Indonesia Equity Strategy: Investors‘ Feedback – Conversation Were More Top-down vs Bottom-up

Research evidence excerpt

Indonesia Equity Strategy: Investors‘ Feedback – Conversation Were More Top-down vs Bottom-up

Asia,Bank Mandiri,Bank Negara Indonesia,Bank Rakyat

Indonesia,Indonesia in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): Bank Mandiri,Bank Negara Indonesia,Bank Rakyat Indonesia,Indonesia.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Bank Central Asia,Bank Mandiri,Bank Negara

Indonesia,Bank Rakyat Indonesia,Indonesia.

services provided were non-investment-banking, non-securities-related: Alamtri Minerals Indonesia,Bank Central Asia,Bank

Mandiri,Bank Negara Indonesia,Bank Rakyat Indonesia,Indonesia.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Bank Central Asia,Bank

Mandiri,Bank Negara Indonesia,Bank Rakyat Indonesia,Indonesia. (For an explanation of the determination of significant

financial interest, please refer to the policy for managing conflicts of interest which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues.