Dear Shareholders,
The financial year 2009 started buoyantly but will be remembered as a year in which the global economy recess substantially. Fortunately for us at Chasen Holdings Limited, our growth strategy of diversifying our revenue base beyond the high tech electronics industry enabled us to weather its cyclical downturn by benefitting from our investments in other high growth sectors in Singapore such as the marine and construction industries.

As a result of the acquisitions and investments made since we were listed on SGX, we have now expanded to an Investment Holding Company providing specialist relocation solutions, third party logistics services ("3PL"), and technical and engineering services. Our business operations, besides Singapre, are based in growth economies in the region, particularly in the People’s Republic of China ("PRC") and Malaysia, servicing customers in wafer fabrication, TFT LCD and solar panel manufacturing, telecommunications, marine and construction industries.

On behalf of the Board of Directors (the "Board"), I am pleased to share with all shareholders Chasen’s performance in the financial year ended 31 March 2009 ("FY09") and a progress report on our growth and development to enhance shareholder value.