Yeoman Capital Management

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Presentation

• Yeoman Capital Management
• Performance backed by Principles, Process
  and People

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Agenda

• 1) Background on Yeoman, shareholders,
  directors, key staff
• 2) Performance year by year and 11yr 2mo ending
  Dec 2008
• 3) Investment Principles, Process and Portfolio
• 5) Reasons for appointing Yeoman
• 6) Single product - The Fund
• 7) Profile of suitable client
• 8) Discussion

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Key Investment Team

• Mr David GOH Kay Yong, CFA as chairman of company
  and chairman of Invt Comm
• Mr YEO Seng Chong as chief inv officer and
  portfolio manager
• Mr Eric KONG Hong Lim, CFA as svp and head of
  research
• Mr Wong Seak Eng, ACCA, CA(M) as investment
  analyst
• Mrs WONG Sok Cheng as head, governance and
  administration
• Support staff Ms Christina Lee and Ms Serena Kow

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Investment Process

• Invest in the Right Businesses
• at the Right Price
• Managed by the Right People

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Portfolio Valuation Characteristics (trailing)
at end 4Q 2008

• PE 9.54X
• P/NTA 0.45x
• Dividend Yield 6.31 p.a.
• ROE 8.74 (1 yr, trailing) 10.75 (5 yrs ave,
  trailing)
• Weighted Mkt Cap S134

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Asset allocations at end 4Q 2008

• Equities vs Cash 99.810.19
• Korea 23.60
• Singapore 21.62
• Hong Kong 27.51
• Malaysia 22.33
• Thailand 4.76

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In the longer term, ..

• .. value and price must converge for there is an
  invisible hand at work (Economist Adam Smith)

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Objectives and discipline

• Generate 8-10 CAGR p.a. nett of fees, dividends
  reinvested over long term
• Outperform the Index
• Time Horizon 3-5 years
• Portfolio of 25-100 stocks
• Avoid major blowups, the long shots
• Stick to the Process
• Prospecting - Asia ex Japan

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Process Summary

• Long-only (portfolio of real businesses,
  undervalued, good management,..etc)
• Performance attribution from securities
  selection (not market-timing)
• Fully invested for the equities allocn
• Value methodology
• Absolute return goal, not indexed

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Reasons for appointing Yeoman

• We invest in our best ideas, generated off
  primary research and data
• Truly independent and dedicated to clients
  interests
• Highly scalable and all-weather, all-terrain
  vehicle
• Not happy to be just average, bring best
  principles and process to table

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Performance, Principles, Process, People.. we
have it all!!
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Single Product Offering

• Yeoman 3-Rights Value Asia Fund,
• Mauritius domiciled,
• managed by Yeoman
• (for full details, see PPM)

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Profile of suitable client

• Believes in process, demands intelligence not
  luck, comfortable with incremental steps and
  not one big gush
• Emotionally steady, esp in face of poor sentiment
  based on news headlines
• Has long term view of min. 3 years, better still
  inter-generation requirements
• If in doubt, ask and ask again

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Open for discussion
Sincerely believe that the deal is good for
Client and for Manager. Also good for long term.
Now, ...