MCI (P) 029/11/2013 Ref No: RM2013_0221 1 of 15

Regional Market Focus

Phillip Securities Research Pte Ltd

18 November 2013

Singapore

Ezion Holdings Ltd - Steady QoQ performance Recommendation: Accumulate Previous close: S$2.13 Fair value: S$2.53

Steady 2Q13 core earnings (+6% QoQ, +130% YoY)

Raise FY13E/14E earnings by 15%/4%

Maintain Accumulate with new TP of S$2.53 Sin Heng Heavy Machinery - Slow & Steady, Towards New Frontiers Recommendation: Buy Previous Close: S$0.21 Fair Value: S$0.265

1Q14 net profit of S$3.79M (+14.6% y-y) increases probability to close the year on the higher side of our estimate of single digit FY14 earnings growth.

Rental income slowdown due to project completions, but more than offset by good trading income growth.

We like SHHM’s regional growth potential in SEA, operational efficiencies due to synergistic trading/rental model and potential upside surprises via opportunities with TTC.

Recommend “Buy” rating with TP of S$0.265

Thailand

Finance and Securities / Securities – Sector Update Recommendation: OVERWEIGHT

Aggregate net profit in the securities sector dropped 11.9% q-q in 3QCY13.

Comparing to the same period last year, net profit jumped as much as 49.5%.

The fourth quarter is expected to become the weakest performance of the year.

We still have an ‘OVERWEIGHT’ call for the sector, given the strongest ever market turnover. Our Top Pick is ASP with a CY14 target price of Bt4.50.

Sri Trang Agro-Industry – Company Results Recommendation: BUY Previous close: Bt13 Fair value: Bt15.60

STA reported 3QCY13 net profit of Bt228mn, down y-y and q-q. The quarterly profit lagged our forecast on higher expenses and interest expenses and lower profits from affiliates.

We trim our CY13 pre-exceptional profit outlook for STA to reflect lower-than-expected 3QCY13 results.

STA has maintained its capacity expansion plan in terms of TSR plant and rubber plantation to accommodate future growth.

We see brighter outlook for STA in CY14 on the back of sales volume growth and better ASPs.

We upgrade STA shares to ‘BUY’ with a CY14 target price of Bt15.60/share.

Regional Market Focus

18 November 2013

2 of 15

Hong Kong

Link REIT – NPI margin further improved, better-than-expected interim results Rating: Reduce Closing price: 39.55 Target price: 37.20

1HFY14 results beat expectation due to margin improvement: Link REIT’s interim DPU came in at HK$80.22 cents, up 12.9% YoY, beating market consensus and was 3.6% higher than our estimate. It was mainly due to the better-than-expected net property income margin. Revenue in 1HFY14 climbed 9.3% YoY to HK$3,493 mn. We want to highlight that car parks rentals had a faster revenue growth of 14.1% YoY than retail rental’s 8.8%, due to higher utilization rate of car parks. The net property income margin improved to 72.1%, up 1.5 ppt YoY/ 0.8 ppt HoH, mainly due to the better cost control (utilities expenses dropped 4.4% YoY through energy management measures, repair and maintenance costs declined 3.9% YoY). NAV increased by 23.4% YoY or 6.6% HoH to HK$38.04 on higher net property income and cap rates were broadly the same. Gearing ratio dropped to 11.6% from 13.6% as of end-Mar 13.

Execution ability remained strong: Link REIT remained a high occupancy rate of 94.1%, while the rental reversion rate (on an average 3-year lease) declined slightly from 25.9% in 1HFY13 to 23.6% in 1HFY14. The average monthly unit rent climbed 8.1% YoY to HK$40.2 psf.

Tenants’ retail sales growth remained healthy: Link REIT’s overall tenants’ gross sales YoY growth rate was 9.3%, down 2.3 ppt compared to 1HFY13, but it is better than our expectation and we consider it as a healthy level to support the retail rentals. For the F&B segment, the growth rate was 13.3%, faster than 1HFY13’s 9.3%. But for the supermarkets & foodstuff segment, growth rate slowed sharply from 11.3% in 1HFY13 to 5.2% in 1HFY14. Management attributed it to a high base effect.

Key points from interim results presentation: Management mentioned they are studying expansion into China to add inorganic growth. But they have to change current mandate, which restricts investment outside HK, before the potential expansion. We think neutral as we agree that it can capture the increasing no. of middle-class in China and acquisition to add inorganic growth is a good move under Link REIT’s low gearing ratio, but there are many uncertainties as Link REIT has no presence in China so far.

Link REIT spent capex of HK$415 mn in 1HFY14, management said they will maintain the same capex target of HK$600-800 mn per year for the AEI projects.

Valuation: We revised up DPU estimates for FY14 and FY15 by 2.4% and 1.1% on higher revenue growth and net property income margin. Our new DDM based target price was HK$37.20, representing 5.9% downside potential from last closing price. Our target price implies forecast dividend yield of 4.4%, close to 5-year average of 4.44%, which we think more reasonable for investors amid the interest rate hike expectation.

Regional Market Focus

18 November 2013

3 of 15

Macro Data USA: Janet Yellen indicated she’ll press on with the Federal Reserve’s unprecedented monetary stimulus until she sees a robust recovery, downplaying risks the policy is inflating asset bubbles. Yellen signaled her determination to use bond buying to strengthen the economy and drive down the nation’s 7.3 percent unemployment rate. Production at U.S. factories picked up in October, indicating the government shutdown did little to impede manufacturing at the start of the fourth quarter. The 0.3 percent advance followed a 0.1 percent gain the prior month and exceeded the 0.2 percent median projection in a Bloomberg survey, figures from the Federal Reserve showed today in Washington. Total industrial production fell 0.1 percent as mining and utility use declined. Singapore: Singapore's retail sales jumped 0.5 percent in September as compared to August, mainly due to strong motor vehicle sales, which gain 19.1 percent. Excluding motor vehicles, retail sales fell 2.5 percent, according to data from Department of Statistics. However, on an annual term, retail sales declined by 5.9 percent in September and fell marginally by 0.3 percent, if excluding motor vehicles. Hong Kong Hong Kong's economy expanded at a slower pace to a seasonally adjusted 0.5 percent in the third quarter from a revised 0.7 percent growth in the previous quarter, weighed down by weak export numbers and a drop in retail sales, the government said. On year-on-year basis, gross domestic product (GDP) grew 2.9 percent in the quarter ended September, compared to the same period last quarter's 3.2 percent. Total exports climbed 6.2 percent y-o-y in 3Q 2013, the same growth as 2Q 2013. Malaysia Malaysia's GDP grew increased 5 percent y-o-y in the third quarter, faster growth compared to the 4.4 percent revised gain in the previous quarter, on the back of strong domestic demand and a rebound in exports. "Domestic demand remained the key driver of growth, expanding by 8.3%, while exports turned around to grow by 1.7%," Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said at a press conference. Meanwhile, 3Q 2013 current account surplus widened fourfold to RM9.8 billion from RM2.6 billion in the 2Q 2013. The third quarter surplus, mainly pushed up by a higher surplus of goods account, marked the highest for the year. The goods account surplus rose 38 percent in the three months ended September, said the Department of Statistics. Source: Phillip Securities Research Pte Ltd

Strategy

SECTOR/STRATEGY REPORTS: - Sector Reports : Commodities,18 Sep / Banking, 9 Sep / Telecommunications, 9 Sep / Offshore & Marine, 26 Aug - Country Strategy : S’pore, 20 Sep / China & HK 1 Nov / Thai, 6 Nov - Macro Trader : 9 Sep, Update

Morning Commentary

STI: +0.32% to 3201.3 KLCI: +0.32% to 1789.9 JCI: -0.73% to 4335.5 SET: +0.35% to 1420.7 HSI: +1.69% to 23032 HSCEI: +3.00% to 10702 Nifty: +1.11% to 6056 ASX200: +0.86% to 5401.7 Nikkei: +1.95% to 15165 S&P500: +0.42% to 1798.2 MARKET OUTLOOK: In today’s webinar we feature Sin Heng Heavy Machinery, Boustead, Starhub and Genting. Clients can register for the 11.15am webinar today by clicking the link in the “Weekly Market Outlook Webinar” box at the top of this note, or, by going to www.poems.com.sg > Weekly Webinar Market Call by Phillip Research. This webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar.

Regional Market Focus

18 November 2013

4 of 15

Singapore The benchmark STI closed 10.19 points higher at 3.201.27 (+0.32%). The 1.6bn

shares traded were worth S$1.0bn in value. The FTSE ST Mid Cap Index gained +0.30% while the FTSE ST Small Cap Index

gained +0.17%. The top active stocks were Golden Agri-Resources (+3.42%), Wilmar (unchanged), GLP (+4.33%), Hutchison Port Holdings Trust (+0.73%) and Suntec REIT (-1.88%).

The STI is expected to end higher today, buoyed by China’s commitment to broaden economic freedom.

We peg key near term support at 3,100 levels. Top Picks are DBS (Accumulate, TP: S$17.50), SingTel (Accumulate, TP:

S$4.06) and Keppel Corp (Accumulate, TP: S$12.07). Deep Value Plays are Amara (Buy, TP: S$0.74), and Boustead (Buy, TP: S$2.05).

Close +/- % +/-FSSTI 3201.27 10.19 0.32P/E (x) 13.70P/Bv (x) 1.42

3.25Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

3500

3700

11/19 2/19 5/19 8/19

Source: Bloomberg

Thailand Thai stocks opened higher last Fri after Janet Yellen said the US economy still

needed QE but some of the earlier gains were later pared on domestic political worries. The SET index finished the session up a mere 0.35% last Fri.

Even though QE optimism boosted risk-on sentiment in Asian equities, we believe fund inflows would be on a selective basis depending on fundamentals of each country. Today Thailand’s third-quarter GDP data will be the main economic event to watch. Domestic political uncertainty remains as the Bt2trn infrastructure loan bill is tabled for the second and third readings in the Senate today while political movements on the streets between supporters and opponents of the government still need to be monitored closely. Domestic political heat may also rise again during the middle of this week when the Constitutional Court is scheduled to rule on whether charter amendment on the make-up of the Senate violates the Constitution.

Foreign selling spree continued unabated in the Thai stock market while domestic political jitters continued to weigh on sentiment after the curtain came down on third-quarter earnings season. In our view, room for further upside appears limited. Selective trading strategy is advised with focus on companies expected to benefit from the government’s Bt2trn borrowing bill for infrastructure development scheme i.e. CK and KTB.

Today we peg resistance for the SET index at 1435-1445 points and support at 1410-1400 points.

Close +/- % +/-SET INDEX 1420.66 4.97 0.35P/E (x) 12.54P/Bv (x) 2.23

2.99Dividend Yield

STOCK EXCH OF THAI INDEX

900

1000

1100

1200

1300

1400

1500

1600

1700

11/19 2/19 5/19 8/19

Source: Bloomberg

Indonesia Most Indonesian stocks fell Friday (15/11), as investors reconsidered the impact

of higher key rate set by Bank Indonesia earlier in the week. The Jakarta Composite Index (JCI) declined 31.923 points, or 0.73%, to finish the week at 4,335.448. Property, construction and real estate sector fared worst on Friday, as the sector index dropped 2.06%. Miscellaneous industry sector followed with 1.98%-loss, and consumer goods sector with 1.54%-decline. Twenty seven of the forty five blue-chip shares ended in red, bringing the LQ45 to close 0.94% lower at 722.074. Shares in consumer goods and miscellaneous industry sectors were hit the hardest on Friday, as investors reassessed the impact of higher borrowing costs for consumers and automotive sales. 171 shares closed lower, and 73 shares ended higher Friday on the Indonesia Stock Exchange. Trade volume and value on the regular board dropped to 3.27 billion shares worth IDR 3.57 trillion, as compared to the average of 4 billion shares valued at more than 4 trillion Rupiah traded daily. Foreign investors posted net sale of IDR 192.52 billion.

The Jakarta Composite Index (JCI) may move moderately higher today, with momentums from positive closes on US markets Friday. Downward pressure however, may come from weaker Rupiah against the US dollar. We expect the JCI to edge higher today, with support and resistance at 4,270 and 4,439, respectively.

Close +/- % +/-JCI Index 4335.45 -31.92 -0.73P/E (x) 18.58P/Bv (x) 2.42

2.27Dividend Yield

JAKARTA COMPOSITE INDEX

3400

3900

4400

4900

5400

11/19 2/19 5/19 8/19

Source: Bloomberg

Regional Market Focus

18 November 2013

5 of 15

Sri Lanka The bourse was unable to sustain the positive movement seen during the

previous trading days, while resulting in the indices to re-enter the red terrain once again. The market dropped by 18.08 points or 0.31% to close the day at 5,810.97 and the S&P SL20 settled at 3,174.68 losing 11.28 points or 0.35%. As at the daily closure the total market capitalization stood at LKR 2.42Tn reducing the year to date gain to 11.52%. The market PER & PBV stood at 15.22x & 2.01x respectively. The turnover for the day aggregated up to record LKR 234.29Mn, indicating a drop of 55.43% as against its previously recorded. Under the sectorial round-up, Bank Finance & Insurance (BFI) sector stood on top providing LKR 110.61Mn accounting a share of 47.21% of the day’s total turnover and Diversified Holdings (DIV) sector secured the second place contributing LKR 37.20Mn. Moreover, the two sectors collectively accounted to 51.00% of the day’s total turnover. The daily traded volume amounted to 19.78Mn, dropping by 46.72% from the previous trading day. With regard to the movement in share prices, price losers outstripped the price gainers by 113:52. Foreign participants maintained their bullish stance for the second consecutive trading day resulting in a net foreign inflow of LKR 30.38Mn, resulted by foreign purchases of LKR 67.80Mn and sales which amounted to LKR 37.42Mn. The year to date net foreign inflow currently stands at LKR 22.61Bn.

The week commenced recording the 2nd lowest turnover logged for the year and the bourse witnessed marginal ups and downs during the week and ended the week on a negative note. The benchmark ASPI and S&P SL20 lost 44.37 (0.76%) and 57.82 (1.79%) to close the week at 5,810.97 and 3,174.68 respectively. The turnover for the week was LKR 2.2Bn supported by 8 crossings while recording a dip of 36.48% compared to the previous week’s turnover. The aggregate turnover recorded by the top three subscribers made a substantial 38.6% contribution to the week’s total turnover. A total of 131.1Mn shares changed hands during the week; this was a decrease of 10.9% compared to the previous week. With regard to the local FOREX markets, currently the USD is selling at LKR 132.73/- selling and LKR 129.47/- buying.

Close +/- % +/-CSEALL Index 5810.97 -18.08 -0.31P/E (x) 11.96P/Bv (x) 1.56

2.79

Dividend Yield

SRI LANKA COLOMBO ALL SH

4500

5000

5500

6000

6500

7000

11/19 2/19 5/19 8/19

Source: Bloomberg

Australia The Australian share market on Friday ended the week with solid gains as

investors welcomed the incoming US Federal Reserve chair's comments about maintaining economic stimulus. The benchmark S&P/ASX200 index gained 46.3 points, or 0.86 per cent, to 5,401.7 points.

Today (18/11/13), the Australian market looks set to open higher following gains on international markets after Federal Reserve chief nominee Janet Yellen bolstered expectations of the Fed keeping the flow of easy money.

No major economic news is expected on Monday. In equities news, Arrium and iSelect have annual general meetings scheduled.

Close +/- % +/-S&P/ASX 200 INDEX 5401.67 46.24 0.86P/E (x) 22.62P/Bv (x) 2.05

5.67

STANDARD & POORS/ ASX 200 INDEX

Dividend Yield

3800

4000

4200

4400

4600

4800

5000

5200

5400

5600

11/19 2/19 5/19 8/19

Source: Bloomberg

Regional Market Focus

18 November 2013

6 of 15

Hong Kong HSI climbed 383 points or 1.69% to 23,032. CEI gained 311 points or 3% to

10,702. Trading volume increased to HKD66.924 billion. Hong Kong market was firmer with the benchmark index rising a second day on

last Friday after Federal Reserve signaling the same stimulus scale. For last week, HSI was up 287 points or 1.3%. CEI out-performed with 311

points or 3% gain. Mainland financial sector outperformed, with NCI (1336.HK), Haitong Sec

(6837.HK) and Minsheng Bank (1988.HK) up 8.3%, 6.9% and 3.8% respectively. Tencent (700.HK), which kept rebounding after quarterly results, gained 2.1%. Want Want China (151.HK) and China Resources (291.HK), the weakest 2 HSI

constituent stocks, dropped 0.2% and 0.6% respectively. Shale gas stocks out-performed on the expectation of becoming the focus of

energy reform. SPT Energy (1251.HK) and Honghua Group (196.HK) climbed 7.5% and 4.5% respectively.

Technically, HSI regained 10-MA, 20-MA and 50-MA, and also refilled the bear gap formed on 13 Nov, sending a positive signal. The next resistance and support for HSI are 23,472 and 22,800 respectively.

Close +/- % +/-HSI INDEX 23032.15 383.00 1.69P/E (x) 10.42P/Bv (x) 1.43

3.35Dividend Yield

HANG SENG INDEX

17000

18000

19000

20000

21000

22000

23000

24000

25000

11/19 2/19 5/19 8/19

Source: Bloomberg

Regional Market Focus

18 November 2013

7 of 15

Market News

US U.S. interest-rate swap levels narrowed to the lowest in a year relative to Treasury yields after Janet Yellen indicated she plans to

maintain the Federal Reserve’s unprecedented monetary stimulus. The difference between the five-year Treasury rate and similar-maturity swap rates narrowed to 10.25 basis points, the least since November 2012, based on closing levels. The spread, a gauge of demand for higher-yielding assets, shrinks as investors seek to receive a fixed interest rate on contracts backed by a bank over the relative safety of Treasuries. (Source: Bloomberg)

Investors got less bullish on gold as hedge funds doubled their short holdings just before prices erased a weekly loss and Janet Yellen

pledged to press on with economic stimulus if confirmed as Federal Reserve chairman. The net-long position in gold slumped 37 percent to 55,456 futures and options in the week ended Nov. 12, U.S. Commodity Futures Trading Commission data show, the biggest drop since February. Short bets climbed to 54,143, the highest since mid-August, from 26,490 a week earlier. Net-bullish wagers across 18 U.S.-traded commodities dropped 12 percent to 576,224 contracts as investors became more bearish on wheat and cut their silver holdings by the most in five months. (Source: Bloomberg)

Singapore The Singapore economy could expand by up to 3.7 per cent in 2013, according to findings from the latest Business Times-UniSIM

Business Climate Survey - higher than the government's official 2.5-3.5 per cent forecast, and more than twice the rate of last year's 1.3 per cent growth. In fact, the Republic could potentially see even faster growth in 2014, since Singapore is now the country most-cited by firms to have the best business prospects going forward - a position held by China for six straight years until it was displaced by Indonesia in 2012 (Source: Business Times)

SINGAPORE's non-oil domestic exports (NODX) expanded 2.8 per cent in October compared to a year ago, following a 1.2 per cent slip

in September. According to the latest trade figures released Monday morning by International Enterprise (IE) Singapore, the year-on-year growth was due to an increase in non-electronic NODX which outweighed the contraction in electronic NODX. On a month-on-month seasonally adjusted basis, NODX rose by 3.2 per cent to reach S$14.6 billion in October 2013 after the previous month's 5.6 per cent expansion.

Thailand Government revenue from tax collections in the first month of fiscal 2014 came in Bt11.2bn or 6.7% above target and 21.4% higher than

the same year-ago period, reflecting the country’s resilient economic environment amid continued growth in consumption. Full-year government tax revenues were likely to meet target for fiscal 2014. (Source: Post Today)

In the first nine month of 2013, profits of listed companies in Thailand were Bt577bn. Brokers cut end-2013 SET index target for a second

time by a combined 5.18%, citing 3Q13 results fell short of forecasts. The Thai Bond Market Association said corporate bond issues would exceed Bt400bn this year on the prospects of an interest rate up-cycle next year. (Source: Krungthep Turakij)

The Ministry of Finance will issue new microfinance license rules in a bid to encourage financial institutions to extend loans to spur the

economy next year. The National Economic and Social Development Board (NESDB) said economic growth will largely depend on domestic drivers next year after external risks persist on expectations that the US Federal Reserve will maintain its QE scheme. (Source: Thai Rath)

The National Economic and Social Development Board (NESDB) will release its revised 2013 economic growth forecast for the country

today with GDP expected to be cut below 4% due to a sharp slump in third-quarter exports despite higher tourism revenue. Finance Minister Kittirat Na-Ranong said Thailand will not slip into recession with public investment seen as a key economic driver for next year. (Source: Krungthep Turakij)

Hong Kong

China’s Communist Party signaled a bigger focus on fiscal concerns during President Xi Jinping’s tenure, setting the scene for a clampdown to control the finances of indebted regional authorities. Local governments will be able to sell bonds to fund construction and officials will be rated on measures including borrowing levels, the party said Nov. 15. An easing of the one-child policy and extra land rights for farmers also featured in the biggest package of reforms since at least the 1990s. Tightening control over local finances and allowing new channels for funding would limit the risk of a debt crisis hobbling the world’s second-biggest economy, while corruption arrests since Xi became party chief may signal that officials ignore directives at their peril. The scale of regional debt woes is set to be shown in an audit that the Finance Ministry said was due last month although it has yet to be released. (Source: Bloomberg)

Chinese stocks will extend their rally after the government vowed to carry out the broadest expansion of economic freedoms since at least

the 1990s, Wilmington Trust said. The iShares China Large-Cap ETF, the biggest U.S.-listed exchange-traded fund, jumped the most since July on Nov. 15, gaining 4.4 percent to $38.44. The Bloomberg China-US Index of the most-traded Chinese stocks in the U.S. climbed 5 percent in the biggest weekly advance in 10 months, while the Shanghai Composite Index (SHCOMP) gained 1.4 percent. China pledged to allow more private investment in the state-controlled industries, loosen its one-child policy and expand farmers’ land rights, according to a Communist Party policy decision published by Xinhua News Agency on Nov. 15. The nation is liberalizing its policies in an effort to bolster an economy that’s heading to its weakest annual expansion since 1999. The Shanghai benchmark index has

Regional Market Focus

18 November 2013

8 of 15

slumped 5.9 percent this year as the sluggish growth has cut into corporate earnings. The nation will accelerate convertibility of the yuan and freeing-up of interest rates, improve treasury yield curves and let qualified private investors set up small-to-medium sized banks, according to the decision. (Source: Bloomberg)

Indonesia Bank Indonesia’s decision to raise its benchmark interest rate (BI rate) is projected to have a negative impact on the property sector.

Executive director of Indonesia Property Watch said that with this new BI rate, the industry will plummet up to ten percent next year. Public who will feel the impact of this policy the most are middle to lower class businessmen and consumers, with homes priced between IDR 100 million and 500 million. Since 2010 up until 2012, the property market grew up to 70 percent. However, this year it experienced a slow growth of 30 percent. (Source: Tempo)

The government claims as of the end of the third quarter of 2013, investment commitment from Master Plan of the Acceleration and

Expansion of Indonesian Economic Development (Masterplan Percepatan dan Perluasan Pembangunan Ekonomi Indonesia/MP3EI) only reached IDR 737.9 trillion (USD 63.5 billion) from 2014’s target worth IDR 4,934 trillion. The Coordinating Minister for Economic Affairs said investment commitment comprises investment in real sector worth IDR 382.9 trillion and infrastructure IDR 355 trillion. Investment commitment is derived from the combination of investment from State-Owned Enterprises (SOE) by 30 percent, the government’s budget by 36 percent, mixed between SOE and private sector’s funding by 28 percent and private sector’s funding by only five percent. (Source: Indonesia Finance Today)

Sri Lanka Sri Lanka's gross domestic product expanded 7.8 percent in the third quarter of 2013 from a year earlier, and accelerating from 6.8

percent in the second quarter. The statistics office said agriculture grew 7.0 percent against a 0.5 percent contraction last year with tea down 5.1 percent, rubber down 28.1 percent, and coconut down 32.3 percent but paddy up 56.5 percent from a contraction of 39 percent a year earlier. Fishing was up 9.9 percent with inland fishing down 14.6 percent by marine up 17.5 percent. Industry was up 8.1 percent, with mining and quarrying up 12.5 percent and manufacturing up 6.0 percent. Textile and wearing apparel was up 6.6 percent and food beverages and tobacco was up 6.7 percent. Food beverages and tobacco was up 6.7 percent. Construction was up 10 percent, and electricity was up 11.2 percent. (Source: lankabusinessonline.com)

Sri Lanka's foreign reserves eased to 7.0 billion US dollars in September 2013 from 7.5 billion US dollars in August. Foreign reserves

were equal to 4.4 months of imports. The Central Bank said made repayments to the International Monetary Fund of 288.3 million US dollars so far this year and there were foreign debt service payments of 1,094 million by the government. This year Sri Lanka has to repay about 500 million US dollars to the IMF which is made directly out of foreign reserves of the Central Bank. (Source: lankabusinessonline.com)

Australia The supermarket giants have agreed to tough restrictions on how they use their market power when dealing with suppliers, in an

agreement with food producers that gives the competition watchdog greater oversight over harsh bargaining tactics. Coles, Woolworths and the Australian Food and Grocery Council will announce today a new code of conduct that includes restrictions on the major chains' ability to change agreements with suppliers, and sets out guidelines for the treatment of branded and home-branded products. (Source: The Australian)

Bega Cheese will take its bid for Warrnambool Cheese and Butter directly to the company's shareholders this week as it tries to neutralise

a recommendation by the target's board for a sweetened offer from Canada's Saputo. WCB chief executive David Lord said yesterday that the board had "seriously considered" a third offer from local co-op Murray Goulburn. (Source: The Australian)

Graincorp's biggest individual shareholder, Don Seaton, has stepped up his opposition to the $3.4 billion takeover bid by Archer Daniels

Midland of the US, accusing the competition regulator of mistakes in previous grain takeovers and warning Treasurer Joe Hockey of "disastrous consequences" if the deal is approved. With less than a month before Mr Hockey is due to decide on the deal, ADM grains chief Ian Pinner repeated his offer to meet farmers who remained opposed to the deal. The Business Council of Australia warned that the country needed to remain open to foreign investment. (Source: The Australian)

Regional Market Focus

18 November 2013

9 of 15

80.88 +0.03% 274.34 +0.18%

108.55 +1.41% 2.707 +0.00%

1,290.20 -0.20% 15,961.70 +0.54%

545.29 +1.33% Straits Times Index 3,201.27 +0.32%

23,032.15 +1.69% 15,165.92 1.95%

Dollar Index ThomReuters/JefferiesCRB

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

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Source: Bloomberg

1.201.401.601.802.002.202.402.602.803.00

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

May-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

2,600

2,800

3,000

3,200

3,400

3,600

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

12,000

13,000

14,000

15,000

16,000

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

16,000

18,000

20,000

22,000

24,000

26,000

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

1,100

1,400

1,700

2,000

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

May-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

76

78

80

82

84

86

No

v-1

2

De

c-1

2

Ja

n-1

3

Fe

b-1

3

Mar-1

3

Ap

r-13

May-1

3

Ju

n-1

3

Ju

l-13

Au

g-1

3

Se

p-1

3

Oct-1

3

260

280

300

320

340

No

v-1

2

De

c-1

2

Ja

n-1

3

Fe

b-1

3

Mar-1

3

Ap

r-13

May-1

3

Ju

n-1

3

Ju

l-13

Au

g-1

3

Se

p-1

3

Oct-1

3

80

90

100

110

120

130

No

v-1

2

De

c-1

2

Ja

n-1

3

Feb

-13

Ma

r-13

Apr-1

3

Ma

y-1

3

Ju

n-1

3

Ju

l-13

Aug-1

3

Sep-1

3

Oct-1

3

420

440

460

480

500

520

540

560

580

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Mar-1

3

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

Regional Market Focus

18 November 2013

10 of 15

Valuations of Major Regional Markets

15.1 1.42

14.6 2.23

11.0 1.43

15.1 2.42

15.5 2.04

Source: Bloomberg

Jakarta Stock Exchange Composite Index, P/B (X)

Straits Times Index, Forward P/E (X)

Hang Seng Index, Forward P/E (X)

Straits Times Index, P/B (X)

Stock Exchange of Thailand, Forward P/E (X) Stock Exchange of Thailand, P/B (X)

Jakarta Stock Exchange Composite Index,

Hang Seng Index, P/B (X)

S&P/ASX 200 Index, Forward P/E (X) S&P/ASX 200 Index, P/B (X)

10

12

14

16

18

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.0

1.2

1.4

1.6

1.8

2.0

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.0

1.5

2.0

2.5

3.0D

ec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.01.21.41.61.82.02.2

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

2.22.42.62.83.03.23.43.6

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

10

12

14

16

18

20

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.4

1.6

1.8

2.0

2.2

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

18

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

Regional Market Focus

18 November 2013

11 of 15

Source: Bloomberg

World Index

JCI -0.73% 4,335.45

HSI 1.69% 23,032.15

KLCI 0.32% 1,789.87

NIKKEI 1.95% 15,165.92

KOSPI 0.22% 2,009.97

SET 0.35% 1,420.66

SHCOMP 1.68% 2,135.83

SENSEX 1.02% 20,399.42

ASX 0.86% 5,401.67

FTSE 100 0.41% 6,693.44

DOW 0.54% 15,961.70

S&P 500 0.42% 1,798.18

NASDAQ 0.33% 3,985.97 COLOMBO -0.31% 5,810.97

STI 0.32% 3,201.27

Regional Market Focus

18 November 2013

12 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

11/18/2013 Total Net TIC Flow s Sep -- -$2.9B 11/18/2013 Electronic Exports YoY Oct -5.40% -5.50%

11/18/2013 Net Long-term TIC Flow s Sep $20.0B -$8.9B 11/18/2013 Non-oil Domestic Exports YoY Oct -1.10% -1.20%

11/18/2013 NAHB Housing Market Index Nov 5500.00% 5500.00% 11/18/2013 Non-oil Domestic Exports SA MoM Oct -3.00% 5.70%

11/19/2013 Employment Cost Index 3Q 0.50% 0.50% 11/20/2013 Automobile COE Open Bid Cat A 20-Nov -- 7260900.00%

11/20/2013 MBA Mortgage Applications 15-Nov -- -1.80% 11/20/2013 Automobile COE Open Bid Cat B 20-Nov -- 8457800.00%

11/20/2013 Retail Sales Advance MoM Oct 0.00% -0.10% 11/20/2013 Automobile COE Open Bid Cat E 20-Nov -- 8900100.00%

11/20/2013 Retail Sales Ex Auto MoM Oct 0% 0.40% 11/21/2013 GDP SAAR QoQ 3Q F -0.30% -1.00%

11/20/2013 Retail Sales Ex Auto and Gas Oct 0.20% 0.40% 11/21/2013 GDP YoY 3Q F 5.30% 5.10%

11/20/2013 Retail Sales Control Group Oct 0.20% 0.50% 11/25/2013 CPI NSA MoM Oct -- 0.10%

11/20/2013 CPI MoM Oct 0.00% 0.20% 11/25/2013 CPI YoY Oct -- 1.60%

11/20/2013 CPI Ex Food and Energy MoM Oct 0.10% 0.10% 11/26/2013 Industrial Production SA MoM Oct -- 3.70%

11/20/2013 CPI YoY Oct 1.00% 1.20% 11/26/2013 Industrial Production YoY Oct -- 9.30%

11/20/2013 CPI Ex Food and Energy YoY Oct 1.70% 1.70% 11/29/2013 Credit Card Bad Debts Oct -- 19.8M

11/20/2013 CPI Core Index SA Oct 23492.90% 23458.90% 11/29/2013 Credit Card Billings Oct -- 3393.6M

11/20/2013 CPI Index NSA Oct 23360.00% 23414.90% 11/29/2013 Money Supply M1 YoY Oct -- 15.30%

Date Statistic For Survey Prior Date Statistic For Survey Prior

11/18/2013 GDP SA QoQ 3Q 1.50% -0.30% 11/18/2013 Unemployment Rate SA Oct 3.30% 3.30%

11/18/2013 GDP YoY 3Q 2.90% 2.80% 11/19/2013 Composite Interest Rate Oct -- 0.32%

11/18/2013 Car Sales Oct -- -- 11/21/2013 CPI Composite YoY Oct 4.40% 4.60%

11/22/2013 Foreign Reserves 15-Nov -- $170.5B 11/26/2013 Exports YoY Oct -- 1.50%

11/22/2013 Forw ard Contracts 15-Nov -- $22.2B 11/26/2013 Imports YoY Oct -- 0.40%

11/25/2013 Customs Exports YoY Oct -- -7.10% 11/26/2013 Trade Balance Oct -- -42.0B

11/25/2013 Customs Imports YoY Oct -- -5.20% 11/28/2013 Retail Sales Value YoY Oct -- 5.10%

11/25/2013 Customs Trade Balance Oct -- $473M 11/28/2013 Retail Sales Volume YoY Oct -- 4.90%

11/27/2013 BoT Benchmark Interest Rate 27-Nov -- 2.50% 11/29/2013 Budget Balance HKD Oct -- -16.1B

11/28/2013 Mfg Production Index ISIC NSA Oct -- -290.00% 11/29/2013 Money Supply M1 HKD YoY Oct -- 14.50%

11/28/2013 Mfg Production Index ISIC SA Oct -- 17118.00% 11/29/2013 Money Supply M2 HKD YoY Oct -- 9.60%

11/28/2013 Capacity Utilization ISIC Oct -- 6400.00% 11/29/2013 Money Supply M3 HKD YoY Oct -- 9.60%

11/29/2013 Foreign Reserves 22-Nov -- -- 12/4/2013 HSBC/Markit PMI Nov -- 5010.00%

11/29/2013 Forw ard Contracts 22-Nov -- -- 12/6/2013 Foreign Reserves Nov -- $309.6B

11/29/2013 Exports YoY Oct -- -6.30% 12/11/2013 Manpow er Survey 1Q -- 15.00%

Source: BloombergSource: Bloomberg

Source: Bloomberg

Thailand Hong Kong

Source: Bloomberg

US Singapore

Economic Announcement

Regional Market Focus

18 November 2013

13 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

11-20 NOV Local Auto Sales Oct -- 115921 11/29/2013 CPI Moving Average YoY Nov -- --

11-20 NOV Motorcycle Sales Oct -- 67590200.00% 11/29/2013 CPI YoY Nov -- --

12/2/2013 HSBC/Markit Manufacturing PMI Nov -- 5090.00% 12/5/2013 Exports YoY Oct -- --

12/2/2013 CPI YoY Nov -- 8.32% 12/5/2013 Imports YoY Oct -- --

12/2/2013 CPI NSA MoM Nov -- 0.09% 12/10/2013 CBSL Repurchase Rate 10-Dec -- --

12/2/2013 CPI Core YoY Nov -- 4.73% 12/10/2013 CBSL Reverse Repo Rate 10-Dec -- --

12/2/2013 Exports YoY Oct -- -6.90% 12/13/2013 GDP YoY 3Q -- 6.80%

12/2/2013 Imports YoY Oct -- 0.80% 12/31/2013 CPI Moving Average YoY Dec -- --

12/2/2013 Trade Balance Oct -- -$657M 12/31/2013 CPI YoY Dec -- --

12/2/2013 Danareksa Consumer Confidence Nov -- 9120.00%

12/2/2013 Consumer Confidence Index Nov -- 10950.00%

12/2/2013 Money Supply M1 YoY Oct -- 8.70%

12/2/2013 Money Supply M2 YoY Oct -- 14.50%

12/3/2013 Foreign Reserves Nov -- $97.0B

12/3/2013 Net Foreign Assets IDR Nov -- 1051.2T

Date Statistic For Survey Prior

11/19/2013 Conf. Board Leading Index MoM Sep -- -0.20%

11/19/2013

RBA Policy Meeting - November

Minutes

11/20/2013 Westpac Leading Index MoM Sep -- -0.10%

11/20/2013 DEWR Skilled Vacancies MoM Oct -- 0.50%

11/21/2013 RBA FX Transactions Market Oct -- 663M

11/21/2013 RBA FX Transactions Government Oct -- -698M

11/21/2013 RBA FX Transactions Other Oct -- 12M

11/27/2013 CBA/HIA House Affordability 3Q -- 7280.00%

11/27/2013 Construction Work Done 3Q -- -0.30%

11/28/2013 Private Capital Expenditure 3Q -- 4.00%

11/29/2013 Private Sector Credit MoM Oct -- 0.30%

11/29/2013 Private Sector Credit YoY Oct -- 3.30%

12/2/2013 AiG Perf of Mfg Index Nov -- 5320.00%

12/2/2013 RPData/Rismark House Px MoM Nov -- 1.30%

12/2/2013 TD Securities Inflation MoM Nov -- 0.10%

Source: Bloomberg

Indonesia

Australia

Sri Lanka

Source: BloombergSource: Bloomberg

PHILLIP RESEARCH STOPHILLIP RESEARCH STOPHILLIP RESEARCH STOPHILLIP RESEARCH STOCK SELECTION SYSTEMSCK SELECTION SYSTEMSCK SELECTION SYSTEMSCK SELECTION SYSTEMS

We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation

GENERAL DISCLAIMERGENERAL DISCLAIMERGENERAL DISCLAIMERGENERAL DISCLAIMER

This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound

by the terms and limitations set out below.

This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities 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 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 only. Phillip Securities has not verified this information and no representation or warranty, express or implied,

is made that such information or Research is accurate, complete 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 shall not have any responsibility to maintain the information or Research made

available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect,

incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of

the possibility of such damages.

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.

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 financial adviser regarding 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.

This publication should not be relied upon 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 a security. Any decision to purchase securities

mentioned in this research should take into account existing public information, including any registered prospectus in respect of such security.

Disclosure of InterestDisclosure of InterestDisclosure of InterestDisclosure of Interest Analyst Disclosure: Neither the analyst(s) preparing this report nor his associate has any financial interest in or serves as an officer of the listed

corporation covered in this report.

Firm’s Disclosure: Phillip Securities does not have any investment banking relationship with the listed corporation covered in this report nor any

financial interest of 1% or more of the market capitalization in the listed corporation. In addition, no executive staff of Phillip Securities serves as an

officer of the listed corporation.

AvailabilityAvailabilityAvailabilityAvailability 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 to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

Information contained herein is based on sources that Phillip Securities (Hong Kong) Limited (“PSHK”) believed to be accurate. PSHK does not bear

responsibility for any loss occasioned by reliance placed upon the contents hereof. PSHK (or its affiliates or employees) may have positions in

relevant investment products. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk.

© 2013 Phillip Securities (Hong Kong) Limited

Total ReturnTotal ReturnTotal ReturnTotal Return RecommendationRecommendationRecommendationRecommendation RatingRatingRatingRating RemarksRemarksRemarksRemarks >+20%>+20%>+20%>+20% BuyBuyBuyBuy 1111 >20% upside from the current price>20% upside from the current price>20% upside from the current price>20% upside from the current price

+5% to +20%+5% to +20%+5% to +20%+5% to +20% AccumulateAccumulateAccumulateAccumulate 2222 +5% to +20%upside from the curren+5% to +20%upside from the curren+5% to +20%upside from the curren+5% to +20%upside from the current pricet pricet pricet price ----5% to +5%5% to +5%5% to +5%5% to +5% NeutralNeutralNeutralNeutral 3333 Trade within ± 5% from the current priceTrade within ± 5% from the current priceTrade within ± 5% from the current priceTrade within ± 5% from the current price ----5% to 5% to 5% to 5% to ----20%20%20%20% ReduceReduceReduceReduce 4444 ----5% to 5% to 5% to 5% to ----20% downside from the current price20% downside from the current price20% downside from the current price20% downside from the current price

<<<<----20%20%20%20% SellSellSellSell 5555 >20%downside from the current price>20%downside from the current price>20%downside from the current price>20%downside from the current price

Contact Information (Regional Member Companies)

SINGAPORE

Phillip Securities Pte Ltd

Raffles City Tower

250, North Bridge Road #06-00

Singapore 179101

Tel : (65) 6533 6001

Fax : (65) 6535 6631

Website: www.poems.com.sg

MALAYSIA

Phillip Capital Management Sdn Bhd

B-3-6 Block B Level 3 Megan Avenue II,

No. 12, Jalan Yap Kwan Seng, 50450

Kuala Lumpur

Tel (603) 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

PhillipCapital Japan K.K.

Nagata-cho Bldg.,

8F, 2-4-3 Nagata-cho,

Chiyoda-ku, Tokyo 100-0014

Tel (81-3) 35953631

Fax (81-3) 35953630

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

PhillipCapital Australia

Level 37, 530 Collins Street, Melbourne, Victoria 3000, Australia

Tel (613) 96298380 Fax (613) 96148309

Website: www.phillipcapital.com.au