Co.

Reg No: 198700034E MICA (P) : 090/11/2009

Singapore
THEREALDEALS Ins&OutsofSingaporeRealEstate
Appeal of the Red Earth
For more than two years, house hunters keen on getting a home in Tanah Merah, which means Red Earth, can only look to the secondary market. Optima @ Tanah Merah was the last project to hit the primary market in that area in eastern Singapore. The 297-unit condominium was launched in July 2009 and was fully sold in less than two months at a median price of $830 psf. Last week, a state land next to the decades-old Bedok Court, a short distance away from Optima, was successfully auctioned with seven bids. The top bid of $534.2 psf ppr came from a joint venture between Far East Organization, Frasers Centrepoint and Sekisui House, and it was just a whisker above the next highest offer of $526.3 psf ppr. Based on an estimated breakeven of $920 psf, the developer could be eyeing an average selling price of at least $1,100 psf, possibly reaping more than $90m in profits over an estimated four-year project completion period. The expected selling price of $1,100 psf is supported by transactions in the vicinity. Last December, a handful of units at Casa Merah changed hands at an average price of $1,054 psf. In the same month, a unit at Optima @ Tanah Merah sold for $1,072 psf. Although the developer is likely to gun for at least $1,100 psf, we do not expect sales to be brisk, as evidenced by the recent launches (exceptions are Watertown and The Hillier, two well-located mixed-use projects). In our view, the project may attract a 30-50% take-up rate in the first few months, before slipping into an extended period of slow sales. Separately, rental for new units in the Tanah Merah area stood at about $3.5 psf pm as at the end of last quarter, according to our estimates. This works out to a healthy gross yield of 3.8%, another reason why we think the selling price of at least $1,100 psf is not at all optimistic.
Recently sold GLS site in Tanah Merah
Casa Merah TOP 2009 Latest caveat $1,086 psf Dec 2011 Optima TOP 2012/13 Latest caveat $1,072 psf Dec 2011

16 February 2012

East Meadows TOP 2002 Latest caveat $863 psf Jan 2012

The Tanamera TOP 1994 Latest caveat $791 psf Oct 2011

Bedok Court TOP 1985 Latest caveat $655 psf Jan 2012 Note: All projects are 99-year leasehold. Source: URA, Maybank KE

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

 HE EAL EALS Ins&OutsofSingaporeRealEstate

Tanah Merah
1,600 1,400 1,200 1,000 800 600 400 200 0 01-Jan-09 09-Aug-09 17-Mar-10 23-Oct-10 31-May-11 06-Jan-12 Optima (TOP '12) Casa Merah (TOP '09) East Meadows (TOP '01) The Tanamera (TOP '94) Bedok Court (TOP '85)

There are five projects within the vicinity of the GLS site sold. Units at Optima and Casa Merah are currently asking for about $1,100 psf. Optima is still under construction and is expected to complete by year-end or early next year. Casa Merah was completed in 2009 and based on the latest rental data from the Urban Redevelopment Authority (URA), the median rental for units there was $3.42 psf pm in 4Q11, or a gross yield of 3.7%. More affordable alternatives are available. Prices are hovering around $900 psf for units at East Meadows and about $810 psf on average for those at The Tanamera. Rental data indicated that East Meadows units are fetching a median rental of $3.22 psf pm, translating to a gross yield of 4.3%. In the meantime, there has been speculation that Bedok Court will be put up for en bloc sale soon. The project is 27 years old and recent transactions indicated an average selling price of $680 psf. Median rental stood at $1.97 psf pm, or a gross yield of 3.5%.

4Q11 rental data for District 16 Rental $psf pm Project Aquarius By The Park Bayshore Park The Bayshore Bedok Court Casa Merah Changi Court Changi Green The Clearwater Costa Del Sol East Meadows The Summit Sunhaven
Source: URA, Maybank KE

Total units 720 1,083 1,038 280 556 297 256 420 906 482 242 295

th 25 percentile 2.95 3.11 3.03 1.86 3.26 2.79 2.63 2.90 3.35 2.98 2.90 2.68

Median 3.15 3.50 3.21 1.97 3.42 2.89 2.70 3.19 3.70 3.22 3.10 2.76

75th percentile 3.50 3.74 3.44 2.05 3.55 2.99 2.84 3.81 3.97 3.45 3.39 3.02

Number of contracts signed 18 85 82 11 49 22 17 12 39 16 12 11

16 February 2012

Page 2 of 7

 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT
Recent resale transactions
Project Bedok Court East Meadows Bedok Court Bedok Court East Meadows Casa Merah Casa Merah Casa Merah East Meadows Optima @ Tanah Merah Casa Merah East Meadows Casa Merah Optima @ Tanah Merah Casa Merah East Meadows Casa Merah Optima @ Tanah Merah Casa Merah East Meadows Bedok Court East Meadows Casa Merah East Meadows Bedok Court Optima @ Tanah Merah Optima @ Tanah Merah Bedok Court Optima @ Tanah Merah The Tanamera Casa Merah The Tanamera Casa Merah Optima @ Tanah Merah
Source: URA

16 February 2012
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

Property Price Indices

Contract month Jan-12 Jan-12 Jan-12 Jan-12 Dec-11 Dec-11 Dec-11 Dec-11 Dec-11 Dec-11 Dec-11 Dec-11 Dec-11 Nov-11 Nov-11 Nov-11 Nov-11 Nov-11 Nov-11 Nov-11 Nov-11 Nov-11 Nov-11 Nov-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11

Size (sq m) 224 113 161 210 116 142 116 114 128 78 114 124 146 80 117 111 88 88 98 111 169 111 88 113 211 116 45 213 142 141 114 123 86 80

Price ($psf) 655 863 681 717 881 1,086 1,065 1,109 946 1,072 1,050 809 961 1,054 1,044 942 1,140 1,013 1,090 957 596 912 1,087 954 630 1,041 1,410 675 1,099 791 1,116 846 1,021 1,034

Index SRPI Overall (Dec 11) URA PPI (4Q11) HDB Resale (4Q11)

Level 169.2 206.2 190.4

Change -0.8% +0.2% +1.7%

Government Land Sales (GLS)

Recently Awarded Sites Yishun Central 7 / Canberra Drive, EC (67.9k sqm, 725 units) Awarded to MCC Land for $213.8m ($292.6 psf ppr) Punggol Central / Edgedale Plains (60.8k sqm, 610 units) Awarded to Qingjian for $218.9m ($334.6 psf ppr) Yishun Ave 1 / Miltonia Close (35.5k sqm, 355 units) Awarded to TG Dev for $138.9m ($363.6 psf ppr) Chestnut Ave (39.3k sqm, 380 units) Awarded to SP Setia for $180m ($425.8 psf ppr) Alexandra Road (48.8k sqm, 545 units) Awarded to CDL / Hong Leong for $396m ($754.4 psf ppr) Chestnut Ave / Almond Ave (12.9k sqm, 35 landed units) Awarded to SCB Terraform for $70.8m ($510.4 psf ppr) Punggol Central / Punggol Place (54.1k sqm, 540 units) Awarded to Wee Hur for $206.2m ($354.4 psf ppr) Mount Vernon (72.8k sqm, 785 units) Awarded to CDL / Hong Leong / TID for $388.1m ($495 psf ppr) Jalan Lempeng (68.4k sqm, 685 units) Awarded to IOI Corp for $408m ($554.4 psf ppr) Kovan Road / Simon Road (35.7k sqm, 360 units) Awarded to Hoi Hups consortium for $194.6m ($506.6 psf ppr) Jervois Road (12.5k sqm, 140 units) Awarded to Singapore Land for $118.9m ($880.7 psf ppr) Bedok South Avenue 3 (60.2k sqm, 595 units) Awarded to Far East Organisation / Frasers / Sekisui House for $345.9m ($534.2 psf ppr) Confirmed List (Recently open for tender) Upper Serangoon View / Upper Serangoon Road, EC (43.4k sqm, 435 units) Tender closing on 1 March 2012 Hillview Avenue (35.4k sqm, 370 units) Tender closing on 6 March 2012 Reserve List (Recently Open for Tender) Jalan Jurong Kechil (14.2k sqm, 240 units) Buangkok Dr / Sengkang Central (55k sqm, 495 units) Tanah Merah Kechil Rd (39.2k sqm, 470 units) Stirling Road A (44.5k sqm, 445 units) Stirling Road B (44.1 sqm, 445 units) Elias Rd / Pasir Ris Dr 3 (32.7k sqm, 295 units) Hillview Ave (35.4k sqm, 405 units) Sengkang Square (64.4k sqm, 710 units) Upper Serangoon View/ Upper Serangoon Road, EC (43.3k sqm, 420 units)
Source: HDB, URA

Property Stocks
Name Price CapitaLand 2.96 CityDev 10.87 Ho Bee 1.205 HPL 1.94 KepLand 3.06 SC Global 1.125 SingLand 6.01 UOL 4.67 Wheelock 1.64 Wing Tai 1.285 N.A. = No Coverage Disc/ Prem to RNAV RNAV NTA/share* 4.01 -26% 3.18 12.5 -13% 7.31 2.53 -52% 2.22 4.39 -56% 2.7 5.08 -40% 2.78 3.49 -68% 1.6 9.82 -39% 10.74 N.A. N.A. 6.43 N.A. N.A. 2.35 2.79 -54% 2.49 *As at latest reported Disc/ Prem to NTA/share -7% 49% -46% -28% 10% -30% -44% -27% -30% -48%

16 February 2012

Page 3 of 7

 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units Units sold todate Takeup rate (%) 48.3 93.6 21.2 26.8 43.5 96.7 63.9 52.9 16.7 85.8 83.3 73.0 4.2 81.8 23.4 34.7 92.4 51.0 90.2 49.3 77.4 80.7 85.2 96.7 77.6 12.4 48.5 76.5 90.6 81.5 72.6 59.6 40.8 50.7 81.9 90.0 73.3 36.9 79.6 61.4 28.7 37.9 78.9 92.5 81.7 Units sold (Jan) 14 2 9 2 11 4 3 3 13 8 5 5 3 2 33 8 6 4 3 37 11 7 5 3 770 73 21 14 13 12 12 9 9 8 6 3 387 172 10 2 198 83 7 7 4
Median

16 February 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Secondary Market
($psf) 1,451 1,420 3,331 1,558 1,596 1,904 1,333 1,259 1,327 1,325 1,130 1,050 1,245 745 1,117 1,483 1,731 1,644 1,153 897 986 721 866 814 District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf Nov11 1,406 1,789 1,175 972 1,040 744 879 778 757 $psf Dec11 1,486 1,735 1,175 1030 1,049 795 923 813 836 MoM % Change 5.7 -3.0 0.0 6.0 0.9 6.9 5.0 4.5 10.4

City & Southwest (1-8) Farrer Park Suites 29 14 Ascentia Sky 373 349 Orchard/ Tanglin/ Holland (9-10) The Scotts Tower 231 49 D'Leedon 1715 460 Newton / Bukit Timah / Clementi (11,21) Nottinghill Suites 124 54 Floridian 336 325 The Interweave 169 108 Thomson Grand 361 191 Balestier / MacPherson / Geylang (12-14) Centra Residences 78 13 Euhabitat 748 642 Vacanza @ East 473 394 Central Imperial 63 46 Idyllic Suites 71 3 Eight Courtyards 654 535 East Coast (15-16) Archipelago 577 135 The Seawind 222 77 Silversea 383 354 The Sound 104 53 Tivoli Grande 82 74 Changi / Pasir Ris (17-18) The Palette 892 440 Seastrand 473 366 Arc at Tampines (EC) 574 463 Waterview 696 593 NV Residences 642 621 Serangoon / Thomson (19-20) Watertown 992 770 Riversound Residences 590 73 Cardiff Residences 163 79 Austville Residences 540 413 A Treasure Trove 882 799 Centro Residences 329 268 The Minton 1145 831 Suites @ Paya Lebar 99 59 The Luxurie 622 254 Parc Vera 452 229 Terrasse 414 339 The Vue 50 45 West (22-24) Hillier 528 387 Rainforest (EC) 466 172 Blossom Residences 602 479 Pavillion Park (phase 2) 264 162 North (25-28) Parc Rosewood 689 198 The Nautical 435 165 Woodhaven 337 266 The Greenwich 319 295 The Miltonia Residences 410 335 Source: URA

Rental Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf pm Nov11 4.8 4.2 3.3 2.9 3.3 2.9 3.1 3.1 2.6 $psf pm Dec11 4.7 4.4 3.3 3 3.2 2.9 3.2 2.8 2.5 MoM % Change -2.1 4.8 0.0 3.4 -3.0 0.0 3.2 -9.7 -3.8

Top 5 Resale Transactions by $psf

Tenure 99 Yr (fm 2001) Freehold Freehold 99 Yr (fm 2002) Freehold District 9 10 9 1 9 $psf 2,540 2,470 2,165 2,007 1,966

Project Orchard Scotts Four Seasons Park The Suites at Central The Sail @ Marina Bay Rivergate 1,169 Source: URA 855 1,329 Bottom 5 Resale 693 Project 903 Toh Tuck Lodge 1,507 Nicon Gardens 873 Lakeside Tower 1,354 Hougang Green 1,067 Edelweiss Park 860 Source: URA 1,031 1,221 1,289 753 706 808 951 890 1,045 1,394 861

Transactions by $psf
Tenure Freehold Freehold 99 Yr (fm 1981) 99 Yr (fm 1975) 99 Yr (fm 1994) District 21 21 23 22 19 $psf 277 451 519 528 550

16 February 2012

Page 4 of 7

 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK
Developer District 3 6 9 10 10 11 17 18 18 18 18 19 19 19 23 23 Sentosa Landbank

16 February 2012
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

Tenure 99 99 Freehold Freehold Freehold Freehold 99 99 99 99 Freehold 99 99 99 99 99 99

Unsold Units 545 119 122 203 178 5 165 21 452 1,517 605 146 702 785 294 123 207 6,188 68 620 290 307 234 94 368 9 1,990 343 39 1,255 55 150 109 509 140 2,600 110 357 467 34 442 476 187 131 248 147 86 20 819 75 84 159

City Dev

Alexandra Road GLS site South Beach (Beach Road) Futura (Leonie Road) Boulevard Hotel (Cuscaden Road) Lucky Tower (Grange Road) Buckley Classique (Buckley Road) Hedges Park (Flora Road) NV Residences (Pasir Ris) The Palette (Pasir Ris) Pasir Ris Drive 8 (4 + 5) (Pasir Ris) Tampines/Upp Changi Rd North H2O Residences (Sengkang West Ave) Bartley Residences (Bartley Road) Mount Vernon GLS site (Bartley) The Rainforest (EC) (Choa Chu Kang Drive) Blossom Residences (EC) (Segar Road) Residences at W (Sentosa Cove) Total Unsold Units Marina Bay Suites (Marina Bay) Keppel & GE Towers site (Tanjong Pagar) Reflections at Keppel Bay (Keppel Bay) Keppel Bay Plot 3 (Keppel Bay) Keppel Bay Plot 4 (Keppel Bay) Keppel Bay Plot 5 (Keppel Bay) Sengkang GLS site (Sengkang Square) The Lakeside Residences (Lakeside Drive) Total Unsold Units The Interlace (Gillman Heights) Urban Resort (Cairnhill Rd) Dleedon (Farrer Rd) The Nassim (Nassim Rd) Marine Point (Marine Parade) Bedok Residences(Bedok Central) Sky Habitat (Bishan Street 14) Yio Chu Kang site (Yio Chu Kang Rd) Total Unsold Units

KepLand

1 2 4 4 4 4 19 22

99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr

CapitaLand

3 9 10 10 15 16 20 26

99yr Freehold 99yr Freehold Freehold 99yr 99yr Freehold

Ho Bee

Sentosa Sentosa

Seascape at Sentosa Cove (Sentosa Cove) Pinnacle at Sentosa Cove (Sentosa Cove) Total Unsold Units Spottiswoode Residences (Spottiswoode Park) Archipelago (Bedok Reservoir Rd) Total Unsold Units Skysuites @ Anson (Enggor Street) The Surrento (West Coast Road) RV Residences (River Valley) RiverBay (Mar Thoma Rd) Riviera 38 (Mar Thoma Rd) The Cascadia (Bukit Timah Road) Total Unsold Units

99yr 99yr

UOL

2 16

Freehold 99yr

Allgreen

2 5 9 12 12 21

99yr Freehold 999yr 999yr 999yr Freehold

Wheelock

9 10

Scotts Square (Scotts Road) Ardmore 3 (Ardmore Park) Total Unsold Units

Freehold Freehold

16 February 2012

Page 5 of 7

 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK (CONTD)

Developer District 2 10 26 Landbank Guocoland

16 February 2012
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

Tenure 99yr 99yr Freehold

Unsold Units 500 381 37 918 95 60 24 88 221 80 232 746 1,546 249 197 34 595 107 380 153 1 222 728 119 2,785 24 64 38 42 157 35 285 645 70 65 580 75 790 35 208 23 50 31 347 19,730

Tanjong Pagar GLS white site (Peck Seah/Choon Guan) Leedon Residence (Leedon Heights) The Waterline (Yio Chu Kang Rd) Total Unsold Units Skyline Residences (Telok Blangah) The Vermont on Cairnhill (Cairnhill Rd) Paterson Suites (Paterson Rd) Paterson Suites II (Paterson Rd) St Thomas Walk (St Thomas Walk) Watercove Villes (Wak Hassan Drive) Nim Road (Nim Road) Luxus Hills (Seletar Green) Total Unsold Units

Bt Sembawang

4 9 9 9 9 27 28 28

Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold

Frasers Centrepoint

9 15 16 16 18 18 19 19 19 19 27

Starhub Centre (Cuppage Rd) Flamingo Valley (Siglap Rd) Waterfront Isle (Bedok Reservoir Rd) Bedok South GLS site (Bedok South Avenue 3) Seastrand (Pasir Ris Drive 3) Palm Isles (Flora Drive) Boathouse Residences (Hougang) Esparina Residences (Sengkang) Watertown (Punggol) Twin Waterfalls (Punggol Way / Punggol Field) Eight Courtyards (Yishun Ave 2) Total Unsold Units Ascentia Sky (Redhill) HELIOS Residence (Cairnhill Circle) Belle Vue Residences (Oxley Walk) Le Nouvel Ardmore (Ardmore Park) Anderson 18 (Ardmore Park) L'VIV (Newton Rd) Foresque Residences (Petir Road) Total Unsold Units

99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr

Wing Tai

3 9 9 10 10 11 23

99yr Freehold Freehold Freehold Freehold Freehold 99yr

MCL Land

10 15 17 19

NOB Hill (Ewe Boon Rd) Casa Nassau (East Coast Rd) Ripple Bay (Jalan Loyang Besar) Terrasse (Hougang Ave 2) Total Unsold Units

Freehold Freehold 99yr 99yr

SC Global

9 9 9 10 Sentosa

The Marq (Paterson Hill) Hilltops (Cairnhill Circle) Martin No. 38 (Martin Rd) The Ardmore (Ardmore Road) Seven Palms (Sentosa Cove) Total Unsold Units Grand Total

Freehold Freehold Freehold Freehold 99yr

Source:HDB,URA

16 February 2012

Page 6 of 7

 HE EAL EALS Ins&OutsofSingaporeRealEstate

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS
This report, and any electronic access to it, is restricted to and intended only for clients of Maybank Kim Eng Research Pte. Ltd. ("KER") or a related entity to KER (as the case may be) who are institutional investors (for the purposes of both the Singapore Securities and Futures Act (SFA) and the Singapore Financial Advisers Act (FAA)) and who are allowed access thereto (each an "Authorised Person") and is subject to the terms and disclaimers below. IF YOU ARE NOT AN AUTHORISED PERSON OR DO NOT AGREE TO BE BOUND BY THE TERMS AND DISCLAIMERS SET OUT BELOW, YOU SHOULD DISREGARD THIS REPORT IN ITS ENTIRETY AND LET KER OR ITS RELATED ENTITY (AS RELEVANT) KNOW THAT YOU NO LONGER WISH TO RECEIVE SUCH REPORTS. This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy or sell any securities or related financial products. The information and commentaries are also not meant to be endorsements or offerings of any securities, options, stocks or other investment vehicles. The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. Readers should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. Readers should independently evaluate particular investments and strategies, and are encouraged to seek the advice of a financial adviser before making any investment or entering into any transaction in relation to the securities mentioned in this report. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investors individual circumstances and objectives and should be confirmed by such investor with his advisers independently before adoption or implementation (either as is or varied). You agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to KER, its related and affiliate companies and/or their employees. You understand that you are using this report AT YOUR OWN RISK. This report is being disseminated to or allowed access by Authorised Persons in their respective jurisdictions by the Maybank Kim Eng affiliated entity/entities operating and carrying on business as a securities dealer or financial adviser in that jurisdiction (collectively or individually, as the context requires, "Maybank Kim Eng") which has, vis--vis a relevant Authorised Person, approved of, and is solely responsible in that jurisdiction for, the contents of this publication in that jurisdiction. Maybank Kim Eng, its related and affiliate companies and/or their employees may have investments in securities or derivatives of securities of companies mentioned in this report, and may trade them in ways different from those discussed in this report. Derivatives may be issued by Maybank Kim Eng its related companies or associated/affiliated persons. Maybank Kim Eng and its related and affiliated companies are involved in many businesses that may relate to companies mentioned in this report. These businesses include market making and specialised trading, risk arbitrage and other proprietary trading, fund management, investment services and corporate finance. Except with respect the disclosures of interest made above, this report is based on public information. Maybank Kim Eng makes reasonable effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. The reader should also note that unless otherwise stated, none of Maybank Kim Eng or any third-party data providers make ANY warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data. Proprietary Rights to Content. The reader acknowledges and agrees that this report contains information, photographs, graphics, text, images, logos, icons, typefaces, and/or other material (collectively Content) protected by copyrights, trademarks, or other proprietary rights, and that these rights are valid and protected in all forms, media, and technologies existing now or hereinafter developed. The Content is the property of Maybank Kim Eng or that of third party providers of content or licensors. The compilation (meaning the collection, arrangement, and assembly) of all content on this report is the exclusive property of Maybank Kim Eng and is protected by Singapore and international copyright laws. The reader may not copy, modify, remove, delete, augment, add to, publish, transmit, participate in the transfer, license or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part, except as specifically permitted herein. If no specific restrictions are stated, the reader may make one copy of select portions of the Content, provided that the copy is made only for personal, information, and non-commercial use and that the reader does not alter or modify the Content in any way, and maintain any notices contained in the Content, such as all copyright notices, trademark legends, or other proprietary rights notices. Except as provided in the preceding sentence or as permitted by the fair dealing privilege under copyright laws, the reader may not reproduce, or distribute in any way any Content without obtaining permission of the owner of the copyright, trademark or other proprietary right. Any authorised/permitted distribution is restricted to such distribution not being in violation of the copyright of Maybank Kim Eng only and does not in any way represent an endorsement of the contents permitted or authorised to be distributed to third parties. Additional information on mentioned securities is available on request. Jurisdiction Specific Additional Disclaimers: THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANY MALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or accessing this report in or from other than Singapore. As of 9 February 2012, Maybank Kim Eng Research Pte. Ltd. and the covering analyst do not have any interest in the stocks mentioned. Analyst Certification: 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. 2012 Maybank Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Research Pte. Ltd. Maybank Kim Eng Research Pte. Ltd. accepts no liability whatsoever for the actions of third parties in this respect.

Stephanie Wong CEO, Kim Eng Research

www.maybank-ke.com | www.kimengreseach.com.sg 16 February 2012 Page 7 of 7