Risk of the Company and its subsidiaries’ dependence on key employees Risk of stock trading liquidity

markets are relatively less liquid and more unstable, and have different reporting standards compared with the capital markets in developed countries. The prices in the Indonesia capital markets are usually more volatile than prices in capital markets in developed countries. Therefore, the Company does not predict whether the share market for the Company’s shares may develop and how the level of liquidity of the stock market is. Compared with a more liquid market, the sales and trading settlement at the Indonesia Stock Exchange might be delayed, therefore there is no certainty that a shareholder will be able to do the sale of shares at a price or at the time like in more liquid capital markets. Although the Companys application for listing of shares is approved, the Company’s shares cannot be listed at the Indonesia Stock Exchange for a maximum of three days after the expiration of the allotment for public offering. During that period, buyer of the shares will be exposed to stock price movements at the Stock Exchange without having the ability to sell the shares which have been purchased through the Indonesia Stock Exchange.

4. Risk of stock price fluctuation

Movement of domestic and international capital market, economic conditions, foreign exchange value and interest rate may affect the market price and demands for the Company’s shares. Shares and the Company’s dividends, if any, will be denominated in Rupiah. Fluctuation in the exchange value between Rupiah and other currencies, may affect the value of foreign currency that will be received by foreign shareholders from the sale of the Company’s shares and the value of foreign exchange dividend distribution. There is no public market for the Company’s shares before the Public Offering. The Company has had preliminary listing approval from the Indonesia Stock Exchange to record the Company’s shares and registered at the Indonesia Stock Exchange. This listing does not guarantee that the trading market for the Company’s shares will develop following the liquidity of the market for the Company’s shares. The Company’s shares can be traded at prices significantly below the offering price. Volatility of price of the shares may be caused by factors beyond control of the Company that are unrelated or disproportionate to the results of the Companys operation activities. It is likely to be difficult to assess the Companys performance against of domestic or International measures. Although currently it is intended that the Companys shares will remain listed at the Indonesia Stock Exchange, there is no guarantee that the shares will remain listed.