Circular Letter of the Financial Services Authority of the Republic of Indonesia Number 13/SEOJK.05/2020 Concerning the Business Plan of Venture Capital Companies and Sharia Venture Capital Companies

To:

1. The Board of Directors of Venture Capital Companies; and
2. The Board of Directors of Sharia Venture Capital Companies,
   At your offices.

COPY

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 13 /SEOJK.05/2020

CONCERNING

BUSINESS PLANS OF VENTURE CAPITAL COMPANIES AND SHARIA VENTURE CAPITAL COMPANIES

In accordance with the mandate of Article 7 paragraph (3), Article 14 paragraph (5), Article 15 paragraph (5), and Article 19 of the Financial Services Authority Regulation Number 24/POJK.05/2019 concerning Business Plans of Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2019 Number 175, Supplement to the State Gazette of the Republic of Indonesia Number 6392), it is necessary to regulate the scope of business plans, the format and structure of business plan realization reports, the format and structure of business plan supervision reports, and the procedures for submitting business plans, adjusting business plans, changing business plans, business plan realization reports, and business plan supervision reports of venture capital companies and sharia venture capital companies in the Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS

In this Financial Services Authority Circular Letter, the following terms are meant:

1. Company means venture capital companies and sharia venture capital companies.

2. Venture Capital Business is a financing business through capital participation and/or financing for a specific period in the context of developing the business of partner businesses or debtors.

3. Venture Capital Company, hereinafter abbreviated as PMV, is a business entity that conducts Venture Capital Business, venture fund management, fee-based service activities, and other business activities with the approval of the Financial Services Authority.

4. Sharia Venture Capital Business is a financing business through investment activities and/or service provision carried out for a specific period in the context of developing partner businesses, implemented based on Sharia principles.

5. Sharia Venture Capital Company, hereinafter abbreviated as PMVS, is a business entity that conducts Sharia Venture Capital Business, venture fund management, and other business activities with the approval of the Financial Services Authority, all of which are implemented based on Sharia principles.

6. Sharia Principles are Islamic legal provisions based on fatwas and/or Sharia conformity statements from the National Sharia Board of the Indonesian Ulema Council.

7. Sharia Business Unit, hereinafter abbreviated as UUS, is a working unit of the PMV headquarters that functions as the parent office of offices conducting Sharia Venture Capital Business activities.

8. Business Plan is a written document describing the Company's business development plans and activities for a specific period, as well as strategies to realize such plans according to set targets and timeframes.

9. Board of Directors means the Board of Directors as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Companies in the form of a limited liability company or equivalent to the Board of Directors for Companies in the form of a cooperative legal entity or a limited partnership business entity.

10. Board of Commissioners means the Board of Commissioners as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Companies in the form of a limited liability company or equivalent to the Board of Commissioners for Companies in the form of a cooperative legal entity or a limited partnership business entity.

11. Business Plan Realization Report is a report prepared by the Board of Directors regarding the realization of the Business Plan up to a certain period.

12. Business Plan Supervision Report is a report from the Board of Commissioners regarding the results of supervision concerning the implementation of the Business Plan up to a certain period.

II. SCOPE OF BUSINESS PLAN

1. The scope of the Business Plan must contain at least:
   a. executive summary; b. evaluation of the implementation of the previous period's Business Plan;
   c. vision, mission, and business strategy;
   d. policies and management plans, including:

1. business activity plans;
2. plans for developing or expanding business activities;
3. capital plans;
4. financing plans;
5. plans for developing and/or changing office networks or distribution channels;
6. plans for organizational development, human resources, and/or information technology; and
7. plans for activities to increase financial literacy and inclusion;
   e. projected financial statements along with the assumptions used; f. projected ratios and specific items; and g. other information.

2. For PMVs that have a UUS, the scope of the Business Plan as referred to in item (1) must also include a specific business plan for the UUS which is an integral part of the Business Plan.

3. The executive summary as referred to in item 1 letter a contains a brief explanation of the main points of the Business Plan presented concisely so that the Business Plan can be understood comprehensively, including among others:
   a. strategic plans and steps to be taken by the Company in the short term for a 1 (one) year period, medium term for a 3 (three) year period, and long term for a 5 (five) year period; b. key financial indicators; and
   c. description of short-term targets for a 1 (one) year period.

4. The executive summary as referred to in item 3 is prepared according to Format 1 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

5. The evaluation of the implementation of the previous period's Business Plan as referred to in item 1 letter b contains an explanation regarding:
   a. main points of the realization of the previous year's Business Plan; b. obstacles and problems faced; and
   c. actions taken to overcome such obstacles and problems.

6. The evaluation of the implementation of the previous period's Business Plan as referred to in item 5 is prepared according to Format 2 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

7. The vision, mission, and business strategy as referred to in item 1 letter c contains an explanation regarding:
   a. vision, which is the goal the Company wants to achieve in the long term; b. mission, which is the method used in the short or medium term to achieve the goal;
   c. business strategy, which is the Company's strategy and policy direction in facing business competition and societal dynamics in the future, which must include at least:

1. analysis of the Company's position in facing business competition, including information regarding the Company's position both within the same business group and industry-wide, including with other financial service institutions, along with information regarding problems and obstacles faced by the Company;
2. the Company's policy direction, consisting of an explanation regarding general policy information established by management in business development in the future; and
3. business development strategy, including among others information on strategic steps to achieve the Company's established business goals, including an explanation regarding organizational development and information system technology strategies, and strategies to anticipate changes in external conditions;

8. In preparing the analysis of the Company's position in facing business competition as referred to in item 7 letter c item 1), the Company may use relevant strategic planning analysis methods.

9. The vision, mission, and business strategy as referred to in item 7 is prepared according to Format 3 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

10. The business activity plan as referred to in item 1 letter d item 1) contains an explanation regarding the Venture Capital Business and/or Sharia Venture Capital Business plan which must include at least:
    a. Venture Capital Business and/or Sharia Venture Capital Business plans based on business activity types; b. Venture Capital Business and/or Sharia Venture Capital Business plans based on economic sectors; and
    c. Venture Capital Business and/or Sharia Venture Capital Business plans based on location.

11. The business activity plan as referred to in item 10 is prepared according to Format 4 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

12. The plan for developing or expanding business activities as referred to in item 1 letter d item 2) must include at least:
    a. plans to carry out other business activities that must first obtain approval from the Financial Services Authority; b. plans for venture fund management that must first obtain approval from the Financial Services Authority;
    c. plans to carry out fee-based service activities that must first be reported to the Financial Services Authority; and
    d. plans to use contracts not previously used that must first be reported to the Financial Services Authority.

13. The plan for developing or expanding business activities as referred to in item 12 is prepared according to Format 5 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

14. The capital plan as referred to in item 1 letter d item 3) must include at least:
    a. capital projections; and b. capital change plans.

15. The capital plan as referred to in item 14 is prepared according to Format 6 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

16. The financing plan as referred to in item 1 letter d item 4) must include at least plans to obtain financing from:
    a. financing plans based on financing sources; and b. financing plans based on currency.

17. The financing plan as referred to in item 16 is prepared according to Format 7 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

18. The plan for developing and/or changing office networks or distribution channels as referred to in item 1 letter d item 5) must include at least:
    a. plans to open branch offices, Sharia branch offices, and/or offices other than Sharia branch offices; b. plans to change the addresses of headquarters, branch offices, Sharia branch offices, and/or offices other than Sharia branch offices; and
    c. plans to close branch offices, Sharia branch offices, and/or offices other than Sharia branch offices.

19. The plan for developing and/or changing office networks or distribution channels as referred to in item 18 is prepared according to Format 8 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

20. The plan for organizational, human resources, and/or information technology development as referred to in item 1 letter d item 6) must include at least:
    a. organizational development plans, including among others:

1. plans to form working units/divisions;
2. plans to change working units/divisions; and
3. plans to form committees;
   b. human resources development plans, including among others:
4. plans to meet human resource needs:
   a) recruitment plans; b) plans for appointment and dismissal of employees; c) plans to use consultants and/or advisors; and d) plans to use contract workers;
5. human resources education and training plans:
   a) plans for human resources education and training needs; and b) plans for human resources education and training costs/budgets;
6. plans to use foreign workers; and
7. plans to utilize outsourced labor; and
   c. information technology development plans, which are fundamental plans for information technology development and procurement, including information regarding information technology development and maintenance costs, including among others:
8. significant changes to the Company's information technology configuration or core applications;
9. procurement of new core applications;
10. cooperation with information technology service providers; and
11. other fundamental information technology development and procurement that can add and/or increase the Company's risk.

21. The plan for organizational, human resources, and/or information technology development as referred to in item 20 is prepared according to Format 9 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

22. The plan for activities to increase financial literacy and inclusion as referred to in item 1 letter d item 7) is prepared according to the format regulated in the Financial Services Authority Circular Letter concerning the implementation of activities to increase financial literacy in the financial service sector and the Financial Services Authority Circular Letter concerning the implementation of activities to increase financial inclusion in the financial service sector.

23. The projected financial statements along with the assumptions used as referred to in item 1 letter e must include at least:
    a. assumptions used in preparing the projected financial statements, including:

1. macro assumptions including among others gross domestic product growth, exchange rates, and inflation rates, reference interest rates, and other macro assumptions related to the growth and/or development of the venture capital industry; and
2. micro assumptions including among others participation growth, financing growth, financing growth, financing interest/yield rates, participation/financing interest/yield rates, and ratios of problematic participation/financing assets; and
   b. information regarding the Company's financial condition, including:
3. projected balance sheets;
4. projected comprehensive income statements;
5. projected cash flow statements; and
6. projected administrative accounts.

24. The projected financial statements along with the assumptions used as referred to in item 23 is prepared according to Format 10 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

25. The projected ratios and specific items as referred to in item 1 letter f is prepared according to Format 11 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

26. Business Plans containing:
    a. key financial indicators in the executive summary as referred to in item 3 letter b; b. business activity plans as referred to in item 10;
    c. financing plans as referred to in item 16;
    d. projected financial statements along with the assumptions used as referred to in item 23; and e. projected ratios and specific items as referred to in item 25, are presented:

1. for actual positions at the end of September of the Business Plan preparation year;
2. for projections at the end of December of the Business Plan preparation year;
3. for projections 1 (one) year ahead presented semi-annually; and
4. in full Indonesian Rupiah.

27. Other information as referred to in item 1 letter g must include at least:
    a. sustainable finance action plans; b. merger, consolidation, and/or separation plans;
    c. plans to cease business activities so as no longer to be a Company;
    d. plans to convert PMVs into PMVSs; and e. plans to form, close, or separate UUSs.

28. The sustainable finance action plan as referred to in item 27 letter a is prepared according to the format regulated in the Financial Services Authority Regulation concerning the implementation of sustainable finance for financial service institutions, issuers, and public companies.

29. The merger, consolidation, and/or separation plan as referred to in item 27 letter b is prepared according to Format 12 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

30. The plan to cease business activities so as no longer to be a Company as referred to in item 27 letter c is prepared according to Format 13 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

31. The plan to convert PMVs into PMVSs as referred to in item 27 letter d is prepared according to Format 14 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

32. The plan to form, close, or separate UUSs as referred to in item 27 letter e is prepared according to Format 15 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

33. Business Plans containing:
    a. business activity plans as referred to in item 1 letter d item 1); b. plans for developing or expanding business activities as referred to in item 1 letter d item 2);
    c. capital plans as referred to in item 1 letter d item 3);
    d. financing plans as referred to in item 1 letter d item 4); e. plans for developing and/or changing office networks or distribution channels as referred to in item 1 letter d item 5); f. plans for organizational, human resources, and/or information technology development as referred to in item 1 letter d item 6); g. merger, consolidation, and/or separation plans as referred to in item 27 letter b; h. plans to cease business activities so as no longer to be a Company as referred to in item 27 letter c;
    i. plans to convert PMVs into PMVSs as referred to in item 27 letter d; and
    j. plans to form, close, or separate UUSs as referred to in item 27 letter e, also contain descriptions regarding:

1. reasons or considerations used in preparing the aforementioned plans; and
2. the Company's strategies to realize the aforementioned plans.

34. In the event that there is other information that needs to be submitted by the Company in the Business Plan, but its format is not regulated in this Financial Services Authority Circular Letter, the format for submitting such information is prepared based on the Company's needs.

III. FORMAT AND STRUCTURE OF BUSINESS PLAN REALIZATION REPORTS AND BUSINESS PLAN SUPERVISION REPORTS

1. Business Plan Realization Reports include:
   a. explanations regarding the achievement of the Business Plan, namely the comparison between the plan and the realization of the Business Plan, including regarding the focus and priority of Business Plan achievement; b. explanations regarding deviations in the realization of the Business Plan, namely explanations regarding the causes and obstacles of deviations between the plan and the realization of the Business Plan;
   c. follow-up actions on the achievement of the Business Plan, namely follow-up efforts that have been and will be carried out to improve the realization achievement of the Business Plan;
   d. financial ratios and specific items; and e. other information, which among others contains information that needs to be submitted because it affects the realization of the Business Plan, but is not yet included in the scope of Business Plan Realization Reports as referred to in letters a through d.

2. For PMVs that have a UUS, the Business Plan Realization Report must also contain a specific realization report for the UUS which is an integral part of the Business Plan Realization Report.

3. Business Plan Realization Reports must be signed by members of the Board of Directors.

4. Business Plan Realization Reports are prepared according to Format 16 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

5. Business Plan Supervision Reports must contain at least the Board of Commissioners' assessment regarding:
   a. the realization of the Business Plan both quantitatively and qualitatively; b. factors affecting the Company's performance; and
   c. efforts to improve the Company's performance.

6. For PMVs that have a UUS, the Business Plan Supervision Report must also contain a specific supervision report for the UUS which is an integral part of the Business Plan Supervision Report.

7. Business Plan Supervision Reports must be signed by members of the Board of Commissioners.

8. Business Plan Supervision Reports are prepared according to Format 17 as contained in the Appendix which is an integral part of this Financial Services Authority Circular Letter.

IV. PROCEDURES FOR SUBMITTING BUSINESS PLANS, ADJUSTING BUSINESS PLANS, CHANGING BUSINESS PLANS, BUSINESS PLAN REALIZATION REPORTS, AND BUSINESS PLAN SUPERVISION REPORTS

1. Companies must submit Business Plans, adjusted Business Plans, changed Business Plans, Business Plan Realization Reports, and Business Plan Supervision Reports to the Financial Services Authority online via the Financial Services Authority's data communication network system.

2. Companies are required to ensure that the Business Plan submitted online as referred to in item 1 is correct and identical to the printed (hardcopy) document of the Business Plan.

3. In the event that the Financial Services Authority's data communication network system as referred to in item 1 is not yet available or experiences technical disruptions, the submission of Business Plans, adjusted Business Plans, changed Business Plans, Business Plan Realization Reports, and Business Plan Supervision Reports is submitted to the Financial Services Authority offline by:
   a. being handed over directly; or b. being sent through a courier service company.

4. In the event of technical disruptions as referred to in item 3, the Financial Services Authority announces this via the Financial Services Authority's website.

5. Offline submission of reports as referred to in item 3 must be submitted in electronic data (softcopy) form using media such as compact discs (CDs) or other electronic data storage media.

6. Submission of reports as referred to in item 5 must be accompanied by a cover letter in printed (hardcopy) form signed by the Board of Directors.

7. Submission of cover letters and Business Plans, adjusted Business Plans, changed Business Plans, Business Plan Realization Reports, and Business Plan Supervision Reports offline as referred to in item 3 is addressed to:
   a. for PMVs:
   Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision Financial Services Authority attn. Director of Financing Institution Supervision Wisma Mulia 2 Building, 15th Floor Jalan Jenderal Gatot Subroto Kav. 40 Jakarta 12710; or b. for PMVSs and PMVs that have UUSs:
   Executive Head of Insurance, Pension Funds, Financing Institutions, and Other Financial Service Institutions Supervision Financial Services Authority attn. IKNB Sharia Director Wisma Mulia 2 Building, 15th Floor Jalan Jenderal Gatot Subroto Kav. 40 Jakarta 12710.

This copy corresponds to the original
Legal Director 1
Legal Department signed
Mufli Asmawidjaja
8. In the event of a change in the address of the Financial Services Authority for the submission of reports as referred to in item 7, the Financial Services Authority provides notification regarding the address change via letter or announcement.
9. Companies are deemed to have submitted the Business Plan, Business Plan Adjustment, Business Plan Change, Business Plan Realization Report, and Business Plan Supervision Report with the following provisions:
a. for online submission through the Financial Services Authority's data communication network system, evidenced by a receipt from the Financial Services Authority's data communication network system; or b. for offline submission, evidenced by a receipt from the Financial Services Authority.
V. CLOSING
The provisions of this Financial Services Authority Circular shall take effect as of the date of determination. Determined in Jakarta on July 1, 2020 EXECUTIVE HEAD OF INSURANCE, PENSION FUND, FINANCING INSTITUTION, AND OTHER FINANCIAL SERVICE INSTITUTIONS SUPERVISOR FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed RISWINANDI

APPENDIX
FINANCIAL SERVICES AUTHORITY CIRCULAR LETTER
REPUBLIC OF INDONESIA
NUMBER 13 /SEOJK.05/2020
REGARDING
VENTURE CAPITAL COMPANY AND SHARIA VENTURE CAPITAL COMPANY BUSINESS PLAN

TABLE OF CONTENTS
VENTURE CAPITAL COMPANY AND SHARIA VENTURE CAPITAL COMPANY BUSINESS PLAN FORMAT Format 1: Executive Summary 2 Format 2: Evaluation of Previous Period Business Plan Implementation Format 3: Vision, Mission, and Business Strategy 10 Format 4: Business Activity Plan 11 Format 5: Business Activity Development or Expansion Plan 26 Format 6: Capital Plan 31 Format 7: Financing Plan 33 Format 8: Office Network or Distribution Channel Development and/or Change Plan Format 9: Organization, Human Resources, and/or Information Technology Development Plan Format 10: Financial Statement Projections and Assumptions Used Format 11: Projection of Ratios and Specific Items 80 Format 12: Merger, Consolidation, and/or Separation Plan 81 Format 13: Business Cessation Plan Resulting in Cessation of Company Status Format 14: PMV to PMVS Conversion Plan 85 Format 15: UUS Formation, Closure, or Separation Plan 86 Format 16: Business Plan Realization Report 88 Format 17: Business Plan Supervision Report 90

Format 1: Executive Summary

1. Short-Term Strategic Plan and Steps for Period 1 (One) Year
   a. ..........
   b. ..........
   c. and so on.

2. Medium-Term Strategic Plan and Steps for Period 3 (Three) Years
   a. ..........
   b. ..........
   c. and so on.

3. Long-Term Strategic Plan and Steps for Period 5 (Five) Years
   a. ..........
   b. ..........
   c. and so on.

4. Key Financial Indicators
   a. Key Financial Indicator Format for PMV
   Actual
   Sep X-1
   Projection
   Dec X-1 Jun X Dec X

5. Total Assets

6. Total Financing/Venture Capital Participation
   a. Equity Participation b. Participation Through Conversion Bond Purchases
   c. Financing Through Purchase of Debt Securities Issued by Business Partners at the Early Start-up Stage and/or Business Development
   d. Productive Business Financing e. Other Business Activities Based on Financial Services Authority Approval f. Venture Capital Investment Based on Sharia Principles

7. Participation in Venture Funds

8. Domestic Loans

9. Foreign Loans

10. Securities Issuance

11. Equity

Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
8. Profit (Loss)
9. Distribution of Joint Financing with Third-Party Portion
a. Channeling Financing b. Joint Financing
10. Non Performing Investment and Financing (NPIF) Ratio - Gross
11. Non Performing Investment and Financing (NPIF) Ratio - Net
12. Profitability
a. Return on Asset b. Return on Equity
c. Operating Expenses against Operating Income
13. Liquidity
a. Current Ratio b. Cash Ratio
14. Value of Managed Venture Funds

Note:
X-1 is the year of report preparation.
X is the business plan position year.

1. calculation method for financial indicators refers to:
   a. Financial Services Authority Circular regarding monthly PMV reports; and b. Financial Services Authority Circular regarding PMV financial health levels. b. Key Financial Indicator Format for PMVS and UUS from PMV Actual Sep X-1 Projection Dec X-1 Jun X Dec X

1. Total Assets
2. Total Venture Capital Investment
   a. Equity Participation b. Purchase of Conversion Sharia Bonds or Sukuk
   c. Purchase of Sharia Bonds or Sukuk Issued by Business Partners at the Early Start-up Stage and/or Business Development
   d. Financing Based on Profit-Sharing Principles e. Other Business Activities Based on Financial Services Authority Approval
3. Participation in Venture Funds

Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
4. Domestic Financing
5. Foreign Financing
6. Securities Issuance
7. Equity
8. Profit (Loss)
9. Distribution of Joint Financing with Third-Party Portion
a. Channeling Financing b. Joint Financing
10. Non Performing Investment and Financing (NPIF) Ratio - Gross
11. Non Performing Investment and Financing (NPIF) Ratio - Net
12. Profitability
a. Return on Asset b. Return on Equity
c. Operating Expenses against Operating Income
13. Liquidity

Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X a. Current Ratio b. Cash Ratio
14. Value of Managed Venture Funds
Note:
X-1 is the year of report preparation.
X is the business plan position year.

1. calculation method for financial indicators refers to:
   a. Financial Services Authority Circular regarding monthly PMV reports; and b. Financial Services Authority Circular regarding PMV financial health levels.

c. Description of the Company's Financial Condition
(description of the Company's financial condition along with projections reflected in the key financial indicators)
5. Description of Short-Term Targets for Period 1 (One) Year 1)
a. ....................................................................................................
b. ....................................................................................................
c. ....................................................................................................
d. ....................................................................................................
e. ....................................................................................................
Note:

1. includes among others: reduction of productive assets in the form of problematic participation/financing (non-performing investment and financing/NPIF), increase in distribution of participation/financing, increase in Company efficiency, strengthening of capitalization, implementation of good corporate governance, implementation of risk management, and increase in Company profit.

Format 2: Evaluation of Previous Period Business Plan Implementation (Filled with an explanation regarding the main points of the previous period's business plan realization, obstacles and problems faced, and measures taken to overcome such obstacles and problems.)

Format 3: Vision, Mission, and Business Strategy

1. Company Vision
   ...................................................................................................................
   ...................................................................................................................
2. Company Mission
   ...................................................................................................................
   ...................................................................................................................
3. Company Business Strategy
   a. analysis of the Company's position in facing business competition
   ............................................................................................................
   ............................................................................................................
   b. Company policy direction
   ............................................................................................................
   ............................................................................................................
   c. business development strategy
   ............................................................................................................
   ............................................................................................................

Format 4: Business Activity Plan

1. Venture Capital and/or Sharia Venture Capital Business Plan Based on Business Activity Type
   a. Venture Capital Business Plan Table Based on Business Activity Type for PMV Usage Type Actual Sep X-1 Projection Dec X-1 Jun X Dec X A. New Financing/Participation Plan:
2. Equity Participation
3. Quasi Equity Participation (Participation Through Conversion Bond Purchases)
4. Financing Through Purchase of Debt Securities Issued by Business Partners at the Early Start-up Stage and/or Business Development
5. Productive Business Financing
6. Other Business Activities Based on Financial Services Authority Approval
   Total New Financing/Participation Plan
   B. Outstanding Balance (Outstanding Principal):
7. Equity Participation
8. Participation Through Conversion Bond Purchases

Usage Type
Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
3. Financing Through Purchase of Debt Securities Issued by Business Partners at the Early Start-up Stage and/or Business Development
4. Productive Business Financing
5. Other Business Activities Based on Financial Services Authority Approval
Total Outstanding Balance (Outstanding Principal) Note:
X-1 is the year of report preparation.
X is the business plan position year.

b. Sharia Venture Capital Business Plan Table Based on Business Activity Type for PMVS and UUS from PMV Usage Type Actual Sep X-1 Projection Dec X-1 Jun X Dec X A. New Sharia-Based Venture Capital Investment Plan:

1. Equity Participation
2. Purchase of Conversion Sharia Bonds or Sukuk
3. Purchase of Sharia Bonds or Sukuk Issued by Business Partners at the Early Start-up Stage and/or Business Development
4. Financing Based on Profit-Sharing Principles
5. Other Business Activities Based on Financial Services Authority Approval
   Total New Sharia-Based Venture Capital Investment Plan B. Outstanding Balance (Outstanding Principal):
6. Equity Participation
7. Purchase of Conversion Sharia Bonds or Sukuk
8. Purchase of Sharia Bonds or Sukuk Issued by Business Partners at the Early Start-up Stage and/or Business Development
9. Financing Based on Profit-Sharing Principles
10. Other Business Activities Based on Financial Services Authority

Usage Type
Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
Financial Services Authority
Total Outstanding Balance (Outstanding Principal) Note:
X-1 is the year of report preparation.
X is the business plan position year.

c. Reasons and Considerations
(Filled with reasons/considerations in preparing the Venture Capital and/or Sharia Venture Capital Business Plan based on business activity type.) d. Strategy (Filled with strategy to realize the Venture Capital and/or Sharia Venture Capital Business Plan based on business activity type.)

2. Venture Capital and/or Sharia Venture Capital Business Plan Based on Economic Sector
   a. Venture Capital and/or Sharia Venture Capital Business Plan Table Based on Economic Sector Actual Sep X-1 Projection Dec X-1 Jun X Dec X A. New Financing/Participation Plan:
   Economic Sector Business Field
3. Agriculture, Forestry, and Fisheries
4. Mining and Quarrying
5. Manufacturing Industry
6. Electricity, Gas, Steam/Hot Water, and Air Conditioning Supply
7. Water Supply, Sewage Management,
   Waste Management and Recycling Activities, and Remediation Activities
8. Construction
9. Wholesale and Retail Trade, Repair and
   Maintenance of Motor Vehicles and Motorcycles
10. Transportation and Warehousing
11. Accommodation and Food and Beverage Supply
12. Information and Communication

Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
11. Financial and Insurance Activities
12. Real Estate
13. Professional, Scientific, and Technical Activities
14. Rental and Leasing Activities Without Option Rights, Labor Services, Travel Agencies, and Other Business Support Activities
15. Public Administration, Defense, and Mandatory Social Security
16. Education
17. Human Health Activities and Social Activities
18. Arts, Entertainment, and Recreation
19. Other Service Activities
20. Private Households as Employers, Activities Producing Goods and Services by Private Households Used to Meet Own Needs
21. International Organizations and Other Extra-International Organizations Activities

Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
Non-Business Field Economic Sector
22. Private Households
23. Other Non-Business Field Activities
B. Outstanding Balance (Outstanding Principal):
Economic Sector Business Field

1. Agriculture, Forestry, and Fisheries
2. Mining and Quarrying
3. Manufacturing Industry
4. Electricity, Gas, Steam/Hot Water, and Air Conditioning Supply
5. Water Supply, Sewage Management,
   Waste Management and Recycling Activities, and Remediation Activities
6. Construction
7. Wholesale and Retail Trade, Repair and
   Maintenance of Motor Vehicles and Motorcycles
8. Transportation and Warehousing
9. Accommodation and Food and Beverage Supply

Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
10. Information and Communication
11. Financial and Insurance Activities
12. Real Estate
13. Professional, Scientific, and Technical Activities
14. Rental and Leasing Activities Without Option Rights, Labor Services, Travel Agencies, and Other Business Support Activities
15. Public Administration, Defense, and Mandatory Social Security
16. Education
17. Human Health Activities and Social Activities
18. Arts, Entertainment, and Recreation
19. Other Service Activities
20. Private Households as Employers, Activities Producing Goods and Services by Private Households Used to Meet Own Needs
21. International Organizations and Other Extra-International Organizations Activities

Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
Non-Business Field Economic Sector
22. Private Households
23. Other Non-Business Field Activities
Note:
X-1 is the year of report preparation.
X is the business plan position year.

b. Reasons and Considerations
(Filled with reasons/considerations in preparing the Venture Capital and/or Sharia Venture Capital Business Plan based on the economic sector that is a priority in financing/participation.)
c. Strategy
(Filled with strategy to realize the Venture Capital and/or Sharia Venture Capital Business Plan based on the economic sector that is a priority in financing/participation.)

3. Venture Capital and/or Sharia Venture Capital Business Plan Based on Location
   a. Venture Capital and/or Sharia Venture Capital Business Plan Table Based on Location Venture Capital and/or Sharia Venture Capital Business Location Actual Sep X-1 Projection Dec X-1 Jun X Dec X A. New Financing/Participation:
4. West Java
5. Banten
6. Special Capital Region of Jakarta
7. Special Region of Yogyakarta
8. Central Java
9. East Java
10. Bengkulu
11. Jambi
12. Aceh Province
13. North Sumatra
14. West Sumatra
15. Riau
16. South Sumatra
17. Bangka Belitung Islands
18. Riau Islands
19. Lampung
20. South Kalimantan
21. West Kalimantan
22. East Kalimantan
23. Central Kalimantan
24. North Kalimantan
25. Central Sulawesi
26. South Sulawesi
27. North Sulawesi

Venture Capital and/or Sharia Venture Capital Business Location Actual Sep X-1 Projection Dec X-1 Jun X Dec X
25. Gorontalo
26. West Sulawesi
27. Southeast Sulawesi
28. West Nusa Tenggara
29. Bali
30. East Nusa Tenggara
31. Maluku
32. North Maluku
33. Papua
34. West Papua
35. Outside Indonesia
B. Outstanding Balance
(Outstanding Principal):

1. West Java
2. Banten
3. Special Capital Region of Jakarta
4. Special Region of Yogyakarta
5. Central Java
6. East Java
7. Bengkulu
8. Jambi
9. Aceh Province
10. North Sumatra
11. West Sumatra
12. Riau
13. South Sumatra
14. Bangka Belitung Islands

Venture Capital and/or Sharia Venture Capital Business Location Actual Sep X-1 Projection Dec X-1 Jun X Dec X
15. Riau Islands
16. Lampung
17. South Kalimantan
18. West Kalimantan
19. East Kalimantan
20. Central Kalimantan
21. North Kalimantan
22. Central Sulawesi
23. South Sulawesi
24. North Sulawesi
25. Gorontalo
26. West Sulawesi
27. Southeast Sulawesi
28. West Nusa Tenggara
29. Bali
30. East Nusa Tenggara
31. Maluku
32. North Maluku
33. Papua
34. West Papua
35. Outside Indonesia
Note:
X-1 is the year of report preparation.
X is the business plan position year.

b. Reasons and Considerations
(Filled with reasons/considerations in preparing the Venture Capital and/or Sharia Venture Capital Business Plan based on location.)
c. Strategy
(Filled with strategy to realize the Venture Capital and/or Sharia Venture Capital Business Plan based on location.)

Format 5: Business Activity Development or Expansion Plan

1. Plan for Other Business Activities and Venture Fund Management Plan That Must First Obtain Financial Services Authority Approval
   a. Table of Plan for Other Business Activities and Venture Fund Management Plan That Must First Obtain Financial Services Authority Approval No. Type of Business Activity 1) General Description of Business Activity 2) Time of Business Activity Implementation Objective of Business Activity Correlation of Business Activity with Company Business Strategy 2) Risks of Business Activity Implementation 2) Risk Mitigation for Business Activity Implementation 2) For Company For Debtor/Business Partner 1. 2. 3. 4. 5. Note:

1. types of new business activities include:
   a. plan for other business activities that must first obtain Financial Services Authority approval; and b. plan for venture fund management that must first obtain Financial Services Authority approval.
2. more detailed explanations/descriptions can be attached in separate sheets.

b. Reasons and Considerations
(Filled with reasons/considerations in preparing the plan for other business activities and venture fund management based on Financial Services Authority approval.)
c. Strategy
(Filled with strategy to realize the plan for other business activities and venture fund management based on Financial Services Authority approval.)

2. Plan for Fee-Based Activities and Plan for Use of Previously Unused Agreements That Must First Be Reported to the Financial Services Authority
   a. Table of Plan for Fee-Based Activities and Plan for Use of Previously Unused Agreements That Must First Be Reported to the Financial Services Authority No. Type of Business Activity 1) General Description of Business Activity 2) Time of Business Activity Implementation Objective of Business Activity Correlation of Business Activity with Company Business Strategy 2) For Company 2) For Business Partner/Debtor 2) 1. 2. 3. 4. 5. Note:

1. types of business activities include:
   a. plan for fee-based activities that must first be reported to the Financial Services Authority; and b. plan for use of agreements not previously used that must first be reported to the Financial Services Authority.
2. more detailed explanations/descriptions can be attached in separate sheets.

b. Reasons and Considerations
(Filled with reasons/considerations in preparing the plan for fee-based activities and plan for use of agreements not previously used that must be reported to the Financial Services Authority.)
c. Strategy
(Filled with strategy to realize the plan for fee-based activities and plan for use of agreements not previously used that must be reported to the Financial Services Authority.)

Format 6: Capital Plan

1. Capital Projection
   Note Actual
   Sept X-1
   Projection
   Dec X-1 Jun X Dec X
   Initial Paid-Up Capital
   Old Shareholders
2. ...
3. etc
   New Shareholders
4. ...
5. etc
   Total Paid-Up Capital
   Retained Earnings
   Total Equity
   Note:
   X-1 is the year of report preparation.
   X is the business plan position year.
6. Capital Change Plan
   a. Description Regarding Capital Change Plan
   (Filled with capital change plan along with nominal size plan, time plan, and plan for method and source of capital for the implementation of such capital change.)

b. Reasons and Considerations
(Filled with reasons/considerations in preparing the capital change plan.)
c. Strategy
(Filled with strategy to realize the capital change plan, including the method to be used in capital change which can be in the form of shareholder cash deposits, conversion of retained earnings, conversion of loans, and/or stock dividends.)

Format 7: Financing Plan

1. Financing Plan Based on Financing Source
   a. Financing Plan Table Based on Financing Source for PMV Financing Type Actual Sep X-1 Projection Dec X-1 Jun X Dec X A. New Financing Receipt:
2. Loans from government
3. Loans from state-owned enterprises
   or local government-owned enterprises
4. Loans from financing companies
5. Loans from Indonesian export financing institutions
6. Loans from banks
7. Loans from other financial institutions
8. Loans from multilateral financial institutions
9. Loans from other business entities
10. Loans from individuals
11. Asset securitization

Financing Type
Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
11. Medium term notes issuance
12. Bond issuance
13. Subordinated loans
14. Waqf
15. Grants
Total New Financing Receipt
B. Financing Receipt Balance (Outstanding):

1. Loans from government
2. Loans from state-owned enterprises
   or local government-owned enterprises
3. Loans from financing companies
4. Loans from Indonesian export financing institutions
5. Loans from banks
6. Loans from other financial institutions
7. Loans from multilateral financial institutions
8. Loans from other business entities

Financing Type
Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
9. Loans from individuals
10. Asset securitization
11. Medium term notes issuance
12. Bond issuance
13. Subordinated loans
14. Waqf
15. Grants
Total Financing Receipt Balance
(Outstanding)

b. Financing Plan Table Based on Financing Source for PMVS and UUS from PMV Financing Type Actual Sep X-1 Projection Dec X-1 Jun X Dec X A. New Financing Receipt:

1. Financing from government
2. Financing from state-owned enterprises
   or local government-owned enterprises
3. Financing from financing companies
4. Financing from Indonesian export financing institutions
5. Financing from banks
6. Financing from other financial institutions
7. Financing from multilateral financial institutions
8. Financing from other business entities
9. Financing from individuals
10. Asset securitization
11. Medium term notes issuance
12. Bond issuance

Funding Type
Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
13. Subordinated funding
14. Waqf
15. Grants
Total New Funding Receipts
B. Balance of Funding Receipts (Outstanding)

1. Funding from the government
2. Funding from state-owned enterprises or regional-owned enterprises
3. Funding from financing companies
4. Funding from Indonesia's export financing institutions
5. Funding from banks
6. Funding from other financial institutions
7. Funding from multilateral financial institutions
8. Funding from other business entities
9. Funding from individuals

Funding Type
Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
10. Asset securitization
11. Issuance of medium-term notes
12. Issuance of bonds
13. Subordinated funding
14. Waqf
15. Grants
Total Balance of Funding Receipts (Outstanding)

c. Reasons and Considerations
(Filled with reasons/considerations in formulating the funding plan based on funding sources.) d. Strategy (Filled with strategy to realize the funding plan based on funding sources.)

2. Funding Plan Based on Currency
   a. Table of Funding Plan Based on Currency
   Funding Type
   Actual
   Sep X-1
   Projection
   Dec X-1 Jun X Dec X
   A. New Funding Receipts:
3. Rupiah
4. US Dollar 1)
5. Japanese Yen 1)
6. Other Currencies 1)
   Total New Funding Receipts 1)
   B. Balance of Funding Receipts (Outstanding):
7. Rupiah
8. US Dollar 1)
9. Japanese Yen 1)
10. Other Currencies 1)
    Total Balance of Funding Receipts (Outstanding) 1) Note:
    X-1 is the year of report preparation.
    X is the year of the business plan position.

1. converted into Rupiah.

b. Reasons and Considerations
(Filled with reasons/considerations in formulating the funding plan based on currency.)
c. Strategy
(Filled with strategy to realize the funding plan based on currency.)

Format 8: Plan for Development and/or Changes to Office Network or Distribution Channels Office Type Implementation Time 1) Estimated Investment/ Cost Location 2) Note 3) OPENING:

1. Branch Office
2. Sharia Branch Office Unit
3. Office other than Sharia Branch Office Unit
   ADDRESS CHANGE:
4. Head Office
5. Branch Office 4)
   a) Branch Office b) Sharia Branch Office Unit
6. Office other than Sharia Branch Office Unit
   CLOSING:
7. Branch Office
8. Sharia Branch Office Unit
9. Office other than Sharia Branch Office Unit

Note:

1. Filled with the month of the planned implementation time.
2. For locations within the DKI Jakarta region, at least the name of the DKI Jakarta province must be stated.
   For locations outside the DKI Jakarta region, at least the name of the District/City must be included.
3. Detailed notes can be attached in a separate sheet.
4. Branch office address changes can only be made within 1 (one) district/city area.

Format 9: Plan for Organizational Development, Human Resources, and/or Information Technology

1. Organizational Development Plan
   a. Description Regarding the Organizational Development Plan (Filled with an explanation regarding the organizational development plan, including plans for the formation of work units/divisions, plans for changes to work units/divisions, and plans for the formation of committees, adjusted to the size and complexity of the Company's business.) b. Reasons and Considerations (Filled with reasons/considerations in formulating the organizational development plan.)
   c. Strategy
   (Filled with strategy to realize the organizational development plan.)

2. Human Resource Development Plan
   a. Plan to Fulfill Human Resource Needs

1. Description Regarding the Plan to Fulfill Human Resource Needs
   (Filled with an explanation regarding the plan for employee recruitment, appointment, and dismissal, use of consultants and/or advisors, and use of the Company's contract workers.)
2. Reasons and Considerations
   (Filled with reasons/considerations in formulating the plan to fulfill human resource needs.)
3. Strategy
   (Filled with strategy to realize the plan to fulfill human resource needs.)

b. Human Resource Education and Training Plan

1. Table of Human Resource Education and Training Plan
   No.
   Training Material 1)
   Training Method 2)
   Estimated Training Time 3)
   Training Duration 4)
   Location
   Resource Person/
   Training Institution
   Total Number of Participants
   Training Cost

Note:

1. e.g., risk management, marketing, etc.

2. filled with in-house training or out-house training.

3. filled with the month of training implementation, e.g., March 2020.

4. filled with the duration of training, e.g., 3 days.

5. Reasons and Considerations
   (Filled with reasons/considerations in formulating the human resource education and training plan.)

6. Strategy
   (Filled with strategy to realize the human resource education and training plan.)

c. Plan for the Use of Foreign Workers

1. Table of Plan for the Use of Foreign Workers
   No.
   Name of Foreign Worker
   (if any) /
   Number of Foreign Workers
   Position
   Work Field
   Assignment Duration
   Name of Companion Worker
   Planned Knowledge Transfer Program
   Reason 1)

...
Note:

1. filled with the reason for utilizing foreign workers and the reason why Indonesian workers are not/are not yet used.

2. Reasons and Considerations
   (Filled with reasons/considerations in formulating the plan for the use of foreign workers.)

3. Strategy
   (Filled with strategy to realize the plan for the use of foreign workers.)

d. Plan for the Utilization of Outsourced Labor

1. Table of Plan for the Utilization of Outsourced Labor
   No.
   Work Field
   Reason for Utilization
   Outsourced Labor
   Number of
   Outsourced Labor
   Name of
   Outsourced Labor
   Provider Company
   (if any)
   Duration of
   Agreement with
   Outsourced Labor Company

...
2) Reasons and Considerations
(Filled with reasons/considerations in formulating the plan for the utilization of outsourced labor.)
3) Strategy
(Filled with strategy to realize the plan for the utilization of outsourced labor.)

3. Information Technology Development Plan
   a. Description Regarding the Plan for Fundamental Information Technology Development and Procurement, including Information Regarding the Cost of Information Technology Development and Maintenance (Filled with the plan for fundamental information technology development and procurement, including: significant changes to information technology configuration or core applications, procurement of new core applications, cooperation with information technology service providers, and other fundamental information technology development and procurement that can add and/or increase the Company's risk. Additionally, information regarding the estimated cost of information technology development must be filled in.)

b. Reasons and Considerations
(Filled with reasons/considerations in formulating the plan for fundamental information technology development and procurement.)
c. Strategy
(Filled with strategy to realize the plan for fundamental information technology development and procurement.)

Format 10: Financial Report Projection Along with Assumptions Used

1. Macro and Micro Assumptions Used
   Assumption
   Actual
   Sept X-1
   Projection
   Dec X-1 Jun X Dec X
   Macro Assumption 1):
2. Gross Domestic Product Growth (%)
3. Exchange Rate
4. Inflation Rate (%)
5. Reference Interest Rate
6. Others, detailed by type of assumption 2)
   Micro Assumption:
7. Financing Growth (%)
8. Investment Growth (%)
9. Funding Growth (%)
10. Interest/Yield Rate on Funding (%)
11. Interest/Yield Rate on Investment/Financing (%)
12. Ratio of Problematic Investment/Financing Assets
13. Others, detailed by type of assumption 3)
    Note:
    X-1 is the year of report preparation.
    X is the year of the business plan position.

1. in case no assumption per semester is available, annual assumptions can be used and may be accompanied by an explanation regarding the source of the government agency that is the basis for the macro assumption used.

2. other macro assumptions, such as export growth and import growth.

3. other micro assumptions, such as the Company's share of the industry.

2. Information Regarding the Company's Financial Condition
   a. PMV Balance Sheet Projection
   Items 1)
   Actual
   Sep X-1
   Projection
   Dec X-1 Jun X Dec X
   ASSETS
3. Cash and Cash Equivalents
4. Derivative Receivable Assets
5. Venture Capital Financing/Investment - Net
6. Sharia Principle-Based Venture Capital Investment
7. Investment in Venture Funds
8. Venture Fund Management Receivables
9. Receivables related to Other Business Activities
10. Investment in Securities
11. Fixed Assets and Inventories - Net
12. Deferred Tax Assets
13. Other Assets
    Total Assets
    LIABILITIES
14. Current Liabilities
15. Derivative Liabilities
16. Tax Payables
17. Loans/Funding Received
18. Issued Securities
19. Deferred Tax Liabilities

Items 1)
Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
7. Subordinated Loans/Funding
8. Other Liabilities
Total Liabilities
EQUITY

1. Capital
   a. Paid-in Capital b. Principal Deposits and Mandatory Deposits
   c. Additional Paid-in Capital

1. Agio
2. Securities Issuance Costs
   Equity
3. Grant Capital
4. Other Additional Paid-in Capital
   d. Disagio e. Treasury Stock f. Difference in Value of Transactions Restructuring of Entities under Common Control

2. Reserves
   a. General Reserves b. Purpose Reserves
3. Retained Earnings (Loss)
4. Net Profit (Loss) After Tax
5. Other Equity Components
   a. Balance of Other Equity Components b. Other Comprehensive Income (Loss) Current Period

Items 1)
Actual
Sep X-1
Projection
Dec X-1 Jun X Dec X
Total Equity
Total Liabilities and Equity
Note:
X-1 is the year of report preparation.
X is the year of the business plan position.

1. calculation method for balance sheet items refers to:
   a. Financial Services Authority Circular Letter regarding monthly PMV reports; and b. Financial Services Authority Circular Letter regarding PMV financial health levels. b. PMVS and PMVS UUS Balance Sheet Projection Sep X-1 Projection Dec X-1 Jun X Dec X ASSETS

1. Cash and Cash Equivalents
2. Derivative Receivable Assets
3. Sharia Principle-Based Venture Capital Investment

• Net

4. Investment in Venture Funds
5. Venture Fund Management Receivables
6. Receivables related to Other Business Activities
7. Investment in Securities
8. Fixed Assets and Inventories - Net
9. Deferred Tax Assets
10. Other Assets
    Total Assets

Sep X-1
Projection
Dec X-1 Jun X Dec X
LIABILITIES

1. Current Liabilities
2. Derivative Liabilities
3. Tax Payables
4. Funding Received
5. Issued Securities
6. Deferred Tax Liabilities
7. Subordinated Funding
8. Other Liabilities
   Total Liabilities
   EQUITY
9. Capital
   a. Paid-in Capital b. Principal Deposits and Mandatory Deposits
   c. Additional Paid-in Capital

1. Agio
2. Securities Issuance Costs
   Equity
3. Grant Capital
4. Other Additional Paid-in Capital
   d. Disagio e. Treasury Stock f. Difference in Value of Transactions Restructuring of Entities under Common Control

2. Reserves
   a. General Reserves b. Purpose Reserves
3. Retained Earnings (Loss)

Sep X-1
Projection
Dec X-1 Jun X Dec X
4. Net Profit (Loss) After Tax
5. Other Equity Components
a. Balance of Other Equity Components b. Other Comprehensive Income (Loss) Current Period Total Equity Total Liabilities and Equity Note:
X-1 is the year of report preparation.
X is the year of the business plan position.

1. calculation method for balance sheet items refers to:
   a. Financial Services Authority Circular Letter regarding monthly PMV reports; and b. Financial Services Authority Circular Letter regarding PMV financial health levels.

3. Comprehensive Income Statement Projection
   a. PMV Comprehensive Income Statement Projection Sep X-1 Projection Dec X-1 Jun X Dec X INCOME
4. Operational Income
   a. Operational Activity Income

1. Dividend Income from Stock Investment Activities
2. Income from gains on the sale of investment assets or securities
3. Interest income from investment activities through the purchase of convertible bonds
4. Interest income from financing activities through the purchase of debt securities issued by partner businesses in the early startup stage and/or business development
5. Interest income from productive business financing activities
   b. Operational Activity Income Based on Sharia Principles
6. Dividend Income from Stock Investment Activities
7. Income from Gains on the Sale of Investment Assets or Securities
8. Yield Income from Purchasing Sukuk or Convertible Sharia Bonds

Sep X-1
Projection
Dec X-1 Jun X Dec X
4) Yield Income from Purchasing Sukuk or Sharia Bonds Issued by Partner Businesses in the Early Startup Stage and/or Business Development
5) Profit-Sharing Income from Financing Activities Based on Profit-Sharing Principles
c. Income from Investment in Venture Funds
d. Income from Venture Fund Management Activities e. Income from Other Business Activities

1. Income from Fee-Based Service Activities
2. Income from Other Business Activities with the Approval of the Financial Services Authority
   f. Fee/Yield Income from Financing Pass-Through Activities (Channeling)

2. Other Operational Income Related to Financing

1. Administrative Income
2. Provision Income
3. Penalty Income

4. Other Operational Income Related to Other PMV Business Activities

Sep X-1
Projection
Dec X-1 Jun X Dec X
3. Other Operational Income
4. Non-Operational Income
a. Giro Interest/Service Income b. Other Non-Operational Income Total Income EXPENSES

1. Operational Expenses
   a. Interest and/or Yield Expenses

1. Interest Expenses on Received Loans
2. Interest Expenses on Issued Securities
3. Yield Expenses on Received Funding Based on Sharia Principles
   b. Swap Transaction Premium Expenses
   c. Insurance Premium Expenses
   d. Labor Expenses
4. Salary, Wages, and Allowances Expenses
5. Labor Development and Training Expenses
6. Other Labor Expenses

Sep X-1
Projection
Dec X-1 Jun X Dec X e. Marketing Expenses f. Provision/Depreciation Expenses

1. Provision Expenses for Write-off of Productive Financing/Investment Assets
2. Provision Expenses for Write-off of Productive Sharia Principle-Based Investment Assets
3. Depreciation Expenses for Fixed Assets and Inventories
   g. Rental Expenses h. Maintenance and Repair Expenses
   i. Administrative and General Expenses
   j. Other Operational Expenses

2. Non-Operational Expenses
   Total Expenses
   PROFIT (LOSS) BEFORE TAX
   ESTIMATED INCOME TAX
3. Current Year Tax -/-
4. Deferred Tax Income (Expense)
   NET PROFIT (LOSS) AFTER TAX

Sep X-1
Projection
Dec X-1 Jun X Dec X
OTHER COMPREHENSIVE INCOME (LOSS)

1. Gains (Losses) Due to Changes in Surplus Revaluation of Fixed Assets
2. Exchange Differences Due to Translating Financial Statements in Foreign Currency
3. Gains (Losses) Due to Remeasurement of Financial Assets Available for Sale
4. Gains (Losses) Due to Effective Portion of Financial Instruments
   Hedge in the Context of Cash Flow Hedge
5. Gains (Losses) on Other Equity Components in Accordance with Accounting Standards Principles
   COMPREHENSIVE NET PROFIT (LOSS) FOR THE CURRENT YEAR Note:
   X-1 is the year of report preparation.
   X is the year of the business plan position.

1. calculation method for comprehensive income statement items refers to:
   a. Financial Services Authority Circular Letter regarding monthly PMV reports; and b. Financial Services Authority Circular Letter regarding PMV financial health levels.

b. PMVS and PMVS UUS Comprehensive Income Statement Projection Sep X-1 Projection Dec X-1 Jun X Dec X INCOME

1. Operational Income
   a. Income from Operational Activities Based on Sharia Principles

1. Dividend Income from Stock Investment Activities
2. Income from Gains on the Sale of Investment Assets and Securities
3. Yield Income from Purchasing Sukuk or Convertible Sharia Bonds
4. Yield Income from Purchasing Sukuk or Sharia Bonds Issued by Partner Businesses in the Early Startup Stage and/or Business Development
5. Profit-Sharing Income from Financing Activities Based on Profit-Sharing Principles
   b. Income from Investment in Venture Funds
   c. Income from Venture Fund Management Activities
   d. Income from Other Business Activities
6. Income from Service Provision Activities
7. Income from Other Business Activities with the Approval of the Financial Services Authority

Sep X-1
Projection
Dec X-1 Jun X Dec X e. Yield Income from Financing Pass-Through Activities (Channeling)
2. Other Operational Income Related to Financing
a. Administrative Income b. Provision Income
c. Other Operational Income Related to Other PMV Business Activities
3. Other Operational Income
4. Non-Operational Income
a. Giro Service Income b. Other Non-Operational Income Total Income EXPENSES

1. Operational Expenses
   a. Yield Expenses

1. Profit-Sharing Expenses on Received Funding
2. Yield Expenses on Issued Securities
   b. Swap Transaction Premium Expenses

Sep X-1
Projection
Dec X-1 Jun X Dec X
c. Insurance Premium Expenses
d. Labor Expenses

1. Salary, Wages, and Allowances Expenses
2. Labor Development and Training Expenses
3. Other Labor Expenses
   e. Marketing Expenses f. Provision/Depreciation Expenses
4. Provision Expenses for Write-off of Sharia Principle-Based Investment Assets
5. Depreciation Expenses for Fixed Assets and Inventories
   g. Rental Expenses h. Maintenance and Repair Expenses
   i. Administrative and General Expenses
   j. Other Operational Expenses

2. Non-Operational Expenses
   Total Expenses
   PROFIT (LOSS) BEFORE TAX
   ESTIMATED INCOME TAX

Sep X-1
Projection
Dec X-1 Jun X Dec X

1. Current Year Tax -/-
2. Deferred Tax Income (Expense)
   NET PROFIT (LOSS) AFTER TAX
   OTHER COMPREHENSIVE INCOME (LOSS)
3. Gains (Losses) Due to Changes in Surplus Revaluation of Fixed Assets
4. Exchange Differences Due to Translating Financial Statements in Foreign Currency
5. Gains (Losses) Due to Remeasurement of Financial Assets Available for Sale
6. Gains (Losses) Due to Effective Portion of Financial Instruments
   Hedge in the Context of Cash Flow Hedge
7. Gains (Losses) on Other Equity Components in Accordance with Accounting Standards Principles
   COMPREHENSIVE NET PROFIT (LOSS) FOR THE CURRENT YEAR Note:
   X-1 is the year of report preparation.
   X is the year of the business plan position.

1. calculation method for comprehensive income statement items refers to:
   a. Financial Services Authority Circular Letter regarding monthly PMV reports; and b. Financial Services Authority Circular Letter regarding PMV financial health levels.

4. Cash Flow Statement Projection
   a. PMV Cash Flow Statement Projection
   Sep X-1
   Projection
   Dec X-1 Jun X Dec X
   A. Net Cash Flow from Operating Activities
5. Cash Inflows from Operating Activities
   a. Cash Inflows from Stock Investment Activities b. Cash Inflows from Investment Activities through the Purchase of Convertible Bonds
   c. Cash Inflows from Financing Activities through the Purchase of Debt Securities Issued by Partner Businesses in the Early Startup Stage and/or Business Development
   d. Cash Inflows from Productive Business Financing Activities e. Cash Inflows from Sharia Principle-Based Investment Activities f. Cash Inflows from Venture Fund Management Activities g. Cash Inflows from Other Business Activities

Sep X-1
Projection
Dec X-1 Jun X Dec X

1. Cash Inflows from Fee-Based Service Activities
2. Cash Inflows from Other Business Activities with the Approval of the Financial Services Authority
   h. Cash Inflows from Financing Pass-Through (Channeling) Activities
   i. Cash Inflows from Other Operational Activity Income

2. Cash Outflows for Operating Activities
   a. Cash Outflows for Stock Investment Activities b. Cash Outflows for Investment Activities through the Purchase of Convertible Bonds
   c. Cash Outflows for Financing Activities through the Purchase of Debt Securities Issued by Partner Businesses in the Early Startup Stage and/or Business Development
   d. Cash Outflows for Productive Business Financing Activities e. Cash Outflows for Sharia Principle-Based Investment Activities f. Cash Outflows for Venture Fund Management Activities g. Cash Outflows for Other Business Activities

1. Cash Outflows for Fee-Based Service Activities

Sep X-1
Projection
Dec X-1 Jun X Dec X
2) Cash Outflows for Other Business Activities with the Approval of the Financial Services Authority
h. Cash Outflows for Operational Interest Payments
i. Cash Outflows for General and Administrative Expense Payments
j. Cash Outflows for Income Tax Payments k. Cash Outflows from Financing Pass-Through (Channeling) Activities
l. Cash Outflows for Other Operational Activity Payments
B. Net Cash Flow from Investing Activities

1. Cash Inflows from Investing Activities
   a. Cash Inflows from Venture Fund Disposal b. Cash Inflows from the Sale of Land, Buildings, and Equipment
   c. Cash Inflows from the Sale of Securities
   d. Cash Inflows from Dividends e. Cash Inflows from Investment Interest Receipts f. Cash Inflows from Other Investing Activities
2. Cash Outflows for Investing Activities

Sep X-1
Projection
Dec X-1 Jun X Dec X a. Cash Outflows for Investment in Venture Funds b. Cash Outflows for the Purchase of Land, Buildings, and Equipment
c. Cash Outflows for the Acquisition of Securities
d. Cash Outflows for Other Investing Activities
C. Net Cash Flow from Financing Activities

1. Cash Inflows from Financing Activities
   a. Cash Inflows from Loans and the Issuance of Securities b. Cash Inflows from the Issuance of Share Capital
   c. Cash Inflows from Sharia Principle-Based Funding
   d. Cash Inflows from Other Funding
2. Cash Outflows for Financing Activities
   a. Cash Outflows for the Payment of Loan Principal and Issued Securities b. Cash Outflows for the Withdrawal of Company Capital (Treasury Stock)
   c. Cash Outflows for Dividend Payments
   d. Cash Outflows for Sharia Principle-Based Funding

Sep X-1
Projection
Dec X-1 Jun X Dec X e. Cash Outflows for Other Funding D. Surplus (Deficit) in Cash and Cash Equivalents Due to Exchange Rate Changes E. Net Increase (Decrease) in Cash and Cash Equivalents F. Cash and Cash Equivalents at the Beginning of the Period G. Cash and Cash Equivalents at the End of the Period Note:
X-1 is the year of report preparation.
X is the year of the business plan position.

1. calculation method for cash flow statement items refers to:
   a. Financial Services Authority Circular Letter regarding monthly PMV reports; and b. Financial Services Authority Circular Letter regarding PMV financial health levels.

b. PMVS and PMVS UUS Cash Flow Statement Projection Sep X-1 Projection Dec X-1 Jun X Dec X A. Net Cash Flow from Operating Activities

1. Cash Inflows from Operating Activities
   a. Cash Inflows from Stock Investment Activities b. Cash Inflows from Purchasing Sukuk or Convertible Sharia Bonds
   c. Cash Inflows from Purchasing Sukuk or Sharia Bonds Issued by Partner Businesses in the Early Startup Stage and/or Business Development
   d. Cash Inflows from Financing Activities Based on Profit-Sharing Principles e. Cash Inflows from Venture Fund Management Activities f. Cash Inflows from Other Business Activities

1. Cash Inflows from Service Provision Activities Based on Yield
2. Cash Inflows from Other Business Activities with the Approval of the Financial Services Authority
   g. Cash Inflows from Financing Pass-Through (Channeling) Activities

Sep X-1
Projection
Dec X-1 Jun X Dec X h. Cash Inflows from Other Operating Income
2. Cash Outflows for Operating Activities
a. Cash Outflows for Equity Participation Activities b. Cash Outflows for Purchasing Sharia Sukuk or Bonds Conversion
c. Cash Outflows for Purchasing Sharia Sukuk or Bonds Issued by Business Partners in Early (Start-up) and/or Business Development Stages
d. Cash Outflows for Financing Activities Based on Profit-Sharing Principles e. Cash Outflows for Venture Capital Fund Management Activities f. Cash Outflows for Other Business Activities

1. Cash Outflows from Fee-Based Service Activities
2. Cash Outflows for Other Business Activities with the Approval of the Financial Services Authority
   g. Cash Outflows for Payment of Operational Returns h. Cash Outflows for Payment of General and Administrative Expenses

Sep X-1
Projection
Dec X-1 Jun X Dec X
i. Cash Outflows for Payment of Income Tax
j. Cash Outflows from Channeling Financing Activities k. Cash Outflows for Payment of Other Operating Activities B. Net Cash Flows from Investment Activities

1. Cash Inflows from Investment Activities
   a. Cash Inflows from Disposal of Venture Capital Funds b. Cash Inflows from Sale of Land, Buildings, and Equipment
   c. Cash Inflows from Sale of Securities
   d. Cash Inflows from Dividends e. Cash Inflows from Receipt of Returns from Investment Activities f. Cash Inflows from Other Investment Activities
2. Cash Outflows for Investment Activities
   a. Cash Outflows for Investment in Venture Capital Funds b. Cash Outflows for Purchase of Land, Buildings, and Equipment
   c. Cash Outflows for Acquisition of Securities

Sep X-1
Projection
Dec X-1 Jun X Dec X d. Cash Outflows for Other Investment Activities
C. Net Cash Flows from Financing Activities

1. Cash Inflows from Financing Activities
   a. Cash Inflows from Financing and Issuance of Securities b. Cash Inflows from Issuance of Equity Capital
   c. Cash Inflows from Other Financing
2. Cash Outflows for Financing Activities
   a. Cash Outflows for Payment of Financing Principal and Issued Securities b. Cash Outflows for Withdrawal of Company Capital (Treasury Stock)
   c. Cash Outflows for Payment of Dividends
   d. Cash Outflows for Other Financing
   D. Surplus (Deficit) in Cash and Cash Equivalents Due to Exchange Rate Changes E. Net Increase (Decrease) in Cash and Cash Equivalents F. Cash and Cash Equivalents at the Beginning of the Period G. Cash and Cash Equivalents at the End of the Period

Notes:
X-1 is the year of report preparation.
X is the year of the business plan position.

1. The method for calculating cash flow statement items refers to:
   a. Financial Services Authority Circular Letter regarding monthly reports of Venture Capital Companies (PMV); and b. Financial Services Authority Circular Letter regarding the financial health level of Venture Capital Companies (PMV).

5. Projection of Administrative Accounts
   a. Projection of PMV Administrative Accounts
   Sept X-1
   Projection
   Dec X-1 Jun X Dec X
   Facilities
   Loans/Financing
   Not Yet Drawn a. Domestic

1. Banks
2. Non-Bank Financial Service Institutions
3. Others
   b. Foreign
4. Banks
5. Non-Bank Financial Service Institutions
6. Others
   Facilities
   Financing/Participation to
   Debtors/Consumers Not Yet Drawn
   Value of Venture Capital Funds Managed
   Issuance of Letters of Guarantee a. Issuance of Letters of Guarantee Domestically b. Issuance of Letters of Guarantee Abroad Disbursement of Financing Together with Third Party Portion a. Channeling Financing Activities b. Joint Financing Activities

Sept X-1
Projection
Dec X-1 Jun X Dec X
Derivative Instruments for Hedging a. Interest Rate Swap b. Currency Swap
c. Cross Currency Swap
d. Forward e. Option f. Future g. Others
Other Administrative Accounts a. Write-off Financing Receivables b. Write-off Financing Receivables Successfully Collected
c. Write-off Financing Receivables
d. Transferred Financing with Collection Management Total Notes:
X-1 is the year of report preparation.
X is the year of the business plan position.

1. The method for calculating administrative account statement items refers to:
   a. Financial Services Authority Circular Letter regarding monthly reports of Venture Capital Companies (PMV); and b. Financial Services Authority Circular Letter regarding the financial health level of Venture Capital Companies (PMV).

b. Projection of PMVS and UUS Administrative Accounts from PMV Sept X-1 Projection Dec X-1 Jun X Dec X Financing Facilities Not Yet Drawn a. Domestic

1. Sharia Banks
2. Non-Bank Sharia Financial Service Institutions
3. Others
   b. Foreign
4. Sharia Banks
5. Non-Bank Sharia Financial Service Institutions
6. Others
   Facilities
   Financing/Participation to Business Partners Not Yet Drawn Value of Venture Capital Funds Managed Issuance of Sharia Letters of Guarantee a. Issuance of Sharia Letters of Guarantee Domestically b. Issuance of Sharia Letters of Guarantee Abroad Disbursement of Financing with Channeling Financing Schemes Sharia Derivative Instruments for Hedging a. Spot b. Forward Agreement

Sept X-1
Projection
Dec X-1 Jun X Dec X
Other Administrative Accounts a. Write-off Investment Assets b. Write-off Investment Assets Successfully Collected
c. Write-off Investment Assets
d. Transferred Financing with Collection Management Total Notes:
X-1 is the year of report preparation.
X is the year of the business plan position.

1. The method for calculating administrative account statement items refers to:
   a. Financial Services Authority Circular Letter regarding monthly reports of Venture Capital Companies (PMV); and b. Financial Services Authority Circular Letter regarding the financial health level of Venture Capital Companies (PMV).

Format 11: Projection of Ratios and Specific Items Ratios and Specific Items 1) Actual Sept X-1 Projection Dec X-1 Jun X Dec X

1. Gearing Ratio (times)
2. Ratio of Net Investment, Participation, and/or Net Receivables (Outstanding Principal) to Total Assets (Investment and Financing to Asset Ratio) (%)
3. Ratio of Net Investment, Participation, and/or Net Receivables to Total Received Financing (%)
4. Equity/Paid-up Capital (%)
5. NPIF Gross (%)
6. NPIF Net (%)
7. ROE (%)
8. ROA (%)
9. BOPO (%)
10. Current Ratio (%)
11. Cash Ratio (%)
    Notes:
    X-1 is the year of report preparation.
    X is the year of the business plan position.

1. The method for calculating ratios and specific items refers to:
   a. Financial Services Authority Circular Letter regarding monthly reports of Venture Capital Companies (PMV); and b. Financial Services Authority Circular Letter regarding the financial health level of Venture Capital Companies (PMV).

Format 12: Plan for Merger, Consolidation, and/or Separation

1. Merger Plan
   a. Information regarding the merger plan:
   Company merging:

1. ....
2. ....
3. ....
   Company receiving the merger: ....
   b. Reasons and Considerations
   (Filled with reasons/considerations for the merger.)
   c. Strategy
   (Filled with the merger strategy.)

2. Consolidation Plan
   a. Information regarding the consolidation plan:
   Company consolidating:

1. ....
2. ....
3. and so on.
   Company after consolidation: ....

b. Reasons, Considerations, and Objectives
(Filled with reasons, considerations, and objectives for consolidation.)
c. Strategy and Implementation Steps
(Filled with the strategy and implementation steps for consolidation.)
3. Separation Plan
a. Information regarding the separation plan:
Company separating: ....
Resulting company from separation:

1. ...
2. ...
3. and so on.
   b. Reasons and Considerations
   (Filled with reasons/considerations for separation.)

c. Strategy
(Filled with the separation strategy.)

Format 13: Plan for Cessation of Business Activities So as No Longer to Be a Company

1. Explanation
   (Filled with an explanation regarding the plan to cease business activities so as no longer to be a Company.)
2. Reasons and Considerations
   (Filled with reasons/considerations for ceasing business activities so as no longer to be a Company.)
3. Strategy
   (Filled with the strategy for ceasing business activities so as no longer to be a Company.)

Format 14: Plan for Converting PMV to PMVS

1. Information regarding the conversion plan:
   Resulting PMVS from conversion: .....
2. Reasons and Considerations
   (Filled with reasons/considerations for conversion.)
3. Strategy
   (Filled with the strategy for conversion to PMVS.)

Format 15: Plan for Formation, Closure, or Separation of UUS

1. UUS Formation Plan
   a. Information regarding the formation plan:
   Resulting UUS from formation: .....
   b. Reasons and Considerations
   (Filled with reasons and considerations for formation.)
   c. Strategy
   (Filled with the strategy for formation.)
2. UUS Closure Plan
   a. Information regarding the closure plan:
   UUS being closed: .....
   b. Reasons and Considerations
   (Filled with reasons and considerations for closure.)

c. Strategy
(Filled with the strategy for closure of UUS.)
3. UUS Separation Plan
a. Information regarding the separation plan:
UUS separating: .....
Resulting PMVS from separation: .....
b. Reasons and Considerations
(Filled with reasons and considerations for UUS separation.)
c. Strategy
(Filled with the strategy for UUS separation.)

Format 16: Business Plan Realization Report a. Filled with an explanation regarding the achievement of the Business Plan, including the achievement of the Business Plan and a comparison of the plan and its realization, which must at least include:

1. realization of business activities as referred to in Format 4;
2. realization of business development or expansion plans as referred to in Format 5;
3. realization of financing plans as referred to in Format 7;
4. realization of organizational development, human resources, and/or information technology plans as referred to in Format 9; and
5. realization of financial statement projections along with the assumptions used as referred to in Format 10.
   b. Filled with an explanation regarding deviations in the Business Plan realization related to the scope of realization in letter a, such as causes and obstacles faced.
   c. Filled with follow-up efforts that have been and will be undertaken to improve the realization achievement of the Business Plan.
   d. Filled with financial ratios and specific items including an explanation regarding the realization of financial ratios and specific items as referred to in Format 11. e. Filled with an explanation regarding the achievement of other information in the Business Plan and a comparison of the plan and its realization, which must at least include:
6. realization of capital plans as referred to in Format 6;
7. realization of office network and/or distribution channel development and/or changes plans as referred to in Format 8;
8. realization of merger, consolidation, and/or separation plans as referred to in Format 12;
9. realization of business cessation plans so as no longer to be a Company as referred to in Format 13;
10. realization of PMV to PMVS conversion plans as referred to in Format 14; and
11. realization of UUS formation, closure, or separation plans as referred to in Format 15.
    Acknowledged by:
    Board of Directors: (signature and clear name)

Board of Directors: (signature and clear name) and so on... and so on...

This copy is consistent with the original
Legal Director 1
Legal Department signature
Mufli Asmawidjaja
Format 17: Business Plan Supervision Report

(Filled with the Board of Commissioners' assessment of the Business Plan implementation, consisting of quantitative and qualitative assessments of the Business Plan realization, assessments of good corporate governance factors, risk profiles, profitability, and capital, as well as efforts to improve Company performance, if according to their assessment there is a decline in Company performance.) Approved by:
Board of Commissioners: (signature and clear name) Board of Commissioners: (signature and clear name) and so on... and so on...

Established in Jakarta on July 1, 2020
EXECUTIVE HEAD OF SUPERVISOR
INSURANCE, PENSION FUNDS,
FINANCING INSTITUTIONS, AND
OTHER FINANCIAL SERVICE INSTITUTIONS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signature
RISWINANDI