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January 4 2015 STRATEGY RESEARCH | Indonesia SEE PAGE 6 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS Indonesia Strategy Further reform on fuel subsidy  Government eliminated subsidy on RON88 gasoline and fixed the subsidy on diesel at IDR1000/liter. This will eliminate the risk of ballooning fuel subsidies in the future. Fuel prices were lowered starting 1 Jan 2015 to reflect fall in oil prices.  This will help to marginally ease cost pressure and inflation which was above expectations at 8.36 in Dec 2014 and is expected to fall marginally in Jan 2015. Despite the price cut fuel price is still higher than pre-hike in Nov 2014.  Companies that benefit from downward adjustment in fuel price include mass market consumers and taxi/car rental. Structural changes in fuel subsidy Government has introduced strong reform in fuel subsidies by marking it to market and only subsidizing the distribution costs for areas outside Java Bali and Madura for RON88 gasoline and introduced a fixed IDR1000/liter subsidy for diesel. To reflect falling global oil prices domestic RON88 gasoline price is lowered to IDR7600/liter from IDR8500/liter and diesel price is lowered to IDR7250/liter from IDR7500/liter starting 1 Jan 2015. Domestic fuel price will be revised every month based on market price. Implications Key implications of this policy are: 1. It significantly reduces the risk of ballooning fuel subsidies in the future. Government budget will be more stable and ability to spend on capex will increase. 2. Inflation which hit the high of 8.36 in Dec 2014 will marginally ease in Jan 2015. Note that the 8.36 YoY inflation in Dec 2014 is above consensus 7.93 and Bank Indonesia’s expectation of 8.1-8.2. 3. Cost pressure on logistics will ease. This will help companies that sell to mass market and have widely distributed products. Taxi/fleet rental companies will also benefit from the lower operating/fuel costs. INDF ICBP MYOR AISA MPPA RALS TAXI BIRD and ASSA are among companies that positively benefit from the lower administered fuel price. Analyst Wilianto Ie 62 21 2557 1125

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January 4 2015 2 Strategy Research It is a structural fix to government budget The biggest positive from the reduction in administered fuel price is on the government budget. It has been years since Indonesia hasn’t had to pray for international oil prices to not continue to rise significantly as it will hurt the budget and cause fuel subsidies to balloon. The chart below shows the government spent about 13 of its budget on fuel subsidies in 2013 more than 1.5x of capital expenditure. Figure 1: Government spent 13 of budget on fuel subsidies Source: Government budget Figure 2: Budget of energy subsidies is larger than capex Source: Government budget During this period of falling global oil prices the government has seized the opportunity to eliminate the subsidy for RON88 gasoline in Java Bali and Madura and only subsidize the distribution costs outside those areas. This is a great move by the government as it will face little public resistance given the market price is lower than the subsidized fuel prior to the reduction. Government has lowered the administered RON88 gasoline price from IDR8500/liter to IDR7600/liter starting 1 Jan 2015. In addition the government also introduced a fixed subsidy of IDR1000/liter for diesel and lowered the administered price from IDR7500/liter to IDR7250/liter starting 1 Jan 2015. Note that the subsidized fuel is mainly for transport/gas station as the industry has paid market price for their fuel. By reforming the formula from fixed price to fixed subsidy the government has secured the right to increase the fuel price in the event that oil price goes up and also to continue to cut the fuel price thus tame inflation if global oil price continues to fall in the future. The chart below shows that any dip in GDP growth due to the fuel price hike is temporary as consumers and businesses adapt quickly to the fuel price. Procurement of goods 8 Social program other expenditures 9 Interest payments 7 Fuel Subsidies 13 Others Subsidies 9 Salary expenditure 14 Capital expenditure 8 Transfer to region 32

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January 4 2015 3 Strategy Research Figure 3: GDP growth and administered fuel price Source: Statistics Indonesia Pertamina Marginal impact to inflation Government fuel subsidy reform that leads to lower administered fuel price starting 1 Jan 2015 vs price in Dec 2014 government hiked fuel price on 18 Nov 2014 to cut subsidy will ease logistics cost pressure on companies but will only marginally ease headline inflation. It will reduce the need for companies to increase prices further but all prices that have been adjusted up will be sticky. Figure 4: Fuel price and inflation Source: Statistics Indonesia Pertamina Lower domestic fuel price will help to ease concern over inflation pressure in the coming months. However the risk to government bond yields remains as the Dec 2014 inflation came in higher than expected and is above 10-year government bond yield which does not happen very often. 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 05 06 07 08 09 10 11 12 13 14 15 Diesel price subsidized Gasoline price subsidized GDP YoY IDR/liter 0 2 4 6 8 10 12 14 16 18 20 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 04 05 06 07 08 09 10 11 12 13 14 15 IDR Fuel Price Gasoline LHS Inflation

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January 4 2015 4 Strategy Research Figure 5: Bond yield normally stays above inflation Source: Bank Indonesia Statistics Indonesia Bloomberg The risk We continue to closely watch the risk of falling oil prices dragging down the price of other commodities thus slowing down GDP growth. This is because 25 of Indonesia’s GDP comes from agriculture and mining thus lower commodity prices will potentially lead to a slowdown in domestic demand. About 31 of Indonesia’s workforce is employed in the agriculture sector. Therefore concerns about oil’s possible domino effects as we highlighted in our note on 17 Dec 2014 remain valid Indonesia Strategy - Oils possible domino effects 17 Dec 2014 . Figure 6: Agriculture is a large part of employment Source: Statistics Indonesia Maybank Kim Eng The winners Potential beneficiaries of easing pressure on logistics costs and subdued raw material prices are consumer companies that sell to mass market with raw materials comprising a large portion of its production costs. We believe INDF ICBP MYOR AISA are among those that benefit from lower logistics and raw material costs. Transport/car rental companies such as TAXI BIRD and ASSA will also benefit from the lower administered fuel price. Other consumer companies that sell to mass market and benefit from lower logistics costs are GGRM RALS and MPPA. 0 4 8 12 16 20 05 06 07 08 09 10 11 12 13 14 Inflation BI Rate Yield 10yr govt bond Agriculture 31 Mining 1 Industry 13 Construction 6 Trade hotel and restaurant 22 Transport logistics and communication 5 Finance and real estate 3 Social services 16 Utilities forestry fishing and others 3

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January 4 2015 5 Strategy Research Research Offices REGIONAL WONG Chew Hann CA Regional Head of Institutional Research 603 2297 8686 ONG Seng Yeow Regional Head of Retail Research 65 6432 1453 Alexander GARTHOFF Institutional Product Manager 852 2268 0638 ECONOMICS Suhaimi ILIAS Chief Economist Singapore | Malaysia 603 2297 8682 Luz LORENZO Philippines 63 2 849 8836 Tim LEELAHAPHAN Thailand 662 658 1420 JUNIMAN Chief Economist BII Indonesia 62 21 29228888 ext 29682 MALAYSIA WONG Chew Hann CA Head of Research 603 2297 8686 • Strategy • Construction Infrastructure Desmond CH’NG ACA 603 2297 8680 • Banking Finance LIAW Thong Jung 603 2297 8688 • Oil Gas - Regional • Shipping ONG Chee Ting CA 603 2297 8678 • Plantations - Regional Mohshin AZIZ 603 2297 8692 • Aviation - Regional • Petrochem YIN Shao Yang CPA 603 2297 8916 • Gaming – Regional • Media TAN Chi Wei CFA 603 2297 8690 • Power • Telcos WONG Wei Sum CFA 603 2297 8679 • Property REITs LEE Yen Ling 603 2297 8691 • Building Materials • Glove Producers CHAI Li Shin CFA 603 2297 8684 • Plantation • Construction Infrastructure Ivan YAP 603 2297 8612 • Automotive LEE Cheng Hooi Regional Chartist 603 2297 8694 Tee Sze Chiah Head of Retail Research 603 2297 6858 HONG KONG / CHINA Howard WONG Head of Research 852 2268 0648 • Oil Gas - Regional Alexander LATZER 852 2268 0647 • Metals Mining – Regional Elliott KING 852 2268 0635 • Gaming Jacqueline KO CFA 852 2268 0633 • Consumer Staples Durables Ka Leong LO CFA 852 2268 0630 • Consumer Discretionary Auto Karen KWAN 852 2268 0640 • Property REIT s Osbert TANG CFA 86 21 5096 8370 • Transport Industrials Ricky WK NG CFA 852 2268 0689 • Utilities Renewable Energy Steven ST CHAN 852 2268 0645 • Banking Financials - Regional Warren LAU 852 2268 0644 • Technology – Regional INDIA Jigar SHAH Head of Research 91 22 6632 2632 • Oil Gas • Automobile • Cement Anubhav GUPTA 91 22 6623 2605 • Metal Mining • Capital Goods • Property Urmil SHAH 91 22 6623 2606 • Technology • Media Vishal MODI 91 22 6623 2607 • Banking Financials SINGAPORE NG Wee Siang Head of Research 65 6231 5838 • Banking Finance Gregory YAP 65 6231 5848 • SMID Caps – Regional • Technology Manufacturing • Telcos YEAK Chee Keong CFA 65 6231 5842 • Offshore Marine Derrick HENG 65 6231 5843 • Transport Land Shipping Aviation WEI Bin 65 6231 5844 • Commodity • Logistics • S-chips John CHEONG 65 6231 5845 • Small Mid Caps • Healthcare TRUONG Thanh Hang 65 6231 5847 • Small Mid Caps INDONESIA Wilianto IE Head of Research 62 21 2557 1125 • Strategy Rahmi MARINA 62 21 2557 1128 • Banking Finance Aurellia SETIABUDI 62 21 2953 0785 • Property Isnaputra ISKANDAR 62 21 2557 1129 • Metals Mining • Cement Pandu ANUGRAH 62 21 2557 1137 • Infrastructure • Construction • Transport Janni ASMAN 62 21 2953 0784 • Cigarette • Healthcare • Retail PHILIPPINES Luz LORENZO Head of Research 63 2 849 8836 • Strategy • Utilities • Conglomerates • Telcos Lovell SARREAL 63 2 849 8841 • Consumer • Media • Cement Rommel RODRIGO 63 2 849 8839 • Conglomerates • Property • Gaming • Ports/ Logistics Katherine TAN 63 2 849 8843 • Banks • Construction Ramon ADVIENTO 63 2 849 8845 • Mining THAILAND Maria LAPIZ Head of Institutional Research Dir 66 2257 0250 | 66 2658 6300 ext 1399 • Consumer / Materials Jesada TECHAHUSDIN CFA 66 2658 6300 ext 1394 • Financial Services Kittisorn PRUITIPAT CFA FRM 66 2658 6300 ext 1395 • Real Estate Sittichai DUANGRATTANACHAYA 66 2658 6300 ext 1393 • Services Sector Sukit UDOMSIRIKUL Head of Retail Research 66 2658 6300 ext 5090 Mayuree CHOWVIKRAN 66 2658 6300 ext 1440 • Strategy Padon VANNARAT 66 2658 6300 ext 1450 • Strategy Surachai PRAMUALCHAROENKIT 66 2658 6300 ext 1470 • Auto • Conmat • Contractor • Steel Suttatip PEERASUB 66 2658 6300 ext 1430 • Media • Commerce Sutthichai KUMWORACHAI 66 2658 6300 ext 1400 • Energy • Petrochem Termporn TANTIVIVAT 66 2658 6300 ext 1520 • Property Jaroonpan WATTANAWONG 66 2658 6300 ext 1404 • Transportation • Small cap Chatchai JINDARAT 66 2658 6300 ext 1401 • Electronics VIETNAM LE Hong Lien ACCA Head of Institutional Research 84 8 44 555 888 x 8181 • Strategy • Consumer • Diversified • Utilities THAI Quang Trung CFA Deputy Manager Institutional Research 84 8 44 555 888 x 8180 • Real Estate • Construction • Materials Le Nguyen Nhat Chuyen 84 8 44 555 888 x 8082 • Oil Gas NGUYEN Thi Ngan Tuyen Head of Retail Research 84 8 44 555 888 x 8081 • Food Beverage • OilGas • Banking TRINH Thi Ngoc Diep 84 4 44 555 888 x 8208 • Technology • Utilities • Construction TRUONG Quang Binh 84 4 44 555 888 x 8087 • Rubber plantation • Tyres and Tubes • OilGas PHAM Nhat Bich 84 8 44 555 888 x 8083 • Consumer • Manufacturing • Fishery NGUYEN Thi Sony Tra Mi 84 8 44 555 888 x 8084 • Port operation • Pharmaceutical • Food Beverage

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January 4 2015 6 Strategy Research APPENDIX I: TERMS FOR PROVISION OF REPORT DISCLAIMERS AND DISCLOSURES DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities if any may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. 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This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing the reader is to note that additional disclaimers warnings or qualifications may apply based on geographical location of the person or entity receiving this report. Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis. Singapore This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. 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January 4 2015 7 Strategy Research Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services advisory and other services for or relating to those companies. Singapore: As of 4 January 2015 Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report. Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore Investors should exercise their own judgment before making any investment decisions. MBKET its associates directors connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report. Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5a of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. As of 4 January 2015 KESHK and the authoring analyst do not have any interest in any companies recommended in this research report. MKE may have within the last three years served as manager or co-manager of a public offering of securities for or currently may make a primary market in issues of any or all of the entities mentioned in this report or may be providing or have provided within the previous 12 months significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report. OTHERS Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers and no part of the research analyst’s compensation was is or will be directly or indirectly related to the specific recommendations or views expressed in the report. Reminder Structured securities are complex instruments typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic financial and political factors including but not limited to spot and forward interest and exchange rates time to maturity market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase. No part of this material may be copied photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE. Definition of Ratings Maybank Kim Eng Research uses the following rating system BUY Return is expected to be above 10 in the next 12 months excluding dividends HOLD Return is expected to be between - 10 to +10 in the next 12 months excluding dividends SELL Return is expected to be below -10 in the next 12 months excluding dividends Applicability of Ratings The respective analyst maintains a coverage universe of stocks the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. DISCLOSURES Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad 15938-H which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL Co. Reg No 197201256N which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities “PTKES” Reg. No. KEP-251/PM/1992 is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET Reg. No.0107545000314 is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES Reg. No.01-2004-00019 is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. 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January 4 2015 8 Strategy Research  Malaysia Maybank Investment Bank Berhad A Participating Organisation of Bursa Malaysia Securities Berhad 33rd Floor Menara Maybank 100 Jalan Tun Perak 50050 Kuala Lumpur Tel: 603 2059 1888 Fax: 603 2078 4194  Singapore Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Research Pte Ltd 50 North Canal Road Singapore 059304 Tel: 65 6336 9090  London Maybank Kim Eng Securities London Ltd 5 th Floor Aldermary House 10-15 Queen Street London EC4N 1TX UK Tel: 44 20 7332 0221 Fax: 44 20 7332 0302  New York Maybank Kim Eng Securities USA Inc 777 Third Avenue 21st Floor New York NY 10017 U.S.A. Tel: 212 688 8886 Fax: 212 688 3500 Stockbroking Business: Level 8 Tower C Dataran Maybank No.1 Jalan Maarof 59000 Kuala Lumpur Tel: 603 2297 8888 Fax: 603 2282 5136  Hong Kong Kim Eng Securities HK Ltd Level 30 Three Pacific Place 1 Queen’s Road East Hong Kong Tel: 852 2268 0800 Fax: 852 2877 0104  Indonesia PT Maybank Kim Eng Securities Plaza Bapindo Citibank Tower 17 th Floor Jl Jend. Sudirman Kav. 54-55 Jakarta 12190 Indonesia Tel: 62 21 2557 1188 Fax: 62 21 2557 1189  India Kim Eng Securities India Pvt Ltd 2nd Floor The International 16 Maharishi Karve Road Churchgate Station Mumbai City - 400 020 India Tel: 91 22 6623 2600 Fax: 91 22 6623 2604  Philippines Maybank ATR Kim Eng Securities Inc. 17/F Tower One Exchange Plaza Ayala Triangle Ayala Avenue Makati City Philippines 1200 Tel: 63 2 849 8888 Fax: 63 2 848 5738  Thailand Maybank Kim Eng Securities Thailand Public Company Limited 999/9 The Offices at Central World 20 th - 21 st Floor Rama 1 Road Pathumwan Bangkok 10330 Thailand Tel: 66 2 658 6817 sales Tel: 66 2 658 6801 research  Vietnam Maybank Kim Eng Securities Limited 4A-15+16 Floor Vincom Center Dong Khoi 72 Le Thanh Ton St. District 1 Ho Chi Minh City Vietnam Tel : 84 844 555 888 Fax : 84 8 38 271 030  Saudi Arabia In association with Anfaal Capital Villa 47 Tujjar Jeddah Prince Mohammed bin Abdulaziz Street P .O. Box 126575 Jeddah 21352 Tel: 966 2 6068686 Fax: 966 26068787  South Asia Sales Trading Kevin Foy Regional Head Sales Trading Tel: 65 6336-5157 US Toll Free: 1-866-406-7447  North Asia Sales Trading Alex Tsun Tel: 852 2268 0228 US Toll Free: 1 877 837 7635 Malaysia Rommel Jacob Tel: 603 2717 5152 Thailand Tanasak Krishnasreni Tel: 662 658 6820 Indonesia Harianto Liong Tel: 62 21 2557 1177 London Simon Lovekin Tel: 44-207-626-2828 New York Andrew Dacey Tel: 212 688 2956 India Manish Modi Tel: 91-22-6623-2601 Vietnam Tien Nguyen Tel: 84 44 555 888 x8079 Philippines Keith Roy Tel: 63 2 848-5288 |

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