Portfolio Details

As of August 30, 2013

Equity ASII ASRI BMTR ERAA KAEF Quantity 12000000 401030500 160000000 400000000 196000000 Avg. Price (Rp) 5,300 485 146 1,030 475 Cost (Rp '000) Market Value (Rp '000) Unrealized Gain (Loss) (Rp '000) 9,000,000 26,066,983 43,200,000 116,000,000 3,920,000 198,186,983 19.82% 4.19% 15.63%

63,600,000 72,600,000 194,499,793 220,566,775 236,800,000 280,000,000 412,000,000 528,000,000 93,100,000 97,020,000 999,999,793 1,198,186,775 Weekly Percentage Change in Portfolio Value (1) Weekly Percentage Change in IHSG (2) Relative Results (1)-(2)

Portfolio Performance Analysis

IHSG

In line with Rupiah which slightly appreciates during the past two days, IHSG indeed appreciated by 4.19% from 4026 to 4195 Slight appreciation during the last two days could presumably be triggered by two denominators namely: - investors exploitation of the underpriced stocks - rise of BI rate by 50 bps to 7%

ASII No material information which would alter the ASIIs value thus affecting its intrinsic value is published this week.

ASRI This week ASRI has slightly appreciated in terms of price, align with almost any blue chips stocks in IHSG While no fundamental change in value take place, we have no worry on our holding in this stock as we believe that on the end of November the price would keep rising up.

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BMTR The major headwind affecting BMTR this week is the plan it announced on August 28, 2013 to buyback its shares along with BHIT and MNCN, to be saved as treasury stock. This plan which would involve PT MNC securities as the broker, we believe, is a tactful decision to maximizing its intrinsic value per share basis.

ERAA With the spike in price that ERAA underwent this week, we have to underscore our attitude that our end-game goal is to maximize the value for you, as indicated by our rate of gain which outperforms that market at the end of our portfolio time horizon. Thus, we dont celebrate, let alone take pride, in this weeks increase in price as it is something of unsubstantial importance in the light of our direction.

KAEF Discounted by nearly 60% from its pinnacle of Rp 1180 at the end of March, we firmly believe that current price is still undervalued.

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