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.