APPENDIX A IPO COMPANIES INDONESIAN STOCK EXCHANGE

APPENDIX A IPO COMPANIES 2001 -2007 INDONESIAN STOCK EXCHANGE

Listing Date

Code

8-Jan-01

TMPO

Tempo Inti Media Tbk

PERDAGANGAN, JASA & INVESTASI

10-Jan-01

BBNP

Bank Nusantara Parahyangan Tbk

KEUANGAN

16-Mar-01

PLAS

Plastpack Prima Industri Tbk

INDUSTRI DASAR & KIMIA

22-Mar-01

IDSR

Indosiar Visual Mandiri Tbk


17-Apr-01

INAF

Indofarma Tbk

INDUSTRI BARANG KONSUMSI

23-Apr-01

KOPI

Kopitime Dot Com Tbk


17-May-01

INDX

Indoexchange Dot Com Tbk


8-Jun-01

BCAP

Bhakti Capital Indonesia Tbk

KEUANGAN

15-Jun-01

DOID

Daeyu Orchid Indonesia Tbk

ANEKA INDUSTI

22-Jun-01

WAPO

Wahana Phonix Mandiri Tbk

4-Jul-01

KAEF

Kimia Farma Tbk

PERDAGANGAN, JASA & INVESTASI INDUSTRI BARANG KONSUMSI

13-Jul-01

BEKS

Bank Eksekutif International Tbk

KEUANGAN

13-Jul-01

AKSI

Asia Kapitalindo Securities Tbk

KEUANGAN

17-Jul-01

ARNA

Arwana Citramulia Tbk


17-Jul-01

LAPD

Lapindo Packaging Tbk


18-Jul-01

META

Metamedia Technologies Tbk


18-Jul-01

BTON

Betonjaya Manunggal Tbk


18-Jul-01

LAMI

Lamicitra Nusantara Tbk

PROPERTI & REAL ESTATE

20-Jul-01

AIMS

Akbar Indo Makmur Stimec Tbk


20-Jul-01

KARK

Karka Yasa Profilia Tbk


18-Sep-01

PANR

PT Panorama Sentrawisata Tbk.


Company Name

64

Industry Group

65

16-Oct-01

PYFA

Pyridam Farma Tbk


17-Oct-01

RYAN

Ryane Adibusana Tbk

ANEKA INDUSTI

22-Oct-01

RODA

Roda Panggon Harapan Tbk


1-Nov-01

CENT

Centrin Online Tbk


15-Nov-01

IATG

Infoasia Teknologi Global Tbk

INFRASTRUKTUR , UTILITAS & TRANSPORTASI

21-Nov-01

CNKO

Central Korporindo Internasional Tbk

PERTAMBANGAN

26-Nov-01

ITTG

Integrasi Teknologi Tbk


30-Nov-01

CLPI

Colorpak Indonesia Tbk


28-Dec-01

LMAS

Limas Stockhomindo Tbk


17-Jan-02

FORU

Fortune Indonesia Tbk


18-Jan-02

FISH

Fishindo Kusuma Sejahtera Tbk


18-Jan-02

ANTA

Anta Express Tour & Travel Service Tbk


20-Mar-02

CITA

Cipta Panelutama Tbk


21-Mar-02

FPNI

Fatrapolindo Nusa Industri Tbk


3-Apr-02

ABBA

Abdi Bangsa Tbk


16-Apr-02

JTPE

Jasuindo Tiga Perkasa Tbk


17-Apr-02

ATPK

Anugrah Tambak Perkasindo Tbk

PERTANIAN

18-Apr-02

UNIT

United Capital Indonesia Tbk

KEUANGAN

1-May-02

BSWD

Bank Swadesi Tbk

KEUANGAN

19-Jun-02

SUGI

Sugi Samapersada Tbk

ANEKA INDUSTI

28-Jun-02

KREN

Kresna Graha Sekurindo Tbk

KEUANGAN

10-Jul-02

APEX

Apexindo Pratama Duta Tbk

PERTAMBANGAN

15-Jul-02

BABP

Bank Bumiputera Indonesia Tbk

KEUANGAN

16-Jul-02

SCMA

Surya Citra Media Tbk


12-Aug-02

GEMA

Gema Grahasarana Tbk


14-Oct-02

IIKP

Inti Indah Karya Plasindo Tbk


5-Nov-02

ARTA

Artha Securities Tbk

KEUANGAN

66

21-Nov-02

BKSW

Bank Kesawan Tbk

KEUANGAN

28-Nov-02

TRUS

Trust Finance Indonesia Tbk

KEUANGAN

18-Dec-02

APIC

Artha Pacific Securities Tbk

KEUANGAN

23-Dec-02

PTBA

Tambang Batubara Bukit Asam

PERTAMBANGAN

30-Apr-03

ARTI

Arona Binasejati Tbk


9-Jul-03

TMAS

Pelayaran Tempuran Emas Tbk


14-Jul-03

BMRI

Bank Mandiri (Persero) Tbk

KEUANGAN

10-Nov-03

BBRI

Bank Rakyat Indonesia Tbk

KEUANGAN

15-Dec-03

PGAS

Perusahaan Gas Negara Tbk

PERTAMBANGAN

29-Dec-03

ASJT

Asuransi Jasa Tania Tbk

KEUANGAN

18-Mar-04

ADHI

Adhi Karya (Persero) Tbk


31-Mar-04

ADMF

Adira Dinamika Multi Finance Tbk

KEUANGAN

12-Apr-04

HADE

Hortus Danavest Tbk

KEUANGAN

14-May-04

BTEK

Bumi Teknokultura Unggul Tbk

PERTANIAN

7-Jun-04

ENRG

Energi Mega Persada Tbk

PERTAMBANGAN

2-Jul-04

PJAA

Pembangunan Jaya Ancol Tbk


15-Jul-04

SQMI

Sanex Qianjiang Motor International Tbk

ANEKA INDUSTI

4-Oct-04

IDKM

Indosiar Karya Media Tbk


1-Nov-04

AKKU

Aneka Kemasindo Utama Tbk


10-Nov-04

MAPI

Mitra Adiperkasa Tbk


10-Dec-04

YULE

Yulie Sekurindo Tbk

KEUANGAN

13-Dec-04

WOMF

Wahana Ottomitra Multiartha Tbk


9-Jun-05

MASA

Multistrada Arah Sarana Tbk

ANEKA INDUSTI

22-Jun-05

APOL

Arpeni Pratama Ocean Line Tbk


24-Jun-05

PEGE

Panca Global Securities Tbk

KEUANGAN

13-Jul-05

RELI

Reliance Securities Tbk

KEUANGAN

6-Sep-05

MFIN

Mandala Multifinance Tbk

KEUANGAN

67

29-Sep-05

EXCL

Excelcomindo Pratama Tbk


21-Dec-05

MICE

Multi Indocitra Tbk


23-Dec-05

AMAG

Asuransi Multi Artha Guna Tbk

KEUANGAN

3-Feb-06

BTEL

Bakrie Telecom Tbk


10-Feb-06

MAIN

Malindo Feed Mill Tbk


12-Apr-06

RAJA

Rukun Raharja Tbk.


1-Jun-06

BNBA

Bank Bumi Artha Tbk.

KEUANGAN

10-Jul-06

BBKP

Bank Bukopin Tbk

KEUANGAN

12-Jul-06

RUIS

Radian Utama interinsco Tbk.


25-Jul-06

TOTL

Total Bangun Persada Tbk.


13-Sep-06

IATA

Indonesia Airtransport Tbk.


16-Oct-06

TRUB

Truba Alam Manunggal Engineering Tbk


28-Nov-06

CPRO

Central Proteinaprima Tbk.


29-Nov-06

FREN

Mobile-8 Telecom Tbk


15-Dec-06

SDRA

Bank Himpunan Saudara Tbk

KEUANGAN

28-May-07

BISI

Bisi International Tbk

PERTANIAN

31-May-07

WEHA

Panorama Transportasi Tbk


16-Jun-07

BKDP

Bukit Darmo Property Tbk


18-Jun-07

SGRO

Sampoerna Agro Tbk.

PERTANIAN

22-Jun-07

MNCN

Media Nusantara Citra Tbk.


3-Jul-07

MCOR

Bank Multicor Tbk

KEUANGAN

11-Jul-07

PKPK

Perdana Karya Persada Tbk

PERTAMBANGAN

13-Jul-07

LCGP

Laguna Cipta Griya Tbk.


26-Sep-07

DEWA

Dharma Henwa Tbk.


4-Oct-07

BACA

Bank Capital Indonesia Tbk

KEUANGAN

10-Oct-07

GPRA

Perdana Gapura Prima Tbk.


29-Oct-07

WIKA

Wijaya Karya Tbk.


6-Nov-07

ACES

Ace Hardware Indonesia Tbk.


7-Nov-07

CTRP

Ciputra Property Tbk.


68

8-Nov-07

PTSN

Sat Nusapersada Tbk.

ANEKA INDUSTI

12-Nov-07

JSMR

Jasa Marga Persero Tbk.


4-Dec-07

JKON

Jaya Konstruksi Manggala Pratama Tbk


12-Dec-07

CSAP

Catur Sentosa Adiprana Tbk


18-Dec-07

ASRI

Alam Sutra Realty Tbk


18-Dec-07

ITMG

Indo Tambangraya Megah Tbk

PERTAMBANGAN

19-Dec-07

COWL

Cowell Development Tbk


19-Dec-07

DGIK

Duta Graha Indah Tbk.


APPENDIX B UNDERPRICING OF IPO COMPANIES

No

Listing Date

Comp Code

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39

8-Jan-01 10-Jan-01 16-Mar-01 22-Mar-01 17-Apr-01 23-Apr-01 17-May-01 8-Jun-01 15-Jun-01 22-Jun-01 4-Jul-01 13-Jul-01 13-Jul-01 17-Jul-01 17-Jul-01 18-Jul-01 18-Jul-01 18-Jul-01 20-Jul-01 20-Jul-01 18-Sep-01 16-Oct-01 17-Oct-01 22-Oct-01 1-Nov-01 15-Nov-01 21-Nov-01 26-Nov-01 30-Nov-01 28-Dec-01 17-Jan-02 18-Jan-02 18-Jan-02 20-Mar-02 21-Mar-02 3-Apr-02 16-Apr-02 17-Apr-02 18-Apr-02

TMPO BBNP PLAS IDSR INAF KOPI INDX BCAP DOID WAPO KAEF BEKS AKSI ARNA LAPD META BTON LAMI AIMS KARK PANR PYFA RYAN RODA CENT IATG CNKO ITTG CLPI LMAS FORU FISH ANTA CITA FPNI ABBA JTPE ATPK UNIT

Amount filed (Million) 217,500 26,250 20,000 193,943 149,219 15,000 15,000 62,500 10,803 91,000 100,000 38,850 33,000 12,000 15,000 7,800 12,000 10,000 10,000 15,000 60,000 12,600 15,000 18,000 12,500 40,000 84,000 10,500 10,000 17,500 26,650 10,000 10,000 12,000 30,150 42,000 22,500 40,635 19,950

Offer Price 300 525 200 650 250 250 125 250 150 175 200 140 200 200 120 120 200 125 250 100 500 105 100 120 125 200 105 150 200 350 130 125 125 200 450 105 225 300 210

69

Day 1

Week 1

Week 2

Week 3

Week 4

65% 5% 155% 4% -8% 20% -8% 6% 3% 189% 5% 39% 30% 125% 17% 163% 18% 92% 192% 10% 25% 90% 480% 271% 154% 120% 110% -30% 105% 46% 69% 28% 68% 70% 10% 67% 62% -18% 57%

12% 0% 300% 4% -14% 20% -28% 8% 0% 300% 3% 43% 63% -45% 158% 50% 25% 200% 360% -20% 30% 200% 675% 317% 236% 188% 114% -30% 80% 50% 265% 12% 276% 163% 11% 124% 73% -2% 69%

13% 0% 250% 4% -12% 22% -8% 4% 0% 329% 5% 43% 40% -43% 129% 50% 0% 264% 540% -35% 25% 186% 800% 296% 360% 238% 110% -37% 75% 46% 185% 16% 272% 163% 11% 138% 73% -17% 93%

33% 0% 375% 4% -10% 22% -16% 2% -3% 314% 13% 36% 33% -45% 150% 50% 0% 196% 540% -40% 15% 271% 725% 296% 280% 213% 105% -37% 75% 50% 238% 12% 268% 188% 6% 138% 82% -20% 138%

40% 0% 425% -19% -10% 22% -12% 0% -7% 286% 5% 39% 38% -43% 183% 50% -10% 136% 580% -40% 15% 167% 650% 296% 316% 225% 105% -33% 73% 64% 262% 12% 264% 163% 2% 262% 71% -33% 117%

70

No

Listing Date

Comp Code

40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86

1-May-02 19-Jun-02 28-Jun-02 10-Jul-02 15-Jul-02 16-Jul-02 12-Aug-02 14-Oct-02 5-Nov-02 21-Nov-02 28-Nov-02 18-Dec-02 23-Dec-02 30-Apr-03 9-Jul-03 14-Jul-03 10-Nov-03 15-Dec-03 29-Dec-03 18-Mar-04 31-Mar-04 12-Apr-04 14-May-04 7-Jun-04 2-Jul-04 15-Jul-04 4-Oct-04 1-Nov-04 10-Nov-04 10-Dec-04 13-Dec-04 9-Jun-05 22-Jun-05 24-Jun-05 13-Jul-05 6-Sep-05 29-Sep-05 21-Dec-05 23-Dec-05 3-Feb-06 10-Feb-06 12-Apr-06 1-Jun-06 10-Jul-06 12-Jul-06 25-Jul-06 13-Sep-06

BSWD SUGI KREN APEX BABP SCMA GEMA IIKP ARTA BKSW TRUS APIC PTBA ARTI TMAS BMRI BBRI PGAS ASJT ADHI ADMF HADE BTEK ENRG PJAA SQMI IDKM AKKU MAPI YULE WOMF MASA APOL PEGE RELI MFIN EXCL MICE AMAG BTEL MAIN RAJA BNBA BBKP RUIS TOTL IATA

Amount filed (Million) 15,000 12,000 21,500 110,000 60,000 412,500 18,000 27,000 15,750 19,700 17,000 16,800 199,238 61,750 30,250 1,957,500 4,169,117 2,527,778 15,000 66,198 232,500 26,250 15,000 455,589 820,000 30,000 1,096,029 17,600 312,500 25,800 140,000 170,000 312,500 19,950 50,000 63,375 2,855,000 49,000 2,646,000 6,050,000 53,680 81,542 33,600 295,318 42,500 103,500 56,160

Offer Price 250 120 215 550 120 1,100 225 450 225 250 170 210 575 650 550 675 875 1,500 300 150 2,325 210 125 160 1,025 250 551 220 625 215 700 170 625 105 250 195 2,000 490 105 110 880 120 160 350 250 345 130

Day 1

Week 1

Week 2

Week 3

Week 4

30% 67% -33% 0% 13% 5% -24% 49% 18% 70% 15% 64% 4% 4% 0% 26% 11% 3% 25% 23% -5% 7% 68% 50% 0% 6% 23% 2% 12% 21% 7% 6% 12% 48% 2% -5% 15% 33% 5% 41% 28% 79% 47% 9% 50% 7% 4%

26% 171% -35% 0% 17% 2% -33% 50% 13% 220% 24% 114% 4% 8% 5% 26% 14% 2% 33% 20% -6% -14% 136% 81% 0% 0% 32% -7% 8% 33% 11% 15% 10% 38% 2% -23% 73% 35% 0% 41% 15% 79% 44% 1% 50% 7% 4%

26% 188% -51% 0% 13% 5% -22% 50% 13% 240% 24% 119% -9% 4% 0% 19% 20% 3% 60% 17% -1% 5% 96% 66% -2% 0% 27% -16% 8% 19% 11% 12% 6% 38% 0% -31% 75% 37% 0% 27% 2% 279% 44% 3% 58% 9% 8%

30% 183% -53% 9% 13% 2% -22% 83% 13% 190% 6% 119% -4% 4% 0% 15% 23% 7% 58% 147% 3% -2% 92% 69% -5% -2% 18% -11% 12% 2% 6% 6% 10% 43% 0% -41% 35% 53% -5% 32% 0% 483% 47% 17% 68% 7% 27%

32% 204% -58% 9% 8% 7% -22% 122% 13% 210% 6% 221% -4% 8% -5% 15% 20% 13% 63% 173% 18% -14% 84% 94% -5% 0% 23% -14% 12% 2% 4% 6% 7% 38% 0% -36% 39% 55% -5% 45% 3% 442% -100% -100% 68% 6% 27%

71

No

Listing Date

Comp Code

87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112

16-Oct-06 28-Nov-06 29-Nov-06 15-Dec-06 28-May-07 31-May-07 16-Jun-07 18-Jun-07 22-Jun-07 3-Jul-07 11-Jul-07 13-Jul-07 26-Sep-07 4-Oct-07 10-Oct-07 29-Oct-07 6-Nov-07 7-Nov-07 8-Nov-07 12-Nov-07 4-Dec-07 12-Dec-07 18-Dec-07 18-Dec-07 19-Dec-07 19-Dec-07

TRUB CPRO FREN SDRA BISI WEHA BKDP SGRO MNCN MCOR PKPK LCGP DEWA BACA GPRA WIKA ACES CTRP PTSN JSMR JKON CSAP ASRI ITMG COWL DGIK

Amount filed (Million)

Offer Price

Day 1

Week 1

Week 2

Week 3

Week 4

550,000 330,000 877,500 57,500 180,000 31,360 240,000 1,079,559 2,475,000 60,000 50,000 37,500 1,055,250 75,000 298,220 775,385 422,300 2,107,000 308,205 3,468,000 184,500 120,000 329,910 3,163,790 32,500 374,028

110 110 225 115 200 245 120 2,340 900 200 400 125 335 150 310 420 820 700 580 1,700 615 200 105 14,000 130 225

64% 68% 24% 26% 70% 69% 70% 8% 4% 8% 70% 70% 69% 37% 11% 33% 20% -13% 10% 21% 59% 10% 70% 40% 70% -9%

77% 105% 22% 78% 135% 153% 158% 4% 8% 3% 260% 14% 82% -17% 13% 43% 5% -9% 14% 16% 152% 2% 81% 36% 92% -11%

77% 91% 38% 57% 143% 141% 125% 5% 4% -5% 228% 3% 118% -21% 23% 36% 6% -27% 3% 15% 136% 0% 90% 30% 219% -4%

91% 86% 47% 143% 130% 112% 154% -1% 7% 0% 105% -9% 136% -20% 26% 33% 4% -19% 0% 14% 144% 3% 124% 47% 208% 2%

173% 82% 42% 82% 123% 98% 146% 1% 8% -3% 103% -18% 100% -23% 19% 31% 5% -11% 12% 14% 139% -5% 114% 75% 154% -9%

Average : Standard Deviation :

43% 64%

64% 104%

68% 121%

72% 122%

70% 123%

APPENDIX C CONTROL VARIABLE DATA

No.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Company Code

TMPO BBNP PLAS IDSR INAF KOPI INDX BCAP DOID WAPO KAEF BEKS AKSI ARNA LAPD META BTON LAMI AIMS KARK PANR PYFA RYAN RODA CENT IATG CNKO ITTG CLPI LMAS FORU FISH ANTA CITA FPNI

Amount filed (Million)

Company Age

Auditor Reputation

Profitability (ROA)

Financial Leverage (DAR)

1

2

3

4

5

6.8% 0.6% 7.9% 1.6% 24.1% 0.2% 32.2% 14.9% 6.1% 7.0% 17.6% 2.6% 13.9% 2.8% 3.7% -123.8% 1.4% 4.0% 0.9% 0.5% 8.9% 2.2% 3.8% -0.6% 10.3% 2.3% 0.2% 2.4% 24.9% -13.7% 5.4% 1.0% 53.9% -16.8% 9.6%

51% 94% 85% 194% 49% 3.8% 51% 24% 29% 38% 44% 95% 30% 72% 88% 32% 54% 37% 44% 10% 49% 32% 10% 36% 12% 23% 4% 48% 40% 4% 62% 35% 76% 134% 53%

217,500 26,250 20,000 193,943 149,219 15,000 15,000 62,500 10,803 91,000 100,000 38,850 33,000 12,000 15,000 7,800 12,000 10,000 10,000 15,000 60,000 12,600 15,000 18,000 12,500 40,000 84,000 10,500 10,000 17,500 26,650 10,000 10,000 12,000 30,150

4.4 29.0 8.7 3.7 5.3 20.2 9.7 1.9 10.6 7.9 29.9 8.8 11.4 8.4 11.1 5.9 6.4 13.5 4.2 7.3 6.2 24.9 11.7 17.0 14.7 6.7 2.2 2.7 3.2 5.6 31.7 9.6 29.7 9.7 14.3

1 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0

72

73

1 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80

ABBA JTPE ATPK UNIT BSWD SUGI KREN APEX BABP SCMA GEMA IIKP ARTA BKSW TRUS APIC PTBA ARTI TMAS BMRI BBRI PGAS ASJT ADHI ADMF HADE BTEK ENRG PJAA SQMI IDKM AKKU MAPI YULE WOMF MASA APOL PEGE RELI MFIN EXCL MICE AMAG BTEL MAIN

42,000 22,500 40,635 19,950 15,000 12,000 21,500 110,000 60,000 412,500 18,000 27,000 15,750 19,700 17,000 16,800 199,238 61,750 30,250 1,957,500 4,169,117 2,527,778 15,000 66,198 232,500 26,250 15,000 455,589 820,000 30,000 1,096,029 17,600 312,500 25,800 140,000 170,000 312,500 19,950 50,000 63,375 2,855,000 49,000 2,646,000 6,050,000 53,680

2

3 9.4 11.4 14.3 13.9 33.6 0.2 2.8 18.1 13.0 3.5 17.7 3.6 12.4 89.6 12.8 13.8 22.0 10.1 15.8 4.8 57.9 38.6 24.5 29.8 13.4 15.2 2.9 2.6 12.0 4.3 13.2 3.6 9.8 15.4 22.7 7.0 29.7 5.9 12.4 21.9 16.0 16.0 25.1 12.5 8.7

0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 1 0 0 1 1 0 1 0 1 0 1 0 1 0 0 0 1 0 1 0 0

4

5

-4.6% 2.8% 4.7% 14.0% 1.8% 1.0% 2.2% 2.9% 0.5% 0.5% 4.3% 0.8% 2.7% 0.3% 0.8% 3.6% 14.2% 0.8% 11.6% 1.4% 1.8% 19.3% 13.7% 3.9% 7.0% 5.2% -18.4% 4.4% 19.5% 2.0% 6.7% 5.2% 6.0% 0.7% 7.1% 253.8% 5.1% 3.4% 19.3% 5.1% -0.7% 13.5% 5.9% -28.3% 2.0%

27% 76% 5% 3% 83% 95% 24% 31% 92% 62% 47% 54% 29% 91% 60% 24% 32% 50% 30% 94% 93% 55% 54% 80% 66% 36% 46% 33% 27% 50% 51% 99% 49% 7% 76% 60% 58% 57% 53% 74% 84% 53% 49% 78% 81%

74

1 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112

RAJA BNBA BBKP RUIS TOTL IATA TRUB CPRO FREN SDRA BISI WEHA BKDP SGRO MNCN MCOR PKPK LCGP DEWA BACA GPRA WIKA ACES CTRP PTSN JSMR JKON CSAP ASRI ITMG COWL DGIK

Note : Amount filed Company Age Auditor Reputation

Profitability Financial Leverage

81,542 33,600 295,318 42,500 103,500 56,160 550,000 330,000 877,500 57,500 180,000 31,360 240,000 1,079,559 2,475,000 60,000 50,000 37,500 1,055,250 75,000 298,220 775,385 422,300 2,107,000 308,205 3,468,000 184,500 120,000 329,910 3,163,790 32,500 374,028

2

3 12.3 39.1 36.0 21.9 35.9 37.5 5.7 26.6 4.0 73.2 24.4 5.7 17.9 14.0 10.0 33.3 23.6 3.2 16.0 18.5 20.4 47.7 12.8 12.9 17.4 29.7 47.0 24.0 14.1 20.3 26.8 26.0

0 1 1 1 0 1 0 0 1 0 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0

4

5

6.3% 1.8% 1.0% 7.3% 7.9% 3.7% 0.0% 3.6% -12.1% 1.0% 11.4% 1.0% 0.0% 18.3% 8.1% 0.2% 10.0% 0.9% 0.5% 1.2% 0.8% 3.5% 12.1% 3.1% 3.4% 4.5% 9.1% 1.9% 0.1% 5.4% 1.8% 7.0%

2% 76% 95% 57% 61% 58% 76% 72% 69% 89% 50% 56% 97% 33% 69% 86% 47% 41% 83% 79% 87% 83% 63% 32% 70% 77% 84% 73% 48% 74% 82% 48%

1 : Gross proceed from the IPO (considered as Company Size) 2 : Company Age in years 3 : Dummy number of Auditor 0 - if the auditor is not Big Four Auditor company 1 - if the auditor is one of Big Four Auditor company The Big Four Auditor Company are : KPMG, Delloite, Earns & Young and PricewaterhouseCooper (PwC) 4 : Percentage ratio of Net Profit to Total Asset (RoA) 5 : Percentage ratio of the Debt to Total Asset (DAR)

APPENDIX D THE MOST FREQUENT REPORTED RISK FACTORS Sheet 1

No

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39

Listing Date

8-Jan-01 10-Jan-01 16-Mar-01 22-Mar-01 17-Apr-01 23-Apr-01 17-May-01 8-Jun-01 15-Jun-01 22-Jun-01 4-Jul-01 13-Jul-01 13-Jul-01 17-Jul-01 17-Jul-01 18-Jul-01 18-Jul-01 18-Jul-01 20-Jul-01 20-Jul-01 18-Sep-01 16-Oct-01 17-Oct-01 22-Oct-01 1-Nov-01 15-Nov-01 21-Nov-01 26-Nov-01 30-Nov-01 28-Dec-01 17-Jan-02 18-Jan-02 18-Jan-02 20-Mar-02 21-Mar-02 3-Apr-02 16-Apr-02 17-Apr-02 18-Apr-02

Comp Code

TMPO BBNP PLAS IDSR INAF KOPI INDX BCAP DOID WAPO KAEF BEKS AKSI ARNA LAPD META BTON LAMI AIMS KARK PANR PYFA RYAN RODA CENT IATG CNKO ITTG CLPI LMAS FORU FISH ANTA CITA FPNI ABBA JTPE ATPK UNIT

Hrs_ Lab

Curr ency

Tech_ change

Depd_ supp

Prod_ liab

Opr_ sys

Seaso nality

1

2

3

4

5

6

7

0 0 1 0 1 0 0 0 1 1 1 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 1 0 0 0 0 1 0

1 1 1 1 1 0 0 0 1 1 1 0 0 1 1 1 1 0 0 0 1 1 1 0 1 1 1 1 1 1 0 1 1 1 0 1 1 0 0

0 1 0 1 0 1 1 1 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 1 0 0 1 0 1

75

0 0 1 1 0 1 1 0 1 1 1 0 0 1 1 0 1 1 1 1 0 0 1 1 1 0 1 0 0 1 0 1 0 1 1 0 0 1 0

1 0 0 0 1 0 0 1 0 1 1 0 1 0 0 0 0 1 0 1 1 1 1 1 0 0 1 0 0 1 1 1 1 0 0 1 0 0 1

1 1 0 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 0 1 0 0 1 1 1 1 1 1 0 1 1 0 1 0 0 1 1 1 1

0 0 1 0 0 1 1 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 1 1 1

76

1 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88

1-May-02 19-Jun-02 28-Jun-02 10-Jul-02 15-Jul-02 16-Jul-02 12-Aug-02 14-Oct-02 5-Nov-02 21-Nov-02 28-Nov-02 18-Dec-02 23-Dec-02 30-Apr-03 9-Jul-03 14-Jul-03 10-Nov-03 15-Dec-03 29-Dec-03 18-Mar-04 31-Mar-04 12-Apr-04 14-May-04 7-Jun-04 2-Jul-04 15-Jul-04 4-Oct-04 1-Nov-04 10-Nov-04 10-Dec-04 13-Dec-04 9-Jun-05 22-Jun-05 24-Jun-05 13-Jul-05 6-Sep-05 29-Sep-05 21-Dec-05 23-Dec-05 3-Feb-06 10-Feb-06 12-Apr-06 1-Jun-06 10-Jul-06 12-Jul-06 25-Jul-06 13-Sep-06 16-Oct-06 28-Nov-06

BSWD SUGI KREN APEX BABP SCMA GEMA IIKP ARTA BKSW TRUS APIC PTBA ARTI TMAS BMRI BBRI PGAS ASJT ADHI ADMF HADE BTEK ENRG PJAA SQMI IDKM AKKU MAPI YULE WOMF MASA APOL PEGE RELI MFIN EXCL MICE AMAG BTEL MAIN RAJA BNBA BBKP RUIS TOTL IATA TRUB CPRO

2 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 1 1 1 1 0 0 1 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 1

3 1 1 0 1 1 1 1 1 0 0 1 0 1 0 1 1 1 1 1 1 1 0 1 0 1 1 1 1 0 0 1 1 1 0 0 1 1 1 1 1 1 0 0 1 1 0 1 1 1

4 1 0 1 0 1 1 0 0 1 1 0 1 0 0 0 1 1 0 1 0 0 1 0 0 0 1 1 0 0 1 1 0 0 1 1 0 1 0 1 1 0 0 1 0 1 0 0 0 0

5 0 1 0 1 0 1 0 1 0 0 0 0 1 1 0 0 0 1 0 1 0 0 1 1 1 1 1 1 1 0 0 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1

6 1 1 1 1 0 1 1 0 1 0 0 1 0 0 0 1 0 1 1 0 0 0 0 1 1 1 1 0 0 1 0 1 0 0 0 0 1 0 0 1 0 1 0 0 0 0 1 1 0

7 0 1 1 1 1 0 0 0 1 1 0 1 1 1 0 1 1 1 1 0 1 1 0 1 1 1 0 1 0 1 1 0 1 1 1 1 1 1 1 1 0 1 1 1 1 0 1 1 1

0 0 1 1 0 0 1 1 1 0 0 1 1 0 1 0 0 1 1 0 0 1 1 1 1 1 0 1 1 1 0 1 1 1 0 0 0 0 1 0 1 0 0 0 0 1 0 0 1

77

1 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112

29-Nov-06 15-Dec-06 28-May-07 31-May-07 16-Jun-07 18-Jun-07 22-Jun-07 3-Jul-07 11-Jul-07 13-Jul-07 26-Sep-07 4-Oct-07 10-Oct-07 29-Oct-07 6-Nov-07 7-Nov-07 8-Nov-07 12-Nov-07 4-Dec-07 12-Dec-07 18-Dec-07 18-Dec-07 19-Dec-07 19-Dec-07

FREN SDRA BISI WEHA BKDP SGRO MNCN MCOR PKPK LCGP DEWA BACA GPRA WIKA ACES CTRP PTSN JSMR JKON CSAP ASRI ITMG COWL DGIK

2 1 0 1 1 0 1 1 0 0 0 1 0 0 1 1 1 1 1 0 0 0 0 0 1

3 1 0 1 0 0 1 0 0 1 0 1 1 0 1 1 1 0 1 1 0 0 1 0 1

4 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 1 0 1 0 1 0 0

5 0 0 0 1 0 1 1 0 0 1 1 0 1 1 1 1 1 1 1 0 1 1 1 1

6 1 0 0 0 1 0 1 0 0 1 0 0 1 0 1 1 0 1 0 1 1 1 1 1

7 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 0 1 0 1 1 1 1 1

1 0 1 0 1 1 1 0 0 0 1 0 0 1 1 1 1 1 0 1 1 1 1 1

78

Sheet - 2 No

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45

Listing Date

8-Jan-01 10-Jan-01 16-Mar-01 22-Mar-01 17-Apr-01 23-Apr-01 17-May-01 8-Jun-01 15-Jun-01 22-Jun-01 4-Jul-01 13-Jul-01 13-Jul-01 17-Jul-01 17-Jul-01 18-Jul-01 18-Jul-01 18-Jul-01 20-Jul-01 20-Jul-01 18-Sep-01 16-Oct-01 17-Oct-01 22-Oct-01 1-Nov-01 15-Nov-01 21-Nov-01 26-Nov-01 30-Nov-01 28-Dec-01 17-Jan-02 18-Jan-02 18-Jan-02 20-Mar-02 21-Mar-02 3-Apr-02 16-Apr-02 17-Apr-02 18-Apr-02 1-May-02 19-Jun-02 28-Jun-02 10-Jul-02 15-Jul-02 16-Jul-02

Comp Code

TMPO BBNP PLAS IDSR INAF KOPI INDX BCAP DOID WAPO KAEF BEKS AKSI ARNA LAPD META BTON LAMI AIMS KARK PANR PYFA RYAN RODA CENT IATG CNKO ITTG CLPI LMAS FORU FISH ANTA CITA FPNI ABBA JTPE ATPK UNIT BSWD SUGI KREN APEX BABP SCMA

Uncert_ Cont

Liqui dity

Competi tion

Econo mic

Gov_ permit

Sospol

8

9

10

11

12

13

1 0 1 0 0 1 1 0 1 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 1

1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 1 1 1 0 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 0 0 0 1 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 1 1 0 0 1 0 1 0

1 1 1 1 0 1 0 1 0 1 1 1 1 0 1 1 1 1 1 1 0 1 1 1 1 1 1 0 1 0 0 1 0 1 1 0 1 1 1 1 1 1 1 1 1

0 1 1 1 1 0 0 0 1 1 0 1 0 0 1 0 0 0 0 0 1 0 0 0 1 1 0 1 1 1 1 0 1 1 0 0 1 1 0 1 1 0 0 0 0

79

8 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94

12-Aug-02 14-Oct-02 5-Nov-02 21-Nov-02 28-Nov-02 18-Dec-02 23-Dec-02 30-Apr-03 9-Jul-03 14-Jul-03 10-Nov-03 15-Dec-03 29-Dec-03 18-Mar-04 31-Mar-04 12-Apr-04 14-May-04 7-Jun-04 2-Jul-04 15-Jul-04 4-Oct-04 1-Nov-04 10-Nov-04 10-Dec-04 13-Dec-04 9-Jun-05 22-Jun-05 24-Jun-05 13-Jul-05 6-Sep-05 29-Sep-05 21-Dec-05 23-Dec-05 3-Feb-06 10-Feb-06 12-Apr-06 1-Jun-06 10-Jul-06 12-Jul-06 25-Jul-06 13-Sep-06 16-Oct-06 28-Nov-06 29-Nov-06 15-Dec-06 28-May-07 31-May-07 16-Jun-07 18-Jun-07

GEMA IIKP ARTA BKSW TRUS APIC PTBA ARTI TMAS BMRI BBRI PGAS ASJT ADHI ADMF HADE BTEK ENRG PJAA SQMI IDKM AKKU MAPI YULE WOMF MASA APOL PEGE RELI MFIN EXCL MICE AMAG BTEL MAIN RAJA BNBA BBKP RUIS TOTL IATA TRUB CPRO FREN SDRA BISI WEHA BKDP SGRO

9 1 0 0 0 1 0 1 1 0 1 1 1 0 1 0 0 0 1 0 0 1 1 1 0 0 0 1 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 0 0 0 0 1 0 0

10 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 1 1 0 0 0 1

11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

12 0 0 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 0 1 1 0 0 0 1 1 1 0 1 1 1 1 0 1 1 0 1 0 1 0 1 0 1 0 1 1 0 0 1 1

13 0 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 0 1 0 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1

0 1 0 0 0 0 0 1 0 0 0 1 0 1 1 0 1 0 1 0 0 1 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 0 0 1 0 0 1 0 0 1 1 1

80

8 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112

22-Jun-07 3-Jul-07 11-Jul-07 13-Jul-07 26-Sep-07 4-Oct-07 10-Oct-07 29-Oct-07 6-Nov-07 7-Nov-07 8-Nov-07 12-Nov-07 4-Dec-07 12-Dec-07 18-Dec-07 18-Dec-07 19-Dec-07 19-Dec-07

MNCN MCOR PKPK LCGP DEWA BACA GPRA WIKA ACES CTRP PTSN JSMR JKON CSAP ASRI ITMG COWL DGIK

9 1 0 1 0 1 0 1 1 1 1 1 1 1 1 0 1 0 1

10 0 1 0 0 0 1 0 0 0 1 0 1 0 0 0 1 0 0

11 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1

12 0 1 0 1 0 0 0 1 1 1 0 1 1 1 1 0 0 0

Note : Dummy number for risk factors : 0 : if this risk factor is not reported 1 : if this risk factor is reported

Code Hrs_Lab Currency Tech_change Depd_supp Prod_ liab Opr_sys Seasonality Uncert_ Cont Liquidity Competition Economic Gov_ permit Sospol

Description 1 2 3 4 5 6 7 8 9 10 11 12 13

Human resources and labor issue Currency and international trade Rapid technology change Dependent on supplies Product liability Operating system Market seasonality and regional limitation Uncertainty in contract Liquidity of company Competition General economic condition Government permit and regulations Socio and politic situation

13 1 1 1 1 0 1 0 1 1 1 1 1 1 1 1 1 1 1

0 0 1 0 1 0 1 1 0 1 0 0 0 1 1 1 0 0

APPENDIX E REGRESSION REPORT FROM SPSS 17

81

Kuyung Jaya Andrawina E-mail : Kuyung.Andrawina@ Valeinco.com [email protected]

PERSONAL DATA Address Phone

Mobile Home Place / date of birth Sex Marital status

: Jl. Deplu I No. 6-B, Veteran - Bintaro Jakarta Selatan - 12330 : 0812 1070 728 : 021 - 7342348 : Palembang, 23 August 1965 : Male : Married (M-3)

EDUCATION BACKGROUND 1971 - 1977 1977 - 1981 1981 - 1985 1985 - 1991

: SD Swastiastu (Basic School) - Denpasar : SMP St. Aloysius (Junior High School) - Bandung : SMA St. Aloysius (High School) - Bandung : Mining Engineering – Institut Teknologi Bandung

QUALIFICATION Professional Mine Engineer with 18 years experience in short-term and long-term mine planning; Mine life/conceptual Mining design; Supervision at Mine operation for Mining/ stripping/ screening station and mine civil, computerized Mine Dispatching system; Mine Engineering cost control & Industrial engineering; Setting up mine activity based costing at Mining Dept.; Mine Capital Project screening station modification & new design screening station; Government Relations for Negotiation expansion project-200, Forestry permits (forest land use permits), Collaborative Resources Agreement negotiation PT Inco-PT Antam, Preparation of new nickel mine project Bahodopi & Pomalaa – PT Inco.

WORK EXPERIENCE 2007 – Now

: Director of Pomala & Bahodopi Project – PT Inco Accountable to ensure PTI Contract of Work undertaking project at Pomalaa and Bahodopi are running with proper permits, social licenses, Feasibility Study and obtain Government support.

94

95

• • •

Negotiating Government Permits/License for Bahodopi and Pomalaa Nickel Plant Development project. Negotiations of New Capital project to support company longterm strategic plan (Joint Venture with other Company) Preparing Strategic Community Development Plant that will support PT Inco existence at Pomalaa and Bahodopi

2005 – 2007 : Manager Government Relations – PT Inco Accountable to ensure PTI operation fulfill permit requirement with no delay in production and Contract of Work is executed properly by both PT Inco and Government (Central Govermen & Local Government) • Government Permits/License for Bahodopi Nickel Plant Development project. • Negotiation of Utilization of Low Grade Saprolite project – Pomalaa • Contract of Work Extension to ensure strategic plan is covered by the new contract of work.

2002 – 2005 : Mine Technical Specialist – PT Inco (improvement initiative at Mining and Mine Development to support production increase – expansions project 200 MLbs) : • Set up ABC cost system (activity based costing) for Mine Department. To improve Mine Dept in controlling and benchmarking the cost improvement initiative base on the activity improvement. • Capitalization Screening Station : improve, capital appropriation request and plan screening station requirement for expansions project (US$5M). Improve screening station productivity & screen capability, improve grade quality production from Mining and reduce Drying cost of wet ore. 2001 – 2002 : Mine Engineering Superintendent – PT Inco • Manage Mine Engineering section to ensure Mine Department deliver ore as company plan • Capital Planning for Mine Department to ensure uninterrupted long-term business process • Develop mine planning to upgrade mine resource to be mine reserve • Prepare mine of life planning and mine development for strategic plan 2001 – 2001

: Town Services Superintendent – PT Inco • Planning infrastructure to support company operations • Capital Planning for Town facilities • Town administration & maintenance at company town area

96

1999 – 2001 : Equip. Move, Mine Dispatch Sys. Snr. Supervisor : • Manage computerized mine dispatching system • Equipment move and fuel distributions • Ore grade control to ensure Mine Operation mining/stripping with chemistry • Short-term production plan

1997 – 1999 : Industrial Engineering & Cost Control Snr Supv. -PT Inco • Manage improvement strategy for Mining Dept. • Cost control of Mining Department • Production tracking and reconciliation reserve 1996 – 1997 : Mine Dispatching System & Mine Training Snr Spv. -PT Inco • manage computerized mine dispatching system • scheduling, budgeting mine operation fleet and manpower requirement for Mines Dept. (all areas) • Scheduling, planning and standard competency mine operator competency for development & manpower plan 1993 – 1996 : Mine Operation Senior Supervisor - PT Inco Accountable to managing fleet and manpower to meet Mine Production target. Also analize fleet application and manpower development plan (training need and succeestion plan) to fulfill standard requirement of Mine Operation. • Manage fleet and manpower to produce nickel ore as targeted by Mine Engineering Section • Training development for operator • Setup fleet configuration to meet production target • Set up maintenance schedule of Mine Fleet. 1991 – 1993 : Ast. Mine Plan Engineer - PT International Nickel Indonesia Planning, designing nikel ore mining for short-term period (weekly, monthly and annual plan). • Pit designing, production planning nickel ore mining – West Block area • Silica Mining plan for Processing Plant • Field survey for mine operation alignment • Ore Blending to meet Proceesing Plant standard • Fleet & Man power planning 1990 – 1991 : Ast. Geotech - Motor Colombus inc. Supervising tunnel & geotech observation at Adit Investigation for Singkarak Hydro Electric Power Project – Sumatera Barat (Geotech Engineer). • Geotech mapping at investigation tunnel

97

• •

Perform geotech assessment (Rock mechanic test, pizzometer, packer test etc.) Setting up tunnel supporting system (steel support & rock bolt area)

Organization : 1. PERHAPI (Pehimpunan Ahli Pertambangan Indonesia) Wk. Ketua 1 – Bidang Pengembangan Profesi 2. PII (Persatuan Insinyur Indonesia) - Member 3. Soroako Diving Club – PADI 4. Member of PADI – Rescue Diver

APPENDIX A IPO COMPANIES INDONESIAN STOCK EXCHANGE

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