1. Introduction
Censere is a transaction support and value consulting group. Through a unique
combination of valuation, research and advisory skills we assist clients in a range of
activities such as:
* Equity Capital Market Transactions
* Fair Value/Tax Reporting
* Insurance Management
* Intellectual Property Commercialisation
* Litigation Support
* Mergers & Acquisitions/Divestments
* PE/Illiquid Asset Fund Management
Clients range from SME's to multi-national corporations, banks, insurance companies,
investment funds, financial advisers, audit firms and legal advisers - in fact, anyone who
requires quality, independent advice.
Our services cover all classes of assets, including; debt, equity, derivatives, financial
instruments, financial guarantees, real estate, machinery and equipment, inventory,
mineral resources, intellectual property and other intangibles and employee benefit
schemes.
In addition to pure valuation services we provide industry research, intellectual capital
advisory, technical feasibility studies, financial modelling, independent expert advice
and a multitude of other services.
Censere also has a wide footprint, with nine offices throughout Asia Pacific and working
experience in almost every country across the region.
We look forward to helping you achieve your objectives.

2. Our Services
In fulfilling the unique needs of each client, Censere combines the experience and skills
of the partners and staff within our four operating divisions with the highly specialised
industry knowledge available through our affiliate network. The specialised services
offered by Censere are grouped as follows:
Financial Consulting Group Research Group
● Business Valuation ● Industry Sector Studies
● Fairness and Independent Expert Opinions ● Industry Monitoring
● Purchase Price Allocations ● Commercial Intelligence Reports
● Impairment Testing ● Benchmarking Studies
● ESOP/Financial Instrument Valuations
● Actuarial Valuation
Tangibles Consulting Group
● Forecasting/Financial Modelling ● Real Estate Valuation
● Business & Operational Due Diligence ● Machinery and Equipment Valuation
● Inventory Valuation
Intangibles Consulting Group ● Tooling & Inventory Valuation
● Valuation of Intangible Assets & IP ● Technical Feasibility Studies
● IC Appraisals/IC Reporting ● Industry Sector Studies
● Intellectual Property Portfolio Analysis ● Operations/Maintenance Reviews
● Value Extraction Strategies
● Royalty Rate Studies

3. Financial Reporting Support
Censere provides invaluable services to companies and their auditors in the
preparation of financial reports and other statutory records, through:
Purchase Price Allocation Reports
Censere is experienced in the preparation of proforma PPA reports to assist companies
in developing the most tax effective structures for M&A transactions. Once the
transaction has closed and additional information is available, Censere can prepare
final PPA report to be adopted by the company in the post-merger accounts.
Financial Instrument/Convertibles Valuations
Censere regularly undertakes valuations of complex financial instruments, convertible
debt and embedded derivatives.
ESOP Valuations
Censere undertakes valuations of ESOP's for both private and public companies and
works with the auditors to ensure that compliance with all relevant accounting
standards are met.
Impairment Testing
Censere is able to assist in all aspects of impairment testing including the need to test
for impairment of goodwill and other indefinite lived assets.
Actuarial Valuations
Censere's actuarial valuation team undertakes valuations of employee benefit plans
and insurance schemes for estimation of annual expensing and balance sheet
provisions.
Asset Register Advisory
Censere is uniquely placed to advise clients as to the accuracy and relevancy of their
asset registers. We undertake reviews of asset registers, advise on valuation matters
and help to develop appropriate asset register management procedures.

4. Mergers & Acquisitions/Divestments
Censere offers a range of services which result in a comprehensive and
compelling reason for clients to use us in M&A and divestment situations, such
as:
Strategy Review
Improve and realise shareholder value by evaluating, selecting and implementing best
course of action that may include divestment of non-core assets and businesses,
mergers and acquisitions or public listing.
Financial Advisory
We can identify suitable targets, formulate deal structure and facilitate negotiations to
complete the transaction, as project managers.
Intellectual Capital Appraisals
Censere's intellectual capital management division undertakes IC appraisals to
highlight hidden potential in acquisition targets. Companies which can be shown to
possess superior intellectual capital will generally enjoy much higher long term growth
than their peers.
Fund Raising
Censere can assist in private equity fund raising and debt financing, through
identification of suitable financiers, formulation of appropriate fund raising strategy and
deal structure, valuation as well as facilitating negotiations as project managers.
Fairness & Independent Expert Opinions
Our financial valuation team is often called upon to undertake evaluations of the
fairness of a transaction from the financial point of view and outline our findings either
in internal reports or in reports to minority shareholders.

5. Equity Capital Markets
Censere works with public companies and investment banks to facilitate initial
public offerings and other compliance issues relating to public companies,
through:
Pre-IPO Restructuring Services
Valuation of group corporate entities for pre-IPO restructuring and tax reporting
purposes.
Industry Research Report
Investigation of the industry in which ListCo operates and preparation of an industry
snapshot for inclusion in a prospectus.
Due Diligence Services
Business, commercial and technical due diligence to enable sponsors to know their
client, assess risks and present an accurate picture of ListCo.
Institutional Placement Valuations
Independent business valuations of the ListCo in support of pre-IPO institutional or
private placements.
Working Capital Adequacy Studies
Undertaking studies and issuing letters of comfort relating to whether a listing
candidate has adequate working capital to fund its proposed operations during a
stated period of time.
IPO Valuations
Valuation of fixed assets or intellectual property which is material to the operations of
the ListCo and inclusion of our report in the prospectus.
Connected Party/Disclosable Transaction Valuations
Independent valuation of the assets or business being acquired by a public company.
This would usually result in our report being incorporated into any resulting circular to
shareholders.

6. PE/Illiquid Funds Management
Censere works with Funds and LP's to ensure objective reporting and maximum
efficiency in the management of private equity and illiquid asset funds.
Investment Analysis
By combining our valuation, research and due diligence services, we offer a unique
service to fund managers when they are trying to assess the investment potential of
possible deals by augmenting their in-house investment analysis capability.
Portfolio Review
With greater emphasis on corporate governance, more and more fund managers are
engaging independent valuers to review portfolio valuations and/or conduct completely
independent assessments. Censere combines the role of review appraiser and
independent valuer to develop solutions for fund managers.
Intellectual Capital Audits
Companies which can be shown to possess superior intellectual capital will generally
enjoy much higher long term growth than their peers. We provide IC audits to PE funds
as a means of reducing long term risk and identifying hidden value. Based on the
results of our IC audits, fund managers can make informed decisions about whether to
retain or exit a particular investment.
Due Diligence Services
Censere undertakes business, commercial, operational and technical due diligence.
Such services are tailored to the specific circumstances of each transaction and the
parties involved.
Industry Research
Our research team is often called upon to prepare a snapshot of the industry in which a
company operates in order to frame a potential transaction. This may extend to
multiple market sectors and geographical areas or may be more focused.

7. Intellectual Property Commercialisation
Working with a multi-disciplinary team, we assist our clients to :
Valuation of Intangible Assets & Intellectual Property
Value trademarks, patents, licenses and other IP for a variety of purposes such as sale
and purchase, IP financing and IP portfolio management
Royalty Rate Determination Studies
Determine appropriate royalty rates for licensing of IP based on market studies and
licensee benefit analysis. This enables both parties to the license agreement to
equitably share the benefits generated by the IP.
Value Extraction Strategies
Extract value by leveraging intellectual capital in acquisitions, mergers, joint ventures as
well as develop effective strategies for strategic alliance through IPR licensing
Intellectual Property Portfolio Analysis
Develop a clear vision through review and analysis of the intellectual property portfolio
and align these valuable assets to the company's business units and strategies so as to
enhance shareholder value

8. Intellectual Capital Appraisals
What is an IC Appraisal?
A systematic method for identifying, measuring and managing intellectual capital assets
FACT: For most companies only 25 to 30% of market capitalisation is represented by tangible
assets. This means that the overwhelming majority of assets are not captured in the traditional
financial reporting system
What do we measure?
In a typical IC appraisal exercise 230 business parameters are measured, covering the following
areas:
Intellectual
Capital
Business Internal External
Human Capital
Recipe Structural Cap. Structural Cap.
Intellectual Manage- Employ- Custo-
Process Network Brand
Properties ment ees mers
Censere uses the proprietary IC Rating methodology developed by Intellectual Capital Sweden
which provides three views of your organisation from an intellectual capital perspective to
enhance traditional financial reports
1. Efficiency
2. Risk
3. Renewal and Development
Present day
Accounting
When to do an IC Appraisal?
 When you really want to get serious about providing comprehensive information to
stakeholders
 When you want to fully understand your organisation and improve its performance or
benchmark against others
 When evaluating potential acquisitions, integrating recent acquisitions or considering
divestments

9. Insurance Management
Our involvement in the insurance sector extends to both ensuring that our clients
are adequately covered without wasting money on excess premiums and
assisting in the settlement process, through:
Pre-Loss or Placement Valuations
Censere is able to undertake replacement/reinstatement or indemnity value
assessments of buildings and machinery and equipment on behalf of either the insured
party or the underwriters in order to develop sensible insurable values. This enables
quicker and easier settlement in the event of a claim, ensures optimum balance
between premium costs and coverage and reduces the likelihood of the average clause
being invoked.
Post-Loss Valuations
We work with loss assessors, underwriters and insured parties to determine the extent
of loss and enable prompt settlement of claims relating to fixed assets.
Causation Reports
Our engineers are experienced in various industry sectors and able to undertake
investigations as to the cause of failure to assist in determining policy liability after a
loss has occurred.
Business Interruption Quantification Report
Using the skills of our financial valuation experts, Censere works with the insured party
or the underwriter to quantify the financial impact consequence upon an interruption of
the business due to an insured peril and the increased cost of working with the view to
mitigate the loss.

10. Litigation Support
Censere works with both affected parties and advocates in shareholder
disputes, statutory valuation situations and breach of contract cases, through:
Shareholder Dispute Valuations
Central to these disputes is the value of a financial interest in a business or investment
project. One of Censere’s core strengths is our financial valuation capability which
enables us to determine a fair, supportable value in the most demanding of situations.
Quantification Reports
Often, disputes relate to losses sustained as a result of failure to deliver on agreed
contractual parameters. Such parameters could pertain to production outputs,
completion dates, operating efficiencies or other similar measurable factors. Measuring
such loss in a logical, supportable manner is key to either proving or disproving fault
and/or establishing the extent of liability.
Statutory Valuations
Valuations are often required for tax planning, estate duty determination, local authority
rating or eminent domain purposes. Censere combines its financial and technical
valuation capabilities with leading real estate valuation professionals to offer
comprehensive services in these areas.
Expert Witness Testimony
It goes without saying, but we will anyway....expert opinions generally need to be
presented in person in an unbiased and professional manner. Censere has experts in
many areas who have given expert witness testimony on numerous occasions.

11. Our Clients

12. Our Clients

13. Our Clients

14. Our Contacts
Singapore – Head Office Kuala Lumpur
11 Keng Cheow Street Suite 806, Level 8, Block A
#03-11 Riverside Piazza Phileo Damansara I, 9 Jalan 16/11
Singapore 059608 46350 Petaling Jaya, Selangor Darul Ehsan
Tel. (65) 6220 0853 Malaysia
Fax. (65) 6220 2039 Tel (60-3) 7623 1018
e-mail singapore@censere.com Fax (60-3) 7666 1184
e-mail kl@censere.com
Auckland Shanghai
Level 27, PWC Tower Room 601, 6/F Dong Yi Building
188 Quay Street 88 Chang Shu Road
Auckland Shanghai 200040
New Zealand China
Tel. (64-9) 363 2903 Tel. (86-21) 6249 7358
Fax. (64-9) 363 2904 Fax. (86-21) 6249 4308
e-mail auckland@censere.com e-mail shanghai@censere.com
Bangkok Sydney
Level 8-9, Zuellig House Level 57, MLC Centre
1-7 Silom Road, Silom, Bangrak Martin Place
Bangkok 10500 Sydney, NSW2000
Thailand Australia
Tel. (66-2) 231 8485 Tel. (61-2) 9236 7313
Fax. (66-2) 935 8052 Fax. (61-2) 9236 7314
e-mail bangkok@censere.com e-mail sydney@censere.com
Beijing Tokyo
Unit 1104, Ocean Express Tower A Bancho M Bldg.
Chaoyang District 3F, 2-8 Rokubancho
Beijing 100027 Chiyoda-ku, Tokyo, 102-0085
China Japan
Tel. (86-10) 8446 6199 Tel. (81-3) 5275 1065
Fax. (86-10) 8446 6311 Fax. (81-3) 5275 1066
E-mail beijing@censere.com e-mail tokyo@censere.com
Hong Kong
Unit B, 9/F Tower 2
Tern Centre
251 Queen's Road Central
Hong Kong
Tel. (852) 2511 2011
Fax. (852) 2511 2005
e-mail hk@censere.com