Earnings Per Share Net Income

PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 119 - Carrying value Estimated Fair Values Rp 000,000 Rp 000,000 Financial Assets At fair value through profit and loss Short-term investment - securities - shares and warrants 1,033,109 1,033,109 Short-term investment - securities - bonds 72,397 72,397 Short-term investment - securities - units of mutual fund 3,128,024 3,128,024 Segregated funds net assets unit link - shares 36,072 36,072 Segregated funds net assets unit link - units of mutual fund 5,929,443 5,929,443 Segregated funds net assets sharia - units of mutual fund 40,413 40,413 Held to maturity Short-term investment - securities - bonds 1,287,659 1,468,652 Short-term investment - securities - credit link note 63,070 63,070 Short-term investment - securities - Bank Indonesia Intervention 171,273 171,273 Short-term investment - securities - export bill receivable 322,030 322,030 Segregated funds net assets unit link - bonds 44,471 48,349 Segregated funds net assets sharia - bonds 21,591 23,591 Available for sale Short-term investment - securities - shares 1,190,672 1,190,672 Short-term investment - securities - bonds 36,493 36,493 Loans and receivables Cash and cash equivalents 1,980,945 1,980,945 Securities purchased under agreements to resell 107,141 107,141 Short-term investment - securities - placement with other banks 706,189 706,189 Short-term investment - securities - time deposits 33,543 33,543 Consumer financing receivables - net 376,961 376,961 Net investments in finance lease - net 163,869 163,869 Factoring receivables - net 187,558 187,558 Segregated funds net assets unit link - time deposits 984,135 984,135 Segregated funds net assets unit link - cash in banks 35,927 35,927 Segregated funds net assets unit link - investment receivables 2,271 2,271 Segregated funds net assets sharia - time deposits 3,000 3,000 Segregated funds net assets sharia - cash in banks 4,599 4,599 Segregated funds net assets sharia - investment receivables 504 504 Securities agent receivables 165,481 165,481 Other accounts receivable - net 542,356 542,356 Loans - net 6,934,157 6,989,076 Investment in shares of stock 337,182 337,182 Other assets 10,239 10,239 Total financial assets 25,952,774 26,194,564 Financial Liabilities Deposits and deposits from other banks 9,604,110 9,604,110 Securities sold under agreements to repurchase 32,069 32,069 Accounts payable 2,115 2,115 Securities agent payables 415,650 415,650 Loans received 512,265 512,265 Accrued expenses 43,868 43,868 Other liabilities 336,618 336,618 Total financial liabilities 10,946,695 10,946,695 December 31, 2010 PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 120 - Fair value of short term investments in securities, segregated funds net assets - unit link, and segregated funds net assets – sharia shares that are traded in Indonesia Stock Exhange, and bonds based on market price. The fair value of short term investment securities, segregated funds net assets - unit link, and segregated funds net assets – sharia unit mutual fund were based on net asset value published. Fair value of loans, consumer financing receivables, finance lease, factoring receivables, and other receivables are determined based on discounted cash flow analysis using market interest rate. There is no reliable basis for measuring the fair value of investment in shares Notes 2i and 17, thus, the investments in shares are stated at cost. Deposits and deposits from other banks have a demand feature, thus, the fair value is not less than the amount payable on demand discounted from the first date that the amount could be required to be paid which is equal to the carrying amount. The fair value of loan received is determined based on discounted cash flow analysis using market interest rates. Fair value of cash and cash equivalents, short-term investment in time deposits, placements with other banks, Bank Indonesia intervention, export bill receivable, securities purchased under agreements to resell, securities agent receivables, segregated funds net assets – unit link investment receivable, segregated funds net assets – sharia investment receivable, other assets security deposits and money transfer, accounts payable, securities sold under agreement to repurchase, securities agent payables, accrued expenses, and other liabilities approximates the carrying value due to short term nature of transactions.

56. Agreements and Engagements

a. On June 6, 2008, the Company entered into room leasing agreement with ASM relating to lease of 7 th and 8 th floor at office building of Plaza Simas which is located at Jl. Fachrudin No. 20, Central Jakarta. The lease term is for 15 years, starting from October 1, 2008 up to October 1, 2023 Note 54. b. AJSM entered into cooperation agreements, where AJSM was appointed as insurance agent with third parties. The third parties are PT Bank Commonwealth, PT Bank Mayapada Tbk, PT Bank Permata Tbk, PT Bank Muamalat Indonesia, PT Bank OCBC NISP Tbk, PT Bank Nusantara Parahyangan Tbk, PT Bank Windu Kentjana International Tbk, PT Bank BCA Syariah, BS, PT Bank Kesawan Tbk, PT Bank Syariah Mandiri, PT Bank UOB Buana Tbk, PT Bank Mega Tbk, PT ICB Bumiputera Indonesia Tbk, PT Bank International Indonesia Tbk, PT Bank Mutiara Tbk, PT Bank Victoria International Tbk, Bank of China Limited and some Bank Perkreditan Rakyat. c. The Group insured their property and equipment, property under build, operate and transfer and assets for lease with ASM Notes 18, 19, 20 and 21. d. SMF, a subsidiary, has entered into a Joint Financing Agreement by transferring Receivables Portfolio and Appointment as Security Agent and Chanelling Credit Transfer Agreement with BS Note 7. e. Since September 2006, ABSM entered into certain lease agreements operating lease with BS on motor vehicles and office equipment owned by ABSM with lease periods ranging from four 4 up to eight 8 years until 2014 Note 21.