Definition of ratings:

BUY = stock return > 10% over the next 12 months (excluding dividend)

HOLD = stock return -10% to 10% over the next 12 months (excluding dividend)

SELL = stock return <10% over the next 12 months (excluding dividend)

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Kresna Securities is under no obligation to update or keep current the information contained herein. Kresna Securities, its directors, officers and employees or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. Kresna Securities may act or have acted as market-maker in the securities or other financial instruments discussed in this report, and may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. Employees of Kresna Securities may serve or have served as officers or directors of the relevant companies. Kresna Securirties may rely on information barriers, such as “Chinese Walls”, to control the flow of information contained in one or more areas within Kresna Securities, into other areas, units, groups or affiliates of the company.

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