Gamuda BerhadKVMRT – Firmly in the Driving Seat

Q2 2012 INVESTORS’ BRIEFING28 March 2012

INCOME STATEMENT SUMMARY(RMmil) HY 2012 HY 2011 Change

(%)Revenue 1411.3 1241.4 +14Profit from operations (EBIT) 273.2 163.6 +67Finance Costs (33.4) (30.6) +9Share of associates (net of tax) 115.7 102.0 +13Profit before tax 355.4 235.0 +51Tax (74.1) (47.6) +56Minority Interests (12.6) (4.9) +159Net profit attributable to equity holders 268.8 182.5 +47Fully diluted EPS (sen) 12.7 8.6Dividend per share (sen) 6.0 6.0

EBIT margins (%) 19.4 13.2PBT margins (%) 25.2 18.9

BALANCE SHEET SUMMARY(RMmil) As at 31 Jan ’12 As at 31 Oct ’11Current Assets 4,282.3 4,439.3Current Liabilities 2,130.7 2,095.3Current Ratio 2.0x 2.1x

Total borrowings 1,999.7 1,949.7Cash and marketable securities 1,197.5 1,385.6Net cash (802.2) (612.5)

Share capital 2,069.3 2,065.6Reserves 1,763.5 1,747.8Equity attributable to equity holders 3,832.8 3,813.4

Net gearing (overall) 21% 16%Net assets per share (RM) 1.85 1.85

QUARTERLY SEGMENTAL PROFITS(RMmil) Q211 Q311 Q411 Q112 Q2 `12 Q2 `11 +/-Construction & Eng 28.0 48.2 41.3 43.5 58.5 28.0 +109Properties 32.4 52.7 38.9 58.8 71.8 32.4 +122Expressways 19.5 12.0 37.1 30.1 17.2 19.5 -12Water 45.4 45.5 33.8 35.5 40.8 45.4 -10

Group Pretax Profit 125.3 158.4 151.1 167.1 188.3 125.3 +50Group Net Profit 94.0 116.6 126.2 132.3 136.5 94.0 +45

% HY ‘12 HY ‘11Construction 12.4 6.2Properties 23.6 17.6Expressways 23.5 22.2Water n.a. n.a.Group PBT 25.2 18.9

Pretax Margins(RMmil) HY ‘12 HY ‘11 +/-Construction 102.0 53.8 +90Properties 130.6 58.4 +124Expressways 47.3 34.9 +36Water 75.5 87.9 -14Group PBT 355.4 235.0 +51

YTD Segmentals

KEY HIGHLIGHTS• RM8.2bn tunnel contract clinched – JV emerged as Best

Evaluated Tenderer with superior design and lowest cost, outbidding all foreign contenders outright

• PDP agreement signed – 6% fee, RM2.85bn reimbursables, 15% contingency sum, Owner’s, PDP’s responsibilities outlined

• Stellar 1HY – construction, properties profits double; further margin expansions achieved, stronger 2HY expected

• Property sales grow further – RM870m (+50%) new sales in 1HY, local sales achieve targets, Vietnam showing mixed results

• Strong response to Gamuda City – sell-out launches, RM220m sales achieved in first 4 months, accelerating new launches, revising up targets

KEY CORPORATE UPDATES

• KVMRT – RM8.2bn tunnel contract clinched; 27 packages worth RM10.5bn (53%) awarded to date; 16 more tenders in progress; another 45 packages to be awarded by Oct 2012 (85%)

• PDP agreement signed – 6% fee with RM2.85bn reimbursable costs, 15% contingency sum

• Upcoming 2 MRT lines unveiled; MRT2 Orbital Line – 41km, 30 stations; MRT3 North-South Line – 46km, 24 stations; scheduled to be implemented in 2HY 2013

• RM870m new property sales achieved in 1HY (+50%) - comprising RM620m from Malaysia and RM250m from Vietnam; maintaining overall sales targets for this year

PDP AGREEMENT – KEY HIGHLIGHTS • 6% fee with RM2.85bn fixed reimbursable costs, 15%

contingency sum for potential cost overruns• Both Owner and PDP can utilize contingency sum (with joint

consent) but subject to several clearly defined exclusions• PDP to deliver fully functional and operating railway system

within agreed Target Cost and Completion Date• PDP responsible for all contractors’ performances, failing

which PDP has the obligation to step-in and self-deliver works• Owner responsible for obtaining all approvals, delivering site

possession on time, making payments for all work done• PDP’s fee will be reduced if project cost exceeds Target Cost;

LAD of RM0.5m imposed per day of delay• Target cost is aggregate value of all awarded works + 15%

contingency + reimbursables

CONSTRUCTION ORDER BOOK

Major Projects

Balance works

(RMbn)

Completion Status

Comments% now

completion date

Major OngoingDouble Tracking 1.6 77 2014 Achieving strong margins

Recently SecuredKVMRT Tunneling 4.1 0 2017 Mobilizing

Completing SoonYenso Park STPNDIA – Ph 1, 2}

0.1-

98100

20122012

Preparing for handoverPreparing for handover

• Current active order book about RM5.8 billion

CONSTRUCTION - OUTLOOK

• Significantly stronger Q2 with margins topping 13%; 1HY pretax up 90% to RM102m; 1HY margin doubles to 12.4%;

• Active order book jumps to RM5.8bn with clinching of RM8.2bn KVMRT Tunnel contract (50% share);

• PDP agreement signed with 6% project management fee; all costs covered under RM2.85bn reimbursables;

• Apart from Double-Track, all other projects substantially completed with ongoing preparations for handovers

• Awaiting decision on RM8bn Gemas-JB railway electrification project (Southern Double Track)

• New projects expected to significantly boost sustainable earnings levels over the next 4-5 years

KVMRT: Sg Buloh – Kajang Line

SUNGAI BULOH

KG BARUSUNGAI BULOH

RRIKOTADAMANSARA

TAMAN INDUSTRI SG. BULOH

PJU 5

DATARANSUNWAY

THE CURVE

ONE UTAMA

TTDISECTION 17

SECTION 16

PBD

SEMANTAN

KL SENTRAL

PASARSENI

MERDEKA

BUKITBINTANG

WEST

BUKITBINTANG

EAST

PASAR RAKYAT

COCHRANE

MALURI

TMN BUKIT RIA

TMN BUKIT MEWAH

LEISURE MALL

PLAZA PHOENIX TAMAN SUNTEX

TAMAN CUEPACS

BALAKONG

TAMAN KOPERASI

BDR TUN HUSSIEN ONN

TAMAN MESRA

SAUJANAIMPIAN

BANDARKAJANG

KAJANG

P

P

P

P

PP

P

P

P

P

P

P

DBKLRRI

ONE UTAMA

SEMANTAN

BDR. TUN HUSSEIN ONN

KAJANG

SUNGAI BULOH

KOTA DAMANSARA – MUTIARA

DAMANSARA

COCHRANE

BUKIT BINTANG EAST

MALURI

SPRINT HIGHWAY

GRAND SAGA

HIGHWAY

PASAR RAKYAT

PASAR SENI

SMART Tunnel, Malaysia (RM1.9bn, 2007) • The world’s first dual-purpose stormwater diversion and motorway tunnel• Winner of the prestigious British Construction Industry Award 2008

Kaohsiung MRT, Taiwan (RM1bn, 2006)

PROPERTIES - OUTLOOK• Record-breaking 1HY driven by strong revenue and margin

expansions; PBT more than doubled to RM131m on 68% revenue expansion; PBT margins expanded sharply from 17.6% to 23.6% y-o-y

• New sales of RM870m in 1HY (+50% y-o-y), unbilled sales at RM1.3bn, maintaining FY12 domestic and Vietnam sales targets respectively

• Q2 performance boosted by Celadon City’s land sale to Aeon Co Ltd; partially booked in Q2

• Gamuda City achieves strong response with RM120m sales in first 2 months, RM220m in first 4 months; 1st two launches were sell-outs and 3rd launch almost fully sold; accelerating more launches in coming months; FY12 & 13 sales targets raised

Gamuda City, Vietnam (200ha, RM9bn, 2012-2022)

SALES LAUNCHING PLAN

1st Launch Unit Total GDV(USD)

Year 2012 72 33 mil

Small Terrace (118m2) 48 19 mil

Small Semi-D (189m2) 24 14 mil

Initial Launch

14

Celadon City, Vietnam (80ha, RM5bn, 2011-2018)

16

Plot A7 – Resettlement

Plot A2- Mid-end AptPlot A3-

Mid-end Apt

Plot A4- Mid-end Apt

Commercial Land

Plot A5 – Mid High-end Apt

Plot A6 – Mid High-end Apt

Plot A1– Mid-end Apt

Ring Park

Main Access Road

Cultural Land

Primary & Secondary

School Land

High School Land

Sport Center Land

Kindergarten Land

APPROVED MASTER PLAN

30

INFRASTRUCTURE - OUTLOOK

• Traffic volume growth between 2-4% p.a. for matured expressways (LDP, Sprint Jalan Damansara, Kesas);

• Double-digit traffic growth for less matured expressways (Kerinchi, Pencala Links, SMART)

• 1HY average revenue growth up 9% y-o-y

• Water consolidation exercise still deadlocked; unclear when or how impasse can be resolved

THANK YOUFor any clarification, please email

clarence@gamuda.com.my