19 May 2014

Page | 1 MCI (P) 033/11/2013 Ref. No.: SGMN2014_0094

Singapore Morning Note

Weekly Market Outlook Webinar

In today's 11.15am webinar, we give updates on Amara, OUE, First Resources, Golden Agri, Singtel, Moneymax, Pan United, Comfort Delgro, Sodastream, as well as feature new initiation - Valuetronics - which we believe represents an excellent risk-reward trade. Register HERE for every Monday 11.15am webinar if you have not already done so. Our webinars are an opportunity for clients, remisiers, and sales staff, to ask questions on our coverage and the market's direction. We hope to have as many of you as possible. Archived Webinar videos can be accessed via UniPhillip website - www.uniphillip.com => Education Programs => Phillip Securities Research Webinars

Source: Phillip Securities Research Pte Ltd

Fundamental Call Amara Holdings Limited – 1Q14 results muted, but expect better performance in 2H14 (Caroline Tay) Recommendation: BUY Previous Close: S$ 0.535 Fair Value: S$ 0.70

Lower 1Q14 revenue was posted at $18mn (-27% yoy) due to no contribution from residential development projects this quarter; PATMI $3.4 (-32% yoy)

Amara Bangkok on schedule to open in second half of 2014

Maintain BUY with unchanged FY14 TP $0.70 Valuetronics Holdings Ltd - Too much VALUE to ignore. PE ex cash of 4.0x (Kenneth Koh) Recommendation: Trading Buy Previous Close: S$ 0.335 Fair Price: S$ 0.43

Trading at PE 5.5x, PE ex idle cash of 4.0x

Ignoring the fully written off loss making Licensing segment, CE and ICE have an impressive 27% and 18% sales CAGR. Continuing 3-yr net profit CAGR of 26% from FY10-FY13

Managed to mitigate increasing cost pressures in China with cost cutting projects and LEAN manufacturing

Focusing on higher margin and value adding OEM+ and ICE (Industrial & Commercial electronics) customers.

LED lighting accounts for 40% of revenues. LED retrofit lamps in early expansion into mass market and 2013 to 2016 is considered the sweet spot for manufacturers in terms of monetary value. LED retrofit market estimated to be worth EUR 690M by 2020 (EUR 190M in 2011).

Impressive historical performance versus comparables - +5% net margins, earnings growth without leverage, cash rich.

20 years of operations in OEM and ODM.

Source: Phillip Securities Research Pte Ltd

19 May 2014

Page | 2

Company Results

S/N Company Name Q/HY/FY Currency

(Units)

Revenue Net Profit

Current Previous Change

(%) Current Previous

Change (%)

1 SingPost FY14 S$ mn 821.1 658.8 +24.6% 144.7 136.5 +6.0% 2 Lereno Bio-Chem Ltd FY14 S$ '000 90 30 +298% (1,323) (1,642) -19%

Source: SGX Masnet

Company Highlights

STATS ChipPAC Ltd (the “Company”) refers to the questions from Singapore Exchange Securities Trading Limited (the “SGX-ST”) dated 15 May 2014, regarding the unusual price and volume movements in the shares of the Company. The Company has received a non-binding expression of interest from a third party, with a view to a possible acquisition of all the shares in the Company subject to a number of conditions. The Company regularly conducts strategic reviews of, and considers various proposals in relation to, its business and operations with a view to maximising shareholder value. The Company is accordingly considering this approach. There is no assurance that this approach will result in any definitive agreement or transaction. (S$0.460, +19.5%) The Board of Directors (the “Board”) of CapitaMalls Asia wishes to inform Shareholders that Credit Suisse (Singapore) Limited and Morgan Stanley Asia (Singapore) Pte. for and on behalf of Sound Investment Holdings Pte. Ltd. (the “Offeror”), a wholly-owned subsidiary of CapitaLand Limited (“CapitaLand”), have announced that the Offer will be revised. As stated in the Offer Revision Announcement, the Offer Price will be revised to S$2.35 in cash for each Offer Share. (S$2.35, +4.9%) Linc Energy Ltd announced that it has been awarded the Kobiór-Północ Coal Exploration license (adjacent to the Kobiór license awarded in March 2014) in the central Upper Silesian Coal Basin, Poland. Based on data held in the Polish Geological Institute, the area contains anticipated economic resources in the order of 1.2 billion tonnes of coal and covers 46km

2. A first phase of

exploration is currently being finalised to commence in 2015. With a combined license area of 180km2, the Kobiór-Północ and

Kobiór licenses allow Linc Energy to grow its long term UCG strategy for Poland, whilst driving forward its commercial deployment in its Polanka Wielkie Drogi (PWD) license in the short term. (S$1.240, -3.1%) Olam International Limited announced that it will be investing US$61.0 million to establish a new cocoa processing facility in Indonesia. The project enables Olam to leverage the strength of its Indonesian cocoa sourcing network and participate in the growth of Asian cocoa consumption. (S$2.23, unchanged) In anticipation of the announcement of the unaudited results for the financial year ended 31 March 2014 (“FY2014”), the Board of Directors (the “Board”) of China Kunda Technology Holdings Limited (the “Company”) deems it appropriate to issue a profit guidance announcement in respect of the financial results of the Company and its subsidiaries (the “Group”). Following a preliminary assessment of the unaudited Group financial results, the Group expects the loss for FY2014 to be higher than the loss for FY2013. The Group’s operations and financial performance in FY2014 had been adversely affected by I) lower gross margins due to strong competitive pressure and cost inflation and ii) higher impairment losses on plant and equipment due to uncertain outlook and continuing losses. More detailed information will be disclosed when the Group releases its full year results for FY2014 before 30 May 2014. (S$0.036, +5.9%)

Source: SGX Masnet, The Business Times

19 May 2014

Page | 3

Morning Commentary

STI -0.30% to 3,262.6

KLCI 0.19% to 1,883.3

JCI 0.80% to 5,031.6

SET 0.72% to 1,405.3

HSI -0.08% to 22,712.9

HSCEI -0.16% to 9,955.4

Nifty 1.12% to 7,203.0

ASX200 -0.04% to 3,637.9

NIKKEI 0.17% to 14,121.1

S&P 500 0.37% to 1,877.9

SINGAPORE:

The Straits Times Index (STI) ended -9.90 points lower or -0.39% to 3262.59, taking the year-to-date performance to +3.09%.

The FTSE ST Mid Cap Index gained +0.23% while the FTSE ST Small Cap Index decreased -0.08%. The top active stocks were Olam International (unchanged), CapitaMalls Asia (+4.91%), Noble (+3.27%), DBS (-0.06%) and SingTel (unchanged).

The outperforming sectors today were represented by the FTSE ST Technology Index (+2.34%). The two biggest stocks of the FTSE ST Technology Index are Silverlake Axis (unchanged) and STATS ChipPAC (+19.48%). The underperforming sector was the FTSE ST Oil and Gas Index, which declined -0.82% with Keppel Corp’s share price declining -0.75% and Sembcorp Industries’ share price declining -1.10%. The FTSE ST Telecommunications Index decreased -0.03%.

Price was negotiating a six month high resistance at 3280 and bounced off support at the 3225 region and is consolidating. A successful break implies further short term upside. Next resistance 3350. Downside support at 3225, 3180, 3140, 3070, then 3000.

SECTOR/STRATEGY REPORTS: - Sector Reports : Transport, 29 April / Offshore & Marine, 7 April / Commodities, 21 Mar 2014 / Telecommunications, 10 Mar 2014 / Banking, 30 Dec / Property, 16 Dec - Country Strategy : China & HK, 12 May / Thai, 6 May / For SG Strategy, Please see Webinar

Source: Phillip Securities Research Pte Ltd, SGX Masnet

19 May 2014

Page | 4

Macro Data

India India’s strongest electoral mandate in 30 years puts Narendra Modi in a position to pass measures to bolster Asia’s third-biggest economy, spurring optimism it will lead a recovery among the biggest emerging markets. Modi’s Bharatiya Janata Party and its allies won about 61 percent of seats in parliament as voters punished the Congress party-led coalition for slowing growth, graft and Asia’s second-fastest inflation. Stocks and the rupee jumped on optimism that Modi will make good on campaign promises to create jobs and attract foreign investment in all sectors except for multi-brand retail. He faces the challenge of boosting growth as Reserve Bank of India Governor Raghuram Rajan keeps interest rates elevated to stem consumer-price gains exceeding 8 percent. USA A surge in construction of multifamily dwellings in April propelled U.S. housing starts to the highest level in five months, helping overcome slack demand for single-family homes. Housing starts climbed 13.2 percent to a 1.07 million annualized rate following March’s 947,000 pace. On the other hand, consumer confidence unexpectedly fell in May from a nine-month high, showing Americans are being shaken by rising grocery bills and elevated fuel costs. The Thomson Reuters/University of Michigan preliminary sentiment index decreased to 81.8 from 84.1 in April. The median projection in a Bloomberg survey of economists called for a gain to 84.5. Food prices have risen and the cost of gasoline has held near its highest level of the year, making buyers less secure in their finances. Falling unemployment, rising home prices and near-record stock indexes could provide support for sentiment, giving Americans the wherewithal to boost the spending that makes up 70 percent of the economy. China China attracted US$8.7 billion in foreign direct investment (FDI) in April, 3.4 percent higher compared to the previous year. The world’s second largest economy drew a total of US$40.3 billion in FDI in the first four months of 2014, up 5 percent from the same period a year earlier, according to the Commerce Ministry. The services sector alone has attracted US$22.5 billion in investment (more than half of the total FDI) in the four months, up 19.1 percent year-on-year, while investment inflows into the manufacturing sector fell 11.4 percent to US$14.5 billion.

Average new home prices in 70 major cities rose 6.7 percent in April from a year earlier, easing from the previous month's 7.7 percent rise, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS). On month-on-month basis, prices rose 0.1 percent in April, slowing from March's rise of 0.2 percent. New home prices fell in eight of the 70 cities in April from the previous month, up from four cities in March. However, the home prices in 70 major cities were generally stable and the gains were easing, Liu Jianwei, a senior statistician at NBS commented. Hong Kong Economic growth in Hong Kong rose 2.5 percent during the first quarter, easing from the revised growth of 2.9 percent in the last quarter of 2013, as export growth slowed to 0.5 percent on-year in the period from 5.7 percent in the October-December period. On a seasonally adjusted basis, Hong Kong’s gross domestic product (GDP) slowed to 0.2 percent in the first quarter from the previous quarter’s 0.9 percent growth. The government attributed the slow export growth to a decline in shipment of non-monetary gold (which includes gold used for jewellery), as well as a weaker export demand from the advanced economies, especially the United States and the European Union at the start of the year. Nevertheless, the Hong Kong authorities expect the economy to grow between 3 and 4 percent this year, after expanding by 2.9 percent in 2013. Singapore Singapore's non-oil domestic exports (NODX) rebound to a 0.9 percent y-o-y gain in April, after falling 6.6 percent in March, buoyed by stronger petrochemical shipments which offset continued weakness in electronics, according to the data from International Enterprise Singapore. In a month-on-month seasonally-adjusted terms, exports grew 9.0 percent in April, reversing an 8.9 percent contraction in March. Malaysia The Malaysian economy posted a robust growth of 6.2 percent, with a total of RM256.9 billion in the first quarter, driven by domestic demand and a turnaround in exports, according to the Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz. In a quarter-on-quarter seasonally-adjusted terms, the economy continued a positive momentum by recording a 0.8 percent expansion.

On the other hand, Malaysia's current account surplus rose 50 percent to MYR19.8 billion in the first quarter, mainly due to a higher surplus of goods account, the Department of Statistics said. The goods account posted a surplus of MYR33.6 billion, as compared to a MYR28.0 billion surplus recorded a year earlier. Meanwhile, portfolio investments registered a net outflow of MYR13.4 billion from a net inflow of MYR3.9 billion during the same quarter a year earlier. Source: Phillip Securities Research Pte Ltd

19 May 2014

Page | 5

Company AnalystDate of Last

ReportRating

Target

Price (S$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

FIRST RESOURCES LTD Caroline Tay 15-May-14 Accumulate 2.65 2.52 1.6% 5.2%GOLDEN AGRI-RESOURCES LTD Nicholas Ong 15-May-14 Neutral 0.550 0.585 5.4% -6.0%WILMAR INTERNATIONAL LTD Nicholas Ong 9-May-14 Accumulate 3.61 3.20 -4.2% 12.8%

COURTS ASIA LTD Change of Analyst 14-Nov-13 Neutral 0.710 0.535 -23.0% 32.7%DEL MONTE PACIFIC LTD Colin Tan 20-Mar-14 Buy 0.820 0.620 -0.8% 32.3%GENTING SINGAPORE PLC Change of Analyst 5-Nov-13 Neutral 1.490 1.340 -10.9% 11.2%OSIM INTERNATIONAL LTD Caroline Tay 7-May-14 Accumulate 3.15 2.81 -1.7% 12.1%MONEYMAX FINANCIAL SERVICE L Colin Tan 14-May-14 Neutral 0.335 0.320 0.0% 4.7%

DBS GROUP HOLDINGS LTD Benjamin Ong 30-Apr-14 Accumulate 19.01 16.85 -0.5% 12.8%OVERSEA-CHINESE BANKING CORP Benjamin Ong 2-May-14 Neutral 9.74 9.64 -0.1% 1.0%SINGAPORE EXCHANGE LTD Benjamin Ong 24-Apr-14 Neutral 7.04 6.92 -0.3% 1.7%UNITED OVERSEAS BANK LTD Benjamin Ong 2-May-14 Neutral 22.34 22.51 3.4% -0.8%

AMARA HOLDINGS LTD Caroline Tay 16-May-14 Buy 0.700 0.535 0.0% 30.8%CITY DEVELOPMENTS LTD Lucas Tan 15-May-14 Accumulate 11.26 10.35 -2.4% 8.8%CROESUS RETAIL TRUST Lucas Tan 16-May-14 Buy 1.120 0.950 1.6% 17.9%GLOBAL LOGISTIC PROPERTIES L Caroline Tay 17-Feb-13 Neutral 2.92 2.82 0.7% 3.5%HO BEE LAND LTD Caroline Tay 30-Apr-14 Accumulate 2.51 2.18 -4.8% 15.1%OUE LTD Caroline Tay 14-May-14 Accumulate 2.59 2.31 -0.4% 12.1%

PERENNIAL CHINA RETAIL TRUST Caroline Tay 14-Aug-13 Neutral 0.630 0.545 -1.8% 15.6%

BOUSTEAD SINGAPORE LTD Joshua Tan 18-Feb-14 Buy 2.05 1.87 8.1% 9.9%KEPPEL CORP LTD Nicholas Ong 17-Apr-14 Neutral 11.35 10.57 -5.5% 7.4%PAN-UNITED CORP LTD Joshua Tan 16-May-14 Accumulate 1.330 0.985 -0.5% 35.0%SIN HENG HEAVY MACHINERY LTD Kenneth Koh 9-May-14 Accumulate 0.250 0.205 6.8% 22.0%SEMBCORP MARINE LTD Nicholas Ong 5-May-14 Reduce 3.70 3.96 2.5% 6.6%SARINE TECHNOLOGIES LTD Benjamin Ong 14-May-14 Buy 3.14 2.53 -1.2% 24.1%

EZION HOLDINGS LTD Nicholas Ong 8-May-14 Accumulate 2.53 2.14 0.0% 18.2%EZRA HOLDINGS LTD Nicholas Ong 14-Apr-14 Neutral 1.090 1.035 -3.3% 5.3%

COMFORTDELGRO CORP LTD Richard Leow 14-May-14 Accumulate 2.34 2.28 7.5% 2.6%SMRT CORP LTD Richard Leow 2-May-14 Sell 0.900 1.330 -6.8% 32.3%SATS LTD Richard Leow 14-May-14 Accumulate 3.37 3.21 0.0% 5.0%

M1 LTD Colin Tan 15-Apr-14 Accumulate 3.68 3.42 2.4% 7.6%SILVERLAKE AXIS LTD Colin Tan 8-May-14 Accumulate 0.965 0.900 2.9% 7.2%SINGAPORE TELECOMMUNICATIONS Colin Tan 15-May-14 Neutral 3.75 3.85 0.0% -2.6%STARHUB LTD Colin Tan 8-May-14 Accumulate 4.50 4.13 -1.0% 9.0%VALUETRONICS HOLDINGS LTD Kenneth Koh 19-May-14 Trading Buy 0.43 0.34 -1.5% 28.4%

Company AnalystDate of Last

ReportRating

Target

Price (US$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

BANK OF AMERICA CORP Wong Yong Kai 3-Oct-13 Trading Sell 8.68 14.51 -3.3% 40.2%GENWORTH FINANCIAL INC-CL A Wong Yong Kai 20-Sep-13 Trading Buy 18.04 17.64 44.9% 2.3%ICONIX BRAND GROUP INC Wong Yong Kai 21-Feb-14 Trading Buy 47.12 41.47 6.0% 13.6%NATIONAL INTERSTATE CORP Wong Yong Kai 10-Apr-14 Trading Buy 42.43 28.07 0.6% 51.2%NATIONAL OILWELL VARCO INC Wong Yong Kai 30-Sep-13 Trading Buy 90.92 81.63 3.4% 11.4%OIL STATES INTERNATIONAL INC Wong Yong Kai 30-Sep-13 Trading Buy 120.83 97.53 -6.1% 23.9%OUTERWALL INC Wong Yong Kai 11-Mar-14 Trading Buy 94.76 69.41 1.5% 36.5%SODASTREAM INTERNATIONAL LTD Kenneth Koh 15-May-14 Accumulate 46.00 40.92 1.1% 12.4%SEAGATE TECHNOLOGY Wong Yong Kai 19-Feb-14 Trading Buy 57.62 51.19 3.0% 12.6%WESTERN DIGITAL CORP Wong Yong Kai 19-Feb-14 Trading Buy 96.14 85.91 -0.5% 11.9%

Company AnalystDate of Last

PresentationRating

Possible

Price (Est.)

Current

Price

Performance since

Last Presentation

Potential Return

at Current Price

InterContinental Hotels (NYSE) Wong Yong Kai 23-Dec-13 Non-Rated USD 38.98 USD 36.99 15.8% 5.4%

United Engineers (SGX) Wong Yong Kai 4-Nov-13 Non-Rated SGD 2.11 SGD 2.26 25.5% -6.6%

Phillip Securities Research - Webinar Highlights

Source: Phillip Securities Research Pte Ltd

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

Source: Phillip Securities Research Pte Ltd

Property

Property (REITS)

Industrials (Transportation)

Technology & Communications

Industrials (Capital Goods)

Phillip Securities Research - US Stocks Coverage

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Transport

19 May 2014

Page | 6

Source: Bloomberg

STI - Index Members

4.9

%

3.3

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FTSE ST Breakdown (% Change)

STI 5.6%

5.7%

7.1%

7.7%

-6.4%5.6%

3.9%

-0.3%

8.5%

8.3%

1.6%

-7.6%

6.8%

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 Uti l ites

ST Financials

ST Technology2.3%

ST Healthcare

Last % Chg0.090 20.00.460 19.50.018 12.50.141 11.90.085 10.4

Last % Chg0.016 -11.10.126 -8.70.032 -8.60.087 -8.40.345 -5.5

UPDOWNUNCHANGED

KLW HOLDINGS LTD

Source: Bloomberg Source: SGX

1,6241,268

189205545

Turnover (S$'mn)

CHINA AUTO ELECTRONICS GRPSTATS CHIPPAC LTD

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

Turnover ('mn shares)

Top Losers (%)

GKE CORP LTDOCEANUS GROUP LTD

HLH GROUP LTDWILTON RESOURCES CORP LTD

SAPPHIRE CORP LTD

TA CORP LTDSource: Bloomberg

HU AN CABLE HOLDINGS LTD

1.7%

7.2% 1.9%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

5.6%

5.6%

19 May 2014

Page | 7

80.03 -0.02% 305.92 -0.37%

110.42 +0.44% 2.520 -0.00%

1,293.46 -0.10% 16,491.31 +0.27%

565.49 +0.16% Straits Times Index 3,262.59 -0.30%

22,712.91 -0.08% 14,096.59 0.17%

Source: Bloomberg

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Dollar Index TR/CC CRB ER Index

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

1.201.401.601.802.002.202.402.602.803.003.20

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

2,600

2,800

3,000

3,200

3,400

3,600

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

12,000

13,000

14,000

15,000

16,000

17,000

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

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Oct-1

3

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

16,000

18,000

20,000

22,000

24,000

26,000

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

1,100

1,400

1,700

2,000

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

76

78

80

82

84

86

May-1

3

Ju

n-1

3

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l-13

Au

g-1

3

Se

p-1

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Oct-1

3

No

v-1

3

De

c-1

3

Ja

n-1

4

Fe

b-1

4

Mar-1

4

Ap

r-14

260

280

300

320

340

May-1

3

Ju

n-1

3

Ju

l-13

Au

g-1

3

Se

p-1

3

Oct-1

3

No

v-1

3

De

c-1

3

Ja

n-1

4

Fe

b-1

4

Mar-1

4

Ap

r-14

80

90

100

110

120

130

Ma

y-1

3

Ju

n-1

3

Ju

l-13

Aug-1

3

Sep-1

3

Oct-1

3

Nov-1

3

Dec-1

3

Ja

n-1

4

Feb

-14

Ma

r-14

Apr-1

4

420

440

460

480

500

520

540

560

580

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

19 May 2014

Page | 8

ETF % Change Change LastABF SINGAPORE BOND INDX FUND +0.00 +0.00 1.14CIMB FTSE ASEAN 40 +0.09 +0.01 10.51DB X-TRACKERS CSI300 UCITS +0.16 +0.01 6.30DB X-TRACKERS FTSE CHINA 25 -0.50 -0.14 27.18DB X-TRACKERS FTSE VIETNAM +1.12 +0.29 26.87DB X-TRACKERS MSCI EUROPE IN -0.30 -0.19 62.41DB X-TRACKERS MSCI INDONESIA +0.40 +0.06 14.16DB X-TRACKERS MSCI JAPAN TRN -0.91 -0.40 43.85DB X-TRACKERS MSCI TAIWAN +0.15 +0.03 20.44DB X-TRACKERS MSCI WORLD TRN -0.45 -0.02 4.38DB X-TRACKERS S&P 500 UCITS -0.89 -0.28 31.10DB X-TRACKERS S&P 500 INV DA +1.04 +0.26 25.23DB X-TRACKERS CNX NIFTY UCIT +2.59 +3.15 113.73DB X-TRACKERS S&P/ASX 200 UC -0.61 -0.26 41.40DBX-TRACKERS EURO STXX 50 DR -0.94 -0.51 53.94ISHARES MSCI INDIA INDEX ETF +2.34 +0.16 6.47LYXOR UCITS ETF CHINA ENTER +0.08 +0.01 13.02LYXOR ETF COMMODITIES THOMSO +0.00 +0.00 2.87LYXOR UCITS ETF HANG SENG IN +0.00 +0.00 2.77LYXOR ETF JAPAN TOPIX -0.87 -0.01 1.15LYXOR UCITS ETF ASIA EX JP +0.00 +0.00 4.94LYXOR ETF MSCI EMER MKTS-B -0.09 -0.01 10.26LYXOR ETF MSCI EUROPE-B -0.25 -0.04 16.14LYXOR ETF MSCI INDIA +2.51 +0.38 14.24LYXOR ETF MSCI KOREA-USD B +0.00 +0.00 5.61LYXOR ETF MSCI TAIWAN +0.27 +0.00 1.09LYXOR ETF MSCI WORLD-E -0.81 -0.01 1.71NIKKO AM SINGAPORE STI ETF -0.30 -0.01 3.34SPDR GOLD SHARES -0.76 -0.95 126.52SPDR STRAITS TIMES INDEX ETF -0.90 -0.03 3.27UNITED SSE 50 CHINA ETF +1.40 +0.02 1.43

ETF Performance

Source: Bloomberg

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date5/19/2014 BREADTALK GROUP LTD Final 0.0130 SGD Semi-Anl 5/21/2014 5/30/20145/19/2014 KINGSMEN CREATIVE LTD Final 0.0250 SGD Semi-Anl 5/21/2014 5/30/20145/19/2014 LION TECK CHIANG LTD Interim 0.0100 SGD Irreg 5/21/2014 6/10/20145/20/2014 HOTEL ROYAL LTD Regular Cash 0.0500 SGD Annual 5/22/2014 6/5/20145/20/2014 HOR KEW CORP LTD Regular Cash 0.0025 SGD Annual 5/22/2014 6/5/20145/20/2014 RICKMERS MARITIME Distribution 0.0060 USD Quarter 5/22/2014 6/4/20145/20/2014 SILVERLAKE AXIS LTD 3rd Interim 0.0100 SGD Quarter 5/22/2014 6/9/20145/20/2014 BUMITAMA AGRI LTD Interim 0.0130 SGD Irreg 5/22/2014 6/3/20145/20/2014 VIVA INDUSTRIAL TRUST Distribution 0.0172 SGD Quarter 5/22/2014 6/13/20145/20/2014 K1 VENTURES LTD Regular Cash 0.0500 SGD Irreg 5/22/2014 5/30/20145/21/2014 HEETON HOLDINGS LTD Final 0.0130 SGD Semi-Anl 5/23/2014 6/4/20145/21/2014 GMG GLOBAL LTD Regular Cash 0.0010 SGD Annual 5/23/2014 6/12/2014

Corporate Action: Dividend

Source: Bloomberg

19 May 2014

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Date Statistic For Survey Prior Date Statistic For Survey Prior

5/21/2014 MBA Mortgage Applications 16-May -- 3.60% 5/20/2014 GDP SAAR QoQ 1Q F 1.20% 0.10%

5/22/2014

Fed Releases Minutes from April

29-30 FOMC Meeting 5/20/2014 GDP YoY 1Q F 5.40% 5.10%5/22/2014 Chicago Fed Nat Activity Index Apr -- 20.00% 5/21/2014 Automobile COE Open Bid Cat A 21-May -- 600025/22/2014 Initial Jobless Claims 17-May -- 297K 5/21/2014 Automobile COE Open Bid Cat B 21-May -- 700025/22/2014 Continuing Claims 10-May -- 2667K 5/21/2014 Automobile COE Open Bid Cat E 21-May -- 655015/22/2014 Bloomberg Economic May -- -4 5/23/2014 CPI NSA MoM Apr -- 0.30%5/22/2014 Bloomberg Consumer Comfort 18-May -- 3490.00% 5/23/2014 CPI YoY Apr -- 1.20%5/22/2014 Markit US Manufacturing PMI May P 55.5 55.4 5/26/2014 Industrial Production SA MoM Apr -- 6.10%5/22/2014 Existing Home Sales Apr 4.68M 4.59M 5/26/2014 Industrial Production YoY Apr -- 12.10%5/22/2014 Existing Home Sales MoM Apr 2.00% -0.20% 5/30/2014 Credit Card Bad Debts Apr -- 21.8M5/22/2014 Leading Index Apr 0.30% 0.80% 5/30/2014 Credit Card Billings Apr -- 3681.9M5/22/2014 Kansas City Fed Manf. Activity May -- 7 5/30/2014 Bank Loans and Advances YoY Apr -- 13.50%

5/23/2014

U.S. Releases New Home Sales

Revisions 5/30/2014 Money Supply M1 YoY Apr -- 6.90%5/23/2014 New Home Sales Apr 428K 384K 5/30/2014 Money Supply M2 YoY Apr -- 2.00%5/23/2014 New Home Sales MoM Apr 11.30% -14.50% 6/3/2014 Purchasing Managers Index May -- 51.1

US Singapore

Economic Announcement

Source: BloombergSource: Bloomberg

19 May 2014

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Name Expected Report DateAvi-Tech Electronics Ltd 5/19/2014Superbowl Holdings Ltd 5/20/2014Chemoil Energy Ltd 5/20/2014Boustead Singapore Ltd 5/21/2014Lereno Bio-Chem Ltd 5/21/2014Religare Health Trust 5/21/2014Oceanus Group Ltd 5/21/2014S I2I Ltd 5/21/2014Starland Holdings Ltd 5/21/2014Teledata Singapore Ltd 5/21/2014SATS Ltd 5/22/2014Jason Marine Group Ltd 5/22/2014Singapore Shipping Corp Ltd 5/22/2014Artivision Technologies Ltd 5/22/2014Stamford Land Corp Ltd 5/22/2014Asian Plantations Ltd 5/22/2014MFS Technology Ltd 5/22/2014Transcu Group Ltd 5/22/2014ISOTEAM LTD 5/22/2014Singapore Kitchen Equipment Ltd 5/22/2014WE Holdings Ltd 5/22/2014International Healthway Corp Ltd 5/22/2014Eurosports Global Ltd 5/22/2014OUE Commercial Real Estate Investment Trust 5/22/2014Creative Technology Ltd/Singapore 5/22/2014Global Logistic Properties Ltd 5/23/2014CSC Holdings Ltd 5/23/2014Gaylin Holdings Ltd 5/23/2014Yoma Strategic Holdings Ltd 5/26/2014KSH Holdings Ltd 5/27/2014JK Tech Holdings Ltd 5/27/2014GP Batteries International Ltd 5/27/2014Hiap Seng Engineering Ltd 5/27/2014Hour Glass Ltd/The 5/28/2014Courts Asia Ltd 5/28/2014GP Industries Ltd 5/28/2014Pollux Properties Ltd 5/28/2014Azeus Systems Holdings Ltd 5/28/2014Informatics Education Ltd 5/28/2014Cortina Holdings 5/28/2014Hiap Tong Corp Ltd 5/28/2014Global Yellow Pages Ltd 5/28/2014Bukit Sembawang Estates Ltd 5/28/2014Tritech Group Ltd/Singapore 5/28/2014United Envirotech Ltd 5/28/2014Asiatic Group Holdings Ltd 5/28/2014Chasen Holdings Ltd 5/28/2014Sunlight Group Holding Ltd 5/28/2014Biosensors International Group Ltd 5/28/2014Metro Holdings Ltd/Singapore 5/29/2014

Earnings Announcement - Singapore

Calendar

Source: Bloomberg

19 May 2014

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19 May 2014

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