INDEPENDENT AUDITORS REPORT

No. 012/LAI/KAP-BM&W/4-IV/2012 BOARD OF ADVISORY AND MANAGEMENT The Indonesian French Chamber of Commerce And Industry We have audited the accompanying statement of financial position of The Indonesian French Chamber of Commerce and Industry as of December 31, 2011, and the related statement of changes in net assets, and statements of cash flows for the year then ended, which are expressed in Indonesian Rupiah. These financial statements are the responsibility of the management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements for year 2010 have been audited by other independent auditor whose report No.23/THR/LAI-IFCCI/II/2011, expressed an unqualified opinion. We conducted our audit in accordance with auditing standards established by the Indonesian Institute of Certified Public Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As disclosed in notes B.7 on the financial statements that The Indonesian French Chamber of Commerce and Industry has not implemented the Statement of Financial Accounting Standard (SFAS or PSAK) No. 24 - Revised 2004 (employee benefits). In our opinion, except for the impacts that may arise due to failure not to be applied PSAK 24, as described in paragraf three above, the financial statements referred to above present fairly, in all material respects, the financial position of The Indonesian French Chamber Of Commerce And Industry as of December 31, 2011 and the results of its operations and its cash flows for the year then ended in conformity with Indonesian Financial Accounting Standards.

Drs. Bambang Mudjiono, MM. Ak. CPA Auditors license number : AP.0670 Firms license number : 449/KM.1/2009 April 23, 2012 _______________________________________________________________________________________________

The accompanying financial statements are not intended to present the financial positions, results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Indonesia. The standards procedures, and practices to audit such financial statements are those generally accepted and applied in Indonesia.