Revocation of Financial Services Authority Circular Letter Number 1/SEOJK.04/2013 Regarding Other Conditions as Significantly Fluctuating Market Conditions in the Implementation of Share Repurchases by Issuers or Public Companies

To:
Directors of Issuers and Public Companies at their location.

COPY
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 8/SEOJK.04/2014 CONCERNING REVOCATION OF CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 1/SEOJK.04/2013 CONCERNING OTHER CONDITIONS AS SIGNIFICANTLY FLUCTUATING MARKET CONDITIONS IN THE IMPLEMENTATION OF SHARE REPURCHASES BY ISSUERS OR PUBLIC COMPANIES

In connection with the Financial Services Authority Regulation Number 2/POJK.04/2013 dated August 23, 2013 concerning Share Repurchases by Issuers or Public Companies in Significantly Fluctuating Market Conditions (State Gazette of the Republic of Indonesia Year 2013 Number 143, Supplement to the State Gazette of the Republic of Indonesia Number 5439), hereinafter referred to as POJK Number 2/POJK.04/2013, and the Financial Services Authority Circular Letter Number 1/SEOJK.04/2013 dated August 27, 2013 concerning Other Conditions as Significantly Fluctuating Market Conditions in the Implementation of Share Repurchases by Issuers or Public Companies, hereinafter referred to as SEOJK Number 1/SEOJK.04/2013, as well as considering current economic and market conditions, it is necessary to establish the revocation of SEOJK Number 1/SEOJK.04/2013 in this Financial Services Authority Circular Letter as follows:

I. GENERAL PROVISIONS

1. That based on SEOJK Number 1/SEOJK.04/2013, Other Conditions were established as Significantly Fluctuating Market Conditions as referred to in Article 1 number 1 letter b of POJK Number 2/POJK.04/2013, so as to reduce the impact of significantly fluctuating markets, Issuers or Public Companies could carry out share repurchases based on the mechanism regulated in POJK Number 2/POJK.04/2013.

2. That trading conditions for stocks on the Indonesia Stock Exchange since the issuance of SEOJK Number 1/SEOJK.04/2013 are no longer under pressure, as reflected in market indicators:
   a. The Composite Stock Price Index over the last 8 (eight) months calculated from August 27, 2013 to April 30, 2014 experienced an increase of 872.304 points or 21.98% (twenty-one point nine eight percent) and continues to show an upward trend to date. b. The volatility level of the Composite Stock Price Index viewed from the Standard Deviation Movement value for the period October 1, 2013 to April 30, 2014 has decreased and is currently in the range of 0.3417% (zero point three four one seven percent) to 0.8533% (zero point eight five three three percent), lower than the June to September 2013 period which was in the range of 1.0064% (one point zero zero six four percent) to 1.4403% (one point four four zero three percent).

3. That crisis management protocol indicators for the Financial Services Sector, specifically Capital Market crisis management protocol indicators since the implementation of SEOJK Number 1/SEOJK.04/2013 until April 30, 2014, show a normal status.

4. That economic conditions both regionally and nationally show positive growth and development trends.

5. That based on the conditions and developments as referred to in numbers 2 through 4, the market conditions at the Indonesia Stock Exchange are no longer experiencing significant fluctuations.

6. That considering number 5, the establishment of other conditions as Significantly Fluctuating Market Conditions in SEOJK Number 1/SEOJK.04/2013 as a basis for Issuers or Public Companies to carry out share repurchases as regulated in POJK Number 2/POJK.04/2013 needs to be revoked.

7. That based on Article 1 number 1 letter b cto Article 2 of POJK Number 2/POJK.04/2013, the Financial Services Authority establishes the termination of other conditions as mandated in POJK Number 2/POJK.04/2013.

II. DETERMINATION OF REVOCATION OF SEOJK NUMBER 1/SEOJK.04/2013

Based on considerations as referred to in Part I, SEOJK Number 1/SEOJK.04/2013 is revoked and declared invalid.

III. TRANSITIONAL PROVISIONS

Issuers or Public Companies that have implemented information disclosure to the Financial Services Authority and the Indonesia Stock Exchange to carry out share repurchases based on SEOJK Number 1/SEOJK.04/2013 cto POJK Number 2/POJK.04/2013 but the 3 (three) month period for repurchases as referred to in POJK Number 2/POJK.04/2013 has not yet ended, may continue the share repurchase until the repurchase program is completed within a 3 (three) month period calculated after the Issuer or Public Company submits information disclosure to the Financial Services Authority and the Indonesia Stock Exchange as regulated in POJK Number 2/POJK.04/2013.

IV. CLOSING

This Financial Services Authority Circular Letter takes effect on the date of determination.
To ensure everyone knows, order the announcement of this Financial Services Authority Circular Letter by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on May 14, 2014
EXECUTIVE HEAD
CAPITAL MARKET SUPERVISOR,
Signed,
NURHAIDA

Copy matches the original
Director of Legal Affairs I
Legal Department,
Signed,
Tini Kustini
STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 47 DATED JUNE 13, 2014 Director of Legal Affairs I, Legal Department