BEI Rule II-A

1 Rule Number II-A Concerning Equity-Type Securities Trading

ATTACHMENT Decision of the Board of Directors of The Indonesian Stock Exchange Inc. Number : Kep-00399/BEI/11-2012 Date of Issue : 14 November 2012 Date of effective : 2 January 2013 Amended by: Decision of the Board of Directors of The Indonesian Stock Exchange Inc. Number : Kep-00071/BEI/11-2013 Date of Issue : 8 November 2013 Date of Effective : 6 January 2014

RULE NUMBER II-A: CONCERNING EQUITY-TYPE SECURITIES TRADING I. DEFINITION

In this Rule the following terms: I.1. Securities Exchange Member means any Securities Company obtaining an operating

license as a broker dealer from the Capital Market and Financial Institutions Supervisory Agency (Bapepam and LK) as mentioned in Article 1 paragraph 2 of the Law Number 8 of 1995 Concerning Capital Market (UUPM) and having the Exchange Membership Approval to use the system and or facility of Exchange in order to conduct Securities trading activity at the Exchange pursuant to the Exchange Rules

I.2. Auto Rejection means an automatic rejection by JATS against selling offer and or purchase

demand of Equity-Type Securities which is input to JATS due to the exceeding of price limitation or number of Equity-Type Securities stipulated by the Exchange.

I.3. Exchange means the Indonesian Stock Exchange Inc. I.4. List of Clearing Result (DHK) means an electronic document issued by KPEI as a result of

a Clearing containing rights and obligations of each of the Securities Exchange Member arising from any Exchange Transaction.

I.5. List of Exchange Transaction (DTB) means electronic document containing all Exchange

Transactions performed by each Securities Exchange Member on each Exchange Day provided by the Exchange for the Securities Exchange Member and KPEI on each ending of trading session.

I.6. Equity-Type Securities means shares or Securities that is exchangeable with shares or

Securities containing rights to obtain shares as referred to Bapepam Rule Number X.J.1 concerning Articles of Association of Companies Conducting Public Offerings and Public Companies.

I.7. Price Fraction means unit of price change used in performing selling offer or buying

demand. I.8. Price means a rupiah denominated amount, which is established, based on convergence of

buying and selling orders of Securities made by the Securities Exchange Member at the Exchange.

I.9. Opening Price means the Price established at the Pre-opening period.


I.10. Closing Price means the Price established at the Pre-closing period. I.11. Previous Price means Closing Price on previous Exchange Day. I.12. Theoretical Price of Corporate Action Result means value calculated and determined by

the Exchange based on Corporate Action ratio determined by the Listed Company and use as Guiding Price for bargaining process at the initial trading of Securities of Corporate Action result (ex period) at the Exchange.

I.13. Exchange Day means a day when Securities trading takes place at the Exchange namely

Monday to Friday, except the national holiday or declared as the Exchange holiday by the Exchange.

I.14. Single Investor Identification/SID means single investor identification of a client of

Securities Exchange Member issued by KSEI for each individual and institutional investor to be used in trading activity, clearing and settlement of Securities transactions.

I.15. Information Technology Officer for Remote Trading (IT Officer RT) means the

employee of the Securities Exchange Member appointed by the Securities Exchange Member or the employee of Remote Trading Mediator appointed by Remote Trading Mediator whose duty and responsibility is to ensure the readiness and smoothness of the operational of the Securities Exchange Member Remote Trading Equipment.

I.16. Jakarta Automated Trading System (JATS) means Securities trading system applicable at

the Exchange for trading conducted automatically using computer facility. I.17. Jakarta Open Network Environment Client (JONEC) means a set of tools established at

the Securities Exchange Member consisting of software and hardware which is used by the Securities Exchange Member to access JATS through Network and Remote Trading Terminal in accordance with Equity-type Securities Trading Manual.

I.18. Jakarta Open Network Environment Server (JONES) means a set of tools established at

the Exchange consisting of software and hardware which is used by the Exchange to pass on selling offering or purchasing demand from the Securities Exchange Member to JATS in accordance with Equity-type Securities Trading Manual.

I.19. Network means a set of data communication provided by a party appointed by the Exchange

used to connect Exchange Remote Trading Equipment and the Securities Exchange Member Remote Trading Equipment.

I.20. Clearing means a process of determination of rights and obligation incurred from the

Exchange Transaction as referred to in Bapepam and LK Rule Number III-A.10 concerning Securities Transaction.

I.21. Securities Trading Committee means committee formed and its member appointed by the

Exchange based on their expertise, whose duty to provide opinion to the Exchange either requested or not, related to the Securities trading at the Exchange.

I.22. Emergency Condition means a situation or condition occurred beyond the will and or capacity of the Exchange causing the inability to conduct Securities trading at the Exchange in orderly, fair and efficient manner.


I.23. KPEI means the Indonesian Clearing and Guarantee Corporation Inc. I.24. KSEI means the Indonesian Central Securities Depository Inc. I.25. Obligation Settlement Report (LPK) means electronic documents issued to the Securities

Exchange Member by the KPEI on every Exchange Day containing rights and obligations fulfillment status of each of the Securities Exchange Member.

I.26. Netting means a Clearing activity causing any Clearing Member to submit and or receive a

certain balance of any type of transacted Securities and to receive or pay any amount for the entire transacted Securities as set forth in Bapepam Rule Number III- A. 10 Concerning Exchange Transaction.

I.27. Equity-Type Securities Trading Manual means manual issued by the Exchange containing

the explanation on the technical requirement and operational procedure of Equity-Type Securities trading.

I.28. Negotiation Market means the market where Securities trading is conducted by way of a

direct individual bid-offer other than a continuous auction market whose settlement may be made based on an agreement between Securities Exchange Members.

I.29. Regular Market means the market where Securities trading is conducted through JATS by

way of a continuous auction market bid-offer process by the Securities Exchange Member whose settlement is done on the third Exchange Day after the occurrence of the Exchange Transaction (T+3).

I.30. Cash Regular Market (Cash Market) means the market where the Securities trading is

conducted through JATS by way of a continuous auction market bid-offer process by the Securities Exchange Member whose settlement is done on the same Exchange Day as the occurrence of the Exchange Transaction (T+0).

I.31. Post-Trading means the last session of trading hours in the Regular Market on each

Exchange Day in which each Securities Exchange Member has opportunity to input selling offer and or buying demand of an Equity-Type Securities at the same price as the Closing Price.

I.32. The Exchange Member Remote Trading Equipment means trading facilities of Remote

Trading at the Securities Exchange Member that consists of firewall, router and JONEC. I.33. The Exchange Remote Trading Equipment means trading facilities of Remote Trading at

the Exchange that consists of firewall, router and JONES. I.34. Per-transaction (trade for trade) means a confirmation on the fulfillment of rights and

obligations of the selling and buying Securities Exchange Member through direct/individual set off between both transactions.

I.35. Listed Company means the Issuer or Public Company whose Securities are listed at the

Exchange. I.36. Pre-opening means initial session of trading hours at Regular Market on each Exchange

Day in which each Securities Exchange Member has the opportunity to input selling offer


and or buying demand of an Equity-Type Securities so the formation of Opening Price is enabled to occur on such Equity-Type Securities based on the best price and largest volume.

I.37. Pre-closing means session of trading at Regular Market on each Exchange Day in which

each Securities Exchange Member has the opportunity to input selling offer and or buying demand of an Equity-Type Securities so the formation of Closing Price is enabled to occur on such Equity-Type Securities based on the best price and largest volume.

I.38. Remote Trading means Equity-Type Securities trading conducted by the Exchange by using

JATS, the Exchange Remote Trading Equipment, Network and the Securities Exchange Member Remote Trading Equipment.

I.39. Corporate Action means any action of a Listed Company which can affect prices and or

quantity of Listed Company’s shares. I.40. Trading-ID means a part of SID which is used as investor identity to conduct trading in

Exchange. I.41. JATS Time means the time as specified in JATS.

II. GENERAL PROVISIONS OF TRADING

II.1. Equity-Type Securities referred to in this Rule include:

II.1.1. shares; II.1.2. Equity-Type Securities other than shares include inter alia Pre-emptive Rights,

Warrant; II.1..3. other shares derivation, issued by Listed Company to be converted into the Listed

Company’s shares.

II.2. Securities Exchange Member, who performs selling and or buying transaction on Equity-Type Securities listed at the Exchange, is obliged to perform such transaction at the Exchange by means of JATS.

II.3. The Securities Exchange Member is prohibited from performing Transaction Outside the

Exchange or facilitating selling buying transaction outside the Exchange except in the capacity as Custodian, on Equity-Type Securities which is listed at the Exchange.

II.4. In the event that Securities Exchange Member inputs selling offer and or buying demand to

JATS and such selling offer and or buying demand has been matched by JATS, the referred transaction is valid as Exchange Transaction.

II.5. The Securities Exchange Member shall be responsible for the settlement of entire Exchange

Transaction on behalf the relevant Securities Exchange Member either for its own interest or for the interest of the client as stated on DTB, including the Exchange Transaction occurred inter alia due to:

II.5.1. The Securities Exchange Member Remote Trading Equipment and or The


Securities Exchange Member application failures in connection to Remote Trading unless JONEC Software error provided by the Exchange;

II.5.2. a negligence or fault of the Securities Exchange Member in providing approval on

selling offer and or buying demand input to JATS; II.5.3. a negligence or fault of IT Officer RT in operating The Securities Exchange

Member Remote Trading Equipment; and or II.5.4. an illegal access conducted through The Securities Exchange Member Remote

Trading Equipment.

II.6. The Exchange shall stipulate Equity-Type Securities Trading Manual that contains information at least on:

II.6.1. Equipments to be used in the Securities trading; II.6.2. Trading implementation; II.6.3. Management of trading system disruption or failure ; II.6.4. Technical and operational services.

II.7. In performing Securities trading through JATS, the Securities Exchange Member must comply with the Equity-Type Securities Trading Manual as referred to in the provision II.6. of this Rule.

II.8. The Securities Exchange Member shall be responsible for all transaction performed at the

Exchange either for its own interest or for the client interest. II.9. The Securities Exchange Member is prohibited from, inter alia:

II.9.1. performing selling offer and or buying demand with the objective to provide unreal pictures regarding the activity and or price movement of a Securities through information in JATS;

II.9.2. performing trading which potentially causes the occurrence of market

manipulation, either for its own interest or its client; II.9.3. getting involved directly or indirectly, in cooperation with other party in

performing transaction that is fraud, manipulative in nature and or using Insider information;

II.9.4. performing transaction if such transaction based on an incorrect or mislead

statement or information; II.9.5. getting involved directly or indirectly, or in cooperation with other party in an

action or step that may arise mislead impression as if a Securities is actively traded or encouraging they occurrence of unnatural transaction on a Securities.

II.10. In order to conduct supervision of Securities trading, the Exchange conduct monitoring of


information on each Securities related to matters as follows, inter alia:

II.10.1. price and volume fluctuation; II.10.2. frequency; II.10.3. instruction/order; II.10.4. transaction; II.10.5. transaction patterns; II.10.6. transaction settlement information; II.10.7. other important and relevant information.

II.11. In order to conduct supervision of trading, the Exchange perform action inter alia:

II.11.1. perform explanation demand either directly or indirectly to the Securities Exchange Member;

II.11.2. perform Information openness demand to Listed Company; II.11.3. issue Unusual Market Activity (UMA), which is trading activity and or uncommon

price movement of Securities in certain period of time at the Exchange which according to the Exchange is potentially disturb the implementation of orderly, fair and efficient Securities trading;

II.11.4. impose Suspension on Listed Company Securities; II.11.5. impose Suspension on the Securities Exchange Member; II.11.6. perform inspection on the Securities Exchange Member.

II.12. In the event that the Exchange found any indication of violation as referred to in provision II.9. of this Rule, the Exchange shall report it to Bapepam and LK.

III. MARKET SEGMENT OF THE EXCHANGE

III.1. The Equity-Type Securities trading segment of the Exchange consists of:

III.1.1. Regular Market; III.1.2. Cash Market; III.1.3. Negotiation Market.

III..2. The Equity-Type Securities trading shall be conducted at the Regular Market, the Cash Market and the Negotiation Market, whilst the Preemptive Rights can only be traded in Cash Market and during session I of the Negotiation Market.


IV. TRADING HOURS

IV.1. The Equity-Type Securities trading at the Exchange shall be conducted during the trading hours in accordance with JATS Time.

IV.2. The trading hours at the Regular Market shall be as follows:

IV.2.1. Monday to Thursday:

IV.2.1.1. Pre-opening session, are:

IV.2.1.1.1. from 08.45.00 to 08.55.00, used by the Securities Exchange Member to input selling offer and or buying demand;

IV.2.1.1.2. from 08.55.01 to 08.59.59 JATS performs the incurred

formation process of Pre-opening Price and performs matching selling offer against buying demand on Opening Price based on price and time priority.

IV.2.1.2. Session I from 09.00.00 to 12.00.00 used by the Securities Exchange

Member to input selling offer and or buying demand, and JATS performs matching continuously selling offer against buying demand continuous auction for the same Securities entirely or partially based on price and time priority.

IV.2.1.3. Session II from 13.30.00 to 15.49.59 shall be used by the Securities

Exchange Member to input selling offer and or buying demand, and JATS performs matching continuously selling offer against buying demand for the same Securities entirely or partially based on price and time priority.

IV.2.1.4 Pre-closing Session, are:

IV.2.1.4.1. from 15.50.00 to 16.00.00 used by the Securities Exchange Member to input selling offer and or buying demand;


formation process of Closing Price and performs matching auction continuously selling offer against or buying demand on Closing Price based on price and time priority.

IV.2.1.5. Post-trading Session, form 16.05.00 to 16.15.00 used by the Securities

Exchange Member to input selling offer and or buying demand on Closing Price, and JATS performs matching continuously selling offer against buying demand for the same Securities entirely or partially based on Closing Price based on time priority


IV.2.2. Friday:

IV.2.2.1 Pre-opening Session, are:



formation process of Pre-opening Price and performs matching selling offer against buying demand on Opening Price based on price and time priority.

IV.2.2.2. Session I from 09.00.00 to 11.30.00 used by the Securities Exchange

Member to input selling offer and or buying demand, and JATS performs matching continuously selling offer against buying demand for the same Securities entirely or partially based on price and time priority.

IV.2.2.3. Session II from 14.00.00 to 15.49.59 used by the Securities Exchange


IV.2.2.4 Pre-closing Session, are:



formation process of Closing Price and performs matching continuously selling offer against buying demand on Closing Price based on price and time priority.

IV.2.2.5 Post-closing Session from 16.05.00 to 16.15.00 used by the Securities

Exchange Member to input selling offer and or buying demand on Closing Price, and JATS performs matching continuously selling offer against buying demand for the same Securities entirely or partially based on price and time priority.

IV.3. The trading hours in Cash Market shall be as follows:

IV.3.1. Monday to Thursday, Session I from 09.00.00 to 12.00.00 used by the Securities Exchange Member to input selling offer and or buying demand, and JATS performs matching continuously selling offer against buying demand for the same Securities entirely or partially based on price and time priority.


IV.3.2 Friday, Session I from 09.00.00 to 11.30.00 used by the Securities Exchange


IV.4. The trading hours in Negotiation Market shall be as follows:

IV.4.1. Monday – Thursday:

IV.4.1.1. Session I, from 09.00.00 to 12.00.00 used by the Securities Exchange Member to input results of bid-offer agreement to JATS and the counter party Securities Exchange Member confirms such results of bid-offer.

IV.4.1.2. Session II, from 13.30.00 to 16.15.00 used by the Securities Exchange

Member to input results of bid-offer agreement to JATS and the counter party Securities Exchange Member confirms such results of bid-offer.

IV.4.1. Friday:

IV.4.2.1. Session I, from 09.00.00 to 11.30.00 used by the Securities Exchange Member to input results of bid-offer agreement to JATS and the counter party Securities Exchange Member confirms such results of bid-offer.

IV.4.2.2. Session II, from 14.00.00 to 16.15.00 used by the Securities Exchange

Member to input results of bid-offer agreement to JATS and the counter party Securities Exchange Member confirms such results of bid-offer.

IV.5. Taking into account the Exchange trading conditions, the Exchange may change the trading

hours as referred to provisions IV.2. until IV.4. of this Rule by the Decision of the Board of Directors subject to the approval from Bapepam and LK. The changing of the said trading hours shall be announced at the Exchange and shall be effective not earlier than 3 (three) Exchange Days as of the announcement date.

V. CLIENT ORDER

V.1. The Securities Exchange Member who receives order from its client to perform selling and or buying transaction on Equity-Type Securities listed at the Exchange, is obliged to carry out such transaction at the Exchange by means of JATS.

V.2. The Securities Exchange Member is obliged to verify on each order received from its client,

for supporting internal control and to avoid any irregular transaction. V.3. Selling offer and or buying demand which may be executed at the Exchange by the

Securities Exchange Member shall only be limit order namely the orders executed by the Securities Exchange Member up to the parameter and the price limit determined by its client.


V.4. Each instruction, and selling offer and or buying demand, must be recorded at the Marketing

department or function, which contains:

V.4.1. date, time and order serial number; V.4.2. client’s account number; V.4.3. type of order (sell/buy); V.4.4. amount of order; V.4.5 name or code of the Securities; V.4.6. order price; V.4.7 time duration (day order or session order); V.4.8. information of the client’s status (foreign/local and Trading-ID); V.4.9 type of market (Regular Market, Cash Market, and Negotiation Market).

V.5. Selling offer and or buying demand that has been approved by the Securities Exchange Member must be forwarded to JATS one by one per client order (not altogether jointly) based on the approval time sequence (time priority) of such order, except for purposes of Collective Investment Contract submitted by Investment Manager.

V.6. Selling offer and or buying demand inputted to JATS must be accompanied with Trading-ID

data of each client or special Trading-ID for purposes of meeting the excepted client’s order as referred to in the provision V.5 of this Rule.

V.7. The Securities Exchange Member may only submit selling and or buying consignment order

to other Securities Exchange Member if the relevant Securities Exchange Member in a situation of being imposed of temporary restriction of performing trading activity at the Exchange (suspension) or the Securities Exchange Member trading system experience disruption, under condition:

V.7.1. In the event that the relevant Securities Exchange Member in a situation of being

imposed of temporary restriction of performing trading activity at the Exchange (suspension), then:

V.7.1.1. the selling and or buying consignment order is for the interest of

Exchange Transaction settlement performed prior to the relevant Securities Exchange Member being imposed of suspension; and or

V.7.1.2. selling and or buying consignment order is performed in the event of

lack of MKBD as referred to in Bapepam Rule Number V.D.5 concerning Maintenance and Reporting of Net Adjusted Working Capital shall be performed as follows:

V.7.1.2.1. for reducing short position or long position on its own


portfolio; V.7.1.2.2. for client interest as long as it is not increasing the debt

balance and or Short Position on the client Securities account, in the event of lacking MKBD not exceeding 20% (twenty percent);

V.7.1.2..3. implementing or selling Right Issue for owns portfolio

interest or the client.

V.7.1.3. selling consignment order with respect to Securities selling interest (forced sell) and or Securities buying (buy in) for fulfilling margin requirement as referred to in Bapepam and LK Rule Number V.D.6. concerning Financing for Securities Transaction Settlement by Securities Company for Clients And Short Selling Transaction By The Securities Company.

V.7.2. In the Event of the Securities Exchange Member trading system experiencing

disruption or damage including the Business Continuity Plan system (BCP) the Securities Exchange Member may perform selling consignment and or buying consignment order to the other Securities Exchange Member at the longest 20 (twenty) Exchange Days by initially reporting to the Exchange regarding such disruption or damage.

V.8. The Securities Exchange Member is obliged to enter into written agreement with other

Securities Exchange Member, which will receive selling and or buying consignment from the relevant Securities Exchange Member using the form which format and content as set out in attachment II-A.1 of this Rule and submitted to the Exchange at the latest prior to performance of the consignment order.

V.9. The Securities Exchange Member may only submit selling and or buying consignment as

referred to in provision V.7. of this Rule only to 1 (one) other Securities Exchange Member that has written agreement with the relevant Securities Exchange Member.

V.10. The Securities Exchange Member who receives selling and or buying consignment order

from other Securities Exchange Member as referred to in provision V.7. of this Rule is obliged to treat selling and or buying consignment order from such Securities Exchange Member equal to other clients order.

V.11. The Securities Exchange Member who gives and receives selling and or buying consignment

order from the other Securities Exchange Member as referred to in provision V.7. of this Rule, must submit order consignment report to the Exchange at the latest 17:00:00 WIB at the same Exchange Day of such transaction using the form whose format and content as set out in attachment II-A.1 of this Rule.

V.12. The Securities Exchange Member, which is under voluntary suspension, may give selling

and or buying consignment order for its own portfolio to another Securities Exchange Member.

V.13. The Securities Exchange Member may only take and carry out the Exchange Transaction

order for the interest of member of the Board of Commissioners, the Board of Directors and


or the employee of the relevant Securities Exchange Member, if the said Securities Exchange Member has had a written standard operating procedure regarding the implementation of the Exchange Transaction for the interest of the Board of Commissioners, the Board of Directors and or the employee of the relevant Securities Exchange Member, such procedure at least contains the followings:

V.13.1. obligation to open Securities Account; V.13.2. the principle of prioritizing the client’s interest; V.13.3. The Exchange Transaction shall not contravene the prevailing laws and

regulations; V.13.4. The Exchange Transaction is directly supervised by Director or Supervisory officer

through the Internet Control System of the relevant Securities Exchange Member.

VI. REGULAR MARKET AND CASH MARKET

VI.1. The Securities Exchange Member may input selling offer and or buying demand in accordance with the provision of round lot and Price Fraction by remaining subject to the provision of Auto Rejection.

VI.2. JATS performs matching the selling offer against buying demand either entirely or partially

based on price and time priority. VI.3. Exchange Transaction occurred and binding at the time the selling offer matches with buying

demand by JATS. VI.4. Trading Lot

VI.4.1. The Trading of Equity-Type Securities at Regular Market and Cash Market must be in equity-type securities trading lot (round lot) or its multiplication.

VI.4.2. One equity-type securities trading lot (round lot) consists of 100 (one hundred)

Equity-Type Securities.

VI.5. Price Fraction

VI.5.1. Price of Equity-Type Securities traded at Regular Market and Cash Market must be in accordance with Price Fraction or its multiplication.

VI.5.2. Price Fraction scale of Equity-Type Securities at Regular Market and Cash Market

is determined as follows:

VI.5.2.1. the price change fraction of Equity-Type Securities having Previous Price less than Rp500,- (five hundred rupiah) shall be Rp1,- (one rupiah) and the maximum permitted price change shall be Rp20,- (twenty rupiah);

VI.5.2.2. the price change fraction of Equity-Type Securities having Previous


Price between Rp500,- (five hundred rupiah) up to Rp5.000,- (five thousand rupiah) shall be Rp5,- (five rupiah) and the maximum permitted price change shall be Rp100,- (one hundred rupiah);

VI.5.2.3. the price change fraction of Equity-Type Securities having Previous

Price of Rp5.000,- (five thousand rupiah) or more shall be Rp25,- (twenty five rupiah) and the maximum permitted price change shall be Rp500,- (five hundred rupiah);

VI.5.3. Fraction scale and range of maximum price change as referred to in provision

VI.5.2. of this Rule, change instantly (real-time) based on selling offer price and or buying demand input to JATS in accordance with price range as referred to in provision VI.5.2. of this Rule.

VI.5.4. Range of Maximum price change may be performed as long as not exceeding the

percentage limit of Auto Rejection.

VI.6. The lowest price for shares traded at Regular Market and Cash Market shall be Rp. 50 (fifty rupiah).

VI.7. Auto Rejection

VI.7.1. In the implementation of trading of Equity-Type Securities at Regular Market and Cash Market, JATS will perform Auto Rejection, if:

VI.7.1.1 selling offer or buying demand Price of shares input to JATS is

smaller than Rp50 (fifty rupiah); VI.7.1.2. selling offer or buying demand Price of shares input to JATS is:

VI.7.1.2.1. more than 35% (thirty five percent) above or below Price Reference for shares with range of price is Rp50 (fifty rupiah) to Rp200 (two hundred rupiah);

VI.7.1.2.2. more than 25% (twenty five percent) above or below

Price Reference for shares with range of price is Rp200 (two hundred rupiah) to Rp5.000 (five thousand rupiah);

VI.7.1.2.3. more than 20% (twenty percent) above or below Price

Reference for shares with price above Rp5.000 (five thousand rupiah).

VI.7.2. In the implementation of trading of Equity-Type Securities at Regular Market and

Cash Market, JATS will perform Auto Rejection, if volume of selling offer or buying demand of Equity-Type Securities is exceeding 50,000 (fifty thousand) lots or 5% (five percent) of number of Securities listed at the Exchange (whichever smaller).

VI.7.3. Price Reference used for limitation of highest or lowest offer at Regular Market

and Cash Market on share input to JATS as referred to in provision VI.7.1.2.1. until VI.7.1.2.3 of this Rule stipulated based on:


VI.7.3.1 Opening Price at Regular Market for shares trading at Regular Market and Cash Market;

VI.7.3.2. The Previous Price if the Opening Price is not formed. VI.7.3.3. Theoretical Price of Corporate Action Result for shares of Listed

Company performing Corporate Action; or VI.7.3.4. The initial price of shares of listed company firstly traded at the

Exchange;

VI.7.4. By taking into account the trading condition at the Exchange, the Exchange may amend trading lot, Price Fraction and Auto Rejection as referred to in provisions VI.4., VI.5., VI.6. and VI.7. of this Rule with Decision of the Board of Directors subsequent to obtaining the approval of Bapepam and LK. The amendment of such round lot, Price Fraction and Auto Rejection shall be announced at the Exchange and commencing to be effective by the earliest 3 (three) Exchange Days as of the announcement.

VI.8. Implementation of Trading at Pre-opening Session

VI.8.1. Shares to be traded at Pre-opening session stipulated by the Exchange by means of Announcement at the latest 1 (one) Exchange Day prior to such shares traded at Pre-opening session.

VI.8.2 Shares to be traded at Pre-opening session shall be shares included in Index LQ-45

calculation and other shares determined in accordance with the Exchange policy. VI.8.3 The bid-offer price at Pre-opening session shall refer to Previous Price or

Theoretical Price of shares of Corporate Action Result. VI.8.4. Selling offer and or buying demand input at Pre-opening session may be changed

and or cancelled by the relevant Securities Exchange Member to the extent that such cancellation and or change still performed within time as referred to in provisions IV.2.1.1.1 and IV.2.2.1.1 of this Rule.

VI.8.5. The Opening Price is formed based on accumulation of the most amount of total

selling offer and buying demand that can be matched by JATS on particular price. VI.8.6. All selling offer and or buying demand which has not matched by JATS (open

order) at Pre-opening session, will be automatically continued to trading session I by JATS, unless the Price of such selling offer and or buying demand exceeding the limit of Auto Rejection.

VI.9. Bid-Offer Process at Regular Market and Cash Market

VI.9.1. The bid-offer Price at the Regular Market and the Cash Market for shares with Opening Price refers to the Opening Price.

VI.9.2. The bid-offer Price at the Regular Market and the Cash Market for shares without


Opening Price refers to:

VI.9.2.1. The Previous Price of share being traded at the Exchange; VI.9.2.2. The Theoretical Price of Corporate Action Result for share of Listed

Company conducting Corporate Action; VI.9.2.3. The initial price for shares of Listed Company being firstly traded at

the Exchange;

VI.9.3. Selling offer and or buying demand at the Regular Market and Cash Market which already input to JATS shall be processed by JATS by taking into account price priority, meaning buying demand at higher price has priority toward buying demand at lower Price, while selling offer at lower Price has priority against selling offer on higher Price.

VI.9.4. In the event that selling offer or buying demand at Regular Market and Cash

Market are submitted at the same Price, JATS shall give priority to buying demand or selling offer submitted earlier (time priority).

VI.9.5. Prior to Exchange Transaction occurred, the Securities Exchange Member may

amend the selling offer and or buying demand at Regular Market and Cash Market that already input to JATS, under conditions:

VI.9.5.1 The decrease of Securities amount on JATS either on selling offer or

buying demand at the Regular Market and the Cash Market for the same price level shall not result in the lost of time priority.

VI.9.5.2. The increase of Securities amount either in the selling offer or buying

demand at the Regular Market or Cash Market for the same price level is conducted by entering the new selling or buying demand into JATS and it will be considered as the new selling order or buying demand.

VI.9.6. All selling offer and buying demand which has not been matched by JATS (open

order) at Session II will be automatically continued to the Pre-closing session trading by JATS.

VI.10. Trading Implementation at Pre-closing Session

VI.10.1. At the Pre-closing Session, the Securities Exchange Member may input selling offer and or buying demand in accordance with the provision of round lot and Price Fraction by remaining subject to the provision of Auto Rejection.

VI.10.2. Selling offer and or buying demand input at Pre-closing session may be changed

and or cancelled by the relevant Securities Exchange Member to the extent that such cancellation and or change still performed within time as referred to in provisions IV.2.1.4.1 and IV.2.2.4.1 of this Rule.

VI.10.3. The Closing Price is formed based on accumulation of the most amount of total

selling offer and buying demand that can be matched on particular price.


VI.10.4. All selling offer and or buying demand which has not been matched by JATS (open order) at Pre-closing session will be automatically continued to Post Closing trading session by JATS.

VI.10.5. If the Closing Price is not formed, then the Closing Price shall be established based

on Price of Exchange Transaction lastly occurred.

VI.11. Trading Implementation at Post-trading Session

VI.11.1. The Equity-Type Securities that can be traded at Post-trading Session shall be all Equity-Type Securities, except Pre-emptive Rights.

VI.11.2. The Securities Exchange Member may only input selling offer and or buying

demand at the Closing Price. VI.11.3. Changes in the selling offer and or buying demand at the Post-trading session may

only be made at the Closing Price.

VI.12. The Exchange transaction settlement at Regular Market and Cash Market.

VI.12.1. Settlement of Exchange Transaction at Regular Market and Cash Market is guaranteed by KPEI in accordance with provisions of Bapepam Rule Number III-B.6 concerning Exchange Transaction Settlement Guarantee and KPEI rule.

VI.12.2. Settlement of Exchange Transaction at Regular Market and Cash Market is carried

out in KSEI after been through Clearing in Netting manner by KPEI. VI.12.3. The Exchange Transaction of the Regular Market must be settled on the third

Exchange Day after the completion of the Exchange Transaction (T+3). VI.12.4. The Exchange Transaction of the Cash Market must be settled on the same day as

the completion of the Exchange Transaction (T+0). VI.12.5. The right and obligation of each Securities Exchange Member pertaining to the

Exchange Transaction conducted at the Regular Market and the Cash Market as referred to in DTB will be determined by KPEI on each Exchange Day and they are stated in the DHK.

VI.12.6. The electronic data of DHK for the trading session I must be provided by KPEI at

the latest at 13.00.00 WIB, for the trading session II at 19.30.00 WIB and for the printed document at the latest at 09.00.00 WIB on the subsequent Exchange Day.

VI.12.7. The DHK shall at least contain the following information:

VI.12.7.1. code and number of Equity-Type Securities and aggregate Alternative

Cash Settlement on the obligation to deliver the Equity-Type Securities by the Securities Exchange Member to KPEI on particular date for each type of Equity-Type Securities transacted at the Exchange;

VI.12.7.2. code and number of Equity-Type Securities and a sums of Alternative


Cash Settlement on the Equity-Type Securities which will be received by the Securities Exchange Member from KPEI on particular date for each type of Securities transacted at the Exchange;

VI.12.7.3. the sum of money to be submitted by the Securities Exchange

Member to KPEI or the sum of money to be received by the said Securities Exchange Member from KPEI on a certain date, if any;

VI.12.7.4. the settlement date of the transaction; VI.12.7.5. the transaction number.

VI.12.8. The transaction settlement pursuant to the DHK must be made by the Securities Exchange Member to KPEI at the latest at 12.15.00 WIB and by KPEI to the Securities Exchange Member at the latest at 13.30.00 WIB on the date as determined in the DHK.

VI.12.9. The transaction settlement shall be made through a book transfer of Equity- Type

Securities and or fund to the Securities account of the receiving Securities Exchange Member in accordance with the rules of KPEI and KSEI.

VI.12.10.The Securities Exchange Member delivering the Securities must settle its obligation

as follows:

VI.12.10.1. book transfer the said Equity-Type Securities to the relevant delivering Securities account at KSEI, at the latest at 12:15:00 WIB on the date as determined in the DHK; or

VI.12.10.2. make a lending and borrowing arrangement of Securities with KPEI

and informing KPEI that its obligation to submit the Equity-Type Securities on the date determined in the DHK will be settled by using the Securities borrowed from KPEI;

VI.12.10.3. purchase the said Equity-Type Securities through Cash Market

where the Exchange Transaction settlement due on the same date as the obligation of the said Equity-Type Securities delivery settlement date;

VI.12.10.4. deliver the Alternative Cash Settlement on the date as determined in

the DHK in accordance with provision VI.12.12. of this Rule; or VI.12.10.5. combine a part of or the entire methods of the provisions VI.12.10.1.

until VI.12.10.4. of this Rule.

VI.12.11. The Securities Exchange Member must settle its obligation to submit the fund to KPEI by way of transferring the fund to the delivering Securities account and or collateral account at KSEI at the latest at 12:15:00 WIB on the date as determined in the DHK.

VI.12.12. In the event the Securities Exchange Member obligation to submit the Equity-

Type Securities is not carried out in accordance with the provisions VI.12.10.1,


VI.12.10.2 and VI.12.10.3 of this Rule, then the said Securities Exchange Member must settle its obligation by paying the alternative cash settlement amounting to 125% (one hundred twenty five percent) of the highest price of the similar Equity-Type Securities at:

VI.12.12.1. Regular Market and Cash Market which settlement is due on the

same date; and VI.12.12.2. session I of Regular Market on the transaction settlement due date

as referred to in the provision of VI.12.12.1. of this Rule.

VI.12.13. The Securities Exchange Member receiving Securities must receive the Alternate Cash Settlement as referred to in the provisions of VI.12.12. of this Rule.

VI.12.14. On every Exchange Day at the latest at 12:30:00 WIB, KSEI must submit a report

to KPEI regarding the balance of the Securities and fund in the delivering Securities account of each of the Securities Exchange Member.

VI.12.15. In implementing its obligation to deliver the Equity-Type Securities and or fund

to the Securities Exchange Member, KPEI must settle by way of book transferring of the Securities and or fund to the receiving Securities account and or the collateral account of the Securities Exchange Member at KSEI, at the latest at 13:30:00 WIB on the date as determined in the DHK.

VI.12.16. KPEI shall provide the Obligation Settlement Report (LPK) at the latest at

19:30:00 WIB on every Exchange Day so that it can be accessed by Securities Exchange Member.

VI.12.17.LPK as referred to in the provision of number VI.12.16. of this Rule shall at least

contain the following information:

VI.12.17.1. The name of the Securities Exchange Member; VI.12.17.2. LPK date; VI.12.17.3. Securities code and Equity-Type Securities amount submitted by

the selling Securities Exchange Member to KPEI; VI.12.17.4. Securities code and Equity-Type Securities amount submitted by

KPEI to the buying Securities Exchange Member; VI.12.17.5. the amount transferred to KPEI by the buying Securities Exchange

Member; VI.12.17.6. the amount transferred to the selling Securities Exchange Member

by KPEI; VI.12.17.7. the amount to be paid to KPEI by the selling Securities Exchange

Member who has not fulfilled its obligation at the time stipulated in the DHK;


VI.12.17.8. the Securities code and the Equity-Type Securities amount retained by KPEI due to the non-fulfilled liability of the Securities Exchange Member;

VI.12.17.9. descriptions in respect of the Equity-Type Securities and or the

amount retained in the collateral Securities account of the said Securities Exchange Member, and clarification from KPEI that the allocation of sale proceeds of such Equity-Type Securities will be used to settle Securities Exchange Member liability.

VI.12.18. In the event the Securities Exchange Member has not fulfilled its obligation to

pay KPEI as stipulated in the DHK, then the liability of the said Securities Exchange Member must be settled in accordance with the KPEI Rule.

VI.12.19. If KPEI report indicates that the said Securities Exchange Member has not

fulfilled the settlement of its liability in respect of the Exchange Transaction in accordance with the prevailing rules, then the Exchange will ban the relevant Securities Exchange Member in conducting Securities trading activity at the Exchange until confirmation of KPEI of such fulfillment of liability and such Securities Exchange Member may be sanctioned in accordance with the Membership Exchange Rules concerning sanctions.

VII. NEGOTIATION MARKET

VII.1. Equity-Type Securities trading in Negotiation Market shall use sheet unit. VII.2. Price of Equity-Type Securities traded in Negotiation Market shall be determined based on

agreement between the selling Securities Exchange Member and buying Securities Exchange Member without referring to Price Fraction scale.

VII.3. Trading implementation in Negotiation Market

VII.3.1. The Equity-Type Securities trading in Negotiation Market shall be conducted through individual bid-offer process (direct negotiation) amongst the Securities Exchange Members or between clients of the Securities Exchange Members, or between client and his Securities Exchange Member which afterwards the said bid-offer agreement shall be processed through JATS.

VII.3.2. Results of the bid-offer agreement as referred to in the provision VII.3.1. of this

Rule occurred and binding as the Exchange Transaction when confirmed by counter party Securities Exchange Member.

VII.3.3. For Securities Exchange Member that does not have counter party yet in

Negotiation Market may submit the information concerning selling offer and or buying demand of Equity-Type Securities in Negotiation Market by means of information display (advertising).

VII.3.4. Securities Exchange Member who provides information of selling offer and or

buying demand through information display may change or cancel such selling offer and or buying demand.


VII.3.5. In case that Exchange Transaction Price in Negotiation Market as referred to in the

provision VII.3.1 of this Rule exceeds the Auto Rejection limit as stipulated at the Regular Market, then the relevant Securities Exchange Member must report to the Exchange on reasons and objectives for such transaction at the latest than subsequent Exchange day, except for shares with minimum Price as referred to in the provisions of VI.6. of this Rule. The report shall use a form whose format and content as set out in attachment II-A.3 of this Rule.

VII.3.6. The Exchange deserves the right to inform the Tax Office on reasons and

objectives for the transaction as referred to in the provisions of VII.3.5 of this Rule.

VII.4. The Exchange Transaction settlement at Negotiation Market

VII.4.1. The Exchange Transaction settlement due date at Negotiation Market shall be determined as follows:

VII.4.1.1. in accordance with an agreement between the selling Securities

Exchange Member and the buying Securities Exchange Member and shall be settled in Per-transaction manner.

VII.4.1.2. At the latest at the third Exchange Day after the transaction occurred

(T+3), in case the selling Securities Exchange Member and the buying Securities Exchange Member do not determine time for the Exchange Transaction settlement.

VII.4.1.3. On the same Exchange Day as the transaction occurrence (T+0),

special for the last Exchange Day of trade of the Preemptive Rights.

VII.4.2. Rights and obligations of each Securities Exchange Member pertaining to the Exchange Transaction conducted at the Negotiation market as referred to in DHK shall be provided by KPEI at the latest at 19.30.00 WIB and for printed document at the latest at 09.00.00 WIB on the subsequent Exchange Day.

VII.4.3. Settlement of Exchange Transaction in Negotiation Market is performed Per-

transaction in accordance with KSEI Rule and not be guaranteed by KPEI. VII.4.4. Based on DHK as referred to in the provision VII.4.2. of this Rule, the selling

Securities Exchange Member and the buying Securities Exchange Member shall make the Exchange Transaction settlement through direct book transferring of Equity-Type Securities with or without fund to the Securities account of the receiving Securities Exchange Member.

VII.4.5. In case the selling Securities Exchange Member and the buying Securities

Exchange Member agree to settle the Exchange Transaction in Negotiation Market without delivering Securities and fund, then the Securities Exchange Member is obliged to report such agreement to KSEI with copy to the Exchange.


IX. TRADING FOR SPECIAL CONDITION

VIII.1. Implementation of Auto Rejection for the initial public offering of shares at the Exchange shall be stipulated 2 (two) times of percentage of Auto Rejection limit as referred to in the provisions of VI.7.1.2. of this Rule.

VIII.2. Buying offer inputted by the Securities Exchange Member in term of shares prices

stabilization must be performed in accordance with Regulation of Bapepam and LK concerning stabilization of Securities or shares Prices.

VIII.3. Buying offer inputted to JATS by the Securities Exchange Member as referred to in the

provision of VIII.2. of this Rule must be given a special mark “-SH” on the Trading-ID. VIII.4. The implementation of trading of Equity-Type Securities of Listed Company That Performed

Corporate Action.

VIII.4.1. Securities trading that is containing rights (cum period) shall expire on:

VIII.4.1.1. The 3rd (third) Exchange Day prior to recording date of shareholders that obtain rights (recording date), for trading at Regular Market and Negotiation Market;

VIII.4.1.2. The same Exchange Day as the implementation of recording date, for

trading in Cash Market.

VIII.4.2. Shares trading that is not containing rights (ex period) shall be commenced on the next Exchange Day subsequent to the expiration of cum period.

VIII.4.3. In the event that Listed company perform Corporate Action resulting the change of

nominal value of the shares (stock split or reverse stock) and change on listed securities due to acquisition or merger, the Exchange shall negate trading in Cash Market on such Listed Company Securities for 3 (three) Exchange Days as of the expiration of cum period at Regular Market.

VIII.4.4. To provide opportunity to exchange Warrant into Shares the Warrant trading shall

expire at the latest:

VIII.4.4.1. 4 (four) Exchange Days prior to the Warrant maturity for Warrant trading at Regular Market;

VIII.4.4.2. 1 (one) Exchange Day prior to the due date of such Warrant trading in

Cash Market.

VIII.4.5. In the event that the Listed Company performs Corporate Action of issuing Warrant as a result of exercise of the Pre-emptive Rights (HMETD), the Exchange will suspend Warrant trading at all markets from the beginning of exercise of HMETD until such Warrant issued and available.


IX. CORRECTION OF EXCHANGE TRANSACTION

IX.1. In the event of Exchange Transaction mistakes occurred in Negotiation Market caused by the mistake of Securities Exchange Member in inputting the consensus data in Negotiation Market, then such Securities Exchange Member may submit an application to perform correction of Exchange Transaction under conditions as follows:

IX.1.1. the implementation of correction of Exchange Transaction occurred in Negotiation

Market is approved by buying Securities Exchange Member and selling Securities Exchange Member;

IX.1.2. submitting a written application for correction of Exchange Transaction occurred

in Negotiation Market by the latest at 16.20.00 JATS Time using a form whose format and content as set out in attachment II-A.4 of this Rule;

IX.1.3. correction of Exchange Transaction occurred in Negotiation Market may only be

performed for errors in volume data and or Equity-Type Securities price and or client ownership status;

IX.2. In the event of Trading-ID mistake at the Exchange Transaction as stipulated in the provision

of V.6. of this Rule, the Securities Exchange Member may submit an application to the Exchange using a form whose format and content as set out in the attachment II-A.5 of this Rule and received by the Exchange at the latest:

IX.2.1. at 12.05.00 JATS Time for transactions in Cash Market; or IX.2.2. at 16.20.00 JATS Time for transactions at the Regular Market and Negotiation

Market.

IX.3. The Exchange deserves the right to approve or reject application for the Exchange Transaction correction submitted by the Securities Exchange Member.

IX.4. each implementation of the Securities Exchange correction is subject to penalty which

amount stipulated in accordance with the Exchange Policy.

X. TRADING SUSPENSION

X.1. For the purpose of organizing an orderly, fair and efficient Securities trading, The Exchange may perform:

X.1.1. Temporary suspension of Securities trading at the Exchange, in the event of:

X.1.1.1. technical problem on JATS and or Remote Trading System caused by:

X.1.1.1.1. data application or system error; X.1.1.1.2. Trading Machine capacity is overload;


X.1.1.1.3. transaction machine is out of order; X.1.1.1.4. disconnection of Remote Trading link; X.1.1.1.5. technical problem on JATS supporting infrastructure.

X.1.1.2. Occurrence of Technical problem in the clearing and guarantee system of KPEI and or custodian and settlement system at KSEI that resulting in the inability to process guarantee and or settlement of Exchange Transaction.

X.1.1.3. The occurrence of market panic in performing selling and buying

transaction which resulting in the Indonesia Composite Index (IHSG) experiencing significant decrease.

X.1.1.4. Disaster, inter alia: earthquake, flood, fire. X.1.1.5. The occurrence of safety, social and political disruption inter alia:

rebellion, bomb explosion, riots, turmoil, sabotage, strike and epidemic.

X.1.1.6. The occurrence of disruption on social infrastructures such as

electricity, telecommunication and transportation line.

X.1.2. Temporary Suspension of trading implementation upon particular Securities at the Exchange if there is unnatural price movement on such Securities is detected.

X.2. The Exchange may suspend the trading as referred to in the provision of number X.1.1.3. of

this Rule in maximum, 1 (one) trading session. X.3. In the event the suspension of trading as referred to in the provision X.2. of this Rule exceeds

1 (one) trading session, then the Exchange will continue the said suspension after obtaining an approval from Bapepam and LK.

X.4. In the event the Exchange suspends the Securities trading as referred to in the provision of

number IV.1. of this Rule:

X.4.1. The Exchange Transaction occurred prior to discontinuance of trading shall remain valid;

X.4.2. The Exchange Transaction as referred to in the provision X.4.1. of this Rule may

be declared invalid, if there is an inconsistency of data, data error and or the loss of data of the Exchange Transaction in JATS which resulted from the failure of JATS.

X.5. The Exchange suspends the trading of Pre-emptive Rights and or Warrant if the shares

trading that becomes basis of the issuance of Preemptive Right and or Warrant is suspended. X.6. In order to maintain the continuity of the Securities trading at the Exchange, the Exchange

may apply another trading system and procedure in accordance with the business continuity plan approved by Bapepam and LK.


XI. TRANSACTION COST

XI.1. The Securities Exchange Member is obliged to pay transaction cost to the Exchange (excluding clearing and settlement cost) calculated based on value per transaction of the relevant Securities Exchange Member as follows:

XI.1.1. for transaction at Regular Market and Cash Market amounting to 0.018% (zero

point zero one eight percent) of per transaction value; XI.1.2. for transaction in Negotiation Market based on the Exchange policy; XI.1.3. transaction cost as referred to in provision XI.1.1. of this Rule shall be minimum

Rp20,000,000 (twenty million Rupiah) per month as contribution on facilities provided by the Exchange to the Securities Exchange Member and shall remain applicable for the Securities Exchange Member in suspension condition or Exchange Member Approval Letter (SPAB) is frozen.

XI.2. The payment as referred to in the provision XI.1. of this Rule shall be subject to Value

Added Tax and other tax obligations through the Exchange as Tax Levied Obligatory. XI.3. The transaction fees payment and tax obligations as referred to in the provision of numbers

XI.1. and XI.2. of this Rule must be fully and effectively paid up into the Exchange account every month, at the latest the 12th (twelfth) calendar day of the subsequent month.

XI.4. In the event the 12th (twelfth) calendar day as referred to in the provision of number XI.3. of

this Rule falls on Saturday or Sunday or holiday then the said obligation shall be effective on the following business day.

XI.5. The delay of the transaction fees payment as referred to in the provision of number XI.3. of

this Rule shall be subject to 1% (one percent) fine of the total fees payable for each delayed calendar day.

XI.6. The delay in VAT payment and other tax obligations shall be subject to a substitute fees

spent by the Exchange plus an interest of 1% (one percent) of the total tax obligation payable for each delayed calendar day.

XI.7. The Securities Exchange Member who has not fulfilled its obligations within 5 (five)

Exchange Days after the elapsed of time as referred to in the provision of number XI.3. of this Rule, will be imposed a fine as referred to in the provision of numbers XI.5. and XI.6. of this Rule, and shall also be suspended until the settlement of the entire transaction cost payment obligation and its penalty.

XII. SECURITIES TRADING COMMITTEE

XII.1. Securities Trading Committee consist of 9 (nine) professionals or practitioners who have integrity and understand shares trading, derivatives and notes.

XII.2. In the implementation of its duties, Committee is led by a coordinator appointed by and


amongst committee member. XII.3. Membership of the Committees is for period of 2 (two) years and may be extended or

reelected. XII.4. The Exchange may request the Securities Trading Committee to give its opinion or

consideration in relevant decision making with:

XII.4. 1. The issuance, amendment or implementation of Securities Trading Rule. XII.4.2. Resolving problems in respect to the implementation of Securities trading at the

Exchange. XII.4.3. Settlement of dispute occurred amongst Securities Exchange Member as a result of

Securities trading implementation at the Exchange. XII.4.4. Stipulation of Margin Securities, Short Selling Securities and or Guarantee

Securities as referred to in Rule Number II-H Concerning Requirements And Margin Transaction In Securities Trading And Short Selling Transaction.

XII.5. Requirements, procedures and appointment of Securities Trading Committee stipulated

further in the Decision of the Board of Directors of the Exchange.

Stipulated in : Jakarta On : 8 November 2013

The Indonesia Stock Exchange Inc.

Ito Warsito Samsul Hidayat President Director Director

Documents

BEI Rule II-A