Daily Flyer Keynotes and Specialist Speakers

Tuesday, 20 September

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We are delighted to present our keynote and specialist speakers. The

Daily Flyer provides a run down of the daily presentation schedule.

Keynote Address Series

The Lucky Years: How to Thrive in the

Brave New World of Health David Agus

Professor of Medicine & Engineering, University of Southern California

08:00-09:30 Tuesday, Breakfast Keynote, Track 1, Grand Ballroom, LL

David Agus offers insights and access to breathtaking and powerful new

technologies that promise to transform medicine in our generation. In the

course of offering recommendations, he emphasises his belief that there is no

“right” answer, no master guide that’s “one size fits all.” Each one of us must

get to know our bodies in uniquely personal ways, and he shows us exactly

how to do that so that we can individually create a plan to live longer. This

groundbreaking approach will change not only how we care for ourselves, but

also how we develop the next generation of treatments and cures.

Agus is one of the world’s leading doctors and pioneering biomedical researchers.

Over the past 20 years, he has received acclaim for his innovations in medicine

and contributions to new technologies, which continue to change the perception

of health and empower people around the world to maintain healthy lives. Agus

is professor of medicine and engineering at the University of Southern California,

where he leads USC’s Westside Cancer Center and Center for Applied Molecular

Medicine. He serves as a CBS News contributor.

The rise of data religion Yuval Noah Harari

Lecturer, Hebrew University of Jerusalem, Hebrew University of Jerusalem

12:30-14:00 Tuesday, Luncheon Keynote, Track 1, Grand Ballroom, LL

The most interesting place in the world from a religious perspective is not the

Middle East, but rather Silicon Valley. That is where the new religions of the 21st

Century are being created. Particularly important is the Data Religion, which

promises humans all the traditional religious prizes: happiness, peace, prosperity

and even eternal life; but here on earth with the help of data and processing

technology, as opposed to after death with the help of supernatural beings.

Data Religion believes that the entire universe is a flow of data that organisms

are algorithms, and that humanity’s cosmic vocation is to create an all-

encompassing data-processing system - and then merge into it. On the practical

level, dataists believe that given enough biometric data and enough computing

power, you could create an external algorithm that will understand humans much

better than we understand ourselves. Once this happens, authority will shift from

humans to algorithms and humanist practices such as democratic elections and

free markets will become as obsolete as rain dances and flint knives.

Yuval Noah Harari is the author of international bestsellers: Sapiens: A Brief

History of Humankind and Homo Deus: A Brief History of Tomorrow. His first

book, Sapiens: A Brief History of Humankind, surveys the entire length of human

history, from the evolution of Homo sapiens in the Stone Age up to the political

and technological revolutions of the Silicon Age. It has become an international

bestseller, and has been translated into more than 50 languages worldwide.

Registration Desk Lobby Level

Tuesday to Thursday: 07:00-18:00

Friday: 07:30-14:30

2/15

Computation, AI, robotics, and the

transformation of practically everything Daniela Rus Director, Massachusetts Institute of Technology

17:00-18:00 Tuesday, Closing Keynote, Track 1, Grand Ballroom, LL

The digitisation of practically everything coupled with the mobile internet, the

automation of knowledge work and advanced robotics promises a future with

democratised use of machines and widespread use of robots, personalisation,

and customisation. Daniela Rus will discuss recent technological and societal

megatrends and address the role of computing, AI, and robotics in tackling

these challenges. She will also describe recent advances in robotics and AI

that aim to enable the pervasive use of machines to assist humans with

physical tasks. Where are the gaps that we need to address to advance

toward a future where robots are common in the world and they help reliably

with physical tasks? What is the role of computation along this trajectory? By

enabling on-demand creation of functional robots from intuitive specifications,

we can begin to imagine a world with one robot for every physical task.

Rus is the Andrew (1956) and Erna Viterbi Professor of Electrical Engineering

and Computer Science and Director of the Computer Science and Artificial

Intelligence Laboratory (CSAIL) at MIT. Rus’s research interests are in

robotics, mobile computing and data science.

Specialist Sessions

The great surge: Ascent of the

developing world Steve Radelet Professor, Georgetown University

09:30-10:30 Tuesday, Track 1, Grand Ballroom, LL

The last two decades have brought more progress for the world’s poorest

countries than any time in human history. Since the early 1990s, more than

one billion people have been lifted out of extreme poverty, incomes in

developing countries have doubled, global hunger has been cut in half, child disease has fallen sharply, and democracy has spread like never before. This

session will explore what happened in developing counties, and why. It will also

examine whether this trend can continue during the current period of

uncertainty and global turbulence, and the implications for the global economy.

Steven Radelet holds the Donald F McHenry Chair in Global Human Development

at Georgetown University and serves as an economic adviser to the President of Liberia. He has served as the Chief Economist of USAID, Senior Adviser to

Secretary of State Hillary Clinton and Deputy Assistant Secretary of the Treasury.

From 1990 to 2000 he was on the faculty of Harvard University. He served for

four years (1991-95) as a resident adviser to the government of Indonesia and

for two years (1986-88) as an adviser to the government of The Gambia. Radelet

is the author/coauthor of several books and dozens of articles, including The Great Surge: The Ascent of the Developing World. He holds a PhD and Master's

in public policy from Harvard University.

3/15

Live wires: Utilities confront clean-tech

disruption Rajesh Panjwani Head of Power Research, CLSA - Hong Kong

09:30-10:30 Tuesday, Track 4, Salon I & II, M/F

Falling costs and rising penetration of solar panels and batteries have triggered

fears of a “utility death spiral” and fuelled speculation about renewable energy

making up most, if not all, of the world’s electricity mix in the next couple of

decades. Some cleantech businessmen, like Elon Musk, and clean-energy

experts like Tony Seba have also made claims about electricity customers being

able to go off-grid using solar panels and batteries.

Rajesh Panjwani demonstrates that these are pipedreams and going off-grid will

remain off-limits for decades to come. He will also discuss changing tariff

structures which put an end to hidden subsidies that non-solar customers are

paying to rooftop-solar customers. These changes discourage new solar-rooftop

installations (flat globally for the past five years despite so much noise) while

utility-scale solar installations have grown threefold over the same period.

Rajesh expects solar-power generation to account for around 10% of the

world’s power mix by 2030. This also means that current technologies are not

enough and we need energy miracles to combat climate change. Some of the

money being spent on renewable subsidies should be diverted to energy R&D

to solve the problem of global warming. Meanwhile, regulated, well-run

utilities should continue to thrive. However, those operating in unregulated,

competitive markets will face the brunt of the rising share of renewables.

Equipment suppliers and thermal-power plants also face challenging times.

A tale of two cities: How Stock Connect

will reshape Hong Kong and Shenzhen Franky Chung Senior Vice President, Mainland Affairs Dept., Hong Kong Exchanges & Clearing Ltd

Huiqi Pei Manager, Strategy and International Relations, Shenzhen Stock Exchange

09:30-10:30 Tuesday, Track 6, Lounge Room, M/F

Hong Kong and Shenzhen already border one another but are moving another

step closer with the introduction of Stock Connect. The northern city boasts a

plethora of SMEs, many of which operate in the new economy and provide a

distinctive growth trajectory. The special economic zone’s more liberal policies

are a big draw for China’s talent and capital, cementing Shenzhen’s position

as a centre of innovation. Hong Kong, on the other hand, offers access to

more established businesses. Dual-listed SOEs have so far been the biggest

beneficiaries of mainland funds given their lower relative valuation in the

southern city. In this session, we’ll look at how Connect links the two cities as

well as the opportunities for investors on both sides of the border.

Franky Chung has close to 20 years’ extensive experience in the financial

industry in both commercial and government sectors. He joined HKEx in 2005

and drives its promotion and educational initiatives in the mainland.

Pei is a founder member of SZSE’s international investors service team. He

studied in internationalization of Chinese capital market.

4/15

Stock Connect and beyond: HKEx

strategic update Charles Li Chief Executive, Hong Kong Exchanges & Clearing Ltd

10:30-11:30 Tuesday, Track 1, Grand Ballroom, LL

Hong Kong Exchanges and Clearing Limited (HKEx) earlier this year

announced its Strategic Plan for 2016-18, outlining the development roadmap

for HKEx and Hong Kong's financial markets. The plan includes HKEx's

business strategy for its three asset classes: equities, commodities and fixed

income and currency (FIC).

HKEx Chief Executive Charles Li will provide the latest updates on HKEx’s

business and strategic initiatives, including the Shenzhen-Hong Kong Stock

Connect that was announced on 16 August 2016.

Li has served as Chief Executive of Hong Kong Exchanges and Clearing

(HKEx) since 2010. In this role, Li has orchestrated some of the most

significant strategic initiatives in HKEx’s history, including the expansion into

fixed income, currency and commodities through the acquisition of the

London Metal Exchange in 2012 and the launch of OTC Clear in 2013, as well

as enhanced mutual market access with mainland China through Shanghai

and Shenzhen Stock Connect Programmes and other cooperation.

Li’s career in financial services spans more than 20 years. Before joining

HKEx, he was Chairman of JP Morgan China, prior to which he was President

of Merrill Lynch China. Before joining Merrill Lynch in 1994, Li practiced law in

New York with Davis Polk & Wardwell and Brown & Wood.

Malaysia strategy: Fear of missing out AC Tan Head of Malaysia Research, CLSA - Malaysia

10:30-11:30 Tuesday, Track 5, Drawing Room, M/F

FOMO, or “fear of missing out” for the uninitiated, continues to plague

Malaysia given the absence of significant active foreign inflow despite notable

gains for Asean peers. Malaysia has experienced more than three years of an

unrelenting downtrend in foreign interests leading to a cumulative net sell

position (since July 15) over a five-year horizon.

Chief culprits are the ringgit’s vulnerability towards external economic factors

and 1MDB-related newsflow. We believe there are good reasons to suggest this

is changing. Considering the progress Malaysia has had (the ringgit is actually

up 7% this year) diversifying away from oil revenue, introducing GST and

containing costs through subsidy reforms, much of the bad news is in the price.

Meanwhile, the odd prediction by the market for an early election is

premature and not straight forward. Shifting political sands are the cause for

an embattled incumbent Barisan Nasional, where the response is likely to be

in the form of populist measures through infra, consumer-friendly budgets

and more interest rate cuts. This, along with the positive inflections in

business and consumer spending, lead us to like tangible growth stories,

dividend-yield plays and a select small-cap basket.

5/15

Beyond the hype: Real applications of

blockchain technology in capital markets,

trade finance, & other uses: An

introduction & status update Justin Dombrowski Senior Manager, Fintech Innovation & Blockchain, PwC

10:30-11:30 Tuesday, Track 6, Lounge Room, M/F

The popular press would have us believe that blockchain technology and smart

contracts will utterly transform the financial-services landscape. Understandably,

many in financial services find this claim hard to believe. Yet there is some truth to

it. This presentation aims to help attendees understand the tech and cut through

the hype to identify valid/invalid use cases and investment opportunities. Justin

Dombrowski will begin with a brief introduction to the technology and its major

developments before launching into a deep dive into its application in various

sectors, from capital markets infrastructure and trade finance to IoT and real

estate. We will examine how the technology is being deployed, its likelihood for

real disruption, and the major industry players involved. Attendees will leave with a

firm grasp of blockchain technology, its application to a range of sectors, concrete

metrics for evaluating its influence in investment decisions, and informed

suggestions of where to look for future value.

Justin Dombrowski is senior manager for Fintech Innovation & Blockchain Technology

for PwC's Asia Pacific region. He is a noted expert on blockchain and other emerging

financial technologies, possessing a wealth of experience assisting clients understand

and apply emerging tech in payments, capital markets, insurance, trade finance and

telecommunications in the US, EU and South East Asia.

China internet and telecoms undergoing

structural rerating Elinor Leung Head of Telecom & Internet Research, CLSA - Hong Kong

11:30-12:30 Tuesday, Track 1, Grand Ballroom, LL

Internet and telecom stocks are the new growth engines of China’s economy.

These sectors are up 12% year to date, driving almost all the positive

performance of MSCI China (+4%) this year, as they make up 40% of the

index. Tencent, Netease and Alibaba delivered stellar performances with

shares up 20-30%. Even China Mobile was up 10%.

Despite market scepticism, the internet sector continued to deliver 46% YoY

revenue growth and 34% YoY non-GAAP Ebit growth in 1H16. Ecommerce

and mobile gaming have reaccelerated growth. Costs have moderated as new

startups struggle with funding. The industry has consolidated and leaders

have become more dominant, with both Alibaba and Tencent generating

revenue growth of about 50% year on year.

Alibaba, Ctrip, Tencent and China Mobile are near-monopolies. Alibaba has the

largest potential for rerating with escalating monetisation. ecommerce GMV is

likely to more than double and revenue more than triple by FY21. Grocery and

rural are new growth engines and each represents a Rmb1tn-plus opportunity.

China Mobile has the world’s largest 4G network, covering 98% of the population

and makes the world’s cheapest 4G smartphones at sub-Rmb200 (US$30). Over

half of its users are using 4G. It is also gaining share in fixed-broadband market.

Revenue is improving and Elinor believes it can maintain mid- to high-single-digit

growth.

6/15

Are exchange-traded funds (ETFs): the

enemy for active investors? Tobias Bland CEO, Enhanced Investment Products Ltd

11:30-12:30 Tuesday, Track 2, Grand I & II, LL

Although ETFs continue to gain assets, some investors believe they are a fad.

Tobias Bland examines the pros and cons of ETF investing in Asia. He will

address whether they will continue to pressure fees in the industry and if

active managers can justify paying fees to own them in their portfolio?

Investors cannot ignore a US$3.3tn industry.

Bland has the primary responsibility for managing Hong Kong-based asset-

management firm Enhanced Investment Products Limited (EIP). Bland

oversees the group’s operations, which include a suite of Alpha and Beta

products under EIP Limited and EIP Alpha Limited. In 2014, CLSA Hong Kong

Holdings Limited acquired 49% of the XIE Shares Hong Kong ETF platform.

Prior to founding EIP in December 2001, Bland spent eight years at Jardine

Fleming Securities (now JP Morgan), where he was head of proprietary

trading, responsible for a relative value portfolio invested in Southeast Asia.

Prior to establishing the proprietary trading desk, Bland was involved in

convertible bond, tax and warrant arbitrage. He joined Jardine Fleming in

1993 as a member of the securities lending department in Hong Kong.

Saudi Arabia: New realities Christopher Davidson Reader in Middle East Politics, Durham University

11:30-12:30 Tuesday, Track 6, Lounge Room, M/F

Buffeted by Arab Spring and now the new dynamics of a fast-changing

international oil industry, Saudi Arabia is facing unprecedented challenges. In this

presentation, Christopher Davidson focuses on the impact of low oil prices on the

kingdom's domestic economy and its crucial “social contract” with both citizens and expatriates. In particular, it considers the sociopolitical ramifications of

subsidy removal, the introduction of taxes, and the failure to sustain public-

sector employment generation. In addition, Davidson considers the international

impact of low oil prices for Saudi Arabia, not only in terms of the kingdom's

involvement in several costly wars and proxy conflicts in the region, but also in

the context of its historical alliance with the USA and Western powers.

Davidson is an academic who has taught in leading British universities for

more than a decade. He has also lived and worked in the United Arab

Emirates, Lebanon and Japan. He is the author of several acclaimed books

and monographs, most recently, After the Sheikhs, which was published by

Oxford University Press in 2013 and reviewed by both The Economist and the

The Guardian. His shorter, policy-focused articles have appeared in The New York Times, Foreign Affairs and Foreign Policy.

Davidson’s new book, Shadow Wars: The Secret Struggle for the Middle East,

will be released on 6 October in the UK and on 1 November internationally, it

provides a systematic dissection of the root causes of the region's perennial

suffering, the failures of the Arab Spring, and the resurgence of Jihadist

terror. Drawing on four years of archival research, interviews and access to thousands of declassified and leaked documents, the book demonstrates the

full extent of foreign meddling and covert operations for more than half a

century in one of the world's most contested arenas.

7/15

Mission (im)possible:

Bad-debt collection in China Phil Groves President, DAC Management

14:00-15:00 Tuesday, Track 1, Grand Ballroom, LL

China’s NPLs have long been a concern for investors. A tripling of bank credit

after the global financial crisis and an even bigger increase in shadow lending

have led to significant questionable debt. The economic slowdown isn't

helping either. But one man’s trash is another man’s treasure. Phil Groves has

been collecting bad debt in China since the market first opened to foreigners

in 2001, working with banks, AMCs and multinationals. In this presentation,

he will talk about how one navigates an opaque legal system and the intricate

web of local interests to realise the scrap value; how the market for

distressed assets has changed over the years and what the options are for

China to address this plague.

Groves has more than 15 years’ experience in distressed credit and special

situations investments in China. In 2001, he pioneered the first foreign

acquisition of Chinese nonperforming loans (NPLs). After sourcing and

managing additional NPL portfolios, Groves established DAC’s wholly-owned

PRC distressed asset-servicing platform, Gao Fei Consulting Services, in Beijing.

Today, Gao Fei Consulting is the most accomplished Western firm in the

market, and it is the only such licensee with permission to operate nationally.

Smidcaps and moats Amar Gill Smidcap Strategy, CLSA - Hong Kong

Timothy Lee Investment Analyst, CLSA

14:00-15:00 Tuesday, Track 5, Drawing Room, M/F

In his recently created Asia Pacific Smidcap Strategy role, Amar Gill picks out

smidcap stocks that have a sound business model, with high or rising return

on capital, and potential for 100% total returns over three to five years.

Stocks are divided between those under US$2bn and midcaps up to US$8bn

market cap. The selection criteria include sound management, a good record

of treating minority shareholders and companies generating high operating

cashflow. Twenty-plus Asia Pacific stocks in sectors ranging from consumer,

internet, healthcare to properties are represented. On average they have an

ROIC of 27%, ROE of 22%, a three-year EPS Cagr of 30% and trade US$11m

per day.

Amar also presents an update on the Asia-Pacific Moat portfolio, ie, companies

generating positive EVAR with a durable competitive advantage at reasonable

valuations. He presents together with Timothy Lee, who will discuss stocks with

potential 100% plus returns in Hong Kong and China, including Minth, Man Wah

and Xinyi Solar which figure among the smidcap top picks.

8/15

Two whales and a heli Nicholas Smith Japan Strategist, CLSA - Japan

14:00-15:00 Tuesday, Track 6, Lounge Room, M/F

Abe remains Japan’s most popular prime minister in a generation, but what of

his Abenomics? Has it failed? Bank of Japan activity has dwarfed that of any

other central bank, and yet inflation continues to be stubbornly weak. Worse,

the yen has soared. Is governor Kuroda out of bullets - and does it even

matter? Globally, the emphasis is shifting, from monetary to fiscal stimulus,

but Abe’s fiscal spending package looks like a fizzer, limbo-dancing under low

expectations: is there any chance of helicopter money - or is monetisation

already happening and the spending splurge barely begun?

As foreign buying has tapered, the BoJ has emerged as a major driver of the

stock market, doubling its buying to almost US$60bn/year. Increasingly, this

is eclipsing the other whale, GPIF, the biggest pension fund in the world,

though that fund itself remains below target weight in Japanese equities.

Japanese profits remain strong, despite the surge in the yen, and valuations

are succulent; barely over halfway into the year, share buybacks already hit a

new record and the corporate-governance revolution seems to be gathering

pace. Will it be enough? Join us in the Japanese strategy session to find out.

Putting big data in its place:

Understanding cities and human mobility

with new data sources Jameson Toole Co-Founder & CEO, Wherehouse, Inc.

15:00-16:00 Tuesday, Track 1, Grand Ballroom, LL

Billions of people now own and use mobile devices capable of generating,

capturing and storing massive amounts of data about their behaviour. Hidden

in this data are patterns of human behaviour that can be used to build

systems that can bear the strain of these forces, if you know how to look for

them. As great demographic shifts carry millions of people online, into cities

and out of poverty, understanding their behaviour is critical for building

systems and infrastructure to support them.

In his research at MIT and experience in industry, Jameson Toole has applied and

developed data mining and machine learning techniques to understand human

mobility, social, and economic outcomes within communities. Congestion within

cities, the spread of information, and the effect of employment shocks on

individuals can all be understood better by incorporating data from smartphones.

Just as important as these insights themselves is the process of finding them.

Predicting unemployment rates from changes in mobile-phone calling patterns or

the spread of innovations through geographically embedded social networks only

becomes possible with a fierce commitment to multidisciplinary research and

completely new approaches to problems. Data alone doesn’t hold all the

answers, but when paired with new processes, it promises to be a critical

component to understanding human behaviour and building a better future.

Toole is CEO and cofounder of Wherehouse Inc, a company dedicated to helping

others unlock the potential of location data. Jameson's research is highly

interdisciplinary, spanning from understanding human mobility patterns in cities,

the adoption of innovations through social networks, and developing novel

predictors of critical economic indicators from new data sources.

9/15

Clean take off: Mission and money align

to back Asia's green economy Tessa Tennant Project Originator, NDC Finance

Calvin Quek Head of Sustainable Finance, Greenpeace East Asia's Sustainable Finance Program

15:00-16:00 Tuesday, Track 4, Salon I & II, M/F

In Paris last December almost every country submitted a plan to reduce its

carbon emissions. This translates into a multi-trillion dollar investment agenda

and will influence the fortunes of many Asian companies. Who are the winners

and who are the emerging climate zombies? Tessa Tennant and Calvin Quek

look at other factors converging to reinforce the Clean Take Off and highlight

the sectors set to gain and those where investors need to dig deeper.

Asia has thousands and thousands of kilometres of coastline just above sea-

level and many of its largest cities and most strategic infrastructure sits on

these coastal plains. So even small increments in sea-levels can have

devastating and costly, disruptive effects. That's on top of more severe

weather events and the related floods and droughts already happening. The

big difference from the 1990s when “green” had a good run, is that money is

following the mission this time. Climate funding by nations and the

multilateral banks already amounts to many billions which, added to the yield

characteristics of a good number of the investment opportunities, suggests

it's time to look at the climate business again.

Tennant is a serial innovator in green and climate finance. She co-founded the

UK's first green investment fund in 1988, the Jupiter Ecology Fund. She is a

founding director and President of The Ice Organisation, creator of the

environmental rewards programme myice.com, and is a non-Executive

Director of the UK's Green Investment Bank.

Calvin Quek is head of Greenpeace East Asia’s Sustainable Finance Program

and leads its engagement with the financial community. He serves on the Board

of the China Carbon Forum, and was the first executive director of the Beijing

Energy Network. Prior to joining Greenpeace, he worked at Citigroup for close

to a decade. He led Citigroup Singapore’s CSR & Volunteerism committee in

2008. Quek has an MBA from Peking University, and a Master of Science in

Wealth Management from Singapore Management University. Quek is a regular

commentator on China's energy and environmental issues, contributing to the

Financial Times and South China Morning Post, and has appeared on CNBC,

Bloomberg and CCTV, and speaks regularly at investment summits.

10/15

Snuffing puff: Banks trigger housing

slowdown Andrew Johnston Contractors / Building Materials, CLSA - Australia

David Murphy

China Reality Research, CLSA - China

Sholto Maconochie Property, CLSA - Australia

Brian Johnson Head of Banks Research, CLSA - Australia

15:00-16:00 Tuesday, Track 6, Lounge Room, M/F

Affordability and household debt make the housing bubble in Australia look

overextended: foreign capital has assisted in creating the bubble. Tightening

bank-credit standards are the likely catalyst for a correction. Our base case has

the crisis starting with cheap apartments, but spreading to other apartments in

the same area. However, it is unlikely to result in sharp price falls for houses in

other regions. This is likely to lead to small-developer defaults and a sharp

contraction in apartment construction. Our worst-case scenario sees dwelling

prices fall sharply in all areas, eventually leading to recession.

Our panel believe the correction will start with settlement problems among

low-quality apartments. Our proprietary analysis of 35 years of house sales

data indicates expensive apartments in those areas will not be immune.

However, contagion to the dwelling prices in other areas will be limited.

Construction will follow prices so we expect apartment construction to be the

hardest hit over the next five years. Our “recession scenario” would likely

require the price contagion to extend to other regions and include houses;

household debt at 122% of GDP and price-to-income ratios of up to 12x

increase this risk.

David Murphy provides the China perspective on Australia’s housing boom

that is so important given that around half of all apartments are being

purchased by Chinese investors. Brian Johnson looks at how the banks will be

affected by a slowdown in the housing market, Sholto Maconochie looks at

the effect on Reits, and Andrew Johnston considers the effect on developers.

11/15

Clean disruption or evolution? Solar,

batteries and changing utility models Jonathan Weisgall Vice President, Government Relations, Berkshire Hathaway Energy

16:00-17:00 Tuesday, Track 1, Grand Ballroom, LL

“For just US$18.30 per month [millions of American homeowners] will store

enough energy to essentially get off the grid,” says Tony Seba, author of

Clean disruption. Is that really feasible? No. Going completely off the grid

requires a prohibitively expensive energy-storage system. In addition, private

solar is not the same as going off the grid; private solar customers still need

the grid 23.99 hours a day. Moreover, even when private solar produces more

power than the home needs, power grid support is still necessary to start

large equipment such as air conditioners. While US energy companies are

facing many new changes, local utilities are here for the long term and are

providing renewable energy for customers in more cost-effective ways, such

as subscriber-based universal solar and universal wind, both of which can be

built without rate increases.

Jonathan Weisgall is Vice President for Government Relations for Berkshire

Hathaway Energy. He serves as chairman for the Center for Energy Efficiency

and Renewable Technologies and Vice President of the Geothermal Energy

Association. He is an Adjunct Professor of Law at Georgetown University Law

Center, where he has taught a seminar on energy issues since 1992, and he

received the law school’s award for outstanding adjunct professor of the year

for 2015. Weisgall graduated Phi Beta Kappa from Columbia College and from

Stanford Law School. He previously practiced law in Washington DC at

Covington & Burling and has published articles in Legal Times, The New York

Times, Los Angeles Times, Foreign Policy, SAIS Review and The Bulletin of

the Atomic Scientists.

Global commodities: Surprising strength Andrew Driscoll Head of Resources Research, CLSA - Australia

16:00-17:00 Tuesday, Track 3, Grand III & IV, LL

Commodity-price rises have decisively outpaced consensus estimates this

year, leading to exceptional returns among some of the leveraged producers.

Yet, markets have been tricky to navigate, with Chinese policy difficult to

interpret. Demand in China has been characterised by strong growth in

infrastructure investment, a higher base and now tapering construction

activity, and weakness in the manufacturing sector. The supply backdrop has

proved mostly constructive, with China’s supply-side reform agenda a

welcome and long-term tailwind.

Bulk commodities have outperformed base metals, but we anticipate some

reversal into year-end as both iron-ore and coal-supply availability improve.

Supply displacement remains an overhang for iron ore next year, while coal

prices will be set by Chinese policy. It’s been a mixed picture for base metals,

but largely to scrip in terms of zinc and nickel leading the complex as copper

lags. For the miners, higher prices and the ongoing focus on cost-out and

capital efficiencies has led to rising free-cashflow generation. Balance sheets

need further strengthening, but attention is starting to shift to the next phase

of growth projects. The sector has rerated, but Andrew Driscoll still sees value

among some of the better-positioned miners. As always, the space provides

tremendous trading opportunities.

12/15

CG watch 2016 Charles Yonts ESG, Regional, CLSA - Hong Kong

Shaun Cochran Thematic Research, CLSA - Korea

Philip Whalley Sales, CLSA - UK

Jamie Allen Secretary General, Asian Corporate Governance Association

16:00-17:00 Tuesday, Track 4, Salon I & II, M/F

Two years on from our 2014 Dark shades of grey report, Global Head of

Thematic research Shaun Cochran picks up the governance mantle from Amar

Gill. CLSA has teamed up once again with Jamie Allen and the AGCA team to

review the state of play in Asian governance. We look at how the Japanese-

push for reforms is showing up in top-down and bottom-up assessments of

actual governance practice. We also explore the rise of passive investors and

what that means for governance - it might not be what you assume. Finally

we introduce deeper analysis of Australia to consider the degree to which Asia

can ultimately replicate their success in the field. Who has improved, who has

slipped and why is it so important? Come and listen to our governance crew

to figure it all out.

Allen is the founding Secretary General of the Asian Corporate Governance

Association (ACGA). He is a published author and has more than 29 years’

experience as a writer, editor and analyst covering Asian business, finance

and economics from Hong Kong.

13/15

Tonight’s Social Activities… Twilight: Jewellery: Demystifying diamonds

Tuesday, 20 Sep, 18:00–19:30, Track 7, M/F, Grand Hyatt Hotel

Join the designers and gem specialists from Haywards of Hong Kong for an

introduction into the fascinating world of diamonds, gems and fine jewellery

design. Haywards will offer an insider’s guide to diamond and gem buying, discuss

diamonds and jewellery as investment opportunities and offer interesting facts

related to the jewellery industry as well as explain the jewellery-making process.

Evening: Dine around town

Tuesday, 20 Sep, 19:00 till late

Let us take you into the heart of Lan Kwai Fong (LKF), to the revamped California

Tower, where you can dine at the hottest new restaurants in town. After dinner,

join us for more drinks and great music at Ciao Chow on the ground floor of the

tower.

Buses depart from the Grand Hyatt lobby at 10-minute intervals from 18:30.

Return buses start from 21:30.

Restaurants:

Ciao Chow, G/F, California Tower, 30-32 D'Aguilar Street

Hosts: CLSA Asean

Ciao Chow brings diners premium Italian farm-to-table artisan food, specific-blend

Italian espresso and craft beer and wine from Italy and around the globe to Hong

Kong.

Jinjuu, UG, California Tower, 30-32 D'Aguilar Street Hosts: CLSA China, Hong Kong

Founded by celebrity chef Judy Joo, Jinjuu features modern renditions of

classic Korean dishes.

Mercato, 8/F, California Tower, 30-32 D'Aguilar Street Host: CLSA Americas

A vibrant family-styled Italian restaurant by three-Michelin-starred chef Jean-

Georges Vongerichten

Porterhouse by Laris, 7/F, California Tower, 30-32 D'Aguilar Street Hosts: CLSA Australia, UK

This upscale steakhouse brought by David Laris serves excellent steaks with

extensive wine list to match.

The Great Indian Kebab Factory, 19/F Wellington Place, 2-8 Wellington Street Host: CLSA India

TGIKF brings contemporary yet authentic Indian cuisine with a strong focus on

delectable kebabs.

Townhouse, 23/F, California Tower, 30-32 D'Aguilar Street

Host: CLSA Korea, Taiwan, Japan

Enjoy a diverse variety of innovative food and cocktails at this trendy gathering

spot in Hong Kong.

14/15

Tomorrow… Wednesday Keynotes

Incognito: The secret lives

of the brain David Eagleman Professor, Stanford University

08:00-09:30 Wednesday, Breakfast Keynote, Track 1, Grand Ballroom, LL

If the conscious mind - the part you consider you - accounts for only a

fraction of the brain's function, what is all the rest doing? This is the question

that David Eagleman has spent years researching and which he answers in

this up-to-the-minute talk, chock-full of verve, wit and startling new

discoveries. Our behaviour, thoughts, and experiences are inseparably linked

to a vast, wet, chemical-electrical network called the nervous system. The

machinery is utterly alien to us, and yet, somehow, it is us. Eagleman takes

us into the depths of the subconscious to answer some of our deepest

mysteries. Why does the conscious mind know so little about itself? What do

Ulysses and the subprime-mortgage meltdown have in common? Why is it so

difficult to keep a secret? Eagleman charts new terrain in neuroscience and

helps us understand how our perceptions of ourselves and our world result

from the hidden workings of the most wondrous thing we have ever

discovered: the human brain.

Eagleman is a daring young scientist who provides a new understanding of

our brains - and ourselves. As a speaker, this Guggenheim Fellow and New

York Times bestselling author is energising, edifying and able to connect

scientific discovery to any field. He’s the writer and host of the PBS series The

Brain with David Eagleman: a six-hour international event on what it means

to be human. This television series tells the story of the inner workings of the

brain and take viewers on an epic, visually stunning journey into why we feel

and think the things we do.

A conversation with Drew Barrymore Drew Barrymore Actor, producer and brand creator

12:30-14:00 Wednesday, Luncheon Keynote, Track 1, Grand Ballroom, LL

In a conversation with CLSA clients on Wednesday, Drew Barrymore, who

stole movie-goers hearts at the age of six in the Steven Spielberg blockbuster

E.T. the Extra Terrestrial, will discuss her astounding 35-year career as an

actor, producer, director, philanthropist and businesswoman.

Besides her well-known award-winning acting career, Barrymore co-founded

Flower Films in 1995, a production company behind many of the films in

which she has appeared including Never Been Kissed, Charlie’s Angels, Fifty

First Dates and He’s Just Not That Into You. In 2013, Drew created Flower

Beauty, a line of affordable colour cosmetics using prestige formulas sold

exclusively at Walmart in North America. Flower Eyewear, Flower Fragrances

and Body Mists have followed. To quote Barrymore directly, she not only

creates products for the outside but ‘a little something for the inside’, thus

Barrymore Wines was formed with powerhouse vintners Jackson Family Wines

in Northern California. In late 2015, Drew also became a New York Times

bestselling author with her book, Wildflower.

15/15

The optimism bias: A tour of the

irrationally positive brain Tali Sharot Director, Affective Brain Lab

17:00-18:00 Wednesday, Closing Keynote, Track 1, Grand Ballroom, LL

Tali Sharot is a leading expert on human decision-making, optimism and

emotion. A neuroscientist by trade, Sharot combines research in psychology,

behavioural economics and neuroscience to reveal the forces that shape our

decisions, beliefs and inaccurate expectations of the future and how those can

be altered (or sustained). Why do people discount bad news (a tendency that

contributed to the 2008 financial downfall or enhances ill-preparedness in the

face of disaster and reduced medical screenings)? Why do we have unrealistic

expectations of the future (underestimating our chances of divorce and

expecting our kids to be uniquely talented)? Why is it so difficult to change a

decision after it is made? Sharot, a visiting professor at MIT, is also an

associated professor of Cognitive Neuroscience at University College London

where she directs the Affective Brain Lab. Her team is dedicated to answering

such questions with an aim at identifying ways to encourage behavioural

change that enhance well-being.

Sharot is the author of The Optimism Bias: A Tour of the Irrationally Positive

Brain (Pantheon/Random House, 2011, published in 10 additional countries);

The Science of Optimism (TED, e-book) and coeditor of The Neuroscience of

Preference and Choice (Elsevier). She has been featured on CNN, MSNBC,

The Science Channel, the Today show, the BBC and many publications around

the world. Sharot also co-presented BBC’s Science Club (BBC 2). She wrote

TIME magazine’s cover story The Science of Optimism (May, 2011) as well as

cover stories for The Observer Review, The Guardian, The Washington Post

Health Section and a New York Times Op-Ed (Major Delusions, 2011).

Tomorrow’s Social Activities…

Twilight: Energy management: Energy renewal

Wednesday, 21 Sep,18:00-19:30, Track 7, M/F, Grand Hyatt Hotel

Time is a limited resource but personal energy is renewable. Learn how to foster

deceptively-simple rituals that could help you and your team to regularly replenish

your energy and build better physical, emotional and mental resilience at work

and at home. Get more energy back into your day, finish your tasks with ease and

spend more quality time with your family and friends. Judith Coulson is a certified

corporate wellness specialist and international nutrition and lifestyle consultant.

Twilight: Redress: Frontline Fashion – Exclusive documentary screening

Wednesday, 21 Sep,18:30-20:30, The Annex, Unit 6, 2/F, Nan Fung Place,

173 Des Voeux Road Central

Join Redress Founder, Christina Dean, for an exclusive screening of 'Frontline

Fashion'. 'Frontline Fashion' is Redress' first feature-length documentary, following

ten emerging sustainable fashion designers from Asia and Europe who are

determined to change the future of fashion. Refreshments will be provided plus

there will be an opportunity to meet some of the finalists of The EcoChic Design

Award 2015/16 featured in the documentary. Spaces are limited. Bus departs

from the Grand Hyatt lobby at 18:15.

Presentation schedule as of September 19, 2016

Grand Hyatt Hong Kong, 19-23 September 2016

CLSA Limited Schedule is subject to changes as necessary

18/F One Pacific Place, 88 Queensway, Hong Kong Tel: +852 2600 8888, Fax: +852 2530 0827, Email: forum@clsa.com, www.clsa.com

TUE

TRACK 08.00 - 09.30 09.30 - 10.30 10.30 - 11.30 11.30 - 12.30 12.30 - 14.00 14.00 - 15.00 15.00 - 16.00 16.00 - 17.00 17.00 - 18.00

1

The lucky years:

How to thrive in the

brave new world of

health¹a²

David Agus,

University of

Southern California

The great surge: Ascent of the

developing world²

Steve Radelet, Georgetown

University

Stock connect and beyond:

HKEx strategic update2

Charles Li, Hong Kong

Exchanges & Clearing

China internet and telecoms

undergoing structural rerating²

Elinor Leung, CLSA

The rise of data

religion¹²

Yuval Noah Harari,

Hebrew University

of Jerusalem

Mission(im)possible: Bad-

debt collection in China²

Phil Groves, DAC

Management

Putting big data in its place:

Understanding cities and

human mobility with new

data sources²

Jameson Toole, Wherehouse,

Inc.

Clean disruption or

evolution? Solar,

batteries, and changing

utility models²

Jonathan Weisgall,

Berkshire Hathaway

Energy

Computation, AI,

robotics, and the

transformation of

practically

everything¹²

Daniela Rus, MIT

2 CSL

(AU pharma/biotech)

Honeywell China/Honeywell

Technology Solutions

( CN Industrials)

Are exchange-traded funds (ETFs)

the enemy for active investors?23

Tobias Bland, EIP

Mando/Halla

(KR automotive)

PT Bank Mandiri

(ID banks/financial)

Yes Bank

(IN banks/financial)

3 Housing Development

Finance Corp

(IN banks/financial)

China Telecom

(CN telecommunication)

China Vanke

(CN property)

Bharti Infratel

(IN telecommunication)

Idea Cellular

(IN telecommunication)

Global commodities -

Surprising strength²

Andrew Driscoll, CLSA

4 Live wires: Utilities confront

clean-tech disruption²

Rajesh Panjwani, CLSA

Fortescue Metals Group

(AU materials)

Challenger

(AU Diversified Fin.)

China Shenhua Energy

(CN materials)

Clean take off: Mission and

money align to back Asia's

green economy2

Tessa Tennant, NDC Finance

& Calvin Quek, Greenpeace

East Asia's Sustainable

Finance Program

CG watch 2016²

Jamie Allen, ACGA &

Shaun Cochran &

Charles Yonts & Philip

Whalley, CLSA

5 PLDT

(PH telecommunication)

Malaysia strategy: Fear of

missing out²

AC Tan, CLSA

Pacific Basin

(HK transportation)

Smidcaps and moats²

Amar Gill & Timothy Lee,

CLSA

Xinyi Glass

(HK materials)

Sino-Thai Engineering &

Construction

(TH Property)

6

A tale of two cities: how Stock

Connect reshapes Hong Kong

and Shenzhen² - Franky

Chung, Hong Kong²

Franky Chung, Hong Kong

Exchange & Clearing & Huiqi

Pei, Shenzhen Stock

Exchange

Beyond the hype: Real

applications of blockchain

technology in capital markets,

trade finance, & other uses: An

introduction & status update2

Justin Dombrowski, PwC

Saudi Arabia: New realities²

Chris Davidson, Durham University

Two whales and a heli²

Nicholas Smith, CLSA

Snuffing puff- Banks trigger

housing slowdown²

Brian Johnson & David

Murphy & Sholto Maconochie

& Andrew Johnston, CLSA

Universal Display

(US technology)

7 Global Logistic Properties

(SG property)

WHA Corporation

(TH property)

PChome online

(TW technology)

First Pacific

(HK conglomerates)

Macau Legend Development

(HK gaming/hotel/leisure)

Mitra Keluarga

(ID pharma/Biotech)

WED

TRACK 08.00 - 09.30 09.30 - 10.30 10.30 - 11.30 11.30 - 12.30 12.30 - 14.00 14.00 - 15.00 15.00 - 16.00 16.00 - 17.00 17.00 - 18.00

1

Incognito: The

secret lives of the

brain¹²

David Eagleman,

Stanford University

The future of li-ion battery

technology²

Gerbrand Ceder, University of

California, Berkeley

Shadow gang - Banking reform

gone wrong²

Francis Cheung, CLSA

Investment considerations during

periods of energy transition²

Peter Tertzakian, ARC Financial Corp

A conversation

with Drew

Barrymore

Tesla Motors

(US automotive)

Virtual reality: Towards the

tipping point²

Rahat Ahmad, Trinity VR

The new age of

automation²

Nicholas Carr, Author

The optimism

bias: A tour of

the irrationally

positive brain²

Tali Sharot,

Affective Brain

Lab

2 Sydney Airport

(AU Airport)

7-Eleven Malaysia

(MA retail)

Silicon Motion Technology

(TW electronics/tech)

Dialog Axiata

(SL telecommunication)

Bangkok Airways Public

(TH Airlines)

Triple Treat: Indonesia,

Philippines and Vietnam²

Anthony Nafte, CLSA

3 And now, the walk!²

Alfred Dy, CLSA

Singapore Telecommunications

(SG telecommunication)

Choosing lanes2

Geoff Boyd & Abhijeet Naik & Alexious

Lee & Emmanuel Rosner, CLSA

Gaining traction²

Rajeev Malik, CLSA

What’s next for Korea’s export?²

Paul Choi, CLSA EM back in vogue²

Laurence Balanco, CLSA

4 Anta Sports

(CN consumer)

HDFC Bank

(IN banks/financial)

China Unicom

(CN telecommunication)

My mum’s throne room:

Flushing your way into Asia’s

middle class²

Dave McCaughan,

Bibliosexual Ltd

Ascendas Reali Investment

Trust

(SG Property)

Stockland Corporation

(AU property)

5 Sun Hung Kai Properties

(HK property)

Swire Pacific

(HK conglomerates)

CH. Karnchang Public

(TH property)

Hang Seng Bank

(HK banks/financial)

SMI Holdings

(HK consumer)

Minor International

(TH food/beverage/

tobacco)

6 China healthcare - A gap-

year happiness²

Serena Shao, CLSA

Chevron

(US chemicals/oil/gas)

Make HK & Macau great again²

Aaron Fischer, CLSA

Asian properties - A hidden

yield story²

Nicole Wong, CLSA

Asian banks overview: Trends

and major stock picks²

Brian Johnson & Brian

Waterhouse & Aashish Agarwal

& Asheefa Sarangi & Patricia

Cheng, CLSA

The lithium-ion supply chain

in an energy storage

revolution²

Simon Moores, Benchmark

Mineral Intelligence

7 StarHub

(SG telecommunication)

Sri Lanka strategy: Poised for

revival²

Sanjeewa Fernando, CT CLSA

Securities

PT Adaro Energy

(ID materials)

China Maple Leaf

Educational

(CN miscellaneous)

Ayala Corp

(PH conglomerates)

Tingyi (Cayman Islands)

(CN consumer)

Presentation schedule as of September 19, 2016

Grand Hyatt Hong Kong, 19-23 September 2016

CLSA Limited Schedule is subject to changes as necessary

18/F One Pacific Place, 88 Queensway, Hong Kong Tel: +852 2600 8888, Fax: +852 2530 0827, Email: forum@clsa.com, www.clsa.com

THU

TRACK 08.00 - 09.30 09.30 - 10.30 10.30 - 11.30 11.30 - 12.30 12.30 - 14.00 14.00 - 15.00 15.00 - 16.00 16.00 - 17.00 17.00 - 18.00

1

Is the Era of

American Global

Power Over?¹²

Jeffrey Goldberg,

The Atlantic

China’s slowdown: Neither a

bull nor a bear be²

Simon Rabinovitch, The

Economist

Corporate political risk in a

fragmenting world economy²

Simon Evenett, University of St

Gallen

All your beta are belong to us: The alpha

to omega panel discussion on active

and passive investment strategies²

Brian Roberts, HKEX & Thomas

Poullaouec, State Street Global Advisors

(US) & Christopher Chua, Eastspring

Investments & Stephen Hull, Blackrock

Solutions & Mark Brady, CLSA

The rise of Clinton,

the fall of Trump,

and the worst

election²

Frank Luntz, Luntz

Global Partners

What the migration crisis

means for the future of the

EU²

John Springford, Centre for

European Reform

Spring chicken: Stay young

forever (or die trying)²

Bill Gifford, Author

Line Corporation

(JP

Internet/e=Commer/SW)

A behavioral

perspective on

decision making

and policy¹²

Eldar Shafir,

Princeton

University

2 Ezion

(SG miscellaneous)

Telekom Malaysia

(MA telecommunication)

Nameson Holdings

(HK consumer)

Reddot.com: Future-proofing

the Singapore economy in

an age of disruption²

Jonathan Galligan, CLSA

Rosneft

(RU chemical/oil/gas)

Recharge²

Joelian Tseng, CLSA

3

Domestic dilemma: migrant

workers in Asia’s world city²

Kay McArdle, PathFinders &

Lenlen Mesina, Enrich

Living with the new normal: Asian

oil and gas opportunities amid a

rebalancing market²

Narongpand Lisahapanya &

Nelson Wang & Ken Shin & Vikash

Kumar Jain, CLSA

HCL Technologies

(IN internet/e-commerce/SW)

Australia - top investment

opportunities²

Scott Ryall, CLSA

Thailand strategy²

Suchart Techaposai, CLSA

Samsonite International

(HK consumer)

4 AirAsia Berhad

(MA airlines)

Airtac International Group

(TW industrials)

Road(s) to prosperity²

Sarina Lesmina, CLSA

Shenzhou International

Group

(CN consumer)

Political developments in

Malaysia leading up the general

election2

Ibrahim Suffian, Merdeka Centre

RGI: the new measurement

of return for gender

inclusion in the work place²

Karen See & Sharn Bedi,

{embrace} worldwide

5 PT Semen Gresik

(ID materials)

Security Bank

(PH banks/financial)

Oil Search

(AU chemicals/oil/gas)

Sanofi S.A

(FR healthcare)

Wharf

(HK conglomerates)

New World Development

(HK property)

6 e-liftoff 2: Indonesia leading

the e-commerce pack²

Paul McKenzie, CLSA

Vietnam: Poised for breakout²

Dominic Scriven & Bill Stoops,

Dragon Capital

Sustainability, power and China²

Charles Yonts, CLSA

All about 5G²

William Rojas, William Benton

& Associates

Hutchison China MediTech

(HK healthcare)

Fuel cells: Growing

shipments and

strengthening supply

chains²

David Hart, E4tech

7 Makalot Industrial

(TW consumer)

Hemas Holdings

(SL conglomerates)

Link REIT

(HK property)

Metro Pacific

(PHI Conglomerates)

Rakuten

(JP internet/e-commerce/SW) ABS-CBN Broadcasting

(PH media/broadcasting)

FRI

TRACK 09.00 - 10.00 10.00 - 11.00 11.00 - 12.00 12.00 - 13.00 13.00 - 14.30

1 Cooks & chefs: What it means to be a true

original²

Tim Urban, Wait But Why

Behavioural fund manager selection²³

Herman Brodie, Prospecta

Behavioural fund manager selection²³

(Continued)

Herman Brodie, Prospecta

Fintech and regtech: Transforming Asian finance and

regulation?23

Douglas Arner, University of Hong Kong

Can blind academics lead the blind public? Will they

not both fall into the abyss¹a²³

Marc Faber, Marc Faber Ltd

¹ Session is open to media. | ¹a Open to media via live feed. Media should proceed to Track 2. | ² Eligible for a certificate of attendance. | ³ CFA Institute has approved this program, 1-1.5 CE credit hours. If you are a CFA Institute member, CE credit for

your participation in this program will be automatically recorded in your CE tracking tool. | Please note that CPT points can only be granted by delegate’s internal compliance department.