CAZENOVE

Analyst's Report

• Raffles Medical Group – We maintain our OUTPERFORM recommendation... (29 Apr 08)
• RFMD SP; OUTPERFORM; S$1.35; Fair value S$1.90]: Strong organic growth of 48% YoY (18 Feb 08)
• Singapore Hospitals - OVERWEIGHT (28 Nov 07)

CIMB-GK

Analyst's Report

• Still Looking Good (7 Apr 08)
• Record Quarter (29 Oct 07)
• Nothing exciting yet (25 Sep 07)
• Hitting a duller tone (19 Jun 07)
• Passing the first health check of the year (2 May 07)
• Double booster from Medisave and MediShield
  (16 Jan 07)

CLSA

Analyst's Report

• Strong Momentum (30 Oct 07)
• Riding the wave (31 July 07)
• Swinging the pendulum (29 Jun 07)
• Unique Model (08 May 07)

CREDIT SUISSE

Analyst's Report

• Raffles Medical - Interims reaffirm strong sector growth outlook (28 July 08)
• Raffles Medical - Maintain Outperform (29 Apr 08)
• Raffles Medical Maintain OUTPERFORM, still room to grow (19 Feb 08)
• Singapore Healthcare Sector - Strong growth diagnosis (8 Jan 08)

DBS Vickers

Analyst's Report

• Raffles Medical: Another quarter of strong growth (BUY; S$1.20; Bloomberg:
  RFMD SP; Price Target : 12-month S$ 1.51 (Prev S$ 1.74)) (29 July 08)
• A strong set of 1Q results (29 Apr 08)
• A good set of results (18 Feb 08)
• Poised for a healthy year and beyond (21 Nov 07)
• Riding on strong patients numbers and better efficiencies (30 Oct 07)
• Just what the doctor ordered (31 July 07)
• Growth drivers intact (02 May 07)
• Raffles Medical Group (12 Feb 07)
• Strong base for future growth (05 Dec 06)

Goldman Sachs

Analyst's Report

• Decent 1Q08 results; strong operation performance to continue (29 Apr 08)
• In-line 4Q07 results; incorporate higher costs; lower TP to S$1.48 (18 Feb 08)
• In-line 3QFY07 results, we see future revenue growth, new TP S$1.65 (30 Oct 07)
• In-line 2QFY07 results, on track to meet full year net profit estimate (30 July 07)
• Building purchase may favor REIT long term; stay Neutral, TPS$1.50 (25 Jun 07)
• Price running ahead of earnings: prefer Singapore to Thai hospitals (07 Jun 07)
• In-line 1QFY07 results, maintain Neutral, raise target price to S$1.37 (30 Apr 07)
• 4Q2006 results augur well for 2007, target price revised to S$1.13 (14 Feb 07)
• Pricing in too much, too soon; initiating on four hospitals (05 Feb 07)

JP Morgan

Analyst's Report

• Raffles Medical - Room for operating growth
  (18 Feb 08)
• More room for operating leverage (29 Oct 07)
• Strong healthcare demand fueling growth
  (31 July 07)
• Significant milestone for the company (19 Jun 07)
• Operating room leverage underway (12 Feb 07)

UOB Kay Hian

Analyst's Report

• 1Q08: Solid organic growth driven by Raffles Hospital (30 Apr 08)
• Raffles Medical Group - 2007: Room for growth
  (19 Feb 08)
• 3QFY07: Economics of scale (30 Oct 07)
• Room for growth (23 Oct 07)

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