1

Investor Briefing

19 April 2013

Table Of Content

• Company Background

• Our Approach

• Plantation Division

• Healthcare Division

• Investment Merits

2

3

Company Background

Share Price @ 16/4/2013 RM4.39

Shares outstanding @ 16/4/2013 246.9m

Market cap @ 16/4/2013 RM1,083.9m

Listing Board Main Market

Listing Date 1969

Price to Book @ 16/4/2013 0.86x

Net assets @ 31/12/2012 RM1,234.5m

Net assets/share @ 31/12/2012 RM5.13

Net Gearing @ 31/12/2012 Net Cash

Major Shareholders @ 30 March 2012 Direct Interest (%)

Terengganu Incorporated Sdn. Bhd. 48.69%

Perbadanan Memajukan Iktisad Negeri Terengganu 13.65%

Share price for the last 12 months (RM)

Share price as at 16 April 2013

4

Company Snapshot

2.50

3.00

3.50

4.00

4.50

5.00

Apr-

12

May

-12

May

-12

Jun-

12

Jul-1

2

Jul-1

2

Aug-

12

Sep-

12

Oct

-12

Oct

-12

Nov

-12

Dec-

12

Dec-

12

Jan-

13

Feb-

13

Feb-

13

Mar

-13

Apr-

13

Key Highlights

5

Future earnings growth underpinned by expansion plans to double plantation landbank size (in five years) and double beds capacity (in three years)

Trading at low valuations – historical PE of 11x (peer average : 18x) and Price to book value of 0.9x (peer average :1.6x)

Committed to rewarding shareholders with dividend policy to distribute at least 30% of net profit

Supported by strong management team with track record in transforming Group since 2004

Historical Milestones

6

1965

Started as plantation management company

1980-2003 Diversified into other

businesses

Plantation (Planted 33,527 ha)*

Healthcare (2 hospitals,71 beds and

3 clinics)

A&W Restaurants

Property

Poultry

Air Ambulance

Rubber Processing

Transportation

Travel Agency

Hotel

Fiber Mattress

2009

Plantation (Planted 33,222 ha)*

Healthcare (3 hospitals, 136 beds)

Poultry

Hotel

2012

Plantation (Planted 40,518 ha)*

Healthcare (4 hospitals, 204 beds)

Since 2004, the Group has streamlined its portfolio to improve strategic core businesses. New management team and rehabilitation programme started.

* Planted landbank size as at end of period

Divested businesses from 2004 onwards

New Management Team

7

En Badrul Hisham Mahari Chief Executive Officer

Bryan Lin Group CEO, Healthcare Division

Led by a team of experienced professionals in their respective fields

• >20 years experience in the health care industry in USA and Malaysia.

• Last position held was as Hospital Group CEO of TMC Life Sciences Berhad managing Tropicana Medical Centre Kota Damansara and Tropicana Medical Centre Penang.

• Holds a Bachelor in Business Administration and Masters Degree with emphasis in Healthcare Administration and Health Education from University of Nebraska-Lincoln, USA.

Haji Ab Halim CEO TDM Plantation

• >35 years experience in estate management.

• Instrumental in Rehabilitation Programme since 2004 which has enhanced TDM’s operational efficiency with better estate practices.

• Holds a MBA and Bachelor in Business Administration (Hons) majoring in Marketing from Universiti Teknologi MARA (UiTM) and Diploma in Agriculture from Universiti Pertanian Malaysia (UPM).

• First appointed as TDM Group General Manager in 2004 and promoted to CEO in 2008.

• Former COO of one of the subsidiaries at UEM Berhad and former CEO of a subsidiary of Multimedia Development Corporation.

• Holds a Bachelor of Science degree in Chemistry from Indiana University, Bloomington, USA, an MBA from Drake University, USA and a Graduate Certificate in Business Research from Newcastle University, Australia.

Amir Mohd Hafiz Chief Financial Officer

• Prior to joining TDM in 2007, previous work experience includes accounting and finance roles in multinational organizations in UK and Malaysia.

• Last position held was with PETRONAS.

• Holds a Bachelor (Hons) in Accounting and Finance from Liverpool John Moores University, UK and a fellow of ACCA, UK.

8

Our Approach

Our approach

Our approach

1. Correct Strategic Direction

2. Enhancing Operational

Efficiency

3. Corporate Social Responsibility

• Enduring success

• Sustainable & above average ROI • Sacrifice the things that we don’t want

to be

• Improving productivity

• Improving service quality

• High performance work design

3P principles, which emphasize:

“Making (more) Profit by developing People and protecting Environment”

Our Approach

9

Strategic Direction

Focus on plantation and healthcare as the core business:

Plantation

• Focus on plantation segment of palm oil value chain - do not go upstream or down stream. (Later on, may do diversification via acquisition of related competencies that reinforces plantation segment).

Healthcare

• Focus on secondary care of community specialist hospitals that operates 80 – 150 beds.

10

Plantation 77%

Healthcare 23%

Revenue contribution in FY2012

Revenue contribution in FY2012

Operational Efficiency

• Flatter Organization

• Performance based compensation

•Emphasize on trainings & developments

Plantation Healthcare

• Cutting edge management techniques

• Hire top class talents

Improve Quality, Productivity & Costs

• Lower cost of delivery • Hire experience post graduate to head

hospital • Improve customer services

• Better estate practices • Quality planting material • Improved asset management

11

Estates rehabilitations

Alpha Improvement in nutrition management Better planting material

Improvement in evacuation management Access - roads, bridges, mechanical buffalo (badang), labor management, etc

Improvement in human capital management Quality training given, improved estate living, competitive remuneration etc

Improvement in the management of assets On going maintenance and upgrading of assets – RM420 mil spent since 2004

12

17% average FFB Yield growth (on the same asset)

CSR Initiatives

1. “Making (more) Profit by developing People and protecting Environment”

2. Firm commitment to shareholders’ wealth

3. Good corporate governance to reduce agency cost

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 AC/ PBT -42% -32% 55% 53% 60% 69% 51% 26% 16% 36% 26% 18%

-60% -40% -20%

0% 20% 40% 60% 80%

Agency Cost / PBT *

*Note: We did not start fat

3P

13

Our Goals

14

To own 100,000 ha of oil palm plantation

No.1 healthcare provider in the East Coast region

Listing of healthcare segment

1

2

3

71 76 106 110 125 136 136

204 204

2004 2005 2006 2007 2008 2009 2010 2011 2012

59,238 60,097 68,073 85,745 102,950 115,870 122,150 144,930 165,622

2004 2005 2006 2007 2008 2009 2010 2011 2012

Since 2004 : Improvements in Plantation & Healthcare Division

15

Driven by better estate practices, quality

planting material and improved asset management

19% 19% 19% 18% 18%

19% 20% 20%

20% 19%

20% 19% 19%

20% 20% 20% 20%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

OER

Annual average = 18.9% Annual average = 19.8%

14 15 14 17 14 14 14 15 15 17 15 17 19 16 17 19 18

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

FFB yield (mt/ha) Annual average = 14.7 mt/ha Annual average = 17.2 mt/ha

+5%

+17%

Plantation

Healthcare Number of patients – record-breaking every year

Number of beds – tripled since 2004

Since 2004, expansion in capacity well-supported with

growth in patient numbers

CAGR – 13.7%

CAGR – 14.1%

11 6 28

-21 -49 -8

6 29 26 23 27

60

141

77

130

222

148

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

PBT (RM million)

Annual average = RM0.2m

Annual average = RM95m

43991%

125 197 228 205

159 145 171 238 230 200 194

267

381 336

394

516 455

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Revenue (RM million)

Annual average = RM182m

Annual average = RM330m

Since 2004 : Improvements in Financial Performance

16 Revenue and PBT are from plantation and healthcare businesses only

+80%

+400x

FY2012 vs FY2011 Financial Review

17

RM’ 000 FY2011 FY2012 y-o-y change

Revenue 515,519 455,258 -12%

Gross Profit 296,489 228,928 -23%

Operating Profit 214,583 148,040 -31%

Profit before tax 221,949 147,807 -33%

PATAMI 162,281 101,417 -38%

EPS (sen) 69.72 41.27 -41%

GP margins 58% 50%

Op profit margins 42% 33%

PBT margins 43% 32%

PATAMI margins 32% 22%

Effective tax rate 26% 31%

• Overall group financial performance was impacted by lower price and production of CPO and Palm Kernel as compared to previous year.

• The higher tax rate was due to bad debt write-offs at one of our subsidiaries pursuant to disposal of TD Poultry. It has resulted in a small profit, however the write-offs have to be added back for tax liabilities calculation resulting in a higher effective tax rate. It is a one off event pursuant to disposal of TD Poultry.

Plantation

18

UPSTREAM

Plantation – Palm Oil Value Chain

19

Seed

production Nursery Cultivation Harvesting Milling

PRODUCTS

• Fresh fruit bunches

• Crude palm oil • Palm kernel

MIDSTREAM PRODUCTS

• Crude palm oil • Palm kernel

DOWNSTREAM PRODUCTS

• RBD* Palm Oil • RBD* Palm Olein • Cocoa Butter

Equivalent Refining Fractionation Oleochemical Esterification Refined

product strorage

• Crude palm kernel oil • Palm kernel cake

• Fatty acid, alcohols, amines, amides

• Glycerines

Crude palm oil bulking

Trading

*Refined Bleached Deodorised

Plantation Division - Overview

20

Terengganu

Nanga Pinoh, West Kalimantan

Age Profile (Malaysia and Indonesia) Plantation Profile

Originally started in Terengganu, expanded into Indonesia in 2007

Total landbank of ~70,000 ha • Planted landbank of ~40,000 ha • 75% are mature, 25% are immature • Remaining unplanted landbank of ~30,000 ha

2 palm oil mills in Terengganu

• Capacity : 60 mt/hour or 600,000 mt/annum

Expect RSPO certification in 2013 as a testament to sustainable practices

New FFB production from new plantings and immature trees will lead to growing revenues over the next five years

Malaysia Indonesia Malaysia + Indonesia

Planted (ha)

- Mature (ha) 30,574 - 30,574

- Immature (ha) 1,863 8,081 9,944

Total Planted 32,437 8,081 40,518

Unplanted (ha) - 29,775 29,775

Total Landbank 32,437 37,856 70,293

Immature (0-3 years)

24%

Young (4-10 years) 9%

Prime-Young (11-15 years)

24%

Prime-Old (16-20 years) 27%

Old (21-25 years) 15%

Very Old (25 years and

above) 1%

Plantation Division – Financial Track Record

21

RM million RM Resilient CPO prices have resulted in sustainable revenue and profits

Growing and stable profit margins as a result of continuous improvements in productivity and efficiency

0

500

1000

1500

2000

2500

3000

3500

- 50.0

100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0

2007 2008 2009 2010 2011 2012

Revenue (LHS) Operating Profit (LHS) CPO Price (RHS)

24%

41% 40% 38%

48%

40%

0%

10%

20%

30%

40%

50%

60%

2007 2008 2009 2010 2011 2012 Operating Profit margin

Plantation Division - FY2012 vs FY2011 Financial Performance

FY2011 FY2012 % change

Revenue (RM’ 000) 425,196 348,573 -18%

Operating Profit (RM’ 000) 203,977 138,049 -32%

Operating Profit margin 48% 40%

Production

FFB Production (mt) 625,760 558,583 -11%

CPO Production (mt) 122,530 112,250 -8%

Yields

FFB Yield (mt/ha) 19.44 18.27 -6.1%

OER (%) 19.58 20.26 +3.5%

Average price

CPO (RM/mt) 3,237 2,946 -9%

Palm Kernel (RM/mt) 2,224 1,677 -25%

Planted hectarage

Terengganu 32,576 32,555 0%

Indonesia 6,575 8,081 +23% 22

• CPO production and CPO price reduced by 9% and 11% respectively.

• During the year, new planting efforts continued in Indonesia 23% increase in planted hectarage there.

• FFB yields declined due to cyclical nature of

industry; seasonal tress stress after a bumper harvest in 2011.

• OER increased as a result of improved efficiency.

23

TDM Berhad Terengganu State (Source: MPOB)

2011 2012 % change 2011 2012 % change

FFB yield (mt/ha) 19.44 18.27 (6.1%) 15.63 15.35 (1.8%)

OER (%) 19.58 20.26 +3.5% 20.15 20.49 +1.7%

• FFB yields continue to remain higher than Terengganu state’s average.

• Higher OER improvements than Terengganu state as a result of improved efficiency.

Yields

Average price

• Consistently able to achieve higher CPO prices than MPOB as a result of good oil quality and improved management of sale contracts (secure placements to good quality clients).

2011 2012

TDM MPOB Diff (RM) TDM MPOB Diff (RM)

CPO 3,237 3,219 +18 2,946 2,764 +182

Palm Kernel 2,224 2,206 +18 1,677 1,522 +155

Our Performance vs. MPOB

Fertilizer and Harvesting Schedule

24

• Peak production period is usually 3Q and 4Q • 1H :2H ratio of production is approximately

40:60

Fertiliser Harvesting

1Q Dependent on weather condition

2Q Normal

3Q Normal Peak period

4Q Low due to monsoon period Peak period

CPO production (‘000 mt)

20.3 24.3

35.9 33.5

20.7 20.4

35.0 36.2

Q1 Q2 Q3 Q4

2011 2012

• Fertiliser schedule is dependent on the weather conditions

• Minimal fertiliser used during monsoon period of Oct – Dec.

• 2013 fertiliser costs will be 5-10% cheaper than 2012 prices (based on confirmation of latest tendered and procurement prices)

Plantation - Future Plans

• New bio-composting plant at Terengganu First plant operational since 2011 Second plant expected to be operational in Q4 2013 Able to produce 24,000 mt of fertiliser/annum translating to 20% savings on annual fertiliser cost

• New sterilization systems at Terengganu

Innovation using latest technology to bring transformational improvement in production process

• Expansion of oil palm plantation

25

Initiatives to further enhance efficiency, production and profitability

70,000 ha 100,000 ha

2018

40,000 ha

Now 2022

Fully planted existing

landbank Enlarged landbank

Plantation - Expansion into Indonesia

26

Target to fully complete plantation of Indonesian landbank by 2018

0.3 1.8

14.7

2000 2011 2050

Source: US International Energy Agency (IEA)

49.1 42.2

24.1 16.7 13.0 8.7 7.4 5.3 4.8 4.0 3.1

Palm

oil

Soyb

ean

oil

Rape

seed

oil

Lard

&ta

llow

Sunf

low

er o

il

Oth

ers

Butt

er

Palm

ker

nel o

il

Cott

onse

ed o

il

Grou

ndnu

t oil

Coco

nut o

il

Consumption (million tonnes)

Source: Oil World 2012

Plantation - Favourable Industry Outlook

1.2

7.2

1982 2011

Source: Standard Chartered Research

Increasing per capita consumption of palm oil (kg)

3.0

6.0 6.9

9.0

1960 2000 2010 2044F

Source: US Census Bureau

Global population to hit 9.0b in approx. 30 years Increasing demand for biofuels (million barrels per day)

Palm oil is the highest consumed oil in the world

27

28

Healthcare

Healthcare - Market Positioning

PRIMARY CARE SECONDARY CARE TERTIARY CARE

Treatment of basic illnesses, routine check-ups, vaccination and dental services.

Delivered on an out-patient basis by physicians, nurses or family doctors.

Consultation by medical specialists, local surgeries, emergency care, diagnostics and imaging services and acute treatment.

Delivered on an inpatient or outpatient basis.

Specialist consultative care, advanced treatment, complex surgery and inpatient care.

Delivered via hospitals and medical centres which have specialized equipment and facilities.

29

Damai Service Hospital

Healthcare - Location of Hospitals

30

Kuantan Medical Centre No. of beds : 84

Kelana Jaya Medical Centre No. of beds : 42

Taman Desa Medical Centre Hospital No. of beds : 45

Kuala Terengganu Specialist Hospital No. of beds : 33

Conveniently located in community neighbourhoods targeting middle income group Offering quality secondary hospital-medical care with a total of 204 beds

Healthcare - Unique Selling Point

31

Physician General Surgeon Obstetric & Gynaecologist Paediatrician Head & Neck Surgeon Orthopaedic &Traumatology Surgeon Radiologist Anaesthesiologist

Our wide range of consultants

Operating Theatre

Investment in latest medical facilities and technology

Radiology Haemodialysis Centre

Intensive Care Unit (ICU)

Labour Room and Nursery

Our hospitals have multi-discipline specialists and full scale facilities

Affordable Rates

Fees are 25% lower than Malaysian Medical Association (MMA) fee schedule

First-mover advantage in East Coast

Occupancy rate Kuantan Medical Centre – 90% Kuala Terengganu Specialist Hospital – 90%

3.0

6.1 7.8

10.7 10.6 10.0

0

2

4

6

8

10

12

2007 2008 2009 2010 2011 2012

42.4 58.0

65.4 78.0

90.3 106.7

0

20

40

60

80

100

120

2007 2008 2009 2010 2011 2012

Healthcare - Financial Track Record

32

Revenue (RM mil)

Profit Before Tax (RM mil)

Profit Before Tax margin

Strong revenue growth driven by increase in number of patients and expansion in capacity

Operating profit affected from 2011 due to acquisition of Taman Desa Medical Centre Hospital

7%

11% 12%

14% 12%

9%

0% 2% 4% 6% 8%

10% 12% 14% 16%

2007 2008 2009 2010 2011 2012

Operating Profit margin

Healthcare Division Performance

33

FY2011 FY2012 % change

Revenue 90,323 106,685 +18%

Profit Before Tax 10,606 9,991 -5%

Profit Before Tax Margin 12% 9%

Number of patients 144,930 165,622 +14%

Number of beds 204 204 0

• Stronger patient numbers led to an increase in revenue.

• PBT impacted by

• Costs for upgrading of services of RM4.0 million

• Payable write back of RM0.8 million in 2011

• Losses at Taman Desa Medical Centre Hospital (acquired in 2011)

Revenue growth

Patients growth

+18% +14%

Healthcare - Analysis by Patient Type

34

Average revenue per person RM

Inpatient 4,648

Outpatient 199

Average revenue - 2012

72% 72% 70%

28% 28% 30%

0%

20%

40%

60%

80%

100%

2010 2011 2012

Inpatient revenue Outpatient revenue

Inpatient vs. outpatient (% of revenue) Inpatient vs. outpatient (no. of patients)

10% 9% 9%

90% 91% 91%

0%

20%

40%

60%

80%

100%

2010 2011 2012

Inpatient Outpatient

~70% of healthcare revenue are generated from inpatients who spend approximately RM5,000 per person

Healthcare – Capacity Expansion

35

2013 2014 2015

Taman Desa Medical Centre Hospital - Completion of

renovation

Commencement of new Kuantan

Medical Centre

Commencement of new Kuala Terengganu Specialist

Hospital

Hospital Current (No. of beds)

New (No. of beds)

Kuantan Medical Centre 84 150

Kuala Terengganu Specialist Hospital 33 130

Taman Desa Medical Centre Hospital 45 90

Kelana Jaya Medical Centre 42 60

Total 204 430 X2

Doubling of beds capacity within three years

2016

Commencement of New Hospital

New Hospital

14.9%

61.0%

24.1%

Low income Middle income High income

Healthcare – Favourable Industry Dynamics

36

*Source: World Health Organization (WHO)

Large middle income group

*Source: Department of Statistics Malaysia *Source: Population projections by IMF, Frost & Sullivan

57 60 63 66 68

32 31 29 28 27

2011E 2012F 2013F 2014F 2015F

Projected beds supply ('000) Beds shortfall ('000)

Significant supply shortage of beds

Increasing spending on health

Malaysia Regional Average

Change in lifestyle – resulting in rise in diseases

Growing life expectancy

Malaysia’s growing young population

(< RM1,249) (< RM 4,999) (> RM 5,000)

37

Investment Merits

Committed to Rewarding Shareholders

38

• Dividend policy to distribute at least 30% of net profit as dividends

• Continue to distribute growing dividends despite lower profits in 2009 & 2012

5.5

10.5 12.0 13.5

21.5 22.0

-

5.0

10.0

15.0

20.0

25.0

2007 2008 2009 2010 2011 2012

Dividend (sen)

30.7% 23.1%

47.9%

32.6% 30.8%

53.3%

3.5% 8.5% 7.3% 4.7% 4.6% 5.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

2007 2008 2009 2010 2011 2012

Dividend payout ratio Dividend yield

Recent Corporate Exercises Announced

• Key Issues – Trading lower than fair market

value – Low PE and discount to NTA

compared to peers

39

• Our Goals – Achieve fair market value – Ultimately lowering cost of capital – Fund expansion via both debt and

equity instruments

• Proposed Solutions – Close the gap of discounts

• Improve marketability and liquidity

– After gap eliminated, TDM will be in better position to utilise equity instruments ie private placements

• To fund more growth • Add liquidity into the market

Rationale

As at 16 Mar 2013

After proposed bonus issue (1-for-5)

After proposed share split (1-into-5)

No. of shares 246,943,614* 296,332,336 1,481,661,680

Par value (RM) 1.00 1.00 0.20

Issued and paid-up share capital (RM) 246,943,614* 296,332,336 296,332,336

*including ESOS of 1,176,833 shares of RM1.00 each up to 16 Mar 2013

Effects on share capital

1 1-for-5 Bonus Issue

2

3

1-into-5 Share Split

Share Buy-Back

* Expected to be completed by 3Q2013

Strong Financial Position

40

(RM’ 000) As at 31 Dec 2012 (Unaudited)

As at 31 Dec 2011 (Audited)

Non-Current Assets 1,201,152 1,108,475

Current Assets 314,029 340,585

Current Liabilities 135,562 161,442

Non-Current Liabilities 119,999 91,257

Shareholders' Equity 1,234,478 1,171,493

Minority Interest 23,142 24,868

Borrowings (ST + LT) 30,413 1,490

Cash & Bank Balances 212,554 224,524

Gearing (times) 0.02 0.00

Net Gearing Net Cash Net Cash

Net Assets/Share (RM) 5.13 4.92

Net Tangible Assets/ Share (RM) 5.08 4.89

Peer Comparison

41

No Company Market cap (RM mil)

Trailing 12-months PE (x)

Forward PE (x) P/BV (x) Dividend yield1

(FY2011)

TDM 1,083.9 10.7 n/a 0.9 4.6%

Plantation (similar landbank size)

1 Tradewinds Plantation 2,635.2 22.0 16.1 1.4 3.0%

2 IJM Plantations 2,501.4 24.0 20.1 1.8 3.3%

3 Sarawak Oil Palms 2,489.8 15.6 11.2 1.8 0.8%

4 Hap Seng Plantations 2,167.9 15.5 12.4 1.1 6.6%

5 TSH Resources 1,802.2 23.3 17.1 2.0 1.4%

6 TH Plantations 1,647.4 9.3 15.5 1.5 4.4%

Average 18.3 15.4 1.6 3.3%

Healthcare

1 IHH Healthcare 29,700.1 32.0 41.1 1.7 -

2 KPJ 3,858.6 24.9 23.1 3.6 2.5%

Average 28.5 32.1 2.6 2.5%

Note 1: Share price on date of final dividend announcement Source: Bloomberg as at 16 April 2013

Summary – Investment Highlights

42

Expansion plans underway

Supported by strong management team

Committed to rewarding shareholders

Strong financial standing

• On-track to double beds capacity (to reach 430 beds) by 2016 and to double plantation landbank size (to reach 70,000 ha) in 2018

• Healthy balance sheet – ability to raise borrowings to finance future expansion

• Substantial financial strength to pay good dividends

• Dividend policy to payout at least 30% of net profit

• Track record of growing annual dividends

• Established track record in strategically transforming and growing core businesses

Well-Positioned for Future Growth, Poised to Deliver Long-Term Value

Strong potential for market re-rating

• Trading at undemanding valuations of historical PER of 10.7 x and Price-to-book ratio of 0.9 x

43

Thank You