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KAS DAN SETARA KAS PADA AKHIR TAHUN 37.960.635.923 118.541.646.316 AT END OF YEAR

AND SUBSIDIARIES

KAS DAN SETARA KAS PADA AKHIR TAHUN 37.960.635.923 118.541.646.316 AT END OF YEAR

PT PANIN SEKURITAS Tbk DAN ENTITAS ANAK LAPORAN ARUS KAS KONSOLIDASIAN UNTUK TAHUN-TAHUN YANG BERAKHIR

31 DESEMBER 2011 DAN 2010

(Disajikan dalam Rupiah, Kecuali dinyatakan lain)

PT PANIN SEKURITAS Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER 2011 AND 2010

(Expressed in Rupiah, unless otherwise stated)

2 0 1 1 2 0 1 0

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES

Penerimaan dari Jasa 180.038.474.494 103.773.510.075 Receipt from services

Penerimaan dari (pembayaran ke) nasabah Receipt from (payment to) customer

- Pihak – pihak Berelasi 43.333.974.101 ( 102.463.597.210 ) – related parties

Penerimaan dari (pembayaran ke) nasabah 53.221.794.816 ( 156.068.424.728 ) Receipt from (payment to) customer

- pihak ketiga – third parties

Penjualan aset keuangan yang diukur Sale of financial assets

pada nilai wajar melalui laporan laba rugi at fair value through profit or loss

- pihak ketiga 70.971.204.736 27.102.826.791 – third parties

Penjualan aset keuangan yang diukur Sale of financial assets

pada nilai wajar melalui laporan laba rugi at fair value through profit or loss

- Pihak Berelasi 110.246.898.769 119.298.934.205 – related parties

Penerimaan perdagangan aset keuangan yang diukur Proceeds from trading of financial assets

pada nilai wajar melalui laporan laba rugi 72.304.836.978 168.839.178.272 at fair value through profit or loss

Penerimaan Bunga 86.505.633.134 86.051.313.287 Interest receipt

Penarikan (penempatan) deposito pada Withdrawal (placement) of deposits

lembaga kliring dan penjaminan 22.769.094.606 ( 10.218.358.547 ) in clearing and guarantee institution

Pembayaran pajak penghasilan ( 15.010.425.865 ) ( 4.138.233.309 ) Payment of income tax

Pembayaran Bunga ( 38.454.815.158 ) ( 39.333.272.439 ) Interest payment

Pembayaran kepada tenaga ahli , karyawan Payment to professionals , employees

dan beban operasional lainnya ( 76.282.543.905 ) ( 68.285.740.569 ) and other operational expenses

Pembelian aset keuangan yang diukur Purchase of financial assets

pada nilai wajar melalui laporan laba rugi at fair value through profit or loss

- pihak ketiga ( 72.840.968.061 ) ( 25.563.647.543 ) – third parties

Pembelian aset keuangan yang diukur Purchase of financial assets

pada nilai wajar melalui laporan laba rugi at fair value through profit or loss

- Pihak – pihak Berelasi ( 256.129.469.093 ) ( 276.210.460.628 ) – related parties

Pembelian efek beli dengan janji

jual kembali ( 203.300.871.485 ) ( 20.889.635.182 ) Purchase of reverse repo

(Pembayaran kepada) penerimaan dari lembaga (Payment to) received from clearing

kliring dan penjaminan ( 17.756.291.000 ) 113.012.870.000 and guarantee institution

Penerimaan hutang bank 20.000.000.000 - Receipt of bank loan

Pembayaran hutang Lain - lain - ( 167.582.584 ) Payment of others payable

Arus kas bersih digunakan untuk aktivitas operasi ( 20.383.472.933 ) ( 85.260.320.109 ) Net cash flows used in operating activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES

Penerimaan dari penjualan aset tetap 947.800.000 17.980.000 Proceed from sale of equipments

Pembelian aset tetap ( 5.655.843.622 ) ( 2.487.230.883 ) Acquisition of equipments

Penambahan aset lain-lain ( 639.493.838 ) ( 29.292.358 ) Additions of other assets

Arus kas bersih digunakan untuk aktivitas investasi ( 5.347.537.460 ) ( 2.498.543.241 ) Net cash flows used in investing activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES

Pembayaran dividen kas ( 57.600.000.000 ) ( 36.000.000.000 ) Payment of cash dividends

Penerimaan setoran modal dari pihak non-pengendali 2.750.000.000 - Paid in capital from non-controlling interest

Arus kas bersih digunakan untuk aktivitas pendanaan ( 54.850.000.000 ) ( 36.000.000.000 ) Net cash flows used in financing activities

PENURUNAN BERSIH DALAM KAS NET DECREASE IN CASH AND

DAN SETARA KAS ( 80.581.010.393 ) ( 123.758.863.350 ) CASH EQUIVALENTS

KAS DAN SETARA KAS PADA AWAL TAHUN 118.541.646.316 242.300.509.666 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS

Ekshibit D/2 Exhibit D/2

PT PANIN SEKURITAS Tbk DAN ENTITAS ANAK LAPORAN ARUS KAS KONSOLIDASIAN UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2011 DAN 2010 (Disajikan dalam Rupiah, Kecuali dinyatakan lain)

PT PANIN SEKURITAS Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER 2011 AND 2010

(Expressed in Rupiah, unless otherwise stated)

2 0 1 1 2 0 1 0

INFORMASI TAMBAHAN ADDITIONAL INFORMATION

Kas dan setara kas terdiri dari: Cash and cash equivalents consist of:

K a s 19.629.848 12.200.359 Cash on hand

B a n k 22.678.487.475 21.269.156.507 Cash in banks

Deposito 15.262.518.600 97.260.289.450 Time deposits

37.960.635.923 118.541.646.316

Lihat Catatan atas Laporan Keuangan Konsolidasian pada Ekshibit E yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to Consolidated Financial Statements on Exhibit E

which are an integral part of

in Indonesian Language

Ekshibit E Exhibit E

PT PANIN SEKURITAS Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

31 DESEMBER 2011 DAN 2010

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT PANIN SEKURITAS Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2011 AND 2010

(Expressed in Rupiah, unless otherwise stated)

1. U M U M a. Pendirian

PT Panin Sekuritas Tbk (“Perusahaan”) dahulu bernama PT Panin Sekuritasindo, didirikan dengan akta Notaris yang dibuat di hadapan Benny Kristianto, SH, Notaris di Jakarta, No. 369 tanggal 27 Juli 1989 juncto No. 59 tanggal 4 September 1989. Akta pendirian Perusahaan telah disahkan oleh Menteri Kehakiman Republik

Indonesia berdasarkan Surat Keputusan No. C2.8438.HT.01.01.TH.89 tanggal 7 September

1989 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 90 tanggal 10 November 1989, Tambahan No. 2985. Nama Perusahaan berubah menjadi PT Panin Sekuritas berdasarkan akta Notaris yang dibuat di hadapan Benny Kristianto, SH, Notaris di Jakarta, No. 205 tanggal 27 Juni 1995. Akta pendirian Perusahaan telah disahkan oleh Menteri Kehakiman Republik Indonesia berdasarkan Surat Keputusan No.C2.10318.HT.01.04.TH.95 tanggal 18 Agustus 1995 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 3 tanggal 9 Januari 1996, Tambahan No. 348.

1. GENERAL

a. Establishment

PT Panin Sekuritas Tbk (the Company), formerly known as PT Panin Sekuritasindo, was established based on Notarial deed No. 369 dated 27 July 1989 juncto Notarial deed No. 59 dated 4 September 1989, of Benny Kristianto, SH, Notary in Jakarta. The deed of establishment had been approved by the Minister of Justice of the Republic of Indonesia by his Decree No.C2.8438.HT.01.01.TH.89 dated 7 September 1989 and was published in the State Gazette of the Republic of Indonesia No. 90 dated 10 November 1989, Supplement No. 2985.

The Company‟s name was then changed to PT Panin Sekuritas based on Notarial deed No. 205

dated 27 June 1995, made in the presence of Benny Kristianto, SH, Notary in Jakarta. The deed of establishment had been approved by the Minister of Justice of the Republic of Indonesia by his Decree No.C2.10318.HT.01.04.TH.95 dated on 18 August 1995 and had been published in the State Gazette of the Republic of Indonesia No. 3 dated 9 January 1996, Supplement No. 348.

Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan akta Notaris yang dibuat dihadapan Fathiah Helmi, SH, Notaris di Jakarta, No. 120 tanggal 30 Juni 2008 sehubungan dengan perubahan seluruh anggaran dasar Perseroan dalam rangka penyesuaian dengan Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas dan Peraturan Bapepam-LK No. IX.J.1 tentang Pokok-Pokok Anggaran Dasar Perseroan Yang Melakukan Penawaran Umum Efek Bersifat Ekuitas dan Perusahaan Publik. Akta Notaris tersebut telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia berdasarkan Surat Keputusan No. AHU-93930.AH.01.02. TH.2008 tanggal 5 Desember 2008 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 52 tanggal 30 Juni 2009, Tambahan No. 17005.

Sesuai dengan anggaran dasar Perusahaan, ruang lingkup kegiatan usaha Perusahaan meliputi jasa perantara perdagangan efek, penjamin emisi efek dan manajer investasi/penasehat investasi.

The Company‟s articles of association have been amended several times, the latest amendment was

based on Notarial deed No. 120 dated 30 June 2008, of Fathiah Helmi, SH, Notary in

Jakarta, regarding the adjustment to the Company‟s articles of association to conform with the Law No. 40 of 2007 regarding the Limited Liability Company and Bapepam-LK Regulation No.IX.J.1 regarding the Fundamental of Company‟s Articles of Association that Conduct Public Offering of Equity Securities and Public Companies. The deed had been approved by the Minister of Justice and Human Rights of the Republic of Indonesia by his Decree No. AHU-93930.AH.01.02 TH.2008 dated 5 December 2008 and has been published in the State Gazette of the Republic of Indonesia No. 52 dated 30 June 2009, Supplement No.17005.

In accordance with the Company‟s articles of association, the Company‟s scope of activities comprise of securities brokerage, underwriting and investment management and advisory.

PT PANIN SEKURITAS Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

31 DESEMBER 2011 DAN 2010

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT PANIN SEKURITAS Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2011 AND 2010

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

a. Pendirian (Lanjutan)

Perusahaan telah memperoleh ijin usaha sebagai perantara perdagangan efek, penjamin emisi efek dan manajer investasi dari Ketua Badan Pengawas Pasar Modal (“Bapepam”) masing-masing berdasarkan surat No. Kep-205/PM/1992 tanggal

14 April 1992, No. Kep-206/PM/1992 tanggal 14 April 1992 dan No. Kep-01/PM/MI/1997 tanggal 31 Januari 1997. Perusahaan juga telah memperoleh ijin pembiayaan penyelesaian transaksi efek oleh Perusahaan bagi nasabah dari Bapepam dan Bursa Efek Indonesia (“BEI”) (dahulu Bursa Efek Jakarta) masing-masing berdasarkan Surat Keputusan Ketua Bapepam-LK No. Kep-09/PM/97 tanggal 30 April 1997 dan Surat Direksi BEI No. Peng-151/BEJ-1.3/0897 tanggal 1 Agustus 1997. Ijin tersebut telah diperbaharui beberapa kali, terakhir berdasarkan Surat BEI No. S-03881/BEI.ANG/07-2008 tanggal 14 Juli 2008.

a. Establishment (Continued)

The Company has obtained its securities brokerage, underwriting and investment management license from the Chairman of Capital Market Supervisory Board (“Bapepam”) based

on his Decrees No. Kep-205/PM/1992 and No. Kep-206/ PM/ 1992 both dated 14 April 1992

and No. Kep-01/PM/MI/ 1997, dated 31 January 1997. The Company has also obtained its license for financing of customer securities transaction settlement from Bapepam and the Indonesia Stock Exchange (“BEI”) (formerly known as Jakarta Stock Exchange) through the Decree of the Chairman of Bapepam-LK No. Kep-09/PM/97 dated 30 April 1997 and Letter of the Director of BEI No. Peng-151/BEJ-1.3/0897 dated 1 August 1997, respectively. The above license has been renewed several times, the most recent is based on Letter of BEI No. S-03881/BEI.ANG/07-2008 dated 14 July 2008.

Perusahaan berdomisili di Jakarta dan berkantor pusat di Gedung Bursa Efek Indonesia – Menara II, Lt. 17, Jl. Jenderal Sudirman Kav. 52-53, Jakarta 12190, Indonesia. Perusahaan mulai beroperasi secara komersial sejak tanggal 14 September 1989.

The Company is domiciled in Jakarta and its head office is located at Indonesia Stock Exchange Building, Tower II, 17th Floor, Jl. Jenderal Sudirman Kav. 52-53, Jakarta 12190, Indonesia. The Company started its commercial operation on 14 September 1989.

b. Penawaran Umum Saham dan Obligasi

Pada tanggal 15 Mei 2000, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam berdasarkan suratnya No. S-106/PM/2000 untuk melakukan penawaran umum perdana saham dan waran kepada masyarakat sejumlah 80.000.000 saham biasa dengan nilai nominal Rp 500 per saham dengan harga penawaran Rp 550 per saham dan sejumlah 24.000.000 Waran Seri I (“Waran”). Pelaksanaan Waran tersebut telah kadaluarsa pada tanggal 2 Juni 2003 dan tidak ada Waran yang dilaksanakan.

Perusahaan telah mencatatkan seluruh sahamnya pada PT Bursa Efek Indonesia (“BEI”) pada tanggal 31 Mei 2000 dengan cara perdagangan tanpa warkat (Scriptless Trading).

b. Public Offering of Shares and Bonds

On 15 May 2000, the Company obtained an effective statement from the Chairman of Bapepam by its Decree No. S-106/ PM/2000 to conduct the initial public offering of shares and warrants consisting of 80,000,000 common shares with par value of Rp 500 per share at offering price of Rp 550 per share, and 24,000,000 Series I Warrants (“Warrant”). These warrants expired on 2 June 2003 and none Warrant were exercised.

The Company has listed all of its shares at the Indonesia Stock Exchange on 31 May 2000 through scriptless trading.

Ekshibit E/3 Exhibit E/3

PT PANIN SEKURITAS Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

31 DESEMBER 2011 DAN 2010

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT PANIN SEKURITAS Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2011 AND 2010

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

b. Penawaran Umum Saham dan Obligasi (Lanjutan) Berdasarkan Rapat Umum Pemegang Saham Tahunan yang dinyatakan dalam akta No. 64 tanggal 28 Mei 2004 dan Rapat Umum Pemegang Saham Luar Biasa yang dinyatakan dalam akta No. 65 tanggal 28 Mei 2004, keduanya dibuat di hadapan Fathiah Helmi, SH, Notaris di Jakarta, para pemegang saham menyetujui penetapan penggunaan laba bersih tahun 2003 untuk pembagian dividen saham, dengan perbandingan setiap kepemilikan 8 saham berhak memperoleh 1 dividen saham, sehingga dari 320.000.000 saham yang telah diterbitkan Perusahaan, jumlah dividen saham yang dibagikan adalah sebanyak 40.000.000 saham dengan harga pelaksanaan sebesar Rp 325 per saham. Harga pelaksanaan tersebut di atas nilai nominal Rp 250 per saham, sehingga

Perusahaan mencatat agio saham sebesar Rp 3.000.000.000 (Catatan 24).

Dengan disetujuinya pembagian dividen tersebut, modal ditempatkan dan disetor Perusahaan meningkat dari Rp 80.000.000.000 yang terdiri dari 320.000.000 saham menjadi Rp 90.000.000.000 yang terdiri dari 360.000.000 saham.

b. Public Offerring of Shares and Bonds (Continued) Based on Annual General Meeting of Shareholders which was stipulated in deed No. 64 dated 28 May 2004 and Extraordinary General Meeting of Shareholders which was stipulated in deed No. 65 dated 28 May 2004, both of Fathiah Helmi, SH, Notary in Jakarta, the shareholders agreed to distribute share dividends from 2003 net profit, with the ratio of 1 share dividend allocated to every 8 shares. Consequently, from 320,000,000 shares that have been issued by the Company, 40,000,000 share dividends were distributed at Rp 325 per share. This exercise price is higher than the nominal price of Rp 250 per share, which eventually gave rise to additional paid-in capital amounted to Rp 3,000,000,000 (Note 24).

With the approval of the above dividend distribution, the Company‟s issued and fully

paid-up capital was increasing from Rp 80,000,000,000 consisting of 320,000,000 shares

to Rp 90,000,000,000 consisting of 360,000,000 shares.

Pada tanggal 8 September 2003, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK berdasarkan suratnya No. S-2222/ PM/2003 untuk melakukan penawaran Obligasi Panin Sekuritas I tahun 2003, tanpa warkat sebesar Rp 100.000.000.000 dengan jangka waktu 5 (lima) tahun, yang ditawarkan 100% pada pasar perdana dan tercatat pada Bursa Efek Surabaya (“BES”) pada tanggal 19 September 2003. Obligasi tersebut dikenakan bunga sebesar 14,25% per tahun dan akan dibayarkan setiap 3 (tiga) bulan yang dimulai pada tanggal 18 September 2003. Perusahaan dapat membeli kembali obligasi yang belum jatuh tempo apabila obligasi tersebut telah berumur 1 (satu) tahun sejak tanggal penerbitan. Obligasi ini telah jatuh tempo dan dilunasi seluruhnya pada tanggal 18 September 2008.

On 8 September 2003, the Company obtained an effective statement from the Chairman of Bapepam-LK by its Decree No. S-2222/PM/2003 to conduct the offering of Panin Sekuritas

Bonds I Year 2003 with face value of Rp 100,000,000,000 (one hundred billion Rupiah),

which was offerred at 100% of face value in the primary market with 5 (five) years of maturity. These bonds were listed at the Surabaya Stock Exchange on 19 September 2003. These bonds bear a fixed coupon rate of 14.25% per annum and the interest is paid every 3 months commencing from 18 September 2003. The Company has a right to buy back the bonds before their maturity, 1 (one) year subsequent to its issuance. The bonds had been matured and fully settled on 18 September 2008.

Pada tanggal 28 Februari 2005, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK berdasarkan suratnya No. S-432/ PM/2005 untuk melakukan penawaran Obligasi

Panin Sekuritas II tahun 2005 sebesar Rp 75.000.000.000 yang terdiri dari 2 (dua) seri,

Seri A dan Seri B masing-masing sebesar Rp 25.000.000.000 dan Rp 50.000.000.000.

Obligasi-obligasi tersebut dicatat di Bursa Efek Surabaya (“BES”) pada tanggal 16 Maret 2005.

On 28 February 2005, the Company obtained an effective statement from the Chairman of Bapepam-LK by its Decree No. S-432/PM/2005 to conduct the offering of Panin Sekuritas Bonds II Year 2005 with face value of Rp 75,000,000,000 consisting of 2 (two) series, Series A and B, each

with face value of Rp 25,000,000,000 and Rp 50,000,000,000 respectively. Those bonds were

listed in the Surabaya Stock Exchange on 16 March 2005.

PT PANIN SEKURITAS Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

31 DESEMBER 2011 DAN 2010

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT PANIN SEKURITAS Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2011 AND 2010

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

b. Penawaran Umum Saham dan Obligasi (Lanjutan) b. Public Offerring of Shares and Bonds (Continued)

Obligasi Panin Sekuritas II tahun 2005 Seri A dikenakan bunga sebesar 10,50% per tahun dan berjangka waktu 370 (tiga ratus tujuh puluh) hari. Obligasi tersebut sudah jatuh tempo dan telah dilunasi seluruhnya pada tanggal 20 Maret 2006. Obligasi Panin Sekuritas II tahun 2005 Seri B dikenakan bunga sebesar 11,625% per tahun dan berjangka waktu 2 (dua) tahun. Obligasi tersebut sudah jatuh tempo dan sudah dilunasi seluruhnya oleh Perusahaan pada tanggal 15 Maret 2007.

Panin Sekuritas Bonds II Year 2005 Series A were due for repayment in 370 (three hundred and seventy) days bearing fixed coupon rate of 10.50% per annum. The bonds had been matured and fully settled on 20 March 2006. Panin Sekuritas Bonds II Year 2005 Series B was due for repayment in 2 (two) years, with fixed coupon rate of 11.625% per annum and had been matured and fully settled on 15 March 2007.

Pada tanggal 7 Juni 2007, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK berdasarkan suratnya No. S-2710/ BL/2007 untuk melakukan penawaran Obligasi Panin Sekuritas III

Tahun 2007 dengan nilai nominal sebesar Rp 200.000.000.000. Obligasi tersebut berjangka

waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 15 Juni 2012 dan dikenakan bunga tetap sebesar 11,75% per tahun. Obligasi tersebut seluruhnya dicatatkan pada Bursa Efek Indonesia, (dahulu Bursa Efek Surabaya) pada tanggal 18 Juni 2007.

On 7 June 2007, the Company obtained an effective statement from the Chairman of Bapepam-LK by its Decree No. S-2710/BL/2007 to conduct the offering of Panin Sekuritas Bonds III Year 2007 with face value of Rp 200,000,000,000, due for repayment in 5 (five) years, maturing on 15 June 2012 with fixed coupon rate of 11.75% per annum. These bonds were listed at the Indonesia Stock Exchange, (formerly known as Surabaya Stock Exchange) on 18 June 2007.

c. Entitas Anak

1. PT Panin Investment Management (“PIM”) PT Panin Investment Management (“PIM”) berkedudukan di Jakarta, didirikan berdasarkan akta Notaris yang dibuat di hadapan Fathiah Helmi, SH., Notaris di Jakarta, No. 3 tanggal 5 Juli 2002 yang telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia berdasarkan Surat Keputusan No. C-12795 HT.01.01.TH.2002 tanggal 12 Juli 2002. Sampai dengan tanggal laporan ini PIM belum melakukan kegiatan operasional sebagai perusahaan efek karena belum mendapat ijin usaha dari instansi yang berwenang. Persentase kepemilikan saham oleh Perusahaan adalah sebesar 49%. Pada tanggal 31 Desember 2011 and 2010, total aset PIM masing-masing sebesar Rp 6.950.398.649 dan Rp 5.871.885.956 (tidak diaudit).

c. Subsidiaries

1. PT Panin Investment Management (“PIM”) PT Panin Investment Management (“PIM”), an entity domiciled in Jakarta, was established based on Notarial deed No. 3 dated 5 July 2002, of Fathiah Helmi, SH, Notary in Jakarta. The deed of establishments was approved by the Minister of Justice and Human Rights of the Republic of Indonesia based on its Decision Letter No. C-12795 HT.01.01.TH.2002 dated 12 July 2002. Up to the date of this report, PIM has not started its commercial operation as its business license has not been approved by authorized institutions. The Company has an ownership interest of 49%. As of 31 December 2011 and 2010, total assets of PIM amounted to Rp 6,950,398,649 and Rp 5,871,885,956 respectively (unaudited).

Ekshibit E/5 Exhibit E/5

PT PANIN SEKURITAS Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

31 DESEMBER 2011 DAN 2010

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT PANIN SEKURITAS Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2011 AND 2010

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

c. Entitas Anak (Lanjutan)

2. PT Panin Asset Management (“PAM”)

PT Panin Asset Management (“PAM”) berkedudukan di Jakarta, didirikan berdasarkan akta Notaris yang dibuat di hadapan Fathiah Helmi, SH., Notaris di Jakarta, No. 32 tanggal 17 Maret 2011 dan telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan daftar perseroan No. AHU-0033289.AH.01.09 tahun 2011 tertanggal 26 April 2011. Pada tanggal 18 Agustus 2011 PAM secara efektif melakukan kegiatan operasional karena telah mendapat ijin usaha dari Kementerian

Keuangan Republik Indonesia Badan Pengawas Pasar Modal dan Lembaga Keuangan

berdasarkan surat keputusan BAPEPAM-LK No. KEP-06/BL/MI/2011 tertanggal 18 Agustus

2011. Persentase kepemilikan saham oleh Perusahaan adalah sebesar 90%. Pada tanggal

31 Desember 2011, total aset PAM sebesar Rp 89.932.980.670.

c. Subsidiaries (Continued)

2. PT Panin Asset Management (“PAM”)

PT Panin Asset Management (“PAM”), domiciled in Jakarta, was established based on Notarial deed No. 32 dated 17 March 2011, of Fathiah Helmi, SH, Notary in Jakarta and had been approved by the Minister of Law and Human Right of the Republic of Indonesia by his Decree AHU-00332289.AH.01.09 year 2011 dated 26 April 2011. On 18 August 2011 PAM started its commercial operation as its business license has been approved by the Minister of Finance of The Republic of Indonesia and

Supervisory Board (Bapepam-LK) in its Decree No. KEP-06/BL/MI/2011 dated 18 August 2011.

The Company has an ownership interest of 90% in the subsidiary. As of 31 December 2011, total assets of PAM amounted to Rp 89,932,980,670.

Bersama-sama entitas anak, entitas untuk selanjutnya disebut sebagai „Grup‟.

The Company together with its subsidiaries will be herein after referred as the “Group”.

d. Dewan Komisaris, Dewan Direksi, Komite Audit

dan Karyawan

Berdasarkan akta Notaris No. 32 tanggal 23 September 2011 dan No. 92 tanggal 30 Juni 2009 yang dibuat oleh Fathiah Helmi, SH, Notaris di Jakarta, susunan Dewan Komisaris dan Direksi Perusahaan pada tanggal 31 Desember 2011 dan 2010 adalah sebagai berikut:

d. Board of Commissioners, Board of Directors,

Audit Committee and Employees

Based on Notarial deed No. 32 dated 23 September 2011 and No.92 dated 30 June 2009 which are both made by Fathiah Helmi, SH, Notary in Jakarta, The composition of the Company‟s Board of Commissioners and Directors as of 31 December 2011 and 2010 are as follows:

2 0 1 1 2 0 1 0

Dewan Komisaris Board of Commissioners

Presiden Komisaris Mu‟min Ali Gunawan Mu‟min Ali Gunawan President Commissioner