MSN H1 2016 revenue and NPAT-MI grew 84% and 184%, respectively, vs H1 2015 with the latter running ahead of our expectation, as H1 2016 revenue has achieved 45% of our full-year forecast while NPAT-MI has fulfilled 54% of our full-year forecast. This is because Masan Resources achieved much better margins than we projected, while the other segments are tracking in line with our forecast.