TABLE OF CONTENTS 9M10

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1 MALAYSIA AIRPORTS HOLDINGS BERHAD ANALYST BRIEFING FINANCIAL RESULTS FOR 9 MONTHS ENDED 30 th SEP October

2 TABLE OF CONTENTS 9M10 Review Group Financial Review Airport Operations Review Commercial Revenue Analysis Traffic Statistics Peer Comparison Appendix 2

3

4 2010 SIGNIFICANT EVENTS Share Price (RM) 16 Jul: UEMC Bina Puri JV being awarded RM997.2mil contract for KLIA2 terminal building Jul: MOU with Nagamas for JV to provide Airport services to Yongzhou Lingling Airport Apr: Launched Business Direction 28 Oct: MAHB GMR JV Agreement for Male Airport signed 4 May: Announced final gross dividend of sen per share 30 Jun MAHB GMR consortium awarded 25 year concession for Male Airport, Maldives 5 Aug: Proposed RM3.1bil Sukuk with AAA rating 30 Aug: First tranche RM1.0bil Sukuk at coupon of 4.55% Share Price hits all time high in Oct 10. Shareholder wealth more than doubled since IPO in * All share price are month end closing price except October is 28/10/10 closing price 4

5 2010 HEADLINE KPI MAHB on track to achieve headline KPI for

6 Global Aviation Industry IATA: The industry recovery has been stronger and faster than anyone predicted Asia Pacific has eclipsed North America as the world's largest air travel market, and continues to outperform the rest of the world. Demand in 2010 is expected to grow by 11% (stronger than the previous forecast of 10.2% in June 10) ACI: YTD Aug 2010 world passenger traffic grew 5.9% (7.2% international sector, 4.9% domestic sector) MAHB Continues to outperform most regional airports in terms of pax movement in 9M10. Firm passenger demand compared to 9M09, maintaining the positive momentum established in the preceding months. 9M10 REVIEW 1 Aeronautical revenue continue to benefit from increased passenger and aircraft movements. Non aeronautical revenue underpinned by growth in retail business and higher rental revenue derived from additional commercial space. 1. Source: Airport Council International Media Release, Geneva, 4/10/10 IATA: Improved Profitability But Europe Still Lags in the Red, 21/9/10 6

7 YTD PAX MOVEMENT +17.3% +87.0% +20.7% +16.7% +16.1% +16.0% +14.6% +13.5% +12.3% +10.6% +7.8% -1.6% ( million pax) * * KLIA outperformed most regional airports in terms of pax movement. 7 * Source : ACI Preliminary Numbers; All figures as at YTD Aug 2010 except KLIA & Sabiha Gokcen as at YTD Sept

8

9 9M10 RESULTS Financial Position Mainly driven by growth in airport operations segment driven by recovery in air travel demand Stronger EBITDA in line with revenue growth Operating profit remains strong on the back of higher pax growth and revenue Discontinued Ops (SIC) Key Ratios Raised first tranche RM1.0bil Sukuk Revenue grew 13.6% on the back of higher pax growth of 15.1% Lower PBT due to FRS139 where the concession payable by SGIA was recognized at fair value and subsequently at amortized costs Stripping out the effects of FRS 139, 9M10 PBT & PAT was 9.2% & 7.2% respectively higher than 9M09. 9

10 QUARTERLY RESULTS Group Financial Position Key Ratios Strong operational performance with Operating Profit for the quarter grew 21.2% QoQ and 12.2% YoY respectively. 10

11 GROUP SEGMENTAL REVENUE RM mil 13.66% Airport Operations (RM mil) 9m 2010 : RM1,226.4 (+14.94%) 9m 2009 : RM1,067.0 Non Airport Operations (RM mil) 9m 2010 : RM92.1 ( 1.27%) 9m 2009 : RM % Airport Operations Non Airport Operations Discontinued Ops Airport Operations segment grew 14.9% to RM1,226.4mil due to strong pax movements Non Airport Operations segment decline 1.3%: 1) Hotel segment grew 8.4% due to higher room rate, occupancy and F&B income 2) Project and maintenance segment declined 16.4% due to lower number of projects secured in 9M10 3) Agriculture segment declined 6.0% due to lower total crop harvested contributed by the clearing of a portion of the plantation land to make way for the construction of the new terminal. 11

12 GROUP SEGMENTAL PBT Airport Operations (RM mil) 9m 2010 : RM460.2(+18.70%) 9m 2009 : RM387.7 Non Airport Operations (RM mil) 9m 2010 : (RM168.8) ( %) 9m 2009 : (RM67.0) 16.67% RM mil 25.22% Airport Operations Non Airport Operations Discontinued Operations Airport Operations PBT grew 18.7% in 9M10 12

13 GROUP COST ANALYSIS RM mil 9m 2010 : RM884.7 mil (+15.36%) 9m 2009 : RM766.9 mil Increase in Operating Cost mainly due to higher staff costs, utilities costs and provision for doubtful debts 13

14 BALANCE SHEET ANALYSIS RM mil Capitalization of KLIA2 construction costs 110 Raised first tranche RM1.0bil Sukuk Cash from RM1.0bil Sukuk issuance Payment made to contractor for SROP and various vendors FRS impact from Sabiha Gokcen Strong balance sheet 14

15

16 16 AIRPORT OPERATIONS 9M10 Financial Position Key Ratios Growth driven by strong pax number.

17 QUARTERLY RESULTS AIRPORT OPERATIONS Key Ratios EBITDA and PBT margins for the quarter improved QoQ and YoY. 17

18 REVENUE ANALYSIS AIRPORT OPERATIONS RM mil 18.54% Aeronautical (RM mil) 9m 10 RM639.1 (+13.14%) 9m 09 RM564.9 Non Aeronautical (RM mil) 9m 10 RM587.3 (+16.97%) 9m 09 RM % 12.00% High growth in PSSC due to 25.1% international pax growth (7.0% domestic pax growth) Retail business growth outpaced pax growth Higher rental revenue as a result of an increase in commercial space due to LCCT expansion and SROP 18

19 OPERATING COSTS AIRPORT OPERATIONS 9m 2010: RM711.8 mil (+13.78%) RM mil Operating Costs 6m 2010: RM471,772 9m (+11.37%) 2009: RM625.6 mil Increase in Operating Costs mainly due to higher staff costs, utilities costs and provision for doubtful debts 19

20 REVENUE & COSTS ANALYSIS AIRPORT OPERATIONS 20

21

22 KLIA TOTAL SALES Sales per passenger for KLIA (inc. LCCT) increased 2.93% in 3Q10 to RM29.66 per person, with LCCT registering higher sales per pax growth of 9.52%. In terms of dollar value, sales per pax value in KLIA (exc. LCCT) dominates LCCT by approximately 69.5% at RM36.28 per pax (vs 3Q09 sales per pax of RM36.11 at MTB and RM19.55 per pax in LCCT). Total proportion of sales in LCCT has risen from 29.9% in 9M09 to 32.1% in 9M10 in line with the LCCT expansion completed in April

23 KLIA ERAMAN RETAIL REVENUE MAHB s own retail arm, Eraman s business grew due to higher retail and F&B income as a result of increase in passenger volume Retail revenue per pax in KLIA (inc. LCCT) grew 5.07% in 3Q10 to RM7.88 per pax (3Q09 RM7.50 per pax) 23

24 KLIA RENTAL ANALYSIS Rental revenue in KLIA grew 19.7% in 9M10 compared to 9M09, which are in tandem with the increase in space: LCCT expansion completed in Apr 09 Retail Optimisation Plan at KLIA (ex. LCCT) completed in Nov 09 24

25

26 PAX MOVEMENT ( mil pax) Total passenger volume for 9M10 was 42.3 million, which was 15.1% higher than 9M09. International and domestic passenger movements grew by 25.2% and 7.0% respectively 26

27 AIRCRAFT MOVEMENT ( 000) Total aircraft movements in 9M10 was 430,233 (+9.3% from 9M09) International sector recording a higher growth of 12.3% compared to the domestic sector which registered 7.8% growth. 27

28 CARGO MOVEMENT ( mil metric tonnes) Cargo movements increased as a result of economic recovery 28

29

30 SHARE PRICE vs BENCHMARK & PEERS Percentage (%) Consistently outperform the benchmark FBM KLCI and most peers amidst volatile market conditions. 1. Performance End date: 30/09/10 closing price; Start date based on year end closing price on 31 December except for JAT and AOT where respective market s year ended 30 December 30

31 PER & DIVIDEND YIELD vs PEERS MAHB s offers one of the highest dividend yield amongst the peers, while trading at the lower end of the sector valuation spectrum Source : Bloomberg as at 31/07/

32

33 FRS 139 EFFECTS 9M10 Background FRS 139 requires all financial assets and liabilities to be measured at fair value. The fair value of noncurrent assets and liabilities in MAHB s Group accounts except for unquoted investment, is the present value of estimated future cash flows, discounted at the original effective interest rate ( Amortised costs method ). Note a: Changes in carrying amount of non-current trade debtors, measured using amortised cost method. The non-current trade debtors represent amount outstanding from KL Airport Services Sdn Bhd (KLAS) which due after 12 months from the reporting date. Note b: Changes in carrying amount of non-current liability, measured using amortised cost method. The non-current liability represents Residual Balance (balance of amount due to the government which is to be offset against future revenue shares) which is expected to be realised after 12 months from the reporting date. Note c: Reversal of amortisation of concession rights resulting from the restatement of the concession rights amount at fair value. Note d: Share of Associate Profit Sabiha Gokcen International Airport with FRS 139 adjustments. The adjustments are mainly changes in carrying amount of liability due to Turkey s Government for concession right received to operate the airport. The liability is stated at the present value of future payments until January

34 SGIA P&L 34

35 TOURISM STATISTICS Tourist Arrivals YTD Aug * Source : Tourism Malaysia Tourist arrival 11.6% CAGR (10 year) Tourist arrival registered 5.2% growth (YTD Aug) 35

36 x MALAYSIA AIRPORTS HOLDINGS BERHAD PEJABAT KORPORAT PERSIARAN KORPORAT KLIA KLIA SEPANG, SELANGOR TEL: FAX:

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