Indonesian law contains provisions that could discourage a takeover of the Company.

51 of laws and regulations by Indonesian courts and Indonesian governmental agencies may be subject to considerable discretion, uncertainty and inconsistency. Furthermore, corruption in the court system in Indonesia has been widely reported in publicly available sources. Indonesian legal principles relating to the rights of shareholders, or their practical implementation by Indonesian courts, differ from those that would apply within the United States or the EU. Absent a binding precedent system, the rights of shareholders under Indonesian law might not be as clearly evident as in most United States and EU jurisdictions. In addition, under Indonesian law, companies may have rights and defenses to actions filed by shareholders that these companies would not have in jurisdictions such as the United States and EU member states. 6. A shareholders right to participate in future rights offerings could be limited, which would cause dilution to their holdings. To the extent that in the future the Company offers its shareholders rights to purchase or subscribe for shares or otherwise distribute shares to its shareholders, holders from other jurisdictions may be unable to exercise such rights for the Shares unless a registration statement under the Securities Act or similar legislation in other countries is effective with respect to the new shares or an exemption from registration under the Securities Act or similar legislation in other countries is available. Whenever the Company makes a rights or similar offering of the Shares, the Company will evaluate the costs and potential liabilities associated with, and its ability to comply with, United States regulations and those of other countries, for any registration statement and any other factors the Company considers appropriate. However, the Company may choose not to file any registration statement andor other relevant documents. If the Company does not file a registration statement and no exemption from registration under the Securities Act is available, then shareholders in other jurisdiction would be unable to participate in rights or similar offerings and would suffer dilution of their shareholdings. Consequently, shareholders may not be able to maintain their proportional equity interests in the Company. Also, as rights issues in Indonesia generally enable participants to purchase shares at a discount to the recent trading price, shareholders inability to participate in such rights offerings could cause material economic harm. 7. Shareholders may be subject to dilution on issues of new Shares or other equity securities by the Company. The shareholders will experience dilution in their holdings upon issuance of additional Shares in the future. Where funds are raised through the issuance of new Shares or other equity or equity-linked securities of the Company other than on a pro rata basis to existing shareholders, the percentage ownership of such shareholders in the Company may be diluted. Moreover, the newly issued securities may have rights, preferences or privileges superior to those of the Shares of the existing shareholders. Future sales or the prospect of future sales of Shares, including by the controlling shareholder, could have a material adverse effect on the market price of the Shares. Following the Offering, the controlling shareholder will continue to own approximately 92.5 of its outstanding Shares. A sale of a significant number of the Shares in the public market after the Offering by the controlling shareholder, or the perception that such sales may occur, could have a material adverse effect on the market price of the Shares. These factors could also affect its ability to raise equity capital in the future at a price favorable to the Company, or at all. 8. Exchange fluctuations may have a material adverse effect on the value of the Shares and any dividend distribution. The Company’s Shares are denominated and are quoted in Rupiah on the IDX. Dividends if any with respect to the Shares will be declared and paid in Rupiah and proceeds from on-market sales of the Shares will be received in Rupiah. If a shareholder wishes to receive such dividend or proceeds in a currency other than Rupiah it will be required to convert the relevant Rupiah amunts into that foreign currency. Fluctuations in the exchange rates between the Rupiah and any particular foreign currency will affect the foreign currency value of the dividends received and of any sale proceeds. Since the beginning of 2015, the value of the Rupiah compared to the U.S. dollar significantly, and such a depreciation will significantly decrease the U.S. dollar value of any dividend payments or sale proceeds. In addition, foreign exchange rules may be imposed which prevent or restrict the conversion of Rupiah to any foreign currency. Dividends may also be subject to Indonesian withholding tax.

9. Indonesian law contains provisions that could discourage a takeover of the Company.

Under Indonesian capital market regulations, if there is any change in control of an Indonesian public company, the new controlling party must carry out a tender offer for the remaining shares public shares, not including shares of certain shareholders, such as the other controlling shareholders, if any, and principal shareholders, if any. Under BAPEPAM- LK Regulation No. IX.H.1, Attachment to the Decision of the Chairman of BAPEPAM-LK No. KEP-264BL2011 dated May 31, 2011 regarding Takeover of Public Companies, a takeover of a public company is defined as an action which directly or indirectly changes the controlling party of that public company. A controlling party of a public company is defined as a person who:  owns more than 50 of the total issued capital of the public company; or 52  has direct or indirect ability to determine by any means possible the management andor policy of the public company. If, as a result of such mandatory tender offer, the new controlling party holds more than 80 of the public companys total paid-up capital, to ensure that the public continues to hold at least 20 of the capital of the public company, the regulations require the new controlling party to divest refloat some of its shares to ensure that the public shareholding is at least 20 of the total capital and is held by at least 300 shareholders in the public company within two years after completion of the mandatory tender offer. If, as a result of a takeover, the new controlling party has more than 80 of the total paid-up capital of a public company, there is an obligation to divest the shares obtained from the mandatory tender offer and have at least 300 shareholders within two years after completion of the mandatory tender offer. Although such take-over provisions are intended to protect the interests of shareholders by requiring any acquisitions of the Shares that may involve or threaten a change in control to also be extended to all shareholders on the same terms, these provisions may discourage or prevent such transactions from taking place at all. Some of the Companys shareholders, which may include you, may therefore be disadvantaged as a transaction of that kind might have allowed the sale of shares at a price above the market price. 10. There may be less company information available, and corporate governance standards may differ, for public companies listed on Indonesian securities markets as compared with those listed on securities markets in more developed countries. The IDX and OJK have different reporting standards than do securities exchanges and regulatory regimes in the United States, the United Kingdom and many other countries. There is a difference between the level of regulation and monitoring of the Indonesian securities markets and the activities of investors, brokers and other participants and that of markets in the United States and other developed economies. OJK, an Indonesian governmental entity, together with the IDX is responsible for improving disclosure and other regulatory standards for the Indonesian securities markets. OJK has issued regulations and guidelines on disclosure requirements, insider trading and other matters. There may, however, be less publicly available information about Indonesian companies than is regularly made available by public companies in other countries. As a result, shareholders may not receive the same amount of information or receive information with the same frequency as they may receive for companies listed in the United States, the United Kingdom and many other countries. In addition, corporate governance standards and practices may not be as strict, including with regard to the independence of boards of directors, boards of commissioners and audit and other committees. However, under the Company Law, the directors must act in the interest of the company and will be personally liable if the company suffer losses due to a conflict of interest.

11. Indonesia may suffer from governmental or business corruption