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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 wilianto.iemaybank-ke.co.id

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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 wchewhmaybank-ib.com ONG Seng Yeow Regional Head of Retail Research 65 6432 1453 ongsengyeowmaybank-ke.com.sg Alexander GARTHOFF Institutional Product Manager 852 2268 0638 alexgarthoffkimeng.com.hk ECONOMICS Suhaimi ILIAS Chief Economist Singapore | Malaysia 603 2297 8682 suhaimi_iliasmaybank-ib.com Luz LORENZO Philippines 63 2 849 8836 luz_lorenzomaybank-atrke.com Tim LEELAHAPHAN Thailand 662 658 1420 tim.lmaybank-ke.co.th JUNIMAN Chief Economist BII Indonesia 62 21 29228888 ext 29682 Junimanbankbii.com MALAYSIA WONG Chew Hann CA Head of Research 603 2297 8686 wchewhmaybank-ib.com • Strategy • Construction Infrastructure Desmond CH’NG ACA 603 2297 8680 desmond.chngmaybank-ib.com • Banking Finance LIAW Thong Jung 603 2297 8688 tjliawmaybank-ib.com • Oil Gas - Regional • Shipping ONG Chee Ting CA 603 2297 8678 ct.ongmaybank-ib.com • Plantations - Regional Mohshin AZIZ 603 2297 8692 mohshin.azizmaybank-ib.com • Aviation - Regional • Petrochem YIN Shao Yang CPA 603 2297 8916 samuel.ymaybank-ib.com • Gaming – Regional • Media TAN Chi Wei CFA 603 2297 8690 chiwei.tmaybank-ib.com • Power • Telcos WONG Wei Sum CFA 603 2297 8679 weisummaybank-ib.com • Property REITs LEE Yen Ling 603 2297 8691 lee.ylmaybank-ib.com • Building Materials • Glove Producers CHAI Li Shin CFA 603 2297 8684 lishin.cmaybank-ib.com • Plantation • Construction Infrastructure Ivan YAP 603 2297 8612 ivan.yapmaybank-ib.com • Automotive LEE Cheng Hooi Regional Chartist 603 2297 8694 chenghooi.leemaybank-ib.com Tee Sze Chiah Head of Retail Research 603 2297 6858 szechiah.tmaybank-ib.com HONG KONG / CHINA Howard WONG Head of Research 852 2268 0648 howardwongkimeng.com.hk • Oil Gas - Regional Alexander LATZER 852 2268 0647 alexanderlatzerkimeng.com.hk • Metals Mining – Regional Elliott KING 852 2268 0635 elliottkingkimeng.com.hk • Gaming Jacqueline KO CFA 852 2268 0633 jacquelinekokimeng.com.hk • Consumer Staples Durables Ka Leong LO CFA 852 2268 0630 kllokimeng.com.hk • Consumer Discretionary Auto Karen KWAN 852 2268 0640 karenkwankimeng.com.hk • Property REIT s Osbert TANG CFA 86 21 5096 8370 osberttangkimeng.com.hk • Transport Industrials Ricky WK NG CFA 852 2268 0689 rickyngkimeng.com.hk • Utilities Renewable Energy Steven ST CHAN 852 2268 0645 stevenchankimeng.com.hk • Banking Financials - Regional Warren LAU 852 2268 0644 warrenlaukimeng.com.hk • Technology – Regional INDIA Jigar SHAH Head of Research 91 22 6632 2632 jigarmaybank-ke.co.in • Oil Gas • Automobile • Cement Anubhav GUPTA 91 22 6623 2605 anubhavmaybank-ke.co.in • Metal Mining • Capital Goods • Property Urmil SHAH 91 22 6623 2606 urmilmaybank-ke.co.in • Technology • Media Vishal MODI 91 22 6623 2607 vishalmaybank-ke.co.in • Banking Financials SINGAPORE NG Wee Siang Head of Research 65 6231 5838 ngweesiangmaybank-ke.com.sg • Banking Finance Gregory YAP 65 6231 5848 gyapmaybank-ke.com.sg • SMID Caps – Regional • Technology Manufacturing • Telcos YEAK Chee Keong CFA 65 6231 5842 yeakcheekeongmaybank-ke.com.sg • Offshore Marine Derrick HENG 65 6231 5843 derrickhengmaybank-ke.com.sg • Transport Land Shipping Aviation WEI Bin 65 6231 5844 weibinmaybank-ke.com.sg • Commodity • Logistics • S-chips John CHEONG 65 6231 5845 johncheongmaybank-ke.com.sg • Small Mid Caps • Healthcare TRUONG Thanh Hang 65 6231 5847 hang.truongmaybank-ke.com.sg • Small Mid Caps INDONESIA Wilianto IE Head of Research 62 21 2557 1125 wilianto.iemaybank-ke.co.id • Strategy Rahmi MARINA 62 21 2557 1128 rahmi.marinamaybank-ke.co.id • Banking Finance Aurellia SETIABUDI 62 21 2953 0785 aurellia.setiabudimaybank-ke.co.id • Property Isnaputra ISKANDAR 62 21 2557 1129 isnaputra.iskandarmaybank-ke.co.id • Metals Mining • Cement Pandu ANUGRAH 62 21 2557 1137 pandu.anugrahmaybank-ke.co.id • Infrastructure • Construction • Transport Janni ASMAN 62 21 2953 0784 janni.asmanmaybank-ke.co.id • Cigarette • Healthcare • Retail PHILIPPINES Luz LORENZO Head of Research 63 2 849 8836 luz_lorenzomaybank-atrke.com • Strategy • Utilities • Conglomerates • Telcos Lovell SARREAL 63 2 849 8841 lovell_sarrealmaybank-atrke.com • Consumer • Media • Cement Rommel RODRIGO 63 2 849 8839 rommel_rodrigomaybank-atrke.com • Conglomerates • Property • Gaming • Ports/ Logistics Katherine TAN 63 2 849 8843 kat_tanmaybank-atrke.com • Banks • Construction Ramon ADVIENTO 63 2 849 8845 ramon_advientomaybank-atrke.com • Mining THAILAND Maria LAPIZ Head of Institutional Research Dir 66 2257 0250 | 66 2658 6300 ext 1399 Maria.Lmaybank-ke.co.th • Consumer / Materials Jesada TECHAHUSDIN CFA 66 2658 6300 ext 1394 Jesada.Tmaybank-ke.co.th • Financial Services Kittisorn PRUITIPAT CFA FRM 66 2658 6300 ext 1395 Kittisorn.Pmaybank-ke.co.th • Real Estate Sittichai DUANGRATTANACHAYA 66 2658 6300 ext 1393 Sittichai.Dmaybank-ke.co.th • Services Sector Sukit UDOMSIRIKUL Head of Retail Research 66 2658 6300 ext 5090 Sukit.umaybank-ke.co.th Mayuree CHOWVIKRAN 66 2658 6300 ext 1440 mayuree.cmaybank-ke.co.th • Strategy Padon VANNARAT 66 2658 6300 ext 1450 Padon.vmaybank-ke.co.th • Strategy Surachai PRAMUALCHAROENKIT 66 2658 6300 ext 1470 Surachai.pmaybank-ke.co.th • Auto • Conmat • Contractor • Steel Suttatip PEERASUB 66 2658 6300 ext 1430 suttatip.pmaybank-ke.co.th • Media • Commerce Sutthichai KUMWORACHAI 66 2658 6300 ext 1400 sutthichai.kmaybank-ke.co.th • Energy • Petrochem Termporn TANTIVIVAT 66 2658 6300 ext 1520 termporn.tmaybank-ke.co.th • Property Jaroonpan WATTANAWONG 66 2658 6300 ext 1404 jaroonpan.wmaybank-ke.co.th • Transportation • Small cap Chatchai JINDARAT 66 2658 6300 ext 1401 chatchai.jmaybank-ke.co.th • Electronics VIETNAM LE Hong Lien ACCA Head of Institutional Research 84 8 44 555 888 x 8181 lien.lemaybank-kimeng.com.vn • Strategy • Consumer • Diversified • Utilities THAI Quang Trung CFA Deputy Manager Institutional Research 84 8 44 555 888 x 8180 trung.thaimaybank-kimeng.com.vn • Real Estate • Construction • Materials Le Nguyen Nhat Chuyen 84 8 44 555 888 x 8082 chuyen.lemaybank-kimeng.com.vn • Oil Gas NGUYEN Thi Ngan Tuyen Head of Retail Research 84 8 44 555 888 x 8081 tuyen.nguyenmaybank-kimeng.com.vn • Food Beverage • OilGas • Banking TRINH Thi Ngoc Diep 84 4 44 555 888 x 8208 diep.trinhmaybank-kimeng.com.vn • Technology • Utilities • Construction TRUONG Quang Binh 84 4 44 555 888 x 8087 binh.truongmaybank-kimeng.com.vn • Rubber plantation • Tyres and Tubes • OilGas PHAM Nhat Bich 84 8 44 555 888 x 8083 bich.phammaybank-kimeng.com.vn • Consumer • Manufacturing • Fishery NGUYEN Thi Sony Tra Mi 84 8 44 555 888 x 8084 mi.nguyenmaybank-kimeng.com.vn • 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. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad its subsidiary and affiliates collectively “MKE” and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly MKE and its officers directors associates connected parties and/or employees collectively “Representatives” shall not be liable for any direct indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information opinions or recommendations contained herein are subject to change at any time without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate” “believe” “estimate” “intend” “plan” “expect” “forecast” “predict” and “project” and statements that an event or result “may” “will” “can” “should” “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. MKE and its officers directors and employees including persons involved in the preparation or issuance of this report may to the extent permitted by law from time to time participate or invest in financing transactions with the issuers of the securities mentioned in this report perform services for or solicit business from such issuers and/or have a position or holding or other material interest or effect transactions in such securities or options thereon or other investments related thereto. In addition it may make markets in the securities mentioned in the material presented in this report. MKE may to the extent permitted by law act upon or use the information presented herein or the research or analysis on which they are based before the material is published. One or more directors officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report. This report is prepared for the use of MKE’s clients and may not be reproduced altered in any way transmitted to copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality state country or other jurisdiction where such distribution publication availability or use would be contrary to law or regulation. 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. Ltd. “Maybank KERPL” in Singapore has no obligation to update such information for any recipient. For distribution in Singapore recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from or in connection with this report. If the recipient of this report is not an accredited investor expert investor or institutional investor as defined under Section 4A of the Singapore Securities and Futures Act Maybank KERPL shall be legally liable for the contents of this report with such liability being limited to the extent if any as permitted by law. Thailand The disclosure of the survey result of the Thai Institute of Directors Association “IOD” regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result therefore is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result the survey may be changed after that date. Maybank Kim Eng Securities Thailand Public Company Limited “MBKET” does not confirm nor certify the accuracy of such survey result. Except as specifically permitted no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect. US This research report prepared by MKE is distributed in the United States “US” to Major US Institutional Investors as defined in Rule 15a-6 under the Securities Exchange Act of 1934 as amended only by Maybank Kim Eng Securities USA Inc “Maybank KESUSA” a broker-dealer registered in the US registered under Section 15 of the Securities Exchange Act of 1934 as amended. All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. UK This document is being distributed by Maybank Kim Eng Securities London Ltd “Maybank KESL” which is authorized and regulated by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only and that the firm does not take any responsibility for its comments or accuracy and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal accounting or tax advice and that for accurate guidance recipients should consult with their own independent tax advisers.

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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. Vietnam: Maybank Kim Eng Securities JSC License Number: 71/UBCK-GP is licensed under the State Securities Commission of Vietnam.Hong Kong: KESHK Central Entity No AAD284 is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited “KESI” is a participant of the National Stock Exchange of India Limited Reg No: INF/INB 231452435 and the Bombay Stock Exchange Reg. No. INF/INB 011452431 and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker Reg. No. INM 000011708 US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL Reg No 2377538 is authorized and regulated by the Financial Services Authority.

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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 kevinfoymaybank-ke.com.sg Tel: 65 6336-5157 US Toll Free: 1-866-406-7447  North Asia Sales Trading Alex Tsun alextsunkimeng.com.hk Tel: 852 2268 0228 US Toll Free: 1 877 837 7635 Malaysia Rommel Jacob rommeljacobmaybank-ib.com Tel: 603 2717 5152 Thailand Tanasak Krishnasreni Tanasak.Kmaybank-ke.co.th Tel: 662 658 6820 Indonesia Harianto Liong harianto.liongmaybank-ke.co.id Tel: 62 21 2557 1177 London Simon Lovekin simonlmaybank-ke.co.uk Tel: 44-207-626-2828 New York Andrew Dacey adaceymaybank-keusa.com Tel: 212 688 2956 India Manish Modi manishmaybank-ke.co.in Tel: 91-22-6623-2601 Vietnam Tien Nguyen thuytien.nguyenmaybank-kimeng.com.vn Tel: 84 44 555 888 x8079 Philippines Keith Roy keith_roymaybank-atrke.com Tel: 63 2 848-5288 www.maybank-ke.com | www.maybank-keresearch.com

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