Southeast Asia Market

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confidence in HLN?s source of superior material qualitySignifies HLN?s strong supplier network and will enhance customer

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industriesAlcoa material will allow HLN Metal Centre to service the high-entry barrier

Singapore, 26 July 2007

Technologies Limited (?HLN? or ?The Group?), has officially been appointed as an authorized

distributor for Alcoa Europe flat roll product of products Sheet & Plate for South East Asia

market. Alcoa?s high quality material will allow HLN to supply material to high-barrier entry

industries. The company received the official certificate of appointment from Alcoa recently

and the distributorship covers the period from our commencement of business with Alcoa in

January 2007 till January 2009.? HLN Metal Centre Pte. Ltd. (?HMC?), a subsidiary of HLN

?Being able to source material from Alcoa is a major coup for HLN Metal Centre.

There are only a handful of metal service centres regionally that can source highgrade

metal from suppliers like Alcoa. As a result, HLN Metal Centre can process and

supply metal to the high-entry-barrier industries.?

Mr Leslie Wa, Chief Executive Officer of HLN

High-entry barrier industries only accepts material sourced from world-class metal suppliers.

The underlying reason is because the end products, such as those produced within the

aerospace, semiconductor industries and defence transporters, are subject to extreme

conditions and human lives are at stake. Other metal suppliers cannot guarantee the

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homogeneity of their material nor can they match the track record of a world-class supplier

like Alcoa.

In order to be appointed as a authorized distributor of Alcoa, HLN had to pass some

stringent criteria including solid credit ratings, track records, management and reputation.

Mr Wa added, ?With the regional economies booming, there is a great need for metal

service centres that can provide the various industries with high quality, processed

metal. I fully expect HMC to benefit from this scenario and be a major growth driver

for HLN.?

The initial public offering of the shares of HLN Technologies Limited was sponsored by

Westcomb Capital Pte Ltd (?the manager?). The manager assumes no responsibility for the

contents of this press release.

S$20m ordersrd quarter sales set to soar with

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exceeded 80% of full year 2006 revenueReceived approximately S$20m purchase orders for delivery in 3rd quarter,

�� Orders procured primarily from Defense and Consumer Electronics sectors

�� HLN expects record revenue and earnings for FY2007

Singapore, 23 July 2007

orders amounting to S$20 million for 3

of HLN?s FY06 entire revenue and demonstrates HLN?s positive outlook for 2007. The orders

are secured from customers primarily in the Defense and Consumer Electronic sectors.? HLN Technologies Limited (?HLN? or ?The Group?), has securedrd Quarter 2007. This order book is approximately 80%

?These are exciting times for HLN. We have received firm purchase orders of S$20

million for delivery in third quarter alone. Our plants are brimming with activity.

Barring unforeseen circumstances, we expect HLN to achieve record revenue and

earnings.?

Mr Leslie Wa, Chief Executive Officer of HLN

HLN has been on an expansion mode since the start of FY2007 with contracts secured in

the past six months. These include the US$5.28 million contract with a MP4 Smartphone

manufacturer and a S$4.0 million contract in the defence industry. The management is

particularly proud of penetrating the defence industry, which has a very high barrier to entry.

This highlights HLN?s ability to source for material that is approved for military use as well as

HLN?s ability to machine the material.

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The Purchase Orders are expected to have a positive impact on the performance of the

Group for the current financial year.

The Company is expected to announce its half year results in August.

The initial public offering of the shares of HLN Technologies Limited was sponsored by

Westcomb Capital Pte Ltd (?the manager?). The manager assumes no responsibility for the

contents of this press release.

- End -

Pulse of Asia conference last week.HLN Technology has lost more than 20% in the last

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business divisions, we are confident HLN can meet our expectation

with a robust set of 1H07 results. Moreover, the company has

promising opportunities to further expand business with new

customers by cross-selling its suite of different services and

competencies.Point: From the bullish outlook management gave for different

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Strong results and/or major contract wins would be next trigger for

the stock, which is compelling at 7.3x FY08 earnings. Reiterate Buy

considering the stock?s attractive upside potential to our

unchanged target price of S$1.21.Relevance: We believe downside risk at this level is limited.

Smartphone demand rising.

ramping production of elastomeric components for a smartphone, which

is newly launched in the Americas. Demand is apparently very strong as

allocated machines are operating at near full capacity and management

has placed orders for more machines to cope with rising orders. Based on

positive customer feedback, HLN is confident of securing more parts for

future models of smartphones and its proprietary chemical formulations

are likely to keep competition at bay as well as to sustain margins.This quarter is especially busy for HLN as it is

Set on winning more military orders

on track to complete the military vehicle orders in July and management is

positive of repeat orders. HLN currently supplies partially machined doors

for refurbishment. It aims to supply fully machined doors with additional

elastomeric gasket and/or other fittings to new vehicles as well.. Meanwhile, the metallic division is

Still on track to post a solid 1H

approximately 171% y-o-y to S$25m and net earnings to grow 48% to

S$2.2m. Key drivers would be higher polymeric sales and maiden

contributions from the military vehicle orders, machined weaponry sales

and machined parts for wafer process chamber.. We are expecting 1H07 sales to grow

Valuations undemanding vis-à-vis growth

and PEG of less than 0.1 against EPS CAGR of 87% over FY06-FY08F. Our

target valuation multiple of 12.0x FY08 earnings is pegged to sector

average. Although HLN may be smaller than its peers, we believe that this

target valuation is fair given the much stronger growth momentum in the

next two years. We believe delivery of strong earnings growth and

positive newsflow should provide a stock re-rating in due course. HLN is cheap at 7.3x FY08 PER.