PEFINDO BETA STOCK

Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

1. ABBA Mahaka Media Tbk. 0.483 0.655
2. ABMM ABM Investama Tbk. 0.454 0.636
3. ACES Ace Hardware Indonesia Tbk. 0.809 0.872
4. ADES Akasha Wira International Tbk. 1.586 1.391
5. ADHI Adhi Karya (Persero) Tbk. 2.408 1.938
6. ADMF Adira Dinamika Multi Finance Tbk. 0.742 0.828
7. ADMG Polychem Indonesia Tbk. 1.074 1.049
8. ADRO Adaro Energy Tbk. 0.213 0.475
9. AGRO Bank Rakyat Indonesia Agroniaga Tbk. 0.903 0.935
10. AHAP Asuransi Harta Aman Pratama Tbk. 0.724 0.816
11. AISA Tiga Pilar Sejahtera Food Tbk. 1.159 1.106
12. AKRA AKR Corporindo Tbk. 1.303 1.202
13. ALDO Alkindo Naratama Tbk. 0.385 0.590
14. ALKA Alakasa Industrindo Tbk. 0.092 0.395
15. ALMI Alumindo Light Metal Industry Tbk. 0.545 0.697
16. AMAG Asuransi Multi Artha Guna Tbk. 1.202 1.135
17. AMFG Asahimas Flat Glass Tbk. 0.645 0.763
18. AMRT Sumber Alfaria Trijaya Tbk. 0.770 0.846
19. ANTM Aneka Tambang (Persero) Tbk. 1.021 1.014
20. APEX Apexindo Pratama Duta Tbk. 0.771 0.848
21. APIC Pacific Strategic Financial Tbk. 1.056 1.037
22. APLI Asiaplast Industries Tbk. 1.224 1.149
23. APLN Agung Podomoro Land Tbk. 1.624 1.416
24. APOL Arpeni Pratama Ocean Line Tbk. 0.292 0.528
25. ARII Atlas Resources Tbk. 0.282 0.521
26. ARNA Arwana Citramulia Tbk. 0.683 0.789
27. ARTA Arthavest Tbk. 0.094 0.396
28. ARTI Ratu Prabu Energi Tbk. 0.657 0.772
29. ASBI Asuransi Bintang Tbk. 0.491 0.661
30. ASDM Asuransi Dayin Mitra Tbk. 0.730 0.820
31. ASGR Astra Graphia Tbk. 1.089 1.059
32. ASII Astra International Tbk. 1.067 1.044
33. ASJT Asuransi Jasa Tania Tbk. 0.239 0.493
34. ASRI Alam Sutera Realty Tbk. 2.307 1.872
35. ASRM Asuransi Ramayana Tbk. 0.703 0.802
36. ATPK ATPK Resources Tbk. 1.038 1.025
37. AUTO Astra Otoparts Tbk. 0.765 0.843
38. BABP Bank ICB Bumiputera Tbk. 0.698 0.798
39. BACA Bank Capital Indonesia Tbk. 0.605 0.737
40. BAJA Saranacentral Bajatama Tbk. 0.403 0.602

Page 1 of 11
 PEFINDO BETA STOCK
Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

41. BAPA Bekasi Asri Pemula Tbk. 0.474 0.649
42. BAYU Bayu Buana Tbk. 0.659 0.773
43. BBCA Bank Central Asia Tbk. 1.094 1.063
44. BBKP Bank Bukopin Tbk. 1.722 1.481
45. BBLD Buana Finance Tbk. 0.493 0.662
46. BBNI Bank Negara Indonesia (Persero) Tbk. 1.554 1.370
47. BBRI Bank Rakyat Indonesia (Persero) Tbk. 1.639 1.426
48. BBTN Bank Tabungan Negara (Persero) Tbk. 1.216 1.144
49. BCAP MNC Kapital Indonesia Tbk. 1.345 1.230
50. BCIP Bumi Citra Permai Tbk. 1.236 1.157
51. BDMN Bank Danamon Indonesia Tbk. 0.970 0.980
52. BEKS Bank Pundi Indonesia Tbk. 0.441 0.627
53. BFIN BFI Finance Indonesia Tbk. 0.774 0.849
54. BHIT MNC Investama Tbk. 1.515 1.343
55. BIPI Benakat Petroleum Energy Tbk. 0.595 0.730
56. BIPP Bhuwanatala Indah Permai Tbk. 0.729 0.819
57. BISI BISI International Tbk. 0.979 0.986
58. BJBR Bank Pembangunan Daerah Jawa Barat dan Banten Tbk. 1.412 1.274
59. BKDP Bukit Darmo Property Tbk. 0.581 0.721
60. BKSL Sentul City Tbk. 1.920 1.613
61. BKSW Bank QNB Kesawan Tbk. 0.248 0.499
62. BMRI Bank Mandiri (Persero) Tbk. 1.562 1.374
63. BMTR Global Mediacom Tbk. 1.890 1.593
64. BNBA Bank Bumi Arta Tbk. 0.564 0.709
65. BNGA Bank CIMB Niaga Tbk. 1.007 1.005
66. BNII Bank Internasional Indonesia Tbk. 0.386 0.591
67. BNLI Bank Permata Tbk. 0.816 0.878
68. BORN Borneo Lumbung Energi & Metal Tbk. 1.176 1.117
69. BPFI Batavia Prosperindo Finance Tbk. 0.003 0.335
70. BRAM Indo Kordsa Tbk. 0.016 0.344
71. BRAU Berau Coal Energy Tbk. 1.477 1.318
72. BRMS Bumi Resources Minerals Tbk. 2.686 2.124
73. BRNA Berlina Tbk. 0.618 0.746
74. BRPT Barito Pacific Tbk. 0.688 0.792
75. BSDE Bumi Serpong Damai Tbk. 1.699 1.466
76. BSIM Bank Sinarmas Tbk. 0.405 0.604
77. BSWD Bank Of India Indonesia Tbk. 1.217 1.144
78. BTEK Bumi Teknokultura Unggul Tbk. 0.890 0.927
79. BTON Betonjaya Manunggal Tbk. 0.583 0.722
80. BTPN Bank Tabungan Pensiunan Nasional Tbk. 0.722 0.814

Page 2 of 11
 PEFINDO BETA STOCK
Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

81. BUDI Budi Starch & Sweetener Tbk. 0.281 0.521
82. BUMI Bumi Resources Tbk. 1.975 1.650
83. BUVA Bukit Uluwatu Villa Tbk. 0.564 0.709
84. BVIC Bank Victoria International Tbk. 0.883 0.922
85. BWPT BW Plantation Tbk. 0.432 0.621
86. BYAN Bayan Resources Tbk. 0.413 0.609
87. CASS Cardig Aero Services Tbk. 0.601 0.734
88. CEKA Wilmar Cahaya Indonesia Tbk. 1.545 1.363
89. CFIN Clipan Finance Indonesia Tbk. 0.660 0.773
90. CKRA Cakra Mineral Tbk. 0.259 0.506
91. CLPI Colorpak Indonesia Tbk. 0.906 0.937
92. CMPP Centris Multipersada Pratama Tbk. 1.223 1.149
93. CNKO Exploitasi Energi Indonesia Tbk. 0.969 0.979
94. CNTX Century Textile Industry Tbk. 0.170 0.447
95. COWL Cowell Development Tbk. 0.726 0.817
96. CPIN Charoen Pokphand Indonesia Tbk. 1.584 1.390
97. CSAP Catur Sentosa Adiprana Tbk. 1.060 1.040
98. CTBN Citra Tubindo Tbk. 0.038 0.359
99. CTRA Ciputra Development Tbk. 2.179 1.786
100. CTRP Ciputra Property Tbk. 2.239 1.826
101. CTRS Ciputra Surya Tbk. 1.683 1.456
102. CTTH Citatah Tbk. 0.826 0.884
103. DART Duta Anggada Realty Tbk. 2.006 1.671
104. DEFI Danasupra Erapacific Tbk. 0.254 0.502
105. DEWA Darma Henwa Tbk. 0.291 0.527
106. DGIK Nusa Konstruksi Enjiniring Tbk. 1.265 1.177
107. DILD Intiland Development Tbk. 2.233 1.822
108. DOID Delta Dunia Makmur Tbk. 1.357 1.238
109. DPNS Duta Pertiwi Nusantara Tbk. 0.598 0.732
110. DSFI Dharma Samudera Fishing Industries Tbk. 0.497 0.665
111. DSSA Dian Swastatika Sentosa Tbk. 0.039 0.359
112. DUTI Duta Pertiwi Tbk. 0.357 0.571
113. DVLA Darya-Varia Laboratoria Tbk. 1.255 1.170
114. EKAD Ekadharma International Tbk. 1.249 1.166
115. ELSA Elnusa Tbk. 0.418 0.612
116. ELTY Bakrieland Development Tbk. 0.331 0.554
117. EMDE Megapolitan Developments Tbk. 0.670 0.780
118. EMTK Elang Mahkota Teknologi Tbk. 0.616 0.744
119. ENRG Energi Mega Persada Tbk. 1.927 1.618
120. EPMT Enseval Putera Megatrading Tbk. 0.091 0.394

Page 3 of 11
 PEFINDO BETA STOCK
Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

121. ERAA Erajaya Swasembada Tbk. 2.151 1.767
122. ERTX Eratex Djaja Tbk. 1.437 1.292
123. ESTI Ever Shine Tex Tbk. 0.402 0.601
124. ETWA Eterindo Wahanatama Tbk. 0.173 0.449
125. EXCL XL Axiata Tbk. 0.456 0.637
126. FAST Fast Food Indonesia Tbk. 1.078 1.052
127. FASW Fajar Surya Wisesa Tbk. 0.251 0.501
128. FISH FKS Multi Agro Tbk. 0.326 0.551
129. FMII Fortune Mate Indonesia Tbk. 0.154 0.436
130. FORU Fortune Indonesia Tbk. 0.759 0.839
131. FPNI Lotte Chemical Titan Tbk. 0.431 0.621
132. FREN Smartfren Telecom Tbk. 1.279 1.186
133. GDST Gunawan Dianjaya Steel Tbk. 0.793 0.862
134. GDYR Goodyear Indonesia Tbk. 0.531 0.687
135. GEMA Gema Grahasarana Tbk. 0.065 0.376
136. GEMS Golden Energy Mines Tbk. 0.107 0.405
137. GGRM Gudang Garam Tbk. 0.517 0.678
138. GIAA Garuda Indonesia (Persero) Tbk. 0.561 0.707
139. GJTL Gajah Tunggal Tbk. 1.350 1.233
140. GMCW Grahamas Citrawisata Tbk. 0.033 0.355
141. GOLD Golden Retailindo Tbk. 0.285 0.523
142. GPRA Perdana Gapuraprima Tbk. 1.754 1.503
143. GREN Evergreen Invesco Tbk. 0.725 0.817
144. GSMF Equity Development Investment Tbk. 0.623 0.748
145. GWSA Greenwood Sejahtera Tbk. 1.295 1.197
146. GZCO Gozco Plantations Tbk. 0.762 0.841
147. HADE HD Capital Tbk. 0.118 0.412
148. HDFA HD Finance Tbk. 0.059 0.373
149. HERO Hero Supermarket Tbk. 1.859 1.573
150. HEXA Hexindo Adiperkasa Tbk. 0.801 0.867
151. HITS Humpuss Intermoda Transportasi Tbk. 0.069 0.380
152. HMSP H.M. Sampoerna Tbk. 0.964 0.976
153. HOME Hotel Mandarine Regency Tbk. 0.923 0.949
154. IATA Indonesia Air Transport Tbk. 2.654 2.103
155. ICBP Indofood CBP Sukses Makmur Tbk. 1.018 1.012
156. IGAR Champion Pacific Indonesia Tbk. 1.109 1.072
157. IIKP Inti Agri Resources Tbk. 0.016 0.344
158. IKAI Intikeramik Alamasri Industri Tbk. 0.303 0.535
159. IKBI Sumi Indo Kabel Tbk. 0.413 0.609
160. IMAS Indomobil Sukses Internasional Tbk. 0.509 0.673

Page 4 of 11
 PEFINDO BETA STOCK
Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

161. INAF Indofarma Tbk. 1.118 1.078
162. INAI Indal Aluminium Industry Tbk. 0.054 0.369
163. INCI Intanwijaya Internasional Tbk. 0.387 0.591
164. INCO Vale Indonesia Tbk. 0.836 0.891
165. INDF Indofood Sukses Makmur Tbk. 0.922 0.948
166. INDR Indo-Rama Synthetics Tbk. 0.330 0.553
167. INDS Indospring Tbk. 0.866 0.911
168. INDX Tanah Laut Tbk. 0.930 0.953
169. INDY Indika Energy Tbk. 1.219 1.146
170. INKP Indah Kiat Pulp & Paper Tbk. 1.616 1.410
171. INPC Bank Artha Graha Internasional Tbk. 0.629 0.752
172. INPP Indonesian Paradise Property Tbk. 0.407 0.604
173. INTA Intraco Penta Tbk. 1.034 1.023
174. INTP Indocement Tunggal Prakasa Tbk. 1.065 1.043
175. IPOL Indopoly Swakarsa Industry Tbk. 0.390 0.593
176. ISAT Indosat Tbk. 0.976 0.984
177. ITMG Indo Tambangraya Megah Tbk. 0.249 0.499
178. JAWA Jaya Agra Wattie Tbk. 0.144 0.430
179. JIHD Jakarta International Hotels & Development Tbk. 1.459 1.306
180. JKON Jaya Konstruksi Manggala Pratama Tbk. 0.619 0.746
181. JPFA Japfa Comfeed Indonesia Tbk. 1.450 1.300
182. JPRS Jaya Pari Steel Tbk. 1.123 1.082
183. JRPT Jaya Real Property Tbk. 1.013 1.009
184. JSMR Jasa Marga (Persero) Tbk. 0.826 0.884
185. JSPT Jakarta Setiabudi Internasional Tbk. 0.023 0.349
186. JTPE Jasuindo Tiga Perkasa Tbk. 0.225 0.483
187. KAEF Kimia Farma Tbk. 2.175 1.784
188. KARW ICTSI Jasa Prima Tbk. 0.843 0.895
189. KBLI KMI Wire & Cable Tbk. 1.191 1.127
190. KBLM Kabelindo Murni Tbk. 0.419 0.612
191. KBLV First Media Tbk. 0.783 0.855
192. KBRI Kertas Basuki Rachmat Indonesia Tbk. 0.218 0.478
193. KDSI Kedawung Setia Industrial Tbk. 1.190 1.126
194. KIAS Keramika Indonesia Assosiasi Tbk. 0.811 0.874
195. KICI Kedaung Indah Can Tbk. 0.548 0.699
196. KIJA Kawasan Industri Jababeka Tbk. 1.728 1.485
197. KKGI Resource Alam Indonesia Tbk. 0.640 0.760
198. KLBF Kalbe Farma Tbk. 0.949 0.966
199. KOIN Kokoh Inti Arebama Tbk. 0.831 0.887
200. KONI Perdana Bangun Pusaka Tbk. 0.086 0.391

Page 5 of 11
 PEFINDO BETA STOCK
Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

201. KPIG MNC Land Tbk. 1.191 1.127
202. KRAS Krakatau Steel (Persero) Tbk. 0.864 0.910
203. KREN Kresna Graha Sekurindo Tbk. 0.685 0.790
204. LAPD Leyand International Tbk. 0.569 0.713
205. LCGP Laguna Cipta Griya Tbk. 0.466 0.644
206. LION Lion Metal Works Tbk. 0.133 0.422
207. LMPI Langgeng Makmur Industri Tbk. 0.879 0.919
208. LMSH Lionmesh Prima Tbk. 0.591 0.727
209. LPCK Lippo Cikarang Tbk. 2.467 1.978
210. LPGI Lippo General Insurance Tbk. 0.680 0.787
211. LPIN Multi Prima Sejahtera Tbk. 0.413 0.608
212. LPKR Lippo Karawaci Tbk. 1.649 1.433
213. LPLI Star Pacific Tbk. 1.336 1.224
214. LPPF Matahari Department Store Tbk. 1.971 1.647
215. LPPS Lippo Securities Tbk. 0.745 0.830
216. LTLS Lautan Luas Tbk. 0.399 0.599
217. MAIN Malindo Feedmill Tbk. 1.102 1.068
218. MAMI Mas Murni Indonesia Tbk. 0.022 0.348
219. MAPI Mitra Adiperkasa Tbk. 1.530 1.353
220. MASA Multistrada Arah Sarana Tbk. 0.055 0.370
221. MAYA Bank Mayapada Internasional Tbk. 0.106 0.404
222. MBSS Mitrabahtera Segara Sejati Tbk. 0.636 0.757
223. MBTO Martina Berto Tbk. 0.669 0.779
224. MCOR Bank Windu Kentjana International Tbk. 0.610 0.740
225. MDLN Modernland Realty Ltd. Tbk. 1.417 1.278
226. MDRN Modern Internasional Tbk. 0.408 0.605
227. MEDC Medco Energi International Tbk. 0.335 0.557
228. MEGA Bank Mega Tbk. 0.768 0.845
229. MERK Merck Tbk. 0.638 0.758
230. META Nusantara Infrastructure Tbk. 1.103 1.068
231. MFIN Mandala Multifinance Tbk. 0.605 0.737
232. MICE Multi Indocitra Tbk. 1.564 1.376
233. MIDI Midi Utama Indonesia Tbk. 0.320 0.547
234. MIRA Mitra International Resources Tbk. 0.277 0.518
235. MITI Mitra Investindo Tbk. 1.939 1.626
236. MKPI Metropolitan Kentjana Tbk. 0.379 0.586
237. MLBI Multi Bintang Indonesia Tbk. 0.667 0.778
238. MLIA Mulia Industrindo Tbk. 0.716 0.810
239. MLPL Multipolar Tbk. 2.036 1.691
240. MNCN Media Nusantara Citra Tbk. 1.073 1.049

Page 6 of 11
 PEFINDO BETA STOCK
Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

241. MPPA Matahari Putra Prima Tbk. 0.837 0.891
242. MRAT Mustika Ratu Tbk. 0.625 0.750
243. MTDL Metrodata Electronics Tbk. 1.639 1.426
244. MTFN Capitalinc Investment Tbk. 0.675 0.784
245. MTLA Metropolitan Land Tbk. 1.780 1.520
246. MYOH Samindo Resources Tbk. 1.759 1.506
247. MYOR Mayora Indah Tbk. 1.142 1.095
248. MYRX Hanson International Tbk. 0.537 0.691
249. NIKL Pelat Timah Nusantara Tbk. 0.945 0.963
250. NIPS Nipress Tbk. 1.193 1.128
251. NISP Bank OCBC NISP Tbk. 0.291 0.527
252. OKAS Ancora Indonesia Resources Tbk. 0.198 0.465
253. PANR Panorama Sentrawisata Tbk. 0.699 0.799
254. PANS Panin Sekuritas Tbk. 0.739 0.826
255. PBRX Pan Brothers Tbk. 0.949 0.966
256. PEGE Panca Global Securities Tbk. 0.327 0.552
257. PGAS Perusahaan Gas Negara (Persero) Tbk. 0.867 0.911
258. PICO Pelangi Indah Canindo Tbk. 0.535 0.690
259. PJAA Pembangunan Jaya Ancol Tbk. 1.205 1.137
260. PKPK Perdana Karya Perkasa Tbk. 1.757 1.505
261. PLAS Polaris Investama Tbk. 0.299 0.533
262. PLIN Plaza Indonesia Realty Tbk. 0.365 0.577
263. PNBN Bank Pan Indonesia Tbk. 1.173 1.115
264. PNIN Panin Insurance Tbk. 1.325 1.217
265. PNLF Panin Financial Tbk. 2.152 1.768
266. PNSE Pudjiadi & Sons Tbk. 0.911 0.940
267. POLY Asia Pacific Fibers Tbk. 1.406 1.271
268. POOL Pool Advista Indonesia Tbk. 1.131 1.088
269. PRAS Prima Alloy Steel Universal Tbk. 1.496 1.330
270. PSAB J Resources Asia Pasifik Tbk. 1.060 1.040
271. PSDN Prasidha Aneka Niaga Tbk. 0.327 0.551
272. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. 0.476 0.651
273. PTIS Indo Straits Tbk. 0.257 0.505
274. PTPP PP (Persero) Tbk. 2.243 1.828
275. PTRO Petrosea Tbk. 0.916 0.944
276. PTSN Sat Nusapersada Tbk. 0.573 0.715
277. PTSP Pioneerindo Gourmet International Tbk. 0.485 0.657
278. PUDP Pudjiadi Prestige Tbk. 0.821 0.880
279. PWON Pakuwon Jati Tbk. 1.955 1.637
280. PYFA Pyridam Farma Tbk. 0.842 0.895

Page 7 of 11
 PEFINDO BETA STOCK
Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

281. RAJA Rukun Raharja Tbk. 1.108 1.072
282. RALS Ramayana Lestari Sentosa Tbk. 1.716 1.477
283. RBMS Ristia Bintang Mahkotasejati Tbk. 1.233 1.155
284. RELI Reliance Securities Tbk. 0.430 0.620
285. RICY Ricky Putra Globalindo Tbk. 0.635 0.757
286. RIGS Rig Tenders Indonesia Tbk. 0.632 0.755
287. RMBA Bentoel Internasional Investama Tbk. 0.495 0.663
288. RODA Pikko Land Development Tbk. 0.754 0.836
289. ROTI Nippon Indosari Corpindo Tbk. 1.131 1.087
290. RUIS Radiant Utama Interinsco Tbk. 1.025 1.017
291. SCMA Surya Citra Media Tbk. 0.704 0.803
292. SDPC Millennium Pharmacon International Tbk. 0.835 0.890
293. SDRA Bank Himpunan Saudara 1906 Tbk. 0.487 0.658
294. SGRO Sampoerna Agro Tbk. 0.289 0.526
295. SHID Hotel Sahid Jaya International Tbk. 0.515 0.676
296. SIAP Sekawan Intipratama Tbk. 1.032 1.021
297. SIMP Salim Ivomas Pratama Tbk. 0.270 0.513
298. SMCB Holcim Indonesia Tbk. 1.467 1.311
299. SMDM Suryamas Dutamakmur Tbk. 0.896 0.931
300. SMDR Samudera Indonesia Tbk. 0.231 0.487
301. SMGR Semen Indonesia (Persero) Tbk. 1.413 1.276
302. SMMA Sinarmas Multiartha Tbk. 0.189 0.460
303. SMMT Golden Eagle Energy Tbk. 0.198 0.466
304. SMRA Summarecon Agung Tbk. 2.132 1.755
305. SMRU SMR Utama Tbk. 1.283 1.189
306. SMSM Selamat Sempurna Tbk. 0.336 0.558
307. SOBI Sorini Agro Asia Corporindo Tbk. 0.342 0.561
308. SPMA Suparma Tbk. 0.937 0.958
309. SQMI Renuka Coalindo Tbk. 1.212 1.141
310. SRSN Indo Acidatama Tbk. 0.170 0.447
311. SSIA Surya Semesta Internusa Tbk. 2.370 1.913
312. SSTM Sunson Textile Manufacture Tbk. 0.947 0.965
313. STTP Siantar Top Tbk. 0.291 0.527
314. SULI SLJ Global Tbk. 0.431 0.620
315. SUPR Solusi Tunas Pratama Tbk. 0.529 0.686
316. TBIG Tower Bersama Infrastructure Tbk. 0.515 0.677
317. TBLA Tunas Baru Lampung Tbk. 0.408 0.605
318. TCID Mandom Indonesia Tbk. 0.122 0.414
319. TGKA Tigaraksa Satria Tbk. 0.256 0.504
320. TIFA Tifa Finance Tbk. 0.147 0.431

Page 8 of 11
 PEFINDO BETA STOCK
Edition: 29-December-2014

No. TICKER COMPANY RAW BETA ADJUSTED BETA

321. TINS Timah (Persero) Tbk. 0.928 0.952
322. TIRA Tira Austenite Tbk. 0.004 0.336
323. TIRT Tirta Mahakam Resources Tbk. 0.978 0.985
324. TKGA Permata Prima Sakti Tbk. 1.994 1.662
325. TKIM Pabrik Kertas Tjiwi Kimia Tbk. 0.831 0.888
326. TLKM Telekomunikasi Indonesia (Persero) Tbk. 0.951 0.967
327. TMAS Pelayaran Tempuran Emas Tbk. 0.693 0.795
328. TMPI AGIS Tbk. 0.561 0.707
329. TMPO Tempo Intimedia Tbk. 1.090 1.060
330. TOTL Total Bangun Persada Tbk. 2.069 1.713
331. TOTO Surya Toto Indonesia Tbk. 0.140 0.427
332. TOWR Sarana Menara Nusantara Tbk. 0.281 0.521
333. TPIA Chandra Asri Petrochemical Tbk. 0.480 0.653
334. TRAM Trada Maritime Tbk. 0.338 0.558
335. TRIM Trimegah Securities Tbk. 0.938 0.959
336. TRIO Trikomsel Oke Tbk. 1.354 1.236
337. TRST Trias Sentosa Tbk. 1.006 1.004
338. TRUS Trust Finance Indonesia Tbk. 0.017 0.345
339. TSPC Tempo Scan Pacific Tbk. 0.695 0.797
340. TURI Tunas Ridean Tbk. 1.162 1.108
341. ULTJ Ultra Jaya Milk Industry & Trading Company, Tbk. 1.356 1.237
342. UNSP Bakrie Sumatra Plantations Tbk. 1.165 1.110
343. UNTR United Tractors Tbk. 0.728 0.819
344. UNVR Unilever Indonesia Tbk. 0.818 0.879
345. VIVA Visi Media Asia Tbk. 1.276 1.184
346. VOKS Voksel Electric Tbk. 1.066 1.044
347. VRNA Verena Multi Finance Tbk. 0.623 0.748
348. WAPO Wahana Pronatural Tbk. 0.572 0.714
349. WEHA Panorama Transportasi Tbk. 0.382 0.588
350. WICO Wicaksana Overseas International Tbk. 1.320 1.213
351. WIKA Wijaya Karya (Persero) Tbk. 1.971 1.647
352. WINS Wintermar Offshore Marine Tbk. 0.680 0.787
353. WOMF Wahana Ottomitra Multiartha Tbk. 0.330 0.553
354. YPAS Yanaprima Hastapersada Tbk. 0.235 0.490
355. ZBRA Zebra Nusantara Tbk. 0.479 0.653

Page 9 of 11
 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 3.
5. 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
 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 (www.pefindo.com).

Page 11 of 11