 Global Research 25 July 2014

Singapore Market Strategy Equity Strategy

Singapore Cross-Connections Singapore

Major Shareholder Major Shareholder Cheryl Lee, CFA Analyst [email protected] +65-6495 5914

Company Singapore Research Team

PC

C173f48aa43e

Key Listed Subsidiary or Associate / Subsidiary / Associate Minority Stake Property

a5b A guide to who owns what

In Singapore Market Strategy—Singapore Cross-Connections, we provide a guide toa001447700186961d3 the ownership structure and cross-holdings of major listed companies in Singapore. This report features , Singapore’s investment company owned by the Government of Singapore and 52 different companies that are listed in Singapore and under UBS’s coverage.

Key themes: expansion overseas, capital allocation and recycling We expect Singapore companies to continue expanding overseas for growth, led by the larger corporates. Of the 52 companies featured in this report, 38 derive at least one- quarter of their revenue from outside Singapore. In aggregate, excluding traders, we estimate that around 75% of these companies' revenue was derived outside Singapore in 2013. We think companies will be focusing on capital allocation as well. A number of companies in this report display weak ROE trends, even though their00

profits are rising or are stable. We think avenues corporates could use to improve ROE : trends include asset sales to unlock value, and redeployment into higher yielding42

investments and/or special dividends and share buybacks. 28

Government policies J Policy changes to keep an eye on: 1) Restructuring of public transport: buses moving tou l

an asset-light cost plus model, while a new financing framework is being discussed for2014 rail. 2) Telcos: regulator considering the feasibility of a fourth mobile operator. 3) Property: when cooling measures might be eased. 4) Foreign worker dependency quotas: ongoing tightening of an already tight labour market underpins cost pressure.

www.ubs.com/investmentresearch

This report has been prepared by UBS Securities Pte. Ltd. (Reg. No. 198500648C). ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 167. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Cheryl Lee, CFA Contents Analyst [email protected] Temasek Holdings ...... 4 +65-6495 5914 Singapore Research Team Ascendas REIT ...... 12

CapitaCommercial Trust ...... 15 CapitaLand ...... 18 CapitaMall Trust ...... 21 CapitaRetail Trust ...... 24 CDL Hospitality Trusts ...... 27 PC City Developments Limited ...... 30 C173f48aa43e ComfortDelGro Corporation ...... 33 COSCO Corporation (Singapore) ...... 36 Dairy Farm International ...... 39 DBS Group Holdings ...... 42 a5b First Resources ...... 45 a001447700186961d3 Frasers Centrepoint Trust...... 48 ...... 50 Global Logistic Properties ...... 53 Golden Agri-Resources ...... 56 ...... 59 Trust ...... 61

Jardine Matheson Group ...... 6300

:

Keppel Corporation ...... 6642

Keppel Land...... 7028

J Keppel REIT...... 73u l

2014 M1 Limited ...... 76

Mapletree Industrial Trust ...... 79 Mapletree Logistics Trust ...... 81 Neptune Orient Lines ...... 84 Noble Group ...... 87 Oversea-Chinese Banking Corporation (OCBC) ...... 90 ...... 93 OSIM International...... 96 OUE Limited...... 99 Parkway Life REIT...... 102

Singapore Market Strategy 25 July 2014  2

SATS Limited...... 105 Industries...... 108 ...... 111 ...... 114 ...... 117 Singapore Post ...... 120 Singapore Press ...... 123 Singapore Telecommunications ...... 126

SMRT Corporation ...... 129PC

Starhill Global REIT...... 132C173f48aa43e StarHub ...... 135 Suntec REIT ...... 138 Thai Beverage ...... 141

United Overseas Bank (UOB) ...... 144a5b

UOL Group ...... 147a001447700186961d3 Venture Corporation ...... 150 ...... 153 Yangzijiang Shipbuilding (Holdings) ...... 156 Yoma Strategic Holdings ...... 159 Key financial ratios ...... 163

00

:

42

28

To the best of our knowledge, data in organisational charts is correct at the time J u

of printing. l

2014 We would like to thank Joyce Ho for her assistance in preparing this report.

Singapore Market Strategy 25 July 2014  3

Temasek Holdings Figure 1: Temasek Holdings' investments in Singapore

Temasek Holdings

Telecommunications, Media & Technology Financial Services

100% 100% 52% 29% 23% 100% Singapore SGX Fullerton Fund Technologies MediaCorp DBS Group (held for the Management Telemedia FSDF)

51% 42% 26% PC

Singapore C173f48aa43e IFS Capital Telechoice StarHub Post Transportation & Industrials 5% 84% 21% 49% 54% 7% Sunningdale STATS 15% Keppel Sembcorp M1 SMRT Tech ChipPac Corporation Industries a5b 49% 61%

Keppel a001447700186961d3 Sembcorp Infrastructure Marine Trust Life Sciences, Consumer & Real Estate 39% 32% 67% 50% 56%

CapitaCommercial 55% Neptune Orient ST Singapore CapitaLand Keppel Land Trust Lines Engineering Airlines

100% 28% 45% 100% 40% 78%

CapitaMalls CapitaMall PSA SIA

K-REIT Tiger Airways Asia Trust International 00 Engineering

:

21% 15% 88% 10% 42 37% 100%

Wildlife CitySpring CapitaRetail Hutchison Port 28 Singapore Reserve Infrastructure

China Trust Holdings Power J

Singapore u Trust l

60% 100% 100% 2014 18% 31%

40% Surbana AETOS Security CEI Contract

Certis CISCO SP AusNet Corporation Management Manufacturing

80% 100% 43% 5% Olam Mapletree Amtek SATS International Investments Engineering

40% 38% 31% 34% Mapletree Mapletree Mapletree Mapletree Commercial Greater China Logistics Trust Industrial Trust Trust Commercial Trust

Source: Bloomberg, Company filings to respective stock exchanges, Company data, UBS

Singapore Market Strategy 25 July 2014  4

Figure 2: Temasek Holdings’ foreign investments

Temasek Holdings

Telecommunications, Media & Technology Financial Services

NA 42% 52% <1%* 6%* 67% China PT Bank Alibaba Group Intouch SingTel Bank of China Construction Danamon (China) Holdings Bank

12% 40% 23% 32% 18% 2%* 89%

Advanced Info Standard PC Markit Group Bharti Airtel ICBC NIB Bank Service Chartered C173f48aa43e

17% 47% 20% 1%* 4% 1% Eros APT Satellite CITIC Iloyds Banking Globe Telecom AIA Group International Holdings Securities Group

9% 3%* 2%* Transportation & Industrials a5b Ping An China Pacific

IGG Inc a001447700186961d3 5% 4% Insurance Insurance Evonik MAX Industries

Life Sciences, Consumer & Real Estate Energy and Resources

5% 3% 5%* 6% 5% 70%

Shanghai The Mosaic MEG Energy Sadamatsu Li & Fung Frac Tech Pharmaceuticals Company Corporation

00 10% <1% 21% 6% 1% 11%

:

Graviss Gilead Portola 42 CITIC Repsol Kunlun Energy Pharmaceuticals Hospitality Sciences 28 Resources

J 1% 15% 100% u 13% <1% l

Thermo Fisher 2014 Celltrion Pavilion Energy Amyris Inc BG Group Scientific

41% NA 9% Hoang Anh Gia FTS Turquoise Hill Lai International Resources ()

Note: * indicates effective shareholding in both H-shares and A-shares. Source: Bloomberg, Company filings to respective stock exchanges, Company data, UBS

Singapore Market Strategy 25 July 2014  5

. From custodian to active manager. Temasek Holdings (Temasek) was established in 1974 as a wholly-owned entity of the Singapore Ministry of Finance (MoF). Until the late 1990s, the company was seen largely as a passive custodian of the Singapore government’s stakes in privatised public entities. Since 2002, Temasek has evolved into an active, value-oriented equity investor predominantly focused on Asia. As of 31 March 2014 (its latest annual report), the market value of its portfolio rose to a record S$223bn. Total shareholder return for Temasek since its inception was 16% compounded annually.

. Differences with GIC. Key distinctions between Temasek and the Government of Singapore Investment Corporation (GIC), Singapore’s other and much larger sovereign wealth fund (SWF), lie in their respective remit and source of funding.1 GIC was set up in 1981 to manage Singapore’s reserves, including surpluses accumulated and built up since independence. It has achieved an annualised 20-year real rate of return of 4% as of 31 March 2013. As a rule, GIC does not disclose its portfolio size, although it takes on a more diverse portfolio mix than Temasek, both in terms of asset-class allocation and geographic exposure. Temasek, in contrast, was initially

formed through the transfer of assets from the Singapore government, andPC its investments are solely funded by dividends received from its investments and the churning of its investment portfolio. As an active investor, it has C173f48aa43e flexible investment horizons and aims to maximise long-term returns from its investments. Its dividends form part of the Singapore government’s investment income. Temasek’s corporate rating is AAA/Aaa from Standard & Poor’s (S&P) and Moody’s respectively.

. Temasek’s returns pre- and post-2002. As 2002 marked Temasek’s shift towards an active investment strategy with greater geographic exposure, its returns are often compared on both a pre- and post-2002 basis. For

investments made pre-2002, it achieved 11% annualised returns from Marcha5b 2002 to March 2014, versus post- 2002 investments which delivered 15%. a001447700186961d3

. Common misperceptions. Amid greater public scrutiny, Temasek has publicly clarified that it does not manage or invest Central Provident Fund (CPF) money. Regarding the President’s role in Temasek, although the President has the authority to decide whether or not to approve board appointments proposed by the government, the President is not empowered to direct the investment strategies of either Temasek or GIC.

. Investment themes. Temasek’s stated investment themes are ‘Transforming Economies’, ‘Growing Middle Income Populations’, ‘Deepening Comparative Advantages’ and ‘Emerging Champions’. In terms of sectors, Temasek’s portfolio remains largest in ‘Financial Services’ (30%). This is followed by ‘Telecommunications, Media & Technology’ (23%), and ‘Transport & Industrials’ (20%) as of 31 March 2014.

00

. Major Singapore-listed companies in the portfolio include: Singapore Telecommunications, DBS Bank, :

Singapore Airlines, CapitaLand, Singapore Technologies Engineering, Sembcorp42 Industries, ,

Neptune Orient Lines, SMRT and SATS. Major unlisted Singapore investments28 include PSA International, Singapore Power, MediaCorp, and (which has stakes in four Singapore-listed REITs). Temasek

J Holdings also owns Wildlife Reserves Singapore, which operates the Singaporeu Zoo, Bird Park, Night Safari l

and River Safari. 2014

. Website: http://www.temasek.com.sg/

1 Temasek Holdings asserts that it is not strictly a sovereign wealth fund as it neither receives additional funding from the government, nor requires government approval for its investment decisions. However for all other intents and purposes, it is typically regarded as a sovereign wealth fund.

Singapore Market Strategy 25 July 2014  6

Figure 3: Major corporate events

Date Event Jul 2014 Temasek announced a portfolio market value of S$223bn as of Mar 2014, up from S$215bn the previous year Increased H-share stake in Industrial and Commercial Bank of China to 8.9% (specific month not declared) May 2014 Temasek made an offer for Olam International and achieved 80.4% acceptance Acquired a 1.32% stake in Thermo Fisher Scientific for US$500m Apr 2014 Launched Astrea II portfolio of private equity funds aimed at offering co-investment opportunities to retail investors Mar 2014 Acquired a 24.95% stake in A.S. Watson for US5.7bn (S$7.2bn) Aug 2013 Divested the entire 3.86% stake in Cheniere Energy for US$257m Jul 2013 Temasek announced a portfolio market value of S$215bn as of Mar 2013, up from S$198bn the previous year Chairman, S Dhanabalan, announced his retirement from the Temasek board effective 1 Aug 2013, to be succeeded by Lim Boon Heng May 2013 Announced a raised stake in Industrial and Commercial Bank of China, from 6.71% to 7.04% of -listed shares PC Apr 2013 Established Pavilion Energy with an initial capital commitment of US$1bn to invest in the region’s growing needs for clean energy Mar 2013 Raised stake in Rol, a Spanish integrated oil company, from 1.25% to 6.3%, for €1bn (S$1.68bn) C173f48aa43e Feb 2013 Acquired 26.1% stake in PT Matahari Putra Prima through its indirect wholly owned subsidiary Anderson Investments Nov 2012 Temasek, together with DBS, Standard Chartered, Sumitomo Mitsui Banking Corp, Manulife and Prudential, established Clifford Capital to deliver financing solutions to Singapore clients consisting of long-term senior debt to cross border projects Jul 2012 Temasek announced a portfolio market value of S$198bn as of Mar 2012, up from S$193bn in the previous year Announced a S$2bn investment in FTS International for a 41% stake a5b May 2012 Announced an investment in Cheniere Energy for a 3.86% stake for S$300m

De c 2011 Temasek increased stake in Mosaic Co. to 5.9%, valued at US$847.5m a001447700186961d3 Nov 2011 Announced that it had raised its stake in China Construction Bank from 8.10% to 9.42% Sold Invida Holdings, a biopharmaceutical joint venture, to -based Menarini Group for an undisclosed amount Aug 2011 Issued a media statement saying that Temasek portfolio companies account for 10%, or less, of Singapore’s GDP. It further clarified that Temasek does not manage or invest CPF money Jul 2011 Temasek announced a portfolio market value of S$193bn as of Mar 2011, up from S$186bn the previous year Jun 2011 Temasek and Khazanah – the investment holding arm of the Malaysian Government – announced joint real estate development projects Formed a 50/50 JV with Khazanah, Pulau Indah Ventures Sdn Bhd to develop two wellness-related projects in Johor, with a gross development value of RM3bn

Formed a 40/60 JV with Khazanah, M+S Pte Ltd, to develop land parcels in Marina South and Ophir-Rochor in Singapore 00 Mar 2011 Executive Director and President of Temasek, Simon Israel, announced his retirement from both his executive and board roles effective 1 July 2011

:

Feb 2011 Temasek paid a fine of Rp15bn (S$2.1m) for breaching Indonesia’s anti-trust laws, while maintaining 42 its innocence

Jul 2010 Announced the sale of its entire 14.7% stake in Fraser & Neave to Kirin Holdings for S$1.3bn 28

Launched a S$1bn 40-year benchmark bond, rated AAA by S&P J Temasek announced a portfolio market value of S$186bn as of Mar 2010, up from S$130bn the previousu year l

May 2010 Hsieh Fu Hua appointed as Executive Director and President; Dilhan Pillay Sandrasegara appointed as 2014 Head, Portfolio Management Mar 2010 Completed its offerings of S$500m 3.785% guaranteed notes due 2025, and S$500m 4.0475% guaranteed notes due 2035

Feb 2010 Completed its offering of S$1bn 3.265% guaranteed notes due 2020 De c 2009 Completed its maiden offerings of S$300m 4.0% guaranteed notes due 2029, and S$300m 4.2% guaranteed notes due 2039 Nov 2009 Completed its offering of US$500m 5.375% guaranteed debentures due 2039 Oct 2009 Completed its offering of US$1.5bn 4.3% guaranteed notes due 2019 Aug 2009 Established SeaTown Holdings, a separate test unit with seed funding of S$4bn meant to explore how to allow the Singapore public to co-invest with the firm Jul 2009 Temasek announced a portfolio market value of S$130bn as of Mar 2009, down from S$185bn the year before Temasek announced a mutual agreement with Charles Goodyear to not proceed with his CEO appointment Feb 2009 Announced the expansion of its India operations with the setting up of a branch office in Chennai, to focus on the South Indian market Charles Goodyear appointed as CEO-designate, scheduled to take over Ho Ching in October 2009 De c 2008 Sold PowerSeraya to YTL Power International for an enterprise value of S$3.8bn S e p 2008 Sold Senoko Power to Lion Power Holdings, a Japanese consortium, for an enterprise value of S$4.0bn

Source: Company data, Bloomberg, UBS

Singapore Market Strategy 25 July 2014  7

Figure 3: Major corporate events (cont’d)

Date Event Aug 2008 Temasek announced a portfolio market value of S$185bn as of Mar 2008, up from S$164bn the previous year Mar 2008 Sold Tuas Power to China Huaneng Group for S$4.235bn in cash De c 2007 Temasek submits an appeal to the Central District court against the KPPU decision Indonesia’s anti-trust agency said it had found evidence that Temasek had breached competition law via its investments in PT Telekomunikasi Selular Nov 2007 (through SingTel) and PT Indosat (through ST Telemedia), the two largest mobile operators in Indonesia Temasek sold 1.082bn Bank of China H shares at HK$4.09 each for a total of around US$571m, bringing its stake down to 4.13% Temasek sold 280m shares of China Construction Bank at HK$7.09 each for a total of around US$255m, bringing its stake down to 5.92% Temasek sold 80m shares of China COSCO Holdings at HK$26.75-27 each for a total of around US$277m, bringing its stake down to 2.6% Oct 2007 Temasek started the process to sell Tuas Power, its first power generation company, which has a book value S$1bn and a potential enterprise value of S$3bn S e p 2007 Temasek announced a HK$2.5bn investment in China Eastern Airlines Corporation (CEA), which amounts to 8.3% of the enlarged capital of CEA PC Temasek increased its stake in Standard Chartered PLC to 17.2%

Aug 2007 Temasek sold its entire 5.4% stake in China property developer Greentown China Holdings for HK$1.33bn.C173f48aa43e Jul 2007 Temasek confirmed plans to invest around S$3bn in Barclays PLC; the investment represents 2.1% of Barclay’s existing issued share capital Lim Siong Guan stepped down from the Board Jun 2007 Temasek announced plans to divest interest in all three of its wholly-owned Singapore power generation companies: PowerSerya Ltd, Senoko Power Ltd and Tuas Power Ltd over the next 12-18 months Temasek acquired a 10% stake in Minh Phu Seafood Joint-Stock Company, Vietnam Temasek and Qatar Investment Authority invested S$65m in Raffles Medical Group, taking a 4.87% stakea5b each

May 2007 Temasek sponsored the establishment of Temasek Trust with an initial endowment gift of S$500m to a001447700186961d3 contribute to the development of people in Asia Temasek successfully raised its stake in STATS ChipPAC from 35% to 83% following a voluntary cash tender offer in March 2007 Mar 2007 Temasek subsidiary, Singapore Technologies Semiconductors announced voluntary conditional cash offer for STATS ChipPAC Limited Feb 2007 Temasek-sponsored CitySpring Infrastructure Trust completed IPO and listed on SGX Jan 2007 Temasek acquired 10% of Tata Sky, and Indian direct-to-home TV service provider for around US$56m De c 2006 Temasek announced it would be investing around S$900m in Fraser & Neave Ltd, representing about 15% of F&N’s outstanding shares Oct 2006 Teo Ming Kian appointed to the Board Jun 2006 Invested in 24% of , a 3-way JV between Beijing Aerospace Satellite Applications Corporation, Singapore Airlines and Temasek May 2006 Temasek was the lead investor in eMobile’s equity financing transaction, investing ¥12bn for a 7% equity stake

Temasek placed out its entire 26.7% shareholding in CSE Global for about S$89m 00

Mar 2006 The Tan Sri Khoo Teck Puat Estate entered into an agreement to sell 11.55% of Standard Chartered PLC to Temasek :

Temasek divested its 2.1% stake in Qantas for S$170m, 6.3% in LMA for S$35m, 4.8% in Olam International42 for S$119m

Temasek completed the placement of 4.6% of SingTel at S$2.66 per share, to raise a total of S$2bn 28

Temasek, Siam Commercial Bank, Khun Surin Upatkoon and other Thai investors completed their tender offer for Shin Corp & Advanced Info Service J u

Temasek entered into a strategic alliance by investing US$400m (representing about 15%) in E.Sun Financiall Holding Company

2014 Temasek acquired a 9.9% stake in Tata Teleservices Ltd for around S$553m Temasek, Siam Commercial Bank and a group of Thai investors reached agreement with the Shinawatra and Damapong families to acquire their 1487.7m

Jan 2006 shares or 49.6% in Shin Corporation PCL for a total consideration of Bt73.3bn Temasek purchased 6% of Bumrungrad Hospital Public Company for around S$46m Temasek acquired a 5% interest in Bank of China for US$1.5bn Oct 2005 Temasek invested US$10.23m for a 4.65% post restructuring stake in China Aviation Oil (Singapore) Corporation S e p 2005 Temasek issued US$1.75bn, 4.5% guaranteed notes due in 2015 Temasek acquired a 57% stake in China Construction Bank (CCB) for US$1.5bn and agreed to subscribe for an additional US$500m worth of shares during

CCB’s planned international IPO Aug 2005 Temasek placed out 7.5% of CapitaLand at S$2.90 per share, raising S$580m, and 7.3% of SMRT at S$1.11 per share, raising (S$122m) Temasek announced that Simon Claude Israel and Goh Yew Lin would join the Board of Directors of Temasek May 2002 Madam Ho Ching was appointed executive director of Temasek Holdings 1974 Temasek Holdings was formed in 1974 as a focal point to hold and manage the Singapore government’s investment in companies

Source: Company data, Bloomberg, Reuters, UBS

Singapore Market Strategy 25 July 2014  8

Figure 4: Temasek Holdings’ Singapore-listed companies

Company Code Cur rency Price Market cap N o. of shares Effective % Fr e e float 12M avg daily Country (m) (m) shareholding (%) traded vol ('000) Amtek Engineering Ltd AMTK SP S$ 0.64 352 546 5 66.3 579 Singapore CapitaCommercial Trust CCT SP S$ 1.73 4,902 2,935 13 64.7 7,520 Singapore CapitaLand Ltd CAPL SP S$ 3.32 14,053 4,258 39 60.4 8,416 Singapore CapitaMall Trust CT SP S$ 2.00 6,869 3,461 11 60.8 7,836 Singapore CapitaRetail China Trust CRCT SP S$ 1.58 1,318 819 10 63.2 888 Singapore CEI Contract Manufacturing CEI SP S$ 0.12 35 347 18 65.9 57 Singapore CitySpring Infrastructure Trust CITY SP S$ 0.50 752 1,519 37 62.5 603 Singapore DBS Group Holdings Ltd DBS SP S$ 17.91 44,059 2,460 29 71.0 3,692 Singapore Hutchison Port Holdings Trust HPHT SP US$ 0.92 6,490 8,711 11 31.3 15,906 Singapore IFS Capital Ltd IFS SP S$ 0.45 68 150 4 51.3 35 Singapore PC Keppel Corp Ltd KEP SP S$ 10.89 19,839 1,817 21 78.1 3,144 Singapore

Keppel Land Ltd KPLD SP S$ 3.51 5,488 1,546 C173f48aa43e 12 45.3 2,154 Singapore Keppel Infrastructure Trust KIT SP S$ 1.07 671 630 10 50.7 215 Singapore K e ppel REIT KREIT SP S$ 1.30 3,613 2,801 5 55.3 5,305 Singapore M1 Ltd M1 SP S$ 3.83 3,504 929 3 38.7 810 Singapore Mapletree Commercial Trust MCT SP S$ 1.39 2,908 2,092 38 60.8 2,299 Singapore Mapletree Greater China Commercial Trust MAGIC SP S$ 0.91 2,442 2,698 34 62.3 3,604 Singapore

Mapletree Industrial Trust MINT SP S$ 1.45 2,473 1,706 a5b 31 68.2 2,579 Singapore Mapletree Logistics Trust MLT SP S$ 1.19 2,936 2,457 40 58.8 3,366 Singapore a001447700186961d3 Neptune Orient Lines Ltd NOL SP S$ 0.95 2,477 2,593 67 32.9 2,628 Singapore Olam International Ltd OLAM SP S$ 2.53 6,220 2,439 80 28.2 5,198 Singapore SATS Ltd SATS SP S$ 3.16 3,535 1,122 43 57.1 1,360 Singapore Sembcorp Industries Ltd SCI SP S$ 5.53 9,829 1,787 49 50.1 1,853 Singapore Sembcorp Marine Ltd SMM SP S$ 4.10 8,565 2,089 30 39.1 2,553 Singapore SIA Engineering Co Ltd SIE SP S$ 5.12 5,559 1,121 44 22.3 308 Singapore Singapore Airlines Ltd SIA SP S$ 10.55 12,423 1,174 56 44.0 1,016 Singapore Singapore Exchange Ltd SGX SP S$ 6.97 7,575 1,070 23 94.7 1,401 Singapore Singapore Post Ltd SPOST SP S$ 1.77 3,371 1,921 13 74.0 4,042 Singapore

Singapore Tech Engineering STE SP S$ 3.79 11,914 3,119 50 49.8 2,217 Singapore 00 Singapore Telecommunications ST SP S$ 3.99 63,615 15,944 52 48.0 16,005 Singapore

:

SMRT Corp Ltd MRT SP S$ 1.58 2,434 1,522 42 54 45.7 2,268 Singapore Sp Ausnet SPN SP S$ 1.56 5,395 3,425 31 49.0 82 Singapore

28 StarHub Ltd STH SP S$ 4.20 7,276 1,724 42 33.6 1,852 Singapore

J

S T ATS ChipPAC Ltd STAT SP S$ 0.61 1,343 2,202 u 84 16.2 4,972 Singapore l

Sunningdale Tech Ltd SUNN SP S$ 0.22 197 918 5 64.4 3,898 Singapore 2014 Telechoice International Ltd TLC SP S$ 0.26 116 453 51 29.1 85 Singapore Ltd TGR SP S$ 0.45 424 987 22 59.8 1,537 Singapore

Above data as at 23 July 2014. Source: Bloomberg, Company filings to respective stock exchanges, Company data, UBS

Singapore Market Strategy 25 July 2014  9

Figure 5: Temasek Holdings’ foreign-listed companies

Company Code Currency Pr i ce Market cap No. of Effective % Fr e e float 12M avg daily Country (m) s hares (m) shareholding (%) traded vol ('000) Advanced Info Service PCL ADVANC TB Bt 207.00 609,485 2,973 29 52.9 7,190 Thailand AIA Group Ltd 1299 HK HK$ 41.30 495,041 12,045 4 100 21,688 Hong Kong Amyris Inc AMRS US US$ 3.69 290 79 13 32 385 United States APT Satellite Holdings Ltd 1045 HK HK$ 12.20 7,598 622 11 39 1,255 Hong Kong Bank Danamon Indonesia TBK BDMN IJ Rp 3,935 36,948,800 9,585 67 32 4,271 Indonesia Bank of China Ltd-H 3988 HK HK$ 3.59 936,934 83,622 3* 87 290,154 China BG Group PLC BG/ LN GBp 1205.00 40,978 3,411 < 1 95 5,330 Britain Bharti Airtel Ltd BHARTI IN Rs 354.35 1,408,884 3,997 17 24.4 5,234 India Celltrion Inc 068270 KS Won 42900.00 4,399,418 104 15 73 1,236 China Construction Bank-H 939 HK HK$ 5.74 1,439,903 240,417 7* 31 251,649 China PC China Pacific Insurance-H 2601 HK HK$ 29.85 237,161 2,775 6* 75 9,277 China

CITIC Resources Holdings Ltd 1205 HK HK$ 1.18 9,049 7,869 C173f48aa43e 11 29 5,219 Hong Kong CITIC Securities Co Ltd-H 6030 HK HK$ 18.78 176,220 1,178 9* 85 9,755 China Eros International PLC EROS US US$ 15.44 861 30 17 75 129 United States Evonik Industries AG EVK GR € 28.26 13,281 466 5 10 180 Gilead Sciences Inc GILD US US$ 90.34 138,734 1,536 1 99 11,582 United States Globe Telecom Inc GLO PM P 1720.00 228,476 133 24 22.2 63 Philippines

Graviss Hospitality Ltd GHL IN Rs 19.80 1,410 71 a5b 10 14 6 India IGG Inc 8002 HK HK$ 4.61 5,989 1,361 9 24 16,727 Singapore a001447700186961d3 lloyds Banking Group PLC LLOY LN GBp 73.63 52,837 71,374 1 75 138,302 Britain Industrial and Commercial Bank of China-H 1398 HK HK$ 5.13 1,602,436 86,794 9* 81 239,328 China Intouch Holdings PCL INTUCH TB Bt 70.00 224,449 3,206 42 39.1 14,325 Thailand Kunlun Energy Company Ltd 135 HK HK$ 13.06 105,103 8,072 1 38 17,630 Hong Kong Li & Fung Ltd 494 HK HK$ 10.32 86,614 8,360 3 66 20,977 Hong Kong Ma r kit Group MRKT US US$ 25.77 4,609 179 12 26 2,250 Britain MAX I ndia Ltd MAX IN Rs 319.90 86,693 266 4 60 407 India MEG Energy Corp MEG CN C$ 37.44 8,340 223 5 64 862 Canada N IB Bank Ltd NIB PA PRs 2.22 22,460 10,303 89 11 3,106

Ping An Insurance-H 2318 HK HK$ 61.90 453,554 3,130 3* 52 14,200 China 00 Portola Pharmaceuticals Inc PTLA US US$ 24.92 1,025 41 21 67 288 United States

:

Repsol S.A. REP SM € 18.42 25,176 1,350 6 83 10,503 42 Sadamatsu Co Ltd 2736 JP ¥ 191.00 2,209 11 5 55 27

28 Shanghai Pharmaceuticals-H 2607 HK HK$ 15.20 41,374 766 16* 79 2,679 Hong Kong

J

Standard Chartered PLC STAN LN GBp 12.22 30,074 2,470 u 18 82 5,032 Britain l

The Mosaic Company MOS US US$ 47.50 18,224 340 6 93 4,242 United States 2014 Thermo Fisher Scientific Inc TMO US US$ 124.00 49,468 399 1 100 1,934 United States Turquoise Hill Resources Ltd TRQ US US$ 3.53 7,103 2,012 9 36 4,823 Canada

Note: * Indicates effective shareholding in H shares only. Source: Bloomberg, Company filings to respective stock exchanges, Company data, UBS

Singapore Market Strategy 25 July 2014  10

Figure 6: Portfolio sector breakdown Figure 7: Portfolio geographical breakdown

Africa, Central Others Asia & the Energy & Latin America Resources 7% 2% & New 2% 6% Financial Zealand Services 10% Life Sciences, 30% Consumer & Asia ex- Real Estate North America & Singapore 14% 41% 14%

Telecommuni- Transportatio cations, n & Industrials Media & 20% Technology Singapore 31% 23% PC

Note: Above data as at 31 March 2014. Note: Above data as at 31C173f48aa43e March 2014. Source: Company data Source: Company data

Figure 8: Concentration profile – single name Figure 9: Liquidity breakdown

Singapore Telecommuni- a5b cations China

13% Construction a001447700186961d3 Bank Unlisted assets Liquid & sub- Corporation 30% 20% listed 6% assets 36% DBS Group Holdings 5%

Rest of Listed large Portfolio blocs (≥20% 76% share)

34% 00

Note: Above data as at 31 March 2014. Note: Above data as at 31: March 2014.

Source: Company data Source: Company data 42

28

J u l

2014

Singapore Market Strategy 25 July 2014  11

Ascendas REIT Figure 10: Ascendas REIT organisational structure

JTC Corporation

100%

Ascendas Pte Ltd

17%

Ascendas REIT PC Singapore 100% C173f48aa43e 100% Business & Science Parks (23 assets) Logistics & Distribution (24 assets) 1 Changi Business Park Ave 1 iQuest @ IBP 1 Changi South Lane IDS Logistics Corporate HQ 1,3&5 Changi Business Park Neuros & Immunos 10 Toh Guan Road LogisHub @ Clementi 13 International Business Park Nordic European Centre 15 Changi North Way LogisTech 31 International Business Park PSB Science Park Building 21 Jalan Buroh MacDermid Building

Acer Building Techquest 5 Toh Guan Road East a5b Nan Wah Building AkzoNobel House The Alpha 6 Pioneer Walk Pioneer Hub

Cintech I The Aries 71 Alps Avenue a001447700186961d3 Sembawang Kimtrans Logistics Centre Cintech II The Capricorn 9 Changi South Street 3 Senkee Logistics Hub (Phase I&II) Cintech III & IV The Galen 90 Alps Avenue Sim Siang Choon Building DBS Asia Hub The Gemini C&P Logistics Hub Xilin Districentre Building A&B Hansapoint @ CBP The Rutherford & Science Hub Changi Logistics Centre Xilin Districentre Building C Honeywell Building GSH Centre Xilin Districentre Building D

100% 100% Light Industrial Properties (34 assets) Hi-Specs Industrial Properties (20 assets) 1 Kallang Place BBR Building 1 Jalan Kilang KA Centre

11 Woodlands Terrace FoodAxis @ Senoko 138 Depot Road 00 KA Place 18 Woodlands Loop Ghim Li Building 2 Changi South Lane Kim Chuan Telecommunications Complex

:

2 Senoko South Road Hamilton Sundstrand Building 30 Tampines Industrial Ave42 3 Pacific Tech Centre 247 Alexandra Road Hoya Building 38A Kim Chuan Road Siemens Centre

26 Senoko Way Hyflux Building 50 Kallang Avenue 28 Techlink

27 Ubi Road 4 NNB Industrial Building CGG Veritas Hub J Techpoint u

3 Tai Seng Drive Osim Headquarters Corporation Place l Techview

31 Joo Koon Circle Progen Building Hyflux Innovation Centre 2014 Telepark 31 Ubi Road 1 SB Building Infineon Building Wisma Gulab

37A Tampines Street 92 Tampines Biz-Hub 5 Tai Seng Drive Techplace I 100% 52 Serangoon North Ave 4 Techplace II Warehouse Retail Facilities (2 assets) 53 Serangoon North Ave 4 Thales Building (I & II) 8 Loyang Way 1 Ubi Biz-Hub Courts Megastore Giant Hypermart 84 Genting Lane Volex Building 9 Woodlands Terrace Weltech Building 100% China Business Parks (2 assets)

CEO: Tan Ser Ping A-REIT City @ Jinqiao (China) Ascendas Z-link (China)

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  12

. Ascendas REIT (A-REIT) is the first and largest business space and industrial REIT to be listed on the Singapore Exchange (SGX). It is an externally-managed REIT that owns 103 properties in Singapore and two business park properties in China with a book value of around S$6.4bn as at 31 March 2014. A-REIT is one of the four most liquid stocks in the Singapore REIT market. It was added to the and removed from the FTSE ST Mid Cap Index on 4 June 2014.

. A-REIT, managed by Ascendas Funds Management Ltd a wholly-owned subsidiary of Ascendas Group, operates in the business and science park, hi-tech industrial, light industrial, and logistics and distribution centre segments. A-REIT plans to grow its portfolio through a proactive approach to funds and asset management, and prudent capital and risk management. It is sponsored by Ascendas Group, which has over 30 years of experience in the industry.

. Website: http://www.a-reit.com/

Figure 11: Major corporate events PC

Date Type Event C173f48aa43e Jun 2014 A-REIT added to the Straits Times Index effective from 4 Jun 2014 Acquisition Acquired Hyflux Innovation Centre for S$193.9m Apr 2014 Divestment Announced the proposed divestment of 1 Kallang Place for S$12.6m (completed on 21 May 2014) S e p 2013 Completed the development of Nexus @ One-North for S$181.3m Jul 2013 Acquisition Acquired A-REIT City @ Jinqiao for a purchase consideration of S$124.6m

May 2013 Divestment Announced the proposed divestment of 6 Pioneer Walk for S$32m (completed on 21 Juna5b 2013) Apr 2013 Completed the development of Four Acres Singapore for S$58.7m

Mar 2013 Fund raising Launched private placement of 160m new units, raising around S$406.4m in gross proceedsa001447700186961d3 Acquisition Acquired The Galen, a science park property in Singapore Science Park II for S$127.5m Aug 2012 Divestment Announced the proposed divestment of Block 5006 Techplace II for S$38m (completed on 31 Mar 2014) May 2012 Fund raising Launched private placement of 150m new units, raising around S$298.5m in gross proceeds Mar 2012 Acquisition Acquired Cintech I to IV for a purchase consideration of S$183m De c 2011 Acquisition Acquired Corporation Place and 3 Changi Business Park Vista for a total purchase consideration of S$179m Oct 2011 Acquisition Acquired Ascendas Z-Link (maiden property in Beijing, China) for S$61.8m Jul 2011 Acquisition Acquired Nordic European Centre an international business park for S$121.6m with a projected annualised DPU impact of 0.02 cents Fund raising Private placement to raise net proceeds of around S$393.3m Mar 2011 Acquisition Announced acquisition of Neuros & Immunos for S$125.6m

Fund raising Completed private placement of 206m new units at issue price of S$1.94 per unit (10.5%00 premium to NAV) to raise proceeds of S$393.3m

Feb 2011 Acquisition Foray into Jinqiao, Shanghai with forward purchase of a business park property for S$117.6m:

42 Jan 2011 Announced development project of FedEx Singapore Regional Hub for S$35.9m

De c 2010 Completed 5 Changi Business Park and achieved revaluation gain of 123% (S$42.9m) 28 over its costs

Aug 2010 Corporate family rating upgraded to "A3" by Moody's Investor Services J u

Feb 2010 Acquisition Acquired 31 Joo Koon Circle and DBS Asia Hub at 2 Changi Business Park Crescent forl S$15.0m and S$116.0m, respectively

Mar 2008 Ascendas Group acquired Goodman Group's 40% stake in Ascendas-MGM Funds Management2014 Limited, the manager of A-REIT and Goodman's 6.28% direct stake in A-REIT, bringing Ascendas's deemed interest to a total of 27%. The manager of A-REIT is now a wholly

owned subsidiary of Ascendas Group and has been renamed Ascendas Funds Management (S) Limited (AFM) Nov 2002 IPO A-REIT was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

Figure 12: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country Ascendas REIT AREIT SP 2.33 5,601 2,404 83.0 6,779 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  13

Figure 13: Financial highlights Figure 14: ROE & ROA

(S $ m) Mar YE FY11 FY12 FY13 FY14 8.5% 5.0% Revenue 450.9 508.7 600.7 644.0 EB IT (Adj) 304.6 334.2 363.7 395.2 8.0% 4.7% Ne t Income (Adj) 232.6 289.3 265.1 316.3

7.5% 4.4% T ot al Assets 5,419.8 6,564.4 6,959.0 7,357.5 Total Liabilities 2,128.2 2,646.9 2,297.9 2,508.9 7.0% 4.1% Minority Interest 0.0 0.0 0.0 0.0 Shareholders’ Equity 3,291.7 3,917.5 4,661.1 4,848.6 6.5% 3.8%

Market Cap 3,823.6 4,211.9 6,237.3 5,430.0 6.0% 3.5% EPU (S$) 0.12 0.14 0.12 0.13 FY10 FY11 FY12 FY13 FY14 PC DPU (S $) 0.13 0.14 0.14 0.14 ROE (LHS) ROA (RHS)

Dividend Payout 100.0% 100.0% 99.9% 100.0% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 15: Segment revenue breakdown (FY14) Figure 16: Geographical revenue breakdown (FY14)

Warehouse a5b Retail Facilities China Logistics & 3% 1% Distribution a001447700186961d3 Centres 21% Business & Science Parks 34%

Light Industrial Properties 15% Hi-Specs Industrial

Properties 00 Singapore 27% 99%

:

Source: Company data, UBS Source: Company data, UBS42

28

J u l

2014

Singapore Market Strategy 25 July 2014  14

CapitaCommercial Trust Figure 17: CapitaCommercial Trust organisational structure

CapitaLand

31.9%

CapitaCommercial Trust

Singapore 100% 100% 30% PC 7.4%

C173f48aa43e Malaysia Commercial Capital Tower One George Street Quill Capita Trust Development Fund

100% 100%

Six Battery Road Twenty Anson

100% 100% a5b

HSBC Building Wilkie Edge a001447700186961d3

100% 100%

Bugis Village Golden Shoe Car Park

60% 40% 10% Raffles City Singapore CapitaGreen Mitsubishi Estate Asia

50% 00

:

CEO: Lynette Leong Chin Yee 42

Source: Company data, UBS 28

J . CapitaCommercial Trust (CCT) is the first commercial real estate investment trustu (REIT) to be listed on the Singapore l

Exchange. Since its debut in May 2004, it has grown to become the largest2014 listed commercial REIT by asset size in Singapore. CCT maintains a portfolio of income-producing commercial properties, which are collectively valued at

S$7.2bn as at 31 March 2014.

. CCT is externally managed by CapitaLand, one of the largest property companies in Southeast Asia by assets under management. It owns 10 commercial properties in Singapore’s central business district, one of which (CapitaGreen, formerly Market Street Car Park) is under development and is to be completed by Q414. In addition to its Singapore assets, it also holds a 30% stake in Quill Capita Trust, a REIT listed on Bursa Malaysia that owns commercial properties in Kuala Lumpur, Cyberjaya, Penang and Selangor.

. CCT was created through a capital reduction exercise with CapitaLand distributing CCT units to its existing shareholders in specie: 200 for every 1,000 CapitaLand shares held.

. Website: http://cct.com.sg/

Singapore Market Strategy 25 July 2014  15

Figure 18: Major corporate events

Date Type Event Jul 2014 Topping-out of CapitaGreen with 21% leasing pre-commitments Jul 2013 Cessation of a yield protection agreement for One George Street De c 2012 Upgraded from small-cap to mid-cap stock by MSCI and added to MSCI Global Standard Indices Apr 2012 Announced plans for a unit buy-back to repurchase up to 2.5% of units outstanding Mar 2012 Acquisition Acquired Twenty Anson for S$430m, funded by cash and bank facilities Jul 2011 Joint venture JV with CapitaLand (50%) and Mitsubishi Estate Asia (10%) to redevelop Market Street Car Park into a grade-A office tower, CapitaGreen De c 2010 Moody’s upgraded CCT’s Baa2 corporate family and Baa3 senior unsecured debt ratings to Baa1 and Baa2, respectively, with stable outlook Oct 2010 Standard & Poor’s Ratings Services assigned a long-term global corporate credit rating of ‘BBB+’ with a stable outlook Jul 2010 Divestment Sold StarHub Centre to Frasers Centrepoint for S$380m in cash Apr 2010 Divestment Divested Robinson Point to AEW Asia (subsidiary of AEW Capital Management LP) for S$203.25m S e p 2009 Included in FTSE4Good Index Series PC Jul 2009 Fund raising Issued approximately 1,403.89m new units in CCT

Jun 2009 Announced resignation of Ang Siew Yan as Deputy CEO effective Jul 2009 C173f48aa43e May 2009 Fund raising Announced a fully underwritten 1-for-1 rights issue at S$0.59 per rights unit to raise gross proceeds of around S$828.3m (discount of 44.3% to the closing price) Jul 2008 Acquisition Entered into a sale and purchase agreement for the acquisition of One George Street, Singapore, for S$1.165bn De c 2008 Acquisition Completed acquisition of Wilkie Edge for a total of S$182.7m (excluding serviced apartments) Aug 2007 CEO David Tan resigned, Lynette Leong appointed new CEO May 2004 Listing CCT was listed on the SGX Mainboard through a distribution in specie by CapitaLand to its shareholders a5b Initial portfolio consisted of seven commercial properties in Singapore’s CBD, collectively valued at S$2.0bn

Source: Company data, Bloomberg, UBS a001447700186961d3

Figure 19: Listed companies

Company Code Cur rency Price Market cap (m) No. of shares (m) % shareholding Fr e e float (%) 12M avg daily traded Country vol ('000) CapitaCommercial Trust CCT SP S$ 1.73 5,063 2,935 - 64.7 7,528 Singapore Q ui ll Capita Trust QUIL MK RM 1.21 472 390 30.0 36.3 287 Malaysia

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  16

Figure 20: Financial highlights Figure 21: ROE & ROA

(S$ m) Dec YE** 2010 2011 2012 2013 5.0% 3.5% Revenue 393.6 363.1 378.9 389.3

EB IT (Adj) 258.2 236.6 246.7 255.1 4.8% 3.3% Ne t Income (Adj) 197.2 183.4 196.9 212.7

4.6% 3.1% T ot al Assets 6,196.2 6,753.9 7,003.0 7,218.2

Total Liabilities 1,922.4 2,212.5 2,288.4 2,305.5 4.4% 2.9% Minority Interest 0.0 0.0 0.0 0.0

Shareholders’ Equity 4,273.7 4,541.4 4,714.7 4,912.7 4.2% 2.7%

Market Cap 4,235.0 2,988.6 4,790.4 4,174.2 4.0% 2.5% EPS (S¢) 7.0 6.5 6.9 7.4 2009 2010 2011 2012 2013 PC DPU (S ¢) 7.8 7.5 8.0 8.1 ROE (LHS) ROA (RHS)

Dividend Payout 100.0% 100.0% 96.2% 99.2% C173f48aa43e

Note: **Financials do not reflect the adoption of FRS 111 Joint Arrangements Source: Company data, Bloomberg, UBS effective 1 January 2014. Source: Company data, Bloomberg, UBS

Figure 22: Segment NPI breakdown (2013) Figure 23: Geographical NPI breakdown (2013) a5b Car Park & Others

9% a001447700186961d3

Mixed-Use 34% Office 57%

00 Singapore 100%

:

Source: Company data, UBS Source: Company data, UBS42

28

J u l

2014

Singapore Market Strategy 25 July 2014  17

CapitaLand Figure 24: CapitaLand organisational structure

Temasek Holdings

39.5%

CapitaLand

Real Estate Hospitality Financial Services PC

Residential Retail Offices/ Mixed Use Regional InvestmentsC173f48aa43e Serviced Residences 100% 100% 100% 100% 100% 100% CapitaLand CapitaLand CapitaLand CapitaMalls The Ascott CapitaLand Singapore Regional Residential Asia Limited Financial Limited Investments 31.9% 45.3%

100% CapitaLand 27.6% a5b Ascott CapitaMall CapitaCommercial Fund China Residence Trust Trust Management Holdings a001447700186961d3 Trust 15.3% 30%

21.3% CapitaRetail Quill Capita China Trust Trust

36.2% CapitaMalls Malaysia Trust

00 CEO: Lim Ming Yan

:

42 Source: Company data, Bloomberg, UBS

28

. CapitaLand is one of the largest listed property companies in Asia, with operationsJ in more than 110 cities in over 20 u

countries. It has a wide range of property-related businesses with assets worth l around S$33bn. It also manages six listed

externally managed REITs and 16 real estate private equity funds, with aggregate2014 assets under management (AUM) of S$41bn. Its core focus markets include Singapore and China.

. A securitisation strategy has allowed CapitaLand to realise trading profits by selling down its commercial property portfolio, but still retain the franchise value of the assets by earning management fee income. CapitaLand is reviewing its approach to asset recycling.

. CapitaLand has leveraged on its significant real estate asset base and market knowledge to develop real estate financial products and services in Singapore and the region. It was the pioneer in securitising real estate, setting up Singapore’s first REIT, CapitaMall Trust, in July 2002. This was followed by CapitaCommercial Trust, the first office REIT, and Ascott Residence Trust, the first serviced residence REIT, under subsidiary The Ascott Group. In July 2010, CapitaMalls Malaysia Trust, a Malaysia mall REIT, was listed on the Main Market of Bursa Malaysia Securities market.

. Website: http://capitaland.com/

Singapore Market Strategy 25 July 2014  18

Figure 25: Major corporate events

Date Type Event Jun 2014 Delisting Announced the privatisation of CMA Mar 2014 Divestment Divestment gain of S$19.1m from sale of 39.1% stake in Australand for around A$849m (S$775m) Jan 2014 Divestment Divestment gain of around S$90m from the sale of Westgate Tower Nov 2013 Divestment Divestment of a 20% stake in Australand for around A$426.2m (S$485.3m) Oct 2013 Divestment Divested its non-core asset of Technopark @ Chai Chee for a cash consideration of S$193m Jun 2013 Acquisition Acquired a 70% stake in Shanghai Guang Chuan Property to develop a mixed-use development for Rmb1.95bn (S$397.6m) Acquisition Successfully bid S$366m for a prime residential site in Coronation Road to be developed into a premium landed housing development Nov 2012 Acquisition Successfully bid for a residential site at Bishan Street 14 with Mitsubishi Estate Asia for S$505.1m in a government land sales tender Oct 2012 Announced the appointment of Lim Ming Yan as its President and Group CEO with effect from 1 January 2013 Jul 2012 Acquisition Acquired Somerset Grand Cairnhill Singapore with Ascott at S$359m from Ascott Residence Trust for redevelopment (completed in Sep 2012) Divestment Divested 146-unit Ascott Raffles Place Singapore at S$220m and the 208-unit Ascott Guangzhou at S$63.5m to Ascott Residence Trust PC Jun 2012 Announced Liew Mun Leong's retirement as President and CEO of CapitaLand Group in a year's time

Jan 2012 Signed an agreement with CMA and Singbridge Holdings Pte Ltd to develop Raffles CityC173f48aa43e Chongqing at Rmb21.1bn (S$4.3bn) Aug 2011 Acquisition Acquisition of a prime 32,040sq m residential site in Hangzhou for S$213.27m (S$2,662.35 psm ppr), with the first phase launch due in 2013 Jul 2011 Joint venture JV with CapitaCommercial Trust (40%) and Mitsubishi Estate Asia (10%) to redevelop Market Street Car Park into CapitaGreen May 2011 Acquisition CapitaMalls Asia, CapitaMall Trust, and CapitaLand (50:30:20) jointly win Jurong Gateway site for S$969m to develop Westgate Apr 2011 Divestment Divested the entire 40% stake in its joint venture company, TCC Capital Land Limited, for a cash consideration of Bt2,340.8m (S$97.1m) Mar 2011 Joint venture JV with Mitsubishi Estate Asia (25%) to develop the Bishan Central condominium that was acquired for S$550m in Feb 2011

Jan 2011 Acquisition Acquired Marine Point for S$101m for redevelopment into a 150-unit condominium a5b Jul 2010 Listing CapitaMalls Malaysia Trust, a pure-play Malaysia mall REIT, was listed on Bursa Malaysia

Feb 2010 Acquisition Completed the acquisition of Orient Overseas Developments Limited for US$2.2bn (S$3.1bn)a001447700186961d3 Nov 2009 Listing CapitaMalls Asia was listed on the SGX Mainboard Feb 2008 Acquisition Acquired a 90% interest in Ascott Group Ltd Jan 2007 Listing Quill Capita Trust was listed on Bursa Malaysia at 17% premium to its retail offer price De c 2006 Listing CapitaRetail China Trust was listed on the SGX Mainboard Mar 2006 Listing Ascott Residence Trust (ART), the first pan-Asian serviced apartment REIT, was listed on the SGX Mainboard May 2004 Listing CapitalCommercial Trust was listed on the SGX Mainboard through a distribution in specie by CapitaLand to its shareholders Jul 2002 Listing CapitaMall Trust was listed on the SGX Mainboard Nov 2000 Listing CapitaLand was listed on the SGX Mainboard, formed from the merger of Pidence Land and DBS Land

Source: Company data, Bloomberg, UBS

00

:

42

Figure 26: Listed companies 28

Company Code Currency Price Market cap No. of % Fr e e float 12M avg daily Country J (m) s ha res (m) shareholdingu (%) traded vol ('000) l

CapitaLand Ltd CAPL SP S$ 3.32 14,138 4,258 2014 - 60.4 8,422 Singapore Ascott Residence Trust ART SP S$ 1.27 1,941 1,528 45.3 61.0 1,190 Singapore

CapitaCommercial Trust CCT SP S$ 1.73 5,063 2,935 31.9 64.7 7,528 Singapore CapitaMall Trust CT SP S$ 2.00 6,921 3,461 27.6 60.8 7,842 Singapore CapitaMalls Malaysia Trust CMMT MK RM 1.50 2,664 1,776 36.2 39.6 1,151 Malaysia CapitaRetail China Trust CRCT SP S$ 1.58 1,294 819 25.5 63.2 889 Singapore Q ui ll Capita Trust QUIL MK RM 1.21 472 390 9.6 36.3 287 Malaysia

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  19

Figure 27: Financial highlights Figure 28: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 11% 5.0% Revenue 3,383.4 3,019.6 3,301.4 3,977.5 EBIT 889.5 621.2 739.6 621.5 10% 4.5% Net Income 1,425.7 1,057.3 930.3 849.8 9% 4.0%

T ot al Assets 31,887.1 35,319.4 37,787.6 36,154.9 8% 3.5% Total Liabilities 14,021.9 16,080.0 18,343.8 16,843.9 Minority Interest 3,833.3 4,337.9 4,363.4 3,243.0 7% 3.0% Shareholders’ Equity 14,031.9 14,901.5 15,080.4 16,067.9 6% 2.5%

Market Cap 15,813.8 9,379.8 15,728.3 12,883.7 5% 2.0% EPS (S$) 0.34 0.25 0.22 0.20 2009 2010 2011 2012 2013 PC DPS (S$) 0.06 0.06 0.07 0.08 ROE (LHS) ROA (RHS)

Dividend Payout 18.0% 24.1% 32.0% 40.0% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 29: Segment revenue breakdown (2013) Figure 30: Geographical revenue breakdown (2013)

Europe & Others a5b Others Ascott 3% Other Asia 6% 10% CapitaLand 6% Residential a001447700186961d3 Singapore 26% Singapore CapitaMalls 35% Asia 13% Australia 27%

Australand CapitaLand 25% China Holdings China

23% 00 27%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg,: UBS

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  20

CapitaMall Trust Figure 31: CapitaMall Trust organisational structure

CapitaLand 21.3% 27.6%

CapitaMall Trust

14 properties 100% 15.3% PC Tampines Mall CapitaRetail China Trust

Junction 8 C173f48aa43e Funan DigitaLife Mall IMM Building 40% Plaza Singapura Raffles City Singapore Bugis Junction Sembawang Shopping Centre

JCube 30% a5b Lot One Shoppers' Mall 70% Plaza Westgate (Retail) a001447700186961d3 Rivervale Mall The Atrium @ Orchard Clarke Quay Bugis+

CEO: Tan Wee Yan, Wilson

Source: Company data, UBS

00

:

42 . CapitaMall Trust (CMT), listed in July 2002, is the first REIT to be listed on the Singapore Exchange. It invests

primarily in income-generating retail properties in Singapore, and is externally28 managed by CapitaMall Trust

J

Management Limited, a wholly-owned subsidiary of CapitaMalls Asia. CMTu is also Singapore’s largest REIT by l

market capitalisation (S$6.8bn) and asset size (S$9.6bn) in Singapore as at 31 March 2014. CMT is assigned an 2014 ‘A2’ rating, the highest rating assigned to a Singapore REIT, by Moody’s Investors Service.

. CMT owns a portfolio of 16 retail properties located in suburban areas and the downtown core of Singapore. It derives rental payments from a diverse list of over 2,900 local and international lessees, with an average committed occupancy of 98.8% as of 31 March 2014. It also has a 15.3% stake in CapitaRetail China Trust, the first China shopping mall REIT to list on the SGX.

. Website: http://www.capitamall.com/

Singapore Market Strategy 25 July 2014  21

Figure 32: Major corporate events

Date Type Event Jan 2014 Divestment Announced granting of options to Westgate Commercial Pte Ltd and Westgate Tower Pte Ltd to purchase office strata units of Westgate Tower for around S$298m and S$281.5m, respectively (options exercised on 23 Jan 2014 and CMT's 30% share was valued at S$173.8m) Mar 2013 Established a Distribution Reinvestment Plan Nov 2012 Fund raising Raised S$250m through a private placement of 125m new units priced at S$2 per unit (discount of 4.8% to the adjusted volume weighted average price [VWAP]) Jun 2012 Announced the resignation of Ho Chee Hwee Simon and the appointment of Tan Wee Yan, Wilson as CEO with effect from 1 Jul 2012 May 2012 Divestment Announced the divestment of Hougang Plaza to Oxley Boom Pte Ltd for S$119.1m, with expected net gains of approximately S$83.8m Apr 2012 Iluma rebranded as Bugis+ Nov 2011 Fund raising Raised S$250m by issuing 139.7m new units priced at S$1.79 per unit through a private placement (discount of 4.8% to the adjusted VWAP) May 2011 Acquisition Successful joint tender by CMT, CMA and CapitaLand for the Jurong Gateway site, known as Westgate, with land area of 18,159sqm, at a price of S$969m with CMT holding a 30% interest

Feb 2011 Acquisition Acquired Iluma for S$295m PC Feb 2010 Acquisition Announced the acquisition of Clarke Quay from CapitaMalls Asia for S$268m C173f48aa43e Nov 2009 Announced the resignation of Lim Beng Chee as CEO to be replaced by Simon Ho Chee Wee (previously Deputy CEO) Apr 2009 Fund raising Issued 1.5bn rights units through a renounceable 9-for-10 rights issue that was 1.16x oversubscribed, raising net proceeds of about S$1.2bn S e p 2008 Announced the resignation of Pua Seck Gan from the board of CMTML as CEO to be replaced by Lim Beng Chee May 2008 Acquisition Entered into an agreement with the Singapore government to acquire The Atrium @ Orchard for S$839.8m (completed in Aug 2008) Nov 2007 Fund raising Successfully raised S$352.1m through a private placement of 97m new units at S$3.63 per new unit that was fully subscribed S e p 2007 CMT was added to the FTSE4GoodGlobal Index, the only Singapore REIT among the 698 components of the Index a5b Aug 2006 Fund raising Raised around S$401m by way of offer and placement of units at S$2.3 per share

Mar 2006 Acquisition Joined CapitaCommercial Trust to acquire 99-year leasehold Raffles City, Singapore, fora001447700186961d3 approximately S$2.166bn Jul 2002 IPO CMT was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

Figure 33: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) % shareholding Fr e e float (%) 12M avg daily traded Country vol ('000) CapitaMall Trust CT SP 2.00 6,921 3,461 - 60.8 7,842 Singapore

CapitaRetail China Trust CRCT SP 1.58 1,294 819 15.3 00 63.2 889 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  22

Figure 34: Financial highlights Figure 35: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 6.4% 4.0% Revenue 583.1 632.9 668.1 733.1 6.2% 3.8% EB IT (Adj) 359.7 375.0 397.0 456.5 Ne t Income (Adj) 255.9 268.5 284.9 365.4 6.0% 3.6%

5.8% 3.4% T ot al Assets 8,125.9 9,172.2 9,888.7 10,017.5 Total Liabilities 3,186.5 3,926.2 4,185.8 4,008.8 5.6% 3.2% Minority Interest 0.0 0.0 0.0 0.0 5.4% 3.0% Shareholders’ Equity 4,939.4 5,246.0 5,702.9 6,008.7 5.2% 2.8%

Market Cap 6,209.3 5,658.3 7,362.2 6,589.7 5.0% 2.6% EPS (S¢) 8.0 8.4 8.5 10.6 2009 2010 2011 2012 2013 PC DPU (S ¢) 9.3 9.4 9.5 10.3 ROE (LHS) ROA (RHS) Dividend Payout 96.7% 101.3% 95.4% 97.0% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 36: Segment revenue breakdown (2013) Figure 37: Geographical revenue breakdown (2013) a5b Mixed-Use 12% a001447700186961d3

Shopping Singapore Malls 100%

88% 00

Source: Company data, UBS Source: Company data, UBS :

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  23

CapitaRetail China Trust Figure 38: CapitaRetail China Trust organisational structure

27.6% CapitaLand CapitaMall Trust

21.3% 15.3%

CapitaRetail China Trust

Tier 1 Cities PC Tier 2/3 Cities C173f48aa43e

Beijing Shanghai Wuhu Huhhot

CapitaMall Xizhimen (100%) CapitaMall Qibao (100%) CapitaMall Wuhu (51%) CapitaMall Saihan (100%) CapitaMall Wangjing (100%) CapitaMall Grand Canyon (100%) CapitaMall Anzhen (100%) CapitaMall Shuangjing (100%) Zhengzhoua5b Wuhan

a001447700186961d3 CapitaMall Minzhongleyuan CapitaMall Erqi (100%) (100%) CEO: Tony Tan Tee Hieong

Source: Company data, UBS

. CapitaRetail China Trust (CRCT) is a Singapore-listed REIT established with the objective of investing in a diversified portfolio of retail real estate in mainland China, Hong Kong and Macau. CRCT is managed by an external manager,

CapitaRetail China Trust Management Ltd, which is an indirect wholly-owned00 subsidiary of CapitaLand. Its renminbi income is unhedged, providing exposure to the direction of the Rmb/S$ exchange rate.

:

42 . CRCT was listed in December 2006 with an initial portfolio of seven retail malls located within large population

catchment areas in five cities in China. Since then its portfolio has grown 28 to include 10 shopping malls valued at

S$2.1bn as of 31 March 2014, in six Chinese cities. Its malls are anchored by majorJ international and domestic retailers, u l

such as Carrefour and the Beijing Hualian Group. Three of its malls are also under master lease arrangements, providing 2014 a degree of rental stability to its portfolio.

. Website: http://www.capitaretailchina.com/

Singapore Market Strategy 25 July 2014  24

Figure 39: Major corporate events

Date Type Event Nov 2013 Fund raising Launched preferential offering for six new units for every 100 existing units at S$1.30 each (7.5% discount to VWAP) to raise S$59m Jul 2013 Acquisition Announced proposed acquisition of CapitaMall Grand Canyon in Beijing, China (completed in December 2013) Oct 2012 Fund raising Raised gross proceeds of S$86.1m through private placement of 57m new units at S$1.51 each (discount of 5.8% to CRCT's adjusted VWAP) Jun 2011 Fund raising Private placement of 59.8m new units at S$1.17 per unit (discount of 6.5% to CRCT's VWAP) to raise approximately S$70m Acquisition Acquired New Minzhong Leyuan mall in Wuhan, China, for S$76m May 2011 Acquisition Announced the proposed acquisition of CapitaMall Minzhongleyuan in Wuhan, Central China Jun 2010 Announced the resignation of Wee Hui Kan as CEO, replaced by Tan Tee Tiong (previously Deputy CEO) Oct 2008 Announced the resignation of CEO Lim Beng Chee, replaced by deputy CEO Wee Hui Kan Se p 2008 Acquisition Acquired Xizhimen Mall Basement 1 extension, Xizhimen Mall Phase 2, for S$32.7m Jul 2008 Appointed Wee Hui Kan as Deputy CEO Feb 2008 Acquisition Successfully completed the acquisition of Xizhimen Mall Phase 1 PC Jan 2008 Fund raising Announced the issuance of 138.2m new units at S$1.36 per unit, raising S$188m through a private placement and to retail investors in

Singapore C173f48aa43e Oct 2007 Acquisition Announced the conditional sale and purchase agreement to purchase Xizhimen in Beijing, China for S$336m Jul 2007 CRCT announced the completion of the transfer of strata titles of Jiulong Mall to CapitaRetail Jiulong, an SPV indirectly held by CRCT Announced the formation of CapitaRetail China Investments (BVI) Alpha Limited as a wholly owned subsidiary of the company De c 2006 IPO CRCT was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

a5b

Figure 40: Listed companies a001447700186961d3

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country CapitaRetail China Trust CRCT SP 1.58 1,294 819 63.2 889 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  25

Figure 41: Financial highlights Figure 42: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 6.4% 3.9% Revenue 119.2 132.3 153.4 161.2 6.3% 3.8% EB IT (Adj) 70.4 77.9 97.0 95.0 6.2% 3.7% Ne t Income (Adj) 42.0 51.5 59.4 66.2 6.1% 3.6%

T ot al Assets 1,274.5 1,536.3 1,648.8 2,184.3 6.0% 3.5% Total Liabilities 521.8 603.0 647.1 970.4 5.9% 3.4% Minority Interest 18.1 19.4 23.0 26.9 5.8% 3.3% Shareholders’ Equity 734.5 913.8 978.7 1,187.0 5.7% 3.2% 5.6% 3.1%

Market Cap 775.5 792.2 1,232.0 1,068.0 5.5% 3.0% EPS (S¢) 6.7 7.8 8.5 8.8 2009 2010 2011 2012 2013 PC DPU (S ¢) 8.4 8.7 9.5 9.4 ROE (LHS) ROA (RHS)

C173f48aa43e Dividend Payout 100.1% 100.1% 99.9% 99.8%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 43: Segment revenue breakdown (2013) Figure 44: Geographical revenue breakdown (2013)

a5b Zhengzhou Wuhan 0.7% Huhhot 8%

5%a001447700186961d3 Wuhu 3%

Shanghai 7%

Beijing Shopping Malls 77% 100%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  26

CDL Hospitality Trusts Figure 45: CDL Hospitality Trusts organisational structure

City Developments Limited

59.4%

Millennium & Copthorne Hotels

35.7%

CDL Hospitality Trusts PC

100% C173f48aa43e 100% Singapore (7 assets) New Zealand (1 asset)

Claymore Link Rendezvous Grand Hotel Auckland Copthorne King's Hotel Grand Copthorne Waterfront Hotel M Hotel 100% Novotel Singapore Clarke Quay Australiaa5b (5 assets) Orchard Hotel

Ibis Brisbanea001447700186961d3 Studio M Hotel Ibis Perth Mercure Mercure Perth Novotel Brisbane

100% Maldives (2 assets) Angsana Velavaru Jumeirah Dhevanafushi

00 CEO: Vincent Yeo Wee Eng

:

42 Source: Company data, UBS

28

. CDL Hospitality Trusts (CDLHT) is a stapled group comprising CDL Hospitality RealJ Estate Investment Trust (H-REIT) and u

CDL Hospitality Business Trust (HBT). CDLHT was listed on the Singapore Stockl Exchange in July 2006, with an initial

portfolio of five assets in Singapore. As of 31 March 2014, CDLHT had an asset2014 size of S$2.3bn, comprising six hotels and a retail mall in Singapore, five hotels in Australia, one hotel in New Zealand and two resorts in Maldives.

. H-REIT is the first hotel real estate investment trust in Singapore with a primary investment strategy of investing, directly or indirectly, in a diversified real estate portfolio, which is used mainly for hospitality-related purposes. HBT is a business trust, which exists primarily as a “master lessee of last resort”. It is currently dormant, and will only become active if: 1) H-REIT is unable to appoint/extend a master lessee for its existing or newly acquired hotels, or 2) HBT undertakes certain hospitality-related development projects, acquisitions, and investments.

. Millennium & Copthorne Hotels plc (M&C) is the sponsor of CDLHT and its subsidiary, M&C REIT Management Limited, is the manager of H-REIT. M&C is listed on the Stock Exchange and has a portfolio of over 114 hotels in over 70 destinations worldwide.

. Website: http://www.cdlht.com/

Singapore Market Strategy 25 July 2014  27

Figure 46: Major corporate events

Date Type Event De c 2013 Acquisition Completed the acquisition of the Jumeirah Dhevanafushi property in Maldives for US$59.6m (S$75.6m) Jan 2013 Acquisition Completed the acquisition of the Angsana Velavaru resort in Maldives for US$71m (S$86.8m) from the Banyan Tree Group May 2011 Acquisition Completed the acquisition of Studio M Hotel Singapore for a purchase consideration of S$154m De c 2010 Obtained ‘BBB-‘ investment grade rating affirmation by Fitch Ratings, with a Stable Outlook maintained Jul 2010 Fund raising Private placement of 116.96m new stapled securities at S$1.71 to raise S$150m in gross proceeds (discount of 6.3% to 9.4% to the VWAP Jan 2010 Acquisition Acquired Novotel Brisbane, Mercure Brisbane, Ibis Brisbane, Mercure Perth and Ibis Perth in Australia for A$175m (S$220.9m) Jun 2007 Acquisition CDLHT acquired Novotel Singapore Clarke Quay for S$201m De c 2006 Acquisition Acquired Rendezvous Grand Hotel Auckland, for a purchase price of NZ$113m (S$120m) Jul 2006 IPO CDLHT was listed on the SGX Mainboard Initial assets include Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King's Hotel and Claymore Link purchased at S$846.3m

Source: Company data, Bloomberg, UBS PC C173f48aa43e

Figure 47: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country CDL Hospitality Trusts CDREIT SP 1.78 1,740 977 64.3 1,222 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS a5b

a001447700186961d3

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  28

Figure 48: Financial highlights Figure 49: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 7.5% 5.5% Revenue 126.2 142.5 150.2 149.2

EB IT (Adj) 99.5 120.7 123.4 122.1 7.0% 5.2% Ne t Income (Adj) 86.1 107.4 107.2 104.1

6.5% 4.9% T ot al Assets 1,869.9 2,118.5 2,134.0 2,323.1

Total Liabilities 409.7 570.8 569.7 727.7 6.0% 4.6% Minority Interest 0.0 0.0 0.0 0.0 Shareholders’ Equity 1,460.2 1,547.7 1,564.3 1,595.4 5.5% 4.3%

Market Cap 1,632.0 1,241.9 831.1 1,711.5 5.0% 4.0% EPS (S$) 0.10 0.11 0.11 0.11 2009 2010 2011 2012 2013 PC DPS (S$) 0.10 0.11 0.11 0.11 ROE (LHS) ROA (RHS)

Dividend Payout 91.4% 90.0% 90.0% 90.0% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 50: Segment revenue breakdown (2013) Figure 51: Geographical revenue breakdown (2013)

Retail a5b Maldives 3% 7%

Australiaa001447700186961d3 12%

New Zealand 7%

Singapore 74% Hospitality

97% 00

Source: Company data, UBS Source: Company data, UBS :

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  29

City Developments Limited Figure 52: City Developments Limited organisational structure

Hong Leong Group

35.3%

City Developments Limited

53% 59.4% 50.1% 33% 33%

Millennium & PC City e-Solutions South Beach Tomlinson Tripartite Copthorne Limited Consortium Hotel Pte Ltd Developers Hotels PLC C173f48aa43e

Europe & Middle Asia REIT North America Australasia East 66% 35.7% 70.3%

Grand Plaza Millenniuma5b & CDL Hospitality Hotel Copthorne Hotels Trusts

Corporation Newa001447700186961d3 Zealand 67%

CDL Investments New Zealand Limited Executive Chairman: Kwek Leng Beng CEO: Grant L. Kelley

Source: Company data, UBS

. City Developments Limited (CDL) is a well-established international property 00 and hotel conglomerate involved in real

estate development and investment, hotel ownership and operations, and the provision of hospitality services. It has a :

presence in over 20 countries in Asia, Europe, North America, Australasia, and42 over 300 subsidiaries and associated

companies, including six companies listed on various stock exchanges. Despite28 expansion into China, the company remains focused on Singapore as its primary market for residential and commercial developments.

J u l

. CDL has one of the largest landbank among the local property developers of over 2.4m sqft with the potential to be

2014 developed into 7.9m sqft of GFA. The group is also one of Singapore’s largest landlords, with approximately 7.2m sqft of lettable office, industrial, residential and retail space as of 31 December 2013.

. CDL is also exposed to the hotel industry through its London-listed subsidiary, Millennium & Copthorne (M&C) Hotels PLC, which is one of the largest hotel groups in the world. M&C manages and/or operates over 100 hotels in 70 destinations around the world. Another significant subsidiary is City e-Solutions Limited (CES), which specialises in providing technology solutions to the global hospitality industry.

. Website: http://www.cdl.com.sg/

Singapore Market Strategy 25 July 2014  30

Figure 53: Major corporate events

Date Type Event De c 2013 Acquisition Subsidiary M&C announced the proposed acquisition of a luxury, all-suite hotel in Chelsea Harbour district of London for £65m S e p 2013 Acquisition Entered into a sales and purchase contract for the acquisition of 28 Pavilion Road in Knightsbridge for £80m Apr 2013 Acquisition Subsidiary M&C acquired a plot of land in Korea for £17.2m Nov 2012 Acquisition CDL won the bid for an executive condominium site at Sengkang West Way/Fernvale Link for S$135m S e p 2012 Joint venture CDL and Hong Leong Holdings Ltd made a successful bid of S$245m for a residential-cum-commercial site at Tai Thong Crescent Acquisition Subsidiary M&C acquired its first resort hotel in Hangzhou, China Jun 2012 Acquisition Won the bid for a parcel of residential land in Buangkok Drive/Sengkang Central for S$301m May 2012 Acquisition Subsidiary M&C acquired 10 hotels (with more than 4,000 rooms) in Saudi Arabia Jan 2012 Joint venture A JV between CDL, Hong Leong Holdings Ltd and TID Pte Ltd successfully bid for a residential site along Mount Vernon Road for S$388m Acquisition CDL China Ltd acquired a mixed residential and commercial site in Chongqing for Rmb540m (S$112m) De c 2011 Acquisition CDL, Hong Leong Holdings Ltd and Hong Realty (Private) Ltd made a successful S$396m bid for a residential site located at Alexandra Road PC Aug 2011 Acquisition CDL and Hong Realty (Private) Ltd successfully bid for a landed housing site located at Serangoon Garden Way for S$105m

Jul 2011 Acquisition CDL China Ltd acquired a prime land site in Suzhou, China for a mixed-use developmentC173f48aa43e for approximately S$167m Mar 2011 Joint venture A JV between CDL and TID Ptd Ltd made a successful S$170.1m bid for an executive condominium site at Choa Chu Kang Drive Acquisition CDL, Hong Leong Holdings Ltd and TID Pte Ltd made a successful S$413.27m bid for a residential site at Bartley Road/Lorong How Sun Aug 2010 CDL China Ltd was formed and allocated initial investment funds worth S$300m to establish a beachhead into the China market Jun 2010 Divestment Subsidiary M&C signed a collective sales agreement to sell its strata-titled interest in Tanglin Shopping Centre May 2010 M&C Hotels announced that Richard Hartman would retire as Group CEO by end-2010

Joint venture City e-Solutions (through SWAN) and Shelbourne established a JV, RSFP, with initial capitala5b of US$11m contributed equally by both parties 2006 IPO CDLHT, the first hotel REIT in Singapore, was listed on the SGX Mainboard

1996 Listing M&C was listed on the London Stock Exchange a001447700186961d3 1995 Launched a new global hotel brand, Millennium Hotels & Resorts 1970 Hong Leong Group acquired a controlling interest in CDL S e p 1963 IPO CDL was listed on what was known then as the Malayan Stock Exchange

Source: Company data, Bloomberg, UBS

Figure 54: Listed companies

Company Code Currency Price Market No. of % Free 12M avg daily Country

cap (m) s hares (m) shareholding00 fl oat (%) traded vol ('000)

City Developments Ltd CIT SP S$ 10.42 9,475 909 : - 64.6 767 Singapore

42 CDL Hospitality Trusts CDREIT SP S$ 1.78 1,740 977 21.2 64.3 1,222 Singapore

CDL Investments New Zealand Ltd CDI NZ NZ$ 0.52 143 275 28 28.0 14.4 42 New Zealand

City E-Solutions Ltd 557 HK HK$ 1.50 574 382 J 53.0 32.1 1,206 Hong Kong u

Grand Plaza Hotel Corp GPH PM P 46.50 2,498 54 l 39.2 13.6 1 Philippines

Millennium & Copthorne Hotels New Zealand MCK NZ NZ$ 1.28 135 106 2014 41.8 29.1 14 New Zealand Millennium & Copthorne Hotels PLC MLC LN GBp 585.50 1,901 325 59.4 40.3 81 Britain

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  31

Figure 55: Financial highlights Figure 56: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 14% 6.0% Revenue 3,103.4 3,280.5 3,353.7 3,162.1 EBIT 740.3 917.6 797.9 528.6 13% 5.5% Net Income 784.0 798.6 678.3 683.0 12% 5.0%

T ot al Assets 13,962.8 14,962.5 15,608.3 16,690.7 11% 4.5% Total Liabilities 5,982.5 6,266.5 6,351.3 6,862.3 Minority Interest 1,717.7 1,869.2 1,953.4 1,983.0 10% 4.0% Shareholders’ Equity 5,932.3 6,496.6 6,973.4 7,515.2 9% 3.5%

Market Cap 11,420.8 8,092.8 11,702.7 8,729.3 8% 3.0% EPS (S$) 0.85 0.86 0.73 0.74 2009 2010 2011 2012 2013 PC DPS (S$) 0.08 0.08 0.08 0.08 ROE (LHS) ROA (RHS)

Dividend Payout 21.2% 15.0% 17.8% 17.6% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 57: Segment revenue breakdown (2013) Figure 58: Geographic revenue breakdown (2013)

Rental Others a5b New Zealand Properties 3% 5% 10% a001447700186961d3 United States Rest of Asia 28% Property 22% Development 38%

Hotel Singapore Europe Operations 22% 49% 23%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  32

ComfortDelGro Corporation Figure 59: ComfortDelGro Corporation organisational structure

ComfortDelGro Corporation

Singapore China Australia

ComfortDelGro 100% 100% Comfort 100% 100% 100% Comfort (China) Swan Taxis Braddell Ltd (S.E. Asia) Transportation PC C173f48aa43e

53.5% 100% ComfortDelGro 100% ComfortDelGro 51% ComfortDelGro 51% CityFleet CityCab Bus (China) Cabcharge Networks

49%

9.6% 49% ComfortDelGro 90% 100% ComfortDelGro a5b Cabcharge Driving Centre Engineering Australia a001447700186961d3

100% 100% ComfortDelGro Moove Media Rent-A-Car

67.1% 75.2% Vicom Ltd SBS Transit

00 CEO: Kua Hong Pak

:

42 Source: Company data, UBS

28

. ComfortDelGro ranks among the world’s largest publicly listed passenger landJ transport companies with a fleet of over u l

46,000 vehicles. It was formed through the merger of two listed land transport companies, Comfort Group (now 2014 defunct) and DelGro Corporation on 29 March 2003. Its key businesses include bus, taxi and rail. The group also provides car rental and leasing, automotive engineering, vehicle testing and inspection, learner drivers’ instruction services, insurance brokerage services, outdoor advertising, and car dealership.

. Its key listed subsidiaries are 75.2%-owned SBS Transit and 67.1%-owned VICOM Ltd. SBS Transit is Singapore’s largest public bus company with a fleet of 3,326 buses and 255 bus services, serving 973.5m passengers in 2013. It operates the North East MRT Line (NEL), the Downtown Line (DTL) and the Sengkang and Punggol Light Rail Transit (LRT) system. VICOM provides inspection, test, and assessment services. The Group is also Singapore’s largest taxi operator, capturing 60% of the total market with around 16,700 taxis under the brand names Comfort and CityCab.

. ComfortDelGro also has a significant global presence with operations in Australia, Malaysia, the UK and Ireland, and Vietnam, as well as in 12 cities in China, including Beijing, Chengdu, Guangzhou, Shanghai and Shenyang. Currently, ComfortDelGro’s overseas ventures account for over 40% of group revenue.

. Website: http://www.comfortdelgro.com/

Singapore Market Strategy 25 July 2014  33

Figure 60: Major corporate events

Date Type Event May 2014 Announced the restructuring of the public bus industry where LTA will contract bus operators to operate bus services through competitive tenders Jan 2014 Divestment Wholly owned subsidiary ComfortDelGro (China) Pte Ltd divested an 80% interest in Shenyang ComfortDelGro Anyun Bus Co. Ltd for Rmb83.3m (S$17.2m) Was awarded the Peak Period Short Services from Bedok MRT to Chai Chee Drive for S$1m Nov 2013 Was awarded the City Direct Bus Services for / Hillview bus service for S$0.9m May 2013 Acquisition 55.7% owned subsidiary CDC Victoria Pty Ltd acquired 100% of Driver Group Pty Ltd for A$22m (S$27m) Apr 2013 Acquisition Wholly owned subsidiary Metroline Ltd acquired a part of FirstGroup plc's London bus business for £57.5m (S$109m) Jan 2013 Divestment Wholly owned subsidiary Comfort (China) Pte Ltd divested its 70% interest in Xiamen Comfort Taxi Co. Ltd for Rmb8.6m (S$1.7m) Aug 2012 Divestment Wholly owned subsidiary ComfortDelGro (China) Pte Ltd divested a 55% interest in Beijing ComfortDelGro Yin Jian Auto Services Co. Ltd for Rmb13.75m (S$2.69m) May 2012 Divestment Wholly owned subsidiary ComfortDelGro (China) Pte Ltd divested its entire interest in Shenyang ComfortDelGro Bus Co. Ltd for Rmb248m

(S$50m) PC De c 2011 First taxi operator to announce that it would be implementing a series of fare hikes C173f48aa43e Aug 2011 Was awarded the contract to operate the new Downtown Line in Singapore, which would consist of 34 stations constructed in three phases, with full completion expected in 2017 S e p 2010 Divestment Divested its 51% stake in Sichuan ComfortDelGro Car Servicing Co., Ltd for S$2.07m Jul 2010 Acquisition Launched A$38.8m ($46.8m) takeover bid in cash for Swan Taxis, the largest provider of taxi services in and around Perth, Western Australia Mar 2010 Divestment Wholly owned subsidiary ComfortDelGro (China) Pte Ltd divested a 49% interest in JV Shanghai Shenxin Bus Services Ltd for S$10.37m Apr 2003 IPO Formed through the merger of two listed land transport companies, Comfort Group and DelGro Corporation, ComfortDelGro was listed on the SGX Mainboard a5b

Source: Company data, UBS a001447700186961d3

Figure 61: Listed companies

Company Code Cur rency Pr i ce Market cap (m) No. of shares (m) % shareholding Fr e e float (%) 12M avg daily Country traded vol ('000) ComfortDelGro CD SP S$ 2.59 5,533 2,136 - 96.0 4,411 Singapore SBS Transit SBUS SP S$ 1.70 525 309 75.2 24.3 41 Singapore Vicom Ltd VCM SP S$ 6.62 587 89 67.1 31.6 15 Singapore

Cabcharge Australia CAB AU A$ 4.36 525 120 9.6 95.6 405 Australia 00 Above data as at 23 July 2014. Source: Bloomberg, UBS

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  34

Figure 62: Financial highlights Figure 63: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 13.6% 6.0% Revenue 3,206.9 3,411.1 3,545.3 3,747.7 EBIT 394.3 401.0 412.6 423.6 13.4% 5.8% Net Income 228.5 235.6 248.9 263.2

13.2% 5.6% T ot al Assets 4,381.4 4,589.2 4,845.8 5,084.7

Total Liabilities 2,033.8 2,108.9 2,208.8 2,290.2 13.0% 5.4% Minority Interest 547.1 582.9 628.8 639.8

Shareholders’ Equity 1,800.5 1,897.4 2,008.2 2,154.7 12.8% 5.2%

Market Cap 3,237.8 2,958.8 3,741.6 4,272.3 12.6% 5.0% EPS (S$) 0.11 0.11 0.12 0.12 2009 2010 2011 2012 2013 PC DPS (S$) 0.06 0.06 0.06 0.07 ROE (LHS) ROA (RHS)

Dividend Payout 50.3% 53.3% 54.0% 56.5% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 64: Segment revenue breakdown (2013) Figure 65: Geographical revenue breakdown (2013)

Inspection and Car Rental and Testing Leasing a5b China Vietnam Malaysia 0.2% Automotive Services 1% 0.1% 6% Engineering 3% Services Australia a001447700186961d3 8% 13%

Bus & Bus Station 50% Singapore Taxi UK 32% 21% 59%

Driving Centre Rail

1%

4% 00

Source: Company data, UBS Source: Company data, UBS:

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  35

COSCO Corporation (Singapore) Figure 66: COSCO Corporation (Singapore) organisational structure

China Ocean Shipping (Group) Company

53.4%

COSCO Corp

Ship Repair, Ship Building and Offshore Marine Engineering Shipping Agency and others

50% 90% PC 100%

COSCO Marine C173f48aa43e Harington COSCO (Nantong) 100% COSCO Engineering Property Engineering 50% (Singapore) (Singapore) Dry Bulk Shipping

39% 51% 100%

COSCO (Dalian) COSCO Shipyard COSCO

Shipyard Group (China) a5b (Singapore)

59% a001447700186961d3 100% Cos Fair Shipping

75% 100% 51% COSCO COSCO 100% Cos Glory COSCO (Xiamen) (Guangdong) (Zhoushan) Shipping Shipyard Shipyard Shipyard

100% Hanbo Shipping 60% 75% 30% COSCO Dalian COSCO (Qidong) Diesel Marine

Rikky Ocean 00 Offshore Dalian 100% Engineering Sanbo Shipping

:

42

95% 90% 100% 28 100% Cos Orchid

COSCO COSCO COSCO (Tianjin) J Shipping (Shanghai) (Hongkong) u

Shipyard l

Shipyard Shipyard 2014 100% Cos Prosperity Shipping 30% 60% 51% Diesel Marine COSCO (Nantong) Zhongxing Sea- International Clavon Ship 100% Land Engineering Cos Knight (Nantong) Engineering Shipping Maritime

60% 30% 100% Cos Lucky Shipping COSCO Shipyard DMI (Guangzhou) Total Automation

Vice Chairman, President and Non-Independent Executive Director: Captain Wu Zi Heng

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  36

. COSCO Corp (Singapore), via its 51% subsidiary COSCO Shipyard Group, operates one of the largest marine engineering, ship building, ship repair and conversion outfits in China. It also owns and operates a small fleet of bulk carriers.

. The biggest revenue contributor is its ship repair, ship building, and offshore marine engineering business. It has six major in China (Dalian, Nantong, Zhoushan, Guangdong, Shanghai and Qidong). This business segment contributed about 98% of total revenue in 2013.

. COSCO’s dry bulk shipping business is managed by the Group’s wholly-owned subsidiary COSCO (Singapore) Pte Ltd. It has 11 dry bulk carriers with a combined carrying capacity of 607,600DWT.

. Website: http://www.cosco.com.sg/

PC Figure 67: Major corporate events C173f48aa43e Date Event Mar 2014 51% owned subsidiary COSCO Shipyard Group incorporated into COSCO (Hongkong) Shipyard May 2013 Announced dissolution of 60% owned subsidiary COSCO Lianyungang Nov 2011 Announced cessation of Jiang Li Jun as President and in Jul 2012 cessation as Vice Chairman and Non-Executive Director Announced appointment of Wu Zi Heng as President of the company and Vice Chairman of the board May 2011 Completed the sale of 70% of the issued share capital of Costar and Coslink to Freightworld Pte Ltd for S$10.6m and S$1.05m, respectively a5b De c 2010 Ceased to have management control over Diesel Marine Dalian and Diesel Marine International (Nantong) but will equity account for them as investments in

associated companies a001447700186961d3 Increased investment in COSCO (Singapore) Pte Ltd from S$5m to S$87.7m Nov 2010 Completed the sale of 70% of the issued share capital of Costar and Coslink to Freightworld Pte Ltd for S$10.6m and S$1.05m, respectively (completed in May 2011) Aug 1979 COSCO was listed on the SGX Mainboard

Source: Company data, UBS

Figure 68: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country 00 COSCO Corporation Singapore Ltd COS SP 0.71 1,590 2,239 46.5 1,588 Singapore

:

Source: Bloomberg, UBS 42

28

J u

l

2014

Singapore Market Strategy 25 July 2014  37

Figure 69: ROE & ROA Figure 70: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 25% 4.5% Revenue 3,861.4 4,162.9 3,734.3 3,508.1 EBIT 414.5 220.6 275.3 141.9 20% 3.6% Net Income 248.8 139.7 105.7 30.6

15% 2.7% T ot al Assets 6,053.3 7,000.5 7,393.6 8,734.7

Total Liabilities 4,258.9 5,000.0 5,344.4 6,559.7 10% 1.8% Minority Interest 595.9 699.2 767.7 839.3

Shareholders’ Equity 1,198.6 1,301.2 1,281.5 1,335.8 5% 0.9%

Market Cap 4,792.0 1,959.3 2,004.1 1,690.6 0% 0.0% EPS (S$) 0.11 0.06 0.05 0.01 2009 2010 2011 2012 2013 PC DPS (S$) 0.04 0.03 0.02 0.01 ROE (LHS) ROA (RHS)

Dividend Payout 36.0% 48.1% 42.4% 73.1% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 71: Segment revenue breakdown (2013) Figure 72: Geographical revenue breakdown (2013)

Shipping Others a5b Singapore 2% 0.03% 2% a001447700186961d3

Ship Repair, Building and Marine Engineering Activities China 98% 00 98%

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  38

Dairy Farm International Figure 73: Dairy Farm International organisational structure

82.5% Jardine Strategic 55.9% 77.6%

Dairy Farm International

Convenience Health and PC Home Supermarkets Hypermarkets Restaurants Stores Beauty Stores Furnishing C173f48aa43e 1,020 stores 151 stores 2,301 stores 1,578 stores 8 stores 831 stores

Wellcome Giant 7-Eleven Mannings IKEA Maxim's ThreeSixty Shopwise Starmart Guardian Starbucks Oliver's Delicatessen Health and Glow Jasons MarketPlace

Cold Storage a5b Giant

G EKSPRES a001447700186961d3 Foodworld Hero Lucky Rustan's

Chairman and Managing Director: Ben Keswick Group Chief Executive: Graham Allan

Note: Dotted boxes denote brands operated by DFI. Ownership may vary.

Source: Company data, UBS 00

:

42

. Dairy Farm is a leading pan-Asia retailer. At 31 December 2013, the group, its28 associates and joint ventures operated

5,889 outlets and total annual sales in 2013 exceeded US$12bn. The group operates a wide range of supermarkets, J hypermarkets, convenience stores, health and beauty stores, and home furnishingu stores under well-known brands. It l

also has a 50% interest in Maxim’s, Hong Kong’s leading restaurant chain. Dairy2014 Farm is well diversified in Asia with a growing presence in developing markets such as Vietnam and Cambodia.

. Dairy Farm International Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore. The group’s businesses are managed from Hong Kong by Dairy Farm Management Services Limited through its regional offices. The Jardine Matheson Group owns 77.6% of Dairy Farm.

. Website: http://www.dairyfarmgroup.com/

Singapore Market Strategy 25 July 2014  39

Figure 74: Major corporate events

Date Event 2013 Growth in net stores by 212 to reach a total of 5,889 stores Opened net 60 7-Eleven stores in Southern China Rebranded Shop N Save supermarkets as Giant stores in Singapore to align mid-market presence Opened net 27 new stores in varying formats in Indonesia Opened net 50 Guardian stores in Indonesia and first Guardian store in Cambodia Opened its fifth Taiwan IKEA store in Tai Chung, while construction commenced on the first IKEA store in Indonesia, scheduled to open in Q414 Restaurant associate, Maxim’s, opened three Starbucks stores in Vietnam with continued expansion of its Japanese restaurant chains in Hong Kong and mainland China 2012 Growth in net stores by 278 stores to reach 5,677 stores Acquired a 70% stake in the Lucky supermarket business in Cambodia and a 50% stake in Rustan’s supermarkets and hypermarkets in the Philippines Opened four new Giant hypermarkets in Malaysia, bringing the total number of stores to 75 PC Opened 97 new stores in varying formats in Indonesia

Opened 11 Guardian health and beauty stores in Vietnam, totalling 16 stores and one hypermarket C173f48aa43e Announced it was granted master franchise rights to operate Starbucks stores in Vietnam with the first store opening in Feb 2013 Cessation of Michael Kok and appointment of Graham Allan as Group Chief Executive Cessation of Simon Keswick and appointment of Ben Keswick as Chairman 2011 Growth in net stores by 141 to reach a total of 5,406 stores Secured a site in Tai Chung, Taiwan for the fifth IKEA store Growth of Mannings health and beauty business to 195 stores in mainland China a5b Opened seven new Giant hypermarkets in Malaysia, totalling 71 stores

Opened first hypermarket and the first five Guardian health and beauty stores in Vietnam a001447700186961d3 Restaurant associate, Maxim’s, sold a 30% interest in the mainland China franchise and acquired outstanding interests in the Hong Kong and Macau franchises Increased investment in private label development and supply chain management 2010 Growth in net stores by 315 to reach a total of 5,386 stores Acquired 16 hypermarkets and supermarkets in Malaysia and eight supermarkets in Singapore Number of Mannings health and beauty stores reached 163 in mainland China Opened seven new Giant hypermarkets and sold one major hypermarket development in Malaysia to cross the 500-store milestone in Malaysia Opened first two supermarkets in Brunei Increased investment in private label development and supply chain management

Feb 1991 Dairy Farm was listed on the SGX Mainboard

00 Source: Company data, UBS

:

42

28

Figure 75: Listed companies J

u l

Company Code Cur rency Price Market cap (m) No. of shares (m) % Fr e e float 12M avg daily Country 2014 shareholding (%) traded vol ('000) Dairy Farm International DFI SP US$ 10.70 14,468 1,352 - 22.2 212 Hong Kong

Hero Supermarket TBK PT HERO IJ Rp 2975.00 12,446,311 4,184 81.0 16.5 262 Indonesia

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  40

Figure 76: Financial highlights Figure 77: ROE & ROA

(US $ m) Dec YE 2010 2011 2012 2013

Revenue 7,970.5 9,134.4 9,800.6 10,357.4 90% 14.5%

EBIT 459.0 515.4 455.5 491.2 80% 14.0% Net Income 411.4 484.3 446.5 500.9 70% 13.5%

T ot al Assets 3,257.8 3,539.0 3,850.7 3,963.5 60% 13.0% Total Liabilities 2,523.6 2,608.7 2,611.5 2,586.1 Minority Interest 1.1 7.6 46.0 96.4 50% 12.5% Shareholders’ Equity 733.1 922.7 1,193.2 1,281.0 40% 12.0%

Market Cap 12,539.6 12,597.4 14,721.5 12,845.0 30% 11.5% EPS (US$) 0.31 0.36 0.33 0.37 2009 2010 2011 2012 2013 PC DPS (US$) 0.18 0.21 0.23 0.23 ROE (LHS) ROA (RHS) Dividend Payout 59.1% 58.5% 69.6% 62.1% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 78: Segment revenue breakdown (2013) Figure 79: Geographical revenue breakdown (2013)

Home Furnishings a5b Restaurants 3% South Asia 12% 20% a001447700186961d3

Convenience stores 14% Supermarkets/ hypermarkets 52% North Asia 57% East Asia 23%

Health and Beauty

18% 00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  41

DBS Group Holdings Figure 80: DBS Group Holdings organisational structure

Temasek Holdings

29.2%

DBS Group Holdings

100%

DBS Bank PC C173f48aa43e

100% 100% 50% 26.6% 2.0%

DBS Bank Islamic Bank of Hwang Capital DBS Asia Capital TMB Bank PCL (Taiwan) Asia Malaysia a5b

100% 100% 33.3% 100% 99% a001447700186961d3 Network for Hutchison DBS 100% DBS Bank DBS Vickers PT Bank DBS DBS Bank (China) Electronic Card (Hong Kong) Securities Indonesia Transfers

Group CEO: Piyush Gupta

Source: Company data, UBS

. Established in 1968, DBS (formerly known as the Development Bank of Singapore)00 Group Holdings is the largest

commercial banking group in Singapore, and is 29.2% owned by Temasek Holdings. It has operations in 17 countries, :

with its key markets being Singapore and Hong Kong. Domestically, DBS 42 is a universal bank serving all customer

segments, including the mass market through the DBS and POSB “People’s Bank” franchise, serving over 4.6 million 28 customers. The bank is well capitalised, with one of the highest credit ratings in Asia Pacific.

J u l

. In recent years, the group has enhanced its regional presence significantly through acquisitions and organic growth with 2014 over 250 branches in Asia. DBS now has 50 branches in Hong Kong, 29 branches in 10 cities in China and 43 branches in Taiwan after acquiring Taiwan’s Bowa Bank. In India, it has 12 branches in 12 major cities, while in Indonesia it has 39

branches in 11 cities. It recently opened a branch in Vietnam, and also has a representative office in Dubai. Overseas operations account for 39% of revenue, with a focus on corporate and investment banking, SME banking and wealth management.

. Website: http://www.dbs.com/

Singapore Market Strategy 25 July 2014  42

Figure 81: Major corporate events

Date Type Event Jun 2014 Acquisition Indirect wholly owned subsidiary DBS Bank (Hong Kong) acquired the remaining 50% in Hutchison DBS Card for HK$546m (S$88m) Mar 2014 Acquisition Announced the acquisition of Societe Generale’s Asian private banking business in Singapore, Hong Kong and selected parts of its trust business for US$220m (S$279m) Nov 2013 Divestment Announced the divestment of the remaining 9.9% stake in The Bank of the Philippine Islands for S$850m De c 2012 Acquisition Announced the acquisition of a 30% equity stake in Central Boulevard Development Ptd Ltd with a view to own a stake in MBFC Tower 3 for S$1.035bn Oct 2012 Divestment Announced a 10.4% divestment in The Bank of the Philippine Islands to Ayala Corporation for S$757.3m, retaining a 9.9% stake Apr 2012 Acquisition Proposed the acquisition of PT Bank Danamon Indonesia TBK by acquiring 100% of Asia Financial (Indonesia) which holds a 67.37% stake in PT Bank Danamon Indonesia TBK for Rp45.2trn (S$6.2bn), followed by a mandatory tender offer to acquire the remaining listed shares at Rp7,000 per Danamon share, representing a premium of 56.3% over one-month VWAP (share purchase agreement lapsed in end-Jul 2013, the acquisition did not go through)

Announced plans to inject Rmb2.3bn into DBS China to increase registered capital by closePC to 60% Nov 2011 DBS Bank and SingPost engaged in strategic alliance to offer greater banking convenience to both DBS and SingPost customers Apr 2011 Launched new regional treasuries private client platform in a bid to enhance its regional wealthC173f48aa43e management franchise De c 2010 RBS transferred retail and commercial banking portfolios to DBS China, increasing DBS’s foothold in China Acquisition Nikko Asset Management acquired DBS Asset Management for S$137m, while DBS acquired a 7.25% stake in Nikko Asset Management (completed in Sep 2013) Nov 2010 Successfully allocated S$800m of 4.7% non-cumulative, non-convertible, non-voting preference shares Oct 2010 Investment in Taipei Hub and new Taiwan HQ, with plans for local incorporation in Sep 2011 Mar 2010 Divestment Divested entire stake in Indian JV Cholamandalam DBS Finance to Indian conglomerate Murugappa Group for S$2.84 per share a5b Announced Koh Boon Hwee would step down as Chairman of DBSH and DBS Bank after 30 Apr 2010 and be replaced by Peter Seah Lim Huat

Jan 2010 Secured licence to open branch in Ho Chi Minh City, Vietnam a001447700186961d3 Nov 1968 IPO DBS Group Holdings was listed on the SGX Mainboard

Source: Company data, UBS

Figure 82: Listed companies

Company Code Cur rency Price Market cap (m) No. of shares (m) % shareholding Fr e e float 12M avg daily Country (%) traded vol ('000) DBS Group Holdings Ltd DBS SP S$ 17.91 44,059 2,460 - 71.0 3,695 Singapore

Hwang Capital Malaysia Bhd HWANG MK RM 1.94 495 255 00 26.6 41.0 122 Malaysia TMB Bank PCL TMB TB Bt 2.88 125,795 43,679 2.0 35.0 224,172 Thailand

:

Above data as at 23 July 2014. Source: Bloomberg, UBS 42

28

J u

l

2014

Singapore Market Strategy 25 July 2014  43

Figure 83: Financial highlights Figure 84: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 11.5% 1.10% Revenue 7,066.0 7,631.0 8,064.0 8,927.0 11.0% 1.05% Ne t Income (Adj) 2,420.3 3,005.0 3,386.4 3,494.4 10.5% 1.00%

10.0% 0.95% T ot al Assets 283,710 340,847 353,033 402,008 Total Liabilities 250,608 307,778 317,035 364,322 9.5% 0.90% Minority Interest 6,503 4,275 4,261 3,453 9.0% 0.85%

Shareholders’ Equity 26,599 28,794 31,737 34,233 8.5% 0.80%

8.0% 0.75% Market Cap 32,981.4 26,945.2 36,126.2 41,775.2 EPS (S$) 1.01 1.24 1.39 1.41 7.5% 0.70% 2009 2010 2011 2012 2013 DPS (S$) 0.56 0.56 0.56 0.58 PC ROE (LHS) ROA (RHS) Dividend Payout 52.9% 43.4% 39.9% 40.5%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg,C173f48aa43e UBS

Figure 85: Segment revenue breakdown (2013) Figure 86: Geographical revenue breakdown (2013)

Rest of the South and World 3% Southeasta5b Asia 7% Rest of Greater Non-Interest

China a001447700186961d3 Income 8% 39%

Hong Kong Net Interest 20% Singapore Income 61% 61%

Source: Company data, UBS Source: Company data, UBS00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  44

First Resources Figure 87: First Resources organisational structure

Eight Capital Inc.

63.2%

First Resources

39 direct and indirect subsidiaries PC Plantations & Refinery &

Palm Oil Mills ProcessingC173f48aa43e

95%

95.5% PT Ciliandra 62% PT Pancasurya 38% PT Adhitya Seraya Perkasa Agrindo Korita

32% a5b 63% PT Meridan Sejati

Surya Plantation a001447700186961d3

95% PT Borneo Ketapang Permai

CEO: Ciliandra Fangiono

Source: Company data, UBS

00

. First Resources is an oil palm plantation company that cultivates oil palms, harvests fresh fruit bunches (FFB) and :

processes crude and palm kernel. With integrated processing facilities,42 the company is able to maximise the

value of the upstream plantation assets by processing the crude palm oil into28 higher-value products such as biodiesel, refined, bleached and deodorised olein and stearin, and crushing the palm kernel into palm kernel oil and palm kernel

J expeller. Listed on the SGX on 10 December 2007, the company operates exclusivelyu in Indonesia. l

2014 . First Resources has a total planted area of 170,596 hectares, of which 120,978 hectares are mature. With 12 palm oil mills, it has processing capacity of 4.05mt of FFB per annum or 675 tonnes of FFB per hour as of 31 December 2013.

The company has a young plantation profile, with 59% of its plantations in the immature or young mature stage, positioning the company well for strong production growth over the next few years as these plantations mature into prime yielding ages.

. The company plans to expand its plantation assets to ensure sustainable production growth, implement stringent cost control throughout its operations, and broaden its processing capabilities to build an integrated set of operations.

. Website: http://www.first-resources.com/

Singapore Market Strategy 25 July 2014  45

Figure 88: Major corporate events

Date Type Event De c 2013 Acquisition Announced acquisition of a 100% stake in PT Borneo Damai Lestari Raya for US$0.1m Oct 2012 Acquisition Announced acquisition of a 100% stake in PT Gerbang Sawit Indah, principally engaged in the oil palm plantation business, for US$31.2m Acquisition Proposed acquisition of a 100% stake in Lynhurst Investment, which in turn owns 95% of 8,700ha of oil palm plantations, 11,500ha of unplanted landbank and a crude palm oil mill with capacity of 45 tonnes of fresh fruit bunches per hour, for US$69.4m (completed in Feb 2013) Jul 2011 Incorporated and increased investment in wholly-owned subsidiary, First Resources Trading Pte Ltd, with current paid-up capital of US$10,000,000 May 2011 Indirect subsidiary, Ciliandra Perkasa Finance Company Pte Ltd, was struck off the Register of ACRA Apr 2011 Acquisition Completed the acquisition of PT Kalimantan Green Persada and subsidiaries Jan 2011 Sold 15,000,000 treasury shares for S$21.96m De c 2010 Voluntary winding down of wholly-owned subsidiaries, Ivory Asset Management-7, Pinebrook International, Pacific Eagle Management and Global Paragon Investment

De c 2007 IPO First Resources was listed on the SGX Mainboard PC

Source: Bloomberg, UBS C173f48aa43e Figure 89: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country First Resources Ltd FR SP 2.34 3,707 1,584 31.3 2,294 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

a5b

a001447700186961d3

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  46

Figure 90: Financial highlights Figure 91: ROE & ROA

(US $ m) Dec YE 2010 2011 2012 2013 25.0% 15.0% Revenue 329.9 494.6 603.4 626.5 EBIT 186.6 269.9 295.4 329.8 24.5% 14.5% Net Income 143.1 196.4 237.1 238.2 24.0% 14.0%

T ot al Assets 1,235.1 1,500.1 1,930.9 1,780.3 23.5% 13.5% Total Liabilities 490.2 571.7 773.3 740.1 Minority Interest 34.5 43.7 51.2 46.6 23.0% 13.0% Shareholders’ Equity 710.5 884.7 1,106.4 993.5 22.5% 12.5%

Market Cap 1,766.6 1,712.6 2,619.4 2,660.2 22.0% 12.0% EPS (US$) 0.10 0.13 0.15 0.15 2009 2010 2011 2012 2013 PC DPS (US$) 0.03 0.03 0.03 0.03 ROE (LHS) ROA (RHS) Dividend Payout 22.7% 21.2% 21.7% 21.0% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 92: Segment revenue breakdown (2013) Figure 93: Geographical revenue breakdown (2013)

a5b

Indonesia a001447700186961d3 Refinery & 27% Processing 32%

Plantations & Palm Oil Mills 68% Singapore 73%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  47

Frasers Centrepoint Trust Figure 94: Frasers Centrepoint Trust organisational structure

Frasers Centrepoint Limited

41.1%

Frasers Centrepoint Trust

100% 100% 100% 100% 100% 100% 31.2% PC Causeway YewTee Changi City

Northpoint Anchorpoint Bedok PointC173f48aa43e Hektar REIT Point Point Point

CEO: Chew Tuan Chiong

Source: Company data, UBS a5b . Frasers Centrepoint Trust (FCT), listed on the Singapore Exchange in 2006, invests primarily in suburban retail properties

in Singapore, with total assets valued at S$2.1bn as of 31 March 2014. In Junea001447700186961d3 2014, FCT acquired Changi City Point, the sixth mall in its portfolio. FCT also has an interest in an underlying portfolio of suburban malls in Malaysia through a stake in Hektar REIT, which owns five malls in Selangor, Melaka, Johor and Kedah.

. The trust is externally managed by Frasers Centrepoint Asset Management Ltd, a division of property company Frasers Centrepoint Ltd (FCL). FCL is an international real estate company which focuses on property development, investment and management of commercial property, serviced residences and property trusts. We believe one of FCT’s growth catalysts is the sponsor’s pipeline assets, which FCT might acquire.

. Website: http://www.fraserscentrepointtrust.com/

00

:

Figure 95: Major corporate events 42

28 Date Type Event

J

May 2014 Fund raising Announced private placement of 88m new units at an issue price of S$1.835 per unitu (2.5% discount), raising gross proceeds of S$161.5m l

Apr 2014 Acquisition Proposed the acquisition of Changi City Point at S$305m using a combination of equity and debt financing (completed in Jun 2014) 2014 S e p 2011 Fund raising Completed the placement of 48m new units to raise S$66.7m in gross proceeds Jul 2011 Acquisition Proposed acquisition of Bedok Point for S$127m, with up to 55m new units under a private placement (completed in Sep 2011)

Jun 2011 Extended appointment of Frasers Centrepoint Asset Management as property manager for a further five years Mar 2010 FCT rating outlook changed from negative to stable, with a ‘Baa1’ corporate family rating by Moody’s Jul 2010 Commenced the S$72m of Asset Enhancement Initiatives programme at Causeway Point. Jan 2010 Announced Dr Chew Tuan Chiong's appointment as CEO Fund raising Announced a private placement of 137m new units at an issue price of S$1.33 per unit, raising gross proceeds of S$177.8m Oct 2007 Acquisition Announced put and call option agreement to acquire the upcoming shopping mall Northpoint 2 for between S$139.5m and S$170.5m May 2007 Acquisition Announced the proposed acquisition of 27% of the issued units of Hektar-REIT from Hektar group for a consideration of around S$46.58m Jan 2007 Acquisition Acquisition pipeline increased to four identified assets with the addition of Yew Tee Point Nov 2006 Acquisition Announced the acquisition of two properties in Bedok Town centre for a consideration of S$40.8m Aug 2006 Acquisition Northpoint 2 added to FCT’s acquisition pipeline Jul 2006 IPO Frasers Centrepoint Trust was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

Singapore Market Strategy 25 July 2014  48

Figure 96: Listed companies

Company Code Currency Pr i ce Market cap (m) No. of shares (m) % shareholding Fr e e float 12M avg daily traded Country (%) vol ('000) Frasers Centrepoint Trust FCT SP S$ 1.98 1,812 915 - 58.6 1,166 Singapore Hektar REIT HEKT MK RM 1.53 613 401 31.2 19.9 86 Malaysia

Above data as at 23 July 2014. Source: Bloomberg, UBS

Figure 97: Financial highlights Figure 98: ROE & ROA

(S$ m) Sep YE FY10 FY11 FY12 FY13 6.7% 4.5% Revenue 114.8 117.9 147.2 158.0 EB IT (Adj) 70.7 72.2 92.3 98.6 6.5% 4.3% PC Ne t Income (Adj) 56.9 60.1 78.4 85.8 6.3% 4.1% C173f48aa43e

T ot al Assets 1,516.2 1,786.8 1,917.1 2,134.5 6.1% 3.9% Total Liabilities 524.3 635.0 654.1 672.2 Minority Interest 0.0 0.0 0.0 0.0 5.9% 3.7% Shareholders’ Equity 991.9 1,151.9 1,263.0 1,462.4 5.7% 3.5%

Market Cap 1,135.6 1,180.5 1,490.0 1,521.0 5.5% a5b 3.3% EPU (S$) 0.08 0.08 0.10 0.10 FY09 FY10 FY11 FY12 FY13

DPU (S $) 0.08 0.08 0.10 0.11 a001447700186961d3 ROE (LHS) ROA (RHS) Dividend Payout 100.0% 100.0% 100.0% 100.0%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 99: Segment revenue breakdown (FY13) Figure 100: Geographical revenue breakdown (FY13)

00

:

42

28

J u l

2014

Shopping Malls Singapore

100% 100%

Source: Company data, UBS Source: Company data, UBS

Singapore Market Strategy 25 July 2014  49

Genting Singapore Figure 101: Genting Singapore organisational structure

Genting Berhad

51.9%

Genting Singapore

100% 50% 100% Resorts World Resorts World Jurong HotelPC Jeju (Under Development)

(Under Development) C173f48aa43e

Executive Chairman: Tan Sri Lim Kok Thay

Source: Company data, UBS

a5b

. Genting Singapore PLC is a 51.9% owned subsidiary of Genting Berhad and wasa001447700186961d3 incorporated in 1984 (formerly known as Genting International PLC) to invest in leisure and gaming-related businesses outside Malaysia. Genting Singapore is the developer and operator of Resorts World Sentosa (RWS), a S$6.6bn integrated resort development which opened in Q110.

. In 2013, Genting Singapore announced plans to develop a hotel in the District in Singapore, the first hotel to be developed in the growing precinct, making it the company’s seventh hospitality development. It owns six hotel properties in RWS—Crockfords Tower, Hotel Michael, Festive Hotel, Hard Rock Hotel Singapore, Equarius Hotel and the Beach Villas. In 2014, the company completed an investment in Korea, owning 50% stake in Resorts World Jeju.

. The company is a leading integrated resorts development specialist with over 2000 years of experience in developing and operating casinos and integrated resorts around the world, including Australia, the , Malaysia, the Philippines

:

and the UK. Besides the development and operation of integrated resorts and casinos,42 it also provides international sales

and marketing support services to leisure and hospitality-related businesses. 28

. Website: http://gentingsingapore.com/ J u l

2014

Singapore Market Strategy 25 July 2014  50

Figure 102: Major corporate events

Date Type Event Feb 2014 Acquisition Proposed a JV investment in an integrated resort in Jeju, Korea for US$2.2bn (100% basis) Jul 2013 Divestment Announced the divestment of the entire indirect one-third interest in properties in the UK for £46.9m (S$90.7m) Announced plans to develop a hotel in , Singapore S e p 2012 Divestment Announced the divestment of its 4.8% shareholding in Echo Entertainment at A$3.99 per share Aug 2012 Acquisition Announced an increased stake in wholly owned subsidiary Genting Alderney Ltd for approximately £1.1m Apr 2012 Acquisition Announced an increased stake in wholly owned subsidiary Genting Alderney Ltd for approximately £0.5m Mar 2012 Fund raising Announced the proposed issuance of 5.125% perpetual subordinated capital securities for S$1.8bn Jun 2011 Acquisition Increased investments in Resorts World Pte Ltd, a 20% associated company, from S$750,000 to S$10.75m May 2011 Acquisition Acquired 68.6% of issued and paid-up capital of Goldnature Investments for a consideration of US$60m Divestment Disposed of investment, representing 11.03% of the total number of issued shares in the capital of Rank Group, for a cash consideration of £64.6m PC Apr 2011 Acquisition Announced the acquisition of Ocean Star Resources by wholly-owned subsidiary Adriana Limited

Feb 2011 Acquisition Announced the acquisition of Singapore Technologies Building in Singapore for S$146mC173f48aa43e (completed in Mar 2011) De c 2010 Acquisition Acquisition of wholly owned subsidiary Genting Singapore Aviation II Oct 2010 Divestment Completed divestment of casino operations in the UK S e p 2010 Acquisition Acquisition of wholly owned subsidiary Genting Singapore Aviation Jun 2010 Acquisition Increased investments in Genting International Enterprises by S$125,675,000 in cash Acquisition Increased investments in Genting International Sdn Bhd by subscription of 249,998 ordinary shares at RM1 each Acquisition Increased investments in Genting Alderney Limited by a total £500,000 in cash a5b Feb 2010 Resorts World Sentosa received a casino licence from the Casino Regulatory Authority, Singapore

De c 2005 IPO Genting Singapore was listed on the SGX Mainboard a001447700186961d3

Source: Company data, UBS

Figure 103: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country Genting Singapore PLC GENS SP 1.33 16,223 12,244 48.0 16,125 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  51

Figure 104: Financial highlights Figure 105: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 20% 12% Revenue 2,731.7 3,223.1 2,948.1 2,847.3 EBIT 1,195.4 1,331.7 914.3 673.2 15% 9% Net Income 37.8 1,024.1 680.2 707.3 10% 6%

T ot al Assets 9,987.6 10,620.7 12,955.6 13,074.1 5% 3% Total Liabilities 4,880.0 4,485.1 4,018.3 3,426.9 Minority Interest 0.0 2.3 0.1 0.0 0% 0% Shareholders’ Equity 5,107.6 6,133.3 6,628.9 7,338.9 -5% -3%

Market Cap 26,675.6 18,415.2 16,914.9 18,281.9 -10% -6% EPS (S$) 0.05 0.08 0.05 0.05 2009 2010 2011 2012 2013 PC DPS (S$) 0.00 0.01 0.01 0.01 ROE (LHS) ROA (RHS) Dividend Payout 0.0% 12.0% 18.0% 17.3% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 106: Segment revenue breakdown (2013) Figure 107: Geographical revenue breakdown (2013)

Leisure & Rest of Asia Investments a5b Hospitality - 0.04% 0.1% Others

0.01% a001447700186961d3

Leisure & Hospitality - S'pore

100% Singapore 00 100%

Source: Company data, UBS Source: Company data, UBS:

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  52

Global Logistic Properties Figure 108: Global Logistic Properties organisational structure

Government of Singapore Lone Pine Capital LLC Investment Corporation

36.4% 8.9%

Global Logistic Properties

Japan PC

100% 50% 33.3% 15%C173f48aa43e Wholly GLP Japan GLP Japan owned/ JCE Development Income GLP J-REIT assets Venture Partners I

66% a5b

China Brazil a001447700186961d3

100% 55.9% 100% 40% 34.2% Wholly Wholly GLP Brazil GLP Brazil owned/ JCE CLF Fund I owned Development Income assets assets Partners I Partners I

CEO: Ming Z. Mei

Source: Company data, UBS

. Global Logistic Properties Limited (GLP) was listed on the Singapore Exchange00 in October 2010. It develops, owns and

leases one of the largest portfolios in modern logistics facilities in China, Japan: and Brazil. In Japan, it manages 69

logistics facilities spanning 2.8m sqm and covering all major logistics hubs. It 42 has a presence in 34 cities in China, 22

cities in Brazil and seven cities in Japan, yielding a portfolio CAGR of 54% since28 FY04.

J . GLP holds market-leading positions in China, Japan and Brazil, with 655 propertiesu totalling 14.8m sqm of completed l

area. It has a strong core portfolio with high lease ratios of 91%, 99% 2014 and 96% for China, Japan and Brazil, respectively. As at 31 March 2014, it had more than US$11.1bn of assets under management, with the development

pipeline being supported by 12.8m sqm of land reserves.

. In 2012, GLP J-REIT was listed on the Tokyo Stock Exchange and currently has 44 modern logistics facilities in Japan with an asset size of US$2.9bn and an embedded acquisition pipeline on 33 properties with an asset size of US$2.8bn.

. Website: http://www.glprop.com/

Singapore Market Strategy 25 July 2014  53

Figure 109: Major corporate events

Date Type Event Jun 2014 Acquisition Completed the acquisition of 26 assets in Jun 2014 for R$2.4bn (US$1.1bn) Completed the first tranche of a China consortium agreement Announced the retirement of Ang Kong Hua and the appointment of Seek Ngee Huat as Chairman of the board Mar 2014 Acquisition Proposed the acquisition of a portfolio of 34 assets in Brazil for R$3.18bn (US$1,356.5m) Feb 2014 Announced the sale of one entity to CLF Fund I for around US$18.5m The company’s strategic partners in China to invest US$2.35bn in GLP China and US$163m in GLP Listco Additional capital commitment of US$230m raises GLP Brazil Development Partners I to US$1.1bn Nov 2013 Launched fund management platform in China, CLF Fund I with a 56% stake, to focus on the development of modern logistics facilities in China, comprising a seed portfolio of 20 properties with NAV of US$338.6m Oct 2013 Divestment 60%-owned subsidiary Suzhou Transfar Logistics Base divested its 100% stake in Suzhou Ruien Logistics for Rmb75m S e p 2013 Announced the sale of two properties to GLP J-REIT for US$287m and the sale of seven assets to GLP Japan Income Partners I to GLP J-REIT for US$277m (completed in Mar 2014 and Oct 2013, respectively) PC

Feb 2013 Joint venture More than doubled the investment to US$2.2bn in GLP Japan Development Venture, aC173f48aa43e 50:50 JV with CPPIB, to develop modern logistics facilities in Japan Jan 2013 Announced the sale of three properties to GLP J-REIT for ¥12.6bn (US$142m) following J-REIT’s execution of its purchase option De c 2012 IPO GLP J-REIT lists on the Tokyo Stock Exchange, Japan's largest real estate IPO Nov 2012 Joint venture Established two JVs with CPPIB, CIC and GIC to acquire a market-leading logistics platform in Brazil for US$1.45bn Oct 2012 Divestment Divested a 16.7% stake in GLP Japan Income Partners I De c 2011 Joint venture Formed a 50:50 JV, GLP Japan Income Partners I, with China Investment Corporation to acquire 15 modern logistics facilities in Japan worth US$1.6bn a5b S e p 2011 Joint venture Formed a 50:50 JV, GLP Japan Development Venture, of US$500m in equity with Canada Pension Plan Investment Board (CPPIB) to develop a001447700186961d3 and hold institutional logistics facilities Partnership Entered into a strategic partnership with Transfar Road-Port to expand the logistics network in China Aug 2011 Acquisition Acquired a 49% stake in Shanghai Yupei Group for US$53.6m, with an option to increase its stake to 50%, and a separate option to increase its ownership in three of the four existing projects to 85% Jan 2011 Acquisition Acquired a 53.1% stake in Airport City Development Co., the only developer in the Beijing Capital International Airport airside cargo handling and bonded logistics area, for a net amount of Rmb1,403m to be settled in shares (70%) and cash (30%) De c 2010 Acquisition Acquired a 19.9% stake in Shenzhen-listed Shenzhen Chiwan Petroleum Supply Base Co., the parent company of BLOGIS, which is the second largest modern logistics facility provider to GLP in China, for HK$536m Oct 2010 IPO GLP was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

00

:

42

Figure 110: Listed companies 28

Company Code Currency Price Market cap (m) No. of J % Fr e e float 12M avg daily Country u

s hares (m) shareholdingl (%) traded vol ('000)

Global Logistic Properties Ltd GLP SP S$ 2.78 13,448 4,837 2014 - 60.1 10,793 Singapore GLP J-REIT 3281 JT ¥ 116300 243,963 2 15.0 84.9 6 Japan

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  54

Figure 111: Financial highlights Figure 112: ROE & ROA

(US $ m) Mar YE FY11 FY12 FY13 FY14 20% 8% Revenue 473.9 565.6 639.3 598.3 EBIT 427.1 476.4 374.7 364.5 15% 6% Net Income 706.1 540.8 684.3 685.2 10% 4%

5% 2% T ot al Assets 11,655.8 13,580.1 13,247.5 13,947.1 Total Liabilities 4,679.1 5,271.9 4,200.9 4,014.1 0% 0% Minority Interest 357.7 520.3 648.4 1,175.2 -5% -2% Shareholders’ Equity 6,619.0 7,787.9 8,398.3 8,757.8 -10% -4%

Market Cap 6,819.4 8,046.3 10,051.3 10,024.9 -15% -6% EPS (US$) 0.23 0.12 0.14 0.14 FY10 FY11 FY12 FY13 FY14 PC DPS (US$) 0.00 0.02 0.03 0.04 ROE (LHS) ROA (RHS)

Dividend Payout 0.0% 20.2% 21.9% 24.9% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 113: Segment revenue breakdown (FY14) Figure 114: Geographic revenue breakdown (FY14)

a5b Brazil 1% a001447700186961d3

Japan 39%

China 60%

Logistics

100% 00

Source: Company data, UBS Source: Company data, UBS :

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  55

Golden Agri-Resources Figure 115: Golden Agri-Resources organisational structure

The Widjaja Family Master Trust

Flambo Golden Massingham International Moment International 7.24%

6.2% Golden Agri- 36.5% Resources PC C173f48aa43e

Refined Branded Bulk Products Products

97.2% Crude Palm Oil China Palm Kernel PT SMART Grand Slam Palm Kernel Oil Reda5b Rose Palm Kernel Meal Flagship

Olein Bettera001447700186961d3 life Stearin Indonesia Master Chef Cocoa Butter Substitute BissOil Mitra® Golden Carrier Soybean Oil Delicio® Palmboom® Seagull Soybean Meal Golden Seagull Filma® Palmvita® Good Fry® Palmvita® Gold Kunci Mas® Paloma® Masku® Pusaka® Menara®

CEO: Franky Oesman Widjaja

00 Source: Company data, UBS

:

42 . Golden Agri-Resources Ltd (GAR) was listed on the Singapore Exchange in 1999 and is one of the largest integrated

palm oil plantation companies in the world. Its primary activities include cultivating28 and harvesting oil palm trees,

processing fresh fruit branches into crude palm oil (CPO) and palm kernel (PK), J and refining crude palm oil into industrial u l

and consumer products such as cooking oil, margarine and shortening. 2014

. GAR has a planted area of 471,100 hectares, the largest in Indonesia and with a higher-than-industry average oil yield of

4.9 tonnes per hectare. GAR’s CPO and PK processing mills, 41 in total, have a total capacity of 11.1mt per annum as at 31 December 2013. GAR’s refineries, which further process CPO into bulk, industrial, and branded products, have a capacity of 2.3mt per annum while the kernel crushing plants which further process PK have an annual capacity of 1.1mt. All this translates into around 1.9mt of palm products annually. GAR conducts its operations in Indonesia through 97.2% owned PT Sinar Mas Agro Resources and Technology TBK (PT SMART).

. GAR’s integrated business in China includes a deep-sea port, oilseeds crushing plants, production capacity for refined edible oil products and other food products such as noodles. GAR’s products are sold globally through its extensive distribution network. The shipping and logistics capabilities are supported by its vessels, sea ports, jetties, warehouses and bulking facilities. GAR’s vertically integrated business model spans research & development and a seed garden to consumer end products. This creates flexibility for GAR to switch between crude and refined products for margin optimization and to ensure greater quality control.

. Website: http://www.goldenagri.com.sg/

Singapore Market Strategy 25 July 2014  56

Figure 116: Major corporate events

Date Event De c 2012 Announced the acquisition of 16,000ha of palm oil plantations in Indonesia for US$178m Announced further investment of US$220m in The Verdant Fund LP, a private equity fund aimed at developing palm oil plantations in Liberia S e p 2012 Proposed issuance of US$400m 2.5% convertible bonds due 2017 Jun 2012 Formed a JV, Golden Stena Weco, with Stena Weco to provide solutions to transporting GAR’s palm oil products internationally Feb 2012 Announced the launch of the Yield Improvement Policy (YIP), which will leverage on technology and innovation to improve CPO yield per ha by 12% Oct 2011 Unilever resumed palm oil purchases from PT SMART S e p 2011 Nestlé resumed palm oil purchases from PT SMART Mar 2011 PT SMART and its affiliated companies to invest Rp9trn in a palm-based refinery plant with a total annual CPO processing capacity of around 300,000 tonnes Feb 2011 GAR has developed a Forest Conservation Policy (FCP) in collaboration with The Forest Trust that is aimed at creating long-term sustainable growth for GAR and the palm oil industry Oct 2010 PT SMART refutes allegations by Greenpeace Indonesia of burning plantations PC S e p 2010 The government of Liberia and Golden Veroleum to form a partnership in a US$1.6bn sustainable palm oil project

May 2010 Proposed the acquisition of Florentina International Holdings Ltd from Asia Food & Properties for Rmb976mC173f48aa43e (around US$142.8m, completed in Sep 2010) De c 2005 Completed the acquisition of Asia Integrated Agri Resources for S$155m

Source: Company data, UBS

Figure 117: Listed companies

a5b Company Code Cur rency Price Market cap (m) No. of shares (m) % shareholding Free float (%) 12M avg daily Country

a001447700186961d3 traded vol ('000) Golden Agri-Resources Ltd GGR SP S$ 0.55 7,061 12,838 - 50.0 38,114 Singapore PT Sinar Mas Agro Resources SMAR IJ Rp 6650 19,100,086 2,872 97.2 2.8 8 Indonesia and Technology TBK

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  57

Figure 118: Financial highlights Figure 119: ROE & ROA

(US $ m) Dec YE 2010 2011 2012 2013 25.5% 20% Revenue 3,504.7 5,952.9 6,051.7 6,585.0 EBIT 558.2 817.7 642.9 499.1 20.5% 16% Net Income 1,423.0 1,268.0 409.6 311.3

15.5% 12% T ot al Assets 10,114.5 11,837.4 13,286.1 14,148.2

Total Liabilities 3,169.3 3,724.9 4,667.9 5,344.8 10.5% 8% Minority Interest 119.3 87.4 91.6 82.8

Shareholders’ Equity 6,825.9 8,025.0 8,526.6 8,720.6 5.5% 4%

Market Cap 7,566.0 6,695.3 6,830.7 5,542.2 0.5% 0% EPS (US$) 0.12 0.10 0.03 0.02 2009 2010 2011 2012 2013 PC DPS (US$) 0.01 0.01 0.01 0.01 ROE (LHS) ROA (RHS)

Dividend Payout 5.1% 13.6% 30.2% 36.2% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 120: Segment revenue breakdown (2013) Figure 121: Geographical revenue breakdown (2013)

Indonesia

Others a5b Local Soybean 5% Soybean Oil 4% 10%

4% a001447700186961d3

Soybean Meal 8% CPO 38% China Local Branded 21% Products 6%

Indonesia Export Unbranded 69% Refined Palm

Products 35% 00

Source: Company data, UBS Source: Company data, UBS:

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  58

Hongkong Land Figure 122: Hongkong Land organisational structure

82.5% Jardine Matheson Jardine Strategic 55.9% 50.01%

Hongkong Land

Investment Properties Development Properties PC 100% 50%

Singapore (5 assets) Hong Kong (13 assets) C173f48aa43e Indonesia (5 assets)

One Raffles Link (100%) One Exchange Square Wisma Metropolitan I One Raffles Quay (33.3%) Two Exchange Square Wisma Metropolitan II MBFC Tower 1 (33.3%) Three Exchange Square World Trade Center Podium MBFC Tower 2 (33.3%) World Trade Center II The Forum th MBFC Tower 3 (33.3%) Jakarta 5 office project Gloucester Tower a5b Edinburgh Tower York House a001447700186961d3 Landmark Atrium Vietnam (2 assets) Alexandra House Thailand (1 asset) Jardine House Central Building (71%) Prince's Building Gaysorn Plaza (49%) 63 Ly Thai To (73.9%) Chater House

China (4 assets) Macau (1 asset) Cambodia (1 asset) Maple Place (90%) Beijing Wangfujing Project (95%)

One Central (46.6%) Landmark (100%) Chengdu JinJiang Project (50%) 00 Beijing CBD Project (30%)

:

CEO: Y.K. Pang 42

28 Note: Underlined properties refer to properties still under development.

Source: Company data, UBS J u l

2014 . Hongkong Land is one of Asia’s leading property investment, management and development groups. Founded in 1889, Hongkong Land now owns and manages almost 800,000sqm of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore, attracting the world’s foremost companies and luxury brands.

. The group’s prime Hong Kong portfolio of some 450,000sqm is located in the heart of Central district. In Singapore, its 165,000sqm portfolio consists largely of prestigious office space located in Marina Bay, much of which is held through joint ventures. The group also has a 50% interest in a prime office complex in Central Jakarta, and has a number of projects under development, including a luxury retail centre at Wangfujing in Beijing. Hongkong Land is developing a number of largely residential projects, in many cities in Greater China and Southeast Asia. In Singapore, its subsidiary, MCL Land, is a well-established residential developer.

. Hongkong Land Holdings Limited is incorporated in Bermuda and has a premium listing on the London Stock Exchange and secondary listings in Bermuda and Singapore. The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited. Hongkong Land is also a member of the Jardine Matheson Group.

. Website: http://www.hkland.com/

Singapore Market Strategy 25 July 2014  59

Figure 123: Major corporate events

Date Type Event De c 2011 Acquisition Announced the acquisition of a 52ha site in Zhaomushan, Chongqing to be developed into a premium residential development for Rmb3.86bn Aug 2011 Acquisition 95%-owned subsidiary WFJ Development won a site in Wangfujing, Beijing, for Rmb2.9bn (US$455m) to be developed into a premier integrated retail centre April 2011 Acquisition Wholly owned subsidiary Hongkong Land (Singapore) announced the purchase of JSM Indochina’s Cambodian freehold property portfolio for US$33.65m Feb 2011 Delisted indirect subsidiary, MCL Land Ltd, to become a wholly owned subsidiary of HKL (MCL) Nov 2010 Acquisition Announced the acquisition of 0.88m sqm of land in Zhaomushan, Chongqing to be developed into a residential development Oct 1990 IPO HKL was listed on the SGX Mainboard

Source: Company data, UBS Figure 124: Listed companies

PC Company Code Pr i ce (US$) Market cap (US$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country C173f48aa43e Hongkong Land Holdings Ltd HKL SP 6.76 15,905 2,353 49.8 1,563 Hong Kong

Above data as at 23 July 2014. Source: Bloomberg, UBS

Figure 125: Financial highlights Figure 126: ROE & ROA

(US $ m) Dec YE 2010 2011 2012 2013

7% a5b 5.0% Revenue 1,340.6 1,223.7 1,114.8 1,857.1

EBIT 846.2 798.5 761.5 874.4 6% a001447700186961d3 4.5% Ne t Income (Adj) 810.2 703.4 776.2 934.8

5% 4.0% T ot al Assets 24,142.5 29,023.6 31,785.0 32,995.9

Total Liabilities 4,665.0 4,259.8 5,600.6 6,096.8 4% 3.5% Minority Interest 20.9 25.3 36.7 42.1 Shareholders’ Equity 19,456.6 24,738.5 26,147.7 26,857.0 3% 3.0%

Market Cap 16,250.8 10,615.0 16,446.1 13,881.5 2% 2.5% EPS (US$) 2.11 2.28 0.61 0.51 2009 2010 2011 2012 2013

DPS (US$) 0.16 0.16 0.17 0.18 00 ROE (LHS) ROA (RHS)

Dividend Payout 7.6% 7.0% 27.8% 35.6%

:

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg,42 UBS

28

J

Figure 127: Segment revenue breakdown (2013) Figure 128: Geographicalu revenue breakdown (2013) l

2014

Others 36%

Commercial Residential Property Property 49.8% 50.2%

Greater China 64%

Source: Company data, UBS Source: Company data, UBS

Singapore Market Strategy 25 July 2014  60

Hutchison Port Holdings Trust Figure 129: Hutchison Port Holdings Trust organisational structure

52.5% Temasek Holdings

11% 27.6%

Hutchison Port Holdings Trust PC

Deep Water Container Ports River Ports C173f48aa43e Ancillary Services 50% 100% Jiangmen Hong Kong Shenzhen International Asia Port Services Container Terminals 100% 56.4%

Hongkong Yantian International 50% 100% International Container Terminals Terminals Phase I & II Nanhai Internationala5b Hutchison Logistics Container Terminals 50% 51.6% a001447700186961d3

Yantian International 50% 77.7% COSCO-HIT Terminals Container Terminals Phase III & expansion Zhuhai International Shenzhen Hutchison Container Terminals Inland Container (Jiuzhou) Depots 40% 51.6%

Asia Container Yantian International Container Terminals West Terminals Port Phase I & II

CEO: Yim Lui Fai, Gerry

00

Source: Company data, UBS :

42

28

J

. Hutchison Port Holdings Trust (HPH Trust) was listed in Singapore on 18 Marchu 2011, and is the first publicly traded l

container port business trust in the world. HPH Trust owns interests in four market2014 -leading, best-in-class, deep-water container ports strategically located in Kwai Tsing, Hong Kong and Shenzhen, China; two of the world’s busiest ports. Its terminals operate 32 container berths on 543 hectares of land, with combined throughput of 22.8m TEU in 2013.

. HPH Trust is sponsored by Hutchison Port Holdings Limited—the leader in the global container port sector by throughput —which is in turn a subsidiary of Hutchison Whampoa Limited. HPH Trust is managed by Hutchison Port Holdings Management Pte Ltd, which is an indirectly fully owned subsidiary of Hutchison Whampoa. Its stated investment mandate is to invest in, develop, operate and manage deep-water container ports in the Pearl River Delta region (that is, Guangdong province, Hong Kong and Macau).

. Website: http://www.hphtrust.com/

Singapore Market Strategy 25 July 2014  61

Figure 130: Major corporate events

Date Type Event Mar 2014 Divestment Divested 60% of Asia Container Terminals Holdings Ltd for HK$2,472m (S$403m), forming a JV with COSCO Ports (40%) and China Shipping Terminal Development (20%) May 2013 Provision of a 9.8% wage raise to workers and external contractors Apr 2013 Demonstrations by workers on Hongkong International Terminal premises Mar 2013 Acquisition Acquisition of a 100% stake in Asia Container Terminals Holdings Ltd for HK$3,917m (S$630m) Mar 2012 Announced HPH Trust would be the first security tradable in dual currencies on SGX Mar 2011 IPO HPH Trust was listed on the SGX Mainboard

Source: Company data, UBS

Figure 131: Listed companies

Pr i ce Market cap (US$

Company Code No. of shares (m) Fr e e floatPC (%) 12M avg daily traded vol ('000) Country (US$) m)

Hutchison Port Holdings Trust HPHT SP 0.74 6,446 8,711 C173f48aa43e 31.3 15,922 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Figure 132: Financial highlights Figure 133: ROE & ROA

(HK$ m) Dec YE 2010 2011 2012 2013 4.0% a5b 1.8% Revenue 11,338.7 9,655.7 12,336.5 12,326.3

EBIT 5,623.7 3,638.8 4,256.0 3,873.7 a001447700186961d3 Net Income 2,988.5 1,970.3 2,236.9 1,674.8 3.5% 1.6%

T ot al Assets 143,852.5 138,701.6 134,850.2 137,166.0 3.0% 1.4% Total Liabilities 51,046.9 50,678.6 49,343.0 52,934.4 Minority Interest 19,620.6 18,932.7 18,351.1 19,062.7 Shareholders’ Equity 73,185.0 69,090.4 67,156.1 65,168.9 2.5% 1.2%

Market Cap NA 41,935.8 53,326.4 45,592.3 2.0% 1.0% EPU (HK$) NA 0.23 0.26 0.19 2011 2012 2013

DPU (HK$) NA 0.38 0.51 0.41 00 ROE (LHS) ROA (RHS)

Distribution Payout NA 166.6% 199.5% 213.2% :

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg,42 UBS

28

J u

Figure 134: Segment revenue breakdown (2013) Figure 135: Geographicall revenue breakdown (2013)

2014

Transportation and Logistics Others Solutions 1% 2%

Hong Kong 45% China 55%

Port and Related Services 97% Source: Company data, UBS Source: Company data, UBS

Singapore Market Strategy 25 July 2014  62

Jardine Matheson Group Figure 136: Jardine Matheson Group organisational structure

82.5% Jardine Matheson Jardine Strategic 55.9%

100% 42% 100% 77.6% 50.01% 73.3% 73.5%

Automotives Insurance Diversified F&B Property Automotives Hotels

Jardine Jardine Dairy Farm Hongkong Mandarin Jardine Lloyd PC Jardine Cycle Motors Group Pacific International Land Oriental Holdings Thompson & Carriage

Holdings Holdings HoldingsC173f48aa43e International

50.1%

Autos, Diversified

Astra

a5b International Holdings

Managing Director: Ben Keswick a001447700186961d3

Source: Company data, UBS

. Jardine Matheson Group comprises both Jardine Matheson (JM) and Jardine Strategic (JS). Jardine Matheson is a diversified business group focused principally on Asia. Its business comprises a combination of cash-generating activities and long-term property assets, while acting as general manager to Jardine Strategic and providing management services to group companies.

00 . The Group’s interests include Jardine Pacific, Jardine Motors, Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine

:

Cycle & Carriage and Astra International. These companies are leaders in the42 fields of engineering and construction, transport services, insurance broking, property investment and development, retailing, restaurants, luxury hotels, motor

28 vehicles and related activities, financial services, heavy equipment, mining and agribusiness.

J u

. Both Jardine Matheson and Jardine Strategic are incorporated in Bermuda andl listed on the London Stock Exchange

with secondary listings in Bermuda and Singapore. 2014

. Website: http://www.jardines.com/

Singapore Market Strategy 25 July 2014  63

Figure 137: Major corporate events

Date Type Event Jan 2014 Joint venture Astra International signed an agreement to form Astra Aviva Life, a 50-50 JV to sell and distribute life insurance products in Indonesia Acquisition Jardine Strategic announced an investment of US$731m in Zhongsheng Group Holdings Ltd through an equity stake and convertible bonds Nov 2013 Acquisition Jardine Lloyd Thompson (JLT) announced the acquisition of a significant shareholding in Insure Direct (Brokers) LLC in Dubai Acquisition JLT announced the acquisition of Independent Risk Solutions in the S e p 2013 Acquisition JLT announced the acquisition of the reinsurance brokerage business of Towers Watson for US$250m May 2013 Acquisition JLT announced the acquisition of PT GESA Assistance (GESA) and PT Global Asistensi Manajemen Indonesia (GAMI) De c 2012 Gammon-Kaden JV was awarded a HK$3.4bn contract by MTR Corporation to construct the Hung Hom North Approach Tunnels of the Shatin to Central Link Nov 2012 Acquisition Mandarin Oriental Hotel Group announced the acquisition of the option to purchase the freehold interest in the building housing Mandarin Oriental, Paris and two prime street front retail units for €290m (US$374m) Aug 2011 Hongkong Land Ltd announced development plans for a premier integrated retail centre in Wangfujing, Beijing where 95%-owned subsidiary,

WFJ Development Ltd, won the site for Rmb2.9bn (US$455m) PC Apr 2011 Acquisition Wholly owned subsidiary of Hongkong Land Ltd, Hongkong Land (Singapore), announced the purchase of JSM Indochina Ltd’s Cambodian C173f48aa43e freehold property portfolio for around US$33.7m Nov 2010 Acquisition Jardine OneSolution to acquire the IT distribution businesses of SiS International Holdings Ltd in HK, Singapore and Malaysia for US$130m Aug 2010 Gammon Construction Ltd was awarded a HK$2.9bn contract by MTR Corporation to construct the West Kowloon Terminus Approach Tunnel and Track Fan Tunnel section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link Feb 1991 IPO Jardine Matheson and Jardine Strategic were listed on the SGX Mainboard

Source: Company data, UBS a5b Figure 138: Listed companies

a001447700186961d3 Company Code Cur rency Price Market cap No. of % effective Free 12M avg daily Country (m) s ha res (m) shareholding float (%) traded vol ('000) Jardine Matheson Holdings Ltd JM SP US$ 59.90 41,205 688 - 35.7 264 Hong Kong Jardine Strategic Holdings Ltd JS SP US$ 36.20 40,562 1,121 82.5 17.5 200 Hong Kong Jardine Lloyd Thompson Group PLC JLT LN GBp 1069.00 4,934 219 42.0 57.4 86 Britain Dairy Farm International Holdings Ltd DFI SP US$ 10.70 17,902 1,352 64.0 22.2 212 Hong Kong Hongkong Land Holdings Ltd HKL SP US$ 6.76 19,681 2,353 41.3 49.8 1,563 Hong Kong J a r dine Cycle & Carriage Ltd JCNC SP S$ 46.90 16,683 356 60.5 20.8 254 Singapore Mandarin Oriental International Ltd MAND SP US$ 1.87 2,322 1,004 60.6 25.5 309 Hong Kong

Astra International TBK PT ASII IJ Rp 7700.00 33,512 40,484 30.3 45.1 34,696 Indonesia

00 Note: % effective shareholding is with respect to Jardine Matheson Holdings.

Above data as at 23 July 2014. Source: Bloomberg, UBS :

42

28

J

Figure 139: JM financial highlights Figure 140: JM ROEu & ROA l

(US $ m) Dec YE 2010 2011 2012 2013 2014 30% 8% Revenue 30,053.0 37,967.0 39,593.0 39,465.0

EBIT 3,668.0 3,776.0 3,573.0 3,420.0 26% 7% Net Income 3,084.0 3,449.0 1,671.0 1,566.0 22% 6%

T ot al Assets 48,076.0 58,297.0 63,461.0 63,835.0 18% 5% Total Liabilities 16,116.0 19,035.0 21,088.0 21,053.0 Minority Interest 18,250.0 22,906.0 24,573.0 24,396.0 14% 4% Shareholders’ Equity 13,710.0 16,356.0 17,800.0 18,386.0 10% 3%

Market Cap 16,060.0 17,032.1 22,940.0 19,563.9 6% 2% EPS (US$) 8.58 9.53 4.58 4.26 2009 2010 2011 2012 2013 DPS (US$) 1.15 1.18 1.35 1.40 ROE (LHS) ROA (RHS) Dividend Payout 24.2% 22.2% 29.9% 33.4%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Singapore Market Strategy 25 July 2014  64

Figure 141: JS financial highlights Figure 142: JS ROE & ROA

(US $ m) Dec YE 2010 2011 2012 2013 25.0% 10% Revenue 25,498.0 31,049.0 33,098.0 32,666.0 22.5% 9% EBIT 3,520.0 3,489.0 3,410.0 3,247.0 Net Income 3,535.0 3,943.0 1,827.0 1,700.0 20.0% 8% 17.5% 7%

T ot al Assets 46,597.0 56,153.0 61,545.0 62,008.0 15.0% 6% Total Liabilities 14,801.0 16,892.0 19,168.0 19,118.0 12.5% 5% Minority Interest 15,446.0 19,609.0 21,036.0 20,862.0 Shareholders’ Equity 16,350.0 19,652.0 21,341.0 22,028.0 10.0% 4% 7.5% 3%

Market Cap 17,300.0 17,210.7 21,809.3 19,520.0 5.0% 2% EPS (US$) 5.69 6.36 2.97 2.79 2009 2010 2011 2012 2013 PC DPS (US$) 0.21 0.23 0.24 0.26 ROE (LHS) ROA (RHS)

Dividend Payout 6.6% 6.4% 8.0% 9.5% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 143: JM Segment revenue breakdown (2013) Figure 144: JM geographical revenue breakdown (2013)

Jardine Cycle & Mandarin Rest of the a5b United Carriage Oriental World 3% Kingdom Hongkong Land 2% 6% 1% 5% a001447700186961d3 Jardine Pacific 6%

Greater China Jardine Motors 27% 11% Astra 47%

Southeast Asia 66% Dairy Farm 26%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J

Figure 145: JS Segment revenue breakdown (2013) Figure 146: JS geographicu al revenue breakdown (2013) l

Mandarin 2014 Rest of the Jardine Cycle & Oriental Carriage World United Kingdom 2% 4% 1% 0.3% Hongkong Land Greater China 6% 21%

Dairy Farm Astra 32% 56%

Southeast Asia 78%

Source: Company data, UBS Source: Company data, UBS

Singapore Market Strategy 25 July 2014  65

Keppel Corporation Figure 147: Keppel Corporation organisational structure

Temasek Holdings

21.1 %

Keppel Corp

Offshore & Marine Infrastructure

100% 100%

PC Keppel Keppel Offshore & Infrastructure Marine

C173f48aa43e Holdings

Power Generation Environmental Engineering Keppel Seghers 100% 100% 100% Keppel Merlimau 100% Keppel FELS Keppel Shipyard Engineering Cogen Singapore

Keppel 100% 100% Keppel Nantong 100% 49.2% Keppel Keppel Electric a5b Singmarine Shipyard (China) Infrastructure Trust a001447700186961d3 Keppel FELS Brasil 100% 100% Keppel AmFELS 100% 100% (Brazil) (USA) Keppel Gas Keppel DHCS

Arab Heavy 33% 100% Keppel Verolme Network Engineering Industries (UAE) (Netherlands) 79.8%

Nakilat-Keppel Caspian Shipyard 20% 45% Keppel Offshore & Marine Company Telecommunications & (Qatar) (Azerbaijan) Transportation 70%

25.2% Dyna-Mac 98% Keppel Philippines 100% Keppel Logistics

Keppel Logistics Holdings Marine 00 (Foshan) China

:

100% Keppel Data 42 19.3% M1 Ltd

Centres Holding 28

70% J 31.4% Keppel Bay Property u Investments Krisenergy l

2014 30% 36%

54.6%

Keppel Land K1 Ventures

44.8% 20.25% Sino-Singapore Tianjin 9.00% Alpha Investment Eco-City Investment Keppel REIT Partners and Development** **50:50 JV between the 100% 15.75% Singapore and Chinese Government. 50.5% Keppel Philippines 12.2% Fund Management Properties

CEO: Loh Chin Hua

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  66

. Keppel Corporation (Keppel) is involved in three main business areas: offshore & marine, property, and infrastructure. Offshore & marine is the largest contributor to earnings and valuation. It designs, builds and repairs the complete range of mobile offshore drilling units, floating production systems, production topsides and specialised vessels such as deepwater semi-submersibles, tension leg platforms, windmill installation vessels and other highly sophisticated offshore vessels. Keppel is also involved in the conversion of floating production storage and offloading (FPSO) vessels and floating storage and offloading (FSO) vessels.

. Keppel’s property unit is operated through its 54.6%-owned listed subsidiary, Keppel Land, which has a strong presence in Singapore and China. Keppel Infrastructure Trust (formerly known as K-Green Trust) was listed in June 2010 with the Senoko and Tuas Waste-To-Energy (WTE) plants and the Ulu Pandan NEWater facility as underlying assets. Its stated objective is to invest in energy and environmental infrastructure assets in Singapore and globally with a focus on Asia, Europe and the Middle East.

. Keppel’s infrastructure business comprises power generation, environmental engineering and network engineering. In PC May 2013, Keppel announced that Keppel Energy and Keppel Integrated Engineering would be reorganised under a newly incorporated entity, Keppel Infrastructure Holdings, which consolidatesC173f48aa43e its power generation and environmental engineering operations. Its subsidiary, Keppel Seghers Technology Group, is a leading global environmental technology provider of thermal and water solutions. In network engineering, Keppel Telecommunications & Transportation offers consulting, network planning, design and deployment, Internet protocol integration, network optimisation, outsourced network management and maintenance services.

. Website: http://www.kepcorp.com/ a5b

a001447700186961d3

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  67

Figure 148: Major corporate events

Date Type Event Apr 2014 K-Green Trust was renamed Keppel Infrastructure Trust Signed a management services agreement with Titan Petrochemicals Group to manage Titan’s shipyard subsidiary, Titan Quanzhou Shipyard Mar 2014 Divestment Wholly owned subsidiary Keppel Seghers divested its 99.8% stake in Keppel Seghers Latinoamerica for US$115,000 Oct 2013 Joint venture Announced a JV with Pemex to establish a shipyard in the Port of Altamira, , with Phase 1 capex estimated at US$150m S e p 2013 Divestment Wholly owned subsidiary FELS Offshore divested its 50% stake in Keppel Kazakhstan for US$32.5m (completed in Feb 2014) Jul 2013 Announced that CEO Choo Chiau Beng would be succeeded by CFO Loh Chin Hua on 1 January 2014 Acquisition Increased its stake in KrisEnergy from 15.3% to 31.4% Apr 2013 Formed Ocean Mineral Singapore to explore the ocean’s seabed for polymetallic nodules and has since applied to the International Seabed Authority for its first seabed exploration licence Keppel Data Centres announced plans to develop third data centre in Singapore PC Jan 2013 Acquisition Securus Fund acquired a 50% stake in Citadel 100, a data centre in Dublin, Ireland

Apr 2012 Keppel O&M’s Technology Division was established to integrate the company’s researchC173f48aa43e and process improvement units, and advance its technology leadership Oct 2011 Keppel Philippine Marine delisted from Philippine Stock Exchange due to low trading volumes S e p 2011 Floatel became a subsidiary of Keppel O&M through an amalgamation exercise Mar 2011 Acquisition Keppel O&M acquired a 28% stake in SGX-listed topside module fabricator Dyna-Mac via equity placement Jan 2011 Acquisition Increased stake in Keppel Subic Shipyard to 84%

IPO Listed K-Green Trust, a “green” infrastructure-focused business trust, on the SGX Mainboarda5b

Apr 2010 Acquisition Acquired the Estaleiro TWB shipyard in Navegantes, Santa Catarina. Keppel’s total investmenta001447700186961d3 in the yard, including further capital expenditure to upgrade and modernise the facility, is about US$50m Mar 2010 Joint venture Keppel O&M established a JV with State Oil Company of Azerbaijan Republic and Azerbaijan Investment Company to develop and manage a new 52ha shipbuilding and ship repair facility in Baku, Azerbaijan. Keppel will take 10% share of the US$386m yard Feb 2010 Joint venture Formed a JV with Ezra Holdings Limited, PetroVietnam Transportation Corporation and EOC Limited to co-own a floating production, storage, and offloading vessel slated to serve the Chim Sao project in Vietnam. Keppel will invest US$30m in cash for a 20% interest in the JV company PV Keez Oct 1980 IPO Keppel Corporation was listed on the SGX Mainboard

Source: Company data, UBS

00

Figure 149: Listed companies :

42 Market No. of % effective Free 12M avg daily

Company Code Currency Price cap (m) s ha res (m) shareholding28 float (%) traded vol ('000) Country

Keppel Corp Ltd KEP SP S$ 10.89 19,785 1,817 J - 78.1 3,146

u Singapore l

Dyna-Mac Holdings Ltd DMHL SP S$ 0.39 382 993 25.2 33.0 1,250 Singapore 2014 K1 Ventures Ltd KONE SP S$ 0.22 466 2,166 36.0 37.6 2,761 Singapore Keppel Land Ltd KPLD SP S$ 3.51 5,426 1,546 54.6 45.3 2,157 Singapore

Keppel Philippines Properties KEP PM P 5.39 1,584 294 57.1 14.2 47 Philippines Keppel Telecommunications & Transportation Ltd KPTT SP S$ 1.71 949 555 79.8 19.3 172 Singapore Keppel Infrastructure Trust KIT SP S$ 1.07 674 630 49.2 50.7 215 Singapore K e ppel REIT KREIT SP S$ 1.30 3,627 2,801 24.5 55.3 5,306 Singapore KrisEnergy Ltd KRIS SP S$ 0.79 823 1,048 31.4 22.8 2,403 Singapore M1 Ltd M1 SP S$ 3.83 3,560 929 15.4 38.7 811 Singapore

Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  68

Figure 150: Financial highlights Figure 151: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 32% 11% Revenue 9,133.4 10,041.5 13,958.7 12,373.5 EBIT 1,527.5 1,691.5 2,343.8 1,630.1 30% 10%

Net Income 1,511.1 1,945.8 2,237.3 1,845.8 28% 9%

26% 8% T ot al Assets 20,461.0 25,099.3 29,170.5 30,055.6 Total Liabilities 11,179.2 13,338.0 15,592.4 16,366.8 24% 7% Minority Interest 2,866.4 4,061.9 4,332.2 3,987.7 22% 6% Shareholders’ Equity 6,415.4 7,699.4 9,246.0 9,701.2 20% 5%

Market Cap 18,174.4 16,588.6 19,773.7 20,231.2 18% 4% EPS (S$) 0.78 1.09 1.25 1.02 2009 2010 2011 2012 2013 PC DPS (S$) 0.35 0.43 0.74 0.50 ROE (LHS) ROA (RHS)

Dividend Payout 40.6% 39.4% 58.9% 48.5% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 152: Segment revenue breakdown (2013) Figure 153: Geographical revenue breakdown (2013)

Far East & Investments other ASEANa5b Others Property 0.2% 5% 14% Countries

9% a001447700186961d3

Americas 11%

Infrastructure Offshore & 28% Marine 58%

Singapore 75%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  69

Keppel Land Figure 154: Keppel Land organisational structure

Keppel Corporation

54.6%

Keppel Land

Property PC Hotels, Resorts, Property Fund Management Property Trading Investment Services and Others C173f48aa43e

100% 44.8% 50.5% 45.5%

Alpha Keppel Keppel Thai Investment Keppel REIT Philippines Properties Partners Properties

12.2% a5b

CEO: Ang Wee Gee a001447700186961d3

Source: Company data, UBS

. Keppel Land is the property arm of Keppel Corporation. Its core business segments are: 1) property trading, including the development of residential properties in Asia; 2) property investment, which involves managing commercial properties; 3) fund management; and 4) hotels and resorts, property services and others.

. Keppel Land’s assets are geographically diversified in Asia, with the key markets being Singapore (46%) and China

(43%). Of its property portfolio in Singapore, a majority are office buildings (61%),00 followed by residential properties

(37%). The firm plans further acquisitions in Singapore, while also gradually growing: its overseas earnings in an effort to

widen its earnings base. 42

28 . Within Singapore, the firm has a residential landbank of around 2.1m sqft of attributable GFA in Singapore and about

J 7.7m sqm of total GFA in China. Outside Singapore, it has embarked on developingu large townships in the region to tap l

demand for quality housing from a growing middle income group. The group has2014 a pipeline of 68,000 homes in Asia.

. In 2005, Keppel Land set up Keppel REIT (previously known as K-REIT Asia), a real estate investment trust. The move

allowed Keppel Land to redeploy capital tied-up in its investment buildings into development projects, which provide quicker returns. Keppel REIT also enlarged Keppel Land’s platform to generate fee-based income, in addition to the funds which have been established under its property fund management vehicle, Alpha Investment Partners.

. Website: http://www.keppelland.com.sg/

Singapore Market Strategy 25 July 2014  70

Figure 155: Major corporate events

Date Type Event Jul 2014 Acquisition Announced acquisition of an additional 43% stake in Estella Joint Venture Co for around D243.9bn (US$11.5m) May 2014 Divestment Wholly owned subsidiary Wisley divested its 37.74% stake in Keppel Magus Development for Rs900.9m (S$18.4m) (completed in Jul 2014) Apr 2014 Divestment Proposed the divestment of Equity Plaza for S$550m De c 2013 Announced that Loh Chin Hua would succeed Choo Chiau Beng as Chairman of its board on 1 January 2014 Nov 2013 Divestment Divested a 51% stake in Jakarta Garden City for Rp2,294,360m (S$249m) Oct 2013 Acquisition Keppel Land China acquired a prime residential site in the Sino-Singapore Tianjin Eco-City for Rmb241.1m (S$49.1m) Jun 2013 Acquisition Keppel Land China acquired a prime residential site in Shanghai's Sheshan area for Rmb1,330m (S$266m) to develop 200 landed homes Apr 2013 Partnership Keppel Land and China Vanke entered into a strategic partnership to jointly develop properties in Singapore and China Acquisition Keppel Land acquired a prime residential site located next to the MRT station for S$550.28m to develop 500 homes Feb 2013 Acquisition Keppel Land China acquired a 42.5% stake for a cash consideration of US$126.5m (S$157m), and with Alpha Investment Partners, jointly acquired an 80% stake in Life Hub @ Jinqiao PC De c 2012 Divestment Divested a 22.7% stake in Saigon Centre Phase 1 to Toshin for a consideration of US$15m

Acquisition Keppel Land China acquired a prime city centre site for a mixed-use development in Wuxi,C173f48aa43e China for Rmb417.6m (S$82m) Oct 2012 Acquisition Keppel Land China acquired a prime residential site in Chengdu, China to develop 573 landed homes for Rmb680.4m (S$133m) Acquisition Secured a prime residential site along New Upper Changi Road in Singapore for S$434.55m to develop 720 homes K-REIT Asia was renamed Keppel REIT S e p 2012 Acquisition Acquired an additional stake in Spring City Golf & Lake Resort in China, which increased its holdings from 40% to 68.8%, for US$38.6m Acquisition Acquired a 49% interest in Alverno Investments, raising its stake in Riviera Point to 75%, for US$13.3m Jul 2012 Joint venture Keppel Land entered into a 60:40 JV agreement with Sri Lankan developer, CT Properties to develop luxury condominiums in Colombo a5b Jun 2012 Announced that Ang Wee Gee would succeed Kevin Wong as CEO on 1 January 2013

Feb 2012 Divestment Keppel Land divested a 22.7% stake in Saigon Centre Phase 2 to Toshin Development Coa001447700186961d3 for US$23m Jan 2012 Acquisition Keppel Land China acquired a 51% stake in a prime commercial site in Beijing's CBD for S$168.4m Oct 2011 Divestment Keppel Land entered into a share purchase agreement with K-REIT Asia for the sale of its 87.5% interest in Ocean Properties for S$1,571.3m Jun 2011 Acquisition Keppel Land China secured a 7.2ha site in Shanghai for S$241m to develop 1,000 high-rise apartments Mar 2011 Acquisition Alpha Investment Partners and NTUC Income jointly acquired Capital Square, a Grade A office tower in Singapore’s CBD, for about S$889m Acquisition Awarded tender for a 1.8ha residential site in Sengkang by the Housing and Development Board for S$286.8m Jan 2011 Joint venture Keppel Telecommunications & Transportation and Keppel Land form a 70:30 JV, Keppel Data Centres, to expand their data centre business Divestment Divested an interest in Keppel Digihub to a JV company formed by Keppel Land and Keppel Telecommunications & Transportation De c 2010 Completed asset swap of Keppel Land’s one-third interest in MBFC Phase 1 and K-REIT Asia’s Keppel Towers and GE Tower Oct 2010 Joint venture Formed JVs with two Vietnamese property developers to develop two prime villa sites in Ho Chi Minh City

Acquisition Keppel Land China acquired two prime residential sites in Chengdu worth a combined S$376m00

S e p 2010 Announced plans to increase its presence in China through its fully owned subsidiary, Keppel: Land China

May 2010 Won the bid for 1.6ha site near Lakeside MRT station for S$302.98m 42

Feb 2010 Acquisition Acquired 3.1m units in K-REIT Asia at a price of S$1.0796 per unit, bringing its stake in28 K-REIT Asia to 45.5%

Jan 2010 Acquisition Acquired two waterfront sites in Ho Chi Minh City, Vietnam for residential development J Mar 2010 Terminated JV agreement between Harrisonburg Pte Ltd (a wholly-owned subsidiary of Keppelu Land) with An Phu Corporation to develop l

condominiums on a 1.74 ha site in Binh Thanh District, Ho Chi Minh City 2014 Apr 2006 Listing K-REIT Asia was listed on the SGX Mainboard by way of introduction

Jun 2002 Listing Keppel Land was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

Figure 156: Listed companies

Company Code Cur rency Price Market cap (m) No. of shares (m) % Fr e e float 12M avg daily Country shareholding (%) traded vol ('000) Keppel Land Ltd KPLD SP S$ 3.51 5,426 1,546 - 45.3 2,157 Singapore K e ppel REIT KREIT SP S$ 1.30 3,627 2,801 44.8 55.3 5,306 Singapore Keppel Philippines Properties Inc KEP PM P 5.39 1,584 294 50.5 14.2 47 Philippines Keppel Thai Properties PLC KTP TB Bt 2.30 506 220 45.5 36.8 3,644 Thailand

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  71

Figure 157: Financial highlights Figure 158: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 30% 15% Revenue 685.4 949.0 938.9 1,461.0 EBIT 205.7 201.3 209.1 419.9 25% 13% Net Income 1,052.9 1,365.6 838.4 885.9 20% 11%

T ot al Assets 8,732.1 10,009.3 11,460.9 13,822.5 15% 9% Total Liabilities 4,147.2 4,138.3 4,814.5 6,336.9 Minority Interest 309.2 295.7 477.3 496.2 10% 7% Shareholders’ Equity 4,275.7 5,575.3 6,169.1 6,989.4 5% 5%

Market Cap 6,961.2 3,307.7 6,223.6 5,163.3 0% 3% EPS (S$) 0.73 0.94 0.56 0.57 2009 2010 2011 2012 2013 PC DPS (S$) 0.09 0.20 0.12 0.13 ROE (LHS) ROA (RHS)

Dividend Payout 24.8% 21.8% 22.1% 22.7% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 159: Segment revenue breakdown (2013) Figure 160: Geographical revenue breakdown (2013)

Hotels and Resorts a5b Fund Others Others 5% Management 2% 15%

6% a001447700186961d3 Property Investment 3% Singapore 45%

China 40% Property Trading

84% 00

Source: Company data, UBS Source: Company data, UBS :

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  72

Keppel REIT Figure 161: Keppel REIT organisational structure

Keppel Land

44.8%

Keppel REIT

Singapore Australia PC

99.9% 33.3% 100% C173f48aa43e 50%

Marina Bay Financial 77 King Street Office Ocean Financial Centre 8 Chifley Square, Centre Phase One Tower, Sydney

100% 33.3% 50% 50% (Under Development) a5b 8 Exhibition Street, Old Treasury Building Bugis Junction Towers One Raffles Quay Melbourne a001447700186961d3 Office Building, Perth

50%

275 George Street, Brisbane

CEO: Ng Hsueh Ling

Source: Company data, UBS

00

:

42 . Keppel Real Estate Investment Trust (Keppel REIT), a commercial property REIT sponsored by Keppel Land, was listed in

Singapore on 28 April 2006 by way of introduction. It is managed by Keppel REIT28 Management Ltd, which is fully owned

J

by Keppel Land. It has a commercial portfolio comprising nine commercial Gradeu A office assets in central business l

districts (CBDs) in Singapore and Australia, tenanted to established corporate tenants2014 from various business sectors.

. Keppel REIT's assets are valued at more than S$7.2bn with an estimated 3.1m sqft of net lettable area (NLA) as at 31 March 2014. Its Singapore property portfolio has a 100% occupancy rate—higher than Singapore’s core CBD occupancy of 95.7%—while the average portfolio occupancy is 99.8%. In addition, 40% of its tenants are on long-term leases (lease terms to expire at least after five years), many of which are blue-chip tenants. Keppel REIT’s distribution policy has been to distribute at least 90% of its distributable income, although it has distributed 100% since listing.

. Website: http://www.keppelreit.com/

Singapore Market Strategy 25 July 2014  73

Figure 162: Major corporate events

Date Type Event May 2014 Divestment Divested a 92.8% stake in Prudential Tower for S$512m Aug 2013 Acquisition Acquired a 50% interest in 8 Exhibition Street in Melbourne Fund raising Placed 95m new units to raise S$119.7m Feb 2013 Fund raising Placed 40m new units at a premium to adjusted net asset value per unit to raise S$53.2m Oct 2012 K-REIT Asia renamed Keppel REIT S e p 2012 Acquisition Announced the acquisition of a 50% interest in an office tower on the Old Treasury Building site in Perth (completed in Mar 2013) Jun 2012 Acquisition Raised its interest in Ocean Financial Centre (OFC) to 99.9% Fund raising Placement of 60m new units at around a 15% premium to market closing price to finance the acquisition of additional 12.4% interest in OFC De c 2011 Acquisition Acquired an 87.5% interest in Ocean Financial Centre PC Fund raising 1,159,694,000 new units commenced trading on the SGX-ST for the 17-for-20 rights issue to raise gross proceeds of S$985.7m

Jul 2011 Acquisition Acquired a 50% stake in a prime office building at 8 Chifley Square, Sydney, AustraliaC173f48aa43e Mar 2011 Acquisition Proposed the acquisition of four levels of strata office at Prudential Tower, raising stake to 92.8%, for S$117.0m (completed in May 2011) Oct 2010 Acquisition Proposed the acquisition of a one-third stake in Marina Bay Financial Centre (MBFC) Phase I for S$1,426.8m (completed in Dec 2010) Divestment Divested Keppel Towers and GE Tower (KTGE) for S$573.0m (completed in Dec 2010) Jul 2010 Acquisition Proposed the acquisition of a 100% stake in 77 King Street in Sydney’s CBD, for S$147.2m (completed in Dec 2010) Jan 2010 Acquisition Proposed the acquisition of a 50% interest in 275 George Street in Brisbane for A$166.0m (S$209.4m) (completed in Mar 2010) a5b S e p 2009 Acquisition Announced the acquisition of six strata floors in Prudential Tower for S$106.3m, raising its stake from 44.4% to 73.4% (completed in Nov

2009) a001447700186961d3 Aug 2009 Appointed Ng Hsueh Ling as the new CEO and Executive Director to replace Tan Swee Yiow, who remained an Executive Director De c 2007 Acquisition Acquired a one-third stake in One Raffles Quay for S$941.5m Apr 2006 Listing K-REIT Asia was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

Figure 163: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country

00 K e ppel REIT KREIT SP 1.30 3,627 2,801 55.3 5,306 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS :

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  74

Figure 164: Financial highlights Figure 165: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 5.0% 4.0% Revenue 123.0 101.0 186.0 211.0 4.5% 3.5% Net Property Income 67.3 61.7 124.7 138.3 Share of JCEs and Associates 9.7 37.4 46.8 64.2 4.0% 3.0% Net Income (Reported) 54.7 73.7 131.1 162.6 3.5% 2.5%

T ot al Assets 3,115.9 5,873.7 6,139.5 6,775.5 3.0% 2.0% Total Liabilities 1,060.4 2,381.4 2,673.5 2,876.6 2.5% 1.5% Minority Interest 0.0 212.8 1.8 2.0 Shareholders’ Equity 2,055.6 3,279.4 3,464.2 3,897.0 2.0% 1.0%

1.5% 0.5% Market Cap 1,911.8 2,114.5 3,407.4 3,303.4 1.0% PC 0.0% EPU (S$) (Reported) 0.04 0.05 0.04 0.05 2009 2010 2011 2012 2013 DPU (S$) (Reported) 0.06 0.07 0.08 0.08 C173f48aa43e ROE (LHS) ROA (RHS) Distribution Payout 100.0% 100.0% 100.0% 100.0%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 166: Segment revenue breakdown (2013) Figure 167: Geographical revenue breakdown (2013) a5b

a001447700186961d3 Australia 25%

Singapore 75%

00 Office

100% :

Source: Company data, UBS Source: Company data, UBS42

28

J u l

2014

Singapore Market Strategy 25 July 2014  75

M1 Limited Figure 168: M1 Limited organisational structure

Temasek Holdings

21.1%

Keppel Corporation

79.8% Keppel Singapore Press Telcommunications Holdings Multimedia & Transportation 13.4% 19.3% PC C173f48aa43e

M1

100% 100% 100%

Wireless Intellecta5b M1 Shop M1 Net Labs a001447700186961d3 100%

M1 Connect

CEO: Karen Kooi Lee Wah

Source: Company data, UBS

. M1 (formerly MobileOne) was formed in August 1994 to tap the rapidly expanding00 mobile telecommunications market

in Singapore. Listed in December 2002, M1 is Singapore’s smallest wireless communications operator, with a 25.3% :

overall mobile market share as at December 2013. With the launch of the 42 next generation nationwide broadband

network (NGNBN) in Singapore, M1 is gaining traction with customers as it continues28 to sustain its efforts to drive take- up of fibre broadband services.

J u l

. In May 1995, M1 won the licence to operate Singapore’s second cellular telephone2014 service as well as a radio-paging service. Both services were launched in April 1997, thereby ending the monopoly by Singapore Telecommunications. Within three weeks of its launch, M1 had signed up more than 35,000 cellular customers, at that time one of the

world’s highest take-up rates for a new market entrant.

. Since then, M1 has expanded its service offerings by entering the broadband market with the launch of M1 broadband in 2006, making it the first mobile operator to offer high-speed downlink packet access (HSDPA). This was followed by its entry into fixed broadband services in 2008. More recently in 2010, M1 was the first operator in Singapore to launch fibre broadband service on the NGNBN and in 2014, it launched a 10Gbps fibre broadband service, the fastest available on Singapore’s national fibre network designed for enterprises with high-bandwidth demands.

. Website: http://www.m1.com.sg/

Singapore Market Strategy 25 July 2014  76

Figure 169: Major corporate events

Date Event 2014 Launched an enterprise small cell solution that delivers enhanced indoor voice coverage and data performance for users within the area and offers free outgoing calls to business customers Extended the Chinese TV service, KyLinTV, to mobile; available on iPads and Android mobile devices M1 together with GrabTaxi provide a carrier billing allowing taxi drivers to pay GrabTaxi through their M1 bill instead of making a trip to GrabTaxi’s office Launched a 10Gbps fibre broadband service to deliver high-performance enterprise connectivity, the fastest available on Singapore’s national fibre network, designed to meet the needs of enterprises with high-bandwidth demands such as data centres, financial institutions, carriers or cloud service providers Launched a new managed security service for enterprises which will deliver advanced threat protection from distributed denial-of-service attacks to M1’s enterprise fibre broadband customers 2013 Launched DBS One Tap, Singapore’s first virtual credit card on a Near Field Communications-enabled (NFC) mobile phone which allows customers to pay for purchases by tapping their NFC-enabled phones at over 30,000 MasterCard® retail acceptance points in Singapore Launched prepaid 4G to address the needs of prepaid customers who demand for high-speed mobile Internet access

Launched Software as a Service (SaaS), M1’s cloud-based business, delivering convenient access to humanPC resource, accounting, website creation and maintenance applications to customers via a PC or smartphone C173f48aa43e Launched Singapore’s first Wi-Fi roaming application allowing postpaid mobile customers to access Wi-Fi hotspots in more than 120 countries and territories for S$12 per day using iOS and Android smartphones and tablets Launched MiBox Internet TV service to offer customers access to thousands of video-on-demand entertainment and educational titles, games, e-books and applications Launched M1 Mobile Security to address the needs of security-conscious customers on Android devices Launched M1 Future Lab to showcase innovative technologies such as cloud services, sensors, surveillance and fleet management, offering SMEs a convenient

platform to test-bed products and services before going to market a5b Launched Deezer Premium+ providing unlimited access to more than 30m songs from international, Asian and local artistes to postpaid customers

2012 Launched GamePro fibre broadband plans to cater to the needs of the online gaming community, offeringa001447700186961d3 faster speeds and lower latency connection Launched M1 Prepaid MasterCard which rewards customers with a 10% bonus to M Card top-ups Launched Roam Buddy mobile data usage alert service to help customers better manage roaming usage Launched dual-band nationwide 4G service operating in the 1,800MHz and 2,600MHz spectrum bands, offering street-level and in-building coverage Launched M1 Learning Centre, an e-learning store for Apple iPads and Android tablets which offers 1,500 e-books and 12,000 multimedia titles suitable for a wide range of users 2011 Launched mData with four new mobile broadband plans differentiated by data bundle sizes (starting from 5GB per month) Launched MessageSurf Plans exclusively for members of the Singapore Association of the Deaf Launched Southeast Asia’s first commercial Long Term Evolution (LTE) network in the financial district through the Next Generation Mobile Network Service Launched Take3 Flexi programme to allow customers to obtain a phone of their choice with no upfront costs

2010 Launched M1 Online Music Store, M1 AppStore, M1 Chubb Home Security, My M1, M1 mFix, M1 Games00 Online, M1 Internet Security and 1box

Launched Singapore’s first remote technical support service for computers and smartphones :

Changed its name from MobileOne to M1 Ltd 42

De c 2002 M1 was listed on the SGX Mainboard 28

Source: Company data, UBS J u l

2014

Figure 170: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country M1 Ltd M1 SP 3.83 3,560 929 38.7 811 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  77

Figure 171: Financial highlights Figure 172: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 65% 19.3% Revenue 979.2 1,064.9 1,076.8 1,007.9 EBIT 194.5 197.8 186.1 196.2 60% 18.5% Net Income 157.1 164.1 146.5 160.2 55% 17.7%

T ot al Assets 934.5 978.6 975.1 986.5 50% 16.9% Total Liabilities 631.6 656.0 627.2 591.4 Minority Interest 0.0 0.0 0.0 0.0 45% 16.1% Shareholders’ Equity 302.9 322.5 347.9 395.1 40% 15.3%

Market Cap 2,114.7 2,269.9 2,474.7 3,019.6 35% 14.5% EPS (US$) 0.18 0.18 0.16 0.17 2009 2010 2011 2012 2013 PC DPS (US$) 0.14 0.15 0.13 0.14 ROE (LHS) ROA (RHS)

Dividend Payout 80.4% 80.0% 80.6% 80.1% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 173: Segment revenue breakdown (2013) Figure 174: Geographical revenue breakdown (2013)

Fixed Services a5b International 6% Call Services 11% a001447700186961d3

Handset Sales 19% Mobile Telecommuni- cations 64%

Singapore

00 100%

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  78

Mapletree Industrial Trust Figure 175: Mapletree Industrial Trust organisational structure

Temasek Holdings

30.9%

Mapletree Industrial Trust

100% 100% 100% Flatted Factories (66 properties grouped into 27 clusters) PC Stack-Up/Ramp-Up Buildings (7 Warehouse (1 property) properties grouped into 1 cluster)

Chai Chee Lane Loyang 1 C173f48aa43e Changi North Loyang 2 Clementi West Woodlands Spectrum Kaki Bukit Redhill 1 Kallang Basin 1 Redhill 2 Kallang Basin 2 Serangoon North 100% 100% Kallang Basin 3 Tanglin Halt Light Industrial Buildings (8 properties) Business Park Buildings (3 properties) Kallang Basin 4 Telok Blangah

19 Changi South Street 1 a5b Kallang Basin 5 Tiong Bahru 1 19 Tai Seng Drive Kallang Basin 6 Tiong Bahru 2 45 Ubi Road 1 a001447700186961d3 The Signature Kampong Ampat Toa Payoh North 1 23A Serangoon North Ave 5 The Strategy Kampong Ubi Toa Payoh North 2 26 Woodlands Loop The Synergy Kolam Ayer 1 Toa Payoh North 3 65 Tech Park Crescent Kolam Ayer 2 Woodlands Central Changi North Kolam Ayer 5 Tata Communications Exchange

CEO: Tham Kuo Wei

Source: Company data, UBS

. Mapletree Industrial Trust (MIT) is a Singapore-focused REIT with a large and diversified00 portfolio of income-generating

industrial assets. The property types in its portfolio include business park buildings,: flatted factories, stack-up/ramp-up

buildings, light industrial buildings and a warehouse. 42

28

. MIT was listed on the SGX Mainboard in October 2010, Singapore's largest REIT IPO at the time. As at 31 March 2014, it J had 85 properties valued at S$3.2bn. MIT has a large tenant base (over 2,000u tenants) and a well-diversified portfolio l

(no trade sector dominates the portfolio). 2014

. Website: http://www.mapletreeindustrialtrust.com/

Singapore Market Strategy 25 July 2014  79

Figure 176: Major corporate events

Date Type Event Mar 2014 Acquisition Proposed acquisition of a four-storey Light Industrial Building located in the established Changi North Industrial Estate for S$14.1m S e p 2013 Developed 23A Serangoon North Ave 5 for Kulicke & Soffa corporate headquarters at a cost of S$50m Jan 2013 Implemented a Distribution Reinvestment Plan for Q3 FY12/FY13 where proceeds were used to fund asset enhancement initiatives (AEIs) and build-to-suit (BTS) projects Jul 2011 Acquisition Acquired eight flatted factories and three amenity centres for S$400.3m from JTC's divestment exercise Fund raising Issued 165.5m units to raise S$176.9m where 29% was issued at a 2.2% discount and 71% at a 4.9% discount to adjusted VWAP Oct 2010 IPO MIT was listed on the SGX Mainboard with a portfolio of 70 properties valued at S$2.2bn (as at 31 March 2011)

Source: Company data, Bloomberg, UBS Figure 177: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e floatPC (%) 12M avg daily traded vol ('000) Country Mapletree Industrial Trust MINT SP 1.45 2,473 1,706 68.2 2,581 Singapore

C173f48aa43e Above data as at 23 July 2014. Source: Bloomberg, UBS

Figure 178: Financial highlights Figure 179: ROE & ROA

(S $ m) Mar YE FY11 FY12 FY13 FY14 9.0% 6% Revenue 196.7 246.6 276.8 299.5 a5b EB IT (Adj) 58.7 149.7 172.4 189.3 8.5% 5% a001447700186961d3 Ne t Income (Adj) 49.8 126.3 144.4 163.6 8.0% 4%

T ot al Assets 2,308.0 2,822.2 2,967.6 3,275.1 7.5% 3% Total Liabilities 924.2 1,167.7 1,163.9 1,246.4 Minority Interest 0.0 0.0 0.0 0.0 7.0% 2% Shareholders’ Equity 1,383.8 1,654.5 1,803.7 2,028.7 6.5% 1%

Market Cap 1,535.8 1,791.7 2,306.3 2,307.0 6.0% 0% EPU (S$) 0.03 0.08 0.09 0.10 FY11 FY12 FY13 FY14

DPU (S $) 0.03 0.08 0.09 0.10 00 ROE (LHS) ROA (RHS) Distribution Payout 99.7% 100.1% 99.9% 99.8%

:

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS 42

28

J Figure 180: Segment NPI breakdown (FY14) Figure 181: Geographicalu NPI breakdown (FY14) l

2014 Light Stack- Industrial Up/Ramp-Up Buildings Buildings 2% 15%

Business Park Buildings Flatted 14% Factories 54%

Hi-Tech Buildings Singapore 15% 100%

Source: Company data, UBS Source: Company data, UBS

Singapore Market Strategy 25 July 2014  80

Mapletree Logistics Trust Figure 182: Mapletree Logistics Trust organisational structure

Temasek Holdings

40.4%

Mapletree Logistics Trust

100% 100% 100% Singapore (52 assets) Hong Kong (8 assets) China (7 assets) PC 1 Genting Lane Kenyon AsiaTone i-Centre C173f48aa43e ISH WaiGaoQiao 10 Changi South Street 3 Kim Seng Bossini Logistics Centre Mapletree AIP 134 Joo Seng Road Kingsmen Creatives Grandtech Centre Mapletree Wuxi Logistics Park 138 Joo Seng Road KLW Shatin No. 2 Mapletree Xi'an Dist Ctr 2 Serangoon North Avenue 5 Liang Huat Building Shatin No. 3 20 Tampines Street 92 Mapletree Benoi Logistics Hub Northwest Logistics Pk P1 Shatin No. 4 37 Penjuru Lane Markono Northwest Logistics Pk P2 Shatin No. 5

3A Jalan Terusan Menlo (Alps) a5b Ouluo Logistics Centre Tsuen Wan No. 1 5B Toh Guan Menlo (Benoi)

6 Changi South Lane Menlo ( Way) a001447700186961d3 7 Tai Seng Drive Natural Cool Lifestyle Hub 100% 100% 70 Alps Avenue NS Tang Building Malaysia (14 assets) Japan (22 assets) 76 Pioneer Road Pioneer Districentre Celestica Hub Pancuran Aichi Miyoshi Centre (Aichi) 8 Changi South Lane Popular Century Senai - UPS Funabashi Centre (Chiba) 85 Defu Lane 10 Prima Chee Wah Subang 1 Kashiwa Centre (Chiba) Allied Telesis Pulau Sebarok Flex Hub Subang 2 Noda Centre (Chiba) APICO SH Cogent (Penjuru Close) Fuji Warehouse Subang 3 Shonan Centre (Chiba) Armstrong SH Cogent (Penjuru Lane) G-Force Subang 4 Hiroshima Centre (Chugoku) AW Centre Shine @ Spring Linfox Zentraline Ban Teck Han TIC Tech Centre Toki Centre (Gifu)

00 CEVA (Changi South) Toppan 100% Shiroishi Centre (Hokkaido)

CIAS Flight Kitchen Union Steel (Neythal) :

Eniwa Centre (Hokkaido)

South Korea (9 assets)42 Expeditors Union Steel (Pioneer) Moriya Centre (Ibaraki)

JEP Centre Union Steel (Tuas South) Daehwa Logistics Centre28 Atsugi Centre (Kanagawa)

Jian Huang Building Union Steel (Tuas View) Dooil Cold Warehouse

J Ayase Centre (Kanagawa) Jurong Logistics Hub Winstant Hyundai Logistics Centreu l Zama Centre (Kanagawa)

Iljuk Centre 2014 Kyotanabe Centre (Kyoto) Jungbu Cold Warehouse 100% Kyoto Centre (Kyoto)

Vietnam (1 asset) KPPC Pyeongtaek Centre Sendai Centre (Miyagi) Multi-Q Centre Mapletree Logistics Centre Gyoda Centre (Saitama) The Box Centre Iruma Centre (Saitama) Yeoju Centre Iwatsuki Centre (Saitama) Mokurenji Centre (Saitama) Sano Centre (Tochigi) Mizuhomachi Centre (Tokyo) CEO: Ng Kiat

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  81

. Mapletree Logistics Trust (MLT) is the first Asia-focused logistics REIT in Singapore, and was listed in Singapore in July 2005. It is externally managed by Mapletree Logistics Trust Management Ltd and sponsored by Mapletree Investments Pte Ltd, the latter being a 100% subsidiary of Temasek Holdings. MLT’s key focus is to invest in a diversified portfolio of income-producing logistics real estate and real estate related assets in Asia to provide investors with a sustainable yield plus growth from yield-accretive acquisitions and rental growth from its portfolio.

. Since listing, MLT’s portfolio size has increased to over S$4.2bn (as of 31 March 2014) with net lettable area of 2.9m sqm. It currently has 113 assets in China, Hong Kong, Japan, Singapore, Malaysia, Korea and Vietnam with a high average occupancy rate of around 98%.

. Among industrial Singapore REITs, MLT has the most geographically diversified portfolio with Singapore assets contributing under half of its net property income. MLT also has the longest weighted average lease expiry among industrial REITs in Singapore, of around five years which gives it earnings stability. PC . Website: http://www.mapletreelogisticstrust.com/ C173f48aa43e Figure 183: Major corporate events

Date Type Event May 2014 Acquisition Acquired Daehwa Logistics Centre in Korea for Won25.5bn (S$31.2m) Jan 2014 Acquisition Announced the acquisition of a warehouse facility in Iskandar, Johor, Malaysia for RM88.5m (S$34.3m) with an 8.4% net property income (NPI) yield Mar 2013 Divestment Announced s proposed divestment of 30 Woodlands Loop for S$15.5m (completed ina5b April 2013)

Acquisition Acquired The Box Centre, South Korea with 8.4% NPI yield for Won28.75bn (S$32m)a001447700186961d3 Nov 2012 Acquisition Acquired Mapletree Wuxi Logistics Park for Rmb116m (S$22.8m) Oct 2012 Implemented a Distribution Reinvestment Plan to enhance the capital base Aug 2012 Acquisition Acquired Hyundai Logistics Centre in Gyeonggi-do, Korea, for Won22.5bn (S$24.3m) Jul 2012 Announced the appointment of Ng Kiat as CEO and Executive Director of Mapletree Logistics Trust Management Ltd Mar 2012 Acquisition Acquired seven modern logistics facilities located in the Hokkaido, Greater Tokyo, Nagoya and Osaka regions in Japan for ¥17.5bn Fund raising Issued S$350m 5.375% perpetual securities Acquisition Acquired Dooil Cold Warehouse and Jungbu Cold Warehouse in Gyeonggi-do, Korea for Won63.5bn (S$70.4m) Feb 2012 Acquisition Acquired Padi Warehouse and Celestica Hub in Iskandar, Johor, Malaysia for RM31.5m (S$13.1m) and RM27.5m (S$11.5m), respectively

Jun 2011 Change of financial year end from 31 Dec to 31 Mar; the current financial year covered00 15 months from Jan 11 to Mar 12

May 2011 Acquisition Acquisition of KPPC Pyeongtaek Centre in Korea for approximately S$85.9m :

42 Apr 2011 Acquisition Acquired Iljuk Gyeonggi Centre in Korea for around S$25.5m, making this MLT’s third property in Korea

Divestment Divestment of 39 Tampines Street 92 for S$14.7m, and divestment of 9 Tampines Street28 92 for S$12.8m

Mar 2011 Acquisition Acquired a five-storey warehouse-cum-office building at 15A Tuas Avenue 18 for S$24.5mJ u l

Acquisition Acquired Hiroshima Centre in Japan for ¥7.3bn (S$114.2m) 2014 De c 2010 Acquisition Acquired a property at 36 Loyang Drive for S$13.8m

Acquisition Acquired a property at 44 & 46 Changi South Street 1 for S$16.8m Nov 2010 Acquisition Acquired Liang Huat Building in Singapore for S$55m S e p 2010 Acquisition Acquired 51st property in Singapore for S$18.3m Aug 2010 Acquisition Acquired second property in Korea for approximately S$32m Jul 2010 Acquisition Acquired three logistics centres in Japan for S$200m Jun 2010 Acquisition Acquired a warehouse in Vietnam for S$8.8m, Sendai Centre in Japan for S$21.7m, and a distribution centre in Singapore, Natural Cool Lifestyle Hub for a total S$83.5m Apr 2010 Announced cessation of Chua Tiow Chye as CEO and Executive Director and appointment of Richard Lai as his replacement Mar 2010 Acquisition Acquired a warehouse at 15 Changi South Street 2, Singapore for S$34.46m Nov 2009 Fund raising Private placement of 115m new units at an issue price of S$0.69 per unit to raise up to S$82m (discount of 5.6% to adjusted VWAP) Jul 2005 IPO MLT was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

Singapore Market Strategy 25 July 2014  82

Figure 184: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country Mapletree Logistics Trust MLT SP 1.19 2,924 2,457 58.8 3,369 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Figure 185: Financial highlights Figure 186: ROE & ROA

(S $ m) Mar YE FY12** FY13 FY14 8.5% 4.0% Revenue 287.5 308.6 324.5 EBIT (Adj) 207.7 235.4 234.9

Ne t Income (Adj) 144.0 163.6 169.7 8.0% 3.9%

PC T ot al Assets 4,272.5 4,236.9 4,397.0

Total Liabilities 1,734.8 1,654.6 1,664.8 7.5% C173f48aa43e 3.8% Minority Interest 7.4 6.2 6.3 Perpetual Securities Holders 344.0 344.0 344.0 7.0% 3.7% Shareholders’ Equity 2,186.4 2,232.0 2,381.9

Market Cap 2,778.1 2,954.9 2,558.9 6.5% 3.6%

EPU (S$) 0.06 0.07 0.07 FY12 a5b FY13 FY14 DPU (S $) 0.07 0.07 0.07 ROE (LHS) ROA (RHS)

a001447700186961d3 Distribution Payout 100.0% 100.1% 99.9%

Note: **FY12 refers to the 12 month period between Apr-11 and Mar-12, Source: Company data, Bloomberg, UBS adjusted for comparison purposes due to the change in FY-end from Jan to Mar. Source: Company data, Bloomberg, UBS

Figure 187: Segment NPI breakdown (FY14) Figure 188: Geographical NPI breakdown (FY14)

Malaysia Vietnam 4% China 0.4% 5%

00 South Korea

10% :

42 Singapore

28 44%

J u Japan l

22% 2014

Logistics Hong Kong 100% 15% Source: Company data, UBS Source: Company data, UBS

Singapore Market Strategy 25 July 2014  83

Neptune Orient Lines Figure 189: Neptune Orient Lines organisational structure

Temasek Holdings

67.1%

Neptune Orient Lines

100% 100% 100%

APL PC NOL Liner APL Logistics (Bermuda) C173f48aa43e

CEO: Ng Yat Chung

Source: Company data, UBS

a5b a001447700186961d3 . Neptune Orient Lines (NOL) is a leading container shipping company with logistics operations. The company commenced services in 1968 as Singapore’s national carrier and has grown organically, as well as through acquisitions, to become the eighth largest container shipping company globally. In 1997, NOL acquired America’s oldest shipping company, American President Lines (APL), which is now branded as APL. APL is well regarded in the industry and by its customers for its premium container shipping services, particularly on the transpacific route.

. APL Logistics designs and operates global supply chains. Its services include shipment consolidation and deconsolidation, global freight forwarding and customs management, regional warehousing and distribution networks and IT solutions.

. The G6 Alliance was formed in 2011 and comprises APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui OSK Lines,

Nippon Yusen Kaisha, and Orient Overseas Container Line. In light of its success00 in providing services between Asia and

Europe in March 2012, the G6 Alliance extended its cooperation to trans-Pacific: trades between Asia and the North

America East Coast in May 2013. In April 2014, the G6 Alliance received regulatory42 approval to expand its cooperation

to include trades between Asia and North America West Coast as well as in the28 trans-Atlantic.

J . The company also owns port assets, which provide APL, the liner business, withu priority berthing and access to on-dock l

railway. The global portfolio of terminals includes facilities on the US West Coast2014 (Los Angeles, Seattle, Oakland and Dutch Harbor), Japan (Kobe and Yokohama), and Taiwan (Kaohsiung) as well as joint venture interests in Thailand (Laem

Chabang) and Vietnam (Ho Chi Minh City). All terminals are operated under long -term leases, with little book value in the accounts of NOL, except for terminal equipment and other fixed assets.

. Website: http://www.nol.com.sg/

Singapore Market Strategy 25 July 2014  84

Figure 190: Major corporate events

Date Type Event Jan 2014 Announced an organisational realignment to a functional structure from a geographically-organised structure De c 2013 Wholly owned subsidiary APL Logistics incorporated, in Sri Lanka, APL Logistics Lanka Pte Ltd (100%) whose primary focus is logistics and allied domestic services and APL Logistics Lanka Freight Forwarding Ptd Ltd (40%) whose principal business is freight-forwarding services Nov 2012 Acquisition Wholly owned subsidiary APL Logistics Americas acquired Carmichael International Service, the Los Angeles-based US customs brokerage and trade compliance firm, for US$37m S e p 2012 Acquisition Wholly owned subsidiary APL acquired the remaining 51% shareholding in APLL-Zhiqin Group for US$5.8m Mar 2012 Proposed issuance of Singapore dollar-denominated perpetual capital securities which was postponed due to relatively unfavourable market conditions De c 2011 Wholly owned subsidiary APL became part of the G6 Alliance, bringing together 6 leading container shipping lines serving to improve service coverage in the Asia-Europe market Announced retirement of Chairman, Cheng Wai Keung, to be replaced by Kwa Chong Seng with effect from 1 January 2012

Oct 2011 Announced appointment of Ng Yat Chung as Group President and CEO with effect fromPC 1 October 2011 May 2011 Joint venture Announced a JV with Qingdao Qianwan United Container Terminal Co. Ltd to operate a two-berth container terminal at the Port of Qingdao, C173f48aa43e with NOL contributing US$25.8m Mar 2010 Announced the incorporation of a wholly-owned subsidiary Triton Shipping Pte Ltd in Singapore pursuant to a financing arrangement for two units of 10,000TEU new vessels ordered in July 2007 2003 Divested its tankering businesses AET and NAS to concentrate on the company’s core container shipping and logistics services 2001 Establishment of APL Logistics as a separate business unit 1997 Merger of NOL and American President Lines (now known as APL)

May 1981 IPO NOL was listed on the SGX Mainboard a5b

Source: Company data, Bloomberg, UBS a001447700186961d3

Figure 191: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country Neptune Orient Lines Ltd NOL SP 0.95 2,451 2,593 32.9 2,633 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  85

Figure 192: Financial highlights Figure 193: ROE & ROA

(US $ m) Dec YE 2010 2011 2012 2013 20% 10% Revenue 9,422.1 9,210.7 9,511.6 8,831.2

EBIT 560.3 -374.4 -215.8 -243.6 10% 5% Net Income 460.9 -478.2 -412.5 -76.3

0% 0% T ot al Assets 6,451.1 6,961.8 8,220.0 9,029.0

Total Liabilities 3,185.2 4,309.7 6,026.9 6,898.2 -10% -5% Minority Interest 43.4 51.2 53.7 53.7

Shareholders’ Equity 3,222.4 2,601.0 2,139.4 2,077.1 -20% -10%

Market Cap 4,384.9 2,241.9 2,420.9 2,247.4 -30% -15% EPS (US¢) 17.9 -18.5 -16.0 -3.0 2009 2010 2011 2012 2013 PC DPS (US¢) 4.6 0.0 0.0 0.0 ROE (LHS) ROA (RHS)

Dividend Payout 25.8% 0.0% 0.0% 0.0% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 194: Segment revenue breakdown (2013) Figure 195: Geographical revenue breakdown (2013)

a5b Logistics 18% Asia/Middle a001447700186961d3 East 27%

Americas 54%

Europe 19% Liner 82%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  86

Noble Group Figure 196: Noble Group organisational structure

Richard Elman & Family

China Investment Fleet Overseas NZ Corporation

20.9% Noble Group 14% Limited PC C173f48aa43e

37 key subsidiaries Key associates and joint ventures M.H.A.G-Servicos PT Atlas Metals, Mining & Agriculture Energy & Mineracao 30% 10% Resources TBK Ore (MMO) (Brazil) (Indonesia)

Grains Energy Coal Iron Ore a5b Oilseeds Carbon Complex Metals Inflection Energy 27% 23.1% Cockatoo Coal Sugar Oil (aluminium, zinc, a001447700186961d3 Cocoa Gas copper and tin) (U.S.A) (Australia) Coffee Power Metals Warehousing Cotton Polymers East Energy Novant Chemicals 20% 40.9% Pending divestment of Resources 51% to COFCO expected (Hong Kong) to occur in end 2014 (Australia)

Societe d'Usinage 50% 9% Xanadu Mines de Vridi (Australia) ()

00 Terminales Resource 46% 13.7%

Graneleras : Generation

Uruguayas (Uruguay)42 (Australia)

28

Terminales J 25% 14.9% Aspire Mining Ltd Portuarias delu

l (Australia)

Pacifico (Mexico) 2014

13.2% Yancoal (Australia)

CEO: Yusuf Alireza

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  87

. Noble Group is an integrated global trading supply chain manager of agricultural, industrial and energy products, which manages a diversified portfolio of essential raw materials. The Group is also listed on the Singapore Exchange with headquarters in Hong Kong and over 140 offices in 37 countries. By integrating the sourcing, marketing, processing, financing and transportation, Noble earns fee income, asset-based income and physical trading and processing arbitrage profits. Its long-term strategic focus is to build low-cost production capacity in areas such as Brazil, , Australia and Indonesia to deliver into high demand growth markets such as China, India and the Middle East.

. Noble’s energy business encompasses a portfolio of coal, gas and liquid energy products and remains a significant driver of the Group’s growth, contributing to 67% of the Group’s revenue. In metals, minerals and ores (MMO), Noble is one of the world’s top suppliers with interests in iron ore, aluminium, special ores and alloys across key global locations. Noble’s Agriculture segment originates, stores, processes and markets a wide spectrum of essential raw materials—from grains, oilseeds and sugar to palm oil, coffee and cocoa.

. Website: http://thisisnoble.com/ PC

C173f48aa43e

Figure 197: Major corporate events

Date Type Event Jun 2014 Proposed redemption of US$350m 8.5% perpetual capital securities and issuance of US$350m 6% perpetual capital securities Apr 2014 Joint venture Announced a 49/51 agribusiness JV with COFCO Corporation where COFCO will acquire a 51% stake in Noble Agri Ltd

Oct 2013 Acquisition Cockatoo Coal to acquire 51.2% owned associate Blackwood at a 35% premium to thea5b last closing price (completed in Jan 2014, with a 23.67% stake in Cockatoo)

May 2013 Acquisition Increased its stake in East Energy Resources Ltd from 30.46% to 40.93% a001447700186961d3 Apr 2013 Acquisition Acquired a 5.27% stake in Pan Asia Corporation Ltd (interest divested in Mar 2014) Mar 2013 Acquisition Acquired a 7.5% stake in Resource Generation Ltd, which increased to 12.85% in Jul 2013 and 17.97% in Oct 2013 then reduced to 13.69% in Jan 2014 Feb 2013 Joint venture Formed a 46.26/53.74 JV with Wilmar to develop and operate palm projects to produce and sell crude palm oil and its by-product in Papua, Indonesia Apr 2012 Proposed the issuance of 57m new ordinary shares at HK$0.25 each to remunerate selected employees (around 56m shares were issued in May 2012) Mar 2012 Merger Announced the merger between Gloucester and Yanzhou Australia Limited where Noble will own around 13.2% of Yancoal and receive A$412m in cash (completed in Jul 2012)

Feb 2012 Appointed Yusuf Alireza as CEO and Executive Director 00 Nov 2011 CEO Richard Leiman resigns citing “personal reasons”. Chairman and founder Richard Elman to run the company until a replacement is found

:

Jul 2011 Divestment Divested its 100% stake in Donaldson Coal to Gloucester for A$360m 42

Jun 2011 Market takeover bid by Jonesville Limited, a wholly owned subsidiary of Noble Group, for the ordinary shares of Territory Resources (minimum 28 acceptance condition not met, followed by the lapse of offer)

J

Feb 2011 Joint venture Xanadu Mines entered a 50/50 JV agreement with Noble Group to explore and developu coking coal, iron ore and ferroalloys in Mongolia l

Jun 2010 Acquisition Acquired a 51% stake in PT. Henrison Inti Persada and announced intentions to develop around 32,500ha of land for palm oil production in 2014 Sorong Regency, West Papua Province, Indonesia (the stake was increased to 100% in 2013) May 2010 Noble Petro entered into an agreement to acquire certain assets focused on of US-based Northville Product Services, focused on the refined products blending, trading, distribution and marketing business Apr 2010 Acquisition Acquired a 25% stake in Terminales Portuarias del Pacifico, which was awarded a tender to develop a multi-commodity terminal facility at Lazaro Cardenas Port on the West Coast of Mexico Announced that the proposed merger of Macarthur and Gloucester was defeated by shareholders Mar 1997 IPO Noble was listed on the SGX Mainboard

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  88

Figure 198: Listed companies

Company Code Cur rency Pr i ce Market cap No. of % Fr e e float 12M avg daily Country (m) s hares (m) shareholding (%) traded vol ('000) Noble Group Ltd NOBL SP S$ 1.42 9,516 6,725 - 64.2 25,902 Hong Kong East Energy Resources Ltd EER AU A$ 0.04 16 356 40.9 13.1 86 Australia Xanadu Mines Ltd XAM AU A$ 0.08 20 242 9 57.6 151 Australia Cockatoo Coal Ltd COK AU A$ 0.03 114 4,560 23.1 36.5 4,354 Australia Resource Generation Ltd RES AU A$ 0.13 73 581 13.7 40.1 187 Australia Aspire Mining Ltd AKM AU A$ 0.04 25 658 15.0 34.0 256 Australia PT Atlas Resources TBK ARII IJ Rp 296.00 888,000 3,000 10.0 24.2 4,340 Indonesia Yancoal Australia Ltd YAL AU A$ 0.29 283 994 13.2 7.9 130 Australia

Above data as at 23 July 2014. Source: Bloomberg, UBS

PC C173f48aa43e Figure 199: Financial highlights Figure 200: ROE & ROA

(US $ m) Dec YE 2010 2011 2012 2013 29% 7.0% Revenue 56,696.1 80,732.1 94,045.1 97,878.3 EBIT 866.3 685.7 753.5 717.2 24% 5.5% Net Income 605.6 431.3 471.3 243.5

a5b T ot al Assets 17,337.5 19,942.8 19,703.8 19,712.1 19% 4.0%

Total Liabilities 12,906.4 14,652.7 14,545.7 14,545.2 a001447700186961d3 Minority Interest 458.2 703.1 42.3 10.1 14% 2.5% Perpetual Capital Securities 0.0 0.0 344.9 344.9 Shareholders’ Equity 3,973.0 4,587.1 4,770.9 4,811.9 9% 1.0%

Market Cap 10,192.0 5,569.1 6,138.4 5,617.6 4% -0.5% EPS (US$) 0.10 0.07 0.07 0.03 2009 2010 2011 2012 2013 DPS (US$) 0.03 0.02 0.02 0.01 ROE (LHS) ROA (RHS)

Dividend Payout 24.9% 24.4% 24.9% 28.2%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

00

:

42 Figure 201: Segment revenue breakdown (2013) Figure 202: Geographical revenue breakdown (2013)

28

South India Australia J

u Agriculture America 2% 2% 0.3%

16% 7%l

2014 China 8%

Metals, Asia Pacific Minerals & (ex HK, China, Ores India & North 18% Australia) America 13% 54% Energy 67% Europe 14%

Source: Company data, UBS Source: Company data, UBS

Singapore Market Strategy 25 July 2014  89

Oversea-Chinese Banking Corporation (OCBC) Figure 203: OCBC organisational structure

Lee Foundation

19.5%

OCBC Bank

100% 85.1% 15.3%

PT Bank OCBC NISP Bank of Singapore PC Bank of Ningbo TBK (Indonesia) C173f48aa43e

100% 100% 87.2%

70% OCBC Bank Great Eastern OCBC Bank (China) Lion Global Investors Malaysia Berhad Holdings

100% 100% 100% 100% a5b

The Overseas OCBC Bank Al-Amin Overseas Assurance OCBC Securities Assurance a001447700186961d3 Bank Berhad Corp (Malaysia) Corporation

33% 20% 100% 100% The Great Eastern Great Eastern Life Network for AVIC Trust Co. Ltd Life Assurance Assurance (Malaysia) Electronic Transfers (China) Company

CEO: Samuel N. Tsien

Source: Company data, UBS

00

. Oversea-Chinese Banking Corporation (OCBC) is the oldest Singapore bank, formed during the Great Depression after :

the merger of three banks in 1932: Chinese Commercial Bank Limited (1912),42 Ho Hong Bank Limited (1917) and

Oversea-Chinese Bank Limited (1919). OCBC, with group assets of more than28 S$338bn, is now the second largest financial institution in Southeast Asia by assets and one of the world's most highly-rated banks with an Aa1 rating from

J Moody's. The group is majority-owned by the founding Lee family, which for theu most part is no longer directly involved l

in the daily running of the bank. Its insurance subsidiary, Great Eastern Holdings,2014 is the largest insurance group in Singapore and Malaysia in terms of assets and market share.

. In 2011 and 2012, it was ranked by Bloomberg Markets as the World's Strongest Bank, with exposure to Singapore, Malaysia, Indonesia and Greater China, a network of over 450 branches and representative offices in 17 countries and territories, including more than 330 branches and offices in Indonesia that are operated by its subsidiary, Bank OCBC NISP.

. In 2005, Lion Global Investors was formed through the merger of OCBC Asset Management and Straits Lion Asset Management, and remains one of the largest private sector asset management companies in Southeast Asia. In January 2010, it completed the acquisition of ING Asia Private Bank Ltd for S$2,024m, boosting its wealth management franchise.

. Website: http://www.ocbc.com/

Singapore Market Strategy 25 July 2014  90

Figure 204: Major corporate events

Date Type Event Jan 2014 Acquisition Proposed subscription of new shares in Bank of Ningbo, for a total of Rmb1.8bn (S$383m), to raise its equity stake from 15.34% to 20% Nov 2013 Divestment Announced divestment of a 14.88% stake in Vietnam Prosperity Joint Stock Commercial Bank for US$55.5m (S$69.3m) Jul 2013 Liquidation Liquidation of PacificMas Capital and PacificMas Fidelity Aug 2012 Divestment Wholly owned subsidiary OCBC Capital (Malaysia) announced the sale of an 85% interest in Pacific Mutual Fund Berhad for around RM40m Jul 2012 Divestment OCBC proposed the divestment of a 3.4% stake in APB for S$389.3m and a 3.2% stake in F&N for S$410.5m (completed in Aug 2012) Divestment 87.16% owned subsidiary, Great Eastern Holdings Ltd, proposed the divestment of a 4.6% stake in APB for around S$530.9m and a 14.9% stake in F&N for around S$1,885.2m (completed in Aug 2012) Apr 2012 Acquisition Announced the acquisition of 80% in PT TransAsia Securities for Rp92bn (S$12.5m) (completed in Nov 2012) Oct 2011 Acquisition Announced the acquisition of China-incorporated SIG Plaza for Rmb310.7m (S$63m) through wholly owned subsidiary, Eastern Realty Acquisition Wholly owned subsidiary OCBC Capital (Malaysia) announced the acquisition of 100% in Pac Lease, 100% in PB Pacific, 100% in PacificMas Fidelity and 100% in PacificMas Capital for around RM387.9m and 85% in Pacific Mutual Fund for around RM40.3m from 63.5% owned subsidiary, PacificMas Berhad (completed in May 2012) PC

Jun 2011 Divestment Subsidiaries PacificMas Berhad and OCBC Bank (Malaysia) Berhad divested a 40% stakeC173f48aa43e in Malaysian Trustees Berhad for RM4.3m Mar 2011 Launched offshore renminbi call account, time deposit, and certificate of deposit Divestment Proposed the divestment of its 100% interest in Pacific Insurance Berhad for around RM216.5m Jan 2011 Merged PT Bank OCBC Indonesia and PT Bank OCBC NISP TBK, with the merged entity adopting the name of the latter Jun 2010 Acquisition Increased its shareholding in subsidiary OCBC NISP from 74.73% to 81.9% for a total cash consideration of S$76.7m Feb 2010 Divestment Sold a 43.05% stake in British and Malayan Trustees Limited (BMT) for S$1.47m Jan 2010 Acquisition Completed the acquisition of ING Asia Private Bank Ltd for S$2,024m, renamed and launched as Bank of Singapore Limited a5b IPO OCBC was listed on the SGX Mainboard

Source: Company data, UBS a001447700186961d3

Figure 205: Listed companies

Company Code Cur rency Pr i ce Market cap (m) No. of % Fr e e float (%) 12M avg daily Country s hares (m) shareholding traded vol ('000) O ve rsea-Chinese Banking Corp OCBC SP S$ 9.65 33,704 3,493 - 79.4 3,853 Singapore B ank of Ningbo Co Ltd 002142 CH Rmb 8.82 25,435 2,884 15.3 56.8 13,741 China Great Eastern Holdings Ltd GE SP S$ 22.91 10,844 473 87.2 12.8 26 Singapore

B a nk O CBC NISP TBK PT NISP IJ Rp 1400.00 16,061,708 11,473 00 85.1 36.6 457 Indonesia

Above data as at 23 July 2014. Source: Bloomberg, UBS :

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  91

Figure 206: Financial highlights Figure 207: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 11.6% 1.10% Revenue 5,324.7 5,660.7 6,699.0 6,621.4 Ne t Income (Adj) 2,164.6 2,272.2 2,780.1 2,724.1 11.4% 1.05%

11.2% 1.00% T ot al Assets 229,282.8 277,757.6 295,943.5 338,448.4 Total Liabilities 205,637.6 252,367.6 267,242.5 310,368.9 11.0% 0.95% Minority Interest 2,854.9 2,819.3 2,896.6 2,963.9 10.8% 0.90% Shareholders’ Equity 20,790.2 22,570.7 25,804.4 25,115.5 10.6% 0.85%

Market Cap 32,977.2 26,912.3 33,383.1 35,014.7 10.4% 0.80% EPS (S$) 0.66 0.67 0.81 0.79 2009 2010 2011 2012 2013 DPS (S$) 0.30 0.30 0.33 0.34

PC ROE (LHS) ROA (RHS) Dividend Payout 45.3% 44.6% 40.8% 42.9%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg,C173f48aa43e UBS

Figure 208: Segment revenue breakdown (2013) Figure 209: Geographical revenue breakdown (2013)

Other Asia Rest of the Pacific World

Non-Interest a5b Greater China 2% 1% Income 6% 41% Indonesia a001447700186961d3 8%

Malaysia Net Interest 21% Income Singapore 59% 62%

Source: Company data, UBS Source: Company data, UBS00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  92

Olam International Figure 210: Olam International organisational structure

Temasek Holdings

80.4%

Olam International

84 key subsidiaries

Edible Nuts, Industrial Raw Open Country 10%PC 50% JV Nauvu Materials Spices & Beans Dairy C173f48aa43e Investments

Confectionery & Commodity 18.5% 50% Acacia Investment Beverage PureCircle Financial Services (UAE) Ingredients

Food Staples & a5b Packaged Foods a001447700186961d3

CEO: Sunny George Verghese

Source: Company data, UBS

. Olam International (Olam) is a global integrated supply chain manager of agricultural (coffee, cocoa, cashew, rice, sugar, cotton and wood products, among others). It sources and supplies more than 20 commodities and has over 13,600 customers in 65 destination markets. It generally has a presence in all the key producing and consuming

countries of each major commodity that it sources and supplies. 00

:

. Olam is among the top five suppliers globally of cashew, almond, hazelnut, dehydrated42 onion and garlic, sesame, coffee,

cocoa, dairy, rice, cotton, and wood products. It faces competition from large established28 trading houses such as ED & F

Man, , Noble, Sucden, etc. J u l

. In recent years, Olam has increased its focus on its upstream and midstream2014 business segments so as to enhance its origination capabilities. This allows it greater control over the entire supply chain, thereby giving it a more predictable

income stream. By bypassing the other intermediaries in the supply chain, Olam is able to reap relatively higher margins.

. The company has highlighted in its strategic review that it strives to re-balance growth “with an increased focus on generating positive free cash flows”. Olam continues to invest for growth in selected businesses such as edible nuts, spices & vegetable ingredients, cocoa, coffee and grains, while it seeks to prioritise cash flow-generation in certain other businesses such as natural fibres and rice. Olam will also continue to pursue opportunities to unlock intrinsic value through selective joint ventures, strategic alliances, equity carve-outs and de-consolidations, while reviewing the portfolio and divesting any non-core assets.

. Website: http://www.olamgroup.com/

Singapore Market Strategy 25 July 2014  93

Figure 211: Major corporate events

Date Type Event May 2014 Temasek’s bid closes with 80.4% acceptances Mar 2014 Temasek launched bid at S$2.23 per offer share to acquire Olam Nov 2013 Divestment Announced the sale and lease-back of 12,000 hectares of Australian Almond Orchards for A$200m May 2013 Joint venture Announced a 74.5/25.5 JV in with Sanyo Foods to manufacture and distribute instant noodles in Nigeria and across sub-Saharan Africa Nov 2012 Lawsuit Olam initiated legal action in the High Court of Singapore against Muddy Waters LLC and Carson Block for statements made at the Sohn London Investment Conference (dropped in Apr 2013) Oct 2012 Acquisition Announced the intention to takeover NZ Farming Systems Uruguay Ltd with consideration payable at NZ$25.8m and total acquisition cost at NZ$159.6m (completed in Dec 2012) May 2012 Acquisition Announced the acquisition of Usina Açucareira Passos S.A. for R$255m (S$128.8m) and investing additional capital expenditure of US$111.5m over five years (eventually terminated in Dec 2012 as both parties were unable to reach agreement) Mar 2012 Joint venture Announced an 80/20 JV with the RoG to develop 28,00 hectares of rubber plantations with total investment of US$183m in Phase I

Feb 2012 Acquisition Announced the acquisition of a 100% stake in Titanium Holding Company, Nigeria’s secondPC largest biscuit and candy franchise for US$167m Proposed the issuance of a 7% Singapore dollar-denominated Perpetual Capital Securities to raise S$275m C173f48aa43e Jan 2012 Partnership Announced a partnership with Russian dairy company RUSMOLCO to develop dairy and grain farming in Russia with potential investment of up to US$400m in Phase 1 over four to five years Aug 2011 Acquisition Acquired the sugar milling and cogeneration facilities from Hemarus Industries (India) for US$73.8m Jun 2011 Fund raising Announced plans to raise S$740m through a three-tranche equity fund raising May 2011 Fund raising Launched a US$1.25bn syndicated transferable term loan facility De c 2010 Joint venture Announced an 80/20 JV with Lababidi Group to set up a US$200m port-based sugar refinery in Nigeria Nov 2010 Joint venture Announced a 70/30 JV with RoG to develop a port-based ammonia-urea fertiliser complexa5b and large palm plantations worth over US$1.5bn S e p 2010 Acquisition Achieved a 77.98% shareholding in NZ Farming Systems Uruguay after closure of its takeover offer a001447700186961d3 Jun 2010 Acquisition Acquired dehydrated and vegetable products business and operating assets of Gilroy Foods & Flavors from Conagra Foods for US$250m Wind down of Olam Wilmar Investment Holdings Pte Ltd Announced an investment of US$31.5m in a greenfield wheat milling facility in Ghana Feb 2005 IPO Olam International was listed on the SGX Mainboard

Source: Company data, UBS

Figure 212: Listed companies

Company Code Cur rency Pr i ce Market cap (m) No. of shares (m) % shareholding Fr e e float 12M avg daily Country 00 (%) traded vol ('000)

:

Olam International Ltd OLAM SP S$ 2.53 6,171 2,439 42 - 28.2 5,199 Singapore

PureCircle Ltd PURE LN RM 610.00 1,005 165 18.5 35.8 153 Malaysia

28 Above data as at 23 July 2014. Source: Bloomberg, UBS

J u l

2014

Singapore Market Strategy 25 July 2014  94

Figure 213: Financial highlights Figure 214: ROE & ROA

(S$ m) Jun YE FY10 FY11 FY12 FY13 35% 6% Revenue 10,455.0 15,803.4 17,093.8 20,801.8 EBIT 278.9 561.8 778.6 915.0 30% 5% Net Income 359.5 429.8 370.9 362.6

T ot al Assets 7,804.7 12,580.1 13,828.0 15,384.2 25% 4% Total Liabilities 6,033.9 10,277.8 10,300.2 11,560.5 Minority Interest -1.1 57.0 122.2 131.9 20% 3% Perpetual Capital Securities 0.0 0.0 276.9 276.9 Shareholders’ Equity 1,771.9 2,245.3 3,128.7 3,414.9 15% 2%

Market Cap 5,233.8 6,080.6 4,326.3 3,920.0 10% 1% FY09 FY10PC FY11 FY12 FY13 EPS (S$) 0.18 0.20 0.15 0.14

DPS (S$) 0.03 0.05 0.04 0.04 C173f48aa43e ROE (LHS) ROA (RHS)

Dividend Payout 15.2% 26.0% 25.8% 26.4%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 215: Segment revenue breakdown (2013) Figure 216: Geographical revenue breakdown (2013) a5b Commodity Edible Nuts, Financial Services Spices & Beans 0.01% Americasa001447700186961d3 15% 15%

Food Staples & Asia, Middle Packaged Foods East & 37% Australia 41%

Industrial Raw Europe Materials 21% 22%

Confectionery & 00 Beverage Africa Ingredients 25% 23% :

Source: Company data, UBS Source: Company data, UBS42

28

J u l

2014

Singapore Market Strategy 25 July 2014  95

OSIM International Figure 217: OSIM International organisational structure

Ron Sim

62.1%

OSIM International

100% 100% 99.5% 94.8% 60% PC OSIM OSIM International ONI Global TWG Tea

OSIM (Malaysia) C173f48aa43e (HK, Taiwan, China) Trading (Shanghai) (GNC + Richlife) (North Asia)

40%

30% 19% 30% 24% 30% 70%* Daito-Healthcare Suzhou Daitec DT-OSIM Healthcare Daito-OSIM TWG Tea Company Appliances OSIM (Thai) Exercising Appliances (Suzhou) (Thailand) (Parent) (Taicang) a5b Machine

CEO: Ron Sim Chye Hock a001447700186961d3

Note: * indicates effective shareholding. Source: Company data, UBS

. OSIM International (OSIM), founded in 1980 by Ron Sim as a trading company to sell household goods such as knife sharpeners, the company has evolved into a global leader in branded healthy lifestyle products. Listed on the Singapore Exchange, OSIM has over 30 years of experience as a specialty retailer of health and lifestyle products, such as massage chairs and nutritional supplements, with a network of 590 OSIM and 245 GNC and RichLife stores.

00 . The company has 269 OSIM stores in 45 cities in China, and has aggressive store expansion plans in the country. OSIM

:

also has a strategy (and history) of growing via M&A. It recently acquired a 70%42 stake in the luxury tea brand, TWG,

which currently has 30 outlets worldwide. 28

. Website: http://www.osim.com/ J u l

2014

Singapore Market Strategy 25 July 2014  96

Figure 218: Major corporate events

Date Type Event May 2014 Lawsuit The Wellness Group and Manoj Mohan Murjani issued a second Writ of Summons against OSIM and all its directors for defamation of The Wellness Group and Mr Murjani Apr 2014 Lawsuit Announced that companies Paris Investment and TWG Tea Company have been served with a Writ of Summons issued by The Wellness Group and Manoj Mohan Murjani who claimed that the issuance of shares was an act of minority oppression and was in breach Jan 2014 Acquisition Announced an increased stake in TWG Tea Company from 53.7% to 70% post rights issue Nov 2013 Divestment Announced the divestment of a 25% stake in OSIM (Thai) for S$250,000 Oct 2013 Acquisition Announced the acquisition of a 100% stake in Paris Investment, increasing effective shareholding in TWG Tea Company from 45% to 53.7% for US$7.2m Jul 2013 Acquisition Announced an increased stake in TWG Tea Company from 35% to 45% for S$2 De c 2012 Acquisition Announced the acquisition of a 30% stake in Suzhou Daitec Exercising Machine for US$1.09m Jan 2012 Acquisition Announced the acquisition of a majority controlling interest in GNC Taiwan Franchise Standard Nutrition Corporation for S$6.6m PC Nov 2011 Established two wholly owned subsidiaries in Chongqing and Shenyang, with a combined capital of Rmb700,000

Aug 2011 Global Active renamed to ONI Global C173f48aa43e Jul 2011 Fund raising Issued S$120m of 2.75% convertible bonds due 2016 at a conversion price of S$2.025 Apr 2011 Acquisition Acquired a 35% stake in TWG Tea Company for S$31.36m, and 60% in JV holding company OSIM-TWG (North Asia) De c 2010 Acquisition Acquired a 19.03% stake in Hong Ming (China) for US$313,585, bringing its total effective stake to 30% Oct 2010 Fund raising OSIM Brookstone Holdings restructured its US$170m Second Lien Notes due 2012 into US$135.5m Second Lien Notes due 2014 Jan 2010 Acquisition Increased its shareholdings in OSIM (Taiwan) from 92.5% to 100% for S$832,680 a5b Jul 2000 IPO OSIM was listed on the SGX Mainboard

Source: Company data, UBS a001447700186961d3

Figure 219: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country OSIM International Ltd OSIM SP 2.82 2,197 779 35.5 1,305 Singapore

Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  97

Figure 220: Financial highlights Figure 221: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 55% 24% Revenue 508.7 553.7 601.7 647.6 EBIT 69.6 106.9 112.6 132.7 50% 22%

Net Income 50.1 69.1 86.9 101.6 45% 20%

40% 18% T ot al Assets 239.2 431.1 470.9 680.0 Total Liabilities 129.2 262.6 270.5 336.0 35% 16% Minority Interest 1.8 3.0 4.2 72.7 30% 14% Shareholders’ Equity 108.1 165.5 196.2 271.2 25% 12%

Market Cap 1,102.7 852.2 1,256.7 1,662.3 20% 10% EPS (S$) 0.07 0.10 0.12 0.14 2009 2010 2011 2012 2013 PC DPS (S$) 0.02 0.03 0.04 0.06 ROE (LHS) ROA (RHS)

Dividend Payout 26.8% 32.6% 50.2% 35.6% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 222: Segment EBIT breakdown (2014E) Figure 223: Geographical revenue breakdown (2013)

TWG a5b Others 9% 11% China a001447700186961d3 25% Nutrition 15% Malaysia 16%

Hong Kong Singapore 16% Massage 17% Products 76% Taiwan

00 15%

Source: UBS estimates Source: UBS estimates :

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  98

OUE Limited Figure 224: OUE Limited organisational structure

Lippo Group

68%

OUE Limited PC REITs Hospitality Commercial Residential C173f48aa43e

34% 47.8% 100% 100% 100% OUE Hospitality OUE Commercial Crowne Plaza OUE Downtown Twin Peaks Trust REIT (6 Shenton Way)

100% 100%

Mgmt contract 100%a5b OUE Bayfront, Mandarin Gallery Meritus Pelangi Downtown Tower & Link (Langkawi) a001447700186961d3 Gallery

100% 100% 30% (effective) 100% Lippo Plaza Mandarin Orchard 25% Marina Mandarin Shanghai Singapore Singapore US Bank Tower

10% 50% 40.8% (effective) One Raffles Place Marina Centre 50% OUB Centre 81.5% Tower 1, 2 & Holdings Limited

Retail Podium 00

:

100% 100% 50% 42

Pan Pacific Marina Square Mandarin Oriental 28

Singapore Hotel (Retail & Office) Hotel J u l

2014

Executive Chairman: Dr Stephen Riady

CEO: Thio Gim Hock

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  99

. OUE is a property developer with assets in Singapore, China and the US. It mainly operates in the office and hospitality segments. It also undertakes residential developments in Singapore, and operates resorts in Malaysia. OUE was incorporated in 1964 as the property arm of Overseas Union Bank and is now majority-controlled by The Lippo Group. It was listed on the SGX Mainboard in 2005.

. OUE targets developments in prime areas, and intends to leverage on its stable base in the hospitality sector to diversify into the retail, commercial, and residential sectors, primarily in Singapore. In March 2013, OUE ventured into the US to acquire the US Bank Tower in Los Angeles. OUE Hospitality Trust was listed on 25 July 2013, allowing OUE to crystallise shareholder returns while retaining an indirect interest. OUE Commercial REIT was subsequently listed on 27 January 2014 with an initial portfolio of two assets.

. Website: http://www.oue.com.sg/

PC

Figure 225: Major corporate events C173f48aa43e

Date Type Event Mar 2014 OUE, Lippo Limited and Caesars Entertainment Corporation were granted pre-approval to develop the first internationally branded integrated entertainment resort in Korea. The first phase could cost Won855bn (S$1bn) Jan 2014 IPO OUE Commercial REIT was listed on the SGX Mainboard De c 2013 Divestment Proposed disposal of the OUE Bayfront Property to OUE Commercial Real Estate Investment Trust (completed in Jan 2014)

Oct 2013 Proposed acquisition of Lippo Plaza in Shanghai for S$331.8m (completed in Jan 2014) a5b S e p 2013 Divestment Disposed of Hotel Investment (Shantou) Ptd Ltd and Hotel Investment () Pte Ltd for approximately S$31.1m and S$19m, respectively a001447700186961d3 Jul 2013 IPO OUE Hospitality Trust was listed on the SGX Mainboard Mar 2013 Acquisition Announced the acquisition of US Bank Tower for US$367.5m (around S$459.4m, completed in Jun 2013) Nov 2012 Acquisition Proposed the acquisition of Fraser and Neave, Ltd at S$9.08 per share for a total consideration of S$13.1bn Aug 2011 Golden Concord Asia Limited, majority owned by The Lippo Group and substantial shareholder of OUE, relinquished its right of return on 40m shares, reducing its stake in OUE from 67% to 63% Jul 2011 Acquisition Completed the acquisition of Crowne Plaza Changi Airport for S$299.5m S e p 2010 Acquisition Completed the acquisition of DBS Towers One and Two for S$870.5m May 2010 Stock split Received approval for the listing and quotation of 785,281,488 new shares on the SGX for the sub-division of 1 ordinary share into 5 ordinary shares Mar 2010 Acquisition Increased its stake in Meritus Shantou Hotel from 79% to 80% for approximately S$586,000

Nov 2007 Thio Ghim Hock appointed as new CEO & Group Managing Director to replace Dr David Lee00 Kuo Chuen

S e p 2005 IPO OUE was listed on the SGX Mainboard :

Source: Company data, UBS 42

28

J u l

Figure 226: Listed companies 2014 Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) % shareholding Fr e e float (%) 12M avg daily traded vol ('000) Country

OUE Ltd OUE SP 2.42 2,202 910 - 32.0 721 Singapore OUE Hospitality Trust OUEHT SP 0.90 1,178 1,316 34.0 56.7 2,190 Singapore OUE Commercial REIT OUECT SP 0.82 707 867 47.8 25.7 903 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  100

Figure 227: Financial highlights Figure 228: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 35% 21% Revenue 213.5 330.3 415.8 435.1 30% 18% EBIT -697.8 -126.5 146.3 154.1 25% 15% Net Income 772.5 378.7 90.1 -36.6 20% 12%

T ot al Assets 4,721.4 5,547.4 5,887.5 6,418.2 15% 9% Total Liabilities 1,918.6 2,274.8 2,714.0 2,903.2 10% 6% Minority Interest -2.1 0.5 0.9 623.5 5% 3% Shareholders’ Equity 2,804.9 3,272.1 3,172.6 2,891.5 0% 0% -5% -3% Market Cap 3,229.5 1,980.4 2,529.5 2,274.7 -10% -6% EPS (S$) 0.79 0.39 0.10 -0.04 2009 2010 2011 2012 2013 PC DPS (S$) 0.02 0.05 0.06 0.03 ROE (LHS) ROA (RHS)

Dividend Payout 2.5% 32.6% 111.1% NA C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 229: Segment revenue breakdown (2013) Figure 230: Geographical revenue breakdown (2013) a5b Property Others Others Development 1% USA 6% 0.5%

14% Chinaa001447700186961d3 6%

Hospitality 53% Property Investments 32%

Singapore

00 88%

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  101

Parkway Life REIT Figure 231: Parkway Life REIT organisational structure

IHH Healthcare Berhad

100%

Parkway Pantai Limited

100%

Parkway Holdings Bank of New York Mellon

35.7% 10% PC Parkway Life REIT C173f48aa43e 100% 100% Singapore (3 hospitals) Malaysia (1 hospital)

Gleneagles Hospital 100% Gleneagles Intan Medical Centre Mount Elizabeth Hospital (Kuala Lumpur) Parkway East Hospital Japan (43 assets) a5b

Tokyo (1 nursing home) Okayama (1 nursing home) a001447700186961d3 Akita (1 nursing home)

Fureai no Sono Nerima Takanodai Amille Nakasyo Sawayaka Sakurakan

Hokkaido (1 nursing home) Mie (1 nursing home) Ehime (1 nursing home)

Sawayaka Higashikagurakan Sawayaka Seaside Toba Sawayaka Niihamakan

Chiba (1 nursing home, 1 pharmaceutical) Niigata (1 nursing home) Kanagawa (3 nursing homes)

00 P-Life Matsudo Bon Sejour Shin-Yamashita

Senior Chonaikai Makuhari Kan Sawayaka Minatokan : Fureai no Sono Musashi Nakahara

42 Himawari Home Kamakura

28

J Hyogo (3 nursing homes) u Osaka (15 nursing homes/

Fukuoka (10 nursing homes) l extended stay lodging facility) 2014 Palmary Inn Akashi Bon Sejour Ibaraki Palmary Inn Shin-Kobe Fiore Senior Residence Hirakata

Palmary Inn Suma Heart Life Toyonaka Hapine Fukuoka Noke Iyashi no Takatsuki Kan Sawayaka Fukufukukan Legato Higashi-Sumiyoshi Sawayaka Kiyotakan Legato Katano Saitama (3 nursing homes) Sawayaka Mekari Nibankan Maison des Centenaire Hannan Sawayaka Nogotakan Maison des Centenaire Haruki As Heim Nakaurawa Sawayaka Nokatakan Maison des Centenaire Ishizugawa Smiling Home Medis Koshigaya Gamo Sawayaka Obatake Ichibankan Smiling Home Medis Musashi Urawa Maison des Centenaire Ohhama Sawayaka Obatake Nibankan Royal Residence Gotenyama Sawayaka Parkside Shinkawa Sawayaka Hirakatakan Sawayaka Shinmojikan Sunhill Miyako Supercourt Kadoma Supercourt Takaishi-Hagoromo CEO: Yong Yean Chau

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  102

. Parkway Life REIT (PREIT) is a healthcare REIT listed in Singapore in August 2007, with an initial portfolio of three Singapore hospitals valued at S$775m. Following several acquisitions in Japan and Malaysia, it has become one of Asia's largest listed healthcare REITs by size, with a portfolio of 47 properties worth approximately S$1.5bn as of 31 March 2014.

. PREIT is sponsored by Parkway Holdings, one of Asia's largest private healthcare providers. It is externally managed by Parkway Trust Management Limited, a wholly-owned subsidiary of Parkway Holdings. PREIT's policy is to distribute at least 90% of its taxable income and net overseas income. Since FY12, about S$3m per annum of distributable income has been retained for capital expenditure on existing properties.

. Management expects pockets of opportunities to deepen its Japan exposure through partnerships with existing tenants looking to adopt an asset-light model. It also sees scope to undertake small development projects in Malaysia. Australia remains an attractive market for expansion, given the depth and maturity of its healthcare market, although growing competition for acquisitions has driven up prices considerably. PC

. Website: http://www.plifereit.com/ C173f48aa43e

Figure 232: Major corporate events

Date Type Event Mar 2014 Acquisition Acquired two nursing home properties and one extended-stay lodging facility in Osaka, Japan for S$37.4m a5b S e p 2013 Acquisition Acquired five nursing home properties in Mie, Ehime, Fukuoka and Niigata, Japan, for S$59.2m, generating a net property yield of 7.0%

Jul 2013 Acquisition Acquired two nursing home properties in Hyogo and Osaka, both in Japan, for S$23.1ma001447700186961d3 with generated net property yield of 7.1% Feb 2012 Acquisition Acquired three nursing home properties in Japan for a purchase consideration of S$50m and expected net property yield of 7.8% Acquisition Acquired strata units and lots within Gleneagles Medical Centre, Kuala Lumpur at a purchase consideration of S$6.45m Jan 2011 Acquisition Acquired a nursing home property in Fukuoka, Japan for S$8.9m with an expected net property yield of 8.0% Jul 2010 Acquisition Acquired five new nursing home properties in Japan for S$46.8m at an expected net property yield of 8.35% Jun 2010 Acquisition Acquired six nursing home and care facility properties in Japan at a purchase consideration of S$60.47m Nov 2009 Acquisition Acquired eight Japan nursing homes at a purchase consideration of S$77.6 m Jan 2009 Appointed Yong Yean Chau as CEO and Loo Hock Leong as Chief Financial Officer of Parkway Trust Management Ltd De c 2008 Announced the resignation of Justine Victoria Wingrove as CEO and appointment of Yong Yean Chau as acting CEO

Aug 2007 IPO Parkway Life REIT was listed on the SGX Mainboard 00

Source: Company data, Bloomberg, UBS

:

42

28

Figure 233: Listed companies J u l

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float2014 (%) 12M avg daily traded vol ('000) Country Parkway Life REIT PREIT SP 2.40 1,452 605 57.4 372 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  103

Figure 234: Financial highlights Figure 235: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 8.0% 5.0% Revenue 80.1 87.8 94.1 93.7 Net Property Income 73.6 80.3 87.6 87.6 7.5% 4.8% Net Income (Reported) 53.1 61.0 71.8 72.5 7.0% 4.5%

T ot al Assets 1,351.8 1,429.6 1,470.3 1,528.2 6.5% 4.3% Total Liabilities 498.8 533.4 519.0 542.4 Minority Interest 0.0 0.0 0.0 0.0 6.0% 4.0% Shareholders’ Equity 853.0 896.2 951.4 985.8 5.5% 3.8%

Market Cap 997.8 1,082.9 1,300.8 1,421.8 5.0% 3.5% EPU ($) (Reported) 0.11 0.17 0.19 0.16 2009 2010 2011 2012 2013 PC DPU ($) (Reported) 0.09 0.10 0.10 0.11 ROE (LHS) ROA (RHS) Distribution Payout 100.0% 100.0% 95.4% 95.6% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 236: Segment revenue breakdown (2013) Figure 237: Geographical revenue breakdown (2013)

Nursing Homes a5b Malaysia 2% 0.4% a001447700186961d3 Pharmaceutical Facility Japan 31% 33%

Hospitals and Singapore Medical 66% Centres 67%

00

Source: Company data, UBS Source: Company data, UBS :

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  104

SATS Limited Figure 238: SATS Limited organisational structure

Temasek Holdings

43%

SATS

Subsidiaries Associates PC Maldives Inflight Catering (35%)

Gateway Services C173f48aa43e Beijing Airport Inflight Kitchen (40%) SATS Airport Services (100%) Beijing Aviation Ground Services (40%) Asia-Pacific Star (100%) Jilin CSD Food (China) (30%) SATS Security Services (100%) Aviserv (Pakistan) (49%) Aero Laundry and Linen Services (100%) Tan Son Nhat Cargo (Vietnam) (15%) Aerolog Express (100%) Asia Airfreight Terminal (Hong Kong) (49%) SATS HK (100%) MacroAsia Catering Services (20%) SATS (India) (100%)

Taj Madras Flight Kitchena5b (India) (30%) Evergreen Airline Services (Taiwan) (20%) Food Solutions

Evergreen Air Cargo Servicesa001447700186961d3 (Taiwan) (25%) SATS Catering (100%) Taj SATS Air Catering (India) (49%) Singapore Food Industries (100%) PT Jasa Angkasa Semesta, TBK (Indonesia) (49.8%) Country Foods (100%) PT Cardig Aero Services (Indonesia) (41.7%) TFK Corporation (Japan) (50.7%) Mumtaz Food Solutions (Saudi Arabia) (30%)

CEO: Alexander Charles Hungate

Source: Company data, UBS

00 . Listed on the SGX in May 2000, SATS (formerly Singapore Airport Terminal Services) has over 60 years of operating :

experience and is the leading provider of gateway services and food solutions in42 Asia. SATS provides a wide spectrum of

services, including ground handling, security services, cargo delivery management, inflight catering, food processing, and 28 distribution. It handles about 85% of scheduled flights at Singapore Changi Airport, serving over 50 airlines, and it

J operates in 35 airports in 10 countries. u l

2014 . SATS acquired Singapore Food Industries (SFI) in 2009 to enhance its food solutions business and to put itself in a position to compete with large multinational food service providers for major supply contracts in Singapore. In 2010, it

acquired 50.7% of TFK Corporation, an airline caterer in Japan with a strong presence at both Narita and Haneda airports. In addition, to expand its geographical reach, SATS has formed various overseas joint ventures in Indonesia, India, China, Hong Kong, Vietnam, Taiwan, Pakistan, Saudi Arabia, etc.

. Singapore Airlines (SIA) was the major shareholder with an 81% stake by the end of July 2009. In order to focus on the airline business, SIA distributed its entire SATS stakes to SIA’s shareholders via an in-specie dividend in August 2009. After the shareholding restructure, Temasek (the major shareholder of SIA) became the major shareholder of SATS. This allowed SATS to expand its non-aviation food service business.

. Website: h t t p : //ww w..com.sg/

Singapore Market Strategy 25 July 2014  105

Figure 239: Major corporate events

Date Type Event Feb 2014 Acquisition Acquired 21.65% and 20% stakes in PT Cardig Aero Services TBK for Rp576.1bn (S$61.5m) and Rp532.2bn (S$56.8m) by wholly owned subsidiaries SATS Investments (II) and Cemerlang, respectively S e p 2013 Subsidiaries SATS Airport Services and SATS-Creuers Cruise Services proposed acquisition of 92% and 8% stake in Singapore Cruise Centre for S$101.25m and S$8.75m respectively (termination of proposed acquisition in May 2014) Jun 2013 Divestment Announced the divestment of its 40% stake in Adel Abuljadayel Flight Catering for US$18.4m (S$23.37m) Mar 2013 Announced cessation of Tan Chuan Lye and appointment of Alexander Charles Hungate as President and CEO of company on 31 Dec 2013 and 1 Jan 2014 respectively Jan 2013 Acquisition Wholly owned subsidiary Singapore Food Industries announced the acquisition of the remaining 4% shareholding for Rmb700,000 (S$139,230) Nov 2012 Announced renewal of its ground handling and inflight catering contracts at Singapore Changi Airport with SIA Oct 2012 Divestment Divestment of its 51% stake in Country Foods Macau for MOP$4.08m (S$0.626m)

Apr 2012 Appointment of Tan Chuan Lye as President and CEO of the company PC Feb 2012 Acquisition Announced the acquisition of the remaining 30% of Aerolog Express for S$80,227 to attain a 100% stake C173f48aa43e De c 2011 Announced the winning of the bid to manage and operate the new Singapore International Cruise Terminal at Marina South Oct 2011 Divestment Announced the divestment of a 100% stake in S Daniels PLC and International Cuisine for £151m and a deferred consideration of up to £13m in the event that certain EBITDA targets for the Daniels Group are met over the next two years Aug 2011 Joint venture SATS Investments, wholly-owned subsidiary of SATS, signed a 51/49 JV agreement with OCS Ventures to provide food and allied services to client companies operating in remote areas globally Jul 2011 Appointed Tan Chuan Lye as acting CEO upon the resignation by Clement Woon

Apr 2011 Acquisition SATS acquired a 40% stake in Adel Abuljadayel flight catering in Saudi for US$18.5m a5b De c 2010 Acquisition Completed the acquisition of Japan Airline International’s stake of 50.7% in TFK Corporation for a purchase consideration of S$122m a001447700186961d3 S e p 2010 SATS HK, a wholly owned subsidiary of SATS, won ground handling rights for Singapore Airlines in Hong Kong Aug 2010 Singapore Airport Terminal Services changes its name to SATS Limited May 2010 Changi Airport Group granted SATS a technical ramp license, commencing 1 May 2010, allowing it to provide a complete suite of ground handling services Joint venture SATS’ wholly-owned subsidiary SFI entered into a JV agreement with Jilin China-Singapore Food Zone Development Construction Investment Co. (JCS) and DaChan Food (Asia) Co. Ltd to set up a modern integrated pig farm in Yongji County, Jilin Province China. The JV company will be named Jilin Zhong Xin Cheng Food Co. and will have registered capital of S$32m. SFI will take a 30% stake SFI was awarded a S$5.5m catering services contract for the Singapore Youth Olympic Games SFI’s Australian subsidiary, Primary Industries (Queensland) Pte Ltd, secured a 5+5 year total logistics support contract worth A$224m from the Singapore Armed Forces to provide its services in the Shoalwater Bay Training Area

Apr 2010 Joint venture Signed a 50/50 JV agreement with Air India, forming JV, Air India SATS Airport Services,00 to house three existing ground and cargo handling

JVs in Bangalore and Hyderabad :

May 2000 IPO SATS was listed on the SGX Mainboard 42

Source: Company data, UBS 28

J

u l

2014 Figure 240: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country SATS Ltd SATS SP 3.16 3,546 1,122 57.1 1,361 Singapore

Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  106

Figure 241: Financial highlights Figure 242: ROE & ROA

(S $ m) Mar YE FY11 FY12 FY13 FY14 13.0% 9.5% Revenue 1,729.1 1,871.6 1,819.0 1,786.7 EBIT 184.5 165.7 192.3 171.0 Net Income 191.4 170.9 184.8 180.4 12.5% 9.0%

T ot al Assets 2,318.1 2,123.6 2,003.3 2,019.8 12.0% 8.5% Total Liabilities 695.0 509.5 503.1 505.4 Minority Interest 100.1 105.8 96.8 97.6 Shareholders’ Equity 1,523.0 1,508.3 1,403.4 1,416.8 11.5% 8.0%

Market Cap 2780.8 2760.9 3387.2 3401.6 11.0% 7.5% EPS (S$) 0.17 0.15 0.17 0.16 FY10 FY11 FY12 FY13 FY14 PC DPS (S$) 0.11 0.11 0.11 0.13 ROE (LHS) ROA (RHS)

Dividend Payout 63.7% 71.4% 66.2% 80.8% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 243: Segment revenue breakdown (2013) Figure 244: Geographical revenue breakdown (2013)

Corporate a5b Others 0.3% 5%

Japan a001447700186961d3 15% Gateway Services 38%

Food Solutions 62%

Singapore 80%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  107

Sembcorp Industries Figure 245: Sembcorp Industries organisational structure

Temasek Holdings

49.5%

Sembcorp Industries

Environmental Utilities Industrial Parks Management

100% 80% 100% PC 100% Sembcorp

Shenyang Sembcorp C173f48aa43e Sembcorp Sembcorp Utilities Environmental Water Co Industrial Parks Management 100% 80% 100% 68.4% Zhangjiagang FTZ VSIP-Sembcorp Sembcorp Power Sembcorp Water SembWaste Gateway Co Development 100% 80% 60% 47.4% Zhangjiagang FTZ Vietnam Sembcorp Tay a5b Sembcorp Cogen Sembcorp Singapore Reclaimed Water Paper Recycling Industrial Park JV 100% 70% 40% a001447700186961d3 47.4%

Sembcorp Utilities SembSITA Sembcorp Gas VSIP Quang Ngai (UK) Australia

100% 70% 45.4%

Sembcorp Gulf Sembcorp Salalah Marine & Wuxi-Singapore O&M O&M Services Co Offshore Industrial Park

100% 66.7% 60.6% 45.2% Sembcorp Vietnam Singapore Phu My 3 BOT Industrial Park and NEWater Sembcorp Marine Power (Vietnam) Township Development Singapore Joint Stock

100% 60% 00 45.2% Sembcorp Utilities Sembcorp Salalah Investment :

Power and Water Other Businesses VSIP Bac Ninh

Management 42 Company (Shanghai)

95% 49% 100% 28 45.2%

NCC Power Sembcorp Design NCIP Water Co J VSIP Hai Phong Projects (India) & Construction u l

95% 40% 32% 2014 25% Sino-Singapore Emirates Shenzheng Chiwan Nanjing (Chengdu) SembCorp Water Sembawang SembCorp SUIWU Engineering Innovation Park & Power Co Development 90% 30% 100% 21.5% Sembcorp Tianjin Sakra Island Singapore Sino-Singapore Lingang Industrial Carbon Dioxide Precision Nanjing Eco Hi-tech Area Wastewater Island Development Treatment Co Singapore Industries 80% 30% 100% 12% Shanghai Cao Qinzhou Jing Cogen Singapore Mint Gallant Venture Sembcorp Waterf (China) 75%

Group President & CEO: Tang Kin Fei Sembcorp Parks Management

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  108

. Sembcorp Industries was established in October 1998 via the merger of Singapore Technologies Industrial Corporation and Sembawang Corporation, around the time of the Asian financial crisis. The merged entity housed a wide range of businesses including infrastructure, marine engineering, information technology services, food retailing and travel services. It was clear from the onset that the lack of business focus, scale and discipline in capital allocation was not the way forward. Thus, the board's first tasks were to decide which divisions were key and how to exit the non-core businesses in an orderly manner, and also to establish a proper corporate governance framework. In the five years that followed, most of the non-core divisions were sold or wound down.

. Sembcorp Industries is focused now on utilities, marine engineering (via its stake in Sembcorp Marine) and urban development. Utilities and marine engineering accounted for 98% of revenue in 2013. In the utilities sector, Sembcorp Industries is a global leader in the provision of energy, water, and onsite logistics to industrial customers. In Singapore, it has a strong presence on petrochemical hub Jurong Island, where it operates two cogeneration plants and provides services such as wastewater treatment and sale of industrial water and piped natural gas. Outside of Singapore, China,

ASEAN and the Middle East contribute significantly to utilities profit. Sembcorp PC Industries' marine and offshore division is held through 61% owned SGX-listed subsidiary Sembcorp Marine. The urban development segment is focused on C173f48aa43e master planning, land preparation and infrastructure development. It has interests in industrial parks in Vietnam and China, where profits are driven mainly by the sale of land. It has a gross project size of 10,257 hectares.

. Website: http://www.sembcorp.com.sg/

Figure 246: Major corporate events a5b

Date Type Event a001447700186961d3 Jun 2014 Joint venture Sembcorp (China) Holding Co (80%) signed a JV agreement with Shenghai Wastewater Treatment Plant (20%) to acquire and upgrade an existing wastewater treatment plant in Lianyungang Lingang Chemical Industrial Park, with project cost of Rmb130m (S$26.1m) May 2014 Acquisition Increased the stake in NCC Power Projects from 45% to 49% S$15.7m Apr 2014 Joint venture Signed a JV agreement to build, own and operate an industrial wastewater treatment plant in the Jingmen Chemical Industrial Park, owning a 95% stake for a total investment of Rmb98.7m (S$20.5m) Feb 2014 Acquisition Announced and completed the acquisition of 45% of NCC Power Projects for S$175m Acquisition Expansion of wind power capacity in Huanghua by almost 50% through JV with Guohua Energy Investment, with Sembcorp’s equity investment amounting to Rmb78m (S$16.2m) De c 2013 Joint venture Signed a JV agreement to build, own and operate an industrial wastewater treatment plan in Caofeidian Chemical Industrial Park, Hebei, China

Oct 2013 Signed an agreement to build, own and operate a Rmb932m total water management00 plant to serve a coal-to-diesel project in Wangqiao

Industrial Park, Shanxi, China :

Aug 2013 IPO JV, Sembcorp Salalah Power and Water Company launched an IPO for 35% of issued42 share capital on the Muscat Securities Market in Oman

Jun 2013 Acquisition Signed a capital assignment agreement to acquire an additional stake in Phu My 3 BOT28 Power Company, increasing its stake to 66.7%

May 2013 Joint venture Formed a JV with Takamul Investment Company to develop centralised utilities facilities for the Duqm Special Economic Zone in Oman J Jan 2013 Acquisition Increased its stake in Sembcorp Utilities (Netherlands), formerly known as Cascal, fromu 98.5% to 100% l

S e p 2012 Announced plans to invest up to Rmb326.6m to develop centralised utilities facilities2014 in the Fushun Hi-tech Industrial Zone in Liaoning province, China

Acquisition Increased interests in Vietnam Singapore Industrial Park (VSIPPL) from 87.6% to 92.9% Aug 2012 Joint venture Signed a JV agreement to co-develop an 860-hectare urban development in Kendal Regency, Central Java, Indonesia May 2012 Acquisition Announced the acquisition of first wind power assets and a coal-fired power plant in China for US$85.5m (completed in Sep 2012) Feb 2012 Acquisition Increased interest in Singapore-Sichuan Investment Holdings from 40% to 50% S e p 2011 Signed an investment corporation agreement to co-develop new Singapore-Sichuan Hi-tech Innovation Park in Chengdu, China De c 2010 Acquisition 40% owned associate SembSita Australia acquired 100% of WSN Environmental Solutions for A$235m (completed in Jan 2011) Jul 2010 Acquisition Completed a tender offer for Cascal N.V. Shares. Sembcorp now owns 92.26% of Cascal Jun 2010 Announced plans for utilities business to develop a new S$40m integrated wastewater treatment facility in Jurong Island’s Tembusu district May 2010 Acquisition Agreed to acquire a 49% stake in Thermal Powertech Corporation India (TPCIL) to build, own and operate a coastal power plant in Krishnapatnam, SPSR Nellore District, Andhra Pradesh, India, for S$319m (completed in Feb 2011) Jan 2010 Joint venture JV with Guangxi Qinzhou Linhai Industrial Investment (20%) to build, own and operate a 15,000 cubic metres/day wastewater treatment plant in the Qinzhou Economic Development Zone (QEDZ) in Guangxi Province, investing Rmb61.7m (S$10.6m) Oct 1998 IPO Sembcorp Industries was listed on the SGX Mainboard

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  109

Figure 247: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) % shareholding Fr e e float (%) 12M avg daily traded vol ('000) Country Sembcorp Industries Ltd SCI SP 5.53 9,882 1,787 - 50.1 1,854 Singapore Sembcorp Marine Ltd SMM SP 4.10 8,565 2,089 60.6 39.1 2,554 Singapore

Source: Bloomberg, UBS

Figure 248: Financial highlights Figure 249: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 24% 8.0% Revenue 8,763.6 9,047.1 10,189.1 10,797.6 EBIT 1,201.4 1,123.7 1,140.9 1,135.9 Net Income 792.9 809.3 753.3 820.4 22% 7.5% PC

T ot al Assets 10,891.5 11,752.6 12,884.9 13,753.9 C173f48aa43e 20% 7.0% Total Liabilities 5,871.3 6,512.0 7,240.4 7,223.9 Minority Interest 1,205.1 1,126.1 1,141.1 1,299.5 Shareholders’ Equity 3,815.2 4,114.5 4,503.3 5,230.4 18% 6.5%

Market Cap 9,189.0 7,223.7 9,376.2 9,813.6 16% 6.0% EPS (S$) 0.44 0.45 0.42 0.46 2009 2010a5b 2011 2012 2013 DPS (S$) 0.17 0.17 0.15 0.15 ROE (LHS) ROA (RHS) Dividend Payout 38.3% 37.5% 35.6% 37.0% a001447700186961d3

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 250: Segment revenue breakdown (2013) Figure 251: Geographical revenue breakdown (2013)

Urban Middle East China Others Development and Africa Brazil UK 1% 2% 0.1% 3% 0.1% Others 5% 6% Rest of

ASEAN, 00 Australia &

India : Singapore

11% 42 45% Utilities Marine

47% 51% 28

J

U.S.A u

13% l

2014

Rest of Europe 15% Source: Company data, UBS Source: Company data, UBS

Singapore Market Strategy 25 July 2014  110

Sembcorp Marine Figure 252: Sembcorp Marine organisational structure

Sembcorp Industries

60.6%

Sembcorp Marine

Supporting

Singapore Overseas PC Companies and Shipyards Shipyards R&D C173f48aa43e

100% 100% 100% Estaleiro Jurong 100% 100% Jurong Marine Jurong Shipyard Aracruz Ltda Bulk Trade Services (Brazil)

100% 100% a5b 100% Sembawang 100% P.T Karimun Dolphin Shipping Sembcorp Marine

Sembawang a001447700186961d3 Shipyard Shipyard (Indonesia) Company Technology

100% 100%

100% 100% Sembcorp-Sabine Jurong do Brasil SMOE Pte Ltd Industries Inc Prestação de Jurong Offshore (USA) Serviços Ltda

100% 85.8%

100% 90% P.T SMOE Jurong Marine Jurong SML JPL Industries (Indonesia) Contractors

00

85% : 70%

42 Shanghai Jurong 85% 70% Sembmarine SLP

Marine Engineering

PPL Shipyard Baker Marine 28 (UK) & Technology Co

Ltd J u l

35% 20% Shenzhen Chiwan 2014 40% Sembmarine Offshore Petroleum Ecospec Global Kakinada (India) Equipment Repair & Technology Manufacture

30% Cosco Shipyard Group (China)

Group President & CEO: Wong Weng Sun

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  111

. Sembcorp Marine is a leading global marine and offshore engineering group, specialising in ship repair, ship building, ship conversion, rig building and offshore engineering and construction solutions. It is a leader in the conversion of tankers to FPSO vessels, FSO vessels and floating production units. It also has strong capabilities in the proprietary design of jack-up rigs and construction of semi-submersible and offshore platforms for the oil and gas industries.

. The group began in 1963 as a JV between the Singapore government and Ishikawajima-Harima Heavy Industries Co., of Japan and has grown over the years, generating $5.5bn in turnover in 2013 and holding $7.6bn worth of assets as of 31 March 2014.

. Phase 1 of Sembcorp Marine's integrated yard at Tuas commenced operations on 5 August 2013. This initial phase spans 73.3 hectares (out of 206 hectares earmarked for SembMarine) and is capable of serving a wide range vessels and rigs, including very large crude carriers (VLCCs), new generations of mega containerships, LNG carriers and passenger ships. The yard is currently equipped with four VLCC drydocks with a total dock capacity of 1.55m DWT as well as finger piers and basin lengths totalling 3.9 kilometres. In addition to this, SembMarine continues to operate from yards in PC Jurong and Sembawang. Outside of Singapore, SembMarine owns and operates facilities in Brazil and Indonesia. It also owns a 30% stake in Cosco Shipyard Group, a subsidiary of China state-ownedC173f48aa43e enterprise China Ocean Shipping Group Company.

. Website: http://www.sembcorpmarine.com.sg/

Figure 253: Major corporate events a5b

Date Event a001447700186961d3 Jun 2014 Announced the acquisition of a 12% stake in GraviFloat AS for US$4m, with the option to increase the stake to 20% by injecting further equity Aug 2013 Phase 1 of Integrated Yard @ Tuas commenced operations Jun 2013 SMOE divested 30% of its 49% stake in HQSM Engineering for S$5.7m De c 2012 Announced the acquisition of 34.5 hectare site for the Phase II development of its Integrated New Yard Facility at Tuas View South Extension S e p 2012 SMOE announced the 70% acquisition of Sembmarine SLP in the UK for £2.5m Mar 2012 Announced the acquisition of 20% interest in Ecospec Global Technology for $10m De c 2011 Announced the development and construction of Estaleiro Jurong Aracruz in Brazil for an estimated cost of US$550m Aug 2011 Sembawang Shipyard increased its stake in Sembmarine Kakinada from 19.9% to 40.0% Jun 2010 Ground-breaking of Integrated New Yard Facility at Tuas View Extension, a landmark development and a first in Singapore

May 2010 Commenced proceedings in the High Court of Singapore against PPL Holdings Pte Ltd and its wholly00 owned subsidiary E-Interface Holdings Ltd, to rule

that the JV between Sembcorp Marine and PPLH is no longer in force to direct PPL Holdings and E-Interface to transfer the remaining 15% of the shares :

in PPL Shipyard Pte Ltd to the company against payment of the sum of S$59.4m and to order them42 to pay damages for disclosing or causing to disclose

confidential information of PPL Shipyard Pte Ltd to Yangzijiang Shipbuilding (Holdings) Ltd in breach28 of the JVA Nov 2000 Sembcorp Marine was listed on the SGX Mainboard

J

Source: Company data, UBS u l

2014

Figure 254: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country Sembcorp Marine Ltd SMM SP 4.10 8,565 2,089 39.1 2,554 Singapore

Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  112

Figure 255: Financial highlights Figure 256: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 45% 18% Revenue 4,554.9 3,960.2 4,430.1 5,525.9 EBIT 906.1 685.7 578.9 597.9 40% 15% Net Income 860.3 751.9 538.5 555.7

35% 12% T ot al Assets 5,279.2 5,051.6 5,786.5 7,250.1

Total Liabilities 2,592.2 2,545.6 3,239.4 4,440.6 30% 9% Minority Interest 87.5 91.8 108.5 132.5

Shareholders’ Equity 2,599.4 2,414.3 2,438.5 2,677.0 25% 6%

Market Cap 11,158.3 7,958.2 9,603.8 9,291.4 20% 3% EPS (S$) 0.42 0.36 0.26 0.27 2009 2010 2011 2012 2013 PC DPS (S$) 0.11 0.11 0.11 0.11 ROE (LHS) ROA (RHS)

Dividend Payout 86.9% 69.3% 50.4% 48.9% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 257: Segment revenue breakdown (2013) Figure 258: Geographical revenue breakdown (2013)

Rest of Middle East &

Ship a5b Others Brazil China Chartering Europe Africa 0.3% 0.5% The 4% 1% 0.01% 0.8% Netherlands a001447700186961d3 9% U.S.A Singapore 26% 9%

Ship & Rig Repair, Building, Others Conversion 10% and Offshore 99% Rest of ASEAN, Australia & Norway India

19% 22% 00

Source: Company data, UBS Source: Company data, UBS:

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  113

Singapore Airlines Figure 259: Singapore Airlines organisational structure

Temasek Holdings

56%

Singapore Airlines

100% 100% 100% 22.2%

Singapore Flying PC SIA (Mauritius) Sing-Bi Funds College C173f48aa43e

100% 100% 100% 20%

Singapore Airlines SilkAir Ritz-Carlton, SIA Properties Millenia Singapore Cargo (Singapore) Properties

5% 76% 56% 100% 77.8% a5b Singapore Aviation Singapore Airport Abacus Travel and General SIA Engineering Duty-Free Emporium a001447700186961d3 Systems Insurance

100% 40%

Scoot Tiger Airways

CEO:

Source: Company data UBS

. Singapore Airlines (SIA) is a major company in global aviation and is among the00 most transparent of Asia’s airlines. It flies

to more than 60 cities in 30 countries, primarily in the Asia Pacific region but : also to major destinations in Europe and

North America. As at 31 March 2014, SIA operated 103 passenger aircrafts with42 an average age of six years and nine

months. This makes SIA’s fleet one of the youngest in the world, and also a highly28 regarded corporate product.

J . SIA’s wholly-owned subsidiary, , operates a fleet of nineu freighters, with an average age of 12 l

years and three months. SilkAir is SIA’s regional full service airline with 24 passenger2014 jets. SIA also has a 77.8% stake in SIA Engineering, a listed aircraft maintenance, repair and overhaul (MRO) services provider, and a 40% stake in Tiger

Airways, a low-cost carrier with bases in Singapore and Australia.

. In September 2009, SIA divested its 81% stake in SATS Limited in order to unlock shareholder value and allow SIA to concentrate on its core businesses. In May 2011, SIA announced plans to incorporate a new no-frills, low-fare airline operating widebody aircraft on medium and long-haul routes, which was unveiled as in November 2011. Scoot operates a fleet of six passenger aircraft, with expected deliveries of 54 new aircraft continuing to 2021.

. While surrounded by low-cost start-ups, most of SIA’s revenue is derived from the corporate and long-haul segments (rather than short-haul leisure) with a strong focus on its loyalty programmes, the PPS Club and Krisflyer. As competitors in Asia and the Middle East have proliferated, SIA’s growth has slowed and remains sharply focused on reducing unit costs to drive economic returns.

. Website: http://www.singaporeair.com/

Singapore Market Strategy 25 July 2014  114

Figure 260: Major corporate events

Date Type Event May 2014 Subscribed for an additional 400m shares of Scoot for S$400m for the acquisition of a fleet of 20 new 787 aircraft Feb 2014 Joint venture Formed a JV with Airbus (55%) to establish a civil aviation flight training centre to be based in Singapore Jan 2014 Proposed alliance between Air New Zealand and SIA to boost existing capacity between the two countries by up to 30% pa round over time De c 2013 Joint venture Nok Airlines Public (51%) and Scoot (49%) established a low-cost airline based in Bangkok, named NokScoot, with investment of Bt2bn (S$80m) and Scoot signed an alliance agreement to further align commercial activities and provide greater choice and flexibility for customers Joint venture Incorporated TATA SIA Airlines Ltd, JV between SIA and TATA Sons, with 49% interest allocated to SIA Acquisition Acquired an additional 7.3% interest in Tiger Airways Holdings Ltd to a total stake of 40% Jun 2013 Acquisition Announced the acquisition of an additional 9.9% interest in Virgin Australia for A$122.6m Mar 2013 Both SIA and Virgin America announced an expansion of their codeshare agreement to include a frequent flyer programme partnership De c 2012 Divestment Divested its 49% stake in Ltd to Delta Air Lines for US$360m in cash PC Embarked on a codeshare agreement with Virgin America on flights serving several US cities from SIA's West Coast gateway points of Los

Angeles and San Francisco C173f48aa43e Nov 2012 Signed agreements with six tourism organisations in Australia for total investment of more than A$5m SIA expanded its codeshare agreement with Virgin Australia to all of Virgin Australia's domestic destinations Signed a codeshare agreement with Aegean Airlines to enable SIA customers to fly to the Greek cities of Athens and Thessaloniki Oct 2012 SIA orders 5 more A380s and 20 A350s while selling five A340-500s to Airbus Acquisition Acquired a 10% stake in Virgin Australia through a placement of new shares by Virgin Australia Holdings for A$105.3m Services to Abu Dhabi in the UAE and Athens in Greece suspended as a result of sustained weak performance of both routes a5b May 2012 SIA and Scandinavian Airlines announced an agreement for code-sharing, coordination of flight schedules, joint sales, etc.

Nov 2011 SIA announced that it would place orders for eight more Boeing 777-300ERs a001447700186961d3 S e p 2011 SIA signed an agreement with Airbus to lease 15 A330-300 aircraft Jul 2011 appointed as founding CEO of SIA’s new no-frills, low-fare airline, unveiled as Scoot in Nov 2011 Jun 2011 SIA to lease an additional 15 Airbus A330s SIA and Virgin Australia group of airlines announced a long-term alliance for code-sharing, coordination of flight schedules, joint sales, etc. May 2011 Announced plans to incorporate a new no-frills, low-fare airline operating widebody aircraft on medium and long-haul routes S e p 2010 Goh Choon Phong to succeed as CEO at the end of December 2010 May 2010 Agreed to sell four B777s to Transaero Airlines Apr 2010 Agreed to lease six B777s to Royal Brunei Airlines for two to two and a half years De c 1985 IPO SIA was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS 00

:

42

Figure 261: Listed companies 28

J Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) % shareholdingu Fr e e float (%) 12M avg daily Country l

2014 traded vol ('000) Singapore Airlines Ltd SIA SP 10.55 12,388 1,174 - 44.0 1,017 Singapore

SIA Engineering Co Ltd SIE SP 5.12 5,738 1,121 77.8 22.3 309 Singapore Tiger Airways Holdings Ltd TGR SP 0.45 439 987 40.0 59.8 1,538 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  115

Figure 262: Financial highlights Figure 263: ROE & ROA

(S $ m) Mar YE FY11 FY12 FY13 FY14 9% 5.0% Revenue 14,524.8 14,857.8 15,098.2 15,243.9 8% 4.5% EBIT 1,352.2 388.1 285.6 351.8 7% 4.0% Net Income 1,092.0 335.9 378.9 359.5 6% 3.5%

T ot al Assets 24,544.5 22,043.0 22,428.1 22,642.5 5% 3.0% Total Liabilities 10,041.7 8,855.6 9,010.8 9,067.9 4% 2.5% Minority Interest 298.4 294.0 312.6 337.4 3% 2.0% Shareholders’ Equity 14,204.4 12,893.4 13,104.7 13,237.2 2% 1.5% 1% 1.0% Market Cap 16,345.8 12,673.8 12,777.6 12,313.4 0% 0.5% EPS (S$) 0.91 0.28 0.32 0.31 FY10 FY11 FY12 FY13 FY14

DPS (S$) 0.60 0.20 0.23 0.21 PC ROE (LHS) ROA (RHS) Dividend Payout 153.2% 70.2% 71.3% 150.5%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg,C173f48aa43e UBS

Figure 264: Segment revenue breakdown (FY14) Figure 265: Geographical revenue breakdown (FY14)

Cargo Others Operations 0.3% 15% Non- a5b Engineering scheduled

Services Services a001447700186961d3 3% 34% East Asia 37%

West Asia and Africa Airline 3% Americas South West Europe Operations 5% 10% 82% Pacific 11%

Source: Company data, UBS Source: Company data, UBS00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  116

Singapore Exchange Figure 266: Singapore Exchange organisational structure

Tokyo Stock Exchange Financial Sector Group Development Fund

23.4%

5% Singapore Exchange

100% 100% 100% 100% 100%

Singapore SingaporePC Singapore Singapore Exchange Exchange The Central

Commodity Exchange C173f48aa43e Derivatives Derivatives Depository Exchange Securities Trading Trading Clearing

100% 100% 100% 100% Securities Singapore Clearing and Asian Gateway SGX International Exchange IT Computera5b Investments Solutions Services a001447700186961d3

50% JV 49% 20% 5%

Philippine Dealing Energy Market Bombay Stock Chi-East System Holdings Company Exchange Corp

CEO: Magnus Böcker

Source: Company data, UBS

00

. Singapore Exchange Limited (SGX) is Asia’s second largest listed exchange, and: is a component of the MSCI Singapore

Free Index and Straits Times Index. SGX was formed on 1 December 1999, following42 the merger of the Stock Exchange

of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX)28 to enhance their competitive positions

and to better respond to globalisation. The company owns and operates the only integrated securities exchange (SGX- J ST) and derivatives exchange in Singapore (SGX-DT) and their related clearingu houses. The 23.4% stake held by the l

Financial Sector Development Fund is non-voting in nature. 2014

. SGX has been proactive in seeking out new global partnerships, and is also often the first exchange to introduce new products and services to the region. Through its Reach initiative—which involved the introduction of a new data centre with co-location facilities and a new securities trading engine with improved functionalities—it is now offers the world’s fastest connectivity to its markets with response times of under 90 microseconds.

. The exchange is a market leader in various areas, including being the world’s first exchange to clear Asian FX forwards, and is also the first in Asia to clear dividend futures contracts and OTC traded financial derivatives. By proactively seeking out partnerships to enhance the depth and scope of its products, we believe SGX is uniquely placed to capitalise on Singapore’s standing as the world’s second largest market for interest rate derivatives and FX.

. Website: http://www.sgx.com.sg/

Singapore Market Strategy 25 July 2014  117

Figure 267: Major corporate events

Date Event May 2014 ASEAN exchanges announced an expanded FTSE ASEAN Index Series including FTSE ASEAN All-Share Index, FTSE ASEAN Stars Index and FTSE ASEAN All Share Ex-Developed Index Feb 2014 MAS and SGX released a joint consultation paper to strengthen the securities market in Singapore De c 2013 Established collaboration with China Futures Association to develop derivatives markets in China and Singapore SGX became the first clearing house in Asia authorised as a derivatives clearing organisation by the CFTC Mar 2013 Signed licensing agreement with MSCI for 14 new regional and country indices Aug 2012 Acquired a 49% stake in Singapore-based Energy Market Company Jun 2012 SGX opens Chicago and London hubs Apr 2012 SGX begins dual currency trading in its securities market Mar 2012 MAS and SGX join Malaysia and Thailand to expedite review process for secondary listings within ASEAN Jun 2011 Announced Singapore government bonds (SGS bonds) would be traded on SGX from Jul 2011 PC SGX became the world’s first exchange to clear Asian FX forwards

May 2011 Minimum bid size to be reduced in Jul 2011, thus lowering trading costs for investors and improving costC173f48aa43e -competitiveness Apr 2011 Australian treasurer rejected ASX-SGX merger proposal SGX launched Co-Location Service, enabling customers to have faster connectivity speeds, as part of its Reach technology initiative to deliver the fastest access in the world to its markets Mar 2011 ASX-SGX merger proposal formally lodged with the Foreign Investment Review Board (FIRB) of Australia Dec 2010 SGX, STOXX and Eurex brought EURO STOXX 50 Futures to Asia Nov 2010 SGX became the first in Asia to clear OTC traded financial derivatives a5b SGX became world's first exchange to clear OTC Indonesian Coal Swaps

Oct 2010 ASX and SGX jointly announce plans for a merger implementation agreement a001447700186961d3 S e p 2010 Corporate bonds introduced for retail investors on both primary and secondary markets SGX and NASDAQ OMX launch ADRs to bring US-listed Asian companies to Asia Aug 2010 Derivatives market trading hours extended by an hour, and trading break shortened by half an hour Jul 2010 Signed Memorandum of Understanding with the Suzhou Industrial Park, Jiansu Province, to enhance listing collaboration in China SGX and CME signed mutual offset arrangement to cover CNX Nifty futures Jun 2010 SICOM and the Tokyo Commodity Exchange (TOCOM) signed Heads of Terms agreement for cross-listings and liquidity enhancement in both the Singapore and Japan commodity markets SGX became the first Asian exchange to trade a dividend futures contract May 2010 Signed a listing Memorandum of Understanding with the Financial Affairs Office of the Chongqing Government of China

Mar 2010 Signed a Memorandum of Understanding with the National Stock Exchange of India Limited (NSE) to 00 create a market for India-linked products

Nov 2000 SGX was listed on the SGX Mainboard

:

Source: Company data, UBS 42

28

J u

Figure 268: Listed companies l

2014 Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country

Singapore Exchange Ltd SGX SP 6.97 7,457 1,070 94.7 1,402 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  118

Figure 269: Financial highlights Figure 270: ROE & ROA

(S$ m) Jun YE FY10 FY11 FY12 FY13 41% 23% Revenue 635.7 659.1 646.6 711.7 EBIT 365.2 357.9 328.3 424.0 40% 22%

Net Income 320.1 294.9 291.8 335.9 39% 21%

38% 20% T ot al Assets 1401.6 1900.7 1729.4 1794.4 Total Liabilities 585.7 1076.7 896.3 905.8 37% 19% Minority Interest 0.0 0.0 0.0 0.0 36% 18% Shareholders’ Equity 815.9 824.0 833.0 888.6 35% 17%

Market Cap 7876.5 8036.5 6739.6 7516.2 34% 16% EPS (S$) 0.30 0.28 0.27 0.31 FY09 FY10 FY11 FY12 FY13 PC DPS (S$) 0.27 0.27 0.27 0.28 ROE (LHS) ROA (RHS)

Dividend Payout 89.9% 97.7% 98.8% 89.1% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 271: Segment revenue breakdown (FY13) Figure 272: Geographical revenue breakdown (FY13)

Other Operations a5b 2% a001447700186961d3

Derivatives Market 33%

Securities Market 66%

Singapore

100% 00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  119

Singapore Post Figure 273: Singapore Post organisational structure

Temasek Holdings

51.9%

Singapore Telecommunications

25.8%

Singapore Post PC 43 subsidiaries C173f48aa43e

Associates and joint ventures Mail & Digital Major Properties Services GD Express Carrier (26.1%) Postea (30%) Indo Trans Logistics (30%) Dash Logistics (51%) Singapore Post Centre Shenzhen 4PX Informationa5b and Technology (18%) Logistics Efficient E-Solutions (20.8%)

ePDS (33%) a001447700186961d3 Shanghai Yihui Printing (30%) Novation Efficient Logistics (40%) Retail & e- vPOST Hong Kong (50%) Commerce Thai British Dpost (49%)

Group CEO: Dr Wolfgang Baier

Source: Company data, UBS

. Singapore Post (SingPost) is the dominant provider of domestic and international postal services in Singapore. Its three

main operating divisions are mail, logistics and retail, of which mail is its key activity,00 providing about 60% of revenue,

with door-to-door services in over 200 countries. In recent years, its logistics: business has also grown in importance,

especially with the rise of e-commerce, contributing about 30% of FY11 revenue.42

28

. In spite of declining domestic mail volumes and pressure from escalating costs, delivering quality service remains J SingPost’s highest priority. SingPost continues to focus on regional collaborationsu and establishing Singapore as an e- l

commerce hub to strengthen its international mail business. It also continues2014 to accelerate its diversification efforts, focusing on e-commerce and e-fulfilment, allowing SingPost to provide an asset-light, one-stop, end-to-end e-commerce

solution, especially to global businesses.

. In 2009, SingPost also fully acquired Quantium Solutions International (formerly G3 Worldwide Aspac) and Postea to further its regional growth and expansion efforts. Quantium Solutions has invested significantly in e-commerce logistics capabilities to further improve efficiency and service levels, while strengthening its technology backbone to enable point- to-point delivery network across Asia Pacific, while continually fortifying its domestic delivery capabilities in every country in Southeast Asia.

. Since 2004, SingPost has provided mass market financial services, which leverage on its two unique assets: its brand name and its extensive retail distribution network of 62 post offices island-wide as at 31 March 2014. Services include remittances, unsecured money lending (in partnership with GE), pawn broking (for gold) and the distribution of insurance and unit trust products (in partnership with AXA Life).

. Website: http://www.singpost.com/

Singapore Market Strategy 25 July 2014  120

Figure 274: Major corporate events

Date Type Event Jun 2014 Joint venture Alibaba Group announced the investment of S$312.5m for a 10.35% stake in SingPost and proposed a JV to expand their international e- commerce logistics businesses Jan 2014 Joint venture Wholly owned subsidiary Quantium Solutions announced a 49/51 JV with PT Rantai Bumi Laut to manage warehousing and freight forwarding services in Indonesia S e p 2013 Acquisition Announced the acquisition of a 100% stake in EK Media for S$1.2m (completed Oct 2013) Joint venture Wholly owned subsidiary Quantium Solutions entered into a JV agreement to subscribe for an 18% stake in Shenzhen 4PX Information and Technology for Rmb60m (S$12.43m) (completed in Jan 2014) Jul 2013 Announced the non-renewal of existing postassurance arrangements with Prudential Assurance and establishment of new postassurance agreement with AXA Life Insurance Jan 2013 Acquisition Announced the acquisition of a 62.5% stake in Famous Holdings for S$60m (completed in Feb 2013) De c 2012 Acquisition Announced the acquisition of General Storage, which operates a “Lock + Store” self-storage business, for around S$37m (completed in Jan

2013) PC Aug 2012 Acquisition Proposed the acquisition of a 30% stake in DASH LOGISTICS for US$305,000 (completed in May 2013) C173f48aa43e Mar 2012 Fund raising Issued S$350m 4.25% perpetual securities Jan 2012 Acquisition Announced the acquisition of a 100% stake in Novation Solutions for US$9.8m (S$12.74m) (completed in May 2012) Oct 2011 Wolfgang Baier promoted from CEO (International) to Group CEO. Ng Hin Lee reappointed from CEO (Postal and Corporate Services) to Group CFO Aug 2011 Proposed the sale of a 17% stake and a 3% stake in ePDS to ePLDT and to DataPost Pte Ltd, respectively, for P34m in total Jul 2011 Acquisition Acquired a 20% stake in Shenzhen 4PX Express Co through Quantium Solutions International for Rmb60.0m

Jun 2011 Acquisition Increased its stake in Efficient E-Solutions Bhd, a listed company in Malaysia, from 15.18%a5b to 20.12% for RM8.05m Acquisition Proposed the acquisition of Indo Trans Logistics Corporation for US$10.8m, representing a 30% stake a001447700186961d3 May 2011 Acquisition Increased its stake in DataPost from 70% to 100%, for a consideration of S$6m Jan 2010 Announced the resignation of Wilson Tan Wee Yan as Group CEO and Executive Director May 2003 IPO Singapore Post was listed on the SGX Mainboard

Source: Company data, UBS

Figure 275: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country

Singapore Post SPOST SP 1.77 3,390 1,921 74.0 4,043 Singapore

00 Source: Bloomberg, UBS

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  121

Figure 276: Financial highlights Figure 277: ROE & ROA

(S $ m) Mar YE FY11 FY12 FY13 FY14 70% 20% Revenue 563.9 578.5 658.8 821.1 EBIT 153.7 144.7 172.9 185.9 18% 60% Net Income 161.0 142.0 136.5 143.1 16% 50% T ot al Assets 1,092.9 1,430.2 1,554.3 1,321.9 14% Total Liabilities 760.5 770.4 886.7 626.0 40% Minority Interest 6.2 0.0 0.1 2.2 12%

Shareholders’ Equity 326.1 659.8 320.7 346.8 30% 10%

Market Cap 2,229.1 1,926.6 2,355.4 2,591.3 20% 8% EPS (S$) 0.08 0.07 0.06 0.07 FY10 FY11 FY12 FY13 FY14 PC DPS (S$) 0.06 0.06 0.06 0.06 ROE (LHS) ROA (RHS)

C173f48aa43e Dividend Payout 80.0% 87.2% 83.8% 82.1%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 278: Segment revenue breakdown (FY14) Figure 279: Geographical revenue breakdown (FY14)

Retail & e- Commerce a5b 7%

Rest of World a001447700186961d3 28%

Logistics 37% Mail 55%

Singapore 72%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  122

Singapore Press Figure 280: Singapore Press organisational structure

Singapore Press Holdings

Book Publishing/ Newspapers Magazines Contract Online Publishing

19 newspaper titles Over 100 magazine titles Focus Publishing Straits Times Press PC

Properties Events Broadcasting Others C173f48aa43e

13.4% 69.7% BizLink Exhibition Services Buzz Pods The Seletar 80% SPH SPH REIT Exhibits Inc M1 Mall Sphere Conferences UnionWorks SPHMBO

20%

MediaCorpa5b TV The Clementi Paragon Mall a001447700186961d3

40% MediaCorp Press

CEO: Chan Heng Loon Alan

Source: Company data, UBS

. Limited (SPH) is a quasi-monopoly newspaper and magazine publisher in Singapore, with one of the region’s most advanced printing assets. It publishes 19 newspapers in four languages and more than 100 magazines. It also owns a 40% stake in MediaCorp Press Ltd, which publishes a free newspaper, Today. As at 31 August 2013, more

than 3m individuals, or 76% of the population above 15 years old, read one of SPH’s00 publications on a daily basis.

:

. In addition to its core business as a newspaper and magazine publisher, SPH provides42 Internet portal services with online

news and e-commerce facilities. SPH’s online and new media initiatives include28 ST701, Straits Times Online Mobile Print (STOMP), omy.sg, and The Straits Times RazorTV. It operates three radio stations—UFM 100.3 in Mandarin and Kiss 92

J and HOT FM91.3 in English—under an 80% owned joint venture companyu SPH UnionWorks. SPH also maintains a l

presence in the free-to-air television business through its 20% share in MediaCorp2014 TV Holdings Pte Ltd, which operates channels 5, 8 and U.

. In 2005, SPH ventured into out-of-home advertising to capture the rising popularity of this medium. It owns a 100% stake in SPHMBO, Singapore’s largest outdoor motion display advertising network media company, which operates a network of large outdoor LED billboards at strategic locations and indoor screens across shopping centres and banks island-wide. It also operates large format billboards, banners and other static media platforms. SPH’s events subsidiary Sphere Exhibits also organises innovative consumer and trade events and exhibitions as well as large conferences.

. SPH REIT was successfully listed in July 2013 with an initial portfolio comprising Paragon and a 60% stake in The Clementi Mall. The Seletar Mall is SPH’s latest retail development, which could open at the end of 2014. SPH’s wholly owned subsidiary Times Development Pte Ltd also developed a 43-storey upmarket residential condominium, Sky@eleven at Thomson Road.

. Website: http://www.sph.com.sg/

Singapore Market Strategy 25 July 2014  123

Figure 281: Major corporate events

Date Type Event Dec 2013 Announced wholly owned subsidiary as the lead-investor in a Series B US$10m round of funding in Magzter Inc S e p 2013 Divestment Announced the divestment of a two-third stake in 701Search to Schibsted Classified Media and Telenor Communications II for S$16.856m (completed in Dec 2013) Aug 2013 Divestment Wholly owned subsidiary SPH Net announced the divestment of its 25% stake in OpenNet for S$31.5m (completed in Nov 2013) Jul 2013 IPO SPH REIT was listed on the SGX Mainboard with SPH holding a 70% stake Jun 2013 Acquisition Announced the increase in its stake in SPH UnionWorks from 80% to 92.9%, held through SPH Multimedia for S$3.601m Apr 2013 Acquisition Acquired a 100% stake in SGCM and Quotz, a 45% stake in Conversion Hub Marketing and a 30% stake in SCMC for S$60m Nov 2012 Acquisition Wholly owned subsidiary announced the acquisition of the remaining 35% stake in 701Sou (Hong Kong) for S$4.2m Mar 2012 Acquisition Announced the acquisition of a 20% stake in Blu Inc. (Holdings) Malaysia Sdn Bhd for RM22.06m (completed in May 2012) Jan 2012 Earth Holdings, a JV between SPH (70%) and United Engineers (30%), was awarded the tender for Sengkang commercial site for the top bid of S$328m De c 2011 SPH UnionWorks was awarded the tender to operate a new FM radio station, 92FM PC

Lawsuit Filed its reply and defence to counterclaim in the suit instituted against Yahoo! SoutheastC173f48aa43e Asia in the High Court of Singapore in a bid to protect its copyrighted works, under the assertion that Yahoo! had over an extended period of time consistently and deliberately committed plagiarism Jun 2011 Chairman of the Board of Directors, Dr Tony Tan Keng Yam, resigns to contest in the Singapore Presidential Elections Jan 2011 Acquisition SPH Magazines acquires a 22.5% stake in IT venture capital firm Kyosei Ventures, in exchange for its 100% subsidiary, Clicktrue Pte Ltd Oct 2010 Acquisition SPH Magazines acquires 34% of Antartica Interactive Pte Ltd for S$0.5m in cash Jun 2010 Acquisition Subsidiary Sphere Exhibits Pte Ltd acquired 90% of Bizlink Exhibition Services Pte. Ltd for S$1.6m Acquisition Announced the proposed acquisition of exhibitions business and assets from Eastern Directories Pte Ltd for S$43.5m a5b May 2010 Acquisition Increased its shareholding in SPH Search Pte Ltd from 80.1% to 98.47% for S$2.7m

De c 1984 IPO SPH was listed on the SGX Mainboard a001447700186961d3

Source: Company data, UBS

Figure 282: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) % shareholding Fr e e float (%) 12M avg daily Country traded vol ('000) Singapore Press Holdings Ltd SPH SP 4.16 6,654 1,600 - 99.9 2,677 Singapore M1 Ltd M1 SP 3.83 3,560 929 13.4 38.7 811 Singapore

SPH REIT SPHREIT SP 1.06 2,661 2,510 69.7 24.5 1,971 Singapore 00

Source: Bloomberg, UBS

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  124

Figure 283: Financial highlights Figure 284: ROE & ROA

(S$ m) Aug YE FY10 FY11 FY12 FY13 25% 14% Revenue 1,381.1 1,251.0 1,272.9 1,239.5 EBIT 546.3 422.1 452.8 437.2 23% 13%

Net Income 497.9 388.6 574.7 431.0 21% 12%

19% 11% T ot al Assets 4,234.0 3,888.8 5,485.4 6,373.4 Total Liabilities 1,928.0 1,582.2 1,732.2 2,157.6 17% 10% Minority Interest 79.7 74.6 73.0 679.2 15% 9% Shareholders’ Equity 2,226.3 2,232.0 3,680.2 3,536.5 13% 8%

Market Cap 6,550.5 6,114.0 6,399.6 6,348.0 11% 7% EPS (S$) 0.31 0.24 0.36 0.27 FY09 FY10 FY11 FY12 FY13 PC DPS (S$) 0.27 0.24 0.24 0.40 ROE (LHS) ROA (RHS)

C173f48aa43e Dividend Payout 90.1% 98.3% 102.9% 186.6%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 285: Segment revenue breakdown (FY13) Figure 286: Geographical revenue breakdown (FY13)

Others a5b Rest of World 4% 3% Property 16% a001447700186961d3

Newspaper & Magazine Singapore 80% 00 97%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS :

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  125

Singapore Telecommunications Figure 287: Singapore Telecommunications organisational structure

Temasek Holdings

51.9%

Singapore Telecommunications

Singapore Australia Rest of World

SingTel Digital 95.6% 100% 100% 100% PC 47.2% 45% Pacific Bangladesh NCS Pte Ltd SingTel Optus Optus Networks Globe Telecom Media (Philippines) Telecom C173f48aa43e

25.8% 100% Alphawest 100% 100% 32.4% 40% Southern Cross Singapore Post SingNet Pte Ltd Optus Vision Bharti Airtel (India) Services Cables Holdings

100% 100% SingTel Idea 100% 100% Uecomm Advanced Info 23.3% 35% PT Telekomunikasi SingTel Innov8 Optus Broadband Factory Operations Service (Thailand) Selular (Indonesia)

100% 100% 20.3% Telecom SingTel Mobile 100% 100% Virgin Mobile a5b APT Satellite Optus Mobile Equipment Singapore (Australia) Holdings a001447700186961d3

CEO: Chua Sock Koong

Source: Company data, UBS

. Singapore Telecommunications (SingTel) is Singapore’s largest telecom services provider and the largest company by market capitalisation on the SGX. SingTel was incorporated in 1992 and listed on the Singapore Exchange in November 1993 and on the Australian Stock Exchange in September 2001.

. In Singapore, SingTel has played an integral part in the development of the 00 city as a major regional communications

:

hub. Since the end of its monopoly in 1997 and the entry of M1 and StarHub, SingTel’s market share in mobile telecoms 42 has fallen. However, it continues to lead the mobile market in Singapore with a 47% market share as of 31 March 2014.

Its domestic business remains very profitable, and importantly, cash generative,28 which has helped fund the company’s

overseas acquisitions. J u l

. SingTel has sold down non-core assets since its incorporation. In May 2003, it held2014 a successful IPO of 69% of Singapore Post. Since then, it has sold its Yellow Pages business and its stake in Belgian telco operator, Belgacom.

. Today, SingTel owns substantial overseas investments including 100% of Australia’s second-largest telecom operator, Optus, which it purchased for S$13bn in October 2001. Optus has a market share of 30% in Australia as of 31 December 2013. SingTel also has interests in several other regional communications companies including Advanced Info Service (Thailand), Globe Telecom (the Philippines), Pacific Bangladesh Telecom (Bangladesh), Telkomsel (Indonesia) and Bharti Airtel (India). Through Airtel, SingTel also has presence in 15 African countries.

. Website: http://www.singtel.com/

Singapore Market Strategy 25 July 2014  126

Figure 288: Major corporate events

Date Type Event Jun 2014 Acquisition Wholly owned subsidiary Amobee acquired a 100% stake in Adconion Media and Adconion for around US$209m excluding working capital adjustments (completed in Jul 2014) Apr 2014 Acquisition Wholly owned subsidiary SingTel Innov8 increased its stake in Kai Square from 19.08% to 39.15% for S$1.95m S e p 2013 Acquisition Wholly owned subsidiary Amobee acquired a 100% stake in Gradient X, which has developed a mobile advertising and marketing platform with real-time bidding capabilities, for around US$15m Aug 2013 Divestment Wholly owned subsidiary SingTel Interactive announced the divestment of its 30% stake in OpenNet for S$37.8m Apr 2013 Acquisition Wholly owned subsidiary Innov8 increased its stake in Sentilla from 23.39% to 31.04% for US$2.9m Jan 2013 Divestment Wholly owned subsidiary SingTel Pakistan Investments announced the divestment of its 30% stake in Warid Telecom for US$150m (completed in Mar 2013) S e p 2012 Acquisition Wholly owned subsidiary SingTel Digital L!fe acquired a 100% stake in Pixable Inc for US$26.5m Jul 2012 Acquisition Wholly owned subsidiary Optus Mobile acquired a 100% stake in Eatability, owner of the restaurant review portal eatability.com.au, for A$6m

(completed in Oct 2012) PC May 2012 Optus signed an MOU with Vodafone Hutchison Australia and Vodafone Network which will allow Optus customers to receive wider coverage C173f48aa43e through access to nearly 1,000 additional mobile sites strengthening Optus’s 3G and 4G services across Australia Acquisition Announced the acquisition of a 100% stake in GTW Holdings, owner of the restaurant review portal hungrygowhere.com, for S$12m Apr 2012 Divestment Announced the divestment of 3.98% in Far EasTone Telecommunications for NT$8bn (S$339m) Mar 2012 Acquisition Announced the acquisition of a 100% stake in Amobee for US$321m Feb 2012 Acquisition Wholly owned subsidiary Optus Mobile acquired a 100% stake in Vividwireless Group, which owns and operates two wireless broadband businesses, for A$230m

De c 2011 Divestment SingTel divested its 40% stake in Teletech Park for S$15m a5b Nov 2011 Acquisition Wholly owned subsidiary Innov8 acquired a 22.07% stake in IGA for US$1.6m a001447700186961d3 Acquisition Wholly owned subsidiary SingTel Strategic Investments announced the acquisition of an additional 2.05% of Advanced Info Services for Baht7.9bn (S$331m) (completed in Dec 2011) Aug 2011 Acquisition Wholly owned subsidiary Innov8 acquired a 23.39% stake in Sentilla Corporation, a provider of energy performance management software, for US$4.5m Jun 2011 Announced a landmark agreement with National Broadband Network (NBN) to migrate hybrid fibre coaxial cable (HFC) customers to NBN, valued at around A$800m on a post-tax net present value basis May 2011 Chumpol NaLamlieng to step down as Chairman and would be succeeded by Simon Israel SingTel second commercial satellite ST-2 to be launched into orbit to allow greater areas of access for customers in the Maritime industries Mar 2011 SingTel remains the title sponsor for Formula 1 for the fourth year Launched on-demand enterprise hybrid cloud solution with VMware, allowing companies to upgrade their IT resources and reduce operating

costs by up to 73% 00

Jan 2011 Acquisition Wholly owned subsidiary Innov8 increased its stake from 23.39% to 28.57% in 2359 Media: Pte Ltd, a mobile advertisement creation platform,

for around S$0.8m 42

De c 2010 Collaboration agreement with Portugal Telecom to share operational and commercial best28 practices in fibre optic and IPTV based pay TV services S e p 2010 Announced setting up of Innov8, a S$200m corporate venture company to invest in innovative technologies and solutions

J Aug 2010 Appointed Hui Weng Cheong as CEO International, succeeding Lim Chuan Poh u l

Jun 2010 Announced NCS had been appointed the ICT partner in the Ministry of Education’s (MOE)2014 S$580m ICT Operating Environment for Schools programme, combining all schools in Singapore with centralised infrastructure and computing services

Nov 1993 IPO SingTel was listed on the SGX Mainboard

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  127

Figure 289: Listed companies

Company Code Cur rency Pr i ce Market cap (m) No. of shares (m) % Free 12M avg daily Country shareholding fl oat (%) traded vol ('000) Singapore Telecommunications ST SP S$ 3.99 63,615 15,944 - 48.0 16,014 Singapore Advanced Info Service PCL ADVANC TB Bt 207.00 615,431 2,973 23.3 28.8 7,196 Thailand APT Satellite Holdings Ltd 1045 HK HK$ 12.20 7,586 622 5.5 39.5 1,255 Hong Kong Bharti Airtel Ltd BHARTI IN Rs 354.35 1,416,479 3,997 32.4 24.4 5,237 India C.S . Loxinfo Public Company Ltd CSL TB Bt 10.30 6,124 595 14.1 36.2 360 Thailand Globe Telecom Inc GLO PM P 1720.00 228,210 133 47.2 22.2 63 Philippines Singapore Post Ltd SPOST SP S$ 1.77 3,390 1,921 25.8 74.0 4,043 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

PC Figure 290: Financial highlights Figure 291: ROE & ROA C173f48aa43e

(S $ m) Mar YE FY11 FY12 FY13 FY14 18.0% 11.5% Revenue 18,070.6 18,825.3 18,183.0 16,848.1 EBIT 3,111.8 3,184.1 3,072.4 2,950.4 17.5% 11.0% Ne t Income (Adj) 3,800.0 3,676.0 3,611.0 3,610.0 17.0% 10.5%

T ot al Assets 39,282.3 40,417.6 39,983.5 39,320.0 a5b 16.5% 10.0% Total Liabilities 14,932.0 16,969.7 15,994.3 15,427.4 Minority Interest 22.0 20.4 24.6 24.4 16.0% a001447700186961d3 9.5% Shareholders’ Equity 24,328.3 23,427.5 23,964.6 23,868.2 15.5% 9.0%

Market Cap 48,125.3 50,174.8 57,193.0 58,194.1 15.0% 8.5% EPS (S$) 0.24 0.23 0.23 0.23 FY10 FY11 FY12 FY13 FY14 DPS (S$) 0.16 0.16 0.17 0.17 ROE (LHS) ROA (RHS) Dividend Payout 66.2% 68.5% 74.1% 74.2%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

00 Figure 292: Segment revenue breakdown (FY14) Figure 293: Geographical revenue breakdown (FY14)

:

Digital 42 Pay Television Fibre Rollout & Businesses

International 1.5% Maintenance

1.0% 28 Telephone 0.9% 4% Others

1.1% Sale of J Equipment u

l Australia

7%

2014 34%

National Others Telephone 42%

9% Mobile Communications 43% Information Technology & Engineering 12%

Data & Internet Singapore 20% 24%

Source: Company data, UBS Note: “Others” includes share of associates and joint ventures to better reflect a diversified exposure of the company. Source: Company data, UBS

Singapore Market Strategy 25 July 2014  128

SMRT Corporation Figure 294: SMRT Corporation organisational structure

Temasek Holdings

54.2%

SMRT Corporation PC Rail Bus Taxi Rental C173f48aa43e

Charter Hire, Engineering Investment Advertising Repair & Services Holding & Others Maintenance a5b

49% 70% a001447700186961d3 40% Shenzhen Zona SMRT Alpha Ortus Infrastructure Transportation Capita (Jakarta (Sportshub) Group Monorail) 30% 55%

Ortus Holdings NTUC Fairprice Limited

CEO: Desmond Kuek Bak Chye

Source: Company data, UBS 00

:

. SMRT Corporation (SMRT) is a one of two large multi-modal public transport service42 providers in Singapore. Established

in 1987 and listed in 2000, SMRT operates parts of the Mass Rapid Transit (MRT)28 and Light Rail Transit (LRT) network in

Singapore. As of 31 March 2014, SMRT operated a fleet of 106 six-car trains along the North-South and East-West lines J and the Circle Line (CCL), which comprise 78 stations spread over 128km. It u also generates revenue from iadvertising l

and rentals by leasing commercial space in its stations, and advertising space in2014 its trains, buses and taxis. In addition, it provides bus, taxi, project management and consultancy services.

. In 2001, SMRT won the bid to operate CCL, which commenced operations in 2009, connecting passengers to 31 stations. The line is in the final development (Circle Line Stage 6) to link HarbourFront station to Marina Bay station, which could be completed by 2025.

. SMRT also operates the Bukit Panjang LRT which began operations in 1999, comprising 7.8km of elevated guideways linking 14 stations in Bukit Panjang. SMRT has a fleet of more than 3,200 taxis and over 1,200 buses and operates non- fare businesses such as retail space leasing, advertising, engineering and related services.

. Website: http://www.smrt.com.sg/

Singapore Market Strategy 25 July 2014  129

Figure 295: Major corporate events

Date Event May 2014 Land Transport Authority (LTA) announced the restructuring of public bus industry where LTA will contract bus operators to operate bus services through competitive bids Jan 2014 Announced cessation of Lee Khia Yee and appointment of Sam Ong Eng Keang as CFO effective 1 Mar 2014 De c 2013 SMRT and MSI Global win a P1.8bn (S$50.9m) bid to develop and run a fare-collection system for Metro Manila’s rail system Mar 2013 Announced a pay raise for China bus drivers to align staff incentives with other drivers De c 2012 Sportshub was awarded to SMRT Alpha (70%) and Alphaplus (30%), a wholly owned subsidiary of NTUC Fairprice, with total initial investment of S$15m Nov 2012 More than 100 SMRT bus drivers in China take industrial action S e p 2012 S&P reaffirmed 'AAA' ratings based on the “likelihood of extraordinary support from the government” Aug 2012 Appointment of Desmond Kuek Bak Chye as CEO Jul 2012 Fined S$2m for service disruption in December 2011 Apr 2012 Invested S$900m for planned renewals and preventive maintenance to prevent reoccurrence of service disruptions PC Feb 2012 Invested S$195m to replace the signalling system on the North-South East-West Lines to allow trains to run at an improved frequency to reduce waiting time

Shenzhen Zona Transportation Group acquired 100% of Beijing National Express Passenger TransportC173f48aa43e ation for Rmb30m Jan 2012 Cessation of Saw Phaik Hwa as President and CEO and appointment of Tan Ek Kia as interim CEO De c 2011 Train services were disrupted on two separate occasions on the North South Line, making them the worst breakdowns in SMRT’s history Aug 2011 SMRT added 119 train trips from 15 Aug onwards to shorten waiting times during non-peak hours on weekdays and on Sundays Jul 2011 SMRT to invest S$3.12m to improve reliability of Bukit Panjang Light Rail System by July 2012 May 2011 New platform at Jurong East Station, part of the Jurong East Modification Project, opens. This allows for deployment of five more trains on the North-South and East-West Lines and cater to growing passenger volume a5b Mar 2011 Added 590 more train trips per week to the North-South-East-West Line and North-East Line

Nov 2010 Bukit Panjang LRT system disrupted due to a power fault, affecting around 5,000 passengers a001447700186961d3 S e p 2010 Rail network to be expanded and upgraded over the next decade by upgrading signalling system, adding more trains and completing the Jurong East Modification Project Jul 2010 Nakheel submitted early termination to end contract with SMRT for the operation and maintenance of Palm Monorail development in Dubai May 2010 Disposed of its 50% stake in TransitLink Pte Ltd for S$1.73m Jul 2000 SMRT was listed on the SGX Mainboard

Source: Company data, UBS

Figure 296: Listed companies

00

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country :

SMRT Corporation Ltd MRT SP 1.58 2,404 1,522 42 45.7 2,270 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS 28

J

u l

2014

Singapore Market Strategy 25 July 2014  130

Figure 297: Financial highlights Figure 298: ROE & ROA

(S $ m) Mar YE FY11 FY12 FY13 FY14 25% 12% Revenue 969.7 1,057.2 1,119.5 1,163.9 EBIT 196.8 173.4 128.3 83.3 20% 10% Net Income 161.1 119.9 83.3 61.9 15% 8%

T ot al Assets 1,606.6 1,755.9 2,224.4 2,072.5 Total Liabilities 807.5 964.5 1,455.8 1,270.9 10% 6% Minority Interest 0.0 0.0 0.3 -0.1 Shareholders’ Equity 799.1 791.4 768.2 801.8 5% 4%

Market Cap 2,870.6 2,637.5 2,403.1 1,551.9 0% 2% FY10 FY11 FY12 FY13 FY14 EPS (S$) 0.11 0.08 0.06 0.04 PC DPS (S$) 0.09 0.07 0.03 0.02 ROE (LHS) ROA (RHS)

Dividend Payout 80.1% 94.5% 45.6% 54.1% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 299: Segment revenue breakdown (FY14) Figure 300: Geographical revenue breakdown (FY14)

AdvertisingOthers a5b 3% 2% Rental 8% a001447700186961d3

Taxi 11%

MRT 54%

Bus 19%

Engineering Singapore Services LRT 00 2% 1% 100%

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  131

Starhill Global REIT Figure 301: Starhill Global REIT organisational structure

YTL Corporation AIA Group

36.3% 9.1%

Starhill Global REIT

Singapore Malaysia

74.2% 27.2% 100% PC 100%

Wisma Atria Ngee Ann City Starhill GalleryC173f48aa43e Lot 10 Property (Strata)

Australia (2 properties) China (1 property) Tokyo (5 properties) 100% 100% 100% a5b Daikanyama a001447700186961d3 Ebisu Fort David Jones Building Renhe Spring Zongbei Harajyuku Secondo Plaza Arcade Department Store Nakameguro Roppongi Terzo

CEO: Ho Sing

Source: Company data, UBS

00 . Starhill Global REIT was listed in September 2005 and is a Singapore-based real estate investment trust. Its strategy is to

:

invest mainly in prime retail and office real estate. Its initial portfolio comprised 42 two Orchard Road prime retail and office

properties in Singapore, Wisma Atria and Ngee Ann City, valued at S$1.6bn. Through a series of acquisitions, Starhill's 28 enlarged portfolio comprised 12 assets, owning five retail assets in Japan, two in Australia, two in Malaysia and one in

J

China, and valued at around S$2.8bn as of 31 March 2014. u l

2014 . Starhill Global is sponsored by YTL Corporation Bhd, and managed externally by YTL Starhill Global REIT Management Limited. The manager is fully owned by YTL Starhill Global REIT Management Holdings, which is in turn an indirect subsidiary of the sponsor itself.

. Website: http://www.starhillglobalreit.com/

Singapore Market Strategy 25 July 2014  132

Figure 302: Major corporate events

Date Type Event Mar 2014 Change of financial year end from December to June Divestment Divested its entire stake in the Holon L Property for ¥1,026m (S$12.8m) Jul 2013 S&P upgraded corporate rating to ‘BBB+’ from ‘BBB’ Mar 2013 Acquisition Completed acquisition of Plaza Arcade in Perth, Australia on 1 March 2013 for A$48.0m (S$61m) Feb 2013 Divestment Roppongi Primo in Tokyo, Japan was divested on 1 February 2013 for ¥700.0m (S$9.5m) Jul 2012 Completed asset redevelopment works at Wisma Atria Property and achieved ROI of 12.8%, more than initially projected ROI at 8% S e p 2011 Completed redevelopment work at Starhill Gallery and generated around a 7% return on investment Jun 2010 Acquisition Acquired Starhill Gallery and Lot 10 in Kuala Lumpur, Malaysia for RM1,030m from Mayban Trustees Berhad (trustee of Starhill REIT) May 2010 YTL Corporation Berhad increased its indirect interest in the manager and the property manager to 75% Apr 2010 Appointed Ho Sing as CEO with effect from 20 April 2010 Jan 2010 Acquisition Acquired David Jones Building in Perth, Australia for A$114.5m (S$145.7m) from CPT Manager Limited PC De c 2008 MP REIT remained Starhill Global REIT

Jun 2008 MMP REIT was renamed Macquarie Prime REIT (MP REIT) C173f48aa43e Nov 2005 Prime REIT was renamed Macquarie MEAG Prime REIT (MMP REIT) S e p 2005 IPO MMP REIT was listed on the SGX Mainboard

Source: Company data, UBS

Figure 303: Listed companies a5b

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e floata001447700186961d3 (%) 12M avg daily traded vol ('000) Country Starhill Global REIT SGREIT SP 0.84 1,798 2,153 63.6 1,813 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  133

Figure 304: Financial highlights Figure 305: ROE & ROA

(S$ m) Dec YE** 2010 2011 2012 2013 Revenue 166.5 180.8 186.5 201.2 6.0% 3.8% EB IT (Adj) 115.8 126.1 132.7 140.3 5.5% 3.6% Ne t Income (Adj) 81.0 87.4 96.7 107.8

5.0% 3.4% T ot al Assets 2786.6 2839.1 2820.2 2943.2 Total Liabilities 956.5 988.1 938.1 933.0 4.5% 3.2% Minority Interest 0.0 0.0 0.0 0.0 4.0% 3.0% Convertible Preferred Units 173.4 173.4 173.4 20.4 Shareholders’ Equity 1656.7 1677.5 1708.6 1989.8 3.5% 2.8%

Market Cap 1214.4 1097.8 1525.3 1690.3 3.0% 2.6% PC EPU (S¢) 4.2 4.5 5.0 5.3 2009 2010 2011 2012 2013 ROE (LHS) ROA (RHS) DPU (S ¢) 3.9 4.1 4.4 5.0 C173f48aa43e Distribution Payout 97.8% 98.5% 98.3% 97.3%

Note: **Financials reflect the 12-month period from Jan to Dec and do not reflect Source: Company data, Bloomberg, UBS the change in financial year end from Dec to Jun Source: Company data, Bloomberg, UBS

Figure 306: Segment revenue breakdown (2013) Figure 307: Geographicala5b revenue breakdown (2013) a001447700186961d3 Japan Commercial China 3% 12% 7% Australia 9%

Malaysia 15%

Singapore 66%

00

Retail :

88% 42

Source: Company data, UBS Source: Company data, UBS28

J u l

2014

Singapore Market Strategy 25 July 2014  134

StarHub Figure 308: StarHub organisational structure

Temasek Holdings

100%

Singapore Technologies Telemedia

75%

25% Qatar Telecom (Ooredoo) Asia Mobile Holdings NTT Communications PC

56.3% C173f48aa43e

10.0% StarHub

100% 100% 100% 100% 100%

StarHub Cable a5b StarHub Mobile StarHub Internet StarHub Online StarHub, Inc. Vision a001447700186961d3

100% 100% 100% 100% 100%

StarHub SHINE Systems StarHub Mauritius Nucleus Connect StarHub Shop (Hong Kong) Assets

CEO: Tan Tong Hai

Source: Company data, UBS

. StarHub is Singapore’s second largest wireless communications operator that00 provides mobile, pay-TV, broadband

Internet and fixed-network services. Listed in 2004, StarHub operates Singapore’s: fastest two-way High-Speed Packet

Access Plus (HSPA+) mobile network and an island-wide HFC network that 42 delivers multi-channel cable TV services.

Despite being a late entrant to the market, the company had grown its market28 share to around 30% as of December

2013, making it the second largest operator after SingTel. J u l

. StarHub TV started as SCV in 1992, offering only three channels. Following the2014 acquisition of Singapore Cable Vision in July 2002 (renamed StarHub Cable Vision, or SCV, which started service in 1995), the company was the monopoly pay-

TV provider in Singapore until SingTel launched mio TV in July 2007. This has enabled StarHub to bundle pay-TV content with mobile, broadband and fixed network services, a ‘Hubbing’ strategy which has contributed significantly to its above-average industry growth rates.

. With mobile service revenue contributing most significantly to StarHub’s revenue, the company has upgraded its mobile voice and data network extensively to serve more than two million mobile customers better, achieving nation-wide coverage in October 2013. StarHub also launched tiered data plans for customers which has reached a 46% take-up of the post-paid base.

. StarHub’s largest shareholder is Asia Mobile Holdings, which is 75% owned by ST Telemedia, a wholly-owned subsidiary of Temasek Holdings and 25% owned by Qatar Telecom (Ooredoo). Other companies in ST Telemedia’s group include eircom, Global Crossing, Sky Cable, U Mobile, ST Teleport, VNPT Global and Telechoice.

. Website: http://www.starhub.com/

Singapore Market Strategy 25 July 2014  135

Figure 309: Major corporate events

Date Event De c 2013 Was the first in Southeast Asia to successfully dial Voice over LTE calls on live 4G network Nov 2013 Launched SmartFoundry which allows software developers, enterprise customers and institutes of higher learning to tap into StarHub’s APIs Oct 2013 Launched Singapore’s first WeChat plan for pre-paid mobile customers Achieved ISO/IEC 27001:2005 information security management system certification for enterprise cloud service Argonar Aug 2013 Developed an award-winning mobile app, MySmartEye and launched the SmartBuddy mobile plan, especially for the visually and hearing impaired Launched SmartSurf HD – Singapore’s first unlimited HD Voice and SMS plans with 4G SmartAccess Launched SmartPipe – converged business fibre solution for SMBs Jul 2013 Launched Singapore’s fastest ethernet network connection to support latency sensitive trading applications May 2013 Launched RoamEasy – Singapore’s first true single-rate for data roaming Apr 2013 Partnered Shaw Theatres to offer world’s first NFC movie ticketing service and launched Game On – Singapore’s first smartphone game subscription service Mar 2013 Launched Singapore’s first HD Voice for mobile customers and StarHub TV on Fibre-IPTV service for businesses PC Feb 2013 Announced retirement of Neil Montefiore as CEO and appointment of Tan Tong Hai as his replacement

De c 2012 Acquired broadcast rights to FOX SPORTS portfolio of multimedia assets including TV, broadband andC173f48aa43e mobile services Introduced a pay-as-you-watch TV plan made exclusively for residential broadband customers who do not have a StarHub TV subscription Oct 2012 Launched two ultra-high speed fibre broadband plans designed to meet the needs of gamers featuring download speeds of up to 100Mbps and 150Mbps, respectively S e p 2012 Enhanced high-speed mobile broadband network with LTE and DC-HSPA+ Introduced new smartphone price plans to cater to broader range of needs Aug 2012 Unveiled SmartWallet, a collaboration with DBS, EZ-Link and MasterCard and introduced the NFC smartphone app for secure payment and lifestyle services a5b Apr 2012 Together with Nokia Siemens Networks built the LTE network while modernising the 2G network, reducing power consumption by up to 50%

Feb 2012 Secured rights to air the 2012 Great Eastern-YEO’s S.League a001447700186961d3 Nov 2011 Qatar Telecom acquired an additional 7.45% of StarHub through Asia Mobile Holdings from Aranda Investments, a fully-owned subsidiary of Temasek Holdings. Asia Mobile Holdings is 75% owned by Temasek Holdings, and 25% by Qatar Telecom. Jun 2011 StarHub revised its residential cable TV monthly subscription by an additional S$2 with effect from 1 Aug 2011 Feb 2011 Secured broadcast rights to major rugby events from international broadcaster, Setanta Sports Jan 2011 StarHub joined Asian carriers to build and operate submarine-cable express, a 7,200 km undersea cable system linking Singapore directly to Japan, the Philippines and Hong Kong Secured Serie A, premier Italian league, broadcast rights until May 2012 from media company, MP & Silva Nov 2010 StarHub deployed Singapore’s first solar-powered cellular base station-enabled vehicle, an initiative that leverages on renewable energy technologies S e p 2010 StarHub launched four new home broadband plans for Next Generation Nationwide Broadband network to complement existing high-speed services over

cable 00 Jul 2010 StarHub adopted world’s first smartphone signalling solution from Huawei to enhance network performance

:

May 2010 Secured broadcast rights for the 2010 FIFA World Cup 42

Jan 2010 Announced resignation of CEO, Steven Terrell Clontz and appointment of Neil Montefiore as his replacement 28 Oct 2004 StarHub was listed on the SGX Mainboard

J

Source: Company data, UBS u l

2014

Figure 310: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country Starhub Ltd STH SP 4.20 7,242 1,724 33.6 1,854 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  136

Figure 311: Financial highlights Figure 312: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 1250% 22% Revenue 2,237.7 2,312.0 2,421.6 2,359.3 21% EBIT 342.3 398.2 447.4 463.3 1050% Net Income 263.2 315.4 359.3 370.8 20% 850% 19%

T ot al Assets 1,793.5 1,723.1 1,825.3 1,850.0 650% 18% Total Liabilities 1,739.5 1,700.5 1,765.1 1,767.3 17% Minority Interest 0.0 0.0 0.0 0.0 450% Shareholders’ Equity 54.0 22.6 60.2 82.7 16% 250% 15%

Market Cap 4,515.3 4,997.3 6,512.8 7,384.8 50% 14% EPS (S$) 0.15 0.18 0.21 0.22 2009 2010 2011 2012 2013 PC DPS (S$) 0.20 0.20 0.20 0.20 ROE (LHS) ROA (RHS)

Dividend Payout 128.8% 108.8% 95.6% 92.8% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 313: Segment revenue breakdown (2013) Figure 314: Geographical revenue breakdown (2013)

Sale of Equipment a5b Broadband 6%

10% a001447700186961d3

Fixed Network Services 16% Mobile 52%

Pay TV 16% Singapore

00 100%

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  137

Suntec REIT Figure 315: Suntec REIT organisational structure

Suntec REIT

Singapore Australia

100% 33.3% 33.3% 100%

Marina Bay Financial Centre 177 Pacific Highway (Under Park Mall One Raffles Quay (Phase 1) Development) PC C173f48aa43e

57% 100% 60.8%

Suntec Singapore Suntec City Office Suntec City Mall Convention and Exhibition Centre a5b CEO: Yeo See Kiat

a001447700186961d3

Source: Company data, UBS

. Listed in Singapore on December 2004, Suntec REIT is a commercial REIT which owns office and retail properties in Singapore’s city centre. These properties are located near MRT train stations, and are clustered within the Marina Bay and Civic and Cultural District. Its portfolio is valued at approximately S$8.1bn as of 31 March 2014, with a high committed occupancy of close to 99% for both its office and retail properties.

. Its initial assets comprised only Suntec City Office and Suntec City Mall. Park00 Mall and CHIJMES were purchased

subsequently in October 2005 and December 2005, respectively, while One Raffles Quay was purchased in October :

2007. In December 2010, it completed the acquisition of a one-third interest42 in Marina Bay Financial Centre (MBFC)

Phase 1. The remaining two-thirds are held equally by Hongkong Land and Keppel REIT. In 2011, Suntec REIT increased 28 its stake in Suntec Singapore International Convention and Exhibition Centre from 20% to 60.8%. In 2013, Suntec REIT

J

made its maiden foray into Australia through the acquisition of 177 Pacific Highwayu in North Sydney. l

2014 . Suntec REIT is externally managed by ARA Trust Management (Suntec) Limited, a wholly-owned subsidiary of ARA Asset Management, which is listed on the Singapore Exchange. ARA Asset Management is an affiliate of the Cheung Kong

Group.

. Website: http://www.suntecreit.com/

Singapore Market Strategy 25 July 2014  138

Figure 316: Major corporate events

Date Type Event Mar 2014 Fund raising Announced the private placement of around 218.1m units at an issue price of S$1.605 to raise gross proceeds of S$350m De c 2013 Acquisition Acquired 177 Pacific Highway in North Sydney for A$413.19m (S$495.83m) Jan 2012 Divestment CHIJMES was divested for S$177.0m at a 23.2% premium over last valuation in Oct 2011 Oct 2011 Announced a S$410m makeover of Suntec City to enhance the retail mix and improve connectivity Aug 2011 Acquisition Increased its stake in Suntec Singapore International Convention and Exhibition Centre from 20% to 60.8% for S$114.75m De c 2010 Acquisition Acquired a one-third interest in Marina Bay Financial Centre Tower 1, 2, and Mall for S$1,495.8m Nov 2010 Fund raising Raised S$428.8m in gross proceeds through a private placement of 313m new units at S$1.37 per unit De c 2009 Fund raising Raised S$149.1m in gross proceeds through a private placement of 128.5m new units at S$1.19 per unit Aug 2009 Acquisition Completed S$25m investment for a 20% interest to acquire Suntec Singapore International Convention and Exhibition Centre Jul 2009 Establishment of wholly-owned subsidiary Suntec Harmony Pte Ltd Oct 2008 Acquisition Acquired 12,023.4sqft of strata office at Suntec City PC S e p 2008 Acquisition Acquired 3,498sqft of office space in Suntec Tower 1

Financial year-end changed to 31 Dec C173f48aa43e Mar 2008 Acquisition Acquired additional state land along Penang Road for amalgamation with Park Mall Jan 2008 Acquisition Acquired 12,045sqft and 4036.5sqft of strata office at Suntec City De c 2007 Acquisition Acquired 11,786sqft of strata office at Suntec City Jul 2007 Acquisition Proposed acquisition of a one-third stake in One Raffles Quay for S$941.5m from Cavell Limited (completed in Oct 2007) Feb 2007 Acquisition Acquired 3,746sqft of office space in Suntec Tower 2

De c 2006 Acquisition Acquired 12,045sqft of office space in Suntec Tower 1 and 14,381sqft in Suntec Towera5b 2 for S$16.3m and S$19.2m, respectively Nov 2006 Fund raising Announced private placement of 120m new units at S$1.50 aggregating to approximately S$176.6m

De c 2005 Acquisition Acquired CHIJMES for S$128m a001447700186961d3 Jun 2005 Acquisition Proposed the acquisition of Park Mall for S$230m Jun 2005 Acquisition Proposed the acquisition of 11 properties from City Developments Limited for S$788m which was subsequently terminated De c 2004 IPO Suntec REIT was listed on the SGX Mainboard

Source: Company data, Bloomberg, UBS

Figure 317: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country

Suntec REIT SUN SP 1.85 4,600 2,493 00 89.1 8,234 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS :

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  139

Figure 318: Financial highlights Figure 319: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 6.5% 4.0% Revenue 271.9 318.0 298.5 254.2 Net Property Income 193.1 193.4 163.4 148.7 6.0% 3.5% Share of JCEs and Associates 30.9 141.7 164.2 171.7 5.5% 3.0% Net Income (Reported) 131.5 250.3 243.5 227.5 5.0% 2.5%

T ot al Assets 6,652.1 7,516.7 7,755.7 8,321.8 4.5% 2.0% Total Liabilities 2,667.4 2,970.1 2,971.6 3,336.8 Minority Interest 0.0 112.8 123.9 140.5 4.0% 1.5% Shareholders’ equity 3,984.6 4,433.8 4,660.2 4,844.5 3.5% 1.0%

Market Cap 3,307.7 2,391.4 3,765.1 3,488.6 3.0% 0.5% 2009 2010PC 2011 2012 2013 EPU (S$) (Reported) 0.20 0.29 0.18 0.16

DPU (S$) (Reported) 0.10 0.10 0.09 0.09 C173f48aa43e ROE (LHS) ROA (RHS)

Distribution Payout 100.0% 100.0% 100.0% 109.9%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 320: Segment revenue breakdown (2013) Figure 321: Geographical revenue breakdown (2013) a5b Others Convention 2% a001447700186961d3 11%

Office Retail 55% 32%

00 Singapore 100%

:

Source: Company data, UBS Source: Company data, UBS42

28

J u l

2014

Singapore Market Strategy 25 July 2014  140

Thai Beverage Figure 322: Thai Beverage organisational structure

Sirivadhanabhakdi Family

65.9%

Thai Beverage

109 subsidiaries and associates (including production, marketing and sales) PC Non-alcoholic

Spirits Beer C173f48aa43e Food beverages

- RTD Green Tea - Carbonated Green Tea - Japanese chilled, frozen - Thai white and brown - Soft Drink food spirits - Lager - Water & Soda - Snacks - Scotch whisky and - Isotonic Drinks - Japanese buffet chains international spirits - Energy Drinks and fast-food kiosks - RTD Coffee a5b a001447700186961d3

28.5% 64.7% Fraser & Neave Sermsuk

Frasers 28.5% 79.7% Centrepoint Oishi Group Limited CEO: Thapana Sirivadhanabhakdi

Source: Company data, UBS 00

:

42

. Thai Beverage was established in 2003 with an aim to consolidate its leading spirits28 and beer businesses in Thailand. The

company is one of the leading producers of beers and spirits in Thailand and J Southeast Asia. Thai Beverage expanded u l

into the non-alcohol and food segments in a bid to diversify its product portfolio, enhance logistics efficiency, and 2014 mitigate business risks. The company is not only the leading beverage producer in Thailand, but also one of the largest beverage producers in Asia. The company's produces and markets two signature beer brands, Chang Beer and Archa

Beer which are its best-selling products. In spirits, the company’s strongest selling brands are Sangsom, Mekhong and Mungkorn Thong.

. Thai Beverage owns and operates three breweries with a total installed capacity of 10,900 thousand hectolitres, 18 distilleries in the group and an import company to cover the demand of domestic consumers and for exports worldwide.

. Website: http://www.thaibev.com/

Singapore Market Strategy 25 July 2014  141

Figure 323: Major corporate events

Date Type Event Aug 2013 Proposed the demerger of the property business through the dividend in specie of all issued shares in Frasers Centrepoint Ltd (FCL) on the basis of two FCL shares for one ordinary share in F&N and by listing the FCL shares on the SGX Mainboard Mar 2013 Divestment Announced the divestment of a 9.6% stake in Oishi Group Public Company for Bt2,565m, reducing its stake from 89.26% to 79.66% to increase the free float De c 2012 Transferred 28.63% of F&N shares from International Beverage Holdings to Interbev Investment Oct 2012 Divestment Announced the divestment of its 100% stake in Wrangyer Beverage to Serm Suk Holdings for Bt248m S e p 2012 Announced a mandatory conditional cash offer for all issued and paid-up ordinary shares of F&N for S$8.88 per share Aug 2012 Acquisition Wholly owned subsidiary International Beverage Holdings announced the acquisition of an additional 6.9% stake in F&N for around S$316.1m Jul 2012 Acquisition Announced the acquisition of 22% of Fraser and Neave for around S$2,779.8m (completed in Aug 2012) Aug 2011 Cessation of Chukiet Tangpongrush as Director and Executive Vice Chairman of the company S e p 2011 Acquisition Announced the acquisition of a 100% stake in Serm Suk Public Co. by wholly owned subsidiary Thai Beverage Logistics for Bt15.42bn

May 2011 Acquisition Increased the equity interest of Yunnan Yulinquan Liquor by Rmb24,388,200 to Rmb159,388,200PC to fund future expansion plans

De c 2010 Divestment Divested a 0.67% equity interest in Oishi Group Public Co. C173f48aa43e S e p 2010 Acquisition Acquired Beer Chang by International Beverage Holdings for total cash consideration of S$4,000 May 2006 IPO Thai Beverage was listed on the SGX Mainboard

Source: Company data, UBS

Figure 324: Listed companies a5b

Company Code Currency Price Market cap (m) No. of shares (m) % shareholdinga001447700186961d3 Fr e e float (%) 12M avg daily Country traded vol ('000) Thai Beverage PCL THBEV SP S$ 0.63 15,694 25,110 - 46.7 21,440 Thailand Frasers Centrepoint Ltd FCL SP S$ 1.78 5,129 2,890 28.5 12.1 797 Singapore Fraser & Neave Ltd FNN SP S$ 2.99 4,318 1,444 28.5 11.9 543 Singapore Oishi Group PCL OISHI TB Bt 95.25 17,859 188 79.7 17.3 28 Thailand Sermsuk PCL SSC TB Bt 102.00 27,122 266 64.7 11.0 4 Thailand

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  142

Figure 325: Financial highlights Figure 326: ROE & ROA

(Bt m) Dec YE 2010 2011 2012 2013 45% 20% Revenue 120,471.8 132,186.5 161,043.7 155,770.5 EBIT 14,726.8 17,346.3 23,107.9 21,125.1 40% 18% Net Income 10,550.5 12,031.0 28,493.1 19,130.3 35% 16%

T ot al Assets 77,033.5 99,361.6 207,685.8 183,329.5 30% 14% Total Liabilities 20,153.0 36,159.3 122,714.4 85,336.4 Minority Interest 282.6 3,452.1 3,595.4 3,707.0 25% 12% Shareholders’ Equity 56,597.9 59,750.3 81,376.0 94,286.1 20% 10%

Market Cap 167,576.2 149,847.9 248,367.2 351,358.7 15% 8% EPS (Bt) 0.42 0.48 1.13 0.76 2009 2010 2011 2012 2013 PC DPS (Bt) 0.35 0.37 0.42 0.44 ROE (LHS) ROA (RHS)

C173f48aa43e Dividend Payout 83.3% 77.2% 37.0% 57.9%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 327: Segment revenue breakdown (2013) Figure 328: Geographical revenue breakdown (2013)

Non-alcoholic Food a5b Rest of World Beverages 4% 4% 11% a001447700186961d3

Beer 21%

Spirits 64%

Thailand

00 96%

Source: Company data, UBS Source: Company data, UBS :

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  143

United Overseas Bank (UOB) Figure 329: UOB organisational structure

Lien Family Wee Family

17.7%

5.1% UOB

40% 58.4% 9.9% 79% 100% PC UOB Kay Hian United Overseas Far Eastern Bank United Overseas

Haw Par Corp C173f48aa43e 17.8% Holdings Insurance 26.4% (Singapore) Bank (Malaysia)

9.8% 99.7% 99% United Overseas PT Bank UOB UOL Group 26.5% 5.4% Bank (Thailand) (Indonesia) a5b a001447700186961d3 33.3% 100% 100% Network for United Overseas United Overseas Electronic Bank (China) Bank (Philippines) Transfers CEO: Wee Ee Cheong

Source: Company data, UBS

. United Overseas Bank Limited (UOB) is one of the three largest banks in Singapore,00 with businesses ranging from retail

to investment banking. The bank divested its non-core assets in recent years and is now a pure financial entity. In :

Singapore, it is a market leader in the credit card and private residential home42 loan businesses. It is also a key player in

loans to small and medium enterprises. Globally, it has over 500 offices in 28 19 countries, with a sizable presence in

Malaysia, Thailand, Indonesia and the Philippines. UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- J by S&P. u l

2014 . UOB was founded in 1935 by Datuk Wee Kheng Chiang—grandfather of the current UOB Group CEO Wee Ee Cheong—and a group of Chinese businessmen. Since its incorporation in 1935, UOB has grown organically and through

a series of strategic acquisitions. In 1999, it expanded its regional network into Thailand and the Philippines via acquisitions. Following its merger with OUB in 2002, UOB consolidated its position as one of the leading banks in Singapore. In 2004, it added more banking assets in Thailand (Bank of Asia) and Indonesia (Bank Buana).

. Besides banking, the group has had significant interests in other business sectors. To comply with the MAS ruling concerning cross-shareholdings between banks and non-banks, UOB was required to dispose of its non-core assets (to below 10%) by mid-2006. It has since pared down its stakes in Haw Par and UOL, and divested OUE and Hotel Negara.

. Website: http://www.uobgroup.com/

Singapore Market Strategy 25 July 2014  144

Figure 330: Major corporate events

Date Type Event Feb 2014 Divestment Wholly owned subsidiary UOB (Malaysia) announced the divestment of a 33.37% stake in Uni.Asia General Insurance for around RM374.5m (S$143.3m) Nov 2013 Fund raising Proposed an offering of S$500m 4.75% non-cumulative non-convertible perpetual capital securities, to be assigned an issue rating of BBB by Fitch Ratings and Baa1 by Moody's Aug 2013 Divestment Wholly owned subsidiary UOB (Malaysia) announced the divestment of a 49% stake in Uni.Asia Life Assurance for around RM518m (S$200.8m) Jul 2013 Fund raising Proposed an offering of S$850m 4.9% non-cumulative non-convertible perpetual capital securities, to be assigned an issue rating of BBB by Fitch Ratings and Baa1 by Moody's May 2011 Announced plans to expand its wealth management business in Singapore and the region Jul 2010 Acquisition Increased stake in China’s Evergrowing Bank to 12.06% Jun 2010 Acquisition Proposed the acquisition of an increased stake in The Southern Commercial Joint Stock Bank in Vietnam from 15% to 19.99% at D230bn

(US$11.3m) (completed in Sep 2011) PC Mar 2010 Announced that its two bank subsidiaries in Indonesia, PT Bank UOB Indonesia (UOBI) and PT Bank UOB Buana (UOBB) would merge into C173f48aa43e UOBB Jan 2010 Partnership Announced a long-term strategic partnership to develop a major regional bancassurance business with Prudential plc. Prudential is to acquire UOB's Life Assurance Business in Singapore for a consideration of S$428m. Jul 1970 IPO UOB was listed on the SGX Mainboard

Source: Company data, UBS

a5b

Figure 331: Listed companies a001447700186961d3

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) % direct shareholding Free float (%) 12M avg daily Country traded vol ('000) United Overseas Bank Ltd UOB SP 24.04 38,494 1,601 - 93.2 2,092 Singapore Haw Par Corp Ltd HPAR SP 8.56 1,874 219 9.9 99.1 67 Singapore United Overseas Insurance UOI SP 4.57 279 61 58.4 41.4 7 Singapore UOB-Kay Hian Holdings Ltd UOBK SP 1.62 1,215 750 40.0 31.3 105 Singapore UOL Group Ltd UOL SP 6.56 5,163 787 9.8 68.7 922 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  145

Figure 332: Financial highlights Figure 333: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 13.0% 1.4% Revenue 5,800.0 5,698.6 6,495.0 6,720.0 Ne t Income (Adj) 2,599.9 2,231.7 2,706.4 2,905.1 12.5% 1.3%

12.0% 1.2% T ot al Assets 213,778.5 236,957.7 252,899.5 284,229.1 Total Liabilities 192,124.9 213,813.8 227,627.7 257,651.8 11.5% 1.1% Minority Interest 180.2 176.9 192.2 189.3 11.0% 1.0% Shareholders’ Equity 21,473.4 22,967.1 25,079.6 26,387.9 10.5% 0.9%

Market Cap 28,075.8 24,033.8 31,196.0 33,483.3 10.0% 0.8% EPS (S$) 1.70 1.41 1.70 1.82 2009 2010 2011 2012 2013 DPS (S$) 0.70 0.60 0.70 0.75

PC ROE (LHS) ROA (RHS) Dividend Payout 41.0% 42.5% 41.1% 41.1%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg,C173f48aa43e UBS

Figure 334: Segment revenue breakdown (2013) Figure 335: Geographical revenue breakdown (2013)

Others 6%

Greater Chinaa5b 7%

Non-Interest Indonesia a001447700186961d3 Income 6% 39%

Thailand 9% Singapore Net Interest 56% Income 61% Malaysia 14%

Source: Company data, UBS Source: Company data, UBS00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  146

UOL Group Figure 336: UOL Group organisational structure

9.9% Haw Par Corp UOB

9.8% 2.3%

5.4% UOL Group

10% 18.5% 4.9% 43.7% 100% 4.67%

JG Summit 37.0% United Industrial Pan Pacific OUBPC Centre 81.5% One Raffles Holdings Corporation Hotels Group Limited Place C173f48aa43e

33.3% 50% **~100% 22.7%

Singapore Land 53.0% Marina Centre 10% Kuwait OUE (pending delisting) Holdings Investment Corp a5b 100% 100% 50%

Pan Pacific Marina Square Marina Mandarin Mandarina001447700186961d3 Oriental Singapore Hotel (Retail & Office) Hotel Hotel

100% 50%

50% Aquamarina Hotel Mandarin Pte Ltd Oriental

25% 25% Chairman: Dr Wee Cho Yaw CEO: Gwee Lian Kheng

00

Source: Company data, UBS :

42

. UOL Group (UOL) is a defensive developer with strong pre-sales, recurring income28 and balance sheet. It focuses on

property development, property investment and hotel operations. It derives most of its revenue from the Singapore J operations (73.0%), followed by Australia (12.8%) and Malaysia (5.4%). In 2013,u Pan Pacific Hotels Group Ltd (PPHG) l

was privatised and became a wholly-owned subsidiary following a proposed voluntary2014 delisting at an exit offer price of S$2.55 per PPHG share. Through PPHG, the Group owns over 31 hotels, resorts and serviced suites across Asia,

Australia, and North America under two brands, “PARKROYAL” and “Pan Pacific". The Group had total assets of S$10.4bn as at 31 March 2014.

. UOL Group was incorporated in 1963 as Faber Union Limited, and listed on the Singapore stock exchange in 1964. It subsequently changed its name to United Overseas Land in 1975 after United Overseas Bank (UOB) acquired a controlling interest in mid-1973. In 2005, pursuant to the Monetary Authority of Singapore’s (MAS) requirement for all Singapore-incorporated banks to segregate their non-financial businesses from their core financial businesses, UOB reduced its stake in United Overseas Land to 10%. United Overseas Land then changed its name to UOL Group Limited in May 2006 to reflect the reduced ownership by the bank.

. Over the medium term, UOL could obtain statutory control of United Industrial Corporation (UIC), in which it and related parties now have close to a 49% stake. UOL has been buying UIC shares in the open market, and crossing the 50% level would give it greater flexibility to restructure the portfolio.

. Website: http://www.uol.com.sg/

Singapore Market Strategy 25 July 2014  147

Figure 337: Major corporate events

Date Type Event Feb 2014 Listed associate UIC announced a general offer for the remaining 20% stake in Singapore Land at S$9.40 per share for a total of S$761m Jan 2014 Wholly owned subsidiary UOL Overseas Investments was awarded the tender for a land parcel in Upper Paya Lebar Road for S$392.3m Nov 2013 Acquisition Suasana Simfoni Sdn. Bhd., a 60% owned subsidiary accepted a conditional offer from a third party to purchase all its interest in Lot 20000, Jalan Conlay in KL for a total cash consideration of RM568m (completed in Mar 2014) Oct 2013 Joint venture PPHG entered into a JV with Shwe Taung and City Square Pte Ltd to acquire, construct, develop and/or manage Pan Pacific S e p 2013 Delisted PPHG, now wholly-owned by UOL Apr 2013 PPHG signed two management agreements to launch the PARKROYAL brand in Indonesia Aug 2012 Joint venture UVD Pte Ltd a 50:50 JV between UOL Group and Singapore Land successfully bid for the residential site on Bright Hill Drive for S$291.5m De c 2011 Acquisition Entered into a conditional sale-and-purchase agreement for the collective purchase of the freehold St. Patrick’s Garden estate off East Coast Road at $172m (completed in Jul 2012) Oct 2011 UOL and Singapore Land jointly put in the only bid for the second land tender at Paya Lebar Central, but were not awarded the site

Apr 2011 Acquisition PPHG completed the acquisition of Hilton Melbourne Airport Hotel for around S$141.6mPC Jan 2011 Acquisition Acquired Lion City Hotel site and Hollywood Theatre site, a freehold site with an area of 147,910sqft, for S$313m C173f48aa43e De c 2010 Acquisition Acquired a 9.7% stake in United Industrial Corporation from United Overseas Bank for a sum of S$320.5m, bringing its total stake to 42.0% S e p 2010 Acquisition Jointly acquired a 39,540sqm residential-cum-retail site in Shanghai with Peak Star (owned by Kheng Leong Co) and Singland China Holdings on a 40:30:30 basis, for Rmb2.06bn Oct 2009 Joint venture 50:50 JV with Garden Residence (owned by LaSalle Asia Opportunity II S.A.R.L.) to form Premier Land Development Pte Ltd, which owns a residential development site at Toh Tuck Road about 182,219sqft S e p 2009 Acquisition Awarded tender for a residential site at Dakota Crescent, a 99-year leasehold site of approximately 17,189.7sqm, for about S$329m

Jul 2008 Appointment of Amedeo Patrick Imbardelli as President and CEO of the Hotel Plaza Group,a5b with Gwee Lian Kheng re-designated Group Chief Executive a001447700186961d3 1964 IPO UOL was listed on what was known then as the Malayan Stock Exchange

Source: Company data, UBS

Figure 338: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) % shareholding Fr e e float (%) 12M avg daily Country traded vol ('000) UOL Group Ltd UOL SP 6.56 5,163 787 - 68.7 922 Singapore

United Industrial Corporation UIC SP 3.38 4,706 1,392 43.7 14.7 84 Singapore

00 Above data as at 23 July 2014. Source: Bloomberg, UBS

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  148

Figure 339: Financial highlights Figure 340: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 18% 10.0% Revenue 1,327.1 1,934.0 1,122.6 1,031.2 17% 9.5% EBIT 305.5 585.3 345.1 332.8 Net Income 755.9 678.6 807.7 785.8 16% 9.0% 15% 8.5%

T ot al Assets 7,904.0 8,697.6 9,564.3 10,421.4 14% 8.0% Total Liabilities 2,856.4 2,926.7 2,845.4 3,194.5 13% 7.5% Minority Interest 410.6 487.0 576.3 467.3 Shareholders’ Equity 4,637.0 5,284.0 6,142.6 6,759.7 12% 7.0% 11% 6.5%

Market Cap 3,694.3 3,073.0 4,596.3 4,771.8 10% 6.0% EPS (S$) 0.97 0.88 1.05 1.02 2009 2010 2011 2012 2013 PC DPS (S$) 0.10 0.10 0.15 0.15 ROE (LHS) ROA (RHS)

Dividend Payout 15.4% 17.0% 14.3% 19.6% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 341: Segment revenue breakdown (2013) Figure 342: Geographical revenue breakdown (2013)

Management a5b Vietnam Investments Services 3% Others 3% 0.4% 3% 2% China

a001447700186961d3 3% Property Malaysia Investments 5% 17% Property Development 39% Australia 13%

Singapore 73% Hotel Operations

40% 00

Source: Company data, UBS Source: Company data, UBS :

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  149

Venture Corporation Figure 343: Venture Corporation organisational structure

Wong Ngit Liong

7.0%

Venture Corporation

100% 100% 100% 100%

PC Venture Venture 19.2% Univac Precision Electronics VS Electronics Fischer Tech ElectronicsC173f48aa43e Engineering Services Solutions (Malaysia)

100% 100% 100% 100%

Innovative Trek Scinetic GES International Cebelian Holdings

Technology a5b Engineering a001447700186961d3

100% 100% 100% 12.3% Advanced DMX Technocom Multitech Systems Products Technologies Systems Sdn Bhd Corporation Group

Chairman and CEO: Wong Ngit Liong

Source: Company data, UBS

00

:

42

. Venture Corporation is one of the largest global electronics manufacturing28 services (EMS) companies. Its main

manufacturing plants are in Singapore, Malaysia and China, with design and pilot production capabilities in the US. J Besides manufacturing, the company provides original design manufacturing (ODM),u as well as e-fulfilment services (EFS) l

that span the printing and imaging, computer peripherals, networking and communications,2014 medical and other niche product segments.

. The Venture group was formed in 1989 and now comprises some 40 companies with four global clusters in Southeast Asia, North Asia, Europe and the US. The group’s Europe and US clusters are focused on higher value-added activities, offering product generation, new product introduction (NPI), prototyping and services for high-mix businesses. Other than its Singapore and Malaysia facilities, its operations in Southeast Asia and North Asia continue to focus on high- volume production.

. In recent years, revenue growth has slowed as the company diversifies away from the low-mix business toward a niche, design-oriented platform. The upshot is a steadily recovering operating margin, which remains one of the highest and most consistent in the industry.

. Website: h t t p : //www.venture.com.sg/

Singapore Market Strategy 25 July 2014  150

Figure 344: Major corporate events

Date Type Event Nov 2013 Merger Announced the merger of indirect wholly owned subsidiaries Venture Electronics (Shanghai) and Shanghai Waigaoqiao Venture Electronics May 2013 Acquisition Wholly owned subsidiaries Munivac and GES Manufacturing Services announced acquisitions of land and factories in Johor, Malaysia for RM22.95m and RM4.2m, respectively (completed in Dec 2013) S e p 2012 Divestment Wholly owned subsidiary Univac Precision Engineering divested its 42.7% stake in Acumen Engineering for approximately S$5.867m Aug 2012 Acquisition Proposed acquisition of Block 5006 Techplace II at Ang Mo Kio Ave 5 for S$38m (completed in Mar 2014) Aug 2011 Appointed Tan Kian Seng as President Jun 2008 Acquisition Wholly owned subsidiary GES Investment acquired the remaining 40% stake in Scinetic Engineering for US$13.57m Jul 2007 Acquisition Announced the acquisition of 1m ordinary shares in VS Electronics for S$187,521 to increase its stake from 50% to 100% Jul 2006 Acquisition Proposed the acquisition of a 60% stake in GES International Ltd for approximately S$980m (premium of 19.1% to VWAP over 30-calendar days, completed in Nov 2013) Mar 2006 Acquisition Acquired a 20.66% stake in DMX Technologies Group for approximately S$72.11m Nov 2005 Acquisition Announced the acquisition of a 60% stake in Scinetic Engineering for S$20.913m PC

May 2004 Acquisition Announced the acquisition of Venture Electronics Solutions for S$18.19m C173f48aa43e Aug 2003 Acquisition Completed the acquisition of the remaining 33% of Univac Precision Engineering Pte Ltd Mar 2002 Acquisition Acquired 67% of Univac Precision Engineering Pte Ltd Apr 1997 Listing Venture was promoted to the SGX Mainboard Apr 1992 IPO Venture was listed on the SGX SESDAQ

Source: Company data, UBS

a5b

Figure 345: Listed companies a001447700186961d3

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) % shareholding Fr e e float (%) 12M avg daily Country traded vol ('000) Venture Corp Ltd VMS SP 8.03 2,206 275 - 91.5 390 Singapore DMX Technologies Group Ltd DMX SP 0.19 218 1,163 12.3 31.2 567 Hong Kong Fischer Tech Ltd FISC SP 0.16 43 273 19.2 28.3 203 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  151

Figure 346: Financial highlights Figure 347: ROE & ROA

(S$ m) Dec YE 2010 2011 2012 2013 10.5% 8.0% Revenue 2,675.2 2,431.2 2,386.4 2,328.8 EBIT 191.3 150.8 125.8 130.7 10.0% 7.5% Net Income 188.1 156.5 139.7 131.1 9.5% 7.0%

T ot al Assets 2,545.4 2,555.4 2,372.6 2,442.4 9.0% 6.5% Total Liabilities 687.8 684.7 572.8 613.1 8.5% 6.0% Minority Interest 3.0 3.2 2.5 2.4 8.0% 5.5% Shareholders’ Equity 1,854.6 1,867.6 1,797.4 1,826.8 7.5% 5.0%

Market Cap 2,539.6 1,701.3 2,211.0 2,110.0 7.0% 4.5% EPS (S$) 0.69 0.57 0.51 0.48 2009 2010 2011 2012 2013 PC DPS (S$) 0.55 0.55 0.50 0.50 ROE (LHS) ROA (RHS) Dividend Payout 80.2% 96.4% 98.2% 104.8% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 348: Segment revenue breakdown (2013) Figure 349: Geographical revenue breakdown (2013)

Test & Printing & a5b Others Measurement/ Imaging 4% Medical/ Others 11.7% 27.5% a001447700186961d3

Networking & Singapore Communications 31% 16.9%

Asia-Pacific (ex Computer Singapore) Peripherals & Data 65% Storage 12.5% Retail Store Solutions &

Industrial 31.4% 00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  152

Wilmar International Figure 350: Wilmar International organisational structure

Archer Daniels Kuok Group Martua Sitorus Midland

30.3% 16.4% 10.2%

Wilmar International

18 key subsidiaries 21 key associates PC

C173f48aa43e 15.7% Three-A Plantations & Merchandising & Consumer Resources Other Businesses Palm Oil Mills Processing Products (Malaysia) 20%

Kencana Agri (Indonesia) a5b

Ship Owning & 27.5% Palm & Laurics Oilseeds & Grains Fertilisers a001447700186961d3 Chartering Cosumar (Morocco)

100% 10.1%

Wilmar Sugar Goodman Fielder Sugar Australia (Australia)

CEO: Kuok Khoon Hong

Source: Company data, UBS

00

:

42

. Wilmar International is a large agribusiness group with an integrated business model that spans the whole value chain of

28 agricultural commodities. The five key segments are: 1) plantations and palm oil mills; 2) merchandising and processing;

J

3) consumer products; 4) other businesses including fertilizers and ship owningu and chartering; and 5) more recently, l

sugar. Its integrated plantation-to-tabletop operations allow it to capture margins2014 across the value chain.

. A significant proportion of its revenue stems from processing including oil palm cultivation, edible oils refining, oilseeds

crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing, merchandising and distribution of a wide range of agricultural products. It has over 450 manufacturing plants and an extensive distribution network covering mainly China, India, Indonesia and some 50 other countries.

. Wilmar International was founded in 1991 as a palm oil trading company. The key milestone in its history was its December 2006 merger with the Kuok Group’s palm plantation, edible oils, grains and related businesses in a deal worth US$2.7bn. Separately, the company undertook a restructuring exercise to acquire the edible oils, grains and related businesses of parent company Wilmar Holdings Pte Ltd, including interests held by Archer Daniels Midland Asia Pacific and its subsidiaries in these businesses for US$1.6bn. All proposed transactions were completed by end-June 2007, resulting in the company in its present form.

. Website: http://www.wilmar-international.com/

Singapore Market Strategy 25 July 2014  153

Figure 351: Major corporate events

Date Type Event Apr 2014 Acquisition Proposed the 50/50 acquisition of Goodman Fielder with First Pacific Company at A$0.65 a share for a total of around A$1.27bn (revised to A$0.70 in May 2014 for a total of A$1.37bn and revised to A$0.675 in Jul 2014 for a total consideration payable of around A$1.06bn) Joint venture Announced an 80/20 JV with Great Wall Food Stuff Industry to produce and sell sugar and its by-products in Myanmar (completed in May 2014) Feb 2014 Acquisition Wholly owned subsidiary Wilmar Sugar proposed acquisition of Shree Renuka Sugars for US$200m (initiated open offer in May 2014) Nov 2013 Joint venture Announced 50/50 JVs with Kemira Oyj to integrate Kemira facilities in Yanzhou and the relevant Wilmar facilities in Lianyungang Apr 2013 Partnership Announced ramp-up of partnership with Tereos in China and a new JV in a corn starch facility in Tieling (received clearance in Nov 2013) Acquisition Acquired a 27.5% stake in Cosumar, sole sugar supplier in Morocco and third largest sugar producer in Africa, for Dh2.3bn (US$263m) Feb 2013 Joint venture Announced a 53.74/46.27 JV with Noble to develop and operate palm projects to sell crude palm oil and by-products in Papua, Indonesia De c 2012 Divestment Divested its 15% stake in Fortune Gas Investment Holdings for US$60m (completed in Nov 2013) Oct 2012 Joint venture Announced 50/50 JV with Clariant for the production and sales of amines and selected amines derivatives (received clearance in Jul 2013) Archer Daniels Midland and Wilmar announced completion of regulatory approvals for threePC partnerships in global fertiliser and European

vegetable oil C173f48aa43e S e p 2012 Joint venture Announced a 50/50 JV with Kellogg to manufacture, sell and distribute cereal, wholesome snacks and savoury snacks in China Feb 2012 Acquisition Announced the acquisition of 10.1% interest in Goodman Fielder for A$115m (US$124m) Acquisition Wholly owned subsidiary Siteki Investments proposed investment in 49% of VFM-Wilmar Flour Mills in Vietnam with total investment capital of US$25.55m and working capital of around US$21.9m De c 2011 Termination of acquisition of land use rights for project sites in Laobian district, Yingkou City, Liaoning Province, China Announced the completion of the acquisition of Proserpine Sugar Mill to Sucrogen for A$120m after approval from Proserpine creditors Oct 2011 Sucrogen failed to receive requisite 75% of the valid votes cast for the acquisition of Proserpine,a5b received only 69% votes Wholly owned subsidiary Sucrogen announced the provision of an additional A$5m in net sale proceeds to Proserpine a001447700186961d3 Jun 2011 Acquisition Entered into agreement to acquire the business assets of Proserpine Co-operative Sugar Milling Association for A$115m Mar 2011 Acquisition Completed the acquisition of Benso Oil Palm Plantation (BOPP) through its African subsidiary for around US$14.9m De c 2010 Joint venture Entered into an agreement with Kerry Properties (China) Ltd and Shangri-La China Ltd to establish one or more JV companies for real estate development and property management in China Joint venture Announced a JV with PZ Cussons Plc to establish a palm oil refinery and food ingredients business in Nigeria Nov 2010 Acquisition Acquired Minsec Engineering Services, an engineering firm which will assist Wilmar in the construction of sugar mills Aug 2010 Acquisition Acquired a 100% stake in Natural Oleochemicals Sdn Bhd Acquisition Entered into an agreement to acquire 100% of the shares in PT Jawamanis Rafinasi, which operates sugar refineries in Indonesia, by Q410 Acquisition Entered into an agreement to acquire a Singapore sugar trading company, WIndsor & Brook Trading by Q410

Jul 2010 Acquisition Acquired Sucrogen Ltd, a sugar and renewable energy business of CSR Ltd for AS$1.75bn (S$2.1bn) 00 May 2010 Acquisition Contracted to acquire four 82,000 DWT Kamsarmax-class bulk carriers for US$127.6m in total

:

Joint venture Entered into a cooperation agreement with Three-A Resources Bhd to set up JVs in China42

Jul 2000 IPO Wilmar was listed on the SGX Mainboard

28 Source: Company data, UBS

J u

l

2014 Figure 352: Listed companies

Company Code Cur rency Price Market cap (m) No. of shares (m) % shareholding Fr e e float 12M avg daily Country (%) traded vol ('000) Wilmar International Ltd WIL SP S$ 3.23 20,669 6,399 - 26.0 6,739 Singapore Three-A Resources Bhd TARE MK RM 0.88 346 394 15.7 32.7 310 Malaysia Kencana Agri Ltd KAGR SP S$ 0.23 264 1,148 20.0 20.8 284 Singapore Cosumar CSR MC MAD 1798.00 7,536 4 27.5 44.5 3 Morocco Goodman Fielder Ltd GFF AU A$ 0.65 1,271 1,956 10.1 74.2 8,109 Australia

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  154

Figure 353: Financial highlights Figure 354: ROE & ROA

(US $ m) Dec YE 2010 2011 2012 2013 15% 9% Revenue 30,377.5 44,710.0 45,463.4 44,085.0 EBIT 1,093.6 1,360.9 1,521.6 1,432.2 14% 8%

Net Income 1,324.0 1,600.8 1,255.5 1,318.9 13% 7%

12% 6% T ot al Assets 33,969.4 39,639.8 41,920.1 46,631.8 Total Liabilities 21,411.5 25,391.4 26,724.9 30,745.0 11% 5% Minority Interest 702.0 878.2 849.3 882.0 10% 4% Shareholders’ Equity 11,855.8 13,370.2 14,345.9 15,004.8 9% 3%

Market Cap 28,059.7 24,691.2 17,487.8 17,335.9 8% 2% EPS (US$) 0.21 0.25 0.20 0.21 2009 2010 2011 2012 2013 PC DPS (US$) 0.05 0.05 0.04 0.06 ROE (LHS) ROA (RHS)

C173f48aa43e Dividend Payout 24.0% 19.5% 20.7% 30.6%

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 355: Segment revenue breakdown (2013) Figure 356: Geographical revenue breakdown (2013)

Plantations &

Sugar a5b Others Milling Palm Oil Mills Africa India Merchandising Australia/ 3% 2% 0.1% 3% 3% & Processing New Zealand

7% 4% a001447700186961d3 Europe 8% Consumer Products Palm & Laurics 17% 44% Others 10% China 50%

South East Oilseeds & Asia Grains

22% 26% 00

Source: Company data, UBS Source: Company data, UBS :

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  155

Yangzijiang Shipbuilding (Holdings) Figure 357: Yangzijiang Shipbuilding (Holdings) organisational structure

Founder companies

44.7%

Yangzijiang Shipbuilding (Holdings)

Non-Core Shipbuilding Investments

Design & PC Yards Others Microfinance Venture Capital Engineering

100% 100% 100% 100%C173f48aa43e 20%

Jiangsu Yangzijiang Shanghai Henggao Jiangsu Zhongzhou Jingjiang Runyuan Jiangsu Huagong Shipbuilding Ships Design Marine Equipment Rural Micro-finance Venture Capital

100% 60% 20% 19.5% Jiangsu Hailan Jiangsu New Yangzi CS Marine Everbright Venture Marine Systems Shipbuilding Technology Capital Jiangyin Technology

a5b 22.7% 80% 78% 100% Jiangsu Yangzijiang Jiangsu Renhe New Jiangsu Huayuan Energy Industrial Jiangsu Yangzi Offshore a001447700186961d3 Metal Processing Investment Centre Xinfu Shipbuilding Engineering

100% 49% Jiangsu Yangzi YZJ Offshore Changbo Engineering Shipbuilding

Executive Chairman: Ren Yuanlin

Note: Founder companies include direct and deemed stakes in Ren Yuanlin, Wang Dong and Chang Liang. Source: Company data, UBS

. Yangzijiang Shipbuilding Holdings (YZJ) is one of the leading shipbuilders in 00 China. The company was established in

1956 and listed on the Singapore Exchange in 2007. The company is one of the: largest non-state owned shipbuilders,

and produces a broad range of vessels, including bulk carriers, multipurpose42 cargo ships, chemical tankers and

containerships. It is one of just a handful of Chinese yards capable of building28 large containership vessels; the group

began deliveries of 10,000TEU containerships to Seaspan in 2014. The groupJ carries out its activities in three key u

shipyards in the Jiangsu Province, China, along the Yangtze River: At New Yangzi,l Xinfu and Changbo. Total available

capacity is 2.0 million CGT and the yards' total production area spans approximately2014 400 hectares.

. In 2011, Yangzijiang's pursuit of offshore oil & gas work resulted in a JV with sovereign wealth fund Qatar Investment Corp. The JV owns a yard at Taicang earmarked for construction of offshore vessels such as oil drilling rigs and production platforms. This yard sits on a land area of around 156 hectares and 1,500 metres of coastline.

. A sharp contraction in shipbuilding orders post the 2008 financial crisis led Yangzijiang to pursue alternative income streams unrelated to shipbuilding activity. The group had by then built up sizeable cash balances, from high pre-crisis profits as well as large 40% downpayments from orders placed at the peak of the market. Yangzijiang began to deploy capital into held-to-maturity products. YZJ deployed Rmb1.8bn to held-to-maturity products at the start of 2009.

. By end March 2014, capital deployed in these products had risen to Rmb13bn. These financial products allowed the group to earn high returns on cash balances, but this strategy received mixed responses by the market. The market was also sceptical of its brief foray into property development. In 2014, Yangzijiang announced its intention to gradually exit these non-core businesses.

. Website: http://www.yzjship.com/

Singapore Market Strategy 25 July 2014  156

Figure 358: Major corporate events

Date Type Event Jul 2014 Divestment Divestment of entire stakes in Wujiang Jinke Yangzi Real Estate and Jiangsu Leyuan Innovation for Rmb200m and Rmb10m, respectively Jun 2014 Announced plans to gradually wind down non-shipyard activities May 2014 Acquisition Acquired an additional stake in YZJ Offshore Engineering for around US$1.64m to 49%, allowing YZJ to hold a 79.6% effective interest in YZJ Offshore China Mar 2014 Dissolution of wholly owned subsidiary, Jiangyin Yangchuan Labour Supply Feb 2014 Acquisition Announced the acquisition of a 100% stake in Jiangsu Hengyuan Real Estate Development for Rmb300m Acquisition Announced the acquisition of the remaining 45.53% stake in Jiangsu Runzhou Heavy Industry for around US$5.46m Jan 2014 Acquisition Announced the acquisition of the remaining 55% stake in the four single ship-owning companies, each an owner of 92,500DWT post-panamax bulk carriers for US$1.25m each Jul 2013 Acquisition YZJ and JYS acquired the remaining 25% and 24% stakes in 51% owned subsidiary Jiangsu Yangzi Changbo Shipbuilding, for a total of Rmb110m

Announced it would be the first to launch dual currency trading in Rmb on SGX dual currencyPC trading platform with effect from 5 Aug 2013 Apr 2013 Acquisition 51% owned subsidiary Jiangsu Yangzi Changbo Shipbuilding acquired the remaining 8.33% stake in Jiangsu Bawei Port Development, C173f48aa43e increasing its stake from 46.75% to 51% for Rmb3.25m Feb 2013 Acquisition JNYS acquired the remaining stake in Shanghai Henggao Ships Design, increasing its stake from 60% to 100%, for Rmb6m New Yangzi acquired an additional 20% stake in Jiangsu Yangzi Xinfu Shipbuilding, increasing its interest from 60% to 80% for US$18m Nov 2012 Joint venture JNYS (40%) entered into a JV agreement with Shanghai Zhuoran Engineering (30%) and Zhuoran Jinjiang Equipment Manufacturing (30%) to enhance steel fabrication capabilities for Rmb12m Joint venture JNYS (50%) entered into a JV agreement with Jiangsu Huaxi Property Development (40%) and Jiangsu Huadu Real Estate (10%) to diversify its

offerings beyond its core shipbuilding business a5b Jun 2012 Divestment JYS divested its 31.5% stake in Wuxi Runyuan Technology Microfinance for RMB103.95m a001447700186961d3 Mar 2012 Divestment JNYS divested its 52% stake in Jiangsu Yangchen Equipment and Materials for RMB5.3m Jan 2012 Joint venture Proposed JV with Dohle (IOM) Ltd to set up 4 single ship-owning companies, owning 45% stake De c 2011 Acquisition JNYS announced acquisition of remaining 80% equity interest in Jiangsu Huayuan Metal Processing for RMB240m Joint venture Entered into a JV agreement with Qatar Investment Corporation (50%) to enhance shipbuilding capabilities in design and construction of offshore platforms and vessels, with the company owning 45% and Yu Kebing owning 5% (completed in Jan 2012) Nov 2011 Acquisition Wholly owned subsidiary Jiangsu Zhongzhou Marine Equipment Jiangsu Runzhou Ship Accessories increased the equity interest from 51% to 100% in Jiangsu Runyuan Rural Microfinance for Rmb147m S e p 2011 Acquisition JYS announced the acquisition of 31.5% in Wuxi Runyuan Technology Microfinance for Rmb94.5m Aug 2011 Announced receipt of Rmb139.5m worth of government incentives and tax subsidies granted by the municipal government in both Jinjiang and Jiangyin cities of Jiangsu province, China

Jul 2011 Acquisition Acquired a 60% stake in CS Marine Technology for Rmb5m 00

Jun 2011 Acquisition Acquired a 54.47% stake in Jiangsu Runzhou Heavy Industry Co., Ltd for US$6.5m :

42 Mar 2011 Acquisition Announced that it would increase its stake in Jiangsu Xinfu Shipbuilding from 20% to 60% for US$57.15m

Jan 2011 Joint venture Proposed a joint venture with several partners to establish Jiangsu Hailan Marine Systems28 Technology, a company to provide marine electrical

systems for shipbuilding. JNYS will acquire a 20% stake for Rmb20m J De c 2010 Acquisition Acquired a 100% equity interest in Jiangsu Zhongzhou Marine Equipment for Rmb420m,u through YZJ’s fully-owned subsidiary Yitian l

Investments 2014 Jun 2010 Partnership Entered into an agreement with several strategic partners including Yangzhou City Mangshan District Government to subscribe 20% equity

interest in the capital of Jiangsu Huagong Venture Capital Co. Ltd., incorporated in Yangzhou city, China at a total consideration of Rmb60m (S$12.2m) May 2010 Announced the proposed submission of an application for admission to trading on the Taiwan Stock Exchange of Taiwan Depository Receipts Apr 2010 Acquisition Announced the acquisition of Ppl Holdings for US$155m (S$214.8m) Feb 2010 Acquisition Entered into an agreement with several strategic partners to acquire 20% of Jiangsu Xinfu Shipbuilding Co., Ltd in China for approximately US$9m (S$12.5m). JNYS will have 20% stake and invest US$9m Apr 2007 IPO YZJ was listed on the SGX Mainboard

Source: Company data, UBS

Figure 359: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country Yangzijiang Shipbuilding Holdings Ltd YZJSGD SP 1.10 4,215 3,832 50.5 11,466 China

Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  157

Figure 360: Financial highlights Figure 361: ROE & ROA

(Rmb m) Dec YE 2010 2011 2012 2013 45% 14% Revenue 12,922.8 14,306.1 13,183.8 12,563.4 EBIT 2,600.9 2,776.4 2,435.2 2,270.6 40% 13% Net Income 2,955.3 3,976.6 3,580.8 3,095.9 35% 12%

T ot al Assets 26,168.1 33,739.0 33,202.3 43,211.2 30% 11% Total Liabilities 16,089.6 20,022.3 16,934.6 24,938.3 Minority Interest 150.2 742.7 757.5 472.1 25% 10% Shareholders’ Equity 9,928.3 12,974.0 15,510.2 17,800.8 20% 9%

Market Cap 37,625.0 16,945.8 18,775.3 21,769.9 15% 8% EPS (Rmb) 0.80 1.04 0.93 0.81 2009 2010 2011 2012 2013 PC DPS (Rmb) 0.23 0.27 0.25 0.25 ROE (LHS) ROA (RHS)

Dividend Payout 30.8% 25.6% 26.8% 30.5% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 362: Segment revenue breakdown (2013) Figure 363: Geographical revenue breakdown (2013)

Other European Others a5b Countries 12% Other Asian 6%

Countriesa001447700186961d3 8% Investments 12% Canada & USA 15%

PRC & Taiwan 56%

Germany Shipbuilding 15% 76%

00

Source: Company data, UBS Source: Company data, UBS:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  158

Yoma Strategic Holdings Figure 364: Yoma Strategic Holdings organisational structure

Mr Serge Pun

>50% 42% 95%

First Myanmar Serge Pun & Associates Yoma Strategic Holdings Investments (FMI) (SPA)

Agriculture & PC Luxury travel & Real Estate Construction Automotive Retail & others Logistics tourism C173f48aa43e

70-100% 40% (Dragages JV) 70% 70% (FMI JV) 70% 20% (Parkson JV) Pun Hlaing Golf Star City Zone B Agricultural land Mitsubishi svc Chindwin Parkson Estate (partial) 1,043 units (rights to 96,300 centre Holdings Pte Ltd department store acres) 52.5% 5+% (Mitsu-Jalux JV) 80% (pending) 20% (Sumitomo JV) 75% 30% Yoma Agri & FMI City Mandalay Airport Hino svc centre & Balloons over Asia Beverages upgrade Logistics Holding distributorship Bagan (ABC Group) a5b

70% 85% (EDFM JV) 70% 75% 20% (effective)

Coffee a001447700186961d3 Thanlyin 20% German Car Call option on 21 Digicel Asian Star City (rights to 3,700 acres) Industries acres of land in Holdings Bagan for hotel 80% 100% 30% (Kokubu JV) 100% development Landmark 24% The Peninsula Cold Storage & Volkswagon Grand Central development LDR Yangon Logistics service centre Mall (Dalian)

TBC 70% 40% 100% 20% European car Steel mesh Condo building, HK & Shanghai Dairy manufacturing plant office towers, Hotels service centre retail podium 70% service apartments, TBC Leasing & rental

4-star biz hotel 00

TBC :

IFC / ADB 42

Mitsubishi 28

J u

Executive Chairman: Serge Pun l

CEO: Andrew Rickards 2014

Source: Company data, UBS

Singapore Market Strategy 25 July 2014  159

. Yoma Strategic Holdings, a Myanmar-focused conglomerate involved primarily in real estate, was listed in 2006 through a reverse takeover of an SGX-listed shell. It has diversified interests in construction services, agriculture, dairy, automotive, retail, and luxury tourism. Yoma adopts a conglomerate approach to building its business, and aims to grow its partnership with First Myanmar Investment (FMI), while collaborating with international corporations entering Myanmar for the first time. Yoma is affiliated with SPA (via a common major shareholder, Serge Pun), a conglomerate with more than 20 years of business experience in Myanmar.

. Real estate is Yoma's largest earnings contributor, currently accounting for over 90% of revenue. Its properties are mostly located in Yangon, and its four key development projects are: 1) Star City; 2) Pun Hlaing Golf Estate; 3) FMI City, and 4) Landmark Development, a mixed-use complex in the city centre. The former two projects have large unsold portions, and we estimate they could remain a source of development income through 2020.

. Besides property, Yoma has existing interests and plans to develop various other businesses such as agriculture, dairy, luxury tourism, automotive, retail, FMCG and logistics. While the revenue contribution from other businesses is quite PC small at this stage, the chairman has reiterated his vision for a 50:50 split between property and non-property businesses in the long term. Whether the non-property businesses make a significant contributionC173f48aa43e over the next three to five years is difficult to predict at this stage, though we think the recent increase in acquisitions and JV agreements for some of these businesses is encouraging.

. Website: http://yomastrategic.com/

a5b

a001447700186961d3

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  160

Figure 365: Major corporate events

Date Type Event Jun 2014 Fund raising Proposed the issuance of 135m new ordinary shares at S$0.70 per share (discount of approximately 8.4% to VWAP) to raise gross proceeds of S$94.5m Fund raising Revised the rights issue of 1-for-3 (from previous 1-for-8) ordinary shares at an issue price of S$0.38 per rights share Fund raising Revised the rights issue of 1-for-8 ordinary shares at an issue price of S$0.38 per rights share Mar 2014 Establishment of Yoma Agricultural & Logistics Holding Ptd Ltd (YALH), 80% to be held by Yoma Strategic Investments (YSIL), to expand into coffee, dairy, cold storage and logistics and commercial vehicle leasing businesses Feb 2014 Cessation of agreement with Dongfeng Automobile Co. Ltd with effect from 28 Feb 2014 Jan 2014 Acquisition Proposed the acquisition of a 30% stake in ABC Group (up to US$11.1m) Acquisition Announced the acquisition of a 24% stake in The Peninsula Yangon for around US$30m (S$38m) De c 2013 Acquisition Entered into a conditional agreement with Pun Hlaing Lodge Ltd to acquire an 80% effective interest in a plot of land located in the Pun Hlaing Golf Estate for US$2.4m

Joint venture Established JV with First Myanmar Investments (FMI) (20%) and Sumitomo CorporationPC (60%) to operate authorised service stations and to distribute Hino trucks and buses in Myanmar, for a 20% stake at US$600,000 C173f48aa43e Joint venture Proposed a new JV between YSIL (20%), LCT Investment Holdings (60%) and FMI (20%) to establish a Myanmar-incorporated JV to build and operate s steel mesh product manufacturing factory in Yangon with a 20% interest for US$1.3m Oct 2013 Established strategic alliance with SPA, FMI and Mitsubishi Corporation to jointly explore business opportunities in Myanmar Aug 2013 Joint venture Subsidiary SPA Project Management (SPA PM) will hold 5% in the JV co. (equity contribution of US$0.2m) to manage the Mandalay Project Apr 2013 Joint venture Established a JV with Dragages (60%) to construct Star City for a cost of US$94m Mar 2013 Acquisition Proposed the acquisition of 80% of the Landmark Development for US$81.3m Established JV, Chindwin Holdings, with FMI (30%) a5b Acquisition Proposed the acquisition of a 75% interest in Shwe Lay Ta Gun Travels and Tours, 21.2 acres of land in Bagan to develop a hotel business a001447700186961d3 and in Eastern Safaris by subsidiary, Chindwin Holdings, for US$10.7m, US$3.8m and US$0.1m, respectively (completed in Jun 2013) Acquisition Proposed the acquisition under the FRRD to purchase the land development rights (LDRs) in the Riverside Residential Development project Feb 2013 Acquisition Proposed the acquisition of German Car Industries Company Ltd through its 70% subsidiary, Myanmar Motors Pte Ltd for US$700,000 Incorporation of Myanmar Motors Pvt Ltd in Singapore, 70% held by Elite Matrix International Ltd, subsidiary of YSH and 30% by FMI Nov 2012 Joint venture Entered into a JV agreement with Parkson Myanmar (70%) and FMI (10%) to establish and operate department stores in Myanmar (US$0.6m for 20% of issued share capital of the JV) Fund raising Issued 192.9m shares by private placement at S$0.525 per share (discount of 6.9% to the VWAP) to raise S$101.3m in gross proceeds Fund raising Announced a rights issue of S$0.38 per rights share on the basis of 1 for four ordinary shares (discount of around 32.1% to the closing price as at 16 Nov 2012– the last trading day before the rights issue announcement) to raise S$109.9m in gross proceeds Oct 2012 Acquisition Proposed the acquisition under the FRRD to acquire the LDRs of the site situated at 372 Bogyoke Aung San Road (completed in Nov 2012 at

a price of S$99.2m based on a discount of 3%) 00

Feb 2012 Acquisition Announced acquisition under the FRRD to purchase 70% of the economic interests in : the remaining LDRs of Star City in Yangon, Myanmar for

42 S$91m at a discount of 1.6% (completed in Jun 2012)

Fund raising Announced undertaking a renounceable non-underwritten rights issue at S$0.24 per rights28 share on the basis of 4 for 5 ordinary shares

(discount of around 27.3% to the theoretical ex-rights trading price) to raise S$101.3m J Nov 2011 Announced the appointment of Andrew Jonathon Rickards as the Executive Director andu CEO and cessation of Serge Pun as CEO, while l

retaining his position as the Executive Chairman 2014 Jun 2010 Entered into a conditional tripartite strategic cooperation agreement with Dongfeng Automobile and Guangdong Machinery to establish and

develop the sales and distribution of Dongfeng light trucks in the automobile market in Myanmar Aug 2006 Listing YSH was listed on the SGX Mainboard

Source: Company data, UBS

Figure 366: Listed companies

Company Code Pr i ce (S$) Market cap (S$ m) No. of shares (m) Fr e e float (%) 12M avg daily traded vol ('000) Country Yoma Strategic YOMA SP 0.71 911 1,292 62.1 5,879 Singapore

Above data as at 23 July 2014. Source: Bloomberg, UBS

Singapore Market Strategy 25 July 2014  161

Figure 367: Financial highlights Figure 368: ROE & ROA

(S $ m) Mar YE FY11 FY12 FY13 FY14

Revenue 11.2 39.2 60.5 100.5 7% 5% EBIT -0.6 7.6 17.4 22.1 6% 4% Net Income 2.8 6.0 14.4 16.4 5% 3% T ot al Assets 138.8 148.2 462.6 483.3 4% Total Liabilities 8.7 12.6 66.4 65.2 3% 2% Minority Interest -0.3 -0.2 38.7 46.5 2% Shareholders’ Equity 130.4 135.8 357.5 371.5 1% 1%

Market Cap 36.9 269.1 879.4 862.0 0% 0% EPS (S¢) 0.4 0.9 1.5 1.4 FY10 FY11 FY12 FY13 FY14 PC DPS (S¢) 0.0 0.4 0.5 0.0 ROE (LHS) ROA (RHS) Dividend Payout 0.0% 43.7% 40.1% 0.0% C173f48aa43e

Source: Company data, Bloomberg, UBS Source: Company data, Bloomberg, UBS

Figure 369: Segment revenue breakdown (FY14) Figure 370: Geographical revenue breakdown (FY14)

Automobile Tourism a5b China Services Services 1% 5% Construction 1% related a001447700186961d3 Services 2%

Real Estate Myanmar

92% 00 99%

Source: Company data, UBS Source: Company data, UBS :

42

28

J

u l

2014

Singapore Market Strategy 25 July 2014  162

Key financial ratios

Figure 371: Key financial ratios

Interest coverage Dividend Companies Financial YE EBIT margin N e t profit m argin Gross gearing Net gearing ROE ratio (x) payout ratio Ascendas REIT 31-Mar-14 61.4% 49.1% 44.9% 43.5% 6.0 100.0% 6.7%

CapitaCommercial Trust 31-Dec-13 65.5% 54.6% 43.3% 41.2% 4.2 99.2% 4.4%

CapitaLand 31-Dec-13 15.6% 21.4% 65.1% 34.5% 1.4 40.0% 5.5%

CapitaMall Trust 31-Dec-13 61.9% 49.5% 59.1% 45.3% 3.8 97.0% 6.2% CapitaRetail China Trust 31-Dec-13 58.3% 40.0% 58.7% 50.0% 8.3 99.8% 6.0%

CDL Hospitality Trusts 31-Dec-13 81.5% 69.5% 43.1% 38.8% 7.4 90.0% 6.6%

City Developments Limited 31-Dec-13 16.7% 21.6% 49.1% PC 19.5% 7.7 17.6% 9.2%

ComfortDelGro 31-Dec-13 11.3% 7.0% 28.9% NetC173f48aa43e cash 15.5 56.5% 12.6% COSCO Corporation 31-Dec-13 4.0% 0.9% 173.9% 80.8% 1.3 73.1% 2.3%

Dairy Farm International 31-Dec-13 4.7% 4.8% 6.6% Net cash 45.9 62.1% 40.5%

First Resources 31-Dec-13 52.6% 38.0% 47.1% 27.2% 14.9 21.0% 22.7%

Frasers Centrepoint Trust 30-Sep-13 62.4% 54.3% 40.3% 37.6% 5.8 100.0% 6.3% Genting Singapore 31-Dec-13 23.6% 24.8% 23.1% Net cash 16.8 17.3% 10.1% a5b

Global Logistic Properties 31-Mar-14 58.9% 116.1% 26.1% 11.1% 4.4 25.0% 8.0% a001447700186961d3 Golden Agri-Resources 31-Dec-13 7.6% 4.7% 29.3% 22.7% 4.9 36.2% 3.6%

Hongkong Land 31-Dec-13 47.1% 50.3% 16.5% 11.2% 9.5 35.6% 3.5% Hutchison Port Holdings Trust 31-Dec-13 31.4% 13.6% 40.1% 33.2% 6.0 213.2% 2.5%

Jardine Matheson 31-Dec-13 8.7% 4.0% 26.4% 14.1% 15.4 33.4% 8.7% Jardine Strategic 31-Dec-13 9.9% 5.2% 24.9% 13.5% 15.7 9.5% 7.8%

Keppel Corporation 31-Dec-13 13.2% 14.9% 51.9% 8.0% 12.1 48.5% 19.5% Keppel Land 31-Dec-13 28.7% 60.6% 55.5% 38.3% 14.8 22.7% 13.5%

K e ppel REIT 31-Dec-13 65.5%* 77.0% 68.8% 66.5% 2.5 100.0% 4.4%

00 M1 Ltd 31-Dec-13 19.5% 15.9% 63.3% 49.5% 45.9 80.1% 43.1%

:

Mapletree Industrial Trust 31-Mar-14 63.2% 54.6% 55.6% 42 50.9% 7.3 99.8% 8.5%

Mapletree Logistics Trust 31-Mar-14 72.4% 52.3% 53.3% 28 49.1% 8.0 99.9% 7.4%

Neptune Orient Lines 27-Dec-13 -2.8% -0.9% 228.4% J 181.2% -3.5 0.0% -3.6% u l

Noble Group 31-Dec-13 0.7% 0.2% 118.8% 98.4% 1.8 28.2% 5.1% 2014 Olam International 30-Jun-13 4.4% 1.7% 231.4% 189.8% 1.8 26.4% 11.1%

OSIM International 31-Dec-13 20.5% 15.7% 45.0% Net cash 22.9 35.6% 43.5%

OUE Limited 31-Dec-13 35.4% -8.4% 78.0% 57.0% 1.9 NA -1.2% Parkway Life REIT 31-Dec-13 93.5%* 77.4% 50.9% 48.1% 10.8 95.6% 7.5% SATS Limited 31-Mar-14 9.6% 10.1% 7.5% Net cash 58.4 80.8% 12.8% Sembcorp Industries 31-Dec-13 10.5% 7.6% 29.1% Net cash 9.3 37.0% 16.9%

Sembcorp Marine 31-Dec-13 10.8% 10.1% 27.3% Net cash 98.0 48.9% 21.7% Singapore Airlines 31-Mar-14 2.3% 2.4% 7.1% Net cash 10.5 150.5% 2.7% Singapore Exchange 30-Jun-13 59.6% 47.2% 0.0% Net cash NA 89.1% 39.0% Note: **Indicates net property income margin. Source: Company data, Bloomberg, UBS

Singapore Market Strategy 25 July 2014  163

Figure 371: Key financial ratios (cont’d)

Interest coverage Dividend Companies Financial YE E B IT m argin N e t profit m argin Gross gearing Net gearing ROE ratio (x) payout ratio Singapore Post 31-Mar-14 22.6% 17.4% 33.6% Net cash 29.4 82.1% 42.9% SPH 31-Aug-13 35.3% 34.8% 41.3% 7.0% 16.0 186.6% 11.9% Singapore Telecommunications 31-Mar-14 16.8% 21.4% 36.3% 33.7% 9.8 74.2% 15.1% SMRT Corporation 31-Mar-14 7.2% 5.3% 79.4% 59.4% 8.0 54.1% 7.9% Starhill Global REIT 31-Dec-13 69.7% 53.6% 42.1% 39.2% 4.7 97.3% 5.8% S tarHub 31-Dec-13 19.6% 15.7% 831.3% 508.6% 24.6 92.8% 587.6% Suntec REIT 31-Dec-13 58.5%* 89.5% 63.4% 59.8% 1.9 109.9% 4.8% Thai Beverage 31-Dec-13 13.6% 12.3% 69.3% 64.1% 9.1 57.9% 21.8% UOL Group 31-Dec-13 32.3% 76.2% 32.1% 20.1% 10.3 19.6% 12.2% PC Venture Corporation 31-Dec-13 5.6% 5.6% 8.8% Net cash 111.7 104.8% 7.2%

Wilmar International 31-Dec-13 3.2% 3.0% 164.9% 142.9%C173f48aa43e 2.7 30.6% 9.0% Yangzijiang Shipbuilding 31-Dec-13 18.1% 24.6% 76.5% 25.0% 6.9 30.5% 18.6% Yoma Strategic 31-Mar-14 22.0% 16.3% 3.4% Net cash 20.1 0.0% 4.5%

Note: * indicates net property income margin. Source: Company data, Bloomberg, UBS

a5b

a001447700186961d3

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  164

PC C173f48aa43e a5b a001447700186961d3

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  165

Statement of Risk Due to the complexity of organisational structures and the constant underlying changes within these structures, the data included in this report is to the best of our knowledge at the time of publication. There might have been changes since publication. PC C173f48aa43e a5b a001447700186961d3

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  166

Required Disclosures This report has been prepared by UBS Securities Pte. Ltd., an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates are referred to herein as UBS. For information on the ways in which UBS manages conflicts and maintains independence of its research product; historical performance information; and certain additional disclosures concerning UBS research recommendations, please visit www.ubs.com/disclosures. The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed to conduct securities investment consultancy businesses by the China Securities Regulatory Commission. Analyst Certification: Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers and were prepared in an independent manner, including with respect to UBS, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the researchPC report.

UBS Investment Research: Global Equity Rating Definitions C173f48aa43e

UBS 12-Month Definition Coverage1 IB Services2 Rating Buy FSR is > 6% above the MRA. 48% 33% Neutral FSR is between -6% and 6% of the MRA. 41% 30%

Sell FSR is > 6% below the MRA. a5b 11% 23%

UBS Short-Term a001447700186961d3 Definition Coverage3 IB Services4 Rating Stock price expected to rise within three months from the time less than 1% less than 1% Buy the rating was assigned because of a specific catalyst or event. Stock price expected to fall within three months from the time less than 1% less than 1% Sell the rating was assigned because of a specific catalyst or event. Source: UBS. Rating allocations are as of 30 June 2014. 1:Percentage of companies under coverage globally within the 12-month rating category. 2:Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the past 12 months. 3:Percentage of companies under coverage globally within the Short-Term rating category. 4:Percentage of companies within the Short-Term rating category for which investment banking (IB) services were00 provided within the past 12 months.

:

KEY DEFINITIONS: Forecast Stock Return (FSR) is defined as expected percentage price appreciation plus gross dividend 42 yield over the next 12 months. Market Return Assumption (MRA) is defined as the one-year local market interest rate plus 5% (a proxy for, and not a forecast of, the equity risk premium). Under Review28 (UR) Stocks may be flagged as UR

by the analyst, indicating that the stock's price target and/or rating are subject to J possible change in the near term, usually u

in response to an event that may affect the investment case or valuation. Short-Terml Ratings reflect the expected near- term (up to three months) performance of the stock and do not reflect any change2014 in the fundamental view or investment case. Equity Price Targets have an investment horizon of 12 months.

EXCEPTIONS AND SPECIAL CASES: UK and European Investment Fund ratings and definitions are: Buy: Positive on factors such as structure, management, performance record, discount; Neutral: Neutral on factors such as structure, management, performance record, discount; Sell: Negative on factors such as structure, management, performance record, discount. Core Banding Exceptions (CBE): Exceptions to the standard +/-6% bands may be granted by the Investment Review Committee (IRC). Factors considered by the IRC include the stock's volatility and the credit spread of the respective company's debt. As a result, stocks deemed to be very high or low risk may be subject to higher or lower bands as they relate to the rating. When such exceptions apply, they will be identified in the Company Disclosures table in the relevant research piece. Research analysts contributing to this report who are employed by any non-US affiliate of UBS Securities LLC are not registered/qualified as research analysts with the NASD and NYSE and therefore are not subject to the restrictions contained in the NASD and NYSE rules on communications with a subject company, public appearances, and trading securities held by a research analyst account. The name of each affiliate and analyst employed by that affiliate contributing to this report, if any, follows.

Singapore Market Strategy 25 July 2014  167

UBS Securities Pte. Ltd.: Cheryl Lee, CFA. Unless otherwise indicated, please refer to the Valuation and Risk sections within the body of this report.

PC C173f48aa43e a5b a001447700186961d3

00

:

42

28

J u l

2014

Singapore Market Strategy 25 July 2014  168

PC C173f48aa43e a5b a001447700186961d3

Global Disclaimer This document has been prepared by UBS Securities Pte. Ltd., an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates are referred to herein as UBS. This document is for distribution only as may be permitted by law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject UBS to any registration or licensing requirement within such jurisdiction. It is published solely for information purposes; it is not an advertisement nor is it a solicitation or an offer to buy or sell any financial instruments or to participate in any particular trading strategy. No representation or warranty, either express or

implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this00 document (‘the Information’), except with respect to Information concerning UBS. The Information is not intended to be a complete statement or summary of the securities, markets or developments referred to in the

document. UBS does not undertake to update or keep current the Information. Any opinions expressed in this : document may change without notice and may differ or

be contrary to opinions expressed by other business areas or groups of UBS. Any statements contained in 42 this report attributed to a third party represent UBS's interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation

have not been reviewed by the third party. 28 Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or appropriate to an investor’s individual

circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors J should exercise prudence and their own judgement in making their investment decisions. The financial instruments described in the document may not be eligibleu for sale in all jurisdictions or to certain categories of l

investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments2014 is considered risky. Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates or other market conditions. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument referred to in the document. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. The value of any investment or income may go down as well as up, and investors may not get back the full amount invested. Past performance is not necessarily a guide to future performance. Neither UBS nor any of its directors, employees or agents accepts any liability for any loss (including investment loss) or damage arising out of the use of all or any of the Information. Any prices stated in this document are for information purposes only and do not represent valuations for individual securities or other financial instruments. There is no representation that any transaction can or could have been effected at those prices, and any prices do not necessarily reflect UBS's internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions by UBS or any other source may yield substantially different results. Research will initiate, update and cease coverage solely at the discretion of UBS Investment Bank Research Management. The analysis contained in this document is based on numerous assumptions. Different assumptions could result in materially different results. The analyst(s) responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and interpreting market information. UBS relies on information barriers to control the flow of information contained in one or more areas within UBS into other areas, units, groups or affiliates of UBS. The compensation of the analyst who prepared this document is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues; however, compensation may relate to the revenues of UBS Investment Bank as a whole, of which investment banking, sales and trading are a part. For financial instruments admitted to trading on an EU regulated market: UBS AG, its affiliates or subsidiaries (excluding UBS Securities LLC) acts as a market maker or liquidity provider (in accordance with the interpretation of these terms in the UK) in the financial instruments of the issuer save that where the activity of liquidity provider is carried out in accordance with the definition given to it by the laws and regulations of any other EU jurisdictions, such information is separately disclosed in this document. For financial instruments admitted to trading on a non-EU regulated market: UBS may act as a market maker save that where this activity is carried out in the US in accordance with the definition given to it by the relevant laws and regulations, such activity will be specifically disclosed in this document. UBS may have issued a warrant the value of which is based on one or more of the financial instruments referred to in the document. UBS and its affiliates and employees may have long or short positions, trade as principal and buy and sell in instruments or derivatives identified herein; such transactions or positions may be inconsistent with the opinions expressed in this document.

Singapore Market Strategy 25 July 2014  169

United Kingdom and the rest of Europe: Except as otherwise specified herein, this material is distributed by UBS Limited to persons who are eligible counterparties or professional clients. UBS Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. France: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities France S.A. UBS Securities France S.A. is regulated by the ACP (Autorité de Contrôle Prudentiel) and the Autorité des Marchés Financiers (AMF). Where an analyst of UBS Securities France S.A. has contributed to this document, the document

is also deemed to have been prepared by UBS Securities France S.A. Germany: Prepared by UBS Limited and distributedPC by UBS Limited and UBS Deutschland AG. UBS Deutschland AG is regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin). Spain: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities España SV, SA. UBS Securities España SV, SA is regulated by the Comisión Nacional del Mercado de Valores (CNMV). Turkey: Distributed by UBS Limited. No C173f48aa43e information in this document is provided for the purpose of offering, marketing and sale by any means of any capital market instruments and services in the Republic of Turkey. Therefore, this document may not be considered as an offer made or to be made to residents of the Republic of Turkey. UBS AG is not licensed by the Turkish Capital Market Board under the provisions of the Capital Market Law (Law No. 6362). Accordingly, neither this document nor any other offering material related to the instruments/services may be utilized in connection with providing any capital market services to persons within the Republic of Turkey without the prior approval of the Capital Market Board. However, according to article 15 (d) (ii) of the Decree No. 32, there is no restriction on the purchase or sale of the securities abroad by residents of the Republic of Turkey. : Distributed by UBS Limited (spolka z ograniczona odpowiedzialnoscia) Oddzial w Polsce. Russia: Prepared and distributed by UBS Securities CJSC. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Prepared by UBS Limited and distributed by UBS Limited and UBS Italia Sim S.p.A. UBS Italia Sim S.p.A. is regulated by the Bank of Italy and by the Commissione Nazionale per le Società e la Borsa (CONSOB). Where an analyst of UBS Italia Sim S.p.A. has contributed to this document, the document is also deemed to have been prepared by UBS Italia Sim S.p.A. South Africa: Distributed by UBS South Africa (Pty) Limited, an authorised user of the JSE and an authorised Financial Services Provider. Israel: This material is distributed by UBS Limited. UBS a5b Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. UBS Securities Israel Ltd is a licensed Investment Marketer that is supervised by the Israel Securities Authority (ISA). UBS Limited and its affiliates incorporated outside Israel are not licensed under the Israeli Advisory Law. This Material is being issued only to and/or is directed only at personsa001447700186961d3 who are Qualified Investors within the meaning of the Israeli Advisory Law, and this material must not be relied on or acted upon by any other persons. Saudi Arabia: This document has been issued by UBS AG (and/or any of its subsidiaries, branches or affiliates), a public company limited by shares, incorporated in Switzerland with its registered offices at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH-8001 Zurich. This publication has been approved by UBS Saudi Arabia (a subsidiary of UBS AG), a Saudi closed joint stock company incorporated in the Kingdom of Saudi Arabia under commercial register number 1010257812 having its registered office at Tatweer Towers, P.O. Box 75724, Riyadh 11588, Kingdom of Saudi Arabia. UBS Saudi Arabia is authorized and regulated by the Capital Market Authority to conduct securities business under license number 08113-37. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a ‘non-US affiliate’ ) to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a document prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this document must be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a registered investment dealer in Canada and a Member-Canadian Investor Protection Fund, or by another affiliate of UBS AG that is registered to conduct business in Canada or is otherwise exempt from registration. Brazil: Except as otherwise specified herein, this material is prepared by UBS Brasil CCTVM S.A. to persons who are eligible investors residing in Brazil, which are considered to be: (i) financial institutions, (ii) insurance firms and investment capital companies, (iii) supplementary pension entities, (iv) entities that hold financial investments higher than R$300,000.00 and that confirm the status of qualified investors in written, (v) investment funds, (vi) securities portfolio managers and securities consultants duly authorized by Comissão de Valores Mobiliários (CVM), regarding their own investments, and (vii) social security systems created by the Federal Government, States, and

Municipalities. Hong Kong: Distributed by UBS Securities Asia Limited and/or UBS AG, Hong Kong Branch. Singapore:00 Distributed by UBS Securities Pte. Ltd. [mica (p) 107/09/2013 and Co. Reg. No.: 198500648C] or UBS AG, Singapore Branch. Please contact UBS Securities Pte. Ltd., an exempt financial adviser under the Singapore

Financial Advisers Act (Cap. 110); or UBS AG, Singapore Branch, an exempt financial adviser under the Singapore: Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect42 of any matters arising from, or in connection with, the analysis or document. The recipients of this document represent and warrant that they are accredited and institutional investors as defined in the Securities and Futures

Act (Cap. 289). Japan: Distributed by UBS Securities Japan Co., Ltd. to institutional investors only. Where this28 document has been prepared by UBS Securities Japan Co., Ltd., UBS Securities Japan Co., Ltd. is the author, publisher and distributor of the document. Distributed by UBS AG, Tokyo Branch to Professional Investors (except

as otherwise permitted) in relation to foreign exchange and other banking businesses when relevant. Australia:J Clients of UBS AG: Distributed by UBS AG (Holder of Australian Financial Services License No. 231087). Clients of UBS Securities Australia Ltd: Distributed by UBSu Securities Australia Ltd (Holder of Australian Financial l

Services License No. 231098). Clients of UBS Wealth Management Australia Ltd: Distributed by UBS Wealth Management Australia Ltd (Holder of Australian Financial Services Licence No. 231127). This Document contains general information and/or general advice only and does2014 not constitute personal financial product advice. As such, the Information in this document has been prepared without taking into account any investor’s objectives, financial situation or needs, and investors should, before acting on the Information, consider the appropriateness of the Information, having regard to their objectives, financial situation and needs. If the Information contained in this document relates to the acquisition, or potential acquisition of a particular financial product by a ‘Retail’ client as defined by section 761G of the Corporations Act 2001 where a Product Disclosure Statement would be required, the retail client should obtain and consider the Product Disclosure Statement relating to the product before making any decision about whether to acquire the product. New Zealand: Distributed by UBS New Zealand Ltd. The information and recommendations in this publication are provided for general information purposes only. To the extent that any such information or recommendations constitute financial advice, they do not take into account any person’s particular financial situation or goals. We recommend that recipients seek advice specific to their circumstances from their financial advisor. Dubai: The research distributed by UBS AG Dubai Branch is intended for Professional Clients only and is not for further distribution within the United Arab Emirates. Korea: Distributed in Korea by UBS Securities Pte. Ltd., Seoul Branch. This document may have been edited or contributed to from time to time by affiliates of UBS Securities Pte. Ltd., Seoul Branch. Malaysia: This material is authorized to be distributed in Malaysia by UBS Securities Malaysia Sdn. Bhd (253825-x). India: Prepared by UBS Securities India Private Ltd. (Corporate Identity Number U67120MH1996PTC097299) 2/F, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai (India) 400051. Phone: +912261556000 SEBI Registration Numbers: NSE (Capital Market Segment): INB230951431, NSE (F&O Segment) INF230951431, BSE (Capital Market Segment) INB010951437. The disclosures contained in research documents produced by UBS Limited shall be governed by and construed in accordance with English law. UBS specifically prohibits the redistribution of this document in whole or in part without the written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. Images may depict objects or elements that are protected by third party copyright, trademarks and other intellectual property rights. © UBS 2014. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.



Singapore Market Strategy 25 July 2014  170