The Real Deals (25-10-2012)

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1/9SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

THEREALDEALSIns&OutsofSingaporeRealEstateSingapore

Co. Reg No: 198700034EMICA (P) : 099/03/2012

25 October 2012

HUDC Pro ject s Back i n the L im el ightHUDC flats, built by the Housing and Urban Development Company, were introduced in the 1970s to cater to middle-incomefamilies whose income exceeded the ceiling set by the Housing and Development Board (HDB) for its flats but were unable toafford private properties as well. There were altogether 18 HUDC projects comprising 7,731 residential and 23 shop units. In1995, the privatisation programme for HUDC estates was announced to allow owners more say over their estates, subject to aminimum support level of 75%. The building of HUDC flats was then phased out following the introduction of executivecondominiums in 1999. Just last month, HUDC projects returned to the limelight after a unit in Shunfu Ville, currently beingprivatised, was reported to have been sold for SGD1.28m. Parliament also recently amended The HUDC Housing Estates Bill toallow owners of Braddell View units with a shorter leasehold to top up the lease tenure. The project holds two separate leaseholddates, which made it difficult to agree on privatisation costs.

HUDC estates are widely recognised as potential candidates for collective sales as individual unit owners cannot top up the leasetenure on their own. To date, five of the 12 HUDC estates that have been privatised were successfully sold en bloc. Farrer Court

made the headlines in 2007 when it asked for a selling price of SGD1.5b, or SGD638 psf, making it the largest en bloc deal at thetime. However, buyers ended up with a lower, albeit still favourable, price of SGD1.34b, or SGD570 psf. After this high-profiledeal, there were a series of failed collective sale offers as developers appetite for large sites has largely subsided by then.Subsequently, owners resorted to selling their flats individually. Currently, HUDC projects have a remaining tenure of 63-72 years.

Figure 1: Privatisation status of HUDC estates

Status Project Details

Privatised & sold en bloc Amberville (now known as Silversea by Far East) Sold for SGD242m, or SGD396 psfFarrer Court (now known as D'Leedon byCapitaLand) Sold for SGD1.78b, including DC, or SGD783 psfGillman Heights (now known as The Interlace byCapitaLand & others) Sold for SGD548m, or SGD323 psfMinton Rise (now known as The Minton by KhengLeong) Sold for SGD313m, including DC, or SGD236 psfWaterfront View Estate (now known as Waterfront

Collection by Frasers Centrepoint & Far East) Sold for SGD487m, or SGD241 psf

Privatised Chancery Court (privatised in 2004)Attempted collective sale at SGD468m, orSGD1,614 psf ppr in Oct 07

Eunosville (privatised in 2011)Ivory Heights (privatised in 1998)Laguna Park (privatised in 2007) Attempted collective sale at SGD1.33b in May 11Lakeview (privatised in 2003)

Pine Grove (privatised in 1996)Attempted collective sale at SGD2.17b orSGD1,152 psf ppr in Nov 10

Tampines Court (privatised in 2002) Attempted collective sale at SGD405m in 2008Privatisation in process Shunfu Ville

Hougang North N3Hougang North N7Potong PasirSerangoon North

Yet to be privatised Braddell ViewSource: Company data

Figure 2: Location of HUDC estates in Singapore

Source: OneMap.sg

Privatisation in progressPrivatized

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25 October 2012 Page 2 of 9

THEREALDEALSIns&OutsofSingaporeRealEstate

PRIVATISED HUDCESTATES

79 units sold this year. A total of 79 privatised HUDC units have been transacted YTD with the average size at 1,627 sq ft andASP of SGD800 psf. Laguna Park was the most actively transacted estate. In Eunosville, the asking price for flats started at justbelow SGD1m, or SGD593 psf, in 2011, the year it was privatised. Since then, prices have risen by 30% and crossed theSGD1.3m in August.

Figure 3: Resale transactions at privatised HDUC estates

Total units ASP (SGD psf) No. of units sold (1-year) TenureAvg size

(sq ft)

Chancery Court 136 1,012* 0 (no transactions in 2012) 99 yr fm 1986 1,350Eunosville 330 718 3 102 yr fm 1986 1,697

Ivory Heights 654 688 11 100 yr fm 1986 1,725Laguna Park 528 909 28 99 yr fm 1977 1,563

Lakeview Estate 240 825 6 99 yr fm 1977 1,615Pine Grove 660 844 22 99 yr fm 1984 1,689

Tampines Court 560 620 9 101 yr fm 1985 1,695*Chancery Courts ASP since 2007. Source: URA

Figure 4: Resale prices for HUDC flats

Source: URA

Ongoing privatisation. Hougang has two separate HUDC estates that are currently undergoing privatisation. Within the vicinity,there were 41 units of a similar size to HUDC flats 1,500 sq ft or above that were sold for an average of SGD861 psf YTD. Ofthese, 99-year leasehold units fetched an ASP of SGD814 psf, or 10.6% below their freehold counterparts. Average rental yield inHougang is currently around SGD3.1 psf, indicating a 4.1% yield.

Figure 5: Location of HUDC estates in Hougang

Source: OneMap.sg

500

600

700

800

900

1,000

1,100

23-Dec-11 11-Feb-12 1-Apr-12 21-May-12 10-Jul-12 29-Aug-12 18-Oct-12

Eunosville

Ivory Heights

Laguna Park

Pine Grove

Tampines Court

Lakeview Estate

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DISTRICT 19 LAKEVIEW ESTATE

Figure 6: Transactions in and around Lakeview Estate

Projects Tenure No. of unitsASP

(SGD psf)Avg transacted price

(SGD m)Avg size

(sq ft)

Bishan 8 99 yr fm 1996 1 990 1.5 1,528

Bishan Park Condo 99 yr fm 1991 8 791 1.2 1,518

Bishan Point 99 yr fm 1997 1 895 2.4 2,626

Boonview Freehold 1 1,182 2.8 2,368

Clover by the Park 99 yr fm 2007 21 1,072 1.9 1,828

Faber Garden Condo Freehold 3 936 1.9 2,009

Flame Tree Park Freehold 5 990 1.7 1,701

Lakeview Estate 99 yr fm 1977 7 817 1.3 1,615

Marymount View Freehold 1 945 1.7 1,755

Sin Ming View Freehold 6 874 1.8 2,038The Gardens at Bishan 99 yr fm 1997 8 870 1.7 1,932

The Windsor Freehold 6 914 1.9 2,115

Thomson Imperial Court Freehold 4 762 1.4 1,811

Thomson Plaza 99 yr fm 1976 1 578 1.7 2,852

Thomson View Condo 99 yr fm 1975 4 794 1.9 2,478

Average 894 1.8 2,012

Source: URA

A total of 77 units above 1,500 sqft were transacted in District 19 YTD at an average price of SGD1.8m, or SGD894 psf. LakeviewEstate is categorised as one of the older estates in this area but it appears to be transacting at just a 9.4% discount to the rest ofthe private estates here. New projects such as Centro Residences, Sky Habitat and Thomson Grand have an ASP of SGD1,426psf. Assuming a redevelopment and using the latest market transaction prices as a benchmark, we estimate the breakeven costfor Lakeview Estate to be SGD1,299 psf.

Figure 5: Sale of units >1,500 sq ft (SGD psf)

Source: OneMap.sg

550

650

750

850

950

1050

1150

1250

1350

14-Sep-11 03-Nov-11 23-Dec-11 11-Feb-12 01-Apr-12 21-May-12 10-Jul-12 29-Aug-12 18-Oct-12

Bishan 8

Bishan Park Condo

Bishan Point

Boonview

Clover by the Park

Faber Garden Condo

Flame Tree Park

Lakeview Estate

Marymount View

Sin Ming Plaza

The Gardens at Bishan

The Windsor

Thomson Imperial CourtThomson Plaza

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MARKET SNAPSHOT 25 Oct ober 2012Analyst: Alison FOK 65-6433 5745 [email protected]

Propert y Pr ic e Ind ices Index Level ChangeSRPI Overall (Jul 12) 166.4 -1.1%URA PPI (2Q12) 206.9 +0.4%HDB Resale (2Q12) 194.0 +1.3%

Governm ent Land Sales (GLS)Recently Awarded Sites

Site Units AwardedLand price

(S$m)$psfppr

Boon Lay Way (JurongGateway)

590 MCL Land 370 706

Pasir Ris Drive 3/ Pasir

Ris Drive 10495 Capital Dev. 210 417

Buangkok Drive/Sengkang Central

620 White Haven Prop. 301 508

Pheng Geck Avenue(Parcel B)

200 Santarli Corp. 115 202

Tanah Merah KechilRoad/ Tanah MerahKechil Link

415Fragrance Group &World Class Land

285 676

Bright Hill Drive 405UVD (JV w/ SingLand & UOL)

292 720

Farrer Drive 100 Singland 89 280

Tai Thong Crescent

(Parcel C)

293Verwood Holdings

& Intrepid

245 793

Farrer Road 54 Far East Soho 46 1108

Punggol Way/ PunggolWalk (EC)

560Qingjian Realty(South Pacific)

190 314

Woodlands Avenue 6/Woodlands Drive 16(EC)

465Opal Pte, BinjaiHoldings

150 302

Dairy Farm RoadFirst Shine Prop &Meadows Bright

244 616

Prince CharlesCrescent

590Wingstar Inv, MetroAus, Maxdin

516 960

New Upper Changi /Bedok Road (Parcel A)

700 Keppel Land 435 791

Confirmed List

SiteSite area

(ha) Units

Est.launch

dateSengkang West Way/ Fernvale Link(Parcel B) (EC)

1.4 420 Sept-12

Pasir Ris Drive 3/ Pasir Ris Rise (EC) 2.8 590 Sept-12

Bishan Street 14 1.1 645 Oct-12

Sembawang Crescent/ Sembawang Drive(EC)

2.3 650 Oct-12

Punggol Field Walk/ Punggol East (EC) 1.5 435 Oct-12

Ang Mo Kio Avenue 2/ Ang Mo Kio Street13

1.8 680 Nov-12

Jurong West Street 41/ Boon Lay Way(Parcel A) 2.2 825 Nov-12

Commonwealth Avenue 1.2 700 Dec-12

Source: HDB, URA

Reserve ListSite

Site area(ha) Units Status

Jalan Jurong Kechil 1.0 240 Available

Stirling Road 2.1 1045 Available

Tampines Av 10 (Parcel B) 1.7 515 Available

Kim Tian Road 0.6 500 Available

Sengkang West Way 1.7 na Available

Alexandra Road/ Alexandra View(Parcel B)

0.9 495 Avail. in Sept

Tampines Avenue 10 (Parcel C) 2.3 680 Avail. in Oct

Tampines Avenue 10 (Parcel D) 1.6 470 Avail. in Oct

Jurong West Street 41/ Boon LayWay (Parcel B)

1.9 600 Avail. in Nov

New Upper Changi Road / BedokSouth Avenue 3 (Parcel B)

2.7 595 Avail. in Dec

Source: HDB, URA

Col lect ive Sa lesPending for offer

Site

Landarea (ksq m)

Landprice

(S$m)$psfppr

Tendercloses

Katong Park Towers 27.5 330-3401145-1178

Nov 6

Successful En Bloc Deals

Site Awarded to

Landarea (k

sq m)

Landprice

(S$m)$psfppr

Westvale Roxy Pacific 5.8 77.5 883

ThomsonView

Consortium led byWee Hur

50.2 590 712

Green Lodge Private investor 14.0 192 907

Chateau Eliza Newfort Realty 4.9 92.2 1,743

Novena Ville Fragrance Group 4.7 132 1730

Jade Towers Roxy Pacific 8.6 106 807

Bartley Grove Top Global 6.1 74 810

Property Stoc ks

Company Price RNAV

Disc

toRNAV NAV/share

Disc/

Prem toNAVCapitaLand 3.33 5.15 -35% 3.54 -6%CityDevelopments 11.41 12.62 -10% 7.66 49%Guocoland 2.19 NA NA 2.13 3%Ho Bee 1.47 2.98 -51% 2.34 -37%Keppel land 3.43 5.86 -41% 3.64 -6%OUE 2.67 NA NA 3.44 -22%SC Global 1.13 NA NA 1.48 -24%Singapore Land 6.83 10.72 -36% 11.69 -42%UIC 2.81 NA NA 3.16 -11%UOL 5.75 NA NA 7.19 -20%WheelockProperties 1.82 NA NA 2.42 -25%Wing Tai 1.7 2.81 -40% 2.51 -32%

N.A. = No Coverage *As at latest reported

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Primary Market

Totalno. ofunits

Unitssold

to-date

Take-up

rate(%)

Unitssold

(Sep)

Median

($psf)

City & Southwest (1-8)

V on Shenton 510 244 48% 49 2244Cityscape @ FarrerPark 250 125 50% 27 1407

Seahill 454 267 59% 14 1613

Reflection at Keppel Bay 1129 870 77% 13 1841

Orchard/Tanglin/Holland (9-10)

Stellar RV 120 120 100% 60 2048

Leedon Residence 381 52 14% 26 1898

D'Leedon 1715 538 31% 14 1500

Newton / Bukit Timah / Clementi (11,21)

8 Bassein 74 74 100% 21 1877Balestier / MacPherson / Geylang (12-14)

Gambir Ridge 77 77 100% 77 1415

Eight Riversuites 862 357 41% 62 1325

Cradels 125 108 86% 41 1478

28 Imperial Residences 42 28 67% 23 1428

Nin Residence 219 211 96% 18 1220

M66 70 67 96% 14 1191

Metro Loft 31 31 100% 14 1418

The Interweave 169 138 82% 13 1548

East Coast (15-16)

Archipelago 577 572 99% 36 1062

Flamingo Valley 393 352 90% 16 1351

Bedok Residences 583 537 92% 15 1311

Changi / Pasir Ris (17-18)

Parc Olympia 486 385 79% 77 882

The Tampines Trilliant 670 555 83% 54 805

My Manhattan 301 265 88% 31 1169

Watercolours 416 253 61% 22 717

The Palette 892 801 90% 20 898

Sea Esta 376 354 94% 17 917

Ripple Bay 679 605 89% 16 821

Palm Isles 429 332 77% 11 886

Serangoon / Thomson (19-20)

Kovan Regency 393 369 94% 369 1275

Riversails 920 203 22% 203 849

Bartley Residences 702 537 76% 78 1221

River Isles 610 471 77% 72 842

Parc Centros 618 591 96% 70 1043

The Luxurie 622 488 78% 53 1075

Riversound Residence 590 421 71% 36 854

Parc Vera 452 433 96% 31 856

Flo Residence 530 471 89% 31 859

Austville Residences 540 540 100% 17 739

Boathouse Residences 493 422 86% 12 927

West (22-24)

Eco 748 402 54% 402 1283

Foresque Residences 496 359 72% 104 1090

Hillsta 416 238 57% 17 1167

Blossom Residences 602 602 100% 15 685

North (25-28)

Parc Rosewood 689 686 100% 30 690Seletar Park Residence 276 200 72% 29 1191

1 Canberra 665 299 45% 28 718

The Nautical 435 361 83% 15 896

Source: URA

Sec ondary Mark et

District$psf

Aug12$psf

Sep12MoM %change

City & Southwest 1,525 1,605 5.2

Orchard/Tanglin/Holland 1,751 2,020 15.3

Newton/Bukit Timah/Clementi 1,279 1,365 6.7

Balestier/MacPherson/Geylang 1,074 1,245 16.0

East Coast 1,069 1,136 6.2

Changi/Pasir Ris 809 884 9.3

Serangoon/Thomson 939 997 6.1

West 861 992 15.2

North 785 916 16.6

Source: URA

Renta l Mark et

District

$psf pm

Jul12

$psf pm

Aug12

MoM %

ChangeCity & Southwest 4.7 3.9 -17.1

Orchard/Tanglin/Holland 4.6 3.7 -20.3

Newton/Bukit Timah/Clementi 3.5 3.0 -14.4

Balestier/MacPherson/Geylang 3.3 3.0 -10.4

East Coast 3.3 2.9 -12.6

Changi/Pasir Ris 2.8 2.6 -7.0

Serangoon/Thomson 3.2 2.8 -13.9

West 3 2.7 -10.5

North 2.7 2.5 -8.7

Source: URA

Top 5 Resa le Transact ions by $psf

Project Tenure District $psfThe Marq on Paterson Hill Freehold 9 4920

Nassim Park Residences Freehold 9 4001The Ritz-Carlton ResidencesSG Freehold 10 3896

The Scotts Tower 103 Yr fm 2010 9 3833

The Scotts Tower 103 Yr fm 2010 9 3716

Source: URA

Bot t om 5 Resa le T ransact ions by $psf

Project Tenure District $psf

Braddell View 99 yr fm 1981 20 588

Crystal Mansions Freehold 14 596

Tampines Court 101 Yr fm 1985 18 592

Regency Lodge Freehold 10 625

Elias Green 99 yr fm 1991 18 613

Source: URA

MARKET SNAPSHOT (CONTD) 25 Oct ober 2012Analyst: Alison FOK 65-6433 5745 [email protected]

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Developer District Landbank Tenure Unsold Units20

City Dev

1 One Shenton (Marina Bay) 99 560

3 Alexandra Road GLS site (Alexandra Road) 99 1186 South Beach (Beach Road) 99 1229 Futura (Leonie Road) Freehold 339 Up @ Robertson Quay (Robertson Quay) 99/103 203

10 Boulevard Hotel (Cuscaden Road) Freehold 17810 Lucky Tower (Grange Road) Freehold 15610 Nouvel 18 (Anderson Road) Freehold 311 Buckley Classique (Buckley Road) Freehold 10817 Hedges Park (Flora Road) 99 9118 The Palette (Pasir Ris) 99 605

18Tampines/Upp Changi Rd North (Tampines/Upp Changi RdNorth) Freehold 131

19 H2O Residences (Sengkang West Ave) 99 16519 Bartley Residences (Bartley Road) 99 78519 Mount Vernon GLS site (Bartley Road) 99 32

Sentosa Residences at W (Sentosa Cove) 99 20715, 19 & 21 Swiss Road (Swiss Club Road) Freehold

Total Unsold Units 3,517

KepLand 1 Marina Bay Suites (Marina Bay) 99 382 Keppel & GE Towers site (Tanjong Pagar) Freehold 5904 Reflections at Keppel Bay (Keppel Bay) 99 2594 Keppel Bay Plot 3 (Keppel Bay) 99 3674 Keppel Bay Plot 4 (Keppel Bay) 99 2344 Keppel Bay Plot 5 (Keppel Bay) 99 94

19 The Luxurie (Sengkang Square) 99 13416 Tanah Merah Site (Tanah Merar) 99 700


CapitaLand

3 The Interlace (Gillman Heights) 99Yr 3049 Urban Resort (Cairnhill Rd) Freehold 389 Orchard Residences (Orchard Road) 99Yr 139 Wharf Residence (Tong Watt Road) 999Yr 5

10 D'Leedon (Farrer Rd) 99Yr 1,17710 The Nassim (Nassim Rd) Freehold 5515 Marine Point (Marine Parade) Freehold 15016 Bedok Residences (Bedok Central) 99Yr 4620 Sky Habitat (Bishan Street 14) 99Yr 37826 Yio Chu Kang site (Yio Chu Kang Rd) Freehold 140


Ho Bee Sentosa Seascape at Sentosa Cove (Sentosa Cove) 99yr 1Sentosa Pinnacle at Sentosa Cove (Sentosa Cove) 99yr 110

11 Trilight (Newton Road) 99Yr 357Total Unsold Units 468

UOL 2 Spottiswoode Residences (Spottiswoode Park) Freehold 2416 Archipelago (Bedok Reservoir Rd) 99yr 519 Bright Hill Drive (Bright Hill) 99yr 40516 St Patricks Road (Upper East Coast) Freehold 170

Total Unsold Units 604

Allgreen 2 Skysuites @ Anson (Enggor Street) 99Yr 1665 The Surrento (West Coast Road) Freehold 1319 RV Residences (River Valley) 999Yr 248

10 Holland Residences (Taman Warna) Freehold 512 Riverbay (Mar Thorma Rd) 999Yr 14712 Riviera 38 (Mar Thorma Rd) 999Yr 1121 The Cascadia (Bukit Timah Road) Freehold 2023 Pavilion Park (Phase 1D) (Bukit Batok Road) Freehold 223 Pavilion Park (Phase 2) (Bukit Batok Road) Freehold 63


Wheelock 9 Scotts Square (Scotts Road) Freehold 7210 Ardmore 3 (Ardmore Park) Freehold 84


DEVELOPERS LANDBANK 25 October 2012Analyst: Alison FOK 65-6433 5745 [email protected]

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DEVELOPERS LANDBANK (CONTD) 25 October 2012

Analyst: Alison FOK 65-6433 5745 [email protected]

Developer District Landbank Tenure Unsold Units

GuocoLand

2 Tanjong Pagar GLS white site (Peck Seah / Choon Guan) 99Yr 500

9 Sophia Residence (Mount Sophia) Freehold 210 Leedon Residence (Leedon Heights) 99Yr 32910 Goodwood Residence (Bukit Timah Road) Freehold 7626 The Waterline (Yio Chu Kang Rd) Freehold 6


Bt Sembawang

4 Skyline Residences (Telok Blangah) Freehold 579 The Vermont on Cairnhill (Cairnhill Rd) Freehold 429 Paterson Suites (Paterson Rd) Freehold 249 Paterson Suites II (Paterson Rd) Freehold 889 St Thomas Walk (St Thomas Walk) Freehold 221

27 Watercove Villes (Wak Hassan Drive) Freehold 8028 Nim Road (Nim Road) Freehold 23228 Luxus Hills (Seletar Green) 999yr 68


Frasers Centrepoint

9 Starhub Centre (Cuppage Rd) 99yr 24915 Flamingo Valley (Siglap Rd) Freehold 4116 Waterfront Isle (Bedok Reservoir Rd) 99yr 1516 Bedok South GLS site (Bedok South Avenue 3) 99yr 59518 Seastrand (Pasir Ris Drive 3) 99yr 7118 Palm Isles (Flora Drive) 99yr 9719 Boathouse Residences (Hougang) 99yr 7119 Watertown (Punggol) 99yr 3419 Twin Waterfalls (Punggol Way / Punggol Field) 99yr 527 Eight Courtyards (Yishun Ave 2) 99yr 41


Wing Tai

9 HELIOS Residence (Cairnhill Circle) Freehold 649 Belle Vue Residences (Oxley Walk) Freehold 38

10 Le Nouvel Ardmore (Ardmore Park) Freehold 4210 Anderson 18 (Ardmore Park) Freehold 15711 L'VIV (Newton Rd) Freehold 1823 Foresque Residences (Petir Road) 99yr 13710 Nouvel 18 (Anderson Road) Freehold 156


MCL Land

11 Palms @ Sixth Avenue (Six Avenue ) Freehold 3210 NOB Hill (Ewe Boon Rd) Freehold 7015 Casa Nassau (East Coast Rd) Freehold 6516 Uber 388 (Upper East Cost) Freehold 2317 Ripple Bay (Jalan Loyang Besar) 99Yr 7422 Boon Lay (Jurong East) 99Yr 590


SC Global

9 The Marq (Paterson Hill) Freehold 339 Hilltops (Cairnhill Circle) Freehold 1969 Martin No. 38 (Martin Rd) Freehold 219 Sculptura Ardmore (Ardmore Park) Freehold 35

Sentosa Seven Palms (Sentosa Cove) 99Yr 31


Grand Total 14986

Source:HDB,URA

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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 asan 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 securitys 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-relatedinformation extracted from the relevant jurisdictions stock exchange in the equity analysis. Accordingly, investors returns may be less than the original suminvested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does nottake into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investorsshould therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed orrecommended 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 MaybankInvestment Bank Berhad, its subsidiary and affiliates (collectively, MKE) and consequently no representation is made as to the accuracy or completeness ofthis report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected 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 thisreport. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.

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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 fundamentalratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa MalaysiaSecurities Berhad in the equity analysis.

Singapore

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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 theOffice 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 Thailandand 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 theCorporate 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 theSecurities 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 inthe 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 theUS. 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. Youshould satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevantlegislation 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 FinancialServices 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 anyresponsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered asconstituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

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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 BursaMalaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issuedand distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT KimEng 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 andExchange Commission.Philippines:MATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities

and Exchange Commission. Vietnam: Kim Eng Vietnam Securities Company (KEVS) (License Number: 71/UBCK-GP) is licensed under theStateSecuritiesCommission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: KimEng Securities India Private Limited (KESI) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the BombayStock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1Merchant 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.

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 actas market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment bankingservices, advisory and other services for or relating to those companies.

Singapore: As of 25 October 2012, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this researchreport.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in theresearch 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 Paragraph16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 25 October 2012, 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 inissues 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 orinvestment services in relation to the investment concerned or a related investment.

OTHERS

Analyst Certification of Independence

The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part ofthe research analysts 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 capableof understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and politicalfactors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality ofany issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with itsown 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.

Stephanie Wong

CEO, Maybank Kim Eng Research

The Real Deals (25-10-2012)

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