As part of a continuous review of operations, Censere has restructured its business into three operating Divisions; Financial Valuation & Advisory, Technical Valuation & Advisory and Intellectual Capital Management. Previously, Censere offered all of its services via a single operating unit with services split into four main service lines. Under the new structure, we have dedicated staff in each of the three Divisions which will enable us to further strengthen skills and experience in each area and clearly promote each area as a centre of competence. From a client perspective, many of our engagements extend to two or more lines of service and we have always managed this by appointing an engagement manager to ensure that all facets of the engagement are properly coordinated.

Following the recent introduction of IC Audit services using the IC Rating method developed by Intellectual Capital Sweden, Censere is pleased to announce that we are forming a new Division to focus on the area of Intellectual Capital Management. The new division, headed by Yung Shadbolt, will undertake the services previously offered under the heading of Intellectual Asset Management, together with the IC Audit service and several additional services which we will be introducing shortly. Intellectual capital management is rapidly becoming mainstream and this new initiative will enable Censere to promote related services in a more coherent manner. Our other services lines - Financial Valuation, Financial Advisory and Technical Valuation and Advisory will be grouped under the Valuation and Financial Advisory Division. Over the next few weeks our website and marketing material will be revised to reflect this new structure. Please be sure to check in regularly for updates.

Brett Shadbolt, Managing Director at Censere has been invited to talk to MBA students at Chinese University of HK on April 30th, 2005. The topic of his talk is "The Valuation of Businesses - A Real Life Perspective".

Censere will be presenting a full day training seminar about business valuation on January 27th 2005. The seminar, which is being organised by LexisNexis, will be held in Singapore. Anybody who is intersted in attending the event can contact either Yung Shadbolt at +65 9188 9160 or LexisNexis at +65 6349 0135.

Censere Group is very pleased to advise that we have just opened an office in Auckland, New Zealand. This brings our number of offices throughout Asia Pacific to seven. We initially have two people in the Auckland office:

Anthony Dentice, Associate Director, Intellectual Capital Management Ray Graham, Associate Director, Technical Valuation & Advisory Our Auckland office is located at Level 27, PWC Tower, 188 Quay Street and the contact numbers are: Tel +64 9 363 2903 Fax +64 9 363 2904

Please feel free to contact either Anthony or Ray if you would like any further information about Censere in New Zealand.

Censere has recently become the newest partner of Intellectual Capital Sweden AB, a leader in the development of intellectual capital rating services. Their IC Rating tool is highly regarded in the market and has been used by more than 250 companies worldwide as a means of gauging the relative strength of all of the various intellectual capital assets that might exist within a company. Effective immediately, Censere is now offering this service to clients around Asia. Intellectual Capital includes all factors critical to an organisation’s future success, that are not shown in the traditional balance sheet. Such factors include the overall business strategy, effective management, a capable and focused workforce, an established client/supplier network, efficient use use of intellectual property, properly structured office standards and work procedures. A brief summary of IC Rating can be found here. For further information please contact your nearest Censere office.

Following quickly on the heels of the opening of our Sydney office, Censere is pleased to announce that we have just opened an office in Shanghai. While Censere's Hong Kong office has always been very active in China, the opening of our office in Shanghai will help to strengthen our presence in China. Contact details for our Shanghai office are as follows: Room 206, 2/F Dong Yi Building 88 Chang Shu Road Shanghai 200040 China Tel. (86-21) 6429-2619 Fax. (86-21) 6429-4308 e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. For further information please contact Gareth Huo on the above numbers or Brett Shadbolt at +852 2179-2001.

Brett Shadbolt, Managing Director, will be presenting a paper concerning the recent developments in PRC valuation practices at the China Tax Conference organised by Business Informaiton Associates in Singapore on July 23rd, 2004. A copy of the conference program can be obtained here: Conference Program

Brett Shadbolt, Managing Director, will be presenting a paper concerning the recent developments in PRC valuation practices at the 2004 Euromoney China Tax Conference in Hong Kong on July 7th & 8th, 2004. A copy of the conference program can be obtained here: Conference Program

Effective June 1st 2004 Censere now has an office in Sydney. We are located at Level 57, MLC Centre, Martin Place, Sydney, NSW2000, Australia. Our contact numbers are as follows: Tel. (61-2) 9236-7313 Fax. (61-2) 9236-7314 e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. For further information please contact either Mr Andrew Nock on the above numbers or Mr Brett Shadbolt at +852 2179 2001.

Censere Group is very pleased to announce the opening of our office in Bangkok, Thailand, effective 1st December 2003. We initially have three people based in Bangkok will provide a full range of services with our other offices acting in support when required. Please contact either Mr Monchai Sooksiri on +66 1 840 3022 or Mr Brett Shadbolt on +65 9008 6080 if you would like any further information.

Censere's KL office is relocating. With effect from 20th October 2003 our new office details will be as follows: Censere Malaysia Sdn Bhd Suite 1002, Level 10, Block B, Phileo Damansara II 15, Jalan 16/11, Off Jalan Damansara 46350 Petaling Jaya, Selangor Darul Ehsan Malaysia Our phone and fax numbers will also be changing to: Tel. (603) 7665 2703 Fax. (603) 7665 2702

Brett Shadbolt, Managing Director at Censere, will be presenting a paper at the Euromoney 2003 China Tax & Accounting Summit being held on the 14th & 15th of July 2003 in Hong Kong. Mr Shadbolt will be discussing Asset Valuation in the PRC. Program details will be available shortly.

Brett Shadbolt will be presenting a paper titled The Value of IPR at a seminar jointly organised by the Singapore Infocomm Technology Federation and the Intellectual Property Office of Singapore on 5 June 2003. The event will be held on 5th June 2003 from 1.30pm to 5.00pm and will offer advice on the fundamentals of Intellectual Property and how it can be protected. For registration, please reply directly to the SiTF via email or phone to Sherry at: This email address is being protected from spambots. You need JavaScript enabled to view it. or Tel: (65) 6325 9710

Censere's Hong Kong office is relocating. Effective 1 June 2003 our new address will be: 25/F, Bank of China Tower 1 Garden Road Central Hong Kong Phone and fax numbers remain the same, however there might be some disruption to our direct dial numbers during the first week of June while the system is being moved. If you have any difficulty contacting anyone via their direct dial number, please call our general number - 2511 2011.

Censere is participating in the Optimal (Optimising Intellectual Assets) Conference and Exhibition which is being held in Singapore on March 12-14 2003 at Hall 601, Suntec Singapore. Please come and visit us at Booth No. 236 during this event.

Brett Shadbolt, Managing Director at Censere, has been invited to present a paper to MBA students at the HK University of Science & Technology on Saturday, 8th March 2003. This event is part of the regular Saturday afternoon MBA program where UST invites entrepreneurs and business people to share their knowledge with students. Mr Shadbolt will be talking about the identification and valuation of intellectual property.

In light of the ongoing SARS outbreak, Censere is operating a reduced staffing policy in our Hong Kong office. Staff have been instructed to work from home except where necessary until further notice. Measures have been taken to ensure that this does not cause disruption to ongoing work as follows: Clients can continue to call our direct office numbers/general numbers as these have been forwarded to corresponding mobile phones. Faxes are automatically forwarded to e-mail and will be received remotely. Mail is checked regularly and forwarded accordingly. Deliveries/Couriers should contact Chris Lo at 2179-2011 to arrange delivery as our office may be unmanned during normal office hours due to the above measures. Travel to SARS affected areas will be assessed on a case by case basis and we may be forced to delay inspections due to quarantine measures being put in place by certain parties. Where possible we will utilise staff from areas which are not affected by SARS in order to avoid delays. Any staff exhibiting SARS symptoms will not meet with other staff or clients for a period of 10 days. The above measures are designed to ensure both the smooth completion of work and safely of our staff and people with whom they interact.

Happy Chinese New Year to all our friends and clients. We wish you all the best for the year of the goat.

We would like to thank all our clients for their support during 2002 and wish you all a Merry Christmas and Happy New Year.