Factoring Receivables Financial Statement 2012

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 - 79 -

11. Premiums and Reinsurance Receivables

a. This account consists of: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Related parties Note 53 Premiums receivable 101,574 99,868 43,187 Reinsurance receivables 12,113 3,689 905 Subtotal 113,687 103,557 44,092 Third parties Premiums receivable 221,047 269,323 307,104 Reinsurance receivables 55,075 36,923 8,107 Subtotal 276,122 306,246 315,211 Total 389,809 409,803 359,303 Allowance for impairment losses 1,678 691 4,926 Net 388,131 409,112 354,377 b. The details of premiums and reinsurance receivables classified based on currency are as follows: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Rupiah Premiums receivable 246,590 301,040 316,588 Reinsurance receivables 42,897 26,317 5,518 Subtotal 289,487 327,357 322,106 Foreign currencies Note 54 Premiums receivable 76,031 68,151 33,703 Reinsurance receivables 24,291 14,295 3,494 Subtotal 100,322 82,446 37,197 Total 389,809 409,803 359,303 Allowance for impairment losses 1,678 691 4,926 Total 388,131 409,112 354,377 c. The details of reinsurance receivables classified based on domicile of the reinsurer are as follows: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Local 52,387 22,071 5,090 Foreign 14,801 18,541 3,922 Total 67,188 40,612 9,012 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 - 80 - d. The details of premiums receivable based on its remaining period until maturity are as follows: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Due within 1 - 60 days Related parties 98,122 95,458 38,715 Third parties 200,592 250,843 280,256 Due over 60 days Related parties 3,658 4,410 4,472 Third parties 20,249 18,480 26,848 Total 322,621 369,191 350,291 e. The changes in allowance for impairment losses are as follows: January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Balance at the beginning of the year 691 4,926 - Provisions reversal during the year 987 4,235 4,926 Balance at the end of the year 1,678 691 4,926 Management believes that the allowance for impairment losses as of December 31, 2012 and 2011 and January 1, 2011December 31, 2010 is adequate to cover the possible losses which might arise from uncollectible premiums and reinsurance receivables.

12. Loans

This account represents loans given by BS, a subsidiary. a. By Type of Loans January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Related parties Note 53 Rupiah Fixed loans 191,190 196,452 231,557 Overdraft 2,712 - - Installment loans 2,234 1,758 1,682 Loans to employees 1,817 637 580 Consumer loans 185 6,225 6,939 Sharia receivables - Murabahah 150 11 67 Subtotal - Rupiah 198,288 205,083 240,825 Foreign currency Note 54 Fixed Loans 1,228,781 1,555,076 554,115 Total - Related parties 1,427,069 1,760,159 794,940 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 - 81 - January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Third Parties Rupiah Consumer loans 3,060,709 2,903,566 2,323,631 Installment loans 1,924,306 1,874,779 1,445,532 Fixed loans 1,732,440 1,631,249 1,251,931 Factoring loans 713,430 670,991 592,291 Sharia receivables - Murabahah 711,932 640,133 146,895 Overdraft 154,646 154,248 146,137 Investment loans 104,727 106,015 59,297 Sharia receivables - Mudharabah 44,381 1,600 - Loans to employees 24,041 6,615 8,165 Sharia receivables - Qardh 1 17 - Subtotal 8,470,613 7,989,213 5,973,879 Foreign currencies Note 54 Installment loans 319,630 307,133 166,573 Fixed loans 165,558 183,669 76,403 Sharia receivables - Mudharabah 3,214 - - Subtotal 488,402 490,802 242,976 Subtotal 8,959,015 8,480,015 6,216,855 Total 10,386,084 10,240,174 7,011,795 Allowance for impairment losses 92,248 104,732 77,638 Net 10,293,836 10,135,442 6,934,157 b. By Economic Sectors January 1, 2011 December 31, December 31, December 31, 2012 2011 2010 Rupiah Household 2,792,192 2,033,299 1,331,430 Wholesale and retail 1,801,421 1,439,899 993,079 Financial intermediary 715,349 850,369 913,554 Real estate, leasing services and servicing companies 553,992 548,401 387,859 Mining and excavation 325,322 372,482 252,374 Construction 163,892 341,928 217,835 Manufacturing 486,797 273,161 250,966 Transportation, warehousing and communication 281,263 257,970 269,240 Services in social, art, culture, recreation and other individual services 253,794 199,545 280,409 Electricity, gas and water 37,328 137,995 20,134 Accommodation and food and beverage 141,996 137,278 112,024 Agriculture, hunting and forestry 50,293 52,743 40,800 Education services 32,166 11,973 - Fishery 11,005 2,776 3,917 Health and social services 2,605 78 91 Individual services that serve household - 41 153 Others 1,019,486 1,534,358 1,140,839 Subtotal 8,668,901 8,194,296 6,214,704