INDIA

GVKP IN
Price (at 10:30, 12 Aug 2013 GMT) Valuation
- Sum of Parts

Outperform Rs6.44
Rs 8.70 8.70 +35.1 +35.2 High Utilities 10,170 188 45 0.2 1,579

GVK Power & Infrastructure

Fuel and leverage concerns
Event
GVKs 1Q14 results continue to highlight the problems faced in the Power

12-month target Rs Upside/Downside % 12-month TSR % Volatility Index GICS sector Market cap Rsm Market cap US$m Free float % 30-day avg turnover US$m Number shares on issue m Investment fundamentals
Year end 31 Mar Revenue EBIT EBIT growth Recurring profit Reported profit Adjusted profit EPS rep EPS rep growth EPS adj EPS adj growth PER rep PER adj Total DPS Total div yield ROA ROE EV/EBITDA Net debt/equity P/BV

business with fuel supply remaining a key concern and higher interest cost on account of a leveraged balance sheet. We maintain our Outperform rating as we believe airport assets have embedded value. We have reduced our target price to Rs8.7 (from Rs15) as we build in a lower value for power assets.

Impact
Asset monetization required to meet equity shortfall: GVK needs ~Rs5b

2013A 2014E 2015E 2016E m 26,077 32,358 45,765 49,038 m 4,682 9,165 13,619 15,496 % -48.9 95.7 48.6 13.8 m -2779 -325 353 2,617 m -3360 -1139 1,183 1,986 m -3360 -1139 1,183 1,986 Rs -2.13 -0.72 0.75 1.26 % -194.9 66.1 nmf 67.9 Rs -2.13 -0.72 0.75 1.26 % -194.9 66.1 nmf 67.9 x nmf nmf 8.6 5.1 x nmf nmf 8.6 5.1 Rs 0.01 0.01 0.01 0.01 % 0.2 0.2 0.2 0.2 % 1.8 3.1 4.1 4.4 % -9.7 -3.5 3.6 5.8 x 16.7 9.5 6.1 5.7 % 190.9 223.1 248.6 233.6 x 0.3 0.3 0.3 0.3

of equity for the BOT projects under construction in the roads and power segment in the next 2 years. We believe that with the current cash position of Rs2b and no operating cash flow generation, asset monetization remains the only option to fund the equity requirement.
Leverage remains a key concern: Consolidated Net Debt/Equity has gone

up to 2.6x from 1.2x in FY11. The interest coverage ratio stands low at 1.1x with almost all EBITDA generated going to pay back the interest cost. We believe despite revenue growth, GVK will not be able to generate free cash due to a high interest rate regime and leveraged Balance sheet.
Airports strong performance on account of revised tariff: MIAL (Mumbai

Airport) reported a 64% yoy growth in revenue, led by revised tariffs. Management highlighted that they want to sell a 25% stake in the MIAL. Management highlighted that they have all approvals in place for MIAL real estate monetization.
Roads JKEL strong core operations despite weak macro: Jaipur-

GVKP IN rel BSE Sensex performance, & rec history

Kishengarh expressway (JKEL) revenue grew by 9% YoY with traffic growth of 4% YoY. The equity requirement for Deoli Kota and Bagodara Vasad projects is Rs2.2b in the next 2 years.
Power Continue to bleed on no gas availability: The power segment

reported EBIT of Rs351m mainly on account of losses from the gas-based projects which dont have any gas availability. Govindwal Sahibs project cost has escalated to Rs40.1b from Rs32b earlier. The total equity requirement for power projects in the next 2 years is Rs2.5b.

Earnings and target price revision

We cut our FY14/15 earnings to Rs(1.13b)/1.18b from Rs822m/2.3b on account
Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period.

of lower profitability of power projects. We cut our TP to Rs8.7 (from Rs15)

Source: FactSet, Macquarie Research, August 2013 (all figures in INR unless noted)

Price catalyst
12-month price target: Rs8.70 based on a Sum of Parts methodology. Catalyst: Asset monetization and fuel availability

Analyst(s)
Inderjeetsingh Bhatia +91 22 6720 4087 inderjeet.bhatia@macquarie.com Amit Sinha +91 22 6720 4085 amit.sinha@macquarie.com

Action and recommendation

Asset monetization and fuel availability key: While we do not see Power

12 August 2013

Macquarie Capital Securities India (Pvt) Ltd

assets generating higher profitability in the near term, we believe airport assets have embedded value and the MIAL land approval will be key. Maintain OP.

Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our website www.macquarie.com.au/disclosures.

Macquarie Research

GVK Power & Infrastructure

Fig 1 1Q14 Result snapshot

Rs mn Revenues EBITDA EBITDA margin Net Financial Cost PAT Revenue Break-up Power Roads Airport Others PBIT margins Power Roads Airport Others Source: Company data, Macquarie Research, August 2013 1QFY13 8,186 1,901 23% 1,801 -643 4,332 585 3,268 31 3% 56% 18% 46% 1QFY14 6,995 2,700 39% 1,884 -306 866 638 5,483 45 -40.58% 67% 31% 71% YoY -15% 42% 15% 5% -52% -80% 9% 68% 43% -44% 11% 13% 25%

Fig 2 We cut SOTP to Rs8.7/share from Rs15/share

Asset Mumbai Airport Airport operations Real estate Total Bangalore Airport Roads Jaipur Kishengarh Kota Deoli Total GVK Energy Jegurupadu-I Jegurupadu-II Gautami Alaknanda Govindwal Sahib Tokisud coal mine Total GVK Energy (holding co disc of 25%) Grand total Less:Net debt at parent to fund airport stake purchases Total value Source: Macquarie Research, August 2013 Value GVK's stake (%) 50.5% 50.5% GVK share per share value Comments

48,527 12,963 61,489 20,756

24,506 6,546 31,052 8,925

16 4 20 6

43.0%

7,007 66 7,007

100.0% 100.0%

7,007 66 7,073

4 0 4

741 -3,769 -2,650 -1,903 3,022 530 -4,029

75.0% 75.0% 47.3% 75.0% 75.0% 75.0%

556 -2,826 -1,252 -1,427 2,266 397 -2,286 -1,715

0 -2 -1 -1 1.4 0 -1

85,223

45,335 31,540 13,795

29 20 Standalone debt for Bangalore and Mumbai airport stake acquisition 8.7

12 August 2013

Macquarie Research

GVK Power & Infrastructure

GVK Power and Infrastructure (GVKP IN, Outperform, Target Price: Rs8.70)
Quarterly Results Revenue Gross Profit Cost of Goods Sold EBITDA Depreciation Amortisation of Goodwill Other Amortisation EBIT Net Interest Income Associates Exceptionals Forex Gains / Losses Other Pre-Tax Income Pre-Tax Profit Tax Expense Net Profit Minority Interests Reported Earnings Adjusted Earnings EPS (rep) EPS (adj) EPS Growth yoy (adj) m m m m m m m m m m m m m m m m m m m 4Q/13A 6,519 4,720 1,800 2,048 878 0 0 1,171 -1,865 0 0 0 0 -695 -322 -1,016 177 -840 -840 -0.53 -0.53 -194.9 1Q/14E 8,090 6,290 1,800 3,591 1,300 0 0 2,291 -2,373 0 0 0 0 -81 16 -65 -220 -285 -285 -0.18 -0.18 66.1 2Q/14E 8,090 6,290 1,800 3,591 1,300 0 0 2,291 -2,373 0 0 0 0 -81 16 -65 -220 -285 -285 -0.18 -0.18 66.1 3Q/14E 8,090 6,290 1,800 3,591 1,300 0 0 2,291 -2,373 0 0 0 0 -81 16 -65 -220 -285 -285 -0.18 -0.18 66.1 Profit & Loss Revenue Gross Profit Cost of Goods Sold EBITDA Depreciation Amortisation of Goodwill Other Amortisation EBIT Net Interest Income Associates Exceptionals Forex Gains / Losses Other Pre-Tax Income Pre-Tax Profit Tax Expense Net Profit Minority Interests Reported Earnings Adjusted Earnings EPS (rep) EPS (adj) EPS Growth (adj) PE (rep) PE (adj) Total DPS Total Div Yield Weighted Average Shares Period End Shares m m m m m m m m m m m m m m m m m m m 2013A 26,077 18,879 7,198 8,194 3,512 0 0 4,682 -7,461 0 0 0 0 -2,779 -1,287 -4,066 706 -3,360 -3,360 -2.13 -2.13 -194.9 nmf nmf 0.01 0.1 1,579 1,579 2014E 32,358 25,160 7,198 14,363 5,198 0 0 9,165 -9,490 0 0 0 0 -325 65 -261 -879 -1,139 -1,139 -0.72 -0.72 66.1 nmf nmf 0.01 0.2 1,579 1,579 2015E 45,765 37,488 8,278 22,282 8,663 0 0 13,619 -13,266 0 0 0 0 353 -70 283 900 1,183 1,183 0.75 0.75 nmf 8.6 8.6 0.01 0.2 1,579 1,579 2016E 49,038 39,518 9,519 24,159 8,663 0 0 15,496 -12,878 0 0 0 0 2,617 -521 2,097 -111 1,986 1,986 1.26 1.26 67.9 5.1 5.1 0.01 0.2 1,579 1,579

% x x

EBITDA Margin EBIT Margin Earnings Split Revenue Growth EBIT Growth Profit and Loss Ratios Revenue Growth EBITDA Growth EBIT Growth Gross Profit Margin EBITDA Margin EBIT Margin Net Profit Margin Payout Ratio EV/EBITDA EV/EBIT Balance Sheet Ratios ROE ROA ROIC Net Debt/Equity Interest Cover Price/Book Book Value per Share

% % % % %

31.4 18.0 25.0 -19.4 -48.9 2013A

44.4 28.3 25.0 24.1 95.7 2014E 24.1 75.3 95.7 77.8 44.4 28.3 -0.8 nmf 9.5 14.9

44.4 28.3 25.0 24.1 95.7 2015E 41.4 55.1 48.6 81.9 48.7 29.8 0.6 1.3 6.1 10.0

44.4 28.3 25.0 24.1 95.7 2016E 7.2 8.4 13.8 80.6 49.3 31.6 4.3 0.8 5.7 8.8

% m m

Cashflow Analysis EBITDA Tax Paid Chgs in Working Cap Net Interest Paid Other Operating Cashflow Acquisitions Capex Asset Sales Other Investing Cashflow Dividend (Ordinary) Equity Raised Debt Movements Other Financing Cashflow Net Chg in Cash/Debt Free Cashflow Balance Sheet Cash Receivables Inventories Investments Fixed Assets Intangibles Other Assets Total Assets Payables Short Term Debt Long Term Debt Provisions Other Liabilities Total Liabilities Shareholders' Funds Minority Interests Other Total S/H Equity Total Liab & S/H Funds m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m

2013A 8,194 -1,287 10,641 -7,461 0 10,087 0 -5,914 0 -41,866 -47,780 0 -0 39,292 0 39,292 1,598 4,172 2013A 23,858 3,422 976 19,488 73,150 0 1,57,971 2,78,865 5,260 0 1,50,236 53,845 3,311 2,12,651 31,453 33,188 1,573 66,214 2,78,865

2014E 14,363 65 -290 -9,490 0 4,648 0 -30,000 0 -1 -30,001 0 -0 30,000 0 30,000 4,647 -25,352 2014E 29,927 4,246 976 19,488 97,952 0 1,58,703 3,11,293 6,527 0 1,80,236 53,845 3,311 2,43,918 30,314 35,489 1,573 67,375 3,11,293

2015E 22,282 -70 -765 -13,266 0 8,181 0 -30,000 0 -1 -30,001 0 -0 30,000 0 30,000 8,180 -21,819 2015E 39,230 6,005 1,123 19,488 1,19,289 0 1,60,267 3,45,401 9,231 0 2,10,236 53,845 3,311 2,76,622 31,496 35,710 1,573 68,779 3,45,401

2016E 24,159 -521 -319 -12,878 0 10,440 0 -5,000 0 -1 -5,001 0 -0 5,000 0 5,000 10,439 5,440 2016E 49,670 6,434 1,291 19,488 1,15,626 0 1,60,648 3,53,157 9,891 0 2,15,236 53,845 3,311 2,82,282 33,483 35,820 1,573 70,876 3,53,158

% % % % % % % % x x

-19.4 -43.0 -48.9 72.4 31.4 18.0 -15.6 nmf 17.2 30.1

% % % % x x

-9.7 1.8 4.3 190.9 0.6 0.4 20.9

-3.5 3.1 3.8 223.1 1.0 0.3 20.2

3.6 4.1 5.0 248.6 1.0 0.3 20.9

5.8 4.4 5.2 233.6 1.2 0.3 22.2

All figures in INR unless noted. Source: Company data, Macquarie Research, August 2013

12 August 2013

Macquarie Research Important disclosures:

Recommendation definitions
Macquarie - Australia/New Zealand Outperform return >3% in excess of benchmark return Neutral return within 3% of benchmark return Underperform return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield Macquarie Asia/Europe Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie First South - South Africa Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie - Canada Outperform return >5% in excess of benchmark return Neutral return within 5% of benchmark return Underperform return >5% below benchmark return Macquarie - USA Outperform (Buy) return >5% in excess of Russell 3000 index return Neutral (Hold) return within 5% of Russell 3000 index return Underperform (Sell) return >5% below Russell 3000 index return

GVK Power & Infrastructure

Volatility index definition*
This is calculated from the volatility of historical price movements. Very highhighest risk Stock should be expected to move up or down 60100% in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 4060% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 3040% in a year. Lowmedium stock should be expected to move up or down at least 2530% in a year. Low stock should be expected to move up or down at least 1525% in a year. * Applicable to Asia/Australian/NZ/Canada stocks only Recommendations 12 months Note: Quant recommendations may differ from Fundamental Analyst recommendations

Financial definitions
All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards).

Recommendation proportions For quarter ending 30 June 2013

Outperform Neutral Underperform AU/NZ 49.80% 39.85% 10.35% Asia 57.68% 24.45% 17.87% RSA 48.05% 42.86% 9.09% USA 41.13% 54.70% 4.17% CA 61.75% 34.42% 3.83% EUR 47.10% (for US coverage by MCUSA, 8.12% of stocks followed are investment banking clients) 30.89% (for US coverage by MCUSA, 6.60% of stocks followed are investment banking clients) 22.01% (for US coverage by MCUSA, 0.00% of stocks followed are investment banking clients)

Company Specific Disclosures: The Macquarie Group and/or its affiliates hold financial interests in the securities of GVK Power & Infrastructure Ltd equal to or greater than 1% of the market capitalisation of GVK Power & Infrastructure Ltd. Risk Disclosure: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerrings by competitors.The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets.The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. 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John OConnell (Global Head) Peter Redhead (Asia Head) (612) 8232 7544 (852) 3922 4836 (852) 3922 5417 (9122) 6720 4084 (813) 3512 7856 (82 2) 3705 8644 (852) 3922 4774 (852) 3922 1479 (9122) 6720 4078 (6221) 2598 8366 (813) 3512 7476 (822) 3705 8643 (65) 6601 0981 (632) 857 0899 (632) 857 0892 (8862) 2734 7530 (662) 694 7728 (632) 857 0899 (632) 857 0892 (65) 6601 0840 (852) 3922 3557 (852) 3922 4068 (9122) 6720 4084 (6221) 2598 8489 (813) 3512 7392 (822) 3705 8678 (632) 857 0899 (65) 6601 0840 (662) 694 7993 (8621) 2412 9007 (852) 3922 4626 (813) 3512 7920 (852) 3922 5417 (8621) 2412 9082 (852) 3922 3585 (9122) 6720 4087 (6221) 2598 8398 (813) 3512 7871 (822) 3705 8661 (603) 2059 8993 (662) 694 7753 (852) 3922 3567 (822) 2095 7222 (813) 3512 7880 (852) 3922 3566 (852) 3922 3578 (9122) 6720 4090 (813) 3512 7875 (603) 2059 8989 (632) 857 0899

Oil, Gas and Petrochemicals

James Hubbard (Asia) Jal Irani (India) Polina Diyachkina (Japan) Brandon Lee (Korea) Sunaina Dhanuka (Malaysia) Trevor Buchinski (Thailand) Abhishek Singhal (India) Eunice Bu (Korea) (852) 3922 1226 (9122) 6720 4080 (813) 3512 7886 (822) 3705 8669 (603) 2059 8993 (662) 694 7829 (9122) 6720 4086 (822) 2095 7223 (852) 3922 4731 (852) 3922 1291 (8621) 2412 9026 (9122) 6720 4088 (6221) 2598 8398 (603) 2059 8993 (632) 857 0899 (65) 6601 0838 (8862) 2734 7522 (8862) 2734 7518 (662) 694 7727 (8621) 2412 9035 (852) 3922 1293 (9122) 6720 4093 (852) 3922 4626 (6221) 2598 8486 (813) 3512 7886 (8862) 2734 7518 (662) 694 7982 (852) 3922 3587 (8862) 2734 7512 (852) 3922 3578 (9122) 6720 4090 (813) 3512 7858 (813) 3512 7877 (813) 3512 7880 (813) 3512 7854 (822) 3705 8641 (822) 3705 8659 (8862) 2734 7516 (8862) 2734 7525 (813) 3512 7875 (852) 3922 4762 (6221) 2598 8486 (603) 2059 8989 (632) 857 0899 (8862) 2734 7519

Transport & Infrastructure

Janet Lewis (Asia, Japan) Bonnie Chan (Hong Kong) Nicholas Cunningham (Japan) Sunaina Dhanuka (Malaysia) Corinne Jian (Taiwan) (852) 3922 5417 (852) 3922 3898 (813) 3512 6044 (603) 2059 8993 (8862) 2734 7522 (9122) 6720 4087 (603) 2059 8989 (632) 857 0899 (4420) 3037 4061 (4420) 3037 4271 (4420) 3037 4497 (8621) 2412 9035 (9122) 6720 4093 (813) 3512 7850 (65) 6601 0574 (612) 8232 3935 (9122) 6720 4355 (4420) 3037 4036 (852) 3922 1279 (852) 3922 5494 (852) 3922 4719 (852) 3922 4077 (813) 3512 7569 (852) 3922 3883 (852) 3922 4769 (852) 3922 1425 (813) 3512 7850 (852) 3922 1291 (852) 3922 3566 (9122) 6720 4093 (6121) 2598 8366 (822) 3705 8643 (603) 2059 8982 (632) 857 0899 (65) 6601 0182 (8862) 2734 7516 (662) 694 7753

Automobiles/Auto Parts
Janet Lewis (China) Amit Mishra (India) Clive Wiggins (Japan) Michael Sohn (Korea) Ismael Pili (Asia, Hong Kong) Victor Wang (China) Suresh Ganapathy (India) Nicolaos Oentung (Indonesia) Alastair Macdonald (Japan) Chan Hwang (Korea) Matthew Smith (Malaysia, Singapore) Alex Pomento (Philippines) Gilbert Lopez (Philippines) Dexter Hsu (Taiwan) Passakorn Linmaneechote (Thailand)

Pharmaceuticals and Healthcare

Utilities & Renewables

Inderjeetsingh Bhatia (India) Prem Jearajasingam (Malaysia) Alex Pomento (Philippines)

Banks and Non-Bank Financials

Property
Callum Bramah (Asia) David Ng (China, Hong Kong) Jeffrey Gao (China) Abhishek Bhandari (India) Andy Lesmana (Indonesia) Sunaina Dhanuka (Malaysia) Alex Pomento (Philippines) Tuck Yin Soong (Singapore) Corinne Jian (Taiwan) David Liao (Taiwan) Patti Tomaitrichitr (Thailand) Graeme Train (China) Matty Zhao (Hong Kong) Rakesh Arora (India) Adam Worthington (Indonesia) Riaz Hyder (Indonesia) Polina Diyachkina (Japan) David Liao (Taiwan) Chak Reungsinpinya (Thailand) Andrew Dale

Commodities
Colin Hamilton (Global) Jim Lennon Duncan Hobbs Graeme Train Rakesh Arora

Economics
Peter Eadon-Clarke (Asia, Japan) Aimee Kaye (ASEAN) Richard Gibbs (Australia) Tanvee Gupta (India)

Conglomerates
Alex Pomento (Philippines) Gilbert Lopez (Philippines) Somesh Agarwal (Singapore)

Resources / Metals and Mining

Quantitative / CPG
Gurvinder Brar (Global) Josh Holcroft (Asia). Burke Lau (Asia) Simon Rigney (Asia, Japan) Eric Yeung (Asia) Suni Kim (Japan)

Consumer and Gaming

Gary Pinge (Asia) Linda Huang (China, Hong Kong) Amit Mishra (India) Lyall Taylor (Indonesia) Toby Williams (Japan) HongSuk Na (Korea) Alex Pomento (Philippines) Somesh Agarwal (Singapore) Best Waiyanont (Thailand)

Strategy/Country
Viktor Shvets (Asia) Chetan Seth (Asia) Joshua van Lin (Asia Micro) Peter Eadon-Clarke (Japan) David Ng (China, Hong Kong) Jiong Shao (China) Rakesh Arora (India) Nicolaos Oentung (Indonesia) Chan Hwang (Korea) Yeonzon Yeow (Malaysia) Alex Pomento (Philippines) Conrad Werner (Singapore) Daniel Chang (Taiwan) David Gambrill (Thailand)

Technology
Jeffrey Su (Asia, Taiwan) Steve Zhang (China, Hong Kong) Nitin Mohta (India) Claudio Aritomi (Japan) Damian Thong (Japan) David Gibson (Japan) George Chang (Japan) Daniel Kim (Korea) Soyun Shin (Korea) Daniel Chang (Taiwan) Tammy Lai (Taiwan)

Emerging Leaders
Jake Lynch (China, Asia) Adam Worthington (ASEAN) Michael Newman (Japan)

Industrials
Janet Lewis (Asia) Patrick Dai (China) Saiyi He (China) Inderjeetsingh Bhatia (India) Andy Lesmana (Indonesia) Kenjin Hotta (Japan) Juwon Lee (Korea) Sunaina Dhanuka (Malaysia) David Gambrill (Thailand)

Telecoms
Nathan Ramler (Asia, Japan) Danny Chu (China, Hong Kong) Riaz Hyder (Indonesia) Prem Jearajasingam (Malaysia, Singapore) Alex Pomento (Philippines) Joseph Quinn (Taiwan)

Find our research at

Macquarie: www.macquarie.com.au/research Thomson: www.thomson.com/financial Reuters: www.knowledge.reuters.com Bloomberg: MAC GO Factset: http://www.factset.com/home.aspx CapitalIQ www.capitaliq.com Email macresearch@macquarie.com for access

Insurance
Scott Russell (Asia, Japan) Chung Jun Yun (Korea)

Software and Internet

David Gibson (Asia) Jiong Shao (China, Hong Kong) Steve Zhang (China, Hong Kong) Nitin Mohta (India) Nathan Ramler (Japan) Prem Jearajasingam (Malaysia) Alex Pomento (Philippines)

Asia Sales
Regional Heads of Sales
Robin Black (Asia) Chris Gray (ASEAN) Peter Slater (Boston) Jeffrey Shiu (China & Hong Kong) Thomas Renz (Geneva) Bharat Rawla (India) Chris Gould (Indonesia) Miki Edelman (Japan) John Jay Lee (Korea) Ruben Boopalan (Malaysia) Gino C Rojas (Philippines) Eric Roles (New York) Paul Colaco (New York) (852) 3922 2074 (65) 6601 0288 (1 617) 598 2502 (852) 3922 2061 (41) 22 818 7712 (9122) 6720 4100 (6221) 515 1555 (813) 3512 7857 (822) 3705 9988 (603) 2059 8888 (632) 857 0861 (1 212) 231 2559 (1 212) 231 2496

Regional Heads of Sales contd

Sheila Schroeder (San Francisco) Erica Wang (Taiwan) Angus Kent (Thailand) Julien Roux (UK/Europe) Sean Alexander (Generalist) Justin Crawford (Asia) (1 415) 762 5001 (8862) 2734 7586 (662) 694 7601 (44) 20 3037 4867 (852) 3922 2101 (852) 3922 2065

Sales Trading contd

Mike Keen (UK/Europe) Chris Reale (New York) Marc Rosa (New York) Stanley Dunda (Indonesia) Suhaida Samsudin (Malaysia) Michael Santos (Philippines) Isaac Huang (Taiwan) Dominic Shore (Thailand) (44) 20 3037 4905 (1 212) 231 2555 (1 212) 231 2555 (6221) 515 1555 (603) 2059 8888 (632) 857 0813 (8862) 2734 7582 (662) 694 7707

Regional Head of Distribution Sales Trading

Adam Zaki (Asia) Phil Sellaroli (Japan) Kenneth Cheung (Singapore) (852) 3922 2002 (813) 3512 7837 (65) 6601 0288