SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued m. Investment properties continued

PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated 55

4. CASH AND CASH EQUIVALENTS continued

Cash and cash equivalents consist of the following continued: December 31, June 30, 2013 2012 2011 2010 Time deposits continued Rupiah continued PT Bank Resona Perdania 1,196,253 1,172,215 1,125,454 1,074,486 PT Bank ICB Bumiputera Tbk - 11,394,277 10,764,675 10,101,111 PT Bank Commonwealth - - 3,084,586 13,931,084 PT Bank Rakyat Indonesia Persero Tbk - - - 16,000,000 PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk - - - 1,400,000 United States dollar PT Bank Central Asia Tbk US678,472 in 2013, US677,325 in 2012, US674,406 in 2011 and US672,674 in 2010 6,736,548 6,549,731 6,115,509 6,048,014 PT Bank Resona Perdania US282,937 in 2013, US282,768 in 2012, US282,412 in 2011 and US282,076 in 2010 2,809,279 2,734,367 2,560,912 2,536,142 PT Bank ANZ Indonesia US1,000,000 - - 9,068,000 - European euro PT Bank Resona Perdania Euro314,675 in 2011 and Euro314,222 in 2010 - - 3,693,970 3,756,767 PT Bank ANZ Indonesia Euro100,250 in 2011 and Euro100,054 in 2010 - - 1,176,834 1,196,226 Total time deposits 1,890,313,678 1,796,851,007 989,997,138 933,801,295 Total cash and cash equivalents 2,723,508,878 2,427,999,474 1,495,900,816 1,120,483,310 Ranges of annual interest rates of time deposits are as follows: December 31, June 30, 2013 2012 2011 2010 Rupiah 3.25 - 8.00 3.25 - 8.00 5.00 - 8.50 3.50 - 9.50 United States dollar 0.15 - 0.50 0.01 - 1.50 0.15 - 0.40 0.15 - 7.00 European euro - - 0.20 - 0.40 0.20 - 0.35 Interest income from time deposits is presented in the consolidated statements of comprehensive income as “Finance Income”. All cash on hand is covered by insurance against theft and other risks with PT Asuransi Allianz Utama Indonesia and PT Asuransi Indrapura, all third parties, with total coverage of Rp72,390,000, Rp40,705,000, Rp40,355,000 and Rp39,300,000 as of June 30, 2013 and December 31, 2012, 2011 and 2010, respectively. The Company and Subsidiaries’ management is of the opinion that the coverage is adequate to cover possible losses arising from such risks. All cash in banks and time deposits are placed in third-party banks. Certain deposit accounts in PT Bank Central Asia Tbk BCA owned by the Company, KSO Summarecon Serpong and LMD are restricted as to their use, being maintained as escrow accounts for the loans obtained from the same bank Note 15. These escrow accounts are presented under “Other Non-current Financial Assets” Note 14. PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated 57

6. TRADE RECEIVABLES

The details of trade receivables are as follows: December 31, June 30, 2013 2012 2011 2010 Related parties Note 34 Sale of apartment units 3,688,886 - - - Rental of residential and office investment properties 1,530,618 - - - Sale of houses, shops and landplots 459,091 734,545 1,366,364 2,648,182 Rental of retail and commercial investment properties 434,647 1,130,291 - - Monthly membership fees in sports club - - - - Sale of offices - - 8,886,569 - Third parties Sale of apartment units 124,803,186 65,659,118 1,414,623 7,228,565 Rental of retail and commercial investment properties 21,383,489 12,758,330 5,171,417 4,547,761 Sale of houses, shops and landplots 11,543,979 11,691,031 10,875,927 72,174,388 Rental of residential and office investment properties 4,063,447 6,786,838 3,836,790 765,510 Hotel services 2,753,854 1,305,444 1,236,633 1,038,218 Monthly membership fees in sports club 1,223,962 1,644,651 1,638,794 969,595 Others 5,941,527 4,707,494 - - Total trade receivables 177,826,686 106,417,742 34,427,117 89,372,219 All of the Company’s and Subsidiaries’ trade receivables are denominated in rupiah. As of June 30, 2013 and December 31, 2012, 2011 and 2010, trade receivables amounting to Rp10,275,877, Rp8,891,942, Rp8,535,523 and Rp5,255,013, respectively, are pledged as collateral for loans payable to BCA Note 15. Based on a review of the status of the individual trade receivables at the end of the year, the Company and Subsidiaries’ management believes that all of the trade receivables are fully collectible. In relation to operating leases of the Company and Subsidiaries, the following is the aggregate amount of future minimum lease payments for each period under non-cancellable operating leases: December 31, June 30, 2013 2012 2011 2010 1 year 195,372,546 83,563,566 66,222,348 119,988,781 1-5 years 351,227,182 105,464,658 103,348,827 159,467,480 5 years 3,935,663 55,251,199 53,669,615 4,899,293 Total operating lease receivables 550,535,391 244,279,423 223,240,790 284,355,554 For the six-month period ended June 30, 2013 and years ended December 31, 2012, 2011 and 2010, total contingent rent, which was recognized as revenue, amounted to Rp10,589,161, Rp17,467,841, Rp15,958,602 and Rp14,832,252, respectively.