20260903_SILO_Tanggapan atas Permintaan Penjelasan Bursa_32144693_lamp1.pdf

      b. Rincian urutan pelaksanaan pengambilalihan saham entitas anak First REIT.

            Penjelasan:

            Berikut ini adalah rencana pelaksanaan pengambilalihan saham entitas anak First REIT:

            Tahap Pertama, dengan objek sejumlah 8 (delapan) Perusahaan Sasaran:

            (1) Pertama, pada atau sebelum tanggal 28 September 2026, atau pada tanggal lain
                sebagaimana dapat disepakati secara tertulis oleh para pihak dalam Perjanjian Jual Beli
                Bersyarat terkait, sebanyak 5 (lima) Perusahaan Sasaran.

            (2) Kedua, paling lambat pada bulan Oktober 2026, 3 (tiga) Perusahaan Sasaran.

            Dengan demikian, keseluruhan Transaksi Tahap Pertama diperkirakan akan diselesaikan oleh
            para pihak pada bulan Oktober 2026.

            Perlu dicatat bahwa para pihak menargetkan keseluruhan Transaksi Tahap Pertama dapat
            diselesaikan pada bulan Oktober 2026. Adapun berdasarkan Perjanjian Jual Beli Bersyarat
            terkait, batas maksimal penyelesaian keseluruhan Transaksi Tahap Pertama adalah 1
            Desember 2026, sebagaimana disebutkan pada butir 1(a) di atas.

            Tahap Kedua, yaitu apabila opsi jual dilaksanakan oleh pemegang opsi jual paling lambat 31
            Maret 2027 (atau tanggal lain sebagaimana disepakati oleh Para Pihak), mencakup
            pengambilalihan atas 6 (enam) Perusahaan Sasaran yang rencananya akan diselesaikan
            secara bersamaan, paling lambat 12 (dua belas) bulan sejak Perseroan memperoleh
            persetujuan dari RUPSLB yang direncanakan pada tanggal 22 September 2026.

      c.    Pertimbangan Perseroan melakukan pengambilalihan saham pada 14 (empat belas)
            Perusahaan Sasaran dalam 2 (dua) tahap.

            Penjelasan:

            Transaksi Tahap Pertama dan Transaksi Tahap Kedua merupakan satu rangkaian transaksi
            yang saling terkait dan berkesinambungan untuk mencapai tujuan yang sama, yaitu
            pengambilalihan kepemilikan atas seluruh portofolio 14 (empat belas) properti rumah sakit
            yang selama ini disewa dan dioperasikan oleh Perseroan. Oleh karena itu, kedua tahapan
            transaksi tersebut telah diperhitungkan dan diungkapkan secara kumulatif sesuai dengan
            ketentuan POJK No. 17/POJK.04/2020.

            Pelaksanaan pengambilalihan dilaksanakan dalam dua tahap didasarkan pada pertimbangan
            antara lain kesepakatan dengan pihak penjual yang didasarkan kepada hasil negosiasi dari
            dokumen transaksi dan juga pertimbangan teknis bahwa integrasi kepemilikan aset dengan
            kegiatan operasional rumah sakit juga memerlukan proses dan waktu yang cukup. Struktur dua
            tahap tersebut memungkinkan proses pengambilalihan dan integrasi aset dilakukan secara
            terstruktur namun tetap dapat mencapai tujuan akhir Rencana Transaksi.

      d. Sehubungan dengan rencana transaksi tersebut, agar dapat dijelaskan proses due diligence
         yang dilakukan Perseroan dalam rencana pengambilalihan saham 14 (empat belas)
         Perusahaan Sasaran tersebut.

            Penjelasan:

            Perseroan telah melakukan proses due diligence secara menyeluruh terhadap 14 (empat
            belas) Perusahaan Sasaran, yang mencakup antara lain aspek hukum, keuangan, perpajakan,


Siloam International Hospitals                                                                        2
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


            serta aset properti yang dimiliki oleh masing-masing Perusahaan Sasaran, dengan melibatkan
            konsultan dan penasihat profesional yang relevan.

            Mengingat substansi Rencana Transaksi merupakan pengambilalihan kepemilikan atas aset
            properti rumah sakit melalui akuisisi saham Perusahaan Sasaran, nilai Transaksi pada
            prinsipnya mengacu pada nilai bersih aset properti. Dengan demikian, setiap modal kerja,
            kewajiban, atau liabilitas yang masih terdapat pada masing-masing Perusahaan Sasaran pada
            saat penyelesaian Transaksi akan diperhitungkan sebagai penyesuaian terhadap nilai
            Transaksi, sesuai dengan mekanisme yang diatur dalam dokumen transaksi.

      e. Pertimbangan First REIT melakukan pelepasan aset properti portofolionya kepada Perseroan,
         mengingat setelah pengambilalihan First REIT tidak lagi memiliki properti di Indonesia.

            Penjelasan:

            Berdasarkan informasi yang diperoleh dari First REIT, pelepasan portofolio aset propertinya di
            Indonesia merupakan bagian dari strategi pengelolaan dan optimalisasi portofolio First REIT,
            dengan mempertimbangkan, antara lain, kondisi makroekonomi Indonesia serta upaya untuk
            mengurangi eksposur terhadap volatilitas kinerja dari aset-aset tersebut.

            Lebih lanjut, pelepasan aset secara bertahap memberikan fleksibilitas bagi First REIT untuk
            mengoptimalkan struktur permodalan, menjaga stabilitas distribusi kepada pemegang unit,
            serta melakukan redeployment atas dana hasil divestasi untuk mendukung strategi
            pertumbuhan dan peluang investasi lainnya. Dengan penyelesaian seluruh rangkaian Rencana
            Transaksi, First REIT pada akhirnya tidak akan lagi memiliki portofolio properti di Indonesia.

2. Penjelasan atas sumber dana Perseroan dalam pelaksanaan rencana transaksi pengambilalihan
   tersebut.

      Penjelasan:

      Sumber dana untuk pelaksanaan Transaksi akan berasal dari Fasilitas Pinjaman Sindikasi,
      sebagaimana telah diungkapkan oleh Perseroan melalui Keterbukaan Informasi No. 112/Corsec-
      SIH/VIII/2026 mengenai transaksi material atas fasilitas pinjaman dan penjaminan, dengan nilai
      fasilitas hingga Rp14.500.000.000.000.

      Fasilitas tersebut diberikan oleh sindikasi perbankan yang terdiri antara lain dari PT Bank Negara
      Indonesia (Persero) Tbk, selaku agen fasilitas dan agen jaminan, PT Bank CIMB Niaga Tbk, PT
      Bank Central Asia Tbk, PT Bank DBS Indonesia, MUFG Bank, Ltd. Jakarta Branch, dan The
      Hongkong and Shanghai Banking Corporation Limited Singapore Branch, selaku Mandated Lead
      Arrangers and Bookrunners.

3. Dalam hal 6 (enam) Perusahaan Sasaran yang memiliki opsi jual tidak melakukan opsinya untuk
   menjual kepemilikan saham kepada Perseroan, agar dapat dijelaskan jika hal tersebut berdampak
   dengan tujuan dilakukannya transaksi pengambilalihan saham tersebut yaitu sebagai langkah
   strategis yang sejalan dengan arah pengembangan usaha dan dapat menciptakan nilai jangka
   panjang bagi Perseroan.

      Penjelasan:

      Perseroan melihat Rencana Transaksi sebagai satu kesatuan transaksi yang pada pokoknya
      mencakup pengambilalihan saham-saham dalam keseluruhan 14 (empat belas) perusahaan yang
      memiliki atau menguasai portofolio rumah sakit yang saat ini dioperasikan oleh Perseroan.

      Sebagaimana telah dijelaskan pada butir 1(c) di atas, berdasarkan kesepakatan dengan pihak
      Penjual, Rencana Transaksi tersebut disusun dalam dua tahap dengan mempertimbangkan (i)

Siloam International Hospitals                                                                           3
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


      struktur First REIT dan (ii) pertimbangan teknis bahwa integrasi kepemilikan aset dengan kegiatan
      operasional rumah sakit juga memerlukan proses dan waktu yang cukup.

      Namun demikian, apabila Opsi Jual tidak dapat dilaksanakan, Perseroan berpandangan bahwa hal
      tersebut tidak akan menimbulkan dampak negatif terhadap keberlangsungan usaha Perseroan.
      Perseroan tetap dapat menjalankan kegiatan operasional rumah sakit pada aset terkait
      berdasarkan hubungan sewa yang berlaku, sehingga tidak terdapat dampak material terhadap
      kelangsungan operasional rumah sakit yang dijalankan oleh Perseroan. Selain itu, Perseroan tidak
      memiliki kewajiban untuk melakukan pembayaran harga pengambilalihan atas Perusahaan
      Sasaran yang tidak dialihkan, serta tidak dikenakan sanksi maupun penalti semata-mata karena
      tidak dilaksanakannya Opsi Jual oleh pihak Penjual.

4. Sebagaimana pada informasi pada proforma Laporan Keuangan Perseroan per 31 Maret 2026,
   terdapat penyesuaian pada saldo utang bank jangka panjang Perseroan sebesar Rp8,8 triliun. Agar
   dapat dijelaskan:

      a. Apakah penggunaan dana dari penambahan utang bank tersebut untuk rencana
         pengambilalihan saham 14 (empat belas) Perusahaan Sasaran tersebut?

            Penjelasan:

            Benar. Penggunaan dana dari penambahan Utang Bank Jangka Panjang tersebut adalah
            untuk pendanaan dari Rencana Transaksi.

      b. Jika iya, mengapa dalam proforma Laporan Keuangan mencatatkan penyesuaian utang bank
         jangka panjang sebesar Rp8,8 triliun yang cenderung lebih besar dibandingkan rencana nilai
         transaksi pengambilalihan yang hanya sebesar Rp6,6 triliun?

            Penjelasan:

            Sehubungan dengan angka pembanding sebesar Rp6,6 triliun sebagaimana dimaksud pada
            butir 4.b Permintaan Penjelasan, perlu kami sampaikan bahwa nilai Rencana Transaksi adalah
            sebesar Rp6,9 triliun, sebagaimana dirinci dalam Tabel 1 di bawah ini.

            Selisih antara penyesuaian Utang Bank Jangka Panjang sebesar Rp8,8 triliun dan nilai
            Rencana Transaksi sebesar Rp6,9 triliun terutama disebabkan oleh mekanisme pembayaran
            pada saat penyelesaian (completion) dari Rencana Transaksi. Pada saat penyelesaian
            (completion), dana dari Utang Bank Jangka Panjang digunakan tidak hanya untuk pembayaran
            kepada Penjual, tetapi juga penyelesaian kewajiban tertentu Perusahaan Sasaran serta
            penyesuaian atas aset dan kewajiban bersih Perusahaan Sasaran, berdasarkan Informasi
            Keuangan per 31 Maret 2026.




Siloam International Hospitals                                                                        4
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


Tabel 1. Komponen Perkiraan Nilai Transaksi Material Berdasarkan Informasi Keuangan
Perusahaan Target per tanggal 31 Maret 2026 (dalam jutaan rupiah)
  No                                        Nilai yang menjadi referensi /                               Total /
                                                    Reference amount                                      Total
  1      Nilai properti sebagai Objek Transaksi Tahap Pertama /                                        Rp 5.120.596
         Value of the properties as the object of the First Stage Transaction
  2      Nilai properti sebagai Objek Transaksi Tahap Kedua /                                          Rp 3.879.404
         Value of the properties as the object of the Second Stage Transaction
  3      Dikurangi komitmen belanja modal serta net asset (liabilities) adjustments /                  (Rp 2.091.396)
         Less: capital expenditure commitments and net asset (liabilities) adjustments
 Total Nilai Rencana Transaksi /                                              (4) = (1) + (2) + (3)    Rp 6.908.604
 Total Value of the Proposed Transaction
 Ekuitas Perseroan berdasarkan Laporan Keuangan 31 Maret 2026 /                                  (5)   Rp10.225.016
 The Company's Equity based on the Financial Statement as at 31 March 2026
 Persentase Nilai Rencana Transaksi Terhadap Ekuitas Perseroan 31 Maret 2026               (4) / (5)         67,57%
 Percentage of the Value of the Proposed Transaction to the Company's Equity 31 March 2026



      c.    Komitmen Perseroan dalam pengelolaan kewajiban utang bank tersebut mengingat beban
            bunga Perseroan juga akan mengalami peningkatan hingga 383%.

            Penjelasan:

            Perseroan telah mempertimbangkan peningkatan beban bunga sehubungan dengan
            penggunaan Fasilitas Pinjaman Sindikasi sebagai bagian dari struktur pendanaan Rencana
            Transaksi. Perseroan berkomitmen untuk menjaga tingkat utang dan kemampuan pembayaran
            kewajiban secara prudent dengan mempertimbangkan arus kas operasional, likuiditas, serta
            profil jatuh tempo kewajiban Perseroan.

            Perseroan memiliki kemampuan menghasilkan arus kas operasional yang memadai, dengan
            EBITDA sebesar Rp2,9 triliun dan arus kas dari aktivitas operasi sebesar Rp2,4 triliun untuk
            periode FY2025, yang cukup untuk menutupi kewajiban Fasilitas Sindikasi. Perseroan juga
            akan senantiasa menjaga tingkat leverage dalam batas yang sehat, termasuk dengan
            memperhatikan pemenuhan financial covenants berdasarkan Fasilitas Pinjaman Sindikasi
            yang ada.

5. Salah satu pertimbangan pengambilalihan 14 (empat belas) Perusahaan Sasaran diharapkan terus
   mendukung pertumbuhan pendapatan Perseroan secara berkelanjutan. Agar dijelaskan mengenai:

      a. Nilai kontribusi terhadap pendapatan secara keseluruhan yang diharapkan dengan
         pengambilalihan tersebut baik dalam jangka pendek maupun jangka panjang.

            Penjelasan:

            Tujuan utama Rencana Transaksi adalah untuk memberikan Perseroan penguasaan penuh
            atas aset properti rumah sakit, sehingga strategi pengelolaan aset dapat diselaraskan dengan
            strategi operasional dan klinis Perseroan. Hal ini diharapkan dapat mengoptimalkan
            pemanfaatan dan pengembangan infrastruktur rumah sakit serta merealisasikan potensi nilai
            aset yang selama ini belum termanfaatkan secara optimal. Mengingat manfaat tersebut
            terutama akan terealisasi melalui kegiatan operasional rumah sakit, dampak ekonominya akan
            tercermin terutama pada kinerja dan laporan keuangan Perseroan, dan bukan pada laporan
            keuangan Perusahaan Sasaran secara tersendiri.

            Namun demikian, berdasarkan Informasi Keuangan Konsolidasian Proforma Perseroan,
            Rencana Transaksi diestimasikan memberikan tambahan kontribusi terhadap pendapatan
            konsolidasian Perseroan sebesar Rp44.819 juta untuk periode tiga bulan yang berakhir pada
            31 Maret 2026.


Siloam International Hospitals                                                                                    5
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


      b. Besaran efisiensi yang dilakukan Perseroan setiap tahunnya dengan berkurangnya beban
         sewa yang dibayarkan Perseroan atas sewa 14 (empat belas) Perusahaan Sasaran yang
         dimiliki oleh First REIT.

            Penjelasan:

            Sebagaimana diungkapkan dalam Keterbukaan Informasi, saat ini Perseroan berkedudukan
            sebagai penyewa (bukan pemilik) atas ke-14 properti rumah sakit yang dimiliki oleh
            Perusahaan Sasaran, dengan beban sewa yang dibayarkan secara berkala kepada masing-
            masing Perusahaan Sasaran. Pasca pengambilalihan, dengan beralihnya kepemilikan properti
            tersebut kepada Perseroan, kewajiban pembayaran beban sewa dimaksud akan berakhir.
            Berdasarkan pembayaran dalam 12 (dua belas) bulan terakhir, beban sewa tersebut
            diperkirakan sebesar kurang lebih Rp560 miliar per tahun.

6. Berdasarkan kinerja keuangan 14 (empat belas) Perusahaan Sasaran, agar dijelaskan mengapa
   PT Buton Bangun Cipta dan PT Yogya Central Terpadu membukukan rugi bersih periode 31 Maret
   2026? Dan bagaimana strategi Perseroan untuk meningkatkan profitabilitas kedua Perusahaan
   Sasaran tersebut sehingga dapat bersinergi dengan Perusahaan Sasaran lainnya di kemudian
   hari?

      Penjelasan:

      PT Buton Bangun Cipta dan PT Yogya Central Terpadu mencatatkan rugi bersih terutama
      disebabkan oleh pos-pos non-operasional, antara lain beban bunga, kerugian translasi valuta
      asing, serta kerugian akibat perubahan nilai wajar properti investasi. Setelah penyelesaian
      Rencana Transaksi, Perseroan akan melakukan optimalisasi struktur permodalan serta integrasi
      biaya dan operasional Perusahaan Sasaran terkait, yang diharapkan dapat memperbaiki kinerja
      keuangan dan mentransformasikan rugi bersih menjadi laba bersih.

7. Agar dijelaskan pertimbangan Perseroan melakukan transaksi pengambilalihan dengan nilai
   transaksi lebih tinggi (Rp6,9 triliun) jika dibandingkan penilaian wajar dari KJPP hanya sebesar
   Rp6,6 triliun.

      Penjelasan:

      Nilai Rencana Transaksi sebesar Rp6,9 triliun, terdiri atas Rp4,1 triliun untuk Transaksi Tahap
      Pertama dan Rp2,8 triliun untuk Transaksi Tahap Kedua, merupakan estimasi berdasarkan net
      asset value Perusahaan Sasaran per 31 Maret 2026 dan akan disesuaikan pada saat penyelesaian
      berdasarkan nilai aset bersih serta komitmen belanja modal yang disepakati Para Pihak.

      Berdasarkan penilaian KJPP BEST, Nilai Pasar 100% saham Perusahaan Sasaran adalah Rp6,6
      triliun, dengan selisih terhadap Nilai Rencana Transaksi sebesar 4,40%, masih dalam batas
      toleransi 7,5%. KJPP BEST menyatakan Rencana Transaksi adalah wajar, dan Direksi serta
      Dewan Komisaris Perseroan juga menilai Rencana Transaksi wajar dan merupakan kepentingan
      terbaik Perseroan dan seluruh pemegang saham.




Siloam International Hospitals                                                                     6
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


8. Sehubungan dengan rencana transaksi material penjaminan aset-aset atau harta kekayaan
   Perseroan yang nilainya lebih dari 50% dari aset bersih Perseroan, agar dijelaskan mengenai:

      a. Apakah aset properti 14 (empat belas) Perusahaan Sasaran tersebut keseluruhan juga akan
         dijaminkan oleh Perseroan untuk fasilitas pinjaman sindikasi?

            Penjelasan:

            Perseroan berencana untuk menjaminkan aset properti dari 14 (empat belas) Perusahaan
            Sasaran sebagai jaminan atas Fasilitas Pinjaman Sindikasi. Oleh karenanya, penjaminan aset
            tersebut juga menjadi salah satu agenda dalam mata acara RUPSLB sesuai dengan ketentuan
            Undang-Undang Perseroan Terbatas.

      b. Penggunaan dana fasilitas pinjaman sindikasi yang direncanakan hingga Rp14 triliun.

            Penjelasan:

            Dari total limit fasilitas sebesar Rp14,5 triliun, sekitar Rp9,0 triliun akan digunakan untuk
            membiayai Rencana Transaksi, sementara sekitar Rp2,0 triliun akan digunakan untuk
            melakukan pembayaran kembali (refinancing) fasilitas pinjaman berjangka (bridge loan) dan
            utang bank jangka panjang yang telah ada. Sisa fasilitas (sekitar Rp3,5 triliun) akan digunakan
            untuk mendukung kebutuhan pendanaan Perseroan, termasuk potensi akuisisi,
            pengembangan rumah sakit, serta peningkatan kapabilitas klinis melalui investasi pada
            peralatan medis terkini.

      c.    Realisasi pinjaman sindikasi tersebut hingga saat ini.

            Penjelasan:

            Saat ini, Perseroan belum melakukan utilisasi atas Fasilitas Pinjaman Sindikasi tersebut.
            Utilisasi fasilitas direncanakan akan dilakukan menjelang penyelesaian Transaksi Tahap
            Pertama, sesuai dengan kebutuhan pendanaan Rencana Transaksi.

9. Sehubungan dengan pengambilalihan tersebut apakah terdapat perkara hukum (termasuk terkait
   perpajakan, somasi, gugatan, PKPU atau pailit) dari pihak ketiga, kreditur maupun supplier dari 14
   (empat belas) Perusahaan Sasaran tersebut? Jika ada, mohon disampaikan nomor perkara, pokok
   perkara, dan perkembangan atas perkara hukum tersebut.

      Penjelasan:

      Sepanjang pengetahuan Perseroan, per tanggal 1 April 2026, seluruh 14 (empat belas)
      Perusahaan Sasaran tidak sedang terlibat dalam perkara hukum, sebagaimana dikonfirmasi
      berdasarkan hasil penelusuran Perseroan melalui situs sistem informasi penelusuran perkara
      pengadilan yang tersedia (sebagaimana relevan).

10. Informasi/fakta/kejadian penting lainnya yang material dan dapat mempengaruhi harga efek
    Perseroan serta kelangsungan hidup Perseroan yang belum diungkapkan kepada publik.

      Penjelasan:

      Perseroan senantiasa berkomitmen untuk memenuhi prinsip keterbukaan informasi secara penuh
      kepada seluruh pemangku kepentingan sehubungan dengan Rencana Transaksi, termasuk melalui
      setiap perubahan dan/atau tambahan Keterbukaan Informasi yang diterbitkan dari waktu ke waktu
      apabila terdapat perkembangan material.



Siloam International Hospitals                                                                           7
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


Sebagai referensi, kami melampirkan versi tanggapan di dalam versi bahasa Inggris, dengan versi
bahasa Indonesia sebagai rujukan utama. Selanjutnya, tanggapan yang Perseroan cantumkan tunduk
pada pernyataan berikut ini:

Sebagian informasi yang termuat dalam tanggapan ini, termasuk lini masa transaksi, manfaat yang
diharapkan, estimasi penghematan biaya, rencana penggunaan dana hasil pendanaan, serta
pernyataan-pernyataan yang bersifat proyeksi ke depan (forward-looking statements) lainnya,
didasarkan pada asumsi, rencana usaha, kondisi pasar, pengaturan pendanaan, persetujuan regulator,
persetujuan pemegang saham, serta faktor-faktor lain yang berlaku saat ini dan dapat berubah dari
waktu ke waktu. Hasil aktual dan pelaksanaannya dapat berbeda dari yang saat ini diperkirakan.

Demikian surat tanggapan ini kami sampaikan. Kami mengucapkan terima kasih atas tindakan aktif
pengawasan yang dilakukan oleh PT Bursa Efek Indonesia, yang mana hal tersebut membantu kami
dalam memperkuat tata kelola serta mitigasi risiko atas aksi korporasi yang dilakukan.

Hormat kami,
PT Siloam International Hospitals Tbk




Oleh: ______________________________
Lewi Aga Basoeki
Sekretaris Perusahaan




Siloam International Hospitals                                                                  8
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


Lampiran
English Translation
(For reference only — the Indonesian version prevails)

No. 124/Corsec-SIH/IX/2026                                                   Tangerang, 3 September 2026

To                            PT Bursa Efek Indonesia
                              Indonesia Stock Exchange Building, 1st Floor
                              Jl. Jenderal Sudirman Kav. 52-53,
                              Jakarta 12190

For                           Mr. Jeffrey Hendrik
                              President Director

Subject                       Response to the Request for Explanation from PT Bursa Efek Indonesia
                              received by the Company on 31 August 2026 in connection with the
                              Proposed Acquisition of 14 (Fourteen) Target Companies by PT Siloam
                              International Hospitals Tbk (the “Request for Explanation”)


Dear Sir/Madam,

We, PT Siloam International Hospitals Tbk (the “Company”), have received and further reviewed the
questions or request for explanation submitted by PT Bursa Efek Indonesia through the Request for
Explanation in connection with the proposed acquisition of the shares of 14 (fourteen) Target
Companies which own hospital properties (the “Proposed Transaction”), as previously disclosed by
the Company to its stakeholders through the relevant information disclosure (the “Information
Disclosure”).

Further, the Company hereby provides its explanation to each item of the questions set out in the
Request for Explanation, as part of the Company’s commitment to consistently uphold the principle of
transparency towards its stakeholders.

For ease of reference, capitalized terms used in this letter shall, unless otherwise defined herein, have
the same meaning as ascribed to them in the previously published Information Disclosure.

1. The Company has entered into Conditional Share Purchase Agreements and a Put Option
   Agreement in respect of the proposed acquisition of, and the put option over, the shares of 14
   (fourteen) Target Companies which own hospital properties. In the event the Company obtains
   EGMS approval, please explain:

      a. The implementation timeline of the acquisition of the shares of the subsidiaries of First REIT,
         for both the First Stage Transaction and the Second Stage Transaction.

            Explanation:

            Completion of the First Stage Transaction is planned to take place within the fourth quarter of
            2026, taking into account the Long Stop Date (being the final date for satisfaction of the
            conditions precedent) of 1 December 2026.

            Furthermore, the Parties have not yet determined the completion date of the Second Stage
            Transaction. However, under the Put Option Agreement, the Put Option Exercise Period runs
            until no later than 31 March 2027, or such other date as may be agreed by the Parties.

      b. Details of the sequence of implementation of the acquisition of the shares of the subsidiaries of
         First REIT.


Siloam International Hospitals                                                                            9
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


            Explanation:

            The implementation plan for the acquisition of the shares of the subsidiaries of First REIT is as
            follows:

            First Stage, covering 8 (eight) Target Companies:

            (1) First, on or before 28 September 2026, or such other date as may be agreed in writing by
                the parties to the relevant Conditional Share Purchase Agreement, 5 (five) Target
                Companies.

            (2) Second, no later than October 2026, 3 (three) Target Companies.

            Accordingly, the First Stage Transaction as a whole is expected to be completed by the parties
            in October 2026.

            It should be noted that, under the relevant Conditional Share Purchase Agreements, the
            longstop date for completion of the entire First Stage Transaction is 1 December 2026, as
            referred to in item 1(a) above. Nevertheless, the parties are targeting completion of the entire
            First Stage Transaction in October 2026.

            Second Stage, being, if the put option is exercised by the put option holder no later than 31
            March 2027 (or such other date as may be agreed by the Parties), the acquisition of 6 (six)
            Target Companies, which is planned to be completed simultaneously, no later than 12 (twelve)
            months from the date the Company obtains the approval of the EGMS, which is scheduled to
            be held on 22 September 2026.

      c.    The Company’s considerations in carrying out the acquisition of the shares of the 14 (fourteen)
            Target Companies in 2 (two) stages.

            Explanation:

            The First Stage Transaction and the Second Stage Transaction form a single series of
            interrelated and continuous transactions directed at the same objective, namely the acquisition
            of ownership of the entire portfolio of 14 (fourteen) hospital properties which have to date been
            leased and operated by the Company. Accordingly, both stages of the transaction have been
            calculated and disclosed on a cumulative basis in accordance with the provisions of POJK No.
            17/POJK.04/2020.

            The acquisition is being implemented in two stages based on considerations including the
            agreement reached with the seller arising from the negotiation of the transaction documents,
            as well as the technical consideration that the integration of asset ownership with hospital
            operational activities requires a sufficient process and time. The two-stage structure allows the
            acquisition and integration of the assets to be carried out in a structured manner while still
            achieving the ultimate objective of the Proposed Transaction.

      d. In connection with the proposed transaction, please explain the due diligence process
         conducted by the Company in respect of the proposed acquisition of the shares of the 14
         (fourteen) Target Companies.

            Explanation:

            The Company has conducted a comprehensive due diligence process on the 14 (fourteen)
            Target Companies, covering, among others, legal, financial, taxation and property asset
            aspects of each Target Company, involving the relevant professional consultants and advisers.

            Given that the substance of the Proposed Transaction is the acquisition of ownership of hospital
            property assets through the acquisition of the shares of the Target Companies, the transaction
            value in principle refers to the net value of the property assets. Accordingly, any working capital,
            obligations or liabilities remaining in each Target Company at completion of the Transaction will
Siloam International Hospitals                                                                                10
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


            be taken into account as an adjustment to the transaction value, in accordance with the
            mechanism set out in the transaction documents.

      e. First REIT’s considerations in divesting its portfolio property assets to the Company, given that
         following the acquisition First REIT will no longer own any property in Indonesia.

            Explanation:

            Based on information obtained from First REIT, the divestment of its property asset portfolio in
            Indonesia forms part of First REIT’s portfolio management and optimization strategy, taking into
            account, among others, Indonesian macroeconomic conditions and efforts to reduce exposure
            to the performance volatility of those assets.

            Furthermore, the staged divestment of the assets provides First REIT with flexibility to optimize
            its capital structure, maintain the stability of distributions to unitholders, and redeploy the
            divestment proceeds to support its growth strategy and other investment opportunities. Upon
            completion of the entire series of the Proposed Transaction, First REIT will ultimately no longer
            hold any property portfolio in Indonesia.

2. Explanation of the Company’s source of funds for the implementation of the proposed acquisition.

      Explanation:

      The source of funds for the implementation of the Transaction will be the Syndicated Loan Facility,
      as previously disclosed by the Company through Information Disclosure No. 112/Corsec-
      SIH/VIII/2026 regarding a material transaction in respect of a loan and security facility, with a facility
      amount of up to Rp14,500,000,000,000.

      The facility is provided by a banking syndicate comprising, among others, PT Bank Negara
      Indonesia (Persero) Tbk, as facility agent and security agent, PT Bank CIMB Niaga Tbk, PT Bank
      Central Asia Tbk, PT Bank DBS Indonesia, MUFG Bank, Ltd. Jakarta Branch, and The Hongkong
      and Shanghai Banking Corporation Limited Singapore Branch, as Mandated Lead Arrangers and
      Bookrunners.

3. In the event the 6 (six) Target Companies subject to the put option do not exercise their option to
   sell their shares to the Company, please explain whether this would affect the objective of the
   proposed share acquisition, namely as a strategic step consistent with the Company’s business
   development direction and capable of creating long-term value for the Company.

      Explanation:

      The Company views the Proposed Transaction as a single transaction which in essence comprises
      the acquisition of the shares in all 14 (fourteen) companies that own or control the hospital portfolio
      currently operated by the Company.

      As explained in item 1(c) above, based on the agreement with the Seller, the Proposed Transaction
      has been structured in two stages taking into account (i) the structure of First REIT and (ii) the
      technical consideration that the integration of asset ownership with hospital operational activities
      requires a sufficient process and time.

      Nevertheless, if the Put Option cannot be exercised, the Company is of the view that this would not
      have any adverse impact on the Company’s business continuity. The Company would remain able
      to carry on the hospital operational activities at the relevant assets under the prevailing lease
      arrangements, such that there would be no material impact on the continuity of the hospital
      operations conducted by the Company. In addition, the Company would have no obligation to pay
      the acquisition price for any Target Company not transferred, and would not be subject to any
      sanction or penalty solely by reason of the Put Option not being exercised by the Seller.



Siloam International Hospitals                                                                                11
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


4. As disclosed in the pro forma Financial Statements of the Company as at 31 March 2026, there is
   an adjustment to the Company’s long-term bank loan balance of Rp8.8 trillion. Please explain:

      a. Whether the proceeds of the additional bank loan will be used for the proposed acquisition of
         the shares of the 14 (fourteen) Target Companies?

            Explanation:

            Correct. The proceeds of the additional Long-Term Bank Loan will be used to fund the
            Proposed Transaction.

      b. If so, why do the pro forma Financial Statements record an adjustment to long-term bank loans
         of Rp8.8 trillion, which is higher than the proposed acquisition value of only Rp6.6 trillion?

            Explanation:

            With respect to the comparative figure of Rp6.6 trillion referred to in item 4(b) of the Request
            for Explanation, we wish to advise that the value of the Proposed Transaction is Rp6.9 trillion,
            as detailed in Table 1 below.

            The difference between the Long-Term Bank Loan adjustment of Rp8.8 trillion and the value of
            the Proposed Transaction of Rp6.9 trillion is primarily attributable to the payment mechanism
            at completion of the Proposed Transaction. At completion, the proceeds of the Long-Term Bank
            Loan will be used not only for payment to the Seller, but also for the settlement of certain
            obligations of the Target Companies and adjustments to the net assets and liabilities of the
            Target Companies, based on the Financial Information as at 31 March 2026.

Table 1. Components of the Estimated Value of the Material Transaction Based on the Financial
Information of the Target Companies as at 31 March 2026 (in millions of Rupiah)
  No                                        Nilai yang menjadi referensi /                               Total /
                                                    Reference amount                                      Total
  1      Nilai properti sebagai Objek Transaksi Tahap Pertama /                                        Rp 5.120.596
         Value of the properties as the object of the First Stage Transaction
  2      Nilai properti sebagai Objek Transaksi Tahap Kedua /                                          Rp 3.879.404
         Value of the properties as the object of the Second Stage Transaction
  3      Dikurangi komitmen belanja modal serta net asset (liabilities) adjustments /                  (Rp 2.091.396)
         Less: capital expenditure commitments and net asset (liabilities) adjustments
 Total Nilai Rencana Transaksi /                                              (4) = (1) + (2) + (3)    Rp 6.908.604
 Total Value of the Proposed Transaction
 Ekuitas Perseroan berdasarkan Laporan Keuangan 31 Maret 2026 /                                  (5)   Rp10.225.016
 The Company's Equity based on the Financial Statement as at 31 March 2026
 Persentase Nilai Rencana Transaksi Terhadap Ekuitas Perseroan 31 Maret 2026               (4) / (5)         67,57%
 Percentage of the Value of the Proposed Transaction to the Company's Equity 31 March 2026


      c.    The Company’s commitment in managing the bank loan obligations, given that the Company’s
            interest expense will also increase by up to 383%.

            Explanation:

            The Company has taken into account the increase in interest expense arising from the use of
            the Syndicated Loan Facility as part of the funding structure for the Proposed Transaction. The
            Company is committed to managing its debt levels and its ability to service its obligations
            prudently, taking into account operating cash flows, liquidity and the maturity profile of the
            Company’s obligations.

            The Company has the ability to generate adequate operating cash flows, with EBITDA of Rp2.9
            trillion and cash flows from operating activities of Rp2.4 trillion for FY2025, which are sufficient
            to cover the obligations under the Syndicated Facility. The Company will also continue to
            maintain its leverage within healthy limits, including by observing compliance with the financial
            covenants under the existing Syndicated Loan Facility.
Siloam International Hospitals                                                                                   12
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


5. One of the considerations for the acquisition of the 14 (fourteen) Target Companies is the
   expectation that it will continue to support the sustainable growth of the Company’s revenue. Please
   explain:

      a. The expected contribution to overall revenue from the acquisition, both in the short term and in
         the long term.

            Explanation:

            The principal objective of the Proposed Transaction is to give the Company full control over the
            hospital property assets, so that the asset management strategy can be aligned with the
            Company’s operational and clinical strategy. This is expected to optimize the utilization and
            development of hospital infrastructure and to realize the potential value of assets which to date
            has not been optimally captured. Given that these benefits will principally be realized through
            hospital operational activities, the economic impact will be reflected primarily in the Company’s
            performance and financial statements, rather than in the financial statements of the Target
            Companies on a standalone basis.

            Nevertheless, based on the Company’s Pro Forma Consolidated Financial Information, the
            Proposed Transaction is estimated to contribute additional consolidated revenue to the
            Company of Rp44,819 million for the three-month period ended 31 March 2026.

      b. The amount of annual savings to be realized by the Company from the reduction in lease
         expense payable by the Company in respect of the lease of the 14 (fourteen) Target Companies
         owned by First REIT.

            Explanation:

            As disclosed in the Information Disclosure, the Company is currently the lessee (and not the
            owner) of the 14 hospital properties owned by the Target Companies, paying lease expense
            periodically to each Target Company. Following the acquisition, upon the transfer of ownership
            of those properties to the Company, the obligation to pay such lease expense will cease. Based
            on payments made over the last 12 (twelve) months, that lease expense is estimated at
            approximately Rp560 billion per annum.

6. Based on the financial performance of the 14 (fourteen) Target Companies, please explain why PT
   Buton Bangun Cipta and PT Yogya Central Terpadu recorded a net loss for the period ended 31
   March 2026? And what is the Company’s strategy to improve the profitability of these two Target
   Companies so that they can create synergies with the other Target Companies going forward?

      Explanation:

      PT Buton Bangun Cipta and PT Yogya Central Terpadu recorded net losses primarily due to non-
      operational items, including interest expense, foreign exchange translation losses, and losses
      arising from changes in the fair value of investment properties. Following completion of the
      Proposed Transaction, the Company will optimize the capital structure and integrate the costs and
      operations of the relevant Target Companies, which is expected to improve their financial
      performance and transform the net losses into net profits.

7. Please explain the Company’s considerations in undertaking the acquisition at a transaction value
   that is higher (Rp6.9 trillion) than the fair valuation by the KJPP of only Rp6.6 trillion.

      Explanation:

      The value of the Proposed Transaction of Rp6.9 trillion, comprising Rp4.1 trillion for the First Stage
      Transaction and Rp2.8 trillion for the Second Stage Transaction, is an estimate based on the net
      asset value of the Target Companies as at 31 March 2026 and will be adjusted at completion based
      on the net asset value and the capital expenditure commitments agreed by the Parties.


Siloam International Hospitals                                                                             13
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


      Based on the valuation by KJPP BEST, the Market Value of 100% of the shares of the Target
      Companies is Rp6.6 trillion, a difference of 4.40% against the value of the Proposed Transaction,
      which remains within the 7.5% tolerance threshold. KJPP BEST has stated that the Proposed
      Transaction is fair, and the Board of Directors and the Board of Commissioners of the Company
      likewise consider the Proposed Transaction to be fair and in the best interests of the Company and
      all of its shareholders.

8. In connection with the proposed material transaction involving the encumbrance of the Company’s
   assets or property with a value exceeding 50% of the Company’s net assets, please explain:

      a. Whether the property assets of all 14 (fourteen) Target Companies will also be encumbered by
         the Company as security for the syndicated loan facility?

            Explanation:

            The Company intends to encumber the property assets of the 14 (fourteen) Target Companies
            as security for the Syndicated Loan Facility. Accordingly, the encumbrance of those assets also
            forms one of the agenda items of the EGMS in accordance with the provisions of the Company
            Law.

      b. The use of the proceeds of the syndicated loan facility, which is planned to be up to Rp14
         trillion.

            Explanation:

            Of the total facility limit of Rp14.5 trillion, approximately Rp9.0 trillion will be used to finance the
            Proposed Transaction, while approximately Rp2.0 trillion will be used to refinance the existing
            bridge loan facility and existing long-term bank loans. The remaining facility (approximately
            Rp3.5 trillion) will be used to support the Company’s funding requirements, including potential
            acquisitions, hospital development, and the enhancement of clinical capabilities through
            investment in state-of-the-art medical equipment.

      c.    The drawdown of the syndicated loan to date.

            Explanation:

            As at the date hereof, the Company has not yet utilized the Syndicated Loan Facility. Utilization
            of the facility is planned to take place ahead of completion of the First Stage Transaction, in
            accordance with the funding requirements of the Proposed Transaction.

9. In connection with the acquisition, are there any legal proceedings (including in relation to taxation,
   demand letters, lawsuits, suspension of debt payment obligations (PKPU) or bankruptcy) brought
   by third parties, creditors or suppliers of the 14 (fourteen) Target Companies? If so, please provide
   the case numbers, the subject matter and the status of such legal proceedings.

      Explanation:

      To the best of the Company’s knowledge, as at 1 April 2026, none of the 14 (fourteen) Target
      Companies is involved in any legal proceedings, as confirmed by the Company’s searches through
      the available court case tracking information system websites (as relevant).

10. Any other material information, facts or events which may affect the price of the Company’s
    securities and the Company’s business continuity that have not been disclosed to the public.

      Explanation:

      The Company remains committed to fulfilling the principle of full disclosure to all stakeholders in
      connection with the Proposed Transaction, including through any amendment and/or supplement
      to the Information Disclosure published from time to time in the event of any material developments.


Siloam International Hospitals                                                                                    14
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com


This English version is provided for reference only, with the Indonesian version prevailing. Further, the
responses set out by the Company are subject to the following statement:

Certain information contained in this response, including transaction timelines, anticipated benefits,
estimated cost savings, intended use of financing proceeds, and other forward-looking statements, is
based on current assumptions, business plans, market conditions, financing arrangements, regulatory
approvals, shareholder approvals, and other factors that may change from time to time. Actual results
and implementation outcomes may differ from those currently anticipated.

We hereby submit this response letter. We express our appreciation for the active supervisory
measures undertaken by PT Bursa Efek Indonesia, which assist us in strengthening our governance
and in mitigating the risks associated with the corporate actions we undertake.

Yours faithfully,
PT Siloam International Hospitals Tbk




By: ______________________________
Lewi Aga Basoeki
Corporate Secretary




Siloam International Hospitals                                                                         15
Gedung FK UPH, 32nd Floor
Jl. Boulevard Sudirman No. 1688
Lippo Village, Tangerang 15811, Indonesia
www.siloamhospitals.com