note structure designed to decrease risk and leverage investments in Singapore-based companies. Viki, a company based in Singapore, was acquired by Rakuten and returned the fund's paid in principle and a return to investors. Other exits include SeatMe (acquired by Yelp), Lanyrd (acquired by Eventbrite)

ive passengers Rides per passenger Completed rides Contrib margin - EBITDA Top-tier investors - KKR, AB, PSP, Baillie Gifford - GM, Jaguar, Rakuten, BABA, Tencent - Janus, Coatue, Fortress Metrics - Have more than doubled # of active passengers this yr - And freq incr'd by DD %'s Passenge

et price (12m) 280 Upside 18% Reflation is the other major theme, which should be positive for retailers and banks, where DB Research is bullish Rakuten and Resona respectively. Rakuten: https://gergm.cib.intranet.db.com/ger/document/pdf/0900b8c087a30eda.pdf 4755 JP Buy Current price 1531 Target

et price (12m) 280 Upside 18% Reflation is the other major theme, which should be positive for retailers and banks, where DB Research is bullish Rakuten and Resona respectively. Rakuten: https://ger.gm.cib.intranet.db.com/ger/document/pdf/0900b8c087a30eda.pdf 4755 JP Buy Current price 1531 Targe