STANLEY TAN

Chief Executive Office and Executive Director

CHIEF EXECUTIVE OFFICER’S MESSAGE

Growth Through Diversification

DEAR SHAREHOLDERS,

The Year in Review

This is a significant year for our company as we executed our strategy to grow the new areas of businesses. Beyond our core search business, we have moved decidedly into food and beverage, and property, and made key investments in Wendy’s Supa Sundaes (“Wendy’s”) and Pakuranga Plaza Limited (“PPL”).

Excluding one-off non-cash impairments of S$67.9 million, we recorded a net profit of S$5.1 million for the 15-month period ending 30 June 2015 (“15MFY15”) in a difficult year. This compares with S$4.7 million in the previous 12-month period ending 31 March 2014 (“12MFY14”). The one-off non-cash impairments which relates to trademarks with indefinite useful life and for investment in an associated company is an important step in our move ahead.

Our revenue has kept pace and grew 18% for the 15MFY15 as compared to 12MFY14 due mainly to the additional three months’ revenue from 1 April 2015 to 30 June 2015 which included approximately two months’ income from PPL. The rest of the financial highlights are reported in the financial review section on page 18.

Diversifying and Transforming

In our core business of Search, we continue to diversify our product portfolio to meet the ever-changing and evolving needs of our users. This includes venturing further into database marketing and direct marketing sales. The Singapore River Tour and Taxi services continues to grow and generate a fair share of the business.

We completed our purchase of the intellectual property rights of Wendy’s ice cream and treats, and have moved rapidly to restructure the network for growth. We will continue to look for complementary product opportunities to grow our food and beverage business segment.

In the real estate business segment, we invested in Pakuranga Plaza, our first retail centre, in New Zealand for NZ$96 million and are undertaking plans to develop the property into an integrated town centre, incorporating residential and office components.

Looking Ahead

As we move ahead, we aim to nurture our businesses to provide an acceptable return for our shareholders. We believe the new investments will play a major role in growing our company.

I would like to thank all our shareholders for your support and patience as we transform into a growth company. Also, I want to thank our Board Chair and colleagues for their guidance and support.

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