MCI (P) 129/11/2012 Ref No: SGMN2012_0090 1 of 16

Phillip Securities Research Pte Ltd

Singapore

Morning Note

13 May 2013

Morning Commentary - STI: +0.32% to 3443.8 - SET: +0.08% to 1622.5 - JCI: +0.33% to 5105.9 - KLCI: +0.36% to 1772.4 - HSCEI: +0.71% to 11347.4 - Hang Seng: +0.47% to 23321.2 - Nikkei 225: +2.93% to 14607.5 - ASX200: +0.46% to 3409.0 - India NIFTY: +0.21% to 6107.3 - S&P500: +0.43% to 1633.7 MARKET OUTLOOK: By Ng Weiwen, Macro Analyst A race to the bottom among major currencies? We raised this possibility in our morning calls and GMAS reports as early as late last year. BoJ started the ball rolling by declaring its intention (in early Apr 2013) to double the monetary base in 2yrs (from ¥138tn at end-CY12 to ¥270tn at end-CY14). Subsequently, ECB and RBA cut its main refinancing rate by 25 bps to record lows. RBNZ intervened (a rare occasion!) to temper the appreciation of the Kiwi. And then, BoK –stunned the markets- by also cutting rates by 25 bps. So in short, we are expecting to see a trade war in Asia Pacific going on via FX devaluation and intervention as well as rate cuts. Thus, in this instance when economics and markets diverge, central bank rules. Thus, we are still OW equities as (i) economic activity has not really fallen over the cliff (ii) tail risks have actually receded and (iii) G4 central banks are undertaking synchronised monetary easing. Thus, equities should still command a decent risk premium over fixed income (specifically Treasuries and investment grade issues). But psst.. do note that the Fed has renewed talks of exiting from the US$85bn/mth LSAPs, though there are at least two question marks: When to start? How to manage market's expectations from such an exit? Look at the upcoming circuit of Fed speeches as well as June FOMC (which has an accompanying media conference) for greater clarity on this front. Consistent with our base case, the USD/JPY punched through the psychological 100 level and consequently the Nikkei soared above its upper bollinger band on Friday. Looking ahead, expect the 100 level to be re-tested for the USD/JPY. Notwithstanding the absence of fresh catalysts (in the near term), we reckon the Nikkei is likely to trudge higher on account of incipient signs of attempts at implementation of structural micro reforms (economic and fiscal) which are essential ingredients for a structural bull run in Japan to materialise. Already, there are signs of the Japanese economy humming again with better-than-expected readings in manufacturing (PMI at 13-mth high) as well as household consumption. STI is on track to challenge the 3485 and possibly 3600 level as long as it remains above 3250 key support. (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, 8 May / China & HK, 24 Apr / S’pore, 8 Mar - Global Macro, Asset Strategy: ASEAN, 8 May / 12 Apr, Update / US, 20 Mar / 4 Mar, Update Source: Phillip Securities Research Pte Ltd

Macro Data In Philippines, exports inched up 0.1% y-y in March, reversing from the 15.6% decline in the preceding month. Electronic exports continued to slump 22.3%, following the 36.5% contraction registered in the preceding month. Source: Phillip Securities Research Pte Ltd

Morning Note 13 May 2013

2 of 14

Source: Bloomberg

STI - Index Members

2.3% 1.6%

1.3%

1.2%

1.1%

1.1%

1.1%

0.9%

0.8%

0.8%

0.8%

0.6%

0.5%

0.5%

0.2%

0.0%

0.0%

0.0%

0.0%

-0.1%

-0.2%

-0.3%

-0.3%

-0.6%

-0.8%

-0.9%

-0.9%

-1.3%

-2.1% -3.3%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Olam

ST E

ng.

Genting S

P

SG

X

DBS

Keppel C

orp. Ltd

Capitaland

Noble G

roup

Sem

bcorp Ind.

Thai Beverage

Jardine Stra.

Capitam

alls Asia

Sem

bcorp Mar.

CD

L

OC

BC

Wilm

ar

SIA E

ng.

SIA

Capitam

all Trust

Jardine Mat.

Singtel

SPH

Golden Agri-R

.

UO

B

Com

fortDelG

ro

F&N

GLP

HK Land

Starhub

Jardine C&C

Morning Note 13 May 2013

3 of 14

Company Results

Revenue Net Profit S/N Company Name Q/HY/FY Currency,

Units Current Previous Change (%) Current Previous Change

(%)

1 FRASER AND NEAVE, LIMITED 2H S$ mn 1,825.4 1560.8 17 4,907.0 262.6 NM

2 PAN-UNITED CORPORATION LTD 1Q S$ mn 167.0 162.2 3 10.3 9.5 8

3 Hotel Royal Limited 1Q S$ mn 12.5 12.7 (2) 2.3 2.4 (5)

4 BEST WORLD INTERNATIONAL LTD 1Q S$ mn 9.0 9.3 (3) 1.0 (0.7) NM

5 UNI-ASIA HOLDINGS LIMITED 1Q US$ mn 20.3 18.6 9 2.7 0.5 477

6 CHUAN HUP HOLDINGS LIMITED 3Q US$ mn 114.6 176.7 (18) 13.8 41.5 (67)

7 SWISSCO HOLDINGS LIMITED 1Q S$ mn 11.2 20.7 (46) 1.8 2.3 (21)

8 STRACO CORPORATION LIMITED 1Q S$ mn 11.3 9.1 25 5.5 1.8 201

9 UOL Group Limited 1Q S$ mn 247.8 297.7 (17) 71.7 84.0 (15) 10 BOARDROOM LIMITED 3Q S$ mn 44.3 42.6 4 5.2 4.7 11

11 PAN PACIFIC HOTELS GROUP LIMITED 1Q S$ mn 97.8 96.6 1 9.5 17.3 (45)

12 LEE KIM TAH HOLDINGS LIMITED 1Q S$ mn 21.8 18.0 21 17.6 6.0 196

Source: SGX Masnet

Company Highlights UOL Group is offering S$2.55 in cash per share for its exit offer and delisting proposal for the Pan Pacific Hotels Group. UOL owns 81.57 per cent of Pan Pacific Hotels and United Overseas Bank, 7.99 per cent. UOL and Pan Pacific Hotels said in a joint announcement: "This implies a free float of no greater than 10.44 per cent of the total number of issued shares. "The exit offer will provide an exit option for those shareholders who wish to realise their entire investment in the shares but find it difficult to do so as a result of the low trading liquidity of the shares and low free float of the shares." (Closing price: S$7.26, -%) IPC Corporation Limited announced it has entered into an agreement to purchase a business hotel in Naha, Okinawa, in Japan. Completion of the purchase and delivery of the hotel to the company is by July 2013. The hotel is currently being operated under the name of Okinawa Port Hotel – a 10-storey building, has 193 guest rooms. The acquisition cost cannot be disclosed as there is a non-disclosure agreement signed with the seller, the group signed. The purchase is partially funded by bank borrowings, it added. The Okinawa Hotel shall be leased to Nest HOTEL Japan Corporation (NHJ) with a fixed term till 30 June 2018. (Closing price: S$0.152, +1.333%) LionGold Corp Limited bought a 13.20% stake in Australia-listed Unity Mining Ltd for A$6.7 million (about S$8.7 million). The 92.64 million Unity Mining shares were acquired on the open market at A$0.072 a share. The group intends to continue with the rapid expansion of its gold business through organic growth and acquisitions. (Closing price: S$1.14, -0.870%) Tiger Airways Holdings Limited reported that for the 12 months to April 2013, its traffic increased 21.0 per cent to 8.1 billion revenue passenger-kilometres (RPK), more than keeping pace with a 16.5 per cent increase in capacity to 9.7 billion available seat-kilometres (ASK). Consequently, passenger load factor was 3.2 percentage points higher at 84.0 per cent. The number of passengers carried grew 13.4 per cent to 4.4 million, compared to 3.9 million in the previous period. For the month of April 2013, Tiger Singapore recorded a 20.7 per cent increase in traffic to 712 million RPK, while capacity increased 26.5 per cent increase to 879 million ASK. Consequently, year-on-year passenger load factor was 3.9 percentage points lower at 81.0 per cent. The number of passengers carried grew 14.2 per cent year-on-year to 378,000 passengers. (Closing price: S$0.66, -0.752%) Source: SGX Masnet, The Business Times

Morning Note 13 May 2013

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83.25 +0.13% 288.68 -0.95%

104.07 -0.09% 1.897 +0.09%

1,448.20 -0.51% 15,118.49 +0.24%

561.29 -0.58% Straits Times Index 3,443.77 +0.32%

23,321.22 +0.47% 14,607.54 2.93%

Dollar Index ThomReuters/JefferiesCRB

Crude oil, Brent (US$/bbl) US Treasury 10yr Yield

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Source: Bloomberg

1.201.401.601.802.002.202.40

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

2,500

2,700

2,900

3,100

3,300

3,500

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

12,000

13,000

14,000

15,000

16,000

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

18,00019,00020,00021,00022,00023,00024,000

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

8,0009,000

10,00011,00012,00013,00014,00015,000

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

1,200

1,500

1,800

2,100

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

78

80

82

84

86

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

260

280

300

320

340

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

80

90

100

110

120

130

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

420440460480500520540560580

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

Morning Note 13 May 2013

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Company Analyst Date of Last Report

Rating Target Price (S$)

Current Price (S$)

Difference to Target Price (%)

GOLDEN AGRI-RESOURCES LTD Nicholas Ong 22-Apr-13 Neutral 0.55 0.540 1.9%WILMAR INTERNATIONAL LTD Nicholas Ong 9-May-13 Accumulate 3.70 3.42 8.2%

COURTS ASIA LTD Ken Ang 25-Mar-13 Buy 1.14 1.01 13.4%GENTING SINGAPORE PLC Ken Ang 3-May-13 Neutral 1.40 1.52 -7.6%COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.58 60.3%CORDLIFE GROUP LTD Change of Analyst 0.80

DBS GROUP HOLDINGS LTD Ken Ang 3-May-13 Neutral 17.20 17.90 -3.9%OVERSEA-CHINESE BANKING CORP Ken Ang 2-May-13 Reduce 8.70 11.10 -21.6%UNITED OVERSEAS BANK LTD Ken Ang 3-May-13 Neutral 21.35 21.86 -2.3%SINGAPORE EXCHANGE LTD Ken Ang 17-Apr-13 Accumulate 8.00 7.70 3.9%

CAPITALAND LTD Bryan Go 29-Apr-13 Accumulate 4.05 3.82 6.0%CAPITAMALLS ASIA LTD Bryan Go 26-Apr-13 Neutral 2.11 2.02 4.5%HO BEE INVESTMENT LTD Phillip Research Team 3-May-13 Buy 2.52 2.15 17.2%KEPPEL LAND LTD Bryan Go 19-Apr-13 Neutral 4.24 4.16 1.9%OVERSEAS UNION ENTERPRISE Bryan Go 8-May-13 Accumulate 3.24 3.13 3.5%GLOBAL LOGISTIC PROPERTIES L Roy Chen 7-Feb-13 Neutral 2.77 2.88 -3.8%GLOBAL PREMIUM HOTELS LTD Chan Wai Chee 9-Nov-12 Buy 0.305 0.27 15.1%STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.64 19.7%SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.033 -51.5%

CDL HOSPITALITY TRUSTS Change of Analyst 1.94PARKWAYLIFE REAL ESTATE Change of Analyst 2.74SABANA SHARIAH COMP IND REIT Change of Analyst 1.35

SATS LTD Change of Analyst 3.08SIA ENGINEERING CO LTD Change of Analyst 5.29SINGAPORE TECH ENGINEERING Change of Analyst 4.42KEPPEL CORP LTD Nicholas Ong 19-Apr-13 Accumulate 12.34 10.78 14.5%SEMBCORP INDUSTRIES LTD Change of Analyst 4.99SEMBCORP MARINE LTD Nicholas Ong 6-May-13 Neutral 4.42 4.39 0.7%HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.11 43.9%SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.19 31.6%PAN-UNITED CORP LTD Joshua Tan 1-Mar-13 Buy 1.210 0.94 29.4%BOUSTEAD SINGAPORE LTD Joshua Tan 25-Feb-13 Buy 1.800 1.41 27.7%

SINGAPORE AIRLINES LTD Change of Analyst 11.39TIGER AIRWAYS HOLDINGS LTD Change of Analyst 0.66NEPTUNE ORIENT LINES LTD Change of Analyst 1.10SMRT CORP LTD Change of Analyst 1.45COMFORTDELGRO CORP LTD Change of Analyst 1.98HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee 21-Dec-12 Buy 0.27 0.260 3.8%

SINGAPORE TELECOM LTD Ken Ang 15-Feb-13 Neutral 3.31 3.91 -15.3%STARHUB LTD Ken Ang 10-May-13 Reduce 4.40 4.62 -4.8%M1 LTD Ken Ang 29-Apr-13 Accumulate 3.55 3.34 6.3%

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers)

Property (REITS)

Industrials (Capital Goods)

Industrials (Transportation)

Technology & Communications

#

Morning Note 13 May 2013

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FTSE ST Breakdown (3M % Change)

STI 4.3%

7.3%

-5.3%

3.6%

-9.8%-1.0%

2.2%

-4.8%

7.8%

2.5%

-0.7%

5.2%

9.4%

ST China

ST Real Estate

ST Re Invest Trust

ST Oil & Gas

ST Basic Materials

ST Industrials

ST Consumer Goods

ST Consumer Service

ST Telecommunicate

ST Utilites

ST Financials

ST Technology-6.2%

ST Healthcare

Source: Bloomberg

Last % Chg0.415 10.70.260 10.60.070 9.40.150 8.70.075 7.1

Last % Chg0.010 -9.10.125 -8.10.180 -7.70.130 -7.10.680 -5.6

CHINA ENERGY LTD

TOP GLOBAL LTDBENG KUANG MARINE LTD

MEMTECH INTERNATIONAL LTD

ABTERRA LTDSource: Bloomberg

SAMKO TIMBER LTD

CHINA XLX FERTILISER LTDHENGYANG PETROCHEMICAL LOGIS

Top Gainers (%)FTSE ST Market Cap. Breakdown (3M % Change)

Turnover ('mn shares)

Top Losers (%)

FUNG CHOI MEDIA GROUP LTD

UNCHANGED

GLOBAL PALM RESOURCES HOLDIN

Source: Bloomberg Source: SGX

2,3361,621

260192497

Turnover (S$'mn)UPDOWN

3.4%

3.6% -1.3%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI4.3%

4.2%

Morning Note 13 May 2013

7 of 14

Source: Bloomberg

World Index

JCI 0.33% 5,105.94

HSI 0.47% 23,321.22

KLCI 0.36% 1,772.38

NIKKEI 2.93% 14,607.54

KOSPI -1.75% 1,944.75

SET 0.08% 1,622.48

SHCOMP 0.62% 2,246.83 SENSEX 0.20% 20,122.32

ASX 0.15% 5,206.09

FTSE 100 0.49% 6,624.98

DOW 0.24% 15,118.49

S&P 500 0.43% 1,633.70

NASDAQ 0.80% 3,436.58 COLOMBO 0.18% 6,250.00

STI 0.32% 3,443.77

ETF % Change Change LastDB X-TRACKERS CSI300 UCITS -0.50 -0.04 7.97DB X-TRACKERS FTSE CHINA 25 -0.27 -0.08 29.11DB X-TRACKERS FTSE VIETNAM -0.41 -0.10 24.24DB X-TRACKERS MSCI INDONESIA -0.06 -0.01 17.51DB X-TRACKERS MSCI JAPAN TRN +0.31 +0.14 45.49DB X-TRACKERS S&P 500 INV DA +0.20 +0.06 30.22DB X-TRACKERS CNX NIFTY UCIT +0.51 +0.58 113.27ISHARES MSCI INDIA INDEX ETF -0.92 -0.06 6.47LYXOR ETF CHINA ENTERPRISE +0.89 +0.13 14.74LYXOR ETF JAPAN TOPIX -0.66 -0.01 1.20LYXOR ETF MSCI AC ASIA EX JP -1.00 -0.05 4.94LYXOR ETF MSCI KOREA-USD B -3.08 -0.16 5.04NIKKO AM SINGAPORE STI ETF +0.87 +0.03 3.49SPDR GOLD TRUST -1.51 -2.14 140.00SPDR STRAITS TIMES INDEX ETF +0.58 +0.02 3.46UNITED SSE 50 CHINA ETF +0.58 +0.01 1.73

ETF Perform ance

Source: Bloomberg

Morning Note 13 May 2013

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EX Date Company Type Net Amount Currency Frequency Record Date Payout Date5/13/2013 DBS GROUP HOLDINGS LTD Final 0.2800 SGD Semi-Anl 5/15/2013 7/4/20135/13/2013 ANNAIK LTD Regular Cash 0.0030 SGD Annual 5/15/2013 5/27/20135/13/2013 FAR EAST ORCHARD LTD Regular Cash 0.0600 SGD Irreg 5/15/2013 6/28/20135/13/2013 UNITED OVERSEAS AUSTRALIA Final 0.0200 AUD Semi-Anl 5/15/2013 5/31/20135/13/2013 LHT HOLDINGS LTD Regular Cash 0.0050 SGD Annual 5/15/2013 5/23/20135/13/2013 PEOPLE'S FOOD HOLDINGS LTD Final 0.0350 CNY Semi-Anl 5/15/2013 6/5/20135/13/2013 ZAGRO ASIA LTD Regular Cash 0.0100 SGD Semi-Anl 5/15/2013 5/31/20135/14/2013 ASIA ENTERPRISES HOLDING LTD Special Cash 0.0080 SGD Annual 5/16/2013 5/30/20135/14/2013 ASIA ENTERPRISES HOLDING LTD Special Cash 0.0080 SGD Annual 5/16/2013 5/30/20135/14/2013 OVERSEAS UNION ENTERPRISE Special Cash 0.0500 SGD Semi-Anl 5/16/2013 5/31/20135/14/2013 ARMSTRONG INDUSTRIAL CORP Regular Cash 0.0060 SGD Annual 5/16/2013 5/29/20135/14/2013 FAR EAST GROUP LTD Regular Cash 0.0054 SGD Annual 5/16/2013 5/28/2013

Corporate Action : Dividend

Source: Bloomberg

Morning Note 13 May 2013

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Name Expected Report DateChina Yuchai International Ltd 5/13/2013SBS Transit Ltd 5/13/2013Golden Agri-Resources Ltd 5/13/2013Jackspeed Corp Ltd 5/13/2013Shanghai Asia Holdings Ltd 5/13/2013Super Group Ltd/Singapore 5/13/2013City Developments Ltd 5/13/2013Superbowl Holdings Ltd 5/13/2013CDW Holding Ltd 5/13/2013K1 Ventures Ltd 5/13/2013Yanlord Land Group Ltd 5/13/2013First Resources Ltd 5/13/2013Mewah International Inc 5/14/2013CWT Ltd 5/14/2013Avi-Tech Electronics Ltd 5/14/2013Viz Branz Ltd 5/14/2013SIA Engineering Co Ltd 5/14/2013Wing Tai Holdings Ltd 5/14/2013Neptune Orient Lines Ltd/Singapore 5/14/2013Vallianz Holdings Ltd 5/14/2013CSE Global Ltd 5/14/2013HTL International Holdings Ltd 5/14/2013Poh Tiong Choon Logistics Ltd 5/14/2013Sapphire Corp Ltd 5/14/2013Mirach Energy Ltd 5/14/2013ComfortDelGro Corp Ltd 5/14/2013Asiatravel.com Holdings Ltd 5/14/2013Midas Holdings Ltd 5/14/2013Food Empire Holdings Ltd 5/14/2013China Powerplus Ltd 5/14/2013CNMC Goldmine Holdings Ltd 5/14/2013Hotel Grand Central Ltd 5/14/2013Asiasons Capital Ltd 5/14/2013Weiye Holdings Ltd 5/14/2013PEC Ltd 5/14/2013Isetan Singapore Ltd 5/14/2013Pteris Global Ltd 5/14/2013Hor Kew Corp Ltd 5/14/2013Nordic Group Ltd 5/14/2013Federal International 2000 Ltd 5/14/2013Ossia International Ltd 5/14/2013Compact Metal Industries Ltd 5/14/2013New Toyo International Holdings Ltd 5/14/2013Hoe Leong Corp Ltd 5/14/2013Aussino Group Ltd 5/14/2013Acma Ltd 5/14/2013ECS Holdings Ltd 5/14/2013Haw Par Corp Ltd 5/14/2013Singapore Telecommunications Ltd 5/15/2013SATS Ltd 5/15/2013Olam International Ltd 5/15/2013United Engineers Ltd 5/15/2013Dyna-Mac Holdings Ltd 5/15/2013

Earning Announcement – Singapore

Calendar

Source: Bloomberg

Morning Note 13 May 2013

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Date Statistic For Survey Prior Date Statistic For Survey Prior5/13/2013 Advance Retail Sales Apr -0.30% -0.40% 13-24 MAY GDP (annualized) (QoQ) 1Q F -- -1.40%5/13/2013 Retail Sales Less Autos Apr -0.20% -0.40% 13-24 MAY GDP (YoY) 1Q F -- -0.60%5/13/2013 Retail Sales Ex Auto & Gas Apr 0.30% -0.10% 5/15/2013 Retail Sales Ex Auto (YoY) Mar -- 10.00%5/13/2013 Retail Sales "Control Group" Apr 0.20% -0.20% 5/15/2013 Retail Sales (YoY) Mar -- -2.70%5/13/2013 Business Inventories Mar 0.30% 0.10% 5/15/2013 Retail Sales (MoM) sa Mar -- 3.60%5/14/2013 NFIB Small Business Optimism Apr 90.5 89.5 5/17/2013 Electronic Exports (YoY) Apr -- -17.90%5/14/2013 Import Price Index (MoM) Apr -0.50% -0.50% 5/17/2013 Non-oil Domestic Exports (YoY) Apr -- -4.80%5/14/2013 Import Price Index (YoY) Apr -- -2.70% 5/17/2013 Non-oil Domestic Exp SA (MoM) Apr -- 8.00%5/15/2013 MBA Mortgage Applications 10-May -- 7.00% 5/22/2013 Automobile COE Open Bid Cat A 22-May -- --5/15/2013 Empire Manufacturing May 4 3.05 5/22/2013 Automobile COE Open Bid Cat B 22-May -- --5/15/2013 Producer Price Index (MoM) Apr -0.60% -0.60% 5/22/2013 Automobile COE Open Bid Cat E 22-May -- --5/15/2013 PPI Ex Food & Energy (MoM) Apr 0.10% 0.20% 5/23/2013 Industrial Production MoM SA Apr -- 6.20%5/15/2013 Producer Price Index (YoY) Apr 0.80% 1.10% 5/23/2013 Industrial Production YoY Apr -- -4.10%5/15/2013 PPI Ex Food & Energy (YoY) Apr 1.70% 1.70% 5/23/2013 CPI (MOM) - NSA Apr -- -0.50%5/15/2013 Total Net TIC Flow s Mar -- $53.6B 5/23/2013 CPI (YoY) Apr -- 3.50%

US SingaporeEconomic Announcement

Source: BloombergSource: Bloomberg

11 of 14

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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 from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip

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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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Contact Information (Singapore Research Team)

Chan Wai Chee Joshua Tan Go Choon Koay, Bryan CEO, Research Head of Research Investment Analyst

Special Opportunities Global Macro, Asset Strategy Property +65 6531 1231 +65 6531 1249 +65 6531 1792

yebo@phillip.com.sg joshuatan@phillip.com.sg gock@phillip.com.sg

Ken Ang Ng Weiwen Roy Chen Investment Analyst Macro Analyst Macro Analyst

Financials, Telecoms Global Macro, Asset Strategy Global Macro, Asset Strategy +65 6531 1793 +65 6531 1735 +65 6531 1535

kenangwy@phillip.com.sg ngww@phillip.com.sg roychencz@phillip.com.sg

Nicholas Ong Richard Jio Research Assistant Investment Analyst Investment Analyst General Enquiries

Commodities, Offshore & Marine Singapore Equities +65 6531 1240 (Phone) +65 6531 5440 +65 6531 1791 research@phillip.com.sg

nicholasonghg@phillip.com.sg richardjioew@phillip.com.sg

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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 Fax +65 6535 6631

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 2162 8841 Fax +603 2166 5099

Website: www.poems.com.my

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 2277 6600 Fax +852 2868 5307

Websites: www.phillip.com.hk

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

INDONESIA

PT Phillip Securities Indonesia ANZ Tower Level 23B,

Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia

Tel +62-21 5790 0800 Fax +62-21 5790 0809

Website: www.phillip.co.id

CHINA

Phillip Financial Advisory (Shanghai) Co. Ltd No 550 Yan An East Road,

Ocean Tower Unit 2318, Postal code 200001

Tel +86-21 5169 9200 Fax +86-21 6351 2940

Website: www.phillip.com.cn

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

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 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

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

AUSTRALIA

PhillipCapital Level 12, 15 William Street,

Melbourne, Victoria 3000, Australia Tel +61-03 9629 8288 Fax +61-03 9629 8882

Website: www.phillipcapital.com.au