HONG KONG Great Wall Motor Company 2333 HK Outperform Reaffirming GWM as top pick Price (at 09:47, 01 Feb 2016 GMT) HK$5.51

Valuation HK$ 11.70 Event - PER 12-month target HK$ 11.70 . Great Wall Motor’s (GWM) H-shares plummeted 14% on Friday (the A-shares Upside/Downside % +112.3 traded up 4%) and a further 7% on Monday in the wake of the 12-month TSR % +118.7 preannouncement that its revenues for 2015 were up 21.5% with flat net Volatility Index High profit. The flat net profit was in line with our expectation, but with revenue GICS sector Automobiles & coming in above expectations, the implied 4Q2015 operating margin was Components 8.4% vs our estimate of 9.3%. We believe most of the difference relates to Market cap HK$m 50,290 one-offs, and we adjust our 2015 forecasts to reflect the preannounced Market cap US$m 6,455 numbers. We adjust our estimates for 2016-17 on the assumption that R&D Free float % 28 and advertising costs will be higher than in the past. 30-day avg turnover US$m 41.1 Number shares on issue m 9,127 . We adjust our target price from HK$15 to HK$11.70, which is based on 10x 2016E (previously 11x), to reflect the weaker Chinese Yuan, which translates Investment fundamentals to a lower EPS in HK$. We consider the sell-off an over-reaction and reiterate Year end 31 Dec 2014A 2015E 2016E 2017E Revenue m 62,599 76,046 86,504 96,058 Great Wall as our top pick in the auto sector. We believe that with over EBIT m 9,114 9,472 10,523 11,558 80% of its sales coming from SUVs, it is well-placed to benefit from the strong EBIT growth % -4.9 3.9 11.1 9.8 Reported profit m 8,042 8,045 9,016 9,860 demand for SUVs, supported by the top-selling H6 and new products coming EPS rep Rmb 0.88 0.88 0.99 1.08 this year like the H7 family and Concept Blue. EPS rep growth % -2.2 0.0 12.1 9.4 PER rep x 5.3 5.3 4.7 4.3 Impact Total DPS Rmb 0.27 0.26 0.30 0.32 Total div yield % 5.7 5.7 6.4 7.0 . Likely reasons for shortfall in margins: We believe the likely reason for the ROA % 16.0 14.2 13.9 13.8 ROE % 26.2 22.4 22.6 21.9 shortfall in the operating margin are primarily at the SGA level. These may EV/EBITDA x 3.6 3.5 3.1 2.8 include: Net debt/equity % -10.1 -15.2 -13.8 -13.6 P/BV x 1.3 1.1 1.0 0.9  Costs related to the ramping of the new Xushui factory #2, where the new

2333 HK rel HSI performance, & rec H7 family will be produced; history  Higher R&D expenses, which in the past have been lumpy;  Expenses related to the jump in capacity at Tianjin for production of the H6 and H2 to meet strong 4Q demand;  Asset impairment charges – in the past these have been as high as Rmb71m; a Rmb100m charge would take 0.4% points off the OPM. . Not likely due to bigger incentives: The domestic OEMs typically do not use discounting to sell cars. Based on our proprietary dealer survey, Great Wall continues to have the lowest discounts among all OEMs in China. Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Following the price cut in June 2015, the discounts on the H2 and H6 have Source: FactSet, Macquarie Research, February 2016 remained stable at 4.5% and 3.2%, respectively. A discount on the H6 Coupe (all figures in Rmb unless noted, TP in HKD) was introduced in December of 4.1%. So we believe sales incentives are NOT a factor in the lower 4Q margins. Earnings and target price revision Analyst(s) . We adjust our 2016 revenue and OP to match GWM’s preannouncement. We Janet Lewis, CFA trim 2016E EPS and 2017E EPS by 11% and 18% due to higher SGA. We +852 3922 5417 [email protected] Zhixuan Lin lower our TP to HK$11.70 from HK$15 to reflect changes in our RMB +86 21 2412 9006 [email protected] assumptions as well as a lower target multiple of 10x vs 11x previously. Allen Yuan +86 21 2412 9009 [email protected] Price catalyst Eric Zong +852 3922 4749 [email protected] . 12-month price target: HK$11.70 based on a PER methodology.

. Catalyst: Monthly sales; detailed 2015 earnings release in late March. 1 February 2016 Macquarie Capital Limited Action and recommendation . Maintain Outperform. Please refer to page 9 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures.

Macquarie Research Great Wall Motor Company

Analysis Yet again uncommon value in Great Wall’s shares . Sell-off not justified by fundamentals: As China’s leading SUV brand, Great Wall is well- positioned to benefit from the ongoing rise in market share of SUVs in the total auto market. In 2015 its market share in the passenger vehicle (PV – note this excludes its pick-up trucks, which are classified as commercial vehicles) rose to 3.6% from 3.1% in 2014 as it supplanted Chevrolet to become the 10th biggest PV brand in China. . Competition in SUVs less intense than in sedans: While some market participants have expressed concern about the large number of new SUV launches, most of these are coming from weak domestic automakers with limited brand equity and poor quality service at the dealers. These new models typically have limited staying power. As we show in Figure 1, only the Tiggo 3 and Changan CS35 have consistently joined the H6 in the top-selling domestic SUVs top 10 list. The new entrant this year that is likely to do well in 2016 as well is the 560, but it targets a different market than Great Wall, being sold through Wuling’s strong rural sales network. It is priced from Rmb76.8-89.8k and is only available with manual transmission, so only competes in price with the GWM H1.

Fig 1 Top 10 selling domestic SUVs – 2013, 2014 and 2015 – only the Changan CS 35 and Chery Tiggo 3 have consistently joined the H6 in t6he top 10 domestic SUVs, at substantially lower volume Rank in total 2013 sales Rank in total 2014 sales Rank in total 2015 sales SUV sales Model SUV sales Model SUV sales Model

1 GWM 217,889 1 GWM Haval H6 315,881 1 GWM Haval H6 373,229 5 GWM M4 128,054 9 Changan CS35 100,571 3 JAC Refine S3 196,779 11 BYD S6 93,168 10 BYD S6 98,720 4 Changan CS75 186,623 13 Chery Tiggo 3 78,245 12 Chery Tiggo 5 95,750 5 Changan CS35 169,332 14 Changan CS35 75,643 14 GWM M4 87,409 6 GWM 168,517 16 Trumpchi GS5 65,742 16 Chery Tiggo 3 85,506 8 Huansu S3 164,436 17 GWM 61,875 20 FAW Besturn X80 79,236 11 Baojun 560 145,007 20 Lifan X60 56,647 21 Trumpchi GS5 76,131 13 Trumpchi GS4 131,016 22 GX7 52,440 24 Zotye T600 64,383 15 Zotye T600 126,121 24 Zhonghua V5 47,936 25 Geely GX7 62,068 16 Chery Tiggo 3 120,357 Source: CAAM, Macquarie Research, February 2016

. H6 is under-appreciated: The H6 was the best-selling SUV in China for a third consecutive year. While the 2-10th placed SUVs have changed over time, it maintained a significant margin of sales over the VW Tiguan, with sales of 373,229 units vs the Tiguan’s 255,751 units. It also was the second best-selling vehicle in China after the VW Lavida among sedans and SUVs, with sales just 1% below Lavida. Curiously the Lavida has also maintained its position as the best-selling , but in 2013 the H6 had sales 42% below those of Lavida – and there were 9 sedans in total that sold more units. We believe this icon status on the Chinese automotive landscape for the H6 is underappreciated by investors, especially given the H6 was the first model launched by a Chinese domestic brand to sell in volume for more than Rmb100k, a price point many domestic OEMs now aspire for. . Valuation is more than 2 standard deviations below historic level: The FY1 PER for GWM is back two standard deviations below where it has traded since the beginning of 2011 (5.1x). Given the growth potential of the China auto market, we believe the 2016E PER of 4.7x on our forecasts absurdly low relative to the historic global average of 10x for OEMs, which we consider to be an appropriate valuation. Further, in light of GWM’s commitment to a 30% payout ratio, the shares are yielding 6.4% of our estimated profit for 2016.

1 February 2016 2 Macquarie Research Great Wall Motor Company

Fig 2 FY1 PER is back to 2 standard deviations from the historic average of 8.7x

X

13

11

9

7

5

3

1

08 11 12 15 09 10 13 14

08 11 12 15 09 10 13 14

------

------

Jun Jun Jun Jun Jun Jun Jun Jun

Dec Dec Dec Dec Dec Dec Dec Dec

per avg. +1 stdev -1 stdev -2 stdev

Source: Bloomberg, Macquarie Research, February 2016

. Lowering our target price to HK$11.70: We lower our target price to HK$11.70 from HK$15 to reflect the recent depreciation in the Chinese Yuan and cuts to our 2016 estimates. In the absence of further clarification from GWM on the reasons behind the lower OPM for 4Q, we have conservatively assumed the operating margin declines. We have also lowered our revenue growth assumption on the basis that the current market is likely to favour cheaper cars over more expensive cars. We have also eliminated the valuation premium we used to give GWM due to its strong presence in the rapidly growth SUV market, and now value it on 10x 2016E PER, which we use for most of the other OEMs. We continue to prefer Great Wall as our top pick due to this SUV exposure, followed by Changan B-shares. Our order of preference for the remainder of our coverage is Dongfeng Motor, BAIC, SAIC, Brilliance, Geely, GAC and BYD (which we rate Underperform).

Fig 3 China auto coverage and ratings Company Ticker Recommendation Current Price Target Price Upside/Downside

Great Wall-H 2333 HK Outperform 5.51 11.70 112.3% Great Wall-A 6001633 CH Outperform 7.99 9.90 23.9% Changan-B 200625 CH Outperform 15.28 29.00 89.8% Changan-A 000625 CH Outperform 14.70 24.00 63.3% Brilliance 1114 HK Outperform 6.88 11.80 71.5% SAIC Motor 600104 CH Outperform 18.59 29.30 57.6% Bus 600066 CH Outperform 17.89 25.00 39.7% Dongfeng 489 HK Outperform 9.30 17.50 88.2% GAC 2238 HK Outperform 6.74 11.50 70.6% Geely 175 HK Outperform 3.05 3.60 18.0% BAIC 1958 HK Outperform 5.11 10.40 103.5% BYD-H 1211 HK Underperform 35.70 20.00 -44.0% BYD-A 002594 CH Underperform 48.60 16.00 -67.1% Note: 1. Prices are denominated in Rmb for A-share stocks and HKD for B-share and H-share stocks. 2. Updated as of 1 February closing prices. Source: Bloomberg, Macquarie Research, February 2016

. Criticism of communication with investors: GWM has been criticised for its lack of communication with the investment community. While we agree that this could be better, we note that many Chinese companies, particularly in the automotive sector, have poor communication with investors. The practice of release of preliminary numbers is well-established and done by most of its peers, with Changan, SAIC, Geely, GAC and BYD all having already issued profit alerts ahead of the release of full 2016 earnings in March. These are not accompanied by any commentary from the companies, most of which are in black-out when the profit alerts are given. We would note that this practice is followed in other markets such as Japan.

1 February 2016 3 Macquarie Research Great Wall Motor Company

Changes to our estimates

Fig 4 Macquarie vs. consensus forecasts Rmb m Revenue EBIT Pre-tax profit NPAT EPS (Rmb)

2013A 56,784 9,584 9,920 8,224 2.70 2014A 62,599 9,114 9,640 8,042 2.64 2015 Macquarie - old 74,347 9,568 9,683 8,037 0.88 2015 Macquarie - new 76,046 9,472 9,692 8,045 0.88 2015 Consensus 75,022 9,962 10,100 8,463 0.91 2016 Macquarie - old 88,984 11,906 12,377 10,149 1.11 2016 Macquarie - new 86,504 10,523 10,995 9,016 0.99 2016 Consensus 87,104 10,886 11,139 9,353 0.98 2017 Macquarie - old 105,185 14,242 14,600 11,972 1.31 2017 Macquarie - new 96,058 11,672 12,024 9,860 1.08 2017 Consensus 94,054 11,213 11,577 9,777 1.04 Source: Bloomberg, Macquarie Research, February 2016

. Adjusting 2016 to match profit alert: We have adjusted our 2016 estimates to match the preliminary release of revenue, operating profit and net profit by Great Wall on January 28. This involved raising our revenue forecast and lowering our operating profit estimate. Our net profit forecast was left unchanged. The higher revenue was mainly due to better-than-expected sales of the H6, H2 and H1. As a result, our assumed gross profit margin actually goes up to 26.1% from 25.8%. Due to higher advertising and R&D assumptions, however, our operating profit margin assumption goes from 12.9% to 12.5%. . Assuming lower revenue and OPM in 2016: We now expect more limited improvement in the ASP as the current market favours lower-priced models. We now assume revenue of Rmb86.5bn vs our previous assumption of Rmb89bn. Our gross margin assumption for 2017 goes up to 26.6% from 26.4%, however our OPM again declines to 12.2% from 13.4% mainly on higher R&D and advertising. Factors behind the deterioration in margins over the past two years . Step-down in margins: GWM has seen a step-down in margins over the past two years. We attribute this to three factors: 1. The launch of higher-end models like the H8, H9 and H6 Coupe required a state-of-the-art factory in Xushui; as it takes time for these new models to be accepted in the market, they have diluted the 30%-plus margins that GWM gets on the high-volume H6 and H2; 2. Rising R&D: With rising pressure to develop products that building in features of ADAS (advanced driver assistance systems), infotainment and new energy vehicles, Great Wall’s R&D expenditures have climbed from 2.2% of revenue in 2012 to 4.1% in 2014 and are likely to continue to hover around the 4% level. 3. Price cuts in mid-2015: In response to the slump in auto demand in mid-2015, GWM lowered the prices on a number of vehicles, most notable of which was the high volume H6 and H2, with the price cuts shared in part with the dealers (accounting for the rise in discounts at the dealers from June shown in Figure 6). GWM indicated that the cuts would become permanent in September. The next chance to review the pricing on the H6, which had seen its MSRP rise steadily since its launch in late 2011 as new features were added, will be when the full-model-change model will be launched in late 2016.

1 February 2016 4 Macquarie Research Great Wall Motor Company

Fig 5 Trend in operating and NPAT margins – OPM always lowest in 4Q

19% 17.8% 19.1% 17.6% 17% 15.5% 16.0% 16.3% 16.6% 15.2% 16.0% 15.8% 15% 15.0% 14.9% 14.1% 14.1% 14.4% 14.3% 13.3% 13.5% 13.6% 12.6% 13% 14.5% 12.5% 13.2% 12.8% 12.2% 11.6%12.3% 13.1% 11% 10.9% 9.6% 9% 8.4% 7% 7.8% 5%

OPM Net margin

Source: Company data, Macquarie Research, February 2016

. Discounts not likely a factor: We do not believe that higher-than-expected discounts were a factor in the weaker 4Q margins. As can be seen in Figure 6, GWM’s overall level of discounts remains low – in fact, they are the lowest among the 22 brands in our survey. In general, the discounts offered by domestic brands are low compared with international brands, reflecting the value-for-money already offered.

Fig 6 Discounts have been steady in 4Q as GWM continues to have lowest discounting among all OEMs

12.0% Discounts of the H2 and H6 have been steady at 4.5% and 10.0% 3.2%, respectively, since the price cut in June 8.0%

6.0%

4.0%

2.0%

0.0%

-2.0% Great Wall Great Wall Haval H2 Haval H5 Haval H6 Haval H6 Great Wall C30 C50 Coupe M4

Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16

Source: ISE, Macquarie Research, February 2016

. Tweaking our volume assumptions: We have tweaked our volume assumptions to reflect the better-than-expected sales volumes in 2015 and to bring in line with the company’s target of 950k. Overall we believe the company’s target of 950k is reasonable.

1 February 2016 5 Macquarie Research Great Wall Motor Company

Fig 7 Great Wall product line-up and volume estimates Segment Model MSRP (Rmb k) Sales volume (units) Low-end High-end 2014 2015 2016E 2017E 2018E

Pick-ups Wingle 67.8 125.8 118,286 99,463 90,000 90,000 90,000 Subtotal 118,286 99,463 90,000 90,000 90,000 YoY -7% -16% -10% 0% 0% SUVs H6 105.8 162.8 315,854 338,229 380,000 320,000 330,000 H2 98.8 128.8 49,351 168,467 180,000 200,000 220,000 H6 Coupe 139.8 171.8 35,000 72,000 80,000 90,000 H1 68.9 82.9 13,049 74,571 70,000 60,000 50,000 H5 102.8 125.8 45,945 23,208 24,000 24,000 24,000 M-series 63.9 71.9 90,117 36,577 0 0 0 H9 229.8 272.8 5,102 14,011 14,000 22,000 24,000 H7 150 (e) 200 (e) 0 46,000 132,000 144,000 H8 201.8 236.8 8,985 14,000 22,000 30,000 Concept B 10,000 50,000 72,000 Subtotal 519,418 699,048 810,000 910,000 984,000 YoY 24% 35% 16% 12% 8% Sedans C30 64.5 83.5 52,463 34,005 30,000 30,000 40,000 C50 79.8 100.8 38,611 20,081 20,000 20,000 20,000 Others 1,967 92 Subtotal 93,041 54,178 50,000 50,000 60,000 YoY -56% -42% -8% 0% 20% Others 27 4 Total 730,772 852,693 950,000 1,050,000 1,134,000 YoY -3% 17% 11% 11% 8% Source: Company data, Macquarie Research, February 2016

1 February 2016 6 Macquarie Research Great Wall Motor Company

Macquarie Quant View

The quant model currently holds a marginally negative view on Great Wall Attractive Displays where the Motor Company. The strongest style exposure is Growth, indicating this company’s ranked based on stock has good historic and/or forecast growth. Growth metrics focus on s

l the fundamental consensus a both top and bottom line items. The weakest style exposure is Price t

n Price Target and

Momentum, indicating this stock has had weak medium to long term e Macquarie’s Quantitative returns which often persist into the future. m

a

Alpha model.

d n

242/287 u Two rankings: Local market F (Hong Kong) and Global Global rank in sector (Automobiles & Automobiles & Components Quant Components) % of BUY recommendations 50% (16/32) Local market rank Global sector rank Number of Price Target downgrades 16 Number of Price Target upgrades 9

Macquarie Alpha Model ranking Factors driving the Alpha Model A list of comparable companies and their Macquarie Alpha model score For the comparable firms this chart shows the key underlying styles and their (higher is better). contribution to the current overall Alpha score.

Chongqing Changan Auto 1.8 Chongqing Changan Auto

Guangzhou Automobile Grou… 1.2 Guangzhou Automobile Grou…

Dongfeng Motor Group 0.9

Geely Automobile 0.7 Geely Automobile

Great Wall Motor Company -0.3 Great Wall Motor Company

Brilliance China Automoti… -0.3 Brilliance China Automoti…

-100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 Valuations Growth Profitability Earnings Price Quality Momentum Momentum

Macquarie Earnings Sentiment Indicator Drivers of Stock Return The Macquarie Sentiment Indicator is an enhanced earnings revisions Breakdown of 1 year total return (local currency) into returns from dividends, changes signal that favours analysts who have more timely and higher conviction in forward earnings estimates and the resulting change in earnings multiple. revisions. Current score shown below.

Chongqing Changan Auto Chongqing Changan Auto 1.1 Guangzhou Automobile Grou… Guangzhou Automobile Grou… 1.1 Dongfeng Motor Group Dongfeng Motor Group 0.8 Geely Automobile Geely Automobile 0.4 Great Wall Motor Company Great Wall Motor Company 0.5

Brilliance China Automoti… -1.0 Brilliance China Automoti…

-3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 -60% -40% -20% 0% 20% 40% 60% Dividend Return Multiple Return Earnings Outlook 1Yr Total Return

What drove this Company in the last 5 years How it looks on the Alpha model Which factor score has had the greatest correlation with the company’s A more granular view of the underlying style scores that drive the alpha (higher is returns over the last 5 years. better) and the percentile rank relative to the sector and market. ⇐ Negatives Positives ⇒ Normalized Percentile relative Percentile relative EV/EBITDA FY0 34% Score to sector(/287) to market(/566) Alpha Model Score -0.32 Sales to EV FY0 34% Valuation -0.09 Net Buybacks to Mkt Cap 28% Growth 0.25 EV/EBITDA (NTM) 25% Profitability NaN Earnings Momentum -0.09 Turnover (USD) 20 Day -25% Price Momentum -0.76 Turnover(USD) 125 Day -26% Quality 0.00 Capital & Funding 0.07 Return on Equity FY1 -27% Liquidity -1.47 ROIC FY1 -28% Risk -0.66 Technicals & Trading 1.50 -40% -20% 0% 20% 40% 0 50 100 0 50 100 0 0 1 1

Source (all charts): FactSet, Thomson Reuters, and Macquarie Research. For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie Global Quantitative/Custom Products Group ([email protected])

1 February 2016 7 Macquarie Research Great Wall Motor Company

Great Wall Motor Company (2333 HK, Outperform, Target Price: HK$11.70) Interim Results 1H/15A 2H/15E 1H/16E 2H/16E Profit & Loss 2014A 2015E 2016E 2017E

Revenue m 37,145 38,901 41,353 45,151 Revenue m 62,599 76,046 86,504 96,058 Gross Profit m 10,016 9,458 10,608 11,458 Gross Profit m 17,347 19,474 22,067 24,586 Cost of Goods Sold m 27,129 29,443 30,745 33,692 Cost of Goods Sold m 45,252 56,572 64,437 71,472 EBITDA m 6,792 4,478 6,059 6,450 EBITDA m 10,787 11,270 12,509 13,870 Depreciation m 924 804 909 1,000 Depreciation m 1,606 1,727 1,909 2,227 Amortisation of Goodwill m 0 0 0 0 Amortisation of Goodwill m 0 0 0 0 Other Amortisation m 36 35 37 41 Other Amortisation m 66 70 77 85 EBIT m 5,833 3,640 5,113 5,409 EBIT m 9,114 9,472 10,523 11,558 Net Interest Income m -219 -1 55 61 Net Interest Income m 129 -220 116 114 Associates m 0 0 0 0 Associates m 0 0 0 0 Exceptionals m 0 0 0 0 Exceptionals m 0 0 0 0 Forex Gains / Losses m 0 0 0 0 Forex Gains / Losses m 0 0 0 0 Other Pre-Tax Income m 103 337 169 187 Other Pre-Tax Income m 396 440 356 352 Pre-Tax Profit m 5,718 3,975 5,338 5,657 Pre-Tax Profit m 9,640 9,692 10,995 12,024 Tax Expense m -1,000 -648 -942 -1,037 Tax Expense m -1,599 -1,648 -1,979 -2,164 Net Profit m 4,717 3,327 4,396 4,620 Net Profit m 8,041 8,045 9,016 9,860 Minority Interests m -0 1 0 0 Minority Interests m 0 0 0 0

Reported Earnings m 4,717 3,328 4,396 4,620 Reported Earnings m 8,042 8,045 9,016 9,860 Adjusted Earnings m 4,717 3,328 4,396 4,620 Adjusted Earnings m 8,042 8,045 9,016 9,860

EPS (rep) 0.52 0.36 0.48 0.51 EPS (rep) 0.88 0.88 0.99 1.08 EPS (adj) 0.52 0.36 0.48 0.51 EPS (adj) 0.88 0.88 0.99 1.08 EPS Growth yoy (adj) % 19.3 -18.6 -6.8 38.8 EPS Growth (adj) % -2.2 0.0 12.1 9.4 PE (rep) x 5.3 5.3 4.7 4.3 PE (adj) x 5.3 5.3 4.7 4.3

EBITDA Margin % 18.3 11.5 14.7 14.3 Total DPS 0.27 0.26 0.30 0.32 EBIT Margin % 15.7 9.4 12.4 12.0 Total Div Yield % 5.7 5.7 6.4 7.0 Earnings Split % 58.6 41.4 48.8 51.2 Basic Shares Outstanding m 9,128 9,127 9,127 9,127 Revenue Growth % 30.2 14.2 11.3 16.1 Diluted Shares Outstanding m 9,128 9,128 9,127 9,127 EBIT Growth % 25.4 -18.4 -12.3 48.6

Profit and Loss Ratios 2014A 2015E 2016E 2017E Cashflow Analysis 2014A 2015E 2016E 2017E

Revenue Growth % 10.2 21.5 13.8 11.0 EBITDA m 10,787 11,270 12,509 13,870 EBITDA Growth % 0.4 4.5 11.0 10.9 Tax Paid m -6,547 -5,117 -5,983 -6,607 EBIT Growth % -4.9 3.9 11.1 9.8 Chgs in Working Cap m 3,856 1,958 1,522 0 Gross Profit Margin % 27.7 25.6 25.5 25.6 Net Interest Paid m 129 -220 116 114 EBITDA Margin % 17.2 14.8 14.5 14.4 Other m -2,129 5,209 1,144 3,151 EBIT Margin % 14.6 12.5 12.2 12.0 Operating Cashflow m 6,096 13,101 9,308 10,528 Net Profit Margin % 12.8 10.6 10.4 10.3 Acquisitions m 0 0 0 0 Payout Ratio % 30.3 30.0 30.0 30.0 Capex m -7,229 -7,000 -7,000 -7,000 EV/EBITDA x 3.6 3.5 3.1 2.8 Asset Sales m 31 35 41 47 EV/EBIT x 4.3 4.1 3.7 3.4 Other m -12 0 0 -0 Investing Cashflow m -7,210 -6,965 -6,959 -6,953 Balance Sheet Ratios Dividend (Ordinary) m -2,506 -3,195 -2,414 -2,705 ROE % 26.2 22.4 22.6 21.9 Equity Raised m 0 0 0 0 ROA % 16.0 14.2 13.9 13.8 Debt Movements m 1,975 1,800 500 500 ROIC % 35.9 26.1 26.6 26.4 Other m -778 -1,000 0 -0 Net Debt/Equity % -10.1 -15.2 -13.8 -13.6 Financing Cashflow m -1,309 -2,395 -1,914 -2,205 Interest Cover x nmf 43.1 nmf nmf Price/Book x 1.3 1.1 1.0 0.9 Net Chg in Cash/Debt m -2,441 3,724 418 1,353 Book Value per Share 3.7 4.2 4.6 5.3 Free Cashflow m -1,133 6,101 2,308 3,528

Balance Sheet 2014A 2015E 2016E 2017E

Cash m 3,394 6,806 7,224 8,576 Receivables m 27,707 33,649 38,330 42,657 Inventories m 3,470 4,352 4,957 5,498 Investments m 0 0 0 0 Fixed Assets m 22,554 22,262 23,862 26,091 Intangibles m 2,815 3,096 3,405 3,746 Other Assets m 1,404 1,523 1,653 1,796 Total Assets m 61,345 71,687 79,430 88,363 Payables m 25,397 29,841 33,611 34,946 Short Term Debt m 0 1,000 1,500 2,000 Long Term Debt m 0 0 0 0 Provisions m 673 807 968 1,162 Other Liabilities m 1,758 1,759 1,761 1,762 Total Liabilities m 27,827 33,408 37,840 39,871 Shareholders' Funds m 33,452 38,223 41,535 48,437 Minority Interests m 67 56 56 56 Other m 0 0 0 0 Total S/H Equity m 33,518 38,279 41,591 48,493 Total Liab & S/H Funds m 61,345 71,687 79,430 88,363

All figures in Rmb unless noted. Source: Company data, Macquarie Research, February 2016

1 February 2016 8 Macquarie Research Great Wall Motor Company Important disclosures: Recommendation definitions Volatility index definition* Financial definitions Macquarie - Australia/New Zealand This is calculated from the volatility of historical All "Adjusted" data items have had the following Outperform – return >3% in excess of benchmark return price movements. adjustments made: Neutral – return within 3% of benchmark return Added back: goodwill amortisation, provision for Underperform – return >3% below benchmark return Very high–highest risk – Stock should be catastrophe reserves, IFRS derivatives & hedging, expected to move up or down 60–100% in a year IFRS impairments & IFRS interest expense Benchmark return is determined by long term nominal – investors should be aware this stock is highly Excluded: non recurring items, asset revals, property GDP growth plus 12 month forward market dividend speculative. revals, appraisal value uplift, preference dividends & yield minority interests Macquarie – Asia/Europe High – stock should be expected to move up or Outperform – expected return >+10% down at least 40–60% in a year – investors should EPS = adjusted net profit / efpowa* Neutral – expected return from -10% to +10% be aware this stock could be speculative. ROA = adjusted ebit / average total assets Underperform – expected return <-10% ROA Banks/Insurance = adjusted net profit /average Medium – stock should be expected to move up total assets Macquarie – South Africa or down at least 30–40% in a year. ROE = adjusted net profit / average shareholders funds Outperform – expected return >+10% Gross cashflow = adjusted net profit + depreciation Neutral – expected return from -10% to +10% Low–medium – stock should be expected to *equivalent fully paid ordinary weighted average Underperform – expected return <-10% move up or down at least 25–30% in a year. number of shares Macquarie - Canada Outperform – return >5% in excess of benchmark return Low – stock should be expected to move up or All Reported numbers for Australian/NZ listed stocks Neutral – return within 5% of benchmark return down at least 15–25% in a year. are modelled under IFRS (International Financial Underperform – return >5% below benchmark return * Applicable to Asia/Australian/NZ/Canada stocks Reporting Standards). only Macquarie - USA Outperform (Buy) – return >5% in excess of Russell Recommendations – 12 months 3000 index return Note: Quant recommendations may differ from Neutral (Hold) – return within 5% of Russell 3000 index Fundamental Analyst recommendations return Underperform (Sell)– return >5% below Russell 3000 index return

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)

2333 HK vs HSI, & rec history

(all figures in HKD currency unless noted)

Note: Recommendation timeline – if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, February 2016

12-month target price methodology 2333 HK: HK$11.70 based on a PER methodology

Company-specific disclosures: 2333 HK: Macquarie Capital Limited makes a market in the securities of Great Wall Motor Company Ltd. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures.

Date Stock Code (BBG code) Recommendation Target Price 30-Oct-2015 2333 HK Outperform HK$15.00 08-Oct-2015 2333 HK Outperform HK$20.67 28-Jul-2015 2333 HK Outperform HK$20.66 19-Jun-2015 2333 HK Outperform HK$23.33 14-Apr-2015 2333 HK Outperform HK$23.00 05-Mar-2015 2333 HK Outperform HK$20.00 17-Nov-2014 2333 HK Outperform HK$17.00 11-Jul-2014 2333 HK Outperform HK$17.33 09-May-2014 2333 HK Outperform HK$16.67 11-Apr-2014 2333 HK Outperform HK$18.00 22-Jan-2014 2333 HK Outperform HK$17.66 18-Oct-2013 2333 HK Outperform HK$20.10 04-Jul-2013 2333 HK Outperform HK$15.10 16-Apr-2013 2333 HK Outperform HK$11.00

Target price risk disclosures: 2333 HK: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures.

Analyst certification: We hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The Analysts responsible for preparing this report receive compensation from Macquarie that is based upon various factors including Macquarie Group Ltd total revenues, a portion of which are generated by Macquarie Group’s Investment Banking activities. 1 February 2016 9 Macquarie Research Great Wall Motor Company General disclaimers: Macquarie Securities (Australia) Ltd; Macquarie Capital (Europe) Ltd; Macquarie Capital Markets Canada Ltd; Macquarie Capital Markets North America Ltd; Macquarie Capital (USA) Inc; Macquarie Capital Limited and its Taiwan branch; Macquarie Capital Securities (Singapore) Pte Ltd; Macquarie Securities (NZ) Ltd; Macquarie Equities South Africa (Pty) Ltd; Macquarie Capital Securities (India) Pvt Ltd; Macquarie Capital Securities (Malaysia) Sdn Bhd; Macquarie Securities Korea Limited and Macquarie Securities (Thailand) Ltd are not authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia), and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL) or MGL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of any of the above mentioned entities. MGL provides a guarantee to the Monetary Authority of Singapore in respect of the obligations and liabilities of Macquarie Capital Securities (Singapore) Pte Ltd for up to SGD 35 million. This research has been prepared for the general use of the wholesale clients of the Macquarie Group and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient you must not use or disclose the information in this research in any way. If you received it in error, please tell us immediately by return e-mail and delete the document. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person. MGL has established and implemented a conflicts policy at group level (which may be revised and updated from time to time) (the "Conflicts Policy") pursuant to regulatory requirements (including the FCA Rules) which sets out how we must seek to identify and manage all material conflicts of interest. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. In preparing this research, we did not take into account your investment objectives, financial situation or particular needs. Macquarie salespeople, traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions which are contrary to the opinions expressed in this research. Macquarie Research produces a variety of research products including, but not limited to, fundamental analysis, macro-economic analysis, quantitative analysis, and trade ideas. Recommendations contained in one type of research product may differ from recommendations contained in other types of research, whether as a result of differing time horizons, methodologies, or otherwise. Before making an investment decision on the basis of this research, you need to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of your particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment. This research is based on information obtained from sources believed to be reliable but we do not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. No member of the Macquarie Group accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. Clients should contact analysts at, and execute transactions through, a Macquarie Group entity in their home jurisdiction unless governing law permits otherwise. The date and timestamp for above share price and market cap is the closed price of the price date. #CLOSE is the final price at which the security is traded in the relevant exchange on the date indicated. Country-specific disclaimers: Australia: In Australia, research is issued and distributed by Macquarie Securities (Australia) Ltd (AFSL No. 238947), a participating organisation of the Australian Securities Exchange. New Zealand: In New Zealand, research is issued and distributed by Macquarie Securities (NZ) Ltd, a NZX Firm. Canada: In Canada, research is prepared, approved and distributed by Macquarie Capital Markets Canada Ltd, a participating organisation of the Toronto Stock Exchange, TSX Venture Exchange & Montréal Exchange. Macquarie Capital Markets North America Ltd., which is a registered broker- dealer and member of FINRA, accepts responsibility for the contents of reports issued by Macquarie Capital Markets Canada Ltd in the United States and sent to US persons. Any US person wishing to effect transactions in the securities described in the reports issued by Macquarie Capital Markets Canada Ltd should do so with Macquarie Capital Markets North America Ltd. The Research Distribution Policy of Macquarie Capital Markets Canada Ltd is to allow all clients that are entitled to have equal access to our research. United Kingdom: In the United Kingdom, research is issued and distributed by Macquarie Capital (Europe) Ltd, which is authorised and regulated by the Financial Conduct Authority (No. 193905). Germany: In Germany, this research is issued and/or distributed by Macquarie Capital (Europe) Limited, Niederlassung Deutschland, which is authorised and regulated by the UK Financial Conduct Authority (No. 193905). and in Germany by BaFin. France: In France, research is issued and distributed by Macquarie Capital (Europe) Ltd, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (No. 193905). Hong Kong & Mainland China: In Hong Kong, research is issued and distributed by Macquarie Capital Limited, which is licensed and regulated by the Securities and Futures Commission. In Mainland China, Macquarie Securities (Australia) Limited Shanghai Representative Office only engages in non-business operational activities excluding issuing and distributing research. Only non-A share research is distributed into Mainland China by Macquarie Capital Limited. Japan: In Japan, research is Issued and distributed by Macquarie Capital Securities (Japan) Limited, a member of the Tokyo Stock Exchange, Inc. and Osaka Exchange, Inc. (Financial Instruments Firm, Kanto Financial Bureau (kin-sho) No. 231, a member of Japan Securities Dealers Association). India: In India, research is issued and distributed by Macquarie Capital Securities (India) Pvt. Ltd. (CIN: U65920MH1995PTC090696), formerly known as Macquarie Capital (India) Pvt. Ltd., 92, Level 9, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, India, which is a SEBI registered Research Analyst having registration no. INH000000545. Malaysia: In Malaysia, research is issued and distributed by Macquarie Capital Securities (Malaysia) Sdn. Bhd. (Company registration number: 463469-W) which is a Participating Organisation of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission. Taiwan: In Taiwan, research is issued and distributed by Macquarie Capital Securities Ltd, Taiwan Branch, which is licensed and regulated by the Financial Supervisory Commission. No portion of the report may be reproduced or quoted by the press or any other person without authorisation from Macquarie. Nothing in this research shall be construed as a solicitation to buy or sell any security or product. Research Associate(s) in this report who are registered as Clerks only assist in the preparation of research and are not engaged in writing the research. Thailand: In Thailand, research is produced, issued and distributed by Macquarie Securities (Thailand) Ltd. Macquarie Securities (Thailand) Ltd. is a licensed securities company that is authorized by the Ministry of Finance, regulated by the Securities and Exchange Commission of Thailand and is an exchange member of the Stock Exchange of Thailand. The Thai Institute of Directors Association has disclosed the Corporate Governance Report of Thai Listed Companies made pursuant to the policy of the Securities and Exchange Commission of Thailand. Macquarie Securities (Thailand) Ltd does not endorse the result of the Corporate Governance Report of Thai Listed Companies but this Report can be accessed at: http://www.thai-iod.com/en/publications.asp?type=4. South Korea: In South Korea, unless otherwise stated, research is prepared, issued and distributed by Macquarie Securities Korea Limited, which is regulated by the Financial Supervisory Services. Information on analysts in MSKL is disclosed at http://dis.kofia.or.kr/websquare/index.jsp?w2xPath=/wq/fundMgr/DISFundMgrAnalystStut.xml&divisionId=MDIS03002001000000&serviceId=SDIS03002 001000. South Africa: In South Africa, research is issued and distributed by Macquarie Equities South Africa (Pty) Ltd, a member of the JSE Limited. Singapore: In Singapore, research is issued and distributed by Macquarie Capital Securities (Singapore) Pte Ltd (Company Registration Number: 198702912C), a Capital Markets Services license holder under the Securities and Futures Act to deal in securities and provide custodial services in Singapore. Pursuant to the Financial Advisers (Amendment) Regulations 2005, Macquarie Capital Securities (Singapore) Pte Ltd is exempt from complying with sections 25, 27 and 36 of the Financial Advisers Act. All Singapore-based recipients of research produced by Macquarie Capital (Europe) Limited, Macquarie Capital Markets Canada Ltd, Macquarie Equities South Africa (Pty) Ltd and Macquarie Capital (USA) Inc. represent and warrant that they are institutional investors as defined in the Securities and Futures Act. United States: In the United States, research is issued and distributed by Macquarie Capital (USA) Inc., which is a registered broker-dealer and member of FINRA. Macquarie Capital (USA) Inc, accepts responsibility for the content of each research report prepared by one of its non-US affiliates when the research report is distributed in the United States by Macquarie Capital (USA) Inc. Macquarie Capital (USA) Inc.’s affiliate’s analysts are not registered as research analysts with FINRA, may not be associated persons of Macquarie Capital (USA) Inc., and therefore may not be subject to FINRA rule restrictions on communications with a subject company, public appearances, and trading securities held by a research analyst account. Information regarding futures is provided for reference purposes only and is not a solicitation for purchases or sales of futures. Any persons receiving this report directly from Macquarie Capital (USA) Inc. and wishing to effect a transaction in any security described herein should do so with Macquarie Capital (USA) Inc. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures, or contact your registered representative at 1-888-MAC-STOCK, or write to the Supervisory Analysts, Research Department, Macquarie Securities, 125 W.55th Street, New York, NY 10019. © Macquarie Group

1 February 2016 10

Asia Research Head of Equity Research Software and Internet Transport & Infrastructure Peter Redhead (Global – Head) (852) 3922 4836 Wendy Huang (Asia) (852) 3922 3378 Janet Lewis (Asia) (852) 3922 5417 Matt Nacard (Asia – Head) (852) 3922 1362 David Gibson (Asia) (813) 3512 7880 Azita Nazrene (ASEAN) (603) 2059 8980 Hillman Chan (China, Hong Kong) (852) 3922 3716 Corinne Jian (Taiwan) (8862) 2734 7522 Automobiles/Auto Parts Nitin Mohta (India) (9122) 6720 4090 Utilities & Renewables Janet Lewis (China) (852) 3922 5417 Nathan Ramler (Japan) (813) 3512 7875 Zhixuan Lin (China) (8621) 2412 9006 Prem Jearajasingam (Malaysia) (603) 2059 8989 Alan Hon (Hong Kong) (852) 3922 3589 Amit Mishra (India) (9122) 6720 4084 Oil, Gas and Petrochemicals Inderjeetsingh Bhatia (India) (9122) 6720 4087 Lyall Taylor (Indonesia) (6221) 2598 8489 Prem Jearajasingam (Malaysia) (603) 2059 8989 Takuo Katayama (Japan) (813) 3512 7856 James Hubbard (Asia) (852) 3922 1226 Karisa Magpayo () (632) 857 0899 James Hong (Korea) (822) 3705 8661 Aditya Suresh (Asia) (852) 3922 1265 Duke Suttikulpanich (ASEAN) (65) 6601 0148 Commodities Banks and Non-Bank Financials Abhishek Agarwal (India) (9122) 6720 4079 Colin Hamilton (Global) (4420) 3037 4061 Matthew Smith (China) (8621) 2412 9022 Polina Diyachkina (Japan) (813) 3512 7886 Ian Roper (65) 6601 0698 Suresh Ganapathy (India) (9122) 6720 4078 Anna Park (Korea) (822) 3705 8669 Jim Lennon (4420) 3037 4271 Lyall Taylor (Indonesia) (6221) 2598 8489 Isaac Chow (Malaysia) (603) 2059 8982 Lynn Zhao (8621) 2412 9035 Keisuke Moriyama (Japan) (813) 3512 7476 Pharmaceuticals and Healthcare Matthew Turner (4420) 3037 4340 Leo Nakada (Japan) (813) 3512 6050 Rakesh Arora (9122) 6720 4093 Chan Hwang (Korea) (822) 3705 8643 Abhishek Singhal (India) (9122) 6720 4086 Gilbert Lopez (Philippines) (632) 857 0892 David Lee (Korea) (822) 3705 8686 Economics Thomas Stoegner (Singapore) (65) 6601 0854 Property Peter Eadon-Clarke (Global) (813) 3512 7850 Dexter Hsu (Taiwan) (8862) 2734 7530 Larry Hu (China, Hong Kong) (852) 3922 3778 Passakorn Linmaneechote (Thailand) (662) 694 7728 Tuck Yin Soong (Asia, Singapore) (65) 6601 0838 Tanvee Gupta Jain (India) (9122) 6720 4355 Conglomerates David Ng (China, Hong Kong) (852) 3922 1291 Kai Tan (China, Hong Kong) (852) 3922 3720 Quantitative / CPG Gilbert Lopez (Philippines) (632) 857 0892 Raymond Liu (China, Hong Kong) (852) 3922 3629 Gurvinder Brar (Global) (4420) 3037 4036 Wilson Ho (China) (852) 3922 3248 Consumer and Gaming Woei Chan (Asia) (852) 3922 1421 Abhishek Bhandari (India) (9122) 6720 4088 Anthony Ng (Asia) (852) 3922 1561 Linda Huang (China, Hong Kong) (852) 3922 4068 William Montgomery (Japan) (813) 3512 7864 Jason Zhang (Asia) (852) 3922 1168 Kai Tan (China) (852) 3922 3720 Aiman Mohamad (Malaysia) (603) 2059 8986 Zibo Chen (Hong Kong) (852) 3922 1130 Kervin Sisayan (Philippines) (632) 857 0893 Strategy/Country Amit Mishra (India) (9122) 6720 4084 Corinne Jian (Taiwan) (8862) 2734 7522 Viktor Shvets (Asia, Global) (852) 3922 3883 Fransisca Widjaja (Singapore) (65) 6601 0847 Patti Tomaitrichitr (Thailand) (662) 694 7727 Chetan Seth (Asia) (852) 3922 4769 Hendy Soegiarto (Indonesia) (6221) 2598 8369 Resources / Metals and Mining Peter Eadon-Clarke (Japan) (813) 3512 7850 Toby Williams (Japan) (813) 3512 7392 David Ng (China, Hong Kong) (852) 3922 1291 HongSuk Na (Korea) (822) 3705 8678 Rakesh Arora (India) (9122) 6720 4093 Erwin Sanft (China, Hong Kong) (852) 3922 1516 Karisa Magpayo (Philippines) (632) 857 0899 Stanley Liong (Indonesia) (6221) 2598 8381 Rakesh Arora (India) (9122) 6720 4093 Polina Diyachkina (Japan) (813) 3512 7886 Emerging Leaders Lyall Taylor (Indonesia) (6221) 2598 8489 Anna Park (Korea) (822) 3705 8669 Chan Hwang (Korea) (822) 3705 8643 Jake Lynch (China, Asia) (852) 3922 3583 Technology Gilbert Lopez (Philippines) (632) 857 0892 Aditya Suresh (Asia) (852) 3922 1265 Conrad Werner (Singapore) (65) 6601 0182 Neel Sinha (ASEAN) (65) 6601 0562 Damian Thong (Asia, Japan) (813) 3512 7877 Jeffrey Ohlweiler (Taiwan) (8862) 2734 7512 Timothy Lam (Hong Kong) (852) 3922 1086 Allen Chang (852) 3922 1136 Alastair Macdonald (Thailand) (662) 694 7753 Kwang Cho (Korea) (822) 3705 4953 (China, Hong Kong, Taiwan)

Jason Sun (China, Hong Kong) (852) 3922 4674 Industrials Nitin Mohta (India) (9122) 6720 4090 Find our research at Janet Lewis (Asia) (852) 3922 5417 David Gibson (Japan) (813) 3512 7880 Macquarie: www.macquarie.com.au/research Patrick Dai (China) (8621) 2412 9082 George Chang (Japan) (813) 3512 7854 Thomson: www.thomson.com/financial Inderjeetsingh Bhatia (India) (9122) 6720 4087 Daniel Kim (Korea) (822) 3705 8641 Reuters: www.knowledge.reuters.com Bloomberg: MAC GO Lyall Taylor (Indonesia) (6221) 2598 8489 Soyun Shin (Korea) (822) 3705 8659 Patrick Liao (Taiwan) (8862) 2734 7515 Factset: http://www.factset.com/home.aspx Kenjin Hotta (Japan) (813) 3512 7871 CapitalIQ www.capitaliq.com James Hong (Korea) (822) 3705 8661 Telecoms Email [email protected] for access

Insurance Nathan Ramler (Asia, Japan) (813) 3512 7875 Scott Russell (Asia, Japan) (852) 3922 3567 Danny Chu (852) 3922 4762 Leo Nakada (Japan) (813) 3512 6050 (China, Hong Kong, Taiwan) Chan Hwang (Korea) (822) 3705 8643 Abhishek Agarwal (India) (9122) 6720 4079 David Lee (Korea) (822) 3705 8686 Prem Jearajasingam (Malaysia, Singapore) (603) 2059 8989

Asia Sales Regional Heads of Sales Regional Heads of Sales cont’d Sales Trading cont’d Miki Edelman (Global) (1 212) 231 6121 Paul Colaco (San Francisco) (1 415) 762 5003 Suhaida Samsudin (Malaysia) (603) 2059 8888 Jeffrey Chung (Asia) (852) 3922 2074 Ruben Boopalan (Singapore) (603) 2059 8888 Michael Santos (Philippines) (632) 857 0813 Jeff Evans (Boston) (1 617) 598 2508 Erica Wang (Taiwan) (8862) 2734 7586 Chris Reale (New York) (1 212) 231 2555 Jeffrey Shiu (China, Hong Kong) (852) 3922 2061 Angus Kent (Thailand) (662) 694 7601 Marc Rosa (New York) (1 212) 231 2555 Thomas Renz (Geneva) (41) 22 818 7712 Ben Musgrave (UK/Europe) (44) 20 3037 4882 Justin Morrison (Singapore) (65) 6601 0288 Riaz Hyder (Indonesia) (6221) 2598 8486 Julien Roux (UK/Europe) (44) 20 3037 4867 Isaac Huang (Taiwan) (8862) 2734 7582 Brendan Rake (Thailand) (662) 694 7707 Nick Cant (Japan) (65) 6601 0210 Sales Trading John Jay Lee (Korea) (822) 3705 9988 Mike Keen (UK/Europe) (44) 20 3037 4905 Nik Hadi (Malaysia) (603) 2059 8888 Adam Zaki (Asia) (852) 3922 2002 Eric Roles (New York) (1 212) 231 2559 Stanley Dunda (Indonesia) (6221) 515 1555 Gino C Rojas (Philippines) (632) 857 0861