TABLE OF CONTENTS DAFTAR ISI. 1. Financial Highlights. 1. Ikhtisar Keuangan. 2. Report Of The Board Of Commissioners. 2. Laporan Dewan Komisaris

DAFTAR ISI

TABLE OF CONTENTS

1. Ikhtisar Keuangan

1. Financial Highlights

2. Laporan Dewan Komisaris

2. Report Of The Board Of Commissioners

3. Laporan Dewan Direksi

3. Report Of The Board Of Directors

4. Profil Perusahaan

4. Company Profile

5. Visi Dan Misi

5. Vision And Mission

6. Pembahasan Kinerja Keuangan Tahun 2011

6. Discussion Of 2011 Financial Result

7. Tata Kelola Perusahaan

7. Good Corporate Governance

8. Kutipan Laporan Komite Audit

8. Excerpt From Audit Committee Report

9. Pertanggungjawaban Laporan Tahunan 2011

9. Responsibility For The 2011 Annual Report

10. Susunan Pengurus

10. Management

11. Riwayat Hidup

11. Biodata

12. Laporan Keuangan

12. Financial Statements

IKHTISAR KEUANGAN (dalam jutaan Rupiah)

Pendapatan (Kerugian) Usaha Laba (Rugi) – Sebelum Pajak Penghasilan Laba (Rugi) Tahun Berjalan Jumlah Aktiva Jumlah Investasi Jumlah Kewajiban Jumlah Ekuitas

2011 Konsolidasi

2010 Konsolidasi

2009 Konsolidasi

2008

2007

Konsolidasi

Konsolidasi

(319)

2.312

86

1.807

23.717

(3.676) (3.676) 616.896 554.251 3.940 612.955

132.977 132.977 586.580 570.242 175.600 410.980

29.073 29.073 428.345 421.830 168.862 259.483

(1.262) (1.419) 463.889 441.759 164.557 299.332

150.075 150.075 446.642 425.181 153.454 293.188

2.588,25

2.218,50

2.218,50

2.218,50

2.218,50

4,22

119,88*)

26,21*)

(1,28)*)

135,29*)

(dalam jutaan)

Jumlah saham yang beredar pada setiap akhir tahun yang bersangkutan (dalam Rupiah)

Laba (Rugi) per Saham Dasar *) disajikan kembali

RASIO Laba terhadap Jumlah Aktiva Laba terhadap Jumlah Ekuitas Lancar

N/A N/A 42.990%

23% 32% 25%

7% 11% 12%

N/A N/A 45%

34% 51% 53%

1% 1%

43% 30%

65% 39%

55% 35%

52% 34%

Jumlah Kewajiban terhadap Jumlah Ekuitas Jumlah Kewajiban terhadap Jumlah Aktiva

HARGA SAHAM PER TRIWULAN 2011/2010 *(dalam Rupiah)

Harga Saham

TW I 2011

TW II 2011

TW III 2011

TW IV 2011

260 206 160 116 Tertinggi* 186 142 66 63 Terendah* 216.048.500 166.922.000 206.495.000 37.608.000 Volume (1) Saham Perseroan diperdagangkan di Bursa Efek Indonesia (2) Saham Perseroan mulai diperdagangkan tanggal 28 Maret 1994

TW I 2010

TW II 2010

TW III 2010

TW IV 2010

61

54

53

117

50

50

50

51

305.975.500

85.609.500

59.616.500 2.146.306.000

KEBIJAKAN DIVIDEN LABA BERSIH Hingga Rp 20 miliar Diatas Rp 20 miliar

PERSENTASE JUMLAH DIVIDEN TERHADAP LABA BERSIH 15% - 25% 25% - 40%

Kebijakan dividen di atas mulai berlaku mulai tahun buku 1994.

SEJARAH PEMBAYARAN DIVIDEN TUNAI Tanggal Pembayaran 21 Juli 1995 21 Agustus 1996 21 Agustus 1997 1 September 1998

Dividen per Saham Rp 100,-Rp 100,-Rp 25,-Rp 5,--

Jumlah Dividen (Setahun) Rp 13.050.000.000,-Rp 13.050.000.000,-Rp 16.312.500.000,-Rp 11.092.500.000,--

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Berasal dari Tahun Buku 1994 1995 1996 1997

Rasio Pembayaran 49,1% 92,5% 35,7% 17,6%

FINANCIAL HIGHLIGHTS (in Indonesian Rupiah millions)

Operating Revenues (Loss) Income (Loss) Before Tax Income (Loss) Current Year Total Assets Total Investments Total Liabilities Total Equity

2011

2010

2009

2008

2007

Consolidation

Consolidation

Consolidation

Consolidation

Consolidation

(319) (3,676) (3,676) 616,896 554,251 3,940 612,955

2,312 132,977 132,977 586,580 569,767 175,600 410,980

86 29,073 29,073 428,345 421,830 168,862 259,483

1,807 (1,262) (1,419) 463,889 441,759 164,557 299,332

23,717 150,075 150,075 446,642 425,181 153,454 293,188

2,588.25

2,218.50

2,218.50

2,218.50

2,218.50

4.22

119.88*)

26.21*)

(1.28)*)

135.29*)

7% 11% 12% 65% 39%

N/A N/A 45% 55% 35%

34% 51% 53% 52% 34%

(in millions)

Total number of shares outstanding as of end of each respective year (in Indonesian Rupiah)

Earnings per share *) as restated

RATIOS Return on Assets Return on Equity Current Total Liabilities to Total Equity Total Liabilities to Total Assets

N/A N/A 42,990% 1% 1%

23% 32% 25% 43% 30%

SHARE PRICE PER QUARTER 2011/2010 *(in Indonesian Rupiah)

Share Price

1st Q 2011

2 nd Q 2011

3 rd Q 2011

4 th Q 2011

260 206 160 116 Highest* 186 142 66 63 Lowest* 216,048,500 166,922,000 206,495,000 37,608,000 Volume (1) The Company’s shares are traded on the Indonesia Stock Exchange (2) The Company’s shares have been traded since 28th March 1994

1st Q 2010

2 nd Q 2010

3 rd Q 2010

4 th Q 2010

61

54

53

50

50

50

117 51

305,975,500

85,609,500

59,616,500

2,146,306,000

DIVIDEND POLICY NET INCOME Up to IDR 20 billion Above IDR 20 billion

PERCENTAGE OF DIVIDEND TO NET INCOME 15% - 25% 25% - 40%

The above dividend policy became effective commencing with the 1994 book year,

HISTORY OF CASH DIVIDEND PAYMENTS Payment Date st 21 July 1995 21st August 1996 21st August 1997 1st September 1998

Dividend per Share IDR 100,-IDR 100,-IDR 25,-IDR 5,--

Total Dividend (Annual) IDR 13,050,000,000,-IDR 13,050,000,000,-IDR 16,312,500,000,-IDR 11,092,500,000,--

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Appropriated from book year 1994 1995 1996 1997

Payout Ratio 49.1% 92.5% 35.7% 17.6%

LAPORAN DEWAN KOMISARIS

REPORT FROM COMMISSIONERS

Ekonomi Indonesia senilai 706 milyar dolar Amerika Serikat tumbuh sebesar 6,5 persen di tahun 2011. Pada tahun 2012, Bank Indonesia memprediksikan ekonomi Indonesia akan tumbuh sebesar 6,3 persen dimana Fitch Ratings memprediksikan pertumbuhan sebesar 6 persen saja. Kekhawatiran masih datang dari situasi ekonomi yang kurang baik dari Eropa dan Amerika. Ekonomi Amerika masih belum pulih, di lain pihak krisis hutang di zona Eropa masih belum menemukan solusi yang baik. Secara keseluruhan, pertumbuhan ekonomi Indonesia terbukti masih cukup kebal dibandingkan negara-negara lain di sekitarnya.

Indonesia’s 706 billion United States Dollar economy grew by 6.5 percent in 2011. In 2012, the economy is forecasted by Bank of Indonesia to expand by 6.3 percent whilst Fitch Ratings predicts it will grow by 6 percent only. The concern is still about the European and US economies. The US economy is still very slow in recovering, while the Euro zone debt crisis is still unclear on its solution. Overall, economic growth in Indonesia is proving to be quite resilient to external headwinds that have adversely affected other countries in the region.

Laju inflasi dapat dikendalikan dengan baik karena stabilnya harga-harga makanan. Tingkat inflasi dapat ditahan dari 6,96 persen di tahun 2010 menjadi hanya 3,79 persen di tahun 2011. Kombinasi antara kebijakan moneter yang didukung dengan tingkat nilai tukar yang menguat membantu meredam laju inflasi, terutama inflasi terhadap barang-barang import. Perbandingan antara tingkat hutang negara dengan Produk Domestik Kotor (GDP) turun menjadi 27,3 persen di tahun 2011 dibandingkan 28,4 persen di tahun 2010. Investasi Asing Langsung (FDI) di Indonesia meningkat 18 persen menjadi Rp 175,3 trilliun pada tahun 2011. Sedangkan investasi dari pihak lokal tumbuh 26 persen menjadi Rp 76 trilliun. Investasi-investasi ini mewakili 20 persen dari GDP dimana konsumsi masyarakat mewakili 60 persen dari perekonomian nasional. Kencangnya pertumbuhan investasi ini memberikan nilai tambah yang tinggi bagi perekonomian nasional.

Indonesia’s inflation eased last year due to stable food prices. It eased from 6.96 percent in 2010 to only 3.79 percent in 2011. The combination of monetary policy responses and flexible exchange rate with the appreciation of the Rupiah is helping reduce inflation, especially imported inflation. The country’s debt as percentage to Gross Domestic Product (GDP) fell to 27.3 percent in 2011 from 28.4 percent in 2010 Foreign Direct Investment in Indonesia in 2011 rose 18 percent to IDR 175.3 trillion from a year earlier, while domestic investment jumped 26 percent to IDR 76 trillion. Investment accounts for around 20 percent of gross domestic product, while private consumption makes up around 60 percent. Rising investment is expected to spur economic growth in the country.

Negara Indonesia sangat terbantu atas peningkatan nilai predikat layak investasi yang diberikan oleh Fitch Ratings pada bulan Desember 2011 dan Moody’s investors pada bulan Januari 2012. Predikat layak investasi ini pertama kali diperoleh sejak tahun 1997.

The country has been further helped by upgrades to its sovereign debt. In December 2011, Fitch Ratings raised Indonesia’s credit status to investment grade for the first time since 1997.

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Predikat ini memperkuat posisi Indonesia sebagai negara favorit bagi para pengelola dana luar negeri. Peningkatan peringkat ini membuktikan betapa yakinnya dunia luar terhadap kinerja ekonomi Indonesia.

Moody’s Investors followed suit in January 2012, strengthening Indonesia’s position as a favorite among overseas investors for emerging market debt.

Di tahun 2011, dengan situasi menurunnya tingkat suku bunga, Bursa Efek Indonesia (BEI) menjadi salah satu pilihan terbaik baik para investor di tengah-tengah krisis finansial global yang disebabkan oleh krisis zona Eropa. BEI ditutup pada indeks 3.821, meningkat 3,2 persen dibandingkan tahun sebelumnya. Transaksi harian tumbuh sekitar 10 persen menjadi Rp 5,22 trilliun per hari. Kapitalisasi pasar mencapai Rp 3.537 trilliun di tahun 2011.

In 2011, with a continued declined in interest rates, the Indonesian Stock Market (JCI) has become one of the best alternative for investors Amid the global financial crisis, marked by the euro zone crisis, JCI closed out 2011 at 3,821, up 3.2% for the year. Average daily volume grew around 10% to IDR 5.22 trillion per day. Market capitalization reached IDR 3,537 trillion in 2011.

Secara keseluruhan, tahun 2011 merupakan tahun dengan terobosan baru bagi Lippo Securities. Manajemen perusahaan dan karyawan-karyawannya telah berhasil melalui pemeriksaan-pemeriksaaan intensif yang dilakukan Bapepam, baik dari Biro Penyelidikan maupun Biro Manajer Investasi. Dua produk Reksadana telah di daftarkan ke Bapepam sejak selesainya pemeriksaan tersebut. Manajemen telah menunjukkan usaha-usaha yang luar biasa untuk mentransformasikan perusahaan ke tingkat yang lebih baik. Peluncuran produk-produk baru sangat dibutuhkan untuk menghasilkan pendapatan yang berkesinambungan. Akhir kata, kami ingin mengucapkan terima kasih yang sebesar-besarnya kepada manajemen dan karyawan-karyawannya atas semua kerja keras dan dedikasi yang th diberielakan demi perusahaan.

Overall, 2011 was a break-through year for Lippo Securities. The company’s management and its respective officers have successfully passed the intense review by Bapepam, from both Bapepam’s investigation and fund management bureau. Two fund management products have been submitted to Bapepam since then. The management has shown a remarkable efforts to transform the company. New products in fund management is needed to generate recurring income. Lastly, we wish to thank the management and its respective officers for all their hard work and dedication. .

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LAPORAN DEWAN DIREKSI

REPORT FROM DIRECTORS

Tahun 2011 terbukti merupakan tahun yang penuh terobosan baru bagi perusahaan sehingga merupakan suatu kebanggaan besar bagi Dewan Direksi untuk melaporkan hasil kinerja perusahaan. Untuk pertama kali dalam sejarah perusahaan, Bapepam telah memberikan pernyataan efektif atas pendaftaran produk reksadana perusahaan pada tanggal 5 Januari 2012. Disamping mengupayakan pertumbuhan yang baik dari perusahaan-perusahaan asosiasinya, PT Ciptadana Capital (Ciptadana) dan PT Star Pacific Tbk (Star Pacific), dan portofolio efeknya, perusahaan akan terus memfokuskan diri pada aktifitas manajer investasi. Tambahan produk-produk reksadana dan peningkatan nilai dari produk reksadana yang dikelola perusahaan merupakan target utama untuk meningkatkan pendapatan berkesinambungan perusahaan.

The year of 2011 has proven to be a breakthrough year for Lippo Securities. It gives the Board of Directors great pride to convey our performance. For the first time in the company’s history, Bapepam has approved its fund management first Reksadana product on January 5th, 2012. Besides maximizing the value of its investments on PT Ciptadana Capital (Ciptadana) and PT Star Pacific Tbk (Star Pacific) and its marketable securities’s portfolio, we will continue to focus on mutual fund activities. Launching more fund management’s products as well as increasing the size of managed products are the main target to generate recurring income for the company.

Pada tahun 2011, perusahaan telah berhasil melakukan Penawaran Umum Terbatas dengan mengeluarkan 1.479.000.000 saham baru dengan total nilai sebesar Rp 207 milyar dengan tujuan untuk memperbaiki Modal Kerja Bersih yang Disesuaikan (MKBD) perusahaan. Namun demikian, kontribusi pada akun Bagian Atas Laba Bersih Perusahaan menurun dibandingkan tahun 2010. Sebagai tambahan, perusahaan masih menerima penghasilan dividen yang memadai dari Ciptadana. Di lain pihak, perusahaan telah menambah karyawankaryawan baru yang memiliki pengalaman yang memadai untuk membantu operasi dari bisnis manajer investasi perusahaan.

In 2011, we successfully launched our 1.479.000.000 share Rights Issue which raised IDR 207 billion to improve our Adjusted Net Working Capital (MKBD) level. However, the equity in net income of Associates dropped compared to 2010. In addition, we still received a decent dividend contribution from Ciptadana. On the other hand, the company has filled the necessary human resources who have qualified experiences in fund management industry to support the company’s fund management operation.

Memasuki tahun 2012, kami sepenuhnya sadar akan tanggung jawab besar untuk mewujudkan transformasi korporasi ke bisnis manajer investasi. Perusahaan berada di

As we enter 2012, we are fully aware of the great responsibility we have undertaken to realize our corporate transformation into fund management business. The company is well

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positioned to scale up its activities in its fund management business to accomplish our transformational growth. With the continuing global economic recovery and domestic economic growth boosted by strong and growing domestic demand and consumption, we are confident the company can achieve sustainable growth in the coming years. Finally, we would like to express our gratitude to all our employees, who have dedicated their time, effort and loyalty to the company to help us achieve this remarkable performance. We are also appreciate to the shareholders and the Board of Commisioners for their continuous support in making year 2011 a good year.

posisi yang tepat untuk meningkatkan kegiatan usahanya di bisnis manajer investasi demi mencapai transformasi pertumbuhan yang dikehendaki. Akhir kata, kami memberikan apresiasi yang tinggi kepada seluruh karyawan perusahaan yang telah mendedikasikan waktu, usaha dan loyalitas untuk membantu kami mencapai keberhasilan kinerja perusahaan yang memadai. Kami juga menghargai dukungan dari para pemegang saham dan Dewan Komisaris atas segala bentuk bantuan sehingga menjadikan tahun 2011 sebagai tahun yang baik bagi perusahaan.

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PROFIL PERUSAHAAN

COMPANY PROFILE

Perseroan didirikan dengan nama PT.Lippin Securities pada tanggal 20 Juni 1989. Pada tanggal 6 Desember 1990, nama PT.Lippin Securities diubah menjadi PT.Lippo Securities. Perseroan menjadi perusahaan publik pada tahun 1994 dan telah melakukan Penawaran Umum Terbatas I, II dan III pada tahun 1996, 1997 dan 2011. Pada tahun 1997, nama PT.Lippo Securities diubah menjadi PT.Lippo Securities Tbk. Sejak tanggal 27 Desember 2006, kantor Perseroan berada di Ruko Pinangsia, Karawaci Office Park Blok M No.38/39, Lippo Karawaci, Tangerang 15139.

The Company was initially established under the name of PT.Lippin Securities on June 20th, 1989. On December 6th, 1990, the name of PT.Lippin Securities was changed to PT.Lippo Securities. The Company became a public company in 1994 and has completed three Rights Issue processes in 1996, 1997 and 2011, respectively. In 1997, the name of PT.Lippo Securities was changed to PT.Lippo Securities Tbk. Since 27th December 2006, our office address is at Ruko Pinangsia, Karawaci Office Park Blok M No.38/39, Lippo Karawaci, Tangerang 15139.

Sesuai dengan Anggaran Dasar Perseroan, kegiatan usaha Perseroan adalah sebagai penjamin emisi efek, perantara pedagang efek, manajer investasi dan penasehat investasi. Saat ini, Perseroan hanya memiliki ijin usaha sebagai manajer investasi dari Bapepam.

According to the Company’s Article of Association, the scope of activities of the Company comprises of underwriting and brokerage, investment management and investment advisory. Currently, the Company has a business license as investment manager from Bapepam.

Struktur Organisasi Perseroan pada saat ini adalah sebagai berikut :

The Company’s Organization Structure is as follows :

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DEWAN KOMISARIS/ BOARD OF COMMISSIONERS

DIREKSI/DIRECTOR

DIREKSI/DIRECTOR

PETER LEMBONG

MULIAWAN SUTANTO

Fungsi Investasi/Investment Function

Fungsi Kepatuahn & Manajemen Risiko serta KYK & AML/ Compliance & Management Risk Function Shirley Elizabeth

Freddy Hendradjaja

Fungsi Penjualan & Fungsi Penanganan Keluhan Investor/ Marketing & Investor's Complain Handling Function Peter Lembong

Honny Kandany

Fungsi Perdagangan/Dealing Function

Aditya Budi Kurniawan

Garry Prabu Siregar

Fungsi Riset & IT/ Research & IT Function Tommy Hutomo

Fungsi Penyelesaian Transaksi Efek/ Settlement Function Emir Hario Utomo

Fungsi Akuntansi & Keuangan/ Finance & Accounting Function Agustinus Benawar *

Fungsi Sumber Daya Manusia/ Human Resources Function Megawati Widjaja

* Merangkap Sebagai Sekretaris Perusahaan/ Also act as the Corporate Secretary

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VISI DAN MISI

VISION AND MISSION

Visi dan Misi Perseroan pada saat ini adalah menjadi perusahaan jasa manajer investasi yang profesional dengan keahlian lokal. Perseroan senantiasa memonitor dan menelaah investasi pada perusahaanperusahaan asosiasinya untuk memperoleh bagian laba bersih yang memadai.

The Company’s current vision and mission is to become a professional fund management company with local expertise. The Company continues to both monitor and review its investment in subsidiary companies to recognize sufficient equity income.

Berdasarkan Rapat Umum Pemegang Saham Tahunan pada tanggal 25 Maret 2011, anggota Dewan Komisaris (BOC) dan Direksi (BOD) Perseroan adalah sebagai berikut :

Pursuant to the Stockholder’s Annual General Meeting on March 25th, 2011, the appointed member of the Company’s Board of Commissioners (BOC) and Directors (BOD) are as follows :

Presiden Komisaris : Eddy Harsono Handoko* Komisaris (Independen) : Isnandar Rachmat Ali Komisaris (Independen) : Timoer Soetanto Direktur : Peter Indra Lembong Direktur : Muliawan Sutanto * efektif setelah memperoleh persetujuan dari Bapepam.

President Commissioner : Eddy Harsono Handoko* Commissioner (Independent) : Isnandar Rachmat Ali Commissioner (Independent) : Timoer Soetanto Director : Peter Indra Lembong Director : Muliawan Sutanto * will be effective subject to Bapepam’s approval

Pada tanggal 31 Desember 2011, Perseroan dan perusahaan anak memiliki 13 karyawan. Untuk meningkatkan sumber daya manusia, Perseroan mengirimkan karyawan-karyawan untuk mengikuti program pendidikan berupa training/pelatihan, seminar dan lokakarya didalam negeri.

As of December 31st, 2011, the Company and subsidiary have thirteen employees. To improve the quality of our human resources, the Company continues to oblige the employees to attend local training or seminar.

KRONOLOGIS PENCATATAN SAHAM DAN PERUBAHAN JUMLAH SAHAM DARI AWAL PENCATATAN DI BURSA EFEK JAKARTA DAN BURSA EFEK SURABAYA ADALAH SEBAGAI BERIKUT :

THE COMPANY’S IMPORTANT EVENTS OR CORPORATE ACTIONS SINCE ITS LISTING AT JAKARTA STOCK EXCHANGE AND SURABAYA STOCK EXCHANGE ARE AS FOLLOWS :

Maret 1994 Penawaran Umum Perdana Maret 1995 Pembagian Saham Bonus (2 untuk 1) Juli 1996 HMETD I (3 untuk 2) pada Rp 1,000 per lembar saham Maret 1997 Pemecahan Nilai Nominal Saham Agustus 1997 HMETD II (12 untuk 5) pada Rp 500 per lembar saham Penggabungan Nilai Nominal Saham HMETD III (4 untuk 3) Desember 2011

March 1994 Initial Public Offering March 1995 Bonus Shares (2 for 1) July 1996 Right Issue I (3 for 2) at Rp 1000 / share March 1997 Stock Split August 1997 Right Issue II (12 for 5) at Rp 500 / share Reverse Stock Right Issue III (4 for 3) December 2011

43.500.000 87.000.000 195.750.000 326.250.000 1.566.000.000 (1.109.250.000) 1.479.000.000 2.588.250.000

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43,500,000 87,000,000 195,750,000 326,250,000 1,566,000,000 (1.109.250.000) 1.479.000.000 2.588.250.000

THE COMPANY’S STOCKHOLDER AND THEIR RESPECTIVE HOLDINGS AS OF DECEMBER 31ST,2011 ARE AS FOLLOWS :

PEMEGANG SAHAM PERSEROAN DAN PRESENTASE KEPEMILIKANNYA PER TANGGAL 31 DESEMBER 2011 ADALAH SEBAGAI BERIKUT :

Stockholders Pacific Asia Holidngs Limited Others (less than 5%) Total

Presentase Kepemilikan (%) Pemegang Saham Pacific Asia Holidngs Limited 63,49 Lain-Lain (masing-masing kurang dari 5%) 36,51 Total 100,00

Percentage of ownership (%) 63.49 36.51 100.00

Tidak ada Direktur dan Komisaris yang memiliki saham Perseroan.

None of the members of Board of Directors and Commissioners is holding the Company’s shares.

KETERANGAN MENGENAI PERUSAHAAN ANAK DAN PERUSAHAAN ASOSIASI ADALAH SEBAGAI BERIKUT :

GENERAL INFORMATION OF COMPANY’S SUBSIDIARY ASSOCIATES COMPANIES :

PT CIPTADANA CAPITAL Plaza ASIA, Office Park Unit 2 Jln.Jend.Sudirman Kav.59 Jakarta Selatan 12190

PT.CIPTADANA CAPITAL Plaza ASIA, Office Park Unit 2 Jln.Jend. Sudirman Kav.59 Jakarta Selatan 12190

Kepemilikan Saham Perseroan : 49,19% Bidang Usaha : Perantara Perdagangan, Industri, Pembangunan, Pertambangan, Agro Bisnis, Angkutan, Jasa dan Percetakan. Status Operasi : Beroperasi

Company’s Percentage of ownership : 49.19% Line Of Business : Brokerage, Industry, Developer, Mining, Agro Business, Transportation, Services and Printing. Operation Status : Operating

PT.Star Pacific TBK (Star Pacific) Lippo Cyber Park Jln.Bulevar Gajah Mada #2062 Lippo Karawaci, Tangerang 15811

PT.Star Pacific TBK (Star Pacific) Lippo Cyber Park Jln.Bulevar Gajah Madas #2062 Lippo Karawaci, Tangerang 15811

Kepemilikan Saham Perseroan : 20,05% Bidang Usaha : Periklanan & Investasi. Status Operasi : Beroperasi

Company’s Percentage of ownership : 20.05% Line Of Business : Advertising & Investment. Operation Status : Operating

MORGAN AND ASSOCIATED LIMITED Cassia Place, Kumul Highway, Port Villa, Vanuatu

MORGAN AND ASSOCIATED LIMITED Cassia Place, Kumul Highway, Port Villa, Vanuatu

Kepemilikan Saham Perseroan : 100% Bidang Usaha : Manajemen Investasi. Status Operasi : Tidak Beroperasi

Company’s Percentage of ownership : 100% Line Of Business : Investment Management. Operation Status : Non Operating

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PEMBAHASAN TAHUN 2011

KINERJA

KEUANGAN

DISCUSSION RESULT

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2011

FINANCIAL

Pada tahun 2011, kami membukukan kerugian usaha sebesar Rp 0,32 milyar, dibandingkan dengan pendapatan usaha sebesar Rp 2,3 milyar pada tahun 2010. Rendahnya pendapatan usaha ini disebabkan oleh kerugian portofolio efek yang belum direalisasi dan minimnya aktifitas pengelolaan dana.

In 2011, we recorded operating loss of IDR 0.32 billion, compared operating revenue to IDR 2.3 billion in 2010. The low operating revenues was the result of unrecognized loss of our investment portfolio and minimum fund management activity.

Nilai investasi kami di Ciptadana Capital dan Star Pacific memberikan kontribusi pada akun Bagian Laba dari Entitas Asosiasi sebesar Rp 6,3 milyar, dibandingkan dengan Rp 142,4 milyar di tahun 2010. Selain itu, Ciptadana Capital juga membagikan dividen sebesar Rp 23,2 milyar di tahun 2011.

Our investment in Ciptadana Capital and Star Pacific contributed IDR 6.3 billion to our equity in Net Income of Associates, compared to IDR 142.4 billion in 2010. In addition, Ciptadana Capital distributed a dividend payment of IDR 23.2 billion in 2011.

Sehubungan dengan Neraca Konsolidasian Perusahaan di tahun 2011, posisi aktiva meningkat sebesar 5,2%. Peningkatan ini disebabkan oleh peningkatan Kas dan setara Kas yang diperoleh dari dana Right Issue dan dividen dari Ciptadana Capital.

In relation to the Company’s Consolidated Balance Sheet, our asset improved by 5.2% in 2011. The improvements are contributed by the increment of our Cash and Cash Equivalent due to fund from Right Issue and dividend from Ciptadana Capital.

Posisi kewajiban perusahaan turun sebesar 98% menjadi Rp 3,9 milyar. Posisi ekuitas perusahaan naik menjadi Rp 612.9 milyar, dibandingkan Rp 410,9 milyar di tahun 2010. Sebagai kesimpulan, Perusahaan mencatatkan rugi tahun berjalan sebesar Rp 3,7 milyar di tahun 2011, dibandingkan dengan laba sebesar Rp 132,9 milyar di tahun 2010.

Our liabilities is cut by 98% to Rp 3,9 billion. The company’s equity is increased to IDR 612.9 billion, compared to IDR 410.9 billion in 2010. In conclusion, company recorded a current year loss of IDR 3.7 billion in 2011, compared with a profit of IDR 132.9 billion in 2010.

13

TATA KELOLA PERUSAHAAN

GOOD CORPORATE GOVERNANCE

Perseroan menyadari akan pentingnya tata kelola Perusahaan untuk mendapatkan kepercayaan dari para klien dan para pemegang sahamnya. Manajemen berusaha untuk memperoleh kepercayaan yang berbasis dari tata kelola perusahaan yang baik.

The Company is fully aware of the importance of a good corporate governance to earn trust of its clients and shareholders. The Management undertakes to restore values that are based on good corporate governance principles.

DEWAN KOMISARIS BOC mengawasi pelaksanaan jalannya Perseroan agar sesuai dengan rencana kerja dan anggaran belanja. Kinerja BOD dievaluasi oleh BOC. BOC juga membantu Manajemen dalam membuat keputusan-keputusan strategis bagi Perseroan. Paket renumerasi bagi BOC akan diputuskan oleh komite renumerasi. BOC bertemu sebanyak empat kali di tahun 2011 untuk mendiskusikan berbagai keputusan terutama yang berhubungan dengan kinerja bisnis dan operasi Perseroan.

BOARD OF COMMISSIONER The BOC supervises the implementation of the Company’s business plan and budget. The performance of BOD is evaluated by BOC. In addition, the BOC assists the Management in making strategic decision making. The remuneration package for BOC will be determined by the Remuneration Committee. The BOC had four meetings in 2011 to discuss various issues, especially business and operational performances.

DEWAN DIREKSI BOD bertanggung jawab atas kegiatan operasi sehari-hari Perseroan termasuk mengatur strategi secara seksama untuk memperoleh pendapatan operasi dan mengontrol tingkat kewajiban Perseroan. Berdasarkan kuasa yang diberikan oleh pemegang saham pada Rapat Umum Pemegang Saham Tahunan, BOC yang merekomendasikan dan menentukan paket renumerasi BOD. BOD bertemu sebanyak dua belas kali di tahun 2011. Anggota BOD mengikuti pelatihan-pelatihan/seminar untuk meningkatkan kemampuan dan kompentensinya.

BOARD OF DIRECTORS The BOD is responsible for managing the day-to-day operations of the Company including formulating the strategy to generate revenue and to control the Company’s level of liabilities. From the Power of Attorney given at the previous Annual General Shareholder’s Meeting, the remuneration of BOD is recommended and determined by the BOC. The BOD met 12 times during the year of 2011. The BOD members are attending various seminar to improve their respected skills and competencies.

KOMITE AUDIT Komite Audit memastikan agar Laporan Keuangan Perseroan mengikuti standar akunting yang benar. Anggota Komite Audit Perseroan tahun 2011 adalah : Jonita Widjaja dan Utomo Santoso.

AUDIT COMMITTEE The Audit Committee ensures the Company’s financial statements to conform to accounting principles. In 2011, the Audit Committee members are : Jonita Widjaja and Utomo Santoso.

14

PEMERIKSA KEUANGAN INDEPENDEN (AUDITOR) Perseroan menunjuk Auditor Independen untuk mengaudit Laporan Keuangan Perseroan.

INDEPENDENT AUDITOR The Company appoints an Independent Auditor to conduct an external audit of the Company’s financial statements.

SEKRETARIS PERUSAHAAN Tanggung jawab Sekretaris Perusahaan meliputi pembinaan relasi dengan badan yang berwenang di pasar modal, para pemegang saham, media masa dan komunitas terkait. Sekretaris Perusahaan juga wajib memastikan agar Perseroan mengikuti peraturan-peraturan di pasar modal. Membantu BOC dan BOD untuk mengikuti tata kelola Perusahaan yang baik juga merupakan tanggung jawab Sekretaris Perusahaan. Sekretaris Perusahaan saat ini adalah Agustinus Benawar.

CORPORATE SECRETARY The responsibilities of the Company’s Secretary includes maintaining a relationship with the Capital Market authority, the shareholders, the mass media and the communities. Ensuring compliance with the capital market regulations, assisting BOC and BOD to implement good corporate governance practices are also the additional responsibilities of the Company’s Corporate Secretary. The Company’s current Corporate Secretary is Agustinus Benawar.

RESIKO Sebagai Perusahaan yang mempunyai investasi di perusahaan asosiasi dan sebagai Perusahaan yang menawarkan jasa manajer investasi, Perseroan menyadari adanya resikoresiko di berbagai aspek seperti ketidakpastian akan besarnya dividen dari- perusahaanperusahaan asosiasi, fluktuasi suku bunga, kondisi ekonomi dan situasi pasar modal. Untuk mengelola resiko-resiko tersebut, Perseroan senantiasa memantau situasi internal dan eksternal secara seksama sehingga resiko-resiko tersebut dapat dikurangi. Di masa yang akan datang, Perseroan juga akan berusaha memperoleh pendapatan-pendapatan yang lebih stabil.

RISK As a Company that has investments in associate companies and engages in investment manager activity, the Company acknowledges several risks associated with a variety of issues, including dividend uncertainty from the associate companies, interest fluctuation, economic conditions and capital market situation. To manage this risks, the Company will continuously monitor developments in the external and internal environment that leads to the presence of risk factors. In addition, the Company will look for additional recurring income in the future.

TANGGUNG JAWAB SOSIAL Perseroan akan berpartisipasi di setiap kesempatan untuk memberikan kontribusi sosial kepada masyarakat dan komunitas lingkungan.

SOCIAL RESPONSIBILITY The Company will participate every possible opportunity to contribute to the lives of the people in the communities which the Company operates.

15

Kutipan Laporan Komite Audit

Excerpt from Audit Committee Report Pursuant to requisites of Chairman of Bapepam’s Circular Letter No. SE03/PM/2000 concerning Audit Committee and Jakarta Stock Exchange Regulation No. I-A concerning General Stipulations on Registration of Equity Shares in the Stock Exchange, the Company’s Audit Committee has duly exercised the following duties:

Untuk memenuhi ketentuan sebagaimana diatur dalam Surat Edaran Ketua Bapepam No. SE-03/PM/2000 tentang Komite Audit dan Peraturan Bursa Efek Jakarta No. I-A tentang Ketentuan Umum Pencatatan Efek Bersifat Ekuitas di Bursa, Komite Audit Perseroan telah: 1. Melakukan penelaahan atas Laporan Keuangan dan informasi keuangan lainnya untuk periode satu tahun yang berakhir pada 31 Desember 2011; 2. Menelaah independensi dan obyektifitas Akuntan Publik; 3. Melakukan penelaahan atas kecukupan pemeriksaan yang dilakukan oleh Akuntan Publik untuk memastikan bahwa seluruh resiko Perseroan yang penting telah dipertimbangkan secara matang; 4. Melakukan penelaahan atas efektifitas pengendalian internal Perseroan; 5. Menelaah tingkat kepatuhan Perseroan terhadap peraturan perundangundangan di bidang pasar modal dan perundangan lainnya yang berhubungan dengan kegiatan Perseroan; 6. Melakukan pemeriksaan terhadap dugaan adanya kesalahan dalam keputusan Rapat Direksi atau penyimpangan dalam pelaksanaan hasil keputusan Rapat Direksi; 7. Menelaah kompensasi Direktur dan Komisaris Perseroan sesuai dengan kebijakan dan keputusan pemegang saham Perseroan.

1. Analyzed the Financial Report and other relevant financial information for the fiscal year ending December 31st 2011; 2. Analyzed the independency and objectivity of the Public Accountant; 3. Analyzed the Public Accountant’s due diligence to ensure that all of the Company’s significant risks have been taken into careful consideration; 4. Analyzed the effectiveness of the Company’s internal control; 5. Analyzed the Company’s level of compliance towards stock market regulations and other regulations pertaining to the Company’s businesses; 6. Investigated claims of flawed decision resulting from Board of Directors’ meeting or violations in the implementation of Board of Directors’ meeting resolution; 7. Analyzed the compensation of the Directors and Commissioners of the Company in accordance with Company policy and decisions of the shareholders.

Dalam melakukan penelaahan di atas, disamping mencermati laporan keuangan dan risalah rapat direksi, Komite Audit melakukan pengamatan atas prosedur dan kebijakan akuntansi, pengujian efektifitas pengawasan terpadu dalam kegiatan operasional dan mencermati serta melakukan diskusi secara intensif dengan

In carrying out the above analyses, aside from reviewing in detail the financial reports the Board of Directors’ Minutes of Meeting, we also observed the procedures and accounting policies, tested the effectiveness of integrated monitoring in operational activities, monitored and discussed intensively with

16

Manajemen dan Akuntan Publik.

the Company’s Management and Public Accountant.

Memenuhi kewajiban pengungkapan atas hasil penelaahan Komite Audit dalam Laporan Tahunan Perseroan, berikut disampaikan:

To fulfill the requirement to disclosing the results of Audit Committee’s analyses into the Company’s Annual Report, herewith we advise the following:

1. Kegiatan usaha Perseroan dijalankan dengan pengendalian internal yang cukup efektif yang secara terus menerus ditingkatkan kwalitasnya, sesuai dengan kebijakan yang digariskan oleh Direksi yang diawasi oleh Dewan Komisaris. 2. Laporan Keuangan telah disusun dan disajikan dengan baik memenuhi prinsip akuntansi yang berlaku umum di Indonesia. 3. Perseroan selalu mematuhi peraturan perundang-undangan pasar modal dan perundangan lainnya yang berhubungan dengan kegiatan perusahaan. 4. Pemilihan Akuntan Publik untuk tahun 2011 direkomendasikan oleh Direksi dengan mempertimbangkan aspek independensi dan kompetensi serta disetujui oleh Komisaris yang telah menerima kewenangan dari pemegang saham dalam Rapat Umum Pemegang Saham Tahunan yang diadakan pada tanggal 25 Maret 2011.

1. The Company’s business have been conducted under an effective internal control function, whose quality is continuously upgraded in line with the direction outlined by the Directors and monitored by the Board of Commissioners. 2. The Financial Report has been well compiled and presented in accordance with generally accepted accounting practices in Indonesia. 3. The Company always complies with stock market and other laws and regulations relating to the Company’s business operation. 4. The nomination of public accountant for year 2011 was based on the recommendation made by the Directors with consideration on the aspects of independency and competence as well as approval from the Board of Commissioners, which had been authorized by shareholders in the Annual General Meeting held on March 25th, 2011 .

17

PERTANGGUNGJAWABAN LAPORAN TAHUNAN 2011

RESPONSIBILITY FOR THE 2011 ANNUAL REPORT

Laporan Tahunan 2011 ini berikut Laporan Keuangan dan informasi lain yang terkait didalamnya, disiapkan oleh Manajemen PT.Lippo Securities Tbk, dan telah disetujui oleh anggota Dewan Komisaris dan Direksi.

This 2011 Annual Report, including the Accompanying Financial Statements and related financial information, is the responsibility of the Management of PT.Lippo Securities Tbk and has been duly approved by members of the Board of Commissioners and Board of Directors.

Tangerang, Maret 2012

Tangerang, March 2012

Dewan Komisaris/ Board of Commissioners

18

SUSUNAN PENGURUS

MANAGEMENT

DEWAN KOMISARIS

BOARD OF COMMISSIONERS

EDDY HARSONO HANDOKO* Presiden Komisaris

EDDY HARSONO HANDOKO* President Commissioner

TIMOER SOETANTO Komisaris Independen/ Ketua Komite Audit

TIMOER SOETANTO Independent Commissioner/ Head of Audit Committee

ISNANDAR RACHMAT ALI Komisaris Independen

ISNANDAR RACHMAT ALI Independent Commissioner

DEWAN DIREKSI

BOARD OF DIRECTORS

PETER INDRA LEMBONG Direktur

PETER INDRA LEMBONG Director

MULIAWAN SUTANTO Direktur

MULIAWAN SUTANTO Director

*efektif setelah memperoleh persetujuan dari Bapepam

*will be effective subject to Bapepam’s approval

19

DEWAN KOMISARIS


Eddy Harsono Handoko, Presiden Komisaris*

Eddy Harsono Handoko, President Commissioner*

Warga Negara Indonesia, lahir di Malang pada tahun 1956. Diangkat sebagai Wakil Presiden Direktur pada tahun 2005. Beliau lulus dari University of Southern California dengan gelar Business Administration. Beliau memulai karirnya di CitiBank pada tahun 1980 dengan jabatan terakhir sebagai Wakil Presiden. Dari tahun 1987 hingga 1989 beliau adalah Direktur Pengembangan Bisnis di Unibank. Beliau kemudian bergabung dengan Bank Lippo pada tahun 1989 sebagai Direktur hingga tahun 1998. Beliau kemudian menjabat sebagai Presiden Direktur PT.Lippo Securities Tbk dari tahun 1998 hingga tahun 1999. Pada bulan Juni 2000, beliau bergabung kembali dengan Bank Lippo sebagai Deputi Presiden Direktur hingga tahun 2003. Pada tahun 2007, beliau memegang beberapa jabatan manajemen di perusahaan ritel dan properti. Dan sejak tahun 2007, beliau menjabat sebagai Presiden Komisaris pada Perusahaan. * efektif setelah memperoleh persetujuan dari Bapepam

Indonesian, born in Malang in 1956. Appointed as Vice President Director in 2005, Mr. Eddy Handoko graduated from the University of Southern California with a degree in Business Administration. He started his career at Citibank in 1980 with the last postion as Vice President. From 1987 to 1989 he was a Business Development Director at Unibank. He then joined Bank Lippo in 1998 as Director until 1998. He served as President Director of PT.Lippo Securities Tbk from 1998 until 1999. In June 2000, he joined again Bank Lippo as Deputy President Director until 2003. In 2007, he had several management responsibilities in retail and property companies. Since 2007, he has been appointed as the President Commissioner of the Company.

* will be effective subject to Bapepam’s approval

20

DEWAN KOMISARIS


Timoer Soetanto, Independent Commissioner / Head Of Audit Committe

Timoer Soetanto, Komisaris Independen / Ketua Komite Audit

Indonesian, born in Surabaya in 1952. His degree of Accountant was obtained from University of Airlangga, Surabaya (1981) and has been registered under D, 2639 of State Accountant. He started his career in finance and administration at a public accounting firm in 1976, and since then held several senior position in various companies such as : Managing Director of PT.Mayatex Dian; Finance Director of PT.Asuransi Lippo Life (listed company); Chief Financial Officer of PT.Asuransi AIG Lippo Life and Independent Commissioner of PT.Asuransi Jiwa Adisarana Wanaartha. In 2005 he was appointed as President Director of PT.Asuransi Jiwa Bakrie. He was appointed as the Independent Commissioner of the Company in 2006.

Warga Negara Indonesia, lahir di Surabaya pada tahun 1952. Beliau meraih gelar Akuntan dari Universitas Airlangga, Surabaya (1981), dan terdaftar dalam Register Negara D.2639.. Kariernya di bidang keuangan dan manajemen dimulai pada tahun 1976 di kantor akuntan Publik, kemudian menduduki berbagai jabatan senior di berbagai perusahaan, antara lain sebagai Direktur Pelaksana pada PT.Mayatex Dian, sebagai Direktur Keuangan PT.Asuransi Lippo Life Tbk. dan Chief Financial Officer PT. Asuransi AIG Lippo Life serta sebagai Komisaris Independen PT.Asuransi Jiwa Adisarana Wanaartha. Pada tahun 2005 menjabat sebagai Presiden Direktur di PT.Asuransi Jiwa Bakrie. Diangkat sebagai Komisaris Independen Perseroan sejak tahun 2006.

21


DEWAN KOMISARIS

Isnandar Rachmat Ali, Komisaris Independen

Isnandar Rachmat Ali, Independent Commissioner

Warga Negara Indonesia, lahir di Jakarta pada tahun 1942. Memperolah gelar Sarjana Ekonomi jurusan Management dari Universitas Krisnadwipayana, gelar Master of Business Administration (MBA) dari Indonesian Overseas Study & Training Institute, gelar Magister Manajemen dari Universitas Krisnadwipayana, dan gelar Doktor (PhD) bidang Education Management diperolehnya dari Universitas Negeri Jakarta (dahulu IKIP Jakarta). Memulai kariernya dengan memegang berbagai jabatan penting di beberapa perusahaan industrial, lalu pada tahun 1980-1989 menempati posisi Vice President Director di Bank Bhumy Bahari. Pada tahun 1989-2001, beliau menempati jabatan Vice President Director pada Tokai Lippo Bank. Sementara itu, sejak tahun 1998 sampai dengan saat ini, beliau masih aktif sebagai dosen pada almamaternya, Universitas Krisnadwipayana. Dan sejak tahun 2004, beliau menjabat sebagai Komisaris (Independen) pada Perusahaan.

Indonesian, born in Jakarta in 1942. Graduated from Economics Faculty, Krisnadwipayana University, obtained his MBA from Indonesian Oversias Study & Taining Institute, held Master in Management Study from Krisnadwipayana University, and also a Doctoral Degree (PhD) from Jakarta State University (previously IKIP Jakarta). Began his carrier at various industrial companies. In 1980-1989 was the Vice President Director at Bank Bhumy Bahari, in 1989-2001 was the Vice President Director at Tokai Lippo Bank. Meanwhile, since 1990 until now, active as a lecturer at Krisnadwipayana University. Since 2004, he has been appointed as the Commissioner (Independent) of the Company.

22

DEWAN DIREKSI

BOARD OF DIRECTORS

Peter Indra Lembong, Direktur

Muliawan Sutanto, Direktur

Warga Negara Indonesia, lahir pada tahun 1969. Lulus dari Cornell University, Ithaca, New York, USA dengan gelar Master of Engineering in Operation Research & Industrial Engineering. Memulai karirnya di Bank of Tokyo sebagai Loan Review & Credit Analysis Officer pada tahun 1992 hingga 1994. Sejak tahun 1994 hingga 1997 bekerja sebagai Manager Corporate Finance di PT Jardine Fleming Nusantara. Bergabung dengan Perseroan sebagai Vice President Corporate Finance pada tahun 1997. Diangkat sebagai Direktur pada tahun 1999 dan menjabat Presiden Direktur Perseroan sejak tahun 2001 hingga tahun 2003. Sebelum bergabung kembali dengan Perseroan pada tahun 2004, menjabat sebagai Presiden Direktur PT Aryaduta Hotels Tbk pada tahun 2003.

Warga Negara Indonesia, lahir pada tahun 1966. Menjabat Direktur Perseroan sejak tahun 1999. Memiliki lebih dari 14 tahun pengalaman di bidang Corporate Finance. Memulai karir dengan bergabung di Perseroan sebagai Account Officer Divisi Corporate Finance pada tahun 1993, kemudian diangkat sebagai Associate Vice President of Corporate Finance Division pada tahun 1996 dan sebagai Vice President of Corporate Finance pada tahun 1997. Memiliki gelar Bachelor of Science dalam bidang Management Science dari Simon Fraser University, Burnaby, Kanada an gelar MBA dari Oregon State University, Corvallis, Oregon, Amerika Serikat.

Peter Indra Lembong, Director

Muliawan Sutanto, Director

Indonesian, born in 1969. Mr Lembong graduated from Cornell University, Ithaca, New York, USA with Master degree of Engineering in Operation Research & Industrial Engineering. He began his career at Bank of Tokyo as Loan Review & Credit Analysis Officer in 1992 until 1994. From 1994 to 1997, he worked as Corporate Finance Manager at PT Jardine Fleming Nusantara. Joined the Company as Vice President Corporate Finance in 1997, appointed as Director in 1999 and in 2001 – 2003 was appointed as President Director. Before rejoining the Company in 2004, he was appointed as President Director of PT Aryaduta Hotels Tbk in 2003.

Indonesian, born 1966. Mr Sutanto has been a Director of the Company since 1999. He has more than 14 years of experience in the Corporate Finance. He began his career by joining the Company as an Account Officer of Corporate Finance in 1993, then promoted as an Associate Vice President of Corporate Finance Division in 1996, then as Vice President of Corporate Finance in 1997. Mr Sutanto holds a Bachelor of Science in Management Science from Simon Fraser University, Burnaby, Canada and an MBA from Oregon State University, Corvallis, Oregon, USA.

23

KOMITE AUDIT

AUDIT COMMITTEE

Jonita Widjaja

Jonita Widjaja

Warga Negara Indonesia, lahir di Medan pada tahun 1960. Saat ini menangani Legal & Compliance PT CIMB-GK Securities Indonesia sejak tahun 2003 hingga saat ini. Sebelumnya pernah menjabat sebagai Kepala Divisi Credit Review Regional dan Anggota Komite Kredit PT Bank Lippo Tbk pada tahun 1985-1996, Senior Vice President PT Lippo Securities Tbk pada tahun 1996-1998. Menjadi Komisaris Independen, Ketua Komite Audit serta anggota Komite Audit perusahaan publik lainnya pada tahun 2002-2003. Beliau mendapatkan gelar Dipl. Betriebswirt (Business Administration), Berlin pada tahun 1984. Diangkat sebagai anggota Komite Audit sejak Mei 2010.

Indonesian, born in Medan in 1960. Since 2003, she has also assumed a position in the Legal & Compliance of PT CIMBGK Securities Indonesia. In the past, she has also assumed the positions of Division Head of Regional Credit Review and Member of the Credit Committee of PT Bank Lippo Tbk (1985-1996), Senior Vice President PT Lippo Securities Tbk (1996-1998). Assumed as Independent Commissioner, Chairman of Audit Committee and member of the Audit Committee in several public companies (2002-2003). She obtained a degree in Business Administration in Berlin in 1984 (Dipl. Betriebswirt). She was appointed as the Audit Committee member of the Company on May 2010.

Utomo Santoso

Utomo Santoso

Warga Negara Indonesia, lahir di Semarang pada tahun 1957. Berpengalaman di bidang teknologi informasi, administrasi dan analisa keuangan. Beliau juga pernah menjabat sebagai Presiden Direktur pada beberapa Perusahaan termasuk salah satunya adalah perusahaan Tbk dan saat ini menjabat sebagai Presiden Direktur PT ECOSTAR Group yaitu suatu perusahaan yang bergerak di bidang Lingkungan Hidup. Diangkat sebagai anggota Komite Audit sejak Mei 2010.

Indonesian, born in Semarang in 1957. Having experience in the information technology, administration and financial analysis. He was once the President Director of several companies one of which is public company. Currently he is the President Director of PT ECOSTAR Group, a company dealing with life environment. He was appointed as the Audit Committee member of the Company on May 2010.

SEKRETARIS PERUSAHAAN

CORPORATE SECRETARY

Agustinus Benawar

Agustinus Benawar Indonesian, born in Jakarta in 1963. Graduated from University Catholic Atmajaya, Jakarta, majoring in Accounting. Began his carrier as a Junior Auditor at Drs.Siddharta & Siddharta in 1989 until 1990. Was a Senior Auditor in Drs.Prasetio, Utomo & Co from 1990 until 1992. He is the Company’s Finance Manager since 1992. He was appointed as the Company’s Corporate Secretary in 2006.

Warga Negara Indonesia, lahir di Jakarta pada tahun 1963. Menyelesaikan pendidikan di Universitas Katolik Atmajaya jurusan Akuntan. Memulai kariernya sebagai Junior Auditor di Drs.Siddharta & Siddharta pada tahun 1989 hingga 1990 kemudian sebagai Senior Auditor di Drs.Prasetio, Utomo & Co tahun 1990 hingga 1992. Sebagai Manajer Keuangan di Perseroan sejak tahun 1992. Menjabat sebagai Sekretaris Perseroan sejak 2006.

24

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TABLE OF CONTENTS DAFTAR ISI. 1. Financial Highlights. 1. Ikhtisar Keuangan. 2. Report Of The Board Of Commissioners. 2. Laporan Dewan Komisaris

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