Net Investments in Finance Lease

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 - 78 - January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Assets Investments Units of mutual funds Third parties Rupiah RD Gani Penyertaan Terbatas 1,574,261 1,415,699 1,380,509 PT Henan Putihrai Asset Management Maestro Flexi I 1,045,482 1,271,343 2,390,544 Si Dana Batavia Terbatas VI 602,367 804,956 870,257 Syailendra Multi Strategy Fund I 542,121 454,049 111,875 Schroder Dana Terpadu II 138,593 386,527 332,339 Syailendra Balanced Opportunity Fund 137,765 - - RD Kharisma Flexi Terbatas III 113,539 103,653 - Panin Dana Bersama Plus 99,024 - - PNB Paribas Ekuitas 76,268 - - Schroder Syariah Balanced Fund 50,508 45,358 43,534 Schroder Dana Prestasi Plus 36,316 79,244 80,037 Syailendra Equity Opportunity Fund 27,676 - - Panin Dana Maxima 22,918 - - Corfina Bima Berimbang Penyertaan Terbatas 12,593 11,290 32,089 Schroder Dana Mantap Plus II 5,566 5,164 4,525 Fortis Ekuitas - 78,353 78,433 Others below Rp 1,000 each - 913 970 Total 4,484,997 4,656,549 5,325,112 Foreign currency Corfina Bima Berimbang Dollar Penyertaan Terbatas 328,840 426,221 386,308 PT Henan Putihrai Asset Management Maestro Dollar I 52,850 48,652 164,703 Total 381,690 474,873 551,011 Total - Third parties 4,866,687 5,131,422 5,876,123 Total - units of mutual fund 4,913,150 5,172,719 5,929,443 Total - investments 4,972,339 5,254,458 6,009,986 Cash and cash equivalents 167,411 94,016 1,422,530 Investment receivables 1,129 2,090 2,271 Total Assets 5,140,879 5,350,564 7,434,787 Liabilities Accrued expenses 364 694 - Claims payable 1,288 10,054 57,618 Insurance contract liabilities 16,329 - - Other liabilities 1,179,572 791,397 322,459 Total liabilities 1,197,553 802,145 380,077 Net 3,943,326 4,548,419 7,054,710 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 - 79 -

11. Premiums and Reinsurance Receivables

a. This account consists of: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Related parties Note 53 Premiums receivable 101,574 99,868 43,187 Reinsurance receivables 12,113 3,689 905 Subtotal 113,687 103,557 44,092 Third parties Premiums receivable 221,047 269,323 307,104 Reinsurance receivables 55,075 36,923 8,107 Subtotal 276,122 306,246 315,211 Total 389,809 409,803 359,303 Allowance for impairment losses 1,678 691 4,926 Net 388,131 409,112 354,377 b. The details of premiums and reinsurance receivables classified based on currency are as follows: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Rupiah Premiums receivable 246,590 301,040 316,588 Reinsurance receivables 42,897 26,317 5,518 Subtotal 289,487 327,357 322,106 Foreign currencies Note 54 Premiums receivable 76,031 68,151 33,703 Reinsurance receivables 24,291 14,295 3,494 Subtotal 100,322 82,446 37,197 Total 389,809 409,803 359,303 Allowance for impairment losses 1,678 691 4,926 Total 388,131 409,112 354,377 c. The details of reinsurance receivables classified based on domicile of the reinsurer are as follows: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Local 52,387 22,071 5,090 Foreign 14,801 18,541 3,922 Total 67,188 40,612 9,012