Obligasi VI bank bjb Tahun 2009 Dengan Tingkat Bond VI bank bjb in 2009 With Level Fixed Interest

Laporan฀Tahunan฀• ฀Annual฀Report฀•฀ bank bjb 2011 34 ฀ •฀ Seri฀ B฀ dengan฀ nilai฀ nominal฀ sebesar฀ Rp 601.000.000.000,- enam ratus satu miliar Rupiah. Obligasi ini memiliki tingkat bunga tetap sebesar 10,20 per tahun yang akan jatuh tempo pada tanggal 9 Februari 2016. ฀ •฀ Seri฀ C฀ dengan฀ nilai฀ nominal฀ sebesar฀ Rp 1.123.000.000.000,- satu triliun seratus dua puluh tiga miliar Rupiah. Obligasi ini memiliki tingkat bunga tetap sebesar 10,40 per tahun yang akan jatuh tempo pada tanggal 9 Februari 2018.

2. Obligasi VI bank bjb Tahun 2009 Dengan Tingkat

Bunga Tetap dengan jumlah pokok obligasi sebesar Rp 750.000.000.000,- tujuh ratus lima puluh miliar Rupiah Peringkat idA+ dari Pefindo, terdiri dari: ฀ •฀ Seri฀ A฀ dengan฀ nilai฀ nominal฀ sebesar฀ Rp 350.000.000.000,- tiga ratus lima puluh miliar Rupiah, obligasi ini memiliki tingkat suku bunga tetap sebesar 12,00 per tahun, yang dibayarkan setiap 3 tiga bulan, dengan jangka waktu selama 3 tiga tahun dan akan jatuh tempo pada tanggal 10 Juli 2012. ฀ •฀ Seri฀ B฀ dengan฀ nilai฀ nominal฀ sebesar฀ Rp 400.000.000.000,- empat ratus miliar Rupiah. Obligasi ini memiliki tingkat bunga tetap sebesar 12,50 per tahun, yang dibayarkan setiap 3 tiga bulan, dengan jangka waktu 5 lima tahun dan akan jatuh tempo pada tanggal 10 Juli 2014. ฀ •฀ B฀ Series฀ with฀ nominal฀ value฀ of฀฀ Rp 601.000.000.000,- six hundred and one billion Rupiah. These bonds have a fix interest rate of 10,20 per annum will mature on February 9, 2016. ฀ •฀ C฀ Series฀ with฀ nominal฀ value฀ of฀ Rp 1.123.000.000.000,- one trillion and one hundred twenty three billion Rupiah. these bonds have a fixed interest rate of 10,40 per annum will mature on February, 9 2018.

2. Bond VI bank bjb in 2009 With Level Fixed Interest

with a nominal value Rp 750,000,000,000, - Seven Hundred and Fifty Billion Rupiah Rank idA + from Outlook, consisting of: ฀ •฀ A฀Series฀฀with฀a฀nominal฀value฀of฀Rp฀350,000,000,000,฀ - Three Hundred and Fifty Billion Rupiah, these bonds have interest rates fixed rate of 12.00 per annum, payable every 3 three months, with period 3 three years and will mature on July 10, 2012. ฀ •฀ B฀Series฀with฀nominal฀value฀Rp฀400,000,000,000,฀ - Four Hundred Billion Rupiah. These bonds have a fixed interest rate 12.50 per annum, payable every 3 three months, with a term of 5 five years and will mature on July 10, 2014. INFORMASI BAGI INVESTOR Information for Investors 35 Laporan฀Tahunan฀• ฀Annual฀Report฀• bank bjb 2011 Hubungan Investor Hubungan Investor IR adalah tanggung jawab manajemen strategis yang mengintegrasikan keuangan, komunikasi, pemasaran dan kepatuhan hukum selain memungkinkan komunikasi dua arah antara perusahaan, masyarakat dan konstituen lain. Dibentuk sejak Juli tahun 2010, Grup Hubungan Investor yang merupakan bagian dari Divisi Corporate Secretary bank bjb telah menjadi jembatan antara manajemen bank bjb dengan investor dan analis dalam memperoleh informasi tentang bank bjb. Bank bjb berupaya untuk meningkatkan transparansi dan pengungkapan perusahaan melalui fungsi Hubungan Investor. Berkaitan dengan penerapan GCG dan prinsip keterbukaan serta transparansi terhadap seluruh aktivitas perusahaan terutama yang bersifat material, Hubungan Investor berusaha memberikan yang terbaik bagi pengguna informasi secara cepat, akurat dan tepat waktu yang berdampak pada pemahaman yang lebih baik akan kinerja perusahaan serta dalam hal pengambilan keputusan berinvestasi. Grup Hubungan Investor memperkenalkan bank bjb kepada komunitas pasar modal dengan melakukan rangkaian komunikasi dengan para pemegang saham. Untuk menerapkan prinsip keterbukaan dan transparansi terhadap setiap aktivitas Perusahaan terutama yang bersifat material, Grup Hubungan Investor menyampaikan informasi secara tepat waktu dan seimbang melalui berbagai sarana komunikasi seperti email, situs web dan conference call. Untuk memenuhi kewajiban keterbukaan informasi kepada Publik, hubungan investor senantiasa melakukan pelaporan baik rutin maupun insidential kepada Bapepam- LK dan Bursa Efek Indonesia sebagai Otoritas Pasar Modal. Selain itu, juga dilakukan forum-forum pertemuan dengan analis dan investor melalui pertemuan publik, temu analis, conference call, kunjungan analis, kunjungan lapangan, partisipasi dalam konferensi dan non deal roadshow. Investor Relations Investor Relations IR is a strategic management responsibility that integrates finance, communication, marketing and legal compliance in addition to allow two- way communication between companies, communities and other constituencies. Formed in July 2010, the Coordinator of the Investor Relations Group which is Part of the bank’s Corporate Secretary Division become a bridge between the bank management and investors. bank bjb seeks to enhance corporate transparency and disclosure through the function of Investor Relations. In connection with implementation of GCG and the principle of openness and transparency on all company activities that are primarily material, Investor Relations strives to provide the good information quickly, accurately and timely impact for better understanding of company performance and in terms of investment decisions. The Investor Relations Group introduces bank bjb to local markets by conducting a series of communications with shareholders. To apply the principles of openness and transparency of every activity of the Company that is primarily material, the Investor Relations Group conveys information in a timely and balanced way through various means of communication such as email, websites and conference calls. To fulfil the obligations of disclosing information to the public, investor relations are always doing both routine and incidental reporting to Bapepam- LK and the Indonesia Stock Exchange as the Capital Market Authority. In addition, forums with analysts and investors through public meetings, analyst meetings, conference calls, analyst visits, field visits, participation in conferences and non-deal road shows are conducted. Laporan฀Tahunan฀• ฀Annual฀Report฀•฀ bank bjb 2011 36 Bapepam 22 Bapepam BEI 34 BEI ConferenceCorporate Day 23 ConferenceCorporate Day Temu Analis 64 Analyst Conference Call 6 Conference Call Site Visit 9 Site Visit RUPS 2 GMS Public Expose 1 Public Expose Investor Summit 3 Investor Summit Annual Report 1 Annual Report Analyst Meeting 2 Analyst Meeting Non Deal Roadshow 2 Non Deal Roadshow Kegiatan Hubungan Investor selama tahun 2011 Investor Relations Activities during 2011 Kebijakan Pembagian Deviden Berdasarkan Anggaran Dasar PT Bank Pembangunan Daerah Jawa Barat dan Banten, Tbk. jumlah dividen yang dibagikan yang berasal dari laba bersih yang besarannya ditetapkan dalam keputusan RUPS Tahunan dengan memperhatikan peraturan perundang-undangan yang berlaku. Keputusan untuk membayarkan dividen tergantung pada laba, kondisi keuangan, likuiditas kepatuhan terhadap peraturan perundang-undangan dan faktor-faktor lain yang dianggap relevan oleh Direksi bank bjb setelah memperoleh persetujuan RUPS. Berdasarkan hasil keputusan RUPS Tahunan Tahun Buku 2010 yang diselenggarakan pada tanggal 28 Maret 2011 lalu, jumlah dividen yang dibagikan tahun 2011 adalah sebesar 65 dari Laba Bersih Tahun Buku 2010. Dividen yang telah dibayarkan oleh bank bjb dan Dividen Payout Ratio selama 5 tahun terakhir bank bjb’s Cash Dividend and Dividend Payout Ratio in last 5 years Tahun Buku Pemerintah Publik Total Payout Ratio 2010 433.958.178.660 144.652.703.027 578.610.881.686 65,00 2009 472.737.308.935 - 472.737.308.935 66,67 2008 370.485.343.964 - 370.485.343.964 68,33 2007 282.181.817.666 - 282.181.817.666 76,13 2006 225.802.207.667 - 225.802.207.667 74,66 Dividends Dividends will be paid according to the resolution from the General Annual Shareholders’ taking with consideration of existing legislation and regulations. The decision to pay dividends depends on earnings, financial condition, liquidity, compliance with laws and regulations and other factors deemed relevant by the Board of Directors after obtaining approval from the next General Annual Shareholders Meeting. Based on the result of the 2010 Annual General Meeting of Shareholders held on March 28, 2011, the number of final dividends distributed in 2011 amounted to 65 of the net profit for the year 2010. INFORMASI BAGI INVESTOR Information for Investors 37 Laporan฀Tahunan฀• ฀Annual฀Report฀• bank bjb 2011 Testimoni Investor dan Analis Investor and Analyst Testimonials UBS Investment Research BPD Jawa Barat dan Banten Expanding micro lending business „ Key banking franchise in West Java BPD Jawa Barat dan Banten Bank Jabar Banten is a dominant lender in the high- population provinces of West Java and Banten, with a strong focus on profitable civil service payroll loans. It has a high ROE 21.5 in 2005-10 and 23.2 Tier 1 capital adequacy ratio CAR. The bank is undergoing a transformation and we expect it to become bigger and more competitive through new initiatives, particularly in micro lending. The stock is currently trading below 10x 2012E PE and has an attractive 5.4 2012E dividend yield. „ High-teen EPS CAGR on strong ROE in payroll loans and micro lending We forecast a 2011-13 EPS CAGR of 17, based on mid-teen asset growth and modest margin expansion. We expect this to be driven by: 1 steady growth in its core payroll loans business; 2 aggressive growth in micro lending—a recent initiative; and 3 geographical expansion to develop a stable funding base. „ Catalyst: civil servant salary increases; risk: much higher interest rates We expect further progress in the bank’s micro lending expansion, a civil servant salary increase announcement August 2011, and a country rating upgrade to be positive catalysts for the stock. An interest rate rise would be a negative catalyst. „ Valuation: initiate coverage with a Buy rating and Rp1,575 price target We derive our price target using the Gordon Growth model assuming an 8.3 risk- free rate, 22 sustainable ROE and June 2012E BVPS. At our price target, the stock would trade at 12x 2012E PE and 2.5x 2012E PBV with 22 ROE. Highlights Rpbn 1209 1210 1211E 1212E 1213E Revenues 2,366 2,918 3,187 3,891 4,486 Pre-tax profits 985 1,220 1,350 1,692 1,967 Net income 709 890 1,013 1,269 1,475 EPS UBS, Rp 98 105 104 131 152 Net DPS UBS, Rp 51 56 61 68 85 Profitability Valuation 5-yr hist av. 1210 1211E 1212E 1213E ROE 21.5 22.0 19.5 22.2 23.2 POp x - 7.9 7.4 5.8 4.8 PBVPS x - 2.5 2.3 2.0 1.8 PE UBS x - 13.8 12.1 9.6 8.3 Net dividend yield - 3.8 4.8 5.4 6.8 Source: Company accounts, Thomson Reuters, UBS estimates. UBS valuations are stated before goodwill, exceptionals and other special items. Valuations: based on an average share price that year, E: based on a share price of Rp1,260 on 11 May 2011 23:37 SGT Joshua Tanja, CFA Analyst joshua.tanjaubs.com +62-21-570 2378 Global Equity Research Indonesia Banks, Ex-SL 12-month rating Buy Prior: Not Rated 12m price target Rp1,575US0.18 - Price Rp1,260US0.15 RIC: BJBR.JK BBG: BJBR IJ 12 May 2011 Trading data localUS 52-wk range Rp1,770-900US0.20-0.10 Market cap. Rp12,095bnUS1.42bn Shares os 9,599m ORD Free float 24 Avg. daily volume 000 55,686 Avg. daily value m Rp69,270.5 Balance sheet data 1211E Common equity Rp5,416bn PBVPS x 2.3 Tier one capital ratio 17.5 Forecast returns Forecast price appreciation +25.0 Forecast dividend yield 4.8 Forecast stock return +29.8 Market return assumption 13.3 Forecast excess return +16.5 EPS UBS, Rp 1211E 1210 From To Cons. Actual Q1E - 24 - 24 Q2E - 28 - 28 Q3E - 28 - 28 Q4E - 24 - 24 1211E - 104 - 1212E - 131 - Performance Rp 04 8 07 8 10 8 01 9 04 9 07 9 10 9 01 1 04 1 07 1 10 1 01 1 1 04 1 1 200 400 600 800 1000 1200 1400 1600 1800 20 40 60 80 100 120 140 160 Stock Price Rp LHS Rel. Jakarta Comp RHS Stock Price Rp Rel. Jakarta Comp Source: UBS www.ubs.cominvestmentresearch This report has been prepared by PT UBS Securities Indonesia ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 32. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. ฀ 1 June 2011 Initiate Coverage B A N K J A B A R B A N T E N The Right Bank At The Right Province Bank Jabar Banten BJBR, owned by the provincial and the municipal government of West Java and Banten, is the best proxy to tap the vast growing consumer market in the largest provincial economy in Indonesia. It can tap the captive market of the employees of West Java and Banten government. z The right provinces. West Java and Banten is the largest provincial economy in Indonesia, contributing 19 of total GDP and growing at 6.5 2007-10 CAGR, faster than Indonesias GDP growth. As the most populous province with a 53.7m population, the manufacturing industry is the largest contributor to those provinces GDP with 44 contribution, the largest in Indonesia. West Java and Banten are provinces where major industries, from textile to cement and petrochemical do their operations, hence both provinces have more developed infrastructure, ie 61 of the total toll road length in Indonesia is located in these provinces. z The right business model. With its strategic position, BJBR had a relatively high net interest margin NIM of 7.8 in 2010 and one of the lowest non performing loans NPL in the sector, which has been maintained at less than 2 for the past few years. BJBR has a captive market in the consumer loan segment by tapping West Java and Bantens civil servants employees. BJBR has an agreement with the local governments to facilitate the salary payments of all 389,000 West Java and Banten government employees. 90 of these employees are also BJBRs consumer loan customers through Multiguna Bhakti MGB loans, accounting for 73 of the total loans. 90 of MGB loans are to the West Java and Banten employees. Hence, lending to these employees results in high loan quality. z We initiate coverage with a BUY call and Rp1,650 target price at 2.7x mid 2012 PB on the back of its undemanding valuation, high NIM, increasing ROE, and strong loan growth. We foresee BJBRs ROE to increase to 21.5 in 2013 driven by higher utilisation of capital with high loan quality and improvement in efficiency with cost to income ratio expected to decline from 46.9 in 2010 to 44.8 and 42.1 in 2011 and 2012 respectively. BUY Share Price Rp1,220 Target Price Rp1,650 Upside +35.2 Company Description Largest development bank in Indonesia with dual banking system and operations mainly in West Java region. Stock Data GICS sector Banking Bloomberg ticker: BJBR IJ Shares issued m: 9,696.3 Market cap Rpb: 11,829.5 Market cap USm: 1,385.5 3-mth avg t’over USm: 7.9 Price Performance 52-week highlow Rp1,770Rp600 1 m t h 3 m t h 6 m t h 1yr YTD 3.9 4.3 18.7 n.a. 15.9 Major Shareholders West Java Provincial Government 38.3 West Java Municipal Government 23.6 FY11 NAVShare Rp 579 FY11 CAR Tier-1 18.4 Price Chart Source: Bloomberg Analyst Agus Pramono, CFA + 6221 2993 3845 aguspramonouobkayhian.com Refer to last page for important disclosures. I N D O N E S I A Key Financials Year to 31 Dec Rpb 2009 2010 2011F 2012F 2013F Net interest income 2,103.0 2,639.6 3,065.0 3,667.7 4,251.4 Non-interest income 262.1 277.7 320.1 370.8 418.2 Net profit rep.act. 709.1 890.2 1,067.1 1,330.5 1,569.5 Net profit adj. 709.1 890.2 1,067.1 1,330.5 1,569.5 EPS Rp 113.8 105.6 110.1 137.2 161.9 PE x 10.7 11.6 11.1 8.9 7.5 PB x 2.5 2.1 2.1 1.8 1.6 Dividend yield 4.9 4.6 3.8 4.5 5.6 Net int margin 8.0 7.8 7.2 7.3 7.4 Costincome 52.5 46.9 44.8 42.1 40.7 Loan loss cover 113.0 146.0 139.2 169.1 201.5 Consensus net profit - - 1,074.8 1,262.1 1,428.8 UOBKHConsensus x - - 0.99 1.05 1.10 Source: Bank Jabar Banten , Bloomberg, UOB Kay Hian 500 1000 1500 2000 lcy 80 120 160 200 240 280 320 BANK PEM BANGUNAN DAERAH JAWA Bank Pembangunan Daerah JawaJCI Index Volume 200 400 600 800 Jul 10 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Laporan฀Tahunan฀• ฀Annual฀Report฀•฀ bank bjb 2011 38 Lembaga Penunjang Efek Biro Administrasi Efek PT Datindo Entrycom Puri Datindo Wisma Sudirman Jl. Jend. Sudirman Kav. 34-35 Jakarta 10210 Tel : 62-21 570 9009 Fax : 62-21 570 9026 Penjamin Pelaksana Emisi Efek PT Bahana Securities Graha Niaga, Lantai 19 Jl. Jend. Sudirman Kav. 58 Jakarta 12190 Tel : 62-21 250 5081 Fax : 62-21 522 5869, 2505070-71 PT CIMB Securities Indonesia The Indonesian Stock Exchange Building Tower II, Lantai 20 Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 Tel : 62-21 515 1330 Fax : 62-21 515 4661, 515 1335 Auditor Independen Ernst Young KAP Purwantono Suherman Surja The Indonesian Stock Exchange Building Tower II, Lantai 7 Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 Tel : 62-21 5289 5000 Fax : 62-21 5289 4747, 5289 4600 Pemeringkat Efek PT Pemeringkat Efek Indonesia Pefindo Setiabudi Atrium, Lantai 8 Suite 809-810 Jl. H.R. Rasuna Said Kav. 62, Kuningan, Jakarta 12920 Tel : 62-21 521 0077 Fax : 62-21 521 0078 Lembaga Hukum Makes Partners Menara Batavia, Lantai 7 Jl. K.H. Mas Mansyur Kav. 126 Jakarta 10220 Tel : 62-21 574 7181 Fax : 62-21 574 7180 Supporting Security Institutions Share Registrar PT Datindo Entrycom Puri Datindo Wisma Sudirman Jl. Jend. Sudirman Kav. 34-35 Jakarta 10210 Tel : 62-21 570 9009 Fax : 62-21 570 9026 Underwriter PT Bahana Securities Graha Niaga, 19 th Floor Jl. Jend. Sudirman Kav. 58 Jakarta 12190 Tel : 62-21 250 5081 Fax : 62-21 522 5869, 2505070-71 PT CIMB Securities Indonesia The Indonesian Stock Exchange Building Tower II, 20 th Floor Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 Tel : 62-21 515 1330 Fax : 62-21 515 4661, 515 1335 Independen Auditor Ernst Young KAP Purwantono Suherman Surja The Indonesian Stock Exchange Building Tower II, 7 th Floor Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 Tel : 62-21 5289 5000 Fax : 62-21 5289 4747, 5289 4600 Rating Agency PT Pemeringkat Efek Indonesia Pefindo Setiabudi Atrium, 8 th Floor Suite 809-810 Jl. H.R. Rasuna Said Kav. 62, Kuningan, Jakarta 12920 Tel : 62-21 521 0077 Fax : 62-21 521 0078 Legal InstitutionsMakes Partners Batavia Tower, 7 th Floor Jl. K.H. Mas Mansyur Kav. 126 Jakarta 10220 Tel : 62-21 574 7181 Fax : 62-21 574 7180 INFORMASI BAGI INVESTOR Information for Investors 39 Laporan฀Tahunan฀• ฀Annual฀Report฀• bank bjb 2011 bank bjb merupakan salah satu Bank Umum milik Pemerintah Daerah di Indonesia yang memiliki nasabah utama berupa perorangan, karyawan, koperasi, BUMD, BUMN, beserta institusi lainnya baik Pemerintah maupun swasta. Sampai 31 Desember 2011, bank bjb memiliki 51 Kantor Cabang, 203 Kantor Cabang Pembantu, 55 Kantor Kas, 90 Payment Point, 7 mobil kas dan 528 ATM. bank bjb telah memiliki nasabah simpanan sebanyak 1.552.590 pihak yang terdiri dari 25,24 nasabah perorangan, 50,15 nasabah korporasi, dan 24,61 nasabah pemerintah. Selain itu bank bjb juga telah menyalurkan pinjamannya kepada 441.584 debitur di seluruh daerah operasional bank bjb. Dalam mencapai visi, misi dan fungsinya, bank bjb melakukan kegiatan usaha yang meliputi: Penghimpunan Dana •฀ Penghimpunan฀ dana฀ yang฀ dilakukan฀ diarahkan฀ kepada dana-dana ritelperorangan disamping mempertahankan nasabah korporasi maupun instansi dan departemen terkait. Penghimpunan dana dilakukan melalui produk-produk sebagai berikut: Giro •฀ bjb Giro Rupiah •฀ bjb Giro Valas Tabungan yang terdiri dari •฀ Tabungan฀ bjb Tandamata Tabungan Anda Masa Datang •฀ Tabungan฀bjb Tandamata Gold •฀ Tabungan฀bjb Tandamata Dollar •฀ Tabungan฀bjb Tandamata Haji •฀ Tabungan฀bjb Tandamata Bisnis •฀ Tabungan฀bjb Tandamata berjangka •฀ Tabungan฀bjb Tandamata Purnabhakti •฀ Simpeda฀Simpanan฀Pembangunan฀Daerah •฀ TabunganKu bank bjb is one of the local government-owned commercial banks in Indonesia which serves private customers, employees, cooperatives, local enterprises, state enterprises, along with other institutions both government and private. As of 31 December, 2011, bank bjb operated 51 branch offices, 203 Sub Branch Offices, 55 cash offices, 90 payment points, 7 cash mobile and 528 ATMs. bank bjb has 1,552,590 Customer deposits party consisting of individual customers 25.24, corporate customers 50.15, and government customers 24.61. bank bjb has chanelled loans to 438,625 borrowers in the its operational areas. To achieving its vision, mission and functions, bank bjb conducted the following business activities: Funding •฀ Committed฀ funding฀ directed฀ towards฀ retail฀ funds individuals in addition to maintaining corporate customers as well as agencies and related departments. Fund raising was done through the following products: Current Account •฀ Rupiah฀bjb Current Account •฀ Foreign฀bjb Current Account Savings Which Consist: •฀ Tabungan฀ bjb Tandamata Tabungan Anda Masa Datang •฀ Tabungan฀bjb Tandamata Gold •฀ Tabungan฀bjb Tandamata Dollar •฀ Tabungan฀bjb Tandamata Haji •฀ Tabungan฀bjb Tandamata Bisnis •฀ Tabungan฀bjb Tandamata berjangka •฀ Tabungan฀bjb Tandamata Purnabhakti •฀ Simpeda฀Simpanan฀Pembangunan฀Daerah •฀ TabunganKu PROFIL PERUSAHAAN Company Profile Laporan฀Tahunan฀• ฀Annual฀Report฀•฀ bank bjb 2011 40 Deposits: •฀ bjb Time Deposits •฀ bjb Suka-Suka Deposits •฀ bjb Foreign Deposits •฀ bjb On Call Deposits •฀ bjb Discount Deposits •฀ Fund฀Distribution In order to support the Government’s program to improve people’s economy, the distribution of funds was more aimed at the improvement of loan and retail financing to provide a multiplier effect to the entire small business sector and lending programs to supervised debtors who still are prospective lending compliance consumptive and productive gradually. Funds that have not been channelled in the form of loans are invested in Marketable Securities taking into account the liquidity, profitability and risk. Funds are channelled through the following products: 1. Commercial Loans

a. bjb General Working Loan KMKU b. bjb General Investment Loan KIU