Bahana Beacon Indonesia Morning Brief

Tuesday, 25 September 2012 Bahana Beacon Indonesia Morning Brief IDX: 4,200.9 (-1.0%) Turnover: IDR3.5t (-11.1%) Foreign net buy :IDR235b (net sell: IDR148b) TODAY S NEWS ECONOMICS Govt conducts Indonesia Investment Day in New York INDUSTRY Palm oil drops to 2-year low on rising stocks, weak US soy CORPORATE BUMI Plc plans to investigate its Indonesian operation ASII will pay out IDR2.67t interim dividends S&P affirms Telkomsel 'BBB-' rating with stable outlook Gudang Garam to build a new subsidiary JSMR socializing the increasing of Jakarta Cikampek toll road AALI 8M12 CPO production increased 10% y-y Garuda to expand flight routes in Eurozone to Russia in 2014 ECONOMIC INDICATORS MARKET DATA 11A 12F 13F 11A 12F 13F Cur acc bal (%GDP) 0.4 (0.1) 1.0 Op.prof.gwt.(%) 17.8 10.0 10.3 Fiscal bal (%GDP) (1.3) (2.5) (1.5) Op.prof.gwt. exc. Coal 7.9 12.2 12.0 GDP growth (%y-y) 6.5 6.1 6.4 EPS growth (%) 30.6 8.7 10.0 Private spending (% 4.7 5.3 5.8 EPS gwt exc. Coal (%) 19.2 12.3 15.2 Investment (%y-y) 8.8 9.8 9.9 P/E (x) 18.6 16.8 15.0 Total exports (%y-y) 13.6 3.5 9.4 P/E exc. Coal (x) 19.9 17.5 15.1 Total imports (%y-y 13.3 10.5 11.5 PEG (x) 0.6 1.9 1.5 Inflation (%y-y) 3.8 4.1 4.3 PEG exc. Coal (x) 1.0 1.4 1.0 IDR/USD 9,075 9,450 9,250 EV/EBITDA (x) 9.4 8.2 7.2 BI rate (% p.a.) 6.00 5.75 5.75 P/BV (x) 7.0 5.7 4.8 Oil (Usd/bbl) 98.8 90.0 87.0 Div. Yield (%) 2.2 2.5 2.7 FX reserve (USDb) 111.3 117.0 127.0 ROE (%) 31.3 29.9 29.0 Source: Bahana estimates Source: Bahana estimates INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 20,694.7 (0.2) 12.3 17.1 IDX (Indonesia) 4,200.9 (1.0) 9.9 22.6 KLCI (Malaysia) 1,612.4 (0.7) 5.3 18.0 KOSPI (Korea) 2,003.4 0.1 9.7 18.0 Nikkei (Japan) 9,069.3 (0.4) 7.3 5.9 PCOMP (Phil.) 5,325.6 0.6 21.8 37.0 SENSEX (India) 18,673.3 (0.4) 20.8 15.5 SET (Thailand) 1,284.3 (0.2) 25.3 34.0 SHCOMP (China) 2,033.2 0.3 (7.6) (16.4) Shenzhen (China) 840.6 0.8 (3.0) (20.7) STI (Singapore) 3,067.9 (0.3) 15.9 13.7 TWSE (Taiwan) 7,768.3 0.2 9.8 10.2 VNI (Vietnam) 390.4 (1.3) 11.0 (11.3) Europe, USA and SA CAC 40 (France) 3,497.2 (0.9) 10.7 24.5 DAX (Germany) 7,413.2 (0.5) 25.7 42.7 Dow Jones (USA) 13,558.9 (0.2) 11.0 25.9 FTSE 100 (UK) 5,838.8 (0.2) 4.8 15.2 IBOV (Brazil) 61,910.0 1.0 9.1 16.3 NASDAQ (USA) 3,160.8 (0.6) 21.3 27.3 RTSI (Russia) 1,513.3 0.2 9.5 15.0 S&P 500 (USA) 1,456.9 (0.2) 15.8 28.2 ADRS & COMMODITIES Last Chg% ytd % y-y % TLK US (IDR) 9,289 (0.1) 27.0 24.3 IIT US (IDR) 5,344 0.1 (11.5) (6.9) BUMI LN (IDR) 22,922 (24.7) (83.2) (83.7) Coal (USD/t) 90 (1.1) (20.3) (27.6) Corn (USD/mtn) 286 0.3 16.9 10.9 Coffee (USD/t) 3,361 2.1 (18.6) (26.6) Copper (USD/t) 8,176 (1.2) 7.7 11.3 Cotton (USD/t) 1,566 (1.4) (22.6) (29.0) CPO (USD/mtn-CIF) 895 (8.0) (13.9) (12.7) DOC (IDR/kg) 3,000 20.0 (33.3) 25.0 Gold (USD/oz.) 1,767 0.1 13.0 6.6 Iron ore (USD/mtn) 104 (2.5) (25.1) (40.4) Milk (USD/t) 444 0.0 18.0 17.9 Nickel (USD/t) 17,930 (1.1) (4.2) (1.8) Oil (USD/barrel) 92 (0.9) (6.9) 15.2 Pulp (USD/t)* 764 (2.5) (8.4) (20.5) Rice (IDR/kg) 8,200 (1.2) 0.0 9.3 Rubber (USD/t) 2,847 (0.9) (12.9) (35.1) Soybean oil (USD/t) 1,184 (0.1) 3.1 2.5 Steel (USD/t) 569 (1.1) (14.8) (23.7) Sugar (USD/t) 668 0.5 26.1 32.8 Tins (USD/t) 20,750 (0.4) 8.4 2.8 Wheat (USD/t) 326 (0.6) 23.1 21.2 CURRENCIES & RATES Last Prev. Ytd % y-y % AUD/USD 1.042 1.043 (2.1) (6.5) USD/EUR 1.294 1.297 0.1 4.1 IDR/USD 9,571 9,553 5.5 5.8 JPY/USD 77.900 78.100 1.3 (1.8) SGD/USD 1.227 1.226 5.3 5.4 JIBOR (%) 4.11 4.11 (0.5) (1.2) BI rate (%) 5.75 5.75 (0.3) (1.0) TD 1 month (%) 5.28 5.27 (0.9) (1.2) CDS (bps) 150.0 141.9 (27.9) (51.0) Source: Bloomberg *Based on weekly price on Tuesday Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor in making their investment decision.

BOURSE Govt conducts Indonesia Investment Day in New York To boost foreign investments ahead particularly from United States (US), the government is conducting Indonesia Investment Day in New York on 24-25 September. The government also will arrange one-on-one meetings for 15 domestic companies with several large US companies. Note that Indonesian companies that will take a part in this rare event comprised of Bank Rakyat Indonesia (BBRI), Bank Mandiri (BMRI), Bank Negara Indonesia (BBNI), Perusahaan Gas Negara (PGAS), Semen Gresik (SMGR), Jasa Marga (JSMR), Bukit Asam (PTBA), Aneka Tambang (ANTM), Garuda Indonesia (GIAA), Krakatau Steel (KRAS), Telkom (TLKM), Pertamina (unlisted), Astra International (ASII), Bank Central Asia (BBCA) and Lippo Karawaci (LPKR). Meanwhile, several US companies that will join the meeting include Coca-Cola, Procter & Gamble, Dow Chemical Company, ACE Group, Goldman Sachs, Cargill, General Electric and Boeing. We note that President Susilo Bambang Yudhoyono himself opened the event yesterday. (Investor Daily, Kontan) INDUSTRY Palm oil drops to 2-year low on rising stocks, weak US soy Malaysian palm oil futures tumbled on Monday to their lowest in two years, hurt by rising inventories and steep losses in U.S. soybeans on expectations of higher output. Bearish views by industry analysts on high CPO inventory and lower than expected demand at a vegetable oil conference in India also weighed on palm oil prices. Bahana: There are many different views on the conference. We note that CPO price has dthe propensity to reach its bottom in September-October, as inventories reaches its highest level around this period. (Reuters) CORPORATE BUMI Plc plans to investigate its Indonesian operation BUMI Plc stated in its announcement that it has become aware of allegations concerning, among other matters, potential financial and other irregularities in the company's Indonesian operations, especially in relation to Bumi Resources (BUMI-REDUCE-IDR680-TP:IDR500), in which the company has approximately a 29 per cent interest. Hence, an independent investigation has been commissioned to investigate the allegations on an urgent basis, and is to report to the Board. BUMI Plc also intends to contact relevant authorities in the UK and Indonesia, as appropriate, in respect of some of the allegations. An area of focus of the investigation will be the development funds of PT Bumi Resources Tbk. In addition, Bumi plc announces that Ari Hudaya, a Non-Executive Director of the Company, has resigned from the Board of the company with immediate effect. (Bumi Plc announcement) ASII to pay IDR2.67t interim dividends Astra International (ASII-BUY-IDR7,350-TP:IDR8,350) will pay IDR2.67t interim dividends in November 2012. The IDR66 dividend per share which will be distributed on 7 November 2012 represents 0.9% dividend yield. (Investor Daily) S&P affirms Telkomsel 'BBB-' rating with stable outlook S&P has cut Telkomsel s long-term corporate credit rating from BBB to BBB-. This reduction refers to the Central Jakarta District Court declaring the company bankrupt based on a petition by Prima Jaya Informatika. S&P still has a stable outlook for Telkomsel, supported by strong 2Q12 financial performance. (Reuters) Gudang Garam to build a new subsidiary Gudang Garam (GGRM-Under Review-IDR46,600-TP:Under Review) to build a new subsidiary, Surya Inti Tembakau worth IDR149b to strengthen their core business. Surya Inti Tembakau operates in tobacco processing. (Indonesia Finance Today) JSMR socializing higher Jakarta Cikampek toll road tariff Jasa Marga (JSMR-BUY-IDR5,750-TP:IDR7,000) starts to socialize higher Jakarta Cikampek toll road tariff that will begin in the end of September 2012. The toll road tariff will increase 10%. (Kompas) PT Bahana Securities Equity Research Bahana Beacon - The Daily 2

AALI 8M12 CPO production increased 10% y-y Astra Agro Lestari (AALI-BUY-IDR22,750-TP:IDR26,500) FFB production for 8M12 reached 3.4m tons, up 11% y-y. Its 8M12 yield also increased from 14.0 to 14.5. Meanwhile CPO production increased to around 887k tons, up 10% y-y. Bahana: This 8M12 production result is in line with our expectation as we expect production growth of 10% y-y in 2012 and 8% y-y in 2013. We maintain our BUY recommendation on this counter with IDR26,500 target price. (Company) Garuda to expand flight routes to Russia in 2014 Garuda Indonesia (GIAA-BUY-IDR620-TP:IDR900) to expand flight routes to Russia by using new Boeing B777-300 ER aircraft in 2014. GIAA will take the first delivery of 10 Boeing B777-300 ER aircraft in June 2013. Additionally, GIAA would like to expand flight routes to London and Frankfurt as and when the European crisis recovers. (Bisnis Indonesia) PT Bahana Securities Equity Research Bahana Beacon - The Daily 3

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET Up/(Downside) PRICE Potential (%) 9/24/2012 9/21/2012 CHANGE (%) Adhi Karya ADHI BUY 1,150 11.7 1,030 920 12.0 Pembangunan Perumahan PTPP BUY 720 2.9 700 660 6.1 Wijaya Karya WIKA BUY 1,400 12.0 1,250 1,190 5.0 Total Bangun Persada TOTL BUY 710 22.4 580 560 3.6 Bekasi Fajar Industrial Estate BEST BUY 780 13.0 690 670 3.0 Bumi Serpong Damai BSDE BUY 1,810 70.8 1,060 1,040 1.9 Bank Jabar Banten BJBR BUY 1,320 20.0 1,100 1,080 1.9 Bank Jatim BJTM BUY 650 64.6 395 390 1.3 Tiphone Mobile Indonesia TELE BUY 600 51.9 395 390 1.3 Summarecon Agung SMRA BUY 2,350 43.3 1,640 1,620 1.2 Wintermar WINS BUY 620 45.9 425 420 1.2 Alam Sutera Realty ASRI BUY 670 36.7 490 485 1.0 Salim Ivomas Pratama SIMP BUY 1,650 26.9 1,300 1,290 0.8 Bank Mandiri BMRI BUY 9,550 19.4 8,000 7,950 0.6 Surya Citra Media SCMA REDUCE 9,550 (8.6) 10,450 10,400 0.5 Indo Tambangraya Megah ITMG REDUCE 29,750 (29.5) 42,200 42,000 0.5 Agung Podomoro Land APLN BUY 430 26.5 340 340 0.0 Bank Bukopin BBKP BUY 880 41.9 620 620 0.0 Bank Rakyat Indonesia BBRI BUY 8,300 14.5 7,250 7,250 0.0 Bank Tabungan Negara BBTN * * * 1,370 1,370 0.0 Bayan Resources BYAN REDUCE 3,800 (70.5) 12,900 12,900 0.0 Bukit Asam PTBA HOLD 13,100 (19.4) 16,250 16,250 0.0 Cardig Aero Service CASS HOLD 770 (4.9) 810 810 0.0 Charoem Pokhpand Indonesia CPIN HOLD 2,925 1.7 2,875 2,875 0.0 Ciputra Development CTRA BUY 950 41.8 670 670 0.0 Erajaya Swasembada ERAA BUY 2,650 32.5 2,000 2,000 0.0 Garuda Indonesia GIAA BUY 900 45.2 620 620 0.0 Indocement INTP HOLD 20,000 (1.7) 20,350 20,350 0.0 Jasa Marga JSMR BUY 7,000 21.7 5,750 5,750 0.0 Lippo Cikarang LPCK BUY 5,000 35.1 3,700 3,700 0.0 Lippo Karawaci LPKR BUY 1,110 13.3 980 980 0.0 Nippon Indosari Corpindo ROTI BUY 6,100 17.3 5,200 5,200 0.0 Pelat Timah Nusantara NIKL UR 380 76.7 215 215 0.0 Perusahaan Gas Negara PGAS BUY 4,600 10.8 4,150 4,150 0.0 Ramayana Lestari Sentosa RALS HOLD 1,375 33.5 1,030 1,030 0.0 Sarana Menara Nusantara TOWR BUY 20,000 0.5 19,900 19,900 0.0 Medco Energi International MEDC * * * 1,720 1,730 (0.6) Bank Central Asia BBCA BUY 9,400 19.0 7,900 7,950 (0.6) Astra International ASII BUY 8,300 12.9 7,350 7,400 (0.7) Semen Gresik SMGR BUY 16,400 15.9 14,150 14,250 (0.7) Bank Danamon BDMN HOLD 6,400 4.9 6,100 6,150 (0.8) Indomobil Sukses International IMAS BUY 7,300 28.1 5,700 5,750 (0.9) Indosat ISAT REDUCE 4,500 (15.1) 5,300 5,350 (0.9) IDX IDX 4,201 4,245 (1.0) Gajah Tunggal GJTL BUY 2,850 26.7 2,250 2,275 (1.1) Japfa Comfeed Indonesia JPFA BUY 5,550 24.0 4,475 4,525 (1.1) Astra Agro Lestari AALI BUY 26,500 23.5 21,450 21,700 (1.2) Kalbe Farma KLBF BUY 4,500 5.9 4,250 4,300 (1.2) Citra Marga Nusaphala Persada CMNP BUY 3,000 44.6 2,075 2,100 (1.2) AKR Corporindo AKRA HOLD 4,100 6.5 3,850 3,900 (1.3) Gudang Garam GGRM UR UR - 46,600 47,250 (1.4) XL Axiata EXCL BUY 7,200 9.9 6,550 6,650 (1.5) Indofood CBP Sukses Makmur ICBP HOLD 7,200 13.4 6,350 6,450 (1.6) Telkom Indonesia TLKM * * * 9,250 9,400 (1.6) Ciputra Property CTRP BUY 770 28.3 600 610 (1.6) Indofood Sukses Makmur INDF BUY 6,000 11.1 5,400 5,500 (1.8) Bank Negara Indonesia BBNI BUY 5,200 35.1 3,850 3,925 (1.9) Bank Tabungan Pensiunan Negara BTPN HOLD 4,600 (6.1) 4,900 5,000 (2.0) Mitra Adiperkasa MAPI BUY 8,400 30.2 6,450 6,600 (2.3) Surya Semesta Internusa SSIA HOLD 1,100 (14.7) 1,290 1,320 (2.3) Kawasan Industri Jababeka KIJA BUY 285 35.7 210 215 (2.3) Gozco Plantations GZCO HOLD 230 12.2 205 210 (2.4) J Resources Asia pasifik PSAB BUY 8,000 95.1 4,100 4,200 (2.4) Supra Boga Lestari RANC BUY 1,050 29.6 810 830 (2.4) Indika Energy INDY REDUCE 1,250 (21.4) 1,590 1,630 (2.5) BW Plantation BWPT BUY 1,950 26.6 1,540 1,580 (2.5) Total Scan Pacific TSPC BUY 3,800 34.5 2,825 2,900 (2.6) Sampoerna Agro SGRO HOLD 3,300 20.0 2,750 2,825 (2.7) London Sumatra Indonesia LSIP BUY 3,100 27.8 2,425 2,500 (3.0) Timah TINS REDUCE 1,200 (22.1) 1,540 1,590 (3.1) Unilever Indonesia UNVR HOLD 25,200 (2.1) 25,750 26,650 (3.4) Aneka Tambang ANTM REDUCE 1,100 (17.3) 1,330 1,390 (4.3) United Tractors UNTR REDUCE 18,500 (13.3) 21,350 22,350 (4.5) Adaro Energy ADRO REDUCE 1,120 (24.3) 1,480 1,550 (4.5) Harum Energy HRUM REDUCE 5,300 (12.4) 6,050 6,350 (4.7) Vale Indonesia INCO REDUCE 2,000 (29.8) 2,850 3,050 (6.6) Delta Dunia Makmur DOID REDUCE 240 (4.0) 250 270 (7.4) Source: Bloomberg *In regard to the engagement letter from the companies, PT. Bahana Securities will not produce the companies ratings and target prices during the engagement period to ensure the opinions given are fair and reasonable. PT Bahana Securities Equity Research Bahana Beacon - The Daily 4

JCI Code Rating Price TP Shares Free float Mkt cap* 3M avg to* Revenue (IDRb)* EPS growth (%) Net gearing (%) Opt. profit (IDRb)* Net profit (IDRb)* PER (x) EV/EBITDA (x) P/BV (x) Yield (%) ROAE (%) 2012 2013 2012 2013 2012 2012 2013 2012 2013 2012 2013 2012 2013 (IDR) (IDR) (m) (%) (IDRb) (IDRb) 2012 2013 2012 2013 2013 2012 2013 15,728 15 35,091 39,329 2,242 3,106 1,310 1,748 46.1 32.7 12.4 9.4 5.3 4.6 1.9 1.6 0.1 0.1 33.4 46.2 16.3 17.7 AERO SERVICE N GIAA BUY 620 900 22,641 28.0 14,037 14.5 34,023 38,130 1,972 2,806 1,207 1,624 46.1 34.1 11.9 8.9 5.3 4.5 1.6 1.4 0.0 0.0 33.4 46.2 14.6 16.5 CASS HOLD 810 770 2,087 15.0 1,690 0.3 1,067 1,200 270 300 103 124 46.5 20.2 16.4 13.6 5.6 4.8 4.4 3.4 0.6 0.7 nc nc 30.3 27.9 AUTO & H.E N 402,837 442 295,528 344,357 32,235 37,340 29,053 33,847 12.5 18.6 14.2 12.3 10.8 9.4 1.0 0.8 3.2 3.6 20.9 14.2 28.2 27.7 ASII BUY 7,350 8,300 40,484 45.2 297,554 231.3 187,536 214,615 19,862 22,312 19,482 22,230 9.5 14.1 15.3 13.4 12.2 10.7 0.4 0.4 3.4 3.8 22.8 15.0 29.6 28.8 UNTR REDUCE 21,350 18,500 3,730 40.5 79,638 167.0 65,402 78,706 9,552 11,647 7,142 8,765 13.4 22.7 11.2 9.1 5.5 4.5 2.5 2.1 3.0 3.6 nc nc 24.8 25.6 IMAS BUY 5,700 7,300 2,765 29.6 15,762 33.2 22,197 28,905 968 1,216 1,282 1,602 57.7 25.0 12.3 9.8 14.6 11.5 2.7 2.2 1.0 2.0 9.3 5.8 24.5 24.9 GJTL BUY 2,250 2,850 3,485 40.3 7,841 5.8 12,799 14,193 1,357 1,567 1,048 1,153 53.3 10.0 7.5 6.8 5.5 4.4 1.5 1.2 2.3 0.0 37.8 15.3 21.2 19.2 DOID REDUCE 250 240 8,168 60.0 2,042 5.0 7,595 7,937 496 598 99 97 (157.7) (2.1) 21.0 21.4 4.4 3.4 1.7 1.5 0.0 0.0 577.1 507.6 9.0 7.5 BANKING N 752,786 595 179,715 209,215 75,001 86,219 59,470 68,401 11.8 14.7 13.2 11.5 na na 2.8 2.3 1.6 1.7 na na 23.3 22.0 BBCA BUY 7,900 9,400 24,655 54.9 194,775 94.7 30,287 34,814 14,338 16,362 11,766 13,430 8.8 14.1 16.6 14.5 na na 3.8 3.2 1.5 1.6 na na 25.3 24.0 BMRI BUY 8,000 9,550 23,333 40.0 186,667 165.0 42,080 50,026 18,226 21,079 13,686 15,962 10.2 16.6 13.6 11.7 na na 2.5 2.1 1.3 1.3 na na 20.1 19.5 BBRI BUY 7,250 8,300 24,669 43.2 178,851 200.6 45,050 51,862 20,064 22,438 17,044 19,064 13.0 11.9 10.5 9.4 na na 2.8 2.2 1.5 1.6 na na 30.2 26.7 BBNI BUY 3,850 5,200 18,649 40.0 71,797 65.3 23,842 27,553 8,398 9,885 6,869 8,080 18.3 17.6 10.5 8.9 na na 1.7 1.4 1.9 2.0 na na 16.9 17.3 BDMN HOLD 6,100 6,400 9,585 32.4 58,466 28.6 18,168 21,281 6,229 7,318 4,104 4,795 12.2 16.8 14.2 12.2 na na 2.0 1.8 1.9 2.1 na na 14.0 14.4 BTPN HOLD 4,900 4,600 5,840 42.1 28,617 1.6 5,940 7,037 2,413 2,933 1,886 2,295 31.6 20.8 15.1 12.5 na na 3.7 2.9 0.0 0.0 na na 28.5 26.1 BJBR BUY 1,100 1,320 9,696 49.4 10,666 7.4 4,132 4,820 1,566 1,833 1,206 1,410 25.3 16.9 8.8 7.6 na na 1.8 1.6 5.8 6.0 na na 21.2 22.0 BBTN ** 1,370 ** 8,841 28.2 12,112 11.7 4,762 5,531 1,583 1,805 1,193 1,359 6.6 14.0 10.1 8.9 na na 1.5 1.3 2.0 2.3 na na 15.3 15.4 BJTM BUY 395 650 14,918 18.0 5,892 13.5 2,271 2,628 1,173 1,397 901 1,064 (6.4) 5.7 5.9 5.5 na na 1.0 0.9 8.4 9.9 na na 20.1 17.8 BBKP BUY 620 880 7,970 40.8 4,941 6.9 3,184 3,663 1,012 1,169 814 941 7.1 15.6 6.1 5.2 na na 1.0 0.9 4.7 5.2 na na 18.4 18.6 CEMENT OW 158,844 122 35,670 40,750 11,412 13,012 9,058 10,498 21.1 15.6 17.6 15.1 11.5 9.6 4.4 3.7 2.0 2.2 nc nc 27.4 26.4 INTP HOLD 20,350 20,000 3,681 49.0 74,913 55.0 16,727 19,088 5,712 6,425 4,470 5,096 24.3 14.0 16.8 14.7 10.2 8.6 3.9 3.3 1.8 2.0 nc nc 25.6 24.2 SMGR BUY 14,150 16,400 5,932 49.0 83,931 67.4 18,943 21,662 5,700 6,587 4,588 5,402 16.9 17.7 18.3 15.5 12.6 10.4 4.9 4.0 2.2 2.3 nc nc 28.9 28.3 CONSTRUC. OW 35,113 18 29,586 36,544 3,503 4,286 1,429 2,129 19.5 59.7 39.5 25.2 11.2 9.4 7.4 5.8 0.9 1.1 165.3 124.7 20.4 25.3 TOWR BUY 19,900 20,000 1,020 49.9 20,304 0.6 2,061 2,403 1,144 1,352 349 565 23.1 61.8 58.1 35.9 14.9 12.8 10.9 8.4 0.0 0.0 277.2 204.1 20.7 26.5 WIKA BUY 1,250 1,400 6,069 34.1 7,586 7.4 9,669 11,764 831 1,026 456 588 28.7 28.8 16.0 12.4 7.5 5.8 3.1 2.6 1.7 2.2 nc nc 20.5 22.6 PTPP BUY 700 720 4,842 29.1 3,390 4.1 7,123 8,852 709 864 284 370 18.2 30.1 11.9 9.2 4.2 4.1 2.1 1.8 2.1 2.5 35.4 62.4 18.6 20.8 TOTL BUY 580 710 3,410 35.3 1,978 1.6 1,922 2,176 182 209 156 179 24.6 14.8 12.7 11.1 6.2 5.0 2.8 2.5 3.8 4.7 nc nc 23.1 23.6 ADHI BUY 1,030 1,150 1,801 49.0 1,855 3.9 8,811 11,349 638 835 183 428 0.7 133.3 10.1 4.3 3.3 2.4 1.7 1.2 2.9 3.0 29.1 11.9 17.4 32.9 CONSUMER OW 449,732 285 181,345 202,532 29,073 32,604 19,599 22,412 13.8 14.4 28.2 24.4 19.3 16.8 19.7 16.0 2.0 2.3 10.2 10.8 55.9 53.6 UNVR HOLD 25,750 25,200 7,630 15.0 196,473 36.1 27,178 31,378 6,270 7,223 4,743 5,487 13.9 15.7 41.4 35.8 30.6 26.5 40.5 32.6 2.1 2.4 21.2 23.3 100.4 94.8 GGRM UR 46,600 UR 1,924 24.4 89,663 71.2 47,355 51,881 7,695 8,464 5,544 6,321 13.3 14.0 16.2 14.2 10.4 9.3 3.2 2.7 1.9 2.2 1.3 nc 21.5 22.1 INDF BUY 5,400 6,000 8,780 49.9 47,414 66.9 48,961 52,882 7,511 8,100 3,484 3,850 13.2 10.5 13.6 12.3 5.2 4.1 2.2 2.0 2.3 2.7 nc nc 18.7 18.7 KLBF BUY 4,250 4,500 10,156 40.0 43,163 54.5 13,247 15,408 2,262 2,614 1,735 2,009 17.1 15.7 24.9 21.5 16.3 14.2 6.1 5.3 1.9 2.2 nc nc 25.0 24.5 ICBP HOLD 6,350 7,200 5,831 19.5 37,027 23.3 21,649 23,582 3,049 3,385 2,276 2,525 15.2 11.0 16.3 14.7 9.8 8.7 3.1 2.6 1.2 1.4 nc nc 20.0 19.2 TSPC BUY 2,825 3,800 4,500 4.9 12,713 2.1 6,796 7,919 882 1,086 731 887 29.2 21.3 17.4 14.3 10.6 8.5 3.8 3.4 3.9 4.8 nc nc 22.9 24.8 MAPI BUY 6,450 8,400 1,660 44.0 10,707 23.0 7,568 9,694 766 969 467 599 29.7 28.2 22.9 17.9 10.4 8.8 4.9 3.9 0.7 0.9 28.1 24.2 23.5 24.3 RALS HOLD 1,030 1,375 7,096 40.3 7,309 6.6 7,466 8,368 446 504 468 527 23.9 12.7 15.6 13.9 8.9 8.1 2.3 2.2 2.8 3.5 nc nc 14.4 14.9 ROTI BUY 5,200 6,100 1,012 19.3 5,264 1.0 1,124 1,419 192 261 150 205 29.6 36.8 35.0 25.6 23.4 17.0 7.9 6.3 0.6 0.7 2.8 nc 24.1 26.8 MEDIA 20,378 4 2,681 3,097 1,433 1,716 1,083 1,304 18.7 20.4 18.7 15.5 13.6 11.4 13.3 13.1 5.3 6.4 nc nc 71.6 85.3 SCMA REDUCE 10,450 9,550 1,950 19.4 20,378 4.2 2,681 3,097 1,433 1,716 1,083 1,304 18.7 20.4 18.7 15.5 13.6 11.4 13.3 13.1 5.3 6.4 nc nc 71.6 85.3 MINING UW 272,187 326 236,348 220,294 57,104 46,032 34,931 31,872 (9.3) (18.4) 12.6 16.1 6.2 6.5 4.3 4.0 5.0 4.3 26.3 19.7 30.5 29.6 ADRO REDUCE 1,480 1,120 31,986 40.2 47,339 49.3 36,133 32,216 10,779 8,372 4,932 3,709 (5.6) (26.0) 10.0 13.6 4.2 5.0 1.9 1.8 5.0 3.9 48.6 48.1 21.1 22.6 BYAN REDUCE 12,900 3,800 3,333 5.1 43,000 0.2 23,383 18,715 6,043 4,712 4,613 3,633 (24.1) (10.3) 30.9 34.5 6.5 8.1 8.0 7.2 1.6 1.2 1.6 nc 25.7 20.0 BUMI REDUCE 680 500 20,773 70.8 14,126 91.0 37,649 31,934 5,112 4,253 (1,002) 1,153 (148.7) (219.3) (14.5) 12.1 6.5 6.6 1.5 1.0 2.1 0.0 308.6 193.1 na 9.8 ITMG REDUCE 42,200 29,750 1,130 35.0 47,683 36.9 23,383 18,715 6,043 4,712 5,136 5,560 (10.4) (20.0) 10.7 13.4 6.4 4.7 4.9 4.9 8.9 7.4 nc nc 50.0 47.1 PTBA HOLD 16,250 13,100 2,304 35.0 37,442 38.1 11,733 10,944 3,868 2,866 3,293 2,490 6.7 (24.4) 11.4 15.0 7.5 9.7 3.9 3.7 4.9 5.3 nc nc 39.2 37.9 INCO REDUCE 2,850 2,000 9,936 21.2 28,319 17.7 9,066 10,447 2,978 3,721 2,104 2,713 (34.1) 29.0 14.7 11.4 7.0 5.5 1.7 1.6 6.0 3.9 nc nc 20.9 23.6 HRUM REDUCE 6,050 5,300 2,704 29.8 16,356 46.3 8,560 7,941 2,252 1,809 1,570 1,224 7.3 (19.1) 10.4 12.9 6.1 7.5 12.0 11.7 6.3 6.7 nc nc 59.1 52.8 ANTM REDUCE 1,330 1,100 9,538 35.0 12,686 17.3 9,353 9,731 1,130 872 1,264 1,040 (34.5) (17.7) 10.0 12.2 6.8 8.1 1.1 1.1 3.0 2.5 nc nc 17.0 15.9 BORN HOLD 520 480 17,693 27.0 9,200 9.7 62,269 62,793 17,498 13,119 10,584 7,517 (37.4) (28.6) 8.0 11.3 0.8 1.1 5.3 4.9 0.0 0.0 7.7 7.8 23.2 25.8 INDY REDUCE 1,590 1,250 5,210 36.5 8,284 12.3 6,182 6,950 300 344 1,602 1,906 34.3 19.0 5.2 4.3 12.9 10.0 1.1 1.0 7.2 9.7 44.9 35.4 23.7 24.4 TINS REDUCE 1,540 1,200 5,033 35.0 7,751 6.9 8,636 9,907 1,100 1,251 835 925 (6.9) 10.8 9.3 8.4 5.9 5.3 1.6 1.4 5.4 6.0 nc nc 19.4 19.1 OIL & GAS N 121,162 145 48,114 58,718 10,414 11,105 8,039 8,664 (2.7) 7.5 14.6 13.4 10.0 9.1 4.7 4.1 3.1 4.1 7.3 6.5 36.2 32.4 PGAS BUY 4,150 4,600 24,242 43.0 100,602 90.4 23,693 29,349 9,321 9,775 7,291 7,740 22.9 6.2 13.8 13.0 8.6 7.8 5.0 4.3 3.2 4.3 nc nc 40.7 35.7 AKRA HOLD 3,850 4,100 3,851 40.7 14,828 49.4 23,208 28,111 834 1,054 685 857 (70.4) 25.1 21.7 17.3 14.2 11.9 4.0 3.6 2.3 2.9 13.0 nc 17.6 19.8 MEDC ** 1,720 ** 3,332 41.0 5,732 5.3 1,212.0 1,257.8 260 276 63 67 (24.8) 2.5 9.9 9.7 23.9 23.0 1.7 1.7 1.9 2.0 121.0 138.1 6.0 7.9 PLANTATIONS N 85,364 136 41,315 47,489 11,238 12,862 7,456 8,565 (1.3) 14.9 12.3 10.6 7.6 6.3 2.7 2.3 3.5 3.7 11.9 9.8 22.0 21.9 AALI BUY 21,450 26,500 1,575 20.3 33,778 21.8 12,365 13,936 3,232 3,709 2,378 2,731 (1.1) 14.8 14.2 12.4 9.0 7.6 3.8 3.3 4.6 4.6 nc nc 28.4 28.7 SIMP BUY 1,300 1,650 15,816 20.3 20,561 8.5 14,249 15,557 3,402 3,732 1,825 2,013 0.4 10.3 11.3 10.2 5.3 4.9 1.5 1.4 3.2 3.5 4.9 6.0 11.2 11.5 LSIP BUY 2,425 3,100 6,823 40.5 16,545 46.1 4,999 5,335 2,027 2,184 1,708 1,846 0.4 8.1 9.7 9.0 6.2 5.1 2.4 2.0 3.1 3.3 nc nc 24.2 22.2 SGRO HOLD 2,750 3,300 1,890 33.0 5,198 6.6 3,193 3,595 580 809 444 619 (18.0) 39.5 11.7 8.4 6.4 4.5 1.8 1.6 2.6 3.6 nc nc 23.7 22.1 BWPT BUY 1,540 1,950 4,043 37.9 6,227 22.2 1,116 1,523 583 816 381 508 18.8 33.5 16.3 12.2 12.4 8.7 3.5 2.8 0.8 0.9 108.9 80.6 21.7 24.6 UNSP HOLD 133 160 13,720 95.2 1,825 1.6 4,741 6,772 1,232 1,389 536 641 (29.0) 19.5 3.4 2.9 6.0 5.1 0.2 0.2 1.9 2.2 76.5 67.1 5.0 6.5 GZCO HOLD 205 230 6,000 39.7 1,230 1.3 651 769 182 222 185 207 10.5 12.0 5.6 5.0 8.7 7.5 0.7 0.7 4.9 5.4 79.5 75.1 13.5 13.5 POULTRY N 56,685 35 38,901 44,074 5,698 6,427 4,278 4,899 43.5 15.0 13.3 11.6 9.6 8.5 5.2 4.5 2.7 5.1 45.9 40.1 45.0 42.7 CPIN HOLD 2,875 2,925 16,398 44.5 47,144 33.2 21,200 24,051 4,198 4,728 3,414 3,871 44.9 13.4 13.8 12.2 10.7 9.5 5.8 5.1 3.0 5.8 nc nc 48.5 46.2 JPFA BUY 4,475 5,550 2,132 43.3 9,541 2.1 17,702 20,023 1,500 1,699 864 1,027 40.0 18.9 10.7 9.0 4.5 3.9 2.3 1.9 1.3 1.9 45.9 40.1 27.5 25.1 PROPERTY OW 95,691 190 28,822 36,208 8,528 11,280 6,265 8,387 47.6 40.6 18.0 14.0 11.2 8.8 2.4 2.0 1.3 1.8 9.1 10.1 14.1 14.4 BSDE BUY 1,060 1,810 17,497 40.0 18,547 40.8 3,375 3,973 1,165 1,403 1,038 1,286 23.5 23.9 17.9 14.4 11.8 9.4 2.4 2.1 1.2 1.5 nc nc 12.7 15.3 LPKR BUY 980 1,110 23,078 82.1 22,616 40.6 5,120 6,008 1,224 1,458 868 1,072 22.5 23.6 26.1 21.1 16.8 14.2 2.3 2.1 1.0 1.2 21.3 21.9 8.2 7.8 ASRI BUY 490 670 19,649 53.9 9,628 44.7 2,268 3,132 1,194 1,654 1,028 1,405 56.3 35.8 9.3 6.9 6.9 5.0 2.2 1.7 2.7 3.7 nc nc 24.6 21.1 CTRA BUY 670 950 15,166 61.3 10,161 6.3 3,038 4,384 747 1,206 450 678 38.5 50.6 22.6 15.0 11.1 7.4 1.9 1.7 1.3 2.0 nc nc 8.6 11.5 SMRA BUY 1,640 2,350 6,873 70.0 11,272 8.6 3,036 3,841 780 974 548 696 39.8 27.0 20.6 16.2 11.9 9.5 3.8 3.2 1.0 1.2 nc nc 14.5 14.2 APLN BUY 340 430 20,501 30.0 6,970 1.8 4,453 5,258 1,194 1,373 660 776 13.6 17.5 10.6 9.0 4.0 2.6 1.4 1.3 1.7 1.9 33.0 52.7 13.8 15.1 SSIA HOLD 1,290 1,100 84 79.5 6,070 26.6 3,329 3,738 765 1,112 531 834 106.1 57.2 11.4 7.3 6.9 4.6 3.8 2.6 0.8 1.6 nc nc 32.9 30.7 CTRP BUY 600 770 6,150 43.9 3,690 2.5 670 1,021 265 439 230 301 45.2 30.6 16.0 12.3 12.6 9.3 1.0 0.9 1.9 2.4 nc 2.0 5.0 5.8 KIJA BUY 210 285 184 44.0 4,162 7.3 1,950 2,466 642 796 446 575 36.6 29.1 9.3 7.2 7.7 6.0 1.1 0.9 2.4 3.2 32.1 23.1 10.8 12.7 LPCK BUY 3,700 5,000 3,975 54.4 2,575 11.2 1,582 2,387 553 866 465 763 80.5 64.1 5.5 3.4 4.8 2.9 2.0 1.3 0.0 0.0 11.0 nc 29.9 29.2 SHIPPING N 1,512 0 1,009 1,184 262 342 188 235 18.8 25.3 8.0 6.4 7.6 5.5 1.1 1.0 2.1 2.6 79.6 73.5 12.2 14.8 WINS BUY 425 620 3,558 26.5 1,512 0.4 1,009 1,184 262 342 188 235 18.8 25.3 8.0 6.4 7.6 5.5 1.1 1.0 2.1 2.6 79.6 73.5 12.2 14.8 TELCOS N 326 275,507 194 116,994 147,551 36,029 38,501 18,699 20,452 10.2 9.5 16.8 15.2 5.5 5.2 3.1 2.8 2.8 3.2 42.6 33.6 20.0 19.8 TLKM ** 9,250 ** 20,160 48.8 186,480 154.9 75,452 78,704 23,461 24,527 11,906 12,612 8.6 8.4 15.7 14.4 5.2 5.0 3.2 2.9 3.2 3.5 24.6 17.3 21.6 20.9 EXCL BUY 6,550 7,200 8,526 20.2 55,847 21.6 8,518 21,414 4,796 5,327 3,163 3,596 11.8 13.7 17.6 15.5 6.7 6.1 3.5 3.0 2.0 2.9 61.9 43.7 21.3 22.7 ISAT REDUCE 5,300 4,500 5,434 29.9 28,800 14.8 21,667 23,028 3,224 3,481 1,168 1,326 39.8 13.6 24.7 21.7 4.9 4.5 1.5 1.5 2.0 2.3 110.5 101.1 9.6 9.7 BTEL REDUCE 74 50 30,585 83.6 2,263 1.2 2,838 2,992 (249) (160) (700) (679) 10.2 (3.0) (3.0) (3.1) 8.5 8.4 0.6 0.7 0.0 0.0 204.8 271.9 (17.6) (20.7) TELE BUY 395 600 5,358 25.1 2,117 1.2 8,518 21,414 4,796 5,327 3,163 3,596 (7.9) 80.1 11.2 6.2 8.5 4.7 2.1 1.7 0.0 4.0 31.7 26.9 25.5 30.5 TINPLATE N 543 1 1,686 1,911 48 83 33 61 81.9 31.3 16.7 8.9 12.2 7.2 1.1 1.0 2.4 4.5 nc nc 6.6 12.1 NIKL HOLD 215 380 2,523 24.9 543 0.5 1,686 1,911 48 83 33 61 81.9 87.3 16.7 8.9 12.2 7.2 1.1 1.0 2.4 4.5 nc nc 6.6 12.1 TOLL ROAD N 43,250 49 6,584 7,939 3,091 3,754 2,071 2,247 24.2 8.4 22.0 20.3 14.1 11.8 4.2 3.8 1.6 2.3 75.2 79.0 19.1 19.7 JSMR BUY 5,750 7,000 6,800 30.0 39,100 37.0 5,656 6,943 2,574 3,194 1,683 1,824 25.6 8.4 23.2 21.4 14.9 12.5 4.5 4.1 1.4 2.2 82.2 87.1 19.2 19.9 CMNP BUY 2,075 3,000 2,000 89.6 4,150 12.4 928 996 517 560 388 422 8.8 8.8 10.7 9.8 6.3 5.6 1.7 1.5 3.8 4.1 9.2 3.1 18.5 17.9 Market OW 2,787,317 2,558 1,279,389 1,441,190 287,310 308,668 202,961 225,720 8.7 10.0 16.8 15.0 8.2 7.2 5.7 4.8 2.5 2.7 16.8 13.8 30.3 29.3 Note: *Total, **In regard to the engagement letter from the companies, PT. Bahana Securities will not produce the companies ratings and target prices during the engagement period to ensure the opinions given are fair and reasonable. OW: Overweight, N: Neutral, UW: Underweight, UR: Under Review *** Theoretical ex-rights price based on current price ++ Post-rights PT Bahana Securities Equity Research Bahana Beacon - The Daily 5

Global Business and Economic Indicators Agenda Date Time Country Event Period Consensus Actual Prior 09/24/2012 07:30 TA Unemployment Rate - sa Aug 4.28% 4.29% 4.25% 09/24/2012 12:00 JN Supermarket Sales (YoY) Aug -- -- -4.90% 09/24/2012 14:10 AS Industrial Production (YoY) Jul -- -- 0.30% 09/24/2012 14:30 NE GDP s.a. (QOQ) 2Q F 0.20% -- 0.20% 09/24/2012 14:30 NE GDP con n.s.a. (YoY) 2Q F -- -- -0.50% 09/24/2012 14:30 NE Producer Confidence Sep -- -- -4.6 09/24/2012 15:00 GE IFO - Business Climate Sep 102.5 -- 102.3 09/24/2012 15:00 GE IFO - Current Assessment Sep 111 -- 111.2 09/24/2012 15:00 GE IFO - Expectations Sep 95 -- 94.2 09/24/2012 15:00 TA Commercial Sales (YoY) Aug -0.32% -- -1.32% 09/24/2012 15:00 TA Industrial Production (YoY) Aug -0.90% -- -0.02% 09/24/2012 15:30 HK Bal of Paymts - Overall 2Q -- -- $48.16B 09/24/2012 18:00 BZ FGV Consumer Confidence Sep -- -- 120.4 09/24/2012 18:00 BZ FGV CPI IPC-S 23-Sep 0.52% -- 0.49% 09/24/2012 18:30 BZ Central Bank Weekly Economists Survey 09/24/2012 18:30 TU Industrial Confidence Sep -- -- 104.5 09/24/2012 18:30 TU Capacity Utilization Sep -- -- 74.30% 09/24/2012 19:30 US Chicago Fed Nat Activity Index Aug -- -- -0.13 09/24/2012 20:00 MX Bi-Weekly CPI 15-Sep 0.31% -- 0.24% 09/24/2012 21:30 US Dallas Fed Manf. Activity Sep -1.4 -- -1.6 09/24/2012 VN CPI (YoY) Sep 5.15% -- 5.04% Global Economic Forecasts and Calendar Indicator Period Release Previous Consensus Actual Indonesia CPI inflation (%, y-y) Jan ½ 4.8 4.7 4.7 GDP (%, y-y) 4Q 2/7 6.5 6.5 6.5 Reference rate (%) Feb 2/9 6.00 6.00 5.75 FX reserves (USDb) Jan 2/12 110.1-112.0 China CPI inflation (%, y-y) Jan 2/11 4.1 4.4 4.5 GDP (%, y-y) 4Q 2/20 9.1 8.9 8.9 Reference rate (%) Feb - 6.6-6.6 Unemployment rate (%) Sep - 4.1-4.1 Japan CPI inflation (%, y-y) Des 1/31-0.5-0.2-0.2 GDP (%, y-y) 4Q - -0.5 - -1.0 Reference rate (%) Feb 2/14 0.1 0.1 0.1 Unemployment rate (%) Des 2/28 4.5 4.5 4.6 India CPI inflation (%, y-y) Jan 2/3 8.4-9.4 GDP (%, y-y) 4Q 2/3 8.4 7.1 6.9 Reference rate (%) Feb 2/13 7.5 7.5 7.5 Singapore CPI inflation (%, y-y) Jan 2/13 5.7 5.5 5.5 GDP (%, y-y) 4Q 2/10 6.0 3.9 3.6 Reference rate (%) Feb - 0.01-0.01 Unemployment rate (%) Des 2/2 2.0 2.1 2.0 Malaysia CPI inflation (%, y-y) Des 2/8 3.3 3.1 3.0 GDP (%, y-y) 4Q 2/11 5.8 5.4 5.2 Reference rate (%) Feb 2/12 3.00 3.00 3.00 Unemployment rate (%) Des 1/31 3.0-3.1 Thailand CPI inflation (%, y-y) Jan 2/2 3.5 3.4 3.4 GDP (%, y-y) 4Q 2/13 3.7 1.6-9.0 Reference rate (%) Feb 2/11 3.25 3.00 3.00 Unemployment rate (%) Dec 1/12 0.6-0.8 US CPI inflation (%, y-y) Jan 2/10 0.0 0.1 0.2 GDP (%, y-y) 4Q 2/3 1.5-1.6 Reference Rate (%) Feb 2/5 0.25 0.25 0.25 Unemployment rate (%) Jan 2/6 8.5 9.4 8.3 Source: Bloomberg PT Bahana Securities Equity Research Bahana Beacon - The Daily 6

AGM & EGM SCHEDULE Corporate Actions Corporate Date Time AGM Dian Swastatika Sentosa 10/24/2012 10:00 Source: Bloomberg DIVIDEND SCHEDULE Corporate Price Cash Yield Ex Record Payment Ticker (IDR) (IDR) (%) date date date Berlina 2,725 90 3.3% 9/27/2012 10/1/2012 10/12/2012 BRNA IJ Sumi Indo Kabel 1,600 42 2.6% 10/1/2012 10/3/2012 10/17/2012 IKBI IJ Alumindo Light Metal Indu 770 50 6.5% 10/2/2012 10/4/2012 10/18/2012 ALMI IJ Catur Sentosa Adiprana 260 5 1.7% 10/4/2012 10/8/2012 10/18/2012 CSAP IJ Pabrik Kertas Tjiwi Kimia 2,250 25 1.1% 10/10/2012 10/12/2012 10/29/2012 TKIM IJ Pakuwon Jati 240 1 0.6% 10/10/2012 10/12/2012 10/25/2012 PWON IJ Source: Bloomberg *Interim Dividend PT Bahana Securities Equity Research Bahana Beacon - The Daily 7

Actual and upcoming IPOs, 2011-2012 No Code Date Company name Industry Amount Public (IDRb) (%) 1 EMDE 01/12/11 Megapolitan Development Property 213 25.4 2 MBTO 01/13/11 Martina Berto Cosmetics 263 33.2 3 GIAA 02/11/11 Garuda Indonesia Aviation 4,751 26.0 4 MBSS 04/06/11 Mitra Bahtera Segara Sejati Coal shipping 280 12.5 5 SRAJ 04/11/11 Sejahteraraya Anugrahjaya Hospital management 90 13.5 6 HDFA 05/11/11 HD Finance Motorcycle financing 92 29.9 7 BULL 05/23/11 Buana Listya Tama Shipping 1,030 39.8 8 JAWA 05/30/11 Jaya Agra Wattie Plantation 566 30.0 9 SIMP 06/09/11 Salim Ivomas Agribusiness 3,480 20.0 10 MTLA 06/20/11 Metropolitan Land Property 455 30.0 11 TIFA 07/08/11 Tifa Finance Finance 56 25.8 12 SDMU 07/12/11 Sidomulyo Selaras Transportation 74 30.0 13 PTIS 07/12/11 Indo Straits Shipping 96 18.2 14 ALDO 07/12/11 Alkindo Naratama Paper processing 34 27.3 15 STAR 07/13/11 Star Petrochem Plastic Manufacture 204 41.0 16 SMRU 10/10/11 SMR Utama Mining 300 33.3 17 SUPR 10/11/11 Solusi Tunas Pratama Telecommunication 340 16.7 18 ARII 11/08/11 Atlas Resources Mining 975 25.0 19 GEMS 11/17/11 Golden Energy Mining 2,205 15.0 20 VIVA 11/21/11 Visi Media Asia Media 4,480 14.2 21 CASS 12/05/11 Cardig Aero Service Aviation service 125 15.0 22 ABMM 12/06/11 ABM Investama Coal mining 2,566 20.0 23 ERAA 12/14/11 Erajaya Swasembada Cellular distribution 3,000 40.0 24 GWSA 12/23/11 Greenwood Sejahtera Property - 35.0 25 BAJA 12/21/11 Sarana Central Bajatama Steel - 22.2 2011 total 25,675 26 PADI 01/09/12 Minna Padi Investama Financial market 119 23.1 27 TELE 01/12/12 Tiphone Mobile Indonesia Cellular distribution 419 25.2 28 ESSA 02/01/12 Surya Esa Perkasa Petroleum gas 153 31.3 29 BEST 04/10/12 Bekasi Fajar Industrial Estates Industrial estates 300 20.1 30 RANC 05/14/12 Supra Boga Lestari Retail 156 20.0 31 TRIS 06/28/12 Trisula International Fashion distribution 90 30.0 32 KOBX 07/05/12 Kobexindo Tractors Heavy equipment 109 12.0 33 TOBA 07/06/12 Toba Bara Sejahtera Coal 400 10.47 34 MSKY 07/09/12 MNC Sky Vision Media 2,150 20.0 35 ALTO 07/10/12 Tri Banyan Consumer 300 17.7 36 GLOB 07/10/12 Global Teleshop Telcos 128 10.0 37 GAMA 07/11/12 Gading Development Property 420 40.0 38 BJTM 07/12/12 Bank Jatim Banks 1,000 20.0 39 IBST 08/31/12 Inti Bangun Sejahtera Communication 192 15 40 NIRO 09/13/12 Nirvana Development Property 630 33.3 41 WSKA Waskita Karya Construction 900 35.0 42 SEBA Semen Baturaja Cement 1,000 30.0 43 Citra Borneo Indah Plantation 1,000 20.0 44 Express Transindo Utama Transportation 500 20.0 45 Pasifik Agro Sentosa Plantation - - 46 Pelayaran Nasional Bina Buana Shipping - - 47 Pelayaran Nelly Dwi Putri Shipping 500 20.0 48 Provident Agro Plantation 500 20.0 49 Siba Surya Transportation - - 50 Baramulti Sukses Sarana Coal - 10.0 51 Aditech Cakrawiyasa Household goods 250 20.0-30.0 52 Air Asia Indonesia Aviation 1,800 20.0 53 Bank Sulut Banks 300 30.0 54 Bank Sumut Banks 800 20.0-40.0 55 Cipaganti group Transportation 750 35.0-40.0 56 Eka Sari Lorena Transport Transportation - - 57 GarudaFood Food & beverage - - 58 Lion Air Aviation 9,000 30.0 59 Newmont Nusa Tenggara Mining 8,500 20.0-30.0 60 Persib Bandung Bermartabat Entertainment 200 61 PLN Batam Energy 62 Prima Jaya Kreasi Entertainment 300 35.0 63 Riau Baraharum Coal mining 5,000 20.0-25.0 64 Tugu Pratama Insurance 750-2012 total 32,050 Grand total 57,725 PT Bahana Securities Equity Research Bahana Beacon - The Daily 8

Actual and upcoming rights issues, 2010-2011 No Code Ex-rights date Company name Industry Amount (IDRb) 1 BMRI 01/26/11 Bank Mandiri Banks 11,684 2 AMRT 01/24/11 Sumber Alfaria Trijaya Retail 1,039 3 BBKP 01/20/11 Bank Bukopin Banks 1,066 4 PBRX 01/24/11 Pan Brothers Textile 433 5 EPMT 02/01/11 Enseval Putra Megatrading Pharmacy distribution 300 1Q11 total 14,522 6 ABDA 04/28/11 Asuransi Bina Dana Arta Insurance 144 7 INDS 05/16/11 Indospring Automotive components 188 8 UNTR 06/03/11 United Tractors Heavy equipment 6,100 9 DOID 06/27/11 Delta Dunia Makmur Mining contracting 1,200 10 BVIC 06/27/11 Bank Victoria Banks 199 2Q11 total 7,831 11 IMAS 07/01/11 Indomobil Sukses Internasional Automotive 2,770 12 KREN 07/08/11 Kresna Graha Securindo Financial 106 13 APIC 07/05/11 Pasific Strategic Financial Financial 286 14 LPPS 07/06/11 Lippo Securities Finance 206 15 BDMN 09/28/11 Bank Danamon Banks 4,998 16 AISA 10/02/11 Tiga Pilar Sejahtera Food Consumer 702 17 AMAG 10/04/11 Asuransi Multi Artha Guna Insurance 215 18 KIJA 10/14/11 Kawasan Industri Jababeka Construction 1,509 19 BEKS 10/21/11 Bank Pundi Indonesia Banks 500 20 CFIN 10/24/11 Clipan Finance Financing 469 21 PNLF 11/03/11 Panin Financial Financial 499 22 DKFT 12/02/11 Central Omega Resources Mining 984 23 PWON 12/09/11 Pakuwon Jati Property 1,304 24 PSAB 12/23/11 Pelita Sejahtera Abadi Trading 1,444 25 MDLN 12/23/11 Moderland Realty Property 802 26 MASA 12/28/11 Multistrada Arah Sarana Automotive components 1,500 2H11 total 18,294 27 ASRI 01/25/12 Alam Sutera Realty Property - 28 ATPK 01/27/12 ATPK Resources Coal mining - 29 FREN 02/22/12 Smartfren Telecom Telecommunication 1,336 30 APOL 02/23/12 Arpeni Pratama Ocean Line Transportation - 31 BSIM 03/15/12 Bank Sinarmas Banks 343 32 AMRT 03/12/12 Sumber Alfaria Trijaya Retail - 33 KIAS 03/16/12 Keramika Indonesia Asosiasi Ceramics, Glass, Porcelain 863 34 SUGI 05/11/12 Sugih Energy Energy 2,427 35 RAJA 05/29/12 Rukun Raharja Energy 230 36 NISP 05/30/12 Bank OCBC NISP Banks 1,506 37 MITI Mitra Investindo Granite 450 38 RAJA Rukun Raharja Property 203 39 OKAS Ancora Indonesia Mining 135 40 TPIA Chandra Asri Petrochemical 3,600 41 INTA Intraco Penta Heavy equipment 4,287 42 IGAR Champion pacific Indonesia Basic industry 135 43 SMMA Sinar Mas Multi Artha Financial 1,600 44 CMNP Citra Marga Nushapala Toll road 240 45 BKSL Sentul City Property 334 46 BABP ICB Bumiputera Banks 150 2012 total 17,839 Grand total 58,486 Source: Various media PT Bahana Securities Equity Research Bahana Beacon - The Daily 9

2Q12 Results Round ups Operating profit Net profit No Company Code (IDRb) (IDRb) Actual Bahana (%) Comment Actual Bahana (%) Comment 1 Astra Agro Lestari AALI 1,364 2,744 49.7 In line 959 1,998 48.0 In line 2 Adhi Karya ADHI 111 776 14.3 Below 29 204 14.2 Below 3 Agung Podomoro Land APLN 662 1,137 58.2 Above 437 655 66.7 Above 4 Astra International ASII 9,992 19,631 50.9 In line 9,678 19,051 50.8 In line 5 Alam Sutera Realty ASRI 613 1,193 51.4 Below 526 1,027 51.2 Below 6 Bank Central Asia BBCA 6,393 14,334 44.6 In line 5,297 11,771 45.0 In line 7 Bank Bukopin BBKP 517 1,012 51.1 In line 402 809 49.7 In line 8 Bank Negara Indonesia BBNI 3,927 8,391 46.8 In line 3,286 6,874 47.8 In line 9 Bank Rakyat Indonesia BBRI 10,347 20,052 51.6 In line 8,700 17,059 51.0 In line 10 Bank Danamon BDMN 3,085 6,262 49.5 Above 2,003 4,105 48.8 Above 11 Bank Jabar Banten BJBR 807 1,567 51.5 In line 600 1,207 49.7 In line 12 Bank Mandiri BMRI 9,211 18,240 50.5 Above 7,147 13,692 52.2 Above 13 Bumi Serpong Damai BSDE 567 1,206 47.0 Above 507 1,018 49.8 Above 14 BW Plantation BWPT 250 581 43.0 Below 154 381 40.4 Below 15 Bayan Resources * BYAN 90.2 229 39.3 Below 50 173 28.9 Below 16 Citra Marga Nusaphala CMNP 280 518 54.1 Above 214 388 55.1 Above 17 Charoen Pokphand Indonesia CPIN 2,211 4,013 55.1 Above 1,689 3,261 51.8 Above 18 Ciputra Development CTRA 314 760 41.3 Below 175 451 38.8 Below 19 Ciputra Property CTRP 113 256 44.1 Below 101 200 50.4 Below 20 Delta Dunia Makmur DOID 254 496 51.2 Below (321) 97 (324) Below 21 XL Axiata EXCL 2,468 4,792 51.5 Above 1,462 3,164 46.2 Above 22 Gudang Garam GGRM 3,030 7,690 39.4 Below 2,101 5,544 37.9 Below 23 Garuda Indonesia GIAA 11 234 4.7 Above (2) 125 (1.6) Below 24 Gajah Tunggal GJTL 745 1,164 64.0 Above 526 840 62.6 Above 25 Indomobil Sukses International IMAS 319 970 32.9 Below 452 1,284 35.2 Below 26 Vale Indonesia INCO 20 308 6.5 Below 6 240 2.5 Below 27 Indika Energy INDY 23 4.5 (507.5) Above 80 111 72.2 Above 28 Indocement Tunggal Perkasa INTP 2,628 5,713 46.0 In line 2,165 4,464 48.5 In line 29 Indosat ISAT 1,448 3,225 44.9 Below (132) 1,168 (11.3) Below 30 Jasa Marga JSMR 1,332 2,713 49.1 In line 925 1,649 56.1 Above 31 Kawasan Industri Jababeka KIJA 312 642 48.6 Above 206 446 46.2 Above 32 Kalbe Farma KLBF 1,031 2,266 45.5 In line 807 1,735 46.5 In line 34 Lippo Cikarang LPCK 205 553 37.1 Below 185 466 39.7 Below 35 Lippo Karawaci LPKR 600 1,224 49.0 Above 437 874 50.0 Above 36 Bukit Asam PTBA 1,869 3,868 48.3 In line 1,556 3,293 47.2 In line 37 Ramayana Lestari Sentosa RALS 69 446 15.5 In line 103 468 21.9 Above 38 Nippon Indosari Corporindo ROTI 91 193 47.2 In line 72 150 47.9 In line 39 Surya Citra Media SCMA - - - - 362 1,081 33.5 Below 40 Sampoerna Agro SGRO 241 581 41.5 Below 150 444 33.8 Below 41 Semen Gresik SMGR 2,597 5,658 45.9 In line 2,103 4,562 46.1 In line 42 Summarecon Agung SMRA 409 738 55.4 Above 311 518 60.0 Above 43 Surya Semesta SSIA 462 850 54.3 Above 372 606 61.3 Above 44 Timah TINS 481 1,098 43.8 Below 336 836 40.2 Below 45 Total Bangun Persada TOTL 88 186 47.3 Above 86 179 48.1 Above 46 Sarana Menara Nusantara TOWR 578 1,145 50.5 Below 129 527 24.5 Below 47 Tempo Scan Pacific TSPC 455 882 51.6 Above 409 730 56.0 Above 48 United Tractors UNTR 4,083 8,245 49.5 In line 3,087 6,154 50.2 In line 49 Unilever Indonesia UNVR 3,084 6,270 49.2 In line 2,330 4,773 49.1 In line Source: Bloomberg, Company, Bahana estimates *In USDm PT Bahana Securities Equity Research Bahana Beacon - The Daily 10

Research: +62 21 250 5081 Harry Su harry.su@bahana.co.id Head of Research Strategy, Telcos, Consumer, Aviation ext 3600 direct: +62 21 250 5735 Teguh Hartanto teguh.hartanto@bahana.co.id Deputy Head of Research Banks, Cement ext 3610 Leonardo Henry Gavaza leonardo@bahana.co.id Research Analyst Automotive, Plantations, Metal Mining, Heavy Equipment ext 3608 Natalia Sutanto natalia.sutanto@bahana.co.id Research Analyst Property, Toll Road ext 3601 Irwan Budiarto irwan.budiarto@bahana.co.id Research Analyst Coal, Oil and Gas ext 3606 Arga Samudro arga@bahana.co.id Economist ext 3602 Chandra Widjanarka chandra.widjanarka@bahana.co.id Technical Analyst ext 3609 Aditya Eka Prakasa aditya.prakasa@bahana.co.id Research Analyst Poultry ext 3603 Stifanus Sulistyo stifanus.sulistyo@bahana.co.id Research Analyst Small cap ext 3611 Zefanya Angeline zefanya@bahana.co.id Research Associate ext 3612 Anthony Alexander anthony@bahana.co.id Research Analyst Construction ext 3613 Salman Fajari Alamsyah salman@bahana.co.id Research Associate ext 3605 Made Ayu Wijayati made.ayu@bahana.co.id Research Executive ext 3607 Giovanni Aristo giovanni@bahana.co.id Research Associate ext 3604 Nico Laurens nico@bahana.co.id Research Associate ext 3604 Dealing Room: +62 21 250 5508 Yolanda Sondak yolanda@bahana.co.id Head of Equity Sales and Trading ext 2545 Haselinda Rifman haselinda@bahana.co.id Equity Sales ext 2524 Suwardi Widjaja Suwardi@bahana.co.id Equity Sales ext 2548 Tjokro Wongso tjokro@bahana.co.id Equity Sales ext 2547 John M. Dasaad dasaad@bahana.co.id Equity Sales ext 2549 Ashish Agrawal ashish@bahana.co.id Equity Sales ext 2553 Yohanes Adhi Handoko yohanes@bahana.co.id Manager, Surabaya Branch ext 7250 Head Office Surabaya Branch Graha Niaga, 19th Floor Wisma BII, Ground Floor Jl. Jend. Sudirman Kav. 58 Jl. Pemuda 60-70 Jakarta 12190 Surabaya 60271 Indonesia Indonesia Tel. 62 21 250 5081 Tel. 62 31 535 2788 Fax. 62 21 522 6049 http://www.bahana.co.id Fax. 62 31 546 1157 DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Bahana Securities and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of P.T. Bahana Securities, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Bahana Securities, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by P.T. Bahana Securities or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice. PT Bahana Securities Equity Research Bahana Beacon - The Daily 11

IMPORTANT US REGULATORY DISCLOSURES ON SUBJECT COMPANIES This material was produced by Bahana Securities, solely for information purposes and for the use of the recipient. It is not to be reproduced under any circumstances and is not to be copied or made available to any person other than the recipient. It is distributed in the United States of America by Enclave Capital LLC. and elsewhere in the world by Bahana or an authorized affiliate of Bahana (such entities and any other entity, directly or indirectly, controlled by Bahana, the Affiliates ). This document does not constitute an offer of, or an invitation by or on behalf of Bahana or its Affiliates or any other company to any person, to buy or sell any security. The information contained herein has been obtained from published information and other sources, which Bahana or its Affiliates consider to be reliable. None of Bahana or its Affiliates accepts any liability or responsibility whatsoever for the accuracy or completeness of any such information. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations. The ability to assess such risks may also be limited due to significantly lower information quantity and quality. By accepting this document, you agree to be bound by all the foregoing provisions. 1. Bahana or its Affiliates may or may not have been beneficial owners of the securities mentioned in this report. 2. Bahana or its affiliates may have or not managed or co-managed a public offering of the securities mentioned in the report in the past 12 months. 3. Bahana or its affiliates may have or not received compensation for investment banking services from the issuer of these securities in the past 12 months and do not expect to receive compensation for investment banking services from the issuer of these securities within the next three months. 4. However, one or more of Bahana or its Affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those securities or options thereon either on their own account or on behalf of their clients. 5. As of the publication of this report Bahana does not make a market in the subject securities. 6. Bahana or its Affiliates may or may not, to the extent permitted by law, act upon or use the above material or the conclusions stated above or the research or analysis on which they are based before the material is published to recipients and from time to time provide investment banking, investment management or other services for or solicit to seek to obtain investment banking, or other securities business from, any entity referred to in this report. Enclave Capital LLC. is distributing this document in the United States of America. Bahana Securities accepts responsibility for its contents. Any US customer wishing to effect transactions in any securities referred to herein or options thereon should do so only by contacting a representative of Enclave Capital LLC. PT Bahana Securities Equity Research Bahana Beacon - The Daily 12