Corporate Presentation

May 2011

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DUTY FREE INTERNATIONAL LIMITED

Contents

1. Business Overview

2. Key Strengths

3. Financial Highlights 4. Outlook

and Strategies

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Business Overview

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DUTY FREE INTERNATIONAL LIMITED

About DFI

One of the largest duty-free trading groups in Peninsular Malaysia backed by 28 years of operating track record

CORE BUSINESS Trading of duty-free

merchandise– 36 “Zon” outlets

Provision of hospitality services– Shopping mall, hotel

and restaurants– International ferry

terminal – golf course

SHAREHOLDING STRUCTURE Completed RTO of Esmart

Holdings in 2011 Majority owned subsidiary of

Bursa-listed Atlan Holdings Bhd Listed on SGX Catalist today

PRIMARY MARKET Peninsular Malaysia Strong presence in all

leading entry and exit points

Hospitality Services: RM51.9m; 9%

Duty Free: RM521.5m;

91%

FY11 Segment Revenue:RM573.3m

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Reverse Take Over of Esmart Holdings

RTO Salient Highlights

Acquired 100% Darul Metro Sdn Bhd (DMSB) and a controlling 74.71% stake in DFZ Capital Berhad (DFZ)

Aggregate consideration of S$285 million satisfied by the allotment and issuance of 905,082,113 consolidated shares and 90,502,811 consolidated warrants

RTO completed on 7 January 2011

Subsequently acquired 100% stake in DFZ via a Mandatory General Offer

Disposed ailing electronics business on 1 February 2011; Change in business to that of DFZ and DMSB

DFZ officially delisted from Bursa on 17 March 2011

Name change to Duty Free International Limited on 24 May 2011

Total number of issued shares as at 28 February 2011: 1,114,124,160

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Shareholding Structure

• About AHB: An investment holding company listed on Bursa Malaysia. Subsidiaries are involved in a wide range of businesses including duty-free trading and retailing, property development and investment, hospitality as well as manufacturing of automotive component parts.

• About DFZ: Principally engaged in the duty-free business and hospitality services• About DMSB: Owns one of the largest duty-fee zone property in Southern Malaysia, the Zon

Johor Bahru1 As at 14 March 2011

Atlan Holdings Bhd (AHB)

Duty Free International Limited (DFI)

DFZ Capital Berhad (DFZ)

Subsidiaries

Darul Metro Sdn Bhd (DMSB)

81.15%1

100%

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Our Business Model

Duty Free Business

Hospitality Business

Retailing of duty-free goods 36 duty-free outlets operated under the “Zon” brand

Operation and management of “The Zon Johor Bahru”, the largest duty free zone in Southern Malaysia

– The Zon Regency Hotel by the Sea – The Zon Mall – The Zon International Ferry Terminal

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What is a Free Zone?

A Free Zone is

– An area declared by the Minister of Finance under the provision of Section 3(1) of the Free Zones Act 1990

– Mainly designed to enable commercial activities and manufacture of goods meant for export to be carried out with minimal customs documentation and formalities

– Deemed as a place located outside Malaysia

– Goods of any description may be brought into a Free Zone for retail trade or otherwise without payment of customs duty, excise duty or sales tax

A duty-free sales outlet has to be either operating within a Free Zone prescribed under the Free Zone Act, 1990 or be issued with a duty-free shop licence under Section 65D of the Customs Act, 1967

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Main Products and Major Brands We Carry

Wines & Spirits Tobacco Goods Perfumes & Cosmetics Chocolates

• Johnnie Walker• Martell• Chivas Regal• Penfold• Hennessy• Benedictine DOM• Jack Daniel’s• Dewars• Glenmorangie• Bacardi• Tiger Beer• Carlsberg• Guinness• Heineken• Royal Stout• Budweiser

• Dunhill• Marlboro• Mild 7• Salem• Kent• Benson & Hedges• Gudang Garam

• Anna Sui• Burberry• Bvlgari• Cacharel• Calvin Klein• Dunhill• Gianni Versace• Giorgio Armani• Givenchy• Guess• Hugo Boss• Issey Miyake • Lancome• Ralph Lauren• Loreal• Revlon • Shiseido

• Ferrero Rocher• Nestle• Hersheys• Toblerone• Cadbury• Danson• Beryls • M&M

Our Main Products are those which… • command stronger brand loyalty thus

demand for them is more inelastic• attract substantial government duties

Incentive to buy due to substantial differences between duty-free and duty-paid prices

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Market Presence36 Strategically Located Outlets in Malaysia

LANGKAWIDuty Free Shopping

3 Retail outlets1 Wholesale outlet

BUKIT KAYU HITAMDuty Free Shopping

4 Retail outletsRecreational Activities

PENANGDuty Free Shopping

1 Retail outlet3 Wholesale outlets

KUALA LUMPURDuty Free Shopping

2 Retail outlets1 Wholesale outlet

RANTAU PANJANGDuty Free Shopping

1 Retail outlet

PADANG BESARDuty Free Shopping

1 Retail outlet

PENGKALAN HULUDuty Free Shopping

1 Retail outlet

MELAKADuty Free Shopping

4 Retail outlets

TIOMANDuty Free Shopping

2 Retail outlets

JOHOR BAHRUDuty Free Shopping

12 Retail outlets AccommodationDepartment StoreInternational Ferry Terminal

Retail outlets: 31

Wholesale outlets: 5

Total outlets: 36

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Duty Free Zone Outlets Bukit Kayu Hitam, Kedah

GBA: Approximate Gross Built-up Area

The Zon Duty Free Outlet• Strategically located at north-eastern Malaysia (Kedah)-Thailand border• 4 retail outlets• GBA of 5,305 sqm• Approx. 770 acres of duty-free vacant land yet to be capitalised and developed

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Duty Free Zone The Zon Johor Bahru

Type of facility Gross Floor Area (million sq ft)

Shopping mall (5 floors) 0.6

Hotel (12 floors) 0.6

International ferry terminal Fun ZonCustoms and Immigration Floating restaurant

0.1

Multi-storey carpark 0.3

Total GFA 1.6

• A full-fledged, all-in-one leisure destination with comprehensive facilities:

– Hotel – MICE facilities– Shopping – Dining – Entertainment – Recreation – Sea travel

• Unique status as the exclusive downtown duty-free area in JB

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The Zon Johor Bahru

The Zon Regency Hotel by the Sea5-star rated 400-room business class hotel with M.I.C.E. facilities

Duty Free GalleryOnly downtown duty-free centre in Southern Malaysia with extensive range of products

The Zon Mall5-levels; approx. 400,000 sq ft of commercial space & 200 retail shop lots

The Zon Department Store Anchor tenant at the Zon Mall; lifestyle shopping concept store after recent makeover

The Fun ZonTop entertainment/F&B hub in JB with entertainment outlets, pubs & bistros

The Zon International Ferry TerminalOfficial entry point in Southern Malaysia with Customs, Immigration & Quarantine facilities

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The Zon Johor Bahru Strategic and convenient location

• Located in the heart of JB city• 10 mins away from Singapore

Causeway by car

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International Airports Outlets Kuala Lumpur and Melaka

Kuala Lumpur International AirportArrival Hall of KLIA with a GBA of 208 sqmAlso Low Cost Carrier Terminal with a GBA of 364 sqm

GBA: Approximate Gross Built-up Area

Melaka Airport2 outlets at Arrival and Departure Halls with GBA of 31 sqm and 14 sqm respectively

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Border Town OutletsPerlis, Kelantan and Perak

Padang Besar, Perlis• GBA of 4,088 sqm• Targets tourists at Padang

Besar entry point

Rantau Panjang, Kelantan • GBA of 483 sqm• Targets tourists at Rantau

Panjang entry point

Pengkalan Hulu, Perak• GBA of 465 sqm• Newly acquired in August

2009

Catering to tourists travelling between Malaysia and Thailand

GBA: Approximate Gross Built-up Area 16

Outlets at Tourist DestinationsLangkawi and Tioman

Langkawi Island, Kedah• 3 retail outlets located at Pantai Cenang, Langkawi Bird Park and Langkawi Cable Car with a total GBA of 2,793 sqm• 1 wholesale outlet at Kuah Town; GBA of 121 sqm

Tioman, Pahang• Arrival Hall of Tioman Airport ;

GBA 52 sqm• Departure Hall of Tioman

Airport ; GBA 31 sqm

GBA: Approximate Gross Built-up Area 17

Sea Ports outletsMelaka and Johor Bahru

Other Outlets

Downtown outletsSelangor, Kuala Lumpur, Penang and Melaka

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Key Strengths

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DUTY FREE INTERNATIONAL LIMITED

Established Market Leader

Largest local duty-free

market position other

than airports

Strong presence at all leading entry and exit points in Malaysia

Monopoly over duty-free business in

border towns and duty-free zones

• Along 4 states bordering Malaysia-Thailand• Johor Bahru duty-free zone

• Airports• Border towns• Downtown• Seaports• Free zones • Tourist destinations

• 36 outlets across Peninsular Malaysia

• Enjoys economies of scale• Capture larger market

share via extensive distribution channels

28 years of operating track record with established relationships with suppliers

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252 276 305

474527 573

2005 2006 2007 2009 2010 2011

Bird Flu

Thailand unrest

Subprime

Stable and Resilient Business

• Stable / inelastic demand for certain products eg tobacco alcohol– Resilient against adverse external factors

• Business sustainability despite threats affecting the tourism industry

Note:•Reflects DFZ’s revenue•*2009: 12-months pro-rated from 1 January 2008 to 31 December 2009 due to change in financial year-end 21

Revenue of DFZ

*

Experienced Management Team

Dato’ Sri Adam Sani bin Abdullah, Non-Executive Chairman

• A self-made entrepreneur in the plantation, insurance, property investment and property management businesses in various countries

• Also Chairman and non-executive director of AHB with a controlling stake since 2000

Saw Lip Piau, Executive Director and CEO

• Over 30 years of managing family business and other businesses

• Joined DFZ in September 2008; under his management, DFI has grown steadily

• Executes strategic business directions set by the Board, and oversees the operations and business development

Lee Sze Siang, Executive Director (Finance and Corporate Services)

• Joined the Group and was appointed to the board in 2000

• Responsible for the financial management and corporate services function, including advising on financial management and compliance matters

Cheah Im Bee, Financial Controller

• Joined the Group in 2006 • Oversees the functions of the

finance department• Has approximately 21 years of

accounting and finance experience

Goh Seng Choon, GM - Group Sales & Marketing

• Over 22 years of experience in sales and marketing and related functions with the Group

• Responsible for sales strategies of retail and wholesale business; operational guidance to outlets in northern Malaysia

Stuart Saw Teik Siew, Assistant GM - Group Merchandising

• Joined the Group in 2004• Oversees DFI’s duty-free

merchandising function

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Financial Highlights

FYE 28 Feb

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DUTY FREE INTERNATIONAL LIMITED

Revenue (RM’ million)

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Change: +8.8%

Profitability (RM’ million)

Profit Before Tax EBITDA Before Exceptional ItemsProfit After Tax

Change: +27.3%

Impact of one-time factors in FY11:• Cost of reverse acquisition written off amounting to RM40.8 million

– Relates to difference between the deemed acquisition cost and the fair value of the net liabilities of the Company arising from the RTO of the Company by DFZ and DMSB

– Professional fees incurred through issuance of warrants for services in arranging and facilitating the RTO exercise• Loss on fair value changes of RM10.7 million relating to warrants issued in connection with the RTO

– Relates to change in the fair value of the warrants issued during the financial year, which are designated as derivative liabilities, against their carrying value.

• EBITDA (excluding exceptional items) increased 27.3% to RM99.4 million in FY11 reflecting the vibrancy of the businesses and better margins

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Change: -17.7%

84.5(excluding exceptional items)

Change: -43.7%

64.5(excluding exceptional items)

Strong Cash Flow Generating Ability

60.0

70.0

FY10 FY11

Net Cash from Operating Activities (RM’mil)

Cash and Cash Equivalents (RM’mil)

Gearing Ratio (Times)FY10 FY11

0.57 0.40

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Dividend Payout Trend

8%

12%

17%20%

FY07 FP09 FY10 FY11

Percentage Dividend Payout Per Ordinary Share of DFZ (%)

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Outlook and Strategies

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DUTY FREE INTERNATIONAL LIMITED

Future Prospects and Trends

• Spillover effects from Singapore’s two integrated resorts: Increased visitorship to the region

• Stable revenue contribution from border town outlets

• Increase and develop product range

• Explore opportunities for M&A and JVs

• Connectivity of MRT to JB – 2018 (Tanjung Puteri)

Growing economy

• In Malaysia and its neighbouring countries

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Increasing international tourism into

Southeast Asia

Thank You

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DUTY FREE INTERNATIONAL LIMITED