Build Depth at Existing Colleges
We will focus on operations and processes at individual colleges with the key objective of increasing operational efficiencies to improve the quality of our programmes and our operating margins. We will also increase our programme offering to capitalise on the demand of the market. Our marketing reach will also be expanded to increase our admission efforts to boost same college sales.

Expand College Network Through Organic Growth
In the coming years, we seek to expand further our college network in China, India and Southeast Asia. By the end of FY2010, through Raffles Millennium International, the joint venture company with Educomp, we target to start-up five new colleges: Ahmedabad, Chandigarh, Chennai, Kolkatta and Hyderabad and another three colleges in Colombo, Phnom Penh and Dhaka.

FY2010 will be a year of consolidation (focus) for our China business as we have attained the necessary scale through our portfolio of quality universities and colleges. We will now focus on building depth for our portfolio. Where opportunity arises we will also look to expand our college network in secondary cities in China.

Strengthen Academic Credibility
We will continue to strengthen our academic quality and further build on the reputation of RafflesEducationCorp with the focus of further developing RUS to fulfil its objective of curriculum development, accreditation, quality assurance and human capital development for the group.

We plan to introduce new programs in new areas such as Finance and Accounting; Logistics & Supply Chain, Design Management and are committed to constantly updating existing curriculum to the highest standards. This will ensure that our curriculum is constantly reviewed and enhanced to keep our students at the forefront of design and management education.

The primary objective of our quality assurance systems is:

• to enhance the quality of the student experience and
• to ensure a consistency in learning outcomes, and
• to ensure academic standards are comparable with those of other major universities.

Our learning environment is characterized by the promotion of enterprise and working links within the industry and professions. Vocational outcomes and employability of students are emphasized, as are creative and analytical approaches that encourage individual judgment and self-awareness. We seek to pave the way for our students to a successful career with an educational experience that emphasizes:

• Creativity and innovation in all programmes
• Enterprise and entrepreneurship
• Relevance and employability
• Professional excellence
• Socially responsible professional practice

We will also seek through staff development to meet the human capital needs of the group for our regional growth plans.

Create Value at Oriental University City
We will seek to enhance value at Oriental University City (“OUC”) by transforming the business model. At present, all of the revenue generated by OUC is derived from education services. We will seek to increase significantly the fee revenue from the direct provision of higher education by establishing new colleges on the campus and acquiring some of the existing 12 colleges on the campus. The huge resources of land and building at OUC will enable the group to embark on large scale skill-based training for various industries such as Nursing, Hospitality and Electronics.

Expansion into Vocational and Technical Education
The Group is looking to expand into Vocational and Technical Education to meet the demand in Asia-Pacific for skilled employees. We will seek to introduce skilled programmes such as healthcare services and hospitality services by establishing training institutions in OUC. We intend to replicate this business model in India and Vietnam in the longer-term.

Clarity Of Growth and Value Creation
Our near term growth targets will enlarge our portfolio to 36 colleges of higher education spread across 3 cities in 13 countries by the end of FY2010. The platform that we will build will soon give clarity to the growth of RafflesEducationCorp over the next 20 years. The scale of this platform will also position RafflesEducationCorp as a key player in global education market.