PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN/AND ITS SUBSIDIARIES DAFTAR ISI/TABLE OF CONTENTS

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Surat Pernyataan Direksi tentang Tanggung Jawab atas Laporan Keuangan Konsolidasian PT Golden Energy Mines Tbk dan Anak Perusahaan untuk Tahun-tahun yang Berakhir 31 Desember 2011 dan 2010/

The Directors’ Statement on the Responsibility for the Consolidated Financial Statements of PT Golden Energy Mines Tbk and Its Subsidiaries for the Years Ended December 31, 2011 and 2010

Laporan Auditor Independen/Independent Auditors’ Report 1

LAPORAN KEUANGAN KONSOLIDASIAN - Untuk Tahun-tahun yang Berakhir 31 Desember

2011 dan 2010/

CONSOLIDATED FINANCIAL STATEMENTS – For the Years Ended December 31, 2011 and

2010

Laporan Posisi Keuangan Konsolidasian/Consolidated Statements of Financial Position 3

Laporan Laba Rugi Konsolidasian/Consolidated Statements of Income 5

Laporan Laba Rugi Komprehensif Konsolidasian/Consolidated Statements of Comprehensive Income

6

Laporan Perubahan Ekuitas Konsolidasian/Consolidated Statements of Changes in Equity 7

Laporan Arus Kas Konsolidasian/Consolidated Statements of Cash Flows 8

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Rp Rp

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 1.878.790.806.278 2e,2f,2h,2j,3,5,20,21,34,35 250.150.020.957 Cash and cash equivalents Deposito berjangka - 2f,2i,2j,3,20,21,34,35 16.657.500.000 Time deposits

Piutang usaha - setelah dikurangi 2e,2j,3,6,20,35 Trade accounts receivable - net of

penyisihan piutang ragu-ragu sebesar allowance for doubtful accounts of

Rp 86.406.567 masing-masing pada Rp 86,406,567 as of December 31, 2011

tanggal 31 Desember 2011 dan 2010 and 2010, respectively

Pihak berelasi 9.861.437.844 2f,34 62.008.150.736 Related parties

Pihak ketiga 229.850.783.059 120.121.675.589 Third parties

Piutang lain-lain - pihak ketiga 2.161.086.224 2e,2j,3,20,35 633.033.250 Other accounts receivable - third parties

Persediaan 96.197.412.402 2k,3,7,34 50.570.622.934 Inventories

Pajak dibayar dimuka 495.557.561 493.783.224 Prepaid taxes

Biaya dibayar dimuka dan aset lancar lainnya 262.323.235.720 2f,2l,8,34,36 40.293.000.224 Prepaid expenses and other current assets

Jumlah Aset Lancar 2.479.680.319.088 540.927.786.914 Total Current Assets

ASET TIDAK LANCAR NONCURRENT ASSETS

Piutang lain-lain 2j,3,20,35 Other accounts receivable

Pihak berelasi - 2e,2f,34 3.709.227.500 Related parties

Pihak ketiga 8.788.225.564 36 8.788.225.564 Third parties

Aset pajak tangguhan - bersih 13.585.019.651 2v,3,31 5.384.584.318 Deferred tax assets - net

Investasi saham 125.000.000 2j,3,20,34,35 - Investment in shares of stock

Aset tetap - setelah dikurangi Property and equipment - net of accumulated

akumulasi penyusutan sebesar depreciation of Rp 21,125,817,446 and

Rp 21.125.817.446 dan Rp 10.537.124.563 Rp 10,537,124,563 as of

masing-masing pada tanggal December 31, 2011 and 2010,

31 Desember 2011 dan 2010 265.069.415.077 2m,2n,2r,3,4,9,25,26,27,34 108.403.595.710 respectively

Properti pertambangan - setelah Mining properties - net of accumulated

dikurangi akumulasi amortisasi sebesar amortization of Rp 14,007,332,809

Rp 14.007.332.809 dan Rp 7.349.965.375 and Rp 7,349,965,375 as of

masing-masing pada tanggal December 31, 2011 and 2010,

31 Desember 2011 dan 2010 48.705.991.895 2p,3,4,10,30 55.363.359.329 respectively Biaya pengupasan tanah yang ditangguhkan 91.756.886.816 2o,3,11 39.351.678.015 Deferred stripping costs

Biaya eksplorasi dan pengembangan yang Deferred exploration and development

ditangguhkan - setelah dikurangi akumulasi costs - net of accumulated amortization

amortisasi sebesar Rp 41.566.779.547 of Rp 41,566,779,547 and

dan Rp 30.977.170.877 masing-masing Rp 30,977,170,877 as of December 31, 2011

pada tanggal 31 Desember 2011 dan 2010 310.733.801.265 1d,2o,12,25 227.896.505.024 and 2010, respectively Dana yang dibatasi pencairannya 2.952.327.973 2f,2j,3,20,34,35,36 101.813.950 Restricted funds

Uang muka pembelian batubara - 36 80.082.832.716 Advance for purchase of coal

Aset tidak lancar lain-lain 98.904.921.078 2e,2f,2j,2q,3,13,20,25,27,34,35,36 47.260.373.417 Other noncurrent assets

Jumlah Aset Tidak Lancar 840.621.589.319 576.342.195.543 Total Noncurrent Assets

JUMLAH ASET 3.320.301.908.407 1.117.269.982.457 TOTAL ASSETS

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank jangka pendek - 2j,14,20,28,34,35 50.000.000.000 Short-term bank loans

Utang usaha 2j,15,20,35 Trade accounts payable

Pihak berelasi 240.234.043 2f,34 1.781.208.009 Related parties

Pihak ketiga 222.935.605.445 2e 117.749.645.562 Third parties

Utang lain-lain - Pihak ketiga 11.973.925.249 2e,20,36 8.605.186.130 Other accounts payable - third parties

Utang pajak 109.700.684.962 2v,16,31 14.438.104.166 Taxes payable

Biaya yang masih harus dibayar 61.437.273.207 2e,2f,2j,17,20,34,35,36 34.294.877.343 Accrued expenses

Uang muka pelanggan 18 Advances from customers

Pihak berelasi 8.674.556.324 2f,34 - Related party

Pihak ketiga 21.957.088.067 2e,35,36 977.771.250 Third parties

Liabilitas jangka panjang yang akan

jatuh tempo dalam waktu satu tahun 2j,20,21,28,35 Current portion of long-term liabilities:

Sewa pembiayaan 70.538.706 2f,2n,9,34 112.666.230 Lease liabilities

Loans payable to bank and financial Utang bank dan lembaga keuangan 493.377.480 2e,17,19,28 7.941.985.794 institutions

Obligasi konversi 20.000.000.000 2f,20,21,34,35 - Convertible bond

Jumlah Liabilitas Jangka Pendek 457.483.283.483 235.901.444.484 Total Current Liabilities

LIABILITAS JANGKA PANJANG NONCURRENT LIABILITIES

Utang lain-lain - pihak berelasi 14.869.315 2e,2f,2j,20,21,34,35 284.720.916.664 Other accounts payable - related parties Cadangan imbalan pasti pasca-kerja 17.569.791.000 2t,3,27,29 11.602.210.000 Defined post-employment benefits reserve Liabilitas jangka panjang lainnya 3.981.468.928 2x,30 - Other noncurrent liabilities

Liabilitas jangka panjang - setelah dikurangi bagian yang akan jatuh tempo dalam

waktu satu tahun 2j,20,21,28,35 Long-term liabilities - net of current portion:

Sewa pembiayaan - 2f,2n,9,34 70.538.706 Lease liabilities

Loans payable to bank and financial Utang bank dan lembaga keuangan 982.618.837 2e,17,19,28 13.747.912.628 institutions

Jumlah Liabilitas Jangka Panjang 22.548.748.080 310.141.577.998 Total Noncurrent Liabilities

JUMLAH LIABILITAS 480.032.031.563 546.043.022.482 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang dapat diatribusikan Equity Attributable to Owners

kepada pemilik entitas induk of the Company

Modal saham - nilai nominal Rp 100 Capital stock - Rp 100 par value

per saham per share

Modal dasar - 20.000.000.000 saham Authorized - 20,000,000,000 shares

Modal ditempatkan dan disetor penuh - Issued and paid up - 5,882,353,000

5.882.353.000 saham dan shares and 5,000,000,000 shares

5.000.000.000 saham pada tanggal as of December 31, 2011 and 2010,

31 Desember 2011 dan 2010 588.235.300.000 21 500.000.000.000 respectively

Tambahan modal disetor - bersih 2.065.277.180.390 2u,22 - Additional paid-in capital - net

Selisih transaksi penambahan investasi Difference arising from additional

pada anak perusahaan 34.709.779.517 1 (9.998.731.535) investment in subsidiaries Difference in value arising from

Selisih nilai transaksi restrukturisasi restructuring transactions among

entitas sepengendali 4.462.119.306 2d,4 5.572.157.110 entities under common control Proforma equity from restructuring

Ekuitas proforma dari transaksi transactions among entities under

restrukturisasi entitas sepengendali - 1 12.939.000.000 common control

Saldo laba 142.268.259.176 27.492.203.401 Retained earnings

2.834.952.638.389 536.004.628.976

Kepentingan nonpengendal 5.317.238.455 2c,23 35.222.330.999 Noncontrolling Interests

JUMLAH EKUITAS 2.840.269.876.844 571.226.959.975 TOTAL EQUITY

JUMLAH LIABILITAS DAN EKUITAS 3.320.301.908.407 1.117.269.982.457 TOTAL LIABILITIES AND EQUITY

1.117.269.982.457

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PENJUALAN BERSIH 2.861.548.447.435 2f,2s,24,34 927.111.965.072 NET SALES

BEBAN POKOK PENJUALAN 2.027.645.842.094 2s,9,12,13,25,36 679.382.743.227 COST OF SALES

LABA BRUTO 833.902.605.341 247.729.221.845 GROSS PROFIT

Penghasilan jasa pelabuhan 47.918.439.572 2s,36 13.911.333.365 Port Income

Pendapatan bunga 15.367.884.034 2f,2s,34 3.401.508.691 Interest Income

Bagian laba (rugi) bersih anak perusahaan 1.127.355.979 2c,2s,4 (1.936.098.006) Share in net income (losses) of subsidiaries Beban administrasi bank (1.726.336.452) 2s (874.662.693) Bank administration charges

Beban eksplorasi (4.937.013.368) 2o,2s (1.369.586.514) Exploration expense

Keuntungan (kerugian) selisih kurs - bersih (10.726.653.198) 2e,2s 13.876.627.691 Gain (loss) on foreign exchange - net Beban bunga dan keuangan lainnya (24.707.861.678) 2f,2s,14,19,28,34 (25.080.745.158) Interest and other financial charges Beban penjualan (182.789.926.128) 2s,9,26 (60.439.212.208) Selling expenses

Beban umum dan administrasi (259.295.303.118) 2s,2t,9,13,27,29,36 (134.277.582.265) General and administrative expenses Beban lain-lain - bersih (10.788.652.934) 2p,2s,2x,10,30.36 (14.246.980.288) Other expenses - Net

LABA SEBELUM PAJAK 403.344.538.050 40.693.824.460 INCOME BEFORE TAX

BEBAN (PENGHASILAN) PAJAK 2v,31 TAX EXPENSE (BENEFIT)

Kini 109.885.095.000 9.188.532.750 Current

Tangguhan (8.200.435.333) (2.455.777.757) Deferred

101.684.659.667 6.732.754.993

LABA BERSIH TAHUN BERJALAN 301.659.878.383 33.961.069.467 NET INCOME FOR THE YEAR

Laba yang dapat diatribusikan kepada: Net income attributable to:

Pemilik entitas induk 284.776.055.775 30.752.392.265 Owners of the Company

Kepentingan nonpengendali 16.883.822.608 2c,23 3.208.677.202 Noncontrolling interests

301.659.878.383 33.961.069.467

LABA BERSIH PER SAHAM

DI ATRIBUSIKAN KEPADA EARNINGS PER SHARE ATTRIBUTABLE

PEMILIK ENTITAS INDUK TO OWNERS OF THE COMPANY

Dasar 55,74 2w,33 16,93 Basic

Dilusian - 15,59 Diluted

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LABA TAHUN BERJALAN 301.659.878.383 33.961.069.467 NET INCOME FOR THE YEAR

PENDAPATAN (KERUGIAN) KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME (LOSS)

Difference due to restructuring

Selisih transaksi restrukturisasi entitas transactions among entities under

sepengendali (1.110.037.804) 2d,4 8.096.657.074 common control

LABA KOMPREHENSIF TAHUN COMPREHENSIVE INCOME

BERJALAN 300.549.840.579 42.057.726.541 FOR THE YEAR

Proforma income due to restructuring

Proforma selisih transaksi restrukturisasi transactions among entities under

entitas sepengendali - 2d,1 (2.524.499.964) common control

TOTAL COMPREHENSIVE INCOME

LABA KOMPREHENSIF TAHUN FOR THE YEAR AFTER PROFORMA

BERJALAN SETELAH PROFORMA DIFFERENCE DUE TO RESTRUCTURING

SELISIH TRANSAKSI RESTRUKTURISASI TRANSACTIONS AMONG ENTITIES

ENTITAS SEPENGENDALI 300.549.840.579 39.533.226.577 UNDER COMMON CONTROL

Laba komprehensif yang dapat

diatribusikan kepada: Comprehensive income attributable to:

Pemilik entitas induk 283.666.017.971 36.324.549.375 Owners of the Company

Kepentingan nonpengendali 16.883.822.608 3.208.677.202 Noncontrolling interests

300.549.840.579 39.533.226.577

Effect of proforma difference arising

Efek proforma dari transaksi restrukturisasi from restructuring transactions among

entitas sepengendali yang dapat entities under common control

diatribusikan kepada: attributable to:

Pemilik entitas induk - (2.524.499.964) Owners of the Company

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Tambahan Modal Saldo Laba pada Anak Perusahaan/ from Restructuring Proforma Equity from Kepentingan Disetor - Bersih/ (Defisit)/ Difference Arising from Transactions Among Restructuring Transactions Nonpengendali/

Catatan/ Modal Saham/ Additional Paid-in Retained Earnings Additional Investment Entities Under Common Among Entities under Jumlah/ Non-Controlling Jumlah Ekuitas/ Notes Capital Stock Capital - Net (Deficit) in a Subsidiary Control Common Control Total Interests Total Equity

Rp Rp Rp Rp Rp Rp Rp Rp

Saldo pada tanggal 1 Januari 2010/Balance as of January 1, 2010 48.802.000.000 - (3.260.188.864) (2.545.794.562) - - 42.996.016.574 24.167.223.596 67.163.240.170

Penerbitan modal saham tahun berjalan/Issuance of shares during the year 21 451.198.000.000 - - - 451.198.000.000 - 451.198.000.000

Selisih transaksi penambahan investasi pada anak perusahaan/

Difference arising from additional investment in a subsidiary 1b,4 - - - (7.452.936.973) - - (7.452.936.973) 7.452.936.973

-Kepentingan nonpengendali dari kombinasi bisnis/

Noncontrolling interests arising from business combination - - - 424.087.056 424.087.056

Akuisisi saham dari pemegang saham non-pengendali/

Acquisition of shares from noncontrolling interests 4 - - - (30.200.000) (30.200.000)

Dampak pelepasan anak perusahaan/Effect of the disposed subsidiaries 4 - - - (2.118.517) (2.118.517)

Jumlah laba komprehensif/Total comprehensive income - - 30.752.392.265 - 8.096.657.074 - 38.849.049.339 3.208.677.202 42.057.726.541 Saldo pada tanggal 31 Desember 2010/Balance as of December 31, 2010 500.000.000.000 - 27.492.203.401 (9.998.731.535) 8.096.657.074 - 525.590.128.940 35.220.606.310 560.810.735.250 Proforma kepentingan nonpengendali dari transaksi restrukturisasi

entitas sepengendali/Proforma noncontrolling interests from restructuring transactions

among entities under common control - - - 1.724.689 1.724.689

Proforma transaksi restrukturisasi entitas sepengendali/

Proforma equity from restructuring transactions among entities under common control 1 - - - - (2.524.499.964) 12.939.000.000 10.414.500.036 - 10.414.500.036 Saldo pada tanggal 31 Desember 2010 yang disajikan kembali/

Balance as of December 31, 2010 as restated 500.000.000.000 - 27.492.203.401 (9.998.731.535) 5.572.157.110 12.939.000.000 536.004.628.976 35.222.330.999 571.226.959.975

Penerbitan modal saham tahun berjalan/Issuance of shares during the year 21 88.235.300.000 - - - 88.235.300.000 - 88.235.300.000

Tambahan modal disetor - bersih/Additional paid-in capital - net 22 - 2.065.277.180.390 - - - - 2.065.277.180.390 - 2.065.277.180.390

Dampak pelepasan anak perusahaan/Effect of the disposed subsidiaries 4 - - - (1.000.000) (1.000.000)

Selisih transaksi penambahan investasi pada anak perusahaan/

Difference arising from additional investment in a subsidiary 1b - - - 44.708.511.052 - - 44.708.511.052 (44.708.511.052)

-Dividen/Dividend 32 - - (170.000.000.000) - - - (170.000.000.000) - (170.000.000.000)

Dividen anak perusahaan kepada kepentingan non-pengendali/

Dividend of subsidiaries to non-controlling interests - - - (2.079.404.100) (2.079.404.100)

Selisih nilai transaksi restrukturisasi entitas sepengendali/Difference in value arising

from restructuring transactions among entities under common control 4 - - - (12.939.000.000) (12.939.000.000) - (12.939.000.000) Jumlah laba komprehensif/Total comprehensive income - - 284.776.055.775 - (1.110.037.804) - 283.666.017.971 16.883.822.608 300.549.840.579 Saldo pada tanggal 31 Desember 2011/Balance as of December 31, 2011 588.235.300.000 2.065.277.180.390 34.709.779.517142.268.259.176 4.462.119.306 - 2.834.952.638.389 5.317.238.455 2.840.269.876.844

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Rp Rp

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES

Penerimaan dari pelanggan 2.881.538.365.570 857.031.874.863 Cash receipts from customers

Pembayaran kepada kontraktor, pemasok dan lainnya (2.252.723.931.189) (847.508.097.448) Cash paid to contractors, suppliers and others Pembayaran kepada karyawan (129.963.159.621) (72.489.125.433) Cash paid to employees

Pembayaran DHPB dan deadrent kepada pemerintah (155.170.762.036) (36.247.783.910) Royalty fees and deadrent paid to Government

Penghasilan bunga 15.367.884.034 3.401.508.691 Interest received

Pembayaran beban bunga dan keuangan lainnya (24.352.300.204) (24.383.198.324) Payments of interest and other financial charges Pembayaran pajak penghasilan badan (19.001.193.172) (1.697.748.272) Payments of corporate income tax

Kas Bersih Diperoleh dari (Digunakan untuk)

Aktivitas Operasi 315.694.903.382 (121.892.569.833) Net Cash Provided by (Used in) Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES

Pencairan (penempatan) deposito berjangka 16.657.500.000 (16.657.500.000) Withdrawal of (placements in) time deposits Penempatan investasi saham (125.000.000) - Placement in investment in share of stock Perolehan aset tetap (163.249.074.218) (38.924.678.106) Acquisition of property and equipment Penambahan biaya eksplorasi dan pengembangan

yang ditangguhkan (93.426.904.911) (71.395.256.478) Increase in deferred exploration and development costs Penambahan aset tidak lancar lain-lain (52.011.003.241) (15.498.207.268) Additions in other noncurrent assets

Penurunan (penambahan) dana yang dibatasi

pencairannya (2.850.514.023) 109.474.550 Decrease (increase) in restricted fund

Kenaikan uang muka pembelian lahan - (2.044.571.000) Increase in advances for purchases of a parcel of land Increase in advances for purchases of property Kenaikan uang muka pembelian aset tetap (30.709.117.603) (7.933.387.243) and equipment

Pembayaran untuk akuisisi anak perusahaan setelah

dikurangi saldo kas anak perusahaan Payment for acquisition of subsidiaries - net of cash pada tanggal akuisisi (12.339.078.762) (37.000.907.463) balance of acquired subsidiaries

Arus kas bersih dari pelepasan anak perusahaan

setelah dikurangi saldo kas anak perusahaan Net cash inflow (outflow) from disposal of subsidiaries - pada tanggal pelepasan (2.668.621.628) 31.704.054.625 net of cash balance of subsidiaries on disposal date Penambahan investasi saham pada anak perusahaan

sebelum pelepasan - (24.300.000.000) Additional investment in subsidiaries prior to disposal Akuisisi saham anak perusahaan dari kepentingan

nonpengendali - (30.200.000) Acquisition of noncontrolling interests in subsidiaries

Kas Bersih Digunakan untuk Aktivitas Investasi (340.721.814.386) (181.971.178.383) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES

Pembayaran utang bank jangka pendek (50.000.000.000) (20.000.000.000) Payments of short-term bank loans Pembayaran pinjaman anjak piutang - (5.000.000.000) Payment of factoring payable Pembayaran liabilitas sewa pembiayaan (112.666.230) (125.081.501) Payments of lease liabilities

Proceeds from loans payable to bank and Penerimaan utang bank dan lembaga keuangan 462.000.000 35.811.165.373 financial institutions

Pembayaran utang bank dan Payments for loans payable to bank and financial

lembaga keuangan (20.675.902.105) (178.206.934.490) institutions

Penerimaan utang lain-lain dari pihak berelasi 334.366.743.870 268.758.505.556 Proceeds from other accounts payable - related parties Pembayaran utang lain-lain kepada pihak berelasi (616.948.519.179) - Payments of other accounts payable - related parties Penambahan modal disetor - 451.198.000.000 Proceeds from issuance of shares of stock Penerbitan modal saham melalui penawaran Proceeds from issuance of capital stock through

umum perdana 2.205.882.500.000 - initial public offering

Pembayaran biaya emisi saham (49.948.707.610) - Payment of stock issuance costs

Penambahan utang obligasi 20.000.000.000 - Proceeds from issuance of convertible bond

Pembayaran dividen (171.165.228.200) - Payment of dividends

Pembayaran utang obligasi - (35.851.040.000) Payment for redemption of bonds payable

Kas Bersih Diperoleh dari Aktivitas Pendanaan 1.651.860.220.546 516.584.614.938 Net Cash Provided by Financing Activities

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Rp Rp

KENAIKAN BERSIH KAS DAN SETARA KAS 1.626.833.309.542 212.720.866.722 NET INCREASE IN CASH AND CASH EQUVALENTS

PENGARUH PERUBAHAN KURS MATA UANG ASING (175.542.786) (73.501.675) EFFECT OF FOREIGN EXCHANGE RATE CHANGES

EFFECT OF NON - CONSOLIDATION OF

PENGARUH TIDAK DIKONSOLIDASIKANNYA THE FINANCIAL STATEMENTS OF

ANAK PERUSAHAAN YANG DILEPASKAN 2.582.939.803 (9.120.127.007) DISPOSED SUBSIDIARIES

PENGARUH PENYESUAIAN PROFORMA EFFECT OF PROFORMA ADJUSTMENTS FROM

DARI TRANSAKSI RESTRUKTURISASI RESTRUCTURING TRANSACTIONS AMONG

ENTITAS SEPENGENDALI (599.921.238) 12.939.000.000 ENTITIES UNDER COMMON CONTROL

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AWAL TAHUN 250.150.020.957 33.683.782.917 AT THE BEGINNING OF THE YEAR

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AKHIR TAHUN 1.878.790.806.278 250.150.020.957 AT THE END OF THE YEAR

PENGUNGKAPAN TAMBAHAN SUPPLEMENTARY DISCLOSURES

Aktivitas investasi dan pendanaan yang tidak

mempengaruhi kas dan setara kas Noncash investing and financing activities

Reklasifikasi dari aset tidak lancar lainnya Reclassification of other noncurrent assets

ke aset tetap 1.367.977.750 - to property and equipment

Liability arising from acquisition of property and Perolehan aset tetap melalui utang pihak ketiga 2.637.460.282 - equipment

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1. Umum 1. General

a. Pendirian dan Informasi Umum a. Establishment and General Information

PT Golden Energy Mines Tbk (Perusahaan) didirikan dengan nama PT Bumi Kencana Eka Sakti berdasarkan Akta No. 81 tanggal 13 Maret 1997 yang dibuat dihadapan Imam Santoso, S.H., notaris di Jakarta. Akta pendirian telah disahkan oleh Menteri Kehakiman Republik Indonesia (sekarang Menteri Hukum dan Hak Asasi Manusia Republik Indonesia) dalam Surat Keputusan No. C2-7.922HT.01.01.TH.98 tanggal 30 Juni 1998 serta diumumkan dalam Berita Negara Republik Indonesia No. 30 tanggal 12 April 2002, Tambahan No. 3667.

PT Golden Energy Mines Tbk (the Company) was established under the name of PT Bumi Kencana Eka Sakti based on Notarial Deed No. 81 dated March 13, 1997 of Imam Santoso, S.H., public notary in Jakarta. The Deed of Establishment was approved by the Ministry of Justice of the Republic of Indonesia (currently the Ministry of Law and Human Rights of the Republic of Indonesia) in its Decision Letter No. C2-7.922HT.01.01.TH.98 dated June 30, 1998 and was published in the State Gazette of the Republic of Indonesia No. 30 dated April 12, 2002, Supplement No. 3667.

Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan Akta No. 43 tanggal 16 November 2010 dari Linda Herawati, S.H., notaris di Jakarta, untuk disesuaikan dengan Anggaran Dasar Perseroan Terbuka, termasuk perubahan nama Perusahaan serta maksud dan tujuan Perusahaan yakni berusaha di bidang perdagangan hasil tambang dan jasa pertambangan. Perubahan Anggaran Dasar tersebut telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-54931.AH.01.02.Tahun 2010 tanggal 23 November 2010.

The Articles of Association had been amended several times, most recently by Notarial Deed No. 43 dated November 16, 2010 of Linda Herawati, S.H., public notary in Jakarta, to be in accordance with Articles of Association of a public company, including the change in the Company’s name and its purpose and objective of engaging in trading of mining resources and mining services. These changes in the Articles of Association were approved by the Minister of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-54931.AH.01.02 Tahun 2010 dated November 23, 2010.

Saat ini Perusahaan bergerak dalam bidang pertambangan melalui penyertaan pada anak perusahaan dan perdagangan batubara. Perusahaan telah memulai kegiatan komersialnya pada tahun 2010. Pada tanggal 4 Februari 2011, berdasarkan Keputusan Menteri Energi dan Sumber Daya Mineral No. 206.K./30/DJB/2011, Perusahaan memperoleh ijin Usaha Pertambangan Operasi Produksi Khusus untuk Pengangkutan dan Penjualan Batubara untuk jangka waktu 3 (tiga) tahun dan dapat diperpanjang. Perusahaan berkedudukan di Plaza BII, Menara II, Lantai 27, Jl. M.H. Thamrin Kav. 51, Jakarta 10350.

Currently, the Company is engaged in coal mining through its subsidiaries and in coal trading. The Company started its commercial operations in 2010. On February 4, 2011, based on the Decision of the Ministry of Energy and Mineral Resource No. 206.K./30/DJB/2011, the Company obtained Particular License of IUP Operation Production for Transportation and Trade of Coal which is valid for three (3) years and can be extended. The Company’s main office is located at Plaza BII, Tower II, 27th Floor, Jl. M.H. Thamrin Kav. 51, Jakarta 10350.

Dalam laporan keuangan konsolidasian, Perusahaan dan anak perusahaan bersama-sama disebut sebagai “Grup”.

In the consolidated financial statements, the Company and its subsidiaries are collectively referred to as “the Group”.

Perusahaan tergabung dalam kelompok usaha Sinarmas.

The Company operates under the Sinarmas group of business.

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b. Penawaran Umum Efek Perusahaan b. Public Offering of Shares

Pada tanggal 9 November 2011, Perusahaan memperoleh pernyataan efektif dari Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK) dengan Surat No. S-12171/BL/2011 untuk melakukan penawaran umum saham perdana sebanyak 882.353.000 saham seharga Rp 2.500 per saham kepada masyarakat. Pada tanggal 17 November 2011 seluruh saham tersebut

telah dicatatkan pada Bursa Efek Indonesia.

On November 9, 2011, the Company obtained the Notice of Effectivity from the Chairman of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) in his Letter No. S-12171/ BL/2011 for its offering to the public of 882,353,000 shares at Rp 2,500 per share. On November 17, 2011 all of these shares were listed in the Indonesia Stock Exchange.

Pada tanggal 31 Desember 2011, seluruh saham Perusahaan atau sejumlah 5.882.353.000 saham telah tercatat di Bursa Efek Indonesia.

As of December 31, 2011, all of the Company’s shares totaling 5,882,353,000 shares were listed in the Indonesia Stock Exchange.

c. Anak Perusahaan yang Dikonsolidasikan c. Consolidated Subsidiaries

Perusahaan mempunyai penyertaan saham baik secara langsung maupun tidak langsung pada anak perusahaan berikut ini:

The Company’s subsidiaries, owned directly or indirectly, are as follows:

Tahun

Operasi Jumlah Aset

Komersial/ Kepemilikan Efektif/ (Sebelum Eliminasi)/

Start of Effective Ownership Total Assets

Domisili/ Jenis Usaha/ Commercial Interest

Domicile Nature of Business Operations 2011 2010 2011 2010

% % Rp'000 Rp'000

Pemilikan langsung/Direct Ownership:

PT Roundhill Capital Indonesia (RCI) Jakarta Pusat/ Penyertaan saham/ - 99,016 80,403 755.682.072 422.506.814

Central Jakarta Holding company

PT Kuansing Inti Makmur (KIM) Muara Bungo, Perdagangan dan 2005 99,998 99,998 502.376.055 262.316.158 Kabupaten Bungo, eksplorasi batubara/

Jambi Trading and

coal exploration

PT Trisula Kencana Sakti (TKS) Barito Utara, Pertambangan 2008 70,000 70,000 125.076.834 71.230.005 Kabupaten Barito batubara/

Utara Coal mining

Kalimantan Tengah/

Central Kalimantan

PT Manggala Alam Lestari (MAL) Jakarta Pusat/ Pertambangan - 99,992 99,992 34.063.019 34.135.230

Central Jakarta batubara/

Coal mining

PT Citra Alam Indah (CAI) *) Jakarta Pusat/ Perdagangan besar/ 2011 - 98,000 - 8.538.569

Central Jakarta Trading

Pemilikan tidak langsung/Indirect Ownership:

PT Borneo Indobara (BORNEO) Jakarta Pusat/ Pertambangan 2005 98,095 79,655 750.733.047 421.413.308

(melalui/through RCI) Central Jakarta batubara/

Coal mining

PT Karya Cemerlang Persada (KCP) Jakarta Pusat/ Pertambangan 2011 99,998 99,998 145.270.575 21.913.245 (melalui/through KIM) Central Jakarta batubara/

Coal mining

PT Bungo Bara Utama (BBU) Muara Bungo, Pertambangan - 99,998 99,998 2.849.305 217.945

(melalui/through KIM) Kabupaten Bungo, batubara/

Jambi Coal mining

PT Bara Harmonis Batang Asam (BHBA) Muara Bungo, Pertambangan 2010 99,998 99,998 307.870.787 47.977.649 (melalui/through KIM) Kabupaten Bungo, batubara/

Jambi Coal mining

(Before Elimination)

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Tahun

Operasi Jumlah Aset

Komersial/ Kepemilikan Efektif/ (Sebelum Eliminasi)/

Start of Effective Ownership Total Assets

Domisili/ Jenis Usaha/ Commercial Interest

Domicile Nature of Business Operations 2011 2010 2011 2010

% % Rp'000 Rp'000

Pemilikan tidak langsung/Indirect Ownership:

PT Berkat Nusantara Permai (BNP) Jakarta Pusat/ Pertambangan - 99,998 99,998 2.214.629 487.893

(melalui/through KIM) Central Jakarta batubara/

Coal mining

PT Tanjung Belit Bara Utama (TBBU) Muara Bungo, Pertambangan - 99,798 99,798 82.578.897 3.141.930

(melalui/through KCP) Kabupaten Bungo, batubara/

Jambi Coal mining

PT Nusa Indah Permai (NIP) Musi Pertambangan - 99,983 99,915 8.122.760 9.023.876

(melalui/through MAL) Banyuasin, batubara/

Sumatera Coal mining

Selatan/

South Sumatera

*) Anak perusahaan yang dilepaskan pada tahun 2011 (Catatan 4)/Subsidiary disposed in 2011 (Note 4)

(Before Elimination)

Anak Perusahaan/Subsidiary

RCI RCI RCI didirikan berdasarkan Akta No. 65

tanggal 31 Januari 2003 dari Saal Bumela, S.H., notaris di Jakarta. Akta pendirian ini disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia (sekarang Menteri Hukum dan Hak Asasi Manusia Republik Indonesia) dalam Surat Keputusan No. C-27211.HT.01.01.TH.2004 tanggal 1 November 2004 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 3 tanggal 11 Januari 2005, Tambahan No. 295.

RCI was established based on Deed No. 65 dated January 31, 2003 of Saal Bumela, S.H., public notary in Jakarta. The Deed of Establishment was approved by the Ministry of Justice of the Republic of Indonesia (currently the Ministry of Law and Human Rights of the Republic of Indonesia) in its Decision Letter No. C-27211.HT.01.01.TH.2004 dated November 1, 2004 and was published in the State Gazette of the Republic of Indonesia No. 3 dated January 11, 2005, Supplement No. 295.

Berdasarkan Akta No. 58 tanggal 20 Juli 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham RCI menyetujui peningkatan modal dasar dari Rp 100.000.000.000 menjadi Rp 700.000.000.000 serta modal ditempatkan dan disetor dari Rp 85.064.000.000 menjadi Rp 185.064.000.000 atau meningkat sebesar

Rp 100.000.000.000 yang diambil bagian seluruhnya oleh Perusahaan. Terdapat selisih lebih antara nilai setoran modal dengan nilai buku RCI pada tanggal akuisisi sebesar Rp 7.452.936.973. Setelah peningkatan modal tersebut, kepemilikan Perusahaan pada RCI meningkat dari 57,365% menjadi 80,403%.

Based on Deed No. 58 dated July 20, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of RCI agreed to increase its authorized capital from Rp 100,000,000,000 to Rp 700,000,000,000, and its issued and paid up capital from Rp 85,064,000,000 to Rp 185,064,000,000 or an increase of Rp 100,000,000,000 which were all acquired by the Company. The excess of the amount paid by the Company over the book value of the assets of RCI at transaction date amounted to Rp 7,452,936,973. Accordingly, the Company’s ownership interest increased from 57.365% to 80.403%.

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Berdasarkan Akta No. 59 tanggal 15 April 2011 dari Deni Thanur, S.E., S.H., M.Kn, notaris di Jakarta, para pemegang saham RCI menyetujui antara lain perubahan klasifikasi saham RCI menjadi saham Seri A bernilai nominal Rp 1.000.000 dan saham Seri B bernilai nominal Rp 1.000 dan perubahan seluruh saham yang telah dikeluarkan menjadi saham Seri A serta peningkatan modal ditempatkan dan disetor dari Rp 185.064.000.000 terbagi atas 185.064 saham menjadi Rp 188.564.000.000 terbagi atas 185.064 saham Seri A dan 3.500.000 saham Seri B yang diambil bagian seluruhnya oleh Perusahaan sebanyak Rp 3.500.000.000 terbagi atas 3.500.000 saham Seri B. Terdapat selisih lebih antara nilai buku RCI pada tanggal akuisisi dengan nilai setoran modal sebesar Rp 44.708.511.052. Dengan peningkatan modal tersebut, kepemilikan Perusahaan pada RCI meningkat dari 80,403% menjadi 99,016%.

Based on Deed No. 59 dated April 15, 2011 of Deni Thanur, S.E., S.H. M.Kn, public notary in Jakarta, the shareholders of RCI agreed, among others, to change the classification of RCI’s share into Series A share with nominal value per share of Rp 1,000,000 and Series B shares with nominal value per share of Rp 1,000 and to change all of the issued shares to Series A shares and increase the issued and paid up capital from Rp 185,064,000,000 consisting of 185,064 shares to Rp 188,564,000,000 consisting of 185,064 Series A shares and 3,500,000 Series B shares which were all acquired by the Company amounting to Rp 3,500,000,000 consisting of 3,500,000 Series B shares. The excess of the book value of the assets of RCI at transaction date over the amount paid by the Company amounted to Rp 44,708,511,052. With such an increase in the capital, the Company’s ownership interest in RCI increased from 80.403% to 99.016%.

Selisih lebih antara nilai buku RCI pada tanggal akuisisi dengan nilai setoran modal sebesar Rp 44.708.511.052 dan selisih lebih antara nilai setoran modal dengan nilai buku RCI pada tanggal akuisisi sebesar Rp 7.452.936.973 masing-masing pada tahun 2011 dan 2010 dibukukan sebagai “Selisih transaksi penambahan investasi pada anak perusahaan” sebagai bagian ekuitas dalam laporan posisi keuangan konsolidasian.

The excess of the book value of the net assets of RCI at transaction date over the amount of capital paid by the Company amounting to Rp 44,708,511,052 and the excess of the amount of capital paid by the Company over the book value of the net assets of RCI at transaction date amounting to Rp 7,452,936,973 in 2011 and 2010, respectively, was recorded as “Difference arising from additional investment in a subsidiary” as part of equity section of the consolidated statements of financial position.

BORNEO BORNEO BORNEO didirikan berdasarkan Akta No. 79

tanggal 21 Desember 1990 dari Bertha

Suriati Ihalauw Halim, S.H., notaris di Banjarmasin, dan perubahannya dengan Akta No. 222 tanggal 26 Juni 1991 dari Mohamad Said Tadjoedin, S.H., notaris di Jakarta. Akta pendirian dan perubahannya telah disahkan oleh Menteri Kehakiman Republik Indonesia (sekarang Menteri Hukum dan Hak Asasi Manusia Republik Indonesia) dalam Surat Keputusan No. C2-12.173.HT.01.01.TH.94 tanggal 12 Agustus 1994 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 100 tanggal 16 Desember 1994, Tambahan No. 10406.

BORNEO was established based on Deed No. 79 dated December 21, 1990 of Bertha Suriati Ihalauw Halim, S.H., public notary in Banjarmasin, and its amendment by Deed No. 222 dated June 26, 1991 of Mohamad Said Tadjoedin, S.H., public notary in Jakarta. The Deed of Establishment and its Amendment were approved by the Ministry of Justice of the Republic of Indonesia (currently the Ministry of Law and Human Rights of the Republic of Indonesia) in its Decision Letter No. C2-12.173.HT.01.01.TH.94 dated August 12, 1994 and was published in the State Gazette of the Republic of Indonesia No. 100 dated December 16, 1994, Supplement No. 10406.

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Berdasarkan Akta No. 24 tanggal 6 Agustus 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham BORNEO menyetujui peningkatan modal dasar dari Rp 110.000.000.000 menjadi Rp 700.000.000.000 serta modal ditempatkan dan disetor dari Rp 85.613.000.000 menjadi Rp 185.613.000.000 atau meningkat sebesar

Rp 100.000.000.000 dengan penerbitan 100.000 saham baru yang diambil bagian seluruhnya oleh RCI. Dengan penerbitan saham baru ini efektif kepemilikan Perusahaan pada BORNEO meningkat dari 78,782% menjadi 79,655%.

Based on Deed No. 24 dated August 6, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of BORNEO agreed to increase its authorized capital from Rp 110,000,000,000 to Rp 700,000,000,000, and its issued and paid up capital from Rp 85,613,000,000 to Rp 185,613,000,000 or an increase of Rp 100,000,000,000 by issuing 100,000 shares which were all acquired by RCI. Accordingly, the Company’s ownership interest increased from 78.782% to 79.655%.

Sehubungan dengan peningkatan kepemilikan Perusahaan pada RCI pada tanggal 15 April 2011 maka efektif kepemilikan Perusahaan pada BORNEO juga meningkat dari 79,655% menjadi 98,095%.

In relation with the increase of the Company’s ownership interest in RCI on April 15, 2011, the Company’s effective ownership interest in BORNEO also increased from 79.655% to 98.095%.

BORNEO memperoleh ijin Pengusahaan Pertambangan Batubara dari instansi-instansi berikut:

BORNEO has obtained from the following its license to conduct coal mining activities:

1. Pemerintah Republik Indonesia diwakili oleh PT Tambang Batubara Bukit Asam (Persero) (PTBA) dalam Perjanjian

Kerjasama Pengusahaan Pertambangan Batubara (PKP2B)

No. 007/PK/PTBA-BI/1994 tanggal 15 Agustus 1994. Berdasarkan perubahan PKP2B antara PTBA dan BORNEO tanggal 27 Juni 1997, efektif sejak tanggal 1 Juli 1997 semua hak dan kewajiban PTBA dalam PKP2B beralih kepada Pemerintah Republik Indonesia yang diwakili oleh Menteri Pertambangan dan Energi (sekarang Menteri Energi dan Sumber Daya Mineral).

1. The Government of the Republic of Indonesia as represented by PT Tambang Batubara Bukit Asam (Persero) (PTBA) in Coal Contract of Work (CCoW)

No. 007/PK/PTBA-BI/1994 dated

August 15, 1994. Based on the changes in CCoW between PTBA and BORNEO dated June 27, 1997, effective July 1, 1997, all of the PTBA rights and obligations in CCoW have been transferred back to the Government of the Republic of Indonesia which was represented by the Ministry of Energy and Mineral Resources.

2. Keputusan Menteri Energi dan Sumber

Daya Mineral No. 10.K/40.00/DJB/2006 tanggal 17 Februari 2006 tentang Permulaan Tahap Kegiatan Produksi Perjanjian Kerjasama Pengusahaan Pertambangan Batubara seluas 24.100 hektar untuk jangka waktu 30 (tiga puluh) tahun.

2. Ministry of Energy and Mineral Resources in its Decision Letter No. 10.K/40.00/DJB/2006 dated February 17, 2006 which permits BORNEO to conduct its mining activities in accordance with CCoW within a parameter of 24,100 hectares of land for a period of thirty (30) years.

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KIM KIM KIM didirikan berdasarkan Akta No. 20

tanggal 20 Januari 2004 dari Dra. Butet, S.H., notaris di Padang. Akta pendirian ini disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia (sekarang Menteri Hukum dan Hak Asasi Manusia Republik Indonesia)

dalam Surat Keputusan No. C-03598.HT.01.01.Th.2004 tanggal 13 Februari 2004, dan diumumkan dalam Berita Negara Republik Indonesia No. 22 tanggal 17 Maret 2009, Tambahan No. 7762.

KIM was established based on Deed No. 20 dated January 20, 2004 of Dra. Butet, S.H., public notary in Padang. The Deed of Establishment was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia (currently the Ministry of Law and Human Rights of the Republic of Indonesia) in its Decision Letter No. C-03598.HT.01.01.Th.2004 dated February 13, 2004, and was published in the State Gazette of the Republic of Indonesia No. 22 dated March 17, 2009, Supplement No. 7762.

Berdasarkan Akta No. 14 tanggal 12 Oktober 2010 dari Deni Thanur, S.E., S.H., M.Kn., notaris di Jakarta, para pemegang saham KIM menyetujui peningkatan modal dasar dari semula Rp 20.000.000.000 menjadi Rp 200.000.000.000 serta modal yang ditempatkan dan disetor sebesar Rp 5.000.000.000 menjadi Rp 50.000.000.000 melalui pengeluaran 15.000 saham dalam simpanan dan 30.000 saham baru yang diambil bagian seluruhnya oleh Perusahaan. Setelah peningkatan modal saham tersebut, efektif kepemilikan Perusahaan dalam KIM meningkat dari semula 99,980% menjadi 99,998%.

Based on Deed No. 14 dated October 12, 2010 of Deni Thanur, S.E., S.H., M.Kn., public notary in Jakarta, the shareholders of KIM agreed to increase its authorized capital from Rp 20,000,000,000 to Rp 200,000,000,000, and its issued and paid up capital from Rp 5,000,000,000 to Rp 50,000,000,000 by issuing 15,000 shares out of the unissued shares and 30,000 new shares which were all acquired by the Company. Accordingly, the ownership interest of the Company in KIM increased from 99.980% to 99.998%.

Dalam melaksanakan kegiatan pertambangannya, KIM telah memperoleh perijinan sebagai berikut:

In relation to its mining activities, KIM has obtained the following licenses:

Luas Area/ No. Surat Keputusan/ Masa Berlaku/

No. Ijin KP/Licenses Daerah/Location Area Decision Letter No. Validity

Hektar/Hectare

1. IUP Operasi Produksi/ Kecamatan Jujuhan, 199 Keputusan Bupati Bungo/ 23 April 2010 s.d./up to

Production Operations Kabupaten Bungo, Decision of Bupati Bungo 22 April 2020

Provinsi/Province Jambi No. 251/DESDM Tahun 2010

2. IUP Operasi Produksi/ Kecamatan Jujuhan, Keputusan Bupati Bungo/ 23 April 2010 s.d./up to

Production Operations Kabupaten Bungo, Decision of Bupati Bungo 22 April 2018

Provinsi/Province Jambi No. 252/DESDM Tahun 2010

199

KCP KCP KCP didirikan berdasarkan Akta No. 10

tanggal 11 September 2007 dari Hanita Sentono, S.H., notaris di Jakarta. Akta pendirian ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. C-07481 HT.01.01 TH.2007 tanggal 27 Desember 2007 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 58 tanggal 18 Juli 2008, Tambahan No. 12392.

KCP was established based on Deed No. 10 dated September 11, 2007 of Hanita Sentono, S.H., public notary in Jakarta. The Deed of Establishment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. C-07481 HT.01.01 TH.2007 dated December 27, 2007 and was published in the State Gazette of the Republic of Indonesia No. 58 dated July 18, 2008, Supplement No. 12392.

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Berdasarkan Akta No. 26 tanggal 11 Mei 2010 dari Deni Thanur, S.E., S.H., M.Kn., notaris di Jakarta, KCP meningkatkan modal dasar dari Rp 50.000.000 menjadi Rp 20.000.000.000 dan modal ditempatkan dan disetor dari Rp 15.000.000 menjadi Rp 12.015.000.000 yang diambil bagian seluruhnya oleh KIM sebanyak 12.000 saham dengan nilai nominal sebesar Rp 1.000.000 per saham. Sehingga, KIM memiliki kepemilikan pada KCP sebesar 99,875%.

Based on Deed No. 26 dated May 11, 2010 of Deni Thanur, S.E, S.H., M.Kn., public notary in Jakarta, the shareholders of KCP agreed to increase its authorized capital from Rp 50,000,000 to Rp 20,000,000,000 and its issued and paid up capital from Rp 15,000,000 to Rp 12,015,000,000 wherein 12,000 shares with nominal value per share of Rp 1,000,000 were all acquired by KIM, resulting to an ownership interest of KIM in KCP of 99.875%.

Berdasarkan Akta No. 28 tanggal 28 Juni 2010 dari Deni Thanur, S.E., S.H., M.Kn., notaris di Jakarta, rapat umum pemegang saham luar biasa KCP menyetujui penjualan 14 saham dalam KCP yang dimiliki oleh PT Cakrawala Dinamika Permai, pihak ketiga, kepada KIM dan 1 saham dalam KCP yang dimiliki PT Persada Bangun Cemerlang Abadi, pihak ketiga, kepada Perusahaan. Sehingga kepemilikan KIM meningkat dari 99,875% menjadi 99,992% dan efektif kepemilikan Perusahaan dalam KCP adalah 99,998%.

Based on Deed No. 28 dated June 28, 2010 of Deni Thanur, S.E., S.H., M.Kn., public notary in Jakarta, the shareholders of KCP agreed to sell 14 shares in KCP owned by PT Cakrawala Dinamika Permai, a third party, to KIM and 1 share in KCP owned by PT Persada Bangun Cemerlang Abadi, a third party, to the Company, therefore increasing KIM’s ownership interest in KCP from 99.875% to 99.992% and increasing the Company’s effective ownership interest in KCP to 99.998%.

KCP telah memperoleh ijin pengusahaan pertambangan batubara sebagai berikut:

KCP has obtained a coal mining license with details as follows:

Hektar/Hectare

1. IUP Operasi Produksi/ Dusun Tanjung Belit, 143 Keputusan Bupati Bungo/ 22 Juli/July 2009 s.d/up to

Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo 21 Juli/July 2019

Kabupaten Bungo, No. 350/DESDM/Tahun 2009

Provinsi/Province Jambi

BBU BBU BBU didirikan berdasarkan Akta No. 38

tanggal 16 Oktober 2006 dari Suprayitno, S.H., notaris di Jambi. Akta pendirian ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. W20.00021.HT.01.01.Tahun 2007 tanggal 7 Maret 2007 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 87 tanggal 29 Oktober 2010, Tambahan No. 36526. Berdasarkan Akta No. 157 tanggal 29 April 2010 dari notaris yang sama, pemegang saham menyetujui perubahan seluruh Anggaran Dasar untuk disesuaikan dengan Undang-Undang No. 40 Tahun 2007, tentang Perseroan Terbatas. Perubahan Anggaran Dasar ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-28309.AH.01.02.Tahun 2010 tanggal 3 Juni 2010.

BBU was established based on Deed No. 38 dated October 16, 2006 of Suprayitno, S.H., public notary in Jambi. The Deed of Establishment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. W20.00021.HT.01.01.Tahun 2007 dated March 7, 2007 and was published in the State Gazette of the Republic of Indonesia No. 87 dated October 29, 2010, Supplement No. 36526. Based on Deed No. 157 dated April 29, 2010 of the same notary, the shareholders of BBU agreed to amend all of the Deed of Establishment to be in accordance with Law No. 40 Tahun 2007, regarding Limited Liability Company. The amendment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-28309.AH.01.02.Tahun 2010 dated June 3, 2010.

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Berdasarkan Akta No. 81 tanggal 21 Mei 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham BBU, pihak ketiga, menyetujui penjualan 499 saham atau 99,800% saham BBU kepada KIM dan 1 saham BBU kepada Perusahaan. Efektif kepemilikan Perusahaan dalam BBU adalah 99,998%.

Based on Deed No. 81 dated May 21, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of BBU, third parties, agreed to sell 499 shares or equivalent to ownership interest of 99.800% in BBU to KIM and 1 share in BBU to the Company. Thus, the Company’s effective ownership interest in BBU is 99.998%. BBU telah memperoleh ijin pengusahaan

pertambangan batubara sebagai berikut:

BBU has obtained the following coal mining licenses:

Hektar/Hectare

1. IUP Operasi Produksi/ Dusun Tanjung Belit, 199 Keputusan Bupati Bungo/ 23 April 2010 s.d./up to

Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo 22 April 2018

2. IUP Operasi Produksi/ Dusun Tanjung Belit, 1.301 Keputusan Bupati Bungo/ 9 Juli/July 2009 s.d./up to

Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo 8 Juli/July 2029

BHBA BHBA BHBA didirikan berdasarkan Akta No. 30

tanggal 27 Mei 2008 dari Ahmad Yani, S.H., notaris di Muara Bungo. Akta pendirian ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-35632.AH.01.01. Tahun 2008 tanggal 25 Juni 2008 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 105 tanggal 31 Desember 2010, Tambahan No. 42904.

BHBA was established based on Deed No. 30 dated May 27, 2008 of Ahmad Yani, S.H., public notary in Muara Bungo. The Deed of Establishment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-35632.AH.01.01.Tahun 2008 dated June 25, 2008 and was published in the State Gazette of the Republic of Indonesia No. 105 dated December, 31 2010, Supplement No. 42904.

Berdasarkan Akta No. 30 tanggal 25 November 2010 dari Deni Thanur, S.E., S.H., M.Kn., notaris di Jakarta, para pemegang saham BHBA menyetujui penjualan 249 saham BHBA milik PT Andalan Satria Cemerlang, pihak ketiga, kepada KIM dan 1 saham BHBA milik PT Persada Bangun Lestari, pihak ketiga, kepada Perusahaan. Efektif kepemilikan Perusahaan dalam BHBA adalah 99,998%.

Based on Deed No. 30 dated November 25, 2010 of Deni Thanur, S.E., S.H., M.Kn., public notary in Jakarta, the shareholders of BHBA agreed to sell 249 shares of BHBA owned by PT Andalan Satria Cemerlang, a third party, to KIM and 1 share of BHBA owned by PT Persada Bangun Lestari, a third party, to the Company. Thus, the Company’s effective ownership interest in BHBA is 99.998%. Dalam melaksanakan kegiatan

pertambangannya, BHBA telah memperoleh perijinan sebagai berikut:

In relation to its mining activities, BHBA has obtained a license with details as follows:

Hektar/Hectare

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BNP BNP BNP didirikan berdasarkan Akta No. 20

tanggal 13 Maret 2008 dari Heleni Ritliany, S.H., notaris di Jakarta. Akta pendirian ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-18286.AH.01.01.Tahun 2008 tanggal 11 April 2008 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 46 tanggal 6 Juni 2008, Tambahan No. 8096.

BNP was established based on Deed No. 20 dated March 13, 2008 of Heleni Ritliany, S.H., public notary in Jakarta. The Deed of Establishment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-18286.AH.01.01.Tahun 2008 dated April 11, 2008 and was published in the State Gazette of the Republic of Indonesia No. 46 dated June 6, 2008, Supplement No. 8096.

Berdasarkan Akta No. 77 tanggal 17 Desember 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham BNP menyetujui penjualan 149 saham BNP yang dimiliki PT Cakrawala Dinamika Permai, pihak ketiga, kepada KIM, dan 1 saham BNP yang dimiliki PT Persada Bangun Cemerlang Abadi, pihak ketiga, kepada Perusahaan serta peningkatan modal dasar dari Rp 50.000.000 terdiri dari 500 saham menjadi Rp 2.000.000.000 terdiri dari 20.000 saham serta modal ditempatkan dan disetor dari Rp 15.000.000 terdiri dari 150 saham menjadi Rp 515.000.000 terdiri dari 5.150 saham yang peningkatannya sebesar Rp 500.000.000 terdiri dari 5.000 saham diambil bagian seluruhnya oleh KIM. Akta tersebut telah memperoleh persetujuan dari Menteri Hukum dan Hak Asasi Manusia berdasarkan Surat Keputusan No. AHU-05874.AH.01.02 Tahun 2011, tanggal 4 Februari 2011. Efektif kepemilikan Perusahaan dalam BNP adalah 99,998%.

Based on Deed No. 77 dated December 17, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of BNP agreed to sell 149 shares of BNP owned by PT Cakrawala Dinamika Permai, a third party, to KIM, and 1 share of BNP owned by PT Persada Bangun Cemerlang Abadi, a third party, to the Company and to increase its authorized capital from Rp 50,000,000 consisting of 500 shares to Rp 2,000,000,000 consisting of 20,000 shares and its issued and paid up capital from Rp 15,000,000 consisting of 150 shares to Rp 515,000,000 consisting of 5,150 shares or an increase of Rp 500,000,000 consisting of 5,000 shares which were all acquired by KIM. The Deed was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-05874.AH.01.02 Tahun 2011 dated February 4, 2011. The Company’s effective ownership interest in BNP is 99.998%.

BNP telah memperoleh ijin pengusahaan pertambangan batubara sebagai berikut:

BNP has obtained a coal mining license with details as follows:

Hektar/Hectare

1. IUP Operasi Produksi/ Dusun Tanjung Belit, 199 Keputusan Bupati Bungo/ Desember/December 2010

Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo s.d./up to Oktober/October 2019

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TBBU TBBU TBBU didirikan berdasarkan Akta No. 6

tanggal 4 Agustus 2006 dari Suprayitno S.H., notaris di Muara Bungo. Akta pendirian ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia

dalam Surat Keputusan No. W20-00025 HT.01.01.TH.2007 tanggal

8 Maret 2007 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 87 tanggal 29 Oktober 2010, Tambahan No. 36525. Berdasarkan Akta No. 134 tanggal 25 April 2009 dari Suprayitno, S.H., notaris di Muara Bungo, pemegang saham menyetujui perubahan pemegang saham, susunan pengurus dan penyesuaian Anggaran Dasar dengan Undang-Undang No. 40 Tahun 2007, tentang Perseroan Terbatas. Perubahan Anggaran Dasar ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-29200.AH.01.02.Tahun 2009 tanggal 30 Juni 2009.

TBBU was established based on Deed No. 6 dated August 4, 2006 of Suprayitno S.H., public notary in Muara Bungo. The Deed of Establishment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. W20-00025 HT.01.01.TH.2007 dated March 8, 2007 and was published in the State Gazette of the Republic of Indonesia No. 87 dated October 29, 2010, Supplement No. 36525. Based on Deed No. 134 dated April 25, 2009 of Suprayitno S.H., public notary in Muara Bungo, the shareholders agreed to change the shareholders and management composition, and the provisions in the Articles of Association to be in accordance with Law No. 40 Tahun 2007, regarding Limited Liability Company. The Amendment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-29200.AH.01.02.Tahun 2009 dated June 30, 2009.

Berdasarkan Akta No. 27 tanggal 11 Mei 2010 dari Deni Thanur S.E., S.H., M.Kn., notaris di Jakarta, pemegang saham TBBU menyetujui antara lain penjualan 1 saham TBBU yang dimiliki oleh PT Persada Bangun Cemerlang Abadi, pihak ketiga, kepada Perusahaan. Dengan penjualan saham KCP kepada KIM dan Perusahaan berdasarkan Akta No. 28 tanggal 28 Juni 2010, dari notaris yang sama, efektif kepemilikan Perusahaan dalam TBBU adalah 99,798%.

Based on Deed No. 27 dated May 11, 2010 of Deni Thanur, S.E., S.H., M.Kn., public notary in Jakarta, the shareholders of TBBU agreed to sell 1 share of TBBU owned by PT Persada Bangun Cemerlang Abadi, a third party, to the Company. With the sale of KCP shares to KIM and to the Company based on Deed No. 28 dated June 28, 2010, of the same notary, the Company’s effective ownership interest in TBBU increased to 99.798%.

TBBU telah memperoleh ijin pengusahaan pertambangan batubara sebagai berikut:

TBBU has obtained a coal mining license with details as follows:

Hektar/Hectare

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TKS TKS TKS didirikan berdasarkan Akta No. 16

tanggal 21 September 2002 dari Gaby Siantori, S.H., notaris di Banjarmasin. Akta pendirian ini disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. C-22648.HT.01.01.TH.2002 tanggal 18 November 2002 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 81 tanggal 10 Oktober 2003, Tambahan No. 9793. Berdasarkan Akta No. 110 tanggal 29 Juni 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, Anggaran Dasar mengalami perubahan maksud dan tujuan kegiatan usaha. Perubahan Anggaran Dasar ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia No. AHU-36772.AH.01.02.Tahun 2010 tanggal 23 Juli 2010.

TKS was established based on Deed No. 16 dated September 21, 2002 of Gaby Siantori, S.H., public notary in Banjarmasin. The Deed of Establishment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. C-22648.HT.01.01.TH.2002 dated November 18, 2002 and was published in the State Gazette of the Republic of Indonesia No. 81 dated October 10, 2003, Supplement No. 9793. Based on Notarial Deed No. 110 dated June 29, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the Articles of Association had been amended regarding the change in the purpose and objective of TKS’ business. The Amendment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-36772.AH.01.02.Tahun 2010 dated July 23, 2010.

Berdasarkan Akta Jual Beli Saham No. 111 tanggal 29 Juni 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, Perusahaan mengakuisisi 350 saham TKS yang merupakan 70% kepemilikan dari PT Citra Persada Abadi, pihak ketiga.

Based on the Deed of Sale and Purchase of Shares No. 111 dated June 29, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the Company acquired ownership interest of 70% or 350 shares of TKS from PT Citra Persada Abadi, a third party. Dalam melaksanakan kegiatan

pertambangannya, TKS telah memperoleh perijinan sebagai berikut:

In relation to its mining activities, TKS has obtained the following licenses:

Hektar/Hectare

1. IUP Operasi Produksi/ Desa Malateken, 4.748 Keputusan Bupati Barito Utara/ 26 April 2010 s.d./up to

Production Operations Gandring, Panaen, Liang Buah, Decision of Bupati - North Barito 25 April 2026 Kecamatan Teweh Tengah/Central No. 188.45/207/2010

dan/and Teweh Timur/East , Kabupaten Barito Utara/North ,

Provinsi/Province

Kalimantan Tengah/Central

2. IUP Operasi Produksi/ Desa Malateken 4.959 Keputusan Bupati Barito Utara/ 26 April 2010 s.d./up to

Production Operations Gandring dan/and Panaen, Decision of Bupati - North Barito 25 April 2028 Kecamatan Teweh Tengah/Central No. 188.45/208/2010

dan/and Teweh Timur/East , Provinsi/Province

Kalimantan Tengah/Central

3. IUP Operasi Produksi/ Desa Saing, Patung, Gandrung, 1.748 Keputusan Bupati Barito Timur/ 31 Desember/December 2009

Production Operations Kecamatan Dusun Tengah/Central Decision of Bupati - North Barito s.d./up to 13 Agustus/ dan/and Paku, No. 570 tahun/year 2009 August 2019

Kabupaten Barito Timur/East , Provinsi/Province

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MAL MAL MAL didirikan berdasarkan Akta No. 14

tanggal 27 Februari 2004 dari Yulia, S.H., notaris di Tangerang. Akta pendirian ini disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. C-13084 HT.01.01.TH.2004 tanggal 25 Mei 2004 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 51 tanggal 25 Juni 2004, Tambahan No. 6052.

MAL was established based on Deed No. 14 dated February 27, 2004 of Yulia, S.H., public notary in Tangerang. The Deed of Establishment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. C-13084 HT.01.01.TH.2004 dated May 25, 2004 and was published in State Gazette of the Republic of Indonesia No. 51 dated June 25, 2004, Supplement No. 6052.

Berdasarkan Akta No. 106 tanggal 31 Agustus 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham MAL menyetujui pengeluaran saham baru dalam simpanan sebanyak 1.280 saham atau sebesar Rp 1.280.000.000 yang diambil bagian seluruhnya oleh Perusahaan. Setelah pengeluaran saham tersebut, kepemilikan Perusahaan atas MAL meningkat dari 99,980% menjadi 99,984%.

Based on Deed No. 106 dated August 31, 2010 of Hannywati Gunawan S.H., public notary in Jakarta, the shareholders of MAL agreed to issue 1,280 new shares out of the unissued shares or Rp 1,280,000,000 which were all acquired by the Company. After such issuance, the Company’s ownership interest in MAL increased from 99.980% to 99.984%.

Berdasarkan Akta No. 45 tanggal 12 Oktober 2010 dari Hannywati Gunawan S.H., para pemegang saham MAL menyetujui peningkatan modal dasar dari Rp 20.000.000.000 menjadi Rp 50.000.000.000 serta modal ditempatkan

dan disetor dari Rp 6.280.000.000 menjadi Rp 12.940.000.000 yang diambil bagian seluruhnya oleh Perusahaan sebanyak Rp 6.660.000.000. Dengan peningkatan tersebut kepemilikan Perusahaan atas MAL meningkat dari 99,984% menjadi 99,992%.

Based on Deed No. 45 dated October 12, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of MAL agreed to increase its authorized capital from Rp 20,000,000,000 to Rp 50,000,000,000 and its issued and paid up capital from Rp 6,280,000,000 to Rp 12,940,000,000 or amounting to Rp 6,660,000,000 which were all acquired by the Company. Accordingly, the Company’s ownership interest in MAL increased from 99.984% to 99.992%. Berdasarkan Akta No. 124 tanggal

29 Desember 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham MAL menyetujui penjualan seluruh 12.939 saham MAL yang dimiliki Perusahaan kepada PT Bumi Kencana Eka Sejahtera (BKES), pihak berelasi.

Based on Deed No. 124 dated December 29, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of MAL agreed to sell all 12,939 shares of MAL owned by the Company to PT Bumi Kencana Eka Sejahtera (BKES), a related party.

Berdasarkan Akta No. 68 tanggal 18 Februari 2011 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham MAL menyetujui penjualan 12.939 saham MAL yang dimiliki BKES, pihak berelasi, kepada Perusahaan.

Based on Deed No. 68 dated February 18, 2011 of Hannywati Gunawan, S.H., public notary in Jakarta, shareholders of MAL agreed to sell 12,939 shares in MAL owned by BKES, a related party, to the Company.

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Karena Perusahaan, MAL, dan BKES merupakan entitas sepengendali, maka akuisisi yang dilakukan Perusahaan atas MAL dilakukan dengan metode penyatuan kepemilikan (pooling-of-interest method). Untuk tujuan penyajian, laporan keuangan konsolidasian Perusahaan untuk tahun 2010 telah disajikan dengan menggabungkan laporan keuangan MAL tahun 2010, seolah-olah MAL yang dijual kepada BKES pada tanggal 29 Desember 2010 (Catatan 4) masih bergabung pada tanggal 31 Desember 2010. Selanjutnya, ekuitas bersih MAL hasil penggabungan dicatat sebagai “Ekuitas proforma dari transaksi restrukturisasi entitas sepengendali”.

Since the Company, MAL, and BKES are entities under common control, the acquisition of MAL by the Company is accounted for in a manner similar to pooling of interest method. For presentation purposes, the consolidated financial statements of the Company in 2010 were combined with the financial statements of MAL in 2010 as if MAL, which was sold to BKES on December 29, 2010 (Note 4), is still a subsidiary as of December 31, 2010. Consequently, net equity of MAL is recorded as “Proforma equity from restructuring transactions among entities under common control”.

Dalam melaksanakan kegiatan pertambangannya, MAL telah memperoleh perijinan sebagai berikut:

In relation to its mining activities, MAL has obtained the following licenses:

Hektar/Hectare

1. IUP Operasi Produksi/ Kecamatan Bayung Lencir Keputusan Bupati Musi Banyuasin / 11 September 2009 Production Operations Kabupaten Musi Banyuasin Decision of Bupati Musi Banyuasin s.d./up to 7 Maret/March 2017

Provinsi Sumatera Selatan/ No. 1259 Tahun 2009

South Sumatera Province

2. SK Perubahan Masa - - Keputusan Bupati Musi Banyuasin/ 11 September 2009 s.d.

Berlaku IUP Operasi Decision of Bupati Musi Banyuasin s.d./up to 8 Maret/March 2021

Produksi/ No. 0672 Tahun 2010

Decision Letter on Change in Validity Period of IUP Production Operations 4.836 NIP NIP NIP didirikan berdasarkan Akta No. 11

tanggal 30 Januari 2004 dari Yulia, S.H., notaris di Tangerang. Akta pendirian ini disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. C-13083 HT.01.01.TH.2004 tanggal 25 Mei 2004 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 51 tanggal 25 Juni 2004, Tambahan No. 6051.

NIP was established based on Deed No. 11 dated January 30, 2004 of Yulia, S.H., public notary in Tangerang. The Deed of Establishment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. C-13083 HT.01.01.TH.2004 dated May 25, 2004 and was published in the State Gazette of the Republic of Indonesia No. 51 dated June 25, 2004, Supplement No. 6051.

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Berdasarkan Akta No. 70 tanggal 27 September 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham NIP antara lain menyetujui penjualan 14 saham NIP yang dimiliki PT Andalan Satria Lestari, pihak ketiga, kepada MAL dan 1 saham yang dimiliki PT Persada Bangun Lestari, pihak ketiga, kepada Perusahaan serta peningkatan modal dasar dari Rp 50.000.000 menjadi Rp 5.000.000.000 serta peningkatan modal ditempatkan dan disetor dari Rp 15.000.000 menjadi Rp 1.295.000.000, yang diambil bagian seluruhnya oleh MAL. Kepemilikan efektif Perusahaan pada NIP adalah 99,923%.

Based on Deed No. 70 dated September 27, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, shareholders of NIP agreed, among others, to sell 14 shares of NIP owned by PT Andalan Satria Lestari, a third party, to MAL and 1 share of NIP owned by PT Persada Bangun Lestari, a third party, to the Company, and to increase its authorized capital from Rp 50,000,000 to Rp 5,000,000,000 and its issued and paid up capital from Rp 15,000,000 to Rp 1,295,000,000, which were all acquired by MAL. The effective ownership interest of the Company in NIP is 99.923%.

Berdasarkan Akta No. 127 tanggal 29 Desember 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, pemegang saham NIP menyetujui penjualan 1 saham dalam NIP yang dimiliki Perusahaan kepada PT Bumi Kencana Eka Sejahtera, pihak berelasi, sehingga kepemilikan efektif Perusahaan pada NIP turun dari 99,923% menjadi 99,915%.

Based on Deed No. 127 dated December 29, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, shareholders of NIP agreed to the sale of 1 share of NIP owned by the Company to PT Bumi Kencana Eka Sejahtera, a related party, therefore, the effective ownership interest of the Company decreased from 99.923% to 99.915%.

Berdasarkan Akta No. 156 tanggal 25 April 2011 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham NIP, anak perusahaan, menyetujui peningkatan modal dasar dari Rp 5.000.000.000 menjadi Rp 45.000.000.000 serta modal ditempatkan

dan disetor dari Rp 1.295.000.000 menjadi Rp 11.295.000.000 yang diambil bagian seluruhnya oleh MAL, anak perusahaan, sebanyak Rp 10.000.000.000. Dengan peningkatan tersebut, kepemilikan efektif Perusahaan atas NIP meningkat dari 99,915% menjadi 99,983%. Perubahan Anggaran Dasar tersebut telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-25826.AH.01.02.Tahun 2011 tanggal 23 Mei 2011.

Based on Deed No. 156 dated April 25, 2011 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholder of NIP, a subsidiary, agreed to increase the authorized capital from Rp 5,000,000,000 to Rp 45,000,000,000 and issued and paid up capital from Rp 1,295,000,000 to Rp 11,295,000,000 which were all acquired by MAL, a subsidiary, amounting to Rp 10,000,000,000. With such issuance, the Company’s effective ownership interest in NIP increased from 99.915% to 99.983%. The change in the Articles of Association was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-25826.AH.01.02 TH. 2011 dated May 23, 2011.