MICA (P) 057/11/2011 Ref No: SGMN2012_0206 1 of 16

Phillip Securities Research Pte Ltd

Singapore

Morning Note

23 October 2012

Fundamental Call Dynasty REIT – IPO Factsheet (Magdalene Choong, CFA) Recommendation: Non-rated Previous close: n.a

The SGD-RMB dual currency REIT offers shares at RMB 4.40 – RMB 4.70 (S$0.855 – S$0.915) per unit. The units will rank pari passu and are fully fungible.

Dynasty REIT comprises of three properties, each in Nanjing, Dalian and Shanghai. The commercial value is c.RMB 7,682 mn. PB is 0.93 - 0.99x. PE is 19 - 20.5x based on FY11 earnings.

Source: Phillip Securities Research Pte Ltd

Morning Note 23 October 2012

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Market & Portfolio Outlook - STI: -0.11% to 3045.7 - MSCI SE Asia: -0.17% to 846.4 - Hang Seng: +0.68% to 21697 - MSCI APxJ: -0.11% to 445 - Euro Stoxx 50: -0.44% to 2531 - S&P500: -0.04% to 1433.8 MARKET OUTLOOK: By Joshua Tan, Macro Strategist & Dep. Hd No macro data yesterday/last night for significant review. But what is of significance is that we see a sentiment change for China stocks. Indeed yesterday we upgraded China (see Regional Strategy - China, 22nd Oct). Inflation adjusted, we see improvements in real terms for retail sales, investment and industrial production. While overall export data in Asia has yet to turn, a China turnaround would bode well for Asia. Trading Watch:- We have turned positive on China A-shares (FTSE China A50 Index CFD) and the HKCEI (H Shares Index CFD). Light is appearing at the end of “slowdown” tunnel, the market has likely overpriced in the macro downside. China having underperformed YTD stands a good chance of outperforming in the near term as investors switch focus from the US and ASEAN. STI is looking resilient as the opening gap down yesterday was steadily filled as the day progressed. On the very short term nothing decisive yet, but the upside bias prevails for the STI along with the rest of ASEAN. The S&P500 looks more uncertain as 3 rejections off the cycle high (1460-70) portends the upside is seriously capped (poor Tech and Capital Goods earnings) in the near term. The overall uptrend of the S&P500 is far from broken though. Portfolio Watch:- (1) Positive & Overweight China – ETFs: H-shares 2828.HK, A-shares 83188.HK. We prefer A-shares as they have underperformed even more than H-shares, which implies an even stronger re-rating possibility. Also, the RMB has a more stable outlook than the HKD. See our China Strategy report 22nd Oct. (2) Gold – cancel that thought – yes we said long on 9th Oct on indefinite QE – but technicals continue to be indecisive (1500 is the strong support). Moreover, the USD is finding some footing. The relative outperformance of the US economy to the EZ and Japanese economies makes it an attractive currency. In any case QE3 or no, the US is already outperforming the other two economies. The dollar is flat YTD and looks like it could go higher on technicals, which is not great for Gold. Gold is complicated. There are better trades. (3) We reiterate our main investment theme, which is long Asia/EM Debt (Asia Bond ETFs: N6M:SGX, N6L:SGX, O9P:SGX | EM Bond ETFs: EMB:US, LEMB:US, EMHY:US) – global risk on or risk off, portfolios will have to explore beyond traditional safe havens - which yield too low to protect purchasing power, and have doubtful credit ratings. Asia/EM nations on the other hand mostly have nominal GDPs compounding faster than debt and higher yields to boot, are likely to increasingly feature as core-fixed income holdings. Interestingly both US$ and LC denominations are on strong uptrends as US$ portfolios diversify their US$ holdings to include US$ Asia/EM – US$ Asia has returned +18% total return YTD, while the High Yield upwards of 26% total return YTD (US$ index has remained flat YTD). Can they go higher? Yields are still averaging 4.5% and 8% respectively in Asia, a far cry from Treasuries, Bunds, Gilts and JPs. (4) Accumulate on weakness CIMB ASEAN40 ETF (QS0:SGX or M62:SGX). While we are neutral on equities -as an asset class- given the lackluster macro fundamentals, we continue to prefer and Overweight the ASEAN region on account of its resilient domestic demand and massive infrastructure expenditure which will mitigate sluggish external demand. Within the ASEAN space we prefer Singapore (ES3:SGX), Thailand (LG7:SGX) and Philippines (N2E:SGX). REPORTS: - Singapore Sector Reports: Banks, 1 Oct / Transport, 10 Sept / Telcos, 16 May / Property, 28 Aug / REITS, 5 Sept - Country Strategy: China 22 Oct / HK, 8 Oct / Thai, 5 Oct / Indon, 27 Sept / S'pore, 3 Sept / Malaysia, 31 Aug - Global Macro, Asset Strategy: 9 Oct Source: Phillip Securities Research Pte Ltd

Morning Note 23 October 2012

3 of 16

Source: Bloomberg

STI - Index Members

1.1%

1.0%

0.9%

0.8%

0.4%

0.3%

0.3%

0.3%

0.2%

0.1%

0.1%

0.0%

-0.1%

-0.1%

-0.2%

-0.3%

-0.3%

-0.3%

-0.4%

-0.4%

-0.5%

-0.5%

-0.5%

-0.6%

-0.8%

-0.9%

-1.1%

-1.1%

-1.3%

-2.0%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

ST E

ng.

Jardine Mat.

Sem

bcorp Ind.

Golden A

gri-R.

GLP

Ltd

Jardine C&

C

Capitam

alls Asia

UO

B

SIA

Eng.

OC

BC

Jardine Stra.

SPH

DBS

SG

X

HK Land

Com

fortDelG

ro

Singtel

F&N

Noble Ltd

Sem

bcorp Mar.

Capitam

all Trust

CD

L

Starhub

Wilm

ar

Genting S

P

Capitaland

SIA

IHH

Keppel C

orp. Ltd

Olam

Ltd

Company Results Revenue Net Profit

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

(%) Current Previous Change (%)

1 RAFFLES MEDICAL GROUP LTD 3Q12 S$’000 78,737 69,099 13.9 12,572 11,790 6.6

2 YOMA STRATEGIC HOLDINGS LTD 1H13 S$’000 25,217 13,199 91.1 (2,588) 4,145 NM

Source: SGX Masnet

Company Highlights THE Hour Glass Limited on Monday said its associated company, THG Prima Times Co Ltd, has inked a joint venture with Royal Paragon Holding Company Limited to establish a travel retail business in Thailand. Royal Paragon Watch Limited, the new private limited company incorporated in Thailand, has a registered capital of 75 million baht (S$2.96 million). THG Prima Times will hold a 60 per cent stake in the venture, and Royal Paragon Holdings, the remaining 40 per cent. The Hour Glass has a 30 per cent effective interest in Royal Paragon Watch, which will be considered an associated company and will be accounted for using the equity method. (Closing S$1.660, -1.775%) ASIAMEDIC Limited on Monday said it is looking into collaborating on health care opportunities in Myanmar with Asia Merit Pte Ltd, an unrelated third party. The two companies have inked a non-binding memorandum of understanding to define the framework of cooperation. Under the MOU, AsiaMedic and Asia Merit will assess the feasibility and develop a business plan for both parties to jointly provide management services in the areas of planning, setting up, branding and management of health care related facilities in Myanmar. (Closing S$0.085, -1.163%) Source: SGX Masnet, The Business Times

Morning Note 23 October 2012

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FSSTI 3,045.67 -0.11% 13,345.89 +0.02%

12.30 21,697.55 +0.68%

79.65 +0.04% 1,728.50 +0.04%

88.73 -1.47% 1.813 +0.05%

Source: Bloomberg

DJI

Crude oil US Treasury 10yr Yield

HSIFSSTI (P/E)

Dollar Index Gold

1

1.5

2

2.5

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

2500

2700

2900

3100

3300

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

11000

11500

12000

12500

13000

13500

14000

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

15500

17500

19500

21500

23500O

ct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

7

8

9

10

11

12

13

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

7274767880828486

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

1200

1350

1500

1650

1800

1950

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

70

80

90

100

110

120

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Morning Note 23 October 2012

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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 0.73 0.65 11.5%WILMAR INTERNATIONAL LTD Nicholas Ong Neutral 3.29 3.19 3.1%

GENTING SINGAPORE PLC Magdalene Choong Neutral 1.18 1.32 -10.6%COMBINE WILL INTERNATIONAL H Chan Wai Chee Buy 1.16 0.76 52.6%

DBS GROUP HOLDINGS LTD Ken Ang Neutral 15.10 14.08 7.2%OVERSEA-CHINESE BANKING CORP Ken Ang Reduce 8.20 9.24 -11.3%UNITED OVERSEAS BANK LTD Ken Ang Reduce 17.90 18.60 -3.8%SINGAPORE EXCHANGE LTD Ken Ang Neutral 6.77 6.79 -0.3%

CAPITALAND LTD Bryan Go Accumulate 3.27 3.24 0.9%CAPITAMALLS ASIA LTD Bryan Go Buy 1.82 1.79 1.7%HO BEE INVESTMENT LTD Bryan Go Neutral 1.27 1.46 -12.7%KEPPEL LAND LTD Bryan Go Neutral 3.28 3.42 -4.1%OVERSEAS UNION ENTERPRISE Bryan Go Accumulate 2.83 2.71 4.4%SC GLOBAL DEVELOPMENTS LTD Bryan Go Neutral 1.00 1.14 -11.9%STAMFORD LAND CORP LTD Chan Wai Chee Buy 0.76 0.57 34.5%SINGXPRESS LAND LTD Chan Wai Chee Buy 0.019 0.016 18.8%

CDL HOSPITALITY TRUSTS Travis Seah Neutral 2.00 2.08 -3.8%PARKWAYLIFE REAL ESTATE Travis Seah Neutral 2.01 2.12 -5.2%SABANA SHARIAH COMP IND REIT Travis Seah Neutral 1.15 1.15 0.0%

SATS LTD Derrick Heng Neutral 2.65 2.77 -4.3%SIA ENGINEERING CO LTD Derrick Heng Buy 5.00 4.17 19.9%SINGAPORE TECH ENGINEERING Derrick Heng Accumulate 3.40 3.55 -4.2%KEPPEL CORP LTD Change of Analyst 11.14SEMBCORP INDUSTRIES LTD Change of Analyst 5.45SEMBCORP MARINE LTD Change of Analyst 4.84HU AN CABLE HOLDINGS LTD Chan Wai Chee Buy 0.19 0.13 49.6%SUNPOWER GROUP LTD Chan Wai Chee Buy 0.40 0.19 110.5%

SINGAPORE AIRLINES LTD Derrick Heng Buy 13.30 10.65 24.9%TIGER AIRWAYS HOLDINGS LTD Derrick Heng Sell 0.45 0.76 -40.4%NEPTUNE ORIENT LINES LTD Derrick Heng Neutral 1.14 1.17 -2.1%SMRT CORP LTD Derrick Heng Sell 1.35 1.73 -22.0%COMFORTDELGRO CORP LTD Derrick Heng Buy 1.78 1.63 9.2%HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee Buy 0.61 0.21 190.5%

SINGAPORE TELECOM LTD Change of Analyst 3.18STARHUB LTD Ken Ang Neutral 3.21 3.64 -11.8%M1 LTD Ken Ang Neutral 2.41 2.68 -10.1%

US Stocks Coverage

Company Analyst Rating Target Price (US$)

Current Price (US$)

Upside to Target Price (%)

LAS VEGAS SANDS CORP Magdalene Choong Neutral 40.00 45.21 -11.5%WYNN RESORTS LTD Magdalene Choong Neutral - 115.46 -MGM RESORTS INTERNATIONAL Magdalene Choong Accumulate 12.90 11.01 17.2%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 23 October 2012

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Director / Substantial Shareholders’ Transactions Company Substantial Shareholder / Director From (%) To (%) SAKARI RESOURCES LIMITED PTT Mining Limited 86.12 89.98 ASCENDAS INDIA TRUST Burton Ltd 5.58 4.73 JUKEN TECHNOLOGY LIMITED Frencken Group Limited 95.07 96.40 ASIA POWER CORP LTD London Asia Capital (S) Pte Ltd 9.25 0 COURTS ASIA LIMITED Singapore Retail Group Limited 100 68.214 CHINA TITANIUM LTD. Blessed Forever Ltd. 9.12 9.10 LANTROVISION (S) LTD Yeo Jiew Yew 5.01 5.34 JIUTIAN CHEMICAL GROUP LIMITED Anyang Longyu (HK) Development Co Ltd 28.57 28.60 LOYZ ENERGY LIMITED DBS Bank Ltd. 0 6.84 Source: SGX Masnet

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FTSE ST Breakdown (% Change)

STI -0.11%

-0.07%

-0.37%

0.30%

-0.58%-0.45%

-0.63%

-0.52%

0.01%

-0.19%

0.57%

0.35%

-0.28%

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-0.21%

ST Healthcare

Source: Bloomberg

FTSE ST Market Cap. Breakdown (% Change) Top Gainers Last Chg ▲JMH 400US$ 59.400 0.600 ▲Jardine C&C 51.500 0.170 ▲Yeo HS 4.980 0.170 Top Losers Last Chg ▼Kep Corp 11.140 -0.150 ▼St Trdg 3.320 -0.140 ▼SIA 10.650 -0.120 Top Volume Last Vol Geo Energy 0.435 190,676 ▲Yoma 0.575 51,719 YHM 0.007 49,550 TURNOVER (SHARES) 1,360,461,950

TURNOVER (S$) 1,104,233,369

UP 170

DOWN 218

0.28%

-0.23% 0.14%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI-0.11%

-0.11%

UNCHANGED 574

Source: Bloomberg Source: SGX

Morning Note 23 October 2012

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Source: Bloomberg

World Index

JCI 0.23% 4,341.38

HSI 0.68% 21,697.55

KLCI -0.26% 1,661.95

NIKKEI 0.09% 9,010.71

KOSPI -0.12% 1,941.59

SET 0.21% 1,310.42

SHCOMP 0.21% 2,132.76 SENSEX 0.59% 18,793.44

ASX -0.66% 4,541.00

FTSE 100 -0.22% 5,882.91 DOW 0.02% 13,345.89

S&P 500 0.04% 1,433.82

NASDAQ 0.38% 3,016.96 COLOMBO -1.69% 5,553.89

STI -0.11% 3,045.67

ETF % Change Change LastABF SINGAPORE BOND INDX FUND -0.42 -0.01 1.19CIMB FTSE ASEAN 40 -0.75 -0.08 10.63DB X-TR DBLCI-OY BALANCED -2.01 -0.81 39.40DB X-TRACKERS CSI300 ETF -0.27 -0.02 7.42DB X-TRACKERS FTSE CHINA 25 -0.67 -0.19 28.24DB X-TRACKERS FTSE VIETNAM -0.69 -0.14 20.14DB X-TRACKERS MSCI INDONE -0.97 -0.15 15.30DB X-TRACKERS MSCI JAPAN TRN -0.03 -0.01 35.47DB X-TRACKERS S&P 500 INV DA +1.41 +0.49 35.20DB X-TRACKERS S&P CNX NIFTY -0.18 -0.19 107.04ISHARES MSCI INDIA INDEX ETF +1.47 +0.09 6.20LYXOR ETF JAPAN TOPIX +2.19 +0.02 0.93LYXOR ETF MSCI AC ASIA EX JP -0.22 -0.01 4.51LYXOR ETF MSCI INDIA -0.43 -0.06 13.82NIKKO AM SINGAPORE STI ETF -0.65 -0.02 3.07SPDR GOLD TRUST -0.56 -0.94 167.19SPDR STRAITS TIMES INDEX ETF -0.32 -0.01 3.09UNITED SSE 50 CHINA ETF +0.64 +0.01 1.57

ETF Perform ance

Source: Bloomberg

Morning Note 23 October 2012

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Commodities % Chg Chg Last Price of S$1 Price of US$1GOLD SPOT (US$/OZ) +0.04 +0.70 1,728.50 0.7930 1.0320SILVER SPOT (US$/OZ) +0.06 +0.02 32.42 0.8122 0.9922WTI Cushing Crude Oil Spot Price (US$/bbl) -1.47 -1.32 88.73 0.6268 1.3060

0.5112 1.60160.8186 1.0000

Commodities % Chg Chg Last 5.1200 6.2545Malaysian Rubber Board Standard (MYR/kg) -1.21 -10.50 859.25 6.3441 7.7503PALM OIL (MYR/Metric Tonne) +1.63 +37.00 2,306.50 65.4400 79.9400

903.9415 1104.2500Index % Chg Chg Last 2.4968 3.0529 DOLLAR INDEX SPOT +0.04 +0.03 79.65 25.1464 30.7200Source: Bloomberg

JAPANESE YENKOREAN WONMALAYSIAN RINGGITTHAI BAHT

US DOLLARCHINA RENMINBIHONG KONG DOLLAR

CANADIAN DOLLAREUROBRITISH POUND

CurrenciesAUSTRALIAN DOLLAR

Commodities & Currencies

Maturity Today Yesterday Last Week Last Month3 Months 0.07 0.07 0.07 0.086 Months 0.13 0.12 0.14 0.132 Years 0.30 0.29 0.25 0.253 Years 0.42 0.40 0.34 0.345 Years 0.79 0.74 0.66 0.6710 Years 1.81 1.76 1.66 1.7530 Years 2.97 2.93 2.85 2.94

Yield Spread (10 yrs - 3 mths)Yield Spread (10 yrs - 2 yrs)

US Treasury Yields

1.741.51

Source: Data provided by ValuBond – http://w w w .valubond.com

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date10/23/2012 HSBC HOLDINGS PLC-SPONS ADR Regular Cash 0.4500 USD Quarter 10/26/2012 12/12/201210/23/2012 ASCENDAS REAL ESTATE INV TRT Pro Rata 0.0180 SGD Quarter 7/25/2012 8/28/201210/24/2012 ELLIPSIZ LTD Final 0.0016 SGD Annual 10/29/2012 11/15/201210/24/2012 CORDLIFE GROUP LTD Special Cash 0.0180 SGD Irreg 10/29/2012 11/14/201210/24/2012 SINGAPORE EXCHANGE LTD Interim 0.0400 SGD Quarter 10/29/2012 11/5/201210/24/2012 MAPLETREE LOGISTICS TRUST Distribution 0.0171 SGD Quarter 10/29/2012 11/29/201210/24/2012 SABANA SHARIAH COMP IND REIT Distribution 0.0234 SGD Quarter 10/29/2012 11/28/201210/29/2012 BRIT & MALAYAN TRUSTEES LTD Final 0.0270 SGD Semi-Anl 10/31/2012 11/12/201210/29/2012 KARIN TECHNOLOGY HOLDINGS Final 0.0710 HKD Semi-Anl 10/31/2012 11/15/201210/30/2012 BOARDROOM LTD Final 0.0200 SGD Semi-Anl 11/1/2012 11/23/201210/30/2012 UNION STEEL HOLDINGS LTD Regular Cash 0.0025 SGD Irreg 11/1/2012 11/15/201210/30/2012 SIN GHEE HUAT CORP LTD Final 0.0200 SGD Annual 11/1/2012 11/14/201210/31/2012 K1 VENTURES LTD Regular Cash 0.0050 SGD Annual 11/2/2012 11/14/201210/31/2012 GEMS TV HOLDINGS LTD Regular Cash 0.0095 SGD Irreg 11/2/2012 11/15/2012

Corporate Action : Dividend

Source: Bloomberg

Morning Note 23 October 2012

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Name Expected Report DateCapitaRetail China Trust October 23, 2012OKP Holdings Ltd October 23, 2012Mapletree Industrial Trust October 23, 2012Ascott Residence Trust October 23, 2012Frasers Centrepoint Trust October 23, 2012OSIM International Ltd October 23, 2012Cache Logistics Trust October 24, 2012Hutchison Port Holdings Trust October 24, 2012Samudera Shipping Line Ltd October 24, 2012SingXpress Land Ltd October 24, 2012First Real Estate Investment Trust October 24, 2012Gems TV Holdings Ltd October 24, 2012GMG Global Ltd October 24, 2012EOC Ltd October 24, 2012STATS ChipPAC Ltd October 25, 2012Frasers Commercial Trust October 25, 2012China Merchants Holdings Pacific Ltd October 25, 2012Top Global Ltd October 25, 2012Suntec Real Estate Investment Trust October 25, 2012Hw a Hong Corp Ltd October 25, 2012Lion Asiapac Ltd October 25, 2012Gul Technologies Singapore Ltd October 25, 2012Texchem-Pack Holdings Singapore Ltd October 25, 2012Neptune Orient Lines Ltd/Singapore October 25, 2012Mapletree Commercial Trust October 25, 2012Wing Tai Holdings Ltd October 25, 2012Fragrance Group Ltd October 25, 2012CapitaCommercial Trust October 25, 2012Avi-Tech Electronics Ltd October 25, 2012CapitaMalls Asia Ltd October 25, 2012Ascendas India Trust October 25, 2012Giken Sakata Singapore Ltd October 25, 2012BH Global Marine Ltd October 25, 2012Miyoshi Precision Ltd October 26, 2012Aspial Corp Ltd October 26, 2012Creative Technology Ltd/Singapore October 26, 2012Hartaw an Holdings Ltd October 26, 2012Ezra Holdings Ltd October 26, 2012SP Corp Ltd October 26, 2012Singapore Post Ltd October 26, 2012LH Group Ltd October 26, 2012Gongyou Machines Ltd October 26, 2012Micro-Mechanics Holdings Ltd October 27, 2012First Ship Lease Trust October 29, 2012Starhill Global REIT October 29, 2012Aztech Group Ltd October 29, 2012YHM Group Ltd October 29, 2012CapitaLand Ltd October 30, 2012SIA Engineering Co Ltd October 30, 2012Broadw ay Industrial Group Ltd October 30, 2012Rickmers Maritime October 30, 2012Mun Siong Engineering Ltd October 30, 2012Multi-Chem Ltd October 30, 2012Fortune Real Estate Investment Trust October 30, 2012Eastgate Technology Ltd October 30, 2012Source: Bloomberg

Earning Announcement – Singapore

Calendar

Morning Note 23 October 2012

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Date Statistic For Survey Prior Date Statistic For Survey Prior8/7/2012 JOLTs Job Openings Jun -- 3642 8/7/2012 Foreign Reserves Jul -- $243.38B8/8/2012 Consumer Credit Jun $11.000 $17.117B 8/8/2012 Automobile COE Open Bid Cat A 8-Aug -- 686568/8/2012 MBA Mortgage Applications 3-Aug -- 0.20% 8/8/2012 Automobile COE Open Bid Cat B 8-Aug -- 905018/8/2012 Nonfarm Productivity 2Q P 1.40% -0.90% 8/8/2012 Automobile COE Open Bid Cat E 8-Aug -- 927008/8/2012 Unit Labor Costs 2Q P 0.30% 1.30% 8/10/2012 GDP (annualized) (QoQ) 2Q F -0.20% -1.10%8/9/2012 Trade Balance Jun -$47.3B -$48.7B 8/10/2012 GDP (YoY) 2Q F 2.20% 1.90%8/9/2012 Initial Jobless Claims 4-Aug 370K 365K 8/15/2012 Retail Sales Ex Auto (YoY) Jun -- 0.70%8/9/2012 Continuing Claims 28-Jul -- 3272K 8/15/2012 Retail Sales (YoY) Jun -- 0.50%8/9/2012 Bloomberg Consumer Comfort 5-Aug -- -39.7 8/15/2012 Retail Sales (MoM) sa Jun -- -2.70%8/9/2012 Wholesale Inventories Jun 0.30% 0.30% 8/17/2012 Electronic Exports (YoY) Jul -- 1.60%8/10/2012 Import Price Index (MoM) Jul 0.00% -2.70% 8/17/2012 Non-oil Domestic Exports (YoY) Jul -- 6.80%8/10/2012 Import Price Index (YoY) Jul -- -2.60% 8/17/2012 Non-oil Domestic Exp SA (MoM) Jul -- 6.70%8/11/2012 Monthly Budget Statement Jul -$103.0B -- 8/23/2012 CPI (MOM) - NSA Jul -- 0.00%8/14/2012 NFIB Small Business Optimism Jul -- 91.4 8/23/2012 CPI (YoY) Jul -- 5.30%8/14/2012 Producer Price Index (MoM) Jul -- 0.10% 8/23/2012 Automobile COE Open Bid Cat A 23-Aug -- --

Source: Bloomberg

US SingaporeEconomic Announcement

Source: Bloomberg

Morning Note 23 October 2012

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Date Statistic For Survey Prior Date Statistic For Survey Prior10/23/2012 Richmond Fed Manufact. Index Oct 4 4 10/23/2012 CPI (MOM) - NSA Sep 0.50% 0.60%10/24/2012 MBA Mortgage Applications 19-Oct -- -4.20% 10/23/2012 CPI (YoY) Sep 4.40% 3.90%10/24/2012 Markit US PMI Preliminary Oct 51.5 -- 10/25/2012 Industrial Production MoM SA Sep 2.80% -2.30%10/24/2012 New Home Sales Sep 385K 373K 10/25/2012 Industrial Production YoY Sep 2.30% -2.20%10/24/2012 New Home Sales MoM Sep 2.70% -0.30% 10/31/2012 Credit Card Bad Debts Sep -- 19.6M10/24/2012 House Price Index MoM Aug -- 0.20% 10/31/2012 Credit Card Billings Sep -- 3148.7M10/25/2012 FOMC Rate Decision 24-Oct 0.25% 0.25% 10/31/2012 Bank Loans & Advances (YoY) Sep -- 19.20%10/25/2012 Chicago Fed Nat Activity Index Sep -- -0.87 10/31/2012 M1 Money Supply (YoY) Sep -- 4.70%10/25/2012 Durable Goods Orders Sep 6.50% -13.20% 10/31/2012 M2 Money Supply (YoY) Sep -- 7.20%10/25/2012 Durables Ex Transportation Sep 0.60% -1.60% 10/31/2012 Unemployment Rate (sa) 3Q P -- 2.00%10/25/2012 Cap Goods Orders Nondef Ex Air Sep 0.10% 1.10% 11/5/2012 Electronics Sector Index Oct -- 5010/25/2012 Cap Goods Ship Nondef Ex Air Sep -- -0.90% 11/5/2012 Purchasing Managers Index Oct -- 48.710/25/2012 Initial Jobless Claims 20-Oct 365K 388K 11/7/2012 Automobile COE Open Bid Cat A 7-Nov -- --10/25/2012 Continuing Claims 12-Oct -- 3252K 11/7/2012 Automobile COE Open Bid Cat B 7-Nov -- --10/25/2012 Bloomberg Consumer Comfort 21-Oct -- -34.8 11/7/2012 Automobile COE Open Bid Cat E 7-Nov -- --

US SingaporeEconomic Announcement

Source: BloombergSource: Bloomberg

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Important Information This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“Phillip Securities Research”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources, which Phillip Securities Research has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this publication are based on such information and are expressions of belief of the individual author or the indicated source (as applicable) only. Phillip Securities Research has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete, appropriate or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith. 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 Lee Kok Joo, CFA Joshua Tan CEO, Research Head of Research Macro Strategist

Special Opportunities S-Chips, Strategy Global Macro, Asset Strategy +65 6531 1231 +65 6531 1685 +65 6531 1249

yebo@phillip.com.sg leekj@phillip.com.sg joshuatan@phillip.com.sg

Magdalene Choong, CFA Go Choon Koay, Bryan Derrick Heng Investment Analyst Investment Analyst Investment Analyst

Gaming, US Property Transportation, Telecom. +65 6531 1791 +65 6531 1792 +65 6531 1221

magdalenechoongss@phillip.com.sg gock@phillip.com.sg derrickhengch@phillip.com.sg

Ken Ang Travis Seah Ng Weiwen Investment Analyst Investment Analyst Macro Analyst

Financials REITS Global Macro, Asset Strategy +65 6531 1793 +65 6531 1229 +65 6531 1735

kenangwy@phillip.com.sg travisseahhk@phillip.com.sg ngww@phillip.com.sg

Roy Chen Nicholas Ong Research Assistant Macro Analyst Investment Analyst General Enquiries

Global Macro, Asset Strategy Commodities +65 6531 1240 (Phone) +65 6531 1535 +65 6531 5440 research@phillip.com.sg

roychencz@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