5 Payment Bank Are Ready to Support Capital Market Transaction

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1 From The Editor KSEI, once again, has appointed Payment Banks for the next four-years period, In addition to four banks of last two years period, which were Bank Mandiri, CIMB Niaga, BCA, and PermataBank, there is one additional bank, BNI, becoming KSEI s Payment Bank. What kind of preparation the five Payment Banks have made to facilitate capital market transaction? Read it out in the main article of Fokuss this time. 5 Payment Bank Are Ready to Support Capital Market Transactions Also, we presented an article about socialization of capital market infrastructure development project. Five objectives of capital market master plan, which are expected to be realized with full support from Indonesia capital market players, were described as well. Series of AKSes Card Socialization which have been completed by KSEI throughout the first semester can also be found in the next sheets. Not to mention, information about Financial Planning & Investment Week 2011 activity. As usual, activity and statistics to know the development of capital market indicator recorded in KSEI are attached. In this occassion, the entire management of KSEI and Fokuss editor would like to wish all of you a blessed Eid Day, 1 Syawal 1432 H, Mohon Maaf Lahir & Bathin. Enjoy the Reading...! Editor Website KSEI helpdesk@ksei.co.id Toll Free Call Center KSEI KSEI has appointed five Payment Banks of period. They are PT Bank Central Asia Tbk, PT CIMB Niaga Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, and PT Bank Permata Tbk. T here was something different with the cooperation agreement between PT Kustodian Sentral Efek Indonesia (KSEI) and Payment Banks, the signing of which was performed on July 7, Not only there was one additional Payment Bank, from four to five banks, the contract period was also prolonged from two to four years. The five Payment Banks are PT Bank Central Asia Tbk, PT CIMB Niaga Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, and PT Bank Permata Tbk, and they will serve the Indonesia capital market activities for period. The cooperation between KSEI and Payment Banks is performed for KSEI, as Table of content Payment Bank Are Ready to Support Capital Market Transaction Socialization of Capital Market Infrastructure Development Project Participation of Capital Market Development Series of AKSes Card Socialization Do Not Only Own it, But Use It Financial Planning & Investment Week 2011 Achieving a Healthy Financial Condition activities & Statistics 04 Edition Year 2011

2 2 Depository and Settlement Institution in Indonesia capital market, is a non-bank insitution that cannot conduct fund book-entry function, especially payment for its service users. Payment Banks will support KSEI for all transactions involving funds in C-BEST (The Central Depository and Book Entry Settlement System) system. With Payment Banks, the whole transaction settlements involving funds, Right/Warrant exercise, and Corporate Action payment/distribution (e.g. payment of cash dividend, coupon and principal redemption of Debt Securities) can be performed properly. KSEI s President Director, Ananta Wiyogo, explained that the signing of cooperation agreement was a follow up of Payment Banks appointment previously conducted. We have appointed Payment Banks last May, and the legalization was just conducted in July, he said. The signing of cooperation agreement with the new Payment Banks is expected to make KSEI s service users perform fund transaction settlement faster and more comfortable so they can improve their function and role in Indonesia capital market industry. Unlike previous agreement, Payment Banks now have new assignment. In line with Bapepam-LK Regulation Number V.D.3 released on December 28, 2010, Payment Banks are required to provide client s fund account separation facility from Securities Company s. The purpose of this fund separation is to provide protection and transparency to- Payment Bank are required to provide client s fund separation facility from Securities Company s. ward client s fund. To cope with such cooperation agreement, the five Payment Banks have made preparations in terms of service and technology improvement which can support their function as Payment Banks. Erwina Wigneswara, Vice President of Settlement Bank Services Group Head of CIMB Niaga, said that the cooperation is a the output of long preparation process that has been conducted for the last several months to adapt with Securities Companies needs, either in terms of legal aspect, system, procedure, or overall compliance in order to support client s dedication according to their respective field. Preparation activities cover, among others, system application and procedure making, product/supporting service preparations up to working procedures and personnel training in the whole Payment Bank activities to improve PermataBank services, said Rudy. Rusdianti Salim, Head of Cash Management Unit, said that BCA also made a number of preparations before being appointed as Payment Bank, agreement of which will fall in In addition to preparation of system, procedure and Ferry M Robbani Rudy Tanjung Welan Palilingan fund account separation (fund separation) currently applied in the capital market. Ferry M Robbani, Senior Vice President of Financial Institutions Coverage & Solutions Group of Bank Mandiri, also commented that Bank Mandiri always performs enhancement so the current system can support the operational activities of Bank Mandiri as Payment Bank. We conducts system development to support the implementation of fund separation, he said. While Rudy Tanjung, Transaction Banking Head of PermataBank, with full commitment from PermataBank s Board of Directors, a serious and intensive preparation has been conducted by Permata Payment Bank Team to meet KSEI s new service standard and requirement. The team comprises of combination of senior personnels among directorates covering IT, Financial Institution, Transaction Banking, System & Procedure, and Branch Network who work with full infrastructure, BCA, according to her, also prepared various program to cooperate with Exchange Members, especially related to investor account opening in BCA. Some of BCA clients are also investors, so communication and socialization program become a key point, said Rusdianti. To Bank Negara Indonesia (BNI), it is its first time to become Payment Bank. According to Welan Palilingan, Deputy General Manager of Transactional Banking Services of BNI, his current priority is to make the basic and main functions of Payment Bank run well and correctly, properly and fast, completed with reliable contigency mechanism based on KSEI s technical team expectations. We see that the portion of technology in this cooperation is very high, so we want to focus on technology aspect, he explained. Welan expects that this cooperation will create a good sinergy to KSEI and Payment Banks, and finally, it will give Publisher: PT Kustodian Sentral Efek Indonesia (KSEI) Advisor: KSEI s Directors Editors: Zylvia Thirda, Dharma Setyadi, Susiyanti, Novian Harry Wibowo, Annisa Indri Hapsari, M. Ridwan, Rachmat Irfan, Adisty Widyasari Responsibility: KSEI Corporate Communications Department Editorial Address: Gedung Bursa Efek Indonesia, Tower I Lt. 5, Jl. Jend. Sudirman Kav 52-53, Jakarta 12190, Telp , Fax Circulation: KSEI Corporate Communications Department

3 benefit to Securities Companies and investors. He also added that being a new Payment Bank is s strategic step for BNI to enter into capital market industry. Not only provide fund separation facility, BNI is also required to fulfill other new duties in the form of providing intraday facility to KSEI. The facility is provided to make fund withdrawal (wire transfer) process performed by KSEI s Account Holders (Securities Companies and Custodian Banks) run properly. According to Erwina, this time, the cooperation agreement is different from the previous one as there are two obligations to be fulfilled, namely fund separation and intraday facility to KSEI. CIMB Niaga is ready and has prepared facility limit and system to fully support it for the sake of transaction smoothness and national capital market growth. KSEI Intraday facility, said Rusdianti, is a facility required to support straight through settlement processing, similar to Exchange settlement in developed countries worldwide. So BCA really supports KSEI and the Self Regulatory Organization (SRO) to put Indonesia capital market at the same level with capital market worldwide, she affirmed. BNI, through explanation given by Welan, expects that the intraday facility will help accelerate settlement of funds owned by clients. Acceleration of such fund settlement will make the market more efficient, explained Welan. Related to intraday facility, Ferry commented that it can make the fund withdrawal process performed by KSEI Account holders smooth. Currently, Bank Mandiri facility limit and supporting system are ready to serve the withdrawal of KSEI intraday facility, explained Ferry. Intraday facility is also one of Bank Mandiri efforts, as a bank that has participated in the capital market since 1995, to create a liquid and efficient capital market. It was also explained by Rudy that PermataBank support by providing intraday facility will certainly accelerate transaction settlement process in the capital market (finality of settlement). For PermataBank, it is important for Payment Bank to support capital market transactions, one of them by facilitating fund settlement and assuring that the Rusdianti Salim transaction settlement process complies with KSEI standard. Shortly, KSEI, jointly with the Payment Banks, will implement the intraday facility. Keep Improving the Services In entering its age of 15 years in the coming 2012, Ferry M Robbani expects that KSEI can keep improving its services to capital market players in order to create an efficient and transparent market. A good transparency in capital market transactions is expected to increase the number of Indonesian people making transactions, leaving a better transaction volume and a positive impact toward bank business in the capital market. With good Indonesia economic condition, we are sure Indonesia capital market will stay attractive to the investors. Besides, the role of domestic investors will get increasing as online trading gets plenty, he said. According to Rudy Tanjung, capital market plays a significant role as one of supporting tools for economic activities. Indonesia capital market grows rapidly in terms of increasing total investor and easier capital market access with online trading technology. In line with Indonesia capital market development, continual education toward market players is certainly required. We hope the regulator will be more active in conducting the supervision and law enforecement activities so the capital market risks can be anticipated and mitigated, he said. Rusdianti also believed that Indonesia capital market development was so amazing and it will continue for the next five years. The efforts taken by the SROs and Securities Companies as well as other capital market community to support investment security and comfortability for investors are also important, supported by Issuers performance which are expected to be better, she explained. While in Erwina s point of view, capital market players, including the SROs, have to improve the capital market infrastructure continously to anticipate capital market transactions. Besides, it is better to get the Payment Banks involved in the discussion related to future capital market plan. So we can anticipate necessary preparations to support such activities. It is also better to have routine meeting, either formal or informal meeting, between the SROs and Payment Banks, she added. Similar comment was also delivered by Welan who hopes that the SROs gets more efficient in taking their role and seeks more improvement opportunities in answering the stakeholders needs. While concerning the capital market industry, Welan believed that there will be a very positive improvement. Relevant factors toward such direction have been already seen, one of which is Indonesia politics stability. Indonesia capital market must be ready for the increase of total value and volume arising from improving interest of investors, he added. l Erwina Wigneswara [ Editor] Not only provide fund separation facility, BNI also required to fulfill other new duties in the form of providing intraday facility to KSEI. 3

4 Socialization of Capital Market Infrastructure Development Project Participating in Capital Market Development Capital market players are expected to participate in capital market development to create an efficient, fair, and orderly market. Bapepam-LK and the SROs have tried many efforts to develop the capital market infrastructure.. 4 I n order to develop Indonesia capital market, Bapepam-LK has formed capital market infrastructure development team, jointly with the SROs (BEI, KPEI, KSEI), since A socialization of capital market infrastructure development project was held at Grand Hyatt Hotel, Bali, on July 2, 2011 to give complete and comprehensive information concerning the current work program to market players, especially Securities Companies and Custodian Banks. In his speech, BEI s President Director, Ito Warsito, required all participants and market players to adapt with the ifnrastructure development conducted by Bapepam-LK and the SROs. Certain matters might be performed under assitance of the SROs, but other specific things are required to be performed by Securities Companies or Custodian Banks themselves, including the impact of such capital market infrastructure development. In the meantime, Chairman of Bapepam-LK, Nurhaida, in her speech said that the program has 3 (three) purposes, namely: improving good relationship between Bapepam-LK, the SROs, and market players; exchanging information Participants and market players must adjust to the infrastructure development of Bapepam- LK and the SRO, as well as to develop its own. and other issues available in the capital market; and providing socialization in terms of regulation and master plan of Indonesia capital market. Furthermore, Chairman of Bapepam- LK said that capital market should be stable and strong to support state economic development. Capital market contribution has increased, shown from the market capitalization. This condition should be accelerated continuously and must be prepared and supported by all relevant parties. Currently, regional market development gets more borderless. Various initiatives to form a linkage keep moving. To cope with such condition, Indonesia capital market master plan of has been arranged, followed by master plan of based on market needs. There are five goals in master plan of , namely: 1. Accessible, efficient, and competitive funding sources. 2. Capital market can serve as a tool for investors to invest in conducive and attractive situation. 3. Creating a stable, strong, and liquid capital market. 4. Fair and transparent legal framework. 5. Building a credible, reliable, and international-standard capital market. To achieve those goals, several work program were set. Among others were by encouraging a healthy institution and qualified industry, improving the function of AKSes (Securities Ownership Reference) facility, and forming Investor Protection Fund, in which both will improve the investor protection. Additionally, other program will be also conducted, e.g. development of REPO market mechanism, improvement of international good governance regulation, improvement of risk management function, business contingency plan, and Single Investor ID (SID), as well as early warning system making in Indonesia capital market. To get the goals of Master Plan achieved, all parties, either the regualtor or market players, should give their supports. In question-answer session, Chairman of Bapepam-LK explained certain issues, among others were healthy and fair brokerage and underwriting fee. Indonesian Securities Companies Association (ISCA) can discuss it with the whole members to determine such fair value, probably by applying certain range. While related to ISCA membership, the Chairman of Bapepam- LK recommended ISCA to give direction to non-member Securities Companies to become full member of ISCA. In responding to a question from one of the participants, the Chairman underlined Bapepam-LK vision toward Securities Companies, which is creating financiallystrong and highy-competitive Securities Companies. It closely relates to globalization trend, ASEAN economics integration, ASEAN linkage, exchange linkage, etc. In single platform, broker can later make borderless transactions, and it certainly requires strong local partner. For that purpose, Securities Companies are expected to be ready and prepare themselves so they will not find themselves left behind by other companies at regional level. The next session was explanations from the SROs concerning the status of on-

5 going capital market infrastructure development projects. The presentations were moderated by Head of Securities Transaction and Institution, M. Noor Rachman. In the opening, summary of capital market infrastructure development initiatives was delivered, comprising of: Basic Infrastructure Development, covering SID making; client s asset separation (including fund); monitoring tool for client through AKSes facility; end to end STP using Trading ID, starting from trading, clearing, and settlement, as well as continuous settlement, risk controlling and monitoring; and Securities Companies back-office integration. Industry Reform, covering intermediary standard improvement (membership of Exchange Member, Clearing Member, and General Clearing Member), capital market structure improvement, Securities Companies Accounting Guildelines, outsourcing & distribution channel, as well as protection improvement toward the market (investor protection fund and guarantee participation scheme). Information Infrastructure Development, covering integrated data warehouse establishing, data analysis, mapping surveillance and monitoring for regulator, market transparency improvement (PRPM function reform, disclosure of FOP, securities transfer, REPO), and improvement of risk monitoring (implementation of new risk engine, pre-deal check and pre-emptive action). Detailed explanations of each project were later delivered by respective Board of Directors of the SRO. Each speaker not only explained about what and how the project was built, but also success factors, challenges or barriers of each project openly and transparently. With such explanations, it is expected that capital market players, especially Securities Companies and Custodian Banks, can understand, support and prepare themselves to face the Indonesia capital market challenges in globalization era, expecially in Asia region. l [ Dharma Setyadi ] Series of AKSes Card Socialization Do Not Only Own, But Use it For the last one year, KSEI conducted integrated AKSes Card Socialization program for investors, Securities Companies, and the media. It provided information about the importance of having AKSes Card as well as the benefit of directly monitoring Securities owned by investors. The socialization program, which last since June 2010, successfully increased the number of AKSes Card ownership in the socialization cities. Investor Gathering Activity in Makassar E ntering the midst of 2011, KSEI continued to conduct local scale socialization in order to increase AKSes Card ownership and application. Two cities in Sulawesi, namely Manado and Makassar, were chosen by KSEI as the locations for series of AKSes Card socialization. Manado was the first city where AKSes Card socialization was performed in Celebes island. Like in other socialization cities, KSEI arranged an activity for investors through Investor Gathering held on June 17, Additionally, KSEI also provided Media Briefing as an activity to grab the media target. Enthusiasm was shown by media colleaques in such activity, shown from the attendance of journalists from national media who asked about AKSes Card and other capital market program related to investor protection, namely Investor Protection Fund. Five days after activities in Manado, KSEI visited Makassar on June 22, 2011 to arrange the next socialization activities. Compared to Manado, total number of investors in Makassar was greater, considering that Makassar was in the first ranking based on number of AKSes Card ownership in Sulawesi. Investors enthusiasm to get detailed information about AKSes Card was also shown in Investor Gathering. However, from 12 Securities Companies in Makassar, only Besides Investor Gathering activity for investors, KSEI also conducts activity for mass media through Media Briefing. 5

6 156 investors came to the event due to Securities Companies reluctance to inform the event to their investors. Socialization in Makassar also ended the whole series of AKSes Card Socialization program conducted since June In addition to Manado and Makassar, socialization activities through the year were also conducted in other 10 cities, namely Jakarta (North, West, South), Bandung, Semarang, Medan, Surabaya, Batam, Solo, Palembang, Pontianak, and Balikpapan. It was KSEI strategy to directly communicate with the investors as the main target of the socialization. The socialization was also aimed at providing detailed information about AKSes Card to Securities Companies so they can deliver it to their client-investors. While the media served as publication tool to the public through various news reports. If the main message of last year KSEI delivered was to own AKSes Card, in 2011, KSEI wanted to make the investors use it. Bapepam-LK Regulation Number V.D.4 serves as the guideline for KSEI to change the main message delivered, for the regulation requires Securities Companies to facilitate their clients with AKSes Card as information disclosure tool upon Securities owned. After having AKSes Card, investors are suggested to use the facility, previously known as Investor Area, to monitor their Securities portfolios in order to avoid misapplication probably conducted by the broker. The purpose of AKSes Card socialization was again underlined by Ananta Wiyogo, KSEI s President Director, in Makassar. Previous KSEI target related to improvement of AKSes Card ownership is no longer relevant. We expect Indonesia capital market investors get more active in using AKSes Card owned by performing log in and actively checking the Securities portfolio regularly as an early detection against misapplication of Securities and fund portfolio by unauthorized parties, said Ananta. In addition to investor and media approach strategy, KSEI also performed advertisement placement strategy in mass media concerning AKSes Card. This strategy was aimed at improving public awareness, grabbing potential market target of capital market who have not owned AKSes Card, and having the AKSes Card users use their cards more frequently. Mass media which became KSEI target for advertisement placement were television, radio, printed or online. After completing the one-year socialization, KSEI performed evaluation upon strategies taken in June 2010 up to June It was conducted to prepare a better program for the next AKSes Card socialization. In overall, the whole one-year AKSes Card socialization successfully improved the number of AKSes Card ownership in socialization cities. If there were 13,042 investors having AKSes Card before the socialization ( as per May 2010), as per June 30, 2011 there were 89,568 investors already having AKSes Card, or an increase by 568% compared to May 2010 data. Unfortunately, the total ownership has not been followed by its application yet. From the total AKSes Card ownership, only 17,000 investors have performed the log in and monitoring regularly through AKSes website. It will be KSEI s hard duty in the next socialization, delivering the main message of using AKSes Card to the investors, instead of just owning it. l [ Editor ] Everybody certainly needs money. There is no doubt to this common expression. Especially to those who live in big city, the need of money is a must as the cost of living is quite big. Many people have to gone through financial problems due to lack of good financial planning. Realizing the importance of proper personal financial planning to an individual, on June 20 July 5, 2011 KSEI arranged 2011 Financial Planning & Investment Week. In that event, KSEI invited a financial consultant, Quantum Magna Financial, to give guidelines about how to make a good personal financial planning. The financial planning does not only cover how to allocate money for daily needs, but it also covers the plan of children school fee, pension fund, consumption, even holiday. Those things can be achieved if someone has proper financial planning. A talkshow with a theme of Do You Have Healthy Financial Condition? marked the opening of 2011 Financial Planning & Investment Week. In this session, Ligwina Hananto, Chief Executive Officer of Quantum Magna Financial, gave explantion about the importance of making financial planning to achieve the goals. Financial planning should be made thoughtfully, and it is performed through several phases, she said in KSEI s Main Meeting Room where the event was conducted on Monday (20/6). Ligwina explained that before making a financial planning, the first thing to do is to check the current financial condition. Previously, KSEI main target was the enhancement of ownership of AKSes Card, in this year of 2011 KSEI wants all investors to use it continously. Without doing it, it is difficult for anyone to make a financial strategy. The woman, who have written a book concerning financial tips, applied certain parameters to determine whether someone has a healthy financial condition or not. Those parameters, among others, were: 1. Debt Service Ratio: it applies monthly debt installment formula divided by monthly income. The maximum value of Debt Service Ratio is 30%, if not, then the financial condition is in unsecure condition.

7 Financial Planning & Investment Week 2011 Achieving a Healthy Financial Condition Income goes up but there is always deficit financing every month? Really eager to buy new clothes but the saving balance cannot afford it? Confused how to pay off the credit card bill? You might have experienced those cases. 2. Saving Ratio: Saving Ratio formula is monthly investment divided by monthly income. Minimum value of SR is 10%. 3. Liquidity Ratio: Rthe formula is total current assets divided by monthly expense. Secure value of Liquidity Ratio is four times expenditure at minimum. After checking the financial condition, the second phase to be conducted is to determine the financial purpose. The determined financial purpose must be clear, added with target of completion. For example, school registration (high school) for the next 5 years, university fee 20 years from now, or pilgrimage by the time we are at the age of 50, said Ligwina trying to give common cases. Other examples are how to maintain the living style by the time retirement comes, or holiday expense every year-end. The third phase is to make strategy in order to achieve the goals targetted, but still considering the current financial condition. As there are different goals, different financial instruments are required accordingly to achieve the goals, depending on the target of such goals. For short-term goals, the appropirate financial instruments are saving and deposit. While for long-term goals, mutual funds and or gold investment can apply. Related to credit card, Liqwina reminded to always be careful and wise in using it. Many people consider credit card as a tool for being in debt, but according to Liqwina, credit card is a tool for delaying payment. Do not let yourself trapped in credit card debt as the interest grows and increases rapidly. Stop using it and pay it off immediately to avoid debt, she said. After talkshow by Liqwina, the participants joined one-on-one financial check up session on the next day to have their financial health condition checked directly by the expert. Moreover, they have been provided with tips to arrange finance with financial planner based on respective financial purpose. The event that was held for two weeks invited not only financial consultant, but also companies which offers investment products. Citibank, BRI Syariah, Allianz, Panin Asset Management, and Trimegah Asset Management were those invited to give explanation about their products superiorities in planning the finance as well as the future. Series of 2011 Financial Planning & Investment Week activities were closed with presentation concerning mutual fund products by Trimegah Asset Management. In this last session, participants directly met Technical Analyst of Trimegah to discuss the mechanism of calculating, buying or selling mutual funds based on their respective purpose Financial Planning & Investment Week was a form of KSEI care toward its employees to they can have proper financial planning. Hopefully, all employees will have healthy financial condition afterwards. l [ Irvan D. Lubis ] 2011 Financial Planning & Investment Week tried to give a new perspective to employees about the importance of determining personal financial planning. With healthy financial condition, all targets can be achieved 7

8 ACTIVITIES Indonesia Financial Expo & Forum Indonesia Financial Expo & Forum (IFEF) was the first and the biggest financial program presenting financial services and products companies. It was held at Cendrawasih Room, Jakarta Convention Center, combining the concept of exhibition, seminar, as well as financial and investment workshop into one place. For 3 (three) days, June 17 19, 2011, visitors could have one stop solution concerning financial and investment information. As the main capital market player, KSEI, jointly with PT Bursa Efek Indonesia (BEI) and PT Kliring Penjaminan Efek Indonesia (KPEI), participated in that event by presenting one exhibition booth. The event was held related to Indonesia economic condition which is getting better year by year. Even this year, Indonesia has a chance to earn a rating of becoming an appropriate country for investment. l Mid-Year Press Confrence In order to celebrate the 34th Capital Market Anniversary on August 10, 2011, Bapepam-LK jointly with the SROs (BEI, KPEI, and KSEI) arranged mid-year Press Conference. Located at BEI Gallery, BEI Building 1st floor, the event was opened by Nurhaida, Chairman of Bapepam-LK, delivering information about Indonesia capital market performance in semester I of Afterwards, the SROs had a chance to give information about their respective performance and role in capital market development. As it was held in Ramadhan (fasting month), at the end of the program, spiritual lecture (siraman rohani) was provided to the media who came to the event, ended by joint iftar (buka bersama). l 2011 KSEI s Service Users Team Building To strengthen the relationship and cooperation among KSEI s service users, KSEI, again, organized 2011 Service Users Team Building. It was held in Solo on July 22 24, 2011 by carrying Race To The Tops as the theme under Amazing Race concept. This time, the Team Building was participated by 180 participants, coming from Securities Companies, Custodian Banks, Registrars, Payment Banks, BEI, and KPEI. Balekambang park was set as the initial start of the activities which were focused around Solo, namely Kampung Batik Laweyan, Pasar Klewer, Alun-Alun Selatan, and Mangkunegaraan. As the closing mark, all participants enjoyed a dinner at Gala Dinner program at Emerald Ballroom, Paragon Hotel, Solo as well as entertainment and solo performance of Batik Carnaval Fashion Show. They seemed enthusiastic in joining the whole relaxed, familiar, and favorable activities series, making the goal of the program easily achieved. l 8 Total Corporate Action Distribution (Januari - Juli 2011 Period) Fund Januari - Juli 2011 Rp (billion) statistics USD (million) Equity (Dividen dan Exercise) ,81 29,45 Debt (Bunga dan Pokok) ,00 10,56 Total Fund ,81 40,01 Securities (Total/Unit Securities) Stock Warrant HMETD