Report for the period 1 January 2009 to December 2009.

The Company’s Directors and Management firmly believe that a full commitment to high standards of corporate governance is essential to the sustainability of the Company’s businesses and performance, as well as to safeguard shareholders’ interests and maximise long-term shareholder value. They are pleased to confirm that the Company has adhered to the principles and guidelines of Singapore’s Code of Corporate Governance 2005 (“2005 Code”).

Effective corporate governance supports the Company’s belief in transparency, and helps it to be forward-looking with fresh ideas, and to be more decisive in the execution of strategies and initiatives. It is also an effective prevention against fraud and irregularities.

These standards include having clear policies, best practices, and sound internal controls as well as a system of continuous improvements.

The Company has received many awards for achieving high standards in its corporate governance and transparency. Information on these awards is set out on page 32.

As required by the Listing Manual of the Singapore Stock Exchange Securities Trading Limited (“SGX-ST”), the following sections describe how the Company has effectively applied the principles and guidelines of the 2005 Code.

Board Matters

The Board's Conduct of Affairs
Principle 1: Effective Board to Lead and Control the Company

Board Composition and Guidance
Principle 2: Strong and Independent Element on the Board

Chairman and Chief Executive Officer
Principle 3: Chairman and Chief Executive Officer to be Two Separate Persons to Ensure a Clear Division of Responsibilities and Balance of Power and Authority

Board Membership
Principle 4: Formal and Transparent Process for the Appointment of New Directors

Board Performance
Principle 5: Formal Assessment of the Effectiveness of the Board as a Whole and the Contribution by Each Director

Access to Information and Accountability
Principle 6: Board Members to have Complete, Adequate and Timely Information
Principle 10: The Board's Accountability to the Shareholders and Management's Accountability to the Board

Remuneration Matters

Procedures for Developing Remuneration Policies
Principle 7: Formal and Transparent Procedure for Fixing the Remuneration Packages of Individual Directors

Level and Mix of Remuneration
Principle 8: Remuneration of Directors to be Adequate and Not Excessive

Disclosure of Remuneration
Principle 9: Clear Disclosure on Remuneration Policy, Level and Mix of Remuneration, and the Procedure for Setting Remuneration

Internal Control and Audit

Audit Committee
Principle 11: Establishment of Audit Committee with Written Terms of Reference

Internal Controls
Principle 12: Sound System of Internal Controls

Internal Audit
Principle 13: Independent Internal Audit Function

Communication with Shareholders
Principle 14: Regular, Effective and Fair Communication with Shareholders
Principle 15: Greater Shareholder Participation at Annual General Meetings

Security Transactions

Interested Person Transactions

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