June 2013BROADSIGHT by

Broadgate Financial

June 2013Issue 2

BROADSIGHT by

June 2013BROADSIGHT by

Foreword

Dear Readers,

Welcome to our second issue of Broadsight, the monthly corporate magazine by the Broadgate

Financial Group. Having read through this months articles, one common theme occurred to me Trust

and the importance of it. Upon reflection Ive concluded trust can be obtained through the following

formula:

Trust = (Honesty + Openness) x Time = Transparency

So what does this mean? We all have our own way to build trust so Im not saying what I have illustrated

is necessarily correct. However, it works for us here in Broadgate. I feel, personally, you cant be truly

honest without being open.

Trust is something we grant to our employees automatically we trust our employees to do the right

thing and we trust our clients to make the right decisions. If trust is broken, it can be potentially

damaging and irreparable. As I have learnt and what I try to instill is, trust is relatively easy to achieve

(following the above formula) however, the hardest part is to maintain it!

If you don't have trust inside your company, then you can't transfer it to your customers. -Roger

Staubach

On behalf of everyone at Broadgate and myself, our sincerest appreciation and support for your

continued readership.

Simon Osborne Vice-President

June 2013BROADSIGHT by

All of us at Broadgate Financial are pleased to

present you the second issue of our Corporate

Magazine: BROADSIGHT. We wanted to make it clear, comfortable to read

and enjoyable. Thats why in each of the future

issues you will find the same guidelines with:

- The hottest news from the previous month

along with upcoming important issues

relating to the business world in ASEAN

and beyond ;

- A market report on the most important

aspects of last months financial news

provided by the Excelsior Worldwide Ltd

company;

- Industry news related to our services in

Plantations, Construction and Advisory ;

- A presentation of one new project running

at Broadgate Financial ;

- A Q&A specific to our three industries ;

- And finally a presentation of an Individual

Social Responsibility project run at

Broadgate Financial ;

We do hope you will enjoy this magazine as much

as we did compiling it. If you have any questions

or requests, please feel free to contact us at

clientservices@broadgatefinancial.com.

News Feed Industry News Plantations

Industry News Advisory

Industry News Construction

Project News Q&A

ISR Article on Corruption

Contact Information

In this issue of BROADSIGHT,

June 2013BROADSIGHT by

News Feed Laos issues bonds in the Thai market

The Lao government will raise funds through the

Thai capital market for the first time by issuing

1.5 billion baht worth of bonds to institutional

investors on Thursday.

The three-year bonds will carry a coupon rate of

4.5%.

Thailand is the most advanced capital market in

the Mekong region and uses this strength to

foster development of neighbouring capital

markets.

NiwatKanjanaphoomin, president of the Thai

Bond Market Association, believes Laos will be

able to attract foreign investors to its

government bonds to be issued in the Thai

capital market.

http://www.bangkokpost.com/

Checking in for growth

Hilton Worldwide has set an ambitious target to open one new hotel a week in Asia in 2015

and make the region the groups key player within the next few years.

The surge in Chinese travel is pushing hotel expansion throughout Asia, says MrRinck.

The company just celebrated the opening of its 100th property, the first DoubleTree by Hilton

Sukhumvit in central Bangkok. It now has 170 properties under development, 90% of them

managed by Hilton, said Martin Rinck, president for Asia Pacific of Hilton Worldwide.

Four years ago, Hilton Worldwide had just 46 hotels in Asia Pacific. Last year, it signed 55 new

deals to manage hotels in this region.

We aim to open 25 hotels this year and 35 in 2014. And we target to open one hotel a week

in 2015. That means we will have 52 hotels under our brands in a year, he said.

http://www.bangkokpost.com/

Suvarnabhumi Airport in Bangkok to undergo expansion

The expansion is aimed at accommodating increasing passenger numbers and air traffic, and is estimated to cost THB625-million ($21.1 million). The design for the Phase 2 expansion is expected to take another 10 months to complete with the construction contractor to be finalised in March 2014. An agreement has already been signed by the airport authorities with MAA 103 Group for the design of the four-storey, 216,000-square-metre terminal building which is a part of Phase 2. The building will be located next to 28 aircraft parking spots connecting the south-end tunnel with passenger-transport systems. The total cost of the project is estimated at THB72.2 billion baht ($243 million). The company also plans to incorporate smart cards and barcode technology to speed up its immigration services and reduce waiting times for passengers. Passengers will have an option of using their smart cards instead of passports which will take less time at immigration. The expansion is expected to be complete by 2016.

http://www.worldinteriordesignnetwork.com/

China calls on North Korea to enter nuclear talks A personal envoy to North Korea's leader indicated Kim Jung Un was open to restarting nuclear disarmament talks, a move that came as China's leader delivered a blunt message to Pyongyang to return to the negotiating table, Chinese state-run media reported Friday. Kim's personal envoy, who was on a three-day visit to China, hand-delivered a letter from Kim to President Xi Jinping at a meeting in Beijing before returning to North Korea on Friday, according to state media. While the contents of the letter were not released by the government, the envoy -- ChoeRyong-hae -- told Chinese officials that his country is willing to "take positive actions to solve problems through dialogue, "the state-run China Daily reported.

http://edition.cnn.com/

June 2013BROADSIGHT by

News Feed Market

News

Market Report

Excelsior Worldwide Limited is pleased to offer the following Market Commentary by

Sebastien Le Van, head of R&D, to share his thoughts on global economic developments,

market insights and other factors that may influence investment opportunities and

strategies.

Equity markets reached new highs in May but also

increased volatility as mixed comments from the US

Fed and Bank of Japan affected investor sentiment.

The uncertainties regarding the slowing down of US

stimulus and sufficient stimulus in Japan sent equity

markets lower in recent weeks. On the

macroeconomic front, the US economy continues its

recovery while Japan shows timid signs of

improvement. Chinas economy is sputtering but is

all part of a bigger picture and Europe remains

stagnant. ASEAN economies again showed their

resilience to the global slowdown.

Key indicators in the US, such as housing and

employment have continued to improve, suggesting

the economy is gaining momentum. GDP came in

slightly lower than forecast at 2.4% rather than 2.5%

but it is not a major cause of concern. As stated

above markets responded negatively at hints that

drop from its highest point, after the Bank of

Japan sent mixed messages about its stimulus

intentions. For many observers the correction

was long overdue as the markets had risen too

high and too fast. Nevertheless, many investors

believe Japan is still a good investment as there

is room for more growth. On the economic data

front the numbers are improving with a 3.5%

growth in the first quarter.

Elsewhere, central banks have been busy cutting

interest rate in order to boost growth, notably

Australia which cut interest rates to a record low

2.75%. The Euro Zone is still not showing signs

of improvement with no growth since 2011 and

alarming unemployment rates. Voices have

been raised to reduce austerity and increase

stimulus measures. Finally, ASEAN economies

continue their expansion. Although some

countries like Thailand and Indonesia had lower

than expected growth, they are well over 5%.

Philippines posted growth of 7.8% knocking

the Fed might be tapering its stimulus efforts as

the economy improves and there is speculation

that it could start by the end of the year.

Chinese data on the other hand has been

sluggish as a whole. The government explains

these numbers by the fact that it is restructuring

its economy, shifting its dependence on export

and investment growth to a domestic

consumption and open economy. To achieve

this China is ready to tolerate weaker growth at

around 7% for a decade. The IMF which cut

Chinas outlook to 7.75% says these decisive

reforms will put the country on a more

sustainable path.

In Japan, the equity markets which had shown

signs of overheating went int