REPUBLIC OF INDONESIA STATE NEWS

No. 1338, 2012 MINISTRY OF FINANCE. A valuable letter. Sharia State. Direct Placement. Publishing.

THE REGULATION OF THE REPUBLIC OF INDONESIA FINANCIAL MINISTER NUMBER 239 /PMK.08 /2012

ABOUT THE PUBLICATION AND SALE OF THE COUNTRY ' S SHARIA VALUABLES

IN THE WAY DIRECT PLACEMENT (PRIVATE PLACEMENT)

WITH THE GRACE OF GOD ALMIGHTY THE FINANCIAL MINISTER OF THE REPUBLIC OF INDONESIA,

THE DRAW: A. that in order to carry out the provisions of Article 18 and Article 24 of the Law No. 19 of 2008 on the State Sharia Price Letter, it has been established Regulation of Finance Minister Number 75 /PMK.08/2009 on Publishing and Sales of the Precious Letters Sharia States By Direct Placement (private placement);

b. That in its development has been designated the Presidential Regulation No. 54 of 2010 on the Government of Government Act as amended last several times with the Presidential Regulation No. 70 of 2012, which the rules have implications. Also in the settings regarding the procurement of goods/services in order of publishing and sales of the State Sharia Price Letter by means of immediate placement (private placement);

c. that in order to conform to the provisions as referred to in letter b, need to rearrange the issuer and sales of the Mail

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Replacement of the State Sharia with direct placement (private placement) at the domestic market in the country;

d. that under consideration as intended in the letter a, the letter b, and the letter c, need to establish the Finance Minister's Regulation on the issuance and sale of the country's valuable letter of Sharia by means of a direct placement (Private Placement);

Given: 1. Law No. 19 of 2008 on Prized Sharia State (sheet Of State of the Republic of Indonesia 2008 No. 70, Additional Gazette of the Republic of Indonesia Number 4852);

2. The Presidential Decree No. 54 of 2010 on the Acquisition of Government Goods/Services as amended by the Presidential Regulation No. 70 of 2012;

DECIDED: Establishing: REGULATION OF FINANCE MINISTERS ON

ISSUANCE AND SALE THE COUNTRY ' S SHARIA VALUABLES BY MEANS OF A DIRECT PLACEMENT (PRIVATE PLACEMENT).

Article 1 In the Regulation of this Minister, referred to:

1. The State Shariah Letter, which is subsequently abbreviated as SBSN, or may be called the State Sukuk, is a state-worth letter published on the principle of sharia, as evidence for the inclusion of SBSN Assets, both in the currency. Neither the rupiah nor the foreign exchange.

2. SBSN Short-term or may be called the Sharia State Treasury is a SBSN of time up to 12 (twelve) months with the payment of the Imbalan of coupons and/or discontoed.

3. The Long-Term SBSN is a SBSN of more than 12 (twelve) months with the payment of the Imbalan of coupons and/or discontoed.

4. The SBSN Publishing Company is a legal entity established under the provisions of the Act on the State Sharia Price Letter to carry out SBSN publishing activities.

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5. The Prime Market is the SBSN bidding and sales activity for the first time.

6. The next Direct placement is called Private Placement, a SBSN publishing and sale activity conducted by the Government to the Party, provided SBSN terms and requirements in accordance with the agreement.

7. The Minister is the Finance Minister of the Republic of Indonesia. 8. A party is a person of an Indonesian citizen or

a foreign citizen, or company, joint venture, association, or group of organized entities, wherever they are located or located both inside and outside. The country, the Bank of Indonesia, or the Board of Storage Guarantees.

9. Participants of the Auction are Lelang Participants as set out in the Finance Minister ' s Regulations regarding the issuance and sale of SBSN in the domestic premier market by way of auction.

10. The panel of candidates for SBSN sellers in the Prime International Market, which is next called the Panel is the Panel as set forth in the Financial Ministers ' Regulations regarding the issuance and sale of SBSN in the international inaugural market.

11. The nominal value is the SBSN value set forth in the terms and requirements of the SBSN published.

12. A reward is a payment that may be rent, for the result or margin, or other form of payment in accordance with the SBSN issuer, which is granted to the SBSN holder up to the end of the SBSN period.

13. The sBSN that can be traded is SBSN that can be traded in the secondary market before the due time.

14. The untrafficked SBSN is the SBSN that cannot be traded in the secondary market.

15. Guardian Amanat is a party representing the interests of the SBSN holder according to the promised.

16. Setelmen is the completion of the SBSN transaction consisting of the funds Setelmen and the Setelmen of SBSN ownership.

17. Working Day is the operational day of the payment system organized by the Bank of Indonesia or the clearing day at the designated clearing agency.

18. The Procurement Committee is a committee or work group of service units formed to carry out selection of prospective sellers and/or Legal Consultants.

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19. The Legal Consult is a designated party to assist the Government regarding the legal aspects in the framework of the issuer and sale of SBSN.

BAB III

provisions and REQUIREMENTS

PRIVATE PLACEMENT Section 2

(1) The SBSN Publishing can be implemented: a. directly by the Government; or b. via SBSN Publishing Company.

(2) In terms of SBSN publishing is done in the manner referred to in paragraph (1) letter a, the preparatory and implementation activities of the SBSN are executed by the work unit in the Department of Finance environment whose principal tasks and functions are performed. organizes the management of SBSN.

(3) In terms of SBSN publishing is carried out in the manner referred to in paragraph (1) letter b, the preparatory and implementation activities of SBSN are carried out by SBSN Publishing Company with assistance by work units in the environment The Ministry of Finance whose principal task and function organizes the management of SBSN.

(4) In carrying out SBSN publishing activities, the work unit as referred to in paragraph (2) and paragraph (3) is coordinating with work units or other related parties.

Article 3 Publishing and SBSN sales in the manner of Private Placement can be done in rupiah or foreign exchange.

Article 4 (1) SBSN Sales by way of Private Placement in the currency

rupiah can be performed: a. directly by the Government; or b. through an Lelang Participant;

(2) SBSN Sales by way of Private Placement in a foreign exchange can be performed: a. directly by the Government; b. through Panel members; or c. through the Lelang Participant.

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(3) SBSN Sales through the Panel members as referred to in paragraph (2) the letter b is performed in terms of Private Placement in the foreign exchange in the international market.

(4) SBSN Sales through Participant Auction as referred to in paragraph (2) of the letter c is done in terms of Private Placement in the foreign currency market.

Article 5

(1) Each Party may purchase SBSN by means of Private Placement either directly or through the Lelang Participant or the Panel members.

(2) The party that is the person Individuals can only purchase SBSN through an Lelang Participant or Panel member.

Section 6

(1) The Bank of Indonesia can only purchase Short-term SBSN by means of Private Placement for and on behalf of yourself.

(2) The Stored Guarantor Institution may purchase Long-Term SBSN and Short-Term SBSN by means of Private Placement for and on behalf of oneself.

(3) The parties other than the Bank of Indonesia, the Storage Facility and the individual person can buy the Long-Term SBSN as well as a Short Term SBSN by way of Private Placement for and on behalf of yourself.

(4) The party that is a person can only purchase the Long Term SBSN by means of Private Placement for and on behalf of yourself

Article 7

The Lelang Participant or Panel member as referred to in Section 5 may purchase the Short Term SBSN as well as Private Placement for and on behalf of yourself or for and on behalf of the Party.

Section 8

(1) The SBSN purchase offer by Private Placementin minimum rupiah currency of Rp250.000.000.000.00 (two hundred and fifty billion rupiah) for one series.

(2) The purchase offer of SBSN by means of Private Placementin the asingminimum valuation of the equivalent of USD100,000.00 (one hundred million US dollars) for a single series.

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CHAPTER III OF THE LEGAL CONSULTANT DESIGNATION

Article 9 (1) In the framework of SBSN publishing and sale in the manner of Private

Placement, can be performed the appointment of a Legal Consultant. (2) In the event of a Legal Consultant as referred to

paragraph (1), may use the designated Legal Consultant for the issuer and sale of SBSN in the running budget year.

(3) In the case of no The legal consultant appointed for SBSN publishing and sales in the running budget year, the appointment of the Legal Consultant as referred to in paragraph (1) is conducted through the selection process.

Article 10 (1) Legal Consultant as referred to in Article 9 of the paragraph (3)

is set through the selection process by the Procurement Committee. (2) The selection process as referred to in paragraph (1) is done through

the stage as follows: a. announcement; b. registration and retrieval of procurement documents; c. awarding an explanation (aanwijzing); d. Bid Document Entry; e. Bid Document: Evaluation of the Quote Document; vote for the Legal Consultant service for

following the technical clarification stage (beauty contest); h. A period of time for which the Cloud Service can be used. technical clarification (beauty contest); j. rating of technical clarification results (beauty contest); k. Negotisiasi fee; l. winner's assignment; m. announcement of the winner; n. periods of sanggah; and o. Disclaimer of appeal (if required).

(3) The candidate for Legal Consultants who received the first rank of technical clarification (beauty contest), will get the first opportunity to conduct a fee negotiation.

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(4) In the event of no deal in the fee negotiations with the candidate for Legal Consultant as referred to in paragraph (3), will be negotiated fee to the next-ranked Law Consultant In the event of an agreement.

Article 11

(1) The Statutory Consultant Designation as referred to in Section 9 is based on the designation of the selection winner as referred to in Article 10 of the paragraph (2) of the l.

(2) The Law Consultant Show as referred to in paragraph (1) is actionable with the work agreement.

(3) The appointment of a Legal Consultant and the signing of a work agreement as referred to in paragraph (1) and paragraph (2) are performed by a Commitment Service Officer.

CHAPTER IV OF THE SBSN PUBLISHING AND SALES ORDER

BY THE WAY PRIVATE PLACEMENT Article 12

(1) The SBSN Purchase by Private Placement is done by submitting a purchase offering. to the Minister c.q. Director General of the Debt Management with a gust of Director of Shariia Financing, as defined in the format as specified in the Inseparable Attachment of this Financial Minister Regulation.

(2) Offer of SBSN purchase by means of Private Placement as referred to in paragraph (1) Most understated: a. Nominal Value; b. type of currency; c. SBSN forms that can be traded or SBSN

cannot be traded; d. The indication of the term is due; e. price or imbal results; and f. Article 13

(1) The purchase offer of SBSN as referred to in Section 12, followed up by the General Directorate of Debt Management of the c.q. Directorate of Sharia Financing in the most prolonged time of 10 (ten) business days since the receipt of the purchase offer.

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(2) Further Tindak as referred to in paragraph (1) may be a discussion of the terms and requirements of the SBSN to be published or a rejection of the SBSN purchase offering.

(3) The rejection of the SBSN purchase offering as referred to in paragraph (2) may be conducted among others by consideration: a. not to be subject to the provisions referred to as Section 6 and

Section 8; b. have been subject to the financing needs of APBN; and/or; c. financial market conditions.

(4) The rejection as referred to in paragraph (3) is delivered by a letter of Director General of the Debt Management on behalf of the Minister.

Article 14 (1) In terms of The purchase of SBSN is done directly, the discussion

as referred to in Article 13 of the paragraph (2) conducted by the Directorate General of Debt Management c.q. of the Syariah Financing Directorate with the Parties submitting the purchase offering.

(2) In terms of the SBSN purchase offering done through the Lelang Participant or through members of the Panel, the discussion as referred to in Article 13 of the paragraph (2) is conducted by the Directorate General of Debt Management c.q. Directorate of Financing Syariah with the Lelang Participant or the Panel member concerned.

(3) The Dissection as referred to in paragraph (1) and paragraph (2) includes the subject matter and terms of the SBSN to be published, at least a:. Nominal Value; b. type of currency; c. form and type SBSN to be published; d. Timeframe; e. the price or the imbal of results; f. SBSN Imbalan level; g. time and mechanism of the payment of Imbalan and/or Value

Nominal; and h. the time and mechanism of the Setelmen's execution.

Article 15 (1) The results of the discussion as referred to in Article 13 of the paragraph (2)

are accepting whole or partial, or rejecting the entire purchase offer of SBSN, poured in the news of the event discussion.

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(2) In terms of the outcome of the discussion of receiving all or part of the purchase offering of SBSN, the results of the discussion are referred to in the agreement document.

(3) The agreement document as referred to in the verse (2) contains the least:

a. Nominal Value; b. type of currency; c. form and type SBSN to be published; d. the price or the imbal of results; e. SBSN Imbalan level; f. Timeframe; g. time and mechanism of the payment of Imbalan and/or Value

Nominal; and h. time and the mechanism of execution of the Setelmen.

Article 16 (1) Director General of the Debt Management on behalf of the Minister, at most

slow 2 (two) working days prior to the Setelment date: a. set the outcome of the deal; b. Sign the terms and conditions of the SBSN.

(2) In the case of Director General of Debt Management temporarily, the interim official who is appointed to carry out the duties of Director General of the Debt Management on behalf of the Minister, the slowest 2 (two) working days prior to the Setelmen date: a. set the outcome of the deal; b. Signing of SBSN's terms and conditions.

BAB V

DOCUMENT PUBLISHING AND SALE Article 17

Documents required in the issuer and sale of SBSN by means of Private Placement among others: a. SBSN Asset Transactions document; b. terms and requirements of the SBSN; c. fatwa and SBSN conformity statement with sharia principles; and d. An authorization agreement, if required.

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Section 18

(1) SBSN Asset transaction document as referred to in Article 17 of the letter a compiled under the type of Akad SBSN published.

(2) SBSN Akad which can be used in SBSN publishing The Akad Ijarah, Akad Mudarabah, Akad Musyarakah, Akad Istishna ', Akad which is based on a combination of two or more acad, and other Akad as long as it does not conflict with the principle of sharia.

Article 19

(1) In terms of SBSN published directly by the Government, the SBSN Asset transaction document as referred to in Section 17 letters a, signed by the Director General of the Debt Management and the appointed Wali Amanat.

(2) In terms of SBSN published through the SBSN Publisher Company, SBSN Asset transaction document as referred to in Article 17 of the letter a, was signed by the Director General of the Debt Management and the board of directors of SBSN Publishers Company.

Article 20

(1) The custody agreement referred to in Article 17 of the d letter is required if:

a. SBSN publishing is done directly by the Government; or

b. The issuance of the SBSN is carried out through the SBSN Publisher Company and is appointed another party to help carry out the function of the Guardian.

(2) In terms of SBSN published directly by the Government, the custody agreement is signed by The Director General of the Debt Management and the appointed Wali Amanat.

(3) In terms of SBSN published through the SBSN Publisher Company as referred to in paragraph (1) letter b, the agreement of the officers was signed by the Director General Debt Management, Board of Directors of SBSN Publisher Company and other designated parties to help perform the function of the Guardian.

Section 21

The appointment of the Guardian as referred to in Article 19 of the paragraph (1) and the other to assist in performing the function as the Guardian of the House as referred to in Article 19 of the paragraph (1) the letter b is performed by the Director General of the Debt Management on behalf of the Minister.

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CHAPTER VI SETELMEN, BOOKKEEPING AND ANNOUNCEMENT

Section 22 of the SBSN Sales Setelmen by means of Private Placement performed in accordance with the agreement poured in the agreement document as is referred to in Section 15 of the paragraph (2).

section 23

(1) Implementation of SBSN sales by means of Private Placement in the rupiah currency follows the provisions set by the Bank of Indonesia.

(2) The implementation of SBSN sales in a manner Private Placement in the foreign exchange follows the provisions used by the designated clearing and setelmen agency.

Article 24

(1) In terms of the Party, the Lelang Participant or the Panel member whose purchase offering is approved, is not submitted funds up to the end of the date of Setelmen date, SBSN sales in a way Private Placement is declared null.

(2) In terms of the Lelang Participant, a member of the Panel or the Party that is the financial institution does not carry out the obligations regarding the implementation of the Setelmen, Directorate General of Debt Management c.q. Directorate Sharia financing reports the default to authorities in the field of capital markets and/or authority in the banking field.

Article 25

All SBSN sales results by means of Private Placement, both published in directly by the Government or through the SBSN Publisher Company constitutes acceptance country.

Section 26 (1) The Director General of Debt Management announces the sale results

SBSN by means of Private Placement to the slowest public 1 (one) working day after the expiration date of the Setelmen.

(2) Announcement as set forth in the {paragraph} in the {paragraph} in the {0} { Nominal Value; b. type of currency; c. SBSN series; d. Patch level;

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e. price or imbal results; and f. Due date.

BAB VII COST ISSUER

Article 27

All costs arising in the framework of SBSN publishing and sales by Private Placement either directly performed by the Government nor through the SBSN Publisher Company charged on the State Revenue and Shopping Budget.

BAB VIII provisions CLOSURE

Article 28

At the time the Ministerial Regulation is in effect, the Finance Minister Regulation Number 75 /PMK.08/ 2009 about SBSN Publishing and Sales by means of Direct Placements (Private Placement), revoked and declared not in effect.

Article 29

The rules of the Minister are in effect on the date of the promulgment. In order for everyone to know, ordered the invitational of the Minister's Regulation with its placement in the News of the Republic of Indonesia

Specified in Jakarta on 26 December 2012 MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA, AGUS D.W. MARTOWARDOJO

promulred in Jakarta on 26 December 2012 MINISTER FOR LAW AND HUMAN RIGHTS REPUBLIC OF INDONESIA, AMIR SYAMSUDIN

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