PHEIM ASSET MANAGEMENT

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PHEIM ASSET MANAGEMENT

• As at Nov 2009

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Pheim

• Provides portfolio management services
• Over US1bn 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 Oct
  09
• Unique Proven Investment Philosophy and
  Process

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Pheim Asset Management
Founder Dr. Tan, Chong-Koay
Pheim Asset Mgt (Asia) Pte Ltd Singapore (1995)
Pheim Asset Mgt Sdn Bhd, Malaysia (1994)
TEXT
Pheim Unit Trusts Bhd, Malaysia (2002)
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Shareholding
Pheim Asset Management Sdn Bhd - Malaysia
Pheim Asset Management (Asia) Pte Ltd - Singapore
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Investment Advisor License
MAS License for 2 Boutique Funds
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
The Straits Times, Sep 10, 1999
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Full Investment Advisor License
Singapore boutique fund gets nod for license
upgrade
Singapores 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
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Combined Assets Under Management
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Pheim Asset Management (Asia) Pte Ltd
BOARD OF DIRECTORS
DR. TAN, CHONG-KOAY CHIEF EXECUTIVE
MR. TENG, CHEONG-KWEE DIRECTOR
MR. CHAN, CHOONG-THO, CFA CHIEF INVESTMENT OFFICER
INVESTMENT MR. LIM, ANDREW CFA, MBA, B.Eng
(Hons) - SR FUND MANAGER MS. TEO, JUSTINE CFA
B.Sc (Hons) SR FUND MANAGER MR. LIM,
THIAM-KON CFA B.Bus (Hons) SR FUND MANAGER MR.
YEOH, CHIH-HONG B Eng (Hons) SR INVESTMENT
EXECUTIVE MR. SEE, KUAN-MIN B Comp (Hons)
INVESTMENT EXECUTIVE
COMPLIANCE MR. HONG, KIN-HOONG, B.A (Hons) -
COMPLIANCE OFFICER
ACCOUNTS Mr. CHOO, IVAN, CPA - ACCOUNTANT

• OPERATIONS
• MS. THAM, JASMINE, B.A. (Hons)
• SENIOR OPERATIONS EXECUTIVE
• MS. CHUA, CYNTHIA
• Dip Banking and Finance
• OPERATIONS EXECUTIVE

MARKETING MS. YAP, CHRISTINA B.Sc. -
Operations Manager / Business Devlopment
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Investment Personnel
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Pheim Asset Management Sdn Bhd
BOARD OF DIRECTORS
INVESTMENT COMMITTEE
INVESTMENT RESEARCH COMMITTEE
DR. TAN, CHONG-KOAY CHIEF EXECUTIVE
MR. LAI, MIKE DIRECTOR OF PORTFOLIO INVESTMENT

• 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

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

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Investment Personnel
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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.
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Investment Process
4. Portfolio Allocation
5. Execution
3. Stock Screening Selection
6. Portfolio Monitoring Evaluation
2. Macro-economic Market Analysis
1.Clients Goals, Needs Risk Appetites
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Research Process
Evaluate Business Model Industry Economics
Through
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Periodic Country and Company Visits
Due diligence checks with companys competitors
and customers
Keep abreast with business and industry trends
Upkeep of database
Management Interview and assessment
On Site Business Evaluation
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In Search of Alpha
Brokers Research
Market Info Providers Bloomberg
Our Contacts Banks, Clients, Competitors
Universe of Discounted / Undiscovered Stock
Sectoral Theme/ Extreme Events
Text
3rd Party Sources periodicals
In House Research
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Investment Criteria
We prefer companies that have the following
features
Quantitative Factors
Qualitative Factors

• Strong Balance Sheet
• Low Gearing
• Strong Cash Flow
• Positive Earning Dynamics
• Strong Earnings Growth
• Dominant Market Position
• Pricing Power
• 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

• 4. Technical Factors
• Tracking the Turning Points of Major Trends

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Stock Selection Process
Stocks that meet our criteria
Assess Financials and Prospects
3rd Party Checks Clients, Bankers,
Brokers Competitors, Professional Bodies
Company Visits, Management Interviews
Recommendation

• 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

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Proven Sell Discipline

• Material Adverse Changes in a Countrys
• 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

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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 30 years
• No Proprietary Trading

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Contact Details
Pheim Asset Management (Asia) Private Limited
Address 43 Duxton Rd, Singapore 089507
Telephone [phone]
Facsimile 65-6225-9912
Website www.pheim.com.sg
Email pheim_at_pheim.com.sg
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Disclaimer

• While 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
  investors 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
  PHEIMs 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.