1. It shall be made based on the stipulation of proceeds from the sale of Retail SBSN by the Director General of Debt Management for and on behalf of the Minister of Finance.

2. It shall be made by no later than 2 (two) business days as of the date of decision as intended in number 1.

3. The settlement procedures shall be as follows:

   1. Fund settlement shall be made by debiting the settlement value from the paying Bank’s rupiah giro account with Bank Indonesia and crediting the settlement value to the Government’s rupiah giro account with Bank Indonesia; and

   2. Securities settlement shall be made by registering the serial number of issuance of Retail State Sukuk in BI-SSSS in accordance with the terms and conditions stipulated by the Minister of Finance and crediting the Sub-Registry securities account designated by the Retail State Sukuk buying investor.

   3. On the same day with the day of crediting to the Sub-Registry securities account, Sub-Registry must record the ownership of Retail State Sukuk on behalf of the investor obtaining individual Retail State Sukuk allotment in the Sub-Registry system.

1. It shall be made on the due date of the payment of Yield and/or Nominal Value based on the position of the ownership of Retail State Sukuk recorded in BI-SSSS 2 (two) Business Days prior to the aforementioned due date.

2. It shall be made by debiting the Government’s rupiah giro account with Bank Indonesia and crediting the Bank’s or Sub-Registry paying Bank’s or Sub-Registry’s rupiah giro account with Bank Indonesia.

3. On the same day with the day of payment as intended in number 1, Sub-Registry shall forward the payment of Yield and/or Nominal Value of Retail State Sukuk to the investor recorded in the Sub-Registry.

The settlement procedures for Retail State Sukuk transaction in the secondary market shall be in accordace with the provisions of Bank Indonesia regulating BI-SSSS.

II. CLOSING PROVISION
The provisions in this Circular Letter shall come into effect as of January 22, 2010.