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INDIA

India’s goods exports remain sluggish

Source: CEIC, Macquarie Research, February 2016

Rupee still over-valued on REER (36-

currency trade weighted) basis

Data updated till Jan-16; REER = Real Effective Exchange Rate; Source: CEIC, Macquarie Research, February 2016

EMs currency movement

India Insight

Trade deficit narrows sharply; allow

for modest depreciation in rupee

Exports to continue to remain a drag

(Why are India’s exports falling?)

:

India’s exports have been a drag on overall GDP growth over the past couple

of years. Indeed, goods exports have been falling for the past 14 consecutive

months by an average of 16%YoY. We believe this sluggish export

performance is driven by a confluence of factors, including: (a) a sharp fall in

global commodity prices, (b) weak global demand, (c) low export

diversification, (d) strengthening of the rupee against trading partner

currencies, resulting in low export competitiveness, and (e) structural

bottlenecks related to infrastructural constraints, rigid labour laws holding

back large-scale production, procedural bottlenecks and government

regulations. We believe weak exports and sluggish domestic demand are

some of the key reasons for low capacity utilisation in the manufacturing

sector, thus delaying capex-led growth recovery. Going forward, we expect

exports to remain weak in FY17 on a subdued global commodity (including

oil) price outlook and weak global growth environment.

Allowing for modest depreciation in rupee (USD/INR) will be positive for

growth; don’t compare it with 2013 taper episode: As we recently

highlighted (

Don’t fret the falling rupee (USD/INR),

India’s improved macro

fundamentals on favourable terms of trade and policy initiatives imply that the

risks of a sharp depreciation pressure on the Indian rupee (USD/INR) on

global headwinds are contained at this point. This is not to say that India is

immune as increased global integration and still-stretched external

vulnerability indicators imply that it will also bear the brunt as global volatility

increases, but we believe the impact will be limited. Indeed, despite the recent

depreciation seen in the nominal exchange rate since the start of CY16

(USD/INR has weakened by ~3%YTD), the rupee seems overvalued on a

trade-weighted REER basis (~ 6.7% above the last 10-year mean as of

Jan-16) as other currencies have depreciated still faster.

Even as India needs to undertake structural reforms to improve export

competitiveness rather than relying on weak currency, we believe the

policymakers need to allow for modest depreciation in rupee to balance

growth risks with emerging disinflationary concerns. We expect the RBI to

allow for further 2-4% depreciation in Indian rupee (USD/INR) from the

current levels over the next 6-months while intervening in the currency

market to control the near-term volatility for a favourable transition.

-50% -20% 10% 40% A pr -09 A pr -10 A pr -11 A pr -12 A pr -13 A pr -14 A pr -15 Exports YoY% 95 100 105 110 115

Apr-06 Apr-09 Apr-12 Apr-15 Mean Overvalued (+1 std deviation) Undervalued (-1 std deviation) -6% -4%-3% -1% -1% 0% 1%1% 3% 3% -8% -6% -4% -2% 0% 2% 4% U SD /R U B U SD /KR W U SD /I N R U SD /Z AR U SD /BR L U SD /C N Y U SD /SGD U SD /T H B U SD /I D R U SD /M YR app re c iat ion dep rec iat ion

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Analysis

Note we have assumed (a) global crude oil prices average US$51/bbl in FY16 and US$49/bbl in

FY17, and (b) gold imports remain reasonable on contained inflation and positive real deposit

rates available to households to arrive at these forecasts. This should also help keep external

stability risk in check.

What is in the details?

Trade deficit narrows sharply to US$7.6bn in Jan-16 (lowest since Feb-15): Monthly trade

deficit narrowed to US$7.6bn (4.3% of GDP annualized) in Jan-16 compared to US$11.7bn

registered in Dec-15 as imports slowed faster than exports. On a 3-month trailing basis, trade

deficit narrowed to 5.6% of GDP annualised in Jan-16 (vs. 6% of GDP annualised in Dec-15).

Goods exports (in dollar terms) remained sluggish on a continued decline in commodity

exports: Goods exports continued to decline by 13.6%YoY compared with -14.7%YoY registered

in Dec-15. Looking at the breakdown, bulk of the decline in exports during January was led by

petroleum products (-35%YoY) and engineering goods (-28%YoY).

Goods imports (in dollar terms) also remained in the red in January: Goods imports declined

by 11%YoY (vs -3.9%YoY in Dec-15). In terms of commodity composition: (a) oil imports

remained sluggish, declining by 39%YoY as global crude oil prices softened further, (b) gold

imports also slowed to US$2.9bn (vs. US$3.8bn in the previous month), and (c) non-oil non-gold

import growth, an indicator of domestic demand, remained weak, declining by 7.5%YoY (vs

-2.1%YoY in Dec-15) led by components including coal, coke & briquettes (-38%YoY), transport

equipment (-21%YoY), non-ferrous metals (-27%) and iron & steel (-16%YoY), etc amongst

others. However, some rebound was seen in imports of pulses in view of domestic shortage and

pearls, precious & semi-precious stones.

Fig 1 Export growth (US$ terms)

Fig 2 Import growth (US$ terms)

Source: CEIC, Ministry of Trade, Macquarie Research, February 2016 Source: CEIC, Ministry of Trade, Macquarie Research, February 2016

-40% -25% -10% 5% 20% 35% 50% 65% Apr -06 Apr -07 Apr -08 Apr -09 Apr -10 Apr -11 Apr -12 Apr -13 Apr -14 Apr -15

YoY% YoY%, 3MMA

-40% -20% 0% 20% 40% 60% 80% Apr -06 Apr -07 Apr -08 Apr -09 Apr -10 Apr -11 Apr -12 Apr -13 Apr -14 Apr -15

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Fig 3 Non-Oil Non-Gold Import growth (US$ terms)

Fig 4 Gold imports

Source: CEIC, Ministry of Trade, Macquarie Research, February 2016 Source: CEIC, Ministry of Trade, Macquarie Research, February 2016

Fig 5 Goods Export Growth vs. Manufacturing Growth Fig 6 Goods Export growth vs. USM ISM New Orders

Source: CEIC, Ministry of Trade, Macquarie Research, February 2016 Source: CEIC, Ministry of Trade, Macquarie Research, February 2016

Fig 7 Oil Imports vs. Crude Oil Prices (Brent)

Fig 8 Trade deficit

-30% -10% 10% 30% 50% 70% Apr -06 Apr -07 Apr -08 Apr -09 Apr -10 Apr -11 Apr -12 Apr -13 Apr -14 Apr -15

YoY% YoY%, 3MMA

0 1 2 3 4 5 6 7 8 9 J an -11 J ul -11 J an -12 J ul -12 J a n -13 J ul -13 J an -14 J ul -14 J an -15 J u l-15 J a n -16 US$ bn 3-month moving average -45% -25% -5% 15% 35% 55% 75% -10% -5% 0% 5% 10% 15% 20% 25% Apr -06 Apr -07 Apr -08 Apr -09 Apr -10 Apr -11 Apr -12 Apr -13 Apr -14 Apr -15 Manufacturing growth (LS) Export growth (RS)

YoY%,3MMA YoY%, 3MMA

25 35 45 55 65 75 -40% -25% -10% 5% 20% 35% 50% 65% Apr -06 Apr -07 Apr -08 Apr -09 Apr -10 Apr -11 Apr -12 Apr -13 Apr -14 Apr -15 Apr -16

Export Growth (YoY%, 3MMA), LS

US ISM New Orders Index (3MMA, pushed fwd by 4m), RS

120%

Oil Imports Brent YoY%

-11%

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Fig 9 India's goods export by country (% share, FY15)

Fig 10 India's goods import by country (% share,

FY15)

Source: CMIE, Macquarie Research, February 2016 Source: CMIE, Macquarie Research, February 2016

USA 14% China 4% ASEAN 5 8% Japan 2% Other Asia (including Middle East) 24% UAE 11% Europe 19% Others 18% USA 5% China 13% ASEAN 4 9% Japan 2% Other Asia (including Middle East) 26% UAE 6% Europe 18% Others 21%

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Fig 11 Composition of India's exports

FY10 FY11 FY12 FY13 FY14 FY15

US$ bn

All Commodities 178 251 306 300 315 309

Agricultural & allied products 18 24 37 41 43 39

Ores & minerals 9 9 8 6 4 2

Manufactured goods 115 158 185 183 198 209

Leather & leather manufactures 3 4 5 5 6 6

Chemicals & related products 17 21 27 29 31 32

Engineering goods 38 58 67 65 69 77

Textiles (excluding readymade garments) 9 13 14 14 18 18

Readymade garments 11 12 14 13 15 17

Other manufactured goods 37 50 58 57 59 59

Gems & jewellery 29 40 45 43 41 41

Petroleum & crude products 28 41 56 61 63 57

Other commodities 9 19 19 10 7 3

YoY%

All Commodities -2.6% 40.7% 21.9% -1.8% 4.9% -1.8%

Agricultural & allied products 1.0% 36.4% 54.7% 9.2% 5.0% -9.9%

Ores & minerals 10.9% -0.4% -2.2% -33.5% -36.2% -33.2%

Manufactured goods -6.6% 37.1% 17.3% -1.3% 8.5% 5.1%

Leather & leather manufactures -5.6% 16.3% 22.5% 2.0% 17.5% 7.8%

Chemicals & related products 0.4% 22.8% 26.5% 6.5% 9.3% 2.8%

Engineering goods -19.0% 52.3% 15.9% -3.5% 6.7% 10.4%

Textiles (excluding readymade garments) 0.6% 37.9% 13.5% 0.7% 24.7% 0.1%

Readymade garments -2.2% 8.3% 18.0% -5.6% 16.1% 12.3%

Other manufactured goods 3.2% 38.1% 15.5% -2.3% 3.6% -0.4%

Gems & jewellery 3.6% 39.5% 10.7% -3.2% -4.6% -0.8%

Petroleum & crude products 4.3% 47.8% 34.9% 8.7% 4.3% -10.7%

Other commodities 15.2% 115.1% 0.4% -46.0% -34.5% -52.8%

As % of total

All Commodities 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Agricultural & allied products 10.0% 9.7% 12.3% 13.6% 13.6% 12.5%

Ores & minerals 4.9% 3.4% 2.8% 1.9% 1.1% 0.8%

Manufactured goods 64.6% 63.0% 60.6% 60.9% 63.0% 67.4%

Leather & leather manufactures 1.9% 1.6% 1.6% 1.6% 1.8% 2.0%

Chemicals & related products 9.7% 8.5% 8.8% 9.6% 10.0% 10.4%

Engineering goods 21.4% 23.1% 22.0% 21.6% 22.0% 24.7%

Textiles (excluding readymade garments) 5.1% 5.0% 4.7% 4.8% 5.7% 5.8%

Readymade garments 6.0% 4.6% 4.5% 4.3% 4.8% 5.4%

Other manufactured goods 20.5% 20.1% 19.1% 19.0% 18.7% 19.0%

Gems & jewellery 16.3% 16.1% 14.7% 14.5% 13.1% 13.3%

Petroleum & crude products 15.7% 16.5% 18.3% 20.2% 20.1% 18.3%

Other commodities 4.8% 7.4% 6.1% 3.3% 2.1% 1.0%

As % of GDP

All Commodities 13.0% 14.7% 16.6% 16.3% 16.8% 15.1%

Agricultural & allied products 1.3% 1.4% 2.0% 2.2% 2.3% 1.9%

Ores & minerals 0.6% 0.5% 0.5% 0.3% 0.2% 0.1%

Manufactured goods 8.4% 9.2% 10.0% 9.9% 10.6% 10.2%

Leather & leather manufactures 0.2% 0.2% 0.3% 0.3% 0.3% 0.3%

Chemicals & related products 1.3% 1.2% 1.5% 1.6% 1.7% 1.6%

Engineering goods 2.8% 3.4% 3.6% 3.5% 3.7% 3.7%

Textiles (excluding readymade garments) 0.7% 0.7% 0.8% 0.8% 1.0% 0.9%

Readymade garments 0.8% 0.7% 0.7% 0.7% 0.8% 0.8%

Other manufactured goods 2.7% 2.9% 3.2% 3.1% 3.1% 2.9%

Gems & jewellery 2.1% 2.4% 2.4% 2.4% 2.2% 2.0%

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Fig 12 Composition of India's imports

FY10 FY11 FY12 FY13 FY14 FY15

US$ bn

All imports 288 369 489 490 449 447

Petroleum crude & products (POL) 87 106 155 164 165 138

Non-POL 201 264 334 326 284 309

Agricultural and allied products 12 12 16 19 16 20

Ores and minerals 17 20 32 33 25 27

Manufactured goods 165 222 272 255 231 251

Leather and leather manufactures 0 0 1 1 1 1

Chemicals and related products 24 29 38 37 36 39

Engineering goods 61 72 91 87 73 77

Electronic goods 21 27 33 31 36 40

Textiles (excl.rmg) 2 3 4 4 3 4

Readymade garments 0 0 0 0 0 1

Other manufactured goods 56 91 106 96 81 88

Gold & silver 30 42 61 56 32 39

Other commodities 7 9 14 19 13 11

YoY%

All imports -3.9% 28.5% 32.4% 0.2% -8.4% -0.4%

Petroleum crude & products (POL) -5.1% 21.9% 46.4% 5.7% 0.7% -16.4%

Non-POL -3.4% 31.3% 26.8% -2.3% -13.0% 8.9%

Agricultural and allied products 58.3% 3.4% 34.6% 16.0% -16.6% 27.4%

Ores and minerals -9.5% 17.4% 57.9% 3.3% -25.5% 9.2%

Manufactured goods -5.5% 34.6% 22.4% -6.2% -9.6% 8.7%

Leather and leather manufactures -11.6% 22.2% 8.8% -5.9% 77.4% 21.2%

Chemicals and related products -20.3% 20.1% 32.0% -4.0% -1.8% 7.8%

Engineering goods -12.2% 18.5% 25.7% -4.3% -16.1% 6.3%

Electronic goods -10.3% 26.7% 22.9% -3.8% 14.0% 13.0%

Textiles (excl.rmg) 1.0% 23.0% 20.0% 2.0% -6.2% 12.5%

Readymade garments -22.5% 83.3% 60.5% 3.3% 33.7% 20.0%

Other manufactured goods 15.5% 61.8% 16.7% -9.8% -15.2% 9.2%

Gold & silver 29.8% 43.4% 44.5% -9.3% -42.6% 22.0%

Other commodities -0.6% 33.8% 54.4% 39.5% -33.6% -10.8%

As % of total

All imports 100% 100% 100% 100% 100% 100%

Petroleum crude & products (POL) 30% 29% 32% 33% 37% 31%

Non-POL 70% 71% 68% 67% 63% 69%

Agricultural and allied products 4% 3% 3% 4% 4% 4%

Ores and minerals 6% 5% 7% 7% 5% 6%

Manufactured goods 57% 60% 56% 52% 51% 56%

Leather and leather manufactures 0% 0% 0% 0% 0% 0%

Chemicals and related products 8% 8% 8% 8% 8% 9%

Engineering goods 21% 20% 19% 18% 16% 17%

Electronic goods 7% 7% 7% 6% 8% 9%

Textiles (excl.rmg) 1% 1% 1% 1% 1% 1%

Readymade garments 0% 0% 0% 0% 0% 0%

Other manufactured goods 20% 25% 22% 19% 18% 20%

Gold & silver 10% 11% 13% 11% 7% 9%

Other commodities 2% 2% 3% 4% 3% 3%

As % of GDP

All imports 21.0% 21.6% 26.5% 26.7% 23.9% 21.8%

Petroleum crude & products (POL) 6.3% 6.2% 8.4% 8.9% 8.8% 6.7%

Non-POL 14.7% 15.4% 18.1% 17.8% 15.1% 15.1%

Agricultural and allied products 0.9% 0.7% 0.9% 1.0% 0.8% 1.0%

Ores and minerals 1.3% 1.2% 1.7% 1.8% 1.3% 1.3%

Manufactured goods 12.1% 13.0% 14.7% 13.9% 12.3% 12.2%

Leather and leather manufactures 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%

Chemicals and related products 1.8% 1.7% 2.1% 2.0% 1.9% 1.9%

Engineering goods 4.5% 4.2% 4.9% 4.7% 3.9% 3.8%

Electronic goods 1.5% 1.6% 1.8% 1.7% 1.9% 2.0%

Textiles (excl.rmg) 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%

Readymade garments 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other manufactured goods 4.1% 5.3% 5.7% 5.2% 4.3% 4.3%

Gold & silver 2.2% 2.5% 3.3% 3.0% 1.7% 1.9%

Other commodities 0.5% 0.5% 0.8% 1.1% 0.7% 0.6%

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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 – 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

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price movements.

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expected to move up or down 60–100% in a year – investors should be aware this stock is highly speculative.

High – stock should be expected to move up or

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Medium – stock should be expected to move up

or down at least 30–40% in a year.

Low–medium – stock should be expected to

move up or down at least 25–30% in a year.

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* Applicable to Asia/Australian/NZ/Canada stocks only

Recommendations – 12 months

Note: Quant recommendations may differ from

Fundamental Analyst recommendations

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

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ROA Banks/Insurance = adjusted net profit /average

total assets

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*equivalent fully paid ordinary weighted average number of shares

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Recommendation proportions – For quarter ending 31 December 2015

AU/NZ Asia RSA USA CA EUR

Outperform 50.68% 61.04% 53.16% 47.90% 65.22% 43.59% (for global coverage by Macquarie, 5.33% of stocks followed are investment banking clients) Neutral 31.51% 24.66% 34.18% 47.70% 29.71% 34.62% (for global coverage by Macquarie, 5.02% of stocks followed are investment banking clients) Underperform 17.81% 14.30% 12.66% 4.39% 5.07% 21.79% (for global coverage by Macquarie, 3.78% of stocks followed are investment banking clients)

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Asia Research

Head of Equity Research

Peter Redhead (Global – Head) (852) 3922 4836 Matt Nacard (Asia – Head) (852) 3922 1362

Automobiles/Auto Parts

Janet Lewis (China) (852) 3922 5417 Zhixuan Lin (China) (8621) 2412 9006 Amit Mishra (India) (9122) 6720 4084 Lyall Taylor (Indonesia) (6221) 2598 8489 Takuo Katayama (Japan) (813) 3512 7856 James Hong (Korea) (822) 3705 8661

Banks and Non-Bank Financials

Matthew Smith (China) (8621) 2412 9022 Suresh Ganapathy (India) (9122) 6720 4078 Lyall Taylor (Indonesia) (6221) 2598 8489 Keisuke Moriyama (Japan) (813) 3512 7476 Leo Nakada (Japan) (813) 3512 6050 Chan Hwang (Korea) (822) 3705 8643 Gilbert Lopez (Philippines) (632) 857 0892 Thomas Stoegner (Singapore) (65) 6601 0854 Dexter Hsu (Taiwan) (8862) 2734 7530 Passakorn Linmaneechote (Thailand) (662) 694 7728

Conglomerates

Gilbert Lopez (Philippines) (632) 857 0892

Consumer and Gaming

Linda Huang (China, Hong Kong) (852) 3922 4068 Kai Tan (China) (852) 3922 3720 Zibo Chen (Hong Kong) (852) 3922 1130 Amit Mishra (India) (9122) 6720 4084 Fransisca Widjaja (Singapore) (65) 6601 0847 Hendy Soegiarto (Indonesia) (6221) 2598 8369 Toby Williams (Japan) (813) 3512 7392 HongSuk Na (Korea) (822) 3705 8678 Karisa Magpayo (Philippines) (632) 857 0899

Emerging Leaders

Jake Lynch (China, Asia) (852) 3922 3583 Aditya Suresh (Asia) (852) 3922 1265 Neel Sinha (ASEAN) (65) 6601 0562 Timothy Lam (Hong Kong) (852) 3922 1086 Kwang Cho (Korea) (822) 3705 4953

Industrials

Janet Lewis (Asia) (852) 3922 5417 Patrick Dai (China) (8621) 2412 9082 Inderjeetsingh Bhatia (India) (9122) 6720 4087 Lyall Taylor (Indonesia) (6221) 2598 8489 Kenjin Hotta (Japan) (813) 3512 7871 James Hong (Korea) (822) 3705 8661

Insurance

Scott Russell (Asia, Japan) (852) 3922 3567 Leo Nakada (Japan) (813) 3512 6050 Chan Hwang (Korea) (822) 3705 8643

Software and Internet

Wendy Huang (Asia) (852) 3922 3378 David Gibson (Asia) (813) 3512 7880 Hillman Chan (China, Hong Kong) (852) 3922 3716 Nitin Mohta (India) (9122) 6720 4090 Nathan Ramler (Japan) (813) 3512 7875 Prem Jearajasingam (Malaysia) (603) 2059 8989

Oil, Gas and Petrochemicals

James Hubbard (Asia) (852) 3922 1226 Aditya Suresh (Asia) (852) 3922 1265 Duke Suttikulpanich (ASEAN) (65) 6601 0148 Abhishek Agarwal (India) (9122) 6720 4079 Polina Diyachkina (Japan) (813) 3512 7886 Anna Park (Korea) (822) 3705 8669 Isaac Chow (Malaysia) (603) 2059 8982

Pharmaceuticals and Healthcare

Abhishek Singhal (India) (9122) 6720 4086 David Lee (Korea) (822) 3705 8686

Property

Tuck Yin Soong (Asia, Singapore) (65) 6601 0838 David Ng (China, Hong Kong) (852) 3922 1291 Kai Tan (China, Hong Kong) (852) 3922 3720 Raymond Liu (China, Hong Kong) (852) 3922 3629 Wilson Ho (China) (852) 3922 3248 Abhishek Bhandari (India) (9122) 6720 4088 William Montgomery (Japan) (813) 3512 7864 Aiman Mohamad (Malaysia) (603) 2059 8986 Kervin Sisayan (Philippines) (632) 857 0893 Corinne Jian (Taiwan) (8862) 2734 7522 Patti Tomaitrichitr (Thailand) (662) 694 7727

Resources / Metals and Mining

Rakesh Arora (India) (9122) 6720 4093 Stanley Liong (Indonesia) (6221) 2598 8381 Polina Diyachkina (Japan) (813) 3512 7886 Anna Park (Korea) (822) 3705 8669

Technology

Damian Thong (Asia, Japan) (813) 3512 7877 Allen Chang (852) 3922 1136 (China, Hong Kong, Taiwan)

Jason Sun (China, Hong Kong) (852) 3922 4674 Nitin Mohta (India) (9122) 6720 4090 David Gibson (Japan) (813) 3512 7880 George Chang (Japan) (813) 3512 7854 Daniel Kim (Korea) (822) 3705 8641 Soyun Shin (Korea) (822) 3705 8659 Patrick Liao (Taiwan) (8862) 2734 7515

Telecoms

Nathan Ramler (Asia, Japan) (813) 3512 7875 Danny Chu (852) 3922 4762 (China, Hong Kong, Taiwan)

Abhishek Agarwal (India) (9122) 6720 4079 David Lee (Korea) (822) 3705 8686 Prem Jearajasingam

(Malaysia, Singapore) (603) 2059 8989

Transport & Infrastructure

Janet Lewis (Asia) (852) 3922 5417 Azita Nazrene (ASEAN) (603) 2059 8980 Corinne Jian (Taiwan) (8862) 2734 7522

Utilities & Renewables

Alan Hon (Hong Kong) (852) 3922 3589 Inderjeetsingh Bhatia (India) (9122) 6720 4087 Prem Jearajasingam (Malaysia) (603) 2059 8989 Karisa Magpayo (Philippines) (632) 857 0899

Commodities

Colin Hamilton (Global) (4420) 3037 4061 Ian Roper (65) 6601 0698 Jim Lennon (4420) 3037 4271 Lynn Zhao (8621) 2412 9035 Matthew Turner (4420) 3037 4340 Rakesh Arora (9122) 6720 4093 Economics

Peter Eadon-Clarke (Global) (813) 3512 7850 Larry Hu (China, Hong Kong) (852) 3922 3778 Tanvee Gupta Jain (India) (9122) 6720 4355

Quantitative / CPG

Gurvinder Brar (Global) (4420) 3037 4036 Woei Chan (Asia) (852) 3922 1421 Anthony Ng (Asia) (852) 3922 1561 Jason Zhang (Asia) (852) 3922 1168

Strategy/Country

Viktor Shvets (Asia, Global) (852) 3922 3883 Chetan Seth (Asia) (852) 3922 4769 Peter Eadon-Clarke (Japan) (813) 3512 7850 David Ng (China, Hong Kong) (852) 3922 1291 Erwin Sanft (China, Hong Kong) (852) 3922 1516 Rakesh Arora (India) (9122) 6720 4093 Lyall Taylor (Indonesia) (6221) 2598 8489 Chan Hwang (Korea) (822) 3705 8643 Gilbert Lopez (Philippines) (632) 857 0892 Conrad Werner (Singapore) (65) 6601 0182 Jeffrey Ohlweiler (Taiwan) (8862) 2734 7512 Alastair Macdonald (Thailand) (662) 694 7753

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

References

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