SEOJK on Pension Fund Investment Valuation Basis, Annual Investment Report Format and Structure, and Submission Procedures

To:
Pension Fund Management
At Location.

COPY
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 9 /SEOJK.05/2016 CONCERNING PENSION FUND INVESTMENT VALUATION BASIS, FORMAT AND STRUCTURE, AND PROCEDURES FOR SUBMISSION OF ANNUAL PENSION FUND INVESTMENT REPORTS

In accordance with the mandate of Article 2 paragraph (3), Article 21 paragraph (5), and Article 27 paragraph (2) of Financial Services Authority Regulation Number 3/POJK.05/2015 concerning Pension Fund Investments (State Gazette of the Republic of Indonesia Year 2015 Number 82, Supplement to the State Gazette of the Republic of Indonesia Number 5692), it is necessary to regulate implementation provisions regarding the valuation basis for pension fund investments, the format and structure, and the procedures for submitting annual pension fund investment reports in this Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS

1. Pension Fund is a legal entity that manages and implements a pension benefit promise program as referred to in the laws concerning pension funds.

2. Employer Pension Fund is a Pension Fund formed by a person or entity that employs employees, as the founder, to implement a defined benefit pension program or a defined contribution pension program, for the benefit of some or all of its employees as participants, and which creates obligations for the employer as referred to in the laws concerning Pension Funds.

3. Financial Institution Pension Fund is a Pension Fund formed by a bank or life insurance company to implement a defined contribution pension program for individuals, whether employees or self-employed workers, separate from the Employer Pension Fund for employees of the respective bank or life insurance company as referred to in the laws concerning Pension Funds.

4. Management is the management of a Pension Fund as referred to in the laws concerning Pension Funds.

5. Government Securities are securities issued by the Government of the Republic of Indonesia, including government debt securities as referred to in the laws concerning government debt securities and Sharia-compliant government securities as referred to in the laws concerning Sharia-compliant government securities.

6. Mutual Funds are vehicles used to gather funds from public investors to subsequently be invested in a portfolio of securities by an investment manager as referred to in the laws concerning capital markets.

7. Medium Term Notes, hereinafter abbreviated as MTN, are debt securities issued by companies with a maturity period of one to five years and registered at the Indonesia Central Securities Depository.

8. Repurchase Agreement, hereinafter referred to as REPO, is a transaction to sell securities with a promise to repurchase them at a specified time and price.

9. Bank is a business entity that gathers funds from the public in the form of deposits and distributes them to the public in the form of loans and/or other forms to improve the living standards of the many people as referred to in the laws concerning banking.

10. Stock Exchange is a party that organizes and provides systems and/or facilities to match offers to sell and buy securities from other parties with the aim of trading securities among them as referred to in the laws concerning capital markets.

11. Financial Services Authority, hereinafter abbreviated as OJK, is an independent institution that has the function, duties, and authority for regulation, supervision, examination, and investigation, as referred to in the laws concerning the Financial Services Authority.

II. PENSION FUND INVESTMENT VALUATION BASIS

1. The valuation basis for types of Pension Fund investments is as follows:
   a. bank savings based on nominal value; b. call deposits at banks based on nominal value;
   c. time deposits at banks based on nominal value;
   d. deposit certificates at banks based on fair value; e. securities issued by Bank Indonesia based on market value; f. Government Securities based on:

1. market value using the last closing price information at the Stock Exchange in Indonesia. In the event that no market value exists, valuation uses fair value determined by an effect price valuation institution that has obtained a business license from OJK or an internationally recognized effect price valuation institution; or
2. amortized acquisition value with effective interest rate (amortized cost), namely in the event that Government Securities have a fixed redemption value and are obtained to be matched with pension benefit payment obligations, or a specific part of the pension program;
   g. stocks listed at the Stock Exchange in Indonesia based on market value using the last closing price information at the Stock Exchange in Indonesia; h. corporate bonds listed at the Stock Exchange in Indonesia based on:
3. market value using the last closing price information at the Stock Exchange in Indonesia. In the event that no market value exists, valuation uses fair value determined by an effect price valuation institution that has obtained a business license from OJK or an internationally recognized effect price valuation institution; or
4. amortized acquisition value with effective interest rate (amortized cost), namely in the event that corporate bonds have a fixed redemption value and are obtained to be matched with pension benefit payment obligations, or a specific part of the pension program.
   i. Mutual Funds consisting of:
5. Money Market Mutual Funds, Fixed Income Mutual Funds, Mixed Mutual Funds, and Equity Mutual Funds based on net asset value;
6. Protected Mutual Funds, Guaranteed Mutual Funds, and Index Mutual Funds based on net asset value;
7. Mutual Funds in the form of limited partnership collective investment contracts based on net asset value;
8. Mutual Funds whose stocks or participation units are traded at the Stock Exchange in Indonesia based on market value using the last closing price information at the Stock Exchange in Indonesia;
   j. MTN based on:
9. fair value determined by an effect price valuation institution that has obtained a business license from OJK or an internationally recognized effect price valuation institution. In the event that no fair value exists from an effect price valuation institution that has obtained a business license from OJK or an internationally recognized effect price valuation institution, then the value from an appraiser registered with OJK is used; or
10. amortized acquisition value with effective interest rate (amortized cost), namely in the event that MTN has a fixed redemption value and is obtained to be matched with pension benefit payment obligations, or a specific part of the pension program;
    k. asset-backed securities based on market value using the last closing price information at the Stock Exchange in Indonesia, for debt securities listed at the Stock Exchange in Indonesia. In the event that no market value exists, valuation uses fair value determined by an effect price valuation institution that has obtained a business license from OJK or an internationally recognized effect price valuation institution.
    l. real estate investment funds in the form of collective investment contracts based on:
11. market value, for real estate investment funds in the form of collective investment contracts traded at the Stock Exchange in Indonesia;
12. net asset value, for real estate investment funds in the form of collective investment contracts not traded at the Stock Exchange in Indonesia;
    m. options contracts and futures contracts for securities traded at the Stock Exchange in Indonesia based on market value using the last closing price information at the Stock Exchange in Indonesia; n. REPO based on amortized acquisition cost of securities with effective interest rate (amortized cost); o. direct investments in Indonesia are valued based on the value determined by an appraiser registered with OJK, and direct investments abroad are valued based on the value determined by an independent appraiser who has obtained a license from the authority where the placement is conducted; p. land in Indonesia based on the value determined by an appraiser registered with OJK; and/or q. buildings in Indonesia based on the value determined by an appraiser registered with OJK.

2. Government Securities and corporate bonds listed at the Stock Exchange in Indonesia, as well as MTN, which are valued based on amortized acquisition value with effective interest rate (amortized cost), must be supported by written documents from the management showing the purpose of placing Government Securities, corporate bonds, and MTN to be matched (matching) with pension program obligations or a specific part of the pension program.

3. Valuation of the following types of investments:
   a. direct investments both in Indonesia and abroad; and/or b. land and/or buildings in Indonesia, is conducted by an appraiser at least 1 (one) time within 3 (three) years.

4. The provisions on the valuation basis for types of Pension Fund investments as referred to in numbers 1 and 2 also apply to types of investments using Sharia principles.

III. FORMAT AND STRUCTURE OF ANNUAL PENSION FUND INVESTMENT REPORTS

1. Pension Funds are required to submit annual investment reports to OJK for periods ending on December 31.

2. Annual investment reports of Pension Funds must at least contain:
   a. a statement from the Management regarding the suitability of the investment portfolio with:

1. regulations governing Pension Fund investments;
2. investment guidelines for Employer Pension Funds; and
3. investment type choices by participants for Financial Institution Pension Funds;
   b. a report on the development of the portfolio and investment results of the Pension Fund; and
   c. an analysis regarding investment activities.

3. The annual investment report as referred to in number 1 must be accompanied by an annual investment report in the form of an electronic document prepared in accordance with the format and structure as regulated in the appendix of this OJK Circular Letter, which is an integral part of this OJK Circular Letter.

4. The annual investment report as referred to in number 1 is prepared in accordance with the format and structure of the annual investment report of Pension Funds with the following provisions:
   a. for Employer Pension Funds that at the end of the fiscal year have investment amounts less than IDR 100,000,000,000.00 (one hundred billion rupiah) using the simple format as contained in Appendix I; or b. for Employer Pension Funds that at the end of the fiscal year have investment amounts of IDR 100,000,000,000.00 (one hundred billion rupiah) or more, and Financial Institution Pension Funds, using the standard format as contained in Appendix II, which is an integral part of this OJK Circular Letter.

IV. PROCEDURES FOR SUBMISSION OF ANNUAL PENSION FUND INVESTMENT REPORTS

1. Submission of annual investment reports and the results of public accountant audits on annual investment reports is conducted in the form of physical documents (hard copy) and electronic documents submitted via email or OJK's data communication network system.

2. For Employer Pension Funds meeting the following criteria:
   a. during the fiscal year, the Employer Pension Fund's investments consist only of call deposits at banks, time deposits at banks, deposit certificates at banks, securities issued by Bank Indonesia, and/or Government Securities; and b. at the end of the fiscal year, the Employer Pension Fund's investment amount is less than IDR 100,000,000,000.00 (one hundred billion rupiah), only submit annual investment reports in the form of physical documents (hard copy) and electronic documents submitted via email or OJK's data communication network system.

3. Annual investment reports and the results of public accountant audits on annual investment reports in the form of physical documents (hard copy) as referred to in numbers 1 and 2 are conducted via letters signed by the Management or the acting Management and addressed to:
   Statistics and Information Directorate of Financial Services and Capital Markets Financial Services Authority Menara Merdeka Building, 22nd Floor Jl. Budi Kemuliaan I Number 2 Jakarta 10110

4. Submission of annual investment reports and the results of public accountant audits on annual investment reports as referred to in number 3 can be done in one of the following ways:
   a. handed directly to the OJK office as referred to in number 3; b. sent via registered postal office; or
   c. sent via a courier service or consignment company.

5. Annual investment reports and the results of public accountant audits on annual investment reports in the form of electronic documents as referred to in numbers 1 and 2 are submitted via the Pension Fund's official email to OJK at the address LB.DanaPensiun@ojk.go.id or through OJK's data communication network system.

6. The official email address of the Pension Fund used for submission as referred to in number 5 must be reported in writing to OJK no later than 2 (two) months since this OJK Circular Letter was established.

7. In the event of technical disruptions during the deadline for submission of annual investment reports and the results of public accountant audits on annual investment reports, so that:
   a. Pension Funds cannot submit annual investment reports and the results of public accountant audits on annual investment reports submitted via email or OJK's data communication network, Pension Funds must immediately submit written notification to OJK on the same day after the technical disruption occurs; b. OJK cannot receive annual investment reports and the results of public accountant audits on annual investment reports submitted via email or OJK's data communication network, OJK announces in writing to Pension Funds on the same day after the technical disruption occurs.

8. Pension Funds are deemed to have submitted annual investment reports and the results of public accountant audits on annual investment reports with the following provisions:
   a. for submission in the form of physical documents (hard copy), evidenced by:

1. a receipt letter from OJK, if the report is handed directly to the OJK office; or
2. a shipping receipt from the postal office or courier/consignment company, if the report is sent via postal office or courier/consignment company.
   b. for submission in the form of electronic documents via email or OJK's data communication network, evidenced by an email receipt from OJK.

9. In the event of changes to the address as referred to in number 3 and/or changes to OJK's email address as referred to in number 5, OJK will communicate such address changes via letter or announcement.

V. CLOSING PROVISIONS

1. At the time this OJK Circular Letter takes effect, provisions regarding the valuation basis for pension fund investments, the format and structure, and the procedures for submitting annual pension fund investment reports are subject to this OJK Circular Letter.

2. OJK Circular Letter Number 26/SEOJK.05/2015 concerning Valuation of Securities Investments for Pension Funds remains in effect as long as it has not been revoked.

3. Provisions in this OJK Circular Letter take effect on the date of establishment.

Established in Jakarta on April 11, 2016

EXECUTIVE HEAD OF INSURANCE, PENSION FUND,
FINANCING INSTITUTION, AND
OTHER FINANCIAL SERVICE INSTITUTIONS SUPERVISOR FINANCIAL SERVICES AUTHORITY, signature FIRDAUS DJAELANI

Copy matches the original
Director of Legal Affairs 1
Legal Department signature
Yuliana

APPENDIX I
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 9 /SEOJK.05/2016 CONCERNING PENSION FUND INVESTMENT VALUATION BASIS, FORMAT AND STRUCTURE, AND PROCEDURES FOR SUBMISSION OF ANNUAL PENSION FUND INVESTMENT REPORTS

FORMAT AND STRUCTURE
ANNUAL PENSION FUND INVESTMENT REPORT
SIMPLE FORMAT

The format and structure of the annual investment report of Pension Funds in the simple format is a guideline intended to provide guidance in preparing annual investment reports for Employer Pension Funds with total investments less than IDR 100 billion.

This guideline regulates the minimum essential matters that must be contained in the Pension Fund investment report, namely:

1. Management Statement;
2. Report on the Development of the Portfolio and Investment Results of the Pension Fund, consisting of:
   a. report on the development of the Pension Fund's investment portfolio; b. report on the Pension Fund's investment results; and
3. Analysis regarding Pension Fund Investment Activities.

I. Management Statement

1. The Pension Fund Management Statement Sheet presents a statement regarding the suitability of the Pension Fund's investment portfolio with regulations governing Pension Fund investments and investment guidelines for Employer Pension Funds during the reporting period.

2. The Management Statement is classified into:
   a. suitable, in the event that the Pension Fund's investment portfolio is in accordance with regulations governing Pension Fund investments and investment guidelines for Employer Pension Funds; or b. suitable with notes, in the event that the Pension Fund's investment portfolio is in accordance with regulations governing Pension Fund investments, but not in accordance with investment guidelines for Employer Pension Funds; or
   c. not suitable, in the event that the Pension Fund's investment portfolio is not in accordance with regulations governing Pension Fund investments and investment guidelines for Employer Pension Funds.

In providing its statement, the Management does not use the principle of materiality, meaning that any non-compliance with investment implementation against governing regulations, no matter how small, is stated as non-compliance in investment activities.

3. The Management Statement Sheet is prepared with the following writing system:
   a. The top part is titled "Management Statement". b. The first paragraph contains the scope of the Management Statement, which covers the implementation of investment activities during the reporting period and emphasizes that investment activities are the responsibility of the Management.
   c. The second paragraph contains a statement regarding the suitability of investment activity implementation with Sharia principles (in the event that there are Pension Funds using Sharia principles), suitability with regulations, and investment guidelines for Employer Pension Funds.
   d. Full name, position, and signature of the Management, as well as the name of the city and date of signing the Management Statement. e. If the Management provides a statement "suitable with notes" or "not suitable," the Management Statement is given an explanatory paragraph containing a summary of the non-compliance of investment activities along with the background or reasons. The explanatory paragraph is written below the second paragraph, before the full name, position, and signature of the Management.

II. Report on the Development of the Portfolio and Investment Results of the Pension Fund

1. Report on the Development of the Pension Fund's Investment Portfolio:
   a. The report on the development of the Pension Fund's investment portfolio is a report providing information regarding all investments conducted on behalf of the Pension Fund as of December 31 of the current year. b. Each type of investment is presented based on the value established in this OJK Circular Letter.
   c. The report on the development of the Pension Fund's investment portfolio must be presented in Indonesian Rupiah. Investments in foreign currencies are presented in Indonesian Rupiah using the Bank Indonesia middle exchange rate.
   d. The report on the development of the Pension Fund's investment portfolio is presented comparatively for the last two fiscal years, namely presented comparatively with the previous year. e. The grouping of investment types must be done consistently. f. If the presentation or grouping of investment types is changed, the nature, amount, and reasons for reclassification must be disclosed. If such reclassification is not practical, the reasons must be disclosed. g. The report on the development of the Pension Fund's investment portfolio is presented in accordance with the format in letter A in this appendix. h. Types of Pension Fund investments using Sharia principles are made into separate details according to each type of investment (made in one unified report but separate details for conventional and Sharia).

2. Report on the Pension Fund's Investment Results:
   a. The report on the Pension Fund's investment results is a report providing information regarding investment results during the current fiscal year. b. The value of investment results is presented for each type of investment and must take into account realized investment income (accrual basis) and unrealized income (increase/decrease in fair value of investments during the current year).
   c. The value of investment results must be calculated after deducting investment expenses.
   d. Investment expenses not attached to specific types of investments are allocated proportionally to each type of investment related to the said expenses. e. The report on the Pension Fund's investment results must be presented in Indonesian Rupiah. Investment transactions in foreign currencies are presented in Indonesian Rupiah using the Bank Indonesia middle exchange rate. f. The report on the Pension Fund's investment results is accompanied by the calculation of the rate of return on investment (ROI) with the formula:
   Rate of investment result = Total investment results Average investment value While the average investment value (G) is calculated with the formula = G: Geometric Mean (Rata-rata Ukur); X : Final investment value of the month; n: Number of months (12 months) g. The report on the Pension Fund's investment results is presented in accordance with the format in letter B in this appendix.

III. Analysis Regarding Pension Fund Investment Activities

1. Analysis regarding Investment activities must at least include an evaluation of:
   a. the implementation of risk diversification principles and objective investment decisions; b. the implementation of Management responsibilities as referred to in OJK Regulations concerning Pension Fund investments;
   c. the suitability of investments with Sharia principles (in the event that there are Pension Funds using Sharia principles);
   d. the suitability of investments against investment guideline regulations; e. the amount and characteristics of investments in parties having affiliation relationships with the Pension Fund; and f. the implementation of asset allocation strategies adjusted to the Pension Fund's liability profile.

2. Quantitative analysis and analysis in the form of Indonesian Rupiah must be presented in Indonesian Rupiah. Investment transactions in foreign currencies are presented in Indonesian Rupiah using the Bank Indonesia middle exchange rate.

3. Analysis regarding investment activities as referred to in number 1, at least presented in accordance with the format in letter C in this appendix, must be filled by Pension Funds with adequate disclosure for each topic in the "Description" column.

4. Investment Suitability Analysis is presented in accordance with the format in letter D in this appendix, must be filled by Pension Funds with adequate disclosure for each type of non-compliance in the "Description" column.

5. Analysis of Investment Suitability against Quantitative Investment Limits per type and per party is presented in accordance with the format in letter E and letter F in this appendix.

A. Format of the Pension Fund Investment Portfolio Development Report Pension Fund …..
Investment Portfolio Development Report
As of December 31 …..
No. Investment Type*
As of December xxxx
As of December xxxx-1
1 Bank Savings
2 On-call Deposits at Banks
3 Time Deposits at Banks
4 Bank Deposit Certificates
5 Securities issued by Bank Indonesia
6 Government Securities
7 Stocks listed on the Indonesian Stock Exchange 8 Corporate Bonds listed on the Indonesian Stock Exchange 9 Mutual Funds:
a. Money Market Mutual Funds b. Fixed Income Mutual Funds
c. Mixed Mutual Funds
d. Equity Mutual Funds e. Protected Mutual Funds f. Guaranteed Mutual Funds g. Index Mutual Funds h. Mutual Funds in the form of Collective Investment Contracts (KIK) Limited Participation
i. Mutual Funds whose shares or participation units are traded on the Stock Exchange
10 Medium Term Notes (MTN)
11 Asset-backed Securities
12 Real Estate Investment Funds in the form of Collective Investment Contracts (KIK) 13 Option contracts and futures contracts on securities traded on the Indonesian Stock Exchange 14 Repurchase Agreement (REPO) 15 Direct Investment in Indonesia

1. Direct investment in financial service institutions
2. Direct investment in non-financial service institutions
   16 Direct Investment Abroad
   17 Land
   18 Buildings
   19 Land and Buildings
   Total Investment
   *) If there are investment types using Shariah principles, separate details must be made for each investment type (created in one unified report but with separate details for conventional and Shariah).

B. Format of the Pension Fund Investment Results Report Pension Fund …..
Annual Investment Results Report
Period January 1 to December 31 …..
No. Investment Type
Realized Investment Results
Unrealized Investment Results
Investment Expenses
Interest/Dividend
Rental
Gain/Loss on Disposal
Others
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(10)
=(3)+(4)+(5)+(6)+(7)+(8)-(9)
1 Bank Savings
2 On-call Deposits at Banks
3 Time Deposits at Banks
4 Bank Deposit Certificates
5 Securities issued by Bank Indonesia
6 Government Securities
7 Stocks listed on the Indonesian Stock Exchange

No. Investment Type
Realized Investment Results
Unrealized Investment Results
Investment Expenses
Interest/Dividend
Rental
Gain/Loss on Disposal
Others
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(10)
=(3)+(4)+(5)+(6)+(7)+(8)-(9)
8 Corporate Bonds listed on the Indonesian Stock Exchange 9 Mutual Funds consisting of:
a. Money Market Mutual Funds b. Fixed Income Mutual Funds
c. Mixed Mutual Funds
d. Equity Mutual Funds e. Protected Mutual Funds f. Guaranteed Mutual Funds g. Index Mutual Funds

No. Investment Type
Realized Investment Results
Unrealized Investment Results
Investment Expenses
Interest/Dividend
Rental
Gain/Loss on Disposal
Others
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(10)
=(3)+(4)+(5)+(6)+(7)+(8)-(9) h. Mutual Funds in the form of Collective Investment Contracts (KIK) Limited Participation
i. Mutual Funds whose shares or participation units are traded on the Stock Exchange
10 Medium Term Notes (MTN)
11 Asset-backed Securities
12 Real Estate Investment Funds in the form of Collective Investment Contracts (KIK) 13 Option contracts and futures contracts on securities traded on the Indonesian Stock Exchange

No. Investment Type
Realized Investment Results
Unrealized Investment Results
Investment Expenses
Interest/Dividend
Rental
Gain/Loss on Disposal
Others
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(10)
=(3)+(4)+(5)+(6)+(7)+(8)-(9)
14 Repurchase Agreement (REPO)
15 Direct Investment in Indonesia a. Direct investment in financial service institutions b. Direct investment in non-financial service institutions 16 Direct Investment Abroad 17 Land 18 Buildings 19 Land and Buildings Total Results

No. Investment Type
Realized Investment Results
Unrealized Investment Results
Investment Expenses
Interest/Dividend
Rental
Gain/Loss on Disposal
Others
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(10)
=(3)+(4)+(5)+(6)+(7)+(8)-(9)
Average Investment
ROI (Return on Investment) =
Total Investment Results
Average Investment

C. Format of the Analysis Regarding Pension Fund Investment Activities
Pension Fund …..
Investment Analysis
Period January 1 to December 31 …..
No. Topic Description

1. Implementation of risk diversification principles and objective investment decisions.
2. Implementation of the duties of the Board of Trustees as referred to in OJK Regulations regarding Pension Fund investments.
3. Investment compliance with Shariah principles (in the event that there is a Pension Fund using Shariah principles);
4. Investment compliance with investment directive regulations.
5. Amount and characteristics of investments in parties having an affiliation relationship with the Pension Fund.
6. Implementation of asset allocation strategies adjusted to the Pension Fund's liability profile.
   etc.*)

D. Format of Investment Compliance Analysis
Pension Fund …..
Investment Compliance Analysis Against Regulatory Provisions Pension Fund Period January 1 to December 31 … No. Type of Non-compliance Description

1. Investment placement per party.
2. Investment placement per investment type.
3. Investment result targets.
4. Allocation of investment results to participant accounts (specifically for Defined Contribution Pension Programs).
5. All investments in corporate bonds (including those with Shariah principles) and asset-backed securities are placed in securities that have an investment grade rating.
6. Investments in asset-backed securities and real estate investment funds in the form of Collective Investment Contracts (KIK) have been placed in securities that have undergone a public offering.
   etc.*)
   *) filled for types of non-compliance other than items 1 to 6 (if any)

E. Format of Investment Compliance Analysis Against Quantitative Investment Limits per Investment Type Pension Fund ….. Investment Compliance Analysis Against Quantitative Investment Limits per Investment Type Period January 1 to December 31 ….. No. Date Non-compliance*) Investment Type (% of total investment) Government Securities) Direct Investment Land and/or Buildings 1 dd/mm/yyyy etc. *) The Non-compliance Date column is filled with the date of placement where there is an investment placement that does not comply with OJK Regulations regarding Pension Fund investments; investment directives; and Pension Fund regulatory provisions. If there is no non-compliance during the reporting period, the columns are to be filled with the sign (--). ) Calculation of investment placement in Government Securities includes ownership of Government Securities in Mutual Funds.

F. Format of Investment Compliance Analysis Against Quantitative Investment Limits per Party Pension Fund …..
Investment Compliance Analysis Against Quantitative Investment Limits per Party Period January 1 to December 31 ….. No. Party Name Investment Type Value (Rp) % of Total Investment 1. 2. etc.
2. 1.
2. etc.
3. 1.
2. etc.
etc.
Total Investment
Established in Jakarta on April 11, 2016
EXECUTIVE HEAD OF INSURANCE, PENSION FUND,
LENDING INSTITUTION, AND
OTHER FINANCIAL SERVICE INSTITUTIONS SUPERVISOR FINANCIAL SERVICES AUTHORITY, signed FIRDAUS DJAELANI Copy matches the original Legal Director 1 Legal Department signed Yuliana

APPENDIX II
CIRCULAR OF THE FINANCIAL SERVICES AUTHORITY
NUMBER 9 /SEOJK.05/2016
CONCERNING
BASIS OF VALUATION FOR PENSION FUND INVESTMENTS, FORM AND STRUCTURE AND PROCEDURES FOR SUBMISSION OF ANNUAL PENSION FUND INVESTMENT REPORTS

FORM AND STRUCTURE OF
ANNUAL PENSION FUND INVESTMENT REPORTS STANDARD FORMAT The form and structure of the annual pension fund investment report standard format is a guideline intended to provide guidance in compiling annual investment reports for Employer Pension Funds with total investments of Rp100 billion or more and Financial Institution Pension Funds. This guideline regulates the minimum core material that must be included in the Pension Fund investment report, namely:

1. Statement of the Board of Trustees;
2. Report on the Development of Portfolios and Investment Results of Pension Funds which consists of:
   a. report on the development of Pension Fund investment portfolios; b. Pension Fund investment results report; and
3. Analysis Regarding Pension Fund Investment Activities.
   I. Statement of the Board of Trustees
4. The Pension Fund Board of Trustees statement sheet presents a statement regarding the compliance of the Pension Fund investment portfolio with regulatory provisions governing Pension Fund investments and investment directives for Employer Pension Funds or participant investment type choices for Financial Institution Pension Funds, during the reporting period.
5. The Statement of the Board of Trustees is classified into:
   a. compliant, in the event that the Pension Fund investment portfolio complies with regulatory provisions governing Pension Fund investments and investment directives for Employer Pension Funds or participant investment type choices for Financial Institution Pension Funds; or b. compliant with notes, in the event that the Pension Fund investment portfolio complies with regulatory provisions governing Pension Fund investments, but does not comply with investment directives for Employer Pension Funds or participant investment type choices for Financial Institution Pension Funds; or
   c. non-compliant, in the event that the Pension Fund investment portfolio does not comply with regulatory provisions governing Pension Fund investments and investment directives for Employer Pension Funds or participant investment type choices for Financial Institution Pension Funds.
   In providing its statement, the Board of Trustees does not use the principle of materiality, with the understanding that any non-compliance in the implementation of investments against governing regulations, no matter how small, is declared as non-compliance in investment activities.
6. Specifically for Financial Institution Pension Funds, the compliance of the investment portfolio with participant investment type choices includes the compliance of investment placement with participant choices and the compliance of the implementation of allocating investment results to participant accounts with the basis determining it.
7. The Board of Trustees statement sheet is compiled with the following writing system:
   a. At the top, the title "Statement of the Board of Trustees" is given. b. The first paragraph contains the scope of the Board of Trustees statement which covers the implementation of investment activities during the reporting period and the affirmation that investment activities are the responsibility of the Board of Trustees.
   c. The second paragraph contains the statement of compliance of investment activity implementation with Shariah principles (in the event that there is a Pension Fund using Shariah principles), compliance with regulatory provisions and investment directives for Employer Pension Funds or participant investment type choices for Financial Institution Pension Funds.
   d. Full name, position, and signature of the Board of Trustees, as well as the city name and date of signing the Board of Trustees statement. e. If the Board of Trustees provides a statement "compliant with notes" or "non-compliant", the Board of Trustees statement is given an explanatory paragraph containing a summary of the non-compliance of investment activity implementation along with the background or reasons. The explanatory paragraph is written below the second paragraph, before the full name, position, and signature of the Board of Trustees.
   II. Report on the Development of Portfolios and Investment Results of Pension Funds
8. Report on the Development of Pension Fund Investment Portfolios:
   a. The report on the development of Pension Fund investment portfolios is a report that provides information regarding all investments made on behalf of the Pension Fund as of December 31 of the current year. b. Each type of investment is presented based on fair value as established in OJK Circulars.
   c. The report on the development of Pension Fund investment portfolios must be presented in Indonesian Rupiah. Investment transactions in foreign currencies are presented in Indonesian Rupiah using the Bank Indonesia middle exchange rate.
   d. The report on the development of Pension Fund investment portfolios is presented comparatively for the last two fiscal years, i.e., presented comparatively with the previous year. e. The grouping of investment types must be done consistently. f. If the presentation or grouping of investment types is changed, the nature, amount, and reasons for reclassification must be disclosed. If such reclassification is not practical to perform, the reasons must be disclosed. g. The report on the development of Pension Fund investment portfolios is presented according to the format in letter A in this appendix. h. Pension Fund investment types using Shariah principles are made with separate details for each investment type (created in one unified report but with separate details for conventional and Shariah).
9. Pension Fund Investment Results Report:
   a. The Pension Fund investment results report is a report that provides information regarding investment results during the current year period. b. The value of investment results is presented for each type of investment and must take into account investment income that has been realized (accrual basis) and that has not been realized (increase/decrease in fair value of investments during the current year).
   c. The value of investment results must be calculated after deducting investment expenses.
   d. Investment expenses not attached to specific types of investments are allocated proportionally into each type of investment related to the said expenses. e. The Pension Fund investment results report must be presented in Rupiah. Investment transactions in foreign currencies are presented in Indonesian Rupiah using the Bank Indonesia middle exchange rate. f. The Pension Fund investment results report is supplemented with the calculation of the investment return rate (return on investment/ROI) with the formula:
   Investment Return Rate = Total Investment Results Average Investment Value While the average investment value (G) is calculated with the formula G = G: Geometric Mean; X: End-of-month investment value; n: Number of months (12 months) g. The Pension Fund investment results report is presented according to the format in letter B in this appendix.
   III. Analysis Regarding Pension Fund Investment Activities
10. The analysis regarding investment activities must at least cover the evaluation of:
    a. implementation of risk diversification principles and objective investment decisions; b. implementation of the duties of the Board of Trustees as referred to in OJK Regulations regarding Pension Fund investments;
    c. investment compliance with Shariah principles (in the event that there is a Pension Fund using Shariah principles);
    d. investment compliance with investment directive regulations; e. amount and composition of investment portfolios for each investment package or type of investment offered by Financial Institution Pension Funds; f. amount and characteristics of investments in parties having an affiliation relationship with the Pension Fund; and g. implementation of asset allocation strategies adjusted to the Pension Fund's liability profile.
11. Analyses that are quantitative and in the form of Indonesian Rupiah must be presented in Indonesian Rupiah. Investment transactions in foreign currencies are presented in Indonesian Rupiah using the Bank Indonesia middle exchange rate.
12. The analysis regarding investment activities as referred to in item 1, at least presented according to the formats in letters C through Y in this appendix, must be filled by the Pension Fund with adequate disclosure for each format.
13. Specifically for the disclosure formats as contained in letters J through X in this appendix, presented according to the types of investments owned by the Pension Fund and only the disclosure formats that correspond to the types of investments owned by the Pension Fund at the end of the year are presented in the Pension Fund's annual investment report.

A. Format of the Pension Fund Investment Portfolio Development Report Pension Fund …..
Investment Portfolio Development Report
As of December 31 …..
No. Investment Type*
As of December xxxx
As of December xxxx-1
1 Bank Savings
2 On-call Deposits at Banks
3 Time Deposits at Banks
4 Bank Deposit Certificates
5 Securities issued by Bank Indonesia
6 Government Securities
7 Stocks listed on the Indonesian Stock Exchange 8 Corporate Bonds listed on the Indonesian Stock Exchange 9 Mutual Funds:
a. Money Market Mutual Funds b. Fixed Income Mutual Funds
c. Mixed Mutual Funds
d. Equity Mutual Funds e. Protected Mutual Funds f. Guaranteed Mutual Funds g. Index Mutual Funds h. Mutual Funds in the form of Collective Investment Contracts (KIK) Limited Participation
i. Mutual Funds whose shares or participation units are traded on the Stock Exchange
10 Medium Term Notes (MTN)
11 Asset-backed Securities
12 Real Estate Investment Funds in the form of KIK 13 Option contracts and futures contracts on securities traded on the Indonesian Stock Exchange 14 Repurchase Agreement (REPO) 15 Direct Investment in Indonesia a. Direct investment in limited liability companies operating in the financial service sector b. Direct investment in limited liability companies not operating in the financial service sector 16 Direct Investment Abroad 17 Land 18 Buildings 19 Land and Buildings Total Investment *) If there are investment types using Shariah principles, separate details must be made for each investment type (created in one unified report but with separate details for conventional and Shariah).

B. Format of the Pension Fund Investment Results Report Pension Fund …..
Annual Investment Results Report
Period January 1 to December 31 …..
No. Investment Type
Realized Investment Results
Unrealized Investment Results
Investment Expenses
Net Investment Results
Interest/Dividend
Rental
Gain/Loss on Disposal
Others
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
=(3)+(4)+(5)+(6)+(7)+(8)-(9)
1 Bank Savings
2 On-call Deposits at Banks
3 Time Deposits at Banks
4 Bank Deposit Certificates
5 Securities issued by Bank Indonesia
6 Government Securities
7 Stocks listed on the Indonesian Stock Exchange 8 Corporate Bonds listed on the Indonesian Stock Exchange 9 Mutual Funds consisting of:
a. Money Market Mutual Funds b. Fixed Income Mutual Funds

No. Investment Type
Realized Investment Results
Unrealized Investment Results
Investment Expenses
Net Investment Results
Interest/Dividend
Rental
Gain/Loss on Disposal
Others
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
=(3)+(4)+(5)+(6)+(7)+(8)-(9)
c. Mixed Mutual Funds
d. Equity Mutual Funds e. Protected Mutual Funds f. Guaranteed Mutual Funds g. Index Mutual Funds h. Mutual Funds in the form of Collective Investment Contracts (KIK) Limited Participation
i. Mutual Funds whose shares or participation units are traded on the Stock Exchange
10 Medium Term Notes (MTN)
11 Asset-backed Securities
12 Real Estate Investment Funds in the form of KIK 13 Option contracts and futures contracts on securities traded on the Indonesian Stock Exchange 14 Repurchase Agreement

No. Investment Type
Realized Investment Results
Unrealized Investment Results
Investment Expenses
Net Investment Results
Interest/Dividend
Rental
Gain/Loss on Disposal
Others
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
=(3)+(4)+(5)+(6)+(7)+(8)-(9)
(REPO)
15 Direct Investment in Indonesia a. Direct investment in limited liability companies operating in the financial service sector b. Direct investment in limited liability companies not operating in the financial service sector 16 Direct Investment Abroad 17 Land 18 Buildings 19 Land and Buildings Total Results Average Investment ROI (Return on Investment) = Total Investment Results Average Investment

C. Investment Analysis Checklist
Pension Fund …..
Investment Analysis
Period January 1 to December 31 …..
No. Question Yes*) No*)
Has the Pension Fund conducted an evaluation on the implementation of risk management policies?
Is the Pension Fund's investment compliance consistent with Shariah principles (in the event that there is a Pension Fund using Shariah principles); Has the Pension Fund's investment complied with the provisions in the investment directives?
3.1 Have investment results reached the investment targets set in the investment directives?
3.2 Is the maximum limit of the proportion of Pension Fund assets placed for each type of investment in accordance with the investment directives?
3.3 Is the maximum limit of the proportion of Pension Fund assets on one party in accordance with the investment directives?
3.4 Does the Pension Fund not violate placement on prohibited investment objects, as regulated in the investment directives?
3.5 Has the minimum liquidity at the end of the period been in accordance with the provisions in the investment directives?
3.6 Has adequate review been conducted for investment placement and disposal?
3.7 Does the Board of Trustees use experts, advisors, financial institutions, and other services in investment management in accordance with Investment Directives?
Is the allocation of investment results to participant accounts in accordance with regulations? (specifically for Defined Contribution Pension Programs) At the time of placement, have all investments in corporate bonds, corporate sukuk, and asset-backed securities had an Investment Grade rating? Have all investments in asset-backed securities and participation units of real estate investment funds in the form of KIK undergone a public offering? 7 At the time of placing investments in stock option contracts:

No. Question Yes*) No*)
7.1 Are the stock option contracts placed on put options on stocks owned by the Pension Fund?
7.2 Does the Pension Fund have investments in stocks of at least 10% of total investments?
At the time of placing investments in Mutual Funds in the form of KIK Limited Participation:
8.1 Does the Pension Fund have investments of at least Rp200 billion?
8.2 Is the risk level based on the assessment conducted by OJK medium-low or low?
8.3 Does the Pension Fund have adequate risk management?
8.4 Has the Pension Fund used investment advisory services?
9 At the time of placing investments in MTN and REPO:
9.1 Does the Pension Fund have investments of at least Rp200 billion?
9.2 Is the risk level based on the assessment conducted by OJK medium-low or low?
9.3 Does the Pension Fund have adequate risk management?
9.4 Has the Pension Fund used investment advisory services?
10 Investments in direct participation:
10.1. Does it have direct participation in companies operating in the financial service sector?
10.2. Does it have direct participation abroad?
Are derivative contracts and REPO conducted with counterparties that have an investment grade rating?
12 Has the basis for investment valuation been in accordance with regulations?
*) Answer according to the Pension Fund's condition during the period January 1 xxxx to December 31 xxxx (unless otherwise stated). For every "No" answer, it must be accompanied by adequate supporting descriptions. If the question is not relevant to the Pension Fund, that column is filled with the sign (--).

D. Format for Analysis of Investment Compliance with Quantitative Investment Limits per Counterparty Pension Fund ….. Analysis of Investment Compliance with Quantitative Investment Limits per Counterparty Period 1 January to 31 December ….. No. Date of Non-compliance*) Counterparty Name Investment Type Value (Rp) % of Total Investment 1 dd/mm/yyyy 1. 2. 3. etc. 2 1. 2. 3. etc. 3 1. 2. 3. etc. etc. *) The Date of Non-compliance column is filled with the placement date where there is an investment placement that does not comply with OJK Regulations regarding Pension Fund investments; investment directives; and Pension Fund statutory provisions. If there is no non-compliance during the reporting period, the columns are to be filled with the symbol (--).

E. Format for Analysis of Investment Compliance with Quantitative Investment Limits per Pension Fund Type Pension Fund ….. Analysis of Investment Compliance with Quantitative Investment Limits per Type Period 1 January to 31 December ….. No. Date of Non-compliance*) Investment Type (% of total investment) Government Securities) Mutual Funds in the form of Collective Investment Contracts (KIK) Limited Participation MTN REPO Direct Participation Land and/or Buildings 1 dd/mm/yyyy etc. *) The Date of Non-compliance column is filled with the placement date where there is an investment placement that does not comply with OJK Regulations regarding Pension Fund investments; investment directives; and Pension Fund statutory provisions. If there is no non-compliance during the reporting period, the columns are to be filled with the symbol (--). ) Calculation of investment placements in Government Securities includes ownership of Government Securities in Mutual Funds.

F. Format for Analysis of Investment Compliance with Special Quantitative Investment Limits Pension Fund …..
Analysis of Investment Compliance with Special Quantitative Investment Limits As of 31 December …..
No. Investment Type with Special Limits Amount (Rp) 1 Investments in loss-making parties
1.1 Counterparty Name 1
1.2 Counterparty Name 2
1.3 Counterparty Name 3
etc.
Direct Participation in limited liability companies operating outside the financial services sector 3 Direct Participation abroad 4 Land and/or Buildings Total Investments with special limits (a) =(1)+(2)+(3)+(4) Total Pension Fund Investments (b) Percentage of special limit investments (a/b)

G. Format for Investment Package Reporting (for DPLK only) Pension Fund …..
Investment Package Reporting
As of 31 December …..
No. Investment Type/Package Amount Participants Accumulated Participant Funds Rp % *) (Rp) 1 Package A

• Investment type a
• Investment type b
• Investment type etc.
  Total Package A
  2 Package B
• Investment type a
• Investment type b
• Investment type etc.
  Total Package B etc.
  Total
  *) Percentage of the total of each respective package

H. Format for Disclosure of Use of Trust Recipients Pension Fund …..
Use of Trust Recipients
As of 31 December …..
No. Name of Trust Recipient
Contract Number
Contract Date
Agreement Period
Investment Type
Amount of Funds Entrusted (Rp)
Amount of Fees Charged (Rp)
1 1.
2.
3. etc.
2 1.
2.
3. etc.
etc.
Total

I. Format for Disclosure of Investment Managers (if using Investment Manager services)
Pension Fund …..
Use of Investment Managers
As of 31 December …..
No. Name of Investment Manager
Contract Number
Contract Date
Agreement Period
Investment Type
Amount of Funds Managed (Rp)
Net Investment Return Rate (Rp)
Amount of Management Fees Charged (Rp)
Affiliated with
Pension Fund
(Yes/No)
1.
2.
3. etc.
1.
2.
3. etc.
etc.
Total

J. Format for Disclosure of Bank Savings Investments Pension Fund …..
Bank Savings Investment Disclosure Report
As of 31 December …..
No. Bank Name
Placement Start Date
Nominal Value (Rp)
Value in Foreign Currency *)
Interest Rate/Marhaba/Other Yield
1 Savings (per account) etc.
Total Savings
*) This column is filled with foreign currency

K. Format for Disclosure of Bank On-Call Deposit Investments and Bank Time Deposits Pension Fund …..
Bank On-Call and Time Deposit Investment Disclosure Report As of 31 December …..
No. Bank Name
Placement Date
Nominal Value (Rp)
Nominal Value in Foreign Currency *)
Maturity Date
Duration
Interest Rate/Marhaba
1 On-Call Deposits (per certificate) etc.
Total On-Call Deposits
2 Time Deposits (per certificate) etc.
Total Time Deposits
*) This column is filled with foreign currency

L. Format for Disclosure of Bank Deposit Certificates and Securities Issued by Bank Indonesia Investments
Pension Fund …..
Bank Deposit Certificates and Securities Issued by Bank Indonesia Investment Disclosure Report As of 31 December ….. No. Investment Type Acquisition Date Acquisition Value (Rp) Nominal Value (Rp) Cash Value (Rp) Maturity Date Duration Interest/Discount Rate 1 Deposit Certificates (per certificate) etc. Total Deposit Certificates 2 Securities Issued by Bank Indonesia etc. Total Securities Issued by Bank Indonesia

M. Format for Disclosure of Government Securities Investments Pension Fund …..
Government Securities Investment Disclosure Report As of 31 December …..
No. Product Name
Acquisition Date
Acquisition Cost (Rp)
Nominal Value (Rp)
Maturity Date
Market Value/Fair Value (Rp)
Amortized Cost (Rp)
Interest Rate/Marhaba/Other Yield
1 Government Bonds (per product) etc.
2 SUKUK (per product) etc.
3 Treasury Bills (per product) etc.
Total Government Securities

N. Format for Disclosure of Stock Investments Listed on the Indonesia Stock Exchange Pension Fund …..
Stocks Listed on the Indonesia Stock Exchange Investment Disclosure Report As of 31 December …..
No. Issuer Name
Acquisition Price Market Price
Number of Shares Total (Rp) Total (Rp) etc.
Total Stocks

O. Format for Disclosure of Corporate Bond Investments Listed on the Indonesia Stock Exchange Pension Fund ….. Corporate Bonds Listed on the Indonesia Stock Exchange Investment Disclosure Report As of 31 December ….. No. Bond Name/Type Issuing Company Name Acquisition Date Maturity Date Nominal Value (Rp) Acquisition Reporting Interest Rate Value (Rp) Rating Market Value/Fair Value (Rp) Amortized Cost (Rp) Rating etc. Total Corporate Bonds Listed on the Indonesia Stock Exchange

P. Format for Disclosure of Mutual Fund Investments Pension Fund …..
Mutual Fund Investment Disclosure Report
As of 31 December …..
No. Product Name
Issuer Name
Acquisition Value Market Value
NAB Units Total (Rp) NAB Units Total (Rp)
Mutual Funds consisting of:
a. Money market mutual funds etc. b. Fixed income mutual funds etc.
c. Mixed mutual funds (per product)
etc. d. Equity mutual funds etc. e. Protected mutual funds

No. Product Name
Issuer Name
Acquisition Value Market Value
NAB Units Total (Rp) NAB Units Total (Rp) etc. f. Mutual funds with guarantees etc. g. Index mutual funds (per product) etc. h. Mutual Funds in the form of Collective Investment Contracts (KIK) Limited Participation (per product) etc.
i. Mutual Funds whose stocks or participation units are traded on the Stock Exchange (per product)
etc.
Total Mutual Funds

Q. Format for Disclosure of Medium Term Notes Investments Pension Fund …..
Medium Term Notes Investment Disclosure Report As of 31 December …..
No.
Issuing Company Name
Acquisition Date
Maturity Date
Nominal Value (Rp)
Acquisition Reporting
Interest Rate
Value (Rp) Rating
Fair Value (Rp)
Amortized Cost (Rp)
Rating etc.
Total MTN

R. Format for Disclosure of Asset-Backed Securities Investments Pension Fund …..
Asset-Backed Securities Investment Disclosure Report As of 31 December …..
No. Product Name
Issuer Name
Acquisition Date
Acquisition Value (Rp)
Acquisition Rating
Market Value/Fair Value (Rp)
Nominal Value (Rp)
Maturity Date
Rating on Reporting Date etc.
Total Asset-Backed Securities

S. Format for Disclosure of Collective Investment Contract Real Estate Investment Fund Investments Pension Fund ….. Collective Investment Contract Real Estate Investment Fund Investment Disclosure Report As of 31 December ….. No. Issuer Name Number of Units Acquisition Value (Rp) Acquisition Rating Market Value (Rp) Nominal Value (Rp) etc. Total Collective Investment Contract Real Estate Investment Funds No. Issuer Name Number of Units Acquisition Date Reporting Date Rating NAB Total (Rp) Rating NAB Total (Rp) etc. Total Collective Investment Contract Real Estate Investment Funds

T. Format for Disclosure of Options Contracts and Traded Stock Futures Contracts on the Indonesia Stock Exchange Pension Fund ….. Options Contracts and Stock Futures Contracts Investment Disclosure Report As of 31 December ….. No. Issuer Name Buyer Name Contract Date Duration Acquisition Cost (Rp) Stock Value at Contract Date Premium Cost (put premium) Market Price (Rp) Strike Price (Rp) Number of Shares Market Price (Rp) Total (Rp) etc. Total

U. Format for Disclosure of Repurchase Agreement (REPO) Investments Pension Fund …..
REPO Investment Disclosure Report
As of 31 December …..
No. Counterparty Name
Security Name
Nominal Value of Security (Rp)
Security Rating at
Acquisition
REPO Value (Rp)
Contract Date Duration Margin
Amortized Cost (Rp)
Security Rating on Reporting Date
Resale Value (Rp) etc.

V. Format for Disclosure of Direct Participation in Domestic Stocks
Pension Fund …..
Direct Participation in Domestic Stocks Investment Disclosure Report As of 31 December …..
No. Company Name
Initial Placement Value per Reporting Date
Value Established by Registered Appraiser (Rp) Date Number of Shares Ownership Percentage Total (Rp) Number of Shares Ownership Percentage Total (Rp) etc. Total Direct Participation in Domestic Stocks

W. Format for Disclosure of Direct Participation in Foreign Stocks Pension Fund …..
Direct Participation in Foreign Stocks Investment Disclosure Report As of 31 December …..
No. Company Name
Initial Placement Value per Reporting Date
Value Established by Independent Appraiser*).
(Rp)
Date Number of Shares
Ownership Percentage
Total (Rp)
Number of Shares
Ownership Percentage Total (Rp) etc.
Total Direct Participation in Foreign Stocks
*) independent appraiser is an independent appraiser who has received a license from the authority where the placement is conducted.

X. Format for Disclosure of Land, Buildings, and Land and Buildings Investments
Pension Fund …..
Land, Buildings, Land and Buildings Investment Disclosure Report As of 31 December …..
No. Investment Type Location Area Acquisition Date Acquisition Cost (Rp) Accumulated Depreciation (Rp) Book Value (Rp) Value Established by Registered Appraiser (Rp) 1 Land (per certificate) etc. Total Land 2 Buildings (per location) etc. Total Buildings 3 Land and Buildings (per certificate) etc. Total Land and Buildings

Y. Format for Pension Fund Investment Analysis Pension Fund …..
Pension Fund Investment Analysis
Period 1 January to 31 December …..
No. Topic Description

1. Implementation of risk diversification principles and objective investment decisions.

Implementation of Board responsibilities as referred to in OJK Regulations regarding Pension Fund investments.
3. Investment compliance with Investment Directive provisions.
4.
Number and composition of investment portfolios for each investment package or type of investment offered by Financial Institution Pension Funds. 5. Number and characteristics of investments in parties having Affiliation relationships with Pension Funds.
6. Implementation of asset allocation strategies adjusted to the Pension Fund's liability profile.
etc.*)
*) fill in matters done by Pension Funds to analyze Pension Fund investments other than items 1 to 6 (if any) Established in Jakarta on 11 April 2016 EXECUTIVE HEAD OF SUPERVISOR INSURANCE, PENSION FUNDS, FINANCING INSTITUTIONS, AND OTHER FINANCIAL SERVICE INSTITUTIONS FINANCIAL SERVICES AUTHORITY, signature FIRDAUS DJAELANI Copy matches the original Legal Director 1 Legal Department signature Yuliana