First Read: Bank Mandiri "Lower NIM outlook" (Buy) Tanja

Research evidence excerpt

First Read: Bank Mandiri "Lower NIM outlook" (Buy) Tanja

e considered as an offer made or to be

made to residents of the Republic of Turkey. UBS AG, London Branch is not licensed by the Turkish Capital Market Board under the provisions of the Capital

Market Law (Law No. 6362). Accordingly, neither this document nor any other offering material related to the instruments/services may be utilized in connection

with providing any capital market services to persons within the Republic of Turkey without the prior approval of the Capital Market Board. However, according to

article 15 (d) (ii) of the Decree No. 32, there is no restriction on the purchase or sale of the securities abroad by residents of the Republic of Turkey. Poland:

Distributed by UBS Europe SE (spolka z ograniczona odpowiedzialnoscia) Oddzial w Polsce. Where an analyst of UBS Europe SE (spolka z ograniczona

odpowiedzialnoscia) Oddzial w Polsce has contributed to this document, the document is also deemed to have been prepared by UBS Europe SE (spolka z

ograniczona odpowiedzialnoscia) Oddzial w Polsce. Russia: Prepared and distributed by UBS Bank (OOO). Should not be construed as an individual Investment

Recommendation for the purpose of the Russian Law - Federal Law #39-FZ ON THE SECURITIES MARKET Articles 6.1-6.2.Switzerland: Distributed by UBS AG to

persons who are institutional investors only. UBS AG is regulated by the Swiss Financial Market Supervisory Authority (FINMA). Italy: Prepared by UBS Europe SE

and distributed by UBS Europe SE and UBS Europe SE, Italy Branch. Where an analyst of UBS Europe SE, Italy Branch has contributed to this document, the

document is also deemed to have been prepared by UBS Europe SE, Italy Branch. France: Prepared by UBS Europe SE and distributed by UBS Europe SE and UBS