RHB Guide to Investment Ratings

Buy: Share Price may exceed 10% over the next 12 months

Trading Buy: Share Price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain

Neutral: Share Price may fall within the range of +/- 10% over the next 12 months

Take Profit: Target price has been attained. Look to accumulate at lower levels

Sell: Share Price may fall by more than 10% over the next 12 months

Not Rated: Stock is not within regular research coverage

Investment Research Disclaimer

This report is intended for information purposes only. This report is intended for circulation amongst RHB and its affiliates’ clients generally or such persons as may be legally entitled to receive such information, and does not constitute and should not be construed as an offer, invitation or solicitation to buy or sell the securities referred to herein.

This report may further consist of, whether in whole or in part, summaries, research, analytical reviews and projections of the economic and financial markets and/or various investments and/or products. The information contained herein has been obtained from sources believed to be reliable and current at the date hereof and accordingly, the accuracy in respect of the information and opinions herein is not guaranteed. RHB and its affiliates and their respective directors, officers, employees and/or representatives do not accept any liability whatsoever arising from any loss or damage howsoever arising whether direct or indirect, arising from any use of this report or the information contained herein.

This report is not intended to be comprehensive or to contain all information that a prospective investor may need in order to make an investment decision. The recipient of this report is to be solely responsible for any investment decision taken or otherwise made. This report does not take into account the specific investment objectives, financial situations or needs of any specific person. The information contained herein does not constitute financial advice and does not take into account any individual investment objectives or the financial situation or needs of any specific person. For the avoidance of doubt, please be advised that the information contained herein is not intended to, nor does it, constitute financial advice for purposes of the Financial Services Act 2013 and/or the Capital Markets and Services Act 2007 in Malaysia and/or the Securities and Futures Act (Chapter 289) of Singapore and/or such other applicable laws or regulations governing financial services in the foreign jurisdictions in which it is made available.

Any investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own independent decisions based on their own objectives, financial situations and needs. The value of investments and the income from them may fall as well as rise.

This report may contain forward-looking statements where often but not always identified by the use of words such as “believe”, “estimate”, “intend” and “expect” and other similar expressions. Such forward-looking statements are based on assumptions made and information currently available to RHB and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievement to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. RHB 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.

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The research analysts responsible for the production of this report hereby certify that the views expressed herein accurately and exclusively reflect their personal views and opinions about any and all of the issuers or securities analysed in this report and were prepared independently and autonomously. No part of their compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. RHB Securities Malaysia Sdn Bhd, RHB Investment Bank Bhd, RHB Bank Berhad and its affiliates, subsidiaries and related companies (“RHB Group”) are companies regulated by the Securities Commission Malaysia and Bank Negara Malaysia and are engaged in various businesses including, but not limited to, investment banking, securities broking, asset management and fund management. RHB Group may have financial interests with respect to any companies, securities, or instruments mentioned in this report.

The research analysts do not recommend for the purpose of marketing or selling any financial instrument. They are only responsible for providing information about the financial instrument for evaluation purposes.

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The securities mentioned in this publication may not be eligible for sale in some states or countries or for certain categories of investors. Investors from such countries or states may not be able to invest in such securities. Investors should contact their sales representatives or financial adviser for further information. The securities mentioned in this publication may or may not be registered in the country of a recipient and, accordingly, investors may not be able to avail themselves of the benefits of the Securities Investor Protection Act. The analyst producing this report has not received a copy of the final research report or its content in advance of distribution.

The term “RHB” shall denote, where appropriate, the relevant entity distributing or disseminating the report in the particular jurisdiction, in particular, RHB Securities Malaysia Sdn Bhd, RHB Investment Bank Bhd and its affiliates, subsidiaries and related companies.

Restrictions on Distribution

Malaysia

This report is issued and distributed in Malaysia by RHB Investment Bank Berhad (formerly known as RHB Research Institute Sdn Bhd) and/or RHB Securities Malaysia Sdn Bhd, which are entities licensed under the Capital Markets and Services Act 2007. For purposes of distribution in Malaysia, this report is solely for the use of persons who are sophisticated investors pursuant to Section 229(1)(b) of the Capital Markets and Services Act 2007 and are not persons to whom the Securities Commission Malaysia guidelines on disclosure requirements for equity and debt securities research reports apply. Such persons do not include, amongst others, a person who is an associate or connected person to RHB Investment Bank Berhad.

Indonesia

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RHB did not receive compensation for any non-investment banking or non-corporate finance services from the subject company in the past 12 months.

RHB does not own a 1% or more shareholding in the subject company.

RHB did not have a material conflict of interest that may have impacted the independence of the research report.

RHB did not have a relationship with the subject company that may impact the independence of the research report.

RHB has not had a significant debt, equity, or derivative contract with the subject company within the past 12 months.

RHB has not been a manager or co-manager of a public offering for the subject company within the past 12 months.

Singapore

This report is issued and distributed in Singapore by RHB Bank Berhad (through its Singapore branch). In Singapore, RHB Bank Berhad (through its Singapore branch) operates as an exempt financial adviser under Section 23(1)(a) of the Financial Advisers Act (Cap. 110) of Singapore (“FAA”) and an exempt capital markets services entity under the Securities and Futures Act (Cap. 289) of Singapore (“SFA”). This report is for the use of accredited investors or institutional investors only, and is not to be distributed to any retail investor. RHB Bank Berhad (through its Singapore branch) accepts legal responsibility for the contents of this report, but not the disclosure section. Any recipient who wishes to contact RHB Bank Berhad (through its Singapore branch) about the contents of this report should be aware that the recipient may be contacting a foreign entity.

RHB did not receive compensation for investment banking or corporate finance services from the subject company in the past 12 months.

RHB did not receive compensation for any non-investment banking or non-corporate finance services from the subject company in the past 12 months.

RHB Bank Berhad (through its Singapore branch) does not own a 1% or more shareholding in the subject company.

RHB did not have a material conflict of interest that may have impacted the independence of the research report.

RHB Bank Berhad (through its Singapore branch) did not have a relationship with the subject company that may impact the independence of the research report.

RHB Bank Berhad (through its Singapore branch) has not had a significant debt, equity, or derivative contract with the subject company within the past 12 months.

RHB Bank Berhad (through its Singapore branch) has not been a manager or co-manager of a public offering for the subject company within the past 12 months.

The overall disclosure is limited to information pertaining to PT RHB Sekuritas Indonesia only.

United States

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Analyst Certification

(1) The analyst(s) who prepared this report, and their associates hereby certify that:

(i) they do not have any financial interest in the securities or other capital market products of the subject companies mentioned in this report except for:

(ii) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.