A SIAN AUTOMOTIVE NEWSLETTER

MARCH 2016, ISSUE 86

A q uarterly newsletter of developments in the auto and auto components markets

We hope that you find the Asian the articles in this newsletter, or how we CONTENTS Automotive Newsletter informative. can help you in this sector, please contact us. AUSTRALIA 1 We have already started to see increased 2 activity in China from domestic business Charles Maynard 4 owners who are concerned by the recent Senior Managing Director, [email protected] volatility in the local stock markets. An JAPAN 5 increasing number of them believe that KOREA 6 an IPO is no longer a feasible goal and MALAYSIA 6 have become markedly more open to considering a trade sale exit. We expect this trend to continue and to yield a number of acquisition opportunities.

If you are interested in discussing any of

Australia

Burson Group, an Australian automotive component distributor has Auto Sector Stock Indices (15 months ending 31Mar15) agreed to acquire Bearing Wholesalers, an Australian wholesaler of automotive bearings, and Precision Automotive Equipment, an Australian 180 importer, distributor, and servicer of 160 automotive workshop equipment, for a 140 combined US$32m. The acquisitions 120 are in line with Burson’s strategy to 100 grow their wholesale business by expanding the breadth of their offering. 80 Both businesses will contribute 60 positively to earnings from date of 40 acquisition, expected to add US$40m in 20 annual sales and US$6m in EBITDA on a Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 February 11, 2016 consolidated basis. CHINA INDIA JAPAN KOREA US Euro

Source: Capital IQ, BDA

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Chinese manufacturer of sport utility Auto LTM Trading Multiples (31Mar16) and passenger vehicles, for US$40m. The acquisition will provide Guangzhou Automobile a base in Eastern China 25.0x 22.9x enabling it to increase market share for 21.4x independent brands. The transaction 20.0x 18.0x will also allow Guangzhou Automobile 14.8x 15.8x to reorganize and integrate GAC 15.0x to ensure sustained growth. 12.1x 10.8x March 18, 2016 10.0x 8.3x 9.0x 6.8x Yinyi Group, a diversified Chinese 4.4x 4.2x conglomerate, agreed to acquire Punch 5.0x Powertrain, a Belgium-based manufacturer of powertrain solutions 0.0x for US$1bn. Punch Powertrain’s strong China India Japan Korea US EU technology expertise, growth track Source: Capital IQ EV / EBITDA P/E record, and Asian exposure is in line with Yinyi’s strategy to diversify its activities and become a Tier 1 supplier. The transaction will also allow Yinyi to China of automotive bushings, body mounts, and engine mounts, and 100% of CACG become the first Chinese full system

I, a Cayman Islands-based company transmission player. March 10, 2016 Huangshan Jinma, a Chinese that owns 51% of Hubei Super-Elec manufacturer of automotive Auto Electric Motor, a Chinese Dynavolt Renewable Power components, agreed to acquire manufacturer of automotive starter and Technology, a Chinese manufacturer of Yongkang Zotye Auto, a Chinese alternator systems, for a combined lead batteries, fittings, and plastic manufacturer of sport utility vehicles, US$338m. The target companies are products, acquired 80% stake in for US$1.8bn. The transaction will allow indirectly owned by Bain Capital Asia, Taizhou TaiYing Electric Vehicle, a Huangshan Jinma to improve its R&D a US PE fund, through ASIMCO Chinese manufacturer of electric , ability, expand business to the industry Technologies Group, the Chinese for US$9m. The transaction will allow downstream, and increase profitability. Dynavolt to diversify its vehicle product March 28, 2016 manufacturer of automotive offering, currently limited to electric components. The acquisition is in line bicycles. March 9, 2016 Zhengzhou Coal Mining Machinery, a with Zhengzhou Coal Mining’s strategy

Chinese manufacturer of coal mining to adjust their business structure, Gree Electric Appliances, a Chinese and excavating equipment, agreed to expand the automotive components home appliances maker and the acquire a 63% stake in ASIMCO business, increase size of assets, and country’s largest air-conditioner Camshaft, a Chinese manufacturer of improve profitability. March 24, 2016 manufacturer, announced plans to automobile camshafts, 63% stake in issue new shares to finance the ASIMCO Shuanghuan Piston Ring, a Guangzhou Automobile Group Motor, acquisition of Zhuhai Yinlong Chinese manufacturer of diesel engine a Hong Kong based manufacturer of New Energy, a Chinese manufacturer of piston rings, 70% stake in ASIMCO passenger vehicles, engines, electric vehicles. The transaction is in Foundry, a Chinese manufacturer of components and accessories, agreed to line with Gree’s ongoing attempts to ring castings, 100% of ASIMCO acquire the remaining 49% stake in GAC diversify its product offering, as air- International Casting, a Chinese GONOW Auto, a Chinese manufacturer conditioner sales have slumped. Zhuhai manufacturer of diesel engine casting of passenger vehicles and JV between Yinlong was China’s seventh largest solutions, 100% of ASIMCO NVH Guangzhou Automobile Group and electric bus seller in 2015, with 7,000 Technologies, a Chinese manufacturer Zhejiang Gonow Holdings Group, a

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Auto EV / Revenue Multiples (31Mar16) orders and over 3,100 electric vehicles 1.6x produced. The company’s three plants 1.4x have a total annual capacity of 33,000 1.4x electric buses and 100,000 electric 1.2x SUVs. March 8, 2016 1.1x 1.0x 1.0x Mahindra & Mahindra, the Indian 0.8x manufacturer of automotive and farm 0.7x equipment, announced cooperation 0.6x 0.5x with Chinese partners to set up a JV to 0.4x produce SUVs from its Korean 0.4x subsidiary SsangYong Motor, 0.2x manufacturer of automobiles and parts, in China. This is in line with Mahindra’s 0.0x plans to access the fast-growing China India Japan Korea US EU Chinese SUV market. The local EV / Revenue assembly plant would make SsangYong Source: Capital IQ SUVs more competitive in the country and provide additional lower-cost manufacturer of transport vehicles, from capacity. In 2015 SsangYong sold 2,460 manufacturing technology and Fujian Motor Industry Group for an vehicles in China, down from 11,976 in chemicals, for an undisclosed amount. undisclosed amount. Upon completion 2014. March 8, 2016 The acquisition allows Stomil Sanok to of the transaction, NEVS will hold 50% better cooperate with its European and SRIT 15% of New Long Ma Motor. Shandong Binzhou Bohai Piston clients who have exposure to the February 17, 2016 agreed to acquire 6.5% of Beijing Chinese automotive market. Anhui Jianghuai Automobile Company Electric Vehicle, a Chinese March 4, 2016 (JAC), a Chinese manufacturer of manufacturer of hybrid and battery commercial and passenger vehicles, electric vehicles, from Beijing , a Chinese manufacturer of invested US$128m to build its first light- Automotive Group for US$82m. The automobiles and components, is load truck assembly plant in Africa. transaction will allow Shandong building a new US$240m plant in Wuhu, Based in Ain Temouchent, Algeria, the Binzhou Bohai to enter the rapidly Anhui Province. After the first phase of plant will have a capacity of 10,000 light growing electrical vehicles sector. construction, the factory will have a March 7, 2016 capacity of 10,000 electric vehicles per trucks per year. The plant will allow JAC year. The second phase is due to be to consolidate its position as the largest Stomil Sanok, an acquisitive Polish completed by the end of 2017. The plant light truck brand in Algeria and increase manufacturer of rubber products, will contribute to Chery’s aims to market share in neighboring countries. plastic materials and TPE goods for the increase its annual sales of electric cars February 4, 2016

OEM and industrial markets, agreed to to 200,000 units by 2020, from 14,000 Shandong Binzhou Bohai Piston, a acquire 80% of Qingdao Meteor in 2015, a 66% increase year on year. Chinese manufacturer of pistons and Rubber & Plastic Company (QMRP), a February 23, 2016 alloys, agreed to acquire Binzhou Chinese manufacturer of sealing Engine, a Chinese automotive engine systems for the automotive and National Electric Vehicle Sweden manufacturer, from Beijing industrial sectors, from SIDA (NEVS), a provider of electric vehicles Hainachuan Automotive Parts, and Corporation, a US provider of and mobility services, and Beijing 49% of Taian Qicheng Wheel consulting services for Chinese and US State Research Information Manufacturing, a Chinese provider of companies engaged in surveillance, Technology (SRIT), a Chinese IT wheel hubs, for a combined $474m. The telecommunications, rubber and plastic company, agreed to acquire 65% of Fujian New Long Ma Motor, a Chinese

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A SIAN AUTOMOTIVE NEWSLETTER MARCH 201 6 , ISSUE 86

acquisition strengthens Shandong opened a new engine plant with a light tires. At full capacity, it is estimated Binzhou Bohai’s engines and parts metal foundry in Shenyang Province. that CQT will be capable of producing business. The transaction is in line with The facility will produce the latest 2.5 million to 3 million TBR tires Binzhou Bohai’s strategy to improve its generation of the BMW TwinTower Turbo annually and nearly the same number business structure and profitability, and petrol engines, with capacity of for PCR. CQT will join Cooper’s seven enhance the anti-risk ability and 300,000 units per year. Three new existing manufacturing facilities in the sustainable development capacity. models are in the pipeline for US, UK, China, Mexico and Serbia. This February 4, 2016 production, including one to be is in line with Cooper’s primary strategic

launched in Q1 2016. January 22, 2016 goal to find a new source of high-quality Renault, the French manufacturer of TBR tires and further its growth in Asia. vehicles and , General Motors (GM), the US January 4, 2016 the Chinese manufacturer of automobile manufacturer, opened a automobiles, opened an assembly plant new plant in Shanghai with its partner in Wuhan, Hubei Province for their JV SAIC Motor, the Chinese maker, to

Dongfeng Renault Automotive produce premium Cadillac cars. The Company (DRAC). It will have an initial US$1.2bn facility will have a capacity of India capacity of 150,000 vehicles per year, 160,000 cars per year. GM estimates 3.5 with the potential to be doubled. China million luxury cars to be sold annually in Minda Industries, an Indian is a core part of Renault’s strategic plan, China by 2020, accounting for over 10% automotive component manufacturer, and the plant will enable the company of the country’s automobile market. GM has agreed to acquire Spain-based to take advantage of the country’s sold around 80,000 Cadillacs in China automotive lighting manufacturer, rapidly growing SUV segment. in 2015, approximately 4.2% of the Rinder Group’s global lighting business February 1, 2016 luxury segment. January 21, 2016 involving headlamp, tail-lamps and small lamps, for US$22m. The US Farathane, a Gores Group-owned HUAYU Automotive Systems, a acquisition includes 100% of Rinder US manufacturer of automotive plastic Chinese automotive components India and Light Systems and the injection molded components, acquired manufacturer, acquired Shanghai Technical Center, Spain along with 50% Boston Plastics (Shanghai), a Chinese Huizhong Automotive Manufacturing, of Rinder Riducu, Colombia. The manufacturer of similar products for the a Chinese manufacturer of commercial acquisition will augment Minda automotive, industrial and consumer vehicles and car chassis systems, for Industries’ growth as a technology end-markets, from Baird Capital US$624m. The transaction will give leader in automotive lighting solutions Partners Asia, a Chinese private equity HUAYU direct access to leading OEMS and will strengthen R&D capabilities of firm specializing in making growth including BAIC, , FAW the company. March 3, 2016 investments, for an undisclosed Volkswagen, and Guangzhou amount. The acquisition provides US Automobile Group. January 18, 2016 Mahindra & Mahindra, the Indian Farathane with a presence in the Asian automotive manufacturer is planning to market and a direct footprint in China, Cooper Tire & Rubber Company, the invest US$1.2bn in automotive plants in the world’s largest automobile market, US tire manufacturer, agreed to acquire Maharashtra over the next seven years by leveraging Boston Plastics’ three 65% of Qingdao Ge Rui Da Rubber, a as part of its expansion plans. The manufacturing facilities in China and its Chinese manufacturer of truck and bus investment would be utilized towards experienced management team. radial (TBR) tires, for US$92m from infrastructure development, product January 27, 2016 Qingdao Yiyuan Investment. The development and capacity expansion

acquired entity will be renamed Cooper for vehicles. February 15, 2016 BMW Brilliance Automotive, a JV Qingdao Tire (CQT). CQT is expected to between BMW Group, the German serve as a global source of TBR tires for Anand Group, an Indian automotive automobile manufacturer and Cooper for the North American, Asian component manufacturer, announced Brilliance China Automotive, a and other markets, while it may also plans to set up a JV with Axon Chinese automobile manufacturer, manufacture passenger car radial (PCR)

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A SIAN AUTOMOTIVE NEWSLETTER MARCH 2016 , ISSUE 86

Automotive, a British specialist vehicle Japan manufacturer, to develop composite ALPHA Corporation, a Japanese materials which would help in manufacturer of automotive locks and Yokohama Rubber, the Japanese manufacturing of lightweight vehicles access systems, has agreed to acquire manufacturer of tires, agreed to acquire by 20%. With this JV, Anand Group Swedish manufacturer of security US PE firm KKR’s 90% stake and all plans to target vehicle segments such systems, ASSA ABLOY AB’s car other shares in Alliance Tire Group, a as passenger cars, small commercial access/security business with Netherlands-based manufacturer of vehicles and heavy commercial operations in the Czech Republic, tires, for US$1.2bn. Alliance Tire Group vehicles. February 5, 2016 Mexico, Germany, Switzerland and specializes in tires for agricultural, China, for US$19m. The transaction will industrial, construction, and forest Limited, an Indian manufacturer allow ALPHA to strengthen its presence machinery. The transaction will allow of automotive components has in the European market by establishing Yokohama Rubber to expand its product announced an investment of US$75m in a manufacturing and supply base in lineup in commercial tires in agricultural setting up facilities and acquisitions in Europe. March 3, 2016 and forest machinery, for which they Vietnam and Mexico until 2020. This have no presence. The acquisition will investment is expected to support the Fuji Heavy Industries (FHI), the also allow Yokohama to expand its company’s consolidated revenue target Japanese manufacturer of Subaru geographic reach in the NA and of US$440m by 2020. Pricol intends to automobiles, along with TC Subaru European markets. March 25, 2016 focus on entering new markets and (TCS), a subsidiary of the Chinese tapping into new product segments vehicles distributor Tan Chong Development Bank of Japan, the through acquisitions. January 21, 2016 International, started CKD (complete Japanese financial services firm, made a knock-down) production of the new tender offer to acquire Kinugawa Visteon Corporation, an American Subaru Forester model at a Malaysian Rubber Industrial, a Japanese global automotive cockpit electronics assembly plant. The plant, with planned manufacturer of auto rubber and supplier has agreed to acquire AllGo capacity of approximately 10,000 units synthetic resin parts, for US$576m. The Systems, an Indian developer of per year, will supply the Forester for sale transaction is in line with Development embedded multimedia system solutions in Malaysia, Thailand and Indonesia. Bank of Japan’s goals to strengthen for global vehicle manufacturers, for This is in line with FHI’s strategy to Japan’s competitive in the global US$30m. The acquisition will enable develop a strong business in Southeast market, particularly in the automotive Visteon to accelerate the innovation Asia, one of several initiatives laid out and transportation sectors. March 11, 2016 and penetration of affordable in its mid-term management vision automotive infotainment solutions. “Prominence 2020”. February 26, 2016 Toyota, the Japanese automobile January 14, 2016 manufacturer, announced the opening Mobileye, the Israeli developer of of a new engine plant in Karawang, Fortune Parts Industry (FPI), a Thailand software for advanced driver assistance Indonesia. It will be the first plant in the based manufacturer of automotive parts systems and autonomous driving world to adopt the “Through Line” and ALP Group, an Indian manufacturer technologies, agreed to supply its concept, which brings the whole of polymer automotive parts, technology to the Japanese automaker production process of casting, announced plans to set up a JV to . Mobileye’s new Road machining and assembly under one supply automotive parts and Experience Management (REM) roof. The concept will shorten the accessories in India. The production technology, which provides real-time production process and reduce plant would be set up in India and is data for precise localization and high- inventory in production. The plant, expected to begin operations in 2017. definition lane data to support fully which is expected to produce 216,000 The JV is expected to enhance autonomous driving, will be integrated aluminum engines per year, underlines competitiveness and capture business into Nissan vehicles. Nissan will Toyota’s commitment to grow in the opportunities in India. January 1, 2016 become the third large car manufacturer Indonesian . to partner with Mobileye, following March 7, 2016

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General Motors and Volkswagen. Korea its business by adding automobile February 23, 2016 components to its existing device, TV

THN Corporation, a Korean and systems solutions. The transaction Nissan, the Japanese automobile manufacturer of auto components, allows Alticast to maximize corporate manufacturer, announced plans to agreed to acquire an additional 26% value by promoting management partner with Tan Chong Motor Group, a stake in THN Auto Parts stabilization. February 15, 2016 Malaysian vehicle manufacturer, to Manufacturing, a Brazilian produce cars to enter the Myanmar manufacturer of motor vehicle parts and BYD, China’s largest electric vehicle market. Nissan will initially assemble its subsidiary of THN, for US$11m. Upon manufacturer, announced plans to cars at an existing Tan Chong plant, completion, THN will own 95% stake of launch electric vehicles to the Korean before eventually producing out of its the Brazilian entity. The transaction will market in the first half of 2016. The own factory with a capacity of 10,000 allow THN to have significant control company will supply electric cars and units. With this new facility, Nissan buses to Korean central and local over the Brazilian entity. March 23, 2016 aims to exploit the growing automotive governments for civil transportation. If sector in Myanmar. February 17, 2016 iA, a Korean manufacturer of the launch is successful, BYD plans to

automotive semiconductors, modules, join the electric vehicles business of the Toyota Motor Corporation, the and solutions, has agreed to acquire a Korean Ministry of Environment, to Japanese automaker has agreed to 51% stake in Hivron, a Korean promote the supply of passenger acquire 49% stake in Daihatsu Motor manufacturer of electrical automotive electric vehicles. February 11, 2016 Co Ltd, a Japanese compact vehicle parts, power transformers, and maker, via a share swap merger for semiconductors, for US$15m. The Polyvision, a Korean manufacturer of US$3bn. Upon completion, Toyota will transaction is in line with iA’s strategy industrial and advertising goods, own 100% of Daihatsu, which will to diversify its business and enhance agreed to acquire 47% of Beijing become a wholly-owned subsidiary. The Yuanyi Car Accessories, a Chinese synergies. March 16, 2016 entities will continue to operate as two manufacturer of automobile parts, for different brands. The purpose of the Key Safety Systems (KSS), a US US$11m. The acquisition enables share exchange is to enhance value of manufacturer of advanced engineered significant product diversification and is both brands by allowing friendly safety products for automotive and non- in line with Polyvision’s strategic focus competition and maintaining separate automotive markets, acquired an to grow profitability. January 25, 2016 management styles while under a undisclosed majority stake in shared strategy. Both companies will ImageNEXT, a Korean developer of share technical expertise and utilize vision systems for automotive each other’s bases of operations in electronics. The acquisition adds emerging markets, while optimizing Malaysia incremental algorithm, electronic product lineups in accordance with control, manufacturing and vision customer preferences. January 29, 2016 Lei Shing Hong Commercial Vehicles expertise to KSS. ImageNext Ltd, a Hong Kong-based automotive complements KSS in having supplied Hi-Lex Corporation, a Japanese retailer and distributor, has agreed to safety systems to both OEMs and manufacturer of control cables, agreed acquire 51% of Malaysian distributor aftermarket. February 26, 2016 to acquire Lames, an Italian Hap Seng Commercial Vehicle Sdn

manufacturer window regulators and Bhd (HSCV), for US$20m. The Alticast Corporation, a Korean automotive door systems, for US$20m. transaction will further enhance Lei developer of video delivery solutions, The transaction is in line with Hi-Lex’s Shing Hong’s presence in the Malaysian agreed to acquire 50% of Shinhan strategy to expand globally and will automotive distribution market. HSCV Valve Industrial, a Korean provide access to the European market. distributes Mercedes-Benz commercial manufacturer of automobile engine January 15, 2016 vehicles and vans as well as Mitsubishi parts, for US$10m. The acquisition Fuso trucks in Malaysia. March 1, 2016 continues Alticast’s strategy to diversify

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Asian Auto Transactions with Multiples (3 months ending 31 march 16) Target Acquirer Percent Announced Date Target Name Acquirer Name Deal Value EV /EBIT DA EV/Revenue Country Country acquired 28-Mar-16 Yongkang Zotye Automobile China Huangshan Jinma China $1,780 100% 9.6x 0.9x The Yokohama Rubber 25-Mar-16 Alliance Tire Europe Netherlands Japan $1,179 100% NA 2.2x Company Zhengzhou Coal Mining 63% / 70% / 24-Mar-16 ASIMCO Technologies China China $338 NA 0.9x Machinery Group 100% 15-Jan-16 Lames Italy Hi-Lex Corporation Japan $20 100% NA NA

Shanghai Huizhong HUAYU Automotive Systems 18-Jan-16 China China $624 100% NA NA Automotive Manufacturing Company 29-Jan-16 Daihatsu Motor company Japan Toyota Motor Company Japan $3,260 49% 3.5x 0.4x

2-Feb-16 Key Safety Systems US Ningbo Joyson Electronic China $920 100% NA NA

Binzhou Engine / Taian 5-Feb-16 China Shandong Binzhou China $350 100% / 49% NA NA Qicheng 30-Dec-15 Chengde Suken Yinhe China Yunnan Xiyi Industrial China $58 100% 7.6x 1.1x

29-Dec-15 Thermal Dynamics Canada YLSQ Holdings China $57 100% 9.9x 1.1x

14-Dec-15 Pininfarina Italy Mahindra & Mahindra India $104 76% 13.0x 1.2x

2-Dec-16 Kosei Minda Aluminium China Minda Industries China $6 30% NA 0.3x

20-Feb-16 Zhejiang Jinglei Electric China Zhejiang Dun'an China $6 14% NA 5.9x

Guangzhou Automobile 18-Mar-16 GAC GONOW China $40 49% NA 1.0x Group Motor THN Auto Parts 23-Mar-16 Brazil THN Corporation Korea $11 26% NA NA Manufacturing 16-Mar-16 Hiv ron Korea iA Korea $15 51% NA 1.4x

11-Mar-16 Kinugaw a Rubber Industrial Japan Development Bank of Japan Japan $576 100% 5.8x 0.8x

10-Mar-16 Punch Pow ertrain Belgium Yinyi Group China $1,117 100% NA 3.1x

Taizhou TaiYing Electric Dynavolt Renew able Pow er 9-Mar-16 China China $9 80% NA NA Vehicle Technology

Median $104 100% 8.6x 1.1x

Mean $551 75% 8.2x 1.6x

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A SIAN AUTOMOTIVE NEWSLETTER MARCH 2016, ISSUE 86

BDA Partners is an investment NEW YORK LONDON Euan Rellie, Charles Maynard, banking firm that advises on cross- [email protected] [email protected] border mergers and acquisitions, 1270 Avenue of the Americas, Suite 2901 Andrew Huntley, distressed situations, capital New York, NY 10020, US [email protected] raisings and restructurings. Our T (1) 212-265-5300 7-8 Conduit Street F (1) 212-265-4300 London W1S 2XF, UK focus is on transactions with an T (44) 203-327-3360 Asian angle or story, with enterprise SHANGHAI F (44) 203-327-3377 values up to US$1bn. BDA has ten Jeffrey Wang, [email protected] HONG KONG offices and 85 professional staff The Center, #1602, 989 Changle Road Paul DiGiacomo, throughout Asia, the US and Shanghai, 200031, China [email protected] Europe. For further information on T (86) 21-5407-5580 Suite 905, ICBC Tower 3 Garden Road, Hong Kong BDA’s services or on any of the F (86) 21-5407-5680 T (852) 2537-9565 articles in this newsletter, please F (852) 2537-4406 BEIJING contact the offices listed. Shan Yue, [email protected] TOKYO Unit 1108, Level 11, China World Office 1 Jeff Acton, Charles Maynard 1 Jianguomenwai Avenue [email protected] Senior Managing Director Chaoyang District 17F Atago Green Hills Mori Tower [email protected] Beijing, 100020, China 2-5-1 Atago, Minato-ku T (86) 10-5737-9029 Tokyo, 105-6021, Japan F (86) 10-5737-9024 T (81) 3-3433-5800 F (81) 5404-8181 SEOUL

Howard Lee, DUBAI [email protected] 21 Floor, S-Tower Ahmed Al Balooshi, 116 Sinmunno 1-Ga, Jongno-Gu [email protected] Seoul, 110-061, Korea Level 3, Gate Village 4 T (82) 2767-2730 Dubai International Financial Centre www.bdapartners.com F (82) 2757-2702 P.O. Box 113355, Dubai UAE [email protected] T (971) 4401-9124 F (971) 4401-9990 Sumit Ganguly, All information is accurate based on [email protected] HO CHI MINH CITY the information found at: 302 Vibgyor Towers, C-62, G Block www.mergermarket.com & Paul DiGiacomo, www.capitaliq.com Further detail Bandra Kurla Complex, Bandra (East) [email protected] regarding the source of information Mumbai 400051, India #1330 Kumho Plaza used is available upon request. T (91) 22-6140-3800 District 1, Ho Chi Minh City F (91) 22-6140-3820 Vietnam T (84) 8-62-888-755