www.dbsvickers.com ed: TH / sa: JC

HOLD S$3.23 STI : 3,222.43 Price Target : 12-Month S$ 3.26 (Prev S$ 4.09) Reason for Report : Earnings/TP downgrade Potential Catalyst: Better margins from lower raw material prices DBS vs Consensus: In line Analyst Alfie YEO +65 6682 3717 alfieyeo@dbs.com

Price Relative

Forecasts and Valuation FY Dec (S$ m) 2012A 2013A 2014F 2015F

Revenue 519 557 565 612 EBITDA 96 107 108 113 Pre-tax Profit 91 115 94 99 Net Profit 79 100 80 85 Net Pft (Pre Ex.) 75 81 80 85 EPS (S cts) 14.2 17.9 14.4 15.2 EPS Pre Ex. (S cts) 13.5 14.5 14.4 15.2 EPS Gth (%) 28 26 (19) 6 EPS Gth Pre Ex (%) 49 7 (1) 6 Diluted EPS (S cts) 14.2 17.9 14.4 15.2 Net DPS (S cts) 7.1 9.0 7.2 7.6 BV Per Share (S cts) 71.6 83.8 91.0 98.6 PE (X) 22.8 18.0 22.4 21.2 PE Pre Ex. (X) 23.9 22.2 22.5 21.2 P/Cash Flow (X) 21.0 28.7 17.8 28.6 EV/EBITDA (X) 17.8 16.1 15.7 14.9 Net Div Yield (%) 2.2 2.8 2.2 2.4 P/Book Value (X) 4.5 3.9 3.6 3.3 Net Debt/Equity (X) CASH CASH CASH CASH ROAE (%) 20.6 23.1 16.5 16.1 Earnings Rev (%): (5) (8) Consensus EPS (S cts): 16.4 18.4 Other Broker Recs: B: 23 S: 3 H: 5 ICB Industry : Consumer Goods ICB Sector: Food Producers Principal Business: Manufacturer distributor and brand owner of instant beverages and convenience food

Source of all data: Company, DBS Bank, Bloomberg Finance L.P

At A Glance Issued Capital (m shrs) 558 Mkt. Cap (S$m/US$m) 1,801 / 1,440 Major Shareholders Lay Hoon Teo (%) 12.1 Kee Bock Teo (%) 11.7 YHS Invest Pte Ltd (%) 11.7 Free Float (%) 30.8 Avg. Daily Vol.(‘000) 673

14 May 2014

Singapore Company Focus

Super Group Bloomberg: SUPER SP | Reuters: SPGP.SI Refer to important disclosures at the end of this report

A slow start to the year 1Q14 figures fell short on disappointing sales,

higher opex.

Outlook will be challenging; management to diversify into new products

Lower FY14F/FY15F earnings by 5%/8%

Maintain HOLD with lower TP of S$3.26

Sales disappointed, costs higher. 1Q14 core earnings came in at S$17.8m (-19% y-o-y), missing our S$21m expectations. Both Food Ingredients and Branded Consumer sales declined by 6%. While gross margins were maintained (37.5%), higher opex from expanded production facilities resulted in lower net margins (14.3%, -2.4ppts).

Challenging outlook, but management will strengthen its business model. We believe that key markets have become challenging based on recent quarters’ results. Management is taking steps to strengthen its business model including rebranding and improving marketing/distribution, as well as developing new product categories to diversify into new coffee and tea products. We expect these initiatives to take time to develop, leading to higher near-term expenses but translating into longer-term benefits.

Expect flat core earnings growth in FY14F. We cut FY14F/FY15F earnings by 5%/8% as we moderate revenue growth expectations on the back of weak trading in key markets. We also factor in higher opex as management implements new initiatives.

Maintain HOLD with lower S$3.26 TP. We believe the operating environment for Super has intensified. Along with the earnings downgrade, we cut Super’s TP to S$3.26 based on a lower valuation peg of 22x FY14F/FY15F earnings, in line with its average PE valuations. Maintain HOLD.

83

133

183

233

283

333

383

433

483

533

0.7

1.2

1.7

2.2

2.7

3.2

3.7

4.2

4.7

5.2

May-10 May-11 May-12 May-13 May-14

Relative IndexS$

Super Group (LHS) Relative STI INDEX (RHS)

Page 2

Company Focus

Super Group

1Q14 results below expectations

Affected by lower topline growth from both business segments. 1Q14 core earnings came in at S$17.8m (-19% y-o-y), missing our S$21m expectations. Revenue contracted 6% y-o-y to S$125m, as a result of sales declines in both Food Ingredients and Branded Consumer segments. Food Ingredient’s sales shrinkage of 6% (S$89m) was attributed to lower sales in Indonesia and China, offset by higher sales in Taiwan. Branded Consumer sales decline (S$36m, -6% y-o-y) was due to lower sales in Southeast Asian markets, especially in Thailand. Thailand’s Branded Consumer sales volume declines. Thailand, which contributes 30% of Branded Consumer sales, experienced a 10% decline in sales, affected by reduction in sales volumes and weaker THB. While volumes for northern territories have grown, demand in southern Thailand region has slowed. Super’s distributors and wholesalers have withheld stocking activities amid poorer consumption and social unrest. Food Ingredients sales in China and Indonesia decline. The milk tea segment in China remains soft, which affected both sales volumes and sales value demand for ingredients. Management also attributed the decline in China’s sales to its current initiative to restructure and establish a distribution team to insource distribution activities. Tepid demand was also seen in Indonesia as the rupiah remained weak and customers are well-stocked. Higher opex dampens net margins. While gross margins were maintained (37.5%), higher opex from expanded production facilities resulted in lower net margins (14.3%, -2.4ppts). 1Q14 met 20% of our full-year forecast. Net cash declined marginally to S$95m.

Expect outlook to be challenging

Key markets have become challenging. Recent quarters’ results have shown that Super’s key markets are weakening, with slow consumer demand and less favourable exchange rates the main factors affecting the results. As competition in the 3-in-1 instant coffee space remains keen, we believe management has to find new avenues to supplement growth going forward. Transitioning for the future. Management is now taking steps to strengthen its business model through rebranding, product innovation and better product portfolio management. It will also reinforce its organisational structure by improving its distribution and product development teams. Going forward, the team will explore new product categories and diversify into new coffee and tea products, and new ingredients such as Botanical Herbal Extract and Liquified Glucose Syrup Solids. We expect these initiatives to take time to develop, leading to higher near-term expenses but translating into longer-term benefits. Margins under pressure. For now, we believe that even as demand continues to be soft, costs will be a challenge going forward. Commodity prices have trended higher since the second half of last year and prices of robusta coffee beans, sugar and palm oil have risen YTD by a further 24%, 2% and 2% respectively. Along with new initiatives and new manufacturing capacities coming on, we expect relatively higher opex and lower margins from FY13. Raw material prices have increased from 2H13

Source: DBS Bank

50

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70

80

90

100

110

120

Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14

Sugar Coffee Palm Oil

Page 3

Company Focus

Super Group

Share price to be halved upon bonus issue at end-May

Ex-date for bonus issue is 26 May. Super announced a "1-for-1 bonus issue" post-release of FY13 results in February. Ex-date for this corporate action will be 26 May. The theoretical EPS and share price will be halved and the number of shares is due to double from 557.5m to 1,115m. Expected impact is outlined below. Bonus issue impact

1-for-1 bonus issue Before After Theoretical change

Share base (m) 558 1,115 Share base doubles

Price (S$) 3.23 1.615 Price halves

Mkt Cap (S$m) 1,801 1,801 Nil

FY14F earnings (m) 80 80 Nil

EPS (Scents) 14.4 7.2 EPS halves

FY14F PE 22.5 22.5 Nil

Source: DBS Bank Cut FY14F/FY15F earnings by 5%/8%

Expect flat core earnings growth in FY14F. We now expect core earnings growth to be flat. Further to our previous earnings downgrade in November 2013, we have lowered: 1)Revenue growth expectations on the back of weak trading in key markets; and 2) Account for higher opex as management embarks on new initiatives. This results in earnings cut of 5%/8% to FY14F/FY15F earnings. While we have factored in impact of higher raw material costs, higher than expected commodity price increase could present further risks to our gross margin expectations.

Valuation

Maintain HOLD with lower S$3.26 TP. We recognise that the operating environment for Super has changed as outlook in key markets weakens. As such, we are lowering our 26x forward earnings peg to 22x. Along with the earnings downgrade, we cut Super’s TP to S$3.26. This is based on 22x blended FY14F/FY15F earnings, pegged to average valuations. Maintain HOLD. Super currently trades at 22x forward PE

Source: DBS Bank

5.0

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25.0

30.0

35.0

40.0

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-12

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-12

Ma y

-12

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12

Sep-

12

Nov

-12

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-13

Mar

-13

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-13

Jul-

13

Sep-

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-13

Jan

-14

Mar

-14

May

-14

(x)

+1 sd

+2 sd

-1 sd

-2 sd

Avg

Page 4

Company Focus

Super Group

Results Summary and Comparison

FY Dec (S$m) 1Q13 4Q13 1Q14 YoY Chg QoQ Chg

Sales 132.4 153.3 124.6 -6% -19%

Cost of Goods Sold (83.3) (95.6) (77.9) -6% -19%

Gross Profit 49.1 57.7 46.7 -5% -19%

Other Operating Income 0.4 3.0 0.5 40% -83%

Distribution Costs (13.0) (19.4) (13.3) 2% -32%

Administration Expenses (12.2) (14.9) (13.5) 11% -9%

Other Operating Expenses (25.2) (34.3) (26.8) 6% -22%

EBIT 24.2 26.4 20.4 -16% -22%

Non-Operating Income 2.6 (1.2) 0.2 n/m n/m

Interest Income 0.1 0.2 0.1 -39% -61%

Interest Expense (0.0) (0.2) (0.0) -53% -95%

Share of Associates' or JV Income (0.7) (0.9) (0.3) -60% -69%

Exceptional Gains/(Losses) (0.2) 2.0 0.4 n/m -79%

Pretax Profit 26.0 26.3 20.8 -20% -21%

Tax (3.1) (2.7) (2.1) -31% -20%

Minority Interests (0.8) (1.0) (0.8) 6% -18%

Net Profit 22.1 22.6 17.8 -19% -21%

Margins (%)

Gross Margin 37.1 37.6 37.5

SGA % Sales 19.1 22.4 21.5

EBITDA Margin 20.4 19.2 19.3

EBIT Margin 18.3 17.2 16.4

Pre-tax Margin 19.6 17.1 16.7

Net Margin 16.7 14.7 14.3 Source: Company, DBS Bank

Page 5

Company Focus

Super Group

Key Assumptions

FY Dec 2011A 2012A 2013A 2014F 2015F

Consumer goods 318.6 355.1 364.5 370.8 400.4 Ingredients 122.4 164.1 192.5 194.4 211.9 Total 441.0 519.2 557.0 565.2 612.3 Segmental Breakdown FY Dec 2011A 2012A 2013A 2014F 2015F

Revenues (S$ m) Singapore 102 102 105 107 116 South East Asia 248 293 338 316 343 East Asia 91 124 115 141 153 Elimination N/A N/A N/A N/A N/A Total 441 519 557 565 612 Operating profit (S$ m) Singapore 22 30 57 31 34 South East Asia 37 60 71 63 69 East Asia 29 28 24 32 35 Elimination (29) (31) (54) (32) (37) Total 59 88 98 95 100 Operating profit Margins Singapore 21.3 29.4 54.4 29.0 29.0 South East Asia 15.0 20.4 21.0 20.0 20.0 East Asia 31.7 22.9 21.2 23.0 23.0 Elimination N/A N/A N/A N/A N/A Total 13.3 16.9 17.6 16.8 16.4 Income Statement (S$ m)

FY Dec 2011A 2012A 2013A 2014F 2015F

Revenue 441 519 557 565 612 Other Opng (Exp)/Inc (83) (94) (111) (112) (120) Operating Profit 59 88 98 95 100 Other Non Opg (Exp)/Inc 0 (1) 0 0 0 Associates & JV Inc 1 0 (2) (2) (2) Net Interest (Exp)/Inc 0 1 0 0 0 Exceptional Gain/(Loss) 11 4 19 0 0 Pre-tax Profit 70 91 115 94 99 Tax (6) (9) (11) (10) (10) Minority Interest (2) (4) (3) (4) (4) Preference Dividend 0 0 0 0 0 Net Profit 62 79 100 80 85 Net Profit before Except. 51 75 81 80 85 EBITDA 65 96 107 108 113 Growth Revenue Gth (%) 25.3 17.8 7.3 1.5 8.3 EBITDA Gth (%) 1.9 46.1 11.9 0.7 5.1 Opg Profit Gth (%) 5.9 49.0 12.1 (3.5) 5.9 Net Profit Gth (%) 6.1 27.7 26.4 (19.5) 5.6 Margins & Ratio Gross Margins (%) 32.2 34.9 37.6 36.6 36.0 Opg Profit Margin (%) 13.3 16.9 17.6 16.8 16.4 Net Profit Margin (%) 14.0 15.2 17.9 14.2 13.9 ROAE (%) 17.8 20.6 23.1 16.5 16.1 ROA (%) 13.0 15.1 17.5 12.9 12.6 ROCE (%) 14.3 19.4 19.3 16.5 16.1 Div Payout Ratio (%) 52.2 50.1 50.2 50.0 50.0 Net Interest Cover (x) NM NM NM NM NM

Source: Company, DBS Bank

Margins Trend

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

2011A 2012A 2013A 2014F 2015F

Operating Margin % Net Income Margin %

Expect flat core earnings growth

Page 6

Company Focus

Super Group

Quarterly / Interim Income Statement (S$ m)

FY Dec 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014

Revenue 132 138 133 153 125 Other Oper. (Exp)/Inc (25) (29) (26) (31) (26) Operating Profit 24 24 23 26 20 Other Non Opg (Exp)/Inc 3 0 (1) (1) 0 Associates & JV Inc (1) (1) 0 (1) 0 Net Interest (Exp)/Inc 0 0 0 0 0 Exceptional Gain/(Loss) 0 17 0 2 0 Pre-tax Profit 26 41 21 26 21 Tax (3) (4) (2) (3) (2) Minority Interest (1) (1) (1) (1) (1) Net Profit 22 36 19 23 18 Net profit bef Except. 22 19 19 21 17 EBITDA 29 27 24 27 24 Growth Revenue Gth (%) (14.9) 4.5 (3.9) 15.3 (18.7) EBITDA Gth (%) 9.7 (8.1) (8.5) 12.4 (12.2) Opg Profit Gth (%) 3.2 1.0 (5.5) 14.1 (22.5) Net Profit Gth (%) 4.2 64.9 (48.7) 20.7 (21.1) Margins Gross Margins (%) 37.1 38.8 36.8 37.6 37.5 Opg Profit Margins (%) 18.3 17.7 17.4 17.2 16.4 Net Profit Margins (%) 16.7 26.4 14.1 14.7 14.3 Balance Sheet (S$ m)

FY Dec 2011A 2012A 2013A 2014F 2015F

Net Fixed Assets 166 212 251 281 276 Invts in Associates & JVs 16 15 19 18 29 Other LT Assets 14 13 3 3 3 Cash & ST Invts 125 115 101 130 140 Inventory 93 83 102 94 112 Debtors 78 96 95 97 105 Other Current Assets 11 9 29 29 29 Total Assets 502 543 599 651 694 ST Debt 2 1 0 0 0 Creditor 36 40 37 45 41 Other Current Liab 74 80 69 69 69 LT Debt 0 0 0 0 0 Other LT Liabilities 9 5 7 7 7 Shareholder’s Equity 367 399 467 507 550 Minority Interests 15 18 20 23 27 Total Cap. & Liab. 502 543 599 651 694 Non-Cash Wkg. Capital 72 67 120 106 135 Net Cash/(Debt) 123 115 101 130 140 Debtors Turn (avg days) 61.6 61.1 62.3 61.7 59.9 Creditors Turn (avg days) 39.8 41.9 41.8 43.6 41.9 Inventory Turn (avg days) 101.7 97.4 100.2 104.0 99.6 Asset Turnover (x) 0.9 1.0 1.0 0.9 0.9 Current Ratio (x) 2.7 2.5 3.1 3.1 3.5 Quick Ratio (x) 1.8 1.7 1.9 2.0 2.2 Net Debt/Equity (X) CASH CASH CASH CASH CASH Net Debt/Equity ex MI (X) CASH CASH CASH CASH CASH Capex to Debt (%) 4,324.0 8,909.7 N/A N/A N/A Z-Score (X) 12.0 15.3 13.0 12.0 12.4

Source: Company, DBS Bank

Revenue Trend

Asset Breakdown (2013)

-25%

-20%

-15%

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-5%

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20

14

Revenue Revenue Growth % (QoQ)

Net Fixed Assets -44.4%

Assocs'/JVs -3.4%

Bank, Cash and Liquid

Assets -17.4%

Inventory -18.0%

Debtors -16.7%

Gross margins maintained on efficient cost management

Page 7

Company Focus

Super Group

Cash Flow Statement (S$ m)

FY Dec 2011A 2012A 2013A 2014F 2015F

Pre-Tax Profit 70 91 115 94 99 Dep. & Amort. 7 8 12 15 15 Tax Paid (4) (7) (11) (10) (10) Assoc. & JV Inc/(loss) (1) 0 2 2 2 Chg in Wkg.Cap. (7) (4) (36) 1 (42) Other Operating CF (6) (3) (19) 0 0 Net Operating CF 59 86 63 101 63 Capital Exp.(net) (73) (60) (46) (45) (10) Other Invts.(net) 0 0 0 0 0 Invts in Assoc. & JV 23 (3) 8 13 0 Div from Assoc & JV 0 0 0 0 0 Other Investing CF 4 5 0 0 0 Net Investing CF (47) (58) (38) (32) (10) Div Paid (31) (32) (40) (40) (42) Chg in Gross Debt (1) (1) 0 0 0 Capital Issues 0 0 0 0 0 Other Financing CF 0 0 (2) 0 0 Net Financing CF (33) (33) (42) (40) (42) Currency Adjustments 1 (5) 4 0 0 Chg in Cash (19) (10) (13) 29 11 Opg CFPS (S cts) 11.8 16.0 17.7 18.0 18.9 Free CFPS (S cts) (2.5) 4.7 3.0 10.1 9.5

Source: Company, DBS Bank

Capital Expenditure

Target Price & Ratings History

Source: DBS Bank

0

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80

2011A 2012A 2013A 2014F 2015F

Capital Expenditure (-)

S.No. Da teClos ing

Pric eTa rge t Pri c e

Ra ting

1: 14 May 13 4.76 5.35 Buy

2: 12 Aug 13 4.90 5.35 Buy

3: 12 Nov 13 3.57 3.97 Hold

4: 25 Feb 14 3.82 4.09 Hold

Note : Share price and Target price are adjusted for corporate actions.

1

2

3

4

2.95

3.45

3.95

4.45

4.95

May-13 Sep-13 Jan-14

S$

Assume 50% dividend payout

Page 8

Company Focus

Super Group

DBS Bank recommendations are based an Absolute Total Return* Rating system, defined as follows:

STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)

BUY (>15% total return over the next 12 months for small caps, >10% for large caps)

HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)

FULLY VALUED (negative total return i.e. > -10% over the next 12 months)

SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd and DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations and affiliates (collectively, the “DBS Vickers Group”) only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk

assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of the date the report is published,the analyst and his/her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities). COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), their subsidiaries and/or other affiliates do not have a proprietary position in the securities recommended in this report as of 31 Mar 2014

2. DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates may beneficially own a total of 1% of any class of common equity securities of the company mentioned as of 31 Mar 2014.

3.

Compensation for investment banking services: DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates may received compensation, within the past 12 months, and within the next 3 months may receive or intends to seek compensation for investment banking services from the company mentioned.

DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

Page 9

Company Focus

Super Group

RESTRICTIONS ON DISTRIBUTION General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or

located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

Australia This report is not for distribution into Australia.

Hong Kong This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Securities and Futures Commission.

Indonesia This report is being distributed in Indonesia by PT DBS Vickers Securities Indonesia.

Malaysia This report is distributed in Malaysia by Alliance Research Sdn Bhd ("ARSB"). Recipients of this report, received from ARSB are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ARSB (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies.

Bernard Ching, Head of Research, ARSB

Singapore This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No. 198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters arising from, or in connection with the report.

Thailand This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. Research reports distributed are only intended for institutional clients only and no other person may act upon it.

United Kingdom

This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Conduct Authority. Research distributed in the UK is intended only for institutional clients.

Dubai

This research report is being distributed in The Dubai International Financial Centre (“DIFC”) by DBS Bank Ltd., (DIFC Branch) having its office at PO Box 506538, 3rd Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it.

United States

Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations. It is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate.

Other jurisdictions

In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

DBS Bank Ltd.

12 Marina Boulevard, Marina Bay Financial Centre Tower 3

Singapore 018982 Tel. 65-6878 8888

Company Regn. No. 196800306E