The Real Deals (23-08-2012)

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1/9SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

THE REAL DEALS Ins & Outs of Singapore Real Estate Singapore

Co. Reg No: 198700034EMICA (P) : 099/03/2012

23 August 2012

Heed the 6t h

Year MarkExecutive Condominiums (ECs) are treated as government housing at the start, whereby buyers are subject tosimilar conditions as HDB estates such as family nucleus. Income ceiling is adjusted slightly higher at SGD12,000compared to SGD10,000. Once purchased, the unit must be held and stayed in within a 5-year MOP period. At thestart of the 6 th year, eligibility conditions become more relaxed: buyers need not form a family nucleus to buy an ECfrom the resale market and purchasing power falls exclusively to Singaporeans and PRs. However, buyers will not beeligible for CPF Housing Grants as it will be treated as private housing.

Based on the past analysis of trends on ECs, selling prices were found to rise in tandem with private condominiumresale prices after the 10 th-year mark is crossed. So, are there any discrepancies between EC resale prices versesprivate condos after the 5 th year? Currently, there are eight projects on the market, which are still within the 6 th 10 th year mark. We find that in certain ECs, prices appear to have already caught up to private resale prices in theirvicinity; yet, there are still some opportunities for eligible buyers. For example, units above 1,500sq ft appear to besold at a steeper discount than smaller units. We highlight three fairly new projects in the resale market.

Figure 1: ECs within the 6 th 10 th year mark

Project name TOPNo.

years AddressUnits Land cost

($ psf)Launch

price (psf)Rental (psf pm)*

The Quintet 2006 6 Choa Chu Kang Street 64 459 160 366 2.8Whitewater 2005 7 Pasir Ris Street 72 397 139 377 3.2The Esparis 2006 6 Pasir Ris Drive 4 274 135 370 2.8Nuovo 2004 8 Ang Mo Kio Ave 6/ Ave 9 297 160 388 3.0The Dew 2004 8 Bukit Batok Street 21 248 149 385 2.0Bishan Loft 2004 8 Bishan St 11 384 212 423 3.7The Eden 2004 8 Tampines Street 34 430 160 400 2.6Lilydale 2003 9 Yishun Avenue 6 318 139 361 2.6Source: company data * listed on propertyguru.com

Figure 2: The Quintet Figure 3: Whitewater

Source: URA Source: URA

Figure 4: The Esparis

Source: URA

200

300

400

500

600

700

800

Nov-01 Aug-04 Apr-07 Jan-10 Oct-12300

400

500

600

700

800

900

Sep-02 May-05 Feb-08 Nov-10

300

400

500

600

700

800

Apr-01 Jan-04 Oct-06 Jul-09 Apr-12

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23 August 2012 Page 2 of 9

THE REAL DEALSIns & Outs of Singapore Real Estate

Rising ahead of new sales. Whitewater is situated in the heart of Pasir Ris HDB estates, across from Pasir RisWest Plaza. The closest private condos and ECs would be Belysa, NV Residences, Ris Grandeur, and The Palette.Whitewater is selling at a 16.6% discount to Ris Grandeur, which TOPed on the same year. The newly-launched EC,Belysa, is selling at a 12.8% discount to Whitewater.

Figure 5: Within Whitewaters (EC) vicinityTOP Units Developer Leasehold $ PSF(YTD) % difference

Belysa (EC) 2014 315 NTUC Choice Home & CEL Development 99 Yr 658 -12.8%

NV Residences 2014 642 CDL 99 Yr 861 14.0%

Ris Grandeur 2005 453 FCL Tampines Freehold 880 16.6%

The Palette 2015 892 CDL, Hong Realty, Hong Leong 99 Yr 921 22.0%Whitewater (EC) 2005 397 Far East 99 Yr 755Source: URA

Figure 6: Location map Figure 7: Whitewater resale prices vs. Belysa new sale prices

Source: onemap.sg Source: URA

Older private projects run ahead of ECs. Esparis is also located in the Pasir Ris district. Esparis is selling at aslight discount of 11%, compared to Eastvale, an older estate in the vicinity. Loyang Valley that TOP in 1985 isselling at a discount of only 8% discount compared to Esparis. The newly-launched EC, Watercolours, is selling at apremium of only 4% to the older EC.

Figure 8: Within The Esparis (EC) vicinityTOP Units Developer Leasehold $ PSF(YTD) % difference

Watercolours (EC) 2016 416 Ho Lee Group, Maxdin, GPS, EVIA 99 Yr 715 4%

Seastrand 2014 472 Far East 99 Yr 947 38%

Eastvale 1998 312 Capitaland 99 yr 759 11%

Loyang Valley 1985 362 Loyang Valley 99 yr 630 -8%

Esparis (EC) 2006 274 City Development 99 Yr 686Source: URA

WHITEWATER & E SPARIS

500

550

600

650

700

750

800

850

Jan-10 Aug-10 Feb-11 Sep-11 Apr-12

Belysa WhitewaterWhitewater

Ris Grandeur

Belysa

NV Residences

The Palette

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Bright side of ECs for buyers. The Quintet has fared well against private condos located right next to its plot. Infact, all three plots, Regent Grove, Windermere and Quintet, are trading within a similar price range with a 510%difference among one another. We also find that there are still hidden gems in ECs larger units (>1,800 sq ft) thatare found to command prices below SGD600 psf.

Figure 9: Within Quintets (EC) vicinityTOP Units Developer Leasehold $ PSF(YTD) % difference

Regent Grove 2000 553 Orchard Parade Holdings 99 Yr 729 5%

Windermere 2000 395 Capitaland 99 Yr 629 -9%

Quintet 2006 459 Fraser Centrepoint Homes 99 Yr 694

Source: URA

Figure 10: Location map Figure 11: Resale transactions

Source: onemap.sg Source: URA

Figure 12: Quintet transaction prices of units > 1,500 sq ftDate $ PSF SQFTFeb 2012 528 1,798Feb 2012 546 2,142May 2012 556 1,798Apr 2012 565 2,142Mar 2012 570 4,747Dec 2011 579 2,508Jan 2011 580 1,270Nov 2011 584 1,798Source: URA

500

550

600

650

700

750

800

850

Nov-10 Jun-11 Dec-11 Jul-12

Quintet Regent Grove Windermere

& Q UINTET

Regent Grove

The Quintet

Windermere

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MARKET S NAPSHOT 23 August 2012Analyst: Alison FOK 65-6433 5745 [email protected]

Proper t y Pr ic e Ind ices Index Level ChangeSRPI Overall (Jun 12) 168.2 +1.4%URA PPI (2Q12) 206.9 +0.4%HDB Resale (2Q12) 194.0 +1.3%

Governm ent Land Sales (GLS)Recently Awarded Sites

Site Units AwardedLand price

(S$m)$psfppr

Elias Rd/ Pasir Ris Dr 3 295 Elitist Dev. 166 461Woodlands Ave 5/ Woodlands Dr 16 (EC) 720 Hao Yuan Inv. 247 318

Tampines Central 7/ Tampines Ave 7/ Tampines Av 9 (EC)

580Singxpress,Creative Inv, KayLim

234 374

Sengkang Square/ Compassvale Drive 710 EL Dev. 383 528

Tampines Avenue 10(Parcel A) 600 F.E Lakeside Pte 253 418

Boon Lay Way (JurongGateway) 590 MCL Land 370 706

Pasir Ris Drive 3/ PasirRis Drive 10 495 Capital Dev. 210 417

Buangkok Drive/ Sengkang Central 620 White Haven Prop. 301 508

Pheng Geck Avenue(Parcel B) 200 Santarli Corp. 115 202

Tanah Merah KechilRoad/ Tanah PerahKechil Link

415 Fragrance Group &World Class Land 285 676

Confirmed List

SiteSite area

(Ha) Units

Est.Launch

dateTai Thong Crescent (Parcel C) 0.8 265 6-Sep*

Farrer Road 0.2 40 28-Aug*

Prince Charles Crescent 2.4 N/A Accept

Bright Hill Drive 1.3 405 7-AugPunggol Way/ Punggol Walk (EC) 1.9 560 Jul-12

Dairy Farm Road 1.8 390 Jul-12Woodlands Avenue 6/ Woodlands Drive16 (EC) 1.7 465 Aug-12

New Upper Changi Road/ Bedok Road(Parcel A) 3.2 540 Aug-12

Sengkang West Way/ Fernvale Link(Parcel B) (EC) 1.4 420 Sept-12

Pasir Ris Drive 3/ Pasir Ris Rise (EC) 2.8 590 Sept-12

Bishan Street 14 1.1 645 Oct-12Sembawang Crescent/ Sembawang Drive(EC) 2.3 650 Oct-12

Punggol Field Walk/ Punggol East (EC) 1.5 435 Oct-12

Ang Mo Kio Avenue 2/ Ang Mo Kio Street13 1.8 680 Nov-12

Jurong West Street 41/ Boon Lay Way(Parcel A) 2.2 825 Nov-12

Commonwealth Avenue 1.2 700 Dec-12

Source: HDB, URA *last day of Tender

Reserve List

SiteSite area

(Ha) Units StatusJalan Jurong Kechil 1.0 240 Available

Stirling Road 2.1 1045 Available

Tampines Av 10 (Parcel B) 1.7 515 Available

Kim Tian Road 0.6 500 Available

Sengkang West Way 1.7 na AvailableAlexandra Road/ Alexandra View(Parcel B) 0.9 495 Avail. in Sept

Tampines Avenue 10 (Parcel C) 2.3 680 Avail. in Oct

Tampines Avenue 10 (Parcel D) 1.6 470 Avail. in OctJurong West Street 41/ Boon LayWay (Parcel B) 1.9 600 Avail. in NovNew Upper Changi Road / BedokSouth Avenue 3 (Parcel B) 2.7 595 Avail. in Dec

Source: HDB, URA *to be launched in two weeks (11-Jul)

Col lec t ive sa lesPending for offer

Site

LandArea(k

Sqm)

LandPrice

(S$m)$psfppr

Tendercloses

Chancery Garden 2.7 45 1527 23-Aug

Chateau Eliza 5.4 108 1925 14-Aug

Successful en-blocs

Site Awarded to

Landarea(k

sqm)

Landprice

(S$m)$psfppr

Westvale Roxy Pacific 5.8 77.5 883

Novena Ville Fragrance Group 4.7 132 1730Jade Towers Roxy Pacific 8.6 106 807Bartley Grove Top Global 6.1 74 810

Prope rty Stoc ks

Company Price RNAV

Discto

RNAVNAV

/share

Disc/Prem to

NAVCapitaLand 2.96 5.03 -41% 3.66 -19%

City Dev 11.9 12.62 -6% 7.66 55%Guocoland 1.7 NA NA 2.15 -21%Ho Bee 1.225 2.98 -59% 2.34 -48%Keppel land 3.48 5.78 -40% 3.81 -9%OUE 2.39 NA NA 3.53 -32%SC Global 0.975 3.71 -74% 1.56 -38%Singapore Land 5.97 9.71 -39% 11.78 -49%UIC 2.78 NA NA 3.16 -12%UOL 5.1 NA NA 6.49 -21%Wheelock 1.83 NA NA 2.35 -22%Wing Tai 1.38 2.81 -51% 2.51 -45%

N.A. = No Coverage *As at latest reported

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Pr imary Marke t

Totalno.

ofunits

Unitssold

to-date

Take-up

rate(%)

Unitssold(Jul)

Median

($psf)City & Southwest (1-8) V on Shenton 510 144 28% 144 2,061Seahill 454 244 54% 12 1,530Cityscape @ Farrer Park 250 76 30% 9 1,393Orchard/Tanglin/Holland (9-10) Stellar RV 120 40 33% 19 2,077D'Leedon 1715 517 30% 10 1,527Newton / Bukit Timah / Clementi (11,21) Nottinghill Suites 124 104 84% 12 1,549Balestier / MacPherson / Geylang (12-14) Eight Riversuites 862 251 29% 33 1,400M66 70 38 54% 28 1,352Tropika East 105 76 72% 18 1,348Idyllic Suites 71 61 86% 11 1,252Flamingo Valley 393 321 82% 29 1,270East Coast (15-16) The Line @ Tanjong Rhu 130 13 10% 13 2,238Sycamore Tree 96 89 93% 9 1,248Changi / Pasir Ris (17-18) Archipelago 577 485 84% 49 1,107Parc Olympia 486 204 42% 204 874Sea Easta 376 308 82% 59 880The Tampines Trilliant 670 475 71% 37 806The Palette 892 745 84% 31 899My Manhattan 301 220 73% 24 1,155Watercolours 416 218 52% 19 732Ripple Bay 679 583 86% 16 905Seastrand 473 397 84% 11 902Serangoon / Thomson (19-20) Parc Centros 618 492 80% 492 924River Isles 610 346 57% 86 836Bartley Residences 702 392 56% 59 1,343Flo Residences 530 378 71% 57 812Haus@Serangoon Garden 97 43 44% 43 1,492The Luxurie 622 420 68% 24 1,071Parc Vera 452 391 87% 21 904The Promenade@Pelikat 164 158 96% 14 1,069The Waterline 103 84 82% 11 1,100

Austville Residences 540 517 96% 10 727Twin Waterfalls 728 717 98% 8 733Riversound Residence 590 372 63% 8 857West (22-24) Blossom Residences 602 569 95% 17 710Hillsta 416 200 48% 15 1,095Foresque Residences 496 255 51% 11 1,119Natura @ Hillview 193 157 81% 11 1,318North (25-28) The Woods 93 93 100% 18 485Parc Rosewood 689 633 92% 9 7211 Canberra 665 255 38% 21 720Eight Courtyard 654 609 93% 20 820The Nautical 435 339 78% 17 884The Miltonia Residences 410 396 97% 15 865Seletar Park Residences 276 147 53% 9 1,151

Source: URA

Sec ondary Mark e t

District$psf

May12$psf

Jun12MoM %change

City & Southwest 1,547 1,483 -4.1Orchard/Tanglin/Holland 1,931 1,739 -9.9Newton/Bukit Timah/Clementi 1,396 1,302 -6.7Balestier/MacPherson/Geylang 1,286 1,025 -20.3East Coast 1,234 1,041 -15.6Changi/Pasir Ris 873 792 -9.3Serangoon/Thomson 1,142 937 -18.0West 877 823 -6.2North 944 782 -17.2

Source: URA

Renta l Mark e t

District

$psf pm

May12

$psf pm

Jun12

MoM %

ChangeCity & Southwest 4.7 5.1 8.2Orchard/Tanglin/Holland 4.4 4.5 1.9Newton/Bukit Timah/Clementi 3.4 3.3 -2.4Balestier/MacPherson/Geylang 3.3 3.1 -6.7East Coast 3.1 3.1 0.8Changi/Pasir Ris 2.7 2.8 3.7Serangoon/Thomson 2.8 2.8 0.2West 2.9 2.8 -2.1North 2.5 2.6 3.0

Source: URA

Top 5 Resa le Transac t ions by $psf

Project Tenure District $psfHelios Residences Freehold 9 3,827Helios Residences Freehold 9 3,502Orchard View Freehold 9 3,171The Clift Freehold 1 2,807The Clift Freehold 1 2,765

Source: URA

Bot t om 5 Resa l e Transac t ions by $ps fProject Tenure District $psfLakeside Tower 99 Yr (fm 1975) 22 465Lakeside Tower 99 Yr (fm 1975) 22 487Lakeside Apartments 99 Yr (fm 1977) 22 577Lakepoint Condo 99 Yr (fm 1983) 22 586Loyang Valley 99 Yr (fm 1982) 17 578

Source: URA

MARKET S NAPSHOT ( CONT D ) 23 August 2012Analyst: Alison FOK 65-6433 5745 [email protected]

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Developer District Landbank Tenure Unsold Units

City Dev

1 One Shenton (Marina Bay) 99 20

3 Alexandra Road GLS site (Alexandra Road) 99 5606 South Beach (Beach Road) 99 1189 Futura (Leonie Road) Freehold 1229 Up @ Robertson Quay (Robertson Quay) 99/103 54

10 Boulevard Hotel (Cuscaden Road) Freehold 20310 Lucky Tower (Grange Road) Freehold 17810 Nouvel 18 (Anderson Road) Freehold 15611 Buckley Classique (Buckley Road) Freehold 417 Hedges Park (Flora Road) 99 12218 The Palette (Pasir Ris) 99 14718 NV Residences (Pasir Ris) 99 62418 Pasir Ris Drive 8 (Pasir Ris) 99 912

18Tampines/Upp Changi Rd North (Tampines/Upp Changi RdNorth) Freehold 605

19 H2O Residences (Sengkang West Ave) 99 13119 Bartley Residences (Bartley Road) 99 31019 Mount Vernon GLS site (Bartley Road) 99 78519 Haus @ Serangoon Garden (Serangoon Garden Way) 99 5423 Blossom Residences (EC) (Segar Road) 99 50

Sentosa Residences at W (Sentosa Cove) 99 20715, 19 & 21 Swiss Road (Swiss Club Road) Freehold

Total Unsold Units 5,362

KepLand 1 Marina Bay Suites (Marina Bay) 99yr 502 Keppel & GE Towers site (Tanjong Pagar) Freehold 5904 Reflections at Keppel Bay (Keppel Bay) 99yr 2754 Keppel Bay Plot 3 (Keppel Bay) 99yr 3674 Keppel Bay Plot 4 (Keppel Bay) 99yr 2344 Keppel Bay Plot 6 (Keppel Bay) 99yr 94

19 The Luxurie (Sengkang Square) 99yr 202Total Unsold Units 1,812

CapitaLand

3 The Interlace (Gillman Heights) 99Yr 3069 Urban Resort (Cairnhill Rd) Freehold 399 Orchard Residences (Orchard Road) 99Yr 139 Wharf Residence (Tong Watt Road) 999Yr 5

10 D'Leedon (Farrer Rd) 99Yr 1,19810 The Nassim (Nassim Rd) Freehold 5515 Marine Point (Marine Parade) Freehold 15016 Bedok Residences (Bedok Central) 99Yr 6320 Sky Habitat (Bishan Street 14) 99Yr 37926 Yio Chu Kang site (Yio Chu Kang Rd) Freehold 140


Ho Bee Sentosa Seascape at Sentosa Cove (Sentosa Cove) 99yr 110Sentosa Pinnacle at Sentosa Cove (Sentosa Cove) 99yr 357

11 Trilight (Newton Road) 99Yr 6

Total Unsold Units 473

UOL 2 Spottiswoode Residences (Spottiswoode Park) Freehold 3316 Archipelago (Bedok Reservoir Rd) 99yr 92


Allgreen 2 Skysuites @ Anson (Enggor Street) 99Yr 1745 The Surrento (West Coast Road) Freehold 1319 RV Residences (River Valley) 999Yr 248

10 Holland Residences (Taman Warna) Freehold 512 Riverbay (Mar Thorma Rd) 999Yr 14712 Riviera 38 (Mar Thorma Rd) 999Yr 3321 The Cascadia (Bukit Timah Road) Freehold 2023 Pavilion Park (Phase 1D) (Bukit Batok Road) Freehold 223 Pavilion Park (Phase 2) (Bukit Batok Road) Freehold 79


Wheelock 9 Scotts Square (Scotts Road) Freehold 7210 Ardmore 3 (Ardmore Park) Freehold 84


DEVELOPER S LANDBANK 23 August 2012Analyst: Alison FOK 65-6433 5745 [email protected]

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DEVELOPER S LANDBANK ( CONT D ) 23 August 2012Analyst: Alison FOK 65-6433 5745 [email protected] District Landbank Tenure Unsold Units

Guocoland

2 Tanjong Pagar GLS white site (Peck Seah / Choon Guan) 99Yr 500

9 Sophia Residence (Mount Sophia) Freehold 210 Leedon Residence (Leedon Heights) 99Yr 38110 Goodwood Residence (Bukit Timah Road) Freehold 7626 The Waterline (Yio Chu Kang Rd) Freehold 19


Bt Sembawang

4 Skyline Residences (Telok Blangah) Freehold 579 The Vermont on Cairnhill (Cairnhill Rd) Freehold 489 Paterson Suites (Paterson Rd) Freehold 249 Paterson Suites II (Paterson Rd) Freehold 889 St Thomas Walk (St Thomas Walk) Freehold 221

27 Watercove Villes (Wak Hassan Drive) Freehold 8028 Nim Road (Nim Road) Freehold 23228 Luxus Hills (Seletar Green) 999yr 68


Frasers Centrepoint

9 Starhub Centre (Cuppage Rd) 99yr 24915 Flamingo Valley (Siglap Rd) Freehold 7216 Waterfront Isle (Bedok Reservoir Rd) 99yr 1816 Bedok South GLS site (Bedok South Avenue 3) 99yr 59518 Seastrand (Pasir Ris Drive 3) 99yr 7618 Palm Isles (Flora Drive) 99yr 11719 Boathouse Residences (Hougang) 99yr 9619 Watertown (Punggol) 99yr 4619 Twin Waterfalls (Punggol Way / Punggol Field) 99yr 1127 Eight Courtyards (Yishun Ave 2) 99yr 45


Wing Tai

3 Ascentia Sky (Redhill) 99yr 69 HELIOS Residence (Cairnhill Circle) Freehold 649 Belle Vue Residences (Oxley Walk) Freehold 38

10 Le Nouvel Ardmore (Ardmore Park) Freehold 4210 Anderson 18 (Ardmore Park) Freehold 15711 L'VIV (Newton Rd) Freehold 2723 Foresque Residences (Petir Road) 99yr 24110 Nouvel 18 (Anderson Road) Freehold 156


MCL Land

11 Palms @ Sixth Avenue (Six Avenue ) Freehold 3210 NOB Hill (Ewe Boon Rd) Freehold 7015 Casa Nassau (East Coast Rd) Freehold 6516 Uber 388 (Upper East Cost) Freehold 2317 Ripple Bay (Jalan Loyang Besar) 99Yr 9622 Boon Lay (Jurong East) 99Yr 590


SC Global

9 The Marq (Paterson Hill) Freehold 359 Hilltops (Cairnhill Circle) Freehold 2009 Martin No. 38 (Martin Rd) Freehold 229 Sculptura Ardmore (Ardmore Park) Freehold 35

Sentosa Seven Palms (Sentosa Cove) 99Yr 31


Grand Total 16166

Source: HDB, URA

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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS

This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended asan offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and

that each securitys price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings.Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-relatedinformation extracted from the relevant jurisdictions stock exchange in the equity analysis. Accordingly, investors returns may be less than the original suminvested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does nottake into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investorsshould therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed orrecommended in this report.

The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by MaybankInvestment Bank Berhad, its subsidiary and affiliates (collectively, MKE) and consequently no representation is made as to the accuracy or completeness ofthis report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees(collectively, Representatives) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of thisreport. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.

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DISCLOSURESLegal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of BursaMalaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issuedand distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia : PT KimEng Securities (PTKES) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities andExchange Commission. Philippines: MATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities

and Exchange Commission. Vietnam: Kim Eng Vietnam Securities Company ( KEVS) (License Number: 71/UBCK-GP) is licensed under theStateSecuritiesCommission of Vietnam. Hong Kong : KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: KimEng Securities India Private Limited (KESI) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the BombayStock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA Broker ID 27861. UK:Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of InterestMalaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further actas market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment bankingservices, advisory and other services for or relating to those companies.

Singapore: As of 23 August 2012, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in theresearch report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connectedparties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 23 August 2012, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market inissues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice orinvestment services in relation to the investment concerned or a related investment.

OTHERSAnalyst Certification of Independence

The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part ofthe research analysts compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capableof understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and politicalfactors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality ofany issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with itsown professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Stephanie WongCEO, Maybank Kim Eng Research

The Real Deals (23-08-2012)

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