Dear Shareholders,
On behalf of Yoma Strategic Holdings Ltd. ("Yoma" or collectively with its subsidiaries, the "Group"), I would like to present to you our Annual Report for the financial year ended 31 March 2010 ("FY2010").

As the world slowly recovers from the effects and aftershocks of the global financial crisis, I am pleased to report that the real estate markets where we operate in, i.e. China and Myanmar, continued to perform satisfactorily. In particular, the real estate market in Myanmar has shown a marked increase of activity and this was reflected in the better sales performance in FY2010.

For FY2010, the Group's overall revenue increased 11.9% to S$17.2 million compared to S$15.4 million in the financial year ended 31 March 2009 ("FY 2009"). Revenue from sales of houses and land development rights in Myanmar increased significantly from S$0.6 million in the previous financial year to S$3.19 million in FY2010. This led to a higher operating profit contribution from sales of houses and land development rights in Myanmar of S$0.8 million in FY2010 compared to S$0.4 million in the previous financial year.

Revenue from the Group's constructionrelated activities in FY2010 remained stable at S$13.97 million as compared to S$13.8 million in FY2009. The result is a slight increase in operating profit contribution for this segment to S$0.95 million.

On the whole, the Group recorded a lower net profit attributable to shareholders of S$0.52 million for FY2010, compared to a net profit of S$1.5 million for FY2009. The decrease was due mainly to a lower revaluation surplus in an associated company for FY2010.

As at 31 March 2010, the Group had lower net current liabilities of S$0.58 million as compared to S$1.12 million as at 31 March 2009 as a result of an increase in the sales of non-current assets such as the land development rights in Myanmar. The Group generated S$4.1 million of cash from operations and cash and cash equivalents amounted to S$2.8 million as at 31 March 2010. The net asset value per ordinary share stood at S$0.246 for FY2010 compared to S$0.266 recorded in the last financial year.

Outlook
Barring any unforeseen circumstances, sales of houses and land development rights in Myanmar are expected to continue at a healthy pace during the coming year.

Despite the global financial crisis, the real estate market in China is still experiencing buoyancy stemming from a steady increment in real demand especially in second and third tier cities. Although the Central Government in China has since implemented various measures to curb the overheating of the property market, these measures have not manifested its intended results in the second and third tier cities in which Yoma operates. Overall, the Group is actively pursuing business opportunities for its various business segments in China and Myanmar.

Our other main business, the plantation of Jatropha Curcas for biodiesel via our whollyowned subsidiary, Plantation Resources Pte. Ltd., experienced a challenging year with the volatile oil prices last year. A more elaborate report regarding this sector can be found in the Business Review section.

New Business
On 8 June 2010, Yoma entered into a conditional tripartite strategic cooperation agreement (the "Tripartite Agreement") with Dongfeng Automobile Co., Ltd ("DFAC ") and Guangdong Machinery Imp. & Exp. Co., Ltd. ("GMG "). Under this Agreement, the parties will co-operate to establish and develop the sales and distribution of Dongfeng light trucks in Myanmar but with the intention to ultimately progress to assembly and manufacturing. The cooperation is for a period of ten years, subject to certain conditions precedent being satisfied.

DFAC is a Chinese company listed on the Shanghai Stock Exchange and its business activities include the design, manufacture and sales of the Dongfeng series and Dongfeng Nissan series of light commercial vehicles. The other party, GMG , is a Chinese state-owned enterprise specialising in foreign trade and economic cooperation. Its businesses include the import and export of automobiles and spare parts.

Under the Tripartite Agreement, a whollyowned subsidiary of DFAC will supply Dongfeng light trucks with a load capacity exceeding three tonnes ("Dongfeng light trucks") for sale in Myanmar in accordance with market demand and also provide the necessary product information and support. GMG will act as DFAC's export agent and facilitate the export and sales of the Dongfeng light trucks to and in Myanmar, including the provision of the necessary financing support. Yoma will have exclusive distribution rights for all Dongfeng light trucks in Myanmar and will procure the necessary import permits from the relevant Myanmar authorities, establish sales and post-sales service centres as well as promote the Dongfeng brand in the Myanmar automobile market.

In order to undertake its role and responsibilities under the Tripartite Agreement, Yoma intends to enter into a co-operative joint venture (the "Proposed Joint Venture") with Serge Pun & Associates (Myanmar) Limited ("SPAML") and/or its subsidiary company. SPAML is a company incorporated in Myanmar and together with its subsidiaries (collectively, the "SPA Group"), has been in the Myanmar automobile business for more than 10 years. It is the sole distributor and/or authourised agent of certain brands of auto vehicles and spare parts in Myanmar. With the Proposed Joint Venture, Yoma will be able to rely and/or leverage on the expertise and existing network and sales channels of the SPA Group in the Myanmar automobile market.

As the Proposed Joint Venture with the SPA Group is an "interested person transaction" and since I am also the Chairman and controlling shareholder of SPAML , we will be seeking shareholder approval in due course for the Proposed Joint Venture and a general mandate from shareholders for any recurrent transactions thereafter between the Group and SPAML , pursuant to the Proposed Joint Venture.

Your Board views our entering into the automobile business in Myanmar to be a significant step towards developing our businesses into strategic spheres of commerce at the eve of an important change in this developing economy. We are confident that the transport sector in Myanmar, and the automobile business in particular will see a promising surge of development in the immediate future.

New appointments
In addition, I would like to report that the Group made two new appointments on 11 June 2010. The first is the appointment of Mr Tin Htut Oo, as Chief Operating Officer of Plantation Resources Pte. Ltd. ("PRPL"), a wholly-owned subsidiary of the Company. Mr Tin will be in charge of the operation and management of the plantation estates of Myanmar Agri-Tech Co Ltd ("MAGT"), a company which PRPL has a Joint Planting and Operation Deed with. Mr Tin has extensive experience in the agriculture industry as the former Director General of the Department of Agricultural Planning, Ministry of Agriculture & Irrigation of Myanmar for the past 10 years.

The second is the appointment of my son, Mr Cyrus Pun as Head of our Corporate Development Division. His main responsibilities will include the supervision of our existing businesses and the development of new businesses. He will also be appointed as an Alternate Director to me. Mr Cyrus Pun is currently Director and Assistant to the Chairman at SPA Grand Central (Dalian) Enterprise Co., Ltd., an appointment he has held since 2007.

Disclosure of Mr Tin Htut Oo and Mr Cyrus Pun's qualifications and past experiences are detailed under the Key Management section of this report. We welcome and look forward to their contributions in the coming years.

Strategic Review
The Board recently undertook again its strategic review of the Group's different businesses with the objective of positioning the Group for future sustainable growth. This review is timely in light of the forthcoming general elections in Myanmar and the emergence of various policy directives in China that may affect our businesses. It is my belief that the real estate sector in China will continue to present attractive opportunities especially in the second and third tier cities due to an increasing demand for housing and commercial properties. We must be ready to capitalise on these opportunities by preparing the prerequisite resources. It is therefore likely that you will see some realignment and reorganisation within the Group in the current year in order to smoothly implement the Board's strategic review.

Lastly, on behalf of the Board of Directors, I wish to thank the management and staff for their hard work amidst the continuing challenges in FY2010, and our shareholders for their continued faith and support.