DAILY

SINGAPORE

4 June, 2008

Daybreak

Song Seng Wun +65 62251228 – [email protected]

What’s on the table

FSSTI Index 4000 3800 3600 3400 3200 3000 2800 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Source: Bloomberg

Innovalues (S$0.21) - Recovery on track, albeit slower Our recent discussions with the management suggest that though the group is on track of a recovery, the pace is slower-than-expected. This was due largely to the continuous weakness in OA business and rising raw material prices. Automotive component and data storage businesses, however, are still growing healthily. We have conservatively lowered our FY08-10 EPS forecasts by 13-18% yoy to factor in the slowdown in the OA business, as well as the impact of higher raw material prices. Accordingly, our target price drops from S$0.395 to S$0.34, still based on 8x CY09 earnings. Maintain Outperform, nevertheless, as Innovalues is still on track to recover from a bad year in 2007.

News of the Day •

UN: Trade curbs to blame for high food prices

•

Singapore purchasing index down six months in a row

•

SGX proposing to allow derivative trades to be executed off-exchange

•

Reality check for 99-year lease top-up assumption.

•

Keppel secures US$385m Brazilian order

•

CWT in for $85.7m gain from warehouse deal

•

KS Energy plans to add oil rigs, buy stakes

•

AIS puts 3G plan on hold pending regulatory nod

•

OCBC issue's placement tranche closes after hot demand

Technical Trading Ideas •

Alantac Technology

INDICES STI Dow Nasdaq Nikkei Hang Seng KLCI JCI SET PCI

GENTING INTL PLC GOLDEN AGRI-RESO SINGAP TELECOMM YANGZIJIANG SHIP OCEANUS GROUP LT UNISTEEL TECH

MARKET STATISTICS

Close 3,153.94 12,402.85 2,480.48 14,265.86 24,375.76 1,257.57 2,403.81 806.86 2,782.80 TOP ACTIVES

% Change (1.1) (0.8) (0.4) 0.4 (1.8) (0.4) (1.0) (0.4) (1.5)

Ytd (%Chg) (9.0) (6.5) (6.5) (6.8) (12.4) (13.0) (12.5) (6.0) (23.2)

$ 0.635 1.040 3.660 0.995 0.380 1.760

% Change (1.6) (1.9) (1.9) 3.1 1.3 8.0

Turnover(m) 54.4 47.7 40.0 31.1 29.6 21.3

STI 52-week range Total turnover (mil units) Total value (S$ mil) 3-mth avg trading value (S$ mil) 3-mth avg trading volume (mil) Number of gainers Number of losers Number of unchanged STI Futures ECONOMIC STATISTICS S$/US$ Yen/US$ 3-mth US$ SIBOR 3-mth S$ SIBOR Brent (US$/barrel) DRAM 256-mb (US$)

Please read carefully the important disclosures at the end of this publication.

2,746.0 - 3,831.2 1137.9 1750.6 1800.4 1548.8 196 348 NA 3,156

Close 1.36 104.98 2.71 1.25 124.40 2.34

% Chg 0.1 (0.1) 0.2 0.0 (0.0) 0.0

Sector/ Economic news UN: Trade curbs to blame for high food prices. The United Nations urged a summit on the global food crisis yesterday to lower trade barriers and remove export bans to help stop the spread of hunger threatening nearly one billion people. 'Nothing is more degrading than hunger, especially when man-made,' UN Secretary-General Ban Ki Moon told world leaders who are likely to disagree over the link between biofuel production and high food prices. The head of the UN's Food and Agriculture Organisation (FAO), which is hosting the summit, said wealthy nations had been spending billions of dollars on farm subsidies, wasteful and excess consumption of food, and on arms. 'The excess consumption by the world's obese costs US$20 billion annually, to which must be added indirect costs of US$100 billion resulting from premature death and related diseases,' said FAO director- general Jacques Diouf, who is from Senegal. (BT) Y Y Y Singapore purchasing index down six months in a row. The purchasing managers' index (PMI) has slid for a sixth straight month to its lowest level in more than six years. The electronics sub-index, which has been faring a little better, also saw a third consecutive monthly decline in May and has now dipped into the red - its first contraction in almost two years. At 49.0 - down 0.3 of a point from April - the overall PMI is at its lowest since December 2001. It is also the third month that the index has been below the 50-point threshold, denoting contraction in the manufacturing sector. Data from the Singapore Institute of Purchasing and Materials Management (SIPMM) shows further declines in new orders, output, raw material imports and employment last month, which led to the continued slide in the overall index. (BT) Y Y Y Contingency plans for derivative market. The Singapore Exchange is proposing to allow derivative trades to be executed off-exchange, in the event of emergency situations, as part of its contingency measures. SGX said that its concern is to maintain continuous trading access to the derivatives market in times of interruptions. Trading access can be conducted through the Negotiated Large Trade (NLT) facility. SGX is proposing to waive minimum volume threshold requirements for specified futures or options contracts in the event of technical interruptions. Trades executed by the clearing members and market participants during the interruption will not incur deterrence fees for trades which fall below the minimum volume requirements. (BT) Y Y Y Reality check for 99-year lease top-up assumption. The market used to assume that the government would top up leases for sites to 99 years as they came up for redevelopment. A series of recent decisions - in which the authorities either declined lease top-ups or allowed them, but for shorter tenures - have put a big question mark over that assumption. Property players say these decisions could have an impact on investment sales of 99-year leasehold properties or at least the way such deals are structured. In January, when the proposal for Market Street Car Park's redevelopment into an office tower was made public, owner CapitaCommercial Trust revealed that the authorities declined to top up the lease for the site, which has another 65 years to run. BT understands that no lease top-up was granted for Marina House last year, which is proposed to be redeveloped. Sources say another building at Cecil Street has also had its lease top-up application rejected. Again, the Urban Redevelopment Authority (URA) may have plans for the streetblock where it is located. (BT) Y Y Y

Corporate news Keppel Corporation, through Keppel Fels, has secured a US$385 million repeat order for its proprietary DSS 38 semi-submersible deepwater drilling rig from Brazilian drilling contractor group Queiroz Galvão Óleo e Gás (QGOG). The contract price for the deepwater platform, to be named Alpha Star, does not include the drilling and subsea equipment which will be supplied by QGOG. Alpha Star, to be delivered in the second half of 2011, may be deployed in either offshore West Africa or South America. Gold Star, the first rig scheduled for delivery in the second half of next year, will support Petrobras' growth plans. (BT) Y Y Y Logistics group CWT Ltd stands to realise a gain of $85.7 million from the sale of one of its biggest warehouse facilities in Singapore. The company yesterday said it has entered into a conditional agreement with a buyer to sell and lease back its newly-completed Logistics Hub 2 in Tanjong Penjuru. CWT did not disclose the name of the purchaser but [ 2 ]

CIMB-GK Research Pte Ltd

4 June 2008

said it is a 'property fund' focusing on the Asia-Pacific region. The sale price for the proposed transaction is $115.2 million. Upon completing the sale, CWT will lease back the building for five years with an option for an additional three-year period. The firm said in a statement it expects to realise a gain of about $85.7 million from the transaction, based on the aggregate net book value of $28.1 million. (BT) Y Y Y Singapore’s KS Energy Services aims to expand by adding two rigs a year to its fleet of onshore and offshore oil drilling rigs and may take stakes in assets or firms in a booming oil services sector. 'The plan is to add at least a couple of rigs per annum, onshore or offshore,' chief executive Kris Wiluan told reporters at the Reuters Global Energy Summit in Singapore yesterday, with each rig costing from US$20 million to US$200 million. He said that with oil prices rising to record highs, the demand for oil equipment was strong. KS Energy would not expand on a speculative basis but aimed for steady growth in its core focus of land rigs and shallow water jack-up rigs, Mr Wiluan said. The company plans longer term to move into semi-submersible rigs for deepwater exploration, as recent large finds off Brazil spur hopes for further discoveries, and is also considering supplying services to a growing offshore wind energy industry. (BT) Y Y Y Advanced Info Service (AIS), Thailand's top mobile operator, has put off a plan to expand and launch a new high-speed Internet service, pending regulatory approval to import equipment, a top executive said yesterday. AIS was the first Thai operator to launch third generation mobile services using HSPA (high speed packet access) technology, in the northern Thai province of Chiang Mai last month. 'We're awaiting approval from regulators to import 3G equipment. But we don't expect any impact from the delay,' chief marketing officer Sanchai Tiewprasertkul said. AIS initially planned to expand 3G coverage for its prepaid clients in Chiang Mai and launch the service in Bangkok and five other major cities later this year. 'There's nothing we can do. On our part, we're ready for the launch. As soon as we get the approval, we can switch on our system right away,' he said, noting China's Huawei Technologies was a major equipment supplier for the project. (BT) Y Y Y The placement tranche of OCBC Bank's preference share issue is more than three times over-subscribed, the bank said last night. Applications for its Class B Preference Shares under the placement tranche have closed and the bank has stopped accepting new applications for the placement shares. OCBC said there was 'overwhelming response from both retail and institutional investors' for the placement tranche since the launch of the offer on June 2, 2008. 'Response from investors for the preference shares offered under the placement tranche has been overwhelming. While orders from institutional investors alone exceeded $1 billion at the end of the first day of the offer, there is also good demand from retail investors,' said George Lee, head of group investment banking at OCBC. (BT) Y Y Y

[ 3 ]

CIMB-GK Research Pte Ltd

4 June 2008

Technical Trading Ideas Spotlight on Alantac Technology Slight bullish bias At a glance

Last Price (S$) YTD (%) Issued shares (m) Market cap (S$ m) 52-wk range (S$) 3M avg volume (m) 2009 P/E (x)* P/BV (x) *Bloomberg Consensus

0.155 -31.1 319.88 49.58 0.12 - 0.705 1.37 N/A 1.2

Broke out of its consolidation triangle

MACD has turned positive but RSI is still flat

Source: CIMB-GK Research, Bloomberg

Description: Alantac Technology (Alantac) provides precision machining services and contract equipment manufacturing. The group also manufactures precision machining parts and components, assembly, integration and commissioning pf semi-automated lines. Alantac specialises in consignment and turnkey projects for the semiconductor and hard disk drive industries. Immediate outlook: The stock broke out of its consolidation triangle on Monday but buyers failed to push it above its 100-day SMA yesterday. On a positive note, trading volume picked up quite a bit. It shows that the bulls are getting eager. However, its indicators are looking mixed at the moment. Hence we think the stock is neutral with a bullish bias. The stock could trade sideways between S$0.13-0.16 before edging higher. Technical Buy at S$0.13-0.15 but put a tight stop at S$0.125. The short term upside target is S$0.0.19-0.20. The stock is currently holding just above its strong long term support at S$0.13. Its weekly indicators are also looking mixed, suggesting that the stock could possibly still be in a consolidation period. A new uptrend would only begin after a breakout above the S$0.20 resistance level. Support & resistance

S2 0.10 - 0.105

S1 0.13 - 0.135

Last Price (S$) 0.155

R1 0.15 - 0.155

R2 0.19 - 0.20

Holding above its long term support

MACD is slowly rising but RSI is flat

Source: CIMB-GK Research, Bloomberg

[ 4 ]

CIMB-GK Research Pte Ltd

4 June 2008

Insider transactions – as at 31/05/08 Shareholding Stock Buy First Link Asia-Pac Strat Aztech Sys Asia-Pac Strat GK Goh Viz Branz BBR Hldgs ISDN Hldgs Union Steel Arianecorp Guocoleisure Haw Par Corp HG Metal Nam Lee Scorpio East Union Steel BBR Hldgs BBR Hldgs BBR Hldgs BBR Hldgs BBR Hldgs BBR Hldgs Bonvests Enzer Corp GK Goh GK Goh GK Goh Lee Kim Tah Lee Kim Tah Lee Kim Tah Multistar Nam Lee Nam Lee Nam Lee Popular Hldgs Popular Hldgs SNF Corp BBR Hldgs BBR Hldgs BBR Hldgs BBR Hldgs BBR Hldgs Bonvests CapitaMall Trust China New Town China New Town China New Town China New Town China New Town ComfortDelgro Comm Design Union Steel UOL Grp Aspial Corp BBR Hldgs BBR Hldgs BBR Hldgs

Transacted Date

Substantial Shareholder/Director

30-May-08 30-May-08 30-May-08 29-May-08 29-May-08 29-May-08 28-May-08 28-May-08 28-May-08 27-May-08 27-May-08 27-May-08 27-May-08 27-May-08 27-May-08 27-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 26-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 23-May-08 22-May-08 22-May-08 22-May-08 22-May-08

Buy/Sell/ No of Shs Conv ('000)

Alphasky Grp The Nassim Fd Mun Hong Yew The Nassim Fd GKG Inv Hldgs Chng Beng Beng BBR Hldgs Ltd Karl-Walter Braun Ang Yew Chye Chow Tat Ming Quek Leng Chan Arnhold & S Bleich Tan Chan Too Nam Lee Hldgs Ang Sin Liu Ang Yew Chye Bruno Sergio V Claudia Valsangiacomo-B Marco Brandestini Tectus S.A Proceq S.A BBR Hldgs Ltd Henry Ngo Lim Keng Hock Goh Yew Lin Goh Geok Khim GKG Inv Hldgs Lee Yong Chuan Lee Soon Teck Lee Kim Tah Inv PL Chua Seng Kiat Nam Lee Hldgs Yong Poon Miew Yong Koon Chin Chou Cheng Ngok World Hldgs(Pte) Ltd Lim Keng Hock Bruno Sergio V Claudia Valsangiacomo-B BBR Hldgs Ltd Tectus S.A Proceq S.A Henry Ngo The Capital Grp Co Inc SRE Invest Hldgs SRE Grp Ltd Shi Bing Shi Jian Sinopower Invest Ltd Silchester Intl Investors Bay Cheow Guan Ang Yew Chye Silchester Intl Investors Koh Wee Seng Bruno Sergio V Claudia Valsangiacomo-B Marco Brandestini

Deemed Interest Deemed Interest

Deemed Interest Deemed Interest

Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest

Deemed Interest Deemed Interest Deemed Interest

Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest

Deemed Interest Deemed Interest Deemed Interest

Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy

1345 220 125 160 49 91 390 2500 95 5382 469 80 200 200 40 47 1000 1000 1000 1000 1000 1000 190 369 200 200 200 106 106 106 100 100 100 100 234 234 1363 1999 1999 1999 1999 1999 15 7808 500 500 500 500 500 21081 30 115 260 15 1000 1000 1000

Price Per Share $

% Before Change

% After Change

0.12 na 0.26 na na 0.51 na na 0.19 0.04 0.81 na 0.4 na na 0.2 na na na na na na 1.1 0.15 0.98 0.98 na 0.57 0.57 na 0.08 na 0.15 0.15 0.29 na 0.1 na na na na na 1.09 3.35 na na 0.23 0.23 na na 0.17 0.2 3.86 0.32 na na na

6.27 10.41 22.13 10.39 53.25 29.11 16.05 11.47 6.7 7.93 61.18 12.97 5.03 54.81 8.03 6.69 15.99 15.99 15.99 15.99 15.99 15.99 80.75 14.26 53.19 53.19 53.19 64.76 65.05 64.76 23.2 54.79 54.79 54.79 55.23 55.23 26.05 15.86 15.86 15.86 15.86 15.86 80.74 4.8 45.78 45.78 45.78 45.78 45.78 6.06 60.25 6.65 5 12.62 15.79 15.79 15.79

6.54 10.45 22.16 10.41 53.26 29.17 16.08 12.74 6.73 7.97 61.22 13.01 5.08 54.86 8.06 6.7 16.05 16.05 16.05 16.05 16.05 16.05 80.79 14.63 53.25 53.25 53.25 64.78 65.07 64.78 23.28 54.81 54.81 54.81 55.28 55.28 26.87 15.99 15.99 15.99 15.99 15.99 80.75 5.27 45.81 45.81 45.81 45.81 45.81 7.07 60.28 6.69 5.03 12.63 15.86 15.86 15.86

Source: The Business Times ST: Shares transfer, IP: Investment purposes, PL: Placement

[ 5 ]

CIMB-GK Research Pte Ltd

4 June 2008

Insider transactions – as at 31/05/08 Shareholding Stock

Transacted Date

Buy/Sell/ No of Shs Conv ('000)

Substantial Shareholder/Director

BBR Hldgs BBR Hldgs BBR Hldgs China Paper Guocoleisure Nam Lee Nam Lee Nam Lee UIC UIC Viz Branz Viz Branz

22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08

Tectus S.A Proceq S.A BBR Hldgs Ltd Li Pengju Quek Leng Chan Nam Lee Hldgs Yong Koon Chin Yong Poon Miew Telegraph Dev John Gokongwei, Jr Poh Choo Bin Chng Beng Beng

Sell Straits Asia Res Food Junction Zhongui Hldgs Ascendas REIT Banyan Tree Arianecorp Uni-Asia Fin Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs Parkway Hldgs

29-May-08 28-May-08 28-May-08 27-May-08 26-May-08 23-May-08 23-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08 22-May-08

Straits Resources Ltd Armor Capital Mgt, LLC Capwest SA The Capital Grp Co Inc The Capital Grp Co Inc Grande Pac Motokuni Yamashiro James Coulter TPG-Axon Cap Mgt L.P TPG-Axon GP LLC David Bonderman Dinakar Singh LLC Newbridge Asia Adv III Inc Newbridge Asia III L.P TPG-HF Mgt LLC TPG-Axon Partners Blum G.A III LLC Tarrant Cap Adv Inc Blum Cap Partners L.P Richard Blum Dinakar Singh Tarrant Advisors Inc Newbridge Asia Genpar III LP

Deemed Interest Deemed Interest

Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest

Deemed Interest

Deemed Interest Deemed Interest

Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest

Price Per Share $

% Before Change

% After Change

Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy

1000 1000 1000 1450 909 100 100 100 172 172 13 31

na na na na 0.82 na 0.15 0.15 na 2.85 na 0.5

15.79 15.79 15.79 0 61.11 54.77 54.77 54.77 33.99 33.99 10.13 29.08

15.86 15.86 15.86 0.36 61.18 54.79 54.79 54.79 34 34 10.14 29.11

Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell

41150 1963 137 11127 7500 1000 300 34662 34662 34662 34662 34662 34663 34663 34662 34662 34663 34662 34663 34663 34662 34662 34663

na na na na na na na na na na na na na na na na na na na na na na na

50.9 5.29 5.78 5.82 7.97 10.64 11.97 28.61 13.11 13.11 28.61 13.11 20.86 12.46 13.11 13.11 20.86 28.61 20.86 20.86 13.11 28.61 20.86

47.1 3.66 5.73 4.95 6.98 10.53 11.86 24.1 8.6 8.6 24.1 8.6 16.35 7.95 8.6 8.6 16.35 24.1 16.35 16.35 8.6 24.1 16.35

Source: The Business Times ST: Shares transfer, IP: Investment purposes, PL: Placement

[ 6 ]

CIMB-GK Research Pte Ltd

4 June 2008

Corporate actions June 2008 SUN

MON

TUE

WED

THU

FRI

1

2

3

4

5

6 May 08 Intl Reserves

8

9

10

11

12

13 14 Apr 08 Retail & Catering

15

16

17 May 08 Merc Trade

18

19

20

21

22

23 May 08 CPI

24

25

26 May 08 IIP

27

28

29

30 May 08 Ctrl Govt Ops May 08 P&I Trade Px 2007 Intl Investment * 1Q08 Ext Debt *

Source: Company, Bloomberg

SAT 7

* Not later than

July 2008 SUN

MON

TUE

WED

THU

FRI

SAT

1

2

3

4

5

6

7 Jun 08 Intl Reserves

8

9

10

11 2Q08 Adv GDP Est *

12

13

14

15 May 08 Retail Sales & Catering Trade Indices

16

17 Jun 08 Merc Trade

18

19

20

21

22

23 Jun 08 CPI

24

25 Jun 08 IIP

26

27

28

29

30 Jun 08 Pdr & Intl Trade Px

31 Jun 08 Unemp / Emp rate Jun 08 Ctrl Govt Ops 3Q08 Biz Expectations

Source: Company, Bloomberg

* Not later than

[ 7 ]

CIMB-GK Research Pte Ltd

4 June 2008

Important dates Ex Date 2-Jun-08 2-Jun-08 2-Jun-08 3-Jun-08 3-Jun-08 3-Jun-08 3-Jun-08 3-Jun-08 3-Jun-08 4-Jun-08 4-Jun-08 4-Jun-08 4-Jun-08 5-Jun-08 5-Jun-08 5-Jun-08 5-Jun-08 5-Jun-08 6-Jun-08 9-Jun-08 9-Jun-08 9-Jun-08 9-Jun-08 10-Jun-08 10-Jun-08 10-Jun-08 10-Jun-08 10-Jun-08 11-Jun-08 12-Jun-08 12-Jun-08 13-Jun-08 16-Jun-08 17-Jun-08 19-Jun-08 2-Jul-08 10-Jul-08 11-Jul-08 14-Jul-08 16-Jul-08 17-Jul-08 22-Jul-08 24-Jul-08 29-Jul-08 29-Jul-08 31-Jul-08 31-Jul-08 31-Jul-08 31-Jul-08 4-Aug-08 4-Aug-08 4-Aug-08 5-Aug-08 6-Aug-08 6-Aug-08 8-Aug-08 19-Aug-08 10-Sep-08

Company Particulars OCBC BK 4.2% NCPS DIVIDEND : 201207-190608 4.2% PREFERENTIAL NET OF 27% OCBC BK S$500M4.5%NCPS 100 DIVIDEND : 201207-190608 4.5% PREFERENTIAL TAX EXEMP VIZ BRANZ LIMITED RIGHTS : 3 WTS FOR 10 SH OFFER OF 3 FOR 10 @ $0.05 EZRA HOLDINGS LIMITED DIVIDEND : SGD 0.05 SPECIAL ONE-TIER TAX FOOD EMPIRE HOLDINGS LIMITED BONUS : OFFER OF 1 FOR 5 LOW KENG HUAT (SINGAPORE) LTD DIVIDEND : SGD 0.025 1ST & FINAL ONE-TIER TAX MIDAS HLDGS LIMITED DIVIDEND : SGD 0.005 FINAL ONE-TIER TAX NATURAL COOL HOLDINGS LIMITED RIGHTS : 3 WTS FOR 10 SH OFFER OF 3 FOR 10 @ $0.06 WEE HUR HOLDINGS LTD. DIVIDEND : SGD 0.01 INTERIM ONE-TIER TAX BAN LEONG TECHNOLOGIES LIMITED DIVIDEND : SGD 0.015 FINAL ONE-TIER TAX SP AUSNET DIVIDEND : INTEREST INCOME AUD 0.01655 SP AUSNET DIVIDEND : FULLY FRANKED AUD 0.00736 SP AUSNET DIVIDEND : RETURNOFCAPITAL AUD 0.03397 APEX-PAL INTERNATIONAL LTD DIVIDEND : SGD 0.01 1ST & FINAL ONE-TIER TAX ASIA TIGER GROUP LIMITED RIGHTS : OFFER OF 1 FOR 1 @ $0.06 FULL APEX (HOLDINGS) LIMITED BONUS : OFFER OF 1 FOR 10 ISDN HOLDINGS LIMITED DIVIDEND : SGD 0.0055 FINAL ONE-TIER TAX LIZHONG WHEEL GROUP LTD. DIVIDEND : CNY 0.072 FINAL ONE-TIER TAX JACKS INTERNATIONAL LIMITED DIVIDEND : SGD 0.002 FINAL ONE-TIER TAX LYXOR ASIA 10 DIVIDEND : ESTIMATED USD 0.08 LYXOR CHINA H 10 DIVIDEND : ESTIMATED USD 0.16 LYXOR HANG SENG INDEX FUND 10 DIVIDEND : ESTIMATED USD 0.06 LYXOR MSCI TAIWAN INDEX FUND10 DIVIDEND : ESTIMATED USD 0.02 CITY DEVELOPMENTS LTD NCCPS DIVIDEND : 311207-290608 SGD 0.0194 PREFERENTIAL ONECITYSPRING INFRASTRUCT TRUST DIVIDEND : 010108-310308 SGD 0.016 TAX EXEMPT ENGRO CORPORATION LIMITED DIVIDEND : SGD 0.03 FINAL ONE-TIER TAX NTEGRATOR INTERNATIONAL LTD DIVIDEND : SGD 0.0025 1ST & FINAL ONE-TIER TAX POKKA CORPORATION (S) LIMITED DIVIDEND : SGD 0.005 FINAL ONE-TIER TAX AMARA HOLDINGS LTD DIVIDEND : SGD 0.008 1ST & FINAL ONE-TIER TAX ASIA DEKOR HOLDINGS LIMITED ENTITLEMENT : CAPITAL DIST SGD 0.046 JTC S$300M 5%N090623 INTEREST : 231207 - 220608 5% SECOND CHANCE PROPERTIES LTD DIVIDEND : SGD 0.03 INTERIM ONE-TIER TAX HERSING CORPORATION LTD BONUS : OFFER OF 1 FOR 1 LOW KENG HUAT (SINGAPORE) LTD ENTITLEMENT : SUB DIVISION OFFER OF 2 FOR 1 PARKWAY HLDGS LTD DIVIDEND : SGD 0.0123 INTERIM ONE-TIER TAX SINGAPORE POST LIMITED DIVIDEND : SGD 0.025 FINAL ONE-TIER TAX WBL CORPORATION LIMITED DIVIDEND : SGD 0.05 INTERIM ONE-TIER TAX RAFFLES EDUCATION CORP LIMITED DIVIDEND : (3RD INTERIM) SGD 0.0065 INTERIM ONE-TIER TA ASIA WATER TECHNOLOGY LTD. DIVIDEND : SGD 0.01 1ST & FINAL ONE-TIER TAX SMRT CORPORATION LTD DIVIDEND : SGD 0.06 FINAL ONE-TIER TAX ROWSLEY LTD. DIVIDEND : SGD 0.00125 1ST & FINAL ONE-TIER TAX SIA ENGINEERING CO LTD DIVIDEND : SGD 0.16 FINAL ONE-TIER TAX BUKIT SEMBAWANG ESTATES LTD DIVIDEND : SGD 0.07 FINAL ONE-TIER TAX SINGAPORE AIRPORT TRML SVCSLTD DIVIDEND : SGD 0.1 FINAL ONE-TIER TAX TAT HONG HOLDINGS LTD DIVIDEND : SGD 0.038 FINAL ONE-TIER TAX CORTINA HOLDINGS LIMITED DIVIDEND : SGD 0.01 FINAL ONE-TIER TAX CORTINA HOLDINGS LIMITED DIVIDEND : SGD 0.01 SPECIAL ONE-TIER TAX SINGAPORE AIRLINES LTD DIVIDEND : SGD 0.8 FINAL ONE-TIER TAX YELLOW PAGES(SINGAPORE)LIMITED DIVIDEND : SGD 0.02 FINAL ONE-TIER TAX BOUSTEAD SINGAPORE LIMITED DIVIDEND : SGD 0.05 FINAL ONE-TIER TAX BOUSTEAD SINGAPORE LIMITED DIVIDEND : SGD 0.02 SPECIAL ONE-TIER TAX VALUETRONICS HOLDINGS LIMITED DIVIDEND : HKD 0.078 1ST & FINAL POWERMATIC DATA SYSTEMS LTD DIVIDEND : SGD 0.01 1ST & FINAL ONE-TIER TAX HIAP SENG ENGINEERING LTD DIVIDEND : SGD 0.005 FINAL ONE-TIER TAX WILLAS-ARRAY ELEC (HLDGS) LTD DIVIDEND : HKD 0.074893 1ST & FINAL YONGMAO HOLDINGS LIMITED DIVIDEND : SGD 0.01 FINAL ONE-TIER TAX TRANSIT-MIXED CONCRETE LTD DIVIDEND : SGD 0.015 FINAL ONE-TIER TAX JURONG TECH IND CORP LTD DIVIDEND : SGD 0.01 FINAL ONE-TIER TAX

Rec. Date 4-Jun-08 4-Jun-08 4-Jun-08 5-Jun-08 5-Jun-08 5-Jun-08 5-Jun-08 5-Jun-08 5-Jun-08 6-Jun-08 6-Jun-08 6-Jun-08 6-Jun-08 9-Jun-08 9-Jun-08 9-Jun-08 9-Jun-08 9-Jun-08 10-Jun-08 11-Jun-08 11-Jun-08 11-Jun-08 11-Jun-08 12-Jun-08 12-Jun-08 12-Jun-08 12-Jun-08 12-Jun-08 13-Jun-08 16-Jun-08 16-Jun-08 17-Jun-08 18-Jun-08 19-Jun-08 23-Jun-08 4-Jul-08 14-Jul-08 15-Jul-08 16-Jul-08 18-Jul-08 21-Jul-08 24-Jul-08 28-Jul-08 31-Jul-08 31-Jul-08 4-Aug-08 4-Aug-08 4-Aug-08 4-Aug-08 6-Aug-08 6-Aug-08 6-Aug-08 7-Aug-08 8-Aug-08 8-Aug-08 12-Aug-08 21-Aug-08 12-Sep-08

Paid/Payable 20-Jun-08 20-Jun-08 18-Jun-08 20-Jun-08 25-Jun-08 18-Jun-08 22-Jul-08 23-Jun-08 23-Jun-08 23-Jun-08 23-Jun-08 30-Jun-08 27-Jun-08 24-Jun-08 7-Jul-08 7-Jul-08 7-Jul-08 7-Jul-08 30-Jun-08 27-Jun-08 3-Jul-08 30-Jun-08 3-Jul-08 27-Jun-08 25-Jun-08 23-Jun-08 2-Jul-08 26-Jun-08 14-Jul-08 18-Jul-08 4-Aug-08 24-Jul-08 28-Jul-08 4-Aug-08 31-Jul-08 5-Aug-08 7-Aug-08 13-Aug-08 15-Aug-08 19-Aug-08 19-Aug-08 15-Aug-08 20-Aug-08 20-Aug-08 20-Aug-08 18-Aug-08 22-Aug-08 28-Aug-08 20-Aug-08 26-Aug-08 5-Sep-08 30-Sep-08

Source: SGX - Corporate Actions By Ex-Date

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