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The Financial Services Authority (“OJK”) issued OJK Regulation No. 37/POJK.04/2018, on 31 December 2018 on equity crowdfunding services (the“Crowdfunding Services”) which allow offers of shares for sale by an issuerdirectly to investors through an open information technology system (“POJK37/2018”).

POJK 37/2018 applies to offers of shares through a Crowdfunding ServicesProvider’s system. This regulation also applies to offers of other forms of equitylinked securities through this system.

A company which provided Crowdfunding Services before 31 December 2018must apply to the OJK for a license as a Provider within six (6) months of 31December 2018. Such company is also prohibited from entering into any newagreements with Issuers until it has acquired a license from the OJK.

Offering shares for sale through Crowdfunding Services does not constitute aPublic Offering as defined under the Capital Market Law that requires registrationwith the OJK, provided that (i) the share offering is only made through a licensedProvider; (ii) the share offering is only made available for up to 12 months; and(ii) the maximum amount of funds collected from the offering is IDR10 billion. TheIssuer may not also be deemed a Public Company if it has fewer than 300shareholders and less than IDR30 billion in paid-up capital.

Crowdfunding Services involve three parties, a Provider, an Issuer and anInvestor.

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