Insurance Underwriting Expenses Interest Expense and Profit Sharing

PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated d. ABSM, a subsidiary, entered into certain lease agreements operating lease with BS, a subsidiary, on motor vehicles and office equipment owned by ABSM with lease period for 1 year.

54. Commitments and Contingencies

a. BS, a subsidiary, has commitments on purchases and sales of foreign currency Spot and Forward which have not yet been realized as of December 31, 2014 and 2013. Details are as follows: 2014 2013 Spot and forward contracts to purchase foreign currencies U.S Dollar 92,888 121,700 Japan Yen - 36,423 Total 92,888 158,123 Spot and forward contracts to sell foreign currencies U.S Dollar 92,888 109,530 Singapore Dollar 609 - Australian Dollar 304 - Japan Yen - 36,347 Euro - 5,028 Total 93,801 150,905 The above spot and forward transactions are normally settled in 1 day to 3 days, 3 days to 103 days, and 5 days to 71 days, respectively. b. BS has commitments and contingent receivables and liabilities under export-import, guarantees and loans given to the customers as follows: 2014 2013 Commitments Commitment liabilities Unused loan commitments granted to customers 486,114 265,516 Irrevocable Letters of Credit 17,823 67,942 Total 503,937 333,458 Contingencies Contingent receivables Past due interest revenues 76,770 27,934 Contingent liabilities Bank guarantees issued 1,049,744 921,253 Net 972,974 893,319 - 111 - PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated As of December 31, 2014 and 2013, the total commitments and contingencies transactions which consist of letters of credit and bank guarantees with related parties amounted to Rp 196,655 and Rp 138,818, respectively Note 50. As of December 31, 2014 and 2013, the average term of letters of credit is 1 up to 5 months and 1 up to 9 months, respectively, while for bank guarantees is from 14 days up to 38 months and 14 days up to 39 months, respectively.

55. Segment Information

Operating segments are reported in accordance with the internal reporting to the operating decision maker who is responsible for the allocation of resources to each segment are reported as well as assess the performace of each segment. 2014 Consumer Stock brokerage financing, Securities underwriting Property, Total Total Insurance finance lease administration and investment Trading and before after The Company underwriting and factoring fee manager Banking Service elimination Elimination Elimination Operating income - 9,582,791 - 4,010 163,796 - - 9,750,597 78 9,750,519 Interest income and profit sharing 17,868 512,628 596,013 - 9,611 1,787,102 59 2,923,281 65,897 2,857,384 Gain from investment in units of mutual fund 70,330 831,542 - 1,230 51,911 - 2,141 957,154 - 957,154 Administration fee and commission - - 147,534 - - 226,939 - 374,473 50,055 324,418 Unrealized gain loss on change in fair value of marketable securities 37,820 283,871 - - 29,996 1,357 - 274,690 - 274,690 Sales 7,199 - - - - - 173,701 180,900 - 180,900 Equity in net income of associates - net 882,451 29,354 - - - - 79,971 991,776 877,231 114,545 Sales of investment in shares 47,376 - - - - - - 47,376 - 47,376 Gain on foreign exchange - net 577 37,381 108 - 2,251 4,538 20 30,143 - 30,143 Others 71,046 101,568 20,516 259 18,957 22,066 120,628 355,040 76,295 278,745 Total income 1,057,873 11,379,135 764,171 5,499 272,020 2,030,212 376,520 15,885,430 1,069,556 14,815,874 Operating expenses - 9,556,300 - - 34,997 - - 9,591,297 50,055 9,541,242 General and administrative 16,632 335,992 179,734 1,535 52,576 555,733 56,413 1,198,615 88,965 1,109,650 Salaries and employee benefit 6,388 366,709 230,452 2,625 46,258 336,820 33,273 1,022,525 - 1,022,525 Interest expenses - - 222,504 - 5 806,882 3,226 1,032,617 42,898 989,719 Loss gain on sale of short-term investment-Net - 349,359 - - 39,422 9,494 - 379,287 - 379,287 Cost of goods sold 6,240 - - - - - 173,323 179,563 - 179,563 Provision for impairment losses of financial assets and non financial assets - 2,690 21,069 1 - 39,237 8 63,005 - 63,005 Others 5,242 50,412 34,145 248 2,576 100,141 30,551 223,315 6,515 216,800 Total expenses 34,502 10,661,462 687,904 4,409 175,834 1,829,319 296,794 13,690,224 188,433 13,501,791 Income losses before tax 1,023,371 717,673 76,267 1,090 96,186 200,893 79,726 2,195,206 881,123 1,314,083 Tax benefit expense 11,559 7,289 22,432 2 31,086 45,963 1,107 104,856 462 104,394 Net income 1,011,812 724,962 53,835 1,092 65,100 154,930 78,619 2,090,350 880,661 1,209,689 Segment assets 1,007,461 26,460,075 3,271,615 24,585 1,197,079 21,143,098 416,327 53,520,240 575,529 52,944,711 Investment in associates 11,753,438 159,012 8 301 16,937 173,800 263,467 12,366,963 11,553,173 813,790 Unallocated assets 12,638 31,185 - 157 6,564 30 10,988 61,562 - 61,562 Total assets 12,773,537 26,650,272 3,271,623 25,043 1,220,580 21,316,928 690,782 65,948,765 12,128,702 53,820,063 Segment liabilities 12,093 15,156,302 1,968,518 2,349 231,443 18,001,800 70,955 35,443,460 605,134 34,838,326 Unallocated liabilities 11,774 13,550 8,426 173 7,663 112,274 564 154,424 6,197 160,621 23,867 15,169,852 1,976,944 2,522 239,106 18,114,074 71,519 35,597,884 598,937 34,998,947 Segment assets are excluded prepaid tax and deferred tax asset whereas segment liabilities are excluded taxes payable and deferred tax liabilities - 112 -