Disclaimer

This material was prepared by Hermawan Suryawijaya, Head of Security Analyst at Seruling Capital. This material is provided for informational purposes only and nothing herein shall constitute an offer to issue or sell, or an invitation to offer, or a solicitation, to buy or subscribe for, any security or other financial instrument or investment. While based on information believed to be reliable, this material and its contents are provided on an “as is” basis, no guarantee is given that this material or any of its contents is accurate or complete and Seruling Capital accepts no liability for loss arising from reliance on or use of this material. The opinions, forecasts, assumptions, estimates, derived valuations and target price(s) contained in this material are as of the date indicated and are subject to change at any time without prior notice. Past performance is not indicative of future results. Further, any prices or values mentioned herein are as of the date indicated and are given for information only, and no representation whatsoever is made that any trade or transaction can be executed or effected at these prices or values, whether at the date or time indicated or otherwise. Seruling Capital may have issued other materials that are inconsistent with, or reach different conclusions from, the contents of this material. As this material is intended for general circulation, Seruling Capital has NOT taken any steps to ensure that the investments, tools, strategies and/or other materials referred to herein are suitable for any particular investor or particular class of investors, or takes into account the specific investment objectives, financial situation or particular needs of any particular person. Therefore, advice should be sought by the recipient of this material from a financial adviser regarding the suitability of such investments, tools, strategies and/or materials taking into account the specific investment objectives, financial situation or particular needs of the recipient before it makes any investment decision. Nothing in this material constitutes financial, investment, legal, accounting or tax advice nor a representation or recommendation that any investment or strategy is suitable or appropriate for any particular person’s circumstances. Seruling Capital or its officers, directors, employee benefit programmes or employees, including persons involved in the preparation or issuance of this material, may from time to time have interests or positions, or may effect transactions, in securities, warrants, futures, options, derivatives or other financial instruments referred to in this material, and may otherwise have relationships with or financial interests in or other business arrangements with any or all of the entities mentioned in this material.