SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

2 July 2012

Regional

Daily

Top Views Global: Economy P.K. Basu 3 A good week for G2 policy: Euro takes giant steps toward survival - The Eurozone overcame internal disagreements, and delivered an unexpectedly positive outcome to its summit last week: the ESM will directly inject capital into Spanish (and Irish) banks, thus precluding the need for Spanish government debt to rise (and cutting Ireland’s public debt). But, in exchange, banking supervision for the Eurozone will be centralized – with the ECB taking on a supervisory role by the end of 2012. - The ESM was also authorized to purchase Italian government bonds directly (subject to Italy adhering to the requisite conditions), and the ESM was not given preferred creditor status (appeasing private holders of Italian and other debt). And the Eurozone agreed a €120bn “growth pact” that should ease some of the burdens of austerity. Nonetheless, bank credit is still declining in the Eurozone, and we expect the ECB to its policy rate by 50bp in 3Q 12, starting at its policy meeting in the week ahead. - We expect Asian currencies and equities to rally this week, as risk assets regain favor. Last week also saw an unexpected ruling from the US Supreme Court upholding “Obamacare”. Universal health care from 2014 will limit the costs to government of providing the costs of care for the 35 million uninsured Americans – thereby lowering public debt in the medium term. The 6-year US housing crisis also is close to ending. But sentiment indicators are continuing to be infected by contagion from Europe, and we expect this to weaken the ISM manufacturing survey and non-farm payrolls data this week. The underlying strength of the US economy should reassert itself in July, led by manufacturing. INITIATION | SMID CAPs McapUSD387m ADTV USD0.3m SG: Tat Hong Holdings (TAT SP) Wei Bin 4 Industrials | Have cranes, will fly | Buy | Upside 42% - As Tat Hong’s rental business, which enjoys more stable demand, begins

to make up a bigger chunk of its total gross profit, earnings volatility should ease in tandem.

- Tat Hong stands to benefit from regional infrastructure boom in the medium term. Over the past four quarters, Tat Hong’s key operating statistics have shown significant improvement. The trend looks set to continue for the next 2-3 years, buoyed by high demand in the region.

- Initiate coverage on Tat Hong with a BUY recommendation and target price of SGD1.41, pegged at 14x FY3/13F PER.

MY: Malaysian Banking Sector Desmond Ch’ng 5 Loan growth stable at over 12% in May | Neutral - Loan growth in May was over 12% for the 3rd consecutive month, at

12.5% YoY versus 12.1% in April. - On an annualized basis, loan growth was 11.4% and is ahead of our loan

growth forecast of 10.5% for 2012. Our forecast is nevertheless maintained on expectations of moderating momentum into 2H12.

- Our Neutral call on the sector is also unchanged. At this stage, our only Buy is Public Bank and our Sells are CIMB, RHB Capital and BIMB Holdings, from a valuations perspective.

P K BASU pk.basu@maybank-ke.com.sg (65) 6432 1821 ONG Seng Yeow ongsengyeow@maybank-ke.com (852) 2268 0644 THAM Mun Hon, CFA thammunhon@kimeng.com.hk (852) 2268 0630 Jeremy TAN jeremytan@kimeng.com.hk (852) 2268 0635

Today’s Content… Country Regional Econony Singapore Tat Hong Holdings Malaysia Banking Sector Philippines Banking Sector India Petronet LNG Singapore Singtel

Top Buys… Company Ticker Spot Target Upside (%) Vinamilk VNM VN 88000 118000 34.1 China State Construction 3311 HK 7.25 9.45 30.3 SembMarine SMM SP 4.780 6.200 29.7 First Philippine Holdings FPH PM 75.60 97.80 29.4 Philex Mining Corp PX PM 23.85 30.61 28.3 Yes Bank YES IN 339.40 434.00 27.9 AAPICO Hitech AH TB 14.30 18.00 25.9 Venture Corp VMS SP 7.820 9.650 23.4 LICHF LICHF IN 270.00 332.00 23.0 B. Armada BAB MK 4.00 4.88 22.0 SapuraKencana SAKP MK 2.20 2.68 21.8 MPHB MPU MK 3.30 3.95 19.7

Top Sells… Company Ticker Spot Target Downside (%) Jai Prakash Associates JPA IN 73.50 47.00 -36.1 GMA Network Inc GMAP PM 11 6.90 -34.3 Ayala Land ALI PM 21.60 15.00 -30.6 Cosco Corp COS SP 0.980 0.750 -23.5

Maybank-KE Events Date Event Location 3-4 Jul UOB NDR KL 4 Jul Top Glove plant visit KL 12-13 Jul Thailand Institutional Head of Research

Marketing Trip HK

2 July 2012

Regional Daily

Company Notes PH: Philippines Banking Sector K. Tan/A. Maghirang 6 Better corporate governance in 2011 - We review the Philippine banks’ adherence to corporate governance

based on their 2011 disclosure reports submitted to the Philippine Stock Exchange.

- Generally, banks in 2011 registered better corporate governance and China Banking Corp and Rizal Commercial Banking Corp topped the list as among the most compliant of listed banks.

- Notably, all banks supplied adequate explanation in cases of non-compliance. While this study seeks to reassure investors of a bank’s quality from a transparency and accountability standpoint, the correlation against share price performance is less direct.

REC. DOWNGRADE McapUS$1.9b ADTV US$7.7m IN: Petronet LNG (PLNG) Jigar Shah 7 Energy | Circumstances alter Cases;Downgrade to SELL | SELL | Downside 24% - Gas Authority of India’s (GAIL) pipeline to Mangalore from Kochi has

been delayed by 6 months and will only be operational by end-2013. PLNG management has confirmed that the pipeline’s delay curtails PLNG’s ability to deliver more gas in the southern Indian market.

- We cut our FY14F volume by 14% to 12.5mt from 14.5mt. Our earlier hopes for a recovery in FY14 EPS following a subdued FY13F EPS (+3% YoY) is now impacted by this development.

- Although the stock is inexpensive at 10x FY13F PER, the anticipated flat growth is not priced in; we downgrade the stock to SELL from BUY. Our new TP of Rs128/sh is based on PER of 9x FY13F.

Mcap USD41.5b ADTV USD40.7m SG: SingTel (ST SP) Gregory YAP 8 Telco | A CEO who deserves every cent | SELL | Downside -15% - Despite our currently negative view on the stock, SingTel’s recently-

released FY2012 annual report did show that group CEO Chua Sock Koong has given good value for what she was paid. This puts her just above the median for other CEOs of similar stature in Singapore.

- SingTel links CEO compensation to Total Shareholder Return (TSR), a benchmark that combines capital appreciation and dividends. The tight correlation evident for Ms Chua is not surprising as she was group CFO before, but this correlation was not so clear with her predecessor.

- We currently have a SELL call on SingTel with a SOTP-derived target price of SGD2.82 but this is certainly not due to the way its chief executive officer is paid.

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Economics 2 July 2012

Regional Co. Reg No: 198700034E

MICA (P) : 099/03/2012

A good week for G2 policy Euro takes giant steps toward survival

Move to Eurozo ne “banking union” reduces the public debt burden on Spain and Ireland. The Eurozone summit (June 28th-29th) had an unexpectedly positive outcome, as leaders overcame disagreements that had been evident a week earlier (at the “Big 4” pre-summit meeting of Merkel, Hollande, Monti and Rajoy). The 17 members of the Eurozone agreed to move toward a “banking union”, with supervision of Eurozone banks being turned over to the European Central Bank (ECB) by the end of 2012. In exchange, the European Stability Mechanism (ESM) would be permitted to directly inject capital into troubled Spanish banks and (implicitly) into Irish banks too. This mechanism will ensure that Spain’s public debt will not rise, and that Ireland (by reducing its public debt/GDP ratio) should be able to resume issuing bonds in the market (and so wean itself off “troika” supervision).

“Growth pact” and ESM bond purchases will help too. Additionally, the summit also agreed a €120bn “growth pact” – reflecting the influence of French President Hollande (who has succeeded, since his victory in the first round of the presidential election in early May, in reversing the pro-austerity discourse in Europe) – and also announced that the ESM would be permitted to directly buy Italian sovereign bonds (if Italy continued to meet most of the ESM’s conditions for such purchases). German Chancellor Merkel has explicitly said since last November that fiscal and banking union would only be possible if simultaneous steps were taken toward political union. In the absence of the latter, Germany would only permit “existing mechanisms” (eg, the already-funded ESM) to be used (i.e., without further recourse to taxpayers). The solution on banking union used this loophole in Chancellor Merkel’s pronouncements. Spain and Ireland are effectively agreeing to give up some sovereignty, in allowing a supra-national entity (ESM) to recapitalize their banks – but all Eurozone members are potentially agreeing to give up some sovereignty over bank supervision. Germany and other strong core-Euro economies are likely to resist the extension of ECB supervision to all their banks.

ECB is likely to cut its polic y rate 50bp in 3Q12. Notably, bank credit in the Eurozone declined further in May-- reflecting the continuing burden of toxic assets on banks’ books (and their consequent need to ride the yield and risk curve to gradually rebuild their balance sheets). With M3 growth in the Eurozone at an anaemic 2.4% YoY, we expect the ECB to cut its policy rate by 50bp in the current quarter, starting with at least a 25bp cut at its meeting next week.

Risk assets, including Asian curren cies and equities, are likely to rally further. The reduction in risk of a break-up of the Euro-zone (and mechanisms to rekindle growth there) should be positive for risk assets. We expect Asian currencies to regain some of the ground lost in 2Q12, and equity markets too are likely to rally further in celebration of a new lease of life for the Euro.

Prasenjit K. Basu pk.basu@maybank-ke.com.sg (65) 6432 1821

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Initiating Coverage 2 Jul 2012

Singapore

Co. Reg No: 198700034E MICA (P) : 099/03/2012

Tat Hong Holdings Have Cranes, Will Fly

Initiate with BUY and target price of SGD1.41. We initiate coverage on Tat Hong Holdings with a BUY recommendation and target price of SGD1.41, pegged at 14x FY3/13F PER. We like Tat Hong for its predominant position in the local crane rental industry as well as wide reach overseas. While improving operating statistics clearly signal that the group is recovering from its trough, its China business also appears poised for a turnaround. We thus expect net profit to grow at 28.4% CAGR over the next three years.

More stable business model. As Tat Hong’s rental business, which enjoys more stable demand, begins to make up a bigger chunk of its total gross profit, earnings volatility should ease in tandem. A less volatile and cyclical business model will justify a higher valuation for the share price, in our view.

Tapping the infrastructure boom. A decade of economic growth in Asia has put a huge strain on the infrastructure of many countries in the region. However, government bailouts around the world in response to the global financial crisis have led to a massive increase in public works spending, boosting demand for infrastructure construction. Tat Hong stands to benefit from this infrastructure boom in the medium term.

Recovery from trough. Over the past four quarters, Tat Hong’s key operating statistics, ie, fleet size, utilisation and rental rates, have shown significant improvement. The trend looks set to continue for the next 2-3 years, buoyed by high demand in the region. We expect Tat Hong’s net profit to double from SGD42.2m currently by FY3/15F.

Turnaround in China business. Tat Hong set up operations in China in 2009 but it was plagued by local shareholder issues and did not contribute to the group’s previous earnings peak in FY3/08. However, as the shareholder issues get resolved and China steps up its infrastructure development efforts, we expect Tat Hong’s China business to turn around and help push earnings to a new peak.

Tat Hong Holdings – Summary Earnings Table FYE Mar (SGD m) FY2011

FY2012

FY2013F FY2014F FY2015F

Revenue 584.2 719.8 814.3 911.5 1012.2 EBITDA 117.3 152.3 198.4 234.8 282.2 Recurring Net Profit 26.0 42.2 56.4 69.5 89.4 EPS (SGD cts) 4.6 7.4 9.9 12.2 15.7 EPS Growth (%) -36.7 62.8 33.4 23.3 28.6 DPS (SGD cts) 1.5 2.5 4.0 4.9 6.3 PER (x) 21.7 13.3 10.0 8.1 6.3 EV/EBITDA (x) 7.2 5.7 4.5 4.1 3.6 Div Yield (%) 1.5 2.5 4.0 4.9 6.3 P/BV (x) 1.0 0.9 0.9 0.8 0.8 Net debt/(cash) 347.6 379.2 411.0 467.9 535.1 ROE (%) 4.5 7.2 9.0 10.4 12.4 ROA (%) 2.4 3.3 3.8 4.3 5.0 Consensus Net Profit (SGD m) 53.3 56.0 na Source: Company, Maybank KE estimates

BUY (new) Share price: SGD0.99 Target price: SGD1.41 Wei Bin weibin@maybank-ke.com.sg (65) 6432 1455 Stock Information Description: Tat Hong sells, rents, repairs & services heavy machinery & equipments, including foundation and construction equipment. Ticker: TAT SP Shares Issued (m): 496.68 Market Cap (USD m): 387.4 3-mth Avg Daily Turnover (USD m): 0.3 ST Index: 2,878.45 Free float (%): 33.0 Major Shareholders: % Chwee Cheng & Sons Pte Ltd 51.04 Ng Chwee Cheng 10.64 Key Indicators ROE – annualised (%) 7.2 Net debt (SGD m): 379 BV/shr (SGD): 1.05 Interest cover (x): 3.5

Historical Chart

Performance: 52-week High/Low SGD1.14 / SGD0.64 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) -3.9 7.6 14.5 24.5 12.5 Relative (%) -6.4 11.9 6.3 33.2 3.4

0.60

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1.00

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1.20

Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12

TAT SP Equity

Sector Update 2 Jul 2012

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Maybank IB Research PP16832/01/2013 (031128)

Loan growth stable at over 12% in May

Steady momentum. Loan growth in May was over 12% for the 3rd consecutive month, at 12.5% YoY versus 12.1% in April. On an annualized basis, loan growth was 11.4% and is ahead of our loan growth forecast of 10.5% for 2012. Our forecast is nevertheless maintained on expectations of moderating momentum into 2H12. Our Neutral call on the sector is also unchanged. At this stage, our only Buy is Public Bank and our Sells are CIMB, RHB Capital and BIMB Holdings, from a valuations perspective.

Household (HH) loan growth was steady at 11.7% YoY. Notably, hire purchase (HP) loans ticked up (+6.6% YoY) after having declined over the past two months since more prudent guidelines on HP loans were implemented early this year, compensating for the ongoing slip in personal (+14.6% YoY) and credit card loan (+5%) growth momentum. Needless to say, property loan demand remains upbeat with residential (+13.7% YoY) and non-residential (+23.7% YoY) lending showing no signs of abatement.

Segmental loan growth (YoY) May 12 Apr 12 Mar 12 Feb 12 Jan 12 Securities 9.0% 10.8% 12.0% 13.3% 18.4% Transport vehicles 6.6% 6.5% 7.1% 7.4% 7.8% Residential property 13.7% 13.7% 13.9% 13.5% 13.0% Non-residential property 23.7% 23.4% 22.7% 21.8% 21.2% Personal use 14.6% 15.0% 15.5% 17.3% 18.5% Credit card 5.0% 6.2% 6.6% 6.2% 7.7% Consumer durables -18.5% -9.7% -22.7% -25.4% -14.5% Construction 15.5% 17.3% 19.2% 16.2% 13.3% Working capital 9.3% 10.2% 10.4% 10.0% 9.5% Other purposes 20.8% 8.7% 7.0% 5.4% 9.4% Total 12.5% 12.1% 12.2% 11.9% 12.1% Source: BNM

Room for rate cuts if necessary. We maintain our expectations that there will be no change to the OPR for now, for 2012. What is positive, however, is that with inflation having declined to 1.7% YoY, there is a real rate of return of about 130 bps against average deposit rates of about 3% and this affords the Central Bank the room to manoeuvre interest rates down if economic growth proves slower than expected.

Banking Sector – Peer Valuation Summary Stock Rec Shr px Mkt cap TP PER (x) PER (x) P/B (x) P/B (x) ROAE (%) ROAE (%) Net yield Net yield

(MYR) (MYRm) (MYR) CY12E CY13E CY12E CY13E CY12E CY13E CY12E CY13E Maybank * NR 8.70 65,060 NR 12.6 11.5 1.8 1.7 15.3 15.4 6.0 6.5 CIMB SELL 7.57 56,266 6.80 13.2 12.0 2.0 1.8 15.8 16.1 3.4 3.8 Public Bank BUY 13.76 48,599 15.40 12.3 11.4 2.7 2.5 23.6 22.7 4.2 4.6 AMMB HOLD 6.29 18,959 6.30 11.7 10.9 1.6 1.5 14.1 14.0 3.5 3.9 HL Bank HOLD 12.44 23,386 11.60 12.3 11.5 1.8 1.6 15.5 15.1 1.7 1.9 RHB Cap SELL 7.40 16,316 7.20 10.0 9.1 1.3 1.2 13.9 13.9 3.0 3.3 Simple average 228,587 12.0 11.0 1.9 1.7 16.4 16.2 3.6 4.0 BIMB SELL 3.08 3,286 3.00 13.6 12.4 1.7 1.5 12.6 12.7 2.7 2.9 NR = Not Rated; * Consensus estimates; Source: Maybank IB

Banking Neutral (unchanged) Desmond Ch’ng, ACA Desmond.chng@maybank-ib.com (603) 2297 8680

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Philippines

Sector Update

2 July 2012

Banking Sector Better corporate governance in 2011

Review of eight Philippine banks. We review Philippine banks’ adherence to corporate governance based on their 2011 disclosure reports submitted to the Philippine Stock Exchange (PSE). Having initiated coverage on China Banking Corp (CHIB), our banking universe now totals eight banks. Significantly, CHIB and Rizal Commercial Banking Corp (RCB) topped the list as most compliant among listed banks.

Post improvement from last year. Based on the PSE survey, there are ten guidelines which have specific parameters to which banks have to respond with yes (compliant) or no (not compliant), with an explanation to justify non-compliance. A score of zero means perfect compliance. Generally, the banks adhere to the guidelines but slightly differ in specific implementation. In 2011, we noted improvements in the banking sector with lower non-compliance score of 10 points, down from 14 points in 2010. The reduction partly came from RCB and Security Banking Corp (SECB).

Minor non-compliance parameters. Of the ten parameters set by the PSE, non-compliance on having a well-structured board registered the highest score of four points among banks we cover. While still complying with company by-laws and the Manual of Regulations for Banks and Internal Capital Adequacy Assessment Process (ICAAP) set by the Philippine central bank, the PSE had more stringent rules. For example, BDO Unibank Inc’s (BDO) independent directors account for 20% of total directors as opposed to PSE’s required 30%. SECB does not have a structured board and director development program while Union Bank of the Philippines’ (UBP) chairman and CEO positions are held by one person, and only has 2 independent directors. Another guideline with the most violation is in the protection of shareholders’ rights as BDO and Bank of the Philippine Islands (BPI) both send out notices of stockholder’s meetings at shorter periods than the required 30 days in advance while MBT has no fixed dividend policy.

SECB posted most improvements. SECB was most improved as its non-compliance score fell one point from four in 2010. SECB has more effective shareholder voting mechanisms in place and complies with the 30-day required notices prior to a shareholders’ meeting. RCB also had better internal audit and control system. On the other hand, Metrobank (MBT) increased by one for a total of three points, the highest score in the sector. MBT had a point in insider trading as it has no formal voting system wherein majority of non-related shareholders must approve specific transactions in meetings. MBT also has no formal alternative dispute resolution system in the ethics, compliance and enforcement guidelines.

Virtually perfect compliance. Notably, all banks supplied adequate explanation in cases of non-compliance. This study seeks to reassure investors of a bank’s quality as it reflects transparency and accountability but it is difficult to correlate directly with the share price. At present, we have BUY recommendations on MBT and SECB and maintain HOLD ratings for all other banks.

Katherine Tan Kat_Tan@maybank-atrke.com (632) 849 8843 Arabelle Maghirang Arabelle_Maghirang@maybank-atrke.com (632) 849 8838

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 2 Jul 2012

India

Petronet LNG (PLNG) Circumstances alter Cases;Downgrade to SELL

PLNG’s growth will suffer because its uses Gas Authority of India Ltd’s (GAIL) pipeline infrastructure. GAIL’s pipeline to Mangalore from Kochi has been delayed by 6 months and will be operational only by end-2013. This delay in pipeline curtails PLNG’s ability to deliver more gas in the southern Indian market. The PLNG management confirmed this development. Based on this, we cut our FY14F volume by 14% to 12.5mt from 14.5mt. Our hopes of a recovery in FY14 EPS following a subdued FY13F EPS (+3% YoY) have been belied. Although the stock is inexpensive at PER of 10x FY13F, the anticipated flat growth is not priced in. We downgrade the stock to SELL from BUY. Our new TP of Rs128/sh is based on PER of 9x FY13F. Cut FY14F volume growth to 12.5mt (+7% YoY). After PLNG confirmed a 6-month delay in starting the pipeline between Kochi and Bangalore, we now expect the Kochi terminal to operate at only 20% utilization for FY14. Earlier, we estimated the Kochi terminal to operate at 50% utilization and achieve volume of 2.5mt for FY14. We maintain FY13F volume of 11.7mt. Cut FY14F EPS by 16% to Rs14.7 due to no growth in volume. The loss of volume in FY14 is negative because PLNG will lose the opportunity to capitalize on the gas shortage in India. Our FY13F EPS increases only 3% due to a small increase of 8% in volume and increased cost of interest and depreciation due to start up of the Kochi terminal We expect EPS to remain flat during FY13 and FY14 and expect EPS growth to resume only in FY15. Benefit of expansion to be visible only after FY14. PLNG is expanding capacity to 25mt from 10mt over the next 4 years. However, the benefit of expansion at its Dahej and Kochi terminals will be visible only in FY15 and new terminal in Vizag will be operational by FY16. Lost opportunity to capitalize on gas shortage. We turn negative on PLNG although its PER of 10x FY13F is undemanding because there would be no growth in EPS for 2 years, which will weigh on ROE (FY14 ROE to decline 300bp to 27%; P/B is already high at 2.9x FY13F). PLNG – Summary Earnings Table FY Mar 31 (Rsm) FY10 FY11 FY12 FY13F FY14F Revenue 106,491 131,973 226,959 264,088 259,981 EBITDA 8,470 12,164 18,292 22,126 22,793 Recurring Net Profit 4,045 6,057 10,575 10,932 11,046 Recurring Basic EPS (Rs) 5.4 8.1 14.1 14.6 14.7 EPS growth (%) -22 50 75 3 1 DPS (Rs) 1.8 2.0 2.8 3.6 4.4 PER (x) 26.9 18.0 10.3 9.9 9.8 EV/EBITDA (x) 15.3 10.9 7.2 6.9 6.7 Div Yield (%) 1.2 1.4 2.0 2.5 3.0 P/BV(x) 4.9 4.1 3.1 2.9 2.4 Net Debt/Equity (%) 77.8 75.4 55.5 104.6 86.8 ROE (%) 19.2 24.6 34.1 30.2 27.0 ROA (%) 7.1 9.0 12.7 11.5 10.8 Consensus Net Profit (Rsm) - - 10,427 10,733 11,427 Source: Company data, Bloomberg, KESI estimates

SELL (downgraded from BUY) Share price: Rs146/sh Target price: Rs128/sh (downgraded from

Rs225/sh) Jigar Shah jigar@kimeng.co.in (91) 22 66232632

Stock Information Description: Ticker: PLNG IN Shares Issued (m): 750 Market Cap (US$ bn): 1.9 6-mth Avg Daily Volume (US$m): 7.7 SENSEX: 17,430 Free float (%): 35 Major Shareholders: % Gov’t of India 50

Key Indicators (FY13F) ROE – annualised (%) 30.2 Net debt (Rs bn): 38.9 NTA (Rs/sh): 59.3 Interest cover (x): 5.5

Historical Chart

-20

0

20

40

Jun-11 Oct-11 Feb-12 Jun-12

PLNG SENSEX

Performance: 52-week High/Low Rs186/122 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 11.0 -14.2 -10.4 5.3 -8.2 Relative (%) 4.9 -16.3 -22.5 12.8 -20.9

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 2 July 2012

Singapore

Co. Reg No: 198700034E MICA (P) : 099/03/2012

SingTel A CEO Who Deserves Every Cent

A fair day’s wage for a fair day’s work. For running an organisation of SingTel’s complexity and the most highly valued, most profitable Singapore company to boot, SingTel CEO Chua Sock Koong is fairly and not excessively compensated. Arguably, Ms Chua has made a significant contribution to improving SingTel’s executive remuneration system since she stepped up to the role in 2007. We currently have a SELL call on SingTel (with a SOTP-derived TP of SGD2.82) but this is certainly not due to the way its top executive is paid. Good value for money. Despite our currently negative view on the stock, SingTel’s recently-released FY3/12 annual report showed that Ms Chua has given good value for what she was paid. In FY3/12, she received SGD4.9m in cash compensation, putting her just somewhat above the median for other CEOs of similar stature in Singapore, although SingTel is one of only two Singapore companies that earn an annual net profit of over SGD3b (excluding the Jardine Group). Executive pay tightly correlated to total shareholder return. In the past few years, SingTel has linked its CEO compensation to Total Shareholder Return (TSR), a benchmark that combines both capital appreciation and dividends. In Ms Chua’s case, this tight correlation is not so surprising as she was group CFO before being appointed to the CEO position in April 2007, and she had played a key role in developing SingTel’s remuneration system. This correlation did not appear to have been so clear with her predecessor, Mr Lee Hsien Yang. Yin and yang, night and day. While Ms Chua’s compensation has been more closely related to TSR, Mr Lee’s had at times lagged shareholder returns, particularly in FY3/04 when TSR rose 79% while Mr Lee’s pay rose by only 32%. This might have led to the big increase in his remuneration when he stepped down in 2007 (page 2, Figure 1). In Ms Chua’s case, despite the fact that she had also cashed in on her performance shares recently, the discrepancy was not so large (page 3, Figure 3).

SingTel – Summary Earnings Table FYE Mar (SGD m) 2011A 2012A 2013F 2014F 215F Revenue 18,071 18,825 19,326 19,839 20,366 EBITDA 5,119 5,218 5,433 5,607 5,752 Recurring Net Profit 3,800 3,676 3,819 4,052 4,238 Recurring Basic EPS (SGD cts) 23.9 23.1 24.0 25.4 26.6 EPS growth (%) -2.9 -3.3 3.9 6.1 4.6 DPS (SGD cts) 25.8 15.8 16.8 17.8 18.6 PER (x) 13.8 14.3 13.8 13.0 12.4 EV/EBITDA (x) 7.9 8.3 8.0 7.5 7.1 Div Yield (%) 7.8 4.8 5.1 5.4 5.6 P/BV (x) 2.2 2.2 2.1 2.0 1.9 Net Gearing (%) 0.6 1.0 1.0 0.8 0.7 ROE (%) 15.7 17.0 15.5 15.7 15.6 ROA (%) 9.7 9.9 9.4 9.6 9.7 Consensus Net Profit (SGD m) 3,948.3 4,276.2 4,572.9 Source: Company, Maybank KE estimates

SELL (unchanged) Share price: SGD3.30 Target price: SGD2.82 (unchanged) Gregory YAP gyap@maybank-ke.com.sg (65) 6432 1450 Stock Information Description: SingTel is the largest telecommunications group in Singapore, involved in fixed line, mobile, data and television services. Its wholly-owned subsidiary Optus is the second-largest telco in Australia. SingTel has diverse investments in India, Bangladesh, Sri Lanka, Indonesia, the Philippines, Thailand and Pakistan. Ticker: ST SP Shares Issued (m): 15,942.3 Market Cap (USD m): 41,447.8 3-mth Avg Daily Turnover (USD m): 40.7 ST Index: 2,883.8 Free float (%): 45.9 Major Shareholders: % Temasek Holdings 54.1 Key Indicators ROE – annualised (%): 17.0 Net debt/EBITDA (x): 1.0 NTA/shr (SGD): 0.83 Interest cover (x): 9.4

Historical Chart

Performance: 52-week High/Low SGD3.30/SGD2.84 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 7.1 5.8 5.4 10.2 6.8 Relative (%) 4.1 9.8 -2.3 17.7 -2.0

2 July 2012

Regional Daily

RESEARCH OFFICES REGIONAL

P K BASU Regional Head, Research & Economics (65) 6432 1821 pk.basu@maybank-ke.com.sg

WONG Chew Hann, CA Acting Regional Head of Institutional Research (603) 2297 8686 wchewh@maybank-ib.com

THAM Mun Hon Regional Strategist (852) 2268 0630 thammunhon@kimeng.com.hk

ONG Seng Yeow Regional Products & Planning (852) 2268 0644 ongsengyeow@maybank-ke.com.sg

ECONOMICS Suhaimi ILIAS Chief Economist Singapore | Malaysia (603) 2297 8682 suhaimi_ilias@maybank-ib.com

Luz LORENZO Economist Philippines | Indonesia (63) 2 849 8836 luz_lorenzo@maybank-atrke.com

MALAYSIA WONG Chew Hann, CA Head of Research (603) 2297 8686 wchewh@maybank-ib.com Strategy Construction & Infrastructure Desmond CH’NG, ACA (603) 2297 8680 desmond.chng@maybank-ib.com Banking - Regional LIAW Thong Jung (603) 2297 8688 tjliaw@maybank-ib.com Oil & Gas Automotive Shipping ONG Chee Ting (603) 2297 8678 ct.ong@maybank-ib.com Plantations Mohshin AZIZ (603) 2297 8692 mohshin.aziz@maybank-ib.com Aviation Petrochem Power YIN Shao Yang, CPA (603) 2297 8916 samuel.y@maybank-ib.com Gaming – Regional Media Power WONG Wei Sum, CFA (603) 2297 8679 weisum@maybank-ib.com Property & REITs LEE Yen Ling (603) 2297 8691 lee.yl@maybank-ib.com Building Materials Manufacturing Technology

LEE Cheng Hooi Head of Retail chenghooi.lee@maybank-ib.com Technicals

HONG KONG / CHINA Edward FUNG Head of Research (852) 2268 0632 edwardfung@kimeng.com.hk Construction Ivan CHEUNG (852) 2268 0634 ivancheung@kimeng.com.hk Property Industrial Ivan LI (852) 2268 0641 ivanli@kimeng.com.hk Banking & Finance Jacqueline KO (852) 2268 0633 jacquelineko@kimeng.com.hk Consumer Staples Andy POON (852) 2268 0645 andypoon@kimeng.com.hk Telecom & equipment Alex YEUNG (852) 2268 0636 alexyeung@kimeng.com.hk Industrial Catherine CHAN (852) 2268 0631 catherinechan@kimeng.com.hk Cement Jacky WONG, CFA (852) 2268 0107 jackywong@kimeng.com.hk Special Situations Quants Anita HWANG, CFA (852) 2268 0142 anitahwang@kimeng.com.hk Consumer Discretionaries Special Situations

INDIA Jigar SHAH Head of Research (91) 22 6623 2601 jigar@kimeng.co.in Oil & Gas Automobile Cement Anubhav GUPTA (91) 22 6623 2605 anubhav@kimeng.co.in Metal & Mining Capital goods Property Haripreet BATRA (91) 226623 2606 haripreet@kimeng.co.in Software Media Ganesh RAM (91) 226623 2607 ganeshram@kimeng.co.in Telecom Contractor Darpin SHAH (91) 226623 2610 darpin@kimeng.co.in Banking & Financial Services Gagan KWATRA (91 )226623 2612 gagan@kimeng.co.in Small Cap

SINGAPORE Stephanie WONG Head of Research (65) 6432 1451 swong@maybank-ke.com.sg Strategy Small & Mid Caps Gregory YAP (65) 6432 1450 gyap@maybank-ke.com.sg Technology & Manufacturing Telcos - Regional Wilson LIEW (65) 6432 1454 wilsonliew@maybank-ke.com.sg Hotel & Resort Property & Construction James KOH (65) 6432 1431 jameskoh@maybank-ke.com.sg Logistics Resources Consumer Small & Mid Caps YEAK Chee Keong, CFA (65) 6433 5730 yeakcheekeong@maybank-ke.com.sg Healthcare Offshore & Marine Alison FOK (65) 6433 5745 alisonfok@maybank-ke.com.sg Services S-chips Bernard CHIN (65) 6433 5726 bernardchin@maybank-ke.com.sg Transport (Land, Shipping & Aviation) ONG Kian Lin (65) 6432 1470 ongkianlin@maybank-ke.com.sg REITs / Property WeiBin (65) 6432 1455 weibin@maybank-ke.com.sg S-chips Small & Mid Caps

INDONESIA Katarina SETIAWAN Head of Research (62) 21 2557 1125 ksetiawan@kimeng.co.id Consumer Strategy Telcos Lucky ARIESANDI, CFA (62) 21 2557 1127 lariesandi@kimeng.co.id Base metals Coal Oil & Gas Rahmi MARINA (62) 21 2557 1128 rmarina@kimeng.co.id Banking Multifinance Pandu ANUGRAH (62) 21 2557 1137 panugrah@kimeng.co.id Auto Heavy equipment Plantation Toll road Adi N. WICAKSONO (62) 21 2557 1130 anwicaksono@kimeng.co.id Generalist Anthony YUNUS (62) 21 2557 1134 ayunus@kimeng.co.id Cement Infrastructure Property Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@kimeng.co.id Technicals

PHILIPPINES Luz LORENZO Head of Research +63 2 849 8836 luz_lorenzo@maybank-atrke.com Strategy Laura DY-LIACCO (63) 2 849 8840 laura_dyliacco@maybank-atrke.com Utilities Conglomerates Telcos Lovell SARREAL (63) 2 849 8841 lovell_sarreal@maybank-atrke.com Consumer Media Cement Mining Kenneth NERECINA (63) 2 849 8839 kenneth_nerecina@maybank-atrke.com Conglomerates Property Ports/ Logistics Katherine TAN (63) 2 849 8843 kat_tan@maybank-atrke.com Banks Construction Ramon ADVIENTO (63) 2 849 8842 ramon_adviento@maybank-atrke.com Mining

THAILAND Mayuree CHOWVIKRAN Head of Research (66) 2658 6300 ext 1440 mayuree.c@maybank-ke.co.th Strategy

Maria BRENDA SANCHEZ LAPIZ Co-Head of Research Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 Maria.L@maybank-ke.co.th

Andrew STOTZ Strategist (66) 2658 6300 ext 5091 Andrew@maybank-ke.co.th

Suttatip PEERASUB (66) 2658 6300 ext 1430 suttatip.p@maybank-ke.co.th Media Commerce Sutthichai KUMWORACHAI (66) 2658 6300 ext 1400 sutthichai.k@maybank-ke.co.th Energy Petrochem Termporn TANTIVIVAT (66) 2658 6300 ext 1520 termporn.t@maybank-ke.co.th Property Woraphon WIROONSRI (66) 2658 6300 ext 1560 woraphon.w@maybank-ke.co.th Banking & Finance Jaroonpan WATTANAWONG (66) 2658 6300 ext 1404 jaroonpan.w@maybank-ke.co.th Transportation Small cap. Suchot THIRAWANNARAT (66) 2658 6300 ext 1550 suchot.t@maybank-ke.co.th Automotive Construction Materials Soft commodity

VIETNAM Michael KOKALARI, CFA Head of Research +84 838 38 66 47 michael.kokalari@kimeng.com.vn Strategy Nguyen Thi Ngan Tuyen +84 844 55 58 88 x 8081 tuyen.nguyen@kimeng.com.vn Food and Beverage Oil and Gas Ngo Bich Van +84 844 55 58 88 x 8084 van.ngo@kimeng.com.vn Banking Nguyen Quang Duy +84 844 55 58 88 x 8082 duy.nguyenquang@kimeng.com.vn Rubber Dang Thi Kim Thoa +84 844 55 58 88 x 8083 thoa.dang@kimeng.com.vn Consumer Nguyen Trung Hoa +84 844 55 58 88 x 8088 hoa.nguyen@kimeng.com.vn Steel Sugar Macro

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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report. This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report. Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis. Singapore

This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law. Thailand The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect. US

This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

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DISCLOSURES Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: MATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Kim Eng Vietnam Securities Company (“KEVS”) (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority. Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies. Singapore: As of 2 July 2012, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report. Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report. Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 2 July 2012, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment. OTHERS Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. Reminder Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Definition of Ratings Maybank Kim Eng Research uses the following rating system: BUY Total return is expected to be above 15% in the next 12 months HOLD Total return is expected to be between -15% to +15% in the next 12 months SELL Total return is expected to be below -15% in the next 12 months

Applicability of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share

NTA = Net Tangible Asset ROSF = Return On Shareholders’ Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax

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Malaysia Maybank Investment Bank Berhad (A Participating Organisation of Bursa Malaysia Securities Berhad) 33rd Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur Tel: (603) 2059 1888; Fax: (603) 2078 4194

Singapore Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Research Pte Ltd 9 Temasek Boulevard #39-00 Suntec Tower 2 Singapore 038989 Tel: (65) 6336 9090 Fax: (65) 6339 6003

London Maybank Kim Eng Securities (London) Ltd 6/F, 20 St. Dunstan’s Hill London EC3R 8HY, UK Tel: (44) 20 7621 9298 Dealers’ Tel: (44) 20 7626 2828 Fax: (44) 20 7283 6674

New York Maybank Kim Eng Securities USA Inc 777 Third Avenue, 21st Floor New York, NY 10017, U.S.A. Tel: (212) 688 8886 Fax: (212) 688 3500

Stockbroking Business: Level 8, Tower C, Dataran Maybank, No.1, Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888 Fax: (603) 2282 5136

Hong Kong Kim Eng Securities (HK) Ltd Level 30, Three Pacific Place, 1 Queen’s Road East, Hong Kong Tel: (852) 2268 0800 Fax: (852) 2877 0104

Indonesia PT Kim Eng Securities Plaza Bapindo Citibank Tower 17th Floor Jl Jend. Sudirman Kav. 54-55 Jakarta 12190, Indonesia

Tel: (62) 21 2557 1188 Fax: (62) 21 2557 1189

India Kim Eng Securities India Pvt Ltd 2nd Floor, The International 16, Maharishi Karve Road, Churchgate Station, Mumbai City - 400 020, India Tel: (91).22.6623.2600 Fax: (91).22.6623.2604

Philippines Maybank ATR Kim Eng Securities Inc. 17/F, Tower One & Exchange Plaza Ayala Triangle, Ayala Avenue Makati City, Philippines 1200 Tel: (63) 2 849 8888 Fax: (63) 2 848 5738

Thailand Maybank Kim Eng Securities (Thailand) Public Company Limited 999/9 The Offices at Central World, 20th - 21st Floor, Rama 1 Road Pathumwan, Bangkok 10330, Thailand Tel: (66) 2 658 6817 (sales) Tel: (66) 2 658 6801 (research)

Vietnam In association with Kim Eng Vietnam Securities Company 1st Floor, 255 Tran Hung Dao St. District 1 Ho Chi Minh City, Vietnam Tel : (84) 838 38 66 36 Fax : (84) 838 38 66 39

Saudi Arabia In association with Anfaal Capital Villa 47, Tujjar Jeddah Prince Mohammed bin Abdulaziz Street P.O. Box 126575 Jeddah 21352 Tel: (966) 2 6068686 Fax: (966) 26068787

South Asia Sales Trading Connie TAN connie@maybank-ke.com.sg Tel: (65) 6333 5775 US Toll Free: 1 866 406 7447

North Asia Sales Trading Eddie LAU eddielau@kimeng.com.hk Tel: (852) 2268 0800 US Toll Free: 1 866 598 2267

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