SINGAPORE

OCBC SP
Price (at 06:16, 08 Jul 2013 GMT) Valuation
- fair value

Neutral S$9.94
S$ 9.23-10.65 9.82 -1.2 +2.3 Low Banks 34,129 26,430 72 34.5 3,433

OCBC
Upgrading on valuation
Event
We upgrade OCBC to Neutral from Underperform. The upgrade is based on

12-month target S$ Upside/Downside % 12-month TSR % Volatility Index GICS sector Market cap S$m Market cap US$m Free float % 30-day avg turnover US$m Number shares on issue m Investment fundamentals
Year end 31 Dec Net interest Inc Non interest Inc Underlying profit PBT PBT growth Reported profit Adjusted profit EPS rep EPS rep growth EPS adj EPS adj growth PER rep PER adj Total DPS Total div yield ROA ROE Equity to assets P/BV m m m m % m m S$ % S$ % x x S$ % % % % x

valuation following the stocks 11% decline since May (vs the 8% fall for the FSSTI). We make no changes to our earnings assumptions and believe that the 2Q13 result may offer an entry opportunity due to the mark-to-market impact of the insurance subsidiary on OCBCs consolidated results.

Impact
The stocks correction has brought it to just 1% above our target price. Given

2012A 2013E 2014E 2015E 3,748.0 2,893.0 3,886.0 4,962.0 67.9 3,993.0 2,564.8 1.16 70.8 0.75 14.1 8.6 13.3 0.34 3.4 0.9 11.5 8.1 1.4 3,730.6 2,831.8 3,700.9 3,575.5 -27.9 2,756.0 2,648.4 0.80 -30.9 0.77 3.3 12.4 12.9 0.35 3.5 0.9 10.8 8.0 1.3 4,036.9 4,370.5 3,138.0 3,476.3 4,146.5 4,611.3 3,892.8 4,341.2 8.9 11.5 2,998.0 3,347.2 2,890.4 3,239.5 0.87 0.97 8.9 11.6 0.84 0.94 9.2 12.1 11.4 10.2 11.8 10.5 0.38 0.43 3.8 4.4 0.9 0.9 11.0 11.6 8.0 8.1 1.3 1.2

that our expectation for 12-month total shareholder return including dividend yield is now positive 2.3%, we upgrade our recommendation on OCBC to Neutral with no change to our earnings expectations.
Weak pre-provisioning operating profit has failed to impress. Additionally, our

sense is that the strong growth in Malaysian consumer lending may start to tail off in 2H13 after the BNMs 5 August move to tighten household debt. OCBC Malaysia grew its consumer loans (43% of total loans) by 5% QoQ and 24% YoY driven primarily by aggressive residential mortgage growth.
Great Eastern (GE SP, not rated), the 87%-owned insurance subsidiary, may

report weak 2Q earnings due to the mark-to-market impact. This is in light of the 81bp QoQ increase in 10-year SGB yields and 5% QoQ fall in stock prices in Singapore during 2Q13. But this could be mitigated by relatively strong markets in Malaysia, where government bond yields were only up 13bp QoQ and stocks rallied 6% QoQ. OCBC Group is set to report 2Q13 results on Aug 2, and Great Eastern should report a few days earlier (possibly July 29 or 30).

OCBC SP rel SNGPORI performance, & rec history

Earnings and target price revision

No change.

Price catalyst
12-month price target: S$9.82 based on a fair value methodology. Catalyst: 2Q13 earnings will likely be impacted negatively by the mark-to-

market adjustment of the insurance subsidiarys non-par and shareholders funds. This could provide for a better entry opportunity in early August.
Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period.

Action and recommendation

Upgrade to Neutral. The stock is now trading at 1.3x forward 12-month rolling

Source: FactSet, Macquarie Research, July 2013 (all figures in SGD unless noted)

Analyst(s)
Matthew Smith, CFA +65 6601 0981 matthew.smith@macquarie.com

P/BV, slightly below its post-GFC mean of 1.4x and in line with fair value for a 11-12% ROE outlook. While the reported P/BV is above the price multiples of both UOB (1.2x) and DBS (1.1x) this gap is in part due to OCBCs large revaluation surplus which is not included in book value. On a forward P/NAV basis, OCBC is trading at 1.11x vs 1.07x for DBS and UOB.
Despite the correction in valuations, we retain a Neutral call on the Singapore

9 July 2013

Macquarie Capital Securities (Singapore) Pte. Limited

banks from both a country and regional banks perspective. DBS (DBS SP, S$15.90, Neutral, Target: D$16.65) is our top pick, and we also have a Neutral call on UOB (UOB SP, S$20.33, Neutral, S$20.75).

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

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Macquarie Research

OCBC

Fig 1 Growth of OCBC Malaysias consumer lending has been outsized, and this may slow in 2H13 as the Bank Negara Malaysia reins in the growth of household debt
OCBC Malaysia 1Q13 Residential mortgage Non-residential mortgage Other personal loans Hire purchase loans Total consumer Source: Company data, Macquarie Research, July 2013 QoQ growth 6% 5% 3% -2% 5% YoY growth 26% 25% 18% -3% 24% %ge of total loans 36% 3% 5% 1% 43%

Fig 2 UOB Malaysia has also been aggressively targeting consumer borrowers
UOB Malaysia 1Q13 Residential mortgage Non-residential mortgage Other personal loans Hire purchase loans Total consumer Source: Company data, Macquarie Research, July 2013 QoQ growth 4% 6% 1% 4% YoY growth 16% 35% 12% 19% %ge of total loans 39% 9% 8% 0% 48%

Fig 3 OCBC: Forward PB band

(x)

Fig 4
(x)

OCBC: Forward PER band

2.2 2.0 1.8 1.6 1.4 1.2 1.0 0.8

Mean = 1.5x + 2 Std + 1 Std dev - 1 Std dev - 2 Std dev
22.0

+ 2 Std dev
18.0

+ 1 Std dev Mean = 13x

14.0

10.0

- 1 Std dev - 2 Std dev

Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13

Jul-01

Jul-02

Jul-03

Jul-04

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Source: Bloomberg, Company data, Macquarie Research, July 2013

Jul-13

6.0

Source: Bloomberg, Company data, Macquarie Research, July 2013

Fig 5 OCBC: Forward P / PPOP band

Fig 6
(x)

OCBC: Forward P / NAV band

12.0 10.0 8.0 Mean = 9.0x 6.0 4.0

+ 2 Std + 1 Std dev - 1 Std

2.5 2.0 1.5 1.0 0.5

Mean = 1.3x - 1 Std dev - 2 Std + 2 Std dev + 1 Std dev

- 2 Std dev

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-01

Jul-02

Jul-03

Jul-04

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Source: Bloomberg, Company data, Macquarie Research, July 2013

Jul-13

Source: Bloomberg, Company data, Macquarie Research, July 2013

9 July 2013

Jul-13

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Macquarie Research

OCBC

OCBC (OCBC SP, Neutral, Target Price: S$9.82)

Quarterly Results Net Interest Income + Loan Fees + Trading Income + Insurance Income + Other Income Non Interest Income Total Operating Inc + Staff expenses + Other expenses Total Operating Exp Pre-Provision Profit Loan Provisions Post Provision Profit Other Profit - Amortisation - Non Recurring Items - Associates Pre-Tax Profit - Taxation Net Profit After Tax - Minority Interests Reported Profit Adjusted Profit Attributable Profit EPS (rep) EPS growth pcp (rep) EPS (adj) EPS growth pcp (adj) DPS m m m m m m m m m m m m m m m m m m m m m m m m 1Q/13A 912 316 8 215 137 676 1,588 421 265 686 902 21 881 0 0 0 13 894 142 752 56 696 696 696 0.20 -16.4 0.20 -16.4 0.00 2Q/13E 931 322 47 166 196 731 1,662 433 282 715 947 40 907 0 0 0 9 916 151 765 57 707 707 707 0.21 9.2 0.21 9.2 0.00 3Q/13E 940 322 14 166 196 699 1,639 433 282 715 923 40 883 0 0 0 9 892 147 745 57 687 687 687 0.20 -62.8 0.20 -1.2 0.00 4Q/13E 948 329 25 118 255 726 1,673 445 299 745 929 59 870 0 0 0 5 874 150 724 59 666 558 558 0.19 0.5 0.16 44.0 0.35 Profit & Loss Net Interest Income + Loan Fees + Trading Income + Insurance Income + Other Income Non Interest Income Total Operating Inc + Staff expenses + Other expenses Total Operating Exp Pre-Provision Profit Loan Provisions Post Provision Profit Other Profit - Amortisation - Non Recurring Items - Associates Pre-Tax Profit - Taxation Net Profit After Tax - Minority Interests Reported Profit Adjusted Profit Attributable Profit EPS (rep) EPS growth yoy (rep) EPS (adj) EPS growth yoy (adj) DPS Payout ratio Book Value p.s (wgted) Tangible Book Value p.s (wgted) Weighted average shares Key Ratios Interest Spread Net Interest Margin Non Int Inc / Total Inc Cost to Income Cost to Assets Provisions / Loans Tax Rate Loan Deposit Ratio (LDR) NPLs Reserve Cover Tier 1 Capital Ratio Total Capital Ratio Equity to Assets ROA (ave) ROE (ave) ROTE (ave) Growth rates Income Growth Cost Growth Pre-Prov Profit Growth PBT Growth Loan Growth Ave Int Earning Assets Valuation data P/E (rep) P/E (adj) P/B (wgted) P/TB (wgted) Dividend yield Balance Sheet Cash & Equivalent Net Loans to Customer Other Interest Earning Assets Other Assets Total Assets Customer Deposits Other Int Bearing Liab Other Liabilities Total Liabilities Ordinary Equity Retained Earnings Reserves Minority Interests Total S/H's Funds All figures in SGD unless noted. Source: Company data, Macquarie Research, July 2013 m m m m m m m m m m m m m m x x x x % % % % % % % % % % % % % % % % % % % % % % % m m m m m m m m m m m m m m m m m m m m m m m m 2012A 3,748 1,198 88 726 881 2,893 6,641 1,650 1,105 2,755 3,886 271 3,615 0 0 1,320 27 4,962 699 4,263 270 3,993 2,565 3,885 1.16 70.8 0.75 14.1 0.34 45.7 7.0 5.8 3,440 2012A 1.68 1.73 43.2 41.5 0.93 0.19 14.1 86.2 0.81 141.8 16.7 18.6 8.1 0.89 11.5 13.9 2012A 17.3 10.6 22.6 67.9 6.6 13.0 2012A 8.6 13.3 1.4 1.7 3.4 2012A 70,562 142,376 0 83,005 295,943 165,139 44,222 57,881 267,242 9,328 14,580 0 4,793 28,701 2013E 3,731 1,290 93 665 783 2,832 6,562 1,733 1,129 2,861 3,701 161 3,540 0 0 0 35 3,575 590 2,986 230 2,756 2,648 2,648 0.80 -30.9 0.77 3.3 0.35 44.9 7.4 6.3 3,436 2013E 1.61 1.62 43.1 43.6 0.90 0.10 16.5 89.2 0.72 150.3 15.1 16.8 8.0 0.86 10.8 12.7 2013E -1.2 3.9 -4.8 -27.9 10.1 6.1 2013E 12.4 12.9 1.3 1.6 3.5 2013E 75,153 156,732 0 86,112 317,997 175,720 52,430 60,193 288,342 9,575 15,788 0 4,293 29,655 2014E 4,037 1,418 98 764 858 3,138 7,175 1,854 1,175 3,028 4,146 292 3,854 0 0 0 39 3,893 642 3,250 252 2,998 2,890 2,890 0.87 8.9 0.84 9.2 0.38 44.9 7.9 6.8 3,433 2014E 1.62 1.64 43.7 42.2 0.90 0.17 16.5 89.7 0.71 150.8 15.6 17.2 8.0 0.88 11.0 12.9 2014E 9.3 5.8 12.0 8.9 7.0 6.9 2014E 11.4 11.8 1.3 1.5 3.8 2014E 80,071 167,704 0 88,906 336,681 187,010 55,718 62,599 305,327 9,864 17,197 0 4,293 31,354 2015E 4,371 1,561 104 872 939 3,476 7,847 2,002 1,233 3,235 4,611 313 4,299 0 0 0 42 4,341 716 3,625 278 3,347 3,240 3,240 0.97 11.6 0.94 12.1 0.43 45.9 8.4 7.3 3,433 2015E 1.64 1.66 44.3 41.2 0.91 0.17 16.5 nmf 0.71 151.2 16.1 17.6 8.1 0.93 11.6 13.4 2015E 9.4 6.8 11.2 11.5 7.0 6.9 2015E 10.2 10.5 1.2 1.4 4.4 2015E 85,340 179,443 0 91,821 356,604 0 57,391 65,151 323,313 10,188 18,812 0 4,293 33,293

% %

% %

Key Ratios Interest Spread Net Interest Margin Non Int Inc / Total Inc Cost to Income Cost to Assets Provisions / Loans Tax Rate Loan Deposit Ratio (LDR) NPLs Reserve Cover Tier 1 Capital Ratio Total Capital Ratio Equity to Assets ROA (ave) ROE (ave) ROTE (ave) % % % % % % % % % % % % % % % %

1Q/13A 0.84 0.84 42.6 43.2 0.44 0.03 15.9 87.0 0.75 175.2 16.2 18.2 8.0 0.47 6.0 7.2

2Q/13E 0.83 0.84 44.0 43.0 0.46 0.05 16.5 87.7 0.74 166.8 15.9 17.7 8.0 0.47 6.1 7.3

3Q/13E 0.83 0.83 42.6 43.7 0.45 0.05 16.5 88.5 0.73 158.5 15.5 17.3 8.0 0.46 5.7 6.8

4Q/13E 0.82 0.82 43.4 44.5 0.47 0.07 17.1 89.2 0.72 150.3 15.1 16.8 8.0 0.36 4.5 5.4

9 July 2013

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Macquarie Research Important disclosures:

Recommendation definitions
Macquarie - Australia/New Zealand Outperform return >3% in excess of benchmark return Neutral return within 3% of benchmark return Underperform return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield Macquarie Asia/Europe Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie First South - South Africa Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie - Canada Outperform return >5% in excess of benchmark return Neutral return within 5% of benchmark return Underperform return >5% below benchmark return Macquarie - USA Outperform (Buy) return >5% in excess of Russell 3000 index return Neutral (Hold) return within 5% of Russell 3000 index return Underperform (Sell) return >5% below Russell 3000 index return

OCBC
Volatility index definition*
This is calculated from the volatility of historical price movements. Very highhighest risk Stock should be expected to move up or down 60100% in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 4060% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 3040% in a year. Lowmedium stock should be expected to move up or down at least 2530% in a year. Low stock should be expected to move up or down at least 1525% in a year. * Applicable to Asia/Australian/NZ/Canada stocks only Recommendations 12 months Note: Quant recommendations may differ from Fundamental Analyst recommendations

Financial definitions
All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards).

Recommendation proportions For quarter ending 31 March 2013

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

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Macquarie Research

OCBC

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9 July 2013

alvina.chia@asia.bnpparibas.com FIRST LAST 07/10/13 12:22:28 AM BNP Paribas (Singapore) {Asset Mgmt}

Asia Research
Head of Equity Research
John OConnell (Global Head) Peter Redhead (Asia Head) (612) 8232 7544 (852) 3922 4836 (852) 3922 5417 (9122) 6720 4084 (813) 3512 7856 (82 2) 3705 8644 (852) 3922 4774 (852) 3922 1479 (9122) 6720 4078 (6221) 2598 8366 (813) 3512 7476 (822) 3705 8643 (65) 6601 0981 (632) 857 0899 (632) 857 0892 (8862) 2734 7530 (662) 694 7728 (632) 857 0899 (632) 857 0892 (65) 6601 0840 (852) 3922 3557 (852) 3922 4068 (9122) 6720 4084 (6221) 2598 8489 (813) 3512 7392 (822) 3705 8678 (632) 857 0899 (65) 6601 0840 (662) 694 7993 (8621) 2412 9007 (852) 3922 4626 (813) 3512 7920 (852) 3922 5417 (8621) 2412 9082 (852) 3922 3585 (9122) 6720 4087 (6221) 2598 8398 (813) 3512 7871 (822) 3705 8661 (603) 2059 8993 (662) 694 7753 (852) 3922 3567 (822) 2095 7222 (813) 3512 7880 (852) 3922 3566 (852) 3922 3578 (9122) 6720 4090 (813) 3512 7875 (603) 2059 8989 (632) 857 0899

Oil, Gas and Petrochemicals

James Hubbard (Asia) Jal Irani (India) Polina Diyachkina (Japan) Brandon Lee (Korea) Sunaina Dhanuka (Malaysia) Trevor Buchinski (Thailand) Abhishek Singhal (India) Eunice Bu (Korea) (852) 3922 1226 (9122) 6720 4080 (813) 3512 7886 (822) 3705 8669 (603) 2059 8993 (662) 694 7829 (9122) 6720 4086 (822) 2095 7223 (852) 3922 4731 (852) 3922 1291 (8621) 2412 9026 (9122) 6720 4088 (6221) 2598 8398 (603) 2059 8993 (632) 857 0899 (65) 6601 0838 (8862) 2734 7522 (8862) 2734 7518 (662) 694 7727 (8621) 2412 9035 (852) 3922 1293 (9122) 6720 4093 (852) 3922 4626 (6221) 2598 8486 (813) 3512 7886 (8862) 2734 7518 (662) 694 7982 (852) 3922 3587 (8862) 2734 7512 (852) 3922 3578 (9122) 6720 4090 (813) 3512 7858 (813) 3512 7877 (813) 3512 7880 (813) 3512 7854 (822) 3705 8641 (822) 3705 8659 (8862) 2734 7526 (8862) 2734 7516 (8862) 2734 7525 (813) 3512 7875 (852) 3922 4762 (6221) 2598 8486 (603) 2059 8989 (632) 857 0899 (8862) 2734 7519

Transport & Infrastructure

Janet Lewis (Asia, Japan) Bonnie Chan (Hong Kong) Nicholas Cunningham (Japan) Sunaina Dhanuka (Malaysia) Corinne Jian (Taiwan) (852) 3922 5417 (852) 3922 3898 (813) 3512 6044 (603) 2059 8993 (8862) 2734 7522 (9122) 6720 4087 (603) 2059 8989 (632) 857 0899 (4420) 3037 4061 (4420) 3037 4271 (4420) 3037 4497 (8621) 2412 9035 (9122) 6720 4093 (813) 3512 7850 (65) 6601 0574 (612) 8232 3935 (9122) 6720 4355 (4420) 3037 4036 (852) 3922 1279 (852) 3922 5494 (852) 3922 4719 (852) 3922 4077 (813) 3512 7569 (852) 3922 3883 (852) 3922 4769 (852) 3922 1425 (813) 3512 7850 (852) 3922 1291 (852) 3922 3566 (9122) 6720 4093 (6121) 2598 8366 (822) 3705 8643 (603) 2059 8982 (632) 857 0899 (65) 6601 0182 (8862) 2734 7516 (662) 694 7753

Automobiles/Auto Parts
Janet Lewis (China) Amit Mishra (India) Clive Wiggins (Japan) Michael Sohn (Korea) Ismael Pili (Asia, Hong Kong) Victor Wang (China) Suresh Ganapathy (India) Nicolaos Oentung (Indonesia) Alastair Macdonald (Japan) Chan Hwang (Korea) Matthew Smith (Malaysia, Singapore) Alex Pomento (Philippines) Gilbert Lopez (Philippines) Dexter Hsu (Taiwan) Passakorn Linmaneechote (Thailand)

Pharmaceuticals and Healthcare

Utilities & Renewables

Inderjeetsingh Bhatia (India) Prem Jearajasingam (Malaysia) Alex Pomento (Philippines)

Banks and Non-Bank Financials

Property
Callum Bramah (Asia) David Ng (China, Hong Kong) Jeffrey Gao (China) Abhishek Bhandari (India) Andy Lesmana (Indonesia) Sunaina Dhanuka (Malaysia) Alex Pomento (Philippines) Tuck Yin Soong (Singapore) Corinne Jian (Taiwan) David Liao (Taiwan) Patti Tomaitrichitr (Thailand) Graeme Train (China) Matty Zhao (Hong Kong) Rakesh Arora (India) Adam Worthington (Indonesia) Riaz Hyder (Indonesia) Polina Diyachkina (Japan) David Liao (Taiwan) Chak Reungsinpinya (Thailand) Andrew Dale

Commodities
Colin Hamilton (Global) Jim Lennon Duncan Hobbs Graeme Train Rakesh Arora

Economics
Peter Eadon-Clarke (Asia, Japan) Aimee Kaye (ASEAN) Richard Gibbs (Australia) Tanvee Gupta (India)

Conglomerates
Alex Pomento (Philippines) Gilbert Lopez (Philippines) Somesh Agarwal (Singapore)

Resources / Metals and Mining

Quantitative / CPG
Gurvinder Brar (Global) Josh Holcroft (Asia). Burke Lau (Asia) Simon Rigney (Asia, Japan) Eric Yeung (Asia) Suni Kim (Japan)

Consumer and Gaming

Gary Pinge (Asia) Linda Huang (China, Hong Kong) Amit Mishra (India) Lyall Taylor (Indonesia) Toby Williams (Japan) HongSuk Na (Korea) Alex Pomento (Philippines) Somesh Agarwal (Singapore) Best Waiyanont (Thailand)

Strategy/Country
Viktor Shvets (Asia) Chetan Seth (Asia) Joshua van Lin (Asia Micro) Peter Eadon-Clarke (Japan) David Ng (China, Hong Kong) Jiong Shao (China) Rakesh Arora (India) Nicolaos Oentung (Indonesia) Chan Hwang (Korea) Yeonzon Yeow (Malaysia) Alex Pomento (Philippines) Conrad Werner (Singapore) Daniel Chang (Taiwan) David Gambrill (Thailand)

Technology
Jeffrey Su (Asia, Taiwan) Steve Zhang (China, Hong Kong) Nitin Mohta (India) Claudio Aritomi (Japan) Damian Thong (Japan) David Gibson (Japan) George Chang (Japan) Daniel Kim (Korea) Soyun Shin (Korea) Andrew Chang (Taiwan) Daniel Chang (Taiwan) Tammy Lai (Taiwan)

Emerging Leaders
Jake Lynch (China, Asia) Adam Worthington (ASEAN) Michael Newman (Japan)

Industrials
Janet Lewis (Asia) Patrick Dai (China) Saiyi He (China) Inderjeetsingh Bhatia (India) Andy Lesmana (Indonesia) Kenjin Hotta (Japan) Juwon Lee (Korea) Sunaina Dhanuka (Malaysia) David Gambrill (Thailand)

Telecoms
Nathan Ramler (Asia, Japan) Danny Chu (China, Hong Kong) Riaz Hyder (Indonesia) Prem Jearajasingam (Malaysia, Singapore) Alex Pomento (Philippines) Joseph Quinn (Taiwan)

Find our research at

Macquarie: www.macquarie.com.au/research Thomson: www.thomson.com/financial Reuters: www.knowledge.reuters.com Bloomberg: MAC GO Factset: http://www.factset.com/home.aspx CapitalIQ www.capitaliq.com Email macresearch@macquarie.com for access

Insurance
Scott Russell (Asia, Japan) Chung Jun Yun (Korea)

Software and Internet

David Gibson (Asia) Jiong Shao (China, Hong Kong) Steve Zhang (China, Hong Kong) Nitin Mohta (India) Nathan Ramler (Japan) Prem Jearajasingam (Malaysia) Alex Pomento (Philippines)

Asia Sales
Regional Heads of Sales
Robin Black (Asia) Chris Gray (ASEAN) Peter Slater (Boston) Jeffrey Shiu (China & Hong Kong) Thomas Renz (Geneva) Bharat Rawla (India) Chris Gould (Indonesia) Miki Edelman (Japan) John Jay Lee (Korea) Ruben Boopalan (Malaysia) Gino C Rojas (Philippines) Eric Roles (New York) Paul Colaco (New York) (852) 3922 2074 (65) 6601 0288 (1 617) 598 2502 (852) 3922 2061 (41) 22 818 7712 (9122) 6720 4100 (6221) 515 1555 (813) 3512 7857 (822) 3705 9988 (603) 2059 8888 (632) 857 0861 (1 212) 231 2559 (1 212) 231 2496

Regional Heads of Sales contd

Sheila Schroeder (San Francisco) Erica Wang (Taiwan) Angus Kent (Thailand) Angus Innes (UK/Europe) Sean Alexander (Generalist) Justin Crawford (Asia) (1 415) 762 5001 (8862) 2734 7586 (662) 694 7601 (44) 20 3037 4841 (852) 3922 2101 (852) 3922 2065

Sales Trading contd

Mike Keen (Europe) Chris Reale (New York) Marc Rosa (New York) Stanley Dunda (Indonesia) Suhaida Samsudin (Malaysia) Michael Santos (Philippines) Isaac Huang (Taiwan) Dominic Shore (Thailand) (44) 20 3037 4905 (1 212) 231 2555 (1 212) 231 2555 (6221) 515 1555 (603) 2059 8888 (632) 857 0813 (8862) 2734 7582 (662) 694 7707

Regional Head of Distribution Sales Trading

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

alvina.chia@asia.bnpparibas.com FIRST LAST 07/10/13 12:22:28 AM BNP Paribas (Singapore) {Asset Mgmt}