Midas

Midas: Awarded 3 contracts worth Rmb142.2m. The 1st contract was for EUR7.2m for 371 train cars for the Sao Paulo project in Brazil which will be delivered progressively from 2012 to 2015. The 2nd contract was awarded by JV co Nanjing SR Puzhen Rail Transport Co for 144 train cars for Shanghai Metro Line 13. The 3rd contract was by CSR Zhuzhou Electric Locomotive Co for 150 train cars for Zhengzhou Metro Line 1. The two PRC metro contracts are expected to be completed by 2012 and to contribute positively in FY2011 and 2012. Midas currently trades at a P/E of 8.8x