AMPLE EVIDENCES TO SUPPORT MNC’S LEGITIMATE OWNERSHIP IN TPI, OTHER CLAIMS ARE UNWARRANTED
2010 - Jakarta, 30 June 2010

Jakarta, Indonesia – June 30th, 2010

On Saturday June 26, 2010, an unwarranted claim was made by TPI's previous owners over the share ownership in TPI.  The dispute stemmed from an agreement that was signed in 2005 between TPI's previous  owners and PT Berkah Karya Bersama (“BKB”).  As per the agreement, BKB fully settled the outstanding debts of TPI and in return was given 75% shareholding in TPI.

In 2006, BKB’s 75% stakes in TPI was purchased by PT Media Nusantara Citra (MNC). At the time the shares were purchased by MNC and announced to the public, no one ever made any claim towards the ownership of the said shares. In addition, as part of the IPO process in 2007, MNC made a public announcement that TPI was one of MNC's assets and again no protest was ever filed with regard to MNC’s shares ownership in TPI.
 
In addition, the previous owners of TPI made a written statement dated March 8 2010 and addressed to the Central Jakarta Commercial Court whereby they acknowledged BKB's 75% shares ownership in TPI. This document is evidence that previous TPI's owners have conceded their 75% ownership of TPI to BKB.

Therefore, claims by previous owners are unwarranted and invalid and we are fully confident that this issue will be resolved within a relatively short time.