#1JABABEKA & CO. PT Kawasan Industri Jababeka Tbk. Investor Presentation March 2019#2Leading township developer & infrastructure powerhouse PT Kawasan Industri Jababeka Tbk. ("KIJA") is a leading township developer with an established track record in industry- based townships supported by residential & commercial components... KIJA overview Real Estate PT Kawasan Industri Jababeka Tbk Industrial Residential Infrastructure Power Infrastructure Business segments FY17 Revenue Breakdown (%) (Rp 2,995 billion) Infrastructure & Port, 14% Real Estate & Others, 41% • . Commercial Dry Port Established in 1989 and became the first publicly listed industrial estate developer in Indonesia in 1994 Kota Jababeka, KIJA's flagship development, is a mature industry- based integrated township in Cikarang with on-site power plant and dry port Diversification projects: Kendal Industrial Park - Park by the Bay in Central Java, tourism-based township in Tanjung Lesung, Banten and a tourism development project in Morotai Large and strategically located land bank of 3,883 hectares as of 30 September 2018 Vision: To Create Modern Self Sustained Cities in Every Province in Indonesia and Provide Jobs for Better Life Power Plant, 45% FY17 Gross Profit Breakdown (%) (Rp 1,137 billion - 38% GPM) Infrastructure & Port, 17% Power Plant, 20% ...with world class infrastructure to support its development Real Estate & Others, 63% 1#3Milestones & Awards More than 25 years track record in township development Selected awards #1 #1 Investor Magazine - 2012 Top 10 Best performing listed companies and Best listed company in property Indonesia Property Watch- 2015 The best township development concept #1 Forbes BEST BEST INDONESIA MOST CREATIVE COMPANIES 2010 Fortune Indonesia - 2015 Best Company award SW SWA Magazine - 2016 Top 25 Most Creative Companies in Indonesia #1 Frontier Consulting Group Award 2014 #1 Corporate Image Industrial Estate Supply Chain Asia Awards 2014 Asia Logistics Centre/Park of the Year Ministry of Industry - 2015 Best Industrial Estate - Infrastructure & Facilities 1989 1996 1994 Jababeka Group established and started development of the industrial estate IPO on Jakarta and Surabaya Stock Exchange Acquisition of Menara Batavia in Jakarta CBD 2013 2016 Groundbreaking Kendal Industrial Park - Park by the Bay 2014 D'Khayangan Senior Living 2003 Commenced 2010 development of Jababeka CBD Cikarang Dry Port begins operations 2011 Acquisition of 1,500 ha land in Tanjung Lesung, Banten Bekasi Power Plant commenced operations Launched 2001 Inauguration of Education Park, including President University 2#4Sizeable land bank in strategic locations with upside potential Tanjung Lesung Banten រ 1189 TANJUNG LESUNG Jakarta Serary KOTA JABABEKA Kota Jababeka Cikarang Kota Jababeka Cikarang • Master plan: 5,600 hectares • 35km east of Jakarta • Land Bank: 1,239ha (1) Fully integrated and matured city development 35km east of Jakarta, 45mins from Jakarta's CBD Most established industrial area in Greater Jakarta, home to >2,000 local and multinational companies 7 Kendal, Central Java West Java Semarang Central Java Legend Tanjung Lesung • Master plan: 1,551 hectares • 170km southwest of Jakarta • Land Bank: 1,537ha (1) Designated as a Special Economic Zone Located 180km southwest of Jakarta and covers 1,500 ha of untouched peninsula facing the Indian Ocean Envisaged to become a first-class integrated resort destination for both domestic and international tourists Note: 1 Land bank as at 30 September 2018 INDONESIA Yogyakarta East Java Surabaya Kendal, Central Java • Master plan: 2,700 hectares • 450km east of Jakarta • Land Bank: 587ha(1) Offers a deep pool of young and skilled labour at a competitive cost Designated strategic estate status under presidential decree Strategically located along the Jakarta-Semarang- Surabaya Economic Corridor 3#51 Kota Jababeka - Flagship industry-based integrated township Kota Jababeka is a mature industry-based township strategically located in close proximity to Jakarta CBD, sea port and airport... Excellent accessibility and connectivity with 3 Exit Toll Accesses to Kota Jababeka and development of Major Transportation Infrastructure along Jakarta Eastern Corridor to Kota Jababeka. Soekarno Hatta International Airport Semanan Balaraja TANGERANG Tanjung Priok Seaport Patimban Future Seaport 1.5 hours BEKASI JAKARTA Kota Jababeka Kertajati Future Stasiun Halim International Airport CIKAMPEK Halim Perdana Kusuma International Airport BANDUNG Stasiun Tegalluar Toll JOR 2 LRT Route MRT Route High Speed Rail Way Jakarta Bandung 6 lane Highway of Jakarta Inner Ring Road Elevated Toll Road Jakarta - Cikampek <Jakarta Tol Jakarta - Cikan MM2100 Cikarang Train Station Lemah Abang Train Station JR Connexion 5.600 ha Total Area T President University Proposed MRT Station KOTA JABABEKA KM 29 EJIP T Exit Toll Km 31 ikarang Barat KM 31 Jababeka Golf & Country Club HYUNDAI T KM 34 Direct Access Exit Toll Cibatu KM 34,7 KOTA DELTAMAS • 35 KM from Jakarta City • • Close to International Airport & Seaport Accessible by toll road and railway Tranportation infrastructure (Proposed / Under Construction) LRT Track High Speed Train Elevated Toll Road MRT Track IPPO CIKARANG Double-double track Railway ...and is home to over 2,000 local and multinational customers from over 20 countries Bandung 4#61 Kota Jababeka - Anchored by a blue-chip customer base The portfolio of high quality multinational and domestic customers at Kota Jababeka is a testament to the township's strategic location and superior infrastructure facilities Diverse mix of occupants across sectors (breakdown by number of occupants) - As of 30 Sept 2018 Portfolio of high quality customers ■ Electronics 11% MATTEL KOMATSU као EMERSON ■Machinery 7% ■Customer Goods → YAMAHA L'ORÉAL Chemicals 45% 6% 6% ■ Automotive ■Plastics ■ Foods Unilever 6% Building ■Metal Fabrication SAMSUNG 5% ■Tekstile 4% 4% 4% Others 2% キ KRAFT NABISCO San Miguel STORK PRINTS GROUP AkzoNobel Tomorrow's Answers Today SMURFIT-STONE Kimberly-Clark SARI ROTI Tupperware Kawan LamaⓇ #1 Commercial & Industrial Supply Company 5#71 Jababeka Residence - A City for Your World Residential & Commercial Developments Bekasi Power Cikarang Dry Port Jababeka Industrial Estate San Miguel L'Oreal Sari Roti Mattel Kao Oscar Townhouse Cluster Sudirman Boulevard Kraft Nissin Samsung Commercial Center Unilever Mixed-Use Developments MONROE HOLLYWOOD UNCION ELVIS HOLLYW Hollywood Junction, Monroe & Elvis Tower Facilities 什 Holiday in RSPERMA SMA PRESID KM 29 T New Exit Toll Km 29 KM 31 T Exit Toll Km 31 Cikarang Barat International Hospitals Hotels President University & Jababeka Golf & Country Club Reputable Schools Mattel Kawan Lama KM 34 JABABEKA RESIDENCE Bring Better Quality of Life JJ Royal 阿里 Tupperware Yamaha Megmilk Snow Brand Indonesia JABABEKA RESIDENCE A City for Your World Senior Living D'Khayangan Jababeka Jababeka Stadium Convention Center 6#81 Kota Jababeka – Enhancing value through Joint Venture projects - (PP) PT. PP PROPERTI PT PP Properti (Persero) Tbk 51% JABABEKA & CO. JV 1 49% (PP) PT PP PROPERTI "Riverview Residence" Plaza PT Plaza Indonesia Realty Tbk INDONESIA . 4 apartment towers strategically located near the toll exit Catering to the lower end of the market - . Tower 1 Mahakam Tower 90% sold out & topped off, hand-over started - Tower 2 - Bengawan Tower -> 199 units sold, piling completed KAPUAS BENGAWAN MAHAKAM BARITO • • TOWERS OF RIVERVIEW RESIDENCE 47.4% JABABEKA & CO. JV 2 52.6% PP PT. PP PROPERTI Mixed use superblock on a 4.6-ha site With 6 apartment towers and Japanese style mall REALTY JV 1 30% 70% Plaza INDONESIA REALTY JABABEKA & CO. "MAYFAIR Estate & Park Land" Mixed use superblock on a 12-ha site right next to the golf course Groundbreaking happened in June 2015; piling completed 70% JABABEKA & CO. JV 2 30% Plaza INDONESIA REALTY To be developed on 4-ha site adjacent to JV 1 Concept to be decided on at a later stage - to support / complement JV 1 7#91 Kota Jababeka – Kawana Golf Residence - Kawana Golf Residence - The One & Only Golf Residence in Indonesia Kawana Golf Residence is a JV between KIJA's Jababeka Residence (60%) and Creed Group (40%) from Japan • High-end golf view apartment tower with 234 units • Total 100% sold in 2 phases – delivery scheduled in 2020 • Kawana 2 planned to be launched later in 2019 JABABEKA RESIDENCE A City for Your World Creed CREED GROUP JABABEKA RESIDENCE A City for Your World KAWANA GOLF RESIDENCE カワナゴルフレジデンス KAWANA GOLF RESIDENCE カナゴルフレジデンス 8#102 Enhancing Kota Jababeka's value proposition: Jababeka Infrastruktur PT Jababeka Infrastruktur provides top notch to infrastructure and services, including clean water provision, waste water treatment, estate management, and other services such in-house fire brigade, 24 hour security, fiber optics, natural gas and others... Water Treatment Plan WTP 1 Capacity 400 L/sec WTP 2 Capacity 200 L/sec WWTP 1 WWTP 2 Capacity Capacity 125 L/sec 208 L/sec Telco Natural Gas Waste Water Treatment Plan ...which meet the international standards and operate in accordance with environmentally friendly policies in integrated city Kota Jababeka in Cikarang 9#112 Enhancing Kota Jababeka's value proposition: Bekasi Power Plant KIJA is the only industrial estate developer in Indonesia with its own power plant located within its estate Integrated Power Generation & Distribution Process 1 100% output to PLN # 2 Buy back from PLN PLN (+16% margin) 3 Direct sale to factories (+ margin) Factories . 130MW gas fired combined cycle plant SAFETY FIRST! 20 year 100% off-take agreement from Perusahaan Listrik Negara ("PLN") Rate per KWH: ~US$11 cents Average gas cost / MMBTU: ~US$9.0 Fuel costs borne by PLN on a pass-through basis Fully contracted gas supply Flexibility to buy back power and resell it at a premium During the repair of a leakage in one of the boilers the power plant operated at about 50% of the usual capacity for about 3 months in 2016 The power plant was in full "reserve shutdown" for most of 1Q18 and has operated intermittently since then, since 3Q18 on 5 days full capacity during the week and half capacity on weekends Operational Highlights IDR billion 1,600 Financial Highlights 1,499 1,400 1,267 1,200 1,062 1,000 800 Description 2014 2015 2016 2017 9M18 30.0% 1,360 1,310 26.7% 600 400 7.7% 215 155 200 82 14.3% itth 12.2% Net Dependable Capacity 118.8MW 120MW 120MW 121MW 119MW 25.0% Load Factor 108MW 110MW 93MW 109.1MW 112MW 20.0% 17.1% 774 Capacity factor 90.01% 90.01% 81.85% 87.95% 92% 15.0% 12.5% Equivalent Availability Factor 90.34% 96.39% 82.85% 94.53% 99% 10.0% 232 207 Planned Outage Factor 7.88% 3.09% 15.15% 5.00% 0% 164 5.0% 0.0% Equivalent Forced Outage Rate 1.78% 0.52% 2.00% 0.47% 0.19% 2013 2014 Revenue 2015 2016 Gross Profit 2017 9M18 Gross Profit Margin Providing a significant marketing advantage over its competitors as access to reliable electricity supply is one of the primary concerns for industrial clients in Indonesia 10 10#122 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port Strategic location in the heart of the largest manufacturing zone along the Bekasi-Cikampek industrial corridor... LEGENDS Toll Road Industrial Estate THAILAND CAMBODIA VIETNAM PHILIPPINES * Airport TANJUNG PRIOK PORT (HUB) Road Rail Way Ocean MALAYSA BUNS прикол Jakarts INDONESIA Charing JAKARTA Indian Ocean Distance = 50 km <TO TANGERANG BEKASI CIKARANG DRY PORT (SPOKE) North Pacific Ocean JABABEKA MM 2100 62%¹ EJIP LIPPO HYUNDAI GIIC SURYA CIPTA CIKAMPEK KIIC KIKC KIM KBI Enhanced Accessibility with New Toll Gate KM 29 Railway Connectivity to the Sea Port Cikarang Utama Toll Gate New Toll Gate KM 29 Highway Exit KM 29 To Jakarta Flyover to Jakarta To Cikampek/ Bandung International Port Code: IDJBK Surrounded by 11 Industrial Estates and more than 3,000 manufacturing companiee Notes: 1 Estimated % of total throughput at Tanjung Priok Port originating from this area 11#132 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port Facilities & services offered at Cikarang Dry Port To Surabaya Bonded Logistics Center To Jakarta / Tanjung Priok Gate CFS Railway Emplacement Reefer New Customs Office New Office & Warehouse Physical Inspection Mobile X-Ray Office: CDP, Quarantine, Banking 12 12#14Fomercat Enhancing Kota Jababeka's value proposition: Cikarang Dry Port CKARANG DRY PORT CAME ☑ D ED CIKARANG DRY PORT ANGKAMANUM KERETA API NOO 55DEN BANK Smart Port Solution Auto Gate System Container Tracking Hello copmobile Welcome to MyCDP Rp PORT E-Payment FR Ligh Feeder Service MyCDP GET IT ON Google Play Mobile Application Next: E-Payment#152 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port MAERSK Bonded Logistics Center DRY PORT EVEN CAPITAL LINE MAERSK MAERSK MAERSK SITC SITC SITC SITC#162 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port Cikarang Dry Port (CDP) is the first and only integrated customs, quarantine and logistics facility in Indonesia... Overview • Since 2012, Cikarang Dry Port is an official port of origin and destination with international port code IDJBK - now connected with 25 major shipping lines Integrated port and logistics facilities with multi modal transportation services • Smart Port Solution to streamline the business process • Besides export/import, CDP also serves domestic distribution via main railway line that runs from west Java to east Java and also combining it with domestics shipping lines services • Bonded Logistics Centre (FTZ facilities) for Cotton & minerals/metals Selected customer & partner profile at Cikarang Dry Port Shipping Lines: Strong momentum in CDP operations Revenue (IDR billion) 180 160 140 120 120 100 78 862 40 20 80 62 62 60 171 162 151 2013 2014 2015 2016 2017 9M18 Throughput (TEU) MAERSK LINE CIMA CGM APL MOL SITC EVERGREEN 80,000 73,946 Epico 69,128 70,000 65,250 Third Party Logistics Provider (3PL): 60,000 APL Logistics BDP DB SCHENKER INTERNATIONAL Yusen Logistics TOCHU KWE 50,844 50,000 Shippers/Consignees: 37,507 40,000 P&G PZ | Mondelez Fonterra NIKE 30,000 25,808 Unilever Cussons International 20,000 Sumitomo HONDA TAKATA ISUZU 10,000 The Power of Dreams. الاس YAMAHA Kawasaki Marubeni ACE Hardware 2013 2014 2015 2016 2017 9M18 ...allowing customers to more efficiently manage their imports and exports and benefit from cost savings 15#173 Sizeable and stable USD-denominated recurring income base The provision of these infrastructure services has enabled the progressive build out of a significant recurring revenue base... Total Revenue & Breakdown Recurring revenue (IDR billion) Recurring(1) Real Estate (2) 2,000 35.0% 2017 1,800 1,868 1,723 1,774 30.7% 30.0% 1,592 1,600 1,349 25.0% 41% 1,400 24.6% 59% 23.6% 22.2% 21.6% 1,200 1,115 20.0% 2014 1,000 15.5% 15.0% 43% 57% IDR 2,994 billion 800 600 10.0% IDR 2,799 billion 2012 83% 17% IDR 1,401 billion 400 5.0% 200 415 424 419 344 342 210 0 0.0% 2013 2014 Recurring EBITDA 2015 2016 2017 9M18 Recurring Revenue EBITDA Margin ...based on USD pricing terms (power & water), further enhancing stability and visibility of cash flows for Jababeka and also providing a natural hedge for its USD-denominated interest expenses... ...Furthermore, US$ 200 million notional is hedged by means of call spreads with an average lower strike of 13,021 Rupiah and an average upper strike of 15,997 Rupiah Notes: 1 Recurring revenue/EBITDA includes contribution from power plant, dry port and service & maintenance fees 2 Comprises real estate, golf and other non-infrastructure segments 16#184 Diversified land bank A geographically diversified land bank allows KIJA to capture different market segments and enhances earnings resilience... Diversified by geography, positioning and segment Land Bank Total(1): 3,362ha Positioning Kota Jababeka Kendal Industrial Park - Park by the Bay Tanjung Lesung 1,239ha 586ha 1,537ha Established MNCs and domestic More cost-conscious customers Tourism, leisure and hospitality companies willing to pay a premium looking for an alternative to Greater focused integrated township to tap for strategic location and mature Jakarta industrial estates that still into entertainment/leisure spending township with top notch provides top notch infrastructure by rising middle class in Indonesia infrastructure in place Well diversified across multiple segments (Breakdown of segments by 2017 revenue contribution) Real Estate (2): 41% 19.7% 5.0% 5.5% 4.2% 1.6% 2.6% 2.2% 45.4% Recurring (3): 59% 13.8% 0.0% 10.0% 20.0% 30.0% 40.0% Land Industrial ■Commercial 50.0% Residential ■Tourism 60.0% 70.0% 80.0% 90.0% 100.0% ■Golf Others Power Plant Service & Maintenance Notes: ...in addition to benefiting from future infrastructure developments across its land bank locations 1 As per 30 September 2018 and excluding Morotai with 521 hectares of land bank 2 Comprises real estate, golf and other non-infrastructure segments 3 Recurring revenue includes contribution from power plant, dry port and service & maintenance fees 17#19Empty#204 Diversified projects: Kendal Industrial Park - Park by the Bay KENDAL INDUSTRIAL PARK Our Kendal Industrial Park - Park by the Bay development in Central Java is well-positioned to benefit from growing demand for relatively low cost industrial estates with good connectivity and competitive labor costs • • Kendal Industrial Park - Park by the Bay offers customers an affordable product with top notch infrastructure Low labour costs in Central Java makes Kendal Industrial Park – Park by the Bay particularly interesting for labor intensive industries - Key Highlights • • Kendal Industrial Park - Park by the Bay is situated along the Jakarta-Semarang-Surabaya Economic Corridor Increasing traffic congestion at Tanjung Priok Port in Jakarta has led to growing interest in alternative sites with good connectivity via air and sea len Republik Indonesia, Tiv dan enteri Publik gapura, 4 November endal - Jav Diverse mix of occupants across sectors (breakdown by number of occupants) - As of August 2018 Others, 8% F&B, 10% Furniture & Wood Processing, 10% Manufacturing 36% , PARK Official opening ceremony on November 14th 2016 by the President of Indonesia, Mr Joko Widodo, and the Prime Minister of Singapore, Mr Lee Hsien Loong Logistics & Warehousing, 15% Building & Related Industries, 21% 19#214 Diversified projects: Kendal Industrial Park – Park by the Bay - KENDAL INDUSTRIAL PARK AN INDUSTRI KENDAL INDUSTRIAL PARK 20#224 Diversified projects: Tanjung Lesung Malaysia Singapore Indonesia Tanjung Lesung Ujung Kulon National Park Tanjung Lesung overview Location ~ 180 km southwest of Jakarta in Banten Concept Tourism-based integrated township apartments, sailing, diving & beach clubs) (hotels, Australia Access Krakatau Mountain Anyer Tanjung Lesung Panaitan Island Labuan Merak Pandeglang Serang Future Toll road Panimbang SOEKARNO - HATTA International Airport Jakarta Jakarta-Merak Toll Road Currently accessible by toll road from Jakarta in ~ 3.5 hours President Joko Widodo speaking on Tanjung Lesung's designation as Special Economic Zone for Tourism 21#234 Diversified projects: Tanjung Lesung Strong government support for Tanjung Lesung's development as a tourism zone... Facilities and infrastructure at Tanjung Lesung Existing infrastructure includes access roads, a water treatment plant, wastewater treatment plant, electricity supply and telecommunication links ~ Visitors currently have access to 300 rooms spread out over two hotels/resorts, a bed and breakfast and several cottages Other facilities: restaurant and bar, golf course, a swimming pool, a spa, a beach club, a sailing club, private air strip, school, mosque, residential housing units, and a medical clinic Golf course Strong government support for development of Tanjung Lesung One of 10 New Tourism Destinations in Indonesia that the Indonesian Government is promoting New toll road from Serang Timur to Panimbang: A consortium led by PT Wijaya Karya Tbk (Persero) won the tender for this project, land acquisition is ongoing and construction has commenced Aerial view Tanjung Lesung has been designated as Special Economic Zone for Tourism Villa with private pool at Tanjung Lesung ...is expected to increase interest from potential investors/partners for the project 22 22#244 Diversified projects: Tanjung Lesung Tanjung Lesung Masterplan A Seaside Township 1,500 Ha Current property products Tanjung Lesung Beach Hotel Kalicaa Villa Beach Club Tj. Lesung Strait Golf Course Tj. Lesung Point Sailing Club Blue Fish Hotel Tj. Lesung Bayside Tj. Lesung Heartland Tj. Lesung Highland Tj. Lesung Harbour Tj. Lesung Heartland Tj. Lesung Harbour Tj. Lesung Point Tj. Lesung Bayside Tj. Lesung Strait Tj. Lesung Highland Site Boundary kampoeng sawah Catings & Villa KALICAA VILLA LADDA BAY village Revati Residence 23#254 Diversified projects: Morotai Future tourism and logistics hub strategically located in the heart of Pacific Asia with natural tropical beauty and World War 2 historic sites and relics Morotai Strategically located in the Halmahera group of eastern Indonesia's Maluku islands, in the heart of Pacific Asia in between Asia and Australia 3 hours flight from Singapore and Taipei Great potential for tourism, agricultural and fishing industries and as a logistics hub Morotai is a Special Economic Zone for tourism and 1 of 10 new tourism destinations promoted by the government Beach view at Morotai PT Jababeka Morotai has been appointed as the implementing entity of the Morotai development project by the Coordinating Ministry of Economic Affairs of the Republic of Indonesia Evening view at Morotai 24#265 Clear strategic focus KIJA's existing pipeline provides visible opportunities over different time frames Continue to develop and capitalize on Kota Jababeka Township Short Term Medium Term Further development of Kendal Industrial Park in partnership with Sembcorp in Central Java Long Term Vision • Development of Tanjung Lesung tourism-based township Development of Morotai, initially as a tourism-based township • Replicate Kota Jababeka's industry-based integrated township model throughout Indonesia Build out an infrastructure facility portfolio (power, water, ports, etc.) to support these new townships 25#276 Financial Highlights Revenue breakdown (IDR billion) Gross profit (IDR billion) and Gross profit margin (%) 3,500 1,600 60% 3,140 2,931 2,995 3,000 2,799 1,400 55% 1,389 1,200 50% 2,500 1,272 1,252 1,208 1,221 1,243 1,207 1,000 1,137 45% 45% 44% 2,000 42% 1,580 800 40% 1,500 38% 38% 465 600 35% 1,000 597 1,868 1,592 1,723 1,774 400 30% 500 1,115 200 25% 0 20% 2014 2015 Recurring revenue 2016 2017 9M18 2014 Real estate & other revenue 2015 Gross profit 2016 2017 9M18 Gross profit margin EBITDA (IDR billion) and EBITDA margin (%) Net income (IDR billion) 1,400 60% 500 1,200 400 50% 399 (1) 427 (2) 1,000 1,130 1,167 300 (1) 331 1,025 200 40% 800 914 40% 37% 37% 35% 100 150 (2) 600 31% 30% 0 400 2014 2015 2016 2017 9M18 470 (100) 20% 200 (200) 0 10% (300) (379) (1 2014 2015 2016 EBITDA 2017 EBITDA margin 9M18 (400) (500) Notes: 1 Approximate unrealized foreign exchange loss (non cash) for FY14: IDR 65 billion, FY15: IDR 156 billion, 9M18: IDR 408 billion 2 Approximate unrealized foreign exchange gain (non cash) for FY16: IDR 135 billion, FY17: IDR 59 billion - and in FY17 additional 1-off expenses of Rp 175bn as a result of redemption of 2019 senior notes 26#286 Balance Sheet Highlights Assets and cash (IDR billion) Debt, Equity (IDR billion) and Debt/Equity (x) 14,000 6,000 5,638 5,900 5,570 1.00 12,000 11,226 11,543 4,978 0.95 10,734 5,000 4,662 4,525 9,741 0.90 10,000 4,041 8,505 0.85 4,000 3,510 3,565 0.81 0.80 8,000 3,000 2,705 0.75 6,000 0.71 0.70 0.68 2,000 4,000 0.65 0.63 0.60 2,000 1,000 0.58 0.55 0 595 827 2014 2015 792 2016 895 723 0 0.50 2017 9M18 2014 Cash and cash equivalents Total assets 2015 Total debt 2016 Total equity 2017 9M18 Debt/Equity EBITDA/Interest expense (x) 1 4.5 4.0 3.5 3.8 3.0 3.4 3.1 2.5 2.0 1.5 1.0 0.5 0.0 2014 Notes: Net debt/EBITDA (x) 6.0 5.0 4.0 3.0 3.4 2.3 2.7 1.8 2.0 2.3 1.9 10 1.0 5.0 00 0.0 2015 2016 2017 9M18 2014 2015 2016 2017 9M18 1 Includes capitalized interest + Hedging Fees 27#297 Experienced management team Average of more than 25 years of industrial township development experience SEKA STR SEKA ISTR Bacelius Ruru Board of Commissioners Setyono Djuandi Darmono President Commissioner (Founder) Vice President Commissioner Independent Commissioner BEKA BEKA BEKA USTR STR Board of Directors EKA USTR BEKA BEKA Hadi Rahardja Commissioner Gan Michael Commissioner (Founder) USTR Budianto Liman President Director Hyanto Wihadhi Director Sutedja Sidarta Darmono Director Tjahjadi Rahardja Director Setiawan Mardjuki Director BEKA USTR Basuri Tjahaja Purnama Director 28#307 KIJA NAV - As per 30 September 2018 Land bank Cikarang Inventory Size (ha) 167 ASP (Rp million) NAV (Rp bn) 4.00 6,663 Land for Development* 1,072 0.55 5,896 Kendal Inventory 1 1.50 14 Land for Development* 585 0.35 2,048 Tanjung Lesung Inventory 23 1.00 231 Land for Development* 1,514 0.25 3,785 Morotai Inventory 475 0.20 951 Land for Development 46 0.02 9 Subtotal land bank 19,598 Infrastructure & Others (DCF) Add (cash, advances, investments in associates, deposits, etc) Deduct (loans, customer advances, etc) Total NAV Nmber of shares (billion): NAV per share Current Share Price Discount to NAV 2,717 1,940 (5,038) 19,218 20.82 923 214 77% * Replacement value Disclaimer: The purpose of this section is to provide shareholders, bondholders, analysts, brokers/dealers, potential investors and other capital market participants with a general overview of the Company's internal net asset value (NAV) calculation. The information is provided for quick reference only. The information provided is not an offer to sell securities or the solicitation of an offer to buy securities. The information has been compiled from sources believed to be reliable. The information contained in this section is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the Company. The Company makes no representation regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors in or omissions from, any information contained herein. 29#31Thank You www.jababeka.com JABABEKA & CO.