ASIAN TRANSPORT & LOGISTICS NEWSLETTER

SEPTEMBER 2011, ISSUE 68

A quarterly newsletter of developments in the transport & logistics sector in A s i a

Welcome to the Asian Transport & Logistics Newsletter. This publication CONTENTSC O N T E N T S was initiated to address the growth of A U S T R A L I A 1 opportunities in the growing and C H I N A 2 consolidating Asian logistics market. We H O N G K O N G 3 hope you find it informative. I N D I A 4

I N D O N E S I A 4 Business Development Asia (“BDA”) is an investment banking firm specializing J A P A N 4 in executing cross-border transactions K O R E A 5 involving Asia, including acquisitions, MALAYSIA 5 divestments, JVs, capital raising, and SINGAPORE 5 restructuring. We have offices and T H A I L A N D 6 professional staff throughout Asia, the V I E T N A M 6 Middle East, Europe, and the US.

Paul DiGiacomo Managing Director, [email protected]

Australia Asian Logistics Companies Stock Indices f or Selected Sectors Jetstar Airways, Qantas’s low-cost (12 months ending 29Sept29Sept11111111)))) Asian carrier, is considering growth 160 through joint ventures in Hong Kong, 140 Taipei, Korea, Singapore, Vietnam, and 120 . September 2, 2011 100

Peter Cochrane ManagementManagement, an 80

Australian freight and parcel services 60 company, has acquired 100% of 40 Northern Kope Parcel ExpressExpress, an 20 Australian freight and metropolitan Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 courier services company, for an undisclosed amount. September 1, 2011 CHINA INDIA JAPAN KOREA US Euro

Source: Capital IQ, BDA POTA Holdings has agreed to acquire POTA Holdings Mackenzie IntermodalIntermodal, an Australian general freight services company, for an undisclosed amount. POTA is an Australian provider of port and logistics services. The transaction will allow

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Logistics LTM Trading Multiples (29Sep11) August 25, 2011 25x China Overseas LogisticsLogistics, a Shenzhen- 20.2x based subsidiary of the state-owned 20x China State Construction Engineering CorporationCorporation, is seeking to accelerate growth and improve its operations 15x 13.4x experience by working with 12.6x 13.1x 11.9x international counterparts that are experienced in transportation, 10x 8.6x 9.3x 8.6x 8.6x 7.6x 7.9x distribution, forwarding, warehousing 6.4x with a strong focus on electronics and 5x machinery goods. China Overseas expects the partnership to take the form of a commercial alliance or a JV. 0x August 4, 2011 China India Japan Korea US EU Hainan AirlinesAirlines, a Chinese airline and EV / EBITDA P/E Source: Capital IQ, BDA subsidiary of HNA GroupGroup, has agreed to based in Lhasa, for US$41m from the acquire the remaining 32% of China China Tibet Autonomous Region Investment Xinhua Airlines that it did not already POTA to strengthen its position in CompanyCompany, a Chinese state-owned own from Grand China Airlines3 Southern Australia and provide it with a investment company. Tibet Airlines, Holding for US$169m. China Xinhua wider regional network and customer which operates one Airbus A319, Airlines operatesSEPTEMBER out 2 of 0 1 Beijing1 , ISSUE and 4 base. May 30, 2011 expects to expand its fleet to 20 aircraft Tianjin, with a fleet of 16 aircraft. HNA in the coming five years. July 28, 2011 Group is active in acquiring Toll HoldingsHoldings, the Australian transportation-related businesses. transportation and logistics group, has BLG Logistics GroupGroup, a German August 12, 2011 agreed to acquire 40% of Tianjin Anda automotive logistics company, plans to LogisticsLogistics, a Chinese 3PL service establish a JV in China with Cinko SCMSCM, HNA Group and Bravia CapitalCapital, a Hong provider specializing in automotive a Beijing-based company which Kong-based private equity and advisory logistics, for an undisclosed amount. provides outbound auto logistics to firm, have agreed to acquire GE SeaCoSeaCo, Toll Holdings will try to acquire a Chinese auto OEM exporters. The two for an undisclosed amount from majority stake within the next two years. companies have previously cooperated General Electric CapitalCapital. GE SeaCo is May 31, 2011 on a technology center for inspecting the fifth largest player in the global cars and readying them for export. marine container leasing industry and Toll Holdings has also agreed to August 26, 2011 owns and manages more than 870,000 acquire 100% of Trojan HoldingsHoldings, a TEUs. Headquartered in Singapore, GE New Zealand transport operator which China ITS has agreed to acquire China SeaCo has 13 operating, sales, and offers express road, general freight and Traffic HoldingHolding, a Chinese urban support offices worldwide. August 1, 2011 container transport services, for an transportation infrastructure technology undisclosed amount. September 6, 2011 solutions (“ITS”) and services company, HNA Group has also agreed to acquire from Siemens Venture CapitalCapital, for ACTACT, a Turkish aviation firm, for an US$45m. China ITS provides undisclosed amount. July 25, 2011 transportation infrastructure technology solutions and services. The acquisition Kerry Logistics NetworkNetwork, a Hong Kong- China is in line with China ITS’s strategy to based supply chain management and enter into the public transport ITS logistic services company, has acquired Air China has acquired 31% of Tibet market and become a regional market 100% of both Shanghai Wisdom Group AirlinesAirlines, a Chinese domestic airline leader in China’s major cities. and SSSh Shhhaaaannnngggghhhhaaaaiiii HHHu Huuuiiiicccchhhheeeennnngggg LLLo Loooggggiiiissssttttiiiiccccssss, for

3 A S IA TRANSPORT & LOGISTICS NEWSLETTER SEPTEMBER 2011, ISSU E 6 8 undisclosed amounts. Shanghai Wisdom is a NVOCC which operates one Logistics LTM Price/Rev Ratios ((29292929SepSepSep11111111)))) of the major sea freight consolidation 2.0x 1.8x platforms in China, and is particularly 1.8x strong on the Shanghai to Japan and 1.6x Southeast Asia routes. Shanghai 1.4x Huicheng is a 3PL specializing in 1.2x integrated logistics for chemicals, 1.0x 1.0x dangerous goods, FMCG, 1.0x electromechanical and automotive 0.8x industries. July 18, 2011 0.6x 0.6x Luoyang Bus GroupGroup, a Chinese state- 0.4x 0.3x 0.2x owned city bus operator based in Henan 0.2x Province, is seeking either private 0.0x strategic investors with experience in China India Japan Korea US EU operating of city buses or manufacturers of new energy vehicles to Source: Capital IQ, BDA Price / Revenue restructure its shareholding structure. Luoyang Bus plans to raise US$31m by selling up to a 40% stake to new investors. The proceeds will be used to to acquire 50% of ZhanJiang Port Guangzhou An Tai LogisticsLogistics, which establish new tourism bus lines around Petrochemical Jetty from Zhanjiang handles the electrical appliances Luoyang city, and for the purchase of Port Group for US$51m. Sinopec delivery services for Wuxi Little Swan. 1,500 to 3,000 new energy tourist buses Kantons is a Hong Kong-based Little Swan is planning to subcontract for these lines. August 16, 2011 investment holding company engaged its product delivery services to third in the operation of crude oil jetty and parties going forward. August 2, 2011 Norbert DentDentressangleressangle has agreed to ancillary facilities, and the trading of acquire APC Beijing International, a petroleum-related products. Zhanjiang Chinese shipping company that Port is a Chinese port operator engaged provides freight forwarding services in the import and export of grains, and Hong Kong through 16 offices in China, for an raw and processed materials. undisclosed amount. Norbert May 27, 2011 Shun Tak Holdings has agreed to Dentressangle is a French provider of acquire New World First Ferry (Macau) transportation and logistics services for SinotransSinotrans, the largest comprehensive for US$45m from New World GroupGroup, packed, bulk, and temperature- logistics provider in China, is reportedly NWS HoldingsHoldings,,,, and Chow Tai Fook controlled goods in Europe. July 27, 2011 seeking to acquire small and medium- EnterprisesEnterprises. New World First Ferry sized logistics firms in China and operates passenger ferries between Singapore Post has acquired 5% of 4PX overseas. August 20, 2011 Macau and Hong Kong. The transaction International ExpressExpress, an international includes the acquisition of vessels and express platform operator which Spring AirlinesAirlines, a Chinese low cost operation concessions granted by the provides global networks and channels carrier, is targeting an A-share IPO on Macau SAR Government. August 11, 2011 to 3PL companies, from Shenzhen the Shanghai Stock Exchange in Q1

Capital Group for an undisclosed 2012 through which it aims to raise at The Writer Corporation has acquired a amount. The investment was made by least over US$1bn. July 21, 2011 majority stake in RelocasiaRelocasia, a Hong Quantium Solutions InternationalInternational, a Kong-based provider of international wholly-owned subsidiary of Singapore Wuxi Little SwanSwan, a Chinese household and domestic household moving and Post. July 4, 2011 electrical appliances company, is storage services, for an undisclosed Sinopec Kantons Holdings has agreed seeking to divest its 20% stake in amount. The Writer Corporation is an

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Indian company engaged in providing Indonesia key area of expansion and opportunity relocations, information management, for the development of logistics and cash management, and logistics warehouse centers. August 24, 2011 services. August 2, 2011 Blue Bird GroupGroup, an Indonesian land transport services company, plans to Transport System may enter launch an IPO within two years. The talks with Kintetsu World Express over company also aims to add 3,000 new an alliance aimed at developing their India taxis to its fleet in 2011. Morgan Stanley logistics and forwarding services. served as the financial advisor for the Kintetsu World’s global forwarding company's planned public offering. services business could help Hitachi Deutsche Post DHL is examining its August 4, 2011 Transport expand into overseas options for the 81% stake it holds in markets. August 30, 2011 Blue Dart ExpressExpress, an Indian courier Saratoga CapitalCapital, an Indonesian and express package company. DHL private equity firm, has acquired 51% of JJJ-J---WesCoWesCoWesCo, a unit of Sumitomo was mandated by the Securities and Mandala Airlines,Airlines an Indonesian Mandala Airlines WarehouseWarehouse, has agreed to acquire Exchange Board of India (“SEBI”) to commercial airline, for US$117m. Westwood Shipping Lines for US$53m. maintain a minimum 25% public free Mandala’s flights were grounded in Westwood Shipping Lines transports float in Blue Dart Express by 2012. January 2011 because of debt problems. paper, lumber, and automotive Deutsche Post DHL had failed in an It is expected to resume operation in components between America, Japan, earlier attempt to purchase the residual September 2011. July 25, 2011 China, and Korea. It is a subsidiary of public holding of 19% in Blue Dart and Weyerhaeuser, a timber and paper to privatize the company. Deutsche products company in the US. Post DHL is reviewing whether it should Weyerhaeuser had been trying to sell try again to privatize Blue Dart or reduce Westwood Shipping Lines since 2008. its stake to 75% in order to meet SEBI’s Japan July 27, 2011 requirements. August 11, 2011 (“ANA”)(“ANA”), a Japan DevelopmenDevelopmentt FundFund, a JV Japanese airline which mainly operates Paraan has agreed to acquire 100% of between The Canada Pension Plan in Asia, Europe, and North America, has Asis LogisticsLogistics, an Indian air and sea Investment Board and Global Logistic applied to establish a low-cost carrier JV freight forwarder from Shirdi Properties of SingaporeSingapore, has been with AirAsiaAirAsia. The JV will be based at established to invest in Japan's logistics IndustriesIndustries, an Indian manufacturer of furniture parts, for an undisclosed Japan’s Narita Airport and will begin sector. Both companies will invest amount. Paraan is an investment operations in August 2012. US$250m in the JV over the next three August 31, 2011 holding company in India. August 8, 2011 years and will focus on building multi- tenant and build-to-suit facilities mainly Goodman Group, an Australian in the areas around Tokyo and Osaka. TPG CapitalCapital, the US-based private property management group,, has The fund has already earmarked a site equity firm, was reported to be in talks acquired a development site in the in Tokyo for its first potential to acquire a minority holding in Osaka Bay region for US$300m. development. September 1, 2011 SpiceJetSpiceJet, an Indian budget airline. The Goodman will redevelop the 60,000- stake and transaction value were not sqm. land into a 130,000-sqm. multi- Logistics has agreed to disclosed. SpiceJet has planned to tenant logistics and distribution centre. acquire 49% of Jupiter GlobalGlobal, a Hong raise US$270m to finance its purchase Goodman is also in advanced Kong-based cargo transportation of new aircraft and aid the airline's discussions and due diligence in operator from Japan AirlinesAirlines, for efforts to grow in India. August 22, 2011 respect of a number of other US$20m. The transaction will development and acquisition strengthen Jupiter Global’s cargo opportunities, primarily in the major transportation, storage, and forwarding logistics markets of Tokyo and Osaka. services. Mitsubishi Logistics is a Goodman believes that Asia would be a Japanese warehousing and

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A S IA TRANSPORT & LOGISTICS NEWSLETTER SEPTEMBER 2011, ISSUE 6 8 transportation service provider. The sale Japanese integrated distribution of Korean Dongkuk Steel MillMill, has will also enable Japan Airlines to services company. The acquisition will mandated Samsung Securities to improve the quality of its cargo add merchandising and procurement launch an IPO in late 2011. Dongkuk transportation business. July 29, 2011 capabilities to its retail distribution Steel Mill is the second largest EAF steel business. August 24, 2011 producer in Korea, and has a 79% stake & Co has agreed to acquire in Intergis. August 23, 2011 Portek InternationalInternational, a Singaporean Showa YusosenYusosen, a Japanese provider of provider of equipment, services and marine transportation services, has Korea LinLineeee, a Korean shipping solutions for the global port industry, agreed to acquire 100% of Nippon company, has sold 59% in the freight for US$175m. The transaction will allow TankerTanker, a Japanese provider of marine transportation services company Mitsui to expand its portfolio of terminal transportation services for oil and LPG Kwangyang Marine to an undisclosed operations in various geographies. products, as well as a shipping agency buyer for US$27m. July 22, 2011 July 28, 2011 and custom clearance services company, from JX Nippon Oil & Energy Kaisha (“NYK”)(“NYK”), the for an undisclosed amount. JX Nippon is largest shipping company in Japan, is a Japanese company engaged in the Malaysia reportedly seeking to acquire overseas refining and sale of petrochemical logistics companies to expand its global products. August 4, 2011 logistics network. The company has AirAsia XX, the Malaysian low-cost already begun merging its logistics carrier, has announced a dual listing IPO in Kuala Lumpur and New York in business with its wholly owned subsidiary Yusen Air & Sea Service in 2012. Morgan Stanley is the advisor on order to streamline operations and Korea the IPO. The IPO is expected to raise consolidate international operations. It US$280m. August 11, 2011 is reported that NYK would be CJ Cheiljedang Corporation and CJ AirAsia and Malaysian Airline System increasingly reliant on shipping iron ore GLS Corporation have agreed to (“MAS”)(“MAS”), Tune AsiaAsia,,,, and Khazanah and coking coal to China, and wanted to acquire 38% of Korea ExpressExpress, Korea's NasionalNasional, the Malaysian sovereign expand its reach to inland areas. largest total cargo delivery company, August 31, 2011 wealth fund, have agreed a share swap from Asiana Airlines and Daewoo to establish a cross shareholding, Engineering and Construction for Qantas AirwaysAirways, Japan AiAirlinesrlines (“JAL”) strategic alliance, and closer US$1.7bn. CJ Cheiljedang and CJ GLS and Mitsubishi have agreed to launch commercial cooperation between the are both Korean companies engaged in Jetstar JapanJapan, a new low-cost carrier in two airlines. Tune Asia will take a 21% the food, animal feed and Japan. Each shareholder will own one- stake in MAS, while Khazanah will take pharmaceutical businesses and the third of the new company. Jetstar Japan a 10% stake in both Air Asia and its related logistics services, respectively. will commence domestic operations by long-haul subsidiary, AirAsiaXAirAsiaX. July 8, 2011 August 9, 2011 the end of 2012 and expects to fly from

Narita and Osaka with other CJ Corp has agreed to acquire the destinations under consideration remaining 59% of CJ GLS that it did not including Sapporo, Fukuoka, and already own for US$143m. CJ Corp Okinawa. August 16, 2011 engages in the entertainment media, Singapore home shopping & logistics, traditional Senko has acquired 93% of SmileSmile, a food, and pharmaceutical businesses in Headland Capital Partners has Japanese company providing Korea. CJ GLS is a Korean logistics and acquired 27% of Miclyn Offshore merchandising, procurement, and supply chain management services ExpressExpress, a Singaporean company distribution services to major retailers company. July 29, 2011 providing service vessels to the offshore for US$65m from Japanese private oil and gas industry and chartering equity fund Polaris CapitalCapital. Senko is a IntergisIntergis, the logistics business division services to the marine civil construction

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A S IA TRANSPORT & LOGISTICS NEWSLETTER SEPTEMBER 2 0 1 1 , ISSUE 6 8 industry, for US$540m. Headland rights issue to raise US$130m. logistics services. Petrovietnam August 26, 2011 Capital Partners is an Asian private Technical Services provides petroleum equity and venture capital firm. storage services and marine

August 26, 2011 transportation services. July 25, 2011

Jacobson CompaniesCompanies, a US-based 3PL Thailand provider, has acquired 100% of GGG- G---LinkLink Express LogisticsLogistics, an international Bangkok Airways plans an IPO on the freight forwarding group based in Thai Stock Exchange by the end of 2013. Singapore. The acquisition of G-Link will supplement Jacobson’s existing The major shareholder, Prasert PrasarttongPrasarttong----OsothOsothOsoth, an individual network in Hong Kong and China, and expand its capabilities to Vietnam, investor, may seek to divest a 30% Indonesia, Singapore, and Malaysia. stake in the airline in advance of the IPO August 31, 2011 to raise funds for its future development. August 11, 2011 Keppel LogisticsLogistics, a Singaporean supply chain management solutions company, The management of Nok Airlines has has acquired the remaining 50% of acquired 25% of the company for Transware Distribution Services that it US$14m. Nok Airlines is a subsidiary of Thai Airways InternationalInternational, the flag did not already own, from MISC Integrated Logistics for US$15m. carrier of Thailand. The sellers were Transware Distribution Services is a Dhipaya Insurance Public CompanyCompany, Singapore-based supply chain the Government Pension Fund of management solutions company, which Thailand, and Thailand Prosperity owns warehouses in the vicinity of FundFund. August 19, 2011 Keppel Logistics’ operations. Prior to the transaction, Keppel Logistics already held 50% in Transware Distribution. MISC Integrated Logistics is a Malaysian maritime transportation Vietnam and logistics services company. August 10, 2011 Singapore Post has agreed to acquire Indo Trans Logistics Corporation Swiber Holdings has agreed to acquire (“ITL”)(“ITL”), a Vietnamese logistics, freight Resolute OffshoreOffshore, a Singaporean management and aviation services company which owns and operates provider, from individual investor Veera shipping vessels and offers chartering Satchatippavarn for US$11m. ITL will services, from LS Finans AS for give Singapore Post a 3PL foothold in US$100m. Swiber is a Singaporean Vietnam and the broader Indochina offshore engineering, procurement, region. June 7, 2011 construction, and installation services company. LS Finans is a Norwegian Yinson Holdings has agreed to acquire company engaged in financing services 40% of PTSC Phu My PortPort, a for the shipping and offshore industries. Vietnamese ports services company, August 26, 2011 from Petrovietnam Technical Services

for US$9m. Yinson is a Malaysian Tiger Airways Holdings,Holdings a Singaporean Tiger Airways Holdings company engaged in offshore support low-cost carrier which operates flights services for the oil and gas sector, and across Asia Pacific, is undertaking a

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Selected Asia Transport & Logistics Related Transactions with Multiples (12 months ending in 292929 Sept 111111 ))) Announce Target Acquirer Deal Percentage EV / EV / Target Name Acquirer Name P/E Date Country Country Value Acquired EBITDA Revenue

26-Aug-11 Miclyn Express Offshore Singapore Headland Capital Hong Kong $143.0 26.5% 8.1x 3.4x 9.8x

10-Aug-11 Transware Distribution Singapore Keppel Logistics Singapore $28.7 50.0% 16.1x 1.9x 48.8x

9-Aug-11 Malaysian Airline System Malaysia Tune Air Malaysia $363.3 20.5% - 0.5x -

Beijing Inland Port 25-Jul-11 China Beijing Properties China $20.0 82.2% - - 12.2x International Logistics

21-Jul-11 Connecteast Group Australia Cp2 Australia $2,890.2 65.0% 22.8x 14.4x -

15-Jul-11 Korea Express Korea CJ GLS; CJ Cheiljedang Korea $1,738.0 37.6% 43.3x 2.9x 57.2x

21-Jun-11 China Best Group Hong Kong- - $23.1 29.7% 4.0x --

1-Jun-11 Portek International Singapore ICTSI Philippines $132.0 20.2% 6.6x 1.5x 0.2x

21-Apr-11 POTA Holdings Pty Australia Qube Logistics Australia $111.2 47% - - -

9-Mar-11 Vantec Corporation Japan Hitachi Transport System Japan $821.3 89% 7.9x 0.5x 13.2x

11-Feb-11 Jaya Holdings Singapore Cathay Asset Management Thailand $418.3 54.7% 3.9x 1.7x 5.2x

1-Dec-10 Aboitiz Transport System Philippines Negros Navigation Philippines $200.9 100% 12.9x 0.6x -

26-Nov-10 Integrax Bhd Malaysia Taipan Merit Sdn Bhd Malaysia $9.7 6.7% 4.6x 5.8x -

15-Nov-10 SpiceJet Ltd India Kal Airways Private Limited India $157.8 38.7% 1.1x 13.6x -

23-Jul-10 AC system Corp Japan TL Logicom Co Japan $10.9 100% - 1.0x 11.2x

2-Jun-10 Eng Kong Holdings Singapore NEK Container Group Pte Singapore $53.4 94.2% 4.4x 0.7x 8.9x

25-May-10 SANYO Electric Logistics Co Japan LS Holdings Co Japan $197.5 99.5% 7.1x 0.5x 18.1x

20-May-10 Shipping Co Japan Shinwa Kaiun Kaisha Japan $196.3 - - 0.5x 7.8x

12-May-10 Transurban Group Australia Investor Group Canada $3,676 - 28.1x 15.6x -

1-Apr-10 Second Seohaean Express Co Korea Kumho Trading Co Korea $3.6 30% - - -

10-Mar-10 Asiana Airlines Korea Kumho Industrial Co Korea $83.9 12.7% - 1.1x -

10-Feb-10 RCI Sekiju Japan KFC Japan $1.7 - - 0.3x 22.2x

5-Feb-10 CH Offshore Singapore Falcon Energy Group Singapore $101.0 29.1% 6.7x 4.9x 7.2x Median $132.0 42.8% 6.9x 1.0x 11.2x

The stock indices and trading multiples graphs Source: Capital IQ, Mergermarket shown in this newsletter represent the ten largest publicly traded consumer products companies in Asia .

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NEW YORK LONDON Business Development Asia is an Euan Rellie, [email protected] Andrew Huntley, [email protected] investment banking firm which Charles Maynard, [email protected] Business Development Asia Ltd assists multinational companies in Business Development Asia LLC 33 Cavendish Square expanding their businesses in Asia 1270 Avenue of the Americas, Suite 2310 London W1G oPW, United Kingdom through acquisitions, divestments, New York, NY 10020, USA T (44) 20-7182-4518 T (212) 265-5300 F (44) 20-7182-4100 JVs, and capital raising. For further F (212) 265-4300 information on BDA’s services or on SHANGHAI HONG KONG any of the articles in this newsletter, Jeffrey Wang, [email protected] Paul DiGiacomo, [email protected] please contact the offices listed. Business Development Asia Co Ltd Business Development Asia (HK) The Center, #1602, 989 Changle Road Suite 905, ICBC Tower Shanghai, 200031, China 3 Garden Road, Hong Kong T (86) 21-5407-5580 T (852) 2537-9565 F (852) 2537-4406 Paul DiGiacomo, F (86) 21-5407-5680

Managing Director SEOUL TOKYO [email protected] Heejun Yang, [email protected] Jeff Acton, [email protected] Business Development Asia Business Development Asia K.K. 21 Floor, S-Tower Shiroyama Trust Tower, 27 th Floor Jordan Selleck, 116 Sinmunno 1-Ga, Jongno-Gu 4-3-1 Toranomon, Minato-ku Analyst Seoul, 110-061, Korea Tokyo, 105-6027 T (82) 2767-2730 [email protected] T (81) 3-3433-5803 F (82) 2757-2702 F (81) 5404-8181

MUMBAI BAHRAIN Arun Bagchi, [email protected] www.bdallc.com Ahmed Al Balooshi, [email protected] Business Development Asia Business Development Asia [email protected] 898 Notan Plaza, Suite 4A Meral Building #2572, Road #2833 Turner Road, Bandra (West) 4th Floor, Office #42, Block #428 Mumbai, 400050, India PO Box 30295, Seef District T (91) 22-2643-0290 Kingdom of Bahrain F (91) 22-2643-0291 T (973) 1758-1336 F (973) 1758-1483