27 February 2014

Page | 1 MCI (P) 033/11/2013 Ref. No.: SGMN2014_0040

Morning Note

Weekly Market Outlook Webinar

Register HERE for this coming Monday's webinar if you have not already done so. Archived Webinar videos can be accessed via UniPhillip website - http://www.uniphillip.com=> Education Programs => Phillip Securities Research Webinars In this week's archived webinar, we reviewed the earnings of Capitaland, introduced the duopoly of Seagate and Western Digital, gave an in-depth education on the SG Banking Sector, and highlighted SGX's current cheap valuation. Source: Phillip Securities Research Pte Ltd

Fundamental Call Pan United Corp – Results (Joshua Tan) Recommendation: Accumulate Closing price: S$0.93 Target price: S$1.35

Pan United Corp’s (PUC) FY13 PATMI came in at S$45mn, versus our forecast on S$46mn, in line with expectations.

We had expected full year dividend to be maintained at SGD 4 cents but management surpassed our expectations with SGD 4.25 cents.

Basic Building Resources (BBR) division will see greater demand for ready mixed concrete as Singapore’s infrastructure boom picks up in 2014 thru to 2016.

Port & Logistics division will see earnings growth from Changshu Xinghua Port (CXP) offset by recent acquisition Changshu Changjiang Int’l Port (CCIP) but we expect positive contribution from CCIP by FY16.

Due to the medium term pain (not at breakeven utilization yet, increased net interest payments on the debt funding) of carrying CCIP, FY14f and FY15f EPS are revised lower from S$0.097 to S$0.091 and S$0.111 to S$0.103 respectively. But we expect to see CCIP payoff in FY16 and group EPS to climb to S$0.122.

At current price of S$0.93 implies 7.6x FY16f EPS, which is a steal for a stock that for the past 2 financial years has traded at about 12.5x P/E adj.

Maintain “Accumulate”, with a raised TP of S$1.35 (11.1x FY16e EPS) based on our discounted free cash to equity valuation.

Source: Phillip Securities Research Pte Ltd

27 February 2014

Page | 2 MCI (P) 033/11/2013 Ref. No.: SGMN2014_0040

Company Results

S/N Company Name Q/HY/FY Currency

(Units)

Revenue Net Profit

Current Previous Change

(%) Current Previous

Change (%)

1 Sarine Technologies FY13 US$ mn 76.4 63.8 19.8 23.9 20.8 15.1

2 Petra Foods FY13 US$ mn 508.8 471.6 7.9 20.6 25.8 (20.4)

3 Yanlord FY13 RMB$ mn 11,280 10,301 9 2,092 2,452 (15)

4 Innopac FY13 S$ mn 10.8 24.6 (56.3) (20.8) 9.4 (321.6)

5 ECS Holdings FY13 S$ mn 4,201 3,644 15.6 34.5 29.8 15.7

6 Q&M Dental FY13 S$ mn 71.1 57.0 22 6.5 5.0 29

7 Interra Resources FY13 US$ mn 50.2 30.4 65 7.0 3.0 131

8 Sino Grandness FY13 RMB$ mn 2,271 1,640 38.5 400.3 290.1 38.0

9 Venture Corp FY13 S$ mn 2,330 2,388 (2.4) 130.9 139.0 (5.8)

10 UOB Kay Hian FY13 S$ mn 449.9 329.0 36.8 96.3 67.3 43.2

11 Sembcorp Industries FY13 S$ mn 10,798 10,189 6.0 1,097 1,033 6.2

12 Nam Cheong FY13 RM$ mn 1,257 877 43 206.2 136.6 51

13 TalkMed group FY13 S$ mn 56.3 51.9 8.5 28.2 32.0 (11.8)

14 Swiber FY13 US$ mn 1,059 952 11.2 90.9 62.5 45.3

15 Yangzijiang FY13 RMB$ mn 14,339 14,799 (3) 3,077 3,588 (14)

16 Global Invacom FY13 US$ mn 115.8 74.7 55.0 8.0 (17.7) n.m.

17 Rotary Engineering FY13 S$ mn 595.0 444.5 34 (4.7) (185.0) n.m.

18 CDL FY13 S$ mn 3,162 3,354 (5.7) 823.1 860.3 (4.3) Source: SGX Masnet

Company Highlights

Sembcorp Marine’s subsidiary Jurong Shipyard has signed two contracts for US$540 million each to build two drillships with options for three additional units from a subsidiary of Transocean Ltd. (Closing Price S$4.030, -0.2%) Sembcorp Marine’s subsidiary PPL Shipyard has signed a turnkey jack-up rig contract worth US$214.3 million with Marco Polo Drilling (I) Pte Ltd, an indirect wholly-owned subsidiary of Marco Polo Marine Ltd (“MPM”), as well as the grant of an option for two sequential units of similar jack-up rigs to be exercised at MPM’s discretion. The transaction contemplated under the contract is shareholders of MPM. (Closing Price S$4.030, -0.2%) Sembcorp Industries announced that it has successfully completed the acquisition upon the fulfillment of conditions precedent, including approvals from the relevant authorities and the lenders. Sembcorp has proceeded to inject the first tranche of its equity into NCCPP. The total consideration for this 45% stake is Rs. 848 crores (approximately S$175 million), which is financed by a mix of internal funds and borrowings. (Closing Price S$5.44, 0%) Transcu Group Limited announced that the Company has entered into a non-binding memorandum of understanding (the “MOU”) dated 24 February 2014 with Wong Swee Chun Contractor Pte Ltd, Wong Swee Chun, Tang Loi Hup, Wong Sjew Hung and Wong Chee Herng (collectively, the “Vendors”, and together with the Company, the “Parties” and each a “Party”) in relation to the proposed acquisition of the entire issued and paid up share capital of Straits Construction Group Pte Ltd (“SC Group”) by the Company (the “Proposed Acquisition”). The Proposed Acquisition, if undertaken and completed, is expected to result in a “Very Substantial Acquisition or Reverse Takeover” of the Company as defined in Chapter 1015 of the Listing Manual of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and is subject to, inter alia, the approval of the SGX-ST and the approval of the shareholders of the Company (the “Shareholders”) at an extraordinary general meeting (the “EGM”) to be convened. (Closing Price -, -) Source: SGX Masnet, The Business Times

27 February 2014

Page | 3

Morning Commentary

STI: -0.50% to 3,088.3 KLCI: -0.61% to 1,822.6 JCI: -0.97% to 4,532.7 SET: -0.54% to 14,971.0 HSI: +0.54% to 22,437.4 HSCEI: +0.67% to 9,806.0 Nifty: +0.62% to 6,238.8 ASX200: +0.06% to 5,437.0 Nikkei: -0.54% to 14,971.0 S&P500: +0.00% to 1,845.16 MoneyMax Financial Services Ltd (TP $0.425, rating under review) Analyst: Colin Tan MoneyMax reported a 15%y-y, 36%q-q increase in its 4Q13 revenue at S$22.1 million. For the fullyear, FY13 revenue decline 13%y-y from lower revenue from the retail and trading segment, due to increasing allocation of inventories to retail outlet. This is inline with management's strategy to shift from trading towards retail of pre-owned jewellery and watches. 4Q13 gross profits was reported 8%y-y higher at S$6.5 million, as a result of higher margins yield from retail than trading of pre-owned jewellery and watches. Full year net profits was lower at S$1.8 million, mainly due to one-off IPO expenses of S$1.2 million, increase in advertising and promotion expenses and higher expenses associated with new outlets expansion. 3 new outlets were opened in at Paya Lebar MRT, Bukit Gombak and Cheng San. Final dividends of 0.3 cents per share was declared (54% payout of FY13 net profit). We will be meeting up with management later in the week and will follow up with a detailed report after the briefing. For now, we are placing our target price under review. SINGAPORE:

The Straits Times Index (STI) ended -15.37 points lower or -0.50% to 3088.25, taking the year-to-date performance to -2.42%.

The FTSE ST Mid Cap Index declined -0.16% while the FTSE ST Small Cap Index declined -0.10%. The most active stocks were DBS (-1.44%), UOB (-0.67%), SingTel (-0.27%), Wilmar (+0.29%) and OCBC Bank (-0.83%). The first four of these five stocks were also among the five most active yesterday.

The outperforming sector today was represented by the FTSE ST Real Estate Holding & Development Index ( +0.04% ). The two biggest stocks of this key sector index are Hongkong Land ( +0.64% ) and Global Logistic Properties ( -0.71% ). The underperforming sector was the FTSE ST Technology Index, which declined -1.30% with Stats ChipPac share price declining -1.59% and CSE Global’s share price declining -0.78%. The FTSE ST Basic Materials Index declined -0.57% & the FTSE ST Financials Index declined -0.49%.

Price has been recovering from an oversold condition in an intermediate downtrend in the last 2 weeks. Mixed macroeconomic data coupled with a potential turning down of short term stochastics and almost overbought RSI suggest a coming pause in price movement soon.

Immediate support at 2930.

SECTOR/STRATEGY REPORTS: - Sector Reports : Banking, 30 Dec / Property, 16 Dec / Telecommunications, 9 Dec / Offshore & Marine, 2 Dec / Commodities, 2 Dec - Country Strategy : China & HK, 4 Feb 2014 / Thai, 4 Dec / For SG Strategy, Please see Webinar Source: Phillip Securities Research Pte Ltd, SGX Masnet

27 February 2014

Page | 4

Macro Data

USA: Purchases of new U.S. homes unexpectedly climbed in January to the highest level in more than five years, showing underlying strength in the industry even in the midst of unusually harsh weather. Sales increased 9.6 percent to a 468,000 annualized pace, exceeding the highest estimate of economists surveyed by Bloomberg and the most since July 2008. Singapore: Singapore's industrial production grew 3.9 percent in January, unexpectedly slowed from a revised 6.4 percent rise in December. Electronics cluster, which accounts for nearly a third of total production, grew at a much slower pace of 7.4 percent on-year after registered a 22.3 percent rise in December. Meanwhile, transport engineering cluster’s output expanded 2.7% on year in January, slowing from a 14.0 percent growth in December, partially due to the lower contributions from ship building and ship repairing. The marine & offshore engineering segment declined 1.1 percent and partly offset the 17.9 percent increase in aerospace segment. On a seasonally adjusted month-on-month basis, industrial output declined 8.1 percent in January reversing the 3.4 percent increase in December. Hong Kong: Hong Kong's economic growth accelerated modestly in the quarter ended in December, buoyed by improved external demand and strong domestic consumption. Gross domestic product (GDP) expanded 3.0 percent on-year in the final quarter of 2013, following a revised 2.8 percent growth in the preceding quarter, according to the preliminary figures published by the Census and Statistics Department. On a seasonally quarter-on-quarter basis, GDP grew 1.1 percent in December. In the whole of 2013, GDP increased 2.9 percent. The government expects the economy to gather steam over the coming months and expects the economy to grow 3 to 4 percent this year, its fastest pace in three years. Source: Phillip Securities Research Pte Ltd

27 February 2014

Page | 5

Company AnalystDate of Last

ReportRating

Target

Price (S$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

GOLDEN AGRI-RESOURCES LTD Nicholas Ong 13-Nov-13 Neutral 0.50 0.540 -4.4% -7.4%WILMAR INTERNATIONAL LTD Nicholas Ong 24-Feb-14 Accumulate 3.88 3.49 3.6% 11.2%FIRST RESOURCES LTD Nicholas Ong 26-Feb-14 Accumulate 2.53 2.23 -0.9% 13.5%

COURTS ASIA LTD Change of Analyst 14-Nov-13 Neutral 0.71 0.58 -16.5% 22.4%MONEYMAX FINANCIAL SERVICES LTD Colin Tan 29-Nov-13 Buy 0.425 0.325 -1.5% 30.8%GENTING SINGAPORE PLC Change of Analyst 5-Nov-13 Neutral 1.49 1.34 -10.9% 11.2%

DBS GROUP HOLDINGS LTD Benjamin Ong 17-Feb-14 Accumulate 18.48 16.45 -0.2% 12.3%OVERSEA-CHINESE BANKING CORP Benjamin Ong 17-Feb-14 Neutral 10.17 9.55 1.8% 6.5%UNITED OVERSEAS BANK LTD Benjamin Ong 17-Feb-14 Accumulate 22.33 20.75 4.3% 7.6%SINGAPORE EXCHANGE LTD Benjamin Ong 11-Feb-14 Buy 7.67 6.85 1.5% 12.0%

AMARA HOLDINGS LTD Caroline Tay 14-Nov-13 Buy 0.74 0.53 -3.6% 39.6%HO BEE LAND LTD Lucas Tan 14-Aug-13 Accumulate 2.45 2.12 -1.4% 15.6%OUE LTD Caroline Tay 14-Jan-14 Accumulate 2.78 2.34 -5.6% 18.8%GLOBAL LOGISTIC PROPERTIES L Caroline Tay 17-Feb-13 Neutral 2.92 2.80 0.0% 4.3%SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.022 0.017 6.3% 29.4%

Perennial China Retail Trust Caroline Tay 14-Aug-13 Neutral 0.630 0.52 -7.2% 22.3%

KEPPEL CORP LTD Nicholas Ong 24-Jan-14 Accumulate 12.34 10.43 -4.1% 18.3%SEMBCORP MARINE LTD Nicholas Ong 25-Feb-14 Neutral 4.29 4.03 -1.5% 6.5%SIN HENG HEAVY MACHINERY LTD Kenneth Koh 18-Feb-14 Accumulate 0.250 0.191 1.6% 30.9%PAN-UNITED CORP LTD Joshua Tan 27-Feb-14 Accumulate 1.350 0.930 0.0% 45.2%BOUSTEAD SINGAPORE LTD Joshua Tan 18-Feb-14 Buy 2.050 1.73 0.3% 18.5%

EZRA HOLDINGS LTD Nicholas Ong 13-Jan-14 Neutral 1.27 1.050 -21.6% 21.0%EZION HOLDINGS LTD Nicholas Ong 21-Feb-14 Accumulate 2.57 2.24 -2.6% 14.7%SATS LTD Change of Analyst 21-Feb-14 Accumulate 3.47 3.02 0.3% 14.9%

SINGAPORE TELECOMMUNICATIONS Colin Tan 14-Feb-13 Neutral 3.53 3.64 2.0% -3.0%STARHUB LTD Colin Tan 7-Feb-14 Accumulate 4.52 4.18 -1.2% 8.1%M1 LTD Colin Tan 21-Jan-14 Accumulate 3.68 3.38 4.3% 8.9%SILVERLAKE AXIS LTD Colin Tan 13-Feb-14 Accumulate 1.02 0.87 -3.9% 17.9%

Company AnalystDate of Last

ReportRating

Target

Price (US$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

BANK OF AMERICA CORP Wong Yong Kai 3-Oct-13 Trading Sell 8.68 16.33 -16.1% 46.8%GENWORTH FINANCIAL INC-CL A Wong Yong Kai 20-Sep-13 Trading Buy 18.04 15.26 25.4% 18.2%ICONIX BRAND GROUP INC Wong Yong Kai 21-Feb-14 Trading Buy 47.12 39.93 2.1% 18.0%NATIONAL OILWELL VARCO INC Wong Yong Kai 30-Sep-13 Trading Buy 90.92 74.34 -6.0% 22.3%OIL STATES INTERNATIONAL INC Wong Yong Kai 30-Sep-13 Trading Buy 120.83 92.44 -11.0% 30.7%SEAGATE TECHNOLOGY Wong Yong Kai 19-Feb-14 Trading Buy 57.62 51.73 4.1% 11.4%WESTERN DIGITAL CORP Wong Yong Kai 19-Feb-14 Trading Buy 96.14 89.28 3.4% 7.7%

Company AnalystDate of Last

PresentationRating

Possible

Price (Est.)

Current

Price

Performance since

Last Presentation

Potential Return

at Current Price

United Engineers (SGX) Wong Yong Kai 4-Nov-13 Non-Rated SGD 2.11 SGD 1.76 -5.4% 19.9%InterContinental Hotels (NYSE) Wong Yong Kai 23-Dec-13 Non-Rated USD 38.98 USD 32.17 -0.2% 21.2%

Industrials (Capital Goods)

Phillip Securities Research - US Stocks Coverage

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Phillip Securities Research - Webinar Highlights

Source: Phillip Securities Research Pte Ltd

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

Source: Phillip Securities Research Pte Ltd# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.

Property (Developers)

Property (REITS)

Industrials (Transportation)

Technology & Communications

#

27 February 2014

Page | 6

Source: Bloomberg

STI - Index Members

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FTSE ST Breakdown (% Change)

STI-2.6%

-3.4%

1.5%

1.2%

5.7%-4.0%

7.1%

-4.6%

-1.7%

-2.2%

-6.3%

30.3%

-2.8%

ST China

ST Real Estate

ST Re Invest Trust

ST Oil & Gas

ST Basic Materials

ST Industrials

ST Consumer Goods

ST Consumer Service

ST Telecommunicate

ST Uti l ites

ST Financials

ST Technology0.2%

ST Healthcare

Last % Chg0.002 100.00.250 22.00.395 16.20.088 11.40.010 11.1

Last % Chg0.007 -12.50.076 -11.60.009 -10.00.061 -9.00.121 -7.6

TOP GLOBAL LTDASIASONS CAPITAL LTD

S I2I LTD

LIONGOLD CORP LTDSource: Bloomberg

BLUMONT GROUP LTD

510

Turnover (S$'mn)

SUNMOON FOOD COMPANY LTDSWEE HONG LTD

Top Gainers (%)FTSE ST Market Cap. Breakdown (3M % Change)

Turnover ('mn shares)

Top Losers (%)

FU YU CORP LTDCHEMOIL ENERGY LTD

UPDOWNUNCHANGED

MDR LTD

Source: Bloomberg Source: SGX

1,913955195243

-0.3%

-1.4% 0.2%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

-2.6%

-2.3%

27 February 2014

Page | 7

80.43 +0.36% 301.61 +0.01%

110.09 -0.10% 2.668 +0.00%

1,330.57 +0.03% 16,198.41 +0.12%

535.08 +0.54% Straits Times Index 3,088.25 -0.50%

22,437.44 +0.54% 14,970.97 -0.54%

Source: Bloomberg

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Dollar Index ThomReuters/JefferiesCRB

Crude oil, Brent (US$/bbl) US Treasury 10yr Yield

1.201.401.601.802.002.202.402.602.803.003.20

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27 February 2014

Page | 8

ETF % Change Change LastABF SINGAPORE BOND INDX FUND +2.63 +0.03 1.13CIMB FTSE ASEAN 40 -0.59 -0.06 10.13DB X-TRACKERS CSI300 UCITS -1.55 -0.10 6.37DB X-TRACKERS FTSE CHINA 25 +0.80 +0.22 27.62DB X-TRACKERS FTSE VIETNAM +1.70 +0.49 29.36DB X-TRACKERS MSCI EUROPE IN +0.07 +0.04 61.34DB X-TRACKERS MSCI INDONESIA -0.85 -0.11 12.85DB X-TRACKERS MSCI JAPAN TRN +0.57 +0.26 45.74DB X-TRACKERS MSCI TAIWAN +0.93 +0.18 19.55DB X-TRACKERS MSCI WORLD TRN +0.70 +0.03 4.34DB X-TRACKERS S&P 500 UCITS +0.39 +0.12 30.61DB X-TRACKERS S&P 500 INV DA -0.50 -0.13 25.71DB X-TRACKERS CNX NIFTY UCIT +0.51 +0.52 102.43DB X-TRACKERS S&P/ASX 200 UC +0.58 +0.23 40.07DBX-TRACKERS EURO STXX 50 +0.25 +0.13 52.88ISHARES MSCI INDIA INDEX ETF +0.34 +0.02 5.91LYXOR UCITS ETF CHINA ENTER +0.54 +0.07 13.07LYXOR ETF COMMODITIES THOMSO +0.36 +0.01 2.80LYXOR UCITS ETF HANG SENG IN +0.36 +0.01 2.81LYXOR ETF JAPAN TOPIX +0.59 +0.01 1.19LYXOR UCITS ETF ASIA EX JP +0.63 +0.03 4.80LYXOR ETF MSCI EMER MKTS-B -0.31 -0.03 9.74LYXOR ETF MSCI EUROPE-B +0.06 +0.01 15.87LYXOR ETF MSCI INDIA +0.08 +0.01 13.09LYXOR ETF MSCI KOREA-USD B +1.12 +0.06 5.42LYXOR ETF MSCI TAIWAN +0.58 +0.01 1.04LYXOR ETF MSCI WORLD-E -0.12 -0.00 1.68NIKKO AM SINGAPORE STI ETF -0.63 -0.02 3.15SPDR GOLD SHARES +0.43 +0.55 129.42SPDR STRAITS TIMES INDEX ETF -0.64 -0.02 3.09

ETF Performance

Source: Bloomberg

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date3/3/2014 NAM LEE PRESSED METAL IND Special Cash 0.0050 SGD Annual 3/5/2014 3/18/20143/3/2014 VIVA INDUSTRIAL TRUST Distribution 0.0108 SGD Irreg 3/5/2014 3/27/20143/3/2014 OUE HOSPITALITY TRUST Distribution 0.0290 SGD Irreg 3/5/2014 3/28/20143/4/2014 CH OFFSHORE LTD Interim 0.0050 SGD Semi-Anl 3/6/2014 3/25/20143/4/2014 TAI SIN ELECTRIC LTD Interim 0.0075 SGD Semi-Anl 3/6/2014 3/17/20143/4/2014 AP OIL INTERNATIONAL LTD Interim 0.0050 SGD Annual 3/6/2014 3/27/20143/5/2014 GOLDEN OCEAN GROUP LTD Regular Cash 0.0250 USD Quarter 3/7/2014 3/28/20143/6/2014 TRANSVIEW HOLDINGS LTD Regular Cash 0.0020 SGD Annual 3/10/2014 3/28/20143/7/2014 CASA HOLDINGS LTD Regular Cash 0.0100 SGD Annual 3/5/2014 3/14/20143/10/2014 CORDLIFE GROUP LTD Interim 0.0100 SGD Semi-Anl 3/12/2014 4/4/20143/11/2014 PACIFIC ANDES RESOURCES DEVE Regular Cash 0.0030 SGD Annual 3/13/2014 3/21/20143/11/2014 RICKMERS MARITIME Distribution 0.0060 USD Quarter 3/13/2014 3/27/2014

Corporate Action: Dividend

Source: Bloomberg

27 February 2014

Page | 9

Date Statistic For Survey Prior Date Statistic For Survey Prior

2/26/2014 MBA Mortgage Applications Jan -1.70% -4.30% 2/28/2014 Credit Card Bad Debts Jan -- 23.2M

2/26/2014 New Home Sales Jan -0.30% -1.60% 2/28/2014 Credit Card Billings Jan -- 3977.3M2/26/2014 New Home Sales MoM Jan -0.20% -1.30% 2/28/2014 Bank Loans and Advances YoY Jan -- 17.00%2/27/2014 Durable Goods Orders Jan -1.00% -0.20% 2/28/2014 Money Supply M1 YoY Jan -- 9.90%2/27/2014 Durables Ex Transportation 22-Feb 335K 336K 2/28/2014 Money Supply M2 YoY Jan -- 4.30%2/27/2014 Cap Goods Orders Nondef Ex Air 15-Feb 2985K 2981K 3/3/2014 Purchasing Managers Index Feb -- 50.52/27/2014 Cap Goods Ship Nondef Ex Air 23-Feb -- -30.6 3/3/2014 Electronics Sector Index Feb -- 522/27/2014 Initial Jobless Claims Feb 2 5 3/5/2014 Automobile COE Open Bid Cat A 5-Mar -- 772012/27/2014 Continuing Claims 4Q S 2.50% 3.20% 3/5/2014 Automobile COE Open Bid Cat B 5-Mar -- 786042/27/2014 Bloomberg Consumer Comfort 4Q S 2.90% 3.30% 3/5/2014 Automobile COE Open Bid Cat E 5-Mar -- 79000

2/28/2014 Kansas City Fed Manf. Activity 4Q S 1.30% 1.30% 3/7/2014 Foreign Reserves Feb -- $271.54B2/28/2014 GDP Annualized QoQ 4Q S 1.10% 1.10% 3/11/2014 Manpower Survey 2Q -- 16%

2/28/2014 Personal Consumption Feb 51 52.82 3/14/2014 Unemployment rate SA 4Q F -- 1.80%2/28/2014 GDP Price Index Feb 56.4 59.6 3/14/2014 Retail Sales Ex Auto YoY Jan -- 0.30%2/28/2014 Core PCE QoQ Feb F 81.2 81.2 3/14/2014 Retail Sales YoY Jan -- -5.50%

Source: BloombergSource: Bloomberg

US Singapore

Economic Announcement

27 February 2014

Page | 10

Name Expected Report DateMewah International Inc 2/27/2014Global Testing Corp Ltd 2/27/2014Food Empire Holdings Ltd 2/27/2014Pteris Global Ltd 2/27/2014Jubilee Industries Holdings Ltd 2/27/2014Innovalues Ltd 2/27/2014mDR Ltd 2/27/2014RH PetroGas Ltd 2/27/2014Blumont Group Ltd 2/27/2014ISDN Holdings Ltd 2/27/2014Annica Holdings Ltd 2/27/2014ASTI Holdings Ltd 2/27/2014R H Energy Ltd 2/27/2014Geo Energy Resources Ltd 2/27/2014UE E&C Ltd 2/27/2014CDW Holding Ltd 2/27/2014ABR Holdings Ltd 2/27/2014Dragon Group International Ltd 2/27/2014Advanced Systems Automation Ltd 2/27/2014Net Pacific Financial Holdings 2/27/2014Lorenzo International Ltd 2/27/2014Far East Group Ltd 2/27/2014Koyo International Ltd 2/27/2014SHC Capital Asia Ltd 2/27/2014Hoe Leong Corp Ltd 2/27/2014United Fiber System Ltd 2/27/2014A-Sonic Aerospace Ltd 2/27/2014Sunmoon Food Co Ltd 2/27/2014Singapore Technologies Engineering Ltd 2/27/2014China Merchants Holdings Pacific Ltd 2/27/2014Amara Holdings Ltd 2/27/2014Ho Bee Land Ltd 2/27/2014Broadway Industrial Group Ltd 2/27/2014Yeo Hiap Seng Ltd 2/27/2014Teckwah Industrial Corp Ltd 2/27/2014Smartflex Holdings Ltd 2/27/2014CSE Global Ltd 2/27/2014Swiber Holdings Ltd 2/27/2014Haw Par Corp Ltd 2/27/2014Banyan Tree Holdings Ltd 2/27/2014City Developments Ltd 2/27/2014Rotary Engineering Ltd 2/27/2014Talkmed Group Ltd 2/27/2014Zingmobile Group Ltd 2/28/2014SciGen Ltd 2/28/2014OM Holdings Ltd 2/28/2014Trek 2000 International Ltd 2/28/2014Kingsmen Creatives Ltd 2/28/2014China Environment Ltd 2/28/2014Global Palm Resources Holdings Ltd 2/28/2014

Earnings Announcement - Singapore

Calendar

Source: Bloomberg

27 February 2014

Page | 11

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