Financial Services Authority Circular Letter No. 28/SEOJK.03/2021 Concerning Rural Bank Business Plans

To:
Board of Directors of Rural Banks
At your office.

COPY
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 28 /SEOJK.03/2021 CONCERNING RURAL BANK BUSINESS PLANS

In connection with the establishment of the Financial Services Authority Regulation Number 15/POJK.03/2021 concerning Business Plans for Rural Banks and Sharia Rural Financing Institutions (State Gazette of the Republic of Indonesia Year 2021 Number 190, Supplement to the State Gazette of the Republic of Indonesia Number 6712), hereinafter referred to as the POJK on BPR and BPRS Business Plans, adjustments are required regarding the scope, format, and procedures for reporting BPR Business Plans, which were previously regulated in the Financial Services Authority Circular Letter Number 52/SEOJK.03/2016 concerning Rural Bank Business Plans. The adjustments regarding the scope, format, and procedures for reporting BPR Business Plans are as follows:

I. GENERAL PROVISIONS

1. In order to achieve business objectives in accordance with the established vision and mission, BPRs are required to formulate Business Plans by considering external and internal factors that may affect the continuity of the BPR's business, as well as prudential principles and sound banking principles. Business Plans must be formulated realistically, comprehensively, and considering potential risks, so that they can be used as a basis for providing policy direction in carrying out business activities to achieve the BPR's vision and mission.

2. A Business Plan is a written document describing the BPR's business development plans and activities for a specific period, as well as strategies to realize these plans in accordance with established targets and timelines.

3. Business Plans formulated by BPRs as referred to in item 2 must reflect the direction and policy of BPR business development in the short, medium, and long term. The direction and policy of BPR business development in the long term includes the BPR's vision and mission.

"Short term" refers to a period of 1 (one) year.
"Medium term" refers to a period of 3 (three) years.
"Long term" refers to a period of 5 (five) years.

4. Considering the capital conditions of the BPR industry, the projection period and planning scope for certain aspects of BPR Business Plan formulation are differentiated based on core capital, namely:
   a. BPRs with core capital of less than IDR 50,000,000,000.00 (fifty billion rupiah); and b. BPRs with core capital of at least IDR 50,000,000,000.00 (fifty billion rupiah).

5. The calculation of days referred to in the POJK on BPR and BPRS Business Plans regarding the submission of Business Plans, adjustments to Business Plans, changes to Business Plans, and Reports on the Implementation and Supervision of Business Plans refers to calendar days.

6. A Report on the Implementation and Supervision of Business Plans is a report formulated by the Board of Directors and Board of Commissioners of the BPR regarding the implementation of the Business Plan by the Board of Directors, as well as the results of the Board of Commissioners' supervision of the Business Plan implementation up to a certain period.

II. SCOPE OF BUSINESS PLANS

1. In accordance with the POJK on BPR and BPRS Business Plans, Business Plans must contain at least:
   a. Executive Summary
   This section must contain at least the BPR's vision and mission formulated for a 5 (five) year period, plans and strategic steps to be taken by the BPR explained for the short and medium term periods, key financial indicators, as well as short and medium term targets.

b. Business Strategy and Policy
This section must contain at least:

1. short term plans regarding BPR position analysis in business competition based on assets and/or location, risk management policies and BPR governance, fund mobilization strategies and credit disbursement strategies, and strategies for resolving strategic issues and/or fulfilling BPR regulations; and
2. short and medium term plans regarding BPR policy direction.

c. Financial Statement Projections
This section must contain at least projections of the financial position statement, profit and loss projections, and administrative account projections, as well as reasons or considerations regarding the setting of targets in the formulation of projections. BPRs with core capital of less than IDR 50,000,000,000.00 (fifty billion rupiah) submit projections up to 1 (one) year ahead, while BPRs with core capital of at least IDR 50,000,000,000.00 (fifty billion rupiah) submit projections up to 3 (three) years ahead.

d. Ratio Targets and Financial Positions
This section must contain at least targets for core financial ratios and targets for certain other positions, as well as reasons or considerations regarding the setting of targets in the formulation of projections. BPRs with core capital of less than IDR 50,000,000,000.00 (fifty billion rupiah) submit targets up to 1 (one) year ahead, while BPRs with core capital of at least IDR 50,000,000,000.00 (fifty billion rupiah) submit targets up to 3 (three) years ahead.

e. Fund Mobilization Plans
This section must contain at least short term plans regarding third-party fund mobilization plans and other fund mobilization plans.

f. Fund Disbursement Plans
This section must contain at least short term plans regarding credit disbursement plans based on the largest economic sector in credit disbursement, credit disbursement plans based on usage type, and credit disbursement plans based on business type.

g. Capitalization Plans
This section must contain at least short and medium term plans regarding plans for changes or additions to paid-up capital, donation capital, and/or revaluation of fixed assets.

h. Information Technology Development and Procurement Plans and Human Resource Development This section must contain at least short term plans regarding fundamental information technology development and procurement plans, and human resource development plans containing at least human resource recruitment plans, human resource education and training plans, and plans for the utilization of outsourced labor.

i. New Business Activity Implementation Plans
This section must contain at least short term plans regarding the implementation of business activities that meet the category of new products in accordance with Financial Services Authority regulations regarding the implementation of BPR and BPRS products.

j. Office Network Development and/or Changes Plans This section must contain at least short term plans regarding plans for the relocation of the head office and/or branch office addresses, plans for the opening and/or closing of branch offices, and plans for changes in office network status.

k. Other Information
This section must contain at least information estimated to affect BPR business activities, including plans to cease business, products, or activities that have a material impact on financial performance or BPR risk profile, including information required by applicable laws and regulations to be included in Business Plans.

2. The scope of Business Plans established by the Financial Services Authority as referred to in item 1 is minimum, so BPRs may expand this scope according to needs while still considering item I.1.

3. The formulation of Business Plans refers to guidelines as contained in the Appendix, which is an integral part of this Financial Services Authority Circular Letter.

III. ADJUSTMENTS AND CHANGES TO BUSINESS PLANS

1. The Financial Services Authority may request BPRs to make adjustments to Business Plans that have been submitted by BPRs, including:
   a. targets or work programs submitted in the BPR Business Plan are assessed to affect or endanger the continuity of the BPR's business activities; and/or b. Business Plans submitted by BPRs do not yet contain or accommodate strategic matters established due to banking regulatory policies, government policies or programs, or other strategic matters.

2. BPRs may make changes to Business Plans in the event of external and internal factors that significantly affect operational activities and/or affect BPR performance, as follows:
   a. external factors include economic conditions, government policies, competition with financial service institutions or other entities, and the development of information technology. Examples:

1. A decline in regional economic growth causing credit demand in the trading sector, which is the priority for BPR credit disbursement, to decline, thereby potentially affecting the repayment ability of debtors in that sector. Based on these conditions, BPRs may change credit disbursement priorities to other sectors.
2. There are government regulations or programs related to credit disbursement policies through BPRs.
3. There are natural, non-natural, or social disasters affecting economic conditions, thereby affecting assumptions used in financial projection formulation.
   b. internal factors include financial conditions, management and human resources, and other infrastructure capabilities, including information technology. Examples:
4. The BPR experiences deteriorating financial performance resulting in capitalization issues.
5. There are changes in management and/or control of the BPR causing changes in BPR business strategy.
6. There are plans for new product implementation that can support BPR business development but are not yet included in the Business Plan submitted by the BPR.
   c. external and internal factors as referred to in letters a and b are assessed by the BPR to have a material impact on operational activities and/or financial conditions, which are reflected in the BPR's financial statements or in cases affecting the BPR's financial performance.

IV. REPORTS ON THE IMPLEMENTATION AND SUPERVISION OF BUSINESS PLANS

1. In accordance with the POJK on BPR and BPRS Business Plans, Reports on the Implementation and Supervision of Business Plans are submitted semi-annually, namely:
   a. the period from January to June is submitted no later than the end of July of the current year; and b. the period from July to December is submitted no later than the end of January of the following year.

2. Reports on the Implementation and Supervision of Business Plans must contain at least:
   a. explanations regarding the achievement of Business Plans in the form of a comparison between plans and realization; b. explanations regarding the causes and obstacles to the differences between Business Plan plans and realization;
   c. follow-up actions that have been and will be taken to improve the realization achievement of Business Plans;
   d. results of analysis or identification and the Board of Commissioners' opinions on supervision of Business Plan implementation by the Board of Directors; and e. supervision steps that have been and will be taken by the Board of Commissioners in the Business Plan supervision process.

3. The formulation of Reports on the Implementation and Supervision of Business Plans refers to guidelines as contained in the Appendix, which is an integral part of this Financial Services Authority Circular Letter.

V. REPORTING

1. The procedures for submitting Business Plans, adjustments to Business Plans, changes to Business Plans, and Reports on the Implementation and Supervision of Business Plans are carried out in accordance with Financial Services Authority Regulations regarding the reporting of rural banks and rural financing institutions through the Financial Services Authority reporting system.

2. BPRs prepare Business Plans and Reports on the Implementation and Supervision of Business Plans in text file (txt) and/or portable document format (pdf) and submit them to the Financial Services Authority through the Financial Services Authority reporting system.

VI. OTHER PROVISIONS

1. The Appendix in this Financial Services Authority Circular Letter serves as guidelines for formulating Business Plans and Reports on the Implementation and Supervision of Business Plans.

2. The Appendix in this Financial Services Authority Circular Letter is an integral part of this Financial Services Authority Circular Letter.

This copy is consistent with the original.
Director of Law 1
Legal Department signed,
Mufli Asmawidjaja

VII. CLOSING

1. Upon the effective date of this Financial Services Authority Circular Letter, Financial Services Authority Circular Letter Number 52/SEOJK.03/2016 concerning Rural Bank Business Plans is revoked and declared invalid.

2. Provisions in this Financial Services Authority Circular Letter take effect on the date of issuance.

Issued in Jakarta on 22 November 2021
EXECUTIVE HEAD OF BANKING SUPERVISOR
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed,
HERU KRISTIYANA

APPENDIX
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 28 /SEOJK.03/2021 CONCERNING RURAL BANK BUSINESS PLANS

GUIDELINES FOR FORMULATING BUSINESS PLANS AND
REPORTS ON THE IMPLEMENTATION AND SUPERVISION OF BUSINESS PLANS

TABLE OF CONTENTS
I. GUIDELINES FOR FORMULATING BUSINESS PLANS................................. 4
A. Formulation of Business Plans by the Board of Directors…………………………… 4

1. Executive Summary ......................................................... 4
2. Business Strategy and Policy ........................................... 5
3. Financial Statement Projections.............................................. 7
   a. Format of Financial Position Statement Projections................. 9
   b. Format of Profit and Loss Projections ........................................ 14
   c. Format of Administrative Account Projections .................... 22
4. Ratio Targets and Financial Positions ........................................ 24
5. Fund Mobilization Plans .......................................... 31
6. Fund Disbursement Plans ................................................ 31
   a. Credit Disbursement Plans Based on the Largest Economic
   Sector in Credit Disbursement .............. 32
   b. Credit Disbursement Plans Based on Usage
   Type............................................................... 32
   c. Credit Disbursement Plans Based on Business Type 33
7. Capitalization Plans ........................................................ 34
8. Information Technology Development and Procurement Plans
   and Human Resource Development....................... 36
   a. Fundamental Information Technology Development
   and Procurement Plans.............................. 36
   b. Human Resource Development Plans........ 36

1. Human Resource Recruitment Plans....... 37
2. Human Resource Education and Training
   Plans............................................................. 37
3. Outsourced Labor Utilization Plans ... 38

9. New Business Activity Implementation Plans ..................... 39
10. Office Network Development and/or Changes
    Plans .............................................................................. 41
11. Other Information ............................................................. 42
    B. Approval of Business Plans by the Board of Commissioners……………… 42
    II. GUIDELINES FOR FORMULATING REPORTS ON THE IMPLEMENTATION AND
    SUPERVISION OF BUSINESS PLANS............................................... 43

I. GUIDELINES FOR FORMULATING BUSINESS PLANS
A. Formulation of Business Plans by the Board of Directors In accordance with the POJK on BPR and BPRS Business Plans, the Board of Directors is required to formulate Business Plans every year, containing at least:

1. Executive Summary
   This section contains general explanations regarding the summary of Business Plans submitted by BPRs, namely:
   a. BPR Vision and Mission
   Vision is the goal the BPR aims to achieve in the medium or long term.
   Mission is a statement used to describe the objectives of the BPR.
   BPR vision and mission are formulated for the long term. b. Plans and Strategic Steps to be Taken by the BPR Plans and strategic steps to be taken by the BPR are explained for the short and medium term periods.
   c. Key Financial Indicators
   Key financial indicators must contain at least explanations regarding BPR performance for the short term period considered in the assessment of BPR health levels in accordance with Financial Services Authority regulations regarding the assessment of BPR and BPRS health levels. d. Short and Medium Term Targets Short term targets are BPR business activity targets for the next 1 (one) year, containing at least a decrease in non-performing loans, an increase in intermediation functions, an increase in efficiency, as well as BPR risk management and governance policies. Medium term targets are BPR business activity targets for the next 3 (three) years, containing at least efforts to strengthen capitalization.

The formulation of the executive summary follows the format as follows:
Format 01.00
Executive Summary
BPR Name :
Address :
City/Regency :
Code Column Description
BPR Vision 0111
BPR Mission 0112
Plans and Strategic Steps
Short Term
Plans and Strategic Steps
Medium Term
Key Financial Indicators a. Capitalization b. Asset Quality
c. Profitability
d. Liquidity e. Others
Short Term Targets 0141
Medium Term Targets 0142

2. Business Strategy and Policy
   This section contains qualitative explanations regarding:
   a. BPR Position Analysis in Business Competition Based on Assets and/or Location BPR position analysis in business competition based on assets and/or location is explained for the short term period. To conduct position analysis, BPRs may use SWOT analysis, namely Strength, Weakness, Opportunity, and Threat, in facing business competition with financial service institutions and/or other entities, including other BPRs and/or BPRSs. To conduct position analysis in business competition based on location, BPRs may use the boundaries of regencies, cities, and/or provinces. b. BPR Policy Direction BPR policy direction is explained for the short and medium term periods, including general information on BPR policies established by management in the development of BPR business in the future, such as business development strategies in the digital era, as well as plans for the implementation of BPR mergers, consolidations, and takeovers. Business development strategies include the development of information technology and strategies to anticipate changes in external conditions.
   c. BPR Risk Management and Governance Policies
   BPR risk management and governance policies are explained for the short term period. The implementation of risk management and governance policies follows Financial Services Authority Regulations regarding the implementation of risk management for rural banks and the implementation of governance for rural banks, including targets for the assessment of risk management and governance implementation. d. Fund Mobilization and Credit Disbursement Strategies This section elaborates on explanations for the short term period regarding BPR strategies to mobilize funds and realize credit disbursement plans, including information on targets, marketing strategies and receipts, as well as sources of third-party fund mobilization and other fund mobilization. e. Strategies for Resolving Strategic Issues and/or Fulfilling BPR Regulations This section contains explanations for the short term period regarding strategic steps to resolve issues affecting the health level or supervisory status of the BPR, including steps to resolve problematic loans that have or may affect performance or the health level of the BPR. In addition, this section also contains information and strategic steps for BPRs in fulfilling BPR regulations, including the fulfillment of minimum core capital in accordance with Financial Services Authority Regulations regarding the fulfillment of minimum capital adequacy ratios and the fulfillment of minimum core capital for rural banks, and the fulfillment of obligations to establish certain work units in accordance with Financial Services Authority Regulations regarding the implementation of governance for rural banks.

The formulation of business strategies and policies follows the format as follows:
Format 02.00
Business Strategy and Policy
Code Column Description
BPR Position Analysis in
Business Competition Based on
Assets and/or Location
BPR Policy Direction 0220
BPR Risk Management and
Governance Policies
Fund Mobilization Strategy 0241
Credit Disbursement Strategy 0242
Strategies for Resolving
Strategic Issues of BPR
Strategies for Fulfilling BPR
Regulations

3. Financial Statement Projections
   This section contains quantitative and qualitative explanations regarding projections of the financial position statement, profit and loss projections, and administrative account projections, as well as reasons or considerations regarding the setting of targets in the formulation of projections. Financial position statements, profit and loss statements, and administrative accounts follow Financial Services Authority Regulations regarding the reporting of rural banks and rural financing institutions through the Financial Services Authority reporting system.

a. BPRs with core capital of less than
IDR 50,000,000,000.00 (fifty billion rupiah) submit projections up to 1 (one) year ahead. Financial statement projections are explained for:

1. actual position at the end of October of the year of formulation
   of the Business Plan;
2. projections at the end of December of the year of formulation
   of the Business Plan; and
3. projections 1 (one) year ahead presented semi-annually.
   b. BPRs with core capital of at least
   IDR 50,000,000,000.00 (fifty billion rupiah) submit projections up to 3 (three) years ahead. Financial statement projections are explained for:
4. actual position at the end of October of the year of formulation
   of the Business Plan;
5. projections at the end of December of the year of formulation
   of the Business Plan;
6. projections 1 (one) year ahead presented semi-annually; and
7. projections at the end of the second and third years presented
   annually.

The formulation of financial statement projections follows the format as follows:

a. Format of Financial Position Statement Projections Format 03.10 Financial Position Statement Projections (in rupiah units) (X-1) Projection Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a ASSETS Cash in Rupiah 1101010000 Cash in Foreign Currency 1101020000 Securities 1102000000 Placements in Other Banks 1103010000 -/- Provisions for Write-down of Productive Assets 1103020000 Credit Extended (Debit Balance) 1104010100 -/- Unamortized Provisions 1104010200 Unamortized Transaction Costs 1104010300 -/- Deferred Interest Income in the Context of Restructuring 1104010400 -/- Provisions for Restructuring Losses 1104010500

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
-/
Provisions for Write-down of
Productive Assets 1104020000
Foreclosed Assets (AYDA) 1201000000
Fixed Assets and Inventories 1202010000
-/
Accumulated Depreciation and
Impairment 1202020000
Intangible Assets 1203010000
-/
Accumulated Amortization and
Impairment
1203020000
Inter-office Assets 1204000000
Other Assets 1299000000
Total Assets 1000000000
LIABILITIES
Current Liabilities 2101000000
Deposits a. Savings 2102010100
-/
Unamortized Transaction Costs 2102010200 b. Time Deposits 2102020100

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
-/
Unamortized Transaction Costs 2102020200
Deposits from Other Banks 2103010000
-/
Unamortized Transaction Costs 2103020000
Loans Received 2201010000
-/
Unamortized Transaction Costs 2201020000
-/
Unamortized Discounts 2201030000
Capital Payment Obligations - Liabilities 2202000000 Inter-office Liabilities 2203000000 Other Liabilities 2299000000 Total Liabilities 2000000000 EQUITY Paid-up Capital a. Authorized Capital 3101010000 b. Unpaid Capital -/- 3101020000 Additional Paid-up Capital a. Agio (Disagio) 3102010000

---

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a b. Donation Capital 3102020000
c. Paid-in Capital Funds – Equity 3102030000
d. Additional Paid-in Capital 3102990000
Other Equity a. Gains (Losses) from
Changes in Value of Financial Assets in the Available for Sale Group 3103010000 b. Revaluation Gains on Fixed Assets 3103020000
c. Others 3103990000
d. Income Tax related to Other Equity 3103980000 Reserves a. General 3104010000 b. Specific Purpose 3104020000 Profit (Loss) a. Prior Years 3105010000 b. Current Year 3105020000 Total Equity 3000000000

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
TOTAL LIABILITIES AND
EQUITY
Note:
X-1 is the Year of Report Preparation
X is the First Year of the Business Plan Position X+1 is the Second Year of the Business Plan Position X+2 is the Third Year of the Business Plan Position a for BPRs with core capital of at least Rp50,000,000,000.00 (fifty billion rupiah) Reasons or Considerations:
(Filled with reasons or considerations in setting targets as the basis for preparing financial position projections, including regional inflation projections, Regional Gross Domestic Product (PDRB), regional economic growth, regional population growth, credit and third-party fund growth in the local area, deposit interest rates, loan interest rates, and/or others).

b. Format of Income Statement Projection
Format 03.20
Income Statement Projection
(in rupiah units)
(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
Operational Revenue 4100000000

1. Interest Income
   a. Contractual Interest
   i. Securities 4101010100
   ii. Placements with
   Other Banks
   Current Account 4101010201
   Savings 4101010202
   Time Deposits 4101010203
   Certificates of Time Deposits 4101010204
   iii. Loans Granted to Other Banks 4101010301
   To Third Parties
   Non-Banks 4101010302 b. Credit Provisions
   i. To Other Banks 4101020100

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
ii. To Third Parties
Non-Banks 4101020200
c. Transaction Costs -/-
i. Securities 4101030100
ii. Loans Granted to Other Banks 4101030201
To Third Parties
Non-Banks 4101030202 d. Corrections to Interest Income -/- 4101040000
2. Other Income
a. Transaction Service Income 4102010000 b. Foreign Currency Sales Gains 4102020000
c. Securities Sales Gains 4102030000
d. Receipt of Productive Assets
Written Off 4102040000 e. Recovery of Provisions for Write-off of Productive Assets 4102050000

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a f. Others 4102990000 Operational Expenses 5100000000

1. Interest Expenses
   a. Contractual Interest Expenses
   i. Savings 5101010100
   ii. Time Deposits 5101010200
   iii. Deposits from Other Banks 5101010300
   iv. Loans Received

1. From Bank Indonesia 5101010401
2. From Other Banks 5101010402
3. From Third Parties
   Non-Banks 5101010403
4. Subordinated Loans 5101010404
   v. Others 5101019900
   b. Transaction Costs
   i. To Other Banks 5101020100

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
ii. To Third Parties
Non-Banks 5101020200
2. Credit Restructuring Loss Expenses 5102000000
3. Provisions for Write-off of Productive Assets
a. Securities 5103010000 b. Placements with Other Banks 5103020000
c. Loans Granted
i. To Other Banks 5103030100
ii. To Third Parties
Non-Banks 5103030200
4. Marketing Expenses 5104000000
5. Research and Development Expenses 5105000000
6. Administrative and General Expenses
a. Labor Costs
i. Salaries and Wages 5106010100
ii. Honoraria 5106010200
iii. Others 5106019900

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a b. Education and Training Expenses 5106020000
c. Rental Expenses
i. Office Buildings 5106030100
ii. Others 5106039900
d. Depreciation/Write-off
Expenses for Fixed Assets and
Inventory
5106040000 e. Amortization Expenses for Intangible Assets 5106050000 f. Insurance Premium Expenses 5106060000 g. Maintenance and Repair Expenses 5106070000 h. Goods and Services Expenses 5106080000
i. Taxes 5106090000
7. Other Expenses
a. Foreign Currency Sales Losses 5199010000 b. Securities Sales Losses 5199020000
c. Others 5199990000

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
Operational Profit (Loss) 3104040100
Non-operational Revenue 4200000000

1. Sales Gains
   a. Fixed Assets and Inventory 4201010000 b. NPLs 4201020000
2. Value Recovery
   a. Fixed Assets and Inventory 4202010000 b. NPLs 4202020000
3. Insurance Claim Revenue 4203000000
4. Inter-office Interest 4204000000
5. Exchange Rate Differences 4205000000
6. Others 4299000000
   Non-operational Expenses 5200000000
7. Sales Losses/
   Losses a. Fixed Assets and Inventory 5201010000 b. NPLs 5201020000
8. Value Loss Expenses

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a a. Fixed Assets and Inventory 5202010000 b. NPLs 5202020000
3. Inter-office Interest 5203000000
4. Exchange Rate Differences 5204000000
5. Others 5299000000
Non-operational Profit (Loss) 3104040200
Current Year Profit (Loss)
Before Tax 3104040300
Estimated Income Tax 5300000000
Deferred Tax Revenue 4400000000
Deferred Tax Expenses 5400000000
Total Current Year Profit (Loss) 3104040400
Other Comprehensive Income

1. Will Not Be Reclassified to
   Profit or Loss a. Revaluation Gains on Fixed Assets 7101010000 b. Others 7101990000
   c. Related Income Tax 7101980000

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
2. Will Be Reclassified to Profit
or Loss a. Gains (Losses) and
Changes in Value of Financial Assets in the Available for Sale Group 7102010000 b. Others 7102990000
c. Related Income Tax 7102980000
Other Comprehensive Income
After Tax 3104040500
Total Current Year Comprehensive Profit (Loss) 3104040600 Note:
X-1 is the Year of Report Preparation
X is the First Year of the Business Plan Position X+1 is the Second Year of the Business Plan Position X+2 is the Third Year of the Business Plan Position a for BPRs with core capital of at least Rp50,000,000,000.00 (fifty billion rupiah) Reasons or Considerations:
(Filled with reasons or considerations in setting targets as the basis for preparing income statement projections, including regional inflation projections, PDRB, regional economic growth, regional population growth, credit and third-party fund growth in the local area, deposit interest rates, loan interest rates, and/or others).

c. Format of Administrative Account Projection
Format 03.30
Administrative Account Projection
(in rupiah units)
(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
Commitment Receivables a. Undrawn Loan Facilities Received 6101010000 b. Other Commitment Receivables 6101990000 Commitment Liabilities a. Undrawn Credit Facilities to Customers 6102010000 b. Credit Pass-through 6102020000
c. Other Commitment Liabilities 6102990000
Contingent Receivables a. Interest Income in Settlement

1. Interest on Loans Granted 6201010100
2. Interest on Placements with Other Banks 6201010200
   b. Productive Assets Written Off

(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a

1. Loans Granted 6201020100
2. Placements with Other Banks 6201020200
3. Interest Income on Written-off Loans 6201020300
4. Interest Income on Written-off Placements with Other Banks 6201020400
   c. Collateral in Process
   of Loan Settlement 6201030000 d. Other Contingent Receivables 6201990000 Contingent Liabilities 6202000000 Other Administrative Accounts 6900000000 Note:
   X-1 is the Year of Report Preparation
   X is the First Year of the Business Plan Position X+1 is the Second Year of the Business Plan Position X+2 is the Third Year of the Business Plan Position a for BPRs with core capital of at least Rp50,000,000,000.00 (fifty billion rupiah) Reasons or Considerations:
   (Filled with reasons or considerations in setting targets as the basis for preparing administrative account projections, including regional inflation projections, PDRB, regional economic growth, regional population growth, credit and third-party fund growth in the local area, deposit interest rates, loan interest rates, and/or others).

4. Ratio and Financial Position Targets
   This section contains quantitative and qualitative explanations regarding the targets for core financial ratios and targets for other specific positions, as well as reasons or considerations regarding the setting of targets in the preparation of ratio and financial position targets. Core financial ratio targets include ratios that provide information for assessing the health level of BPRs in accordance with regulations of the Financial Services Authority (OJK) regarding the assessment of the health level of BPRs and BPRSs. Targets for other specific positions include:
   a. the ratio of micro, small, and medium enterprise (MSME) credit to total credit; b. the ratio of education and training funds to total labor costs of the previous year;
   c. the ratio of the realization of education and training funds to total budgeted education and training funds;
   d. the ratio of NPLs to total credit; and e. the ratio of the realization of NPL settlement to NPLs. The preparation of ratio and financial position targets is as follows:
   a. BPRs with core capital less than
   Rp50,000,000,000.00 (fifty billion rupiah) submit projections up to 1 (one) year into the future. Projections of ratio and financial position targets are explained for:

1. actual position at the end of October of the year of Business Plan preparation;

2. projection at the end of December of the year of Business Plan preparation; and

3. projection 1 (one) year into the future presented semi-annually.
   b. BPRs with core capital of at least
   Rp50,000,000,000.00 (fifty billion rupiah) submit projections up to 3 (three) years into the future. Projections of ratio and financial position targets are explained for:

4. actual position at the end of October of the year of Business Plan preparation;

5. projection at the end of December of the year of Business Plan preparation;

6. projection 1 (one) year into the future presented semi-annually; and

7. projection at the end of the second and third years presented annually.
   The preparation of ratio and financial position target projections follows the format as follows:

Format 04.00
Ratio and Financial Position Targets
Position Code Performance
Oct (X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
A. Core Financial Ratios
Minimum Capital Provision Ratio (KPMM) (%) b a. Capital (Rp) b. ATMR (Rp) 0421110 0421111 042112 Core Capital Ratio to Total Capital (%) b a. Core Capital (Rp) b. Capital (Rp) 0421120 0421121 0421122 Core Capital Ratio to Problematic Productive Assets (%) c a. Core Capital (Rp) b. Problematic Productive Assets (Rp) 0421130 0421131 0421132 Productive Asset Quality Ratio (KAP) (%) c a. Classified Productive Assets (Rp) b. Total Productive Assets (Rp) 0421210 0421211 0421212 Provisions for Write-off of Productive Assets (PPAP) Ratio to Required PPAP (%) c a. PPAP (Rp) 0421220 0421221

Position Code Performance
Oct (X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a b. Required PPAP (Rp) 0421222 Net Non-Performing Loan (NPL) Ratio (%) d a. Total Problematic Credit minus PPAP (Rp) b. Total Credit (Rp) 0421230 0421231 0421232 Gross NPL Ratio (%) d a. Total Problematic Credit (Rp) b. Total Credit (Rp) 0421240 0421241 0441242 Credit to Total Productive Assets Ratio (%) e a. Total Credit (Rp) b. Total Productive Assets (Rp) 0421250 0421251 0421252 Return on Assets (ROA) Ratio (%) c a. Profit Before Tax (Rp) b. Average Total Assets (Rp) 0421310 0421311 0421312 Net Interest Margin (NIM) Ratio (%) c a. Net Interest Income (Rp) b. Average Total Productive Assets (Rp) 0421320 0421321 0421322 Operating Expenses to Operational Revenue Ratio (BOPO) (%) c a. Total Operational Expenses (Rp) b. Total Operational Revenue (Rp) 0421330 0421331 0421332 Cash Ratio (CR) (%) c a. Liquid Assets (Rp) 0421410 0421411

Position Code Performance
Oct (X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a b. Current Liabilities (Rp) 0421412 Loan to Deposit Ratio (LDR) (%) c a. Total Credit (Rp) b. Total Funds Received (Rp) 0421420 0421421 0421422 Liquid Assets to Total Assets Ratio (%) e a. Liquid Assets (Rp) b. Total Assets (Rp) 0421430 0421431 0421432 B. Other Specific Position Ratios MSME Credit to Total Credit Ratio (%) f a. Total MSME Credit (Rp) b. Total Credit (Rp) 0422100 0422110 0422120 Education and Training Funds Ratio Ratio of Education and Training Funds to Total Labor Costs of the Previous Year (%) g a. Total Education and Training Funds (Rp) b. Total Labor Costs of the Previous Year (Rp) 0422210 0422211 0422212 Ratio of Realization of Education and Training Funds to Total Budgeted Education and Training Funds (%) g 0422220

Position Code Performance
Oct (X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 a Dec X+2 a
Education and Training Funds (%) g a. Realization of Education and Training Funds (Rp) b. Total Budgeted Education and Training Funds (Rp) 0422221 0422222 Ratio of NPLs to Total Credit (%) h a. NPLs (Rp) b. Total Credit (Rp) 0422300 0422310 0422320 Ratio of Realization of NPL Settlement to NPLs (%) h a. Realization of NPL Settlement (Rp) b. NPLs (Rp) 0422400 0422410 0422420 Note:
X-1 is the Year of Report Preparation
X is the First Year of the Business Plan Position X+1 is the Second Year of the Business Plan Position X+2 is the Third Year of the Business Plan Position a for BPRs with core capital of at least Rp50,000,000,000.00 (fifty billion rupiah) b explanation of ratios in accordance with Financial Services Authority Regulations regarding minimum capital provision obligations and minimum core capital fulfillment for rural banks. c explanation of ratios in accordance with Financial Services Authority regulations regarding the assessment of the health level of BPRs and BPRSs. d explanation of ratios in accordance with Financial Services Authority Circular Letters regarding monthly reports of rural banks. e explanation of ratios in accordance with Financial Services Authority Circular Letters regarding the implementation of risk management for rural banks. f explanation of MSME credit is credit to debtors meeting the definition and criteria of micro, small, and medium enterprises in accordance with regulations concerning micro, small, and medium enterprises.

g explanation regarding education and training funds in accordance with Financial Services Authority Regulations regarding the obligation to provide education and training funds for the development of human resources of rural banks and sharia rural financing banks. h explanation of NPLs in accordance with Financial Services Authority Regulations regarding the quality of productive assets and the formation of provisions for write-off of productive assets of rural banks. Reasons or Considerations:
(Filled with reasons or considerations in setting targets as the basis for preparing ratio and financial position targets, including regional inflation projections, PDRB, regional economic growth, regional population growth, credit and third-party fund growth in the local area, deposit interest rates, loan interest rates, and/or others).

5. Fund Collection Plan
   This section contains quantitative and qualitative explanations for the short-term period regarding the plan for collecting third-party funds and plans for collecting other funds, as follows:
   a. The plan for collecting third-party funds includes information regarding targets, marketing strategies, and sources for collecting savings and time deposits. b. The plan for collecting other funds includes information regarding targets, acceptance strategies, and sources for accepting loans from other banks and/or loans not from banks. The preparation of the fund collection plan follows the format as follows:
   Format 05.00
   Fund Collection Plan
   Column Code Description
   Fund Collection Plan
   Third-Party Funds
   Other Fund Collection Plans
6. Fund Disbursement Plan
   This section contains quantitative and qualitative explanations for the short-term period regarding the plan for credit disbursement based on the largest economic sector in credit disbursement, the plan for credit disbursement based on usage type, and the plan for credit disbursement based on business type. Projections of the fund disbursement plan are explained for:
   a. actual position at the end of October of the year of Business Plan preparation; b. projection at the end of December of the year of Business Plan preparation; and
   c. projection 1 (one) year into the future presented semi-annually.
   This section also elaborates on the reasons or considerations used in preparing the plan and the BPR's strategy to realize the plan. The fund disbursement plan must contain information as follows:
   a. Credit Disbursement Plan Based on the Largest Economic Sector in Credit Disbursement Credit disbursement plans are presented based on the largest economic sector, namely at most 5 (five) economic sectors with the largest percentage of credit disbursement from the total credit disbursement portfolio of the BPR. Detailed economic sectors are in accordance with the Financial Services Authority Circular Letter regarding monthly reports of rural banks. The preparation of credit disbursement plans based on the largest economic sector in credit disbursement follows the format as follows:
   Format 06.10
   Credit Disbursement Plan Based on the Largest Economic Sector in Credit Disbursement (in rupiah units) Sector Economy Debit Balance Oct (X-1) Projection Dec X-1 Jun X Dec X Total Note:
   X-1 is the Year of Report Preparation
   X is the First Year of the Business Plan Position b. Credit Disbursement Plan Based on Usage Type Credit disbursement plans are presented based on usage types, including working capital credit, investment credit, and consumption credit, in accordance with the Financial Services Authority Circular Letter regarding monthly reports of rural banks. The preparation of credit disbursement plans based on usage type follows the format as follows:
   Reasons or Considerations and Strategy:
   (Filled with reasons or considerations in preparing credit disbursement plans based on the largest economic sector in credit disbursement and strategies to realize credit disbursement plans based on the largest economic sector in credit disbursement).

Format 06.20
Credit Disbursement Plan Based on Usage Type
(in rupiah units)
Usage Type Code
Debit Balance
Oct (X-1)
Projection
Dec
X-1
Jun X Dec X
Working Capital 0621
Investment 0622
Consumption 0623
Total 0620
Note:
X-1 is the Year of Report Preparation
X is the First Year of the Business Plan Position
c. Credit Disbursement Plan Based on Business Type
Grouping of business types, including MSME businesses, in accordance with regulations concerning micro, small, and medium enterprises. The preparation of credit disbursement plans based on business type follows the format as follows:
Reasons or Considerations and Strategy:
(Filled with reasons or considerations in preparing credit disbursement plans based on usage type and strategies to realize credit disbursement plans based on usage type).

Format 06.30
Credit Disbursement Plan Based on Business Type (in rupiah units) Business Type Code Debit Balance Oct (X-1) Projection Dec X-1 Jun X Dec X Micro Businesses 0631 Small Businesses 0632 Medium Businesses 0633 Total 0630 Note:
X-1 is the Year of Report Preparation
X is the First Year of the Business Plan Position
7. Capital Plan
This section contains quantitative and qualitative explanations for the medium-term period regarding plans for changes or additions to paid-in capital, donation capital, and/or revaluation of fixed assets. The capital plan includes strategies and information regarding changes or additions to capital. The capital plan is explained for:
a. actual position at the end of October of the Business Plan preparation; b. plan at the end of December of the year of Business Plan preparation;
c. plan 1 (one) year into the future presented semi-annually; and
d. plan at the end of the second and third years presented annually.
Reasons or Considerations and Strategy:
(Filled with reasons or considerations in preparing credit disbursement plans based on business type and strategies to realize credit disbursement plans based on business type).

The preparation of the capital plan follows the format as follows:
Format 07.00
Capital Plan
Capital Type (Code) a Shareholder Name
Performance Oct
(X-1)
Projection
Dec X-1 Jun X Dec X Dec X+1 Dec X+2
Note:
X-1 is the Year of Report Preparation
X is the First Year of the Business Plan Position X+1 is the Second Year of the Business Plan Position X+2 is the Third Year of the Business Plan Position a Filled with code 10 for paid-in capital, code 21 for donation capital and/or code 25 for revaluation of fixed assets Strategy and Information:
(Filled with strategies and information regarding changes or additions to capital).

8. Information Technology Development and Procurement Plan and Human Resource Development Plan
   This section contains qualitative and/or quantitative explanations for the short-term period regarding plans for fundamental information technology development and procurement and plans for human resource development, which must at least include plans for human resource recruitment, plans for human resource education and training, and plans for the utilization of outsourced labor. a. Fundamental Information Technology Development and Procurement Plan Fundamental information technology development and procurement plans are in accordance with Financial Services Authority Regulations regarding standards for the implementation of information technology for rural banks and sharia rural financing banks. The preparation of fundamental information technology development and procurement plans follows the format as follows:
   Format 08.10
   Fundamental Information Technology Development and Procurement Plan Plan Type (Code) a Description Address Note:
   a Filled with code:
   01 for core banking application changes;
   02 for significant changes to information technology configuration or core banking applications; 03 for data center relocation; 04 for disaster recovery center relocation; 05 for cooperation with information technology service providers; and/or 06 for other fundamental information technology development. b. Human Resource Development Plan Human resource development plans include plans for human resource recruitment at the BPR, plans for human resource education and training,

humans, and the plan for the utilization of outsourced labor, as follows:

1. Human Resource Recruitment Plan
   This section contains a qualitative and quantitative explanation of the human resource recruitment plan. The preparation of the human resource recruitment plan follows the format as follows:

Format 08.21
Human Resource Recruitment Plan

Field
Task
(Code) a
Target Time
Implementation
(Code) b
Number of
Employees to be
Recruited c
Cost d

Notes:
a Filled with code:
101 for marketing;
102 for information technology;
103 for internal audit;
104 for bookkeeping;
105 for customer service;
106 for cashier; and/or
199 for others. b Filled with code:
01 for quarter 1;
02 for quarter 2;
03 for quarter 3; or
04 for quarter 4. c Filled with unit. d Filled with rupiah unit.

2. Human Resource Education and Training Plan
   The preparation of the human resource education and training plan is done by considering, among others, the Financial Services Authority Regulation regarding the obligation to provide education and training funds for the development of human resources of rural banks and sharia retail financing banks. The preparation of the human resource education and training plan follows the format as follows:

Format 08.22
Human Resource Education and Training Plan

Field or
Education and
Training
Needs
(Code) a
Target
Time
Implementation
(Code) b
Number of Human
Resources
Participated c
Cost and
Budget for
Education and
Training d

Notes:
a Filled with code:
101 for Board of Directors certification;
102 for Board of Commissioners certification;
103 for lending;
104 for risk management;
105 for information technology training;
106 for bookkeeping;
107 for human resource management;
108 for ISO certification;
109 for audit training;
199 for others;
201 for excellent service;
202 for problem solving;
203 for time management;
204 for leadership;
205 for financial planning; and/or
299 for others. b Filled with code:
01 for quarter 1;
02 for quarter 2;
03 for quarter 3; or
04 for quarter 4. c Filled with unit. d Filled with rupiah unit.

3. Plan for the Utilization of Outsourced Labor
   Outsourcing is the transfer of part of the work implementation to a service provider company through a work contract and/or through a labor supply service agreement in accordance with the provisions of legislation. The plan for the utilization of outsourced labor includes, among others, the plan for the utilization of labor outside permanent employees. The preparation of the plan for the utilization of outsourced labor follows the format as follows:

Format 08.23
Plan for the Utilization of Outsourced Labor

Field
Task
(Code) a
Reason for
Utilization of
Outsourced
Labor
Number of
Outsourced
Labor b
Name of
Outsourced
Labor
Service
Provider
Company
Duration of
Agreement with
Outsourced
Labor
Service
Provider
Company

Notes:
a Filled with code:
101 for cleaning staff;
102 for messengers;
103 for debt collectors;
104 for marketing;
105 for security personnel;
106 for customer service;
107 for cashier;
108 for technicians; and/or
199 for others. b Filled with unit.

9. Plan for the Implementation of New Business Activities
   This section contains an explanation regarding the implementation plan of BPR business activities, covering BPR products and activities explained for the short-term period that meet the category of new products in accordance with the Financial Services Authority regulations governing the implementation of BPR and BPRS products. The implementation plan for business activities considers, among others, the Financial Services Authority Regulation regarding the implementation of risk management for rural banks. The preparation of the plan for the implementation of new business activities follows the format as follows:

Format 09.00
Plan for the Implementation of New Business Activities

Type of
Business
Activity
Type of
Implementation
Mechanism
(Code) a
General
Description
Time of
Implementation
(Code) b
Benefits Needs Cost Investment Relevance with
BPR
Business
Strategy
Risks that
Are Inherent c
Mitigation
For BPR Risks For
Customers CAPEX OPEX Year
First

Notes:
a Filled with code:
1 for reporting;
2 for approval;
3 for limited trial; and/or
4 for instant approval. b Filled with code:
01 for quarter 1;
02 for quarter 2;
03 for quarter 3; and/or
04 for quarter 4. c More detailed explanation of the description can be attached on a separate sheet.

10. Plan for the Development and/or Change of Office Network
    This section contains a qualitative and quantitative explanation for the short-term period regarding the plan for the relocation of the head office and/or branch office address, the plan for the opening and/or closure of branch offices, and the plan for the change of office network status. The explanation of branch offices and the change of office network status is in accordance with the Financial Services Authority Regulation regarding rural banks. The preparation of the plan for the development and/or change of office network follows the format as follows:

Format 10.00
Plan for the Development and/or Change of Office Network

Type of
Plan
(Code) a
Office
Network
(Code) b
Plan
Time of
Implementation
(Code) c
Estimated
Investment/
Cost d
Location Reason and
Consideration e
District/
City
Full
Address

Notes:
a Filled with code:
1 for opening;
2 for address relocation;
3 for status upgrade;
4 for status downgrade; and/or
5 for closure. b Filled with code:
1 for head office;
2 for branch office;
3 for cash office to become branch office; and/or 4 for branch office to become cash office. c Filled with code:
01 for quarter 1;
02 for quarter 2;
03 for quarter 3; and/or
04 for quarter 4. d Filled with rupiah unit. e More detailed explanation of the description can be attached on a separate sheet.

11. Other Information
    This section contains an explanation regarding information that is estimated to affect BPR business activities, including plans to cease business activities, products, or activities that have a material impact on BPR financial performance or risk profile, including information required by legislation to be included in the Business Plan. Information required by legislation to be included in the Business Plan includes, among others:
    a. financial literacy and inclusion plans in accordance with the format regulated in the Financial Services Authority Regulation regarding the improvement of financial literacy and inclusion in the financial services sector for consumers and/or the public; b. education implementation plans in accordance with the Financial Services Authority Regulation regarding consumer protection in the financial services sector; and
    c. sustainable finance action plans in accordance with the Financial Services Authority Regulation regarding the implementation of sustainable finance for financial services institutions, issuers, and public companies.
    The preparation of other information is done by uploading a document in pdf format on Format 99.00 Other Information.

B. Approval of the Business Plan by the Board of Commissioners In accordance with the POJK on BPR and BPRS Business Plans, the Business Plan prepared by the Board of Directors must be approved by the Board of Commissioners. BPR uploads the document in pdf format on Format 99.01 Board of Commissioners Approval Sheet.

II. GUIDELINES FOR THE PREPARATION OF THE IMPLEMENTATION AND SUPERVISION REPORT OF THE BUSINESS PLAN
In accordance with the POJK on BPR and BPRS Business Plans, BPR is required to prepare the Implementation and Supervision Report of the Business Plan semi-annually. The Implementation and Supervision Report of the Business Plan is signed by the Chief Director and Chief Commissioner. In the event that there is no Chief Director and Chief Commissioner, the report is signed by one member of the Board of Directors and one member of the Board of Commissioners of the BPR. BPR uploads the document in pdf format on Format 01.00 Statement Sheet. The Implementation and Supervision Report of the Business Plan contains a qualitative explanation regarding:
a. achievement of the Business Plan in the form of a comparison between the plan and realization, and elaborating on the focus and priority of achieving the Business Plan, at least containing:

1. business strategy and policy;
2. realization of financial performance in the balance sheet, income statement, administrative account, as well as ratios and financial positions;
3. realization of fund mobilization;
4. realization of fund disbursement;
5. realization of capitalization;
6. realization of the development and procurement of information technology, and human resource development;
7. realization of the implementation of new business activities;
8. realization of the development and/or change of office network;
   and
9. realization of other information;
   b. explanation regarding the causes and obstacles of the difference between the Business Plan and the realization of the Business Plan;
   c. follow-up efforts that have been and will be carried out to improve the realization achievement of the Business Plan;
   d. results of analysis or identification and the opinion of the Board of Commissioners regarding supervision over the implementation of the Business Plan by the Board of Directors, including the results of supervision over the implementation of lending policies and lending procedures by the Board of Directors in accordance with the Financial Services Authority Regulation regarding the quality of productive assets and the provision of asset impairment allowances for rural banks; and e. supervisory steps that have been and will be taken by the Board of Commissioners in the process of supervising the Business Plan. The preparation of the Implementation and Supervision Report of the Business Plan follows the format as follows:

Format 02.00
Implementation and Supervision Report of the Business Plan

Column Code Description a. Explanation regarding the achievement of the Business Plan including the focus and priority of achieving the Business Plan at least:

1. business strategy and policy;
2. realization of financial performance
   in the balance sheet, income statement, administrative account, as well as ratios and financial positions;
3. realization of fund mobilization;
4. realization of fund disbursement;
5. realization of capitalization;
6. realization of the development and
   procurement of information technology and human resource development;
7. realization of the implementation
   of new business activities;
8. realization of the development
   and/or change of office network; and
9. realization of other information.
   b. Explanation regarding the causes and obstacles of the difference between the Business Plan and the realization of the Business Plan
   c. Follow-up efforts to
   improve the realization achievement of the Business Plan:
10. that have been done; and
11. that will be done.
    d. Results of analysis or identification and the opinion of the Board of Commissioners regarding supervision over

This copy is in accordance with the original
Legal Director 1
Legal Department signed
Mufli Asmawidjaja

Column Code Description the implementation of the Business Plan by the Board of Directors. e. Supervisory steps by the Board of Commissioners in the process of supervising the Business Plan:

1. that have been taken; and
2. that will be taken.

Determined in Jakarta on November 22, 2021
CHIEF EXECUTIVE OF BANKING SUPERVISOR
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
HERU KRISTIYANA