a ETP, GTP, SRI Report Cards...2014/05/14 · Malaysia : ETP, GTP, SRI Report Cards May 14, 2014 4 Petronas Capex: 5-Year Plan vs Realised in 2011-2013 Petronas Capex: Annual, 2011-2015E

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SEE PAGE 40 FOR IMPORTANTDISCLOSURES AND ANALYST CERTIFICATIONS PP16832/01/2013 (031128)

ETP, GTP, SRI Report Cards

Quantitatively on the right track “Quantitatively” on the right track to become a High-Income

economy.

Issues and challenges are more “qualitative” in nature.

These include closing the performance vs perception gap in the

areas of corruption, crime, cost of living and education, as well

as addressing the issues of productivity and the widening

income gap.

Realised ETP investment point to positive investment growth momentum. Of the MYR219.3b investment committed under ETP, one-fifth has been realised. Actual investment picked up to MYR18.1b in 2013 after dipping between 2011 and 2012. We expect the momentum to accelerate this year onwards as the implementation of “big ticket” projects gather momentum or kick off, especially in infrastructure, oil & gas, Government land development and heavy manufacturing industries. PEMANDU is targeting MYR26.6b to be realised in 2014.

Key quantitative metric showed on track to be “High-Income” economy. Based on the GNI per capita rise since the inception of Economic Transformation Programme (ETP), the target of USD15,000 can be reached by 2018 instead of 2020. GNI per capita was USD10,600 in 2013 vs USD7,950 back in 2009, up 9% annually.

The focus should now be on the qualitative aspects of ETP – “Sustainability” and “Inclusivity”. The other aims of Malaysia’s transformation programmes and reforms are “Sustainability” and “Inclusivity”. On “Sustainability”, the good news is that private sector demand – especially investment – is the main driver of growth, income and employment. However, Malaysia must improve its productivity performance, which lags behind the region’s developing economies in terms of growth and way behind the high-income economies in terms of levels. In addition, no doubt there are progresses in raising the income levels, especially for the workers in the lower income brackets and the bottom-40% of the population. However, income gap is rapidly widening, hence the policy challenge of ensuring no one is left out or left behind – and in providing equal opportunities for all.

The key theme on Strategic Reform Initiatives (SRI) is Government’s fiscal consolidation and reforms. Here, the Government is delivering. Budget deficit to GDP ratio is being steadily reduced (2013: 3.9%; 2012: 4.5%) to meet the targets of 3.5% this year, 3.0% next year and a balanced budget by 2020. Developments in recent months further showed the Government’s commitment e.g. small Supplementary Budget 2014, further energy subsidy rationalisation, legislative passage of the Goods & Services Tax (GST).

“Performance vs Perception” is the main issue for Government Transformation Programme (GTP). For the GTP, which is now in the midst of Phase 2 (2013-2015), the key challenge is to narrow the gap between the officially reported performance and public perception, especially in the areas of corruption, crime, cost of living and education.

Economists

Suhaimi Ilias

[email protected] (603) 2297 8682

Dr. Zamros Dzulkafli

[email protected]

(603) 2082 6818

Ramesh Lankanathan

[email protected] (603) 2297 8685

William Poh

[email protected]

(603) 2297 8683

May 14, 2014 2

Malaysia : ETP, GTP, SRI Report Cards

PART 1: TAKEAWAYS, HIGHLIGHTS, MILESTONES

ETP – Sustaining investment momentum to support growth

Recap on ETP. The Economic Transformation Programme (ETP), unveiled

in Oct 2010 aims to catapult Malaysia into the high-income nation status

via MYR1.4tr of catalytic and strategic investments as well as business

opportunities over the period 2011-2020, where MYR794.5b would come

from Entry Point Projects (EPPs) in 12 National Key Economic Areas (NKEAs

i.e. sectors or industries) to sustain a 6% p.a. growth in Gross National

Income (GNI) to RM1.7tr, raise per capita income to USD15,000 and create

3.3m jobs by the year 2020.

More sedate pace of ETP developments last two years after the initial

surge. In 2013, 47 EPPs were announced bringing in a total investment of

MYR8.0b with the prospect of generating MYR7.4b GNI and 94,702 jobs,

maintaining the moderate pace of ETP progress in 2012 after the maiden

year’s surge back in 2011 following the “front loading” of major projects

especially in the NKEAs for “Greater Klang Valley/Kuala Lumpur” and “Oil

& Gas”. Cumulatively, 196 Entry Point Projects (EPPs) were announced

(vs. 131 originally), with MYR219.3b investment commitments that are

expected to raise MYR173.5b in GNI and create 437,816 jobs.

Tracking the ETP

Key Variables Target Announced

2011-2020 2011 2012 2013 2011-2013

Number of EPPs 131 110 39 47 196

EPP Investment Committed (MYRb) 794.5 179.2 32.1 8.0 219.3

Incremental GNI (MYRb) 961 129.5 6.6 7.4 143.5

New Job Creation 3.3m 313,741 94,702 29,373 437,816

Sources: PEMANDU (ETP Annual Report 2013), Maybank KE

Implementation of ETP investments picked up in 2013. Of greater

importance is the implementation of the announced EPPs and the

investments committed. MYR18.1b of the total committed investment was

realized in 2013, rebounded from the drop to MYR11.6b in 2012 from

MYR13.9b in 2011. They also represented 85% of the ETP investments

targeted for the three years i.e. MYR16.6b in 2011, MYR13.1b in 2012 and

MYR21.7b in 2013. Cumulatively, almost one-fifth of the ETP committed

investments to-date have been actualised in 2011-2013.

Realised ETP investments are expected to accelerate this year onwards

as the implementation of “big ticket” infrastructure and investment

projects gather momentum or kick off. These include progress in Phase 1

of the Klang Valley Mass Rapid Transit or KVMRT (currently at 35% and will

be at peak this year with 80%-90% completion rates for the constructions of

elevated piers/guideways and tunnels as well as the excavations works for

the underground stations) and the launch of Phases 2 and 3 that is pending

Government approvals. In addition, there will be a major ramp up in oil &

gas investment following Petronas’ announcement last month of the final

investment decision last the Pengerang Integrated Complex (PIC), where

the USD16b Refinery And Petrochemical Integrated Development (RAPID)

project as well as USD11b associated facilities are located. Other key

areas include Government land development and heavy manufacturing

industries (especially in the Sarawak Corridor of Renewable Energy or

May 14, 2014 3


SCORE). We understand that PEMANDU is targeting for MYR26.6b of the

committed ETP investments to be realised in 2014.

Overall, ETP investment indicators point to sustained positive

momentum in gross fixed capital formation when juxtaposed with other

key investment indicators such as MIDA’s approved investment and

Petronas capex. In the case of MIDA’s manufacturing investment, a total

of MYR17.1b was approved in 1Q 2014, maintaining the pace in 4Q 2013

(MYR17b), which is more than double the MYR8.4b approved in 1Q 2013,

and accounting for almost one-third of the MYR53b full-year target. At the

same time, Petronas’ oil & gas capex, which has been on the uptrend in

the past three years since its MYR300b five-year capex plan was unveiled,

are expected to accelerate over the next few years on the implementation

of Petronas capex plan as well as the strategic EPPs and catalytic projects

that cut across the industry’s value chain like brownfields’ enhanced oil

recovery (EOR) where Petronas has identified 14 existing fields with

potentials; marginal fields developments; and building regional hubs that

include storage facilities and trading activities.

Cumulative ETP Investment: One-fifth of committed investment has been realised as of end-2013

Annual ETP Investment: Targets vs Realised, 2011-2014E

Source: PEMANDU (ETP Annual Reports 2011-2013) Source: PEMANDU (ETP Annual Reports 2011-2013)

Malaysia: Approved Total Investment (Annual, MYRb) Malaysia: Approved Manufacturing Investment (Quarter)

Source: MIDA Source: MIDA

May 14, 2014 4


Petronas Capex: 5-Year Plan vs Realised in 2011-2013 Petronas Capex: Annual, 2011-2015E (MYRb)

Source: Petronas Source: Petronas

SRI – Fiscal consolidation and reforms the main theme

Recap on SRI. Another key ingredient in Malaysia’s transformation story is

the Strategic Reform Initiatives (SRIs), unveiled in July 2011, as the

enablers to boost the country’s competitiveness. There are 51 measures in

total, of which 14 are embedded directly into their “natural homes” under

the GTP and ETP, while the remaining 37 are grouped into six

implementation clusters i.e. International Standards & Liberalisation (9

policies); Human Capital Development (9 policies); Public Service Delivery

(7 policies); Public Finance (5 policies); Government Role in Business (5

policies); Narrowing Disparities (2 policies).

Fiscal reforms are the main theme for SRI in 2013. The ETP report card

also discussed the milestones on SRI. Overall, 95% of the targets or KPIs

were met in 2013 (2012: 93%). The main agenda for SRI in 2013 was

strengthening further the Government finance as it reiterated its

commitment to pare down the budget deficit to 3% of GDP by 2015 and

achieve a balanced budget by 2020.

Steady improvement shown in public finance since 2010. In particular,

the Government is successful in continuously bringing down the budget

deficit (% of GDP) from 6.7% in 2009 to 5.4% in 2010, 4.8% in 2011, 4.5% in

2012 and 3.9% in 2013, keeping it on track to achieve the above-mentioned

mid-term targets. Part of the improvement came from the enhancement

of tax administration and compliance which resulted in the additional

revenue collections of MYR1.795b in direct taxes and MYR125m in indirect

taxes, exceeding the targets of MYR1.7b and MYR100m.

Developments in recent months further underscored the Government

commitment to put its finance in order:

Restoration of spending budget discipline as per the small 2014

Supplementary Budget of MYR2.4b – a far cry from the average

MYR15.6b per annum in 2010-2013.

May 14, 2014 5


Continued drive on subsidy rationalisation. By the look of things so

far, there seems to be subsidy rationalisation exercise every 3-4

months. To recap, the current phase of subsidy rationalisation started

back in Sep-Oct 2013 with the 10.5%-11% hike in fuel (RON95 & diesel)

prices and the removal of sugar subsidy. This was followed by the 11%

increase in power sector’s gas price and the 14.9%-16.9% increase in

electricity tariff in Jan 2014. The latest round of adjustment was the

industrial gas price supplied by Gas Malaysia, which was raised by 20%

effective this month.

Implementation of GST in motion. GST Bill was approved by both

Houses of the Parliament i.e. the Dewan Rakyat (Lower House) on 7

Apr 2014 and the Dewan Negara (Upper House/Senate) on 5 May 2014.

At the same time, the date for companies to start their GST

registration with the Royal Customs is brought forward to 1 June 2014

from 1 Oct 2014.

Malaysia: Fiscal Deficit (% of GDP) Malaysia: Government Total Spending – Original Budget vs Actual (MYRm)

Sources: BNM, Ministry of Finance Sources: BNM, Ministry of Finance

Overall, the impact of SRI are captured by Malaysia’s improved or

sustained competitiveness. The positive impact of SRI in general and

particular initiatives like improving Public Service Delivery can be seen

from the improved or sustained positions for Malaysia in the majority of

the key competitiveness rankings or surveys as summarized by the table

below. In particular, Malaysia has achieved the top-10 ranking for the

World Bank’s Ease of Doing Business Index well ahead of the targeted 2015.

In addition, UNCTAD’s World Investment Prospect Survey ranked Malaysia

as one of the MNCs’ Top 20 prospective host economies for 2013-2015,

maintaining its position in the top-20 list in the previous survey for rthe

period 2012-2014. At the same time, Malaysia’s position improved to 16th

from 19th.

Malaysia: Competitiveness Ranking

Key Rankings / Surveys 2010 2011 2012 2013 2014

World Bank’s Ease of Doing Business Index * 23 18 12 8 6

World Economic Forum’s (WEF) Global Competitiveness Index 26 21 25 24 -

IMD World Competitiveness Yearbook 10 16 14 15 -

* New methodology in calculating the scores for the index components and thus ranking since 2013

Source: Maybank KE Economics Research

May 14, 2014 6


GTP – Focus invariably falls on the 3C’s – Corruption, Cost of Living & Crime

Recap on GTP. The GTP, which was launched in Apr 2009, represents an

initiative by the Government to improve its performance and delivery in

six National Key Result Areas (NKRAs) – Crime; Urban Public Transport;

Rural Basic Infrastructure; Education; Low Income Households (raising their

living standards); and Corruption. In June 2011, the Government added

Cost of Living as an additional (seventh) NKRA.

104% of KPIs for the NKRAs achieved in 2013 versus 108% in 2012, 131%

in 2011 and 121% in 2010. We reckon the apparent “downtrend” in the

score reflects “diminishing returns” as GTP entered the more challenging

Phase 2 (2013-2015) that involves “higher hanging fruits” and “tougher

fixes” after the strong achievements in executing and delivering the “low

hanging fruits” and “quick wins” in the early years of Phase 1 (2009-2012).

This is also reflected by the sub-100% scores in three NKRAs – “Corruption”,

“Cost of Living” and “Education”, which increased to six NKRAs – except

for “Low Income Household” – when more stringent scoring methods were

applied.

Lowest score in “Corruption” NKRA where only 78% of the KPIs were

achieved. Nonetheless, Malaysia can take heart from the second

consecutive year of improvement in the Transparency International’s

Corruption Perception Index i.e. to 53rd in 2013 from 54th in 2012. This is

the first back-to-back rise in ranking in record.

Malaysia: Corruption Perception Index (CPI)

Source: Transparency International

Continuation of pre-election financial aid programmes underscores

“Cost of Living” NKRA. The cash assistance programmes (BR1M) to low

income household (earning MYR3,000 per month or less) introduced in 2012

was continued in 2013. To mitigate the inflationary – thus cost of living -

impact of the on-going subsidy rationalisation and the upcoming Goods &

Services Tax (GST) under the Government’s fiscal reform, BR1M is

continued in 2014. The amount of BR1M payment per eligible recipients

this year is raised and the coverage is expanded to include the middle

income group earning between MYR3,001 and MYR4,000 a month. The two

other pre-General Election financial aids – “Back to School Assistance” and

“1Malaysia Book Voucher” programmes were also continued together with

BR1M.

May 14, 2014 7


“Education” adds to the GTP delivery challenges on top of “Crime”.

Besides “Corruption” and “Cost of Living”, these two NKRAs will have to

also battle the persistent gap between perception and performance as

public views on the matter are not easily swayed by the numbers

presented in the GTP Annual Reports or updates. Closing this gap in the

said NKRAs will be the challenge to GTP 2.0.

PART 2: OUR VIEWS & THOUGHTS

Quantitatively on track as far as “High-Income Economy” target is

concerned. GNI per capita is rising faster than ETP original trajectory,

implying high-income economy status can be attained before 2020. GNI

per capita rose to USD10,600 in 2013 from USD9,820 in 2012, USD9,508 in

2011 and USD8,126 in 2010 versus the starting point of USD6,700 in 2009.

At the same time, the gap between Malaysia’s GNI and the High-Income

threshold for GNI per capita is narrowing. Mathematically, at the going

rate of increase in GNI per capita over the 2009-2013 period, the target of

USD15,000 – the minimum threshold to achieve a high-income economy

status by 2020 – can be reached by 2018, according to PEMANDU. Indeed,

if the almost 9% p.a. rise in GNI per capita in 2009-2013 period can be

maintained, the USD15,000 level can be reached by end-2017 or early

2018.

Malaysia: GNI per Capita (USD) GNI per Capita (USD): Malaysia vs High-Income Threshold

Source: PEMANDU (ETP Annual Report 2013) Source: PEMANDU (ETP Annual Report 2013)

What about the qualitative aspect of the transformation process i.e.

“Sustainability” and “Inclusivity”? The New Economic Model (NEM) that

led to ETP, SRI and GTP stresses on a balanced growth and development en

route to being a high-income economy. While the country is on track as

far as the quantitative measure or indictor of “High-Income” is concerned,

the other two core values of NEM are “Sustainability” and “Inclusivity”.

Private sector-driven economy and productivity should be the main

foundations of “Sustainability”. The basic tenets of “Sustainability” is a

private sector-led growth to reduce the reliance on – and alter the role of –

the public sector. This should also be driven by productivity, efficiency

and innovation to remove the dependence on unsustainable

competitiveness factors like undervalued currency, subsidies and cheap

foreign labour, on top of a well-managed public finance and preserving the

environment and natural resources.

May 14, 2014 8


Private sector demand – especially investment – main driver of GDP.

Since the inception of the National Transformation Programme, there has

been substantial rise in private sector expenditure’s value and share of

GDP, with the growth of private sector consumption and investment

outpacing those of public sector. Of particular interest, the GDP share of

private investment has increased 17% as of 2013 after being stagnant at

around 12%-13% between 2004-2011, while the GDP share of public

investment has been capped at 10%-11% after being reduced from the

historical high of 15%.

Malaysia: Real Private & Public Expenditures (MYRb) Malaysia: Real Private & Public Expenditures (% of GDP)

Sources: BNM, Department of Statistics Sources: BNM, Department of Statistics

Malaysia: Real Private & Public Expenditures (% chg) Malaysia: Real Private Consumption, Private Investment, Public Consumption & Public Investments (% chg)


Malaysia: Real Private & Public Investments (MYRb) Malaysia: Real Private & Public Investments (% of GDP)


May 14, 2014 9


But still low productivity level and growth. We take the view that

productivity is a crucial indicator in gauging the impact and relevance of

ETP, SRI and GTP on “Sustainability”. Malaysia’s productivity growth last

year was 2%, lower than the other developing regional peers like China

(+7.4%), Thailand (+4.9%) and Indonesia (+4.2%). It can be argued that this

is the function of high base as Malaysia’s productivity level was USD36,139

vs between USD11,000 and USD18,500 for those other middle-and-lower-

income countries. However, the real issue at hand is that Malaysia’s

productivity level gap with the high-income regional economies that

Malaysia aspire to become remains large, as the likes of South Korea,

Japan and Singapore recorded productivity levels of between USD65,500

and slightly over USD100,000 last year.

Asia: Productivity Level & Growth, 2013

Source: PEMANDU (Annual Report 2013)

Consequently, Total Factor Productivity (TFP) contribution to GDP

growth also short of the implied target. Of particular interest is Total

Factor Productivity (TFP) which measures the efficiency and effectiveness

of the economy in utilising factors of production like capital and labour

together with the embedded technologies and skills. In the latest National

Productivity Corporation’s (NPC) Annual Productivity Report (2012/2013),

TFP accounted for 1.6 percentage points or 31% of the 5.1% GDP growth

between 2000 and 2012. In its 2011/2012 Annual Productivity Report, NPC

estimated that Malaysia’s TFP needs grow by an average of 2.3% p.a. until

2020. Against the real GDP growth target of around 5% p.a. for the period

2011-2020 as implied by the high-income growth target, this means TFP

must contribute to around 45% of GDP growth.

“Inclusivity” remains a challenge, although there are positive

developments. “Inclusivity” mainly relates to narrowing disparities,

raising equality in income / wealth distribution and enhancing economic

opportunities for all Malaysians, with special attention given to lifting the

socio-economic well-being and the quality of life of the bottom 40% of the

households.

May 14, 2014 10


Overall, there are positive developments on this front.

For a start, a relevant element under SRI is the implementation of

Minimum Wage, which is fully implemented this year after the partial

implementation in 2013. The statutory inspection on the

implementation as of Mar 2014 showed 97.3% compliance nationwide

with the Minimum Wage i.e. Peninsula Malaysia (97.1%), Sabah (93.7%),

Sarawak (99.4%). PEMANDU also indicated that 84% of the non-

compliant cases have been resolved.

The mean monthly income of the bottom 40% of households rose

steadily to an estimated MYR2,007 in 2013 from MYR1,847 in 2012 and

MYR1,440 back in 2009. The target is to raise this further to MYR2,300

by 2015.

In tandem with the High-Income Economy target, ETP also aims to

move up workers into higher income brackets. In this regards there

are encouraging signal as the percentage of workers earnings less

MYR2,000 and less per month has dropped to 47% as of Mar 2014 from

57% back in 2009. Over the same period, the percentages earnings

between MYR2,000 and MYR4,000 rose to 32% from 28%, between

MYR4,000-MYR10,000 rose to 16% from 14%, and above MYR10,000 rose

to 4% from 2%.

Employees’ share of GDP (nominal) has risen relative to that of

employers and Government shares since 2009. From the latest

available data, GDP share of employees rose to 32.9% in 2012 from

29.3% in 2008, while that of employers dropped to 61.7% from 65.4%.

The Government’s portion was relatively steady at 5.4%. To note,

employees’ cut of GDP is higher in the high-income developed

economies i.e. at around 40% to 50%.

Malaysia: Salary Distribution by Monthly Income Brackets (% Share of Workers)

Source: PEMANDU (Annual Report 2013)

May 14, 2014 11


Malaysia: Employees, Employers & Government Shares of Nominal GDP (MYRb)

Source: EPU

Key policy challenge to “Inclusivity” is ensuring no one is left out / left

behind, and in providing equal opportunities. There is no denying

Malaysia has achieved great progress in reducing poverty and improving the

lot for the low and middle income households. However, one cannot help

but to notice the rapidly widening income gap between the households as

per the chart on mean monthly gross household income below. The trend

in mean monthly gross household income is also somewhat at odd with the

Gini coefficient statistics that pint to improving equality over time. The

policy focus will have to be in ensuring no one is “left out” or “left

behind”, as well as providing equal opportunities for all to benefit, from

the nation’s economic development that increases income and wealth.

Malaysia: Mean Monthly Gross Household Income (MYR)

Sources: EPU, Department of Statistics

May 14, 2014 12


Malaysia: Gini Coefficient

Gini coefficient measures the degree of equality / inequality in income distribution. A figure of “1.0” / “0” indicates perfect inequality / equality. Falling / Rising trend indicates

rising / falling equality or falling / rising inequality.

Sources: EPU, Department of Statistics

May 14, 2014 13


Appendix 1: ETP – Targets & Achievements

ETP scored 103% in terms of the KPI targets set for the NKEAs in 2013

(2012: 118%; 2011: 123%). The “exceed target” result was despite

slower economic growth of 4.7% in 2013 (2012: 5.6%). Resilient domestic

demand (+7.6%) despite contraction in external demand (-22.9%) helped to

support ETP implementation, which in turn sustained the growth in

consumer spending (+7.6%) and private investment (13.6%).

ETP Performance, 2013: By NKEAs and Overall

NKEAs Achievement vs Target (%)

Method 1 Method 2 Method 3

Greater KL/KV 98 88 79

Oil, Gas & Energy 97 85 73

Financial Services 117 97 85

Wholesale & Retail 124 100 100

Palm Oil & Rubber 78 76 59

Tourism 115 98 86

E&E 105 98 90

Business Services 102 91 81

Communication Content & Infrastructure 101 95 79

Education 102 81 67

Agriculture 98 81 64

Healthcare 103 91 89

OVERALL 103* 90* 79*

Notes:

1) Method 1: Actual KPI achievement. If a KPI surpasses its targets, the final results will

be presented as a percentage surpassing 100%.

2) Method 2: Under this method, any achievement surpassing target is capped at (i.e. reported as) 100%.

3) Method 3: KPI targets that were met or exceeded are graded 1, those achieving over

half of their targets are graded 0.5, and those with less than half their targets are graded 0.

* Simple average calculated by Maybank KE

For more details on the KPI targets and achievements, please refer to the Appendix Source: PEMANDU (ETP Annual Report 2013)

May 14, 2014 14


ETP – 2013 Key Performance Indicators – Greater Kuala Lumpur / Klang Valley

No KPI Target (FY) Actual (YTD) Achievements

EPP1 Conclude Letter of Intent for 10 MNCs OHQ relocation in GKL/KV

10 15 150%

EPP2 Employment committed 600 610 102%

Number of approved application under Returning Expert

Programme 1,200 900 75%

Number of approved application under Residence Pass-Talent

Programme 800 859 107%

New JPA scholars under STAR Programme 400 424 106%

Number of internship places filled under Structured Internship Programme

10,000 10,824 108%

EPP3

HSR Phase 1B Feasibility Study complete findings by June 2013 to include:

(i) Economic benefit analysis

(ii) Strategic implementation plan (iii) Required technical/engineering components

100% 100% 100%

EPP4

MRT Line 2 & Line 3 – Completion of Final Implementation Plan

after agreement with the relevant stakeholders for

EC/Cabinet’s decision

100% 100% 100%

Completion of elevated guideway foundation 72% 78% 108%

Tunnel Boring Machines (TBM) delivered to site 10 7 70%

Seven underground station excavation 50% 54% 108%

EPP5 Installation of wastewater Treatment Plants at 3 wet markets

(Pasar Borong Selayang, Jalan Klang Lama & Pasar Air Panas) 100% 100% 100%

Installation of additional gross pollutant traps 69 69 100%

Percentage reduction in oil & grease levels from 83 communal

grease traps installed at MPS and MPAJ hawker centres 92% 99.98% 109%

Construction of 14 packages 90% 91% 108%

Construction of Gross Pollutant Traps (GPT), log boom & trash

rakes 358 371 117%

Installation of Oil & Grease Trap for 14 sites (MPS) 50% 82.64% 165%

Percentage completion of 4 construction packages:

(i) Rehabilitation of existing sewerage pipe network in KL (Package G06)

(ii) Rehabilitation of existing sewerage pipe network in KL and

Selangor (Package G07)

(iii) Upgrading of 4 Sewerage Treatment Plant at Gombak, Selangor (Package B21)

(iv) Upgrading of 2 Sewerage Treatment Plant at Gombak,

Selangor (Package B22)

59% 59.17% 100%

EPP6 Number of trees planted 30,000 36,246 121%

Tree sponsorship from private sectors 5,000 11,460 229%

EPP7 Completion of Heritage Trail 2 and 3 100% 86% 75%

Upgrading Masjid Jamek 100% 100% 100%

Malaysia Truly Asia Centre (MTAC): Completion of Land

matters, authority approvals and PM Announcement 50% 25% 50%

Countdown Clock to year 2020 50% 45% 90%

EPP8 Upgrade of non-covered pedestrian network system (km) 12 11.87 99%

EPP9 Setting up of composting or anaerobic digestion facility for

food wastes

To start T&C of AD

Facility 60% 60%

Setting up of Construction and Demolition Waste Facility

Begin operation by

1st Dec 2013 100% 100%

98

Source: ETP Annual Report 2013

May 14, 2014 15


ETP – Critical targets for 2014 – Greater Kuala Lumpur / Klang Valley

Greater Kuala Lumpur / Klang Valley 2020 Target

Incremental GNI Impact MYR190 b

Additional jobs 0.32 m

To achieve rank of 75 on the Liveability Index

MNC Attraction

Letter of Intents concluded for MNCs to set up Regional Headquarters/Regional Hub activity in GKL is targeted at 13

Targets 600 employment generation under Greater KL/KV

Talent Attraction

The Returning Expert Programme aims to see 1,200 expats return to Malaysia

The Residence Pass Programme targets for 1,000 approved passes

The STAR Programme aspires to have 2,000 JPA scholars

The Structured Internship Programme aims to attract 12,000 interns

The GEMS & Upskilling initiatives targets 7,000 participants

High Speed Rail (HSR)

Completion of Detailed Environmental Impact Assessment study along proposed HSR alignment

Completion of a Social Impact Assessment study along the proposed HSR alignment

My Rapid Transit

Cabinet Complete 90% of piers.

Complete 80% of the elevated guideway foundation

Complete 12,818 metres of the underground tunnel

Complete 80% of underground station excavations

River of Life

Complete 73% of the six construction packages towards sewage facilities

Reduce 80% of rubbish collected by log booms located at SMART

Construction of 14 packages for river cleaning to be 100% completed

Results from water quality monitoring stations meets river Water Quality Index of 60

Complete 25% of interceptor system and collapsible weir construction at Precinct 7

Complete 25% of river beautification works at Precinct 7

Iconic Places

Attain 10,000 local and international tourists from the Heritage Trails

Pedestrian Walkway

Upgrade 12km of non-covered pedestrian walkways

Solid Waste Management

100% completion of testing & commissioning of anaerobic digestion plant

Tonnage of construction and demolition waste processed in Sg Kertas facility to be 10,800 metric tonnes


May 14, 2014 16


ETP – 2013 Key Performance Indicators – Oil, Gas & Energy


EPP1 Addition Resources – Million Stock Tank Barrel (MMstb)

Information kept confidential at request of involved party

EPP2 Production from Marginal Field (Oil) - Thousand Barrels per Day

(kbd)

Production from Marginal Field [Gas] - Million Standard Cubic Feet Per Day (MMscfd)

EPP3 Number of explored wells

EPP4 Number of oil trading companies based in Malaysia 6 10 167%

EPP5 Implementation of third party access (Preparation of 4 key

legal frameworks) 100% 90% 90%

EPP6 and

EPP8

Amount of investments made by Oil & Gas Supplier, Services

and Equipment (OGSE) companies (under the purview of MPRC) (RM million)

2,000 1,832 92%

EPP7

Number of first-time bidders (companies) for international

projects in new markets segments (includes new countries or

new segments within the same country)

4 5 125%

EPP9 Reduction in electricity bill through energy management in all

government offices

Begin implementation of

EPC in Government

Buildings

50% 50%

Market share of 5-star appliances 40% 46% 115%

EPP10 Additional amount of grid-connected renewable energy power

plants installed capacity (MW) 150 149.78 100%

EPP13 Completion of Pengerang Integrated Petroleum Complex (PIPC)

Masterplan 100% 100% 100%

Completion of Sipitang Oil & Gas Industrial Park (SOGIP) Masterplan

100% 100% 100%


ETP – Critical targets for 2014 – Oil, Gas & Energy

Oil, Gas and Energy 2020 Target

Incremental GNI Impact MYR 131.4b

Additional jobs 52,300

EPP4

Continuation of GIFT promotion through direct engagement with potential companies and involvement in forums

Close monitoring of committed storage capacity within network

EPP5

Ensuring implementation of third party access (tabling of the new GSA 2013 bill in Parliament by 1Q 2014)

PETRONAS to reach final investment decision for Pengerang RGT

PETRONAS to finalise GSAs for Pengerang RAPID and RGT – at market price

EPP6, 7 and 8

Direct engagement with potential companies for advice and facilitation

Organise/Coordinate/Participate in major international and domestic oil and gas-related forums

- OTC Asia 2014

- OTC Houston 2014

- Financial Forum 2014

EPP9

Continuation of monitoring impact of SAVE programme towards the market share of 5-Star Appliances

EPP10 and 12

Continuation of FiT programme

EPP11

Tabling and passing of new nuclear bill

Facilitate the setting up of new commission under the Prime Minister’s Department

Completion of Nuclear Power Infrastructure Development Plan (NPIDP)

EPP13

Focus on facilitating the establishment of governance structure for PIPC

- Setting up of project management office to monitor and manage initiatives in PIPC - Strategise and facilitate formation of development corporation for PIPC

Facilitation of SOGIP internal and external infrastructure projects


May 14, 2014 17


ETP – 2013 Key Performing Indicators – Wholesale And Retail


EPP1 Number of new hypermarkets 6 6 100%

Number of new superstores 10 11 110%

EPP2 Number of establishments modernized under the TUKAR Programme

500 522 104%

EPP4 Number of workshops modernized under the ATOM programme 120 203 169%

EPP5 New Operational Makan Bazaar site 1 1 100%

EPP6 Identification of one new EPP player 1 1 100%

EPP7 New Operational Virtual Mall 1 1 100%

EPP9 Percentage increase of Cost, Insurance and Freight (CIF) for

328 selected imported finished products (MYR billion) 40% MYR 2.57b

152% MYR 4.61b as at

Sept 2013 179%

EPP10 Identification of one new EPP Player 1 8 100%

EPP11 No. of sub-sectors involved in 1Malaysia Unified Sale 52 55 106%

EPP13 Identification and announcement of new EPP player 1 2 200%


ETP – Critical targets for 2014 – Wholesale And Retail

Wholesale and Retail 2020 Target



500 TUKAR shops

175 ATOM Workshops

End-to-end nationwide virtual mall

Six Hypermarkets and five Superstores

70% utilisation of retail space in Gateway @ KLIA2


ETP – 2013 Key Performing Indicators – Financial Services


EPP1 Increase no. of products and offerings 5 7 140%

Complete regulatory framework on a trading venue for unlisted

firms 100% 100% 100%

Average Daily Value (ADV) -(MYR b) 1.7 1.92 113%

Value of new listings (Including GLC listings) - (MYR billion) 15 36.433 (Oct) 243%

EPP2 Value of issuance (MYR m) on the Exchange Traded Bonds and Sukuk (ETBS)

300 300 (Oct) 100%

EPP3 Issuance of a sustainable social lending framework for DFIs 100% 100% 100%

Issuance of guidelines to increase DFI resource capacity and

capability in advisory R&D 4Q 2013 85% 85%

EPP4 All government payments to be made via electronic funds

transfer 2Q 2013 99.2% 99%

EPP7 Provide proposal and recommendation on the development

of a Mercantile Exchange 4Q 2013 100% 100%

EPP10 Issuance of Shariah Parameters on Mudharabah, Musharakah and

Ijarah 100% 96% 90%

117%


ETP – Critical targets for 2014 – Financial Services

Financial Services 2020 Target



- Launch of crowdfunding platform

- Development of operating rules for National Bill Payment Scheme (NBPS)

- Establish a framework for the provision of basic life insurance and family takaful products through direct channels

- Investor education and awareness programme on Private Retirement Scheme (PRS)

- Finalise the ASEAN Banking Integration Framework (ABIF) for endorsement at the ASEAN Finance Ministers’ meeting


May 14, 2014 18


ETP – 2013 Key Performing Indicators – Palm Oil And Rubber


EPP1 Area of replanting and new planting by independent smallholders

(ha) – land preparation completed 30,000 15,005.44 50%

EPP2 Number of new smallholders cooperatives (launched) 7 7 100%

New area of plantation/smallholders complying with COP/NSGAP/RSPO/ best practice - (ha)

200,000 210,457.39 105%

Increase in national average yield (mt/ha/year) 5.0% 0.7% 14%

EPP3 Number of Cantas taken up by plantations and smallholders 1,500 1,247 83%

EPP4 Number of new palm oil mills certified by MPOB for Code of Practice and other international certification

25 28 112%

Oil extraction rate 21.05% 20.25% 96%

EPP5 Number of new mills built with biogas facility 8 5 63%

Number of new mills connected to national grid 2 1 50%

EPP6 Take-up rate for the oleo derivatives and bio-based acquisition

funds 100% 0 0%

EPP8 Take-up of funds for food & health based products (MYR m) 100% 100% 100%

EPP9.1 Establishment of Malaysian Rubber Budwood Centre 2 2 100

EPP9.2 Area of replanting and new planting by smallholders (ha) 47,000 47,119.12 100%

Malaysian export of natural rubber and compound rubber (million

tonnes) 1.20 1.35 113%

EPP9.3 Malaysian export revenue from latex products (MYR b) 12.85 12.13 94%

EPP 9.4 Production of ekoprena and pureprena (MT) 1,000 714.37 71%

78%


ETP – Critical targets for 2014 – Palm Oil And Rubber

Palm Oil and Rubber 2020 Target

Incremental GNI Impact MYR 230.b (Inclusive Rubber)


Palm Oil

Area of replanting and new planting by independent smallholders to 35,000 hectares

Ensure that 10 cooperatives are able to sell a minimum of 400 metric tonnes of fresh fruit bunch on average per month to maintain

operating sustainability

Improve national oil extraction rate to 21.05%

Encourage uptake of connection to the Feed-in Tariff system by biogas plants

Rubber

Area of replanting and new planting of rubber by independent smallholders to 47,000 hectares

Improving the export of natural rubber and compound rubber to 1.2 million metric tonnes

Establishing the market for Ekoprena and Pureprena as well as ensuring that production is increased to 2,000 metric tonnes


May 14, 2014 19


ETP – 2013 Key Performing Indicators – Tourism


EPP1 Shopping spend per tourist (MYR) 840 769 92%

EPP2 Retail revenue per sq ft (MYR/sq ft) 1.500 1,574 105%

EPP3 Establishment of 2nd outlet center 20 100 100%

EPP4 Complete upgrade of sites with Malaysia Mega Biodiversity Hub

Potential 2 sites 97 97%

Establishment of Rainforest Discovery Centre Confirm sites 100 100%

EPP6 Number of international cruise calls at 6 terminals (Port Klang,

Penang, Langkawi, Malacca, Kota Kinabalu, Kuching) 380 359 94%

EPP7 Number of international tourists at International Events supported by MyCEB

56.800 97,211 171%

EPP8 Establishment of entertainment zones 1 2 200%

EPP9a Number of spa therapists trained/undergoing training 165 150 91%

EPP9b Revenue generated from golf tourism (MYR m) 300 304 101%

EPP10 Number of delegate days for events secured (international delegates only)

195,000 289,867 149%

EPP11

Increment of weekly seats to identified priority countries (China,

Japan, India, Taiwan, Australia, Korea) 17,921 17,921 100%

Increment of weekly seats to new market (France) to be identified by MOT and MOTAC

1,484 1,484 100%

EPP12 Availability of new 4 & 5-stars hotel rooms 4,000 4,173 104%

115%


ETP – Critical targets for 2014 – Tourism

Tourism 2020 Target



Completion of second phase of Johor Premium Outlets

- Development of outlet centre in Sepang

- Concerted development of the cruise industry

- Increase spectatorship to international events

- Setting up of additional Centres of Excellence to train spa therapists

- Increase in number of bids won and number of delegates for MICE

- Expand routes and explore new routes with chartered flights

- Development of more 4-star and 5-star hotels


May 14, 2014 20


ETP – 2013 Key Performing Indicators – Electrical And Electronics


EPP1 Usage of Failure Analysis lab Level 2: Number of companies

that sign service agreement/collaboration research/MOU 20 28 140%

Setting up Wafer Testing Lab 1 1.0 100%

Setting up Waste Treatment Processing Facility 50% 50% 100%

EPP2

Number of high impact projects approved for Advanced

Packaging 3 2.75 92%

EPP3 Number of high impact projects approved on IC Design firms 2 2 100%

IC Design/Green Motion Controller: Commercial agreement

to market the prototype (Green Motion Controller) 100% 100% 100%

EPP4 Number of high impact projects approved for manufacturing of substrates

1 1 100%

EPP1-4 Setting up Eco-Industrial Design Centre 1 1 100%

Number of associations that sign MOU to utilise Eco-Industrial

Design Centre 5 5 100%

EPP10

Number of high impact projects approved for local Solid

State Lighting 2 2 100%

Companies approved as Local Solid State Lighting Champions 2 2 100%

EPP11 Number of high impact projects approved for Test and Measurement

1 1 100%

Setting up Machinery & Equipment Shared Service Facility 1 1 100%

Setting up National Instruments Academy & Innovation

Nucleus (NIAIN) 1 1 100%

EPP13

Number of high impact projects approved for manufacturing

Automation Equipment

2 1.9 95%

EPP16 Number of high impact projects approved for Balance of Systems for Solar Industry

1 1 100%

EPP17

Number of high impact projects approved for Mobile Devices

Companies

2 2 100%

Number of high impact projects approved for Data Storage

Device Production

1 0.9 90%

EPP18

Number of companies approved to manufacture batteries for

electric vehicles

1 1.9 90%

Total investment for NKEA Electrical and Electronics (RM bil) 4.6 8.3 180%

105%


ETP – Critical targets for 2014 – Electrical And Electronics

Electrical and Electronic 2020 Target

Incremental GNI Impact MYR 53.4 b


- MYR 5.1b approved investments for NKEA E&E

- 60% realisation of investments approved since 2011

- 18 quality projects to be approved

- Setup failure analysis level Three lab

- 60% utilisation of wafer testing lab

- Consortium of local LED companies to achieve MYR 80m annual sales

- Development and rollout of application of nanotechnology in thermal management technology for LED application

- Develop Li-ion battery factory for electric vehicles and approve one new EV bus manufacturer

- Eco-Industrial Design Centre (EIDC) to provide 100 rapid prototyping services, complete eco-industrial design projects and establish collaborative programmes with universities


May 14, 2014 21


ETP – 2013 Key Performing Indicators – Business Services


EPP1 Revenue from Airframe business (Fleet Technical

Management, Airframe MRO, Training Centres) -MYR m 2,418 1,361.28 56%

Revenue from Components MRO -MYR m 1,763 1,601 91%

EPP2 Overseas sales revenue - MYR m 1,380 1,592.5 115%

Domestic revenue - MYR m 1,631 1,766.93 108%

Number of new jobs created 10,500 12,034 115%

Number of new KPO companies 4 4 100%

Government Unified Communication (1GovUC) - number of

users 100,000 123,669 124%

Public Sector Data Centre – number of agencies 28 38 136%

EPP3 Data Centre Organisational Certifications 7 7 100%

Total DC services revenue – MYR m 562 518 92%

Revenue generated from main sources of segmentation e.g.

RE/EE/ SWM/GTFS - MYR m 2,000 2,634 132%

EPP4 New investment realised - MYR m 2,000 2,027 101%

Number of green projects approved by banks 45 43 96%

Number of green certificates issued for new applicants under

GTFS 100 71 71%

New loan value approved by financial institutions for GTFS -

MYR million 350 512.2 146%

EPP5

Number of new Specialist Consultant Engineers for pure play

engineering 140 88 63%

Revenue for large pure play engineering services - MYR m 54 40.7 75%

EPP6 Number of jobs created 160 187 117%

102%


ETP – Critical targets for 2014 – Business Services

Business Services 2020 Target



- 15% revenue growth on overseas • sales for Shared Services & Outsourcing

- 25% revenue growth on Data Centre services

- MYR 2b investment realised for Green Technology initiatives

- MYR 400m approved in loan value under Green Technology Financing Scheme (GTFS)

- 224 new specialist consultant engineers in Pure-Play Engineering Services


May 14, 2014 22


ETP – 2013 Key Performing Indicators – Communications Content And Infrastructure


EPP1 Number of hours of digitised content (Hour) 28,000 26,154 93%

Revenue of export from creative content (MYR mil)

600

433.967

Complete 2013

information not available at

time of print

72%

Number of uploaded titles for market access (Unit) 10,000 10,066 101%

EPP3 Get Malaysia Business Online (GMBO): Number of new businesses online (Unit)

50,000 34,040 68%

EPP4 Percentage of schools connected up to 10Mbps (4-10 Mbps

range) (%) 90% 87.69% 97%

Percentage of schools connected up to 4Mbps (2-4 Mbps

range) (%) 100% 100% 100%

EPP5

Health facilities connected with broadband - Accumulative

(minimum of 2 Mbps) (Unit) 3,000 2,850 95%

Health facilities using ICT system (Unit) - cumulative 2,500 2547 102%

EPP6 Online services (%) 70 70.34 100%

Agencies adopting Digital Document Management System

(Unit) 1 1 100%

EPP7

Access to broadband for populated areas in Greater Klang

Valley (GKL) at a minimum speed of 2Mbps -supply (%) 90 88 98%

Access to broadband for populated areas in all States’

capital city at a minimum speed of 2Mbps - supply(%) 50 57 114%

EPP8 Number of new programme sites commissioned (Unit) 1,187 1,250 105%

EPP10 Percentage of bandwidth wholesale price reduction (%) 20 33 165%

101%


ETP – Critical targets for 2014 – Communications Content And Infrastructure

Communications Content and Infrastructure 2020 Target



- To record MYR 600m of revenue from the export of creative content

- To attract MYR 200m total production spent under Film in Malaysia Incentive

- To ensure 100% of schools with Internet connectivity achieve a minimum of 4Mbps and adhere to the service level agreement

- To ensure one additional agency adopts the Digital Document Management System

- To ensure utilisation of My Government Portal through 150,000 logins

- To provide access to broadband for populated areas (Greater KL and major towns) up to a maximum speed of 100Mbps by setting up 130,000 new HSBB ports

- To ensure 20% population coverage for LTE wireless broadband service

- To commission 1,250 new programme sites i.e. Kampung Tanpa Wayar, Pusat Internet 1Malaysia and Time3 Tower

- To reduce an additional 20% of wholesale bandwidth price

- To ensure 25% of project implementation of submarine cables (linking Sabah, Sarawak and Peninsular Malaysia)

- To agree upon a blueprint for rollout of international cable


May 14, 2014 23


ETP – 2013 Key Performing Indicators – Agriculture


EPP1 Total number of new pre-clinical trials started for herbal

products (nutraceuticals, cosmeceuticals and botanical drugs)

5 5 100%

Total revenue generated from sales of herbs from 7 herbal clusters in Penang, Perak, Selangor, Negeri Sembilan,

Malacca and Johor set up in 2011 (MYR)

2,000,000 2,311,210.4 116%

Total number of prototypes ready for commercialisation 3 10 333%

Total number of monographs published 10 9 90%

EPP2 Total production of Edible Bird’s Nest (EBN) (metric tonnes) 150 237.5 158%

Total number of newly registered premises 3,000 1,763 59%

Total number of newly certified EBN premises (SALT) 2,500 1,542 62%

EPP3 Total production of dried seaweed (metric tonnes) 26,000 22,837.47 (Nov) 88%

Total land areas gazetted for seaweed farming 3,000 817 27%

Total seaweed products commercialised from R&D activities 8 12 150%

Total production of ATC and SRC (metric tonnes) 8,640 5 0%

EPP4 Total production of farmed fish (metric tonnes) 37,000 34.290.15 (Nov) 93%

EPP5 Total number of cows inseminated 5,400 253 5%

Total overall conception (AI) & pregnancy rate (NM) 70% 52% 74%

Total population of cattle integrated into palm oil plantation 17,300 15,198 88%

Total production for complete feed (metric tonnes) 35,500 6,972 20%

EPP6 Total production from anchor companies (metric tonnes) 23,000 23,528.55 105%

EPP7 Total export value for premium fruits and vegetables (MYRm) 400 469.29 (Nov) 117%

Establishment of new area for planting of premium fruits (ha)

1,000 980.8 98%

Total investment by private companies (MYR m) 50 51.53 103%

Total production from TKPM and anchor companies (MYR m) 40 70.8 177%

EPP8 Total investment by anchor companies (MYR m) 70 68.7 98%

Total revenue generated by anchor companies (MYR m) 70 76.4 109%

EPP9 Total tonnage of fragrant rice produced (metric tonnes) 2,500 1,230 49%

Total area planted (ha) 750 788 105%

R&D activity conducted for production of new Jasmine and Basmati-type varieties and agronomic packages for both

types by 2013

60% 60% 100%

EPP10 Total new land area amalgamated (ha) 5,000 5,080 102%

Percentage increase in income for farmers under the MADA

amalgamation project 5 11 220%

Completion of tender works for construction of tertiary

irrigation infrastructure 5 2 40%

EPP11 Total land area amalgamated (ha) 5,400 4,879.73 90%

R&D conducted to improve local seed variety to be planted in Batang Lupar

40% 30% 75%

EPP12 Total number of cattles feedlotted in satellite farms 20,000 7,241 36%

EPP13 Total production of milk from cluster (million litres) 15 17.23 115%

Average production of milk per cow per lactation from

clusters under NKEA (litres per day) 15 12.24 82%

EPP14 Formation of Seed Act 40% 39% 98%

Development of markers for CMDV 40% 38% 95%

EPP16 Total revenue generated from project (MYR m) 60 79.6 133%

EPP17 Number of new Pasar Komuniti (PAKAR) operationalised 7 7 100%

Total revenue generated from operational PAKAR (MYR m) 59 64.55 109%

98%


May 14, 2014 24


ETP – Critical targets for 2014 – Agriculture

Agriculture 2020 Target



EPP 1 (High Value Herbal Products)

Six clinical trials started for herbal products (nutraceutical/cosmeceutical/botanical drugs)

EPP 2 (EBN Swiftlet)

Total export of EBN product – 170 metric tonnes

EPP 3 (Mini-Estate for Seaweed)

Percentage increase in productivity per hectare per year – 30%

EPP 4 (Integrated Cage Farming)

Total production of farmed fish by anchor companies (metric tonnes) – 6,500

EPP 6 (Replication of IZAQ)

Total production of shrimps (metric tonnes) – 29,000

EPP 7 (Premium Fruits & Vegetables)

Total production from TKPM and anchor companies (metric tonnes) – 40,000

EPP 8 (Food Park)

Percentage increase of income for SMEs under anchor companies – 10%

EPP 10 (Paddy Farming in MADA)

Percentage increase of income for participants under the project – 5%

EPP 11 (Paddy Farming in Other Granaries)

Total tonnage of rice produced (metric tonnes) – 32,000

EPP 13 (Dairy Clusters)

Total fresh milk produced from cluster under NKEA (million litres) – 17


May 14, 2014 25


ETP – 2013 Key Performing Indicators – Education


EPP1 Student enrolment for private (including NGO) pre-school (4+

and 5+ only) 400,000 386.936 97%

Student enrolment in private childcare (0-3+) 112,550 128.599 114%

EPP2 Number of pre-school teachers receiving diploma study

vouchers 1,000 333 33%

EPP5 Number of SKM qualified private students (including

successful PTPK funding) 31,700 42,482 134%

Percentage of skills programmes accredited which are

compliant to using Code of Practice Skill Programme

Accreditation (COPSPA)

100% 162% 162%

Number of foreign TVET students studying in Malaysia 300 378 126%

EPP7 Number of students enrolled at HEIs in the Islamic Finance

and Business programme 8,200 10,527 128%

Working status of graduates during convocation 80% 64.5% 81%

EPP9

Number of projects reviewed and selected by Agensi Inovasi

Malaysia and Cradle Fund for panel evaluation under the Lab2Market Commercialisation Programme

30 11 37%

EPP10 Number of students enrolled at IPTS in the hospitality and

tourism programme 16,600 12,063 73%

EPP11 Number of students enrolled in EduCity Iskandar Malaysia 1,300 1,701 131%

EPP12 Number of international students enrolled 110,000 102,735 93%

EPP13 Number of students enrolled under the buying places from

established schools/operators 225 452 201%

EPP14 Number of students enrolled in IPTS with cluster contact 80 96 120%

EPP15 Establishment of foreign branch campuses 1 0 0%

102%


ETP – Critical targets for 2014 – Education

Education 2020 Target

Incremental GNI Impact MYR 33.6 b


- Continue to focus on increasing percentage of students enrolled in early childcare and pre-schools through providing fee assistance

- Enhance quality of teacher training by private higher education institutions

- Facilitate improved international student experience through collaborations with EMGS, Immigration Department and other relevant agencies

- Continue to partner with private sector institutions and work with relevant Government agencies to raise attractiveness of Malaysia as a global education hub

- Continue to promote TEVT as an alternative pathway to students in schools and for school-leavers

- Enhance partnership and collaboration between industry as well as private skills training centers and institutes


May 14, 2014 26


ETP – 2013 Key Performing Indicators – Healthcare


EPP1 Percentage of foreign workers with health insurance

(excluding domestic maids and plantation workers) 100% 156% 156%

EPP2 Number of clinical research conducted (Ongoing & New) 460 467 102%

EPP3 Export growth of pharmaceutical products (MYR m) 549 561.02 102%

EPP4 Revenue generated from healthcare travel (MYR m) 630 683.92 (as of mid-

December 2013) 109%

EPP5 New number of non-MOH hospitals that subscribe to this

service 5 1 20%

Case studies of target countries (include go-to-market

strategy) for international insourcing of DSN 3 4 133%

EPP6 Percentage of completion of the work progress for UM Health Metropolis

Targets not set due

to delays in getting Planning Approval

from MBPJ

N/A N/A

EPP7 - 14 Ready for Product Registration for Class A, B, C and D 100% 100% 100%

Ready for registration of Conformity Assesment Body (CAB) 100% 101% 101%

EPP15 - 17.1 Complete processes for the purpose to begin registration of

Integrated Residential Care Centre (IRCC) include amendment of related regulations

25% first draft of the

Act to be completed

and sent to AG

100% AGC has

produced the bare

draft for the Act

100%

103%


ETP – Critical targets for 2014 – Healthcare

Healthcare 2020 Target

Incremental GNI Impact 35,000


The Aged Healthcare Act passed in Parliament by end-2014

Off-take Agreement Incentive of Medical Devices to be ready for implementation by mid-2014

Hovid’s new plant to start construction in 1Q 2014

Biocon to be operational by end-2014

Vigilenz’s construction of a new manufacturing plant in July 2014

UWC’s construction of a new manufacturing plant in Batu Kawan in 2Q 2014

Love on Wheels to start providing services nationwide by end-2014


May 14, 2014 27


Appendix 2: SRI – Targets & Achievements

SRI – Competition, Standards and Liberalisation (Ministerial)

No KPI Target (FY) Actual (YTD) Achievements (%)

1 Number of conformity assessment bodies accredited 50 61 122%

Operationalise National Standards Compliance

Programme Programme operationalised

Soft launch of OSC on 12

Nov 2013 100%

Number of products certified based on Common

Criteria standards 5 5 100%

Number of new Standards Development Agencies appointed

2 2 100%

Food Production Establishments Certified for food

safety assurance system (MeSTI) 400 436 109%

2 Improved Business Process/ Procedures for private

hospitals/ medical specialist clinics

Processes completed and uploaded onto Ministry’s

website

Processes uploaded on

the website 100%

Number of hospitals accredited i) Government Hospitals

20 25 125%

ii) Private Hospitals 10 15 150%

3 Development of criteria documents for eco

products/services 5 5 100%

Number of products with MyHijau label 50 76 152%

Number of agreements between scheme owners/

Certification Bodies and MGTC placed under the

MyHijau label programme

2 3 150%

4 Number of new farms certified under MyGAP

(Formerly known as SALM) 150 313 209%

Number of new farms certified under MyGAP - Aquaculture (Formerly known as SPLAM)

20 32 160%

5 Development of the implementation schedule for regulatory improvement

Dec-13

Implementation schedule

has been drawn up by all

Ministries and Agencies

100%

6 Business Process/Procedures for incineration services

Processes completed and

uploaded onto Ministry’s website


the website 100%

7 Business Process/Procedures for International/

Vocational/Technical Schools

Processes completed and uploaded onto Ministry’s

website


the website 100%

8 Reviewing of market conditions to ensure

consistency with Competition Law

To conduct at least 1 market

review

1 market review

completed 100%

122%


SRI – Competition, Standards and Liberalisation (Non Ministerial)


1 Percentage of Standards Developed within new Timeline (Max of 18 months)

80% of standards Developed within new timeline

11 out of 12 indigeneous

Standards developed

within timeline

115%

2 Number of CNIIs certified to ISMS (cumulative) 150 121 81%

3 Completion of Cyber Security Safety Standards

Regulations Study 100% Final Report Endorsed

Study is at the interim

stage 55%

4 MS development on Halal Gelatin Free and Modified

Capsules

100% (Completion of Public

Comment stage)

Public Comment stage

completed 100%

5 MS development on Halal Palm-Oil Based Emulsifiers 100% (Completion of Public

Comment stage)

Public Comment stage

completed 100%

6

Amendment of the Architects Act 1967 for further

liberalisation of equity conditions and removal of

citizenship requirements

100% Amendments gazetted

Draft amendments

being finalized for

Cabinet approval

30%

7

Amendment of the Engineers Act 1967 for further

liberalisation of equity conditions and removal of citizenship requirements

100% Amendments gazetted

Draft amendments being

finalized for Cabinet approval

30%

8

To allow the validity period to teach to be up to 5

years (through an insertion in the regulations on Education Act 1996)

100% Validity period of

teaching permit up to 5 years operationalised

Extension of validity

period operationalised 100%


May 14, 2014 28


SRI – Public Finance Reform


1 Enhancement of tax administration and compliance - Direct Tax (Inland Revenue Board of Malaysia) (MYR

m)

1,727 1,795 104%

2

Enhancement of tax administration and compliance -

Indirect Tax (Royal Malaysian Customs Department)

(MYR m)

100 125.02 125%

3

Implementation of Accrual Accounting Activities in

2015: Self Accounting Department’s (SAD’s) setup

completed

100 100 100%

4

Widening e-Bidding Scope – Reducing threshold value

from MYR200k to MYR50k for procurement of goods &

services (savings from e-Bidding activities in MYR

million)

20 20.99 105%

5

Eliminate Incompetent Suppliers/Service Providers

(number of taskforce and panel meetings held to

resolve issues and penalise suppliers depending on complaints received - in percentage form)

100% 100% 100%

6 Implementation of GST activities for year 2013 100% 92.5% 93%

112%


SRI – Public Service Delivery


1

Percentage progress of Single Sign- On projects:

Complete development and implemented in 20

Agencies

50% 50% 100%

2 Roll out of real-time monitoring to Ministries/

Agencies 17 17 100%

3 BLESS implementation 100% 100% 100%

4 Number of licences abolished 19 0 0

75%


SRI – Narrowing Disparity


1 Number of new companies in the High-Performing Bumiputera SMEs (HPBS)

330 231 77%

Percentage of year 2013 growth in overall revenues of the TeraS companies

(i) Batch 1 (Year 2012)

(ii) Batch 2 (Year 2013)

12% 7% 58%

Number of new TeraS companies venturing overseas 50 50 100%

2 Number of new potential Bumiputera Corporate

Champions (BCC) implementing vendor programmes 10 10 100%

Number of companies to participate under equity

financing programme 10 13 130%

Number of companies identified and assisted/ groomed under Skim Jejak Jaya Bumiputera (SJJB)

programme

4 4 100%

3 Amount of additional funds being raised from banks

and non-banks (MYR mil) 1.0 0.8 80%

Amount of funds approved by participating banks and

nonbanks (MYR mil) 500 272.89 55%

Number of companies receiving financial assistance from participating banks and non-banks

100 101 101%

Amount of facilitation fund approved (MYR mil) 500 374.4 75%

4 Number of projects funded and facilitated through

Economic Corridors and Central Region 70 70 100%

5 Number of Mega Projects carved out for Bumiputeras 3 4 133%

92%


May 14, 2014 29


SRI – Reducing Government’s Role in Business


1 Number of companies divested 4 1 25%

Two companies under Ministry of Works divested 100% 0 0

One company under Ministry of Youth and Sports

divested 100% 100% 100%

One company under Ministry of Federal Territories

divested 100% 0 0

2

Divestment of GLC companies : 33 companies

2011 - 2012 = 24 companies 2013 and beyond = 9 companies

(Note: Divestment means disposal of shares from

GLIC to private sector through a listing, stake pare down or outright sale)

9 8 89%

57%


SRI – Human Capital Development


1 Macro Manpower Planning (2013-2020) 4 4 100%

Completion of centralised database for labour market analysis ready to be used

100 100% 100%

2 Number of new employers registered with NHRC

portal 5,000 5,556 111%

Number of new trainees attended HR training

programmes 6,000 10,878 181%

3 Completion of report on implementation of minimum

wages by August 2013 100% 100% 100%

4 Gazettement of regulations pertaining to Minimum Retirement Age Regulation 2013

100% 100% 100%

Draft amendments to the Industrial Relations Act

1967 submitted to AG Chamber’s Office 100% 100% 100%

5 Number of placement of corporate women to board

level 20 93 465%

Number of corporate women trained 500 501 100%

6

Number of new childcare centres set up/registered

that meets the conditions and quality set under Child

Care Center Act 1984

900 1,052 117%

Expansion of HRDF Act to include 19 more sectors 100% 80% 80%

Number of child minders trained under Jabatan Kebajikan Masyarakat (JKM)

2,000 2,345 117%

Establishment of a contributory Unemployment

Insurance Scheme (UIS): To complete final report on

UIS

Final Report completed 100% 100%

7 MyProCert Programme 3,000 4,788 160%

Industry-Academia Collaboration (IAC) 8,000 10,662 133%

O&G TEVT Curriculum & Delivery

1. Deliver 4 TVET Downstream Modules in

Skills Training Institutes

- No. of Skills Institutes = 3 - No. of students = 1,002.

Develop Upstream O&G

Curriculum - 3 Disciplines

88.3 88.3%

Re-education & Upskilling

Programmes

Training for- Solar PV

(100)- Biogas/Biomass (25)- Small Hydro (25)

99 99%

105%


May 14, 2014 30


Appendix 3: GTP – Targets & Achievements

Government Transformation Programme (GTP) Performance, 2013: By NKRAs and Overall

NKRAs Actual (%) Budget (RMm) Spending (RMm) % of Budget

Method 1 Method 2 Method 3

Crime 110 97 90 447.7 441.5 99

Low Income Household 111 100 100 345.1 341.8 99

Education 99 89 65 617.7 541.2 87

Rural Basic Infrastructure 120 98 94 3,202.9 2,510.5 78

Urban Public Transport 116 98 88 437.0 356.1 81

Corruption 78 77 60 9.5 8.5 89

Cost of Living 94 92 86 Budget is under existing programmes in respective ministries

OVERALL 104 93 83 5,059.8 4,198.7 83

Notes:

1) Method 1: Actual KPI achievement. If a KPI surpasses its targets, the final results will be presented as a percentage surpassing 100%. 2) Method 2: Under this method, any achievement surpassing target is capped at (i.e. reported as) 100%.

3) Method 3: KPI targets that were met or exceeded are graded 1, those achieving over half of their targets are graded 0.5, and those with

less than half their targets are graded 0. For more details on the KPI targets and achievements, please refer to the Appendix

Source: PEMANDU (GTP Annual Report 2013)

Highlights of Key Outcomes of Government Transformation Programme (GTP) – Reducing Crime

KPIs Target 2011

Actual

2011 Target 2012

Actual

2012 Target 2013

Actual

2013

Crime Reduction in Reported Index Crime (%) 5.0 11.1 5% 7.6% 5% 4.3%

Reduction in Reported Street Crime (%) 40.0 39.7 45% 41.3%

Reduction in TNS "Fear of Crime" Index 50.0 52.8 45% 57.3%

Arrest cases brought to trial 20.0 23.4 25% 34.7% 35% 38.2% Increased public perception on police performance 60.0 70.5 65% 65.7%

Reduce reported House Break-Ins 5% 6.5%

Develop New Safety Perception Index 100% 100%

Outcome:

47%

Public satisfaction with police front line performance 70% 85.7%

100% 110%

Source: GTP Annual Report 2013

Reducing Crime – 2014 Outlook

Modernize the police force

- To outfit PDRM with the best training and equipment available as part of its effort to modernise the police force.

- PDRM will also be looking to bolster its ranks going forward, which will create a more efficient and effective policing force.

Refinement of International Liaison Unit

- Refinement of the already established International Liaison Unit, which aims to build better relationships between international expatriates

in Malaysia and the PDRM.

- This will help the police address issues specific to the expatriate community through the deployment of police personnel that have been properly trained and possess suitable linguistic skills.

Online Case Checking System

- System that will allow the rakyat to check the status of their police reports and complaints.

- The system, among others, is aimed at increasing public satisfaction with police services by creating an efficient status reporting system.

Safe City Monitoring System

- To introduce enhancements and improvements to the existing model.


May 14, 2014 31


Highlights of Key Outcomes of Government Transformation Programme (GTP) – Fighting Corruption

KPIs

Target

2011

Actual

2011

Target

2012

Actual

2012

Target

2013

Actual

2013

No of ministries scoring above 90% in the Procurement

Accountability Index 19 18 22 18

No. of arrest cases brought to trial

25% 34.7%

70% of companies announcing EPPs in Progress Update to sign

the CIP

70 64 100% 100%

No. of people in the database of convicted offenders 100 496 300 395

No. of summons issued vs. Total hours of operations (PDRM Traffic)

13 18

No. of summons settled vs. No. of

summons issued by JPJ 60% 47.53%

TI’s Corruption Perception Index 4.9 4.3 4.9 49%* 55% 50%

Global Corruption Barometer survey on Government actions to

fight corruption (%) 50 49 52 - 60% 31%

Percentage of trials completed within a year 70.0 58.7 70.0% 75.5%

Percentage of government procurement with integrity Pact 80.0 77.0 100% 85%

TNS perception survey on how much enforcement agencies

perceived to be affected by corruption 3.5 2.9 2.75 2.94

Produce a clear procedure for effective implementation of

Whistle Blower Act` 100% 100%

Begin the process of reporting of actual numbers of whistle

Blower case 100% 100%

Percentage of completion of compliance unit activities 60 99 85% 93%

Whistle blower protection awareness and satisfaction survey

result 50% 26.8%

Full-fledge implementation through a prescribed method of the political funding initiative

100% 50%

Commence reporting corruption-related cases under

Whistleblower Act 100% 100%

Indeks Prestasi Integriti Nasional (IPIN – Corruption Score) 6.9 6.8

Increase conviction rate for corruption cases 80% 84.1%

Amendment of Societies Act 1966 to be tabled in Parliament

and Regulations to be gazette and made effective to further

regulate political financing

100% -

Tabling of Auditor General’s Report in every Parliament Session 100% 66.7%

To publish direct negotiation contracts online:

i. Technical

ii. Emergency

iii. Bumiputra Excluding Strategic and Security

100% 100%

Set up of Corruption Prevention Secretariats (Sekretatiat

Pencegahan) in 27 Teachers Training Colleges (Institut

Pendidikan Guru)

27 27

Percentage of Member of Parliament (MP) attendance at the

integrity Training for MPs 50%

33% ( 73 of 111 MPs

attended

training)

78%


May 14, 2014 32


Fighting Corruption – 2014 Outlook

Signing comprehensive integrative pacts for corporates and persons involved in Public-Private Partnership (PPP) projects

- Part of the efforts of the Corporate Integrity System Malaysia requires that all corporates and persons involved in PPP projects sign a

comprehensive integrative pact, which will require vendors ratchet up their internal corruption monitoring systems.

- The pact will ensure that all Government vendors are committed to just and equitable behaviour.

- In addition, an oversight committee consisting of the MACC, Auditor General’s Office, Transparency International and Institute Integrity

Malaysia will oversee these operations.

Inserting the Corporate Liability Provision into the MACC Act 2009

- Aims to dissuade corporations from either directly or indirectly encouraging its employees to engage in corrupt practices. At present, the Act only empowers enforcement officers to charge the individual for corruption, while the organisation that stands to benefit from such

practice is Immune.

- The amendment to the law, which is a recommendation of the United Nations Convention Against Corruption and the Organisation for Economic Cooperation and Development, will make explicit the liability of corporations and organisations for the conduct of staff with

regards to corruption.

- This change is expected to encourage organisations improve their own internal controls and take a stricter policy with regards to unethical behaviour.

Updating the MyProcurement Portal to integrate it with other Government procurement portals

- The MyProcurement online portal set up in GTP 1.0 is meant to be a universal landing page for all Government procurement, but the presence of existing online procurement portals such as ePerolehan and NeTI has prevented the MyProcurement Portal from becoming the

universal landing page.

- There are now on-going efforts to integrate the MyProcurement Portal with other existing Government procurement portals to solve this issue.

Establishing guidelines for middlemen and lobbyists

- The Government is in the midst of drafting guidelines for middlemen and lobbyists in their dealings with the Government.

- The guidelines will provide practical advice such as acceptable gifts, conduct, etc. The guidelines are expected to be ready in 2014.

Incorporating anti-corruption elements into primary and secondary school textbooks

- To inculcate good ethical values in schoolchildren, the Ministry of Education has agreed to include anti-corruption teaching as part of the primary and secondary school curriculum.

- The textbooks for the course are being prepared and will be ready for the 2016 school year.


May 14, 2014 33


Highlights of Key Outcomes of Government Transformation Programme (GTP) – Assuring Quality Education

NKRAs KPIs

Target

2011

Actual

2011

Target

2012

Actual

2012

Target

2013

Actual

2013

Pre-School

/Early Childcare

Pre-school enrollment rate (%) 80.0 77.0 87% 80.5% 88% 81.7%

All public pre-schools to complete the Pre-school

Standard Quality Seld-Assesment 100% 99.2%

Percentage of public pre-school that meet the

minimum Malaysian Preschool Standard based on

the Preschool Standard Quality Assessment

100% -

Linus 2.0 LINUS Literacy Rate (Cohort 1) 95.0 99.0 100% 99.8%

LINUS Numeracy Rate (Cohort 1) 95.0 97.5 100% 99.9%

Ensuring 90% of the Cohort 4, Primary 1 have basic

mastery of language and numeracy skills 90%

90.1%(n)*

81.3% (l)*

LINUS Literacy Rate (Cohort 2) 90.0 95.0 95% 96.3%

LINUS Numeracy Rate (Cohort 2) 90.0 91.0 95% 97.8%

Ensuring 100% of the Cohort 2, Primary 3 have

basic mastery of language and numeracy skills 100%

99.3%(n)*

99.1% (l)*

LINUS Literacy Rate (Cohort 3) 90% 82.2%

LINUS Numeracy Rate (Cohort 3)

90% 91%

Ensuring 95% of the Cohort3, Primary 2 have basic mastery of language and numeracy skills

95% 94.5%(n)* 93.2% (l)*

HPS High Performing Schools 50.0 52.0 100 91 19 (new)

24 (new)

115

(Total)

Maintaining the 91 existing HPS

- 91 91

New Deals New Deals - Primary school principals exceeding

target 3.0 5.0 4% -

Ensuring that 4% of primary school head teachers

or principals meet the requirement to be awarded

New Deal Package

4% 6%

New Deals - Secondary school principals exceeding

target 2.0 4.0 3% 5.5%

Ensuring that 4% of secondary school head

teachers or principals meet the requirement to be awarded New Deal Package

- 4% 6.6%

New Deals - Primary school principals performing below target

8.0 1.2 6% -

New Deals - Secondary school principals

performing below target 10.0 10.9 8% 5.6%

District

and School

Transform-ation Prog

-amme

School improvement programme - Reduce Band 6

& 7 20.0 40.3 20% 43.6%

School improvement programme – Only 2% are classified as Band 6 or Band 7

< 2% 1.7%

School improvement programme - Increase Band 1

& 2 8.0 21.9 8% 27.1%

School improvement programme – At least 35% are

classified as Band 1 or Band 2 >35% 29%

New

Teacher Charter

Evaluate all 410,000 teachers under the new

assessment tool, i.e. the unified instrument (UI) 100% 24.2%

Up skilling

the proficien-

cy of

English

teachers

Ensuring that all English teachers sent for upskilling increase their proficiency by at least

one Band under the Cambridge Placement Test or

equivalent

100% 73.3%

100% 99%


n- numeral, l- literacy

May 14, 2014 34


Assuring Quality Education – 2014 Outlook

English language proficiency and performance

- To support secondary school students through the introduction of differentiated teaching and learning.

- Additionally, out-of-class activities or booster programme also support students proficiency in English, especially in identified “hotspot” schools

Special emphasis on Mathematics and Science

- The Trends in International Mathematics and Science Study (TIMSS) and Program for International Student Assessment (PISA) benchmark tests will be held in October 2014 and March 2015 respectively.

- While it is important to note here that the emphasis is not on testing well, the two tests will be an important external indicator validating

or invalidating the results of the Government’s initiatives.

PPD (Pejabat Pelajaran Daerah) dashboard

- To launch PPD dashboard to all district offices in 2014 and continue to provide remedial training for the remaining 14,000 English language teachers to complete the English Upskilling Initiative slated for GTP 2.0.


May 14, 2014 35


Highlights of Key Outcomes of Government Transformation Programme (GTP) – Low Income Households

KPIs

Target

2011

Actual

2011

Target

2012

Actual

2012

Target

2013

Actual

2013

Reduce number of extreme poor households

Reduce number of poor households

Train and develop women entrepreneurs 100.0 110.0 4,000 4,300 1,000 1,000

To verify and register all eKasih open registration by 31 Dec 2011

100.0 96.0

Increase home ownership among the poor 4,965.0 4,865.0

To ensure ekasih registered poor households participate in the 1

AZAM initiatives 57,793.0 63,147.0 97,393 106,967

To ensure 13,237 existing 1 AZAM participants increase their per

capita income above the poor Poverty Line Income (PLI) 13,237 15,047

To ensure 7,480 existing 1 AZAM participants under KPWKM, increase their monthly income by MYR 200 every month

7,840 7,936

Number of existing 1 AZAM participants who increase their

monthly income by MYR 300 for every 3 months 17,060 18,249

To ensure 100% monthly updating of data in eKasih for all

recipients registered under the 1 AZAM programme 100% 100%

Number of new participants taking part in 1AZAM Programme

35,100 38,663

Number of NGOs/CSOs in collaboration with the 1AZAM programme

25 34

Number of 1AZAM Community/Group Based programme 40 46

Verifying and registering all eKasih open registration

– backlog and 100% of new cases 100% 96% 100% 100%

Housing – Offering low cost houses under DBKL for sale to

current tenants 44,416 35,095

Housing – Restoring abandoned houses and building Rumah Mesra

Rakyat 4,965 4,865

Housing – Rumah Mesra Rakyat 1,500 2,010

Producing half-yearly report on Women entrepreneurs (to identify trends in income generation)

2 2

100% 111%


Raising Living Standards of Low-Income Households – 2014 Outlook

Enhance monitoring of 1AZAM participants

- Surveys will be conducted on a more regular basis upon delivering aid to them rather than on an annual basis.

- Monitors will take note to see if their projects are still ongoing, whether they are generating income, whether they need assistance, etc.

Improving the procurement process

- Confusion over the procurement process has delayed the delivery of aid to recipients and must be addressed going forward.

- Without reliable indication as to when funds can be released for the purchase of equipment or training workshops, scheduling can be a real issue.

Screening of 1AZAM participants

- To enhance the screening of potential 1AZAM participants to ensure that they and their locations are suitable for the business activity for

which they have signed up.

- To direct 1AZAM implementers to improve their pre-implementation and post-implementation screening process to ensure the candidates are suitable.

Cleaning up the eKasih database

- Presently, the eKasih database contains data on low-income persons who have turned down offers of aid. However, they remain listed on the database and have continuously received programming offers from 1AZAM implementers.

- The plan is to clean up the database to ensure that it only contains the names of persons looking for assistance.

Arranging additional support for successful 1AZAM participants:

- Over the last three years, a number of 1AZAM participants have enjoyed success in their new chosen profession. However, they need additional capital to expand their operations, but they tend to be turned down for loans as they may not have the proper supporting

material.

- GTP is considering a proposal to further assist these successful participants via cash-in-kind.


May 14, 2014 36


Highlights of Key Outcomes of Government Transformation Programme (GTP) – Improving Rural Development

KPIs Target 2011 Actual 2011 Target 2012 Actual 2012 Target 2013 Actual 2013

Roads (km) 905.1

(Additional) 1013

1349 (Additional)

1,553 441

(Additional) 719 (163%)*

Water (unit of households)

58,087 (New

Total)

73227 201192

(Additional) 187,567

26,100 (Additional)

31,004 (119%)*

Electricity (unit of households) 26882

(Additional) 27004

39442

(Additional) 41,030

19,811

(Additional) 19,996 (101%)*

Housing (units) 9,146

(Additional) 14365

14564

(Additional) 22,085

7,212

(Additional) 11,021 (153%)*

Road Maintenance (km) 730 1,241 (170%)*

Private-driven fresh fruit and

vegetable farms 2 sites 2 sites (100%)*

Desa Lestari: Number of

villages which are business

ready

10 villages 10 villages

(100%)*

Desa Lestari: Complete design

and procurement (kampung) 19 kampungs

15 kampungs

(79%)*

Rural business challenge

winners 11 winners

11 winners

(100%)*

100% 120%


*Achievement in percentage

Improving Rural Development – 2014 Outlook

Reassess the delivery of basic infrastructure

- See if more rural Malaysians can benefit from additional delivery of paved roads, clean water, reliable electricity and well-built homes.

- The delivery team is en route to completing the delivery of infrastructure as earmarked within the GTP Roadmap 2.0, but improvements

- can always be had,

21st Century Programme (21CV)

- To work on the initiatives contained under the 21CV Workstream to lay the proper foundations required by the programme.

- As 2013 represented the first year of the deployment of 21CV, much groundwork is still required in terms of infrastructure as well as selecting the right participants for the various programmes.

Improvement of the lives of rural Malaysians

- Expect to see greater participation in programmes by the Rural Basic Infrastructure NKRA in the years to come once the basic foundations

have been put in place.


May 14, 2014 37


Highlights of Key Outcomes of Government Transformation Programme (GTP) – Urban Public Transportation

KPIs Target 2011 Actual 2011 Target 2012 Actual 2012 Target 2013 Actual 2013

Public transport modal share (%) 21 16 25% 20%

% of population within 400 metres of public

transport route 70 67 72% 72% 75 71

Customer satisfactory survey 50 53 55% 73% 70 71

Bus peak hour load factor 56 96 70% 87%

KTM Komuter (train) load factor 125 105 100% 53% 70% - 80% 72

KTM Komuter on-time performance during AM

peak 85 95

RapidKL Kelana Jaya LRT line load factor 80 80 80% 83%

Stage bus AM Peak load factor 80% - 90% 73%

AM peak public transport ridership 346,148 321,487 600,000 334,598 400,000 437,525

Weighted average ratio of public journey time

to private journey time 1.70 : 1 1.49 : 1 1.60 : 1 1.43:1

Road safety (Deaths per 10000 vehicle) (road fatalities/10,000 registered vehicles)

3.1 3.2 3.01 2.8

Number of additional parking bays at Klang

Valley Rail Network 1,200 2,602

Number of KL Budget Taxi Fleet – at par with ASEAN Best in Class

3,000 3,172

100% 116%


Improving Urban Public Transportation – 2014 Outlook

Enhancing and improving the level of public transport infrastructure

- Primarily focus is to encourage more commuters to make the switch. This would include : o Fixing the problems with overcrowding in the monorail system,

o Increasing the number of drivers available to operate buses,

o Building more parking facilities at rail stations and o Improving pedestrian linkages within the CBD (Central Business District)

Launch the remaining two GO-KL bus routes in the second quarter of 2014

- To begin construction on the long-delayed ITT Gombak terminal, and to begin work on the first BRT (Bus Rapid Transit) route connecting KL

and Klang.

- Travel time will be a fraction of present commute times taking into consideration traffic conditions.


May 14, 2014 38


Highlights of Key Outcomes of Government Transformation Programme (GTP) – Cost of Living

KPIs

Target

2011

Actual

2011

Target

2012

Actual

2012

Target

2013

Actual

2013 Bantuan Rakyat 1 Malaysia (BR1M) – No. of households to benefit from BR1M

3,400,000 4,179,061

Direct handout to the Rakyak (BRIM 2.0) MYR 5OO for eligible household recipients with total monthly

household income of MYR3,OOO and below 100% 100%

RM250 for eligible single individual recipients aged 21 years old

and above earning MYR2,000 and below monthly 100% 100%

Back To School Incentive – MYR 100 cash assistance for

students enrolled in Primary 1 to Form 5

100% 100%

- % of school completed payout 100% 100%

- Number of school students receiving payment* 5,800,000 5,331,207

MYR200 book voucher for students enrolled in public and private local institution of higher learning, matriculation and Form 6

students – Total value of vouchers redeemed (MYR m)

260 225 100% 100%

Kedai Rakyat 1 Malaysia (KR1M) - Total 60 59 40 40

Menu Rakyat 1Malaysia- Number of restaurants participating 2,000 2,228 1,000

1,100 (100%)*

Klinik 1Malaysia - Total number of clinics in operations 50 81 70

70 (100%)*

Kedai Kain 1Malaysia (KK1M) shops 26

12

(46.15)*

100% 94%


Addressing The Rising Cost of Living – 2014 Outlook

Kedai Rakyat 1Malaysia (KR1M):

- A total of 60 KR1M shops are expected to be setup in 2014.

- Open to interested parties; however big portion of the items sold in the shop needs to be Rakyat 1Malaysia (R1M) items unlike other convenience stores.

- Store owners at present are nonetheless willing to stock a smaller portion of R1M in their inventory to provide a better selection of items to customers without hurting the sales of other more profitable items.

1Malaysia Book Voucher Programme (BB1M):

- Tertiary education students in Malaysia will each receive book vouchers worth MYR 250.

- Some 1.2 million Form Six, matriculation, college and university students will receive the voucher in 2014.

Klinik 1Malaysia

- A total of 50 clinics are expected to be setup in 2014 bringing the total number of clinics to 288 by the end of December 2014.

Back to School Assistance programme

- Every student in Malaysia from Primary One to Form Five in both public and private schools, or a total of about five million students, will

- continue to receive this assistance worth MYR100 each year

The Bantuan Rakyat 1Malaysia cash aid (BR1M):

- The Government is committed to maintaining the BR1M cash assistance to low-income families in the years to come. At the same time, the BR1M will also come with insurance coverage for recipients, which adds another layer of security for the rakyat. The Prime Minister in his

Budget 2014 speech announced that BR1M will be continued, with the amount of the assistance increased to MYR 650 for households earning

MYR 3,000 monthly and below and MYR 300 for singles earning MYR 2,000 monthly and below.

- The programme will also be extended to households earning between MYR 3,000 to MYR 4,000 per month, who will receive cash assistance of MYR 450.

- All BR1M recipients will also receive a MYR 50 contribution from the Group Takaful 1Malaysia (i-BR1M), which will provide them with

- insurance coverage. This initiative provides protection of up to MYR 30,000 to BR1M recipients in the event of death or permanent disability


May 14, 2014 39


Research Offices

REGIONAL

WONG Chew Hann, CA

Regional Head of Institutional Research

(603) 2297 8686 [email protected]

ONG SengYeow

Regional Head of Retail Research

(65) 6432 1453

[email protected]

Alexander GARTHOFF

Institutional Product Manager

(852) 2268 0638

[email protected]

ECONOMICS

Suhaimi ILIAS

Chief Economist

Singapore | Malaysia

(603) 2297 8682

[email protected]

Luz LORENZO

Philippines

(63) 2 849 8836

[email protected]

Tim LEELAHAPHAN

Thailand


JUNIMAN

Chief Economist, BII

Indonesia

(62) 21 29228888 ext 29682

[email protected]

Josua PARDEDE

Economist / Industry Analyst, BII

Indonesia

(62) 21 29228888 ext 29695

[email protected]

MALAYSIA

WONG Chew Hann, CA Head of Research (603) 2297 8686 [email protected] • Strategy • Construction & Infrastructure

Desmond CH’NG, ACA (603) 2297 8680 [email protected] • Banking & Finance

LIAW Thong Jung (603) 2297 8688 [email protected] • Oil & Gas - Regional • Shipping

ONG Chee Ting, CA (603) 2297 8678 [email protected] • Plantations - Regional

Mohshin AZIZ (603) 2297 8692 [email protected] • Aviation - Regional • Petrochem

YIN Shao Yang, CPA (603) 2297 8916 [email protected] • Gaming – Regional • Media

TAN Chi Wei, CFA (603) 2297 8690 [email protected] • Power • Telcos

WONG Wei Sum, CFA (603) 2297 8679 [email protected] • Property & REITs

LEE Yen Ling (603) 2297 8691 [email protected] • Building Materials • Glove Producers

CHAI Li Shin (603) 2297 8684 [email protected] • Plantation • Construction & Infrastructure

KANG Chun Ee (603) 2297 8675 [email protected]

• Consumer

Ivan YAP (603) 2297 8612 [email protected] • Automotive

LEE Cheng HooiRegional Chartist (603) 2297 8694 [email protected]

Tee SzeChiahHead of Retail Research


HONG KONG / CHINA

Howard WONGHead of Research (852) 2268 0648 [email protected] • Oil & Gas - Regional

Alexander LATZER (852) 2268 0647 [email protected] • Metals & Mining - Regional

Alison FOK (852) 2268 0630 [email protected] • Consumer

Jacqueline KO, CFA (852) 2268 0633 [email protected] • Consumer

Karen KWAN (852) 2268 0640 [email protected] • Property & REITs

Osbert TANG, CFA (852) 21 5096 8370 [email protected] • Transport & Industrials

Philip TSE, CFA FRM

(852) 2268 0643 [email protected] • Property & REITs

Ricky WK NG, CFA (852) 2268 0689 [email protected] • Utilities & Renewable Energy

Simon QIAN, CFA (852) 2268 0634 [email protected] • Telecom & Internet

Steven ST CHAN (852) 2268 0645 [email protected] • Banking & Financials

Warren LAU (852) 2268 0644 [email protected] • Technology – Regional

William YANG (852) 2268 0675 [email protected] • Technology – Regional

INDIA

Jigar SHAH Head of Research

(91) 22 6623 2601

[email protected]

• Oil & Gas • Automobile • Cement

Anubhav GUPTA

(91) 22 6623 2605

[email protected]

• Metal & Mining • Capital Goods • Property

Urmil SHAH

(91) 22 6623 2606 [email protected]

• Technology • Media

SINGAPORE

NG Wee SiangHead of Research (65) 6432 1467 [email protected] • Banking & Finance

Gregory YAP (65) 6432 1450 [email protected] • SMID Caps – Regional • Technology & Manufacturing • Telcos

Wilson LIEW (65) 6432 1454 [email protected] • Property Developers

ONG Kian Lin (65) 6432 1470 [email protected] • S-REITs

James KOH (65) 6432 1431 [email protected] • Consumer - Regional

YEAKCheeKeong, CFA (65) 6432 1460 [email protected] • Offshore & Marine

Derrick HENG (65) 6432 1446 [email protected] • Transport (Land, Shipping & Aviation)

WEI Bin (65) 6432 1455 [email protected] • Commodity • Logistics • S-chips

John CHEONG (65) 6432 1461 [email protected] • Small &Mid Caps• Healthcare

INDONESIA

WiliantoIEHead of Research (62) 21 2557 1125 [email protected] • Strategy

RahmiMARINA (62) 21 2557 1128 [email protected] • Banking & Finance

AurelliaSETIABUDI (62) 21 2953 0785 [email protected] • Property

Anthony YUNUS (62) 21 2557 1136 [email protected] • Consumer • Poultry

IsnaputraISKANDAR (62) 21 2557 1129 [email protected] • Metals & Mining • Cement

PanduANUGRAH (62) 21 2557 1137 [email protected] • Infrastructure • Construction • Transport

JanniASMAN (62) 21 2953 0784 [email protected] • Cigarette • Healthcare • Retail

Lucky ARIESANDI,CFA (62) 21 2557 1127 [email protected] • Telcos • Media

PHILIPPINES

Luz LORENZOHead of Research (63) 2 849 8836 [email protected] • Strategy

Laura DY-LIACCO (63) 2 849 8840 [email protected] • Utilities • Conglomerates • Telcos

Lovell SARREAL (63) 2 849 8841 [email protected] • Consumer • Media • Cement

Rommel RODRIGO (63) 2 849 8839 [email protected] • Conglomerates • Property • Gaming • Ports/ Logistics

Katherine TAN (63) 2 849 8843 [email protected] • Banks • Construction

Ramon ADVIENTO (63) 2 849 8845 [email protected] • Mining

THAILAND

Maria LAPIZ Head of Institutional Research Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 [email protected] • Consumer / Materials

Jesada TECHAHUSDIN, CFA (66) 2658 6300 ext 1394 [email protected] • Financial Services

Kittisorn PRUITIPAT, CFA, FRM (66) 2658 6300 ext 1395 [email protected] • Real Estate

SittichaiDUANGRATTANACHAYA (66) 2658 6300 ext 1393 [email protected] • Services Sector

SukitUDOMSIRIKULHead of Retail Research (66) 2658 6300 ext 5090 [email protected]

MayureeCHOWVIKRAN (66) 2658 6300 ext 1440 [email protected] • Strategy

PadonVANNARAT (66) 2658 6300 ext 1450 [email protected] • Strategy

Surachai PRAMUALCHAROENKIT (66) 2658 6300 ext 1470 [email protected] • Auto • Conmat • Contractor • Steel

SuttatipPEERASUB (66) 2658 6300 ext 1430 [email protected] • Media • Commerce

SutthichaiKUMWORACHAI (66) 2658 6300 ext 1400 [email protected] • Energy • Petrochem

TermpornTANTIVIVAT (66) 2658 6300 ext 1520 [email protected] • Property

WoraphonWIROONSRI (66) 2658 6300 ext 1560 [email protected] • Banking & Finance

JaroonpanWATTANAWONG (66) 2658 6300 ext 1404 [email protected]

• Transportation • Small cap

Chatchai JINDARAT (66) 2658 6300 ext 1401 [email protected] • Electronics

VIETNAM

LE Hong Lien, ACCA Head of Institutional Research (84) 844 55 58 88 x 8181 [email protected] • Strategy • Consumer • Diversified • Utilities

THAI QuangTrung, CFA, Deputy Manager, Institutional Research (84) 844 55 58 88 x 8180 [email protected] • Real Estate • Construction • Materials

TRUONG Thanh Hang (84) 844 55 58 88 x 8085 [email protected] • Consumer

Le Nguyen NhatChuyen (84) 844 55 58 88 x 8082 [email protected] • Oil & Gas NGUYEN ThiNganTuyen, Head of Retail Research

(84) 8 44 555 888 x 8081 [email protected] • Food & Beverage • Oil&Gas • Banking

NGUYEN TrungHoa, Dy Head of Retail Research (84) 8 44 555 888 x 8088

[email protected] • Macro • Steel • Real estate

TRINH Thi Ngoc Diep (84) 4 44 555 888 x 8208 [email protected] • Technology • Utilities • Construction

TRUONG QuangBinh (84) 4 44 555 888 x 8087 [email protected] • Rubber plantation • Tyres and Tubes • Oil&Gas

PHAM NhatBich (84) 8 44 555 888 x 8083 [email protected] • Consumer • Manufacturing • Fishery

NGUYEN Thi Sony TraMi (84) 8 44 555 888 x 8084 [email protected] • Port operation • Pharmaceutical • Food & Beverage

May 14, 2014 40


APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS

This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate

and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than

the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.

The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank

Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connec ted parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.

This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking

statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events.

MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit

business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report.

This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.

This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only

under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.

Malaysia

Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.

Singapore

This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.

Thailand

The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the

perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result.

Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect.

US

This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the

Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You

should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations.

UK

This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any

responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

May 14, 2014 41


Disclosure of Interest

Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 14 May 2014, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph

16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 14 May 2014, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS

Analyst Certification of Independence

The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality

of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Definition of Ratings

Maybank Kim Eng Research uses the following rating system

BUY Return is expected to be above 10% in the next 12 months (excluding dividends)

HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)

SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings

The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only

applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

DISCLOSURES

Legal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng

Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines:Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange

Commission. Vietnam: Maybank Kim Eng Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank

KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

May 14, 2014 42


Malaysia Maybank Investment Bank Berhad

(A Participating Organisation of

Bursa Malaysia Securities Berhad)

33rd Floor, MenaraMaybank,

100 JalanTun Perak,

50050 Kuala Lumpur

Tel: (603) 2059 1888;

Fax: (603) 2078 4194

Singapore Maybank Kim Eng Securities Pte Ltd

Maybank Kim Eng Research Pte Ltd

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#39-00 Suntec Tower 2

Singapore 038989

Tel: (65) 6336 9090

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London Maybank Kim Eng Securities

(London) Ltd

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London EC3R 8HY, UK

Tel: (44) 20 7621 9298

Dealers’ Tel: (44) 20 7626 2828

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New York Maybank Kim Eng Securities USA

Inc

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Stockbroking Business:

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Hong Kong Kim Eng Securities (HK) Ltd

Level 30,

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Hong Kong

Tel: (852) 2268 0800

Fax: (852) 2877 0104

Indonesia PT Maybank Kim Eng Securities

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Tel: (62) 21 2557 1188

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Tel: (91).22.6623.2600

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Philippines Maybank ATR Kim Eng Securities Inc.

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Thailand Maybank Kim Eng Securities

(Thailand) Public Company Limited

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Tel: (66) 2 658 6817 (sales)

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Vietnam Maybank Kim Eng Securities Limited

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Saudi Arabia In association with

Anfaal Capital

Villa 47, Tujjar Jeddah

Prince Mohammed bin Abdulaziz

Street P.O. Box 126575

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South Asia Sales Trading Kevin FOY

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