The Company’s Investments in Shares of Stock

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 - 92 - Following are the balances of and changes in investment properties and the related accumulated depreciation: January 1, December 31 , 2012 Additions Deductions Reclassification 2012 At Cost Land - 4,400 - - 4,400 Building 11,691 33 - - 11,724 Total 11,691 4,433 - - 16,124 Accumulated Depreciation Building 5,246 581 - - 5,827 Net Book Value 6,445 10,297 Changes during 2012 January 1, December 31 , 2011 Additions Deductions Reclassification 2011 At Cost Land 13,129 - - 13,129 - Building 21,368 - - 9,677 11,691 Total 34,497 - - 22,806 11,691 Accumulated Depreciation Building 4,766 585 - 105 5,246 Net Book Value 29,731 6,445 Changes during 2011 January 1, 201 January 1, December 31 , 2010 Additions Deductions Reclassification 2010 At Cost Land 79,551 11,810 78,232 - 13,129 Building 12,370 9,676 678 - 21,368 Total 91,921 21,486 78,910 - 34,497 Accumulated Depreciation Building 4,110 690 34 - 4,766 Net Book Value 87,811 29,731 Changes during 2010 Depreciation charged to operations for the years ended December 31, 2012 and 2011 amounted to Rp 581 and Rp 585, respectively. As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010, the fair value of investment property of ASM, subsidiary, amounted to Rp 20,964, Rp 20,925 and Rp 20,409 based on independent appraisal report of Ihot, Dolar Rekan dated December 26, 2012, January 24, 2012 and February 11, 2011, respectively. 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 - 93 - As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010, investment properties are insured with ASM, a subsidiary and other insurance companies for Rp 1.302 and US 1,237,112. Management believes that the insurance coverages are adequate to cover any possible losses that might arise from the assets insured. Reclassification of investment properties to property and equipment in 2011 represents reclassification made by SU and ABSM, subsidiaries Note 19. Management believes that there is no impairment in value of the aforementioned assets as of December 31, 2012 and 2011 and January 1, 2011December 31, 2010.

19. Property and Equipment

January 1, December 31, 2012 Additions Deductions Reclassifications 2012 At cost Direct acquisitions Land 253,992 57,015 747 11,777 322,037 Buildings 616,074 212,434 4,998 41,083 782,427 Office equipment 504,699 193,114 7,188 - 690,625 Motor vehicles 205,923 41,448 9,218 - 238,153 Furniture and fixtures 29,894 7,147 926 - 36,115 Machineries and equipment 33,972 7,721 - - 41,693 Construction in progress 34,421 246,744 - 29,306 310,471 Total 1,678,975 765,623 23,077 - 2,421,521 Accumulated depreciation Direct acquisitions Buildings 103,782 32,408 2,520 - 133,670 Office equipment 202,089 90,605 7,085 - 285,609 Motor vehicles 81,879 32,542 6,541 - 107,880 Furniture and fixtures 16,913 5,848 899 - 21,862 Machineries and equipment 20,591 7,404 - - 27,995 Total 425,254 168,807 17,045 - 577,016 Net Book Value 1,253,721 1,844,505 Changes during 2012 January 1, December 31, 2011 Additions Deductions Reclassifications 2011 At cost Direct acquisitions Land 161,419 77,673 - 14,900 253,992 Buildings 454,329 143,022 247 19,190 616,294 Office equipment 341,496 172,228 9,708 463 504,479 Motor vehicles 133,060 80,168 7,305 - 205,923 Furniture and fixtures 27,263 3,695 1,064 - 29,894 Machineries and equipment 22,694 11,621 343 - 33,972 Construction in progress 28,198 17,970 - 11,747 34,421 Total 1,168,459 506,377 18,667 22,806 1,678,975 Changes during 2011 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 - 94 - January 1, December 31, 2011 Additions Deductions Reclassifications 2011 Accumulated depreciation Direct acquisitions Buildings 80,015 23,871 209 105 103,782 Office equipment 151,033 59,986 8,930 - 202,089 Motor vehicles 63,465 23,581 5,167 - 81,879 Furniture and fixtures 13,857 4,080 1,024 - 16,913 Machineries and equipment 17,135 3,793 337 - 20,591 Total 325,505 115,311 15,667 105 425,254 Net Book Value 842,954 1,253,721 Changes during 2011 January 1, 201 January 1, December 31, 2010 Additions Deductions Reclassifications 2010 At cost Direct acquisitions Land 154,398 7,498 477 - 161,419 Buildings 390,908 63,968 747 200 454,329 Office equipment 288,185 56,362 3,051 - 341,496 Motor vehicles 94,785 42,949 4,674 - 133,060 Furniture and fixtures 22,173 5,391 301 - 27,263 Machineries and equipment 20,372 2,322 - - 22,694 Construction in progress 11,975 16,423 - 200 28,198 Total 982,796 194,913 9,250 - 1,168,459 Accumulated depreciation Direct acquisitions Buildings 59,140 21,105 230 - 80,015 Office equipment 114,547 39,460 2,974 - 151,033 Motor vehicles 49,034 17,836 3,405 - 63,465 Furniture and fixtures 10,765 3,380 288 - 13,857 Machineries and equipment 13,782 3,353 - - 17,135 Total 247,268 85,134 6,897 - 325,505 Net Book Value 735,528 842,954 Changes during 2010 Depreciation charged to operations for the years ended December 31, 2012 and 2011 amounted to Rp 168,807 and Rp 115,311, respectively. Depreciation which were included in other expenses - direct cost of service center for the years ended December 31, 2012 and 2011 amounted to Rp 1,807 and Rp 1,186, respectively Note 50. As of December 31, 2012, construction in progress represent building construction in Jakarta, Surabaya, Belitung, Pekalongan, Semarang, Kudus, Jember and Magelang with contract value of Rp 64,100 and USD 80,000,000 and estimated date of completion is in 2013-2014, with contractual commitment of Rp 22,035 and USD 53,146,300. As of December 31, 2012, the fair value of the Group’ land and building amounted to Rp 1,674,123.