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June 2010
We are witnessing an increase in the average project size, tightening of prequalification norms and unfavorable geographical concentration of highway projects. Although the aggregate opportunity size remains about INR1.9t, cherry-picking the right project is gaining importance. IRB Infrastructure has won only 3% market share year to date, implying cautious bidding. IL&FS Transportation Networks has captured the highest share, at 9%. Our analysis of recent bids reveals that some smaller players were very aggressive bidders. Competition remains fragmented, implying a positive effect from the changes recommended by the B K Chaturvedi Committee. We expect this trend to reverse in the case of mega projects (tighter restrictions). The Dedicated Freight Corridor (DFC) is the next biggest opportunity in the railways segment (INR650b). The progress has been slow with only two partial stretches having been awarded so far. Partial financing has been tied up with multilateral agencies and a Japanese agency. Land acquisition remains the biggest challenge. L&T should be a major beneficiary in our sector coverage. Finally, metro projects are showing some progress. Hyderabad Metro (INR121b) will be re-bid in July 2010. Two other projects Jaipur (INR75b) and Pune (INR79b) are on the anvil. L&T and Reliance Infrastructure could be major beneficiaries of these opportunities.
This product has been prepared in collaboration with Feedback Ventures. Refer page 20 for details. BNP Paribas research is available on Thomson Reuters, Bloomberg, and on http://equities.bnpparibas.com. Please contact your salesperson for authorisation. Please see the important notice on the inside back cover.
Shashank Abhisheik
BNP Paribas Securities India Pvt Ltd (91 22) 6628 2446 shashank.abhisheik@asia.bnpparibas.com
22 JUNE 2010
Contents 1) Changes in national highway business opportunity................................................................................................................ 3 Change in average project size of the balance NH pipeline ................................................................................................ 3 Change in pre-qualification norms....................................................................................................................................... 3 Change in geographical concentration ................................................................................................................................ 3 2) Project pipeline: Is it getting riskier? ........................................................................................................................................ 4 What are the naxal-affected areas? .................................................................................................................................... 4 Why is this issue a big deal? ............................................................................................................................................... 4 Who is affected? What to watch out for?............................................................................................................................. 4 How to tackle the issue? What are the steps taken by the government? ............................................................................ 4 3) Analysis of recent bids ............................................................................................................................................................... 5 Annuities versus Tolls ......................................................................................................................................................... 5 Fragmented competition...................................................................................................................................................... 5 Are the bids aggressive?..................................................................................................................................................... 6 4) Dedicated Freight Corridor......................................................................................................................................................... 8 Project administration.......................................................................................................................................................... 8 Dedicated freight lines......................................................................................................................................................... 8 Logistic parks ...................................................................................................................................................................... 8 Funding ............................................................................................................................................................................... 9 Technologically advanced ................................................................................................................................................... 9 Projects awarded ................................................................................................................................................................ 9 Major challenges ................................................................................................................................................................. 9 5) Metro projects............................................................................................................................................................................ 11 Hyderabad metro .............................................................................................................................................................. 11 Jaipur metro ...................................................................................................................................................................... 12 Pune metro........................................................................................................................................................................ 12 6) About Feedback Ventures ........................................................................................................................................................ 14
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Cover page pictures courtesy: Mumbai Metro I - Reliance Infrastructures Mumbai Monorail Larsen and Toubro Naini-Allahabad Bridge HCC with Hyundai E&C
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How to tackle the issue? What are the steps taken by the government?
In almost all infrastructure projects, the onus of land acquisition is on the government. Private developers typically start work after the possession of land has been given. However, in certain cases, we believe effective execution of the project is ensured if the private developer works with the government in educating the benefits of development and inclusive growth. For instance, in highways, the NHAI has the option to award the projects on BOT-Toll or BOT-Annuity or EPC basis. In naxal-affected areas, the choice is typically annuity (eliminates traffic risk) or EPC (eliminates ownership risk) contracts. Therefore, by reducing or eliminating certain risks from the projects, NHAI can still award these projects and ensure development in the naxal-affected areas.
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Annuity 28%
Annuity 34%
Toll 72%
Toll 66%
Fragmented competition
Competition in the market remains fragmented. The highest market share was garnered by IL&FS Transportation Network (ILFT IN, CP: INR289; Not rated) with a 9% share of the total awards in the universe. Nagarjuna Construction (NJCC IN, CP: INR188, BUY), Reliance Infrastructure (RELI IN, CP: INR1,188, BUY), Hindustan Construction, Soma (in consortium; not listed), Transtroy (in consortium; not listed), Navyuga (in consortium; not listed), and IVRCL (IVRC IN, CP: INR185, BUY) were other major gainers (5% or more market share). IRB Infrastructure (IRB IN, CP: INR276, BUY) bagged one project that translates into 3% market share. Exhibit 3: Fragmented Competition
IL&FS 10%
NCC 8% RELI 8%
OrientalLeighton 5%
Navyuga 6%
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TPC Quazigund-Banihal Forbesganj - Jogbani Muzaffarpur - Sonbarsa Trichy-Karaikudi including Trichy bypass Dindigul-Theni- and Theni-Kumli Sect Chhapra - Hazipur Jammu to Udhampur Chennai Nashri Udhampur Ramban Bhopal-Sanchi Jorbat-Shillong (SARDP) Srinagar Banihal
Sources: NHAI; BNP Paribas
Bidder Navyuga KPCL Coastal SREI GPT Infraprojects/RDS Projects (annuity) JKM Infra Projects Pvt Ltd. BSC-C&C Madhucon Transstroy (I) Pvt Ltd GVR Infra Transstroy - OJSC consor GVR Galfar Madhucon BSC & C&C Shapoorji Gammon ILFS Gammon SREI Gulfar BSC & C&C Pratibha JMC IL&FS Oriental Ramky BSC & C&C
L1 L2 L1 735 L2 L1 3,120 L2 L1 3,740 L2 L1 5,010 L2 L1 6,910 L2 L1 18,140 L2 L1 25,190 L2 L1 9,710 L2 L1 2,090 L2 L1 2,170 L2 L1 11,010 L2 19,870
Bid (INR m) 2,450 3,334 71 100 524 640 213 344 205 371 654 879 2,019 2,350 3,175 3,600 1,356 1,499 130 157 725 739 1,348 1,380
Toll-based projects bid on a grant to be received from NHAI: In these projects, the concessionaire would receive a grant from the NHAI during the construction period. This grant is to augment toll revenues, which were insufficient to provide an adequate return on the construction and other O&M costs. Here, the aggressive bid is the one where the difference between the winning bid and the next best bid as a proportion of the total project cost is higher than the average.
TPC Kar/Ker Border to Kannur Tirupathi-Tirutani-Chennai Varanasi - Aurangabad Bijapur-Hungund section of NH 13 Hungund-Hospet section of NH13 Dankuni-Baleshwar Hyderabad - Bangalore of NH 7 Barhi-Hazaribagh
Sources: NHAI; BNP Paribas
Bidder Transstroy - OJSC Patel KNR Transstroy IRB Soma-Isolux Gammon-Macquarie SEL GMR-Oriental GMR-Oreintal (51:49) SEL NCC Soma Navayuga SEL Abhijeet
Bid (INR m) 1120 3490 550 1080 5640 7140 2736 2799 3409 3476 1240 1330 612 620 1392
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Toll-based projects bid on a premium: In these projects, the toll revenues are adequate to compensate for the costs incurred on the project. Hence, the concessionaire agrees to share a fixed amount of money with NHAI in the first year of operations, which increases by 5% per annum throughout the concession period. In this case, the difference between the net present values of the winning bid and the second best bid as a proportion to the total project cost would indicate whether a bid has been aggressive.
Bidder DLF-Gayatri Ashoka Buildcon GVK IRB IRB BSCPL RELI Ashoka Buildcon
Bid (INR m) (241) (51) (486) (270) (1404) (1271) (669) (602)
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Logistic parks
The DFC envisages setting up a complete supply chain that includes logistic parks located along railways. Multimodal Logistic Parks (MMLPs) are envisaged at selected locations along the DFCs. The locations for the logistic parks are Navi Mumbai, Vapi, Ahmedabad, Gandhidham, Jaipur, and Rewari on the Western Corridor and Ludhiana and Kanpur on the Eastern Corridor. This initiative will be through the Public Private Partnership (PPP) route. The total opportunity is worth INR200b. Beneficiaries are logistics companies such as Sical Logistics (SICL IN, CP: INR74; Not rated), World Windows Infrastructure (not listed), Container Corp of India (CCRI IN, CP: INR1,297; Not rated), DHL Logistics (not listed), Mahindra Logistics (not listed), Transport Corporation of India (TRPC IN, CP: INR117; Not rated), GATI (GTIC IN, CP: INR62; Not rated) and Adani Logistics (not listed). Exhibit 7: Implementation Phases Of The DFC
Corridor Stretch Distance Expected completion Western Phase I Phase II Phase III Eastern Phase IA Phase IB Phase II Sonenagar-Mughalsarai Mughalsarai-Khurja Khurja-Ludhiana na 710 kms 413 kms 2009-16 2010-16 2011-17 World Bank INR125b (USD2.5b) 5.50% Rewari-Vadodara Vadodara-JNPT Rewari-Dadri 920 kms 430 kms 140 kms 2009-16 2010-17 2010-17 JICA INR180b 0.20% Institution Financing amount Cost
Note: JICA: Japan International Cooperation Agency; ADB: Asian Development Bank; na: Not available Sources: DFCCIL; BNP Paribas
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Funding
DFCCILs most recent estimate of DFC is INR650b. This expenditure is likely to be funded in 2:1 debt-to-equity ratio. The sources of funds are the Ministry of Railways (MoR) internal generation, budgetary support, multilateral/bilateral agencies, PPP and debt. The World Bank has in principle approved USD2.5b for construction of the Mughalsarai-Khurja stretch on the Western Corridor. The Asian Development Bank (ADB) has proposed to provide technical assistance of USD1.5b for feasibility study of the 430km of Ludhiana-Khurja stretch on the Western Corridor. Both loans are at an annual interest of 5.5%. JICA has committed to INR180b at 0.2% for funding 920kms stretch between Rewari and Vadodara on the condition that at least 30% of the total equipment is sourced from Japan.
Technologically advanced
The DFC will employ technology that is more advanced than that used now. The corridor will be made of double lines with an upgraded design and dimensions of containers. The project aims to run double stack containers to carry goods such as passenger cars. The speed of the carriages will be enhanced to an average of 100kmph from the existing 50kmph. Increase in axle load from 23-25 tonnes to 32.5 tonnes and train load from 4,000 tonnes to 15,000 tonnes. Train dimensions will increase (length to double to 1,500 meters, height increase from 4.26 meters to 7.1 meters, width from 3.2 meters to 3.66 meters).
Projects awarded
Two major projects have been awarded on the Eastern Corridor: Soma Enterprises has been awarded an INR6.05b contract in February 2009. A consortium of B. Seenaiah and Co (not listed) and C&C Constructions (CCON IN; CP: INR243; Not rated) has been awarded a contract for INR7.81b.
Major challenges
Land acquisition is a major impediment. Examples, such as Kolkata Metro extension, Ajmer-Pushkar rail line and Munger Rail Bridge, are indicative of the challenges involved as these projects were delayed due to incomplete land acquisition. Additionally, land acquisition is much more difficult in crowded urban areas due to encroachments. The Indian Railways has special powers to acquire land for major infrastructure projects; a notification u/s 20E has been issued for acquisition of 6,000 hectares of land. Indian firms ability and capacity to execute large packages of specialized works in mechanized track-laying, electrification, and signalling work is limited.
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Stretch
Distance
Expected Completion
Current status
Vadodara-JNPT Rewari-Dadri
430kms 140kms
2010-17 2010-17
Land acquisition by mid-2011; civil contractor by end-2012; testing & commissioning by 2017 Land acquisition by mid-2011; civil contractor by end-2012; testing & commissioning by 2017
Phase II
Khurja-Ludhiana
413 kms
2011-17
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Metro projects
The previous editions of this newsletter have discussed contract awards in Kolkata, Bengaluru and Chennai metros which are being implemented on an EPC basis. This newsletter edition discusses two metro projects coming up on a PPP basis in Pune and Jaipur. We also provide an update on the Hyderabad metro, where financial bids are due in July 2010. Since the metro rail projects are not financially viable on their own, they need either viability gap funds (the Government typically allows a maximum grant of 40% of the project cost 20% from the Centre and 20% from the state) or bundling with real estate to enhance viability. Hyderabad and Jaipur are being planned as bundled metro rail and real-estate projects. Pune is likely to be awarded as a pure metro rail project, supported by grants from the Government and municipality.
Hyderabad metro
This project was earlier awarded to a consortium of Maytas Infra (MAY IN, CP: INR205; Not rated), Navabharat Ventures (NBVL IN; CP: INR428; Not rated), Ital Thai of Thailand (ITD TB, CP: THB3; Not rated) and IL&FS (not listed) in July 2008. However, since the consortium failed to achieve financial closure in the stipulated period, the contract was scrapped in July 2009, and is now being re-bid. Project length and features: Metro rail line of 71.16kms (fully elevated) and real estate development rights over 269 acres of land. Project cost: INR121.32b (metro rail component only). Short-listed bidders: The following bidders have submitted applications for prequalification for the project in response to the Global RFQ floated by Hyderabad Metro Rail. All eight bidders have pre-qualified for the RFP Phase of the project. Exhibit 9: Hyderabad Metro Short-listed Bidders
Larsen & Toubro Ltd Lanco Infratech-OHL Concesiones SL consortium Reliance Infrastructure-Reliance Infocomm consortium Essar-Leighton-Gayatri-VNR consortium GVK-Samsung C&T Corporation consortium GMR Infrastructure Ltd Transstroy-OJSC Transstroy-CR 18G-BEML consortium Soma-Strabag AG (Austria) consortium.
Source: Feedback Ventures
Timelines (for bidding, construction and concession period): The bid for the project is due on 14 July 2010. The concession period is for 35 years, which includes five years for construction of the metro. The concession period is extendable by another 25 years. Alignment: Hyderabad Metro Rail Project consists of three corridors joining important locations in the Hyderabad Metropolitan Region: Corridor-I : Miyapur to L B Nagar: 29.87kms; Corridor-II : Jubilee Bus Station to Falaknuma: 14.78kms; Corridor-III : Nagole to Shilparamam: 26.51kms. Key risks: Political uncertainty regarding the fate of Hyderabad in the wake of the Telangana issue has increased the political risk associated with the project.
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The high real estate component of the project, especially when Hyderabad real estate is in over-supply mode: The project envisages development of 269 acres of land to make it financially viable for investments. What the project would mean for the winning entity/consortium: Hyderabad Metro would be a prestigious project for the winning consortium. While the viability of the project largely rests on real estate development, the project would prove lucrative for developers who are able to tap the potential of the real estate component.
Jaipur metro
Jaipur Metro Rail project was planned as a Government-funded project until recently, when it was decided to use the PPP model. The project has been in the limelight recently due to the political will shown by Chief Minister Ashok Gehlot to ensure that the project is expedited. A Comprehensive Mobility Plan (CMP) survey outcome indicates that the population of the Jaipur region would be 6.7m by the year 2031, with the peak hour vehicular trip increasing 2.8 times from the current level. Project length and features: 28.5kms in Phase I (6.5kms underground, while 22kms is elevated). Project cost: INR75.03b (metro rail component only). Likely bidders: The project has generated high interest among many developers, many being first-time entrants in the metro rail arena. Timelines: All surveys and DPR completed for project to be undertaken on EPC basis. Government decided to implement the project on PPP basis in April 2010; the Planning Commission has indicated a viability gap funding of 20% from the Centre if executed through the PPP route. Government is in the process of appointing a consultant for preparing the bid documents and managing the award transaction. The bid process is likely to commence in about six months. Key risks: With the recent shift to the PPP model of operation for the metro, the project may get delayed by at least a year as fresh proposals are to be submitted for the Central Government nod. Lack of agreement over the applicability of PPP model of operation for the Jaipur metro. Planning Commission had raised concerns about the expected traffic for the metro; only 19% of Jaipurs population depends on public transport for commuting, so shifting them to the metro would take a long time and there would be a smaller traffic load for the proposed rail service. What the project would mean for the winning entity/consortium: The project is likely to have very high dependence on real estate revenues higher than other metro rail projects due to lower fare box revenues. Hence, the project viability remains a question mark until more details about project structuring are announced.
Pune metro
The Pune Metro project, conceptualized in 2006, has seen significant delays and local protests. With the current resolve of the Municipal Body to expedite the implementation process, the project is now likely to move faster. Pune Metro is currently being planned as a PPP project the proposed funding mix as given below.
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Project length and features: 42.5kms in Phase I; total envisaged length is 75.5kms (only 5kms underground, with the balance being elevated). Project cost: INR78.97b for the first component of 31.5kms (metro rail component only). Likely bidders: Likely to witness very high interest levels, as this is likely to be a pure metro rail project (no bundling with real estate) supported by viability grant funds from the Government. Pune is also considered very attractive due to its rapid growth and the Pune-Mumbai development corridor. Timelines: The timelines are yet uncertain for the Pune Metro due to the various unresolved issues related to the project. The DPR is ready (and approved by the Maharashtra Government) for the corridor falling with the limits of the Pune Municipal Corporation (PMC). Pimpri-Chinchwad Municipal Corporation (PCMC) PCMC asked DMRC to prepare a DPR for the metro route falling within PCMC limits in March 2010. (Pimpri and Chinchwad are suburbs of Pune city, with much of the industrial activity concentrated here). Key issues and reasons for delay: Lack of agreement on cost sharing between PMC and PCMC. Public dissent regarding past proposals to award high FSI in regions surrounding the metro rail alignment. Public dissent on choice of technology: Proposed standard gauge to be imported at high cost as against broad gauge, which is already available in India. Lower capacity of standard gauge trains means longer trains and, hence, longer platforms, stations and yards, resulting in higher cost. Assessed traffic not sufficient for Metro in the short term. Linear metro design for a city radial in shape. High number of intersections of tracks at various levels. What the project would mean for the winning entity/consortium: While we await the project contours to take final shape, Pune is a fast growing city and development of metro rail in the city would be an attractive project for the winning consortium.
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GAUTAM MEHTA
Associate BNP Paribas Securities India Pvt Ltd +91 22 6628 2413 gautam.mehta@asia.bnpparibas.com
KARAN GUPTA
Metals & Mining BNP Paribas Securities India Pvt Ltd +91 22 6628 2427 karan.gupta@asia.bnpparibas.com
SHASHANK ABHISHEIK
Infrastructure - E&C (Associate) BNP Paribas Securities India Pvt Ltd +91 22 6628 2446 shashank.abhisheik@asia.bnpparibas.com
AVNEESH SUKHIJA
Real Estate (Associate) BNP Paribas Securities India Pvt Ltd +91 22 6628 2432 avneesh.sukhija@asia.bnpparibas.com
LAKSHMINARAYANA GANTI
Capital Goods/Cement BNP Paribas Securities India Pvt Ltd +91 22 6628 2438 lakshminarayana.ganti@asia.bnpparibas.com
CHARANJIT SINGH
Capital Goods/Cement (Associate) BNP Paribas Securities India Pvt Ltd +91 22 6628 2448 charanjit.singh@asia.bnpparibas.com
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Utilities BNP Paribas Securities India Pvt Ltd +91 22 6628 2449 girish.nair@asia.bnpparibas.com
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SRIRAM RAMESH
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ABHIRAM ELESWARAPU
Tech - IT BNP Paribas Securities India Pvt Ltd +91 22 6628 2406 abhiram.eleswarapu@asia.bnpparibas.com
AVINASH SINGH
Tech - IT (Associate) BNP Paribas Securities India Pvt Ltd +91 22 6628 2407 avinash.singh@asia.bnpparibas.com
SAMEER NARINGREKAR
Tech - Telecom BNP Paribas Securities India Pvt Ltd +91 22 6628 2454 sameer.naringrekar@asia.bnpparibas.com
ABHISHEK BHATTACHARYA
Financial Services (Associate) BNP Paribas Securities India Pvt Ltd +91 22 6628 2411 abhishek.bhattacharya@asia.bnpparibas.com
JOSEPH GEORGE
Consumer BNP Paribas Securities India Pvt Ltd +91 22 6628 2452 joseph.george@asia.bnpparibas.com
MANISH A GUPTA
Consumer (Associate) BNP Paribas Securities India Pvt Ltd +91 22 6628 2451 manish.a.gupta@asia.bnpparibas.com
ANMOL GANJOO
Healthcare BNP Paribas Securities India Pvt Ltd +91 22 6628 2421 anmol.ganjoo@asia.bnpparibas.com
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NOTES
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NOTES
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NOTES
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DISCLAIMERS
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DISCLOSURES
ANALYST(S) Vishal Sharma, CFA, BNP Paribas Securities India Pvt Ltd, +91 22 6628 2441, vishal.sharma@asia.bnpparibas.com. Shashank Abhisheik, BNP Paribas Securities India Pvt Ltd, +91 22 6628 2446, shashank.abhisheik@asia.bnpparibas.com. 1 This report was produced by a member company of the BNP Paribas Group (Group) . This report is for the use of intended recipients only and may not be reproduced (in whole or in part) or delivered or transmitted to any other person without our prior written consent. By accepting this report, the recipient agrees to be bound by the terms and limitations set out herein. The information contained in this report has been obtained from public sources believed to be reliable and the opinions contained herein are expressions of belief based on such information. No representation or warranty, express or implied, is made that such information or opinions is accurate, complete or verified and it should not be relied upon as such. 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In most cases, therefore, our recommendation is an assessment of the mismatch between current market price and our assessment of current fair value. Rating distribution (as at 18 June 2010) Out of 540 rated stocks in the BNP Paribas coverage universe, 353 have BUY ratings, 108 are rated HOLD and 79 are rated REDUCE. Within these rating categories, 1.85% of the BUY-rated companies either currently are or have been BNP Paribas clients in the past 12 months, 4.82% of the HOLD-rated companies are or have been clients in the past 12 months, and 6.33% of the REDUCE-rated companies are or have been clients in the past 12 months. Should you require additional information please contact the relevant BNP Paribas research team or the author(s) of this report. 2010 BNP Paribas Group
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PT BNP Paribas Securities Indonesia Grand Indonesia, Menara BCA, 35/F JI. M.H. Thamrin No. 1 Jakarta 10310 Indonesia Tel (62 21) 2358 6586 Fax (62 21) 2358 7587
KUALA LUMPUR
BNP Paribas Capital (Malaysia) Sdn. Bhd. Suite 21.03 Level 21 Menara Dion 27 Jalan Sultan Ismail 50250 Kuala Lumpur Malaysia Tel (60 3) 2050 9928 Fax (60 3) 2070 0298
MUMBAI
BNP Paribas Securities India Pvt Ltd 6/F, Poonam Chambers B-Wing, Shivsagar Estate Dr Annie Beasant Road, Worli Mumbai 400 018 India Tel (91 22) 6628 2300 Fax (91 22) 6628 2455
SEOUL
BNP Paribas Securities Korea Co Ltd 22/F, Taepyeongno Building 310 Taepyeongno 2-ga Jung-gu, Seoul 100-767 Korea Tel (82 2) 2125 0500 Fax (82 2) 2125 0593
SINGAPORE
BNP Paribas Securities (Singapore) Pte Ltd (Co. Reg. No. 199801966C) 20 Collyer Quay #08-01 Tung Centre Singapore 049319 Tel (65) 6210 1288 Fax (65) 6210 1980
TAIPEI
BNP Paribas Securities (Taiwan) Co Ltd 72/ F, Taipei 101 No. 7 Xin Yi Road, Sec. 5 Taipei, Taiwan Tel (886 2) 8729 7000 Fax (886 2) 8101 2168
TOKYO
BNP Paribas Securities (Japan) Ltd GranTokyo North Tower 1-9-1 Marunouchi, Chiyoda-Ku Tokyo 100-6740 Japan Tel (81 3) 6377 2000 Fax (81 3) 5218 5970
NEW YORK
BNP Paribas The Equitable Tower 787 Seventh Avenue New York NY 10019, USA Tel (1 212) 841 3800 Fax (1 212) 841 3810
BASEL
BNP Paribas Aeschengraben 26 CH 4002 Basel Switzerland Tel (41 61) 276 5555 Fax (41 61) 276 5514
FRANKFURT
BNP Paribas Mainzer Landstrasse 16 60325 Frankfurt Germany Tel (49 69) 7193 6637 Fax (49 69) 7193 2520
GENEVA
BNP Paribas 2 Place de Hollande 1211 Geneva 11 Switzerland Tel (41 22) 787 7377 Fax (41 22) 787 8020
LONDON
BNP Paribas 10 Harewood Avenue London NW1 6AA UK Tel (44 20) 7595 2000 Fax (44 20) 7595 2555
LYON
BNP Paribas Equities France Socit de Bourse 3 rue de L Arbre Sec 69001 Lyon France Tel (33 4) 7210 4001 Fax (33 4) 7210 4029
MADRID
BNP Paribas SA, sucursal en Espana Hermanos Becquer 3 PO Box 50784 28006 Madrid Spain Tel (34 91) 745 9000 Fax (34 91) 745 8888
MILAN
BNP Paribas Equities Italia SIM SpA Piazza San Fedele, 2 20121 Milan Italy Tel (39 02) 72 47 1 Fax (39 02) 72 47 6562
PARIS
BNP Paribas Equities France Socit de Bourse 20 boulevard des Italiens 75009 Paris France Tel (33 1) 4014 9673 Fax (33 1) 4014 0066
ZURICH
BNP Paribas Talstrasse 41 8022 Zurich Switzerland Tel (41 1) 229 6891 Fax (41 1) 267 6813
MANAMA
BNP Paribas Bahrain PO Box 5253 Manama Bahrain Tel (973) 53 3978 Fax (973) 53 1237
www.equities.bnpparibas.com