1. Wellcall Holdings Bhd (Company No: 707346-W) (Stock Code: 7231) By : KC Lim 17 th December 2013 Rule #1: Don’t Lose Money and Rule # 2: Don’t forget Rule #1

2. Investment Principles Margin of Safety Right Management Right Business Model Right Valuation Vs Price Knowing you will make money comes from buying a wonderful business at an attractive price

3. Business Model Owns 100% of WELLCALL HOSE (M) SDN BHD (Company No: 343730-A) PRINCIPAL ACTIVITIES Manufacturing of rubber hose and related products

4. Economic moat Cost Advantage ◦ Low operating cost and high margins ◦ In house designed and built production equipment. ◦ Lower operational costs (eg. Labour and location) Customers ◦ Has a strong customer base with more than 10 years business relationship ◦ Customers from a total of more than 60 countries ◦ Expanded from 3 to 6 application markets (air and water, welding and gas, oil and fuel, automobile, ship building and food and beverage.)

5. Right Management Owner-Oriented or Driven…… to change the world in some small or cool way!! DATUK NG PENG HONG @ NG PENG HAY, D.M.S.M., D.S.M., P.J.K. Age : 60 Nationality : Malaysian Qualification : Malaysian Certificate of Education Occupation : Company Director Position : Independent Non-Executive Chairman Other Directorships of Public Companies : Bonia Corporation Berhad Farm’s Best Berhad Ta Win Holdings Berhad Komarkcorp Berhad ICapital.Biz Berhad The Date He Was First Appointed to the Board : 17 April 2006

6. Right Management Owner-Oriented or Driven…… to change the world in some small or cool way!! HUANG SHA, PMP Age : 57 Nationality : Taiwanese (Malaysian Permanent Resident) Qualification : Secondary Education, Taiwan Occupation : Company Director Position : Non-Independent Managing Director Other Directorships of Public Companies : Nil The Date He Was First Appointed to the Board : 17 April 2006

7. Management - Remuneration

8. Right Valuation Income Statement Magic Numbers Shareholdings Information Earnings Per Share= 0.176 Largest Shareholder Return On Equity (%)= 28.77 Largest Shareholder % Gross Profit Margins (%)= 25.29 CEO Net Profit Margins (%)= 15.11 Other Notable Shareholders Balance Sheet Magic Numbers Current Ratio= 6.19 Cash Per Share Less Debt ($)=0.31 Cash Ratio= 3.97 Price Earnings Ratio (PE)=19.6 Stock Turnover (Days)= 52.28 Price Equity Ratio=5.6 Stock Turnover Ratio= 6.98 Price Earnings Growth Ratio=1.3 Debtors (Days)= 16.10 Share Price Less Cash=3.14 Creditors (Days)= 27.88 Borrowings / NPAT= 0.00 Margin of Safety=1.51% Borrowings / Operating Cash Flow= 0.00 Gearing= 0.00 Intrinsic Value (IV) $3.18 Valuation Magic Numbers Free Cash Flow ($mil)=639.40Discounted Earnings Model Market Capitalisation ($mil)=457.47 Growth Rate15%Risk Free Rate4% Dividend Yield (%)=4.49%Yr 12345678910 *Source Legend Earnings 0.2020.2320.2670.3070.3530.4060.4670.5380.6180.711 ISIncome Statement (Profit & Loss, Statement of Consolidated Income)Discount Rate 0.9620.9250.8890.8550.8220.7900.7600.7310.7030.676 BSBalance Sheet Discounted Earnings 0.1940.2150.2380.2630.2900.3210.3550.3930.4340.480 CFCash Flow Statement Cumulative Earnings 0.1940.4090.6470.9091.2001.5211.8762.2692.7033.184