost, obligations, penalties, liabilities, fines and expenses sustained by the Plaintiff in respect of the Defendants or either of the Defendants breach referred to in (i) above; (iii) that the Plaintiff be indemnified as referred to in (ii) above and be at liberty to apply for an assessment of the amount to be paid thereunder; (iv) special damages in the sum of (a) RM 6,021,462 with interest thereon at the rate of 8% per annum from until the date of full payment and (b) RM 200,000; (v) general damages; (vi) interest on the sums payable as damages; (vii) costs to be borne by the Defendants; and (viii) such further or other reliefs as the Court deems fit and proper. The Company has appointed solicitors to defend the suit and the matter is pending before the High Court. 43. RETAINED EARNINGS Subject to agreement with the tax authorities, the Company has sufficient tax credits under Section 108(6) of the Income Tax Act, 1967 and tax exempt credits to frank the payment of dividends up to approximately RM 13,395,117 ( : RM8,540,744) and RM3,067,000 ( : RM3,067,000) without incurring additional taxation. 80

81 financial statements Pos Malaysia & Services Holdings Berhad 44. NON CASH TRANSACTION The principal non cash transaction during the year is the disposal of PAM, POFF and PAUT in exchange for 23,000,000 new ordinary shares of RM1.00 each in Avenue Assets Berhad (Note 5(c)). 45. FAIR VALUES The carrying amounts of financial assets and liabilities of the Group and Company at the balance sheet date approximate their fair values except as set out below: Group Company Carrying Fair Carrying Fair Note amount value amount value RM 000 RM 000 RM 000 RM 000 Long term investments ,127 80,962 23,019 15,081 Subsidiary companies , , ,127 80, , , COMPARATIVE FIGURES The financial year end of the Company was changed from 31 January to 31 December in the previous year, and consequently the comparative figures in the income statement, changes in equity, cash flows and their related notes are for a period of 11 months from 1 February 2001 to 31 December

82 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 statement by directors We, Tan Sri Abdul Halim Bin Ali and Datuk Mohamed Adnan Bin Ali, two of the Directors of Pos Malaysia & Services Holdings Berhad (formerly known as Phileo Allied Berhad), do hereby state that, in the opinion of the Directors, the financial statements set out on pages 39 to 81 are drawn up so as to give a true and fair view of the state of affairs of the Group and the Company as at 31 December 2002 and of the results and cash flows of the Group and Company for the financial year ended on that date in accordance with the applicable approved accounting standards in Malaysia and the provisions of the Companies Act, Signed on behalf of the Board of Directors in accordance with their resolution dated 21 April TAN SRI ABDUL HALIM BIN ALI DIRECTOR DATUK MOHAMED ADNAN BIN ALI DIRECTOR Kuala Lumpur statutory declaration pursuant to section 169(16) of the companies act, 1965 I, Abu Huraira bin Abu Yazid, being the Director primarily responsible for the financial management of Pos Malaysia & Services Holdings Berhad (formerly known as Phileo Allied Berhad), do solemnly and sincerely declare that the financial statements set out on pages 39 to 81 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 of the Statutory Declarations Act, ABU HURAIRA BIN ABU YAZID Subscribed and solemnly declared by the abovenamed Abu Huraira bin Abu Yazid at Kuala Lumpur in Malaysia on 21 April 2003, before me. COMMISSIONER FOR OATHS We have audited the financial statements set out on pages 39 to 81. These financial statements are the responsibility of the Company s Directors. Our 82

83 financial statements Pos Malaysia & Services Holdings Berhad report of the auditors to the members of Pos Malaysia & Services Holdings Berhad (formerly known as Phileo Allied Berhad) (company no. 491 K) responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion: (a) the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965 and applicable approved accounting standards in Malaysia so as to give a true and fair view of: (i) (ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and the state of affairs of the Group and of the Company as at 31 December 2002 and of the results and cash flows of the Group and of the Company for the financial year ended on that date; and (b) the accounting and other records and the registers required by the Act to be kept by the Company and by the subsidiary companies of which we have acted as auditors have been properly kept in accordance with the provisions of the Act. We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the Company s financial statements are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have received satisfactory information and explanations required by us for those purposes. Our audit reports on the financial statements of the subsidiary companies were not subject to any qualification and did not include any comment made under subsection (3) of section 174 of the Act. PRICEWATERHOUSECOOPERS (No. AF: 1146) Chartered Accountants JAYARAJAN A/L U. RATHINASAMY (No. 2059/06/04 (J)) Partner of the firm Kuala Lumpur 21 April

84 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 properties owned No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 JOHOR 1. Alienated Yong Peng Geran 29904, Lot 579, Bandar Pesuruhjaya Tanah Post Office / Freehold / 2429 sq mt 3250 sq ft 145, , Land Yong Peng, District of Batu Persekutuan Double Approximately Pahat, State of Johor Storey Building 27 years 2. Alienated Sri Gading HS(D) 20270, PTD 14113, Pesuruhjaya Tanah Post Office / Freehold / 0a 2r 03p 3250 sq ft 97,500 80, Land Mukim of Simpang Kanan (V), Persekutuan Double Approximately ( ha) District of Batu Pahat, Storey Building 15 years State of Johor 3. Alienated Batu Pahat HS(D) 12038, PTD 11143, Pesuruhjaya Tanah Vacant Land Freehold / 2a 0r 18p Not applicable 846, , Land (Tapak Pej Mukim of Simpang Kanan, Persekutuan Not applicable Pos Baru) District of Batu Pahat, State of Johor 4. Alienated Parit Raja Geran 24635, Lot 9008, Pesuruhjaya Tanah Post Office / Freehold / 30,959 sq ft 3250 sq ft 119,500 98, Land Mukim of Sri Gading, Persekutuan Double Approximately District of Batu Pahat, Storey Building 31 years State of Johor 5. Alienated Parit Sulong HS(D) 4331, PT 5118, Ketua Pengarah Post Office / Leasehold 99 15,737 sq ft 3250 sq ft 117,000 96, Land Mukim of Sri Medan, Tanah dan Double years expiring District of Batu Pahat, Galian Persekutuan Storey Building 02/01/2072 / State of Johor Approximately 28 years 6. Alienated Semerah Geran 27944, Lot 3396, Pesuruhjaya Tanah Post Office / Freehold / 1614 sq mt 3250 sq ft 127, , Land Mukim of Lubuk, Persekutuan Double Approximately District of Batu Pahat, Storey Building 28 years State of Johor 7. Alienated Ayer Hitam HS(D) 4330, LB 387, Ketua Pengarah Post Office / Leasehold 99 14,820 sq ft 3250 sq ft 126, , Land Mukim of Sri Gading, Tanah dan Galian Double years expiring District of Batu Pahat, Persekutuan Storey Building 02/01/2072 / State of Johor Approximately 28 years 8. Alienated Sri Medan HS(D) 17833, PTD 6500, Pesuruhjaya Tanah Post Office / Freehold / 0a 1r 31p 3250 sq ft 83,000 68, Land Mukim of Sri Medan XVIII, Persekutuan Double Approximately ( District of Batu Pahat, Storey Building 12 years sq mt) State of Johor 9. Alienated Larkin HS(D) , PTB 18042, Pesuruhjaya Tanah Vacant Land Freehold / Not applicable 0 0 Land Bandar Johor Bahru, District Persekutuan Not applicable sq mt of Johor Bahru, State of Johor 10. Alienated Skudai Geran 47438, Lot 38501, Pesuruhjaya Tanah Post Office / Freehold / 1572 sq mt 4752 sq ft 244, , Land Mukim of Pulai, Disrict of Persekutuan Double Not available Building cost Johor Bahru, State of Johor Storey Building incurred by Pos Malaysia Berhad 37,496 Renovation 288, Alienated Gelang Patah HS(D) 76812, PTD 3980, Pesuruhjaya Tanah Post Office / Freehold / sq ft 141, , Land Mukim of Pulai, District of Persekutuan Double Approximately sq mt Johor Bahru, State of Johor Storey Building 19 years 12. Alienated Pej Pos Besar Geran 20936, Lot 6514, Federal Lands General Post Freehold / 0a 2r 10.0p Not available 3,420,200 2,818, Land Johor Bahru Bandar Johor Bahru, District of Commissioners, Office / Three Approximately ( Johor Bahru, State of Johor Federation of Malaya Storey Building 39 years sq mt) 13. Alienated Majidee HS(D) 7954, MLO 4309, Pesuruhjaya Tanah Post Office / Freehold / 0a 3r 05p 3250 sq ft 696, , Land Mukim of Plentong, District of Negeri-Negeri Double Approximately Johor Bahru, State of Johor Tanah Melayu Storey Building 31 years 14. Alienated Ulu Tiram HS(D) , Lot 607, Pesuruhjaya Tanah Post Office / Freehold / sq ft 386, , Land Mukim of Tebrau, District of Persekutuan Double Approximately sq mt Johor Bahru, State of Johor Storey Building 35 years 15. Alienated Taman Sri Tebrau HS(D) , PTD 36180, Pesuruhjaya Tanah Post Office / Freehold / sq ft 994, , Land Mukim of Plentong, District of Persekutuan Double Approximately sq mt Johor Bahru, State of Johor Storey Building 16 years 16. Alienated Kahang HS(D) 6034, PTD 2060, Pesuruhjaya Tanah Post Office / Freehold / 21, sq ft 196, , Land Mukim of Kahang, District of Persekutuan Double Approximately sq ft Kluang, State of Johor Storey Building 20 years 84

85 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 JOHOR (continued) 17. Alienated Kluang HS(D) 4123, PTB 3745, Pesuruhjaya Tanah Post Office / Freehold / 0a 3r 14p 12,800 sq ft 1,861,500 1,533, Land Bandar Kluang, District of Persekutuan Double Approximately Kluang, State of Johor Storey Building 26 years 18. Alienated Simpang Renggam PT 2523, Mukim of Simpang Pesuruhjaya Tanah Post Office / Not available / sq mt 3250 sq ft 275, , Land Renggam, District of Kluang, Persekutuan Double Approximately (19, State of Johor Storey Building 28 1 /2 years sq. ft) 19. Alienated Bandar Tenggara HS(D) 13064, PTB 1214, Pesuruhjaya Tanah Post Office / Freehold / acres 4752 sq ft 0 0 Land Mukim of Ulu Sungai Johor, Persekutuan Double Approximately District of Kota Tinggi, Storey Building 12 years State of Johor 20. Alienated Kota Tinggi QT(R) 326, LO 50, Bandar Kota Pesuruhjaya Tanah Post Office / Freehold / 15,000 sq ft 3250 sq ft 161, Land Tinggi, District of Kota Tinggi, Persekutuan Double Approximately State of Johor Storey Building 31 years 21. Alienated Pengerang AAG 93/62, MLO 2579, Pesuruhjaya Tanah Post Office / Not available / 0a 1r 37.3p Not available 141, , Land Mukim of Pengerang, District of Persekutuan Single Approximately Kota Tinggi, State of Johor Storey Building 37 years 22. Alienated Bandar Penawar HS(D) 8246, PTB 1209, Pesuruhjaya Tanah Post Office / Freehold / acres 3250 sq ft 0 0 Land Mukim of Tanjung Surat, Persekutuan Double Approximately (29,098 sq ft) District of Kota Tinggi, Storey Building 11 years ( State of Johor sq mt) 23. Alienated Endau Geran 21505, Lot 18, Bandar Pesuruhjaya Tanah Post Office / Freehold / 0a 0r 29p Not available 76,800 63, Land Padang Endau, District of Persekutuan Single Approximately Mersing, State of Johor Storey Building 40 years 24. Alienated Mersing TLO 47, Mukim of Mersing, Pesuruhjaya Tanah Post Office / Not available / 6534 sq ft 7200 sq ft 264, , Land District of Mersing, Persekutuan Double Approximately State of Johor Storey Building 25 1 /2 years 25. Alienated Bukit Pasir Geran 24115, Lot 565, Pesuruhjaya Tanah Post Office / Freehold / 0a 1r 17.3p Not available 129, , Land Mukim of Sungei Raya, Persekutuan Single Prewar District of Muar, State of Johor Storey Building 26. Alienated Gerisek Geran 22659, Lot 100, Pekan Pesuruhjaya Tanah Post Office / Freehold / 0a 1r 31.0p 3250 sq ft 117,500 96, Land Gerisek, District of Muar, Persekutuan Double Approximately State of Johor Storey Building 31 years 27. Alienated Muar HS(D) 2721, TLO 1850, Pesuruhjaya Tanah Post Office / Freehold / 0a 1r 35.8p Not available 725, , Land T/Ship of Bandar Maharani, Persekutuan Three Approximately District of Muar, State of Johor Storey Building 29 years 28. Alienated Pagoh Geran 24637, Lot 4115, Pesuruhjaya Tanah Post Office / Freehold / 16,493 sq ft 3250 sq ft 157, , Land Mukim of Jorak, District Persekutuan Double Approximately ( of Muar, State of Johor Storey Building 30 1 /2 years sq mt) 29. Alienated Tangkak HS(D) 12449, PTD 8950, Pesuruhjaya Tanah Post Office / Freehold / 24,150 sq ft 7200 sq ft 0 0 Land Mukim of Tangkak (Pej. Pos), Persekutuan Double Approximately (2243,6015 District of Muar, State of Johor Storey Building 14 years sq mt) 30. Alienated Bukit Gambir Geran 24633, Lot 11581, Pesuruhjaya Tanah Post Office / Freehold / 15,189 sq ft 3250 sq ft 104,500 86, Land Mukim of Grisek, Persekutuan Double Approximately District of Muar, State of Johor Storey Building 31 years 31. Alienated Kg Kenangan HS(D) 4755, PTB 2701, Pesuruhjaya Tanah Returned Leasehold sq ft Not available 45,000 37, Land Tun Dr Ismail Bandar Maharani, District of Persekutuan years expiring ( Muar, State of Johor Others endorsement 02/02/2077 / sq mt) Title has been continued to Building has HS(D) , been demolished PTG : 42/93-50, PTD : M(SURAT) 4/89 SJ 13 dated 29/01/ Alienated Bakri MLO 1658, Mukim of Muar, Pesuruhjaya Tanah Post Office / Not available / 10,470 sq ft 3250 sq ft 148, , Land District of Muar, State of Johor Persekutuan Double Approximately Storey Building 26 1 /2 years 33. Alienated Pontian QT(R) 275, LO 3834, Bandar Pesuruhjaya Tanah Post Office / Freehold / 22,500 sq ft 7200 sq ft 439, , Land Pontian, District of Pontian, Persekutuan Tanah Double Approximately ( State of Johor Melayu Storey Building 29 years sq mt) 34. Alienated Ayer Baloi Geran 28335, Lot 5252, Mukim Pesuruhjaya Tanah Post Office / Freehold / 1444 sq mt 3250 sq ft 102,606 84,545,25 Land of Air Baloi, District of Persekutuan Double Approximately Pontian, State of Johor Storey Building 27 years 85

86 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 JOHOR (continued) 35. Alienated Kukup Geran 27829, Lot 2203, Mukim Pesuruhjaya Tanah Post Office / Freehold / sq ft Not available 64,984 53, Land of Serkat, District of Pontian, Persekutuan Single Approximately State of Johor Storey Building 40 years 36. Alienated Pekan Nenas Geran 24137, Lot 339, Federal Lands Post Office / Freehold / 0a 0r 26.35p Not available 87,948 72, Land Pekan Nenas, District of Pontian, Commissioner Single Approximately State of Johor Federation of Malaya Storey Building 40 years 37. Alienated Cha'ah Geran 29532, Lot 1381, Pesuruhjaya Tanah Post Office / Freehold / 1872 sq mt 3250 sq ft 125, , Land Mukim of Cha'ah, District of Negeri-Negeri Double Approximately Segamat, State of Johor Tanah Melayu Storey Building 32 years 38. Alienated Segamat Geran 37557, Lot 1289, Bandar Pesuruhjaya Tanah Post Office / Freehold / 1828 sq mt 12,800 sq ft 768, , Land Segamat, District of Segamat, Persekutuan Three Approximately State of Johor Storey Building 23 years 39. Alienated Jementah Geran 24703, Lot 365, Bandar Pesuruhjaya Tanah Post Office / Not available / 0a 1r 13.2p Not available 85,000 70, Land Jementah, District of Segamat, Persekutuan Double Approximately State of Johor Storey Building 41 years 40. Reserved Rengit Lot 36, Mukim of Rengit, Controlled and Post Office / Not applicable / 0a 0r 36p 5,926 sq ft 48,000 39, Land District of Batu Pahat, Managed by Single Approximately State of Johor Pesuruhjaya Tanah Storey Building 46 years Persekutuan 41. Reserved Senggarang Lot 324, Pekan Senggarang, Controlled and Post Office / Not applicable / 1r 03.7p 5,338 sq ft 44,500 36, Land District of Batu Pahat, Managed by Single Prewar State of Johor Pesuruhjaya Tanah Storey Building Persekutuan 42. Reserved Batu Pahat GN 1011/ , Lot 1365, Controlled and Post Office / Not applicable / 25.5p Not available 514, , Land (Lama) Mukim of Batu Pahat, District Managed by Double Prewar of Batu Pahat, State of Johor Pesuruhjaya Tanah Storey Building Persekutuan 43. Reserved Jalan Rogayah PTB 3694, Mukim of Controlled and Postmen's Not applicable / 34,959 sq ft Not available 40, Land Penggaram, District of Managed by Quarters / Approximately Batu Pahat, State of Johor Pesuruhjaya Tanah Not available 73 years Persekutuan 44. Reserved Kulai TLO 1334, Bandar Kulai, Controlled and Post Office / Not applicable / 13, ,612 sq ft 171, , Land District of Johor Bahru, Managed by Single Not available sq ft State of Johor Pesuruhjaya Tanah Storey Building Persekutuan 45. Reserved Masai GN 695/ , Lot 1938, Controlled and Post Office / Not applicable / 3r 31.2p Not available 506, , Land Mukim of Plentong, District of Managed by Single Approximately Johor Bahru, State of Johor Pesuruhjaya Tanah Storey Building 48 years Persekutuan 46. Reserved Senai Mukim of Senai, Controlled and Post Office / Not applicable / Not available 154, , Land District of Johor Bahru, Managed by Single Prewar sq mt State of Johor Pesuruhjaya Tanah Storey Building Persekutuan 47. Reserved Tampoi Lot 801, Mukim of Tampoi, Controlled and Post Office / Not applicable / Not available 173, , Land District of Johor Bahru, Managed by Single Approximately sq mt State of Johor Pesuruhjaya Tanah Storey Building 44 years Persekutuan 48. Reserved Paloh Lot 113, Mukim of Paloh, Controlled and Post Office / Not applicable / 2r 12p 8,002 sq ft 173, , Land District of Kluang, Managed by Single Approximately State of Johor Pesuruhjaya Tanah Storey Building 72 years Persekutuan 49. Reserved Layang-Layang GN 1160/ , Lot 949, Controlled and Post Office / Not applicable / 1a 3r 39.7p 5,461 sq ft 488, , Land Mukim of Layang-Layang, Managed by Single Approximately District of Kluang, State of Johor Pesuruhjaya Tanah Storey Building 64 years Persekutuan 50. Reserved Rengam GN 871/ , Lot 34, Controlled and Post Office / Not applicable / 38.10p 5461 sq ft 103,500 85, Land Mukim of Renggam, District of Managed by Single Approximately Kluang, State of Johor Pesuruhjaya Tanah Storey Building 70 years Persekutuan 51. Reserved Panchor GN 1006/ , Lot 150, Controlled and Post Office / Not applicable / 2r 34.6p Not available 37,500 30, Land Mukim of Jorak, District of Managed by Single Not available Muar, State of Johor Pesuruhjaya Tanah Storey Building Persekutuan 86

87 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 JOHOR (continued) 52. Reserved Parit Jawa GN 105/ , Lot 182, Controlled and Post Office / Not applicable / 3r 10.8p 3250 sq ft 273, , Land Mukim of Parit Jawa, District Managed by Double Approximately of Muar, State of Johor Pesuruhjaya Tanah Storey Building 27 years Persekutuan 53. Reserved Sungai Mati GN 459/ , Lot 94, Controlled and Post Office / Not applicable / 1a 0r 12.9p 4752 sq ft 206, , Land Mukim of Serom, District of Managed by Not available Not available Muar, State of Johor Pesuruhjaya Tanah Persekutuan 54. Reserved Benut GN 1429/ , Lot 242, Controlled and Post Office / Not applicable / 2r 0.8p 3250 sq ft 136, , Land Mukim of Benut, District of Managed by Single Approximately Pontian, State of Johor Pesuruhjaya Tanah Storey Building 39 years Persekutuan 55. Reserved Gugusan Tanah GSA, Lot 2966, Mukim Controlled and Post Office / Not applicable / acres Not available 69,870 57, Land Taib Andak of Benut, District of Pontian, Managed by Single Approximately State of Johor Pesuruhjaya Tanah Storey Building 27 years Persekutuan 56. Reserved Batu Anam GN 446/ , Lot 141, Controlled and Demolished / Not applicable / Not available 93,000 76, Land Mukim of Buloh Kasap, Managed by Single Approximately sq mt District of Segamat, Pesuruhjaya Tanah Storey Building 65 years State of Johor Persekutuan 57. Reserved Bekok GN 233/ , Lot 34, Controlled and Post Office Not applicable / 1r 20p` 2,218 sq ft 49,000 40, Land Mukim of Bekok, District of Managed by and Quarters / 2 Building Apart Segamat, State of Johor Pesuruhjaya Tanah Single 72 years Persekutuan Storey Building 58. Reserved Labis GN 316/ , Lot 209, Controlled and Post Office / Not applicable / 1r 11.7p 3,250 sq ft 72,000 59, Land Mukim Of Labis, District of Managed by Single Prewar Segamat, State of Johor Pesuruhjaya Tanah Storey Building Persekutuan 59. Registered Taman Johor Jaya HS(D) , PTD 52721, Pengurus Negeri Vacant Land Leasehold sq mt Not applicable 157, , Land Mukim of Plentong, District of Pos Malaysia Johor years expiring Johor Bahru, State of Johor 18/06/2057 / Endorsements Not applicable Penyerahan Notis 6A KTN to Owner of the land vide Jilid No. 14, Folio No. 92 dated 30/10/ Registered Pasir Gudang Mukim of Plentong, District of Perbadanan Kemajuan Vacant / Leasehold sq mt 15,061 sq ft 1,700,000 1,428, Land Johor Bahru, State of Johor Ekonomi Negeri Four Storey 99 years Johor Office (expiry date not (Title has not been available) / issued) Not available 61. Registered Larkin HS(D) , PT TLO 682, Kontena Nasional Mail Centre, Leasehold 60 20, sq mt 6, sq mt 10,300,000 16,158, Land Bandar Johor Bahru, Sdn Bhd Johor Bahru / years expiring cost of purchase District of Johor Bahru, (Lease for 30 years a Single Storey 15/12/2021 / State of Johor from Equator Engeering detached Warehouse/ Not available 5,280, Sdn Bhd To Lembaga a Single detached cost of project Letrik Negara Tanah wardened with a Melayu double storey Expiry :30/11/2008) office annex and (Awaiting transfer of a Single storey Property) detached office block 62. Tebrau 5, Building Skudai Geran 47438, Lot 38501, Mukim Pesuruhjaya Tanah Post Office/ Leasehold 1572 sq. ft 4752 sq. ft 394, of Pulai, District of Johor Bahru, Persekutuan Double Storey Building State of Johor Building 64. Building Sungai Mati GN 459/ , Lot 94, Controlled and Post Office / Leasehold 1a Or 12.9p 4752 sq. ft 440, Mukim of Serom, District of Muar, Managed by Not Available Building State of Johor Pesuruhjaya Tanah Persekutuan 65. Building Bandar Tenggara HS(D) 13064, PTB 3745, Pesuruhjaya Post Office/ Leasehold acres 4752 sq. ft 391, Bandar Kluang, District of Kluang, Tanah Persekutuan Double Storey Building State of Johor Building 66. Building Felda Air Tawar Mukim of Ayer Tawar II, No available Post Office / Leasehold acres 3250 sq. ft 219, District of Johor Bahru, Not Available Building State of Johor 87

88 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kedah 1. Alienated Kupang GM 815, Lot 8527, Mukim of Pesuruhjaya Tanah Post Office and Freehold 26,630 sq ft 3250 sq ft 204, , Land Kupang, District of Baling, Persekutuan Quarters / Double (Malay Reserve) ( Location of Kuala Kupang, Endorsements Storey Building / Approximately hektar) State of Kedah Pengisytiharaan Tanah 25 years Pekan vide Presn No. 1 dated 01/01/ Alienated Pejabat Pos GM 2356, Lot 6326, Mukim of Pesuruhjaya Tanah General Post Freehold 8913 sq mt Not available 373, , Land Besar Alor Setar Alor Malai, District of Kota Setar, Persekutuan Office and (Malay Reserve) (2a 0r 32.5p) Building cost Location of Jalan Stadium, Endorsements State Manager's / Approximately incurred by State of Kedah (HS(M) 85/1988) Pengisytiharaan Tanah Office / Double 9 1 /2 years Pos Malaysia Bandar vide Presn No. Storey Building Berhad 4,904,800 F53721/1998 dated 31/03/1994 Lease to Tenaga Nasional Berhad for 30 years from 15/06/1995 vide Presn No. 4216/1995, Jilid No. 7, Folio No. 38 dated 08/10/ Alienated Kuala Kedah GM 229, Lot , Mukim of Pesuruhjaya Tanah Post Office / Freehold 439 sq mt 3250 sq ft 75,000 61, Land Kuala Kedah, District of Kota Persekutuan Double (Malay Reserve) (4,725 sq ft) Setar, Location of Pekan Kuala Storey Building / Approximately Kedah, State of Kedah 28 years 4. Alienated Langgar GM 213, Lot 1210, Mukim of Pesuruhjaya Tanah Post Office / Freehold sq ft 3250 sq ft 139, , Land Langgar, District of Kota Setar, Persekutuan Double (Malay Reserve) (1197,0568 Location of Pekan Langgar, Endorsements Storey Building / Approximately sq mt) State of Kedah Pengisytiharaan Tanah 22 1 /2 years Bandar vide Presn No. F40106/1998 dated 31/03/ Alienated Pokok Sena GM 699, Lot 3110, Mukim Pesuruhjaya Tanah Post Office / Freehold sq mt = 3250 sq ft 141, , Land of Gajah Mati, District of Persekutuan Double (Malay Reserve) 9769 sq ft Kota Setar, Location of Endorsements Storey Building / Approximately Pokok Sena, State of Kedah Pengisytiharaan Tanah 24 years Bandar vide Presn No. F19833/1998 dated 31/03/ Alienated Mergong GM 513, Lot 4191, Mukim of Pesuruhjaya Tanah Post Office / Freehold 11,412 sq ft 3250 sq ft 148, , Land Kota Setar, District of Kota Setar, Persekutuan Double (Malay Reserve) ( Location of Kampong Berjaya, Endorsements Storey Building / Approximately sq mt) State of Kedah Pengisytiharaan Tanah 14 years Bandar vide Presn No. F72930/1998 dated 31/03/ Alienated Simpang Empat GM 7216, Lot 6991, Mukim of Pesuruhjaya Tanah Post Office / Freehold 0a 2r 22.35p 3250 sq ft 218, , Land Pengkalan Kundor, District of Persekutuan Double (Malay Reserve) (27,864 sq ft) Kota Setar, Location of Simpang Endorsements Storey Building / Approximately (2544 sq mt) Empat, State of Kedah Pengisytiharaan Tanah 12 years (HS(M) 170/1987) Bandar vide Presn No. F80531/1998 dated 31/03/ Alienated Alor Janggus HS(M) 1/1992, PT 199, Mukim Pesuruhjaya Tanah Post Office / Freehold 0a 2r 8.04p 3250 sq ft 49,500 40, Land of Padang Lalang, District of Persekutuan Double (Malay Reserve) ( sq mt) Kota Setar, Location of Storey Building / Approximately 131,725 Alor Janggus (Kubang Siam), 10 years Building cost State of Kedah incurred by Post Malaysia Berhad 9. Alienated Merbok GM 80, Lot 3332, Mukim of Pesuruhjaya Tanah Post Office / Freehold sq mt 3250 sq ft 192, , Land Merbok, District of Kuala Muda, Persekutuan Double (Malay Reserve) (23,916 sq ft) Location of Tandop Batu, Endorsements Storey Building / Approximately State of Kedah Pengisytiharaan Tanah 19 1 /2 years Bandar vide Presn No. F57201/1998 dated 31/03/ Alienated Sungai Petani HS(D) 78/1971, Allot 11 Pesuruhjaya Tanah Post Office / Freehold / 12,033 sq ft 12,800 sq ft 700, , Land Sek 14, Bandar Sungai Petani, Persekutuan Double Approximately ( District of Kuala Muda, Storey Building 35 years sq mt) State of Kedah 11. Alienated Kampong Raja Geran 14379, Lot 201 Sek 42, Pesuruhjaya Tanah Post Office / Freehold / 757 sq mt 3250 sq ft 225, , Land (Pekan Lama) Bandar Sungai Petani, Persekutuan Double Not available District of Kuala Muda, Endorsements Storey Building State of Kedah Pengisytiharaan Tanah Bandar vide Presn No. F07856/1998 dated 01/01/

89 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kedah (continued) 12. Alienated Tikam Batu Part of Lot 100, Mukim of Pesuruhjaya Tanah Post Office / Freehold / 0a 2r 31.66p 3250 sq ft 214, , Land Pekula, District of Kuala Muda, Persekutuan Double Approximately State of Kedah Storey Building 11 years Building cost incurred by Pos Malaysia Berhad 22, Alienated Jitra GM 2156, Lot 4757, Mukim of Pesuruhjaya Tanah Post Office / Freehold / 1976 sq mt 3250 sq ft 128, , Land Jitra, District of Kubang Pasu, Persekutuan Double Approximately (17,600 sq ft) Location of Pekan Jitra, Endorsements Storey Building 22 years State of Kedah (HS(M) 304) Pengisytiharaan Tanah Bandar vide Presn No. F57157/1998 dated 31/03/ Alienated Kepala Batas GM 402, Lot 1201, Mukim of Pesuruhjaya Tanah Post Office / Freehold 0a 2r 16.23p 3250 sq ft 100,000 82, Land Bukit Tinggi, District of Persekutuan Double (Malay Reserve) (2014 sq mt) Kubang Pasu, Location of Storey Building / Approximately Kepala Batas, State of Kedah 19 1 /2 years 15. Alienated Kodiang GM 436, Lot 3388, Mukim Kepelu, Pesuruhjaya Tanah Post Office / Freehold 13,390 sq ft 3250 sq ft 132, , Land District of Kubang Pasu, Persekutuan Double (Malay Reserve) ( Location of Pekan Kodiang, Endorsements Storey Building / Approximately sq mt) State of Kedah Pengisytiharaan Tanah 28 years Bandar vide Presn No. F49400/1998 dated 31/03/ Alienated Bukit Kayu Hitam HS(M) 192/1982, PT 711, Mukim Pesuruhjaya Tanah Post Office / Freehold sq ft 3250 sq ft 205, , Land of Sungai Laka, District of Kubang Persekutuan Double (Malay Reserve) ( Pasu, Location of Pekan Baru Bukit Endorsements Storey Building / Approximately sq mt) Kayu Hitam, State of Kedah Pengisytiharaan Tanah 12 years Bandar vide Presn No. F49937/1998 dated 31/03/ Alienated Air Hitam HS(M) 16/1987, PT 1475, Pesuruhjaya Tanah Post Office / Freehold 0a 2r 38.76p 3250 sq ft 161, , Land Mukim of Jerlun, District of Persekutuan Double Storey (Malay Reserve) ( Kubang Pasu, Location of Building / Approximately sq mt) Air Hitam, State of Kedah 12 years 18. Alienated Kulim Geran 2455, Lot 20 Seksyen 11, Pesuruhjaya Tanah Post Office / Freehold / 10,199 sq ft 7,200 sq ft 340, , Land Bandar Bandar Kulim, District of Persekutuan Double Approximately ( Kulim, State of Kedah Endorsements Storey Building 27 years sq mt) Pengisytiharaan Tanah Bandar vide Presn No. F05686/1998 dated 01/01/ Alienated Langkawi Geran 3270, Lot 1545, Mukim Pesuruhjaya Tanah Not available Freehold / 52,457 sq ft 3250 sq ft 380,000 0 Land of Kuah, District of Langkawi, Persekutuan Approximately ( State of Kedah 29 years sq mt) 20. Alienated Kuala Nerang GM 1960, Lot 2364, Mukim of Pesuruhjaya Tanah Post Office / Freehold 0a 0r 37.85p 2316 sq ft 82,000 67, Land Belimbing Kanan, District of Persekutuan Single Storey (Malay Reserve) (0r 161j 01kp) Padang Terap, Location of Pekan Tanah Melayu Building / Approximately ( ha) Kuala Nerang, State of Kedah 41 years (Surat Putus Kecil 8263) 21. Alienated Pendang GM 607, Lot 6264, Mukim of Pesuruhjaya Tanah Post Office / Freehold 8,011 sq ft 3250 sq ft 124, , Land Ayer Puteh, District of Pendang, Persekutuan Double (Malay Reserve) ( Location of Manggol Petai, Storey Building / Approximately sq mt) State of Kedah 28 years 22. Alienated Sungai Tiang GM 1169, Lot 6202, Mukim of Pesuruhjaya Tanah Post Office / Freehold 18,204 sq ft 3250 sq ft 118,000 97, Land Padang Kerbau, District of Persekutuan Double (Malay Reserve) (1690 sq mt) Pendang, Location of Sungai Tiang, Storey Building / Approximately State of Kedah (HS(M) 40/1982) 12 years 23. Alienated Sik Geran 22665, Lot 13771, Pesuruhjaya Tanah Post Office / Freehold ha Not available 59,500 49, Land Pekan Sik, District of Sik, Persekutuan Single Storey / Approximately (8065 sq ft) State of Kedah Building 42 years 24. Alienated Yan Geran 2498, Lot 14 Seksyen 1, Pesuruhjaya Tanah Post Office / Freehold / 25,274 sq ft 3250 sq ft 101,000 83, Land Bandar Yan, District of Yan, Negeri Tanah Single Approximately ( State of Kedah Melayu Storey Building 32 years sq mt) Endorsements Pengisytiharaan Tanah Bandar vide Presn No. F15676/

90 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kedah (continued) 25. Alienated Guar Chempedak GM 3052, Lot 6666, Mukim of Pesuruhjaya Tanah Post Office / Freehold 2,273 sq mt 3250 sq ft 132, , Land. Sala Besar, District of Yan, Persekutuan Double (Malay Reserve) Location of Guar Chempedak, Endorsements Storey Building / Approximately State of Kedah Pengisytiharaan Tanah 13 years Bandar vide Presn No. F18094/1998 dated 31/03/ Alienated Kota Sarang Semut GM 986, Lot 2281, Mukim of Pesuruhjaya Tanah Post Office / Freehold 0a 1r 16p 3250 sq ft 105,000 86, Land Sala Kecil, District of Kota Persekutuan Double (Malay Reserve) (15,246 sq ft) Setar, Location of Kota Sarang Storey Building / Approximately (2619 sq mt) Semut, State of Kedah 13 1 /2 years (HS(M) 94/1998) 27. Reserved Mahang Part of 596, Mukim of Mahang, Not applicable Vacant Land Not applicable 15,200 sq ft Not applicable 4,000 3, Land District of Kulim, State of Kedah 28. Reserved Baling Mukim of Baling, District of Controlled and Post Office and Not applicable / sq mt 1964 sq ft 108,000 88, Land Baling, State of Kedah Managed by Quarters / Prewar Pesuruhjaya Tanah Single Storey Persekutuan Building 29. Reserved Kuala Ketil GT 343/6/5/1358, Lot 741, Controlled and Post Office / Not applicable / sq ft 265, , Land Mukim of Tawar, District of Managed by Single Storey Prewar sq mt Baling, State of Kedah Pesuruhjaya Tanah Building (1r 346j 60 Persekutuan kp) 30. Reserved Bandar Bharu Allotment 2, Mukim of Bagan Controlled and Post Office / Not applicable / 1481 sq ft 2,446 sq ft 36,000 29, Land Samak, District of Bandar Managed by Prewar Terrace Prewar Bharu, State of Kedah Pesuruhjaya Tanah Shop House Persekutuan 31. Reserved Bandar Bharu Part 3, Mukim of Bagan Samak, Not applicable / 965 sq ft Land District of Bandar Bharu, Prewar State of Kedah 32. Reserved Bandar Bharu GN 342/9/6/1949, Lot 3101, Controlled and Vacant Land Not applicable 14,157 sq ft Not available 23,500 19, Land Mukim of Bagan Samak, Managed by District of Bandar Bharu, Pesuruhjaya Tanah State of Kedah Persekutuan 33. Reserved Serdang Allot 1 Sec 11, Mukim of Serdang, Controlled and Post Office / Not applicable / 11,953 sq ft 2,176 sq ft 71,000 58, Land District of Bandar Bharu, Managed by Single Storey Prewar State of Kedah Pesuruhjaya Tanah Building Persekutuan 34. Reserved Bedong Lot 14, Sek 4, Mukim of Semaling, Controlled and Post Office / Not applicable 18,761 sq ft 3250 sq ft 209, , Land District of Kuala Muda, Managed by Double / Approximately State of Kedah Pesuruhjaya Tanah Storey Building 13 1 /2 years Persekutuan 35. Reserved Kota Kuala Muda GN 17, Not 316 Vol I 16/9/48, Controlled and Post Office / Not applicable sq mt 3250 sq ft 133, , Land Lot 1 Sek 6, Mukim of Kota, Managed by Double Storey / Approximately District of Kuala Muda, Pesuruhjaya Tanah Building 18 years State of Kedah Persekutuan 36. Reserved Gurun Lot 2 Sek 5, Mukim of Gurun, Controlled and Post Office / Not applicable 9999 sq ft 3250 sq ft Land District of Kuala Muda, Managed by Double Storey / Approximately State of Kedah Pesuruhjaya Tanah Building 12 years Pesekutuan 37. Reserved Gurun Lot 4 Sek 5, Mukim of Gurun, 6294 sq ft Land District of Kuala Muda, State of Kedah 284, , Reserved Karangan Lot 2 Sek 2, Mukim of Karangan, Controlled and Post Office / Not applicable / 16,842 sq ft 1,357 sq ft 58,000 47, Land District of Kulim, State of Kedah Managed by Single Storey Prewar Pesuruhjaya Tanah Building Persekutuan 39. Reserved Lunas Lot 2 Sek 7, Mukim of Lunas, Controlled and Post Office / Not applicable / 13,298 sq ft 1,636 sq ft 64,000 52, Land District of Kulim, State of Kedah Managed by Single Storey Prewar Pesuruhjaya Tanah Building Persekutuan 40. Reserved Padang Serai Lot 7 Sek 2, Mukim of Naga Lilit, Controlled and Post Office Not applicable / 25,394 sq ft 5,344 sq ft 100,000 82, Land District of Kulim, State of Kedah Managed by Prewar Pesuruhjaya Tanah Persekutuan 90

91 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kedah (continued) 41. Registered Sg Petani HS(D) 2085/92, PT 19950, Malaysian Industrial Mail Processing Freehold / ,810.7 sq mt 2,342,100 2,116, Land Mukim of Sg Petani, District of Estates Sdn Bhd# Centre / Factory Aproximately sq mt Kuala Muda, State of Kedah 6 years 42. Registered Darulaman HS(D) 182/89, PT 1069, Mukim Pos Malaysia Berhad Freehold ,992 sq ft 165,000 Land of Naga, District of Kubang Pasu, Endorsements (Malay Reserve) sq mt State of Kedah Pengisytiharan Tanah / Approximately Bandar vide Presn 7 years (based on No. F40847/1998 Certificate of dated 1 January 1994; Fitness for Lot Untuk Orang Melayu Occupation issued vide Presn No. F40851/1998 Mail Processing in March 1995) Centre / Double 284, Registered Darulaman HS(D) 183/89, PT 1070, Pos Malaysia Berhad Storey Shophouse Freehold ,992 sq ft 165,000 Land Mukim of Naga, District of Endorsements (Malay Reserve) sq mt Kubang Pasu, State of Kedah Pengisytiharan Tanah / Approximately Bandar vide Presn 7 years (based on No. F40859/1998 Certificate of dated 1 January 1994; Fitness for Lot Untuk Orang Melayu vide Occupation issued Presn No. F40860/1998 in March 1995) 44. Registered Taman Sri Berlian HS(M) 96-91, PT 1990, Mukim Landrise Development Vacant / Freehold sq ft 99,200 Land of Kuah, District of Langkawi, Sdn Bhd # Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years vide Presn No. F20070/ Registered Taman Sri Berlian HS(M) 97-91, PT 1991, Mukim of Landrise Development Vacant / Double Freehold sq ft 99,200 Land Kuah, District of Langkawi, Sdn Bhd# Storey Terrace (Malay Reserve) sq mt Location of Padang Lunas, Endorsements House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years vide Presn No. F20071/ Registered Taman Sri Berlian HS(M) 98-91, PT 1992, Mukim Landrise Development Tenanted to Freehold sq ft 99,200 Land of Kuah, District of Langkawi, Sdn Bhd# third party / (Malay Reserve) sq mt Location of Padang Lunas, Endorsement Double Storey / Approximately State of Kedah Charged by Landrise Terrace House 8 years Development Sdn Bhd to Development & Commercial Bank Berhad vide Presn No. 236/1993, Jilid No. 50, Folio No. 63 dated 21/03/1993 and Lot Untuk Orang Melayu vide Presn No. F20073/ Registered Taman Sri Berlian HS(M) 99-91, PT 1993, Mukim of Landrise Development Vacant / Freehold sq ft 99,200 Land Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Charged by Landrise 8 years Development Sdn Bhd to Development & Commercial Bank berhad vide Presn No. 236/1993, Jilid No. 50, Folio No. 63 dated 21/03/1993 and Lot Untuk Orang Melayu 2,180, vide Presn No. F20074/ Registered Taman Sri Berlian HS(M) , PT 1994, Mukim of Landrise Development Vacant / Double Freehold sq ft 99,200 Land Kuah, District of Langkawi, Sdn Bhd# Storey Terrace (Malay Reserve) sq mt Location of Padang Lunas, Endorsement House / Approximately State of Kedah Charged by Landrise 8 years (1994) Development Sdn Bhd to Development & Commercial Bank Berhad vide Presn No. 236/1993, Jilid No. 50, Folio No. 63 dated 21/03/1993 and Lot Untuk Orang Melayu vide Presn No. F20075/ Registered Taman Sri Berlian HS(M) , PT 1995, Landrise Development Vacant / Double Freehold sq ft 99,200 Land Mukim of Kuah, District of Sdn Bhd# Storey Terrace (Malay Reserve) sq mt Langkawi, Location of Padang Endorsements House / Approximately Lunas, State of Kedah Charged by Landrise 8 years Development Sdn Bhd to Development & Commercial Bank Berhad vide Presn No. 236/1993, Jilid No. 50, Folio No. 63 dated 21/03/1993 and Lot Untuk Orang Melayu vide Presn No. F20076/ Registered Taman Sri Berlian HS(M) , PT 1996, Landrise Development Vacant / Double Freehold sq ft 99,200 Land Mukim of Kuah, District of Sdn Bhd# Storey Terrace (Malay Reserve) sq mt Langkawi, Location of Padang Endorsement House / Approximately Lunas, State of Kedah Charged by Landrise 8 years Development Sdn Bhd to Development & Commercial Bank Berhad vide Presn No. 236/1993, Jilid No. 50, Folio No. 63 dated 21/03/1993 and Lot Untuk Orang Melayu vide Presn No. F20077/1998 # Awaiting transfer of Property 91

92 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kedah (continued) 51. Registered Taman Sri Berlian HS(M) , PT 1997, Mukim of Landrise Development Vacant / Double Freehold sq ft 99,200 Land Kuah, District of Langkawi, Sdn Bhd# Storey Terrace (Malay Reserve) sq mt Location of Padang Lunas, Endorsements House / Approximately State of Kedah Charged by Landrise 8 years Development Sdn Bhd to Development & Commercial Bank Berhad vide Presn No. 236/1993, Jilid No. 50, Folio No. 63 dated 21/03/1993 and Lot Untuk Orang Melayu vide Presn No. F20078/ Registered Taman Sri Berlian HS(M) , PT 1998, Mukim Landrise Development Vacant / Double Freehold sq ft 99,200 Land of Kuah, District of Langkawi, Sdn Bhd# Storey Terrace (Malay Reserve) sq mt Location of Padang Lunas, Endorsements House / Approximately State of Kedah Charged by Landrise 8 years Development Sdn Bhd to Development & Commercial Bank Berhad vide Presn No. 236/1993, Jilid No. 50, Folio No. 63 dated 21/03/1993 and Lot Untuk Orang Melayu vide Presn No. F20080/ Registered Taman Sri Berlian HS(M) , PT 1999, Mukim Landrise Development Vacant / Double Freehold sq ft 99,200 Land of Kuah, District of Langkawi, Sdn Bhd# Storey Terrace (Malay Reserve) sq mt Location of Padang Lunas, Endorsements House / Approximately State of Kedah Charged by Landrise 8 years Development Sdn Bhd to Development & Commercial Bank Berhad vide Presn No. 236/1993, Jilid No. 50, Folio No. 63 dated 21/03/1993 Lot Untuk Orang Melayu vide Presn No. F20081/ Registered Taman Sri Berlian HS(M) , PT 2132, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years 55. Registered Taman Sri Berlian HS(M) , PT 2133, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years 56. Registered Taman Sri Berlian HS(M) , PT 2134, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years 57. Registered Taman Sri Berlian HS(M) , PT 2135, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years 58. Registered Taman Sri Berlian HS(M) , PT 2136, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years vide Presn No. F19789/ Registered Taman Sri Berlian HS(M) , PT 2137, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu vide 8 years Presn No. F19790/ Registered Taman Sri Berlian HS(M) , PT 2138, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years vide Presn No. F19791/ Registered Taman Sri Berlian HS(M) , PT 2139, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years vide Presn No. F19792/ Registered Taman Sri Berlian HS(M) , PT 2140, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years vide Presn No. F19793/ Registered Taman Sri Berlian HS(M) , PT 2141, Mukim Landrise Development Staff Quarters / Freehold sq mt 89,300 Land of Kuah, District of Langkawi, Sdn Bhd# Double Storey (Malay Reserve) sq mt Location of Padang Lunas, Endorsements Terrace House / Approximately State of Kedah Lot Untuk Orang Melayu 8 years vide Presn No /1998 # Awaiting transfer of Property 92

93 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kedah (continued) 64. Registered Taman Sri HS(M) , PT 2142, Landrise Staff Quarters / Freehold sq mt 89,300 Land Berlian Mukim of Kuah, District of Development Double Storey (Malay sq mt Langkawi, Location of Sdn Bhd# Terrace House Reserve) / Padang Lunas, State of Endorsements Approximately Kedah Lot Untuk Orang 8 years Melayu vide Presn No. F19795/ Registered Taman Sri HS(M) 45-91, PT 1939, Landrise Vacant / Freehold sq mt 292,050 Land Berlian Mukim of Kuah, District of Development Three Storey (Malay sq mt Langkawi, Location of Sdn Bhd# Shophouse Reserve) / Padang Lunas, State of Endorsements Approximately Kedah Lot Untuk Orang 8 years Melayu vide Presn No. F20304/ Registered Taman Sri HS(M) 46-91, PT 1940, Landrise Vacant Freehold sq mt 315,000 Land Berlian Mukim of Kuah, District of Development (Malay sq mt Langkawi, Location of Sdn Bhd# Reserve) / Padang Lunas, State of Endorsements Approximately Kedah Lot Untuk Orang 8 years Melayu vide Presn No / Registered Ulu Melaka, HS(M) 48-92, PT 1014, Shahidan Bin Vacant Land / Freehold ha Not 682, , Land Langkawi Mukim of Ulu Melaka, Mahmood Not available (Malay (6.025) applicable District of Langkawi, Endorsements Reserve) Location of Padang Gaong, Private Caveat in State of Kedah favour of Pos Malaysia Berhad vide F10525/1998, Jilid No. 15, Folio No. 25 dated 13/11/ Registered Serdang HS(D) 259, PT 1536, UMNO Bahagian Vacant / Freehold / 138 sq mt , , Land Mukim of Serdang, Kulim/Bandar Double storey Approximately sq mt District of Bandar Baharu, Baharu shopoffice 2 years State of Kedah 69. Building Pejabat Pos 3,777, Besar Alor Setar Pesuruhjaya Tanah Persekutuan Endorsements Pengisytiharaan GM 2356, Lot 6326, Tanah Bandar vide General Post Mukim of Alor Malai, Presn No. Office and State Leasehold 8913 sq. mt District Of Kota Setar, F53721/1988 Manager's Building (2a Or 32.5p) Not available Location of Jalan dated 31/03/1994 Office / Double Stadium, State of Kedah Storey Building Lease to Tenaga (HS(M)85/1988) Nasional Berhad for 30 years from 15/06/1995 vide Presn No. 4216/1995, Jilid No. 7 Folio No. 38 dated 08/10/ Building Pejabat Pos 330, Besar Alor Setar (Bgn Tambahan) 71. Building Pejabat Pos Part of Lot 100, Pesuruhjaya Post Office / Leasehold Oa 2r 31.66p 3250 sq. ft 199, Tikam Batu Mukim of Pekula, Tanah Persekutuan Double Storey Building District of Kuala Muda, Building State of Kedah 72. Building Pejabat Pos HS(M) 1/1992, PT 199, Pesuruhjaya Post Office Freehold 248, Alor Janggus Mukim of Padang Tanah Persekutuan (Malay Lalang, District of Kota Reserve) / Setar, Location of Alor Approximately Janggus (Kubang Siam), 9 years State of Kedah # Awaiting transfer of Property 93

94 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kelantan 1. Alienated Bachok Geran 12734, Lot 303, Pesuruhjaya Post Office / Freehold sq ft 124, , Land Bandar Bachok Daerah Tanah Persekutuan Single Storey (Malay acres Perupok, District of Building Reserve) / (Jajahan) Bachok, State Approximately of Kelantan 39 years 2. Alienated Gua Geran 23750, Lot 492, Pesuruhjaya Post Office / Freehold / 1779 sq mt 3250 sq ft 256, , Land Musang Bandar Gua Musang, Tanah Persekutuan Double Storey Approximately District of (Jajahan) Building 27 years Gua Musang, State of Kelantan 3. Alienated Ayer Lanas Geran 22431, Lot 1938, Pesuruhjaya Post Office / Freehold 1496 sq mt 3250 sq ft 163, , Land Mukim Jeli, District of Tanah Persekutuan Double Storey (Malay (Jajahan) Jeli, State of Building Reserve) / Kelantan Approximately 19 years 4. Alienated Pengkalan Geran 12741, Lot 2240, Pesuruhjaya Post Office / Freehold acres 3250 sq ft 241, , Land Chepa Mukim of Baung Daerah Tanah Persekutuan Double Storey (Malay Panji, District of (Jajahan) Building Reserve) / Kota Bharu, State of Approximately Kelantan 29 years 5. Alienated Kuala Krai Geran 24986, Lot 3456, Pesuruhjaya Post Office / Freehold ha 4752 sq ft 125, , Land (Baru) Bandar Kuala Krai, District Tanah Persekutuan Double Storey (Malay of (Jajahan) Kuala Krai, Building Reserve) / Part of the State of Kelantan Approximately Building cost 11 years 267, Alienated Machang Geran 14477, Lot 419, Pesuruhjaya Post Office / Freehold 0a 184.8d 3250 sq ft 138, , Land Bandar Machang, Daerah Tanah Persekutuan Double Storey (Malay Ulu Sat, District (Jajahan) Building Reserve) / Machang, State of Kelantan not available 7. Alienated Pulai Geran 14736, Lot 1899, Pesuruhjaya Post Office / Freehold sq ft 170, , Land Chondong Mukim of Gading Galoh, Tanah Persekutuan Double Storey (Malay acres District of (Jajahan) Building Reserve) / Machang, State of Kelantan Approximately 28 years 8. Alienated Pasir PN 558, Lot 411, Bandar Pesuruhjaya Leasehold acres 168, , Land Puteh Seksyen 1, Bandar Pasir Tanah Persekutuan for 99 years (6,516 sq ft) Puteh, District of (Jajahan) expiring Pasir Puteh, State of Kelantan 16/04/2061 Post Office / (Malay Double Storey Reserve) / 3250 sq ft Building Approximately 39 years 9. Alienated Pasir Puteh HS(D) PP 1/74, PT 50, Pesuruhjaya Not available / 0a 023d No value No value Land (Additional) Bandar Pasir Puteh, Tanah Persekutuan Approximately ascertained ascertained Sek I, District of Limbongan, 39 years Pasir Puteh, Location of Pasir Puteh, State of Kelantan 10. Alienated Tumpat Geran 11358, Lot 350, Pesuruhjaya Post Office / Freehold 10,356 sq ft 3250 sq ft 201, , Land Bandar Seksyen 1, Tumpat, Tanah Double Storey (Malay District of (Jajahan) Tumpat, Negeri-Negeri Building Reserve) / State of Kelantan Tanah Melayu Approximately 33 years `11. Alienated Jelawat Geran 21527, Lot 1963, Pesuruhjaya Vacant Land / Freehold 2449 sq mt 34,000 28, Land Mukim of Rusa (Daerah Tanah Persekutuan Not available (Malay Repek), District of Jajahan Reserve) / Bachok, State of Kelantan Not available 12. Alienated Mulong Geran 22865, Lot 542, Pesuruhjaya Post Office / Freehold 1209 sq mt 3250 sq ft 55,000 45, Land Mukim of Biah Daerah Tanah Persekutuan Double Storey (Malay Kadok, District of Jajahan Building Reserve) / Part of the Kota Bharu, State of Approximately Building Kelantan 10 years Cost 182,021 94

95 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kelantan (continued) 13. Alienated Wakaf Bharu Geran 21524, Lot 1930, Pesuruhjaya Post Office / Freehold 1498 sq mt 3250 sq ft 259, , Land Mukim of Wakaf Baharu Tanah Persekutuan Double Storey (Malay (Daerah Wakaf Baharu), Building Reserve) / District of Jajahan Tumpat, Approximately State of Kelantan 22 years 14. Alienated Ketereh HS(D) KB 3/90, Lot 254, Pesuruhjaya Post Office / Freehold sq ft 187, , Land Mukim of Ketereh East, Tanah Persekutuan Double Storey (Malay sq mt District of Kota Bharu, Building Reserve) / (0.352d) State of Kelantan Approximately 27 years 15. Alienated Wakaf Geran 24372, Lot 2656, Pesuruhjaya Post Office / Freehold sq ft 122, , Land Che Yeh Mukim of Padang Tanah Persekutuan Double Storey (Malay sq mt Enggang, District of Kota Building Reserve) / (16986 sq ft) Bharu, State of Kelantan Approximately (HS(D) KB 610/85) 12 years 16. Alienated Selising HS(D) PP 32/89, PT 2113, Pesuruhjaya Post Office/ Freehold ha 4752 sq ft 41,000 33, Land Mukim of Selising, District Tanah Persekutuan Double Storey (Malay (1465 sq mt) of Pasir Puteh, State of Building Reserve) / Part of the Kelantan Approximately Building 11 years Cost 192, Alienated Melor GM 92, Lot 2070, Mukim Pesuruhjaya Post Office / Freehold 1170 sq mt 3250 sq ft 161, , Land of Melor, District of Kota Tanah Persekutuan Double Storey (Malay Bharu, Location of Kg Building Reserve) / Melor, State of Kelantan Approximately 24 years 18. Alienated Rantau HS(D) PM 9/74, PT 42, Pesuruhjaya Post Office / Freehold 0a 260d 3250 sq ft 134, , Land Panjang Mukim of Bandar Kecil Tanah Persekutuan Double Storey (Malay (12,632 sq ft) Rantau Panjang, District Building Reserve) / of Rantau Panjang, Pasir Approximately Mas, State of Kelantan 28 years 19. Alienated Tanah Merah QT(R) 3, Bandar Tanah Pesuruhjaya Post Office / Freehold 0a 204d 3250 sq ft 199, , Land Merah, District of Tanah Tanah Negeri-Negeri Double Storey (Malay (8,800 sq ft) Merah, State of Kelantan Tanah melayu, Building Reserve) / Kuala Lumpur Approximately 39 years 20. Alienated Pengkalan Geran 24613, Lot 1457, Pesuruhjaya Post Office / Freehold 0a 370d 3250 sq ft 78,000 64, Land Kubor Mukim of Ketil, District of Tanah Persekutuan Double Storey (Malay (1497 sq mt) Pengkalan Kubor, State Building Reserve) / Part of the of Kelantan (HS(D) T5/90) Approximately Building 11 years Cost 70, Alienated Kubang GM 2262, Lot 2339, Mukim Pesuruhjaya Post Office / Freehold 28,488 sq ft 3250 sq ft 348, , Land Kerian of Kenali, District of Lundang, Tanah Persekutuan Double Storey (Malay Location of Kubang Kerian, Building Reserve) / State of Kelantan (HS(M) 194) Approximately 20 years 22 Alienated Cherang Geran 17857, Lot 3782, Pesuruhjaya Post Office Freehold / 1314 sq mt 3250 sq ft 124, , Land Ruku Mukim of Cherang Ruku, Tanah Persekutuan and Quarters Approximately District of (Jajahan) Pasir Class "G" / 21 years Puteh, State of Kelantan Double Storey Building and Single Storey Semi Detached 23. Alienated Kuala PT 2598, Mukim of Kuala Pesuruhjaya Post Office Not available / ha 4752 sq ft 220, , Land Balah Balah, District of Jajahan Tanah Persekutuan Approximately Kecil Jeli, State of Kelantan 12 years Part of Building Cost 301, Alienated Manik Urai Mukim of Manik Urai, Pesuruhjaya Vacant Land Not available 0.51 ha Not available No value No value Land District of Kuala Krai, Tanah Persekutuan ascertained ascertained State of Kelantan 25 Reserved Kuala Krai Lot 297, Bandar Kuala Controlled and Vacant Building / Not sq ft 24,000 19, Land (Lama) Krai, District of Batu Managed by Not available applicable / sq mt Mengkebang, State of Pesuruhjaya Prewar Kelantan Tanah Persekutuan 95

96 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Kelantan (continued) 26 Reserved Kota Bharu Lot 334, Mukim of Controlled and General Not available/ 30,547 Not available 1,744,000 1, Land Sek. 12, Bandar Kota Managed by Post Office / Not available sq ft Bharu, District of Kota Pesuruhjaya Double Storey ( Renovation Bharu, State of Kelantan Tanah Persekutuan Building sq mt) cost 83, Reserved Temangan Lot 246, Pekan Temangan, Controlled and Post Office / Not sq ft 58,000 47, Land District of Machang, Managed by Double Storey applicable / sq mt State of Kelantan Pesuruhjaya Building Not available (0a 152.8d) Tanah Persekutuan 28 Reserved Pasir Mas Lot 429, Bandar Pasir Controlled and Post Office / Not 1012 sq mt 3250 sq ft 213, , Land Mas (Sek 1), District of Managed by Double Storey applicable / Pasir Mas, State of Pesuruhjaya Building Approximately Kelantan Tanah Persekutuan 42 years 29. Leasehold Selising HS(D) PP 32/89, PT 2113, Pesuruhjaya Post Office/ Freehold ha 4752 sq ft 258, Building Mukim of Selising, District Tanah Persekutuan Double Storey (Malay (1465 sq mt) of Pasir Puteh, State of Building Reserve) / Kelantan Approximately 10 years 30. Leasehold Pengkalan Geran 24613, Lot 1457, Pesuruhjaya Post Office / Freehold 0a 370d 3250 sq ft 190, Building Kubur Mukim of Ketil, District of Tanah Persekutuan Double Storey (Malay (1497 sq mt) Pengkalan Kubor, State of Building Reserve) / Kelantan (HS(D) T5/90 Approximately 10 years 31. Leasehold Mulong Geran 22865, Lot 542, Pesuruhjaya Post Office / Freehold 1209 sq mt 3250 sq ft 165, Building Mukim of Biah Daerah Tanah Persekutuan Double Storey (Malay Kadok, District of Jajahan Building Reserve) / Kota Bharu, State of Approximately Kelantan 9 years Melaka 1. Alienated Masjid Geran 549, Lot 5, Bandar Pesuruhjaya Post Office / Freehold / 0a 0r 29.05p 3250 sq ft 116,000 95, Land Tanah Masjid Tanah Seksyen II, Tanah Persekutuan Not available Approximately (7,914 sq ft) District of Alor Gajah, 28 years State of Melaka 2. Alienated Kuala HS(D) 607, Mukim of Pesuruhjaya Post Office Freehold / 15,000 sq ft 3250 sq ft 107,000 88, Land Sungai Baru Kuala Sungai Baru, District Tanah Persekutuan and two units Approximately of Alor Gajah, State of of Class "G" 20 years Melaka Quarters / Double Storey Building 3. Alienated Durian Geran 3761, Lot 40, Pesuruhjaya Post Office / Freehold / 9532 sq ft 3250 sq ft 100,000 82, Land Tunggal Mukim of Durian Tunggal, Tanah Persekutuan Double Storey Approximately (885.6 sq mt) District of Alor Gajah, Building 27 years State of Melaka 4. Alienated Lubok Cina Geran 3735, Lot 41, Pekan Pesuruhjaya Post Office / Freehold / sq ft 3250 sq ft 109,000 89, Land Lubuk Cina, District of Alor Tanah Persekutuan Double Storey Approximately ( sq mt) Gajah, State of Melaka Building 28 years 5. Alienated Selandar GM 131, Lot 2284, Mukim Pesuruhjaya Post Office / Freehold / 1858 sq mt 4752 sq ft 317, , Land of Selandar, District of Jasin, Tanah Persekutuan Double Storey Not available State of Melaka Building 6. Alienated Merlimau HS(D) 6073, PT 39, Bandar Pesuruhjaya Post Office / Freehold / 796 sq mt Not available 65,000 53, Land Merlimau Sek. IV, District of Tanah Persekutuan Double Storey Prewar ( sq ft) of Jasin, State of Melaka Building 7. Alienated Asahan Lot 57 Sek 11, Pekan Pesuruhjaya Post Office / Not available / 4493 sq ft Not available 33,000 27, Land Asahan, District of Jasin, Tanah Persekutuan Double Storey Prewar State of Melaka Building 8. Alienated Bemban Lot 57, Mukim of Air Panas, Pesuruhjaya Post Office / Not available / 3349 sq ft 750 sq ft 41,000 33, Land District of Jasin, State of Tanah Persekutuan Double Storey Prewar Melaka Building 9. Alienated Sg Udang GM 1, Lot 1252, Mukim of Pesuruhjaya Post Office / Freehold / 36,157 sq ft 3250 sq ft 170, , Land Sungei Udang, District of Tanah Persekutuan Double Storey Not available Melaka Tengah, State of Building Melaka 10. Alienated Tanjong Geran 3199, Lot 280, Pesuruhjaya Post Office / Freehold / 24,138 sq ft 3250 sq ft 125, , Land Kling Pekan Tanjung Keling Tanah Persekutuan Double Storey Approximately Sek 111, District of Melaka Building 28 years Tengah, State of Melaka 96

97 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Melaka (continued) 11. Alienated Ayer Keroh Part of PT 5, Mukim of Pesuruhjaya Post Office / Approximately sq ft 249, , Land Bukit Katil, District of Tanah Perseketuan Double Storey 12 years / sq mt Melaka Tengah, State of Building Not available (15,000 sq ft) Melaka 12. Alienated PPB Melaka HS(D) 14871, PT 5, Pesuruhjaya General Freehold / ,848 sq ft 1,417,000 1,167, Land Bandar Melaka Sek. 41, Tanah Persekutuan Post Office / Approximately sq mt District of Melaka Tengah, Double Storey 12 years Renovation State of Melaka Building 341, Alienated Sungai GM 148, Lot 3666, Mukim Ketua Pengarah Post Office / Freehold / 10, sq ft 85,000 70, Land Rambai of Sungai Rambai, District Tanah Dan Galian Double Storey Approximately sq ft of Jasin, State of Melaka Persekutuan Building 21 years (HS(M) 97) 14. Alienated Jasin HS(M) 510, PT. PTJ/AT/ Pesuruhjaya Post Office / Freehold / 3r 18p 7200 sq ft 305, , Land 1750/51 (Lot 245), Mukim Tanah Dan Galian Double Storey Approximately (3169 sq mt) of Jasin, District of Jasin, Persekutuan Building 20 years State of Melaka 15. Reserved Alor Gajah Bandar Alor Gajah, Controlled and Post Office / Not 1r 07p 1860 sq ft 138, , Land District of Alor Gajah, Managed by Double Storey applicable / State of Melaka Pesuruhjaya Building Prewar Tanah Persekutuan 16. Reserved PPB Melaka PT 49, Bandar Melaka, Controlled and Post Office Not 14,945 9,739 sq ft 383, , Land (Lama) District of Melaka Tengah, Managed by and Muzium applicable / sq ft State of Melaka Pesuruhjaya Belia / Not Prewar Tanah Persekutuan available 17. Reserved Tengkera Lot 276 & 236, Bandar Controlled and Vacant Not 0a 0r Not available 25,000 20, Land Melaka, District of Melaka Managed by Building / applicable / 12.25p Tengah, State of Melaka Pesuruhjaya Not available Prewar Tanah Persekutuan 18. Registered Taman PN 2184, Lot 407, Bandar Pos Malaysia Post Office / Leasehold for 139 sq mt 206 sq mt 288, , Land Melaka Kawasan Bandar XXXIX, Berhad Double Storey 99 years Raya District of Melaka Tengah, Shophouse expiring State of Melaka 04/10/2082 / Not available Negeri Sembilan 1. Alienated Simpang HS(D) 1186, PT 464, Pesuruhjaya Post Office / Freehold / 2564 sq mt 3250 sq ft 170, ,, Land Pertang Mukim of Pertang, Tanah Persekutuan Double Storey Approximately (27,600 sq ft) District of Jelebu, Building 20 years State of Negeri Sembilan 2. Alienated Bandar HS(D) 5744, PT 553, Pesuruhjaya Post Office / Freehold / 4,977 sq mt 4752 sq ft 430, , Land Baru Bandar Serting, District Tanah Persekutuan Double Storey Approximately Serting of Jempol, State of Building 13 years Negeri Sembilan 3. Alienated Rompin HS(D) 2591, PT 1/80, Pesuruhjaya Post Office / Freehold / 0a 1r 17p 3250 sq ft 166, , Land Mukim of Rompin, Tanah Persekutuan Double Storey Approximately District of Jempol, State Building 20 years of Negeri Sembilan 4. Alienated Johol HS(M) 1170, PT 889, Federal Land Post Office / Freehold / 14,316 sq ft 2399 sq ft 107,000 88, Land Mukim of Johol, District Commissioner Single Storey Approximately of Kuala Pilah, Location Federation of Building 36 1 /2 years of Pekan Johor, State of Malaya Negeri Sembilan 5. Alienated Kuala HS(D) 1075, PT 98, Pesuruhjaya Post Office / Freehold / 0a 3r 08p 7200 sq ft 381, , Land Pilah Bandar Kuala Pilah, Tanah Persekutuan Double Storey Approximately District of Kuala Pilah, Building 17 years 146,100 State of Negeri Sembilan (Renovation) 6. Alienated Tanjung Geran 14298, Lot 2761, Federal Lands Post Office / Freehold / 0a 1r 08.2p 2409 sq ft 101,000 83, Land Ipoh Mukim of Ampang Tinggi, Commissioner Single Storey Not available District of Kuala Pilah, Building State of Negeri Sembilan 7. Alienated Juasseh PT 605, Mukim of Juasseh, Pesuruhjaya Post Office / Not available / 20,800 sq ft 3250 sq ft 97,000 79, Land District of Kuala Pilah, Tanah Persekutuan Double Storey Approximately State of Negeri Sembilan Building 13 years 8. Alienated Batu Kikir HS(D) 2053, PT 38, Pesuruhjaya Post Office / Freehold / sq ft 132, , Land Mukim of Kuala Jempol, Tanah Persekutuan Double Storey Approximately acres District of Jempol, Building 24 years State of Negeri Sembilan 97

98 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Negeri Sembilan (continued) 9. Alienated Pasir Geran 35236, Lot 2510, Pesuruhjaya Post Office / Freehold / sq ft 144, , Land Panjang Pekan Pasir Panjang, Tanah Persekutuan Double Storey Approximately acres District of Port Dickson, Building 25 years State of Negeri Sembilan (HS(D) 2232) 10. Alienated Si Rusa Geran 13248, Lot 1376, Federal Lands Post Office / Freehold / 0a 1r 30.5p 1844 sq ft 172, , Land Mukim of Si Rusa, District Commissioner Single Storey Approximately of Port Dickson (Coast), Building 39 1 /2 years State of Negeri Sembilan 11. Alienated Pedas Geran 28814, Lot 2233, Pesuruhjaya Post Office / Freehold / sq mt 3250 sq ft 162, , Land Pekan Pedas, District of Tanah Persekutuan Double Storey Approximately Rembau, State of Negeri Building 28 1 /2 years Sembilan (HS(D) 139) 12. Alienated Kota Geran 20274, Lot 1751, Pesuruhjaya Post Office / Freehold / 1121 sq mt 3250 sq ft 128, , Land Pekan Kota, District of Tanah Persekutuan Double Storey Approximately Rembau, State of Negeri Building 28 years Sembilan 13. Alienated Pejabat Geran 15252, Lot 9699, Ketua General Post Freehold / 68,466 sq ft sq ft 2,786,000 2,295, Land Pos Besar Bandar Seremban, District Pengarah Tanah Office / Double Approximately Seremban of Seremban, State of Storey Building 32 years 301,050 Negeri Sembilan Poslaju Renovation 14. Alienated Lenggeng Geran 12283, Lot 4463, Federal Lands Post Office / Freehold / 0a 0r 23.65p 3250 sq ft 113,000 93, Land Mukim of Lenggeng, Commissioner Double Storey Approximately District of Seremban, Building 30 years State of Negeri Sembilan 15. Alienated Rahang Geran 18974, Lot 13597, Pesuruhjaya Post Office / Freehold / 1076 sq mt 4752 sq ft 251, , Land Bandar Seremban, District Tanah Persekutuan Double Storey Approximately of Seremban, State of Building 12 years Negeri Sembilan 16. Alienated Labu Part of Lot 7356, Mukim Pesuruhjaya Post Office Not available / 21,000 sq ft 3250 sq ft 164, , Land of Labu, District of Tanah Persekutuan and one (1) Approximately Seremban, State of unit of 22 years Negeri Sembilan Postmen Quarters Class "G" / Double Storey Building and Single Storey Semi Detached 17. Alienated Rantau Geran 31195, Lot 5041, Pesuruhjaya Post Office / Freehold / 10,890 sq ft 3250 sq ft 175, , Land (New) Pekan Rantau, District Tanah Persekutuan Double Storey Approximately (Additional of Seremban, State of Building 13 years Site) Negeri Sembilan (HS(D) 10486) 18. Alienated Gemencheh HS(D) 1845, PT 1457, Pesuruhjaya Post Office Freehold / 27,000 sq ft 3250 sq ft 189, , Land Mukim Gemencheh, Tanah Persekutuan Site / Approximately District of Tampin, Double Storey 23 years State of Negeri Sembilan Building 19. Alienated Tampin HS(D) 7089, PT 44, Pesuruhjaya Post Office Freehold / sq ft 501, , Land (New) Bandar Tampin, District Tanah Persekutuan Site / Approximately sq mt of Tampin, State of Double Storey 11 years Negeri Sembilan Building 20 Alienated Port Dickson AA 2/65, Lot 1766, Controlled and Not applicable Not applicable Land (Additional) Mukim of Port Managed by Dickson, District of Pesuruhjaya Port Dickson, Location Tanah Persekutuan of Bandar Port Not 363,000 Dickson, State of Post Office / applicable / 299, Negeri Sembilan Double Storey Approximately 71,849 Building 30 years Renovation 21 Reserved Port Dickson GN 153/ , Lot 1520, Controlled and 1886 sq ft 7200 sq ft Land Mukim of Port Dickson, Managed by District of Port Dickson, Pesuruhjaya State of Negeri Sembilan Tanah Persekutuan 22 Reserved Bahau Geran 5965/ , Controlled and Vacant Not 2r 07.1p 2777 sq ft 338, , Land Lot 784, Pekan Bahau, Managed by Building / applicable / District of Bahau, Pesuruhjaya Double Storey Prewar State of Negeri Sembilan Tanah Persekutuan Building 23 Reserved Kuala Mukim of Kuala Klawang, Controlled and Post Office / Not sq ft 103,000 84, Land Kelawang District of Jelebu, State Managed by Single Storey applicable / sq mt of Negeri Sembilan Pesuruhjaya Building Prewar Tanah Persekutuan 98

99 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Negeri Sembilan (continued) 24 Reserved Titi Mukim of Glami Lemi, Controlled and Vacant Not sq ft 25,000 20, Land District of Jelebu, Managed by Building / applicable / sq mt State of Negeri Sembilan Pesuruhjaya Not available Approximately Tanah Persekutuan 29 years 25 Reserved Sri Menanti GN 31/63, Lot 5629, Controlled and Post Office / Not 12, sq ft 169, , Land Mukim Sri Menanti, Managed by Double Storey applicable / sq ft District of Kuala Pilah, Pesuruhjaya Building Approximately State of Port Dickson Tanah Persekutuan 29 years Negeri Sembilan 26. Reserved Siliau GN 3169/ , Lot 721, Controlled and Vacant Not 0r 23 p 2881 sq ft 61,500 50, Land Mukim of Port Dickson, Managed by Building applicable / District of Negeri Sembilan Pesuruhjaya Prewar Tanah Persekutuan 27. Reserved Rembau GN 1425, Lot 742, Mukim Controlled and Vacant Not sq ft 196, , Land of Rembau, District of Managed by Building applicable / sq mt Rembau, State of Negeri Pesuruhjaya Prewar Sembilan Tanah Persekutuan 28. Reserved Mantin GN 2111/18, Lot 2750, Controlled and Post Office / Not 2r 5.6p 4752 sq ft 231, , Land Mukim of Setul, District of Managed by Double Storey applicable / Seremban, State of Negeri Pesuruhjaya Building Approximately Sembilan Tanah Persekutuan 13 years 29. Reserved Nilai GN 1533/26, Lot 2841, Controlled and Post Office Not 3r 34.8p Not available 183, , Land Mukim of Labu, District Managed by and residential applicable / ( ha) of Seremban, State of Pesuruhjaya house Prewar Negeri Sembilan Tanah Persekutuan 30. Reserved Rantau Lot 3463, Mukim of Controlled and Rantau Post Not sq ft 101,000 83, Land (Old) Rantau, District of Managed by Office Car applicable / sq mt Seremban, State of Pesuruhjaya Park / Single Approximately Negeri Sembilan Tanah Storey Building 13 years Persekutuan 31. Reserved Seremban GN 711/17/12/53, Controlled and Post Office / Not 2r 25.6p 6192 sq ft 943, , Land (Utara) Lot 4460, Bandar Managed by Double Storey applicable / Seremban, District of Pesuruhjaya Building Approximately 545, Seremban, State of Tanah Persekutuan 46 years Renovation Negeri Sembilan 32. Reserved Sungai Lot 1152, Mukim of Controlled and Building Not 25.7p 2282 sq ft 54,000 44, Land Gadut Rantau, District of Managed by Tenanted to applicable / Seremban, State of Pesuruhjaya third party / Prewar Negeri Sembilan Tanah Persekutuan Single Storey Building 33. Reserved Broga GN 4357/31, Lot 3671, Controlled and Vacant Land Not applicable 1r 32p Not applicable 35,000 28, Land Mukim of Lenggeng, Managed by District of Seremban, Pesuruhjaya State of Negeri Sembilan Tanah Persekutuan 34. Reserved Batang G 5320/2.8.29, Lot 2995, Controlled and Post Office / Not 1a 0r 1a 4753 sq ft 183, , Land Melaka Mukim of Batang Melaka, Managed by Single Storey applicable / 1a 0r 14.9p District of Tampin, State Pesuruhjaya Building Prewar of Negeri Sembilan Tanah Persekutuan 35. Reserved Gemas WK 548/ , Controlled and Post Office / Not 1r 04p 3381 sq ft 134, , Land Lot 1017, Mukim of Managed by Single Storey applicable / Gemas, District of Tampin, Pesuruhjaya Building Prewar State of Negeri Sembilan Tanah Persekutuan 36. Reserved Tampin Mukim of Tampin, Controlled and Quarters / Not Not available 92,000 75, Land District of Tampin, Managed by Not available applicable / sq mt State of Negeri Sembilan Pesuruhjaya Tanah Not available Persekutuan (Pos understands this to be the case but has no written confirmation thereof from Pesuruhjaya Tanah Persekutuan) 37. Reserved Ayer WK 3085/ , Controlled and Vacant Land Not applicable 2r 16.9p Not applicable 83,000 68, Land Kuning Lot 2946, Mukim of Air Managed by Kuning, District of Tamping, Pesuruhjaya State of Negeri Sembilan Tanah Persekutuan 38. Registered K.Klawang HS(D) 2603, PT 33, Pos Malaysia Post Office / Leasehold sq mt 2260 sq ft 220,000 Land Pekan K. Klawang, District of Berhad Double Storey years expiring Jelebu, State of Negeri Sembilan Shop Office 29/01/2088 Approximately 1 1 /2 years 630, Registered K.Klawang HS(D) 2604, PT 34, Pos Malaysia Post Office / Leasehold sq mt 2260 sq ft 220,000 Land Pekan K. Klawang, District of Berhad Double Storey years expiring Jelebu, State of Negeri Sembilan Shop Office 29/01/2088 Approximately 1 1 /2 years 99

100 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Pahang 1. Alienated Simpang Pelangai HS(M) 2202, PT 2622, Pesuruhjaya Tanah Vacant Land Leasehold sq mt Not applicable 33,800 27, Land Mukim of Pelangai, District of Persekutuan years expiring Bentong, Location of Simpang 5/9/2089 / Pelangai, State of Pahang Not available 2. Alienated Lurah Bilut Mukim of Bentong, District of Pesuruhjaya Tanah Post Office / Leasehold 99 0e 2r 36p 3250 sq ft 132, , Land Bentung, State of Pahang Persekutuan Double Storey years expiring / (2934 sq mt) Building Not available 3. Alienated Tanah Rata HS(D) 430, PT 86, Mukim of Pesuruhjaya Tanah Quarters / Double Freehold / 12,570 sq ft Not available 179, , Land Tanah Rata, District of Cameron Persekutuan Storey Building Not available Highlands, Location of Tanah Rata, State of Pahang 4. Alienated Ringlet HS(D) 302, PT 123, Mukim of Pesuruhjaya Tanah Post Office Freehold / 5,500 sq ft Not available 182, , Land Ringlet, District of Cameron Persekutuan Residential House / Not available Highlands, Location of Ringlet, Double Storey State of Pahang Building 5. Alienated Jerantut HS(D) 1727, PT 5282, Bandar Pesuruhjaya Tanah Post Office / Freehold / sq mt 3600 sq ft 200, , Land (New) Jerantut, District of Jerantut, Persekutuan Double Storey Not available (27,255 sq ft) State of Pahang Building 6. Alienated Damak HS(M) 2348, PT 5247, Mukim Pesuruhjaya Tanah Post Office / Freehold / ha 3250 sq ft 27,700 22, Land of Hulu Cheka, District of Persekutuan Double Storey Approximately ( Jerantut, Location of Damak, Building 9 years sq mt) State of Pahang 7. Alienated Sungai Koyan Mukim of Ulu Jelai, District of Lembaga Kemajuan Post Office / Not available / sq ft 9,200 7, Land Kuala Lipis, State of Pahang Tanah Persekutuan Double Storey Approximately sq mt Building 8 years 8. Alienated Beserah HS(D) 341, PT 155, Mukim of Pesuruhjaya Tanah Post Office / Freehold / 0a 1r 18p 3250 sq ft 104,200 85, Land Beserah, District of Kuantan, Persekutuan Double Storey Approximately Location of Beserah, State of Building 28 years Pahang 9. Alienated Gambang HS(D) 289, PT 3386, Mukim of Pesuruhjaya Tanah Post Office / Freehold / 9,600 sq ft 3250 sq ft 150, , Land Kuala Kuantan, District of Persekutuan Double Storey Approximately Kuantan, Location of Kuala Building 30 years Kuantan, State of Pahang 10. Alienated Kuantan Geran 4104, Lot 6 Seksyen 27, Pesuruhjaya Tanah General Post Freehold / 70,407 sq mt 1690 sq ft 2,259,400 1,861, Land Bandar Kuantan, District of Persekutuan Office / Double Approximately (6541 sq mt) Kuantan, Location of Kuantan, Storey Building 25 years Renovation State of Pahang (HS(D) 533) cost incurred by Pos Malaysia Berhad 928, Alienated Balok Lot 4257, Mukim of Sungai Lembaga Kemajuan Post Office / Freehold / 149 sq mt 70,000 57, Land Karang, District of Kuantan, Negeri Pahang Double Storey Not available State of Pahang Shophouse 12. Alienated Balok PT 2730, Mukim of Sungai Lembaga Kemajuan Freehold / 149 sq mt 6415 sq ft 70,000 57, Land Karang, District of Kuantan, Negeri Pahang Not available State of Pahang 13. Alienated Jaya Gading HS(M) 21993, PT 21977, Lembaga Kemajuan Freehold / 92.9 sq mt Not available 71,800 0 Land Mukim of Kuala Kuantan, Negeri Pahang Not available District of Kuantan, Location of Jaya Gading, State of Pahang Post Office / Double Storey 14. Alienated Jaya Gading HS(M) 21994, PT 21978, Lembaga Kemajuan Shop Lot Freehold / 92.9 sq mt Not available 71,800 0 Land Mukim of Kuala Kuantan, Negeri Pahang Not available District of Kuantan, Location of Jaya Gading, State of Pahang 15. Alienated Benta Geran 1475, Lot 10 Sec 3, Federal Lands Post Office / Freehold / 10,812 sq ft 1260 sq ft 103,100 84, Land Pekan Benta, District of Lipis, Commissioner Single Storey Approximately State of Pahang Federation of Malaya Building 37 years 16. Alienated Pekan HS(M) 1821, PT 3325, Mukim Pesuruhjaya Tanah Post Office / Freehold / ha 3250 sq ft 159, , Land of Pekan, District of Pekan, Persekutuan Tanah Double Storey Approximately (0a 0r 36p) Location of Bandar Pekan, Melayu Kuala Lumpur Building 38 years State of Pahang 17. Alienated Kuala Pahang HS(D) 473, PT 428 PTP2/6715, Pesuruhjaya Tanah Post Office / Freehold / 1350 sq mt 3250 sq ft 87,900 72, Land Mukim of Kuala Pahang, District Persekutuan Double Storey Not available (14,531 sq ft) of Pekan, Location of Kuala Building Pahang, State of Pahang 100

101 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Pahang (continued) 18. Alienated Muadzam Shah Mukim of Bebar, District of Pesuruhjaya Tanah Post Office / Not available / 6073 sq mt 7200 sq ft 218, , Land Pekan, State of Pahang Persekutuan Double Storey Not available Building 19. Alienated Maran HS(D) 87, LO 1461 Pesuruhjaya Tanah Post Office / Freehold / 28, sq ft 206, , Land (PTP 2/2515), Mukim of Persekutuan Double Storey Approximately sq ft Maran, District of Maran, Building 27 years (0a 2r 23p) State of Pahang 20. Alienated Dong HS(M) 451, PT 900, Mukim Pesuruhjaya Tanah Post Office / Freehold / 0a 1r 14p 3250 sq ft 65,000 53, Land of Dong, District of Raub, Persekutuan Double Storey Approximately Location of Kampong Dong, Building 27 years State of Pahang 21. Alienated Sg Ruan GM 1462, Lot 12096, Mukim Pesuruhjaya Tanah Post Office / Freehold / 1140 sq mt 3250 sq ft 192, , Land of Gali, District of Raub, Persekutuan Double Storey Approximately Location of Sungai Ruan, Building 23 years State of Pahang 22. Alienated Sega Lot 1153, Mukim of Sega, Pesuruhjaya Tanah Post Office / Not available / 0e 2r 00p 3250 sq ft 72,000 59, Land District of Raub, State of Persekutuan Double Storey Approximately Pahang Building 13 years 23. Alienated Kuala Rompin A.A1/65 285, Mukim of Kuala Lembaga Kemajuan Post Office / Not available / sq mt 1018 sq ft 72,500 59, Land Rompin, District of Rompin, Pahang Single Storey Approximately State of Pahang Building 42 years 24. Alienated Bandar Tun HS(M) 1165, PT 4427, Mukim Pesuruhjaya Tanah Post Office Leasehold , sq ft 137, , Land Razak of Keratong, District of Rompin, Persekutuan Kuala Building / Double years expiring sq mt Location of Bandar Tun Razak, Lumpur Storey Building 29/09/2093 / (22,805 sq ft) State of Pahang Endorsements Not available Pembetulan di bawah Seksyen 380 KTN Vide Presn No. 56/1998 dated 30/06/ Alienated Kuala Krau HS(D) 2360, PT 1658, Mukim Pesuruhjaya Tanah Post Office / Freehold / 0a 1r 00p 3310 sq ft 120,900 99, Land of Jenderak, District of Temerloh, Persekutuan Double Storey Approximately Location of Jenderak, State of Building 19 years Pahang 26. Alienated Kemayan Mukim of Triang, District of Pesuruhjaya Tanah Post Office / Not available / 19,057.5 sq ft 3250 sq ft 129, , Land Temerloh, State of Pahang Persekutuan Double Storey Approximately Building 18 years 27. Alienated Brinchang Lot 34 Sek 2, Mukim of Tanah Pesuruhjaya Tanah Post Office / Not Available / 1150 sq mt 3250 sq ft 297, , Land (Cameron Rata, District of Cameron Persekutuan Double Storey Approximately (12,375 sq ft) Highlands) Highlands, State of Pahang Building 25 years 28. Alienated Chini Mukim of Penyor, State of Pesuruhjaya Tanah Post Office / Not available / 892 sq mt 9600 sq ft 87,500 72, Land Pahang Persekutuan Double Storey Approximately Building 12 years 29. Reserved Karak WK 203/ , Lot sq ft Land Sek 1, Mukim of Sabai, District of Bentong, State of Pahang Controlled and Vacant Building / Not applicable / Managed Single Storey Prewar 1030 sq ft 119,300 98, Reserved Karak GN 452/ , Lot 22 by Pesuruhjaya Building 4800 sq ft Land Sek 1, Mukim of Sabai, Tanah Pesekutuan District of Bentong, State of Pahang 31. Reserved Bandar Bentong GN 166/ , Controlled and Post Office / Not applicable / 1r 17.3p 1940 sq ft 196, , Land Lot 4 Sek 20, Mukim of Managed by Double Storey Prewar Bentong, District of Bentong, Pesuruhjaya Building 49, State of Pahang Tanah Persekutuan Renovation cost incurred by Pos Malaysia Berhad 32. Reserved Jerantut (Old) Mukim of Jerantut, District of Controlled and Vacant Building / Not applicable / 5702 sq ft 5020 sq ft 108,500 89, Land Jerantut, State of Pahang Managed by Double Storey Prewar Pesuruhjaya Building Tanah Persekutuan 33. Reserved Bukit Goh Tanah GSA, Mukim of Kuala Controlled and Post Office / Not applicable / 33,000 sq ft 4752 sq ft 42,500 35, Land Kuantan, District of Kuantan, Managed by Double Storey Approximately State of Pahang Pesuruhjaya Building 12 years Tanah Persekutuan 34. Reserved Sungai Lembing GN 1154/ , Lot 116, Controlled and Post Office / Not applicable / 1r 35.9p 460 sq ft 39,500 32, Land Mukim of Ulu Kuantan, District Managed by Single Storey Prewar of Kuantan, State of Pahang Pesuruhjaya Building Tanah Persekutuan 101

102 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Pahang (continued) 35. Reserved Kuala Lipis Lot Seksyen 5, Mukim of Kuala Controlled and Post Office / Not 1r 2p 4,000 sq ft 199, , Land Lipis, District of Lipis, State of Managed by Double Storey applicable / Pahang Pesuruhjaya Building Prewar Tanah Persekutuan 36. Reserved Peramu Tanah Kerajaan Negeri, Mukim Controlled and Vacant Land Not 2023 sq mt Not available 62,800 51, Land of Pekan, District of Pekan, Managed by applicable / State of Pahang Pesuruhjaya Not Tanah Persekutuan available / 37. Reserved Bukit Fraser Mukim of Tras, District of Raub, Controlled and Post Office / Not 22p 2810 sq ft 305, , Land State of Pahang Managed by Double Storey applicable / Pesuruhjaya Building Prewar Tanah Persekutuan 38. Reserved Raub G. Not. No. 4718/4.7.30, Lot 40 Controlled and Post Office / Not 1a 1r 21.3 p 22,360 sq ft 337, , Land Seksyen 4, Mukim of Raub, Managed by Double Storey applicable / ( District of Raub, State of Pahang Pesuruhjaya Building Prewar sq mt) Tanah Persekutuan 39. Reserved Mentakab Lot 85, Mukim of Mentakab, Controlled and Post Office / Not 1r 1p 1,800 sq ft 239, , Land District of Temerloh, State of Managed by Single Storey applicable / Pahang Pesuruhjaya Building Prewar Tanah Persekutuan 40. Reserved Temerloh Mukim of Temerloh, District Controlled and Post Office / Not sq mt 1,080 sq ft 343, , Land of Temerloh, State of Pahang Managed by Double Storey applicable / Pesuruhjaya Building Prewar Tanah Persekutuan 41. Reserved Triang Lot 3 Sek 7, Mukim of Triang, Controlled and Vacant Building / Not sq mt Not available 87,000 71, Land District of Temerloh, State of Managed by Single Storey applicable / Pahang Pesuruhjaya Building Prewar Tanah Persekutuan 42. Reserved Mengkarak WK No. 105/7.1.38, Lot 13, Controlled and Post Office / Not 4475 sq ft 1,400 sq ft Land Sek 1, Mukim of Triang, Managed by Single Storey applicable / District of Temerloh, State Pesuruhjaya Building Prewar of Pahang Tanah Persekutuan 43. Reserved Mengkarak Lot 6 Sek 1, Mukim of Triang, Land District of Temerloh, State of Pahang Controlled and Not Managed by Quarters / applicable / Pesuruhjaya Single Storey Not 1680 sq ft 1,080 sq ft 97,600 80, Reserved Mengkarak Lot 7 Sek 1, Mukim of Triang, Tanah Persekutuan Building available Land District of Temerloh, State of Pahang 45. Reserved Lancang G. Not. No. 1237/ , Controlled and Post Office / Not 3r 08.3p 4,000 sq ft 89,400 73, Land Part Lot 1 Sek 1, Mukim of Managed by Double Storey applicable / Semantan, District of Temerloh, Pesuruhjaya Building Not State of Pahang Tanah Persekutuan available 46. Registered Jaya Gading HS(M) 21993, PT 21977, Mukim Freehold / 92.9 sq mt Not available 90,250 Land of Kuala Kuantan, Location of Not available Jaya Gading, State of Pahang Lembaga Kemajuan Post Office / Negeri Pahang Double Storey 151, (Awaiting transfer Shoplot 47. Registered Jaya Gading HS(M) 21994, PT 21978, Mukim of Property) Freehold / 92.9 sq mt Not available 90,250 Land of Kuala Kuantan, Location of Not available Jaya Gading, State of Pahang 48. Buildings Bandar Tun Razak HS(M) 1165, PT 4427, Mukim Pesuruhjaya Tanah Tanah (Pajakan) Leasehold , sq ft 105, of Keratong, District of Rompin, Persekutuan years expiring sq mt Location of Bandar Tun Razak, Kuala Lumpur 29/09/2093 / (59y\ui] State of Pahang Endorsements Not available 40 sq ft) Pembetulan di bawah Seksyen 380 KTN Vide Presn No. 56/1998 dated 30/06/ Buildings Jengka HS (M) 6305, PT 6280, Mukim Pesuruhjaya Leasehold Freehold/ ha Not Available 14, of Chenor, District of Maran, Tanah Persekutuan Approximately Location of Bandar Pusat 8 years Jengka, State of Pahang 50. Buildings Bandar Pusat HS (M) 6305, PT 6280, Mukim Pesuruhjaya Leasehold Freehold/ ha Not Available 568, Jengka of Chenor, District of Maran, Tanah Persekutuan Approximately Location of Bandar Pusat 8 years Jengka, State of Pahang 102

103 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Pahang (continued) 51. Buildings Jerantut HS(D) 1727, PT 5282, Bandar Pesuruhjaya Leasehold Freehold / sq mt 3600 sq ft 595, Jerantut, District of Jerantut, Tanah Persekutuan Not available (27,255 sq ft) State of Pahang 52. Buildings Damak HS(M) 2348, PT 5247, Mukim Pesuruhjaya Leasehold Freehold / ha 3250 sq ft 209, of Hulu Cheka, District of Tanah Persekutuan Approximately ( Jerantut, Location of Damak, 8 years sq mt) State of Pahang 53. Buildings Sg. Koyan Mukim of Ulu Jelai, District Lembaga Kemajuan Leasehold Not available / sq mt 3250 sq ft of Kuala Lipis, State of Pahang Tanah Persekutuan Approximately 8 years 54. Buildings Sungai Koyan Mukim of Ulu Jelai, District Lembaga Kemajuan Leasehold Not available / sq mt 3250 sq ft 17, of Kuala Lipis, State of Pahang Tanah Persekutuan Approximately 8 years Penang 1. Alienated Balik Pulau HS(D) 1 MK 6, Bandar Balik Pesuruhjaya Post Office / Freehold/ 28,828 sq ft 3250 sq ft 217, , Land Pulau, District of Barat Daya, Tanah Persekutuan Double Storey Approximately State of Penang Building 27 years 2. Alienated Batu Maung GM 384, Lot 3716, Mukim Pesuruhjaya Post Office / Freehold / 1117 sq mt 3250 sq ft 180, , Land of 12, District of Barat Daya, Tanah Persekutuan Double Storey Approximately Location of Batu Maung, Building 12 years State of Penang 3. Alienated Ayer Hitam Statutory Land Grant 244, Chief Secretary Post Office / Freehold / 0a 1r 18.3p 3200 sq ft 383, , Land Lot 148 xxi, Bandar Air Incorporate of Double Storey Not available (15,864 sq ft) Hitam-PB3, District of the Federation Building North East, State of Penang of Malaya 4. Alienated Jelutong PN 1532, Lot 102, Bandar Federal Lands Post Office / Leasehold 99 13,824 sq ft 3250 sq ft 339, , Land Georgetown-PB7, District Commissioner Double Storey years expiring of Timur Laut, State of Of the Federation Building 30/06/2056 / Penang (Lease 1250) of Malaya Not available 5. Alienated Bukit Mertajam IR 766, Mukim of Bukit Pesuruhjaya Post Office / Freehold / 17, ,800 sq ft 1,414,000 1, Land Mertajam-PB4, District Tanah Persekutuan Three Storey Approximately sq ft of Seberang Perai, Building 34 years State of Penang 6. Alienated Taman HS(D) 3969, Lot 1952, Pesuruhjaya Post Office / Freehold / 3104 sq ft Not available 222, , Land Chai Leng Mukim 1, District of Tanah Persekutuan Double Storey Not available Seberang Perai Tengah, Building State of Penang 7. Alienated Permatang HS(D) 1, Lot 952, Mukim 2, Pesuruhjaya Post Office / Freehold / 15,514 sq ft 3250 sq ft 175, , Land Pauh Seberang Perai Tengah, Tanah Persekutuan Double Storey Approximately District of Seberang Perai Building 27 years Tengah, State of Penang 8. Alienated Kubang Semang HS(M) 3, PT 6, Mukim 3 Pesuruhjaya Post Office / Freehold / 0a 3r 08p 3250 sq ft 282, , Land Seberang Perai Tengah, Tanah Persekutuan Double Storey Approximately District of Seberang Perai Building 13 years Tengah, State of Penang 9. Alienated Bagan Ajam HS(D) 1815 Sek 1, PT 1, Pesuruhjaya Post Office / Freehold / 9350 sq ft 3250 sq ft 324, , Land Bandar Butterworth - Tanah Persekutuan Double Storey Approximately Seksyen 1, District of Building 20 years Seberang Perai Utara, State of Penang 10. Alienated Mak Mandin HS(D) PWN 42, Lot 555, Pesuruhjaya Tanah Post Office / Freehold / 0a 3r 26.8p 3250 sq ft 391, , Land Kawasan Perusahaan Mak Negeri-Negeri Tanah Double Storey Approximately Mandin Butterworth Mk 14, Melayu Building 24 years District of Seberang Perai Utara, State of Penang 11. Alienated Kepala Batas GM 698, Lot 2348, Mukim Pesuruhjaya Post Office / Freehold / 4048 sq mt 7200 sq ft 468, , Land of 6, District of Seberang Tanah Persekutuan Double Storey Approximately Perai Utara, State of Penang Building 10 1 /2 years 12. Alienated Sungai Dua Geran 48041, Lot 2196, Pesuruhjaya Post Office / Freehold / 1425 sq mt 3250 sq ft 216, , Land Mukim of 10, District of Tanah Persekutuan Double Storey Approximately Seberang Perai Utara, Building 11 years State of Penang (HS(D) (1)) 103

104 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Penang (continued) 13. Alienated Butterworth HS(D) 25 Sek 4, PDB/34/68, Ketua Pengarah Freehold / 70,002 sq ft 46,746 sq ft Land Bandar Butterworth - Tanah & Galian Approximately Seksyen 4, District of Persekutuan 26 years Seberang Perai Utara, 2,364,000 State of Penang Post Office and State Manager's 4,946, ,947, Alienated Butterworth HS(D) 857 Sek 4, PT 333, Pesuruhjaya Office Freehold 9,874 sq ft Renovation Land (Additional Site) Bandar Butterworth - Tanah Persekutuan Seksyen 4, District of Seberang Perai Utara, State of Penang 15. Alienated Batu Feringghi Geran 8308, Lot 420 Sek 1, Pesuruhjaya Post Office / Freehold / 3341 sq mt 3250 sq ft 435, , Land Bandar Batu Feringghi, Tanah Persekutuan Double Storey Approximately (35,962 sq ft) District of Timur Laut, Building 27 years State of Penang 16. Alienated Tanjung Bungah HS(D) 80-Mk 18, LO PG 210, Ketua Pengarah Post Office / Freehold / 33,410 sq ft 3250 sq ft 513, , Land Mukim 18 Daerah Timur Laut Tanah Dan Galian Double Storey Approximately Pulau Pinang, District of Persekutuan Building 31 years Timur Laut, State of Penang 17. Alienated Gelugor Geran 1930, Lot 601, Bandar Pesuruhjaya Post Office / Freehold / 8,801 sq ft 3250 sq ft 314, , Land Glugor, District of Timur Laut, Tanah Persekutuan Double Storey Approximately State of Penang Building 29 years Renovation cost 25, Alienated Padang Tembak Geran 11943, Lot 1697 Pesuruhjaya Freehold/ 1523 sq mt 3250 sq ft Land Sek 2, Bandar George Town, Tanah Persekutuan Approximately District of Timur Laut, 24 years State of Penang Post Office / 404,500 Double Storey Renovation cost 333, Alienated Padang Tembak Geran 11942, Lot 1494 Sek 2, Pesuruhjaya Building Freehold / 4296 sq ft Not applicable 249,740 Land (Additional Site) Bandar Ayer Hitam, Tanah Persekutuan Not applicable District oftimur Laut, State of Penang 20. Alienated KOMTAR B (Shop Lot), Mukim Pesuruhjaya Post Office / Not available / 2615 sq ft 2615 sq ft 320, , Land Sek 17, District of Timur Laut, Tanah Persekutuan One Lot in Not available State of Penang Complex 21. Alienated Penaga HS(M) 52, Lot 1051 PT, Pesuruhjaya Post Office / Freehold / 20,358 sq ft 3250 sq ft 166, , Land Mukim 4 Seberang Perai Utara, Tanah Persekutuan Double Storey Approximately Location of Penaga, Seberang Kuala Lumpur Building 21 years Perai Utara, State of Penang 22. Alienated Tasek HS(M) 514, PT 1, Mukim 12 Pesuruhjaya Post Office and Freehold / 62,548 sq ft 3250 sq ft 164, , Land Gelugor Seberang Perai Utara, Tanah Persekutuan 2 units of Class Approximately Location of Tasek Gelugor, "G" Quarters / 27 1 /2 years Seberang Perai Utara, State of Penang Double Storey Building and Single Storey Semi-Detached 23. Alienated Dato Keramat Geran 8771, Lot 1268 Sek 3, Pesuruhjaya Post Office Freehold / 603 sq mt Land (Additional Site) Bandar George Town, District Tanah Persekutuan (Part) Approximately of Timur Laut, State of Penang 23 years Leased from Pesuruhjaya Tanah Persekutuan to Telekom Malaysia Malaysia for 60 years from 222, /01/1987 to 31/12/2046 as 270,000 (Renovation cost recorded by Presn 61,000) No /99, Jilid No. 19, Folio No. 113 dated 30/12/ Reserved Datok Keramat Part of 855, District of Timur Controlled and Part of Post Not 6,191 sq ft 3250 sq ft Land Laut, State of Penang Managed by Office / Double applicable / Pesuruhjaya Storey Building Approximately Tanah Persekutuan 22 years 25. Reserved Bayan Lepas Lot 65, Mukim 12, District Controlled and Mail and Quarters/ Not 7528 sq ft Not available 131, , Land of Barat Daya, State of Managed by Double Storey applicable / Penang Pesuruhjaya Building Prewar Tanah Persekutuan 26. Reserved Simpang Ampat Lot 1542, Mukim 15, District Controlled and Post Office / Not sq mt 2100 sq ft 128, , Land of Seberang Perai Selatan, Managed by Double Storey applicable / (0a 0r 35.55p) State of Penang Pesuruhjaya Building Prewar Tanah Persekutuan 27. Reserved Sungai Bakap Lot 292, Mukim 11, District Controlled and Post Office / Not 18,840 sq ft 2100 sq ft 105,000 86, Land of Seberang Perai Selatan, Managed by Double Storey applicable / State of Penang Pesuruhjaya Building Prewar Tanah Persekutuan 104

105 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Penang (continued) 28. Reserved Perai Part of 63, Mukim 1, District Controlled and Post Office / Not sq mt Not available 112,000 92, Land (Jalan Besar) of Seberang Perai Tengah, Managed by Double Storey available / State of Penang Pesuruhjaya Building Prewar Tanah Persekutuan 29. Reserved Nibong Tebal Part of 313, Mukim 11, Controlled and Store / Single Not 755 sq mt Not available 123, , Land District of Seberang Perai Managed by Storey Building applicable / Tengah, State of Penang Pesuruhjaya Not Tanah Persekutuan available 30. Reserved Jalan Bagan Lot 1700/B, Mukim Sek 4, Controlled and Post Office / Not 9,384 sq ft Not available 305, , Land Luar District of Seberang Perai Managed by Single Storey applicable / Utara, State of Penang Pesuruhjaya Building Prewar Tanah Persekutuan 31. Reserved Kepala Batas Lot 3726, Mukim 5, District 19,874 sq mt Land (Lama) of Seberang Perai Utara, Controlled and Not State of Penang Managed by Quarters and applicable / Pesuruhjaya Store / Double Not Not available 153, , Reserved Kepala Batas Lot 3728, Mukim 5, District Tanah Persekutuan Storey Building available 5935 sq mt Land (Lama) of Seberang Perai Utara, State of Penang 33. Reserved Bukit Bendera Reserved Land Controlled and Post Office / Not sq mt Not available 82,500 67, Land Managed by Double Storey applicable / Part of Lot 400, Bandar Bukit Pesuruhjaya Building Approximately Bendera, District of Timur Tanah Persekutuan 22 years Laut, State of Penang 34. Reserved Pulau Tikus Tapak Kem Kewangan, Part Controlled and Store and Not sq mt Not available 581, , Land of Lot 1459, Mukim of Sek 4, Managed by Quarters / Double applicable / District of Timur Laut, Pesuruhjaya Storey Building Prewar State of Penang Tanah Persekutuan 35. Registered Jalan Tengah HS(D) 10680, PT 5038, Perbadanan Vacant Land Leasehold acres Not available 349, Land Mukim 12, District of Barat Pembangunan years (expiring ( hectares) (Not listed in books Daya, State of Penang Pulau Pinang 06/06/2100) / of accounts of Pos) (Awaiting transfer Not applicable of Property) 36. Registered Seberang Jaya HS(D) 5397, PT 3862, Perbadanan Vacant Land Leasehold acres Not applicable 1,751, ,751, Land Mukim 1, District of Seberang Pembangunan years expiring Perai Tengah, State of Penang Pulau Pinang 16/04/2095 (Awaiting transfer of Property) 37. Registered Bandar Baru HS(D) 324, PT 326, Mukim 7, Lembaga Kemajuan Three storey Freehold / 153 sq mt sq mt 598, , Land Perda District of Seberang Perai Wilayah Pulau shop office approximately Tengah, State of Penang Pinang (Perda) tenanted to 4 years (Awaiting transfer Odasaja Sdn of Property) Bhd and 1 st and 2 nd floors Charged by Lembaga used as store Kemajuan Wilayah Pulau Pinang (PERDA) to Bank of Commerce (M) Berhad vide Presn No /96, Jilid No. 709, Folio No. 60 dated 18/10/ Registered Bandar Baru Geran HBM124/M4/1/521, Pos Malaysia Berhad Leasehold 65 sq mt 65 sq mt 122,000 Land Ayer Itam Lot 9291, Mukim 13, expiring on District of Timur Laut, 26/5/2098 / State of Penang Approximately 8 years Post Office 225, Registered Bandar Baru Geran HBM124/M4/1/522, Pos Malaysia Berhad Leasehold 65 sq mt 65 sq mt 120,000 Land Ayer Itam Lot 9291, Mukim of 13, expiring on District of Timur Laut, 26/5/2098 / State of Penang Approximately 8 years 40. Registered Putera Point Parcel No. 7, Putera Point, Bagan Mashyur Not applicable Not applicable 1580 sq ft 1580 sq ft 250,000 0 Land Mukim 7, Teluk Air Tawar, Sdn Bhd (Not listed in books Seberang Perai Utara, (Strata title has of accounts of Pos) State of Penang not been issued) 41. Registered Pengkalan PN HBM32/M1/1/13, Lot 311, Perbadanan Post Office / Leasehold sq mt 54 sq mt 101, , Land Weld Town of Georgetown Sek 11E, Pembangunan Two (2) units of years expiring District of Timur Laut, Pulau Pinang Shop House Lot 01/04/2080 / State of Penang (Awaiting transfer Approximately of Property) 18 years 105

106 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Penang (continued) 42. Registered Pengkalan PN HBM32/M1/1/14, Lot 311, Perbadanan Leasehold sq mt 54 sq mt 101,500 0 Land Weld Town of Georgetown Sek 11E, Pembangunan years expiring (Not listed in books District of Timur Laut, Pulau Pinang 01/04/2080 / of accounts of Pos) State of Penang (Awaiting transfer Approximately of Property) 18 years 43. Registered Perai H.S.(D) 2025, Lot 2715, I & P Inderawasih Vacant / Freehold / 168 sq mt 3380 sq ft 418, , Land Bandar Perai, District of Jaya Sdn. Bhd. Double Storey Approximately Seberang Perai Tengah, Shopoffice 2 years State of Penang 44. Buildings Kepala Batas GM 698, Lot 2348, Mukim Pesuruhjaya Post Office / Freehold / 4048 sq mt 7200 sq ft 475, of 6, District of Seberang Tanah Persekutuan Double Storey Approximately Perai Utara, State of Penang Building 9 1 /2 years 45. Buildings P. Pinang PN 1532, Lot 102, Bandar Federal Lands Pejabat Isih Freehold 13,824 sq ft 3250 sq ft 349, Georgetown-PB7, District of Commissioner Of Timur Laut, State of Penang the Federation of (Lease 1250) Malaya Perak 1. Alienated Slim River GM 483, Lot 4663, Mukim Pesuruhjaya Post Office / Freehold / sq mt 3250 sq ft 494, , Land of Slim, District of Batang Tanah Persekutuan Double storey Approximately Padang, Location of Slim building 26 years River, State of Perak 2. Alienated Tanjung Geran 9925, Lot 394, Pekan Pesuruhjaya Post Office / Freehold / 26,136 sq ft 7200 sq ft 484, Land Malim Tanjung Malim, District of Tanah Persekutuan Double storey Approximately Batang Padang, State of Perak building 26 years 3. Alienated Tapah GM 394, Lot 7422, Mukim Pesuruhjaya Vacant Lot Freehold / 13,437 sq ft Not applicable 32, Land Road of Batang Padang, District of Tanah Persekutuan Not applicable Batang Padang, Location of Tapah Road, State of Perak 4. Alienated Bidor HS(D) BP 97/77, PT 450, Pesuruhjaya Post Office / Freehold / 13,140 sq ft 3250 sq ft 315, , Land Bandar Bidor, District of Tanah Persekutuan Double storey Approximately Batang Padang, State of Perak building 21 years 5. Alienated Behrang Mukim of Ulu Bernam, District Pesuruhjaya Post Office Not applicable / 1974 sq mt 3250 sq ft 269, , Land Station of Batang Padang, State of Perak Tanah Persekutuan and 2 units Approximately of Class G 15 years Quarters / Double storey building and single storey semi-detached 6. Alienated Felda Mukim of Sungkai, District Pesuruhjaya Vacant Land Not available / 21,780 sq ft Not applicable 38,700 31, Land Trolak of Batang Padang, State of Tanah Persekutuan Not applicable Selatan Perak 7. Alienated Changkat Mukim of Pengkalan Bharu, Pesuruhjaya Post Office / Not available / 16, sq ft 3250 sq ft 87,000 71, Land Kruing District of Dinding, State of Tanah Persekutuan Double storey Approximately Perak building 19 years 8. Alienated Chenderong HS(M) LK 22/75, PT 54, Pesuruhjaya Post Office / Freehold / acres 3250 sq ft 174, , Land Balai Mukim of Labu Kubong, Tanah Persekutuan Double storey Approximately District of Hilir Perak, building 28 years Location of Chenderong Balai, State of Perak 9. Alienated Hutan HS(D) LP 1115/86, PT 211, Pesuruhjaya Post Office / Freehold / LK 17,630 sq ft 3250 sq ft 277, , Land Melintang Mukim of Hutan Melintang, Tanah Persekutuan Double storey Approximately (1638 sq mt) District of Hilir Perak, State building 14 1 /2 years of Perak 10. Alienated Selekoh HS(M) 2/79, LO 380, Mukim Pesuruhjaya Post Office / Freehold / LK 90 x sq ft 151, , Land of Bagan Datoh, District of Tanah Persekutuan Double storey Approximately Hilir Perak, State of Perak building 23 years 11. Alienated Sungai GM 1697, Lot 8733, Mukim Pesuruhjaya Post Office Freehold / 17,847 sq ft 3250 sq ft 199, , Land Sumun of Hutan Melintang, District Tanah Persekutuan Double storey Approximately of Hilir Perak, Location of building 23 years Sungai Sumun, State of Perak 12. Alienated Chikus HS(M) 12, PT 64, Mukim of Pesuruhjaya Post Office / Freehold / 18,000 sq ft 3250 sq ft 54,000 44, Land Sungai Manik, District of Hilir Tanah Persekutuan Double storey Approximately Perak, Location of Chikus, building 10 years Part of State of Perak building cost incurred by Pos Malaysia Berhad 154,

107 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Perak (continued) 13. Alienated Gerik Geran 11845, Lot 693, Bandar Pesuruhjaya Post Office / Freehold / 2135 sq ft 7200 sq ft 280, , Land Gerik, District of Gerik Perak, Tanah Persekutuan Double storey Approximately State of Perak building 19 years 14. Alienated Intan HS(D) HU PK 100/87, PT 809, Pesuruhjaya Vacant Building / Freehold / 1, Not applicable 52,000 42, Land Pekan Klian Intan, District of Tanah Persekutuan Single storey Prewar sq mt Pengkalan Hulu, State of Perak building 15. Alienated Simpang GM 1213, Lot 4002, Mukim Pesuruhjaya Post Office / Freehold / 23,980 sq ft 3250 sq ft 134, , Land Empat of Selinsing, District of Kerian, Tanah Persekutuan Double storey Approximately ( sq mt) Semanggol Location of Simpang Empat, building 26 1 /2 years State of Perak 16. Alienated Kampong PT 359, HS(M) KG 8/81, Not available Post Office / Freehold / acres 3250 sq ft 50,000 41, Land Gajah PT 359, Mukim of Kampong Double storey Approximately Gajah, Location of Pekan building 18 years Kampong Gajah, State of Perak 17. Alienated Ipoh Geran 27350, Lot 12254S, Pesuruhjaya Post Office / Freehold / 72,473 sq ft ,827,000 2,329, Land Bandar Ipoh, District of Kinta, Tanah Persekutuan Three storey Approximately (6733 sq mt) sq ft State of Perak (HS(D) building 19 years Renovation KA 23213) 372, Alienated Kampong PN 6973, Lot 77158, Ketua Pengarah Post Office / Leasehold sq mt 3553 sq ft 91,000 74, Land Rapat Mukim of Hulu Kinta, Tanah Dan Galian Two storey years expiring (1,776 sq ft) District of Kinta, Persekutuan shoplot 21/08/2077 State of Perak (Malay Reserve) / Not available 19. Alienated Taman Geran 35605, Lot 72388, Pesuruhjaya Post Office / Freehold / 2090 sq mt 7200 sq ft 258, , Land Ipoh Mukim of Hulu Kinta, Tanah Persekutuan Double storey Approximately District of Kinta, State of building 27 years Perak 20. Alienated Kampong HS(D) KA 3091/87, Pesuruhjaya Post Office / Freehold / 18,700 sq ft 3250 sq ft 107,000 88, Land Tawas PT 8729, Mukim of Ulu Tanah Persekutuan Double storey Approximately ( sq mt) Kinta, District of Kinta, building 15 years State of Perak 21. Alienated Jeram GM 630, Lot 492, Mukim Pesuruhjaya Post Office / Freehold / 0a 1r 19.1p 3250 sq ft 126, ,821,43 Land of Kampar, District of Kinta, Tanah Persekutuan Double storey Approximately Location of Kampong Baru building 14years Jeram, State of Perak 22. Alienated Mambang HS(M) 107/78, PT 197, Pesuruhjaya Post Office / Freehold / 0a 1r 25p 3250 sq ft 150, , Land Di Awan Mukim of Kampar, District Tanah Persekutuan Double storey Approximately ( of Kinta, Location of building 20 years sq mt) Kampung Baru Mambang Di Awan, State of Perak 23. Alienated Jalan Geran 5720, Lot 5050S, Pesuruhjaya Post Office / Freehold / 4499 sq ft 4499 sq ft 151, , Land Chamberlain Bandar Ipoh, District of Tanah Persekutuan Double storey Approximately Kinta, State of Perak building 40 years 24. Alienated Jalan Dato Bandar Ipoh, District of Pesuruhjaya Post Office / Not available / sq mt Not available 128, , Land Onn Jaafar Kinta, State of Perak Tanah Persekutuan Double storey Not available (0a 0r 15p) building 25. Alienated Bagan Serai GM 1371, Lot 11167, Mukim Pesuruhjaya Post Office Freehold / 16,071 sq ft 7200 sq ft 259, , Land of Bagan Serai, District of Tanah Persekutuan Double storey Approximately Krian, Location of Bagan Serai, building 18 years State of Perak 26. Alienated Tanjung Geran 3451, Lot 1880, Mukim Pesuruhjaya Post Office / Freehold / 0a 0r 34.25p 2112 sq ft 73,000 60, Land Piandang of Tanjong Piandang, District Tanah Persekutuan Single storey Approximately of Krian, State of Perak building 42 years 27. Alienated Sauk GM 767, Lot 5819, Mukim Pesuruhjaya Post Office / Freehold / 15,791 sq ft 3250 sq ft 73,000 60, Land of Chegar Galah, District of Tanah Persekutuan Double storey Approximately (1467 sq mt) Kuala Kangsar, Location of building 27 years Sauk, State of Perak 28. Alienated Bota Geran 5862, Lot 73, Pekan Pesuruhjaya Post Office & Freehold / 7888 sq ft 1344 sq ft 55,000 45, Land Bota Kanan, District of Kuala Tanah Persekutuan Staff House / Approximately Kangsar, State of Perak Single storey 36 years building 29. Alienated Lambor Lot 3014, Mukim of Lambor Pesuruhjaya Post Office / Not available / 10,890 sq ft 3250 sq ft 3,000 2, Land Kanan Kanan, District of Kuala Tanah Persekutuan Double storey Approximately Kangsar, State of Perak building 11 years 107

108 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Perak (continued) 30. Alienated Padang Lot 119, Mukim of Kuala Pesuruhjaya Part of Post Not available / 2,800 sq ft Not appliable Land Rengas Buaia, District of Kuala Tanah Persekutuan Office Site / Not available (Additional Kangsar, State of Perak Vacant Site) (Compound) 100,000 Value Lot 82, Reserved Padang GN 900/ , Lot 120, Controlled and Post Office / Not applicable / 0a 0r 24.85p 3250 sq ft 119 & 120 Land Rengas Mukim of Kuala Buaia, Managed by Double storey Approximately District of Kuala Kangsar, Pesuruhjaya building 15 years State of Perak Tanah Persekutuan 32. Alienated Changkat GM 128, Lot 1746, Mukim Pesuruhjaya Post Office / Freehold / 1534 sq mt 3250 sq ft 124, , Land Jering of Simpang, District of Larut Tanah Pesekutuan Double storey Approximately & Matang, Location of building 15 years Padang Besar Simpang Tiga, State of Perak. 33. Alienated Kuala Geran 32800, Lot 160, Not available Post Office / Freehold / 1183 sq mt 3250 sq ft 129, , Land Sepetang Bandar Kuala Sepetang, Double storey Approximately District of Larut & Matang, building 21 years State of Perak 34. Alienated Simpang Lot 241 (168), Mukim of Pesuruhjaya Post Office / Not available / sq ft 140, , Land Simpang, District of Larut & Tanah Persekutuan Double storey Approximately sq mt Matang, State of Perak building 27 years 35. Alienated Kamunting HS(D) L&M 6/73, PT 22, Ketua Pengarah Post Office / Freehold / 10,824 sq ft 3250 sq ft 130, , Land Bandar Kamunting, District Tanah Dan Double storey Approximately of Larut Dan Matang, State Galian building 26 years of Perak Persekutuan (1975) 36. Alienated Langkap Geran 20123, Lot 4753, Federal Lands Post Office / Freehold / 0a 1r 28.4p 1508 sq ft 257, , Land Mukim of Changkat Jong, Commissioner Single storey Approximately District of Hilir Perak, building 42 years State of Perak 37. Alienated Pangkor HS(D) DGS 1026/85, Lot 48, Federal Lands Post Office / Freehold / 0a 0r 38.7p 1200 sq ft 60,000 49, Land Pekan Pangkor, District of Commissioner Single storey Approximately Majung, State of Perak building 42 years 38. Alienated Pantai Remis HS(M) 3, Lot 4296, Mukim Federal Lands Post Office / Freehold / 0a 1r 17p 1728 sq ft 179, , Land of Pengkalan Bharu, District Commissioner Single storey Approximately of Manjung, State of Perak Kuala Lumpur building 37 years 39. Alienated Seri Manjung Mukim of Sitiawan, Pesuruhjaya Post Office / Not available / sq ft 138, , Land District of Majung, Tanah Persekutuan Double storey Approximately sq mt State of Perak building 11 years (40,000 sq ft) 40. Alienated Selama GM 1365, Lot 5981, Mukim Pesuruhjaya Post Office / Freehold / 1661 sq mt 3250 sq ft 120,000 98, Land of Selama, District of Selama, Tanah Persekutuan Double storey Approximately Location of Jalan Menteri, building 27 years State of Perak 41. Alienated Rantau Geran 18303, Lot 120, Pekan Pesuruhjaya Post Office / Freehold / 1836 sq mt 3250 sq ft 41,500 34, Land Panjang Rantau Panjang, District of Tanah Persekutuan Double storey Approximately Selama, State of Perak building 11 years 42. Alienated Bagan Datoh Lot 208, Mukim of Bagan Land Datoh, District of Perak Hilir, State of Perak 43. Alienated Lot 242, State of Perak Land 44. Alienated Lot 241 (168), State of Pesuruhjaya Post Office / Not available / Land Perak Tanah Persekutuan Double storey Approximately 825 sq mt 3250 sq ft 227, , building 28 years 45. Alienated Lot 240, State of Perak Land 46. Alienated Lot 239, State of Perak Land 47. Alienated Manong No. AA 5/64, Lot 44, Mukim Land of Senggang, District of Kuala Kangsar, State of Perak Pesuruhjaya Post Office / Freehold / Tanah Persekutuan Double storey Approximately 0a 0r 37.20p Not available 61,000 50, Alienated Manong No. AA 5/64, Lot 45 & 46, building 15 1 /2 years Land Mukim of Senggang, District of Kuala Kangsar, State of Perak 108

109 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Perak (continued) 49. Reserved Chenderiang Lot 198, Mukim of Controlled and Post Office / Not applicable / sq mt sq ft 40,200 33, Land Chenderiang, District of Managed by Single storey Not available (0a 0r 38p) Batang Padang, State of Perak Pesuruhjaya building Tanah Persekutuan 50. Reserved Sungkai Lot 155, Mukim of Sungkai, Controlled and Tenanted to Not applicable / sq mt 6734 sq ft 88,600 73, Land (Lama) District of Batang Padang, Managed by Tadika Kemas Approximately (0a 0r 34p) State of Perak Pesuruhjaya and Persatuan 68 years Tanah Persekutuan Orang-Orang Kurang Upaya 51. Reserved Sungkai Mukim of Sungkai, District Controlled and Post Office / Not applicable / sq ft 4752 sq ft 153, , Land (Baru) of Batang Padang, State of Managed by Double storey Approximately (0a 2r 25p) Perak Pesuruhjaya building 8 1 /2 years Tanah Persekutuan 52. Reserved Tapah PT 28, Mukim of Tapah, Controlled and Post Office / Not applicable / 0a 1r 10p Not available 261, , Land District of Batang Padang, Managed by Double Storey Approximately State of Perak Pesuruhjaya Building 72 years Tanah Persekutuan 53. Reserved Temoh Lot 330, Mukim of Land Chenderiang, District of Batang Padang, State of Perak 54. Reserved Temoh Lot 332, Mukim of Controlled and Land Chenderiang, District of Managed by Post Office / Not applicable / sq mt Not applicable 102,200 84, Batang Padang, State Pesuruhjaya Not available Approximately (7,200 sq ft) of Perak Tanah Persekutuan 74 years 55. Reserved Temoh Lot 334, Mukim of Land Chenderiang, District of Batang Padang, State of Perak 56. Reserved Trolak Lot 31, Mukim of Slim, Controlled and Post Office / Prewar / sq mt 2275 sq ft 41,200 33, Land District of Kecil Slim, Managed by Single storey Approximately (0a 1r 09p) State of Perak Pesuruhjaya building 79 years Tanah Persekutuan 57. Reserved Tapah Road Mukim of Batang Padang, Controlled and Post Office / Not sq mt 1600 sq ft 68,800 56, Land District of Batang Padang, Managed by Single Storey applicable / State of Perak Pesuruhjaya Building Prewar Tanah Persekutuan 58. Reserved Ayer Tawar Lot 174, Mukim of Sitiawan, Controlled and Post Office / Not sq mt 3,642 sq ft 59,000 48, Land District of Dinding, State of Managed by Single storey applicable / (0a 0r 23.14p) Perak Pesuruhjaya building Prewar Tanah Persekutuan 59. Reserved Bruas Lot 108, Mukim of Bruas, Controlled and Post Office / Not sq mt Not available 64,000 52, Land District of Dinding, State of Managed by Double storey applicable / (3,647 sq ft) Perak Pesuruhjaya building Prewar Tanah Persekutuan 60. Reserved Lumut Lot , Mukim of Controlled and Post Office / Not sq mt sq ft 106,000 87, Land Lumut, District of Dinding, Managed by Double storey applicable / (0a 1r 03.31p) State of Perak Pesuruhjaya building Prewar Tanah Persekutuan 61. Reserved Sitiawan GN 5316/ , Lot 257, Controlled and Post Office Not 3a 0r 15p 0a 1r 32p 1,114, , Land Mukim of Simpang Ampat, Managed by (Ten units of applicable / District of Dinding, State of Pesuruhjaya Quarters and Prewar Perak Tanah Persekutuan Stalls) / Double storey building 62. Reserved Kampong GN 916/ , Lot 201, Controlled and Vacant Land Not sq mt Not applicable 109,000 89, Land Koh Mukim of Kg Koh, District Managed by applicable / (0a 1r 33.5p) of Dinding, State of Perak Pesuruhjaya Not Tanah Persekutuan available 63. Reserved Teluk Intan 3295, Mukim of Teluk Intan, Controlled and Post Office / Not sq mt 0a 0r 30p 592, , Land District of Hilir Perak, State Managed by Double storey applicable / (0a 1r 31p) of Perak Pesuruhjaya building Prewar Tanah Persekutuan 64. Reserved Chemor Mukim of Ulu Kinta, District Controlled and Post Office / Not 2429 sq mt 4356 sq ft 165, , Land of Ipoh, State of Perak Managed by Single storey applicable / (0a 2r 16p) Pesuruhjaya building Approximately Tanah Persekutuan 87 years 65. Reserved Lahat Mukim of Ulu Kinta, District Controlled and Post Office / Not sq mt Not available 32,000 26, Land of Ipoh, State of Perak Managed by Double storey applicable / (0a 0r 12.3p) Pesuruhjaya building Approximately Tanah Persekutuan 87 years 109

110 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Perak (continued) 66. Reserved Menglembu Lot 392, Mukim of Ulu Kinta, Controlled and Not Land District of Ipoh, State of Perak Managed by applicable / Pesuruhjaya Not Tanah Persekutuan Post Office / available Double storey sq mt 0a 0r 9p 69,000 56, Reserved Menglembu Lot 393, Mukim of Ulu Kinta, Controlled and building Not (17.62p) Land District of Ipoh, State of Perak Managed by available / Pesuruhjaya Approximately Tanah Persekutuan 60 years 68. Reserved Tanjung Mukim of Ulu Kinta, Controlled and Post Office / Not sq mt 2722 sq ft 122, , Land Rambutan District of Ipoh, State of Perak Managed by Single storey applicable / (0a 1r 10.24p) Pesuruhjaya building Prewar Tanah Persekutuan 69. Reserved Kampar Mukim of Kampar, District Controlled and Post Office / Not 1a 0r 29p Not available 130, , Land of Kecil Daerah, State of Managed by Double storey applicable / Perak Pesuruhjaya building Not Tanah Persekutuan available 70. Reserved Kuala Kurau GN 565/ , Lot 137, Controlled and Land Mukim of Kuala Kurau, Managed by District of Kerian, State of Pesuruhjaya Perak Tanah Persekutuan Post Office / Not Double storey applicable / sq ft 102,500 84, Reserved GN 565/20/.5/.54, Lot 3574, Controlled and building Approximately sq mt Land Mukim of Kuala Kurau, Managed by 28 years District of Kerian State of Pesuruhjaya Perak Tanah Persekutuan 72. Reserved Batu Gajah Mukim of Sg Terap, Controlled and Post Office / Not 797 sq mt Not available 136, , Land District of Kinta, Managed by Double storey applicable / (0a 0r 31.52p) State of Perak Pesuruhjaya building Prewar Tanah Persekutuan 73. Reserved Gopeng GN 5546/ , Lot 33590, Controlled and Post Office / Not sq mt sq ft 112,000 92, Land Pekan of Gopeng, District of Managed by Double storey applicable / Kinta, State of Perak Pesuruhjaya building Approximately Tanah Persekutuan 69 years 74. Reserved Kampong Lot 25225, Mukim of Sg Controlled and Post Office / Not 446 sq mt Not available 29,000 23, Land Kepayang Raja, District of Kinta, State of Managed by Single storey applicable / (0a 0r 17.63p) Perak Pesuruhjaya building Prewar Tanah Persekutuan 75. Reserved Malim GN 2185/ , Lot 30750, Controlled and Post Office / Not sq mt Not available 78,000 64, Land Nawar Pekan Malim Nawar, District Managed by Double storey applicable / (0a 1r 25.6p) of Kinta, State of Perak Pesuruhjaya building Prewar Tanah Persekutuan 76. Reserved Bandar Gazet 1317/ , Lot 36708, Controlled and Post Office / Not sq mt 2,275 sq ft 130, , Land Pusing Pekan of Pusing, District of Managed by Double storey applicable / (0a 1r 4.3p) Kinta, State of Perak Pesuruhjaya building Approximately Tanah Persekutuan 52 years 77. Reserved Tanjung Gazet 562/ , Lot 155, Controlled and Post Office / Not 692 sq mt 3627 sq ft 78,000 64, Land Tualang Mukim Tg Tualang, District Managed by Single storey applicable / (0a 0r 27.35p) of Kinta, State of Perak Pesuruhjaya building Approximately Tanah Persekutuan 45 years 78. Reserved Tronoh Lot 10147, Mukim Blanja, Controlled and Post Office / Not sq mt 2275 sq ft 28,000 23, Land District of Kinta, State of Managed by Single storey applicable / (0a 0r 26p) Perak Pesuruhjaya building Prewar Renovation Tanah Persekutuan Cost incurred by Pos Malaysia Berhad 23, Reserved Ulu Kinta Mukim of Ulu Kinta, District Controlled and Post Office / Not sq mt 3250 sq ft 113,000 93, Land of Kinta, State of Perak Managed by Double storey applicable / Pesuruhjaya building Approximately Tanah Persekutuan 33 years 80. Reserved Baeza Avenue GN 1758/ , Lot 34509, Controlled and Vacant Land Not 1730 sq mt Not applicable 83,000 68, Land Ipoh Mukim of Ipoh, Ditrict of Managed by applicable / (0a 1r 28.4p) Kinta, State of Perak Pesuruhjaya Not Tanah Persekutuan available 81. Reserved Parit Buntar Part of 92, Pekan of Parit Buntar, Controlled and Post Office / Not sq mt 4786 sq ft 161, , Land District of Krian, State of Perak Managed by Double storey applicable / ( acres) Pesuruhjaya building Prewar Tanah Persekutuan 82. Reserved Enggor GN 70/ , Lot 77, Mukim Controlled and Post Office / Not sq mt 3250 sq ft 60,000 49, Land of Kota Lama Kanan, District Managed by Double storey applicable / (0a 0r 18.90p) of Kuala Kangsar, State of Perak Pesuruhjaya building Approximately Tanah Persekutuan 32 years 110

111 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Perak (continued) 83. Reserved Kuala Kangsar GN 1129/ , Lot 301, Controlled and Post Office / Not sq mt 8480 sq ft 202, , Land Mukim of Saiong, District of Managed by Double storey applicable / (0a 1r 3.7p) Kuala Kangsar, State of Perak Pesuruhjaya building Prewar Renovation Tanah Persekutuan Cost incurred by Pos Malaysia Berhad 51, Reserved Lenggong Lot 2263, Mukim of Lenggong, Controlled and Vacant Land Not sq mt Not available 0 0 Land District of Kuala Kangsar, State Managed by applicable / of Perak Pesuruhjaya Not Tanah Persekutuan available 85. Reserved Lenggong Lot 44, Mukim of Lenggong, Controlled and Post Office / Not sq mt Not available 95,000 78, Land District of Kuala Kangsar, Managed by Double storey applicable / State of Perak Pesuruhjaya building Prewar Tanah Persekutuan 86. Reserved Sungai GN 4963/ , Lot 219, Controlled and Post Office / Not sq mt Not available 143, , Land Siput Mukim of Sungai Siput, Managed by Double storey applicable / (0a 0r 33p) District of Kuala Kangsar, Pesuruhjaya building Prewar State of Perak Tanah Persekutuan 87. Reserved Matang JKR 1, Mukim of Sg Limau, Controlled and Post Office / Not sq mt 2275 sq ft 61,000 50, Land District of Larut & Matang, Managed by Single storey applicable / (0a 2r 36p) State of Perak Pesuruhjaya building Approximately Tanah Persekutuan 80 years 88. Reserved Batu Kurau G.N. No. 938/5.6.52, Lot 49, 0a 0r 25.45p Land Mukim of Batu Kurau, District (0.146 ac) of Larut Matang, State of Perak 89. Reserved Batu Kurau G.N. No. 971/ , Lot 131, Controlled and Post Office / Not 0a 0r 15.24p Land Mukim of Batu Kurau, District Managed by Single storey applicable / (0.095 acres) Not available 64,000 52, of Larut Matang, State of Perak Pesuruhjaya building Approximately Tanah Persekutuan 45 years 90. Batu Kurau Part of 88090, Mukim of Batu 0a 0r 10p Kurau, District of Larut Matang, State of Perak 91. Reserved Taiping PT 2689 Mukim of Taiping, Controlled and Post Office / Not sq ft 301, , Land District of Larut & Matang, Managed by Single storey applicable / sq mt Renovation State of Perak Pesuruhjaya building Approximately (0a 1r 33p) Cost incurred Tanah Persekutuan 74 years by Pos Malaysia Berhad 88, Reserved Pokok GN 381/3.4.58, Lot 907, Controlled and Post Office / Not sq mt 3250 sq ft 134, , Land Assam Mukim of Tupai, District of Managed by Double storey applicable / (0a 1r 00.8p) Larut Matang, State of Perak Pesuruhjaya building Approximately Tanah Persekutuan 11 years 93. Reserved Trong GN 746/ , Lot 2296, Controlled and Post Office / Not sq mt 2880 sq ft 132, , Land Mukim of Bukit Ganting, Managed by Single storey applicable / (1a 0r 16p) District of Larut & Matang, Pesuruhjaya building Prewar State of Perak Tanah Persekutuan 94. Reserved Pengkalan Lot 3533, Mukim of Kroh, Controlled and Post Office / Not sq mt 3250 sq ft 238, , Land Hulu District of Perak Hulu, Managed by Double storey applicable / State of Perak Pesuruhjaya building Approximately Tanah Persekutuan 14 years 95. Reserved Parit Lot 1733, Pekan Parit, Controlled and Post Office / Not sq mt 2840 sq ft 123, , Land District of Perak Tengah, Managed by Single storey applicable / (0a 0r 38.02p) State of Perak Pesuruhjaya building Prewar Tanah Persekutuan 96. Registered Bercham HS(M) UK 9825, PT , Pos Malaysia Berhad Vacant Land Leasehold sq mt Not applicable 157, , Land Mukim of Ulu Kinta, Distict years expiring of Kinta, Location of Bercham, 13/02/2099 / State of Perak Not available 97. Buildings Sungkai Lot 31, Mukim of Slim, District Controlled and Post Office / Leasehold sq mt 2275 sq ft 529, of Kecil Slim, State of Perak Managed by Single storey (0a 1r 09p) Pesuruhjaya building Tanah Persekutuan 98. Buildings Cikus HS(M) 12, PT 64, Mukim of Tanah Persekutuan Double storey Leasehold 18,000 sq ft 3250 sq ft 271, Sungai Manik, District of building Hilir Perak, Location of Chikus, State of Perak 111

112 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Perak (continued) 99. Persiaran No. 63 Persiaran Greenhill Office Building Leasehold N/A 8,373,000 Greenhill Ipoh years Perak Darul Ridzuan expiring as per # below / Approximately 8 years (Acquired 2/8/1994) 100. Ipoh CT No for Lot 2436N, Vacant Land Freehold 14,102 sq ft * Town of Ipoh, Daerah Kinta, (Acquired Perak Darul Ridzuan 26/9/1997) 101. Ipoh CT No for Lot 2437N, Vacant Land Freehold 15,328 sq ft * Town of Ipoh, Daerah Kinta, (Acquired Perak Darul Ridzuan 25/9/1997) 102. Ipoh Pajakan Negeri No Vacant Land Leasehold 29,294 sq ft * for Lot 31448, Town of 999 years Ipoh, Daerah Kinta, Perak expiring on Darul Ridzuan 30/12/2893 (Acquired 25/9/1997) 103. Ipoh CT No for Lot Vacant Land Freehold 23,985 sq ft * 35120, Town of Ipoh, Daerah (Acquired Kinta, Perak Darul Ridzuan 1/10/1997) 104. Ipoh CT No for Lot Vacant Land Freehold 16,144 sq ft * 31449, Town of Ipoh, Daerah (Acquired Kinta, Perak Darul Ridzuan 23/6/1998) 105. Ipoh CT No for Lot Vacant Land Freehold 32,398 sq ft * 31449, Town of Ipoh, Daerah (Acquired Kinta, Perak Darul Ridzuan 31/10/1997) 106. Ipoh CT No for Lot Vacant Land Freehold 16,226 sq ft * 2740N, Town of Ipoh, Daerah (Acquired Kinta, Perak Darul Ridzuan 20/11/1997) Note: * The properties are jointly valued at RM13,300,000 # H.S.(D) Ka 7533/79 P.T years expiring on H.S.(D) Ka 7534/79 P.T years expiring on H.S.(D) Ka P.T years expiring on H.S.(D) Ka P.T years expiring on H.S.(D) Ka P.T years expiring on H.S.(D) Ka P.T years expiring on Perlis 1. Alienated Arau Geran 907, Lot 8 Sec 1, Pesuruhjaya Post Office / Freehold / 0a 1r 03.3p 3250 sq ft 216, , Land Bandar Arau, District of Tanah Persekutuan Double Storey approximately Pekan Arau, Location of Tanah Melayu Building 40 years Pekan Arau, State of Perlis 2. Alienated Padang Besar HS(M) 226, PT 439, Mukim Pesuruhjaya Post Office and two Freehold / 0a 1r 34p 3250 sq ft 455, , Land of Titi Tinggi, Location of Tanah Persekutuan units of Class "G" approximately (0r 317j) Padang Besar, State of Perlis Quarters / Double 28 years Storey Building and Single Storey Semi Detached 3. Alienated Kaki Bukit GM 635, Lot 1840, Mukim of Pesuruhjaya Post Office / Freehold / 1594 sq mt 3250 sq ft 192, , Land Titi Tinggi, Location of Kaki Tanah Persekutuan Double Storey approximately Bukit, State of Perlis Building 28 years 4. Alienated Beseri HS(M) 177, PT 168, Mukim of Pesuruhjaya Post Office / Freehold ha 3250 sq ft 329, , Land Paya, Location of Bukit Tau, Tanah Persekutuan Double Storey (Malay Reserve) / (1.225 acres) State of Perlis Building approximately 14 years 5. Alienated Mata Air HS(M) 117, PT 60, Mukim of Pesuruhjaya Post Office / Freehold / ha 3250 sq ft 184, , Land Ngulang, Location of Mata Tanah Persekutuan Double Storey approximately ( acres) Ayer, State of Perlis Building 15 years 6. Alienated Kuala Perlis GM 208, Lot 635, Mukim of Pesuruhjaya Post Office / Freehold 0a 0r 27.05p Not available 140, , Land Kuala Perlis, Location of Tanah Dan Galian Single Storey (Malay Reserve) / Kuala Perlis, State of Perlis Persekutuan Building approximately Tanah Melayu 35 years 7. Alienated Kangar HS(D) 242, PT 13, Mukim of Pesuruhjaya Vacant Land Freehold / 0a 0r 15.75p Not available 480,000 No value Land Pos Office Kechor Daerah Pekan Kangar, Tanah Persekutuan Not available (0r 067j) ascertained (Additional) District State of Perlis 8. Reserved Kangar Lot 1510, Mukim of Kechor, Controlled and Post Office / Not sq mt Not available Renovation 662, Land District of Kangar, Managed by Double Storey applicable / cost State of Perlis Pesuruhjaya Building approximately 841, Tanah Persekutuan 38 years 9. Reserved Simpang Empat Lot 1410, Mukim of Kechor, Controlled and Post Office and Not acres 3250 sq ft 436, , Land District of Simpang Empat, Managed by two units of applicable / State of Perlis Pesuruhjaya Class "G" Quarters / approximately Tanah Persekutuan Double Storey 28 years Building and Single Storey Semi-Detached 112

113 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Perlis (continued) 10. Registered Taman Seriap HS(M) 546, PT 482, Mukim Freehold 1320 sq ft sq mt 110,000 Land Baru of Seriab, Location of Batu (Malay Hampar, State of Perlis Reserve) / Mail Processing Approximately Kangar Land Centre / Warehouse 6 years Sdn Bhd and Office / Single 190, (Awaiting transfer Storey Building 11. Registered Taman Seriap HS(M) 547, PT 483, Mukim of Property) Freehold 1320 sq ft sq mt 110,000 Land Baru Seriab, Location of Batu (Malay Hampar, State of Perlis Reserve) / Approximately 6 years 12. Registered Kangsar HS(M) 2141, PT1857, Mukim Tenanted to Land of Sena, District of Perlis, third party / Location of Simpang Tiga, Double Storey State of Perlis Shophouse 13. Registered Kangsar HS(M) 2141, PT1857, Mukim Ground floor Leasehold 99 Land of Sena, District of Perlis, Pos Malaysia tenanted to third years expiring Location of Simpang Tiga, Berhad party and first floor 02/10/2094 / 130 sq mt 2,800 sq ft 185,000 0 State of Perlis vacant / Double Approximately Storey Shophouse 7 years 14. Registered Kangsar HS(M) 2141, PT1857, Mukim Tenanted to Land of Sena, District of Perlis, third party / Location of Simpang Tiga, Double Storey State of Perlis Building Sabah 1. Alienated Keningau Town Lease , Pesuruhjaya Post Office / Leasehold sq ft 2496 sq ft 195, , Land Lot , District of Tanah Persekutuan Double Storey years expiring Keningau, Location of Building 31/12/2072 / Keningau, State of Sabah Approximately 27 years 2. Alienated Likas Town Lease , Pesuruhjaya Post Office / Leasehold acres 2000 sq ft 160, , Land Lot , District of Tanah Persekutuan Single Storey years expiring Kota Kinabalu, Location of Building 31/12/2073 / Likas Bay Rd, State of Sabah Approximately 28 years 3. Alienated Inanam Town Lease , Pesuruhjaya Post Office / Leasehold sq mt 2496 sq ft 254, , Land PT , Inanam, Tanah Persekutuan Double Storey years expiring District of Kota Kinabalu, Building 31/12/2082) / State of Sabah Approximately 22 years 4. Alienated Kota Kinabalu Town Lease , Pesuruhjaya Post Office / Leasehold sq mt 145,083 sq ft 12,146,000 10,008, Land Lot , Location of Tanah Persekutuan Eleven Storey years expiring K. Kinabalu Town, District of Building 31/12/2074 / Small Kota Kinabalu, State of Sabah Approximately Renovation 17 1 /2 years 10, Alienated Kota Marudu Town Lease , Pesuruhjaya Post Office / Leasehold sq ft 2496 sq ft 266, , Land Lot , District of Tanah Persekutuan Double Storey years expiring Kota Marudu, Location of Building 31/12/2075 / Pekan Kota Marudu, State of Approximately Sabah 21 years 6. Alienated Kuala Penyu CL , Lot , Pesuruhjaya Post Office / Leasehold sq mt 2496 sq ft 109,000 89, Land Location of Kuala Penyu Town, Tanah Persekutuan Double Storey years expiring District of Kuala Penyu, State Building 31/12/2070 / of Sabah Approximately 30 years 7. Alienated Menumbok PT , Mukim of Pesuruhjaya Post Office / Leasehold sq mt 2496 sq ft 139, , Land Menumbok, District of Tanah Persekutuan Double Storey years expiring Kuala Penyu, State of Sabah Building 31/12/2075 / Approximately 21 years 8. Alienated Kudat TL , Kudat, District Pesuruhjaya Post Office / Leasehold sq mt 3120 sq ft 192, , Land of Kudat, State of Sabah Tanah Persekutuan Double Storey years expiring Building 31/12/2070 / Approximately 26 1 /2 years 9. Alienated Kunak Town Lease , Lot Ketua Pengarah Post Office / Leasehold 0.45 acres 2496 sq ft 218, , Land , District of Lahad Tanah Dan Galian Double Storey expiring (1822 sq mt) Datu, State of Sabah Building 31/12/2069 / Approximately 30 years 10. Alienated Penampang Country Lease , Pesuruhjaya Post Office / Leasehold sq ft 2496 sq ft 144, , Land Lot , District of Tanah Persekutuan Double Storey years expiring Penampang, Location of At Building 31/12/2070 / Kasigui, State of Sabah Approximately 27 years 11. Alienated Nabawan Town Lease , Pesuruhjaya Post Office / Leasehold sq ft 2496 sq ft 121,000 99, Land Lot , District of Tanah Persekutuan Double Storey years expiring Pensiangan, Location of Building 31/12/2075 / Nabawan, State of Sabah Approximately 24 years 113

114 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Sabah (continued) 12. Alienated Ranau Town Lease , Federal Land Post Office / Leasehold acres 2100 sq ft 389, , Land Lot 2146, District of Ranau, Commissioner Single Storey years expiring State of Sabah Building 31/01/2066 / Approximately 34 years 13. Alienated Batu 1 1/2 Town Lease , Pesuruhjaya Post Office / Leasehold 99 2,400 sq ft 1560 sq ft 89,000 73, Land Sandakan Lot , District of Tanah Persekutuan Single Storey years expiring Sandakan, Location B. 1 1/2 Building 31/12/2072 / Jalan Utara, State of Sabah Approximately 15 years 14. Alienated Sandakan Town Lease , Pesuruhjaya Post Office / Leasehold sq ft sq ft 1,349,000 1,111, Land Lot , District of Tanah Persekutuan Three Storey years expiring Sandakan, Location of Kg Building 31/12/2076 / Renovation Galam, State of Sabah Approximately cost 23 years 495, Alienated Beluran Country Lease , Pesuruhjaya Post Office / Leasehold hectares 2496 sq ft 103,000 84, Land PT , Beluran, Tanah Persekutuan Double Storey years expiring (0.25 ac) District of Labuk/Sugut, Building 31/12/2071 / State of Sabah Approximately 30 years 16. Alienated Sipitang Town Lease , Pesuruhjaya Post Office / Leasehold sq ft 2496 sq ft 109,000 89, Land Lot , District of Tanah Persekutuan Double Storey years expiring Sipitang, Location of Sipitang Building 31/12/2071 / Town, State of Sabah Approximately 26 years 17. Alienated Tambunan Country Lease , Pesuruhjaya Post Office / Leasehold acres 2496 sq ft 206, , Land Lot , District of Tanah Persekutuan Double Storey years expiring Tambunan, Location of Building 31/12/2073 / Tambunan, State of Sabah Approximately 29 years 18. Alienated Tawau (Baru) Town Lease , Pesuruhjaya Post Office / Leasehold sq mt Not available 1,666,000 1,372, Land Lot , District of Tanah Persekutuan Double Storey years expiring (0.92 acres) Part of Tawau, Location of Sabindo, Building 31/12/2081 / building cost State of Sabah Not available incurred by Pos Malaysia Berhad 131, Alienated Tamparuli Town Lease , Pesuruhjaya Post Office / Leasehold sq ft 2496 sq ft 121,000 99, Land Lot , District of Tanah Persekutuan Double Storey years expiring Tuaran, Location of Tamparuli, Building 31/12/2070 / State of Sabah Not available 20. Alienated Tanjung Aru Town Lease 1783, Lot 14793, Federal Lands Post Office / Leasehold acres 2496 sq ft 288, , Land Mukim of Jesselton, District Commissioner Double Store years expiring of Jesselton, State of Sabah Building / Approximately 36 years 21. Alienated Lahad Datu PT , Lahad Datu, Not available Post Office / Leasehold sq mt 200, , Land (Baru) State of Sabah Three Storey years expiring (0.413 ac) Building 31/12/ Alienated Labuan (Lama) Town Lease , Federal Lands Vacant Building / Not available sq mt Not available 657, , Land Labuan, State of Sabah Commissioner Not available 23. Reserved Lahad Datu Lahad Datu, State of Sabah Controlled and Tenanted to third Not applicable / Not available Not available 24,000 19, Land (Lama) Managed by party / Single Not available Pesuruhjaya Storey Building Tanah Persekutuan (Pos understands this to be the case but has no written confirmation thereof from Pesuruhjaya Tanah Persekutuan) 24. Registered Financial E008, Ground Floor Podium Financial Park Post Office / Leasehold / sq ft sq ft 230,482 0 Land Park Level, Financial Park, Labuan, (Labuan) Sdn Bhd One unit in Not available State of Sabah (Strata title has Complex not been issued) 25. Registered Luyang Lot 24, Block E, Damai Sabah Development Post Office Leasehold sq mt 684 sq mt 900, , Land Plaza, Phase III, State of Corporation and Letter expiring not Sabah (Strata title has Boxes and available / not been issued) Tenanted to third 9 years party / Four Storey Shoplot 26. Buildings Lahad Datu PT , Lahad Datu, Not available Post Office Leasehold 1669 sq mt 920, State of Sabah (0.413 ac) 114

115 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Sabah (continued) 27. Buildings Tawau Town Lease , Lot Pesuruhjaya Post Office Leasehold 6210 sq ft 6210 sq ft 2,434, , District of Sipitang, Tanah Persekutu Location of Sipitang Town, State of Sabah Sarawak 1. Alienated Balingian TRN. 03-LCLS , The Federal Land Post Office / Leasehold 99 4,249 sq mt 3200 sq ft 180, , Land Lot 242, Block 094, District of Commissioner Double storey years expiring Balingian Land, Location From Remarks building 31/12/2079 / Sungai Pulat To Tanjong Taroh, Vide Alienation Not available Balingian, State of Sarawak of Land No. 43/82 2. Alienated Betong Betong, District of Betong, The Federal Lands Post Office / Not available / sq mt 3200 sq ft 232, , Land State of Sarawak Commissioner Double Storey Approximately 0.35 ekar Building 14 1 /2 years 3. Alienated Bintangor TRN. 06-LCLS , Federal Lands Post Office / Leasehold acres 3200 sq ft 159, , Land Lot 229, Sixth Division, District Commissioner Double Storey years expiring ( of Binatang Town, Location of Endorsements Building 31/12/2070 / sq mt) Court Road, Binatang, State of Town Land vide Approximately Sarawak Gazette Notification 29 years No. 703/4 of 04/06/1954 as recorded by K /9999 dated 04/06/1954 Remarks Carried from Lot 229 (Park IV) Binatang T.D. vide Survey Job No. 393/71 and Alienated of Land No. 5/ Alienated Bintulu Code No.311/-/2158, The Federal Lands Post Office / Leasehold sq mt sq ft 1,634,000 1,346, Land Lot No. 2158, Bintulu Division, Commissioner Double Storey years expiring District of Bintulu Town, Location Building 12/09/2097 / of Bintulu Sibiu Road, Approximately Bintulu, State of Sarawak 14 1 /2 years 5. Alienated Kanowit TRN. 03-LCLS The Federal Lands Post Office / Leasehold sq mt 3200 sq ft 143, , of Kanowit Town District, Remarks Building 31/12/2083 / Location Behid Kanowit Vide Alienation of Approximately Bazaar, Kanowit, State of Land No. 770/85 15 years Sarawak 6. Alienated Kapit TRN. 07-LCLS The Federal Lands Post Office / Leasehold sq ft 2535 sq ft 167, , Land 00200, Lot 200, Seventh Commissioner Double Storey years expiring (618.7 sq mt) Division, District of Kapit Endorsements Building 31/12/2071 / Town, Location of Airport Town Land vide Approximately Road, Kapit, State of Gazette Notification 29 years Sarawak No. 711/3 of 04/06/1954 as recorded by K /9999 dated 04/06/1954 Remarks Carried from Lot 200 Kapit T.D (Part IV) vide Survey Job No. 333/72 and Alienation of Land No. 2/74 (Kapit) 7. Alienated Tanjung Code No.323/26/423 Lot 423, Federal Lands Post Office / Leasehold sq mt 3200 sq ft 344, , Land Kidurong Block 26, Bintulu Division, Commissioner Double Storey years expiring District of Kemena Land, Building 17/12/2090 / Location of Jalan Kidurong, Approximately Bintulu, State of Sarawak 13 years 8. Alienated Kenyalang TRN. 01-LCLS Federal Lands Post Office / Leasehold acres 3215 sq ft 1,057, , Land Park 05687, Lot 5687 Section 64, Commissioner Single Storey years expiring (4,395 sq mt) First Division, District of Remarks Building 15/02/2075 / 633, Kuching Town Land, Location Town Land Grade I Approximately Renovation of Simpang Tiga, Tabuan, vide G.N. No. Swk. 26 years cost Kuching, State of Sarawak L.N. 40 of 26/06/1993 Carried from Lot 5687 (Pt. IV) vide Svy. Job No. 883/75 & Ref: 552/4-20/13 9. Alienated Kuching Mail TRN. 01-LCLS Federal Lands Mail Processing Leasehold acres 63,463 sq ft 3,276,600 2,699, Land Processing 01020, Lot 1020 Section 66, Commissioner Centre / Double years expiring (7,685 sq mt) Consultant Centre First Division, District of Remarks Storey Building 12/11/2074 / 1,968, Kuching Town Land, Location Town Land Gaz. Not available 819, of Pending, Kuching, State of Notif. No Sarawak dated Carried from Lot 1020 (Part IV) vide Svy. Job No. 754/74 & Ref: 537/4-20/13 115

116 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Sarawak (continued) 10. Alienated Limbang TRN. 05-LCLS Federal Lands Post Office / Leasehold acres 7200 sq ft 1,212, , Land 00934, Lot 934, Fifth Division, Commissioner Double Storey years expiring (2,914 sq mt) District of Limbang Town, Endorsements Building 25/01/2077 / Location of Buangsiol Road, Town Land vide Approximately Limbang, State of Sarawak Gazette Notification 23 years No. SWK.L.N.134(i) dated 08/10/1965 as recorded by K /9999 dated 08/10/1965 Remarks Ref: Dossier No. 49/ Alienated Matu TRN. 06-LCLS Federal Land Post Office / Leasehold acres sq ft 18,060 14, Land 00029, Lot 29, Third Division, Commissioner Single Storey years expiring (316.5 sq mt) District of Matu Town, Location Endorsements Building 31/12/2065 / of Matu Bazaar, Matu, State of Town Land vide Approximately Sarawak Gazette Notification 31 years No of 22/10/1954 as recorded by K /9999 dated 22/10/1954 Remarks Carried from Lot 29 (Part IV) Matu T.D. vide Survey Job No. 11/70 and Alienated of Land No. 88/ Alienated Ladang TRN. 04-LCLS Federal Lands Double Storey Leasehold sq mt 3200 sq ft 170, Land Tiga Niah Lot 9, Block 11, Miri, Commissioner Building years expiring State of Sarawak 31/12/2080 / Not available 13. Alienated Lutong TRN. 04-LCLS Federal Lands Post Office / Leasehold sq ft 3200 sq ft 161, , Land 00008, Lot 8 Block 1, Fourth Commissioner Double Storey years expiring (784.1 sq mt) Division, District of Miri Building 31/12/2073 / Concession Land, Location of Approximately At the Junction of Jalan Pasar 29 1/2 years and jalan Sekolah, Lutong, Miri, State of Sarawak 14. Alienated Miri RN. 04-LCLS T00144, Federal Lands Post Office / Leasehold acres 6828 sq ft 576, , Land Lot 144 Block 9, Fourth Division, Commissioner Single Storey years (3,023 sq mt) 315, District of Miri Concession Land, Building 31/12/2072 / Renovation Location of Sylvia Road, Miri, Approximately State of Sarawak 27 years 15. Alienated Mukah TRN. 03-LCLS , Federal Land Post Office / Leasehold 99 1,885 sq mt 3200 sq ft 159, , Land Lot 691, Block 52, District of Commissioner Double Storey years expiring Mukah Land, Location of Oya Remarks Building 31/12/2078 / Road, Mukah, State of Sarawak Vide Alienation of Approximately Land No. 78/83 21 years 16. Alienated Sarikei TRN. 06-LCLS , Federal Land Post Office / Leasehold acres 7200 sq ft 1,109, , Land Lot 780 Block 36, Sixth Division, Commissioner Double Storey years expiring (2,448 sq mt) District of Sarikei Land, Location Endorsements Building 31/12/2075 / of Barrack Road, Sarikei, State of Town Land vide G. N. Approximately Sarawak No of 08/10/ years as recorded by K /9999 dated 08/10/1954 Remarks Carried from Lot 780 (Part IV) Block 36 Sarikei Land District vide Survey Job No. 136/76 and Alienation of Land N o. 29/ Alienated Simunjan Code No. 521/-/76, Lot 76, Federal Land Post Office / Leasehold acres 3200 sq ft 97,180 80, Land First Division, District of Simunjan Commissioner Double Storey years expiring (1214 sq mt) Town, Location of Simunjan Bazaar, Building 31/12/2072 / Simunjan, State of Sarawak Not available 18. Alienated Song TRN. 07-LCLS , Federal Lands Post Office / Leasehold sq mt 3200 sq ft 101,284 83, Land Lot 00169, District of Song Town, Commissioner Double Storey years expiring Location of Behind Song Bazaar, Endorsements Building 27/09/2088 / Song, State of Sarawak Town Land vide Approximately G. N. No. 711/2 13 years of 04/06/1954 as recorded by K /9999 dated 04/06/1954 Remarks Carried from Lot 169 Song T.D 9Pt IV) vide Alienation of Land No. 2/

117 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Sarawak (continued) 19. Alienated Sri Aman TRN. 02-LCLS , The Federal Land Post Office / Leasehold 99 2,051 sq mt 7200 sq ft 498, , Land Lot 642, Block 3, District of Commissioner Double Storey years expiring (0.507 ac) Simanggang Town, Location of Endorsements Building 10/01/2081 / Hospital Road, Sri Aman, State Town Land vide Approximately of Sarawak Gazette Notification 20 years No. 251 of 16/02/1950 as recorded by K /9999 dated 16/02/ Alienated Engkelili TRN. 02-LCGAS The Federal Lands Post Office / Freehold / sq mt sq ft 103,200 85, Land 00297, Lot 297, District of Commissioner Double Storey Not available Engkelili Town, Location of Endorsements Shop Lot Belakang Pasar Engkelili, Town Land vide Engkilili, State of Sarawak G. N. No. 516 of 01/05/1951 as recorded by K /9999 dated 01/05/1951 Remarks Carried from part of Lot 224 Engkilili T.D. vide S.J. No. 179/1981 & Instrument No. L.224/ Alienated Kuching TRN. 1-LCLS , Federal Lands Leasehold sq mt 31,798 sq ft 1,854,160 Land Lot 63 Section 29, Kuching Commissioner years expiring Division, District of Kuching Endorsements 21/10/2075 / Town Land, Location of Jalan Land declared to be a Approximately Tun Haji Openg, Kuching, Development Area vide 71 years State of Sarawak Gazette Notification No. Swk. L.N. 78 of in accordance with Section 11 (1) of the Land Custody and Development Authority Ordinance 1981 as recorded by K /1111 dated 17/12/1987 Remarks Carried from Lot 63 Section 29 vide Svy. Jov. 653/83, L&S. 80 No. 83/88 & Ref: 39/Doss. 60/78. Town Land vide Gaz. Notif. No dated Alienated Kuching TRN. 01-LCLS , Federal Lands Leasehold sq ft Land Lot 64 Section 29, First Division, Commissioner years expiring (365.9 sq mt) District of Kuching Town Land, Remarks 21/08/2072 / Location of Jalan Tun Haji Openg, Town Land vide Approximately Kuching, State of Sarawak Gaz. Notif No General Post 71 years dated dated Office / Double 1,527, Vide Storey Building Ref: 533/11-11/3 & 455/4-20/ Alienated Kuching TRN. 1-LCLS , Federal Lands Leasehold sq mt Land Lot 129 Section 29, Kuching Commissioner years expiring Division, District of Kuching Endorsements 21/10/2075 / Town Land, Location of Jalan Land declared to be Approximately Tun Haji Openg, Kuching, a Development Area 71 years State of Sarawak vide Gazette Notification No. Swk. L.N. 78 of in accordance with Section 11(1) of the Land Custody and Development Authority Ordinance, 981 as recorded by A /1111 dated 17/12/1987 Remarks Carried from Lot 129 Section 29 vide Svy. Job. 653/83, L&S. 80 No. 84/88 & Ref: 39/ Doss. 60/78. Town Land vide Gaz Natif No dated

118 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Sarawak (continued) 24. Alienated Kuching TRN. 1-LCLS , Federal Lands Leasehold sq mt Land Lot 155 Section 29, Kuching Commissioner years expiring Division, District of Kuching Endorsements 21/10/2075 Town Land, Location of Jalan Land declared to be Approximately Tun haji Openg, Kuching, a Development Area 70 years State of Sarawak vide Gazette Notification No. Swk. L.N. 78 of in accordance with Section 11(1) of the Land Custody and Development Authority Ordinance, 1981 as recorded by A /1111 dated 17/12/1987 Remarks Carried from Lot 155 (Part IV) Section 29 vide Svy. Job No. 102/85, L&S. 80 No. 85/88 & Ref: 39/Doss. 60/78. Town Land vide Gaz. Notif. No dated Reserved PPB Kuching TRN. 01-SLF , The State Not Available / Not Available Not available Land Lot 154, Section 29, District Remarks Approximately of Kuching Town Land, Location Town Land vide Gaz. 71 years of Jalan Tun Haji Openg, Notif. No dated Kuching, State of Sarawak Government Reserve vide Gaz. Notif. No of Reserved Sibu TRN. 03-SLF , The State Post Office / Freehold / 2, sq mt Not available 989, , Land Lot 519, District of Sibu Town, Endorsements Single Storey Not available Location of Kampong Nyabor Government vide G.N. Building 215, Road, Sibu, State of Sarawak No. 270 dated Renovation as recorded by K /9999 dated 24/02/1961 Remarks Req. No. 65/ Buildings Tg. Kedurung Lot 423, Block 26, Federal Lands Post Office Leasehold 1058 sq m 3200 sq ft 193, Bintulu Division, District of Commissioner Kemena Land, Location of Jalan Kidurong, Bintulu, State of Sarawak 28. Buildings Kanowit TRN. 03-LCLS The Federal Lands Post Office Leasehold sq mt 3200 sq ft 221, , Lot 122, District of Commissioner Kanowit Town District, Location Behind Kanowit Bazaar, Kanowit, State of Sarawak 29. Buildings Bintulu 311/-/2158 Lot No. 2158, The Federal Lands Post Office Leasehold 3746 sq mt sq ft 651, Bintulu Division, District of Commissioner Bintulu Town, Location of Bintulu Sibiu Road, Bintulu, State of Sarawak Selangor 1. Alienated Batu Caves HS(M) 7327, PT 87 Sek 6, Pesuruhjaya Post Office / Freehold / 1,600 sq ft 6165 sq ft 282, , Land Mukim of Batu Caves, District Tanah Persekutuan Four storey Approximately Renovation of Gombak, State of Selangor shop house 17 years cost incurred by Pos Malaysia Berhad 105, Alienated Beranang HS(D) 6774, PT 50, Pekan Pesuruhjaya Post Office / Freehold / acres 3250 sq ft 94,000 77, Land Beranang, District of Hulu Tanah Persekutuan Double storey Approximately Langat, State of Selangor building 24 years 3. Alienated Kelang HS(D) 10577, PT 101, Sek 7, Pesuruhjaya Post Office / Freehold / 21,000 sq ft 12,800 sq ft 719, , Land Bandar Kelang, District of Tanah Persekutuan Two storey Approximately Renovation Kelang, State of Selangor Others endorsement building 24 years cost incurred Leased by Pesuruhjaya by Pos Tanah Persekutuan to Malaysia Lembaga Letrik Negara Berhad or 30 years from 384, /01/1982 to 31/12/2012 vide Presn No. 3076/82, Jilid No. 1, Folio No. 24 dated 17/08/

119 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Selangor (continued) 4. Alienated Pelabuhan AA 5.65, Lot 21 Sek.16, Pesuruhjaya Post Office / Freehold / 0a 1r 23p 6773 sq ft 388, , Land Kelang Mukim of Kelang, District of Tanah Persekutuan Single storey Approximately Klang, Location of Jalan building 40 years Cost incurred Watson, State of Selangor by Pos Malaysia Berhad 60, Alienated Kapar Geran 14513, Lot 40 Sek 4, Federal Lands Post Office / Freehold / 8,012 sq ft 2376 sq ft 141, , Land Village of Kapar, District of Commissioner, Single storey Not available Klang, State of Selangor Federation of building at Malaysia 6. Alienated Kelang Utara Geran 15560, Lot 3 Sec 32, Pesuruhjaya Post Office / Freehold / 10,476 sq ft 3250 sq ft 315, , Land Bandar Klang, District of Tanah Persekutuan Double storey Approximately Klang, State of Selangor building 35 years Renovation cost incurred by Pos Malaysia Berhad 225, Alienated Taman HS(D) 29636, PT Pesuruhjaya Vacant Land Freehold / 2111 sq mt Not applicable 367, , Land Goodwood (Lot 19363), Mukim of Klang, Tanah Persekutuan Not applicable District of Klang, State of Selangor 8. Alienated Jenjarom HS(D) 895, PT 63 Sek 1, Pesuruhjaya Post Office / Freehold / 13,819 sq ft 3250 sq ft 211, , Land Mukim of Telok Panglima Tanah Persekutuan Double storey Approximately Garang, District of Kuala Langat, building 28 years State of Selangor 9. Alienated Telok HS(D) 2614, PT 1 Pesuruhjaya Post Office / Freehold / 29,267 sq ft 3250 sq ft 247, , Land Panglima (Lot 36 Sek 3), Pekan Telok Tanah Persekutuan Double storey Approximately Garang Panglima Garang, District building 20 years of Kuala Langat, State of Selangor 10. Alienated Jalan QT(R) 2229, PJ 69/65, Bandar Pesuruhjaya Post Office / Freehold 2,400 sq ft 4800 sq ft 400, , Land Semangat Petaling Jaya, District of Tanah Persekutuan Three storey (Grant in Petaling, State of Selangor shoplot perpetuity) / Approximately 34 years 11. Alienated Seri HS(D) 22863, PT 1090, Pesuruhjaya Post Office / Freehold / 14,390 sq ft 3250 sq ft 211, , Land Kembangan Mukim of Petaling, District Tanah Persekutuan Double storey Approximately of Petaling, State of Selangor building 27 years Renovation Cost incurred by Pos Malaysia Berhad 102, Alienated Damansara HS(D) 982, PT 9035, Pesuruhjaya Post Office / Freehold / 1,950 sq ft 7800 sq ft 352, , Land Jaya Mukim of Sungai Buloh, Tanah Persekutuan Four storey Approximately ( District of Petaling, State shop lot 15 years sq mt) of Selangor 13. Alienated Jalan Othman Geran 18388, Lot 20 Federal Lands Post Office / Freehold / 1,871 sq ft 1733 sq ft 141, , Land Seksyen 22, Bandar Petaling Commissioner Double storey Approximately Jaya, District of Petaling, State shop lot 42 years of Selangor 14. Alienated Kampong HS(D) 5262, PT 230, Pesuruhjaya Post Office / Freehold / 1r 37p 3250 sq ft 705, , Land Tunku Mukim of Damansara, District Tanah Persekutuan Double storey Approximately of Petaling, State of Selangor shop lot and 28 years tenanted to third party 15. Alienated Seksyen 20 HS(D) 16509, PT 1958, Pesuruhjaya Post Office / Freehold / sq mt 3250 sq ft 305, , Land Mukim of Sungai Buloh, Tanah Persekutuan Double storey Approximately (9020 sq ft) District of Petaling, State building 27 years of Selangor 16. Alienated Shah Alam HS(D) 21212, PT 1, Bandar Pesuruhjaya General Post Freehold / 129,236 sq ft 105,200 sq ft 4,291,500 3,536, Land Main Post Shah Alam, District of Petaling, Tanah Persekutuan Office / Three Approximately (12,006 sq mt) Office State of Selangor storey building 11 years Renovation Cost incurred by Pos Malaysia Berhad 397,

120 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Selangor (continued) 17. Alienated Kelana Jaya HS(D) 78422, PT 4051, Perbadanan Post Office / Freehold / 8215 sq ft sq ft 2,638,000 2,173, Land Mukim of Damansara, District Kemajuan Negeri Three storey Approximately of Petaling, State of Selangor Selangor building 9 years Renovation Cost incurred by Pos Malaysia Berhad 2,996, Alienated Jalan Sultan Geran 19551, Lot 2, Seksyen 26, Federal Lands Depot Mail / Freehold / 1,038,971 19,344 sq ft 1,152, , Land Mukim of Petaling Jaya, Commissioner, Single storey Not available sq ft District of Kuala Lumpur, Federation of building ( Renovation State of Selangor Malaya sq mt) Cost incurred Others endorsement by Pos Part of the Land has Malaysia been leased by Berhad Pesuruhjaya Tanah 28, Persekutuan to Lembaga Letrik Negara from 01/01/1976 to 30/09/2006 vide Presn No. 1684/77, Jilid No. 1, Folio No. 7 dated 25/02/1977 Part of the Land has been leased by Pesuruhjaya Tanah Persekutuan to Lembaga Letrik Negara for 30 years from 01/08/1975 to 31/07/2005 vide Presn No. 1685/77, Jilid No. 1, Folio No. 8 dated 25/02/1977 Part of the Land has been leased by Pesuruhjaya Tanah Persekutuan to Lembaga Letrik Negara for 30 years from 01/02/1978 to 31/01/2008 vide Presn No. 6022/78, Jilid No. 1, Folio No. 18 dated 20/05/1978 Part of the Land has been leased by Pesuruhjaya Tanah Persekutuan to KUB Holdings Bhd for 25 years from 01/03/1997 to 28/02/2022 vide Presn No /97, Jilid No. 1, Folio No. 17 dated 10/04/ Alienated Sungai Buloh QT(R) 192, Lot 27, Pekan Sg Pesuruhjaya Depot Mail / Freehold/ sq mt 2,376 sq ft 176, , Land Buloh, District of Petaling, Tanah Persekutuan Single storey Approximately Location of Sungai Buluh, building 36 years State of Selangor 20. Alienated Sungai HS(D) 374, PT 476, Pekan Pesuruhjaya Post Office / Freehold / 27,000 sq ft 3250 sq ft 129, , Land Ayer Tawar Sungai Ayer Tawar, District of Tanah Persekutuan Double storey Approximately (2,484 sq mt) Sabak Bernam, State of building 19 years Selangor 21. Alienated Sungei Besar Lot 424, HS(M) 5023, Lot Not available Post Office / Freehold / 14,875 sq ft 9000 sq ft 184, , Land 9784, Mukim of Pancang Single storey Approximately Bedena, District of Sabak building 39 years Bernam, Location of Kampong Sungai Besar, State of Selangor 22. Alienated Dengkil HS(D) 682, PT 95, Mukim of Pesuruhjaya Post Office / Freehold / 17,000 sq ft 3250 sq ft 166, , Land Dengkil, District of Sepang, Tanah Persekutuan Double storey Approximately State of Selangor building 20 years 23. Alienated Pos Training HS(D) 1417, PT 4598, Mukim Perbadanan Training Centre / Leasehold ha 9, ,868,000 4,011, Land Institution of Dengkil, District of Sepang, Kemajuan Negeri Hostel and years expiring ( acres) sq mt State of Selangor Selangor Complex 04/03/2091 / Cost incurred Others endorsement Not available by Pos Pentadbir Tanah Sepang Malaysia has forwarded a Notice Berhad 6A under Section 97 and 64, of National Land Code to Perbadanan Kemajuan Negeri Selangor vide Presn No. 7680/99, Jilid No. 1, Folio No. 62 dated 31/03/ Alienated Bandar Baru Lot Mukim of Dengkil, Perbadanan Post Office / Not available 2, sq mt 4752 sq ft 353, , Land Bangi District of Sepang, State of Kemajuan Negeri Double storey Selangor Selangor building 25. Alienated Sungei Pelek Lot 769, Mukim of Sepang, Pesuruhjaya Post Office / Not available / sq mt 3250 sq ft 246, , Land District of Sepang, State Tanah Persekutuan Double storey Approximately (24,000 sq ft) of Selangor building 23 years 120

121 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Selangor (continued) 26. Alienated Batu 9, HS(D) 1073, PT 116, Mukim Pesuruhjaya Freehold / 1601 sq ft Land Cheras of Cheras, District of Ulu Tanah Persekutuan Approximately Langat, State of Selangor Post Office / 24 years Double storey 3250 sq ft 111,500 91, Alienated Batu 9, HS(D) 1074, PT 117, Mukim Pesuruhjaya building Freehold / 1601 sq ft Land Cheras of Cheras, District of Ulu Tanah Persekutuan Approximately Langat, State of Selangor 24 years 28. Alienated Semenyih HS(D) 13675, PT 781, Bandar Pesuruhjaya Post Office / Freehold / ha 3250 sq ft 346, , Land Semenyih, District of Ulu Tanah Persekutuan Double storey Approximately ( acres) Langat, State of Selangor building 13 years 29. Alienated Batu Arang HS(D) 116, PT 21, Mukim Pesuruhjaya Post Office / Freehold / 1a 0r 26p 2858 sq ft 69,500 57, Land of Rawang, District of Gombak, Tanah Persekutuan Double storey Approximately State of Selangor building 32 years 30. Alienated Rasah Geran 16190, Lot 16 Sek 10, Federal Land Post Office / Freehold / 9,082 sq ft 3250 sq ft 101,000 83, Land Pekan Rasa, District of Ulu Commissioner, Double storey Approximately Selangor, State of Selangor Federation of building 37 years Malaya 31. Reserved Ulu Langat Lot 10-13, Mukim of Ulu Controlled and Post Office / Not available / 32.32p 3220 sq ft 96,500 79, Land Langat, District of Ulu Langat, Managed by Single storey Not available State of Selangor Pesuruhjaya building Tanah Persekutuan 32. Reserved Rawang WK 174/3/5/58, Lot 41, Controlled and Post Office / Not applicable 0r 24.02p 3250 sq ft 223, , Land Mukim of Rawang, District Managed by Double storey of Gombak, State of Selangor Pesuruhjaya building Renovation Tanah Persekutuan cost incurred by Pos Malaysia Berhad 34, Reserved Ampang Mukim of Ampang, District Controlled and Vacant Building / Not 2r 35p Not available 176, , Land of Hulu Langat, State of Managed by Not available applicable / Selangor Pesuruhjaya Prewar Tanah Persekutuan 34. Reserved Batang Kali Lot 2591, Mukim of Batang Controlled and Not Land Kali, District of Hulu Selangor, Managed by applicable / State of Selangor Pesuruhjaya Prewar Tanah Persekutuan Post Office / Single storey 0a 0r 16.05p 1886 sq ft 54,000 44, Reserved Ulu Yam Lot 2876, Mukim of Ulu Yam, Controlled and building Not Land District of Hulu Selangor, Managed by applicable / State of Selangor Pesuruhjaya Prewar Tanah Persekutuan 36. Reserved Pandamaran Mukim of Kelang, District Controlled and Post Office / Not sq mt Not available 270, , Land of Kelang, State of Selangor Managed by Single storey applicable / Pesuruhjaya building Prewar Tanah Persekutuan 37. Reserved Banting Portion A, Bandar Banting, Controlled and Post Office / Not 0a 0r 36.2p 3,460 sq ft 129, , Land District of Kuala Langat, Managed by Single storey applicable / State of Selangor Pesuruhjaya building Prewar Tanah Persekutuan 38. Reserved Tanjong Sepat GN 419/52, Lot 1866, Mukim Controlled and Post Office / Not 1r 00.1p 3,600 sq ft 164, , Land of Batu, District of Kuala Managed by Single storey applicable / Langat, State of Selangor Pesuruhjaya building Prewar Tanah Persekutuan 39. Reserved Batang Lot 229/B, Mukim of Batang Controlled and Post Office / Not 2r 00p 4,300 sq ft 163, , Land Berjuntai Berjuntai, District of Kuala Managed by Single storey applicable / Selangor, State of Selangor Pesuruhjaya building Prewar Tanah Persekutuan 40. Reserved Bukit Rotan Lot 6 Sek 2, Mukim of Kuala Controlled and Post Office / Not sq mt 1,200 sq ft 58,000 47, Land Selangor (Sek 2), District of Managed by Single storey applicable / Kuala Selangor, State of Pesuruhjaya building Prewar Selangor Tanah Persekutuan 41. Reserved Jeram Lot 16, Mukim of Jeram, Controlled and Vacant Building / Not 0a 0r 32.45p 3,300 sq ft 58,000 47, Land District of Kuala Selangor, Managed by Single storey applicable / State of Selangor Pesuruhjaya building Not Tanah Persekutuan available 42. Reserved Kuala Mukim of Kuala Selangor, Controlled and Post Office / Not sq mt 2688 sq ft 105,000 86, Land Selangor District of Kuala Selangor, Managed by Single storey applicable / State of Selangor Pesuruhjaya building Prewar Tanah Persekutuan 43. Reserved Sekinchan Lot 180, Mukim of Tanjung Controlled and Post Office / Not applicable 0r 36p 3,500 sq ft 129, , Land Karang, District of Kuala Managed by Single storey Karang, State of Selangor Pesuruhjaya building Tanah Persekutuan 121

122 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Selangor (continued) 44. Reserved Tanjong Lot 13, Mukim of Tg Karang, Controlled and Post Office / Not 39.65p 2,500 sq ft 115,500 95, Land Karang District of Kuala Selangor, Managed by Double Storey applicable / State of Selangor Pesuruhjaya Building Approximately Tanah Persekutuan 6 years 45. Reserved Batu 12, Portion B, Mukim of Petaling, Controlled and Post Office / Not 1r 18p 3,250 sq ft 206, , Land Puchong District of Petaling, State Managed by Double Storey applicable / of Selangor Pesuruhjaya Building Not Tanah Persekutuan available 46. Reserved Sabak Bernam Mukim of Sabak, District of Controlled and Post Office / Not sq mt 4752 sq ft 80,000 65, Land Sabak Bernam, State of Managed by Double storey applicable / Selangor Pesuruhjaya building Approximately Tanah Persekutuan 9 years 47. Reserved Sepang Lot 7, Mukim of Sepang, Controlled and Land District of Sepang, State Managed by of Selangor Pesuruhjaya Tanah Persekutuan Not applicable / Prewar 5085 sq ft 48. Reserved Sepang Lot 8, Mukim of Sepang, Controlled and Post Office / Land District of Sepang, State Managed by Single storey sq mt 27,000 22, of Selangor Pesuruhjaya building (1r 08p) Tanah Persekutuan 49. Reserved Sepang Lot 9, Mukim of Sepang, Controlled and Land District of Sepang, State Managed by of Selangor Pesuruhjaya Tanah Persekutuan 50. Reserved Kajang Lot 11, Bandar Kajang, Controlled and Post Office / Not 1r 15.5p 7,600 sq ft 189, , Land District of Ulu Langat, Managed by Double storey applicable / State of Selangor Pesuruhjaya building Prewar Renovation Tanah Persekutuan Cost incurred by Pos Malaysia Berhad 297, Reserved Kuala Pekan Kuala Kubu Bharu, Controlled and Post Office / Not 1r 20p 4,676 sq ft 164, , Land Kubu Bharu District of Ulu Selangor, Managed by Double storey applicable / State of Selangor Pesuruhjaya building Not Tanah Persekutuan available 52. Reserved Serendah Mukim of Serendah, District Controlled and Post Office and Not 1r 37p 4900 sq ft 90,500 74, Land of Ulu Selangor, State of Managed by Quarters / Single applicable / Selangor Pesuruhjaya storey building Not Tanah Persekutuan available 53. Mail and Mukim of Sepang, District Malaysia Airports Mail and Concession acres 201,600 sq ft 0 0 Courier of Sepang, State of Selangor (Sepang) Sdn. Bhd. Courier Complex Complex Building Cost incurred by Pos Malaysia Berhad including consultant 32,768, Registered Taman No. 1A, Block 1, Kedai 550 sq ft 550 sq ft Land Keramat Rumah Pangsa 4 Tingkat, Pusat Bandar Taman Keramat, Mukim of Ulu Kelang, District of Gombak, Leasehold 99 State of Selangor Perbadanan 2 units of years expiring Kemajuan Ground Floor of 17/02/2085 Negeri Selangor Four Storey (Master title) / 126,000 95, Registered Taman No. 2A, Block 1, Kedai (Strata title has of Flats 4 Storey Flat 550 sq ft 550 sq ft Land Keramat Rumah Pangsa 4 Tingkat, not been issued) with Ground Pusat Bandar Taman floor Shop Lot Keramat, Mukim of Ulu Kelang, District of Gombak, State of Selangor 56. Registered Bangi HS(D) 52880, PT 41029, Perbadanan Mail Centre / Leasehold sq mt 22,000 sq ft 2,800,000 Land Bandar Baru Bangi, Kemajuan warehouse with years expiring ( District of Hulu Langat, Negeri Selangor attached Office 19/08/2098 / acres) State of Selangor (Awaiting transfer (2 units) Approximately of Property) 3 years 57. Registered Bangi HS(D) 52881, PT 41030, Perbadanan Mail Centre / Leasehold sq mt 22,000 sq ft 2,400,000 Land Bandar Baru Bangi, Kemajuan 1 1/2 Storey years expiring ( District of Hulu Langat, Negeri Selangor Factory 19/08/2098 / acres) State of Selangor (Awaiting transfer Approximately of Property) 2 years 6,992,

123 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Selangor (continued) 58. Registered Westport Lot 6, Sek 5, Mukim of Central Vacant Land Leasehold acres Not applicable 4,425,696 4,450, Land Kelang, District of Klang, Spectrum (M) years expiring State of Selangor Sdn Bhd (Title has not 24/02/2097 / been issued) Not applicable 59. Registered Bukit Raja HS(D) 56783, PT 27615, Pos Mail Centre Freehold / 8809 sq mt 60,465 sq ft 10,300,000 16,455, Land Mukim of Kapar, District Malaysia and Office / Approximately of Klang, State of Selangor Berhad Warehouse with 5 years attached three storey office 60. Registered Jeram HS(D) 1065, PT 48 Sek 1, Majlis Daerah Post Office / Leasehold sq mt sq ft 280, , Land Pekan Kuala Sungai Buloh, Kuala Selangor Double Storey years expiring District of Kuala Selangor, (Awaiting transfer Shop Office 26/12/2049 / State of Selangor of Property) Not available 61. Registered Seksyen 16, HS(D) 974, No. 1, Jalan Perbadanan Post Office / Leasehold sq ft 3285 sq ft 187, , Land Shah Alam Medan Kecil (16/3A) Kemajuan Double storey years expiring Seksyen 16, Bandar Shah Negeri Selangor shophouse 16/08/2076 / Alam, District of Petaling, (Awaiting transfer Not available State of Selangor of Property) 62. Registered Salak Tinggi Geran 25659,Lot 11459, Mukim Pos Vacant land Freehold ha Not Applicable Land of Kajang, District of Hulu Langat, Malaysia ( acres) State of Selangor Berhad 63. Registered Salak Tinggi Geran 25660,Lot 11460, Mukim Pos Vacant land Freehold ha Not Applicable Land of Kajang, District of Hulu Langat, Malaysia ( acres) 1,588, State of Selangor Berhad 64. Registered Salak Tinggi Geran 25661,Lot 11461, Mukim Pos Vacant land Freehold ha Not Applicable Land of Kajang, District of Hulu Langat, Malaysia ( acres) State of Selangor Berhad 65. Registered Rawang No. 20, Jalan Perusahaan Perbadanan Vacant / Not applicable / 1477 sq ft 8000 sq ft 984, , Land Tiga, Batu 20, Rawang, Kemajuan Semi Detached approximately State of Selangor Negeri Selangor factory 2 years 66. Registered Bangi No. 2, Jalan P/9A, Perbadanan Data Pos / Leasehold sq mt 432 sq mt 795,000 Land Kawasan Perusahaan Kemajuan Semi detached years / Seksyen 13, Bandar Baru Negeri Selangor 1 1/2 storey Approximately Bangi, State of Selangor (Title has not factory 8 years been issued) 67. Registered Bangi No. 4, Jalan P/9A, Perbadanan Leasehold sq mt 432 sq mt 690,000 Land Kawasan Perusahaan Kemajuan years / Seksyen 13, Bandar Baru Negeri Selangor Approximately Bangi, State of Selangor (Title has not 8 years been issued) 2,240, Buildings Sabak Lot 7, Mukim of Sepang, Controlled and Post Office Not sq mt 5085 sq ft 391, Bernam District of Sepang, State of Managed by applicable / (1r 08p) Selangor Pesuruhjaya Prewar Tanah Persekutuan 69. Buildings Kelana Jaya HS(D) 78422, PT 4051, Perbadanan Post Office Freehold / 8215 sq ft sq ft 2,101, Mukim of Damansara, District Kemajuan Negeri Approximately of Petaling, State of Selangor Selangor 8 years 70. Buildings Puchong Mukim of Sabak, District of Controlled and Post Office Not sq mt 4752 sq ft 307, Sabak Bernam, State of Managed by applicable / Selangor Pesuruhjaya Approximately Tanah Persekutuan 9 years 71. Buildings Tanjung Portion B, Mukim of Petaling, Controlled and Post Office Not 1r 18p 3,250 sq ft 513, Karang District of Petaling, State of Managed by applicable / Selangor Pesuruhjaya Not Tanah Persekutuan available 72. Bayu Perdana Lot No , Bayu Perdana, Office Building Freehold 2,887 sq ft 1,535,000 Kelang, Selangor Darul Ehsan 73. Jalan Damansara Unit Nos. F08G/01, F10G/01, Office and Freehold N/A 6,989,000 F11G/01, F12G/01, F13G/01, commercial units Phileo Damansara, Jalan Damansara, Petaling Jaya, Selangor Darul Ehsan Terengganu 1. Alienated Kuala Geran 9751, Lot 2352, Mukim Pesuruhjaya Post Office / Freehold / 2472 sq mt 3250 sq ft 161, , Land Besut of Kuala Besut, District of Tanah Persekutuan Double Storey Approximately Besut, Location of Mukim Building 21 years Kuala Besut, State of Terengganu 2. Alienated Jerteh Geran 5673, Lot 67, Pekan of Pesuruhjaya Post Office / Freehold / acres 1116 sq ft 300, , Land Jerteh, District of Besut, State Tanah Persekutuan Single Storey Approximately ( of Terengganu Tanah Melayu Building 40 years sq mt) 3. Alienated Dungun Geran 6642, Lot 311, Bandar Pesuruhjaya Tenanted to third Freehold / 10,684 sq ft Not available 205, , Land (Lama) Dungun, District of Dungun, Tanah Persekutuan party / Single Storey Approximately ( State of Terengganu Building 41 years sq mt) 123

124 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Terengganu (continued) 4. Alienated Paka Geran 6905, Lot 154, Pekan Pesuruhjaya Post Office / Freehold / 14,919 sq ft 3250 sq ft 113,000 93, Land Kuala Paka, District of Dungun, Tanah Persekutuan Double Storey Approximately ( State of Terengganu Building 31 years sq mt) 5. Alienated Ketengah Geran 12712, Lot 2028, Mukim Pesuruhjaya Post Office / Freehold / 0.23 acres 3250 sq ft 114,000 93, Land Jaya of Rasau, District of Dungun, Tanah Persekutuan, Double Storey Approximately (934 sq mt) State of Terengganu (HS(D) 312) Kuala Lumpur Building 18 years 6. Alienated Al Muktafi GN 12711, Lot 1697, Mukim Pesuruhjaya Post Office / Freehold / 2127 sq mt 7200 sq ft 409, , Land Billah Shah of Hulu Paka, District of Dungun, Tanah Persekutuan Double Storey Approximately State of Terengganu Building 10 years Part of building cost incurred by Pos Malaysia Berhad 30,000 Revovation 36, Alienated Bukit Besi Plot 176, Mukim of Jerangau, Pesuruhjaya Post Office / Not available 530 sq mt 525 sq ft 9,500 7, Land District of Dungun, State of Tanah Persekutuan Single Storey Terengganu Building 8. Alienated Dungun PT 4708, Mukim of Kuala Pesuruhjaya Post Office / Not available / sq mt 7200 sq ft 650, , Land (Baru) Dungun, District of Dungun, Tanah Persekutuan Double Storey Approximately State of Terengganu Building 11 years 50,000 Building cost 165, Renovation 9. Alienated Cukai Geran 5304, Lot 358, Bandar Pesuruhjaya Post Office / Freehold / 7000 sq ft 3250 sq ft 338, , Land Chukai, District of Kemaman, Tanah Persekutuan Double Storey Approximately (650.3 sq mt) State of Terengganu Tanah Melayu Building 36 years 261, Renovation 10. Alienated Cukai Geran 9104, Lot 00661, Bandar Pesuruhjaya Freehold / 193 sq mt Not applicable Land (Tambahan) Cukai, District of Kemaman, Tanah Persekutuan Not available Location of Bandar Cukai, State of Terengganu 11. Alienated Kemasik Geran 6818, Lot 73, Pekan of Pesuruhjaya Post Office / Freehold / 14,957 sq ft 3250 sq ft 132, , Land Kemasik, District of Kemaman, Tanah Persekutuan Double Storey Approximately ( sq mt) State of Terengganu Building 23 1 /2 years 12. Alienated Kijal Geran 6800, Lot 152, Pekan of Pesuruhjaya Post Office / Freehold / 9,286 sq ft 3250 sq ft 105,000 86, Land Kijal, District of Kemaman, Tanah Persekutuan Double Storey Approximately (862.7 sq mt) State of Terengganu Building 24 years 13. Alienated Kerteh (Baru) Geran 9739, Lot , Mukim Pesuruhjaya Post Office / Freehold / 2920 sq mt 4752 sq ft 494, , Land of Kertih, District of Kemaman, Tanah Persekutuan Double Storey Approximately Location of Mukim Manir, State Building 10 1 /2 years Part of of Terengganu building cost incurred by Pos Malaysia Berhad 66, Alienated Air Puteh HS(D) 1411, PT 1070, Mukim Pesuruhjaya Freehold / ha 3250 sq ft 281,000 Land of Tebak, District of Kemaman, Tanah Persekutuan Approximately (1602 sq mt) Location of Air Putih, State 9 1 /2 years 271, of Terengganu Part of Post Office / building cost Double Storey incurred 231, Building by Pos 15. Alienated Air Puteh HS(D) 1410, PT 41, Pekan Air Pesuruhjaya Freehold / ha Not applicable Malaysia Berhad Land (Tambahan) Putih, District of Kemaman, Tanah Persekutuan Not available (267 sq mt) State of Terengganu 16. Alienated Wakaf HS(D) 3710, PT 5509K, Mukim Pesuruhjaya Post Office / Freehold / 2573 sq mt 3250 sq ft 260, , Land Tengah of Batu Rakit, District of Kuala Tanah Persekutuan Double Storey Approximately Terengganu, State of Terengganu Building 10 years Part of building cost 25, Alienated Gong Kapas HS(D) KUALA TRENGGANU 715, Pesuruhjaya Post Office / Freehold / acres 3250 sq ft 155, , Land PT 176K, Mukim of Bukit Besar, Tanah Persekutuan Double Storey Approximately ( District of Kuala Trengganu, Building 26 years sq mt) Location of Mukim Bukit Besar, State of Terengganu 18. Alienated Sungai Geran 11579, Lot 8964, Mukim Pesuruhjaya Post Office / Freehold / 18,000 sq ft 3250 sq ft 150, , Land Tong of Belara, District of Kuala Tanah Persekutuan Double Storey Approximately (1668 sq mt) Trengganu, State of Terengganu Building 11 years (HS(D) 2937) 19. Alienated Manir Geran 11586, Lot 9792, Mukim Pesuruhjaya Post Office / Freehold / acres 3250 sq ft 152, , Land of Manir, District of Kuala Tanah Persekutuan Double Storey Approximately (1520 sq mt) Trengganu, State of Terengganu Building 18 years (HS(D) 2705) 124

125 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Terengganu (continued) 20. Alienated Seberang Geran 6788, Lot 11180, Mukim Pesuruhjaya Post Office / Freehold / 15,503 sq ft 3250 sq ft 144, , Land Takir of Kuala Nerus, District of Kuala Tanah Persekutuan Double Storey Approximately ( sq mt) Trengganu, State of Terengganu Building 27 years 21. Alienated Bukit HS(D) 2943, PT 15K, Pekan Pesuruhjaya Post Office / Freehold / acres 3250 sq ft 165, , Land Payong Bukit Payong, District of Marang, Tanah Persekutuan Double Storey Approximately ( State of Terengganu Building 14 years sq mt) 22. Alienated Chabang HS(D) KUALA TRENGGANU Pesuruhjaya Post Office / Freehold / acres 3250 sq ft 240, , Land Tiga 2356, PT 116K, Mukim of Tanah Persekutuan Double Storey Approximately ( Losong, District of Kuala 23 years sq mt) Trengganu, Location of Mukim Losong, State of Terengganu 23. Alienated PPB Kuala Bandar Kuala Terengganu, Pesuruhjaya Part of General Not available acres Not available Land Terengganu District of Kuala Trengganu, Tanah Persekutuan Post Office / (Additional State of Terengganu Double Storey Site) Building 24. Reserved PPB Kuala Lot 680, Bandar Kuala Controlled and General Post Not available / acres 21,885 sq ft Land Terengganu Terengganu, State of Managed by Office Approximately Terengganu Pesuruhjaya 37 years Tanah Persekutuan 899, , Alienated Rusila HS(D) 170, PT 4754, Mukim Pesuruhjaya Vacant Land Freehold ha not applicable 9,000 7, Land of Rusila, District of Marang, Tanah Persekutuan State of Terengganu 26. Alienated Merchang Lot 1560, Mukim of Merchang, Pesuruhjaya Vacant Land Freehold 2440 sq mt not applicable 5,500 4, Land District of Marang, State of Tanah Persekutuan Terengganu 27. Alienated Marang Geran 5461, Lot 49, Pekan of Pesuruhjaya acres Not available Land Marang, District of Marang, Tanah Persekutuan State of Terengganu Not available Not available 92, Alienated Marang Geran 5460, Lot 1452, Mukim Pesuruhjaya acres Not available Land of Rusila, District of Marang, Tanah Persekutuan State of Terengganu 29. Alienated Chalok Geran 11620, Lot 5931, Mukim Pesuruhjaya Post Office / Freehold / 2269 sq mt 3250 sq ft 169, , Land of Caluk, District of Setiu, Tanah Persekutuan Double Storey Approximately Location of Mukim Caluk, Building 9 years Part of State of Terengganu building cost incurred by Pos Malaysia Berhad 33, Alienated Bandar GM 624, Lot 1791, Mukim Pesuruhjaya Post Office / Freehold / 8176 sq ft 3250 sq ft 114,500 94, Land Permaisuri of Tasik, District of Setiu, Tanah Persekutuan Double Storey Approximately (759.6 sq mt) Location of Kampong Buloh, Building 24 years State of Terengganu 31. Alienated Ajil Geran 6275, Lot 3439, Mukim Pesuruhjaya Post Office / Freehold / 17,944 sq ft 3250 sq ft 132, , Land of Tanggol, District of Ulu Tanah Persekutuan Double Storey Approximately (1,667.1 Trengganu, State of Terengganu Building 27 years sq mt) 32. Alienated Kuala Geran 6311, Lot 144, Pekan Pesuruhjaya Post Office / Freehold / 13,433 sq ft 3250 sq ft 166, , Land Berang Kuala Berang, District of Ulu Tanah Persekutuan Double Storey Approximately ( sq mt) Trengganu, State of Terengganu 27 years 33. Reserved Kampong G 251/21/6/62, Lot 398, Mukim Controlled and Post Office / Not available / 2363 sq mt 1116 sq ft 120,000 98, Land Raja of Kg Raja, District of Besut, Managed by Single Storey Approximately State of Terengganu Pesuruhjaya Building 40 years Tanah Persekutuan 34. Buildings Dungun PT 4708, Mukim of Kuala Pesuruhjaya Post Office Leasehold sq mt 7200 sq ft 414, Dungun, District of Dungun, Tanah Persekutuan State of Terengganu 35. Buildings Kerteh Geran 9739, Lot , Pesuruhjaya Post Office Leasehold 2920 sq mt 4752 sq ft 332, Mukim of Kertih, District of Tanah Persekutuan Kemaman, Location of Mukim Manir, State of Terengganu 36. Buildings Marang Lot 2011, Mukim of Rusila, Federal Lands Post Office Leasehold 625 sq mt 4752 sq ft 324, District of Marang, State Comissioner of Terengganu 37. Buildings Al-Mutafilbillah GN 12711, Lot 1697, Mukim Pesuruhjaya Post Office Leasehold 2127 sq mt 7200 sq ft 308, of Hulu Paka, District of Tanah Persekutuan Dungun, State of Terengganu 38. Buildings Wakaf HS(D) 3710, PT 5509K, Mukim Pesuruhjaya Post Office Leasehold 2573 sq mt 3250 sq ft 155, Tengah of Batu Rakit, District of Kuala Tanah Persekutuan Terengganu, State of Terengganu 125

126 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Terengganu (continued) 39. Buildings Chalok Geran 5460, Lot 1452, Mukim Pesuruhjaya Post Office Leasehold acres Not Available 206, of Rusila, District of Marang, Tanah Persekutuan State of Terengganu 40. Buildings Air Putih HS(D) 1411, PT 1070, Mukim Pesuruhjaya Post Office Leasehold ha 3250 sq ft 241, of Tebak, District of Kemaman, Tanah Persekutuan (1602 sq mt) Location of Air Putih, State of Terengganu Wilayah Persekutuan, Kuala Lumpur 1. Alienated Kepong Geran 43810, Lot 40 Seksyen 1, Pesuruhjaya Vacant Land Freehold 535 sq mt not applicable 144, , Land Pekan Kepong, District of Kuala Tanah Persekutuan and tenanted Lumpur, State of Wilayah to third party Persekutuan Kuala Lumpur 2. Alienated Pudu Geran 34098, Lot 38 Seksyen Pesuruhjaya Post Office / Freehold / 2098 sq mt 7200 sq ft 740, , Land 61, Bandar Kuala Lumpur, Tanah Persekutuan Double Storey Approximately District of Kuala Lumpur, State Building 29 years of Wilayah Persekutuan, Kuala Lumpur 3. Alienated Pej Pos HS(D) 49280, PT 46 Sek 70, Pesuruhjaya General Post Leasehold sq mt 44,519 sq mt 60,000,000 49,438, Land Besar Bandar Kuala Lumpur, Tanah Persekutuan Office / Eight years expiring (91,453 sq ft) Kuala District of Kuala Lumpur, State Storey Building 27/01/2079 / 20,331, Lumpur of Wilayah Persekutuan, Kuala Approximately Renovation Lumpur 19 years 4. Alienated Sentul Geran 36085, Lot 147 Seksyen Federal Lands Freehold / 1600 sq ft Not available Land 0079, Bandar Kuala Lumpur, Commissioner Not available ( sq mt) District of Kuala Lumpur, State of Wilayah Persekutuan, Kuala Post Office / Lumpur (Geran 13254) Two units of Three Storey 445, , Alienated Sentul Geran 32054, Lot 148 Seksyen Federal Lands Shop Lot Freehold / 1600 sq ft Not available Land 0079, Bandar Kuala Lumpur, Commissioner Not available ( District of Kuala Lumpur, State sq mt) of Wilayah Persekutuan, Kuala Lumpur (Geran 13255) 6. Alienated Setapak Geran 29762, Lot 350 Seksyen The Federal Post Office / Freehold / 3176 sq ft Not available 265, , Land 0085, Bandar Kuala Lumpur, Lands Double Storey Approximately ( District of Kuala Lumpur, State Commissioner Building 40 years sq mt) of Wilayah Persekutuan, Kuala Federation Lumpur (Geran 13864) of Malaya 7. Alienated Taman HS(D) 10817, PT 241, Mukim The Federal Post Office / Leasehold sq ft 6,600 sq ft 375, , Land Maluri of Ampang, District of Kuala Lands Four Storey years expiring ( Lumpur, State of Wilayah Commissioner Shoplot 24 May 2076 / sq mt) Persekutuan, Kuala Lumpur Approximately 19 1 /2 years 8. Alienated Jinjang HS(D) 95217, Lot 3626, Mukim Pesuruhjaya Post Office / Freehold / 0a 2r 00p 3250 sq ft 648, , Land of Batu, District of Kuala Tanah Persekutuan Double Storey Approximately ( Lumpur, State of Wilayah Building 34 years sq mt) 30, Persekutuan, Kuala Lumpur Renovation (QT(R) 11021) 9. Alienated Gombak Geran 5872, Lot 14169, Mukim Pesuruhjaya Post Office / Freehold / 3136 sq mt 10, , , Land of Setapak, District of Wilayah Tanah Persekutuan Double Storey Approximately (33,756 sq ft) sq ft Persekutuan, State of Wilayah Building 27 years 1,260, Persekutuan, Kuala Lumpur Renovation 10. Alienated Jalan Geran 29519, Lot 16 Pesuruhjaya Vacant Building / Freehold / 480 sq mt Not available 213, , Land Balai Polis Seksyen 24, Bandar Kuala Tanah Persekutuan Double Storey Prewar Lumpur, District of Kuala Building Lumpur, State of Wilayah Persekutuan, Kuala Lumpur (HS(D) 75970) 11. Alienated Jalan HS(D) 30069, PT 20 Pesuruhjaya Vacant Land Leasehold 99 9,240 sq ft Not applicable 633, , Land Loke Yew Seksyen 69, Bandar Kuala Tanah Persekutuan (Illegal occupier) years expiring ( Lumpur, District of Wilayah 30/01/2079 / sq mt) Persekutuan, State of Wilayah Not available Persekutuan, Kuala Lumpur 12. Alienated Taman Tun Geran 23483, Lot 50944, Pesuruhjaya Post Office Freehold / 164 sq mt sq mt 367, , Land Dr Ismail Mukim of Kuala Lumpur, Tanah Persekutuan (Delivery Depot) / Approximately (1765 sq ft) District of Wilayah Perseketuan, Three Storey 15 1 /2 years State of Wilayah Persekutuan, Shop Office Kuala Lumpur 13. Alienated Jalan Geran 5325, Lot 40690, Mukim Pesuruhjaya Post Office / Freehold / 1560 sq mt 7200 sq ft 874, , Land Kelang Lama of Kuala Lumpur, District of Tanah Persekutuan Double Storey Approximately Wilayah Persekutuan, State Building 18 years 268, of Wilayah Persekutuan, Kuala Renovation Lumpur 126

127 properties owned Pos Malaysia & Services Holdings Berhad No Type Location Subject Property Registered / Existing Use / Tenure / Age Land Area Gross Valuation / Net Book Value as Beneficial Owner Description of Building Floor Area Cost of Purchase at 31 December 2002 Wilayah Persekutuan, Kuala Lumpur (continued) 14. Alienated Jalan Tun Lot 342, Sek 72, District of Pesuruhjaya Post Office and Not available / sq mt 5524 sq ft 550, , Land Sambanthan Wilayah Persekutuan, State Tanah Persekutuan Union's Office / Approximately of Wilayah Persekutuan, Four Storey Building 18 1 /2 years Kuala Lumpur and one (1) of the floor occupied by third party 15. Alienated Salak Lot 15662, Sek 6, Pekan Pesuruhjaya Post Office / Not available / sq mt 3250 sq ft 420, , Land Selatan Salak Selatan, District of Tanah Persekutuan Double Storey Approximately Wilayah Persekutuan, State Building 31 years of Wilayah Persekutuan, Kuala Lumpur 16. Alienated Jalan Pantai Part of PT 33507, Mukim Federal Lands Post Office Leasehold sq ft 3325 sq ft 365, , Land Bahru of Kuala Lumpur, District Commissioner (Mail and years expiring of Wilayah Persekutuan, Parcel) / 14/01/2074 / State of Wilayah Persekutuan, Ground Floor Approximately Kuala Lumpur of Building 21 years 17. Alienated Medan Geran , Pesuruhjaya Post Office / Freehold / 552 sq mt Not available 2,700,000 0 Land Tuanku Lot , and Geran Tanah Persekutuan Ground Floor Not available 6025 & 6035 Lot 1971 & 1961, of Four Storey 308, Bandar Kuala Lumpur, District Building Renovation of Wilayah Persekutuan, State of Wilayah Persekutuan, Kuala Lumpur 18. Alienated Jalan Dewan PN 6250, Lot 1904 Sek 41, Pesuruhjaya Post Office / Leasehold sq mt 2,340 sq ft 608,000 0 Land Sultan Mukim of Kuala Lumpur, District Tanah Persekutuan Ground Floor years expiring (Post Office) Sulaiman 1 of Wilayah Persekutuan, State of of Building 12/01/2071 / Wilayah Persekutuan, Kuala Not available Not applicable Lumpur (Quarters) 19. Alienated Rumah Pangsa, Mukim of Kuala Lumpur, District Pesuruhjaya Quarters / Not available 1760 sq ft 1760 sq ft 84,000 69, Land Jalan Pantai of Wilayah Persekutuan, State Tanah Persekutuan Four Storey Bharu of Wilayah Persekutuan, Kuala Flat Lumpur 20. Reserved Pusat Poslaju Mukim of Sek. 72, District Controlled and Poslaju Centre / Not m.p 39,743 sq ft 3,700,000 0 Land Jalan Tun of Wilayah Perskutuan Managed by Warehouse applicable / Sambanthan Pesuruhjaya Prewar Tanah Persekutuan 21. Reserved Petaling GN 1732/ , Lot 17 Controlled and Vacant Building / Not 0a 2r 38p 2807 sq ft 440, , Land Sek 1, Mukim of Petaling, Managed by Quarters / Single applicable / District of Petaling, State Pesuruhjaya Storey Building Prewar of Wilayah Persekutuan, Tanah Persekutuan Kuala Lumpur 22. Reserved Jalan Chan WK 3485/ , Lot 106, Controlled and Pos Store / Not 1a 3r 23.7p 0a 1r 04p 2,377,000 1,958, Land Sow Lin Sek 92, Bandaraya Kuala Managed by Parcel Office / applicable / Lumpur, District of Wilayah Pesuruhjaya Tanah Single Storey Not 1,572, Persekutuan, State of Wilayah Persekutuan Building available Renovation Persekutuan, Kuala Lumpur 23. Reserved Sungai Besi GN 648/5.2.37, Lot 1, Sek 5, Controlled and Post Office / Not 1a 2r 39p 3892 sq ft 1,560,000 1,285, Land Pekan Sungai Besi, District of Managed by Double Storey applicable / (0a 1r 04p) Wilayah Persekutuan, State Pesuruhjaya Building Approximately 465, of Wilayah Persekutuan, Kuala Tanah Persekutuan 26 1 /2 years Renovation Lumpur 24. Registered Brickfields PN (WP) 27419, Lot 361 Pos Malaysia Poslaju Leasehold sq mt 39,743 sq ft 54,832 54, Land Seksyen 72, Bandar Kuala Berhad Centre / years expiring Lumpur, District of Kuala Warehouse 20/05/2097 / 1,423, Lumpur, State of Wilayah Not available Renovation Persekutuan, Kuala Lumpur 25. Registered Jalan No. 3, Block H, Kedai 412 sq ft 412 sq ft 40,500 Land Kuching Pangsa 4 Tingkat, Flat PKNS, Jalan Kuching, Perbadanan Post Office / Leasehold Kuala Lumpur Kemajuan Four Storey years (expiring Negeri Selangor Flat with Ground not available) / 61, Registered Jalan No. 4, Block H, Kedai (Strata title has Floor Shoplot Not available 412 sq ft 412 sq ft 40,500 Land Kuching Pangsa 4 Tingkat, Flat PKNS, not been issued) Jalan Kuching, Kuala Lumpur 27. Registered Cheras No. 78, Jalan Kilang Midah, Pos Malaysia Vacant / 1 1/2 Freehold / sq mt sq mt 1,800,000 1,811, Land Taman Midah, Kuala Berhad detached factory Approximately Lumpur 24 years 28. Buildings Jln Tun PN (WP) 27419, Lot 361 Pos Malaysia Poslaju Leasehold sq mt 39,743 sq ft 987, Sambanthan Seksyen 72, Bandar Kuala Berhad years expiring Lumpur, District of Kuala 20/05/2097 Lumpur, State of Wilayah Persekutuan, Kuala Lumpur 29. Building KLIA Mukim of Sepang, District of Malaysia Airport Mail and Courier 28,585, Sepang, State of Selangor (Sepang) Sdn. Bhd. Complex 30. Building Dayabumi HS(D) 49280, PT 46, Sek 70, Pesuruhjaya Tanah General Post Office Leasehold , Bandar Kuala Lumpur, District Persekutuan / Eight Storey years expiring sq mt of Kuala Lumpur, State of Building 27/01/2079 / (91,453 sq ft) Wilayah Persekutuan, Kuala Approximately Lumpur 18 years 127

128 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 analysis of shareholdings as at 30 April 2003 Authorised Capital : RM1,000,000,000 Issued and fully paid-up capital : RM429,375,991 (includes 38,588,000 shares held as treasury shares) Class of shares : Ordinary share of RM1.00 each Voting rights : One vote for every ordinary share (excluding treasury shares) No. of Shareholders : 22,398 SUBSTANTIAL SHAREHOLDERS Shareholders Direct Indirect No. of shares %* No. of shares %* Avenue Assets Berhad 78,545, Aroma Teraju Sdn Bhd 42,800, ,545,166 (a) Piramid Pertama Sdn Bhd ,345,166 (b) Seleksi Arif Sdn Bhd ,345,166 (b) Minister of Finance (Incorporated) ("MoF Inc.") ,345,166 (c) Bank Simpanan Nasional ,345,166 (d) Notes: (a) Deemed interest by virtue of its substantial shareholding in Avenue Assets Berhad. (b) Deemed interest by virtue of their substantial shareholdings in Aroma Teraju Sdn Bhd (c) Deemed interest by virtue of its substantial shareholding in Piramid Pertama Sdn Bhd (d) Deemed interest by virtue of its substantial shareholding in Seleksi Arif Sdn Bhd * Percentage of shareholding based on paid-up capital of the Company (less treasury shares) as at 30 April DISTRIBUTION OF SHAREHOLIDNGS Holdings No. of Holders % over total Holders No. of Shares % over total Shares Less than , to 1,000 6, ,198, ,001 to 10,000 12, ,096, ,001 to 100,000 2, ,575, ,001 to 21,468, ,570, ,468,800 and above ,933, Total 22, ,375, LARGEST REGISTERED SHAREHOLDERS Name No. of Shares Percentage (%) 1. Avenue Assets Berhad 50,001, Aroma Teraju Sdn Bhd 42,800, Pos Malaysia & Services Holdings Berhad - Share buy back account 38,588, Pentaville Investments Limited 28,544, A.A. Assets Nominees (Tempatan) Sdn Bhd - Avenue Asset Management Services Sdn Bhd 16,784, Employees Provident Fund Board 10,815, Malaysia Nominees (Tempatan) Sendirian Berhad - Great Eastern Life Assurance (Malaysia) Berhad 8,131, AllianceGroup Nominees (Tempatan) Sdn Bhd - PHEIM Asset Management Sdn Bhd for Employees Provident Fund 5,978,

129 Pos Malaysia & Services Holdings Berhad 30 LARGEST REGISTERED SHAREHOLDERS (continued) Name No. of Shares Percentage (%) 9. Low Poh Weng 5,630, Tong Kooi Ong 4,988, Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Growth Fund 4,254, AllianceGroup Nominees (Tempatan) Sdn Bhd - PHEIM Asset Management Sdn Bhd for Employees Provident Fund 4,104, Leong Kam Chee 3,350, Low Poh Weng 3,030, Public Nominees (Tempatan) Sdn Bhd - PB Trustee Services Berhad for Tongkah Holdings Berhad 2,937, Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Regular Savings Fund 2,655, HSBC Nominees (Asing) Sdn Bhd - T. Rowe Price International Funds for New Asia Fund 2,653, Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Smallcap Fund 2,603, Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Aggressive Growth Fund 2,516, Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Savings Fund 2,239, Pulai Industries Sdn Bhd 2,100, Malaysia Nominees (Tempatan) Sendirian Berhad - Great Eastern Life Assurance (Malaysia) Berhad 1,616, Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Balanced Fund 1,525, Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Equity Fund 1,489, Koh Eng Wah 1,470, BHLB Trustee Berhad - Pacific Recovery Fund 1,432, Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Industry Fund 1,181, Thong & Kay Hian Nominees (Asing) Sdn Bhd - UOB Kay Hian Pte Ltd for Wee Yew Ghee 1,036, Chin Pek Soo Holdings Sdn Bhd 1,000, Malaysia Nominees (Tempatan) Sendirian Berhad - Amanah SSCM Asset Management Berhad for Amanah Smallcap Fund Berhad 1,000, Total 256,451,

130 ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2002 analysis of the 8% irredeemable convertible unsecured loan stocks 1999/2004 ( ICULS ) holdings as at 30 April 2003 No. of outstanding ICULS : RM83,622,300 Coupon rate : 8% per annum (payable at 31 December) Conversion price : RM1.80 No. of ICULS Holders : 3,372 DISTRIBUTION OF ICULS HOLDINGS No. of % over total Holdings No. of Holders % over total Holders outstanding ICULS outstanding ICULS Less than to 1, , ,001 to 10,000 1, ,160, ,001 to 100, ,854, ,001 to 4,181, ,625, ,181,115 and above ,355, Total 3, ,622, LARGEST REGISTERED ICULS HOLDERS Name No. of ICULS Percentage (%) 1. Tong Kooi Ong 8,783, Sapura Telecommunications Berhad 8,572, ACP Industries Berhad 2,647, M&A Securities Sdn Bhd 2,635, Ong Bee Lian 2,186, Malaysia Nominees (Tempatan) Sendirian Berhad - Amanah SSCM Asset Management Berhad for Amanah Smallcap Fund Berhad 2,169, Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Regular Savings Fund 1,415, Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Growth Fund 1,281, Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for MBF Balanced Fund 1,263, Thong Kay Hian Nominees (Asing) Sdn Bhd - UOB Kay Hian Pte Ltd for Wee Yew Ghee 900, Ng Ping Hoong 896,

131 Pos Malaysia & Services Holdings Berhad 30 LARGEST REGISTERED ICULS HOLDERS (continued) Name No. of ICULS Percentage (%) 12. M&A Nominee (Tempatan) Sdn Bhd - Titan Express Sdn Bhd 667, Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Aggressive Growth Fund 652, Kok May Leng 647, Ngai Kee 639, Ngai Kee Sdn Bhd 621, Olive Lim Swee Lian 602, M&A Nominee (Tempatan) Sdn Bhd - ST Holdings Sdn Bhd 573, Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Industry Fund 529, Tiah Thee Seng 482, Amanah Raya Nominees (Tempatan) Sdn Bhd - PB Balanced Fund 464, Chen Chin Peng 435, Lee Yih Leang 410, Kam Lai Yong 400, Sai Sia Say Yee 390, Wong Kuan Fong 384, Looi Poh Har 378, Affin-UOB Nominees (Asing) Sdn Bhd - UOB Kay Hian Pte Ltd for Wee Yew Ghee 360, RHB Nominees (Asing) Sdn Bhd - GK Goh SPL for Halfmoon Bay Enterprises Ltd 360, Nazli binti Mohd Khir Johari 338, Total 42,078,

132

133 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2002

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135 contents english Notices Notice of 71st Annual General Meeting 4 Notice of Book Closure For Dividend Payment 5 Statements Accompanying Notice Of Annual General Meeting Directors Seeking Re-election 9 Board Meetings 9 Further Details of Directors Seeking Re-election 10 Corporate Section Corporate Information 13 Profile of Directors 14 Chairman s Statement 21 Corporate Governance Statement 23 Statement of Internal Control 26 Directors Responsibility Statement 27 Additional Compliance Information 28 Audit Committee Report 30 Directors Report & Financial Statements Directors Report 35 Consolidated Income Statement 39 Company Income Statement 40 Balance Sheets 41 Consolidated Statement of Changes in Equity 43 Company Statement of Changes in Equity 44 Consolidated Cash Flow Statement 45 Company Cash Flow Statement 47 Summary of Significant Group Accounting Policies 48 Notes to the Financial Statement 52 Statement by Directors 82 Statutory Declaration 82 Report of the Auditors 83 Properties owned 84 Analysis of Shareholdings 128 kandungan bahasa Malaysia Notis Notis Mesyuarat Agung Tahunan Ke Notis Penutupan Buku Bagi Pembayaran Dividen 137 Penyata Yang Disertakan Bersama Notis Mesyuarat Agung Tahunan Pengarah Yang Menawarkan Diri Untuk Pemilihan Semula 141 Mesyuarat Lembaga Pengarah 141 Maklumat Lanjut Mengenai Pengarah Yang Menawarkan Diri Untuk Pemilihan Semula 142 Bahagian Korporat Maklumat Korporat 145 Profil Pengarah 146 Penyata Pengerusi 153 Penyata Tadbir Urus Korporat 155 Penyata Kawalan Dalaman 158 Penyata Tanggungjawab Para Pengarah 159 Maklumat Pematuhan Tambahan 160 Laporan Jawatankuasa Audit 162 Laporan Pengarah & Penyata Kewangan Laporan Pengarah 167 Penyata Pendapatan Yang Disatukan 171 Penyata Pendapatan Syarikat 172 Kunci Kira-Kira 173 Penyata Perubahan Dalam Ekuiti Yang Disatukan 175 Penyata Perubahan Dalam Ekuiti Syarikat 176 Penyata Aliran Tunai Yang Disatukan 177 Penyata Aliran Tunai Syarikat 179 Ringkasan Dasar-dasar Perakaunan Penting Kumpulan 180 Nota-nota Kepada Penyata Kewangan 184 Penyata Oleh Pengarah 214 Pengakuan Berkanun 214 Laporan Juruaudit 215 Hartanah Yang Dimiliki 216 Analisis Pegangan Saham 217 Proxy Form 135

136 notis mesyuarat agung tahunan ke 71 ADALAH DENGAN INI DIMAKLUMKAN BAHAWA Mesyuarat Agung Tahunan ke 71 Pos Malaysia & Services Holdings Berhad (dahulunya dikenali sebagai Phileo Allied Berhad) ("PSH" atau "Syarikat") akan diadakan di Crown Princess Kuala Lumpur, Ballroom 3, Tingkat 10, City Square Centre, Jalan Tun Razak, Kuala Lumpur pada hari Jumaat, 20 Jun 2003 pukul 9.30 pagi untuk tujuan berikut : 1. Untuk menerima dan meluluskan Laporan Pengarah, Penyata Pengarah, Penyata Kewangan yang diaudit dan Laporan Juruaudit bagi tahun kewangan berakhir 31 Disember (Resolusi 1) 2. Untuk mengisytiharkan dividen pertama dan akhir sebanyak 4% tolak cukai berhubung dengan tahun kewangan berakhir 31 Disember (Resolusi 2) 3. Untuk meluluskan Yuran Pengarah. (Resolusi 3) 4. Untuk memilih semula para Pengarah berikut yang bersara selaras dengan Artikel 102 Tataurusan Pertubuhan Syarikat, dan oleh kerana layak, menawarkan diri mereka untuk pemilihan semula : a) En. Wee Hoe Gooi Hoe Soon (Resolusi 4) b) En. Abu Huraira bin Abu Yazid (Resolusi 5) 5. Untuk melantik semula Tetuan PricewaterhouseCoopers sebagai juruaudit Syarikat bagi tahun akan datang dan memberi kuasa kepada para Pengarah untuk menetapkan yuran mereka. (Resolusi 6) Sebagai Urusan Khas : Untuk mempertimbangkan, dan jika difikirkan sesuai, meluluskan resolusi berikut sebagai resolusi biasa : 6. Kuasa untuk memperumpuk dan menerbitkan saham selaras dengan Seksyen 132D Akta Syarikat, 1965 Untuk memberi kuasa kepada para Pengarah Syarikat, selaras dengan Seksyen 132D Akta Syarikat 1965, bagi menerbitkan saham dalam Syarikat pada masa tertentu yang menurut pertimbangan muktamad mereka sesuai selaras dengan Tataurusan Pertubuhan Syarikat dengan syarat bahawa saham baru yang akan diterbitkan itu tidak boleh pada bila-bila masa melebihi sepuluh peratus (10%) daripada modal saham terbitan dan berbayar Syarikat. (Resolusi 7) 7. Kuasa untuk memperumpuk dan menerbitkan saham mengikut skim opsyen saham kakitangan baru. Tertakluk kepada kelulusan pihak berkuasa berkaitan, untuk memberi kuasa kepada para Pengarah Syarikat untuk memperumpuk dan menerbitkan saham dari semasa ke semasa bilangan tertentu saham biasa baru berharga RM1.00 sesaham dalam modal Syarikat, dengan syarat saham tersebut tidak melebihi sepuluh peratus (10%) daripada jumlah modal terbitan dan berbayar Syarikat yang mungkin perlu diterbitkan selaras dengan pelaksanaan opsyen yang diberi kepada kakitangan berasaskan kepada terma dan syarat khusus terbitan yang ditetapkan di dalam skim opsyen saham kakitangan baru, yang diluluskan oleh sebuah resolusi biasa yang diberi oleh para pemegang saham Syarikat di Mesyuarat Agung Luar biasa yang diadakan pada 15 Ogos (Resolusi 8) 8. Untuk menjalankan sebarang urusan lain yang notis mengenainya telah diberi. 136

137 Pos Malaysia & Services Holdings Berhad notis penutupan buku bagi pembayaran dividen ADALAH DENGAN INI DIMAKLUMKAN dividen pertama dan akhir sebanyak 4% tolak cukai bagi tahun kewangan berakhir 31 Disember 2002 telah disyorkan dan, jika diluluskan pada Mesyuarat Agong Tahunan ke 71, akan dibayar pada 20 Ogos 2003 kepada Pendeposit yang nama mereka tersenarai di dalam Rekod Pendeposit pada 22 Julai Seterusnya dimaklumkan bahawa Daftar Ahli akan ditutup dari 23 Julai 2003 hingga 24 Julai 2003 (termasuk kedua-dua tarikh) bagi menentukan kelayakan dividen pertama dan akhir. Seseorang Pendeposit akan layak untuk menerima dividen berhubung dengan : a) saham-saham yang dipindahkan ke dalam akaun sekuriti Pendeposit sebelum pukul 4.00 petang pada 22 Julai 2003 berhubung pindahan biasa; dan b) saham-saham yang dibeli di Bursa Saham Kuala Lumpur berasaskan menjadi layak menurut Peraturan Bursa Saham Kuala Lumpur. Dengan Perintah Lembaga, Thean Siew Hein (Ms) MAICSA Setiausaha Syarikat Kuala Lumpur 29 Mei 2003 Nota : 1. Seseorang ahli yang layak untuk hadir dan mengundi juga layak untuk melantik seorang atau lebih proksi untuk hadir dan mengundi bagi pihaknya. Jika seseorang ahli melantik dua atau lebih proksi untuk menghadiri Menyuarat, ahli tersebut perlu menentukan nisbah pegangan sahamnya yang akan diwakili oleh setiap proksi. Seseorang proksi tidak semestinya seorang ahli Syarikat. 2. Suratcara pelantikan perlu dibuat secara bertulis di bawah tandatangan pelantik atau peguam beliau yang diberi kuasa secara bertulis atau, jika pelantik adalah sebuah perbadanan, sama ada di bawah meterai perbadanan tersebut atau di bawah tandatangan pegawai atau peguam yang diberi kuasa. 3. Suratcara pelantikan proksi hendaklah dihantar ke Aras 23, Menara Asia Life, 189 Jalan Tun Razak, Kuala Lumpur tidak lewat dari 48 jam sebelum masa yang ditetapkan untuk Mesyuarat atau sebarang penangguhannya. Nota mengenai Urusan Khas : I. Resolusi Biasa No. 7 yang dicadangkan, jika diluluskan, adalah untuk memberi kuasa kepada para Pengarah Syarikat mengikut kesesuaian untuk menerbit dan memperumpuk saham untuk tujuan tertentu, yang menurut pertimbangan mutlak para Pengarah adalah untuk kepentingan Syarikat, tanpa perlu mengadakan mesyuarat agung. Kuasa ini akan tamat di Mesyuarat Agung Tahunan Syarikat akan datang. 2. Resolusi Biasa No. 8 yang dicadangkan, jika diluluskan, adalah untuk membolehkan para Pengarah Syarikat untuk memperumpuk dan menerbitkan saham kepada kakitangan dan pengarah eksekutif berkenaan yang akan melaksanakan opsyen mereka di bawah skim opsyen saham kakitangan baru. 137

138

139 Pos Malaysia & Services Holdings Berhad penyata yang disertakan bersama notis mesyuarat agung tahunan

140

141 penyata yang disertakan bersama notis mesyuarat agung tahunan Pos Malaysia & Services Holdings Berhad pengarah yang menawarkan diri untuk pemilihan semula & mesyuarat lembaga pengarah Pengarah Yang Menawarkan Diri Untuk Pemilihan Semula Pengarah yang menawarkan diri untuk pemilihan semula menurut Artikel 102 Tataurusan Pertubuhan Syarikat (persaraan mengikut giliran): En. Wee Hoe Gooi Hoe Soon En. Abu Huraira bin Abu Yazid Mesyuarat Lembaga Pengarah Berikut adalah butir-butir kehadiran Para Pengarah di mesyuarat lembaga yang diadakan sepanjang tahun kewangan berakhir 31 Disember Sebanyak 6 mesyuarat lembaga telah diadakan sepanjang tempoh tersebut : Pengarah Tempoh Memegang Jawatan Jumlah a) Tan Sri Abdul Halim bin Ali /6 b) Tan Sri Dr. Samsudin bin Hitam /6 c) Datuk Dr. Awang Adek bin Hussin /6 d) Datuk Mohamed Adnan bin Ali /6 e) Dato' Annuar bin Maaruf /6 f) En. Abu Huraira bin Abu Yazid /6 g) En. Wee Hoe Gooi Hoe Soon /6 Tempat, tarikh dan masa mesyuarat lembaga yang diadakan sepanjang tahun kewangan berakhir 31 Disember 2002 adalah seperti berikut : Jenis Mesyuarat Tempat Mesyuarat Tarikh Masa BOD 1/2002 Menara Asia Life Khamis, petang BOD 2/2002 Menara Asia Life Selasa, petang BOD 3/2002 Menara Asia Life Isnin, petang BOD 4/2002 Menara Asia Life Khamis, petang BOD 5/2002 Menara Asia Life Khamis, pagi BOD 6/2002 Menara Asia Life Jumaat, petang Nota: BOD = Mesyuarat Lembaga Pengarah Menara Asia Life = Bilik Persidangan, Aras 23A, Menara Asia Life, 189 Jalan Tun Razak, Kuala Lumpur 141

142 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2002 maklumat lanjut mengenai pengarah yang menawarkan diri untuk pemilihan semula En. Wee Hoe Gooi Hoe Soon Umur 43 Warganegara Malaysia Kelayakan Ahli Institut Akauntan Awam Bertauliah Malaysia dan Institut Akauntan Malaysia Jawatan dalam Syarikat Pengarah Bukan Eksekutif Bukan Bebas Pengalaman Bekerja Lebih 20 tahun pengalaman dalam bidang perakaunan serta kewangan korporat dan merupakan pengarah kewangan beberapa syarikat swasta dan terbitan awam. Pekerjaan Pengarah Urusan Avenue Assets Berhad Sebarang Jawatan Pengarah di syarikat-syarikat Awam lain Avenue Assets Berhad Hup Seng Industries Berhad Pegangan Sekuriti dalam Syarikat & syarikat subsidiarinya Tiada Hubungan kekeluargaan dengan Pengarah dan/atau pemegang saham terbesar Syarikat Tiada Sebarang konflik kepentingan dengan Syarikat Tiada Senarai pensabitan bagi kesalahan dalam 10 tahun lepas selain daripada kesalahan lalulintas, jika ada Tiada En. Abu Huraira bin Abu Yazid Umur 50 Warganegara Malaysia Kelayakan Sarjana Muda Pentadbiran Perniagaan, Universiti Malaya, Malaysia Jawatan dalam Syarikat Pengarah Eksekutif Pengalaman Bekerja : Pengurus Pusat Kad Kredit, The Chase Manhattan Bank : Naib Presiden Pusat Kad Bank, Citibank Berhad : Pengurus Besar Bahagian Perkhidmatan Kad, Public Bank Berhad Pekerjaan Ketua Pegawai Eksekutif Bank Simpanan Nasional Sebarang Jawatan Pengarah di syarikat-syarikat Awam lain Pos Malaysia Berhad Pegangan Sekuriti dalam Syarikat & syarikat subsidiarinya Tiada Hubungan kekeluargaan dengan Pengarah dan/atau pemegang saham terbesar Syarikat Tiada Sebarang konflik kepentingan dengan Syarikat Tiada Senarai pensabitan bagi kesalahan dalam 10 tahun lepas selain daripada kesalahan lalulintas, jika ada Tiada 142

143 bahagian korporat Pos Malaysia & Services Holdings Berhad

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145 bahagian korporat maklumat korporat Lembaga Pengarah Tan Sri Abdul Halim bin Ali (Pengerusi / Pengarah Bebas Bukan Eksekutif) Ahli Jawatankuasa Pencalonan Tan Sri Abdul Halim bin Ali (Pengerusi / Pengarah Bebas Bukan Eksekutif) Pos Malaysia & Services Holdings Berhad Tan Sri Dr. Samsudin bin Hitam (Pengarah Bukan Bebas Bukan Eksekutif) Datuk Dr. Awang Adek bin Hussin (Pengarah Bebas Bukan Eksekutif) Datuk Dr. Awang Adek bin Hussin (Pengarah Bebas Bukan Eksekutif) En. Wee Hoe Gooi Hoe Soon (Pengarah Bukan Bebas Bukan Eksekutif) Datuk Mohamed Adnan bin Ali (Pengarah Bebas Bukan Eksekutif) Dato' Annuar bin Maaruf (Pengarah Bukan Bebas Bukan Eksekutif) En. Abu Huraira bin Abu Yazid (Pengarah Eksekutif) En Wee Hoe Gooi Hoe Soon (Pengarah Bukan Bebas Bukan Eksekutif) Setiausaha Syarikat Ms. Thean Siew Hein MAICSA Ahli Jawatankuasa Audit Datuk Mohamed Adnan bin Ali (Pengerusi / Pengarah Bebas Bukan Eksekutif) Ahli Jawatankuasa Opsyen Tan Sri Abdul Halim bin Ali (Pengerusi / Pengarah Bebas Bukan Eksekutif) Datuk Dr. Awang Adek bin Hussin (Pengarah Bebas Bukan Eksekutif) Dato' Annuar bin Maaruf (Pengarah Bukan Bebas Bukan Eksekutif) En. Wee Hoe Gooi Hoe Soon (Pengarah Bukan Bebas Bukan Eksekutif) Pejabat Berdaftar Aras 23A, Menara Asia Life 189 Jalan Tun Razak Kuala Lumpur Telefon : Faksimili : Datuk Dr. Awang Adek bin Hussin (Pengarah Bebas Bukan Eksekutif) Dato' Annuar bin Maaruf (Pengarah Bukan Bebas Bukan Eksekutif) Ahli Jawatankuasa Imbuhan Tan Sri Abdul Halim bin Ali (Pengerusi / Pengarah Bebas Bukan Eksekutif) Datuk Dr. Awang Adek bin Hussin (Pengarah Bebas Bukan Eksekutif) En. Abu Huraira bin Abu Yazid (Pengarah Eksekutif) Pendaftar Tenaga Koperat Sdn Bhd Tingkat 20, Plaza Permata Jalan Kampar, Off Jalan Tun Razak Kuala Lumpur Telefon : Faksimili : Juruaudit PricewaterhouseCoopers Akauntan Bertauliah Bank Utama Malayan Banking Berhad En. Wee Hoe Gooi Hoe Soon (Pengarah Bukan Bebas Bukan Eksekutif) Penyenaraian Bursa Saham Papan Utama Bursa Saham Kuala Lumpur 145

146 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2002 profil pengarah Tan Sri Abdul Halim bin Ali Y. Bhg. Tan Sri Abdul Halim bin Ali, berusia 59 tahun, telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Pos Malaysia & Services Holdings Berhad ("PSH") berkuatkuasa dari 11 Oktober Beliau adalah Pengerusi Lembaga Pengarah Syarikat dan juga Pengerusi Jawatankuasa Imbuhan, Jawatankuasa Pencalonan dan Jawatankuasa Opsyen. Tan Sri Abdul Halim yang berkelulusan Sarjana Muda Sastera (Kepujian) dari Universiti Malaya, Malaysia, menyertai perkhidmatan luar negeri sebaik sahaja menamatkan pengajian pada tahun Sepanjang tempoh 30 tahun dalam perkhidmatan, beliau pernah berkhidmat di Suruhanjaya Tinggi Malaysia di New Delhi, Republik India, Konsulat Malaysia di Medan, Sumatra, Republik Indonesia dan Kedutaan Malaysia di Tokyo, Jepun. Pada tahun 1976, beliau telah dilantik sebagai Penolong Ketua Setiausaha, Kementerian Luar Negeri dan tiga tahun kemudian, beliau ditugaskan ke pejabat Bangsa-Bangsa Bersatu di New York, sebagai Timbalan Wakil Tetap Malaysia. Pada tahun 1982, Tan Sri Abdul Halim mula menyandang jawatan duta buat pertama kali, bermula sebagai Duta Malaysia ke Republik Sosialis Vietnam, dan sekembalinya ke Kuala Lumpur, beliau telah dilantik sebagai Timbalan Ketua Setiausaha (III), Kementerian Luar Negeri. Beliau telah dilantik sebagai Duta Malaysia ke Austria pada tahun 1988, di mana beliau turut menyandang jawatan sebagai Presiden Perwakilan ke UNIDO, IAEA, Pejabat Bangsa-Bangsa Bersatu di Vienna, Austria. Pada tahun 1991, beliau telah dipilih sebagai Timbalan Ketua Setiausaha (1), Kementerian Luar Negeri, sebelum dilantik sebagai Ketua Setiausaha lima tahun kemudian. Pada bulan September 1996, beliau dilantik sebagai Ketua Setiausaha Negara sehingga persaraan beliau pada bulan Januari 2001 sebelum dilantik sebagai Pengerusi Kumpulan Wang Simpanan Pekerja (KWSP). Beliau juga merupakan Pengerusi Malaysia Building Society Berhad, sebuah syarikat subsidiari milik penuh KWSP. Tan Sri Abdul Halim tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama PSH atau mempunyai sebarang konflik kepentingan dengan Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas. Tan Sri Abdul Halim telah menghadiri kesemua enam Mesyuarat Lembaga Pengarah yang diadakan dalam tahun kewangan berakhir 31 Disember Butir-butir jawatan pengarah lain dalam syarikat-syarikat awam yang beliau sandang meliputi : * Malakoff Berhad * Cycle & Carriage Bintang Berhad * Malaysia Building Society Berhad * ESSO Malaysia Berhad * Cycle & Carriage Limited 146

147 bahagian korporat / profil pengarah Pos Malaysia & Services Holdings Berhad Tan Sri Dr. Samsudin bin Hitam Y. Bhg. Tan Sri Dr. Samsudin bin Hitam, 55 tahun, telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Pos Malaysia & Services Holdings Berhad ("PSH") pada 11 Oktober Tan Sri Dr. Samsudin berkelulusan ijazah Sarjana Muda dari Universiti Malaya, Malaysia, pada tahun Selepas itu, beliau memperolehi Sarjana Sains dalam jurusan Ekonomi Pertanian dalam tahun 1977 dan Kedoktoran dalam jurusan Sumber Tanah dari University of Wisconsin, Amerika Syarikat dalam tahun Beliau memulakan kerjaya dengan Perbendaharaan sebagai Penolong Setiausaha, Bahagian Belanjawan pada tahun 1970 dan kemudian berkhidmat sebagai Penolong Pengarah, Bahagian Belanjawan pada tahun Pada tahun 1980, beliau telah dinaikkan pangkat ke Penolong Pengarah Kanan, Bahagian Belanjawan. Beliau menyertai Unit Perancangan Ekonomi (EPU) sebagai Setiausaha kepada Panel Ekonomi pada tahun 1986 dan kemudian dinaikkan pangkat sebagai Pengarah Ekonomi Makro pada tahun Beliau telah dilantik sebagai Timbalan Ketua Pengarah (Sektor) EPU pada tahun 1992 dan selepas itu sebagai Timbalan Ketua Pengarah (Makro). Pada tahun 1998, beliau telah dilantik sebagai Ketua Pengarah EPU sebelum berpindah kembali ke bahagian Perbendaharaan pada bulan Jun 2000 sebagai Ketua Setiausahanya. Tan Sri Dr. Samsudin tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama PSH atau mempunyai sebarang konflik kepentingan dengan Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas. Daripada enam Mesyuarat Lembaga Pengarah yang diadakan dalam tahun kewangan berakhir 31 Disember 2002, Tan Sri Dr. Samsudin telah menghadiri lima mesyuarat dan memohon maaf kerana tidak dapat hadir di satu mesyuarat selebihnya. Butir-butir jawatan pengarah lain dalam syarikat-syarikat awam yang beliau sandang meliputi : * Malaysian Airline System Berhad * Bintulu Port Holdings Berhad Tan Sri Dr. Samsudin juga merupakan ahli lembaga pengarah beberapa badan berkanun termasuk Lembaga Hasil dalam Negeri, Majlis Kumpulan Wang Amanah Pencen dan Bank Negara Malaysia. 147

148 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2002 Datuk Dr. Awang Adek bin Hussin Y. Bhg. Datuk Dr. Awang Adek bin Hussin, berusia 48 tahun, telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Pos Malaysia & Services Holdings Berhad ("PSH") pada 12 Oktober Beliau juga merupakan Ahli Jawatankuasa Audit, Jawatankuasa Imbuhan, Jawatankuasa Pencalonan dan Jawatankuasa Opsyen. Datuk Dr. Awang berkelulusan PhD. dalam jurusan Ekonomi dari University of Pennsylvania, Amerika Syarikat. Beliau berkhidmat dengan Bank Negara Malaysia (BNM) selama lebih 17 tahun sebelum meletakkan jawatan pada bulan Jun Jawatan terakhir yang beliau sandang adalah sebagai Penolong Gabenor BNM. Pada 1 Disember 2002, Datuk Dr. Awang telah dilantik sebagai Pengerusi Tenaga Nasional Berhad. Datuk Dr. Awang tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama PSH atau mempunyai sebarang konflik kepentingan dengan Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas. Butir-butir jawatan pengarah lain dalam syarikat-syarikat awam yang beliau sandang meliputi : * Ya Horng Electronics (M) Berhad * Tenaga Nasional Berhad * AKN Messaging Technologies Berhad * Avenue Assets Berhad * Labuan International Financial Exchange Inc Daripada enam Mesyuarat Lembaga Pengarah yang diadakan dalam tahun kewangan berakhir 31 Disember 2002, Datuk Dr. Awang telah menghadiri empat mesyuarat dan memohon maaf kerana tidak dapat hadir di dua mesyuarat selebihnya. 148

149 bahagian korporat / profil pengarah Pos Malaysia & Services Holdings Berhad Datuk Mohamed Adnan bin Ali Y.Bhg. Datuk Mohamed Adnan bin Ali, berusia 60 tahun, telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Pos Malaysia & Services Holdings Berhad ("PSH") pada 2 Februari Beliau juga merupakan Pengerusi Jawatankuasa Audit. Datuk Mohamed Adnan adalah seorang akauntan profesional. Beliau telah diterima sebagai seorang Ahli Bersekutu Chartered Institute of Management Accountants, United Kingdom pada tahun 1972 dan kini telah menjadi Fellow Institut tersebut. selepas itu dinaikkan pangkat ke jawatan timbalan ketua akauntan pada tahun yang sama. Beliau menjadi ketua akauntan pada tahun 1994 dan berkhidmat dalam jawatan tersebut (selepas itu secara kontrak) sehingga beliau bersara pada tahun Sepanjang hampir tiga dekad berkhidmat dengan Kerajaan dalam Perkhidmatan Akauntan Awam, beliau telah menyandang berbagai jawatan di jabatan / unit Kerajaan sama ada sebagai seorang akauntan atau bendahari. Beliau memulakan kerjaya sebagai seorang akauntan dengan Jabatan Telekom Malaysia pada tahun Kemudian, pada tahun yang sama, beliau menyertai Kementerian Perdagangan dan Industri dan selepas itu dipindahkan ke Kementerian Kerja Raya sebagai akauntan kanan. Selepas itu, beliau berpindah ke Kementerian Kesihatan pada tahun 1975 sebagai Pengawal Kewangan dan kemudian berkhidmat di Kementerian Kewangan antara 1976 hingga 1980 sebagai Timbalan Pengurus (Unit Pengurusan Kewangan). Pada 1980, beliau telah dipinjamkan kepada Universiti Teknologi Malaysia sebagai Bursar dan berpindah ke Kementerian Pendidikan pada tahun 1983 sebagai ketua akauntan. Selepas itu, beliau telah dipinjamkan kepada Universiti Islam Antarabangsa sebagai bendahari universiti tersebut. Pada tahun 1987, beliau telah dipindahkan ke Unit Perancangan Ekonomi (Bahagian FIC) sebagai akauntan kanan sebelum dipinjamkan kepada Kumpulan Wang Simpanan Pekerja sebagai Pengurus Kanan (Pelaburan) pada tahun Pada tahun 1992, beliau kembali ke Jabatan Ketua Akauntan sebagai pengarah korporat dan Kini beliau merupakan Pengerusi Bank Pembangunan & Infrastruktur (M) Berhad dan Bintulu Port Holdings Berhad. Datuk Mohamed Adnan tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama PSH atau mempunyai sebarang konflik kepentingan dengan Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas. Daripada enam Mesyuarat Lembaga Pengarah yang diadakan dalam tahun kewangan berakhir 31 Disember 2002, Datuk Mohamed Adnan telah menghadiri lima mesyuarat dan memohon maaf kerana tidak dapat hadir di satu mesyuarat selebihnya. Butir-butir jawatan pengarah lain dalam syarikat-syarikat awam yang beliau sandang meliputi : * Bintulu Port Holdings Berhad * Malaysia Airports Holdings Berhad * Bank Pembangunan & Infrastruktur (M) Berhad * Kumpulan Guthrie Berhad 149

150 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2002 Y. Bhg. Dato Annuar bin Maaruf Y. Bhg. Dato' Annuar bin Maaruf, berusia 57 tahun, telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Pos Malaysia & Services Holdings Berhad ("PSH") pada 11 Oktober Beliau juga merupakan Ahli Jawatankuasa Audit dan Jawatankuasa Opsyen. Dato' Annuar berkelulusan Sarjana Muda Sastera (Ekonomi) dari Universiti Malaya, Kuala Lumpur dan Sarjana Ekonomi / Ekonomi Bandar dari University of Illinois, Champaign-Urbana, Illinois, Amerika Syarikat. Beliau juga pernah mengikuti kursus peringkat Sijil dalam Ekonomi / Statistik di University of Colorado, Boulder, Amerika Syarikat, kursus peringkat Sijil dalam Ekonomi Bandar / Spatial di Massachusetts Institute of Technology, Boston, Amerika Syarikat dan kursus peringkat Sijil dalam Ekonomi di Helsinki School of Economics, Helsinki, Finland. Dato' Annuar memulakan kerjaya dalam perkhidmatan awam selepas menamatkan pengajian pada tahun Selama 31 tahun perkhidmatan beliau dalam perkhidmatan awam, beliau pernah memegang pelbagai jawatan kanan dalam Kerajaan Malaysia, termasuk jawatan Timbalan Ketua Pengarah Unit Perancangan Ekonomi di Jabatan Perdana Menteri dan Ketua Setiausaha Kementerian Pertanian. Dato' Annuar tidak mempunyai sebarang hubungan kekeluargaan dengan manamana pengarah dan/atau pemegang saham utama PSH atau menpunyai sebarang konflik kepentingan dengan Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun yang lepas. Daripada enam Mesyuarat Lembaga Pengarah yang diadakan dalam tahun kewangan berakhir 31 Disember 2002, Dato' Annuar telah menghadiri lima mesyuarat dan memohon maaf kerana tidak dapat hadir di satu menyuarat selebihnya. Butir-butir jawatan pengarah lain dalam syarikat-syarikat awam : * Malaysian International Merchant Bankers Berhad * Pos Malaysia Berhad * Pos Malaysia Holdings Berhad Beliau kini merupakan Pengerusi Lembaga Pengarah Pos Malaysia Berhad dan juga merupakan ahli lembaga pengarah beberapa syarikat subsidiarinya. 150

151 bahagian korporat / profil pengarah Pos Malaysia & Services Holdings Berhad En. Abu Huraira bin Abu Yazid En. Abu Huraira bin Abu Yazid, berusia 50 tahun, telah dilantik sebagai Pengarah Bukan Eksekutif Pos Malaysia & Services Holdings Berhad ("PSH") pada 9 Ogos Jawatan beliau telah ditukar kepada Pengarah Eksekutif Syarikat pada 8 Oktober Beliau juga merupakan Ahli Jawatankuasa Imbuhan. En. Abu adalah seorang Graduan Pentadbiran Perniagaan Universiti Malaya dan telah berkecimpung dalam bidang perniagaan kad kredit sejak 20 tahun lepas. Beliau memulakan kerjaya dengan Maybank Berhad pada tahun 1976 dan bertanggungjawab menubuh dan menguruskan perniagaan kad kreditnya pada tahun Ini juga merupakan pusat kad kredit lengkap yang pertama di Malaysia. Selepas itu, khidmat beliau telah diburu untuk menubuh dan menguruskan pusat kad kredit lain : The Chase Manhattan Bank - Pusat Kad Kredit (1986), Citibank Berhad - Pusat Kad Bank (1988), Bahagian Perkhidmatan Kad Public Bank - jawatan terakhir beliau adalah sebagai Pengurus Besar Bahagian Perkhidmatan Kad Public Bank (1991). En. Abu tidak mempunyai sebarang hubungan kekeluargaan dengan manamana pengarah dan/atau pemegang saham utama PSH atau mempunyai sebarang konflik kepentingan dengan Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas. En. Abu telah menghadiri kesemua enam Mesyuarat Lembaga Pengarah yang diadakan dalam tahun kewangan berakhir 31 Disember Butir-butir jawatan pengarah lain dalam syarikat-syarikat awam yang beliau sandang meliputi : * Pos Malaysia Berhad Pada 1 Ogos 2000, beliau telah dilantik sebagai Ketua Pegawai Eksekutif Bank Simpanan Nasional. Dahulu, beliau merupakan ahli Kumpulan Penasihat Debit Visa International dan Jawatankuasa Perancangan Produk Komersial (Asia Pasifik) Visa. Kini, beliau adalah ahli Jawatankuasa Pentadbiran Keahlian, Peraturan & Risiko Visa. 151

152 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2002 Mr. Wee Hoe Gooi Hoe Soon Encik Gooi Hoe Soon, berusia 43 tahun, telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif pada 18 Mac Beliau juga merupakan Ahli Jawatankuasa Imbuhan, Jawatankuasa Pencalonan dan Jawatankuasa Opsyen. En. Gooi adalah seorang ahli Institut Akauntan Awam Bertauliah Malaysia dan Institut Akauntan Malaysia. Beliau mempunyai pengalaman lebih 20 tahun dalam bidang perakaunan dan kewangan korporat dan pernah menjadi pengarah kewangan beberapa buah syarikat persendirian dan awam. Beliau telah memainkan peranan penting dalam kejayaan pelaksanaan beberapa langkah korporat yang antara lain meliputi penggabungan dan pengambilalihan serta penyusunan semula hutang korporat beberapa syarikat awam. En. Gooi telah menghadiri kesemua enam Mesyuarat Lembaga Pengarah yang diadakan dalam tahun kewangan berakhir 31 Disember Butir-butir jawatan pengarah lain dalam syarikat-syarikat awam yang beliau sandang meliputi : * Avenue Assets Berhad * Hup Seng Industries Berhad Beliau telah dilantik ke dalam Lembaga Pengarah Avenue Assets Berhad pada tahun 1999 dan selepas itu dilantik sebagai Pengarah Urusan Kumpulan pada tahun Beliau juga merupakan Ketua Pegawai Eksekutif sebuah syarikat pembrokeran saham. En. Gooi tidak mempunyai sebarang hubungan kekeluargaan dengan manamana pengarah dan/atau pemegang saham utama PSH atau mempunyai sebarang konflik kepentingan dengan Syarikat. Beliau tidak pernah disabitkan dengan sebarang kesalahan dalam tahun 10 tahun lepas. 152