nagacorp (3918.hk) june 2011 21 pages nagacorp (3918.hk) expansion plans announced; connected...

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Citigroup Global Markets

Asia Pacific │ Hong Kong Casinos & Gaming (GICS) │ Gaming (Citi)

14 June 2011 │ 21 pages

NagaCorp (3918.HK) Expansion Plans Announced; Connected Acquisition Pending

Acquisition Announced; Dependent Upon 2014/2015 Project Completion – Naga announced a connected transaction with Naga CEO/majority shareholder, Tan Sri Dr Chen, to acquire a proposed hotel, gaming and retail project next to the NagaWorld site. If approved by minority shareholders on July 26, Naga will acquire the development for US$369m (by issuing shares and/or convertible bonds).

Significantly Dilutive – While the acquisition and issuance of shares/convertibles will only take place once the construction is finalized (3-5 years time), the impact will be significantly dilutive (1,566m shares, 75% of current shares) and the new asset may not initially generate sufficient earnings, particularly City Walk. We also highlight the risk that the new property may not grow the market (e.g. the addition of Encore to Wynn Macau) and may cannibalize business at NagaWorld.

Connected Transaction Raises Questions – We expect greater transparency around the cost/valuation for the acquisition in the July 5 shareholder notice, although the 18% sell-off in the stock yesterday clearly reflects investors’ concerns. For now, we maintain our current estimates and trim our TP 7% to HK$2.15 for uncertainty surrounding the transaction details (lowering our target 2012E EV/EBITDA to 5.0x vs. 6.0x previously, a 40% discount to Genting Malaysia).

Estimated Construction Cost – The estimated acquisition/construction cost of HK$2,000 psf GFA (ex financing costs and land premium) reflects a ~50% premium to the costs incurred on the current NagaWorld complex (completed in 2009), but factors in estimated cost inflation of 5% pa and higher quality design specs.

Future Growth – With 12%+ cost of debt in Cambodia, Naga is limited in how it finances large projects without diluting shareholders/impairing earnings. While this project creates future opportunities, Naga still has significant capacity at its current site and has yet to take advantage of the op leverage it is capable of achieving.

Equities

Statistical Abstract

Year to Net Profit Diluted EPS EPS growth P/E P/B ROE Yield

31 Dec (US$M) (US¢) (%) (x) (x) (%) (%)

2009A 27 1.3 -42.2 17.3 1.6 9.7 3.2

2010A 51 2.5 88.9 9.1 1.5 17.2 6.6

2011E 61 2.9 19.2 7.7 1.4 19.1 9.1

2012E 70 3.4 14.6 6.7 1.3 20.3 10.5

2013E 76 3.6 8.2 6.2 1.2 20.5 11.3

Source: Powered by dataCentral

Buy/Medium Risk 1MPrice (14 Jun 11) HK$1.75Target price HK$2.15

from HK$2.30 Expected share price return 22.9%Expected dividend yield 9.1%Expected total return 32.0%Market Cap HK$3,644M US$468M

Price Performance (RIC: 3918.HK, BB: 3918 HK)

See Appendix A-1 for Analyst Certification, Important Disclosures and non-US research analyst disclosures.

Michael Beer +852-2501-2431 [email protected]

Anil Daswani [email protected]

George Choi [email protected]

Company Update Target Price Change

NagaCorp (3918.HK) 14 June 2011

Citigroup Global Markets 2

Fiscal year end 31-Dec 2009 2010 2011E 2012E 2013E

Valuation Ratios

P/E adjusted (x) 17.3 9.1 7.7 6.7 6.2 EV/EBITDA adjusted (x) 11.7 6.7 5.3 4.5 4.0 P/BV (x) 1.6 1.5 1.4 1.3 1.2 Dividend yield (%) 3.2 6.6 9.1 10.5 11.3 Per Share Data (US¢) EPS adjusted 1.3 2.5 2.9 3.4 3.6 EPS reported 1.2 2.1 2.9 3.4 3.6 BVPS 13.9 14.8 16.0 17.1 18.3 DPS 0.7 1.5 2.1 2.4 2.5

Profit & Loss (US$M)

Net sales 118 151 174 191 205 Operating expenses -89 -100 -110 -118 -126 EBIT 28 51 65 74 80 Net interest expense 1 4 1 1 1 Non-operating/exceptionals -2 -7 0 0 0 Pre-tax profit 28 48 65 75 81 Tax -2 -4 -4 -5 -5 Extraord./Min.Int./Pref.div. 0 0 0 0 0 Reported net income 25 44 61 70 76 Adjusted earnings 27 51 61 70 76 Adjusted EBITDA 39 65 80 90 96 Growth Rates (%) Sales -39.2 27.8 15.8 9.9 7.3 EBIT adjusted -38.4 78.6 27.6 14.2 8.0 EBITDA adjusted -27.5 67.2 23.5 12.1 7.1 EPS adjusted -42.2 88.9 19.2 14.6 8.2

Cash Flow (US$M)

Operating cash flow 44 78 58 83 86 Depreciation/amortization 10 14 15 16 16 Net working capital 7 16 -18 -2 -5 Investing cash flow -38 -40 -14 -11 -15 Capital expenditure -34 -24 -12 -8 -10 Acquisitions/disposals 0 0 0 0 0 Financing cash flow -1 -30 -37 -46 -51 Borrowings 0 0 0 0 0 Dividends paid -3 -30 -37 -46 -51 Change in cash 5 8 6 26 20

Balance Sheet (US$M)

Total assets 313 323 346 370 395 Cash & cash equivalent 19 44 50 76 96 Accounts receivable 48 31 49 48 52 Net fixed assets 149 156 156 152 149 Total liabilities 25 14 14 14 14 Accounts payable 23 14 14 14 14 Total Debt 0 0 0 0 0 Shareholders' funds 288 309 332 356 381

Profitability/Solvency Ratios (%) EBITDA margin adjusted 32.9 43.0 45.8 46.8 46.7 ROE adjusted 9.7 17.2 19.1 20.3 20.5 ROIC adjusted 9.9 17.6 22.1 24.6 26.3 Net debt to equity -6.6 -14.2 -15.1 -21.4 -25.2 Total debt to capital 0.0 0.0 0.0 0.0 0.0

For further data queries on Citi's full coverage universe please contact CIRA Data Services Asia Pacific at [email protected] or +852-2501-2791



Acquisition Announced, but Dependent Upon Project Completion

Naga announced it has entered into a connected transaction with Naga CEO, founder and majority shareholder Tan Sri Dr Chen to acquire his 100% interest in the NagaCity Walk, Tourist Garden and TSCLK complex projects on land adjacent to the current NagaWorld site. If approved by minority shareholders at the extraordinary general meeting (EGM) on July 26, Naga will purchase the completed projects from Tan Sri Dr Chen for US$369m (the estimated costs to complete the three projects, including land premium and financing costs), through the issuance of consideration shares and/or convertible bonds (each at an issuance/conversion price of US$1.8376/share – Naga’s trailing three-month volume weighted average share price).

While the acquisition and issuance of shares/convertible bonds will only take place once the construction of the project has been completed (in three to five years time), the impact will be significantly dilutive (1,566m shares - 75% of the current share capital) and may not be initially met by sufficient earnings generated by the new asset (particularly the City Walk/retail phase).

Connected Transaction Raises Questions

We expect to gain greater clarity of the transaction as part of the July 5 notice to shareholders, but believe the 18% sell-off in the stock yesterday following the announcement reflects investor concerns. Minority shareholders may still choose to reject this acquisition at the July 26 EGM.

With 12%+ cost of debt in Cambodia, Naga is limited in the way it finances sizeable long-lead time projects without diluting shareholders or impairing earnings.

Naga does have a solid balance sheet with US$44m in cash and equivalents (at year-end 2010); however, our sense is that the company is looking to build its working capital to better tap the more lucrative mid-sized China gaming market/audience.

Expansion Details

The expansion will consist of two phases:

1) The construction of NagaCity Walk, a two-level retail walkway (15.8k sqm GFA), as well as a 9.9k sqm tourist garden along the Bassac River; and

2) The construction of the TSCLK complex (97.6k sqm GFA), including a 20+ storey hotel tower, sizeable gaming floor, retail/convention podium and car park.

We expect City Walk and the river front garden will be completed over the next three years, while the TSCLK complex will be completed shortly thereafter (but within the next five years). We await greater clarity on the expansion in the July 5 notice to shareholders.

The US$369m acquisition cost is based upon the land premium/master planning and architecture fees incurred to date (US$31m) as well as the estimated cost projections by the project’s architecture firm, which reflects current comparative area construction costs. Colliers International also provided independent valuation projections. In the event of a cost overrun, the acquisition price is still capped at the

Naga Announces Substantial Acquisition



US$369m; Dr Chen would bear those additional costs. Alternatively, no pricing adjustments will be made if actual costs are lower than expected.

Estimated Acquisition Cost of ~HK$2,000 psf GFA

In the figure below, we provide a look at the cost per foot of GFA assuming both the all-in transaction cost as well as the acquisition cost less the US$31m in land premium and financing costs to Dr Chen. The estimated acquisition cost of nearly HK$2,000 psf GFA (excluding financing costs and land premium) reflects a ~50% premium to the construction costs incurred on the current NagaWorld hotel/casino complex in Phnom Penh (2006-2009 CapEx of US$170m, 1m sqf GFA which equates to ~US$1,325 psf GFA), but appears reasonable assuming 5% annual cost inflation and higher quality design specifications of the new complex.

Figure 1. NagaCity Walk and TSCLK Complex Cost Details (US$/HK$ psf)

GFA sqm GFA sqf Cost (US$) (1) Cost (US$)/psm Cost (HK$)/psf NagaCity Walk 15,778 168,351 94,000,000 5,958 4,355 TSCLK Complex 97,620 1,041,605 275,000,000 2,817 2,059 Total 113,398 1,209,957 369,000,000 3,254 2,379 Land Premium (80% of Costs Incurred to Date) 24,960,000 Estimated Cost for the Tourist Garden 2,000,000 Financing Costs (assuming 12% Borrowing Costs) 36,000,000 Cost (US$) (2) Cost (US$)/psm Cost (HK$)/psf 306,040,000 2,699 1,973

(1) Land premium/master planning and architecture fees incurred to date as well as the cost of the Tourist Garden and financing costs at an estimated 12% of the projects cost.

(2) Excludes estimated land premium (80% of the US$31.2m incurred to date) as well as financing costs at an estimated 12% of the project’s overall cost.

Source: Company Reports; Citi Investment Research and Analysis estimates

If the property can generate 70% of that estimated at NagaWorld in 2013 (with a similar gaming table count), the acquisition cost implies an EV/EBITDA of the project of ~5.4x (in line with the multiple Naga had traded at the day before the announcement).

Currently Property Still Ramping

Our other concern is that Naga has significant capacity to expand at its current site and has yet to really take advantage of the level of operating leverage we believe it is capable of achieving, particularly with its advantaged tax rate (a fixed monthly tax of US$292k in 2010, growing by 12% per year through 2013, equating to an estimated effective tax rate of 7% this year). Further with the new hotel tower with lower priced rooms still yet to come online, we have yet to see how the intended bus market from Vietnam will react.

Tan Sri Dr Chen to Hold 75% of Shares Outstanding Once Complete

Tan Sri Dr Chen currently holds 63.07% of NagaCorp’s 2,082.1m outstanding shares (including direct and indirect interests such as the Cambodia Development Corporation). If all of the consideration and conversion shares associated with this transaction were converted (amounting to 1,566.3m additional shares), Dr Chen’s stake would rise above the 75% threshold required for listing (to 78.92%). As a



result, following the completion of the proposed transaction and conversion, Dr Chen may hold 75% of the outstanding share capital, with the remainder held in convertible bonds. See the figure below.

The Conversion Shares represent approximately 75.2% of the existing issued share capital of the Company and approximately 42.9% of the then issued share capital of the Company as enlarged by the conversion of the entire Convertible Bonds.

Figure 2. NagaCorp Share Holding

Name of Shareholders As at the date of this announcement Upon Conversion of the Convertible Bonds or issue of Consideration Shares up to the

minimum public float requirement (with the balance of the Consideration held as

unconverted Convertible Bonds)

Upon full conversion of the Convertible Bonds (assuming the entire Consideration

is satisfied by Convertible Bonds) (for illustrative purpose) (2)

No of Shares: Approximate of issued share capital

of the Company

No of Shares: Approximate % of issued share capital

of the Company

No of Shares: Approximate % of issued share capital

of the Company Tan Sri Dr. Chen Lip Keong (1) 1,313,095,298 63.07% 2,306,945,298 75% 2,879,377,405 78.92% (Converted from Convertible Bonds or

Consideration Shares issued) (3)

Public 768,983,577 36.93% 768,983,577 25% 768,983,577 21.08% Total 2,082,078,875 100.00% 3,075,928,875 100.00% 3,648,360,982 100.00%

(1) Dr. Chen holds approximately 63.07% of the issued share capital of the Company through (i) direct interest of 19.95%; (ii) indirect interest of 35.33% held through Fourth Star Finance Corporation; and (iii) indirect interest of 7.79% held through Cambodia Development Corporation. (2) Please note that such situation is solely for illustration purpose only and would not occur as the Convertible Bonds have a restrictive clause in that at no material time will the Convertible Bonds be allowed to be converted so that the percentage of issued share capital of the Company held by the public would fall below the required 25% threshold. In terms of shareholding structure, this is also equivalent to the scenario whereby the Consideration is fully settled by the issuance of Consideration Shares. (3) The corresponding aggregate number of Consideration Shares and Conversion Shares would be 1,566,282,107. The Conversion Shares represent approximately 75.23% of the existing issued share capital of the Company and approximately 42.93% of the then issued share capital of the Company as enlarged by the conversion of the entire Convertible Bonds. Source: Company report; Citi Investment Research and Analysis

No Change in 2011-2013 Estimates.

Assuming the agreement is approved on July 26, the consideration/conversion shares (representing ~75% of the existing issued share capital), will significantly dilute minority shareholders. Although, as the issuance of those shares will not take place until the completed projects have been delivered to NagaCorp, some 3-5 years from now, we have not altered our current estimates. We have trimmed our TP by 7% to HK$2.15 for uncertainty surrounding the transaction details (lowering our target 2012E EV/EBITDA to 5.0x from 6.0x previously, a 40% discount to Genting Malaysia).

Other Near-Term Facility Additions

Naga is working to complete the fit-out of its new 200-room hotel tower, which we expect to be operational sometime in 3Q11. The rooms are primarily targeted at the Vietnamese bus market and will be priced below those in the main tower (likely below the US$50/night price point). We expect the roof-top Infinity pool and gym facilities to be finished after the new tower has opened. With the installation of some 250 slot machines in the new music bar on the mezzanine, Naga’s slot count will rise to nearly 1,300 by mid-year, with the potential to add another 200 machines by year-end.



Figure 3. NagaWorld Figure 4. NagaWorld, Mass-market gaming floor

Source: Company Data Source: Company Data

2011 YTD Figures Through April

Earlier this month, Naga reported strong financial and operating figures through April, effectively matching those achieved in 1H10. April YTD Revenue and Net Profit climbed to US$64.9m and US$21.6m, respectively, vs. US$67.8m and US$21.2m in 1H10 (see Figure 1 below). VIP rollings YTD of over US$1bn are exceptionally encouraging (vs. US$910 in1H10), as is the strong WUD of US$234/machine in the monopoly slot business. Growth in international visitation, up 14% YoY in 1Q, strong occupancy (tracking over 80% currently), and the addition of new rooms/entertainment facilities should drive Naga’s performance into 2H11/FY12.

Figure 5. April 2011 YTD Summary Financial and Operating Statistics

4 months ended

6 months ended

Revised FY2011

Prior FY2011

FY2010

US$ millions 30-Apr-11 30-Jun-10 Revenue 64.9 67.8 174.3 164.7 150.5 Net Profit 21.6 21.2 61.1 55.8 51.2 Slots: Bills-in (US$ millions) 250.6 246.4 726.8 659.5 538.4 Win Rate 12% 12% 12% 13% 13% Wins per unit per day (“WUD”) (US$) 234 214 Public Floor: Buy-in (US$ millions) 74.5 88.5 223.9 228.0 203.6 Win Rate 23% 21% 21% 20% 20% Junkets: Rollings (US$ millions) 1,022 910 2,883 2,612 2,377 Win Rate 2.1% 2.2% 2.2% 2.3% 2.3%

Source: Citi Investment Research and Analysis estimates



Financials

Figure 6. NagaCorp – Income Statement

Profit & Loss (US$m) 2009 2010 2011E 2012E 2013E Casino Operations 112.3 140.5 162.6 177.5 190.4 Hotel and Entertainment Operations

5.5 10.0 11.7 14.0 15.0

Total Revenue (Excluding Intersegment Revenue)

117.7 150.5 174.3 191.5 205.4

Growth % -39.2% 27.8% 15.8% 9.9% 7.3% Casino COGS -35.8 -42.4 -46.4 -50.1 Hotel COGS -8.0 -8.7 -9.5 -10.5 Cost of Sales -46.5 -43.8 -51.1 -55.9 -60.6 Gross Profit 71.2 106.7 123.2 135.6 144.7 Gross Profit Margin (%) 60% 71% 71% 71% 70% Casino G&A -34.4 -35.3 -37.7 -40.4 Hotel G&A -7.6 -8.1 -8.3 -8.4 G&A expenses -32.5 -42.0 -43.3 -46.0 -48.8 Other Operating Income 0.8 4.4 0.7 0.9 1.4 Casino EBITDA 70.3 85.0 93.4 99.9 Hotel EBITDA -5.6 -5.1 -3.8 -3.9 EBITDA 39.5 69.1 80.6 90.5 97.4 Growth % -29.4% 75.1% 16.7% 12.3% 7.5% EBITDA Margin (%) 33.5% 45.9% 46.2% 47.3% 47.4% Depreciation -6.8 -10.4 -11.6 -12.1 -12.6 Amortization of Casino License Premium

-3.5 -3.5 -3.5 -3.5 -3.5

EBIT 29.2 55.1 65.4 74.9 81.2 Growth % -40.0% 89.0% 18.7% 14.4% 8.4% Other Non-Operating Costs -1.6 -7.2 0 0 0 Profit before tax 27.6 47.9 65.4 74.9 81.2 Growth % -34.6% 73.8% 36.6% 14.4% 8.4% Income Tax -2.1 -3.9 -4.3 -4.9 -5.4 Net Profit 25.4 44.0 61.1 70.0 75.7 Growth % -36.7% 73.1% 38.7% 14.6% 8.2% Minority Interests 0.0 0.0 0.0 0.0 0.0 NPAT attrib to shareholders 25.4 44.0 61.1 70.0 75.7 Exceptional Items 1.6 7.2 0 0 0 Core earnings 27.0 51.2 61.1 70.0 75.7 Growth % -42.1% 89.5% 19.2% 14.6% 8.2% Diluted Weighted Average Share Count (m)

2,075.8 2,082.1 2,082.1 2,082.1 2,082.1

Core EPS (US$) 0.0130 0.0246 0.0293 0.0336 0.0364 Growth % -42.2% 88.9% 19.2% 14.6% 8.2%

Source: Company reports; Citi Investment Research and Analysis estimates



Figure 7. NagaCorp – Balance Sheet

Balance Sheet (US$m) 2009 2010 2011E 2012E 2013E Cash & Equiv (incl Bank Deposits)

19.0 44.0 50.2 76.3 96.0

Receivables 48.3 30.7 48.6 47.9 51.7 Others 0.3 0.6 0.6 3.0 4.0 Total Current Assets 67.6 75.2 99.3 127.2 151.7 PPE 149.4 155.8 156.1 152.0 149.3 Interests in leasehold land 0.6 0.6 0.6 0.6 0.6 Intangible assets 91.0 87.5 83.9 80.4 76.8 Other assets 4.1 3.4 6.2 10.1 16.5 Total Non Current Assets 245.2 247.3 246.9 243.1 243.3 Total Assets 312.8 322.5 346.2 370.3 395.1 Payables 22.7 13.8 13.8 13.8 13.8 Tax Liabilities 0.2 0.0 0.0 0.0 0.0 Provisions 2.1 0.0 0.0 0.0 0.0 Total Current Liabilities 25.0 13.8 13.8 13.8 13.8 Borrowings 0.0 0.0 0.0 0.0 0.0 Total Liabilities 25.0 13.8 13.8 13.8 13.8 Net Assets 287.7 308.7 332.4 356.5 381.2 Share Capital 26.0 26.0 26.0 26.0 26.0 Reserves 261.7 282.7 306.3 330.4 355.2 Total Equities 287.7 308.7 332.4 356.5 381.2


Figure 8. NagaCorp – Statement of Cash Flow

Cash flow Statement (US$m) 2009 2010 2011E 2012E 2013E Profit before taxation 27.6 47.9 65.4 74.9 81.2 D&A (incl Casino Licenses) 10.3 14.0 15.2 15.7 16.2 Interest expense -0.8 -0.8 -0.7 -0.9 -1.4 other adjustments 2.0 4.4 0.0 0.0 0.0 Operating Profit b/f WC changes

39.1 65.5 79.9 89.6 96.0

WC changes 7.0 16.5 -17.9 -1.8 -4.8 Cash generation from operations

46.0 81.9 62.0 87.8 91.1

tax paid -1.9 -4.1 -4.3 -4.9 -5.4 net interest paid Net cash flow from operating activities

44.1 77.8 57.7 83.0 85.7

Payment for PPE -33.8 -23.5 -12.0 -8.0 -10.0 Proceeds from sale of PPE 0.0 0.0 Development of casino/hotel complex

Others -4.0 -16.4 -2.0 -3.0 -5.0 Total Investment cash flow -37.7 -39.9 -14.0 -11.0 -15.0 Borrowings 0.0 0.0 share issue 1.7 0.0 share issue expense Dividend paid -2.7 -30.0 -37.4 -45.9 -51.0 Total Financing cash flow -1.0 -30.0 -37.4 -45.9 -51.0 Net Cash change 5.4 7.9 6.3 26.1 19.7 Beginning cash 9.6 15.0 22.9 29.1 55.2 Ending cash 15.0 22.9 29.1 55.2 74.9




1Q International Tourist Arrivals Strong

As we noted previously, Cambodia’s Ministry of Tourism reported that 1Q11 international arrivals improved 13.9% YoY. Out of 778,467 visits recorded, 735,132 were categorized under ‘leisure travel’ and just 35,605 as ‘business’, with the balance 7,730 for ‘other travel purposes’.

Figure 9. Cambodia International Tourist Arrivals

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

visitor arrivals visitor growth (%)

Source: Cambodian Ministry of Tourism Statistics Report, Citi Investment Research and Analysis Estimates

Visitors from Asia accounted for 64% of the arrivals. Vietnam comprised 17% of the total (up over 19% YoY), followed by South Korea with nearly 14% of the total (up 28% YoY), and then China with nearly 9% of the total (+37% YoY). Visitors from Thailand declined 34% due to border clashes; however this is a fairly small market for Naga for the time being. Vietnam is one of Naga’s key markets and an area of future growth with Ho Chi Minh City just a 6-hour drive to Naga’s facility in Phnom Penh. Naga hopes to improve its visitor base from Thailand over the next few years, although this market will be far more likely to arrive via air from Bangkok than by bus.

Figure 11. Cambodian International Tourist Arrivals - Top Ten Markets of Origin (1Q11 vs 1Q10)

Source: Cambodian Ministry of Tourism Statistics Report

Figure 10. 1Q11 International Arrivals by Mode

Mode of Arrivals Visitors Share % Air 427,429 55% Phnom Penh 170,558 22% Siem Reap 256,871 33% Land/Water 351,038 45% Land 325,608 42% Water 25,430 3% Total 778,467 100%

Source: Ministry of Tourism Statistics Report; Citi Investment Research and Analysis



Background

Nage has a license to operate casinos in Cambodia until 2065 with the exclusive right within a 200km radius of Phnom Penh (called the “Designated Area) until 2035. While over 20 other casinos operate in Cambodia (see the regions circled below in yellow) with a host of illegal ones near the Thai-Cambodian border, they target mostly local Cambodians and/or Thai and Vietnamese from neighboring villages. This is in contrast to NagaCorp’s primary target, foreign passport holders in Phnom Penh. In 1999 the government ordered closure of all casinos in Phnom Penh other than NagaCorp’s and a court order reaffirmed its rights. This confirms NagaCorp’s monopoly of casino gaming in the region.

Figure 12. Cambodia

VIETNAM

THAILAND LAOS

CAMBODIA

Source: NagaCorp G2E Presentation; Citi Investment Research and Analysis

NagaCorp represents the bulk of Cambodian gaming revenue, aided by its slot monopoly in Phnom Penh. We estimate Naga will generate roughly US$180m in 2012 gross gaming revenue (+9% YoY), with ~40% stemming from its VIP operation.



Figure 13. NagaCorp – Key milestone of casino operations

Date Event 1994 Tan Sri Dr Chen chosen as the preferred bidder to develop an island casino resort 2-Jan-95 The government granted Tan Sri Dr Chen with a 70yr casino license in Cambodia and exclusive for

20yrs May-95 Tan Sri Dr Chen transferred his rights under SDA to NagaCorp NagaCorp began casino operations on a barge anchored on the Bassac River Jun-96 Cambodian court re-affirmed NagaCorp's right of exclusivity with respect to the casino license 2-Feb-00 Supplementary agreement for NagaCorp to establish a casino in Phnom Penh and 20yr exclusive

casino right within a 200km radius of Phnom Penh 16-Aug-00 Granted a 70yr land lease over a site area of 14,160sqm, to be used to construct NagaWorld 8-Sep-03 Singapore Stock Exchange refused to register NagaCorp for listing on ground of public interest 1-Oct-03 Relocated casino operation from the barge to level one of the entertainment wing of NagaWorld Mar-05 Apply for listing in Hong Kong 12-Aug-05 Addendum Agreement with the government to extend the exclusive period to 2035 Oct-06 Raised HK$734m from an IPO of 33% stake in Hong Kong Jan-07 Opened 60 hotel rooms and 40 VIP gaming tables

End 2007 Full opening of NagaWorld, including 508 hotel rooms and 176 gaming tables

2009 Naga benefits from the government’s decision to close area slot parlors

13-Jun-11 Acquisition of NagaCity Walk, Tourist Garden and TSCLK announced

3Q 2011 New 200-room hotel tower expected to open

26-Jul-11 Minority share holders to vote for proposed acquisition from Tan Sri Dr Chen

Source: Company Data

Low Gaming Tax and Labor Costs Drive Attractive Commission Rate

NagaCorp’s ability to offer superior commissions to junket operators stemmed from its much lower gaming tax obligations and lower labor costs in Cambodia. While 40% of all gaming revenue is taken as gaming tax in Macau, NagaCorp only pays a small fixed gaming tax that grows at a fixed 12.5%pa until 2013. Further, local labor cost only averages US$150-200/mth (far above the minimum wage of $63/month) compared to >US$1,000/mth in Macau. Given current shortages in Macau, the disparity is even greater for croupiers.

Mitigating Country Risk

Politically, Cambodia has been stable since 1998 when Cambodian People’s Party (CPP), in coalition with FUNCINPEC (the National United Front for an Independent, Neutral, Peaceful and Co-operative Cambodia), was elected into government with Hun Sen as the prime minister. Despite sporadic periods of political tension, Hun Sen and CPP’s authority over the country has strengthened over the past 10 years with another election win in 2003.

Political risk of Cambodia is significant given recent emergence from war, undeveloped infrastructure (physical, banking and legal), and authoritarian style of government.

The biggest hurdle one faces when assessing NagaCorp as an investment is how to quantify Cambodia’s country risk. Its recent emergence from decades of isolation and civil war, dependence on foreign funding, absence of multi-national corporations, the infancy of its legal framework, its undeveloped infrastructure (transport, telecommunication and banking), and the lack of following by rating agencies does not bode well for Cambodia as an investment destination. Why would one invest in Cambodia when countries such as Thailand and Vietnam, decades in front of Cambodia in terms of development, are still often regarded as ‘too risky”. The military intervention one witnessed in Thailand just serves to

Politically stable since 1998



underscore the enormous, and at times, unquantifiable risks associated with investment in such a country.

NagaCorp is Cambodia's first (and presently only) listed company, reducing the likelihood that the government will renege or change its operating terms. The government wants to attract private investment and is dependent on foreign aid.

Anti-Money Laundering (AML) Policies

Money laundering is often viewed as a huge problem at developing nations such as Cambodia where the legal framework is less developed and controls/ procedures are less sophisticated and business/government arrangements lack transparency. This is greatly amplified when it concerns casinos. However, we believe NagaCorp has done all it can to address issues with AML:

Establishing an AML Oversight Committee in March 2005 to provide NagaCorp with AML strategic direction reporting directly to the board;

AML internal control procedures in place since inception, well before extension of the Financial Action Task Force (FATF) recommendations to casinos in June 2003;

A number of internal audits of the effectiveness of its AML procedures since 2003;

Internal controls in full compliance with FATF recommendations and independently verified by Hill & Associates;

Only deals in cash on mass-market gaming and only deals with junket operators on VIP gaming, not directly with VIP customers.

In addition to this, other factors that lead us to believe money laundering issues are being mitigated are:

Oversight of a strong board with extensive experience in money laundering issues – the chairman of NagaCorp is an ex-FBI senior agent and former executive director of the Hong Kong Jockey Club responsible for security; an executive director and chairman of its AML oversight committee is an ex-Hong Kong policeman of 37 years who previously headed Interpol Hong Kong, the Narcotics Bureau, and acted as an Assistant Commissioner of Police; and a non-executive director who is a qualified expert witness in financial crimes and money laundering in the Supreme Court of British Columbia.



Figure 14. NagaCorp (3918.HK) – DCF Valuation

2009 2010 2011 2012 2013 2014 2015 2016 2017EBIT 29 55 65 75 76 78 79 81 83 - D&A 10 14 15 16 16 16 17 17 17 - Changes in Working Capital 7 16 (18) (2) 0 0 0 0 0 - Capital Expenditure (34) (24) (12) (8) (8) (8) (8) (9) (9)

FCF 13 62 51 81 84 86 88 89 91

Sum 13 62 51 81 84 86 88 89 91 PV of FCF 422 489 510 549 560 568 577 584 592

Add Cash at Year End 19 44 50 76 78 79 81 83 84 Add Debt at Year End (0) - - - - - - - - NPV 441 533 560 625 638 648 658 667 676

WACC 2.34 18% 19% 20% 21% 22%Equity Mkt Return 10% 0% 2.31 2.22 2.14 2.07 2.00Equity Mkt RFR 1% 1% 2.42 2.32 2.24 2.16 2.08Expected Beta 2.0 2% 2.54 2.43 2.34 2.25 2.17CoE 20% 3% 2.67 2.55 2.45 2.35 2.27% Equity of EV 100% 4% 2.82 2.69 2.57 2.46 2.37

5% 2.98 2.84 2.71 2.59 2.48Cost of Debt 6.00%Effective Tax Rate 8% `After Tax cost of Debt 5.5%% Debt of EV 0%

WACC 20%Growth 2.0%Terminal Multiple 5.7

Nagacorp NPV 4866.2056# of shares outstanding 2,082 NPV / share 2.34 Current Price 1.75ETR 34%

Source: Citi Investment Research and Analysis Estimates



Figure 15. Global Gaming Comp Sheet

June 14th, 2011 Target Market PE (x) EBITDA (x) 3 P/BV (x)

Company Ticker Rating 1 Price 2 Cap 2 EV 2 FY10E FY11E FY12E FY10E FY11E FY12E FY10E FY11E FY12E

USA

Las Vegas Sands LVS 1L 55.00 28,685 36,292 40.2 23.4 17.4 17.4 12.0 9.7 3.9 3.7 3.1

MGM International Resorts MGM 2H 15.70 6,308 19,645 N/A N/A N/A 21.3 14.0 11.9 1.7 2.3 2.4

Wynn Resorts WYNN 3M 126.00 16,580 18,589 N/A 26.7 26.2 17.4 12.6 12.6 7.3 6.2 5.3

Ameristar Casinos, Inc. 5 ASCA Not Rated N/A 661 2,613 104.2 12.2 10.2 8.1 7.4 7.4 1.6 N/A N/A

Boyd Gaming Corporation 5 BYD Not Rated N/A 692 4,122 88.3 N/A 34.8 9.9 9.1 8.9 1.7 0.5 0.5

Isle of Capri Casinos Inc 5 ISLE Not Rated N/A 302 1,382 76.1 21.4 13.6 7.3 6.9 6.3 N/A 1.1 1.1

Penn National Gaming 5 PENN Not Rated N/A 2,917 5,858 N/A 21.5 20.1 10.0 8.5 7.8 N/A 2.0 1.8

Pinnacle Entertainment 5 PNK Not Rated N/A 827 1,823 N/A 38.7 31.5 8.5 7.5 6.7 N/A 1.5 1.5

Macau

Galaxy Entertainment 0027.HK 1L 22.00 8,518 9,160 48.5 29.0 16.3 30.7 17.0 11.5 6.9 5.8 4.3

Melco Crown MPEL 1M 13.30 5,794 7,032 N/A 34.7 24.9 16.3 11.1 10.2 2.3 2.2 2.0

Sands China 1928.HK 1L 28.00 19,288 21,379 26.0 17.8 14.0 18.1 14.3 10.9 4.4 3.6 2.7

SJM Holdings 0880.HK 1L 22.00 12,303 10,910 26.8 17.5 16.2 17.5 11.8 11.1 7.2 5.5 4.6

Wynn Macau 1128.HK 3H 22.00 14,824 14,969 26.1 17.9 16.8 24.8 17.2 16.4 N/A N/A N/A

Other Asian

Genting GENT.KL 1L 13.40 13,432 13,065 18.2 15.9 14.8 5.6 5.2 5.1 2.6 2.6 2.2

Genting Malaysia GENM.KL 1L 4.50 6,928 6,118 14.4 14.4 13.6 9.2 8.6 8.5 1.7 1.7 1.5

Genting Singapore GENS.SI 2L 2.30 18,647 18,559 33.5 24.2 24.0 16.1 11.1 11.0 4.5 3.8 3.3

NagaCorp 3918.HK 1M 2.30 468 424 9.1 7.7 6.7 6.1 5.3 4.7 1.5 1.4 1.3

Melco 0200.HK 1M 10.30 1,163 1,207 N/A 34.9 21.0 N/A N/A N/A 1.3 1.3 1.2

Australia/New Zealand

Aristocrat Leisure ALL.AX 1M 3.30 1,394 1,719 23.9 21.8 13.8 13.4 11.0 8.4 6.9 5.9 4.9

Crown Ltd CWN.AX 1M 9.60 6,781 7,690 23.1 18.9 17.7 10.6 11.5 10.2 1.9 2.0 1.9

Sky City Entertainment Group SKC.NZ 2M 3.20 1,705 2,174 16.7 16.3 15.2 9.4 9.3 8.9 2.7 2.6 2.5

TABCORP Holdings TAH.AX 1M 5.13 2,371 3,850 4.5 4.4 5.6 3.6 3.3 4.7 0.6 1.6 1.4

Tatts Group TTS.AX 3M 2.20 3,160 4,570 10.2 9.6 8.8 7.7 6.6 6.3 1.2 1.1 1.1

Large Cap US 40.2 25.1 21.8 18.7 12.8 11.4 4.3 4.1 3.6

Smid Cap US 89.5 23.5 22.0 8.8 7.9 7.4 1.6 1.3 1.2

Total US 77.2 24.0 22.0 12.5 9.7 8.9 3.2 2.5 2.2

Macau 31.8 23.4 17.7 21.5 14.3 12.0 5.2 4.3 3.4

Other Asian 18.8 19.4 16.0 9.3 7.5 7.3 2.3 2.1 1.9

All Our Universe 4 27.0 22.0 17.7 16.7 11.7 10.3 3.8 3.3 2.8

Source: Citi Investment Research and Analysis Estimates; FactSet. (1) Based upon Citi Investment Research Rating System; 1 = Buy, 2 = Hold, 3 =Sell. Risk Rating; L = Low Risk, M = Medium Risk, H = High Risk, S = Speculative Risk. (2) Shown in listed currency. (3) EV/EBITDA(R) multiples differ between companies/gaming jurisdictions as a result of differing gaming tax regimes. (4) Excludes Smid Caps (ASCA, BYD, ISLE, MCRI, PENN, PNK) as well as the Australia/New Zealand companies (covered by Citi Analyst Jenny Owen). (5) Estimates for SMid Cap gaming names (Not Rated) are based on FactSet Consensus as of 6/14/2011.



Figure 16. Global Gaming Share Price Performance (Through June 14th, 2011)

Company Ticker Price 2008 2009 1Q10 2Q10 3Q10 4Q10 2010 1Q11 2Q11 QTD

2011 YTD

1 Week

1 Month

3 Month

12 Month

US Large Cap Las Vegas Sands LVS.US 39.35 -94% 152% 42% 5% 57% 32% 208% -8% -7% -14% -9% -8% 6% 51% MGM International Resorts MGM.US 12.91 -84% -34% 32% -20% 17% 32% 63% -11% -2% -13% -11% -12% 5% 8% Wynn Resorts WYNN.US 132.90 -62% 38% 30% 1% 14% 20% 78% 22% 5% 28% -8% -9% 14% 61% US Large Cap Average -80% 52% 34% -5% 29% 28% 116% 1% -1% 0% -9% -10% 8% 40% US SMid Cap Ameristar Casinos, Inc. ASCA.US 20.50 -69% 76% 20% -17% 16% -10% 3% 14% 15% 31% -3% -11% 26% 17% Boyd Gaming Corporation BYD.US 8.02 -86% 77% 18% -14% -15% 46% 27% -12% -14% -24% -17% -21% -12% -28% Isle of Capri Casinos Inc ISLE.US 7.91 -77% 134% 4% 19% -23% 43% 37% -7% -17% -23% -13% -14% -11% -33% Monarch Casino & Resort MCRI.US 9.22 -52% -30% 5% 19% 11% 12% 54% -17% -11% -26% -10% -10% -8% -17% Penn National Gaming PENN.US 37.01 -64% 27% 2% -17% 28% 19% 29% 5% 0% 5% -2% -5% 7% 35% Pinnacle Entertainment PNK.US 13.36 -67% 17% 8% -3% 18% 26% 56% -3% -2% -5% 1% -4% 8% 11% US SMid Cap Average -69% 50% 10% -2% 6% 22% 34% -3% -5% -7% -7% -11% 2% -2% Total US Average -73% 51% 18% -3% 14% 24% 62% -2% -4% -5% -8% -10% 4% 12% Macau Galaxy Entertainment 0027.HK 16.04 -86% 203% 12% 18% 64% 27% 174% 29% 42% 82% 16% 15% 45% 348% Melco Crown Entertainment MPEL.HK 10.83 -73% 6% 43% -22% 36% 25% 89% 19% 42% 70% 2% 3% 59% 157% Melco Int'l Development 0200.HK 7.36 -78% 39% -3% -11% 28% 12% 24% 19% 39% 66% 8% 7% 48% 131% Sands China 1928.MO 18.66 -9% 30% -5% 20% 22% 81% 2% 7% 9% -14% -13% 12% 66% SJM Holdings 0880.HK 17.38 -45% 153% 20% 28% 34% 39% 188% 10% 28% 41% 4% -2% 38% 178% Wynn Macau 1128.MO 22.25 -5% 17% 15% 4% 30% 82% 25% 3% 28% -15% -15% 8% 76% Macau Average -79% 100% 20% 4% 31% 26% 106% 17% 27% 49% 0% -1% 35% 159% Other Asian Genting Berhad GENT.MY 11.00 -53% 98% -10% 8% 39% 13% 52% -1% 0% -2% -1% -4% 9% 56% Genting Malaysia GENM.MY 3.56 -42% 24% 2% -5% 24% 0% 21% 9% -3% 5% -2% -2% 8% 29% Genting Singapore GENS.HK 1.89 -34% 202% -32% 32% 59% 18% 68% -6% -8% -14% -10% -10% -1% 78% Genting Hong Kong 0678.HK 2.88 -78% 223% -14% -12% 131% 2% 78% -8% -9% -17% -11% -13% -4% 132% NagaCorp 3918.KH 1.75 -58% -20% 19% -15% 57% 20% 91% -2% 9% 7% -5% -7% 14% 99% Other Asia Average 106% -7% 2% 62% 11% 62% -2% -2% -4% -6% -7% 5% 79% Australia/New Zealand Aristocrat Leisure ALL.AX 2.45 -66% 4% 13% -19% -4% -15% -26% 9% -25% -18% -10% -10% -25% -40% Crown CWN.AU 8.48 -56% 35% 2% -5% 8% -2% 3% -1% 4% 3% 0% 0% 5% 4% Sky City Entertainment Group SKC.NZ 3.62 -28% 10% -2% -11% -1% 14% -2% 4% 7% 12% -2% -2% 10% 25% TABCORP Holdings TAH.AX 3.25 -53% -1% -1% -8% 11% 3% 4% 5% -26% -22% -28% -29% -23% -15% Tatts Group TTS.AX 2.26 -30% -13% 1% -9% 12% 8% 11% -9% -3% -12% -4% -3% 2% 3% Australia/New Zealand Average -46% 7% 2% -11% 5% 2% -2% 2% -8% -8% -9% -9% -6% -5% Avg Stock Performance (excl US Smid Caps) -61% 66% 10% -2% 32% 16% 68% 6% 5% 13% -5% -6% 12% 76%

Source: Citi Investment Research and Analysis



NagaCorp Company description

NagaCorp operates Phnom Penh's only licensed casino. The license is valid for 70 years from 2 January 1995 and is exclusive within a designated area until 2035. Initial operations were conducted on a barge moored along the banks of the Bassac River, before relocating to a land-based location in October 2003. NagaWorld, Cambodia's only integrated entertainment/casino complex, consist of 500+ hotel rooms (expanding to over 700 in 3Q 2011), gaming tables, ~1300 slot machines and MICE facilities. Investment strategy

We rate NagaCorp shares as Buy/Medium Risk (1M). Our bullish call is predicated on: 1) NagaCorp's monopoly status as the exclusive licensed casino operator within a 200km radius of Phnom Penh until 2035; 2) NagaCorp's exposure to Phnom Penh tourism growth in coming years, through greater traffic in its mass-market tables; 3) NagaWorld's unique position as a 'mid-market VIP'; and 4) Cheap valuations relative to its Asian gaming peers, with no gearing. Valuation

Our HK$2.15 target price is derived from an equal blend of 5.0x 2012E EV/EBITDA (a 40% discount to Genting Malaysia, reflecting solid growth trends, a new hotel tower and competitive position) implying a target price of HK$1.98 and our DCF-based valuation methodology (which implies a target price of $2.34), assuming an ~20% WACC (which is high to take account of Cambodian political risk) that is derived from a cost of equity of ~20% (with an expected market return of 10% and an expected Beta of 2) and an after-tax cost of debt of 5.5% (although Naga has no debt and therefore does not factor in the WACC calculation). We estimate the DCF value until 2035, when NagaCorp's monopoly license agreement expires. We believe an aggressive WACC calculation is deserved because of the intrinsic risks associated with investing in Cambodia and regulatory risk linked to NagaCorp's monopoly license. Risks

We rate NagaCorp shares Medium Risk, consistent with our quantitative risk rating system that measures 260-day stock volatility. Failure to attract tourists to Phnom Penh could cut traffic at the casino and lower gaming revenue. Another downside risk is the perceived "weak" control environment in Cambodia, giving rise to money laundering concerns. Casinos in Cambodia are small and don't target the same customers. However, development of a large-scale casino industry in Vietnam or Thailand targeting foreign tourists would create new competition and be highly negative. A sustained slowdown in Macau gaming will also threaten NagaCorp's strategy of targeting the "Poor Man's VIP" as Macau Junkets will be forced to act more competitively with regards all segments of the VIP Market. Also, with the company net cash, any investment into non-gaming ventures outside of the company's expertise would be viewed as a significant negative. Any of these risk factors could prevent the shares from reaching our target price.



Appendix A-1 Analyst Certification

The research analyst(s) primarily responsible for the preparation and content of this research report are named in bold text in the author block at the front of the product except for those sections where an analyst's name appears in bold alongside content which is attributable to that analyst. Each of these analyst(s) certify, with respect to the section(s) of the report for which they are responsible, that the views expressed therein accurately reflect their personal views about each issuer and security referenced and were prepared in an independent manner, including with respect to Citigroup Global Markets Inc and its affiliates. No part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this report.

IMPORTANT DISCLOSURES

0.0

0.5

1.0

1.5

2.0

2.5

J A S O N D J2009

F M A M J J A S O N D J2010


F M A M J

1

2

34

5

6

78

Date Rating Target Price Closing Price1 16-Dec-08 1H *1.65 1.00

2 1-Mar-09 1H *1.25 0.76

3 3-Aug-09 1H *1.50 1.11

Date Rating Target Price Closing Price4 10-Feb-10 1H *1.30 0.87

5 19-Aug-10 1H *1.50 1.15

6 15-Feb-11 *1M *1.90 1.60

Date Rating Target Price Closing Price7 25-May-11 1M *2.05 1.81

8 7-Jun-11 1M *2.30 1.89

Date Rating Target Price Closing Price1 16-Dec-08 1H *1.65 1.00

2 1-Mar-09 1H *1.25 0.76

3 3-Aug-09 1H *1.50 1.11

Date Rating Target Price Closing Price4 10-Feb-10 1H *1.30 0.87

5 19-Aug-10 1H *1.50 1.15

6 15-Feb-11 *1M *1.90 1.60

Date Rating Target Price Closing Price7 25-May-11 1M *2.05 1.81

8 7-Jun-11 1M *2.30 1.89

NagaCorp (3918.HK)Ratings and Target Price HistoryFundamental ResearchAnalyst: Michael BeerCovered since August 30 2010

HKD

* Indicates change Rating/target price changes above reflect Eastern Standard Time

CoveredNot covered C

hart current as of 11 June 2011

0.0

0.5

1.0

1.5

2.0

2.5

J A S O N D J2009



F M A M J

NagaCorp (3918.HK)Ratings and Target Price HistoryBest Ideas ResearchRelative Call (3 Month)Analyst: Michael BeerCovered since August 30 2010

HKD

* Indicates change Rating/target price changes above reflect Eastern Standard Time

CoveredNot covered C

hart current as of 11 June 2011

An employee of Citigroup Global Markets or its affiliates is a Director of TABCORP Holdings Ltd.

Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of Aristocrat Leisure Ltd, Crown Ltd, MGM Resorts International, TABCORP Holdings Ltd. This position reflects information available as of the prior business day.

Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of MGM Resorts International, Melco Crown Entertainment.

Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from Melco Int’l Development, Sands China, Las Vegas Sands, MGM Resorts International, Melco Crown Entertainment.

Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensation for investment banking services from Sands China, Las Vegas Sands.

Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from Melco Int’l Development, Sands China, Aristocrat Leisure Ltd, Boyd Gaming Corp, Crown Ltd, Genting Malaysia, Genting Singapore, Genting, Las Vegas Sands, MGM Resorts International, Melco Crown Entertainment in the past 12 months.



Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as investment banking client(s): Melco Int’l Development, Sands China, Las Vegas Sands, MGM Resorts International, Melco Crown Entertainment.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities-related: Melco Int’l Development, Sands China, Aristocrat Leisure Ltd, Boyd Gaming Corp, Crown Ltd, Genting Malaysia, Genting Singapore, Genting, Las Vegas Sands, MGM Resorts International, Melco Crown Entertainment.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, non-securities-related: Melco Int’l Development, Sands China, Aristocrat Leisure Ltd, Boyd Gaming Corp, Crown Ltd, Genting Malaysia, Genting Singapore, Genting, Las Vegas Sands, MGM Resorts International, Melco Crown Entertainment.

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For securities in developed markets (US, UK, Europe, Japan, and Australia/New Zealand), investment ratings are:Buy (1) (expected total return of 10% or more for Low-Risk stocks, 15% or more for Medium-Risk stocks, 20% or more for High-Risk stocks, and 35% or more for Speculative stocks); Hold (2) (0%-10% for Low-Risk stocks, 0%-15% for Medium-Risk stocks, 0%-20% for High-Risk stocks, and 0%-35% for Speculative stocks); and Sell (3) (negative total return).

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NON-US RESEARCH ANALYST DISCLOSURES Non-US research analysts who have prepared this report (i.e., all research analysts listed below other than those identified as employed by Citigroup Global Markets Inc.) are not registered/qualified as research analysts with FINRA. Such research analysts may not be associated persons of the member organization and therefore may not be subject to the NYSE Rule 472 and NASD Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. The legal entities employing the authors of this report are listed below:



Citigroup Global Markets Asia Michael Beer; Anil Daswani; George Choi Citigroup Pty Limited Jenny Owen

OTHER DISCLOSURES

The subject company's share price set out on the front page of this Product is quoted as at 14 June 2011 04:10 PM on the issuer's primary market.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Genting, MGM Resorts International, Wynn Resorts, Penn National Gaming Inc. (For an explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest which can be found at www.citigroupgeo.com.)

Citigroup Global Markets Inc. or its affiliates beneficially owns 2% or more of any class of common equity securities of Aristocrat Leisure Ltd, Crown Ltd, TABCORP Holdings Ltd.

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