Morning Note

Fundamental Call Wilmar International Ltd - Bird flu concerns likely less than initially feared (Nicholas Ong) Recommendation: Accumulate Previous close: S$3.34 Fair value: S$3.70 Impact from Chinas bird flu likely limited Vertically integrated model resilient to low CPO prices Upgrade to Accumulate with new TP of S$3.70

Phillip Securities Research Pte Ltd Singapore

22 April 2013

Golden Agri-Resources Ltd - Cutting 2013E CPO estimate (Nicholas Ong) Recommendation: Neutral Previous close: S$0.525 Fair value: S$0.55 Lowering FY13E CPO estimate to US$820/MT Time needed for downstream growth Downgrade to Neutral from Accumulate

Source: Phillip Securities Research Pte Ltd

MCI (P) 129/11/2012 Ref No: SGMN2013_0076

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Morning Note 22 April 2013

Morning Commentary - STI: -0.07% to 3294.1 - JCI: -0.28% to 4998.5 - HSCEI: +3.12% to 10587.3 - Nikkei 225: +0.73% to 13316.5 - India NIFTY: +1.66% to 5783.1 MARKET OUTLOOK: By Ng Weiwen, Macro Analyst Markets had run ahead of economic fundamentals (soft patch in US and Chinese economy) in recent months and risk assets (such as equities) seem ripe for profit taking! We caught a whiff of deflation. Commodities (gold, silver, oil, copper) having tumbled last week. Treasuries have rallied (i.e. US 10yr yield have declined) while the dollar has remained stable. All these are incipient signs of deflationary pressures, rather than a flight to safety. Incipient signs of a bearish head and shoulders! The S&P 500 has been flirting with its 50 dma support level. If S&P 500 close decisively below the 1539 key support level, next major support at the 1525 level. Odds are that any bounce will lead to a lower high and consequently a right shoulder of the bearish head and shoulders. Earnings will be critical to sustain this equity rally in the US. Note this recent rally thus far- has not been driven by earnings Instead, it has been more of a multiples expansion rally. Reckon that Chinese policymakers are confronted with a major headache on account of strong credit growth but weak GDP growth (with industrial output and fixed asset investment undershooting) as the recent credit expansion-notwithstanding numerous property curbs- is likely to complicate the context/environment against which policies are set henceforth. The recent bounce in property prices does not help in alleviating the headache (yet) but the jury is still out on the effectiveness of the recent rounds of property curbs given that they are only a couple of weeks old. Notwithstanding last Fris bout of risk-on sentiment, we are penciling near-term downward bias for the HSI and HSCEI as both indices remain mired in a bearish moving average crossover. HSCEI is likely to re-test its 200dma level (10.5k level). HSI needs to take out 22.5k to go higher. In Japan, we are seeing attempts of structural micro reforms by the Abe administration and this lead us to be cautiously optimistic about the Nikkei. Our base case has been that so long as the USDJPY continues to march towards (better if it clears above) the psychological 100 level, the Nikkei will continue to rise higher. Reckon USD/JPY is likely to retest the 99.95 level (11th Apr 2013 high) before challenging the psychological 100 level. Key support pegged at 95 psychological level. Implementation of structural micro reforms (economic and fiscal) are necessary ingredients for a structural bull run in Japan to materialise. The risk of profit taking (correction) this 2Q13 for Equities has risen (see Global Macro 12th April), given softness in US and Chinese data. We do still believe a pull-back in equities offers an attractive opportunity to accumulate our OWs in US, CN & HK (on compelling valuations), ID, PH, TH (resilient domestic demand) and SG (construction boom, attractive dividend yield). No change to our view its still a year for stocks. Risks to monitor in the region (apart from NKoreas usual aggressive rhetorics): (i) possibility of human-to-human transmission of a new strain of H7N9 bird flu strain (ii) Malaysia 13th GE (5th May) polling will likely cause some jitteriness in regional markets. (All equity indices mentioned in this note are tradeable with Phillip CFDs or ETFs) SECTOR/STRATEGY REPORTS: - Sector Reports: Bank, 1 Apr / REIT, 28 Mar / Commodities, 6 Mar / Transportation, 28 Feb / Telecommunications, 28 Feb / Property, 16 Jan / Gaming, 4 Jan - Country Strategy: Thai, 5 Apr / Spore, 8 Mar / China & HK, 28 Jan - Global Macro, Asset Strategy: 12 Apr, Update / US, 20 Mar / 4 Mar, Update / ASEAN, 5 Dec
Source: Phillip Securities Research Pte Ltd

- SET: +1.03% to 1545.5 - KLCI: +0.00% to 1706.3 - Hang Seng: +2.33% to 22013.6 - ASX200: +0.65% to 3314 - S&P500: +0.88% to 1555.3

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Morning Note 22 April 2013

Macro Data In China, MNI China flash business sentiment index rose to 59.3, from the final reading of 58.2 in Mar. Sub index for new orders rose to 59.0 from the 54.8 reading in Mar, and sub index for production rose to 57.8 from 55.2 in Mar. The improving index indicates a continued recovery in Chinas economy. (by Roy Chen) In Germany, PPI fell by 0.3% m-m in Mar, after the 0.2% m-m drop in Feb, reflecting a slowdown in demand for industrial products. On y-y basis, the index gained 0.3%, compared to the 1.2% y-y gain in Feb. (by Roy Chen)
Source: Phillip Securities Research Pte Ltd

STI - Index Members 8%

6%

2.5% Capitamalls Asia

4% 2%
0%

1.8%

1.7%

1.0%

0.8%

0.8%

0.7%

0.7%

0.6%

0.4%

0.3%

0.1%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%
-0.1%

-0.2%

-0.4%

-0.4%

-0.5%

-0.7%

-0.9%

-0.9%

-2% -4% -6% -8%

-1.3%

-1.6%

-1.7%

-1.7%

Source: Bloomberg

Wilmar

Capitaland

Jardine C&C

SIA

UOB

SGX

SIA Eng.

Jardine Stra.

Noble Group

DBS

Jardine Mat.

ST Eng.

3 of 15

Singtel

GLP

F&N

CDL

Capitamall Trust

Sembcorp Mar.

OCBC

Golden Agri-R.

Starhub

Keppel Corp. Ltd

Genting SP

ComfortDelGro

Olam

SPH

Sembcorp Ind.

HK Land

Thai Beverage

Morning Note 22 April 2013

Company Results S/N 1 2 Company Name MICRO-MECHANICS (HOLDINGS) LTD HWA HONG CORPORATION LIMITED Q/HY/FY 3Q 1Q Currency, Units S$ S$'000 Revenue Current 9,212,963 9,003 Previous 9,353,529 5,650 Change (%) -1.5 59.3 Current 1,431,152 1,843 Net Profit Previous 872,377 1,555 Change (%) 64.1 18.5

Source: SGX Masnet

Company Highlights Triyards Holdings Limited announced that its wholly-owned subsidiary, SAV Land Pty Ltd, has entered into a conditional contract of sale dated 18 April 2013 with Henderson Supply Base Pty Ltd , pursuant to which the Seller has agreed to sell and SAV Land has agreed to purchase a property in Australia known as Lot 5 Clarence Beach Road, Henderson Western Australia 6166. (Closing price: S$ 0.760, 0.654%) Sembcorp Industries announced that it will be developing a new energy-from-waste facility in Teesside, the UK, which will be the Groups first energy-from-waste facility outside Singapore. The new energy-from-waste facility will be capable of producing up to 49 megawatts of gross power or 190 tonnes per hour of steam, using municipal and commercial waste. The facility will be located at Wilton International, a 770-hectare industrial site which Sembcorp owns, operates and manages in Teesside. (Closing price: S$ 4.900, -1.606%) AsiaMedic Limited, a premier healthcare provider in Asia, announced it has signed an teleradiology service agreement with Nyein Hospital and City Hospital, both located in Mandalay, Myanmar. Teleradiology involves the transmission of radiological patient images, such as Xrays, CTs, and MRIs, from one location to another for the purposes of sharing studies with other radiologists and physicians. AsiaMedic will provide the hardware, software and technical support to facilitate a connectivity platform between the Group and the hospitals, as well as the professional interpretation of radiological images submitted by their radiographers. Started in 2005, City Hospital operates 130 beds with plans to expand to 300 beds, while Nyein Hospital, established in 1999, operates 180 beds. AsiaMedic will work closely with both hospitals as they invest in building up their diagnostic capabilities and subsequent new facilities. For the current phase, the cost of setting up the connectivity platform will be borne by the client. (Closing price: S$ 0.096, -)
Source: SGX Masnet, The Business Times

4 of 15

+0.10%

+0.02%

+0.07%

-0.07%

0.73%

Mar-13
Mar-13 Mar-13 Feb-13

Mar-13

Mar-13

Feb-13
14,547.51 3,294.05
Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12

13,316.48

Feb-13

Feb-13

283.19

1.705

Jan-13
Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12

Jan-13

Jan-13

Dec-12 Nov-12 Oct-12 Sep-12

Dec-12

Dec-12

Nov-12

Nov-12

Oct-12

Oct-12

Sep-12 Aug-12
Jul-12 Jun-12

Sep-12

ThomReuters/JefferiesCRB

Aug-12
US Treasury 10yr Yield

Aug-12

Aug-12

Jul-12
Jul-12 Jun-12 May-12

Jul-12

Jul-12

Straits Times Index

Nikkei 225 Index

Jun-12 May-12

Jun-12

Jun-12

May-12
Apr-12

May-12

May-12

16,000

15,000

14,000

13,000

12,000

3,500

3,300

3,100

2,900

2,700

340

320

300

280

260

2.40

2.20

2.00

1.80

1.60

1.40

1.20

DJI

2,500

Apr-12

Apr-12

14,500 13,500 12,500 11,500 10,500 9,500 8,500 7,500

Apr-12

Apr-12

+0.05%

+0.05%

+0.15%

+1.43%

Mar-13 Feb-13

Mar-13 Feb-13

Mar-13 Feb-13

Mar-13

+2.33%

Mar-13

Feb-13

Feb-13

82.75

Jan-13 Dec-12 Nov-12 Oct-12 Sep-12

98.95

Jan-13 Dec-12 Nov-12

Jan-13 Dec-12 Nov-12

537.41

Jan-13

22,013.57

1,403.85

Jan-13

Dec-12

Dec-12

Nov-12

Nov-12

Oct-12 Sep-12

Oct-12 Sep-12

Oct-12

Oct-12

Sep-12

Sep-12

Crude oil, Brent (US$/bbl)

Aug-12 Jul-12

Aug-12 Jul-12

Aug-12
Jul-12

Aug-12

Aug-12

Jul-12

Jul-12 Jun-12

MSCI Asia x-Japan

Morning Note 22 April 2013

Jun-12
Dollar Index

Hang Seng Index

Jun-12
Gold (US$/Oz)

May-12 Apr-12

May-12 Apr-12

May-12

May-12

May-12

24,000

23,000

22,000

21,000

20,000

19,000

1,900

1,600

1,300

1,000

130

120

110

100

86

84

82

80

78

18,000

Apr-12

Apr-12

Apr-12

Source: Bloomberg

Jun-12

Jun-12

90

80

580 560 540 520 500 480 460 440 420

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Morning Note 22 April 2013

Phillip Securities Research - Singapore Stocks Coverage Com pany Analyst Date of Last Report Rating Target Price (S$) 0.55 3.70 1.14 1.41 0.93 0.84 15.80 8.84 20.95 8.00 4.05 2.11 2.29 4.24 3.24 2.77 0.305 0.76 0.016 Current Price (S$) 0.525 3.34 0.98 1.40 0.65 0.67 15.69 10.80 20.88 7.72 3.51 1.98 2.12 4.14 3.05 2.76 0.26 0.59 0.035 2.09 2.65 1.37 31-Jan-13 Accumulate 6-Feb-13 Buy 18-Feb-13 Accumulate 19-Apr-13 Accumulate 26-Mar-13 Neutral 21-Dec-12 Buy 20-Dec-12 Buy 1-Mar-13 Buy 25-Feb-13 Buy 13-Feb-13 Accumulate 6-Mar-13 Sell 25-Feb-13 Neutral 1-Apr-13 Sell 13-Feb-13 Neutral 21-Dec-12 Buy 15-Feb-13 Neutral 8-Feb-13 Reduce 17-Apr-13 Neutral 3.33 6.10 4.50 12.34 4.69 0.164 0.250 1.210 1.800 13.00 0.65 1.32 1.20 1.83 0.27 3.31 3.61 2.58 3.10 5.04 4.38 11.19 4.90 4.25 0.13 0.18 0.97 1.40 10.91 0.64 1.13 1.52 1.93 0.235 3.69 4.53 3.11 10.4% 25.2% 42.9% 25.4% 29.0% 19.2% 1.6% 16.8% -20.8% -4.9% 14.9% -10.3% -20.3% -17.0% 7.4% 21.0% 2.7% 10.3% Difference to Target Price (%) 4.8% 10.8% 16.9% 1.1% 44.2% 26.3% 0.7% -18.1% 0.3% 3.6% 15.4% 6.6% 8.0% 2.4% 6.2% 0.4% 19.6% 29.9% -54.3%

Com m odities & Supply Chain Managers GOLDEN AGRI-RESOURCES LTD WILMAR INTERNATIONAL LTD Consum er Goods COURTS ASIA LTD GENTING SINGAPORE PLC COMBINE WILL INTERNATIONAL H CORDLIFE GROUP LTD Banking & Finance DBS GROUP HOLDINGS LTD OVERSEA-CHINESE BANKING CORP UNITED OVERSEAS BANK LTD SINGAPORE EXCHANGE LTD Property (Developers) CAPITALAND LTD CAPITAMALLS ASIA LTD HO BEE INVESTMENT LTD KEPPEL LAND LTD OVERSEAS UNION ENTERPRISE GLOBAL LOGISTIC PROPERTIES L GLOBAL PREMIUM HOTELS LTD STAMFORD LAND CORP LTD SINGHAIYI GROUP LTD # Property (REITS) CDL HOSPITALITY TRUSTS PARKWAYLIFE REAL ESTATE SABANA SHARIAH COMP IND REIT Industrials (Capital Goods) SATS LTD SIA ENGINEERING CO LTD SINGAPORE TECH ENGINEERING KEPPEL CORP LTD SEMBCORP INDUSTRIES LTD SEMBCORP MARINE LTD HU AN CABLE HOLDINGS LTD SUNPOWER GROUP LTD PAN-UNITED CORP LTD BOUSTEAD SINGAPORE LTD Industrials (Transportation) SINGAPORE AIRLINES LTD TIGER AIRWAYS HOLDINGS LTD NEPTUNE ORIENT LINES LTD SMRT CORP LTD COMFORTDELGRO CORP LTD HENGYANG PETROCHEMICAL LOGIS Technology & Com m unications SINGAPORE TELECOM LTD STARHUB LTD Nicholas Ong Nicholas Ong Ken Ang Ken Ang Chan Wai Chee Derrick Heng Ken Ang Ken Ang Ken Ang Ken Ang Bryan Go Bryan Go Bryan Go Bryan Go Bryan Go Roy Chen Chan Wai Chee Chan Wai Chee Chan Wai Chee Change of Analyst Change of Analyst Change of Analyst Derrick Heng Derrick Heng Derrick Heng Nicholas Ong Change of Analyst Nicholas Ong Chan Wai Chee Chan Wai Chee Joshua Tan Joshua Tan Derrick Heng Derrick Heng Derrick Heng Derrick Heng Derrick Heng Chan Wai Chee Ken Ang Ken Ang 22-Apr-13 Neutral 22-Apr-13 Accumulate 25-Mar-13 Buy 22-Feb-13 Neutral 20-Dec-12 Buy 8-Apr-13 Buy 7-Feb-13 Accumulate 18-Feb-13 Reduce 28-Feb-13 Accumulate 17-Apr-13 Accumulate 22-Feb-13 Accumulate 8-Feb-13 Neutral 1-Mar-13 Buy 19-Apr-13 Neutral 1-Apr-13 Accumulate 7-Feb-13 Neutral 9-Nov-12 Buy 20-Dec-12 Buy 16-Oct-12 Buy

M1 LTD Ken Ang Source: Phillip Securities Research Pte Ltd

# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.

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Morning Note 22 April 2013

FTSE ST Breakdown (3M % Change)

ST Technology
-1 .0%

ST China
-3.2%

ST Financials
5.9%

ST Real Estate
2.6%

ST Utilites
7.6%

ST Re Invest Trust
8.2%

ST Telecommunicate
7.5%

STI 2.3%

ST Oil & Gas -3.9%

ST Basic Materials

ST Consumer Service
1 .2%

-8.5%

ST Healthcare
2.6%

ST Industrials

ST Consumer Goods
-8.3%

2.1 %

Source: Bloomberg

FTSE ST Market Cap. Breakdow n (3M % Change)

Top Gainers (%) ABTERRA LTD HARTAWAN HOLDINGS LTD TOP GLOBAL LTD MEDI-FLEX LTD ARMARDA GROUP LTD Top Losers (%) SINOSTAR PEC HOLDINGS LTD HOR KEW CORP LTD INNOPAC HOLDINGS LTD IHH HEALTHCARE BHD YAMADA GREEN RESOURCES LTD Source: Bloomberg Turnover ('mn shares) Turnover (S$'mn) UP DOWN UNCHANGED

ST Small Cap 5.9%

ST All Share

3.1%

Last 0.730 0.156 0.011 0.120 0.025 Last 0.103 0.068 0.205 1.420 0.250

% Chg 15.9 10.6 10.0 9.1 8.7 % Chg -13.4 -5.6 -4.7 -4.1 -3.8

STI
ST Mid Cap 2.3% ST Fledgling 4.5%

5.8%

2,708 1,479 273 151 526

Source: Bloomberg

Source: SGX

7 of 15

Morning Note 22 April 2013

World Index

FTSE 100 0.69% 6,286.59 DOW 0.07% 14,547.51 S&P 500 0.88% 1,555.25

KOSPI 0.35% 1,906.75

SHCOMP 2.14% 2,244.64

SENSEX 1.52% 19,016.46

COLOMBO -0.16% 5,882.25

NIKKEI 0.73% 13,316.48

HSI 2.33% 22,013.57

NASDAQ 1.25% 3,206.06

SET 1.03% 1,545.46 KLCI 0.00% 1,706.28

STI -0.07% 3,294.05

JCI -0.28% 4,998.46

ASX 0.15% 4,931.91

Source: Bloomberg

ETF Perform ance ETF CIMB FTSE ASEAN 40 DB X-TRACKERS CSI300 UCITS DB X-TRACKERS FTSE VIETNAM DB X-TRACKERS MSCI INDONESIA DB X-TRACKERS MSCI TAIWAN DB X-TRACKERS MSCI WORLD TRN DB X-TRACKERS S&P 500 INV DA DB X-TRACKERS CNX NIFTY UCIT ISHARES MSCI INDIA INDEX ETF LYXOR ETF CHINA ENTERPRISE LYXOR ETF HANG SENG INDEX 10 LYXOR ETF MSCI AC ASIA EX JP LYXOR ETF MSCI INDIA LYXOR ETF MSCI TAIWAN NIKKO AM SINGAPORE STI ETF SPDR GOLD TRUST SPDR STRAITS TIMES INDEX ETF UNITED SSE 50 CHINA ETF Source: Bloomberg % Change +0.35 +2.59 +0.34 +1.04 +0.98 -0.28 +0.69 +2.09 +1.29 +2.22 +1.47 -1.46 +1.47 +2.91 +0.60 +1.97 -0.30 +2.38 Change +0.04 +0.20 +0.08 +0.18 +0.18 -0.01 +0.22 +2.23 +0.08 +0.30 +0.04 -0.07 +0.20 +0.03 +0.02 +2.64 -0.01 +0.04 Last 11.48 7.92 23.61 17.42 18.55 3.61 31.94 109.16 6.29 13.80 2.76 4.72 13.85 0.99 3.36 136.96 3.32 1.72

8 of 15

Morning Note 22 April 2013

Corporate Action : Dividend EX Date Com pany 4/22/2013 SINGAPORE EXCHANGE LTD 4/24/2013 KEPPEL CORP LTD 4/25/2013 SEMBCORP MARINE LTD 4/26/2013 SINGAPORE TECH ENGINEERING 4/29/2013 THAI BEVERAGE PCL 4/29/2013 OVERSEA-CHINESE BANKING CORP 4/29/2013 SEMBCORP INDUSTRIES LTD 4/29/2013 WILMAR INTERNATIONAL LTD 4/29/2013 CITY DEVELOPMENTS LTD 4/29/2013 GOLDEN AGRI-RESOURCES LTD 5/2/2013 CAPITAMALLS ASIA LTD 5/3/2013 COMFORTDELGRO CORP LTD Source: Bloomberg
Corporate Action: Rights EX Date Company Type Rights Issue Subscription Price 0.2400 Currency SGD Term 1 per 1 Record Date 4/26/2013 4/24/2013 RICKMERS MARITIME Source: Bloomberg

Type 3rd Interim Final Special Cash Special Cash Final Final Regular Cash Final Special Cash Final Regular Cash Final

Net Am ount 0.0400 0.2700 0.0200 0.0980 0.2520 0.1700 0.1500 0.0300 0.0500 0.0059 0.0163 0.0350

Currency SGD SGD SGD SGD THB SGD SGD SGD SGD SGD SGD SGD

Frequency Quarter Semi-Anl Semi-Anl Semi-Anl Semi-Anl Semi-Anl Annual Semi-Anl Annual Semi-Anl Semi-Anl Semi-Anl

Record Date 4/24/2013 4/26/2013 4/29/2013 4/30/2013 5/2/2013 5/2/2013 5/2/2013 5/2/2013 5/2/2013 5/2/2013 5/6/2013 5/7/2013

Payout Date 5/2/2013 5/8/2013 5/13/2013 5/17/2013 5/22/2013 5/17/2013 5/14/2013 5/14/2013 5/20/2013 5/14/2013 5/20/2013 5/15/2013

9 of 15

Morning Note 22 April 2013

Calendar Earning Announcement Singapore Name First Ship Lease Trust Mapletree Commercial Trust Rickmers Maritime Sysma Holdings Ltd First Real Estate Investment Trust Mapletree Industrial Trust Singapore Reinsurance Corp Ltd BH Global Marine Ltd Cache Logistics Trust Cheung Woh Technologies Ltd China Environment Ltd QAF Ltd Sino-Excel Energy Ltd STATS ChipPAC Ltd Action Asia Ltd Baker Technology Ltd CapitaMalls Asia Ltd Great Eastern Holdings Ltd Jardine Cycle & Carriage Ltd PCA Technology Ltd Samudera Shipping Line Ltd Sheng Siong Group Ltd Suntec Real Estate Investment Trust Technics Oil & Gas Ltd Transit-Mixed Concrete Ltd Advanced Integrated Manufacturing Corp Ltd Amaru Inc Ascendas India Trust Ascott Residence Trust CapitaLand Ltd CDL Hospitality Trusts China Aviation Oil Singapore Corp Ltd China Merchants Holdings Pacific Ltd Duty Free International Ltd Eucon Holding Ltd Far East Orchard Ltd HL Global Enterprises Ltd Hong Leong Finance Ltd Hwa Hong Corp Ltd Jackspeed Corp Ltd Jiutian Chemical Group Ltd Mun Siong Engineering Ltd Nico Steel Holdings Ltd Serial System Ltd Shanghai Asia Holdings Ltd Singapore Land Ltd Singapore Post Ltd SP Corp Ltd Starhill Global REIT Texchem-Pack Holdings Singapore Ltd Top Global Ltd United Industrial Corp Ltd Yeo Hiap Seng Ltd Alternative Energy Ltd Ascendas Hospitality Trust Source: Bloomberg Expected Report Date April 22, 2013 April 22, 2013 April 22, 2013 April 22, 2013 April 23, 2013 April 23, 2013 April 23, 2013 April 24, 2013 April 24, 2013 April 24, 2013 April 24, 2013 April 24, 2013 April 24, 2013 April 24, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 25, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 26, 2013 April 29, 2013 April 29, 2013

10 of 15

Morning Note 22 April 2013

Econom ic Announcem ent US Date Statistic 4/22/2013 Chicago Fed Nat Activity Index 4/22/2013 Existing Home Sales 4/22/2013 Existing Home Sales MoM 4/23/2013 Markit US PMI Preliminary 4/23/2013 House Price Index MoM 4/23/2013 Richmond Fed Manufact. Index 4/23/2013 New Home Sales 4/23/2013 New Home Sales MoM 4/24/2013 MBA Mortgage Applications 4/24/2013 Durable Goods Orders 4/24/2013 Durables Ex Transportation 4/24/2013 Cap Goods Orders Nondef Ex Air 4/24/2013 Cap Goods Ship Nondef Ex Air 4/25/2013 Initial Jobless Claims 4/25/2013 Continuing Claims Source: Bloomberg For Mar Mar Mar Apr Feb Apr Mar Mar 19-Apr Mar Mar Mar Mar 20-Apr 13-Apr Survey -5.00M 0.40% 54.5 0.70% -419K 1.90% --2.90% 0.70% 0.30% -351K -Prior 0.44 4.98M 0.80% -0.60% 3 411K -4.60% 4.80% 5.70% -0.50% -2.70% 1.90% 352K 3068K Singapore Date Statistic 4/23/2013 CPI (MOM) - NSA 4/23/2013 CPI (YoY) 4/24/2013 Automobile COE Open Bid Cat A 4/24/2013 Automobile COE Open Bid Cat B 4/24/2013 Automobile COE Open Bid Cat E 4/26/2013 Industrial Production MoM SA 4/26/2013 Industrial Production YoY 4/29/2013 Unemployment Rate (sa) 4/30/2013 M1 Money Supply (YoY) 4/30/2013 M2 Money Supply (YoY) 4/30/2013 Credit Card Bad Debts 4/30/2013 Credit Card Billings 4/30/2013 Bank Loans & Advances (YoY) 5/2/2013 Electronics Sector Index 5/2/2013 Purchasing Managers Index Source: Bloomberg For Mar Mar 24-Apr 24-Apr 24-Apr Mar Mar 1Q P Mar Mar Mar Mar Mar Apr Apr Survey ---------------Prior 1.00% 4.90% 61029 67010 66989 -0.70% -16.60% 1.80% 14.00% 9.70% 19.3M 2953.2M 19.60% 51.9 50.6

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Morning Note 22 April 2013 Important Information This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (Phillip Securities Research). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. 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Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this publication is not indicative of future results. This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This publication should not be relied upon exclusively or as authoritative, without further being subject to the recipients own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this research should take into account existing public information, including any registered prospectus in respect of such product. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this publication, and may have performed services for or solicited business

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Morning Note 22 April 2013 from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this publication. Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment. To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold a interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this publication. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, which is not reflected in this material, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. Please contact Phillip Securities Research at [65 65311240] in respect of any matters arising from, or in connection with, this document. This report is only for the purpose of distribution in Singapore.

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Morning Note 22 April 2013 Contact Information (Singapore Research Team)

Chan Wai Chee CEO, Research Special Opportunities +65 6531 1231 yebo@phillip.com.sg Magdalene Choong, CFA Investment Analyst Regional Gaming +65 6531 1791 magdalenechoongss@phillip.com.sg Ken Ang Investment Analyst Financials, Telecoms +65 6531 1793 kenangwy@phillip.com.sg Nicholas Ong Investment Analyst Commodities, Offshore & Marine +65 6531 5440 nicholasonghg@phillip.com.sg

Joshua Tan Head of Research Global Macro, Asset Strategy +65 6531 1249 joshuatan@phillip.com.sg Go Choon Koay, Bryan Investment Analyst Property +65 6531 1792 gock@phillip.com.sg Ng Weiwen Macro Analyst Global Macro, Asset Strategy +65 6531 1735 ngww@phillip.com.sg Research Assistant General Enquiries +65 6531 1240 (Phone) research@phillip.com.sg

Derrick Heng Deputy Head of Research SG Equity Strategist & Transport +65 6531 1221 derrickhengch@phillip.com.sg Travis Seah Investment Analyst REITs +65 6531 1229 travisseahhk@phillip.com.sg Roy Chen Macro Analyst Global Macro, Asset Strategy +65 6531 1535 roychencz@phillip.com.sg

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Morning Note 22 April 2013

Contact Information (Regional Member Companies)

SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 179101 Tel : (65) 6533 6001 Website: www.poems.com.sg

MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel (603) 21628841 Fax (603) 21665099 Website: www.poems.com.my JAPAN Phillip Securities Japan, Ltd. 4-2 Nihonbashi Kabuto-cho Chuo-ku, Tokyo 103-0026 Tel: (81-3) 3666-2101 Fax: (81-3) 3666-6090 Website:www.phillip.co.jp

HONG KONG Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre 95 Queensway Hong Kong Tel (852) 22776600 Fax (852) 28685307 Websites: www.phillip.com.hk INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 Indonesia Tel (62-21) 57900800 Fax (62-21) 57900809 Website: www.phillip.co.id THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 10500 Thailand Tel (66-2) 6351700 / 22680999 Fax (66-2) 22680921 Website www.phillip.co.th UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS Tel (44-20) 7426 5950 Fax (44-20) 7626 1757 Website: www.kingandshaxson.com AUSTRALIA Octa Phillip Securities Ltd Level 12, 15 William Street, Melbourne, Victoria 3000, Australia Tel (03) 9629 8288 Fax (03) 9629 8882 Website: www.octaphillip.com

CHINA Phillip Financial Advisory (Shanghai) Co. Ltd No 550 Yan An East Road, Ocean Tower Unit 2318, Postal code 200001 Tel (86-21) 51699200 Fax (86-21) 63512940 Website: www.phillip.com.cn FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 75008 Paris France Tel (33-1) 45633100 Fax (33-1) 45636017 Website: www.kingandshaxson.com

UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL 60604 USA Tel +1.312.356.9000 Fax +1.312.356.9005

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