ASEAN Consumer: ASEAN Consumer marketing feedback: Clear preference for MY and TH names; ID and PH names still too risky

Research evidence excerpt

ASEAN Consumer: ASEAN Consumer marketing feedback: Clear preference for MY and TH names; ID and PH names still too risky

al Pattana,Central Retail,Cisarua Mountain Dairy,Heineken

Malaysia,Jollibee Foods,MR D.I.Y.,MR. D.I.Y. Holding (Thailand) PCL,Sumber Alfaria Trijaya,Unilever 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): Central Retail,Heineken Malaysia.

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: CP All,CP Axtra PCL,Central Pattana,Central

Retail,Heineken Malaysia,Jollibee Foods,Unilever Indonesia.

services provided were non-investment-banking, non-securities-related: 99SpeedMart,CP All,CP Axtra PCL,Central

Pattana,Central Retail,Cisarua Mountain Dairy,Heineken Malaysia,Jollibee Foods,MR D.I.Y.,MR. D.I.Y. Holding

(Thailand) PCL,Sumber Alfaria Trijaya,Unilever Indonesia.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Heineken Malaysia,Unilever

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