Al- AQAR healthcare ReIt

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1 HealtHcare reit Al- AQAR healthcare ReIt AnnuAl RepoRt Laporan Tahunan 2011 I-REIT Category Real Estate Deals of the Year The Diamond eye Award for quality Commitment & excellence 2011 Rumah Sakit Medika BSD, Indonesia Jeta Gardens, Australia KPJ Ipoh Specialist Hospital, Malaysia

2 Jeta gardens - Australia Our AbrOAd PrOPerties rumah sakit BUmi serpong Damai rumah sakit medika Permata hijau - Indonesia

3 Contents Corporate Information The Structure of Al- Aqar Healthcare REIT Financial Highlights Portfolio Composition Al- Aqar Healthcare REIT Performances Unitholders Statistic Statement of Interests of Directors Salient Features Highlights of 2011 Board of Directors Profile of the Board of Directors Profile of Syariah Committee Corporate Statement Statement on Corporate Governance Manager s Report Property Portfolio Financial Statements Kandungan Maklumat Korporat Struktur Al- Aqar Healthcare REIT Maklumat Utama Kewangan Komposisi Portfolio Pencapaian Al- Aqar Healthcare REIT Statistik Pemegang Unit Penyata Kepentingan Pengarah Ciri-ciri Utama Sorotan Tahun 2011 Ahli Lembaga Pengarah Profil Lembaga Pengarah Profil Jawatankuasa Syariah Perutusan Korporat Penyata Tadbir Urus Korporat Laporan Pengurus Portfolio Hartanah Penyata Kewangan Selesa Tower - Johor Bahru

4 Corporate InformatIon MaKluMat Korporat MANAGER / PENGURUS DAMANSARA REIT MANAGERS SDN BHD ( V) Registered Office Pejabat Berdaftar Suite 12B, Level 12, Menara Ansar No.65 Jalan Trus Johor Bahru, Johor Tel : / / Fax : Principal Place of Business Pejabat Urusan Lot G12-14, Level 5 Block G (North), Pusat Bandar Damansara Kuala Lumpur Tel : / Fax : BOARD OF DIRECTORS / LEMBAGA PENGARAH Non-Independent Non-Executive Chairman Pengerusi Bukan Bebas Bukan Eksekutif Kamaruzzaman bin Abu Kassim Non-Independent Executive Director Pengarah Bukan Bebas Eksekutif Yusaini bin Sidek Independent Non-Executive Directors Pengarah Bebas Bukan Eksekutif Dr. Mohd Hafetz bin Ahmad Zainah binti Mustafa Dato Mani a/l Usilappan Non-Independent Non-Executive Directors Pengarah Bukan Bebas Bukan Eksekutif Datin Paduka Siti Sa diah binti Sheikh Bakir Lukman bin Abu Bakar Abd Razak bin Haron MANAGEMENT TEAM / KUMPULAN PENGURUSAN Yusaini bin Sidek Executive Director & Chief Executive Officer Muhammad Ikhwan bin Muhammad Hanapi Accountant Suhaimi bin Saad Head of Operation Norhilmi Husni bin Mohamad Account Executive Shareen Zurina binti Md. Dzulkifli Head of Strategic Planning & Investors Relationship TRUSTEE / PEMEGANG AMANAH AMANAHRAYA TRUSTEES BERHAD ( T) Tingkat 4, Wisma TAS No. 21 Jalan Melaka Kuala Lumpur Tel : / Fax : MAINTENANCE MANAGER / PENGURUS PENYELENGGARAAN HEALTHcARE TEcHNIcAL SERvIcES SDN BHD ( A) Mezzanine Floor, Bangunan PharmaCARE 129 Jalan Pahang Barat Kuala Lumpur Tel : Fax : IM GLOBAL PROPERTY consultants (VE(3)0168) No.24-1, 1 st Floor, Wisma IMG Jalan 1/76C, Desa Pandan Kuala Lumpur. Tel : Fax : SYARIAH COMMITTEE MEMBER / AHLI JAWATANKUASA SYARIAH Dato Haji Nooh bin Gadot Datuk Haji Md Hashim bin Haji Yahaya Prof. Madya Dr. Ab Halim bin Muhammad COMPANY SECRETARY / SETIAUSAHA SYARIKAT Salmah binti Hj Abd Wahab (LS 02140) 15 Jalan 5/15 Taman Setia Indah Johor Bahru REGISTRAR / PENDAFTAR PRO corporate MANAGEMENT SERvIcES SDN BHD ( M) Suite 12B, Level 12, Menara Ansar No.65 Jalan Trus Johor Bahru, Johor Tel : / / Fax : LISTING / PENYENARAIAN Main Board of Bursa Securities Papan Utama Bursa Securities WEBSITE / LAMAN WEB 2 ANNUAL REPORT LAPoRAN TAHUNAN 2011

5 the structure of al- aqar healthcare reit StruKtur al- aqar HealtHcare reit SYARIAH COMMITTEE JAWATANkUASA SYARIAH UNITHOLDERS PARA PEMEGANG UNIT advisor on Syariah related matters penasihat hal-ehwal Syariah distributions pengagihan Holding of units pemegangan unit-unit Management Services perkhidmatan pengurusan Management Fees Yuran pengurusan HealtHcare reit acts on behalf of unitholders Bertindak bagi pihak para pemegang unit trustee s Fees Yuran pemegang amanah MANAGER PENGURUS DAMANSARA REIT MANAGERS SDN BERHAD net property Income pendapatan Hartanah Bersih ownership of properties pemilikan Hartanah TRUSTEE PEMEGANG AMANAH AMANAHRAyA TRUSTEES BERHAD Maintenance & Management Services perkhidmatan penyelenggaraan & pengurusan REIT PROPERTIES HARTANAH REIT Maintenance & Management Fees Yuran penyelenggaraan & pengurusan MAINTENANCE MANAGER PENGURUS PENYELENGGARAAN HEALTHCARE TECHNICAL SERVICES SDN BHD IM GLoBAL PRoPERTy CoNSULTANT ANNUAL REPORT LAPoRAN TAHUNAN

6 financial highlights for the Year ended 31 december 2011 THE GROUP Gross revenue (RM'000) 84,466 72,982 60,580 47,779 35,702 Income before tax (RM'000) 85,894 45,266 54,248 43,854 25,338 Net income after tax (RM'000) 85,115 44,820 53,697 43,854 25,338 Total assets (RM'000) 1,421,269 1,163,489 1,011, , ,925 Net asset value (RM'000) 718, , , , ,710 Units in circulation ('000) 639, , , , ,000 Net assets value per unit (sen/unit) Earnings per unit (sen/unit) - Gross Net Distribution per unit - cummulative (sen/unit) THE FUND Gross revenue (RM'000) 79,589 72,982 60,580 47,779 35,702 Income before tax (RM'000) 84,502 45,014 53,919 43,395 25,338 Net income after tax (RM'000) 84,502 45,014 53,919 43,395 25,343 Total assets (RM'000) 1,405,900 1,145, , , ,927 Net asset value (RM'000) 722, , , , ,715 Units in circulation ('000) 639, , , , ,000 Net assets value per unit (sen/unit) Earnings per unit (sen/unit) - Gross Net Distribution per unit - cummulative (sen/unit) Note: 1. The Trust was established on 27 June 2006 and commenced business on 10 August Past performance is not necessarily indicative of future performance and unit prices and investment returns may fluctuate. 3. Includes proposed final dividend for financial year ended 31 December 2011 of 2.52 sen per unit. 4 ANNUAL REPORT LAPoRAN TAHUNAN 2011

7 MaKluMat utama Kewangan BagI tahun BeraKHIr 31 disember 2011 kumpulan Pendapatan kasar (RM'000) 84,466 72,982 60,580 47,779 35,702 Pendapatan sebelum cukai (RM'000) 85,894 45,266 54,248 43,854 25,338 Pendapatan bersih selepas cukai (RM'000) 85,115 44,820 53,697 43,854 25,338 Jumlah aset (RM'000) 1,421,269 1,163,489 1,011, , ,925 Nilai aset bersih (RM'000) 718, , , , ,710 Bilangan unit edaran ('000) 639, , , , ,000 Nilai aset bersih seunit (sen/unit) Pendapatan seunit (sen/unit) - Kasar Bersih Pengagihan seunit - terkumpul (sen/unit) TABUNG AMANAH Pendapatan kasar (RM'000) 79,589 72,982 60,580 47,779 35,702 Pendapatan sebelum cukai (RM'000) 84,502 45,014 53,919 43,395 25,338 Pendapatan bersih selepas cukai (RM'000) 84,502 45,014 53,919 43,395 25,343 Jumlah aset (RM'000) 1,405,900 1,145, , , ,927 Nilai aset bersih (RM'000) 722, , , , ,715 Bilangan unit edaran ('000) 639, , , , ,000 Nilai aset bersih seunit (sen/unit) Pendapatan seunit (sen/unit) - Kasar Bersih Pengagihan seunit - terkumpul (sen/unit) Nota: 1. Dana Amanah ditubuhkan pada 27 Jun 2006 dan urusniaga bermula pada 10 ogos Pencapaian yang lalu tidak semestinya menjadi ukuran pencapaian akan datang. Harga unit dan pulangan pelaburan boleh berubah-ubah. 3. Termasuk cadangan pengagihan dividen bagi tahun kewangan berakhir 31 Disember 2011 iaitu 2.52 sen per unit. ANNUAL REPORT LAPoRAN TAHUNAN

8 financial highlights - group MaKluMat utama Kewangan - KuMpulan GROSS REvENUE PENDAPATAN KASAR (RM 000) TOTAL ASSETS JUMLAH ASET (RM 000) 35, , NET ASSET value NILAI ASSET BERSIH (RM 000) UNITS IN circulation BILANGAN UNIT EDARAN (RM 000) 348, , , , , , , , , ,585 47,779 60,580 72,982 84, ,774 1,011,312 1,163,489 1,421, Increse / Meningkat Decrese / Menurun Maintain / Kekal 16% Gross Revenue Pendapatan Kasar 16% Net Asset value Nilai Aset Bersih 10% Net Income After Taxation (Realised) Pendapatan Bersih Selepas Cukai (Nyata) 3 No. of Assets Bilangan Aset 7.69 Distribution (sen/unit) Pengagihan (sen/unit) 3% Gearing Ratio Nisbah Hutang 22% Total Asset Jumlah Aset 10% Total of Unit in circulation Jumlah Unit Dalam Edaran 6 ANNUAL REPORT LAPoRAN TAHUNAN 2011

9 financial highlights - group MaKluMat utama Kewangan - KuMpulan POSITIVE OUTLOOk FOR AL - AQAR HEALTHCARE REIT The property market is expected to moderate next year with prices likely to see minor correction due to the fragile global economic environment with the ongoing unresolved Euro-debt crisis and prevailing weaknesses in the US economy. In Malaysian Budget 2012, Property sector highlights that The Prime Minister of Malaysia has announced several proposals in the 2012 Budget related to housing and the property sector that to attract foreign and domestic investments in the capital market and to promote the development of the Real Estate Investment Trusts (REITs) industry, it is proposed that the concessionary tax rate of 10% on dividends of non-corporate institutional and individual investors in REITs up to 31 December 2011 be extended for a period of five years commencing 1 January 2012 until 31 December Notwithstanding near-term uncertainties, REIT Manager remain cautiously optimistic about long- term prospects. on the back of critically-ageing populations, rising affluence, and increasing demand for more sophisticated healthcare attention and infrastructure, Al- Aqar Healthcare REIT is set to be a potential beneficiary of the growing healthcare in Asia with its portfolio of high quality healthcare properties. TINJAUAN POSITIF BAGI AL - AQAR HEALTHCARE REIT Pasaran hartanah dijangka sederhana tahun depan dengan terdapat perubahan kecil dan pembetulan pada harga yang mungkin disebabkan oleh persekitaran ekonomi global yang rapuh serta krisis hutang Euro yang tidak dapat diselesaikan dan kelemahan yang berlaku dalam ekonomi Amerika Syarikat (AS). Dalam Bajet Malaysia 2012, dalam sektor hartanah menyatakan bahawa Perdana Menteri Malaysia telah mengumumkan beberapa cadangan dalam Bajet 2012 yang berkaitan dengan perumahan dan sektor hartanah bahawa rancangan untuk menarik pelaburan asing dan tempatan dalam pasaran modal bagi menggalakkan pembangunan Tabung Amanah Pelaburan Hartanah (REIT) di Malaysia, adalah dicadangkan bahawa kadar cukai konsesi 10% ke atas dividen pelabur institusi dan individu bukan korporat dalam REIT sehingga 31 Disember 2011 dilanjutkan untuk tempoh lima tahun bermula 1 Januari 2012 hingga 31 Dissember Walau apa pun ketidaktentuan jangka masa terdekat, Pengurus REIT kekal optimistik mengenai prospek jangka panjang. Di sebalik populasi penduduk dengan usia makin meringkat, tahap kesenangan yang semakin meningkat, menjurus kepada peningkatan permintaan untuk penjagaan kesihatan yang lebih canggih dan berinfrastruktur yang tinggi, Al- Aqar Healthcare REIT bersedia untuk menjadi peneraju kepada potensi penjagaan kesihatan yang semakin meningkat di Asia dengan portfolio hartanah penjagaan kesihatan yang berkualiti tinggi. al- aqar healthcare reit unit price performance prestasi Harga unit al- aqar HealtHcare reit sen/unit Sen/unIt month Bulan Jan Feb Mar Apr May Jun Jul Aug Sep oct Nov Dec 2012 ANNUAL REPORT LAPoRAN TAHUNAN

10 portfolio ComposItIon KoMpoSISI portfolio % 3.63% 3.65% 4.10% 4.23% 4.76% 3.50% 3.23% 4.85% 2.14% % 1.68% 1.51% % 1.23% 0.79% % % 8.19% 1 overall 100% % 10.70% 9.60% 9.16% Real Estate / Hartanah value over Total Asset value (%) Nilai Aset dibahagi Keseluruhan (%) No Real Estate Bil Hartanah Location Lokasi Type of Building Jenis Bangunan value Nilai (RM 000) value over Total Asset value Nilai Aset dibahagi Keseluruhan (%) 1 Jeta Gardens Queensland, Australia Age Care/Retirement Centre 140, KPJ Ampang Puteri Specialist Hospital Ampang, Selangor Hospital 130, KPJ Tawakkal Specialist Hospital Kuala Lumpur Hospital 116, KPJ Johor Specialist Hospital Johor Bahru Hospital 111, KPJ Damansara Specialist Hospital Petaling Jaya, Selangor Hospital 110, Selesa Tower Johor Bahru Commercial/Hotel 99, KPJ Ipoh Specialist Hospital Ipoh, Perak Hospital 69, KPJ Selangor Specialist Hospital Shah Alam, Selangor Hospital 62, KPJ Penang Specialist Hospital Pulau Pinang Hospital 59, KPJ Seremban Specialist Hospital Seremban, N. Sembilan Hospital 57, Rumah Sakit Bumi Serpong Damai Jakarta, Indonesia Hospital 51, Kedah Medical Centre Alor Setar, Kedah Hospital 49, KPJ Perdana Specialist Hospital Kota Bharu, Kelantan Hospital 44, KPJ Kajang Specialist Hospital Kajang, Selangor Hospital 44, Tawakal Hospital Kuala Lumpur Hospital 42, Puteri Specialist Hospital Johor Bahru Hospital 39, Sentosa Medical Centre Kuala Lumpur Hospital 26, Rumah Sakit Medika Permata Hijau Jakarta, Indonesia Hospital 21, Kuantan Specialist Hospital Kuantan, Pahang Hospital 20, KPJ International College Nilai, Negeri Sembilan Nursing College 18, Bukit Mertajam Specialist Hospital Pulau Pinang Hospital 16, Damai Specialist Hospital Kota Kinabalu, Sabah Hospital 14, Taiping Medical Centre Taiping, Perak Hospital 9, ToTAL / JUMLAH 1,356, ANNUAL REPORT LAPoRAN TAHUNAN 2011

11 al- aqar healthcare reit performances THE GROUP NET ASSET VALUE & UNIT INFORMATION Total assets (RM'000) 1,421,269 1,163,489 1,011, , ,925 Total borrowing (RM'000) 684, , , , ,420 Total unitholders fund (RM'000) 718, , , , ,710 Market capitalisation (RM'000) 735, , , , ,800 Gearing ratio (%) Total net asset value (RM'000) 718, , , , ,710 Net assets value per unit (sen) Highest NAV during the year (sen) Lowest NAV during the year (sen) Market price per unit - as at 31 December (sen) Highest traded price for the year (sen) Lowest traded price for the year (sen) No. of unit circulation (RM 000) 639, , , , ,000 No. of unitholders 3,127 3,092 2,891 2,356 2,491 PERFORMANCE DETAILS OF THE GROUP FOR LAST 5 YEARS Net income after tax - Realised (RM'000) 46,366 42,205 36,738 31,916 25,338 - Unrealised (RM'000) 34,624 2,615 16,959 11,938 - (RM'000) 80,990 44,820 53,697 43,854 25,338 Net income distribution (RM'000) 49,140 42,109 39,659 34,726 24,890 Earning per unit (net) (sen) Distribution per unit - cummulative - First interim (sen) Second interim (sen) Final (sen) Distribution date - First interim 11 Nov Jul Apr Sep Aug Second interim Sep Jan Final 20 Apr Apr Mar Mar Apr 2008 Distribution yield (%) Portfolio turnover ratio (times) Management expense ratio (%) Note: 1. Includes proposed final dividend for financial year ended 31 December 2011 of 2.52 sen per unit. ANNUAL REPORT LAPoRAN TAHUNAN

12 al- aqar healthcare reit performances THE FUND NET ASSET VALUE & UNIT INFORMATION Total assets (RM'000) 1,405,900 1,145, , , ,927 Total borrowing (RM'000) 404, , , , ,420 Total unitholders fund (RM'000) 722, , , , ,715 Market capitalisation (RM'000) 735, , , , ,800 Gearing ratio (%) Total net asset value (RM'000) 722, , , , ,715 Net assets value per unit (sen) Highest NAV during the year (sen) Lowest NAV during the year (sen) Market price per unit - as at 31 December (sen) Highest traded price for the year (sen) Lowest traded price for the year (sen) No. of unit circulation ( 000) 639, , , , ,000 No. of unitholders 3,127 3,092 2,891 2,356 2,491 PERFORMANCE DETAILS OF THE GROUP FOR LAST 5 YEARS Net income after tax - Realised (RM'000) 46,138 42,399 36,960 31,458 25,343 - Unrealised (RM'000) 38,364 2,615 16,959 11,938 - (RM'000) 84,502 45,014 53,919 43,395 25,343 Net income distribution (RM'000) 49,140 42,109 39,659 34,726 24,890 Earning per unit (net) (sen) Distribution per unit - cummulative - First interim (sen) Second interim (sen) Final (sen) Distribution date - First interim 11 Nov Jul Apr Sep Aug Second interim Sep Jan Final 20 Apr Apr Mar Mar Apr 2008 Distribution yield (%) Portfolio turnover ratio (times) Management expense ratio (%) Note: 1. Includes proposed final dividend for financial year ended 31 December 2011 of 2.52 sen per unit. 10 ANNUAL REPORT LAPoRAN TAHUNAN 2011

13 pencapaian al- aqar HealtHcare reit KUMPULAN NILAI ASET BERSIH DAN INFO UNIT Jumlah aset (RM'000) 1,421,269 1,163,489 1,011, , ,925 Jumlah pinjaman (RM'000) 684, , , , ,420 Jumlah dana pemegang unit (RM'000) 718, , , , ,710 Modal pasaran (RM'000) 735, , , , ,800 Nisbah hutang (%) Jumlah nilai aset bersih (RM'000) 718, , , , ,710 Nilai aset bersih (NAV) seunit (sen) NAV tertinggi sepanjang tahun (sen) NAV terendah sepanjang tahun (sen) Harga pasaran seunit - pada 31 Disember (sen) Harga niaga tertinggi bagi tahun (sen) Harga niaga terendah bagi tahun (sen) Bilangan unit dalam edaran (RM 000) 639, , , , ,000 Bilangan pemegang unit 3,127 3,092 2,891 2,356 2,491 BUTIR-BUTIR PRESTASI KUMPULAN 5 TAHUN LEPAS Pendapatan bersih selepas cukai - Nyata (RM'000) 46,366 42,205 36,738 31,916 25,338 - Tidak nyata (RM'000) 34,624 2,615 16,959 11,938 - (RM'000) 80,990 44,820 53,697 43,854 25,338 Pengagihan pendapatan (bersih) (RM'000) 49,140 42,109 39,659 34,726 24,890 Pendapatan seunit (bersih) (sen) Pengagihan seunit - Terkumpul - Interim pertama (sen) Interim kedua (sen) Akhir (sen) Tarikh pengagihan - Interim pertama 11 Nov Jul Apr Sep Aug Interim kedua Sep Jan Akhir 20 Apr Apr Mar Mar Apr 2008 Hasil pengagihan (%) Nisbah pusingan portfolio (kali) Nisbah perbelanjaan pengurusan (%) Nota: 1. Cadangan pengagihan dividen bagi tahun kewangan berakhir 31 Disember 2011 berjumlah 2.52 sen seunit. ANNUAL REPORT LAPoRAN TAHUNAN

14 pencapaian al- aqar HealtHcare reit TABUNG AMANAH NILAI ASET BERSIH DAN INFO UNIT Jumlah aset (RM'000) 1,405,900 1,145, , , ,927 Jumlah pinjaman (RM'000) 404, , , , ,420 Jumlah dana pemegang unit (RM'000) 722, , , , ,715 Modal pasaran (RM'000) 735, , , , ,800 Nisbah hutang (%) Jumlah nilai aset bersih (RM'000) 722, , , , ,715 Nilai aset bersih (NAV) seunit (sen) NAV tertinggi sepanjang tahun (sen) NAV terendah sepanjang tahun (sen) Harga pasaran seunit - pada 31 Disember (sen) Harga niaga tertinggi bagi tahun (sen) Harga niaga terendah bagi tahun (sen) Bilangan unit dalam edaran ( 000) 639, , , , ,000 Bilangan pemegang unit 3,127 3,092 2,891 2,356 2,491 BUTIR-BUTIR PRESTASI KUMPULAN 5 TAHUN LEPAS Pendapatan bersih selepas cukai - Nyata (RM'000) 46,138 42,399 36,960 31,458 25,343 - Tidak nyata (RM'000) 38,364 2,615 16,959 11,938 - (RM'000) 84,502 45,014 53,919 43,395 25,343 Pengagihan pendapatan (bersih) (RM'000) 49,140 42,109 39,659 34,726 24,890 Pendapatan seunit (bersih) (sen) Pengagihan seunit - Terkumpul - Interim pertama (sen) Interim kedua (sen) Akhir (sen) Tarikh pengagihan - Interim pertama 11 Nov Jul Apr Sep Aug Interim kedua Sep Jan Akhir 20 Apr Apr Mar Mar Apr 2008 Hasil pengagihan (%) Nisbah pusingan portfolio (kali) Nisbah perbelanjaan pengurusan (%) Nota: 1. Cadangan pengagihan dividen bagi tahun kewangan berakhir 31 Disember 2011 berjumlah 2.52 sen seunit. 12 ANNUAL REPORT LAPoRAN TAHUNAN 2011

15 unitholders statistic for the Year ended 30 december 2011 StatIStIK pemegang unit BagI tahun BeraKHIr 30 disember 2011 ANALYSIS OF UNITHOLDINGS ANALISA PEGANGAN UNIT Size of Unitholdings Saiz Pegangan Unit No. of Unitholders Bil. Pemegang Unit % No. of Units Bil. Unit % Less than 100 Kurang dari , ,000 1, , ,001-10, ,323, , , ,912, ,001 to less than 5% of Issued capital 100,001 hingga kurang dari 5% Modal Diterbitkan 5% and above of Issued capital 5% dan lebih dari Modal Diterbitkan ,713, ,012, TOTAL / JUMLAH 3, ,585, TOP THIRTY SEcURITIES AccOUNT HOLDERS (Without aggregating the securities from different securities accounts belonging to the same depositor) TIGA PULUH PEMEGANG AKAUN SEKURITI TERTINGGI (Tanpa mengagregat sekuriti dari akaun-akaun sekuriti lain kepunyaan penyimpan yang sama) Name No. of Units / Bil. Unit % 1 Lembaga Tabung Haji 101,212, Pusat Pakar Tawakal Sdn Bhd 61,800, HSBC Noms (T) Sdn Bhd - A/C Selangor Medical Centres Sdn Bhd ( ) 35,000, AmanahRaya Trustees Berhad - A/C Jeta Gardens (QLD) Pty Ltd 30,303, Jeta Gardens (QLD) Pty Ltd 29,115, Seremban Specialist Hospital Sdn Bhd 23,731, KFC Holdings (Malaysia) Bhd 21,115, Ampang Puteri Specialist Hospital Sdn Bhd 21,013, Medical Associates Sdn Bhd 19,055, Waqaf An-Nur Corporation Berhad 18,199, Sentosa Medical Centre Sdn Bhd 15,653, Damansara Specialist Hospital Sdn Bhd 15,233, Kedah Medical Centre Sdn Bhd 15,000, Pusat Pakar Tawakal Sdn Bhd 13,631, Citigroup Noms (T) Sdn Bhd - A/C Employees Provident Fun Board 13,052, Johor Specialist Hospital Sdn Bhd 12,203, Puteri Specialist Hospital (Johor) Sdn Bhd 12,000, Pusat Pakar Darul Naim Sdn Bhd 11,789, Kuantan Specialist Hospital Sdn Bhd 10,705, Kajang Specialist Hospital Sdn Bhd 9,574, Kota Kinabalu Specialist Hospital Sdn Bhd 9,100, QSR Brands Bhd 8,763, Bukit Mertajam Specialist Hospital Sdn Bhd 8,608, AmanahRaya Trustees Berhad - A/C Amanah Saham Didik 7,723, HSBC Noms (A) Sdn Bhd - A/C Exempt An for BNP Paribas Securities Services (Dublin USD) 6,652, Citigroup Noms (T) Sdn Bhd - A/C MCIS Zurich Insurance Berhad (Life Par FD) 6,170, AmanahRaya Trustees Berhad - A/C Sekim Amanah Saham Nasional 5,000, Citigroup Noms (T) Sdn Bhd - A/C Exempt An for American International Assurance Berhad 4,619, Citigroup Noms (T) Sdn Bhd - A/C MCIS Zurich Insurance Berhad (ANN FD) 3,525, AmanahRaya Trustees Berhad - A/C Public Islamic Asia Dividend Fund 3,500, ANNUAL REPORT LAPoRAN TAHUNAN

16 unitholders statistic for the Year ended 31 december 2011 StatIStIK pemegang unit BagI tahun BeraKHIr 31 disember 2011 SUBSTANTIAL UNITHOLDERS PEMEGANG UNIT UTAMA Name Direct No. of Units Bil. Unit Langsung % Indirect No. of Units Bil. Unit Tidak Langsung % Lembaga Tabung Haji 101,212, Pusat Pakar Tawakal Sdn Bhd - 2/cs 75,431, ,290, HSBC Noms (T) Sdn Bhd - A/C Selangor Medical Centres Sdn Bhd ( ) 35,000, ,721, ANALYSIS OF UNITHOLDERS ANALISA PARA PEMEGANG UNIT Name Direct No. of Units Bil. Unit Langsung % Indirect No. of Units Bil. Unit Tidak Langsung % Malaysian Warganegara - Bumiputra ,585, others 2, ,834, Foreigners Warga Asing ,075, TOTAL / JUMLAH 3, ,585, statement of Interests of directors penyata KepentIngan pengarah Director / Pengarah No. of Units / Bil. Unit % Kamaruzzaman bin Abu Kassim 10,000 - Datin Paduka Siti Sa diah binti Sheikh Bakir Direct - 2 A/Cs 99, Indirect (Amy Nadzlina binti Mohamed) 2,500 - Dr. Mohd Hafetz bin Ahmad Direct 2,400 - Indirect Zainah binti Mustafa - - Lukman bin Abu Bakar - - yusaini bin Sidek - - Dato Mani a/l Usilappan - - Abd Razak Bin Haron ANNUAL REPORT LAPoRAN TAHUNAN 2011

17 salient features ciri-ciri utama PURCHASE CONSIDERATION First Acquisition: At RM million, a 4.1 percent discount to total asset value of RM 481 million Second Acquisition: At RM million, a 5 percent discount to total asset value of RM million Third Acquisition: At RM million, a 3.7 percent discount to total asset value of RM million Forth Acquisition At RM million at a market value Fifth Acquisition At RM million, at a market value PERTIMBANGAN BELIAN Pengambilalihan Pertama: Pada RM juta, 4.1 peratus diskaun dari jumlah aset bernilai RM481 juta Pengambilalihan Kedua: Pada RM juta, 5.0 peratus diskaun dari jumlah aset yang bernilai RM179.9 juta Pengambilalihan Ketiga: Pada RM280.4 juta, 3.7 peratus diskaun dari jumlah aset yang bernilai RM295.8 juta Pengambilalihan Keempat: Pada RM juta pada harga pasaran Pengambilalihan Kelima: Pada RM juta pada harga pasaran DISTRIBUTABLE INCOME Up to 99 percent TENANTED AREA 100 percent FORECAST DISTRIBUTION PER UNIT 7.69 cent per annum (FyE 31 December 2011) DISTRIBUTION PER UNIT 6.5 percent per annum RENTAL REVIEW Every 3-year LEASE TERM 15-year renewable for another 15 years GEARING RATIO 48 percent FINANCING Financing Facilities of up to RM 300 million nominal value Islamic CP/MTN program under the Syariah Principles of Ijarah (Sukuk Ijarah Programme) through its wholly owned special purpose company Al- Aqar Capital Sdn Bhd and up to RM 250 million of the Ijarah Muntahiah Bitamlik under the Syndicated Ijarah Facility. PENDAPATAN YANG DIAGIHKAN Sehingga 99 peratus KAWASAN DISEWA 100 peratus RAMALAN PENGAGIHAN SEUNIT 7.69 sen setahun (bagi tahun kewangan berakhir 31 Disember 2011) PENGAGIHAN SEUNIT Minima 6.5 peratus setiap tahun KAJIAN SEMULA SEWAAN Setiap 3 tahun TERMA PAJAKAN 15 tahun, tempoh boleh diperbaharu 15 tahun lagi NISBAH GEARAN 48 peratus PEMBIAYAAN Kemudahan pembiayaan sehingga RM300 juta nilai nominal berteraskan Program Islam CP/MTN di bawah Prinsip ljarah Syariah (Program Sukuk ljarah) melalui syarikat milik penuh khusus, Al- Aqar Capital Sdn Bhd dan sehingga RM250 juta dari ljarah Muntahiah Bitamlik di bawah Kemudahan Bersindiket ljarah. PROJECTED AND FORECAST DISTRIBUTION YIELD Financial Year 31 December Distribution/Unit (sen) Distribution yield based on RM1.00/unit (%) RAMALAN DAN JANGKAAN PENGAGIHAN KADAR HASIL Tahun kewangan 31 Disember Pengagihan/Unit (sen) Kadar Hasil Pengagihan pada harga RM1.00/unit (%) ANNUAL REPORT LAPoRAN TAHUNAN

18 highlights of 2011 Sorotan tahun 2011 JANUARY 30 January 2011 at Emirates Palace, Abu Dhabi, United Arab Emirates, Al- Aqar participated in Focus to Invest Malaysia 2011, organized by Malaysian Investment Development Authority (MIDA). JANUARI 30 Januari 2011 di Emirates Palace, Abu Dhabi, Arab Saudi, Al- Aqar telah mengambil bahagian dalam Focus to Invest Malaysia 2011, dianjurkan oleh Lembaga Kemajuan Perindustrian Malaysia. APRIL April 2011 at JB City Square, Johor Bahru, participated in 5th Iskandar Malaysia open Day. APRIL April 2011 di JB City Square, Johor Bahru, Al- Aqar telah mengambil bahagian dalam Hari Terbuka Iskandar Malaysia kali ke-5. JULY 7 July 2011 at Queensland, Australia, Mr yusaini Hj Sidek, the Executive Director of Damansara REIT Managers Sdn Berhad, pay a courtesy visit to Mayor and Councillor of Logan City, Australia. JULAI 7 Julai 2011 di Queensland, Australia, Encik yusaini Hj Sidek, Pengarah Eksekutif, Damansara REIT Managers Sdn Berhad telah membuat kunjungan hormat ke atas Datuk Bandar dan Kaunselor bagi Bandaraya Logan. AUGUST 8 August 2011, Interview session with Buletin Utama TV3 on Property Segment-Islamic Real Estate Investment Trust. OGOS 8 ogos 2011, sesi temuduga bersama Buletin Utama TV3 bagi Segmen Hartanah Tabung Amanah Hartanah Islam. 16 ANNUAL REPORT LAPoRAN TAHUNAN 2011

19 highlights of 2011 Sorotan tahun 2011 AUGUST 19 August 2011, Persada Johor International Convention Centre, the Extraordinary General Meeting was held on Proposed Acquisition of Jeta Gardens, Australia and Proposed Change of Name from Al- Aqar KPJ REIT to Al- Aqar Healthcare REIT. The unitholders granted their approval to both agenda. OGOS 19 ogos 2011, Pusat Konvensyen Antarabangsa Persada Johor, telah diadakan Mesyuarat Agung Luar Biasa bagi cadangan pengambilalihan Jeta Gardens, Australia dan pertukaran nama Al- Aqar KPJ REIT kepada Al- Aqar Healthcare REIT. Para pemegang unit telah memberi kelulusan kepada kedua-dua agenda. SEPTEMBER 28 September 2011, Live Interview on radio station Best 104, topic Entrepreneur Talk with Johor Corporation. SEPTEMBER 28 September 2011, Temuduga secara langsung di stesyen radio Best 104, bagi topic Bicara Keusahawanan bersama Johor Corporation. NOVEMBER 28 November 2011 at Kempinski Hotel, Geneva, Switzerland, Al- Aqar Healthcare REIT received The Diamond Eye Award for Quality Commitment and Excellence from otherways Commitment and Consulting Association. NOVEMBER 28 November 2011 di Hotel Kempinski, Geneva, Switzerland, Al- Aqar Healthcare REIT telah menerima The Diamond Eye Award for Quality Commitment and Excellence dari otherways Commitment and Consulting Association. ANNUAL REPORT LAPoRAN TAHUNAN

20 board of directors ahli lembaga pengarah Standing from left to right : Sitting from left to right : KAMARUZZAMAN BIN ABU KASSIM 5 Non-Independent Non-Executive chairman Pengerusi Bukan Bebas Bukan Eksekutif DATO MANI A/L USILAPPAN Independent Non-Executive Directors Pengarah Bebas Bukan Eksekutif 2 YUSAINI BIN SIDEK 6 Non-Independent Executive Directors Pengarah Bukan Bebas Eksekutif DATIN PADUKA SITI SA DIAH SHEIKH BAKIR Non-Independent Non-Executive Directors Pengarah Bukan Bebas Bukan Eksekutif 3 DR. MOHD HAFETZ BIN AHMAD 7 Independent Non-Executive Directors Pengarah Bebas Bukan Eksekutif LUKMAN BIN ABU BAKAR Non-Independent Non-Executive Directors Pengarah Bukan Bebas Bukan Eksekutif 4 ZAINAH BINTI MUSTAFA 8 Independent Non-Executive Directors Pengarah Bebas Bukan Eksekutif ABD RAZAK BIN HARON Non-Independent Non-Executive Directors Pengarah Bukan Bebas Bukan Eksekutif 9 SALMAH BINTI HJ ABD WAHAB company Secretary Setiausaha Syarikat 18 ANNUAL REPORT LAPoRAN TAHUNAN 2011

21 profile of the board of directors profil lembaga pengarah KAMARUZZAMAN BIN ABU KASSIM Malaysian, aged 48 Kamaruzzaman Abu Kassim was appointed as a Non Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 12 January 2007 and was subsequently appointed as Chairman on 12 January He is currently the President & Chief Executive officer of Johor Corporation (JCorp). He graduated with a Bachelor of Commerce majoring in Accountancy from the University of Wollongong, New South Wales, Australia in He embarked his career as an Audit Assistant withmessrs K.E Chen & Associates in May 1988 and later joined Coopers & Lybrand (currently known as Pricewaterhouse Coopers) in Johor Bahru. In December 1992, he left the firm to join JCorp as Deputy Manager, Corporate Finance Department. He was later promoted to become the Executive Directorat Damansara Realty Berhad (a company of which JCorp is the majority shareholder) in 1999 until September He was appointed as the Chief operating officer of JCorp on 1 August 2006 and was later appointed as the Senior Vice President of JCorp on 1 January He was appointed as the President & Chief Executive officer of JCorp on 1 December He is also the Chairman of Damansara Realty Berhad, Kulim (Malaysia) Berhad, KPJ Healthcare Berhad, KFC Holdings (Malaysia) Bhd, QSR Brands Bhd and Director of Waqaf An-Nur Corporation Berhad. He also sits as Chairman and Director of several other JCorp Group of Companies. Kamaruzzaman Abu Kassim telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) pada 12 Januari 2007 dan seterusnya dilantik sebagai Pengerusi pada 12 Januari Beliau kini merupakan Presiden dan Ketua Pegawai Eksekutif Johor Corporation (JCorp). Beliau memiliki Ijazah Sarjana Muda Perdagangan (Perakaunan) daripada University of Wollongong, New South Wales, Australia pada tahun Beliau memulakan kerjayanya sebagai Penolong Audit di Messrs K.E. Chen & Associates pada Mei Beliau kemudiannya menyertai Coopers & Lybrand (kini dikenali sebagai Pricewaterhouse Coopers) di Johor Bahru. Pada Disember 1992, beliau menyertai JCorp sebagai Penolong Pengurus, Jabatan Kewangan Korporat. Beliau kemudiannya dilantik menjadi Pengarah Eksekutif di Damansara Realty Berhad (syarikat di mana majoriti saham dimiliki oleh JCorp) dari 1999 sehingga September Beliau kemudiannya dilantik Ketua Pegawai operasi JCorp pada 1 ogos 2006 dan kemudiannya dilantiksebagai Naib Presiden Kanan JCorp pada 1 Januari Kamaruzzaman dilantik sebagai Presiden dan Ketua Pegawai Eksekutif JCorp pada 1 Disember Beliau juga merupakan Pengerusi Damansara Realty Berhad, Kulim (Malaysia) Berhad, KPJ Healthcare Berhad, KFC holdings (Malaysia) Bhd, QSR Brands Bhd dan Pengarah Waqaf An-Nur Corporation Berhad. Beliau juga menjadi Pengerusi dan Pengarah di beberapa syarikat di bawah Kumpulan JCorp. ANNUAL REPORT LAPoRAN TAHUNAN

22 profile of the board of directors profil lembaga pengarah YUSAINI BIN SIDEK Malaysian, aged 43 yusaini Sidek was appointed as the Executive Director of Damansara REIT Managers Sendirian Berhad (DRMSB) on January He graduated with a Master of Business Administration, specialization in International Business from University of Southern Queensland, Australia in year 2010 after obtaining his Bachelor in Business Administration from Universiti Kebangsaan Malaysia in 1999 and a Diploma In Valuation in 1989 from Universiti Teknologi Malaysia. He has vast experience in the area of building management for nearly 16 years which include preparation of valuation reports for various properties such as of commercial, residential, retail property and others. He also prepares analytical reports on property market movements. He gained professional experience via attachment with a number of companies such as Colliers Jordan Lee & Jaafar, Jabatan Penilaian dan Perkhimatan Harta, Kementerian Kewangan Malaysia, Bank Industri Malaysia Berhad, Fima Corporation Berhad, CSM Corporation Berhad and Empire Tower (M) Sdn Bhd. Some of the buildings under his supervision were Bank Industri Building, Airtel Complex, Plaza Damansara, Jaya Shopping Centre, Menara CSM, Empire Tower and City Square Complex. He was vastly involved in the planning and operation of building management, primarily in the areas of Tenancy Management, Marketing, Promotion and Maintenance Management. He was previously employed by Harta Consult Sdn Bhd since February 2001 as Senior Manager, which had enabled him to capitalize his expertise in property management to ensure the smooth operation of the buildings of Damansara Assets Sdn Bhd (formerly known as Damansara Town Centre Sdn Bhd). yusaini Sidek telah dilantik sebagai Pengarah Eksekutif Bukan Bebas Damansara REIT Managers Sdn Berhad (DRMSB) pada 7 Januari Beliau memperolehi Sarjana Pentadbiran Perniagaan pengkhususan dalam Perniagaan Antarabangsa dari Universiti of Southern Queensland Australia selepas menamatkan pengajian dengan kelulusan Sarjana Muda Pentadbiran Perniagaan dari Universiti Kebangsaan Malaysia pada 1999 dan Diploma Penilaian dari Universiti Teknologi Malaysia pada Beliau mempunyai pengalaman luas dalam bidang pengurusan bangunan selama hampir 20 tahun termasuk penyediaan laporan penilaian bagi pelbagai hartanah termasuk perdagangan, kediaman,hartanah runcit dan lain-lain. Beliau juga menyediakan laporan analitikal mengenai pengerakan pasaran hartanah. Beliau memperoleh pengalaman profesional setelah berkhidmat dengan beberapa syarikat seperti Colliers Jordan Lee & Jaafar, Jabatan Pernilaian dan Perkhidmatan Harta, Kementerian Kewangan Malaysia, Bank Industri Malaysia Berhad, Fima Corporation Berhad, CSM Corporation Berhad dan Empire Tower (M) Sdn Bhd. Di antara bangunan yang diuruskan beliau termasuk bangunan Bank Industri, Kompleks Airtel, Plaza Damansara, Menara CSM, Menara Empire dan Kompleks City Square. Beliau terlibat secara meluas dalam perancangan dan operasi pengurusan bangunan, terutamanya dalam bidang Pengurusan Penghunian, Pemasaran, Promosi dan Pengurusan Penyelenggaraan. Beliau sebelum ini pernah berkhidmat di Harta Consult Sdn Bhd sejak Februari 2001 sebagai Pengurus Kanan, dimana beliau menggunakan kemahirannya dalam pengurusan hartanah bagi memastikan kelancaran operasi bangunan milik Damansara Assets Sdn Bhd. 20 ANNUAL REPORT LAPoRAN TAHUNAN 2011

23 profile of the board of directors profil lembaga pengarah DR. MOHD HAFETZ BIN AHMAD Malaysian, aged 61 Dr. Mohd Hafetz Ahmad was appointed as the Independent Non- Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 22 June Dr. Hafetz obtained his Medical Degree from University of Malaya in He did his housemanship at Hospital Sultanah Aminah, Johor Bahru and continued as Medical officer in the same hospital until 1978, when he did his specialist training in obstretrics and Gynaecology at the University Hospital, Kuala Lumpur. He served as Trainee Lecturer and the Lecturer at the Department of obstretrics and Gynaecology, University of Malaya until He joined Johor Specialist Hospital (JSH) in 1983 as Consultant obstetrician and Gynaecologist. In the mid 1980 s, Dr. Hafetz served for several years as a member of the Visitors Board, Jubilee Home, Johor Bahru. Besides his clinical practice, Dr. Hafetz has been involved in various aspects of Hospital Management and Clinical Governance in his capacity as Chairman, JSH Consultant s Advisory Committee ( ) and Medical Director (1994 to-date). He also sits on the Board of Directors of Johor Specialist Hospital Sdn Bhd and Director of Waqaf An-Nur Corporation Berhad. Dr. Hafetz was the President of obstetrical and Gynaecological Society of Malaysia (ogsm) from 2004 to 2005 and served as a Council member of the ogsm from 2003 to He is a member of the Malaysian Medical Association, Malaysian Menopause Society, and Persatuan Perubatan Islam Malaysia. Dr. Mohd Hafetz Ahmad telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) pada 22 Jun Dr. Hafetz memperolehi Ijazah Perubatan dari Universiti Malaya pada tahun Beliau memulakan kerjayanya sebagai Doktor Residen di Hospital Sultanah Aminah, Johor Bahru dan kemudiannya sebagai Pegawai Perubatan di hospital tersebut sehingga 1978, apabila beliau menjalani latihan kepakaran Sakit Puan di Hospital Universiti, Kuala Lumpur. Dr. Hafetz juga pernah menjadi Pensyarah Pelatih dan kemudiannya sebagai Pensyarah di Bahagian Sakit Puan Universiti Malaya sehingga Beliau menyertai Hospital Pakar Johor pada tahun 1983 sebagai Perunding Sakit Puan., Dr. Hafetz pernah bertugas sebagai Ahli Lembaga Pelawat, Jubilee Home di Johor Bahru di pertengahan 1980an sehingga beberapa tahun. Selain menguruskan klinik, Dr. Hafetz juga terlibat dalam pelbagai aspek Pengurusan Hospital dan Tadbir Urus Klinikal selaku Pengerusi, Jawatankuasa Penasihat Perunding Hospital Pakar Johor ( ) dan Pengarah Perubatan (1994 sehingga kini). Beliau juga adalah Ahli Lembaga Pengarah Johor Specialist Hospital Sdn Bhd, Pengarah Waqaf An-Nur Corporation Berhad. Dr. Hafetz pernah menyandang jawatan Presiden Persatuan Sakit Puan Malaysia dari 2004 hingga 2005 dan juga sebagai Ahli Majlis Persatuan dari 2003 sehingga2006. Beliau adalah ahli Persatuan Perubatan Malaysia, Persatuan Menopos Malaysia, dan Persatuan Perubatan Islam Malaysia. ANNUAL REPORT LAPoRAN TAHUNAN

24 profile of the board of directors profil lembaga pengarah ZAINAH BINTI MUSTAFA Malaysian, aged 56 Zainah Mustafa was appointed on 16 February 2007 as the Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) and the Chairman of the DRMSB Audit Committee. She also sits on the board of two other companies in the JCorp Group of Companies namely KPJ Healthcare Berhad (KPJ) and Damansara Realty Berhad. She started her career as an Assistant Senior Auditor in Perbadanan Nasional Berhad in 1977 after graduating from Institut Teknologi MARA (presently Universiti Teknologi MARA). Zainah obtained her Association of Chartered Certified Accountants (ACCA) United Kingdom in She is now a Fellow of Association of Certified Chartered Accountant ( FCCA). She joined JCorp in october 1978 and rose through the ranks to the Group Chief Financial officer before retiring on 31 october Zainah Mustafa telah dilantik sebagai Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) dan Pengerusi Jawatankuasa Audit DRMSB pada 16 Februari Beliau juga adalah pengarah bagi dua anak syarikat d ibawah Kumpulan JCorp iaitu KPJ Healthcare Berhad dan Damansara Realty Berhad. Beliau memulakan kerjaya sebagai Penolong Juruaudit Kanan di Perbadanan Nasional Berhad pada 1977 selepas menamatkan pengajian di Institut Teknologi MARA (kini Universiti Teknologi MARA). Zainah memperoleh Association of Chartered Certified Accountants (ACCA) United Kingdom pada Beliau kini adalah merupakan Felo di Association of Certified Chartered Accountant (FCCA). Beliau menyertai JCorp pada oktober 1978 sehingga menyandang jawatan Ketua Pegawai Kewangan Kumpulan sebelum bersara pada 31 oktober DATO MANI A/L USILAPPAN Malaysian, aged 61 Dato Mani Usilappan is an Independent Non Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) and was appointed to the Board on 1 November He passed the Final Examination of the Royal Institution of Chartered Surveyors in He obtained Masters in Property Development from Southbank University London with Distinction also in He served nine (9) years as Deputy Director General and subsequently retired as Director General of the Valuation and Property Services Department, Ministry of Finance, Government of Malaysia in He is also a council member of the Institution of Surveyors Malaysia. His other directorship include Non-Executive Director of Damansara Realty Berhad, member of the Audit Committee DRB, Independent Non-Executive Director Faber Development Sdn Bhd. Dato Mani Usilappan adalah Pengarah Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) yang telah dilantik pada 1 November Pada tahun 1976, beliau berjaya lulus dalam Peperiksaan Akhir Royal Institution of CharteredSurveyors dan memiliki Sarjana dengan kepujian dalam Pembangunan Hartanah dari Universiti Southbank di London pada tahun Beliau telah berkhidmat selama 9 tahun sebagai Timbalan Ketua Pengarah dan pada tahun 2006 telah bersara sebagai Ketua Pengarah di Jabatan Penilaian dan Perkhidmatan Hartanah, Kementerian Kewangan Malaysia. Beliau juga merupakan ahli kaunsel Institut Juru Ukur Malaysia. Selain daripada itu beliau juga merupakan Pengarah Bebas Bukan Eksekutif Damansara Realty Berhad, ahli Jawatankuasa Audit DRB dan Pengarah Bebas Bukan Eksekutif Faber Development Sdn Bhd. 22 ANNUAL REPORT LAPoRAN TAHUNAN 2011

25 profile of the board of directors profil lembaga pengarah DATIN PADUKA SITI SA DIAH BINTI SHEIKH BAKIR Malaysian, aged 59 Datin Paduka Siti Sa diah Sheikh Bakir has been a Non-Independent Non-Executive Director of Damansara REIT Managers Sdn Berhad since Datin Paduka has served as the Managing Director of KPJ Healthcare Berhad (KPJ) since 1 March She graduated with a Bachelor of Economics degree from University Malaya in 1974 and holds an MBA from Henley Management College, University Reading, London, United Kingdom. Her career with JohorCorporation (JCorp) commenced in 1974 and she has been directly involved with JCorp s Healthcare Division since Datin Paduka was appointed as the Chief Executive of Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB), from 1989 until the listing of KPJ in November Datin Paduka currently sits as the Chairman of various companies and hospitals in the KPJ Group. She is a also a Director of Kulim (Malaysia) Berhad, KFC Holdings (Malaysia) Bhd and QSR Brands Bhd. Datin Paduka is also a Director of Waqaf An-Nur Corporation Berhad, a non-governmental organisation dedicated to the provision of healthcare services to the less fortunate. Committed to promoting excellence in healthcare, Datin Paduka is the President of the Malaysian Society for Quality in Health (MSQH), elected since its inception in 1997 until today. She has been a member of the Malaysia Productivity Council (MPC) Consultative Panel on Healthcare since 2001, and a member of the National Patient Safety Council, Ministry of Health (MoH) since Datin Paduka is also an Independent Non-Executive Director of Bursa Malaysia, elected since In 2009, she was appointed as a member of the Malaysian Healthcare Travel Council, under the Ministry of Health. She had served as a Board member of MATRADE from 1999 to on 12 March 2010, Datin Paduka was named the CEo of the year 2009 by the New Straits Times Press and American Express. Datin Paduka Siti Sa diah Sheikh Bakir telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif sejak Datin Paduka Siti Sa diah merupakan Pengarah Urusan KPJ Healthcare Berhad (KPJ) sejak 1 Mac Beliau merupakan graduan Ekonomi dari Universiti Malaya pada tahun 1974 dan memilki MBA dari Kolej Pengurusan Henley di London, United Kingdom. Datin Paduka memulakan kerjayanya dengan Johor Corporation (JCorp) pada tahun 1974 dan telah terlibat secara langsung dengan Bahagian Prisihatin Johor Corporation (JCorp) pada tahun Kini beliau merupakan Ketua Eksekutif Kumpulan Perubatan (Johor) Sdn Bhd, bermula dari tahun 1989 hingga penyenaraian KPJ pada November Datin Paduka merupakan Pengerusi di beberapa syarikat dan hospital dalam Kumpulan KPJ. Beliau juga merupakan Pengarah Kulim (Malaysia) Berhad, KFC Holdings (Malaysia) Berhad dan QSR Brands Bhd. Beliau juga adalah Pengarah Waqaf An- Nur Berhad, sebuah organisasi bukan kerajaan yang ditubuhkan bagi menyediakan perkhidmatan penjagaan kesihatan dan prisihatin kepada golongan yang kurang bernasib baik. Datin Paduka aktif dalam organisasi professional yang menggalakkan kecemerlangan dalam prisihatin dan menjadi Presiden bagi Malaysian Society of Qualityin Health (MSQH) sejak dari tarikh penubuhan 1997 sehingga kini. Beliau merupakan ahli Majlis Panel Perunding Sektor Perubatan, Perbadanan Produktiviti Negara sejak tahun 2001 dan ahli Majlis Keselamatan Pesakit, Kementerian Kesihatan Malaysia sejak tahun 2003 dan beliau juga dilantik sebagai Pengarah Bebas Bukan Eksekutif Bursa Malaysia sejak Pada 2009, beliau telah dilantik sebagai ahli Majlis Pengembara Prisihatin Malaysia, di bawah Kementerian Kesihatan. Datin Paduka juga telah menjadi Ahli Lembaga MATRADE sejak tahun 1999 sehingga Pada 12 Mac 2010, Datin Paduka telah dianugerahkan sebagai CEo of the year 2009 oleh New Straits Times Press dan American Express. ANNUAL REPORT LAPoRAN TAHUNAN

26 profile of the board of directors profil lembaga pengarah LUKMAN BIN ABU BAKAR Malaysian, aged 52 Lukman Abu Bakar, was appointed as a Non-Independent Non- Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 12 January He graduated with a Bachelor of Urban and Regional Planning from the University Teknologi Malaysia in 1982 before joining Johor Corporation (JCorp) as a Town Planning officer in the same year. He also holds a Post Graduate Diploma (Housing, Building and Planning) from Institute for Housing Studies, Rotterdam, Holland in on 1 September 1993, Lukman was appointed as the Deputy General Manager of Sindora Berhad and later promoted to the position of General Manager in 1995, a Company within JCorp Group. In April 2004, he became the Secretary of Pasir Gudang Local Authority cum Senior General Manager of JCorp. on 1 July 2008, he was appointed as the President of Majlis Perbandaran Pasir Gudang until 31 August He was the Senior Vice President of JCorp from 1 September 2009 before appointed as Chief Executive Property Division on 1 January He is currently the Managing Director of Johor Land Berhad. He also sits as Director of Damansara Realty Berhad, a public listed company and as a Director of Syarikat Pengangkutan Maju Berhad and Penawar Ekspress Line Berhad, as well as few other companies within the JCorp Group. Lukman Abu Bakar telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) pada 12 Januari Beliau berkelulusan ijazah Sarjana Muda Perancangan Bandar dan Wilayah dari Universiti Teknologi Malaysia pada 1982, sebelum menyertai Johor Corporation (JCorp) sebagai Pegawai Perancang Bandar pada tahun yang sama. Beliau juga merupakan pemegang Diploma Lanjutan (Perumahan, Bangunan dan Perancangan) dari Institute for Housing Studies,Rotterdam, Holland pada tahun Pada 1 September 1993, Lukman telah dilantik sebagai Timbalan Pengurus Besar dan kemudian dinaikkan pangkat ke jawatan Pengurus Besar pada 1995 di Sindora Berhad, anak syarikat dalam Kumpulan JCorp. Pada April 2004, beliau telah dilantik sebagai Setiausaha Pihak Berkuasa Tempatan Pasir Gudang merangkap Pengurus Besar Kanan JCorp. Beliau dilantik sebagai yang DiPertua Majlis Perbandaran Pasir Gudang pada 1 Julai 2008 hingga 31 ogos Beliau telah dilantik sebagai Naib Presiden Kanan JCorp mulai 1 September 2009 sebelum dilantik sebagai Ketua Eksekutif Bahagian Hartanah JCorp pada 1 Januari Kini beliau merupakan Pengarah Urusan Johor Land Berhad. Beliau juga adalah Pengarah Damansara Realty Berhad, syarikat yang disenaraikan dan Pengarah Syarikat Pengangkutan Maju Berhad dan Penawar Ekpress Line Berhad serta beberapa syarikat awam Kumpulan JCorp. Selain dari itu, beliau juga adalah Pengarah di beberapa syarikat di dalam Kumpulan JCorp. 24 ANNUAL REPORT LAPoRAN TAHUNAN 2011

27 profile of the board of directors profil lembaga pengarah ABD RAZAK BIN HARON Malaysian, aged 48 Abd Razak Haron, was appointed as the Non-Independent Non- Executive Director of Damansara REIT Managers Sdn Berhad (DRMSB) on 12 January Abd Razak is currently the Executive Vice President (Compliance) overseeing the Johor Corporation (JCorp) s Group Internal Audit, the Enterprise Risk Management Unit and the Company Affairs Department. He joined the Group in 1994 as the Group Internal Audit Manager in one of the listed subsidiary of the Group and became the Group Chief Auditor in He graduated with Honors in Accounting and Finance from University of East London in He is a Certified Internal Auditor (CIA) (1998) and a Fellow Chartered Member of the Institute of Internal Auditors Malaysia (CFIIA). He also holds an Executive Certificate in Management from Henley Management College, UK (2006). At the national level, he was a member of the Board of Governor of the Institute of Internal Auditors Malaysia from 1996 to 2011 and was the Past President from 2002 until He sat on the International Academic Relations Committee of the IIA Inc (1997/2000) and participated in the setting up of the Asian Confederation of the Institute of Internal Auditors ( IIA ) ACIIA through forums in Hong Kong, Bangkok, Singapore and Philippines and also sat on the Professional Issues Committee of IIA Global from 2008 to Abd Razak has more than 20 years internal auditing experience in various industries including energy, secondary mortgage market, property, timber, stock broking, unit trusts management, plantation and healthcare services. He was a member of the Taskforce on Guidelines on Internal Audit Function of Bursa Malaysia. He had delivered various presentations/seminars in Internal Auditing, Risk Management and Corporate Governance including the Capital Market Workshop of the Securities Commission, Mandatory Accreditation Programmes of the Bursa Malaysia and Directors Programmes of the Companies Commission of Malaysia (CCM). Abd Razak Haron telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Damansara REIT Managers Sdn Berhad (DRMSB) pada 12 Januari Kini, Abd Razak merupakan Naib Presiden Eksekutif (Pematuhan) memantau Audit Dalaman Kumpulan Johor Corporation (JCorp), Unit Pengurusan Risiko dan Hal Ehwal Syarikat. Beliau telah menyertai Kumpulan pada 1994 sebagai Pengurus Audit Dalaman Kumpulan di salah sebuah syarikat subsidiari Kumpulan dan menjadi Ketua Audit Kumpulan pada1997. Beliau berkelulusan dalam bidang Perakaunan dan Kewangan dengan Kepujian dari University of East London pada tahun Beliau adalah Juruaudit Dalaman Bertauliah (1998) dan Ahli Fello Bertauliah dari Institut Juruaudit Dalaman Malaysia. Beliau juga memiliki Sijil Eksekutif dalam Pengurusan dari Kolej Pengurusan Henley, UK pada tahun Pada peringkat kebangsaan, beliau telah menjadi Lembaga Gobenor, Institut Juruaudit Dalaman Malaysia bermula dari tahun 1996 sehingga 2011 dan merupakan Presiden dari tahun 2002 hingga Beliau pernah menduduki Jawatankuasa Perhubungan Akademik Antarabangsa dalam institusi yang sama (1997/2000) dan mengambil bahagian dalam penubuhan ACCIA melalui forum di Hong Kong, Bangkok, Singapura dan Filipina. Beliau juga dilantik dalam Jawatankuasa Isu Profesional, Institut Juruaudi tdalaman Global dari 2008 hingga Abd Razak memiliki pengalaman lebih dari 20 tahun dalam audit dalaman merangkumi pelbagai bidang termasuk tenaga, pasaran gadai janji, hartanah, pembalakan, pembrokeran saham, pengurusan unit amanah, pertanian dan perkhidmatan prisihatin. Beliau pernah menjadi ahli Jawatankuasa Kerja bagi menerbitkan tatacara Fungsi Audit Dalaman Bursa Malaysia. Beliau telah menyampaikan pelbagai pembentangan/seminar berkenaan Audit Dalaman, Pengurusan Risiko dan Korporat termasuk Bengkel Pasaran Modal Suruhanjaya Sekuriti, Program Akreditasi Mandatori Bursa Malaysia dan Program Pengarah Suruhanjaya Syarikat Malaysia. ANNUAL REPORT LAPoRAN TAHUNAN

28 profile of syariah CommIttee profil JawatanKuaSa SYarIaH Standing from left to right : chairman & Syariah committee Pengerusi & Jawatankuasa Syariah 1 DATO HAJI NOOH BIN GADOT (centre) Syariah committee Jawatankuasa Syariah 2 DATUK HAJI MD. HASHIM BIN HAJI YAHAYA (left) 3 PROF. MADYA DR. AB. HALIM BIN MUHAMMAD (right) 26 ANNUAL REPORT LAPoRAN TAHUNAN 2011

29 profile of syariah CommIttee profil JawatanKuaSa SYarIaH DATO HAJI NOOH BIN GADOT Malaysian, aged 66 Dato Haji Nooh Gadot was appointed as the Chairman and Member of Syariah Committee of Al- Aqar Healthcare REIT since 22 June Currently, Dato is the Islamic Advisor to DyMM Sultan Johor and Advisor to Johor State Islamic Council. Dato is the Member of the Johor Royal Council and Islamic Religious Council (Johor). He graduated from the Al-Azhar University in Egypt with a Bachelor in Islamic Law and Syariah Islamiah. He obtains his tertiary Islamic education from Maahad Institution in Johor majoring in As-Syahadah Al-Thanawiyyah, Arabic Secondary School, Segamat Madrasah Al- Khairiyyah Al-Arabiyyah - As-Syahadah Al-Ibtidaiyyah, Segamat and Islamic Primary School State of Johor Special Class. In addition to his official studies, Dato attended the course on Managing Fatwa Darul Iffa in Egypt Ministry of Justice under the supervision of State Mufti of Egypt, Al-Ustaz Al-Kabeer Dr. Syed Muhammad Tantawi and courses on Management and Administration of Wakaf organized by Egypt Wakaf Authority. Before his appointment as Mufti of Johor from year 1999, Dato was appointed as Vice Mufti of Johor and Chief Assistant Director, Department of Administration of Syariah Law (Chief Kadi). His vast experience in Islamic practise and jurisprudence, juristic methodology, hadith and its sciences and spirituality was gained throughout his services as Acting Kadi, Syarie Lawyer, Islamic Affair officer Religious Department (Prime Minister Department), Acting Assistant Examination and Registrar Religious School of Johor State and Religious Teacher of Johor State.He compulsary retired as Mufti of Johor in November 2002 and continued his service until 13 November 2008 and now remains as the Advisor to the Islamic Religious Council (Johor). Since year 2001 until now, Dato is active in presenting his proposals and working papers in various issues related to religion that brings into effect the social and spiritual life of the communities. He was conferred the prestigious award Ma al Hijrah for the State of Johor in year Dato Haji Nooh bin Gadot telah dilantik sebagai Pengerusi dan ahli Jawatankuasa Syariah Al- Aqar Healthcare REIT sejak 22 Jun Kini, Dato merupakan Penasihat Agama kepada DyMM Sultan Johor, Penasihat Majlis Agama Islam Negeri Johor dan Ahli Jumaah Majlis DiRaja Johor. Beliau juga merupakan Ahli Majlis Agama Islam Negeri Johor. Beliau merupakan graduan Universiti Al-Azhar dalam Al-Ijazah Al- Aliyyah (Sarjana Muda) Fakulti Syariah Al-Islamiah Wal-Qanun (Fakulti Syariah Islam dan Undang-Undang), Beliau juga telah mendapat pendidikan dari Maahad Johor, Johor Bahru As- Syahadah Al-Thanawiyyah, Sekolah Menengah rab di Madrasah Al-Khairiyyahh Al-Arabiyyah As-Syahadah Al-Ibtidaiyyah, di Segamat dan Sekolah Agama Kerajaan Negeri Johor Darjah Khas. Dato juga menghadiri kursus Pengurusan Fatwa Darul Iffa di Kementerian Kehakiman Mesir di bawah pengawasan Mufti negeri Mesi, Al-Ustaz Al-Kabeer Dr. Syed Muhammad Tantawi dan kursus Pengurusan Pentadbiran Waqaf yang dianjurkan oleh Lembaga Waqaf Mesir. Sebelum perlantikan sebagai Mufti Johor bermula pada tahun 1999, Dato telah dilantik sebagai Timbalan Mufti Negeri Johor dan Ketua Penolong Pengarah Bahagian Pentadbiran Undang-Undang Syara (Qadi Besar). Pengalaman beliau yang luas dalam mempraktikkan ajaran Islam dalam sistem dan metodologi perundangan, hadis dan keilmuannya serta spiritual diperolehi selepas berkhidmat sebagai Kadi, Peguam Syariah, Pegawai Hal Ehwal Islam, (Bahagian Hal Ehwal Agama) Jabatan Perdana Menteri, Memangku Penolong Pemeriksa dan Pendaftar Sekolah-Sekolah Agama Kerajaan Negeri Johor. Beliau telah bersara wajib sebagai Mufti Johor pada November 2002 dan disambung perkhidmatan sehingga 13 November 2008 dan kini menjadi Penasihat kepada Majlis Agama Islam Negeri Johor. Sejak tahun 2001 hingga kini, Dato aktif membentangkan kertas cadangan serta kertas kerja dalam pelbagai isu yang berkaitan agama yang berkesan kepada kehidupan sosial dan kerohanian masyarakat. Pada tahun 2009, beliau telah menerima Tokoh Ma al Hijrah bagi peringkat negeri Johor di atas sumbangan beliau kepada masyarakat. ANNUAL REPORT LAPoRAN TAHUNAN

30 profile of syariah CommIttee profil JawatanKuaSa SYarIaH DATUK HAJI MD. HASHIM HAJI YAHAYA Malaysian, aged 66 Datuk Haji Md. Hashim Haji yahaya was appointed on 22 Jun 2006 as the Syariah Committee member for Al- Aqar Healthcare REIT. He graduated with Bachelor and Master in Syariah from Al- Azhar University in Egypt and a Diploma in Education from Ain Shams University. Datuk Haji Md. Hashim started his career in 1970 as lecturer at Higher Education Centre Nilam Puri. He later joined University Malaya in 1980 as lecturer at Islamic Academy. In 1997, Datuk was appointed as the Mufti of the Federal Territory of Kuala Lumpur and served until year Currently, he sits as a member of Syariah Committee and Advisor to Securities Malaysia Syariah Council, Chairman of Syariah Committee at ANGKASA and Islamic Development Bank in Jeddah. At present, Datuk Haji Hashim is the Fellow Honourable Academic at Ahmad Ibrahim Kuliyyah of Law, Islamic International University of Malaysia. Datuk Haji Md. Hashim Haji yahaya telah dilantik sebagai ahli Jawatankuasa Syariah Al-`Agar Healthcare REIT pada 22 Jun Beliau merupakan graduan Ijazah dan Sarjana Syariah dari Universiti Al-Azhar, Mesir dan juga Diploma Pendidikan daripada Universiti Ain Shams Mesir. Datuk memulakan kerjayanya pada 1970 sebagai Pensyarah di Pusat Pengajian Tinggi Islam Nilam Puri. Pada tahun 1980, beliau berkhidmat sebagai Pensyarah, dan Ketua Akademik Islam, Universiti Malaya. Pada tahun 1997, Datuk telah dilantik sebagai Mufti Wilayah Persekutuan Kuala Lumpur sehingga tahun Beliau kini adalah ahli Jawatankuasa Syariah dan Penasihat Syariah Suruhanjaya Sekuriti Malaysia, Pengerusi Jawatankuasa Syariah ANGKASA dan Bank Pembangunan Islam Jeddah dan juga merupakan Felo Kehormat Akademik di Kulliyyah Undang- undang Ahmad Ibrahim, Universiti Islam Antarabangsa Malaysia. 28 ANNUAL REPORT LAPoRAN TAHUNAN 2011

31 profile of syariah CommIttee profil JawatanKuaSa SYarIaH PROFESSOR MADYA DR. AB. HALIM MUHAMMAD Malaysian, aged 66 Professor Madya Dr. Ab. Halim Muhammad was appointed on 22 June 2006 as the Syariah Committee member of Al- Aqar Healthcare REIT. He obtained his Bachelor in Syariah from Al-Azhar University in Egypt in 1972 and subsequently obtained his PhD in Syariah from St. Andrews, University of Scotland in Dr. Ab. Halim began his career with University Kebangsaan Malaysia as the Head of Department of Quran and Sunnah, Faculty of Islam Studies and Lecturer at Faculty of Law Universiti Kebangsaan Malaysia. He has served as Syariah Advisor and Syariah Committee member at several corporate organization like Tabung Haji, Bank Negara Malaysia, Dewan Bahasa dan Pustaka, Takaful Nasional and Terengganu Trust Fund as well as financial institutions namely Bank Muamalat, Bank Rakyat, RHB Bank, and Bank Pembangunan. He also was appointed as Syariah Advisor to the Securities Commission of Malaysia. At present, Dr. Ab. Halim is the Syariah Committee member of Bank Muamalat, ANGKASA and Terengganu Trust Fund. Profesor Madya Dr. Ab. Halim Muhammad, telah dilantik sebagai ahli Jawatankuasa Syariah Al- Aqar Healthcare REIT pada 22 Jun Beliau merupakan graduan Ijazah Syariah dari Universiti Al-Azhar di Mesir pada tahun 1972 dan kemudiannya memperoleh Doktor Falsafah bidang Syariah dari St. Andrews, University of Scotland pada tahun Dr. Ab. Halim memulakan kerjayanya di Universiti Kebangsaan Malaysia sebagai Pensyarah di Fakulti Syariah kemudian sebagai Ketua Jabatan Quran dan Sunnah, Fakulti Pengajian Islam dan sebagai Pensyarah di Fakulti Undang-undang Universiti Kebangsaan Malaysia. Beliau telah berkhidmat sebagai Penasihat Syariah dan ahli Jawatankuasa Syariah di beberapa organisasi korporat seperti di Lembaga Tabung Haji, Bank Negara Malaysia, Dewan Bahasa dan Pustaka, Takaful Nasional dan Unit Amanah Terengganu serta di beberapa institusi kewangan dan bank seperti Bank Muamalat, Bank Rakyat, Bank RHB dan Bank Pembangunan. Beliau juga pernah dilantik sebagai Penasihat Syariah bagi Suruhanjaya Sekuriti Malaysia. Kini, Dr. Ab. Halim merupakan ahli Jawatankuasa Syariah Bank Muamalat, ANGKASA dan Unit Amanah Terengganu. ANNUAL REPORT LAPoRAN TAHUNAN

32 Corporate statement On behalf of the Board of Directors, it gives us great pleasure to present the 6th Annual Report and the Audited Financial Statements of Al- Aqar Healthcare REIT ( Al- Aqar or The Fund ) and its subsidiaries ( Al- Aqar Group or The Group ) for the financial year ended 31 December ANNUAL REPORT LAPoRAN TAHUNAN 2011

33 Corporate statement THE AL - AQAR HEALTHCARE REIT CONTINUOUS GROWTH Al- Aqar was admitted to the Main Board of Bursa Securities on 10 August 2006, the first Islamic Healthcare REIT to be issued under Securities Commission s Guidelines on Real Estate Investment Funds and Islamic Real Estate Investment Trust. Al- Aqar hence became the world s first listed Islamic Healthcare REIT. Ever since, the number of properties has increased from six (6) assets to twenty-three (23) assets with the primary focus given to healthcare related properties being hospitals, nursing colleges, aged-care and retirement living facilities. Value of these properties has significantly increased 3 times from RM 486 million in 2006 to RM 1.36 billion in year Its acquisition strategy has been an important catalyst for Al- Aqar, as it offers yield accretion, competitive strengths, income and geographical diversification, increased liquidity and economies of scale to unitholders. Further, the acquisition proved to be revenue and growth-enhancing through the enlarged portfolio and maximum occupancy, with rental income increased by 150% from year 2006 amounting to RM 33.6 million to RM 84.5 million as at 31 December CROSS BORDER DEAL Al- Aqar s venture into the property acquisition overseas started in year In July 2011, Al- Aqar completed its acquisition of Rumah Sakit Bumi Serpong Damai and Rumah Sakit Medika Permata Hijau, both hospitals located in Jakarta, Indonesia. Another significant milestone was achieved in November 2011 where Al- Aqar successfully completed the acquisition of Jeta Gardens in Queensland, Australia after overcoming many challenges. Acquisitions and investments in foreign countries have provided a broader investment portfolio to Al- Aqar. Australia and Indonesia are close neighbours, with potentially high productive relationship that ranges across political, security, commercial, environmental, cultural and people-to-people links. We are of the view that the ensuing developments of these strategic properties will be pivotal in enabling Al- Aqar to gain valuable and rewarding exposure in the overseas property markets, as well as establish the fund s brand name on a regional scale. The initial RM 200 million worth of investment will act as the gateway that will lead to further expansions and greater opportunities. The uniqueness of healthcare deal for Al- Aqar is best described in its methods of acquisition exercises for Indonesian and Australian assets whereby all facilities were acquired via Islamic financing facilities that were arranged from Malaysia. For the year under review, only Bandar Baru Klang Specialist Hospital Building in Klang is still pending for completion, while acquisition for Kluang Utama Specialist Hospital Building in Kluang, Johor was completed in January The completion of acquisition resulted to the enlargement of Al- Aqar s number of properties from twenty (20) to twenty-four (24) namely KPJ Seremban Specialist Hospital Building, KPJ Tawakkal Specialist Hospital Building, Taiping Medical Centre Building, Damai Specialist Hospital Building, Bukit Mertajam Specialist Hospital Building, Tawakal Existing Building, KPJ Penang Specialist Hospital Building and two other properties which are not directly classified as hospital buildings yet providing strong support to the health tourism industry namely Selesa Hotel and Tower, which the later houses the KPJ International College of Nursing and Health Sciences (KPJIC) Southern branch, the nursing and healthcare training institution of KPJ Healthcare Bhd. This property was successfully injected through 3rd acquisition exercise and was completed in year The anchor properties remained KPJ Ampang Puteri Specialist Hospital Building, KPJ Damansara Specialist Hospital Building, KPJ Johor Specialist Hospital Building, KPJ Ipoh Specialist Hospital Building, KPJ Selangor Specialist Hospital Building and Puteri Specialist Hospital Building, all of which acquired through the first injection in Following the initial acquisition exercise, the fund was further strengthened by the injection of five (5) more hospital buildings in year 2008, bringing the total number of properties to eleven (11) being KPJ Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building, Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital Building and Kedah Medical Centre Building. ANNUAL REPORT LAPoRAN TAHUNAN

34 Corporate statement Al- Aqar is now operating with the current strength of twenty-four (24) properties and total gross floor area of all hospitals measuring at 62,939 square meters, as well as additional 92,178 square meters in terms of healthcarerelated properties. Both the hospital and healthcare related portfolios performed well during the year, with the overall occupancy of 100% at the end of REBRANDING AL - AQAR HEALTHCARE REIT Another major event for Al- Aqar which took place in year 2011 was the rebranding exercise which designed to transform Al- Aqar into a pure-play healthcare REIT for prime, yield-accretive specialist hospital and healthcarerelated assets. It would better reflect the current business strategy of Al- Aqar and its group of companies i.e. managing healthcare related properties. HIGHLIGHTS OF FINANCIAL PERFORMANCE Al- Aqar continued to raise capital from the initial public offering of common units, which was launched in Al- Aqar raised additional 59,418,468 units that brought the total to 639,585,468 units listed on 2 December The market capitalization of Al- Aqar increased to RM 736 million from RM 320 million in year 2006; an increment of 130% since inception. For the financial year ended 31 December 2011, Al- Aqar Group recorded an income of RM 79.1 million compared to RM 69 million in year Commendable profit stood at RM 46.4 million, higher in income received by 10% compared to year 2010 of RM 42.2 million. In 23 February 2012, the Board of Directors of Damansara REIT Managers Sdn Berhad announced a distribution of 2.52 sen per unit in respect of the financial year ended 31 December 2011, representing approximately 99.9% of Al- Aqar s distributable income for the financial year. This is a testimony to the manager s absolute commitment in fulfilling the expectations of Al- Aqar s most valued unitholders to a sustainable and stable distribution per unit ( DPU ) at a total of 7.69 sen per unit. The additional contribution to Al- Aqar s turnover was garnered from the revaluation of properties according to Financial Reporting Standard 140 (FRS 140) that requires annual re-evaluation of properties. The re-evaluation which was announced on 31 December 2011 has increased the value of the twenty three (23) properties by RM 39 million, concurrently increasing the Al- Aqar s total market value by 3% to RM 1.36 billion. THE ISLAMIC FINANCING MECHANISM Al- Aqar will continue to promote Islamic finance through various initiatives such as implementing Islamic Financing Mechanism with relevant stakeholders, subsidiaries and accountancy bodies with aims to support the government s commitment to promote Islamic Finance to become a significant part of our economy while providing a competitive edge for the country. Being an Islamic REIT, all acquisitions and accounting purposes of properties either in Malaysia, Indonesia and Australia, have been undertaken through Sukuk and other Islamic financial instrument. It is our commitment to the unitholders to ensure that all investments under Al- Aqar Healthcare REIT are Syariah-compliant. In 2011, Al- Aqar Capital Sdn Bhd, a wholly owned subsidiary of Al- Aqar has successfully maintained to receive favorable ratings of AAA, AA2 and AAA (bg) from the Malaysia accredited rating agency, Rating Agency Malaysia through the issuance of up to RM 300 million in nominal value of Ijarah Commercial Paper (ICP) and/ or Islamic Medium Term Notes (IMTN) under the Sukuk Ijarah Programme. These have enabled Al- Aqar to maintain its expansion portfolio via the lowest possible cost to be utilised in existing loan or to partly finance its acquisitions. AL - AQAR HEALTHCARE REIT MADE HISTORY In recognition to its status as the first listed Islamic REIT in the world, Al- Aqar through its 100% subsidiary, Al- Aqar Capital Sdn Bhd was awarded the inaugural Deal of the year Awards in the Real Estate Deal of the year Category by the Islamic Finance News (IFN) in early Previously, Al- Aqar had won the same award under the First Islamic Category. Additionally, for year financial year ended 2009, Al- Aqar managed to take into possession the RAM League Awards 2009, RAM Award of Distinction 2008, Blueprint Awards, New Real Estate Benchmark Deal category. Al- Aqar as the first Islamic Healthcare REIT in Malaysia had won the Islamic Finance Award, the Most Innovative Deal Category by Euromoney, the industry s leading, capital market-focused magazine for banking professionals around 32 ANNUAL REPORT LAPoRAN TAHUNAN 2011

35 Corporate statement the globe. The awards received are the acknowledgement upon the issuance of RM300 million of Sukuk Ijarah Programme by Al- Aqar Capital Sdn Bhd. on 28 November 2011, Al- Aqar received The Diamond Eye Award for Quality Commitment and Excellence from the Paris-based otherways Management and Consulting in a memorable event held at the Grand Hotel Kempinski in Geneva. The award was received as the acknowledgement on the corporate achievement in recognition to Prestige, Innovation, Quality Commitment and Excellence in management derived from Customer Satisfaction, Leadership, Business Result and Total Quality Management votes. POSITIVE OUTLOOk FOR AL - AQAR HEALTHCARE REIT The property market is expected to grow moderately next year with prices likely to see minor correction due to the fragile global economic environment with the ongoing unresolved Euro-debt crisis and prevailing weaknesses in the US economy. In Malaysian Budget 2012, the Prime Minister of Malaysia has announced several proposals in the 2012 Budget related to housing and property sector to attract foreign and domestic investments in the capital market. We remain firmly committed to ensure that Al- Aqar s unitholders are well rewarded from their investments through cautious evaluation so that those investments made are yield accretive and complementing the Trust s existing portfolio. The Manager is very optimistic to leverage their expertise in managing Syariah compliant healthcare properties to expand regionally. Amidst the current climate of financial instability, our efforts to deliver premium value to our Unitholders remain unwavering. We will continue to pursue timely strategies to further strengthen Al- Aqar s assets and financial position and return it back to our unitholders with rewarding returns. ACkNOWLEDGEMENTS on behalf of the Board of Directors, I would like to express our gratitude and appreciation to our unitholders, financiers, business associates, relevant authorities and KPJ Healthcare Berhad for their continuous support. I would also like to thank the members of the Board for the invaluable contributions. our heartfelt appreciation to the Management team and staff for their unwavering loyalty, commitment, professionalism and valuable dedication given to the Al- Aqar Group throughout the year. Notwithstanding near-term uncertainties, we will remain cautiously optimistic about our long-term prospects. In view of the critically-ageing populations, rising affluence, and increasing demand for more sophisticated healthcare attention and infrastructure, Al- Aqar is set to be a potential beneficiary of the growing healthcare industry with its portfolio of high quality healthcare properties. kamaruzzaman ABU kassim Chairman Damansara REIT Managers Sdn Berhad With healthcare operators such as KPJ Healthcare Berhad increasingly adopting asset-light strategies to channel resources into their core activities, this allows an enlarged pool of potential properties for Al- Aqar to acquire and grow. ANNUAL REPORT LAPoRAN TAHUNAN

36 perutusan Korporat Bagi pihak Lembaga Pengarah, kami dengan sukacitanya membentangkan LaporanTahunan kali ke-6 dan Penyata Kewangan Beraudit Al- Aqar Healthcare REIT ( Al- Aqar atau Tabung Amanah ) dan anak-anak syarikatnya ( Al- Aqar Kumpulan atau Kumpulan ) bagi tahun kewangan berakhir 31 Disember ANNUAL REPORT LAPoRAN TAHUNAN 2011

37 perutusan Korporat AL- AQAR HEALTHCARE REIT PERTUMBUHAN BERTERUSAN Al- Aqar telah disenaraikan di Papan Utama Bursa Securities pada 10 ogos 2006, merupakan Healthcare REIT Islam yang pertama yang diwujudkan di bawah Garis Panduan Suruhanjaya Sekuriti berkenaan Dana Pelaburan Hartanah dan Amanah Pelaburan Hartanah Islam. Al- Aqar juga merupakan Healthcare REIT berlandaskan Syariah yang pertama disenaraikan di dunia. Semenjak itu, bilangan hartanah telah meningkat daripada enam (6) aset kepada dua puluh tiga (23) aset dengan tumpuan utama diberikan kepada hartanah berkaitan penjagaan kesihatan seperti hospital, kolej kejururawatan, fasiliti persaraan dan warga emas. Nilai hartanah Al- Aqar kini telah meningkat 3 kali ganda daripada RM 486 juta pada tahun 2006 kepada RM 1.36 bilion pada tahun Strategi pengambilalihan telah menjadi pemangkin utama bagi Al- Aqar, kerana ia menawarkan pertambahan hasil, kekuatan pada pendapatan serta kompetitif, dan kepelbagaian geografi, peningkatan kecairan dan skala ekonomi kepada pemegang unit. Lanjutan itu, pengambilalihan ini terbukti sebagai hasil dan pertumbuhan berterusan melalui portfolio yang meningkat dengan kadar penghunian yang maksimum, seterusnya pendapatan sewa yang meningkat sebanyak 150% dari tahun 2006 dengan jumlah RM 33.6 juta kepada RM 84.5 juta pada 31 Disember MERENTASI SEMPADAN Usaha Al- Aqar dalam pemerolehan harta di luar negara bermula pada tahun Pada bulan Julai 2011, Al- Aqar selesai mengambilalih Rumah Sakit Bumi Serpong Damai dan Rumah Sakit Medika Permata Hijau, kedua-duanya terletak di Jakarta, Indonesia. Satu lagi peristiwa penting telah berjaya dicipta apabila Al- Aqar berjaya memiliki Jeta Gardens di Australia pada bulan November 2011 selepas Berjaya melalui pelbagai cabaran. Pengambilalihan dan pelaburan di negara-negara asing telah memberi pandangan yang lebih luas kepada Al- Aqar. Australia dan Indonesia adalah jiran yang rapat, dengan hubungan yang sangat produktif yang merangkumi suasana politik, keselamatan, perdagangan, alam sekitar, budaya dan rangkaian tenaga kerja. Kami berpendapat bahawa perkembangan strategik hartanah ini penting bagi membolehkan Al- Aqar untuk menimba pengalaman asas dalam pasaran hartanah di luar negara, serta mempromosikan dana Al- Aqar pada negara serantau. Dengan jumlah permulaan pelaburan sebanyak RM 200 juta ia akan bertindak sebagai pintu masuk yang akan membawa kepada pengkembangan selanjutnya dan peluang pelaburan yang lebih besar. Keunikan Al- Aqar sebagai Healthcare REIT boleh dijelaskan dalam proses pengambilalihan yang mana bagi aset Indonesia dan Australia, kesemua hartanah yang telah diperolehi melalui kemudahan pembiayaan secara Islam yang telah diatur dan ditetapkan dari Malaysia. Bagi tahun yang dirujuk, hanya Bangunan Hospital Pakar Bandar Baru Klang di Klang yang masih belum siap, manakala pengambilalihan bagi Bangunan Hospital Pakar Kluang Utama di Kluang, Johor telah Berjaya di perolehi pada Januari Dengan selesainya pengambilalihan telah menjadikan pertambahan bilangan hartanah Al- Aqar, daripada dua puluh (20) kepada dua pluh empat (24) buah iaitu Bangunan Hospital Pakar KPJ Seremban, Bangunan Hospital Pakar KPJ Tawakkal, Bangunan Pusat Perubatan Taiping, Bangunan Hospital Pakar Damai, Bangunan Hospital Pakar Bukit Mertajam, Bangunan Sedia Ada Tawakal, Bangunan Hospital Pakar KPJ Pulau Pinang dan dua hartanah lain yang tidak langsung dikelaskan sebagai bangunan hospital lagi memberikan sokongan yang kukuh kepada industri pelancongan kesihatan iaitu Menara dan Hotel Selesa, yang kedua yang menempatkan Kolej Kejururawatan Antarabangsa dan Sains Kesihatan KPJ (KPJIC) cawangan Selatan, institusi latihan kejururawatan dan kesihatan bagi KPJ Healthcare Bhd. Hartanah ini telah berjaya disuntik melalui pengambilalihan ke-3 dan telah lengkap dimiliki pada tahun Hatanah utama dan awal terdiri dari Bangunan Hospital Pakar KPJ Ampang Puteri, Bangunan Hospital Pakar KPJ Damansara, Bangunan Hospital Pakar KPJ Johor, Bangunan Hospital Pakar KPJ Ipoh, Bangunan Hospital Pakar KPJ Selangor dan Bangunan Hospital Pakar Puteri dan semua dimiliki melalui suntikan pertama pada tahun Lanjutan dari pengambilalihan pertama, tabung amanah telah diperkukuhkan lagi dengan lebih banyak hartanah dengan suntikan lima (5) hospital di tahun 2008, menjadikan jumlah hartanah kepada sebelas (11) hartanah iaitu Bangunan Hospital Pakar KPJ Perdana, Bangunan Hospital Pakar Kuantan, Bangunan Pusat Perubatan Selangor, Bangunan Hospital Pakar KPJ Kajang dan Bangunan Pusat Perubatan Kedah. ANNUAL REPORT LAPoRAN TAHUNAN

38 perutusan Korporat Al- Aqar kini beroperasi dengan kekuatan semasa sebanyak dua puluh empat (24) hartanah dan jumlah kasar luas lantai semua hospital yang berukuran berukuran pada 62,939 meter persegi, serta tambahan 92,178 meter persegi dari segi hartanah berkaitan penjagaan kesihatan. Kedua-dua hospital dan portfolio penjagaan kesihatan menunjukkan prestasi yang baik pada tahun, dengan penghunian keseluruhan 100% menjelang akhir tahun PENJENAMAAN SEMULA - AL- AQAR HEALTHCARE REIT Satu lagi acara penting bagi Al- Aqar yang berlaku pada tahun 2011 adalah proses penjenamaan semula yang direka untuk mengubah Al- Aqar kepada REIT penjagaan kesihatan sepenuhnya bagi asset-aset hospital pakar yang memberikan pulangan dan aset berkaitan penjagaan kesihatan. Ia akan lebih mencerminkan strategi perniagaan semasa dan kumpulan Al- Aqar iaitu menguruskan harta berkaitan dengan penjagaan kesihatan. TINJAUAN PRESTASI kewangan Al- Aqar terus meningkatkan modal bermula dari tawaran awal awam unit yang sama, yang telah dilancarkan pada tahun Al- Aqar meningkat tambahan sebanyak 59,418,468 unit yang membawa kepada jumlah kini iaitu 639,585,468 unit yang disenaraikan pada 2 Disember Permodalan pasaran Al- Aqar meningkat kepada RM 736 juta daripada RM 320 juta pada tahun 2006, peningkatan sebanyak 130% sejak penubuhannya. Bagi tahun kewangan berakhir 31 Disember 2011, Kumpulan Al- Aqar mencatatkan pendapatan sebanyak RM 79.1 juta berbanding RM 69 juta pada tahun Keuntungan memberangsangkan sebanyak RM 46.4 juta, meningkat sebanyak 10% lebih tinggi dalam pendapatan diterima berbanding tahun 2010 sebanyak RM 42.2 juta. Pada 23 Februari 2012, Lembaga Pengarah Damansara REIT Managers Sdn Berhad mengumumkan pengagihan sebanyak 2.52 sen seunit bagi tahun berakhir 31 Disember 2011, mewakili kira-kira 99.9% pendapatan boleh diagihkan oleh Al- Aqar bagi tahun kewangan. Ini adalah bukti komitmen mutlak Pengurus dalam memenuhi jangkaan pemegang unit Al- Aqar untuk pengagihan yang mampan dan stabil seunit ( DPU ) pada jumlah sebanyak 7.69 sen seunit. Sumbangan tambahan kepada perolehan Al- Aqar telah diperoleh daripada penilaian semula hartanah mengikut Piawaian Pelaporan Kewangan 140 (FRS 140) yang memerlukan penilaian semula tahunan hartanah. Penilaian semula telah diumumkan pada 31 Disember 2011 telah meningkatkan nilai hartanah dua puluh tiga (23) asset sebanyak RM 39 juta, pada masa yang sama meningkatkan jumlah nilai pasaranal- Aqar sebanyak 3% kepada RM 1.36 bilion. MEkANISME PEMBIAYAAN ISLAM Al- Aqar akan terus untuk mempromosikan kewangan Islam melalui pelbagai inisiatif seperti melaksanakan Mekanisme Pembiayaan Islam dengan pihak-pihak berkepentingan melalui subsidiari syarikat, yang berkaitan syarikat dan badanbadan perakaunan dengan matlamat untuk menyokong komitmen kerajaan untuk menggalakkan Kewangan Islam menjadi satu sebahagian ekonomi yang signifikan disamping menyediakan yang kompetitif untuk kelebihan negara ini. Sebagai REIT Islam, semua pemilikan dan tujuan perakaunan hartanah sama ada di Malaysia, Indonesia dan Australia, telah dijalankan melalui Sukuk dan lain-lain instrumen kewangan Islam. Ia adalah komitmen kami kepada pemegang unit untuk memastikan bahawa semua pelaburan di bawah Al- Aqar Healthcare REIT adalah patuh Syariah. Memandangkan ketidakpastian dalam ekonomi dan di dunia, langkah-langkah telah diambil untuk mengekalkan Pasaran Modal Islam Malaysia, Al- Aqar Capital Sdn Bhd, anak syarikat milik penuh Al- Aqar mengekalkan menerima penilaian yang menggalakkan iaitu AAA, AA2 dan AAA (bg) dari Agensi Penarafan Malaysia bertauliah, Rating Agency Malaysia melalui penerbitan sehingga RM 300 juta dalam nilai nominal Kertas Komersial Ijarah (ICP) dan / atau Nota Jangka Sederhana Islam (IMTN) di bawah Program Sukuk Ijarah. Ini membolehkan Al- Aqar untuk mengekalkan portfolio perkembangan melalui kos paling rendah yang digunakan dalam pinjaman sedia ada atau untuk membiayai sebahagian daripada pengambilalihan. AL- AQAR HEALTHCARE REIT MENEMPA SEJARAH Sebagai pengiktirafan kepada statusnya sebagai REIT Islam yang pertama yang disenaraikan di dunia, Al- Aqar melalui anak syarikat sepenuhnya, Al- Aqar Capital Sdn Bhd telah dianugerahkan Deal of the year Awards in the Real Estate 36 ANNUAL REPORT LAPoRAN TAHUNAN 2011

39 perutusan Korporat Deal of the year Category oleh Islamic Finance News (IFN) pada Terdahulu, Al- Aqar telah memenangi anugerah yang sama bagi kategori REIT Islam Pertama. Tambahan, bagi tahun kewangan berakhir 2009, Al- Aqar telah memenangi RAM League Awards 2009, RAM Award of Distinction 2008, Blueprint Awards, New Real Estate Benchmark Deal category. Al- Aqar sebagai Healthcare REIT Islam yang pertama di Malaysia telah memenangi Anugerah Kewangan Islam, Kategori Urus Niaga Paling Inovatif oleh Euromoney, majalah terkemuka industry serta permodalan yang memfokuskan kepada pasaran perbankan profesional di seluruh dunia. Anugerah yang diterima adalah pengiktirafan ke atas penerbitan sebanyak RM300 Program Sukuk Ijarah oleh Al- Aqar Capital Sdn Bhd. Pada 28 November 2011, Al- Aqar menerima Anugerah Mata Berlian untuk Komitmen, Kualiti dan Kecemerlangan oleh Pengurusan yang dianugerahkan oleh otherways Consulting yang berpangkalan di Paris dalam satu acara yang gilanggemilang yang diadakan di Grand Hotel Kempinski di Geneva. Anugerah itu diterima sebagai pengiktirafan pada pencapaian korporat yang diperolehi dari jumlah undi mengenai konsep Keunggulan, Inovasi, Kualiti Komitmen dan Kecemerlangan dalam pengurusan dan Kepuasan Pelanggan, Kepimpinan, Keputusan Perniagaan dan Pengurusan Kualiti. TINJAUAN POSITIF UNTUk AL- AQAR HEALTHCARE REIT Pasaran hartanah dijangka berkembang pada kadar yang sederhana tahun depan dengan harga yang mungkin perubahan kecil yang disebabkan oleh persekitaran ekonomi global yang rapuh dengan krisis hutang Euro yang berterusan dan kelemahan yang berlaku dalam ekonomi Amerika Syarikat (AS). Dalam Bajet Malaysia 2012, Perdana Menteri Malaysia telah mengumumkan beberapa cadangan dalam Bajet 2012 yang berkaitan dengan perumahan dan sektor hartanah untuk menarik pelaburan asing dan tempatan dalam pasaran modal. yang berpotensi dalam industri penjagaan kesihatan yang semakin meningkat dengan portfolio hartanah penjagaan kesihatan yang berkualiti tinggi. Dengan pengendali penjagaan kesihatan seperti KPJ Healthcare Berhad semakin meningkatkan penggunaan strategi aset-ringan untuk menyalurkan sumber-sumber ke dalam aktiviti teras mereka, ini membolehkan untuk Al- Aqar untuk mengambilalih dan berkembang melalui hartanah yang berpotensi. Kami kekal komited untuk memastikan bahawa pemegang unit Al- Aqar mendapat ganjaran yang baik daripada pelaburan mereka melalui penilaian berhati-hati supaya pelaburan yang dibuat mendapat kadar pulangan yang positif dan pelengkap kepada portfolio Tabung Amanah yang sedia ada. Pengurus sangat optimistik untuk memanfaatkan kepakaran mereka dalam mengurus hartanah penjagaan kesihatan yang mematuhi Syariah untuk berkembang ke peringkat antarabangsa. Walaupun dengan suasana ketidakstabilan ekonom, usaha kami ke arah memberikan nilai premium kepada pemegang unit kami tetap tidak berbelah bahagi. Kami akan terus melaksanakan strategi yang tepat pada masanya untuk mengukuhkan lagi aset Al- Aqar dan kedudukan kewangan Al- Aqar dan memulangkan semula kepada pemegang unit kami dengan ganjaran yang setimpal. PENGHARGAAN Bagi pihak Lembaga Pengarah, saya ingin mengucapkan terima kasih dan penghargaan kepada pemegang unit kami, pembiaya, rakan perniagaan, pihak berkuasa yang berkaitan dan KPJ Healthcare Berhad atas sokongan berterusan mereka. Saya juga ingin mengucapkan terima kasih kepada ahli-ahli Lembaga Pengarah di atas sumbangan yang tidak ternilai. Kami amat berterima kasih kepada pihak Pengurusan dan pekerja di atas kesetiaan, komitmen, profesionalisme dan dedikasi berharga mereka yang tidak berbelah bahagi yang diberikan kepada Kumpulan Al- Aqar sepanjang tahun. Walaupun ketidak tentuan jangka masa terdekat, kami akan berhati-hati optimistik mengenai prospek jangka panjang kami. Memandangkan populasi kritikal-penuaan, kemewahan yang semakin meningkat, dan peningkatan permintaan untuk penjagaan kesihatan yang lebih canggih dan infrastruktur, Al- Aqar bersedia untuk menjadi benefisiari kamaruzzaman ABU kassim Pengerusi Damansara REIT Managers Sdn Berhad ANNUAL REPORT LAPoRAN TAHUNAN

40 statement on Corporate governance Al- Aqar Healthcare Real Estate Investment Trust ( Al- Aqar Healthcare REIT, Al-`Aqar or the Fund ) was established on 28 June 2006 pursuant to a Trust Deed ( Deed ) entered into between Damansara REIT Managers Sdn Berhad ( DRMSB or Manager ) and AmanahRaya Trustees Berhad ( Trustee ). Al- Aqar was listed on the Main Market of Bursa Malaysia Securities Berhad ( Bursa Securities ) on 10 August The Board of Directors of DRMSB ( Board ) is firmly committed to ensuring that the Manager implements and operates good corporate governance practices in its management of the Trust. In developing its system of corporate governance, the Directors have been guided by the measures set out in the Guidelines on Real Estate Investment Trusts issued by the Securities Commission ( REIT Guidelines ), the Listing Requirements of Bursa Securities ( Listing Requirements ) and the Malaysian Code on Corporate Governance ( Code ). THE MANAGER OF AL- AQAR HEALTHCARE REIT Al- Aqar Healthcare REIT is managed and administered by DRMSB, who has the primary objectives of: (a) providing the unitholders of Al-`Aqar ( Unitholders ) with stable cash distributions with the potential for sustainable growth, principally from the ownership of properties; and (b) enhancing the Net Asset Value of Al- Aqar Healthcare REIT s units ( Units ). The objective is sought to be achieved by optimizing the performance and enhancing the overall quality for a large and geographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and business strategies. The Manager is required to ensure that the business and operations of Al- Aqar are carried and conducted in a proper, diligent and efficient manner, and in accordance with the acceptable and efficacious business practices in the real estate investment trust industry in Malaysia. Subject to the provisions of the Deed, the Manager has full and complete powers in managing the Fund and must manage the Fund (including all assets and liabilities of Al- Aqar) for the benefits of its Unitholders. The Board recognises that an effective corporate governance framework is critical in order to achieve these objectives, to fulfil its duties and obligations and to ensure that Al- Aqar continues to perform strongly. The general functions, duties and responsibilities of the Manager include the following: Investment Strategy formulate and implement Al- Aqar s investment strategy, including determining the location, sub-sector, market risk, type and other characteristic of Al- `Aqar s property portfolio. Acquisition and Divestment make recommendations to and co-ordinate with the Trustee and implement the acquisition of new assets and divestment of Al- Aqar s existing investments. Asset Management supervise and oversee the management of Al- Aqar s properties including preparing property plans on an annual basis for review by the Directors of the Manager which may contain proposals and forecasts on net income, capital expenditure, sales and valuations, explanation of major variances to previous forecasts, written commentary on key issues and underlying assumptions on rental rates, occupancy costs and any other relevant assumptions. The purpose of these plans is to explain the performance of Al- Aqar s assets. Financing formulate plans for equity and debt financing for Al- Aqar s funding requirements. Accounting Records keep books and prepare or cause to be prepared accounts and annual reports, including annual budgets for Al- Aqar. Supervisory Services supervise day-to-day administrative service as Al- Aqar s representative, including administrative services relating to meetings of Unitholders when such meetings are convened. Investor Relations Co-ordinate, communicate and liaise with Unitholders / Investors. compliance Management supervise all regulatory filings on behalf of Al- Aqar, and ensure that Al- Aqar is in compliance with the applicable provisions of the Securities Commission Act, the SC REIT Guidelines, Listing Requirements, the Trust Deed, and all relevant contracts. 38 ANNUAL REPORT LAPoRAN TAHUNAN 2011

41 statement on Corporate governance THE DIRECTORS OF DAMANSARA REIT MANAGERS SDN BERHAD The Manager is led and managed by experienced Board of Directors ( Board ) with a wide and varied range of expertise. This broad spectrum of skills and experience gives added strength to the leadership, thus ensuring the Manager is under the guidance of an accountable and competent Board. The Board recognised the key role they played in charting the strategic direction, development and control of the Manager and has adopted the primary responsibilities as listed in the REIT Guidelines, all of which facilitate the discharge of the Directors stewardship responsibilities. The Board currently has eight Directors comprising of four (4) non-independent members, three (3) independent members and one (1) executive director. This is in compliance with the requirements for at least one-third of the Board to be independent. The Executive Director is responsible for the Manager s operations and in ensuring that the strategies proposed by the Board are fully discussed and examined, and taking into account of the long term interests of the Unitholders. Together, the Directors possess the wide range of business, commercial and financial experience essential for the management and direction of its operations. BOARD MEETINGS Board meetings are scheduled at least four times per annum to review the operations of Al- Aqar and to approve the interim and annual financial statements of Al- Aqar Healthcare REIT. The Board met four times during the financial year ended 31 December The number of meetings attended by each Director is as follow: Directors : Kamaruzzaman bin Abu Kassim Designation : Non-Independent Non-Executive Chairman Attendance : 4/4 Directors : yusaini bin Sidek Designation : Non-Independent Executive Director Attendance : 4/4 Directors : Dr. Mohd Hafetz bin Ahmad Designation : Independent Non-Executive Director Attendance : 4/4 Directors : Zainah binti Mustafa Designation : Independent Non-Executive Director Attendance : 4/4 Directors : Dato Mani a/l Usillapan Designation : Independent Non-Executive Director Attendance : 4/4 Directors : Datin Paduka Siti Sa diah binti Sheikh Bakir Designation : Non-Independent Non-Executive Director Attendance : 4/4 Directors : Lukman bin Abu Bakar Designation : Non-Independent Non-Executive Director Attendance : 4/4 Directors : Abd Razak bin Haron Designation : Non-Independent Non-Executive Director Attendance : 4/4 The Directors Fully Access To And Supply Of Information And Advice The Directors have full and unrestricted access to all information pertaining to the business and affairs of Al- Aqar, both as a full Board and in their individual capacity, to enable them to discharge their duties. There are matters specifically reserved for the Board s decision to ensure that the direction and control of the Manager is firmly in its hands. Prior to the Board meetings, all Directors receive the agenda together with a full set of Board papers containing information relevant to the business of the meeting. This allows the Directors to obtain further explanations/clarifications, where necessary, in order to be properly briefed before the meetings. A record of the Board s deliberations of the issues discussed and conclusions reached in discharging its duties and responsibilities is captured in the minutes of each meeting, prepared by the Company Secretary. All Directors have full access to the advice and services of the Company Secretary who ensures that Board procedures are adhered to at all times during meetings and advises the Board on matters including corporate governance issues and the Directors responsibilities in complying with relevant legislation and regulations. Directors Training The Directors are fully cognisant of the importance and value of attending seminars, training programmes and conferences in order to update themselves on developments and changes in the REIT industry, as well as wider economic, financial and governance issues to enhance their skills, knowledge and expertise in their respective fields. All Directors have attended and completed the Mandatory Accreditation Programme prescribed by Bursa Securities, and the Board will continue to evaluate and determine the training needs of its Directors on an ongoing basis. Throughout the financial year under review, the Directors attended various conferences, programmes and speaking engagements covering areas that included corporate governance, leadership, updates on the REIT industry and global business developments. ANNUAL REPORT LAPoRAN TAHUNAN

42 statement on Corporate governance convictions for Offences None of the Directors has been convicted for offences within the past 10 years. ACCOUNTABILITY AND AUDIT Financial Reporting and Audit The Directors are responsible for ensuring that financial statements of the Trust are drawn up in accordance with applicable approved accounting standards in Malaysia, the provisions of the Companies Act 1965, the REIT Guidelines and the Deed. In presenting the financial statements, the Manager has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates. The Directors also strive to ensure that financial reporting presents a fair and understandable assessment of the position and prospects of Al- Aqar. Interim financial statements are reviewed and approved by the Directors prior to the release to the relevant regulatory authorities. Internal control The Board is responsible for maintaining a system of internal control that covers financial and operational controls and risk management. The system provides reasonable but not absolute assurance against material misstatement of management and financial information or against financial losses and fraud. Relationship with the Auditors The Board has established a formal and transparent arrangement for maintaining an appropriate relationship with the auditors of Al- Aqar. The Auditors report their findings to members of the Board as part of the audit process on the statutory financial statements each financial year. From time to time, the Auditors highlight matters that require attention to the Board. The Auditors appointed must be independent of the Manager and Trustee. RELATED PARTY TRANSACTIONS AND CONFLICT OF INTEREST conflict of Interest Save for the Directors interests in Al- Aqar (as disclosed under Statement of Interest of Directors of the Manager) and the transactions with companies related to the Manager (as disclosed in the notes to the financial statements), no conflict of interest has arisen during the financial year under review. The Manager will establish procedures that will ensure that related party transactions and conflicts of interest are undertaken in full compliance with the SC REIT Guidelines, the Trust Deed and the Listing Requirements. Material contracts There were no material contracts entered by Al-`Aqar that involved the Directors of the Manager or substantial Unitholders of Al-`Aqar during the financial year under review. communication with Unitholders and Investors The Board recognises the importance of timely dissemination of information to the Unitholders and accordingly ensures that they are well informed of any major developments of Al- Aqar Healthcare REIT. Such information is communicated through the annual report, the Trust s various disclosures and announcements to Bursa Securities, including quarterly and annual results, and the corporate website. This statement was approved by the Board on 23 February ANNUAL REPORT LAPoRAN TAHUNAN 2011

43 penyata tadbir urus Korporat Al- Aqar Healthcare Real Estate Investment Trust ( Al- Aqar Healthcare REIT atau Dana Amanah ) ditubuhkan pada tarikh 28 Jun 2006 sesuai dengan Surat Ikatan Amanah ( Surat Ikatan ) yang ditandatangani antara Damansara REIT Managers Sdn Berhad ( DRMSB atau Pengurus ) dan AmanahRaya Trustee Berhad ( Pemegang Amanah ). Al- Aqar Healthcare REIT telah didaftarkan pada Papan Utama Bursa Securities Malaysia Berhad ( Bursa Sekuriti ) sejak 10 ogos Lembaga Pengarah DRMSB ( Lembaga Pengarah ) adalah komited sepenuhnya untuk memastikan Pihak Pengurusan melaksanakan dan mengendalikan tadbir urus korporat yang baik dalam pengurusan Amanah. Dalam merangka sistem tadbir urus korporat, Lembaga Pengarah telah dibimbing dengan langkahlangkah yang ditetapkan dalam Garis Panduan Amanah Pelaburan Hartanah (Real Estate Investment Trust Guidelines) yang diterbitkan Suruhanjaya Sekuriti ( Garis Panduan REIT ), Tuntutan Penyenaraian Bursa Sekuriti ( Tuntutan Penyenaraian ) dan Kod Tadbir Urus Negara Malaysia ( Kod ). PENGURUSAN AL- AQAR HEALTHCARE REIT Al- Aqar Healthcare REIT diurus dan ditadbir oleh DRMSB, yang mempunyai tujuan utama: (a) menyediakan Pemegang unit Amanah ( Pemegang Unit ) dengan pengagihan wang yang kukuh dengan potensi untuk pertumbuhan mampan, terutamanya daripada pemilikan hartanah; dan (b) mempertingkatkan Nilai Aset Bersih unit Al- Aqar Healthcare REIT ( Unit ). Matlamat ini akan tercapai dengan mengoptimakan prestasi dan mempertingkatkan kualiti keseluruhan portfolio hartanah yang meluas dan pelbagai kedudukan geografikal yang mematuhi Syariah dan melalui pelbagai pelaburan yang dibenarkan dan strategi-strategi perniagaan. Pihak Pengurusan dituntut untuk memastikan bahawa perniagaan dan pengendalian Al- Aqar Healthcare REIT dilaksanakan dan dikelolakan secara beradab, teliti dan cekap, dan selaras dengan amalan-amalan perniagaan yang diterima pakai oleh industri Amanah Pelaburan Hartanah di Malaysia. Tertakluk kepada peruntukan-peruntukan yang ada dalam Surat Ikatan, Pengurus mempunyai kuasa pengurusan yang mutlak dan mesti mengurus Al- Aqar Healthcare REIT (termasuk semua aset dan tanggungan Al- Aqar Healthcare REIT) demi kepentingan Pemegang-pemegang unitnya. Lembaga Pengarah mengenalpasti bahawa rangkakerja tadbir urus korporat yang berkesan amat penting kearah mencapai matlamat ini, untuk memenuhi kewajipan dan tangungjawab dan untuk memastikan bahawa Al- Aqar Healthcare REIT terus kukuh dalam perlaksanaannya. Fungsi umum, tugas dan tanggungjawab Pengurus adalah seperti berikut: Strategi Pelaburan - Merumuskan dan melaksanakan strategi pelaburan Al- Aqar Healthcare REIT, termasuk menentukan lokasi, sub-sektor, risiko pasaran, jenis dan ciriciri lain portfolio hartanah Al- Aqar Healthcare REIT. Pengambilalihan dan Pemberhentian Pelaburan - Membuat cadangan kepada dan menyelaras bersama Pemegang Amanah dan melaksana pengambilalihan asetaset baru dan pemberhentian pelaburan-pelaburan sedia ada Al- Aqar Healthcare REIT. Pengurusan Aset - Menyelia dan mengurus selia pengurusan hartanah Al- Aqar Healthcare REIT termasuk menyediakan perancangan hartanah secara tahunan untuk kaji semula oleh Lembaga Pengarah bagi pihak Pengurusan yang boleh mengandungi cadangan dan anggaran keatas pendapatan bersih, perbelanjaan modal, jualan dan penilaianpenilaian, penjelasan tentang perbezaan besar untuk anggaran terdahulu, ulasan bertulis pada isu-isu utama dan andaian-andaian dasar kadar sewa, kos-kos kepenghunian dan mana-mana andaian-andaian lain yang berkaitan. Tujuan perancangan ini adalah untuk memperjelaskan prestasi asetaset Al- Aqar Healthcare REIT. Pembiayaan - Merumus perancangan untuk ekuiti dan pembiayaan hutang untuk keperluan-keperluan pembiayaan Al- Aqar Healthcare REIT. Rekod Perakaunan - Menyimpan rekod kewangan dan menyediakan atau bersedia untuk menyediakan akaunakaun dan laporan tahunan, termasuk belanjawan tahunan untuk Al- Aqar Healthcare REIT. Perkhidmatan Penyeliaan - Menyelia khidmat pentadbiran harian sebagai wakil Al- Aqar Healthcare REIT, termasuk khidmat pentadbiran berkaitan perihal mesyuarat apabila mesyuarat pemegang unit bersidang. Perhubungan Pelabur - Menyelaras, berkomunikasi dan berhubungan dengan Pemegang unit/pelabur. Pematuhan Pengurusan - Menyelia semua pemfailan regulatori bagi pihak Al- Aqar Healthcare REIT, dan memastikan Al- Aqar Healthcare REIT mematuhi segala peruntukan-peruntukan yang boleh digunakan seperti yang telah ditetapkan oleh Akta Suruhanjaya Sekuriti, Garis Panduan REIT SC, Tuntutan Penyenaraian Bursa, Surat Ikatan Amanah, dan semua kontrak yang berkaitan. ANNUAL REPORT LAPoRAN TAHUNAN

44 penyata tadbir urus Korporat LEMBAGA PENGARAH DAMANSARA REIT MANAGERS SDN BERHAD Pihak Pengurusan diketuai dan diurus oleh ahli-ahli lembaga pengarah berpengalaman ( Lembaga Pengarah ) dengan kepakaran yang luas dan berbagai-bagai. Spektrum yang luas melalui kemahiran-kemahiran dan pengalaman yang ada menambahkan kekuatan untuk kepimpinan, demikian menjamin Pihak Pengurusan adalah di bawah bimbingan Lembaga Pengarah yang bertanggungjawab dan cekap. Lembaga Pengarah sedar peranan penting mereka dalam mencarta arah strategik, pembangunan dan kawalan Pengurusan dan memikul tanggung jawab utama sebagaimana yang tersenarai didalam Garis Panduan REIT, kesemuanya telah memudahkan perlaksanaan tugas dan tanggungjawab Lembaga Pengarah. Lembaga Pengarah kini mempunyai tujuh orang anggota yang terdiri daripada empat (4) ahli bukan bebas, tiga (3) ahli bebas dan satu (1) ahli pengarah eksekutif. Pengarah Eksekutif bertanggungjawab dalam operasi Pihak Pengurusan dan untuk memastikan strategi- strategi yang dicadangkan oleh Lembaga Pengarah adalah sepenuhnya dibincangkan dan diperiksa, dan mengambil kira segala kepentingan jangka panjang Pemegang unit. Bersama, Ahli Lembaga Pengarah memiliki pengalaman luas dalam pelbagai bidang perniagaan, perdagangan dan kewangan yang penting bagi pengurusan dan halatuju operasinya. MESYUARAT LEMBAGA PENGARAH Mesyuarat Lembaga Pengarah dijadualkan sekurangkurangnya empat kali setiap tahun untuk mengkaji semula operasi Al- Aqar Healthcare REIT dan untuk meluluskan penyata-penyata kewangan interim dan tahunan Al- Aqar Healthcare REIT. Lembaga Pengarah bermesyuarat sebanyak empat kali disepanjang tahun kewangan berakhir 31 Disember Bilangan mesyuarat yang dihadiri oleh Ahli Lembaga Pengarah adalah seperti berikut: Pengarah : Kamaruzzaman bin Abu Kassim Jawatan : Pengerusi Bukan Bebas Bukan Eksekutif Kehadiran : 4/4 Pengarah : yusaini bin Sidek Jawatan : Pengarah Bukan Bebas Eksekutif Kehadiran : 4/4 Pengarah : Dr. Mohd Hafetz bin Ahmad Jawatan : Pengarah Bebas Bukan Eksekutif Kehadiran : 4/4 Pengarah : Zainah binti Mustafa Jawatan : Pengarah Bebas Bukan Eksekutif Kehadiran : 4/4 Pengarah : Dato Mani a/l Usillapan Jawatan : Pengarah Bebas Bukan Eksekutif Kehadiran : 4/4 Pengarah : Datin Paduka Siti Sa diah binti Sheikh Bakir Jawatan : Pengarah Bukan Bebas Bukan Eksekutif Kehadiran : 4/4 Pengarah : Lukman bin Abu Bakar Jawatan : Pengarah Bukan Bebas Bukan Eksekutif Kehadiran : 4/4 Pengarah : Abd Razak bin Haron Jawatan : Non-Independent Non-Executive Director Kehadiran : 4/4 Akses Menyeluruh Ahli Lembaga Pengarah kepada Maklumat dan Nasihat Ahli Lembaga Pengarah mempunyai akses sepenuhnya dan tanpa batas keatas semua maklumat yang berkaitan perniagaan dan hal-ehwal Al- Aqar Healthcare REIT, selaku Ahli Lembaga Pengarah dan kuasa individu masing-masing, bagi membolehkan mereka menjalankan tugas. Terdapat perkaraperkara khusus untuk keputusan Lembaga Pengarah demi memastikan halatuju dan kawalan Pengurusan adalah kemas dan terkawal. Sebelum mesyuarat Lembaga Pengarah, semua Pengarah menerima agenda mesyuarat berserta satu set lengkap kertas kerja Lembaga Pengarah yang mengandungi maklumatmaklumat berkaitan. Ini membolehkan Pengarah untuk mendapatkan penghuraian/penerangan lanjut, jika perlu, agar menerima taklimat yang betul sebelum mesyuarat. Satu rekod semua pertimbangan Lembaga Pengarah tentang isu perbincangan dan kesimpulan yang diperolehi dalam melaksanakan tugas dan tanggungjawab dicatatkan dalam minit setiap mesyuarat, yang disediakan oleh Setiausaha Syarikat. Semua Pengarah mempunyai akses penuh perkhidmatan dan nasihat Setiausaha Syarikat yang memastikan bahawa prosedur Lembaga Pengarah dipatuhi sepanjang masa mesyuarat dan menasihat Lembaga Pengarah mengenai halhal termasuk isu-isu tadbir urus korporat dan tanggungjawab Pengarah dalam mematuhi undang-undang dan peraturan yang berkenaan. Latihan Ahli Lembaga Pengarah Ahli Lembaga Pengarah sedar sepenuhnya kepentingan dan nilai menghadiri seminar, program latihan dan persidangan dalam rangka mengemaskini diri tentang perkembangan dan perubahan dalam industri REIT, serta perkembangan ekonomi, kewangan dan isu-isu tadbir urus yang lebih meluas bagi meningkatkan kemahiran, pengetahuan dan kepakaran dalam bidang masing-masing. Semua Pengarah telah menghadiri dan tamat Program Akreditasi Mandatori yang ditetapkan oleh Bursa Sekuriti, dan Lembaga Pengarah akan terus menilai dan menentukan keperluan latihan untuk Ahli Lembaga Pengarah secara berterusan. 42 ANNUAL REPORT LAPoRAN TAHUNAN 2011

45 penyata tadbir urus Korporat Sepanjang tahun kewangan dalam ulasan, Ahli Lembaga Pengarah telah menghadiri pelbagai persidangan, program dan ceramah yang merangkumi topik-topik tadbir urus korporat, kepimpinan, maklumat baru industri REIT dan perkembangan perniagaan global. Tuduhan kesalahan Tiada Ahli Lembaga Pengarah telah disabitkan dengan apa-apa kesalahan dalam tempoh 10 tahun yang lepas. kebertanggungjawaban DAN AUDIT Laporan Kewangan dan Audit Kesemua Ahli Lembaga Pengarah bertanggungjawab untuk memastikan bahawa penyata kewangan Amanah disusun rapi selaras dengan piawaian perakaunan yang berkenaan yang diluluskan di Malaysia, peruntukan-peruntukan dalam Akta Syarikat 1965, Garis Panduan REIT dan Surat Ikatan. Dalam membentangkan penyata kewangan, Pihak Pengurusan telah menggunakan dasar perakaunan yang tepat, yang diterapkan secara konsisten dan disokong dengan penilaian dan anggaran yang munasabah dan cermat. Pengarah juga berusaha untuk memastikan bahawa penyata kewangan menghasilkan penilaian kedudukan dan prospek Al- Aqar Healthcare REIT yang saksama dan mudah difahami. Penyata kewangan interim dipantau dan diluluskan oleh Lembaga Pengarah sebelum diserahkan kepada pihak berkuasa yang berkenaan. Kawalan Dalaman Lembaga Pengarah bertanggungjawab untuk memelihara sistem kawalan dalaman yang meliputi kawalan kewangan dan pengendalian dan pengurusan risiko. Sistem memberikan maklumat munasabah tanpa memberi jaminan muktamad terhadap tersilap bentang bahan maklumat pengurusan dan kewangan atau terhadap kerugian kewangan dan penipuan. URUSNIAGA-URUSNIAGA PIHAk BERkAITAN DAN PERCANGGAHAN kepentingan Percanggahan Kepentingan Selain dari kepentingan Pengarah dalam Al- Aqar Healthcare REIT (seperti yang tertera dalam Penyata Kepentingan Lembaga Pengarah pihak Pengurus) dan urusniaga dengan syarikat-syarikat yang berkaitan dengan Pengurus (seperti yang tertera dalam nota penyata kewangan), tiada percanggahan kepentingan telah timbul semasa tahun kewangan dalam ulasan. Pengurus akan menetapkan prosedur yang akan memastikan bahawa urusniaga pihak berkaitan dan percanggahan kepentingan diberi perhatian selaras dengan Garis Panduan REIT SC, Surat Ikatan dan Tuntutan Penyenaraian Bursa. Kontrak-kontrak yang Penting Tiada sebarang kontrak yang penting yang dipersetujui pihak Amanah melibatkan Ahli Lembaga Pengarah pihak Pengurus atau Pemegang unit Amanah pada tahun kewangan dalam ulasan. Komunikasi dengan Pemegang Unit dan Pelabur Lembaga Pengarah mengakui pentingnya penyebaran maklumat yang bertepatan waktu kepada para Pemegang unit dan memastikan mereka mendapat maklumat yang cukup bagi setiap perkembangan penting dalam Al- Aqar Healthcare REIT. Maklumat tersebut dihebahkan melalui laporan tahunan, dan pelbagai penyataan dan pengumuman Amanah kepada Bursa Sekuriti, termasuk keputusan suku tahun dan tahunan dan laman web korporat. Penyata ini telah diluluskan oleh Lembaga Pengarah pada 25 Februari Hubungan dengan Juruaudit Lembaga Pengarah telah menerapkan panduan rasmi dan telus untuk menjalin hubungan yang bersesuaian dengan juruaudit Al- Aqar Healthcare REIT. Juruaudit melaporkan penemuan mereka kepada Ahli Lembaga Pengarah sebagai sebahagian dari proses audit keatas penyata kewangan berdasarkan undang-undang setiap tahun kewangan. Dari masa ke masa, juruaudit mengemukakan hal-hal yang memerlukan perhatian Lembaga Pengarah. Juruaudit yang dilantik mestilah bebas dari Pengurus dan Pemegang Amanah. ANNUAL REPORT LAPoRAN TAHUNAN

46 manager s report for the financial Year ended 31 december 2011 Damansara REIT Managers Sdn Berhad ( DRMSB ), the Manager of Al- Aqar Healthcare Real Estate Investment Trust (Al- Aqar Healthcare REIT) have pleasure in submitting their report to the Unitholders of Al- Aqar Healthcare REIT together with the audited financial statements of Al- Aqar Group for the financial year ended 31 December THE TRUST, THE MANAGER AND MAIN ACTIVITIES Al- Aqar Healthcare REIT is a Malaysian-based real estate and investment trust, established on 28 June 2006 pursuant to the execution of a Trust Deed dated 27 June 2006 between the Manager ( DRMSB ), and the Trustee ( AmanahRaya Trustees Berhad ). It was listed on the Main Board of Bursa Malaysia on 10 August Al- Aqar Healthcare REIT was initially formed to own and invest in Syariah acceptable properties which comprise of KPJ Ampang Puteri Specialist Hospital Building, KPJ Damansara Specialist Hospital Building, KPJ Johor Specialist Hospital Building, KPJ Ipoh Specialist Hospital Building, Puteri Specialist Hospital Building and KPJ Selangor Specialist Hospital Building (collectively the Properties ). Second acquisition in year 2008 inclusive of KPJ Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building, Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital and Kedah Medical Centre Building. Third acquisition completed in 2010 consists of KPJ Seremban Specialist Hospital Building, Taiping Medical Centre Building, Damai Specialist Hospital Building, Bukit Mertajam Specialist Hospital Building, Tawakal Existing Building and KPJ Penang Specialist Hospital Building. Two additional properties are not hospital-related but are complementary to the health tourism industry, namely Selesa Tower and KPJ International College. During the Extraordinary General Meeting dated 17 December 2010, the unitholders of Al- Aqar Healthcare REIT agreed on the proposed acquisition of Bandar Baru Klang Specialist Hospital Building, Kluang Utama Specialist Hospital Building and two (2) hospital building in Indonesia namely Rumah Sakit Medica Permata Hijau and Rumah Sakit Bumi Serpong Damai located in Jakarta. Both acquisitions of property in Indonesia has been acquired by a Special Purpose Companies i.e. Crossborder Aim (M) Sdn Bhd and Crossborder Hall (M) Sdn Bhd. Another significant acquisition exercise for Al- Aqar that took place on 19 August 2011 via proposed acquisition of Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village from Jeta Gardens Waterford Trust via Al- Aqar Australia Pty Ltd as the Special Purpose Company. Together with the agenda of proposed acquisition of Jeta Gardens, the unitholders of Al- Aqar in the Extraordinary General Meeting approved the change of name of the fund from Al- Aqar KPJ REIT to Al- Aqar Healthcare REIT. This is to better reflect the current business strategy of Al- Aqar and its Group of Companies. The Manager, incorporated in Malaysia, is a wholly-owned subsidiary of Damansara Assets Sdn Bhd, a subsidiary of Johor Corporation. The principal activity of the Manager is management of real estate investment trusts. There has been no significant change in the nature of the activity during the period. 44 ANNUAL REPORT LAPoRAN TAHUNAN 2011

47 manager s report for the financial Year ended 31 december 2011 FUND OBJECTIVE The key objective of Al- Aqar Healthcare REIT is to provide Unitholders with stable distributions per unit with the potential for sustainable long-term growth of such distributions and Net Asset Value (NAV) per unit. The objective is sought to be achieved by optimizing the performance and enhancing the overall quality for a large and geographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and business strategies. For the period ended 31 December 2011, the Al- Aqar Healthcare REIT has declared an income distribution of 7.69 sen per unit which is in line with the objective of providing the unitholders with a steady stream of income. CATEGORY OF FUND Real estate and real estate-related assets. TYPE OF FUND Income and growth. TERM OF THE FUND The Fund has no fixed termination date. However, the Trust Deed does provide for a number of circumstances under which the Fund may be terminated. INVESTMENT POLICIES i) Portfolio composition Al- Aqar Healthcare REIT s investments maybe allocated in the following manner, as prescribed by the Guidelines on Real Estate Investment Trust ( Guidelines on REITs ) and the Guidelines for Islamic Real Estate Investment Trust ( Guidelines on Islamic REITs ):- a. at least 75% of Al- Aqar Healthcare REIT s total assets shall be invested in Syariah compliance real estate, singlepurpose companies which are Syariah-compliant, Syariah compliant real estate-related assets or liquid assets; b. at least 50% of Al- Aqar Healthcare REIT s total assets must be invested in Syariah compliant real estate or singlepurpose companies which are Syariah compliant; and c. the remaining 25% of Al- Aqar Healthcare REIT s total assets may be invested in other Syariah compliant assets (i.e. Syariah compliant real estate-related assets, Syariah compliant non-real estate-related assets or Islamic asset-backed securities). ii) Diversification Al- Aqar Healthcare REIT will seek to diversify its Syariah-compliant real estate portfolio by property and location type. Al- Aqar Healthcare REIT will primarily be focused on investing in real estates which are primarily used for healthcare purposes and will continue to look for opportunities that will provide attractive returns. iii) Leverage Al- Aqar Healthcare REIT will be able to leverage on its financing to make the permitted investments. Leveraging on its financing will enable the returns to unitholders to increase. ANNUAL REPORT LAPoRAN TAHUNAN

48 laporan pengurus bagi tahun Kewangan berakhir 31 disember 2011 Damansara REIT Managers Sdn Berhad ( DRMSB ), the Manager of Al- Aqar Healthcare Real Estate Investment Trust (Al- Aqar Healthcare REIT) have pleasure in submitting their report to the Unitholders of Al- Aqar Healthcare REIT together with the audited financial statements of Al- Aqar Group for the financial year ended 31 December DANA AMANAH, PENGURUS DAN AkTIVITI UTAMA Al- Aqar Healthcare REIT adalah sebuah dana amanah pelaburan hartanah yang berpangkalan di Malaysia, telah ditubuhkan pada 28 Jun 2006 dengan termeterainya Surat Ikatan bertarikh 27 Jun 2006 diantara Pengurus (Damansara REIT Managers Sdn Berhad) dan Pemegang Amanah (AmanahRaya Trustees Berhad). Ia telah disenaraikan di Papan Utama Bursa Malaysia pada 10 ogos Al- Aqar Healthcare REIT pada asalnya ditubuhkan untuk memiliki dan melabur dalam hartanah yang boleh diterima Syariah yang terdiri daripada Bangunan Hospital Pakar KPJ Ampang Puteri, Bangunan Hospital Pakar KPJ Damansara, Bangunan HospitalPakar KPJ Johor, Bangunan Hospital Pakar KPJ Ipoh, Bangunan Hospital Pakar Puteri dan Bangunan Hospital Pakar KPJ Selangor. Pemilikan kedua pada tahun 2008 termasuk Bangunan Hospital Pakar KPJ Perdana, Bangunan Hospital Pakar Kuantan, Bangunan Pusat Perubatan Sentosa, Bangunan Hospital Pakar KPJ Kajang dan Bangunan Pusat Perubatan Kedah. Pemilikan ketiga yang lengkap sepenuhnya pada tahun 2010 terdiri daripada Bangunan Hospital Pakar KPJ Seremban, Bangunan Pusat Perubatan Taiping, Bangunan Hospital Pakar Damai, Bangunan Hospital Pakar Bukit Mertajam, Bangunan sedia ada Hospital Tawakal dan Bangunan Hospital Pakar KPJ Penang. Dua hartanah lain di luar kategori hospital tetapi pelengkap industri pelancongan kesihatan, iaitu Menara Selesa dan Kolej Antarabangsa KPJ. Pada mesyuarat Agung Luar Biasa yang diadakan pada 17 Disember 2010, para pemegang unit Al- Aqar Healthcare REIT telah memberi persetujuan terhadap cadangan pengambilalihan Bangunan Hospital Pakar Bandar Baru Klang, Bangunan Hospital Pakar Kluang Utama dan dua (2) bangunan hospital pakar di Indonesia iaitu Rumah Sakit Medika Permata Hijau and Rumah Sakit Bumi Serpong Damai yang kedua-duanya berlokasi di Jakarta. Antara acara penting yang dijalankan pada 19 ogos 2011 adalah cadangan pengambilalihan Kemudahan Penjagaan Warga Emas Jeta Gardens dan Pusat Persaraan Jeta Gardens dari Jeta Gardens Waterford Trust melalui syarikat bertujuan khusus iaitu Al- Aqar Australia Pty Ltd. Bersama agenda cadangan pengambilalihan Jeta Gardens, para pemegang unit Al- Aqar juga dalam Mesyuarat Agong Luar Biasa telah memberi kebenaran bagi menukar nama Al- Aqar KPJ REIT kepada Al- Aqar Healthcare REIT. Ini bagi menunjukkan strategi perniagaan Al- Aqar dan Kumpulan di bawahnya. Pihak Pengurus telah diperbadankan di Malaysia dan adalah syarikat milik penuh Damansara Assets Sdn Bhd yang merupakan anak syarikat kumpulan Johor Corporation. Aktiviti utama Pengurus adalah pengurusan amanah pelaburan hartanah. Tiada sebarang perubahan ketara di dalam aktiviti utama di sepanjang tempoh ini. Aktiviti utama Al- Aqar Healthcare REIT adalah melabur dalam hartanah yang berlandaskan syariah dengan objektif utamanya untuk menyediakan pengagihan pendapatan yang stabil dan berpotensi untuk mengekalkan pertumbuhan jangka masa panjang dan peningkatan modal. 46 ANNUAL REPORT LAPoRAN TAHUNAN 2011

49 laporan pengurus bagi tahun Kewangan berakhir 31 disember 2011 MATLAMAT DANA Matlamat utama dana Al- Aqar Healthcare REIT adalah menyediakan pengagihan pendapatan seunit yang stabil dengan potensi pertumbuhan jangka panjang boleh kekal bagi pengagihan pendapatan dan Nilai Aset Bersih (NAB) seunit kepada pemegang unit. Adalah dihasratkan matlamat ini akan tercapai dengan memantapkan prestasi dan mempertingkatkan mutu keseluruhan portfolio aset hartanahyang meluas dan pelbagai kedudukan geografikal yang mematuhi Syariah menerusi beberapa strategi perniagaan dan pelaburan yang dibenarkan. Bagi tempoh berakhir 31 Disember 2011, Al- Aqar Healthcare REIT telah mengisytiharkan pengagihan pendapatan sebanyak 7.69 sen seunit, sejajar dengan matlamatnya untuk memberi pendapatan yang stabil kepada pemegang unit. GOLONGAN DANA Hartanah dan aset-aset berkaitan hartanah. JENIS DANA Pendapatan dan pertumbuhan. TEMPOH DANA Tiada ditetapkan tarikh penamatan dana. Walaubagaimanapun, Surat Ikatan Amanah ada memperuntukkan keadaan-keadaan dimana dana boleh ditamatkan. POLISI-POLISI PELABURAN i) Komposisi portfolio Pelaburan Al- Aqar Healthcare REIT mungkin diperuntukkan dengan komposisi berikut, seperti yang dinyatakan di dalam Garis Panduan bagi Amanah Pelaburan Hartanah (Garis Panduan REIT) dan Garis Panduan bagi Amanah Pelaburan Hartanah Islam (Garis Panduan REIT Islam):- a. sekurang-kurangnya 75% dari jumlah aset Al- Aqar Healthcare REIT perlu dilaburkan dalam hartanah yang mematuhi Syariah, syarikat bertujuan khusus yang mematuhi Syariah, aset-aset berkaitan hartanah atau aset cair yang mematuhi Syariah; b. sekurang-kurangnya 50% dari jumlah aset Al- Aqar Healthcare REIT mesti dilaburkan dalam hartanah yang mematuhi Syariah atau syarikat bertujuan khusus yang mematuhi Syariah; dan c. baki 25% dari jumlah aset Al- Aqar Healthcare REIT boleh dilaburkan dalam lain-lain aset yang mematuhi Syariah (contoh: aset-aset berkaitan hartanah yang mematuhi Syariah, aset-aset tiada berkaitan hartanah yang mematuhi Syariah atau sekuriti sokongan aset Islam) ii) Kepelbagaian Al- Aqar Healthcare REIT akan mempelbagaikan portfolio hartanah yang mematuhi Syariah berdasarkan ciri-ciri harta dan lokasi. Al- Aqar Healthcare REIT akan memberikan tumpuan utamanya pada pelaburan dalam hartanah dimana bidang prisihatin merupakan kegunaan utama dan akan terus mencari peluang-peluang yang akan menghasilkan pulangan menarik. iii) Penuasan Al- Aqar Healthcare REIT boleh menuaskan pembiayaannya untuk membuat pelaburan yang dibenarkan. Penuasan keatas pembiayaan dapat meningkatkan pulangan kepada pemegang unit. ANNUAL REPORT LAPoRAN TAHUNAN

50 property portfolio portfolio HartanaH NO PROPERTY APPROX. AREA (sq metre) EXISTING USE NET BOOk VALUE BIL HARTANAH KELUASAN TANAH (meter persegi) KEGUNANAN SEMASA NILAI BUKU BERSIH 1ST ACQUISITION 1. KPJ AMPANG PUTERI SPECIALIST HoSPITAL 39,360 Private Hospital 129,000, KPJ DAMANSARA SPECIALIST HoSPITAL 41,354 Private Hospital 110,500, KPJ JoHoR SPECIALIST HoSPITAL 20,234 Private Hospital 109,335, PUTERI SPECIALIST HoSPITAL 12, Private Hospital 39,000, KPJ SELANGoR SPECIALIST HoSPITAL 19, Private Hospital 62,100, KPJ IPoH SPECIALIST HoSPITAL 32, Private Hospital 69,000,000 2ND ACQUISITION 1. KPJ PERDANA SPECIALIST HoSPITAL 13,628 Private Hospital 42,400, KUANTAN SPECIALIST HoSPITAL 6,708 Private Hospital 20,100, SENToSA MEDICAL CENTRE 9,931 Private Hospital 26,500, KPJ KAJANG SPECIALIST HoSPITAL 17,758 Private Hospital 43,500, KEDAH MEDICAL CENTRE 20,748 Private Hospital 49,100,000 3RD ACQUISITION 1. DAMAI SPECIALIST HoSPITAL 3,713.0 Private Hospital 14,100, KPJ PENANG SPECIALIST HoSPITAL 17,524.9 Private Hospital 57,100, TAWAKAL HoSPITAL 11,141.4 Private Hospital 37,000, KPJ TAWAKKAL SPECIALIST HoSPITAL 31,228.3 Private Hospital 110,000, KPJ SEREMBAN SPECIALIST HoSPITAL 14,651.6 Private Hospital 54,000, TAIPING MEDICAL CENTRE 3,641.8 Private Hospital 9,300, KPJ INTERNATIoNAL CoLLEGE 11,939.7 Nursing College 17,000, SELESA ToWER 70,691.0 Hotel and office 91,800, BUKIT MERTAJAM SPECIALIST HoSPITAL 3,917.1 Nursing College 14,100,000 4TH ACQUISITION 1. RUMAH SAKIT BUMI SERPoNG DAMAI 22,112 Private Hospital 50,270, RUMAH SAKIT MEDIKA PERMATA HIJAU 5,026 Private Hospital 21,140,000 5TH ACQUISITION 1. JETA GARDENS 5,630 Age Care & Retirement Village 131,909,000 TOTAL / JUMLAH 155,117 1,311,754, ANNUAL REPORT LAPoRAN TAHUNAN 2011

51 VALUATION DATE OF VALUATION APPROX. AGE BUILDING TENURE DATE EXPIRY OF THE LEASE NILAI TARIKH PENILAIAN ANGGARAN USIA BANGUNAN PEGANGAN TARIKH TAMAT 130,000,000 31/12/ /12/ ,600,000 31/12/ Freehold 31/12/ ,300,000 31/12/ /12/ ,200,000 31/12/ /12/ ,500,000 31/12/ /12/ ,500,000 31/12/ /12/ ,400,000 31/12/ /02/ ,400,000 31/12/ Freehold 28/02/ ,900,000 31/12/ Freehold 28/02/ ,100,000 31/12/ Freehold 28/02/ ,800,000 31/12/ Freehold 28/02/ ,900,000 31/12/ /06/ ,000,000 31/12/ Freehold 13/10/ ,600,000 31/12/ /05/ ,650,000 31/12/ /07/ ,800,000 31/12/ /10/2012 9,550,000 31/12/ /04/ ,400,000 31/12/ Freehold 30/04/ ,500,000 31/12/ Freehold 14/05/ ,200,000 31/12/ Freehold 13/10/ ,400,000 31/12/ /07/ ,700,000 31/12/ /07/ ,358,147 31/12/ Freehold 01/11/2014 1,356,758,147 ANNUAL REPORT LAPoRAN TAHUNAN

52 property portfolio portfolio HartanaH 1ST ACQUISITION 1. KpJ ampang puteri specialist hospital building bangunan hospital pakar KpJ ampang puteri No. 1, Jalan Mamanda 9, Taman Dato Ahmad Razali, Ampang, Selangor. 2. KpJ damansara specialist hospital building bangunan hospital pakar KpJ damansara No 119, Jalan SS 20/10 Damansara Utama, Petaling Jaya, Selangor. 3. KpJ Johor specialist hospital building bangunan hospital pakar KpJ Johor No. 39-B, Jalan Abdul Samad, Johor Bahru. 4. puteri specialist hospital building bangunan hospital pakar puteri No. 33, Jalan Tun Abdul Razak (Susur 5), Johor Bahru, Johor. 5. KpJ selangor specialist hospital building bangunan hospital pakar KpJ selangor Lot 1, Jalan Singa 20/1, Section 20, Shah Alam, Selangor. 50 ANNUAL REPORT LAPoRAN TAHUNAN 2011

53 property portfolio portfolio HartanaH 1ST ACQUISITION (con t) 6. KpJ Ipoh specialist hospital building bangunan hospital pakar KpJ Ipoh No. 26, Jalan Raja DiHilir, Ipoh, Perak. 2ND ACQUISITION 1. KpJ perdana specialist hospital building bangunan hospital pakar KpJ perdana No. PT 37 and PT 600, Jalan Bayam, Section 14, Kota Bharu, Kelantan. 2. Kuantan specialist hospital building bangunan hospital pakar Kuantan No. 51 Jalan Alor Akar, Taman Kuantan, Kuantan, Pahang. 3. sentosa medical Centre building bangunan pusat perubatan sentosa No. 36 Jalan Chemur Damai Complex, Kuala Lumpur. 4. KpJ KaJang specialist hospital building bangunan hospital pakar KpJ KaJang Jalan Cheras, Kajang, Selangor Darul Ehsan. ANNUAL REPORT LAPoRAN TAHUNAN

54 property portfolio portfolio HartanaH 2ND ACQUISITION (con t) 5. Kedah medical Centre building bangunan pusat perubatan Kedah Pumpong, Alor Setar, Kedah Darul Aman. 3RD ACQUISITION 1. damai specialist hospital building bangunan hospital pakar damai Lorong Tepus 1, off Jalan Damai, Kota Kinabalu, Sabah. 2. KpJ penang specialist hospital building bangunan hospital pakar KpJ penang PT 799, Jalan Perda Utama, Bandar Perda, Bukit Mertajam, Pulau Pinang. 3. tawakal hospital building bangunan hospital tawakal No. 202A, Jalan Pahang, Kuala Lumpur. 4. KpJ tawakkal specialist hospital building bangunan hospital pakar KpJ tawakkal Jalan Pahang Barat/ Jalan Sarikei, Kuala Lumpur. 52 ANNUAL REPORT LAPoRAN TAHUNAN 2011

55 property portfolio portfolio HartanaH 3RD ACQUISITION (con t) 5. KpJ seremban specialist hospital building bangunan hospital pakar KpJ seremban Lot 6219 & 6220, Jalan Toman 1, Kemayan Square, Seremban, Negeri Sembilan. 6. taiping medical Centre building bangunan pusat perubatan taiping No. 39, 41, 43, 45, 47 & 49, Jalan Medan Taiping 2, Medan Taiping, Taiping, Perak. 7. KpJ InternatIonal College building bangunan KoleJ antarabangsa KpJ PT 17010, Persiaran Seriemas, Kota Seriemas, Nilai, Negeri Sembilan. 8. selesa tower menara selesa Hotel Selesa and Metropolis Tower (Selesa Tower), Jalan Dato Abdullah Tahir/ Jalan Tebrau, Johor Bahru. 9. bukit mertajam specialist hospital building bangunan hospital pakar bukit mertajam No. 565, Jalan Sungai Rambai, Bukit Mertajam, Pulau Pinang. ANNUAL REPORT LAPoRAN TAHUNAN

56 property portfolio portfolio HartanaH 4TH ACQUISITION 1. rumah sakit bumi serpong damai building bangunan rumah sakit bumi serpong damai Jl. Letnan Soetopo, Kavling Komersil III-1A No. 7, Bumi Serpong Damai, Tangerang, Banten, Indonesia. 2. rumah sakit medika permata hijau building bangunan rumah sakit medika permata hijau Jalan Raya Kebayoran Lama No. 64, Sukabumi Selatan, Kebon Jeruk, Jakarta Barat, Indonesia. 5TH ACQUISITION 1. Jeta gardens Jeta gardens 27 Clarendon Avenue, Bethania and 86 Albert Street, Waterford. 54 ANNUAL REPORT LAPoRAN TAHUNAN 2011

57 FINANCIAL STATEMENTS 56 Managers' Report 60 Statement by the Managers 61 Statutory Declaration 62 Trustee s Report 63 Syariah Committee Report 64 Independent Auditors Report 65 Statements of Comprehensive Income 67 Statements of Financial Position 68 Statement of Changes in Net Asset Value 70 Statements of Cash Flows 71 Notes to the Financial Statements Selesa Tower - Johor Bahru

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