Disclaimer on Research Reports:

The research reports have been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Any recommendation contained in the research reports do not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may read the research report. The research reports are for the information of the addressees only and are not to be taken in substitution for the exercise of judgement by addressees. Kenanga Investment Bank Berhad (formerly known as K & N Kenanga Bhd) accepts no liability whatsoever for any direct or consequential loss arising from any use of the research reports or a solicitation of an offer to buy or sell any securities. Kenanga Investment Bank Berhad (formerly known as K & N Kenanga Bhd) and its associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies.