Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research Report:

Heeton Holdings Ltd

COMPANY PROFILE

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Figures in Singapore Dollars

Wright Quality Rating:DCD10 Heeton Holdings Limited (Heeton) is primarily engaged in the development of upscale residential properties. Heeton is also engaged in property investment. Its portfolio of investment property includes Tampines Mart, The Woodgrove, and Sun Plaza. It has three segments: the property investment segment is engaged in the leasing of residential, retail and commercial properties; property development segment is involved in the development and sale of private residential properties, and corporate segment is involved in Group-level corporate services and treasury functions. In September 2011, it incorporated two new subsidiaries, MHP Pte. Ltd. and Unique Consortium Pte. Ltd. In November 2011, the Company incorporated Unique Capital Pte. Ltd. and Unique Rezi Pte. Ltd. On November 15, 2011, its wholly owned subsidiary, MHP Pte. Ltd., and 73.99% owned associated company, Dalvey Hospitality Co., Ltd, acquired 49% and 51% interest respectively in Econolodge Co., Ltd. Stock Chart Officers Non Executive Chairman Khai Cheng Toh Key Data Ticker: 5DP 2011 Sales: 82,500,000 Major Industry: Construction Sub Industry: Diversified Construction Cos. Country: Singapore

Executive Managing Director Currency: & Chief Executive Officer Singapore Dollars Giap Eng Toh Fiscal Year Ends: December Employees 54 Exchanges: SIN OTH Share Type: Ordinary Stock Price (1/11/2013): 0.65 Recent stock performance 1 Week -3.0% 4 Weeks 3.2% 13 Weeks 25.2% 52 Weeks 69.7% Earnings / Dividends (as of 9/30/2012) Earnings 0.01 0.07 Ratio Analysis Dividends 0.01 0.01 Market Capitalization: 144,380,670 Total Shares Outstanding: 223,846,000 Closely Held Shares: N/A

Most Recent Qtr Last 12 Months

Price / Earnings Ratio 9.21 Dividend Yield Price / Sales Ratio Price / Book Ratio 1.75 Payout Ratio 0.64 % Held by Insiders

1.55% 14.29% N/A

Address Hong Heng Mansions 60 Sembawang Road Singapore 779088 SINGAPORE

Phone +65 6 4561188 Home Page http://www.heeton.com

Company Fundamentals\Comparative Business Analysis

Comparative Business Analysis: Heeton

Report Date: January 16, 2013

Holdings Ltd

Company Description Heeton Holdings Limited (Heeton) is primarily engaged in the development of upscale residential properties. Heeton is also engaged in property investment. Its portfolio of investment property includes Tampines Mart, The Woodgrove, and Sun Plaza. It has three segments: the property investment segment is engaged in the leasing of residential, retail and commercial properties; property development segment is involved in the development and sale of private residential properties, and corporate segment is involved in Group-level corporate services and treasury functions. In September 2011, it incorporated two new subsidiaries, MHP Pte. Ltd. and Unique Consortium Pte. Ltd. In November 2011, the Company incorporated Unique Capital Pte. Ltd. and Unique Rezi Pte. Ltd. On November 15, 2011, its wholly owned subsidiary, MHP Pte. Ltd., and 73.99% owned associated company, Dalvey Hospitality Co., Ltd, acquired 49% and 51% interest respectively in Econolodge Co., Ltd. Competitor Analysis Heeton Holdings Ltd operates within the Apartment building operators sector. This analysis compares Heeton Holdings Ltd with three other companies: Roxy Pacific Holdings Ltd (2011 sales of 183.65 million Singapore Dollars [US$149.68 million] of which 72% was Property Development), Hwa Hong Corporation Limited (29.43 million Singapore Dollars [US$23.98 million] of which 58% was Rental & Investment), and Anchor Land Holdings Inc. which is based in Philippines (2.70 billion Philippine Pesos [US$66.16 million] of which 98% was Condominium Sales). Sales Analysis Sales levels dropped significantly in the third quarter of 2012 versus the previous year's third quarter. During the third quarter of 2012, sales at Heeton Holdings Ltd totalled 9.44 million Singapore Dollars. This is a drop of 82.8% from the 54.85 million Singapore Dollars in sales at the company during the third quarter in 2011. During the first three quarters of 2012, sales totalled 28.93 million Singapore Dollars, which is 58.7% lower than through the first three quarters of 2011. During the year ended December of 2011, sales at Heeton Holdings Ltd were 82.50 million Singapore Dollars (US$67.24 million). This is an increase of 121.8% versus 2010, when the company's sales were 37.19 million Singapore Dollars. Sales of Property Development saw an increase that was more than double the company's growth rate: sales were up 250.7% in 2011, from 17.89 million Singapore Dollars to 62.72 million Singapore Dollars. Not all segments of Heeton Holdings Ltd experienced an increase in sales in 2011: sales of Other fell 1.9% to 105,000.00 Singapore Dollars. (However, this segment's sales were only a very small portion of the company's overall sales).
Recent Sales at Heeton Holdings Ltd 83

46

49

47

56 37

2006 2007 2008 2009 2010 2011 (Figures in Millions of Singapore Dollars)

During the past five years, sales of Property Development have become increasingly important to the company, and in 2011 accounted for 76% of the total sales at Heeton Holdings Ltd, versus only 57% of total sales in 2007. Sales of Property Investment accounted for only 24% of sales in 2011, versus 36% in 2007. The company's sales increased faster in 2011 than at all three comparable companies. While Heeton Holdings Ltd enjoyed a sales increase of 121.8%, the other companies saw smaller increases: Roxy Pacific Holdings Ltd sales were were down 15.3%, Hwa Hong Corporation Limited decreased 43.3%, and Anchor Land Holdings Inc. experienced growth of 7.7%. The company currently employs 54. With sales of 82.50 million Singapore Dollars (US$67.24 million) , this equates to sales of US$1,245,139 per employee. Sales Comparisons (Fiscal Year ending 2011)

Sales Company Heeton Holdings Ltd Roxy Pacific Holdings Ltd Hwa Hong Corporation Limited Anchor Land Holdings Inc.
(US$mlns)

Sales Sales/ Growth Emp (US$) Largest Region 1,245,139 N/A N/A N/A 138,635 Singapore (75.0%) 238,829 N/A

67.238 121.8% 149.676 -15.3% 23.984 -43.3% 66.156 7.7%

Recent Stock Performance For the 52 weeks ending 1/11/2013, the stock of this company was up 69.7% to 0.65 Singapore Dollars. During the past 13 weeks, the stock has increased 25.2%. During the 12 months ending 9/30/2012, earnings per share totalled 0.07 Singapore Dollars per share. Thus, the Price / Earnings ratio is 9.21. These 12 month earnings are lower than the earnings per share achieved during the last fiscal year of the company, which ended in December of 2011, when the company reported earnings of 0.11 per share. Earnings per share rose 21.8% in 2011 from 2010. Note that the earnings number includes a 0.02 pre-tax credit and nominal amount pre-tax charge in 2011.. The P/E ratio of 9.2 is lower than the P/E ratios of all three comparable companies, which are currently trading between 11.8 and 64.3 times earnings. This company is currently trading at 1.75 times sales. This is at a lower ratio than all three comparable companies, which are trading between 3.17 and 7.99 times their annual sales. Heeton Holdings Ltd is trading at 0.64 times book value. Since the price to book ratio is less than 1, this means that theoretically, the net value of the assets is greater than the value of a company as a going concern. The company's price to book ratio is lower than that of all three comparable companies, which are trading between 1.21 and 3.13 times book value. This company is trading at lower earnings, book and sales multiples than the three comparable companies. Summary of company valuations (as of 1/11/2013). Company Heeton Holdings Ltd Roxy Pacific Holdings Ltd Hwa Hong Corporation Limited Anchor Land Holdings Inc. P/E 9.2 11.8 64.3 12.3 Price/ Price/ Book Sales 0.64 2.06 1.21 3.13 52 Wk Pr Chg

1.75 69.70% 3.17 80.74% 7.99 -16.28% 4.37 81.82%

The market capitalization of this company is 144.38 million Singapore Dollars (US$117.67 million) . Dividend Analysis During the 12 months ending 9/30/2012, Heeton Holdings Ltd paid dividends totalling 0.01 Singapore Dollars per share. Since the stock is currently trading at 0.65 Singapore Dollars, this implies a dividend yield of 1.6%. Heeton Holdings Ltd has increased its dividend during each of the past 5 fiscal years (in 2006, the dividends were 0.00 Singapore Dollars per share). During the same 12 month period ended 9/30/2012, the Company reported earnings of 0.07 Singapore Dollars per share. Thus, the company paid 14.3% of its profits as dividends. Profitability Analysis On the 82.50 million Singapore Dollars in sales reported by the company in 2011, the cost of goods sold totalled 46.15 million Singapore Dollars, or 55.9% of sales (i.e., the gross profit was 44.1% of sales). This gross profit margin is lower than the company achieved in 2010, when cost of goods sold totalled 44.1% of sales. The gross margin in 2011 was the lowest of the previous five years (in 2010, the gross margin had been as high as 55.9%). In 2011, earnings before extraordinary items at Heeton Holdings Ltd were 25.50 million Singapore Dollars, or 30.9% of sales. This profit margin is lower than the level the company achieved in 2010, when the profit margin was 56.3% of sales. Earnings before extraordinary items have grown for each of the past 3 years (and since 2009, earnings before extraordinary items have grown a total of 43%). The company's return on equity in 2011 was 12.2%. This was an improvement over the 11.6% return the company achieved in 2010. (Extraordinary items have been excluded). Profitability Comparison Gross Profit Earnings EBITDA before

Company Heeton Holdings Ltd Heeton Holdings Ltd Roxy Pacific Holdings Ltd Anchor Land Holdings Inc.

Year Margin Margin extras 2011 2010 2011 2011 44.1% 55.9% 35.6% 60.2% 43.3% N/A N/A 22.0% 29.7% 28.2% 30.9% 56.3% 27.0% 7.3% 31.2%

Hwa Hong Corporation Limited 2011

During the third quarter of 2012, Heeton Holdings Ltd reported earnings per share of 0.01 Singapore Dollars. This is a drop of 78% versus the third quarter of 2011, when the company reported earnings of 0.06 Singapore Dollars per share. Inventory Analysis This company has more than three year's of sales in inventory. As of December 2011, the value of the company's inventory totalled 265.58 million Singapore Dollars. Since the cost of goods sold was 46.15 million Singapore Dollars for the year, the company had 2,101 days (i.e., 5.8 years!) of inventory on hand (another way to look at this is to say that the company turned over its inventory 0.2 times per year). In terms of inventory turnover, this is a significant improvement over December 2010, when the company's inventory was 270.98 million Singapore Dollars, equivalent to 6,027 days in inventory. The 2,101 days in inventory is higher than the three comparable companies, which had inventories between 2 and 1,101 days sales at the end of 2011. Financial Position As of December 2011, the company's long term debt was 299.14 million Singapore Dollars and total liabilities (i.e., all monies owed) were 391.05 million Singapore Dollars. The long term debt to equity ratio of the company is 1.33. As of December 2011, the accounts receivable for the company were 9.67 million Singapore Dollars, which is equivalent to 43 days of sales. This is slightly higher than at the end of 2010, when Heeton Holdings Ltd had 34 days of sales in accounts receivable. The 43 days of accounts receivable at Heeton Holdings Ltd are lower than all three comparable companies: Roxy Pacific Holdings Ltd had 78 days, Hwa Hong Corporation Limited had 425 days, while Anchor Land Holdings Inc. had 191 days outstanding at the end of the fiscal year 2011. Financial Positions Company Heeton Holdings Ltd Roxy Pacific Holdings Ltd Anchor Land Holdings Inc. LT Debt/ Days Days Year Equity AR Inv. 2011 2011 2011 1.33 0.41 0.00 1.04 43 2,101 78 1,101 425 2 191 1,025

Hwa Hong Corporation Limited 2011

Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS:

Per Share- Singapore Dollars

Price Market Price Last 0.31 0.26 0.24 0.32 0.60 0.19 0.42 0.48 0.36 0.65 0.65

Heeton Holdings Ltd

Equity Capital % % Profit Book Earned Rate Value Growth (ROE) Begin Yr 5.7% 3.3% 4.3% 4.1% 52.6% 3.4% 9.8% 10.2% 10.8% n/c n/a 6.3% 3.8% 5.0% 5.0% 53.9% 4.4% 10.9% 11.6% 12.2% n/c n/a n/a 0.41 0.42 0.44 0.45 0.71 0.73 0.81 0.93 1.00 1.00 Earnings 12 Month Earnings % Per Share Change
AD AD ABD AD ABD D ABDE ABDE

Year Fiscal Yr Ends: December 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1/11/2013

Value Ratios Price/ Price/ Earnings Book Dividend Ratio Ratio Yield 13.4 16.8 11.5 14.3 2.5 6.1 5.3 5.1 3.2 n/c 8.8 n/c 0.6 0.6 0.7 1.3 0.3 0.6 0.6 0.4 0.6 0.6 0.7% 0.8% 1.3% 1.3% 1.0% 3.7% 1.9% 2.3% 3.6% 0.0% 1.6%

Dividends % 12 Month Payout Dividends Ratio Per Share 8.8% 12.9% 14.4% 17.9% 2.5% 22.3% 10.0% 11.8% 11.4% n/c 14.3%
C

0.02

45.8%

0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.01

0.02 -32.0% 0.02 0.02 34.8% 6.7%

0.24 985.7% 0.03 -87.0% 0.08 153.8% 0.09 0.11 n/a 0.07 17.3% 21.8% n/c n/c

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 0.02 PRETAX CR IN 2009, INCLS 0.25 PRETAX CR AND NOM PRETAX CHG IN 2007, INCLS NOM PRETAX CR IN 2006, INCLS NOM PRETAX CHG IN 2005, INCLS NOM PRETAX CHG IN 2004, INCLS NOM PRETAX CHG IN 2002 (B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED FRS 103 BUSINESS COMBINATIONS (REVISED) AND FRS 27 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS IN 2010, NO EARNINGS IMPACT, - ADOTPED FRS 1, (A) FRS 18, (A) FRS 23, (A) FRS 32, (A) FRS 101, (A) FRS 102, (A) FRS 107, FRS 108, IMPROVEMENTS TO FRS ISSUED IN 2008, INT FRS 113, INT FRS 116, AMENDMENTS TO INT FRS 109 AND INT FRS 118 IN 2009, NO EARNINGS IMPACT, ADOPTED FRS 40 FOR INVESTMENT PROPERTY, EARNINGS IMPACT NOT SPECIFIED, ADOPTED FRS 1 REVISED, FRS 8 REVISED, FRS 10 REVISED, FRS 16 REVISED, FRS 17 REVISED, FRS 21 REVISED, FRS 24 REVISED, FRS 27 REVISED, FRS 31 REVISED, FRS 32 REVISED, FRS 33 REVISED, FRS 38 REVISED AND FRS 39 FINANCIAL INSTRUMENTS RECOGNITION AND MEASUREMENT AND FRS 103 BUSINESS COMBINATIONS, EARNINGS IMPACT NOT SPECIFIED, ADOPTED SAS 12 FOR INCOME TAXES IN 2002, EARNINGS IMPACT NOT SPECIFIED (C ): EXCLS NOM SPECIAL DIVIDEND IN 2009 (D): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING (E): INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO 0.02 IN 2010, INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO 0.0054 IN 2009 (F ): EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE YEAR END SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE

Company Fundamentals\Sales Analysis

SALES ANALYSIS:

Figures in actual amounts of Singapore Dollars

Heeton Holdings Ltd

Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) Amount in actual amounts 9,642,000

Sales Amount in actual amounts Year-toyear Growth n/c

Cost of Goods Sold Amount in actual amounts

After Tax Income before Extraordinary Charges and Credits Amount in actual amounts 3,173,000 4,142,000 3,139,000 4,231,000 4,523,000

Employees After Tax Sales Income Per Per Number Employee Employee 60 48 54 n/a n/a n/a n/a n/a n/a n/a 665,050 624,021 544,444 n/a n/a n/a n/a n/a n/a n/a 52,883 86,292 58,130 n/a n/a n/a n/a n/a n/a n/a

Year

% of Sales

% of Sales 24.2% 36.4% 34.5% 31.0% 35.9%

% of Sales 8.0% 13.8% 10.7% 10.0% 9.8%

2002 39,903,000

25,401,000 63.7%

2003 29,953,000 -24.9% 14,809,000 49.4% 10,899,000 2004 29,400,000 2005 42,425,000 2006 46,383,000 2007 49,252,000 2008 46,940,000 2009 55,536,000 -1.8% 13,273,000 45.1% 10,148,000 44.3% 23,420,000 55.2% 13,163,000 9.3% 24,855,000 53.6% 16,647,000

6.2% 26,007,000 52.8% 73,929,000 150.1% 53,702,000 109.0% -4.7% 23,972,000 51.1% 17,860,000 18.3% 27,993,000 50.4% 23,900,000 38.0% 7,037,000 15.0% 32.1% 56.3% 30.9%

43.0% 17,851,000 72.8% 20,924,000 48.7% 25,501,000

2010 37,194,000 -33.0% 16,412,000 44.1% 27,079,000 2011 82,500,000 121.8% 46,147,000 55.9% 40,213,000

Company Fundamentals\Price Analysis

PRICE ANALYSIS:

Per Share- Singapore Dollars

Heeton Holdings Ltd

High Price 0.310 0.395 0.345 0.285 0.310 0.290 0.295 0.275 0.290 0.295 0.245 0.250 0.230 0.355 0.510 1.000 1.170 0.850 0.580 0.410 0.355 0.220 0.230 0.350 0.510 0.455 0.510 0.595 0.580 0.530 0.520 Low Price 0.220 0.220 0.250 0.220 0.235 0.245 0.235 0.190 0.210 0.210 0.195 0.210 0.180 0.225 0.310 0.500 0.575 0.545 0.380 0.325 0.180 0.150 0.155 0.170 0.250 0.370 0.405 0.470 0.485 0.455 0.410 Closing Price 0.220 0.305 0.275 0.250 0.290 0.260 0.235 0.230 0.255 0.240 0.230 0.210 0.225 0.320 0.500 0.930 0.800 0.595 0.390 0.345 0.190 0.190 0.185 0.260 0.425 0.420 0.480 0.510 0.500 0.480 0.455 Quarterly %Change n/a 38.6% -9.8% -9.1% 16.0% -10.3% -9.6% -2.1% 10.9% -5.9% -4.2% -8.7% 7.1% 42.2% 56.3% 86.0% -14.0% -25.6% -34.5% -11.5% -44.9% 0.0% -2.6% 40.5% 63.5% -1.2% 14.3% 6.3% -2.0% -4.0% -5.2% 12 months %Change n/a n/a n/a n/a 31.8% -14.8% -14.5% -8.0% -12.1% -7.7% -2.1% -8.7% -11.8% 33.3% 117.4% 342.9% 255.6% 85.9% -22.0% -62.9% -76.3% -68.1% -52.6% -24.6% 123.7% 121.1% 159.5% 96.2% 17.6% 14.3% -5.2%

Quarter 2003 Jul - Sep Oct - Dec 2004 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2005 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2006 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2007 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2008 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2009 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2010 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2011 Jan - Mar

Apr - Jun Jul - Sep Oct - Dec 2012 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 1/11/2013

0.505 0.500 0.400 0.470 0.500 0.565 0.655

0.435 0.355 0.300 0.325 0.390 0.415 0.510

0.480 0.365 0.360 0.450 0.410 0.555 0.650 0.645

5.5% -24.0% -1.4% 25.0% -8.9% 35.4% 17.1% 25.2%

-5.9% -27.0% -25.0% -1.1% -14.6% 52.1% 80.6% 69.7%

Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS:

Per Share- Singapore Dollars Fiscal Year Ends in December
Earnings Per Share 12 Months Fiscal Years 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (A): Earnings 0.02 AD 0.02 ABD 0.02 AD 0.02 % Change n/c 45.8% 34.8% 6.7% Quarterly Reported Earnings Q1 Mar. n/a n/a n/a n/a n/a n/a n/a 0.01 0.03 0.01 0.01 Q2 Jun. n/a 0.01 0.01 0.01 0.01 0.22 0.01 0.03 0.03 0.03 0.02 Q3 Sep. n/a n/a n/a n/a n/a n/a n/a 0.01 0.02 0.06 0.01 Q4 Dec. n/a 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.02 0.02 n/a

Heeton Holdings Ltd

Dividends Per Share 12 Months % Dividends Change n/a 0.00 0.00 0.00 0.00 0.01 0.01 C 0.01 0.01 0.01 n/a n/c n/c 0.0% 50.0% 33.3% 50.0% 16.7% 14.3% 37.5% 18.2% n/c Quarterly Reported Dividends Q1 Mar. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q2 Jun. n/a n/a n/a n/a n/a n/a 0.00 0.00 0.00 0.00 n/a Q3 Sep. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q4 Dec. n/a 0.00 0.00 0.01 0.01 0.01 n/a % Payout 0.0% 0.0% 9.6% 1.7% 6.9% 9.7% n/c

AD 0.02 -32.0%

0.00 12.9% 0.00 13.5% 0.00 30.2% 0.01 10.7%

ABD 0.24 985.7% D 0.03 -87.0% ABDE 0.08 153.8% ABDE 0.09 0.11 n/a 17.3% 21.8% n/c

INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 0.02 PRETAX CR IN 2009, INCLS 0.25 PRETAX CR AND NOM PRETAX CHG IN 2007, INCLS NOM PRETAX CR IN 2006, INCLS NOM PRETAX CHG IN 2005, INCLS NOM PRETAX CHG IN 2004
(B):

INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED FRS 103 BUSINESS COMBINATIONS (REVISED) AND FRS 27 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS IN 2010, NO EARNINGS IMPACT, - ADOTPED FRS 1, (A) FRS 18, (A) FRS 23, (A) FRS 32, (A) FRS 101, (A) FRS 102, (A) FRS 107, FRS 108, IMPROVEMENTS TO FRS ISSUED IN 2008, INT FRS 113, INT FRS 116, AMENDMENTS TO INT FRS 109 AND INT FRS 118 IN 2009, NO EARNINGS IMPACT, ADOPTED FRS 40 FOR INVESTMENT PROPERTY, EARNINGS IMPACT NOT SPECIFIED, ADOPTED FRS 1 REVISED, FRS 8 REVISED, FRS 10 REVISED, FRS 16 REVISED, FRS 17 REVISED, FRS 21 REVISED, FRS 24 REVISED, FRS 27 REVISED, FRS 31 REVISED, FRS 32 REVISED, FRS 33 REVISED, FRS 38 REVISED AND FRS 39 FINANCIAL INSTRUMENTS RECOGNITION AND MEASUREMENT AND FRS 103 BUSINESS COMBINATIONS, EARNINGS IMPACT NOT SPECIFIED
(C ): (D):

EXCLS NOM SPECIAL DIVIDEND IN 2009

BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING
(E):

INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO 0.02 IN 2010, INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO 0.0054 IN 2009

Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Heeton

Figures are expressed as Percent of Total Assets. Total Assets are in millions of Singapore Dollars.

Holdings Ltd
2010 2009 2008 2007

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges

2011

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007

615.2 2.8%

582.0 3.4%

572.1 3.4%

569.4 4.9%

497.6 6.2%

1.6% 43.2%

0.6% 46.6%

1.0% 45.4%

0.4% 46.5%

0.6% 36.2%

0.2% 47.8%

0.3% 50.9%

3.8% 53.6%

0.2% 52.0%

1.4% 44.4%

10.8% 41.3% 1.0% 0.9% 0.1% 0.0%

6.2% 42.8% 1.0% 0.9% 0.1% 0.0%

3.5% 42.7% 1.0% 0.9% 0.1% 0.0%

1.8% 0.4% 7.0% 3.1% 3.9% 41.9%

2.6% 0.5% 8.1% 3.4% 4.7% 47.9%

Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest 0.2% 63.6% 0.0% -0.0% 0.3% 64.2% 0.0% 0.0% 0.3% 68.4% 0.0% 0.0% 0.4% 71.1% 0.0% 0.1% 0.4% 67.9% 0.0% 0.1% 2.3% 2.3% 0.0% 2.6% 2.6% 0.0% 2.4% 2.4% 0.0% 2.2% 2.2% 0.0% 2.4% 2.4% 0.0% 1.9% 12.4% 48.6% 48.6% 0.0% 2.0% 15.0% 46.4% 46.3% 0.0% 3.7% 21.3% 44.3% 44.3% 0.0% 3.1% 15.4% 53.1% 53.1% 0.0% 3.2% 14.1% 50.9% 50.9% 0.0% 615.2 1.5% 9.0% 582.0 1.0% 12.0% 572.1 0.6% 17.1% 569.4 0.5% 11.7% 497.6 0.5% 10.4% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0% 0.0% 100.0%

Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity

0.0%

0.0%

0.0%

0.0%

0.0%

36.4% 100.0%

35.8% 100.0%

31.6% 100.0%

28.8% 100.0%

32.1% 100.0%

Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Heeton

Figures are the Percent Changes from the Prior Year.

Holdings Ltd
2008 2007

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges

2011

2010

2009

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007

5.7% -12.7%

1.7% 2.3%

0.5% -30.7%

14.4% -9.5%

46.8% 434.9%

178.7% -2.0%

-40.8% 4.3%

144.9% -1.8%

-16.9% 46.9%

-54.0% 71.2%

-30.7% -0.8%

-90.9% -3.5%

1,769.4% 3.7%

-83.3% 34.1%

1,390.5% 87.6%

84.0% 2.1% 0.3% 0.6% -2.2% 0.0%

78.6%

99.5%

-20.9% 0.0% -0.3% 3.6% -3.2%

0.4% 39.6% -81.9% 8.8% -88.8%

1.9% 10,572.6% 2.5% 1.9% 7.1% 0.0% -85.3% -70.5% -97.0% -100.0%

0.0% 120,409.6%

Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves -1.2% 4.7% -9.8% -4.5% -16.5% -3.4% 0.1% 19.9% 17.3% 41.5% -4.3% -4.3% 0.0% 7.7% 7.6% -33.3% 11.6% 11.7% 100.0% 5.1% 5.0% -40.0% 568.0% 564.8% 0.0% -3.9% -12.8% 10.9% 10.9% -43.4% -28.5% 6.4% 6.4% 17.1% 39.2% -16.2% -16.2% 11.5% 24.8% 19.4% 19.4% 125.7% -2.7% 55.7% 55.8% 5.7% 68.4% -20.9% 1.7% 75.4% -28.7% 0.5% 2.5% 46.9% 14.4% 16.1% 29.3% 46.8% 34.7% -18.4% 0.0% 5.7% 0.0% 1.7% 0.0% 0.5% 0.0% 14.4% -44.9% 46.8%

11.2%

376.7%

-73.2%

69.7%

-47.6%

Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity 7.6% 5.7% 15.2% 1.7%

-100.0%

0.2%

10.2% 0.5%

2.9% 14.4%

58.8% 46.8%

Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Heeton

Figures in millions of Singapore Dollars.

Holdings Ltd
2009 2008 2007

Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges

2011

2010

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007

567.3 22.9

512.0 20.6

456.6 19.0

400.9 15.6

343.2 10.3

4.9 248.3

4.2 216.2

4.2 179.4

3.3 145.0

2.9 108.1

6.7 282.7

6.5 247.5

6.2 208.8

2.0 165.8

1.8 123.2

29.1 150.4 19.7 10.1 9.5 95.5

18.4 99.9 62.9 12.2 50.7 95.5

11.2 50.4 104.7 14.0 90.7 95.5

7.1 1.6 146.3 15.5 130.8 95.6

5.1 1.2 179.9 14.2 165.7 47.9

Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest 1.8 379.7 0.0 0.2 1.8 349.2 0.0 0.2 1.5 317.4 0.0 0.2 1.2 280.8 0.0 0.3 0.8 239.4 0.0 0.2 13.5 13.5 0.0 11.0 11.0 0.0 8.0 8.0 0.0 5.2 2.8 15.7 88.7 275.7 275.6 0.1 14.8 87.9 248.4 248.4 0.1 14.2 90.0 217.9 217.8 0.1 11.7 76.5 197.9 197.8 0.1 9.7 66.6 169.2 169.1 0.1 567.3 4.8 68.3 512.0 3.3 69.8 456.6 2.5 73.3 400.9 2.2 62.6 343.2 2.0 54.9 0.1 567.3 0.1 512.0 0.1 456.6 0.2 400.9 0.2 343.2

Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity

0.0

0.0

0.0

0.0

0.0

187.4 567.3

162.7 512.0

139.0 456.6

119.9 400.9

103.6 343.2

Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Heeton

Holdings Ltd
2011 82.5 2010 37.2 2009 55.5 2008 46.9 2007 49.3 52.8% 2.9% 44.3%

Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Singapore Dollars.

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends

55.9% 44.1% 50.4% 51.1% 0.3% 0.8% 0.5% 3.1%

43.7% 55.1% 49.1% 45.8% 4.5%

34.2% 39.6% 33.1% 31.6% 5.3% 12.1% 0.1% 2.5% 0.0% 4.1% 6.1% 0.0% 1.3%

31.3%

0.0% 114.7% 0.0% 1.9% 0.3% 1.3%

6.4% 16.2%

2.0%

1.4%

0.3%

48.7% 72.8% 43.0% 38.0% 150.1% 48.4% 72.1% 42.6% 34.9% 147.2% 9.2% 18.7% 5.2% 10.4% 14.7%

39.2% 53.3% 37.4% 24.5% 132.5% 7.5% -0.0% 9.0% 6.8% 4.9% 0.0% 24.1% -0.0% 0.6%

0.0% -0.8%

-0.8% -0.8% -1.4% -4.6%

0.0% 12.7%

2.2%

30.9% 56.3% 32.1% 15.0% 109.0%

Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

30.9% 56.3% 32.1% 15.0% 109.0%

Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Heeton

Figures are the Percent Changes from the Prior Year.

Holdings Ltd
2008 -4.7% -7.8% 2.6% -1.4% 2007 6.2% 4.6% -4.9% 8.9%

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense

2011

2010

2009 18.3% 16.8% -82.1% 26.9%

121.8% -33.0% 181.2% -41.4% 0.7% 6.1%

75.9% -24.8%

91.6% -19.8% -2.2% 411.1% 32.7% 105.0% 32.4%

23.8%

-3.6%

8.1%

88,146.9% 100.0% 100.0% -15.3% 42.3% 493.3%

-12.1% 447.1% 48.5% 49.0% 13.3% 13.4%

69.8% 424.2% 33.8% 44.3% -41.3% -75.8% -77.4% -32.6%

-82.3% 344.1% 379.0% -16.7%

9.3% 142.8%

62.9%

-4.5%

80.6% 63.8% 44,900.0%

-82.4% -80.5%

913.0% 551.0%

85.7% -12.1%

788.1%

Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends available to Common

288.6% 100.0% 21.9% 17.2% 153.7% -86.9% 1,087.3%

21.9%

17.2%

153.7%

-86.9%

1,087.3%

Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Heeton

Figures in millions of Singapore Dollars.

Holdings Ltd
2011 2010 2009 2008 2007 54.3 47.1 48.1 42.9 39.5 28.1 23.8 25.2 22.3 20.5 0.7 1.0 1.3 1.6 1.6

Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets

25.4 22.2 21.6 19.0 17.4

18.3 15.5 14.8 12.8 11.6 13.8 12.9 12.0 11.3 11.3 0.0 1.2 0.0 0.8 0.0 0.6 0.1 0.4 0.1 0.2

2.6

1.7

0.6

0.4

0.3

36.6 31.9 29.1 26.3 25.0 35.8 30.9 27.8 24.8 23.3 5.9 6.1 6.0 6.2 6.0

29.9 24.8 21.9 18.6 17.4 5.5 -0.1 -0.7 4.6 -0.1 -0.6 4.3 -0.2 -0.5 3.7 -0.1 -0.4 3.5 -0.1 0.0

25.0 20.8 17.5 14.5 13.9 0.0 0.0 0.0 0.0 0.0

Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common

0.0

0.0

0.0

0.0

0.0

25.0 20.8 17.5 14.5 13.9

Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Heeton

Holdings Ltd
2011 2010 2009 2008 2007

Currency figures are in millions of Singapore Dollars. Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year Fiscal Year End Date Total Capital Percent of Total Capital Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Net Changes Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Percent Changes Short Term Debt Long Term Debt

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 523.3 478.2 434.4 467.2 413.5

10.6% 57.2% 0.3% 74.7% -0.0% 0.0% 30.0% 42.8% 100.0%

14.6% 56.4% 0.3% 78.1% 0.0% 0.0% 29.5% 43.6% 100.0%

22.5% 58.4% 0.4% 90.1% 0.0% 0.0% 28.1% 41.6% 100.0%

14.3% 64.8% 0.4% 86.6% 0.1% 0.0% 22.6% 35.1% 100.0%

12.5% 61.3% 0.5% 81.7% 0.1% 0.0% 24.4% 38.6% 100.0%

-1.5 2.9 -0.0 1.7 -0.0 0.0 1.6 1.6 4.5

-2.8 1.6 -0.0 -1.8 0.0 0.0 1.9 2.8 4.4

3.1 -4.9 -0.0 -1.4 -0.0 0.0 1.7 1.7 -3.3

1.5 4.9 0.0 6.7 0.0 0.0 0.5 0.5 5.4

-1.2 9.1 0.0 9.9 0.0 0.0 6.0 5.9 15.0

-20.9% 10.9%

-28.7% 6.4%

46.9% -16.2%

29.3% 19.4%

-18.4% 55.7%

Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Total Liabilities & Common Equity Total Liabilities Net Change in Liabilities as % of Total Liabilities Common Equity Net Change in Common Equity as % of Common Equity Cash Flow Operating Activities Financing Activities Investing Activities

-1.2% 4.7%

-9.8% -4.5%

-16.5% -3.4% -100.0%

0.1% 19.9% 0.2%

17.3% 41.5%

11.5% 7.6% 9.4%

15.3% 15.2% 10.1%

15.7% 10.2% -7.0%

4.9% 2.9% 13.0%

146.9% 58.8% 57.1%

391.0 4.5% 224.2 7.1%

373.6 -4.7% 208.4 13.2%

391.2 -3.5% 180.9 9.2%

404.8 16.6% 164.1 2.8%

337.7 29.3% 159.5 37.0%

17.6 12.1 32.2

5.4 -13.5 -9.1

21.4 -14.2 10.8

-64.6 59.1 0.2

-59.6 76.5 0.7

Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Heeton Fiscal Year Fiscal Year End Date Receivables Turnover Receivables - Number of Days Inventory Turnover Inventory - Number of Days Gross Property, Plant & Equipment Turnover Net Property, Plant & Equipment Turnover Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment Depreciation, Depletion & Amortization Year to Year Change Depreciation, Depletion & Amortization Year to Year % Change

Holdings Ltd
2011 2010 2009 2008 2007 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 8.5 29.1 0.2 2,089.4 13.6 116.7 6.2 51.4 10.7 9.5 27.1 0.1 3,419.6 9.4 82.3 19.6 20.5 0.1 3,386.9 1.2 2.1 17.1 33.8 0.2 2,003.1 1.2 2.1

4.7%

4.6%

4.5%

3.7%

3.6%

0.0

0.0

-0.1

0.0

-0.0

0.7%

6.1%

-82.1%

2.6%

-4.9%

Financial Ratio Analyses\Asset Utilization

Asset Utilization: Heeton

Holdings Ltd
2011 2010 2009 2008 2007

Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Singapore Dollars.

Fiscal Year Fiscal Year End Date Net Sales Cash & Cash Equivalents Short-Term Investments Accounts Receivable Inventories Other Current Assets Total Current Assets Total Long Term Receivables & Investments Long Term Receivables Investments in Associated Companies Other Investments Property, Plant & Equipment Gross Accumulated Depreciation Property Plant & Equipment Net Other Assets Total Assets

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 82.5 20.8% 37.2 52.9% 55.5 34.6% 46.9 59.1% 49.3 62.2%

11.7% 321.9% 1.7% 356.1% 388.6%

9.3% 728.6% 5.4% 796.2% 766.3%

10.5% 467.9% 39.6% 552.6% 476.1%

5.1% 563.8% 2.5% 630.5% 26.5%

5.8% 365.9% 14.3% 448.3% 30.7%

80.6% 308.1% 7.3% 6.5% 0.9% 0.1% 745.8%

97.1% 669.2% 16.3% 14.3% 1.9% 0.3% 1,564.7%

36.4% 439.7% 10.6% 9.4% 1.2% 0.2% 1,030.1%

21.6% 4.9% 85.4% 37.7% 47.8% 508.3% 1,213.1%

26.0% 4.6% 81.7% 34.7% 47.0% 484.5% 1,010.4%

Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Heeton Fiscal Year Fiscal Year End Date EBIT/Total Interest Expense EBIT/Net Interest EBIT/(Total Interest Exp + Pfd Div) EBIT/Dividends on Common Shares EBIT/(Dividends on Common + Pfd) EBITDA/Total Interest Expense EBITDA/Net Interest EBITDA/(Total Interest Exp + Pfd Div) EBITDA/Dividends on Com Shares EBITDA/(Dividends on Com + Pfd)

Holdings Ltd
2010 2009 2008 2007

2011

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 5.2 7.2 5.2 16.2 16.2 5.3 7.2 5.3 16.3 16.3 3.9 4.9 3.9 12.0 12.0 3.9 5.0 3.9 12.1 12.1 8.2 11.1 8.2 19.2 19.2 8.3 11.3 8.3 19.4 19.4 3.4 4.1 3.4 7.7 7.7 3.7 4.5 3.7 8.4 8.4 10.0 10.9 10.0 81.0 81.0 10.2 11.2 10.2 82.6 82.6

Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Heeton Fiscal Year Fiscal Year End Date Long Term Debt % of EBIT Long Term Debt % of EBITDA Long Term Debt % of Total Assets Long Term Debt % of Total Capital Long Term Debt % of Com Equity Total Debt % of EBIT Total Debt % of EBITDA Total Debt % of Total Assets Total Debt % of Total Capital Total Debt % of Total Capital & Short Term Debt Total Debt % of Common Equity Minority Interest % of EBIT Minority Interest % of EBITDA Minority Interest % of Total Assets Minority Interest % of Total Capital Minority Interest % of Com Equity Preferred Stock % of EBIT Preferred Stock % of EDITDA Preferred Stock % of Total Assets

Holdings Ltd
2011 2010 2009 2008 2007 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 749.2% 743.9% 48.6% 57.2% 133.4% 887.5% 881.3% 57.6% 67.7% 61.3% 158.1% -0.0% -0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 1,006.9% 996.5% 46.4% 56.4% 129.5% 1,267.5% 1,254.4% 58.4% 71.0% 62.0% 163.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1,072.6% 1,060.8% 44.3% 58.4% 140.2% 1,487.1% 1,470.6% 61.4% 80.9% 66.0% 194.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1,847.4% 1,694.5% 53.1% 64.8% 184.4% 2,254.5% 2,067.9% 64.9% 79.0% 69.2% 225.0% 2.7% 2.5% 0.1% 0.1% 0.3% 0.0% 0.0% 0.0% 349.7% 342.9% 50.9% 61.3% 158.9% 420.8% 412.6% 61.3% 73.8% 65.6% 191.2% 0.6% 0.6% 0.1% 0.1% 0.3% 0.0% 0.0% 0.0%

Preferred Stock % of Total Capital Preferred Stock % of Total Equity Common Equity % of Total Assets Common Equity % of Total Capital Total Capital % of Total Assets Capital Expenditure % of Sales Fixed Assets % of Common Equity Working Capital % of Total Capital Dividend Payout Funds From Operations % of Total Debt

0.0% 0.0% 36.4% 42.8% 85.1% 0.3% 0.3% 41.6% 9.7% 5.7%

0.0% 0.0% 35.8% 43.6% 82.2% 1.0% 0.3% 43.7% 10.7% 2.0%

0.0% 0.0% 31.6% 41.6% 75.9% 0.0% 0.4% 42.5% 6.9% 4.0%

0.0% 0.0% 28.8% 35.1% 82.1% 1.0% 13.7% 44.6% 30.2% 1.2%

0.0% 0.0% 32.1% 38.6% 83.1% 0.3% 14.5% 36.4% 1.7% 1.9%

Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Heeton Fiscal Year Fiscal Year End Date Total Current Assets % Net Sales Cash % of Current Assets Cash & Equivalents % of Current Assets Quick Ratio Receivables % of Current Assets Receivable Turnover number of days Inventories % of Current Assets Inventory Turnover - number of days Inventory to Cash & Equivalents - number of days Receivables % of Total Assets Current Ratio Total Debt % of Total Capital Funds from Operations % of Current Liabilities Funds from Operations % of Long Term Debt Funds from Operations % of Total Debt Funds from Operations % of Total Capital Cash Flow (in milllions of Singapore Dollars) Operating Activities

Holdings Ltd
2011 2010 2009 2008 2007 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 356.1% 796.2% 552.6% 630.5% 448.3%

5.8% 0.4 3.3% 29.1 90.4% 2,089.4 23.3 1.6% 3.9 61.3% 26.5% 6.7% 5.7% 3.9%

6.6% 0.3 1.2%

6.3% 0.2 1.9% 27.1

9.4% 0.3 0.8% 20.5 89.4% 3,386.9 37.7 0.4% 3.4 69.2% 5.1% 1.5% 1.2% 1.0%

13.9% 0.5 1.3% 33.8 81.6% 2,003.1 61.2 0.6% 3.1 65.6% 8.1% 2.3% 1.9% 1.4%

91.5%

84.7% 3,419.6

26.1 0.6% 3.4 62.0% 7.7% 2.5% 2.0% 1.4%

26.6 1.0% 2.5 66.0% 11.5% 5.5% 4.0% 3.2%

17.6

5.4

21.4

-64.6

-59.6

Financing Activities Investing Activities

12.1 32.2

-13.5 -9.1

-14.2 10.8

59.1 0.2

76.5 0.7

Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Heeton

Holdings Ltd
2011 2010 2009 2008 2007

Figures are expressed as per unit of respective shares. Figures are in Singapore Dollars.

Fiscal Year Fiscal Year End Date Sales Operating Income Pre-tax Income Net Income (Continuing Operations) Net Income Before Extra Items Extraordinary Items Net Income After Extraordinary Items Net Income Available to Common Shares Fully Diluted Earnings Common Dividends Cash Earnings Book Value Retained Earnings Assets

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 0.37 0.13 0.14 0.17 0.07 0.09 0.25 0.08 0.09 0.21 0.07 0.05 0.22 0.07 0.29

0.11

0.09

0.08

0.03

0.24

0.11 0.11 0.11 0.01 0.09 1.00 0.70 2.75

0.09 0.09 0.09 0.01 0.03 0.93 0.63 2.60

0.08 0.08 0.08 0.01 0.06 0.81 0.55 2.56

0.03 0.03 0.03 0.01 0.02 0.73 0.47 2.54

0.24 0.24 0.24 0.01 0.03 0.71 0.45 2.22

Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Heeton Fiscal Year Fiscal Year End Date Gross Income Margin Operating Income Margin Pretax Income Margin EBIT Margin Net Income Margin Return on Equity - Total Return on Invested Capital Return on Assets Asset Turnover Financial Leverage Interest Expense on Debt Effective Tax Rate Cash Flow % Sales Selling, General & Administrative Expenses % of Sales Research & Development Expense Operating Income Return On Total Capital

Holdings Ltd
2011 2010 2009 2008 2007

Currency figures are in Singapore Dollars.

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 43.7% 34.2% 39.2% 48.4% 30.9% 12.0% 5.7% 5.3% 0.1 158.1% 7,608,000 19.2% 24.5% 4.6% 0.1 163.0% 6,959,000 16.8% 18.1% 55.1% 39.6% 53.3% 72.1% 56.3% 10.8% 49.1% 33.1% 37.4% 42.6% 32.1% 10.3% 3.8% 3.5% 0.1 194.3% 2,866,000 18.3% 25.3% 4.5% 45.8% 31.6% 24.5% 34.9% 15.0% 4.3% 2.2% 2.0% 0.1 225.0% 4,879,000 20.2% 9.5% 44.3% 31.3% 132.5% 147.2% 109.0% 41.3% 15.1% 14.3% 0.1 191.2% 7,241,000 18.2% 11.6%

9.4%

10.1%

-7.0%

13.0%

57.1%

Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Heeton

Currency figures are in millions of U.S. Dollars.
Wright Quality Rating

Holdings Ltd

DCD10 DCD10
83 118 83 118 0 0 0.0% 0.0% SIN OTH 0

Investment Acceptance Rating Total Market Value of Shares Outstanding - Three Year Average - Current Year Public Market Value (Excludes Closely Held) - Three Year Average - Current Year Trading Volume - Three Year Average - Current Year Turnover Rate - Three Year Average - Current Year Stock Exchange Listings Number of Institutional Investors Number of Shareholders Closely Held Shares as % of Total Shares Outstanding

0.0%

Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Heeton Wright Quality Rating Financial Strength Rating Total Shareholders' Equity (Millions of U.S. Dollars) Total Shareholders' Equity as % Total Capital Preferred Stock as % of Total Capital Long Term Debt as % of Total Capital Long Term Debt (Millions of Singapore Dollars) Lease Obligations (Millions of Singapore Dollars)

Holdings Ltd
D D

CD10 CD10
200 52.9% 0.0% 47.1% 218 0 218 61.5% 4.7 6.4 0.4 1.7

Long Term Debt including Leases (Millions of Singapore Dollars) Total Debt as % of Total Capital Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends Operating Cash to Fixed Charges Cash Dividend Coverage Ratio

Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Heeton Wright Quality Rating Profitability & Stability Rating

Holdings Ltd
DC DC

D10 D10
13.2% -4.0% 5.9% 0.7% 43.0% 3.4% 2.9% 3.4% 4.8% 2.9% 3.4% 4.8%

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal - Basic Trend Cash Earnings Return on Equity - Time-Weighted Average - Basic Trend Cash Earnings Return on Equity - Stability Index Return On Assets (Time-Weighted Average) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate)

Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Heeton

Figures are expressed on a Per Share Basis.

Holdings Ltd
DCD DCD

Wright Quality Rating Growth Rating Normal Earnings Growth Cash Earnings Growth Cash Earnings Stability Index Earned Equity Growth Dividend Growth Operating Income Growth Assets Growth Sales/Revenues Growth

10 10
16.6% 25.0% 58.2% 12.1% 25.0% 10.1% 7.7% 6.8%

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