Implementation of Electronic Public Offering of Debt Securities and/or Sukuk

COPY
REGULATION OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
NUMBER 11 OF 2026
CONCERNING
IMPLEMENTATION OF PUBLIC OFFERING OF DEBT SECURITIES AND/OR SUKUK ELECTRONICALLY BY THE GRACE OF GOD ALMIGHTY THE MEMBER OF THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: a. that to implement the mandate of Article 33 paragraph (3),
Article 39 paragraph (4), Article 42, Article 45 paragraph (2), Article 49 paragraph
(3), Article 51 paragraph (3), Article 52 paragraph (2), and Article 59 Financial Services Authority Regulation Number 41/POJK.04/2020 concerning the Implementation of Public Offering Activities of Equity Securities, Debt Securities, and/or Sukuk Electronically, it is necessary to regulate its implementing provisions; b. that based on the considerations as referred to in letter a, it is necessary to stipulate the Regulation of the Member of the Board of Commissioners of the Financial Services Authority concerning the Implementation of Public Offering of Debt Securities and/or Sukuk Electronically; Recalling: 1. Law Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Year 1995 Number 64, Supplement to the State Gazette of the Republic of Indonesia Number 3608) as last amended by Law Number 4 of 2026 concerning Amendments to Law No. 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
2. Law Number 21 of 2011 concerning the Financial Services Authority
(State Gazette of the Republic of Indonesia
Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2026 concerning Amendments to Law No. 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2026 Number 62, Supplement to the State Gazette of the Republic of Indonesia Number 7180);
3. Financial Services Authority Regulation Number
41/POJK.04/2020 concerning the Implementation of Public Offering Activities of Equity Securities, Debt Securities, and/or Sukuk Electronically (State Gazette of the Republic of Indonesia Year 2020 Number 156, Supplement to the State Gazette of the Republic of Indonesia Number 6531); DECIDES:
Stipulates: THE REGULATION OF THE MEMBER OF THE BOARD OF COMMISSIONERS CONCERNING THE IMPLEMENTATION OF PUBLIC OFFERING OF DEBT SECURITIES AND/OR SUKUK ELECTRONICALLY
Article 1
The provisions regarding the Implementation of Public Offering of Debt Securities and/or Sukuk Electronically as contained in the Appendix which is an integral part of this Regulation of the Member of the Board of Commissioners of the Financial Services Authority.
Article 2
(1) The Financial Services Authority may make adjustments to the values, limits, and/or percentages related to:
a. order units for debt securities and/or
Sukuk; b. percentage limits on the offering value of debt securities and/or Sukuk to investors in Centralized Allotment;
c. ratings of debt securities and/or Sukuk that
must be offered to investors in Centralized Allotment; and/or d. comparison of the allocation of Securities in Retail Centralized Allotment and non-retail Centralized Allotment, as contained in the Appendix which is an integral part of this Regulation of the Member of the Board of Commissioners of the Financial Services Authority. (2) Adjustments as referred to in paragraph (1) are stipulated by the Financial Services Authority through the Decision of the Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision. This copy is in accordance with the original Head of Legal Department Legal Department signed Mufli Asmawidjaja
Article 3
This Regulation of the Member of the Board of Commissioners of the Financial Services Authority shall come into force 1 (one) year from the date of stipulation.
Stipulated in Jakarta on September 21, 2026
CHIEF EXECUTIVE OF CAPITAL MARKET,
DERIVATIVE FINANCE, AND CARBON EXCHANGE
SUPERVISION
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
HASAN FAWZI

APPENDIX
REGULATION OF THE MEMBER OF THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 11 OF 2026 CONCERNING IMPLEMENTATION OF PUBLIC OFFERING OF DEBT SECURITIES AND/OR SUKUK ELECTRONICALLY

I. GENERAL PROVISIONS
In this Regulation of the Member of the Board of Commissioners of the Financial Services Authority, the following terms shall mean:

1. Public Offering is the activity of offering securities carried out
   by an issuer to sell securities to the public based on the procedures regulated in the Law concerning the capital market and its implementing regulations.
2. Securities are valuable papers or investment contracts, both in conventional and digital forms or other forms in accordance with technological developments, that grant the owner the right to directly or indirectly obtain economic benefits from the issuer or from certain parties based on an agreement, and any derivatives of Securities, which can be transferred and/or traded in the capital market.
3. Sukuk are sharia-compliant securities in the form of certificates or proof of ownership of equal value representing an inseparable or undivided share (syuyu’/undivided share) in the underlying assets.
4. Party is an individual, legal entity, company, joint venture, association, or organized group.
5. Issuer is a Party conducting a Public Offering.
6. Electronic Public Offering System is an information technology system and/or means used to carry out activities in a Public Offering.
7. Electronic Public Offering System Provider, hereinafter referred to as System Provider, is a Party appointed by the Financial Services Authority to provide and manage the Electronic Public Offering System.
8. Electronic Public Offering System Participant, hereinafter referred to as System Participant, is a Securities Company that has obtained a business license from the Financial Services Authority or another Party approved by the Financial Services Authority and has the right to use the Electronic Public Offering System.
9. Electronic Public Offering System Admin Participant, hereinafter referred to as Admin Participant, is a System Participant that has a license as a securities underwriter and is appointed by the Issuer as the Party responsible for the use of the Electronic Public Offering System.
10. Initial Offering of Debt Securities and/or Sukuk is an invitation, either directly or indirectly, using an initial prospectus, which among other things aims to ascertain the interest of potential buyers in the Securities to be offered, the estimated offering price of the Securities, securities underwriting, issue value, interest rate or yield, and/or other matters stipulated for debt securities and/or Sukuk.
11. Retail Investor is a Party who expresses interest in the Securities to be offered and/or submits an order for the Securities offered with a value of at most Rp100,000,000.00 (one hundred million rupiah).
12. Firm Allotment is a securities allotment mechanism carried out by providing an allocation of Securities to the subscriber in accordance with the amount of the Securities order.
13. Centralized Allotment is a securities allotment mechanism carried out by collecting all securities orders and then allotting them according to procedure.
14. Retail Centralized Allotment is an allotment that is part of Centralized Allotment carried out for Retail Investors.
15. Stock Exchange is a market organizer in the capital market for exchange transactions.
16. Clearing and Guarantee Institution is a Party that provides clearing and/or guarantee services for the settlement of securities transactions carried out through market organizers in the capital market, as well as other services that can be applied to support inter-market activities.
17. Depository and Settlement Institution is a Party that:
    a. organizes central custodian activities for custodian banks, securities companies, and other Parties; and b. provides other services that can be applied to support inter-market activities.
18. Clearing Member is an institution that meets the provisions and requirements of the Clearing and Guarantee Institution in the capital market to obtain clearing and/or guarantee services for the settlement of securities transactions carried out through market organizers in the capital market.
19. Securities Underwriter is a Party that enters into a contract with an Issuer to underwrite the Public Offering of the Issuer's Securities with or without the obligation to purchase unsold Securities.
20. Securities Broker-Dealer is a Party that conducts business activities of buying and selling Securities for its own interest or the interest of other Parties.
21. Securities Company is a Party that conducts activities as a Securities Underwriter and/or Securities Broker-Dealer or investment manager.
22. Custodian Bank is a general bank that has obtained approval from the Financial Services Authority to conduct business activities as a custodian.
23. Customer Fund Account, hereinafter abbreviated as RDN, is a fund account in the name of a customer at a bank appointed by the Depository and Settlement Institution in accordance with laws and regulations, administered by a Securities Broker-Dealer based on authorization or instruction from the customer.
24. Guarantee Account is a Securities account of a Clearing Member at the Depository and Settlement Institution for placing collateral in the form of Securities and/or funds that can be used by the Clearing and Guarantee Institution to settle exchange transactions and/or to settle the obligations of that Clearing Member to the Clearing and Guarantee Institution.
25. Securities Sub-account, hereinafter abbreviated as SRE, is a Securities account for each customer recorded in the participant's Securities account at the Depository and Settlement Institution.
26. Guarantee Securities Sub-account is an SRE used by a clearing member customer to place collateral in the form of Securities and/or funds that can be used by the Clearing and Guarantee Institution to settle exchange transactions and/or settle the obligations of the clearing member customer.
27. Know Your Customer Principle Administration Service, hereinafter abbreviated as LAPMN, is a centralized data and document storage service for prospective customers and/or LAPMN user customers that can be used to support the implementation of customer due diligence and/or enhanced due diligence by LAPMN users.

II. APPLICATION OF ELECTRONIC PUBLIC OFFERING SYSTEM AND CRITERIA FOR ELECTRONIC PUBLIC OFFERING OF DEBT SECURITIES AND/OR SUKUK

1. Issuers conducting a Public Offering of debt securities and/or Sukuk must use the Electronic Public Offering System, if:
   a. the offering of debt securities and/or Sukuk is carried out using the services of a Securities Underwriter; and b. the debt securities and/or Sukuk are listed on the Stock Exchange.
2. The Public Offering of debt securities and/or Sukuk as referred to in number 1 includes:
   a. Public Offering of debt securities and/or Sukuk; b. Continuous Public Offering of debt securities and/or Sukuk;
   c. Public Offering of debt securities and/or Sukuk in denominations other than rupiah;
   d. Public Offering of Debt Securities and/or Sukuk to professional investors; e. Public Offering of debt securities and/or Sukuk based on sustainability; and f. Public Offering of regional bonds and/or regional Sukuk.
   III. PROVISION OF ORDER FUNDS
3. Investors must provide funds equal to the order value in an RDN or a Securities account in the investor's name provided by the Depository and Settlement Institution.
4. Investors, in providing funds, may use an SRE opened by an LAPMN user who is a Securities Company operating as a Securities Broker-Dealer as a substitute for an RDN.
5. System Participants and/or Securities Companies where the investor is registered as a customer must transfer these order funds from the RDN and/or SRE to the investor's Guarantee Securities Sub-account.
6. In the event that there are institutional investors who are customers of a Custodian Bank making a Firm Allotment order, the order funds must be available in the Guarantee Securities Sub-account or Guarantee Account of the System Participant who is the underwriting underwriter of the Securities where the investor submitted the order.
7. The Securities Underwriter provides funds in the Guarantee Securities Sub-account or Guarantee Account of the Securities Underwriter in accordance with the underwriting portion.
8. The provision of order funds as referred to in number 1 and number 4 and the transfer of order funds as referred to in number 3 must be carried out no later than before the order verification by the System Provider.
   IV. SUBMISSION OF INTEREST AND ORDERS
9. Every investor submits interest and/or orders for Centralized Allotment allocation of debt securities and/or Sukuk offered through:
   a. the Electronic Public Offering System; b. a Securities Company that is a System Participant where the investor concerned is a customer; and/or
   c. a Securities Company that is not a System Participant where the investor concerned is a customer.
10. In the event that an investor submits interest and/or orders for Firm Allotment allocation of debt securities and/or Sukuk offered, the investor can only submit such interest and/or orders through a Securities Company that is the Securities Underwriter for the issuance of the debt securities and/or Sukuk.
    V. VERIFICATION OF INTEREST AND/OR SECURITIES ORDERS IN FIRM ALLOTMENT
11. Every investor who will submit interest and/or orders for Firm Allotment allocation can only submit interest and/or orders through a Securities Company that is a Securities Underwriter.
12. The Securities Underwriter must conduct due diligence on Firm Allotment investors as referred to in the Financial Services Authority regulation concerning internal control and conduct of Securities Companies operating as Securities Underwriters and Securities Broker-Dealers.
13. The Financial Services Authority may request due diligence documents for Firm Allotment investors as referred to in number 2.
14. The Party receiving the request for documents as referred to in number 3 must provide data, information, and/or documents, as soon as possible and no later than 3 (three) working days from the receipt of the request from the Financial Services Authority.
    VI. VERIFICATION OF INVESTOR INTEREST AND/OR ORDERS IN CENTRALIZED ALLOTMENT
15. The System Participant or Securities Company verifies investor interest and/or orders in Centralized Allotment.
16. Verification of investor interest and/or orders for Centralized Allotment during the Initial Offering period of Debt Securities and/or Sukuk and/or orders during the Securities offering period, is carried out by noting that all interest and/or orders submitted by potential investors for Centralized Allotment allocation are combined into 1 (one) and calculated as the total value of interest and/or orders for each potential investor.
17. Orders submitted by each potential investor through the Centralized Allotment mechanism will be allocated based on the order of submission time.
    VII. VERIFICATION OF FUND AVAILABILITY FOR SECURITIES ORDERS
18. Order verification is carried out through the Electronic Public Offering System after the end of the Securities offering period.
19. In addition to institutional investors who are customers of a Custodian Bank making Firm Allotment orders, the following provisions must be observed:
    a. order verification is carried out by matching the availability of funds in the investor's Guarantee Securities Sub-account and/or System Participant's Guarantee Account with the order value; b. orders will be fulfilled according to the available funds; and
    c. if an investor places orders in more than 1 (one) Public Offering that are verified simultaneously, but the order funds available in the investor's Guarantee Securities Sub-account and/or Guarantee Account are insufficient for all orders, these funds are used in the following order:

1. for Firm Allotment orders first compared to Centralized Allotment orders; then
2. according to the order of submission time.

3. For institutional investor orders who are customers of a Custodian Bank making Firm Allotment orders, order verification is carried out by matching the availability of funds in the Guarantee Securities Sub-account or Guarantee Account of each System Participant who is the underwriting underwriter of the Securities where the investor submitted the order with the total value of all Firm Allotment orders based on the order of submission time at that System Participant.
4. If there is more than 1 (one) Public Offering ending at the same time and the Securities Underwriting is carried out by the same underwriting underwriter, the funds available in the Guarantee Account of that underwriting underwriter are used first based on the order of the Public Offering start time.
   VIII. ALLOCATION AND MECHANISM FOR CENTRALIZED ALLOTMENT AND FIRM ALLOTMENT OF DEBT SECURITIES AND/OR SUKUK
5. Every investor can place orders for debt securities and/or Sukuk with a nominal value of at least 1 (one) order unit, which is Rp1,000,000.00 (one million rupiah), and in multiples thereof.
6. The nominal value and multiples for orders of debt securities and/or Sukuk issued in denominations other than rupiah are determined by the System Provider.
7. Issuers offering debt securities and/or Sukuk that:
   a. have a rating included in the top 2 (two) rating categories, which are the 2 (two) best ratings without considering the + (plus) and – (minus) symbols; and b. fall into the investment grade rating category based on the standards of a securities rating company that has obtained a business license from the Financial Services Authority, must allocate at least 5% (five percent) of the total offering value of debt securities and/or Sukuk to investors in Centralized Allotment.
8. If the Public Offering of debt securities and/or Sukuk as referred to in number 3 has more than 1 (one) series, the Issuer must allocate each series of debt securities and/or Sukuk to investors in Centralized Allotment and investors in Firm Allotment.
9. The mechanism for allotting debt securities and/or Sukuk through the Electronic Public Offering System is carried out with the following provisions:
   a. Allocation of Securities in Retail Centralized Allotment and non-retail Centralized Allotment is carried out with a minimum ratio of 1:2 (one to two) of the total Centralized Allotment, according to the order of submission time. Example:
   Issue value of Rp500,000,000,000.00 (five hundred billion rupiah), then the minimum Centralized Allotment is 5% (five percent) of the issue value, which is Rp25,000,000,000.00 (twenty-five billion rupiah). Thus, the remaining issue value that can be allocated through Firm Allotment is Rp475,000,000,000.00 (four hundred seventy-five billion rupiah). According to the provisions, that the allocation of Securities in Retail Centralized Allotment and non-retail Centralized Allotment is carried out with a minimum ratio of 1:2 (one to two), then from this Centralized Allotment, Retail Centralized Allotment receives a minimum of 1/3 (one third) or Rp8,333,333,333.00 (eight billion three hundred thirty-three million three hundred thirty-three thousand three hundred thirty-three rupiah), while non-retail Centralized Allotment receives a minimum of 2/3 (two thirds) or Rp16,666,666,667.00 (sixteen billion six hundred sixty-six million six hundred sixty-six thousand six hundred sixty-seven rupiah), while still observing the order of submission time; b. In Retail Centralized Allotment and non-retail Centralized Allotment, the allotment of debt securities and/or Sukuk is carried out according to the order of submission time until the allocation for Retail Centralized Allotment and non-retail Centralized Allotment is fulfilled.
   c. In Retail Centralized Allotment and non-retail Centralized Allotment, for each investor, securities are allotted first up to a maximum of 10 (ten) order units or according to their order for orders less than 10 (ten) order units.
   d. If the number of Securities available in order units is less than the number of investors, making it insufficient to fulfill the allotment as referred to in letter b, these Securities are allocated to investors placing orders in Centralized Allotment according to the order of submission time with the following mechanism:

1. Each Retail Centralized Allotment investor and non-retail Centralized Allotment investor will receive an allotment of a maximum of 10 (ten) order units.
2. Subsequently, each Retail Centralized Allotment investor and non-retail Centralized Allotment investor will receive an allotment according to the order of time until the ordered amount of Securities is fulfilled.
   Example:
   Securities available for Centralized Allotment are 100,000 (one hundred thousand) order units (Rp100,000,000,000.00) with 500 (five hundred) Retail Investors placing orders with a total order value of Rp50,000,000,000.00 (fifty billion rupiah). Based on the provisions for Retail Centralized Allotment, the allocation for Retail Centralized Allotment is Rp33,000,000,000.00 (thirty-three

thirty-three billion rupiah). Thus, the total number of orders from Retail Purchasers exceeds the Retail Centralized Allotment. Therefore, each Retail Centralized Allotment investor will receive an allotment of 10 (ten) order units. After that, each Retail Centralized Allotment investor will receive an allotment according to the time sequence until the ordered amount of Securities is fulfilled.

Example of allotment according to time sequence:
Issuer A conducts an EBUS offering with an emission value of Rp500,000,000,000.00 (five hundred billion rupiah). Then the allotment allocation is carried out as follows:

1. the minimum Centralized Allotment allocation is 5% (five percent) of the emission value, which is Rp25,000,000,000.00 (twenty-five billion rupiah); and
2. the Fixed Allotment allocation is Rp475,000,000,000.00 (four hundred seventy-five billion rupiah).

In accordance with the provisions that the allocation of Securities in Retail Centralized Allotment and Non-Retail Centralized Allotment is carried out with a minimum ratio of 1:2 (one to two), then from the Centralized Allotment allocation, it is as follows:

1. Retail Centralized Allotment receives a minimum of 1/3 (one third) or Rp8,333,333,333.00 (eight billion three hundred thirty-three million three hundred thirty-three thousand three hundred thirty-three rupiah), which is then rounded to the nearest unit to Rp8,000,000,000.00 (eight billion rupiah).
2. Non-Retail Centralized Allotment receives a minimum of 2/3 (two thirds) or Rp16,666,666,667.00 (sixteen billion six hundred sixty-six million six hundred sixty-six thousand six hundred sixty-seven rupiah), which is then rounded to the nearest unit to Rp17,000,000,000.00 (seventeen billion rupiah), while still considering the order time sequence.

Next, the allotment allocation for investor orders will be carried out as follows:
A. Retail Centralized Allotment
The following are orders from Retail Purchasers in the electronic public offering system, according to time sequence:

Hour	Retail Purchaser Name	Order (Rp)
09:00	A	50,000,000.00
09:01	B	70,000,000.00
09:02	C	10,000,000.00
09:03	D	10,000,000.00
09:03	E	50,000,000.00
09:04	F	70,000,000.00
09:05	G	70,000,000.00
09:06	H	20,000,000.00
09:07	I	50,000,000.00
09:10	J	80,000,000.00
09:15	K	2,000,000.00
TOTAL ORDERS		482,000,000.00

Then the allotment will first be carried out for 10 (ten) order units or according to the order for orders less than 10 (ten) order units. Thus, the allotment for each purchaser is as follows:

1. Purchasers A, B, C, D, E, F, G, H, I, and J will each receive an allotment of Rp10,000,000.00 (ten million rupiah); and
2. Purchaser K will receive an allotment according to the order value, which is Rp2,000,000.00 (two million rupiah).

Next, the allotment will be carried out based on the time sequence until the Retail Centralized Allotment value is fulfilled. Thus, the allotment for Retail Purchasers is as follows:

1. investor A receives an additional allotment of Rp40,000,000.00 (forty million rupiah), so that the entire order value of investor A has been fulfilled;
2. investor B receives an additional allotment of Rp60,000,000.00 (sixty million rupiah), so that the entire order value of investor B has been fulfilled;
3. investor E receives an additional allotment of Rp40,000,000.00 (forty million rupiah), so that the entire order value of investor E has been fulfilled;
4. investor F receives an additional allotment of Rp60,000,000.00 (sixty million rupiah), so that the entire order value of investor F has been fulfilled;
5. investor G receives an additional allotment of Rp60,000,000.00 (sixty million rupiah), so that the entire order value of investor G has been fulfilled;
6. investor H receives an additional allotment of Rp10,000,000.00 (ten million rupiah), so that the entire order value of investor H has been fulfilled;
7. investor I receives an additional allotment of Rp40,000,000.00 (forty million rupiah), so that the entire order value of investor I has been fulfilled;
8. investor J receives an additional allotment of Rp70,000,000.00 (seventy million rupiah), so that the entire order value of investor J has been fulfilled.

Therefore, all Retail Purchasers receive an allotment according to their order value. Furthermore, with the remaining Securities in the Retail Centralized Allotment amounting to Rp7,518,000,000.00 (seven billion five hundred eighteen million rupiah), these remaining Securities are transferred to the Non-Retail Centralized Allotment.

B. Non-Retail Centralized Allotment
The Non-Retail Centralized Allotment allocation is Rp17,000,000,000.00 (seventeen billion rupiah). Then, added with the remaining Retail Centralized Allotment of Rp7,518,000,000.00 (seven billion five hundred eighteen million rupiah), the Non-Retail Centralized Allotment allocation becomes Rp24,518,000,000.00 (twenty-four billion five hundred eighteen million rupiah).

The following are orders from non-retail purchasers in the electronic Public Offering system, according to time sequence:

Hour	Non-Retail Purchaser Name	Order (Rp)
09:00	L	5,000,000,000.00
09:01	M	7,000,000,000.00
09:02	N	1,000,000,000.00
09:03	O	1,000,000,000.00
09:03	P	5,000,000,000.00
09:04	Q	7,000,000,000.00
09:05	R	700,000,000.00
09:06	S	2,000,000,000.00
09:07	T	5,000,000,000.00
09:10	U	8,000,000,000.00
09:15	V	200,000,000.00
TOTAL ORDERS		41,900,000,000.00

Then the allotment will first be carried out for 10 (ten) order units for each non-retail purchaser. Next, the allotment will be carried out for each purchaser according to the time sequence until the ordered amount of Securities is fulfilled as follows:

1. investor L receives an additional allotment of Rp4,990,000,000.00 (four billion nine hundred ninety million rupiah), so that the entire order value of investor L has been fulfilled;
2. investor M receives an additional allotment of Rp6,990,000,000.00 (six billion nine hundred ninety million rupiah), so that the entire order value of investor M has been fulfilled;
3. investor N receives an additional allotment of Rp990,000,000.00 (nine hundred ninety million rupiah) so that the entire order value of investor N has been fulfilled;
4. investor O receives an additional allotment of Rp990,000,000.00 (nine hundred ninety million rupiah), so that the entire order value of investor O has been fulfilled;
5. investor P receives an additional allotment of Rp4,990,000,000.00 (four billion nine hundred ninety million rupiah), so that the entire order value of investor P has been fulfilled;
6. investor Q receives an additional allotment of Rp5,458,000,000.00 (five billion four hundred fifty-eight million rupiah), so that the order value of investor Q is partially fulfilled, while an order of Rp1,532,000,000.00 (one billion five hundred thirty-two million rupiah) is not fulfilled;
7. investors R, S, T, U, and V do not receive further additional allotments according to their orders because there are no remaining Securities according to the time sequence.

e. In the event that there are still Debt Securities and/or Sukuk remaining after the Retail Centralized Allotment, the remaining Debt Securities and/or Sukuk are allocated to investors other than Retail Purchasers in the Centralized Allotment, according to the order time sequence. f. In the event that there are still Debt Securities and/or Sukuk remaining after the Non-Retail Centralized Allotment, the remaining Debt Securities and/or Sukuk are allocated to Retail Purchasers in the Centralized Allotment, according to the order time sequence. g. In the event that there are still Debt Securities and/or Sukuk remaining in the Centralized Allotment, the remaining Debt Securities and/or Sukuk are allocated to Fixed Allotment investors.

6. In the event that the calculation results for Retail Centralized Allotment and/or Non-Retail Centralized Allotment for each series yield a fractional number or do not comply with the Securities order unit, the calculation results are rounded to the nearest Securities order unit.

IX. SETTLEMENT OF DEBT SECURITIES AND/OR SUKUK ORDERS

1. Settlement of Debt Securities and/or Sukuk orders through the Electronic Public Offering System is carried out by the Underwriter in the following manner:
   a. calculating the Debt Securities and/or Sukuk resulting from the allotment for each order received in the Centralized Allotment and Fixed Allotment; b. calculating the total Debt Securities and/or Sukuk to be distributed;
   c. calculating the fund settlement obligation for each order that will receive the results of the Centralized Allotment and Fixed Allotment;
   d. calculating the total funds to be received by the Issuer through the Admin Participant as the implementing underwriter of the Securities issuance; and e. sending information to the Issuer regarding the total Debt Securities and/or Sukuk that must be provided by the Issuer.

2. The Issuer submits the total amount of Debt Securities and/or Sukuk as referred to in number 1 letter e to the Admin Participant's Securities account at the Depository and Settlement Institution.

3. During the process of fund transfer and Securities distribution, the following are carried out:
   a. The System Provider withdraws funds from the Collateral Securities Sub-account and/or Collateral Account for each order according to the allotment results. b. The System Provider transfers all funds as referred to in letter a to the Admin Participant's depository Securities account and simultaneously transfers all Securities from the Admin Participant as the implementing underwriter of the Securities issuance for distribution to the Collateral Securities Sub-account and/or Collateral Account of investors who received an allotment.
   c. In the event of insufficient order funds, the System Provider only transfers the amount of funds available in the Collateral Securities Sub-account and/or Collateral Account, and distributes Securities according to the available funds.
   d. Specifically for investors who are customers of a Custodian Bank making Fixed Allotment orders, the Securities are distributed to the Collateral Securities Sub-account or Collateral Account of the System Participant as the implementing underwriter of the Securities issuance.

This copy is in accordance with the original
Head of Legal Department
Legal Department signed
Mufli Asmawidjaja e. The Admin Participant submits the proceeds from the Public Offering to the Issuer. f. The System Provider may establish a special SRE and/or Securities account for the process of providing and transferring order funds and distributing Debt Securities and/or Sukuk.

CHIEF EXECUTIVE OF CAPITAL MARKET, DERIVATIVE FINANCE, AND CARBON EXCHANGE SUPERVISION, FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA, signed HASAN FAWZI