informasi tambahan dan atau perbaikan prospektus ringkas ri ptpp 06122016 clean translation

1

SUPPLEMENTARY INFORMATION

AND/OR CORRECTION OF ABRIDGED PROSPECTUS

THIS INFORMATION IS A CORRECTION OF AND/OR A SUPPLEMENTARY INFORMATION TO THE SUPPLEMANTARY INFORMATION PUBLISHED ON THE INDONESIA STOCK EXCHANGE’S WEBSITE AND THE COMPANY'S WEBSITE ON OCTOBER 3, 2016

PERUSAHAAN PERSEROAN (PERSERO) PT PP TBK. Main Business Activities:

Construction Services, Property, EPC Services, Pre-Cast, Equipment, Energy, Infrastructure and Investment Domiciled in East Jakarta, Indonesia

Head Office: Plaza PP –Wisma Subiyanto Jl. Letjend. TB. Simatupang No. 57

Pasar Rebo – Jakarta 13760 Phone: 021-8403883 Facsimile : 021-8403890 Email: corsec@pt-pp.com

Website: www.pt-pp.com

Has 4 (four) Operational Division Offices and 9 (nine) Branches

LIMITED PUBLIC OFFERING TO RAISE ADDITIONAL CAPITAL WITH PREEMPTIVE RIGHTS I (“RIGHT ISSUE I”)

The Company has obtained the approval from the EGMS to issue 1,357,460,854 (one billion three hundred fifty seven million four hundred sixty thousand eight hundred fifty four) new shares or 21.89% of the issued and paid-up capital subsequent to the Right Issue I, each having a nominal value of Rp100.- (one hundred Rupiah) per share (“Right Shares”). The estimated amount of proceeds to be received by the Company in this Right Issue I is approximately Rp4,411,747,775,500 (four trillion four hundred eleven billion seven hundred forty seven million seven hundred seventy five thousand five hundred Rupiah). Each holder of 500,000 (five hundred thousand) Existing Shares whose name is registered in the Company's Shareholder Register (“SR”) as of December 6, 2016, shall be entitled to 140,163 (one hundred forty thousand one hundred sixty three) Preemptive Rights, where each 1 (one) Preemptive Right shall provide the holder with the right to subscribe to 1 (one) New Share at an Exercise Price of Rp3,250 (three thousand two hundred fifty Rupiah) per share, which shall be paid in full upon subscription of the Preemptive Rights. The number of New Shares offered in this Right Issue I by way of Preemptive Rights issue shall be the maximum number of shares which shall be issued from portfolio and listed on the Indonesia Stock Exchange, with due considerations to the prevailing laws and regulations. The series of shares to be issued shall be B Series Ordinary Shares.

All of the Preemptive Rights shares shall be issued from portfolio and shall be listed on the IDX with due considerations to the prevailing laws and regulations. The Right Shares shall have identical rights in all respect (including the right to receive dividends) and rank equally with the Company’s existing paid-up shares. Each fraction of Preemptive Right shall be rounded down, in accordance with the provisions of FSAR No. 32/2015, in the event that shareholders own Preemptive Rights in the form of a fraction, the rights over such fraction of securities must be sold by the Company, and the proceeds of such sales shall be deposited to the Company's account.

The Company’s Shareholder, namely the Republic of Indonesia shall exercise its rights in this Right Issue I in accordance with its portion of ownership as stipulated in Law No. 14 of 2015 concerning the State Budget of 2016 Budget Year juncto Law no. 12 of 2016 concerning the Amendment of Law No. 14 of 2015 concerning the State Budget of 2016 Budget Year, which implementation is stipulated by the Regulation of the Government of the Republic of Indonesia No. 44 of 2015 concerning the Additional Capital Investment of the Republic of Indonesia in the Share Capital of Perusahaan Perseroan (Persero) PT Pembangunan Perumahan Tbk.

In the event that the Right Shares offered in this Right Issue I are not entirely subscribed by the public holders of Preemptive Rights, the remaining shall be allocated to other Preemptive Right Holders subscribing more than their rights as stated in the Preemptive Right Certificate of the Additional Shares Subscription Form proportionally based on the exercised rights. If, subsequent to the allocation there are New Shares remaining unsubscribed, then, all of such Remaining New Shares, with an Exercise Price of Rp3,250 (three thousand two hundred fifty Rupiah) per share, shall be subscribed to by PT Bahana Securities, at a maximum of 219,501,407 (two hundred nineteen million five hundred one thousand four hundred seven) shares, PT Danareksa Sekuritas, at a maximum of 226,152,964 (two hundred twenty six million one hundred fifty two thousand nine hundred sixty four) shares and PT Mandiri Sekuritas, at a maximum of 219,501,407 (two hundred nineteen million five hundred one thousand four hundred seven) shares. The portion of Stand-by Buyer shall be at a maximum of 665,155,778 (six hundred sixty five million one hundred fifty five thousand seven hundred seventy eight). The remaining Right Shares that must be subscribed by the said Stand-by Buyers shall not include the shares issued from the exercise of Preemptive Rights of the Controlling Shareholders in this Right Issue I.

THE PREEMPTIVE RIGHTS SHALL BE TRADABLE EITHER ON OR OUTSIDE OF THE IDX FOR A PERIOD THAT SHALL BE NO LESS THAN 5 (FIVE) BUSINESS DAYS COMMENCING ON DECEMBER 8, 2016, UP TO DECEMBER 15, 2016. NEW SHARES FROM THE EXERCISE OF PREEMPTIVE RIGHTS SHALL BE LISTED ON THE INDONESIA STOCK EXCHANGE ON DECEMBER 8, 2016. THE LAST DATE TO EXERCISE THE PREEMPTIVE RIGHTS SHALL BE DECEMBER 15, 2016, PROVIDED THAT THE RIGHTS THAT ARE NOT EXERCISED UP TO SUCH DATE SHALL BE NO LONGER VALID. IMPORTANT NOTICE TO SHAREHOLDERS

IN THE EVENT THAT THE MINORITY SHAREHOLDERS DO NOT EXERCISE THEIR RIGHTS TO SUBSCRIBE TO THE PREEMPTIVE RIGHTS SHARES OFFERED IN THIS RIGHT ISSUE I IN ACCORDANCE WITH THEIR RESPECTIVE PREEMPTIVE RIGHTS, THE PERCENTAGE OF OWNERSHIP OF SUCH MINORITY SHAREHOLDERS SHALL BE DILUTED BY A MAXIMUM OF 21.89% (TWENTY ONE POINT EIGHT NINE PERCENT).

THE COMPANY'S MAIN RISK EXPOSURE IS THE BUSINESS COMPETITION RISK.

THE COMPANY SHALL NOT ISSUE ANY COLLECTIVE SHARE CERTIFICATE IN THIS RIGHT ISSUE I, HOWEVER, THE NEW SHARES FROM THE EXERCISE OF PREEMPTIVE RIGHTS SHALL BE ELECTRONICALLY DISTRIBUTED AND ADMINISTERED IN THE COLLECTIVE DEPOSITORY OF PT KUSTODIAN SENTRAL EFEK INDONESIA.

STAND-BY BUYERS

PT Bahana Securities (Affiliated) PT Danareksa Sekuritas (Affiliated) PT Mandiri Sekuritas (Affiliated)

THE INVESTORS’ MAIN RISK EXPOSURE IS THE RISK OF PRICE AND LIQUIDITY OF THE COMPANY’S SHARES, WHICH SHALL BE AFFECTED BY THE CONDITION OF THE INDONESIAN CAPITAL MARKET.

TEMPORARY SCHEDULE

Date of Extraordinary General Meeting of Shareholders

(EGMS)

: August 23, 2016 Distribution of Preemptive Right Certificate

: December 7, 2016

Effective Date of the Preemptive Rights Registration Statement

: November 24, 2016 Share Listing Date on the Indonesia Stock Exchange

: December 8, 2016

Last Recording Date to acquire Preemptive Rights : December 6, 2016 Preemptive Rights Trading Period : December 8 - 15, 2016 The Last Trading Date of Shares with Preemptive Rights

(Cum-Right)

Preemptive Rights Registration, Payment and Exercise Period

: December 8 - 15, 2016 Regular Market and Negotiated Market : December 1, 2016 Preemptive Rights Shares Distribution

Period

: December 13 - 19, 2016 Cash Market : December 6, 2016 Last Payment Date of Additional Shares

Subscription

: December 19, 2016

The First Trading Date of Shares without Preemptive Rights (Ex-Right)

: Allotment Date : December 20, 2016

Regular Market and Negotiated Market December 2, 2016 Subscription Fund Refund Date : December 21, 2016

Cash Market : December 7, 2016 Stand-by Buyers’ Payment Date December 28, 2016

Type of Offering : Preemptive Rights

Exercise Price _{Rp3,250.- (three thousand two hundred fifty Rupiah)}

Preemptive Right Ratio 500,000 (five hundred thousand) Existing Shares shall be entitled to 140,163 (one hundred forty thousand one hundred sixty three) Preemptive Rights.

Dilution of Ownership 21.89% (twenty one point eight nine percent) Preemptive Rights Trading Period December 8 - 15, 2016

Preemptive Rights Trading Period December 8 - 15, 2016 Securities Listing Date on the Stock

Exchange

December 8, 2016

Listing Indonesia Stock Exchange

The Company’s capital structure and shareholder composition as of the date of issuance of this Prospectus are as follows:

Shareholders Nominal Value Rp100.00 per share

Share Rupiah %

Authorized Capital 15,000,000,000 1,500,000,000,000

- A Series Dwiwarna Shares 1 100

- B Series Shares 14,999,999,999 1,499,999,999,900

Issued and Fully Paid-up Capital

The State the Republic of Indonesia

- A Series Dwiwarna Shares 1 100 0.00

- B Series Shares 2,469,642,759 246,964,275,900 51.00

Public

-B Series Shares 2,372,793,740 237,279,374,000 49.00

Total Issued and Fully Paid-up Capital 4,842,436,500 484,243,650,000

- A Series Dwiwarna Shares 2,469,642,760 246,964,276,000 51.00

- B Series Shares 2,372,793,740 237,279,374,000 49.00

Total Shares in Portfolio 10,157,563,500 1,015,756,350,000 100.00

Assuming all of the Company's shareholders exercise the Preemptive Rights which they are entitled to in this Right Issue I, the Company’s capital structure subsequent to the Rights Issue I on a proforma basis shall be as follows:

Name of Shareholder

Prior to Right Issue I Subsequent to Right Issue I

Nominal Value Rp.100.- per share Nominal Value Rp.100.- per share

Number of Shares

Total Nominal Value

(Rp) % Number of Shares

Total Nominal Value

(Rp) %

Authorized Capital

A Series Dwiwarna Shares 1 100 1 100

B Series 14,999,999,999 1,499,999,999,900 14,999,999,999 1,499,999,999,900

Total Authorized Capital 15,000,000,000 1,500,000,000,000 15,000,000,000 1,500,000,000,000

Issued and Paid-up Capital

A Series Dwiwarna Shares - The State the Republic of

Indonesia A Series

1 100 0.00 1 100 0.00

B Series Shares

- The State the Republic of Indonesia B Series

2,469,642,759 246,964,275,900 51.00 3,161,947,835 316,194,783,500 51.00

LIMITED PUBLIC OFFERING TO RAISE ADDITIONAL CAPITAL WITH PREEMPTIVE RIGHTS I (“RIGHT ISSUE I”)

SCHEDULE

- Public 2,372,793,740 237,279,374,000 49.00 3,037,949,518 303,794,951,800 49.00

Total Issued and Paid-up Capital

4,842,436,500 484,243,650,000 100.00 6,199,897,354 619,989,735,400 100.00

Shares in Portfolio 10,157,563,500 1,015,756,350,000 8,800,102,646 880,010,264,600

In the event that all Right Shares offered with respect to this Right Issue I are not exercised by all of the Company's shareholders, with the exception of the Republic of Indonesia as a shareholder, and in the event that there are New Shares remaining unsubscribed subsequent to such allocation, the Company’s capital structure subsequent to the Republic of Indonesia on a proforma basis shall be as follows:

Name of Shareholder

Prior to Right Issue I Subsequent to Right Issue I

Nominal Value Rp.100.- per share Nominal Value Rp.100.- per share Number of

Shares

Total Nominal

Value (Rp) % Number of Shares

Total Nominal Value

(Rp) %

Authorized Capital

A Series Dwiwarna Shares 1 100 1 100

B Series 14,999,999,999 1,499,999,999,900 14,999,999,999 1,499,999,999,900

Total Authorized Capital 15,000,000,000 1,500,000,000,000 15,000,000,000 1,500,000,000,000

Issued and Paid-up Capital

A Series Dwiwarna Shares - The State the Republic of

Indonesia A Series

1 100 0.00 1 100 0.00

B Series Shares

- The State the Republic of Indonesia B Series

2,469,642,759 246,964,275,900 51.00 3,161,947,835 16,194,783,500 51.00

- Public 2,372,793,740 237,279,374,000 49.00 2,372,793,740 237,279,374,000 38.27

- Stand-by Buyers 665,155,778 66,515,577,800 10.73

PT Bahana Securities (Affiliated) 219,501,407 21,950,140,700 3.54

PT Danareksa Sekuritas (Affiliated) 226,152,964 22,615,296,400 3.65

PT Mandiri Sekuritas (Affiliated) 219,501,407 21,950,140,700 3.54

Total Issued and Paid-up Capital 4,842,436,500 484,243,650,000 100.00 6,199,897,354 619,989,735,400 100.00

Total Shares in Portfolio 10,157,563,500 1,015,756,350,000 8,800,102,646 880,010,264,600

The Company’s Majority Shareholder, namely the Republic of Indonesia shall exercise its rights in this Rights Issue I in accordance with its portion of ownership as stipulated in Law No. 14 of 2016 concerning the State Budget of 2016 Budget Year juncto Law no. 12 of 2016 concerning the Amendment of Law No. 14 of 2015 concerning the State Budget of 2016 Budget Year, which implementation is stipulated by the Regulation of the Government of the Republic of Indonesia No. 44 of 2015 concerning the Additional Capital Investment of the Republic of Indonesia in the Share Capital of Perusahaan Perseroan (Persero) PT Pembangunan Perumahan Tbk.

In the event that the public shareholders do not exercise their rights to subscribe to the Right Shares offered in this Right Issue I in accordance with their respective preemptive rights, the percentage of ownership of such public shareholders shall be diluted by a maximum of 21.89% (twenty one point eight nine percent).

Holders of the Preemptive Rights who do not exercise their rights to purchase shares with respect to this Right Issue I may sell their rights to other parties from December 8, 2016, up to December 15, 2016, whether on the Stock Exchange or outside of the Stock Exchange in accordance with FSAR No. 32/2015.

The Company has obtained the approval from the EGMS to issue 1,357,460,854 (one billion three hundred fifty seven million four hundred sixty thousand eight hundred fifty four) new shares, each having a nominal value of Rp100.- (one hundred Rupiah) per share. The estimated amount of proceeds to be received by the Company in this Right Issue I is approximately Rp4,411,747,775,500 (four trillion four hundred eleven billion seven hundred forty seven million seven hundred seventy five thousand five hundred Rupiah).

Pursuant to the FSAR No. 32/2015, this Right Issue I shall be effective upon approval of the Company's EGMS, which was held on August 22, 2016, and upon receipt of Effective Statement from the FSA.

All of the Preemptive Rights shares shall be issued from portfolio and shall be listed on the IDX with due considerations to the prevailing laws and regulations. The Right Shares shall have identical rights in all respect (including the right to receive dividends) and rank equally with the Company’s existing paid-up shares. Each fraction of Preemptive Right shall be rounded down, in accordance with the provisions of FSAR No. 32/2015, in the event that shareholders own Preemptive Rights in the form of a fraction, the rights over such fraction of securities must be sold by the Company, and the proceeds of such sales shall be deposited to the Company's account.

1. Description of Preemptive Rights

The Company has obtained the approval from the EGMS to issue 1,357,460,854 (one billion three hundred fifty seven million four hundred sixty thousand eight hundred fifty four) new shares, each having a nominal value of Rp100.- (one hundred Rupiah) per share (“Right Shares”). The estimated amount of proceeds to be received by the Company in this Right Issue I is approximately Rp4,411,747,775,500 (four trillion four hundred eleven billion seven hundred forty seven million seven hundred seventy five thousand five hundred Rupiah). Each holder of 500,000 (five hundred thousand) Existing Shares whose name is registered in the Company's Shareholder Register (“SR”) as of December 6, 2016, shall be entitled to 140,163 (one hundred forty thousand one hundred sixty three) Preemptive Rights, where each 1 (one) Preemptive Right shall provide the holder with the right to subscribe to 1 (one) New Share at an Exercise Price of Rp3,250 (three thousand two hundred fifty Rupiah) per share, which shall be paid in full upon subscription of the Preemptive Rights. The number of New Shares offered in this Right Issue I by way of Preemptive Rights issue shall be the maximum number of shares which shall be issued from portfolio and listed on the Indonesia

Stock Exchange, with due considerations to the prevailing laws and regulations. The series of shares to be issued shall be B Series Ordinary Shares.

Shares offered in this Right Issue I shall be issued based on the Preemptive Rights issued by the Company to the eligible shareholders. Preemptive Rights are tradable during the trading period by transferring the ownership of Preemptive Rights through book-entry settlement of Preemptive Rights between Securities Account at KSEI.

Holders of Preemptive Rights intending to trade shall open the Securities Accounts at the Members of Stock Exchange or Custodian Banks which have been registered as Account Holders in KSEI. Several important terms which shall be considered with respect to this Preemptive Rights are as follows:

2. Parties Entitled to Preemptive Right Certificate

Shareholders entitled to acquire Preemptive Rights shall be the Shareholders whose names are registered in the Company's SR on December 6, 2016, at 16.00 Western Indonesian Time.

3. Legitimate Preemptive Right Certificate Holders Legitimate Preemptive Right Certificate Holders are:

a. The Company's shareholders whose name are legitimately registered in the Company's SR as of December 6, 2016, up to 16.00 Western Indonesian Time, whose Preemptive Rights are not sold until the end of the Preemptive Rights trading period.

b. The buyers of Preemptive Rights whose names are stated on the Preemptive Right Certificate until th end of the Preemptive Rights trading period, or

c. The holders of Preemptive Rights administered in the Collective Depository at KSEI up the last date of the Preemptive Rights trading period.

4. Trading of Preemptive Right Certificate

Holders of Preemptive Rights may trade their Preemptive Rights Certificate during the trading period, which shall commence from December 8, 2016, up to December 15, 2016.

6. Request for Preemptive Right Certificate Split

Holders of Preemptive Right Certificate intending to sell or transfer a portion of their Preemptive Rights may contact the Company’s SAB to obtain the desired denomination of Preemptive Rights. Holders of Preemptive Rights split the Preemptive Rights Certificate from December 8, 2016, up to December 15, 2016.

The Preemptive Right Certificate resulting from such split shall be available for collection within 1 (one) Exchange Day after the complete request is accepted by the Company's SAB.

Preemptive Rights Certificate Issuance and Distribution Procedures

The Shareholders whose names are recorded in the Company's SR as of December 6, 2016, shall be entitled to submit the Preemptive Right Share subscription with respect to this Right Issue I, provided that each holder of 500,000 (five hundred thousand) existing share shall be entitled to 140,163 (one hundred forty thousand one hundred sixty three) Preemptive Rights, whereas every 1 (one) Preemptive Right shall be entitled to subscribe 1 (one) Right Share at a nominal value of Rp100 (one hundred Rupiah) per share at Exercise Price.

Subscribers entitled to purchase new shares are:

a. The holders of Preemptive Rights Certificates whose names are stated on the Preemptive Right Certificate or those who have legitimately acquired Preemptive Rights in accordance with the provisions of the prevailing laws and regulations; or

b. _{The holders of Electronic Preemptive Rights registered in the Collective Depository at KSEI up the last date of the Preemptive Rights} trading period.

The subscribers may consist of individuals, Indonesian and/or Foreign Citizen and/or Institutions and/or Legal Entities/Business Entities, whether Indonesian/Foreign as stipulated in the Capital Market Law and the implementing regulations thereof.

In order to facilitate the process and ensure the eligible shareholders registration schedule is met, the shareholders of the Company's shares in the form of certificates intending to exercise their rights to acquire Preemptive Rights and have not registered their transfer of share ownerships are advised to register at the Securities Administration Bureau before the final deadline for the registration of Shareholders, which shall be December 6, 2016.

Distribution of Preemptive Rights

For Shareholders whose shares are administered in the Collective Depository system at KSEI, the Preemptive Rights shall be distributed electronically to the Securities Accounts at KSEI through the Securities Accounts of the respective Members of the Stock Exchange or Custodian Banks at KSEI by no later than 1 (one) Exchange Day after the date of registration of shareholders entitled to Preemptive Rights in the SR, which shall be December 7, 2016. The Prospectuses and implementation guidelines shall be distributed by the Company through KSEI, which may be obtained by the Company's shareholders from their respective Members of Stock Exchange or Custodian Banks.

For shareholders whose shares are not administered in the Collective Depository at KSEI, the Company shall issue a Preemptive Right Certificate under the name of the shareholders, which may be obtained by the eligible shareholders or their representatives at the SAB on every business days during working hours starting from December 7, 2016, by presenting:

a. A photocopy of valid personal identification (for individual shareholders) and a photocopy of the Articles of Association for (for legal entity/institutional shareholders) The Shareholders shall also be required to present the original of such photocopies.

b. The original copy of power of attorney (in the event of representative), supplemented with photocopies of other valid personal identification, both for the principal and the agent (the original copy of identifications of the principal and agent must be presented). Preemptive Rights Exercise/Registration Procedures

Registration to exercise Preemptive Rights Certificates shall be conducted at the office of the Company’s SAB’s during business days and working hours (Monday to Friday, 09.00 - 15.00 Western Indonesian Time).

In the event that the Preemptive Rights Certificates are not completed in accordance with the shares subscription guidelines/requirements stated on the Preemptive Right Certificate and in the Prospectus, the subscription may be rejected. Preemptive Rights shall be deemed exercised only when such payments have been proved to be in good funds in the Company's Bank Account in accordance with the requirements stipulated in the terms of subscription.

USE OF PROCEEDS

All proceeds received by the Company from this Right Issue I, net of Public Offering costs, shall be used as follows:

1. Approximately 76% shall be used to finance the capital expenditure requirements to support the Government’s priority infrastructure projects, among other, to finance the investment requirements for the construction of port areas, toll roads, apartment and housing for Low Income Class (LIC Housing and Apartment) industrial estates and power plants. The breakdown of such projects are, among others, as follows:

• Kuala Tanjung Port’s Multipurpose Terminal

• Medan-Kualanamu-Tebing Tinggi Toll Road

• Depok-Antasari Toll Road

• Balikpapan-Samarinda Toll Road

• Pandaan-Malang Toll Road

• Menado-Bitung Toll Road

• Middle & Low-Class Apartment (LIC Apartment)

• Kuala Tanjung Industrial Estate

• Meulaboh 2 x 200 MW Steam-Fired Power Plant

Furthermore, the Company shall use all proceeds from the Right Issue I in connection with capital expenditure requirements in the form of equity contributions in Subsidiaries and/or Associates and/or Joint Venture Companies established for each investment proposed in the list of projects presented above.

2. Approximately 24% shall be used to finance business developments in infrastructure, among others, power plants, toll roads, industrial estates and port areas.

KEY FINANCIAL HIGHLIGHTS

The Company’s key financial highlights presented below are derived from and calculated based on the Company’s audited financial statements for the statements of financial position as of (i) June 30, 2016, and statements of profit and loss for the six-month period ended June 30, 2016, which are prepared and presented in accordance with the Financial Accounting Standards in Indonesia. The audited consolidated financial statements as of and for the periods then ended have been audited based on the auditing standards stipulated by the Indonesian Institute of Certified Public Accountant (Institut Akuntan Publik Indonesia, “IAPI”) by the Registered Public Accountant Firm Hertanto, Grace, Karunawan, an independent public accountant, which audit reports were signed by Bambang Karunawan, CPA, on August 5, 2016, with unqualified opinion. The Company's interim consolidated financial statements as of (ii) June 30, 2015, and for the six-month period then ended, which are not presented in this Prospectus and are unaudited, have been reviewed by the Registered Public Accountant Firm Soejatna, Mulyana & Partners, an independent public accountant, based on the 2410 Review Engagement Standards stipulated by IAPI, which concluded that there is no indication of material modification necessary to the consolidated financial statements in order to conform to the Financial Accounting Standards in Indonesia. A review conducted based on the 2410 Review Engagement Standards stipulated by IAPI is substantially narrower in scope compared to an audit conducted based on the Auditing Standards stipulated by IAPI. Soejatna, Mulyana, & Partners neither audited nor expressed any opinion on the unaudited consolidated financial statements. Therefore, the level of assurance provided by their review report on the said unaudited consolidated financial statements is highly limited, considering the limitation of nature and scope of procedures implemented in a review conducted based on the 2410 Standards Review Engagement Standard stipulated by IAPI.

The summary of the Company’s audited consolidated financial statements for the statements of financial position as of (i) December 31, 2015, and 2014, and statements of profit and loss for the years ended December 31, 2015, and 2014, are prepared and presented in accordance with the Financial Accounting Standards in Indonesia. The audited consolidated financial statements as of and for the years then ended have been

audited based on the standards of auditing established by the Indonesian Institute of Certified Public Accountants (Institut Akuntan Publik Indonesia, “IAPI”) by the Registered Public Accountant Firm Soejatna, Mulyana & Partners, an independent public accountant, which audit reports were signed by Drs. Sukarna Rusdjana, CA, CPA on February 29, 2016, with unqualified opinion.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(In millions of Rupiah)

DESCRIPTION As of June 30, As of December 31,

2016 2015 2014

ASSETS

CURRENT ASSETS

Cash and Cash Equivalent 2,171,299 3,025,395 2,408,126

Short-Term Investments 228,050 276,900 202,500

Trade Receivables - net of impairment on fair value of trade receivables

Third Parties 3,551,786 2,421,348 1,898,034

Related Parties 522,005 506,023 402,130

Retention Receivables - net of impairment on fair value of retention receivables

Third Parties 799,510 723,273 528,792

Related Parties 487,489 457,204 278,473

Due from Customer - net of impairment on fair value of due from customer

Third Parties 2,541,656 2,599,743 3,125,387

Related Parties 2,134,432 2,121,579 1,011,576

Other receivables:

Third Parties 53 247 25,852

Related Parties 1,653 3,640 1,762

Inventories 2,628,109 2,498,625 2,502,497

Advances from Joint Ventures 3,000 3,000 156,074

Advance 249,922 48,602 138,087

Prepaid Tax 326,555 467,772 462,184

Prepaid Expenses 509,410 259,322 329,627

Collaterals 20,683 17,864 6,231

Total Current Assets 16,175,612 15,430,536 13,477,332

NON-CURRENT ASSETS

Other receivables: 787 787 787

Land for Development 247,993 247,993 172,372

Investment in Associates 526,495 272,134 147,393

Other Long-term Investment 128,549 73,799 67,799

Investment Properties - net of accumulated depreciation 113,376 113,376 2,876

Fixed Assets - net of accumulated depreciation 3,250,794 2,989,066 709,714

Intangible Assets 32,069 31,294 882

Total Non-Current Assets 4,300,063 3,728,449 1,101,823

Total Assets 20,475,675 19,158,985 14,579,155

LIABILITIES AND EQUITY Current Liabilities Bank Loans - Short-term

Third Parties 316,110 199,143 90,063

Related Parties 1,576,175 1,147,275 801,805

Non-Bank Loans - Related Parties 911,695 401,595 674,830

Trade payables

Third Parties 5,962,797 7,236,907 6,472,632

Related Parties 169,740 248,270 106,094

Taxes payable 54,598 56,570 34,723

Final Income Tax Payables 354,065 291,212 220,289

Unearned Revenue 8,446 9,627 13,675

Accrued Expenses 298,863 324,088 333,076

Long-term Bank Loans and Loans from Financial Institutions

Current Maturities -

(In millions of Rupiah)

DESCRIPTION As of June 30, As of December 31,

2016 2015 2014

Current maturities of long-term liabilities

Medium Term Notes 330,000 - -

Advances from Employers and Consumers 815,097 697,645 622,849

Lease Payables 18,507 14,492 15,229

Other Current Liabilities 131,696 68,096 22,734

Total Current Liabilities 11,082,288 10,761,799 9,418,218

NON-CURRENT LIABILITIES

Post-employment benefit obligation 303 114 -

Long-term Bank Loans and Loans from Financial Institutions

net of Current Maturities -

Third Parties 86,270 29,036 6,554

Related Parties 577,727 505,413 420,111

Long-term liabilities, net of current maturities

Medium Term Notes 800,000 330,000 330,000

Advances from Employers and Consumers 1,024,489 911,780 830,417

Lease Payables 34,602 25,832 50,399

Bonds payable 998,918 998,636 698,318

Other Non-Current Liabilities 427,474 447,130 490,205

Total Non-Current Liabilities 3,949,783 3,247,941 2,826,004

Total Liabilities 15,032,071 14,009,740 12,244,222

EQUITY

Equity attributable to: Owner of Parent Entity

Issued and Paid-up Capital 484,244 484,244 484,244

Additional Paid-in Capital 462,018 462,018 462,018

Difference in Transactions with Non-Controlling Interest

255,864 255,864 -

Gain on Revaluation of Fixed Assets 1,256,852 1,193,469 -

Remeasurement of Defined Benefit Pension Plan (34,427) (30,700) (29,323)

Retained earnings

Appropriated 1,900,351 1,306,832 883,538

Unappropriated 355,341 740,323 533,406

Amount 4,680,242 4,412,050 2,333,883

Non-Controlling Interest 763,362 737,195 1,050

TOTAL EQUITY 5,443,604 5,149,245 2,334,933

TOTAL LIABILITIES AND EQUITY 20,475,675 19,158,985 14,579,155

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

(In millions of Rupiah)

DESCRIPTION

For the six-month period ended June 30,

For the year ended December 31,

2016 2015

(Unaudited) 2015 2014

Revenue 6,472,196 5,221,447 14,217,373 12,427,371

Cost of Goods Sold (5,565,689) (4,538,386) (12,210,412) (10,877,659)

Gross profit 906,507 683,061 2,006,961 1,549,712

Operating Expenses

Personnel 156,104 139,498 287,556 201,678

General Administration 50,183 36,931 96,072 65,449

Depreciation 14,494 6,047 21,287 8,830

Marketing 2,869 2,940 4,882 5,323

Total Operating Expenses 223,650 185,416 409,797 281,280

Operating income 682,857 497,645 1,597,164 1,268,432

Other income (expenses)

(In millions of Rupiah)

DESCRIPTION

For the six-month period ended June 30,

For the year ended December 31,

2016 2015

(Unaudited) 2015 2014

Other Expenses (18,634) (26,768) (61,119) (33,125)

Allowance for Impairment (10,111) (27,918) (63,954) (81,255)

Financing Cost/Interest Expense (104,286) (100,951) (372,987) (343,921)

Profit Share of Joint Ventures 32,647 9,972 66,925 71,024

Share in Associates’ Net Income - - 46 1,375

Income Before Income Tax 638,807 382,993 1,287,534 920,901

Income Tax Benefit (Expense) Current Tax

Final Tax (223,619) (167,503) (434,762) (378,126)

Non-Final Tax (4,779) (4,635) (7,209) (9,254)

Income Tax Benefit (Expense) (228,398) (172,138) (441,971) (387,380)

Profit for the Year from Continuing Operations 410,409 210,855 845,563 533,521

Other Comprehensive Income

Accounts That Will Not Be Reclassified To Profit (Loss)

Gain on Revaluation of Fixed Assets 65,945 - 1,230,310 -

Actuarial Gain on Pension Plan (3,727) (10,399) (1,377) (13,258)

Income Tax Related to Accounts

That Will Not Be Reclassified (2,562) - (36,841) -

Accounts That Will Be Reclassified

To Profit (Loss) - - - -

Total Other Comprehensive Income

for the Year 59,656 (10,399) 1,192,092 (13,258)

Total Profit (Loss) and Other

Comprehensive Income for the Year 470,065 200,456 2,037,655 520,263

Income attributable to:

Owner of parent entity 355,341 160,778 740,323 533,407

Non-controlling interest 55,068 50,077 105,240 114

410,409 210,855 845,563 533,521

Total Profit (Loss) and Other Comprehensive Income for the year Attributable to:

Owner of parent entity 414,997 150,378 1,932,415 520,148

Non-controlling interest 55,068 50,078 105,240 114

470,065 200,456 2,037,655 520,263

Earnings per Share (in Rupiah): 73 33 153 110

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of Rupiah) Description

For the six-month period ended June 30,

For the year ended December 31,

2016 2015

(Unaudited) 2015 2014

CASH FLOWS FROM OPERATING ACTIVITIES

Cash Receipts from Customers 6,495,937 5,317,996 13,862,548 13,055,091

Cash Payments to

Suppliers and Sub-Contractors (8,017,079) (7,151,943) (12,824,397) (12,158,574)

Board of Directors: (5,918) (1,869) (15,113) (8,694)

Employees and Other Third Parties (226,302) (191,460) (341,963) (187,218)

Cash provided by (used in) operating activities (1,753,362) (2,027,276) 681,074 700,605

Tax Payments (486,999) (367,692) (595,281) (251,894)

Tax Reimbursements (Restitutions) 111,741 302,004 302,004 214,724

Payment of Post-Employment Benefit Obligations - - - (9,866)

Interest Payments (108,186) (106,550) (365,723) (361,736)

Net Cash Flows provided by (used in)

Operating Activities (2,236,806) (2,199,514) 22,074 291,833

CASH FLOWS FROM INVESTING ACTIVITIES

Receipts from Short-Term Investments 140,200 17,300 137,400 288,080

(Payments) for Short-Term Investments (94,784) (73,347) (214,658) (480,382)

(Disposal of) Addition in Investment in Joint

Venture 2,000 - (62,394) -

Interest receipts 15,719 16,368 28,686 16,544

(Addition) in Investment in Associates (257,128) - (133,395) (78,166)

Disposal of Investment in Associates - - 8,700 -

(Addition) in Other Long-term Investment (54,750) - (6,000) (110,889)

(Addition) in Land for Development - - (143,469) -

(Addition) in Construction in Progress (86,857) (20,040) (121,323) -

Advance Payments - (910) - -

Receipt of Dividends - 48 48 -

Addition in Assets

Investment Property - - - (763)

Fixed Assets (123,616) (76,617) (155,600) (159,869)

Net Cash Flows provided by (used in) Investing

Activities (461,178) (137,198) (662,004) (525,445)

CASH FLOWS FROM FINANCING ACTIVITIES Payment of Dividends, Environmental Management

and Partnership Program (148,065) (106,390) (106,390) (126,203)

Receipts from Bonds - 300,000 300,000 -

Payment of Shares and Bonds Issuance Cost - (21,060) (21,300) -

Proceeds from Bank Loans 3,826,422 2,786,801 4,630,946 2,949,911

Payments of Bank Loans (3,102,811) (2,226,842) (4,473,733) (2,998,307)

Addition in Medium Term Notes 300,000 200,000 300,000 375,000

Payments of Medium Term Notes - - (300,000) (605,000)

Difference in Transactions with Non-Controlling

Interest (28,901) 255,864 255,864 -

Non-Controlling Interest - 652,920 652,920 -

Proceeds from Non-Bank Loans 1,400,500 763,549 815,700 776,982

Payments of Non-Bank Loans (390,257) (689,428) (867,892) (129,290)

Net Cash Flows provided by (used in)

Financing Activities 1,856,889 1,915,414 1,186,115 243,092

Net increase (decrease) in cash and cash

equivalent (841,095) (421,298) 546,184 9,480

Foreign exchange gains/(losses) (13,001) 10,482 71,084 1,844

CASH AND CASH EQUIVALENTS, BEGINNING

BALANCE 3,025,395 2,408,126 2,408,126 2,396,802

CASH AND CASH EQUIVALENTS, ENDING

BALANCE 2,171,299 1,997,310 3,025,395 2,408,126

KEY FINANCIAL RATIOS (UNAUDITED)

DESCRIPTION

As of and for the six-month period ended June 30,

As of and for the year ended December 31,

2016 2015 2015 2014

FINANCIAL PERFORMANCE RATIO Liquidity Ratio

Cash ratio (%) 21.65 26.20 30.69 27.72

Quick ratio (%) 19.59 23.18 28.11 25.57

Current ratio (%) 145.96 165.26 143.38 143.10

Profitability Ratio

Gross profit Margin (%) 14.01 13.08 14.12 12.47

Operating profit Margin (%) 10.55 9.53 11.23 10.21

Net Profit Margin (%) 6.34 4.04 5.95 4.29

Return on Assets (%) 4.14 2.82 5.01 3.96

Return on Equity (%) 28.33 19.33 31.33 30.05

Return on Investment (%) 8.04 6.74 9.52 9.08

SOLVENCY RATIOS

Total Liabilities to Total Assets Ratio (%) 73.41 78.33 73.12 83.98

Debt to Equity Ratio (%) 276.14 361.54 272.07 524.39

DESCRIPTION

As of and for the six-month period ended June 30,

As of and for the year ended December 31,

2016 2015 2015 2014

Own Capital to Total Assets Ratio (%) 14.15 14.19 14.09 12.18

EBITDA to Interest Expense (%) 751.94 511.62 466.82 384.40

ACTIVITY RATIOS

Inventory Turnover (days) 81 101 71 79

Collection Period (days) 151 137 105 91

Asset Turnover (x) 0.67 0.69 0.79 0.86

GROWTH RATIO

Revenue (%) 23.95 13.44 14.40 6.62

Operating Income (%) 37.22 32.12 25.92 16.89

Comprehensive Net Income (%) 134.50 34.23 291.66 22.18

Total Assets 6.87 5.48 31.41 17.64

Total Liabilities (%) 7.30 (1.62) 14.42 17.15

Equity (%) 5.72 42.69 120.53 20.28

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following Management’s Discussion and Analysis must be read in conjunction with the Key Financial Highlights, the Company's consolidated financial statements and notes to the consolidated financial statements and other financial information, all of which are not presented in this Prospectus.

The financial information presented below are derived from the Company’s audited financial statements for the statements of financial position as of (i) June 30, 2016, and statements of profit and loss for the six-month period ended June 30, 2016, which are prepared and presented in accordance with the Financial Accounting Standards in Indonesia. The audited consolidated financial statements as of and for the periods then ended have been audited based on the auditing standards stipulated by the Indonesian Institute of Certified Public Accountant (Institut Akuntan Publik Indonesia, “IAPI”) by the Registered Public Accountant Firm Hertanto, Grace, Karunawan, an independent public accountant, which audit reports were signed by Bambang Karunawan, CPA, on August 5, 2016, with unqualified opinion.

The Company's interim consolidated financial statements as of (ii) June 30, 2015, and for the six-month period then ended, which are not presented in this Prospectus and are unaudited, have been reviewed by the Registered Public Accountant Firm Soejatna, Mulyana & Partners, an independent public accountant, based on the 2410 Review Engagement Standards stipulated by the IAPI, which resulted in no indication of need for material modification to the consolidated financial statements in order to conform to the Financial Accounting Standards in Indonesia. A review conducted based on the 2410 Review Engagement Standards stipulated by IAPI is substantially narrower in scope compared to an audit conducted based on the Auditing Standards stipulated by IAPI. Soejatna, Mulyana, & Partners neither audited nor expressed any opinion on the unaudited consolidated financial statements. Therefore, the level of assurance provided by their review report on the said unaudited consolidated financial statements is highly limited, considering the limitation of nature and scope of procedures implemented in a review conducted based on the 2410 Standards Review Engagement Standard stipulated by IAPI.

The Company’s audited consolidated financial statements for the statements of financial position as of (i) December 31, 2015, and 2014, and statements of profit and loss for the years ended December 31, 2015, and 2014, are prepared and presented in accordance with the Financial Accounting Standards in Indonesia. The audited consolidated financial statements as of and for the years then ended have been audited based on the standards of auditing established by the Indonesian Institute of Certified Public Accountants (Institut Akuntan Publik Indonesia, “IAPI”) by the Registered Public Accountant Firm Soejatna, Mulyana & Partners, an independent public accountant, which audit reports were signed by Drs. Sukarna Rusdjana, CA, CPA on February 29, 2016, with unqualified opinion.

The Management's Discussion and Analysis contains forward-looking statements, which reflect the Company's present views with respect to future events and the Company's financial performance in the future. The Company's actual results may differ materially from the projected results in the said forward-looking statements as a result of numerous factors, including the factors described in this chapter and Chapter VI of this Prospectus.

4. FINANCIAL CONDITION AND OPERATIONAL RESULTS

a. Revenue and its Contribution to the Company's Consolidated Income

The Company has 6 (six) business segments that support the Company's growth and contribute positive profit to the Company, namely (i) Construction Services, (ii) Engineering, Procurement, Construction (EPC), (iii) Property and Realty), (iv) Pre-cast, (v) Equipment, and (vi) Investment.

The following table presents the breakdown of the Company's revenue based on the source of revenue and the respective percentage to total revenue for each of the following period:

Description

The 6 (six)-month period ended The year ended

June 30, December 31,

2016 % 2015 % 2015 % 2014 %

(Unaudited)

Construction Service 4,603,824 66.96 4,219,929 78.82 11,830,968 80.65 10,754,443 83.37

EPC 1,068,206 15.54 256,638 4.79 928,319 6.33 1,091,050 8.46

Property and Realty 1,008,684 14.67 748,302 13.98 1,600,924 10.91 663,921 5.15

Pre-cast 180,643 2.63 23,071 0.43 85,502 0.58 204,070 1.58

Equipment 142,211 0.21 105,834 1.98 223,113 1.52 186,926 1.45

Total Revenue 7,003,568 5,353,773 14,668,826 12,900,410

Elimination (531,371) (132,326) (451,453) (473,039)

Total Revenue 6,472,196 100.00 5,221,447 100.00 14,217,373 100.00 12,427,371 100.00

As of June 30, 2016, the Company’s revenue was generated from the Construction Service, EPC, and Property and Realty segments, each contributing 66.96%, 15.54%, 14.67%, respectively, whereas the remaining revenue was contributed by Pre-cast and Equipment segments. The construction service segment consistently provided the largest contribution to the Company's revenue, accounting more than 80% on each of the years ended December 31, 2014, and 2015, i.e. 83.37% and 80.65%, respectively.

At present, the EPC and Property business segments has gained more attention, as proven by high revenue growth compared to the same period in prior year. Revenue from the EPC business segment as of June 2016 rose by 316.23% compared to revenue as of June 2015, whereas revenue from the Property and Realty business segment as of June 2016 rose by 34.17% compared to revenue as of June 2015. b. Operating Profitability and its Contribution to the Company's Consolidated Income

The following table presents the breakdown of the Company's consolidated operating income by business segment and the respective percentage to total operating income for each of the following period:

Description

The 6 (six)-month period ended The year ended

June 30, December 31,

2016 % 2015 % 2015 % 2014 %

(Unaudited)

Construction Service 251,560 36.84 252,918 50.82 949.17 59.43 910.981 71.82

EPC 157,338 23.04 17,175 3.45 183.349 11.48 127.091 10.02

Property and Realty 226,338 33.15 194,043 38.99 395.175 24.74 151.662 11.96

Pre-cast 16,376 2.40 2,003 0.40 7.966 0.50 22.269 1.76

Equipment 31,245 4.58 31,506 6.33 61.505 3.85 56.429 4.45

Total Revenue 682,857 100.00 497,645 100.00 1,597 100.00 1,268 100.00

As of June 30, 2016, the Company’s operating income was generated from the Construction Service, Property and Realty, and EPC, segments, each contributing 36.84%, 33.15%, 23.04%, respectively, whereas the remaining operating income was contributed by Pre-cast and Equipment segments. The construction service segment consistently provided the largest contribution to the Company's revenue, accounting more than 50% on each of the years ended December 31, 2014, and 2015, i.e. 71.82% and 59.43%, respectively.

h. Asset Growth

As of June 30, 2016, compared to as of December 31, 2015

The Company’s total assets as of June 30, 2016, was Rp20,475,675 million, an increase of 6.87% compared to total assets as of December 31, 2015, of Rp19,158,985 million.

The Company's total current assets as of June 30, 2016, was Rp16,175,612 million, an increase of Rp745,077 million or 4.83% compared to total current assets as of December 31, 2015, of Rp15,430,536 million. The increase was due to an increase in new contracts acquired in the period ended June 30, 2016, totaling Rp14,093 billion.

Trade receivables - net of impairment on fair value of trade receivables - third parties increased by Rp1,130,438 million or 46.69%, as a result of outstanding payments of multi-year projects.

Prepaid expenses increased by Rp250,088 million or 96.44%, as a result of an increase in marketing expenses, namely, Indirect Expenses, Marketing Expenses, Provision Expenses and Insurance Expenses.

Advances increased by Rp201,320 million or 414.22% due to advances made to suppliers, sub-contractors and import at the end of June 2016 for recently acquired projects.

Other receivables - third parties decreased by Rp194 million or 78.54%, due to a decrease in interest receivables. Other receivables - related parties decreased by Rp1,987 million or 54.59%, due to a decrease in interest receivables.

Prepaid taxes decreased by Rp141,217 million or 30.19%, due to a decrease in VAT as a result of restitutions that were paid at the end of 2016.

The Company's total non-current assets as of June 30, 2016, was Rp4,300,063 million, an increase of Rp571,614 million or 15.33% compared to total non-current assets as of December 31, 2015, of Rp3,728,449 million. The increase was mainly due to an increase in investment in associates by Rp254,361 million or 93.47% resulting from capital contribution to associates.

Investment in associates increased by Rp254,361 million or 93.47% as a result of investment activities in PT Jasa Marga Pandaan Malang totaling Rp25 billion, PT Jababeka PP Properti totaling Rp36 billion, PT Sentul PP Properti totaling Rp49 billion, and additional capital in PT Prima Multi Terminal totaling Rp123 billion and PT Pekanbaru Permai Propertindo totaling Rp23 billion.

Other long-term investments increased by Rp54,750 million or 74.19% as a result of investment activities conducted with respect to toll road operation, among others, investments in PT Jasa Marga Kualanamu totaling Rp28.5 billion, PT Jasa Marga Balikpapan Samarinda totaling Rp16.8 billion and PT Jasa Marga Manado Bitung totaling Rp9.45 billion.

As of December 31, 2015 compared to as of December 31, 2014

The Company’s total assets as of December 31, 2015, was Rp19,158,985 million, an increase of 31.41% compared to total assets as of December 31, 2014, of Rp14,579,155 million.

The Company's total current assets as of December 31, 2015, was Rp15,430,536 million, an increase of Rp1,953,204 million or 14.49% compared to total current assets as of December 31, 2014, of Rp13,477,332 million. The increase was mainly due to an increase in due from customer - net - related parties by Rp1,110,003 million or 109.73%. The largest Due from Customer net-related parties was contributed by PT Prima Multi Terminal totaling Rp275,752 million.

Retention receivables - net of impairment of fair value of retention receivables - third parties increased by Rp194,481 million or 36.78% as a result of retention of payments of receivables billed based on on-site physical progress by customers. The increase in retention receivables from third parties consisted of, among others, an increase of receivables from PT Misi Mulia Petronusa totaling Rp20,756 million and PT Freeport Indonesia totaling Rp13,589 million.

Retention receivables - net of impairment of fair value of retention receivables - related parties increased by Rp178,731 million or 64.18% as a result of retention of payments of receivables billed based on on-site physical progress by customers. The increase in retention receivables from related parties consisted of, among others, an increase of receivables from PT Pelindo II totaling Rp116,610 million and PT PLN (Persero) totaling Rp31,445 million.

Short-term investments increased by Rp74,400 million or 36.74% as a result of the increase and decrease in 1-2 month term deposits, bearing an interest rate and profit share ranging from 4.25%-9.25%. The increase was due to an increase in deposits in PT Bank Mega totaling Rp10,000 million, an increase in deposits in PT Bank BTN totaling Rp136,200 million, a decrease in deposits in PT Bank DKI totaling Rp1,300 million, a decrease in deposits in PT Bank BRI totaling Rp70,000 million and a decrease in deposits in PT Bank Mandiri totaling Rp500 million. Other receivables - related parties increased by Rp1,878 million or 106.55% as a result of an increase in interest receivables by Rp1,822 million and receivables from the Company’s employee cooperative by Rp55 million.

Guarantee increased by Rp11,633 million or 186.69% as a result of the increase in new contracts acquired, which required guarantees in the form of bank guarantees, among others, advance payment guarantee, performance guarantee and maintenance guarantee.

Other receivables - third parties decreased by Rp25,605 million or 99.04%, due to the payment of receivables from PP-HKM Joint Venture totaling Rp25,754 million.

Advances to Joint Ventures decreased by Rp153,074 million or 98.08% due to the elimination of payables and receivables resulting from the acquisition of PP-HKM Joint Venture.

Advances decreased by Rp89,485 million or 64.80% due to the repayment of advances by suppliers and sub-contractors for achieved milestones.

The Company's total non-current assets as of December 31, 2015, was Rp3,728,499 million, an increase of Rp2,626,626 million or 238.39% compared to total non-current assets as of December 31, 2014, of Rp1,101,823 million. The increase was mainly due to an increase in fixed assets - net of accumulated depreciation, by Rp2,279,352 million or 321.16% as a result of fixed asset revaluation in accordance with the Regulation of the Minister of Finance of the Republic of Indonesia number 191/PMK.010./2015 concerning revaluation of fixed assets for tax purposes.

Investment in associates increased by Rp124,741 million or 84.63% as a result of an increase in paid-in capital in associates.

Investment properties - net of accumulated depreciation, increased by Rp110,500 million or 3,842.35% and an increase in fixed assets - net of accumulated depreciation by Rp2,279,352 million or 321.16% owing to fixed asset revaluation in accordance with the Regulation of the Minister of Finance of the Republic of Indonesia number 191/PMK.010./2015 concerning revaluation of fixed assets for tax purposes.

Land for development increased by Rp75,621 million or 43.87% due to land acquisitions or Grand Kamala Lagoon project in Bekasi totaling 35,777m2 _{and land acquisitions in Tanjung Barat totaling 13,084m}2 _{for planned apartment development.}

Key Financial Highlights

(In millions of Rupiah)

Description June 2016 (Unaudited) December 31,

2015 2014 2013

Total Assets 2,476,652 3,719,333 1,243,367 1,444,562

Total Liabilities 1,804,825 2,469,737 524,420 449,288

Total Equity 671,827 1,249,596 714,947 695,274

Revenue 87,486 602,193 299,855 250,756

Operating Profit (Loss) 4,138 104,463 82,182 73,729

Comprehensive Income (Loss) 17,318 504,659 74,097 37,074

C. PT MANDIRI SEKURITAS (“MS”)

Brief History

PT Mandiri Sekuritas was established based on the Deed dated December 9, 1991, No. 01, drawn up before Sutjipto, S.H., then a Notary in Jakarta, which was approved by the Minister of Justice of the Republic of Indonesia by virtue of Decree No. C2-8206.HT.01.01.TH.91 dated December 28, 1991, and was announced in the State Gazette of the Republic of Indonesia dated February 18, 1992, No. 14, Supplement No. 724/1992.

The last Articles of Association were amended by the deed dated August 9, 2016, No. 06, drawn up before Notary Lenny Janis Ishak, S.H. referred to above, the Receipt of Notification of Amendment to Articles of Association of which was receipt and recorded in the database of the Legal Entity Administration System of the Ministry of Law and Human Rights of the Republic of Indonesia as stated in its letter dated August 13, 2012, No. AHU-AH.01.10-29950.

AIMS, OBJECTIVES AND BUSINESS ACTIVITIES

The aims and objectives of MS’ business activities are to operate as a securities company, with business license No. KEP-12/PM/1992 and No. KEP-13/ MK/ 1992 dated January 23, 1992.

Management and Supervision

The last compositions of MS’ Board of Commissioners and Board of Directors based on the Deed No. 23 dated March 15, 2016, drawn up before the Notary Lenny Janis Ishak, S.H., and the last composition of MS’ Board of Directors based on the Deed No. 02 dated October 5, 2016, drawn up before the Notary Lenny Janis Ishak, S.H., are as follows:

Board of Commissioners

President Commissioner and Independent Commissioner : Darwin Cyril Noerhadi

Commissioner : Alexandra Askandar

Commissioner : Fransisca Nelwan Mok

Commissioner : Suresh Lilaram Narang

Board of Directors:

President Director : Silvano Rumantir

Director : Donny Arsal

Director : Laksono Widito Widodo

Capital Structure and Shareholder Composition

Based on the Deed No. 141 dated December 28, 2012, drawn up before the Notary Aryanti Artisari, S.H., M.Kn., MS’ capital structure and shareholder composition are as follows:

Description Nominal Value Rp1,000 per share

Number of Shares Nominal Value (Rp) (%)

Authorized Capital 1,000,000,000 1,000,000,000,000

Issued and Fully Paid-up Capital

1. PT Bank Mandiri (Persero) Tbk 638,499,999 638,499,999,000 99.999

2. Koperasi Karyawan PT Bank Mandiri (Persero) Tbk 1 1,000 0.001

Total Issued and Fully Paid-up Capital 638,500,000 638,500,000,000 100.00

Key Financial Highlights

(In millions of Rupiah)

DESCRIPTION June 30*, December 31,

2016 2015 2014 2013

Total Assets 3,575,323 1,712,002 2,380,997 2,416,791

Total Liabilities 2,518,436 698,901 1,364,014 1,466,853

Total Equity 1,056,887 1,013,101 1,016,982 949,359

Total revenue 319,638 601,184 701,616 613,168

Operating income 62,335 52,091 162,415 153,236

Net Income 50,926 14,658 93,350 93,107

Net income attributable to:

Owner of parent entity 50,919 14,648 93,318 93,083

Non-controlling interest 7 11 32 24

Comprehensive income attributable to:

Owner of parent entity 54,775 17,806 94,951 84,951

Non-controlling interest 7 11 32 26

*unaudited

MAIN PROVISIONS OF COMMITTMENT TO PURCHASE UNSUBSCRIBED SHARES AGREEMENT

The Company shall offer a total of 1,357,460,854 (one billion three hundred fifty seven million four hundred sixty thousand eight hundred fifty four) B Series Ordinary Shares or 21.89% (twenty one point eight nine percent) of the total issued and paid-up capital subsequent to the Right Issue I, with a nominal value of Rp100 (one hundred Rupiah) per share. The Company’s Shareholder, namely the Republic of Indonesia shall exercise its rights in this Right Issue I in accordance with its portion of ownership as stipulated in the Law of the Republic of Indonesia No. 27 of 2014, which has been revised by the Law of the Republic of Indonesia No. 3 of 2015.

In the event that the New Shares are not entirely subscribed by the holders of Preemptive Rights, the remaining shall be allocated to other Preemptive Right Holders subscribing more than their rights as stated in the Preemptive Right Certificate of the Additional Shares Subscription Form proportionally based on the exercised rights. If, subsequent to the allocation there are New Shares remaining unsubscribed, then, all of such Remaining New Shares shall be subscribed to by the Stand-by Buyers, at a maximum of 665,155,778 (six hundred sixty five million one hundred fifty five thousand seven hundred seventy eight) New Shares, which shall be subject to the following provisions:

• In the event that all the New Shares offered in the Right Issue I are not fully subscribed by the holders of Preemptive Rights, the remaining shares shall be allocated proportionally to the Shareholders subscribing more than their rights as stated in the Preemptive Right Certificate based on the exercised rights.

• The Stand-by Buyers' obligation to subscribe to or purchase the remaining New Shares referred to above is subject to the satisfaction of certain terms of conditions, whereby the portion of each Stand-by Buyer shall be as follows:

i. PT Bahana Securities, a maximum of 219,501,407 (two hundred nineteen million five hundred one thousand four seven) shares; ii. PT Danareks Sekuritas, a maximum of 226,152,964 (two hundred twenty six million one hundred fifty two thousand nine hundred

sixty four) shares;

iii. PT Mandiri Sekuritas, a maximum of 219,501,407 (two hundred nineteen million five hundred one thousand four seven) shares. PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas have expressed their commitments and confirms that they are in possession of sufficient fund to act as stand-by buyers.

THE STAND-BY BUYERS ARE AFFILIATED TO THE COMPANY

SHARE SUBSCRIPTION PROCEDURES

The Company has appointed a Securities Administration Bureau, PT BSR Indonesia as the Company’s Shares Administration Management Agency and Limited Public Offering Implementing Agent as stipulated in the Deed of the Company's Limited Public Offering Shares Administration Management and Implementing Agent.

1. Eligible Subscribers

The Shareholders whose names are recorded in the Company's SR as of December 6, 2016, shall be entitled to submit the Preemptive Right Share subscription with respect to this Right Issue I, provided that each holder of 500,000 (five hundred thousand) existing shares shall be entitled to 140,163 (one hundred forty thousand one hundred sixty three) Preemptive Rights, whereas every 1 (one) Preemptive Right shall be entitled to subscribe 1 (one) Right Share at a nominal value of Rp100 (one hundred Rupiah) per share at Exercise Price.

Subscribers entitled to purchase new shares are:

a. _{The holders of Preemptive Rights Certificates whose names are stated on the Preemptive Right Certificate or those who have legitimately} acquired Preemptive Rights in accordance with the provisions of the prevailing laws and regulations; or

trading period.

The subscribers may consist of individuals, Indonesian and/or Foreign Citizen and/or Institutions and/or Legal Entities/Business Entities, whether Indonesian/Foreign as stipulated in the Capital Market Law and the implementing regulations thereof.

In order to facilitate the process and ensure the eligible shareholders registration schedule is met, the shareholders of the Company's shares in the form of certificates intending to exercise their rights to acquire Preemptive Rights and have not registered their transfer of share ownerships are advised to register at the Securities Administration Bureau before the final deadline for the registration of Shareholders, which shall be December 6, 2016.

2. Distribution of Preemptive Rights

For Shareholders whose shares are administered in the Collective Depository system at KSEI, the Preemptive Rights shall be distributed electronically to the Securities Accounts at KSEI through the Securities Accounts of the respective Members of the Stock Exchange or Custodian Banks at KSEI by no later than 1 (one) Exchange Day after the date of registration of shareholders entitled to Preemptive Rights in the SR, which shall be December 7, 2016. The Prospectuses and implementation guidelines shall be distributed by the Company through KSEI, which may be obtained by the Company's shareholders from their respective Members of Stock Exchange or Custodian Banks. For shareholders whose shares are not administered in the Collective Depository at KSEI, the Company shall issue a Preemptive Right Certificate under the name of the shareholders, which may be obtained by the eligible shareholders or their representatives at the SAB on every business days during working hours starting from December 7, 2016, by presenting:

a. A photocopy of valid personal identification (for individual shareholders) and a photocopy of the Articles of Association for (for legal entity/institutional shareholders) The Shareholders shall also be required to present the original of such photocopies.

b. The original copy of power of attorney (in the event of representative), supplemented with photocopies of other valid personal identification, both for the principal and the agent (the original copy of identifications of the principal and agent must be presented).

3. Preemptive Rights Exercise/Registration Procedures

Preemptive Rights may be exercised from December 8, 2016 until December 15, 2016.

a. The holders of Preemptive Rights in the Collective Depository at KSEI intending to exercise their Preemptive Rights shall file a request to exercise such rights through the Members of the Stock Exchange/Custodian Banks appointed as their securities manager. Subsequently, Members of the Stock Exchange/Custodian Banks shall submit the exercise request or instruction through the Central Depository - Book Entry Settlement System (C-BEST) in accordance with the procedures stipulated by KSEI. In carrying out the exercise instruction, Members of the Stock Exchange/Custodian Banks must comply with the following provisions:

i. Holders of Preemptive Rights shall provide the Preemptive Rights exercise fund upon submission of such request.

ii. The adequacy of Preemptive Rights and payment fund to exercise the Preemptive Rights must be available at the Securities Accounts of the holders of Preemptive Rights exercising their rights.

On the next business day, KSEI shall submit the Preemptive Right Holder Register exercising their rights to the Collective Depository at KSEI and deposit the payment fund to exercise such Preemptive Rights to the Company's Bank Account.

New Shares from exercised Preemptive Rights shall be distributed by the Company/the Company's SAB electronically to the accounts determined by KSEI to be further distributed by KSEI to each security account of the respective Holders of Preemptive Rights who exercised their rights. New Shares from exercised Preemptive Rights shall be distributed by the Company/the Company's SAB by no later than 2 (two) business days from the receipt of such request to exercise by KSEI and after the payment funds are received in good fund at the Company's Bank Account.

b. The holders of Preemptive Rights in the form of certificate/Preemptive Right Certificate intending to exercise their Preemptive Rights shall submit the request to exercise such Preemptive Rights to the Company's SAB, by submitting the following documents:

i. The original copy of signed and complete Preemptive Right Certificate.

ii. The original payment slip by way of transfer/book-entry settlement/giro/cheque/cash to the Company’s account from the bank where the payment is deposited.

iii. Photocopy of valid Resident Card (KTP)/Passport/Temporary Stay Permit Card (KITAS) (for individual), or a photocopy of Articles of Association and supported by Board of Directors/Management composition (for Institution/Legal Entity).

iv. The original copy of power of attorney (in the event of representative) with Rp6,000 (six thousand Rupiah) stamp duty, supplemented with photocopies of valid Resident Card (KTP)/Passport/Temporary Stay Permit Card (KITAS) of the Principal and Agent.

v. In the event that the holders of the Preemptive Rights intend to have the New Shares from exercised Preemptive Rights in electronic form, the exercise request shall be submitted to the Company's SAB through the appointed Members of the Stock Exchange or Custodian Banks by submitting the following additional documents:

• The original copy of power of attorney from the holders of the Preemptive Rights to the Members of the Stock Exchange or Custodian Banks to submit the request to exercise Preemptive Rights and undertake the securities management of shares from exercised Preemptive Rights at the Collective Depository at KSEI on behalf of the Principal.

• The original copy of signed and complete Securities Deposit Form issued by KSEI. The Company shall issue the shares from exercised Preemptive Rights in the physical form of Collective Share Certificate (CSC) in the event that the holders of Preemptive Right Certificate do not intend to have their shares from exercised Preemptive Rights to be administered in the Collective Depository at KSEI.

electronic form to certificate shall be entirely paid and borne by the concerned shareholders of the Company.

Registration to exercise Preemptive Rights Certificates shall be conducted at the office of the Company’s SAB’s during business days and working hours (Monday to Friday, 09.00 - 15.00 Western Indonesian Time).

In the event that the Preemptive Rights Certificates are not completed in accordance with the shares subscription guidelines/requirements stated on the Preemptive Right Certificate and in the Prospectus, the subscription may be rejected. Preemptive Rights shall be deemed exercised only when such payments have been proved to be in good funds in the Company's Bank Account in accordance with the requirements stipulated in the terms of subscription.

4. Additional Shares Subscription

Eligible Shareholders who do not sell their Preemptive Rights or buyers/holders of Preemptive Rights whose names are stated on the Preemptive Right Certificate, or the holders of Preemptive Rights in the Collective Depository at KSEI, may file additional shares subscription in addition to their existing rights by filling in the additional shares subscription column provided on the Preemptive Right Certificate or Additional Share Subscription Form in a sum of no less than 100 shares or any multiples thereof.

a. Holders of Preemptive Rights in the form of certificate/Preemptive Right Certificate intending to have the New Shares from their allotment in electronic form shall file a request to the Company’s SAB through the Members of Stock Exchange/Custodian Bank by submitting the following documents:

- The original copy of Additional Share Subscription Form (SSF) that has been filled in completely and correctly.

- The original copy of the power of attorney from the Holders of Preemptive Rights to the Members of Stock Exchange or Custodian Banks to file the Additional New Shares Subscription requests and undertake the securities management of New Shares from allotment in the Collective Depository at KSEI and other authorizations which may have been given in relation to the subscription of Additional New Shares on behalf of the Principal.

- Photocopy of valid Resident Card (KTP)/Passport/Temporary Stay Permit Card (KITAS) (for individual), or a photocopy of Articles of Association and supported by Board of Directors/Management composition (for Institution/Legal Entity).

- The original payment slip by way of transfer/book-entry settlement/giro/cheque/cash to the Company’s account from the bank where the payment is deposited.

- The original copy of Securities Deposit Form issued by KSEI, which has been filled in completely for the purpose of distributing shares from exercised preemptive rights by the SAB.

b. Holders of Preemptive Rights in the form of certificate/Preemptive Right Certificate intending to have the New Shares from their allotment to remain in the the physical form/certificates shall file a request to the Company’s SAB through the Members of Stock Exchange/Custodian Bank by submitting the following documents:

- The original copy of Additional SSF that has been filled in completely and correctly.

- Photocopy of valid Resident Card (KTP)/Passport/Temporary Stay Permit Card (KITAS) (for individual), or a photocopy of Articles of Association and supported by Board of Directors/Management composition (for Institution/Legal Entity).

- The original copy of power of attorney (in the event of representative) with Rp6,000 (six thousand Rupiah) stamp duty, supplemented with photocopies of valid Resident Card (KTP)/Passport/Temporary Stay Permit Card (KITAS) of the Principal and Agent.

- The original payment slip by way of transfer/book-entry settlement/giro/cheque/cash to the Company’s account from the bank where the payment is deposited.

c. Holders of Preemptive Rights in the Collective Depository at KSEI shall fill in and submit the Additional SSF which have been distributed supplemented by the following documents:

- The original copy of settled exercise instructions conducted in C-BEST according to the name of the concerned Holders of Preemptive Rights (only for holders of Preemptive Rights in the Collective Depository at KSEI who have exercised their rights on the C-BEST system).

- The original copy of Securities Deposit Form issued by KSEI, which has been filled in completely for the purpose of distributing shares from exercised preemptive rights by the SAB.

- The original payment slip by way of transfer/wire/giro/cheque/cash to the Company’s account from the bank where the payment is deposited.

Payment for such additional subscription shall be made and must be received in good funds in the Company's bank account by no later than December 19, 2016. Subscriptions that fail to meet the guidelines according to the terms of subscription may be rejected.

5. Allotment of Additional Shares Subscription in the Right Issue I

The allotment of additional shares subscription will be determined on December 20, 2016, subject to the following provisions:

a. In the event that all subscribed shares, including additional shares subscription, do not exceed the total number of shares offered in this Rights Issue I, then all subscription of additional shares shall be fulfilled;

b. In the event that all subscribed shares, including additional shares subscription, exceed the total number of shares offered in this Right Issue I, then the subscribers placing additional shares subscriptions shall be subject to the allotment system in proportion to the additional subscription of Preemptive Rights exercised by each shareholder placing such additional share subscriptions.

6. Terms of Payment for Holders of Preemptive Right Certificates (Outside KSEI’s Collective Depository) and Additional New Shares Subscriptions

full and in good funds in Rupiah currency upon subscriptions, by way of cash/cheques/bilyet giro/book-entry settlement/transfer by stating the Preemptive Right Certificate Number or Additional SSF Number and such payments shall be transferred to the Company’s bank account (the “Company’s Bank”) stated below:

PT Bank Mandiri (Persero) Tbk. Branch: Pasar Rebo, Jakarta Account Number: 129 001 0966 097

Under the name of: PT Pembangunan Perumahan (Persero) Tbk

All cheques and bank drafts received shall be immediately endorsed upon receipt. In the event that such cheques or bank drafts are dishonored by the drawing bank upon endorsement, the Right Shares subscriptions shall be considered void. In the event of payment by way of cheques/book-entry settlement/bilyet giro, then payment date shall be considered based on the date that such cheques/book-entry settlement/bilyet giro are received in good funds in the Company's bank account stated above.

For subscriptions of additional Preemptive Rights Shares, payments shall be made on the day of subscription, where such payments shall be received in good funds in the Company's bank account stated above by no later than December 19, 2016.

All costs that may arise with respect to the shares subscriptions in relation to this Right Issue I shall be borne by the subscribers. Shares subscriptions that fail to satisfy the terms of payment shall be considered void.

7. Receipt of Share Subscription

The Company, through the Company's SAB receiving the Preemptive Rights Share subscription requests shall provide stamped and signed Receipt of Share Subscriptions to the subscribers as evidence of Preemptive Rights Share Subscription, which shall subsequently be used as one of the evidence during the collection of the Right Shares. Holders of Preemptive Rights in the Collective Depository at KSEI shall receive confirmation on the requests to exercise Preemptive Rights from C-BEST at KSEI through the Account Holders at KSEI.

8. Cancellation of Share Subscription

The Company reserves the right to cancel the Preemptive Rights Share subscriptions, whether in part or in whole, with due consideration to the prevailing requirements. Notification concerning cancellation of the Preemptive Rights Share subscriptions shall be delivered by allotment confirmation form and the refund of subscription fund to the members of the stock exchange/custodian banks/or holders of shares in the form of certificates.

Other matters that may result in the cancellation of the Preemptive Rights Share subscriptions are, among others, as follows:

a. Failure to complete the Preemptive Right Certificates or Additional SSF in accordance with the guidelines/terms of subscription of New Shares stated on the Preemptive Right Certificates and in the Prospectus;

b. Failure to satisfy the terms of payment;

c. Failure to satisfy the requirements concerning the completeness of subscription documents.

In the event that there are parties that are prohibited to exercise their Preemptive Rights as such conversion of Preemptive Rights to shares is prohibited by the prevailing law, but such parties continues to subscribe to the Shares and pay the subscription fund, the Company shall have the right to deem such Preemptive Rights or other Preemptive Rights documentation submitted by such parties as invalid and to return all the subscription fund paid in Rupiah currency by transferring such fund to the bank account under the name of the said subscribers. The Company shall refund the subscription by no later than 2 (two) Business Days subsequent to the Allotment Date. Refunds made until such date shall not be subject to interest.

9. Refund of Subscription

In the event of failure to fulfill the additional Right Shares, whether in part or in whole, or in the event of cancellation of share subscriptions, the Company shall refund such subscriptions, whether in part or in whole, in Rupiah currency by way of transfer to the bank account under the name of the subscribers. Refunds by the Company shall be made on December 21, 2016. Refunds made until December 21, 2016, shall not be subject to interest.

In the event of lateness in refunding the subscription by more than 2 (two) Business Days subsequent to the Allotment Date, the refund sum shall include the penalty, which shall be calculated starting the 3rd (third) business day subsequent to the Allotment Date until the date of refund, which shall be calculated based on the annual interest rate of 1 (one) month time deposit at the bank where such fund is placed. The Company shall not be subject to fine for the lateness in refunding the share subscription fund if such lateness is due to the subscribers’ error in stating the name of the bank and the bank account number. The Company shall not be subject to fine for errors not initiated by the Company. Refund for Holders of Preemptive Rights in the collective depository at KSEI who exercise their rights through KSEI shall be performed by KSEI.

10. Delivery of Shares from Exercised Preemptive Rights

Shares from Exercised Preemptive Rights for subscribers exercising their Preemptive Rights according to their rights through KSEI, shall have their shares credited to the securities account in 2 (two) business days after the instructions to exercise Preemptive Rights are received from KSEI and the payments have been received in good funds in the Company's bank account.

Shares from exercised Preemptive Rights for holders of Preemptive Rights in the form of certificate exercising their Preemptive Rights according through their rights shall receive the Collective Share Certificate or shares in the form of certificates by no later than 2 (two) business days after the requests are received by the Company's SAB and the payments have been effective (in good funds) in the Company's bank account.

Whereas the Collective Share Certificate of the Right Shares from the allotment of additional Right Shares subscription shall be available or shall be distributed electronically to the Collective Depository at KSEI by no later than 2 (two) business days after the allotment.

New Collective Share Certificates from the exercised Preemptive Rights shall be available for collection on every Business Day (Monday - Friday, 9.00 - 15.00 Western Indonesian Time), starting from December 13, 2016, until December 19, 2016. Whereas the Collective Share Certificates from share allotment shall be available for collection starting from December 20, 2016. Collection may be conducted in the SAB's office by presenting/submitting the following documents:

a. Photocopy of valid Resident Card (KTP)/Passport/Temporary Stay Permit Card (KITAS) (for individual); or

b. Photocopy of Articles of Association (for Institution/Legal Entity) and supported by valid Board of Directors/Management composition; c. The original copy of power of attorney (for institutions/legal entity or individuals with representative) with Rp6,000 (six thousand Rupiah)

supplemented with photocopies of Resident Card (KTP)/Passport/Temporary Stay Permit Card (KITAS) of the Principal and Agent. d. The original Receipt of Share Subscription.

11. Allocation of Remaining Shares Unsubscribed by the Holders of Preemptive Rights

In the event that the shares offered in this Right Issue I are not entirely subscribed by the holders of Preemptive Rights, the remaining shares shall be allocated to other holders of Preemptive Rights whose subscriptions exceed their respective rights as stated in the Preemptive Rights, in proportion to the amount of their respective exercised Preemptive Rights. In the event of remaining shares, such shares shall be entirely subscribed to by the Stand-by Buyers.

DISTRIBUTION OF PROSPECTUS AND PREEMPTIVE RIGHT CERTIFICATES

The Company has announced key information with regard to this Right Issue I through advertisement in the newspapers.

1. For Shareholders whose shares are administered in the Collective Depository system at KSEI, the Preemptive Rights shall be distributed electronically to the Securities Accounts of their respective Members of the Stock Exchange or Custodian Banks at KSEI by no later than 1 (one) Business Day after the registration date in the SR for Rights Issue I, which shall be December 7, 2016. The Prospectus and implementation guidelines are available at the Company's SAB.

2. For Shareholders whose shares are not administered in the Collective Depository system at KSEI, the Company shall issue Preemptive Right Certificates under the name of the shareholders, and such shareholders may obtain the Preemptive Right Certificates, Prospectus, Additional SSFs and other forms starting December 8, 2016, by presenting the original copy of valid identification (Resident Card (KTP)/Passport/Temporary Stay Permit Card (KITAS)) and submit the photocopies thereof and the original Power of Attorney for those unable to obtain the documents referred by themselves to the Company's SAB:

PT BSR Indonesia

Komplek Pekantoran ITC Roxy Mas Blok E 1 No 10-11 Jl. K.H Hasyim Ashari

Jakarta, 10150 Phone: (021) 631 7828

Fax: (021) 631 7827 Hmetd.ptpp@bsr-indonesia.com

Securities Administration

In the event that the Company's shareholders whose names are registered in the Shareholder Register on December 6, 2016, at 16.00 Western Indonesian Time have not obtained the Prospectus and Preemptive Right Certificates and do not contact PT BSR Indonesia as the Company's SAB, then all risks of losses shall not be the responsibility of PT BSR Indonesia or the Company, but shall remain as the responsibility of the concerned shareholder.