KEWAJIBAN IMBALAN KERJA EMPLOYEE BENEFITS OBLIGATION HUTANG OBLIGASI BONDS PAYABLE

PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2010 With Comparative Figures for the Period Ended June 30, 2009 Expressed in Thousand Rupiah, unless otherwise stated 61 24. HUTANG OBLIGASI Lanjutan 24. BONDS PAYABLE Continued Penerimaan dari penerbitan Obligasi akan digunakan oleh Perusahaan sebagai pelunasan hutang dan untuk keperluan modal kerja. Proceeds from issuing the Notes were used by the Company for settlement of loan and for working capital requirements. BSP Finance B.V. menunjuk Bank of New York, cabang London, sebagai trustee, agen pembayaran, agen transfer dan agen Escrow; dan PT Bank Danamon Indonesia Tbk sebagai Agen Penjaminan di Indonesia. Berdasarkan tingkat kredit yang diterbitkan oleh Moody’s Investor Service Inc. dan Standard Poor’s rating group, sebuah divisi dari McGraw-Hill Companies Inc. tertanggal 19 September 2009, Obligasi mendapat nilai “B-” dan “B-”. BSP Finance B.V. appointed the Bank of New York, London Branch, as trustee, paying agent, transfer agent and Escrow agent and PT Bank Danamon Indonesia Tbk as Indonesian Collateral Agent. Based on credit rating issued by Moody’s Investor Service Inc. and Standard Poor’s rating Group, a division of the McGraw-Hill Companies Inc. dated September 19, 2009, the Notes are rated “B-” and “B-”. Pada tanggal 7 Maret 2007, BSP Finance B.V. menerbitkan Obligasi baru sebesar USD50 juta dengan tingkat bunga 10,75 dengan persyaratan tertera pada sirkulasi penawaran tertanggal 27 Februari 2007 dengan harga penerbitan 101 dibawah persyaratan yang sama dengan Obligasi tertanggal 17 Oktober 2006. Premi dengan jumlah USD500.000 akan diamortisasi menggunakan metode garis lurus pada durasi Obligasi. On March 7, 2007 the BSP Finance B.V. issued new 10.75 Notes in the amount of USD50 million under the conditions as reflected in the offering circular dated February 27, 2007 at an issue price of 101 under the same conditions as the Notes issued on October 17, 2006. The premium on the amount of USD500,000 on the Notes will be amortized on a straight-line basis over the duration of the Notes. Perusahaan “Pemberi Garansi” menyepakati sebuah Perjanjian Garansi “Perjanjian” dengan BSP Finance B.V. pada tanggal 17 Oktober 2006, dimana Pemberi Garansi setuju untuk membayar BSP Finance B.V. senilai sama dengan hutang BSP Finance B.V. terhadap para pemegang Obligasi, kurang dari jumlah dari modal ekuitas perusahaan, sama dengan modal saham yang telah diterbitkan Perusahaan, dan surplus kontribusi modal atau modal lain Perusahaan yang relevan untuk memenuhi resiko keadaan ekonomi sesuai dengan Keputusan Kementrian Keuangan Kerajaan Belanda tertanggal 11 Agustus 2004. Perjanjian ini akan berlanjut sampai dan akan berakhir dengan pelunasan penuh dari hutang obligasi. Perjanjian ini diatur dan terikat dengan hukum Kerajaan Belanda. The Company “Guarantor” entered into a Guarantee Agreement the “Agreement” with BSP Finance B.V. on October 17, 2006 wherein the Guarantor has agreed to pay BSP Finance B.V. amounts equal to the amounts payable by BSP Finance B.V. to the holders of the Notes, less an amount of the BSP Finance’s equity capital, being equal to the BSP Finance’s issued and paid-up share capital and capital surplus contribution or any other such amount of the BSP Finance’s equity capital as relevant to meet the substance and economic risk conditions in accordance with the Decree of the Netherlands Ministry of Finance, dated August 11, 2004. The Agreement will continue until and terminate upon full payment of the Notes. The Agreement is governed by and construed in accordance with the laws of the Netherlands. Rincian hutang obligasi - Senior Notes - bersih pada tanggal 30 Juni 2010 dan 2009 adalah sebagai berikut: The details of bonds payable - Senior Notes - net as of June 30, 2010 and 2009 were as follows: PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2010 With Comparative Figures for the Period Ended June 30, 2009 Expressed in Thousand Rupiah, unless otherwise stated 62 24. HUTANG OBLIGASI Lanjutan 24. BONDS PAYABLE Continued