DECISION OF THE BOARD OF DIRECTORS OF THE INDONESIA STOCK EXCHANGE INC.

Transcription

1 DECISION OF THE BOARD OF DIRECTORS OF THE INDONESIA STOCK EXCHANGE INC. Number : Kep-00113/BEI/ Regarding : Rule Number I-R concerning Listing of Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing Date of Issuance : November 30, 2015 Date of Effective : November 30, 2015 Considering : a. that the Financial Services Authority has published the Regulations of the Financial Services Authority Number: 23/POJK.04/2014 regarding Guidance for Issuing and Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing; b. that in order to encourage the development of investment products in the capital market through the issuance of Asset-Backed Securities in the Form of Participatory Notes and to provide protection to investors, specific arrangements need to be established regarding the Listing of Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing; c. that based on the considerations referred to in paragraphs a and b above, it is necessary to establish rules regarding the Listing of Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing, in the Decision of the Board of the Indonesia Stock Exchange. In view of : 1. Law Number 8 of 1995 concerning Stock Market (State Gazette of 1995 Number 64, Supplement to the State Gazette Number 3608); 2. Government Regulation Number 45 of 1995 concerning the Implementation of the Capital Market Activities (State Gazette of 1995 Number 86, Supplement to the State Gazette Number 3617); 3. Bapepam Rule Number III-A.2 concerning Procedures for Rule-Making by Securities Exchange (Attachment to the Decision of the Chairman of Capital Market Supervisory Agency Number Kep-03/PM/1996 dated January 17, 1996); 4. Regulations of the Financial Services Authority Number: 23/POJK.04/2014 regarding Guidance for Issuing and Reporting Asset- Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing; 5. Decision of the Board of Commissioners of the Financial Services Authority Number S-110/PM.2/2015 dated November 27, 2015 concerning the Approval of Draft of the Indonesian Stock Exchange Rule Number I-R regarding Listing of Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing. 1

2 STIPULATED: To stipulate : 1. Rule Number I-R regarding Listing of Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing, as set forth in the Attachment of this Decision. 2. This Decision shall be effective as of the enactment date. Yours sincerely, Alpino Kianjaya Director Hamdi Hassyarbaini Director Copy to: 1. Chief Executive functioning as Capital Market Supervisor, Financial Services Authority 2. Deputy Commissioner of Capital Market Supervisor I, Financial Services Authority 3. Deputy Commissioner of Capital Market Supervisor II, Financial Services Authority 4. Department Head of Capital Market Supervisory 2A, Financial Services Authority 5. Director of Investment Management, Financial Services Authority 6. Director of Securities Transactions Supervision, Financial Services Authority 7. Director of Capital Market Regulation, Financial Services Authority 8. Board of Directors of the Indonesian Clearing and Guarantee Inc. 9. Board of Directors of the Indonesian Central Securities Depository Inc. 10. Board of Commissioners of the Indonesia Stock Exchange Inc. 2

3 ATTACHMENT Decree of the Board of Directors of The Indonesia Stock Exchange Inc. Number : Kep-00113/BEI/ Date of Issuance : November 30, 2015 Date of Effective : November 30, 2015 RULE NUMBER I-R : LISTING OF ASSET-BACKED SECURITIES IN THE FORM OF PARTICIPATORY NOTES FOR SECONDARY FINANCING FOR HOUSING I. DEFINITION In this Rule, the following terms shall mean: I.1. I.2. I.3. I.4. I.5. I.6. I.7. I.8. I.9. I.10. Asset Backed Securities in the Form of Participatory Notes hereinafter referred to as the EBA-SP is an Asset Backed Securities issued by the Issuer the portfolio of which shall take the form of Accrued Receivables and a proof of ownership proportionally over the Accrued Receivables owned jointly by a group of the EBA-SP holder as provided for in the provisions of Article 1 Number 1 of the Regulations of the Financial Services Authority Number: 23/POJK.04/2014 regarding Guidance for Issuing and Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing. Issuer shall mean a Party who issues the EBA-SP for Secondary Financing for Housing as provided for in Article 1 Number 4 of the Regulations of the Financial Services Authority Number: 23/POJK.04/2014 regarding Guidance for Issuing and Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing. Material Information or Fact of EBA-SP shall mean information or important and relevant fact of an event, occurrence or fact that may affect the price of EBA-SP and/or the decision of investors, prospective investors or another Parties interested in the information or fact as provided for in Article 1 Number 14 of the Regulations of the Financial Services Authority Number: 23/POJK.04/2014 regarding Guidance for Issuing and Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing. Financial Statement of EBA-SP shall mean financial statement of EBA-SP. Audited Financial Statement shall mean the Financial Statement that has been audited by Public Accountant registered with the Financial Services Authority. Listing shall mean the listing of Securities in the Securities list registered with the Exchange so that they can be traded on the Exchange. Exchange shall mean The Indonesia Stock Exchange Inc. Exchange Day shall mean a day when Securities trading takes place at the Exchange namely Monday to Friday, except the national holiday or declared as the Exchange holiday by the Exchange. KSEI shall mean the Indonesian Central Securities Depository Inc. Listing Committee shall mean a committee established by the Exchange whose members are appointed by the Exchange pursuant to their expertise, who are responsible to provide opinions to the Exchange, either upon request or voluntarily, in respect of the listing of Securities of the Listed Company on the Exchange. 1

4 II. GENERAL PROVISIONS II.1. II.2. II.3. II.4. II.5. II.5. II.6. The Listing application of EBA-SP shall be submitted by the Issuer. The Exchange is authorized to approve or reject the Listing application of EBA-SP after reviewing the statements and documents which are submitted by the Issuer or obtained by the Exchange, by considering the formal aspect and the substance of the requirements. In order to review the Listing plan of EBA-SP, the Exchange may request additional documents, information and/or explanations, either orally or in writing from the Issuer and/or other Parties related to the Listing plan of EBA-SP. In the decision-making process related to the implementation of this listing rule, the Exchange may request the Listing Committee to provide advice or consideration. The Exchange determines the Listed Company Code and Securities Code for each EBA-SP Listing. The Exchange determines the Listed Company Code and Securities Code for each EBA-SP Listing. Any or all of the provisions of this Regulation shall not apply to the Issuer and/or the EBA- SP which are specifically excluded by the Government of the Republic of Indonesia or the Financial Services Authority. III. EBA-SP LISTING REQUIREMENTS III.1. III.2. The Registration Statement submitted to the Financial Services Authority has become effective; Having an officer acting on behalf of the Issuer as liaison officer or contact person with the Exchange and the public, on the terms as follows: III.2.1. III.2.2. The position of such officer may be held concurrently by a Director. In the event that the officer is not a Director, the Board of Directors of the Issuer shall be responsible for any information provided by the officer; The officer must have access to the material and relevant information related to the obligation of the Issuer to provide transparency of information to the public. III.3. Having the EBA-SP Issuance Agreement containing the provisions as provided for in Articles 2 and 3 of the Regulations of the Financial Services Authority Number: 23/POJK.04/ 2014 regarding Guidance for Issuing and Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing and additional provisions at least regarding: III.3.1. III.3.2. the obligations of the Issuer to provide to the Exchange, all reports, Material Information and Facts, including obligations of reporting from the Custodian Bank and the Trust Agent to the Financial Services Authority as provided for in the provision V of this Rule; general meeting of EBA-SP holder at least containing any matters as provided for in Articles 38, 39, 40 and 41 of the Regulations of the Financial Services Authority Number: 23/POJK.04/2014 regarding Guidance for Issuing and 2

5 Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing. III.4. III.5. III.6. III.7. Having EBA-SP rating result included in the criteria of top 4 (four) rank from the Securities rating company that obtains the business license from the Financial Services Authority; Having a contract with KSEI with regard to the registration of EBA-SP in the collective custody with KSEI; Willing to comply with the Exchange rules and the existing laws and regulations in the field of Capital Market; Paying the registration fee of IDR 25,000,000.- (twenty five million rupiahs). IV. EBA-SP LISTING PROCEDURE IV.1. In order to list the EBA-SP in the Exchange, the Issuer must submit 2 (two) applications to the Exchange, namely: IV.1.1. IV.1.2. an application for preliminary EBA-SP Listing; and an application for EBA-SP Listing. IV.2. IV.3. The Issuer shall submit the application for preliminary EBA-SP Listing as referred to in provision IV.1.1. of this Rule to the Exchange by using the forms which form and substance shall be in accordance with Attachment I-R.1. of this Rule. The application for preliminary EBA-SP Listing as referred to in provision IV.2. of this Rule shall enclose the following documents and information: IV.3.1. IV.3.2. information about the Issuer, the Original Creditors, Service Providers, Securities Rating Company, Underwriter (if any), the Capital Market Supporting Institution or Profession by completing a form which form and substance shall be in accordance with Attachment I-R.2. of this Rule; documents about the Issuer, at least comprises: IV IV IV IV IV IV copy of deed of establishment and Articles of Association of the Issuer that have been validated by the competent authority and all amendments thereto; copy of valid Certificate of Company Registration; description of business activities, performance and financial position of the Issuer; brief history of the Issuer; organizational Structure of the Issuer up to the first level officer under the Board of Directors; shareholders register including number and percentage of their shareholding; 3

6 IV IV signature specimen of officer who is authorized to sign the correspondences delivered to the Exchange; copy of Tax Identification Number (NPWP) of the Issuer. IV.3.3. IV.3.4. IV.3.5. IV.3.6. IV.3.7. a letter of appointment of contact person with the Exchange and public; a statement letter concerning responsibility for the accuracy of information provided to the Exchange and willingness to comply with the Exchange rules and the applicable laws and regulations in the field of Capital Market signed by the Board of Directors of the Issuer which form and substance shall be in accordance with Attachment I-R.3. of this Rule; the latest Audited Financial Statement of the Issuer; information related to the EBA-SP to be listed by completing a form which form and substance shall be in accordance with Attachment I-R.4 of this Rule; documents related to the EBA-SP to be listed, at least comprises: IV IV final draft of Public Offering prospectus; information related to legal aspect for the Issuance of EBA-SP from the Legal Consultant registered with the Financial Services Authority, regarding: IV scope of audit; IV the most recent development of audit report in terms of legal aspect that has been conducted by the Legal Consultant; IV further audit to be conducted by the Legal Consultant; IV significant findings to be followed up by the related party (if any). IV IV IV preliminary projection of EBA-SP payment in accordance with weighted average of the maturity of EBA-SP along with assumption used; final draft of EBA-SP Transaction Documents as referred to in Article 1 Number 15 of the Regulations of the Financial Services Authority Number: 23/POJK.04/2014 regarding Guidance for Issuing and Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing; preliminary rating of EBA-SP. IV.3.8. payment receipt of registration fee. IV.4. The documents as referred to in the provisions IV.2. and IV.3. of this Rule shall be considered to have been received if all the documents have been received completely by the Exchange in the form of hardcopy and softcopy. 4

7 IV.5. IV.6. IV.7. The Exchange may request the Issuer to make presentation concerning the Issuer and plan for EBA-SP Listing to the Exchange. In accordance with an evaluation and an appraisal of the Exchange, the Exchange shall give a rejection or a principal approval on the application for preliminary EBA-SP Listing no later than 10 (ten) Exchange Days as of the Exchange receives the complete documents and/or information. In the event that the application for preliminary EBA-SP Listing is principally approved by the Exchange, then the Issuer and the Exchange shall execute a Preliminary Agreement on EBA-SP Listing, which form and substance shall be in accordance to Attachment I-R.5. of this Rule, provided as follows: IV.7.1. the Preliminary Agreement on the EBA-SP Listing shall be effective at the longest six (6) months as of the execution of such agreement and may be extended upon mutual agreement of the Parties under the following provisions: IV IV the Preliminary Agreement on the EBA-SP Listing may be extended for 1 (one) time; the term of extension of the Preliminary Agreement on the EBA-SP Listing shall be for a maximum of 6 (six) months as of the execution of the extension of such Preliminary Agreement on the EBA-SP Listing. IV.7.2. IV.7.3. the Preliminary Agreement on the EBA-SP Listing shall terminate upon the expiry of its term as referred to in the provision IV.7.1. of this Rule; The Preliminary Agreement on the EBA-SP Listing shall terminate earlier than the term as referred to in provision IV.7.1. of this Rule, if: IV IV application for EBA-SP Listing has been approved by the Exchange; and there is a material change in data and/or information causing the Issuer and/or EBA-SP no longer fulfills the requirements of Listing or the matters which are the base of the execution of the agreement. IV.8. After the Issuer has executed the Preliminary Agreement on the EBA-SP Listing as referred to in provision IV.7. of the Rule and before the effective statement is obtained from the Financial Services Authority, the Issuer shall be obliged to submit: IV.8.1. IV.8.2. IV.8.3. IV.8.4. final rating of the EBA-SP; final projection of the EBA-SP payment in accordance with the weighted average of the maturity of EBA-SP along with assumption used; audit report and legal opinion related to the issuance of the EBA-SP; change in and/or addition to the documents that have been submitted previously no later than 2 (two) Exchange Days as from such change and/or addition (if any). IV.9. In the event that the EBA-SP Registration Statement submitted by the Issuer to the Financial Services Authority becomes effective, then the Issuer that will conduct Public 5

8 Offering must submit a Listing application as referred to in the provision IV.1.2. of this Rule to the Exchange in the form and substance as set out in the Attachment I-R.6. to this Rule no later than 2 (two) Exchange Days after the Registration Statement submitted to the Financial Services Authority has become effective. IV.10. The Listing application as referred to in the provision IV.9 of this Rule must be accompanied by the documents at least as follows: IV IV IV IV IV copy of notification letter from the Financial Services Authority to the Issuer stating the EBA-SP Registration Statement is declared to be effective; Public Offering prospectus at least 3 (three) counterparts; copy of EBA-SP Transaction Documents along with the change thereto (if any); copy of contract with KSEI concerning registration of EBA-SP in collective custody with KSEI; Report of Result of Allotment and Report of Composition of EBA-SP holders by using the forms which form and substance shall be in accordance with Attachment I-R.7. to this Rule. This report shall be submitted no later than 1 (one) Exchange Day before the planned Listing date; IV.11. IV.12. IV.13. A Listing approval will be granted by the Exchange no later than 5 (five) Exchange Days after the Exchange receives the complete documents as referred to in the provisions IV.9. and IV.10. of this Rule in the form of hardcopy and softcopy. The Exchange shall announce the Listing and the trade of the EBA-SP no later than 1 (one) Exchange Day prior to the commencement of such trading. The Issuer that has issued EBA-SP listed on the Exchange or the Issuer that constitute a Listed Company, the documents as referred to in the provisions IV.3.1., IV.3.2., and IV.3.4. of this Rule shall only be required to be reported in case of any change in the document previously submitted to the Exchange. V. REPORTING OBLIGATION The Issuer shall be obliged to report the disclosure of information under the following provisions: V.1. Periodical Report: V.1.1. Financial Statement of the EBA-SP with the following provisions: V V audited annual financial statement of the EBA-SP, no later than at the end of the 3rd (third) month after the date of the annual financial statement; semi-annual financial statement of EBA-SP as follows: V the audited semi-annual financial statement of the EBA-SP by a Public Accountant, no later than 3 (three) months after the date of the semi-annual financial statement; 6

9 V the limited reviewed semi-annual financial statement of the EBA-SP by a Public Accountant, no later than 2 (two) months after the date of the semi-annual financial statement; or V the un-audited semi-annual financial statement of the EBA-SP by a Public Accountant, no later than 1 (one) month after the date of the semi-annual financial statement. V.1.2. V.1.3. V.1.4. Plan for payment of interest and/or periodical principal installment of the EBA- SP, no later than 2 (two) Exchange Days prior to the date of payment. Monthly report of the EBA-SP position as referred to in Article 51 of the Regulations of the Financial Services Authority Number: 23/POJK.04/2014 regarding Guidance for Issuing and Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing, no later than the 12th (twelfth) day of the following month. Report of annual rating of the EBA-SP no later than 2 (two) Exchange Days after it was received from the rating agency. V.2. Incidental Report V.2.1. In the event a General Meeting of EBA-SP holders is held, the Issuer shall be obliged to submit the report to the Exchange with the following provisions: V V V The report on the plan for holding a General Meeting of EBA-SP holders, no later than 2 (two) Exchange Days prior to holding the General Meeting of EBA-SP holders; The report on the resolutions of the General Meeting of EBA-SP holders, no later than 2 (two) Exchange Days upon the holding the General Meeting of EBA-SP holders; The report on the adjournment or cancellation of the General Meeting of EBA-SP holders, no later than 2 (two) Exchange Days after the decision on such adjournment or cancellation of the General Meeting of EBA-SP holders accompanied by information on the reasons for such adjournment or cancellation. V.2.2. In the event of replacement of the Custodian Bank and/or the Trust Agent, the Issuer shall be obliged to submit the report thereof to the Exchange with the following provisions: V The report on the Replacement of the Custodian Bank and/or the Trust Agent, no later than 5 (five) Exchange Days after the appointment/designation of such replacement, which at least contains: V reason for the replacement; V the new Custodian Bank and/or the new Trust Agent. 7

10 V The report related to all obligations of the Trust Agent and/or the Custodian Bank who are replaced, that has not been submitted to the Financial Services Authority related to the submission of report as referred to in the EBA-SP Issuance Agreement and other agreements in the EBA-SP Transaction Document, no later than 10 (ten) Exchange Days after the appointment/designation of the new Trust Agent and/or the new Custodian Bank. V.2.3. The report related to the EBA-SP Transaction Document shall be as follows: V V V plan of revision to the EBA-SP Transaction Document, no later than 15 (fifteen) Exchange Days prior to such change is made; change to the terms and conditions of the agreement in the EBA-SP Transaction Document, no later than 2 (two) Exchange Days prior to such change is made; anything that are contrary to the EBA-SP Transaction Document, no later than 2 (two) Exchange Days since it has been identified. V.2.4. Other incidental reports in case of any event, Material Information or Fact related to the EBA-SP, no later than 2 (two) Exchange Days since the occurrence of such event, Material Information or Fact. V.3. V.4. The Issuer shall be obliged to inform the information disclosure as referred to in provisions V.1. and V.2. of this Rule by means of electronic reporting as stipulated by the Exchange. The obligation to submit information disclosure as referred to in provisions V.1. and V.2. of this Rule remains valid although the EBA-SP is being imposed with suspension. VI. LISTING FEE VI.1. Annual Listing Fee of the EBA-SP is determined with the following provisions: VI.1.1. the nominal value of up to Rp (two hundred billion rupiahs), the tariff of Annual Listing Fee is 0.025% (zero point zero two five percent) of the nominal value. VI.1.2. the nominal value of more than Rp (two hundred billion rupiahs) up to Rp (four hundred billion rupiahs), the tariff of Annual Listing Fee is 0.024% (zero point zero two four percent) of the nominal value. VI.1.3. VI.1.4. the nominal value of more than Rp (four hundred billion rupiahs) up to Rp (six hundred billion rupiahs), the tariff of Annual Listing Fee is 0.023% (zero point zero two three percent) of the nominal value. the nominal value of more than Rp (six hundred billion rupiahs) up to Rp (one trillion rupiahs), the tariff of Annual Listing Fee is 0.022% (zero point zero two two percent) of the nominal value. 8

11 VI.1.5. the nominal value of more than Rp (one trillion rupiahs), the tariff of Annual Listing Fee is (zero point zero two one percent) of the nominal value. VI.2. VI.3. VI.4. The Annual Listing Fee as referred to in the provisions VI.1 of this Rule is charged with the provisions of at a minimum of Rp (twenty five million rupiahs) and at a maximum of Rp (two hundred and fifty million rupiahs). The Listing Fee as referred to in provision VI.1 of this Rule also applies to the EBA-SP issued in a foreign currency based on the nominal value that has been calculated in Indonesian Rupiah currency using the Bank Indonesia middle exchange rate on 1 (one) Exchange Day prior to the date of invoicing. The payment of the Annual Listing Fee shall be made with the following provisions: VI.4.1. VI.4.2. VI.4.3. VI.4.4. VI.4.5. the Listing Fee in the first year shall be calculated proportionally commencing from the month of Listing until December of the relevant year; the payment of Annual Listing Fee as referred to in the provision VI.4.1. of this Rule shall be received by the Exchange (good fund) no later than 2 (two) Exchange Days prior to the date of Listing, and send the deposit slip to the Exchange; The Listing Fee in the following year shall be paid in advance for a period of 12 (twelve) months commencing from January until December based on the nominal value listed on the Exchange at the time of the issuance of invoice; The Listing Fee in the last year shall be calculated proportionally commencing from January until the maturity month of the relevant year based on the nominal value listed on the Exchange at the time of the issuance of invoice; The payment of Listing Fee as referred to in provisions VI.4.3 and VI.4.4. of this Rule shall be received by the Exchange (good fund) no later than the last Exchange Day in January. VI.6. VI.7. The Annual Listing Fee as referred to in the provision VI.1. of this Rule plus VAT shall be in accordance with the existing taxation provisions. Delay in payment of the Annual Listing Fee from the time limit as referred to in the provisions VI.4.2. and IV.4.3. of this Rule shall be imposed with a fine amounting to 2% (two percent) per month calculated proportionally according to the number of days of delay on the total outstanding fee. VII. SANCTION VII.1. The Issuer issuing the EBA-SP listed on the Exchange who violates the provisions as provided in this Rule will be imposed with sanction by the Exchange in the forms of: VII.1.1. Written Warning I; VII.1.2. VII.1.3. Written Warning II; Written Warning III; 9

12 VII.1.4. VII.1.5. Fine; Suspension of EBA-SP Trading in the Exchange. VII.2. VII.3. VII.4. VII.5. The sanction as referred to in the provision VII.1 of this Rule is not the stage of the imposition of sanction, but only as an indication about the type of sanctions as provided in this Rule, and may be imposed individually or jointly with imposition of other sanctions. In the event the Issuer is fined by the Exchange, then the fine shall be immediately deposited to the account of the Exchange no later than 15 (fifteen) calendar days since the sanction is imposed by the Exchange. If the Issuer does not pay such fine within a period as mentioned above, the Exchange may suspend the EBA-SP. Prior to imposing any sanction, the Exchange shall conduct an analysis on information and documents submitted by the Issuer and shall make decisions on such matters with due observance of the formal aspect and the substance of the issues. The Exchange may announce through the mass media regarding the imposition of sanction as referred to in the provision VII.1 of this Rule. VIII. SUSPENSION In addition to the imposition of suspension as a sanction as referred to in the provision VII.1.5. of this Rule, the Exchange may also impose Suspension, if: VIII.1. VIII.2. VIII.3. VIII.4. VIII.5. There is cancellation of the Registration Statement of the EBA-SP by the Financial Services Authority; There is occurrence/event/material Fact that may affect the decision of investor; There is an event of default that result in the EBA-SP holders not receiving payment according to a predetermined schedule. There is a request from the Issuer or the Trust Agent as approved by the Exchange; There is a request from the Financial Services Authority. IX. DELISTING IX.1. The Delisting of EBA-SP may be conducted, if: IX.1.1. IX.1.2. IX.1.3. IX.1.4. IX.1.5. The Registration Statement of EBA-SP that has been declared to be effective is cancelled by the Financial Services Authority; The EBA-SP is dissolved and liquidated; The EBA-SP listed on the Exchange has been paid in full; The EBA-SP has been suspended at least for 12 (twelve) months consecutively; The Issuer submit any request for Delisting of EBA-SP. IX.2. Procedures for Delisting of EBA-SP: 10

13 IX.2.1. In the event of condition as referred to in the provisions IX.1.1. and IX.1.2. of this Rule, the Delisting of EBA-SP shall be conducted with the following provisions: IX IX IX IX The Exchange shall suspend the EBA-SP immediately after it is found out there is cancellation of Registration Statement of the EBA-SP that has been declared effective by the Financial Services Authority or order letter of dissolution and liquidation of the EBA- SP from the Financial Services Authority; The Exchange shall convey a notification letter to the Issuer that the EBA-SP has met the requirements for Delisting of EBA-SP with the carbon copy sent to the Financial Services Authority; The Exchange may first hold a hearing with the Issuer; The Exchange shall announce the Delisting of EBA-SP no later than 1 (one) Exchange Day prior to effective date of such Delisting of EBA-SP. IX.2.2. IX.2.3. In case of any condition as referred to in the provision IX.1.3. of this Rule, the Exchange shall announce the Delisting of EBA-SP no later than 1 (one) Exchange Day prior to the effective date of such Delisting of EBA-SP. In case of any condition as referred to in the provision IX.1.4. of this Rule, the Delisting of EBA-SP shall be made under the following provisions: IX IX IX The Exchange shall convey a notification letter to the Issuer that the EBA-SP has met the requirements for the Delisting of EBA-SP with carbon copy sent to the Financial Services Authority; The Exchange may first hold hearing with the Issuer or hear the consideration of the Listing Committee; The Exchange shall announce the Delisting of EBA-SP no later than 1 (one) Exchange Day prior to the effective date of such Delisting of EBA-SP; IX.2.4. In case of any condition as referred to in the provision IX.1.5. of this Rule, the Delisting of EBA-SP may be made under the following conditions: IX IX IX The Issuer may submit application for the Delisting of EBA-SP if the plan for the Delisting of EBA-SP has obtained approval from the General Meeting of EBA-SP holders representing at least 75% (seventy five percent) of the total EBA-SP; The Issuer shall submit an application for Delisting of EBA-SP to the Exchange along with the minutes of general meeting of EBA- SP holders approving the plan for the Delisting of the EBA-SP; The Exchange may only approve the application for the Delisting of the EBA-SP if the Issuer has submitted the documents as referred to in the provision IX of this Rule completely to the Exchange and has settle all obligations to the Exchange; 11

14 IX IX The Exchange reserves the right to reject the application for Delisting of the EBA-SP or delay the effective date of the Delisting of the EBA-SP submitted by the Issuer, if the Issuer has not met the required documents nor settled all the obligations to the Exchange. In the event that the Exchange approves the application for the Delisting of EBA-SP, the Exchange shall issue a Letter of Approval for the Delisting of EBA-SP and announces thereof at least 1 (one) Exchange Day prior to effective date of the Delisting of EBA-SP. Enacted in : Jakarta On : November 30, 2015 The Indonesia Stock Exchange Inc. Alpino Kianjaya Director Hamdi Hassyarbaini Director 12

15 ATTACHMENT I-R.1 Number : (date/month/year). Attachment : Director of Listing of The Indonesia Stock Exchange Inc. Indonesia Stock Exchange Building Jl. Jend. Sudirman Kav Jakarta Attn.: Head of Listing Division Re: EBA-SP Listing Preliminary Application Dear Sir/Madam, By this letter we apply for obtaining an EBA-SP Listing preliminary agreement from the Indonesia Stock Exchange Inc. as one of our requirements to submit the Registration Statement to the Financial Services Authority in the framework of EBA-SP Public Offering. Name of Company :. Name of EBA-SP to be listed :. For your consideration, enclosed herewith we submit the documents and the information as attached hereto. Sincerely yours, (Name of the Issuer) (...) President Director

16 Attachment of Checklist EBA-SP Listing Preliminary Application No. Name of Document Status* 1. Information about the Issuer, the Custodian Bank, the Original Creditors, the Trust Agent, Service Providers, Underwriter and the Capital Market Supporting Profession (Attachment I-R.2) 2. Deed of Establishment and Articles of Association of the Issuer 3. description of business activities, performance and financial position of the Issuer 4. Brief description of history of the Issuer 5. Organizational Structure of the Issuer up to the first level officer under the Board of Directors 6. Shareholders Register including the number and percentage of their shareholding 7. Signature specimen of officer who is authorized to sign the correspondences delivered to the Exchange 8. Information related to the EBA-SP to be listed (Attachment I-R.4.). 9. Latest Audited Annual Financial Statement and Audited Interim Financial Statement. 10. Rating Report of EBA-SP 11. Final Draft of Prospectus 12. Audit Report and Legal Opinion related to the Issuance of the EBA-SP from the Legal Consultant registered with the Financial Services Authority. 13. Opinion of the Public Accountant related to Accounting Aspect of the Issuance of EBA-SP 14. Projection of EBA-SP payment in accordance with the age or period of EBA-SP along with assumption used 15. Final Draft of EBA-SP Transaction Document 16. A statement letter concerning responsibility for the accuracy of information provided to the Exchange and willingness to comply with the Exchange rules and the applicable laws and regulations in the field of Capital Market 17. Payment receipt of registration fee *: put check mark ( ) if the document is enclosed in the submission

17 ATTACHMENT I-R.2. INFORMATION ABOUT THE ISSUER, THE ORIGINAL CREDITORS, SERVICE PROVIDERS, UNDERWRITER, THE CAPITAL MARKET SUPPORTING INSTITUTIONS OR PROFESSIONS I. Information about the Issuer 1. Name of Company : 2. Core Business Line : 3. Full Address of Head Office : Telephone :. Facsimile :. . Website :. 4. Tax Identification No. (NPWP) : 5. Establishment and Operations of the Company Date of Incorporation of the Company : Date of Commencement of Operations : Activities in the Core Business 6. Status of the Issuer : Public Shareholding Status Listed Company Closed Company Government Shareholding Status States-Owned Enterprises Private-Owned Enterprises 7. Current Shareholders Name of shareholder Name of shareholders Etc. :. Shares ( %) (Foreign/National Shareholders*) :. Shares ( %) (Foreign/National Shareholders*) 8. The Composition of the Board of Directors President Director : Independent Vice President Director : Independent Director : Independent Etc. 1

18 Directors who have expertise or experience in the field of securities or have Certificate of Proficiency in the field of investment management : 9. The Composition of the Board of Commissioners President Commissioner : Independent Commissioner : Independent Commissioners : Independent Etc. 10. Employees who have work experience of at least 3 (three) years in the field of Housing Credit analysis 11. Marketing Personnel who have at least a Certificate of Proficiency in the field of Capital Market : : 12. Contact Person : Telephone :. Facsimile : Paid Up Capital : IDR II. Information about the Custodian Bank 1. Name of Company : 2. Full Address of Head Office : Telephone :. Facsimile :. . Website :. 3. The Composition of the Board of Directors President Director : Independent Vice President Director : Independent Director : Independent Etc. 2

19 4. The Composition of the Board of Commissioners President Commissioner : Independent Commissioner : Independent Commissioners : Independent Etc. 5. Contact Person : Telephone :. Facsimile :. . III. Information about the Initial Original 1. Name of Company : 2. Full Address of Head Office : Telephone :. Facsimile :. . Website :. 3. The Composition of the Board of Directors President Director : Independent Vice President Director : Independent Director : Independent Etc. 4. The Composition of the Board of Commissioners President Commissioner : Independent Commissioner : Independent Commissioners : Independent Etc. 5. Contact Person : Telephone :. Facsimile :. . 3

20 IV. Information about the Trust Agent 1. Name of Company : 2. Full Address of Head Office : Telephone :. Facsimile :. . Website :. 3. The Composition of the Board of Directors President Director : Independent Vice President Director : Independent Director : Independent Etc. 4. The Composition of the Board of Commissioners President Commissioner : Independent Commissioner : Independent Commissioners : Independent Etc. 5. Contact Person : Telephone :. Facsimile :. . V. Information about the Service Providers 1. Name of Company : 2. Full Address of Head Office : Telephone :. Facsimile :. . Website :. 3. The Composition of the Board of Directors President Director : Independent Vice President Director : Independent Director : Independent Etc. 4

21 4. The Composition of the Board of Commissioners President Commissioner : Independent Commissioner : Independent Commissioners : Independent Etc. 5. Contact Person : Telephone :. Facsimile :. . VI. Information about the Underwriter and the Capital Market Supporting Institutions or Professions 1. Underwriter (if any) :.. 2. The Capital Market Supporting Professions :.. Legal Consultants :.. Public Accountants :.. Public Notary :.. VII. Information about the Issuer to be submitted 1. Copy of Deed of Establishment and Articles of Association of the Issuer that have been validated by the competent Authority and all Amendments thereto and the Certificate of Company Registration; 2. Description of business activities, performance and financial position of the Issuer; 3. Brief history of the Issuer; 4. Organizational Structure of the Issuer up to the first level officer under the Board of Directors; 5. Shareholders Register including the number and the percentage of their shareholding; 6. List of names and signature specimen of officers who is authorized to sign the correspondences delivered to the Exchange; 7. Copy of Tax Identification Number (NPWP) of Issuer. Sincerely yours, (Name of the Issuer) (...) President Director * Delete as necessary 5

22 ATTACHMENT I-R.3 STATEMENT LETTER We the undersigned: 1. Name Position 2. Name Position For and on behalf of: : : : : Company/Institution :.... Address : Tax Identification Number (NPWP) :.... hereby do state that: 1. We have read and understood all prevailing rules and provisions in the Indonesia Stock Exchange. 2. We are willing to comply with the related rules issued by the Indonesia Stock Exchange Inc. and any other laws in the Capital Market Sector and the implementing rules thereof. 3. We are fully responsible for the accuracy of Material Information and/or Fact provided to the Exchange. This statement shall not be amended or revoked except with the approval of the Indonesia Stock Exchange Inc. In witness whereof this statement is duly made to be used as appropriate....(date/month/year)... (Name of the Issuer) Stamp duty (...) President Director

23 ATTACHMENT I-R.4. INFORMATION ABOUT THE EBA-SP TO BE LISTED I. General Information 1. Name of EBA-SP : 2. Value of EBA-SP : 3. Weighted average of the maturity of EBA-SP : 4. Value of underlying asset of the EBA-SP : 5. Securities Scheme : The Issuer purchases the Financial Assets of the Original Creditor using its own funds and sell them to the EBA-SP Holders through the issuance of EBA-SP The Issuer purchases the Financial Assets of the Original Creditor using the funds originating from the issuance of EBA-SP 6. Insurance over Financial Assets that comprise the EBA-SP portfolio of various risks, such as credit risk (if any) 7. Rating of some or all of the EBA-SP classes (if any) : : 8. Guarantee from any third party (if any) : 9. Credit / Cash Flow Enhancer Facility of EBA-SP (if any) 10. Certain cash flows retained and reinvested in the EBA-SP portfolio (if any) 11. Additional issuance of EBA-SP that can be owned by the Investors other than the EBA-SP holder which have been previously published (if any) 12. The range of Coupon and the Return thereof : : : : 13. Underwriter : 1

24 Type of Underwriting Full Commitment : IDR : Best Effort : IDR : 14. Schedule of EBA-SP Issuance and Listing Plan Submission of Registration Statement with the Financial Services Authority Public Expose EBA-SP Offering Period EBA-SP Allotment Distribution and Listing of EBA-SP on the Exchange Others, if any : : : : : : : II. Attachment of Document about EBA-SP to be submitted 1. Final draft of Public Offering Prospectus 2. Audit report and legal opinion related to the issuance of the EBA-SP 3. Opinion of the Public Accountant related to Accounting Aspect of the Issuance of EBA-SP 4. Projection of EBA-SP payment in accordance with weighted average of the maturity of EBA-SP along with assumption used 5. Final Draft of EBA-SP Transaction Document Sincerely yours, (Name of the Issuer) (...) President Director 2

25 ATTACHMENT I-R.5 EBA-SP LISTING PRELIMINARY AGREEMENT Agreement Number: This Agreement is entered into this day,..., by the undersigned below: I. Indonesia Stock Exchange Inc Domiciled in Jakarta, established under the Deed of Establishment Number 27 dated 4 December 1991 drawn up before Mrs. Poerbaningsih Adi Warsito, S.H., Notary in Jakarta, as amended and supplemented several times, the latest by Deed Number., dated., drawn up before, Notary in Jakarta, in this case is represented by.. in his/her capacity as President Director of The Indonesia Stock Exchange Inc., hereinafter referred to as the FIRST PARTY. II. PT.. Domiciled in., established under the Deed of Establishment Number. That then amended by Deed Number. and has been published in the State Gazette of the Republic of Indonesia Number. Supplement to the State Gazette of the Republic of Indonesia Number. and lastly changed into Public Company by Deed Number. in this matter is represented by. in his/her capacity as the Director., hereinafter referred to as the SECOND PARTY.. The FIRST PARTY and the SECOND PARTY, jointly referred to as the Parties, firstly declare as follows: a. that the SECOND PARTY intends to list... with the nominal value for a maximum of... (......), on the the Indonesia Stock Exchange (hereinafter shall be referred to as the "EBA-SP"); b. that to comply with the provisions of the Regulations of Financial Services Authority regarding Guidance for Issuing and Reporting Asset-Backed Securities in the Form of Participatory Notes for Secondary Financing for Housing, the Parties agree to make and enter into this Securities Listing Preliminary Agreement (hereinafter shall be referred to as "the Agreement") on the terms and conditions as follows:

26 ARTICLE 1 EBA-SP Listing on the Indonesia Stock Exchange Inc. The FIRST PARTY shall list the EBA-SP submitted by the SECOND PARTY at the Indonesia Stock Exchange Inc. on the following terms: 1. The application of the SECOND PARTY has been submitted in accordance and in compliance with the prevailing rules; and 2. Pursuant to the consideration and the result of evaluation performed by the FIRST PARTY, it is obtained a valuation that the SECOND PARTY is able to satisfy the requirements of listing referred to in the Securities Listing Rule Number I-R concerning Listing of Asset-Backed Securities in The Form of Participatory Notes for Secondary Financing for Housing, particularly in relation to the Registration Statement submitted to the Financial Services Authority has become effective. ARTICLE 2 Early Termination This Agreement shall terminate if within the term of this Agreement, the following has occurred: 1. The registration statement submitted to the Financial Services Authority has become ineffective. 2. The listing application of the SECOND PARTY has been approved by the FIRST PARTY and the EBA-SP of the SECOND PARTY has been listed in the list of Securities listed at the Exchange of the FIRST PARTY. 3. There is change in data and/or material information that causes the Prospective Listed Company to be no longer in compliance with the initial listing requirements on the Exchange of the FIRST PARTY as contemplated in the Securities Listing Rule Number I-R concerning Listing of Asset- Backed Securities in The Form of Participatory Notes for Secondary Financing for Housing. ARTICLE 3 Term of Agreement This Agreement will be effective for 6 (six) months as of the date of execution and may be extended for maximum 6 (six) months, subject to approval of the Parties. ARTICLE 4 Closing 1. The Parties agree to waive the provision of Article 1266 of the Civil Code of the Republic of Indonesia to the extent that a court judgment is required for the cancellation or termination of this Agreement. 2. This Agreement shall be made in 2 (two) originals, each having the same contents, on a duly stamped paper, and each shall have the same legal effect after it has been signed by the Parties.

27 In witness whereof, this Agreement was signed by the Parties through their authorized representatives of the Parties on the day, date and year as set forth in the preamble of this Agreement. The Parties THE FIRST PARTY The Indonesia Stock Exchange Inc. SECOND PARTY. President Director President Director

28 ATTACHMENT I-R.6 Number :..(date/month/year). Attachment : Director of Listing of The Indonesia Stock Exchange Inc. Indonesia Stock Exchange Building Jl. Jend. Sudirman Kav Jakarta Attn.: Head of Listing Division Re: EBA-SP Listing Application Dear Sir/Madam, I, the undersigned: Name :... Position :.. For and on behalf of: Company/Institution :.. hereby apply for EBA-SP Listing on... on the Indonesia Stock Exchange Inc. Details of EBA-SP to be listed are as follows: No Name of EBA-SP Listed Nominal Value dst dst For your consideration, enclosed herewith we submit the documents and the information as attached hereto. Sincerely yours, (Name of the Issuer) (...) President Director

29 Attachment of Checklist EBA-SP Listing Application No. Name of Document Status* 1 1 (one) copy of proof that the EBA-SP Registration Statement submitted by the Issuer to the Financial Services Authority has become effective; 2 3 (three) counterparts of Public Offering Prospectus; 3 1 (one) copy of EBA-SP Transaction Document, and the amendment thereto (if any); 4 1 (one) copy of contract with KSEI with regard to the Registration of EBA-SP in the collective custody with KSEI; 5 Report of Result of Allotment and Report of composition of EBA-SP holders according to the Attachment I-R.7 of Rule I-R concerning Listing of Asset-Backed Securities in The Form of Participatory Notes for Secondary Financing for Housing. *: put check mark ( ) if the document is enclosed in the submission

30 ATTACHMENT I-R.7 REPORT OF RESULT OF ALLOTMENT AND REPORT OF COMPOSITION OF EBA-SP HOLDERS Name of Company Name of EBA-SP Report Date :. :. :. 1. Results of EBA-SP Subscription in the Public Offering: REMARKS Number of EBA-SP offered in the Public Offering Number of EBA-SP Subscription Number of EBA-SP Subscriber NUMBER OF EBA-SP 2. Allotment Results: REMARKS Foreign individual Indonesian individual Foreign institution Indonesian institution Total EBA-SP in the Public Offering Total EBA-SP Subscription NUMBER OF EBA- SP PERCENTAG E OF TOTAL ISSUE NUMBER OF INVESTOR Board of Directors of the Company Allotment Manager