Investor Presentation

15 October 2014

1

15 October 2014

ASPIALInvestor

Presentation

Group Overview

Agenda

SingaporeProperty

Business Review

2

Australia Property Business

Review

Q & AFinancials

FY2011 – 1H2014

About Aspial – Group Overview

� Aspial Corporation Limited (“Aspial”) is an investment holding company with 3 corebusinesses, namely jewellery, property development and financial service

� Jewellery- Leading jewellery retailer in Singapore with about 65 retail stores across

Singapore and 1 in Ho Chi Minh City

� Property Development- Successfully launched and completed more than 30 property projects in

Singapore since 2001-

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- Involved in commercial, residential and commercial-cum-residential projectsin good locations in Singapore

- Since late 2013, Aspial has invested in property projects in Australia &Malaysia

� Financial Service- Provides modern, professional pawnbroking services- Largest chain with 40 outlets in Singapore.- Listed Maxi-Cash on Catalist on 22 June 2012

� Aspial is listed on the Singapore Stock Exchange with market capitalisation of aboutS$778 million, as of 07 October 2014.

About Aspial – Group Overview

Financial Summary

S$’000 Year ended 31 Dec 2011

Year ended

31 Dec 2012

Year ended 31 Dec 2013

Year ended 30 Jun 2014

Revenue 420,324 451,941 515,262 249,019

EBITDA 67,049 91,181 119,311 58,141

EBITDA Margin (%) 15.95% 20.18% 23.16% 23.35%

Interest Expense 3,474 6,146 13,073 10,599

Total Debt 321,651 605,564 838,752 1,039,403

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Total Debt 321,651 605,564 838,752 1,039,403

Total Assets 569,512 961,859 1,275,583 1,507,221

Total Tangible Net Worth 141,614 201,216 304,036 315,765

Total Equity 155,807 231,703 330,281 368,564

Net Debt to Total Equity (x) 1.88 2.41 2.34 2.62

Secured Debt to Total Asset (%) 53.7% 47.4% 46.1% 41.4%

Jewellery Business

Our 4 key jewellery brands target different market

segments. This enables us to focus on fulfilling

customers’ preferences such as merchandise and price

range more effectively.

• Despite the lesser number of stores in 2013, we managed to improve store efficiency and

achieve higher sales from existing retail stores.

• Revenue from the jewellery business increased by 4.2% from S$163.3 million in FY2012 to

S$170.1 million in FY2013. The Group’s jewellery business registered pre-tax profits of

S$4.4 million in FY2013 as compared to S$2.8 million in FY2012.

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S$4.4 million in FY2013 as compared to S$2.8 million in FY2012.

Value

Segment

Mainstream

Segment

Mass Luxury

Segment

Luxury

Segment

� Largest retailer of contemporary jewellery in Singapore with more than 40 years of experience

� Network of about 70 retail stores covering most of the major shopping malls in Singapore

� Strong brand equity in major segments of the jewellery market

Financial Service Business

• Our financial service business Maxi-Cash was incorporated in April2008 and was listed on Catalist of SGX-ST on 22 June 2012.

• In FY2013, Maxi-Cash achieved another year of record loans to itscustomers. Its revenue increased by 12.5% from S$100.5 million inFY2012 to S$113.1 million in FY2013.

• With the largest network of pawnshops and pledge book inSingapore, the Group through Maxi-Cash continues to strengthen itsleadership position in the market.

Well-established Market Position ($$'000)($$'000) Revenue

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� Leader with the largest network of 40 strategic locations� Innovator offering contemporary, bank-like experience� Recession-Proof Business

10.0

54.9

87.8

100.5

113.1

-

20.0

40.0

60.0

80.0

100.0

120.0

FY09 FY10 FY11 FY12 FY13

Property Development

• Through World Class Land Pte Ltd, we are involved in commercial, residentialand commercial-cum-residential projects in good locations in Singapore.

• Since 2001, we have successfully launched and completed more than 30property projects in Singapore.

• Revenue from the property development business rose 23.3% from S$196.2million in FY2012 to S$241.8 million in FY2013. The substantial growth inrevenue was contributed by the progress recognition of revenue from EastVillage, Urban Vista, Cardiff Residence and 8 Bassein amongst others.

• Since 2013, through our subsidiary World Class Global Pte Ltd, we have

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•expanded overseas by acquiring properties in Australia (Melbourne, Brisbane,Cairns) and Penang, Malaysia.

81.9

177.5 196.2

241.8

9.6

49.2 73.0

102.8

-

50.0

100.0

150.0

200.0

250.0

300.0

FY10 FY11 FY12 FY13

Revenue

PBT

11.9%

28.2%

37.6%43.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

FY10 FY11 FY12 FY13

� Growing track record

EBITA Margin

ASPIALInvestor

Presentation

Group Overview

Agenda

SingaporeProperty

Business Review

8

Australia Property Business

Review

Q & AFinancials

FY2011 – 1H2014

Property Business in Singapore

� Participate in Government Land Sales (GLS). Focus on areas with goodpotential

� Explore mixed development to cater to modern lifestyle of residents

� Exercise prudence as land prices peak

� Mitigate risks with short land purchase to sale cycle

Property Investment Strategies

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� Mitigate risks with short land purchase to sale cycle

� Responsiveness to market trends

� Short investment to sale and completion cycle

� Experienced management team

� Potential joint-ventures for larger purchases & developments

Property Investment Merits

The Hillford Kensington Square

Recently Launched Projects in Singapore

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Type Residential

Total Units 281

Launch Date 1Q 2014

Units Launched 281

Sold Based on

Units Launched100 %

Expected TOP 2H 2015

Type Retail

Total Units 21

Launch Date 1Q 2014

Units Launched 21

Sold Based on

Units Launched90 %

Expected TOP 2H 2015

Type Residential

Total Units 141

Launch Date 3Q 2013

Units Launched 141

Sold Based on

Units Launched100 %

Expected TOP 2H 2015

Type Retail

Total Units 57

Launch Date 3Q 2013

Units Launched 57

Sold Based on

Units Launched50%

Expected TOP 2H 2015

8 Bassein Urban Vista

Recently Launched Projects in Singapore

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Type Residential

Total Units 74

Launch Date 2Q 2012

Units Launched 74

Sold Based on Units Launched 100 %

Expected TOP 1H 2015

Type Residential

Total Units 582

Launch Date 1Q 2013

Units Launched 582

Sold Based on Units Launched 100%

Expected TOP 1H 2015

Waterfront @ FaberCitigate

Recently Launched Projects in Singapore

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Type Residential

Total Units 210

Launch Date 2Q 2014

Units Launched 192

Sold Based on Units Launched 47%

Expected TOP 2H 2016

Type Residential

Total Units 311

Launch Date 3Q 2014

Units Launched 170

Sold Based on

Units Launched64%

Expected TOP 2H 2018

Type Retail

Total Units 188

Launch Date 3Q 2014

Units Launched 155

Sold Based on

Units Launched50%

Expected TOP 2H 2018

8 Bassein.

Urban VistaKensington Sq.The Hillford

Waterfront @ FaberCitigate

Summary of Property Projects in Singapore

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� High revenue visibility

- Based on the units sold, the Group has locked in total revenue of more than S$660 million as at

30 Jun 2014 which will be progressively recognised in accordance with the stage of construction

Citigate

ASPIALInvestor

Presentation

Group Overview

Agenda

SingaporeProperty

Business Review

14

Australia Property Business

Review

Q & AFinancials

FY2011 – 1H2014

Property Business in Australia

� Focus on cities with these attributes� Property prices has potential upside� Good Asian demand� Major growth catalyst� Limited supply

� Consider sites with existing planning permits

�

Property Investment Strategies

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� Phase out launches

� Established and experienced team in the property industry

� Good knowledge of Asian buyers and capability to cater to Asian market

� Short investment to sale cycle

Property Investment Merits

SouthBank (Melbourne) A’Beckett St. (Melbourne)

Summary of Property Projects in Australia

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Acquisition Date Dec 2013

Type Mainly Residential

Tenure Freehold

Total GFA 140,000 Sqm

Target Launch 2H 2014

Est. unit 1,105

Acquisition Date 2Q 2014

Type Mainly Residential

Tenure Freehold

Total GFA 55,000 Sq m

Target Launch 2H 2014

Est. unit 750

Key Features

� Tallest Residences in Southern Hemisphere

� Breathtaking views of CBD and Bay

� Comprehensive facilities at Level 70/71

Key Features

� Close proximity to RMIT and Melbourne U

� Near Melbourne Central Station

� Iconic 82 storey building

King Street (Melbourne) Central Park (Cairns)

Summary of Property Projects in Australia

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Acquisition Date 2H 2013

Type Mixed

Tenure Freehold

Total GFA 50,000 Sqm

Target Launch 2H 2015

Est. unit 634

Key Features

� Cairns CBD area

� Township development with 1 commercialblock and 6 residential blocks

� Opposite bustling Cairns Central Shopping

Acquisition Date 2H 2013

Type Mixed

Tenure Freehold

Total GFA 120,000 Sqm

Target Launch 1H 2015 (Phase 1)

Est. unit 1,250

Key Features

� Fronting Flagstaff Gardens

� Unblocked panoramic view

� Near Flagstaff station

Margaret St. (Brisbane)Albert St. (Brisbane)

Summary of Property Projects in Australia

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Acquisition Date 1H 2014

Type Mixed

Tenure Freehold

Total GFA 90,000 Sqm

Target Launch 1H 2015

Est. unit 820

Acquisition Date 2H 2014

Type Mixed

Tenure Freehold

Total GFA 75,000 Sqm

Target Launch 2H 2015

Est. unit 700

Key Features

� Brisbane CBD

� Near future Integrated Resort in Brisbane

� Panoramic city and river view

Key Features

� Brisbane CBD

� Near future Integrated Resort in Brisbane

� Panoramic city and river view

ASPIALInvestor

Presentation

Group Overview

Agenda

SingaporeProperty

Business Review

19

Australia Property Business

Review

Q & AFinancials

FY2011 – 1H2014

S$’000 Year ended 31 Dec 2011

Year Ended 31 Dec 2012

Year ended 31 Dec 2013

Period ended 30 Jun 2014

Cash & Cash Equivalents

28,163 46,781 67,461 74,850

Development Properties

262,933 534,413 751,921 794,018

Total Assets 569,512 961,859 1,275,583 1,507,221

Long-term borrowings 136,745 267,045 415,315 443,370

Financial SummaryBalance Sheet

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Long-term borrowings & loans

136,745 267,045 415,315 443,370

Short-term borrowings & loans

184,906 188,519 173,312 181,033

Notes Payable - 150,000 250,125 415,000

Total Liabilities

413,705 730,156 945,302 1,138,657

Net Assets 155,807 231,703 330,281 368,564

Total Equity 155,807 231,703 330,281 368,564

Financial SummaryIncome Statement

S$’000 Year ended 31 Dec 2011

Year ended

31 Dec 2012

Year ended 31 Dec 2013

Period ended 30 Jun 2014

Revenue 420,324 451,941 515,262 249,019

Operating Profit 55,222 53,904 59,368 6,597

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Interest Expense 3,474 6,146 13,073 10,599

Share of Results from Associates

243 19,611 31,077 2,050

Profit before Tax 57,228 79,042 100,996 44,882

Net Profit 47,618 66,303 85,466 39,919

Revenue (S$’000) EBITDA Margin (%)

420,324 451,941

515,262

249,019

-

100,000

200,000

300,000

400,000

500,000

600,000

FY11 FY12 FY13 1H14

15.95%

20.18%

23.16% 23.35%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

FY11 FY12 FY13 1H14

Financial SummaryIncome Statement

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Net Profit (S$’000) EBITDA (S$‘000)

FY11 FY12 FY13 1H14 FY11 FY12 FY13 1H14

47,618

66,303

85,466

39,919

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

FY11 FY12 FY13 1H14

67,049

91,181

119,311

58,141

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

FY11 FY12 FY13 1H14

Secured Debt/ Total Asset (%) Net Debt to Equity (x)

54%

47% 46%41%

0%

10%

20%

30%

40%

50%

60%

FY11 FY12 FY13 1H14

1.88

2.41 2.34 2.62

-

0.50

1.00

1.50

2.00

2.50

3.00

FY11 FY12 FY13 1H14

Financial SummaryKey Financial Ratios

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Total Equity (S$m) Current Ratio (x)

(m)

155.81

231.70

330.28 368.56

-

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

FY11 FY12 FY13 1H14

2.04

2.99

3.65 4.01

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

FY11 FY12 FY13 1H14

Thank You

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Thank You

Important Notice

Important InformationThis presentation does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities and nothing

contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation is being furnished to you solely for your

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nature is given as to, and no reliance should be placed on, the fairness, correctness, accuracy or completeness of the information or opinions contained herein.

This presentation is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate it

to (all such persons being referred to as "relevant persons"). This presentation is only directed at relevant persons. Solicitations resulting from this presentation will only be responded to if

the person concerned is a relevant person. Other persons should not rely or act upon this presentation or any of its contents.

The information and opinions in this presentation are provided as at the date of this presentation and are subject to change without notice. No assurance is made as to the accuracy of

this presentation and it may be incomplete or condensed and it may not contain all material information concerning the Company or the group of which the Company is a part (the

“Group”). The information in this presentation is not financial product advice and does not take into consideration the investment objectives, financial situation or particular needs of any

particular person. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if information, opinion, assumptions, projections, forecasts or

estimates set forth therein, changes or subsequently becomes inaccurate. None of United Engineering Limited (the "Company"), nor any member of the Group, nor any of their respective

affiliates, officers, employees, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of or reliance on

the information or opinions contained in this presentation.

No offering of the Company’s securities will be registered under the U.S. Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of

the United States. Subject to certain exceptions, the Company’s securities may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any U.S.

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the United States. Subject to certain exceptions, the Company’s securities may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any U.S.

person (as defined in Regulation S under the U.S. Securities Act).

Neither this presentation nor any copy of such presentation may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States. The information

presented here is not an offer for sale within the United States of any securities of the Company.

The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and

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"estimates" or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for

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All forward-looking statements are subject to risks and uncertainties as they are based on certain assumptions and expectations of future events. The Company cannot guarantee that

these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such

forward-looking statements. The Company has no obligation to, and does not intend to, publicly amend, modify or revise any forward looking statements, on the basis of any subsequent

developments, information or events, or otherwise.