Financial Services Authority Circular No. 23/SEOJK.05/2020 Concerning the Business Plan of PT Permodalan Nasional Madani (Persero) — OJK — ID

To:
The Board of Directors of PT Permodalan Nasional Madani (Persero) At your location.

COPY
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 23 /SEOJK.05/2020 CONCERNING BUSINESS PLAN OF PT PERMODALAN NASIONAL MADANI (PERSERO)

In relation to 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 the Business Plan of Non-Bank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2019 Number 175, Additional State Gazette of the Republic of Indonesia Number 6392), it is necessary to regulate the scope of the business plan, the form and structure of the business plan realization report, the form and structure of the business plan supervision report, and the procedure for submitting the business plan, adjusting the business plan, changing the business plan, reporting on the realization of the business plan, and reporting on the supervision of the business plan of PT Permodalan Nasional Madani (Persero) in this Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS
In this Financial Services Authority Circular Letter, the following terms are meant:

PT Permodalan Nasional Madani (Persero), hereinafter referred to as the Company, is a company established based on Government Regulation of the Republic of Indonesia Number 38 of 1999 concerning the Participation of State Capital in the Establishment of Limited Liability Companies (Persero) in the framework of the Development of Cooperatives, Micro, Small, and Medium Enterprises.
Financing Services are activities of distributing credit and/or business capital financing for the development of cooperatives, micro, small, and medium enterprises, including program credits.
Management Services are non-financial activities consisting of training, consultation, and business assistance aimed at the development of cooperatives, micro, small, and medium enterprises.
Sharia Principles are Islamic legal provisions based on fatwas and/or statements of Sharia compliance from the National Sharia Council of the Indonesian Ulema Council.
Sharia Business Unit, hereinafter abbreviated as UUS, is a work unit of the Company's headquarters that carries out the Company's business activities based on Sharia Principles and/or functions as the parent office of offices carrying out the Company's business activities based on Sharia Principles.
Business Plan is a written document describing the Company's development and business activities plan within a certain period, as well as strategies to realize such plans according to set targets and timeframes.
Board of Directors is the board of directors as referred to in Law Number 40 of 2007 concerning Limited Liability Companies.
Board of Commissioners is the board of commissioners as referred to in Law Number 40 of 2007 concerning Limited Liability Companies.
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.
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

The Scope of the Business Plan must at least contain:
a. executive summary; b. evaluation of the implementation of the previous period's Business Plan;
c. vision, mission, and business strategy;
d. management policies and plans, including:
1. business activity plans;
2. plans for developing or expanding business activities;
3. capital plans;
4. funding plans;
5. plans for developing and/or changing the network of offices or distribution channels; and
6. plans for organizational development, human resources, and/or information technology;
  e. projected financial statements along with the assumptions used; f. projected ratios and specific items; and g. other information.
The Scope of the Business Plan as referred to in number 1 must also include a special business plan for UUS which is an integral part of the Business Plan.
The Executive Summary as referred to in number 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, containing among others:
a. plans and strategic steps to be taken by the Company in the short term period of 1 (one) year, medium term period of 3 (three) years, and long term period of 5 (five) years; b. key financial indicators; and
c. description of short-term targets for the 1 (one) year period.
The Executive Summary as referred to in number 3 is prepared according to Format 1 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Evaluation of the implementation of the previous period's Business Plan as referred to in number 1 letter b contains explanations regarding:
a. main points of the realization of the previous period's Business Plan; b. obstacles and problems faced in the previous period; and
c. measures taken to overcome such obstacles and problems.
The Evaluation of the implementation of the previous period's Business Plan as referred to in number 5 is prepared according to Format 2 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Vision, Mission, and Business Strategy as referred to in number 1 letter c contains explanations 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 goals; and
c. business strategy which is the Company's strategy and policy direction in facing business competition and social dynamics in the future. The Company may use relevant strategic planning analysis methods.
The Vision, Mission, and Business Strategy as referred to in number 7 is prepared according to Format 3 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Business Activity Plans as referred to in number 1 letter d number 1) contain explanations regarding plans for distributing business activities which at least include:
a. plans for distributing Financing Services; and b. plans for distributing Management Services.
The Business Activity Plan as referred to in number 9 is prepared according to Format 4 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Plans for developing or expanding business activities as referred to in number 1 letter d number 2) at least include other business activities to support the implementation of Financing Services and Management Services activities based on approval from the Financial Services Authority.
The Plan for developing or expanding business activities as referred to in number 11 is prepared according to Format 5 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Capital Plans as referred to in number 1 letter d number 3) at least include:
a. capital projections; b. capital change plans; and
c. capital ratio fulfillment plans.
The Capital Plan as referred to in number 13 is prepared according to Format 6 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Funding Plans as referred to in number 1 letter d number 4) at least include:
a. funding plans based on funding sources; and b. funding plans based on funding contracts, for UUS.
The Funding Plan as referred to in number 15 is prepared according to Format 7 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Plans for developing and/or changing the network of offices or distribution channels as referred to in number 1 letter d number 5) at least include:
a. plans for opening branches of Micro Capital Service Units (ULaMM), ULaMM units, and Mekaar Family Welfare Economy Building branches, including branch offices or UUS offices; and b. plans for closing ULaMM branch offices, ULaMM unit offices, and Mekaar Branch Offices, including branch offices or UUS offices.
The Plan for developing and/or changing the network of offices or distribution channels as referred to in number 17 is prepared according to Format 8 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Plans for organizational development, human resources, and/or information technology as referred to in number 1 letter d number 6) at least include:
a. organizational development plans, including:
1) plans for forming work units/divisions;
2) plans for changing work units/divisions; and
3) plans for forming committees;
b. human resource development plans, including:
1) human resource fulfillment plans:
a) recruitment plans; b) plans for appointment and dismissal of employees; c) plans for using consultants and/or advisors; and d) plans for using contract workers;
2) human resource education and training plans:
a) plans for human resource education and training needs; and b) plans for human resource education and training costs/budgets;
3) plans for using foreign workers; and
4) plans for utilizing outsourced labor; and
c. information technology development plans, which are fundamental plans for developing and procuring information technology, including information on information technology development and maintenance costs, including among others:
1) significant changes to the Company's information technology configuration and/or core applications;
2) procurement of new core applications;
3) cooperation with information technology service providers; and
4) other fundamental information technology development and procurement that can add and/or increase the Company's risk.
The Plan for organizational development, human resources, and/or information technology as referred to in number 19 is prepared according to Format 9 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Projected financial statements along with the assumptions used as referred to in number 1 letter e at least include:
a. assumptions used in preparing the projected financial statements, including:
1) macro assumptions including gross domestic product growth, exchange rates, inflation rates, reference interest rates, and per capita income; and
2) micro assumptions including Financing Services growth, funding growth, funding interest/yield rates, Financing Services interest/yield rates, and problematic Financing Services receivables ratios; and
b. information regarding the Company's financial condition, including:
1) projected balance sheets;
2) projected comprehensive income statements;
3) projected cash flow statements; and
4) projected administrative accounts.
The Projected financial statements along with the assumptions used as referred to in number 21 is prepared according to Format 10 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
Projected ratios and specific items as referred to in number 1 letter f is prepared according to Format 11 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
The Business Plan containing:
a. key financial indicators as referred to in number 3 letter b; b. business activity plans as referred to in number 9;
c. capital ratio fulfillment plans as referred to in number 13 letter c;
d. funding plans as referred to in number 15; e. projected financial statements along with the assumptions used as referred to in number 21; and f. projected ratios and specific items as referred to in number 23, is 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 for the next 1 (one) year presented semi-annually; and
4) in full Indonesian Rupiah.
Other information as referred to in number 1 letter g at least includes:
a. direct participation plans; b. business cessation plans; and
c. UUS closure plans.
The Direct Participation Plan as referred to in number 25 letter a is prepared according to Format 12 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
The Business Cessation Plan as referred to in number 25 letter b is prepared according to Format 13 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
The UUS Closure Plan as referred to in number 25 letter c is prepared according to Format 14 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
The Business Plan containing:
a. business activity plans as referred to in number 1 letter d number 1); b. plans for developing or expanding business activities as referred to in number 1 letter d number 2);
c. capital plans as referred to in number 1 letter d number 3);
d. funding plans as referred to in number 1 letter d number 4); e. plans for developing and/or changing the network of offices or distribution channels as referred to in number 1 letter d number 5); f. plans for organizational development, human resources, and/or information technology as referred to in number 1 letter d number 6); g. direct participation plans as referred to in number 25 letter a; h. business cessation plans as referred to in number 25 letter b; and
i. UUS closure plans as referred to in number 25 letter c,
also contains descriptions regarding:
1) reasons or considerations used in preparing such plans; and
2) the Company's strategies to realize such plans.
In the event 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. FORM AND STRUCTURE OF BUSINESS PLAN REALIZATION REPORT AND BUSINESS PLAN SUPERVISION REPORT

The Business Plan Realization Report includes:
a. explanations regarding Business Plan achievement, namely comparisons between plans and the realization of the Business Plan; b. explanations regarding deviations in the realization of the Business Plan, namely explanations regarding causes and obstacles causing deviations between plans and the realization of the Business Plan;
c. follow-up actions on Business Plan achievement, 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 the Business Plan Realization Report as referred to in letters a through d.
The Business Plan Realization Report must also include a special realization report for UUS which is an integral part of the Business Plan Realization Report.
The Business Plan Realization Report must be signed by members of the Board of Directors.
The Business Plan Realization Report is prepared according to Format 15 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.
The Business Plan Supervision Report at least contains 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.
The Business Plan Supervision Report must also include a special supervision report for UUS which is an integral part of the Business Plan Supervision Report.
The Business Plan Supervision Report must be signed by members of the Board of Commissioners.
The Business Plan Supervision Report is prepared according to Format 16 as contained in the Appendix which is an inseparable part of this Financial Services Authority Circular Letter.

IV. PROCEDURE FOR SUBMITTING BUSINESS PLAN, ADJUSTING BUSINESS PLAN, CHANGING BUSINESS PLAN, BUSINESS PLAN REALIZATION REPORT, AND BUSINESS PLAN SUPERVISION REPORT

The Company must submit the Business Plan, adjusted Business Plan, changed Business Plan, Business Plan Realization Report, and Business Plan Supervision Report to the Financial Services Authority online through the Financial Services Authority data communication network system.
The Company is required to ensure that the Business Plan submitted online as referred to in number 1 is correct and identical to the printed (hardcopy) document of the Business Plan.
In the event the Financial Services Authority data communication network system as referred to in number 1 is not yet available or experiences technical disturbances, the submission of the Business Plan, adjusted Business Plan, changed Business Plan, Business Plan Realization Report, and Business Plan Supervision Report is submitted to the Financial Services Authority offline by:
a. being handed over directly; or b. sent through a courier service company.
In the event of technical disturbances as referred to in number 3, the Financial Services Authority announces through the Financial Services Authority website.
Submission of reports offline as referred to in number 3 must be submitted in electronic data (softcopy) form using media such as compact disc (CD) or other electronic data storage media.
Submission of reports as referred to in number 5 must be accompanied by a cover letter in printed (hardcopy) form signed by the Board of Directors.
Submission of cover letters and the Business Plan, adjusted Business Plan, changed Business Plan, Business Plan Realization Report, and Business Plan Supervision Report offline as referred to in number 3 is addressed to:
Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Service Institution Supervision Financial Services Authority Attention:
1) Director of Special Financial Institution Supervision; and
2) Director of Sharia IKNB,
Wisma Mulia 2 Building, 15th Floor
Jalan Jenderal Gatot Subroto Kav. 40 Jakarta 12710.

This copy is consistent with the original
Director of Legal Affairs 1
Legal Department signed
Mufli Asmawidjaja

In the event of a change in the address of the Financial Services Authority office for report submission as referred to in number 7, the Financial Services Authority conveys notification regarding the address change via letter or announcement.
The Company is deemed to have submitted the Business Plan, adjusted Business Plan, changed Business Plan, Business Plan Realization Report, and Business Plan Supervision Report with the following conditions:
a. for online submission through the Financial Services Authority data communication network system, proven by a receipt from the Financial Services Authority data communication network system; or b. for offline submission, proven by a receipt from the Financial Services Authority.

V. CLOSING
Provisions in this Financial Services Authority Circular Letter shall take effect from the date of determination.

Determined in Jakarta on December 10, 2020
EXECUTIVE HEAD OF INSURANCE, PENSION FUND,
FINANCING INSTITUTION, AND
OTHER FINANCIAL SERVICE INSTITUTION SUPERVISION FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed RISWINANDI

APPENDIX
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 23 /SEOJK.05/2020 CONCERNING BUSINESS PLAN OF PT PERMODALAN NASIONAL MADANI (PERSERO)

TABLE OF CONTENTS
BUSINESS PLAN FORMAT
PT PERMODALAN NASIONAL MADANI (PERSERO)
Format 1: Executive Summary 2
Format 2: Evaluation of Previous Period Business Plan Implementation 5 Format 3: Vision, Mission, and Business Strategy 6 Format 4: Business Activity Plan 7 Format 5: Plan for Developing or Expanding Business Activities 10 Format 6: Capital Plan 11 Format 7: Funding Plan 14 Format 8: Plan for Developing and/or Changing Office Network or Distribution Channels 17 Format 9: Plan for Organizational, Human Resources, and/or Information Technology Development 18 Format 10: Projected Financial Statements Along with Assumptions Used 24 Format 11: Projected Ratios and Specific Items 31 Format 12: Direct Participation Plan 32 Format 13: Business Cessation Plan 33 Format 14: UUS Closure Plan 34 Format 15: Business Plan Realization Report 35 Format 16: Business Plan Supervision Report 36

Format 1: Executive Summary
1. Short-Term Strategic Plans and Steps for 1 (One) Year Period
a. ......
b. ......
c. etc.
2. Medium-Term Strategic Plans and Steps for 3 (Three) Year Period
a. ......
b. ......
c. etc.
3. Long-Term Strategic Plans and Steps for 5 (Five) Year Period
a. ......
b. ......
c. etc.

4. Key Financial Indicators
a. Key Financial Indicator Format for the Company No. Financial Indicator Actual Sep X-1 Projection Dec X-1 June X Dec X
1. Business Revenue
2. Business Expenses
3. Net Profit
4. Total Assets
5. Total Liabilities
6. Total Equity
7. Return On Equity (ROE)
8. Return On Asset (ROA)
9. Profit Margin
10. Operational Expense to Operational Income Ratio (BOPO)
11. Current Ratio
12. Financing to Asset Ratio
13. Gearing Ratio
14. Micro Financing Ratio
15. Non Performing Loan

Note:
X-1 Year of report preparation.
X Year of business plan position.
ROE Comparison between net profit or net loss after tax annualized against average total equity.
ROA Comparison between profit or loss before tax annualized against average total assets.
Profit Margin Comparison between profit or loss before tax against business revenue related to financing distribution activities. BOPO Ratio Comparison between operational expenses against operational income. Current Ratio Comparison between current assets against current liabilities. Financing to Asset Ratio Comparison of outstanding financing value distributed based on position balance with the Company's total assets. Gearing Ratio Comparison of borrowed funds minus cash and cash equivalents with the Company's equity. Micro Financing Ratio Comparison of new financing value to micro business debtors compared with total new financing in the same year. Non Performing Loan Comparison of problematic credit value (collectibility less regular, doubtful, and bad) after deducting provisions for financing receivable write-offs compared with total financing.

b. Description of the Company's Financial Condition (filled with descriptions of the Company's financial condition along with projections reflected in key financial indicators)

Description of Short-Term Targets for 1 (One) Year Period
(filled with descriptions of short-term targets for the 1 (one) year period)

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

Format 3: Vision, Mission, and Business Strategy

Company Vision
...................................................................................................................
...................................................................................................................
Company Mission
...................................................................................................................
...................................................................................................................
Company Business Strategy
(filled with an explanation regarding the analysis of the Company's position in facing business competition and social dynamics in the future (may use relevant strategic planning analysis methods such as SWOT, Porter Five Forces, or other analyses), the Company's policy direction, and business development strategies)

Format 4: Business Activity Plan

Table of Business Activity Disbursement Plan

Usage Type	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
A. Disbursement Plan for Financing Services
1. Disbursement Plan for New Financing Services:
a. PNM ULaMM
b. PNM Mekaar
c. Other Financing
Total Disbursement Plan for New Financing Services
2. Outstanding Balance of Financing Services (Outstanding Principal):
a. PNM ULaMM
b. PNM Mekaar
c. Other Financing
Total Outstanding Balance of Financing Services (Outstanding Principal)
B. Disbursement Plan for Management Services
Total Disbursement Plan for Management Services

Note:
X-1 Year of report preparation.
X Year of business plan position.

Table of Business Activity Disbursement Plan for Sharia

Usage Type	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
A. Disbursement Plan for Sharia Financing Services
1. Disbursement Plan for New Sharia Financing Services:
a. PNM UlaMM Sharia
1) Murabahah Contract
2) etc.
b. PNM Mekaar Sharia
1) Murabahah Contract
2) etc.
c. Other Sharia Financing
Total Disbursement Plan for New Sharia Financing Services
2. Outstanding Balance of Sharia Financing Services (Outstanding Principal):
a. PNM UlaMM Sharia
1) Murabahah Contract
2) etc.
b. PNM Mekaar Sharia
1) Murabahah Contract
2) etc.
c. Other Sharia Financing
Total Outstanding Balance of Sharia Financing Services (Outstanding Principal)
B. Disbursement Plan for Management Services
Total Disbursement Plan for Management Services

Note:
X-1 Year of report preparation.
X Year of business plan position.

Reasons and Considerations
(filled with reasons/considerations in preparing the business activity disbursement plan)
Strategy
(filled with strategies to realize the business activity disbursement plan)

Format 5: Plan for Business Development or Expansion

Table of Business Development or Expansion Plan*)

No.	Type of Business Activity	General Description of Business Activity	Time of Implementation of Business Activity	Objective of Business Activity	Linkage of Business Activity with Company Business Strategy	Risks over Implementation of Business Activity	Mitigation of Risks over Implementation of Business Activity
1.
2.
3.
4.
5.

Note:
*) Including for the expansion of Sharia business activities ) More detailed explanations/descriptions can be attached in a separate sheet.
2. Reasons and Considerations
(filled with reasons/considerations in preparing the business development or expansion plan)
3. Strategy
(filled with strategies to realize the business development or expansion plan)

Format 6: Capital Plan

Capital Projection

Description	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
Initial Paid-up Capital
Capital Addition
Total Paid-up Capital
Retained Earnings
Total Equity

Note:
X-1 Year of report preparation.
X Year of business plan position.
2. Capital Change Plan
a. Description Regarding Capital Change Plan
(filled with the capital change plan accompanied by the nominal amount plan and the implementation time plan for the aforementioned capital change) b. Reasons and Considerations (filled with reasons/considerations in preparing the capital change plan)
c. Strategy
(filled with strategies to realize the capital change plan)
3. Capital Ratio Fulfillment Plan
a. Table of Capital Ratio Fulfillment Plan

Capital Component	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
1. Total Loans
2. Cash and Cash Equivalents
3. Equity
4. Capital Ratio

Note:
X-1 Year of report preparation.
X Year of business plan position. b. Reasons and Considerations (filled with reasons/considerations in preparing the capital ratio fulfillment plan)
c. Strategy
(filled with strategies to realize the capital ratio fulfillment plan)

Format 7: Financing Plan

Financing Plan based on Financing Sources
a. Table of Financing Plan based on Financing Sources for the Company

Type of Financing	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
A. New Financing Receipts:
1. Loans from government institutions
2. Loans from banks
3. Bond issuance
4. Sukuk issuance
5. MTN issuance
6. Others
Total New Financing Receipts
B. Outstanding Financing Receipts Balance (Outstanding):
1. Loans from government institutions
2. Loans from banks
3. Bond issuance
4. Sukuk issuance
5. MTN issuance
6. Others
Total Outstanding Financing Receipts Balance (Outstanding)

b. Reasons and Considerations
(filled with reasons/considerations in preparing the financing plan based on financing sources)
c. Strategy
(filled with strategies to realize the financing plan based on financing sources)
2. Financing Plan based on Financing Contracts for UUS
a. Table of Financing Plan based on Financing Contracts

Type of Financing	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
A. New Financing Receipts:
1. Financing from Government Institutions
a. Mudharabah Contract
b. etc.
2. Financing from banks
a. Mudharabah Contract
b. etc.
3. Sukuk Financing through public offering
4. Sukuk Financing without public offering
5. Other Financing
B. Outstanding Financing Receipts Balance (Outstanding):
1. Financing from Government Institutions
a. Mudharabah Contract
b. etc.
2. Financing from banks
a. Mudharabah Contract
b. etc.
3. Sukuk Financing through public offering
4. Sukuk Financing without public offering
5. Other Financing

b. Reasons and Considerations
(filled with reasons/considerations in preparing the financing plan based on contracts)
c. Strategy
(filled with strategies to realize the financing plan based on contracts)

Format 8: Plan for Network Development and/or Changes in Office Branches or Distribution Channels

Type of Office	Time of Implementation 1)	Number of Locations 2)	Notes 3)
OPENING:
1. ULaMM Branch Office
a. ULaMM
b. UlaMM Sharia
2. ULaMM Unit Office
a. ULaMM
b. ULaMM Sharia
3. Mekaar Branch Office
a. Mekaar
b. Mekaar Sharia
CLOSING:
1. ULaMM Branch Office
a. ULaMM
b. UlaMM Sharia
2. ULaMM Unit Office
a. ULaMM
b. ULaMM Sharia
3. Mekaar Branch Office
a. Mekaar
b. Mekaar Sharia

Note:
1) Filled with the month of the planned implementation time.
2) For locations in the DKI Jakarta region, at least the name of the DKI Jakarta province must be mentioned. For locations outside the DKI Jakarta region, at least the name of the Regency/City must be included.
3) Detailed notes can be attached in a separate sheet.

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

Organizational Development Plan
a. Description Regarding 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 preparing the organizational development plan)
c. Strategy
(filled with strategies to realize the organizational development plan)
Human Resources Development Plan
a. Human Resources Fulfillment Plan
1) Description Regarding Human Resources Fulfillment Plan
(filled with an explanation regarding the plan for employee recruitment, appointment, and dismissal, use of consultants or advisors, and use of Company contract workers)
2) Reasons and Considerations
(filled with reasons/considerations in preparing the human resources fulfillment plan)
3) Strategy
(filled with strategies to realize the human resources fulfillment plan)

b. Human Resources Education and Training Plan
1) Table of Human Resources Education and Training Plan

No.	Training Material 1)	Training Method 2)	Estimated Training Time 3)	Training Duration 4)	Location	Speaker/Training Institution	Total Participants	Training Cost
1.

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.
2) Reasons and Considerations
(filled with reasons/considerations in preparing the human resources education and training plan)
3) Strategy
(filled with strategies to realize the human resources education and training plan)

c. Foreign Manpower Utilization Plan
1) Table of Foreign Manpower Utilization Plan

No.	Name of Foreign Manpower (if any) / Number of Foreign Manpower	Position/Job Title	Field of Work	Assignment Duration	Name of Companion Manpower	Planned Knowledge Transfer Program	Reason *)
1.
2.
3.
...

Note:
*) Filled with the reason for using foreign manpower and the reason why Indonesian manpower is not/has not been used.
2) Reasons and Considerations
(filled with reasons/considerations in preparing the foreign manpower utilization plan)
3) Strategy
(filled with strategies to realize the foreign manpower utilization plan)

d. Outsourced Manpower Utilization Plan
1) Table of Outsourced Manpower Utilization Plan

No.	Field	Task	Reason for Outsourced Manpower Utilization	Number of Outsourced Manpower	Name of Outsourced Manpower Provider Company (if any)	Duration of Agreement with the Outsourced Manpower Company
1.
2.
3.
...

2) Reasons and Considerations
(filled with reasons/considerations in preparing the outsourced manpower utilization plan)
3) Strategy
(filled with strategies to realize the outsourced manpower utilization plan)

Information Technology Development Plan
a. Description Regarding Fundamental Information Technology Development and Procurement, Including Information on Information Technology Development and Maintenance Costs (filled with plans 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 estimated information technology development costs must be filled in) b. Reasons and Considerations (filled with reasons/considerations in preparing the fundamental information technology development and procurement plan)
c. Strategy
(filled with strategies to realize the fundamental information technology development and procurement plan)

Format 10: Financial Report Projections and Assumptions Used

Macro and Micro Assumptions Used

Assumption	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
Macro Assumptions 1):
1. Gross Domestic Product Growth (%)
2. Exchange Rate
3. Inflation Rate (%)
4. Reference Interest Rate (%)
5. Per Capita Income
6. Others, detailed by type of assumption 2)
Micro Assumptions:
1. Financing Services Growth (%)
2. Financing Growth (%)
3. Financing Interest/Return Rate (%)
4. Financing Services Interest/Return Rate (%)
5. Problematic Financing Services Receivables Ratio (%)
6. Others, detailed by type of assumption 3)

Note:
X-1 Year of report preparation.
X Year of business plan position.
1) In case semester-specific assumptions are not available, annual assumptions may be used, accompanied by an explanation regarding the source institution serving as the basis for the macro assumptions used.
2) Other macro assumptions, such as export growth, import growth, and MSME actor growth.
3) Other micro assumptions, such as the Company's share of the industry or management services growth.

Information Regarding the Company's Financial Condition
a. Company Financial Position Report Projections
1) Company Financial Position Report Projections*)

Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
1. Cash and Cash Equivalents
2. Current Assets
3. Loans Given
4. Financing Capital
5. Management Services Receivables
6. Fixed Assets
7. Other Assets
Total Assets
LIABILITIES
Total Liabilities
EQUITY
Total Equity
Total Liabilities and Equity

Note:
X-1 Year of report preparation.
X Year of business plan position.
*) Contains projections of the financial position reports of the company conducted conventionally and on Sharia Principles.

2) UUS Financial Position Report Projections*)

Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
ASSETS
1. Cash and Cash Equivalents
2. Current Assets
3. Financing Given
4. Financing Capital
5. Management Services Receivables
6. Fixed Assets
7. Other Assets
Total Assets
LIABILITIES
Total Liabilities
EQUITY
Total Equity
Total Liabilities and Equity

Note:
X-1 Year of report preparation.
X Year of business plan position.
*) Contains projections of the financial position reports for UUS only.

b. Company Comprehensive Income Statement Projections
1) Company Comprehensive Income Statement Projections*)

Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
Business Revenue
Business Expenses
Business Profit (Loss)
Other Income (Expenses)
Profit Before Income Tax
Net Profit

Note:
X-1 Year of report preparation.
X Year of business plan position.
*) Contains projections of the comprehensive income statement of the company conducted conventionally and on Sharia Principles.

2) UUS Comprehensive Income Statement Projections*)

Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
Business Revenue
Business Expenses
Business Profit (Loss)
Other Income (Expenses)
Profit Before Income Tax
Net Profit

Note:
X-1 Year of report preparation.
X Year of business plan position.
*) Contains projections of the comprehensive income statement for UUS only.

c. Company Cash Flow Statement Projections
1) Company Cash Flow Statement Projections*)

Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
A. Net Cash Flow from Operating Activities
1. Cash Inflow from Operating Activities
2. Cash Outflow for Operating Activities
B. Net Cash Flow from Investing Activities
1. Cash Inflow from Investing Activities
2. Cash Outflow for Investing Activities
C. Net Cash Flow from Financing Activities
1. Cash Inflow from Financing Activities
2. Cash Outflow from Financing Activities
D. Net Increase (Decrease) in Cash and Cash Equivalents
E. Cash and Cash Equivalents at the Beginning of the Period
F. Cash and Cash Equivalents at the End of the Period

Note:
X-1 Year of report preparation.
X Year of business plan position.
*) Contains projections of the cash flow statement of the company conducted conventionally and on Sharia Principles.

2) UUS Cash Flow Statement Projections*)

Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
A. Net Cash Flow from Operating Activities
1. Cash Inflow from Operating Activities
2. Cash Outflow for Operating Activities
B. Net Cash Flow from Investing Activities
1. Cash Inflow from Investing Activities
2. Cash Outflow for Investing Activities
C. Net Cash Flow from Financing Activities
1. Cash Inflow from Financing Activities
2. Cash Outflow from Financing Activities
D. Net Increase (Decrease) in Cash and Cash Equivalents
E. Cash and Cash Equivalents at the Beginning of the Period
F. Cash and Cash Equivalents at the End of the Period

Note:
X-1 Year of report preparation.
X Year of business plan position.
*) Contains projections of the cash flow statement of the company conducted for UUS only.

d. Administrative Account Projections

Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
Commitment Invoices
Commitment Obligations
Others

Format 11: Projections of Ratios and Specific Items

Projections of Ratios and Specific Items for the Company*)

Ratios and Specific Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
1. Gearing Ratio (times)
2. Financing to Asset Ratio (%)
3. NPL Gross (%)
4. NPL Netto (%)
5. ROE (%)
6. ROA (%)
7. BOPO (%)
8. Current Ratio (%)
9. Base Credit Interest Rate (%)

Note:
X-1 Year of report preparation.
X Year of business plan position.
*) Contains projections of ratios and specific items of the company conducted conventionally and on Sharia Principles.

Projections of Ratios and Specific Items for UUS*)

Ratios and Specific Items	Actual Sept X-1	Projection Dec X-1	Projection Jun X	Projection Dec X
1. UUS Gearing Ratio (times)
2. UUS Financing to Asset Ratio (%)
3. Sharia NPF Gross (%)
4. Sharia NPF Netto (%)
5. Liquidity Ratio

Note:
X-1 Year of report preparation.
X Year of business plan position.
*) Contains projections of ratios and specific items for UUS only.

Format 12: Direct Participation Plan

Details of Direct Participation Plan

Name of Subsidiary Company	Actual Sep X-1	Projection Dec X-1	Projection Jun X	Projection Dec X

Reasons and Considerations
(filled with reasons/considerations for direct participation)
Strategy
(filled with direct participation strategy)

Format 13: Business Cessation Plan

Explanation
(filled with an explanation regarding the business cessation plan, including the reasons for business cessation)
Reasons and Considerations
(filled with reasons/considerations for business cessation)
Strategy
(filled with business cessation strategy)

Format 14: UUS Closure Plan

Information regarding the UUS closure plan:
(filled with information regarding the UUS closure plan)
Reasons and Considerations
(filled with reasons/considerations for UUS closure)
Strategy
(filled with UUS closure strategy)

Format 15: Business Plan Realization Report a. Filled with an explanation regarding the achievement of the Business Plan, including the achievement of the Business Plan and the comparison of the plan and its realization, which must at least include:
1) realization of the business activity plan as referred to in Format 4;
2) realization of the business development or expansion plan as referred to in Format 5;
3) realization of the financing plan as referred to in Format 7;
4) realization of the organizational, human resources, and/or information technology development plan as referred to in Format 9; and
5) realization of the financial report projections and 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 measures that have been and will be taken 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 the comparison of the plan and its realization, which must at least include:
1) realization of the capital plan as referred to in Format 6;
2) realization of the network development and/or changes in office branches or distribution channels plan as referred to in Format 8;
3) realization of the direct participation plan as referred to in Format 12;
4) realization of the business cessation plan so that it is no longer a company as referred to in Format 13; and
5) realization of the UUS closure plan as referred to in Format 14.

Acknowledged by:
Board of Directors: (signature and full name)
Board of Directors: (signature and full name) and so on... and so on...

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

Format 16: 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, assessment of good corporate governance factors, risk profile, profitability, and capital, as well as efforts to improve the Company's performance, if according to the assessment there is a decline in the Company's performance.

Approved by:
Board of Commissioners: (signature and full name) Board of Commissioners: (signature and full name) and so on... and so on...

Established in Jakarta on December 10, 2020
HEAD OF EXECUTIVE SUPERVISOR FOR INSURANCE, PENSION FUNDS, FINANCING INSTITUTIONS, AND OTHER FINANCIAL SERVICE INSTITUTIONS FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed RISWINANDI

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