Investor Report - Heriyadi

INVESTOR REPORT Investor: Heriyadi Janwar 2

Financial StatementsFinancial Highlights…………………..7Profit & Loss Statement……………..8Balance Sheet………………………..9Cash Flow Statement…………….…10Loan Income………………………….11Equity Income………………………..12Investment Schedule………………..13Nature & Summary of Operations....14 3

Dear Heriyadi Janwar,Ideosource is pleased to submit this report to our Limited Partners thatsummarizes and analyzes their fund activity for the month of Maythrough July 2017. Pursuant to Ideosource’s engagement withAMVESINDO, this report identifies key characteristics of sharesownership, debt, equity and other financial activities. As our team – andby extension, the firm – navigated the challenging operatingenvironment, our fellow investors fund saw a major increase as of July2017, despite the low figures recorded on May and June. Nevertheless,we remained focused on our shareholders and operating as efficient aspossible.Despite our focus on cost discipline, we did not not stop investing onstartups with high-potential for we believe that our consistentinvestment in selected startups positioned us to serve our LimitedPartners even better in the upcoming quarter and year.Managing the firm with discipline while preserving optionality for upsidecan be a hard balancing act, but we spend a great deal of timepreparing for downside scenarios. We also believe that our investmentin disruptive technologies has the capability to capture future growthand we are always cognizant that the talents, economy and marketscould break to the high side.We have enjoyed managing these investments and look forward toproviding you with continuing exceptional service and be a dependableprovider of services. 4

OFFSHORE INVESTMENT OVERVIEW NOBLE HILL Wise Pacific Infinite Investment TreasureArchipelago(MG Group) eFisheryMG Group 5

LOCAL INVESTMENT OVERVIEW PT DANA TUNGGAL IKA (DTI)PT Dana VenturaSejahtera (DVS)PT PMP 10ADXPT JASK Pasar Pakde Investree PT Ideo MediaMinggu Asia (IMA) Kofera 6

Financial HighlightsRevenue Debt & Equity 225,000 2,450,000 523,965 20,000 1,340,00013,267 4,021,000 4,292,000 -May-17 Jun-17 Jul-17 Equity Debt Ending Cash Balance (126,935) (46,858) 3,510 May-17 Jun-17 Jul-17 7All figures are in ‘000 IDR, unless otherwise stated

Profit & Loss Statement 8

Balance SheetTotal Assets Liabilities & Equity ('000) IDR ('000) IDR 19,042,520 18,468,188 18,388,25718,992,153 16,069,536 18,912,075 523,965 523,818 2,972,984 Total Liabilities Total Equity May-17 Jun-17 Jul-17 9

Cash Flow StatementOperating Activities ('000) IDR Financing Activities ('000) IDR 4,021,000 (1,419,930) 1,340,000 1,300,000 (3,618,721) May-17 Jun-17 Jul-17(4,591,823) May-17 Jun-17 Jul-17 10

Loan Income May 2017Pasarminggu 8.0%Pakde PT Tri Digital28.7% Perkasa (Kofera) 63.3% July 2017InvestreeJune had no loan activities 11

Equity Income May 2017PT Narada PT Jas Kapital Sahara (JASK) Kencana 50.3% (10ADX) 49.7% IDR 4,021,000,000June 2017: Equity Income of $1,340,000 was received from eFishery through PT DVS July 2017 PT Tri Digital Perkasa (Kofera) 23.1% IDR 1,300,000,000PT Dana Mandiri Sejahtera 76.9% 12

Investment Fund Allocation - Equity FinancingMG Group PT Jas Kapital 25% 35% IDR 5,706,000,000 Kofera 6%eFishery 24% Opsigo 10% 13

Nature & Summary of OperationsFair Value This price is based on valuation derived from post-investment figure, i.e. the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.Foreign Currency Translation Assets and liabilities denominated in foreign currencies are translated into local currency – Indonesian Rupiah (IDR) at USD 1 = IDR 14,000.Unrealized Gains(Losses) Unrealized gains and/or losses are included in the balance sheet statement and not in the Income Statement as it comprises of value of shares that have not been sold, yet. It is recorded under “Other Assets” and ”Other Comprrehensive Income”. The Cash Flow statement is not affected by the realization of unrealized gains(losses) as it it subtracted back out here.Use of Estimates The preparation of financial statements in accordance with GAAP (Generally Accepted Accounting Principles) requires management to make estimates and assumptions on several aspects of reported assets and liabilities, including the fair value of investments. Actual results may differ from those estimates.Partner’s CapitalRisk Factors Our fund management team seeks investment opportunities with as high possibility as possible. However, certain events particular to each industry in which the fund invests, alongside economic and political conditions may have significant negative impact on the invest’ overall operations and profitability. In addition, the Fund is subject to changing regulatory under the Indonesian Financial Authority (OJK). Moreover, most of the fund’s investments are made in private companies whose shares are not traded publicly. To put it simply, the fund’s capacity to liquidate its publicly traded investments is subject to limitations, such as the need to undertake discounts on quoted prices due to the total number of shares being sold or exchanged. 14

Nature & Summary of Operations (Continued)Loans Payable For the month of May through July, the Fund received loan payments from four different entities, with DTI as the source of fund.Carry Allocation The Capital accounts reflect the GP’s deemed carry allocation upon liquidation of the fund. The carry allocation will remain provisional until the final liquidation of the fund.Investment Schedule Investment listed on investment schedule reflects only portfolio(s) with equity financing, both offshore and local. The appendix reflects only figures invested by respective investor. 15

Contact UsAndi S. BoedimanManaging PartnerT: +61-812-9465-511E: [email protected] I. ChamdaniManaging PartnerT: +62-811-8894-991E:[email protected]