Questionnaire on Consumer Durable Retail by nps20963

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                                     July 2011

  ANALYTICS                Boston, Massachusetts

         Canback Dangel overview

         Management consulting

         Market research

         Global databases

Canback Dangel was founded in 2004 with the goal of applying predictive insights techniques to
management problems
                      CANBACK DANGEL                                                                  Dr Canback has spent 26 years as a
  Founded in 2004 by Staffan Canback and Justin Dangel to                                             management consultant to senior
                                                                                                      management. Between 1984 and 1994, he
  bring newly developed, scientific approaches to management
                                                                                                      was a consultant at McKinsey & Co, where
  practices                                                                                           he was elected partner in 1989. He was a
                                                                                                      partner at Monitor Company 1994-2003
  Serves leading consumer-facing companies in consumer                                                and global leader of their financial services
  goods, retail, financial services and telecom sectors with a                                        practice
  focus on strategic opportunities in emerging countries
                                                                                                      His doctoral research on diseconomies of
                                                                                                      scale in large corporations from Brunel
  Uses predictive analytics to help clients draw reliable, fact-
                                                                                                      University won the EDAMBA award for best
  based conclusions about the future based on sophisticated                                           European dissertation in 2003. He holds an
  analyses of internal and external data                                                              MBA from Harvard Business School which
                                                                                                      he attended as a Fulbright Scholar and an
  Uniqueness based on integrative consulting capabilities,                                            MSc from the Royal Institute of Technology
  empirically derived market and consumer models, proprietary               Staffan Canback and son
                                                                                                      Dr Canback has lived in Sweden, India, the
  databases and global presence
                                                                                                      United States, Mexico, England and
                                                                                                      Denmark and his consulting work spans all
  Speak the language of senior management                                                             continents

  Works on the same types of issues as McKinsey & Co, Bain                                            He is married to Charlotte and has three
  & Co and the Boston Consulting Group                                                                sons

  The smallest client since our founding has $7 billion in
  revenue; the largest $79 billion                                       Mr Logan is a practice leader at
                                                                         Canback Dangel and head of the global
                                                                         consulting center of competence. He
                                                                         has worked on client projects through-
                                                                         out the world and is an avid traveler
                                                                         Prior, he was a virology scientist leading
                                                                         viral load retention studies and creating
                                                                         modeling specifications for new product
                                                                         development. He has extensive expe-
                                                                         rience with statistical analysis tools. He
                                                                         holds an MBA from Boston College                                  Jesse Logan
                                                         Boston office
Canback Dangel world view

                   Managerially Relevant—Analytically Robust

                   Within 20 years, all important executive decisions in large corporations
                   will be supported by predictive analytics

                   To see patterns where others see chaos

                   To be really useful

Canback Dangel works mainly in four consumer-facing sectors where we have distinct
competitive advantages based on methods and experience

                                Capturing exciting but hard to understand opportunities for durable and
                                non-durable goods, such as assessing new category potential in Asia or
                                developing a market entry strategy in Africa

                                Predicting trends in retailing to inform strategic decisions, for example
              RETAIL            choosing store formats in Latin America and forecasting the evolution of
                                modern trade in the Philippines

                                Optimizing credit card, retail banking and consumer finance operations,
                                including creating a pricing strategy for credit cards in Europe and defining
                                optimal mix of ATM and retail branches for bank in sub-Saharan Africa

                                Assessing future demand in global markets, such as predicting new
                                subscriber growth in Central America and analyzing profitability prospects
                                for a third market entrant in China

Canback Dangel works on management consulting and market research projects around the
world, while database management is centralized in Boston
                                                        SERVICE LINES
                              Management                     Market                           Global
                               consulting                   research                        databases

      AMERICAS &
     Boston (lead office)
     Alexandria, Egypt
     Mexico City
     São Paulo

     Beijing (lead office)
     Pune, India

                                                      Market research affiliates

                                             Markwald, La Madrid y Asociados, Argentina
                                             Quali Research, Brazil
                                             Mainland Marketing Research Company, China
                                             ValueNotes, India
                                             Berumen y Asociados, Mexico
                                             Inspira Research Consulting, The Philippines

Since its start in 2004, Canback Dangel has completed projects in all parts of the world for
consumer-facing companies (1 of 3)
        CLIENT                CATEGORY         GEOGRAPHY           YEAR                                    PROJECT
Global beverages       Beverages             Colombia               2011      Develop a dynamic (5 year horizon) consumer segmentation model
Confidential           Confidential          Caribbean              2011      Strategic and operational due diligence of acquisition candidate
Global management                            Africa                 2011      Pan-African study of prosperity and poverty trends isuing C-GIDD as
consulting firm                                                               a base
Confidential           Confidential          Central America        2011      Market entry strategy
Confidential           Confidential          Brazil                 2011      Strategic and operational due diligence of acquisition candidate
Consumer goods         Foods                 Peru                   2011      Develop capacity expansion strategy with 20 year horizon
Global beverages       Beverages             Latin America          2011      Probabilistic target setting for business unit performances
Global beverages       Beverages             Latin America        2010-2011   Developing pan-Latin America pack mix strategy
Global beverages       Beverages             El Salvador,           2010      Build market growth and consumer demand model
company                                      Honduras,
Global beverages       Beverages             Ecuador                2010      Build market growth and consumer demand model
Italian FMCG company   Consumer goods        Albania                2010      Assess opportunities for branded FMCG
UK FMCG company        Confidential          Argentina, Brazil,     2010      Acquisition due diligence
UK global beer company Beverages             Ghana                  2010      Assessed the opportunity for a new beverage in the Ghanaian
UK global beer company Beverages             Viet Nam               2010      Develop macro-economic regional model underlying consumer
                                                                              demand model
Colombian beer company Alcoholic beverages   Latin America          2010      Research country-by-country changes in VAT and excise taxes for
                                                                              alcoholic beverages
UK global beer company Beverages             Czech Republic         2010      Develop competitive strategy
Latin American beer    Beverages             Peru                   2010      Build market growth and consumer demand model
Latin American beer    Beverages             Latin America          2010      Develop strategy for capturing light beer opportunities

Since its start in 2004, Canback Dangel has completed projects in all parts of the world for
consumer-facing companies (2 of 3)
          CLIENT                   CATEGORY     GEOGRAPHY         YEAR                                 PROJECT
UK FMCG company             Beverages         Mexico, Brazil      2009   Acquisition due diligence
Latin American beer         Beverages         Ecuador             2009   Build market growth and consumer demand model
Latin American FMCG         Beverages         Colombia            2009   Build market growth and consumer demand model
US branded foods company    Food              Russia, Poland,     2009   Build dataset for predictive analysis to evaluate marketing drivers'
                                              Ukraine, Romania,          impact on demand
UK global beer company      Beverages         Global              2009   Quantify country-by-country market opportunities and consumer
                                                                         demand drivers
Global telecom company   Cellular services    Cote d'Ivoire       2008   Develop geographic infrastructure deployment model
US branded foods company Food                 USA                 2008   Develop retailer-centric strategy to counter private labels
US branded foods company Food                 Brazil, China,      2007   Create business plan for new type of functional food with
                                              Mexico,                    revolutionary health benefits
US branded foods company Food                 Brazil              2007   Predictive insights on market prospects, consumer preferences, and
                                                                         trade development
US branded foods company Food                 Germany             2007   Predictive insights on market prospects, consumer preferences, and
                                                                         trade development
US household and personal Personal care       Brazil, Russia,     2007   Assessment of modern retail trade trends
products company          products            India, Indonesia,
US branded foods company Food                 Argentina, Mexico   2007   Market entry strategy based on consumer insights and trade
US branded foods company    Food              India               2006   Assess future market in category and 11 sub-categories
US household and personal   Personal care     Russia              2006   Market sizing and demand predicting
products company            products
US household and personal   Personal care     Russia              2006   Regional pricing analysis for premium brands
products company            products
US household and personal   Personal care     Global              2006   Market sizing and short-term forecasting for resource allocation
products company            products
US household and personal   Personal care     Latin America       2006   Market sizing and demand predictions
products company            products
US household and personal   Personal care     China               2006   Market sizing and demand predictions
products company            products
Since its start in 2004, Canback Dangel has completed projects in all parts of the world for
consumer-facing companies (3 of 3)
         CLIENT                 CATEGORY             GEOGRAPHY         YEAR                                      PROJECT
US household and          Personal care products   China, India,        2006      Provincial pricing analysis to support tiered pricing strategy
personal products                                  Indonesia
US branded foods          Food                     China              2005-2006   Predictive insights on market prospects, consumer preferences, and
company                                                                           trade development
US branded foods          Food                     Russia             2005-2006   Predictive insights on market prospects, consumer preferences, and
company                                                                           trade development
US household and          Personal care products   US, UK, Germany,     2005      Analysis of interactions between low-end and premium products
personal products                                  France, Japan
US telecommunications Cellular services            China                2005      Strategic evaluation of market prospects
US telecommunications Cellular services            China                2005      Profitability analysis for third market entrant
International development Banking                  Sub-Sahara           2005      Market sizing and forecasting with demand driver analysis
International development Cellular services        Sub-Sahara           2005      Market sizing and forecasting with demand driver analysis
German consumer           Household appliances     Russia             2004-2005   Market sizing and demand predictions for three product categories
products company
German consumer           Household appliances     Russia             2004-2005   Market sizing and demand predictions for three product categories
products company
Global FMCG company Imaging                        USA                  2004      Evaluate acquisition of world's leading imaging company


         Canback Dangel overview

         Management consulting

         Market research

         Global databases

Canback Dangel prefers fundamental analysis of primary data over conceptual frameworks,
achieving greater accuracy in problem solving at a lower cost

                                             MANAGEMENT CONSULTING INDUSTRY S-CURVE

                                       - Datasets at the
                                         center of problem-            Predictive                  A new paradigm
                                         solving                       analytics                   with higher
                                       - Repeatability and                                         performance

                                         scalability for

                                      - Conceptually based                                        Few, if any, break-
                                        problem-solving           Traditional                     throughs since the
                                      - Experience preferred      management                      early 1990s
                                        over hard analysis        consulting

                                      1900                 1960        1990     2011    Time

                                             “The future is already here, it is just unevenly distributed”

Around half of our consulting practice is strategy work for the most senior executives of our
                                   EXAMPLES OF CANBACK DANGEL’S STRATEGY WORK

                      Acquisition Support                                            Strategy Development

   $5 billion FMCG acquisition in Brazil                           Global competitive strategy for beverages company
   • Had consulting responsibility for strategic and operational   • New client: awarded contract in competition with two
     due diligence, working with acquirer‘s executives. Effort       global management consulting firms already working with
     included 30 executives/consultants over several months          client
   • Displaced McKinsey & Co as preferred consultant for due       • Effort covered 74 countries on all continents in 5
     diligence and became sole consultants                           categories and lasted 2 years
                                                                   • Supporting the effort was a massive data collection,
   $2 billion acquisition in the Caribbean                           structuring and statistical analysis effort done in Boston
   • Had consulting responsibility for strategic and operational
     due diligence, working with acquirer‘s executives. Effort     Global strategy in “unstructured” market
     included 15 executives/consultants over two months            • The client perceived a global opportunity in markets that
   • Sole consultants in effort                                      so far had been country-specific
                                                                   • Little information existed and there was no established
   $8 billion acquisition in Mexico/Brazil                           way to think about the opportunity; even terminology and
   • Responsible for demand modeling and market                      product classification did not exist
     opportunity assessment                                        • Our task was to develop a way to think about this white
   • Worked in parallel with global consulting firm                  space and to quantify the opportunity at hand, resulting in
                                                                     a blueprint for the path forward

   $12 billion acquisition the United States
                                                                   Country strategy in Ghana
   • Generated original idea and developed blueprint for deal
                                                                   • Assessed market attractiveness for new FMCG category
   • Deal turned down after initial feasibility assessment
                                                                   • Developed affordability-based strategy

The other half of our consulting practice is functional work in market development, marketing,
and other customer-focused functions
                                 EXAMPLES OF CANBACK DANGEL’S FUNCTIONAL WORK

              Opportunities for light   1. We collected data in all Latam countries    3. Drivers of demand and market expansion
              beer in Latin America        through visits, local researchers and our      opportunities were statistically analyzed
                                           Mexico-based telephone bank                 4. Findings were presented in a managerially
                                        2. This primary data was augmented by             relevant way as a narrative—not as a set
                                           purchased data                                 of analyses

              Functional foods in
              China, Philippines,       1. The client wanted to understand if          3. By integrating consumer and epidemio-
              Mexico and Brazil            intestinal parasites could be fought           logical data, we prioritized opportunities
                                           by an additive to established foods         4. The result was a go-to-market blueprint
                                        2. Our team determined the nature of the          for four countries
                                           parasite problem around the world

              Marketing mix
              modeling in Russia,       1. The client want reasonable marketing mix 3. Another team developed the models using
              Poland, Romania,             models for 2-3 categories per country,      the traditional marketing mix approach
              Turkey and Ukraine           even though data quality was mixed       4. The result was insights on key demand
                                        2. A team collected and harmonized data        levers and a reusable tool for local analysts
                                           in a structured database for repeat use

              Competing with
              private label in the      1. Our client faced increased competition      3. Our team then applied this to 25 food cate-
              United States                from private label during the recession        gories to determine which were most at
                                        2. We reviewed academic research and              risk and why
                                           built a model that included the switching   4. Based on this, supermarket chain-specific
                                           drivers                                        strategies were developed

Integration is in our name and in our blood—we bring together quantitative and qualitative,
internal and external, macro and individual perspectives, different methods across disciplines

                              WORK MODULES

          Economics &                                    Markets                     PROJECT SPOTLIGHT
                             Consumer Insights
          Demography                                     & Trade
                                                                                  Predicted market potential for
                                                                                  a revolutionary OTC health
                                                                                  product in four developing

                                                                                  Work spanned epidemio-
                                                                                  logical research, regional
                                                                                  market sizing, consumer
                                                                                  insights, concept testing, retail
                        Golder-Tellis Predictive Model
                                                                                  trends, finance

                                                                                  Integrated, financial model for
                                                                                  assumption sharing and
                                                                                  scenario testing
                             Financial Modeling

Pooling data is a statistical technique for making comparisons, but pooling is also a mindset that
we bring to each problem that allows us to benefit from the past when predicting the future


                                                                             PROJECT SPOTLIGHT
                                                                Understand opportunity for cheese in China

                                                                Three levels of pooling, across factors identified
                                                                by Golder Tellis predictive model

                                                                   – Regression model including 15 countries
             Category                Market Presence                 both similar and different to China to spot
             Demand                   (Distribution)
                                                                     common trends

                                                                   – In-depth study of product‘s prior success in
                                   Marketing Spending                South Korea, Japan and Taiwan and factors
                                                                     responsible for growth

                                    Consumer Benefits              – Discovered antecedent products whose
                                                                     growth is a leading indicator

We work in deep collaboration with our clients. We will be on the ground at the client whenever
this is useful. We can work as part of integrated Client/Canback Dangel teams using client‘s
methods and templates, or independently when an outsider‘s perspective is required                                                           D
                                                                                                                                      Strategic activity
                                          EXAMPLE OF WORK PROCESS
                                                                                                                                      Technical activity

                     Scope the               Gather and
                      problem               structure data                Analyze data
                                                                            and draw
                   Inventory client        Do supplemental                conclusions
                  and external data        market research

     Timing          3 - 4 weeks             4 weeks                       4 - 6 weeks                      4 weeks

     Activities    • Create issue         • Create master            • Decide on statistical and       • Merge statistical
                     analysis               databases                  non-statistical methods           findings with strategic
                   • Assess data          • Clean data                 to use                            logic
                     availability and     • Do test analyses to      • Run regressions and             • Create governing
                     quality                verify data integrity      check accuracy, validity,         thought and storyline
                   • Define model         • Collect qualitative        and predictiveness              • Support logic with
                     specifications         and quantitative         • Express key results in            relevant facts
                   • Specify work           market data to             managerial terms                • Develop
                     process                contextualize                                                recommendations
     Output        • Issue and process    • Fact base                • Qualitative and                 • Recommendation-
                     map                  • First analyses             quantitative findings             driven report with
                   • Structured             collected into what      • The emerging narrative            storyline and
                     information            later becomes the                                            supporting evidence
                     repository             appendix
     Location      • Kick-off at client   • Progress review at       • Progress review (the            • Final review
                   • Most work at           client (the ―Appendix‖     ―Findings‖ meeting              • Joint effort at client for
                     Canback Dangel         meeting                  • Joint effort at client for        1-2 weeks
                   • Remote meetings      • Remote meetings            1-2 weeks                       • Remote meetings
                                                                     • Remote meetings


         Canback Dangel overview

         Management consulting

         Market research

         Global databases

Canback Dangel has built a world-class capability in conducting market research in emerging

                Our consulting efforts have led us to build an expertise in market research since traditional
                research firms lack the management perspectives and statistical analysis knowledge we need
                to build predictive models

                By now, we have such deep experience in conducting market research, particularly in
                emerging countries, that we offer this service on a standalone basis

                                       We are adept at designing and managing surveys for such purposes
                 CONSUMER              such as quantifying demand drivers, identify consumer segments or
                 SURVEYS               testing product concepts. We have relationships with local research
                                       firms around the world to conduct fieldwork

                                       We have developed a proprietary service called Sibyl Sessions to
                 SIBYL                 elicit expert opinion efficiently. A Sibyl Session is aimed at finding
                 SESSIONSSM            demand tipping points for products and services and can be
                                       conducted either live or virtually over the Internet

We have the capacity and experience to handle large-scale consumer surveys such as this
example from Brazil, China, Mexico and the Philippines
                                                                   PROJECT STRUCTURE

                                                                    Specification and analysis
                                                                         Canback Dangel
                                                                          Boston team
   Conducted a recent survey with
   more than 4,700 respondents in
   15 cities
                                         Canback Dangel local teams working in collaboration with in-country client offices

   Drafted questionnaire outline in         Brazil                China                  Mexico                Philippines
   concert with headquarters team       Antonio Farini         Jennifer Yan          Francisco Maciel       Albert Cuadrante
   to ensure survey objectives
   addressed                                      Survey design, city selection and questionnaire characteristics

   Refined questionnaire with
   country teams to adapt to local          3 cities             3 cities                4 cities               5 cities
   conditions                          900 respondents      1,260 respondents       1,100 respondents      1,500 respondents

   Managed fieldwork contractors                                                                 Raw response
   and provided quality control              Questionnaire                                           data files
                                             Data map
   Analyzed responses and                           Third-party researchers contracted for survey fieldwork
   delivered separate A&U-style
   reports for each country                                                             Berumen y
                                        Quali Research           Synovate                                      TNS Global

Further, we are experts in conducting small-scale consumer surveys aimed at deriving direction-
setting insights

                   Canback Dangel’s sophisticated multivariate techniques extract the full richness from small
                            sample sizes, allowing our clients to get results fast and inexpensively

                                                                             COMPARISON OF APPROACHES
                  PROJECT SUMMARY
                                                                           Traditional               Canback Dangel
          Client needed consumer input for                             large sample size            small sample size
          market assessment in China                               Can be expensive and         Quick turnaround and
                                                                   time consuming               cost-effective
          Xingxing Liu of our Beijing office
          coordinated a survey of 450                              Analysis typically based     Analysis based on
          consumers in 3 Chinese cities                            on tabulation of             regression techniques
                                                                   responses                    (ordered probits)
          Obtained results of two recent                           Often requires booster or    Rarely requires additional
          academic studies in China and Taiwan                     new survey to be             fieldwork, as quotas can
                                                                   representative of            be simulated in analysis
          Pooled data from our survey with                         consumer base                stage
          previous studies for statistical analysis
                                                                   Standalone results that      Easily integrated with
          Findings revealed a significant                          are difficult to integrate   other data sources such
          opportunity, and provided clear                          with previous studies or     as previous surveys and
          guidance for achieving success                           qualitative research         focus groups findings

Another unique market research tool is our Sibyl SessionSM, which efficiently solicits expert
opinions on trends

            A Sibyl* Session brings together 8-
            10 experts (academics, industry                                          PROJECT SUMMARY
            experts, opinion influencers) in a 4
            hour session moderated by a                        Mattias Johansson of our Moscow office convened a Sibyl Session
            facilitator                                        exploring major trends in Russian society for a consumer goods
            Participants offer opinions on
            thematic questions, e.g. emerging                  The 10-person panel included representatives from advertising,
            cultural trends; findings are codified             journalism, public relations, marketing and politics
            in a report and important findings
            are quantified                                     Significant findings centered around the importance of the 2008
                                                               elections, what constitutes a ‗healthy‘ lifestyle, national
            The session provides long-term                     infrastructure development and the perception of foreign products
            perspectives, predicts disruptive
            changes in society, and/or explores
            issues that are difficult to discuss in
            consumer focus groups                                         SIBYL SESSION PARTICIPANTS IN MOSCOW

            A virtual Sibyl Session utilizes an
            online chat room, permitting client
            executives to participate and
            interact with the expert panel

* The Sibyl at Delphi was the preeminent oracle in antiquity                                                                        21

         Canback Dangel overview

         Management consulting

         Market research

         Global databases

The Canback Global income distribution database (C-GIDDSM) is used to quantify market size
and demand drivers. C-GIDD is the only commercial database of its kind in the world
          The world's only database with household                  Quantify number of households at specific
          income and spending data for 210 countries                income or socioeconomic levels
          with 690 subdivisions and 1,006 cities
                                                                    Compare consumer market sizes across
          Complemented with modules containing                      geographies in a uniform way
          social, demographic and psychographic data
                                                                    Merge with actual market data to spot new
          Data available at national, provincial, city and          or under-developed opportunities
          rural levels
          Visit for more information

                                                                             EXAMPLE: NUMBER OF MIDDLE
                             C-GIDD CONTENT                                     CLASS HOUSEHOLDS *
                                                                                            Millions, 2007

                                                                          Moscow                                      1.8    3.6
              C-GIDD              C-GIDD
              income             economic,                            Mexico City                           1.2              4.6
         distribution data     demographic,      C-GIDD
                                 social and     benchmark
                                                                        Shanghai                         1.1                 4.2
         Available as a        psychographic   products and
          commercial               data        services data
                                                                       São Paulo                      0.9                    4.9
           service at
              Internal to    Internal to
                                  Canback        Canback                  Mumbai             0.4                             2.1
                                   Dangel         Dangel                                               Total no. of
                                                                            Manila           0.4       households            3.4

                                                                    * ABC+ class households, AMAI socioeconomic definition

In addition to C-GIDD, we have built other proprietary databases and models that we use to
identify client opportunities

                                              Location, size and store format of retail chains in Brazil,
                GLOBAL RETAILER
                                              China, India, Mexico, the Philippines and Russia

                                              This predictive model gives our clients a way to estimate
             GLOBAL EXCHANGE RATE             the most likely exchange rate movements with a 3-10 year
               PREDICTOR (GERP)               horizon (it is not intended for short-term speculation)

                                              Operating metrics from 74 cellular providers in 36
                                              countries to predict operator profitability and growth
              ANALYSIS TOOL (COAT)

In addition, we develop Excel-based predictive models both as part of consulting projects and as
a standalone service in categories where we have deep expertise, utilizing our databases

Canback Dangel contact information

   Canback Dangel LLC                   Dr Staffan Canback                     Jesse Logan                     Charlotte Heyden
   One Davis Square, Suite 300          Managing Director                      Consumer Goods & Retail         Financial & Cellular Services
   Somerville MA 02144                  Tel: +1-617-399-1300                   Practice Leader                 Practice Leader
   Tel: +1-617-399-1300                 Cell: +1-617-818-4963                  Tel: +1-617-399-1300            Tel: +1-617-399-1300
   Web:              Email:            Cell: +1-781-640-7458           Cell: +1-617-953-2865
                                                                               Email:       Email:


                  BRAZIL                               MEXICO                               EUROPE                           RUSSIA
   Canback Dangel do Brasil             Canback Dangel Mexico                  Canback Dangel Europe           Canback Dangel Russia
   Rua Com. Miguel Calfat 128           Presa la Angostura 133                 13 The Quadrangle               Riverside Towers Business Center
   1101 Vila Olimpia                    Col. Irrigacion                        London W2 2RN                   Kosmodamianskaya 70
   São Paulo - SP 04537-080             11500 Mexico, D.F.                     England                         Naberezhnaya 52/1
                                                                                                               Moscow 115 054

   Giancarlo Spata                      Francisco Maciel Morfin                Marco Toja                      Mattias Johansson
   Tel: +55-11-3846 9668 or 8187 7801   Tel: +52-55-8421-3620                  Tel: +44-207-706 2895           Tel: +7 910 490 20 00
   Email:           Email:             Email:        Email:


                   CHINA                                INDIA                             PHILIPPINES                  SOUTHEAST ASIA
   Canback Dangel Liu                   Canback Dangel Research                Canback Dangel Philippines      Canback Dangel SEA
   Suite 903B, Rongxin Tower            ValueNotes Database Pvt. Ltd.          Quadstar Building, 2nd Floor    Battery Road #31-00
   S. Square, Beijing W. Station        303 / 304, 3rd Floor, Venus Point      #80 Ortigas Ave.                Singapore 049909
   Beijing, 100055                      1226/1, Off F.C. Road                  Greenhills, San Juan 1500
                                        Pune 411 004                           Metro Manila

   Dr Xingxing Liu                      Varsha Chitale                         Albert Cuadrante                Matti Karinen
   Managing Director                    Tel: +91-20-5601-0423 or 24            Tel: +63-2-726 2421             Tel:+852-8193 4006
   Tel: +86-10-8399 3522 or 3523        Email:            Email:   Email:


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