HSI: 19,984. Dongfeng Motor Buy ,195. Geely Auto. Guangzhou Auto Buy ,276. BAIC Motor (1958 HK)^

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1 China / Hong Kong Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 11 ch 216 Auto consumption vital to drive retail market Supportive policies needed if automobile consumption slips; - PV sales expanded at mid-single digit 216 directive calls for support for industry restructuring and NEV development Laggards like Brilliance (1114 HK), Geely (175 HK) and Great Wall Motor (2333 HK) are catching up on low valuation Mid-single-digit expansion in - PV market. Due to the Chinese New Year effect, ruary s passenger vehicle (PV) sales dipped slightly by 1.5 y-o-y. Combining - s volume sales, the PV market expanded at 5 y-o-y, which is decent in our opinion, considering that some advanced sales were recognised in 15. We believe any slippage in sales momentum could prompt the government to roll out stimulus measures to drive consumption, as automobile sales account for about one-quarter of the domestic retail market. SUV sales surged 45 y-o-y in ruary, after uary s strong expansion of 61 y-o-y. Automakers are rushing into the SUV market and aiming to secure larger market share, hence price competition is intensifying. NPC meeting sets the directions for future development. The meeting laid down broad directions including areas like stringent control of production capacity, promoting the development of the 2 nd hand car market, accelerating the building of infrastructure for the electric car market and building more road infrastructure in the Tier 3/4 cities. All these should help to develop the industry at a healthy pace, since China s automobile penetration is rising over the years. Laggard auto stocks catching up on valuation. Several auto laggards have rallied recently on cheap valuations. The earnings fundamentals of these companies have not changed much but investors seem to be bottom-fishing some of these names on low valuation, including Brilliance (1114 HK), Geely (175 HK) and Great Wall Motor (2333 HK). Among the laggards, we have Buy ratings on Brilliance and Dongfeng Motor (489 HK). We also keep our positive stance on auto parts companies, Minth (425 HK) and Nexteer (1316 HK). HSI: 19,984 ANALYST Rachel MIU rachel_miu@hk.dbsvickers.com Recommendation & valuation Company Price Target Price Recom FY16F PE Mkt Cap HK$ HK$ x US$m A uto manufacturers Brilliance China Buy 6.7 4,415 (1114 HK) Dongfeng Motor Buy 4.8 1,195 (489 HK) Geely Auto Hold 8.2 3,614 (175 HK) Great Wall Motor Hold 5.9 1,477 (2333 HK) Guangzhou Auto Buy ,276 (2238 HK) BAIC Motor (1958 HK)^ 5.96 n.a. NR 7.1 5,829 CQ Changan 'B' n.a. NR 4.6 8,31 (2625 CH)^ SAIC Motor 'A' n.a. NR ,96 (614 CH)^ Auto dealers China ZhengTong Buy (1728 HK) Dah Chong Hong Buy (1828 HK)* ZhongSheng (881 HK)* Buy 7.9 1,1 Auto parts & components Minth Group Buy 9. 2,28 (425 HK) Nexteer Automotiv e Buy 9.2 2,375 (1316 HK) Xinchen China Buy (1148 HK) Xingda Int'l (1899 HK)^ 1.37 n.a. NR n.a. 262 ^ Consensus * TP & Rating under review Source: Thomson Reuters, DBS Vickers ed-ck / sa- CW

2 Automobile sales crucial for domestic retail market Chinese New Year has affected ruary auto sales. ruary passenger car sales dipped slightly by 1.5 y-o-y. Combining - s volume sales, the PV market expanded at 5 y-o-y, which is decent in our opinion, considering that some advanced sales were recognised in 15. We believe any slippage in sales momentum could prompt the government to roll out stimulus measures to drive consumption, as automobile sales account for about one-quarter of the domestic retail market. Possible measures include giving subsidies on car purchase in the rural areas and extension of the vehicle purchase tax cuts for another year. SUV sales surged 45 y-oy in ruary, after uary s strong expansion of 61 y-o-y. This vehicle segment continues to draw interests from both the automakers and consumers. But price competition is the main concern as automakers fight for market share. On the other hand, commercial vehicle sales grew 3.9 y-o-y in ruary, with truck sales growing at 6.8. CV sales were down marginally on a combined two-month basis. Sino-foreign JV brand inventory coming down. Overall, the upward sales strength early this year has also helped to digest the channel s inventory level. On average, auto dealers are holding slightly less than one month of inventory. Sino-foreign JVs posted a better improvement, with their inventory days falling from 1.67 months in 15 to.84 month in 16. Auto inventory days months Source: CADA NPC meeting moving in the right direction The outcome of the NPC meeting is encouraging, and should ensure a healthy development of the industry in the future. The goal is to manage the supply and demand issues from three aspects, including new car sales, 2 nd hand car market and vehicle scrap market. We have highlighted some main issues that would impact the automobile market, as follows: Tighter control on new production capacity and termination of production approvals of inefficient factories and plants, aiming to remove these operators from the system Development of the 2 nd hand car market Accelerating the construction of infrastructure to support electric car (EV) development. By 225, China intends to achieve new energy vehicle (NEV) sales penetration rate of 2 of total new volume sales, and the Chinese NEV auto brands market share to reach >8 Construction of 2,km of new roads and expressways in the Tier 3/4 cities to increase car ownership To tackle the pollution problem, the government plans to scrap 3.8m highly polluting vehicles and to implement the National V fuel standard nationwide Rating and target price review Laggard auto stocks catching up on valuation. Several auto laggards have rallied recently on cheap valuations. The earnings fundamentals of these companies have not changed much but investors seem to be bottom-fishing some of these names on low valuation, including Brilliance, Geely and Great Wall Motor. Among the laggards, we have Buy ratings on Brilliance and Dongfeng Motor. We currently have a Hold rating on Great Wall Motor, as its - SUV sales were slower than the overall SUV market s growth. Other automakers are racing ahead in the SUV market and have posted strong SUV volume growth in -, including GAC (+145), BAIC (23-fold increase) and Changan Auto (+29). We will re-visit our assumptions on Great Wall Motor post its FY15 results announcement. We keep our positive stance on auto parts companies like Minth and Nexteer, as these companies have better earnings fundamentals, underpinned by their diversified market and customer strategy. Page 2

3 Auto sector share price performance Share Price Performance () Company Code 1-day 1-month 3-month 6-month 1-year YTD Q15 Baoxin Auto 1293 HK (4.5) China Harmony 3836 HK (3.5) (16.1) (3.8) 13. (3.8) (28.5) 18.4 (15.8) 49.9 China Meidong 1268 HK.. (9.5) (14.6) (56.3) (24.) 9.8 (44.1) 19. China Yongda 3669 HK (2.6) (2.8) (32.4) 2.5 (2.6) (28.7) (26.8) China ZhengTong 1728 HK (1.4) 4. (2.7) (6.) (29.4) (2.7) (3.6) Dah Chong Hong 1828 HK (1.) 2.3 (21.7) 1.4 (22.9) (21.5) (27.8) (6.7) 25.7 Sparkle Roll 97 HK (13.3) (21.2) (47.7) Zhongsheng 881 HK. 7.6 (9.3) 33.1 (29.3) (15.1) (34.6) (33.) 49.4 Minth 425 HK (.1) 3.3 (11.) (3.9) (5.4) (7.5). (4.3) 11.4 Nexteer 1316 HK (.4). (12.5) (3.5) (4.2) (14.3) Weichai Power 2338 HK (.1) (2.5) (4.) (1.3) 4.6 (47.5) 19.3 Xinchen China 1148 HK (1.6) 8.9 (29.1) (29.5) (58.4) (31.5) (53.1) (27.).6 BAIC Motor 1958 HK (.2) 24.9 (19.5) (1.8) (3.1) (23.2) n.a. (13.6) 14.3 Brilliance China 1114 HK (2.3) 4.3 (33.) (27.3) (52.6) (3.4) (1.4) (21.7) 6.4 BYD 1211 HK (.2) 11.6 (1.8) (5.3) (2.1) Dongfeng Motor 489 HK (14.3) (3.1) (23.3) (11.3) (9.6) (5.6) 7.4 Geely Auto 175 HK (2.4) 6.3 (25.3) (1.2) (9.1) (22.8) (34.1) Great Wall Motor 2333 HK (2.8) 2.4 (31.2) (16.5) (57.9) (27.6) 3. (38.6) 5.5 Guangzhou Auto 2238 HK (16.7) (2.1) 9.5 HSI HSI (.1) 3.6 (7.9) (7.3) (16.4) (8.8) 1.3 (7.2) 5.1 Source: Thomson Reuters Monthly vehicle sales ' units -15 J an YoY MoM growth growth () () 2M15 2M16 YTD YoY growth () As a of total vehicle (2M16) China total vehicle sales 1,593 2,51 1,581 (.8) (36.8) 3,913 4, Passenger Vehicles 1,397 2,229 1,377 (1.4) (38.2) 3,435 3, Sedan 89 1, (17.6) (4.) 2,31 1,778 (12.4) 49 MPV (33.3) SUV (39.1) 818 1, Cross (42.) (19.5) (36.4) 4 Commercial Vehicles (24.9) (.4) 1 Bus (26.6) (46.7) (13.4) 13 Truck (2.6) Tow Truck (2.6) Unfinished Bus (45.8) Unfinished Truck (2.8) (31.4) (5.1) 9 Source: CEIC Page 3

4 Monthly total vehicle sales in China Monthly total vehicle sales growth in China m units Monthly PV sales in China (2) (4) (6) /6 /6 /7 /7 /8 /8 /9 /9 /1 /1 /11 /11 /12 /12 /13 /13 /14 /14 /15 /15 /16 Monthly PV sales growth in China m units Monthly CV sales in China (2) (4) (6) /6 /6 /7 /7 /8 /8 /9 /9 /1 /1 /11 /11 /12 /12 /13 /13 /14 /14 /15 /15 /16 Monthly CV sales growth in China m units (5) /6 /6 /7 /7 /8 /8 /9 /9 /1 /1 /11 /11 /12 /12 /13 /13 /14 /14 /15 /15 /16 Source: CEIC Page 4

5 Dongfeng - total monthly sales Dongfeng - total monthly sales growth unit 4, 35, 3, 25, 2, 15, 1, 5, Y-o-Y growth (LHS) M-o-M growth (RHS) GAC total monthly sales GAC total monthly sales growth unit 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, YOY growth Brilliance China total monthly sales (BMW) Brilliance China total monthly sales growth (BMW) unit 35, 2 3, 15 25, 2, 15, 1, 5, 1 5 (5) (1) Source: Companies Page 5

6 Geely total monthly sales Geely total monthly sales growth unit 7, 6, 5, , 5 3, 2, 1, Great Wall Motor total monthly sales Great Wall Motor total monthly sales growth unit 12, 1, 8, 6, 4, 2, Source: Companies Automobile price index - Domestic made Vehicle inventory alert index 24 = PV Small High class Mini Medium class Luxury Source: CEIC Source: CADA, DBS Vickers Page 6

7 NEV sales PV sales by country mix (-16) units 8, 7, 6, 5, 4, CAGR: 2 3, 2, 195 1, F 2M15 2M16 Pure electric Plug in hybrid Audi monthly sales Self-owned 46 Japanese 12 Other.1 Audi monthly sales growth French 3 German 2 American 12 Korean 7 ' units (2) (4) (6) /1 /1 /11 /11 /12 /12 /13 /13 /14 /14 /15 /15 / BMW Group monthly sales BMW Group monthly sales growth ' units (2) (4) /1 /1 /11 /11 /12 /12 /13 /13 /14 /14 /15 /15 /16 Source: CAAM, Companies Page 7

8 Mercedes Benz monthly sales Mercedes Benz monthly sales growth ' units (2) (4) (6) /1 /1 /11 /11 /12 /12 /13 /13 /14 /14 /15 /15 / Jaguar Land Rover monthly sales Jaguar Land Rover monthly sales growth ' units (5) (1) /1 /1 /1 /11 /11 /11 /12 /12 /12 /13 /13 /13 /14 /14 /14 /15 /15 /15 /16 Source: Companies Page 8

9 Peers valuation - Automakers Mkt PE PE Yield Yield P/Bk P/Bk EV /EBITDA ROE ROE Currency Price Cap Fiscal 16F 17F 16F 17F 16F 17F 16F 17F 16F 17F Company Name Code Local$ US$m Yr x x x x x x Hong Kong GZ Auto 'H'* 2238 HK HKD , Sinotruk (Hongkong) 388 HK HKD 3.4 1, Dongfeng Motor 'H'* 489 HK HKD , Brilliance China* 1114 HK HKD , Great Wall Motor 'H'* 2333 HK HKD , BYD 'H' 1211 HK HKD , Qingling Motors 'H' 1122 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a Geely Automobile* 175 HK HKD , BAIC Motor 'H' 1958 HK HKD , Average 7.9~ 6.9~ China SAIC Motor 'A' 614 CH CNY , Faw Car 'A' 8 CH CNY , CQ Changan 'A' 625 CH CNY , CQ Changan 'B' 2625 CH HKD , Beiqi Foton Motor 'A' 6166 CH CNY , Tianjin Faw Xiali 'A' 927 CH CNY ,359 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Dong Feng Auto 'A' 66 CH CNY , n.a. 1.4 n.a. 1.8 n.a. n.a. n.a. n.a. n.a. Anhui J ianghuai 'A' 6418 CH CNY , Yutong Bus 'A' 666 CH CNY , Haima Automobile 'A' 572 CH CNY , n.a. 1.6 n.a. 1. n.a. n.a. n.a. n.a. n.a. Great Wall Motor 'A'* CH CNY 8.5 1, GZ Auto. 'A' CH CNY , BYD 'A' 2594 CH CNY , Average 17.8~ US Ford Motor F US USD , General Motors GM US USD , Average Korea Kia Motors 27 KS KRW 47,9 16, Hyundai Motor 538 KS KRW 148, 34, Average Japan Toyota Motor# 723 J P JPY , Honda Motor# 7267 J P JPY 316 5, Nissan Motor# 721 J P JPY 11 43, Suzuki Motor# 7269 J P JPY , Mitsubishi# 836 J P JPY , n.a. n.a Average Europe BMW BMW GR EUR , V olkswagen (Swx) V OW GR CHF , Saab 'B' SAABB SS SEK , Peugeot UG FP EUR , Porsche Aml.Hldg.Pref. PAH3 GR EUR , n.a. n.a Daimler DAI GR EUR , Fiat Chrysler Auto FCA IM EUR , Average Indonesia Astra International ASII IJ IDR 6,9 21, # FY15: FY16; FY16: FY17 ~ Exclude outliners Source: Thomson Reuters, *DBS Vickers Page 9

10 Peers valuation Auto dealers Mkt PE PE Yield Yield P/Bk P/Bk EV /EBITDA ROE ROE Currency Price Cap Fiscal 16F 17F 16F 17F 16F 17F 16F 17F 16F 17F Company Name Code Local$ US$m Yr x x x x x x Hong Kong Dah Chong Hong* 1828 HK HKD ZhongSheng* 881 HK HKD , China ZhengTong* 1728 HK HKD Baoxin Auto Group 1293 HK HKD , China Yongda 3669 HK HKD China Meidong Auto 1268 HK HKD n.a. n.a China Harmony Auto 3836 HK HKD Sparkle Roll Group 97 HK HKD.52 2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Auto Italia Holdings 72 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. New Focus Auto 36 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. China Rundong Auto 1365 HK HKD Sunfonda Group 1771 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Average Other Asia J ardine Cyc.& Carr. J CNC SP SGD , Tan Chong Intl TCM MK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Zhejiang Material 674 CH CNY , n.a..8 n.a. 3.9 n.a. n.a. n.a. n.a. n.a. Power Diversity Auto CH CNY 2.8 2, n.a. 4.3 n.a..7 n.a. n.a. n.a. n.a. n.a. Wuhu Yaxia Auto 267 CH CNY n.a n.a. n.a Sinomach Auto 6335 CH CNY ,213 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. China Grand Auto 6297 CH CNY , n.a. n.a Wuxi Coml.Mansion 6327 CH CNY n.a. 1.8 n.a. 2.2 n.a. n.a. n.a. n.a. n.a. Shanghai Shenhua 6653 CH CNY n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Fujian Zhangzhou 753 CH CNY n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Yulon Motor 221 TT TWD 3.7 1, Hotai Motor 227 TT TWD 355 5, Average US Autonation AN US USD 5.7 5, Group 1 Auto GPI US USD , Asbury Auto ABG US USD 59 1, Carmax KMX US USD , Lentuo Intl LASLY US USD.4.13 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Average Source: Thomson Reuters, *DBS Vickers Page 1

11 Peers valuation Auto parts EV / Earnings Earnings Mkt PE PE P/Bk EBITDA ROE Growth CAGR Currency Price Cap 16F 17F 16F 16F 16F 16F 17F FY15-17 Company Name Code Local$ US$m x x x x Hong Kong listed Changan Minsheng 1292 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. China Metal Intl.Hdg. 319 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. China V eh.compns.tech HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. F ortunet E-Commerce Gp. 139 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Fuyao Glass Industry Gp. Co.'H' 366 HK HKD , Huazhong In-V ehicle Hdg. 683 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Launch Tech 'H' 2488 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Minth Group* 425 HK HKD , Nexteer Automotive Group* 1316 HK HKD , Perennial Intl. 725 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Shougang Ccrd.Cen.Hdg. 13 HK HKD.2 5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Weichai Power 'H' 2338 HK HKD , (62.8) 24.2 (32.) Wuling Motors Holdings 35 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Xinchen China Power Hdg.* 1148 HK HKD Xingda Intl.Holdings 1899 HK HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Xinyi Glass Holdings 868 HK HKD , Average ~ ~ 17.7~ 9.1 China listed Anhui Quanchai Engine 6218 CH CNY n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Avic Aero-Engine Cntls. 738 CH CNY , Beijing Wkw Autv.Pas.'A' 2662 CH CNY , n.a Changchai 257 CH HKD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Fangda Special Stl.Tech. 657 CH CNY n.a Faway Auto Compns CH CNY n.a. 1. n.a n.a. n.a. Fengfan Stock 6482 CH CNY , n.a Fuyao Glss.Ind.Group 'A' 666 CH CNY , Guihang Auto Components 6523 CH CNY n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Harbin Dongan Auto Enn CH CNY n.a (5.5) 39.1 Huayu Automotive Sys.'A' 6741 CH CNY , Jialeng Songzhi Auto 2454 CH CNY n.a J iangnan Mould & Plastic 7 CH CNY , n.a Jiangsu Pac.Precn.Frgg. 'A' 3258 CH CNY n.a n.a n.a. Kunming Yunnei Pwr. 93 CH CNY n.a Liaoning Sg Autv.Gp. 'A' 633 CH CNY n.a. n.a. n.a Lingyun Industrial 'A' 648 CH CNY Ningbo Huaxiang Elt. 248 CH CNY , n.a. 1.7 n.a n.a. Shanghai Aerospace Auto 6151 CH CNY , n.a (18.6).6 Shanghai J iao Yun Group 6676 CH CNY 1.9 1,336 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Shenyang J inbei Autv. 669 CH CNY n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Sic.Chengfei Intg.Tech. 219 CH CNY ,574 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Sichuan Haowu Erml.'A' 757 CH CNY n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Stey r Motors 'A' 76 CH CNY ,325 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Wanxiang Qiangchao 'A' 559 CH CNY , n.a Weifu High Tech.Gp CH HKD , (1.2) 23.5 Xuchang Ynd.Drive Shaft 246 CH CNY n.a. 4. n.a n.a. Zhejiang Wanliy ang Tnsm CH CNY ,85 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Zongshen Pwr. Machinery 1696 CH CNY , n.a China Autv.Sys. CAAS US USD n.a. n.a. n.a. n.a n.a. n.a. China Yuchai Intl. CYD US USD n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Sorl Auto Parts SORL US USD n.a. n.a. n.a. n.a. 21. n.a. n.a. Average 23.6~ 19.5~ ~ ~ Exclude outliners Source: Thomson Reuters, *DBS Vickers Page 11

12 DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>2 total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15 total return over the next 12 months for small caps, >1 for large caps) HOLD (-1 to +15 total return over the next 12 months for small caps, -1 to +1 for large caps) FULLY VALUED (negative total return i.e. > -1 over the next 12 months) SELL (negative total return of > -2 over the next 3 months, with identifiable catalysts within this time frame) Share price appreciation + dividends GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers (Hong Kong) Limited ( DBSVHK ) This report is solely intended for the clients of DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd and DBSVHK, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVHK. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBSVHK, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the DBS Group )) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) (b) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making. ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 11 ch 216, the analyst(s) and his/her spouse and/or relatives who are financially dependent on the analyst(s), do not hold interests in the securities recommended in this report ( interest includes direct or indirect ownership of securities). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBSVHK and its subsidiaries do not have a proprietary position in the securities recommended in this report as of Compensation for investment banking services: DBS Bank Ltd., DBSVS, DBSVHK, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months, and within the next 3 months, will receive or intends to seek compensation for investment banking services from Astra International Terbuka (ASII IJ) as of DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. 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