Additional Paid-in Capital - Net

PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated b. As of December 31, 2014 and 2013, the Group invested their funds amounting to Rp 1,333,769 and Rp 861,608, respectively, in units of mutual funds which were managed by SMS, a subsidiary, as investment manager Note 5. c. For the years ended December 31, 2014 and 2013, the underwriting income from related parties amounted to Rp 1,392,885 and Rp 1,286,561 or 14.53 and 10.89, respectively, of the total underwriting income. d. For the years ended December 31, 2014 and 2013, the interest income from related parties amounted to Rp 44,865 and Rp 70,746 or 1.57 and 2.85, respectively, of the total interest income. e. The Group has insured the investment properties and property and equipment with ASM Notes 18 and 19. f. The aggregate salaries and benefits paid by the Group to all commissioners and directors in 2014 and 2013 amounted to Rp 127,464 and Rp 99,135, respectively. g. As of December 31, 2014 and 2013, the total balance of commitments and contingencies transactions LC and bank guarantees with related parties amounted to Rp 196,655 and Rp 138,818, respectively Note 54.

51. Net Monetary Assets and Liabilities Denominated in Foreign Currencies

2014 2013 Equivalent in Equivalent in Equivalent in Equivalent in US Rp US Rp Assets Cash and cash in banks 57,665,974 714,479 73,978,260 900,694 Short term investments 173,718,264 2,158,484 224,194,462 2,730,189 Factoring receivables 1,450,000 18,038 1,471,251 17,933 Premiums and reinsurance receivables 36,598,530 455,285 19,514,657 237,864 Loans 206,792,249 2,561,122 115,707,642 1,408,162 Acceptance receivables 2,488,575 30,821 19,582,940 238,324 Other receivables 12,405,097 154,289 4,047,344 49,322 Reinsurance assets 77,558,524 964,828 59,158,284 721,080 Other assets 333,366 4,133 1,332,924 16,224 Total assets 569,010,579 7,061,479 518,987,764 6,319,792 Liabilities Deposits and deposits from other banks 290,921,265 3,603,060 281,486,419 3,425,690 Insurance payables 35,872,106 446,248 19,388,535 236,327 Acceptance liabilities 2,488,575 30,821 19,582,940 238,324 Liability for future policy benefits 113,096,540 1,406,921 102,781,150 1,252,799 Segregated funds contract liabilities - Unit link 21,244,621 264,283 29,117,700 354,916 Premiums received in advance 1,174,557 14,611 1,659,581 20,229 Unearned premiums and estimated claim liabilities 84,956,550 1,056,859 66,869,708 815,075 Accrued expenses 183,851 2,277 233,854 2,846 Other liabilities 945,857 11,762 16,639,184 202,520 Total liabilities 550,883,922 6,836,842 537,759,071 6,548,726 Net 18,126,657 224,637 18,771,307 228,934 As of December 31, 2014 and 2013, the conversion rates used by the Group were disclosed in Note 2 to consolidated financial statements. - 107 - PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated

52. Fair Value of Financial Assets and Financial Liabilities

Fair value is defined as the amount at which the financial instruments could be exchanged in a current transaction between knowledgeable, willing parties in an arm’s length transaction, other than in a forced sale or liquidation. Fair values are obtained from quoted prices, discounted cash flows model. The following table sets forth the carrying amounts and estimated fair values of the Group’ financial assets and liabilities: Carrying value Estimate Fair Value Carrying value Estimate Fair Value Financial Assets At fair value through profit and loss Short term investment - securities - shares and warrants 145,711 145,711 661,283 661,283 Short term investment - securities - bonds 34,719 34,719 20,000 20,000 Short term investment - securities - units of mutual fund 7,441,934 7,441,934 7,409,910 7,409,910 Short term investment - securities - unit link - units of mutual fund 1,722,475 1,722,475 2,413,715 2,413,715 Short term investment - securities - unit link - bonds 5,062 5,062 5,136 5,136 Other assets - derivative assets - - 28 28 Available for sale Short term investment - placement with Bank Indonesia 1,749,388 1,749,388 1,142,439 1,142,439 Short term investment - securities - shares 53,260 53,260 553,537 553,537 Short term investment - securities - bonds 2,637,764 2,637,764 7,163,796 7,163,796 Short term investment - securities - units of mutual fund 6,629,792 6,629,792 1,571,472 1,571,472 Investment in shares 69,706 69,706 67,529 67,529 Investment based on sharia - cost Short term investment - securities - bonds 296,961 293,085 682,551 629,469 Investment based on sharia - fair value Short term investment - securities - shares 11,566 11,566 11,381 11,381 Short term investment - securities - bonds 73,007 73,007 123,696 123,696 Short term investment - securities - units of mutual fund 76,954 76,954 31,496 31,496 Held to Maturity Short term investment - securities - bonds 69,726 69,726 - - Loan and receivables Cash and banks 2,637,727 2,637,727 2,599,638 2,599,638 Securities purchased under agreements to resell - - 139,211 139,211 Short term investment - placement with other banks 308,569 308,569 593,813 593,813 Short term investment - time deposits 3,767,547 3,767,547 1,950,998 1,950,998 Short term investment - securities - export bill receivables 170,213 170,213 207,001 207,001 Consumer financing receivables - net 597,058 597,058 895,987 895,987 Factoring receivables - net 1,398,689 1,398,689 1,144,066 1,144,066 Loans - net 12,519,290 12,840,948 9,924,018 10,179,778 Acceptance receivables 67,836 67,836 238,324 238,324 Receivables from brokers 263,426 263,426 378,544 378,544 Other accounts receivable - net 2,105,313 2,105,313 623,751 623,751 Other assets 33,264 33,264 25,940 25,940 Total Financial Assets 44,886,957 45,204,739 40,579,260 40,781,938 Financial Liabilities At fair value through profit and loss Segregated funds contract liabilities - Unit link 1,525,012 1,525,012 1,912,482 1,912,482 Derivative liability 63 63 - - Other financial liabilities Deposits and deposits from other banks 15,660,708 15,660,708 13,047,975 13,047,975 Payables to brokers 193,927 193,927 81,341 81,341 Acceptance liabilities 67,836 67,836 238,324 238,324 Securities issued 1,293,454 1,293,454 1,290,904 1,290,904 Loans received 573,837 573,837 714,895 714,895 Accrued expenses 104,096 104,096 88,004 88,004 Other liabilities 260,270 260,270 366,370 366,370 Total Financial Liabilities 19,679,203 19,679,203 17,740,295 17,740,295 2014 2013 - 108 - PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated Fair Value Hierarchy The following table discloses the fair value hierarchy of consolidation financial assets: Level 1 Level 2 Level 3 Total Financial Assets Fair value through profit and loss Shares and warrants 145,711 - - 145,711 Bonds 34,719 - - 34,719 Units of mutual fund 2,994,323 4,447,611 - 7,441,934 Segregated funds net assets - Unit link 797,545 929,992 - 1,727,537 Available for sale Placement with Bank Indonesia 1,749,388 - - 1,749,388 Shares 53,260 - - 53,260 Units of mutual fund 6,629,792 - - 6,629,792 Bonds 2,587,695 - 50,069 2,637,764 Sharia securities - fair value Shares 11,566 - - 11,566 Units of mutual fund 76,954 - - 76,954 Bonds 73,007 - - 73,007 Held to Maturity Bonds 69,726 - - 69,726 Total Financial Assets 15,223,686 5,377,603 50,069 20,651,358 Financial Liabilities Fair value through profit and loss Segregated funds contract liabilities - Unit link 1,525,012 - - 1,525,012 Derivative liability - 63 - 63 Total Financial Liability 1,525,012 63 - 1,525,075 2014 Level 1 Level 2 Level 3 Total Financial Assets Fair value through profit and loss Shares and warrants 661,283 - - 661,283 Bonds 20,000 - - 20,000 Units of mutual fund 3,611,436 3,798,474 - 7,409,910 Segregated funds net assets - Unit link 654,600 1,764,251 - 2,418,851 Derivative assets - 28 - 28 Available for sale Placement with Bank Indonesia 1,142,439 - - 1,142,439 Shares 553,537 - - 553,537 Units of mutual fund 1,571,472 - - 1,571,472 Bonds 6,154,172 - 1,009,624 7,163,796 Sharia securities - fair value Shares 11,381 - - 11,381 Units of mutual fund 31,496 - - 31,496 Bonds 123,696 - - 123,696 Total Financial Assets 14,535,512 5,562,753 1,009,624 21,107,889 Financial Liabilities Fair value through profit and loss Segregated funds contract liabilities - Unit link 1,912,482 - - 1,912,482 2013 The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from stock exchange, securities trader, broker, industry group pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transaction on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily Indonesia Stock Exchange IDX equity investments in shares and warrants, bonds investment and units of mutual fund investment classified as available-for-sale or trading securities and segregated funds net assets - Unit link. - 109 -