We refer to our announcement on 5 May 2016 and subsequent updates via our quarterly announcements (the latest quarterly announcement was submitted on 27 November 2019) pertaining to the above captioned wherein a legal proceeding was instituted against PT. Diwangkara Holiday Villa Bali, an indirect subsidiary of ASB, arising from a claim dated 14 April 2015 made by PT. Diwangkara Jaya Makmur (“Plaintiff” or “Jaya Makmur”) against PT. Diwangkara Holiday Villa Bali (“PT. Diwangkara Holiday Villa”) and CV. Telabah Nasional Traiding Company and a counter claim by PT. Diwangkara Holiday Villa against Jaya Makmur.

The Board of Directors of ASB, after being advised by our solicitors on 24 December 2019, wishes to announce that pursuant to the judgement stated in the Minutes of the Notification of Cassation Verdict of the Supreme Court Republic of Indonesia, the petition for cassation from Jaya Makmur was rejected by the Supreme Court Republic of Indonesia and therefore, the District Court of Denpasar’s verdict on 3 May 2016 (“the Verdict”) is upheld. Principally, the Verdict held that the action by Jaya Makmur taking over the hotel, office building and management of Diwangkara Holiday Villa Beach Resort & Spa Bali (“Hotel”) prior to the expiry of the lease under Deed No. 38 and No. 39 was unlawful and ordered Jaya Makmur to return the operations of the Hotel and to pay material and immaterial losses of Rp.5,384,507,763 (Five Billion Three Hundred Eighty-Four Million Five Hundred and Seven Thousand Seven Hundred Sixty Three Rupiah) to PT. Diwangkara Holiday Villa, plus court costs incurred of Rp.1,706,000 (One Million Seven Hundred and Six Thousand Rupiah).

The management will discuss with our lawyers on the cassation verdict of the Supreme Court Republic of Indonesia for the next course of action.

This announcement is dated 24 December 2019.