PT BAKRIE & BROTHERS Tbk DAN ENTITAS ANAK AND SUBSIDIARIES

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Laporan Keuangan Interim Konsolidasian Pada tanggal 31 Maret 2011 (Tidak Diaudit) dan 31 Desember 2010 (Diaudit) dan Untuk Periode Tiga bulan yang berakhir pada Tanggal 31 Maret 2011 dan 2010 (Tidak Diaudit)

PT BAKRIE & BROTHERS Tbk

DAN ENTITAS ANAK

Consolidated Interim Financial Statements As Of March 31, 2011 (Unaudited) and December 31, 2010 (Audited) and

For the Three-Month Period Ended March 31, 2011 and 2010

(Unaudited)

PT BAKRIE & BROTHERS Tbk

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Daftar Isi Table of Contents

Halaman/

P a g e Surat Pernyataan Direksi

Laporan Posisi Keuangan (Neraca) Interim Konsolidasian

Laporan Laba Rugi Komprehensif Interim Konsolidasian

Laporan Perubahan Ekuitas Interim Konsolidasian

Laporan Arus Kas Interim Konsolidasian Catatan atas Laporan Keuangan Interim Konsolidasian 1 5 7 8 11

Statement Letter of Directors

Interim Consolidated Statements of Financial Position (Balance Sheets)

Interim Consolidated Statements of Comprehensive Income

Interim Consolidated Statements of Changes in Equity

Interim Consolidated Statements of Cash Flows

Notes to Interim Consolidated Financial Statements

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Catatan atas laporan keuangan konsolidasian interim merupakan

bagian yang tidak terpisahkan dari laporan keuangan konsolidasian The accompanying notes to interim consolidated financial statements

PT BAKRIE & BROTHERS Tbk DAN ENTITAS ANAK

LAPORAN POSISI KEUANGAN (NERACA) INTERIM KONSOLIDASIAN

31 MARET 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT)

(Angka dalam tabel disajikan dalam Ribuan, Rupiah kecuali dinyatakan lain)

PT BAKRIE & BROTHERS Tbk AND SUBSIDIARIES

INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (BALANCE SHEETS) MARCH 31 2011 (UNAUDITED)

AND DECEMBER 31, 2010 (AUDITED)

(Amounts in tables are expressed in Thousands of Rupiah, unless otherwise stated)

Catatan / 31 Maret 2011/ 31 Desember 2010/ Notes March 31, 2011 December 31, 2010

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 2d,5 1.268.545.343 742.277.596 Cash and cash equivalents

Investasi jangka pendek 2e,6 11.348.256.860 8.043.576.979 Short-term investments

Piutang usaha Trade receivables

Pihak ketiga - setelah dikurangi Third parties - net of

penyisihan piutang ragu-ragu allowance for doubtful accounts

sebesar Rp40.681.481 pada of Rp40,681,481 in March 31, 2011

31 Maret 2011 dan Rp40.424.370 and Rp 40,424,370

pada 31 Desember 2010 2e,2g,7 442.450.409 444.249.082 in December 31, 2010

Pihak berelasi - Related parties - net of

setelah dikurangi penyisihan allowance for

piutang ragu-ragu sebesar doubtful accounts of

Rp2.383.320 pada 31 Maret 2011 Rp2,383,320 in March 31, 2011

dan 31 Desember 2010 2e,2f,2g,7,36d 869.706.429 625.210.957 and 'December 31, 2010

Piutang lain-lain Others receivables

Pihak ketiga - setelah dikurangi Third parties - net of

penyisihan piutang ragu-ragu allowance for doubtful accounts

sebesar Rp58.714 pada of Rp58,714 in March 31, 2011

31 Maret 2011 dan Rp1.314.783 and Rp1,314,783 in

pada 31 Desember 2010 2e,2g,8 3.542.456.265 3.548.947.792 December 31, 2010 Persediaan - setelah dikurangi

penyisihan persediaan usang Inventories - net of allowance

sebesar Rp1.962.359 pada for obsolescence of

31 Maret 2011 dan Rp1,962,359 in March 31, 2011

31 Desember 2010 2h,9 595.951.257 455.485.672 and December 31, 2010

Uang muka dan biaya dibayar Advances and prepaid

dimuka 2i,10 550.229.495 633.444.033 expenses

Pajak dibayar di muka 33a 247.739.202 238.888.135 Prepaid taxes

Dana dalam pembatasan 191.253.888 142.952.601 Restricted Fund

Jumlah Aset Lancar 19.056.589.148 14.875.032.847 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Piutang pihak berelasi - Due from related parties - net of

setelah dikurangi penyisihan allowance for doubtful

piutang ragu-ragu sebesar accounts of Rp150,384,822

Rp150.384.822 pada 31 Maret 2011 in March 31, 2011 and

dan 31 Desember 2010 2e,2f,36c 15.416.903 7.409.264 December 31, 2010

Investasi pada perusahaan Investment in associated

asosiasi 2j,11 278.758.619 273.506.452 companies

Investasi jangka panjang lain

-setelah dikurangi penyisihan Other longterm investments

-untuk penyertaan investasi net of allowance for unrecoverable

yang tidak dapat dipulihkan sebesar value of investments

Rp40.000 pada 31 Maret 2011 of Rp 40,000 in March 31, 2011

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Catatan / 31 Maret 2011/ 31 Desember 2010/ Notes March 31, 2011 December 31, 2010 Piutang jangka panjang - setelah

dikurangi penyisihan piutang Long-term receivables -

ragu-ragu sebesar net of allowance for doubtful

Rp208.681.097 pada 31 Maret 2011 accounts of Rp208,681,097

dan Rp209.156.644 pada in March 31, 2011 and Rp209,156,644

31 Desember 2010 2e,2g,13 137.504.641 145.328.707 in December 31, 2010

Aset tetap - setelah dikurangi

dengan akumulasi penyusutan Fixed assets - net of

sebesar Rp4.415.342.384 pada accumulated depreciation of

31 Maret 2011 dan Rp4,415,342,384 in March31, 2011

Rp4.087.947.293 pada and Rp4,087,947,293

31 Desember 2010 2k,2l,2m,14 12.019.258.196 11.767.646.342 in December 31, 2010

Aset pajak tangguhan - bersih 2y,33d 2.321.680.963 2.316.256.134 Deferred tax assets - net

Biaya pengembangan proyek - Project development costs - net of

setelah dikurangin penyisihan allowance of impairment of

penurunan nilai sebesar Rp237,855,951

Rp237.855.951 pada 31 Maret 2011 in March 31, 2011

dan 31 Desember 2010 2o,15 110.669.080 117.955.308 and December 31, 2010

Biaya ditangguhkan - setelah Deferred charges - net of

dikurangin akumulasi amortisasi accumulated amortization of

sebesar Rp18.348.174 pada Rp18,348,174 in March 31, 2011

31 Maret 2011 dan Rp18.033.664 and Rp18,033,664 in

pada 31 Desember 2010 2p,16 82.678.253 5.721.263 December 31, 2010 Goodwill - setelah dikurangi

akumulasi amortisasi sebesar Goodwill - net of

Rp246.728 pada 31 Maret 2011 accumulated amortization of

dan Rp190.181 Rp246,728 in March 31, 2011 and

pada 31 Desember 2010 2q,17 2.664.352 2.693.049 Rp190,181 in December 31, 2010

Aset derivatif 2e,2r,40 182.904.398 1.324.674.985 Derivative assets

Aset tidak lancar lainnya 18 684.051.525 787.499.776 Other non-current assets

Jumlah Aset Tidak Lancar 15.979.892.177 16.892.996.528 Total Non-Current Assets

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Catatan / 31 Maret 2011/ 31 Desember 2010/ Notes March 31, 2011 December 31, 2010

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Pinjaman jangka pendek 2e,19 5.569.210.311 2.177.252.404 Short-term loans

Hutang usaha Trade payables

Pihak ketiga 2e,20 1.892.055.228 1.956.760.149 Third parties

Pihak berelasi 2e,2f,20 4.696.590 2.880.530 Related parties

Hutang lain-lain Other payables

Pihak ketiga 82.429.423 65.517.100 Third parties

Pihak berelasi 2e,2f,36e 13.084.526 10.531.873 Related parties

Beban masih harus dibayar 2i,21 1.583.336.588 1.491.966.781 Accrued expenses

Uang muka pelanggan dan Customer deposits and

pendapatan ditangguhkan 2v 205.070.369 121.319.756 unearned revenues

Hutang pajak 33b 76.664.301 64.869.974 Taxes payable

Hutang dividen 2ac - 2.102.545 Dividend payable

Hutang jangka panjang yang Current maturities of

jatuh tempo dalam satu tahun long-term liabilities

Pinjaman jangka panjang 2e,22 18.929.814 45.400.176 Long-term loans

Hutang sewa pembiayaan 2e,2m,24 405.169.184 407.399.926 Obligation under capital lease

Jumlah Liabilitas Jangka Pendek 9.850.646.334 6.346.001.214 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Derivatif liabilitas 2r,40 - 1.049.044.097 Derivative liabilities Liabilitas pajak tangguhan - bersih 2y,33d 386.253.967 397.152.307 Deferred tax liabilities - net Liabilitas imbalan kerja 2w,34 104.862.497 104.884.133 Employee benefits obligation

Laba ditangguhkan atas penjualan Deffered gain on sale

dan penyewaan kembali - bersih 2m 82.533.524 85.052.086 and leaseback -net Hutang pihak yang berelasi 2e,2f,36f 86.112.319 44.163.345 Due to related parties Hutang jangka panjang - setelah

dikurangi bagian yang jatuh tempo Long-term liabilities - net of

dalam satu tahun current maturities

Pinjaman jangka panjang 2e,22 4.499.449.625 5.302.935.433 Long-term loans

Hutang sewa pembiayaan 2e,2m,24 1.682.016.726 1.970.977.760 Lease payable

Hutang obligasi Senior notes and

dan senior notes 2e,2s,23 3.897.113.620 2.820.560.757 bonds payable

Jumlah Liabilitas Jangka Panjang 10.738.342.278 11.774.769.918 Total Non-Current Liabilities

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Catatan / 31 Maret 2011/ 31 Desember 2010/

Notes March 31, 2011 December 31, 2010

EKUITAS EQUITY

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk

Modal saham - nilai nominal Capital stock - Rp5,000,

Rp5.000, Rp700 dan Rp200 Rp700 and Rp200 par

untuk masing-masing saham value for each A Series,

Seri A, Seri B dan Seri C B Series and C Series shares

Modal dasar Authorized

372.196.588.000 saham 372,196,588,000 shares

Modal ditempatkan dan disetor Issued and fully paid

penuh 93.721.717.440 saham 1b,25 21.514.997.106 21.514.997.088 93,721,717,440 shares Tambahan modal disetor 26 24.533.082.219 24.533.082.182 Additional paid-in capital Selisih kurs penjabaran

laporan keuangan 2j,2x,27 295.022.836 296.203.628 Translation adjustments

Selisih transaksi perubahan Difference in equity transactions

ekuitas perusahaan asosiasi of associated companies

dan entitas Anak 2j,28 256.170.753 265.454.601 and subsidiaries

Selisih nilai transaksi Difference in value from

restrukturisasi restructuring transactions of

entitas sepengendali 2t,37 (4.963.931.110) (10.469.414.234) entities under common control

Laba (rugi) investasi jangka pendek Unrealized gain (loss) on short-term

yang belum terealisasi 2e,6 (2.120.422.657) 2.298.030.224 investments

Defisit (28.032.804.890) (27.746.281.913) Deficit

Ekuitas yang dapat diatribusikan 11.482.114.257 10.692.071.576 Equity attributable to owners

kepada pemilik entitas induk of the parent

Kepentingan Non-pengendali 2b 2.965.378.456 2.955.186.667 Non-controlling Interest

Ekuitas - Bersih 14.447.492.713 13.647.258.243 Equity - Net

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LAPORAN LABA RUGI KOMPREHENSIF INTERIM KONSOLIDASIAN

UNTUK PERIODE TIGA BULAN YANG BERAKHIR PADA TANGGAL-TANGGAL 31 MARET 2011 DAN 2010 (TIDAK DIAUDIT)

(Angka dalam tabel disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2011 AND 2010 (UNAUDITED)

Catatan / 31 Maret 2011/ 31 Maret 2010/

Notes March 31, 2011*) March 31, 2010

PENDAPATAN BERSIH 2u,29 2.824.702.422 2.825.345.201 NET REVENUES

BEBAN POKOK PENDAPATAN 2u,30 1.960.984.603 1.815.963.806 COST OF REVENUES

LABA KOTOR 863.717.819 1.009.381.395 GROSS PROFIT

BEBAN USAHA 2u,31 OPERATING EXPENSES

Penjualan 160.295.919 128.142.535 Selling

Umum dan administrasi 647.995.037 643.663.315 General and administrative Jumlah Beban Usaha 808.290.956 771.805.850 Total Operating Expenses

LABA USAHA 55.426.863 237.575.545 INCOME FROM OPERATIONS

PENGHASILAN (BEBAN) LAIN-LAIN OTHER INCOME (EXPENSES)

Gain on foreign Laba kurs - bersih 2w 191.366.896 208.874.448 exchange - net Beban bunga - bersih 32a (346.457.693) (362.874.646) Interest expenses - net

Bagian atas laba bersih Equity in net income of

perusahaan asosiasi - bersih 2j,11 1.782.086 181.982.378 associated companies - net

Rugi atas penjualan Loss on sale of investment

saham - bersih 6 (83.636.798) (45.000) in shares of stock - net

Amortisasi biaya ditangguhkan Amortization of deferred

dan goodwill 2p,2q 2.518.562 (27.901.129) charges and goodwill

Beban bank (183.909.672) (7.852.887) Bank charges

Beban penghapusan dan penyisihan Write-off and provision for

piutang ragu-ragu - bersih 2g (3.335.625) (1.151.088) doubtful accounts

Beban pajak (334.273) (1.803.098) Tax expenses

Laba yang belum direalisasikan 1.697.618 - Unrealized Holding Gain Laba yang telah direalisasikan 1.096.371 - Realized Holding Gain Laba atas penjualan aset tetap - 475.440 Gain on sales of fixed assets Lain-lain - bersih 71.846.596 (84.517.433) Others - net Beban Lain-lain - Bersih (347.365.932) (94.813.015) Other Expenses - Net

LABA (RUGI) SEBELUM MANFAAT INCOME (LOSS) BEFORE INCOME

(BEBAN) PAJAK PENGHASILAN (291.939.069) 142.762.530 TAX BENEFIT (EXPENSES)

MANFAAT (BEBAN) INCOME TAX BENEFIT

PAJAK PENGHASILAN 2y,33c (EXPENSES)

Kini (10.227.484) (32.969.583) Current

Tangguhan 20.758.723 (5.703.459) Deferred

Manfaat (Beban) pajak penghasilan - bersih 10.531.239 (38.673.042) Income tax benefit (expense) - net

LABA (RUGI) BERSIH (281.407.830) 104.089.488 NET INCOME (LOSS)

*) Tidak termasuk PT Bakrie Sumatera Plantations Tbk dan entitas Anak yang telah didekonsolidasi sejak tanggal 31 Desember 2010 (Catatan 4).

*) Excluding the accounts of PT Bakrie Sumatera Plantations Tbk and Subsidiaries that have been deconsolidated since December 31, 2010 (Note 4)

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LAPORAN LABA RUGI KOMPREHENSIF INTERIM KONSOLIDASIAN

UNTUK PERIODE TIGA BULAN YANG BERAKHIR PADA TANGGAL-TANGGAL 31 MARET 2011 DAN 2010 (TIDAK DIAUDIT)

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2011 AND 2010 (UNAUDITED)

Catatan / 31 Maret 2011/ 31 Maret 2010/ Notes March 31, 2011*) March 31, 2010

PENGHASILAN (BEBAN) KOMPREHENSIF OTHERS COMPREHENSIVE

LAIN INCOME (EXPENSES)

Selisih Kurs Penjabaran Laporan Keuangan (1.180.792) (235.520.609) Translation Adjustments

Difference in the Equity Transaction

Selisih Transaksi Perubahan Ekuitas of Associated Companies

Perusahaan Asosiasi (9.283.848) 582.814.553 and Subsidiaries

Difference in Value from Restructuring

Selisih Nilai Transaksi Restrukturisasi Transaction of Entities Under

Entitas Sepengendali 5.505.483.124 (11.745.264) common Control

Laba (Rugi) Investasi Jangka Pendek Unrealized Gain (Loss) on Short

yang Belum Terealisasi (4.418.452.881) 4.618.258 Term Investments

Others Comprehensive

Penghasilan Komprehensif Lain Income Current Year

Tahun Berjalan setelah Pajak 1.076.565.603 340.166.938 After Provision Tax

TOTAL PENDAPATAN KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 795.157.773 444.256.426 CURRENT YEARS

LABA (RUGI) YANG DAPAT DIATRIBUSIKAN KEPADA INCOME (EXPENSES) ATRIBUTABLE TO

Pemilik Entitas Induk (286.522.977) 47.280.538 Owners of Parent

Kepentingan Non Pengendali 5.115.147 56.808.950 Non Controling Interest

Jumlah (281.407.830) 104.089.488 Total

JUMLAH PENGHASILAN KOMPREHENSIF TOTAL INCOME COMPREHENSIVE

YANG DAPAT DIATRIBUSIKAN KEPADA ATRIBUTABLE TO

Pemilik Entitas Induk 790.042.626 387.447.476 Owners of Parent

Kepentingan Non Pengendali 5.115.147 56.808.950 Non Controling Interest

Jumlah 795.157.773 444.256.426 Total

LABA (RUGI) BERSIH PER SAHAM BASIC INCOME (LOSS)

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Catatan atas laporan keuangan konsolidasian interim merupakan bagian yang tidak terpisahkan dari laporan keuangan The accompanying notes to interim consolidated financial statements are an integral part of the interim consolidated

LAPORAN PERUBAHAN EKUITAS INTERIM KONSOLIDASIAN UNTUK PERIODE TIGA BULAN YANG BERAKHIR PADA

TANGGAL-TANGGAL 31 MARET 2011 DAN 2010 (TIDAK DIAUDIT)

(Angka dalam tabel disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2011 AND 2010 (UNAUDITED) (Amounts in tables are expressed in Thousands of Rupiah, unless otherwise stated)

Selisih Selisih Nilai

Transaksi Transaksi

Perubahan Restrukturisasi

Ekuitas Entitas

Perusahaan Sepengendali/

Asosiasi/ Difference in Laba (Rugi) Investasi

Modal Saham Selisih Kurs Difference Value from Jangka Pendek

Ditempatkan dan Penjabaran in the Equity Restructuring yang Belum

Disetor Penuh/ Tambahan Laporan Transactions of Transaction Terealisasi/ Kepentingan

Issued and Modal Disetor/ Keuangan/ Associated of Entities Unrealized Gain (Loss) Non-Pengendali / Jumlah Ekuitas /

Catatan/ Fully Paid Additional Paid-in Translation Companies and Under Common on Short-term Defisit / Bersih/ Non Controling Total Stockholders

Notes Capital Stock Capital Adjustments Subsidiaries Control Investments Deficit Net Interest Equity

Saldo 1 Januari 2010 21.514.997.088 24.533.082.182 796.833.218 738.864.897 (22.579.631.680) 1.092.030 (19.997.257.094) 5.007.980.641 4.161.723.000 9.169.703.641 Balance as of January 1, 2010

Penyesuaian sehubungan

dengan penyajian kembali Adjustments arising from

laporan keuangan restatement of an associate's

perusahaan asosiasi - - 202.062.549 (1.087.683.812) - - (108.106.272) (993.727.535) - (993.727.535) financial statements

Saldo 1 Januari 2010 Balance as of January 1, 2010

- Disajikan kembali 21.514.997.088 24.533.082.182 998.895.767 (348.818.915) (22.579.631.680) 1.092.030 (20.105.363.366) 4.014.253.106 4.161.723.000 8.175.976.106 - As restated

Selisih kurs penjabaran

laporan keuangan - - (235.520.609) - - - - (235.520.609) - (235.520.609) Translation adjustments Difference in the equity

Selisih transaksi perubahan transactions of associated

ekuitas perusahaan asosiasi - - - 582.814.553 - - - 582.814.553 - 582.814.553 companies and subsidiaries Difference in value from

Selisih nilai transaksi restrukturisasi restructuring transaction of

entitas sepengendali - - - - (11.745.264) - - (11.745.264) - (11.745.264) entities under common control

Laba (rugi) investasi jangka Unrealized gain (loss)

pendek yang belum terealisasi - - - - - 4.618.258 - 4.618.258 - 4.618.258 on short-term investment

Kepentingan Non-pengendali - - - - - - - - 2.232.310.568 2.232.310.568 Non-controlling interest

Laba bersih periode berjalan - - - - - - 47.280.538 47.280.538 56.808.950 104.089.488 Net income current period

Balance as of Saldo 31 Maret 2010 21.514.997.088 24.533.082.182 763.375.158 233.995.638 (22.591.376.944) 5.710.288 (20.058.082.828) 4.401.700.582 6.450.842.518 10.852.543.100 March 31, 2010

- - - - - 0 0 - 0

Saldo 1 Januari 2011 Balance as of January 1, 2011

- Disajikan kembali 21.514.997.088 24.533.082.182 296.203.628 265.454.601 (10.469.414.234) 2.298.030.224 (27.746.281.913) 10.692.071.576 2.955.186.667 13.647.258.243 - As restated

Tambahan modal melalui Additional Paid-up Capital

pelaksanaan waran 25,26 18 37 - - - - - 55 - 55 through Warrant Exercise

Selisih kurs penjabaran

laporan keuangan - - (1.180.792) - - - - (1.180.792) - (1.180.792) Translation adjustments Difference in the equity

Selisih transaksi perubahan transactions of associated

ekuitas perusahaan asosiasi - - - (9.283.848) - - - (9.283.848) - (9.283.848) companies and subsidiaries Difference in value from

Selisih nilai transaksi restrukturisasi restructuring transaction of

entitas sepengendali - - - - 5.505.483.124 - - 5.505.483.124 - 5.505.483.124 entities under common control

Laba (rugi) investasi jangka Unrealized gain (loss)

pendek yang belum terealisasi - - - - - (4.418.452.881) - (4.418.452.881) - (4.418.452.881) on short-term investment

Kepentingan Non-pengendali - - - - - - - - 5.076.642 5.076.642 Non-controlling interest

Rugi bersih periode berjalan - - - - - - (286.522.977) (286.522.977) 5.115.147 (281.407.830) Net loss current period

Balance as of Saldo 31 Maret 2011 21.514.997.106 24.533.082.219 295.022.836 256.170.753 (4.963.931.110) (2.120.422.657) (28.032.804.890) 11.482.114.257 2.965.378.456 14.447.492.713 March 31, 2011

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LAPORAN ARUS KAS KONSOLIDASIAN INTERIM UNTUK PERIODE TIGA BULAN YANG BERAKHIR PADA TANGGAL-TANGGAL 31 MARET 2011 DAN 2010 (TIDAK DIAUDIT)

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2011 AND 2010 (UNAUDITED) (Amounts in tables are expressed in Thousands of Rupiah, unless otherwise stated)

31 Maret 2011/ 31 Maret 2010/ March 31, 2011 March 31, 2010

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITES

Penerimaan kas dari pelanggan 2.628.001.616 2.664.377.788 Cash receipt from customers

Pembayaran kas untuk pemasok Payment to suppliers and

dan karyawan (2.302.619.389) (1.857.704.513) employees

Kas yang dihasilkan operasi 325.382.227 806.673.275 Cash from operating activities

Penerimaan dari: Cash received from:

Bunga 6.788.476 6.358.148 Interest income

Pembayaran untuk: Cash paid for:

Bunga (90.907.967) (115.930.473) Interest expense

Pajak (39.342.446) (36.109.372) Taxes

Penerimaan (pembayaran) untuk Receipt (payment) for other

aktivitas operasi lainnya (49.849.607) (66.479.190) operating activities

Kas Bersih yang Diperoleh dari Net Cash Flows Provided by

Aktivitas Operasi 152.070.683 594.512.388 Operating Activities

INVESTASI INVESTING ACTIVITIES

Penerimaan dari: Receipt from:

Penerimaan dari penjualan

investasi 27.286.590 - Sale of investments

Penjualan aset tetap - 482.550 Sale of fixed assets Uang muka pembeliaan aktiva tetap 52.463.115 - Advance for fixed asset purchase Investasi Efek 52.145.625 - Investment in marketable securities Investasi jangka pendek 266.822.599 - Short term investment

Pembayaran untuk : Payment for:

Penambahan aset tetap (778.292.140) (1.141.281.731) Acquisition of fixed assets

Investasi pada perusahaan Investment in associated

asosiasi (2.440.494.330) - companies

Investasi jangka pendek (475.308.790) Short term investment

Investasi pada efek - (2.653.259.623) Investment in marketable securities

Dana dalam pembatasan - (191.000.000) Restricted funds

Biaya pengembangan proyek - (54.211.101) Project development costs

Pembayaran untuk : Payment for

pihak berelasi - bersih (6.218.060) - related parties - net Penambahan piutang lain-lain (2.620.611) - Increase in other receivables

Kas Bersih yang Digunakan untuk Net Cash Flow Used in

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Catatan atas laporan keuangan konsolidasian interim merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian

The accompanying notes to interim consolidated financial statements are an integral part of the interim consolidated

PENDANAAN FINANCING ACTIVITIES

Penerimaan dari : Proceeds from:

Hutang jangka pendek 4.939.224.969 520.439.182 Short-term loans

Hutang bank jangka panjang 38.156.049 709.631.357 Long-term bank loans

Emisi saham - 4.090.167.852 Share issuance

Penerbitan senior notes 1.260.718.940 - Senior notes issuance

Sewa - 3.383.386 Rental

Exercise Warrant 55 - Warrant exercise

Pembayaran untuk: Payment for:

Hutang sewa (292.614.483) - Lease payable

Hutang jangka pendek (764.410.213) (191.251.123) Short-term loan

Interest , Advance & charges (993.738.152) Interest, advance and charge

Hutang bank jangka panjang (862.232.563) (59.057.237) Long-term bank loan Biaya penerbitan saham - (296.120.777) Shares Issuance cost Biaya penerbitan Senior Notes (71.525.539) - Issuance cost of Senior Notes

Piutang plasma - (31.519.724) Due from plasma

Diterima dari (dibayar untuk) Receipt from (payment for)

dana dalam pembatasan (48.449.945) - restricted funds

Piutang lain-lain (1.512.239) - Others receivables

Pembayaran untuk: Payment for:

pihak berelasi (512.607) (758.354.305) related parties

Lain-lain - (2.201.122) Others

Kas Bersih Diperoleh dari Net Cash Flow Provided by

(Digunakan untuk) (Used in) Financing Activities

Aktivitas Pendanaan 3.203.104.270 3.985.117.489

PENURUNAN BERSIH KAS DAN NET DECREASE IN CASH AND

SETARA KAS 526.267.743 65.051.182 CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 742.277.600 1.350.221.462 AT BEGINNING OF YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR PERIODE 1.268.545.343 1.415.272.644 AT END OF PERIOD

*) Tidak termasuk PT Bakrie Sumatera Plantations Tbk dan entitas Anak yang telah didekonsolidasi sejak tanggal 31 Desember 2010 (Catatan 4).

*) Excluding the accounts of PT Bakrie Sumatera Plantations Tbk and Subsidiaries that have been deconsolidated since December 31, 2010 (Note 4)

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Informasi Tambahan untuk Additional Information of

Aktivitas Arus Kas: Cash Flows Activities:

Aktivitas yang tidak mempengaruhi Activities not affecting

arus kas: cash flows:

Transaksi share swap Vallar Plc vs BUMI share

Vallar Plc vs BUMI 9.225.210.783 - swap transaction

Reklasifikasi aset dalam Reclassification of

construction-penyelesaian menjadi aset tetap 380.528.448 677.416.312 in-progress to fixed assets

Penambahan aset tetap melalui Additions in fixed assets under

hutang sewa pembiayaan 5.325.297 161.026.904 finance lease obligation

Kapitalisasi biaya pinjaman Capitalization borrowing cost to

ke aset dalam penyelesaian 1.753.329 - construction-in-progress Reklasifikasi dari tanaman

belum menghasilan Reclassifications of immature

ke tanaman menghasilkan - 1.773.806 to mature plantations

Reklasifikasi uang muka pembelian Reclassification of advance for

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CATATAN ATAS LAPORAN KEUANGAN INTERIM KONSOLIDASIAN

UNTUK PERIODE TIGA BULAN YANG BERAKHIR PADA TANGGAL-TANGGAL

31 MARET 2011 DAN 2010 (TIDAK DIAUDIT) (Angka dalam tabel disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2011 AND 2010 (UNAUDITED)

1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. The Company’s Establishment

PT Bakrie & Brothers Tbk (“Perusahaan”) didirikan di Republik Indonesia berdasarkan Akta No. 55 tanggal 13 Maret 1951 dari Notaris Sie Khwan Djioe dengan nama “N.V. Bakrie & Brothers”. Akta pendirian tersebut telah mendapatkan persetujuan dari Menteri Kehakiman Republik Indonesia melalui Surat Keputusan No. J.A.8/81/6 tanggal 25 Agustus 1951. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, antara lain berdasarkan Akta Notaris No. 15 tanggal 9 Juli 2008 oleh Agus Madjid, S.H., mengenai perubahan seluruh isi Anggaran Dasar Perusahaan untuk disesuaikan dengan Undang-undang No. 40 tahun 2007 tentang “Perseroan Terbatas”. Perubahan Anggaran Dasar tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi

Manusia Republik Indonesia melalui

Surat Keputusan No. AHU-49901.AH.01.02 Tahun 2008 tanggal 11 Agustus 2008 dan Akta Notaris No. 148 tanggal 25 Juni 2010 oleh Humberg Lie , SH, SE, MKn telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Surat Keputusan No.AHU-38155.AH.01.02. Tahun 2010 tanggal 2 Agustus 2010 dan Penerimaan Pemberitahuan Perubahan Data Perseroannya telah diterima dan dicatat dalam database

Sistem Administrasi Badan Hukum

Departemen Hukum dan Hak Asasi Manusia Republik Indonesia dengan surat No. AHU-AH.01.10-19908 tanggal 5 Agustus 2010.

PT Bakrie & Brothers Tbk (the “Company”) was established in the Republic of Indonesia on March 13, 1951 based on Notarial Deed No. 55 of Sie Khwan Djioe under the name of “N.V. Bakrie & Brothers”. The Deed of Establishment was approved by the Ministry of Justice of the Republic of Indonesia per its Decision Letter No. J.A.8/81/6 dated August 25, 1951. The Articles of Association have been amended several times, the most recent being based on Notarial Deed No. 15 dated July 9, 2008 of Agus Madjid, S.H. to be in accordance with Republic of Indonesia Law No. 40 of 2007 concerning Limited Liability Companies. This amendment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia per its Decision Letter No. AHU-49901.AH.01.02 Year 2008 dated August 11, 2008 and Notarial Deed No. 148 dated June 25, 2010 by Humberg Lie, SH, SE, Mkn which has been approved by the Minister of Law and Human Rights Republic of Indonesia through the Decree No.AHU-38155.AH.01.02. In the Year 2010 at August 2, 2010 and the of receipt Company’s data changes notification has been received and recorded in the Administration Systems database of Ministry of Law and Human Rights of Republic of Indonesia per its decision letter No. AHU-19 908-AH.01.10 dated August 5, 2010.

Sesuai dengan pasal 3 Anggaran Dasar

Perusahaan, ruang lingkup kegiatan

Perusahaan meliputi perdagangan umum, industri, terutama produksi pipa baja, bahan bangunan dan bahan konstruksi lainnya, sistem telekomunikasi, barang elektronik dan elektrik serta penyertaan modal pada perusahaan lain.

According to Article 3 of the Articles of Association, the scope of the Company's activities comprises general trading, industry, especially steel pipe manufacturing, building materials and construction products, telecommunication systems, electronic and electrical goods and equity investment in other companies.

Perusahaan berdomisili di Jakarta, dengan kantor pusat berlokasi di Bakrie Tower, Lantai 35-37, Komplek Rasuna Epicentrum, Jalan

H.R. Rasuna Said, Jakarta Selatan.

Perusahaan beroperasi secara komersial mulai tahun 1951.

The Company is domiciled in Jakarta and the head office is located at Bakrie Tower, 35th-37th Floor, Rasuna Epicentrum Complex, Jalan H.R. Rasuna Said, South Jakarta. The Company started its commercial operations in 1951.

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1. UMUM (Lanjutan) 1. GENERAL (Continued)

b. Penawaran Umum dan Pencatatan Saham dan Obligasi Perusahaan di Bursa Efek

b. Public Offering and Company’s Listing of Shares and Bonds at the Stock Exchange Pada tanggal 28 Agustus 1989, Perusahaan

melakukan Penawaran Umum Saham Perdana kepada masyarakat atas sejumlah saham

Perusahaan sebanyak 2.850.000 saham

dengan nilai nominal sebesar Rp1.000 per saham. Seluruh saham Perusahaan tersebut dicatatkan di Bursa Efek Jakarta (BEJ)

sekarang dikenal dengan Bursa Efek

Indonesia.

On August 28, 1989, the Company conducted an Initial Public Offering of 2,850,000 shares at a par value of Rp1,000 per share. All shares were listed on the Jakarta Stock Exchange (JSX) now known as the Indonesia Stock Exchange.

Pada tanggal 9 Maret 1990, Perusahaan kembali melakukan pencatatan atas saham-saham para pendiri Perusahaan dalam bentuk company listing di BEJ dan Bursa Efek

Surabaya (BES). Saham-saham yang

dicatatkan dalam company listing ini

merupakan saham-saham yang telah

ditempatkan dan disetor penuh oleh para pendiri Perusahaan sejumlah 16.150.000 saham biasa atas nama yang terdiri dari 7.600.000 saham yang belum dicatatkan di bursa dan 8.550.000 saham yang dicatatkan kembali pada bursa dengan nilai nominal

sebesar Rp1.000 per saham. Dengan

dicatatnya saham-saham ini, maka jumlah saham Perusahaan yang telah tercatat di bursa seluruhnya menjadi 19.000.000 saham.

On March 9, 1990, the Company listed the Company founders’ shares in the form of company listing on the JSX and Surabaya Stock Exchange (SSX). The shares listed in this company listing represent issued and fully paid shares of the Company’s founders of 16,150,000 registered common shares, consisting of 7,600,000 unlisted shares and 8,550,000 relisted shares with par value of Rp1,000 per share. With respect to the share listing, the Company’s shares listed on the Stock Exchange became 19,000,000 shares.

Sesuai dengan persetujuan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB), tanggal 22 November 1991 Perusahaan melakukan pencatatan atas sejumlah saham Perusahaan melalui sistem private placement. Perusahaan menawarkan 978.969 saham biasa atas nama yang memiliki nilai nominal sebesar Rp1.000 per saham. Seluruh saham dicatatkan di BEJ pada tanggal 27 November 1991, sehingga jumlah saham Perusahaan yang dicatatkan di bursa pada saat itu seluruhnya menjadi 19.978.969 saham.

In accordance with the resolution of the Extraordinary General Meeting (EGM) on November 22, 1991, the Company listed its shares through a private placement system. The Company offered 978,969 registered common shares with par value of Rp1,000 per share. All shares were listed on the JSX on November 27, 1991, which raised the total listing shares of the Company on the Stock Exchange to 19,978,969 shares.

Dalam tahun yang sama, sesuai dengan persetujuan RUPSLB, sebagaimana tercantum dalam Akta Notaris Amrul Partomuan Pohan, S.H., LLM., No. 39 tanggal 12 Desember 1991, pada tanggal 10 Januari 1992, Perusahaan

In line with the approval of the EGM, as recorded in Notarial Deed No. 39 dated December 12, 1991 of Amrul Partomuan Pohan, S.H., LLM., on January 10, 1992, the Company listed its shares on the JSX

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Selanjutnya, Perusahaan melakukan

Penawaran Umum Terbatas I (PUT I) pada tanggal 27 April 1993 dalam rangka akuisisi 52,5% saham PT Bakrie Sumatera Plantations Tbk. Dalam PUT I ini, Perusahaan menerbitkan 1.080.000 saham biasa atas nama dengan nilai nominal sebesar Rp1.000 per saham, yang memiliki hak yang sama dengan saham-saham yang telah diterbitkan sebelumnya. Saham biasa atas nama dalam PUT I ini ditawarkan dengan harga penawaran sebesar Rp6.000 per saham dan seluruhnya dicatatkan di BEJ pada tanggal 4 Juni 1993. Jumlah seluruh saham Perusahaan yang tercatat di bursa sesudah PUT I ini menjadi 21.060.000 saham.

Subsequently, the Company conducted a Limited Public Offering I (LPO I) on April 27, 1993 in relation to the acquisition of 52.5% ownership of PT Bakrie Sumatera Plantations Tbk. In this LPO I, the Company issued 1,080,000 registered common shares with a par value of Rp1,000 per share, with the same rights as the previously issued shares. Registered common shares in this LPO I were offered at Rp6,000 per share and listed on the JSX on June 4, 1993. The Company’s total listing on the Stock Exchange after this LPO I increased to 21,060,000 shares.

Berdasarkan persetujuan RUPSLB tanggal 19 April 1993, sebagaimana tertuang dalam Akta Notaris Amrul Partomuan Pohan, S.H., LLM., No. 32 tanggal 19 April 1993, Perusahaan melakukan Penawaran Umum “Obligasi Bakrie & Brothers I Tahun 1993

dengan Tingkat Bunga Tetap dan

Mengambang”. Obligasi tersebut ditawarkan dengan nilai nominal Rp50 triliun dan seluruhnya dicatatkan pada BEJ pada tanggal 27 September 1993.

Based on the resolution of EGM dated April 19, 1993 as notarized by Notarial Deed No. 32 dated April 19, 1993 of Amrul Partomuan Pohan, S.H., LLM., the Company conducted a Public Offering of “Bakrie & Brothers I year 1993 Bonds with Fixed and Floating Interest”. The bonds were offered at a nominal value of Rp50 trillion and listed on the JSX on September 27, 1993.

Sesuai dengan persetujuan RUPSLB

tanggal 28 April 1994, Perusahaan melakukan pencatatan 31.590.000 saham dalam bentuk saham bonus di BEJ dan BES masing-masing pada tanggal 22 Juni 1994 dan 24 Juni 1994. Berkenaan dengan pencatatan ini

Perusahaan memberikan hak kepada

setiap pemilik 2 saham Perusahaan untuk memperoleh 3 saham bonus. Saham-saham yang dicatatkan merupakan saham biasa atas nama dengan nilai nominal sebesar Rp1.000 per saham. Dengan dicatatkannya saham-saham ini, maka jumlah saham-saham Perusahaan yang telah tercatat di bursa seluruhnya menjadi 52.650.000 saham.

In accordance with the resolution of EGM on April 28, 1994, the Company listed 31,590,000 shares in the form of bonus shares on the JSX and SSX on June 22, 1994 and June 24, 1994, respectively. With respect to this listing, the Company gave owners of 2 Company shares the right to receive 3 bonus shares. The listed shares were registered common shares with par value of Rp1,000 per share. After this listing, the total number of Company’s shares that had been registered on the the Stock Exchange had increased to 52,650,000 shares.

Sesuai dengan persetujuan RUPSLB tanggal

31 Mei 1994, Perusahaan melakukan

Penawaran Umum Terbatas (PUT II) dengan menerbitkan 189.540.000 saham biasa atas nama dengan nilai nominal sebesar Rp1.000 per saham, yang memiliki hak yang sama dengan saham-saham Perusahaan yang telah

diterbitkan sebelumnya. Saham-saham

tersebut dicatatkan di BEJ dan BES masing-masing pada tanggal 14 Juli 1994 dan 11 Juli 1994. Dengan diterbitkannya

saham-saham tersebut, maka jumlah saham

Perusahaan yang telah tercatat di bursa menjadi sebanyak 242.190.000 saham.

In accordance with the resolution of the EGM dated May 31, 1994, the Company issued 189,540,000 registered common shares with a par value of Rp1,000 per share through the Limited Public Offering II (LPO II) mechanism, with the same rights as the previously issued shares. These shares were listed on the JSX and SSX on July 14, 1994 and July 11, 1994, respectively. With respect to these issued shares, the total number of Company’s shares that had been listed on the Stock Exchange now rose to 242,190,000 shares.

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Berdasarkan persetujuan RUPSLB per

tanggal 23 Mei 1995, Perusahaan melakukan pemecahan atas nilai nominal saham dengan rasio pemecahan sebesar 1:2, sehingga setiap satu saham lama Perusahaan yang memiliki nilai nominal Rp1.000 per saham dipecah menjadi 2 saham baru dengan nilai nominal sebesar Rp500 per saham. Dengan dilakukannya pemecahan atas saham-saham tersebut, maka jumlah saham Perusahaan yang tercatat di bursa menjadi sebanyak 484.380.000 saham.

In accordance with the resolution of the EGM dated May 23, 1995, the Company conducted a stock split in the ratio of 1:2, whereby each of the Company’s old shares of Rp1,000 per share was split into 2 new shares with par value of Rp500 per share. With respect to this split, the total number of the Company’s shares that had been registered on the Stock Exchange became 484,380,000 shares.

Sesuai dengan persetujuan RUPSLB

tanggal 8 November 1996, Perusahaan

melakukan pencatatan atas sejumlah

1.453.140.000 saham biasa atas nama, berupa saham bonus yang dibagikan kepada para pemegang saham Perusahaan. Saham-saham bonus tersebut berasal dari kapitalisasi agio saham hasil PUT II, yang memberikan

hak kepada setiap pemilik 1 saham

Perusahaan untuk memperoleh 3 saham

bonus dengan nilai nominal sebesar

Rp500 per saham. Dengan dicatatnya

saham-saham tersebut, maka jumlah saham

Perusahaan yang telah tercatat di bursa pada saat itu seluruhnya menjadi 1.937.520.000 lembar saham.

In accordance with the resolution of the EGM dated November 8, 1996, the Company listed 1,453,140,000 registered common shares, by giving bonus shares to the Company’s shareholders. These bonus shares came from capitalizing the additional paid-in capital of LPO II, which gave the owner of 1 Company share the right to receive 3 bonus shares at the par value of Rp500 per share. Due to this listing, the total number of Company’s shares that had been listed on the Stock Exchange became 1,937,520,000 shares.

Pada tanggal 24 Januari 2001, Perusahaan telah mengadakan RUPSLB yang menyetujui adanya peningkatan modal dasar serta perubahan modal yang ditempatkan dan disetor Perusahaan. Perubahan tersebut telah dilaksanakan sesuai dengan Peraturan No. IX D.4, Lampiran Keputusan Ketua Badan

Pengawas Pasar Modal dan Lembaga

Keuangan (dahulu Badan Pengawas Pasar Modal) (Bapepam-LK) No. Kep 44/PM/1998

tanggal 14 Agustus 1998, tentang

Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu (HMETD). Sehubungan dengan perubahan tersebut, Anggaran Dasar

Perusahaan telah diubah berdasarkan

Akta No. 154 tanggal 31 Agustus 2001 dari Notaris Agus Madjid, S.H., mengenai

perubahan modal yang ditempatkan

dan disetor Perusahaan. Perubahan

On January 24, 2001, the Company conducted an EGM that approved the increase in shares of capital stock and shares of issued and paid-in capital stock. This change was implemented in accordance with Regulation No. IX D.4, Attachment of Decision of Chairman of the Capital Market and Financial Institution Supervisory Agency’s (formerly Capital Market Supervisory Agency) (Bapepam-LK) No. Kep 44/PM/1998 dated August 14, 1998, regarding the Additional Shares of Capital Stock Without Pre-emptive Rights. In relation to this decision, the Company’s Articles of Association were amended based on Notarial Deed No. 154 of Agus Madjid, S.H., dated August 31, 2001 regarding the issued and fully paid capital stock. The amendment was approved by the Ministry of Justice and Human Rights

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Pada tanggal 25 Oktober 2001, Perusahaan

melakukan Penambahan Modal Tanpa

HMETD sehubungan dengan pelaksanaan restrukturisasi hutang dengan menerbitkan 36.812.880.000 saham Seri B dengan nilai nominal sebesar Rp70 per saham, yang memiliki hak yang sama dengan saham Seri A yang telah diterbitkan sebelumnya. Saham Seri B tersebut dicatatkan di BEJ pada tanggal 25 Oktober 2001 dan di BES pada tanggal 31 Oktober 2001. Dengan demikian, maka pada tanggal 31 Desember 2001 seluruh saham Perusahaan yang tercatat di bursa menjadi sebanyak 38.750.400.000 saham.

On October 25, 2001, the Company conducted Addition of Shares of Capital Stock Without Pre-emptive Rights in accordance with accounts payable restructuring by issuing 36,812,880,000 Series B shares with par value of Rp70 per share, which have the same right as the Series A shares that had been previously issued. The series B shares were listed on the JSX on October 25, 2001 and on the SSX on October 31, 2001. Therefore, on December 31, 2001, the total number of all the Company’s shares listed on the Stock Exchange was 38,750,400,000 shares.

Berdasarkan persetujuan RUPSLB yang

diadakan pada tanggal 28 Februari 2005, sebagaimana dinyatakan dalam Akta Notaris Agus Madjid, S.H., No. 1 tanggal 1 Maret 2005,

dan telah dilaporkan dan disahkan

oleh Menteri Kehakiman dan Hak Asasi Manusia sesuai dengan surat Keputusan No. C-05619HT.01.04.TH.2005 pada tanggal

3 Maret 2005, Perusahaan melakukan

perubahan atas nilai nominal saham yang diakibatkan oleh adanya penggabungan saham yang dilaksanakan dengan rasio 5:1. Setiap 5 saham Perusahaan digabung menjadi 1 saham baru, sehingga sejak tanggal 17 Maret 2005, seluruh saham Perusahaan yang tercatat di Bursa adalah 7.750.080.000 saham.

Based on the resolution of the EGM on February 28, 2005, as notarized by Notarial Deed No. 1 dated March 1, 2005 of Agus Madjid, S.H., and approved by the Ministry of Law and Human Rights of the Republic of Indonesia per its Decision Letter No. C-05619HT.01.04.TH.2005 dated March 3, 2005, the Company amended the par value per share by reversing stocks in the ratio of 5:1. Each 5 Company’s shares would be combined into 1 new share, therefore as of March 17, 2005, the total of Company shares listed on the Stock Exchange became 7,750,080,000 shares.

Berdasarkan keputusan RUPSLB tanggal 29 April 2005, sebagaimana tertuang dalam Akta Notaris Agus Madjid, S.H., No. 1 tanggal 2 Mei 2005, pemegang saham memberikan persetujuan atas perubahan Anggaran Dasar Perusahaan berkenaan dengan peningkatan modal ditempatkan dan disetor penuh.

Pemegang Saham juga memberikan

persetujuan atas penerbitan 19.220.198.400 saham baru (Seri C) melalui mekanisme Penawaran Umum Terbatas III (PUT III) dengan Hak Memesan Efek Terlebih Dahulu (HMETD). Saham Seri C tersebut merupakan

saham biasa dengan nilai nominal

Rp100 per saham yang memiliki hak yang sama dengan saham-saham Perusahaan yang telah diterbitkan sebelumnya. Dengan dicatatkannya saham baru ini, jumlah saham Perusahaan yang tercatat di bursa menjadi sebanyak 26.970.278.400 saham.

In accordance with the resolution of the EGM on April 29, 2005, as notarized by Notarial Deed No. 1 dated May 2, 2005 of Agus Madjid, S.H., the shareholders ratified the amendment to the Company’s Articles of Association regarding the changes in capital stock issued. Additionally, the shareholders approved the Limited Public Offering III (LPO III) through Pre-emptive rights to issue 19,220,198,400 of a new series of share (Series C), which have the same rights as the previously issued shares with par value of Rp100 per share. Thence, the total shares listed on the Stock Exchange became 26,970,278,400 shares.

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Berdasarkan keputusan RUPSLB tanggal 6 Juni 2007, sebagaimana tertuang dalam Akta Notaris Agus Madjid, S.H., No. 26 tanggal 15 Juni 2007, pemegang saham memberikan persetujuan atas peningkatan modal disetor penuh melalui Employee Stock Option Program (ESOP) dan Management Stock Option Program (MSOP).

In accordance with the resolution of the EGM on June 6, 2007, as notarized by Notarial Deed No.26 dated June 15, 2007 of Agus Madjid S.H., the shareholders approved the additional fully paid capital stock through Employee Stock Option Program (ESOP) and Management Stock Option Program (MSOP).

Berdasarkan Rapat Umum Pemegang

Saham Luar Biasa yang telah diaktakan dengan Akta Notaris Robert Purba, S.H., No. 45 tanggal 21 Februari 2008, para pemegang saham Perusahaan memberikan persetujuan peningkatan nilai nominal

saham Perusahaan melalui pengurangan

jumlah saham (reverse stock) dan

perubahan Anggaran Dasar Perusahaan

sehubungan dengan peningkatan nilai

nominal saham tersebut. Selanjutnya,

berdasarkan Pernyataan Keputusan Rapat Perusahaan yang telah diaktakan dengan Akta Notaris Robert Purba, S.H., No. 52 tanggal 26 Februari 2008, para pemegang saham

Perusahaan memberikan persetujuan

peningkatan modal dasar Perusahaan dari semula Rp10 triliun terdiri dari 44.393.176.000 lembar saham sebelum reverse stock menjadi 22.196.588.000 lembar saham menjadi Rp80 triliun terdiri dari 372.196.588.000 lembar saham yang merupakan prasyarat untuk rencana Penawaran Umum Terbatas IV. Perubahan Anggaran Dasar tersebut telah memperoleh persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Surat Keputusan No. AHU-09414.AH. 01.01.Tahun 2008 tanggal 26 Februari 2008.

Based on the Extraordinary Shareholders’ Meeting as notarized by Notarial Deed No. 45 dated February 21, 2008 of Robert Purba, S.H., the shareholders approved the increase in the nominal value per share through reverse stock and amending the Articles of Association in relation to the increase of nominal value per share. Subsequently, based on the minutes of meeting of the Company, which were notarized in Notarial Deed No. 52 dated February 26, 2008, by Robert Purba, S.H., the shareholders approved the increase of the Company’s authorized capital from Rp10 trillion consisting of 44,393,176,000 shares before reverse stock to 22,196,588,000 shares, to Rp80 trillion consisting of 372,196,588,000 shares as a condition of the Company’s plan to conduct Limited Public Offering IV through Pre-emptive rights. Such changes to Company’s Articles of Association

were approved by the

Ministry of Law and Human Rights of the Republic of the Indonesia per its Decision Letter No. AHU-09414.AH.01.01 Year 2008 dated February 26, 2008.

Berdasarkan Rapat Umum Pemegang

Saham Luar Biasa yang dilaksanakan pada tanggal 17 Maret 2008, para pemegang saham Perusahaan menyetujui PUT IV dengan menerbitan saham baru (Seri C) sejumlah 80.236.578.240 lembar melalui Hak Memesan Efek Terlebih Dahulu (HMETD) dengan harga pelaksanaan Rp500 per lembar saham dan

menyetujui perubahan Anggaran Dasar

Perusahaan dalam rangka Peningkatan Modal yang Ditempatkan dan Disetor Perusahaan sehubungan dengan pelaksanaan HMETD.

Based on the Extraordinary Shareholders’ Meeting dated March 17, 2008, the shareholders approved LPO IV by issuing 80,236,578,240 new share (Series C) with pre-emptive right at the exercise price of Rp500 per share and approved the changes on the authorized capital stock of the Company for increasing the issued and fully paid Company stock in relation to the pre-emptive right.