Indonesia Strategy

Stronger growth and stability phase

Date: October 2009
Produced by: Arief Wana (Strategist)
(+62-21) 2553 7977
arief.wana@credit-suisse.com

DISCLOSURE APPENDIX CONTAINS ANALYST CERTIFICATIONS AND THE STATUS OF NON-US ANALYSTS. FOR OTHER
IMPORTANT DISCLOSURES, visit www.credit-suisse.com/ researchdisclosures or call +1 (877) 291-2683. U.S. Disclosure:
Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware
that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a
single factor in making their investment decision.

Produced by: Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 1
Valuations – One of the cheapest in the region
PB rel. less ROE rel. to APAC ex JP PB rel. less ROE rel. to APAC ex JP
50% 20%
40% 0%

30% -20%
-40%
20%
-60%
10%
-80%
0%
-100%

Industrial

Financial
Con cyclical

Materials
-10%

Consumer, Non-cyclical
Telcos
Energy
-20%

-30%

-40%
TH PH ID CH KO IN SG MY HK OZ TW

Source: Credit Suisse estimates (as of 1 Oct 09) Source: Company data, Credit Suisse estimates (as of 8 Oct 09)

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 2
Strong and resilient GDP put Indonesia among the highest

Indonesia’s GDP breakdown 2Q09 GDP growth comparison

% YoY
Rp tn
10
7.9
4,954 8 1Q09 2Q09
5,000 5.2
6 4.0
3,949 4
4,000 2.1
2
3,339
0
3,000 2,774 2,667
-2
2,296
2,014 -4 -2.5 -3.5
-3.6
2,000 -6 -4.9
61%
64% -8 -7.5
1,000 64% 63% 61% -10
67%
68% -12

Taiwan
China

Thailand
India**

Malaysia**
Indonesia

South Korea
Philippines**

Singapore
0
2003 2004 2005 2006 2007 2008 1H09

Private Cons. Govt Cons. Investment Net Export

Source: BPS, Bloomberg

Source: BPS
** 2Q09 based on street’s forecast

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 3
Bigger mandate bigger reforms
Distribution of House seats 2009 presidential election
% of votes
%
25.0 70
60.8
60
20.0
50
15.0
40

30 26.8
10.0
20
12.4
5.0
10

0.0 0
PD Golkar PDI-P PKS PAN PPP Gerindra PKB Hanura SBY - Boediono Megawati - Prabowo JK - Wiranto
Source: General election committee (KPU) Source: General election committee (KPU)

Coalition map

Party % of seats % of votes Party % of seats % of votes Party % of seats % of votes

Democratic 26.4 20.8 Golkar 19.3 14.4 PDI-P 16.6 14.0
PKS 10.5 7.9 Hanura 2.7 3.8 Gerindra 5.4 4.5
PKB 4.6 4.9
PAN 7.5 6.0
PPP 7.0 5.3
Total 56.1 45.0 22.0 18.2 22.0 18.5
Source: General Election Commission (KPU)

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 4
Investment climate is improving already
Informal payments to government Days to obtain business licenses improved
officials declined
% to production cost Environmental permit (various)
2.0
1.8 Building permit (IMB)
1.7
1.6
Nuisance permit (HO)
1.5
1.3
Location permit

1.0 Principle permit

Trade license (SIUP)

Mid 2007
0.5
Work safe permit End 2005

Company registration (TDP)

0.0
Mid 2005 End 2005 Mid 2006 Mid 2007 0 10 20 30 40 50
Source: LPEM-FEUI.
The latest results are available for 589 manufacturing firms in five greater metropolitan areas: Medan, Jabotabek, Semarang, Surabaya, and Makassar.

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 5
New challenges old problems – government’s target

Infrastructure : road, port, electricity, water, housing

Soft infrastructure : ease doing business, legal certainty, regulatory

reform, logistics

Social infrastructure : social protection for the poor

Government's target by 2009-2014

Economic growth 7% or more by 2014
Unemployment 5 - 6%
Poverty 8 - 10%
Inflation 3 - 5%

Source: Ministry of Finance

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 6
Index target 2,685 – based on 15x FY10E earnings

PER trend ROE trend

%
40
25

20 +1 ST DEV 30

15 18.7
92-97
20
05-09 13.83
10

10
-1 ST DEV
5

0 0

08/92
08/93
08/94
08/95
08/96
08/97
08/98
08/99
08/00
08/01
08/02
08/03
08/04
08/05
08/06
08/07
08/08
08/09
10/92 10/94 10/96 10/98 10/00 10/02 10/04 10/06 10/08

Source: Bloomberg, Company data, Credit Suisse estimates Source: Bloomberg, Company data, Credit Suisse estimates

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 7
Our stock picks
Ticker Name Price Rating Target Upside Mkt 3M avg. P/B P/E

(IDR) price (%) Cap daily value FY10E FY10E

(IDR) (USDm) (USDm) (%) (%)

Stocks picks

UNTR.JK United Tractors 15,400 O 16,800 9.1 5,427 7.2 3.2 13.2

INDF.JK Indofood Sukses Makmur 3,150 O 3,800 20.6 2,930 11.5 2.5 13.4

ASII.JK Astra International 33,850 O 32,000 (5.5) 14,517 14.7 3.1 14.2

BBRI.JK Bank Rakyat Indonesia 8,400 O 9,000 7.1 10,975 14.3 3.2 11.2

PGAS.JK Perusahaan Gas Negara 3,600 O 4,000 11.1 9,137 13.6 5.2 11.3

Sell ideas

AALI.JK PT Astra Agro Lestari Tbk 21,150 N 21,050 (0.5) 3,528 4.4 4.9 16.1

ANTM.JK Aneka Tambang Tbk 2,675 N 950 (64.5) 2,703 18.1 3.1 66.4

INCO.JK PT International Nickel Indonesia Tbk 4,200 N 1,850 (56.0) 4,421 10.5 2.6 151.1

Source: Company data, Credit Suisse estimates

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 8
Six additional thematic ideas

ƒ Defensive – Telkom & PGAS

ƒ High beta – Astra, United Tractors, and ITMG
ƒ SBY’s stocks – Indocement, Semen Gresik, Jasa Marga, and Bumi
ƒ Banks – Buy BBRI and BDMN
ƒ Resources – Sell expensive resources (metals), hold plantations
and coals.
ƒ Best small cap plays – Bakrieland development and Ramayana

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 9
Earning upgrades have been slow in our view
3M change in EPS estimates

%
30
2009E 2010E
25

20

15
10.1
10 7.8
5.8
4.9
5

0
TW KO HKG APAC Ex TH CH ID SG IN MY PH
JP

Source: MSCI Factset, Thomson Financial Datastream, Credit Suisse estimates (as of 7 October 2009)

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 10
Disposable income should increase, in our view

Disposable income Minimum wage increase

Rp (000) / mth % %
250 35 20.0 18.6
18.0
30
200 16.0
25
14.0 12.6
150 11.6 11.2
20 12.0 10.7
10.6
15 10.0
100
8.0
10
50 6.0
5
4.0
0 0 2.0
2002 2004 2006 2008
-
Disposible Income Disp. Income as % of Total Income (RHS)
2004 2005 2006 2007 2008 2009

Source: BPS, Ministry of Manpower & Transmigration, Credit Suisse estimates Source: BPS, Ministry of Manpower & Transmigration, Credit Suisse estimates

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 11
Cost for living is coming down

Inflationary-led costs are easing Monthly Avg per Capita Expenditure

by Commodity Group (%)
% Rp/liter
30 7,000

25 6,000 42 43 45 49 47 51
20
5,000
15
4,000
10
3,000 58 57 55
5 51 53 49

0 2,000

-5 1,000
2002 2003 2004 2005 2006 2007
08/04 08/05 08/06 08/07 08/08 08/09
% YoY Fuel Index (RHS) % YoY Food Index % YoY Inflation Food Non-Food

Source: BPS
Source: CEIC, The State secretary, Ministry of Trade

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 12
Farmers’ income and confidence are rising

Trade farm index is holding up Consumer confidence vs retail index

250 104 220

102 200 195.8

200
100 180

150 160
98
140
96
100
120
94 110.8
100
50
92
80
0 90 60
09/03
03/04
09/04
03/05
09/05
03/06
09/06
03/07
09/07
03/08
09/08
03/09
09/09

09/05 03/06 09/06 03/07 09/07 03/08 09/08 03/09 09/09

Farmer term of trade index (RHS) IMF commodity index Consumer confidence index Retail sales index

Source: BPS, IMF Source: Bank Indonesia

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 13
Macro factors are improving
Inflation, SBI rate, money supply Consumer confidence
% % 120
16 20
14 115
18
12 110
16 110.8
10 105
14 101.7 101.6
8 100
6 12
95
4
10
90
2
8
0 85

-2 6 80
-4 4 75
07/05 01/06 07/06 01/07 07/07 01/08 07/08 01/09 07/09
70
Inflation adj. M2 SBI - 1M (RHS) Inflation rate (RHS) 01/05 08/05 03/06 10/06 05/07 12/07 07/08 02/09 09/09

Source: Bank Indonesia, Bloomberg Source: CEIC, Bank Indonesia

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 14
Low ticket items are increasing
YoY growth for noodle and flour YoY growth for Ramayana’s same store
% YoY % YoY
20 18
10
7.6
15 12
10 8 5
2.2
5

0 0

-5 -3 -2.1 -2.3 -1.9

-6 -5
-10 -7 -5.2 -5.2
-15 -12
-15 -10
-20 -17
-20 -11.2
-22 -21
-25 -15 -13.2
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09
Noodle (bn packs) Flour (ths ton)

Source: Company data Source: Company data

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 15
Big ticket items are lagging, but have upside surprise
YoY growth–Cars, motorcycles, & cement MoM growth rates are bottoming out
% YoY %
120 30
25
100
20
80
15 15.0
60
10
40
5
20 1.6
7.5 0
0 2.3 -5
-20 -17.6 -10

-40 -15

-60 -20
04/07 08/07 12/07 04/08 08/08 12/08 04/09 08/09 02/08 05/08 08/08 11/08 02/09 05/09 08/09

Cars Motorcycle Cement Cars Motorcycle Cement

Source: Indonesian automotive association, Indonesian motorcycle Source: Indonesian automotive association, Indonesian motorcycle
association, and Indonesian cement association association, and Indonesian cement association

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 16
Domestic activities are improving – risk on inflation

Export and import YoY growth Import components MoM growth

% YoY % MoM
120 40

100
Imports
80 Exports 20
60

40
0
20

0
-20
-20
Raw materials
-40 Capital goods

-60 -40
03/08 05/08 07/08 09/08 11/08 01/09 03/09 05/09 07/09 03/08 05/08 07/08 09/08 11/08 01/09 03/09 05/09 07/09

Source: CEIC, BPS Source: CEIC, BPS

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 17
Low interest rates could stay for longer…

Inflation vs policy rates Lending rates lagged policy rates

% %
20.0 15.0
18.0 14.0
16.0 13.0
14.0
12.0
12.0
11.0
10.0
10.0
8.0
9.0
6.0
4.0 8.0

2.0 7.0

0.0 6.0
09/03 09/04 09/05 09/06 09/07 09/08 09/09 02/08 05/08 08/08 11/08 02/09 05/09 08/09

Inflation SBI - 1M (RHS) Deposit rate Base lending rate BI rate

Source: CEIC, BPS Source: Bank Indonesia

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 18
FX debts have dropped…
Private FX debt to GDP ratio Non-Rupiah debts as % of total debts

% %
95.5
100 60
52 52 52
49
50
80

40 36
34 34
60 31
30

40 20

16.1 10
20
0
6M08 9M08 12M08 3M09
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Indonesia Market Indonesia Market exc. Resources Sector

Source: Company data, Credit Suisse estimates Source: Company data under CS coverage

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 19
And also one of the highest growth potentials

Loans as % of GDP Consumer loans as % of GDP

% %
250 30
24.0
25
200 196
175
19.0
18.0
20
150 141 16.0
13.0
106 101 98 98 15
100
68
47 10 8.0
50 7.0
29 26 5.0
5
2.0 2.0
0
Taiwan
Australia

China

Thailand
Malaysia

India
Korea

Indonesia
Phillipines
Hong Kong

Singapore

Taiwan

China
Malaysia

Thailand

India
Korea

Indonesia
Hong Kong

Philippines
Singapore
Consumer Housing Business

Source: CEIC Source: CEIC

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 20
Credit Suisse Indonesia Valuation
Code Rtg Price Target up/dow n Market Cap Sector PE (x) EPS grow th (%) PBV EV/EBITDA Div Yield 1 Year Perf Free Float
USDm 2009E 2010E 2009E 2010E 2009E 2010E 2009E 2010E 2009E 2010E
PT Astra Agro Lestari Tbk AALI.JK N 21,150 21,050 (0.5) 3,534 Agribusiness 18.3 16.1 -31 14 5.6 4.9 11.6 10.2 3.2 3.6 152 20
PT London Sumatra Indones LSIP.JK O 7,950 9,200 15.7 1,151 Agribusiness 17.0 12.9 -31 32 3.0 2.5 10.1 7.7 1.7 1.2 270 30
Sampoerna Agro Tbk SGRO.JK O 2,100 2,600 23.8 421 Agribusiness 11.7 10.4 -23 13 2.1 1.8 6.3 5.7 1.7 1.3 98 24
Astra International ASII.JK O 33,850 32,000 (5.5) 14,540 Automobiles 15.9 14.2 -6 12 3.6 3.1 10.3 9.5 2.7 2.5 164 50
Bank Central Asia BBCA.JK N 4,700 4,200 (10.6) 12,295 Banks 16.8 15.1 19 11 4.1 3.4 n.a n.a 2.5 3.0 63 47
Bank Danamon BDMN.JK O 4,725 5,700 20.6 4,203 Banks 23.1 13.8 -12 67 2.9 2.5 n.a n.a 1.6 2.2 28 24
Bank Mandiri (Persero) BMRI.JK N 4,975 3,700 (25.6) 11,063 Banks 16.9 14.0 16 21.1 3.0 2.7 n.a n.a 1.8 3.0 116 31
Bank Negara Indonesia BBNI.JK U 2,050 1,400 (31.7) 3,322 Banks 14.1 10.4 68 35 1.5 1.4 n.a n.a 0.4 3.6 220 24
Bank Pan Indonesia Tbk PNBN.JK U 840 570 (32.1) 2,146 Banks 24.8 18.3 -2 36 1.9 1.7 n.a n.a 0.0 0.0 56 25
Bank Rakyat Indonesia BBRI.JK O 8,400 9,000 7.1 10,992 Banks 14.4 11.2 20 29 3.8 3.2 n.a n.a 2.0 3.5 96 43
Gudang Garam GGRM.JK N 13,850 5,500 (60.3) 2,827 Consumer 17.9 n.a -12 n.a 1.9 2.0 9.0 n.a 2.2 n.a 166 26
Indofood Sukses Makmur INDF.JK O 3,150 3,800 20.6 2,935 Consumer 18.1 13.4 45 35 2.9 2.5 5.7 5.2 1.5 2.2 107 48
Kalbe Farma KLBF.JK U 1,330 933 (29.8) 1,433 Consumer 17.6 15.7 8 12 3.1 2.6 8.8 7.7 0.3 0.3 151 47
Matahari Putra Prima MPPA.JK U 1,050 480 (54.3) 525 Consumer 36.9 30.4 1413 22 1.4 1.3 8.5 8.1 0.8 1.0 98 33
Ramayana Lestari Sentosa RALS.JK O 620 600 (3.2) 465 Consumer 11.5 10.4 -11 11 1.8 1.6 6.8 6.0 4.9 4.4 -14 40
United Tractors UNTR.JK O 15,400 16,800 9.1 5,436 Industrials 14.2 13.3 27 7 3.8 3.2 7.4 6.8 2.8 3.8 148 42
Holcim Indonesia TBK PT SMCB.JK N 1,550 1,500 (3.2) 1,260 Infrastructure & Cemen 25.8 15.9 63 62 4.0 3.2 10.1 7.6 0.0 0.0 187 23
Indocement INTP.JK O 11,800 11,500 (2.5) 4,609 Infrastructure & Cemen 18.9 14.8 32 27 4.2 3.5 11.3 9.3 1.2 1.9 105 24
Semen Gresik (Persero) SMGR.JK O 6,650 8,000 20.3 4,185 Infrastructure & Cemen 13.0 10.4 20 26 3.9 3.2 8.2 6.8 3.2 3.8 259 24
Aneka Tambang Tbk ANTM.JK N 2,675 950 (64.5) 2,707 Metals & Mining 83.8 66.4 -78 26 3.2 3.1 22.5 19.0 1.6 0.4 155 25
PT Adaro Energy Tbk ADRO.JK R 1,390 R R 4,717 Metals & Mining n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 72 21
PT Bumi Resources Tbk BUMI.JK R 2,725 R R 5,610 Metals & Mining n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 25 65
PT Indo Tambangraya Mega ITMG.JK N 23,850 22,000 (7.8) 2,859 Metals & Mining 10.4 14.2 1 -26 3.8 3.6 6.1 8.2 5.8 4.2 89 20
PT International Nickel IndonINCO.JK N 4,200 1,850 (56.0) 4,428 Metals & Mining 424.6 151.3 -97 181 2.6 2.6 30.5 26.6 1.4 0.0 87 19
PT Tambang Batubara Bukit PTBA.JK N 14,100 11,200 (20.6) 3,447 Metals & Mining 9.6 8.3 98 16 5.0 3.7 5.8 4.6 5.2 6.1 169 35
Medco Energi Internasional TMEDC.JK N 3,050 3,400 11.5 1,078 Oil & Gas 24.9 27.6 -87 -10.0 1.1 1.1 5.5 6.8 1.2 1.1 24 30
PT Energi Mega Persada ENRG.JK R 360 R R 550 Oil & Gas n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 3 30
Ciputra Development Tbk PTCTRA.JK O 750 838 11.7 533 Property 23.5 18.0 1 31 1.1 1.1 8.9 8.1 0.0 0.0 142 37
PT Bakrieland Development ELTY.JK O 345 419 21.4 729 Property 24.0 17.3 5 39 1.4 1.3 15.1 10.4 0.0 0.0 130 59
PT Lippo Karawaci Tbk LPKR.JK U 680 640 (5.9) 1,248 Property 27.2 19.5 17 39 2.4 2.1 18.0 13.0 0.0 0.0 5 80
Bakrie Telecom PT BTEL.JK U 134 90 (32.8) 405 Telecoms 25.1 22.0 3 14 0.7 0.7 5.0 4.5 0.0 0.0 -28 54
Excelcomindo Pratama PT EXCL.JK O 1,350 2,500 85.2 1,016 Telecoms 14.9 12.3 -4347 21 1.9 1.7 4.9 4.5 0.0 0.0 -19 0
Mobile-8 Telecom Tbk FREN.JK U 54 2 (96.3) 116 Telecoms -2.6 -2.4 -60 6 3.6 -7.6 40.7 34.3 0.0 0.0 2 28
PT Indosat Tbk ISAT.JK O 5,350 6,450 20.6 3,085 Telecoms 13.2 11.2 17 19 1.5 1.5 5.2 4.7 3.8 4.9 35 21
PT Telkom (Telekomunikasi TLKM.JK N 8,650 8,700 0.6 18,502 Telecoms 14.7 14.6 10 0.5 3.6 3.3 5.2 4.9 4.3 4.6 34 49
Jasa Marga (Persero) TBK PJSMR.JK O 1,820 1,670 (8.2) 1,313 Transportation 20.0 14.0 5 43 1.9 1.8 8.1 6.0 2.5 3.6 139 30
Perusahaan Gas Negara PGAS.JK O 3,600 4,000 11.1 9,152 Utilities 17.7 11.3 669 57 7.9 5.2 9.4 6.6 2.3 3.6 126 45
Indo market 16.7 14.0 8.5 19.4 3.3 2.9 7.6 6.8 2.6 3.2
Indo market exc. resources sector 16.4 13.7 19.4 20.0 3.0 2.7 6.5 5.9 2.6 3.4
Note: O (OUTPERFORM), U (UNDERPERFORM), N (NEUTRAL), R (RESTRICTED)

Source: Company data, Credit Suisse estimates

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 21
Disclosure

Produced by: Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 22
Companies Mentioned (price as of 8 Oct 09)
Company Ticker Rating Price TP
Panin Bank PNBN.JK UNDERPERFORM 840 570
Excelcom EXCL.JK OUTPERFORM 1,350 2,500
Indofood Sukses Makmur INDF.JK OUTPERFORM 3,150 3,800
Jasa JSMR.JK OUTPERFORM 1,820 1,670
ITM ITMG.JK NEUTRAL 23,850 22,000
Lippo Karaw aci LPKR.JK UNDERPERFORM 680 640
PT Matahari Putra Prima MPPA.JK UNDERPERFORM 1,050 480
Ciputra Development CTRA.JK OUTPERFORM 750 838
Energi Mega ENRG.JK RESTRICTED 360 R
Antam ANTM.JK NEUTRAL 2,675 950
Sampoerna Agro SGRO.JK OUTPERFORM 2,100 2,600
Gudang Garam GGRM.JK NEUTRAL 13,850 5,500
Perusahaan Gas Negara PGAS.JK OUTPERFORM 3,600 4,000
Bakrieland Development ELTY.JK OUTPERFORM 345 419
Ramayana RALS.JK OUTPERFORM 620 600
London Sumatra LSIP.JK OUTPERFORM 7,950 9,200
Indosat ISAT.JK OUTPERFORM 5,350 6,450
BNI BBNI.JK UNDERPERFORM 2,050 1,400
Astra Agro AALI.JK NEUTRAL 21,150 21,050
United Tractors UNTR.JK OUTPERFORM 15,400 16,800
Kalbe Farma KLBF.JK UNDERPERFORM 1,330 933
Semen Gresik SMGR.JK OUTPERFORM 6,650 8,000
PT Bukit Asam PTBA.JK NEUTRAL 14,100 11,200
FREN FREN.JK UNDERPERFORM 54 2
PT INCO INCO.JK NEUTRAL 4,200 1,850
BTEL BTEL.JK UNDERPERFORM 134 90
Bumi Resources BUMI.JK RESTRICTED 2,725 R
Bank Danamon BDMN.JK OUTPERFORM 4,725 5,700
Astra International ASII.JK OUTPERFORM 33,850 32,000
PT Adaro Energy Tbk ADRO.JK RESTRICTED 1,390 R
BCA BBCA.JK NEUTRAL 4,700 4,200
BRI BBRI.JK OUTPERFORM 8,400 9,000
Holcim Indonesia SMCB.JK NEUTRAL 1,550 1,500
Indocement INTP.JK OUTPERFORM 11,800 11,500
Telkom TLKM.JK NEUTRAL 8,650 8,700
Bank Mandiri BMRI.JK NEUTRAL 4,975 3,700
Medco Energi MEDC.JK NEUTRAL 3,050 3,400
Indofood Agri IFAR.SI OUTPERFORM 1.75 2.45

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 23
 D is c l o s u r e A p p e n d ix
I m p o r t a n t G l o b a l D is c l o s u r e s
I , A r i e f W a n a , c e r t if y t h a t ( 1 ) t h e v i e w s e x p r e s s e d in t h i s r e p o r t a c c u r a t e ly r e f l e c t m y p e r s o n a l v ie w s a b o u t a l l o f t h e
s u b je c t c o m p a n ie s a n d s e c u r i t ie s a n d ( 2 ) n o p a r t o f m y c o m p e n s a t io n w a s , i s o r w il l b e d ir e c t l y o r i n d ir e c t ly r e l a t e d t o t h e
s p e c i f ic r e c o m m e n d a t io n s o r v i e w s e x p r e s s e d i n t h is r e p o r t .
S e e t h e C o m p a n i e s M e n t io n e d s e c t i o n f o r f u ll c o m p a n y n a m e s .
T h e a n a l y s t ( s ) r e s p o n s ib le f o r p r e p a r i n g t h i s r e s e a r c h r e p o r t r e c e i v e d c o m p e n s a t i o n t h a t i s b a s e d u p o n v a r io u s f a c t o r s
in c lu d in g C r e d it S u is s e 's t o t a l r e v e n u e s , a p o r t io n o f w h i c h a r e g e n e r a t e d b y C r e d it S u i s s e 's i n v e s t m e n t b a n k i n g
a c t i v i t ie s .
A n a l y s t s ’ s t o c k r a t i n g s a r e d e f i n e d a s f o ll o w s :
O u t p e r f o r m ( O ) : T h e s t o c k ’ s t o t a l r e t u r n is e x p e c t e d t o o u t p e r f o r m t h e r e l e v a n t b e n c h m a r k * b y a t le a s t 1 0 - 1 5 % ( o r
m o r e , d e p e n d in g o n p e r c e i v e d r i s k ) o v e r t h e n e x t 1 2 m o n t h s .
N e u t r a l ( N ) : T h e s t o c k ’ s t o t a l r e t u r n is e x p e c t e d t o b e i n l i n e w i t h t h e r e l e v a n t b e n c h m a r k * ( r a n g e o f ± 1 0 - 1 5 % ) o v e r t h e
n e x t 1 2 m o n th s .
U n d e r p e r f o r m ( U ) : T h e s t o c k ’ s t o t a l r e t u r n i s e x p e c t e d t o u n d e r p e r f o r m t h e r e le v a n t b e n c h m a r k * b y 1 0 - 1 5 % o r m o r e
o v e r th e n e x t 1 2 m o n th s .
* R e l e v a n t b e n c h m a r k b y r e g io n : A s o f 2 9 t h M a y 2 0 0 9 , A u s t r a li a , N e w Z e a la n d , U . S . a n d C a n a d i a n r a t in g s a r e b a s e d o n
( 1 ) a s t o c k ’ s a b s o lu t e t o t a l r e t u r n p o t e n t ia l t o it s c u r r e n t s h a r e p r i c e a n d ( 2 ) t h e r e l a t iv e a t t r a c t iv e n e s s o f a s t o c k ’ s t o t a l
r e t u r n p o t e n t ia l w i t h in a n a n a ly s t ’ s c o v e r a g e u n iv e r s e * * , w i t h O u t p e r f o r m s r e p r e s e n t i n g t h e m o s t a t t r a c t i v e , N e u t r a ls t h e
le s s a t t r a c t iv e , a n d U n d e r p e r f o r m s t h e le a s t a t t r a c t iv e in v e s t m e n t o p p o r t u n i t ie s . S o m e U . S . a n d C a n a d i a n r a t in g s m a y
f a l l o u t s i d e t h e a b s o l u t e t o t a l r e t u r n r a n g e s d e f in e d a b o v e , d e p e n d i n g o n m a r k e t c o n d i t i o n s a n d i n d u s t r y f a c t o r s . F o r
L a t i n A m e r i c a n , J a p a n e s e , a n d n o n - J a p a n A s ia s t o c k s , r a t i n g s a r e b a s e d o n a s t o c k ’s t o t a l r e t u r n r e l a t i v e t o t h e a v e r a g e
t o t a l r e t u r n o f t h e r e le v a n t c o u n t r y o r r e g io n a l b e n c h m a r k ; f o r E u r o p e a n s t o c k s , r a t in g s a r e b a s e d o n a s t o c k ’ s t o t a l
r e t u r n r e la t i v e t o t h e a n a l y s t 's c o v e r a g e u n iv e r s e * * . F o r A u s t r a l ia n a n d N e w Z e a la n d s t o c k s a 2 2 % a n d a 1 2 % t h r e s h o l d
r e p l a c e t h e 1 0 - 1 5 % l e v e l i n t h e O u t p e r f o r m a n d U n d e r p e r f o r m s t o c k r a t i n g d e f in i t i o n s , r e s p e c t i v e l y , s u b j e c t t o a n a l y s t s ’
p e r c e i v e d r is k . T h e 2 2 % a n d 1 2 % t h r e s h o l d s r e p l a c e t h e + 1 0 - 1 5 % a n d - 1 0 - 1 5 % l e v e l s i n t h e N e u t r a l s t o c k r a t i n g
d e f i n it i o n , r e s p e c t i v e l y , s u b je c t t o a n a ly s t s ’ p e r c e i v e d r i s k .
* * A n a n a l y s t ' s c o v e r a g e u n iv e r s e c o n s i s t s o f a l l c o m p a n i e s c o v e r e d b y t h e a n a l y s t w i t h i n t h e r e l e v a n t s e c t o r .
R e s t r i c t e d ( R ) : I n c e r t a i n c i r c u m s t a n c e s , C r e d i t S u i s s e p o l i c y a n d / o r a p p l i c a b l e l a w a n d r e g u l a t io n s p r e c l u d e c e r t a i n
t y p e s o f c o m m u n i c a t i o n s , i n c lu d i n g a n i n v e s t m e n t r e c o m m e n d a t i o n , d u r i n g t h e c o u r s e o f C r e d i t S u i s s e ' s e n g a g e m e n t i n
a n i n v e s t m e n t b a n k i n g t r a n s a c t io n a n d in c e r t a i n o t h e r c i r c u m s t a n c e s .
V o l a t i l i t y I n d i c a t o r [ V ] : A s t o c k i s d e f i n e d a s v o l a t i l e i f t h e s t o c k p r i c e h a s m o v e d u p o r d o w n b y 2 0 % o r m o r e in a
m o n t h in a t l e a s t 8 o f t h e p a s t 2 4 m o n t h s o r t h e a n a ly s t e x p e c t s s ig n if i c a n t v o la t il it y g o in g f o r w a r d .
A n a ly s ts ’ c o v e r a g e u n iv e r s e w e ig h tin g s a r e d is tin c t f r o m a n a ly s ts ’ s to c k ra tin g s a n d a re
b a s e d o n th e e x p e c t e d p e r f o r m a n c e o f a n a n a ly s t’s c o v e r a g e u n iv e r s e * v e r s u s th e r e le v a n t
b ro a d m a rk e t b e n c h m a r k ** :
O v e r w e i g h t : I n d u s t r y e x p e c t e d t o o u t p e r f o r m t h e r e le v a n t b r o a d m a r k e t b e n c h m a r k o v e r t h e n e x t 1 2 m o n t h s .
M a r k e t W e i g h t : I n d u s t r y e x p e c t e d t o p e r f o r m in - li n e w it h t h e r e le v a n t b r o a d m a r k e t b e n c h m a r k o v e r t h e n e x t 1 2
m o n th s .
U n d e r w e i g h t : I n d u s t r y e x p e c t e d t o u n d e r p e r f o r m t h e r e le v a n t b r o a d m a r k e t b e n c h m a r k o v e r t h e n e x t 1 2 m o n t h s .
* A n a n a l y s t ’ s c o v e r a g e u n i v e r s e c o n s i s t s o f a l l c o m p a n i e s c o v e r e d b y t h e a n a l y s t w it h i n t h e r e l e v a n t s e c t o r .
* * T h e b r o a d m a r k e t b e n c h m a r k i s b a s e d o n t h e e x p e c t e d r e t u r n o f t h e lo c a l m a r k e t i n d e x ( e . g . , t h e S & P 5 0 0 i n t h e U . S . )
o v e r th e n e x t 1 2 m o n th s .

C r e d i t S u i s s e ’s d i s t r i b u t i o n o f s to c k r a tin g s (a n d b a n k in g c lie n ts ) is :
G lo b a l R a t in g s D i s tr i b u t i o n
O u t p e rf o rm /B u y * 3 9% (5 7 % b a n k i n g c li e n t s )
N e u t ra l/H o ld * 4 2% (5 9 % b a n k i n g c li e n t s )
U n d e rp e rf o r m / S e ll* 1 7% (4 9 % b a n k i n g c li e n t s )
R e s t ric t e d 2%
* F o r p u rp o s e s o f th e N Y S E a n d N A S D r a t i n g s d i s t r i b u t i o n d i s c l o s u r e r e q u i r e m e n t s , o u r s t o c k r a ti n g s o f O u tp e r fo r m , N e u tr a l , a n d U n d e r p e r fo r m
m o s t c lo s e ly c o r r e s p o n d t o B u y , H o l d , a n d S e l l , r e s p e c t i v e l y ; h o w e v e r , t h e m e a n i n g s a r e n o t t h e s a m e , a s o u r s t o c k r a t i n g s a r e d e t e r m in e d o n
a r e l a ti v e b a s i s . ( P l e a s e r e f e r t o d e f i n i t i o n s a b o v e . ) A n i n v e s to r ' s d e c i s i o n t o b u y o r s e l l a s e c u r i t y s h o u l d b e b a s e d o n i n v e s tm e n t o b j e c t i v e s ,
c u r r e n t h o ld in g s , a n d o t h e r in d i v i d u a l fa c t o r s .

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 24
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c o m p a n y , th e s e c to r o r th e m a r k e t th a t m a y h a v e a m a t e r ia l i m p a c t o n t h e r e s e a r c h v ie w s o r o p in io n s s t a t e d h e re i n .
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m o r e d e t a il p le a s e r e f e r to C r e d i t S u i s s e 's P o l i c i e s fo r M a n a g i n g C o n f l i c ts o f In te r e s t i n c o n n e c t i o n w i t h In v e s tm e nt R e s e a rc h :
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w r it t e n t o b e u s e d , a n d c a n n o t b e u s e d , b y a n y t a x p a y e r f o r t h e p u r p o s e s o f a v o i d in g a n y p e n a lt i e s .
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- R e s t r ic t e d V o t in g S h a r e s ; S V S - - S u b o r d in a t e V o t i n g S h a r e s .
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r e q u ir e d t o m a k e i f t h i s w e r e it s o w n r e p o r t .
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v i s it h t t p : / / w w w . c s f b . c o m / le g a l_ t e r m s / c a n a d a _ r e s e a r c h _ p o l ic y . s h t m l.
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t h e s u b je c t o f t h is r e p o r t .
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a fte r th a t.
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n o n - U . S . r e s e a r c h a n a l y s t s l is t e d b e lo w m a y n o t b e a s s o c i a t e d p e r s o n s o f C S S U a n d t h e r e f o r e m a y n o t b e s u b je c t t o
t h e N A S D R u l e 2 7 1 1 a n d N Y S E R u le 4 7 2 r e s t r i c t i o n s o n c o m m u n i c a t i o n s w it h a s u b je c t c o m p a n y , p u b li c a p p e a r a n c e s
a n d t r a d i n g s e c u r it i e s h e ld b y a r e s e a r c h a n a l y s t a c c o u n t .
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Im p o r ta n t M S C I D is c lo s u r e s
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d is s e m in a t e d o r u s e d t o c r e a t e a n y f in a n c i a l p r o d u c t s , i n c l u d in g a n y in d ic e s . T h is in f o r m a t i o n is p r o v i d e d o n a n “ a s i s ”
b a s is . T h e u s e r a s s u m e s t h e e n t ir e r is k o f a n y u s e m a d e o f t h i s in f o r m a t io n . M S C I , i t s a f f i lia t e s a n d a n y t h ir d p a r t y
in v o l v e d i n , o r r e la t e d t o , c o m p u t in g o r c o m p il in g t h e i n f o r m a t i o n h e r e b y e x p r e s s l y d i s c la i m a ll w a r r a n t i e s o f o r ig in a l it y ,
a c c u r a c y , c o m p l e t e n e s s , m e r c h a n t a b il it y o r f i t n e s s f o r a p a r t ic u la r p u r p o s e w i t h r e s p e c t t o a n y o f t h is i n f o r m a t io n .
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t o , c o m p u t i n g o r c o m p i lin g t h e i n f o r m a t i o n h a v e a n y li a b i lit y f o r a n y d a m a g e s o f a n y k in d . M S C I , M o r g a n S t a n l e y C a p it a l
I n t e r n a t i o n a l a n d t h e M S C I in d e x e s a r e s e r v i c e s m a r k s o f M S C I a n d it s a f f i lia t e s .
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u s e b y C re d it S u isse .
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w w w . c r e d i t - s u is s e . c o m / r e s e a r c h d i s c lo s u r e s o r c a ll + 1 ( 8 7 7 ) 2 9 1 - 2 6 8 3 .
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l o c a l i t y , s t a te , c o u n t r y o r o t h e r j u r i s d i c t i o n w h e r e s u c h d i s t r i b u t i o n , p u b l i c a t i o n , a v a i l a b i l i t y o r u s e w o u l d b e c o n t r a r y to l a w o r r e g u l a t i o n o r
w h i c h w o u l d s u b j e c t C r e d i t S u i s s e , t h e S w i s s b a n k , o r i ts s u b s i d i a r i e s o r i t s a ff i l i a t e s ( “ C S ” ) t o a n y r e g i s t r a t i o n o r l i c e n s i n g r e q u i r e m e n t
w i t h i n s u c h j u r i s d i c t i o n . A l l m a t e r i a l p r e s e n t e d i n t h i s r e p o r t , u n l e s s s p e c i f i c a l l y i n d i c a te d o t h e r w i s e , i s u n d e r c o p y r i g h t t o C S . N o n e o f t h e
m a t e r i a l , n o r i t s c o n te n t , n o r a n y c o p y o f i t, m a y b e a l t e r e d i n a n y w a y , t r a n s m i t t e d t o , c o p i e d o r d i s t r i b u t e d t o a n y o t h e r p a r t y , w i t h o u t t h e
p r i o r e x p r e s s w r i t t e n p e r m i s s i o n o f C S . A l l t r a d e m a r k s , s e r v i c e m a r k s a n d l o g o s u s e d i n t h i s r e p o r t a r e tr a d e m a r k s o r s e r v i c e m a r k s o r
r e g i s t e r e d t r a d e m a r k s o r s e r v i c e m a r k s o f C S o r i t s a f fi l i a t e s .
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c o n s i d e r e d a s a n o f f e r o r t h e s o l i c i ta ti o n o f a n o f f e r t o s e l l o r t o b u y o r s u b s c r i b e f o r s e c u r i t i e s o r o th e r f i n a n c i a l i n s t r u m e n t s . C S m a y n o t
h a v e t a k e n a n y s t e p s to e n s u r e t h a t t h e s e c u r i t i e s r e f e r r e d t o i n t h i s r e p o r t a r e s u i t a b l e fo r a n y p a r t i c u l a r i n v e s t o r . C S w i l l n o t t r e a t
r e c i p i e n t s a s i ts c u s to m e r s b y v i r t u e o f t h e i r r e c e i v i n g t h e r e p o r t . T h e i n v e s t m e n ts o r s e r v i c e s c o n t a i n e d o r r e f e r r e d t o i n th i s r e p o r t m a y n o t
b e s u i t a b l e f o r y o u a n d i t i s r e c o m m e n d e d t h a t y o u c o n s u l t a n i n d e p e n d e n t i n v e s t m e n t a d v i s o r i f y o u a r e i n d o u b t a b o u t s u c h i n v e s tm e n ts
o r i n v e s t m e n t s e r v i c e s . N o t h i n g i n t h i s r e p o r t c o n s t i t u t e s i n v e s t m e n t, l e g a l , a c c o u n t i n g o r t a x a d v i c e o r a r e p r e s e n t a t i o n t h a t a n y i n v e s tm e n t
o r s tr a te g y i s s u i t a b l e o r a p p r o p r i a t e t o y o u r i n d i v i d u a l c i r c u m s ta n c e s o r o t h e r w i s e c o n s t i t u te s a p e r s o n a l r e c o m m e n d a t i o n t o y o u . C S d o e s
n o t o f fe r a d v i c e o n t h e t a x c o n s e q u e n c e s o f i n v e s t m e n t a n d y o u a r e a d v i s e d t o c o n t a c t a n i n d e p e n d e n t t a x a d v i s e r . P l e a s e n o t e i n
p a r t i c u l a r t h a t t h e b a s e s a n d l e v e l s o f ta x a t i o n m a y c h a n g e .

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 25
C S b e l i e v e s t h e i n f o r m a ti o n a n d o p i n i o n s i n th e D i s c l o s u r e A p p e n d i x o f th i s r e p o r t a r e a c c u r a te a n d c o m p l e t e . I n f o r m a ti o n a n d o p i n i o n s
p r e s e n te d i n t h e o t h e r s e c t i o n s o f th e r e p o r t w e r e o b ta i n e d o r d e r i v e d f r o m s o u r c e s C S b e l i e v e s a r e r e l i a b l e , b u t C S m a k e s n o
r e p r e s e n t a t i o n s a s to t h e i r a c c u r a c y o r c o m p l e t e n e s s . A d d i ti o n a l i n fo rm a ti o n i s a v a il a b l e u p o n r e q u e s t . C S a c c e p ts n o l i a b i l i ty f o r l o s s a r i s i n g
f r o m t h e u s e o f t h e m a t e r i a l p r e s e n t e d i n th i s r e p o r t , e x c e p t t h a t t h i s e x c l u s i o n o f l i a b i l i t y d o e s n o t a p p l y to t h e e x te n t th a t l i a b i l i t y a r i s e s u n d e r
s p e c i f i c s t a t u t e s o r r e g u l a ti o n s a p p l i c a b l e t o C S . T h i s r e p o r t i s n o t t o b e r e l i e d u p o n i n s u b s t i tu t i o n fo r t h e e x e r c i s e o f i n d e p e n d e n t j u d g m e n t .
C S m a y h a v e i s s u e d , a n d m a y i n t h e fu t u r e i s s u e , a tr a d i n g c a l l r e g a r d i n g th i s s e c u r i t y . T r a d i n g c a l l s a r e s h o r t te r m t r a d i n g o p p o r t u n i t i e s
b a s e d o n m a r k e t e v e n t s a n d c a t a l y s t s , w h i l e s t o c k r a t i n g s r e f l e c t i n v e s t m e n t r e c o m m e n d a ti o n s b a s e d o n e x p e c t e d to ta l r e t u r n o v e r a 1 2 -
m o n th p e r i o d a s d e f i n e d i n t h e d i s c l o s u r e s e c ti o n . B e c a u s e t r a d i n g c a l l s a n d s to c k r a t i n g s r e f l e c t d i ff e r e n t a s s u m p t i o n s a n d a n a l y ti c a l
m e t h o d s , t r a d i n g c a l l s m a y d i f fe r d i r e c t i o n a l l y fr o m t h e s to c k r a t i n g . In a d d i ti o n , C S m a y h a v e i s s u e d , a n d m a y i n th e f u tu r e i s s u e , o th e r
r e p o r t s th a t a r e i n c o n s i s te n t w i t h , a n d r e a c h d i f fe r e n t c o n c l u s i o n s fr o m , t h e i n f o r m a t i o n p r e s e n te d i n t h i s r e p o r t. T h o s e r e p o r t s r e f l e c t t h e
d i f fe r e n t a s s u m p t i o n s , v i e w s a n d a n a l y t i c a l m e t h o d s o f t h e a n a l y s ts w h o p r e p a r e d t h e m a n d C S i s u n d e r n o o b l i g a t i o n to e n s u r e t h a t s u c h
o t h e r r e p o r ts a r e b r o u g h t to t h e a t t e n ti o n o f a n y r e c i p i e n t o f th i s r e p o r t . C S i s i n v o l v e d i n m a n y b u s i n e s s e s t h a t r e l a te to c o m p a n i e s
m e n ti o n e d i n t h i s r e p o r t . T h e s e b u s i n e s s e s i n c l u d e s p e c i a l i z e d t r a d i n g , r i s k a r b i t r a g e , m a r k e t m a k i n g , a n d o t h e r p r o p r i e t a r y t r a d i n g .
P a s t p e r f o r m a n c e s h o u l d n o t b e ta k e n a s a n i n d i c a t i o n o r g u a r a n t e e o f f u t u r e p e r f o r m a n c e , a n d n o r e p r e s e n ta ti o n o r w a r r a n t y , e x p r e s s o r
i m p l i e d , i s m a d e r e g a r d i n g f u t u r e p e r f o r m a n c e . I n fo r m a t i o n , o p i n i o n s a n d e s ti m a te s c o n t a i n e d i n th i s r e p o r t r e f l e c t a j u d g e m e n t a t i ts
o r i g i n a l d a te o f p u b l i c a ti o n b y C S a n d a r e s u b j e c t t o c h a n g e w i th o u t n o t i c e . T h e p r i c e , v a l u e o f a n d i n c o m e fr o m a n y o f t h e s e c u r i t i e s o r
f i n a n c i a l i n s t r u m e n t s m e n ti o n e d i n t h i s r e p o r t c a n f a l l a s w e l l a s r i s e . T h e v a l u e o f s e c u r i t i e s a n d fi n a n c i a l i n s t r u m e n t s i s s u b j e c t t o
e x c h a n g e r a t e f l u c tu a t i o n t h a t m a y h a v e a p o s i ti v e o r a d v e r s e e f fe c t o n t h e p r i c e o r i n c o m e o f s u c h s e c u r i t i e s o r f i n a n c i a l i n s t r u m e n ts .
I n v e s to r s i n s e c u r i ti e s s u c h a s A D R ’ s , th e v a l u e s o f w h i c h a r e i n fl u e n c e d b y c u r r e n c y v o l a ti l i ty , e ff e c t i v e l y a s s u m e t h i s r i s k .
S t r u c t u r e d s e c u r i ti e s a r e c o m p l e x i n s tr u m e n t s , t y p i c a l l y i n v o l v e a h i g h d e g r e e o f r i s k a n d a r e i n te n d e d fo r s a l e o n l y t o s o p h i s t i c a t e d
i n v e s t o r s w h o a r e c a p a b l e o f u n d e r s t a n d i n g a n d a s s u m i n g t h e r i s k s i n v o l v e d . T h e m a r k e t v a l u e o f a n y s tr u c t u r e d s e c u r i t y m a y b e a f f e c t e d
b y c h a n g e s i n e c o n o m i c , f i n a n c i a l a n d p o l i t i c a l fa c t o r s ( i n c l u d i n g , b u t n o t l i m i t e d t o , s p o t a n d fo r w a r d i n t e r e s t a n d e x c h a n g e r a te s ) , t i m e t o
m a t u r i t y , m a r k e t c o n d i t i o n s a n d v o l a t i l i t y , a n d t h e c r e d i t q u a l i ty o f a n y i s s u e r o r r e fe r e n c e i s s u e r . A n y i n v e s t o r i n t e r e s t e d i n p u r c h a s i n g a
s tr u c t u r e d p r o d u c t s h o u l d c o n d u c t t h e i r o w n i n v e s ti g a ti o n a n d a n a l y s i s o f th e p r o d u c t a n d c o n s u l t w i t h th e i r o w n p r o fe s s i o n a l a d v i s e r s a s to
t h e r is k s in v o lv e d in m a k i n g s u c h a p u r c h a s e .
S o m e i n v e s t m e n t s d i s c u s s e d i n t h i s r e p o r t h a v e a h i g h l e v e l o f v o l a t i l i t y . H i g h v o l a ti l i ty i n v e s tm e n t s m a y e x p e r i e n c e s u d d e n a n d l a r g e f a l l s
i n t h e i r v a l u e c a u s i n g l o s s e s w h e n th a t i n v e s tm e n t i s r e a l i s e d . T h o s e l o s s e s m a y e q u a l y o u r o r i g i n a l i n v e s t m e n t . I n d e e d , i n th e c a s e o f
s o m e i n v e s t m e n ts t h e p o te n t i a l l o s s e s m a y e x c e e d th e a m o u n t o f i n i ti a l i n v e s tm e n t , i n s u c h c i r c u m s ta n c e s y o u m a y b e r e q u i r e d to p a y
m o r e m o n e y to s u p p o r t th o s e l o s s e s . In c o m e y i e l d s fr o m i n v e s tm e n t s m a y fl u c t u a te a n d , i n c o n s e q u e n c e , i n i t i a l c a p i t a l p a i d t o m a k e th e
i n v e s t m e n t m a y b e u s e d a s p a r t o f t h a t i n c o m e y i e l d . S o m e i n v e s tm e n t s m a y n o t b e r e a d i l y r e a l i s a b l e a n d i t m a y b e d i ff i c u l t t o s e l l o r
r e a l i s e t h o s e i n v e s tm e n t s , s i m i l a r l y i t m a y p r o v e d i f f i c u l t fo r y o u t o o b ta i n r e l i a b l e i n f o r m a t i o n a b o u t t h e v a l u e , o r r i s k s , t o w h i c h s u c h a n
in v e s t m e n t is e x p o s e d .
T h i s r e p o r t m a y p r o v i d e th e a d d r e s s e s o f , o r c o n ta i n h y p e r l i n k s t o , w e b s i t e s . E x c e p t t o th e e x te n t t o w h i c h th e r e p o r t r e f e r s t o w e b s i te
m a t e r i a l o f C S , C S h a s n o t r e v i e w e d t h e l i n k e d s i t e a n d t a k e s n o r e s p o n s i b i l i t y f o r t h e c o n t e n t c o n t a i n e d th e r e i n . S u c h a d d r e s s o r h y p e r l i n k
( i n c l u d i n g a d d r e s s e s o r h y p e r l i n k s t o C S ’ s o w n w e b s i t e m a t e r i a l ) i s p r o v i d e d s o l e l y fo r y o u r c o n v e n i e n c e a n d i n fo r m a t i o n a n d th e c o n te n t o f
t h e l i n k e d s i t e d o e s n o t i n a n y w a y f o r m p a r t o f th i s d o c u m e n t . A c c e s s i n g s u c h w e b s i t e o r f o l l o w i n g s u c h l i n k t h r o u g h t h i s r e p o r t o r C S ’ s
w e b s it e s h a ll b e a t y o u r o w n r is k .
T h i s r e p o r t i s i s s u e d a n d d i s t r i b u t e d i n E u r o p e ( e x c e p t S w i t z e r l a n d ) b y C r e d i t S u i s s e S e c u r i ti e s ( E u r o p e ) L i m i t e d , O n e C a b o t S q u a r e ,
L o n d o n E 1 4 4 Q J , E n g l a n d , w h i c h i s r e g u l a t e d i n t h e U n i t e d K i n g d o m b y T h e F i n a n c i a l S e r v i c e s A u th o r i t y ( “ F S A ” ) . T h i s r e p o r t i s b e i n g
d i s t r i b u t e d i n G e r m a n y b y C r e d i t S u i s s e S e c u r i t i e s ( E u r o p e ) L i m i te d N i e d e r l a s s u n g F r a n k f u r t a m M a i n r e g u l a te d b y t h e B u n d e s a n s t a l t f u e r
F i n a n z d i e n s t l e i s t u n g s a u f s i c h t ( " B a F i n " ) . T h i s r e p o r t i s b e i n g d i s tr i b u t e d i n th e U n i t e d S t a t e s b y C r e d i t S u i s s e S e c u r i t i e s ( U S A ) L L C ; i n
S w i t z e r l a n d b y C r e d i t S u i s s e ; i n C a n a d a b y C r e d i t S u i s s e S e c u r i t i e s ( C a n a d a ) , In c . . ; i n B r a z i l b y B a n c o d e In v e s ti m e n to s C r e d i t S u i s s e
( B r a s i l ) S .A .; i n J a p a n b y C r e d i t S u i s s e S e c u r i t i e s ( J a p a n ) L i m i t e d , F i n a n c i a l I n s t r u m e n t F i r m , D i r e c t o r - G e n e r a l o f K a n to L o c a l F i n a n c e
B u r e a u ( K i n s h o ) N o . 6 6 , a m e m b e r o f J a p a n S e c u r i ti e s D e a l e r s A s s o c i a ti o n , T h e F i n a n c i a l F u t u r e s A s s o c i a t i o n o f J a p a n ; e l s e w h e r e i n
A s i a / P a c i f i c b y w h i c h e v e r o f t h e f o l l o w i n g i s t h e a p p r o p r i a t e l y a u t h o r i s e d e n ti t y i n t h e r e l e v a n t j u r i s d i c ti o n : C r e d i t S u i s s e ( H o n g K o n g )
L i m i t e d , C r e d i t S u i s s e E q u i t i e s ( A u s t r a l i a ) L i m i te d , C r e d i t S u i s s e S e c u r i t i e s ( T h a i l a n d ) L i m i t e d , C r e d i t S u i s s e S e c u r i ti e s ( M a l a y s i a ) S d n
B h d , C r e d i t S u i s s e S i n g a p o r e B r a n c h , C r e d i t S u i s s e S e c u r i t i e s ( In d i a ) P r i v a te L i m i te d , C r e d i t S u i s s e S e c u r i t i e s ( E u r o p e ) L i m i t e d , S e o u l
B r a n c h , C r e d i t S u i s s e T a i p e i S e c u r i t i e s B r a n c h , P T C r e d i t S u i s s e S e c u r i t i e s I n d o n e s i a , a n d e l s e w h e r e i n th e w o r l d b y t h e r e l e v a n t
a u t h o r i s e d a f fi l i a t e o f t h e a b o v e . R e s e a r c h o n T a i w a n e s e s e c u r i t i e s p r o d u c e d b y C r e d i t S u i s s e T a i p e i S e c u r i t i e s B r a n c h h a s b e e n
p r e p a r e d b y a r e g i s te r e d S e n i o r B u s i n e s s P e r s o n . R e s e a r c h p r o v i d e d to r e s i d e n t s o f M a l a y s i a i s a u t h o r i s e d b y t h e H e a d o f R e s e a r c h fo r
C r e d i t S u i s s e S e c u r i t i e s ( M a l a y s i a ) S d n . B h d . , t o w h o m th e y s h o u l d d i r e c t a n y q u e r i e s o n + 6 0 3 2 7 2 3 2 0 2 0 .
I n j u r i s d i c t i o n s w h e r e C S i s n o t a l r e a d y r e g i s te r e d o r l i c e n s e d t o t r a d e i n s e c u r i ti e s , tr a n s a c t i o n s w i l l o n l y b e e f fe c t e d i n a c c o r d a n c e w i t h
a p p l i c a b l e s e c u r i t i e s l e g i s l a ti o n , w h i c h w i l l v a r y fr o m j u r i s d i c t i o n t o j u r i s d i c ti o n a n d m a y r e q u i r e t h a t t h e tr a d e b e m a d e i n a c c o r d a n c e w i t h
a p p l i c a b l e e x e m p t i o n s fr o m r e g i s t r a t i o n o r l i c e n s i n g r e q u i r e m e n ts . N o n - U . S . c u s t o m e r s w i s h i n g t o e f f e c t a t r a n s a c ti o n s h o u l d c o n t a c t a C S
e n t i t y i n t h e i r l o c a l j u r i s d i c ti o n u n l e s s g o v e r n i n g l a w p e r m i t s o t h e r w i s e . U . S . c u s t o m e r s w i s h i n g t o e f fe c t a t r a n s a c t i o n s h o u l d d o s o o n l y b y
c o n t a c t i n g a r e p r e s e n ta t i v e a t C r e d i t S u i s s e S e c u r i t i e s ( U S A ) L L C i n th e U . S .
P l e a s e n o t e t h a t t h i s r e p o r t w a s o r i g i n a l l y p r e p a r e d a n d i s s u e d b y C S f o r d i s tr i b u t i o n to t h e i r m a r k e t p r o f e s s i o n a l a n d i n s ti t u t i o n a l i n v e s t o r
c u s to m e r s . R e c i p i e n t s w h o a r e n o t m a r k e t p r o f e s s i o n a l o r i n s ti t u t i o n a l i n v e s to r c u s t o m e r s o f C S s h o u l d s e e k t h e a d v i c e o f th e i r
i n d e p e n d e n t f i n a n c i a l a d v i s o r p r i o r t o t a k i n g a n y i n v e s t m e n t d e c i s i o n b a s e d o n t h i s r e p o r t o r f o r a n y n e c e s s a r y e x p l a n a t i o n o f i ts c o n t e n t s .
T h i s r e s e a r c h m a y r e l a te t o i n v e s t m e n t s o r s e r v i c e s o f a p e r s o n o u ts i d e o f t h e U K o r to o th e r m a t te r s w h i c h a r e n o t r e g u l a te d b y t h e F S A
o r i n r e s p e c t o f w h i c h t h e p r o t e c ti o n s o f t h e F S A f o r p r i v a t e c u s t o m e r s a n d / o r t h e U K c o m p e n s a t i o n s c h e m e m a y n o t b e a v a i l a b l e , a n d
f u r t h e r d e ta i l s a s to w h e r e t h i s m a y b e t h e c a s e a r e a v a i l a b l e u p o n r e q u e s t i n r e s p e c t o f t h i s r e p o r t .
A n y N i e l s e n M e d i a R e s e a r c h m a t e r i a l c o n t a i n e d i n t h i s r e p o r t r e p r e s e n t s N i e l s e n M e d i a R e s e a r c h ' s e s ti m a te s a n d d o e s n o t r e p r e s e n t
f a c ts . N M R h a s n e i t h e r r e v i e w e d n o r a p p r o v e d t h i s r e p o r t a n d / o r a n y o f t h e s ta t e m e n t s m a d e h e r e i n .
I f th i s r e p o r t i s b e i n g d i s t r i b u t e d b y a f i n a n c i a l i n s t i t u t i o n o t h e r t h a n C r e d i t S u i s s e , o r i t s a ff i l i a t e s , t h a t f i n a n c i a l i n s t i tu ti o n i s s o l e l y
r e s p o n s i b l e f o r d i s t r i b u t i o n . C l i e n ts o f t h a t i n s ti t u t i o n s h o u l d c o n t a c t t h a t i n s t i t u t i o n t o e f fe c t a t r a n s a c ti o n i n th e s e c u r i ti e s m e n ti o n e d i n t h i s
r e p o r t o r r e q u i r e f u r th e r i n f o r m a t i o n . T h i s r e p o r t d o e s n o t c o n s t i t u t e i n v e s t m e n t a d v i c e b y C r e d i t S u i s s e t o th e c l i e n t s o f th e d i s t r i b u ti n g
f i n a n c i a l i n s t i t u ti o n , a n d n e i th e r C r e d i t S u i s s e , i ts a ff i l i a te s , a n d t h e i r r e s p e c ti v e o f fi c e r s , d i r e c t o r s a n d e m p l o y e e s a c c e p t a n y l i a b i l i t y
w h a t s o e v e r f o r a n y d i r e c t o r c o n s e q u e n ti a l l o s s a r i s i n g f r o m t h e i r u s e o f th i s r e p o r t o r i t s c o n te n t .
C o p y r i g h t 2 0 0 9 C R E D I T S U IS S E a n d / o r i t s a f fi l i a t e s . A l l r i g h t s r e s e r v e d .

Produced by Arief Wana

Credit Suisse Securities Indonesia Date: October 09 Slide 26