Where will the next crisis come from? New venture into fixed broadband business, crucial to long-term growth strategy Moderate growth outlook next year, forecast downgraded Is the super tanker finally turning? We think so Lowering our forecasts for 2014 and 2015 A decent 1H result; core business fairly valued Update on Dongfang/ Huadian/ CHSTE/ BEH/ Shunfeng/ Jingran ASIA ESSENTIALS Back to acquisition mode GEMs Super 15 –portfolio change