TIME WATCH INVESTMENTS LIMITED

(Company Registration No. : 199502355R)

Unaudited First Quarter Financial Statements Announcement For The Period Ended 30
September 2009

PART I INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3),

HALF-YEAR AND FULL YEAR RESULTS

1(a) An income statement for the group together with a comparative statement for the
corresponding period of the immediately preceding financial year

Group
First Quarter ended
30 Sep 09 30 Sep 08 Inc/(dec)
HK$'000 HK$'000 %

Revenue 281,394 280,197 0.4

Cost of sales (182,699) (188,542) (3.1)
Gross Profit 98,695 91,655 7.7

Other operating income 2,274 2,729 (16.7)

Distribution costs (50,897) (44,685) 13.9
Administrative expenses (21,119) (20,846) 1.3
Finance costs (1,515) (2,008) (24.6)
Share of results of associates 520 - 100.0
Loss on dilution of shareholding in a subsidiary - (1,745) (100.0)
(Note B)

Profit before taxation 27,958 25,100 11.4

Income tax expense (6,826) (5,700) 19.8

Profit for the period 21,132 19,400 8.9

Attributable to:
Equity holders of the Company 17,644 16,410 7.5
Minority interests 3,488 2,990 16.7
21,132 19,400 8.9

1
Statement of Comprehensive Income

With effect from annual period beginning or after 1 January 2009, FRS 1 Presentation of Financial Statements
(Revised), requires an entity to present all non-owner changes in equity in a Statement of Comprehensive
Income. Non-owner changes will include income and expenses recognised directly in equity. This is a change
of presentation and does not affect the recognition or measurement of the entity‟s transactions. Previously,
such non-owner changes were included in the Statement of Changes in Equity.

Group
First Quarter ended
30 Sep 09 30 Sep 08 Inc/(dec)
HK$'000 HK$'000 %

Profit for the period 21,132 19,400 8.9

Currency translation adjustments on foreign operations 1,726 11,042 (84.4)

Total comprehensive income for the period 22,858 30,442 (24.9)

Attributable to:
Equity holders of the Company 19,370 29,006 (33.2)
Minority interests 3,488 1,436 142.9
22,858 30,442 (24.9)

Notes:
A) Profit for the period is determined after charging/(crediting) the following:
Group
First Quarter ended
30 Sep 09 30 Sep 08 Inc/(dec)
HK$'000 HK$'000 %

Allowance for obsolete inventories 1,642 347 NM

Allowance/(reversal of allowance) for bad and
doubtful debts (trade) 826 (784) NM
Amortisation of expense on convertible loan
notes 33 33 -
Amortisation of intangible assets 47 47 -
Bank interest Income (43) (100) (57.0)
Depreciation expense of property, plant and
equipment 3,107 2,236 39.0
Foreign exchange gain (718) (1,874) (61.7)
Loss on disposal of plant and equipment 230 498 (53.8)
Provision for long service payments 45 3 NM

B) The amount represented the excess of the carrying value of the minority interest in the net assets of Time Watch
(Zhengzhou) Business Consultancy Co., Ltd (“Time Watch (Zhengzhou)”) over the consideration received from the
minority shareholder for its equity interest in Time Watch (Zhengzhou) as at the date of transaction. The dilution was
previously announced on 8 September 2008.

C) Certain reclassifications/adjustments had been made to the prior period‟s income statement for the period ended 30
September 2008, resulting in amendments to certain line items. The reclassifications were made to enhance
comparability with the current period‟s income statement, while the adjustments were made to recognise net revenue
instead of gross revenue for sale of stocks which were held on consignment, as well as to eliminate certain
intercompany sales previously understated. The items were reclassed/adjusted as follows:

Previously
reported Restated
HK$'000 HK$'000

Revenue 297,664 280,197

Cost of sales (206,009) (188,542)
Other operating income 1,131 2,729
Distribution costs (40,685) (44,685)
Administrative expenses (23,248) (20,846)

D) NM = not meaningful
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1(b)(i) A statement of financial position for the issuer and group, together with a comparative
statement as at the end of the immediately preceding financial year
Group Company
30 Sep 09 30 Jun 09 30 Sep 09 30 Jun 09
HK$‟000 HK$‟000 HK$‟000 HK$‟000
ASSETS

Current Assets:
Cash and bank balances 93,983 82,117 122 213
Pledged bank deposits 5,005 5,000 - -
Trade receivables 150,204 150,845 - -
Other receivables, deposits and prepayments 41,099 33,391 44,203 44,706
Inventories 251,125 253,727 - -
Total Current Assets 541,416 525,080 44,325 44,919

Non-Current Assets:
Goodwill 15,147 15,037 - -
Intangible assets 345 392 - -
Investment in subsidiaries - - 387,205 386,043
Investment in associates (Note A) 17,796 - - -
Deposits paid for acquisition of investments (Note B) - 12,956 - -
Other receivables and deposits 1,390 1,730 - -
Property, plant and equipment 42,648 40,679 98 109
Investment properties 204,300 204,228 - -
Total Non-Current Assets 281,626 275,022 387,303 386,152

Total Assets 823,042 800,102 431,628 431,071

LIABILITIES AND EQUITY

Current Liabilities:
Borrowings 147,184 169,888 - -
Convertible loan notes 27,431 26,724 27,430 26,724
Trade payables 99,536 81,806 - -
Other payables and accruals 55,605 48,528 4,328 3,732
Current portion of finance leases 237 104 - -
Income tax payable 9,280 11,191 - -
Total Current Liabilities 339,273 338,241 31,758 30,456

Non-current Liabilities
Borrowings 11,420 12,701 - -
Finance leases 451 170 - -
Provision for long services payments 3,565 3,520 - -
Deferred tax liabilities 18,851 18,846 - -
Total Non-Current Liabilities 34,287 35,237 - -

CAPITAL AND RESERVES

Equity attributable to equity holders of the company 361,654 342,284 399,870 400,615
Minority interests 87,828 84,340 - -
Total Equity 449,482 426,624 399,870 400,615

Total Liabilities and Equity 823,042 800,102 431,628 431,071

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Notes:
A) The amount represented 13% equity interest in 3 entities, Fortune Concept Limited, pe.timedesign GmbH and Swiss Fashion
Time GmbH (HK$17,276,000) acquired in July 2009 by two 51%-owned subsidiaries of the group, as well as share of results
(HK$520,000) for the current period. Although the group holds less than 20% of the voting power in these entities, the group
has significant influence by virtue of potential voting rights vested in the call option awarded to the group to require the
respective vendors to sell up to 36% additional equity interests in these entities. No such option has been exercised to-date.
The group is in process of obtaining a valuation report of the call option, as such, the fair value of such option has not been
accounted for in the group‟s financial statements as at September 30, 2009.

B) As at June 30, 2009, the amount represented the deposit paid to a related party for acquisition of 13% equity interest in Fortune
Concept Limited, incorporated in Hong Kong. The acquisition was completed in July 2009 and accordingly, the amount was
reclassed to “investment in associates”.

1(b)(ii) Aggregate amount of group’s borrowings and debt securities

Amount repayable in one year or less, or on demand

As at 30 Sep 09 As at 30 Jun 09

Secured Unsecured Secured Unsecured

(HK$‟000) (HK$‟000) (HK$‟000) (HK$‟000)

4,882 169,970* 8,905 187,811*

Amount repayable after one year

As at 30 Sep 09 As at 30 Jun 09

Secured Unsecured Secured Unsecured

(HK$‟000) (HK$‟000) (HK$‟000) (HK$‟000)

451 11,420 170 12,701

* Included in this amount is a S$5 million convertible loan notes with a bank, under which the bank has the
right to convert all or part of the bond into new ordinary shares at any time six months from the date of issue.
The conversion price is agreed at S$0.275 per share.

Details of any collateral

The borrowings are secured against the followings:

1) pledged bank deposits of Winning Metals Products Manufacturing Company Limited (WMP)
group; and

2) corporate guarantees given by the Company and WMP group.

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1(c) A statement of cash flows for the group, together with a comparative statement for the
corresponding period of the immediately preceding financial year
Group
First Quarter ended
30 Sep 09 30 Sep 08
HK$'000 HK$'000
Operating activities
Profit before income tax 27,958 25,100

Adjustments for :
Allowance for obsolete inventories 1,642 347
Allowance/(reversal of allowance) for bad and doubtful debts (trade) 826 (784)
Amortisation of expense on convertible loan notes 33 33
Amortisation of intangible assets 47 47
Depreciation expense of property, plant and equipment 3,107 2,236
Exchange difference arising from convertible loan notes 674 (1,598)
Increase in provision for long services payments 45 3
Interest expense 1,515 2,008
Interest income (43) (100)
Loss on dilution of shareholding in a subsidiary - 1,745
Share of results of associates (520) -
Loss on disposal of plant and equipment 230 498

Operating cash flows before movements in working capital 35,514 29,535

Trade receivables (185) (38,232)

Other receivables, deposits and prepayments (7,278) (14,148)
Inventories 960 6,924
Trade payables 17,730 17,574
Other payables and accruals 7,078 11,395

Cash generated from operations 53,819 13,048

Interest received 43 100
Income tax paid (7,633) (447)

Net cash generated from operating activities 46,229 12,701

Investing activities
Proceeds from disposal of plant and equipment 79 -
Purchase of plant and equipment (Note A) (4,810) (4,323)
Purchase of investment properties - (26,422)
Increase in pledged bank deposits - (41)
Investment in associates (Note B) (4,320)
Deposit paid for investment - (2,531)

Net cash used in investing activities (9,051) (33,317)

Financing activities
Repayment of obligations under finance lease (80) (29)
Proceeds from borrowings 87,805 131,763
Repayment of borrowings (111,790) (131,788)
Interest paid (1,515) (2,008)
Capital contribution from minority shareholders of a subsidiary - 19,724

Net cash (used in)/generated from financing activities (25,580) 17,662

Net increase/(decrease) in cash and cash equivalents 11,598 (2,954)

Cash and cash equivalents at beginning of period 82,117 64,760

Effects of exchange rate changes on the balance of cash held in foreign

currencies 268 (1,824)

Cash and cash equivalent as at end of period 93,983 59,982

Notes:
A) During the period, the Group acquired plant and equipment with an aggregate cost of HK$5,303,000 (2008: HK$4,323,000)
whereby plant and equipment with an aggregate cost of HK$493,000 (2008: HK$Nil) were financed via finance leases. The
cash outflow on acquisition of plant and equipment amounted to HK$4,810,000 (2008: HK$4,323,000).
B) During the period, the Group acquired 3 associates with an aggregate cost of HK$17,276,000. The Group paid a deposit of
HK$12,956,000 as at 30 June 2009, and the remaining consideration of HK$4,320,000 during the current period.

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 1(d)(i) A statement for the issuer and group showing either (i) all changes in equity or (ii) changes
in equity other than those arising from capitalisation issues and distributions to
shareholders, together with a comparative statement for the corresponding period of the
immediately preceding financial year

Properties Currency Accumulated

Share Capital Shareholder’s Other Revaluation Translation Profits/ Minority Total
Equity Reserve Contribution Reserve Reserve Reserve (Losses) Total Interests Equity
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Group
Balance as at 1 Jul 2009 570,051 (432,677) 544 116 5,291 43,043 155,916 342,284 84,340 426,624

Total comprehensive income - - - - - 1,726 17,644 19,370 3,488 22,858

Balance as at 30 Sep 2009 570,051 (432,677) 544 116 5,291 44,769 173,560 361,654 87,828 449,482

Balance as at 1 Jul 2008 570,051 (432,677) 544 116 5,430 44,828 104,212 292,504 32,999 325,503

Total comprehensive income - - - - - 11,042 16,410 27,452 1,436 28,888

Contribution from minority

shareholders to a non-
wholly owned subsidiary - - - - - - - - 19,724 19,724

Dilution in interest of a
subsidiary - - - - - - - - 1,745 1,745

Balance as at 30 Sep 2008 570,051 (432,677) 544 116 5,430 55,870 120,622 319,956 55,904 375,860

Company
Balance as at 1 Jul 2009 570,051 - - 116 - - (169,552) 400,615 - 400,615

Total comprehensive income - - - - - - (745) (745) - (745)

Balance as at 30 Sep 2009 570,051 - - 116 - - (170,297) 399,870 - 399,870

Balance as at 1 Jul 2008 570,051 - - 116 - - (176,721) 393,446 - 393,446

Total comprehensive income - - - - - - 673 673 - 673

Balance as at 30 Sep 2008 570,051 - - 116 - - (176,048) 394,119 - 394,119

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1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus
issue, share buy-backs, exercise of share options or warrants, conversion of other issues of
equity securities, issue of shares for cash or as consideration for acquisition or for any
other purpose since the end of the previous period reported on. State also the number of
shares that may be issued on conversion of all the outstanding convertibles as at the end of
the current financial period reported on and as at the end of the corresponding period of the
immediately preceding financial year

Since the end of the previous financial year, there have been no changes in the Company‟s issued
share capital.

The total number of shares that may be issued on conversion of all outstanding convertibles is as
follows:
30 Sep 2009 30 Sep 2008

Convertible loan notes 18,181,818 18,181,818

Call option in connection with
term and revolving facilities -* 12,000,000
granted by a bank
18,181,818 30,181,818

* The call option has expired upon full repayment of the term and revolving facilities in January 2009.

1(d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the
current financial period and as at the end of the immediately preceding year

The total number of issued ordinary shares as at 30 September 2009 and 30 June 2009 is
374,061,627.

1d(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury
shares as at the end of the current financial period reported on

The Company has no treasury shares.

2. Whether the figures have been audited, or reviewed and in accordance with which auditing
standard or practice

The figures have not been audited or reviewed by the auditors.

3. Where the figures have been audited or reviewed, the auditors’ report (including any
qualifications or emphasis of matter)

Not applicable.

4. Whether the same accounting policies and methods of computation as in the issuer’s most
recently audited annual financial statements have been applied

The accounting policies and methods of computation are consistent with those adopted in the most
recent audited financial statement for the year ended 30 June 2009.

5. If there are any changes in the accounting policies and methods of computation, including
any required by an accounting standard, what has changed, as well as the reasons for, and
the effect of, the change

Not applicable.

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6. Earnings per ordinary share of the group for the current financial period reported on and the
corresponding period of the immediately preceding financial year, after deducting any
provision for preference dividends

Group
First Quarter ended
30 Sep 09 30 Sep 08
HK cents HK cents
Earnings per ordinary share of the Group based on
net profit attributable to shareholders:
(i) Based on the weighted average number of
ordinary shares 4.72 4.39
(ii) On a fully diluted basis 4.54 4.23

The calculation of the basic and diluted earnings per share attributable to the ordinary equity
holders of the company is based on the following data:

Group
First Quarter ended
30 Sep 09 30 Sep 08

Earnings HK$‟000 HK$‟000

Profit for the period attributable to equity holders of
the company for the purpose of basic earnings per
share 17,644 16,410
Effect of dilutive potential ordinary shares:
- Interest expense on convertible loan notes 166 169

Earnings for the purpose of diluted earnings per

share 17,810 16,579

Number of shares „000 „000

Weighted average number of ordinary shares for the
purpose of basic earnings per share 374,062 374,062
Effect of dilutive potential ordinary shares from
convertible loan notes 18,182 18,182

Weighted average number of ordinary shares for the

purpose of diluted earnings per share 392,244 392,244

7. Net asset value (for the issuer and group) per ordinary share based on issued share capital
of the issuer at the end of the (a) current period reported on and (b) immediately preceding
financial year

Group Company
As at 30 Sep As at 30 As at 30 Sep As at 30
2009 June 2009 2009 June 2009
HK cents HK cents HK cents HK cents

Net asset value per ordinary

share based on issued share
capital 96.7 91.5 106.9 107.1

The net asset value per ordinary share as at 30 September 2009 and 30 June 2009 is based on the
issued share capital of 374,061,627 shares in issue.

8
8. A review of the performance of the group, to the extent necessary for a reasonable
understanding of the group’s business. It must include a discussion of the following:-

(a) any significant factors that affected the turnover, costs, and earnings of the group for
the current financial period reported on, including (where applicable) seasonal or
cyclical factors; and
(b) any material factors that affected the cash flow, working capital, assets or liabilities of
the Group during the financial period reported on.

Overview

Underscored by a stable HK$1.2 million increase in revenue for the first quarter ended 30
September 2009 (1QFY2010) to HK$281.4 million and stronger contributions from the Group‟s
higher margin retail segment, Time Watch posted an 8% increase in gross profits to HK$98.7
million as compared to HK$91.7 million in 1QFY2009. In line with the Group‟s strategic shift
towards its higher margin business, gross margin for the Group grew to 35% in 1QFY2010 from
33% in 1QFY2009. The Group recorded share of results of associates of HK$0.5m in 1QFY2010.
Profit before taxation for the period reached HK$28.0 million, a rise of 11% as compared to the
corresponding period for 1QFY2009. Profit for the period increased by 9% to HK$21.1 million from
HK$19.4 million in 1QFY2009.

Revenue

Revenue by Business Segments

1QFY2010 1QFY2009 %
Business Segments HK$’m % HK$’m % Change

Trading watch movement 76.9 27 84.1 30 (9%)

Manufacturing & trading of watches 136.2 49 98.9 35 38%
Manufacturing & resale of OEM watches 65.6 23 93.7 34 (30%)
Leasing of a shopping mall 2.7 1 3.5 1 (23%)

Total 281.4 100 280.2 100 0%

Revenue from the trading watch movement segment declined by 9% to HK$76.9 million as the
Group strategically shifted its focus towards its higher margin segments. Benefiting from the
sustained market demand for our timepieces in the PRC, coupled with contributions from the
Group‟s Suzhou shops which commenced operations in October 2008, revenue from the
manufacturing and trading of watches business segment grew by 38% to HK$136.1 million. The
manufacturing and resale of OEM watches business segment recorded a decrease of 30% in
revenue mainly due to lower orders received from OEM customers as a result of lower demand for
watches in the European market.

Profitability

Gross Profit by Business Segments

1QFY2010 1QFY2009 %
Business Segments HK$’m % HK$’m % Change

Trading watch movement 2.5 3 3.5 4 (29%)

Manufacturing & trading of watches 80.8 82 63.6 69 27%
Manufacturing & resale of OEM watches 13.1 13 21.1 23 (38%)
Leasing of a shopping mall 2.3 2 3.5 4 (34%)
Total 98.7 100 91.7 100 8%

The changes in the segmental gross profits are in line with the segmental revenues and led to a
growth of 8% in the overall gross profit to HK$98.7 million. The gross margin improved from 33% in
1QFY2009 to 35% in 1QFY2010.
9
 Other operating income declined by HK$0.5 million mainly due to translational losses arising from
an appreciation of the SGD which was recognised in the translation of its SGD-denominated
convertible loan notes. This decline was partially offset by sale of sample watches and advertising
subsidy received during the current period. In line with the Group‟s strategic expansion of its retail
network which included the new Suzhou shops which commenced operations in October 2008,
distribution costs increased by 14% to HK$50.9 million. Finance costs declined by 25% to HK$1.5
million due to lower borrowings as well as lower interest rates. Income tax expense increased by
20% to HK$6.8 million, which was in line with higher taxable profits of the Group.

Balance Sheet

As at 30 September 2009, the Group had net assets of HK$361.7 million representing an increase
of HK$19.4 million or 6% as compared to 30 June 2009. Current assets increased by HK$16.3
million to HK$541.4 million as at 30 September 2009. Cash and bank balances increased by
HK$11.9m to HK$94.0 million mainly due to net cash generated from operations partially offset by
repayment of borrowings, purchase of plant and equipment, and payment of balance consideration
for investment in associates. Other receivables, deposits and prepayments increased by HK$7.7
million mainly due to prepaid custom taxes, which is in line with the higher volume of goods shipped
to PRC. Non-current assets increased by HK$6.6 million to HK$281.6 million as at 30 September
2009 mainly due to investment in three associates acquired in July 2009 (HK$17.8 million) partially
offset by deposit placed (HKD13.0 million) as at 30 June 2009, as well as additions to plant and
equipment. There was a slight increase in current liabilities by HK$1.0 million to HK$339.3 million as
at 30 September 2009. This was mainly due to higher trade and other payables, which
commensurate with the growth of the Group‟s business, as well as slower repayments. This was
partially offset by lower borrowings and income tax payable due to repayment during the current
period.

9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders,

any variance between it and the actual results

Not applicable.

10. A commentary at the date of the announcement of the significant trends and competitive
conditions of the industry in which the group operates and any known factors or events that
may affect the group in the next reporting period and the next 12 months

Driven by the sustained recovery of the PRC economy which saw GDP expanding 8.9% year on
year for the first nine months of 2009, total retail sales of consumer goods rose 15.1% to RMB8.96
trillion for the first nine months of 2009 based on statistics released by the PRC National Bureau of
Statistics. This continued increase in retail purchases and consumer confidence was underlined by
key initiatives promulgated by the PRC Central government as part of its RMB4.0 trillion economic
stimulus package to boost the economy and spur domestic consumption.

Prospects and Outlook

The Group believes that while uncertainty pertaining to the rate of global economic recovery may
continue to place pressures on market demand and discretionary spending, the continued
introduction of comprehensive economic policies by the PRC authorities will serve to encourage the
sustained development of the PRC economy and bodes well for the continued growth of the retail
sector.

Capitalising on the long term prospects of the PRC retail sector, the Group will continue to leverage
on its successful business strategies to further enhance its competitive advantages and drive the
Group‟s sustained development.

Brand development and product differentiation is fundamental for the continued success of the
Group‟s high-margin retail business. With an established track record for the provision of high-
quality products and excellent after-sales service, Time Watch will continue to invest resources to
augment the brand equity and mind share of “Tian Wang” and other key brands under its product
portfolio “Balco” and “Police” through focused marketing campaigns and strict product quality
control measures. In addition, the Group will continue to build on its distribution rights to the Police
10
brand of fashion apparels by introducing additional products such as sunglasses, leather goods,
jewellery and other accessories as well as actively search out new opportunities to introduce other
international brands to satisfy the lifestyle and fashion needs of its discerning customers.

Leveraging on its in-depth understanding of the PRC retail market, the Group recognises that
despite growing affluence, the PRC consumer is still largely confined within fixed geographical
boundaries. To further enhance its market penetration, the Group actively seeks to extend its retail
network. In 1QFY2010, the Group successfully opened 7 new stores raising the total point of sales
to 901 across 35 cities in the PRC. Moving forward the Group will continue to increase the pace for
new points of sales across China.

In May 2009, the Group announced the acquisition of an initial 13% equity interest in three
companies namely Fortune Concept Limited, pe.timedesign GmbH and Swiss Fashion Time GmbH
which are principally engaged in the distribution and sale of timepieces and other related
accessories. This acquisition is in line with the Group‟s strategic objective to widen its geographical
reach outside the PRC into significant new retail markets such as Europe, the Middle East and Asia
Pacific region. Building on our successes, the Group will continue to actively explore opportunities
for alliances or joint-ventures that will further extend its distribution network both within and outside
the PRC.

The Group‟s OEM manufacturing business continues to be a key revenue contributor. Capitalising
on its quality track record as the OEM of international brands such as „Police‟, „Swiss Military‟ and
„Aigner‟, the Group will continue to initiate discussion and seek out opportunities to further enhance
collaborations with international brands. Testament to the Group‟s growing maturity as a designer
and manufacturer of quality timepiece, Time Watch was appointed by international brands French
Connection “FCUK” and Cerruti to be the original design manufacturer (“ODM”) in 2008 and 2009
respectively. Moving forward, the Group will continue to seek out fresh opportunities to penetrate
into the ODM business for other international brands.

Barring any unforeseen circumstances, the Board of Directors is confident that the Group would
continue its good performance for the next reporting period and the next 12 months.

11
11. Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on? None.

(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial
year? None.

(c) Date payable

Not applicable.

(d) Books closure date

Not applicable.
.

12. If no dividend has been declared/recommended, a statement to that effect

Not applicable

13. Statement of Negative Assurance

The Board of Directors hereby confirm that, to the best of their knowledge, nothing has come to
their attention which may render the unaudited financial statements of the Group and the Company
for the period ended 30 September 2009 to be false or misleading in any material respect.

BY ORDER OF THE BOARD

Mr. Tung Koon Ming

Chairman and
Chief Executive Officer
13 November 2009

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