DAIWA Dialogues This is a sales note and not a research report Tuesday Feb 28th, 2012

Pan Asia: Elpida's (6665 JP) demise is /Hynix's fortune HK/China: Hang Seng Bank – top pick among HK banks Taiwan: HTC - QCOM chip shortage another blow – reiterate SELL Korea: Banks: Positive – outperformance during Yen weakness ASEAN: Digi.com – Has valuations factored in the impending Maxis threat? India: Capital Goods: How should one position? Japan: Japan Tobacco – upgrade as co shld be able to hike ASP & vol in overseas mkt

Pan Asia: Elpida's (6665 JP) demise is Samsung/Hynix's fortune [Analyst: Jae Lee] Today the sales desk read much into Elpida’s file for bankruptcy – being the 4th largest DRAM producer with 12% mk shr, it is no surprise that the company could no longer sustain its business without much pricing power in DRAM and scale. Analyst Jae Lee maintains his view that being dependent on DRAM only, it couldn't have ‘clashed with the titans’ like Sammy (#1, m/s 45%) which has net cash, Hynix (2nd, m/s 22%) which received a capital injection from SKT & Micron (3rd, m/s 12%), which has a strong balance sheet. Chances are Elpida will scale back its 120k/mth capacity in Hiroshima which will have a positive knock on effect on DRAM supply/demand dynamics. Jae believes that DRAM price has bottomed out at US90c but these days it costs US2-3bn to maintain a fab vs 10x less 10 yrs ago, which begs the ultimate question - why should even more marginal players like Nanay, Winbond, Promos, Powerchip continue to exist? While Jae hesitated to comment, we believe that Elpida's demise has just exposed the weakness of lesser players, & hence the strength of Sammy & Hynix, which are up 1% & 7% on this news. Stick to Sammy for keeps & Hynix for a trade. Link to report: http://asiaresearch.daiwacm.com/eg/cgi-bin/files/20120227asia_MemoryChipIndustry.pdf#page=1

HK/China: Hang Seng Bank (11 HK, m/c US$25b, BUY) – top pick among HK banks [Analyst: Grace Wu] HSB’s 2011 net profit came in at HK$16.7bn, up 11.8% YoY, in line with our expectations but ahead of consensus by 5%. Lower-than-expected fees and trading gains were mostly offset by lower costs and loan impairments, as well as higher-than-expected associate income and property revaluation gains. Despite flat loan growth of 1.6% YoY (down 4.6% HoH as some cross-border loans were repaid), net interest income grew 10% YoY, thanks to improved loan spreads. The NIM was flat YoY at 1.78%, though in 2H11 the NIM expanded by 5bps to 1.8% despite increased deposit competition in Hong Kong. HSB continues to demonstrate strong balance sheet management, with good improvement in its capital ratio, robust asset quality and tight cost discipline. HSB also de- risked its investment portfolio and shifted more investments into treasury bills during 2011. HSB remains our top pick in our Hong Kong banks coverage group for its defensive balance sheet, strong capital and solid 5% dividend yield. We have maintained our Gordon Growth Model-based target price of HK$125, based on a 2.9x 2012E PBR. Link to report: http://asiaresearch.daiwacm.com/eg/cgi-bin/files/20120227hk_HSB.pdf#page=1

Taiwan: HTC (2498 TT, m/c US$18.1b, TP NT$267, SELL) - QCOM chip shortage another blow – reiterate SELL [NOTE TW MKT CLOSED TODAY] [Analyst: Alex Chang] Alex takes down his TP for HTC to NT$267 (share px NT$629) as HTC’s flagship model (‘HTC Ville’) could be delayed until 3Q12 owing to a likely shortage of Qualcomm's 8960 series IC. Alex cuts his 2012E EPS to NT$33.38 from NT$40.53 as HTC may have to rely only on legacy models with low gross margins in 2Q12. Due to the low initial yield rate at the 28mn process for Qualcomm’s new chipset, output likely may not improve until 3Q12. According to Alex, this will hurt deliveries of Qualcomm’s 8960 series (8960 & 8260A chipsets) to a customer with a fairly weak bargaining power such as HTC. Keep in mind both Samsung (005930 KS, O/PF) and HTC are rolling out new flagship models at the same time in 2Q12 with a Qualcomm 8960 chipset. At this point Samsung enjoys greater scale economy and Alex believes HTC faces a serious shortage of the 8960 chipset and delays launching its flagship HTC Ville to 3Q12. The delay will negatively impact HTC’s total shipments for the year, especially on the high end models. Alex believes other HTC models such as the Endeavor likely will not make up for loss of earnings from HTC Ville due to its sub-standard battery life. With Samsung rolling out the Galaxy SIII in May, and Apple’s iPhone 5 in July, HTC likely will

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DAIWA Dialogues This is a sales note and not a research report Tuesday Feb 28th, 2012 fall further behind similar to the manner in which Ericsson fell behind its competitors back in 1999-2003 time frame. AVOID HTC. Link: Link to report: http://asiaresearch.daiwacm.com/eg/cgi-bin/files/20120224tw_HTCCorp.pdf#page=1

Korea: Banks: Positive – outperformance during Yen weakness [Analyst Anderson Cha] Our Korean banks’ analyst Anderson, makes a good argument that since 2001, Korean banks have tended to outperform during Yen weakness vs KRW. This is because, while the KRW’s appreciation against the Yen and other currencies does not have a major impact on the banks bottom lines, it is still slightly positive for the bottom line for most of the time. Given that most banks are borrowers of foreign currencies including the Yen, strong KRW implies improvements on fundamentals. Korean banks have been outperforming the KOSPI YTD on the back of strong local institutions buying. Banks tend to outperform during liquidity driven rallies, which has been the case in each of the past three liquidity-driven rallies, and sales believe it is a matter of time that the banks become noted for being a strong KRW beneficiary. The sector is a good alternative to sectors with a direct exposure to the weakening Yen. Such sentiments could spread among local institutions as they are still underweighting on the banks. . Still trading at 0.67x book, the banks still offer attractive valuations and our top picks are Hana FG (086790 KS, BUY, TP W54,300) and KB FG (105560 KS, O/PF, TP W46,800) at 0.64x and 0.62x, respectively. Link to report: http://asiaresearch.daiwacm.com/eg/cgi-bin/files/20120227kr_KoreaBanksSector.pdf#page=1

ASEAN: Digi.com (DIGI MK, M/c US$10.3bn, Underperform) – Has valuations factored in the impending Maxis threat? [Analyst: Ramakrishna Maruvada] Perhaps a harbinger of the competitive landscape ahead, Maxis announced that they would be defending its market share unequivocally in the year ahead. Making good on their threat, the firm has embarked on an aggressive and increasingly visible campaign especially on the international (IDD) lines. Rama acknowledges that the margin deterioration might not be immediate but he counters that there will be competitive intensity in Digi’s traditionally strong areas of migrant workers and youth markets. Perhaps a déjà vu from the Singapore experience in 2006. Within this context, Rama has downgraded the stock to an Underperform with 2013 AND 14 EPS cuts of 0.7% and 4% respectively. With an EV/EBOTDA of 23x, valuations are demanding and seems to ignore the impending competitive pressures. Moreover with continued balance sheet constraints, he adds that the likelihood of a special dividend is low and cuts his TP to RM 3.63. Link to report: http://asiaresearch.daiwacm.com/eg/cgi-bin/files/Digi120227.pdf#page=1

India: Capital Goods: How should one position? [Analyst: Saurabh Mehta] Capital goods sector [BSETCG Index] has u/pf the Sensex by 22%/16% over the last 6/12mths, due to a challenging macro environment and fuel/funding issues. Investors, rightly so, have been U/W-neutral. Over the past mth however, improvement in investor sentiment on capex cycle & reduction in risk aversion on expectation of policy aimed at improving infra spending seems to have brought the constructive focus back. Given current up-cycle is at a nascent stage and the recovery will probably filter through in a staggered manner, investors should selectively position themselves. Saurabh believes Infra will lead recovery followed by industrial capex till FY14 and power equipment may be the last to recover in FY15. He expects new sub-sectors to lead spending (railways, defense, mining) and prefers L&T (LT IN, PT 1630, O-PF) as the best diversified play on revival in infra/industrial capex. On the other end of the spectrum is BHEL (BHEL IN, PT 253, U-PF) where Saurabh remains negative as he believes co is in midst of a structural de-rating, owing to 2 critical issues (a) stagnant addressable market and (b) overcapacity in the BTG equipment market, both of which would lead to op margins declining by half over next 3 years.

Japan: Japan Tobacco (2914 JP, m/c US$ 54.1b, Neutral >>O/pf, TP ) – upgrade as co shld be able to hike ASP & vol in overseas mkt [Analyst: Tokushi Yamazaki] Yamazaki-san raised his rating to Outperform from Neutral. He expects that the JT could hike the price and volume in the overseas market and see +10% per year growth on an EBITDA basis. And he foresees

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DAIWA Dialogues This is a sales note and not a research report Tuesday Feb 28th, 2012 stable growth in the domestic market with restructuring. Additionally in the mid-term, the company is planning to raise its payout ratio from 30% by at least 10%, focuses the growth of EPS, and decided to buyback the shares that government would discharge. They will support the share price. He appreciates their long term growth strategy, and hence the rating upgrade.

March 1-2 Dave Dai & Jackie Jiang – March 27-28 Christine Wang – TW Analysts Marketing

Clean Energy and Utilities LED/Smartphone

Components/Network Analyst (SG)

Mar 2 – Chaowei Power [951 HK] * Post-results Mar 2 - Dr Megan Walters, HoR Jones Lang Daiwa Luncheon Luncheon @12:15pmHK, Daiwa HK LaSalle * Luncheon @12:15pm

Mar 2 - Dr Megan Walters, HoR Jones Lang LaSalle “Outlook for Asia Commercial Real Estate” * VC Luncheon @12:15pm

New Mar 6 – Expertise luncheon: KPMG’s Mr Jason Bedford on China's trust cos & bancassurance @12:15pm

Mar 9 – Wing Hang Bank [302 HK] LUNCHEON @12:15pmHK, Daiwa HK

Mar 20 – GCL Poly [3800 HK] Post-results LUNCHEON @12:15pmHK, Daiwa HK

Mar 28 – Xinjiang Goldwind [2208 HK] @12:15pmHK, Daiwa HK

Mar 28 – China Automation [569 HK] * Post- results Luncheon

Consumer Discretionary Retail 2131 JP Accordia Golf 9832 JP AUTOBACS SEVEN 9783 JP Benesse Holdings – 12% sales Asia & Emerging Mkts 8282 JP K'S HOLDINGS 2433 JP HAKUHODO DY HOLDINGS – 3% sales Asia & Emerging Mkts 4755 JP Rakuten 2702 JP McDonald's Holdings (Japan) 8136 JP Sanrio – 19% sales Asia & Emerging Mkts 7832 JP NAMCO BANDAI Holdings – 5% sales Asia & Emerging Mkts 3092 JP START TODAY 7731 JP – 36% sales Asia & Emerging Mkts 7606 JP UNITED ARROWS 4661 JP ORIENTAL LAND 4732 JP USS 6752 JP – 26% sales Asia & Emerging Mkts 6773 JP Pioneer – 26% sales Asia & Emerging Mkts Auto & Components 4680 JP ROUND ONE 7259 JP AISIN SEIKI – 31% sales Asia & Emerging Mkts 6417 JP SANKYO 5108 JP BRIDGESTONE – 21% sales Asia & Emerging Mkts 6460 JP SAMMY HOLDINGS – 2% sales Asia & Emerging Mkts 6902 JP – 38% sales Asia & Emerging Mkts 6753 JP Sharp – 47% sales Asia & Emerging Mkts 7270 JP Fuji Heavy Industries – 17% sales Asia & Emerging Mkts 6758 JP – 28% sales Asia & Emerging Mkts 7267 JP HONDA MOTORS – 32% sales Asia & Emerging Mkts 1911 JP Sumitomo Forestry 7202 JP ISUZU MOTORS – 65% sales Asia & Emerging Mkts 3591 JP WACOAL HOLDINGS – 12% sales Asia & Emerging Mkts 7251 JP KEIHIN – 44% sales Asia & Emerging Mkts 7276 JP KOITO MANUFACTURING – 26% sales Asia & Emerging Mkts 2357 HK AviChina Industry & Technology 7242 JP KYB 7211 JP MITSUBISHI MOTORS – 43% sales Asia & Emerging Mkts 27 HK Galaxy Entertainment Group 7201 JP Nissan Motor – 30% sales Asia & Emerging Mkts 1928 HK SANDS CHINA LTD 7240 JP NOK – 50% sales Asia & Emerging Mkts 551 HK YUE YUEN INDUSTRIAL HOLDINGS 7312 JP Takata – 33% sales Asia & Emerging Mkts

3116 JP TOYOTA BOSHOKU – 46% sales Asia & Emerging Mkts 2723 TT GOURMET MASTER CO LTD 6201 JP Toyota Industries – 27% sales Asia & Emerging Mkts Materials Media 4088 JP AIR WATER Industrials 4751 JP CyberAgent 3407 JP ASAHI KASEI – 28% sales Asia & Emerging Mkts 5201 JP Asahi Glass – 40% sales Asia & Emerging Mkts 4324 JP DENTSU – 11% sales Asia & Emerging Mkts 4631 JP DIC – 45% sales Asia & Emerging Mkts 6366 JP CHIYODA Corporation – 51% sales Asia & Emerging Mkts 4676 JP FUJI MEDIA HOLDINGS 5714 JP DOWA HOLDINGS 6367 JP Industries – 32% sales Asia & Emerging Mkts 2433 JP HAKUHODO DY HOLDINGS – 3% sales Asia & Emerging Mkts 5411 JP JFE Holdings – 40% sales Asia & Emerging Mkts 6504 JP – 22% sales Asia & Emerging Mkts 4817 JP Jupiter Telecommunications 4185 JP JSR – 44% sales Asia & Emerging Mkts 6457 JP GLORY – 6% sales Asia & Emerging Mkts 9404 JP Nippon Television Network 3405 JP KURARAY – 26% sales Asia & Emerging Mkts 6674 JP GS Yuasa Corporation – 44% sales Asia & Emerging Mkts 9412 JP SKY Perfect JSAT Holdings 7966 JP LINTEC – 33% sales Asia & Emerging Mkts 6305 JP Construction Machinery – 70% sales Asia & Emerging Mkts 9405 JP TV Asahi 4188 JP Mitsubishi Chemical Holdings – 34% sales Asia & Emerging Mkts 7013 JP IHI – 25% sales Asia & Emerging Mkts 5711 JP Mitsubishi Materials – 26% sales Asia & Emerging Mkts 8001 JP ITOCHU Corporation – 21% sales Asia & Emerging Mkts Consumer Staples 3893 JP Nippon Paper Group – 10% sales Asia & Emerging Mkts 1963 JP JGC Corporation – 70% sales Asia & Emerging Mkts 8267 JP AEON – 5% sales Asia & Emerging Mkts 5401 JP NIPPON STEEL – 34% sales Asia & Emerging Mkts 5938 JP JS Group 2802 JP Ajinomoto – 16% sales Asia & Emerging Mkts 4063 JP Shin-Etsu Chemical – 49% sales Asia & Emerging Mkts 1812 JP KAJIMA – 9% sales Asia & Emerging Mkts 2502 JP ASAHI GROUP HOLDINGS – 10% sales Asia & Emerging Mkts 4204 JP SEKISUI CHEMICAL – 8% sales Asia & Emerging Mkts 7012 JP Kawasaki Heavy Industries – 28% sales Asia & Emerging Mkts 2229 JP CALBEE 4004 JP Showa Denko – 36% sales Asia & Emerging Mkts 6301 JP KOMATSU – 50% sales Asia & Emerging Mkts 3098 JP Cocokara fine 4005 JP SUMITOMO CHEMICAL – 53% sales Asia & Emerging Mkts 6370 JP Kurita Water Industries – 12% sales Asia & Emerging Mkts 8028 JP FamilyMart – 14% sales Asia & Emerging Mkts 5405 JP Sumitomo Metal Industries – 40% sales Asia & Emerging Mkts 1824 JP MAEDA 2593 JP ITO EN 5713 JP Sumitomo Metal Mining – 35% sales Asia & Emerging Mkts 6586 JP Makita – 27% sales Asia & Emerging Mkts 2914 JP JAPAN TOBACCO – 43% sales Asia & Emerging Mkts 4091 JP TAIYO NIPPON SANSO – 10% sales Asia & Emerging Mkts 8002 JP Marubeni – 7% sales Asia & Emerging Mkts 4452 JP Kao – 11% sales Asia & Emerging Mkts 5233 JP TAIHEIYO CEMENT – 14% sales Asia & Emerging Mkts 6479 JP Minebea – 57% sales Asia & Emerging Mkts 4967 JP KOBAYASHI PHARMACEUTICAL 3401 JP TEIJIN – 22% sales Asia & Emerging Mkts 9962 JP MISUMI Group – 21% sales Asia & Emerging Mkts Important: Please visit the following web site for an important disclaimer Page 3 http://www.hk.daiwacm.com/sales_disclaimer.html

DAIWA Dialogues This is a sales note and not a research report Tuesday Feb 28th, 2012

4922 JP KOSE – 12% sales Asia & Emerging Mkts 4043 JP Tokuyama – 21% sales Asia & Emerging Mkts 6503 JP – 19% sales Asia & Emerging Mkts 4912 JP Lion – 16% sales Asia & Emerging Mkts 4208 JP Ube Industries – 24% sales Asia & Emerging Mkts 7011 JP Mitsubishi Heavy Industries – 31% sales Asia & Emerging Mkts 2269 JP Meiji Holdings 7003 JP Mitsui Engineering & Shipbuilding – 62% sales Asia & Emerging Mkts 2270 JP MEGMILK SNOW BRAND 1102 TT Asia Cement Corporation 6141 JP MORI SEIKI – 17% sales Asia & Emerging Mkts 2282 JP NIPPON MEAT PACKERS – 4% sales Asia & Emerging Mkts 6268 JP Nabtesco – 28% sales Asia & Emerging Mkts 1332 JP NIPPON SUISAN – 11% sales Asia & Emerging Mkts 3105 JP NISSHINBO HOLDINGS – 27% sales Asia & Emerging Mkts

7956 JP PIGEON – 22% sales Asia & Emerging Mkts Transportation 1802 JP OBAYASHI – 8% sales Asia & Emerging Mkts 4927 JP POLA ORBIS HOLDINGS 9022 JP Central Japan Railway 4666 JP PARK 24 4911 JP Shiseido – 18% sales Asia & Emerging Mkts 9020 JP East Japan Railway 2331 JP SOHGO SECURUTY SERVICES 2531 JP TAKARA HOLDINGS 9107 JP Kawasaki Kisen – 24% sales Asia & Emerging Mkts 2768 JP Sojitz Corporation – 24% sales Asia & Emerging Mkts 2267 JP YAKULT HONSHA – 12% sales Asia & Emerging Mkts 9008 JP Keio 8053 JP SUMITOMO CORPORATION – 12% sales Asia & Emerging Mkts 9301 JP Mitsubishi Logistics 6302 JP SUMITOMO HEAVY INDUSTRIES – 50% sales Asia & Emerging Mkts Financials 9104 JP Mitsui O.S.K. Lines – 2% sales Asia & Emerging Mkts 6481 JP THK – 19% sales Asia & Emerging Mkts Banks 9062 JP NIPPON EXPRESS – 12% sales Asia & Emerging Mkts 7911 JP TOPPAN PRINTING – 14% sales Asia & Emerging Mkts 8304 JP Aozora Bank 9101 JP Nippon Yusen – 8% sales Asia & Emerging Mkts 5332 JP TOTO – 10% sales Asia & Emerging Mkts 8331 JP Chiba Bank 9076 JP SEINO HOLDINGS 5310 JP TOYO TANSO 8306 JP Mitsubishi UFJ Financial Group 9204 JP Skymark Airlines 8015 JP TOYOTA TSUSHO – 57% sales Asia & Emerging Mkts 8411 JP Mizuho Financial Group 9005 JP TOKYU 6925 JP USHIO – 34% sales Asia & Emerging Mkts 8308 JP Resona Holdings 9021 JP West Japan Railway 8410 JP Seven Bank 9064 JP YAMATO HOLDINGS 1402 TT Far Eastern New Century 8303 JP Shinsei Bank 1504 TT TECO ELECTRIC & MACHINERY 8355 JP SHIZUOKA BANK 2888 HK STANDARD CHARTERED PLC 8316 JP Sumitomo Mitsui Financial Group 8309 JP Sumitomo Mitsui Trust Holdings

WBC AU WESTPAC BANKING CORP

Real Estate Tech Insurance 1925 JP DAIWA HOUSE INDUSTRY 6857 JP – 66% sales Asia & Emerging Mkts 8750 JP Dai-ichi Life Insurance 1808 JP HASEKO Corporation 6754 JP – 20% sales Asia & Emerging Mkts 8725 JP MS&AD Insurance Group Holdings 3265 JP Hulic 6448 JP – 21% sales Asia & Emerging Mkts 8630 JP NKSJ Holdings 8802 JP Mitsubishi Estate 9697 JP CAPCOM – 3% sales Asia & Emerging Mkts 8729 JP Sony Financial Holdings 8801 JP Mitsui Fudosan 2432 JP DeNA 8795 JP T&D Holdings 8951 JP NIPPON BUILDING FUND 9427 JP eAccess 8766 JP Tokio Marine Holdings 8933 JP NTT URBAN DEVELOPMENT 6665 JP Elpida Memory – 40% sales Asia & Emerging Mkts 8830 JP Sumitomo Realty & Development 6702 JP – 9% sales Asia & Emerging Mkts AMP AU AMP LTD 8804 JP Tokyo Tatemono 4901 JP FUJIFILM Holdings – 25% sales Asia & Emerging Mkts 8815 JP TOKYU LAND 3632 JP GREE 2823 TT CHINA LIFE INSURANCE CO LTD 6965 JP – 14% sales Asia & Emerging Mkts 6806 JP HIROSE ELECTRIC – 49% sales Asia & Emerging Mkts 036570 KS NCsoft Corporation 6501 JP HITACHI – 27% sales Asia & Emerging Mkts 2360 TT CHROMA ATE INC 8036 JP Hitachi High-Technologies – 36% sales Asia & Emerging Mkts 7741 JP HOYA – 49% sales Asia & Emerging Mkts Diversified Financials 6856 JP – 17% sales Asia & Emerging Mkts 8572 JP ACOM Telecom 4062 JP – 49% sales Asia & Emerging Mkts 8439 JP Century Tokyo Leasing 9433 JP KDDI 4739 JP ITOCHU Techno-Solutions 8253 JP Credit Saison 9437 JP NTT DOCOMO 3774 JP Internet Initiative Japan 8601 JP Daiwa Securities Group 9984 JP SOFTBANK 2371 JP Kakaku.com 8593 JP Mitsubishi UFJ Lease & Finance 9766 JP KONAMI – 3% sales Asia & Emerging Mkts 8591 JP ORIX TEL PM PHILIPPINE LONG DISTANCE TELEPHONE 4902 JP HOLDINGS – 25% sales Asia & Emerging Mkts 8566 JP LEASING 6971 JP – 22% sales Asia & Emerging Mkts 8473 JP SBI Holdings 4904 TT Far EasTone Telecommunications 2121 JP mixi

6981 JP Murata Mfg. – 65% sales Asia & Emerging Mkts Energy 6701 JP NEC – 12% sales Asia & Emerging Mkts Utilities 9502 JP CHUBU Electric Power 5007 JP COSMO OIL – 11% sales Asia & Emerging Mkts 9613 JP NTT DATA 9533 JP TOHO GAS 1605 JP INPEX – 39% sales Asia & Emerging Mkts 6645 JP – 25% sales Asia & Emerging Mkts 5020 JP JX Holdings – 14% sales Asia & Emerging Mkts 6723 JP 9531 JP TOKYO GAS 5002 JP SHOWA SHELL SEKIYU 9719 JP SCSK

5012 JP TonenGeneral Sekiyu 7701 JP – 24% sales Asia & Emerging Mkts

6976 JP – 77% sales Asia & Emerging Mkts 6762 JP TDK – 62% sales Asia & Emerging Mkts 8035 JP – 57% sales Asia & Emerging Mkts 6502 JP – 24% sales Asia & Emerging Mkts 4704 JP Trend Micro – 13% sales Asia & Emerging Mkts 4689 JP Yahoo Japan

Asia Pacific Sales Directory

Hong Kong Regional Head of Equities Sales & Sales Trading Shoichi Saito (852) 2848 4051 [email protected] Regional Head of Asian Equities Sales Ester Li (852) 2532 4360 [email protected] Asian Equities Sales Andrew Douglas (852) 2532 4130 [email protected] Asian Equities Sales Daisuke Yamaguchi (852) 2848 4092 [email protected] Asian Equities Sales Greg Mclaughlin (852) 2532 4121 [email protected] Asian Equities Sales Hiroyuki Goto (852) 2848 4009 [email protected] Asian Equities Sales Ravi Narain (852) 2532 4376 [email protected] Asian Equities Sales Vishal Bhammer (852) 2848 4444 [email protected] Asian Equities Sales (Japan Equities) Takayuki Saito (852) 6044 2110 [email protected] Asian Equities Sales (Japan Equities) Yusaku Itasaka (852) 2848 4054 [email protected] HK/China Sales Bonnie Arai (852) 2532 4393 [email protected] HK/China Sales Esther Wong (852) 2848 4086 [email protected] HK/China Sales Leah Liu (852) 2532 4377 [email protected]

Singapore Head of Asian Equities Sales (Singapore) Jean Ang (65) 6329 2161 [email protected] Asian Equities Sales Evangeline Cheong (65) 6321 3059 [email protected] Asian Equities Sales Gillian Lim (65) 6321 3032 [email protected] Asian Equities Sales Jeffrey Cahyadi (65) 6329 2111 [email protected] ASEAN Equities Sales Lunar Lee (65) 6499 6510 [email protected] ASEAN Equities Sales Tadashi Ishii (65) 6329 2131 [email protected] India Specialist Navneet Babbar (65) 6329 2166 [email protected] Japan Specialist Takahito Otake (65) 6329 2192 [email protected] Japan Specialist Takeo Kubota (65) 6321 3051 [email protected]

Taiwan Head of Equity (Taiwan) William Chen (886) 2 8758 6171 [email protected] Taiwan Specialist David Huang (886) 2 2345 3635 [email protected] Taiwan Specialist Sunny Hsiao (886) 2 8789 5100 [email protected] Taiwan Specialist Tomoko Suto (886) 2 8758 6180 [email protected]

Korea Head of Equities (Korea) K Y Nam 82 (2) 787 9861 [email protected] Head of Equities Sales (Korea) Joe Lee 82 (2) 787 9175 [email protected] Korea Specialist Jun Koh 82 (2) 787 9125 [email protected] Important: Please visit the following web site for an important disclaimer Page 4 http://www.hk.daiwacm.com/sales_disclaimer.html

DAIWA Dialogues This is a sales note and not a research report Tuesday Feb 28th, 2012

India Head of Equities (India) Sriram Iyer (91) 22 6622 1040 [email protected] India Specialist Ashish Kalra (91) 22 6622 1055 [email protected] India Specialist Deepa Arora (91) 22 6622 1000 [email protected] India Specialist Kentaro Konishi (91) 22 6622 5678 [email protected]

Australia Australian Sales Craig Robertson 61 (3) 9916 1303 [email protected]

Philippines Head of Sales (Philippines) Leon Jose Katigbak (632) 750 4411 [email protected] Philippines Specialist Racquel Panaligan (632) 848 0193 [email protected] Philippines Specialist Rosel Ponce (632) 750 4417 [email protected]

UK Head of Equities, Europe & the Middle East Meurig Williams 44(0)20-7597-7600 [email protected] Head of Asian Equity Sales Ali Khan 44(0)20-7597-7502 [email protected] Asian Equity Sales Andrea Doubtfire 44(0)20-7597-7501 [email protected] Asian Equity Sales Christoph Osterman 44(0)20-7597-7506 [email protected] Asian Equity Sales Madiha Alam 44(0)20-7597-7509 [email protected] Asian Equity Sales Mark Watson 44(0)20-7597-7604 [email protected] Asian Equity Sales Natsuko Matsumura 44(0)20-7597-7504 [email protected]

US Deputy Head of Equity, Head of Sales Woon Lim (1) 212 612 6866 [email protected] Asian Equity Sales Abhijit Kukreja (1) 212 612 8486 [email protected] Asian Equity Sales Arfa Ahmed (1) 212 612 488 [email protected] Asian Equity Sales Ningguo Yang (1) 212 612 6431 [email protected] Asian Equity Sales Peter Wolff (1) 212 612 6438 [email protected] Asian Equity Sales Soongho (Sam) Hahn (1) 212 612 6488 [email protected] Asian Equity Sales Syed Wajahat Ali (1) 212 612 6359 [email protected] Asian Equity Sales Tiffanie Ho (1) 212 612 6275 [email protected] Asian & JP Equity Sales Ayami Miyoshi (1) 212 612 6929 [email protected] Asian & JP Equity Sales Michael Denning (1) 212 612 6928 [email protected] Asian & JP Equity Sales Steve Zelko (1) 212 612 6355 [email protected] Asian Equity Sales Erik Grossman (1) 415 955 8100 [email protected] Asian Equity Sales Joshua Evans (1) 415 955 8100 [email protected]

* This material has been compiled by Daiwa Capital Markets equity sales and marketing personnel from various publicly available sources, including newspapers and news services. This information has not been reviewed or approved by or in conjunction with Daiwa research. It is not intended to be a comprehensive summary of newsworthy business or economic events nor is it a substitute for Daiwa fundamental research, and it may not be relied upon as such. The information is not intended to reflect the views of Daiwa or any of its affiliates and the accuracy of the information is not guaranteed. The information does not constitute an offer, solicitation or recommendation for the purchase or sale of any securities or other financial instruments nor does the information constitute advice or an expression of our view as to whether a particular security or financial instrument is appropriate for you and meets your financial objectives. Daiwa and/or its affiliates may make markets, effect or have effected a transaction for their own account in any securities mentioned herein or in related investments and also may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any entity mentioned herein. *

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