Sector Overview | 05 July 2012

FOCUS
Sector Overview | 05 July 2012

Property
Economic data
Latest 2012F

OVERWEIGHT Days after the LTV

5.75 4.53 9,370 5.75 5.50 9,108

BI Rate (%), eop Inflation (YoY %) US$ 1 = Rp, period avg

Stock market data ( 05 July 2012)

JCI Index Trading T/O ( Rp bn ) Market Cap ( Rp tn )

4,069.8 4,820.5 3,835.5

-0.15%

We remain bullish on the Indonesian property sector. Positive signal sent by market players in regards to new innovative mortgage products to limit the downside of the recent implementation of the new LTV regulation backs our confidence. This is despite of indication of demand slowdown over the past months which market players believed was mostly due to seasonal factor. Noting the current global uncertainties, we remain a believer in seeing Indonesian property sector to become a good hedge of the flush market liquidity. And while we see the countrys widening current account deficit as a result of the global condition above, a further property demand slowdown, given its close proxy to domestic consumer spending, might lead BI to possibly review the implemented regulation to back up the economy. Maintain overweight. Our top picks are SMRA, CTRA and BKSL. Indication of demand slowdown seen, yet remained unidentified. Over the past three weeks, market has witnessed a property demand slowdown. However, market players were unsure if this was driven by the newly implemented regulation as the regulation came into effect with the mid-year school holiday, which seasonally leads to low property demand. Companies such as Ciputra and MTLA, whose up to 20% of their portfolio estimated to be highly exposed to the regulation, i.e. the mid and midlow segment, mentioned that the cause of the slowdown might only be able to be identified in three months, namely after the mid-year and Idul Fitri holiday seasons are over in August. Innovative products are up Both continued managing expectation over any possible market blip. However, they are positive with the new innovative products currently being prepared (see detail in exhibit 9). Few have effectively been implemented, including DP installment scheme of up to 12 months to buyers, our ground checking revealed. In the scheme, the unit price was grossed up by 12% as buyers take DP installment up to 12 months. Being exempted from the regulation, we also find banks with in-house Syariah units are taking active movement namely Mandiri Syariah and CIMB Syariah. Mandiri Syariah even set an aggressive target mortgage loan growth in 2012 by 75% yoy, despite its low base effect. Ciputra said buyers are responding well to the products. and expecting more. Developers continue to expect new products being introduced. One product coming into our attention was a product bundle between mortgage and non-collateralized loan (NCL). The NCL is offered with the same tenure, interest and cross-default collateral as the mortgage. Essentially, it was a mortgage split into two forms, thus buyers will not be bearing the increase in upfront cost (see simulation in exhibit 13). The proposing bank currently is in an ongoing process of its internal approval. Regulation review is doable, we view. As such above indicate efforts by market players to limit the LTV downside. However, when asked, this came on the back of their belief that risk towards market bubble remains tangential, benchmarking mild rate of the sectors NPL and countrys mortgage to GDP ratio. BI may not approve the exaggerative new products. However, given the global uncertainties and the countrys widening current account deficit, its possible that BI may review the implementation of the regulation, in our view. In the meantime, facing less global headwind compared with energy and commodities, we continue to believe Indonesian property will continue to outperform as an asset class, backed by strength in our domestic economy and low level of household debt. We maintain our overweight to the sector. Our top picks are SMRA and CTRA acknowledging their diversified portfolio enabling them to balance out risk over LTV pressure. We also like BKSL with their intact turnaround story continuing its upbeat momentum translated into solid growth ahead.
Page 1 of 9

Octavius Prakarsa +6221 5296 9547 octavius.prakarsa@mandirisek.co.id

Please see important disclosure at the back of this report

Sector Overview | 05 July 2012

Monday, 15 June 2012 marked the start of the implementation of BIs new LTV regulation, which restricts banks to have a maximum 70% of LTV disbursement regarding loan for mortgage. As we learned, the new LTV led initial concern over possible sectors growth impediments, as burden weighed having extra upfront cost to homebuyers. The mid and mid-low are segments reckoned to be highly exposed as the regulation translates into an increase of down-payments by threefolds, given previous tag at an average of 10%. How the three weeks have been? Whether market players have initiated any new innovative products to counteract? We recently took a brief discussion with few of the sectors stakeholders, namely major banks and developers. Banks involved in our discussion are Mandiri, BTN, CIMB-Niaga, BNI and Mandiri Syariah, while CTRA, CTRS, MTLA, SMRA, and BSDE joined as our developer participants. Additionally, we also did ground checking to validate our findings.
EXHIBIT 1. HOUSE SEGMENT BREAKDOWN : THE MID AND MID-LOW HOMEBUYERS SEGMENT IS SEEN LIKELY TO BE THE MOST IMPACTED, AS THE REGULATION IMPLIES AN INCREASE BY THREE-FOLD
House Segment Lower Lower Middle Middle Upper Middle Upper Unit Price (Rp mn) 60 to 250 250 to 550 550 to 800 800 to 1,000 > 1,000 Building Size (sqm) 21 to 69 70 to 90 90 to 120 120 to 150 > 150 Land Size (sqm) 72 to 90 90 to 105 105 to 120 120 to 160 > 140 Average DP applied Prior BI Reg 10% 10% 10% 20% 20% Post BI Reg 10% 30% 30% 30% 30%

Source: Mandiri Sekuritas

EXHIBIT 2. OUR MIDDLE-CLASS PROFILE

Profile Range Remarks Age Max = 45 year-old Longest mortgage tenor: 15 years; Max mortgage availment: 60 y-o Monthly take-home pay Min Rp4.5mn To afford minimum unit categorized middle class with 15 yrs tenor Monthly amortization Min Rp2.25mn Minimum installment to afford minimum unit categorized middle class with 15 yrs tenor House lot size 90 160 sqm Based on property developers classification House lot price Rp1mnRp4mn psqm Based on property developers classification Note: (1). our report's middle class segment definition is based on: (a). survey conducted to major property developers in accordance to their respective category (b). Average mortgage loan of 5 (five) banks with largest mortgage products market share (2). areas included in the table above represent the Greater Jakarta area (Jakarta, Bogor, Tangerang, Bekasi, Banten), Surabaya, Palembang, Lampung, Samarinda, Balikpapan, Makassar.

Source: Mandiri Sekuritas

EXHIBIT 3. MID TO LOWER SEGMENT SHOWS HIGHER MORTGAGE USAGE

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Lower 25% 11% 6% Lower Middle 22% Middle 22% Upper Middle Mortgage 22% 3% 30% 30% 14% 72% 83% 56% 48% 56%

EXHIBIT 4. MORTGAGE COMPRISED MAJORITY OF HISTORICAL INDO PROPERTY TRANSACTION

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Upper

Hard cash

Cash Installment

Hard Cash

Cash Installment

Mortgage

Source: Bank Indonesia

Source: Bank Indonesia

Page 2 of 9

Please see important disclosure at the back of this report

Sector Overview | 05 July 2012

How the three weeks have been? Over the past three weeks, admittedly market has seen demand slowdown. However, whether the ease was driven by the newly implemented regulation is not yet clear, as the implementation of the regulation was in coincidence with the mid-year school holiday, which seasonally leads to low property demand. Companies such as Ciputra and MTLA, in which the mid and mid low segment contributes up to 20% of their portfolio, indicated that the demand slowdown may only be able to be identified in three months when the mid-year and Eid holiday season are over in August.
EXHIBIT 5. JUNE-JULY HAVE BEEN SEASONALLY LOW. IMPACT OF LTV REMAINS UNIDENTIFIABLE
700 600 500 400 300 200 100 0 Jan Feb Mar Apr May Jun 2011 Jul Aug Sep Oct Nov Dec Mid-year school holiday Eid Holiday

EXHIBIT 6. CTRA AND MTLA ARE HIGHLY EXPOSED TO THE NEW LTV REGULATION
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

18.3%

22%

59.8%

100%

100% 78%

10.6% 11.2% CTRA BSDE Middle SMRA MTLA Upper

2010

Lower

Lower middle

Middle upper

Source: CTRA

Source: CTRA, BSDE, SMRA, MTLA

EXHIBIT 7. MORTGAGE CONTRIBUTES MAJORITY AS PAYMENT METHOD OF TRANSACTION IN THREE LEADING INDONESIAN PROPERTY DEVELOPERS

CTRA
30%

BSDE

SMRA

41% 49%
50%

40%

60%

20%

10%

Mortgage

Cash

Cash installment

Source: CTRA, BSDE, SMRA

Banks and developers are preparing new innovative products to mitigate, few are up in market. New innovative products are being prepared, came in a conjunction work between banks and developers. However, our ground checking revealed only few have been effectively implemented. The rest is still in an on-going banks internal process. DP installment scheme up to 12 months tenure is one in market, offered by Bank Mandiri. The unit price was further grossed up by 12% as we take the 12 months installment, and adjusted accordingly (offered in 3, 6 and 12 months installment). Syariah unit to leverage. Being exempted from the regulation, banks with in-house Syariah unit has also indicated its movement. Noted banks in our discussion list were Mandiri Syariah and CIMB-Niaga Syariah. Mandiri Syariah even
Please see important disclosure at the back of this report
Page 3 of 9

Sector Overview | 05 July 2012

targeted aggressive mortgage loan growth in 2012 by 75% yoy, seeking the opportunity, despite came from low base last year. Ciputra unveiled buyers have been positive in responding recent active approach of the Syariah banks products, offering at fixed 12-13% interest equivalent at tenure up to 20 years.
EXHIBIT 8. BEING EXEMPTED BY NEW LTV REGULATION, SOME BANKS LEVERAGE LOAN EXPANSION THROUGH ITS SYARIAH UNIT. MANDIRI SYARIAH SET AN AGGRESIVE MORTGAGE LOAN GROWTH BY 75% YOY IN 2012F.
Rp tn 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 -

3.7 2.1

2011 Syariah Mandiri

Source: Bank Mandiri Annual Report 2011, Mandiri Sekuritas

2012F

Please see important disclosure at the back of this report

Page 4 of 9

Sector Overview | 05 July 2012

Further products are expected. Developers continued to expect new products being introduced. One product proposed that expected to be well received by homebuyers was a product bundle between mortgage and noncollateralized loan (NCL). The NCL is offered with the same tenure, interest and cross-default collateral as the mortgage. Essentially, it was a mortgage split into two forms. The proposing bank currently is in an ongoing process of its internal approval. See other proposed products in table below.
EXHIBIT 9. BASED ON OUR DISCUSSION WITH INDUSTRY PLAYERS WE FIND SEVERAL NEW INNOVATIVE PRODUCTS PROPOSED. ONLY DP INSTALLMENT SCHEME HAS BEEN IMPLEMENTED. THE REST IS STILL ON GOING INTERNAL BANKS APPROVAL
Non-Collateral with Identical Terms with Mortgage Non-Collateral with Bundled Installments DP Installment with Upfront LTV

Cash Back Scheme

DP Installment Pre LTV

Definition

Developers mark up the property value by 20% so that the value is higher than what it should be, i.e. higher LTV to developers. Therefore, it would make the DP less to the buyers.

Buyers are offered noncollateralized loans with a tenor of 12 months. During which, they are required to pay the Buyers are offered nonLTV will only be given after NCL's principal and interest Buyers are offered DP collateralized loans with the buyers completed the DP along with the installment for installment with 3, 6, or 12 same interest and tenor as the payment which is in a form of the mortgage interest (only). months tenure. LTV to mortgage along with cross installment payments in 3, 6, After the payment for the NCL developers is given upfront. default collateral. or 12 months is over, the buyers can continue to pay the rest of the mortgage's interest installment and the principal. Upfront Upfront Upfront After completion of DP payment

LTV Payment

Upfront

Pros

Cons

It will attract more buyers as it will ease them of by Additional DP burden Buyers are given nonBuyers are given nonletting them pay the DP in eased as developers get collateralized loans to help pay collateralized loans to help pay an installment payments higher LTV disbursement their DP. Payment is more their DP. Payment is more instead of one large from banks following spread out making paying it spread out making paying it payment. It is also attractive property value mark-ups easier for buyers. easier for buyers. to developers as they will receive the LTV earlier. Buyers will still need to pay a large amount of DP in a sufficient amount of time. Due to account However, there is a carried More liabilities to the buyers as rearrangement, operating over risk to the banks as they have more installment expense will increase. they have not received the payments before they finish up Transaction will be interest and principal paying their mortgage. perceived less prudent payments even though the developers give first hand buy back guarantee to banks.

It will attract more buyers as it will definitely ease them of by letting them pay the DP in an installment payments instead of one large payment.

Buyers will need to paydown their DP first before receiving their LTV; therefore, making it less attractive for buyers who wish to buy the property sooner.

Source: Companies, Mandiri Sekuritas

Market players remain bullish to sector. Benchmarking the low rate of loan NPL and mortgage-to-GDP ratio, both, banks and developers, remain to see risk over property bubble continue to be tangential. With definite physical collateral, banks added market worry should abate. Banks believe they have learnt from the past, taking rather prudent loan disbursement and much avoiding facility for land purchase, which reckoned to be the main cause during 1998s market severe. Further, mortgage remained seen as the best strategy to leverage cheap funding, through cross selling feature. These have backed continuing enforcement of the newly innovative products-above, implying effort to make the down-payment stayed at an affordable level to buyers, i.e. to be as low as the regular scheme prior new LTV implementation. Based on our short simulation below, we learn that the non-collateral with identical terms scheme offers flat increase against the regular scheme in its first year of payment by the homebuyers. Cash-back scheme came the second. However, developers saw rather reluctance taking the scheme, as it encourages less prudent transaction in the system, they believe. In its accounting treatment, developers might require to take higher burden of opex in return to price mark-ups initiated.

Please see important disclosure at the back of this report

Page 5 of 9

Sector Overview | 05 July 2012

EXHIBIT 10. INDO PROPERTY LOAN NPL. MORTGAGE NPL SHOWS MILDER TREND UP TO END 2011. MARKET JITTERY OVER BUBBLE SHOULD ABATE

Source: Bank Indonesia

EXHIBIT 11. PROPERTY LOAN PORTFOLIO ONLY SLIGHTLY TWEAKED FROM HIGHEST POSITION PRIOR TO 98S CRISIS

EXHIBIT 12. I NDONESIA REMAINS THE LOWEST IN REGARDS TO MORTGAGE LOAN TO GDP RATIO COMPARED TO REGIONAL PEERS

350 300 250 200 150 100 50 Property Loan in Nominal (Rp bn) Property Loan Inflation Adjusted (Rp bn)

50 45 40 35 30 25 20 15 10 5 1.9 2006 2007 2.1 2008 2.2 2009 2.2 2010 2.2 2011 Thailand Japan 2.5 27.4 23.2 17.2 40.3 36.2 34.9 38.5 27.3 22.6 16.9 23.0 17.2 18.9 45.7 35.7 38.8 29.6 43.0 37.7 33.9 28.0 36.2 28.7 44.8 40.1 37.4 29.4

18.7

19.3

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

May-12

Indonesia Singapore

Malaysia Hongkong

Source: Bank Indonesia, CEIC

Source: CEIC

Please see important disclosure at the back of this report

Page 6 of 9

Sector Overview | 05 July 2012

EXHIBIT 13. IN OUR SHORT SIMULATION BELOW WE FOUND NON-COLLATERAL WITH INDENTICAL TERMS WITH MORTGAGE SCHEME WILL BE MOST ATTRACTIVE TO BUYERS AS WE SEE FLAT INCREASE COMPARED TO PREVIOUS REGULAR SCHEME
Formula A Remarks Down-payment (Rp mn) % Down-payment to Property Price LTV (Rp mn) Mortgage Installment p.a (principal + interest) (Rp mn) NCL Installment p.a. (principal + interest) (Rp mn) Total First-Year payment by homebuyers (Rp mn) Payment increase from regular scheme (%) Property Value per Unit (Rp mn) Mark-Up (%) Mortgage Rate (% effective p.m.) Mortgage Tenor (months) NCL (Rp mn) NCL Rate (% p.m.) NCL Tenor (months) DP Installment Tenor (months) Regular Scheme 50 10% 450 54 104
Non-Collateral with Identical Terms with Mortgage

Cash Back Scheme 80 16% 420 50 130 25.4%

Non-Collateral DP Installment with Bundled with Upfront Installments LTV 50 10% 350 42 55 147 41.5% 150 30% 350 42 192 84.6%

DP Installment Pre LTV 150 30% 350 42 192 84.6%

B A+B

50 10% 350 42 12 104 0.0%

500 20% 0.73% 180 100 0.80% 24 12

Source: Mandiri Sekuritas

Being the most complied, big banks believe to be remained competitive. DP Installment pre-LTV was reckoned to be the most complied with the new LTV regulation. Big banks, such as Bank Mandiri followed this. Despite being the least attractive new products, the bank continued confident, indicated from its loan growth which remain at highly 25% yoy in 2012. In the meantime, we learned not all banks took initiation of innovative products, as shown by the biggest mortgage market share holder, BCA. Remained positive to their 8% fixed for 55-months existing product backed as one of their reasons.
EXHIBIT 14. BANKS PROMOTIONAL FIXED RATE AS OF MAY12. BCA CONTINUED TO BE THE MOST COMPETITIVE BANKS IN MORTGAGE. WE LEARNED THAT BNI ALSO HAS INDICATED TO OFFER NEW FIXED RATE AS LOW AS 7%
Banks Mandiri BCA BNI CIMB-Niaga BII Permata-Bank BTN Mortgage rate (% p.a.) 8.80% Fixed 1 year 8% Fixed 55 months 9.90% Fixed 1 year 8.75% Fixed 1 year 9.25% Fixed 2 year 9% Fixed 1 year 9.50% Fixed 2 year 8.50% Fixed 1 year 8.75% Fixed 1 year 9.75% Fixed 1 year
Niaga BCA BII Mandiri BI Rate

EXHIBIT 15. % OF FLOATING MORTGAGE RATE FROM INDO MAJOR BANKS. SOME BANKS ARE SHOWING LOWER TREND IN THE PAST MONTHS INDICATE FURTHER CONFIDENCE IN PROPERTY SECTOR

Remarks

(%)
18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 % floating mortgage rate

Source: Mandiri Sekuritas

Source: Mandiri Sekuritas

Regulation review is doable. Maintain overweight. Banks and developers initiated products above suggest major effort put by market players to limit the LTV downside. However, risk remained as BI may not to approve the exaggerative new products. Yet, given current the global uncertainties and widening countrys current account deficit, review on the implemented regulation will be something viable, in our view. In the meantime, we also remain

Please see important disclosure at the back of this report

Page 7 of 9

Sector Overview | 05 July 2012

a believer in looking the Indonesian property as a good hedge of current global economic slowdown. Facing less global headwind compared to energy and commodities, Indonesian property will continue to outperform as an asset class backed by strength in our domestic economy and low level of household debt. We maintain our overweight to the sector. Our top picks are SMRA and CTRA acknowledging their diversified portfolio enabling them to balance out risk over LTV pressure. We also like BKSL with their intact turnaround story continuing its upbeat momentum translated into solid growth ahead.
EXHIBIT 16. PROPERTY VALUATION MATRIX
Our property basket Market Cap ( Rp bn) Portfolio Landbank (ha) Rec TP (Rp/share) Current price (Rp/share) 5-Jul-12 (Discount) Premium to NAV of current price PER12F (x) PBV12F (x) ROAE12F (%)

Covered by Mandiri Sekuritas Bumi Serpong (BSDE) Summarecon Agung (SMRA) Sentul City (BKSL) Agung Podomoro Land (APLN) Bakrieland Development (ELTY) Ciputra Development (CTRA) Kawasan Jababeka (KIJA) Average Not rated 20,821.4 11,409.4 7,378.1 7,277.5 3,264.1 10,312.8 3,864.3 Landed houses, mixed-use Landed-houses, shopping malls Landed Houses Mixed-use, malls Mixed-use, landed-houses Landed-houses, mixed-use, malls Industrial estates, utilities 3,838 1,231 14,507 438 13,244 1,035 2,839 Buy Buy Buy Buy Buy Buy Buy 1,350 1,375 400 430 173 685 220 1,190 1,660 235 355 75 680 195 -51% -41% -71% -37% -85% -27% -53% -61% 19.2 23.8 51.1 11.1 19.9 29.7 11.6 23.8 2.3 4.2 1.6 1.4 0.4 1.9 1.8 1.9 12.4% 18.9% 3.1% 13.5% 2.0% 6.5% 16.7%

Lippo Karawaci (LPKR) Alam Sutera (ASRI) Dharmala Intiland (DILD) Ciputra Property (CTRP) Ciputra Surya (CTRS) Surya Semesta Internusa (SSIA) Moderland Realty (MDLN) Metropolitan Land (MTLA)** Lippo Cikarang (LPCK) Bekasi Fajar (BEST) Greenwood Sejahtera (GWSA) Average Combined

18,692.9 9,824.7 3,628.0 4,182.0 3,878.6

Mixed-use, malls and landed houses Landed houses Mixed-use and landed houses Mixed-use and malls Mixed-use and landed houses

1,648 1,451 1,877 11 638 466 1,019 334 714 816 2.1

Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated

810 500 350 680 1,960 1,030 440 415 3,625 430 240

-50% -40% -71% -33% -31% -54% -64% -58% -30% -28% -47% -46% -51%

23.4 10.8 2.0 22.9 25.3 7.5 8.7 10.5 7.7 9.4 4.3 12.3 19.6

1.9 2.4 0.8 1.1 2.2 3.2 n.a 2.1 2.4

8.4% 25.6% 43.4% 4.9% 9.1% 49.5% n.a 13.2% 36.4%

Cons/Industrial/H 4,846.4 ospitality 2,757.3 Landed houses Landed houses, 3,145.4 mall, hotel Industrial estates, 2,523.0 residential 3,769.0 Industrial estates Office, 1,872.0 Apartments

1.5 2.0 2.1

35.7%

Source: Mandiri Sekuritas estimates for rated co's; non rated from respective co's

Please see important disclosure at the back of this report

Page 8 of 9

Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk Plaza Mandiri 28th Floor, Jl. Jend. Gatot Subroto Kav. 36 - 38, Jakarta 12190, Indonesia General: +62 21 526 3445, Fax : +62 21 527 5711 (Equity Research), +62 21 527 5374 (Equity Sales)

RESEARCH
Verdi Budiman Adrian Joezer Hariyanto Wijaya, CPA, CFA Kresna Hutabarat Maria Renata Octavius Oky Prakarsa Raditya Christian Artono Villya Christin Purba Aldian Taloputra Leo Putra Rinaldy Rafdi Prima Wisnu Trihatmojo Head of Equity Research Strategy, Banking Automotive, Consumer, Retail Conglomerate, Plantation, Heavy eq. Banking Automotive, Construction, Toll road Oil & gas, Telecommunication Chemical Economist Economist Technical Analyst Research Assistant adrian.joezer@mandirisek.co.id hariyanto.wijaya@mandirisek.co.id kresna.hutabarat@mandirisek.co.id maria.renata@mandirisek.co.id raditya.artono@mandirisek.co.id villya.purba@mandirisek.co.id aldian.taloputra@mandirisek.co.id leo.rinaldy@mandirisek.co.id rafdi.prima@mandirisek.co.id wisnu.trihatmojo@mandirisek.co.id +6221 5296 9549 +6221 5296 9553 +6221 5296 9548 +6221 5296 9546 +6221 5296 9547 +6221 5296 9569 +6221 5296 9638 +6221 5296 9572 +6221 5296 9406 +6221 5296 9551 +6221 5296 9544 verdi.budiman@mandirisek.co.id +6221 5296 9542

Building material, Consumer, Property octavius.prakarsa@mandirisek.co.id

INSTITUTIONAL SALES
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RETAIL SALES
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INVESTMENT RATINGS: Indicators of expected total return (price appreciation plus dividend yield) within the 12-month period from the date of the the last published report, are: Buy (10% or higher), Neutral (-10% to10%) and Sell (-10% or lower). DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, a member of the Indonesia Stock Exchanges (IDX). Although the contents of this document may represent the opinion of PT. Mandiri Sekuritas, deriving its judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other company in the Mandiri Group cannot guarantee its accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be involved in transactions contrary to any opinion herein to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or any other company in the Mandiri Group may seek or will seek investment banking or other business relationships with the companies in this report. For further information please contact our number 62-21-5263445 or fax 62-21-5275711. ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be influenced by any part or all of his or her compensation.