Loans Received Financial Statement 2011

PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 105 - All capital stock issued by the Company Series A and Series B shares are common stock. The changes in capital stock of the Company are as follows: Number of Paid-up Shares Capital Stock Rp 000,000 Balance as of January 1, 2010 6,180,258,195 1,316,150 Additional issuance of capital stock from the conversion of Series III warrants Note 42 1,600,804 160 Additional issuance of capital stock from the conversion of Series IV warrants Note 42 41,933,667 4,194 Balance as of December 31, 2010 6,223,792,666 1,320,504 Additional issuance of capital stock from the conversion of Series IV warrants Note 42 8,745,391 874 Balance as of December 31, 2011 6,232,538,057 1,321,378 Capital Management The primary objective of the Group’ capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder value as well as maintain an optimal capital structure to reduce the cost of capital. The Group’ manage their capital structure and makes adjustment in light of changes in economic conditions. The Group’ monitor their capital using gaering ratio debt to equity ratio, by dividing net debt to capital. The Group’s policy is to maintain the gearing ratio within the range of gearing ratios of the other companies with similar industry in Indonesia. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as “equity” attributable to the Company’s stockholders as shown in the consolidated statement of financial position plus net debt. Ratio of net debt to equity as of December 31, 2011 and 2010 are as follows: 2011 2010 Rp 000,000 Rp 000,000 Total deposits and deposits from other banks 14,578,756 9,604,110 Total loans received 930,904 512,265 Cash and cash equivalents 8,523,794 1,980,945 Total - net 6,985,866 8,135,430 Equity attributable to the owners of the parent entity 9,566,925 5,060,646 The ratio of net loans and debt to equity 73.02 160.76 PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 106 -

37. Additional Paid-in Capital - Net

This account consists of additional paid-in capital and equity stock issuance cost, the details are as follows: 2011 2010 Rp 000,000 Rp 000,000 Additional paid-in capital 811,534 808,037 Equity stock issuance cost 3,137 3,137 808,397 804,900 Additional paid-in capital consist of: 2011 2010 Rp 000,000 Rp 000,000 Initial public offering 78,000 78,000 Limited public offering I 165,750 165,750 Limited public offering III 24,783 24,783 Conversion of Series I warrants 49,372 49,372 Conversion of Series III warrants 396,353 396,353 Conversion of Series IV warrants 173,776 170,279 Conversion to capital stock 76,500 76,500 811,534 808,037 Equity stock issuance cost incurred on Limited Public Offering II, III and IV, amounted to Rp 904 million, Rp 1,060 million, and Rp 1,173 million, respectively. The changes in additional paid-in capital account from January 1, 2010 up to December 31, 2011 are as follows: Total Rp 000,000 Balance as of January 1, 2010 787,598 Additional paid-in capital from the conversion of Series III warrants Note 42 529 Additional paid-in capital from the conversion of Series IV warrants Note 42 16,773 Balance as of December 31, 2010 804,900 Additional paid-in capital from the conversion of Series IV warrants Note 42 3,497 Balance as of December 31, 2011 808,397 PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended - 107 -

38. Other Equity Components

This account represents changes in value of investments of the Company due to changes in equity of the subsidiaries and associated companies which resulted from the change in the Company’s ownership interest in AJSM. BS, PT Panji Ratu Jakarta and PT Super Wahana Tehno, unrealized loss on decrease in value of securities of ASM, AJSM and BS and changes in fair values of derivative instruments of PT Oto Multiartha. 2011 2010 Rp 000,000 Rp 000,000 Unrealized gain loss on increase decrease in fair value of available for sale securities Note 5 29,237 93,723 Share in translation adjustment of a subsidiary 41 - Effects of transactions of subsidiary and associated company with other investors 2,868,812 36,809 Changes in fair values of derivative instruments and others 9,099 9,099 Total 2,830,517 121,433 In 2010, in relation to sale of all of investment in shares of PT Certis CISCO CISCO by the Company, the changes in ownership interest in CISCO was transferred to Gain on sale of Investment amounting to Rp 2,719 million was recognized as part of gain on sale of investment amounted to Rp 12,718 million Note 17.

39. Difference in Value Arising from Restructuring Transactions Among Entities Under Common Control

In December 2006, the Company increased its investment in AJSM amounting to Rp 15,000 million. The increase in investment resulted to an increase in ownership interest of the Company in AJS from 50.00 to 73.08, since the other stockholders, namely: PT Sinarindo Gerbangmas SG and PT Sinar Mas Tunggal SMT both are companies owned by Sinar Mas Group did not increase their investments. Difference between the transfer price and book value of restructuring transactions among entities under common control amounting to Rp 46,028 million was recorded in the account “Difference in Value Arising from Restucturing Transactions Among Entities Under Common Control” as part of equity in the consolidated financial statements. In December 2007, the Company increased its investment in AJSM amounting to Rp 20,000 million. The increase in investment resulted to an increase in ownership interest of the Company in AJS from 73.08 to 83.33, since SG and SMT did not increase their investments. Difference between the transfer price and book value of restructuring transactions among entities under common control amounting to Rp 47,475 million was recorded in the account “Difference in Value Arising from Restucturing Transactions Among Entities Under Common Control” as part of equity in the consolidated financial statements. In 2011, 2010, 2009 and 2008, the Company increased its investment in JTUM amounting to Rp 25,000 million, Rp 15,000 million, Rp 20,000 million and Rp 8,000 million, respectively. The increase in investment resulted to an increase in ownership interest of the Company in JTUM to 99.93 in 2011, 99.90 in 2010, 99.86 in 2009, 99.67 in 2008, since the other stockholders, PT Kalibesar Raya Utama, a company owned by Sinar Mas Group, did not increase its investment. Difference between the transfer price and book value of restructuring transactions among entities under common control amounting to Rp 1 million, Rp 1 million, Rp 7 million and Rp 10 million, respectively, were recorded in “Difference in Value Arising from Restucturing Transactions Among Entities Under Common Control” as part of equity in the consolidated financial statements.