Form and Content of Prospectus and Summary Prospectus in the Context of Public Offering of Equity Securities

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FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 8 /POJK.04/2017
CONCERNING
THE FORM AND CONTENT OF PROSPECTUS AND SUMMARY PROSPECTUS IN THE CONTEXT OF PUBLIC OFFERING OF EQUITY SECURITIES BY THE GRACE OF THE ALMIGHTY GOD, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to align with international standards and to improve the quality of information disclosure in the Prospectus and Summary Prospectus in the context of Public Offering of Equity Securities, it is necessary to perfect regulations regarding guidelines on the form and content of the Prospectus in the context of Public Offering and regulations regarding guidelines on the form and content of the Summary Prospectus in the context of Public Offering by establishing a Financial Services Authority Regulation on the Form and Content of Prospectus and Summary Prospectus in the context of Public Offering of Equity Securities; Considering: 1. Law Number 8 of 1995 concerning Capital Markets (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608);
2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
DECIDES:
Establish: FINANCIAL SERVICES AUTHABILITY REGULATION ON THE FORM AND CONTENT OF PROSPECTUS AND SUMMARY PROSPECTUS IN THE CONTEXT OF PUBLIC OFFERING OF EQUITY SECURITIES.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Prospectus is any written information related to a Public Offering with the aim of having another Party purchase Securities.
2. Initial Prospectus is a written document containing all information in the Prospectus submitted to the Financial Services Authority as part of the Registration Statement, except for information regarding the nominal value, quantity, and offering price of the Securities, underwriting of the issuance of Securities, interest rate levels of bonds, or other matters related to offering requirements that have not yet been determined.
3. Summary Prospectus is a summary of the content of the Initial Prospectus.
4. Public Offering is the offering activity of Securities conducted by an Issuer to sell Securities to the public according to the procedures regulated in Law Number 8 of 1995 concerning Capital Markets and its implementing regulations.
5. Registration Statement is a document that must be submitted to the Financial Services Authority by the Issuer in the context of a Public Offering.
6. Securities are securities, namely debt acknowledgment instruments, commercial paper, shares, bonds, debt certificates, Units of Participation in Collective Investment Contracts, futures contracts over Securities, and any derivatives of Securities.
7. Issuer is a Party conducting a Public Offering.
8. Public Company is a Corporation whose shares are owned by at least 300 (three hundred) shareholders and have paid-in capital of at least Rp3,000,000,000.00 (three billion rupiah) or a number of shareholders and paid-in capital established by Government Regulation.
9. Party is an individual, company, joint venture, association, or organized group.
10. Capital Market is activities related to Public Offerings and trading of Securities, Public Companies related to the Securities they issue, as well as institutions and professions related to Securities.
11. Issuer Business Group is the Issuer and all companies whose financial reports are consolidated with the Issuer's financial reports.
12. Material Information or Fact is important and relevant information or facts regarding events, occurrences, or facts that can influence the price of Securities on the Stock Exchange and/or the decision of investors, prospective investors, or other Parties interested in such information or facts.
13. Public Accountant is a person who has obtained a license to provide services as regulated in laws and regulations concerning public accountants and is registered with the Financial Services Authority.
14. Legal Consultant is a legal expert who provides legal opinions to other Parties and is registered with the Financial Services Authority.
15. Notary is a public official authorized to make authentic deeds and is registered with the Financial Services Authority.
16. Appraiser is a person who, by virtue of their expertise, conducts valuation activities in the Capital Market and is registered with the Financial Services Authority.
17. Major Shareholder is a Party who, directly or indirectly, owns at least 20% (twenty percent) of the voting rights of all issued shares with voting rights of a company, or a smaller amount as determined by the Financial Services Authority.
18. Controller is a party owning more than 50% (fifty percent) of all fully paid-up shares, or a party having the ability to determine, directly or indirectly, in any manner, the management and/or policy of the Issuer.
19. Securities Issuance Underwriter is a Party that enters into a contract with the Issuer to conduct a Public Offering for the benefit of the Issuer with or without the obligation to purchase remaining unsold Securities.
20. Subsidiary Company is a company whose financial reports are consolidated with the Issuer's financial reports.
21. Board of Directors is the organ of the Issuer authorized and fully responsible for managing the Issuer for the benefit of the Issuer, in accordance with the purpose and objectives of the Issuer, and representing the Issuer, both inside and outside of court, according to the provisions of the Articles of Association.
22. Board of Commissioners is the organ of the Issuer tasked with conducting general and/or specific supervision according to the Articles of Association and providing advice to the Board of Directors.
23. Website is a collection of web pages containing information or data accessible through an internet network system.
24. Stock Exchange is a Party that organizes and provides systems and/or facilities to match buy and sell offers of Securities between other Parties with the aim of trading Securities among them.

Article 2
(1) Prospectus and Summary Prospectus in the context of Public Offering of Equity Securities must contain detailed Material Information or Facts regarding the Public Offering and information and/or statements that can influence investor decisions, known or reasonably known by the Issuer. (2) Prospectus and Summary Prospectus are prohibited from containing incorrect statements about material facts or omitting correct statements about material facts necessary so that the Prospectus does not provide a misleading picture. (3) Prospectus and Summary Prospectus must be prepared in such a way that they are clear and communicative. (4) The presentation and delivery of important information in the Prospectus and Summary Prospectus must not be obscured by less important information that causes the important information to be overlooked by the reader. (5) The most important facts and considerations must be summarized and disclosed in the early sections of the Prospectus and Summary Prospectus. (6) Disclosure of Material Information or Facts and/or the use of photos, diagrams, and/or tables in the Prospectus and Summary Prospectus is prohibited from providing a misleading picture. (7) Disclosure of Material Information or Facts in the Prospectus and Summary Prospectus must be done clearly with emphasis appropriate to the business field or industry sector so that the Prospectus is not misleading.

Article 3
In preparing the Prospectus and Summary Prospectus as referred to in Article 2, the Issuer may make adjustments to the disclosure of Material Information or Facts, not limited only to Material Information or Facts already regulated in this Financial Services Authority Regulation.

Article 4
Members of the Board of Directors and Board of Commissioners of the Issuer, as well as the securities issuance execution underwriter (if any) at the time the Registration Statement becomes effective, supporting capital market institutions and professions, or other parties providing opinions or statements and whose consent is included in the Prospectus, individually or jointly, are responsible for ensuring that the Prospectus meets the provisions as referred to in Article 2 paragraph (2).

Article 5
(1) The Issuer must disclose all parts contained in the Prospectus and Summary Prospectus and prepare the Prospectus and Summary Prospectus according to the order as regulated in this Financial Services Authority Regulation. (2) The disclosure of all parts contained in the Prospectus and Summary Prospectus as referred to in paragraph (1) may be excluded if the disclosure is irrelevant or not applicable by the Issuer.

CHAPTER II
FORM OF PROSPECTUS
Article 6
The Prospectus as referred to in Article 2 must contain at least the following sections:
a. information on the front cover of the Prospectus; b. table of contents;
c. summary of the Prospectus;
d. Public Offering; e. use of funds obtained from the results of the Public Offering; f. debt statement; g. summary of important financial data; h. management's analysis and discussion;
i. risk factors;
j. significant events after the date of the Public Accountant's report; k. information regarding the Issuer, business activities, and business trends and prospects;
l. equity;
m. dividend policy; n. taxation; o. securities issuance underwriting (if any); p. supporting capital market institutions and professions and other parties; q. important provisions in the Articles of Association and other important provisions related to shareholders; r. procedures for ordering Equity Securities; s. dissemination of the Prospectus and order forms for purchasing Equity Securities; t. legal opinion; u. financial reports; and
v. Appraiser's report and expert reports (if any).

CHAPTER III
CONTENT OF PROSPECTUS
First Part
Information on the Front Cover of the Prospectus
Article 7
Information on the outer front cover of the Prospectus must contain or disclose at least:
a. the effective date of the Registration Statement from the Financial Services Authority; b. the offering period;
c. the allocation date;
d. the date for returning order money; e. the distribution date of Securities; f. the listing date, if the Securities will be listed on a Stock Exchange; g. the full name of the Issuer, address, logo (if any), telephone number, fax number, email, Website, and post office box including factories and representative offices (if any), and the main business activities of the Issuer; h. the name of the Stock Exchange, if the Securities will be listed on a Stock Exchange;
i. the type of offering, including an explanation of:

1. the type and quantity of Equity Securities;
2. a brief explanation of the Equity Securities offered; and
3. the nominal value (if any), offering price, and total offering value;
   j. the name of the securities issuance execution underwriter and Securities Issuance Underwriter (if any); k. the place and date the Prospectus was issued;
   l. the following statement in capital letters that immediately attracts the reader's attention:
   “THE FINANCIAL SERVICES AUTHORITY DOES NOT GIVE A STATEMENT APPROVING OR DISAPPROVING THIS SECURITY, NOR DOES IT STATE THE TRUTH OR ADEQUACY OF THE CONTENT OF THIS PROSPECTUS. ANY STATEMENT CONTRARY TO THESE MATTERS IS AN ILLEGAL ACT.” “THIS PROSPECTUS IS IMPORTANT AND REQUIRES IMMEDIATE ATTENTION. IF THERE IS DOUBT REGARDING THE ACTION TO BE TAKEN, IT IS BETTER TO CONSULT WITH COMPETENT PARTIES.”; m. a statement in capital letters that the Issuer and the securities issuance execution underwriter (if any) are fully responsible for the truth of all information and honesty of opinions expressed in the Prospectus as follows:
   “THE ISSUER AND SECURITIES ISSUANCE EXECUTION UNDERWRITER (if any) ARE FULLY RESPONSIBLE FOR THE TRUTH OF ALL INFORMATION, FACTS, DATA, OR REPORTS AND THE HONESTY OF OPINIONS CONTAINED IN THIS PROSPECTUS.”; and n. a brief statement in capital letters that immediately attracts the reader's attention, regarding:
4. the main risks faced by the Issuer; and
5. the risk of illiquidity of the offered Equity Securities (if any).

Article 8
Information on the inner front cover of the Prospectus must contain or disclose at least:
a. a statement that the Registration Statement has been submitted to the Financial Services Authority referring to the provisions of laws and regulations in the Capital Market sector; b. a statement that all supporting capital market institutions and professions mentioned in the Prospectus are fully responsible for the data presented according to their functions and positions, in accordance with the provisions of laws and regulations in the Capital Market sector, and the respective codes of ethics, norms, and professional standards;
c. a statement that in connection with the Public Offering, any affiliated party is prohibited from providing statements or opinions regarding data not disclosed in the Prospectus, without written consent from the Issuer and the securities issuance execution underwriter (if any);
d. in the event that Equity Securities will be listed on a Stock Exchange, the Issuer must provide information on actions to be taken by the Issuer if the Stock Exchange rejects the listing application for the Equity Securities; e. in the event that the Prospectus includes the name of a party assisting the Issuer in preparing the Prospectus, the party must make a statement that they have provided written consent for the inclusion of their name in the Prospectus and will not withdraw such consent; and f. the Issuer's statement regarding the price stabilization plan for Securities, as follows:

1. if a greenshoe option is planned as part of the Public Offering, a statement in capital letters that immediately attracts the reader's attention regarding the plan and purpose of implementing the greenshoe option, including the price stabilization plan, must be provided; and
2. if it is planned to stabilize the price of specific shares already listed on a Stock Exchange to facilitate the sale of Equity Securities in the context of a Public Offering, a statement in capital letters that immediately attracts the reader's attention must be provided stating:
   “IN ORDER TO MAINTAIN THE MARKET PRICE OF SHARES OF THE SAME TYPE AND CLASS AS THOSE OFFERED IN THIS PUBLIC OFFERING, THE SECURITIES ISSUANCE UNDERWRITER MAY PERFORM PRICE STABILIZATION AT A PRICE LEVEL HIGHER THAN MIGHT OCCUR ON THE STOCK EXCHANGE IF PRICE STABILIZATION IS NOT PERFORMED. IF THE SECURITIES ISSUANCE UNDERWRITER PERFORMS PRICE STABILIZATION, THEN BOTH PRICE STABILIZATION AND THE PUBLIC OFFERING MAY BE SUSPENDED AT ANY TIME.”.

Second Part
Table of Contents
Article 9
The table of contents as referred to in Article 6 letter b must include an explanation of sections and page numbers.

Third Part
Summary of the Prospectus
Article 10
In the summary section of the Prospectus as referred to in Article 6 letter c, at least the following important information must be contained or disclosed:
a. the Issuer's business activities and business prospects; b. information regarding the Equity Securities offered;
c. plans for the use of funds from the Public Offering;
d. capital structure at the time the Prospectus is issued; e. important financial data; f. information regarding significant Subsidiary Companies in table form (if any); g. business risks; and h. dividend policy.

Fourth Part
Public Offering
Article 11
In the Public Offering section as referred to in Article 6 letter d, at least the following must be contained or disclosed:
a. information regarding Equity Securities containing at least:

1. the type and quantity of Equity Securities;
2. nominal value (if any);
3. offering price;
4. total value of the Public Offering;
5. other accompanying Securities (if any), at least including:
   a) for warrants, at least including:

1. the type and quantity of underlying Securities;
2. the number of warrants to be issued;
3. the number of warrants outstanding and to be outstanding;
4. the start date and end date of warrant exercise;
5. the new share price upon warrant exercise;
6. provisions regarding changes in exercise price; and
7. other material provisions of the warrants;
   b) for Securities convertible into redeemable shares, at least including:
8. an explanation of conversion terms, including whether conversion rights will be lost if not exercised before the date disclosed in the repurchase announcement;
9. the start date and end date of conversion; and
10. the type, frequency, and timing of repurchase announcements, including where such announcements will be published; and

6. the quantity of Equity Securities allocated to employees (if any);
   b. shareholder rights including rights to dividends, preemptive rights to order Securities, and other rights including limitations and/or qualifications on such rights (if any) and their impact on shareholder rights;
   c. information regarding the greenshoe option (if any), including the number of options, exercise period, and price stabilization plans;
   d. the full name, address, logo (if any), telephone number, fax number, email, Website, post office box number including factories and representative offices, and main business activities of the Issuer; e. a brief statement in capital letters about main risk factors that may have a material adverse impact on the quality of Equity Securities; f. information regarding capitalization at the time the Prospectus is issued must contain at least:
7. authorized capital, placed capital, and fully paid-up capital including the number of shares, nominal value per share, and total nominal value or quantity and value of shares in the case of shares without nominal value;
8. the total quantity and value of shares to be offered in the Public Offering;
9. information on whether the issued and offered shares are fully paid shares (divestasi) and/or shares in storage (portepel);
10. information on (if any):
    a) the quantity and percentage of shares to be listed on the Stock Exchange; and b) restrictions on share listing;
11. information on the Issuer's plan to issue Equity Securities within 12 (twelve) months after the effective date (if any); and
12. information regarding the quantity, acquisition value, and nominal value of the Issuer's own shares (if any), including disposal plans if determinable and potential dilution to shareholders;
    g. an explanation regarding options to own Issuer shares (including warrants or other conversion Securities) that have been granted or approved to be granted to employees, management, shareholders, and/or holders of Equity Securities from the Issuer or Issuer Business Group (if any), including:
13. the number of options;
14. the category of parties holding the options; and
15. terms, conditions, and procedures for issuing shares related to the exercise of such options;
    h. information regarding the details of the share capital structure before the Public Offering and proforma share capital structure after the Public Offering in table form, with the condition that the table or explanation must cover:
16. authorized capital, placed capital, and fully paid-up capital including the number of shares, nominal value per share, and total nominal value of shares or quantity and value of shares in the case of shares without nominal value;
17. details of shareholder ownership with the condition that shareholders owning 5% (five percent) or more, members of the Board of Directors, and members of the Board of Commissioners must disclose name, number of shares, total nominal value of shares, and ownership percentage, or quantity and value of shares and ownership percentage in the case of shares without nominal value;
18. shares in storage (portepel), including the number of shares, nominal value per share, and total nominal value of shares, or quantity and value of shares in the case of shares without nominal value; and
19. proforma share capital if convertible or exercisable Securities have been converted or exercised (if any);
    i. provisions and information regarding parties prohibited from transferring part or all of their ownership of the Issuer's Equity Securities, including employees, members of the Board of Directors, and members of the Board of Commissioners, after the Registration Statement becomes effective (if any); and
    j. information regarding approvals and requirements mandated by relevant authorities related to the Public Offering (if any).

Article 12
In the event of the disposal of shares owned by members of the Board of Directors, members of the Board of Commissioners, or other shareholders, the Public Offering section must contain at least:
a. the name and address of the aforementioned shareholders and their relationship with the Issuer or its affiliates in the last 3 (three) years or since establishment if less than 3 (three) years; b. the type, quantity, and percentage of shares offered by the aforementioned shareholders;
c. the quantity and percentage of Securities owned by the aforementioned shareholders on the date before the Registration Statement becomes effective and after the Public Offering period, if determinable;
d. the name, business activities (if any), and existence or non-existence of affiliation with the Issuer of the party that will purchase the Issuer's Equity Securities offered by shareholders to specific parties, in the event that the quantity of shares to be purchased is 5% (five percent) or more of the placed and paid-up capital at the time of the Registration Statement; and e. information regarding the proportional distribution of costs in the context of the Public Offering based on the quantity of shares offered by the Issuer and shareholders.

Fifth Part
Use of Funds Obtained from the Results of the Public Offering
Article 13
In the section on the use of funds obtained from the results of the Public Offering as referred to in Article 6 letter e, at least the following must be contained or disclosed:
a. information regarding the purpose of the Public Offering and the use of funds obtained from the results of the Public Offering after deducting costs, made in detail in the form of amounts and/or percentages, with the condition:

1. in the event that funds are used for the purpose of debt repayment in whole or in part, the information to be disclosed includes information regarding creditors, the nature of affiliation with creditors (if any), the current loan value or debt amount, interest rate, maturity, use of borrowed funds from the debt to be repaid, debt history, repayment or payment procedures and requirements, debt balance (after partial payment), and early repayment (if any);
2. in the event that funds are used for the purpose of purchasing shares or acquisition or investment in other companies, the information to be disclosed includes a brief explanation of the business activities of the company whose shares will be purchased, reasons and considerations for purchasing shares, acquisition, or investment in other companies, the name of the selling party, the method of determining transaction value, and the development status of the share purchase or...

acquisition or participation and the nature of the affiliation relationship (if any);
3. in the event of the use of funds for the purpose of acquiring assets directly or indirectly outside the main business activities of the Issuer, the information to be disclosed includes the reasons and considerations for the asset purchase, the amount of funds used, the type of assets, and the name of the selling party, with the provision that if the assets are acquired from a party affiliated with the Issuer, such fact must be disclosed, including the nature of its relationship with the Issuer and how the acquisition value of the assets was determined; and
4. in the event of the use of funds for the purpose of providing loans to Subsidiary Companies, the information to be disclosed includes the name of the Subsidiary Company and the purpose of the use of funds by the Subsidiary Company; and
b. information regarding other sources of funds that will be used to finance a particular activity if the funds from the Public Offering are insufficient.

Article 14
In the event that there is no Securities Underwriter or the Securities Underwriter does not guarantee the offering in full, the Issuer must include or disclose:
a. the minimum amount of funds that can be obtained through the Public Offering based on management's belief; b. the priority of use of funds obtained from the Public Offering; and
c. risks and management plans in the event that the offered equity securities are not sold as planned.

Article 15
The Issuer must disclose information regarding the estimated detailed costs incurred by the Issuer in connection with the Public Offering, either in a specific percentage or absolute value in currency denomination, which must at least include:
a. underwriting service fees; b. organizational service fees;
c. sales service fees;
d. supporting capital market professional service fees; e. supporting capital market institution service fees; f. financial consulting service fees; and g. other fees.

Sixth Part
Debt Statement

Article 16
In the debt statement section as referred to in Article 6 letter f, it must at least contain or disclose:
a. a statement regarding the position of all liabilities on the date of the latest financial report; b. the latest audited financial report which serves as the data source, including the name of the Public Accounting firm that audited it, accompanied by the opinion given;
c. an explanation of the details of each liability according to the liabilities in the financial position report;
d. commitments and contingencies according to the latest financial report; e. liabilities that have matured but have not yet been paid off (if any) and accompanied by the cause or reason; f. loans received by the Issuer and/or Subsidiary Companies and/or loans received for the benefit of the Issuer and/or Subsidiary Companies that are material, covering the loan amount for the most recent date that can be determined, interest rates, the nature of the loan, collateral provided, compliance with liability provisions, and transactions that caused the occurrence of liabilities; and g. management statement.

Article 17
(1) The management statement as referred to in Article 16 letter g must at least contain or disclose:
a. all of the Issuer's liabilities as of the date of the latest financial report have been disclosed in the Prospectus; b. the existence or non-existence of material facts causing significant changes to:

1. liabilities and/or obligations after the date of the latest financial report until the date of the Public Accounting report; and
2. liabilities and/or obligations after the date of the Public Accounting report until the effective date of the Registration Statement;
   c. management's ability to settle all of the Issuer's liabilities as referred to in letter a;
   d. the existence or non-existence of violations of credit agreement requirements made by the Issuer or Subsidiary Companies in the Issuer's Business Group that have a material impact on the continuity of the Issuer's business, including an explanation regarding the credit agreement requirements violated, and actions that have been or will be taken by the Issuer or Subsidiary Companies in the Issuer's Business Group, including the latest developments of negotiations regarding credit restructuring (if any); e. the existence or non-existence of default on the payment of principal and/or interest on loans after the date of the latest financial report until the effective date of the Registration Statement, including the latest developments of negotiations regarding debt restructuring (if any); and f. the absence of restrictions detrimental to the rights of public shareholders. (2) In the event that material facts causing significant changes to liabilities as referred to in paragraph (1) letter b are stated, a detailed description of the material facts and significant changes occurring in the aforementioned liabilities must be disclosed.

Seventh Part
Summary of Important Financial Data

Article 18
(1) In the summary of important financial data section as referred to in Article 6 letter g, it must at least contain or disclose:
a. information on audited financial reports which serve as the data source, including Public Accounting firm information, the name of the Public Accounting firm, the opinion given, and an explanation of the financial report period covered; b. financial data for the last 3 (three) fiscal years or since establishment if less than 3 (three) fiscal years, plus interim data (if any);
c. in the event that there is interim period financial data, it is presented by comparing it with the same period of the previous year (not necessarily audited), except for the financial position report;
d. financial data as referred to in letter b must at least include:

1. revenue;
2. gross profit (loss);
3. current year profit (loss);
4. other comprehensive income;
5. total comprehensive income for the current year;
6. the amount of profit (loss) attributable to owners of the parent entity and non-controlling interests;
7. the amount of comprehensive income attributable to owners of the parent entity and non-controlling interests;
8. earnings (loss) per share;
9. dividends per share (if there is a dividend distribution);
10. total current assets, total non-current assets, and total assets;
11. total short-term liabilities, total long-term liabilities, and total liabilities;
12. total equity;
13. ratio of current year profit (loss) to total assets;
14. ratio of current year profit (loss) to equity;
15. ratio of current year profit (loss) to revenue;
16. current ratio;
17. debt-to-equity ratio;
18. debt-to-total assets ratio;
19. other relevant financial information and ratios relevant to the company and its industry type; and
20. exchange rate information, in the event that the Issuer's financial reports are prepared other than in Rupiah currency, at least including:
    a) the exchange rate value on the latest date that can be known; b) the highest and lowest exchange rate values for each month during the last 6 (six) months; c) the average exchange rate value for each year and interim period presented in the financial reports, calculated using the average exchange rate value on the last day of each month in the aforementioned period; and d) the source of information regarding the disclosure of the exchange rate values used. (2) The summary of important financial data presented as referred to in paragraph (1) must be consistent with the Issuer's financial reports, including the account names used.

Eighth Part
Management's Discussion and Analysis

Article 19
In the management's discussion and analysis section as referred to in Article 6 letter h, the Issuer must provide a brief discussion analyzing and reviewing the financial reports and other information or facts contained in the Prospectus.

Article 20
The discussion, analysis, and information as referred to in Article 19 must at least contain or disclose:
a. comprehensive financial performance analysis covering the comparison of financial performance in the last 3 (three) fiscal years or since establishment if less than 3 (three) fiscal years, an explanation of the causes of changes, and the impact of such changes, at least covering regarding:

1. current assets, non-current assets, and total assets;
2. short-term liabilities, long-term liabilities, and total liabilities;
3. equity; and
4. revenue, expenses, current year profit (loss), other comprehensive income, and total comprehensive income for the current year;
   b. discussion regarding operations by operating segment (if any) related to the overall financial condition of the Issuer, at least covering:
5. production;
6. sales or business revenue;
7. contribution to sales or revenue and business profit of the Issuer;
8. profitability; and
9. increase or decrease in production capacity;
   c. discussion regarding the Issuer's liquidity at least containing or disclosing:
10. internal and external liquidity sources;
11. material liquidity sources that have not yet been used;
12. known trends, demands, obligations, commitments, events, and/or uncertainties that may cause material increases or decreases in the Issuer's liquidity; and
13. the Issuer's statement regarding the adequacy of working capital or, if working capital is insufficient, the steps the Issuer will take to obtain the additional working capital needed;
    d. discussion regarding the sources and amounts of cash flows from operating, investing, and financing activities, as well as cash flow patterns related to the Issuer's business characteristics and cycle; e. discussion regarding restrictions on the ability of Subsidiary Companies to transfer funds to the Issuer and the impact of such restrictions on the Issuer's ability to meet cash payment obligations; f. discussion regarding material capital investment commitments made, with an explanation regarding:
14. related parties in the agreement;
15. the total value, currency, and portion that has been realized;
16. sanctions;
17. the purpose of the capital investment;
18. the geographical distribution of investments;
19. the source of funds used;
20. the currency denomination in the event that the source of funds comes from loans;
21. actions taken by the Issuer to protect against the risk of foreign currency exchange rate fluctuations (if any);
22. the estimated period for the start and completion of the construction process for capital investments; and
23. the expected increase in production capacity from capital investments;
    g. discussion regarding the risk of foreign currency exchange rate or reference loan interest rate fluctuations and their impact on the Issuer's business results or financial condition in the future, accompanied by information regarding all loans and obligations or commitments without protection stated in foreign currency, or loans with interest rates not determined in advance; h. discussion regarding abnormal and infrequent events or transactions, or significant changes in the economy that can affect the amount of revenue and profitability reported in the financial reports audited by the Public Accounting firm, as contained in the Prospectus, with emphasis on the latest financial report;
    i. discussion regarding important components of revenue or other expenses deemed necessary by the Issuer to determine the Issuer's business results;
    j. discussion in the event that the financial reports disclose a material increase in sales or net revenue, which includes a discussion regarding the extent to which the increase can be linked to price increases, volume, or the amount of goods or services sold, or the existence of new products or services, accompanied by an explanation regarding the causes of the price or volume increases; k. discussion regarding the impact of price changes on the Issuer's sales and net revenue, as well as the Issuer's operating profit, over the last 3 (three) years or during the Issuer's operation if establishment is less than 3 (three) years, as well as the impact of inflation and foreign currency exchange rate changes, if material;
    l. discussion regarding changes in accounting policies within the last 3 (three) fiscal years or since establishment for Issuers established for less than 3 (three) fiscal years, including:
24. a summary of material changes in accounting policies;
25. reasons for changes in accounting policies; and
26. the quantitative impact of such changes on the Issuer's financial performance;
    m. discussion regarding government policies and other institutions in the fields of fiscal, monetary, public economy, and politics that have direct or indirect impacts on the business activities and investments of the Issuer and Subsidiary Companies as reflected in the financial reports; n. discussion regarding the amount of outstanding loans as of the date of the latest financial report, seasonal loan needs, loan maturity analysis, loan facilities from banks, restrictions on loan usage, and collateral (if any), with the provision that in the event that loans come from abroad, they must be disclosed separately with their foreign currency amounts; and o. discussion regarding capital investments made in order to fulfill regulatory requirements and environmental issues (if any).

Article 21
In the event that prospective financial reports in the form of financial forecasts are disclosed in the management discussion and analysis section, such disclosure must be accompanied by a discussion regarding forecasts of sales or business revenue, net profit, and overall financial conditions, with the provisions:
a. financial forecasts must be prepared carefully, objectively, and based on reasonable and credible assumptions; b. financial forecasts must be accompanied by an explanation regarding the extent to which sales or business revenue forecasts are based on definite contracts or orders, the reasons why such forecasts can be achieved, and the impact of changes in business and operational conditions on such forecasts;
c. the reasonableness of the preparation of financial forecasts must be examined by the Public Accounting firm, and the results of the Public Accounting firm's examination must be disclosed in the management discussion; and
d. the Issuer is responsible for the feasibility of such financial forecasts.

Ninth Part
Risk Factors

Article 22
In the risk factors section as referred to in Article 6 letter i, it must at least contain or disclose:
a. main risks that have a significant impact on the continuity of the Issuer's business; b. material business risks, both directly and indirectly, that can affect business results and the Issuer's financial condition, arising from at least including:

1. competition;
2. investments or corporate actions;
3. the Issuer's failure to comply with applicable laws and regulations in its industry;
4. technological changes;
5. resource scarcity; and
6. raw material supply;
   c. general risks, arising from at least including:
7. macro or global economic conditions;
8. foreign currency exchange rate changes;
9. compliance with applicable laws and regulations related to the Issuer's business field;
10. legal claims or lawsuits;
11. government policies; and
12. regulations of other countries or international regulations;
    d. risks for investors; and e. a statement that business risk factors and general risks are compiled based on the weight of risks faced by the Issuer.

Article 23
(1) Business risk factors and general risks as referred to in Article 22 letters b and c must be compiled based on risk weights.
(2) Disclosure of risk factors as referred to in paragraph (1) must be elaborated in detail, accompanied by an explanation of the impact of each risk on the Issuer's performance.

Tenth Part
Important Events After the Date of the Public Accounting Report

Article 24
In the important events after the date of the Public Accounting report section as referred to in Article 6 letter j, it must at least contain or disclose:
a. information regarding all important events that occurred after the date of the Public Accounting report until the effective date of the Registration Statement; and b. a management statement regarding the absence of important events after the date of the Public Accounting report until the effective date of the Registration Statement, in the event that no important events exist.

Eleventh Part
Information Regarding the Issuer, Business Activities, as well as Trends and Business Prospects

Article 25
In the section regarding information about the Issuer, business activities, as well as trends and business prospects as referred to in Article 6 letter k, it must at least contain or disclose:
a. the history of the Issuer, which includes information regarding:

1. the establishment of the Issuer, at least including the date of the establishment deed, the composition of shareholders, the name of the Issuer, and its business activities, including a brief history regarding establishment, form, and organization name if it is not a company;
2. the stock capital structure at the time the Prospectus is issued, including:
   a) authorized capital, placed and fully paid capital, including the number of shares, nominal value per share, and total nominal value of shares, or the number and value of shares in the event of shares without nominal value; b) information regarding the number, book value, and nominal value of the Issuer's own shares (if any); and c) information regarding share ownership by members of the Board of Directors and/or members of the Board of Commissioners, along with their ownership percentage;
3. important events affecting the development of the Issuer's business, including:
   a) the nature and consequences of bankruptcy, events occurring under curator supervision in relation to the bankruptcy process or suspension of debt payment obligations, or similar processes concerning the Issuer and the Issuer's Business Group that have a significant impact on the Issuer (if any); b) the nature and consequences of restructuring, mergers, acquisitions, separations, or consolidations carried out by the Issuer or Subsidiary Companies that are significant (if any); c) material assets purchased and/or sold outside the main business activities; d) any changes in business activities, including changes in name and control (if any); and e) the addition of important production facilities or the use of new technology;
4. changes in the composition of shareholders and share ownership over the last 3 (three) years or since establishment if less than 3 (three) years before the submission of the Registration Statement;
5. licenses held by the Issuer and Subsidiary Companies, regulations governing the Issuer's and Subsidiary Companies' business fields, including the name of the institution issuing the licenses and the relevant regulations;
6. important agreements;
7. important fixed assets owned and/or controlled by the Issuer, including their current use or utilization;
8. legal provisions, government policies, or environmental issues that may have a material impact on the use of the Issuer's assets and costs incurred by the Issuer for environmental management responsibilities; and
9. the share ownership structure of the Issuer's Business Group (if any) presented in the form of a diagram;
   b. information regarding Controllers, including:
10. information regarding Controllers, both directly and indirectly, down to individual owners, and/or Major Shareholders, presented in the form of a scheme or diagram, with the provision that:
    a) in the event that Controllers and/or Major Shareholders are legal entities, the information to be disclosed includes establishment, business activities, capital structure and composition of shareholders, and management and supervision; and b) in the event that there are agreements that may result in a change of Controller, such matters must be disclosed;
11. in the event that there are new prospective Controllers, it must be disclosed:
    a) the name of the prospective Controller; b) the domicile address or headquarters of the prospective Controller; c) business activities (if any); d) legal entity status (if any); e) composition of management and supervision (if any); f) capital structure or equivalent information; g) beneficiaries of the new prospective Controller (if any); h) the nature of the affiliation relationship with the Issuer (if any); i) information regarding the percentage of share ownership of the prospective Controller of the Issuer; and j) a description of approvals from relevant parties (if any);
    c. management and supervision, including:
12. names accompanied by photos of members of the Board of Directors and members of the Board of Commissioners;
13. a brief description of each member of the Board of Commissioners or other equivalent organs, including:
    a) citizenship; b) age; c) current and previous positions; d) work experience and relevant businesses; e) formal education, including the name of the school, field of study, and year of graduation; and f) term of office;
14. a brief description of each member of the Board of Directors or other equivalent organs, including:
    a) citizenship; b) age; c) current and previous positions; d) work experience and relevant businesses; e) formal education, including the name of the school, field of study, and year of graduation; f) other interests that are material outside their capacity as members of the Board of Directors related to the Public Offering of Equity Securities or listing on the Stock Exchange (if any); g) matters that may hinder the ability of members of the Board of Directors to carry out their duties and responsibilities as members of the Board of Directors for the benefit of the Issuer (if any); and h) term of office;
15. the nature of family relationships among members of the Board of Directors, members of the Board of Commissioners, and shareholders of the Issuer (if any); and
16. information regarding agreements or understandings between members of the Board of Commissioners and members of the Board of Directors with Major Shareholders, customers, suppliers, and/or other parties related to the placement or appointment as members of the Board of Commissioners and members of the Board of Directors of the Issuer (if any);
    d. corporate governance, including:
    a brief description regarding the implementation of corporate governance that has been carried out in the period of the last annual financial report and that will be implemented by the Issuer, at least containing or disclosing:
17. the Board of Commissioners, including independent commissioners, at least including:
    a) a description of the implementation of duties in the last 1 (one) year; b) disclosure of the procedure for determining and the amount of remuneration; c) the frequency of meetings and the attendance rate of members of the Board of Commissioners; and d) contracts related to post-employment benefits (if any);
18. the Board of Directors, at least including:
    a) the scope of work and responsibilities; b) disclosure of the amount of remuneration; c) the frequency of meetings and the attendance rate of members of the Board of Directors; d) training programs to enhance competence (if any); and e) contracts related to post-employment benefits (if any);
19. the company secretary, at least including:
    a) name, address, telephone number, and email address;

b) description of work experience; c) description of duties and responsibilities; and d) training programs to enhance competence (if any);
4. committees owned (if any), which must at least include:
a) legal basis for the appointment of the committee; b) names and descriptions of work experience of each committee member; c) description of the committee's duties and responsibilities; d) meeting frequency and member attendance rate; and e) brief report on the committee's activity implementation;
5. description of the internal control system applied by the Issuer and description of internal supervision implementation;
6. explanation of efforts made to manage risk;
7. description of social and environmental responsibility (if any); and
8. Issuer's organizational structure;
e. human resources, which must at least include:

1. details of the number of permanent employees of the Issuer and Subsidiary Companies over the last 3 (three) years or since establishment if less than 3 (three) years, presented in a table, by position, education, and age level, including explanation if there are significant changes in the number of such employees;

2. details of employees based on main activities and location of the Issuer;

3. details of the number of non-permanent employees of the Issuer and Subsidiary Companies over the last 3 (three) years or since establishment if less than 3 (three) years (if any);

4. information regarding employees with special expertise in their field (if any), which must at least include name, age, work experience, duties, and permits;

5. education and training facilities (if any);

6. details of the use of foreign labor and its permits (if any);

7. welfare facilities (if any), which include:
   a) medical treatment; b) transportation; c) collective labor agreements; d) insurance; e) cooperatives; and f) pension funds;

8. information regarding the existence and activities of labor unions and their relationship with management; and

9. description of agreements to involve employees and management in the ownership of Issuer's shares, including agreements related to the Issuer's share ownership program by employees or members of the Board of Directors and Board of Commissioners (if any);
   f. matters faced by the Issuer and Subsidiary Companies, as well as members of the Board of Directors and members of the Board of Commissioners of the Issuer, which have a material impact on the continuity of the Issuer's business (if any); g. information about Subsidiary Companies and/or associated companies (if any), at least:

10. Subsidiary Companies that contribute 10% (ten percent) or more of total assets, total liabilities, or profit (loss) before tax from consolidated financial statements, which must at least include:
    a) name; b) year of establishment; c) general description of business activities;

d) capital structure and latest shareholder composition; e) permits related to business activities; f) administration and supervision; g) important financial data for the last 3 (three) fiscal years or since establishment if less than 3 (three) fiscal years; h) analysis and discussion of significant changes in important financial data and other significant events at the Subsidiary Company; i) proportion of voting rights owned if different from the proportion of share ownership by the Issuer; j) revenue contribution of the Subsidiary Company to the Issuer; and k) year the Issuer started investment in the Subsidiary Company; and
2. associated companies that contribute 10% (ten percent) or more of total assets, total liabilities, or profit (loss) before tax from consolidated financial statements, which must at least include name, general description of business activities, and percentage of share ownership;
h. Issuer's business activities and business trends and prospects, including:

1. general description of main products and/or services provided, including production or operations;
2. information on the source and availability of raw materials, price levels, and raw material price volatility;
3. information on the production process of goods and/or services and quality control, recognition from specific institutions or bodies (if any) over goods and/or services, general description regarding the development status of specific goods and/or services, and material investment requirements;
4. in the event that information as referred to in item 3 could harm the Issuer's competitive position, such information does not need to be disclosed;
5. production capacity for the last 3 (three) years or since the company was established if less than 3 (three) years;
6. Issuer's main goods and/or services products and the parties or industries that are end-users (if any);
7. any significant trends in production, sales, inventory, expenses, and selling prices since the last fiscal year that affect the Issuer's business activities and financial prospects;
8. any trends, uncertainties, demands, commitments, or events that are known which may significantly affect net sales or business revenue, income from ongoing operations, profitability, liquidity or capital sources, or events that would cause reported financial information to no longer serve as an indication of future operational results or financial condition;
9. in the event that there are no trends, uncertainties, demands, commitments, or events as referred to in items 7 and 8, the Issuer must provide an adequate statement regarding such matters;
10. the validity period of patents, trademarks, licenses, franchises, and concessions owned and/or controlled by the Issuer and/or by the Subsidiary Company and their importance to the Issuer;
11. the seasonal nature of the Issuer's business activities (if any);
12. Issuer's business activities related to working capital that pose special risks;
13. description of backlog orders, the development of such orders over the last 3 (three) years or since establishment if less than 3 (three) years, causes of order backlogs, and potential for future order backlogs (if any);
14. competition conditions in the industry including the Issuer's position in the industry based on reliable data sources (if any);
15. description of the Issuer's research and development policy including costs incurred over the last 3 (three) years or since establishment if less than 3 (three) years and its percentage of sales or net revenue;
16. description of marketing activities covering:
    a) product marketing areas; b) sales and distribution systems; and c) sales data from the Issuer and Subsidiary Companies, in reporting currency value and units (if any) over the last 3 (three) years or since establishment if less than 3 (three) years by main product groups and marketing areas;
17. description of the Issuer's business prospects in relation to the industry, general economy, and domestic or international markets, which may be accompanied by quantitative supporting data if there are reliable data sources;
18. the extent of the Issuer's dependence on industrial, commercial, or financial contracts including contracts with customers, suppliers, and/or the government;
19. description of affiliated transactions and/or transactions containing conflicts of interest (if any) which include the name of the party, type, value, and purpose of the transaction over the last 3 (three) years or since the Issuer was established if less than 3 (three) years;
20. for each transaction with an affiliated party:
    a) which has been completed or will be completed before the effectiveness of the Registration Statement, the Issuer must disclose whether such transaction has been or will be conducted fairly; and/or b) which will continue after the effectiveness of the Registration Statement, the Issuer must disclose whether the transaction has been conducted fairly including explanation regarding procedures that have been or will be taken to assure that subsequent transactions will be conducted fairly;
21. for each loan from an affiliated party:
    a) which has been paid or will be paid before the effectiveness of the Registration Statement, the Issuer must disclose whether the loan was obtained on fair terms and conditions; and/or b) which must be paid, in part or in full, after the effectiveness of the Registration Statement, the Issuer must disclose whether such loan was obtained on fair terms and conditions and when such loan will be or must be paid;
22. for each unused loan facility from an affiliated party, the Issuer must disclose the procedures that will be taken to assure that such loan will be obtained on fair terms and conditions;
23. if transactions and loans with affiliated parties are similar in nature and recurring and in aggregate have material value relative to the Public Offering value, the value of such transactions and loans must be disclosed in aggregate; and
24. if members of the Board of Directors, members of the Board of Commissioners, Controllers, or Major Shareholders of the Issuer, or affiliates of members of the Board of Directors, members of the Board of Commissioners, Controllers, or Major Shareholders of the Issuer have an interest in another company that conducts the same business or produces the same products as the Issuer or the Issuer's Business Group, the following must be disclosed:
    a) name of the other company where members of the Board of Directors, members of the Board of Commissioners, Controllers, or Major Shareholders of the Issuer, or affiliates of members of the Board of Directors, members of the Board of Commissioners, Controllers or Major Shareholders of the Issuer have an interest; b) name of the member of the Board of Directors, member of the Board of Commissioners, Controller, or Major Shareholder of the Issuer who has the interest; c) the extent of the interest held by members of the Board of Directors, members of the Board of Commissioners, Controllers, or Major Shareholders of the Issuer, or affiliates of members of the Board of Directors, members of the Board of Commissioners, Controllers, or Major Shareholders of the Issuer in such company and the extent to which such party is involved in the management of such other company, directly or indirectly; and

d) mitigation measures that have been or will be taken regarding potential conflicts of interest.

Twelfth Part
Equity
Article 26
(1) In the section regarding equity information as referred to in Article 6 letter l must at least contain or disclose:
a. an equity table containing details of equity as of the financial reporting date for all periods presented in the financial statements; b. changes in capital structure that occurred after the last financial reporting date up to the effective date of the Registration Statement (if any);
c. plan for the Public Offering of Equity Securities stating the type and number of Equity Securities offered, the offering price of Equity Securities, and nominal value per share in the event that Equity Securities are shares;
d. pro forma equity table as of the last financial reporting date assuming that changes as referred to in letter b and the Public Offering as referred to in letter c have occurred as of the last financial reporting date; and e. pro forma table as referred to in letter d describing the equity position as of the financial reporting date assuming that all convertible debt Securities have been exchanged into shares, in the event that Securities in the Public Offering are convertible debt Securities.

(2) Disclosure of equity as referred to in paragraph (1) letter a must be based on financial statements audited by a Public Accountant.

Thirteenth Part
Dividend Policy
Article 27
In the dividend policy section as referred to in Article 6 letter m must contain or disclose information regarding dividend policy and dividend payment history.

Fourteenth Part
Taxation
Article 28
In the taxation section as referred to in Article 6 letter n must contain or disclose information regarding applicable taxes for both investors and the Issuer and special tax facilities obtained.

Fifteenth Part
Underwriting of Securities Issuance
Article 29
In the section regarding underwriting of Securities issuance as referred to in Article 6 letter o must contain or disclose a description of the important terms and conditions of the Securities underwriting agreement, at least including:
a. name of the Lead Underwriter of Securities; b. name of the Securities Underwriter;
c. form of underwriting;
d. percentage and value of underwriting; e. nature of affiliated relationship between the Securities Underwriter and the Issuer (if any); and f. description of the approach or method in determining the price of Equity Securities including factors and parameters used in price determination.

Sixteenth Part
Capital Market Supporting Institutions and Professions and Other Parties
Article 30
In the section regarding capital market supporting institutions and professions as well as other parties as referred to in Article 6 letter p must at least contain or disclose:
a. name, address, and description of duties and responsibilities of capital market supporting institutions and professions and other parties involved in the Public Offering; b. professional qualifications, for parties other than those registered in the Capital Market (if any);
c. information regarding membership of capital market supporting professions in associations; and
d. Issuer's statement regarding the absence of affiliated relationships between the Issuer and capital market supporting professions.

Seventeenth Part
Important Provisions in the Articles of Association and Other Important Provisions Related to Shareholders
Article 31
In the section regarding important provisions in the articles of association and other important provisions related to shareholders as referred to in Article 6 letter q, must at least contain or disclose:
a. important provisions in the articles of association, at least including:

1. purpose and objectives as well as business activities;

2. provisions regulating changes in capital;

3. provisions regulating the implementation of the Annual General Meeting of Shareholders and Extraordinary General Meeting of Shareholders;

4. rights, preferences, and restrictions existing on each type of share, at least including:
   a) rights to dividends, including the time limit for loss of dividend rights; b) voting rights; c) rights to distribution of remaining assets in the event of liquidation; and d) preemptive rights to offer Securities;

5. summary of provisions in the articles of association related to the Board of Directors at least:
   a) authority and restrictions on the authority of Board of Directors members regarding a proposal, agreement, contract or loan approval (if any); and b) provisions regarding the term of office of Board of Directors members; and

6. summary of important provisions in the articles of association related to the Board of Commissioners; and
   b. other important provisions related to shareholders:

7. provisions regulating restrictions on the right to own shares including rights for foreign shareholders to own or exercise voting rights (if any);

8. provisions regulating agreements or regulations that may affect changes in control of the Issuer, business mergers, acquisitions, or restructuring of the Issuer and Subsidiary Companies; and

9. provisions regulating the obligation to disclose share ownership with certain limits.

Eighteenth Part
Procedure for Ordering Equity Securities
Article 32
In the section regarding the procedure for ordering Equity Securities as referred to in Article 6 letter r, must at least contain or disclose:
a. submission of orders for purchase of Equity Securities; b. acceptable ordering requirements;
c. minimum number that can be ordered for each order;
d. submission of order forms; e. duration of the Public Offering; f. allocation date; g. criteria and requirements for special ordering by employees; h. payment requirements including payment deadline;
i. receipt for order forms;
j. method for allocating Equity Securities; k. criteria for cancellation of orders;
l. refund of order money including:

1. interest rate to be used as the basis for calculating compensation for delay in refunding order money for purchase of Equity Securities, stating the interest rate percentage, or other measure; and
2. method to be used in refunding order money for purchase of Equity Securities and compensation which must at least include:
   a) type of payment instrument; and b) payment method; and m. distribution of Equity Securities.

Nineteenth Part
Dissemination of Prospectus and Order Forms for Purchase of Equity Securities
Article 33
In the section regarding dissemination of Prospectus and order forms for purchase of Equity Securities, as referred to in Article 6 letter s, must at least contain or disclose:
a. explanation regarding the name, address, and telephone number of the Issuer, Securities Underwriter, Securities Sales Agents, and Securities Administration Bureau (if using a Securities Administration Bureau); b. explanation regarding the method and deadline for dissemination of the Prospectus;
c. places where the Prospectus and order forms for purchase of Equity Securities or other documents related to the Public Offering or copies thereof mentioned in the Prospectus can be obtained; and
d. places and parties that can be contacted to obtain the Prospectus.

Twentieth Part
Legal Opinion
Article 34
In the section regarding legal opinion as referred to in Article 6 letter t, the opinion from the Legal Consultant must at least contain or disclose:
a. validity of the deed of establishment; b. conformity of the latest articles of association with regulations in the Capital Market sector;
c. validity of agreements in the context of the Public Offering and other important agreements;
d. main permits and approvals required for the implementation of business activities or planned business activities of the Issuer; e. ownership status, encumbrances, insurance, and disputes over material assets of the Issuer; f. important and relevant matters, civil or criminal lawsuits, and other legal actions concerning the Issuer and Subsidiary Companies, members of the Board of Directors or members of the Board of Commissioners (if any); g. capital structure and shareholders of the Issuer as well as any changes over the last 3 (three) years before the Registration Statement or since establishment for Issuers established less than 3 (three) years, which are in accordance with regulations; and h. other material legal aspects related to the Issuer and the Equity Securities offering to be conducted.

Twenty-First Part
Financial Statements
Article 35
In the financial statements section as referred to in Article 6 letter u, must at least contain or disclose:
a. financial statements for the last 3 (three) fiscal years or since establishment for Issuers established less than 3 (three) fiscal years, presented in accordance with regulations in the Capital Market sector regarding the presentation and disclosure of financial statements of Issuers or Public Companies as well as regulations in the Capital Market sector regarding accounting guidelines for Securities companies; and b. Public Accountant's report regarding the presented financial statements.

Article 36
In the event that the effectiveness of the Registration Statement exceeds 6 (six) months from the last annual financial statement, the last annual financial statement must be supplemented with an interim financial statement audited by a Public Accountant, so that the time period between the effective date of the Registration Statement and the date of the interim financial statement does not exceed 6 (six) months.

Article 37
(1) Interim financial statements must be presented with comparison to the same interim period from the previous 1 (one) fiscal year, except for the statement of financial position. (2) Interim financial statements used as comparison do not need to be audited.

Article 38
In the event that after the last financial reporting date, the Issuer conducts transactions that have a significant impact on the Issuer's assets, liabilities, and operating results, the Issuer must disclose pro forma financial information.

Twenty-Second Part
Valuer's Report and Expert's Report
Article 39
(1) In the event that there are Valuer's reports and expert's reports, in the section regarding the Valuer's report and expert's report as referred to in Article 6 letter v, must at least contain or disclose:
a. summary of the Valuer's report or expert's report; and b. for experts, must also disclose information including name, address, and qualifications of the expert as well as a statement that the expert has given consent for the inclusion of the summary of the said report in the Prospectus in the event the Prospectus contains a summary of the report from the expert. (2) The Valuer's report as referred to in paragraph (1) letter a must meet regulations in the Capital Market sector regarding valuation guidelines and presentation of property valuation reports in the Capital Market.

CHAPTER IV
FORM OF SHORT PROSPECTUS
Article 40
The Short Prospectus must at least contain the following information:
a. information about the offering of Equity Securities; b. information about the use of funds obtained from the Public Offering;
c. information about the summary of important financial data;
d. information about management's discussion and analysis; e. information about risk factors; f. information about significant events after the date of the Accountant's Report; g. brief information about the Issuer and Subsidiary Companies; h. information about the procedure for ordering Equity Securities; and
i. information about the dissemination of the Prospectus and order forms for purchase of Equity Securities.

CHAPTER V
CONTENT OF SHORT PROSPECTUS
Article 41
Information about the offering of Equity Securities as referred to in Article 40 letter a must at least contain the following information:
a. date of the announcement permit for the Short Prospectus; b. initial offering period;
c. estimated date of Effectiveness of the Registration Statement from the Financial Services Authority;
d. estimated offering period; e. estimated allocation date; f. estimated date of refund of order money; g. estimated date of distribution of Securities; h. estimated date of listing, if the Securities will be listed on the Stock Exchange;
i. full name, address, logo (if any), telephone or fax number, email, Website, and post office including factories and representative offices (if any), and main business activities of the Issuer;
j. name of the Stock Exchange, if the Securities will be listed on the Stock Exchange; k. type of offering, including description regarding the nature, brief description of the Equity Securities offered, nominal value and description regarding the estimated quantity and estimated price, or approach and/or method in determining the price of Equity Securities

including factors and parameters used in price determination;
l. summary of shareholder rights;
m. information on whether the issued and offered shares are par value shares (treasury shares) and/or shares that have been fully paid up; n. information regarding options to own Issuer shares, including warrants or securities convertible into shares that have been granted or approved to be granted to employees, management, shareholders, and/or holders of the Issuer's or Issuer Business Group's debt securities (if any); o. information on the details of the share capital structure before the Public Offering and the pro forma share capital structure after the Public Offering in table form, at least:

1. authorized capital, issued and fully paid-up capital including the number of shares, par value, and total par value or total amount and value of shares in the case of shares without par value;

2. details of share ownership by shareholders with the provision that shareholders holding 5% (five percent) or more, members of the Board of Directors, and members of the Board of Commissioners must disclose their names, number of shares, total par value of shares, and percentage of ownership or total amount and value of shares and percentage of ownership in the case of shares without par value;

3. treasury shares (shares in storage), which include the number of shares and par value or total amount and value of shares in the case of shares without par value; and

4. pro forma share capital if convertible or exercisable securities are converted or exercised (if any);
   p. parties prohibited from transferring part or all of their ownership of the Issuer's equity securities, including employees, members of the Board of Directors, and members of the Board of Commissioners, after the Registration Statement becomes effective (if any); q. estimated full names of the Underwriter and the Issuing Underwriter (if any); r. estimated full names of capital market supporting institutions and professions and other parties; s. estimated names and full addresses of the securities sales agents; t. estimated place and date of Prospectus publication; u. a statement in capital letters, bold type, which immediately attracts the reader's attention, namely:
   "INFORMATION IN THIS DOCUMENT MAY STILL BE COMPLETED AND/OR CHANGED. THIS SECURITIES REGISTRATION STATEMENT HAS BEEN SUBMITTED TO THE FINANCIAL SERVICES AUTHORITY BUT HAS NOT YET OBTAINED AN EFFECTIVENESS STATEMENT FROM THE FINANCIAL SERVICES AUTHORITY. THIS INFORMATION MAY ONLY BE USED FOR THE INITIAL OFFERING OF THESE SECURITIES. THESE SECURITIES CANNOT BE SOLD BEFORE THE REGISTRATION STATEMENT SUBMITTED TO THE FINANCIAL SERVICES AUTHORITY BECOMES EFFECTIVE. ORDERS TO PURCHASE THESE SECURITIES MAY ONLY BE EXECUTED AFTER THE PROSPECTIVE BUYER OR ORDERER RECEIVES OR HAS THE OPPORTUNITY TO READ THE PROSPECTUS." "COMPLETE INFORMATION REGARDING THE PUBLIC OFFERING IS CONTAINED IN THE PROSPECTUS."

v. the following statement in capital letters which immediately attracts the reader's attention:
"THE FINANCIAL SERVICES AUTHORITY DOES NOT GIVE A STATEMENT APPROVING OR DISAPPROVING THESE SECURITIES, NOR DOES IT STATE THE TRUTH OR ADEQUACY OF THE CONTENT OF THIS SUMMARY PROSPECTUS. ANY STATEMENT CONTRARY TO THE ABOVE IS AN ILLEGAL ACT." "THE ISSUER AND THE UNDERWRITER (if any) ARE FULLY RESPONSIBLE FOR THE TRUTH OF ALL INFORMATION OR MATERIAL FACTS AND THE HONESTY OF OPINIONS CONTAINED IN THIS SUMMARY PROSPECTUS." w. Issuer's statement on price stabilization plans for the Securities (if any); and
x. a statement that in connection with the Public Offering, every affiliated party is prohibited from providing information or statements regarding data not disclosed in the Prospectus without the written approval of the Issuer and the Underwriter (if any).
Article 42
Information on the use of funds obtained from the results of the Public Offering as referred to in Article 40 letter b contains a summary of information on matters as referred to in Article 13 letter a.
Article 43
Information on the summary of important financial data as referred to in Article 40 letter c must at least contain or disclose:
a. revenue; b. profit (loss) for the current year;

c. total comprehensive income for the current year;
d. total assets; e. total liabilities; f. total equity; g. ratio of profit (loss) for the current year to total assets; h. ratio of profit (loss) for the current year to equity; and
i. financial ratios relevant to the Issuer's industry.
Article 44
Information on management discussion and analysis as referred to in Article 40 letter d contains a brief discussion on matters as referred to in Articles 19 to 21.
Article 45
Information on risk factors as referred to in Article 40 letter e contains a summary of matters regulated in Article 22.
Article 46
Information on significant events after the date of the Public Accountant's report as referred to in Article 40 letter f includes information on all material facts occurring after the date of the Public Accountant's report.
Article 47
Brief information on the Issuer and Subsidiary Companies as referred to in Article 40 letter g must at least contain and disclose:
a. brief information on the Issuer including business activities and the names of members of the Issuer's Board of Directors and Board of Commissioners; and b. brief information on the Subsidiary Companies including the business activities of those Subsidiary Companies.

Article 48
Information on the procedure for ordering equity securities as referred to in Article 40 letter h contains a summary of matters as referred to in Article 32.
Article 49
Information on the dissemination of the Prospectus and the equity securities purchase order form as referred to in Article 40 letter i contains a summary of matters as referred to in Article 33.
CHAPTER VI
OTHER PROVISIONS
Article 50
(1) In the event the Issuer will issue convertible debt securities through a Public Offering, the nature of such convertible debt securities must be mandatory convertible debt securities. (2) Information disclosure in the Prospectus for Securities as referred to in paragraph (1) includes all information disclosure as regulated in this Financial Services Authority Regulation, and disclosure for the issuance of convertible debt securities as regulated in the Financial Services Authority Regulation on the Form and Content of Prospectus in Connection with Capital Increase of Public Companies by Exercising Preemptive Rights.
Article 51
In the event the Public Offering is accompanied by the issuance of warrants, the number of warrants to be issued and warrants outstanding must not exceed 35% (thirty-five percent) of the number of shares that have been placed and fully paid up at the time the Registration Statement is submitted to the Financial Services Authority.

Article 52
In the event the allocation manager in the Public Offering of the Issuer's equity securities also assists shareholders who are disposing of shares to specific parties as referred to in Article 12 letter d, the allocation manager must prioritize the Issuer's interests.
Article 53
In the event a Shariah Issuer submits a Registration Statement in connection with the Public Offering of equity securities, in addition to fulfilling the provisions in this Financial Services Authority Regulation, the Shariah Issuer must fulfill the provisions as referred to in the Financial Services Authority Regulation on the Issuance and Requirements of Shariah Stocks by Shariah Issuers or Shariah Public Companies.
CHAPTER VII
SANCTION PROVISIONS
Article 54
(1) Without prejudice to criminal provisions in the Capital Market field, the Financial Services Authority has the authority to impose administrative sanctions on any party that violates the provisions of this Financial Services Authority Regulation, including parties causing the violation, in the form of:
a. written warning; b. fine, namely the obligation to pay a certain amount of money;
c. restriction of business activities;
d. suspension of business activities; e. revocation of business license; f. cancellation of approval; and g. cancellation of registration.

(2) Administrative sanctions as referred to in paragraph (1) letter b, letter c, letter d, letter e, letter f, or letter g may be imposed with or without prior imposition of an administrative sanction in the form of a written warning as referred to in paragraph (1) letter a. (3) Administrative sanctions in the form of a fine as referred to in paragraph (1) letter b may be imposed separately or together with the imposition of administrative sanctions as referred to in paragraph (1) letter c, letter d, letter e, letter f, or letter g.
Article 55
In addition to administrative sanctions as referred to in Article 54 paragraph (1), the Financial Services Authority may take certain actions against any party that violates the provisions of this Financial Services Authority Regulation.
Article 56
The Financial Services Authority may announce the imposition of administrative sanctions as referred to in Article 54 paragraph (1) and certain actions as referred to in Article 55 to the public.
CHAPTER VIII
TRANSITIONAL PROVISIONS
Article 57
For Issuers who have submitted a Registration Statement in connection with the Public Offering of equity securities to the Financial Services Authority but the Registration Statement has not yet become effective before this Financial Services Authority Regulation takes effect, the Prospectus submitted by the Issuer in connection with the Public Offering of equity securities shall continue to follow Regulation Number IX.C.2, appendix of the Decision of the Head of the Capital Market Supervisory Board Number Kep-51/PM/1996 dated January 17, 1996 concerning Guidelines on the Form and Content of Prospectus and Summary Prospectus in Connection with Public Offerings and Regulation Number IX.C.3, appendix of the Decision of the Head of the Capital Market Supervisory Board Number Kep-43/PM/2000 dated October 27, 2000 concerning Amendment to Regulation Number IX.C.3 concerning Guidelines on the Form and Content of Summary Prospectus in Connection with Public Offerings.
CHAPTER IX
CLOSING PROVISIONS
Article 58
At the time this Financial Services Authority Regulation takes effect:

1. Decision of the Head of the Capital Market Supervisory Board Number Kep-51/PM/1996 dated January 17, 1996 concerning Guidelines on the Form and Content of Prospectus and Summary Prospectus in Connection with Public Offerings along with Regulation Number IX.C.2 which is its appendix;
2. Decision of the Head of the Capital Market Supervisory Board Number Kep-43/PM/2000 dated October 27, 2000 concerning Amendment to Regulation Number IX.C.3 concerning Guidelines on the Form and Content of Summary Prospectus in Connection with Public Offerings along with Regulation Number IX.C.3 which is its appendix; and
3. Circular Letter of the Capital Market Supervisory Board Number SE-05/BL/2006 dated September 29, 2006 concerning Information Disclosure Regarding Costs Incurred in Connection with Public Offerings,
   are repealed and declared invalid.

This copy is in accordance with the original
Legal Director 1
Legal Department signed
Yuliana
Article 59
This Financial Services Authority Regulation takes effect on the date of its enactment.
To ensure that everyone knows it, order the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Determined in Jakarta on March 14, 2017 CHAIRMAN OF THE COMMISSIONERS FINANCIAL SERVICES AUTHORITY, signed MULIAMAN D. HADAD Enacted in Jakarta on March 14, 2017 MINISTER OF LAW AND HUMAN RIGHTS REPUBLIC OF INDONESIA, signed YASONNA H. LAOLY STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2017 NUMBER 45

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 8 /POJK.04/2017
CONCERNING
FORM AND CONTENT OF PROSPECTUS AND SUMMARY PROSPECTUS IN CONNECTION WITH PUBLIC OFFERING OF EQUITY SECURITIES
I. GENERAL
One of the sources of information required by shareholders or investors in making investment decisions is the Prospectus, which is the main document in connection with the Public Offering. Therefore, the information contained in the Prospectus must truly reflect the condition of the Issuer and the Securities offering being conducted, so that if the information presented is incorrect regarding material facts, or does not disclose correct information regarding material facts, it may result in investors making inappropriate investment decisions. In practice, disclosure in the Prospectus has undergone significant development, both in terms of the transaction schemes conducted and the need for more comprehensive information disclosure to fulfill the transparency principle as regulated in Law Number 8 of 1995 concerning the Capital Market and to provide protection to the public. In addition, while still emphasizing the quality of information disclosure, some simplifications, particularly historical information, are necessary with the aim of improving the quality of the Prospectus. Currently, provisions regarding disclosure in the Prospectus and Summary Prospectus for Public Offerings of equity securities, debt securities, and Sukuk are regulated in Regulation Number IX.C.2, appendix of the Decision of the Head of the Capital Market Supervisory Board Number Kep-51/PM/1996 dated January 17, 1996 concerning Guidelines on the Form and Content of Prospectus and Summary Prospectus in Connection with Public Offerings and Regulation Number IX.C.3, appendix of the Decision of the Head of the Capital Market Supervisory Board Number Kep-43/PM/2000 dated October 20, 2000 concerning Amendment to Regulation Number IX.C.3 concerning Guidelines on the Form and Content of Summary Prospectus in Connection with Public Offerings. However, fundamentally, equity securities and debt securities have different characteristics, so with this consideration, Regulation Number IX.C.2 and Regulation Number IX.C.3 need to be revised and separated into 2 (two) Financial Services Authority Regulations. Furthermore, in the revision of this regulation, adjustments have also been made to the ASEAN Equity Securities Disclosure Standards. The main provisions in the regulation concerning guidelines on the form and content of Prospectus and Summary Prospectus in connection with Public Offerings of equity securities include, among others:
a. adding provisions regarding disclosure that the issued Prospectus is important and requires immediate attention and that prospective investors should consult with competent parties; b. adding provisions regarding disclosure of the names of parties assisting the Issuer in preparing the Prospectus;
c. adding other information disclosure specifically related to the public offering of equity securities, including as follows:

1. information on other Securities accompanying the Issuer's Public Offering to accommodate Issuers conducting Public Offerings accompanied by other Securities, such as warrants and options (employee stock option plan (ESOP) and management stock option plan (MSOP));

2. information on equity securities allocated to employees in the Public Offering through the Employee Stock Allocation (ESA) Program; and

3. information if the Issuer conducts an over-allotment option ("greenshoe") and price stabilization; and

4. information on parties prohibited from transferring part or all of their ownership of the Issuer's shares and/or other Equity Securities after the Registration Statement becomes effective.
   II. ARTICLE BY ARTICLE
   Article 1
   Clearly sufficient.
   Article 2
   Clearly sufficient.
   Article 3
   Clearly sufficient.
   Article 4
   What is meant by "responsibility" is responsibility as referred to in Law Number 8 of 1995 concerning the Capital Market.
   Article 5
   Clearly sufficient.
   Article 6
   Letter a
   Clearly sufficient.
   Letter b
   Clearly sufficient.
   Letter c
   Clearly sufficient.
   Letter d
   Clearly sufficient.
   Letter e
   Clearly sufficient.
   Letter f
   Clearly sufficient.

Letter g
Clearly sufficient.
Letter h
Clearly sufficient.
Letter i
Clearly sufficient.
Letter j
Clearly sufficient.
Letter k
In practice, the aforementioned "trend" is also known as trend.
Letter l
Clearly sufficient.
Letter m
Clearly sufficient.
Letter n
Clearly sufficient.
Letter o
Clearly sufficient.
Letter p
Clearly sufficient.
Letter q
Clearly sufficient.
Letter r
Clearly sufficient.
Letter s
Clearly sufficient.
Letter t
Clearly sufficient.
Letter u
Clearly sufficient.
Letter v
Clearly sufficient.
Article 7
Letter a
Clearly sufficient.

Letter b
Clearly sufficient.
Letter c
Clearly sufficient.
Letter d
Clearly sufficient.
Letter e
Clearly sufficient.
Letter f
Clearly sufficient.
Letter g
In practice, the aforementioned "electronic letter" is also known as e-mail.
Disclosure of factories and representative offices is required if the operational office is not at the headquarters.
Letter h
Clearly sufficient.
Letter i
Clearly sufficient.
Letter j
Clearly sufficient.
Letter k
Clearly sufficient.
Letter l
Clearly sufficient.
Letter m
Clearly sufficient.
Letter n
Clearly sufficient.
Article 8
Letter a
Clearly sufficient.
Letter b
Clearly sufficient.

Letter c
What is meant by "affiliation" is affiliation as referred to in Law Number 8 of 1995 concerning the Capital Market.
Letter d
Clearly sufficient.
Letter e
Examples of parties assisting in the preparation of the Prospectus include financial advisors.
Letter f
Number 1
Clearly sufficient.
Number 2
The Issuing Underwriter who can perform price stabilization is the Issuing Underwriter functioning as the stabilization agent.
Article 9
Clearly sufficient.
Article 10
Clearly sufficient.
Article 11
Letter a
Clearly sufficient.
Letter b
What is meant by "preemptive right" is the right attached to shares that gives the respective shareholder the opportunity to buy shares and/or other equity securities, whether convertible into shares or giving the right to buy shares, before being offered to other parties. Letter c Clearly sufficient.

Letter d
In practice, the aforementioned "electronic letter" is also known as e-mail.
Disclosure of factories and representative offices is required if the operational office is not at the headquarters.
Letter e
Clearly sufficient.
Letter f
Number 1
Clearly sufficient.
Number 2
Clearly sufficient.
Number 3
Clearly sufficient.
Number 4
Letter a)
Information on the number and percentage of shares to be listed on the Stock Exchange is divided into shares offered to the public and additional listing of shares that have been fully paid up. Letter b) Information on restrictions on listing shares is contained or disclosed if there are restrictions from regulatory authorities for specific industries. Number 5 What is meant by "Issuer's plan" is the plan to issue Securities that already exists at the time the Prospectus is issued. Number 6 Clearly sufficient. Letter g Clearly sufficient. Letter h Clearly sufficient.

Letter i
Clearly sufficient.
Letter j
Clearly sufficient.
Article 12
Letter a
Clearly sufficient.
Letter b
Disclosure of the percentage of shares offered by shareholders includes the percentage of the total paid-up capital before and after the Public Offering. Letter c Securities owned by shareholders include where the shareholder is the beneficial owner. Letter d Clearly sufficient. Letter e Clearly sufficient.
Article 13
Letter a
Examples of the use of funds obtained from the results of the Public Offering include development of existing facilities, diversification, and addition of working capital. Letter b Clearly sufficient.
Article 14
Clearly sufficient.
Article 15
Letter a
In practice, "underwriting service fee" is called underwriting fee.

Letter b
In practice, "management service fee" is called management fee.
Letter c
In practice, "sales service fee" is called selling fee.
Letter d
Clearly sufficient.
Letter e
Clearly sufficient.
Letter f
In practice, "financial advisory service fee" is called financial advisory fee.
Letter g
Clearly sufficient.
Article 16
Letter a
Clearly sufficient.
Letter b
Clearly sufficient.
Letter c
Clearly sufficient.
Letter d
Clearly sufficient.
Letter e
Clearly sufficient.
Letter f
Examples of the nature of loans include working capital loans.
Letter g
Clearly sufficient.
Article 17
Paragraph (1)
Letter a
Clearly sufficient.

Letter b
Clearly sufficient.
Letter c
Clearly sufficient.
Letter d
Clearly sufficient.
Letter e
In practice, the aforementioned "default condition" is also known as default.
Letter f
In practice, the aforementioned "restriction" is also known as negative covenant.
Paragraph (2)
Clearly sufficient.
Article 18
Clearly sufficient.
Article 19
Brief descriptions aim to provide explanations regarding the financial condition, changes in financial condition, and business activities of the Issuer at the time the Prospectus is issued and expected in the future.
Article 20
Letter a
Clearly sufficient.
Letter b
Clearly sufficient.
Letter c
Clearly sufficient.
Letter d
Clearly sufficient.
Letter e
Clearly sufficient.
Letter f
Clearly sufficient.

Letter g
Clearly sufficient.
Letter h
Clearly sufficient.
Letter i
Clearly sufficient.
Letter j
Clearly sufficient.
Letter k
Clearly sufficient.
Letter l
Clearly sufficient.
Letter m
Clearly sufficient.
Letter n
In practice, "still owed" is also known as outstanding.
Letter o
Clearly sufficient.
Article 21
Clearly sufficient.
Article 22
Letter a
Clearly sufficient.
Letter b
Clearly sufficient.
Letter c
Clearly sufficient.
Letter d
Examples of risks for investors include the risk of illiquidity of the Securities offered by the Issuer and a decrease in the price of Securities.
Letter e
Clearly sufficient.

Article 23
Clearly sufficient.
Article 24
Clearly sufficient.
Article 25
Letter a
Number 1
Clearly sufficient.
Number 2
Clearly sufficient.
Number 3
Clearly sufficient.
Number 4
The aforementioned change in share ownership is based on legal documents underlying the change, such as transfer deeds.
Number 5
Clearly sufficient.
Number 6
What is meant by "important agreement" includes licenses, main buyers, appointment of single agents or distributors for important products, technical agreements, and/or corporate guarantees that have a significant impact on the Issuer's operations and profitability. Number 7 Examples of important fixed assets owned and/or controlled by the Issuer include land, buildings, and factories, along with their location and status. Number 8 Clearly sufficient. Number 9 Clearly sufficient. Letter b Clearly sufficient.

Letter c
Number 1
Clearly sufficient.
Number 2
Clearly sufficient.
Number 3
Clearly sufficient.
Number 4
What is meant by "family relationship" is family relationship as referred to in the definition of affiliation in Law Number 8 of 1995 concerning the Capital Market. Number 5 Clearly sufficient. Letter d Number 1 Clearly sufficient. Number 2 Clearly sufficient. Number 3 Clearly sufficient. Number 4 Examples of committees owned include audit committees, nomination and remuneration committees, risk committees, and other committees. Number 5 Clearly sufficient. Number 6 Clearly sufficient. Number 7 Clearly sufficient. Number 8 Clearly sufficient. Letter e Number 1 Clearly sufficient.

Number 2
Clearly sufficient.
Number 3
Clearly sufficient.
Number 4
Clearly sufficient.
Number 5
Clearly sufficient.
Number 6
Clearly sufficient.
Number 7
Letter a)
Clearly sufficient.
Letter b)
Clearly sufficient.
Letter c)
As defined in Law Number 13 of 2003 concerning Manpower, what is meant by collective labor agreement is an agreement that is the result of negotiations between labor unions/worker unions or several labor unions/worker unions registered with the competent manpower authority with employers, or several employers or employer associations containing working conditions, rights, and obligations of both parties. Letter d) Clearly sufficient. Letter e) Clearly sufficient. Letter f) Clearly sufficient. Number 8 Clearly sufficient.

Number 9
In practice, "employee stock ownership program or Board of Directors and Board of Commissioners" is known as employee stock option plan or management stock option plan. Letter f Clearly sufficient. Letter g Number 1 Letter a) Clearly sufficient. Letter b) Clearly sufficient. Letter c) Clearly sufficient. Letter d) Clearly sufficient. Letter e) Clearly sufficient. Letter f) Clearly sufficient. Letter g) Financial information of the Subsidiary Company is obtained from the financial statements of the Subsidiary Company. Letter h) Clearly sufficient. Letter i) Clearly sufficient. Letter j) Clearly sufficient. Letter k) Clearly sufficient. Number 2 Clearly sufficient. Letter h Number 1 Clearly sufficient.

Item 2
Clearly stated.
Item 3
Clearly stated.
Item 4
Clearly stated.
Item 5
Clearly stated.
Item 6
Clearly stated.
Item 7
In practice, the aforementioned "trend" is also known as trend.
Item 8
Clearly stated.
Item 9
Clearly stated.
Item 10
In practice, the aforementioned "franchise" is also known as franchise.
Item 11
Clearly stated.
Item 12
Examples of specific risks that may arise from working capital in relation to the Issuer's business activities include:

1. holding significant inventory;
2. providing opportunities for the return of merchandise; or
3. providing flexible payment terms to customers.
   Item 13
   Clearly stated.
   Item 14
   Clearly stated.
   Item 15
   Clearly stated.

Item 16
Clearly stated.
Item 17
Disclosure examples can be performed quantitatively in the form of percentages.
Item 18
Clearly stated.
Item 19
Affiliate transactions and/or transactions containing conflicts of interest as referred to herein refer to legislation in the Capital Market sector regulating affiliate transactions and conflicts of interest in certain transactions. At the time this Financial Services Authority Regulation takes effect, the legislation in the Capital Market sector regulating affiliate transactions and conflicts of interest in certain transactions that is in effect is Regulation Number IX.E.1, appendix of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-412/BL/2009 dated November 25, 2009 concerning Affiliate Transactions and Conflicts of Interest in Certain Transactions. Item 20 Clearly stated. Item 21 Clearly stated. Item 22 Clearly stated. Item 23 The term "aggregate" refers to the total amount of similar and recurring transactions. Item 24 Clearly stated.
Article 26
Clearly stated.

Article 27
Examples of dividend policy calculations can be in the form of the percentage of dividends to be distributed against net profit or other bases.
Article 28
Clearly stated.
Article 29
Clearly stated.
Article 30
Letter a
The term "Capital Market supporting institutions" includes, among others, securities administration bureaus.
The term "Capital Market supporting professions" consists of, among others:

1. Public Accountants;
2. Legal Consultants;
3. Appraisers;
4. Notaries; and
5. other professions established by Government Regulation.
   The term "other parties" includes, for example, experts in the mining field.
   Letter b
   Clearly stated.
   Letter c
   Clearly stated.
   Letter d
   Clearly stated.
   Article 31
   Letter a
   Item 1
   Clearly stated.

Item 2
Examples of regulations related to changes in capital include capital increases, capital reductions, waiver of pre-emptive rights in capital additions, including decision-making quorums. Item 3 Clearly stated. Item 4 Clearly stated. Item 5 Clearly stated. Item 6 Clearly stated. Letter b Clearly stated.
Article 32
Clearly stated.
Article 33
Clearly stated.
Article 34
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
The term "principal permits and approvals" refers to material permits and approvals related to business activities, ownership of specific assets, permits and approvals related to business activities according to its industry.

Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
Disclosure examples, if in the last 3 (three) years prior to the Registration Statement or since the establishment of an Issuer established for less than 3 (three) years, there have been no changes in capital structure and/or share ownership, the disclosure in the legal opinion section consists of the last capital structure change and/or last share ownership change. Letter h Clearly stated.
Article 35
Letter a
At the time this Financial Services Authority Regulation takes effect, the legislation in the Capital Market sector regulating the presentation and disclosure of financial reports of Issuers or Public Companies that is in effect is Regulation Number VIII.G.7, appendix of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-347/BL/2012 dated June 25, 2012 concerning the Presentation and Disclosure of Financial Reports of Issuers or Public Companies, and legislation in the Capital Market sector regulating accounting guidelines for securities companies is Regulation Number VIII.G.17, appendix of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-689/BL/2011 dated December 30, 2011 concerning Accounting Guidelines for Securities Companies. Letter b Clearly stated.
Article 36
Clearly stated.

Article 37
Paragraph (1)
Clearly stated.
Paragraph (2)
The term "not required to be audited" refers to both those subject to review engagements and those not subject to review engagements.
Article 38
Examples of transactions that have a significant impact on the Issuer's assets, liabilities, and operating results include business combinations, acquisitions, divestitures, and discontinuation of significant operating segments.
Article 39
Paragraph (1)
Clearly stated.
Paragraph (2)
At the time this Financial Services Authority Regulation takes effect, the legislation in the Capital Market sector regulating guidelines for valuation and presentation of property valuation reports in the Capital Market that is in effect is Regulation Number VIII.C.4, appendix of the Decision of the Chairman of the Capital Market Supervisory Board and Financial Institutions Number Kep-478/BL/2009 dated December 31, 2009 concerning Guidelines for Valuation and Presentation of Property Valuation Reports in the Capital Market.
Article 40
Clearly stated.
Article 41
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.

Letter d
Clearly stated.
Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
Clearly stated.
Letter h
Clearly stated.
Letter i
In practice, the aforementioned "electronic mail" is also known as e-mail.
Disclosure of factories and representative offices is required if the operational office is not at the headquarters.
Letter j
Clearly stated.
Letter k
Price estimates are not offering prices. Offering prices may be outside the estimate.
Letter l
Clearly stated.
Letter m
Clearly stated.
Letter n
Clearly stated.
Letter o
Clearly stated.
Letter p
Clearly stated.
Letter q
Clearly stated.
Letter r
Clearly stated.
Letter s
Clearly stated.

Letter t
The purpose of the Issuer estimating the date the Prospectus is issued is to provide information about changes and/or additional information to prospective investors. Letter u Clearly stated. Letter v Clearly stated. Letter w Clearly stated. Letter x Clearly stated.
Article 42
Clearly stated.
Article 43
Clearly stated.
Article 44
Clearly stated.
Article 45
Clearly stated.
Article 46
Clearly stated.
Article 47
Clearly stated.
Article 48
Clearly stated.
Article 49
Clearly stated.

Article 50
Clearly stated.
Article 51
Clearly stated.
Article 52
Clearly stated.
Article 53
Clearly stated.
Article 54
Clearly stated.
Article 55
The term "certain actions" includes, among others, postponing the issuance of an effectiveness statement for the Registration Statement in the context of a Public Offering.
Article 56
Announcements of the imposition of administrative sanctions and certain actions by the Financial Services Authority can be made, among others, through the Financial Services Authority website or the Financial Services Authority annual report.
Article 57
Clearly stated.
Article 58
Clearly stated.
Article 59
Clearly stated.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6029 ---