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May 2007

May 2007. Singapore Exchange. Why List Overseas?. Why List Overseas?. Benefits. Considerations. Rich valuation in Vietnam Costs and resources in maintaining listing in two markets. International profiling Align to international corporate governance and transparency standards

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May 2007

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  1. May 2007 Singapore Exchange

  2. Why List Overseas?

  3. Why List Overseas? Benefits Considerations • Rich valuation in Vietnam • Costs and resources in maintaining listing in two markets • International profiling • Align to international corporate governance and transparency standards • Access international capital • Widen shareholder base • Increase trading liquidity • Scarcity value may drive valuation

  4. Factors in Choosing an Overseas Listing Destination Market Depth • Availability of funds in primary and secondary markets • Trading liquidity Market Breadth • International platform • Investor receptivity to foreign companies • Availability of listing options Strategic Fit • Political and cultural affinity • Business hub for regional expansion • Geographical proximity for better investor communication

  5. SGX Value Proposition

  6. Why List on SGX? …. the advantage of listing in SGX Major Fund Management Hub (Fair valuation & liquidity) International Disclosure & Corporate Governance Standards (Reputation & branding) Close Political & Business Affinity with Vietnam (strong newsflow, Investor familiarity) Our Value Proposition Market-Oriented Regulatory Regime (disclosure-based, no capital gains tax) Political Stability and Regional Financial Centre (Conducive environment) Home Exchange to Foreign Companies (experienced platform, effective solutions)

  7. Why list on SGX? …. support extends beyond the initial listing stage • First exchange-subsidised research scheme • designated coverage for more than 150 participants • Downloadable research reports on SGX’s website (50,000 ave monthly downloads by 35,000 users) • Profiling to investors • Overseas roadshows • Local retail forums • Monthly sessions with analysts • Corporate Governance seminars for listcos

  8. Overview of Singapore Market

  9. Key Milestones of SGX • 1960 – Formation of Stock Exchange • 1999, Dec 1 - Singapore Exchange (SGX) First demutualised, integrated securities & derivatives exchange in Asia-Pacific • 2000, Nov 23 – First exchange in Asia-Pacific to be listed Disclosure-based regime International standards of corporate governance Strong financial standing (AAA sovereign rating)

  10. Market Performance …. strong long term growth Annual Trading Volume (Billion Units) Straits Times Index (STI)

  11. An International Exchange …. sizeable segment of foreign companies Market Capitalisation - S$662 bn* No. of Listed Companies – 715* S$184 252 463 S$478B * Excludes 21 foreign companies which are secondary listed, with secondary trading on SGX. As at end-Mar 2007

  12. Established Market …. spans across the whole spectrum of industries * Excludes 21 foreign companies which are secondary listed, with secondary trading on SGX. As at end-Feb 2007

  13. Diversity of Foreign Companies … wide range of industries Breakdown by Number Breakdown by Market Capitalisation * Includes 22 foreign companies which are secondary listed, with secondary trading on SGX. As at end-Feb 2007

  14. Diversity of Foreign Companies … different geographical regions Country of Origin* * Includes 21 foreign companies which are secondary listed, with secondary trading on SGX. As at end-Mar 2007

  15. Some of our Foreign Listings …. ranges from mid to large size Company Origin Sector Market Cap (S$ biilion) Hong Kong Jardine (6 companies) Conglomerate 65.7 Thailand Thai Beverage Food & Beverage 6.9 Indonesia Wilmar Palm Oil 6.0 PRC Cosco Coporation Shipping 6.0 Noble Group Hong Kong Trading 3.4 Total Access Communications Thailand Telecommunications 3.2 Taiwan Want Want Food & Beverage 3.1 Synear PRC Food & Beverage 2.3 Taiwan TPV Holdings Electronics 1.2 Indonesia PT Berlian Laju Tankers Shipping 1.2

  16. Growth of Foreign Companies …. outpacing growth of domestic listings * Foreign companies are well-received by investors here * Excludes 3 Reverse Takeovers – Gallant Ventures Ltd, Wilmar International Ltd, and Yoma

  17. IPO Fundraising by Foreign Companies …. growing significantly 7,730 S$ million 6,525 3,517 3,465 1,897 1,830 881 473

  18. Active Secondary Fundraising …. continual funding for growth

  19. Liquidity of Foreign Companies …. well-monitored by investors As at end Feb 2007

  20. Diversified Product Range …. to suit each funding and investment need • Equities / Equity options • Global Depository Receipts • Real Estate Investment Trusts (REITs) • Business Trusts • Investment Funds / Exchange Traded Funds (ETFs) • Bonds /Debentures

  21. Fund Management Hub …. institutional investor participation in Singapore Singapore is a regional financial centre and trading hub 2005 Assets Under Management S$720B Total Domestic Bank Deposits S$244B Central Provident Fund Deposits S$122B 900 Financial Institutions 1300 Investment Professionals Assets Under Management (S$B)

  22. Listing Options and Requirements

  23. Global Depository Receipts (GDR) Listing Dual Listing Listing Options Product Characteristics Entry Requirements Continuing Obligations Benefits

  24. Dual Listing Requirements Alternative 3 Alternative 1 Alternative 2 Pre-Tax Profit Market Cap Sharehold-ing Spread Others

  25. Dual Listing Timeline …. approximately 12 – 18 weeks Day 0 8 – 12 weeks 3 - 4 weeks 1 – 2 weeks SGX Review Pre-submission Consultation Public Comments Registration Trading Commences Issuer makes pre-quotation disclosure (if any). SGX lists issuer’s securities and commences secondary trading. Submit listing application & prospectus to SGX. SGX reviews listing application for compliance with listings requirements and indicates eligibility to list. Consult SGX on issues to be resolved Lodge prospectus with MAS. Launch offer. Submit replacement or supplementary prospectus to MAS and SGX concurrently

  26. Dual Listing Fees

  27. For more information, visit www.sgx.com/listings While care has been taken to ensure the accuracy of the information in this document, SGX and its affiliates make no warranty as to the accuracy, completeness, merchantability or fitness for any purpose, of the information contained in this document or as to the results obtained by any person from the use of any information or investment product mentioned in this document. SGX reserves the right to make changes to such information from time to time. Any change, omission or error in such information, shall not form the basis for any claim, demand or cause of action against SGX or any of its affiliates and SGX and its affiliates expressly disclaim liability for the same.

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