PEFINDO BETA STOCK. Edition: 13-November Page 1 of 11

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1 1. ABBA Mahaka Media Tbk ABDA Asuransi Bina Dana Arta Tbk ACES Ace Hardware Indonesia Tbk ADES Akasha Wira International Tbk ADHI Adhi Karya (Persero) Tbk ADMF Adira Dinamika Multi Finance Tbk ADMG Polychem Indonesia Tbk AGRO Bank Rakyat Indonesia Agroniaga Tbk AHAP Asuransi Harta Aman Pratama Tbk AISA Tiga Pilar Sejahtera Food Tbk AKPI Argha Karya Prima Industry Tbk AKRA AKR Corporindo Tbk ALDO Alkindo Naratama Tbk ALKA Alakasa Industrindo Tbk ALMI Alumindo Light Metal Industry Tbk AMAG Asuransi Multi Artha Guna Tbk AMFG Asahimas Flat Glass Tbk AMRT Sumber Alfaria Trijaya Tbk ANTM Aneka Tambang (Persero) Tbk APEX Apexindo Pratama Duta Tbk APIC Pacific Strategic Financial Tbk APLI Asiaplast Industries Tbk APLN Agung Podomoro Land Tbk APOL Arpeni Pratama Ocean Line Tbk ARII Atlas Resources Tbk ARNA Arwana Citramulia Tbk ARTA Arthavest Tbk ASBI Asuransi Bintang Tbk ASDM Asuransi Dayin Mitra Tbk ASGR Astra Graphia Tbk ASII Astra International Tbk ASJT Asuransi Jasa Tania Tbk ASRI Alam Sutera Realty Tbk ASRM Asuransi Ramayana Tbk ATPK ATPK Resources Tbk AUTO Astra Otoparts Tbk BABP Bank ICB Bumiputera Tbk BACA Bank Capital Indonesia Tbk BAPA Bekasi Asri Pemula Tbk BATA Sepatu Bata Tbk Page 1 of 11

2 41. BAYU Bayu Buana Tbk BBCA Bank Central Asia Tbk BBKP Bank Bukopin Tbk BBLD Buana Finance Tbk BBRI Bank Rakyat Indonesia (Persero) Tbk BBTN Bank Tabungan Negara (Persero) Tbk BCAP MNC Kapital Indonesia Tbk BCIP Bumi Citra Permai Tbk BEKS Bank Pundi Indonesia Tbk BFIN BFI Finance Indonesia Tbk BHIT MNC Investama Tbk BIPI Benakat Petroleum Energy Tbk BIPP Bhuwanatala Indah Permai Tbk BISI BISI International Tbk BJBR Bank Pembangunan Daerah Jawa Barat dan Bante BKDP Bukit Darmo Property Tbk BKSW Bank QNB Kesawan Tbk BMRI Bank Mandiri (Persero) Tbk BMTR Global Mediacom Tbk BNBA Bank Bumi Arta Tbk BNBR Bakrie & Brothers Tbk BNGA Bank CIMB Niaga Tbk BNLI Bank Permata Tbk BORN Borneo Lumbung Energi & Metal Tbk BPFI Batavia Prosperindo Finance Tbk BRAM Indo Kordsa Tbk BRAU Berau Coal Energy Tbk BRMS Bumi Resources Minerals Tbk BRNA Berlina Tbk BSDE Bumi Serpong Damai Tbk BSIM Bank Sinarmas Tbk BSWD Bank Of India Indonesia Tbk BTEK Bumi Teknokultura Unggul Tbk BTPN Bank Tabungan Pensiunan Nasional Tbk BUDI Budi Starch & Sweetener Tbk BUMI Bumi Resources Tbk BUVA Bukit Uluwatu Villa Tbk BVIC Bank Victoria International Tbk BWPT BW Plantation Tbk BYAN Bayan Resources Tbk Page 2 of 11

3 81. CEKA Wilmar Cahaya Indonesia Tbk CFIN Clipan Finance Indonesia Tbk CKRA Cakra Mineral Tbk CLPI Colorpak Indonesia Tbk CMPP Centris Multipersada Pratama Tbk COWL Cowell Development Tbk CPIN Charoen Pokphand Indonesia Tbk CPRO Central Proteinaprima Tbk CSAP Catur Sentosa Adiprana Tbk CTBN Citra Tubindo Tbk CTRA Ciputra Development Tbk CTRP Ciputra Property Tbk CTRS Ciputra Surya Tbk CTTH Citatah Tbk DART Duta Anggada Realty Tbk DEFI Danasupra Erapacific Tbk DEWA Darma Henwa Tbk DGIK Nusa Konstruksi Enjiniring Tbk DILD Intiland Development Tbk DLTA Delta Djakarta Tbk DOID Delta Dunia Makmur Tbk DPNS Duta Pertiwi Nusantara Tbk DSFI Dharma Samudera Fishing Industries Tbk DSSA Dian Swastatika Sentosa Tbk DUTI Duta Pertiwi Tbk DVLA Darya-Varia Laboratoria Tbk EKAD Ekadharma International Tbk ELSA Elnusa Tbk ELTY Bakrieland Development Tbk EMDE Megapolitan Developments Tbk EMTK Elang Mahkota Teknologi Tbk ENRG Energi Mega Persada Tbk ERTX Eratex Djaja Tbk ESTI Ever Shine Tex Tbk ETWA Eterindo Wahanatama Tbk EXCL XL Axiata Tbk FAST Fast Food Indonesia Tbk FASW Fajar Surya Wisesa Tbk FISH FKS Multi Agro Tbk FMII Fortune Mate Indonesia Tbk Page 3 of 11

4 121. FORU Fortune Indonesia Tbk FPNI Lotte Chemical Titan Tbk FREN Smartfren Telecom Tbk GDST Gunawan Dianjaya Steel Tbk GDYR Goodyear Indonesia Tbk GEMA Gema Grahasarana Tbk GGRM Gudang Garam Tbk GIAA Garuda Indonesia (Persero) Tbk GJTL Gajah Tunggal Tbk GMCW Grahamas Citrawisata Tbk GOLD Golden Retailindo Tbk GPRA Perdana Gapuraprima Tbk GREN Evergreen Invesco Tbk GSMF Equity Development Investment Tbk GZCO Gozco Plantations Tbk HADE HD Capital Tbk HDFA HD Finance Tbk HERO Hero Supermarket Tbk HEXA Hexindo Adiperkasa Tbk HMSP H.M. Sampoerna Tbk HOME Hotel Mandarine Regency Tbk IATA Indonesia Air Transport Tbk ICBP Indofood CBP Sukses Makmur Tbk IGAR Champion Pacific Indonesia Tbk IIKP Inti Agri Resources Tbk IKAI Intikeramik Alamasri Industri Tbk IKBI Sumi Indo Kabel Tbk IMAS Indomobil Sukses Internasional Tbk INAF Indofarma Tbk INAI Indal Aluminium Industry Tbk INCI Intanwijaya Internasional Tbk INCO Vale Indonesia Tbk INDF Indofood Sukses Makmur Tbk INDR Indo-Rama Synthetics Tbk INDS Indospring Tbk INDX Tanah Laut Tbk INDY Indika Energy Tbk INKP Indah Kiat Pulp & Paper Tbk INTA Intraco Penta Tbk INTP Indocement Tunggal Prakasa Tbk Page 4 of 11

5 161. INVS Inovisi Infracom Tbk IPOL Indopoly Swakarsa Industry Tbk ISAT Indosat Tbk JAWA Jaya Agra Wattie Tbk JECC Jembo Cable Company Tbk JIHD Jakarta International Hotels & Development Tbk JKON Jaya Konstruksi Manggala Pratama Tbk JKSW Jakarta Kyoei Steel Works Tbk JPFA Japfa Comfeed Indonesia Tbk JPRS Jaya Pari Steel Tbk JSMR Jasa Marga (Persero) Tbk JTPE Jasuindo Tiga Perkasa Tbk KAEF Kimia Farma Tbk KARW ICTSI Jasa Prima Tbk KBLI KMI Wire & Cable Tbk KBLM Kabelindo Murni Tbk KBLV First Media Tbk KBRI Kertas Basuki Rachmat Indonesia Tbk KDSI Kedawung Setia Industrial Tbk KIAS Keramika Indonesia Assosiasi Tbk KICI Kedaung Indah Can Tbk KKGI Resource Alam Indonesia Tbk KLBF Kalbe Farma Tbk KOIN Kokoh Inti Arebama Tbk KONI Perdana Bangun Pusaka Tbk KPIG MNC Land Tbk KRAS Krakatau Steel (Persero) Tbk KREN Kresna Graha Sekurindo Tbk LAMI Lamicitra Nusantara Tbk LAPD Leyand International Tbk LCGP Laguna Cipta Griya Tbk LMAS Limas Centric Indonesia Tbk LMPI Langgeng Makmur Industri Tbk LMSH Lionmesh Prima Tbk LPCK Lippo Cikarang Tbk LPGI Lippo General Insurance Tbk LPIN Multi Prima Sejahtera Tbk LPKR Lippo Karawaci Tbk LPLI Star Pacific Tbk LPPF Matahari Department Store Tbk Page 5 of 11

6 201. LPPS Lippo Securities Tbk LTLS Lautan Luas Tbk MAIN Malindo Feedmill Tbk MAMI Mas Murni Indonesia Tbk MAPI Mitra Adiperkasa Tbk MASA Multistrada Arah Sarana Tbk MAYA Bank Mayapada Internasional Tbk MBSS Mitrabahtera Segara Sejati Tbk MBTO Martina Berto Tbk MCOR Bank Windu Kentjana International Tbk MDLN Modernland Realty Ltd. Tbk MDRN Modern Internasional Tbk MEDC Medco Energi International Tbk MERK Merck Tbk META Nusantara Infrastructure Tbk MFIN Mandala Multifinance Tbk MFMI Multifiling Mitra Indonesia Tbk MICE Multi Indocitra Tbk MIDI Midi Utama Indonesia Tbk MIRA Mitra International Resources Tbk MITI Mitra Investindo Tbk MKPI Metropolitan Kentjana Tbk MLBI Multi Bintang Indonesia Tbk MLIA Mulia Industrindo Tbk MLPL Multipolar Tbk MNCN Media Nusantara Citra Tbk MPPA Matahari Putra Prima Tbk MRAT Mustika Ratu Tbk MTDL Metrodata Electronics Tbk MTLA Metropolitan Land Tbk MYOH Samindo Resources Tbk MYOR Mayora Indah Tbk NIKL Pelat Timah Nusantara Tbk NIPS Nipress Tbk OCAP Onix Capital Tbk OKAS Ancora Indonesia Resources Tbk OMRE Indonesia Prima Property Tbk PANR Panorama Sentrawisata Tbk PBRX Pan Brothers Tbk PDES Destinasi Tirta Nusantara Tbk Page 6 of 11

7 241. PEGE Panca Global Securities Tbk PGAS Perusahaan Gas Negara (Persero) Tbk PGLI Pembangunan Graha Lestari Indah Tbk PICO Pelangi Indah Canindo Tbk PJAA Pembangunan Jaya Ancol Tbk PKPK Perdana Karya Perkasa Tbk PLIN Plaza Indonesia Realty Tbk PNBN Bank Pan Indonesia Tbk PNIN Panin Insurance Tbk PNLF Panin Financial Tbk PNSE Pudjiadi & Sons Tbk POOL Pool Advista Indonesia Tbk PRAS Prima Alloy Steel Universal Tbk PSAB J Resources Asia Pasifik Tbk PSDN Prasidha Aneka Niaga Tbk PTBA Tambang Batubara Bukit Asam (Persero) Tbk PTPP PP (Persero) Tbk PTRO Petrosea Tbk PTSN Sat Nusapersada Tbk PTSP Pioneerindo Gourmet International Tbk PUDP Pudjiadi Prestige Tbk PWON Pakuwon Jati Tbk PYFA Pyridam Farma Tbk RAJA Rukun Raharja Tbk RALS Ramayana Lestari Sentosa Tbk RBMS Ristia Bintang Mahkotasejati Tbk RELI Reliance Securities Tbk RICY Ricky Putra Globalindo Tbk RIGS Rig Tenders Indonesia Tbk RMBA Bentoel Internasional Investama Tbk RODA Pikko Land Development Tbk ROTI Nippon Indosari Corpindo Tbk RUIS Radiant Utama Interinsco Tbk SCCO Supreme Cable Manufacturing & Commerce Tbk SCMA Surya Citra Media Tbk SDMU Sidomulyo Selaras Tbk SDPC Millennium Pharmacon International Tbk SDRA Bank Himpunan Saudara 1906 Tbk SGRO Sampoerna Agro Tbk SHID Hotel Sahid Jaya International Tbk Page 7 of 11

8 281. SIAP Sekawan Intipratama Tbk SKYB Skybee Tbk SMAR Smart Tbk SMCB Holcim Indonesia Tbk SMDM Suryamas Dutamakmur Tbk SMDR Samudera Indonesia Tbk SMGR Semen Indonesia (Persero) Tbk SMMA Sinarmas Multiartha Tbk SMMT Golden Eagle Energy Tbk SMRA Summarecon Agung Tbk SMSM Selamat Sempurna Tbk SOBI Sorini Agro Asia Corporindo Tbk SPMA Suparma Tbk SQBI Taisho Pharmaceutical Indonesia Tbk SQMI Renuka Coalindo Tbk SRSN Indo Acidatama Tbk SSIA Surya Semesta Internusa Tbk SSTM Sunson Textile Manufacture Tbk STAR Star Petrochem Tbk STTP Siantar Top Tbk TBIG Tower Bersama Infrastructure Tbk TBLA Tunas Baru Lampung Tbk TBMS Tembaga Mulia Semanan Tbk TCID Mandom Indonesia Tbk TGKA Tigaraksa Satria Tbk TIFA Tifa Finance Tbk TINS Timah (Persero) Tbk TIRA Tira Austenite Tbk TIRT Tirta Mahakam Resources Tbk TKGA Permata Prima Sakti Tbk TKIM Pabrik Kertas Tjiwi Kimia Tbk TLKM Telekomunikasi Indonesia (Persero) Tbk TMAS Pelayaran Tempuran Emas Tbk TMPI AGIS Tbk TMPO Tempo Intimedia Tbk TOTL Total Bangun Persada Tbk TOTO Surya Toto Indonesia Tbk TOWR Sarana Menara Nusantara Tbk TPIA Chandra Asri Petrochemical Tbk TRIM Trimegah Securities Tbk Page 8 of 11

9 321. TRIO Trikomsel Oke Tbk TRST Trias Sentosa Tbk TSPC Tempo Scan Pacific Tbk TURI Tunas Ridean Tbk ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk UNIC Unggul Indah Cahaya Tbk UNIT Nusantara Inti Corpora Tbk UNSP Bakrie Sumatra Plantations Tbk UNTR United Tractors Tbk UNTX Unitex Tbk UNVR Unilever Indonesia Tbk VOKS Voksel Electric Tbk VRNA Verena Multi Finance Tbk WAPO Wahana Pronatural Tbk WEHA Panorama Transportasi Tbk WICO Wicaksana Overseas International Tbk WIKA Wijaya Karya (Persero) Tbk WINS Wintermar Offshore Marine Tbk WOMF Wahana Ottomitra Multiartha Tbk YPAS Yanaprima Hastapersada Tbk YULE Yulie Sekurindo Tbk Page 9 of 11

10 Criteria and Calculation Methodology of PEFINDO Beta Stock PEFINDO Beta Stock report was created for the purpose of providing additional information to capital market participants. For investors who use fundamental approach, PEFINDO Beta Stock report can be used as one of the source in calculating the fair value of stocks according to the definitions of Capital Asset Pricing Model (CAPM). For those who use technical approach, information on the PEFINDO Beta Stock report may provide additional information of stocks systematic risk compared with the Jakarta Composite Index (JCI). The value of Beta in the PEFINDO Beta Stock report is determined by the following criterias and methodologies: 1. The stock has been listed and traded on the Indonesia Stock Exchange for at least 36 months. 2. The stock is not being suspended for the last 10 days. 3. The value of Raw Beta is not negative. 4. The value of Adjusted Beta is not greater than The interval observation is based the time series data over the last 3 years with a rolling return over the last 4 weeks on each Wednesday. 6. Steps on calculating the PEFINDO Beta Stock : 1. First is to calculate the rate of return on each stock and the market index every Wednesday, with 4 weeks of intervals. The formula for computing the rate of return is: Where: Rit = return of stock i or market index at t period. Pit = stock price of i or market index at t period. Pit-1 = stock price of i or market index at t-1 period. 2. Perform a regression between stock price returns and market index returns for the period of 3 years, to measure the value of Raw Beta with the formula as follows: Where: β_i is a Raw Beta for stock i. Rit is a return of stock i at period t. R_mt is a return of market index at period t. α_i is constanta. e_it is residual reggresion that expected to be white noise (mean of error is zero). 3. Calculate the Adjusted Beta to normalize the Raw Beta, in order to obtain a good characteristic of beta, which is closer to 1. The formula is as follows: Page 10 of 11

11 DISCLAIMER The PEFINDO Beta Saham report issued by PEFINDO is not a recommendation to buy, sell or hold a particular stock, and cannot be considered as an investment advice of PEFINDO. Investors should obtain other comprehensive and adequate information to make investment decisions. PEFINDO is not responsible for any errors or omissions arising from the use of this PEFINDO Beta Saham report. This report is not intended for particular investor and cannot be used as part of investment objective on particular shares and neither an investment recommendation on a particular stock and / or an investment strategy. Before taking action on the results of this report, investors are advised to first consider the suitable situation and condition. If needed, ask for help from a financial advisor. The entire process of calculating PEFINDO Beta Saham is free from human intervention and influence and / or coercion from other parties. The entire calculation process of PEFINDO Beta Saham is done through a computer application that automatically calculates the value of stocks beta, based on the stock transaction data submitted by Indonesia Stock Exchange. PEFINDO Beta Saham report is published on our website ( Page 11 of 11