PHEIM ASSET MANAGEMENT

Your Need is our FocusNot for public distribution and for accredited investors’ information only

PHEIM

ASSET MANAGEMENT

As at Apr 2010

2 Your Need is our Focus

Not for public distribution and for accredited investors’ information only

Pheim

• Provides portfolio management services– Over US$1bn assets under management

• Funds are managed on a fully discretionary basis

• Area of Expertise / Strength– Asia Ex-Japan– ASEAN (Association of Southeast Asian Nations)– Single Country Equity Funds– Islamic Funds

• Client Base– 95% Institutions & Government Agencies as at Mar 10

• Unique & Proven Investment Philosophy and Process



Pheim Asset Management

Founder Dr. Tan, Chong-Koay

TEXT

Pheim Unit Trusts Bhd,

Malaysia (2002)

Pheim Asset Mgt (Asia) Pte Ltd Singapore

(1995)

Pheim Asset Mgt Sdn Bhd,

Malaysia (1994)



Shareholding

Aizawa Securities Co., Ltd 5.0%

Omar Bin Malek Ali Merican 15.0%

Azmi Bin Malek Merican 15.0%

Multi Purpose Capital Holdings Bhd 20.0%

Dr. Tan Chong Koay 45.0%

Pheim Asset Management Sdn Bhd - MalaysiaPheim Asset Management Sdn Bhd - Malaysia

Pheim Asset Management (Asia) Pte Ltd - SingaporePheim Asset Management (Asia) Pte Ltd - Singapore

Aizawa Securities Co., Ltd 5.0%

Omar Bin Malek Ali Merican 28.5%

Dr. Tan Chong Koay 66.5%



Investment Advisor License

“MAS [Monetary Authority of Singapore] announced yesterday that it has approved the applications for IA licenses by PrimePartners Asia Capital and Pheim Asset Management (Asia), making them the first boutique fund managers to be accorded IA status”

MAS License for 2 Boutique Funds

The Straits Times, Sep 10, 1999



Full Investment Advisor License

“Singapore’s Pheim Asset Management (Asia) Pte Ltd has become the first boutique fund manager to receive approval from the central bank to upgrade

its license to full investment adviser status.”

Reuters, April 9, 2002

Singapore boutique fund gets nod for license upgrade



Combined Assets Under Management

1,580

433393

311254

202

97

595615

860

1,201

1,008

1,467

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Mar-10

Fu

nd

Siz

e (

US

$ M

il)

Malaysia Singapore



Pheim Asset Management (Asia) Pte Ltd

DR. TAN, CHONG-KOAYCHIEF EXECUTIVE

MR. TENG, CHEONG-KWEEDIRECTOR

INVESTMENTMR. LIM, ANDREW CFA, MBA, B.Eng (Hons) - SR FUND MANAGER

MS. TEO, JUSTINECFA B.Sc (Hons) –SR FUND MANAGER

MR. LIM, THIAM-KONCFA B.Bus (Hons) – SR FUND MANAGER

MR. YEOH, CHIH-HONG B Eng (Hons) – SR INVESTMENT EXECUTIVE

MR. SEE, KUAN-MINB Comp (Hons) – INVESTMENT EXECUTIVE

OPERATIONSMS. THAM, JASMINE, B.A. (Hons)-SENIOR OPERATIONS EXECUTIVE

MS. CHUA, CYNTHIA Dip Banking and Finance-OPERATIONS EXECUTIVE

COMPLIANCEMR. HONG, KIN-HOONG, B.A (Hons)- COMPLIANCE OFFICER

MARKETING* MS. YAP, CHRISTINA B.Sc.- Operations Manager / Business Devlopment

ACCOUNTSMr. CHOO, IVAN, CPA - ACCOUNTANT

BOARD OF DIRECTORS

MR. CHAN, CHOONG-THO, CFACHIEF INVESTMENT OFFICER



Investment PersonnelPheim Singapore

Dr. Tan, Chong-Koay

Chief Strategist

• Over 33 yrs working experience• Oversees Fund’s Investments

Mr. Chan, Choong-Tho

Chief Investment Officer

•Over 21 yrs working experience; B.Eng, MBA, CFA•Oversees Fund Managers

Mr. Lim, Andrew

Senior Fund Manager

• Over 19 yrs working experience; B.Eng, MBA, CFA • Covers Korea, Australia & New Zealand

Ms. Teo, Justine

Senior Fund Manager

• 11 yrs working experience; B.Sc (Hons), CFA• Covers Hong Kong, China, Thailand and Singapore S-shares

Mr. Lim, Thiam-Kon

Senior Fund Manager

• 8 years working experience; B.Bus (Hons), CFA• Covers Vietnam and Taiwan

Mr. Yeoh, Chih-Hong

Senior Investment Executive

• 5 yrs working experience; B.Eng ( Hons)• Covers India, Indonesia

Mr. See, Kuan-Min

Investment Executive

• Research



Pheim Asset Management Sdn Bhd

MR. TEW, SOW-HUME FCCAHEAD OF COMPLIANCE

OPERATIONS OFFICERS• MS. WONG, SHIAU-WAN B.Sc• MS. EHSAN, ERMA Dip. Acct

BOARD OF DIRECTORS

DR. TAN, CHONG-KOAYCHIEF EXECUTIVE

INVESTMENT COMMITTEE

FUND MANAGER/ ANALYST• MS. TUNG, YIN-WAI M.Econs, B.Ec (Hons)• MS. CHONG, PAULINE BA (Hons)• MR. WAHAP, KHIRWAN B.Sc (B.Admin)• MS. TAN, ANGIE B.Com• MR. NG, TERENCE B.Bus• MS. ABDUL SHUKRI, NOR AZIANI Dip IT

MR. LAI, MIKEDIRECTOR OF PORTFOLIO INVESTMENT

INVESTMENT RESEARCH COMMITTEE



Investment Personnel

Pheim MalaysiaDr. Tan, Chong-Koay Chief Strategist

• Over 33 years experience• Oversees Fund’s Investments

Mr. Lai, MikeDirector of Portfolio Investment

• 18 yrs working experience; B.A (Accounting)• Covers Malaysia, India, Indonesia

Ms. Tung, Yin-Wai Fund Manager

• 7 yrs working experience; B.Econs(Hons), M.Econs• Covers Malaysia, Hong Kong, China, Taiwan

Ms. Chong, PaulineFund Manager

• 8 yrs working experience; B.A (Hons) Business & Economics • Covers Malaysia, Korea, Thailand

Mr. Wahap, KhirwanFinancial Analyst

• 7 yrs working experience; B.Sc (B.Admin)• Research – Covers Malaysia, quantitative

Ms. Tan, AngieSenior Financial Analyst

• 5 yrs experience; B.Com• Research – Covers Malaysia, Singapore, Indonesia

Mr. Ng, TerenceFinancial Analyst

• 4 yrs experience; B.Business• Research – Covers Malaysia, Philippines, Thailand

Ms. Abdul Shukri, Nor AzianiFinancial Analyst

• Dip. IT• Research – Covers quantitative



Investment Approach

Core Investment Philosophy

Value Investor and Not Fully Invested at All Times

A predominantly VALUE INVESTOR

“Due to the volatility of Asian markets, we do not believe in being fully invested at all times. Rather, we seek to trim our equity exposure when we believe that the market is near its peak in order to preserve capital. Conversely, we seek to increase equity exposure when we believe that the market is near its bottom.”



Investment Process

5. Execution

4. Portfolio Allocation

3. Stock Screening & Selection

2. Macro-economic & Market Analysis

1.Clients’ Goals, Needs & Risk Appetites

6. Portfolio Monitoring & Evaluation



Research Process

1 2 3 TEXT

Periodic Country

and Company

Visits

Evaluate Business Model & Industry Economics Through Evaluate Business Model & Industry Economics Through

4 5 6

Due diligence

checks with company’s competitors

and customers

Keep abreast

with business

and industry trends

Upkeep of database

On Site Business

Evaluation

Management Interview

and assessment



In Search of Alpha

Text

Market Info Providers: Bloomberg

Brokers’ Research

SectoralTheme/

Extreme Events

In HouseResearch

Universe of Discounted /

Undiscovered Stock

3rd Party Sources:

periodicals

Our Contacts Banks, Clients,

Competitors



Investment Criteria

Quantitative Factors

Qualitative Factors

1. Strong Balance Sheet• Low Gearing• Strong Cash Flow

2. Positive Earning Dynamics• Strong Earnings Growth• Dominant Market Position• Pricing Power

3. Attractive Financial Ratios• Low P/E• Low P/Book• High Margins

1. Management• Good Integrity• Capable & Focused• Significant Equity Interest

2. Corporate Transparency

3. Good Corporate Governance

We prefer companies that have the following features :We prefer companies that have the following features :

4. Technical Factors• Tracking the Turning Points of

Major Trends



Stock Selection Process

• Each counter has to satisfactorily pass each stage before it can be recommended to the Investment Committee

• At the Investment Committee, each counter will be critically evaluated before a “BUY” call is approved

RecommendationStocks that

meet our criteria

Assess Financials

and Prospects

Company Visits,

Management Interviews

3rd Party Checks: Clients,

Bankers, BrokersCompetitors, Professional

Bodies



Proven ‘Sell’ Discipline

Material Adverse Changes in a Country’s• Socio Political Developments• Economic Outlook• Sector Outlook

Adverse Changes in Company Fundamentals• Material Decline in Earnings• Severe Deterioration in Financial Conditions• Changes in Management • Changes in Business Focus

Announcement of Corporate Actions or Transactions that are Detrimental to Interest of Minority Shareholders

Prices have run materially ahead of intrinsic value



Internal Controls

• Proprietary Software to monitor Portfolio Risks

• Dealing Executed only by Authorized & Licensed Investment

Representatives Trade Allocation

• Minimal Conflict of Interest Founder/Chief Investment Strategist never sat on any of

the Board of Directors of Investee Companies for the last 33 years

No Proprietary Trading



Contact Details

Address: 43 Duxton Rd, Singapore 089507Address: 43 Duxton Rd, Singapore 089507

Telephone: +65-6227-9928Telephone: +65-6227-9928

Facsimile: +65-6225-9912Facsimile: +65-6225-9912

Website: www.pheim.com.sg Website: www.pheim.com.sg

Email: [email protected]: [email protected]

Pheim Asset Management (Asia) Private Limited



DisclaimerWhile the following informational materials contained within this presentation are believed to be reliable and gathered from credible sources, there is no warranty or guarantee of the accuracy of the information provided by the company and its group affiliates, employees or directors. The material provided is for information purposes only and of itself does not constitute nor should be construed as an offer to sell or any solicitation or any offer of invitation to purchase or subscribe for interests or securities in Singapore or any other jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with any, contract or commitment whatsoever.

The information is intended for institutional and accredited investors and the recipient should be aware of the securities laws and regulation of your jurisdiction in your review of the material. The material should not be construed as formal investment, legal, tax or accounting advice and such formal advice should be acquired by any individual investor prior to making an investment.

The strategies, instruments and/or opinions in that regard contained within the material may not be suitable or appropriate for all investors. The material does not account for the individual investor’s risk requirements, needs, circumstances and objectives. Past performance is not indicative or a warranty of future results.

PHEIM expressly disclaims any liability, including incidental or consequential damages arising from errors or omissions in this publication. The value of interests or securities in the Funds and the income derived from them may fall as well as rise. The interests or securities in the Funds are not obligations of, deposits in, or guaranteed by PHEIM or any of its group affiliates. All investment products, including without limitation to derivatives products, are subject to investment risks, including possible loss to principal investments held.

This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income and occupancy, changes in operating expenses, including employee wages, benefits and training, property expense and governmental and public policy changes and the continued availability reliance on these forward-looking statements, which are based on PHEIM’s current view of future events.

This presentation has been prepared by PHEIM. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. Neither PHEIM nor any of its agents or advisers, nor any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

Neither this presentation, nor any copy or portion of it, may be sent, taken, transmitted or distributed, directly or indirectly, in or into the United States, Japan or Canada, or to any U.S. person (as such term is defined in Regulation S under the Securities Act of 1933, as amended). It is not an offer of securities for sale into the United States. The interests or securities in the Funds may not be offered or sold into the United States, Canada or Japan or to, or for the account or benefit of, U.S. persons unless they are registered or exempt from registration. The interests or securities in the Fund have not been and will not be registered under the Securities Act or the securities laws of any state of the United States. There will be no public offer of securities in the United States.

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