Performance of Virtual Fund ~ July 2008

China Fish -$19,600
Raffles Education -S$11,400
Noble Group -S$13,340
STX Pan Ocean -S$55,590

Total Unrealised Loss = -S$99,930 = -19.99%
Sum invested = $524,510
Cash holding = $4,110
Realised Profit = $28,620 = 5.724%

Latest Holding of My Portfolio ~ July 2008

Cash
China Energy
Courage Marine
Lizhong Wheel
ChinaXLX
Jiutian Chemical
Noble Group
Sihuan
STX Pan Ocean
Swiber

CPF
Asia Enterprise
Midas
Raffles Education

Sihuan 1H Results

Sihuan’s 1H08 profit before tax jumps 65% on rising demand across all business segments

Well-executed plan to broaden product offerings and improve marketing helps double revenue at half-time

Shenzhen Sihuan and associate Beijing Purenhong also contributed positively, lifting both revenue and profits

Launch of new drugs including GM-1 expected to propel medium-term revenue and earnings

SINGAPORE, 31st July 2008 Mainboard-listed Sihuan Pharmaceutical Holdings Group Ltd (Sihuan, the Group, 四环医药控股集团有限公司), a leading manufacturer of cardio cerebral vascular (CV) drugs in China, delivered yet another impressive set of results for the first half-year ended 30 June2008 (1H08). Its profit before tax was RMB127.9 million in 1H08, up 65% a year ago, as the Group enjoyed robust demand for a broad range of its drugs. Its net attributable profit surged 37% to RMB113.8 million.

Sihuan’s strategic marketing efforts to penetrate niche but high-margin segments have clearly paid off, drawing in RMB69 million in additional revenues. This – together with the Group’s extensive range of non-CV products, largely from Shenzhen Sihuan Pharmaceutical Co., Ltd (Shenzhen Sihuan) – powered a 104% hike in Sihuan’s 1H08 revenue to RMB237.3 million, up from RMB116.4 million a year ago. Shenzhen Sihuan recorded a net profit of RMB9.5 million on sales of RMB52.0 million in 1H08.

CV drugs grew solidly, chalking up a 83% rise in 1H08 sales, thanks to wider acceptance of and stronger demand for Kelinao, Chuanqing and Anjieli. Non-CV drugs recorded a 320% jump in sales to RMB 43.1 million, as a broadened drug offering – made possible through the acquisition of Shenzhen Sihuan last October – captured demand from new market segments.

Dr Che Fengsheng (车冯升), Sihuan’s Executive Chairman and Chief Executive Officer, said: “These results reflect the healthy fruition of the strategic investments we have made to beef up distribution and investment in the right products. For instance, the acquisitions of Shenzhen Sihuan and Beijing Purenhong have greatly increased the depth of our distribution and widened our product mix. This will serve to generate even stronger demand for both our CV and non-CV drugs, and further entrench Sihuan’s position in the PRC’s pharmaceutical sector.

We believe the launch of GM-1* and other new drugs will add to our portfolio of successful CV drugs and sharpen our edge in the sector. We are confident that Sihuan’s strong branding and established distribution network will help these new drugs establish astrong footing in the market and contribute positively to earnings.”The improved results and the Group’s ongoing active capital management efforts allowed Sihuan’s operations to generate healthy net cash of RMB112.5 million, up from 1H 07’s RMB68.8 million. The Group remained in a net cash position, with cash reserves of RMB229.8 million at the end of June 2008, which will help fund strategic investments innew drug research, the acquisition of more product rights and the expansion of the distribution network.

Despite the competitive operating environment, Dr Che remains excited about the future. He commented: “The consolidation in China’s pharmaceutical industry will throw up opportunities for Sihuan to capture further market share. It will also strengthen our lead in the sector, especially given our concerted efforts to beef up our upstream R&D capabilities and expand our network of distributors.”

In April 2008, Sihuan acquired a 60% stake in Shandong R&D Company for RMB62.5 million that will pave the way for the Group to advance into the international healthcare market. The Group will continue to invest in Shandong R&D to beef up its R&D edge as well as increase its staff strength. As of today, Shandong R&D Company has filed applications for more than 500 PRC or international patents.

Raffles Education Corp - News Release

RAFFLES EDUCATION CORPORATION MERGES HUIZHOU AND GUANGZHOU COLLEGES- Merger in line with Group’s efforts to streamline southern college operations and improve efficiencies

Singapore, July 30, 2008 – Mainboard listed Raffles Education Corporation Limited(“RafflesEducationCorp” or “the Group”), the largest private education group in the Asia-Pacific region, has merged the operations of its college in Huizhou, Raffles H.U. International College (“RHU”), with its college in Guangzhou, LaSalle International Design College (“RGZ”), as part of its restructuring exercise for its southern college operations. Students from RHU have been transferred over to RGZ, and will continue to pursue the same programmes which they started with in RHU.

Said Mr Chew Hua Seng, Chairman and CEO of RafflesEducationCorp: “With both colleges in close proximity, we felt that it would be wise to merge the colleges to streamline operations and benefit from cost savings.” The Group embarked on a restructuring exercise early this year to consolidate its colleges in the region. This came on the back of delisting plans for Hartford Education Corp Limited and China Education Limited, both of which has been completed. The merger exercise is not expected to have a material impact on the earnings of the Group in FY2008.

Asia Enterprises reports 61% jump in Q2 Net Profit

-Net profit margin expands to 19.2% from 13.2% a year ago

-Steel distributor to continue benefiting from its strong exposure to shipbuildingand marine-related sectors in the second half of 2008

Singapore, 24 July 2008 – Asia Enterprises Holding Limited (“Asia Enterprises” or the “Group”), a leading regional distributor of steel products to industrial end-users, has reported a sterling 61% jump in net profit to $10.4 million on revenue growth of 11% to $53.9 million for the three months ended 30 June 2008(“2Q08”).

Said Mr Lee Choon Bok, Chairman and Managing Director of Asia Enterprises, “The Group’s strong bottomline performance in 2Q08 was driven by an expansion in profit margins, despite competitive conditions in the region’s steel distribution industry and higher inventory replacement costs caused by rising global steel prices. Looking ahead, we expect to see steady demand for steel products from our primary customer segment in the shipbuilding and marine-related sectors.”2Q08

Performance Review

Despite slower conditions in the USA and EU economies, global steel prices have risen sharply over the first six months of 2008, particularly during the second quarter, underpinned by the escalating cost of steel production and robust demand for steel from emerging economies. Asia Enterprises continued to capitalise on its strong exposure to the shipbuilding and marine-related sectors.

In 2Q08, sales to customers in this segment rose 30% to $37.0 million and contributed the largest share of 69% to Group revenue. Sales to other stockists/traders as well as the construction, engineering/fabrication, manufacturing, and precision metal stamping sectors accounted for the remaining 31%.

The Group registered strong sales growth of 75% in the Indonesian market, driven by higher orders from customers in shipbuilding and marine-related sectors. For 2Q08, sales to Indonesia, Singapore and Malaysia accounted for 58%, 32%, and 8% respectively of the Group’s revenue, with the remaining 2% from other Asia Pacific markets.

While replacement costs of inventory have continued to rise, the Group was able to widen its gross profit margin to 29.1% in 2Q08, from 21.0% in 2Q07, reflecting its effective management of inventories. Net profit margin also increased to 19.2% from 13.2% previously, as the Group benefited from a lower effective tax rate due to its entry into the Global Trader Program from FY2008. For the first six months ended 30 June 2008, Asia Enterprises generated positive net cash flows from operating activities of $10.5 million, to end the period with a healthy cash balance of $16.3 million.

On anannualised basis, its return-on-equity in the first half improved to 30.1%, compared to 20.6% in FY2007. Market Outlook and Prospects Growth of global crude steel production is expected to moderate to 6.8% in 20081, from 8.2% in 2007 while global demand will continue to be supported by the high steel requirement from emerging markets despite slower conditions in the USA and Europe. With the demand-supply environment likely to remain tight, global steel prices are generally expected to stay firm in the second half of 2008. To provide a total solution to its customers and reinforce its position as a Regional Steel Distribution Centre, the Group will continue to maintain a sufficient and comprehensive range of steel products.

Transactions of Own Portfolio

Bought:

Noble Group at $2.10
STX Pan Ocean at $2.75

Sihuan News Release

Sihuan’s subsidiary appointed sole distributorfor high-quality nutritional drug

- Shenzhen Sihuan wins rights to distribute amino acid drug, a product manufactured with superior raw materials from Japan

Shenzhen Sihuan on target to meet profit guarantee of not less than RMB16 m for FY08

Deal reflects the Group’s continual efforts to source premium products to add to further growth

SINGAPORE, 9 July 2008 FOR IMMEDIATE RELEASE Mainboard-listed Sihuan Pharmaceutical Holdings Group Ltd. (Sihuan, the Group, 四环医药控股集团有限公司), a leading manufacturer of cardiocerebral vascular (CV) drugs in the PRC, announced that wholly owned Shenzhen Sihuan Pharmaceutical Co. Ltd. (Shenzhen Sihuan) has secured the exclusive rights to distribute a high-quality amino acid injection in the PRC for a period of five years.

Named Luoanming (洛安命), the nutritional drug is used to enhance the recovery of patients after injury or surgery. Luoanming is purer than alternatives sold in the market as it is made from superior raw materials imported directly from Japan and Western countries. It also possesses higher efficacy than cheaper rival substitutes such as glucose infusions. Currently, there are no similar products whose raw materials are sourced from overseas.

Sihuan’s Executive Chairman and Chief Executive Officer (CEO), Dr Che Fengsheng (车冯升), said: “The shortage of blood supply in the PRC has led to a huge demand for amino acid pharmaceutical products. This nutritional drug segment in the PRC market is fairly sizeable, being worth at about RMB1.3 billion, and it is expected to grow at a healthy rate.

Under its experienced and discerning management, Shenzhen Sihuan has identified Luoanming as a premium product with which to make its initial forays into this profitable market segment.“In PRC, patients are opting for better quality, yet affordable products. Given Luoanming’s superior product quality, coupled with Sihuan’s extensive distribution capabilities and established reputation as a leading pharmaceutical company, we are confident of unlocking full potential in China. We believe we can obtain selling prices and margins that reflect its strong attributes.”The Group acquired Shenzhen Sihuan in October 2007 for RMB60 million. This company is engaged in the marketing and distribution of own-brand and third-party pharmaceutical products in the PRC, through a network of 29 sales offices and 1,067 distributors.

Dr Che added: “The acquisition of Shenzhen Sihuan has not only increased the depth ofour distribution, but also widened our product mix. Under the leadership of our deputy chairman, Dr Guo Wei Cheng, Shenzhen Sihuan is able to ride on Sihuan’s growing reputation to add new products and extend customer reach. It is on target to meet the profit guarantee of not less than RMB16 million for FY08.”

This announcement follows Sihuan’s recent purchase of a 45% stake in Beijing Purenhong,a major distributor of pharmaceutical products to 130 hospitals in Beijing. With bothShenzhen Sihuan and Beijing Purenhong in its fold, the Group will be able to generateeven greater demand for both its CV and non-CV drugs and further entrench its positionwithin the PRC.

Courage Marine sails off with top spot in Marine Money rankings

􀂄 Takes 1st place in prestigious award that ranked the financial performance of 99 shipping groups worldwide in 2007

􀂄 Also finishes top in ROA, Debt to Capitalisation and Debt Coverage Ratio

􀂄 Award validates its tested, asset-light business model of deploying older, well-maintained ships while imposing stringent cost controls

Courage Marine Group Limited, a dry bulk shipper focused on infrastructure and energy related commodities, has once again demonstrated just how tightly and effectively it runs its ship by finishing first in Marine Money’s industry-acclaimed annual rankings.

Triumphing over 98 other companies, Courage Marine has been named the world’s bestshipping company for 2007 by Marine Money International, a highly respected provider ofmaritime company analysis that tracks the financial performance of the world’s most noteworthy shipping groups.

Courage Marine has surprised many by beating out far larger groups such as Cosco Holdings, STX Pan Ocean and AP Moller-Maersk. Runner-up D/S Norden A/S has a fleet of 216 vessels to Courage Marine’s eight. Size is clearly not everything, however, as Courage Marine has proved by coming out topsin the overall performance rankings, which assess candidates based on measures such as total return to shareholders, profit margin, return on assets (ROA) and return on equity(ROE).

In the individual categories, the Group placed first in ROA as well, with a figure of 52.6%. For ROE, it clinched the ninth place, with a figure of 64.2%. Courage Marine also won kudos in the financial strength rankings, nabbing second place. In the individual categories, the Group topped the rankings in terms of credit rating, interest coverage and debt to capitalisation.

This superb showing is a testament to how successfully the Group has managed its operations, securing contracts at the best dry bulk shipping rates available and maintaining excellent fleet utilisation rates of over 90%. In addition, its tight rein on costs and gearingl evels has helped Courage Marine rake in enviable profits.

For FY07, the Group’s eight vessels brought in revenues of US$90.4 million and net profits of US$60.4 million. Without a doubt, Courage Marine’s triumph in the credit rankings can be attributed to its low gearing, high profitability and ample liquidity.

Said Chairman Hsu Chih-Chien: “All in all, the results were extremely gratifying as they clearly validate our business model. Even though our fleet is made up of older ships, they are well-maintained and efficiently deployed. At today’s prices, it is certainly feasible to extend the life of our vessels to maximise on the current boom in commodities, as long as the payback is swift and the debt burden is light.

Currently, we are riding the boom by focusing on the spot market, with some COAs (contracts of affreightment) thrown into the mix as well for longer-term revenue. We have been securing excellent spot rates for coal and iron ore. Even our COA rates have beenfavourable too”Mr Hsu added: “Courage Marine’s ability to maintain top-notch profits over the past few years proves that we have one of the better business models in the industry and that our long-standing relationships across the region have stood us well.

After all, this award is not the first time that Money Marine has recognised our achievements. It ranked us 10th inoverall performance, third in financial strength and fifth in dividend yield for 2006, when the rankings covered only 86 companies.

“Money Market publisher George Weltman was openly taken aback when we clinched the top place this year, but he acknowledged that our win is certainly no fluke given our solid track record and that Wall Street clearly finds merit in our tested business model, especially now, when commodity markets are soaring and charterers need to move cargoes.”

To make the most of the current boom, Courage Marine is looking to increase its fleet, with both new and secondhand vessels, depending on price and availability. The Group’s healthy balance sheet, which boasts cash reserves of about US$77 million, will facilitate these acquisitions.

Courage Marine recently posted sterling results for the first quarter ended 31 March 2008, with a 32% year-on-year (yoy) rise in net attributable profit to US$12.6 million. grew by 29% yoy to US$21.5 million. Tight cost controls helped push up the Group’s net profit margin, to 58.3% from 57.1%.

Latest Holding of My Portfolio ~ June 2008

Cash

China Energy
Courage Marine
Lizhong Wheel
ChinaXLX
Jiutian Chemical
Sihuan
Swiber

CPF
Asia Enterprise
Midas
Raffles Education

Performance of Virtual Fund ~ June 2008

China Fish -$3,600
Raffles Education -S$12,000
Noble Group -S$1,160
STX Pan Ocean -S$49,990

Total Unrealised Loss = -S$66,750 = -13.35%
Sum invested = $524,510
Cash holding = $4,110
Realised Profit = $28,620 = 5.724%