PP 7767/09/2010(025354)

22 April 2010

Malaysia Corporate Highlights

RHB Research
Institute Sdn Bhd
A member of the
RHB Banking Group
Company No: 233327 -M

Sector Upda te
22 April 2010
MARKET DATELINE

Manufacturing Recom : Neutral

(Maintained)
A Look At Malaysia’s Furniture Industry

Table 1: Manufacturing Sector Valuations

EPS EPS growth PER P/NTA P/CF NDY
FYE Price FV (sen) (%) (x) (x) (x) (%) Rec
(RM/s) (RM/s) FY08 FY09 FY08 FY09 FY08 FY09 FY09 FY09 FY09
Jaycorp Jul 0.875 1.20 3.1 9.5 (65.6) 194.2 27.7 9.2 1.1 4.9 2.4 NR
Latitude Jun 2.27 3.85 16.7 21.6 5.3 29.6 13.6 10.5 0.8 2.9 4.4 NR
Sector Avg (30.2) 111.9 20.7 9.9

♦ Exports of Malaysian furniture have achieved a CAGR of 19.2% Chart 1: Relative

Performance To FBM KLCI
(from 1998-2009). Over the years, exports of furniture products have
contributed significantly to Malaysia’s total exports. In 2009, exports of Latitude
Malaysian furniture products were valued at RM7.8bn or 1.8% of total
exports in Malaysia, at the same time achieving a commendable CAGR of
19.2% (from 1998-2009). According to Malaysian Industrial Development
Authority (“MIDA”), Malaysia exports to more than 160 countries with the Jaycorp
FBM KLCI
main export destinations being the US, Japan and Australia. Currently,
Malaysia ranks as the tenth largest exporter of furniture in the world and
second in Asia after China.

♦ ...but as a global furniture player, Malaysia’s market share is still

very small. According to an independent market research report by Frost
and Sullivan, the market size for global furniture was approximately
US$302bn (approximately RM970bn) in 2008. This would mean that
Malaysia held approximately 1% of the global furniture industry market
share in 2008 (based on the export furniture value for Malaysia worth
RM9bn in 2008).

♦ Jaycorp. Jaycorp is an integrated furniture manufacturer that is involved

in: 1) upstream activities, which include sourcing of rubberwood, pressure
treatment and kiln drying; 2) downstream activities, i.e. furniture
manufacturing (mainly dining sets); and 3) packaging of materials. For the
1HFY07/10, approximately 88.2% of its sales product mix was from
furniture manufacturing. Jaycorp exported more than 75% of its 1HFY10
revenue overseas, where the key markets are the US, Europe and
Australia.

♦ Latitude Tree. Latitude has carved out a strong niche in the household
furniture segment, specifically dining and bedroom sets and today the
group has since made great advances to position itself as one of the
largest rubberwood furniture manufacturer and exporter in Malaysia and
Vietnam. Hoe Lee Leng
(603) 9280 2179
♦ Risks to our view. The risks include: 1) fluctuations in raw material prices; hoe.lee.leng@rhb.com.my
and 2) weaker US against RM.

♦ Investment case. We value both Jaycorp and Latitude based on 7x FY10

EPS, which is at 40% discount to our manufacturing sector PER of 12.2x
FY10. This suggests a fair value of RM1.20 for Jaycorp and RM3.85 for
Latitude respectively.

Please read important disclosures at the end of this report. Page 1 of 8

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 22 April 2010

Overview On Malaysian Furniture Industry

♦ Exports of Malaysian furniture achieved a CAGR of 19.2% (from 1998-2009). Over the years, exports of
furniture products have contributed significantly to Malaysia’s total exports. In 2009, exports of Malaysian
furniture products were valued at RM7.8bn or 1.8% of total exports in Malaysia, at the same time achieving a
commendable CAGR of 19.2% (from 1998-2009). According to MIDA, Malaysia exports to more than 160
countries with the main export destinations being the US, Japan and Australia. Currently, Malaysia ranks as the
tenth largest exporter of furniture in the world and second in Asia after China.

Chart 2: Gross Exports Of Malaysian Furniture (from 1988-2009)

in R M ( m )
10000

9000

8000

7000

6000

5000

4000

3000

2000

1000

Y e a rs

Source: Department of Statistics, RHBRI

♦ Industry overview. Malaysian furniture exports are broken down by types of products which include office
furniture, kitchen furniture, upholstered furniture, non-upholstered seats, bedroom furniture, seats parts and
parts of furniture, of which 80% are made from wood-based products, while the remaining are made mostly
from rattan, metal, fabrics, plastic, glass marble and other composite materials. Exports of major timber
products have shown that wooden furniture constitutes 62.1% of total exports for the period Jan-Feb ’09
(source: Malaysia Timber Council, MTC). Currently, Malaysia has about 1,800 furniture players, which are mainly
located in Peninsular Malaysia, especially in Johor (Muar and Kluang), Selangor (Klang and Sungai Buloh) and
Melaka (Bukit Rambai) (source: MIDA). Barriers to entry are relatively low in the furniture industry, however,
furniture manufacturers need to be able to maintain their position in the market given that the manufacturing
start-up costs are high, by having effective designs that are accepted in key markets as well as having an
efficient supply chain. Most Malaysian furniture manufacturers place greater emphasis on the finishing, design
and production of higher quality products either by producing it under Original Equipment Manufacturer (“OEM”)
or Own Brand Manufacturer (“OBM”). Malaysia’s forests, with over 80 species of wood, provides abundant
resources for the country’s large furniture manufacturing and furniture export industry.

♦ Malaysia as a global furniture player is still very small. According to an independent market research
report by Frost and Sullivan, the market size for global furniture was approximately US$302bn (approximately
RM970bn) in 2008. This would mean that Malaysia held approximately 1% of the global furniture industry
market share in 2008 (based on the export furniture value for Malaysia worth RM9bn in 2008). This shows that
Malaysian furniture companies have a long way to go to capture a significant global market share for furniture
worldwide. They can do this by leveraging on their competitive advantages such as: 1) the availability of rubber
wood and timber; 2) experienced management; and 3) a diversified and well-established client base.

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Jaycorp

♦ Backgound. Jaycorp formerly known as Yeo Aik Resources, was first listed in Bursa Malaysia in 2002, and is
principally involved in the furniture business. Today, Jaycorp, is an integrated furniture manufacturer that is
involved in: 1) upstream activities, which include sourcing of rubberwood, pressure treatment and kiln drying; 2)
downstream activities, i.e. furniture manufacturing; and 3) packaging of materials. For the 1HFY07/10,
approximately 88.2% of its sales product mix was from furniture manufacturing. Jaycorp exported more than
75% of its 1HFY10 revenue overseas, where the key markets are the US, Europe and Australia. Jaycorp’s
furniture products are sold to more than 120 customers, where the top ten customers combined accounted for
37% of furniture’s revenue in FY07/09. Some of Jaycorp’s big retail customers include Target, WalMart, Kmart,
Dixie Furniture Company and many more.

Chart 3. Jaycorp’s Corporate Structure

Jaycorp Berhad

Digital Yeo Aik Hevea Jaycorp

Yeo Aik Wood PT Tiga Pine Packaging Jaycorp
Furniture (M) Jaycorp Trading Home
Sdn Bhd Mutiara Nusantara (M) Limited
Sdn Bhd Sdn Bhd Sdn Bhd (100%) Furnishing
(100%) (51%) Sdn Bhd (100%) (70%)
(60%) (100%) Inv (100%)

Winshine
Holdings Sdn
Bhd (100%)

Wineshine
Industries Sdn
Bhd (100%)

Conversion of General Trading, Trading in

Manufacturing and sales of rubberwood Pressure treatment and kiln-drying corrugated Transportation Trading home
furnitures of rubberwood board into and property business furnishing
carton boxes letting products

Source: Company, RHBRI

Chart 4. Jaycorp’s Sales Product Mix For 1HFY10 Chart 5. Breakdown of Jaycorp’s Production Cost

Kiln D ying,
3 .3 % Overhead
6%
C arton Boxes , O thers , 0 .1 %
Labo ur
8 .5 % 19%

Raw material
Furniture, 75%
8 8 .2 %

Source: Company, RHBRI Source: Company, RHBRI

♦ Products. In terms of its furniture segment, Jaycorp is primarily focused on producing dining sets but the
company also manufactures occasional furniture such as coffee tables and made-to-order furniture as well as
parts for bedroom sets. In Mar 2010, the company introduced a new furniture range, which consists of full
bedroom sets. Currently the company operates 11 finishing lines (including two new lines for bedroom sets), 5
woodworking lines and 36 kilns. Average capacity utilisation rate for the company is approximately 80-90%
(excluding the two new lines for the bedroom sets).

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Chart 6. Revenue and EBIT Margin Trend (from FY05-FY09)

R e v e nue ( R M m ) %
300.0 9.0%

8.0%
250.0
7.0%

200.0 6.0%

5.0%
150.0
4.0%

100.0 3.0%

2.0%
50.0
1.0%

- 0.0%
FY05 FY06 FY07 FY08 FY09

Revenue EB IT margin

Source: Company, RHBRI

♦ Improvement in margins for FY09. Despite a drop in revenue of 11.0% yoy in FY09, as a result of the
slowdown in the global economy, Jaycorp posted FY09 net profit of RM12.3m from RM4.2m in FY08. This was
largely due to an improvement in margin, where FY09 EBIT margin grew 4.9%-pts yoy. We believe the growth in
margins was due to: 1) the reduction of sales to mega retailers (e.g. Wal-Mart and Target), where the margins
are lower as compared to other smaller retailers; 2) overall cost control, where the company managed to
streamline its operations; 3) increase in sales of higher margin products; and 4) stronger US$ against RM.

♦ Stronger financial position. Over the years, Jaycorp has managed to strengthen its financial position from a
net debt position of RM11.6m in FY06 to a net cash position of RM30.4m in 1HFY10. This translates to a net cash
of RM0.22 sen/share as at 1HFY10 (from RM0.15/share as at FY09), which reflects the strong operating cash
flows thanks to better working capital management. We note that the stable financial position has allowed the
company to maintain good dividend payout ratio of 32-93% from FY06-FY09. In the last two financial years, the
company has been paying out dividends based on a net payout ratio of 81-93%, which translates to net yields of
3.4% in FY08 and 8.6% in FY09 respectively.

♦ Prospects

o Introducing bedroom furniture range. Jaycorp recently introduced bedroom sets in their furniture range
to fully leverage on the strengths of Digital Furniture Sdn Bhd (60%-owned), which they acquire in 2006.
Currently the company is the key producer of parts and components of bedroom sets for Muar-based
furniture players. Management mentioned that product samples have already been sent to customers (new
and existing customers). Given that this is still in the early stages, sales of the bedroom sets are not
expected to contribute significantly.

o Expansion in new markets. Currently, more than 75% of Jaycorp’s revenue is derived from overseas
mainly from US, Europe and Australia. The company is keen to explore partnership with People’s Republic
of China (“PRC”) players for sale of solid rubberwood furniture to PRC market to take advantage of its
ability to secure rubberwood at competitive prices and from diversified sources. Currently, the contribution
from PRC is relatively small as compared to US, Europe and Australia. Management also plans to target
smaller retailers in countries like Russia, Middle East, India and South Africa by introducing a mix container
program, where customers can place an order for various furnitures into one container as opposed to just
dining chairs in one container previously. By implementing various options of selecting different types of
furniture for customers, Jaycorp would be able to command better margins and to offer more value added
services to its customers.

Risk

♦ Risks to our view. The risks include: 1) fluctuations in raw material prices; and 2) weaker US against RM.

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Forecasts

♦ Strong earnings growth, attractive dividend yield of 11.9% p.a.. In 1HFY10, Jaycorp posted a strong
surge of profit of 117.2% despite its 1HFY10 revenue drop by 15.7% yoy. Operating margin once again grew
6.1%-pts yoy, which management attributed to the continuous effort in managing its cost and reducing the
reliance on mega retailers. We expect 2HFY10 sales and margins to be slightly affected by the stronger RM,
given that RM has strengthened by approximately 6% against US$ YTD. Nevertheless, our annualised
estimates for FY10 net profit-ex EI of approximately RM20m, would potentially indicates an increase of 57.7%
yoy, backed by the continuous effort in the company’s ongoing cost control and increase in sales of higher
margin products. Assuming Jaycorp maintains its dividend payout ratio at 80%, this would translate to net
DPS of 10.4sen, or net yield of 11.9%.

Valuations and Recommendations

♦ Investment case. Jaycorp is currently trading at 9.7x and 6.7x for FY07/09 and FY07/10 (based on annualised
estimated) earnings respectively, which is relatively low as compared to its 5-year average PE of 10.5x. As seen
in Table 2, we compare Jaycorp to companies that have similar business divisions and produce goods related to
Jaycorp’s portfolio of products. By applying a 40% discount to the CY10 manufacturing sector PE of 12.2x, we
value Jaycorp at 7x FY10 EPS due to its smaller market cap vs. the manufacturing stocks in our universe. This
suggests a fair value of RM0.89. Although this may not yield much upside from share price, we believe Jaycorp
should be valued on an ex-cash basis, given that the company pays out the bulk of its earnings in the form of
dividends to shareholders. On an ex-cash basis, Jaycorp is only trading at FY07/10 PER of 5x. Adding the cash
back would give an estimated fair value of approximately RM1.20-1.25.

Latitude Tree Holdings

♦ Background. From its humble beginnings as a manufacturer of chairs for dining sets in 1988, Latitude has
carved out a strong niche in the household furniture segment, specifically dining and bedroom sets and today
the group has made great advances to position itself as one of the largest rubber-wood furniture manufacturer
and exporter in Malaysia and Vietnam, where the company exports 100% of its revenue overseas and 90% of it
are to US. Latitude’s big customers are mainly retail giants like JC Penny, Ashley Furniture, RiversEdge
Furniture, Broyhill Furniture and Embassy International. The company operates from two factories in Malaysia,
three factories in Vietnam and a factory in Thailand with total floor area of approximately 8.2m sq. ft. and total
current workforce of about 7,830 workers.

♦ 73.4% of Latitude’s revenue was derived from Vietnam. Since 2002, the company has set up
manufacturing operations in Vietnam, where labour is reasonably priced and plentiful. In addition, due to its
early entrance into Vietnam, Latitude enjoys lower capital costs and tax incentives. For 1HFY10, approximately
73.4% of Latitude’s revenue was derived from Vietnam and as a result the company has emerged to be the
largest exporter of wooden furniture since 2006.

Chart 7. Latitude’s Corporate Structure

Latitude Tree
Holdings Berhad

Uptown
Latitude Tree Rhong Khen Grob Holz
Latitude Tree Promenade
International Group Timbers Sdn Sdn Bhd
Sdn Bhd (100%) Sdn Bhd
Ltd. (100%) Bhd (100%) (100%)
(100%)

Latitude Tree Win Yuan Bio Grob Holz

Vietnam Joint Stock Tech Co., Co., Ltd.
Company (100%) Ltd(35%) (51%)

Rhong Khen
Resources Co., Ltd
(100%)

Source: Company, RHBRI

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 22 April 2010

Chart 8. Latitude’s Revenue Breakdown By Chart 9. Breakdown of Latitude’s Production Cost

Geographical Segments For 1HFY10

Thailand, 2.4%
Labo ur (8-12%)
M alaysia, 24.2%

Overheads (15-
25%)
Wo o d (40-60%)

Vietnam, 73.4%

Source: Company, RHBRI Source: Company, RHBRI

Chart 10. Revenue and EBIT Margin Trend (from FY05-FY09)

R e v e nue ( R M m ) %
450.0 8.0%

400.0 7.0%
350.0
6.0%
300.0
5.0%
250.0
4.0%
200.0
3.0%
150.0
2.0%
100.0

50.0 1.0%

- 0.0%
FY05 FY06 FY07 FY08 FY09

Revenue EB IT margin

Source: Company, RHBRI

♦ Prospects.

o Capex expansion. Currently, Latitude’s plant in Vietnam is operating at full capacity at US$9m
(approximately RM28.8m) sales per month, and the company hopes to increase capacity by another
US$2m to US$11m per month by July 2010. This would mean that the company will be adding one more
line to its Vietnam plant at a cost of US$5m to bring the number of lines to five. With its strong operating
cash flow and relatively low gearing of 0.2x (as at 30 Dec 2009), we believe the company would be able to
finance the manufacturing expansion with internally-generated funds.

o Expansion in new markets and product range. Currently, 90% of its products are exported to US. The
company is keen to expand its presence in developing countries like China and Vietnam, given the high
population of those two countries. Latitude is also keen to expand its current product range, which would
include entertainment furniture, baby’s bedroom furniture and many more.

Risk

♦ Risks to our view. The risks include: 1) fluctuations in raw material prices; and 2) weaker US$ against RM.

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Forecast

♦ A decent “dividend yield stock” of 5.3% p.a.. For the 1HFY06/10, Latitude recorded a growth in revenue
of 18.1% yoy as a result of an increase in production of 20%. As for its earnings, 1HFY10 net profit surged to
RM22.6m from RM6.1m in 1HFY09, while operating margin grew by 7.9%-pts yoy thanks to: 1) improvement
in production efficiency; 2) lower factory cost per unit due to higher production output; 3) increase in sales of
higher margin products; 4) lower raw material costs, as prices of raw material were down by 10-20%.
Although we expect 2HFY10 earnings to be lower due to the seasonal effect (3Q would typically be lower)
based on our annualised estimates, FY06/10 profit could potentially be around RM35.6m, which is an increase
of 154.4% yoy, backed by the operating leverage effect and increase in sales of higher margin products.
Management mentioned that it expects to pay out 20% of its earnings as dividends. Given that it had earlier
declared an interim tax-exempt DPS of 3 sen, we expect the company to pay out another 9 sen (based on a
payout ratio of 20%) (FY09: 5.8 sen TE). This would bring total tax-exempt dividend to 12 sen and a decent
net yield of 5.3%.

Valuations and Recommendations

♦ Investment case. Latitude is currently trading at 11.9x and 3.9x for its FY06/09 and FY06/10 (based on
annualised) earnings respectively, as compared to its 5-year average PE of 6.8x. As seen in Table 2, we compare
Latitude to companies that have similar business divisions and produce goods related to Jaycorp’s portfolio of
products. By applying a 40% discount to the CY10 manufacturing sector PE of 12.2x, we value Latitude at 7x
FY10 PER due to its smaller market cap vs. the manufacturing stocks in our universe. This suggests a fair value
of RM3.85.

Table 2. Comparative valuations

FY09 FY08 FY09 FY08 FY09 FY09

Market cap Revenue EPS EPS PER PER Operating
Company (RM m) (RM m) (sen) (sen) (x) (x) Margin (%)

Eurospan Holdings^ 37.0 62.8 0.16 0.08 5.8 11.5 1.7%

Jaycorp 120.1 252.7 0.03 0.09 29.2 9.7 9.4%
Latitude Tree Holdings 147.1 397.4 0.17 0.19 13.4 11.9 5.6%
Len Cheong Holdings 9.6 24.4 0.02 0.00 8.0 n.m 2.6%
Lii Hen Industries 71.4 218.9 0.09 0.27 13.2 4.4 7.4%
SYF Resources 21.0 190.6 (0.17) (0.22) n.m n.m. -4.4%
Homeritz 110.0 108.4 0.07 0.13 7.9 4.2 23.2%
Simple average 12.9 8.4

Source: RHBRI and Bloomberg

Table 3. Earnings Review On Jaycorp Table 4. Earnings Review On Latitude

FYE Jul (RMm) FY06a FY07a FY08a FY09a FYE Jun (RMm) FY06a FY07a FY08a FY09a
Turnover 238.1 282.9 283.8 252.7 Turnover 356.7 411.7 404.2 397.4
Turnover growth (%) 25.2 18.8 0.3 (11.0) Turnover growth (%) 21.5 15.4 (1.8) (1.7)
EBITDA 16.9 26.2 16.4 26.4 EBITDA 39.9 33.1 31.8 33.7
EBITDA margin (%) 7.1 9.3 5.8 10.5 EBITDA margin (%) 11.2 8.0 7.9 8.5
Dep & Amort (5.4) (6.8) (6.9) (5.7) Dep & Amort (13.9) (14.8) (13.8) (14.7)
EBIT 11.6 19.4 9.4 20.7 EBIT 26.0 18.2 18.0 19.0
EBIT margin (%) 4.9 6.9 3.3 8.2 EBIT margin (%) 7.3 4.4 4.5 4.8
Net interest expense 0.1 (1.8) (2.0) (1.4) Net interest expense (6.6) (9.0) (9.7) (9.2)
Associates 0.0 0.0 0.0 0.0 Associates 0.0 0.0 0.0 0.0
Pretax Profit 11.7 17.6 7.5 19.3 Pretax Profit 19.4 9.2 8.4 9.9
Tax (2.8) (4.1) (3.2) (5.5) Tax 0.1 (0.4) 0.1 3.3
Minorities 0.2 (1.3) (0.1) (1.5) Minorities 0.3 1.5 2.3 0.8
Net Profit 9.1 12.2 4.2 12.3 Net Profit 19.9 10.3 10.8 14.0
Profit Growth (%) (13.6) 33.9 (65.6) 194.2 Profit Growth (%) 35.7 (48.3) 5.3 29.6
Source: Company, RHBRI Source: Company, RHBRI

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IMPORTANT DISCLOSURES

This report has been prepared by RHB Research Institute Sdn Bhd (RHBRI) and is for private circulation only to clients of RHBRI and RHB Investment Bank
Berhad (previously known as RHB Sakura Merchant Bankers Berhad). It is for distribution only under such circumstances as may be permitted by applicable
law. The opinions and information contained herein are based on generally available data believed to be reliable and are subject to change without notice,
and may differ or be contrary to opinions expressed by other business units within the RHB Group as a result of using different assumptions and criteria.
This report is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered herein. RHBRI does not warrant the accuracy of
anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against RHBRI.
RHBRI and/or its associated persons may from time to time have an interest in the securities mentioned by this report.

This report does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and
objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. RHBRI recommends that investors
independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The appropriateness of a
particular investment or strategy will depend on an investor’s individual circumstances and objectives. Neither RHBRI, RHB Group nor any of its affiliates,
employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report.

RHBRI and the Connected Persons (the “RHB Group”) are engaged in securities trading, securities brokerage, banking and financing activities as well as
providing investment banking and financial advisory services. In the ordinary course of its trading, brokerage, banking and financing activities, any member
of the RHB Group may at any time hold positions, and may trade or otherwise effect transactions, for its own account or the accounts of customers, in debt
or equity securities or loans of any company that may be involved in this transaction.

“Connected Persons” means any holding company of RHBRI, the subsidiaries and subsidiary undertaking of such a holding company and the respective
directors, officers, employees and agents of each of them. Investors should assume that the “Connected Persons” are seeking or will seek investment
banking or other services from the companies in which the securities have been discussed/covered by RHBRI in this report or in RHBRI’s previous reports.

This report has been prepared by the research personnel of RHBRI. Facts and views presented in this report have not been reviewed by, and may not reflect
information known to, professionals in other business areas of the “Connected Persons,” including investment banking personnel.

The research analysts, economists or research associates principally responsible for the preparation of this research report have received compensation
based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues.

The recommendation framework for stocks and sectors are as follows : -

Stock Ratings

Outperform = The stock return is expected to exceed the FBM KLCI benchmark by greater than five percentage points over the next 6-12 months.

Trading Buy = Short-term positive development on the stock that could lead to a re-rating in the share price and translate into an absolute return of 15% or
more over a period of three months, but fundamentals are not strong enough to warrant an Outperform call. It is generally for investors who are willing to
take on higher risks.

Market Perform = The stock return is expected to be in line with the FBM KLCI benchmark (+/- five percentage points) over the next 6-12 months.

Underperform = The stock return is expected to underperform the FBM KLCI benchmark by more than five percentage points over the next 6-12 months.

Industry/Sector Ratings

Overweight = Industry expected to outperform the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

Neutral = Industry expected to perform in line with the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

Underweight = Industry expected to underperform the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

RHBRI is a participant of the CMDF-Bursa Research Scheme and will receive compensation for the participation. Additional information on recommended
securities, subject to the duties of confidentiality, will be made available upon request.

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for the actions of third parties in this respect.

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