Assessment of Insurance Contract Liability Life Insurance and Loss Insurance

PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011 Figures are Presented in Millions of Rupiah, unless Otherwise Stated - 57 - January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Time Deposits Third parties Rupiah PT Bank Muamalat Indonesia Tbk 7,900 3,450 3,850 PT BNI Syariah 7,450 5,050 1,600 PT BRI Syariah 6,900 5,550 2,800 PT Bank Internasional Indonesia Tbk - Sharia Division 6,800 6,800 1,700 PT Bank Negara Indonesia Persero Tbk 6,750 531,500 6,000 PT Bank Windu Kentjana International Tbk 6,300 1,300 - PT Bank ICB Bumiputera Indonesia Tbk 6,000 10,000 10,000 PT BCA Syariah 5,100 4,500 2,000 PT Bank Victoria Syariah 5,000 750 - PT Bank Tabungan Negara - Sharia Division 4,250 2,850 1,650 PT Bank DKI - Sharia Division 3,500 1,700 550 PT Bank Mega Syariah Indonesia 2,850 1,750 250 PT Bank Danamon Indonesia Tbk - Sharia Division 1,800 1,800 800 PT Bank OCBC NISP - Sharia Division 1,300 800 500 PT Bank Nusantara Parahyangan Tbk 1,100 1,000 1,000 PT Bank Mayora 1,000 1,000 - PT Bank Yudha Bakti 1,000 - - PT Bank Victoria International Tbk 100 500 20,300 PT Bank Artha Graha Internasional Tbk 25 55,795 10,000 PT BPR Modern Express - 40,000 - PT Bank Pan Indonesia Tbk - 500,000 - PT Bank Bukopin Tbk - Sharia Division - 5,300 3,800 Others below Rp 1,000 each 2,924 1,824 616 Total 4,690,515 6,451,423 508,627 Foreign currencies Note 54 PT Bank Internasional Indonesia Tbk 47,546 20,969 5,210 PT Bank Central Asia Tbk 9,374 91 108 PT Bank Mandiri Persero Tbk 5,977 5,125 1,665 PT Bank Syariah Mandiri 1,723 1,016 462 PT Bank Danamon Indonesia Tbk - 63,476 - Total 64,620 90,677 7,445 Total - time deposits 4,755,135 6,542,100 516,072 Funds Placed in Securities Companies Foreign currencies Note 54 Solomon Smith Barney, Singapore 191 3,063 - Credit Industriel ET Commercial, Singapore 191 - - Credit Suisse First Boston, Singapore 4 4 4 UBS AG, Singapore 3 226 431 Barclays Bank PLC, Singapore 1 - - Citigroup Consulting Group Account - - 1 Total - funds placed in securities companies 390 3,293 436 Total 7,010,441 8,552,645 1,988,544 PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011 Figures are Presented in Millions of Rupiah, unless Otherwise Stated - 58 - According to the regulation of Bank Indonesia, each bank in Indonesia is required to maintain a minimum liquidity reserve of a certain percentage of third party funds both in Rupiah and foreign currency. As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010 the balance of primary minimum liquidity reserves of BS, a subsidiary, in Rupiah, amounted to Rp 1,105,935, Rp 922,150 and Rp 672,744, respectively, while the minimum liquidity reserves in foreign currency amounted to Rp 333,708, Rp 282,698 and Rp 30,694, respectively. As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010, secondary minimum liquidity reserves of BS, in Rupiah, amounted to Rp 284,274, Rp 278,620 and Rp 207,559, respectively. The minimum liquidity reserves as of December 31, 2012 and 2011 and January 1, 2011December 31, 2010 were determined in accordance with Bank Indonesia Regulation. The interest rates per annum on cash in banks and time deposits are as follows: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Time deposits Rupiah 3.00 -11.00 5.00 -12.00 4.48 - 10.00 Foreign currency 0.15 - 2.50 0.16 - 3.00 0.15 - 1.50 The changes in allowance for impairment losses on cash and cash equivalents are as follows: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Balance at the beginning of the year - - 886 Adjustment resulting from adoption of PSAK No. 55 Note 63 - - 886 Balance at the end of the year - - - As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010, no allowance for impairment losses was provided on cash and cash equivalents as management believes that cash and cash equivalents are collectible.

5. Short-term Investments

January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Time deposits 635,402 17,341 33,543 Placements with Bank Indonesia and other banks - net 553,334 1,909,021 877,462 Securities - net 17,033,292 13,887,173 7,195,458 Net 18,222,028 15,813,535 8,106,463