OJK Circular Letter No. 54/SEOJK.05/2017 on the Report of Good Corporate Governance Implementation for Guarantee Institutions

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Yth.

1. Board of Directors of Guarantee Companies;
2. Board of Directors of Sharia Guarantee Companies;
3. Board of Directors of Reinsurance Companies; and
4. Board of Directors of Sharia Reinsurance Companies,
   at your place.

COPY

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 54 /SEOJK.05/2017

CONCERNING
THE REPORT OF GOOD CORPORATE GOVERNANCE IMPLEMENTATION FOR GUARANTEE INSTITUTIONS

In relation to the mandate of Article 58 paragraph (6) of Financial Services Authority Regulation Number 3/POJK.05/2017 concerning Good Corporate Governance for Guarantee Institutions (State Gazette of the Republic of Indonesia Year 2017 Number 8, Supplement to the State Gazette of the Republic of Indonesia Number 6015), it is necessary to regulate the form, structure, and method of submission of reports on the implementation of good corporate governance for guarantee institutions in this Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS

1. Guarantee Institution means a Guarantee Company, Sharia Guarantee Company, Reinsurance Company, and Sharia Reinsurance Company that carries out guarantee activities as referred to in Law Number 1 of 2016 concerning Guarantees.

2. Guarantee Company means a legal entity operating in the financial sector with its main business activity being Guarantee as referred to in Law Number 1 of 2016 concerning Guarantees.

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3. Sharia Guarantee Company means a legal entity operating in the financial sector with its main business activity being Sharia Guarantee as referred to in Law Number 1 of 2016 concerning Guarantees.

4. Reinsurance Company means a legal entity operating in the financial sector with its business activity being Reinsurance as referred to in Law Number 1 of 2016 concerning Guarantees.

5. Sharia Reinsurance Company means a legal entity operating in the financial sector with its business activity being Sharia Reinsurance as referred to in Law Number 1 of 2016 concerning Guarantees.

6. Good Corporate Governance is a set of processes implemented in a Guarantee Institution to determine decisions and manage the Guarantee Institution using principles including but not limited to transparency, accountability, responsibility, independence, and justice.

7. General Meeting of Shareholders, hereinafter abbreviated as GMS, is the general meeting of shareholders as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Guarantee Institutions in the form of a limited liability company or equivalent to GMS for Guarantee Institutions in the form of a public enterprise or cooperative.

8. Board of Directors is the board of directors as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Guarantee Institutions in the form of a limited liability company or equivalent to the Board of Directors for Guarantee Institutions in the form of a public enterprise or cooperative.

9. Board of Commissioners is the board of commissioners as referred to in Law Number 40 of 2007 concerning Limited Liability Companies for Guarantee Institutions in the form of a limited liability company or equivalent to the Board of Commissioners for Guarantee Institutions in the form of a public enterprise or cooperative.

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10. Sharia Supervisory Board, hereinafter abbreviated as SSB, is part of the organ of Sharia Guarantee Companies, Sharia Reinsurance Companies, and Guarantee Companies that have Sharia business units, which has the task and function of supervising the implementation of Sharia guarantee and Sharia reinsurance activities to ensure compliance with Sharia principles.

11. Independent Commissioner is a member of the Board of Commissioners who is not affiliated with shareholders, members of the Board of Directors, other members of the Board of Commissioners and/or members of the SSB, namely does not have financial, managerial, share ownership and/or family relationships with shareholders, members of the Board of Directors, other members of the Board of Commissioners and/or members of the SSB or other relationships that can influence their ability to act independently.

II. IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE

Good Corporate Governance Principles include:

1. Transparency, namely openness in the decision-making process and openness in disclosure and provision of relevant information regarding the Guarantee Institution, which is easily accessible by stakeholders in accordance with regulations in the field of guarantees as well as standards, principles, and practices of healthy business operations;

2. Accountability, namely clarity of functions and execution of accountability of the Guarantee Institution's organs so that the performance of the Guarantee Institution's business operations can run transparently, fairly, effectively, and efficiently;

3. Responsibility, namely the alignment of the management of the Guarantee Institution with regulations in the field of guarantees and ethical values as well as standards, principles, and practices of healthy business operations;

4. Independence, namely the state of the Guarantee Institution being managed autonomously and professionally and free from conflicts of interest and influence or pressure from any party that is not in accordance with regulations in the field of guarantees and ethical values as well as standards, principles, and practices of healthy business operations; and

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5. Justice, namely equality and balance in fulfilling the rights of stakeholders arising from agreements, regulations in the field of guarantees, and ethical values as well as standards, principles, and practices of healthy business operations.

III. FORM AND STRUCTURE OF THE REPORT ON THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE

1. Guarantee Institutions are required to prepare a report on the implementation of Good Corporate Governance at the end of each fiscal year.

2. The report on the implementation of Good Corporate Governance as referred to in item 1 shall at least contain:
   a. transparency of the implementation of Good Corporate Governance, at least covering the disclosure of all aspects of the implementation of Good Corporate Governance principles as referred to in Section II; b. self-assessment of the implementation of Good Corporate Governance; and
   c. action plan which includes corrective actions required and completion timeframes and obstacles/difficulties in resolution, if there are still deficiencies in the implementation of Good Corporate Governance.

3. The form and structure of the report on the implementation of Good Corporate Governance are as contained in Appendix I, Appendix II, and Appendix III which are an integral part of this Financial Services Authority Circular Letter.

IV. TRANSPARENCY OF THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE

1. Transparency of the implementation of Good Corporate Governance as referred to in Section III item 2 letter a includes:
   a. execution of duties and responsibilities of the Board of Directors, Board of Commissioners, and SSB; b. completeness and execution of duties:
   1. audit committee for Guarantee Institutions that have national or provincial operational scope, or have foreign ownership; or
   2. function assisting the Board of Commissioners for Guarantee Institutions that have district-level operational scope,
      in monitoring and ensuring the effectiveness of the internal control system;
      c. application of compliance function, internal auditor, and external auditor;
      d. application of risk management, internal control system, and information technology governance; e. application of remuneration policies and other facilities for members of the Board of Directors, Board of Commissioners, SSB, and employees; f. transparency of the financial and non-financial conditions of the Guarantee Institution; g. long-term plans as well as annual work and budget plans; h. disclosure of share ownership by members of the Board of Directors, Board of Commissioners, and SSB serving and/or in other business entities located domestically and internationally reaching 5% (five percent) or more;
      i. disclosure of financial relationships and family relationships of members of the Board of Directors, members of the Board of Commissioners, and members of the SSB with other members of the Board of Directors, other members of the Board of Commissioners, other members of the SSB, and/or shareholders of the Guarantee Institution where the aforementioned members of the Board of Directors, members of the Board of Commissioners, and members of the SSB serve; and
      j. disclosure of other important matters, including:
   3. resignation or dismissal of external auditors;
   4. material transactions with related parties;
   5. ongoing and/or potential conflicts of interest;
   6. other material information regarding the Guarantee Institution;
   7. resignation or dismissal of Independent Commissioners;
   8. certification;
   9. foreign workers;
   10. number of internal frauds;

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  9) legal issues; and  
  10) business ethics of the Guarantee Institution.
  

2. Transparency of the implementation of Good Corporate Governance as referred to in Section III item 2 letter a is prepared by the Guarantee Institution based on the format as contained in Appendix I which is an integral part of this Financial Services Authority Circular Letter.

V. SELF-ASSESSMENT OF THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE

1. Self-assessment of the implementation of Good Corporate Governance as referred to in Section III item 2 letter b is conducted by the Guarantee Institution based on the Good Corporate Governance guidelines.

2. Self-assessment as referred to in item 1 is documented in the self-assessment worksheet as contained in Appendix II which is an integral part of this Financial Services Authority Circular Letter.

3. Filling out the self-assessment worksheet is done in the following stages:
   a. preparing a self-assessment analysis, by comparing the fulfillment of each criterion/indicator with the condition of the Guarantee Institution based on relevant data and information; b. based on the results of the analysis, the following rankings are established:

   1. Rank 1:
      the result of the self-assessment by the Guarantee Institution shows that the implementation of Good Corporate Governance is very consistent with criteria/indicators;
   2. Rank 2:
      the result of the self-assessment by the Guarantee Institution shows that the implementation of Good Corporate Governance is consistent with criteria/indicators;
   3. Rank 3:
      the result of the self-assessment by the Guarantee Institution shows that the implementation of Good Corporate Governance is moderately consistent with criteria/indicators;
   4. Rank 4:
      the result of the self-assessment by the Guarantee Institution shows that the implementation of Good Corporate Governance is less consistent with criteria/indicators; or
   5. Rank 5:
      the result of the self-assessment by the Guarantee Institution shows that the implementation of Good Corporate Governance is inconsistent with criteria/indicators; and
      c. preparing a general conclusion on the results of the self-assessment.

4. For each statement or question in the self-assessment, a value is assigned as per the following table:

Criterion/Indicator Value
Yes 5
1 5
2 4
3 3
4 2
5 1
No 1

5. To obtain the value for each factor, the Guarantee Institution uses the following formula:

The weight of each factor is established as per the following table:

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a. for Guarantee Companies and Reinsurance Companies

No. Factor Weight

1. Execution of duties and responsibilities of the Board of Directors and Board of Commissioners. 30.00
2. Completeness and execution of duties:
   a. audit committee for Guarantee Institutions that have national or provincial operational scope, or have foreign ownership; or b. function assisting the Board of Commissioners for Guarantee Institutions that have district-level operational scope, in monitoring and ensuring the effectiveness of the internal control system. 5.00
3. Application of compliance function, internal auditor, and external auditor. 7.50
4. Application of risk management, internal control system, and information technology governance. 10.00
5. Application of remuneration policies and other facilities for members of the Board of Directors, Board of Commissioners, and employees. 2.50
6. Transparency of the financial and non-financial conditions of the Guarantee Institution. 15.00
7. Long-term plans as well as annual work and budget plans. 7.50
8. Disclosure of share ownership by members of the Board of Directors and Board of Commissioners reaching 5% (five percent) or more. 5.00
9. Disclosure of financial relationships and family relationships of members of the Board of Directors and members of the Board of Commissioners with other members of the Board of Directors and other members of the Board of Commissioners, and/or shareholders of the Guarantee Institution where the aforementioned members of the Board of Directors and members of the Board of Commissioners serve. 5.00
10. Disclosure of other important matters. 12.50
    TOTAL 100.00

b. for Sharia Guarantee Companies, Sharia Reinsurance Companies, and Guarantee Companies that have Sharia business units

No. Factor Weight

1. Execution of duties and responsibilities of the Board of Directors, Board of Commissioners, and SSB. 35.00
2. Completeness and execution of duties:
   a. audit committee for Guarantee Institutions that have national or provincial operational scope, or have foreign ownership; or b. function assisting the Board of Commissioners for Guarantee Institutions that have district-level operational scope, in monitoring and ensuring the effectiveness of the internal control system. 5.00
3. Application of compliance function, internal auditor, and external auditor. 7.50
4. Application of risk management, internal control system, and information technology governance. 10.00
5. Application of remuneration policies and other facilities for members of the Board of Directors, Board of Commissioners, and SSB. 2.50
6. Transparency of the financial and non-financial conditions of the Guarantee Institution. 15.00

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7. Long-term plans as well as annual work and budget plans. 7.50
8. Disclosure of share ownership by members of the Board of Directors, Board of Commissioners, and SSB reaching 5% (five percent) or more. 2.50
9. Disclosure of financial relationships and family relationships of members of the Board of Directors, members of the Board of Commissioners, and members of the SSB with other members of the Board of Directors, other members of the Board of Commissioners, other members of the SSB, and/or shareholders of the Guarantee Institution where the aforementioned members of the Board of Directors, members of the Board of Commissioners, and members of the SSB serve. 5.00
10. Disclosure of other important matters. 10.00
TOTAL 100.00

6. To obtain the composite value, the Guarantee Institution sums the values of all factors. Based on the composite value, the Guarantee Institution establishes the composite value as per the following table:

Value Ranking Predicate
84-100 1 Very Good
68-83 2 Good
52-67 3 Moderately Good
36-51 4 Less Good
20-35 5 Not Good

7. The self-assessment worksheet and supporting documents for the self-assessment must be documented well to facilitate tracing by interested parties.

VI. ACTION PLAN

1. The action plan is prepared to improve or perfect the implementation of Good Corporate Governance as a follow-up to the results of the self-assessment. The action plan includes corrective actions required, completion timeframes, and obstacles or difficulties in resolution if there are still deficiencies in the implementation of Good Corporate Governance.

2. The action plan as referred to in Section III item 2 letter c is prepared by the Guarantee Institution according to the format as contained in Appendix III which is an integral part of this Financial Services Authority Circular Letter.

VII. TIMEFRAME FOR SUBMISSION OF THE REPORT ON THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE

1. Guarantee Institutions are required to submit the report on the implementation of Good Corporate Governance to the Financial Services Authority no later than April 30 of the following year.

2. If April 30 is a holiday, the deadline for submitting the report is the first working day after the aforementioned April 30.

VIII. METHOD OF SUBMISSION OF THE REPORT ON THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE

1. Guarantee Institutions must submit the report on the implementation of Good Corporate Governance signed by the Board of Directors to the Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Service Industry Supervision, with the following provisions:
   a. the cover letter for the submission of the report on the implementation of Good Corporate Governance signed by the Board of Directors is submitted in hardcopy; and b. the content of the report on the implementation of Good Corporate Governance is submitted in softcopy.

2. Submission address for Guarantee Companies and Reinsurance Companies:

Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Service Industry Supervision Financial Services Authority u.p. Director of Special Financial Service Industry Supervision Merdeka Tower Building, 26th Floor Jl. Budi Kemuliaan I Number 2 Jakarta 10110

3. Submission address for Guarantee Companies that have Sharia business units, submitted to:

Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Service Industry Supervision Financial Services Authority u.p. Director of Special Financial Service Industry Supervision Merdeka Tower Building, 26th Floor Jl. Budi Kemuliaan I Number 2 Jakarta 10110; and copied to:

Director of Sharia IKNB
Merdeka Tower Building, 23rd Floor
Jl. Budi Kemuliaan I Number 2
Jakarta 10110

4. Submission address for Sharia Guarantee Companies and Sharia Reinsurance Companies:

Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Service Industry Supervision Financial Services Authority u.p. Director of Sharia IKNB Merdeka Tower Building, 23rd Floor Jl. Budi Kemuliaan I Number 2 Jakarta 10110

5. In the event of a change in the address of the Financial Services Authority office for the submission of reports as referred to in items 2, 3, and 4, the Financial Services Authority will convey notification regarding the address change via letter or announcement.

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This copy is in accordance with the original
Legal Director
Legal Department signed
Yuliana

IX. CLOSING

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

Determined in Jakarta on October 12, 2017

EXECUTIVE HEAD OF INSURANCE,
PENSION FUND,
FINANCING INSTITUTION, AND
OTHER FINANCIAL SERVICE INDUSTRY SUPERVISION
FINANCIAL SERVICES AUTHORITY, signed
RISWINANDI

APPENDIX I

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 54 /SEOJK.05/2017

CONCERNING
THE REPORT OF GOOD CORPORATE GOVERNANCE IMPLEMENTATION FOR GUARANTEE INSTITUTIONS

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TRANSPARENCY OF THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE

A. Execution of Duties and Responsibilities of the Board of Directors, Board of Commissioners, and SSB

1. Number, job title, pass date, and fit and proper test number, appointment date by GMS, term of office, nationality, and domicile of members of the Board of Directors, Board of Commissioners, and SSB

No. Name Job Title
Pass Date and Fit and Proper Test Number
Appointment Date by GMS and Term of Office (years) Nationality Domicile 1.
2.
Etc.

Licensing data for Board of Commissioners members with foreign nationality

No.
Name Job Title
KITAS IMTA
Work Permit
Validity Period Permit Number
Validity Period
1.
2.
Etc.

-Brief biodata of the Board of Directors, work history in the last five years, education, and professional degrees- -Brief biodata of the Board of Commissioners, work history in the last five years, education, and professional degrees-

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-Brief biodata of the SSB, work history in the last five years, education, and professional degrees-

In the event that there are changes in the composition of members of the Board of Directors, Board of Commissioners, and SSB during the reporting year, the previous composition of members of the Board of Directors, Board of Commissioners, and SSB must be stated in a table as follows:

No. Name Job Title
Appointment Date by GMS
Dismissal Date by GMS

2. Duties and responsibilities of each member of the Board of Directors, Board of Commissioners, and SSB

-Brief description-

3. Concurrent positions of the Board of Directors, Board of Commissioners, and SSB

a. Board of Directors

No. Name
Position at Guarantee Institution
Position at Other Company
Name of Other Company Intended
Business Field

1. 1.
   2.
   Etc.

2.
Etc.
Etc.

b. Board of Commissioners

No. Name
Position at Guarantee Institution
Position at Other Company
Name of Other Company Intended
Business Field

1. 1.
   2.
   Etc.

2.
Etc.
Etc.

c. SSB

No. Name
Position at Guarantee Institution
Position at Other Company
Name of Other Company Intended
Business Field
1. 1.
2.
Etc.

2. 1.
2.
Etc.
Etc.

4. Training for the Board of Directors, Board of Commissioners, and SSB

Training related to improving the capabilities of the Board of Directors, Board of Commissioners, and SSB in achieving the vision and mission of the Guarantee Institution.

a. Board of Directors

No. Name
Workshop/training/seminar
Date Organizer Location
1.
2.
Etc.

b. Board of Commissioners

No. Name
Workshop/training/seminar
Date Organizer Location
1.
2.
Etc.

c. SSB

No. Name
Workshop/training/seminar
Date Organizer Location
1.
2.
Etc.

5. Execution of activities and recommendations of the Board of Commissioners and SSB

-Brief description-

6. Execution of duties of Independent Commissioners

-Brief description-

7. Frequency of Board of Directors meetings, Board of Commissioners meetings, and SSB meetings held within 1 (one) year

a. Board of Directors Meetings

-Brief description regarding meeting execution including number of meetings-

No. Name
Number of Attendances % Attendance
Physical Electronic Media Facilities
1.
2.
Etc.

b. Board of Commissioners Meetings

-Brief description regarding meeting execution including number of meetings-

No. Name
Number of Attendances % Attendance
Physical Electronic Media Facilities
1.
2.
Etc.

c. SSB Meetings

-Brief description regarding meeting execution including number of meetings-

No. Name
Number of Attendances % Attendance
Physical Electronic Media Facilities
1.
2.
Etc.

B. Completeness and Execution of Duties:
1) Audit Committee for Guarantee Institutions that have national or provincial operational scope, or have foreign ownership; or
2) Function assisting the Board of Commissioners for Guarantee Institutions that have district-level operational scope,
in monitoring and ensuring the effectiveness of the internal control system, consists of:

1. Structure, membership, and expertise of the audit committee/function assisting the Board of Commissioners

-Brief description-

2. Duties and responsibilities of the audit committee/function assisting the Board of Commissioners

-Brief description-

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3. Frequency of meetings of the audit committee/function assisting the Board of Commissioners

No.
Name Member of Committee/Function Assisting Board of Commissioners Audit Committee/Function Assisting Board of Commissioners Meetings Number of Attendances % Attendance 1. 2. Etc.

4. Work program of the audit committee/function assisting the Board of Commissioners and its realization

-Brief description-

5. Structure of other committees

-Brief description-

6. Work program related to duties and responsibilities of other committees

-Brief description-

C. Application of Compliance Function, Internal Auditor, and External Auditor

1. Compliance Function

a. Members of the Board of Directors overseeing the compliance function

-Brief description-

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  b. Work units or employees carrying out compliance functions
• Brief description
  c. Compliance implementation with legislation
• Brief description of the work unit's compliance function duties in ensuring that policies, regulations, systems, procedures, and business activities conducted by the Guarantee Institution comply with legislation
  d. Financial health level of the Guarantee Institution
• Brief description regarding liquidity ratios, gearing ratio, and reliability, results of self-assessment
  e. Ownership of work units or functions in handling and resolving complaints submitted by consumers

No. Person in Charge
Unit Leader/Function Executor

2. Internal Auditor Function
   Effectiveness and scope of internal auditor task implementation in assessing all aspects and elements of activities. a. Scope of audit work

• Brief description -

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  b. Structure or position of the internal audit work unit

• Brief description
  c. Independence of internal auditors

• Brief description
  d. Description of internal audit work unit duties

• Brief description
  e. Profile of the head of the internal audit work unit

• Brief description
  f. Number of employees in the internal audit work unit

• Brief description -

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  g. Report on the results of internal audit task implementation

• Brief description example: branch office audit, head office audit, and information system technology audit

3. External Auditor Function
   Effectiveness of external auditor task implementation and the Guarantee Institution's compliance with regulations, including providing all accounting records and supporting data necessary for external auditors, enabling external auditors to provide their opinion on the fairness, compliance, and conformity of the Guarantee Institution's financial reports with applicable audit standards.

• Brief description
  Public accounting firms that audited the Guarantee Institution's financial reports over the last 5 (five) years

Year
Public Accounting Firm
Accountant Name (Individual) and Registration Number at OJK External Auditor Fee

D. Implementation of risk management, internal control systems, and information technology governance

1. Active supervision by the Board of Directors and Board of Commissioners

• Brief description example: ensuring that the Guarantee Institution implements Good Corporate Governance -

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2. Adequacy of policies, procedures, and use of information technology

• Brief description

3. Adequacy of the process for identifying, measuring, monitoring, and controlling risks in the use of information technology

• Brief description

4. Information system organizational structure

• Brief description regarding the information system organizational structure

5. Internal control system for the use of information technology

• Brief description regarding the availability of information system usage guidelines and data security and incident management guidelines

6. Comprehensive internal control system

• Brief description -

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  E. Implementation of remuneration policies and other facilities for Board of Directors members, Board of Commissioners members, DPS members, and employees

1. Disclosure regarding remuneration policies and other facilities for Board of Directors, Board of Commissioners, and DPS members
   a. Non-natura remuneration, including salaries and other fixed income, such as allowances (benefits), stock-based compensation, tantiems, and other forms of remuneration

• Brief description
  b. Other facilities in natura/non-natura form, i.e., other non-fixed income, including housing, transportation, health insurance, and other facilities
• Brief description

2. Disclosure of remuneration packages or policies in 1 (one) year
   a. Remuneration packages or other facilities for Board of Directors, Board of Commissioners, and DPS members established by the General Meeting of Shareholders (GMS)

• Brief description
  b. Remuneration and other facilities for all Board of Directors, Board of Commissioners, and DPS members must at least cover the number of Board of Directors members, number of Board of Commissioners members, number of DPS members, and the number of all remuneration policies and other facilities

• Brief description -

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  Total received in one year
  Remuneration *)
  Other facilities in natura )
  Board of Directors
  Number of Board of Directors
  Nominal (Millions of Rupiah)
  Board of Commissioners
  Number of Board of Commissioners
  Nominal (Millions of Rupiah)
  DPS
  Number of DPS
  Nominal (Millions of Rupiah)

Note:
*) Includes salaries and other fixed income, such as allowances (benefits), stock-based compensation, tantiems, and other forms of remuneration in non-natura form ) Housing, transportation, health insurance, etc.

c. Number of Board of Directors, Board of Commissioners, and DPS members receiving remuneration packages in 1 (one) year, grouped by income level as follows:

Total Remuneration per Person in 1 (one) year in cash Number of Board of Directors Number of Commissioners Number of DPS Above Rp2,000,000,000.00 (two billion rupiah) Above Rp1,000,000,000.00 (one billion rupiah) to Rp2,000,000,000.00 (two billion rupiah) Above Rp500,000,000.00 (five hundred million rupiah) to Rp1,000,000,000.00 (one billion rupiah) Rp500,000,000.00 (five hundred million rupiah) and below

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• Brief description

3. Ratio of highest and lowest salaries
   The salaries compared in the salary ratio are the compensation received by Board of Directors, Board of Commissioners, and employees in the last month of the reporting year.

The ratio of highest and lowest salaries, on the following comparison scale:
1) ratio of highest and lowest employee salaries;
2) ratio of highest and lowest Board of Directors member salaries;
3) ratio of highest and lowest Board of Commissioners member salaries; and
4) ratio of highest Board of Directors member salary to highest employee salary.

• Brief description

F. Transparency of financial and non-financial conditions of the Guarantee Institution

• Brief description example: disclosure of the Guarantee Institution's rating results conducted by rating agencies, transparency regarding guarantee services presented in the form of brochures, leaflets, and other promotional media as well as on the Guarantee Institution's website, transparency regarding complaint procedures and dispute resolution for the guaranteed, and share buyback -

G. Long-term plans as well as annual work and budget plans

1. Long-term plans and work plans

• Brief description -

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2. Annual budget

• Brief description

H. Disclosure of share ownership by Board of Directors and Board of Commissioners members reaching 5% (five percent) or more, including the type and number of share certificates

No. Name
Category
Share Ownership *)
Total
Nominal Share Ownership
Percentage of Share Ownership

1. A
   B
   C
   D
2. A
   B
   C
   D
   Etc. A
   B
   C
   D

Note:
A. The Guarantee Institution in question;
B. Other guarantee institutions;
C. Financial service companies other than guarantee institutions; and
D. Other companies located domestically or internationally, including shares obtained through the stock exchange.

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  I. Disclosure of financial relationships and family relationships between Board of Directors, Board of Commissioners, and DPS members with other Board of Directors, other Board of Commissioners, other DPS members, and/or shareholders of the Guarantee Institution where the aforementioned Board of Directors, Board of Commissioners, and DPS members serve

1. Financial and family relationships of Board of Directors members with other Board of Directors, Board of Commissioners, DPS, and/or shareholders of the Guarantee Institution where the aforementioned Board of Directors member serves

No. Name
Relationship with
Type of Relationship
Note
Financial
Family
Yes
No
Yes
No
1. Other Board of Directors
Board of Commissioners
DPS
Shareholders
2. Other Board of Directors
Board of Commissioners
DPS
Shareholders
Etc. Other Board of Directors
Board of Commissioners
DPS
Shareholders

2. Financial and family relationships of Board of Commissioners members with Board of Directors, other Board of Commissioners, DPS, and/or shareholders of the Guarantee Institution where the aforementioned Board of Directors member serves

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  No. Name
  Relationship with
  Type of Relationship
  Note
  Financial
  Family
  Yes
  No
  Yes
  No

1. Board of Directors
   Other Board of Commissioners
   DPS
   Shareholders

2. Board of Directors
   Other Board of Commissioners
   DPS
   Shareholders
   Etc. Board of Directors
   Other Board of Commissioners
   DPS
   Shareholders

3. Financial and family relationships of DPS members with Board of Directors, Board of Commissioners, other DPS, and/or shareholders of the Guarantee Institution where the aforementioned Board of Directors member serves

No. Name
Relationship with
Type of Relationship
Note
Financial
Family
Yes
No
Yes
No

1. Board of Directors
   Board of Commissioners

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  No. Name
  Relationship with
  Type of Relationship
  Note
  Financial
  Family
  Yes
  No
  Yes
  No
  Other DPS
  Shareholders

2. Board of Directors
   Board of Commissioners
   Other DPS
   Shareholders
   Etc. Board of Directors
   Board of Commissioners
   Other DPS
   Shareholders

Note:
Financial relationship is when a person receives income, financial assistance, or loans from Board of Commissioners and/or Board of Directors members of the Guarantee Institution, the Guarantee Institution whose controlling shareholder is a Board of Commissioners and/or Board of Directors member of the Guarantee Institution, and/or the controlling shareholder of the Guarantee Institution. Family relationship is having a family relationship up to the second degree, both vertical and horizontal, including in-laws, so that family includes biological/step/adopted parents, biological/step/adopted siblings including their spouses, biological/step/adopted children, biological/step/adopted grandparents, biological/step/adopted grandchildren, biological/step/adopted siblings of parents including their spouses, in-laws, spouses of biological/step/adopted children, grandparents of spouses, spouses of biological/step/adopted grandchildren, and biological/step/adopted siblings of spouses including their spouses.

• 19 -
  J. Disclosure of other important matters:

1. Resignation or dismissal of external auditors

• Brief description

2. Material transactions with related parties

• Brief description

3. Ongoing and/or potential conflicts of interest
   Example of ongoing and/or potential conflicts of interest is the purchase of Guarantee Institution assets by Board of Directors, Board of Commissioners, and/or employees of the Guarantee Institution.

No.
Name and Position of Party with Conflict of Interest Name and Position of Decision Maker Type of Transaction Transaction Value (Millions of Rupiah) Note *) 1. 2. Etc.

Note:
*) Not in accordance with applicable systems and procedures

• Brief description regarding conflicts of interest -

• 20 -

4. Other material information regarding the Guarantee Institution

• Brief description

5. Resignation or dismissal of Independent Commissioners

• Brief description

6. Certification

No. Certification Material
Place/Date
Organizer
1.
2.
Etc.

7. Foreign workers
   No.
   Name
   Position
   Fit and Proper Test Number
   KITAS IMTA
   Work Permit
   Validity Period
   Permit Number
   Validity Period
   1.
   2.
   Etc.

8. Number of internal deviations (internal fraud)

Internal deviations in 1 (one) year
Number of cases committed by
Board of Commissioners Members,
Board of Directors Members, and
DPS Members
Permanent Employees
Non-Permanent Employees
Total deviations

• 21 -
  Internal deviations in 1 (one) year
  Number of cases committed by
  Board of Commissioners Members,
  Board of Directors Members, and
  DPS Members
  Permanent Employees
  Non-Permanent Employees
  Already resolved
  In the process of internal resolution
  Resolution not yet attempted
  Already pursued through legal process

9. Legal issues
   Legal Issues
   Number of Cases
   Civil
   Criminal
   Already obtained a final and binding judgment a. b.
   In the process of resolution in court and alternative dispute resolution institutions for civil cases a. b. Total

• 22 -
  This copy is in accordance with the original
  Legal Director 1
  Legal Department signed
  Yuliana

10. Business ethics of the Guarantee Institution

• Brief description regarding the business ethics values of the Guarantee Institution that serve as guidelines for the organs of the Guarantee Institution and all employees

Approved,
BOARD OF DIRECTORS
Established in Jakarta on October 12, 2017
EXECUTIVE HEAD OF SUPERVISOR
OF INSURANCE, PENSION FUNDS,
LENDING INSTITUTIONS, AND
OTHER FINANCIAL SERVICE INSTITUTIONS
FINANCIAL SERVICES AUTHORITY, signed
RISWINANDI

APPENDIX II
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 54 /SEOJK.05/2017 REGARDING GOOD CORPORATE GOVERNANCE IMPLEMENTATION REPORT FOR GUARANTEE INSTITUTIONS

FORMAT 1
Introduction:
1.
2.
3.
Filling Instructions:
1.
2.
3.
4.
5.
6.

Detail of Indicator Weight Values
No. Factor
Weight (%)
Note

1. Implementation of duties and responsibilities of the Board of Directors and Board of Commissioners.
   30.00
   See "Format A"
   Completeness and implementation of duties:
   in monitoring and ensuring the effectiveness of the internal control system.

2. Self-assessment of Good Corporate Governance Implementation for Guarantee Companies and Reinsurance Companies
   Filling out this questionnaire is done by answering questions/statements in each factor present. According to OJK Circular Letter No. XX/SEOJK.05/2017, this questionnaire is one of the self-assessment requirements for Good Corporate Governance Implementation for Guarantee Institutions. This questionnaire is conducted by Guarantee Institutions, namely Guarantee Companies that do not have Sharia business units and Reinsurance Companies. Please fill out and send this questionnaire in accordance with the established regulations and deadlines. Before filling out the questionnaire, read the filling instructions carefully. Mark an (X) in the column 1 Very Appropriate, 2 Appropriate, 3 Fairly Appropriate, 4 Less Appropriate, and 5 Not Appropriate or in the Yes and No columns according to the actual situation. This questionnaire consists of 10 factors, each having questions/statements related to the assessment of that factor. Format A to Format J are the fillings for each of the 10 factors according to regulations, and Format K is the general conclusion of the self-assessment results. Fill out the questionnaire correctly, carefully, and according to the actual conditions of the Guarantee Institution. See "Format B1" or "Format B2" (fill one according to regulations) 5.00 a. audit committee for Guarantee Institutions with national or provincial operational scope, or with foreign ownership; or b. function assisting the Board of Commissioners for Guarantee Institutions with regency-level operational scope,

3. Implementation of compliance function, internal auditor, and external auditor.
   7.50
   See "Format C"

4. Implementation of risk management, internal control systems, and information technology governance.
   10.00
   See "Format D"

5. Implementation of remuneration policies and other facilities.
   2.50
   See "Format E"

6. Transparency of financial and non-financial conditions of the Guarantee Institution.
   15.00
   See "Format F"

7. Long-term plans as well as annual work and budget plans.
   7.50
   See "Format G"

8. Disclosure of share ownership.
   5.00
   See "Format H"

9. Disclosure of financial and family relationships of Board of Directors and Board of Commissioners members with other Board of Directors and other Board of Commissioners members, and/or shareholders of the Guarantee Institution where the aforementioned Board of Directors and Board of Commissioners members serve.
   5.00
   See "Format I"

10. Disclosure of other important matters.
    12.50
    See "Format J"
    TOTAL 100.00

FORMAT 1
Ranking Value
Predication
Factor
Sheet
Value
84-100
1
Very Good
1
A -
68-83
2
Good
B1 -
52-67
3
Fairly Good
B2 -
36-51
4
Less Good
3
C -
20-35
5
Not Good
4
D -
5
E -
6
F -
7
G -
8
H -
9
I -
10
J -
Total Value -
Predication
2
Self Assessment Scoring Dashboard
Scoring Rules
Result of Assessment
-
0.20
0.40
0.60
0.80
1.00
A
B1
B2
C
D
E
F
G
H
I
J
Total
Value
Result of Assessment

1
Very Appropriate
2
Appropriate
3
Fairly Appropriate
4
Less Appropriate
5
Not Appropriate
Yes
No
1
The Board of Directors has relevant knowledge for the position as Board of Directors.
0
2
The Board of Directors is able to act with good faith, honesty, and professionalism.
0
3
The Board of Directors acts in the interest of the Guarantee Institution, the guaranteed, and/or the beneficiary of the guarantee. 0 4 The Board of Directors prioritizes the interest of the Guarantee Institution, the guaranteed, and/or the beneficiary of the guarantee, over personal interest. 0 5 The Board of Directors is able to make decisions based on independent and objective assessment for the interest of the Guarantee Institution, the guaranteed, and/or the beneficiary of the guarantee. 0 6 The Board of Directors is able to prevent misuse of authority to obtain improper personal gain or cause losses to the Guarantee Institution. 0 7 The Board of Directors ensures effective, precise, and quick decision-making and can act independently, having no interests that can disturb their ability to perform duties independently and critically. 0 8 The Board of Directors complies with legislation, the Articles of Association, and other internal regulations of the Guarantee Institution in performing their duties. 0 9 The Board of Directors manages the Guarantee Institution according to their authority and responsibilities. 0 10 The Board of Directors is able to account for the implementation of their duties to the GMS. 0 11 The Board of Directors has ensured that the Guarantee Institution considers the interests of all parties, especially the interests of the guaranteed and/or the beneficiary of the guarantee. 0 12 The Board of Directors has provided timely and complete information regarding the Guarantee Institution to the Board of Commissioners. 0 13 The Board of Directors is able to prevent transactions that have conflicts of interest with the activities of the Guarantee Institution where the aforementioned Board of Directors member serves. 0 14 The Board of Directors is able to not utilize their position at the Guarantee Institution where they serve for personal, family, and/or other interests that can harm or reduce the profit of the Guarantee Institution where they serve. 0 A. Implementation of duties and responsibilities of the Board of Directors and Board of Commissioners Criteria/Indicator for Assessment No. Statement/Question Score

1. Board of Directors

1
Very Appropriate
2
Appropriate
3
Fairly Appropriate
4
Less Appropriate
5
Not Appropriate
Yes
No
A. Implementation of duties and responsibilities of the Board of Directors and Board of Commissioners Criteria/Indicator for Assessment No. Statement/Question Score 15 The Board of Directors is able to avoid acts of taking and/or receiving personal profit from the Guarantee Institution where the aforementioned Board of Directors member serves, other than remuneration and facilities established based on GMS decision. 0 16 The Board of Directors is able to reject requests from shareholders related to the operational activities of the Guarantee Institution where the aforementioned Board of Directors member serves, other than those established in the GMS. 0 17 Board of Directors meeting results have been regularly recorded in the Board of Directors meeting minutes. 0 18 Meeting minutes that are joint decisions of all Board of Directors members have been well documented. 0 19 Board of Directors decisions have been recorded in meeting minutes, including dissenting opinions that occurred clearly. 0 20 Board of Directors members of the Guarantee Institution reside in Indonesia. 0 21 Guarantee Institutions with direct or indirect foreign ownership have at least 50% (fifty percent) Board of Directors members who are Indonesian citizens. 0 22 Foreign citizen Board of Directors members have a residence permit from the competent authority. 0 23 Foreign citizen Board of Directors members have a work permit from the competent authority. 0 24 Board of Directors of the Guarantee Institution has an investment committee. 0 25 Board of Directors members of the Guarantee Institution do not hold concurrent positions at the Guarantee Institution or other business entities. 0 26 Board of Directors members do not come from active employees or officials of the Financial Services Authority (OJK). 0 27 Board of Directors of the Guarantee Institution holds Board of Directors meetings periodically at least 1 (one) time in 1 (one) month. 0 28 Board of Directors of the Guarantee Institution attends Board of Directors meetings at least 50% (fifty percent) of the total Board of Directors meetings in a 1 (one) year period. 0 29 The number of Board of Directors meetings held and the attendance of each Board of Directors member must be included in the Good Corporate Governance Implementation Report. 0 1 The Board of Commissioners is able to perform supervisory duties and provide advice to the Board of Directors. 0 2 The Board of Commissioners is able to supervise the Board of Directors in maintaining the balance of interests of all parties. 0
2. Board of Commissioners

1
Very Appropriate
2
Appropriate
3
Fairly Appropriate
4
Less Appropriate
5
Not Appropriate
Yes
No
A. Implementation of duties and responsibilities of the Board of Directors and Board of Commissioners Criteria/Indicator for Assessment No. Statement/Question Score 3 The Board of Commissioners is able to monitor the effectiveness of Good Corporate Governance implementation. 0 4 The Board of Commissioners is able to ensure that the Board of Directors has followed up on audit findings and recommendations from the internal audit work unit of the Guarantee Institution, external auditors, results of Financial Services Authority (OJK) supervision, and/or results of other authority supervision. 0 5 Board of Commissioners members are able to avoid transactions that have conflicts of interest with the activities of the Guarantee Institution where the aforementioned Board of Commissioners member serves. 0 6 Board of Commissioners members are able to not utilize their position at the Guarantee Institution where they serve for personal, family, and/or other interests that can harm or reduce the profit of the Guarantee Institution where they serve. 0 7 Board of Commissioners members are able to avoid acts of taking and/or receiving personal profit from the Guarantee Institution where the aforementioned Board of Commissioners member serves, other than remuneration and facilities established based on GMS decision. 0 8 Board of Commissioners members are able to not interfere with the operational activities of the Guarantee Institution that are the responsibility of the Board of Directors. 0 9 Board of Commissioners meeting results are recorded in the Board of Commissioners meeting minutes. 0 10 Meeting minutes that are joint decisions of all Board of Commissioners members have been well documented. 0 11 Board of Commissioners decisions have been recorded in meeting minutes, including dissenting opinions that occurred clearly. 0 12 The Board of Commissioners is able to ensure effective, precise, and quick decision-making and can act independently in performing duties. 0 13 The Guarantee Institution has at least 2 (two) Board of Commissioners members. 0 14 The Guarantee Institution has at least 1 (one) Board of Commissioners member residing in Indonesia. 0 15 Foreign citizen Board of Commissioners members have a work permit from the competent authority. 0 16 Foreign citizen Board of Commissioners members have a residence permit from the competent authority. 0

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak Sesuai Ya Tidak
A. Execution of Duties and Responsibilities of the Board of Directors and Board of Commissioners Criteria/Indicator for Assessment No Statement/Question Score 17 Members of the Board of Commissioners of the Guarantee Institution do not hold concurrent positions as members of the Board of Commissioners in more than 3 (three) Guarantee Institutions or other business entities. 0 18 Members of the Board of Commissioners do not originate from active employees or officials of the Financial Services Authority. 0 19 Members of the Board of Commissioners prepare a report on the activities of the Board of Commissioners, which is part of the report on the implementation of Good Corporate Governance. 0 20 Members of the Board of Commissioners of the Guarantee Institution hold Board of Commissioners meetings at least 1 (one) time every 3 (three) months. 0 21 Members of the Board of Commissioners attend Board of Commissioners meetings for at least 75% (seventy-five percent) of the total Board of Commissioners meetings within a 1 (one) year period. 0 22 The number of Board of Commissioners meetings held and the attendance of each member of the Board of Commissioners are included in the report on the implementation of Good Corporate Governance. 0 Total Indicator Score - Total Indicators 51 Weight 30.00 Factor Value -

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1
Independent Commissioners do not have an affiliation relationship with members of the Board of Directors, members of the Board of Commissioners, or shareholders of the Guarantee Institution, within the same Guarantee Institution. 0 2 Independent Commissioners have never been members of the Board of Directors, members of the Board of Commissioners, or held a position 1 (one) level below the Board of Directors at the same Guarantee Institution or another business entity having an affiliation relationship with said Guarantee Institution within the last 6 (six) months. 0 3 Independent Commissioners understand regulations in the field of guarantee, sharia guarantee, reinsurance, and/or sharia reinsurance, and other relevant regulations. 0 4 Independent Commissioners have good knowledge regarding the financial condition of the Guarantee Institution where the Independent Commissioner serves. 0 5 Independent Commissioners are able to perform their main duties of exercising supervisory functions to voice the interests of the insured, guarantee recipients, and other stakeholders. 0 6 The Guarantee Institution has an audit committee. 0 7 Members of the audit committee have expertise in performing their duties. 0 8 The audit committee is able to assist the Board of Commissioners in monitoring and ensuring the effectiveness of the internal control system. 0 9 The audit committee is able to assist the Board of Commissioners in monitoring and ensuring the effectiveness of the performance of internal and external auditors. 0 10 The audit committee is able to assist the Board of Commissioners in monitoring and evaluating planning and implementation of audits to assess the adequacy of internal controls including the financial reporting process. 0 11 The audit committee holds meetings regularly. 0 12 The Guarantee Institution has Independent Commissioners. 0 13 Independent Commissioners are Indonesian citizens. 0 14 Independent Commissioners reside in Indonesia. 0 15 Independent Commissioners report to the Financial Services Authority at the latest 10 (ten) calendar days from the discovery of violations of regulations in the field of guarantee. 0 16 The Guarantee Institution discloses to the Financial Services Authority regarding the resignation of Independent Commissioners. 0 17 Resigning Independent Commissioners submit reasons for resignation to the Financial Services Authority. 0 18 The Guarantee Institution discloses to the Financial Services Authority regarding the dismissal of Independent Commissioners. 0 19 The Guarantee Institution submits reasons for the dismissal of Independent Commissioners to the Financial Services Authority. 0 20 Independent Commissioners report to the Financial Services Authority at the latest 10 (ten) calendar days from the discovery of conditions or estimated conditions that may endanger the continuity of the Guarantee Institution's business. 0 21 Independent Commissioners serve as the chair of the audit committee. 0 22 The company
has a committee structure. 0 23 The audit committee has a committee work program. 0 a. For Guarantee Institutions that have national or provincial operational areas or have foreign ownership Criteria/Indicator for Assessment B.1. Completeness and Execution of Duties of the Audit Committee or Functions Assisting the Board of Commissioners No Statement/Question Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
Criteria/Indicator for Assessment
B.1. Completeness and Execution of Duties of the Audit Committee or Functions Assisting the Board of Commissioners No Statement/Question Score 24 The audit committee reports the realization related to the committee work program to the Independent Commissioner. 0 Total Indicator Score - Total Indicators 24 Weight 5.00 Factor Value -

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1
The work unit or employees who monitor the implementation of audits are independent.
0
2
The work unit or employees are able to assist the Board of Commissioners in monitoring and ensuring the effectiveness of the internal control system. 0 3 The work unit or employees able to assist the Board of Commissioners in monitoring and ensuring the effectiveness of the performance of internal and external auditors. 0 4 The work unit or employees are able to assist the Board of Commissioners in monitoring and evaluating planning and implementation of audits to assess the adequacy of internal controls including the financial reporting process. 0 5 The work unit or employees who monitor the implementation of audits hold meetings regularly. 0 6 The Guarantee Institution has a function that assists the Board of Commissioners in monitoring the implementation of audits. 0 7 The work unit or employees who monitor the implementation of audits have a structure. 0 8 The work unit or employees who monitor the implementation of audits have expertise in performing their duties. 0 9 The work unit or employees who monitor the implementation of audits have a work program. 0 10 The work unit or employees who monitor the implementation of audits report the realization related to the work program to the Board of Commissioners. 0 Total Indicator Score - Total Indicators 10 Weight 5.00 Factor Value - b. For Guarantee Institutions that have district operational areas B.2. Completeness and Execution of Duties of the Audit Committee or Functions Assisting the Board of Commissioners No Statement/Question Score Criteria/Indicator for Assessment

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak Sesuai Ya Tidak
1
Members of the Board of Directors who oversee the compliance function are able to ensure that policies, regulations, systems and procedures, and business activities carried out by the Guarantee Institution are in accordance with regulations. 0 2 Members of the Board of Directors who oversee the compliance function are able to ensure the Guarantee Institution's compliance with commitments made by the Guarantee Institution to the Financial Services Authority and/or other competent supervisory authorities. 0 3 The work unit or employees who carry out the compliance function assist the Board of Directors in ensuring the Guarantee Institution's compliance with regulations in the field of guarantee business and other regulations. 0 4 The work unit or employees who carry out the compliance function are able to account for the performance of their duties to the member of the Board of Directors who oversees the compliance function. 0 5 The Guarantee Institution has a member of the Board of Directors who oversees the compliance function. 0 6 The company has a work unit or employees who carry out the compliance function. 0 1 The company has internal auditors. 0 2 Internal auditors have a scope of audit work. 0 3 Internal auditors have an organizational structure. 0 4 Internal auditors are independent. 0 5 Internal auditors report the results of the implementation of internal audit duties. 0 1 The company uses external auditor services. 0 2 External auditors are proposed by the Board of Commissioners. 0 3 External auditors are appointed by the General Meeting of Shareholders. 0 4 External auditors are registered with the Financial Services Authority. 0 5 The Guarantee Institution provides all accounting records and supporting data required by external auditors. 0 6 External auditors are independent. 0 7 The Guarantee Institution limits the use of audit services for annual historical financial information from the same external auditor for a maximum audit period of 3 (three) consecutive reporting fiscal years. 0 Total Indicator Score - Total Indicators 18 Weight 7.50 Factor Value -
1. Compliance Function
3. External Audit Function
2. Internal Audit Function
C. Implementation of Compliance, Internal Audit, and External Audit Functions
No Statement/Question Score
Criteria/Indicator for Assessment

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak Sesuai Ya Tidak
1 The Board of Directors and Board of Commissioners of the Guarantee Institution understand the risks faced by the Guarantee Institution. 0 2 The Board of Directors and Board of Commissioners of the Guarantee Institution provide clear directions regarding the implementation of risk management. 0 3 The Board of Directors and Board of Commissioners of the Guarantee Institution actively supervise and mitigate risks. 0 4 The Board of Directors and Board of Commissioners of the Guarantee Institution develop a risk management culture at the Guarantee Institution. 0 5 The Board of Directors and Board of Commissioners of the Guarantee Institution ensure the availability of an adequate organizational structure. 0 6 The Board of Directors and Board of Commissioners of the Guarantee Institution establish clear duties and responsibilities for each work unit. 0 7 The Board of Directors and Board of Commissioners of the Guarantee Institution ensure the adequacy of the quantity and quality of human resources to support the effective implementation of risk management. 0 1 The implementation of risk management by the Guarantee Institution is in line with the vision, mission, and business strategy of the Guarantee Institution. 0 2 The implementation of risk management by the Guarantee Institution considers the adequacy of policies in risk management. 0 3 The Guarantee Institution has procedures and processes to implement risk management policies. 0 4 The implementation of risk management by the Guarantee Institution considers the establishment of risk limits in risk management. 0 1 The Guarantee Institution conducts periodic identification of all risks. 0 2 The Guarantee Institution has a method or system to identify risks in all business activities and corporate business activities. 0 3 The Guarantee Institution conducts periodic risk measurement. 0 4 The Guarantee Institution has a risk monitoring system and procedures. 0 5 The Guarantee Institution has risk control methods appropriate to the risk exposure, the level of risk to be taken, and risk tolerance. 0 6 The implementation of risk management by the Guarantee Institution considers the adequacy of the identification process in risk management. 0 7 The implementation of risk management by the Guarantee Institution considers measurement in risk management. 0 8 The implementation of risk management by the Guarantee Institution considers risk monitoring and control. 0 1 The Guarantee Institution has a risk management information system appropriate to the characteristics, activities, and complexity of the company's business. 0 2 The risk management information system owned by the Guarantee Institution is able to support the implementation of the identification, measurement, monitoring, and risk control processes. 0 3 The risk management information system is able to ensure the availability of accurate, complete, informative, timely, and reliable information so that it can be used by the Board of Directors, Board
of Commissioners, and related work units in the implementation of risk management. 0 4 The risk management information system is able to ensure the effectiveness of risk management implementation including policies, procedures, and the establishment of risk limits. 0 5 The risk management information system is able to ensure the availability of information on the results (realization) of risk management implementation compared to targets set by the Guarantee Institution. 0 D. Implementation of Risk Management, Internal Control System, and IT Governance No Question/Statement Score Criteria/Indicator for Assessment

1. Active Supervision by the Board of Commissioners
2. Adequacy of Policies, Procedures, and Establishment of Risk Limits
3. Adequacy of Identification, Measurement, Monitoring, and Risk Control Processes
4. Risk Management Information System

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak Sesuai Ya Tidak
D. Implementation of Risk Management, Internal Control System, and IT Governance No Question/Statement Score Criteria/Indicator for Assessment 1 The Guarantee Institution implements an internal control system effectively in the implementation of risk management by the Guarantee Institution. 0 2 The comprehensive internal control system considers reporting mechanisms in the event of deviations. 0 1 The Guarantee Institution implements effective IT governance. 0 2 The Guarantee Institution has an information system organizational structure. 0 3 The Guarantee Institution has guidelines for the use of information systems accompanied by instructions or work orders for each function. 0 4 The Guarantee Institution has data security and incident management guidelines (disaster recovery plan). 0 Total Indicator Score - Total Indicators 30 Weight 10.00 Factor Value - `
6. IT Governance
5. Comprehensive Internal Control System

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution implements a remuneration policy for members of the Board of Directors, members of the Board of Commissioners, and employees that encourages prudent behavior aligned with the long-term interests of the Guarantee Institution and fair treatment for the insured, guarantor, guarantee recipient, and/or other stakeholders. 0 2 The remuneration policy considers financial performance and the fulfillment of obligations of the Guarantee Institution as regulated in applicable regulations. 0 3 The remuneration policy considers individual performance. 0 4 The remuneration policy considers fairness with the Guarantee Institution and/or equivalent job level (peer group). 0 5 The remuneration policy considers considerations of the long-term objectives and strategy of the Guarantee Institution. 0 6 Members of the Board of Directors and Board of Commissioners receive remuneration in non-natura form. 0 7 Members of the Board of Directors and Board of Commissioners receive remuneration in natura form. 0 1 Remuneration packages or other policies and facilities for members of the Board of Directors and Board of Commissioners established by the General Meeting of Shareholders. 0 2 Remuneration and other facilities for all members of the Board of Directors and Board of Commissioners must at least cover the number of members of the Board of Directors, the number of members of the Board of Commissioners, and the number of all remuneration policies and other facilities. 0 3 The number of members of the Board of Directors and Board of Directors who receive remuneration packages in 1 (one) year grouped by income level. 0 1 The company submits the ratio of highest to lowest salary. 0 Total Indicator Score - Total Indicators 11 Weight 2.50 Factor Value -
3. Ratio of Highest and Lowest Salary

1. Disclosure regarding remuneration policies and other facilities for members of the Board of Directors and Board of Commissioners
2. Disclosure of remuneration packages or policies in 1 (one) year
   E. Implementation of Remuneration Policies and Other Facilities Criteria/Indicator for Assessment No Question/Statement Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution implements transparency of financial and non-financial conditions to stakeholders. 0 2 The Guarantee Institution provides data and information to the Financial Services Authority completely and on time. 0 3 The Guarantee Institution explains guarantee transaction agreements and the rights and obligations of stakeholders in each guarantee transaction. 0 4 The Guarantee Institution has a financial reporting system that is relied upon for supervision and other stakeholders. 0 5 The Guarantee Institution promotes guarantee services. 0 6 The Guarantee Institution transparently communicates complaint procedures and dispute resolution to stakeholders. 0 Total Indicator Score - Total Indicators 6 Weight 15.00 Factor Value - F. Transparency of Financial and Non-Financial Conditions of the Company No Question/Statement Score Criteria/Indicator for Assessment

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution prepares a long-term plan for the Guarantee Institution.
0
2 The Guarantee Institution prepares a work plan for the Guarantee Institution. 0 3 The Guarantee Institution prepares an annual budget for the Guarantee Institution. 0 4 The long-term plan as well as the work plan and annual budget of the Guarantee Institution are submitted to the Financial Services Authority. 0 Total Indicator Score - Total Indicators 4 Weight 7.50 Factor Value - G. Long-Term Plan as Well as Work Plan and Annual Budget Criteria/Indicator for Assessment No Question/Statement Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution reports share ownership of members of the Board of Directors and Board of Commissioners reaching 5% (five percent) or more in the Guarantee Institution. 0 2 The Guarantee Institution reports share ownership of members of the Board of Directors and Board of Commissioners reaching 5% (five percent) or more in other Guarantee Institutions. 0 3 The Guarantee Institution reports share ownership of members of the Board of Directors and Board of Commissioners reaching 5% (five percent) or more in financial service companies other than Guarantee Institutions. 0 4 The Guarantee Institution reports share ownership of members of the Board of Directors and Board of Commissioners reaching 5% (five percent) or more in other Guarantee Institutions located domestically or internationally, including shares obtained through the stock exchange. 0 Total Indicator Score - Total Indicators 4 Weight 5.00 Factor Value - H. Disclosure of Share Ownership of Members of the Board of Directors and Board of Commissioners Reaching 5% (Five Percent) or More No Question/Statement Criteria/Indicator for Assessment Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution reports the financial relationship of members of the Board of Directors with other members of the Board of Directors, members of the Board of Commissioners, and/or shareholders of the Guarantee Institution where the said member of the Board of Directors serves. 0 2 The Guarantee Institution reports the family relationship of members of the Board of Directors with other members of the Board of Directors, members of the Board of Commissioners, and/or shareholders of the Guarantee Institution where the said member of the Board of Directors serves. 0 3 The Guarantee Institution reports the financial relationship of members of the Board of Commissioners with other members of the Board of Commissioners, members of the Board of Directors, and/or shareholders of the Guarantee Institution where the said member of the Board of Commissioners serves. 0 4 The Guarantee Institution reports the family relationship of members of the Board of Commissioners with other members of the Board of Commissioners, members of the Board of Directors, and/or shareholders of the Guarantee Institution where the said member of the Board of Commissioners serves. 0 Total Indicator Score - Total Indicators 4 Weight 5.00 Factor Value -
I. Financial Relationships and Family Relationships for Directors and Board of Commissioners
No Question/Statement
Criteria/Indicator for Assessment
Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution discloses to the Financial Services Authority regarding the resignation of external auditors. 0 2 Resigning external auditors submit reasons for resignation to the Financial Services Authority. 0 3 The Guarantee Institution discloses to the Financial Services Authority regarding the dismissal of external auditors. 0 4 The Guarantee Institution submits reasons for the dismissal of external auditors to the Financial Services Authority. 0 1 The Guarantee Institution has disclosed to the Financial Services Authority regarding material transactions with related parties. 0 1 The Guarantee Institution has disclosed to the Financial Services Authority regarding ongoing conflicts of interest with related parties. 0 2 The Guarantee Institution has disclosed to the Financial Services Authority regarding transactions of the Guarantee Institution that have the potential for conflict of interest with other Guarantee Institutions. 0 1 There is no intervention from the owner of the Guarantee Institution. 0 2 There is no internal dispute within the Guarantee Institution. 0 3 There are no problems that are a consequence of the remuneration policy of the Guarantee Institution. 0 1 Resolution of internal deviations involves legal processes. 0 2 There are no deviations committed by members of the Board of Commissioners and members of the Board of Directors. 0 3 There are no deviations committed by permanent employees. 0 4 There are no deviations committed by non-permanent employees. 0 5 The Guarantee Institution provides mediation for resolution related to internal deviations. 0 1 The Guarantee Institution does not have legal problems that are civil cases. 0 2 The Guarantee Institution does not have legal problems that are criminal cases. 0
5. Internal Deviations
6. Legal Problems
J. Disclosure of Other Important Matters to the Financial Services Authority No Question/Statement Score Criteria/Indicator for Assessment

1. Resignation or Dismissal of External Auditors
2. Material Transactions with Related Parties
3. Conflicts of Interest
4. Other Material Information Regarding the Guarantee Institution Related to Good Corporate Governance

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
J. Disclosure of Other Important Matters to the Financial Services Authority No Question/Statement Score Criteria/Indicator for Assessment 1 The Board of Directors, Board of Commissioners, and employees of the Guarantee Institution are able not to offer or give anything, directly or indirectly, to other parties, to influence decision-making related to guarantee transactions, in violation of applicable regulations. 0 2 The Board of Directors, Board of Commissioners, and employees of the Company are able not to receive anything for their personal interests in violation of applicable regulations, directly or indirectly, from anyone, which can influence decision-making related to financing transactions. 0 3 The Guarantee Institution has guidelines on ethical behavior, which contain business ethics values as a guide for the organs of the Guarantee Institution and all employees of the Guarantee Institution. 0 Total Indicator Score - Total Indicators 20 Weight 12.50 Factor Value -
7. Business Ethics

General Conclusion Description (Based on Assessment Results) K. General conclusion of the self-assessment results

---

FORMAT 2

Introduction:
1.
2.
3.

Filling Instructions:
1.
2.
3.
4.
5.
6.

Detail of Indicator Weight Values
No Factor Weight (%) Description
1 Implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS.
35.00 See "Format A"
Completeness and implementation of duties:
a. audit committee for Guarantee Institutions with national or provincial operational scope, or with foreign ownership; or b. function assisting the Board of Commissioners for Guarantee Institutions with district-level operational scope, in monitoring and ensuring the effectiveness of the internal control system. 3 Implementation of compliance function, internal auditor, and external auditor.
7.50 See "Format C"
4 Implementation of risk management, internal control system, and information technology governance.
10.00 See "Format D"
5 Implementation of remuneration policies and other facilities.
2.50 See "Format E"
6 Transparency of financial and non-financial conditions of the Guarantee Institution.
15.00 See "Format F"
7 Long-term plan as well as annual work and budget plan.
7.50 See "Format G"
8 Disclosure of share ownership.
2.50 See "Format H"
2
Self-assessment of Good Corporate Governance Implementation for Sharia Guarantee Companies, Sharia Reinsurance Companies, and Guarantee Companies with Sharia business units

Filling out this questionnaire is done by providing answers to questions/statements in each factor present. In accordance with OJK Circular Letter No. XX/SEOJK.05/2017, this questionnaire is one of the self-assessment requirements for Good Corporate Governance Implementation for Guarantee Institutions. This questionnaire is conducted by Guarantee Institutions, namely Sharia Guarantee Companies, Sharia Reinsurance Companies, and Guarantee Companies with Sharia business units. Please fill out and submit this questionnaire in accordance with the established regulations and deadlines. Before filling out the questionnaire, read the filling instructions carefully. Mark an (X) in the column 1 Very Appropriate, 2 Appropriate, 3 Fairly Appropriate, 4 Less Appropriate, and 5 Not Appropriate or in the Yes and No columns according to the actual situation. This questionnaire consists of 10 factors, each having questions/statements related to the assessment of that factor. Format A to Format J are for filling out each of the 10 factors according to regulations, and Format K is the general conclusion of the self-assessment results. Fill out the questionnaire correctly, carefully, and according to the actual conditions of the Guarantee Institution. See "Format B1" or "Format B2" (fill one according to regulations) 5.00

9 Disclosure of financial relationships and family relationships of Board of Directors members, Board of Commissioners members, and DPS members with other Board of Directors members, other Board of Commissioners members, other DPS members, and/or shareholders of the Guarantee Institution where the aforementioned Board of Directors, Board of Commissioners, and DPS members serve.
5.00 See "Format I"
10 Disclosure of other important matters.
10.00 See "Format J"
TOTAL 100.00

Value Ranking Predicate Factor Format Value
84-100 1 Very Good 1 A -
68-83 2 Good B1 -
52-67 3 Fairly Good B2 -
36-51 4 Less Good 3 C -
20-35 5 Bad 4 D -
5 E -
6 F -
7 G -
8 H -
9 I -
10 J -
Total Value -
Predicate
2
Self Assessment Scoring Dashboard
Scoring Rules Assessment Result
-
0.20
0.40
0.60
0.80
1.00
A B1 B2 C D E F G H I J Total
Value
Assessment Result

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
1
The Board of Directors has knowledge relevant to their position as Board of Directors.
0
2
The Board of Directors is able to act with good faith, honesty, and professionalism. 0 3 The Board of Directors acts in the interest of the Guarantee Institution, the insured, and/or the guarantee recipient. 0 4 The Board of Directors prioritizes the interest of the Guarantee Institution, the insured, and/or the guarantee recipient, over personal interest. 0 5 The Board of Directors is able to make decisions based on independent and objective assessment for the interest of the Guarantee Institution, the insured, and/or the guarantee recipient. 0 6 The Board of Directors is able to prevent misuse of authority to obtain improper personal gain or cause loss to the Guarantee Institution. 0 7 The Board of Directors ensures effective, accurate, and quick decision-making and can act independently, without interests that could interfere with their ability to perform duties independently and critically. 0 8 The Board of Directors complies with laws and regulations, the articles of association, and other internal regulations of the Guarantee Institution in performing their duties. 0 9 The Board of Directors manages the Guarantee Institution in accordance with their authority and responsibility. 0 10 The Board of Directors is able to account for the implementation of their duties to the GMS. 0 11 The Board of Directors has ensured that the Guarantee Institution considers the interests of all parties, especially the interests of the insured and/or the guarantee recipient. 0 12 The Board of Directors has provided information in a timely and complete manner regarding the Guarantee Institution to the Board of Commissioners and DPS. 0 13 The Board of Directors has assisted in meeting the needs of DPS in using committee members, employees of the Guarantee Institution, and professional experts whose organizational structure is under the Board of Directors. 0 14 The Board of Directors is able to prevent transactions that have conflicts of interest with the activities of the Guarantee Institution where the Board of Directors member serves. 0 15 The Board of Directors is able to not use their position at the Guarantee Institution where the Board of Directors member serves for personal, family, and/or other interests that could harm or reduce the profit of the Guarantee Institution where the Board of Directors member serves. 0 A. Implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS Criteria/Assessment Indicators No Statement/Question Score

1. Board of Directors

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
A. Implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS Criteria/Assessment Indicators No Statement/Question Score 16 The Board of Directors is able to avoid acts of taking and/or receiving personal gain from the Guarantee Institution where the Board of Directors member serves, other than remuneration and facilities established based on GMS decision. 0 17 The Board of Directors is able to reject requests from shareholders related to the operational activities of the Guarantee Institution where the Board of Directors member serves, other than those established in the GMS. 0 18 Board of Directors meeting results have been routinely recorded in the Board of Directors meeting minutes. 0 19 Meeting minutes that are joint decisions of all Board of Directors members have been well documented. 0 20 Board of Directors decisions have been recorded in meeting minutes, including dissenting opinions that occurred clearly. 0 21 Board of Directors members of the Guarantee Institution reside in Indonesia. 0 22 Guarantee Institutions that have direct or indirect foreign ownership have at least 50% (fifty percent) Board of Directors members who are Indonesian citizens. 0 23 Foreign citizen Board of Directors members have a residence permit from the competent authority. 0 24 Foreign citizen Board of Directors members have a work permit from the competent authority. 0 25 Board of Directors of the Guarantee Institution have an investment committee. 0 26 Board of Directors members of the Guarantee Institution do not hold concurrent positions at the Guarantee Institution or other business entities. 0 27 Board of Directors members do not come from active employees or officials of the Financial Services Authority. 0 28 Board of Directors of the Guarantee Institution hold Board of Directors meetings periodically at least 1 (one) time in 1 (one) month. 0 29 Board of Directors of the Guarantee Institution attend Board of Directors meetings at least 50% (fifty percent) of the total Board of Directors meetings in a 1 (one) year period. 0 30 The number of Board of Directors meetings held and the attendance of each Board of Directors member must be included in the Good Corporate Governance Implementation report. 0 1 The Board of Commissioners is able to perform supervisory duties and provide advice to the Board of Directors. 0 2 The Board of Commissioners is able to supervise the Board of Directors in maintaining the balance of interests of all parties. 0 3 The Board of Commissioners is able to monitor the effectiveness of Good Corporate Governance Implementation. 0
2. Board of Commissioners

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
A. Implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS Criteria/Assessment Indicators No Statement/Question Score 4 The Board of Commissioners is able to provide approval when DPS needs assistance from committee members whose organizational structure is under the Board of Commissioners. 0 5 The Board of Commissioners is able to ensure that the Board of Directors has followed up on audit findings and recommendations from the internal audit unit of the Guarantee Institution, external auditors, results of Financial Services Authority supervision and/or results of other authority supervision. 0 6 Board of Commissioners members are able to not conduct transactions that have conflicts of interest with the activities of the Guarantee Institution where the Board of Commissioners member serves. 0 7 Board of Commissioners members are able to not use their position at the Guarantee Institution where the Board of Commissioners member serves for personal, family, and/or other interests that could harm or reduce the profit of the Guarantee Institution where the Board of Commissioners member serves. 0 8 Board of Commissioners members are able to avoid acts of taking and/or receiving personal gain from the Guarantee Institution where the Board of Commissioners member serves, other than remuneration and facilities established based on GMS decision. 0 9 Board of Commissioners members are able to not interfere with operational activities of the Guarantee Institution that are the responsibility of the Board of Directors. 0 10 Board of Commissioners meeting results are recorded in the Board of Commissioners meeting minutes. 0 11 Meeting minutes that are joint decisions of all Board of Commissioners members have been well documented. 0 12 Board of Commissioners decisions have been recorded in meeting minutes, including dissenting opinions that occurred clearly. 0 13 The Board of Commissioners is able to ensure effective, accurate, and quick decision-making and can act independently in performing duties. 0 14 The Guarantee Institution has at least 2 (two) members of the Board of Commissioners. 0 15 The Guarantee Institution has at least 1 (one) Board of Commissioner who resides in Indonesia. 0 16 Board of Commissioners members who are foreign citizens have a work permit from the competent authority. 0 17 Board of Commissioners members who are foreign citizens have a residence permit from the competent authority. 0

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
A. Implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS Criteria/Assessment Indicators No Statement/Question Score 18 Board of Commissioners members of the Guarantee Institution do not hold concurrent positions as Board of Commissioners members at more than 3 (three) Guarantee Institutions or other business entities. 0 19 Board of Commissioners members do not come from active employees or officials of the Financial Services Authority. 0 20 Board of Commissioners members prepare Board of Commissioners activity reports which are part of the Good Corporate Governance Implementation report. 0 21 Board of Commissioners members of the Guarantee Institution hold Board of Commissioners meetings at least 1 (one) time in 3 (three) months. 0 22 Board of Commissioners members attend Board of Commissioners meetings at least 75% (seventy five percent) of the total Board of Commissioners meetings in a period of 1 (one) year. 0 23 The number of Board of Commissioners meetings held and the attendance of each Board of Commissioners member must be included in the Good Corporate Governance Implementation report. 0 1 DPS is able to act as representative of the Sharia Guarantee Company, Sharia Reinsurance Company, or Guarantee Company with Sharia business unit at the Sharia National Council - Indonesian Ulema Council. 0 2 DPS is able to act with good faith, honesty, and professionalism. 0 3 DPS is able to act in the interest of the Sharia Guarantee Company, Sharia Reinsurance Company, or Guarantee Company with Sharia business unit and/or other stakeholders. 0 4 DPS is able to prioritize the interest of the Sharia Guarantee Company, Sharia Reinsurance Company, or Guarantee Company with Sharia business unit and/or other stakeholders over personal interest. 0 5 DPS is able to make decisions based on independent and objective assessment for the interest of the Sharia Guarantee Company, Sharia Reinsurance Company, or Guarantee Company with Sharia business unit and/or other stakeholders. 0 6 DPS is able to prevent misuse of authority to obtain improper personal gain or cause loss to the Sharia Guarantee Company, Sharia Reinsurance Company, or Guarantee Company with Sharia business unit. 0
3. DPS

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
A. Implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS Criteria/Assessment Indicators No Statement/Question Score 7 DPS is able to ensure effective, accurate, and quick decision-making, and act independently, without interests that could interfere with their ability to perform duties independently and objectively. 0 8 DPS is able to perform supervisory duties and provide advice and suggestions to the Board of Directors so that the activities of the Sharia Guarantee Company, Sharia Reinsurance Company, or Guarantee Company with Sharia business unit comply with Sharia principles. 0 9 Meeting minutes that are joint decisions of all DPS members have been well documented. 0 10 DPS decisions have been recorded in meeting minutes, including dissenting opinions that occurred clearly. 0 11 DPS members are able to not conduct transactions that have conflicts of interest with the activities of the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit where the DPS member serves. 0 12 DPS members are able to not use their position for personal, family, and/or other interests that reduce assets or reduce profit of the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit where the DPS member serves. 0 13 DPS members do not take and/or receive personal gain from the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit where the DPS member serves other than remuneration and other facilities established based on GMS. 0 14 DPS requests explanations from Board of Directors members regarding policies or actions of Board of Directors members that do not comply with Sharia Principles concerning Sharia Financing activities, Sharia Financing agreements marketed by the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit, and Sharia financing marketing practices conducted by the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit. 0

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
A. Implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS Criteria/Assessment Indicators No Statement/Question Score 15 DPS reports completely and comprehensively to the Financial Services Authority and copies it to the Board of Directors since the explanation from Board of Directors members was received by DPS regarding the Board of Directors' rejection of the DPS assessment results on the implementation of Sharia principles by the Board of Directors. 0 16 DPS immediately reports completely and comprehensively to the Financial Services Authority and copies it to the Board of Directors since it is known that Board of Directors members do not make improvement efforts as requested by DPS to comply with Sharia principles. 0 17 DPS is appointed by the GMS based on the recommendation of the Sharia National Council – Indonesian Ulema Council. 0 18 The appointment of DPS by the GMS is recorded in a notarial deed. 0 19 DPS members provide recommendations regarding the implementation of Board of Directors' duties related to Sharia aspects of operational activities of the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit. 0 20 DPS members do not hold concurrent positions as Board of Directors members, Board of Commissioners members, or DPS members at more than 4 (four) other Sharia financial institutions. 0 21 DPS conducts supervision and provides advice and suggestions regarding Sharia guarantee and Sharia reinsurance activities. 0 22 DPS conducts supervision and provides advice and suggestions regarding Sharia guarantee and Sharia reinsurance agreements marketed by the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit. 0 23 DPS conducts supervision and provides advice and suggestions regarding Sharia guarantee and Sharia reinsurance marketing practices conducted by the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit. 0 24 In performing duties, DPS is assisted by committee members and/or employees whose organizational structure is under the Board of Commissioners and/or Board of Directors. 0 25 DPS members receive information from the Board of Directors regarding Sharia guarantee and Sharia reinsurance marketing practices conducted by the Sharia Guarantee Company, Sharia Reinsurance Company, and Sharia business unit in a complete and timely manner. 0 26 DPS members hold meetings periodically at least 4 (four) times in 1 (one) year. 0

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
A. Implementation of duties and responsibilities of the Board of Directors, Board of Commissioners, and DPS Criteria/Assessment Indicators No Statement/Question Score 27 DPS member meeting results are recorded in the DPS meeting minutes. 0 28 The number of DPS meetings held and the attendance of each DPS member must be included in the Good Corporate Governance Implementation report. 0 Indicator Score Total - Total Indicators 81 Weight 35.00 Factor Value -

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
1
Independent Commissioner does not have affiliation with Board of Directors members, Board of Commissioners members, DPS members, or shareholders of the Guarantee Institution, in the same Guarantee Institution. 0 2 Independent Commissioner has never been a Board of Directors member, Board of Commissioners member, DPS member, or held a position 1 (one) level below the Board of Directors at the same Guarantee Institution or other business entity with affiliation to that Guarantee Institution in the last 6 (six) months. 0 3 Independent Commissioner understands laws and regulations in the field of guarantee, Sharia guarantee, reinsurance, and/or Sharia reinsurance and other relevant laws and regulations. 0 4 Independent Commissioner has good knowledge regarding the financial condition of the Guarantee Institution where the Independent Commissioner serves. 0 5 Independent Commissioner is able to perform the main task of supervisory function to voice the interests of the insured, guarantee recipients, and other stakeholders. 0 6 The Guarantee Institution has an audit committee. 0 7 Audit committee members have expertise in performing duties. 0 8 Audit committee is able to assist the Board of Commissioners in monitoring and ensuring the effectiveness of the internal control system. 0 9 Audit committee is able to assist the Board of Commissioners in monitoring and ensuring the effectiveness of the implementation of duties of internal and external auditors. 0 10 Audit committee is able to assist the Board of Commissioners in monitoring and evaluating the planning and implementation of audits to assess the adequacy of internal controls including the financial reporting process. 0 11 Audit committee routinely holds meetings. 0 12 The Guarantee Institution has an Independent Commissioner. 0 13 Independent Commissioner is an Indonesian citizen. 0 14 Independent Commissioner resides in Indonesia. 0 15 Independent Commissioner reports to the Financial Services Authority at the latest 10 (ten) calendar days since the discovery of violations of laws and regulations in the field of guarantee. 0 16 The Guarantee Institution discloses to the Financial Services Authority regarding the resignation of the Independent Commissioner. 0 17 The resigning Independent Commissioner submits reasons for resignation to the Financial Services Authority. 0 18 The Guarantee Institution discloses to the Financial Services Authority regarding the dismissal of the Independent Commissioner. 0 19 The Guarantee Institution submits reasons for the dismissal of the Independent Commissioner to the Financial Services Authority. 0 20 Independent Commissioner reports to the Financial Services Authority at the latest 10 (ten) calendar days since the discovery of conditions or estimated conditions that could endanger the continuity of the Guarantee Institution's business. 0 21 Independent Commissioner is the chairman of the audit committee. 0 22 The company has a committee structure. 0 23 Audit
committee has a committee work program. 0 24 Audit committee reports realization regarding the committee work program to the Independent Commissioner. 0 Indicator Score Total - Total Indicators 24 Weight 5.00 Factor Value - a. For Guarantee Institutions with national or provincial operational scope or with foreign ownership Criteria/Assessment Indicators B.1. Completeness and implementation of audit committee duties or functions assisting the Board of Commissioners No Statement/Question Score

1
Very
Appropriate
2
Appropriate
3
Fairly
Appropriate
4
Less
Appropriate
5
Not
Appropriate Yes No
1
The work unit or employees monitoring audit implementation are independent.
0
2
The work unit or employees are able to assist the Board of Commissioners in monitoring and ensuring the effectiveness of the internal control system. 0 3 The work unit or employees able to assist the Board of Commissioners in monitoring and ensuring the effectiveness of the implementation of duties of internal and external auditors. 0 4 The work unit or employees are able to assist the Board of Commissioners in monitoring and evaluating the planning and implementation of audits to assess the adequacy of internal controls including the financial reporting process. 0 5 The work unit or employees monitoring audit implementation routinely hold meetings. 0 6 The Guarantee Institution has a function assisting the Board of Commissioners in monitoring audit implementation. 0 7 The work unit or employees monitoring audit implementation have a structure. 0 8 The work unit or employees monitoring audit implementation have expertise in performing duties. 0 9 The work unit or employees monitoring audit implementation have a work program. 0 10 The work unit or employees monitoring audit implementation report realization regarding the work program to the Board of Commissioners. 0 Indicator Score Total - Total Indicators 10 Weight 5.00 Factor Value - b. For Guarantee Institutions with district-level operational scope B.2. Completeness and implementation of audit committee duties or functions assisting the Board of Commissioners No Statement/Question Score Criteria/Assessment Indicators

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1
Board of Directors members overseeing the compliance function are able to ensure that the policies, regulations, systems and procedures, as well as business activities carried out by the Guarantee Institution are in accordance with applicable legislation. 0 2 Board of Directors members overseeing the compliance function are able to ensure the Guarantee Institution's compliance with commitments made by the Guarantee Institution to the Financial Services Authority and/or other competent supervisory authorities. 0 3 The work unit or employees carrying out the compliance function assist the Board of Directors in ensuring the Guarantee Institution's compliance with legislation in the guarantee business field and other applicable legislation. 0 4 The work unit or employees carrying out the compliance function are able to account for the implementation of their duties to the Board of Directors members overseeing the compliance function. 0 5 The Guarantee Institution has Board of Directors members overseeing the compliance function. 0 6 The Company has a work unit or employees carrying out the compliance function. 0 1 The Company has an internal auditor. 0 2 The internal auditor has a scope of audit work. 0 3 The internal auditor has an organizational structure. 0 4 The internal auditor is independent. 0 5 The internal auditor reports the results of the implementation of internal audit duties. 0 1 The Company uses external auditor services. 1 2 The external auditor is proposed by the Board of Commissioners. 0 3 The external auditor is appointed by the General Meeting of Shareholders. 0 4 The external auditor is registered with the Financial Services Authority. 0 5 The Guarantee Institution provides all accounting records and supporting data required by the external auditor. 0 6 The external auditor is independent. 0 7 The Guarantee Institution limits the use of audit services for annual historical financial information from the same external auditor for a maximum of 3 (three) consecutive reporting fiscal years. 0 Indicator Score - Total Indicators 18 Weight 7.50 Factor Score -
1. Compliance Function
3. External Auditor Function
2. Internal Auditor Function
C. Implementation of compliance function, internal auditor, and external auditor
No Statement/Question Score
Assessment Criteria/Indicator

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak Sesuai Ya Tidak
1 The Board of Directors and Board of Commissioners of the Guarantee Institution understand the risks faced by the Guarantee Institution. 0 2 The Board of Directors and Board of Commissioners of the Guarantee Institution provide clear guidance regarding the implementation of risk management. 0 3 The Board of Directors and Board of Commissioners of the Guarantee Institution conduct active supervision and risk mitigation. 0 4 The Board of Directors and Board of Commissioners of the Guarantee Institution develop a risk management culture at the Guarantee Institution. 0 5 The Board of Directors and Board of Commissioners of the Guarantee Institution ensure the availability of an adequate organizational structure. 0 6 The Board of Directors and Board of Commissioners of the Guarantee Institution establish clear duties and responsibilities for each work unit. 0 7 The Board of Directors and Board of Commissioners of the Guarantee Institution ensure the sufficiency of quantity and quality of human resources to support the effective implementation of risk management. 0 1 The implementation of the Guarantee Institution's risk management is aligned with the vision, mission, and business strategy of the Guarantee Institution. 0 2 The implementation of the Guarantee Institution's risk management considers the sufficiency of policies in risk management. 0 3 The Guarantee Institution has procedures and processes to implement risk management policies. 0 4 The implementation of the Guarantee Institution's risk management considers the establishment of risk limits in risk management. 0 1 The Guarantee Institution conducts periodic identification of all risks. 0 2 The Guarantee Institution has a method or system to identify risks in all business activities and corporate business activities. 0 3 The Guarantee Institution conducts periodic risk measurement. 0 4 The Guarantee Institution has a risk monitoring system and procedures. 0 5 The Guarantee Institution has risk control methods appropriate to the risk exposure, the level of risk to be taken, and risk tolerance. 0 6 The implementation of the Guarantee Institution's risk management considers the sufficiency of the identification process in risk management. 0 7 The implementation of the Guarantee Institution's risk management considers measurement in risk management. 0 8 The implementation of the Guarantee Institution's risk management considers monitoring and risk control. 0 1 The Guarantee Institution has a risk management information system appropriate to the characteristics, activities, and complexity of the company's business activities. 0 2 The risk management information system owned by the Guarantee Institution is able to support the implementation of the identification, measurement, monitoring, and risk control processes. 0 3 The risk management information system is able to ensure the availability of accurate, complete, informative, timely, and reliable information so that it can be used by the Board of
Directors, Board of Commissioners, and related work units in the implementation of risk management. 0 4 The risk management information system is able to ensure the effectiveness of risk management implementation covering policies, procedures, and the establishment of risk limits. 0 5 The risk management information system is able to ensure the availability of information on the results (realization) of risk management implementation compared to the targets set by the Guarantee Institution. 0 D. Implementation of risk management, internal control system, and IT governance No Question/Statement Score Assessment Criteria/Indicator

1. Active Supervision by the Board of Commissioners
2. Sufficiency of policies, procedures, and establishment of risk limits
3. Sufficiency of identification, measurement, monitoring, and risk control processes
4. Risk management information system

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak Sesuai Ya Tidak
D. Implementation of risk management, internal control system, and IT governance No Question/Statement Score Assessment Criteria/Indicator 1 The Guarantee Institution implements an internal control system effectively in the implementation of the Guarantee Institution's risk management. 0 2 A comprehensive internal control system considers reporting mechanisms in the event of deviations. 0 1 The Guarantee Institution implements effective IT governance. 0 2 The Guarantee Institution has an information systems organizational structure. 0 3 The Guarantee Institution has information system usage guidelines accompanied by instructions or work orders for each function. 0 4 The Guarantee Institution has data security and incident management guidelines (disaster recovery plan). 0 Indicator Score - Total Indicators 30 Weight 10.00 Factor Score - `6. IT Governance
5. Comprehensive Internal Control System

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution implements a remuneration policy for Board of Directors members, Board of Commissioners members, DPS, and employees that encourages prudent behaviour aligned with the long-term interests of the Guarantee Institution and fair treatment of insured parties, guarantors, guarantee recipients, and/or other stakeholders. 0 2 The remuneration policy considers financial performance and the fulfillment of the Guarantee Institution's obligations as regulated in applicable legislation. 0 3 The remuneration policy considers individual work performance. 0 4 The remuneration policy considers fairness with the Guarantee Institution and/or equivalent job levels (peer group). 0 5 The remuneration policy considers considerations of the Guarantee Institution's long-term goals and strategy. 0 6 Board of Directors, Board of Commissioners, and DPS members receive remuneration in non-natura form. 0 7 Board of Directors, Board of Commissioners, and DPS members receive remuneration in natura form. 0 1 Packages or other remuneration policies and facilities for Board of Directors, Board of Commissioners, and DPS members established by the General Meeting of Shareholders. 0 2 Remuneration and other facilities for all Board of Directors, Board of Commissioners, and DPS members must at least cover the number of Board of Directors members, number of Board of Commissioners members, number of DPS members, and the number of all remuneration policies and other facilities. 0 3 The number of Board of Directors, Board of Commissioners, and DPS members receiving remuneration packages in 1 (one) year grouped according to income level. 0 1 The Company submits the ratio of highest to lowest salary. 0 Indicator Score - Total Indicators 11 Weight 2.50 Factor Score -
3. Highest and Lowest Salary Ratio

1. Disclosure regarding remuneration policies and other facilities for Board of Directors, Board of Commissioners, and DPS members
2. Disclosure of remuneration packages or policies in 1 (one) year
   E. Implementation of remuneration policies and other facilities Assessment Criteria/Indicator No Question/Statement Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution implements transparency of financial and non-financial conditions to stakeholders. 0 2 The Guarantee Institution provides complete and timely data and information to the Financial Services Authority. 0 3 The Guarantee Institution explains guarantee transaction agreements as well as the rights and obligations of stakeholders in each guarantee transaction. 0 4 The Guarantee Institution has a financial reporting system relied upon for supervisory purposes and other stakeholders. 0 5 The Guarantee Institution promotes guarantee services. 0 6 The Guarantee Institution transparently communicates complaint procedures and dispute resolution to stakeholders. 0 Indicator Score - Total Indicators 6 Weight 15.00 Factor Score - F. Transparency of the Company's financial and non-financial conditions No Question/Statement Score Assessment Criteria/Indicator

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution formulates the long-term plan of the Guarantee Institution.
0
2 The Guarantee Institution formulates the work plan of the Guarantee Institution. 0 3 The Guarantee Institution formulates the annual budget of the Guarantee Institution. 0 4 The long-term plan as well as the work plan and annual budget of the Guarantee Institution are submitted to the Financial Services Authority. 0 Indicator Score - Total Indicators 4 Weight 7.50 Factor Score - G. Long-term plan as well as work plan and annual budget Assessment Criteria/Indicator No Question/Statement Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution reports share ownership of Board of Directors, Board of Commissioners, and DPS members reaching 5% (five percent) or more in the Guarantee Institution. 0 2 The Guarantee Institution reports share ownership of Board of Directors, Board of Commissioners, and DPS members reaching 5% (five percent) or more in other Guarantee Institutions. 0 3 The Guarantee Institution reports share ownership of Board of Directors, Board of Commissioners, and DPS members reaching 5% (five percent) or more in financial service companies other than Guarantee Institutions. 0 4 The Guarantee Institution reports share ownership of Board of Directors, Board of Commissioners, and DPS members reaching 5% (five percent) or more in other Guarantee Institutions located domestically or internationally, including shares obtained through the stock exchange. 0 Indicator Score - Total Indicators 4 Weight 2.50 Factor Score - H. Disclosure of share ownership of Board of Directors and Board of Commissioners members reaching 5% (five percent) or more No Question/Statement Assessment Criteria/Indicator Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution reports the financial relationship of Board of Directors members with other Board of Directors members, Board of Commissioners members, DPS members, and/or shareholders of the Guarantee Institution where the respective Board of Directors member serves. 0 2 The Guarantee Institution reports the family relationship of Board of Directors members with other Board of Directors members, Board of Commissioners members, DPS members, and/or shareholders of the Guarantee Institution where the respective Board of Directors member serves. 0 3 The Guarantee Institution reports the financial relationship of Board of Commissioners members with other Board of Commissioners members, Board of Directors members, DPS, and/or shareholders of the Guarantee Institution where the respective Board of Commissioners member serves. 0 4 The Guarantee Institution reports the family relationship of Board of Commissioners members with other Board of Commissioners members, Board of Directors members, DPS, and/or shareholders of the Guarantee Institution where the respective Board of Commissioners member serves. 0 5 The Guarantee Institution reports the financial relationship of DPS members with other DPS members, Board of Directors members, Board of Commissioners members, and/or shareholders of the Guarantee Institution where the respective DPS member serves. 0 6 The Guarantee Institution reports the family relationship of DPS members with other DPS members, Board of Directors members, Board of Commissioners members, and/or shareholders of the Guarantee Institution where the respective DPS member serves. 0 Indicator Score - Total Indicators 6 Weight 5.00 Factor Score -
I. Financial relationships and family relationships for Directors, Board of Commissioners, and DPS
No Question/Statement
Assessment Criteria/Indicator
Score

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
1 The Guarantee Institution discloses to the Financial Services Authority regarding the resignation of the external auditor. 0 2 The resigning external auditor submits reasons regarding the resignation to the Financial Services Authority. 0 3 The Guarantee Institution discloses to the Financial Services Authority regarding the dismissal of the external auditor. 0 4 The Guarantee Institution submits reasons for the dismissal of the external auditor to the Financial Services Authority. 0 1 The Guarantee Institution has disclosed to the Financial Services Authority regarding material transactions with related parties. 0 1 The Guarantee Institution has disclosed to the Financial Services Authority regarding ongoing conflicts of interest with related parties. 0 2 The Guarantee Institution has disclosed to the Financial Services Authority regarding transactions of the Guarantee Institution that have the potential for conflict of interest with other Guarantee Institutions. 0 1 There is no intervention from the owners of the Guarantee Institution. 0 2 There is no internal dispute within the Guarantee Institution. 0 3 There are no problems that are a consequence of the Guarantee Institution's remuneration policy 0 1 Resolution of internal deviations involves legal processes. 0 2 There are no deviations committed by Board of Commissioners members and Board of Directors members. 0 3 There are no deviations committed by permanent employees. 0 4 There are no deviations committed by non-permanent employees. 0 5 The Guarantee Institution provides mediation for resolution regarding internal deviations. 0 1 The Guarantee Institution does not have legal problems that are civil cases. 0 2 The Guarantee Institution does not have legal problems that are criminal cases. 0 1 The Board of Directors, Board of Commissioners, and employees of the Guarantee Institution are able not to offer or give anything, directly or indirectly, to other parties, to influence decision-making related to guarantee transactions, in violation of applicable legislation. 0
5. Internal Deviations
6. Legal Problems
7. Business Ethics
J. Disclosure of other important matters to the Financial Services Authority No Question/Statement Score Assessment Criteria/Indicator

1. Resignation or dismissal of external auditor
2. Material transactions with related parties
3. Conflicts of interest
4. Other material information regarding the Guarantee Institution related to Good Corporate Governance

1
Sangat
Sesuai
2
Sesuai
3
Cukup
Sesuai
4
Kurang
Sesuai
5
Tidak
Sesuai
Ya Tidak
J. Disclosure of other important matters to the Financial Services Authority No Question/Statement Score Assessment Criteria/Indicator 2 The Board of Directors, Board of Commissioners, and company employees are able not to receive anything for their personal interests in violation of applicable legislation, directly or indirectly, from anyone, which can influence decision-making related to financing transactions. 0 3 The Guarantee Institution has guidelines on ethical behavior, containing business ethics values as a guide for the organs of the Guarantee Institution and all employees of the Guarantee Institution. 0 Indicator Score - Total Indicators 20 Weight 10.00 Factor Score -

signed
RISWINANDI
General Conclusion Description (Based on Assessment Score Results) K. General conclusion of the self-assessment results (self assessment) Established in Jakarta on October 12, 2017 EXECUTIVE HEAD OF SUPERVISOR OF INSURANCE, PENSION FUNDS, LENDING INSTITUTIONS, AND OTHER FINANCIAL SERVICE INSTITUTIONS FINANCIAL SERVICES AUTHORITY, This copy is in accordance with the original Director of Law 1 Legal Department signed Yuliana

APPENDIX III
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 54 /SEOJK.05/2017 REGARDING REPORT ON THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE FOR GUARANTEE INSTITUTIONS

• 1 -
  This copy is in accordance with the original
  Director of Law 1
  Legal Department signed
  Yuliana
  ACTION PLAN
  No. Corrective Action
  Completion Target
  Completion Obstacles
  Remarks
  1.
  2.
  3.
  Etc.
  Approve,
  BOARD OF DIRECTORS BOARD OF COMMISSIONERS
  Established in Jakarta on October 12, 2017
  EXECUTIVE HEAD OF SUPERVISOR
  OF INSURANCE,
  PENSION FUNDS,
  LENDING INSTITUTIONS, AND
  OTHER FINANCIAL SERVICE INSTITUTIONS
  FINANCIAL SERVICES AUTHORITY, signed
  RISWINANDI