MCI (P) 129/11/2012 Ref No: SGMN2012_0233 1 of 16

Phillip Securities Research Pte Ltd

Singapore

Morning Note

3 December 2012

Sector Commodities Sector – Update (Nicholas Ong)

CPO inventory expected to ease from record high Upstream planters offered mixed bag of results Upgraded Wilmar to Accumulate

Source: Phillip Securities Research Pte Ltd

Morning Commentary

- STI: +0.79% to 3069.95 - MSCI SE Asia: +0.18% to 842.7 - Hang Seng: +0.49% to 22030.4 - MSCI APxJ: +0.57% to 452.4 - Euro Stoxx 50: -0.25% to 2575.3 - S&P500: +0.02% to 1416.2 MARKET OUTLOOK: By Joshua Tan, Hd of Research Trading signals for stocks are still generally positive but we’re a little cautious on technical reasons as well as the way fiscal cliff negotiations are going. Technicals: Although APxJ is trending higher on a rebounding HSI and HSCEI, as evidence of an economic rebound in Asia especially China continues to mount, we note that the S&P500 is at the 50dma and 1417 neckline – a confluence of resistance, while the STI has dojied at the upper downward sloping trendline which has capped a series of lower highs since Oct2010 (please tune in to today’s webinar where we’ll show a chart), again a proven resistance line. At this juncture, the S&P500 we think holds more sway on the STI due to the fiscal cliff. On fiscal cliff negotiations: currently the President has asked for US$1tr tax increases on the wealthy, plus US$600b more revenues by closing tax loopholes, and a US$50b infrastructure spend, while offering US$400b of entitlement cuts in return. Republicans have balked as the combined US$1.6b over 10yrs proposal which is 33% more than last year’s proposal of US$1.2tr revenues, while the US$400b spending cuts proposal is the same. Recall that Republican’s could not get past this last year (they were willing to give US$800b revenues max) and talks broke down. Thus, the President, leveraging off his election victory which is also widely seen as a decisive repudiation of Republican ideology – is upping the ante by asking for 33% more while giving the same. Uh oh… Positive niceties over, fight begins. Peering further out into 2013: Assuming we get a deal, we are getting increasingly constructive on the investment climate going into 1H13 - underlying macro conditions see the rate of slowdown in Asia easing and China bottoming. While the US is mixed in our opinion – housing recovery (good), consumption subsidised by savings (mixed), investment sentiment crushed by the fiscal cliff uncertainty (bad) – if a political compromise is reached on the fiscal cliff, a rebound in investment could be catalytic for markets. SG equity strategist favours Capitaland, SATS and SIAEC. SECTOR/STRATEGY REPORTS: - Singapore Sector Reports: Transport, 19 Nov / Property, 27 Nov / Banks, 1 Nov / REITS, 5 Sept - Country Strategy: China & HK, 23 Nov / Thai, 9 Nov / US, 24 Oct / Indon, 27 Sept / S'pore, 3 Sept / Malaysia, 31 Aug - Global Macro, Asset Strategy: 9 Oct / Update, 25 Oct

Source: Phillip Securities Research Pte Ltd

Morning Note 3 December 2012

2 of 15

Macro Data In US, personal income and spending data remained sluggish in Oct, weighed down by Hurricane Sandy. Specifically, real disposable income declined by 0.1% m-m sa while nominal income as well as disposable income remained unchanged from the earlier month. Real consumption declined by 0.3% m-m sa on account of broad-based weakness in both the goods and services spending. On the inflation front, core PCE price index rose 0.1% m-m sa in Oct, similar to the pace registered in the preceding month. In the EZ, the anaemic labour market as well as soft inflation underscore the significant headwinds confronting the EZ bloc. Specifically, EZ unemployment rose 0.1%-pt m-m to 11.7% in Oct. CPI decelerated from 2.5% y-y in Sep to 2.2% in Oct - the lowest in two years- owing to lower energy prices as well as weak domestic demand within the bloc. In Thailand, exports surged 14.4% y-y in Oct (based on BoT data) -reversing from four consecutive months of decline- largely due to a low base effect (from last year’s devastating floods). Domestic demand remained resilient with private consumption and investment registering gains of 0.4% m-m sa and 0.9% m-m sa respectively in Oct. Recall the central bank (BoT) had earlier stood pat in Nov, maintaining the benchmark one-day bond repurchase rate at 2.75% -consistent with our expectations- in view of resilient domestic demand as well as an improving global economy. In India, GDP grew by 5.3% y-y in 3Q12, slower than the pace of growth (5.5%) registered in the preceding quarter, weighed down by lackluster manufacturing output. We expect the Reserve bank of India (RBI) to continue to stand pat at the next monetary policy review in Dec as price pressures are likely to remain elevated on the back of a hike in the price of subsidized diesel in Sept. However, we opine that if the government succeeds in addressing some of the structural growth constraints and inflationary pressures ease in the coming months, the RBI is likely to review its monetary stance and consider cutting rates (probably in Jan 2013) to stimulate growth. In China, official manufacturing PMI rose further to 50.6 in Nov, compared to 50.2 in Oct and the market expected 50.8, indicating an expansion in manufacturing business for a second consecutive month. We have said that China’s economy is bottoming out but at the same that we cautioned that the reacceleration would be a mild one as the external environment remains subject to downside pressure from Europe debt crisis. In Japan, CPI fell by 0.4% y-y in Oct, compared to a 0.3% y-y drop in Sept. Core CPI remained unchanged from a year ago, compared to 0.1% y-y drop in Sept. The deflation will keep pressure on Governor Masaaki Shirakawa to add stimulus at next policy meeting. Abe, head of the Liberal Democratic Party that polls suggest will win the election, called for unlimited easing and an inflation target of 2%. A separate report shows that the nation’s industrial output unexpectedly rose by 1.8% m-m in Oct, while the market was predicting a 2% m-m drop, after it fell by 4.1% in Sept. Japan’s economy is at risk of a recession as a contraction in Europe and a diplomatic dispute with China hurt exports and the expiry of car-purchase subsidies weakens consumer demand at home. In South Korea, industrial production rose by 0.6% m-m in Oct due to demand for cars and components in semiconductor industry, after it advanced 0.7% m-m in July, marking an expansion for a second consecutive month. On y-y basis, industrial production fell by 0.8% y-y, compared to the 0.7% y-y gain in Sept. The earlier two benchmark interest rate cuts to 2.75% has helped stabilize the nation’s economy. Source: Phillip Securities Research Pte Ltd

Morning Note 3 December 2012

3 of 15

Source: Bloomberg

STI - Index Members

3.6% 2.7%

2.4%

2.2%

1.8%

1.6%

1.6%

1.4%

1.4%

1.2%

1.0%

0.9%

0.8%

0.6%

0.5%

0.5%

0.5%

0.4%

0.3%

0.2%

0.2%

0.2%

0.1%

0.0%

0.0%

0.0%

0.0%

0.0%

-0.1%

-0.8%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

IHH

Com

fortDelG

ro

Genting S

P

GLP

Jardine Mat.

Jardine Stra.

Starhub

DBS

ST E

ng.

Singtel

Olam

Capitaland

SIA

Sem

bcorp Ind.

Capitam

alls Asia

SIA

Eng.

Noble G

roup

OC

BC

F&N

SPH

Keppel C

orp. Ltd

UO

B

Jardine C&

C

Wilm

ar

Sem

bcorp Mar.

HK Land

CD

L

Capitam

all Trust

SG

X

Golden A

gri-R.

Company Results Revenue Net Profit

S/N Company Name Q/HY/FY Currency, Units Current Previous Change

(%) Current Previous Change (%)

1 Next-Generation Satellite Communications Limited 1Q12 S$’000 729 1,268 (43) (1,013) 18 N.M.

Source: SGX Masnet

Company Highlights CSE Global Limited (“CSE”) announced that Tan Mok Koon (“TMK”) and Vivek M Dixit (“Vivek”), have entered into a sale and purchase agreement with Lim Lin, Lim Tai Nam and Ng Cher Kiat to acquire 100% of the total issued share capital of Power Diesel Engineering Pte. Ltd. (“Power Diesel”) for a cash consideration of up to S$9.5million (the “Proposed Acquisition”). CSE, TMK and Vivek will own 66%, 32% and 2% respectively. Upon completion, Power Diesel will be a 66% owned subsidiary of CSE. (S$0.795, unchanged) Joyas International Holdings Limited issued a profit warning statement in respect of the financial results of the Group for the financial year ending 31 December 2012 (“FY2012”) as based on preliminary financial figures, the Group’s FY2012 results might be adversely affected by weak sales and margins in its principal markets namely US and Europe, possible restructuring costs and provisions due to downsizing of the metal gifts and jewellery business and additional tax assessment on certain of the Group’s subsidiaries (see separate announcement by the Company dated 30 November 2012). (S$0.018, unchanged) Olam International Limited (“Olam”) announced that it has acquired 100% equity interest in Dehydro Foods Limited, a leading processor of dehydrated onions and herbs in Egypt, for US$30.8 million including an estimated amount of US$3.5 million for net working capital. The consideration was arrived on a negotiated basis taking into the account the historical performance and the prospects of the business. The consideration shall be discharged on a cash basis from internal accruals and shall be paid at completion. (S$1.575, +0.962%) Saizen Real Estate Investment Trust (“Saizen”) entered into a sale and purchase agreement for the acquisition of Rise Shinoe (“RSO”) from an independent party (the “Seller”) for a cash consideration of JPY 285,000,000 (S$4.2 million1) (the “Purchase Price”). The acquisition was completed on the same day. RSO is located in the Central Ward of Kumamoto City and is within 10-minutes walk from train and bus networks. RSO was built in June 2003 and comprises 34 residential units and 19 car parking lots. Saizen will have full ownership of the entire building block of RSO and full title of the freehold land. (S$0.173, unchanged) Koon Holdings Limited announced that its wholly owned subsidiary, Koon Construction & Transport Co. Pte. Ltd. (‘KCTC’) has been awarded a project to construct of roads, drains, sewers and vehicular bridge at Ayer Merbau Road further extension phase 1,Jurong Island. The contract is estimated to be S$24.8mn with a stipulated duration of 15 months. With the inclusion of the new contract, Koons outstanding construction order book (excluding the Precast division) stood at approximately - S$165.0 million as at date of announcement. (S$0.190,

Morning Note 3 December 2012

4 of 15

unchanged) Yoma Strategic Holdings Ltd. announced the appointments of the following individuals to the management team: (a) Mr. Jeremy Westmore as group general manager; (b) Mr. David Whitting as project director of SPA Project Management Pte Ltd; and (c) Mr. Peter Francis as general manager of Thanlyin Estate Development Ltd. (S$0.660, +1.538%) Source: SGX Masnet, The Business Times

Morning Note 3 December 2012

5 of 15

80.17 +0.02% 298.98 -0.12%

110.84 +1.42% 1.616 +0.00%

1,714.80 +0.06% 13,025.58 +0.03%

531.34 +0.58% Straits Times Index 3,069.95 +0.79%

22,030.39 +0.49% 9,446.01 0.48%

Source: Bloomberg

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Dollar Index ThomReuters/JefferiesCRB

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

1.201.401.601.802.002.202.40

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

2,500

2,700

2,900

3,100

3,300

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

11,000

12,000

13,000

14,000

Dec-11

Jan-12

Feb-12

Mar-

12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

17,00018,00019,00020,00021,00022,00023,000

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

7,500

8,500

9,500

10,500

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

1,500

1,600

1,700

1,800

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

78

80

82

84

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

260

280

300

320

340

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

90

100

110

120

130

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

420440460480500520540

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Morning Note 3 December 2012

6 of 15

Phillip Securities Research - Singapore Stocks Coverage

Company Analyst Rating Target Price (S$)

Current Price (S$)

Difference to Target Price (%)

GOLDEN AGRI-RESOURCES LTD Nicholas Ong Accumulate 0.680 0.65 4.6%WILMAR INTERNATIONAL LTD Nicholas Ong Accumulate 3.47 3.19 8.8%

GENTING SINGAPORE PLC Magdalene Choong Neutral 1.15 1.28 -10.2%COMBINE WILL INTERNATIONAL H Chan Wai Chee Buy 1.16 0.760 52.6%

DBS GROUP HOLDINGS LTD Ken Ang Neutral 15.10 14.45 4.5%OVERSEA-CHINESE BANKING CORP Ken Ang Reduce 8.30 9.41 -11.8%UNITED OVERSEAS BANK LTD Ken Ang Accumulate 18.00 18.72 -3.8%SINGAPORE EXCHANGE LTD Ken Ang Neutral 6.77 6.89 -1.7%

CAPITALAND LTD Bryan Go Accumulate 3.97 3.53 12.5%CAPITAMALLS ASIA LTD Bryan Go Accumulate 1.93 1.92 0.5%HO BEE INVESTMENT LTD Bryan Go Neutral 1.44 1.63 -11.7%KEPPEL LAND LTD Bryan Go Neutral 3.28 3.60 -8.9%OVERSEAS UNION ENTERPRISE Bryan Go Neutral 2.83 2.60 8.8%SC GLOBAL DEVELOPMENTS LTD Bryan Go Neutral 1.15 1.21 -4.6%GLOBAL PREMIUM HOTELS LTD Chan Wai Chee Buy 0.305 0.24 29.8%STAMFORD LAND CORP LTD Chan Wai Chee Buy 0.76 0.55 39.4%SINGXPRESS LAND LTD Chan Wai Chee Buy 0.019 0.017 11.8%

CDL HOSPITALITY TRUSTS Travis Seah Neutral 1.970 1.93 2.3%PARKWAYLIFE REAL ESTATE Travis Seah Accumulate 2.33 2.14 8.9%SABANA SHARIAH COMP IND REIT Travis Seah Neutral 1.15 1.11 3.6%

SATS LTD Derrick Heng Accumulate 2.94 2.84 3.5%SIA ENGINEERING CO LTD Derrick Heng Buy 5.00 4.31 16.0%SINGAPORE TECH ENGINEERING Derrick Heng Accumulate 3.96 3.67 7.9%KEPPEL CORP LTD Change of Analyst 10.71SEMBCORP INDUSTRIES LTD Change of Analyst 5.18SEMBCORP MARINE LTD Change of Analyst 4.56HU AN CABLE HOLDINGS LTD Chan Wai Chee Buy 0.19 0.11 77.6%

SUNPOWER GROUP LTD Chan Wai Chee Buy 0.40 0.18 121.0%

SINGAPORE AIRLINES LTD Derrick Heng Buy 13.40 10.71 25.1%

TIGER AIRWAYS HOLDINGS LTD Derrick Heng Sell 0.45 0.71 -36.6%

NEPTUNE ORIENT LINES LTD Derrick Heng Accumulate 1.36 1.09 24.8%SMRT CORP LTD Derrick Heng Sell 1.35 1.71 -21.1%COMFORTDELGRO CORP LTD Derrick Heng Buy 1.80 1.72 4.7%HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee Buy 0.61 0.20 209.6%

SINGAPORE TELECOM LTD Ken Ang Neutral 3.06 3.31 -7.6%STARHUB LTD Ken Ang Neutral 3.20 3.73 -14.2%M1 LTD Ken Ang Neutral 2.41 2.72 -11.4%

Phillip Securities Research - US Stocks Coverage

Company Analyst Rating Target Price (US$)

Current Price (US$)

Difference to Target Price (%)

LAS VEGAS SANDS CORP Magdalene Choong Neutral 40.00 46.65 -14.3%WYNN RESORTS LTD Magdalene Choong Neutral - 112.40 -MGM RESORTS INTERNATIONAL Magdalene Choong Accumulate 12.90 10.15 27.1%Source: Phillip Securities Research Pte Ltd

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers)

Property (REITS)

Industrials (Capital Goods)

Industrials (Transportation)

Technology & Communications

Morning Note 3 December 2012

7 of 15

FTSE ST Breakdown (3M % Change)

STI 1.7%

4.2%

-1.7%

4.8%

-1.5%1.7%

-2.4%

-4.1%

5.1%

8.2%

-11.4%

-1.9%

-0.9%

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 Technology3.1%

ST Healthcare

Source: Bloomberg

Last % Chg0.002 100.00.179 22.60.109 17.20.008 14.30.077 11.6

Last % Chg0.011 -8.30.081 -8.00.161 -7.50.062 -7.50.026 -7.1

BENG KUANG MARINE LTD

MDR LTDSHANGHAI ASIA HOLDINGS LTD

SIIC ENVIRONMENT HOLDINGS LT

YHM GROUP LTDSource: Bloomberg

INNOPAC HOLDINGS LTD

DIGILAND INTERNATIONAL LTDBLUMONT GROUP LTD

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

Turnover ('mn shares)

Top Losers (%)

NEXT-GENERATION SATELLITE CO

UNCHANGED

ANWELL TECHNOLOGIES LTD

Source: Bloomberg Source: SGX

2,3162,356

245162553

Turnover (S$'mn)UPDOWN

4.8%

5.1% 2.5%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI1.7%

2.5%

Morning Note 3 December 2012

8 of 15

Source: Bloomberg

World Index

JCI -0.99% 4,276.14

HSI 0.49% 22,030.39

KLCI 0.22% 1,610.83

NIKKEI 0.48% 9,446.01

KOSPI -0.10% 1,932.90

SET 1.10% 1,324.04

SHCOMP 0.85% 1,980.12

SENSEX 0.88% 19,339.90

ASX 0.63% 4,506.04

FTSE 100 -0.06% 5,866.82

DOW 0.03% 13,025.58

S&P 500 0.02% 1,416.18

NASDAQ -0.06% 3,010.24 COLOMBO -0.23% 5,351.25

STI 0.79% 3,069.95

ETF % Change Change LastABF SINGAPORE BOND INDX FUND -1.67 -0.02 1.18CIMB FTSE ASEAN 40 +0.47 +0.05 10.62DB X-TRACKERS CSI300 ETF +0.44 +0.03 6.84DB X-TRACKERS FTSE CHINA 25 +0.71 +0.20 28.19DB X-TRACKERS FTSE VIETNAM -0.05 -0.01 19.14DB X-TRACKERS MSCI INDONE +0.07 +0.01 15.05DB X-TRACKERS MSCI JAPAN TRN +0.03 +0.01 35.60DB X-TRACKERS S&P 500 INV DA -0.14 -0.05 35.40DB X-TRACKERS S&P CNX NIFTY +2.56 +2.74 109.92ISHARES MSCI INDIA INDEX ETF +1.29 +0.08 6.28LYXOR ETF CHINA ENTERPRISE +1.87 +0.26 14.14NIKKO AM SINGAPORE STI ETF +2.30 +0.07 3.12SPDR GOLD TRUST +0.22 +0.36 167.42SPDR STRAITS TIMES INDEX ETF +1.29 +0.04 3.13UNITED SSE 50 CHINA ETF +0.68 +0.01 1.49

ETF Perform ance

Source: Bloomberg

Morning Note 3 December 2012

9 of 15

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date12/3/2012 KHONG GUAN FLOUR MILLING LTD Special Cash 0.0100 SGD Annual 12/5/2012 12/17/201212/3/2012 OCEAN SKY INTERNATIONAL LTD Interim 0.0080 SGD Irreg 12/5/2012 12/18/201212/3/2012 ASPIAL CORP LTD Regular Cash 0.0075 SGD Irreg 12/5/2012 1/22/201312/4/2012 CIVMEC LTD Regular Cash 0.0060 SGD Irreg 12/6/2012 12/21/201212/4/2012 T T J HOLDINGS LTD Regular Cash 0.0080 SGD Annual 12/6/2012 12/21/201212/4/2012 FRAGRANCE GROUP LTD Interim 0.0003 SGD Irreg 12/6/2012 12/18/201212/5/2012 TRANSIT-MIXED CONCRETE LTD Interim 0.0100 SGD Semi-Anl 12/7/2012 12/28/201212/6/2012 KSH HOLDINGS LTD Interim 0.0135 SGD Semi-Anl 12/10/2012 12/21/201212/7/2012 SINGAPORE PRESS HOLDINGS LTD Special Cash 0.0800 SGD Semi-Anl 12/11/2012 12/21/201212/10/2012 VICPLAS INTERNATIONAL LTD Final 0.0050 SGD Irreg 12/12/2012 1/25/201312/10/2012 MARCO POLO MARINE LTD Special Cash 0.0080 SGD None 12/12/2012 12/21/201212/12/2012 INDIABULLS PROPERTIES INVEST Regular Cash 0.0001 SGD Irreg 12/14/2012 12/26/201212/12/2012 TOTAL SA-SPON ADR Regular Cash 0.6504 USD Quarter 12/14/2012 1/10/201312/14/2012 TEE INTERNATIONAL LTD Special Cash 0.0050 SGD Semi-Anl 12/18/2012 12/28/2012

Corporate Action : Dividend

Source: Bloomberg

Morning Note 3 December 2012

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Name Expected Report DateCerebos Pacif ic Ltd December 3, 2012Oxley Holdings Ltd December 3, 2012Next-Generation Satellite Communications Ltd December 4, 2012CCFH Ltd December 5, 2012CEFC International Ltd December 5, 2012Guangzhao Industrial Forest Biotechnology Group Ltd December 5, 2012S I2I Ltd December 5, 2012Ascendas Hospitality Trust December 6, 2012Equinox Offshore Accommodation Ltd December 6, 2012Far East Hospitality Trust December 6, 2012Global Telecommunications Infrastructure Trust December 6, 2012Jason Parquet Holdings Ltd December 6, 2012JK Tech Holdings Ltd December 6, 2012Libra Group Ltd December 6, 2012Mortice Ltd December 6, 2012TG Corp Holdings Ltd December 6, 2012Freight Links Express Holdings Ltd December 7, 2012Gongyou Machines Ltd December 7, 2012Khong Guan Flour Milling Ltd December 7, 2012Popular Holdings Ltd December 7, 2012Stamford Tyres Corp Ltd December 7, 2012Xpress Holdings Ltd December 7, 2012Low Keng Huat Singapore Ltd December 12, 2012Datapulse Technology Ltd December 13, 2012Novo Group Ltd/Singapore December 13, 2012XMH Holdings Ltd December 13, 2012Ipco International Ltd December 14, 2012LifeBrandz Ltd December 14, 2012Neo Group Ltd December 14, 2012Scorpio East Holdings Ltd December 14, 2012Sysma Holdings Ltd December 14, 2012ecoWise Holdings Ltd December 28, 2012Transview Holdings Ltd December 28, 2012Cheung Woh Technologies Ltd January 10, 2013Ezra Holdings Ltd January 10, 2013Lian Beng Group Ltd January 10, 2013TEE International Ltd January 10, 2013Duty Free International Ltd January 11, 2013GKE Corp Ltd January 11, 2013Miyoshi Precision Ltd January 11, 2013Qian Hu Corp Ltd January 11, 2013EOC Ltd January 14, 2013Singapore Press Holdings Ltd January 14, 2013Keppel REIT January 15, 2013Second Chance Properties Ltd January 15, 2013Triyards holdings Ltd January 15, 2013M1 Ltd/Singapore January 16, 2013Singapore Exchange Ltd January 16, 2013Ascendas Real Estate Investment Trust January 17, 2013K-Green Trust January 17, 2013AIMS AMP Capital Industrial REIT January 18, 2013Ascott Residence Trust January 18, 2013Berger International Ltd January 18, 2013Cache Logistics Trust January 18, 2013CapitaCommercial Trust January 18, 2013Source: Bloomberg

Earning Announcement – Singapore

Calendar

Morning Note 3 December 2012

11 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior12/3/2012 Markit US PMI Final Nov 51.4 -- 12/4/2012 Electronics Sector Index Nov 48.5 47.512/3/2012 ISM Manufacturing Nov 51.4 51.7 12/4/2012 Purchasing Managers Index Nov 48.9 48.312/3/2012 ISM Prices Paid Nov 54 55 12/5/2012 Automobile COE Open Bid Cat A 5-Dec -- 7729112/3/2012 Construction Spending MoM Oct 0.40% 0.60% 12/5/2012 Automobile COE Open Bid Cat B 5-Dec -- 9300412/4/2012 Total Vehicle Sales Nov 14.80M 14.22M 12/5/2012 Automobile COE Open Bid Cat E 5-Dec -- 9399012/4/2012 Domestic Vehicle Sales Nov 11.30M 11.10M 12/7/2012 Foreign Reserves Nov -- $254.22B12/4/2012 ISM New York Nov -- 45.9 12/11/2012 Singapore Manpow er Survey 1Q -- 19%12/5/2012 MBA Mortgage Applications 30-Nov -- -0.90% 12-17 DEC Retail Sales (YoY) Oct -- 2.50%12/5/2012 ADP Employment Change Nov 140K 158K 12-17 DEC Retail Sales (MoM) sa Oct -- -0.50%12/5/2012 Nonfarm Productivity 3Q F 2.70% 1.90% 12/14/2012 Unemployment Rate (sa) 3Q F -- 1.90%12/5/2012 Unit Labor Costs 3Q F -0.90% -0.10% 12/14/2012 Retail Sales Ex Auto (YoY) Oct -- 3.90%12/5/2012 Factory Orders Oct 0.00% 4.80% 12/17/2012 Electronic Exports (YoY) Nov -- -0.80%12/5/2012 ISM Non-Manf. Composite Nov 53.7 54.2 12/17/2012 Non-oil Domestic Exports (YoY) Nov -- 7.90%12/6/2012 Challenger Job Cuts YoY Nov -- 11.60% 12/17/2012 Non-oil Domestic Exp SA (MoM) Nov -- -1.20%12/6/2012 RBC Consumer Outlook Index Dec -- 48.9 12/19/2012 Automobile COE Open Bid Cat A 19-Dec -- --

Source: BloombergSource: Bloomberg

US SingaporeEconomic Announcement

Morning Note 3 December 2012

12 of 15

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In no event will 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, (i) be liable in any manner whatsoever for any consequences (including but not limited to any special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usage of this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it has been advised of the possibility of such damages. You must make the final investment decision and accept all responsibility for your investment decision, including, but not limited to your reliance on the information, data and/or other materials presented in this publication. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this publication is not indicative of future results. This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This publication should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this research should take into account existing public information, including any registered prospectus in respect of such product. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this publication, and may have performed services for or solicited business

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

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Contact Information (Singapore Research Team)

Chan Wai Chee Joshua Tan Derrick Heng CEO, Research Head of Research Deputy Head of Research

Special Opportunities Global Macro, Asset Strategy SG Equity Strategist & Transport

+65 6531 1231 +65 6531 1249 +65 6531 1221 yebo@phillip.com.sg joshuatan@phillip.com.sg derrickhengch@phillip.com.sg

Magdalene Choong, CFA Go Choon Koay, Bryan Travis Seah

Investment Analyst Investment Analyst Investment Analyst Regional Gaming Property REITs +65 6531 1791 +65 6531 1792 +65 6531 1229

magdalenechoongss@phillip.com.sg gock@phillip.com.sg travisseahhk@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 Research Assistant Investment Analyst General Enquiries

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

nicholasonghg@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 Website: www.poems.com.sg

MALAYSIA

Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450

Kuala Lumpur Tel (603) 21628841 Fax (603) 21665099

Website: www.poems.com.my

HONG KONG Phillip Securities (HK) Ltd

Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre 95 Queensway

Hong Kong Tel (852) 22776600 Fax (852) 28685307

Websites: www.phillip.com.hk

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) 57900800 Fax (62-21) 57900809

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) 51699200 Fax (86-21) 63512940

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

Octa Phillip Securities Ltd Level 12, 15 William Street,

Melbourne, Victoria 3000, Australia Tel (03) 9629 8288 Fax (03) 9629 8882

Website: www.octaphillip.com