RESTATED RESOLUTIONS OF EXTRAORDINARY GENERAL MEETING OF

SHAREHOLDERS OF PT BANK PANIN SYARIAH Tbk.

Number: 5

-On t h i s Friday, 02-10-2015 (second of October, two thousand f i f t e e n ) .

At 16.10 (ten past sixteen) l o c a l time.

Appeared before me, FATHIAH HELMI, Sarjana Hukum, Notary i n

Jakarta, i n the presence of witnesses t o be named a t the end

p a r t hereof:

1. Mrs. DENY HENDRAWATI, Sarjana Hukum, born i n Wonogiri, on

05-02-1966 ( f i f t h of February, one thousand nine hundred

s i x t y s i x ) , President D i r e c t o r of PT Bank Panin Syariah

Tbk., Indonesian c i t i z e n , r e s i d i n g i n Jakarta Timur, Kav

Agrar i a No. 158, Rukun Tetangga 002, Rukun Warga 016,

Duren Sawit V i l l a g e , Duren Sawit S u b - d i s t r i c t ;

the holder of Resident I d e n t i t y Card No.

3175074502660002, v a l i d u n t i l 05-02-2017 ( f i v e February

two thousand seventeen);

2. Mr. BUDI PRAKOSO, born i n Yogyakarta, on 12-03-1962

( t w e l f t h of March, one thousand nine hundred s i x t y two),

D i r e c t o r of PT Bank Panin Syariah Tbk., Indonesian

c i t i z e n , r e s i d i n g i n Jakarta Timur, Pondok Kelapa Permai

AE 12/11, Rukun Tetangga 004, Rukun Warga 013, Pondok

Kelapa V i l l a g e , Duren Sawit S u b - d i s t r i c t ;

-the holder of Resident I d e n t i t y Card No.

3175071203620012, v a l i d u n t i l 12-03-2017 ( t w e l f t h

March, two thousand seventeen);

- according t o t h e i r statement, i n t h i s case are a c t i n g i n

t h e i r r espective c a p a c i t i e s as above-mentioned, as such are

representing Board of D i r e c t o r s , and a c t i n g by v i r t u e of a

power vested i n them by Ext r a o r d i n a r y General Meeting of

Shareholders of PT BANK PANIN SYARIAH Tbk., the minutes of

which i s created by me. Notary, No. 3, dated 02-10-2015

(second of October, two thousand f i f t e e n ) , of and t h e r e f o r e

f o r and on behalf of Extr a o r d i n a r y General Meeting of

Shareholders of PT BANK PANIN SYARIAH Tbk., a l i m i t e d

l i a b i l i t y company, having i t s domicile i n Jakarta Barat and

i t s head o f f i c e a t Gedung Panin L i f e Center 3 ^ Floor, Jalan

Letnan Jenderal S. Parman Kaveling 91, Jakarta Barat 11420,

the a r t i c l e s of a s s o c i a t i o n are set f o r t h i n the deed No. 12,

dated 08-01-1972 (eight h of January, one thousand nine hundred

seventy two), then amended by deed No. 5, dated 03-10-1972

( t h i r d of October, one thousand nine hundred seventy two),

deed No. 1, dated 01-02-1979 ( f i r s t of February, one thousand

nine hundred seventy n i n e ) , deed No. 28, dated 30-08-1979

( t h i r t i e t h of August, one thousand nine hundred seventy n i n e ) ,

a l l of them were drawn up before Moeslim Dalidd, Sarjana

Hukum, at t h a t time was Notary i n Malang, and approved by the

M i n i s t e r of J u s t i c e of the Republic of Indonesia by h i s

Decision dated 11-12-1979 (eleventh of December, one thousand

nine hundred seventy nine) No. YA.5/284/4, and r e g i s t e r e d w i t h

the D i s t r i c t Court o f Malang on 03-07-1980 ( t h i r d of Ju l y ,

thousand nine hundred e i g h t y ) , under

209/PP/P.N.MIg/Vll/1980. Such a r t i c l e s of a s s o c i a t i o n have

been r e p e t i t i v e l y amended, and amendment t o a l l of them i s

e f f e c t u a t e d by the deed dated 19-06-2013 (nineteenth of June,

two thousand t h i r t e e n ) . No. 74, drawn up before me. Notary,

and approved by the M i n i s t e r of Law and Human Rights of the

Republic of Indonesia by h i s Decision No. AHU-

34775.AH.01.02.years 2013, dated 26-06-2013 (twenty s i x t h of

June, two thousand t h i r t e e n ) , and the n o t i f i c a t i o n o f which

has been received and recorded i n the database o f Legal E n t i t y

A d m i n i s t r a t i o n System of M i n i s t r y of Law and Human Rights of

the Republic of Indonesia dated 16-07-2013 ( s i x t e e n t h of Jul y ,

two thousand t h i r t e e n ) No. AHU-AH.01.10-29054.

L a s t l y amended by the deed No. 2, dated 02-10-2015 (second of

October, two thousand f i f t e e n ) , drawn up before me. Notary,

and the n o t i f i c a t i o n of which has been received and recorded

i n the database of Legal E n t i t y A d m i n i s t r a t i o n System of

M i n i s t r y of Law and Human Rights of the Republic of Indonesia

under No. AHU-AH-01.03-0969264, dated 02-10-2015 (second of

October, two thousand f i f t e e n ) .

- The l a t e s t change i n the s t r u c t u r e of Board of D i r e c t o r s and

Board of Commissioners of the Company i s set f o r t h i n the deed

No. 75, dated 24-04-2015 (twenty f o u r t h of A p r i l , two thousand

f i f t e e n ) , drawn up before A r y a n t i A r t i s a r i , Sarjana Hukum,

Magister Kenotariatan, Notary i n Jakarta, the n o t i f i c a t i o n of

which has been received and recorded i n the database of Le

E n t i t y A d m i n i s t r a t i o n System of M i n i s t r y of Law and

Rights of the Republic of Indonesia under No. AHU-AH.01.03-

0929303, dated 04-05-2015 ( f o u r t h of May, two thousand

f i f t e e n ) .

- PT BANK PANIN SYARIAH Tbk. s h a l l be h e r e i n a f t e r r e f e r r e d t o

as "Company".

- The Appearers a c t i n g i n t h e i r c a p a c i t i e s as above-mentioned

s t a t e t h a t they hereby warrant the accuracy of t h e i r

i d e n t i t i e s as per the i d e n t i t y cards presented t o me. Notary,

and w i l l be f u l l y responsible f o r such matter, and the

Appearers s t a t e as f o l l o w s :

A. That on t h i s Friday, 02-10-2015 (second o f October, two

thousand f i f t e e n ) , a t Panin Bank B u i l d i n g 4* Floor, Jalan

Jenderal Sudirman - Senayan, Jakarta 10270, there was

convened an Ex t r a o r d i n a r y General Meeting of Shareholders

of the Company ( h e r e i n a f t e r r e f e r r e d t o as "Meeting"), the

minutes o f which was drawn up before me. Notary, under No.

2, dated 02-10-2015 (second of October, two thousand

f i f t e e n

B. That i n order t o comply w i t h Regulation of the F i n a n c i a l

Services A u t h o r i t y No. 32/POJK.04/2014 concerning Plan and

Conduct of General Meeting of Shareholders o f Public

Company ("POJK No. 32"), the Company has submitted a

n o t i c e t o the OJK of such Meeting plan by i t s L e t t e r No.

142/DIR/OJK/15, dated 18-08-2015 (eighteenth of August,

two thousand f i f t e e n ) . /feiW

Nai765/2006,

C. That i n order t o comply w i t h the p r o v i s i o n s of A r t i c l e 15

paragraph 1 of the Company's a r t i c l e s of as s o c i a t i o n ,

n o t i c e of the Meeting was ad v e r t i s e d i n 2 (two) d a i l y

newspapers, namely "Media Indonesia" and "I n v e s t o r D a i l y " ,

on 26-08-2015 (twenty s i x t h of August, two thousand

f i f t e e n ) .

D. That i n order t o comply w i t h the p r o v i s i o n s o f A r t i c l e 15

paragraph 2 of the Company's a r t i c l e s of a s s o c i a t i o n ,

n o t i c e of the Meeting was adv e r t i s e d i n 2 (two) d a i l y

newspapers, namely "Media Indonesia" and "I n v e s t o r D a i l y " ,

on 10-09-2015 ( t e n t h of September, two thousand f i f t e e n )

t h a t read as f o l l o w s :

PT BANK PANIN SYARIAH Tbk .

("COMPANY")

NOTICE OF

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

The Company's Board of D i r e c t o r s hereby i n v i t e s the Company's

shareholders t o at t e n d an Ext r a o r d i n a r y General Meeting of

Shareholders ("Meeting") of the Company t o be held:

On : Friday, 2 October, 2015

At : 15.00 WIB - done

Venue : Panin Bank B u i t d i n g L a n t a i 4, Jalan Jenderal

Sudirman - Senayan, Jakarta 10270.

With agendas as f o l l o w s :

1. Amendments t o the Company's a r t i c l e s of a s s o c i a t i o n

t o , among others, comply w i t h Regulation of the F i

Services A u t h o r i t y No.32/POJK.04/2014 concerning Plan and

Conduct of General Meeting o f Shareholders of Public

Company ("POJK No.32") and No.33/POJK.04/2014 concerning

Board of D i r e c t o r s and Board of Commissioners Issuer or

Public Company ("POJK No.33"), and r e s t r u c t u r i n g of a l l

the p r o v i s i o n s of the Company's a r t i c l e s of a s s o c i a t i o n .

2. Change of the Company's management.

Notes:

1. The Company does not send an i n d i v i d u a l n otices t o the

shareholders, so t h i s Notice i s o f f i c i a l t o the Company's

shareholders.

2. According t o A r t i c l e 19 of POJK No. 32, those who are

e n t i t l e d t o attend/represent and cast votes a t the Meeting

s h a l l be the shareholders whose names are l i s t e d i n the

Company's Shareholders Register or the owners of

s e c u r i t i e s account balance a t the C o l l e c t i v e Custody of PT

Kustodian S e n t r a l Efek Indonesia as of 9 September, 2015

u n t i l 16.00 l o c a l time.

3. a. The Company's shareholders t h a t are absent a t the

Meeting can be represented by t h e i r proxies by

p r o v i d i n g Power of Attorney, provided t h a t members of

Board of D i r e c t o r s , members of Board of Commissioners

and employees of the Company may act as pr o x i e s at the

Meeting, but t h e i r votes as proxies s h a l l not be

counted i n the v o t i n g .

b. Power of Attorney form i s a v a i l a b l e d u r i n g the working

hours at the S e c u r i t i e s A d m i n i s t r a t i o n Bureau ("BAE")

O f f i c e of the Company:

PT Blue Chip Mulia, Gedung Tempo P a v i l i o n I L t . 8

J l . HR. Rasuna Said Kav. 10-11, Jakarta 12950

Phone 021-5201928, 5201983, 5201989.

c. The completed Power of Attorney s h a l l be received by

the BAE of at the above-mentioned address a t the

l a t e s t 3 (three) working days before date of the

Meeting.

4. Shareholders or t h e i r proxies who w i l l a t t e n d the Meeting

s h a l l provide copies of t h e i r v a l i d i d e n t i t y cards t o the

r e g i s t r a t i o n o f f i c i a l before e n t e r i n g the Meeting room.

Shareholders i n the C o l l e c t i v e Custody s h a l l show a

W r i t t e n Confirmation f o r Meeting (KTUR) t h a t can be

obtained through Members of the Exchange or the Custodian

Bank.

5. Shareholders i n the form of Legal E n t i t y s h a l l provide a

complete copy of a r t i c l e s of a s s o c i a t i o n , i n c l u d i n g the

l a t e s t s t r u c t u r e of management.

6. According t o a r t i c l e 15 of the POJK No. 32, hardcopy of

the Meeting m a t e r i a l s are a v a i l a b l e and can be obtained at

the Company's head o f f i c e d u r i n g the working hours at a

w r i t t e n request of the Shareholders and copy of softcopy

v e r s i o n can be downloaded at the Company's websi

(www.paninsyariah.co.id) as of date of the Meeting n o t i c e

u n t i l of date of the Meeting.

7. To ease the arrangement and order of the Meeting,

shareholders or t h e i r proxies s h a l l be present a t the

Meeting room at the l a t e s t a t 14.30 WIB.

t h a t a sheet of each newspaper t h a t contains such n o t i c e

and i n v i t a t i o n i s attached t o the minutes of the deed

drawn up before me. Notary, No. 3, dated 02-10-2015

(second o f October, two thousand f i f t e e n ) .

E. That according t o the Company's Shareholders Register as

of 09-09-2015 ( n i n t h of September, two thousand f i f t e e n )

issued by PT Blue Chip Mulia as the S e c u r i t i e s

A d m i n i s t r a t i o n Bureau of the Company, t o t a l number of

shares issued by the Company i s 9.853.109.900 (nine

b i l l i o n e i g h t hundred f i f t y three m i l l i o n one hundred nine

thousand nine hundred) shares.

F. That according t o c a l c u l a t i o n of the attendance quorum

conducted by PT Blue Chip Mulia as the S e c u r i t i e s

A d m i n i s t r a t i o n Bureau o f the Company, there were present

and/or represented a t the Meeting a number of

8.560.908.116 (eig h t b i l l i o n f i v e hundred s i x t y m i l l i o n

nine hundred e i g h t thousand one hundred sixteen) shares or

about 86,88% (e i g h t y s i x p o i n t e i g h t y e i g h t percentLj-^^^

Jakarta, 10 September, 2015

Board of D i r e c t o r s

t o t a l number of shares having v a l i d v o t i n g pre

Rights by the Company, so according t o A r t i c l e 16

paragraph l . a of the Company's a r t i c l e s of a s s o c i a t i o n ,

the Meeting was l e g i t i m a t e and e n t i t l e d t o adopt v a l i d and

bi n d i n g r e s o l u t i o n s .

G. That the Appearers a c t i n g i n t h e i r c a p a c i t i e s as above-

mentioned i s given a power as set out i n the deed drawn

paragraph before me. Notary, No. 3, dated 02-10-2015 (two

October, two thousand f i f t e e n ) t o r e s t a t e r e s o l u t i o n of

the Meeting's second agenda.

- Now, t h e r e f o r e , i n respect o f the foregoing, the Appearers

a c t i n g i n t h e i r c a p a c i t i e s as aforementioned s t a t e t h a t the

Meeting i n i t s second agenda has unanimously resolved as

1. Agreed the amendments t o a r t i c l e s of a s s o c i a t i o n of the

Company i n order t o comply w i t h Regulation of the

F i n a n c i a l Services A u t h o r i t y No.32/POJK.04/2014 concerning

Plan and Conduct of General Meeting of Shareholders o f

Public Company and Regulation of the F i n a n c i a l Services

A u t h o r i t y No.33/POJK.04/2014 concerning Board of D i r e c t o r s

and Board of Commissioners of Issuer or Public Company.

2. Agreed t o r e s t r u c t u r e a l l the a r t i c l e s of a s s o c i a t i o n of

the Company as contemplated i n p o i n t 1 above, so the

Company's a r t i c l e s of a s s o c i a t i o n s h a l l be subsequently

read as set f o r t h i n the Attachment t o the Meeting Minutes

and s h a l l form an i n t e g r a l p a r t of the Meeting Minutes ./7r;;«;

f o l l o w :

3. Agreed t o give a power w i t h s u b s t i t u t i o n r i g h t t o Board of

Di r e c t o r s of the Company t o take any actions necessary i n

r e l a t i o n t o such r e s o l u t i o n , i n c l u d i n g but not l i m i t e d t o

p e r f e c t or t o amend the a r t i c l e s of a s s o c i a t i o n and t o

r e s t a t e a l l the amended a r t i c l e s of a s s o c i a t i o n i n a

separate n o t a r i a l deed, and t o apply f o r approval from,

and provide n o t i f i c a t i o n of t h i s change t o , the M i n i s t e r

of Law and Human Rights of the Republic of Indonesia, as

w e l l as t o take any actions necessary w i t h respect 'thereto

i n compliance w i t h the ap p l i c a b l e laws and r e g u l a t i o n s .

- I n r e l a t i o n t o the amendments t o a l l a r t i c l e s of a s s o c i a t i o n

t h a t have been agreed i n accordance w i t h attachment t o the

Meeting Minutes, the Appearers s t a t e t h a t the amended a r t i c l e s

are:

- A r t i c l e 4 paragraphs 4 - 8 ;

- A r t i c l e s 5 - 29;

Consequently, a l l the a r t i c l e s of a s s o c i a t i o n of the Company

s h a l l read as f o l l o w s :

1. This Company i s named: PT BANK PANIN SYARIAH Tbk., having

i t s domicile i n Jakarta Barat ( h e r e i n a f t e r r e f e r r e d t o as

"Company").

2. The Company may open branch and r e p r e s e n t a t i v e o f f i c e s

NAME AND DOMICILE

A r t i c l e 1

i n s i d e or outside the t e r r i t o r y of the Republic

Indonesia as determined by Board of Di r e c t o r s upon

approval of Board of Commissioners.

TERM OF ESTABLISHMENT

A r t i c l e 2

The Company i s e s t a b l i s h e d f o r an i n d e f i n i t e term, commencing

from the day on which the company becomes a l e g a l e n t i t y ,

namely 11-12-1979 (eleventh of December, one thousand nine

hundred seventy n i n e ) .

PURPOSES AND OBJECTIVES AS WELL AS BUSINESS ACTIVITIES

A r t i c l e 3

1. The Company's purposes and o b j e c t i v e s are t o engage i n the

business of sharia banking.

2. To achieve such purposes and o b j e c t i v e s the Company may

ca r r y out the f o l l o w i n g business a c t i v i t i e s :

A. Primary:

sharia p u b l i c bank

f i n a n c i n g

temporary c a p i t a l p a r t i c i p a t i o n

fund r a i s i n g i n the form of demand deposit,

savings or other forms

fund r a i s i n g i n the form of deposit investment,

savings, or other forms

p r o f i t s sharing f i n a n c i n g

f i n a n c i n g d i s t r i b u t i o n

f i n a n c i n g f o r t a n g i b l e or i n t a n g i b l e assets l e a s e r

debt takeover under hawalah or any other forms of

con t r a c t which are not c o n t r a d i c t i v e t o the Sharia

p r i n c i p l e s

business of d e b i t and/or f i n a n c i n g cards under the

Sharia p r i n c i p l e s

purchase, sale, or pledge at i t s own r i s k of t h i r d

p a r t i e s ' commercial papers

- purchase of commercial papers under the Sharia

p r i n c i p l e s

r e c e i p t of payment from c o l l e c t i o n over commercial

papers

conduct of custody f o r t h i r d p a r t i e s ' i n t e r e s t

p r o v i s i o n of place f o r commercial goods and papers

under the Sharia p r i n c i p l e s

t r a n s f e r of money, both f o r i t s own and customers

i n t e r e s t

t o perform as a t r u s t e e under hawalah c o n t r a c t

p r o v i s i o n of l e t t e r of c r e d i t or guarantee under

the Sharia p r i n c i p l e s

other a c t i v i t i e s reasonably performed i n banking

business

B. To support i t s primary businesses, the Company may

ca r r y out the f o l l o w i n g business a c t i v i t i e s :

a. t o buy c o l l a t e r a l , a whole or a p a r t , through

auctio n i n case a customer f a i l s t o f u l f i l l

o b l i g a t i o n s t o the Company, provided t h a t such

c o l l a t e r a l s h a l l be withdrawn without delay.

t o c a r r y out f a c t o r i n g and f i n a n c i n g business

a c t i v i t i e s .

t o be pension fund organizer i n compliance w i t h

the a p p l i c a b l e laws and r e g u l a t i o n s , e i t h e r as

founder of employer pension fund or founder and/or

subscriber of f i n a n c i a l i n s t i t u t i o n pension fund,

t o perform a c t i v i t i e s of mudharabah/musyarakah

c a p i t a l p a r t i c i p a t i o n at banks or other companies

i n f i e l d of finance, l e a s e / i j a r a h , venture c a p i t a l

company, c l e a r i n g and guarantee i n s t i t u t i o n , as

w e l l as Depository and Settlement i n s t i t u t i o n i n

compliance w i t h the r u l e s s t i p u l a t e d by the

r e l e v a n t i n s t i t u t i o n s .

t o do temporary c a p i t a l p a r t i c i p a t i o n f o r

settlement of non-performing loans under

mudharabah/musyarakah c o n t r a c t , i n c l u d i n g d e f a u l t

payment under the Sharia p r i n c i p l e s , provided t h a t

i t must redraw i t s p a r t i c i p a t i o n as s t i p u l a t e d by

the OJK.

t o c a r r y out other businesses r e l a t e d d i r e c t l y or

i n d i r e c t l y t o the abovementioned purposes and

o b j e c t i v e s which are not c o n t r a d i c t i v e t o the

p r e v a i l i n g laws and r e g u l a t i o n s .

CAPITAL

A r t i c l e 4

The Company's authorized c a p i t a l amounts t o Rp.

3.900.000.000.000,00 (three t r i l l i o n nine hundred b i l l i o n

Rupiah) d i v i d e d i n t o 39.000.000.000 ( t h i r t y nine b i l l i o n )

shares having nominal value of Rp. 100,00 (one hundred

Rupiah) each.

Of such authorized c a p i t a l , i t have been subscribed

9.853.109.900 (nine b i l l i o n e i g h t hundred f i f t y three

m i l l i o n one hundred nine thousand nine hundred) shares

having a t o t a l nominal value of Rp. 985.310.990.000,00

(nine hundred e i g h t y f i v e b i l l i o n three hundred t e n

m i l l i o n nine hundred n i n e t y thousand Rupiah) by

shareholders whose d e t a i l s w i l l be mentioned at the end

p a r t hereof.

100% (one hundred percent) of nominal value of each share

t h a t has been subscribed as mentioned above, or i n t o t a l

Rp. 985.310.990.000,00 (nine hundred e i g h t y f i v e b i l l i o n

three hundred t e n m i l l i o n nine hundred n i n e t y thousand

Rupiah) has been paid by the Company's shareholders w i t h

d e t a i l s as f o l l o w s :

a. Rp. 975.000.000.000,00 (nine hundred seventy f i v e

b i l l i o n Rupiah), the d e t a i l s of which are s e t f o r t h i n

the deed No. 7, dated 05-02-2014 ( f i f t h of February,

two thousand f o u r t e e n ) , drawn up before me, Nota

and the n o t i f i c a t i o n t h e reof has been receive

recorded i n the database of Legal E n t i t y

A d m i n i s t r a t i o n System of M i n i s t r y of Law and Human

Rights of the Republic of Indonesia under No. AHU-

AH. 01 . 10-06009, dated 21-04-2014 (twenty f i r s t of

February, two thousand f o u r t e e n ) .

b. Rp. 10.310.990.000,00 (ten b i l l i o n t h r e e hundred ten

m i l l i o n nine hundred n i n e t y thousand Rupiah) i n cash

c o n s t i t u t i n g a r e s u l t of implementation of S e r i a l I

Warrant.

C a p i t a l payment:

a. I n the form of cash:

Payment f o r share c a p i t a l made i n the form of cash

s h a l l be evidenced by a v a l i d evidence of payment t o

the Company's t r e a s u r y or bank account.

b. Payment f o r shares i n other forms than cash, e i t h e r

t a n g i b l e or i n t a n g i b l e p r operty, s h a l l be subject t o

the f o l l o w i n g terms:

(1) such p r o p e r t y s h a l l be announced t o p u b l i c a t the

time of n o t i c e of "GMS" on such payment;

(2) such property s h a l l be valued by an Appraiser

r e g i s t e r e d w i t h the F i n a n c i a l Services A u t h o r i t y

and s h a l l not be pledged f o r anything;

(3) i t s h a l l obtain approval of GMS with the

attendance quorum as f o r GMS on amendments t o

a r t i c l e s of a s s o c i a t i o n ;

,NCr 1765/2006

(4) i f such p r o p e r t y i s i n the form of stock l i s t e d i n

the Stock Exchange, i t s p r i c e s h a l l be determined

at a f a i r market value; and

(5) i f the payment comes from r e t a i n e d earnings, agio

stocks, net p r o f i t s of the Company, and/or i t s own

c a p i t a l element, then such r e t a i n e d earnings, agio

stocks, net p r o f i t s and/or i t s own c a p i t a l s h a l l

be s t a t e d i n the l a t e s t annual f i n a n c i a l

statements t h a t have been audited by a accountant

r e g i s t e r e d w i t h the F i n a n c i a l Services A u t h o r i t y

at a f a i r o p i n i o n .

c. GMS t o decide approval of a p u b l i c o f f e r i n g s h a l l

decide a maximum number of shares t o be issued t o

p u b l i c and s h a l l give a power t o Board of

Commissioners t o s t a t e r e a l i z a t i o n of number of shares

issued i n such p u b l i c o f f e r i n g .

Shares i n p o r t f o l i o w i l l be issued by the Company upon

approval of GMS under terms and at p r i c e s decided by Board

of D i r e c t o r s w i t h approval of Board of Commissioners, and

such p r i c e s s h a l l not below the nominal value. Issuance of

such shares s h a l l observe the p r o v i s i o n s hereof and the

laws and r e g u l a t i o n s on c a p i t a l market, as w e l l as

r e g u l a t i o n s of the Stock Exchange where the Company's

shares are l i s t e d .

Issuance of Equity-Type S e c u r i t i e s :

a. Any c a p i t a l increase through issuance o f Equity-Type

S e c u r i t i e s by mean of s u b s c r i p t i o n s h a l l be conducted

by g i v i n g the Preemptive Rights ("HMETD") t o the

shareholders whose names are l i s t e d i n the Company's

Shareholders Register on a date designated by GMS t h a t

approves such issuance of Equity-Type S e c u r i t i e s i n a

number equal t o the number of shares t h a t have been

l i s t e d i n the Company's Shareholders Register i n the

name of shareholders on such date.

b. Equity-Type S e c u r i t i e s w ithout g i v i n g the HMETD t o the

shareholders may be conducted i n case issuance of

shares:

(1) i s aimed t o the Company's employees;

(2) i s aimed t o the holders of bond or other

s e c u r i t i e s which are c o n v e r t i b l e t o shares upon

approval of GMS;

(3) i s performed i n the framework o f r e o r g a n i z a t i o n

and/or r e s t r u c t u r i n g approved by GMS and/or

(4) i s made i n compliance w i t h r e g u l a t i o n s on c a p i t a l

market t h a t allow the c a p i t a l increase w i t h o u t

HMETD. -

c. HMETD s h a l l be assignable and tr a d a b l e w i t h the term

as s p e c i f i e d i n the Regulation No. IX.D.l concerning

Preemptive Rights.

d. Equity-Type S e c u r i t i e s t o be issued by the Company

are not subscribed by holders of HMETD sh;

a l l o c a t e d t o a l l shareholders who subscribe a d d i t i o n a l

Equity-Type S e c u r i t i e s , however i f number of the

subscribed Equity-Type S e c u r i t i e s exceeds the number

of Equity-Type S e c u r i t i e s t o be issued, such

unsubscribed Equity-Type S e c u r i t i e s s h a l l be a l l o c a t e d

i n p r o p o r t i o n t o number of HMETD exercised by each

shareholder who subscribes f o r a d d i t i o n a l Equity-Type

S e c u r i t i e s .

e. I f there i s remaining Equity-Type S e c u r i t i e s

unsubscribed by the shareholders as r e f e r r e d t o i n

sub-paragraph d above, then i f there i s a standby

buyer, such Equity-Type S e c u r i t i e s s h a l l be a l l o c a t e d

t o such standby buyer at the same p r i c e and under same

co n d i t i o n s .

f . Issuance o f shares i n p o r t f o l i o t o the holders of

s e c u r i t i e s c o n v e r t i b l e t o shares or s e c u r i t i e s w i t h

r i g h t s t o acquire shares may be conducted by Board of

Di r e c t o r s upon approval of a preceding GMS which has

approved the issuance of such shares.

g. Increase i n paid-up c a p i t a l s h a l l be e f f e c t i v e a f t e r

payment has been made, and the issued shares s h a l l

contain r i g h t s s i m i l a r t o those contained i n shares

having same c l a s s i f i c a t i o n issued by the Company,

without p r e j u d i c e the Company's o b l i g a t i o n t o n o t i f y

the M i n i s t e r of Law and Human Rights of the Republ4

of Indonesia.

Increase i n authorized c a p i t a l :

a. Increase i n the Company's authorized c a p i t a l may only

be made by r e s o l u t i o n of GMS. Amendment t o the

a r t i c l e s of a s s o c i a t i o n w i t h respect t o change i n the

authorized c a p i t a l s h a l l subject t o approval o f

M i n i s t e r of Law and Human Rights.

b. Increase i n authorized c a p i t a l which causes subscribed

and paid-up c a p i t a l t o be less than 25% (twenty f i v e

percent) of the authorized c a p i t a l may be made only

i f :

(1) approved by GMS convened f o r such purpose;

(2) approved by M i n i s t e r of Law and Human Rights;

(3) made no l a t e r than 6 ( s i x ) months of approval by

M i n i s t e r of Law and Human Rights as r e f e r r e d t o i n

paragraph (2) above;

(4) i n event requirements of increase i n paid-up

c a p i t a l as r e f e r r e d t o i n sub-paragraph f p o i n t

(3) above are not f u l l y met, the Company s h a l l r e -

amend i t s a r t i c l e s of a s s o c i a t i o n , so i t s

authorized c a p i t a l and paid-up c a p i t a l meet the

requirements o f A r t i c l e 30 paragraph (1) and

A r t i c l e 30 paragraph (2) UUPT [ L i m i t e d L i a b i l i t y

Company Law], w i t h i n 2 (two) months a f t e r the term

s p e c i f i e d i n A r t i c l e 4 paragraph (6.b) p o i n t (3)

(5) Approval o f GMS as r e f e r r e d t o i n p o i n t (1) above

s h a l l i n clude approval t o amend the a r t i c l e s of

as s o c i a t i o n as r e f e r r e d t o i n p o i n t (4) above;

c. Amendments t o the a r t i c l e s of a s s o c i a t i o n as t o

increase i n authorized c a p i t a l s h a l l be e f f e c t i v e

a f t e r payment of c a p i t a l which causes amount of p a i d -

up c a p i t a l t o be at l e a s t 25% (twenty f i v e percent) of

authorized c a p i t a l and s h a l l have the same r i g h t s t o

other shares issued by the Company wit h o u t p r e j u d i c e

t o the Company's o b l i g a t i o n s t o apply f o r approval of

such amendments t o the a r t i c l e s of a s s o c i a t i o n by from

M i n i s t e r of Law and Human Rights w i t h respect t o such

increase i n paid-up c a p i t a l .

8. The Company may repurchase the f u l l y p a i d shares having

due a t t e n t i o n t o the a p p l i c a b l e laws and r e g u l a t i o n s ,

e s p e c i a l l y c a p i t a l market r e g u l a t i o n .

1. Registered shares;

A l l shares issued by the Company s h a l l be r e g i s t e r e d

shares having due observance of the p r o v i s i o n s of these

a r t i c l e s of a s s o c i a t i o n , laws and r e g u l a t i o n s on c a p i t a l

market, and r e g u l a t i o n s of the Stock Exchange.

2. The Company may issue share w i t h or without nominal value.

SHARES

A r t i c l e 5

m i 765/2006,

Issuance of share w i t h o u t nominal value s h a l l be made i n

compliance w i t h the laws and r e g u l a t i o n s on c a p i t a l market

and the Stock Exchange's r e g u l a t i o n s .

F r a c t i o n a l shares:

a. I f 1 (one) share, f o r any reason whatsoever, f a l l s

under h o l d i n g of more than 1 (one) persons, at a

w r i t t e n request of the r e l e v a n t persons. Board o f

Di r e c t o r s may s p l i t nominal value of such share w i t h

due a t t e n t i o n t o the p r o v i s i o n s of laws and

r e g u l a t i o n s on c a p i t a l market and the Exchange Efek

r e g u l a t i o n s ;

b. The holder of the f r a c t i o n a l share s h a l l not be given

an i n d i v i d u a l v o t i n g r i g h t , unless others holder of

f r a c t i o n a l shares, e i t h e r i n d i v i d u a l l y or c o l l e c t i v e l y

w i t h other holders of f r a c t i o n a l shares having same

c l a s s i f i c a t i o n have nominal value of 1 (one) nominal

share of such c l a s s i f i c a t i o n . Such holders of the

f r a c t i o n a l shares s h a l l appoint i n w r i t i n g one of them

or other person as t h e i r c o l l e c t i v e a t t o r n e y .

c. The holders of f r a c t i o n a l shares having the same

c l a s s i f i c a t i o n as other holders of f r a c t i o n a l shares

whose share c l a s s i f i c a t i o n has the same nominal value

of 1 (one) nominal share of such c l a s s i f i c a t i o n s h a l l

have the same r i g h t s as the other shareholders who

have the shares having nominal value of 1 (one

nominal share o f the same c l a s s i f i c a t i o n t o such

f r a c t i o n a l shares. / j " 1 • ,

5. A l l I shares issued by Company can be pledged w i t h due

a t t e n t i o n t o | the p r o v i s i o n s of laws and r e g u l a t i o n s concerning pledge of shares, laws and r e g u l a t i o n s

i • • ' -

concerning c a p i t a l market, and UUPT and i n compliance w i t h

r e g u l a t i o n s i n f i e l d of c a p i t a l market and the p r o v i s i o n s

of the Stock Exchange.

6. The Company s h a l l only recognize one person or l e g a l

e n t i t y as the holder of a share, namely t h a t whose name i s

l i s t e d as the holder of the re l e v a n t share i n the

Shareholders Register, without p r e j u d i c e t o the p r o v i s i o n s

of laws and r e g u l a t i o n s concerning c a p i t a l market, and

UUPT and i n compliance w i t h r e g u l a t i o n s i n f i e l d of

c a p i t a l market and the p r o v i s i o n s o f the Stock Exchange.

7. I f a share, f o r any reason whatsoever, i s c o l l e c t i v e l y

h eld by several persons, then those c o l l e c t i v e holders I I •

must appoint a person among them or any other person as

t h e i r c o l l e c t i v e a t t o r n e y , and only such appointed person

or a t t o r n e y i s e n t i t l e d t o exercise the r i g h t s given by

law on such share.

8. As long as the p r o v i s i o n of paragraph (5) of t h i s paragraph

(7) I has not been met, such shareholders s h a l l not be

e n t i t l e d t o cast vote a t GMS, and payment of d i v i d e n f o r

sucti shares s h a l l be postponed.

9. A shareholder s h a l l be a t law subject t o the A r t i c l e s of

Assoc i a t i o n and t o a l l r e s o l u t i o n s v a l i d l y adopted at

general meetings of shareholders as w e l l as t o the

p r e v a i l i n g laws and r e g u l a t i o n s .

1. The Company may issue a share c e r t i f i c a t e evidencing the

hol d i n g of 2 (two) or more shares by a person.

2. A share c e r t i f i c a t e s h a l l a t l e a s t i n c l u d e :

a. name and address of shareholder;

b. s e r i a l number of share c e r t i f i c a t e ;

c. nominal value of share;

d. date of issuance of share c e r t i f i c a t e ;

7. A c o l l e c t i v e share c e r t i f i c a t e s h a l l a t l e a s t i n c l u d e :

a. name and address of shareholder;

b. s e r i a l number of c o l l e c t i v e share c e r t i f i c a t e ;

c. s e r i a l number o f share c e r t i f i c a t e and niomber of

d. nominal value of share;

e. date of issuance of c o l l e c t i v e share c e r t i f i c a t e ;

f . i d e n t i t y card as s p e c i f i e d by Board of D i r e c t o r s .

4. Any share c e r t i f i c a t e and/or c o l l e c t i v e share c e r t i f i c a t e

and/or c o n v e r t i b l e bond and/or warrant and/or other

s e c u r i t i e s c o n v e r t i b l e t o share s h a l l be p r i n t e d and s h a l l

be given a s e r i a l number, issuance date, and co-signatu:;:©-

SHARE CERTIFICATE

A r t i c l e 6

share;

of President D i r e c t o r and a member of

Commissioners who i s appointed by a Meeting of Board of

Commissioners, and such signatures can be p r i n t e d on the

share c e r t i f i c a t e and/or c o l l e c t i v e share c e r t i f i c a t e

and/or c o n v e r t i b l e bond and/or warrant and/or other

s e c u r i t i e s c o n v e r t i b l e t o share, w i t h due a t t e n t i o n t o the

laws and r e g u l a t i o n s on c a p i t a l market.

DUPLICATE SHARE CERTIFICATE

A r t i c l e 7

Damaged share c e r t i f i c a t e and c o l l e c t i v e share

c e r t i f i c a t e :

a. I f a share c e r t i f i c a t e i s damaged, replacement can be

made i f :

1) a person who submits a w r i t t e n a p p l i c a t i o n f o r

replacement of such share i s the holder of the

share; and

2) the Company has received the damaged share

c e r t i f i c a t e ;

b. The Company s h a l l destroy the damaged o r i g i n a l share

c e r t i f i c a t e a f t e r i s s u i n g a s u b s t i t u t e share

c e r t i f i c a t e w i t h the same s e r i a l number as the

o r i g i n a l share c e r t i f i c a t e .

I f a share c e r t i f i c a t e i s l o s t , replacement can be made

i f :

a. a person who applies f o r replacement of such share i s

the holder of the share;

b. the Company has received a p o l i c e r e p o r t on the loss

of such share c e r t i f i c a t e ;

c. Party who applies f o r replacement of such share

provides a guarantee which i s acceptable t o Board of

Di r e c t o r s ; and

d. plan of issuance of d u p l i c a t e share c e r t i f i c a t e f o r

the l o s t share c e r t i f i c a t e i s announced i n the Stock

Exchange where the Company's shares are l i s t e d w i t h i n

no l a t e r than 14 (fourteen) calendar days before

issuance of the d u p l i c a t e share c e r t i f i c a t e .

3. A l l expenses r e l a t e d t o the issuance of d u p l i c a t e share

c e r t i f i c a t e s s h a l l be borne by the p e r t i n e n t shareholder.

4. The p r o v i s i o n s contemplated i n paragraphs 1, 2, and of

t h i s A r t i c l e s h a l l apply mutatis mutandis t o the issuance

of the d u p l i c a t e c o l l e c t i v e share c e r t i f i c a t e or Equity-

Type S e c u r i t i e s .

COLLECTIVE CUSTODY

A r t i c l e 8

1. The p r o v i s i o n s concerning C o l l e c t i v e Custody s h a l l a t

l e a s t i n c l u d e :

a. shares i n C o l l e c t i v e Custody w i t h the Depository and

Settlement I n s t i t u t i o n s h a l l be recorded i n the

Company's Shareholders Register i n the name of the

Depository and Settlement I n s t i t u t i o n f o r i n t e r e s t f o r

i n t e r e s t of account holders a t the Depository ajidn

Settlement I n s t i t u t i o n . itnfsrs. I * l Qi( " .1765/2006>

shares i n the C o l l e c t i v e Custody w i t h the Custodian

Bank or S e c u r i t i e s Company recorded i n the s e c u r i t i e s

account a t the Depository and Settlement I n s t i t u t i o n

s h a l l be recorded i n the name of the re l e v a n t

Custodian Bank or S e c u r i t i e s Company f o r i n t e r e s t of

holders of accounts i n such Custodian Bank or

S e c u r i t i e s Company;

i f shares i n the C o l l e c t i v e Custody w i t h the Custodian

Bank form a p a r t of the Mutual Fund S e c u r i t i e s

P o r t f o l i o i n the form of C o l l e c t i v e Investment

Contract and are not included i n the C o l l e c t i v e

Custody w i t h the Depository and Settlement

I n s t i t u t i o n , the Company s h a l l l i s t such shares i n the

Company's Shareholders Register i n the name o f the

Custodian Bank f o r i n t e r e s t of owners of P a r t i c i p a t i o n

Units of Mutual Fund i n the form of C o l l e c t i v e

Investment Contract as a f o r e s a i d ;

The Company s h a l l issue a c e r t i f i c a t e or c o n f i r m a t i o n

l e t t e r t o the Depository and Settlement I n s t i t u t i o n

and as r e f e r r e d t o i n sub-paragraph a above or the

Custodian Bank as r e f e r r e d t o i n sub-paragraph c above

as an evidence of l i s t i n g i n the Company's

Shareholders Register;

The Company s h a l l t r a n s f e r the shares i n the

C o l l e c t i v e Custody t h a t are r e g i s t e r e d i n the na

the Depository and Settlement I n s t i t u t i o n o^

Custodian Bank f o r Mutual Fund i n the form of

C o l l e c t i v e Investment Contract i n the Company's

Shareholders Register t o be i n the name of the Party

t h a t i s appointed by the r e l e v a n t Depository and

Settlement I n s t i t u t i o n or the Custodian Bank;

A p p l i c a t i o n f o r the t r a n s f e r s h a l l be submitted by the

Depository and Settlement I n s t i t u t i o n or the Custodian

Bank t o the Company or the S e c u r i t i e s A d m i n i s t r a t i o n

Bureau appointed by the Company;

The Depository and Settlement I n s t i t u t i o n , the Custodian

Bank or the S e c u r i t i e s Company s h a l l issue a c o n f i r m a t i o n

l e t t e r t o the account holders as an evidence of recording

i n the s e c u r i t i e s account;-

i n the C o l l e c t i v e Custody, each share of the same type and

c l a s s i f i c a t i o n issued by the Company s h a l l be equal and

c o n v e r t i b l e one t o another;

The Company s h a l l refuse r e g i s t r a t i o n of a share t o the

C o l l e c t i v e Custody i f the share c e r t i f i c a t e i s l o s t or

destroyed, unless the Party requesting such t r a n s f e r may

provide v a l i d proof and/or adequate guarantee t h a t i t i s

the t r u e and l e g a l shareholder and the share c e r t i f i c a t e

i s a c t u a l l y l o s t or destroyed.

The Company must refuse r e g i s t r a t i o n of a share t o the

C o l l e c t i v e Custody i f the share i s secured, seized or

con f i s c a t e d under court order or seized f o r c r i m i n a l c

i n v e s t i g a t i o n .

j . The holder of S e c u r i t i e s Account whose s e c u r i t i e s • are

entered i n the C o l l e c t i v e Custody have the r i g h t t o be

present and/or vote a t any GMS i n p r o p o r t i o n t o the shares

i t owns i n such s e c u r i t i e s account.

k. The Custodian Bank and the S e c u r i t i e s Company s h a l l

d e l i v e r the l i s t of s e c u r i t i e s Account and t o t a l niamber of

shares i n the Company owned by each account holder w i t h

Custodian Bank and S e c u r i t i e s Company t o the Depository

and Settlement I n s t i t u t i o n t o be subsequently d e l i v e r e d t o

the Company no l a t e r than 1 (one) business day p r i o r t o

the n o t i c e date of GMS.

1. The Investment Manager i s e n t i t l e d t o att e n d and cast vote

a t the General Meeting of Shareholders w i t h respect t o the

shares of company i n the C o l l e c t i v e Custody w i t h Custodian

Bank forming p a r t of the Mutual Fund under c o l l e c t i v e

investment c o n t r a c t but not forming p a r t of the C o l l e c t i v e

Custody w i t h Depository and Settlement I n s t i t u t i o n

provided t h a t Custodian bank s h a l l i n f o r m the name of

Investment Manager t o the Company no l a t e r than 1 (one)

business day p r i o r t o the n o t i c e date of GMS.

m. The Company s h a l l d i s t r i b u t e d ividend, bonus shares or

other e n t i t l e m e n t s r e l a t e d t o the share ownership t o the

Depository and Settlement I n s t i t u t i o n w i t h respect t o

shares i n the C o l l e c t i v e Custody w i t h the Depository and

Settlement I n s t i t u t i o n and the l a t t e r w i l l subsecptfe-^JfilS^^, I §L. twJK< iAKAWA\

d e l i v e r the dividend, bonus shares or other entip^/s^HrKMvn*!

t o the Custodian Bank and t o S e c u r i t i e s Company f o r the

i n t e r e s t of each account holder w i t h the Custodian Bank

and the S e c u r i t i e s Company.

The Company s h a l l d i s t r i b u t e the dividend, bonus shares or

other e n t i t l e m e n t s r e l a t e d t o the share ownership t o the

Custodian Bank w i t h respect t o the shares i n the

C o l l e c t i v e Custody w i t h Custodian Bank as p a r t f the

Mutual Fund under c o l l e c t i v e investment c o n t r a c t and not

p a r t of C o l l e c t i v e Custody w i t h the Depository and

Settlement I n s t i t u t i o n .

Time l i m i t t o declare t h a t s e c u r i t i e s account holder

e l i g i b l e t o dividend, bonus shares or other e n t i t l e m e n t s

r e l a t e d t o the share ownership i n the C o l l e c t i v e Custody

s h a l l be f i x e d by r e s o l u t i o n of General Meeting of

Shareholders provided t h a t Custodian Bank and S e c u r i t i e s

Company d e l i v e r s the l i s t of S e c u r i t i e s Account holder and

number of shares of the Company owned by each of the

S e c u r i t i e s Account holder t o the Depository and Settlement

I n s t i t u t i o n no l a t e r than the date being the basis t o

declare the shareholders e l i g i b l e t o dividend, bonus

shares or other e n t i t l e m e n t s t o be subsequently d e l i v e r e d

t o the Company no l a t e r than 1 (one) business day a f t e r

the date being the basis t o declare the shareholders

e l i g i b l e t o dividend, bonus shares or other e n t i t l e m e n t s .

The p r o v i s i o n s concerning C o l l e c t i v e Custody s h a l l _

subject t o the laws and r e g u l a t i o n s on c a p i t a l mark^^^^ylji^mj^jV

the p r o v i s i o n s of the Stock Exchange i n the t e r r i t o r y of

the Republic of Indonesia where the Company's shares are

l i s t e d .

SHAREHOLDERS REGISTER AND SPECIAL REGISTER

A r t i c l e 9

1. Board of Di r e c t o r s s h a l l make a v a i l a b l e , maintain, and

keep a Shareholders' Register and a Special Register a t

the Company's domic i l e .

2. The f o l l o w i n g s h a l l be recorded i n the Shareholders'

Register:

a. names and addresses of shareholders and/or Depository

and Settlement I n s t i t u t i o n or other p a r t i e s appointed

by account holders a t the Depository and Settlement

I n s t i t u t i o n ; ;

b. numbers, s e r i a l numbers, and dates of a c q u i s i t i o n of

shares owned by shareholders;

c. amount pa i d up f o r each share;

d. names and addresses of persons or l e g a l e n t i t i e s w i t h

pledge r i g h t s t o shares or r e c i p i e n t s of f i d u c i a r y

warranty t o shares and the dates of r e g i s t r a t i o n of

such f i d u c i a r y warranty;

e. remarks on share payments i n the forms other than cash;

f . other remarks deemed necessary by Board of D i r e c t o r s .

3. Remarks concerning shares ownership of members of Board of

Di r e c t o r s and Board of Commissioners as w e l l as t h e i j i .

f a m i l i e s i n the Company and/or i n other companies ^^^/^^^/^if^^

dates of the a c q u i s i t i o n of such shares s h a l l be recorded

i n the Special Register. Board of D i r e c t o r s s h a l l keep and

maintain the Shareholders Register and the Special

Register i n an appropriate manner.

4. Shareholders whose names are l i s t e d i n the Shareholders

Register or the Special Register s h a l l n o t i f y i n w r i t i n g

the Company's Board of D i r e c t o r s of any change i n t h e i r

addresses. As long such n o t i c e i s not given y e t , a l l

notic e s and i n v i t a t i o n s t o the shareholders s h a l l be v a l i d

i f sent t o the shareholders' addresses most r e c e n t l y

recorded i n the Shareholders' Register.

5. Board of D i r e c t o r s s h a l l make a v a i l a b l e the Shareholders'

Register and the Special Register a t i t s o f f i c e . Every

shareholder or his/her l e g a l r e p r e s e n t a t i v e may ask t h a t

the Shareholders' Register and the Special Register shown

t o him/her dur i n g the Company's business hours.

6. Legitimate shareholders of the Company s h a l l be e n t i t l e d

t o exercise a l l r i g h t s granted t o a shareholder by the

ap p l i c a b l e laws and r e g u l a t i o n s w i t h due a t t e n t i o n t o the

pr o v i s i o n s hereof.

7. R e g i s t r a t i o n of names of more than 1 (one) persons f o r 1

(one) share or t r a n s f e r of r i g h t from 1 (one) share t o

more than 1 (one) persons s h a l l not be allowed.

With due a t t e n t i o n t o the p r o v i s i o n s of A r t i c l e 5

paragraph 4 hereof, the Company s h a l l be e n t i t l e d t o

consider shareholder a shareholder whose names/

r e g i s t e r e d i n the Company's Shareholders Register as the

only one l e g i t i m a t e holder of such sh a r e ( s ) .

8. The Company's Board of D i r e c t o r s may appoint and authorize

the S e c u r i t i e s . A d m i n i s t r a t i o n Bureau t o l i s t the shares

i n t o the Shareholders Register and the Special Register.

Every l i s t i n g or recording i n the Shareholders Register,

i n c l u d i n g recording of a sale, t r a n s f e r , encumbrance,

pledge, or f i d u c i a r y guarantee r e l a t i n g t o shares i n the

Company or r i g h t s or i n t e r e s t s over shares s h a l l be made

i n accordance w i t h these a r t i c l e s of a s s o c i a t i o n dan laws

and r e g u l a t i o n s on c a p i t a l market.

TRANSFER OF SHARES

A r t i c l e 10

1. a. Unless otherwise s t i p u l a t e d i n the laws and

r e g u l a t i o n s , e s p e c i a l l y c a p i t a l market r e g u l a t i o n and

i n these a r t i c l e s of a s s o c i a t i o n , any share t r a n s f e r

s h a l l be evidenced by a document signed by or on

behalf of t r a n s f e r o r and by or on behalf of

t r a n s f e r e e . The document of share t r a n s f e r s h a l l be i n

the form as determined by or acceptable t o Board of

D i r e c t o r s .

b. Transfer o f shares being included i n the C o l l e c t i v e

Deposit s h a l l be e f f e c t u a t e d by means of book-transfer

from one s e c u r i t i e s account t o other s e c u r i t i e s

account a t the Depository and Settlement I n s t i t u t i j

the Custodian Bank, and the S e c u r i t i e s Company. /^/uiC^tLiiimi}

Document of share t r a n s f e r s h a l l be i n the form as

determined by and/or acceptable t o Board of D i r e c t o r s ,

provided t h a t document of t r a n s f e r of shares l i s t e d i n

the Stock Exchange s h a l l comply w i t h r e g u l a t i o n s

a p p l i c a b l e i n the Stock Exchange where such shares are

l i s t e d , w i t hout p r e j u d i c e t o the p r e v a i l i n g laws and

re g u l a t i o n s yang berlaku and the r e g u l a t i o n s of the

Stock Exchange where the Company's shares are l i s t e d .

Share t r a n s f e r which i s i n contr a v e n t i o n t o the p r o v i s i o n s

hereof or i s not i n compliance w i t h the a p p l i c a b l e laws

and r e g u l a t i o n s or wit h o u t approval of the competent

a u t h o r i t y , i f re q u i r e d , s h a l l not a p p l i c a b l e t o the

Company.

Board of D i r e c t o r s , a t i t s own d i s c r e t i o n and f o r an

acceptable reason, may refuse t o r e g i s t e r a t r a n s f e r of

shares i n the Shareholders Register i f any p r o v i s i o n i s

not f u l f i l l e d .

I f Board of D i r e c t o r s refuses t o r e g i s t e r the t r a n s f e r of

shares. Board of D i r e c t o r s w i t h i n no l a t e r than 30

( t h i r t y ) calendar days a f t e r date of r e c e i p t of the

a p p l i c a t i o n f o r r e g i s t r a t i o n s h a l l give n o t i c e of such

r e f u s a l t o the t r a n s f e r o r w i t h due observance of the laws

and r e g u l a t i o n s on c a p i t a l market and r e g u l a t i o n s of the

Stock Exchange where the Company's shares are l i s t e d .

I n case of a change of ownership o f a share, the o r i g i n a l

owner r e g i s t e r e d i n the Shareholder Register

deemed t o remain the owner of such share u n t i l the name of

the new owner has been r e g i s t e r e d i n the Shareholders

Register of the Company, w i t h due observance o f the

permits from the competent a u t h o r i t i e s and the p r e v a i l i n g

laws and r e g u l a t i o n s and the r e g u l a t i o n s of the Stock

Exchange where the Company's shares are l i s t e d .

6. Any person becoming e n t i t l e d t o a share due t o the death

of a shareholder or i n any case i n which the ownership of

a share changes by law, may upon producing such evidence

of t r a n s f e r as may from time t o time be r e q u i r e d by the

Board of D i r e c t o r s , submit a request i n w r i t i n g t o be

r e g i s t e r e d as the holder of the share.

The share t r a n s f e r s h a l l be r e g i s t e r e d only i f the Board

of D i r e c t o r s i s s a t i s f i e d w i t h the evidence of t i t l e ,

w i t h o u t p r e j u d i c e t o the p r o v i s i o n s s t i p u l a t e d h e r e i n .

7. Form and procedures of t r a n s f e r of shares which are traded

a t the c a p i t a l market s h a l l comply w i t h the laws and

r e g u l a t i o n s on c a p i t a l market and the r e g u l a t i o n s of the

Stock Exchange where such shares are l i s t e d .

8. Shareholder who requests f o r GMS as r e f e r r e d t o i n A r t i c l e

11 paragraph 9 sub-paragraph (1) s h a l l not t r a n s f e r i t s

shares w i t h i n a t l e a s t 6 ( s i x ) months as of the GMS i f

such request i s accepted by Board of D i r e c t o r s or Board of

Commissioners or decided by a c o u r t .

GENERAL MEETING OF SHAREHOLDERS

A r t i c l e 11

1. GMS s h a l l c o n s i s t of annual GMS and other GMSs.

2. Annual GMS s h a l l be held a t the l a t e s t 6 ( s i x ) months from

end of f i s c a l year of the Company.

3. Other GMSs may be held a t any time as re q u i r e d f o r

i n t e r e s t of the Company.

4. The term GMS s h a l l i n c l u d e both annual GMS and

ex t r a o r d i n a r y GMS unless otherwise expressly s p e c i f i e d

h e rein.

5. GMS i n miscellaneous agenda s h a l l not be e n t i t l e d t o adopt

r e s o l u t i o n .

6. Board o f D i r e c t o r s s h a l l hold Annual GMS and other GMSs at

request of the Company's Board of Commissioners or

shareholders w i t h due observance of the p r o v i s i o n s of

paragraph 9 of t h i s A r t i c l e . Request f o r GMS from Board of

Commissioners s h a l l be submitted t o Board of Di r e c t o r s by

a r e g i s t e r e d m a i l s t a t i n g i t s reasons.

7. At Annual GMS, Board of Di r e c t o r s s h a l l d e l i v e r :

a. the Annual Report as r e f e r r e d t o i n A r t i c l e 22

paragraph 4 hereof.

b. proposal on u t i l i z a t i o n of net p r o f i t i f the Company

has p o s i t i v e c r e d i t balance;

c. proposal on appointment of Accountant Public

r e g i s t e r e d w i t h the OJK.

I n a d d i t i o n t o the agendas as r e f e r r e d t o i n sub­

paragraphs a, b and c of t h i s paragraph, the Annual GMS

may discuss and decide other matters duly proposed t o the

meeting i n accordance w i t h these a r t i c l e s of a s s o c i a t i o n .

8. Approval t o the annual r e p o r t s h a l l c o n s t i t u t e a f u l l

a c q u i t t a l and discharge t o the members of Board of

D i r e c t o r s and Board of Commissioners f o r the management

and supervision performed during the previous f i s c a l year,

t o the extent t h a t such a c t i o n are r e f l e c t e d i n the annual

r e p o r t , excluding f r a u d , embezzlement and other c r i m i n a l

9. Request f o r h o l d i n g of GMS by shareholders:

(1) 1 (one) or more shareholders j o i n t l y r epresenting 1/10

(one-tenth) or t o t a l number of shares having v o t i n g

r i g h t s may request f o r h o l d i n g of a GMS.

(2) The request as r e f e r r e d t o i n sub-paragraph (1) of

t h i s paragraph s h a l l be submitted t o Board of

D i r e c t o r s by a r e g i s t e r e d m a i l s t a t i n g i t s reasons.

(3) The request as r e f e r r e d t o i n sub-paragraph (1) of

t h i s paragraph s h a l l :

a. be made i n good f a i t h ;

b. consider the Company's i n t e r e s t ;

c. be r e q u i r i n g QMS r e s o l u t i o n ;

d. be accompanied w i t h i t s reasons and the r e l e v a n t

m a t e r i a l s t o be resolved at the GMS; and

deeds.

e. not i n contravention t o the laws and r e g u l a t i o n s

dan the Company's a r t i c l e s of a s s o c i a t i o n .

(4) Board of Di r e c t o r s s h a l l provide shareholders w i t h

n o t i f i c a t i o n of GMS w i t h i n no l a t e r than 15 ( f i f t e e n )

days as of date of the request as r e f e r r e d t o i n sub­

paragraph (1) of t h i s paragraph.

(5) I f Board of Di r e c t o r s f a i l s t o provide the n o t i f i c a t i o n as

r e f e r r e d t o i n sub-paragraph 4 above, the shareholders may

again request f o r the GMS t o Board of Commissioners.

(6) Board of Commissioners s h a l l provide shareholders w i t h

n o t i f i c a t i o n of an Ext r a o r d i n a r y GMS w i t h i n no l a t e r than

15 ( f i f t e e n ) days as of date on which i t receives the

request f o r GMS as r e f e r r e d t o i n sub-paragraph (5) above.

(7) I n event Board of Commissioners f a i l s t o provide

n o t i f i c a t i o n o f GMS w i t h i n the pe r i o d as r e f e r r e d t o i n

sub-paragraphs (4) and (6) of t h i s a r t i c l e . Board of

Dir e c t o r s or Board of Commissioners s h a l l announce:

a. t h a t there was a request f o r hol d i n g of GMS from

shareholders as r e f e r r e d t o i n sub-paragraph (1) o f

t h i s paragraph;

b. reasons f o r f a i l u r e t o hold GMS.

(8) The announcement as r e f e r r e d t o i n sub-paragraph (7) of

t h i s paragraph s h a l l be made w i t h i n no l a t e r than 15

( f i f t e e n ) days as of r e c e i p t of request f o r the hol d i n g of

the GMS from shareholders as r e f e r r e d t o i n sub-paragraj

(4) and (6) of t h i s paragraph. /,?/snepaWirjAKARTA\

;i765/2006>

(9) The announcement as r e f e r r e d t o i n sub-paragraph (8) of

t h i s paragraph s h a l l be made a t l e a s t through:

a. 1 (one) d a i l y newspaper of Indonesian language which i s

n a t i o n a l l y c i r c u l a t e d ;

b. the Stock Exchange's website; and

c. the Company's website, i n Indonesian and f o r e i g n

languages, provided t h a t the f o r e i g n language used f o r

such announcement s h a l l be at l e a s t English language.

(10) Announcement i n a f o r e i g n language as r e f e r r e d t o i n p o i n t

(9) sub-paragraph c of t h i s paragraph s h a l l contain the

same i n f o r m a t i o n as t h a t i n Indonesian language.

(11) I n event there i s d i f f e r e n c e i n i n t e r p r e t a t i o n between the

in f o r m a t i o n announced i n f o r e i g n language and Indonesian

language as r e f e r r e d t o i n sub-paragraph (10) of t h i s

paragraph, i n f o r m a t i o n i n Indonesian language s h a l l

p r e v a i l .

(12) Evidence of the announcement as r e f e r r e d t o i n p o i n t (9)

sub-paragraph a of t h i s paragraph and a copy of the

request f o r GMS as r e f e r r e d t o i n sub-paragraph (2) of

t h i s paragraph s h a l l be submitted t o the OJK not l a t e r

than 2 (two) working days a f t e r the announcement.

(13) I n event Board of Commissioners f a i l s t o provide the

announcement of GMS as r e f e r r e d t o i n sub-paragraph (6) of

t h i s paragraph, the shareholders as r e f e r r e d t o i n sub­

paragraph (1) o f t h i s paragraph may submit an a p p l i c a t i

f o r a permit t o hold GMS t o the chairman of d i s t r i c t c ourt

whose j u r i s d i c t i o n covers the Company's domic i l e .

(14) The shareholders t h a t have obtained the cour t d e c i s i o n t o

hold GMS as r e f e r r e d t o i n sub-paragraph (13) of t h i s

paragraph s h a l l :

a. make an announcement, n o t i c e of GMS, announcement of

summary of minutes of GMS, f o r GMS held i n accordance

w i t h r e g u l a t i o n o f the OJK concerning c a p i t a l market.

b. d e l i v e r n o t i c e of GMS and submit an evidence of the

announcement, evidence of n o t i c e , minutes of GMS, and

evidence of announcement of summary of minutes of GMS

f o r the held GMS t o the OJK i n accordance w i t h the

r e g u l a t i o n concerning c a p i t a l market.

c. a t t a c h a document c o n t a i n i n g names of shareholders and

number of t h e i r shares i n the Company t h a t have

obtained the cour t d e c i s i o n t o hol d GMS and the court

d e c i s i o n i n the n o t i c e as r e f e r r e d t o i n sub-paragraph

b t o the OJK w i t h respect t o the GMS t o be held.

(15) The shareholders as r e f e r r e d t o i n sub-paragraph (1) of

t h i s paragraph s h a l l not t r a n s f e r t h e i r shares as

s t i p u l a t e d i n A r t i c l e 10 paragraph 8.

VENUE, NOTICE, ANNOUNCEMENT, INVITATION, AND TIME OF GENERAL

MEETING OF SHAREHOLDERS

A r t i c l e 12

1. GMS s h a l l be hel d w i t h i n t e r r i t o r y of the Republic

Indonesia.

2. The Company s h a l l decide venue and time of GMS.

3. The venue of GMS as r e f e r r e d t o i n paragraph 2 s h a l l be:

a. the Company's dom i c i l e ;

b. the Company's main business place;

c. c a p i t a l of province where the Company's domicile or

main business place i s lo c a t e d ; or

d. province of domicile of the Stock Exchange where the

Company's shares are l i s t e d .

4. Notice of GMS t o the OJK:

(1) The Company s h a l l f i r s t submit a n o t i c e of meeting

agenda t o the OJK at the l a t e s t 5 ( f i v e ) working days

before announcement of GMS, without counting date of

announcement of GMS.

(2 The meeting agenda as r e f e r r e d t o i n sub-paragraph (1)

of t h i s paragraph s h a l l be disc l o s e d i n c l e a r and

d e t a i l .

(3) I f there i s a change i n the meeting agenda as r e f e r r e d

t o i n sub-paragraph (2) of t h i s paragraph, the Company

s h a l l n o t i f y the OJK of such change a t the l a t e s t on

the date of n o t i c e of n o t i c e GMS.

5. The p r o v i s i o n s i n paragraph 4 of t h i s a r t i c l e s h a l l apply

mutatis mutandis t o the n o t i c e of GMS by shareholders who

have obtained the court d e c i s i o n t o hold GMS as r e f e r r e d

t o i n A r t i c l e 11 paragraph 9 sub-paragraph (14).

6. Announcement of GMS:

(1) The Company s h a l l announce the GMS t o the shareholders

a t the l a t e s t 14 (fourteen) days before n o t i c e of GMS,

without counting date of announcement and date of

n o t i c e .

(2) The announcement o f GMS as r e f e r r e d t o i n sub­

paragraph (1) of t h i s paragraph s h a l l contain a t

l e a s t :

a. the p r o v i s i o n s on shareholders who are e n t i t l e d t o

atte n d the GMS;

b. the p r o v i s i o n s on shareholders who are e n t i t l e d t o

advise agenda of the meeting;

c. date of GMS; and

d. date of n o t i c e of GMS.

(3) I n case of the GMS held at request of shareholders as

r e f e r r e d t o i n A r t i c l e 11 paragraph 9, i n a d d i t i o n the

subjects as r e f e r r e d t o i n sub-paragraph (2) o f t h i s

paragraph, the announcement of GMS as r e f e r r e d t o i n

sub-paragraph (1) of t h i s paragraph s h a l l contain

i n f o r m a t i o n t h a t the Company w i l l h old the GMS due t o

a request from shareholders.

(4) The GMS announcement t o the shareholders as r e f e r r e d

t o i n sub-paragraph (1) of t h i s paragraph s h a l l ate

l e a s t posted on:

a. 1 (one) d a i l y newspaper of Indonesian language

which i s n a t i o n a l l y c i r c u l a t e d ;

b. the Stock Exchange's website; and Nd; 1765/2006

c. the Company's website, i n Indonesian and f o r e i g n

languages, provided t h a t the f o r e i g n language used

f o r such n o t i f i c a t i o n s h a l l be at l e a s t English

language.

(5) Announcement i n a f o r e i g n language as r e f e r r e d t o i n

sub-paragraph (4).c of t h i s paragraph s h a l l contain

the same i n f o r m a t i o n as t h a t i n Indonesian language.

(6) I n event t h e r e i s d i f f e r e n c e i n i n t e r p r e t a t i o n between

the i n f o r m a t i o n announced i n f o r e i g n language and

Indonesian language as r e f e r r e d t o i n sub-paragraph

(5) of t h i s paragraph, i n f o r m a t i o n i n Indonesian

language s h a l l p r e v a i l .

(7) Evidence of the GMS announcement as r e f e r r e d t o i n

sub-paragraph (4),a of t h i s paragraph s h a l l be

submitted t o the OJK not l a t e r than 2 (two) working

days a f t e r the announcement.

(8) I f the GMS i s held at request of shareholders,

submission o f evidence o f GMS announcement as r e f e r r e d

t o i n sub-paragraph (7) of t h i s paragraph s h a l l also

be accompanied w i t h a copy of request f o r GMS as

contemplated i n A r t i c l e 11 paragraph 9.(2).

(9) Announcement and Notice of GMS held t o resolve matters

with c o n f l i c t of i n t e r e s t s h a l l be made with due

observance of r e g u l a t i o n s of c a p i t a l market.

7. The p r o v i s i o n s i n paragraph 6 of t h i s a r t i c l e s h a l l apnXv:

mutatis mutandis t o announcement of GMS

shareholders who have obtained the court d e c i s i o n as

r e f e r r e d t o i n A r t i c l e 11 paragraph 9.(14).

8. Proposal of Meeting Agenda:

(1) Shareholders may propose the meeting agenda t o Board

of D i r e c t o r s i n w r i t i n g a t the l a t e s t 7 (seven) days

before GMS n o t i c e .

(2) Shareholders who may propose the meeting agenda as

r e f e r r e d t o i n sub-paragraph (1) of t h i s paragraph

s h a l l be 1 (one) or more shareholder(s) representing

1/20 (one t w e n t i e t h ) or more of t o t a l number o f shares

having v o t i n g r i g h t s .

(3) The proposal of meeting agenda as r e f e r r e d t o i n sub­

paragraph (1) of t h i s paragraph s h a l l :

a. be made i n good f a i t h ;

b. consider the Company's i n t e r e s t ;

c. include i t s reasons and the r e l e v a n t m a t e r i a l s of the

meeting; and

d. not i n contravention t o the p r e v a i l i n g laws and

r e g u l a t i o n s .

(4) Proposal o f meeting agenda from shareholders as r e f e r r e d

t o i n sub-paragraph (1) of t h i s paragraph s h a l l be

r e q u i r i n g GMS r e s o l u t i o n .

(5) The Company s h a l l i n clude proposal of meeting agenda from

shareholders as r e f e r r e d t o i n sub-paragraph (1) t o sub­

paragraph (4) of t h i s paragraph i n the meeting age .4

contained i n the n o t i c e .

9. Notice of GMS:

(1) The Company s h a l l give n o t i c e t o shareholders at the

l a t e s t 21 (twenty one) days before GMS, without counting

date of n o t i c e and date of GMS.

(2) Notice o f GMS as r e f e r r e d t o i n sub-paragraph (1) of t h i s

paragraph s h a l l c o n t a i n at l e a s t i n f o r m a t i o n on:

a. date of GMS;

b. time of GMS;

c. venue of GMS;

d. p r o v i s i o n s on shareholders e n t i t l e d t o at t e n d GMS;

e. meeting agendas i n c l u d i n g explanation on each s e t i a p

agenda;

f . i n f o r m a t i o n t h a t the re l e v a n t meeting m a t e r i a l s are

a v a i l a b l e f o r shareholders from date of n o t i c e of GMS

t o date of GMS. The n o t i c e of GMS t o shareholders as

r e f e r r e d t o i n sub-paragraph (1) of t h i s paragraph

s h a l l be made at l e a s t through:

a. 1 (one) d a i l y newspaper of Indonesian language

which i s n a t i o n a l l y c i r c u l a t e d ;

b. the Stock Exchange's website; and

c. the Company's website, i n Indonesian and f o r e i g n

languages, provided t h a t the f o r e i g n language used

f o r such n o t i c e s h a l l be at l e a s t English

language.

(4) Notice of GMS i n the f o r e i g n language as r e f e r r e d t o i n

p o i n t {3)c o f t h i s paragraph s h a l l c o n t a i n the same

in f o r m a t i o n as t h a t i n Indonesian language.

(5) I n event there i s d i f f e r e n c e i n i n t e r p r e t a t i o n between the

in f o r m a t i o n contained i n the n o t i c e i n f o r e i g n language

and Indonesian language as r e f e r r e d t o i n sub-paragraph

(4) of t h i s paragraph, i n f o r m a t i o n i n Indonesian language

s h a l l p r e v a i l .

(6) Evidence of n o t i c e of GMS as r e f e r r e d t o i n p o i n t (3) sub­

paragraph a of t h i s paragraph s h a l l be submitted t o the

OJK at the l a t e s t 2 (two) working days a f t e r the n o t i c e .

(7) Notice of GMS held t o resolve matters w i t h c o n f l i c t of

i n t e r e s t s h a l l be made w i t h due observance o f r e g u l a t i o n s

of c a p i t a l market.

(8) Without p r e j u d i c e t o other p r o v i s i o n s hereof, the n o t i c e

s h a l l be given by Board of D i r e c t o r s or Board of

Commissioners i n accordance w i t h procedures s t i p u l a t e d

herein w i t h due observance of r e g u l a t i o n s of c a p i t a l

market.

10. The p r o v i s i o n s i n paragraph 9 o f t h i s a r t i c l e s h a l l apply

mutatis mutandis t o the n o t i c e of GMS by shareholders who

have obtained the court d e c i s i o n t o hold GMS as r e f e r r e d

t o i n A r t i c l e 11 paragraph 9(13).

11. Second Notice of GMS s h a l l be made under terms as f o l l o w s :

(1) Notice of second GMS s h a l l be made w i t h i n no la^jSE

than 7 (seven) days before second GMS i s held.

(2) The n o t i c e of second GMS s h a l l mention t h a t the f i r s t

GMS has been held and d i d not achieve the attendance

quorum.

This p r o v i s i o n s h a l l be e f f e c t i v e w i thout p r e j u d i c e t o

the r e g u l a t i o n s on c a p i t a l market and other laws and

re g u l a t i o n s as w e l l as s e r t a the r e g u l a t i o n s of the

Stock Exchange where the Company shares are l i s t e d .

(3) The second GMS s h a l l be held a t f a s t e s t 10 (ten) days

and a t l a t e s t 21 (twenty one) days from the f i r s t GMS.

(4) The p r o v i s i o n s on media o f n o t i c e and c o r r e c t i o n of

no t i c e of GMS s h a l l apply mutatis mutandis t o n o t i c e

of the second GMS.

12. Notice of t h i r d GMS s h a l l be subject t o the f o l l o w i n g

terms:

(1) Notice of t h i r d GMS at request of the Company s h a l l be

determined by the OJK;

(2) The n o t i c e of t h i r d GMS s h a l l mention t h a t the second

|GMS has been held and d i d not achieve the attendance

quorum.

13. M a t e r i a l s of meeting:

(1) The Company s h a l l provide the meeting m a t e r i a l s t o the

shareholders.

(2) The meeting m a t e r i a l s as r e f e r r e d t o i n sub-paragraph

(1) of t h i s paragraph s h a l l provided from date of

no t i c e of GMS t o date of GMS.

(3) I f the p r e v a i l i n g laws and r e g u l a t i o n s s p e c i f i e d an

e a r l i e r p e r i o d t h a t t h a t s p e c i f i e d i n sub-paragraph

(2) of t h i s paragraph, the meeting m a t e r i a l s s h a l l be

provided i n accordance w i t h such laws and r e g u l a t i o n s .

(4) The meeting m a t e r i a l s provided i n accordance w i t h sub­

paragraph (2) of t h i s paragraph may be i n the form of

hardcopy and/or softcopy.

(5) The hardcopy as r e f e r r e d t o i n sub-paragraph (4) of

t h i s paragraph s h a l l be provided f r e e of charge a t the

Company's o f f i c e i f requested i n w r i t i n g by

shareholders.

(6) The softcopy as r e f e r r e d t o i n sub-paragraph (4) of

t h i s paragraph s h a l l be accessible or downloadable at

the Company's website.

(7) I f the meeting agenda i s appointment of members of

Board of D i r e c t o r s and/or members of Board of

Commissioners, c u r r i c u l u m v i t a e of candidate members

of Board of D i r e c t o r s and/or members of Board of

Commissioners s h a l l be a v a i l a b l e :

a. at the Company's website at the l a t e s t from date of

no t i c e t o date o f ; or

b. on other dates than t h a t s p e c i f i e d i n sub­

paragraph a but at the l a t e s t on date of GMS, t o

the extent s t i p u l a t e d i n the p r e v a i l i n g laws and

. r e g u l a t i o n s .

14. Correction of Notice:

(1) The Company s h a l l make c o r r e c t i o n t o GMS n o t i c e i f

there i s any a d d i t i o n a l i n f o r m a t i o n i n the n o t i c e as

r e f e r r e d t o i n paragraph 9.(2) of t h i s A r t i c l e .

(2) I n case the c o r r e c t i o n as r e f e r r e d t o i n sub-paragraph

(1) of t h i s paragraph includes i n f o r m a t i o n on change

of date of GMS and/or a d d i t i o n of GMS agenda, the

Company s h a l l again d e l i v e r n o t i c e of GMS under the

procedures as s p e c i f i e d i n paragraph 9 of the A r t i c l e .

(3) The p r o v i s i o n of r e - n o t i c e as r e f e r r e d t o i n sub­

paragraph (2) of t h i s paragraph s h a l l not apply i f the

c o r r e c t i o n i s made t o date of GMS and/or a d d i t i o n of

agenda not f o r mistake of the Company.

(4) Evidence of the n o t i c e c o r r e c t i o n f o r not the

Company's mistake as r e f e r r e d t o i n sub-paragraph (3)

of t h i s paragraph s h a l l be submitted t o the OJK on the

same day as the day of the c o r r e c t i o n .

(5) The p r o v i s i o n s on media and d e l i v e r y of evidence of

GMS n o t i c e as r e f e r r e d t o i n paragraphs 9.(3), 9.(4),

and 9.(7) of t h i s A r t i c l e s h a l l apply mutatis mutandis

t o media of c o r r e c t i o n of GMS n o t i c e and submission of

evidence of c o r r e c t i o n as r e f e r r e d t o i n sub-paragraph

(1) of t h i s paragraph.

15. Rights of Shareholders:

(1) A shareholder s h a l l have r i g h t t o attend GMS or

represented t h e r e a t by a power of at t o r n e y .

(2) A shareholder may be represented by another

shareholder or another person by a power of a t t o r n e y

w i t h due observance of the a p p l i c a b l e laws and

re g u l a t i o n s .

(3) At GMS, each share e n t i t l e s i t s owner t o cast 1 (one)

vote.

(4)Shareholders e n t i t l e d t o at t e n d GMS s h a l l be those

l i s t e d i n the Shareholders Register 1 (one) working

day before n o t i c e o f GMS.

(5) I n case o f the n o t i c e c o r r e c t i o n as r e f e r r e d t o i n

paragraph 14.(1) of t h i s A r t i c l e , shareholders

e n t i t l e d t o attend GMS s h a l l be those l i s t e d i n the

Company's Shareholders Register 1 (one) working day

before the c o r r e c t i o n . ^

16. At GMS, shareholders s h a l l be e n t i t l e d t o o b t a i n

i n f o r m a t i o n on the meeting agenda and m a t e r i a l s r e l a t e d t o

the meeting agenda without p r e j u d i c e t o the Company's

i n t e r e s t s .

17. At GMS, the Company may i n v i t e other p a r t i e s r e l a t e d t o

agenda of GMS.

CHAIR AND RULES OF GENERAL MEETING OF SHAREHOLDERS

A r t i c l e 13

1. Chair of GMS:

(1) GMS s h a l l be chaired by a member of Board of

Commissioners appointed by Board of Commissioners.

(2) I f a l l members of Board of Commissioners are absent or

prevented, GMS s h a l l be chaired by a member of Board

of D i r e c t o r s appointed by Board of D i r e c t o r s .

(3) I f a l l members of Board of Commissioners and Board of

Di r e c t o r s are absent or prevented as r e f e r r e d t o i n

sub-paragraphs (1) and (2) of t h i s paragraph, GMS

s h a l l be chaired by a present shareholder appointed by

and among p a r t i c i p a n t s of GMS.

(4) I f such member of Board of Commissioners appointed by

Board of Commissioners has c o n f l i c t of i n t e r e s t i n the

matter t o be decided at GMS, then GMS s h a l l be chaired

by another member of Board of Commissioners who i s

appointed by oleh Board of Commissioners and who does

not have c o n f l i c t of i n t e r e s t .

(5) I f a l l members of Board o f Commissioners have c o n f l i c t

of i n t e r e s t , GMS s h a l l be chaired by a D i r e c t o r

appointed by Board of D i r e c t o r s .

(6) I f such a D i r e c t o r appointed by Board of D i r e c t o r s has

c o n f l i c t of i n t e r e s t i n the matter t o be decided i n

GMS, then GMS s h a l l be chaired by a member of Board of

Di r e c t o r s who does not have c o n f l i c t of i n t e r e s t .

(7) I f a l l members of Board of D i r e c t o r s have c o n f l i c t of

i n t e r e s t , then GMS s h a l l be chaired by a non-

c o n t r o l l i n g shareholder appointed by m a j o r i t y

shareholders present at GMS. .

(8) Chair of GMS s h a l l be e n t i t l e d t o ask the attendees t o

show t h e i r e n t i t l e m e n t t o attuned GMS.

2. Rules of GMS:

(1) At GMS, r u l e s of GMS s h a l l be d i s t r i b u t e d t o the

shareholders a t t e n d i n g the meeting.

(2) Ground r u l e s of GMS as r e f e r r e d t o i n sub-paragraph

(1) of t h i s paragraph s h a l l be read out before GMS i s

s t a r t e d .

(3) When opening the GMS, the c h a i r s h a l l provide the

shareholders w i t h the f o l l o w i n g explanations:

a. general c o n d i t i o n of the Company i n b r i e f ;

b. meeting agenda;

c. mechanism of r e s o l u t i o n adoption; dan

d. procedures f o r exercise of r i g h t s of shareholders

t o ask question and/or t o give o p i n i o n .

RESOLUTION, QUORUM, AND MINUTES OF GENERAL MEETING OF

SHAREHOLDERS

A r t i c l e 14

1. Resolutions of GMS:

(1) Resolution of GMS s h a l l adopted on basis of

d e l i b e r a t i o n t o reach consensus and i n compliance w i t h

the p r o v i s i o n s hereof.

(2) I n event r e s o l u t i o n adopted on b a s i s of d e l i b e r a t i o n

t o reach consensus as r e f e r r e d t o i n sub-paragraph (1)

i s not be achieved, r e s o l u t i o n s h a l l be adopted b^

v o t i n g .

176512005

(3) The v o t i n g as r e f e r r e d t o i n sub-paragraph (2) of t h i s

paragraph s h a l l conducted w i t h due observance of the

pr o v i s i o n s on the attendance quorum and r e s o l u t i o n

quorum.

2. Attendance Quorum and Resolution Quorum:

(1) Unless otherwise s t i p u l a t e d h e r e i n , the attendance

quorum and the r e s o l u t i o n quorum at GMS f o r agenda

discussed t h e r e a t ( i n c l u d i n g issuance of Equity-Type

S e c u r i t i e s and amendment t o a r t i c l e s of a s s o c i a t i o n

t h a t don not r e q u i r e approval of M i n i s t e r of Law and

Human Rights of the Republic of Indonesia and/or h i s

s u b s t i t u t e ) s h a l l be subject t o the f o l l o w i n g

p r o v i s i o n s :

a. GMS may be held i f more than H (one h a l f ) of t o t a l

number of shares having v o t i n g r i g h t s i s present

or represented.

b. I f the quorum as r e f e r r e d t o i n sub-paragraph a i s

not achieved, second GMS may be held and e n t i t l e d

t o adopt r e s o l u t i o n s i f at l e a s t 1/3 (one t h i r d )

of t o t a l number of shares having v o t i n g r i g h t s i s

present or represented.

c. Resolution of GMS as r e f e r r e d t o i n sub-paragraphs

a and b s h a l l be v a l i d i f approved by more than

1/2 (one h a l f ) of t o t a l number of shares having

v o t i n g r i g h t s i s present t h e r e a t .

d. I f the attendance quorum at the Second GMS as

r e f e r r e d t o i n sub-paragraph b of t h i s paragraph

i s not achieved, t h i r d GMS may be held and

e n t i t l e d t o adopt r e s o l u t i o n s i f attended by the

holders of shares having v a l i d v o t i n g r i g h t s under

attendance quorum and r e s o l u t i o n quorum determined

by the OJK at request of the Company.

(2) The attendance quorum and the r e s o l u t i o n quorum f o r

GMS w i t h agenda of amendment t o a r t i c l e s of

as s o c i a t i o n t h a t requires approval of M i n i s t e r of Law

and Human Rights s h a l l be subject t o the f o l l o w i n g

p r o v i s i o n s :

a. GMS may be held i f attended by shareholders

representing a t l e a s t 2/3 (two t h i r d ) of t o t a l

number of shares having v a l i d v o t i n g r i g h t s .

b. Resolution of GMS as r e f e r r e d t o i n sub-paragraph

a s h a l l be v a l i d i f approved by more than 2/3 (two

t h i r d ) of t o t a l number of shares having v o t i n g

r i g h t s present a t GMS.

c. I f the quorum as r e f e r r e d t o i n sub-paragraph a i s

not achieved, second GMS may be held and e n t i t l e d

t o adopt r e s o l u t i o n s i f attended by shareholders

representing a t l e a s t 3/5 (three f i f t h ) of t o t a l

number of shares having v a l i d v o t i n g r i g h t s ;

d. Resolution of second GMS s h a l l be v a l i d X^S^^^V

approved by more than 1/2 (one h a l f ) of fff^^^^^i

number of shares having v o t i n g r i g h t s present at

GMS.

e. I f the attendance quorum at the second GMS as

r e f e r r e d t o i n sub-paragraph c i s not achieved,

t h i r d GMS may be held and e n t i t l e d adopt

r e s o l u t i o n i f attended by the holders of shares

having v a l i d v o t i n g r i g h t s under the attendance

quorum and the r e s o l u t i o n quorum determined by the

OJK at request of the Company.

(3) The attendance quorum and the r e s o l u t i o n quorum f o r

agenda of t r a n s f e r of the Company's assets

c o n s t i t u t i n g more than 50% ( f i f t y percent) of t o t a l

net assets of the Company by 1 (one) or more

t r a n s a c t i o n s , whether or not they are c o r r e l a t e d ,

merger, c o n s o l i d a t i o n , a c q u i s i t i o n , separation,

a p p l i c a t i o n f o r being declared bankrupt s h a l l be

organized as f o l l o w s :

a. GMS may be held i f attended by shareholders

representing a t l e a s t 3/4 (three f o u r t h ) of t o t a l

number of shares having v a l i d v o t i n g r i g h t s .

b. Resolution of GMS as r e f e r r e d t o i n sub-paragraph

a s h a l l be v a l i d i f approved by more than 3/4

(three f o u r t h ) of t o t a l number of shares having

v o t i n g r i g h t s present at the GMS.

c. I f the quorum as r e f e r r e d t o i n sub-paragraph

not achieved, second GMS may be held and en

t o adopt r e s o l u t i o n s i f attended by shareholders

representing a t l e a s t 2/3 (two t h i r d ) of t o t a l

number of shares having v o t i n g r i g h t s .

d. Resolution o f second GMS s h a l l be v a l i d i f

approved by more than 3/4 (three f o u r t h ) of t o t a l

number of shares having v o t i n g r i g h t s present a t

the GMS.

e. I f the attendance quorum at the second GMS as

r e f e r r e d t o i n sub-paragraph c i s not achieved,

t h i r d GMS may be held and e n t i t l e d t o adopt

r e s o l u t i o n i f attended the holders of shares

having v a l i d v o t i n g r i g h t s under attendance quorum

and r e s o l u t i o n quorum determined by the OJK a t

request of the Company.

(4) Attendance quorum and r e s o l u t i o n quorum f o r GMS under

agenda of t r a n s a c t i o n w i t h c o n f l i c t of i n t e r e s t s h a l l

be subject t o the f o l l o w i n g p r o v i s i o n s :

a. GMS may be held i f attended by Independent

Shareholders representing more than 1/2 (one h a l f )

of t o t a l number of shares having v a l i d v o t i n g

r i g h t s .

b. Resolution of the GMS as r e f e r r e d t o i n sub­

paragraph a s h a l l be v a l i d i f approved by

Independent Shareholders representing more than

1/2 (one h a l f ) of t o t a l number o f shares havi

v a l i d v o t i n g r i g h t s .

c. I f the quorum as r e f e r r e d t o i n sub-paragraph a i s

not achieved, second GMS may be held and e n t i t l e d

t o adopt r e s o l u t i o n s i f attended by Independent

Shareholders representing more than 1/2 (one h a l f )

of t o t a l number of shares having v a l i d v o t i n g

r i g h t s .

d. Resolution of second GMS s h a l l be v a l i d i f

approved by more than 1/2 (one h a l f ) of t o t a l

number of shares owned by Independent Shareholders

present a t GMS.

e. I f the attendance quorum a t the second GMS as

r e f e r r e d t o i n sub-paragraph c i s not achieved,

t h i r d GMS may be held and e n t i t l e d t o adopt

r e s o l u t i o n i f attended by Independent Shareholders

of shares having v a l i d v o t i n g r i g h t s under

attendance quorum and r e s o l u t i o n quorum determined

by the OJK at request of the Company.

f . Resolution of t h i r d GMS s h a l l be v a l i d i f approved

by Independent Shareholders representing more than

50% ( f i f t y percent) o f t o t a l number of shares

owned by Independent Shareholders present a t the

meeting.

g. Shareholders w i t h c o n f l i c t of i n t e r e s t s h a l l be

deemed t o adopt the same r e s o l u t i o n s as

r e s o l u t i o n s approved by Independent Shareholders^

without c o n f l i c t of i n t e r e s t .

(5) Holders of shares having v a l i d v o t i n g r i g h t s

present at GMS but abstai n s h a l l be deemed t o cast

the same votes as the m a j o r i t y shareholders t h a t

cast votes.

(6) I n a v o t i n g , votes cast by a shareholder s h a l l

apply t o a l l shares he/she/it owns and the

shareholder s h a l l not grant a power t o more than

one proxies f o r a p a r t of h i s / h e r / i t s shares w i t h

a d i f f e r e n t vote.

(7) The p r o v i s i o n s as r e f e r r e d t o i n sub-paragraph (6)

of t h i s paragraph s h a l l not apply t o :

a. Custodian Bank or S e c u r i t i e s Company as

Custodian t h a t represents i t s customers who

are holders of shares i n the Company.

b. Investment Manager representing i n t e r e s t s of

the Mutual Fund i t manages.

(8) I n a v o t i n g , members of Board of D i r e c t o r s ,

members of Board of Commissioners and employees of

the Company s h a l l be p r o h i b i t e d from a c t i n g as

proxies f o r Shareholders.

(9) Voting s h a l l be conducted i n v e r b a l unless

otherwise decided by c h a i r of the meeting.

3. Minutes of GMS:

1. The Company s h a l l create minutes of GMS.

2. Minutes of GMS s h a l l be created and signed by c h a i r of

meeting and by at l e a s t 1 (one) shareholder appointed

from and by p a r t i c i p a n t s of GMS.:

3. The s i g n i n g as r e f e r r e d t o i n sub-paragraph (2) of

t h i s paragraph s h a l l not be re q u i r e d i f the minutes of

GMS i s made i n the form of n o t a r i a l deed.

4. The minutes of GMS as r e f e r r e d t o i n sub-paragraph (1)

of t h i s paragraph s h a l l be submitted t o the OJK at the

l a t e s t 30 ( t h i r t y ) days a f t e r GMS i s held.

5. I f the day o f submission of the minutes of GMS as

r e f e r r e d t o i n sub-paragraph (4) of t h i s paragraph

f a l l s on a ho l i d a y , such minutes of GMS s h a l l be

submitted a t the l a t e s t on the next immediate working

day.

Summary of Minutes of GMS:

(1) The Company s h a l l create a summary of minutes of GMS.

(2) Summary of minutes of GMS as r e f e r r e d t o i n sub­

paragraph (1) of t h i s paragraph s h a l l c o n t a i n a t l e a s t

the f o l l o w i n g i n f o r m a t i o n :

a. date, venue, GMS, and agenda of GMS;

b. members of Board of D i r e c t o r s and members of Board

of Commissioners who att e n d the GMS;

c. number of shares having v a l i d v o t i n g r i g h t s

present at GMS and i t s percentage of t o t a l number

of shares having v a l i d v o t i n g r i g h t s ;

d. whether or not shareholders are given an

op p o r t u n i t y t o ask question and/or t o r a i s e

o p i n i o n i n r e l a t i o n t o the meeting agenda;

e. number of shareholders who ask question and/or

r a i s e o p i n i o n i n r e l a t i o n t o the meeting agenda i f

shareholders are given the o p p o r t u n i t y ;

f . mechanism of r e s o l u t i o n adoption;

g. r e s u l t s of v o t i n g t h a t i n clude number of

a f f i r m a t i v e votes, negative votes, and abstai n

votes f o r each agenda of the meeting i f

r e s o l u t i o n s adoption i s made by v o t i n g ;

h. r e s o l u t i o n s of GMS; and

i . implementation of payment of cash dividend t o

e l i g i b l e shareholders i f there i s a r e s o l u t i o n

concerning cash dividend payment.

Summary of minutes of GMS as r e f e r r e d t o i n sub­

paragraph (2) of t h i s paragraph s h a l l be announced t o

p u b l i c a t l e a s t through: —

a. 1 (one) d a i l y newspaper of Indonesian language

which i s n a t i o n a l l y c i r c u l a t e d ;

b. the Stock Exchange's website; and

c. the Company's website, i n Indonesian and f o r e i g n

languages, provided t h a t the f o r e i g n language used

f o r such announcement s h a l l be a t l e a s t English

language.

(4) Summary of minutes of GMS i n a f o r e i g n language as

r e f e r r e d t o i n p o i n t (3) sub-paragraph c of t h i s

paragraph s h a l l contain the same i n f o r m a t i o n as t h a t

i n Indonesian language.

(5) I n event there i s d i f f e r e n c e i n i n t e r p r e t a t i o n between

the i n f o r m a t i o n announced i n f o r e i g n language and

Indonesian language as r e f e r r e d t o i n sub-paragraph

(4) of t h i s paragraph, i n f o r m a t i o n i n Indonesian

language s h a l l p r e v a i l .

(6) The summary of minutes of GMS as r e f e r r e d t o i n

sub-paragraph (3) of t h i s paragraph s h a l l be

announced t o p u b l i c no l a t e r than 2 (two) working

days from date of GMS.

(7) Evidence of announcement of summary of minutes of

GMS as r e f e r r e d t o i n sub-paragraph (3) sub­

paragraph a of t h i s paragraph s h a l l be submitted

t o the OJK no l a t e r than 2 (two) working days

a f t e r the announcement.

(8) The p r o v i s i o n of paragraph 3.(4), paragraph 3. (5)

and sub-paragraphs ( 3 ) , ( 6 ) , and (7) of t h i s

paragraph s h a l l apply mutatis mutandis t o :

a. submission of minutes of GMS and announced

summary of minutes of GMS t o the OJK; and

b. announcement of summary of minutes of GMS;

o f GMS held by shareholders t h a t has obtained the

court d e c i s i o n as r e f e r r e d t o i n A r t i c l e 11

paragraph 9 sub-paragraph (14).

BOARD OF DIRECTORS

A r t i c l e 15

1. The Company s h a l l be managed and lead by a Board of

D i r e c t o r s .

2. Board of D i r e c t o r s s h a l l c o n s i s t of at l e a s t :

- 1 (one) President D i r e c t o r ;

- 2 (two) or more D i r e c t o r s ;

w i t h due observance of the r e g u l a t i o n s on c a p i t a l market.

3. A person e l i g i b l e t o be appointed as a member of Board of

Di r e c t o r s s h a l l be n a t u r a l person who meets the

requirements a t the time of his/her appointment and during

his/her services:

a. s h a l l have good conduct, moral, and i n t e g r i t y ;

b. s h a l l be capable of t a k i n g l e g a l a c t i o n s ;

c. w i t h i n 5 ( f i v e ) years before his/her appointment and

during his/her services he/she has never been:

1. declared bankrupt;

2. a member of Board of D i r e c t o r s and/or a member of

Board of Commissioners declared g u i l t y f o r causing

a company t o be declared bankrupt;

3. punished t o have committed a c r i m i n a l act t h a t

caused a loss t o the s t a t e finance and/

f i n a n c i a l sector; and

4. a member of Board of D i r e c t o r s and/or a member of

Board of Commissioners which duri n g h i s services:

i . has never held an annual GMS;

i i . i t s a c c o u n t a b i l i t y r e p o r t as a member of

Board of D i r e c t o r s and/or Board of

Commissioners has ever r e j e c t e d by GMS or

ever not d e l i v e r e d an a c c o u n t a b i l i t y r e p o r t

as a member of Board of D i r e c t o r s and/or

Board of Commissioners t o GMS; and

i i i . has ever caused a company which obtained

l i c e n s e , approval, or r e g i s t r a t i o n from the

OJK f a i l s t o f u l f i l l the o b l i g a t i o n t o

d e l i v e r annual r e p o r t and/or f i n a n c i a l

statements t o the OJK.

d. s h a l l have commitment t o comply w i t h the p r e v a i l i n g

laws and r e g u l a t i o n s ; and

e. s h a l l have knowledge and/or s k i l l i n the f i e l d

r e q u i r e d by the Company.

4. I n a d d i t i o n t o the requirements as r e f e r r e d t o i n

paragraph 3, a member of Board of D i r e c t o r s s h a l l comply

w i t h other p r e v a i l i n g laws and r e g u l a t i o n s .

5. F u l f i l l m e n t of the requirements as a member of Board of

Di r e c t o r s s h a l l be s t a t e d i n a statement l e t t e r t o be

submitted t o the Company.

6. The statement l e t t e r as r e f e r r e d t o i n paragraph 5 of t h j - * — -

A r t i c l e s h a l l be reviewed and documented by the Compai/g££^^^^^^.

/NOTI 765/2006/

7. Legal consequences f o r n o n - f u l f i l l m e n t of the requirements

as r e f e r r e d t o i n paragraphs 3 and 4 of t h i s A r t i c l e are

s t i p u l a t e d i n the ap p l i c a b l e laws and r e g u l a t i o n s .

8. Company s h a l l hold a GMS t o replace a member of Board of

Di r e c t o r s who does not f u l f i l l the requirements as

r e f e r r e d t o i n paragraph 3 o f t h i s A r t i c l e .

9. Proposal of appointment, d i s m i s s a l , and/or replacement of

a member of Board of D i r e c t o r s t o a GMS s h a l l consider

recommendation from Board of Commissioners or a committee

w i t h nomination f u n c t i o n s .

10. Members of Board of D i r e c t o r s s h a l l be appointed f o r a

pe r i o d commencing from a date designated by a GMS

appointing them and u n t i l closure of 2"^ Annual GMS a t the

end of 1 (one) services p e r i o d , provided t h a t 1 (one)

services p e r i o d of members of Board of D i r e c t o r s s h a l l be

2 (two) years, w i t h due observance of the laws and

re g u l a t i o n s on c a p i t a l market, and without p r e j u d i c e t o

the r i g h t s of such GMS t o dismiss them at any time before

e x p i r y of t h e i r s e rvice p e r i o d , w i t h due a t t e n t i o n t o the

pr o v i s i o n s hereof.

11. Member of Board of D i r e c t o r s whose services term expires

may be reappointed i n accordance w i t h r e s o l u t i o n of GMS.

12. a. GMS may d i s m i s s a member of Board of D i r e c t o r s a t any

time by s t a t i n g i t s reason,

b. The reason f o r dis m i s s a l as r e f e r r e d t o i n

A r t i c l e s h a l l be such a member of Board of D i r

no longer meets the requirements as a member of Board

of D i r e c t o r s by, among others, committing any deed

which i n j u r e s the Company or other reasons which GMS

deems appropriate.

c. Resolution on the dis m i s s a l of member of Board of

Di r e c t o r s s h a l l be adopted a f t e r the r e l e v a n t member

of Board of D i r e c t o r s i s given an o p p o r t u n i t y t o

present his/her defense a t GMS.

d. The g i v i n g of the o p p o r t u n i t y t o present defense s h a l l

not be re q u i r e d i f the re l e v a n t member has no

o b j e c t i o n t o his/her d i s m i s s a l .

e. Dismissal of a member of Board of D i r e c t o r s s h a l l be

e f f e c t i v e from date of closure of GMS as r e f e r r e d t o

i n sub-paragraph a of t h i s paragraph or another date

determined by r e s o l u t i o n of GMS.

13. a. A member of Board of D i r e c t o r s s h a l l have the r i g h t t o

re s i g n from his/her post before e x p i r y of his/her

services term by a w r i t t e n n o t i c e t o the Company.

b. The Company s h a l l hold a GMS t o decide the a p p l i c a t i o n

f o r r e s i g n a t i o n of the member of Board of D i r e c t o r s

w i t h i n no l a t e r than 90 (ninety) calendar days a f t e r

i t receives the r e s i g n a t i o n l e t t e r .

c. The Company s h a l l d i s c l o s e t h i s i n f o r m a t i o n t o p u b l i c

and submit i t t o the OJK a t the l a t e s t 2 (two) working

days upon r e c e i p t of the a p p l i c a t i o n f o r resignaj^ij

as r e f e r r e d t o i n sub-paragraph a of t h i s oazmhXi^Mfm^

and at the l a t e s t 2 (two) working days a f t e r d e c i s i o n

of GMS as r e f e r r e d t o i n sub-paragraph b of t h i s

paragraph.

d. Before the r e s i g n a t i o n comes i n t o e f f e c t , the re l e v a n t

member of Board of D i r e c t o r s s h a l l remain be ob l i g e d

t o perform his/her d u t i e s and r e s p o n s i b i l i t i e s i n

accordance w i t h these a r t i c l e s of a s s o c i a t i o n and the

p r e v a i l i n g laws and r e g u l a t i o n s .

e. The member of Board of D i r e c t o r s who resigns as

r e f e r r e d t o above may remain be asked f o r his/her

a c c o u n t a b i l i t y as a member of Board of D i r e c t o r s from

date of his/her appointment t o date of approval of

his/her r e s i g n a t i o n a t GMS.

f . Release from r e s p o n s i b i l i t y of the resigned member of

Board of D i r e c t o r s s h a l l be given by a annual GMS.

14. a. A member o f Board of D i r e c t o r s can be at any time

suspended by Board of Commissioners by s t a t i n g i t s

reasons.

b. The suspension as r e f e r r e d t o i n sub-paragraph a of

t h i s paragraph s h a l l be n o t i f i e d i n w r i t i n g t o the

rel e v a n t member of Board of D i r e c t o r s :

c. I n case of suspension of a member of Board of

Di r e c t o r s as r e f e r r e d t o i n sub-paragraph a of t h i s

paragraph. Board of Commissioners s h a l l hold a GMS t o

revoke or a f f i r m the r e s o l u t i o n on such suspension.

d. The GMS as r e f e r r e d t o i n sub-paragraph c of t h i s

paragraph s h a l l be held w i t h i n no l a t e r than 90

(ninety) calendar days from date of the suspension.

e. I f the pe r i o d f o r h o l d i n g of the GMS as r e f e r r e d t o i n

sub-paragraph d of t h i s paragraph lapses or the GMS

f a i l s t o adopt any r e s o l u t i o n , such suspension as

r e f e r r e d t o i n sub-paragraph a of t h i s paragraph s h a l l

be v o i d .

f . At the GMS as r e f e r r e d t o sub-paragraph c of t h i s

paragraph, the r e l e v a n t member of Board of D i r e c t o r s

s h a l l be given a o p p o r t u n i t y t o present defense.

g. The suspended member of Board of D i r e c t o r s as r e f e r r e d

t o i n sub-paragraph a of t h i s paragraph s h a l l not be

authorized:

a. t o perform management of the Company f o r i n t e r e s t

of the Company i n accordance w i t h purposes and

o b j e c t i v e s of the Company; and

b. t o represent the Company i n s i d e or outside c o u r t s .

h. L i m i t a t i o n of the a u t h o r i t y as r e f e r r e d t o i n sub­

paragraph g of t h i s paragraph s h a l l come i n t o e f f e c t

as of date of r e s o l u t i o n on the suspension by Board of

Commissioners u n t i l :

a. there i s a r e s o l u t i o n s of GMS t h a t a f f i r m s or

revokes the suspension r e f e r r e d t o i n sub­

paragraph Company; or

b. lapse of the p e r i o d as r e f e r r e d t o i n sub-paragraph

d.

i . I n case the GMS a f f i r m s the suspension, the re l e v a n t

member of Board of D i r e c t o r s s h a l l be dismissed

permanently.

j . i f the suspended member of Board of D i r e c t o r s do not

atte n d the GMS, he/she s h a l l be deemed t o not exercise

his/her r i g h t t o present a defense a t the GMS, and

he/she w i l l be deemed t o accept the r e s o l u t i o n of GMS.

18. GMS may:

Appoint another person t o f i l l post of a member o f

Board of D i r e c t o r s who has been dismissed from his/her

post; or

Appoint another person t o f i l l post of a member o f

Board of D i r e c t o r s who has resigned from his/her post;

or

Appoint a person as a member of Board of D i r e c t o r s t o

f i l l a vacancy; or

add the e x i s t i n g number of members of Board of

Di r e c t o r s .

O f f i c e term of a person appointed t o replace a dismissed

member of Board of Di r e c t o r s or a r e s i g n i n g member of

Board of Di r e c t o r s or t o f i l l vacancy s h a l l be any

remaining o f f i c e term of the dismissed/replaced d i r e c t o r

and o f f i c e term of new a d d i t i o n a l member of Boards

D i r e c t o r s s h a l l be any remaining terms of the exi % \ N g r 1765/2006//^

members of Board of D i r e c t o r s unless otherwise decided at

GMS.

19. O f f i c e term of a member of Board of D i r e c t o r s s h a l l

a u t o m a t i c a l l y terminate i f he/she:

a. becomes deceased;

b. i s put under amnesty by a court d e c i s i o n ;

c. no longer meets the requirements of the p r e v a i l i n g

laws and r e g u l a t i o n s w i t h due observance of the

r e g u l a t i o n s on c a p i t a l market.

20. Salary, services fee and other b e n e f i t s ( i f any) f o r

members of Board of D i r e c t o r s s h a l l be determined by GMS

and GMS may delegate such a u t h o r i t y t o Board of

Commissioners.

21. I f f o r any reason a vacancy a r i s e s w i t h i n the post of a

member o f Board o f D i r e c t o r s causing number o f members of

Board of D i r e c t o r s becomes lesse r than 3 (three) persons

as r e f e r r e d t o i n paragraph 2 of t h i s a r t i c l e , by no l a t e r

than 90 (ninety) calendar days of the occurrence of such

vacancy, a GMs s h a l l be held t o f i l l the vacancy w i t h due

observance of the r e g u l a t i o n s on c a p i t a l market.

22. As long as post of President D i r e c t o r i s s t i l l vacant and

no replacement f o r such post has been appointed, a

D i r e c t o r s h a l l be appointed by Meeting of Board of

D i r e c t o r s t o perform the d u t i e s of President D i r e c t o r w i t h

the same a u t h o r i t i e s and r e s p o n s i b i l i t i e s .

I f a l l posts on Board of D i r e c t o r s are vacant, the

pro v i s i o n s of A r t i c l e 19 paragraph 11 hereof s h a l l apply.

23. Members of Board of D i r e c t o r s s h a l l be p r o h i b i t e d from

having other post t h a t i s p r o h i b i t e d and/or i n

contravention t o p r e v a i l i n g laws and r e g u l a t i o n s .

24. Any member of Board of Di r e c t o r s s h a l l be p r o h i b i t e d from

t a k i n g personal b e n e f i t , d i r e c t l y or i n d i r e c t l y , from

a c t i v i t i e s of the Company save f o r l e g a l incomes.

25. Any other p r o v i s i o n s concerning Board of D i r e c t o r s not

provided f o r herein s h a l l r e f e r t o the Regulation of the

OJK on c a p i t a l market and other p r e v a i l i n g laws and

re g u l a t i o n s .

DUTIES AND AUTHORITIES OF BOARD OF DIRECTORS

1. Board of D i r e c t o r s s h a l l perform and be responsible f o r

management of the Company f o r i n t e r e s t s of the Company i n

accordance w i t h the o b j e c t i v e s of the Company as

s t i p u l a t e d i n these a r t i c l e s of a s s o c i a t i o n .

2. I n performing i t s d u t i e s and r e s p o n s i b i l i t i e s as r e f e r r e d

t o i n paragraph 1, Board of Di r e c t o r s s h a l l hold Annual

GMS and other GMSs as s t i p u l a t e d i n the p r e v a i l i n g laws

and r e g u l a t i o n s and these a r t i c l e s of a s s o c i a t i o n .

3. Every member of Board of D i r e c t o r s s h a l l perform the

dut i e s and r e s p o n s i b i l i t i e s as r e f e r r e d t o i n paragraph 1

i n good f a i t h , w i t h f u l l r e s p o n s i b i l i t y , and due d i l i g e n t .

To f a c i l i t a t e performance of the d u t i e s and

r e s p o n s i b i l i t i e s as r e f e r r e d t o i n paragraph 1, Board of

Di r e c t o r s s h a l l e s t a b l i s h a committee.

I f a committee i s es t a b l i s h e d as r e f e r r e d t o i n paragraph

4, Board of D i r e c t o r s s h a l l evaluate performance of the

committee at each end of f i s c a l year.

Board of D i r e c t o r s together w i t h Board of Commissioners

s h a l l prepare:

a. a g u i d e l i n e b i n d i n g upon every member of Board of

Di r e c t o r s and Board of Commissioners i n accordance

w i t h the p r e v a i l i n g laws and r e g u l a t i o n s .

b. code of e t h i c s a p p l i c a b l e t o a l l members of Board of

Di r e c t o r s and members of Board of Commissioners,

employees/workers, and supporting organs of the

Company i n accordance w i t h the p r e v a i l i n g laws and

r e g u l a t i o n s .

Any member of Board of D i r e c t o r s s h a l l be j o i n t l y and

s e v e r a l l y l i a b l e f o r any loss s u f f e r e d by the Company due

t o f a u l t or negligence of Board of D i r e c t o r s i n performing

i t s d u t i e s .

Members of Board of D i r e c t o r s s h a l l not be l i a b l e f o r a

loss t o the Company as r e f e r r e d t o i n paragraph 7 of t h i s

A r t i c l e i f i t can prove t h a t :

a. such loss i s not caused by i t s f a u l t or negligence;

b. i t has performed the management i n good f a i t ,

accountable, and w i t h due d i l i g e n t t o the

of, and i n accordance w i t h the purposes and o b j e c t i v e s

of the Company;

c. i t has no c o n f l i c t of i n t e r e s t , d i r e c t l y or

l o s s ; and

d. i t has taken necessary actions t o prevent such loss

from a r i s i n g or enduring.

9. Board of D i r e c t o r s s h a l l be l e g a l l y and d i r e c t l y e n t i t l e d

t o represent the Company i n s i d e and outside courts i n

respect of a l l matters and i n a l l events, t o b i n d the

Company w i t h other p a r t i e s and other p a r t i e s w i t h the

Company, as w e l l as t o undertake a l l a c t i o n s , both

regarding management and ownership, w i t h l i m i t a t i o n s as

r e f e r r e d t o i n paragraphs 10, 11, and 12 of t h i s a r t i c l e .

10. Board of D i r e c t o r s s h a l l o b t a i n a p r i o r w r i t t e n approval

from Board of Commissioners w i t h due a t t e n t i o n t o the ore

laws and r e g u l a t i o n s and these a r t i c l e s of a s s o c i a t i o n t o :

a. receive loan from whomever or t o be indebted t o

whomever, l e g a l e n t i t y or company, f o r a p e r i o d of 5

( f i v e ) years or more, and i f amount of the loan under

1 (one) t r a n s a c t i o n exceeds an amount which i s equal

t o 25% (twenty f i v e percent) of t o t a l c a p i t a l of the

Company t h a t has been f u l l paid-up and the l a s t

reserves as from time t o time s t a t e d i n the Company's

f i n a n c i a l statements l a s t l y audited, v a l i d a t e d and^^

i n d i r e c t l y , t o the managerial actions causing such

s t a t e d by a p u b l i c accountant. For the above pur

d e c i s i o n of the p u b l i c accountant s h a l l be f i n a l and

bi n d i n g ;

provide loan t o whomever f o r a p e r i o d of 1 (one) year

or more i n accordance w i t h the p r e v a i l i n g laws and

re g u l a t i o n s i f amount of the loan under 1 (one)

t r a n s a c t i o n exceeds an amount which i s equal t o 10%

(ten percent) of t o t a l c a p i t a l of the Company t h a t has

been f u l l paid-up and the l a s t reserves as from time

t o time s t a t e d i n the Company's f i n a n c i a l statements

l a s t l y audited, v a l i d a t e d and as s t a t e d by a p u b l i c

accountant. For the above purposes, d e c i s i o n of the

p u b l i c accountant s h a l l be f i n a l and b i n d i n g ;

provide c o l l a t e r a l or surety f o r anyone, l e g a l e n t i t y

or company, i f the secured amount f o r each t r a n s a c t i o n

exceeds an amount which i s equal t o 10% (ten percent)

of t o t a l c a p i t a l of the Company t h a t has been f u l l

paid-up and the l a s t reserves as from time t o time

s t a t e d i n the Company's f i n a n c i a l statements l a s t l y

a udited, v a l i d a t e d and as s t a t e d by a p u b l i c

accountant. For the above purposes, d e c i s i o n of the

p u b l i c accountant s h a l l be f i n a l and b i n d i n g ;

set/encumber mortgage, pledge or i n any other way

encumber the Company's assets f o r each t r a n s a c t i o n

c o n s t i t u t i n g an amount which i s equal t o or exceeds

10% (ten percent) of book value of t o t a l assets o f t j ;

Company as from time t o time s t a t e d i n the Compa

f i n a n c i a l statements l a s t l y audited, v a l i d a t e d and as

st a t e d by a p u b l i c accountant. For the above purposes,

de c i s i o n of the p u b l i c accountant s h a l l be f i n a l and

bi n d i n g ;

e. dispose of r i g h t s or acquire i n t a n g i b l e p r o p e r t i e s a t

an a c q u i s i t i o n p r i c e which i s equal t o or exceeds 20%

(twenty percent) of t o t a l c a p i t a l of the Company t h a t

has been f u l l paid-up and the l a s t reserves as from

time t o time s t a t e d i n the Company's f i n a n c i a l

statements l a s t l y audited, v a l i d a t e d and as s t a t e d by

a p u b l i c accountant. For the above purposes, d e c i s i o n

of the p u b l i c accountant s h a l l be f i n a l and b i n d i n g ;

s h a l l r e q u i r e w r i t t e n approval o f , or the re l e v a n t

documents/deeds are co-signed by. Board of Commissioners.

11. Legal a c t i o n t o (a) assign or dispose of r i g h t s or (b) t o

encumber a whole or a m a j o r i t y p a r t of the Company's

assets c o n s t i t u t i n g more than 50% ( f i f t y percent) of t o t a l

net assets of the Company by 1 (one) or more

t r a n s a c t i o n ( s ) , whether or not they are c o r r e l a t e d , and

such t r a n s a c t i o n (s) occur(s) i n 1 (one) f i s c a l year,

s h a l l r e q u i r e approval o f GMS under terms and co n d i t i o n s

as r e f e r r e d t o i n A r t i c l e 14 paragraph 2(3) hereof.

12. Legal a c t i o n to conduct M a t e r i a l T r a n s a c t i o n , A f f i l i a t e d

Transaction and Transaction w i t h a Ce r t a i n C o n f l i c t of

I n t e r e s t s h a l l be as r e f e r r e d t o i n the laws

r e g u l a t i o n s on C a p i t a l market, and t r a n s a c t i o n s reqiij

approval of GMS Company s h a l l be subject t o the co n d i t i o n s

as s t i p u l a t e d i n the laws and r e g u l a t i o n s on c a p i t a l

market.

13. 2 (two) or more members of Board of D i r e c t o r s s h a l l be

e n t i t l e d and authorized t o act f o r and on behalf of Board

of D i r e c t o r s and as r e f e r r e d t o i n l e g i t i m a t e t o represent

the Company.

14. D i s t r i b u t i o n of d u t i e s and a u t h o r i t i e s of every member of

Board of D i r e c t o r s s h a l l be determined by GMS. I f GMS does

not so determine, such d i s t r i b u t i o n s h a l l be determined by

r e s o l u t i o n of meeting of Board of D i r e c t o r s .

15. A member of Board of D i r e c t o r s s h a l l not authorized t o

represent the Company i f :

a. there i s a case i n court between the Company and the

re l e v a n t member of Board of D i r e c t o r s ; or

b. the r e l e v a n t member of Board of D i r e c t o r s has c o n f l i c t

of i n t e r e s t w i t the Company.

16. I n event the circumstance as r e f e r r e d t o i n paragraph 15

of t h i s A r t i c l e occurs, those who are e n t i t l e d t o

represent the Company s h a l l be:

a. other members of Board o f D i r e c t o r s who do not have

c o n f l i c t of i n t e r e s t w i t h the Company;

b. Board of Commissioners i f a l l members of Board of

Di r e c t o r s have c o n f l i c t of i n t e r e s t w i t h the Company;

c. other p a r t i e s who are appointed by General Meeting o f

Shareholders i n event a l l members o f Board of

Di r e c t o r s or Board of Commissioners have c o n f l i c t of

i n t e r e s t w i t h the Company.

17. Provisions concerning d u t i e s and a u t h o r i t i e s of Board of

Di r e c t o r s not provided f o r herein s h a l l r e f e r t o

r e g u l a t i o n s of the OJK on c a p i t a l market and other

p r e v a i l i n g laws and r e g u l a t i o n s .

1. a. Meeting of Board of D i r e c t o r s may be convened any time

when deemed necessary by one or more member (s) of

Board of D i r e c t o r s , or a t w r i t t e n request of one or

more member(s) of Board of Commissioners, or at

w r i t t e n request of 1 (one) or more shareholders who

j o i n t l y represent 1/10 (one tenth) of t o t a l number of

shares having v a l i d v o t i n g r i g h t s ,

b. Board of D i r e c t o r s s h a l l hold Meeting of Board of

Di r e c t o r s p e r i o d i c a l l y , a t l e a s t 1 (once) a month.

2. Meeting of Board of D i r e c t o r s as r e f e r r e d t o i n paragraph

1 may be held, l e g i t i m a t e , and e n t i t l e d t o adopt b i n d i n g

r e s o l u t i o n s i f attended by 1/2 (one h a l f ) of number of

members of Board of D i r e c t o r s present or represented at

the Meeting.

MEETING OF BOARD OF DIRECTORS

A r t i c l e 17

3. Board of D i r e c t o r s s h a l l hold a Meeting of Board of

Di r e c t o r s together w i t h Board of Commissioners on a

p e r i o d i c a l basis a t l e a s t 1 (once) i n 4 (four) months.

4. Attendance of members of Board of D i r e c t o r s a t the meeting

as r e f e r r e d t o i n paragraphs 1 and 3 s h a l l be disclosed i n

the annual r e p o r t of the Company.

5. Board of D i r e c t o r s s h a l l schedule the meeting as r e f e r r e d

t o i n paragraph l . b and paragraph 3 f o r coming year before

e x p i r y of f i s c a l year.

6. At the scheduled meeting as r e f e r r e d t o i n paragraph 5,

ma t e r i a l s of the meeting s h a l l be d e l i v e r e d t o the

p a r t i c i p a n t s a t the l a t e s t 5 ( f i v e ) days before the

meeting i s held.

7. I f there i s a meeting h e l d beyond the schedule as r e f e r r e d

t o i n paragraph 5, m a t e r i a l s of such meeting s h a l l be

d e l i v e r e d t o p a r t i c i p a n t s of the meeting at the l a t e s t

before the meeting i s held.

8. Notice of Meeting of Board of D i r e c t o r s s h a l l be given by

a member of Board of D i r e c t o r s e n t i t l e d t o represent Board

of D i r e c t o r s .

Notice of Meeting of Board of D i r e c t o r s s h a l l be given i n

w r i t i n g by any means t o every member of Board of D i r e c t o r s

at the l a t e s t 5 ( f i v e ) calendar days before the Meeting i s

held, w i t h o u t counting date of Notice and date of Meeting.

I f a l l members of Board of D i r e c t o r s are present a t

represented at the meeting, such

r e q u i r e d and Meeting of Board o f D i r e c t o r s s h a l l be

e n t i t l e d t o adopt v a l i d and bi n d i n g r e s o l u t i o n s .

9. Such n o t i c e s h a l l s t a t e agenda, date, time, and place of

the meeting.

10. Meeting of Board of D i r e c t o r s s h a l l be held a t the

Company's domicile or business place or at domicile of the

Stock Exchange where the Company's shares are l i s t e d , or

other places w i t h i n t e r r i t o r y of the Republic of

Indonesia.

11. Meeting of Board of D i r e c t o r s s h a l l be chaired by

President D i r e c t o r . I n event President D i r e c t o r i s absent

or prevented f o r any reason whatsoever, of which

impediment no evidence t o t h i r d p a r t i e s i s re q u i r e d , the

Meeting s h a l l be chaired by a member of Board of D i r e c t o r s

e l e c t e d by and among members of Board of D i r e c t o r s present

t h e r e a t .

12. A member of Board of D i r e c t o r s may be represented a t the

Meeting of Board of D i r e c t o r s only by another member of

Board of D i r e c t o r s by v i r t u e of a power of att o r n e y .

13. a. Every member of Board of D i r e c t o r s s h a l l be e n t i t l e d

t o cast 1 (one) vote and 1 (one) a d d i t i o n a l vote f o r

every other member of the Board of D i r e c t o r s he/she

represents.

b. Every member of Board of D i r e c t o r s who per s o n a l l y , i n

any way, d i r e c t l y or i n d i r e c t l y , has an i n t e r e s t

t r a n s a c t i o n , c o n t r a c t or proposed c o n t r a c t , t o

the Company i s a p a r t y , s h a l l e x p l a i n the nature of

his/her i n t e r e s t a t Meeting of Board o f D i r e c t o r s and

s h a l l not be e n t i t l e d t o cast his/her vote w i t h

respect t o subjects r e l a t e d t o such t r a n s a c t i o n or

co n t r a c t , unless the Meeting of Board of D i r e c t o r s

s t i p u l a t e s otherwise.

14. Resolutions of Meeting of Board of D i r e c t o r s as r e f e r r e d

t o i n paragraph 1 s h a l l be adopted on basis of

d e l i b e r a t i o n t o reach consensus.

15. I n event r e s o l u t i o n s on basis of d e l i b e r a t i o n t o reach

consensus are not achieved, r e s o l u t i o n s s h a l l be adopted

by a f f i r m a t i v e vote of more than 1/2 (one h a l f ) of number

of members of Board of D i r e c t o r s present at the meeting.

16. Results of the meeting as r e f e r r e d t o i n paragraph 1 s h a l l

be set f o r t h i n the meeting minutes, signed by a l l members

of Board of. D i r e c t o r s present t h e r e a t , and provided t o a l l

members of Board of D i r e c t o r s .

17. The r e s u l t s of the meeting as r e f e r r e d t o i n paragraph 3

s h a l l be set f o r t h i n the meeting minutes, signed by

members of Board of D i r e c t o r s and members of Board of

Commissioners present t h e r e a t , and d e l i v e r e d t o a l l

members of Board of D i r e c t o r s dan members of Board of

Commissioners.

18. I f there i s a member of Board o f D i r e c t o r s and/or member

of Board of Commissioners who does not sign the r e s u l t ^ ^

the meeting as r e f e r r e d t o i n paragraphs 16 and 17,

s h a l l s t a t e his/her reasons i n w r i t i n g on a separate sheet

t o be attached t o the meeting minutes.

19. Minutes of Meeting of Board of D i r e c t o r s as r e f e r r e d t o i n

paragraphs 16 and 17 s h a l l be documented by the Company.

20. Minutes of Meeting of Board of D i r e c t o r s s h a l l serve as

v a l i d evidence t o members of Board of D i r e c t o r s and t h i r d

p a r t i e s .

21. Board of D i r e c t o r s may also adopt v a l i d r e s o l u t i o n s

w i thout convening Meeting of Board of D i r e c t o r s , provided

t h a t a l l members of Board of D i r e c t o r s have been n o t i f i e d

i n w r i t i n g and grant t h e i r approval on the proposals put

forward i n w r i t i n g as w e l l as sign the aforementioned

approval.

Resolutions adopted i n such manner s h a l l have the same

e f f e c t as those v a l i d l y adopted at Meetings of Board of

D i r e c t o r s .

22. Meeting of Board of D i r e c t o r s may also held by means of

teleconference, videoconference, or other e l e c t r o n i c media

which enable a l l p a r t i c i p a n t s t o d i r e c t l y or i n d i r e c t l y

see and/or l i s t e n each others and t o p a r t i c i p a t e t h e r e a t .

Minutes of the meeting held by means of teleconference,

videoconference, or other e l e c t r o n i c media s h a l l be made

i n w r i t i n g and disseminated t o a l l shareholders who

p a r t i c i p a t e d a t the meeting f o r s i g n i n g . Resolutions

adopted at t h i s mode of meeting s h a l l have same le»^

e f f e c t and force as those v a l i d l y adopted at Meetings of

Board of D i r e c t o r s .

23. Any other p r o v i s i o n s concerning Board of D i r e c t o r s not

provided f o r herein s h a l l r e f e r t o the Regulation of the

OJK on c a p i t a l market and other p r e v a i l i n g laws and

r e g u l a t i o n s .

1. Board of Commissioners s h a l l c o n s i s t of at l e a s t 3 (three)

persons, w i t h composition as f o l l o w s :

a. 1 (one) President Commissioner;

b. 2 (two) or more Commissioners;

w i t h due observance of the r e g u l a t i o n s on c a p i t a l market.

2. Number o f Independent Commissioners s h a l l be a t l e a s t 50%

( f i f t y percent) of t o t a l number of members of Board of

Commissioners.

3. Any member of Board of Commissioners s h a l l not take any

a c t i o n p e r s o n a l l y , but by r e s o l u t i o n of Board o f

Commissioners or appointment by Board of Commissioners.

4. A person e l i g i b l e t o be appointed as a member of Board of

Commissioners s h a l l be n a t u r a l person who meets the

requirements a t the time of his/her appointment and durin g

his/her services:

a. s h a l l have good conduct, moral, and i n t e g r i t y ;

b. s h a l l be capable o f t a k i n g l e g a l a c t i o n s ;

BOARD OF COMMISSIONERS

A r t i c l e 18

w i t h i n 5 ( f i v e ) years before his/her appointment and

during his/her services he/she has never been:

1. declared bankrupt;

2. a member o f Board o f D i r e c t o r s and/or a member o f

Board of Commissioners declared g u i l t y f o r causing

a company t o be declared bankrupt;

3. punished t o have committed a c r i m i n a l act t h a t

caused a loss t o the s t a t e finance and/or

f i n a n c i a l sector; and

4. a member of Board of D i r e c t o r s and/or a member o f

Board of Commissioners which during h i s services:

i . has never held an annual GMS;

i i . i t s a c c o u n t a b i l i t y r e p o r t as a member o f

Board of D i r e c t o r s and/or Board of

Commissioners has ever r e j e c t e d by GMS or

ever not d e l i v e r e d an a c c o u n t a b i l i t y r e p o r t

as a member of Board of D i r e c t o r s and/or

Board of Commissioners t o GMS; and

i i i . has ever caused a company which obtained

l i c e n s e , approval, or r e g i s t r a t i o n from the

OJK f a i l s t o f u l f i l l the o b l i g a t i o n t o

d e l i v e r annual r e p o r t and/or f i n a n c i a l

statements t o the OJK.

s h a l l have commitment t o comply w i t h the p r e v a i l i n g

e. s h a l l have knowledge and/or s k i l l i n the f i e l d

r e q u i r e d by the Company.

5. I n a d d i t i o n t o the requirements as r e f e r r e d t o i n

paragraph 3, a member of Board of Commissioners s h a l l

comply w i t h other p r e v a i l i n g laws and r e g u l a t i o n s .

6. I n a d d i t i o n t o the requirements as r e f e r r e d t o i n

paragraphs 4 and 5, an Independent Commissioner s h a l l also

meet the requirements as an Independent Commissioner as

s p e c i f i e d i n the r e g u l a t i o n s on c a p i t a l market.

7. F u l f i l l m e n t of the requirements as a member of Board of

Commissioners s h a l l be s t a t e d i n a statement l e t t e r t o be

submitted t o the Company.

8. The statement l e t t e r as r e f e r r e d t o i n paragraph 5 o f t h i s

A r t i c l e s h a l l be reviewed and dociomented by the Company.

9. The requirements as r e f e r r e d t o i n paragraphs 4 and

paragraph 5 s h a l l be met by a member o f Board of

Commissioners during his/her services.

10. Legal consequences f o r n o n - f u l f i l l m e n t of the requirements

as r e f e r r e d t o i n paragraphs 4 and 5 of t h i s A r t i c l e are

s t i p u l a t e d i n the ap p l i c a b l e laws and r e g u l a t i o n s .

11. The Company s h a l l hold a GMS t o replace a member of Board

of Commissioners who does not f u l f i l l the requirements as

r e f e r r e d t o i n paragraphs 4 and 5 of t h i s A r t i c l e .

12. Proposal of appointment, d i s m i s s a l , and/or replacement of

a member of Board of Commissioners t o a GMS s h a l l c o n s i d r ^ S n ^

recommendation from Board of Commissioners or a committee

w i t h nomination f u n c t i o n .

13. Members of Board of Commissioners s h a l l be appointed f o r a

pe r i o d commencing from a date designated by a GMS

appointing them and u n t i l closure of 2"^ Annual GMS a t the

end of 1 (one) services p e r i o d , provided t h a t 1 (one)

services p e r i o d of members of Board o f D i r e c t o r s s h a l l be

2 (two) years, w i t h due observance of the laws and

r e g u l a t i o n s on c a p i t a l market, and without p r e j u d i c e t o

the r i g h t s of such GMS t o dismiss them at any time before

e x p i r y of t h e i r s e rvice p e r i o d , w i t h due a t t e n t i o n t o the

pr o v i s i o n s hereof.

14. Member of Board of Commissioners whose services term

expires may be reappointed i n accordance w i t h r e s o l u t i o n

of GMS.

15. a. GMS may dismiss a member of Board of Commissioners at

any time by s t a t i n g i t s reason.

b. The reason f o r dis m i s s a l as r e f e r r e d t o i n t h i s

A r t i c l e s h a l l be such a member of Board of

Commissioners no longer meets the requirements as a

member of Board of Commissioners by, among others,

committing any deed which i n j u r e s the Company or other

reasons which GMS deems appropriate.

c. Resolution on the dis m i s s a l of member of Board of

Commissioners s h a l l be adopted a f t e r the r e l e v a n t

member of Board of Commissioners i s given an

op p o r t u n i t y t o present his/her defense at GMS.

d. The g i v i n g of the o p p o r t u n i t y t o present defense s h a l l

not be r e q u i r e d i f the re l e v a n t member has no

o b j e c t i o n t o his/her d i s m i s s a l .

e. Dismissal o f a member of Board of Commissioners s h a l l

be e f f e c t i v e from date of closure of GMS as r e f e r r e d

t o i n sub-paragraph a of t h i s paragraph or another

date determined by r e s o l u t i o n of GMS.

16. a. A member o f Board of Commissioners s h a l l have the

r i g h t t o re s i g n from his/her post before e x p i r y of

his/her services term by a w r i t t e n n o t i c e t o the

Company.

b. The Company s h a l l h o l d a GMS t o decide the a p p l i c a t i o n

f o r r e s i g n a t i o n o f the member o f Board of

Commissioners w i t h i n no l a t e r than 90 (ninety)

calendar days a f t e r i t receives the r e s i g n a t i o n

l e t t e r .

c. The Company s h a l l d i s c l o s e t h i s i n f o r m a t i o n t o p u b l i c

and submit i t t o the OJK at the l a t e s t 2 (two) working

days upon r e c e i p t of the a p p l i c a t i o n f o r r e s i g n a t i o n

as r e f e r r e d t o i n sub-paragraph a of t h i s paragraph

and a t the l a t e s t 2 (two) working days a f t e r d e c i s i o n

of GMS as r e f e r r e d t o i n sub-paragraph b of t h i s

paragraph.

d. Before the r e s i g n a t i o n comes i n t o e f f e c t , the r e l e v a n t

member of Board of Commissioners s h a l l remain be

ob l i g e d t o perform his/her d u t i e s and r e s p o n s i b i l i t i e s

i n accordance w i t h these a r t i c l e s of a s s o c i a t i o n and

the p r e v a i l i n g laws and r e g u l a t i o n s .

e. The member of Board of Commissioners who resigns as

r e f e r r e d t o above may remain be asked f o r his/her

a c c o u n t a b i l i t y as a member of Board of Commissioners

from date of his/her appointment t o date of approval

of his/her r e s i g n a t i o n a t GMS.

f . Release from r e s p o n s i b i l i t y of the resigned member of

Board of Commissioners s h a l l be given by a annual GMS.

17. O f f i c e term of a member of Board of Commissioners s h a l l

a u t o m a t i c a l l y terminate i f he/she:

a. becomes deceased;

b. i s put under amnesty by a court d e c i s i o n ;

c. no longer meets the requirements of the p r e v a i l i n g

laws and r e g u l a t i o n s w i t h due observance of the

re g u l a t i o n s on c a p i t a l market.

18. Salary, services fee and other b e n e f i t s ( i f any) f o r

members of Board of D i r e c t o r s s h a l l be determined by GMS

and GMS may delegate such a u t h o r i t y t o Board of

Commissioners.

19. I f f o r any reason a vacancy a r i s e s w i t h i n the post of a

member o f Board of Commissioners causing number o f membe

of Board of Commissioners becomes lesse r than 3 ( t

persons as r e f e r r e d t o i n paragraph 1 of t h i s a r t i c l e , by

no l a t e r than 90 (ninety) calendar days of the occurrence

of such vacancy, a GMs s h a l l be held t o f i l l the vacancy

w i t h due observance of the r e g u l a t i o n s on c a p i t a l market.

20. As long as post of President Commissioner i s s t i l l vacant

and no replacement f o r such post has been appointed, a

Di r e c t o r s h a l l be appointed by Meeting of Board of

Di r e c t o r s t o perform the du t i e s of President Commissioner

w i t h the same a u t h o r i t i e s and r e s p o n s i b i l i t i e s .

21. Any member of Board of Commissioners s h a l l be p r o h i b i t e d

from t a k i n g personal b e n e f i t , d i r e c t l y or i n d i r e c t l y , from

a c t i v i t i e s of the Company save f o r l e g a l incomes.

22. Any member of Board o f Commissioners s h a l l be p r o h i b i t e d

from having other post t h a t i s p r o h i b i t e d and/or i n

contravention t o p r e v a i l i n g laws and r e g u l a t i o n s ,

e s p e c i a l l y r e g u l a t i o n s on c a p i t a l market.

23. Any other p r o v i s i o n s concerning Board of Commissioners not

provided f o r herein s h a l l r e f e r t o the Regulation of the

OJK on c a p i t a l market and other p r e v a i l i n g laws and

re g u l a t i o n s .

DUTIES AND AUTHORITIES OF BOARD OF COMMISSIONERS

A r t i c l e 19

1. Board of Commissioners s h a l l conduct s u p e r v i s i o n over the

management p o l i c i e s and normal management performance w i t h

respect t o the Company or i t s businesses, as w e l l as t

give advices t o Board of D i r e c t o r s .

I n a c e r t a i n c o n d i t i o n , Board of Commissioners s h a l l hold

Annual GMS and other GMSs as per i t s a u t h o r i t i e s as

s t i p u l a t e d i n the p r e v a i l i n g laws and r e g u l a t i o n s .

Members of Board o f Commissioners s h a l l perform t h e i r

d u t i e s and r e s p o n s i b i l i t i e s as r e f e r r e d t o i n paragraph

(1) i n good f a i t h baik, accountable, and due d i l i g e n t .

To support the e f f e c t i v e performance of i t s d u t i e s and

r e s p o n s i b i l i t i e s as r e f e r r e d t o i n paragraph ( 1 ) , Board of

Commissioners s h a l l e s t a b l i s h an Audit Committee and other

committees.

Board of Commissioners s h a l l evaluate performance of such

committee (s) as r e f e r r e d t o i n paragraph (4) at each end

of f i s c a l year.

Board of Commissioners i n c o l l a b o r a t i o n w i t h Board of

Di r e c t o r s s h a l l prepare:

a. a g u i d e l i n e b i n d i n g upon every member of Board of

Di r e c t o r s and Board of Commissioners i n accordance

w i t h the p r e v a i l i n g laws and r e g u l a t i o n s .

b. code of e t h i c s a p p l i c a b l e t o a l l members of Board of

Di r e c t o r s and members of Board of Commissioners,

employees/workers, and supporting organs of the

Company i n accordance w i t h the p r e v a i l i n g laws and

r e g u l a t i o n s .

Any member of Board of Commissioners s h a l l be j o i n t l y and

s e v e r a l l y l i a b l e f o r any loss s u f f e r e d by the Company d

t o f a u l t or negligence of Board of Commissioners i n

performing i t s d u t i e s .

Members of Board of Commissioners s h a l l not be l i a b l e f o r

a loss t o the Company as r e f e r r e d t o i n paragraph 7 of

t h i s A r t i c l e i f i t can prove t h a t :

a. . such loss i s not caused by i t s f a u l t or negligence;

b. i t has performed the management i n good f a i t h ,

accountable, and w i t h due d i l i g e n t t o the i n t e r e s t s

o f , and i n accordance w i t h the purposes and o b j e c t i v e s

of the Company;

c. i t has no c o n f l i c t of i n t e r e s t , d i r e c t l y or

i n d i r e c t l y , t o the managerial actions causing such

l o s s ; and

d. i t has taken necessary actions t o prevent such loss

from a r i s i n g or enduring.

Board of Commissioners may at any time during r e g u l a r

o f f i c e hours of the Company, access the b u i l d i n g , yards or

other premises used by company and t o examine a l l books,

l e t t e r s and documents, and other evidences, t o examine and

check the cash c o n d i t i o n e t c . and e n t i t l e d t o know of a l l

actions taken by the Board of D i r e c t o r s .

Board of Commissioners s h a l l be e n t i t l e d t o ask f o r

explanation t o Board of D i r e c t o r s concerning anything and

every member of Board of D i r e c t o r s s h a l l give explanation

on anything queried by Board of Commissioners.

11. I f a l l members o f Board of D i r e c t o r s are suspended and the

Company has no D i r e c t o r , Board of Commissioners must then

t e m p o r a r i l y manage the Company. I n such event Board of

Commissioners has the r i g h t t o grant temporary

a u t h o r i z a t i o n t o one or more person(s) among them on t h e i r

j o i n t r e s p o n s i b i l i t y .

12. I n event there i s only one Commissioner, a l l d u t i e s and

a u t h o r i t i e s delegated t o the President Commissioner or

members of Board of Commissioners hereunder s h a l l also

apply t o him/her.

13. Board of Commissioners may a t any time by a r e s o l u t i o n of

Meeting of Board of Commissioners suspend one or more

members of Board o f D i r e c t o r s by mentioning reasons

t h e r e f o r , w i t h due observance of the p r o v i s i o n s hereof

and/or of the p r e v a i l i n g laws and r e g u l a t i o n s .

14. Any other p r o v i s i o n s concerning Board of Commissioners not

provided f o r herein s h a l l r e f e r t o the Regulation of the

OJK on c a p i t a l market and other p r e v a i l i n g laws and

r e g u l a t i o n s .

MEETING OF BOARD OF COMMISSIONERS

A r t i c l e 20

1. a. Meeting of Board of Commissioners may be convened any

time when deemed necessary by one or more member(s) of

Board of Commissioners, or a t w r i t t e n request of one

or more member(s) of Board of D i r e c t o r s , or a t wrijl

request of 1 (one) or more shareholders who j i ^\\Nai765/2006/#i

represent 1/10 (one tenth) of t o t a l number of shares

having v a l i d v o t i n g r i g h t s ,

b. Board of Commissioners s h a l l hold Meeting of Board of

Commissioners p e r i o d i c a l l y , at l e a s t 1 (once) i n 2

(two) months.

2. Meeting of Board of Commissioners as r e f e r r e d t o i n

paragraph 1 may be held, l e g i t i m a t e , and e n t i t l e d t o adopt

b i n d i n g r e s o l u t i o n s i f attended by 1/2 (one h a l f ) of

number of members of Board of Commissioners present or

represented a t the Meeting.

3. Board of Commissioners s h a l l hold a Meeting of Board of

Commissioners together w i t h Board o f Commissioners on a

p e r i o d i c a l basis a t l e a s t 1 (once) i n 4 (four) months.

4. Attendance of members of Board of Commissioners at the

meeting as r e f e r r e d t o i n paragraphs 1 and 3 s h a l l be

dis c l o s e d i n the annual r e p o r t of the Company.

5. Board of Commissioners s h a l l schedule the meeting as

r e f e r r e d t o i n paragraph l . b and paragraph 3 f o r coming

year before e x p i r y of f i s c a l year.

6. At the scheduled meeting as r e f e r r e d t o i n paragraph 5,

ma t e r i a l s of the meeting s h a l l be d e l i v e r e d t o the

p a r t i c i p a n t s a t the l a t e s t 5 ( f i v e ) days before the

meeting i s held.

7. I f there i s a meeting held beyond the schedule as r e f e r r e d

t o i n paragraph 5, m a t e r i a l s of such meeting s h a l l

d e l i v e r e d t o p a r t i c i p a n t s o f the meeting a t the l a t e s t

before the meeting i s held.

8. Notice o f Meeting of Board o f Commissioners s h a l l be given

by President Commissioner. I f President Commissioner i s

prevented f o r any reason whatsoever, of which impediment

no evidence t o t h i r d p a r t i e s i s requi r e d , 2 (two) members

of Board of Commissioners s h a l l be e n t i t l e d and authorized

t o c a l l the meeting of Board of Commissioners.

8. Notice of Meeting of Board of Commissioners s h a l l be given

i n w r i t i n g by any means t o every member of Board of

Commissioners at the l a t e s t 5 ( f i v e ) calendar days before

the Meeting i s held, or a sh o r t e r p e r i o d i n case of

urgency, without counting date of Notice and date of

Meeting. Such urgency s h a l l be determined by President

Commissioner. I f President Commissioner i s prevented f o r

any reason whatsoever, of which impediment no evidence t o

t h i r d p a r t i e s i s re q u i r e d , 2 (two) members of Board of

Commissioners s h a l l be e n t i t l e d and authorized t o

determine the urgency.

I f a l l members of Board of Commissioners are present or

represented a t the meeting, such p r i o r n o t i c e s h a l l not be

req u i r e d .

10. Such n o t i c e s h a l l s t a t e agenda, date, time, and place of

the meeting.

11. Meeting of Board of Commissioners s h a l l be held at/^Sp£2*^

Company's domicile or business place or at domicile o fj

stock Exchange where the Company's shares are l i s t e d , or

other places w i t h i n t e r r i t o r y of the Republic of

Indonesia.

12. Meeting of Board of Commissioners s h a l l be chaired by

President Commissioner. I n event President Commissioner i s

absent or prevented f o r any reason whatsoever, of which

impediment no evidence t o t h i r d p a r t i e s i s re q u i r e d , the

Meeting s h a l l be chaired by a member of Board of

Commissioners el e c t e d by and among members of Board of

Commissioners present t h e r e a t .

13. A member of Board of Commissioners may be represented a t

the Meeting of Board of Commissioners only by another

member of Board of Commissioners by v i r t u e of a power of

att o r n e y .

14. a. Every member of Board of Commissioners s h a l l be

e n t i t l e d t o cast 1 (one) vote and 1 (one) a d d i t i o n a l

vote f o r every other member of the Board of

Commissioners he/she represents,

b. Every member of Board of Commissioners who per s o n a l l y ,

i n any way, d i r e c t l y or i n d i r e c t l y , has an i n t e r e s t t o

a t r a n s a c t i o n , c o n t r a c t or proposed c o n t r a c t , t o which

the Company i s a p a r t y , s h a l l e x p l a i n the nature of

his/her i n t e r e s t a t Meeting of Board of Commissioners

and s h a l l not be e n t i t l e d t o cast his/her vote w i t h

respect

c o n t r a c t , unless the Meeting of Board of Commissioners

s t i p u l a t e s otherwise,

c. Voting regarding an i n d i v i d u a l s h a l l be conducted by

sealed, unsigned, b a l l o t paper, while regarding other

matters s h a l l be conducted o r a l l y , unless the c h a i r of

the meeting determines otherwise without any o b j e c t i o n

from any attendee.

15. Resolutions of Meeting of Board of Commissioners as s h a l l

be adopted on basis of d e l i b e r a t i o n t o reach consensus.

I n event r e s o l u t i o n s on basis of d e l i b e r a t i o n t o reach

consensus are not achieved, r e s o l u t i o n s s h a l l be adopted

by a f f i r m a t i v e vote of more than 1/2 (one h a l f ) of number

of votes cast a t the meeting.

16. Results of the meeting as r e f e r r e d t o i n paragraph 1 s h a l l

be set f o r t h i n the meeting minutes, signed by a l l members

of Board o f Commissioners present t h e r e a t , and provided t o

a l l members of Board of Commissioners.

17. The r e s u l t s of the meeting as r e f e r r e d t o i n paragraph 3

s h a l l be set f o r t h i n the meeting minutes, signed by

members of Board of Commissioners and members of Board of

Commissioners present t h e r e a t , and d e l i v e r e d t o a l l

members of Board of Commissioners dan members of Board of

D i r e c t o r s .

18. I f there i s a member of Board of D i r e c t o r s and/or member

of Board of Commissioners who does not sign the results^^<E

the meeting as r e f e r r e d t o i n paragraphs 16 and 17,

s h a l l s t a t e his/her reasons i n w r i t i n g on a separate sheet

t o be attached t o the meeting minutes.

19. Minutes of Meeting of Board of Commissioners as r e f e r r e d

t o i n paragraphs 16 and 17 s h a l l be documented by the

Company.

20. Minutes of Meeting of Board of Commissioners s h a l l serve

as v a l i d evidence t o members of Board of Commissioners and

t h i r d p a r t i e s .

21. Board of Commissioners may also adopt v a l i d r e s o l u t i o n s

w i thout convening Meeting of Board of Commissioners,

provided t h a t a l l members of Board of Commissioners have

been n o t i f i e d i n w r i t i n g and grant t h e i r approval on the

proposals put forward i n w r i t i n g as w e l l as sign the

aforementioned approval.

Resolutions adopted i n such manner s h a l l have the same

e f f e c t as those v a l i d l y adopted at Meetings of Board of

Commissioners.

22. Meeting of Board of Commissioners may also held by means

of teleconference, videoconference, or other e l e c t r o n i c

media which enable a l l p a r t i c i p a n t s t o d i r e c t l y or

i n d i r e c t l y see and/or l i s t e n each others and t o

p a r t i c i p a t e t h e r e a t . Minutes of the meeting held by means

of teleconference, videoconference, or other e l e c t r o n i c

media s h a l l be made i n w r i t i n g and disseminated t o a l l

shareholders who p a r t i c i p a t e d a t the meeting f o r sic

Resolutions adopted a t t h i s mode of meeting s h a l l

same l e g a l e f f e c t and force as those v a l i d l y adopted at

Meetings of Board of Commissioners.

23. Any other p r o v i s i o n s concerning Board of Commissioners not

provided f o r herein s h a l l r e f e r t o the Regulation of the

OJK on c a p i t a l market and other p r e v a i l i n g laws and

r e g u l a t i o n s .

1. I n order t o c a r r y out the business i n accordance w i t h the

Sharia P r i n c i p l e s , upon approval of National Sharia Board,

a Sharia Supervisory Board s h a l l be placed i n the Company,

w i t h due observance of the r e g u l a t i o n s of the OJK or

s u b s t i t u t e t h e r e o f , the r e g u l a t i o n s of Na t i o n a l Sharia

Board and other p r e v a i l i n g laws and r e g u l a t i o n s concerning

t h i s matter.

2. Primary d u t i e s and f u n c t i o n s o f the Sharia Supervisory

Board:

a. t o represent the Na t i o n a l Sharia Board i n the Company;

b. t o conduct supervision on the sharia a c t i v i t i e s i n the

Company i n accordance w i t h the Sharia p r i n c i p l e s ;

c. t o give advices t o Board of D i r e c t o r s concerning

matters r e l a t e d t o the Sharia p r i n c i p l e s ;

d. t o be a mediator between the Company and the Nat i o n a l

Sharia Board i n communicating suggestions and advices

on development of Company's products and s e r v i c ^

SHARIA SUPERVISORY BOARD

A r t i c l e 2 1

which r e q u i r e study and e d i c t [fatwa] of the National

Sharia Board.

I n performing i t s f u n c t i o n s , the Sharia Supervisory Board

s h a l l :

a. comply w i t h e d i c t s of the Na t i o n a l Sharia Board.

b. r e p o r t the Company's business a c t i v i t i e s t o the OJK or

i t s s u b s t i t u t e i n accordance w i t h the r u l e s s t i p u l a t e d

by the OJK or i t s s u b s t i t u t e ;

Requirements t o be a member of the Sharia Supervisory

Board are s t i p u l a t e d by the National Sharia Board.—

Members of the Sharia Supervisory Board s h a l l be appointed

by GMS a t recommendation of MUI [Indonesian Ulema Council]

and can be given services fee and/or b e n e f i t s w i t h amounts

t o be determined by Board of Commissioners.

Members of the Sharia Supervisory Board s h a l l be appointed

f o r a p e r i o d commencing from a date designated by a GMS

appointing them and u n t i l closure of 2^^ Annual GMS a t the

end of 1 (one) services p e r i o d , without p r e j u d i c e t o the

r i g h t s of such GMS t o dismiss them at any time.

A member of the Sharia Supervisory Board whose o f f i c e term

expires may be re-appointed.

WORK PLAN, FISCAL YEAR, ANNUAL REPORT, AND ANNUAL DAN

FINANCIAL STATEMENTS

A r t i c l e 22

Board of D i r e c t o r s s h a l l prepare and execute annual

plan.

2. The annual work plan s h a l l be submitted t o Board of

Commissioners f o r approval.

3. The annual work plan s h a l l be submitted at the l a t e s t 30

( t h i r t y ) days before s t a r t of coming f i s c a l year.

The Company's f i s c a l year runs from 01 ( f i r s t of) January

t o 31 ( t h i r t y f i r s t of) December.

At the end of December each year, the company's books

s h a l l be closed.

4. Board of D i r e c t o r s s h a l l prepare the annual r e p o r t and

annual f i n a n c i a l statements i n accordance w i t h the

a p p l i c a b l e laws and r e g u l a t i o n s , i n c l u d i n g laws and

r e g u l a t i o n s on c a p i t a l market and s h a l l make i t a v a i l a b l e

a t the Company's o f f i c e t o be reviewed by shareholders as

from the date of n o t i c e of annual GMS.

5. The Company s h a l l announce i t s balance sheet and statement

of income on a d a i l y newspaper of Indonesian n a t i o n a l l y

c i r c u l a t e d i n compliance w i t h the procedures s t i p u l a t e d i n

the Regulation No. X.K2 concerning O b l i g a t i o n t o Submit

Period i c F i n a n c i a l Statements.

6. Approval of the annual r e p o r t , i n c l u d i n g r a t i f i c a t i o n of

the annual f i n a n c i a l statements and r e p o r t on performance

of supervisory d u t i e s of Board of Commissioners s h a l l be

s t i p u l a t e d by GMS.

PROFIT APPROPRIATION AND DIVIDEND DISTRIBUTION

A r t i c l e 23

1. Meeting of Board of D i r e c t o r s s h a l l submit a proposal t o

Annual GMS r e l a t i n g t o a p p r o p r i a t i o n of the Company's net

p r o f i t s i n a f i s c a l year as s t a t e d i n the annual f i n a n c i a l

statements r a t i f i e d by Annual GMS. Such proposal may

include a amount of u n d i s t r i b u t e d net earnings t o be used

as reserve fund as contemplated t o A r t i c l e 24 hereinbelow

and may include an amount of dividend t h a t can be

d i s t r i b u t e d , w i t hout p r e j u d i c e t o the r i g h t s of GMS t o

determine otherwise.

2. I f the Annual GMS f a i l s t o determine the a p p r o p r i a t i o n

t h e r e o f , the net p r o f i t s a f t e r being deducted by the

reserve funds as re q u i r e d by law and the A r t i c l e s of

As s o c i a t i o n of the Company s h a l l be d i s t r i b u t e d as

dividends.

3. Dividends s h a l l only be pa i d i n accordance w i t h the

f i n a n c i a l c o n d i t i o n of the Company by v i r t u e of a

r e s o l u t i o n adopted at the Annual GMS, of which r e s o l u t i o n

s h a l l also determine the time, manner of payment and mode

of the dividends. A dividend f o r a share s h a l l be payable

t o the person i n whose name the share i s r e g i s t e r e d i n the

Shareholders Register on the working a determined by or on

behalf of GMS a t which r e s o l u t i o n on dividend d i s t r i b u t i o n

i s adopted, without p r e j u d i c e t o the r e g u l a t i o n s of

Stock Exchange where the Company's shares are l i s t e d .

4. Board of D i r e c t o r s , by v i r t u e of a r e s o l u t i o n of Meeting

of Board of Commissioners, may d i s t r i b u t e i n t e r i m

dividends t o the shareholders i f the f i n a n c i a l p o s i t i o n of

the Company so permits, provided t h a t such i n t e r i m

dividends s h a l l be c a l c u l a t e d against the dividends which

s h a l l be d i s t r i b u t e d by v i r t u e of a r e s o l u t i o n o f the

Annual GMS i n the re l e v a n t year adopted pursuant t o the

pr o v i s i o n s s t i p u l a t e d i n t h i s A r t i c l e s of Ass o c i a t i o n .

I f a f t e r end of the f i s c a l year the Company i s found t o

s u f f e r l o s s , the i n t e r i m dividends t h a t have been

d i s t r i b u t e d s h a l l be returned by the shareholders t o the

Company.

Board of D i r e c t o r s and Board o f Commissioners s h a l l be

j o i n t l y and s e v e r a l l y l i a b l e f o r the Company's loss i f the

shareholders f a i l t o r e t u r n such d i s t r i b u t e d i n t e r i m

dividends.

5. I f the p r o f i t and loss account i n a f i n a n c i a l year shows a

loss t h a t cannot be covered by the reserve fund as

r e f e r r e d t o i n a r t i c l e 24 hereinbelow, the loss s h a l l

remain be recorded and entered i n the p r o f i t and loss

account, and i n the succeeding f i n a n c i a l year the Company

s h a l l be deemed t o have not gained any p r o f i t u n t i l such

time as the loss recorded i n the p r o f i t ad loss account

has been f u l l y covered, without p r e j u d i c e t o the other

p r e v a i l i n g laws and r e g u l a t i o n s .

6. I f there i s a GMS r e s o l u t i o n regarding d i s t r i b u t i o n of

dividends i n cash, the Company s h a l l make the payment of

the dividend i n cash t o the e l i g i b l e shareholders a t the

l a t e s t 30 ( t h i r t y ) days a f t e r announcement of the summary

of minutes of GMS t h a t resolves the d i s t r i b u t i o n of

dividends i n cash.

7. The p r o f i t s d i s t r i b u t e d as dividends l e f t unclaimed w i t h i n

the p e r i o d of 5 ( f i v e ) years commencing from the date they

are payable s h a l l be entered i n the reserve fund

e s p e c i a l l y a l l o c a t e d f o r t h a t purpose. Dividends i n the

sp e c i a l reserve fund may be claimed by the shareholders

e n t i t l e d t h e r e t o p r i o r t o the lapse of 5 ( f i v e ) years by

presenting an evidence of t h e i r r i g h t on such dividends

acceptable t o the Board of D i r e c t o r s of the Company.

1. The p o r t i o n of net p r o f i t s a l l o c a t e d f o r the reserve fund

s h a l l be determined by GMS w i t h due a t t e n t i o n t o proposal

of Board of D i r e c t o r s ( i f any) and w i t h due observance of

the p r e v a i l i n g laws and r e g u l a t i o n s .

2. A reserve fund up t o the amount of 20% (twenty percent) of

the issued c a p i t a l s h a l l only be created t o cover the

losses s u f f e r e d by the Company.

3. I f the amount of reserve fund exceeds 20% (twenty percent)

of the issued c a p i t a l , the GMS may resolve t h a t the arad^SfiJ^

APPROPRIATION OF RESERVE FUND

A r t i c l e 24

of reserve fund exceeding the amount as r e f e r r e d t o i n

paragraph 2 s h a l l be used f o r the need of the Company.

Board of D i r e c t o r s s h a l l manage the reserve fund i n order

t h a t i t s h a l l gain p r o f i t , i n a manner deemed f i t by Board

of D i r e c t o r s upon approval of Board of Commissioners and

w i t h due observance of the p r e v a i l i n g laws and

r e g u l a t i o n s .

The p r o f i t s earned from the reserve fund s h a l l be entered

i n the p r o f i t and loss account.

AMENDMENT TO ARTICLES OF ASSOCIATION

A r t i c l e 25

Amendments t o these a r t i c l e s of a s s o c i a t i o n s h a l l comply

w i t h the UUPT [Law on L i m i t e d L i a b i l i t y Company] and/or

the r e g u l a t i o n s on c a p i t a l market. -

Amendments t o these a r t i c l e s of a s s o c i a t i o n s h a l l be

resolved by GMS w i t h due observance of the p r o v i s i o n s

hereof.

Amendments t o these a r t i c l e s of a s s o c i a t i o n s h a l l be

e f f e c t u a t e d by n o t a r i a l deed and i n Indonesian language.

Amendments t o these a r t i c l e s of a s s o c i a t i o n w i t h respect

t o the change i n the Company's name and/or domic i l e ,

purposes and o b j e c t i v e s as w e l l business a c t i v i t i e s , term

of establishment, amount of authorized c a p i t a l , decrease

of issued and paid-up c a p i t a l , and change of st a t u s of the

Company from a p r i v a t e company t o p u b l i c company or v i

versa s h a l l subject t o approval of the M i n i s t e r of Jus • I

and Human Rights of the Republic of Indonesia and/or h i s

s u b s t i t u t e as contemplated i n the p r e v a i l i n g laws and

r e g u l a t i o n s .

Amendments t o the A r t i c l e s of Association concerning the

matters other than those mentioned i n paragraph 4 of t h i s

a r t i c l e s h a l l be s u f f i c i e n t l y reported t o the M i n i s t e r of

Law and Human Rights of the Republic of Indonesia or h i s

s u b s t i t u t e w i t h due observance of the UUPT.

Prov i s i o n on the decrease of c a p i t a l s h a l l r e f e r t o the

p r e v a i l i n g laws and r e g u l a t i o n s , e s p e c i a l l y r e g u l a t i o n s on

c a p i t a l market.

MERGER, AMALGAMATION, ACQUISITION, AND SEPARATION

A r t i c l e 26

Merger, amalgamation, a c q u i s i t i o n , and separation s h a l l be

resolved by GMS i n accordance w i t h the p r o v i s i o n s as

r e f e r r e d t o A r t i c l e 14 paragraph 2 sub-paragraph (3)

hereof.

Further p r o v i s i o n s concerning merger, amalgamation,

a c q u i s i t i o n , and separation s h a l l r e f e r t o the p r e v a i l i n g

laws and r e g u l a t i o n s , e s p e c i a l l y r e g u l a t i o n s on c a p i t a l

market.

DISSOLUTION, LIQUIDATION, AND TERMINATION OF LEGAL ENTITY

STATUS

A r t i c l e 27

1. D i s s o l u t i o n of the Company s h a l l be resolved by GMS i n

accordance w i t h the p r o v i s i o n s as r e f e r r e d t o A r t i c l e 14

paragraph 2 sub-paragraph (3) hereof.

2. Further p r o v i s i o n s concerning merger, amalgamation,

a c q u i s i t i o n , and separation s h a l l r e f e r t o the p r e v a i l i n g

laws and r e g u l a t i o n s , e s p e c i a l l y r e g u l a t i o n s on c a p i t a l

market.

DOMICILE

A r t i c l e 28

For matters r e l a t e d t o the Company, the shareholders s h a l l be

deemed t o be domiciled i n the addresses as recorded i n the

Shareholders Register w i t h due observance of the p r e v a i l i n g

laws and r e g u l a t i o n s and the r e g u l a t i o n s on c a p i t a l market as

w e l l as the r e g u l a t i o n s of the Stock Exchange where the

Company's shares are l i s t e d .

CLOSING PROVISIONS

A r t i c l e 29

- Anything not or i n s u f f i c i e n t l y provided f o r herein s h a l l be

decided at GMS.

- Anything not or i n s u f f i c i e n t l y provided f o r herein s h a l l be

decided at GMS.

L a s t l y , the Appearers s t a t e t h a t :

I

The shareholders have paid i n f u l l as r e f e r r e d t o i n A r t i c l e 4

paragraph 2 hereof an amount of 9.853.109.900 (nine b i l l i o n

e i g h t hundred f i f t y three m i l l i o n one hundred nine thousand

nine hundred) shares w i t h a t o t a l nominal value of Rp.

985.310.990.000,00 (nine hundred e i g h t y f i v e b i l l i o n three

hundred ten m i l l i o n nine hundred n i n e t y thousand Rupiah). Such

shareholders are l i s t e d i n the Shareholders Register as of 09-

09-2015 ( n i n t h o f September, two thousand f i f t e e n ) w i t h

d e t a i l s as f o l l o w s :

a. PT BANK PAN INDONESIA Tbk., abbreviated PT BANK PANIN

Tbk.: 5.119.951.790 ( f i v e b i l l i o n one hundred nineteen

m i l l i o n nine hundred f i f t y one thousand seven hundred

nin e t y ) shares w i t h a t o t a l nominal value of Rp.

511.995.179.000,00 ( f i v e hundred eleven b i l l i o n nine

hundred n i n e t y f i v e m i l l i o n one hundred seventy nine

thousand Rupiah).

b. DUBAI ISLAMIC BANK: 2.427.750.000 (two b i l l i o n f o u r

hundred twenty seven m i l l i o n seven hundred f i f t y thousand)

shares w i t h a t o t a l nominal value of Rp.

242.775.000.000,00 (two hundred f o r t y two b i l l i o n seven

hundred seventy f i v e m i l l i o n Rupiah).

c. PUBLIC: 2.305.408.110 (two b i l l i o n three hundred f i v e

m i l l i o n f o u r hundred e i g h t thousand one hundred ten)

shares w i t h a t o t a l nominal value of Rp.

230.540.811.000,00 (two hundred t h i r t y b i l l i o n

hundred f o r t y m i l l i o n e i g h t hundred eleven thousand

Rupiah);

- Further, the Appearers s t a t e t h a t they hereby give a power

w i t h s u b s t i t u t i o n r i g h t t o me, Notary, t o r e p o r t t o the

M i n i s t e r of Law and Human Rights of the Republic of Indonesia

or h i s s u b s t i t u t e , t o submit an a p p l i c a t i o n f o r the

r e g i s t r a t i o n w i t h the Company Compulsory Register t o the

competent a u t h o r i t y i n respect of these amendments t o the

Company's a r t i c l e s of a s s o c i a t i o n , and f o r such purposes, the

Appearers hereby s t a t e t h a t :

1. i n f o r m a t i o n and data provided i n the a p p l i c a t i o n submitted

by Notary t o the M i n i s t e r of Law and Human Rights of the

Republic of Indonesia or h i s s u b s t i t u t e are accurate.

2. the a p p l i c a t i o n t o the M i n i s t e r of Law and Human Rights of

the Republic of Indonesia or h i s s u b s t i t u t e meets the

s p e c i f i e d requirements and does not i n f r i n g e any

p r o h i b i t i o n i n accordance w i t h the ap p l i c a b l e laws and

r e g u l a t i o n s ;

3. they are w i l l i n g t o accept any form of sanction, i n c l u d i n g

but not l i m i t e d t o c r i m i n a l / c i v i l / a d m i n i s t r a t i v e sanction,

i n accordance w i t h the p r o v i s i o n s of the ap p l i c a b l e laws

and r e g u l a t i o n s ;

4. by agreeing on these statements, they are w i l l i n g t o be

f u l l y responsible f o r , and hereby co-sign these

statements, drawn up before me. Notary, i n the submis^^^i^jnas^

of the a p p l i c a t i o n t o the M i n i s t e r of Law and Human RI

of the Republic of Indonesia, and t h a t these statements

are v a l i d , and release me. Notary, from any l e g a l a c t i o n

i n any form whatsoever.

-The Appearers are known t o me. Notary, by t h e i r i d e n t i t y

cards;

- The Appearers s t a t e t o have understood the contents of t h i s

deed.

IN WITNESS WHEREOF

- This Deed i s made and done i n Jakarta, on the day and date

as mentioned a t the preamble hereof i n the presence o f :

Mrs. A I TANTI YULIANTI, Sarjana Hukum, born i n Garut, on

07-07-1972 (seventh of Ju l y , one thousand nine hundred

seventy two), r e s i d i n g i n Jakarta Timur, Jalan Raya

K a l i s a r i No. 44, Rukun Tetangga 002, Rukun Warga 003,

K a l i s a r i V i l l a g e , Pasar Rebo S u b - d i s t r i c t ; and

Ms. MELISSA LOUISIANA, Sarjana Hukum, Magister

Kenotariatan, born i n Jakarta, on 22-08-1985 (twenty

second of August, one thousand nine hundred e i g h t y f i v e ) ,

Indonesian c i t i z e n , r e s i d i n g i n Depok C i t y , Jalan Sanur

Raya N-2 No. 15 Graha Cinere, Rukun Tetangga 008, Rukun

Warga 013, Limo V i l l a g e , Limo S u b - d i s t r i c t , t e m p i r r a i l y

s t a y i n g i n Jakarta;

- both being employees at the Notary's o f f i c e , a c t i n g as

witnesses.

- Immediately a f t e r due reading of the whole, the appeare

the witnesses, and I , Notary, sign t h i s deed. /

- Done w i t h 4 (four) a l t e r a t i o n s , namely 4 (four) d e l e t i o n s

without replacement.

- O r i g i n a l v e r s i o n of t h i s deed i s duly signed.

DELIVERED AS COPY WITH SAME TENOR.

Notary i n Jakarta

FATHIAH HELMI, SH

I, Eko Tjahyadi Sworn & Certified Translator, hereby declare that this document is an English translation of a document prepared in Indonesian language. In translating this document an attempt has been made to translate as literally as possible without jeopardizing the overall continuity of the text However differences may occur in translation and if they do the original text has precedence in law.

Jakarta, Octot