NetResearch Asia was founded in July 1999 by a team of highly experienced equity analysts and fund managers led by Kevin Scully who believed that there was and will continue to be an important role for independent equity research. The founders also believed that as the stockbroking industry consolidates under rising commission pressure, there would be a need for stockbrokers to outsource some of their equity research functions. NetResearch Asia prides itself in being the first independent equity research company to be licensed by the Monetary Authority of Singapore to offer independent institutional quality equity research written for the sophisticated investors. The Internet was used as a delivery medium given its timeliness and low costs. Please see below for a quick brief on our directors and key management staff.

Our website www.netresearch-asia.com was launched in Jan 2000. It offers equity research covering companies listed on the Singapore Exchange Limited. Our subsidiary company in Malaysia, Netresearch-Asia Sdn Bhd was similarly licenced by the Securities Commission in Kuala Lumpur as an Investment Advisor in Malaysia and it launched its own website on 1 July 2001. Our proprietary research is updated daily before the market opens and is available to paying subscribers at our website. A daily email advisory service highlighting the market tone and key events for the day and the rest of week as well as major corporate research ideas or news is sent to registered users via email.

The main headings/sections of the website include: a) Our Top Ideas; b) IPO Watch; c) Our take on the News; and d) Feature articles from well-known strategists, corporate commentators as well as our own writers giving their views on the market. We also provide pre-open, mid-day and closing market commentaries during the trading day. We have a forum section on our website to primarily allow our users to ask stock-specific questions to our team of experienced analysts.

Since our launch, our reputation as an independent and reliable investment advisor has grown. We were recently chosen by AsiaWeek as one of the most useful investment research portals in Asia, besides Multex Investor.

As our market presence and credibility grew, we expanded our business from equity and unit trust advisory services to include Corporate Finance and Advisory services for companies. Our team of equity analysts and fund managers was expanded to include well qualified and experienced Corporate Finance personnel. We are approved by the Monetary Authority of Singapore to offer Corporate Finance and Advisory services. This extension of our Investment Advisor's licence means that we can provide you with Corporate Finance services including independent financial advisory on mergers and acquisitions, lead managing initial public offerings, management of equity placements and rights issues, and other general advisory services, such as investor relations and corporate restructuring. We do not however provide underwriting services.

Our online research subscription service is available at our website www.netresearch-asia.com or through our business partners. You can reach us at:

NRA Capital Pte. Ltd.
36 Robinson Road #12-05
Singapore 068877
Tel: (65)-6236 6878
Fax: (65)-6222 0093

[NRA Capital Pte. Ltd. is a licensed Investment Advisor.]

The Team Behind NetResearch Asia

Kevin SCULLY – Executive Chairman and founder

As our Managing Director, Kevin has overall responsibility for the direction and strategy of our Group. He has 18 years experience in fundamental research and the scars to show for it! An economist by training, Kevin has an honours degree in economics and spent the first two years of his working life in the regional and economics division of the Ministry of Foreign Affairs. He then started life as an equity analyst in the early 1980s in Lyall & Evatt for two years before moving on to Schroder Securities for 12 years - where he progressed from being an analyst to Head of Research for Singapore/Malaysia in 1989, and as Managing Director for Singapore from 1995. He was also Head of Research at Kay Hian and HSBC Securities before starting this venture. Kevin's focus in equity research is the consumer sector comprising healthcare, food & beverage, autos, media and mid-small caps. He also looks at the economy and determines the market strategy for Singapore.

Bryan CY CHAN – Managing Director Netresearch-Asia Sdn Bhd

Bryan is one of the pioneer members of the NRA Group. He has more than 17 years of experience in fund management and research. He joined Schroder Investment Management in Singapore in 1990 as an analyst covering the Singapore and Malaysia stock markets, thereafter he spent two years as a fund manager with Schroder’s Far East Desk in London. He returned to Malaysia in 1994 to join Amanah SSCM Asset Management (currently known as MIDF Amanah Asset Management), which was then a joint venture between Schroders and local group, Seacorp. Bryan established Netresearch-Asia Sdn Bhd in Kuala Lumpur in 2000. The company holds an Investment Adviser's licence issued by the Securities Commission, and specializes in providing proprietary equity research on the Malaysian stock market. We are amongst the research companies approved by Bursa Malaysia to participate in the CMDF-Bursa Malaysia Research Scheme, providing analytical research on a selected list of Malaysian listed companies.

CHAN Meng Fatt Patrick - Non-executive Director of NetResearch Asia Holdings Pte Ltd

Patrick is a Non_Executive Director of Netresearch-asia Holdings, the holding company of NRA Capital Pte Ltd. He has an Honours degree in Business Administration from the National University of Singapore. He has more than 15 years' experience in the investment banking industry including stints in Nomura Singapore Limited, Schroder International Merchant Bankers Limited as an assistant director in the area of institutional fund management. After Schroder International, Patrick joined what is now known as ABN Amro Asia Securities (Singapore) Pte Limited as assistant director of Institutional Sales. In 1993, he joined Citibank N.A. as the vice president of the International Personal Banking Division. Patrick entered the securities industry again when he joined Schroder Securities (Singapore) Pte Ltd ("Schroder Securities") and was subsequently appointed a director and head of institutional sales and dealing. With the voluntary winding up of Schroder Securities in 1998, he went on to be an Assistant Director of equity sales at UOB Kay Hian Private Limited.

LEE Lay Wah Maggie - Advisor

Maggie has more than 20 years experience in the securities and fund management industry and is a degree holder in Business Administration from the University of Singapore. The organizations she had worked in include the Monetary Authority of Singapore, Associated Asian Securities (Pte.) Ltd., Singapore Nomura Merchant Banking Limited, and OUB where she specialized in fund management and was the head of its Investment Division. In 1985, she moved on to the Schroders group of companies in Singapore ("Schroders") to develop the fund management business. Whilst at Schroders, 2 overseas unit trusts under her charge were rated 3 stars and 4 stars (out of a maximum of 5 stars) by Standard & Poor Fund Research. The unit trusts managed were very sizeable, the fund size of one was more than 1 billion sterling pound, which she continued to manage directly on secondment to London in 1996. She was made a board director of Schroder Investment Management Ltd, UK ("Schroder UK") in September 1996. In September 1997, she was appointed a director of Schroder Investment Management International Ltd, UK. Maggie was featured by Euromoney in 1997 as amongst the world's top 50 women in finance. Whilst in London, she continued to manage monies for the Asia Pacific markets excluding Japan. She left Schroders in 1999, and after a short break, joined us in August 2000 as a Director when we were considering an IPO. When our IPO plans were discontinued, Maggie resigned as a Director but remains an Advisor and shareholder of Netresearch-asia Holdings Pte Ltd, the holding company of NRA Capital Pte Ltd.

A. RESEARCH - SINGAPORE

KOH Bee Ann - Head of Research, Co-Head of Compliance and Risk Management, Director of NRA Capital Pte Ltd

Bee Ann started her working life writing for The Straits Times' Money Desk from 1988 to 1991. She spent some time as the Singapore correspondent for the International Financing Review (IFR) before joining GK Goh Research in 1992 as an investment analyst. Her last position in GK Goh was Vice President and Deputy Head of Research before she left in August 2000 to join NetResearch Asia. In her many years analyzing the Singapore stock market, Bee Ann has covered a whole gamut of stocks from big caps to small caps and in sectors ranging from industrial and engineering, to retail, publishing and the old economy conglomerates.

Lynn LOOK - Associate Director [Banks, Small Caps]

Lynn has a CFA and a BBA from the National University of Singapore. She started working life as a corporate finance officer in Schroders between 1987-89 before joining Paul Morgan (now SBC Warburg) as an analyst from 1989 to 1993. She subsequently worked as a senior analyst at HG Asia (1993-94), Crosby (1994-95) and most recently at ABN Amro Securities (1995-99). She left the broking industry in 1999 to start a family but returned to join NetResearch Asia in 2000. She has a total of more than twelve years equity research experience.

Angelia PHUA - Associate Director [Property]

Angelia has a BAcc from Nanyang Technological University and a Master of Finance degree from Royal Melbourne Institute of Technology. She has about six years experience in investment research/advisory, primarily in the property sector, at stockbroking and property consultancy firms including OUB Securities, RHB-Cathay Securities and Colliers Jardine. She also has three years of experience in wealth management. She left the banking and finance industry for about two-and-half years to start a family and returned to the financial market as an investment analyst in 2006. She joined NRA Capital Pte Ltd in March 2007.

Maureen CHIA - Senior Investment Analyst [Property, Small Caps]

Maureen has nearly 10 years of investment research experience, with the first 6 years at Tat Lee Securities and the subsequent Keppel Securities after the merger. She later joined RHB-Cathay in August 2000, with focus still very much on the Technology sector. After RHB was sold in September 2001 and the research dept closed down, Maureen joined JM Sassoon and started coverage of the consumer and property sectors. Due to the ongoing consolidation within the broking industry, JM Sassoon was also sold in March 2003, following which Maureen joined NRA as a senior investment analyst.

David ZHANG - Investment Analyst [Technology, Small Caps]

David Zhang graduated from Nanyang Technological University in 2006 with a Bachelor of Business specializing in banking and finance. He joined NRA capital in March 2007. Currently his research coverage includes small caps in different industries ranging from technology to pharmaceuticals.

A. RESEARCH – MALAYSIA

LIM Boon Ngee – Associate Director

Boon Ngee has more than 14 years of investment research experience, having begun his professional career in 1994 with PI Capital Research, before moving to HLG Securities. He was with NikPac Capital Markets Research, and joined Netresearch-Asia in 2000. A senior analyst covering the Malaysian stockmarket, Boon Ngee’s research experience spans the consumer, auto, manufacturing and retail sectors.

NASRUDIN Bin Mad Hashim – Analyst

Nasrudin began his career as senior auditor in 1997 before joining the NRA Group in 2003. He has more than 4 years experience covering the consumer sector as well as MESDAQ companies in Malaysia.

B. CORPORATE ADVISORY

Vicky HAN – Head of Corporate Advisory - Director

Vicky has a Bachelors Degree in Accountancy from the National University of Singapore. She has more than 20 years experience in the Singapore capital markets as Vice President Corporate Finance in institutions such as Schroders Merchant Bank (SIMBL), First National Bank of Chicago, DBS Bank, Sanwa Bank and OCBC Bank. She was also an Assistant Director at UOB Kay Hian before joining NRA Capital in 2005 as Director of Corporate Advisory. She assumed the position of Head of Corporate Advisory in January 2008.

LEE Jon Yin Raymond – Head of Risk Management & Compliance, Director of NRA Capital Pte Ltd and Group Chief Financial Officer

Raymond has a Masters in Business Administration and a Bachelor of Science (majoring in Finance) degree from Southern Illinois University at Carbondale. He has 11 years' experience with financial institutions in Singapore, namely, Tat Lee Bank Limited (now known as Keppel TatLee Bank Limited), NDC Merchant Bank Ltd (now known as NDC Capital Holdings Ltd), ABN Amro (Asia) Ltd (now known as ABN Amro Asia Merchant Bank (Singapore) Limited), Keppel Bank of Singapore Limited (name changed to Keppel TatLee Bank Limited after its merger with Tat Lee Bank Limited and now taken over by Oversea-Chinese Banking Corporation Limited) and Oversea-Chinese Banking Corporation Limited as its vice president. Throughout his career in banking he specialized in corporate finance and capital markets working on bringing companies public and helped companies raise funds from the capital markets. As our Chief Financial Officer, he is responsible for overseeing the corporate financing functions of our Group.

Merrily CHIAM - Director

Merrily graduated with a Bachelor of Business Administration from the University of Singapore in 1975 and a Masters in Business Administration (Honours) from the NorthEastern University in 1979. She brings with her more than 30 years of institutional equity research experience to NetResearch Asia. Starting in 1975 as a Senior Assistant in the management-consulting arm of SGV-Goh Tan Singapore between 1975-77. She subsequently joined Lyall &Evatt Pte Ltd, in 1980 as an investment analyst and was promoted to its head of research in 1984 covering both Singapore and Malaysian equities. Between 1985-87, she was Director of Research for Schroder Securities Singapore and was responsible for equity research in Singapore and Malaysia. She then left and was director of research at Credit Lyonnais Securities Singapore and was responsible for research in the Singapore and Malaysian markets between 1988 to 1991. She subsequently set-up the research arm of the Nomura Research Institute of Singapore as its Head of Research. She then went to Prudential Bache Securities as Senior VP (Malaysian equities) in 1998 and became its head of research for Singapore and Malaysia in 1999.

Shelyn LOY – Senior Manager, Corporate Advisory

Shelyn has a Bachelor of Business (major in Accounting) degree from Swinburne University of Technology in Melbourne, Australia. She is a member of the Australian Society of Certified Public Accountants. She has over 8 years of corporate finance related experience having worked with various organisations including the corporate finance department of Harry Elias Partnership and PrimePartners Corporate Finance Pte Ltd. She has been involved in a wide range of corporate finance transactions including fund raising exercises such as initial public offerings, rights issues and placements as well as advisory transactions for reverse take-overs, mergers and acquisitions, privatisations, corporate restructurings and fairness opinions. As a senior member of the corporate advisory team at NRA Capital Pte. Ltd., she assists the department head in managing the projects undertaken by the company.

Goh Lye Heng – Associate, Corporate Advisory

Lye Heng graduated from Nanyang Technological University with a First Class Honours Degree in Business with a specialization in Banking and Finance. He joined NRA Capital in August 2007 and has since been involved in the execution of various corporate finance transactions and corporate advisory work undertaken by the company.

Chan Shijia - Associate, Corporate Advisory

Chan Shijia graduated from Nanyang Technological University with a Second Class Upper Honours in Accountancy. She joined NRA Capital in August 2007. Currently she assists the team in the execution of various corporate finance transactions undertaken by the company.

C. INVESTOR RELATIONS - SINGAPORE

Rebekah GOH – Director

Rebekah has over 12 years of working experience in the field of public relations and investor relations consultancy, with a diverse client base spanning across government agencies, MNCs and local companies in various industries. She has managed both local and regional communications programmes that have achieved positive impact on the corporate image of her clients.

Rebekah started her career in a local PR consultancy where she organised nationwide campaigns for government organisations. She then moved on to join Fleishman-Hillard and Miller-Shandwick, both are international consultancy firms. After several years of freelance project work, she joined NRA Capital in 2005. Forging a close working relationship with her clients, Rebekah is actively involved all aspects of an investor relations programme including strategy and planning, crafting of key messages, investor presentations and meetings, identifying and addressing shareholders issues and media relations management.

Rebekah has a bachelors degree in Business Administration from the National University of Singapore.

Junli HU – Associate

Junli graduated with a Bachelor of Business degree majoring in marketing from Nanyang Technological University, Singapore. Before joining NRA Capital as an Associate, she was with a statutory board for slightly over a year, marketing industrial land and managing key customers on their lease management issues.

C. INVESTOR RELATIONS - MALAYSIA

TENG Leong Nyean – Director

Leong Nyean is a key pioneer member who built up the Malaysian operations for NRA Group. He has more than 16 years of experience in investment research. His career began with Rashid Hussain Securities. In 1996, he joined NatWest Markets (Malaysia) and subsequently Schroders Research (Malaysia). Prior to joining the NRA Group, he was a Director with Vickers Ballas Research (Malaysia). He currently heads a team which distinguishes themselves as market practitioners with extensive experience and established track records in equity research, fund management and investment banking. The company specialises in providing total solutions in investor and public relations communications, with dedicated focus to serve the needs of Bursa Malaysia-listed companies.

Danny OH – Associate Director

Danny has more than 16 years of experience in investment research with various research institutions, including JMF Asset Management, K&N Kenanga Securities and Apex Asset Management, where he held the position of Vice President for Research and Investment. Prior to joining the NRA Group, he was the Head of Research in Mercury Securities.

Kathy CHEW – Consultant

Kathy has 2 years of public relations & marketing experience in the hospitality & entertainment industry. She was with Heritage Hotel & Mun Sang Media Group before becoming part of the NRA team in Kuala Lumpur. She specialises in media relations and event management activities.