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Please refer to the important disclosures and analyst certification on inside back cover of this document, or on ourwebsite www.macquarie.com.au/disclosures.

INDIA

GVKP IN Outperform

Price (at 10:30, 12 Aug 2013 GMT) Rs6.44

Valuation Rs 8.70- Sum of Parts12-month target Rs 8.70

Upside/Downside % +35.1

12-month TSR % +35.2

Volatility Index High

GICS sector Utilities

Market cap Rsm 10,170

Market cap US$m 188Free float % 45

30-day avg turnover US$m 0.2

Number shares on issue m 1,579

Investment fundamentalsYear end 31 Mar 2013A 2014E 2015E 2016E

Revenue m 26,077 32,358 45,765 49,038EBIT m 4,682 9,165 13,619 15,496EBIT growth % -48.9 95.7 48.6 13.8Recurring profit m -2779 -325 353 2,617Reported profit m -3360 -1139 1,183 1,986

Adjusted profit m -3360 -1139 1,183 1,986EPS rep Rs -2.13 -0.72 0.75 1.26EPS rep growth % -194.9 66.1 nmf 67.9EPS adj Rs -2.13 -0.72 0.75 1.26EPS adj growth % -194.9 66.1 nmf 67.9

PER rep x nmf nmf 8.6 5.1PER adj x nmf nmf 8.6 5.1Total DPS Rs 0.01 0.01 0.01 0.01Total div yield % 0.2 0.2 0.2 0.2ROA % 1.8 3.1 4.1 4.4ROE % -9.7 -3.5 3.6 5.8EV/EBITDA x 16.7 9.5 6.1 5.7Net debt/equity % 190.9 223.1 248.6 233.6P/BV x 0.3 0.3 0.3 0.3

GVKP IN rel BSE Sensex performance,& rec history

Note: Recommendation timeline - if not a continuous line, then there was noMacquarie coverage at the time or there was an embargo period.

Source: FactSet, Macquarie Research, August 2013

(all figures in INR unless noted)

Analyst(s)Inderjeetsingh Bhatia+91 22 6720 4087 inderjeet.bhatia@macquarie.comAmit Sinha+91 22 6720 4085 amit.sinha@macquarie.com

12 August 2013Macquarie Capital Securities India (Pvt)Ltd

GVK Power & InfrastructureFuel and leverage concernsEvent

GVKs 1Q14 results continue to highlight the problems faced in the Power

business with fuel supply remaining a key concern and higher interest cost on

account of a leveraged balance sheet. We maintain our Outperform rating as

we believe airport assets have embedded value. We have reduced our target

price to Rs8.7 (from Rs15) as we build in a lower value for power assets.

Impact Asset monetization required to meet equity shortfall: GVK needs ~Rs5b

of equity for the BOT projects under construction in the roads and power

segment in the next 2 years.We believe that with the current cash position of

Rs2b and no operating cash flow generation, asset monetization remains the

only option to fund the equity requirement.

Leverage remains a key concern: Consolidated Net Debt/Equity has gone

up to 2.6x from 1.2x in FY11. The interest coverage ratio stands low at 1.1x

with almost all EBITDA generated going to pay back the interest cost. We

believe despite revenue growth, GVK will not be able to generate free cash

due to a high interest rate regime and leveraged Balance sheet.

Airports

strong performance on account of revised tariff: MIAL (MumbaiAirport) reported a 64% yoy growth in revenue, led by revised tariffs. Management

highlighted that they want to sell a 25% stake in the MIAL. Management

highlighted that they have all approvals in place for MIAL real estate monetization.

Roads JKEL strong core operations despite weak macro: Jaipur-

Kishengarh expressway (JKEL) revenue grew by 9% YoY with traffic growth

of 4% YoY. The equity requirement for Deoli Kota and Bagodara Vasad

projects is Rs2.2b in the next 2 years.

Power Continue to bleed on no gas availability: The power segment

reported EBIT of Rs351m mainly on account of losses from the gas-based

projects which dont have any gas availability. Govindwal Sahibs project cost

has escalated to Rs40.1b from Rs32b earlier. The total equity requirement for

power projects in the next 2 years is Rs2.5b.

Earnings and target price revision

We cut our FY14/15 earnings to Rs(1.13b)/1.18b from Rs822m/2.3b on account

of lower profitability of power projects. We cut our TP to Rs8.7 (from Rs15)

Price catalyst

12-month price target: Rs8.70 based on a Sum of Parts methodology.

Catalyst: Asset monetization and fuel availability

Action and recommendation

Asset monetization and fuel availability key: While we do not see Power

assets generating higher profitability in the near term, we believe airport

assets have embedded value and the MIAL land approval will be key.

Maintain OP.

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12 August 2013 2

Fig 1 1Q14 Result snapshot

Rs mn 1QFY13 1QFY14 YoY

Revenues 8,186 6,995 -15%

EBITDA 1,901 2,700 42%EBITDA margin 23% 39% 15%

Net Financial Cost 1,801 1,884 5%

PAT -643 -306 -52%

Revenue Break-up

Power 4,332 866 -80%

Roads 585 638 9%

Airport 3,268 5,483 68%

Others 31 45 43%

PBIT margins

Power 3% -40.58% -44%

Roads 56% 67% 11%

Airport 18% 31% 13%

Others 46% 71% 25%

Source: Company data, Macquarie Research, August 2013

Fig 2 We cut SOTP to Rs8.7/share from Rs15/share

Asset Value GVK's stake(%)

GVK share per share value Comments

Mumbai Airport

Airport operations 48,527 50.5% 24,506 16

Real estate 12,963 50.5% 6,546 4

Total 61,489 31,052 20

Bangalore Airport 20,756 43.0% 8,925 6

Roads

Jaipur Kishengarh 7,007 100.0% 7,007 4

Kota Deoli 66 100.0% 66 0

Total 7,007 7,073 4

GVK Energy

Jegurupadu-I 741 75.0% 556 0

Jegurupadu-II -3,769 75.0% -2,826 -2

Gautami -2,650 47.3% -1,252 -1

Alaknanda -1,903 75.0% -1,427 -1

Govindwal Sahib 3,022 75.0% 2,266 1.4

Tokisud coal mine 530 75.0% 397 0

Total -4,029 -2,286GVK Energy (holding co disc of25%)

-1,715 -1

Grand total 85,223 45,335 29

Less:Net debt at parent to fundairport stake purchases

31,540 20 Standalone debt for Bangalore andMumbai airport stake acquisition

Total value 13,795 8.7

Source: Macquarie Research, August 2013

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GVK Power and Infrastructure (GVKP IN, Outperform, Target Price: Rs8.70)Quarterly Results 4Q/13A 1Q/14E 2Q/14E 3Q/14E Profit & Loss 2013A 2014E 2015E 2016E

Revenue m 6,519 8,090 8,090 8,090 Revenue m 26,077 32,358 45,765 49,038Gross Profit m 4,720 6,290 6,290 6,290 Gross Profit m 18,879 25,160 37,488 39,518Cost of Goods Sold m 1,800 1,800 1,800 1,800 Cost of Goods Sold m 7,198 7,198 8,278 9,519EBITDA m 2,048 3,591 3,591 3,591 EBITDA m 8,194 14,363 22,282 24,159Depreciation m 878 1,300 1,300 1,300 Depreciation m 3,512 5,198 8,663 8,663

Amortisation of Goodwill m 0 0 0 0 Amortisation of Goodwill m 0 0 0 0Other Amortisat ion m 0 0 0 0 Other Amortisation m 0 0 0 0EBIT m 1,171 2,291 2,291 2,291 EBIT m 4,682 9,165 13,619 15,496Net Interest Income m -1,865 -2,373 -2,373 -2,373 Net Interest Income m -7,461 -9,490 -13,266 -12,878

Associates m 0 0 0 0 Associates m 0 0 0 0Exceptionals m 0 0 0 0 Exceptionals m 0 0 0 0Forex Gains / Losses m 0 0 0 0 Forex Gains / Losses m 0 0 0 0Other Pre-Tax Income m 0 0 0 0 Other Pre-Tax Income m 0 0 0 0Pre-Tax Profit m -695 -81 -81 -81 Pre-Tax Profit m -2,779 -325 353 2,617Tax Expense m -322 16 16 16 Tax Expense m -1,287 65 -70 -521Net Profit m -1,016 -65 -65 -65 Net Profit m -4,066 -261 283 2,097Minority Interests m 177 -220 -220 -220 Minority Interests m 706 -879 900 -111

Reported Earnings m -840 -285 -285 -285 Reported Earnings m -3,360 -1,139 1,183 1,986Adjusted Earnings m -840 -285 -285 -285 Adjusted Earnings m -3,360 -1,139 1,183 1,986

EPS (rep) -0.53 -0.18 -0.18 -0.18 EPS (rep) -2.13 -0.72 0.75 1.26EPS (adj) -0.53 -0.18 -0.18 -0.18 EPS (adj) -2.13 -0.72 0.75 1.26EPS Growth yoy (adj) % -194.9 66.1 66.1 66.1 EPS Growth (adj) % -194.9 66.1 nmf 67.9

PE (rep) x nmf nmf 8.6 5.1PE (adj) x nmf nmf 8.6 5.1

EBITDA Margin % 31.4 44.4 44.4 44.4 Total DPS 0.01 0.01 0.01 0.01

EBIT Margin % 18.0 28.3 28.3 28.3 Total Div Yield % 0.1 0.2 0.2 0.2Earnings Split % 25.0 25.0 25.0 25.0 Weighted Average Shares m 1,579 1,579 1,579 1,579Revenue Growth % -19.4 24.1 24.1 24.1 Period End Shares m 1,579 1,579 1,579 1,579EBIT Growth % -48.9 95.7 95.7 95.7

Profit and Loss Ratios 2013A 2014E 2015E 2016E Cashflow Analysis 2013A 2014E 2015E 2016E

Revenue Growth % -19.4 24.1 41.4 7.2 EBITDA m 8,194 14,363 22,282 24,159EBITDA Growth % -43.0 75.3 55.1 8.4 Tax Paid m -1,287 65 -70 -521EBIT Growth % -48.9 95.7 48.6 13.8 Chgs in Working Cap m 10,641 -290 -765 -319Gross Profit Margin % 72.4 77.8 81.9 80.6 Net Interest Paid m -7,461 -9,490 -13,266 -12,878EBITDA Margin % 31.4 44.4 48.7 49.3 Other m 0 0 0 0EBIT Margin % 18.0 28.3 29.8 31.6 Operating Cashflow m 10,087 4,648 8,181 10,440Net Profit Margin % -15.6 -0.8 0.6 4.3 Acquisitions m 0 0 0 0Payout Ratio % nmf nmf 1.3 0.8 Capex m -5,914 -30,000 -30,000 -5,000EV/EBITDA x 17.2 9.5 6.1 5.7 Asset Sales m 0 0 0 0EV/EBIT x 30.1 14.9 10.0 8.8 Other m -41,866 -1 -1 -1

Investing Cashflow m -47,780 -30,001 -30,001 -5,001Balance Sheet Ratios Dividend (Ordinary) m 0 0 0 0ROE % -9.7 -3.5 3.6 5.8 Equity Raised m -0 -0 -0 -0

ROA % 1.8 3.1 4.1 4.4 Debt Movements m 39,292 30,000 30,000 5,000ROIC % 4.3 3.8 5.0 5.2 Other m 0 0 0 0Net Debt/Equity % 190.9 223.1 248.6 233.6 Financing Cashflow m 39,292 30,000 30,000 5,000Interest Cover x 0.6 1.0 1.0 1.2Price/Book x 0.4 0.3 0.3 0.3 Net Chg in Cash/Debt m 1,598 4,647 8,180 10,439Book Value per Share 20.9 20.2 20.9 22.2

Free Cashflow m 4,172 -25,352 -21,819 5,440

Balance Sheet 2013A 2014E 2015E 2016E

Cash m 23,858 29,927 39,230 49,670Receivables m 3,422 4,246 6,005 6,434Inventories m 976 976 1,123 1,291Investments m 19,488 19,488 19,488 19,488Fixed Assets m 73,150 97,952 1,19,289 1,15,626Intangibles m 0 0 0 0Other Assets m 1,57,971 1,58,703 1,60,267 1,60,648Total Assets m 2,78,865 3,11,293 3,45,401 3,53,157Payables m 5,260 6,527 9,231 9,891Short Term Debt m 0 0 0 0

Long Term Debt m 1,50,236 1,80,236 2,10,236 2,15,236Provisions m 53,845 53,845 53,845 53,845Other Liabilities m 3,311 3,311 3,311 3,311Total Liabilities m 2,12,651 2,43,918 2,76,622 2,82,282Shareholders' Funds m 31,453 30,314 31,496 33,483Minority Interests m 33,188 35,489 35,710 35,820Other m 1,573 1,573 1,573 1,573Total S/H Equity m 66,214 67,375 68,779 70,876Total Liab & S/H Funds m 2,78,865 3,11,293 3,45,401 3,53,158

All figures in INR unless noted.Source: Company data, Macquarie Research, August 2013

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12 August 2013 4

Important disclosures:

Recommendation definitions

Macquarie - Australia/New ZealandOutperform return >3% in excess of benchmark returnNeutral return within 3% of benchmark returnUnderperform return >3% below benchmark return

Benchmark return is determined by long term nominalGDP growth plus 12 month forward market dividendyield

Macquarie Asia/EuropeOutperform expected return >+10%

Neutral expected return from -10% to +10%Underperform expected return +10%Neutral expected return from -10% to +10%Underperform expected return 5% in excess of benchmark returnNeutral return within 5% of benchmark returnUnderperform return >5% below benchmark return

Macquarie - USAOutperform (Buy) return >5% in excess of Russell3000 index returnNeutral (Hold) return within 5% of Russell 3000 indexreturnUnderperform (Sell) return >5% below Russell 3000index return

Volatility index definition*

This is calculated from the volatility of historicalprice movements.

Very highhighest risk Stock should beexpected to move up or down 60100% in a year

investors should be aware this stock is highlyspeculative.

High stock should be expected to move up ordown at least 4060% in a year investors shouldbe aware this stock could be speculative.

Medium stock should be expected to move upor down at least 3040% in a year.

Lowmedium stock should be expected tomove up or down at least 2530% in a year.

Low stock should be expected to move up ordown at least 1525% in a year.* Applicable to Asia/Australian/NZ/Canada stocksonly

Recommendations 12 monthsNote: Quant recommendations may differ fromFundamental Analyst recommendations

Financial definitions

All "Adjusted" data items have had the followingadjustments made:

Added back: goodwill amortisation, provision forcatastrophe reserves, IFRS derivatives & hedging,IFRS impairments & IFRS interest expenseExcluded: non recurring items, asset revals, propertyrevals, appraisal value uplift, preference dividends &minority interests

EPS = adjusted net profit / efpowa*ROA = adjusted ebit / average total assetsROA Banks/Insurance = adjusted net profit /averagetotal assetsROE = adjusted net profit / average shareholders fundsGross cashflow = adjusted net profit + depreciation*equivalent fully paid ordinary weighted averagenumber of shares

All Reported numbers for Australian/NZ listed stocksare modelled under IFRS (International FinancialReporting Standards).

Recommendation proportions For quarter ending 30 June 2013

AU/NZ Asia RSA USA CA EUROutperform 49.80% 57.68% 48.05% 41.13% 61.75% 47.10% (for US coverage by MCUSA, 8.12% of stocks followed are investment banking clients)Neutral 39.85% 24.45% 42.86% 54.70% 34.42% 30.89% (for US coverage by MCUSA, 6.60% of stocks followed are investment banking clients)Underperform 10.35% 17.87% 9.09% 4.17% 3.83% 22.01% (for US coverage by MCUSA, 0.00% of stocks followed are investment banking clients)

Company Specific Disclosures:The Macquarie Group and/or its affiliates hold financial interests in the securities of GVK Power & Infrastructure Ltd equal to or greater than 1% of themarket capitalisation of GVK Power & Infrastructure Ltd. Risk Disclosure: 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 offerrings by competitors.Theresults of operations may be materially affected by global economic conditions generally, including conditions in financial markets.The company isexposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter intotransactions, including transactions in derivative instruments, to manage certain of these exposures.Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/disclosures.

Analyst Certification:

The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of thecompensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. Theanalyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd ABN 94122 169 279 (AFSL No. 318062) (MGL) and its related entities (the Macquarie Group) and has taken reasonable care to achieve and maintainindependence and objectivity in making any recommendations.General Disclaimers:Macquarie Securities (Australia) Ltd; Macquarie Capital (Europe) Ltd; Macquarie Capital Markets Canada Ltd; Macquarie Capital Markets North AmericaLtd; Macquarie Capital (USA) Inc; Macquarie Capital Securities Ltd and its Taiwan branch; Macquarie Capital Securities (Singapore) Pte Ltd;Macquarie Securities (NZ) Ltd; Macquarie First South Securities (Pty) Limited; 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 thepurposes of the Banking Act 1959 (Commonwealth of Australia), and their obligations do not represent deposits or other liabilities of Macquarie BankLimited 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 abovementioned entities. MGL provides a guarantee to the Monetary Authority of Singapore in respect of the obligations and liabilities of Macquarie CapitalSecurities (Singapore) Pte Ltd for up to SGD 35 million. This research has been prepared for the general use of the wholesale clients of the MacquarieGroup 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 ordisclose 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

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Asia ResearchHead of Equ ity Research

J ohn OConnell (Global Head) (612) 8232 7544Peter Redhead (Asia Head) (852) 3922 4836

Automobi les/Auto Parts

J anet Lewis (China) (852) 3922 5417

Amit Mishra (India) (9122) 6720 4084Clive Wiggins (J apan) (813) 3512 7856Michael Sohn (Korea) (82 2) 3705 8644

Banks and Non-Bank Financials

Ismael Pili (Asia, Hong Kong) (852) 3922 4774

Victor Wang (China) (852) 3922 1479Suresh Ganapathy (India) (9122) 6720 4078Nicolaos Oentung (Indonesia) (6221) 2598 8366Alastair Macdonald (J apan) (813) 3512 7476Chan Hwang (Korea) (822) 3705 8643Matthew Smith (Malaysia, Singapore) (65) 6601 0981Alex Pomento (Philippines) (632) 857 0899Gilbert Lopez (Philippines) (632) 857 0892Dexter Hsu (Taiwan) (8862) 2734 7530Passakorn Linmaneechote (Thailand) (662) 694 7728

Conglomerates

Alex Pomento (Philippines) (632) 857 0899Gilbert Lopez (Philippines) (632) 857 0892Somesh Agarwal (Singapore) (65) 6601 0840

Consumer and Gaming

Gary Pinge (Asia) (852) 3922 3557Linda Huang (China, Hong Kong) (852) 3922 4068Amit Mishra (India) (9122) 6720 4084Lyall Taylor (Indonesia) (6221) 2598 8489

Toby Williams (J apan) (813) 3512 7392HongSuk Na (Korea) (822) 3705 8678Alex Pomento (Philippines) (632) 857 0899Somesh Agarwal (Singapore) (65) 6601 0840Best Waiyanont (Thailand) (662) 694 7993

Emerging Leaders

J ake Lynch (China, Asia) (8621) 2412 9007Adam Worthington (ASEAN) (852) 3922 4626Michael Newman (J apan) (813) 3512 7920

Industrials

J anet Lewis (Asia) (852) 3922 5417Patrick Dai (China) (8621) 2412 9082Saiyi He (China) (852) 3922 3585

Inderjeetsingh Bhatia (India) (9122) 6720 4087Andy Lesmana (Indonesia) (6221) 2598 8398Kenjin Hotta (J apan) (813) 3512 7871

J uwon Lee (Korea) (822) 3705 8661Sunaina Dhanuka (Malaysia) (603) 2059 8993David Gambrill (Thailand) (662) 694 7753

Insurance

Scott Russell (Asia, J apan) (852) 3922 3567Chung J un Yun (Korea) (822) 2095 7222

Software and Internet

David Gibson (Asia) (813) 3512 7880J iong Shao (China, Hong Kong) (852) 3922 3566Steve Zhang (China, Hong Kong) (852) 3922 3578Nitin Mohta (India) (9122) 6720 4090Nathan Ramler (J apan) (813) 3512 7875Prem J earajasingam (Malaysia) (603) 2059 8989Alex Pomento (Philippines) (632) 857 0899

Oil, Gas and Petrochemicals

J ames Hubbard (Asia) (852) 3922 1226J al Irani (India) (9122) 6720 4080Polina Diyachkina (J apan) (813) 3512 7886Brandon Lee (Korea) (822) 3705 8669Sunaina Dhanuka (Malaysia) (603) 2059 8993

Trevor Buchinski (Thailand) (662) 694 7829

Pharmaceuticals and Healthcare

Abhishek Singhal (India) (9122) 6720 4086Eunice Bu (Korea) (822) 2095 7223

Property

Callum Bramah (Asia) (852) 3922 4731David Ng (China, Hong Kong) (852) 3922 1291

J effrey Gao (China) (8621) 2412 9026Abhishek Bhandari (India) (9122) 6720 4088Andy Lesmana (Indonesia) (6221) 2598 8398Sunaina Dhanuka (Malaysia) (603) 2059 8993Alex Pomento (Philippines) (632) 857 0899

Tuck Yin Soong (Singapore) (65) 6601 0838

Corinne J ian (Taiwan) (8862) 2734 7522David Liao (Taiwan) (8862) 2734 7518Patti Tomaitrichitr (Thailand) (662) 694 7727

Resources / Metals and Mining

Graeme Train (China) (8621) 2412 9035Matty Zhao (Hong Kong) (852) 3922 1293Rakesh Arora (India) (9122) 6720 4093Adam Worthington (Indonesia) (852) 3922 4626Riaz Hyder (Indonesia) (6221) 2598 8486Polina Diyachkina (J apan) (813) 3512 7886David Liao (Taiwan) (8862) 2734 7518Chak Reungsinpinya (Thailand) (662) 694 7982Andrew Dale (852) 3922 3587

Technology

J effrey Su (Asia, Taiwan) (8862) 2734 7512Steve Zhang (China, Hong Kong) (852) 3922 3578Nitin Mohta (India) (9122) 6720 4090Claudio Aritomi (J apan) (813) 3512 7858

Damian Thong (J apan) (813) 3512 7877David Gibson (J apan) (813) 3512 7880George Chang (J apan) (813) 3512 7854Daniel Kim (Korea) (822) 3705 8641Soyun Shin (Korea) (822) 3705 8659Daniel Chang (Taiwan) (8862) 2734 7516

Tammy Lai (Taiwan) (8862) 2734 7525

Telecoms

Nathan Ramler (Asia, J apan) (813) 3512 7875Danny Chu (China, Hong Kong) (852) 3922 4762Riaz Hyder (Indonesia) (6221) 2598 8486Prem Jearajasingam(Malaysia, Singapore) (603) 2059 8989

Alex Pomento (Philippines) (632) 857 0899J oseph Quinn (Taiwan) (8862) 2734 7519

Transport & Infrastructure

J anet Lewis (Asia, J apan) (852) 3922 5417Bonnie Chan (Hong Kong) (852) 3922 3898Nicholas Cunningham (J apan) (813) 3512 6044Sunaina Dhanuka (Malaysia) (603) 2059 8993Corinne J ian (Taiwan) (8862) 2734 7522

Utilities & Renewables

Inderjeetsingh Bhatia (India) (9122) 6720 4087Prem J earajasingam (Malaysia) (603) 2059 8989Alex Pomento (Philippines) (632) 857 0899

Commodities

Colin Hamilton (Global) (4420) 3037 4061J im Lennon (4420) 3037 4271Duncan Hobbs (4420) 3037 4497Graeme Train (8621) 2412 9035Rakesh Arora (9122) 6720 4093

Economics

Peter Eadon-Clarke (Asia, J apan) (813) 3512 7850

Aimee Kaye (ASEAN) (65) 6601 0574Richard Gibbs (Australia) (612) 8232 3935Tanvee Gupta (India) (9122) 6720 4355

Quantitative / CPG

Gurvinder Brar (Global) (4420) 3037 4036J osh Holcroft (Asia). (852) 3922 1279Burke Lau (Asia) (852) 3922 5494Simon Rigney (Asia, J apan) (852) 3922 4719Eric Yeung (Asia) (852) 3922 4077Suni Kim (J apan) (813) 3512 7569

Strategy/Country

Viktor Shvets (Asia) (852) 3922 3883Chetan Seth (Asia) (852) 3922 4769

J oshua van Lin (Asia Micro) (852) 3922 1425Peter Eadon-Clarke (J apan) (813) 3512 7850David Ng (China, Hong Kong) (852) 3922 1291

J iong Shao (China) (852) 3922 3566Rakesh Arora (India) (9122) 6720 4093Nicolaos Oentung (Indonesia) (6121) 2598 8366

Chan Hwang (Korea) (822) 3705 8643Yeonzon Yeow (Malaysia) (603) 2059 8982Alex Pomento (Philippines) (632) 857 0899Conrad Werner (Singapore) (65) 6601 0182Daniel Chang (Taiwan) (8862) 2734 7516David Gambrill (Thailand) (662) 694 7753

Find our research atMacquarie: www.macquarie.com.au/researchThomson: www.thomson.com/financialReuters: www.knowledge.reuters.comBloomberg: MAC GOFactset: http://www.factset.com/home.aspxCapitalIQ www.capitaliq.comEmail macresearch@macquarie.com for access

Asia SalesRegional Heads of Sales

Robin Black (Asia) (852) 3922 2074Chris Gray (ASEAN) (65) 6601 0288Peter Slater (Boston) (1 617) 598 2502

J effrey Shiu (China & Hong Kong) (852) 3922 2061Thomas Renz (Geneva) (41) 22 818 7712Bharat Rawla (India) (9122) 6720 4100

Chris Gould (Indonesia) (6221) 515 1555Miki Edelman (J apan) (813) 3512 7857J ohn J ay Lee (Korea) (822) 3705 9988Ruben Boopalan (Malaysia) (603) 2059 8888Gino C Rojas (Philippines) (632) 857 0861Eric Roles (New York) (1 212) 231 2559Paul Colaco (New York) (1 212) 231 2496

Regional Heads of Sales con td

Sheila Schroeder (San Francisco) (1 415) 762 5001Erica Wang (Taiwan) (8862) 2734 7586Angus Kent (Thailand) (662) 694 7601

J ulien Roux (UK/Europe) (44) 20 3037 4867Sean Alexander (Generalist) (852) 3922 2101

Regional Head of Distribution

J ustin Crawford (Asia) (852) 3922 2065

Sales Trading

Adam Zaki (Asia) (852) 3922 2002Phil Sellaroli (J apan) (813) 3512 7837Kenneth Cheung (Singapore) (65) 6601 0288

Sales Trading contd

Mike Keen (UK/Europe) (44) 20 3037 4905Chris Reale (New York) (1 212) 231 2555Marc Rosa (New York) (1 212) 231 2555Stanley Dunda (Indonesia) (6221) 515 1555Suhaida Samsudin (Malaysia) (603) 2059 8888Michael Santos (Philippines) (632) 857 0813

Isaac Huang (Taiwan) (8862) 2734 7582Dominic Shore (Thailand) (662) 694 7707