IPO Fact Sheet: Passion Holdings Ltd

Offer size: 90.0m new shares and 36.5m vendor shares

Public Tranche: 2.0m shares and Placement Tranche: 124.5m shares

Price: S$0.25  Open: 21 August 2009 Close: 31 August 2009, 12.00 noon

Trading: 2 September 2009 (on "ready" basis)

NTA/share (post IPO): S$0.1544

Hist PE: 3.1x (FY09)

Mkt Cap (post-IPO): S$97.5m

Passion Holdings Ltd (Passion) was incorporated in Singapore in Oct 08. It is principally engaged in the design, production and sale of a wide range of handicrafts and furnishings. Its products such as wooden photos and picture frames, small rattan-wood furniture and decorative objectives can be widely used as decorations, for interior design or home furnishings.

Passion’s manufacturing facilities are located in Longyan City, Fujian Province, China, and raw materials are procured from suppliers in Fujian and Guangdong Provinces. Most of its products are exported to the UK, France, Spain, Italy, Greece, Canada and the US. The company’s exports accounted for about 90.5% and 84.1% of total revenue in FY08 and FY09 respectively.

Passion’s products are divided into five categories:

a) Rattan-wood series - storage cabinets and tea tables;

b) Bamboo-wood series - trays, umbrella pots and table flower vases;

c) Medium-density fibreboard (MDF) series - display shelves, compact disc racks and wallmounted wine racks;

d) Wood series - photo-frames and decorative frames; and,

e) Iron series - wine shelves, stationery holders and decorative pieces.

Lead Manager: Genesis Capital Pte Ltd G A P O R E