HONG KONG// UNITED STATES China Joy

VR/AR and game pipeline update Event . We attended China Joy 2016 in Shanghai and hosted an expert conference call with Loonggame. VR took the spotlight at China Joy this year. We sampled a dozen VR hardware and game content, and felt that the gaming experience with most local offerings was not up to expectation. Top Chinese developers are looking abroad for VR tie-ups and are making attempts in VR game development. Most industry participants expect VR will take off likely 1-2 years later when pricing of VR gaming hardware comes down and user experience improves. AR, on the other hand, is less explored among China’s gaming community given the tech hurdle and limitations on game genres. Impact More domestic VR products than ever at China Joy – but of mixed quality . A dozen domestic VR gaming hardware makers such as Moojing, Deepoon,

3Glasses, and VR Fires showcased VR hardware (mostly

bundled game content vs barely a few last year. Most of the domestic VR Reports: offerings operate a closed eco-system i.e. without opening up to third-party game developers. More than half of the VR games/hardware that we sampled Changyou.com – Pipeline visibility was not very much up to expectation. The overcrowded VR space backed by remains limited (report link) PE/VC capital (raised collectively over RMB1bn in 2015) is becoming a red

NetEase Inc - Our expectations of sea due to uninspiring content and hardware experience, in our view. mobile Tianxia (report link) Global VR hardware still top choice of leading Chinese developers . Leading Chinese game developers did not show any VR games at China Joy. China's online gaming weekly (July 15) - Understandably the devices on which these games run, e.g. PS VR, Oculus Rift Pokemon Go in China (report link) (US$399-599), remain a niche premium segment and may not cater to mass players. Most reiterated its partnership with global VR hardware brands and MacVisit: IGG - Lords Mobile growing on investments in the VR field. Netease highlighted its involvement in Google’s VR track (report link) platform DayDream and announced an upcoming partnership with a US-based

VR content producer next month. OurPalm has invested in Unity, LekeVR and - Synergies from Supercell acquisition (report link) 87870 to build a VR-based eco-system. OurPalm highlighted that it is one of the partnering developers/publishers of Sony’s PS VR. Tencent - More than just consumer AR rarely found at China Joy internet (report link) . AR is apparently less of a focus at China Joy. Absence of AR-based hardware and game engine is one hurdle. AR also limits the game play to those NetEase - Our predictions on Ghost & involving high interaction with the real world that may not fit most game Overwatch (report link) genres. On the other hand, FPS and rhythm games are the most popular genres for VR. Incremental updates to the game pipeline Analyst(s) . Tencent showcased its strong line-up of licensed mobile games including Hillman Chan, CFA notably Fantasy Zhuxian, Legacy TLBB and Pocket JX as well as the newly +852 3922 3716 [email protected] Wendy Huang, CFA announced PC title Transformer OL. Netease heavily promoted Minecraft and +852 3922 3378 [email protected] announced the new self-developed PC game Dragon Spirit. Kingsoft focused Joe Yu on its top JX IP i.e. two new game tie-ups with Xiaomi and Tencent. We +852 3922 1160 [email protected] Maggie Jiang expect Tencent is on track to deliver mobile and PC game revenue growth of +852 3922 3328 [email protected] 68% and 11% in FY16, and Netease of 88% and -1% in FY16.

3 August 2016 Outlook Macquarie Capital Limited . Reiterate Tencent and Netease as top picks in the gaming space given leadership in game development/licensing and visibility in the game pipeline.

Please refer to page 6 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures.

Macquarie Research China Joy

VR/AR at China Joy More domestic VR products than ever at China Joy . VR definitely took the spotlight at China Joy this year. A dozen domestic VR gaming hardware makers such as Moojing, Deepoon, 3Glasses, and VR Fires showcased their hardware and game content vs barely a few last year. We found most of the game content is hardware-specific, i.e. the specifically developed games can only be run on specific devices. Also most brands offered only a handful of VR-based games. A good portion of the VR gaming experience was not very much up to standard, in our view. Game play and graphics were monotonous. Some devices caused discomfort and nausea. Some came with cables hanging over the head of gamers i.e. not wireless. That said, we did come across more mature and solid products, e.g. 3Glasses. Most domestic products on closed eco-system . Most of the domestic VR offerings run, unfortunately, on a closed eco-system. These companies develop both hardware and content on their own. They either don’t open up to third-party game developers, e.g. through SDK, or the third-party game developers lack the interest in developing content for them. It may be premature to draw a conclusion at this early stage, but the overcrowded VR space is becoming a red sea due to uninspiring content and hardware experience, in our view. Global VR hardware the top choice of leading Chinese developers . Leading Chinese game developers did not show any VR games at China Joy. Understandably the devices on which these games run, e.g. PS VR, Oculus Rift, remain a niche premium segment in China and do not cater to mass players at China Joy. Most reiterated its partnership with global VR hardware brands and investments in the VR field.  Netease highlighted its involvement in Google’s VR platform DayDream in its remarks and announced an upcoming partnership with a US-based VR content producer next month. Netease has set up 4 labs on VR/AR in , Hangzhou, Guangzhou for VR content development.  OurPalm has invested in VR game engines, content providers and platforms including Unity (game engine), LekeVR (乐客 vr), and 87870 (portal). It is developing a VR-based eco- system. OurPalm highlighted that it is one of the developer partners of Sony’s PS VR.

Fig 1 Sony PS VR gaining much traction at CJ 2016 Fig 2 Running game demo from Baofeng Mojing

Source: Macquarie Research, August 2016 Source: Macquarie Research, August 2016

AR rarely found at China Joy . AR is apparently less of a focus in China’s gaming society. Absence of AR-based hardware and game engines is one hurdle. AR, by nature merging virtual objects with reality, limits the game play to those involving interaction with real world that may not fit most game genres. On the other hand, VR is a more natural and smooth transition. At China Joy, first-person shooter games and rhythm games were most popular genres for VR.

3 August 2016 2 Macquarie Research China Joy

. That said, we do see some good attempts in AR. Hiscene (亮风台) stands out with its more sophisticated AR game engine SLAM. Hiscene is in talks with third-party game developers. Its product is being gradually adopted. Notably Tencent adopts Hiscene’s AR engine in its Olympic torch relay campaign on Mobile QQ.

Fig 3 Interaction with AR-based pop band from And.II Fig 4 AR-based shooter game demo from Hiscene

Source: Macquarie Research, August 2016 Source: Macquarie Research, August 2016

Company updates at China Joy Tencent – solid licensed game pipeline . In line with the aggressive licensing strategy set out early this year, Tencent presented at China Joy a good list of demos on upcoming mobile games including notably Fantasy Zhuxian (licensed from Zhilong), Legacy TLBB (licensed from Changyou), pocket JX (licensed from Kingsoft; the second tie-up between Tencent and Kingsoft), Contra (IP licensed from Konami), Legend of Sword and Fairy (second mobile game on the same IP from Tencent), and DDT (licensed from 7Road), and more. . On PC games, Tencent also showcased its newly announced title Transformer Online, and others in the pipeline including Maple Story 2, Master x Master, Rising Fire, Code: Zero, and the. Netease – Minecraft & “Dragon Spirit” (龙魂时刻)

. Minecraft for the first time appeared at China Joy. And Mojang and Netease shared more colour on the upcoming Chinese version. Currently the monetization model is not finalized yet but it will surely be different from the traditional monetization method. It is still a challenge for them to ensure smooth and fun play for Chinese gamers in creative, survival modes and with all types of MODs. . Also, it is noteworthy that Netease will continue to serve existing Chinese Minecraft gamers who purchased from Microsoft/Mojang previously. This clears some concerns as to how Netease will have to migrate the existing players onto its upcoming free-to-play version. It now seems Netease’s version and existing one can run in parallel and connect to Netease’s Chinese servers. . Chinese elements and content are a must in Netease’s version. MINECON 2016 will take place on Sep 24-25. There will be some showcase on creativity from Chinese players. . It is noteworthy that at China Joy Qihoo 360 announced that it has licensed the sandbox game Trove from Trion Worlds in China. Some gamers do compare Trove to Minecraft. . Netease announced “Dragon Spirit” (龙魂时刻), a 3D ARPG PC game, at China Joy. The demo released only the core combat system but not yet the other content.

3 August 2016 3 Macquarie Research China Joy

Kingsoft – JX IP the focus . Kingsoft focused on its line-up of 3 mobile games around the JX IP at China Joy, and featured upcoming Mobile JX World with Xiaomi as well as Pocket JX with Tencent. . In addition, Kingsoft announced that it would jointly publish the mobile game Genghis Khan with Kirin Game. Genghis Khan is a popular PC game from Kirin Game and is being developed into a mobile game. . The mobile game based on Eudemons, NetDragon’s top PC game IP, was also demonstrated at China Joy. Eudemons Online is a 2.5D fantasy-themed MMORPG from NetDragon. Changyou – Legacy TLBB . We tested mobile Legacy TLBB at Tencent’s booth. Demo of Legacy TLBB was not too exciting by our check. We expect more in its closed beta on a larger scale in Aug. Changyou also showcased Man Huang Sou Shen Ji (蛮荒搜神记), Kingdom Under Fire II (炽焰帝国 2), Hortensia Saga, mobile TLBB 3D and more in the B2C and B2B areas.

Transmedia collaboration More than simply joint marketing . Following the success of the cross collaboration of TV drama and mobile games based on the same hit IP Hua Qian Gu (花千骨) last year, we saw more development in transmedia collaboration (影游互动) across movies, TV dramas, comics, online literature and games at China Joy.  At CJ 2016, Yinhan (银汉) discussed its upcoming mobile game based on the popular fantasy- themed novel Ice Fantasy (幻城) along with a TV drama. Yinhan added transmedia collaboration is more than just launching the IP across different media and devices. This business model has now grown more mature. They have to align the timeline of game launch with production and airing of the TV drama.  Perfect World (完美世界) added that joint launch or cross promotion is merely the basic requirement nowadays. They are looking at a deeper collaboration in the content, e.g. rolling out new content in the game along with the progress of the TV dramas, and setup of characters. Collaboration should start as early as in the production phase of the content. Most recently, Perfect World has partnered with Happy Era Media (时代众乐) to produce web dramas and develop a mobile game based on the Korean comic IP Beauty Water (整容液).

. The movie Warcraft: The Beginning, which is based on Blizzard’s popular game IP Warcraft, is a notable success of a game IP being turned into a movie. Meanwhile, Chinese game developers are starting to embrace this idea.

 Linekong (蓝港) plans to produce TV dramas based on its hit game Sword of Heaven (苍穹之 剑). The company is also working to produce anime based on the game IP. Yinhan also plans to turn its popular mobile game Time Hunter (时空猎人) into a movie with planned investment of RMB300mn+.

Fig 5 TV drama based on Ice Fantasy IP Fig 6 Mobile game based on Ice Fantasy IP

Source: Macquarie Research, August 2016 Source: Macquarie Research, August 2016

3 August 2016 4 Macquarie Research China Joy

Key takeaways from China game expert call Edward Gan – Senior Director, Business Development and Game Publishing at Loonggame We hosted an expert call on China games on Aug 1 with Mr Edward Gan to discuss the key developments in the industry and his views on the top players. The key takeaways are as follows. . Pokemon Go. The success of this game is a combination of AR, LBS, and big IP. The AR technology is not very advanced in the game. Big IP with a massive fan base and the fun with LBS are vital to the popularity of the game. The world view and value set of Pokemon IP are universal to all ages and across geography. . Also, the game leverages on location data collected from Niantic’s prior game Ingress to set up its Pokestops, adding to the social interaction and user engagement. Also, this title opens up a new gamer market and does not cannibalize existing games. . Thus far, the feedback has been that regulators do not very much welcome Pokemon Go in China. . Tencent. Since early this year, Tencent has been focusing on its strategy of “quality titles 3.0” (精 品 3.0 战略). Tencent has opened up its eco-system to third-party game industry partners. It put more resources on fewer titles of superior quality. A solid line-up of licensed mobile games, which is based on popular PC game IPs, demonstrates Tencent’s pursuit of the strategy. . Netease. Netease has earned its reputation in exceptional game development and operations, which enables Netease to license top IPs from overseas including Overwatch and Minecraft recently. With regards to Minecraft, Edward expects its monetization model in China may not change much from overseas in order to retain the openness and creativity of the game. Minecraft will also expand Netease’s gamer base to a younger population. . Changyou. Edward is negative on CYOU’s outlook. TLBB IP is the only asset that CYOU has been leveraging. But due to high turnover of the core game development team, it may be hard for CYOU to develop a phenomenal title.

Covered companies mentioned: Changyou.com (CYOU US, US$20.07, Underperform, TP: US$16.00) Kingsoft (3888 HK, HK$13.26, Outperform, TP: HK$23.00) NetEase Inc (NTES US, US$200.34, Outperform, TP: US$188.00) Tencent (700 HK, HK$181.50, Outperform, TP: HK$204.00)

3 August 2016 5 Macquarie Research China Joy 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 30 June 2016 AU/NZ Asia RSA USA CA EUR Outperform 45.17% 56.00% 36.36% 43.16% 63.39% 45.91% (for global coverage by Macquarie, 6.27% of stocks followed are investment banking clients) Neutral 36.21% 28.59% 40.26% 50.38% 29.46% 36.96% (for global coverage by Macquarie, 6.33% of stocks followed are investment banking clients) Underperform 18.62% 15.41% 23.38% 6.46% 7.14% 17.12% (for global coverage by Macquarie, 5.38% of stocks followed are investment banking clients)

CYOU US vs S&P 500, & rec history 3888 HK vs HSI, & rec history NTES US vs S&P 500, & rec history

(all figures in USD currency unless noted) (all figures in HKD currency unless noted) (all figures in USD currency unless noted)

700 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, August 2016

12-month target price methodology CYOU US: US$16.00 based on a PER methodology 3888 HK: HK$23.00 based on a Sum of Parts methodology NTES US: US$188.00 based on a PER methodology 700 HK: HK$204.00 based on a Sum of Parts methodology

Company-specific disclosures: 3888 HK: Macquarie Capital Limited makes a market in the securities of Kingsoft Corporation Limited. 700 HK: Macquarie Capital Limited makes a market in the securities of Tencent Holdings Ltd. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures.

Target price risk disclosures: CYOU US: 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. 3 August 2016 6 Macquarie Research China Joy 3888 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. NTES US: 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. 700 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. 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3 August 2016 8

Asia Research Head of Equity Research Industrials Telecoms Peter Redhead (Global – Head) (852) 3922 4836 Janet Lewis (Asia) (852) 3922 5417 Nathan Ramler (Asia, Japan) (813) 3512 7875 Jake Lynch (Asia – Head) (852) 3922 3583 Patrick Dai (China) (8621) 2412 9082 Danny Chu (Greater China) (852) 3922 4762 David Gibson (Japan – Head) (813) 3512 7880 Leo Lin (China) (852) 3922 1098 Soyun Shin (Korea) (822) 3705 8659 Conrad Werner (ASEAN – Head) (65) 6601 0182 Kenjin Hotta (Japan) (813) 3512 7871 Chirag Jain (India) (9122) 6720 4352 James Hong (Korea) (822) 3705 8661 Prem Jearajasingam (ASEAN) (603) 2059 8989 Automobiles/Auto Parts Inderjeetsingh Bhatia (India) (9122) 6720 4087 Kervin Sisayan (Philippines) (632) 857 0893 Lyall Taylor (Indonesia) (6221) 2598 8489 Janet Lewis (China) (852) 3922 5417 Transport & Infrastructure Zhixuan Lin (China) (8621) 2412 9006 Internet, Media and Software Leo Lin (China) (852) 3922 1098 Janet Lewis (Asia) (852) 3922 5417 Takuo Katayama (Japan) (813) 3512 7856 Wendy Huang (Asia, China) (852) 3922 3378 Corinne Jian (Taiwan) (8862) 2734 7522 James Hong (Korea) (822) 3705 8661 David Gibson (Asia, Japan) (813) 3512 7880 Azita Nazrene (ASEAN) (603) 2059 8980 Amit Mishra (India) (9122) 6720 4084 Hillman Chan (China, Hong Kong) (852) 3922 3716 Lyall Taylor (Indonesia) (6221) 2598 8489 Nathan Ramler (Japan) (813) 3512 7875 Utilities & Renewables Soyun Shin (Korea) (822) 3705 8659 Financials Alan Hon (Hong Kong) (852) 3922 3589 Abhishek Bhandari (India) (9122) 6720 4088 Inderjeetsingh Bhatia (India) (9122) 6720 4087 Scott Russell (Asia) (852) 3922 3567 Oil, Gas and Petrochemicals Prem Jearajasingam (Malaysia) (603) 2059 8989 Dexter Hsu (China, Taiwan) (8862) 2734 7530 Karisa Magpayo (Philippines) (632) 857 0899 Elaine Zhou (Hong Kong) (852) 3922 3278 Polina Diyachkina (Asia, Japan) (813) 3512 7886 Keisuke Moriyama (Japan) (813) 3512 7476 Aditya Suresh (Asia, China) (852) 3922 1265 Commodities Leo Nakada (Japan) (813) 3512 6050 Anna Park (Korea) (822) 3705 8669 Colin Hamilton (Global) (44 20) 3037 4061 Chan Hwang (Korea) (822) 3705 8643 Duke Suttikulpanich (ASEAN) (65) 6601 0148 Ian Roper (65) 6601 0698 Suresh Ganapathy (India) (9122) 6720 4078 Isaac Chow (Malaysia) (603) 2059 8982 Jim Lennon (44 20) 3037 4271 Thomas Stoegner (65) 6601 0854 Pharmaceuticals and Healthcare Lynn Zhao (8621) 2412 9035 (Malaysia, Singapore) Matthew Turner (44 20) 3037 4340 Lyall Taylor (Indonesia) (6221) 2598 8489 Abhishek Singhal (India) (9122) 6720 4086 Gilbert Lopez (Philippines) (632) 857 0892 Wei Li (China, Hong Kong) (852) 3922 5494 Economics Passakorn Linmaneechote (Thailand) (662) 694 7728 Property Peter Eadon-Clarke (Global) (813) 3512 7850 Conglomerates Larry Hu (China, Hong Kong) (852) 3922 3778 Tuck Yin Soong (Asia, Singapore) (65) 6601 0838 Tanvee Gupta Jain (India) (9122) 6720 4355 David Ng (China, Hong Kong) (852) 3922 1291 David Ng (China, Hong Kong) (852) 3922 1291 Conrad Werner (Singapore) (65) 6601 0182 Raymond Liu (China, Hong Kong) (852) 3922 3629 Quantitative / CPG Gilbert Lopez (Philippines) (632) 857 0892 Wilson Ho (China) (852) 3922 3248 Gurvinder Brar (Global) (44 20) 3037 4036 Consumer and Gaming William Montgomery (Japan) (813) 3512 7864 Woei Chan (Asia) (852) 3922 1421 Corinne Jian (Taiwan) (8862) 2734 7522 Danny Deng (Asia) (852) 3922 4646 Linda Huang (Asia, China, Hong Kong) (852) 3922 4068 Abhishek Bhandari (India) (9122) 6720 4088 Per Gullberg (Asia) (852) 3922 1478 Zibo Chen (China, Hong Kong) (852) 3922 1130 Aiman Mohamad (Malaysia) (603) 2059 8986 Terence Chang (China, Hong Kong) (852) 3922 3581 Kervin Sisayan (Philippines) (632) 857 0893 Strategy/Country Satsuki Kawasaki (Japan) (813) 3512 7870 Patti Tomaitrichitr (Thailand) (662) 694 7727 Viktor Shvets (Asia, Global) (852) 3922 3883 Kwang Cho (Korea) (822) 3705 4953 Chetan Seth (Asia) (852) 3922 4769 KJ Lee (Korea) (822) 3705 9935 Resources / Metals and Mining David Ng (China, Hong Kong) (852) 3922 1291 Stella Li (Taiwan) (8862) 2734 7514 Polina Diyachkina (Asia, Japan) (813) 3512 7886 Erwin Sanft (China, Hong Kong) (852) 3922 1516 Amit Sinha (India) (9122) 6720 4085 Coria Chow (China) (852) 3922 1181 Peter Eadon-Clarke (Japan) (813) 3512 7850 Fransisca Widjaja (65) 6601 0847 Anna Park (Korea) (822) 3705 8669 Chan Hwang (Korea) (822) 3705 8643 (Indonesia, Singapore) Stanley Liong (Indonesia) (6221) 2598 8381 Jeffrey Ohlweiler (Taiwan) (8862) 2734 7512 Hendy Soegiarto (Indonesia) (6221) 2598 8369 Inderjeetsingh Bhatia (India) (9122) 6720 4087 Karisa Magpayo (Philippines) (632) 857 0899 Technology Lyall Taylor (Indonesia) (6221) 2598 8489 Chalinee Congmuang (Thailand) (662) 694 7993 Damian Thong (Asia, Japan) (813) 3512 7877 Anand Pathmakanthan (Malaysia) (603) 2059 8833 Emerging Leaders George Chang (Japan) (813) 3512 7854 Gilbert Lopez (Philippines) (632) 857 0892 Daniel Kim (Korea) (822) 3705 8641 Conrad Werner (Singapore) (65) 6601 0182 Jake Lynch (Asia) (852) 3922 3583 Allen Chang (Greater China) (852) 3922 1136 Alastair Macdonald (Thailand) (662) 694 7753 Aditya Suresh (Asia) (852) 3922 1265 Jeffrey Ohlweiler (Greater China) (8862) 2734 7512 Timothy Lam (China, Hong Kong) (852) 3922 1086 Patrick Liao (Greater China) (8862) 2734 7515 Find our research at Mike Allen (Japan) (813) 3512 7859 Louis Cheng (Greater China) (8862) 2734 7526 Kwang Cho (Korea) (822) 3705 4953 Kaylin Tsai (Greater China) (8862) 2734 7523 Macquarie: www.macquarie.com.au/research Thomson: www.thomson.com/financial Corinne Jian (Taiwan) (8862) 2734 7522 Marcus Yang (Taiwan) (8862) 2734 7532 Reuters: www.knowledge.reuters.com Conrad Werner (ASEAN) (65) 6601 0182 Bloomberg: MAC GO Factset: http://www.factset.com/home.aspx CapitalIQ www.capitaliq.com Email [email protected] for access

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 Jeff Evans (Boston) (1 617) 598 2508 Amelia Mehta (Singapore) (65) 6601 0211 Michael Santos (Philippines) (632) 857 0813 Jeffrey Shiu (China, Hong Kong) (852) 3922 2061 Angus Kent (Thailand) (662) 694 7601 Chris Reale (New York) (1 212) 231 2555 Sandeep Bhatia (India) (9122) 6720 4101 Ben Musgrave (UK/Europe) (44 20) 3037 4882 Marc Rosa (New York) (1 212) 231 2555 Thomas Renz (Geneva) (41 22) 818 7712 Christina Lee (UK/Europe) (44 20) 3037 4873 Justin Morrison (Singapore) (65) 6601 0288 Daniel Clarke (Taiwan) (8862) 2734 7580 Riaz Hyder (Indonesia) (6221) 2598 8486 Sales Trading Nick Cant (Japan) (65) 6601 0210 Brendan Rake (Thailand) (662) 694 7707 John Jay Lee (Korea) (822) 3705 9988 Adam Zaki (Asia) (852) 3922 2002 Mike Keen (UK/Europe) (44 20) 3037 4905 Nik Hadi (Malaysia) (603) 2059 8888 Stanley Dunda (Indonesia) (6221) 515 1555 Eric Roles (New York) (1 212) 231 2559 Gino C Rojas (Philippines) (632) 857 0861

This publication was disseminated on 03 August 2016 at 14:30 UTC.