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DEPART MENT OF J UST ICE AND HUMAN RIG HTS

THE REPUBLIC O F I NDO NESI A

D IRECTORAT E JENDRAL

GENERAL LAW ADMI N ISTRAT ION

J l . HR. Ras una Sa id Kav. 6 - 7 Kun ingan Sou t h Jak ar t a

Te lp . ( 021) 5202387 – Hun t i ng

Num ber : AHU- AH. 01 . 03 - 0019825

A t t ac hment :

Re . : Acc ep t ance o f t he No t i f i c a t i on o f No t a r y Pub l i c

Am endments t o t he Ar t i c l es o f I r . Nane t t e Cahyan ie

Ass oc ia t i on o f t he Per usahaan Handar i Ad i W ars i t o S . H

Per ser oan (Per ser o) PT Jasa J l Pang l ima Po l im V No .11

Mar ga ( I ndones i a H ighw ay Adm in i s t ra t i ve Ci t y

Cor por a tam a)Tbk . Sou th J ak ar ta

Acc ord ing t o t he da t a in t he Amendment Rec ord ing Format m a in ta i ned in

t he Lega l En t i t y Adm in is t r a t ion Sys tem bas ed on the No ta r i a l Deed

Num ber 61 , da ted 26 Mar ch 2015 d rawn up by t he No ta ry Pub l i c I r .

NANETTE CAHYANI E HANDARI ADI W ARSITO S. H domic i l ed in t he

Adm in i s t ra t i ve C i t y Sou th J ak ar ta in c lud ing s uppor t i ve docum ents ,

r ece i ved on 27 Ma rc h 2 01 5 , regar d ing t he a m endments t o Ar t i c l e 10 ,

A r t i c le 11 , Ar t i c le 12 , A r t i c le 14 , Ar t i c l e 15 , Ar t i c l e16 , Ar t i c l e 17 , Ar t i c l e

19 , Ar t i c le 21 , Ar t i c l e 22 , A r t i c l e 23 , A r t i c le 24 , A r t i c le 25 , Ar t i c le 27 ,

A r t i c le 28 , Ar t i c le 29 , o f t he PERUSAH AAN PERSEROAN ( PERSERO) PT

J AS A M ARG A ( I NDO NESI A H IG HW AY CORPOR ATAM A ) Tbk.

i i

abbrev ia t ed PT JAS A M ARG A ( PERSERO) Tbk . domic i led in t he

Adm in i s t ra t i ve C i t y Nor t h Jak ar t a was r ec e i ve d and r eg is t e red in t he

Lega l En t i t y Adm in is t r a t i ve Sys tem.

The amendm ent t o t he a r t i c les o f ass oc ia t i on as c on t emp la ted above

tak es e f f ec t as o f the da te o f t he i ss uanc e o f t h i s no t i f i ca t i on

I s sued in Jak ar t a , 27 Mar ch 2015

On beha l f o f THE MI N ISTER OF LAW AND HUMAN RIG HTS

THE REPUBLIC O F I NDO NESI A

D IRECTORAT E JENDRAL O F GENERAL LEG AL ADMI NIST RAT ION

s igned

DR. A I DIR AMI N DAUD , SH. MH.

N IP . 19581120 198810 1 001

P r in ted on 27 Mar ch 2015

Com pany L i s t No . AHU - 0036530 . AH. 01 . 1 1 . o f 20 15 da te 27 Ma rc h 2 01 5

I, HARSO SUTANDYO, SWORN TRANSLATOR,

registered with the Ministry of Justice and Human Rights

in Jakarta – Indonesia, do hereby declare this to be a true

and correct translation of the original in Indonesian.

Jakarta, 19 October 2015

1

NOTARY & LAND DEED OFFICER

I r . NANETTE CAHYANIE HANDARI ADI WARSITO, SH

Dec i s ion o f t he Min i s t e r o f t he Law and Human R igh ts Repub l i c I ndones ia

Num ber : AHU- 071 .AH. 02 . 02 -Th 2012 , da ted 02 Augus t 2012

DEED DATED : 26 M arch 2015

NUMBER : 61

STATEM ENT OF A M EETING RESOLUTIO N

L IMI TED L I ABI L I TY COM PANY PT JAS A M ARG A

( I NDO NESI A H IGHW AY CO RPO RAT AM A) Tbk

abbrev ia t ed PT JAS A M ARG A ( PERSERO) Tbk

( COPY)

J L . PANGLI MA POLI M V/11 , KEBAYORAN BARU, J AKARTA 12160

Phone : 7244650 - 7392801 - 7209542 - 7209645 . Fax . : 7265090

e -ma i l : cahyan ie72@yahoo . co . id

e -ma i l : poerban ings ih@yahoo .com

1

STATEM ENT OF MEETING RESO LUTIO N

PERUS AH AAN PERSERO AN ( PERSERO) PT J AS A M AR G A

( I NDO NESI A H IGHW AY CO RPO RAT AM A) Tbk .

abbrev ia t ed PT JAS A M ARG A ( PERSERO) Tbk

- Num ber : 61

- A t 11 .15 ( f i f t een m inu tes pas t e l even ) W es te rn I ndones ian T ime.

-On t h i s day , Thu rsday, 26 -0 3 -2015 ( t wen t y - s i x Marc h t wo thous and

f i f t een) .

- Appeare d i n m y, Eng . N ANETTE CAHY ANI E H AND ARI ADI W ARSI TO ,

B .A . ( Hons . ) Law, p res ence , a No ta r y in Jak ar ta , i n t he p res ence o f

w i t ness es whom I , t he No ta r y k now and whos e nam es sha l l be men t i oned

a t t he end o f t h i s deed .

Mr . Eng . ADI TY AW ARM AN , who was bo r n in Pa lembang , on 25 -1 0 -

1955 ( t wen t y - f i ve Oc t ober one thousand n ine hundr ed f i f t y - f i ve ) , an

I ndones ian C i t i zen , t he Pr es iden t D i r ec to r o f t he pe r se roan t o be

men t ioned be low, who res ides i n Eas t J ak ar ta , Bum i Har apan

Perm a i M 4 , Ne ighborhood As soc ia t i on ( RT ) 008 , Commun i t y

Ass oc ia t i on ( RW ) 06 , Sub - D is t r i c t Duk uh , D i s t r i c t K ramat J a t i .

- Ho lde r o f Res iden t I den t i t y Card ( KTP) Number :

3175042510550004 , wh i ch exp i res on 25 -1 0 -2015 ( t wen t y - f i ve

Oc t ober t wo thous and f i f t een) .

- Acc ord ing t o h is s t a tem ent i n t h i s ma t t e r ac t ing on a power o f

a t t o rney con ta ined in m y, No ta r y , deed da ted 18 -0 3 -2015 (e igh t een

Ma r ch t wo thous and f i f t een) number : 38 , o f and t he r e f o re ac t i ng f o r

and on beha l f o f and o f f i c i a l l y r ep res en t i ng t he PERUSAHAAN

2

PERSEROAN (PERSERO) PT J ASA MARG A ( I NDONESI A HIGHW AY

CORPORATAMA) Tbk . abbrev ia t ed PT JASA MARGA ( PERSERO)

Tbk , dom ic i l ed i n Eas t Jak ar t a , o f wh i ch i t s a r t i c l es o f ass oc ia t i on

was over a l l amended due t o t he soc ia l i za t ion o f i t s shares and

announc ed i n t he S ta t e Gaze t te Repub l i c o f I ndones i a da ted 30 -1 0 -

2007 ( t h i r t y Oc t obe r t wo t housand seven) num ber : 87 , Supp lement

number : 10676 and aga in t o t a l l y am ended to comp ly t o Law

Num ber : 40 o f 2007 ( t wo thousand seven) r egard ing L im i t ed

L i ab i l i t y Compan ies and announced in t he S ta t e Gaze t te Repub l i c o f

I ndones ia da ted 12 -12 -2008 ( t we l ve December t wo thousand e igh t )

number : 100 , Supp lem ent number : 27404 ;

- Las t l y am ended by a deed da t ed 05 - 04 - 2011 ( f i ve Ap r i l t wo

thousand e leven) number : 33 d r awn up in t he p resence o f Ms .

PO ERBANING SI H ADI W ARSITO, B .A . (Hons . ) Law, a t t ha t t im e a

No t a r y in Jak ar ta , wh i c h am endment was ra t i f i ed by t he Min is t r y o f

Law and Human R igh ts Repub l i c o f I ndones ia as ev idenced f rom a

Reso lu t i on Le t t e r da ted 21 -0 4 -2011 ( t wen t y -one Apr i l two thousand

e leven) number : AHU - 20288 .AH. 01 . 02 .Th 2011 and a deed da ted

2 1 -0 6 -2012 ( t wen ty - one J une t wo thousand t we l ve ) number : 95

d rawn up in t he p resenc e o f Ms . POERBANI NGSI H ADI W ARSITO,

B .A . ( Hons . ) Law, a t t ha t t im e a No ta r y i n J aka r ta , wh ich

am endment no t i f i ca t i on was rec e i ved by Min i s t r y o f Law and Human

R ig h ts Repub l i c o f I ndones ia as ev idenced f rom i t s No t i f i c a t ion

Le t t e r Rece ip t da ted 10 -0 7 -2012 ( t en Ju l y t wo t housand t we l ve )

number : AHU -AH.01 .10 -25313 .

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-The las t f o rmat ion o f t he com pany ’ s Board o f Commis s ioner s and

Board o f D i r ec t o rs a s c on t a ined in t he deed da t ed 14 - 05 - 2014 -

( f ou r teen May t wo thousand f ou r teen) num ber 72 , d r awn i n m y, t he

No t a r y , p resence o f wh i ch t he c hange no t i f i ca t i on was r ece i ved by

t he Min is t r y o f Law and Hum an R igh t s Repub l i c o f I ndones ia as

ev idenc ed f rom a No t i f i c a t ion Le t t e r Rec e ip t da t ed 14 - 05 - 2014

( f ou r teen May t wo thous and f ou r teen) num ber AHU -

08419 . 40 . 22 . 2014 (he re ina f t e r t o be ca l l ed “ Com pany” ) .

-The appear e r ac t ing as m en t i oned above , f i r s t l y s t a ted wher eas in t h i s

deed : wher eas on W ednes day, da t ed 18 - 03 - 2015 ( e igh t een Marc h t wo

thousand f i f t een) , i n t he R im bawan 1 Room, Mangga la W anabak t i

Bu i ld i ng , J ln . J end . Ga to t Sub ro to , Ge lo ra J ak ar ta , was he ld an Annua l

Gener a l Mee t i ng o f Shareho lde r s o f t he Company ( he re ina f t e r t o be

r e f e r r ed as “ Mee t i ng ” ) .

- whereas s uch Minu tes o f t he Company ’ s Mee t i ng i s c on ta i ned i n m y,

Not a r y deed da t ed 18 - 03 - 2015 (e igh t een Marc h t wo thousand f i f t een)

number : 38 .

-W hereas s uch Mee t i ng was a t t ended o r r ep r es en t ed by 1 ( one) share o f

s e r ia l A Dwiwa rna and the shareho lde rs o f Ser i a l B co l le c t i ve l y

am oun t ing t o 5 . 766 . 493 .784 ( f i ve b i l l i on s even hundred s i x t y - s i x m i l l i on

f ou r hundred n ine t y - t h ree t hous and seven hundr ed e igh t y - f ou r ) number o f

s ha r es o r rep resen t i ng 84 .80% (e igh t y - f ou r po in t e igh t y pe rc en t ) o f t he

t o t a l s ha r es w i t h va l i d vo t ing r igh t s i s sued by t he Perse roan o f 1 (one)

Share o f a Ser i a l A Dwiwar na and 6 . 799 .999 . 999 Shar es Ser ia l B .

So the re f o re t he p rov i s i on r egard ing t he quor um o f a t t endanc e i n t he

Mee t ing as r egu la ted i n t he Com pany ’ s Ar t i c les o f Assoc ia t i on and Law

4

Num ber : 40 o f 2007 ( t wo thous and s even) regar d ing L im i ted L iab i l i t y

Com pan ies and Regu la t i on i n t he f i e ld o f Cap i t a l Marke t were met and

the Mee t i ng was va l i d and enab led to pass va l i d and b ind ing res o lu t i ons

o f t he Company ’s Shareho lde rs t o t he Mee t i ng Agend a .

- whereas , s uc h Mee t i ng was he ld t o approve :

Amendment and the O vera l l Re -Organ i za t i on o f t he Com pany ’s

Ar t i c les o f Ass oc ia t ion Pr ov i s i on s in t he F r amework t o c omp ly w i t h

t he Regu la t i on o f t he F inanc ia l Ser v i ce Au t ho r i t y (OJ K) No .

32 / POJK. 04 / 2014 r egard ing t he P lan and Conven ing o f a Pub l i c

Com pany Gener a l Mee t ing o f Shar eho lde r s and the OJK Regu la t i on

No . 33 / POJ K.04 / 2014 r egard ing t he I ss uer o r Pub l i c Company Boar d

o f D i r ec to r s and Boa rd o f Commiss ione rs .

-The appea re r was g i ve n an au t ho r i za t i on and a t t o rney w i t h t he r igh t o f

s ubs t i t u t ion t o s ta te i n a separ a te No ta r i a l deed regar d ing t he reso lu t i on

i n s uch Mee t ing agenda and c onduc t a l l ac t ions needed re l a ted t o s uc h

Mee t ing agenda res o lu t i on ac cor d ing t o app l i c ab le laws and re gu la t ion ,

i n c lud ing t o r eg i s te r / no t i f y t he amendm ent o f t he a r t i c les o f ass oc ia t i on

and f o rmat i on o f t he Com pany ’s Board o f D i r ec t o rs and Board o f

Comm iss ioners t o t hos e in au t ho r i t y .

- Acc ord ing t o t he a t t o r ney bes towed by such Mee t i ng , t he appeare r

he rew i t h s ta t e whe reas in such Company ’ s Mee t ing was reso l ved by a

maj o r i t y vo te t o App rove :

To appr ove the Amendment and Re f o rmat ion o f the O ver a l l

Com pany ’s Ar t i c les o f As soc ia t ion in t he F r amework o f Comp ly ing

wi t h t he F inanc ia l Ser v ic es Au tho r i t y Regu la t i on (OJ K) No .

32 / POJK. 04 / 2014 r egard ing P lann ing and Conven ing o f a Pub l i c

5

Com pany Gener a l Mee t ing o f Shar eho lde r s and the OJK Regu la t i on

Num ber 33 /POJ K. 04 / 2014 r egard ing the I ss uer ’ s Board o f D i rec to rs

and Boar d o f Comm iss ioners o r Pub l i c Com pany.

So t he r e f o r e the Com pany ’s a r t i c les o f ass oc ia t i on s ha l l r ead as f o l l ows :

N AM E AND PL ACE OF DOMICI LE

Ar t i c le 1

1 . Th is L im i ted L iab i l i t y Company i s named “PERUSAHAAN

PERSEROAN ( PERSERO) PT J ASA MARGA ( I NDONESIA

H IGHW AY CO RPO RATAMA) Tbk . Abbrev ia ted PT J ASA

MARG A (P ERSERO) Tbk . ” ( he r e ina f t e r i n t h i s a r t i c les o f

ass oc ia t i on abbr ev ia t ed as “Company” , dom ic i led and head

o f f i ce in Eas t J ak ar ta .

2 . The Company may open b r anc hes o r r ep r es en t a t i ve s in o the r

p l ac es , bo th ins i de o r ou t s i de t he t e r r i t o r y o f t he Repub l i c o f

I ndones ia as s t ipu la ted by t he Board o f D i rec to r s and

appr oved by t he Boa rd o f Commiss ione rs .

TER M OF THE COM PANY

Ar t i c le 2

The Company i s inc o rpora t ed f o r an un l im i t ed t im e and s t a r t ing on

2 2 -0 2 -1982 ( t wen ty - t wo Febr uar y one thousand n ine hund red

e igh t y - t wo) .

O BJECTIVE S AND GO ALS AND BUSINESS AC TI VI T IES

Ar t i c le 3

6

1 . The ob jec t i ve s and goa l s o f t he Com pany a re t o pa r t i c i pa t e in

t he imp lement a t ion and suppor t t he Gover nment po l i c ies and

p rog rams i n t he f i e l d o f ec onom y and na t iona l deve lopment in

genera l , es pec ia l l y deve lopment i n t he f i e ld o f To l l Road s and

i t s s uppor t i ve means by app l y i ng t he p r i nc i p les o f a l im i t ed

l i ab i l i t y com pany.

2 . To a t t a in i t s ob jec t i ve s and goa l s re f e r red t o i n pa rag raph 1

t h i s a r t i c l e t he Company may conduc t t he f o l low ing bus iness

ac t i v i t i e s :

( i ) Conduc t t echn i ca l p l ann ing , cons t r uc t i on imp lem ent a t i on ,

oper a t ion and / o r ma in tenanc e o f t o l l r oad s .

( i i ) To exp lo i t l and i n the t o l l r oad v i c in i t y and l and ad j acen t

t o t he t o l l r oad s f o r r es t ing p lace s and s e r v ic es ,

i n c lud ing a l l f ac i l i t i e s and o the r bus iness es .

3 . Bes ides i t s m a in bus iness opera t i on as m en t ioned in

pa rag raph 2 t h i s Ar t i c l e , t he Company m ay conduc t s uppor t i ve

bus ines s ac t i v i t i es , by obs er v ing l aws and r egu la t i on s ,

c over ing :

( i ) P roper t y deve lopment in t he a r ea i n t he v i c i n i t y o f t he

t o l l r oad co r r i do r s ;

( i i ) Se r v i ce deve lopment f o r bus inesses re l a ted t o t he

moda / t r anspor ta t ion m eans , l i qu id / s o l id /gas mat e r ia l

d i s t r ibu t i on , i n f o rmat i on mean s ne two rk i ng , t echno logy

and commun ic a t i on , re l a ted t o t he t o l l c o r r ido r s ;

7

( i i i ) I n t he f i e ld o f s e r v ic e and t rade to s e r ve t he

c ons t ruc t i on m a in tenanc e and t o l l r oad opera t i on .

C API TAL

Ar t i c le 4

1 . The au t ho r i zed Cap i t a l o f t he Com pany i s s t ipu la ted

am oun t ing t o Rp9 . 520 .000 . 000 .000 ,00 ( n i ne t r i l l i on f i ve

hundred t wen t y b i l l i on rup iah ) d i v i ded i n to 19 .040 . 000 . 000

( n i ne t een b i l l i on f o r t y m i l l i on ) num ber o f sha res , cons is t ing o f

1 ( one) se r i a l A Dwiwa rn a shar e and 19 . 039 .999 .999

( n i ne t een b i l l i on t h i r t y -n i ne m i l l i on n i ne hundred n ine t y - n ine

t housand n ine hund red n ine t y -n i ne ) num ber o f se r ia l B share s ,

w i t h a res pec t i ve nom ina l va lue o f Rp500 ,00 ( f i ve hundred

r up iah ) .

2 . F rom such au tho r i zed c ap i t a l was subs c r ibed and pa id - i n i n

c as h depos i t o f 1 ( one) share se r i a l A Dwiwar na and

6 . 799 .999 . 999 ( s i x b i l l i on s even hund red n ine t y - n ine m i l l i on

n i ne hundred n i ne t y - n ine t housand n ine hundr ed n ine t y -n i ne )

number o f se r ia l B s har es , w i t h a t o ta l nom ina l va lue o f

Rp3 .400 . 000 .000 .000 .000 , 00 ( t h r ee t r i l l i on f ou r hundr ed

b i l l i on rup iah ) by t he res pec t i ve s ha reho lde rs o f wh ic h t he

de ta i l s and nom ina l s har e va lue sha l l be men t ioned a t t he end

o f t h i s deed .

3 . Shares wh i ch a r e no t ye t i s sued s ha l l be i s sued by t he Board

o f D i rec t o rs acc ord ing t o t he cap i t a l need o f t he Company

8

w i t h t he app rova l o f a Genera l Mee t i ng o f Shareho lde rs a t t he

t ime , p r i c e , and means and requ i rem ent s s t i pu la ted by t he

Board o f D i r ec to rs and approved by t he Board o f

Comm iss ioners , by obs er v ing a l l t he p r ov is i ons con ta ined in

t h i s a r t i c les o f assoc ia t i on and app l i cab le laws and regu la t i on

i n t he f i e l d o f cap i t a l mark e t , and r egu la t ion in t he S tock

Exc hange i n I ndones ia a t t he p l ac e whe re t he s har es o f t he

Com pany a re l i s t ed p rov ided t ha t d isposa l o f t hos e s hare may

no t be under t he pa r p r i c e .

4 . a . I n t he even t t ha t t he shares in po r t f o l i o w i sh t o be i ssued

by m eans o f a l im i t ed pub l i c o f f e r i ng t o t he Shar eho lde rs

and / o r t he Com pany s ha l l i s sue conve rs i on bond s and /o r

wa r r an t s and /o r o the r secur i t i e s wh ic h can be exchanged

w i t h s har es o r wh i c h con ta in t he r igh t t o ob ta i n shares

( he r e ina f t e r s har es , convers ion bonds , war r an t , o r o the r

s ec ur i t i es wh ic h can be exc hanged w i t h s har es o r wh i ch

c on t a in t he r igh t t o ob t a in s har es (he re ina f t e r sha res ,

c onvers i on bond , wa r r an t , o r o the r secur i t i es wh ic h can be

exc hanged to s hares o r wh ic h con ta in t he r igh t t o ob ta i n

s har e s ha l l be c a l led “Equ i t y Secur i t i e s ” ) , a l l t he

Shareho lde rs whose names a re reg is te r ed in t he

Com pany ’ s Share s Reg is te r on t he da te s t ipu la t ed i n t he

Gener a l Mee t ing o f Shar eho lde rs wh ich approve the

i s suanc e o f Equ i t y Sec ur i t i es w i t h t he p reempt i ve r igh t t o

s ubsc r ibe t o t he Equ i t y Secur i t i es t o be i ss ued ( s uc h r igh t

9

i s a l so c a l l ed Preempt i ve R igh t t o Subsc r i be Sec ur i t i es o r

( “ HMETD” ) and the respec t i ve Shar eho lde r s sha l l ob ta in a

P reempt i ve R igh t p ropor t iona l t o t he number o f sha res

wh i c h t hey own by cas h depos i t , and rec o rded in t he

Com pany ’ s s ha r eho lde r s reg i s te r on t he name o f the

r espec t i ve s har eho lde rs on s uc h da te .

b . Suc h Preempt i ve R igh t c an be so ld and as s igned to

ano t he r pa r t y acc o r d ing t o t he laws and r egu la t ions in t he

f i e l d o f Cap i t a l Ma rk e t and the r egu la t ion o f t he S tock

Exc hange i n I ndones ia wher e t he Com pany ’ s s ha r es a r e

l i s t ed .

c . The i s s uanc e o f t he Equ i t y Sec ur i t i es by means o f l im i t ed

pub l i c o f f e r ing mus t p r i o r t o i t ob ta i n appr ova l f r om the

Gener a l Mee t ing o f Shar eho lde rs ( he r e ina f t e r t o be c a l led

“Gener a l Mee t ing o f Shar eho lde r s ” ) , w i t h t he p r ov is i on and

t ime per iod s t i pu la ted by t he Boar d o f D i rec t o rs pu rs uan t t o

t he p r ov is i on c on ta ined i n t h i s a r t i c les o f ass oc ia t i on , and

l aws and r egu la t ion in t he f i e ld o f Cap i t a l Ma rk e t and the

r egu la t ion o f S t ock Exc hange in I ndones ia where t he

Com pany ’s s har es a re reco r ded .

d . Regar d ing t he res o lu t ion o f i ssu ing share s and /o r

c onvers i on bond and / o r war r an t and / o r o t he r c onvers i on

s ec ur i t i es by means o f an in i t i a l l im i t ed pub l i c o f f e r i ng , t he

1 0

Board o f D i rec to rs mus t announce i t i n 1 (one) I ndones ian

da i l y , wh ic h i s pub l i s hed o r has a na t iona l c i r cu la t ion .

e . I n t he even t t ha t t he Shar eho lde rs o r HMET D ho lde rs

do no t im p lement t he i r r i gh t t o pu rc hase t he Equ i t y

Sec ur i t i e s men t ioned above and o f f e red t o t hem by

pay ing in cash and ac cor d ing t o t he above s t i pu la t ion ,

t he Boar d o f D i rec to r s i s f r ee t o o f f e r such Equ i t y

Sec ur i t i e s t o o the r Shar eho lde rs o r o the r Pr e f e renc e

R ig h t ho lde r s who have s ubm i t t ed a reques t t o buy m or e

s har es t han the i r p r opo r t i on , wh i ch has been conduc t ed ,

p rov ided tha t i f t he amoun t o f Equ i t y Sec ur i t i es

s ubsc r ibed exceed t he nu m ber o f t he Equ i t y Sec ur i t i es

t o be i ss ued , t he Equ i t y Sec ur i t i e s t ak en mus t be

a l l oc a ted p ropor t iona l t o t he number o f P r i o r i t y Shar es

c onduc ted by t he respec t i ve s har eho lde rs o r t he HMETD

ho lde rs s ubs c r ib ing add i t i ona l Equ i ty Sec ur i t i es ; one

and ano t he r by obse r v ing t he p rov i s ion in t he Ar t i c l es o f

Ass oc ia t i on and app l i cab le laws and r egu la t ion and

dec i s i ons wh ic h a re va l i d i n t he Cap i t a l Ma rk e t .

f . I n t he even t t ha t a f t e r s uc h a l lo ca t ion in l e t t e r e t h i s

pa rag raph t he r e a re s t i l l Equ i t y Secur i t i e s wh ich a re no t

s o ld , t hen

( i ) i f t he Com pany c ap i t a l i n c rease by L im i t ed I n i t i a l

Pub l i c Of f e r ing does no t a t t a in t he max imum

1 1

am oun t s t i pu la ted and conduc t ed w i t hou t any

guar an t ee f rom the s tandby buyer , the ba lance o f

t he shares wh i ch a r e no t t ak en s ha l l no t be i s sued

and m a in t a i ned in t he Company ’ s po r t f o l i o .

( i i ) i f t he inc reas e in t he Company ’ s cap i t a l i s by way

o f L im i t ed Pub l i c O f f e r i ng and t he num ber a l ready

s t i pu la ted and conduc ted w i t h a sec ur i t y f r om a

c e r ta i n pa r t y ac t i ng as s tandby buyer , s uch

Sec ur i t y Equ i t y ba lanc e mus t be a l lo ca t ed t o t he

s t andby buyer , w i t h a p r i c e and r equ i r ements

wh i c h a r e no t le ss t han wha t i s s t ipu la ted in t he

r eso lu t ion o f t he Gener a l Mee t i ng o f Shareho lde rs .

by obser v i ng t he p r ov is ions c on t a ined i n t h i s a r t i c les o f

ass oc ia t i on and l aw and regu la t ion in t he f i e ld o f Cap i t a l

Ma rk e t and the regu la t ion o f t he S tock Exc hange in

I ndones ia a t t he p lace where t he shares o f t he Com pany

a re l i s t ed .

5 . As an excep t i on on t he p r ov is i ons o f a r t i c l e 4 , t he Company

w i t h t he approva l o f t he Ge ner a l Mee t i ng o f Shar eho lde rs m ay

i s sue Equ i t y Secu r i t i es w i t hou t Pre f e renc e R igh t t o t he

Shareho lde rs . Such Equ i t y Sec ur i t i es can be so ld by t he

Com pany to whom s oever w i t h a p r i c e and requ i rem ent

s t i pu la ted by t he Board o f D i rec to rs , w i t h t he s t ipu la t ion

whe reas s uc h i ss uanc e :

1 2

( i ) I s d i rec t ed t o t he emp loyees o f t he Company ;

( i i ) D i rec t ed t owards bond ho lde r s o r o t he r secur i t i e s wh ich

c an be conver ted in t o s har es , i ssued w i t h t he approva l

o f t he G enera l Mee t ing o f Shareho lde rs ;

( i i i ) Conduc ted in t he f rame work o f r eo rgan i za t ion and /o r

r es t ruc tu r a t i on app roved by t he Gener a l Mee t ing o f

Shareho lde rs ; and

( i v ) Conduc ted comp l i an t t o l aws and r egu la t ion in t he f i e ld

o f Cap i t a l Mark e t wh i c h a l l ow i nc r eas e in cap i t a l w i t hou t

P re f e rence R igh t s .

6 . The imp lementa t i on o f sha res i s suanc e f rom the po r t f o l i o f o r

Sec ur i t y ho lde rs wh i c h can be conver t ed in t o shares o r

Sec ur i t i e s wh ic h has t he r igh t t o ob t a in shares , c an be

c onduc ted by t he Board o f D i r ec to r s pu rs uan t t o a p rev ious

r eso lu t ion o f t he Shareho lde rs Gene ra l Me e t ing wh i ch has

appr oved t he i s suance o f such Secur i t y .

7 . I n c reas e to t he pa id up cap i t a l bec omes e f f ec t i ve a f t e r

depos i t , and the i s sued shares have t he s ame r igh t s as

s har es w i t h t he s ame c lass i f i c a t i on i s sued by t he Company,

w i t hou t p re j ud ic e t o t he Co m pany ’ s ob l iga t i on t o manage the

no t i f i ca t i on t o t he Min i s t r y o f Law and Human R igh ts .

8 . Depos i t on s har es c ap i t a l can be conduc t ed in t he f o rm o f

money and /o r in k ind wh ich c an be as ses sed w i t h money , by

1 3

obs er v i ng t he p r ov i s i ons o f t he a r t i c l es o f ass oc ia t i on and

app l i cab le laws and r egu la t i on s .

9 . I n t he even t o f f u r t he r in c reas e o f t he s ubsc r ibed shares

r e l a ted t o t he inc reas e i n t he Com pany ’s c ap i t a l , t he

p rov i s i ons in pa rag raphs 3 , 4 , 5 , 6 , 7 and 8 o f t h i s Ar t i c l e 4

s ha l l m u ta t i s mu tand is app l y t o t he s har es i ssuance due t o

t he inc rease o f such au t ho r i zed cap i t a l .

- I n c reas e i n t he au tho r i zed cap i t a l r esu l t i ng in to t he

c ompar ison be t ween t he pa id in c ap i t a l and au t ho r i zed c ap i t a l

bec om ing less t han 25% ( t wen t y - f i ve pe rc en t ) c an be

c onduc ted as l ong as :

a . has ob t a ined the appr ova l o f t he Gener a l Mee t ing o f

Shareho lde rs ;

b . am endment t o t he A r t i c les o f Assoc ia t ion r e la ted t o t he

i nc reas e o f t he au tho r i zed c ap i t a l has o b ta i ned the

appr ova l o f t he Min i s t e r o f Law and Hum an R igh ts ;

c . f o l l owed up by pa id - i n c ap i t a l and depos i t s o t he re f o re

t he amoun t o f pa id in c ap i t a l bec omes 25% ( t wen t y - f i ve

pe rc en t ) o f t he au tho r i zed c ap i t a l w i t h i n 6 ( s i x ) mon ths

a f t e r t he amendment o f t he Ar t i c les o f Ass oc ia t i on

r egard ing t he inc reas e i n t he au t ho r i zed cap i t a l has

ob ta i ned the approva l o f t he Min is t r y o f Law and Hum an

R ig h ts .

1 4

- I n t he even t t ha t such cap i t a l i n c rease becom es 25% ( t wen t y -

f i ve pe rc en t ) o f t he au t ho r i zed c ap i t a l i s no t m e t w i t h in 6 ( s i x )

mon ths , t he Company m us t aga in amend i t s Ar t i c l es o f

Ass oc ia t i on so t ha t t he s i ze o f the Com pany ’s depos i t

bec omes 25% ( t wen t y - f i ve pe r cen t ) o f t he au t ho r i zed cap i t a l ,

w i t h in 2 ( t wo) mon ths a f t e r t he 6 ( s i x ) m on ths pe r i od i s no t

me t .

SH ARES

Ar t i c le 5

1 . A l l sha res i ss ued by t he Com pany a re s har es on name o f t he

owner r eg is t e red in t he Shares Reg is te r cons is t i ng o f a Ser a l A

Dwiwa r na share wh i c h can on l y be owned by t he Repub l i c o f

I ndones ia and se r ia l B s har es wh ic h c an be owned by t he

Repub l i c o f I ndones ia and t he pub l i c .

2 . The Company on l y ack nowledge one pe rson o r 1 (one) en t i t y as

owner o f 1 (one) share whos e name is r eg i s te red in t he

Com pany ’s Share Reg is te r as owner o f t he share .

3 . I f due t o wha t soeve r reason a share i s owned by sever a l peop le ,

t hos e c o l l ec t i ve owners m us t ass ign in wr i t i ng one among them o r

appo in t ano the r pe rs on as t he i r mu t ua l a t t o rney and the o ne

appo in t ed o r em power ed i s t he on l y one who has t he r igh t t o

exe r c ise t he r igh t g i ven by l aw on suc h s har e .

4 . As long as t he p r ov i s i on in pa r ag raph 3 above i s no t ye t

imp lement ed , suc h s har eho lde rs has no r igh t t o g i ve a vo te i n a

1 5

Gener a l Mee t i ng o f Shareh o lde rs , wh i le payment o f d i v i dend f o r

s uc h shares s ha l l be de f e r red .

5 . A Ho lde r o f a sp l i t s ha r e nomina l va lue i s no t g i ven an ind i v i dua l

vo t ing r igh t excep t ano t he r sp l i t s ha r e nom ina l va lue whos e s har e

c l ass i f i c a t ion has a nom ina l va lue o f 1 (one) share n om ina l . The

p rov i s i ons in pa r agr aph 3 and 4 o f t h i s Ar t i c l e 5 o f t he Ar t i c l es o f

Ass oc ia t i on i s m u ta t i s mu tand i s va l i d f o r a s p l i t sha re nom ina l

va lue .

6 . A l l sha reho lde rs mus t c omp ly t o t he Ar t i c l es o f As soc ia t ion and t o

a l l r es o lu t ions va l id l y t ak en i n a Ge ne ra l Mee t ing o f Sha reho lde rs

and p reva i l i ng laws and r egu la t i on s .

7 . For t he Company ’ s s har es r eg is t e red i n t he I ndones ian S tock

Exc hange the regu la t i on o f t he cap i t a l mark e t app l y .

8 . A l l sha res i ss ued by t he Com pany c an be pu t up f o r sec ur i t y

c omp ly i ng t o t he l aws and r egu la t i ons o f p rov id ing s har es

s ec ur i t y , l aws and r egu la t ions in t he f i e l d o f Cap i t a l Mark e t and

the Law regar d ing L im i t ed L i ab i l i t y Compan ies .

SH ARES CERTIF I CATES

Ar t i c le 6

1 . The Com pany may i s sue sha res c e r t i f i c a tes . I n t he even t t ha t t he

Com pany ’s s har es i s no t i nc luded in t he Co l lec t i ve Cus tody i n a

Ho ld ing and Se t t lem en t I ns t i t u t i on , t he Company mus t g i ve a

p roo f o f sha res owne rs h ip i n t he f o rm o f a shar e ce r t i f i ca te o r

c o l lec t i ve share t o t he owner . Shares c e r t i f i ca t es and /o r

1 6

c o l lec t i ve s har es c e r t i f i ca t es mus t be p r i n ted ac cor d ing t o t he

p rov i s i on o f p reva i l i ng laws and r egu la t i ons in t he Cap i t a l mark e t

and s igned by o r s igna tu r e d i rec t l y p r i n ted on t he shares o f an

au tho r i zed mem ber o f t he Board o f D i rec t o rs r ep r esen t i ng t he

Board o f D i r ec to r s acc ord ing t o t he Ar t i c l es o f As soc ia t ion .

2 . I f a shar e ce r t i f i c a te i s i s sue then f o r eac h share s ha l l be g i ven

one share ce r t i f i c a te .

3 . Co l lec t i ve s har es ce r t i f i ca te may be i ss ued as p roo f o f owne rs h ip

by 2 ( t wo) o r mor e s har es owned by one s har eho lde r .

4 . Shares i nc l uded i n t he Co l l ec t i ve Cus t ody w i t h t he Ho ld i ng and

Se t t lem en t I ns t i t u t ion o r a Cus tod ian Bank as pa r t o f t he Rek sa

Dana Secur i t i es i n t he f o rm o f a co l l e c t i ve inves tmen t con t rac t

and no t i nc luded in t he Co l l ec t i ve Cus tody w i t h t he Ho ld i ng and

Se t t lem en t I ns t i t u t ion , t he Company i ss ues a c e r t i f i c a te o r

wr i t t en con f i rm a t i on t o t he Ho ld ing and Se t t l emen t I ns t i t u t i on o r

s uc h Cus tod ian Bank as p r oo f o f r eg i s t r a t ion in t he Company ’ s

Shareho lde rs Reg is t e r , s igned by an au t ho r i zed mem ber o f t he

Board o f D i rec t o rs r ep r esen t ing t he Board o f D i rec to r s pu rs uan t

t o t he Ar t i c l es o f As soc ia t ion o r such s igna tu r e i s d i r ec t l y p r i n ted

i n t he wr i t t en c on f i rma t i on .

DUPLIC ATE SH AR E CERTI F IC ATE

Ar t i c le 7

1 7

1 . I f a shar e ce r t i f i ca t e i s dam aged a dup l i c a te s har e ce r t i f i ca te

s ha l l be i s sued , p rov ided t ha t :

a . The pa r t y subm i t t i ng t he reques t i s t he owner o f s uc h s har e ;

and

b . The Company has rece i ved t he dam aged s har e .

2 . The Com pany mus t d i spose o f t he damaged s har e c e r t i f i ca t e

a f t e r i ss uanc e o f a dup l i ca te .

3 . I n t he even t t ha t t he share c e r t i f i ca te i s lo s t , a rep lacement o f

s uc h share m ay be c onduc ted p r ov ided t ha t :

a . The Par t y s ubm i t t i ng t he reques t o f sha re exchange i s t h e

owner o f such share ;

b . The Company has ob ta i ned an o f f i c ia l doc ument o f t he Po l i c e

o f t he Repub l i c o f Indones ia s t a t ing t he l os t o f such s hare ;

c . The Par t y s ubm i t t i ng t he r eques t f o r t he s har e has g iven a

guar an t ee deemed s a t i s f ac to r y by t he Company ’ s Board o f

D i rec t o rs ; and

d . t he p l an t o i ss ue a share dup l i ca te f o r t he los t sha re i s

announc ed in t he S tock Exchange where t he Company ’s s har e

i s l i s t ed w i t h i n a t ime per i od o f t he la t es t 14 ( f ou r teen) days

p r i o r t o t he i s suanc e o f a s har e dup l i c a te .

4 . A f t e r t he dup l i c a te i s i ss ued , t he o r ig i na l t he r eo f sha l l be

dec la red nu l l and vo id t o t he Com pany.

5 . A l l e xpenses i nc u r r ed f o r t he i ss ue o f a dup l i ca t e sha l l be bo rne

by t he re l evan t s har eho lde r .

1 8

6 . The p r ov is i on as re f e r red t o i n t h i s a r t i c le 7 s ha l l b e ‘m u ta t i s

mu t and is ’ app l i c ab le t o t he i ss ue o f a dup l i c a te f o r a co l l ec t i ve

s har e c e r t i f i ca t e o r wr i t t en con f i rma t ion .

REGI STER OF SHAREHO LDERS AN D SPECI AL REGISTER

Ar t i c le 8

1 . The Boar d o f D i r ec to r s o r an appo in ted a t t o r ney sha l l p rov ide and

ma in ta i n a R eg i s te r o f Shar eho lde rs and Spec ia l Reg i s te r a t t he

p lac e o f t he Com pany ’ s dom ic i le .

2 . I n such r eg is t e r o f s ha r eho lde rs s ha l l be reco r ded :

a . name and address o f s ha r eho lde r s o r t he Ho ld ing and Se t t lemen t

I ns t i t u t ion o r o t he r pa r t y appo in ted by t he ac coun t ho lde r in t he

Ho ld i ng and Se t t lem en t I ns t i t u t i on , o r Cus tod ian Bank f o r t he

i n t e res t o f t he Par t i c i pa t ing Un i t

b . am oun t , num ber and da te o f sha r e ce r t i f i ca t e i ssuance o r

c o l l ec t i ve s har e c e r t i f i c a te owned by s evera l s ha r eho lde rs ;

c . t he am oun t pa id on eac h s har e ;

d . name and addr ess o f pe rs on o r lega l en t i t y hav ing a mor tgage on

s har es and o r ho lde r o f f i duc ia r y secu r i t y on shares and t he da te

o f ob t a in i ng suc h mor tgage and o r da te o f f i duc ia r y on such

s har es ;

e . a ce r t i f i c a te o f sha r e depos i t i n k i nd bes ides money ;

f . Change in shares owne rs h ip ;

g . o t he r in f o rmat ion deem ed necess ar y by t he Boar d o f D i rec to rs

and o r ob l iga to r y by l aw.

1 9

3 . I n t he Spec ia l Reg is t e r i s reco r ded in f o rmat ion regard ing t he

owner sh ip o f s ha r es by t he Board o f D i rec to r s and Board o f

Comm iss ioners and the i r f am i l y i n t he Company and /o r in o t he r

Com pan ies and the da te t he shares a re ob t a ined .

4 . Shareho lde rs mus t no t i f y any movement i n addres s in wr i t i ng t o t he

Board o f D i r ec t o r s .

P r io r t o t he p r ope r rec e ip t by t he Boar d o f D i r ec t o rs o f such

no t i f i ca t i on , a l l ca l l s and no t i f i c a t ion t o t he Shareho lde r sha l l be

va l i d i f s en t t o t he l as t address reco r ded i n t he Shareho lde rs

Reg is te r .

5 . The Board o f D i rec to r s may appo in t and au t ho r i ze a Sec ur i t y

Adm in i s t ra t i ve Bureau to conduc t reg is t r a t ion i n t he Com pany ’s

Shareho lde r Reg i s te r and Spec ia l Reg i s t e r .

6 . Any Shar eho lde r o r t he i r p rox ies a r e en t i t l ed t o s ee t he

Shareho lde rs Reg is t e r and Spec ia l Reg is t e r , r e l a ted t o t he r e la t ed

s har eho lde r a t t he wo rk i ng hours o f t he Company ’ s Of f i ce .

7 . Reg is t ra t i on and o r c hanges in t he Company ’ s Shar eho lde rs

Reg is te r m us t be approved by t he Boar d o f D i rec t o rs and ev idenc e

by t he s ign ing o f such r ec o rd on s uc h c hanges by t he Pres iden t

D i rec t o r o r O f f i c e r g i ven such a t t o r ney .

8 . Reg i s t ra t i on o r r ec o rd ing i n t he share Reg is t e r , i n c lude rec o rds

r egard ing sa les , t r ans f e r , co l l a te r a l , p l edge , f i duc ia r y o r c es s ion

c oncer n ing t he c ompany shares o r r igh t s o r i n te r es t on t he shares

s ha l l be accor d ing t o t h i s Ar t i c le s o f Assoc ia t ion and shares

r eg is t e red in t he S tock Exc hange app l i c ab le law and r egu la t ion in

t he f i e l d o f cap i t a l Ma rk e t and the regu la t ion in t he S tock Exchange

2 0

i n I ndones ia where t he shares a re l i s t ed . A p l edge o f sha re mus t be

r eco r ded i n t he Company ’s Shareho lde r s Reg is te r by means

s t i pu la ted by t he Com pany based on sa t i s f ac to r y ev idence acc ep t ed

by t he Boar d o f D i r ec to r s r egard ing such P ledge . Ack nowledgement

r egard ing s har e p ledge by t he Company as c ons ide red in Ar t i c le

1153 Book o f C i v i l Law sha l l o n l y be p roved by a r eg is t r a t ion

r egard ing s uch p ledge i n t he Company ’ s Shar eho lde r s Reg is t e r .

COLLECTI VE CUSTO DY

Ar t i c le 9

1 . S tock s in t he Co l l ec t i ve Cus t ody w i t h t he Ho ld i ng and Se t t lem en t

I ns t i t u t ion mus t be r eg is t e red in t he Shares Reg i s te r on beha l f o f t he

Ho ld i ng and Se t t lemen t I ns t i t u t ion f o r t he bene f i t o f a l l ac coun t

ho lde rs w i t h t he Ho ld i ng and Se t t lemen t I ns t i t u t i on .

2 . Shares i n Co l lec t i ve Cus tody w i t h t he Cus tod ian Bank o r Sec ur i t i e s

Com pany l i s t ed in t he Sec ur i t i es ac coun t in t he Secu r i t i es Com pany

l i s t ed on beha l f o f t he Cus t od ian Bank o r s uch Ho ld ing and Se t t lem en t

I ns t i t u t ion f o r t he bene f i t o f t he ac coun t ho lde r w i t h t he Cus tod ian

Bank o r such Secur i t i e s Company.

3 . I n t he even t t ha t t he shares i n t he Co l l ec t i ve Cus tody w i t h t he

Cus tod ian Bank i s pa r t o f t he I nves tmen t Fund o f t he Sec ur i t i es

Por t f o l i o c ons t r uc ted f rom a c o l l ec t i ve i nves tmen t c on t rac t and no t

i n c luded i n t he Co l l ec t i ve Cus tody w i t h t he Ho ld ing and Se t t lem en t

I ns t i t u t ion , t he Company sha l l r eg is te r such s t ock s i n t he

Shareho lde rs Reg is t e r on beha l f o f t he Par t i c ipa t i on Un i t owner o f t he

I nves tmen t Fund co l l ec t i ve inves tm en t c on t r ac t .

2 1

4 . The Company m us t i s sue a c e r t i f i ca t e o r wr i t t en c on f i rma t ion t o t he

Ho ld i ng and Se t t lemen t I ns t i t u t ion o r Cus tod ian Bank as p roo f o f

r eg is t r a t ion i n t he Com pany ’s Shareho lde r s Reg i s te r .

5 . The Company m us t t r ans f e r s har es in t he Co l lec t i ve Cus tody

r eg is t e red on beha l f o f t he Ho ld ing and Se t t l emen t I ns t i t u t i on o r

Cus tod ian Bank f o r I nves tmen t Fund in t he f o rm o f a co l le c t i ve

i nves tmen t con t rac t i n t he Com pany ’s Shareho lde rs Reg is t e r t o

bec ome on beha l f o f t he pa r t y appo in ted by s uch Ho ld ing and

Se t t lem en t I ns t i t u t ion o r Cus tod ian Bank .

T rans f e r reques t mus t be s ubm i t t ed by t he Ho ld ing and Se t t lem en t

I ns t i t u t ion o r Cus tod ian Bank to t he Com pany o r Sec ur i t i e s

Adm in i s t ra t ion Bureau appo in ted by t he Company .

6 . The Ho ld ing and Se t t l emen t I ns t i t u t i on , Cus tod ian Bank , o r Secur i t i es

Com pany mus t i ssue a wr i t t en con f i rma t i on t o t he ac coun t ho lde r as

p roo f o f r eg is t r a t i on i n t he s ecur i t i es acc oun t .

7 . I n t he Co l l ec t i ve Cus tody , eac h s har e i s sued by t he Company f rom a

s im i la r c l as s i f i ca t i on i s equa l and may be exc hanged one f o r t he o the r .

8 . The com pany mus t r e j ec t t o reg i s te r shares in t o t he Co l lec t i ve Cus tody

pu rpor ted l y r epor ted l os t o r des t royed , exc ep t i f t he s h areho lde r

r eques t i ng suc h t rans f e r can p r ov ide va l i d p r oo f and /o r guaran tee tha t

s uc h shares a r e t r u l y l os t o r des t royed .

9 . The Company m us t re j ec t t o reg i s te r a s har e t rans f e r i n to a Co l l ec t i ve

Cus tody in t he even t t ha t suc h s har es a r e pu t up f o r secu r i t y ,

c on f i s ca t ed based on a cour t ve rd ic t o r due to a c r im ina l p r oc eed ing .

10 . Acc oun t ho lde rs w i t h shares i n a co l lec t i ve c us t ody i n a Ho ld i ng and

Se t t lem en t I ns t i t u t ion , Cus t od ian Bank o r Sec ur i t i es company a r e

2 2

en t i t l ed t o c as t vo te i n a G enera l Mee t ing o f Shareh o lde rs o f t he

Com pany accor d ing t o t he number o f s ha r es owned in s uc h s ecur i t i es

acc oun t .

11 . A Cus t od ian Bank and Secur i t i es Company mus t submi t a l i s t o f

Sec ur i t i e s ac coun t and num ber o f Company s har es owned by t he

r espec t i ve accoun t ho lde r w i t h t he Cus tod ian Bank and Sec ur i t i e s

Com pany to t he Ho ld i ng and Se t t lemen t I ns t i t u t i on t o be f u r t he r

s ubm i t t ed t o t he Com pany a t t he l a tes t 1 (one) work ing day p r io r t o

t he c a l l o f t he Gene ra l Mee t ing o f Sha reho lde rs .

12 . An I nves tmen t Manager i s en t i t l ed t o be p r es en t and cas t vo te i n a

Gener a l Mee t i ng o f Shareho lde rs on t he Company ’ s s hares inc l uded i n

t he Co l lec t i ve Cus tody w i t h t he Cus tod ian Bank , be ing pa r t o f t he

s ec ur i t i es po r t f o l i o Co l lec t i ve I nves tmen t in t he f o rm o f co l l ec t i ve

i nves tmen t con t rac t s and no t i nc l uded in t he Co l l ec t i ve Cus tody in t he

Ho ld i ng and Se t t lemen t I ns t i t u t ion w i t h t he p rov i s ions t ha t such

Cus tod ian Bank mus t f o r ward such I nves tmen t Manager nam e a t t he

l a t es t 1 (one) work i ng day p r i o r t o t he c a l l o f t he Gener a l Mee t ing o f

Share ho lde rs .

13 . The Company m us t s ubm i t d i v i dend , bonus s har es , o r o the r r igh t s

r e l a ted t o t he s hares owners h ip in t he Co l l ec t i ve Cus t ody t o t he

Ho ld i ng and Se t t lemen t I ns t i t u t ion and f u r t he r t o i t t he Ho ld ing and

Se t t lem en t I ns t i t u t ion s ubm i t t he d i v i dend , bonus shares , o r o the r

r igh t s t o t he Cus tod ian Bank and the Sec ur i t i e s Company f o r t he

i n t e res t o f eac h acc oun t ho lde r i n s uch Cus tod ian Bank and Secur i t i es

Com pany.

2 3

14 . The Company m us t s ubm i t t he d i v i dend , bonus s har e o r o t he r r igh t

r e l a ted t o t he s hares owners h i p t o t he Cus tod ian Bank on the s har e s

i n t he Co l l ec t i ve Cus tody in t he Cus tod ian Bank f o rm ing pa r t o f t he

Co l lec t i ve Fund Sec ur i t i es po r t f o l i o in t he f o rm o f a co l lec t i ve

i nves tmen t and no t in c luded i n t he Co l l e c t i ve Cus tody w i t h t he Ho ld ing

and Se t t l emen t I ns t i t u t i on .

15 . The t im e l im i t o f t he dec is ion o f t he Secur i t i es accoun t ho lde r

en t i t l ed t o ob ta i n d i v i dends , bonus sha res , o r o t he r r igh t s r e la t ed t o

t he s har es owner sh ip in t he Co l lec t i ve Cus tody i s dec ided in t he

Gener a l Mee t i ng o f Shareho lde rs w i t h t he p r ov is i ons t ha t t he

Cus tod ian Bank and Secur i t i es Company m us t f o r ward t he l i s t o f t he

Sec ur i t i e s ac coun t ho lde rs and the number o f t he Com pany ’ s s har es

owned by such r espec t i ve Sec ur i t i es acc oun t ho lde r s t o t he Ho ld i ng

and Se t t l emen t I ns t i t u t i on t o be f u r t he r s ubm i t t ed t o t he Com pany a t

t he la t es t 1 ( one) day work i ng day as o f t he da t e used to s t i pu la t e t he

s har eho lde rs en t i t l ed t o ob t a in s uc h d i v i dends , bonus sha res , o r o t he r

r igh t s .

TRANSFER OF RIGHT TO STOCKS

Article 10

1 . I n t he even t o f a change i n t he owners h ip o f a s har e , t he o r ig i na l

owner l i s t ed in t he Reg is t e r o f Shareho lde rs sha l l c on t inue to be

deem ed the s har eho lde r un t i l t he name o f t he new sha reho lde r

has been en te r ed in t o t he Reg is t e r o f Shar eho lde rs , one and th e

o t he r w i t hou t p r e j ud i ce t o t he pe rm iss ion o f t he au t ho r i t i e s and

2 4

l aws and r egu la t ions in t he S t ock Exc hange in I ndones ia wher e

t he s har es a re l i s t ed .

2 . A l l t r ans f e r o f r i gh t s t o s har es s ha l l be ev idenced by a document

s igned by o r on beha l f o f t he t rans fe r r i ng pa r t y and by o r on

beha l f o f t he t rans fe r r i ng pa r t y by and on beha l f o f t he rece i v ing

pa r t y o f t he t rans f er o f r i gh t t o t he sha res concer ned .

3 . Doc uments conce rn ing t he t r ans f e r o f r i gh t s t o shares as re f e r red

t o in pa rag raph 2 t h i s a r t i c le sha l l be i n t he f o rmat as s t ipu la t ed

and ac cep tab le t o t he Board o f D i rec to rs and a copy s ubm i t t ed t o

t he Boar d o f D i rec t o rs , w i t h t he s t i pu la t i on t ha t t he t rans f e r

doc ument o f t he shares r eg is t e red in t he S tock Exchange mus t

c omp ly w i t h p r eva i l i ng regu la t ions in t he Cap i t a l Mark e t and

r egu la t ions o f t he S t ock Exc hange in I ndones ia where t he

Com pany s har es a re l i s t ed .

4 . The t rans f e r o f r i gh t on a share reco r ded in t he acc oun t w i t h t he

Co l lec t i ve Cus t ody i s conduc t ed by book t rans f e r o f one

Sec ur i t i e s ac coun t t o ano t he r i n t he Ho ld ing and Se t t lem en t

I ns t i t u t ion , Cus t od ian Bank , and Secur i t i e s Company.

5 . A t rans f e r o f r i gh t t o shares can on l y be c onduc ted p r ov ided t ha t

a l l s t i pu la t ions in t he Ar t i c les o f Ass oc ia t ion have been met .

6 . A t r ans f e r o f r i gh t t o shares i s reco r ded bo th in t he conc erned

Com pany ’s Shareho lde rs Reg is t e r and a l so i n t he s har es

c e r t i f i ca t e o r c o l lec t i ve share ce r t i f i c a te . Suc h reco r d m us t be

2 5

s igned by t he Pres iden t D i r ec t o r o r an o f f i c i a l g i ven an a t t o rney

t o do so .

7 . The Board o f D i rec to r s may re f use to l i s t t he t rans fe r o f r i gh t s t o

a s har e in t he Reg is te r o f Shareho lde rs i f t he p rocedur es

s t i pu la ted i n t he Com pany ’s Ar t i c l es o f Assoc ia t ion has no t been

adhered to o r i f one o f t he c ond i t i ons f o r t r ans f e r o f o wne rsh ip o f

a share has no t been met .

8 . I f t he Board o f D i rec to rs r e f use to reg i s te r t he t r ans f e r o f r i gh t s

t o s har es , i t sha l l be requ i red t o s end a no t i f i ca t i on t o t he

t rans f e r r ing pa r t y w i t h in 30 ( t h i r t y ) days a f t e r t he da t e o f r ec e ip t

by t he Boar d o f D i rec to r s .

9 . Ever y re f us a l t o l i s t a r igh t t r ans fe r o f t he Company l i s t ed i n t he

S tock Exchange , mus t comp ly w i t h p reva i l i ng regu la t ions in t he

c ap i t a l mark e t and regu la t i ons o f t he S t ock E xc hange whe re t he

s har es a re l i s t ed .

10 . A c a l l f o r a Genera l mee t i ng o f Shareho lde r s does no t p reven t a

r eg is t r a t ion on r igh t t r ans f e r on s har es in t he Com pany ’s

Shareho lde rs Reg is t e r .

11 .The Shareho lde rs Reg is te r mus t be c l os ed 1 (one) day p r io r t o t he

c a l l o f a Gener a l Mee t ing o f Shar eho lde rs t o s t i pu la t e t he na mes

o f t he shareho lde rs en t i t l ed t o a t t end such G enera l Mee t ing o f

Shareho lde rs .

2 6

1 2 . Pers ons r ece iv i ng r igh t s t o s tock s by v i r t ue o f t he dea th o f a

s har eho lde r o r due to ano the r c ause resu l t i ng in t he c hange in

owner sh ip o f t he share ac cor d ing t o l aw, may s ubm i t a wr i t t en

app l i ca t ion t o be l i s t ed as a s har eho lde r , accom pan ied by

ev idenc e o f such r igh t s as requ i red by t he Boar d o f D i rec t o rs

f r om t im e t o t ime . Suc h r eg is t r a t ion may on l y be pe r f o rmed in t he

even t t ha t t he Board o f D i r ec to rs deems s uc h ev idenc e

acc ep t ab le , w i t hou t p re j ud ic e t o p reva i l i ng l aws and r egu la t i ons

i n t he cap i t a l marke t .

13 . A l l l im i t a t i ons , p roh ib i t i ons and p rov i s ions i n t he Ar t i c les o f

Ass oc ia t i on govern ing t he r igh t t o t r ans f e r r igh t s t o s tock s and

r eg is t r a t ion o f t he t rans f e r o f r i gh t s t o s tock sha l l a l s o app l y

mut a t i s mu t and i s t o any t r ans f e r o r r igh t s pu rs uan t t o pa rag raph

4 he r eo f .

14 . Shareho lde rs as re f e r red t o i n Ar t i c l e 21 pa r ag raph 2 le t t e r a

mus t no t as s ign t he i r sha res ownersh ip w i t h i n a pe r iod o f 6 ( s i x )

mon ths as o f t he Gener a l Mee t ing o f Shareho lde rs i f t he r eques t

t o ho ld a Genera l Mee t i ng o f Shar eho lde rs i s appr oved by t he

Board o f D i rec to r s o r Board o f Comm is s ioners o r s t ipu la ted by a

c our t .

BO ARD O F DIRECTO RS

Ar t i c le 11

1 . The Company i s managed and l ead by a Boar d o f D i rec to rs o f wh ic h

t he num ber i s c ommens ura te t o t he need o f Company w i t h t he

2 7

s t i pu la t i on o f a t l eas t 2 ( t wo) pe rs ons , one o f t hem sha l l be

appo in t ed as Pres iden t D i rec to r .

2 . Those ab le t o be appo in ted as a m ember o f t he Boar d o f D i rec t o rs

a re I ndones ian C i t i zens , who mee t t he requ i r ement s a t t he t ime o f

appo in tm en t and du r i ng t he t e rm i n o f f i c e :

a . has good m ora l and i n teg r i t y ;

b . ab le t o c onduc t l ega l ac t ions ;

c . du r ing 5 ( f i ve ) years p r io r t o h i s /he r appo in tm en t and du r ing

t he t e rm i n o f f i c e :

1 . i s never dec la red bank rup t ;

2 . has never been a mem ber o f t he Board o f D i r ec t o rs

and / o r Board o f D i r ec to r s ac cused o f be ing t he reas on

f o r a c ompany t o be dec la r ed bank rup t ;

3 . never been s en t enc ed due to a c r im ina l ac t wh ic h was

de t r imen ta l t o t he s ta t e f i nanc ia l and / o r re la t ed t o

f i nanc ia l s ec to r ; and

4 . never been a member o f t he Board o f D i rec t o rs and /o r

Board o f D i r ec to r s who dur ing i t s t e rm in o f f i ce :

a . d i d no t c onvene an annua l Gene ra l Mee t ing o f

Shareho lde rs ;

b . has never been acc oun tab le as mem ber o f t he

Board o f D i rec to rs and / o r Boar d o f Comm is s ioners

t o t he Gener a l Mee t i ng o f Shareho lde rs o r d i d no t

s ubm i t an accoun tab le r epor t as m ember o f t he


t o a Gener a l Mee t ing o f Shar eho lde r s ; and

2 8

c . c aused a c ompany wh i c h has ob ta i ned a l i c ense ,

appr ova l , o r reg is t ra t i on f rom the F inanc ia l Ser v i ce

Au t ho r i t y unab le t o mee t i t s ob l iga t ion t o submi t

an annua l r epor t and /o r f i nanc ia l s ta tem ent t o t he

F inanc ia l Se r v ic e Au t ho r i t y .

d . has t he c ommi tmen t t o c omp ly t o l aws and

r egu l a t ions ; and

e . has t he capac i t y and /o r exper t i n t he f i e l d needed

by t he Company .

Bes ides mee t ing t he requ i rem ent s as con tem p la ted above , t he

appo in tm en t o f t he mem ber o f t he Boa rd o f D i rec to r s i s c onduc ted

by obs er v ing o t he r r equ i r ements pu rs uan t t o l aws and r egu la t ions .

3 . Mee t ing t he requ i r ement s as con temp la ted i n pa rag raph 2 t h i s

a r t i c le , i s p roved by a ce r t i f i c a te s igned by t he cand ida te mem ber

o f t he Boar d o f D i rec t o rs and s uch l e t t e r i s subm i t t ed t o t he

Com pany, s uc h Cer t i f i c a te m us t be exam ined and docum ent ed by

t he Company .

4 . The Company mus t c onvene a Gener a l Mee t ing o f Shar eho lde rs , t o

c onduc t rep lacem ent o f t he member o f t he Boar d o f D i rec to r s who

has no t m e t t he r equ i rem ents as r e f er r ed t o i n pa rag raph 2 he reo f .

5 . Mem ber s o f t he Board o f D i rec to rs a re appo in t ed by t he Gener a l

Mee t ing o f Shar eho lde r s f r om the c and ida t es p roposed by t he Ser ia l

A Dwiwar na Shar e Ho lde r a f t e r go ing t h r ough a cand ida c y p rocess

pu rs uan t t o l aws and r egu la t ions and s uc h c and idac y i s b i nd ing on

t he Gene r a l Mee t i ng o f Shareho lde rs .

2 9

6 . Mem ber s o f t he Boa rd o f D i rec to rs a re appo in ted and d ism is sed by

t he Genera l Mee t i ng o f Shareho lde rs , and such Gener a l Mee t ing o f

Shareho lde rs m us t be a t t ended by t he ho lde r o f the s e r ia l A

Dwiwa r na shareho lde r ; and the res o lu t i on o f t he Mee t ing mus t be

appr oved by t he ho lde r o f t he s e r ia l A Dwiwar na shareho lde r by

o bs er v i ng t he p r ov i s i ons in A r t i c l e 24 pa r ag raph 1 and 8 o f t he

A r t i c les o f Ass oc ia t ion .

The te rm i n o f f i ce o f t he res pec t i ve mem ber s o f t he Boar d o f

D i rec t o rs i s as o f the da t e o f t he Gene ra l Mee t i ng o f Sha reho lde rs

who appo in ted ( t hem) and s ha l l t e rm ina te a t t he c los i ng o f t he 5 t h

( f i f t h ) yea r Annua l G enera l Mee t i ng o f Shareho lde rs as o f t he da te

o f ( t he i r ) appo in tmen t , w i t hou t p re j ud i c e t o t he r igh t o f the Gener a l

Mee t ing o f Shareho lde r s t o d ism iss t he members o f t he Board o f

D i rec t o rs a t any t ime p r io r t o t he t e rm ina t ion o f t he i r t e rm i n o f f i ce

by men t ion ing t he r eas on , among o t he rs i f t he m ember o f t he Board

o f D i rec t o rs i s unab le t o c onduc t h i s / he r du t ies we l l , does no t

imp lement laws and r egu la t ions and /o r s t i pu la t ion o f t he a r t i c les o f

ass oc ia t i on , i s i n vo l ved in ac t ions wh i c h a re de t r imen t a l t o t he

Com pany and / o r S ta t e due to neg l igenc e o r e r r o r by t he member

c oncer ned , i s p r onounced t o be gu i l t y by a ve rd ic t o f a cour t wh i ch

a l r eady has lega l power , and / o r res ign . Suc h d ism iss a l p rocess

s ha l l be cond uc ted acc ord ing t o t he p rov i s i ons o f l aw s and

r egu la t ions . Exc ep t i f such d ism iss a l i s due to a sen tence o f a cour t

wh i c h has l ega l powe r and i f he / s he r es ign , t he member o f t he

Board o f D i r ec to r s c oncer ned i s g i ven an oppor t un i t y t o be p r esen t

i n t he G ene ra l Mee t ing o f Shareho lde rs t o de f end he r / h im s e l f .

3 0

Suc h d ism is sa l sha l l be e f f ec t i ve as o f t he c l os i ng o f t he Genera l

Mee t ing o f Shar eho lde r s wh ic h reso lved such d ism iss a l , exc ep t i f i t

i s o the r w i se s t i pu la t ed by t he Gener a l Mee t ing o f Shareho lde rs .

A t t he end o f t he i r t enure , a mem ber o f t he Boa rd o f D i r ec to r s may

be r eappo in t ed by t he Gener a l Mee t ing o f Shareho lde rs on l y f o r 1

( one ) more t e rm in o f f i ce .

7 . Mem ber s o f t he Board o f D i rec to rs and be t ween members o f t he

Board o f Comm is s ioner s and Boar d o f D i rec t o rs t he re sha l l be no

f am i l y re l a t ionsh ip un t i l t he t h i rd genera t i on whe the r in s t r a igh t o r

s i de d i rec t i on , i n c lud ing re l a t i on due to m ar r iage .

8 . A member o f t he Board o f Comm is s ioners i s g i ven a mon th ly

r emunera t i on and o the r bene f i t s in c lud ing a bonus a f t e r the i r t enure

acc ord ing t o p reva i l i ng s t ipu la t ion o f wh ic h t he am oun t sha l l be

dec ided by t he G ene ra l Mee t ing o f Sha reho lde rs .

9 . I f due to any reason wha t soever t he pos i t i on o f one o r more o f t he

Board o f Commiss ioner s members bec ome vac an t , w i t h in t he l a te s t

60 ( s i x t y ) days a f t e r s uc h vacanc y , a Gener a l Mee t ing o f

Shareho lde rs mus t be he ld t o f i l l i n such vacanc y . As l ong as s uch

pos i t i on i s vacan t and no rep lac ement ava i lab le o r no t ye t i n

pos i t i on , ano t he r mem ber o f t he Board o f D i r ec to r s appo in t ed by t he

Board o f Comm iss ioner s , sha l l under tak e the du t i es o f such mem ber

vac anc y , w i t h t he sam e au tho r i t y and r igh t .

10 . I f due t o any reason t he Company has no members o f t he Board o f

D i rec t o rs due to a cond i t i on as re f e r r ed t o in pa rag raph 6 he reo f ,

f o r t he t ime b e ing t he Board o f Comm iss ioners mus t imp lement t he

c u r ren t du t ies o f t he Boar d o f D i r ec t o rs bu t on l y en t i t l ed t o c onduc t

3 1

t he c u r ren t managem ent r e l a ted t o cu r ren t ma t te rs and ac t i v i t i es ,

w i t h t he ob l iga t ion t o a t l eas t w i t h i n 60 ( s i x t y ) days a f t e r suc h

vac anc y t o ca l l a Gener a l Mee t ing o f Shar eho lde r s t o f i l l i n s uc h

vac anc y .

11 . A member o f t he Boar d o f Comm is s ioners i s en t i t l ed t o r es ign

he rs e l f / h ims e l f f rom he r /h is pos i t i on by no t i f y ing i n wr i t i ng

r egard ing such in ten t ion t o t he Company a t t he la tes t 90 (n ine t y )

days p r io r t o t he da t e o f r es igna t i on .

The Com pany mus t ho ld a Genera l Mee t i ng o f Shareho lde r s t o

r eso l ve on t he r eques t o f r es igna t ion f rom a m ember o f t he Board o f

D i rec t o rs , w i t h in a t l eas t 90 (n ine ty ) days a f t e r rece i v i ng suc h

r es igna t i on le t t e r .

P r io r t o such res igna t ion i s e f f ec t i ve t he conc erned member o f t he

Board o f D i r ec t o rs mus t s t i l l conduc t i t s du t i es and respons ib i l i t i es

acc ord ing t o t he a r t i c les o f ass oc ia t i on and p reva i l i ng laws and

r egu la t ions .

The acqu i t e t decha rge o f t he mem ber o f t he Boar d o f D i r ec to r s who

r es igned i s g i ven a f t e r t he Annua l Genera l Mee t i ng o f Shareho lde rs

s e t he r /h im f ree as o f t he e f f ec t i ve da te o f r es igna t ion .

12 . The Com pany mus t conduc t an open in f o rmat ion t o t he commun i t y

and subm i t t o t he F inanc ia l Ser v ic e Au t ho r i t y a t t he la tes t 2 ( t wo)

bus ines s days a f te r rece i v i ng t he reques t f o r a res igna t ion o f a

mem ber o f t he Boa rd o f D i r ec t o rs and the res u l t o f the Genera l

Mee t ing o f Shareho lde r s .

13 . I n t he even t t ha t a mem ber o f t he Board o f D i rec t o rs r es ign and

r esu l t i n t he members o f t he Boar d o f D i r ec t o rs becom ing les s t han

3 2

2 ( t wo) pe rs ons , such res igna t ion sha l l be va l i d i f i t i s s t i pu la ted by

t he Genera l Mee t ing o f Shar eho lde rs dec id ing on s uch r es igna t ion

and a new m ember o f t he Board o f D i r ec to r s has been appo in ted so

t ha t i t mee ts t he m in im a l requ i rem ents o f t he mem bers o f t he Board

o f D i r ec to r s .

14 . The pos i t i on o f a mem ber o f t he Board o f Commiss ioner s t e rm ina t es

i n t he even t t ha t :

a . t he t e rm i n o f f i c e has exp i red ;

b . r es ign i t s e l f ac co rd ing t o t he p r ov is ions o f pa rag raph 1 1 th is

a r t i c le ;

c . does no t mee t the requ i rem ents o f p reva i l i ng laws and

r egu la t ions ;

d . pas sed away ;

e . d i sm iss ed pu rs uan t t o a reso lu t i on o f t he Gener a l Mee t ing o f

Shareho lde rs .

15 . Mem ber s o f t he Board o f D i r ec t o rs a re p roh ib i t ed t o ho ld a

c oncur r en t pos i t i on as :

a . mem ber o f t he Boar d o f D i r ec to r s i n a S t a te O wned Company,

Reg iona l Bus ines s Com pany, p r i va te bus iness en t i t y ;

b . o t he r pos i t i ons ac cor d ing t o t he p rov i s i ons o f l aw and

r egu la t ion ;

f . a mem ber o f a po l i t i ca l pa r t y and o r l eg is l a t i ve

c and ida te /mem ber ; and / o r

g . o t he r pos i t i ons wh ic h may l ead to a con f l i c t o f i n te r es t

DUTI ES AND AUTHORI T IES OF THE BO ARD O F DIRECTO RS

3 3

A r t i c le 12

1 . The m a in du t y o f t he Boar d o f D i rec t o rs a re :

a . To l ead and manage the Company acco rd ing t o t he Company ’ s

ob jec t i ves and goa l s and con t inuous ly e f f o r t s t o improve t he

c ompany ’ s e f f i c i enc y and e f f ec t i v eness .

b . To c on t r o l , ma in t a in and manage t he Com pany ’s ass e ts .

2 . The Boar d o f D i rec t o rs i s f u l l y respons ib l e i n c onduc t i ng i t s du t ies

f o r t he in t e res t o f t he Company in ac h iev ing i t s goa ls and

ob jec t i ves .

3 . Ever y m ember o f the Board o f D i r ec to rs m us t w i t h good in t en t ion

and f u l l r espons ib i l i t y c onduc t i t s du t i es f o r t he in t e res t and

bus ines s o f t he Company by obser v i ng p r eva i l i ng laws and

r egu la t ion .

4 . a . The res pec t i ve members o f t he Board o f D i rec to r s i s j o i n t l y

and s evera l f u l l y respons ib le on t he loss o f t he Com pany due

to t he f au l t o r neg l igenc e o f t he mem ber s o f t he Boa rd o f

D i rec t o rs i n conduc t ing t he i r du t i es

b . The m ember s o f t he Board o f D i rec to rs a re no t ac coun t ab le on

t he l os s o f t he Company as re f e r red t o in le t t e r a i f i t can be

p roved t ha t :

i . s uc h l os s i s no t due t o t he i r f au l t o r neg l igence ;

has c onduc t ed s uper v i s i on w i t h good i n ten t ion , f u l l y

r espons ib le , and p rudenc e f o r t he in t e r es t and acc ord ing

t o t he goa ls and ob jec t i ves o f t he Company

i i . has no con f l i c t o f i n t e res t e i t he r d i r ec t o r i nd i r ec t on

s uper v is o r y ac t ions wh ic h resu l t s i n a l o ss ; and

3 4

i i i . has t ak en ac t ions t o p r even t t he emergence o r

c on t i nua t i on o f such l oss .

5 . The Boar d o f D i rec to r s a r e en t i t l ed t o r ep r esen t t he Company ins i de

and ou ts i de Cour t and conduc t a l l ac t ions and good deeds

r egard ing t he managem ent and a ls o r egard ing as se t s and b ind t he

Com pany w i t h o the r pa r t ies and o r o the r pa r t i es w i t h t he Com pany,

w i t h t he l im i t a t ions s t i p u la t ed i n pa rag raphs 6 , 7 and 8 he reo f .

6 . The f o l low ing ac t ions o f t he Boar d o f D i r ec t o rs m en t ioned be low

mus t have t he wr i t t en appr ova l o f t he Board o f Commiss ioner s :

a . Acc ep t and p r ov ide long te rm / med ium te rm l oans ;

b . P rov ide s hor t t e rm loans wh i ch a re no t o pera t i ona l i n na t u re

wh i c h exc eed a c e r ta i n amoun t s t i pu la t ed by t he Mee t ing o f

t he Board o f Commis s ioners ;

c . Dispos e o r pu t up f o r guaran tee the Company ’ s f i xed asse t

exc eed ing a ce r t a in am oun t s t ipu la t ed by t he Mee t i ng o f t he

Board o f Commiss ioner s ;

d . To t ak e pa r t whe the r pa r t l y o r who l l y o r i s i n vo l ved i n a

c ompany o r o t he r bus iness en t i t y o r opera t e a new c ompany;

e . To d ispos e pa r t o r t he who le o f t he Com pany ’s pa r t i c ipa t ion in

a com pany o r o the r bus ines s en t i t y ;

f . To b i nd t he Company as guar an t ee wh i ch m ay have

de t r imen ta l e f f ec t s exceed ing a ce r ta i n am oun t s t i pu la ted by

t he Mee t ing o f t he Board o f Commiss ioner s ;

g . No t t o r ec o l l ec t and de le t e f r om the book s p rob lem l oans and

wr i t e - o f f s tock o f goods wh ich exc eed a ce r t a in amoun t

s t i pu la ted by t he Mee t ing o f t he Board o f Commiss ioner s ;

3 5

h . Ass ign , d is pose the t i t l e o r pu t up f o r guaran tee the

Com pany ’s asse t s o f wh ic h t he amoun t i s les s t han wha t i s

s t i pu la ted i n t he p rov i s ions o f pa rag raph 8 be low;

i . Pu rc hase and o r se l l s ec ur i t i es in t he cap i t a l mark e t / o t he r

f i nanc ia l i n s t i t u t ions , excep t f o r secur i t i es i ss ued by t he

Gover nment o f t he Repub l i c o f I ndones ia ;

j . Se t up c ooper a t ion w i t h bus iness en t i t i e s o r o the r pa r t ies , i n

t he f o rm o f a mutua l opera t i o n and inves tmen t o f a s t ra t eg ic

na tu r e and hav ing f inanc ia l im pac t on t he Company and a

t e rm o f more t han 5 ( f i ve ) years ( long te rm) , exc ep t f o r a

c ooper a t ion o f us ing t ec hn i ca l s e r v ic es and o r opera t iona l

f r om o the r pa r t ies ;

k . Conduc t c ooper a t ion t o bu i ld o pe ra te t r ans f e r (BOT) , bu i ld

oper a te own ( BOO) o r bu i ld ren t t r ans f e r ( BRT) un t i l a ce r ta in

va lue s t ipu la ted by t he Mee t ing o f t he Board o f

Comm iss ioners ;

l . S t i pu la te and com p ly t o t he o rgan i za t ion s t r uc t u re ;

m . P ropos e member o f t he Boar d o f D i rec t o rs and Boar d o f

Comm iss ioners in t he s ubs id ia r y o f t he Company.

7 . The f o l low ing ac t ions m ay on l y be c onduc ted by t he Board o f

D i rec t o rs a f t e r ob ta i n ing p r io r appr ova l f r om the Genera l Mee t i ng o f

Shareho lde rs , by obs er v i ng t he law and r egu la t ions i n t he f i e ld o f

Cap i t a l Mark e t , t o :

a . c onduc t ma te r i a l t r ans ac t ion as s t i pu la ted i n t he l aw o f t he

Cap i t a l Mark e t ; o r

3 6

b . c onduc t o the r t r ansac t i on , t o mee t t he l aw i n t he f i e ld o f

Cap i t a l Mark e t .

8 . Lega l ac t i ons t o as s ign , t o d ispos e o f r i gh t o r t o guaran tee a deb t

exc eed ing 50% ( f i f t y per cen t ) o f t he ne t Company ’ s asse t whe ther

i n one t rans ac t ion o r sever a l s epara te t r ans ac t ions o r r e l a ted one

to t he o the r mus t have the approva l o f t he Gener a l Mee t ing o f

Shareho lde rs a t t ended o r rep resen ted by t he Shareho lde rs ho ld ing

a t l eas t 3 / 4 ( t h r ee quar t e rs ) o f t he t o t a l sha res i ssued by t he

Com pany w i t h va l id vo t i ng r igh t s and appr oved by mor e t han 3 /4

( t h ree quar te r s ) o f t he over a l l va l id vo tes du l y c as t i n t he Mee t ing .

I n t he even t t ha t i n t he mee t i ng a f o rem ent ioned above t he

s t i pu la ted quorum i s no t ac h ieved , a t l eas t 10 ( t en ) days and the

l a t es t 21 ( t wen t y -one) days a f t e r the f i r s t mee t ing , a second

mee t ing can be c onduc ted w i t h t he sam e agenda as t he f i r s t

mee t ing . The s ummon f o r t he mee t i ng mus t be conduc ted a t l eas t 7

( s even) days p r io r t o t he s ec ond mee t i ng exempt i ng t he da te o f t he

s ummon i t s e l f and the da te o f t he mee t ing , and f o r suc h summons

the re i s no need t o p r i o r no t i f i ca t i on / announc ement and t he

s ec ond Mee t ing mus t be a t t ended o r rep res en t ed by a t l eas t 2 / 3

( t wo th i r ds ) o f the s har eho lde r s o f a l l s ha r es w i t h va l i d vo t ing

r igh t s and approved by mor e t han 3 /4 ( t h r ee quar t e rs ) o f t he vo tes

va l i d l y cas t i n t he mee t ing .

I f t he quor um i n t he s econd mee t ing i s no t a t t a i ned , a t h i rd mee t ing

c an be he ld , on t he r eques t o f t he Com pany to t he F inanc ia l Ser v ice

Au t ho r i t y ( he r e ina f t e r t o be re f e r red as OJ K) w i t h t he s t i pu la t ion

t ha t t he t h i rd Gene ra l Mee t i ng o f Sha reho lde rs s ha l l be va l id and

3 7

may tak e r es o lu t ions i f a t t ended by t he shareho lde r w i t h va l id

vo t ing r igh t s i n t he quorum o f a t t endance and quor um o f r es o lu t ion

s t i pu la ted by t he OJ K on the reques t o f t he Company.

9 . The Pres iden t D i r ec t o r has t he r igh t and au t ho r i t y t o ac t on beha l f

o f t he Board o f D i rec to r s and rep res en t t he Company . I n t he even t

t ha t t he Pr es iden t D i rec t o r i s no t p res en t o r p reven ted due t o any

r eas on , wh ich does no t need to be p roved to t h i rd pa r t i e s , t he

Board o f D i r ec to r s s ha l l be rep resen ted by a D i rec to r appo in t ed in

wr i t i ng by t he Pr es iden t D i r ec t o r and i n t he even t t ha t t he Pres iden t

D i rec t o r does no t appo in t , a D i rec to r w i t h t he l onges t t e rm in o f f i ce

as a mem ber o f t he Company ’s Board o f D i r ec to rs has t he r igh t t o

ac t on beha l f o f the Board o f D i r ec to rs . I f t he re a re mor e t han 1

( one ) D i r ec t o r w i t h t he longes t t e rm i n o f f i c e , t he m os t sen io r o f

t hem s ha l l hav e the r igh t t o ac t on beha l f o f t he Board o f D i rec t o rs .

10 . To conduc t a lega l ac t ion s uc h as a t r ans ac t ion wh i ch has

c on f l i c t i ng i n te r es t be t ween the econom ic pe r sona l i n te r es t o f a

mem ber o f t he Boa rd o f D i rec t o rs , t he Board o f Commis s ioners o r

t he p r i nc i pa l s ha r eho lde r , w i t h t he ec onom ic in t e res t o f t he

Com pany, t he Board o f D i r ec t o rs need t he approva l o f the Gener a l

Mee t ing o f Shareho lde r s as re f e r red t o i n a r t i c l e 24 pa rag raph 8 o f

t h i s a r t i c l es o f as soc ia t i on .

11 . I n t he even t t ha t t he Com pany has a con f l i c t i ng i n te res t w i t h t he

pe rs ona l i n t e res t o f a mem ber o f t he Boar d o f D i rec to r s , t he

Com pany s ha l l be r ep r esen ted by ano t he r m ember o f the Board o f

D i rec t o rs appo in ted by t he Mee t ing o f t he Board o f D i rec t o rs and in

t he even t t ha t t he Company has a c on f l i c t i n g in t e res t w i t h t he

3 8

i n t e res t o f a l l t he mem ber s o f t he Board o f D i r ec to r s , i n t h i s case

the Com pany s ha l l be r ep r esen ted by t he Board o f Comm iss ioners ,

one and ano t he r w i t hou t p r e j ud ice t o t he p r ov is ions o f pa r ag raph 10

o f t h i s a r t i c le .

12 . The Board o f D i rec t o rs f o r ce r ta i n ac t i ons on t he i r own

r espons ib i l i t y , has t he r igh t t o appo in t one o r m ore pe r son s as t he i r

r ep r esen ta t i ve o r a t t o rney , by g i v i ng h im / her o r t hem the au tho r i t y

f o r ce r t a in ac t ions r egu la ted in t he le t t e r o f a t t o rney .

13 . The du t i es and au tho r i t i e s o f t he respec t i ve m ember s o f t he Board

o f D i r ec t o rs sha l l be s t i pu la ted by a Gener a l Mee t ing o f

Shareho lde rs , i n t he even t t ha t t he Genera l Mee t ing o f

Shareho lde rs does no t s t ipu la te t he du t i es and au tho r i t i es

d i s t r ibu t i on o f t he Board o f D i r ec to r s i t s ha l l be s t ipu la ted pu rs uan t

t o t he m ee t i ng o f the Board o f D i r ec to rs .

14 . At t he l a tes t 60 ( s i x t y ) days p r io r t o t he s ta r t o f t he Company ’s

book year , t he Boa rd o f D i rec t o rs mus t subm i t a work ing p l an and

budge t o f t he Company t o t he Boar d o f Commiss ioner s t o reques t

i t s r a t i f i ca t ion in t he m ee t i ng o f t he Board o f Comm iss ioners .

RIGHTS AND RESPO NSIBI L I TI ES OF THE BO ARD O F DI RECTO RS

Ar t i c le 13

Re la ted t o t he ma in du t i es o f t he Boar d o f D i r ec to rs as

c on t emp la t ed i n Ar t i c l e 12 he r eo f :

1 . The Boar d o f D i rec to r s i s e n t i t l ed t o :

a . S t i pu la te t he po l i c ies in lead ing and manag ing t he Company .

3 9

b . Regu la te t he p r ov is i ons regard ing t he Com pany ’ s emp loyees

i n c lud ing t he s t i pu la t ion on sa la r y , r e t i r ement o r o ld age

i n su r ance and o the r r emuner a t i on f o r t he Company ’s

em p loyees pu rs ua n t t o p reva i l i ng laws and r egu la t i ons .

c . Appo in t and d ism is s t he Com pany ’s em p loyees based on the

Com pany ’s man-powe r regu la t i on and app l i c ab le l aws and

r egu la t ions .

d . Regu la te t he handover o f t he Board o f D i rec to r s au t ho r i t y t o

r ep r esen t t he Company i ns ide an d ou t s ide t he D is t r i c t Cour t

t o one o r s evera l mem bers o f t he Boar d o f D i rec to r s

espec ia l l y appo in ted f o r s uc h mat te r .

e . Conduc t o t he r ac t i ons , be i t f o r t he management o r

owner sh ip , pu rsuan t t o t he p rov i s ions regu la t ed i n t h i s

A r t i c les o f As soc ia t ion and s t ipu la t ed by t he Genera l Mee t ing

o f Shar eho lde r s pu rs uan t t o l aws and r egu la t ions .

2 . The Boar d o f D i rec to r s l i ab i l i t y :

a . E f f o r t and gua ran tee t he im p lementa t ion o f t he bus iness and

ac t i v i t i e s o f t he Com pany ac cor d ing t o i t s ob j ec t i ve s and

goa l s and bus iness ac t i v i t i e s .

b . T im e l y p r epare t he Com pany ’s deve lopment p lan , work p l an

and annua l budge t o f t he Company, in c lud ing o the r p l a ns

r e l a ted t o t he exec u t ion o f t he bus iness and ac t i v i t i es o f t he

Com pany and subm i t i t t o t he Boar d o f Comm iss ioners t o

ob ta i n i t s ra t i f i c a t ion .

4 0

c . Formu la te and ma in ta i n t he Company ’ s book k eep ing and

adm in is t r a t ion acc ord ing t o cus tomar y app l i cab le t o a

Com pany.

d . Com p i l e an accoun t i ng s ys t em ac co rd ing t o t he F inanc ia l

Acc oun t ing S tandar d and based on i n te r na l c on t r o l p r inc i p les ,

espec ia l l y t he f unc t i ons o f managem ent , r ec o r d ing ,

ma in tenance and super v i s ion .

e . P rov ide ac coun t ab i l i t y and a l l i n fo rmat ion r egard in g t he

c ond i t i on and oper a t i on o f t he Company in t he f o rm o f an

annua l repor t i nc lud ing t he F inanc ia l S ta t ement t o t he Gener a l


f . P rov ide a pe r i od ica l r epor t acc o rd ing t o t he m eans and t ime

c omp ly i ng w i t h t he p r ov is i ons o f l aw and r egu la t ion and o t he r

r epo r t s reques t ed by t he Shar eho lde rs .

g . Prepar e t he Company ’ s o rgan i za t ion s t ruc t u re inc l ud ing

de ta i l s o f t he du t ies .

h . Imp lement t he annua l work i ng p lan .

i . Conduc t o the r ob l iga t i ons ac cor d ing t o t he p rov i s ions

r egu la ted in t h i s A r t i c les o f As soc ia t i on o r r eso l ved by t he

Gener a l Mee t i ng o f Shareho lde r s and app l i c ab le l aws and

r egu la t ions .

BO ARD O F DIRECTO RS MEETI NG

Ar t i c le 14

1 . The Board o f D i r ec t o rs Mee t i ng mus t be conduc ted pe r iod ic a l l y a t

l eas t onc e ever y mon th .

4 1

2 . Bes ides s uc h pe r iod ic a l Mee t ing , t he Board o f D i rec to rs Mee t ing

c an be he ld any t ime i f f ound nec essa r y by :

a . One o r m ore mem bers o f t he Board o f D i rec t o rs ;

b . One o r m ore mem bers o f t he Board o f Comm iss ioners ;

c . On a wr i t t en reques t o f 1 (one) o r more s har eho lde rs who

c o l lec t i ve l y r ep r esen t 1 / 10 ( one ten th ) o r mor e o f a l l t he t o t a l

s ha r es w i t h va l id vo t i ng r igh t s .

3 . The Board o f D i r ec t o rs mus t c onduc t a Boar d o f D i rec to rs mee t ing

w i t h t he Boar d o f Comm iss ioners pe r i od ic a l l y a t l eas t once ever y 4

( f ou r ) mon ths .

4 . The a t t endance o f t he Bo ar d o f D i rec to r s members in a m ee t ing

must be s ta t ed i n t he Company ’ s annua l repor t .

5 . The Board o f D i r ec to r s mus t s chedu le t he mee t i ng as re fe r red t o i n

pa rag raph (1 ) o f t h i s a r t i c le f o r t he com ing year p rev ious t o t he end

o f t he book year .

6 . The m ate r i a l f o r t he Boar d o f D i rec t o rs Mee t ing and Board o f

Comm iss ioners Mee t ing wh ic h has been schedu led m us t be

s ubm i t t ed t o t he pa r t i c ipan ts a t t he la t es t 5 ( f i ve ) days p r io r t o t he

mee t ing i s he ld .

7 . I n t he even t t ha t t he mee t ing i s c onduc ted ou ts i de t he f i xed

s chedu l e , t he mee t ing mat e r ia l mus t be submi t t ed t o t he

pa r t i c i pan ts a t t he l a t es t p r i o r t o t he mee t ing i s c onvened .

8 . A ca l l t o t he Board o f D i r ec t o rs Mee t ing i s conduc t ed by a mem ber

o f t he Board o f D i rec to r s w i t h t he r igh t t o ac t f o r and on beha l f o f

t he Board o f D i r ec t o rs acc ord ing t o t he p rov i s ion o f A r t i c le 12

he reo f .

4 2

9 . A Ca l l t o t he Board o f D i rec to r s Mee t ing mus t s t a te t he da te , t ime ,

agenda and p lac e o f Mee t i ng .

10 . A c a l l t o t he Mee t ing o f t he Board o f D i rec t o rs mus t be s ubm i t t ed by

a reg is te r ed l e t t e r o r hand d e l i ve red to each Boar d o f D i r ec t o rs

mem ber s w i t h a r ec e ip t o r by f acs im i le o r o the r e l ec t ron i c m ed ia a t

t he la t es t 5 ( f i ve ) days p r i o r t o t he mee t ing , o r a s hor t e r t ime i n an

em ergenc y .

11 . The Mee t ing o f t he Boar d o f D i rec to r s i s he ld a t t he domic i le o f t he

Com pany o r a t t he Com pany ’ s a rea o f oper a t ion in t he t e r r i t o r y o f

t he Repub l i c o f I ndones ia . I n t he even t t ha t a l l m embers o f t he

Board o f D i r ec to r s a re p r es en t o r rep resen ted , a p rev ious ca l l f o r a

mee t ing i s no t r equ i r ed and the Board o f D i r ec t o rs Mee t ing m ay be

he ld anywhere , p rov ided i t i s i n t he t e r r i t o r y o f t he Repub l i c o f

I ndones ia and s uch Mee t ing i s en t i t l ed t o t ak e va l i d and b ind ing

r eso lu t ions .

12 . The Mee t ing o f Board o f D i rec to rs i s cha i red by t he Pres iden t

D i rec t o r and in t he even t o f an imped imen t t o t he Pr es iden t D i r ec t o r

o r c anno t a t t end fo r wha tsoever r eas on wh ic h does no t have to be

p roven t o t h i rd pa r t ie s , t he Board o f D i r ec t o rs Mee t i ng sha l l be

c ha i r ed by a membe r o f t he Board o f D i rec t o rs chos en by and f rom

the Board o f D i r ec to rs mem bers i n a t t endance i n t he m ee t i ng .

13 . A member o f t he Board o f D i rec to r s may r ep r es en t in a Board o f

D i rec t o rs Mee t ing on l y by ano the r Boar d o f D i r ec to rs member

pu rs uan t t o a l e t t e r o f p roxy es pec ia l l y made f o r such need , s uch

power o f a t t o r ney can be s ubm i t t ed t h rou gh f acs im i le , e -ma i l o r

o t he r e l ec t r on ic means ( i f sen t by f acs im i l e , e -ma i l o r o the r

4 3

e l ec t r on ic comm un ic a t ion means mus t be f o l lowed up by i t s o r ig ina l

o r a ce r t i f i ed copy sen t and ev idenced by a rec e ip t o r a reg i s te r ed

l e t t e r o r a c our ie r k nown i n te r na t i ona l l y as s oon as poss ib l e ) .

14 . The Board o f D i r ec t o rs Mee t i ng i s va l i d and en t i t l ed to t ak e va l id

and b ind ing res o lu t i on i f more t han 1 /2 (one ha l f ) o f t he t o t a l Board

o f D i r ec t o rs m embe rs a re p r esen t o r o f f i c ia l l y rep resen ted i n s uch

Mee t ing .

15 . The dec is ion o f t he Boar d o f D i rec to rs Mee t i ng mus t be t ak en by

de l ibe ra t i on f o r cons ensus . I n t he even t t ha t t he dec i s i on by

de l ibe ra t i on f o r consens us i s no t a t t a i ned , t he dec is i on s ha l l be

t ak en by a s imp le ma j o r i t y o f more t han 1 /2 (one ha l f ) o f t he vo tes

c as t va l id l y i n t he Mee t ing .

16 . I n t he even t o f a t i e vo t e t he Cha i rpe rs on o f t he Mee t ing s ha l l

dec ide .

17 . a . Ever y m ember o f t he Board o f D i r ec to r s i n a t t endance i s

en t i t l ed t o g i ve 1 (one) vo t e and ano the r 1 ( one) vo te f o r

ano t he r mem ber o f t he Board o f D i rec t o rs whom sh e /he

r ep r esen t .

b . Vo t e r egard ing a pe rs on s ha l l be conduc ted by a c lose vo te

w i t hou t s igna tu r e , wh i l e f o r o the r ma t te r s s ha l l be c onduc ted

o ra l l y exc ep t i f t he Cha i rman o f t he Mee t ing dec ide o the r w ise

w i t hou t any ob j ec t ion f rom those in a t t endance .

c . B lank vo t es and i nva l id vo tes s ha l l no t be coun ted and

deem ed no t t o ex i s t and no t coun t ed in t he t o ta l t a l l y o f vo tes .

18 . The resu l t s o f a Board o f D i rec to rs mee t i ng as re fe r red t o in

pa rag raph ( 1 ) t h i s Ar t i c l e mus t be con ta ined i n a m inu tes o f

4 4

mee t ing , s igned by a l l members o f t he Boa rd o f D i rec t o rs i n

p res en t , and d is t r ibu ted t o a l l members o f t he Boar d o f D i rec t o rs .

19 . The r es u l t o f a j o i n mee t ing be t ween t he Board o f D i r ec to r s and

Board o f Comm is s ioner s as r e f e r red t o in pa r ag raph ( 3 ) he reo f mus t

be c omp i led in a m inu tes o f mee t ing , s igned by t he m embers o f t he

Board o f D i rec t o rs and Boar d o f Comm iss ioners i n a t t endance , and

d i s t r ibu ted t o a l l mem ber s o f t he Board o f D i r ec to r s and Board o f

Comm iss ioners .

20 . I n t he even t t ha t t he re i s a m ember o f t he Boar d o f D i r ec to r s and /o r

a Boar d o f Commis s ioners member who does no t s ign t he m inu tes

o f t he mee t i ng as re f e r red t o i n pa r agr aph ( 18 ) and (19 ) , t he pe rs on

c oncer ned mus t s ta t e h is / he r r eason i n wr i t i ng i n an s epera t e l e t t e r

wh i c h s ha l l be a f f i xed t o t he m inu t es o f t he m ee t ing . The m inu tes o f

t he mee t ing as r e f e r red t o in pa r agr aph ( 18 ) and (19 ) mus t be

doc umented by t he Com pany .

21 . The Minu tes o f t he Board o f D i rec to rs Mee t i ng and o r Board o f

D i rec t o rs and Board o f Com m is s ioners Minu t es o f Mee t ing c omp i l ed

and s igned acc ord ing t o t he p r ov is i ons o f pa r ag raph 18 and 19 th i s

a r t i c le sha l l be va l i d ev i denc e , bo th f o r t he mem ber s o f t he Board

o f D i rec to rs and th i r d pa r t i es r egar d ing t he Boar d o f D i rec to rs

r eso lu t ion t ak en i n s uc h Mee t i ng .

22 . The Board o f D i rec t o rs Mee t ing can be he ld t h r ough a c on f e renc e

be t ween the Board o f D i r ec t o rs mem ber s who a re i n d i f f e ren t

p l ac es , t h rough a phone con f e rence , v i deo con f e renc e o r o the r

means o f e lec t r i ca l comm un ic a t ion wh i ch enab le t he resp ec t i ve

Board o f D i r ec t o rs mem ber s t o hear eac h o t he r and pa r t i c i pa t e in

4 5

t he Mee t i ng . A Boa rd o f D i rec to rs Mee t ing he ld in s uch m anner as

men t ioned above , mus t com p ly t o t he f o l l ow ing p rov i s ions :

a . The r espec t i ve Board o f D i rec to rs members in a t t endanc e

s ha l l be deemed to be p res en t i n t he Mee t ing t o dec ide on t he

p res ence quor um r equ i r ements and the Boar d o f D i r ec t o rs

Mee t ing res o lu t i on .

b . The p lac e wher e t he Cha i rman o f t he Mee t ing pa r t i c i pa t e sha l l

be deemed as t he p l ac e o f ho ld ing t he Board o f D i rec to rs

Mee t ing as con temp la ted in pa r ag raph 11 t h is a r t i c le ;

c . The m inu t es o f Mee t i ng mus t be c i r cu la ted t o and s igned by

t he Cha i rm an o f t he Mee t ing and a l l o f t he pa r t i c ipa t i ng Board

o f D i r ec to r s membe rs .

23 . The Boar d o f D i r ec t o rs may a ls o adop t a va l id reso lu t ion w i t hou t

c onven ing a Mee t ing o f t he Boar d o f D i r ec t o rs , p r ov ided tha t a l l

mem ber s o f t he Board o f D i r ec to rs have been i n f o rmed i n wr i t i ng

r egard ing t he p roposa l s and g i ven the i r appr ova ls t o suc h p roposa ls

by s ign ing i t . Reso lu t i ons t ha t a r e adop ted in t h i s way a re b i nd ing

as reso lu t i ons t ha t a r e va l i d l y adop ted i n a Mee t ing o f the Board o f

D i rec t o rs .

BO ARD O F COMMISSIO NERS

Ar t i c le 15

1 . The Boar d o f Comm is s ioners cons i s t s o f a t l eas t 2 ( two ) pe rs ons , one

o f t hem s ha l l be appo in ted as Pres iden t Commiss ione r and t he o t he r

one as I ndependen t Comm iss ioner . I f t he number o f t he Board o f

4 6

Comm iss ioners m embers exceeds 2 ( t wo) pe r sons , t hen Independen t

Comm iss ioner mus t be appo in t ed a t l eas t 30% ( th i r t y pe rcen t ) o f t he

t o t a l num ber o f the members o f the Boar d o f Co mm iss ioners o r

acc ord ing t o p reva i l i ng laws and regu la t i ons .

2 . Those ab le t o be appo in ted as a m ember o f t he Boa rd o f

Comm iss ioners a re I ndones ian C i t i zens , who mee t t he requ i r ements

a t t he t im e o f appo in tm en t and du r i ng t he t e rm i n o f f i c e :

a . has good d is pos i t i on , mor a l and in teg r i t y ;

b . ab le t o conduc t lega l ac t ions ;

c . du r i ng 5 ( f i ve ) years p r i o r t o h is /he r appo in tm en t and du r ing t he

t e rm i n o f f i c e :

1 . i s never dec la red bank rup t ;

2 . has never been a mem ber o f t he Board o f D i r ec t o rs

and / o r Boar d o f Comm iss ioners acc us ed o f be ing t he

r eas on f o r a company to be dec la red bank rup t ;

3 . never been s en t enc ed due to a c r im ina l ac t wh ic h was

de t r imen ta l t o t he s ta t e f i nanc ia l and / o r re la t ed t o

f i nanc ia l s ec to r ; and

4 . never been a member o f t he Board o f D i rec t o rs a nd /o r

Board o f Commiss ioner s who dur i ng i t s t e rm i n o f f i ce :

i . d i d no t c onvene an annua l Gene ra l Mee t ing o f

Shareho lde rs ;

i i . has never been acc oun tab le as mem ber o f t he


r ece i ved by t he Gener a l Mee t ing o f Sh areho lde rs

o r d id no t submi t an acc oun tab le repor t as member

4 7

o f t he Boar d o f D i r ec t o rs and /o r Board o f

Comm iss ioners t o G enera l Mee t ing o f


i i i . c aused a c ompany wh ic h has ob ta i ned a l i c ense ,

appr ova l , o r reg is t ra t i on f rom the F inanc ia l Se r v i ce

Au t ho r i t y unab le t o mee t i t s ob l iga t ion t o submi t

an annua l r epor t and /o r f i nanc ia l s ta tem ent t o t he


d . has t he comm i tmen t t o comp ly t o laws and regu la t ions ; and

e . has t he c apac i t y and /o r exper t i n t he f i e ld needed by t he

Com pany.

Bes ides mee t i ng t he requ i r ements as con temp la t ed above , t he

appo in tm en t o f a m embe r o f t he Board o f Commis s ioners i s

c onduc ted by obse r v ing o the r requ i r ement s pu r suan t t o l aws and

r egu la t ions .

3 . Mee t i ng t he requ i rem ents as c on tem p la t e d i n pa r ag raph 2 t h i s a r t i c l e ,

i s p roved by a s ta t ement s igned by t he c and ida te member o f t he

Board o f Commiss ioners and such le t t e r i s s ubm i t t ed t o t he

Com pany, suc h s ta tem ent mus t be exam ined and doc umented by t he

Com pany.

4 . A mem ber o f t he Board o f Comm iss ioners i s appo in t ed by t he

Gener a l Mee t ing o f Shar eho lde rs , f r om cand ida t es p r oposed by t he

ho lde r o f t he s e r ia l A Dwiwa rna s ha reho lde r a f t e r go ing t h rough a

c and idac y p rocess acc ord ing t o laws and regu la t i ons and s uch

c and id ac y i s b ind ing f o r t he Gener a l Mee t ing o f Shareho lde r s .

4 8

5 . Members o f t he Boar d o f Comm iss ioners a re appo in ted and

d i sm iss ed by t he Gener a l Mee t i ng o f Shareho lde rs , and s uch

Gener a l Mee t ing o f Shar eho lde rs mus t be a t t ended by t he se r i a l A

Dwiwa r na s har e ho lde r ; and the r eso lu t i on o f t he Mee t ing m us t be

appr oved by t he ho lde r o f t he s e r ia l A Dwiwa r na s ha reho lde r by

obs er v i ng t he p rov i s i ons i n a r t i c le 24 pa rag raph 1 and 7 o f t he

A r t i c les o f Ass oc ia t ion .

The te rm i n o f f i ce o f t he res pec t i ve mem ber s o f t he Bo ar d o f

Comm iss ioners i s as o f t he da t e o f t he G enera l Mee t ing o f

Shareho lde rs who appo in ted ( t hem) and s ha l l t e rm ina t e a t t he

c l os ing o f t he 5 t h ( f i f t h ) yea r Annua l Genera l Mee t ing o f

Shareho lde rs as o f t he da te o f ( t he i r ) appo in tm en t , w i t hou t

p re j ud ic e t o t he r igh t s o f t he Genera l Mee t ing o f Shareho lde r s t o

d i sm iss t he members o f t he Board o f Comm iss ioners a t any t im e

p r i o r t o t he t e rm ina t ion o f t he i r t e rm in o f f i ce by men t i on ing t he

r eas on , among o t he rs i f t he mem ber o f t he Board o f Comm iss ioners

i s unab le t o conduc t h i s /he r du t i es we l l , does no t im p lem ent laws

and r egu la t ions and / o r s t ipu la t ion o f t he a r t i c l es o f as soc ia t i on , i s

i n vo l ved i n ac t ions wh ich a r e de t r imen ta l t o t he Company and /o r

S ta t e due to neg l ig ence o r e r ro r by t he mem ber concer ned , i s

p ronounc ed to be gu i l t y by a ve r d ic t o f a cour t wh ic h a l r eady has

l ega l powe r , and /o r res ign . Such d ism iss a l p r oc es s s ha l l be

c onduc ted acc ord ing t o t he p r ov is i ons o f l aw and r egu la t i on . Exc ep t

i f suc h d ism is sa l i s due to a sen tenc e o f a c our t wh ich has lega l

power and i f she / he res ign , t he m ember o f t he Board o f

4 9

Comm iss ioners c oncer ned i s g i ven an oppor t un i t y t o be p resen t in

t he Gener a l Mee t i ng o f Shareho lde rs t o de f end he r /h im s e l f .

Suc h d ism is sa l sha l l be e f f ec t i ve as o f t he c l os i ng o f t he Genera l

Mee t ing o f Shar eho lde r s wh ic h reso lved such d ism iss a l , exc ep t i f i t

i s o the r w i se s t i pu la t ed by t he Gener a l Mee t ing o f Shareho lde rs .

A t t he end o f t he i r t enur e , a member o f t he Boar d o f Comm iss ioners

may be reappo in t ed by t he Gener a l Mee t ing o f Shar eho lde r s on l y

f o r 1 (one) m ore t e rm in o f f i ce .

6 . There m ay be no f am i l y r e la t i on b e t ween t he mem bers o f t he Board

o f Commiss ioner s and members o f t he Boar d o f Commis s ioners up

t o t he t h i rd gene ra t ion whe ther in s t r a igh t o r s i de d i r ec t ion ,

i n c lud ing a re l a t ion due t o m ar r i age .

7 . A mem ber o f t he Boar d o f Comm is s ioners i s g i ven a mon th l y

r emunera t i on and o the r bene f i t s in c lud ing a bonus a f t e r the i r t enure

i n o f f i c e acco rd ing t o p reva i l i ng s t ipu la t i on o f wh ic h t he amoun t

s ha l l be dec ided by t he Gener a l Mee t ing o f Shar eho lde r s .

8 . The d is t r ibu t ion o f du t ies among the m embers o f t he Board o f

Comm iss ioners s ha l l be regu la t ed by t hem se l ves , and f o r t he

sm oot hness o f t he i r du t ies t he Board o f Commis s ioners may be

ass is t ed by a Sec re t a r y appo in ted by t he Board o f Comm iss ioners

on acc oun t o f t he Com pany.

9 . I f due to any reason wha t soever t he pos i t i on o f one o r more o f t he

Board o f Commiss ioner s members bec ome vac an t , w i t h in t he l a tes t

60 ( s i x t y ) days a f t e r such vac anc y , Gener a l Mee t ing o f

Shareho lde rs mus t be he ld t o f i l l i n suc h vac anc y by obser v ing

pa rag raph 2 t h i s Ar t i c l e .

5 0

A mem ber o f t he Board o f Commis s ioners i s en t i t l ed t o res ign

he rs e l f / h ims e l f f rom he r /h is pos i t i on by no t i f y ing i n wr i t i ng

r egard ing such in ten t ion t o t he Company a t t he la tes t 90 (n ine t y )

days p r io r t o t he da t e o f r es igna t i on .

The Com pany mus t ho ld a Genera l Mee t i ng o f Shareho lde r s t o

r eso l ve on t he r eques t o f r es igna t ion f rom a m ember o f t he Board o f

Comm iss ioners , w i t h i n a t l eas t 90 (n ine t y ) days a f t e r rece i v i ng suc h

r es igna t i on le t t e r .

P r io r t o t he dec is i on f o r a res igna t i on in a Genera l Mee t ing o f

Shareho lde rs , t he c oncer ned mem ber o f t he Board o f

Comm iss ioners m us t s t i l l conduc t he r /h i s du t i es and respons ib i l i t i es

acc ord ing t o t he a r t i c les o f ass oc ia t i on and p reva i l i ng laws and

r egu la t ions .

The acqu i t e t dec ha rge o f a mem ber o f t he Board o f Comm iss ioners

who r es ign i s g i ven a f t e r t he Annua l G ene ra l Mee t ing o f

Shareho lde rs se t he r /h im f ree as o f t he e f f ec t i ve da te o f

r es igna t i on . The Com pany m us t c onduc t an open in f o rmat i on t o t he

c ommun i t y and s ubm i t t o t he F inanc ia l Ser v ic e Au tho r i t y a t t he

l a t es t 2 ( t wo) bus iness days a f t e r rece i v i ng t he r eques t f o r a

r es igna t i on o f a mem ber o f t he Boa rd o f Comm is s ione rs and the

r esu l t o f t he Genera l Mee t ing o f Shareho lde r s .

10 . I n t he even t t ha t a mem ber o f t he Board o f Comm is s ioner s r es ign

and resu l t i ng i n t he m embers o f t he Board o f Comm iss ioners

bec om ing l es s t han 2 ( t wo) pe rs ons , such r es igna t i on sha l l be va l i d

i f i t i s s t i pu la ted by t he Gener a l Mee t ing o f Shar eho lde rs dec id ing

on s uch r es igna t i on and a new member o f t he Board o f

5 1

Comm iss ioners has been appo in ted s o t ha t i t mee t s t he m in ima l

number requ i r ements o f t he mem ber s o f t he Board o f

Comm iss ioners .

11 . The pos i t i on o f a mem ber o f t he Board o f Commiss ioner s t e rm ina t es

i n t he even t t ha t :

a . t he t e rm i n o f f i c e has exp i red ;

b . r es ign i t s e l f ac co rd ing t o t he p r ov is ions o f pa rag raph 10 th is

a r t i c le ;

c . does no t mee t the requ i rem ents o f p reva i l i ng laws and

r egu la t ions ;

d . pas sed away ;

e . d i sm iss ed pu rs uan t t o a reso lu t i on o f t he Gener a l Mee t ing o f

Shareho lde rs .

12 . One o r mor e members o f t he Boar d o f Commiss ione rs can be

tem por a r y d ism issed by t he ho lde r o f t he s e r i a l A Dwiwa rna

s har eho lde r i f t hey ac t i n v i o la t i on o f t hese a r t i c les o f ass oc ia t i on

o r i f t he r e i s an ind ic a t ion t o be de t r imen ta l t o t he Com pany o r

neg lec t t he i r du t ies o r f o r an u rgen t reason to t he Com pany .

Tempora r y d i sm iss a l mus t be no t i f i ed in wr i t i ng t o t he pe r son

c oncer ned and inc lud ing t he reas on the re f o re .

W i th i n 60 ( s i x t y ) days a f t e r s uch tempora r y d i sm iss a l an

Ex t rao rd ina r y Gene ra l Mee t ing o f Shareho lde r s mus t be h e ld t o

r eso l ve whe t her t he member o f the Boar d o f Comm iss ioners

c oncer ned sha l l be d ism iss ed o r re i ns t a ted i n h is / he r p rev ious

pos i t i on , wh i l e t he t em por a r y d i sm is sed member i s g i ven an

oppor tun i t y t o be p r esen t and de f end he r /h im se l f .

5 2

13 . I f suc h Ext rao rd ina r y Gener a l Mee t ing o f Shar eho lde rs i s no t he ld

w i t h in 60 ( s i x t y ) days a f t e r such tem por a r y d ism iss a l , s uch

d i sm iss a l i s vo id by l aw.

14 . Mem ber s o f t he Board o f Comm is s ioners a r e p roh ib i t ed t o ho ld a

c oncur r en t pos i t i on as :

a . mem ber o f t he Boar d o f D i r ec to r s i n a S t a te O wned Company,

Reg iona l Bus ines s Com pany, p r i va te bus iness en t i t y ;

b . o t he r pos i t i ons ac cor d ing t o t he p rov i s i ons o f l aw and

r egu la t ion ;

c . a mem ber o f a po l i t i ca l pa r t y and o r l eg is l a t i ve

c and ida te /mem ber ; and / o r

d . o t he r pos i t i ons wh ic h may l ead to a con f l i c t o f i n te r es t

DUTI ES AND AUTHORI T IES OF THE BO ARD O F COMMISSIO NERS

Ar t i c le 16

1 . The Boar d o f Comm iss ioners c onduc t :

a . s uper v is i on f o r t he in t e res t o f t he company by obs er v i ng t he

i n t e res t o f t he shareho lde r s and be res pons ib l e t o t he Gener a l


b . s uper v is i on on t he po l i c y o f t he Com pany ’s managem ent

c onduc ted by t he Board o f D i rec t o rs and p rov ide adv i ce t o t he

Board o f D i r ec t o rs i n oper a t i ng t he Com pany inc lud ing t he

Com pany ’s Deve lopm ent P lan , t he Imp lementa t ion o f t he

Com pany ’s W ork P lan and Budge t , t he p rov i s ions o f t h i s

5 3

a r t i c les o f as soc ia t i on and the r es o lu t i on o f t he Gener a l

Mee t ing o f Shareho lde r s and p reva i l i ng laws and regu la t ions .

c . du t y , au t ho r i t y and r es pons ib i l i t y acco rd ing t o t he p r ov is i ons

o f t h i s a r t i c les o f ass oc ia t i o n , t he r es o lu t i on o f t he G enera l

Mee t ing o f Shareho lde r s and p reva i l i ng laws and regu la t ions .

d . t o s t udy and rev iew t he annua l repor t p r epared by t he Board

o f D i r ec to r s and s ign s uc h annua l repo r t .

2 . Mem ber s o f t he Board o f Comm iss ioner s whe ther co l l e c t i ve l y o r

i nd i v idua l l y may a t any t ime dur ing t he work i ng hours o f t he

Com pany en te r t he p rem ises o r o t he r p l ac es used o r con t ro l l ed by

t he Com pany and i s en t i t l ed t o examine a l l book s , l e t t e r s ,

ev i denc es , exam ine and ve r i f y t he cond i t i on o f t he cash and o the r

ma t t e rs and en t i t l ed t o k now a l l ac t ions c onduc t ed by t he Board o f

D i rec t o rs .

3 . I f deemed nec ess ar y , t he Boar d o f Comm is s ioners in t he f ramework

o f conduc t ing i t s du t ies may r eques t t he as s is tanc e o f exper t f o r

c e r ta i n mat te r s and a ce r t a in pe r iod on ac coun t o f t he Com pany.

4 . The Boar d o f Comm iss ioners m us t as s ign an Aud i t Comm i t t ee and

may f o rm o t he r c omm i t t ees acc ord ing t o t he need o f t he Company

and acc ord ing t o l aws and regu la t i ons , t o ass is t t he Board o f

Comm iss ioners in c onduc t i ng i t s du t ies .

5 . The Board o f D i r ec t o rs and any m ember mus t p rov ide in f o rmat ion

r egard ing a l l ma t t e rs r eques ted by t he Board o f Commiss ioner s .

6 . A mem ber o f t he Board o f D i rec t o rs may be tempora r y d i sm iss ed by

t he Boar d o f Comm iss ioners by men t ion ing t he r eason the re f o re i f

t hey ac t i n b r eac h o f t hes e A r t i c les o f As soc ia t ion o r i f t he re i s an

5 4

i nd ic a t i on o f ac t ion wh ic h i s de t r imen t a l t o t he Company o r neg lec t

i t s du t i es o r t he re i s an u rgen t reas on f o r t he Company , by

obs er v i ng t he f o l l ow ing p r ov is ions :

a . The dec i s i on o f the Boar d o f Comm iss ioners t o t empora r y

d i sm iss a m ember o f t he Boar d o f D i rec to r s i s conduc ted

c omp ly i ng w i t h t he p rocess o f t ak ing r es o lu t ion o f t he Board

o f Commiss ioner s .

b . A t empora r y d i sm is sa l mus t be no t i f i ed i n wr i t i ng to t he

D i rec t o r c oncer ned inc lud ing t he reason t he r e f o re w i t h a c c t o

t he Board o f D i r ec to rs .

c . Suc h no t i f i ca t i on as r e f e r red t o i n l e t t e r b t h i s pa r ag raph mus t

be de l i ve red a t t he l a tes t 2 ( t wo ) days a f t e r t he dec is ion o f

s uc h tempora r y d ism iss a l .

d . A mem ber o f t he Board o f D i rec to rs t empora r y d ism iss ed i s

n o t a l l owed to r un t he management o f t he Company and

r ep r esen t t he Company f o r t he i n te r es t o f t he Company

acc ord ing t o i t s ob jec t i ve and goa l whe the r i ns ide o r ou t s ide

t he c our t .

The l im i t a t i on o f au t ho r i t y as re f e r red t o i n le t t e r d i s va l i d as

o f t he dec i s ion t o t he t empor a r y d ism is sa l by t he Board o f

Comm iss ioners un t i l :

i . t he re i s a r es o lu t i on o f t he Genera l Mee t ing o f

Shareho lde rs wh ich annu l l ed t he t empora r y d ism iss a l as

r e f e r r ed t o i n le t t e r f ; o r

i i . w i t h t he pas s ing o f t ime as re f e r red t o in l e t t e r e .

5 5

e . W i th i n t he la t es t 90 ( n i ne t y ) days a f t e r such t empora r y

d i sm iss a l a Genera l Mee t i ng o f Shareho lde rs mus t be he ld by

t he Boa rd o f Comm iss ioners t o r es o l ve whe t her t o revok e o r

upho ld suc h tem por a r y d i sm issa l .

f . W i th t he pass ing o f t im e the conven ing o f t h e Genera l Mee t ing

o f Sha reho lde rs as re f e r red t o in le t t e r e o r i f t he Gener a l

Mee t ing o f Shar eho lde r s i s unab le t o t ak e a r es o lu t ion , o r t he

Gener a l Mee t ing o f Shareho lde r s annu l such tempora r y

d i sm iss a l , such tempora r y d ism is sa l as re f e r red t o i n le t t e r a

bec ome nu l l and vo id and the mem ber o f t he Board o f

D i rec t o rs c oncer ned has t he r igh t t o be re ins ta l led i n h i s / he r

pos i t i on aga in .

g . The G enera l Mee t ing o f Shareho lde rs as re f e r red t o i n le t t e r e

t h i s pa rag raph s ha l l be c ha i red by t he Pres iden t

Comm iss ione r and i f he / s he i s no t p resen t , wh ic h imped imen t

does no t need to be p r oved to a t h i rd pa r t y , t he Mee t i ng sha l l

be c ha i r ed by one o the r membe r o f t he Board o f

Comm iss ioners appo in t ed t he r e f o re by t he Mee t ing and i n t he

even t t ha t a l l m embers o f t he Board o f Comm is s ioners a re no t

p res en t in s uch Mee t ing , t he Mee t i ng sha l l be cha i r ed by a

s har eho lde r chos en by and f rom those i n a t t endance . The

s ummon f o r t he Mee t ing m us t be c onduc ted acc ord ing t o t he

p rov i s i on o f a r t i c l e 22 o f t he a r t i c les o f as soc ia t ion .

h . The G enera l Mee t ing o f Shareho lde rs as re f e r red t o i n le t t e r e

t h i s pa rag raph .

5 6

7 . Re la ted t o t he du t ies and au t ho r i t i es o f t he Boar d o f Comm iss ioners

c on t emp la t ed i n pa rag raph 1 o f t h i s a r t i c l e , t he Board o f

Comm iss ioners i s l i ab le f o r :

a . To g i ve adv i ce and op in i o n t o the Genera l Mee t ing o f

Shareho lde rs conce rn ing t he Company ’ s deve lopment p lan ,

annua l r epor t and o t he r pe r i od ic a l r epor t s f r om the Board o f

D i rec t o rs ;

b . P rov ide r epor t r egard ing t he s upe rv i s i on du t ies conduc ted

du r ing t he p rev ious book year t o t he G ener a l Mee t ing o f

Shareho lde rs i nc lud ing adv i ces and s t eps t o impr ove wh i c h

has t o be conduc ted , i n t he even t t ha t t he Company s hows

tendenc ies o f de te r i o r a t ion ;

c . P rov ide adv ic e and op in i on r egard ing t he Gener a l Mee t ing o f

Shareho lde rs regar d ing any o t he r ma t t e rs wh ic h a re deemed

impor tan t f o r t he managem ent o f t he Com pany;

d . Rat i f y t he Com pany ’ s W ork P lan and Budge t subm i t t ed by t he

Board o f D i r ec t o rs w i t h in a t t he l a tes t 30 ( t h i r t y ) days a f t e r

t he s t a r t o f t he new book year .

I n t he even t t ha t t he Com pany ’s W ork P lan and Budge t i s no t

r a t i f i ed w i t h in 30 ( t h i r t y ) days as o f the s ta r t o f t he new book

year , t he Company ’ s W ork P lan and Budge t o f t he p rev ious

book year s ha l l p reva i l .

e . Conduc t o the r s upe r v is o r y du t ies s t ipu la t ed by t he Genera l


f . Com p i l e a m inu tes o f t he Board o f Comm iss ioners mee t ing .

5 7

g . P ropos e t o t he Genera l Mee t i ng o f Shareho lde r s , t h rough t he

Board o f D i rec t o rs , t o appo in t an acc oun tan t pub l i c o f f i c e t o

c onduc t aud i t on t he Company ’ s f i nanc ia l s ta t ement .

h . Toge the r w i t h t he Boar d o f D i r ec to r s comp i l e gu ide l i nes

b i nd ing on t he respec t i ve mem bers o f t he Boar d o f D i rec to rs

and Boar d o f Comm iss ioners , comp l ian t t o p r eva i l i ng l aws and

r egu la t ions .

i . Toge the r w i t h t he Board o f D i r ec to r s com p i l e code o f e t h ics

app l i cab le t o a l l mem ber s o f t he Board o f D i rec t o rs and Board

o f Comm iss ioners , emp loyees / wo rk e rs , and s uppor t i ve o rgans

owned by t he Company , acc ord ing t o p reva i l i ng laws and

r egu la t ions .

j . I n ce r t a in c ond i t i ons , t he Board o f Commiss ioner s mus t

c onvene an annua l G enera l Mee t ing o f Sha r eho lde rs and

o t he r G enera l Mee t ing o f Shareho lde r s ac cor d ing t o i t s

au tho r i t y as regu la ted i n t he p rov i s ions o f l aw and r egu la t i on

and a r t i c les o f assoc ia t i on .

8 . Eac h mem ber o f t he Boar d o f Commiss ioners i s f u l l y r espons ib l e on

t he loss o f t he Company due t o e r ro r o r neg l igenc e o f t he mem ber

o f t he Board o f Comm iss ioners in conduc t i ng t he i r du t ies .

9 . The mem bers o f the Boar d o f Commis s ioner s a r e no t acc oun tab le

on t he loss o f t he Com pany i f i t can be p roved tha t :

a . s uc h l os s i s no t due t o t he i r f au l t o r ne g l igence ;

b . has c onduc t ed s uper v i s i on w i t h good i n ten t ion , f u l l y

r espons ib le , and p rudenc e f o r t he in t e r es t and acc ord ing

t o t he goa ls and ob jec t i ves o f t he Company

5 8

c . has no con f l i c t o f i n t e res t e i t he r d i r ec t o r i nd i r ec t on

s uper v is o r y ac t ions wh ic h resu l t s i n a l o ss ; and

d . has t ak en ac t ions t o p r even t t he emergence o r

c on t i nua t i on o f such l oss .

10 . Any member o f t he Boar d o f Commis s ioners i s p r oh ib i t ed t o t ak e

pe rs ona l advan t age bo th d i rec t l y o r i nd i rec t l y o f t he Company

ac t i v i t i e s excep t f o r he r /h i s r igh t f u l i nc ome.

M EETING OF THE BO ARD O F COMMISSIO NERS

Ar t i c le 17

1 . The Boar d o f Comm iss ioners mus t ho ld m ee t ing a t l eas t 1 ( one) t ime

i n 2 ( t wo) mon ths .

2 . The Boar d o f Comm iss ioners ’ mee t ing as r e f e r red t o in pa rag raph ( 1 )

c an be conduc ted i f i t i s a t t ended by a m a jo r i t y o f a l l t he Boar d o f

Comm iss ioners .

3 . The Boar d o f Comm iss ioners mus t ho ld a mut ua l mee t ing w i t h t he

Board o f D i r ec to r s pe r iod ic a l l y a t l eas t 1 ( one) t ime in eve r y 4 ( f ou r )

mon ths .

4 . The a t t endance o f t he Board o f Commis s ioners m us t be r evea led i n

t he Company ’ s annua l repor t .

5 . The Boar d o f Comm iss ioners mus t schedu le m ee t ing s as re f e r red in

pa rag raph ( 1 ) t h i s a r t i c le f o r t he f o l low ing year p r i o r t o t he end o f

t he book year .

6 . The m ee t i ng mate r ia l schedu led mus t be s ubm i t t ed t o t he

pa r t i c i pan ts a t l eas t 5 ( f i ve ) days p r i o r t o t he m ee t ing i t se l f .

5 9

I n t he even t t ha t t he re i s mee t i ng he ld ou t s i de t he schedu le a l r eady

f i xed , t he mate r ia l f o r such mee t i ng mus t be subm i t t ed t o t he

pa r t i c i pan t a t t he la t es t p r io r t o t he mee t ing i t se l f .

7 . The m ee t i ng o f t he Board o f Commiss ioner s i s c onduc t ed i n t he

dom ic i le o f t he Company o r t he p l ac e o f t he Company ’s bus ines s

ac t i v i t i e s o r ano t he r p l ac e in t he t e r r i t o r y o f Repub l i c o f Indones ia

s t i pu la ted by t he Board o f Comm iss ioners .

8 . The m ee t i ng o f t he Board o f Commis s ioner s can a l so by means o f a

c on f e renc e be t ween t he m ember o f t he Boar d o f Comm iss ioners who

a re in d i f f e ren t p l ac es , t h rough phone c on f e renc e , v ideo c on f e renc e

o r o the r means o f c ommun ica t i on wh ic h enab le eve r y mem ber o f t he

Board o f Commiss ioner s t o he ar each o t he r and pa r t i c ipa t e in t he

Mee t ing .

He ld i n s uch m anne r w i t h t he f o l low ing requ i rem ents :

a . Ever y mem ber o f the Comm iss ioners pa r t i c i pa t ing s ha l l be

deem ed t o be p r esen t in t he Mee t ing t o m ee t t he r equ i rements

f o r a t t endance quor um and reso lu t i on o f t he Board o f

Comm iss ioners ’ Mee t i ng .

b . The p lace where t he Mee t i ng Cha i rman par t i c ipa t e s ha l l be

deem ed t o be t he p l ace where t he Mee t i ng i s he ld as re fe r red t o

i n pa r ag raph 1 t h i s a r t i c le ; and

c . The Minu t es o f Mee t i ng mus t be c i r c u la t ed t o and s igned by t he

Cha i rman o f t he Mee t ing and a l l pa r t i c i pa t i ng member s o f t he

Board o f Commiss ioner s .

9 . The Boar d o f Comm iss ioners may a lso conduc t mee t ing any t ime i f

deem ed neces sar y by t he Pr es iden t Comm is s ioner o r on t he p r opos a l

6 0

o f a t l eas t 1 / 3 (one th i r d ) o f t he t o ta l m em ber s o f t he Boa rd o f

Comm iss ioners o r on a wr i t t en reques t f r om one o r m ore

s har eho lde rs who co l l ec t i ve l y own 1 /10 ( one ten ) o f t he t o t a l number

o f sha res w i t h va l id vo t i ng r igh t by men t ion ing mat te r s t o be

d i sc uss ed .

10 . A ca l l f o r Commiss ioner s ’ mee t i ng i s conduc t ed i n wr i t i ng by t he

P res iden t Comm iss ioner o r a m ember appo in t ed by t he Pr es iden t

Comm iss ioner and s ubm i t t ed w i t h in a pe r iod o f 5 ( f i ve ) days p r io r t o

t he mee t ing i t se l f , o r shor te r t ime i n an emergenc y s i t ua t i on ,

exc lud ing t he da te o f t he ca l l an d da te o f mee t ing .

I n s uch mee t i ng c a l l mus t be s ta t ed t he agenda , da t e , t ime and p lace

o f t he m ee t i ng .

Suc h c a l l , f o r t he Board o f Comm iss ioners i s no t necess ar y i f a l l

mem ber s o f Comm is s ioners a re p resen t i n t he mee t i ng .

11 . A Mee t i ng o f t he Board o f Comm iss ioners i s va l i d and may tak e

b i nd ing reso lu t ion i f a t t ended o r r ep r es en t ed by mor e t han ½ ( one

ha l f ) o f t he number o f t he Board o f Comm iss ioners ’ members .

12 . A member o f the Boar d o f Commis s ioners may on l y be rep res en t ed in

a Boar d o f Comm iss ioners Mee t ing by ano the r Board o f

Comm iss ioners m ember pu r suan t t o a l e t t e r o f p roxy es pec ia l l y

made f o r s uch need .

13 . A l l mee t i ngs o f t he Boar d o f Comm iss ioner s s ha l l be c ha i red by t he

P res iden t Comm is s ioner . I n t he even t t ha t t he Pres iden t

Comm iss ioner i s n o t p resen t o r p reven t ed , t he Mee t ing s ha l l be

6 1

c ha i r ed by ano t he r mem ber o f the Boar d o f Comm iss ioners

appo in t ed by t he Pr es iden t Comm is s ioner .

14 . The dec is i on o f t he Boar d o f Comm iss ioners Mee t i ng mus t be t ak en

by de l ibe ra t i on f o r consens us . I n t he even t t ha t t he dec i s i on by

de l ibe ra t i on f o r consens us i s no t a t t a i ned , t he dec is i on s ha l l be

t ak en by a s im p le ma j o r i t y .

15 . I n t he even t o f a t i e vo t e t he m ot i on concer ned s ha l l be re j ec ted ,

exc ep t i f i t i s r egard ing a pe rs on s ha l l be dec ided by a c losed vo te .

16 . a . Ever y m ember o f the Boar d o f Commis s ioners in a t t endance i s

en t i t l ed t o g i ve 1 (one) vo t e and ano the r 1 ( one) vo te f o r

ano t he r member o f t he Board o f Comm iss ioners whom sh e /he

r ep r esen t .

b . Vo t e r egard ing a pe rs on s ha l l be conduc ted by a c lose vo te

w i t hou t s igna tu r e , wh i l e f o r o the r ma t te r s s ha l l be c onduc ted

o ra l l y exc ep t i f t he Cha i rman o f t he Mee t ing dec ide o the r w ise

w i t hou t any ob j ec t ion f rom those in a t t endance .

c . B lank vo tes and i nva l i d vo tes s ha l l no t be c oun ted and deemed

no t t o ex is t and no t c oun ted in t he t o ta l t a l l y o f vo t es .

17 . F r om a l l wha t i s d i scuss ed and r es o l ved in t he Mee t ing o f t he

Board o f Comm iss ioner s , i nc lud ing s ta t ement o f d i s appr ova l by a

mem ber o f t he Boa rd o f Commiss ioners and reas on the re f o re ( i f

any) , mus t be made in t o a m inu tes o f t he mee t i ng . Suc h m inu t es i s

made by a repor te r appo in ted by t he Cha i rman o f t he Mee t ing and

mus t be s igned by a l l members o f t he Board o f Comm iss ioners

p res en t .

6 2

I n t he even t t ha t a mem ber o f t he Boa rd o f Comm is s ione rs does no t

s ign t he m inu te s o f t he mee t i ng t he pe rs on c onc ern ed mus t g i ve t he

r eas on in wr i t i ng in a s epara t e l e t t e r a f f i xed t o t he Minu tes o f t he

Mee t ing . I n t he even t t ha t s uch Minu tes o f t he Mee t i ng i s d rawn up

by a No ta r y , suc h s ign ing i s no t requ i red and the Minu tes o f t he

Mee t ing o f t he Boa rd o f Commiss ione rs d r awn up accor d ing t o t he

p rov i s i on above i s a va l id p r oo f f o r t he members o f the Board o f

Comm iss ioners and t h i rd pa r t y r egard ing t he reso lu t i on t ak en i n such

Mee t ing and mus t be doc umented by t he Company .

1 8 . B ind ing res o lu t ions c an be tak en w i t hou t c onven ing a Mee t ing o f t he

Board o f Comm iss ioner s p rov ided tha t suc h r eso lu t ion i s approved in

wr i t i ng and s igned by a l l mem ber s o f the Board o f Commis s ioners .

Suc h reso lu t i on has a s im i la r l ega l powe r as res o lu t ion va l id l y t ak en

i n Mee t ing o f t he Board o f Comm iss ioners .

THE COMP ANY’ S BOOK YE AR, WORK PL AN ,

BUDG ET AND ANNU AL REPORT

A r t i c le 18

1 . The Company ’s book year s t a r t s f r om 1 ( one) Januar y and ends on

31 ( t h i r t y - one) Decem ber o f t he s ame year . A t t he end o f Dec ember

eac h year , t he Company ’ s book i s c losed .

2 . The Boar d o f D i r ec to r s s ubm i t t he Company ’ s W ork P lan and Budge t

wh ic h c on t a in t he annua l budge t o f the Company , t he Par t ne rs h ip

6 3

and Env i ronment T ra in i ng Prog ram W ork P lan and Budge t , t he

Board o f Comm iss ioner s W ork P lan and Budge t , and the P lan t o

wr i t e o f book s and /o r Empowerment o f t he Company ’ s F i xed As se t

( i f any) (he re ina f t e r t o be r e f e r red t o as “ Com pany ’s W ork P lan and

Budge t ” ) t o t he Boa rd o f Comm iss ione rs t o ob ta in i t s app rova l p r io r

t o t he s ta r t o f t he book year .

3 . By obs er v i ng t he p rov i s ion o f A r t i c l e 12 pa rag raph 14 , t he

Com pany ’s W ork P lan and Budge t mus t be subm i t t ed t o t he Board

o f Commiss ioner s a t t he l a tes t 60 ( s i x t y ) days p r io r t o t he s t a r t o f

t he c oming new book year .

4 . W i th i n t he la t es t a t t he end o f t he t h i rd mon th a f t e r t he c los ing o f

t he Company ’ s book year , t he Boar d o f D i rec t o rs m us t announc e the

s preadshee t p r o f i t / l o ss s ta t ement in 2 ( t wo) I ndones ian da i l i es ,

acc ord ing t o t he cons ide r a t ion o f t he Boa rd o f D i rec to rs , 1 ( one) o f

w i t h a w ide l y d is t r ibu t ion in a l l t he t e r r i t o r y o f t he Repub l i c o f

I ndones ia and 1 (one) o t he r wh i ch i s pub l i s hed in t he dom ic i le o f

t he Company .

5 . The Boar d o f D i r ec to r s mus t c omp i le an annua l repor t ac co r d ing t o

t he p r ov is i ons o f app l i c ab le law and regu la t ion wh ic h mus t be

s igned by a l l members o f t he Boar d o f D i rec t o rs and mem bers o f

t he Boar d o f Comm iss ioners t o be subm i t t ed i n t he Annua l Gene ra l

Mee t ing o f Shareho lde r s . Suc h annua l r epor t mus t be ava i l ab le a t

t he Company ’ s o f f i c e a t t he la t es t 14 ( f ou r t een) days p r i o r t o t he

da te o f t he Annua l G enera l Mee t i ng o f Shar eho lde rs i s he ld and

may be ob t a i ned to be pe rused by t he s har eho lde r by a wr i t t en

r eques t .

6 4

6 . The Boar d o f D i rec to r s f o rmu la t e t he annua l r epor t and s ubm i t i t t o

t he G enera l Mee t ing o f Shareho lde rs a f t e r be ing r ev iewed by t he

Board o f Comm is s ioner s w i t h in a pe r iod o f t he la t es t 6 ( s i x ) mon t hs

a f te r t he Company ’ s book year i s c losed .

GENERAL MEETI NG OF SH AREHOLDERS

Ar t i c le 19

1 . A Genera l Mee t ing o f Shar eho lde r s in t he Company a r e :

a . Annua l Genera l Mee t ing o f Shar eho lde rs , as r e f e r red t o in

a r t i c le 20 o f t hese a r t i c les o f assoc ia t i on ;

b . Ano the r Genera l Mee t ing o f Shareho lde rs wh i ch in t hes e

a r t i c les o f assoc ia t i on sha l l be ca l l ed an Ext rao rd ina r y

Gener a l Mee t ing o f Shar eho lde rs wh ic h i s a Genera l Mee t ing

o f Shar eho lde r s he ld f r om t im e to t ime based on needs .

2 . The t e rm Genera l Mee t i ng o f Shareho lde r s i n t hese a r t i c les o f

ass oc ia t i on has bo t h mea n ings , an Annua l Gener a l Mee t ing o f

Shareho lde rs and an Ext r ao r d ina r y Gener a l Mee t ing o f

Shareho lde rs , exc ep t es pec ia l l y men t ioned .

3 . Any reso lu t i on o f t he Gener a l Mee t ing o f Shareho lde rs m us t be

announc ed accor d ing t o l aws and regu la t i on i n t he f i e ld o f Cap i t a l

Ma rk e t .

4 . a . Annua l G ene ra l Mee t ing o f Shar eho lde rs and an Ext rao rd ina r y

Gener a l Mee t ing o f Shar eho lde rs mus t be p r ec eded by an

Announc ement o f t he Gener a l Mee t ing o f Shar eho lde rs t o t he

F inanc ia l Ser v i ce Au t ho r i t y , t he Announcem ent and Summ ons

6 5

f o r t he Gener a l Mee t ing o f Shar eho lde rs as s t ipu la t ed i n t he

a r t i c les o f assoc ia t i on .

b . ( 1 ) The Company m us t f i r s t subm i t a no t i f i c a t ion regard ing t he

i t em s o f t he agenda in de ta i l s t o t he F inanc ia l Ser v i ce

Au t ho r i t y a t t he l a tes t 5 ( f i ve ) bus iness days p r io r t o t he

announc ement o f t he Gener a l Mee t i ng o f Shareho lde rs

exc lud ing t he da te o f t he announcement .

( 2 ) I n t he even t t ha t t he re i s a change in t he i t em o f t he agenda

as r e f e r r ed t o in po in t ( 1 ) t h i s pa r ag raph , t he Com pany mus t

no t i f y suc h c hanges in t h e agenda i t em to t he F inanc ia l

Ser v i ce Au t ho r i t y a t t he l a tes t a t t he t im e o f t he summons

f o r t he G enera l Mee t i ng o f Shar eho lde rs .

c . The s t ipu la t ion s in po in t a and b t h i s a r t i c le i s mu ta t i s

mu t and is a ls o va l id f o r an announc ement regard ing t he Genera l

Mee t ing o f Shareho lde rs by a s hareho lde r wh o has ob ta i ned

dec i s i on o f a cour t t o c onvene the Genera l Mee t ing o f

Shareho lde rs as c on t emp la ted i n Ar t i c l e 21 pa r ag raph 3 le t t e r e .

5 . The Company mus t p repar e t he mate r i a l f o r t he Gener a l Mee t ing o f

Shareho lde r s ’ agenda f o r s har eho lde rs s i nc e t he summons f o r t he

Gener a l Mee t i ng o f Shar eho lde rs un t i l t he imp lement a t ion o f t he

Gener a l Mee t i ng o f Shareho lde rs .

6 . I n t he even t t ha t t he p r ov is i on o f ano the r l aw regu la te t he

ob l iga t ion o f t he ava i l ab i l i t y o f t he agen da i t em ear l i e r t han the

6 6

s t i pu la t i on as r e f e r r ed t o i n t h i s pa rag raph 5 , such p rov i s i on o f t he

agenda i t em s ha l l be acc ord ing t o t he p r ov i s i ons o f suc h o t he r l aw.

7 . The ava i l ab le mate r i a l f o r t he i t em i n agenda as re fe r red t o in

pa rag raph 5 he reo f may be in t he f o rm o f a phys ica l docum ent

and / o r c opy o f e l ec t ron ic doc ument .

Phys ica l document c op ies a r e p r ov ided F ree in t he Com pany ’s

o f f i ce i f r eques ted i n wr i t i ng by t he s har eho lde r s . E lec t r on ic

doc ument cop ies c an be ac ces s e d o r down loaded th rough the

Com pany ’s webs i t e .

8 . I n t he even t t ha t t he i t em o f t he m ee t i ng regar d ing appo in tmen t o f

mem ber o f t he Boa rd o f D i r ec to r s and /o r Boar d o f Comm iss ioners ,

t he r es ume o f t he c and ida t e mem ber o f t he Boar d o f D i r ec t o rs

and / o r Board o f Comm iss ioners t o be appo in t ed m us t be p rov ided :

a . i n t he Company ’s webs i t e a t t he la tes t s ince t he s ummons o f t he

Mee t ing un t i l t he Gener a l Mee t i ng o f Shareho lde rs i s he ld ; o r

b . a t ano the r t ime bes ide wha t i s re f e r red t o i n le t t e r a bu t a t t he

l a t es t a t t he t im e o f t he Gener a l Mee t i ng o f Shareho lde rs i s he ld

acc ord ing t o l aws and regu la t ion .

9 . a . A t t he t ime o f t he Gener a l Mee t i ng o f Shareho lde rs t he Mee t ing

d i sc ip l i ne mus t be p rov ided to s har eho lde r s in a t t endance .

b . The p r inc i p les o f the Genera l Mee t ing o f Shar eho lde r s d i sc ip l i ne

as r e f e r red t o i n po in t ( a ) t h i s pa rag raph mus t be r ead ou t p r io r

t o t he s ta r t o f t he Gener a l Mee t i ng o f Shareho lde rs .

6 7

c . A t t he open ing o f t he Gener a l Mee t ing o f Shar eho lde rs , t he

Cha i rman mus t p r ov ide an e luc i da t ion t o t he s hareho lde r s

r egard ing a t l eas t :

( i ) a b r ie f summar y o f t he genera l cond i t i on o f t he Com pany;

( i i ) t he agenda o f t he Gener a l Mee t i ng o f Shareho lde rs ;

( i i i ) t he mec han ism o f t ak ing a reso lu t i on re l a ted t o t he agenda

o f t he Mee t i ng ;

( i v ) t he p r oc eed ing o f app l y i ng t he s har eho lde r s r igh t t o f o rwa r d

ques t ion and /o r op in i on ;

d . I n t he G enera l Mee t i ng o f Shar eho lde rs , a shareho lde r has t he

r igh t t o ob ta in in f o rmat ion o f t he mee t ing agenda and the

mat e r ia l f o r s uch agenda i t em wh ic h i s no t con t ra ry t o t he

i n t e res t o f t he Company .

e . A t t he t ime o f the G ene ra l Mee t ing o f Shareho lde rs , t he

Com pany may inv i t e o t he r pa r t i es re l a ted t o t he i t em o f t he

Mee t ing agenda .

ANNU AL GENERAL M EETI NG OF SHAREHO LDERS

Ar t i c le 20

1 . The Annua l G ene ra l Mee t i ng o f Sha reho lde r s i s he ld a t t he l a tes t , 6

( s i x ) mont hs a f t e r the c l os ing o f t he Com pany ’s book .

2 . I n t he Annua l Gener a l Mee t i ng o f Shareho lde r s :

6 8

a . The Boa rd o f D i rec to r s submi t an annua l r epor t r ev iewed by t he

Board o f Comm is s ioner s , w i t h among o t he r s con ta i n t he r epor t

r egard ing t he Company ’ s management c onduc t ed by t he Board

o f D i r ec t o rs and the super v i s i on conduc t ed by t he Board o f

Comm iss ioners du r i ng t he recen t book year , t he Repor t o f t he

W ork P lan Im p lementa t i on & the Par tne rs h ip and Env i r onment

T ra in i ng Prog ramme Budge t , Repor t on t he Execu t i on on t he

W ork P lan & Budge t o f t he Boar d o f Comm is s ioner , and Repor t

on t he Im p lementa t ion o f Book s W r i t e -o f f and /o r Empowerm ent

o f t he Com pany ’s F i x e d Asse t s ( i f any ) , t o ob ta i n an appr ova l

f r om the G enera l Mee t ing o f Shareho lde rs ;

b . The Boar d o f D i r ec t o rs s ubm i t a f i nanc ia l s ta t ement cons i s t ing

o f sp read shee t and p r o f i t and l os t s ta t ement f o r t he book year

c oncer ne d aud i t ed by an Acc oun tan t Pub l i c and t he e luc ida t ion

on suc h doc ument , t o ob ta i n t he ra t i f i ca t ion o f t he Gener a l

Mee t ing o f Shareho lde r s ;

c . The Boar d o f D i rec t o rs subm i t a p lan t o u t i l i ze t he Company ’ s

ne t p r o f i t ;

d . The appo in tm en t o f an acc oun tan t pub l i c reg is t e red i n Bapepam

and LK ( cu r r en t l y t he F inanc ia l Ser v i c e Au t ho r i t y ) as p r oposed

by t he Board o f Comm iss ioner t o c onduc t an aud i t on t he

Com pany ’s F i nanc ia l S ta t ement f o r t he cu r r en t year ;

e . I f needed t o f i l l i n a vacan t pos i t i on o f t he m ember o f t he Boar d

o f D i r ec to r s and / o r t he Company ’ s Boa rd o f Commiss ione r ;

6 9

f . Reso lu t i on r egard ing o t he r m o t ions b r ough t f o r war d in t he

Mee t ing ac cor d ing t o t he p rov i s i ons o f t he a r t i c les o f

ass oc ia t i on .

3 . Ra t i f i c a t ion o f t he F inanc ia l Repor t by t he Annua l G enera l Mee t ing o f

Shareho lde rs , means t o g i ve a f u l y acqu i t e t decha rge to t he

mem ber s o f t he Board o f D i rec t o rs and Boar d o f Comm iss ioners on

t he i r m anagem ent and s uper v i s i on conduc ted du r i ng t he r ecen t

c omp le ted book yea r , p rov ided tha t s uc h ac t i on i s r e f le c ted in t he

F inanc ia l S t a tement , excep t f o r embezz lement , f r aud and o t he r

c r im ina l ac t i ons .

4 . I n t he even t t ha t t he Board o f D i r ec t o rs o r t he Board o f

Comm iss ioners neg le c t t o ho ld an Annua l Gener a l Mee t ing o f

Shareho lde rs a t t he s t i pu la ted t ime , 1 ( one) o r mor e o f t he

s har eho lde rs own ing a t l eas t 1 /10 (one pe r t en ) pa r t o f t he t o ta l

s ha r es w i t h va l id vo t ing r igh t i s en t i t l ed t o pe rs ona l l y summ on an

Annua l Genera l Mee t i ng o f Shareho lde rs on acc oun t o f t he Com pany

a f t e r ob t a in i ng a cons en t f r om the Head o f t he D is t r i c t Cour t o f wh ich

t he j u r i s d i c t ion cover s t he domic i le o f t he Company , excep t i f

o t he r w i s e regu la ted pu r suan t t o p r eva i l i ng laws and regu la t ion s .

5 . The imp lem ent a t i on o f t he Mee t i ng as con tem p la t ed i n pa rag raph 4

t h i s a r t i c le mus t obser ve t he s t ipu la t i on o f t he Head o f t he D is t r i c t

Cour t p r ov id i ng suc h pe rm i t .

EXTR AO RDI N ARY GENERAL MEETI NG OF SH AREHOLDERS

Ar t i c le 21

7 0

1 . The Ex t rao rd ina r y Gener a l Mee t ing o f Shareho lde r s c an be he ld any

t ime bas ed on the need o r i n te r es t o f t he Company t o d is cuss and

r eso l ve an agenda o f a Gener a l Mee t i ng o f Shar eho lde rs , excep t f o r

t he i t em s o f t he agenda f o r t he Gener a l Mee t i ng o f Shar eho lde rs

c on t emp la t ed i n A r t i c le 20 pa rag raph 2 l e t t e r a ,b , c and d by

obs er v i ng p reva i l i ng l aws and r egu la t i on and t he Company ’ s a r t i c le s

o f as soc ia t ion .

2 . The Board o f D i r ec t o rs mus t s ummon and convene an Ex t rao rd ina r y

Mee t ing o f Shareho lde r s on a wr i t t en reques t o f :

a . 1 (one) o r mor e s ha reho lde rs who co l l e c t i ve l y own a t l eas t 1 / 10

( one t en ) o f t he t o ta l sha res i ssued w i t h va l id vo t i ng r igh t ; o r

b . The Boar d o f Comm iss ioners .

3 . Suc h wr i t t en reques t m us t be r eg is t e r ed by men t ion ing i t em s to be

d i sc uss ed and i t s reas ons .

4 . a . A Gener a l Mee t i ng o f Shareho lde r s ba s ed on the reques t o f

Shareho lde rs as c on t emp la t ed in pa rag raph 2 le t t e r a , i s

c onduc ted by t he Board o f D i r ec t o rs by announc ement o f t he

Gener a l Mee t ing o f Shar eho lde rs t o t he Shar eho lde rs w i t h in a

t ime per iod o f t he la t es t 15 ( f i f t een) days as o f t he da t e o f

r eques t t o ho ld t he Genera l Mee t i ng o f Shar eho lde r s i s rece i ved

by t he Boar d o f D i rec t o rs o r in t he even t t ha t t he Board o f

D i rec t o rs does no t conduc t t he announcem ent o f t he Genera l

Mee t ing o f Shareho lde r s , w i t h in 15 ( f i f t een) days s uc h Board o f

D i rec t o rs mus t announc e whereas t he re i s a reques t to ho ld a

Gener a l Mee t ing o f Shareho lde r s f r om t he shareho lde rs and the

r eas on why no Gene ra l Mee t ing o f Sha reho lde rs i s he ld .

7 1

b . I n t he even t t ha t t he Boar d o f D i rec t o rs does no t conduc t an

announc ement o f t he Genera l Mee t i ng o f Shar eho lde rs , t he

Shareho lde rs m ay p ropos e aga in in wr i t i ng t he reques t t o ho ld a

Gener a l Mee t ing o f Shareho lde rs t o t he Board o f

Comm iss ioners . A t t he l a tes t 15 ( f i f teen) days as o f t he da t e o f

s uc h reques t i s r ec e i ved by t he Boar d o f Commiss ione rs , t he

Board o f Comm iss ioner s i s ob l ige d t o conduc t an announcem ent

r egard ing t he Gener a l Mee t i ng o f Shareho lde rs t o t he

Shareho lde rs o r in c as e the Boar d o f Comm iss ioners does no t

announc e a Genera l Mee t i ng o f Shareho lde r s w i t h in 15 ( f i f t een )

days t he Boar d o f Comm iss ioners mus t announce whereas t he re

i s a r eques t t o ho ld a Genera l Mee t i ng o f Shareho lde r s f r om the

s har eho lde rs and the reas on why no Gener a l Mee t ing o f

Shareho lde rs i s he ld .

c . An announcement by t he Board o f D i r ec to rs o r Board o f

Comm iss ioners conc ern ing t he in f o rmat ion o f no Gener a l

Mee t ing o f Shareho lde r s , mus t be conduc ted a t l eas t t h r ough :

i . 1 ( one) I ndones ian da i l y w i t h na t iona l c i r cu la t i on ;

i i . t he webs i t e o f t he S tock Exc hange ; and

i i i . t he Company ’ s webs i t e , i n Bahas a I ndones ia and f o re ign

l anguage ,

i v . w i t h t he s t ipu la t i on t ha t t he f o re ign l anguage t o be used

mus t a t l eas t be Eng l i sh .

ev i denc e o f such announc ement and a copy o f t he reques t t o

ho ld a G ene ra l Mee t ing o f Shar eho lde rs mus t be subm i t t ed t o

7 2

t he F inanc ia l Ser v i c e Au tho r i t y a t t he l a tes t 2 ( t wo) bus iness

days a f t e r t he announc ement .

d . I n t he even t t ha t t he Board o f D i r ec t o rs o r Board o f

Comm iss ioners does no t c onvene a Gener a l Mee t ing o f

Shareho lde rs , t he Shareho lde r r eques t i ng t he Gener a l Mee t ing

o f Shareho lde r s may p ropose a reques t t o t he Head o f t he

D i s t r i c t Cour t w i t h j u r i sd ic t i on over t he dom ic i le o f t he Com pany

to s t ipu la t e a pe rm i t t o app l i c an t t o pe rs ona l l y c onduc t a

s ummon f o r a G ener a l Mee t i ng o f Shareho lde r s .

e . The s har eho lde r who has ob t a i ned a dec is ion f rom the d is t r i c t

c ou r t t o ho ld a Genera l Mee t ing o f Shareho lde r s as r e fe r red t o

i n t h i s pa rag raph mus t :

f . Conduc t an announcem ent , s ummon f o r t he Gener a l Mee t ing o f

Shareho lde rs , an announcem ent o f t he summar y o f t he m inu tes

o f t he Genera l Mee t ing o f Shar e ho lde rs , on t he Gener a l Mee t ing

o f Shar eho lde rs conduc t ed ac cor d ing t o t he Regu la t i on o f t he


g . Conduc t an announcem ent t ha t a Gener a l Mee t ing o f

Shareho lde rs sha l l be he ld and subm i t t he announcement

ev i denc e , ev i dence o f t he s ummons , m inu t es o f t he G enera l

Mee t ing o f Shareho lde rs , and p r oo f o f t he announcement

r egard ing t he summar y o f t he m inu tes o f t he Gener a l Mee t ing o f

Shareho lde rs on the Genera l Mee t i ng o f Shareho lde rs he ld t o

t he F inanc ia l Ser v i c e Au t ho r i t y acc or d ing t o t he Regu la t ion o f

t he F inanc ia l Ser v i c e Au tho r i t y .

7 3

h . A t t ac h a document wh ic h c on t a in t he nam e o f t he

s har eho lde rs and the amoun t o f sha res owned by t he

Com pany wh i ch has ob ta ined a ra t i f i c a t ion f rom the c ou r t t o

ho ld a G enera l Mee t i ng o f Shareho lde rs and a de c is ion o f t he

c our t i n no t i f y ing as re f e r red t o in po in t i i t o t he r e l a ted

F inanc ia l Ser v i ce Au tho r i t y t ha t such Gener a l Mee t ing o f

Shareho lde rs i s go ing t o be he ld .

4 . I n t he even t t ha t t he Board o f D i r ec to r s does no t announce such

Ex t rao rd ina r y Gene ra l Mee t ing o f Shareho lde r s as r e fe r red t o in

pa rag raph 2 l e t t e r b above w i t h in 15 ( f i f t een) days a f te r rece i v i ng

t he reques t , t he Boar d o f Comm iss ioners sha l l c onduc t t he

announc ement t ha t t he re w i l l be a s ummon f o r a mee t i ng .

5 . The imp lementa t ion o f t he Ex t rao rd in a r y Gener a l Mee t ing o f

Shareho lde rs as re f e r red t o i n pa rag raph 3 l e t t e r e mus t obser ve

t he s t i pu la t i on o f the Head o f t he D is t r i c t Cour t i ss u ing such pe rm i t .

PL ACE AND SUMMO N FOR A G ENERAL M EETI NG

OF SHAREHO LDERS

A r t i c le 22

1 . The G enera l Mee t ing o f Share ho lde r s s ha l l be he ld a t t he dom ic i le o f

t he Company o r a t t he p l ac e o f S tock Exc hange i n I ndones ia wher e

t he shares o f t he Com pany a re reg i s te r ed o r a t t he p l ac e where t he

Com pany conduc t i t s ma in ac t i v i t i es o r i n t he cap i t a l o f the p rov inc e

whe re t he Com pany has i t s domic i le o r i t s ma in bus iness ac t i v i t i es .

2 . a . W i th i n t he l a tes t 14 ( f ou r teen) days p r io r t o t he d is t r i bu t i on o f t he

s ummon f o r t he Gener a l Mee t i ng o f Shareho lde rs exc lud ing t he

7 4

da te o f announc ement and da t e o f summon, t he pa r t ies en t i t l ed t o

i s sue the s ummon mus t c onduc t an announcem ent o f t he Genera l

Mee t ing o f Shar eho lde rs t o t he shareho lde r s by p lac ing an

adver t i sem ent in 1 ( one) I ndones ia da i l y news paper w i t h na t iona l

c i r cu la t i on , i n t he W ebs i t e o f t he S t ock Exc hange and the

Com pany ’s W ebs i t e s ta t ed in Bahas a Indones ia and f o re ign

l anguage w i t h t he s t i pu la t i on t ha t t he f o re ign l anguage use d mus t

a t l eas t be Eng l i s h t o announce t ha t t he re w i l l be a summon f o r a


b . The announce m en o f Genera l Mee t ing o f Shar eho lde r s as r e f e r red

t o i n le t t e r a pa rag r aph ( 2 ) mus t a t l eas t c on t a i n :

i . t he p rov i s ion r egar d ing s har eho lde r s w i t h t he r igh t t o a t t end

the Gener a l Mee t i ng o f Shareho lde rs ;

i i . p rov i s i on regar d ing t he shareho lde rs w i t h t he r igh t t o p ropose

a m ee t i ng agenda ;

i i i . t he da te o f t he Gene ra l Mee t ing o f Sha reho lde rs ; and

i v . t he da t e o f t he summon f o r t he Gener a l Mee t ing o f


v . i n f o rmat i on wher eas t he Company convene the Gener a l

Mee t ing o f Shar eho lde r s due to a r eques t o f a shar eho lde r in

t he c as e tha t t he Genera l Mee t ing o f Sha reho lde rs i s

c onduc ted on a reques t o f a shar eho lde r .

c . The announcement o f t he Gener a l Mee t ing o f Shar eho lde rs in a

f o re ign language as r e f e r red t o i n le t t e r b t h i s pa r ag raph , mus t

c on t a in t he s ame in f o rmat ion w i t h t he i n f o rmat i on in t he

7 5

announc ement conc ern ing t he Genera l Mee t i ng o f Shareho lde rs in

I ndones ian .

d . I n t he even t t ha t t he re i s d isc r epancy in t he in t e rp r e ta t i on o f t he

i n f o rmat i on announc ed in a f o r e ign language and the

announc ement i n I ndones ian as re f e r re d t o in le t t e r c t h i s

pa rag raph , t he p r eva i l i ng in f o rmat ion i s t he in f o rmat i on i n

I ndones ian .

e . P roo f o f t he announc ement c oncer n ing t he Genera l Mee t ing o f

Shareho lde rs as re f e r red t o i n le t t e r a t h i s pa r ag raph mus t be

f o r warded t o t he F inanc ia l Ser v i ce Au t ho r i t y a t t he la t es t 2 ( t wo)

bus ines s days a f t e r t he announc ement o f t he Gener a l Mee t ing o f

Shareho lde rs .

f . I n t he even t t ha t t he Gener a l Mee t ing o f Shareho lde r s i s

c onvened on the reques t o f a shareho lde r , t he ev idenc e o f t he

announc ement c onc ern ing t he Gene ra l Mee t i ng o f Shar eho lde rs

mus t a lso inc l ude the copy o f t he le t t e r o f r eques t t o convene a

Gener a l Mee t ing o f Shareho lde rs as c on t emp la t ed Ar t i c l e 21

pa rag raph 2 le t t e r a .

g . The announcem ent o f t he Genera l Mee t ing o f Shar eho lde rs , t o

r eso l ve m at te rs w i t h con f l i c t i ng in t e res t , i s conduc ted by

obs er v i ng t he regu la t i on i n t he Cap i t a l Mark e t .

h . The p r ov is i ons in a t h r ough g t h i s a r t i c l e mu t a t i s m u tand is a lso

app l y t o an announc ement t o convene t he Genera l Mee t ing o f

Shareho lde rs by t he shareho lde r s who has ob ta ined s t ipu la t ion

f rom the c our t t o convene a Genera l Mee t ing o f Shar eho lde r s as

c on t emp la t ed i n Ar t i c l e 21 pa r ag raph 2 l e t t e r a .

7 6

3 . a . The summon f o r t he Genera l Mee t ing o f Shareho lde r s mus t be

s ubm i t t ed t o t he Shareho lde r s a t t he la t es t 21 ( t wen t y -one) d ays

p r i o r t o t he Genera l Mee t ing o f Shareho lde r s , exc lud ing t he da te

o f t he summon and the da te o f t he sha reho lde rs m ee t ing t h r ough :

i . 1 ( one) I ndones ian da i l y w i t h Na t i ona l c i r cu la t i on ;

i i . W ebs i t e o f S tock Exc hange and

i i i . The Company ’ s W ebs i t e in I ndones ian and Fore ign Language

w i t h t he s t ipu la t i on t ha t t he For e ign Language us e d sha l l be

a t l eas t Eng l i sh . I n t he even t t ha t t he re i s d is c repanc y i n t he

i n t e rp r e ta t i on o f the in f o rmat ion on t he s ummon i n f o re ign

l anguage w i t h t he in f o rmat ion o f t he sum mon i n I ndones ian ,

t he p r eva i l i ng i n f o rmat i on s ha l l be in fo rmat ion in I ndones ian .

b . The p rov i s ions o f pa rag raph 3 le t t e r a i n t h i s a r t i c le s ha l l

mu t a t i s m u tand is be app l i cab le t o t he summon t o c onvene a

Gener a l Mee t ing o f Shar eho lde r s by a s har eho lde r wh i ch has

ob ta i ne d a s t i pu la t i on f rom the cour t t o h o ld a Gener a l

Mee t ing o f Shareho lde r s as c on tem p la t ed in Ar t i c l e 21

pa rag raph 2 le t t e r a .

c . The summon f o r t he Genera l Mee t ing o f Shar eho lde r s in t he

even t o f con f l i c t i ng in te r es t m us t be execu t ed by r eg is t e red

ma i l o r f ac s im i l e t o t he address o f the shareho lde rs bes ide

s ummon i ss ued t h rough a da i l y .

4 . I n t he even t t ha t quorum o f t he Gener a l Mee t i ng o f Shar eho lde r s i s

no t a t t a ined , a second G enera l Mee t i ng o f Shar eho lde rs m ay be

c onduc ted , t he summ on f o r t he s ec ond Gener a l Mee t ing o f

Shareho lde rs mus t be execu t ed a t t he la t es t 7 ( s even) days p r io r t o

7 7

t he second Genera l Mee t ing o f Shar eho lde r s exc lud ing t he da te o f

s ummon and da t e o f Gener a l Mee t i ng o f Shar eho lde rs i t s e l f by

men t ion ing t ha t t he f i r s t Gener a l Mee t i ng o f Shareho lde rs was he ld

bu t d i d no t a t t a in t he quor um. The second G enera l Mee t ing o f

Shareho lde rs mus t be he ld a t ea r l i es t 10 ( t en ) days and the l a tes t 21

( t wen t y -one) days as o f t he f i r s t G ene ra l Mee t ing o f Sha reho lde rs .

The summ ons to t he s ec ond Genera l Mee t i ng o f Shar eho lde r s i s

c onduc ted ac cor d ing t o t he s t ipu la t i on :

( 1 ) The summ ons f o r the s ec ond Gener a l Mee t ing o f Shar eho lde r s i s

c onduc ted a t t he la t es t 7 ( seven) days p r io r t o t he sec ond

mee t ing i s c onduc ted .

( 2 ) I n t he s ummons f o r t he s econd Genera l Mee t i ng o f Shareho lde r s

i t m us t be s t a ted t ha t t he f i r s t G enera l Mee t i ng o f Shareho lde r s

was conduc ted bu t d i d no t reac h the a t t endance quorum. Th i s

s t i pu la t i on i s va l id w i t hou t p r e j ud i ce t o t he regu la t ion o f t he

Cap i t a l Mark e t and o t he r laws and regu la t i o n and t he regu la t i on

o f t he S t ock Exc hange where t he Company ’ s s har es a re

r eg is t e red .

( 3 ) The s econd Gener a l Mee t i ng o f Shareho lde r s i s conduc ted

w i t h in t he ea r l i es t 10 ( t en ) days and the la t es t 21 ( t wen t y - one)

days a f t e r t he f i r s t Gener a l Mee t i ng o f Shareho ld e rs i s he ld .

( 4 ) The s t ipu la t ion regard ing t he med ia o f summons and e r ra ta o f

t he summons o f t he Gener a l Mee t i ng o f Shar eho lde rs as r e f e r red

t o in pa r ag raph ( 3 ) t h i s a r t i c l e i s mu t a t i s mu tand i s a l so

app l i cab le f o r t he s ummons o f t he s ec ond Genera l Mee t ing o f

Shareho lde rs .

7 8

The s ummons the t h i rd Gener a l Mee t i ng o f Shareho lde rs i s conduc ted

acc ord ing t o t he s t ipu la t i on :

( 1 ) The s ummons f o r t he t h i rd Gener a l Mee t ing o f Shar eho lde rs on

r eques t o f t he Company i s s t ipu la ted by t he F inanc ia l Ser v i ce

Au t ho r i t y ;

( 2 ) I n t he s ummons f or t he t h i rd Gener a l Mee t i ng o f Shareho lde rs

s ha l l be s ta t ed t ha t t he second G enera l Mee t i ng o f Shareho lde rs

was conduc t ed bu t d i d no t reac h the a t t endance quorum.

5 . The s ummons f o r t he G enera l Mee t i ng o f Shar eho lde rs mus t a t l eas t

c on t a in t he day , da t e , hour , p lac e , p r ov i s i on concer n ing t he

s har eho lde rs w i t h t he r igh t t o a t t end the Gener a l Mee t ing o f

Shareho lde rs , t he agenda o f t he Mee t ing inc l ud ing e l uc ida t i on on

eac h i t em in t he agenda , and in f o rmat i on wh i ch s t a te wher eas t he

mat e r ia l o f t he agend a i s ava i l ab le f o r t he shareho lde rs s in ce t he

i s suanc e o f t he s ummons f o r t he Genera l Mee t ing o f Shareho lde rs

un t i l t he Mee t ing i t s e l f . The mate r i a l f o r t he Mee t ing p rov ided by t he

Com pany can be i n a phys ic a l copy doc ument and /o r e l ec t r on ic

doc ument p rov i ded f o r f r ee a t t he Company ’ s Of f i ce by wr i t t en

r eques t o f t he Shar eho lde r s o r can be acc ess o r down loaded th rough

t he Company ’ s W ebs i t e .

6 . a . The Com pany mus t c onduc t e r ra t a t o t he s ummons o f t he

Gener a l Mee t i ng o f Shareho lde rs i f t he re a re any changes in t he

i n f o rmat i on o f t he Gener a l Mee t ing o f Shar eho lde r s as r e f e r r ed

t o i n pa rag raph 4 t h i s Ar t i c l e .

b . I n t he even t t ha t s uc h e r r a ta t o t he s ummons o f t he Gener a l

Mee t ing o f Shareho lde r s con ta in in f o rmat i on on changes in t he

7 9

da te o f t he Mee t i ng and / o r add i t i on t o t he i t em s in t he agenda o f

t he Mee t ing , t he Com pany mus t c onduc t a r es ummons .

c . The s t i pu la t i on in t he ob l iga t o r y s t ipu la t ion regard ing t he

r esumm ons f o r t he Gener a l Mee t i ng o f Shareho lde rs i s no t va l id

i f t he e r r a tum o f t he s ummons f or t he Gener a l Mee t ing o f

Shareho lde rs i s regard ing changes in t he da te o f t he Mee t ing

and / o r add i t i ons t o t he agenda Mee t ing i s c onduc ted no t due t o

t he f au l t o f t he Company .

7 . Mo t i ons f rom the shareho lde r s mus t be i nc l ud ed in t he agenda o f t he

Gener a l Mee t i ng o f Shar eho l de rs c on t a in ed in t he summons f o r t he

Mee t ing i f :

a . s uc h mot ion i s subm i t t ed in wr i t i ng t o t he board o f D i r ec t o rs by

1 ( one) o r mor e s har eho lde rs hav ing a t l eas t 1 / 20 ( one pe r

t wen t y ) o f t he t o ta l s ha r es w i t h va l id vo t ing r igh s t ;

b . s uc h mot i on i s r ece i ved by t he Boar d o f D i rec to r s a t t he l a tes t 7

( s even) days p r io r t o t he da t e o f t he summ ons f o r t he Mee t i ng i s

i s sued ;

c . s uc h mot ion mus t be c onduc ted w i t h good in t en t i on , c ons ide r ing

t he in t e res t o f t he Com pany, and t he r eas on and mat e r ia l o f t he

agenda p r opos a l t o t he G enera l Mee t ing o f Shareho lde rs and i s

no t in v i o la t i on t o the laws and regu la t ion .

d . The mot i on f o r warded i s an i t em i n t he mee t i ng agenda wh ic h

need the r eso lu t ion o f t he Gener a l Mee t ing o f Shareho lde rs and

acc ord ing t o t he as ses sment o f t he Board o f D i rec t o rs has met

a l l t he r equ i r ements i n po in t c he r eo f .

8 0

CH AI RPERSO N AND MINUTE S OF THE GENER AL M EETI NG

OF SHAREHO LDERS

A r t i c le 23

1 . The Gener a l Mee t ing o f Shareho lde r s sha l l be cha i r ed by one o f t he

mem ber s o f t he Board o f Comm iss ioners appo in t ed by t he Board o f

Comm iss ioners . I n t he even t t ha t a l l m embers o f the Board o f

Comm iss ioners a re no t ab le due to wha tsoever r eas on wh i ch does

n o t have to be p r oved t o a t h i r d pa r t y , t he Mee t ing i s c ha i r ed by a

mem ber o f t he Boar d o f D i rec t o r appo in t ed by t he Board o f D i r ec to r s .

I n t he even t t ha t a l l mem bers o f t he Board o f D i rec t o rs a re

p reven t ed due to wha tsoever reason wh ic h does no t need to b e

p roved to a t h i rd pa r t y , t he Mee t ing sha l l be cha i red by a pe r son

c hosen by and f rom among the shareho lde r s a t t end ing t he Mee t ing

and appo in ted f rom and by t he Mee t ing a t t endees .

I n t he even t t ha t a mem ber o f t he Board o f Comm iss ioner s who i s

go ing t o ch a i r t he Gener a l Mee t i ng o f Shar eho lde r s has c on f l i c t i ng

i n t e res t on mat t e rs wh i ch sha l l be reso l ve d in t he Genera l Mee t ing o f

Shareho lde rs , t he Mee t ing sha l l be cha i red by ano the r mem ber o f t he

Board o f Commiss ioner s wh ic h has no con f l i c t o f i n t e res t appo i n ted

by t he Boar d o f Comm is s ioners . I n the even t t ha t a l l mem ber o f t he

Board o f Comm iss ioner s have c on f l i c t i ng i n te r es t t he Mee t ing sha l l

be c ha i red by one member o f t he Board o f D i r ec to r s who has no

c on f l i c t i ng in t e res t and appo in ted by t he Board o f D i r e c to rs .

8 1

I n t he even t t ha t a member o f t he Board o f D i rec t o rs appo in ted by

t he Board o f D i r ec to r s t o cha i r mee t ing has con f l i c t i ng i n t e res t on

t he mee t i ng agenda r eso l ve in t he mee t ing , t he mee t i ng sha l l be

c ha i r ed by member o f t he Boa rd o f D i rec to rs wh i c h has no

c on f l i c t i ng in t e res t .

I n t he even t t ha t a l l members o f t he Boar d o f D i rec t o rs have

c on f l i c t i ng in t e res t , t he Mee t i ng sha l l be cha i red by a non -

c on t r o l l i ng shareho lde r s e lec ted f rom the ma jo r i t y o f o the r

s har eho lde rs in a t t endance .

2 . The shareho lde r a t t end ing t he mee t ing mus t p rove the i r au tho r i t y t o

be p r esen t i n t he mee t ing , acc ord ing t o t he p rov i s ion s t ipu la t ed by

t he Boar d o f D i rec to r s o r t he Boar d o f Comm iss ioners a t t he t ime o f

t he c a l l f o r t he Mee t i ng , by obser v i ng p reva i l i ng laws and regu la t i ons

i n t he f i e l d o f cap i t a l m ark e t .

3 . F rom a l l ma t t e r d is cus sed and r eso lved i n t he G enera l Mee t ing o f

Shareho lde rs a m inu te o f t he mee t i ng i s d r awn up by a No ta r y and

the s ummar y o f suc h m inu t es o f mee t i ng by t he Company .

Suc h m inu tes o f mee t ing s ha l l be a va l i d p roo f t o a l l s ha r eho lde rs

and t h i r d pa r t y rega rd ing t h is reso lu t ion and a l l wha t happen i n t he

Mee t ing . The m inu tes o f mee t i ng mus t be subm i t t ed t o t he F inanc ia l

Ser v i ce Au tho r i t y a t t he la tes t 30 ( t h i r t y ) days a f t e r the mee t i ng i s

he ld . I n t he even t tha t t he submiss ion o f suc h mee t ing m inu tes i s on

a ho l iday t he mee t i ng m inu t es mus t be s ubm i t t ed on t he nex t work

day .

4 . The summar y o f the m inu tes o f mee t i ng mus t a t l eas t c on t a in t he

f o l l ow ing in f o rmat i on as regu la ted i n t he F inanc ia l Ser v i ces

Au t ho r i t y :

a . da t e , p l ace and t ime o f t he Mee t i ng ;

b . t he members o f t he Boar d o f D i r ec to r s and Board o f

Comm iss ioners p res en t a t t he t im e o f t he Mee t ing ;

8 2

c . number o f sha res w i t h va l i d vo t i ng r igh t p resen t in t he Mee t ing ,

and t he pe rc en t age f rom the over a l l number o f sha res w i t h va l i d

vo t ing r igh t ;

d . whe the r o r no t t he re i s oppor t un i t y t o t he s har eho lde rs t o f o r ward

ques t ions and / o r g ive op in ion re l a ted t o t he Mee t i ng agenda ;

e . t he number o f s ha r eho lde rs f o r wa rd ing ques t ions and /o r op in ion

r e l a ted t o t he Mee t i ng agenda , i f g i ven oppor t un i t y ;

f . t he mechan ism o f t ak ing Mee t i ng res o lu t i on ;

g . t he res u l t o f the vo t ing inc l ud ing t he number o f c onsen t ing ,

d i sag ree ing and abs ta i n f o r each i tem o f t he m ee t i ng , i f t he

r eso lu t ion i s t ak en by vo te c as t i ng ;

h . t he r es o lu t ion o f t he mee t ing ; and

e . exec u t ion o f c as h d i v i dend payment t o s har eho lde rs hav ing t he

r igh t t o i t . I f t he re i s any dec is ion o f t he Mee t ing regar d ing t he

d i s t r ibu t i on o f cash d i v i dend

5 . The s ummar y o f t he Mee t ing mus t be announced to t he pub l i c a t t he

l a t es t 2 ( t wo) bus iness days a f t e r t he Mee t i ng i s he ld , a t l eas t

t h r ough :

a . 1 (one) I ndones ian da i l y w i t h a na t iona l c i r cu la t ion ;

b . webs i t e o f t he S tock Exc hange ; and

c . t he Company ’s webs i t e i n Bahas a I ndones ia and ano t he r f o re ign

l anguage w i t h t he s t i pu la t i on t he l anguage used mus t a t l eas t be

Eng l i sh .

The p roo f o f t he announcem ent o f m inu tes o f Mee t i ng summ ar y mus t

be submi t t ed t o t he F inanc ia l Ser v ic es Au tho r i t y a t t he la t es t 2 ( t wo)

wo rk day a f t e r i t s announcem ent .

8 3

Q UORUM, VO TI NG RIGHT AND RESOLUTIONS

Ar t i c le 24

1 . I f t he a r t i c l es o f as soc ia t ion do no t s t ipu la t e o the r w i se , t he Genera l

Mee t ing o f Shareho lde r s , i nc l ud ing t he Genera l Mee t ing o f

Shareho lde rs he ld t o in c reas e the p l ac e i n and pa id up c ap i t a l i n t he

l im i t o f t he au tho r i ze d cap i t a l d ue t o an i ssuance o f shar es and o the r

Eq u i t y Sec ur i t i es , c onduc ted w i t h t he f o l l ow ing p rov i s ions :

a . a t t ended by s har eho lde r s rep r es en t i ng more t han ½ (one ha l f ) o f

t he num ber o f a l l s ha r es w i t h va l i d vo t ing r igh t s i ssued by t he

Com pany;

b . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r a above i s

no t a t t a i ned , t he second Gener a l Mee t i ng o f Shar eho lde rs may

tak e r es o lu t ions w i t h t he r equ i r ement t ha t i t i s a t tended by

s har eho lde rs r ep r es en t i ng a t l eas t 1 /3 (one t h i rd ) o f t he overa l l

s ha r es w i t h va l id vo t i ng r igh t ;

c . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r b above i s

no t a t t a i ned , a t h i rd Gener a l Mee t ing Shar eho lde r s can be he ld

on t he r eques t o f t he Company t o t he F inanc ia l Ser v i ce

Au t ho r i t y . The th i rd Genera l Mee t i ng o f Shar eho lde rs i s va l id

and en t i t l ed t o t ak e reso lu t i ons i f i t i s a t t ended by shareho lde rs

w i t h va l id vo t ing r igh t i n t he quorum o f a t t endance and quor um

o f res o lu t ions s t i pu la t ed by t he F inanc ia l Ser v i ce Au t ho r i t y .

2 . A sha reho lde r can be rep res en t ed by ano t he r s har eho lde r o r ano t he r

pe rs on w i t h a p roxy l e t t e r . The Proxy Le t t e r mus t be d rawn up and

s ign ed in a f o rm as s t ipu la ted by t he Boar d o f D i r ec to r s w i t hou t

8 4

p re j ud ic e t o t he p rov i s ions o f app l i c ab le law and regu la t i on regar d ing

c i v i l e v i denc e and mus t be subm i t t ed t o t he Board o f D i rec to r s a t t he

l a t es t 3 ( t h ree ) bus iness days p r io r t o t he day o f t he Mee t ing

c oncer ne d . I n t he even t t ha t t he s har eho lde r i s i n a t t endance

h im / her se l f i n t he Gener a l Mee t ing o f Shareho lde r s s uch p r oxy g i ven

s ha l l be nu l l and vo id f o r t he Gener a l Mee t ing o f Shareho lde r s .

A s har eho lde r en t i t l ed t o be p r esen t i n a Genera l Mee t ing o f

Shareho lde rs i s a s har eho lde r whos e name is reg is te r ed i n t he

Com pany ’s share reg is t e r 1 ( one) day p r io r t o t he summons o f t he

Mee t ing o r 1 (day) p r io r t o t he addendum o f t he G enera l Mee t ing o f

Shareho lde rs summon i f t he re i s e r ra tum o f t he summ ons .

3 . A Member o f t he Board o f D i rec t o rs , Board o f Commiss ioner s and t he

Com pany ’s em p loyee may ac t as p roxy in t he Genera l Mee t i ng o f

Shareho lde rs , bu t t he i r vo te cas t as p r oxy i n t he Mee t i ng s ha l l no t be

c oun ted in t he t a l l y o f vo t es .

4 . Eac h share en t i t l e i t s owner t o cas t 1 (one) vo te , by obser v ing

p reva i l i ng laws and r egu la t ion . The vo t e cas t by t he Sha reho lde rs i s

va l i d f o r a l l s ha r es owned and t he Shareho lde rs i s no t en t i t l ed t o

g i ve a power o f a t t o r ney t o more t han one a t t o rney f o r pa r t o f t he

s har e f rom d i f f e ren t am oun t o f vo tes .

The above men t i oned p r ov is i on i s no t va l i d f o r Cus tod ian Bank o r

Sec ur i t y Company as Cus tod ia n rep res en t i ng t he share owner c l i en t s

o f t he Company o r I nves tmen t Manager who rep resen t t he in t e res t o f

t he rek s a dana he /s he m anage .

8 5

5 . P r io r t o t he Genera l Mee t ing o f Shareho lde r s , t he Board o f D i rec to rs

may reques t t he Mee t ing Par t i c ipan t t o p roo f t he i r r i gh t t o a t t end the


6 . A s har eho lde r w i t h t he r igh t t o a t t end the Genera l Mee t ing o f

Shareho lde r bu t does no t c as t a vo te (abs t a i n ) i s deem ed to vo te

s im i la r t o t he shareho lde r s ma jo r i t y cas t ing t he i r vo t es .

7 . A l l r eso lu t i on o f the Genera l Mee t i ng o f Shareho lde rs , i nc l ud ing a

Gener a l Mee t ing o f Shar eho lde rs he ld t o i nc r eas e p lace i n and pa id

u p c ap i t a l r es t r i c t ed t o t he au t ho r i ze c ap i t a l due to i ss uanc e o f share

and o the r Equ i t y Secur i t i es , t ak en by de l ibe ra t ion f o r cons ensus . I n

t he even t t ha t de l i be r a t ion f o r consens us i s no t ob t a ined t he

r eso lu t ion sha l l be t ak en by vo t e cas t ing bas ed on approva l vo te o f

mor e t han ½ (one pe r t wo) o f a l l t he vo t es va l i d l y c as t i n t he G enera l

Mee t ing o f Shareho lde rs excep t i f such a r t i c l e o f as soc ia t ion

s t i pu la te o the r w i se . I n t he even t o f t i ed vo te s uch mot ion sha l l be

r e j ec t ed .

8 . A Gener a l o f Mee t i ng o f Shareho lde rs t o reso l ve mat te rs wh ic h has

c on f l i c t i ng in t e res t i s conduc ted by t he f o l low ing p r ov is ions :

a . A shareho lde r w i t h c on f l i c t i ng in t e res t i s deem ed t o g i ve s im i l a r

vo te t o t he dec is ion appr oved by t he i ndependen t s hare ho lde r s

w i t h no c on f l i c t o f i n t e res t ;

b . t he quorum o f a Gener a l Mee t ing o f Shareho lde r t o reso l ve on

mat t e rs wh i ch has c on f l i c t i ng i n te r es t mus t mee t t he requ i r ement

whe reas s uch m ee t ing mus t be a t t ended by independen t

s har eho lde r s rep res en t i ng more t han ½ (one ha l f ) o f t he number

o f sha r es w i t h va l i d vo t ing r igh t owned by t he independen t

8 6

s ha r eho lde r s and the reso lu t i on i s t ak en bas ed on a c onsen t ing

vo te o f i ndependen t shareho lde rs r ep res en t i ng more t han 1 /2

( one ha l f ) o f t he t o t a l s ha r es w i t h va l i d vo t ing r igh t s owned by

t he independen t s ha reho lde r s ;


no t a t t a i ned , t he second Gener a l Mee t i ng o f Shar eho lde rs may

tak e re so lu t i on p rov ided tha t i t i s a t t ended by i ndependen t

s har eho lde rs r ep r es en t i ng more t han ½ (one ha l f ) t o ta l number

o f sha res w i t h va l i d vo t ing r igh t owned by independen t

s har eho lde rs and the res o lu t ion i s tak en based on consen t ing

vo te o f t he independen t s hareho lde rs r ep r esen t ing mor e t han 1 /2

( one ha l f ) o f t he number o f sha res owned by i ndependen t

s har eho lde rs in a t t endanc e i n such Gener a l Mee t ing o f

Shareho lde rs .

d . i n t he even t t ha t t he quorum as re f e r r ed t o le t t e r c above i s no t

a t t a ined , t he t h i rd Genera l Mee t i ng o f Shar eho lde r s may be

c onduc ted on t he r eques t o f t he Com pany t o t he F inanc ia l

Ser v i ce Au tho r i t y . The th i r d Gener a l Mee t ing o f Shar eho lde r s i s

va l i d and en t i t l e d t o t ak e reso lu t i on i f i t ’ s a t t ended by

I ndependen t Shareho lde r s f r om the s har es w i t h va l id vo t ing

r igh t s i n t he a t t endanc e quorum s t i pu la t ed by t he F inanc ia l

Ser v i ce Au t ho r i t y . The r es o lu t ion o f the t h i r d Genera l Mee t ing o f

Shareho lde rs i s va l i d i f appr oved by I ndependen t Shar eho lde rs

r ep r esen t ing more t han 50% ( f i f t y pe r cen t ) o f t he sha res owned

by t he I ndependen t Shareho lde rs i n a t t endance .

8 7

9 . Any mat t e r pu t up by a shareho lde r du r i ng t he d is cus s ion by vo t ing

t ak ing i n t he Genera l Mee t ing o f Shareho lde rs mus t mee t a l l

r equ i r ements as f o l l ows :

a . acc o rd ing t o t he op in ion o f t he Mee t ing Cha i rma n such mat t e r i s

d i r ec t l y r e la t ed t o one o f t he Agenda i t em c oncer n e d ;

b . t he mat t e r pu t f o r wa rd by one o r more sha reho lde rs r ep resen t ing

1 / 10 ( one pe r t en ) o f a l l t he shares w i t h va l id vo t i ng r igh t s ;

c . acc o rd ing t o t he op in ion o f t he Board o f D i r ec to r s i t has d i rec t

r e l a t ion t o t he Company ’ s bus ines s .

APPRO PRI ATI O N OF NET PRO FI T AND

D IV I DEN D DISTRIBUTION

Ar t i c le 25

1 . The Boar d o f D i rec to r s mus t p r opose to t he Annua l Gene ra l Mee t ing

o f Shareho lde r s t he appropr ia t ion o f t he Company ’ s ne t p r o f i t i n one

book year as con ta i ned i n t he annua l s ta t ement ra t i f i ed by t he

Annua l Genera l Mee t ing o f Shar eho lde rs . The p ropos a l s t a te s t he

und i s t r ibu ted amoun t o f ne t in come to be us ed as a res e r ve f und as

c on t emp la t ed i n a r t i c l e26 be low, and t he p r opos a l concer n ing t he

am oun t o f d i v i dend wh ic h may be d is t r ibu ted w i t hou t p re j ud ic e t o t he

r igh t o f t he Gener a l Mee t ing o f Shareho lde rs t o r es o l ve o t he r w i s e .

2 . Appropr ia t ion o f t he Ne t Pro f i t a f t e r be ing deduc ted by a l l o ca t ion f o r

r ese r ve f und as con t emp la ted i n Ar t i c l e 26 o f t he Company ’ s a r t i c l es

o f as soc ia t ion sha l l be res o l ved by t he Genera l Mee t ing o f

8 8

Shareho lde rs , sha l l on l y be d i s t r i bu ted t o t he sha reho lde rs in t he

f o rm o f d i v i dend i n t he even t t ha t t he Com pany has a pos i t i ve p r o f i t .

I f t he r eso lu t ion o f t he Gener a l Mee t ing o f Shar eho lde rs r e la t ed t o

t he cash d i v i dend d is t r i bu t ion , t he Company mus t c onduc t cas h

d i v i dend payment t o t h e shareho lde rs en t i t l ed t o r ec e ive i t a t t he

l a t es t 30 ( t h i r t y ) days a f t e r t he announc ement o f t he Gener a l

Mee t ing o f Shareho lde r s m inu tes wh i c h r eso l ve t he c as h d i v idend

d i s t r ibu t i on .

3 . D i v i dend can on l y be pa id acc ord ing t o t he f inanc ia l capac i t y o f t he

Com pany pu r suan t t o t he r es o lu t ion t ak en in a Genera l Mee t ing o f

Shareho lde rs , i n c lud ing a s t ipu la t i on regar d ing t he t ime o f payment

and f o rm o f d i v i dend . D i v idend f o r one sha re m us t be pa id t o t he

pers on o r l ega l en t i t y reco r ded i n t he Company ’ s Shareho l ders

Reg is te r on t he bus iness day s t i pu la ted by o r on t he au tho r i t y o f t he

Gener a l Mee t ing o f Shareho lde rs whe re s uch reso lu t i on f o r t he

d i v i dend d is t r i bu t ion was t ak en . The payment day mus t be announced

by t he Boar d o f D i r ec to r s t o a l l sha reho lde rs . Parag raph 2 a r t i c le 22

i s va l id m u ta t i s mu tand i s f o r suc h announcem ent .

4 . I f t he ca lc u la t ion o f p ro f i t l o ss s t a tement i n a book yea r shows loss

wh i c h c anno t be c overed by t he r es e r ve f und as c on tem p la t ed in

a r t i c le 26 he r eunde r , suc h l oss mus t be reco r ded and en te r ed in to

t he ca lc u la t i on o f p ro f i t and l oss and i n t he f o l low ing book year t he

Com pany i s deemed no t t o a t t a in any p ro f i t du r i ng t he loss r ec o rded

a nd en te r ed i n to t he p r o f i t l os s c a l cu la t i on i s no t ye t who l l y c over ed ,

w i t hou t p r e j ud ice t o t he p rov i s io ns o f p r eva i l i ng l aws and r egu la t i ons .

8 9

5 . The Board o f D i rec to r s w i t h t he appr ova l o f t he Board o f

Comm iss ioners i s en t i t l ed t o d i v ide in t e r im d i v i dend w i t h t he

p rov i s i on : ( i ) t he amoun t o f t he Com pany ’ s ne t ass e t may no t be less

t han t he amoun t o f p l ac e i n and pa id up cap i t a l p l us t he ob l iga to r y

r ese r ve ; ( i i ) does no t d i s tu r b o r cause the Company to be unab le t o

mee t i t s ob l iga t i on s t o c r ed i t o r s ; ( i i i ) does no t d is t u rb t he Company ’ s

ac t i v i t i e s .

Suc h in te r im d i v i dend sha l l be ca l cu la ted w i t h t he d iv i dend t o be

d i sburs ed bas ed on the f o l low ing Annua l G enera l Mee t ing o f

Shareho lde rs .

I n t he even t t ha t a f t e r t he end o f t he book year i t i s ev iden t t ha t t he

c ompany s u f f e rs a lo ss , t he i n te r im d i v i dend wh ich has been

d i s t r ibu ted m us t be re t u rned by t he s ha reho ld e rs t o t he Com pany.

6 . By obs er v i ng t he Com pany ’s r evenue i n t he concer n ed book year ,

f r om the ne t i nc ome as s ta t ed in t he ba lanc e shee t and p r o f i t l oss

s t a tem ent r a t i f i ed i n t he Annua l Genera l Mee t i ng o f Shareho lde rs

and a f t e r be ing deduc t ed by income tax , a t an t iem e can be g i ven t o

t he m ember s o f t he Boar d o f D i r ec t o rs and Board o f Comm is s ioners

t he amoun t o f wh ic h sha l l be s t i pu la ted by t he Gener a l Mee t ing o f

Shareho lde rs .

7 . Bes ide pa r t o f t he d i v i dend wh ich i s t he r igh t o f t he Repub l i c o f

I ndones ia , t h e und i s t r ibu ted p ro f i t a s d i v idend wh ich i s no t t ak en

w i t h in 5 ( f i ve ) years a f t e r be ing he ld f o r paym ent , sha l l be depos i t ed

i n t o a rese r ve f und espec ia l l y m ade fo r i t . D i v idend s in s uc h spec ia l

r ese r ve f und may be tak en by t he en t i t l ed s har eho lde rs by su bmi t t i ng

9 0

p roo f o f i t s r igh t on such d i v i dend acc ep t ab le by t he Boar d o f

Comm iss ioners . D iv i dend en te r ed in to t he spec ia l r ese r ve and no t

t ak en w i t h in a t ime sp an o f 10 ( t en ) years sha l l bec ome t he

owner sh ip o f t he com pany.

APPRO PRI ATI O N OF RESERVED FUND

Ar t i c le 26

1 . The p r o f i t p r ov ided f o r t he r es e r ve f und i s s t ipu la t ed by t he G enera l

Mee t ing o f Shar eho lde r s a f t e r cons ide r i ng t he p r oposa l o f t he Boar d

o f D i r ec to r s and obs er v i ng p reva i l i ng laws and regu la t ions .

2 . The a l l oc a t i on o f ne t p ro f i t f o r ob l iga to r y r es e r ve as s t ipu la ted in

pa rag raph 1 t h i s Ar t i c l e i s va l i d i f t he Company has a pos i t i ve p ro f i t

ba lanc e and exec u ted un t i l t he amoun t o f r es e r ve f und r eac h a t l eas t

20% ( t wen t y pe r cen t ) o f t he p lac e in c ap i t a l an d on l y use to c over

l o ss es su f f e red by t he Com p any wh ic h canno t be c ove red by any

o t he r r es e r ve .

3 . I n t he even t t ha t t he am oun t o f r ese r ve f und has exceeded 20%

( t wen t y pe r cen t ) o f t he p lace i n cap i t a l , t he G enera l Mee t ing o f

Shareho lde rs may dec ide suc h res e r ve f und as s t ipu la t ed in

pa rag raph 2 t h i s a r t i c l e t o be u t i l i ze f o r t he i n te r es t o f the Company .

4 . The Board o f D i r ec t o rs mus t manage the rese r ve f und s o t ha t such

f und ob t a i n a p r o f i t b y r easonab le and p r oper means and approv ed

by t he Boar d o f Comm is s ioners and obs er v i ng app l i c ab le l aws and

r egu la t ions .

5 . Any p r o f i t r ece i ved f rom the rese r ve f und mus t be en te red in t o t he

Com pany ’s lo ss and p ro f i t ca lc u la t ion .

9 1

AM ENDM ENT TO THE ARTI CLES OF ASSO CI ATIO N

Ar t i c le 27

1 . The amendment t o t he a r t i c l es o f as soc ia t ion i s s t ipu la t ed in t he

Gener a l Mee t i ng o f Shareho lde r s c onduc ted w i t h t he f o l l ow ing

r equ i r ements :

a . a t t ended by t he s e r ia l A Dwiwa rna s har eho lde r and o t he r

s har eho lde rs c o l l ec t i ve l y r ep r esen t a t l eas t 2 / 3 ( t wo th i rd ) o f t he

over a l l number o f s ha r es w i t h va l id vo t i ng r igh t s . and the

r eso lu t ion i s app r oved by t he t he se r ia l A Dwiwa rna s har eho lde r

and o the r s har eho lde rs c o l lec t i ve l y rep resen t a t l eas t 2 / 3 ( t wo

th i r d ) o f t he ove ra l l number o f sha res w i t h va l id vo t ing r igh t s .


no t a t t a i n e d , t he second Gener a l Mee t i ng o f Shar eho lde rs may

tak e reso lu t i on s p r ov ided tha t i t i s a t t ended by t he s e r ia l A

Dwiwa r na s har eho lde r and o the r shar eho lde r s who co l le c t i ve l y

r ep r esen t a t l eas t 3 / 5 ( t h r ee pe r f i ve ) o f t he overa l l amoun t o f

s ha r es w i t h va l i d vo t ing r igh t s . The reso lu t i on o f t he s ec ond

Gener a l Mee t i ng o f Shar eho lde r s i s va l id i f approved by t he

ho lde r o f se r ia l A Dwiwa r na share and o the r s har eho lde rs wh i ch

c o l lec t i ve l y rep resen t m ore t han ½ ( one ha l f ) o f t he over a l l

s ha r es w i t h va l i d vo t ing r ig h t a t t end ing t he Gener a l Mee t ing o f

Shareho lde rs .


no t a t t a i n e d , t he th i r d Genera l Mee t ing o f Sha reho lde rs c an be

c onduc ted on t he r eques t o f t he Com pany t o t he F inanc ia l

9 2

Se r v i ce Au t ho r i t y . Th e t h i rd G enera l Mee t ing o f Shareho lde r s

s ha l l be va l i d an en t i t l ed t o t ak e res o lu t i on i f a t t ended by t he

s har eho lde rs w i t h va l i d vo t ing r igh t i n t he a t t endance quorum

and res o lu t i on quorum s t ipu la ted by t he F inanc ia l Ser v i ce

Au t ho r i t y .

2 . Amendment t o t he a r t i c les o f ass oc ia t i on mus t be f o rmu la ted by a

no ta r i a l deed and in Bahasa I ndones ia .

3 . Amendment t o t he p rov i s ions o f t he a r t i c l es o f as soc ia t ion

c oncer n ing name changes , Company dom ic i le , t e rm o f in co r por a t ion ,

ob jec t i ve and goa l s and t he Com pany ’ s bus ines s ac t i v i t i e s , t he

am oun t o f au t ho r i ze c ap i t a l , dec r ease i n p lace in and pa id up cap i t a l

and t he c hanges in t he s ta t us o f t he Com pany f rom c lose company to

pub l i c c ompany o r v i ce ve r sa , mus t have an approva l f r om the

Min i s t e r o f Law and Human R igh ts Repub l i c o f I ndones ia .

4 . Amendment t o t he a r t i c l es o f assoc ia t i on bes ides t hose conc ern ing

mat t e rs r e f e r r ed t o in pa r ag raph 2 t h i s a r t i c le i s su f f i c ien t l y no t i f i ed

t o t he Min i s te r o f Laws and Human R igh ts Repub l i c o f I ndones ia .

5 . Reso lu t i on r egard ing t he reduc t ion in cap i t a l mus t be announc e d to

a l l t he Company ’ s c r ed i t o r by announc ing i t i n 1 (one) o r mor e da i l y

newspaper in Bahasa I ndones ia , acc ord ing t o t he cons ide r a t ion o f

t he Board o f D i rec to r s wh ic h has an ex tens i ve d i s t r ibu t ion over a l l

t he t e r r i t o r y o f t he Repub l i c I ndones ia a t t he l a tes t 7 ( s even) days

s i nc e t he da t e o f s uc h res o lu t ion regard ing reduc t ion in t he cap i t a l .

The p rov i s ions re f e r red t o i n t he p r ev ious pa r agr aph w i t hou t

p re j ud ic es t o t he appr ova l o f au tho r i ze i ns t i t u t ion as r equ i r ed by

app l i cab le laws and r egu la t i ons .

9 3

AM AL G AM ATI O N, M ERG ER , ACQ UI SIT IO N AND SEP ARATI O N

Ar t i c le 28

1 . By obs er v ing app l i c ab le l aw s and r egu la t i ons i n t he cap i t a l mark e t ,

am a lgamat ion , merger , acqu is i t i on and separ a t ion can on l y be

c onduc ted pu r suan t t o a res o lu t ion o f t he Gener a l Mee t ing o f

Shareho lde rs conduc ted by obser v i ng t he f o l l ow ing s t i pu la t i on :

a . i t mus t be a t t ended by t he s e r ia l A Dwiwa r na s har eho lde r and

o t he r shareho lde r s c o l lec t i ve l y r ep r es en t i ng a t l eas t ¾ ( t h ree

f ou r th ) o f t he ove ra l l num ber o f sha res w i t h va l id vo t ing r igh t s

and the res o lu t i on i s appr oved by t he se r i a l A Dwiwa r na

s har eho lde r and o t he r s har eho lde rs co l l ec t i ve l y r ep r esen t ing

mor e t han ¾ ( t h ree f ou r th ) o f t he t o t a l vo t e va l id l y cas t i n a

Mee t ing ;


no t a t t a in ed , a sec ond Gener a l Mee t ing o f Shar eho lde rs may

tak e reso lu t i on w i t h t he p rov i s ions t ha t i t has t o be a t t ended by

t he s e r ia l A Dwiwa rna shareho lde r and o the r s har eho lde rs who

c o l lec t i ve l y rep resen t a t l eas t 2 / 3 ( t wo th i r d ) o f t he over a l l

number o f sha r es w i t h va l i d vo t i ng r igh t s and the r es o lu t i on i s

appr oved by t he s e r ia l A Dwiwa rna s har e ho lde r and o the r

s har eho lde rs c o l le c t i ve l y r ep r es en t i ng more t han ¾ ( t h r ee

f ou r th ) o f t he t o ta l vo t e va l id l y c as t i n t he Genera l Mee t ing o f

Shareho lde rs ;


no t a t t a in ed , a t h i r d Genera l Mee t ing o f Shareho lde rs c an be

9 4

he ld on a reques t o f t he Com pany to t he F inanc ia l Ser v ic e

Au t ho r i t y . The th i rd Gener a l Mee t i ng o f Shar eho lde rs s ha l l be

va l i d and en t i t l ed t o t ak e reso lu t i on i f a t t ended by shareho lde rs

w i t h va l i d vo t i ng r ig h t i n an a t t endance quoru m and reso lu t ion

quor um s t ipu la t ed by t he F inanc ia l Ser v i ce Au t ho r i t y .

2 . The Boar d o f D i rec t o rs m us t announc e in 1 (one) I ndones ian da i l y ,

acc o rd ing t he cons ide r a t ion o f t he Board o f D i r ec t o rs wh i ch has a

w ide c i r c u la t ion in t he t e r r i t o r y o f t he Repub l i c o f I ndones ia

r egard ing t he s ummar y o f t he am a lgamat i on , merger , acqu is i t i on and

s epara t i on o f t he Com pany a t t he la tes t 30 ( t h i r t y ) days s i nc e t he

s ummon f o r t he Genera l Mee t ing o f t he Shar eho lde r s .

DISSOLVEMENT AND L IQUI D ATI O N

Ar t i c le 29

1 . By obs er v i ng t he p ro v i s i on s o f app l i c ab le laws and regu la t i on s t he

d i ss o l vem ent o f t he Com pany can on l y be conduc ted pu rsuan t t o a

r eso lu t ion o f t he G ene ra l Mee t ing o f Shar eho lde rs conduc t ed

acc ord ing t o t he f o l l ow ing p r ov is i ons :

a . A t t ended by t he s e r ia l A Dwiwarna s har eho lde r and o t he r

s har eho lde rs who c o l lec t i ve l y r ep r esen t a t l eas t ¾ ( t h ree f ou r th )

o f t he num ber o f sha res w i t h va l i d vo t ing r igh t and approved by


c o l lec t i ve l y r ep r esen t mor e t han ¾ ( th ree f ou r t h ) t he num ber o f

vo tes va l i d l y c as t i n t he m ee t i ng .

9 5


no t a t t a in ed , a sec ond Gener a l Mee t ing o f Shar eho lde rs may

tak e reso lu t i on w i t h t he p rov i s ions t ha t i t has t o be a t t ended by


c o l lec t i ve l y rep resen t a t l eas t 2 / 3 ( t wo th i r d ) o f t he over a l l

number o f sha r es w i t h va l i d vo t i ng r igh t s and the r es o lu t i on i s

appr oved by t he s e r ia l A Dwiwa rna s har eho lde r and o the r

s har eho lde rs c o l le c t i ve l y r ep r es en t i ng more t han ¾ ( t h r ee

f ou r th ) o f t he t o ta l vo t e va l id l y c as t i n t he Genera l Mee t ing o f

Shareho lde rs ;

c . i n t he even t t ha t t he quor um as r e f e r red t o i n le t t e r b above i s no t

a t t a in ed , a t h i rd Gener a l Mee t i ng o f Sha reho lde rs can be he ld on

a reques t o f t he Com pany to t he F inanc ia l Ser v i ce Au tho r i t y . The

th i r d Gener a l Mee t i ng o f Shar eho lde rs sha l l be va l id and en t i t l ed

t o t ak e reso lu t i on i f a t t ended by sha reho lde rs w i t h va l i d vo t i ng

r igh t i n an a t t endance quor um and r es o lu t i on quor um s t ipu la t ed by

t he F inanc ia l Ser v i c e Au tho r i t y .

2 . I n t he even t t ha t t he Company i s d i sso l ved bo th due to the exp i r a t ion

o f i t s t enur e o r d iss o l ve d on a reso lu t ion o f t he G enera l Mee t ing o f

Shareho lde rs o r due to t he o r de r o f a D i s t r i c t Cour t , i t mus t be

l i q u ida t ed by l i qu ida t o rs .

3 . The Boar d o f D i rec t o rs sha l l ac t as l i q u ida to r s i n t he even t t ha t t he

r eso lu t ion o f t he Gener a l Mee t i ng o f Shareho lde rs o r t he s t i pu la t ion

as r e f e r red t o i n pa r ag raph 2 t h i s a r t i c l e does no t appo in t a

l i q u ida to r .

9 6

4 . The f ee f o r t he l i qu ida t o r s ha l l be s t ipu la t ed by t he Gene ra l Mee t ing

o f Shar eho lde r s o r bas ed on a Cour t O rder .

5 . The l i qu ida t o r mus t no t i f y a l l c r ed i t o r s r egard ing t he r es o lu t i on o f t he

Com pany by announc ing i t i n t he S ta t e Gaze t t e Repub l i c o f

I ndones ia and an Indones ia n da i l y w i t h na t iona l d i s t r i bu t i on i ss ued

o r i n c i r c u la t ion in t he p lace where t he Company has i t o f f i c e and

no t i f y t o t he Min i s te r o f Law and Human R igh ts Repub l i c o f I ndones ia

t o be r eg is t e red i n t he Company Reg is t ra t i on and no t i f y t he F inanc ia l

Ser v i ce Au tho r i t y pu rsuan t t o p r eva i l i ng regu la t i ons , a t t he l a tes t 30

( t h i r t y ) days as o f the d i sso lu t ion o f t he Company.

6 . The Ar t i c le s o f ass oc ia t i on as con t a ined in t h i s deed and i t s

am endment in t he f u tu r e sha l l s t i l l be e f f ec t i ve and va l i d un t i l t h e

da te t ha t t he l i qu ida t ion ca lc u la t i on i s o f f i c i a ted by t he Genera l

Mee t ing o f Shar eho lde r s based on t he approva l o f t he ma j o r i t y vo t e

va l i d l y cas t and g i ven a com p le te acqu i t e t c ha rge to t he l i qu ida to rs .

7 . The c a lcu la t ion o f l i q u ida t ion mus t be d i s t r ibu te d t o t he shareho lde r s

r espec t i ve l y rec e i v i ng pa r t acco r d ing t o t he p r opor t ion o f t he t o t a l

nom ina l va lue pa id in f u l l f o r t he s hares t hey owned respec t i ve l y .

CLO SING PRO VI SIO N S

Ar t i c le 30

A l l ma t te r s wh ic h a re no t ye t su f f i c i en t l y regu la ted in t h i s a r t i c le s o f

ass oc ia t i on s ha l l be r es o l ved i n t he Gener a l Mee t i ng o f Shareho lde rs .

As long as a G ener a l Mee t i ng o f Shar eho lde r s has no t ye t regu la ted

and bas ed on p reva i l i ng regu la t i on con ta ined i n t he p rov i s i on o f t h i s

9 7

A r t i c les o f Ass oc ia t ion wh ic h a r e c on t r a r y t o t he p reva i l i ng laws and

r egu la t ion t he l aws and r egu la t i ons sha l l p reva i l .

-The Boar d o f D i rec t o rs and

bo th c o l lec t i ve l y o r i nd i v i dua l l y w i t h t he r igh t o f subs t i t u t i on o f t h i s

power o f a t t o rney to ano t he r pa r t y i s he reby em power ed to subm i t t he

no t i f i ca t i on o f t he amendm ent s o f t he Company ’ s a r t i c les o f

ass oc ia t i on t o t hos e in au tho r i t y , appear where nec es sar y , p r ov ide

i n f o rmat i on , m ak e o r le t made and s ign a l l l e t t e r s needed and in

genera l c onduc t a l l ac t i on needed o r deem ed necess ar y and bene f i c ia l

t o com p le te such mat t e r s w i t hou t any exc ep t ion .

-The appeare r he r ew i t h guaran tee the t ru t h o f h i s iden t i t y o f t he

appear e r accor d ing t o t he i den t i t y ca rd s ubm i t t ed t o me, t he No t a r y ,

and f u l l y r es pons ib l e on such m at te r and f u r t he r t o i t t he appear e r a l so

s t a ted t o have unde rs tood and k nowledgeab le regar d ing t he c on ten t o f

t h i s deed .

- I , t he No ta r y , k now the appea re r f r om h i s iden t i t y subm i t t ed t o me,

t he No t a r y .

- F rom a l l wha t i s men t ioned above , was d rawn up :

THI S DEED

- Made as m inu t e s and read ou t and s igned i n J ak ar ta on t he day

and da t e as men t i oned a t t he beg inn ing o f t h i s deed i n t he p resenc e

o f :

9 8

1 . Mr s . INDAH FAT MAW ATI , BA ( Hons . ) l aw, who was bo r n in J ak ar ta

on 28 -0 7 -1959 ( t wen t y - e igh t Ju l y one t hous and n ine hundr ed f i f t y -

n i ne ) , an I ndones ian c i t i zen , who res ide s in Sou th J ak ar ta , Tebe t

T im ur Da lam VI K /4 , RT 003 , RW 006 , Sub - D i s t r i c t Tebe t T imur ,

D i s t r i c t Tebe t .

Ho lde r o f Popu la t i on Reg i s t ra t ion Num ber : 3174016807590001 ,

wh i c h exp i re on 28 -0 7 -2017 ( t wen t y - e igh t Juy two thousand

s even t een) .

2 . Mr s . LENI LAST I MI RATNAW ATI , who was bo rn i n Kun ingan , on 08 -

0 2 -1973 (e igh t Feb rua r y one thousand n ine hundred seven t y - t h ree ) ,

an I ndones ian c i t i zen , who res ide s in Sou th Jak ar ta , Je ruk Pur u t , RT

001 , RW 003 , Sub -D i s t r i c t C i l andak T imur , D is t r i c t Pasar M inggu .

Ho lde r o f Popu la t ion Reg i s t ra t ion Number : 3174044802730005 wh ic h

exp i r e on 08 -0 2 -2016 (e igh t Februar y t wo t housand s i x teen) .

bo th As s is tan t s No ta r y as w i t nes ses .

- Immed ia t e l y a f t e r t h i s deed was r ead ou t by me, t he No ta r y , t o t he

appear e r and w i t nes ses i t was immed ia t e l y s igned by t he appear e r ,

w i t ness es and m e, t he No t a r y .

- Conduc ted w i t hou t any changes .

-The o r ig i na l o f t h i s deed was du l l y s igned .

G IVEN AS EXACT DUPLICATE

S igned and s tam ped on a s t amp du t y o f 6000

I r . NANETTE C AH Y ANI E H AND ARI ADI W ARSI TO, S .H .

9 9

No t a r y in Jak ar ta

I, HARSO SUTANDYO, SWORN TRANSLATOR, r eg is t e red w i t h t he Min is t r y o f Law and Human R ig h ts Repub l i c o f I ndones ia , do he reby dec la r e t h i s t o be a t r ue and co r r ec t t r ans la t ion o f t he o r ig ina l i n I ndones ian . J ak ar ta , 19 Oc t ober 2015