GLOBAL

HISTORYOur Company was incorporated in Singapore as a private limited company on 25 October 2001 underthe Companies Act. We converted into a public company on 18 December 2002 and changed ourname from Global Active Pte Ltd to Global Active Limited.We are an investment holding company. Our operations are undertaken by our subsidiaries (VictoriaHouse, Nutri-Active, Victoria House (C), and USB) and our Group's overseas associated companies(Nutri-Active (M), Victoria House (M) and Victoria House (B)), to the extent they have commencedbusiness as at the date of this Prospectus.In addition to the application by Health One Limited for a listing on the SGX-ST in 2000 referred to onpage 61 of this Prospectus, in November 2002, our Company was granted eligibility to list on theSGX-ST and prospectuses were lodged with the Monetary Authority of Singapore early this year.However, due to poor market sentiments, we had at the relevant time decided not to proceed withour listing.HISTORICAL DEVELOPMENT OF OUR GROUPFollowing the incorporation of Victoria House on 20 October 1994 by Ms Serene Ali Tan for theretailing of nutraceutical products in Singapore, Victoria House secured a franchise agreement withGNC Inc in 1995 and established our ®rst GNC retail outlet at Forum, The Shopping Mall, in thesame year. The GNC Group comprises the largest specialty retailer of nutraceutical products in theU.S. with more than 5,000 GNC retail outlets worldwide.In October 1997, Nutri-Active then a shell company, was acquired to carry out the wholesaledistribution of nutraceutical products. Since then, Nutri-Active has been sourcing for nutraceuticalproducts that are in demand in Singapore from the U.S., Europe and Australia. By 1998, we wereable to obtain exclusive distribution rights in Singapore for well-known brands of nutritionalsupplements such as Solaray, Earth's Bounty and Natural Balance. In addition, Nutri-Active alsostarted distributing a range of sports nutrition brands such as EAS, MuscleTech and Next Protein.For a complete list of our distributorships, please refer to Appendix B of this Prospectus.We started our own nutraceutical brand, L.A.C., in Singapore, in 1997. L.A.C. products complementedour existing product lines and enabled us to offer more choices to our consumers.Our Group has experienced good growth since the opening of our ®rst GNC retail outlet in 1995. InSingapore, our operations expanded to 5 GNC retail outlets by the end of 1996, 33 GNC retail outletsby the end of 2001 and 56 GNC retail outlets island-wide as at the Latest Practicable Date.In March 2002, we entered into joint-venture agreements with Rancak Tulen to commence operationsin Malaysia through Nutri-Active (M) and Victoria House (M).Victoria House entered into a Development Agreement with GNC Inc on 3 October 2001 for theestablishment and operation of GNC retail outlets in Brunei. In August 2002, we entered into a jointventure with QAF Investments to set up GNC retail outlets in Brunei.In December 2002, Victoria House (C) entered into a Development Agreement with GNC Inc for theestablishment and operation of GNC retail outlets in the PRC (excluding Hong Kong, Macau andUnited States military bases therein) and a Distribution Agreement with GNC Inc for the distributionof GNC products in such territory.On 1 December 2003, USB was acquired by Victoria House from DB.67