20260623_RAJA_Perubahan dan//atau Tambahan Keterbukaan Informasi terkait Aksi Korporasi_32103683_lamp2.pdf

                                          DEFINITIONS


“AoA”                         :   Articles of Association.

“IDX”                         :   Indonesia Stock Exchange.

“OJK”                         :   The Financial Services Authority of the Republic of Indonesia.

“Disclosure of Information”   :   The information disclosed by the Company as set out in this
                                  announcement.

“Company”                     :   PT Rukun Raharja Tbk, a publicly listed limited liability company
                                  established under and subject to the laws of the Republic of
                                  Indonesia.

“MOLHR”                       :   The Minister of Law and Human Rights of the Republic of
                                  Indonesia.

“POJK 15/2020”                :   OJK Regulation Number 15/POJK.04/2020 concerning the
                                  Planning and Convening of General Meetings of Shareholders of
                                  Public Companies.

“POJK 15/2022”                :   OJK Regulation Number 15/POJK.04/2022 concerning Stock Splits
                                  and Reverse Stock Splits by Public Companies.

“Independent Appraiser” or    :   Public Appraisal Services Office Kusnanto dan Rekan.
“KJPP”

“Stock Split”                 :   The planned stock split as described in Part III and Part V of this
                                  Disclosure of Information.

“GMS”                         :   The General Meeting of Shareholders of the Company.

“Rp”                          :   Indonesian Rupiah, which is the lawful currency of the Republic of
                                  Indonesia.

                         INFORMATION REGARDING SHARE CLASSIFICATION

In accordance with the Articles of Association of the Company as set out in the Deed of Statement of
Meeting Resolution concerning the Amendment to the Articles of Association of the Company No. 41 dated
30 September 2020, drawn up before Rini Yulianti, S.H., Notary in the Administrative City of East Jakarta,
which obtained the approval for the amendment to the articles of association of a limited liability company
from the Minister of Law and Human Rights pursuant to Decree No. AHU-AH.01.03-0395002 dated 06
October 2020, the Company currently has only 1 (one) series of ordinary shares with a par value of Rp 25
(twenty-five Rupiah) per share. Each shareholder holds equal voting rights, whereby each 1 (one) share
confers 1 (one) vote.

 STOCK SPLIT RATIO AND INFORMATION ON THE NUMBER OF SHARES OF THE COMPANY
           BEFORE AND AFTER THE IMPLEMENTATION OF THE STOCK SPLIT

The Company plans to carry out a Stock Split at a ratio of 1:5 (1 (one) old share becoming 5 (five) new
shares), such that the par value of the shares and the number of shares before and after the
implementation of the stock split are as follows:

 Information                             Before the Stock Split               After the Stock Split

 Par Value per Share                     Rp 25.00 per share                   Rp 5.00 per share

 Number of Issued and Fully Paid-Up      4,227,082,500 shares                 21,135,412,500 shares
 Shares

BASIS OF CONSIDERATION AND ANALYSIS FOR DETERMINING THE 1 : 5 RATIO

Taking into account the number of shares of the Company currently issued and listed on the Indonesia
Stock Exchange amounting to 4,227,082,500 with a par value of Rp 25 per share, and a closing price on 18
June 2026 of Rp 3,870 per share.

The trading data of the Company’s shares over the past 12 months is as follows:

      Period            Highest Price           Lowest Price                  Closing Price
 May-25              2,800                  2,070                     2,560
 Jun-25              2,950                  2,250                     2,410
 Jul-25              2,740                  2,250                     2,610
 Aug-25              3,270                  2,530                     2,630
 Sep-25              3,270                  2,400                     3,170
 Oct-25              6,000                  2,960                     4,050
 Nov-25              7,300                  4,010                     6,600
 Dec-25              7,050                  5,550                     6,100
 Jan-26              8,475                  3,910                     4,320
 Feb-26              5,200                  3,170                     4,500
 Mar-26              4,930                  3,150                     3,630
 Apr-26              5,100                  3,550                     4,140
 May-26              4,650                  2,810                     3,740

Accordingly, by carrying out the split of the par value of the shares, the Company expects that its shares
will:

1.    Increase the number of the Company’s shares, thereby enhancing the trading liquidity of the
      Company’s shares and rendering the trading of the Company’s shares on the Stock Exchange more
      active.
2.    The planned split of the par value of the shares will make the share price more affordable for retail
      investors, thereby increasing the number of investors who are able to transact in the Company’s
      shares.

The participation of public shareholders with limited capital provides an opportunity for the development
of the public investor base on the Stock Exchange in Indonesia. In 2026, the shares of the Company have
been traded within a price range of Rp 2,800 – Rp 8,500 per share, such that 1 lot of the Company’s shares
may be purchased at a value of Rp 280,000 – Rp 850,000. This may impose a constraint on retail investors
with limited funds in purchasing the Company’s shares.

In view of the foregoing, the Company has resolved to carry out the stock split at a ratio of 1:5.

Once the Stock Split becomes effective, the Company’s shares will theoretically be traded at a price of Rp
660 per share, based on the closing price of the Company’s shares on 3 June 2026, such that 1 lot of the
Company’s shares may be purchased at a value of Rp 66,000. This is consistent with the Company’s
objective of enabling its shares to be accessible to a larger segment of the public and retail investors, so
that the Company ultimately expects the trading of its shares to be more liquid than at present.

     DATE OF IN-PRINCIPLE APPROVAL FROM THE IDX FOR THE PLANNED STOCK SPLIT


In accordance with POJK 15/2022, the Company has submitted its plan to implement the Stock Split to the
IDX by Letter No. RR/DIR/17.120/IV/2026 dated 17 April 2026, and the said Stock Split plan has obtained
in-principle approval from the IDX under letter number S-05213/BEI.PP2/05-2026 dated 5 May 2026.

                             REASONS & OBJECTIVES OF THE STOCK SPLIT


The Company plans to carry out a stock split, taking into account customary practice in the capital market
and with a view to improving the quality of trading of the Company’s shares on the Indonesia Stock
Exchange. This stock split is also undertaken in consideration of the fact that the price of the Company’s
shares is currently at a relatively high level, namely Rp 4,170 per share (based on the closing price as at 12
May 2026), which causes the minimum investment value for 1 (one) lot of the Company’s shares to be less
affordable for certain investors. The objectives and benefits are as follows:

1. Enhancing the trading liquidity of the Company’s shares. The increase in the number of outstanding
   shares following the implementation of the stock split is expected to increase the frequency and
   volume of transactions in the Company’s shares, thereby improving the trading liquidity of the
   Company’s shares on the Indonesia Stock Exchange.

2. Improving the affordability of the share price for investors. The stock split will result in a reduction of
   the par value per share, so that the price of the Company’s shares becomes more affordable,
   particularly for retail investors, without reducing the market capitalisation of the Company.

3. Broadening the shareholder base of the Company. With a more affordable share price, the Company
   expects an increase in investor participation, so that the number of shareholders becomes broader
   and more diverse.

4. Supporting the creation of more orderly, fair, and efficient share trading. The increase in liquidity and
   investor participation is expected to support the creation of a share trading mechanism that reflects
   more orderly, fair, and efficient market conditions, in accordance with the prevailing laws and
   regulations in the field of the capital market.

5. Providing added value for shareholders. Over the long term, the increase in liquidity and the investor
   base is expected to have a positive impact on market perception and to support the enhancement of
   the value of the Company for all shareholders.

The Stock Split has no adverse impact on the financial position of the Company.

In accordance with certain restrictions under Article 12 paragraph (1) letter b of POJK 15/2022, within a
period of 12 months from the Stock Split the Company may not carry out a capital increase, whether
through a rights issue (PMHMETD) or a capital increase without pre-emptive rights (PMTHMETD);
accordingly, for the purpose of funding its business activities, the Company’s strategy in optimising its
funding structure relies on
short-term funding to support business growth, in line with the increase in short-term liabilities,
particularly bank loans and trade payables. Such increase is consistent with the growth in current assets,
including a significant increase in cash and cash equivalents. In addition, the Company has the ability to
obtain funding from banks or financing institutions in accordance with the plans that have been prepared
by the Company.

               INDICATIVE TIMETABLE FOR THE IMPLEMENTATION OF THE STOCK SPLIT


 No.       Activity                                                                Day & Date

 1.        Application for In-Principle Approval to the IDX                        Friday, 17 April 2026

 2.        In-Principle Approval from the IDX                                      Tuesday, 5 May 2026

 3.        Notification to the OJK Regarding the Plan to Convene the GMS           Wednesday, 6 May
           (enclosing the IDX In-Principle Approval)                               2026

 4.        Announcement of the GMS and Disclosure of Information in                Wednesday, 13 May
           Connection with the Planned Stock Split                                 2026

 5.        Date of the Register of Shareholders Entitled to Attend the GMS         Tuesday, 26 May 2026
           (Recording Date)

 6.        Convening Notice of the GMS                                             Friday, 29 May 2026

 No.        Activity                                                             Day & Date

 7.         GMS                                                                  Tuesday, 23 June 2026

 8.         Announcement of the Summary of the Minutes of the GMS                Wednesday, 24 June
                                                                                 2026

 9.         Approval of the MOLHR in Respect of the Amendment to the             Thursday, 2 July 2026
            Articles of Association in Connection with the Split of the Par
            Value of the Shares*

 10.        Application for Listing of Additional Shares on the IDX Resulting    Friday, 3 July 2026
            from the Stock Split

 11.        IDX Approval for the Listing of Additional Shares Resulting from     Wednesday,
            the Stock Split                                                      8 July 2026

 12.        Announcement of the Stock Split Implementation Schedule on           Firday, 8 July 2026
            the Exchange

 13.        Last Trading Day of Shares with the Old Par Value in the Regular     Wednesday,
            Market and Negotiated Market                                         15 July 2026

 14.        Effective Date for the Commencement of Trading of Shares with        Thursday, 16 July 2026
            the New Par Value in the Regular Market and Negotiated Market

 15.        Suspension of Trading in the Cash Market                             Thursday – Friday,
                                                                                 16-17 July 2026

 16.        Commencement of Trading of Shares with the New Par Value in          Monday, 20 July 2026
            the Cash Market


                             SUMMARY OF THE SHARE VALUATION REPORT

KJPP Kusnanto & Rekan, as an authorised KJPP pursuant to the Decree of the Minister of Finance
No. 2.19.0162 dated 15 July 2019, and registered as a capital market supporting professional services
office with the OJK under the Certificate of Registration of Capital Market Supporting Professionals from
the OJK No. STTD.PB-01/PJ-1/PM.223/2023 (business appraiser), has been appointed by the
management of the Company to determine the market value of 100.00% of the shares of the Company
in accordance with engagement letter No. KR/260219-001 dated 19 February 2026, which has been
approved by the management of the Company.

The following is a summary of the valuation report on 100.00% of the shares of the Company as set out
in report No. 00065/2.0162-00/BS/05/0153/1/IV/2026 dated 17 April 2026:
a. Transacting Parties

      The party transacting in the Stock Split is the Company.

b. Object of Valuation

      The object of valuation is the market value of 100.00% of the shares of the Company.

c. Purpose and Objective of the Valuation

   The purpose of the valuation is to obtain an independent opinion on the market value of the Object
   of Valuation, expressed in USD and/or its equivalent, as at 31 December 2025.

   The objective of the valuation is to provide an indication of the market value of the Object of
   Valuation, which will subsequently be used as a reference and consideration by the management
   of the Company in connection with the implementation of the Stock Split and to comply with POJK
   15/2022.

   This valuation has been carried out in compliance with the provisions of OJK Regulation
   No. 35/POJK.04/2020 concerning the “Valuation and Presentation of Business Valuation Reports in
   the Capital
   Market” dated 25 May 2020, together with the Indonesian Valuation Standards 2018, Revised
   Edition SPI300, SPI310, SPI320, SPI330.

d. Limiting Conditions and Principal Assumptions

   This valuation has been prepared on the basis of the market and economic conditions, the general
   business and financial conditions, and the Government regulations prevailing up to the date of
   issuance of this valuation report.

   The valuation of the Object of Valuation using the discounted cash flow method is based on the
   projected financial statements of the Company, PT Heksa Energi Mitraniaga (“HEM”), PT Hafar Daya
   Samudera (“HDS”), PT Hafar Daya Konstruksi (“HDK”), PT Triguna Internusa Pratama (“TIP”), PT
   Petrotech Penta Nusa (“PTN”), PT Hafar Capitola Nusantara (“HCN”), PT Trimitra Cipta Mandiri
   (“TCM”), PT Bravo Delta Persada (“BDP”), PT Artifisial Teknologi Persada (“ATP”), PT Energasindo
   Heksa Karya (“EHK”), PT Petrogas Jatim Utama Cendana (“PJUC”), PT Raharja Energi Tanjung
   Jabung (“RETJ”), PT Majuko Utama Indonesia (“MUI”), and PT Artha Prima Energi (“APE”), prepared
   by the management of the Company, HEM, HDS, HDK, TIP, PTN, HCN, TCM, BDP, ATP, EHK, PJUC,
   RETJ, MUI, and APE. In preparing the projected financial statements, various assumptions were
   developed on the basis of the performance of the Company, HEM, HDS, HDK, TIP, PTN, HCN, TCM,
   BDP, ATP, EHK, PJUC, RETJ, MUI, and APE in prior years and on the basis of the management’s future
   plans. The KJPP has made adjustments to the said projected financial statements in order to
   present the operating conditions and performance of the Company, HEM, HDS, HDK, TIP, PTN,
   HCN, TCM, BDP, ATP, EHK, PJUC, RETJ, MUI, and APE being valued at the time of this valuation more
   fairly. In broad terms, no significant adjustments were made by the KJPP to the performance targets
   of the Company, HEM, HDS, HDK, TIP, PTN, HCN, TCM, BDP, ATP, EHK, PJUC, RETJ, MUI, and APE
   being valued, which reflect their achievability (fiduciary duty). The KJPP is responsible for the
   conduct of the valuation and the reasonableness of the projected financial statements based on
   the historical performance of the Company, HEM, HDS, HDK, TIP, PTN, HCN, TCM, BDP, ATP, EHK,
   PJUC, RETJ, MUI, and APE, and the information provided by the management of the Company in
   respect of the said projected financial statements of the Company, HEM, HDS, HDK, TIP, PTN, HCN,
   TCM, BDP, ATP, EHK, PJUC, RETJ, MUI, and APE. The KJPP is also responsible for the valuation report
   of the Company and the final value conclusion.

   In this valuation engagement, the KJPP assumes the fulfilment of all conditions and obligations of
   the Company. The KJPP also assumes that, from the valuation date up to the date of issuance of the
   valuation report, no changes have occurred that materially affect the assumptions used in the
   valuation. The KJPP is under no obligation to reaffirm, supplement, or update (update) its opinion as
   a result of any change in assumptions and conditions or any events occurring after the date of this
   report.

   In conducting its analysis, the KJPP has assumed and relied upon the accuracy, reliability, and
   completeness of all financial and other information provided to the KJPP by the Company or that is
   publicly available, which is in essence true, complete, and not misleading, and the KJPP is not
   responsible for conducting an independent verification of such information. The KJPP has also
   relied upon the assurance of the management of the Company that they are not aware of any facts
   that would cause the information provided to the KJPP to be incomplete or misleading.

   The valuation analysis of the Object of Valuation has been prepared using the data and information
   disclosed above. Any change to such data and information may materially affect the final result of
   the KJPP’s opinion. The KJPP is not responsible for any change in the conclusion of its valuation, nor
   for any loss, damage, cost, or expense whatsoever arising from the non-disclosure of information
   that renders the data obtained by the KJPP incomplete and/or capable of being misinterpreted.

   Because the results of the KJPP’s valuation are highly dependent on the underlying data and
   assumptions, any change to the data sources and assumptions in accordance with market data will
   alter the results of the KJPP’s valuation. Accordingly, the KJPP states that changes to the data used
   may affect the valuation results and that any resulting differences may be material. Although the
   contents of this valuation report have been prepared in good faith and in a professional manner, the
   KJPP cannot accept responsibility for any possible differences in conclusions arising from
   additional analysis, the application of the valuation results as a basis for transaction analysis, or
   any change in the data used as the basis of the valuation. The valuation report on the Object of
   Valuation constitutes a non-disclaimer opinion and is a report that is open to the public, except for
   information of a confidential nature that may affect the operations of the Company.

   The work of the KJPP in relation to the valuation of the Object of Valuation does not constitute, and
   may not be construed in any form as, a review or audit, or the performance of certain procedures on
   the financial information. Such work is also not intended to disclose weaknesses in internal control,
   errors or irregularities in the financial statements, or breaches of law. Furthermore, the KJPP has
   also obtained information on the legal status of the Company based on the articles of association
   of the Company.

e. Valuation Methods Used

   The valuation methods used in the valuation of the Object of Valuation are the discounted cash flow
   method (discounted cash flow [DCF] method), the adjusted net asset method (adjusted net asset
   method), and the guideline publicly traded company method (guideline publicly traded company
   method).

     The discounted cash flow method was selected in view of the fact that the business activities
     carried on by the Company, HEM, HDS, HDK, TIP, PTN, HCN, TCM, BDP, ATP, EHK, PJUC, RETJ, MUI,
     and APE will continue to fluctuate in the future in line with the projected development of the
     businesses of the Company, HEM, HDS, HDK, TIP, PTN, HCN, TCM, BDP, ATP, EHK, PJUC, RETJ,
     MUI, and APE. In carrying out the valuation under this method, the operations of the Company, HEM,
     HDS, HDK, TIP, PTN, HCN, TCM, BDP, ATP, EHK, PJUC, RETJ, MUI, and APE are projected in line with
     the projected development of the businesses of the Company, HEM, HDS, HDK, TIP, PTN, HCN,
     TCM, BDP, ATP, EHK, PJUC, RETJ, MUI, and APE. The cash flows generated under the projection are
     converted into present value using a discount rate commensurate with the level of risk. The
     indication of value is the sum of the present values of those cash flows.

     In carrying out the valuation under the adjusted net asset method, the value of all asset and
     liability/debt components must be adjusted to their market values, except for those components
     that already reflect their market values (such as cash/bank or bank loans). The overall market value
     of the company is then obtained by calculating the difference between the market value of all assets
     (both tangible and intangible) and the market value of the liabilities.

     The guideline publicly traded company method is used in this valuation because, although no
     information on comparable companies with an equivalent scale of business and assets is available
     in the public equity market, it is considered that the available data on publicly traded companies
     can be used as comparative data for the value of the shares held by the Company, HEM, HDS, HDK,
     TIP, PTN, HCN, TCM, BDP, ATP, EHK, PJUC, RETJ, MUI, and APE.

     The valuation approaches and methods set out above are those that the KJPP considers most
     appropriate to apply in this engagement and have been agreed by the management of the Company.
     It is not precluded that other valuation approaches and methods may be applied, which could yield
     different results.

     The values obtained from each of those methods are then reconciled by applying weightings.

f.   Conclusion

     Based on the results of the analysis of all the data and information received by the KJPP, and taking
     into account all relevant factors affecting the valuation, in the opinion of the KJPP, the market value
     of the Object of Valuation as at 31 December 2025 amounts to USD 1,213.86 million.

                      INFORMATION REGARDING THE CONVENING OF THE GMS

The Extraordinary General Meeting of Shareholders to approve the planned split of the par value of the
shares will be held on:
        Day/Date        : Tuesday, 23 June 2026
        Venue           : Hotel Mulia, Central Jakarta
        Agenda          : Approval of the Amendment to Article 4 paragraph 1 of the articles of
                        association of the Company in respect of the implementation of the Split of
                        the Par Value of the Shares (Stock Split) from a par value of Rp 25 (twenty-five
                        Rupiah) to Rp 5 (five Rupiah) per share.

The Stock Split will be implemented after obtaining the approval of the EGMS. In accordance with the
provisions of POJK 15/2022, the implementation of the Stock Split must be carried out no later than 30
(thirty) calendar days after the EGMS that approves the Stock Split plan. In the event that such deadline
falls on a public holiday, the implementation of the Stock Split will be carried out no later than the
following business day.

                                             OTHER MATTERS

The Company does not yet have any plan for a corporate action affecting the number of shares and/or
the capital of the Company to be carried out within a period of 6 (six) months after the date of
implementation of the Stock Split. In developing its business, the Company may undertake funding
transactions, whether from banking or non-banking institutions, the issuance of debt securities, and/or
the implementation of a capital increase, having regard to the prevailing laws and regulations, including
the provisions set out in Article 13 of POJK 15/2022.

                              STATEMENT OF THE BOARD OF DIRECTORS

The Board of Directors of the Company declares that it is responsible for the accuracy of the information
set out in this Disclosure of Information. Following the implementation of the split of the par value of the
shares, the Company will use its best efforts to increase and maintain the number of free float shares
held by the public that are listed on the Indonesia Stock Exchange.

                                       ADDITIONAL INFORMATION

For more detailed additional information regarding the Stock Split, the Company may be contacted at:
                              Corporate Secretary / Investor Relations
                                       PT Rukun Raharja Tbk
                                              Head Office:
               PT Rukun Raharja Tbk (RAJA) is located at Office Park Thamrin Residences
                        Block A No. 01-05, Jl. Thamrin Boulevard, Kebon Melati,
                                     Tanah Abang, Central Jakarta,
                                      DKI Jakarta 10230, Indonesia
                                      Telephone: (021) 2929 1053
                          Website: www.raja.co.id Email: Corsec@raja.co.id