Unearned Premiums and Estimated Own Retention Claims

PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 102 - PT Bank Victoria International Tbk Victoria In 2008, ABSM obtained a working capital loan facility from Victoria with maximum facility of Rp 35,000 million. Interest rate on this loan is 13 per annum. The facility has been extended several times, the latest this facility available until July 16, 2012. As of December 31, 2011 and 2010, the outstanding loan amounted to Rp Rp 22,441 million and Rp 18,684 million with unamortized provision amounted to Rp 121 million and nil, respectively. The facility is fiduciary secured by net investment in finance lease Note 8. On March 24, 2011, SMF obtained a revolving working capital credit facility from Victoria with maximum facility of Rp 100,000 million. The availability of the facility is for 12 months, which will be due on March 24, 2012 and with interest rates of 10.25 per annum. As of December 31, 2011, the oustanding loan amounted to Rp 100,000 million. The facility is fiduciary secured by consumer financing receivables Note 7. PT Bank Capital Indonesia Tbk Capital On December 16, 2010, SMF obtained a revolving working capital credit facility from Capital with maximum facility of Rp 100,000 million. The availability of the facility is for 12 months and with interest rates 10.50 per annum. This facility has been extended until December 16, 2012. As of December 31, 2011, the outstanding loan amounted to Rp 100,000 million. The facility is fiduciary secured by factoring receivables Note 9. PT Bank ICBC Indonesia ICBC In 2010, ABSM obtained a fixed loan facilty - on demand from ICBC with maximum facitily of Rp 20,000 million. The facility has been extended several times, the latest will be available until July 12, 2012 and with interest rate of 11 per annum. As of December 31, 2011 and 2010, the outstanding loan amounted to Rp 19,800 million and Rp 19,980 million with unamortized provision amounted to Rp 100 million and 93 million, respectively. In 2011, ABSM obtained a additional a fixed loan facility – on demand from ICBC with maximum facility of Rp 50,000 million, the availability of the loan will be due on March 11, 2012. The interest rate is 11 per annum. As of December 31, 2011, the outstanding loan amounted to Rp 49,500 million with unamortized provision amounted to Rp 83 million. The facility is fiduciary secured by factoring receivables Note 9. PT Bank CIMB Niaga Tbk CIMB Niaga On August 11, 2009, SMF obtained a revolving loan facility from CIMB Niaga with a maximum facility of Rp 50,000 million. The availability of the facility is for 1 year, the facility has been extended, the latest extended will be due January 11, 2012 and with interest rate ranging from 10.25 to 13.00 per annum. As of December 31, 2011 and 2010, the outstanding loan amounted to Rp 50,000 million with unamortized provision amounted to Rp 21 million and Rp 230 million, respectively. The facility is fiduciary secured by consumer financing receivables Note 7. The loans obtained by the subsidiares from BNI, Panin, Victoria, Capital, ICBC and CIMB Niaga include requirements that limit the rights of the subsidiares, among others, to conduct merger, acquisition, reorganization, change of business or change their legal status or liquidate the subsidiares, file a petition for bankruptcy or delaying payment of their debts, withdraw or reduce the paid up capital and to guarantee or mortgage shares. PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 103 -

34. Other Liabilities

2011 2010 Rp 000,000 Rp 000,000 Related parties Note 54 Premiums received still in identification process 461 342 Unearned revenues 232 142 Others 253 334 Total 946 818 Third parties Premiums received still in identification process 123,862 134,609 Policyholders deposits 94,217 10,247 Immediately payable liabilities 70,787 42,456 Unearned revenues 15,665 8,700 Payable to policyholders 11,868 71,682 Deposits payable 2,801 29,706 Travellers checks 881 1,616 Tabarru fund 557 - Tithe payable 376 149 Payable to contractors 28 133 Estimated losses on commitments and contingencies - 3,537 Negative goodwill-net Note 2b - 129,802 Others 34,108 180,444 Total 355,150 613,081 Total 356,096 613,899 Tabarru’ fund is the fund establish from contribution, investment income, and accumulated tabarru’ funds underwriting surplus reserve which is allocated to tabarru fund. As of December 31, 2011, estimated losses on commitment and contingency have been adjusted to the current year statement of comprehensive income Note 26. As of December 31, 2010, others include liability SU, a subsidiary, to third party, amounting to Rp 145,000 million, respectively, in connection with the purchase of shares of BRP by SU and has been repaid in October 2011. As of December 31, 2011 and 2010, the balance of negative goodwill includes negative goodwill arising from purchase of shares of AJSM at nominal price by the Company and SU, a subsidiary, Note 17. The carrying amount of negative goodwill amounted to Rp 129,806 million was adjusted to beginning balance of retained earning as of January 1, 2011 Note 2b and carrying amount of positive goodwill amounted Rp 4 million was recorded as other assets. As of December 31, 2011 and 2010, the balance of other liabilities denominated in foreign currency amounted to US 3,424,169 and US 8,228,015, respectively Note 59.