Reinsurance Assets Property and Equipment

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 d. Deposits from other banks consist of: 2014 2013 Demand deposits 85,772 201,481 Time deposits 378,500 35,200 Call Money 206,925 20,000 Certificate of Sharia Interbank Mudharabah Investment 95,000 - Total 766,197 256,681 a. Demand deposits consist of: 2014 2013 Related parties Note 50 Foreign currencies Note 51 17,336 36,199 Third parties Rupiah 68,436 165,282 Total 85,772 201,481 Interest rates per annum are as follows: 2014 2013 Rupiah 0.00 - 3.00 0.00 - 5.00 Foreign currencies 0.00 - 0.15 0.00 - 0.15 As of December 31, 2014 and 2013, demand deposits are managed by Sharia unit, amounting to Rp 6,910 and Rp 7, respectively. b. Time deposits represent time deposits which are placed by third parties in Rupiah. As of December 31, 2014 and 2013, time deposits are managed by Sharia unit, amounting to Rp 55,000 and nil, respectively. Interest rates for deposits from other banks per annum are 7.50 - 10.75 and 7.60 - 7.75, as of December 31, 2014 and 2013, respectively. c. Call Money consist of: 2014 2013 Third parties less than 1 month Rupiah 145,000 20,000 Foreign currencies Note 51 61,925 - Total 206,925 20,000 Interest rates per annum for call money in Rupiah are 5.90 - 6.80 and 7.05 in 2014, while in foreign currencies are 0.30 in 2014. - 88 - 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

23. Insurance Payable

Consist of: 2014 2013 Related parties Note 50 Commissions payable 18,270 6,893 Reinsurance payable 10,315 4,954 Insurance claims payable 3,710 520 Premiums payable 1,430 342 Total 33,725 12,709 Third parties Reinsurance payable 387,818 245,080 Insurance claims payable 73,383 88,825 Commissions payable 90,175 41,562 Premiums payable 80,157 33,395 Total 631,533 408,862 Total 665,258 421,571 The details of insurance payable based on currency: 2014 2013 Rupiah Reinsurance payable 37,756 58,410 Insurance claims payable 56,659 67,129 Commissions payable 92,876 39,284 Premiums payable 31,719 20,421 Total 219,010 185,244 Forreign currencies Note 51 Reinsurance payable 360,377 191,624 Insurance claims payable 20,434 22,216 Commissions payable 15,569 9,171 Premiums payable 49,868 13,316 Total 446,248 236,327 Total 665,258 421,571 The details of insurance payable based on type of insurance: Reinsurance Claim Commission Premium Fire 255,025 3,403 14,088 20,852 Health 985 10,902 4,463 - Motor Vehicles 1,463 17,045 50,183 18,484 Marine Hull 6,899 75 1,851 1,029 Engineering 53,040 1 4,775 27,650 Marine Cargo 807 119 1,096 118 Death 1,918 812 10,195 - Accident 47 - - - Miscellaneous 77,949 44,736 21,794 13,454 Total 398,133 77,093 108,445 81,587 2014 - 89 - 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 Reinsurance Claim Commission Premium Fire 137,831 1,645 9,838 13,467 Health 12,087 31,123 3,978 - Motor Vehicles 5,572 9,974 9,795 16,350 Marine Hull 22,550 641 2,674 1,105 Engineering 49,538 - 1,341 942 Marine Cargo 12,807 230 978 106 Death 965 - 2,026 - Accident 86 - - - Miscellaneous 8,598 45,732 17,825 1,767 Total 250,034 89,345 48,455 33,737 2013 Reinsurance payables represent insurance premiums due to the reinsurance companies based on the reinsurance contract treaty for certain amount of insurance policies. Commissions payable represent commissions due to brokers and insurance agencies while insurance claims payable represent liabilities to policyholders in relation to claims which have been approved but the payments of which are still in process. Premiums payable represent co-insurance premium payable to co-insurance member arising from life insurance transaction. 24. Premiums Received in Advance This account represents premiums received in advance by ASM, a subsidiary, in relation to insurance policies issued with coverage period of more than one 1 year. Premiums received in advance by type of insurance are as follows: 2014 2013 Motor Vehicles 986,982 583,676 Fire 109,534 666,058 Engineering 89,173 40,631 Miscellaneous 79,007 47,146 Marine Cargo 3,300 5,759 Marine Hull 5 106 Health 31 153 Total 1,268,032 1,343,529

25. Liability for Future Policy Benefits

a. Liability for future policy benefits represents the amount set aside to provide the benefits promised to policyholders under the terms of life insurance policies in force, which are stated in the policies and determined in accordance with the actuarial calculation. - 90 - 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 b. The details of liability for future policy benefits based on type of coverage are as follows: 2014 2013 Individual: Combined endowment 8,011,198 7,349,104 Whole life combined 221,777 222,826 Whole life 51,717 49,897 Endowment 9,679 9,347 Non-traditional 1,660 1,415 Death 5,633 269 Subtotal 8,301,664 7,632,858 Group: Death 290,816 290,856 Non-traditional 6 11 Subtotal 290,822 290,867 Total 8,592,486 7,923,725 c. As of December 31, 2014 and 2013, AJSM, a subsidiary, liability for future policy benefits is recorded by AJSM based on actuarial calculation. The assumptions used in the computation are as follows: Mortality Method of Reserve Table IDR USD Computation a. Individual: Death Reinsurance + TMI93 7.04 - 8.56 1.28 - 4.95 GPV Endowment Reinsurance + TMI93 8.09 - 8.47 GPV Combined endowment Reinsurance + TMI93 7.04 - 8.58 1.28 - 5.17 GPV Whole life Reinsurance + TMI93 7.75 - 8.58 4.24 - 5.17 GPV Combined whole life Reinsurance + TMI93 7.61 - 8.58 3.84 - 5.17 GPV b. Group: Death Reinsurance + CSO 58 7.04 - 8.56 1.28 - 5.05 GPV Type of Insurance Actuarial Interest The above liability for future policy benefits are prospective with linear interpolation. d. The changes in liability for future policy benefits are as follows: 2014 2013 Balance at the beginning of the year 7,923,725 10,008,717 Increase decrease in liability for future benefits Note 43 649,466 2,117,408 Increase in liability for future benefits - sharia 19,295 32,416 Balance at the end of year 8,592,486 7,923,725 - 91 - 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

26. Unearned Premiums and Estimated Liability Claims

2014 2013 Unearned premiums 1,087,316 1,276,711 Estimated liability claims 1,085,180 636,077 Total 2,172,496 1,912,788

a. Unearned Premiums

Unearned premiums by type of insurance are as follows: 2014 2013 Fire 175,089 426,951 Health 155,516 287,930 Motor vehicles 517,060 401,356 Miscellaneous 177,387 105,113 Marine cargo 6,557 5,188 Marine hull 19,759 29,860 Engineering 26,619 17,101 Accident 8,749 2,604 Death 580 608 Total 1,087,316 1,276,711 The changes in unearned premiums are as follows: 2014 2013 Balance at the beginning of the year 1,276,711 1,457,906 Increase in unearned premiums Note 39 31,697 123,190 Decrease in reinsurance assets 223,806 312,036 Increase in unearned premiums tabarru fund 2,714 7,651 Balance at the end of year 1,087,316 1,276,711

b. Estimated Claims Liability

The details of estimated claims liability by type of insurance are as follows: 2014 2013 Fire 750,469 267,909 Motor vehicles 124,802 101,964 Marine hull 34,114 62,999 Miscellaneous 86,134 88,778 Health 35,082 53,475 Death 15,861 10,173 Marine cargo 9,004 10,177 Engineering 29,714 40,602 Total 1,085,180 636,077 - 92 - 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 The changes in estimated claims liability are as follows: 2014 2013 Balance at the beginning of the year 636,077 512,001 Increase in estimated claims liability Note 43 11,117 32,449 Increase in reinsurance assets 430,568 90,483 Increase in estimated claims liability tabarru fund 7,418 1,144 Balance at the end of year 1,085,180 636,077 As of December 31, 2014 and 2013, the balance of unearned premiums and estimated claims liability to related parties amounted to Rp 755,426 and Rp 458,290, respectively Note 50.

27. Payables To Brokers

2014 2013 Payable to customers 192,261 80,192 Commission payable 1,666 1,149 Total 193,927 81,341 Payable to customers are liabilities of SMS, a subsidiary, in relation with purchase and sale transactions of customers’ shares of stock. As of December 31, 2014 and 2013, the balance of payables to brokers to related parties amounted to nil and Rp 1,264, respectively Note 50.

28. Taxes Payable

2014 2013 Income taxes Article 29 Note 48 20,508 246,437 Article 4 2 16,593 11,747 Article 21 14,038 14,525 Article 25 6,642 7,245 Articles 23 and 26 5,194 1,831 Value Added Tax 2,354 1,206 Total 65,329 282,991 The tax returns filed are based on the Group’s own calculation of tax liabilities self-assessment. Based on the Law No. 28 Year 2007, regarding the third amendment of the General Taxation Provisions and Procedures’ the time limit for the tax authorities to assess or amend taxes was reduced to 5 years previously 10 years, subject to certain exceptions, in accordance with provisions of the Law. - 93 - 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

29. Accrued Expenses

2014 2013 Interest 57,646 42,372 Others 46,450 45,632 Total 104,096 88,004 Others represent accruals of certain operating expenses. As of December 31, 2014 and 2013, the balance of accrued interest to related parties amounted to Rp 3,252 and Rp 3,366, respectively Note 50.

30. Securities Issued

2014 2013 Medium term notes 800,000 800,000 Bonds 500,000 500,000 Unamortized issuance cost 6,546 9,096 Total 1,293,454 1,290,904 Medium Term Notes SMF, a subsidiary, issued Medium Term Notes Sinar Mas Multifinance Year 2012 with nominal value of Rp 1,000,000 and made in 2 withdrawals as follows: a. Amounting to Rp 600,000 on November 13, 2012; and b. Amounting to Rp 400,000 on November 29, 2012 MTN’ period is three 3 years or less if option is exercised by SMF. MTN’ interest rate is 11 per annum which will be paid every 3 months. The MTN will mature on November 13, 2015 and November 29, 2015, respectively. These MTN’s are unsecured and not listed in any stock exchange. In relation to the issuance of the MTN, the Company ranked [Idr]A-A minus based on rating made by PT ICRA Indonesia. SMS and BS, subsidiaries, acted as Arranger and Monitoring and Payment Agent¸ respectively of MTN Sinar Mas Multifinance year 2012. In July 2013, SMF had settled part of the principal loan amounting to Rp 200,000. Bonds On March 28, 2013, SMF obtained the Notice of Effectivity from the Chairman of the Capital Market Financial Services Authority in his Letter No. S-63D.042013 for its offering to the public of Bonds of Sinar Mas Multifinance II Year 2013 with Fixed Interest Rate with total nominal amount of Rp 500,000 and with term of five 5 years. These bonds were issued without warrants and offered with 100 of the principal of bonds. Interest is at 10.75 per annum and payable every 3 months since April 10, 2013. These bonds are secured by consumer financing receivables, net investments in finance lease and factoring receivables. - 94 -