Bank Mandiri: Muted 2Q

Research evidence excerpt

Bank Mandiri: Muted 2Q

th, the following company: Bangkok

Bank Public Company Limited, Bank Central Asia, Bank Jago Tbk PT, Bank Mandiri, Bank Negara Indonesia, Bank of the Philippine Islands, Bank Rakyat Indonesia, BDO Unibank, CIMB Group,

DBS Group Holdings, Maybank, Oversea-Chinese Banking Corp, Public Bank, SCB X PCL, Singapore Exchange Ltd, United Overseas Bank, Vietnam Technological and Commercial JSB.

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide

services or has a client relationship with the following company: Bangkok Bank Public Company Limited, Bank Central Asia, Bank Mandiri, Bank Negara Indonesia, Bank of the Philippine Islands,

Bank Rakyat Indonesia, BDO Unibank, CIMB Group, DBS Group Holdings, Kasikorn Bank Public Company, Krung Thai Bank Public Company, Maybank, Oversea-Chinese Banking Corp, Public

Bank, SCB X PCL, Singapore Exchange Ltd, United Overseas Bank.

An employee, director or consultant of Morgan Stanley is a director of Bangkok Bank Public Company Limited. This person is not a research analyst or a member of a research analyst's household.

The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality

of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts' or strategists' compensation is not

linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.