#1Rs SARANA MENARA NUSANTARA Indonesia's Premier Digital Infrastructure Company 1Q 2023 Results Presentation PT Sarana Menara Nusantara Tbk TOWR.JK/TOWRIJ www.ptsmn.co.id [email protected]#2SMN Investment Highlights Premier digital infrastructure company in Indonesia One of the largest digital infrastructure companies in Indonesia with 29,757 towers and 179,155 km fiber* Solid build-to-suit model for towers and fiber with long-term predictable cash flows. Maintained investment grade ratings with S&P, Fitch and Moody's with stable outlook post STP acquisition Continuous strong performance 5-yr Revenue 16.0% (a) 5-yr EBITDA CAGR 15.9% (a) Sustained strong returns ROI 9.1% and ROE 20.3% TOWR shares included in IDX30, Business-27, IDX ESG leaders, FTSE Asia Pacific, MSCI Global Standard Index MSCI ESG rating of BBB (b) (a) CAGR = Compounded Annual Growth Rate; CAGR 2018 - 2023 (b) IDX30 (July 2020). IDX ESG Leaders (December 2020). FTSE (October 2020). MSCI (January 2023) * Including 162,399 kms revenue generating tower fiber @2023 PT Sarana Menara Nusantara Tbk#3TOWR strategy supports ESG & sustainability goals 1. Capital Management - Access to low-cost funding - Liquidity amounts to $413 mn 1 - Investment grade ratings from top 3 agencies inline with global best practice 4. Attractive industry structure - Industry consolidating - Majority of other players backed by financial sponsors - Gov't support: Palapa Ring, USO & non-USO projects to further investment² A. Best positioned to benefit from growth in internet 1. Invest strong FCF and low cost of capital. 2. Indonesia still in middle of 4G cycle 3. 4G a sweet spot for fintech, e-commerce, e-government. 2. Low-risk business - Digital infrastructure business with high demand difficult to replace. - Proven enforceability of long-term irrevocable contracts 5. Most unique in asset class - Contracted revenue of Rp68.1 tn is largest in market - Attractively valued business with high annual recurring FCF that funds capex, dividend, share buybacks - TOWR has been successful a consolidator Going into the future B. Improve Indonesia internet 1. Internet speed and traffic have each grown at 50% for the past year 3 2. Only 50% of Indonesia territory is served with 4G signal 4 3. Towers per capita ratio of 1:2700 is roughly 1/3 that of USA or China 5 3. ESG-conscious company - Very small carbon footprint - 95% of internet traffic in Indonesia is wireless - Towers and fiber are important to reduce digital gap 6. Efficient infra provider - EBITDA and AFFO 5-year CAGR of 15.9% and 12.5%, respectively, with 2022 ROE of 20.3%. C. Prepared for new opportunities 1. Proven successful track record in expanding product offering 2. Strategy driven by evolving customer needs 3. 5G to be another era of strong growth in tower and fiber 1 includes committed or offered term sheets from financial institutions and cash in bank 2 USO is Universal Service Obligation. Government is mandating for nation-wide telecommunication infrastructure spending to reduce digital gap 3 for 2020; adapted from industry sources 4 source: PT Telkom, September 2020. 5 source: Verdhana Sekuritas. @2023 PT Sarana Menara Nusantara Tbk 2#4The Industry @2023 PT Sarana Menara Nusantara Tbk 3#5Tower and Fiber Business Long-term Predictable Revenue with Upside PREDICTABLE REVENUE DEPENDENT TENANTS Long-term contracts* (10 years for tower and can be longer for fiber), non-cancellable and renewable Contract renewal likely due to high relocation cost and significant network impact UPSIDE FROM ADDITIONAL REVENUE Incremental revenue from colocation or higher asset utilisation at minimal additional cost HIGH BARRIERS TO ENTRY FAST GROWING INDUSTRY • Significant investment needed, as well as economies of scale, knowledge of government rules and local conditions • • Surging data demand creates need for more towers and fibers 4G consumers require reliable and high speed internet leading to increase in FTTT Impact from 5G to come in 2-3 years *In general, lease price includes annual inflation escalator for opex portion @2023 PT Sarana Menara Nusantara Tbk 4#6Typical Tower Company Growth Model New Built-to-Suit Tower Additional towers and contract renewals grow revenue Colocation Boosts ROI Colocation boosts unlevered ROI and accelerates payback period Year 1 Year 2 Year 3 Year 4-10 Year 11 SIMULATION FOR 1 TOWER 1 Tenant 2 Tenants 3 Tenants Existing tower Additional tower Contract ended 100 10 10 10 70 10 Contract renewals Revenue Rp mn 144 288 432 -100 EBITDA Rp mn 122 255 387 Renewed contract 100 EBITDA margin % 85.0% 88.5% 89.7% Churn rate (5%) -5 Capex & ground lease* Rp mn 950 1,100 1,250 Total tower 110 120 130 200 205 Unlevered ROI** % p.a. 11.4% 20.6% 27.5% Payback period years 8.80 4.87 3.63 Revenue (Rp mn) 15,840 17,280 18,720 29,520 Assuming 100 existing towers with 10 year lease period, renewed at Year 11 with 5% churn rate. Additional new site assumes 10 towers p.a. *Assuming 10 years ground lease ** EBITDA minus 10% final tax divided by total capex # of Towers 250 200 150 100 50 Year Year Year Year Year Year Year Year Year Year Year 1 2 3 4 5 6 7 8 9 10 11 # of tower Revenue Rp mn Rp mn 35,000 500 30,000 400 25,000 20,000 300 15,000 10,000 200 5,000 100 30% 20% 10% 0% 1 Tenant 2 Tenants Revenue EBITDA 3 Tenants Unlevered ROI @2023 PT Sarana Menara Nusantara Tbk 5#7Indonesia Tower Industry - A Growing Market Low with network penetration significant headroom in 4G expansion and low 4G internet speed High EBITDA margin, low capex, no colocation discount, no obligation to provide power in contract Indonesia USA Western Europe India China Predominant Tower business model Independent Independent Independent² | Non Non Independent/ Independent/ Captive Captive Average Lease Rate per Tenant per month (USD)1 800-900 2,500-3,000 1,400 - 2,600 600-800 400-600 Colocation discounts / rebate | No discount No discount No discount Range from 5%-20% Range from 30%-45% 4G penetration rate 78% Average EBITDA margins (%) 82%-86% | 55%-70% 40%-50% 40%-50% 55%-60% 4G-LTE internet speed 15.1 mbps* Tower + Power No No No Yes Yes Credit Rating 2022 GDP/capita BBB/Baa2 $4,783 I New Tower Capex (USD '000 per tower) 1,3 35-50 200-250 75-90 35-50 35-50 I Source: Analysys Mason, public filings, Company Notes: 1. In local currency, and stated in approximate USD for comparison purposes. 2. (source: Company fillings, BMI, TowerXchange, S&P Market Intelligence, broker reports and SNL) 3. Independent tower business model in Western Europe, with the exception of Inwit in Italy Does not include pre-paid ground lease. Indonesian tower companies typically pay in advance for ground leases of 5-10 years. *compared to median of 20.6 mbps in other advanced Asian countries @2023 PT Sarana Menara Nusantara Tbk 6#8SMN 1Q2023 Performance @2023 PT Sarana Menara Nusantara Tbk 7#9Company Strategy: Build - Buy Buy - Return We will maintain our position as a leading telecom infrastructure company and continue to deliver optimal value to our stakeholders. BUILD BUY • Invest in Built-to-suit towers and colocation. Expand fiber optic network, in particular tower fiberization, to support rapid data traffic growth. Employ liquid balance sheet to support continued strategic acquisition and expansion. Added 746 towers yoy. Added 81,080 kms fiber generating revenue yoy. RETURN • Protect investment grade rating. Retain dividend policy. Engage in share buybacks opportunistically. Maintained investment grade rating from all rating agencies with stable outlook. Continuous dividend since 2017 @2023 PT Sarana Menara Nusantara Tbk 80#10Diverse Product Portfolio • TOWER Total 29,757 towers and 53,820 tenants as of 31 March 2023. Tenancy ratio 1.8x. 53% of towers located in Java and 47% ex-Java. There continues to be new organic site opportunities for coverage and capacity. Fiber to The Tower (FTTT) FTTT increases the value and utility of our network to Telcos. • ~162,300 kms revenue generating fibers by end of March 2023. • Network focus in Java, Bali, and Sumatra to support surging data demand. Like tower model, non- cancellable, long term contracts and opportunity for higher utilization. Tower business offers a platform for sustained FTTT growth. CONNECTIVITY • Actively seeking opportunities to provide connectivity (with various offering using VSAT, wireless/wireline, etc.) under B2B or B2G arrangements. Currently have 34,842 activations including 23,786 home connect. -346,200 home passes by the end of March 2023. • Business include bandwidth provision utilizing 16,756 kms backbone and fiber owned by the Company to provide connectivity services. Strong growth potential given low penetration and increased demand for integrated offerings. @2023 PT Sarana Menara Nusantara Tbk 6#11Diversifying Business Base Capex Spend 2016-1Q23 20,000 18,000 16,000 14,000 12,000 20,568 10,000 8,000 15,670 10,085 6,000 6,072 4,000 4,715 4,586 4,221 3,713 2,000 999 677 1,023 60,000 48,053 18,259 46,439 50,000 39,850 40,000 30,000 20,000 3,144 10,000 605 1,009 86 1,114 157 301 3,445 2016 2017 2018 2019 2020 2021 2022 1Q23 Capex Towers (Left Axis) Capex Non Towers (Left Axis) Tenancy and Utilization Ratio Cummulative Capex (Right Axis) 1.88 1.83 1.81 1.70 1.81 1.75 1.55 1.66 1.68 1.73 1.62 1.25 1.25 1.16 2016 2017 2018 2019 2020 2021 2022 1Q23 ■Tenancy Ratio ■FTTT Utilization Ratio @2023 PT Sarana Menara Nusantara Tbk 10#12Track Record of Consistent Growth ... XL towers STP and acquisition Hutch towers acq Hutch acq (5,085 towers) Hutch towers acq iForte acq (2,500 towers) (421 towers) KIN Acq Indosat Acq (1,369 towers) (1,000 towers), XL acq (1,646 towers) Bumen acq GIK acq (125 (6,943 towers) towers) 60,000 182,000 I I 50,000 40,000 I 30,000 I 20,000 I I I 10,000 I I 1 I I I I I | I + T I I I 162,000 142,000 122,000 102,000 82,000 62,000 42,000 22,000 2,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23 # Towers (Left Axis) #Tenancies (Left Axis) # Towers # Tenancies FTTT Km Generating Revenue Number of Activations under Connectivity FTTT Km Generating Revenue (Right Axis) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23 781 3,312 4,415 5,072 6,427 8,482 9,766 11,595 12,237 14,562 14,854 17,437 19,319 21,381 28,698 29,794 29,757 984 5,137 7,282 8,365 10,798 14,849 18,322 20,138 21,038 24,144 25,011 28,319 33,346 39,127 53,975 53,967 53,820 2,345 21,977 36,346 70,465 149,811 162,399 @2023 PT Sarana Menara Nusantara Tbk 5,612 7,041 7,503 9,283 10,572 11,056 11#13and Strong Financial Performance In Rp Bn 12,000 10,000 8,000 7,101 6,000 6,332 5,583 4,000 4,885 4,998 5,339 2,000 2016 168 2017 8,60 8,246 3,213 2,430 1,534 1,114 872 529 340 2018 2019 2020 2021 2022 1Q23 Ann Revenue Tower I Revenue Non Tower EBITDA ―AFFO* 1Q23 2016 2017 2018 2019 2020 2021 2022 CAGR (Ann) Revenue Tower 4,885 4,998 5,339 5,583 6,332 7,101 8,606 8,246 7.8% Revenue Non Tower 168 340 529 872 1,114 1,534 2,430 3,213 52.4% EBITDA 4,408 4,604 4,932 5,385 6,405 7,434 9,517 9,755 12.0% AFFO* 3,009 3,213 3,348 3,776 4,774 5,525 6,210 5,996 10.4% * AFFO = EBITDA - (Interest + Tax + Maintenance Capex) @2023 PT Sarana Menara Nusantara Tbk 12#14with Excellent Future Revenue Visibility Long term contracts and commitments underwrite more than Rp68.1 trillion of committed future revenue through 2042, not including value of potential future contract renewals. 26,057 24,437 52,238 51,007 68,563 68,069 63,204 4,958 4,447 63,622 63,605 2017* 2018* 2019 2020 2021 2022 1Q23 * 2017 & 2018 exclude committed revenue and renewals Contracted committed @2023 PT Sarana Menara Nusantara Tbk 13 3#15Strong Investment Grade Balance Sheet Leverage comfortably within investment grade range despite acquisitions and dividend. Net Debt to LQA EBITDA (x) 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.8 1.6 1.5 2.5 2.4 2.4 2.2 2.1 2.1 4.4 4.4 4.4 4.3 4.2 4.2 1.0 0.5 0.0 H 2015 2016 2017 2018 2019 2020 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Acquisition of PT iForte Solusi Infotek Acquiired of 2,500 XL Towers Acquisition of PT Komet Infra Nusantara (1,369 Towers) Acquired 1,000 Indosat Towers Acquired 1,646 XL Towers Acquisition of PT Solusi Tunas Pratama and Bumen Acquisition of PT OGIK (125 Towers) Acquisition of FO assets from Alita (6,943 Towers) (~10,800 km fiber) 1Q23 Credit Matrix Gross Debt Interest Coverage Ratio Average Interest Rate (as of 31 March 2023) Corporate Credit Rating Rp43,573bn 3.6x 6.5% BBB/AAA/BBB-/Baa3 @2023 PT Sarana Menara Nusantara Tbk 14#16SMN 1Q2023 Summary of Financial Results 15 @2023 PT Sarana Menara Nusantara Tbk#17Sarana Menara Nusantara (SMN) Group Abridged consolidated statement of profit and loss. (In RP Bn) 2017 2018 2019 2020 2021 2022 1Q22 1Q23 yoy Revenues 5,337.9 5,867.9 6,454.3 7,445.4 8,635.3 11,035.7 2,619.3 2,864.7 9.4% Cost of revenues (277.4) (427.5) (458.3) (415.2) (480.4) (607.8) (143.6) (176.0) 22.6% Depreciation and amortization (894.9) (1,114.4) (1,349.6) (1,644.0) (1,859.8) (2,306.7) (566.6) (629.1) 11.0% Gross income 4,165.6 4,325.9 4,646.4 5,386.2 6,295.2 8,121.2 1,909.2 2,059.6 7.9% Operating expenses (456.9) (508.5) (610.7) (625.3) (720.7) (911.3) (225.1) (249.8) 11.0% Operating income 3,708.7 3,817.4 4,035.7 4,760.9 5,574.5 7,209.9 1,684.1 1,809.8 7.5% Other income Interest income 68.1 Finance charges (687.3) 33.9 (872.3) 39.1 (957.9) 33.6 24.7 23.4 7.9 5.5 Finance charges (PSAK 73) Foreign exchange gains/(losses), net (2.4) (37.3) 56.0 (1,090.6) (110.7) (182.8) (1,262.0) (2,276.4) (573.3) (708.7) (108.3) (115.5) (35.0) (30.3) 8.9 (92.8) (5.8) (13.7) (Impairment expense)/reversal of allowance for impairment (139.7) 153.9 (103.0) 32.5 (13.5) (4.8) (3.4) Others, net (144.5) (143.9) (61.0) (44.0) (173.3) (284.6) (68.3) (57.1) Other income/ (expense), net (905.8) (865.7) (1,026.8) (1,362.0) (1,523.5) (2,750.6) (677.9) (804.3) 18.6% Profit before tax 2,802.9 2,951.7 3,008.9 3,398.9 4,051.0 4,459.3 1,006.1 1,005.5 -0.1% Corporate income tax expense Tax expense (591.3) (695.8) (722.5) (691.6) (810.7) (930.4) (239.0) (231.3) Deferred tax expense (111.5) (55.8) 66.7 Total corporate income tax expense (702.8) (751.6) (655.8) 146.3 (545.3) 207.6 (603.1) Minority Interest 0.0 0.0 11.1 17.6 20.5 (32.4) (962.7) 26.7 96.5 (142.5) 9.4 (221.9) 55.6% (31.2) Net Income 2,100.1 2,200.1 2,342.0 2,836.0 3,427.4 3,442.0 853.5 752.4 -11.8% EBITDA 4,603.4 4,931.8 5,385.3 6,404.9 7,434.3 9,516.6 2,250.6 2,438.9 8.4% YoY Revenue growth 5.60% 9.9% 10.0% 15.4% 16.0% 27.8% 33.9% 9.4% Gross margin 78.0% 73.7% 72.0% 72.3% 72.9% 73.6% 72.9% 71.9% EBITDA margin 86.2% 84.0% 83.4% 86.0% 86.1% 86.2% 85.9% 85.1% Net income margin 39.3% 37.5% 36.3% 38.1% 39.7% 31.2% 33.0% 26.3% @2023 PT Sarana Menara Nusantara Tbk 16#18Sarana Menara Nusantara (SMN) Group Abridged consolidated statement of financial position. (In RP bn) ASSETS 2016 2017 2018 2019 2020 2021 2022 1Q23 Current assets Cash and cash equivalents 2,905.3 2,348.3 963.4 Restricted cash Trade receivables Other current asset 351.7 337.5 624.0 821.0 593.8 6.6 1,347.6 77.4 490.9 Total current assets 3,594.5 3,049.7 2,275.3 Total non-current assets 15,192.3 15,713.8 TOTAL ASSETS 18,786.8 18,763.5 20,684.2 22,959.5 526.5 2,474.4 25,191.3 27,665.7 1,442.6 4.9 1,240.1 2,171.3 314.7 476.5 3,002.3 7,398.1 31,247.2 58,430.5 34,249.6 65,828.7 4,748.4 2.0 308.6 0.0 821.6 0.0 2,557.8 3,093.4 784.7 3,651.1 61,974.0 62,168.3 65,625.1 66,912.0 828.6 4,743.7 LIABILITIES AND EQUITY Current liabilities Current portion of long-term loans 516.7 633.8 Current portion of long-term bonds 998.7 1,732.8 657.9 1,944.8 Leasing payable Other current liabilities 1,787.6 1,596.6 2,361.1 Total current liabilities 3,303.0 2,230.4 4,751.8 2,620.3 4,565.1 4,073.9 15,432.2 35.9 1,008.2 281.3 353.3 2,834.1 5,086.6 4,882.5 7,225.2 21,880.3 14,446.1 16,814.4 8,062.6 7,463.5 1,113.9 3,870.3 387.0 392.4 5,088.3 Non-current liabilities Long-term loans, net of current portion 5,971.3 5,775.3 7,069.7 11,247.1 Bonds payable 2,432.2 2,589.6 2,023.4 1,976.3 Leasing payable - 0.8 Other non-current liabilities 1,120.6 1,066.3 1,080.6 1,116.6 Total non-current liabilities 9,524.1 9,431.2 10,174.5 Total liabilities Equity Common shares 12,827.1 11,661.6 14,926.3 14,340.0 18,905.1 11,926.3 23,535.5 29,261.6 27,441.2 2,148.7 4,463.3 4,556.4 4,646.2 1,730.7 2,192.3 1,590.6 1,404.1 1,034.6 1,695.3 1,338.1 1,354.3 16,840.3 31,886.4 36,746.7 34,845.9 24,065.5 53,766.7 51,192.8 51,660.3 530.7 530.7 530.7 (126.6) 530.7 (514.1) 530.7 (786.9) 530.7 (931.4) 23.9 530.7 530.7 -931.4 -931.4 64.9 73.2 Treasury Stock Share Based Payment Difference arising from transactions resulting in changes in the equity of subsidiary (11.9) Other comprehensive income (23.2) Retained earnings/ (accumulated deficit) 5,452.3 Non-controlling interests 0.1 Total equity 5,959.9 24.6 6,546.4 0.1 7,101.8 81.4 7,547.8 8,033.3 2.8 8,705.1 36.1 8,760.6 44.6 10,365.6 30.0 10,184.0 25.7 12,394.0 38.4 62.1 24.7 103.1 14,635.9 15,388.3 31.0 12,062.0 31.8 14,432.3 63.1 15,251.6 @2023 PT Sarana Menara Nusantara Tbk 17#19Sarana Menara Nusantara (SMN) Group Abridged consolidated statement of cashflows (3 months ended March 2023). in Rp Bn 309 2,640 (1,733) (738) 477 593 822 (249) Cash Beginning Collection* Capex+Opex** Interest Cash Surplus from Operations Loan Proceed (Payment) Acquisition*** Cash Ending ** Numbers included VAT Including ground lease *** ATMI Acquisition 18 @2023 PT Sarana Menara Nusantara Tbk#20Profit and Loss Movement 1Q2023 in Rp Bn 2,619.3 Revenue 2,928.5 -63.9 (-2.2%) +245.3 (9.4%) 2,864.7 2,250.6 1Q22 4Q22 1Q23 1Q22 EBITDA 2,549.7 -110.9 (-4.3%) +188.2 (8.4%) 2,438.9 Net Income 853.5 883.3 752.4 -130.9 (-14.8%) -101.1 (-11.8%) 4Q22 1Q23 4Q22 1Q23 1Q22 @2023 PT Sarana Menara Nusantara Tbk 19#21Revenue Analysis (1Q22 vs 1Q23) in Rp Bn Towers 2,140.0 ( 78.6) 2,061.4 (3.7%) FTTT 194.9 412.3 217.3 89.7% 1Q22 Net Movement 1Q23 1Q22 Net Movement 1Q23 Connectivity Total Revenue 245.4 2,864.7 391.0 129.0 2,619.3 9.4% 49.2% 262.0 ין 1Q22 Net Movement 1Q23 1Q22 Net Movement 1Q23 @2023 PT Sarana Menara Nusantara Tbk 20 20#22Summary Operational Data (Mar 22 vs Mar 23) #of Towers տար 29,011 1Q22 81,319 1Q22 Towers +746 (2.6%) FTTT +81,080 (99.7%) 29,757 1Q23 162,399 1Q23 #of Tenancy #Activations @2023 PT Sarana Menara Nusantara Tbk 54,580 1Q22 12,833 1Q22 Tenancy -760 (-1.4%) Connectivity +22,009(171.5%) 34,842 1Q23 53,820 1Q23 21#23Appendix 22 @2023 PT Sarana Menara Nusantara Tbk#24Foreign Exchange Exposure as of 31 Mar 2023 Low risk from FX exposure as balance sheet naturally hedged. LIABILITIES Cash ASSET CONTRACTED REVENUE 2023 - USD 22mn Bond USD 128.6mn 2024 - USD 17mn USD 138mn Investments USD 15.0mn Total - USD 39mn Total USD 143.6mn Total ~USD 138mn Risk Mitigation: • USD financial assets and USD contracted revenue provide natural hedge for liabilities denominated in foreign currencies Company has also entered into financial hedges to cover financial and operational @2023 PT Sarana Menara Nusantara Tbk 23#25Long Term Debt*: 49.1% floating, 50.9% fixed, avg. interest 6.5% in Rp Billion USD loan hedged into IDR Maturity Profile 250 1,368 3,055 4,760 4,594 2,410 1,007 7,381 4,574 1,500 2,902 1,335 1,506 9,000 7,500 6,000 4,500 3,000 1,500 1,118 250 2,761 USD 138mn USD 34.8mn* 4,594 593 136 145 1,750 861 744 6,637 4,574 USD 40.0mn* 1,500 2,300 1,335 1,125 250 294 H1 H2 H1 H2 H1 H2 H1 H2 42 H1 H2 H1 H2 14 2023 2024 2025 2026 2027 2028 IDR Loan IDR Bond USD Loan As of March 2023 BI Middle rate as of March 2023: 1USD = IDR15,062; 1JPY = IDR113.71; 1SGD = IDR11,342 > USD Bond @2023 PT Sarana Menara Nusantara Tbk USD 100.0mn* H1 2029 H2 42 24#26This presentation material has been prepared solely for use in a presentation to be made by PT Sarana Menara Nusantara Tbk (the "Company"). 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It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the financial or trading positions or prospects of the Company. The information and opinions presented or contained in this presentation are provided as at the date of this Presentation and are subject to verification, completion and change without notice and the accuracy of the information is not guaranteed. This presentation contains certain forward-looking statements that relate to future events and expectations which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical facts contained in this Presentation, on the respective future financial position, strategy, plans, goals, and targets, future developments are forward-looking statements and typically contain words such as "expects" and "anticipates" and words of similar impact. 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As such, no assurance can be given as to the Statistical Information's accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or future market performance. © 2023 PT Sarana Menara Nusantara Tbk @2023 PT Sarana Menara Nusantara Tbk 25