Factoring Receivables SMMA 2014AR. SMMA 2014AR

PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated

16. Reinsurance Assets

2014 2013 Estimated claim liability 786,085 355,517 Unearned premium 260,689 484,495 Premium in advance 132,059 607,758 Total 1,178,833 1,447,770

17. Investment in Shares of Stock

As of December 31, 2014 and 2013, investment in shares with percentage of ownership of below 20 are categorized as available for sale AFS financial assets and in the absence of basis of fair value are stated at acquisition cost. 2014 2013 The Companys investment in shares of stock Equity method 284,342 275,324 Subsidiaries investments in shares of stock Equity method 285,942 187,495 AFS - acquisition cost 69,706 67,529 Fair value - temporary investment 173,800 - Total 529,448 255,024 Total 813,790 530,348

a. The Company’s Investments in Shares of Stock

Beginning Ending Percentage Investment Share in Investment of ownership January 1 net income Divesment December 31 Equity Method Associates PT Asuransi Jiwa Mega Life 50.00 256,930 9,310 - 266,240 PT Panji Ratu Jakarta 21.02 17,967 135 - 18,102 PT JobStreet Indonesia 40.00 427 - 427 - Total 275,324 9,445 427 284,342 2014 Beginning Ending Percentage Investment Share in Investment of ownership January 1 net income Divesment December 31 Equity Method Associates PT Asuransi Jiwa Mega Life 50.00 236,272 20,658 - 256,930 PT Panji Ratu Jakarta 21.02 17,728 239 - 17,967 PT Super Wahana Tehno 35.19 10,455 166 10,621 - PT JobStreet Indonesia 40.00 - 427 - 427 Total 264,455 21,490 10,621 275,324 2013 - 79 - PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated Beginning Ending Percentage Investment Equity in Investment of ownership January 1 net income Divesment December 31 AFS - Acquisition Cost PT Oto Multiartha 16.14 176,309 - 176,309 - PT Summit Oto Finance 0.16 1,269 - 1,269 - Total 177,578 - 177,578 - 2013 Equity Method PT Asuransi Jiwa Mega Life AJML AJML, domiciled in Jakarta, engaged in life insurance. Based on the General Stockholders’ Meeting dated June 26, 2014, the AJML stockholders decided to distributed the dividend of shares amounting to Rp 400,000 proportionately to the stockholder in accordance with percentage of ownership. PT Panji Ratu Jakarta PRJ PRJ, domiciled in Jakarta, engaged in development, trading and service. Jobstreet Indonesia JI JI, domiciled in Jakarta, engaged in employee recruitment services by internet and human recources management. On March 14, 2014, the Company has sold all its investment in shares of PT Jobstreet Indonesia to Jobstreet.com Pte Ltd, Singapore with selling price RM 13,740,000 equivalent to Rp 47,865, and recognized, gain on sale of investment in shares amounting Rp 47,438. The proceeds from sale of shares, were used to buy the shares of Jobstreet Berhard Malaysia amounting to RM 13,740,000 equivalent to Rp 47,865 and categorized by the Company as short-term investment at FVPL Note 5. The condensed financial information of the associates are as follows : 2014 2013 Total Assets 1,239,966 1,488,055 Total Liabilities 622,685 888,968 Total Equity 617,281 599,087 Net Income 19,262 43,727 Cost Method PT Oto Multiartha and PT Summit Oto Finance On March 1, 2013, the Company has sold all its shares of stock in PT Oto Multiartha and PT Summit Oto Finance, for a selling price of Rp 1,223,212, accordingly, the Company realized a gain on sale of investments amounting to Rp 1,045,634. - 80 -