#1Barito Pacific PT Barito Pacific Tbk March 2023 FY2022 Earnings Call Presentation to Analysts and Investors#2Barito Pacific Disclaimer This presentation has been prepared by the management of PT Barito Pacific Tbk. ("Barito Pacific" or the "Company") for information purposes and contains general background information about Barito Pacific group including forward-looking statements on its business, financial condition and results of operations as at the date of this presentation, and has not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy or completeness of the information presented or contained in this presentation. Information in this presentation including forecast financial information, should not be considered as advice or recommendation in relation to holding, buying or selling securities or other financial instruments. Before acting on any information, readers should consider the appropriateness of the information and should seek independent financial advice. This presentation may contain forward-looking statements including statements regarding our belief, intent and/or current expectations with respect to Barito Pacific group businesses and operations. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. Barito Pacific has no obligation to revise or update such forward-looking statements in the future to reflect the actual events or circumstances. This presentation is for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice. 2#3Agenda Latest Key Updates 01 FY22 results summary 02 Operational metrics 03 Business Updates & Growth Strategy Chandra Asri Stanothermal Barito Pacific 3#401 FY22 Results Summary Chandra Asri Stanothermal Barito Pacific 4#5Key Dynamic Factors Barito Pacific Having endured significant volatility in the petrochemical industry in the past, the addition of an energy business pillar provides a balancing act to our consolidated performance Petrochemical Spread Run rates & Capacity Factor +/- 90% Oil Price & EBITDA TPIA EBITDA BRPT EBITDA Oil price (US$/b) > 90% 99 95 93 88 Before ŞEG 52 47 47 54 58 37 71 99 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 TQZ2 ZQZZ 3Q274QZZ ■Polyethylene spread ■Polypropylene spread Avg. Utilization rate 2019- 2022 Star Energy Capacity Factor 2022 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Absence of resuscitation in petrochemical margin on unseen demand recovery in China, resulting in weak product prices On the back of healthy domestic demand, operational activity remained healthy Energy portfolio provides EBITDA stability despite volatility in the petrochemical sector Chandra Asri starenergy geothermal 5#62022 Financial Summary Revenue US$2,962m EBITDA US$475m -6.1% 3.156 2.962 2021 2022 -40% 797 2021 475 2022 Barito Pacific EBITDA Margin 16.05% -9.2pp Net profit after tax US$32mn -89% 25,3% 296 16,0% 2021 2022 32 2021 2022 2 3 Challenging global macro environment: Continued geopolitical risk, inflation, and looming recession risk Petrochemical: supply-demand disruption led to low product prices and tight petrochemical margin; Focus on maintaining robust liquidity Geothermal: "Stable at its best" A living testament to the successful transformation of our Group profile Chandra Asri star energy geothermal 60#7Balancing act - Fostering Growth Resilience Stronger blend of income with shielding factor from Geothermal Revenue contribution EBITDA contribution SEG EBITDA margin Others 26,4% 0% 24,8% 25,6% 25,3% Geothermal 19% 813 797 16,0% 416 441 595 596 415 403 475 476 79,8% 401 356 Petrochemical 81% Revenue generation stems from petrochemical Chandra Asri Stanothermal 180 187 5 2018 2019 2020 2021 2022 Petrochemical Geothermal Others EBITDA margin BRPT 78,6% Barito Pacific 82,2% 81,4% 83,6% 2018 2019 2020 2021 2022 Rising geothermal contribution partially offset weak petrochemical Strong EBITDA margin of above 80%#8Large War Chest To Aid Organic & Inorganic Growth Opportunities Barito Pacific Robust Liquidity Pool in 2022 Chandra Asri US$2,674 Ample Liquidity as cushion; Organic expansions Consolidated Barito Pacific US$3,108 • Strong liquidity provide buffer against uncertain times 1.638 Well-prepared for full-throttle recovery mode in the petrochemical sector • Secured equity commitment to progress CAP2, in light of the observed volatility 1.404 US$ million Cash & Cash Equivalents 876 ■Marketable Securities Cash & Cash Equivalents 886 Marketable Securities Available 394 Committed RCF Available* Committed RCF 394 *CAP only Chandra Asri Staneothermal Inorganic Opportunity CAP signed Share Purchase agreement to acquire PT Krakatau Daya Listrik & PT Krakatau Tirta Industri Bolt-on acquisition supported by stable and resilient cash flow Further enhancement of business fundamentals, and unlocks many attractive synergies Diversifying revenue toward supporting infrastructure utilities ☐ Fully synced with the expansions plans for 2nd petrochemical Complex 80#9Safeguarded Capital Structure Amid Expansions Net Debt to Equity (x) Fixed vs. Floating (%) 1.0x limit Barito Pacific 16% 17% 29% 54% 60% 79% 0,61 0,65 0,59 0,63 46% 40% 0,18 21% 2018 2019 2020 2021 2022 Debt to Capital (%) 50% 52% 49% 48% 42% 2018 2019 2020 2021 2022 Chandra Asri starenergy geothermal 84% 83% 71% 2017 2018 2019 2020 2021 2022 Fixed Floating Debt composition 2022 USD Bonds 39% IDR Bonds 17% IDR Term Loan 0,18% USD Term Loan 44% 6#1002 Key operational updates Utilization rate & Capacity factor Chandra Asri Stanothermal Barito Pacific 10#11Market product prices Exceptionally challenging global macro conditions OLEFINS 1.600 POLYOLEFINS 1.600 1.400 1.389 Barito Pacific OTHERS (all figures in US$/T) 1.600 1.400 200 4Q22 3Q22 2022 1Q22 4Q21 3Q21 2Q21 1Q21 1.162 1.309 1.200 1.200 1155 1.200 1.177 941 1095 988 990 1.000 1.000 883 1037 1.000 950 880 1.009 1.094 905 800 800 741 800 854 671 741 796 779 671 741 600 671 600 600 407 407 400 400 400 1.400 200 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 I 4Q22 3Q22 2Q22 3Q20 4Q20 11 -Ethylene Propylene -Naphtha Naptha Price: weaker oil price & ample supplies pressured Asian Market Ethylene: lower demand as customers aimed to minimize inventories by year-end -Polyethylene Polypropylene -Naphtha Polyethylene: seasonal demand lull during festive season & persistent Covid restriction PP price: poor economic outlook & softer consumer appetite curbed PP Demand -SM Butadiene Naphtha SM: deceleration of Chinese economy and slower downstream demand remained as constraints to consumption Butadiene: tepid demand as most buyers curtailed Butadiene offtake and took wait-and-see stance 407 200 0 3Q21 2021 1Q21 4Q20 3Q20 4Q22 3Q22 2Q22 1Q22 4Q21 Chandra Asri Note: Market data from ICIS & Chemanalyst#12Operating Rates Operating rates driven by economics of prevailing price spreads Naphtha Cracker 96% 80% 2021 2022 Butadiene Plant Polyethylene Plant 94% Polypropylene Plant Barito Pacific Styrene Monomer Plant 92% 89% 90% 80% 2021 2022 MTBE Plant (1) 84% 62% 46% 24% 2021 2022 Chandra Asri 2021 2022 2021 2022 Butene-1 Plant 80% 60% 2021 2022 64% 2021 2022 All Plants 91% 77% 2021 2022 (1) Whilst B1-MTBE plants are already fully operational meeting full specifications, the operating rates are subject to fulfilling long-term raffinate off-take agreements that will run until mid 2023. This was considered as part of the Final Investment Decision approval process. 12#13Production and Sales Full volume sales achieved with sustained domestic leadership to meet Indonesia shortage Ethylene (1) 864 Prod Polyethylene Plant Polypropylene Plant Prod Sales Barito Pacific (all figures in KT) Styrene Monomer Plant Prod Sales Prod Sales Sales 692 681 724 589 588 543 540 531 534 302 301 217 221 95 55 2021 Butadiene Plant 94 54 2021 2022 2022 2021 2022 MTBE Plant Butene-1 Plant (2) Prod Sales Prod Sales Prod Sales 115 116 84 85 58 58 31 32 34 2021 2022 Chandra Asri 2021 2022 2021 60 26 5 2022 2021 2022 Total Production & Sales Volume Prod Sales 3.837 3.192 2.211 1.909 2021 2022 (1) Ethylene is used as a feedstock for our Polyethylene and Styrene Monomer plant according to its capacity while the remaining of Ethylene production is sold to merchant sales. Since New Polyethylene plant 400KTA operates in Q4 2019, Ethylene is mostly self consumed as feedstock for Polyethylene plant. (2) B1 is mainly used for internal use as co-monomer in Polyethylene production process 13#14Energy Operating Performance Star Energy Geothermal Operating Assets - Average Net Capacity Factor Wayang Windu Salak Units 1 to 3 (IP operated turbine) Barito Pacific Salak Units 4 to 6 (1) 99% 99% 97% 97% 95% 97% 95% 97% 93% 88% 90% 86% 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Darajat Unit 1 (IP operated turbine) Darajat Units 2 & 3 (1) 97% 95% 88% 88% 91% 92% 84% 76% 2019 2020 2021 2022 2019 2020 2021 2022 tarenergy geothermal (1) Scheduled maintenance of PLN owned turbine on unit 1 14#1503 Business Updates & Growth Strategy Expansions plan & Asset consolidation Chandra Asri starenergy geothermal Barito Pacific 15#16Petrochemical Organic Growth Roadmap Growth initiatives (2013-2022) Petrochemical Barito Pacific Well-positioned to benefit from attractive industry outlook Attractive growth fundamentals 2 Market Leader Strategic growth via downstream integration & capacity expansions 7,2% ■Indonesia Row Capex Completion 6,2% ■Import ■Pertamina ■Polytama LCT ■CAP 28 36 51 4,6% 2013 Cracker Expansion US$380m 2016 2013 Formed JV with Michelin US$477m 2018 2013 New PE plant, PP debottlenecking, US$468m Furnace revamp 2019 4,0% 22 2,9% 3,0% 24 2,2% 50 16 26 1,8% 40 32 2018 MTBE & Butane -1 Plant US$131m 2020 Delivered PE PP SM BD Olefins PE PP 2018 Enclosed ground flare US$14m 2020 during pandemic 3 Low PE & PP consumption per capita PE Total capex USD1.56 PP 30 Northeast 25 West Europe 24 Asia Historical Capacity Expansions (Mtpa) 1,5 1.2x > 2x 3,3 4,2 Consumption per capita (Kg) 60 262 40 30 20 10 70 North America 61 52 Northeast Asia 50 50 West Europe Middle East 30 23 Southeast Asia 12 Indonesia 0% 2% 4% 6% Projected CAGR Growth (%) 2021-2030F 2005... ...2016... 2022 Source: Company, Nexant 2022 Chandra Asri Consumption per capita (Kg) 20 20 15 North 17 America Middle East 13 Southeast Asia 10 9 7 Indonesia 5 0 8% 0% 2% 4% 6% Projected CAGR Growth (%) 2021-2030F 8% 16#17Petrochemical Growth Roadmap Expanding capacity to deliver sustainable growth ahead Cracker Expansion & Merger with TPI & Acquisition Increase PE BD Plant Operation Cracker Expansion SSBR operation, BD expansion of SMI Capacity New PE, PP expansion, Furnace revamp MTBE and Butene-1 2005-2016 CAGR: 7.4% 2,080 2,576 496 2,676 100 BD: A100 KT 1,510 570 PE: A16 KT PP: A480 KT 2005 * Subject to FID Chandra Asri C2: A80 KT C3: A50 KT Pygas: A60 KT C4: A40 KT SM: A340 KT 2007 2020 2026 CAGR: 13.3% 2016-2020 CAGR: 6.4% 3,301 625 3,301 3,301 3,458 157 4,061 603 4,232 171 4,232 4,232 MTBE: A128 KT PE: A400 KT B1: A43 KT SSBR: A120 KT PP: A110 KT BD: A37 KT C2: A40 KT C2: A260 KT C3: A150 KT Pygas: A120 KT C4: A95 KT C3: A20 KT Py-gas: A18 KT Mixed C4: A15 KT Barito Pacific CAP2* 8,950 4,718 C2: A1100 KT C3: A600 KT C4: A400 KT PG: A460KT PE: A750 KT PP: A450 KT BD: A160 KT BZ: A335 KT TL: A220 KT MX: A243 KT 8,950 2011 2013 2016 2016 2016 2018 2019 2020 2020 2020 2022 2026 2026 17#18A New Milestone Achieved through Group Consolidation Corporate structure (simplified) Corporate structure (simplified) Barito Pacific 100% 60% 66.67% (1) SEGPL Before Green Era SEGHPL starenergy geothermal 100% 100% 33.33% (2) 51.8% SEGBV 100% Barito Pacific 66.67% After Green Era Barito Renewables Energy 100% (1) 90% SEGHPL starenergy geothermal Hamiding Wayang Windu Salak Darajat Suoh Sekincau 100% SEGHPL: Star Energy Group Holdings Pte. Ltd SEGPL: Star Energy Geothermal Pte. Ltd SEGBV: Star Energy Geothermal (Salak Darajat) BV SEGPL 100% 100% 33.33% SEGBV (2) 76.1% 100% Hamiding Wayang Windu Salak Darajat Suoh Sekincau SEGHPL: Star Energy Group Holdings Pte. Ltd SEGPL: Star Energy Geothermal Pte. Ltd SEGBV: Star Energy Geothermal (Salak Darajat) BV (1): Mitsubishi owned 20% of SEGPL & ECGO owned 20% of SEGPL (2): Mitsubishi owned 8.2%, Ayala owned 19.8% of SEGBV, and ECGO owned 20.1% (1): Mitsubishi owned 10% of SEGPL, (2): Mitsubishi owned 4% and Ayala owned 19.8% of SEGBV starenergy geothermal Barito Pacific Restructuring & Consolidation Barito Renewables Energy (BREN) BREN to strengthen BRPT's position as leading domestic integrated energy player Group restructuring through share swap of BREN & SEGHPL . Expand business portfolios and funding access Geothermal asset consolidation • • Concluded series of transactions, increasing effective ownership on three geothermal assets In line with focus on the renewable energy and to strengthen position as one of the leading energy companies in Indonesia 18#19Geothermal: At Critical Mass EBITDA & Margin EBITDA EBITDA Margin 83,67% OZ,15% 476 79,63% 441 78,68% (1) 415 79,76% 416 404 2018 2019 2020 Star Energy Capacity Build-up (MW) 117 110 377 2021 2022 271 10 15 900 Barito Pacific Reaching Critical Mass Ability to grow geothermal assets portfolio via brownfield & greenfield developments, and acquisitions Highly experienced technical team with strong capabilities across steam field Progressing toward the next level of efficiency curve Capacity expansions (MW) Salak Binary Plant 15 10 885 875 Additional Salak, Darajat, & WW Wayang Windu Wayang Windu Unit 1 Salak Darajat Unit 2 Addition WW, Salak Binary Salak, Darajat Total 2021 2022 Plant 2023 estimates starenergy geothermal (1) Unplanned downtime on Darajat's PLN Turbine & Turnaround Maintenance on Salak Unit 1-3 2023F 2030F 2022 2023 WW U3 Salak U7 Hamiding & Sekincau Operation Development Exploration 19#20Strong Funding Capability Track Record Funding activities Capex (US$ billion) • Successful raised series of funding to support expansions • Heavy green capex spending over the period of 2015- 2022 (70% of accumulated) | Petrochemical Geared toward more green investment ahead Geothermal Java 9 & 10 8.3 3,3 (US$ billion) 9,8 5.0 5,0 3,5 Clear path to greater EBITDA Barito Pacific EBITDA in US$ million +MW 797 8.95 EBITDA increased > 10x 813 N 550 515 595 598 starenergy geothermal 4.7 885MW MW 4,23 4,23 156 4,06 mtpa 2.9 110 2,2 1.6 1.9 3,46 78 86 3,30 3,30 1.5 6,5 1.0 1,0 0,6 0.1 0.3 0.5 0,3 1,5 0,1 0,3 1,3 2,58 2,58 2,68 2,68 2,68 4.23 1,1 0.4 2007 2015 2016 8,4 2017 2018 2019 2020 2021 07-21 15-22 23-25 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 CAP2 Equity Bonds Bank loan Accumulated fund raising ■Capacity EBITDA *From 2007-2021 Chandra Asri Starethermal 20#21Purposeful Growth ESG - On the path of continuous improvement Rating Provider 2020 Score MSCI ESG LEADERS √ BB 2021 Score BBB 2022 Score A Target Maintain Barito Pacific Sustainalytics (BRPT) 34.1 (High Risk) 27.2 (Medium Risk) 24.7 (Medium Risk) 15 - 20 (Low Risk) Sustainalytics (TPIA) Not rated Not rated 17.7 (Low Risk) Maintain • • Chandra Asri received an overall ESG Risk rating Score of 17.7 "Low Risk" from Sustainalytics. Barito Pacific: upgrade of MSCI ESG Leaders rating from BBB to A in 2022 & Sustainalytics Score improved to 24.7 Education • Teacher training • Vocational . education Early childhood education • Smart Kiosk Four Pillars of Yayasan Bakti Barito : Environment Reforestation and green corridor development • Waste management Springs water revitalization 20000- Social Economy • Health program • Integrated farming Integrated • Infrastructure • development Supporting and empowering local communities • coffee plantation • Urban farming • Scholarship Bakt Barito baktibarito.com Chandra Asri starenergy geothermal 21#22Q&A Chandra Asri Stanothermal Barito Pacific 22#232022 Financial Summary (US$ million, unless otherwise stated) 12M-2022 12M-2021 Net Revenues 2,962 3,156 Petrochemical Energy 2,385 2,580 570 537 Others 7 38 Barito Pacific % Change (6.1%) (7.6%) 6.1% (81.6%) Cost of Revenues Gross Profit Finance costs Net Profit after Tax Attributable to: 2,516 2,371 6.1% 446 785 (43.2%) 203 183 10.9% 32 296 (89.2%) Owners of the Company 2 109 (98.2%) Non-controlling Interests 30 187 (84.0%) EBITDA 475 797 (40%) Gross Profit Margin (%) 15.05 24.87 (18pp) EBITDA Margin (%) 16.05 25.26 (15pp) Debt to Capital (%) 51.62 42.03 (2pp) Net Debt to Equity (x) 0.63x 0.18x Total Assets 9,248 9,242 0.07% Total Liabilities 5,526 4,970 11.20% Total Equity Total Debt Net Debt 3,722 4,272 -12.87% 3,970 3,097 28.20% 2,332 780 199.12% 23#24Thank you Barito Pacific Chandra Asri Griya Idola A Parto Pacific Company Bakt Barito Barito Pacific star energy geothermal Office Address: PT Barito Pacific Tbk Wisma Barito Pacific II, Fl 23 Jl. Letjen. S. Parman Kav. 62-63 Jakarta 11410 Contact Investor Relation/Corporate secretary Email: [email protected]/[email protected] Tel: +6221 530 6711 INDO RAYA TENAGA @baritopacific.id in Barito Pacific Tbk Barito-pacific.com PT Barito Pacific Tbk baritopacificID 24