SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued

The original consolidated financial statements included herein are in Indonesian language. PT MNC LAND Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN lanjutan Untuk tahun yang berakhir pada 31 Desember 2015 Dan 2014 Disajikan dalam Rupiah, kecuali dinyatakan lain PT MNC LAND Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued For The Years Ended December 31, 2015 And 2014 Expressed in Rupiah, unless otherwise stated 51

3. KOMBINASI BISNIS

DAN AKUISISI KEPENTINGAN NONPENGENDALI lanjutan 3. BUSINESS COMBINATION AND ACQUISITION OF NON-CONTROLLING INTEREST continued a. Akuisisi LNP lanjutan a. Acquisition of LNP continued a. Berdasarkan “Conditional Sale and Purchase of Mandatory Exchangeable Agreement” tanggal 1 April 2013, kedua belah pihak menyetujui transaksi jual beli MEB yang diterbitkan oleh PT Zulam Alinda Sejahtera ZAS yang dapat ditukar dengan 199.999 lembar saham PT Lido Nirwana Parahyangan LNP atau jumlah lembar saham lain yang mewakili 99,99 dari jumlah saham LNP, dengan nilai transaksi sebesar Rp754.694.000.000. a. Based on the Conditional Sale and Purchase of Mandatory Exchangeable Agreement dated April 1, 2013, both parties agreed to enter into the sale and purchase of MEB issued by PT Zulam Alinda Sejahtera ZAS with a transaction value of Rp754,694,000,000. The MEB can be exchanged into 199,999 shares of PT Lido Nirwana Parahyangan LNP or other number of shares representing 99.99 of the total shares of LNP. b. Berdasarkan “Conditional Sale and Purchase of Mandatory Exchangeable Agreement” tanggal 1 April 2013, kedua belah pihak menyetujui transaksi jual beli MEB yang diterbitkan oleh ZAS dengan nilai transaksi sebesar Rp5.000.000.000. MEB dapat ditukar dengan 500.000 lembar saham PT Lido Golf Prima LGP atau jumlah lain yang mewakili 50 dari jumlah lembar saham LGP. b. Based on the Conditional Sale and Purchase of Mandatory Exchangeable Agreement dated April 1, 2013, both parties agreed to enter into the sale and purchase of MEB issued by ZAS with a transaction value of Rp5,000,000,000. The MEB can be exchanged into 500,000 shares of PT Lido Golf Prima LGP or other number of shares representing 50 of the total shares of LGP. c. Berdasarkan “Conditional Sale and Purchase of Mandatory Convertible Agreement” tanggal 1 April 2013, kedua belah pihak menyetujui transaksi jual beli MCB yang diterbitkan oleh LNP dengan nilai transaksi sebesar Rp295.162.000.000. MCB dapat dikonversi dengan 83.616 lembar saham baru LNP. c. Based on the Conditional Sale and Purchase of Mandatory Convertible Agreement dated April 1, 2013, both parties agreed to enter into the sale and purchase of MCB issued by LNP with a transaction value of Rp295,162,000,000. The MCB can be converted into 83,616 new shares of LNP. d. Berdasarkan “Conditional Sale and Purchase of Mandatory Convertible Agreement” tanggal 1 April 2013, kedua belah pihak menyetujui transaksi jual beli MCB yang diterbitkan oleh LNP dengan nilai transaksi sebesar Rp340.536.000.000. MCB dapat dikonversi dengan 96.469 lembar saham baru LNP. d. Based on the Conditional Sale and Purchase of Mandatory Convertible Agreement dated April 1, 2013, both parties agreed to enter into the sale and purchase of MCB issued by LNP with a transaction value of Rp340,536,000,000. The MEB can be converted into 96,469 new shares of LNP. Periode pengalihan MCB dan pertukaran MEB dimulai sejak tanggal 3 Januari 2014 sampai dengan 3 Januari 2018. The transfer period of MCB and the exchange period of MEB will be commencing from January 3, 2014 until January 3, 2018. Pada tanggal 4 Agustus 2014, Perusahaan melakukan konversi atas seluruh MEB dan MCB yang dimiliki. Oleh karena itu, laporan keuangan LNP telah dikonsolidasikan dalam laporan keuangan konsolidasian sejak Agustus 2014. On August 4, 2014, the Company has converted all of its MEB and MCB into LNP and LGP’s shares. Accordingly, the LNP’s financial statements has been included in the consolidated financial statements since August 2014. The original consolidated financial statements included herein are in Indonesian language. PT MNC LAND Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN lanjutan Untuk tahun yang berakhir pada 31 Desember 2015 Dan 2014 Disajikan dalam Rupiah, kecuali dinyatakan lain PT MNC LAND Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued For The Years Ended December 31, 2015 And 2014 Expressed in Rupiah, unless otherwise stated 52

3. KOMBINASI BISNIS

DAN AKUISISI KEPENTINGAN NONPENGENDALI lanjutan 3. BUSINESS COMBINATION AND ACQUISITION OF NON-CONTROLLING INTEREST continued a. Akuisisi LNP lanjutan a. Acquisition of LNP continued Tabel berikut menunjukkan nilai buku dan nilai wajar atas aset dan liabilitas teridentifikasi yang diambil alih pada tanggal akuisisi: The following table shows the book value and fair value of the identifiable assets and liabilities acquired at the acquisition date: Nilai Buku Book Value Nilai Wajar Fair Value Aset Assets Kas dan setara kas 8.486.450.116 8.486.450.116 Cash and cash equivalents Piutang usaha 568.348.350 568.348.350 Trade receivables Piutang lain-lain 85.763.772 85.763.772 Other receivables Persediaan 394.139.985 130.914.209.374 Inventories Pajak dibayar di muka 349.674.675 349.674.675 Prepaid taxes Uang muka dan biaya dibayar di muka 5.560.693.566 5.560.693.566 Advances and prepaid expenses Uang muka pembelian tanah 18.008.153.321 18.008.153.321 Advance for purchase of land Tanah untuk pengembangan 540.525.651.457 1.284.491.008.744 Land for development Aset tetap 90.050.539.591 242.058.957.483 Fixed assets Aset pajak tangguhan 2.054.423.500 2.054.423.500 Deferred tax assets Aset tidak lancar lainnya 1.720.360.692 1.720.360.692 Other non-current assets Total aset 667.804.199.025 1.694.298.043.593 Total assets Liabilitas Liabilities Utang usaha 651.386.076 651.386.076 Trade payables Utang lain-lain 62.313.879.369 62.313.879.369 Other payables Utang pajak 2.790.979.708 2.790.979.708 Taxes payable Beban masih harus dibayar 14.954.381.977 14.954.381.977 Accrued expenses Jaminan pelanggan 3.143.516.056 3.143.516.056 Customers’ deposit Liabilitas imbalan kerja 8.217.694.000 8.217.694.000 Employee benefits liability Utang ke lembaga pembiayaan 495.327.133 495.327.133 Loan to financing institution Total liabilitas 92.567.164.319 92.567.164.319 Total liabilities Nilai aset bersih 1.601.730.879.274 Net assets value Nilai aset bersih yang diambil alih setelah dikurangi liabilitas pajak tangguhan sebesar Rp12.138.372.726 1.589.592.506.548 Net assets value of acquired subsidiary – net off deferred tax liability amounting to Rp12,138,372,726 Total harga perolehan 1.395.392.000.000 Acquisition cost Keuntungan dari pembelian diskon 194.200.506.548 Gain on bargain purchase Total biaya perolehan 1.395.392.000.000 Total acquisition cost Biaya perolehan yang telah dibayar 1.395.392.000.000 Acquisition cost that has been paid Kas dan setara kas yang diperoleh 8.486.450.116 Cash and cash equivalent of acquired subsidiary Arus kas masuk bersih pada saat akuisisi 8.486.450.116 Net cash in flow at acquisition Transaksi di atas menghasilkan keuntungan dari pembelian dengan diskon sebesar Rp194.200.506.548 yang dicatat sebagai “Keuntungan dari pembelian dengan diskon” dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian untuk tahun yang berakhir pada 31 Desember 2014. The above transaction resulting in gain on bargain purchase of Rp194,200,506,548 which was recorded as “Gain on bargain purchase” in the consolidated statements of profit or loss and other comprehensive income for the year ended December 31, 2014.