#1PT Lippo Karawaci Tbk FY19 Results Presentation June 2020 EMBARCADE CLIPPO PT LIPPO KARAWACI TBK Siloam LIPPOMAC#2Shareholder Structure SOLIPPO PT LIPPO KARAWACI TOK As of 31 December 2019 As of 31 December 2018 No. of No. of Change No. Description No. of Shares % No. of Shares % Investors Investors YTD (%) I. Domestic Insurance 36 629,830,720 0.9% 17 780,351,000 3.4% -19.3% Individual 10,491 Corporation 155 2,134,292,043 3.0% 8,503 33,642,920,062 47.5% 100 17,943,046,650 1,163,018,443 5.0% 77.8% 83.5% 87.5% Foundation 3 Pension Fund 30 Others 3 Sub Total 14,551,000 0.0% 115,585,460 0.2% 28,149,800 0.0% 10,718 36,565,329,085 51.6% 8,716 2 175,000 0.0% 8214.9% 22 16,514,340 0.1% 599.9% 72 271,693,484 1.2% -89.6% II. International Retail 57 Institutional Others Sub Total 58,961,538 291 34,273,727,746 48.3% 0.1% 47 256 20,174,798,917 87.4% 81.2% 23,651,532 0.1% 149.3% 2,878,854,078 12.5% 1090.5% 0.0% 7 310 385,092 0.0% -100.0% 2,902,890,702 12.6% 1082.7% Total 348 34,332,689,284 48.4% 11,066 70,898,018,369 100.0% 9,026 23,077,689,619 100.0% 207.2% 2#3Contents SOLIPPO PT LIPPO KARAWACI TOK Business Model 04-06 Recent Developments 07-14 FY19 Financial Data 15-34 Subsidiaries 35-51 Turnaround Initiatives 52-55 Meikarta 56-59 Corporate Data 60-63 Appendix 64-77#4One of Indonesia's largest integrated real estate developers COLIPPO PT LIPPO KARAWACIT One of the largest diversified publicly listed property companies in Indonesia by total assets and revenue ■Total assets as of FY19: $4.0 billion ■FY19 revenue: $886 million ■ Market capitalization: $1.2 billion(1) Market leader in property development, lifestyle malls, and healthcare in Indonesia Ongoing development of 6 projects (2) with GFA of approximately 297,000 sqm ■Manage 51 malls with GFA of 3.5 million sqm ■Network of 37 hospitals with 3,679 beds Nationwide platform with presence across 35 cities in the country IIOI Largest diversified land bank with development rights of over 8,100 ha ■1,413 ha available across Indonesia, providing more than 15 years of development pipeline M Recapitalized capital structure with one of the lowest net debt to equity of 22% vs. peers(3) $ Integrated business model with ability to recycle capital. ■Sale of Malls and Hospitals to REIT provides capital to finance expansion Notes: IDRUSD of 13,901 used throughout unless otherwise stated (1) (2) (3) As of 31/12/2019 Projects directly owned by LPKR Peers include Pakuwon Jati, Bumi Serpong Damai, Ciputra Development, Summarecon Agung, Agung Podomoro, Alama Sutera, ModernLand, Intiland; Peer average net debt to equity of 50%. Total Debt excluded Financial Leases 4#5Simplified organization and refocused strategy Notes: (1) COLIPPO PT LIPPO KARAWACI TOK Pillar Description Position Land Banking & Development Development of residential, commercial and industrial properties Development of cohesively designed independent townships ■ LPKR: holding company and developer of high-rise and landed properties across Indonesia including projects such as Holland Village Jakarta, Holland Village Manado, Kemang Office, Millennium Village and Embarcadero Suites ■ LPCK: developer of Lippo Cikarang, the largest integrated township in the eastern corridor of Jakarta - including Orange County mixed used development ■ GMTD: developer of the Tanjung Bunga area in Makassar Real Estate Management & Services Management of real estate assets, as well as the services that operate within including healthcare, malls, hotels, parking, town management and cemetery services Healthcare: controlling shareholder of Siloam, the largest private hospital group in Indonesia with 37 hospitals across 24 cities Malls: largest mall operator in Indonesia managing 51 malls Hotels: operator of Aryaduta Hotels, one of the largest high-end hotel groups in Indonesia with 10 locations across the country ■ Investments and Fund Management ■ Management of third-party capital for real estate related investments Managed development synergistically business, with but independently to generate returns and unlock value of assets Strategic stakes in SGX-listed REITS: LMIR Trust: c. SGD 2bn AUM portfolio of premier retail assets in Indonesia (1) First REIT: c. SGD 1bn AUM portfolio of 20 high-quality healthcare assets including 3 in Singapore and 1 in South Korea Fund Management: manager of LMIR Trust Competitive Advantage Quality, sizable and low cost landbank Integrated ecosystem supports creation of mixed-use developments ■ Market leading position for key growth segments: healthcare & malls Unique organic growth pipeline The only Indonesian developer with SGX- listed REIT The only integrated end-to-end real estate platform with unique growth potential and competitive advantage across the value chain in Indonesia Based on portfolio valuation as of 2018 5#6Simplified organization and refocused strategy GOLIPPO Revised strategy focused on disciplined capital allocation approach across segments and supported by efficient asset rotation PT LIPPO KARAWACI TOK HoldCo ■ No increase in head office personal expenses over the next 3 years ■ No increase in consolidated leverage coupled with active maturity management of existing debt Land Banking & Development Real Estate Management & Services Investments and Fund Management Active approach to managing proprietary portfolio of assets as well as 3rd party assets Capital Allocation Strategy ■ No equity in new projects developed: projects being effectively self-funded by leveraging on LPKR's existing landbank and future marketing sales ■ Value vs Volume: focus on new landed projects with shorter time frame for completion ■ New projects focused around 3 core areas: Karawaci, Makassar Cikarang where and LPKR has differentiated landbank assets ■ROCE-accretive growth ■ Operating and efficiency improvement targeting substantial EBITDA margin improvement Active asset recycling / disposal strategy ■ Explore alternative recycle capital avenues to Incremental capital requirement limited to seeding minority position in new funds Active portfolio management strategy to be executed with IDR 3 - 4 tn worth of non-core assets (excl. sale of Puri Mall) identified for ROCE-accretive disposals 6#7Recent events highlights COLIPPO PT LIPPO KARAWACI T A B PT Lippo Karawaci Tbk ("LPKR") and Japan-based SoftBank Corp. ("SoftBank"), announced a cooperation in the development of "Artificial Intelligence" (AI) and "Internet of Things" (IoT) powered solutions. We aim to develop Lippo Village as a Smart City. Smart Cluster Management utilizes advanced camera technology for facial recognition of occupants in vehicles and also has the ability to read motor vehicle license plate numbers of township residents and identify unknown visitors. LMIRT Management Ltd. ("LMIRT") a wholly owned subsidiary of PT Lippo Karawaci Tbk announce that it has entered into a conditional sale and purchase agreement with NWP Retail for the sale of two malls, Pejaten Village and Binjai Supermall, in Indonesia with a total sale consideration of Rp1,280.7 billion (S$124.3 million). C D PT Lippo Karawaci Tbk has successfully launched a five-year bond, valued at $325 million, on January 14, 2020. The bond will offer a yield of 8.125% and the proceeds will be used to partially repay bonds maturing in 2022. The launch generated a very positive reception among investors with the issuance of the bond being oversubscribed by 4.5 times and having an order book of $1.45 billion. Lippo Cikarang launched Waterfront, affordable landed house project on January 22, 2020. It is located in the prime CBD of Lippo Cikarang surrounded by many facilities, such as 3 hospital, 4 hotels, 21 schools and 1,216 retail shops. We offered affordable landed house ranging from 60-82.5 sqm with eco-friendly concept, high ceiling, double ventilation with estate gated system for high security. 7#8Progress on Deleveraging Total Debt 2016 (1) to Present Rp bn 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 2016 10,686 14,872 13,663 13,811 2,977 ■Bonds 10,830 2,981 12,738 2,134 Debt(1) to Equity Ratios 2016 to Present (x) 0.90 12,252 0.80 0.74 x 0.70 11,162 1,090 0.60 0.79 x 0.70x 0.60 x 0.56 x 0.50 0.49 x 0.40 0.30 0.20 0.10 2017 2018 2019 2016 2017 2018 2019 Bank Loans Note (1) Debt included Financial Leases Debt/Equity Net Debt/Equity SOLIPPO 0.36 x 0.22x 8 PT LIPPO KARAWACI TOK#9Progress on Deleveraging (2) Net Debt (1) 2016 to Present Rp bn Cost of Debt (1) - 2016 to Present SOLIPPO PT LIPPO KARAWACI TOK 9.5% 9.2% 14,000 13,054 9.0% 8.9% 12,000 11,273 8.5% 10,413 10,000 8.0% 7.5% 8,000 6,000 7,567 7.4% 7.0% 6.5% 6.6% 4,000 2,000 6.0% 5.5% 5.0% 2016 2017 2018 2019 2016 2017 2018 2019 (Rp bn) 2016 2017 2018 2019 (Rp bn) 2016 2017 2018 2019 Total Debt 13,663 Cash & Cash Equivalents Net Debt 13,811 (3,250) (2,538) (1,818) 10,413 11,273 14,872 12,252 Average Debt 13,014 13,737 14,341 13,562 (4,685) Interest Expense 160 253 547 894 Capitalised Interest 13,054 7,567 To Inventory 130 208 182 To Land Total Interest Expense 872 556 584 1,162 1,017 1,313 894 (2) Cost of Debt 8.9% 7.4% 9.2% 6.6% Note (1) 1019 and 2019 and 3Q19 total interest expense annualized for comparison. Total Debt included Financial Leases (2) Cost of Debt is calculated using total interest expense for the time period divided by the average of beginning and ending debt balance for the time period 9#10Where the Existing Pipeline Project Funds Have Been Spent SOLIPPO PT LIPPO KARAWACI TOK Cost to Completion $ 230mn $ 212 mn Construction Progress Percent Complete 60.00% 50.00% $ 180 mn $ 160 mn 40.00% 30.00% 31.73% 28.30% 20.00% 10.00% 42.43% 54.16% 0.00% March 2019 June 2019 September 2019 December 2019 1Q2019 2Q2019 3Q2019 4Q2019 10 10#11Commitment to deliver existing key projects Millenium Village - Ahead of targeted construction schedule September 19 Embarcadero - On Schedule Launched 2014 Target completion Estimated SOLIPPO PT LIPPO KARAWACI TOK 1Q20 Total residential units construction 454 $33 mn costs to completion % Sold as Total GFA 100,716 sqm per 31 Dec 73% December 19 2019 Launched 2014 Target completion 4Q20 Estimated Total construction residential units 722 $44 mn costs to completion Total GFA 67,724 sqm September 19 December 19 % Sold as per 31 Dec 2019 64% 11#12Commitment to deliver existing key projects (cont'd) Kemang Village Hotel / Office - On Schedule September 19 SOLIPPO PT LIPPO KARAWACI TOK Launched 2007 Target completion 1Q20 Estimated construction Total units 95 N.A. costs to completion % Sold as Total GFA 21,937 sqm December 19 per 31 Dec 2019 0% Holland Village - Ahead of targeted construction schedule Holland Village September 24th, 2019 JAKARTA Apartment Progress 26th Floor Launched 2013 Target completion 1Q21 Estimated Total construction residential units 707 $70 mn costs to completion Total GFA 85,693 sqm % Sold as per 31 Dec 67% Sep 19: Apartment 28th Floor Dec 19: Office Topped Off 2019 12#13Meikarta Construction Status 50% 45% 40% 35% 30% 28% 25% 20% 15% 10% 11% 7% 5% 5% 14% 49% Sales Pickup Rp mn 60,000 SOLIPPO PT LIPPO KARAWACI TOK Units 140 43% 132 48,938 120 50,000 111 46,555 114 35% 40,000 35,480 74 30,000 0% Aug 18 Dec-18 Mar-19 Jun-19 Sep-19 Nov-19 Dec-19 Jan-20 20,000 100 37,368 37,806 98 36,859 80 80 24,549 13,067 39 10.465 7,231 10,000 28 21 12 25.352 09 60 63 40 24 20 4,842 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 Sales Value (Rp Mn) Sales Volume (Units) • 24 of 28 towers in District 1 were topped off by Feb 2020 Remaining 4 towers were topped off by Mar 2020 . Marketing Sales in 4Q19 were weaker than 3Q19. In 4Q19 we sold Rp 67 billion and 201 units 13#14Meikarta: Significant progress in 2019 October 2019 NOW OPEN HYFRESH Ex. Tower A: 31st Floor December 2019 MEIKART EN CINEMAXX Ex. Tower A Topped Off SOLIPPO PT LIPPO KARAWACI TOK ~500ha of total landbank for long term development over phases Phase 1 Consists of ~84 ha Significant funds already invested into key foundation infrastructure for "Phase 1+" Phase 1A Consists of ~28 ha 62 towers, of which 44 towers are in construction 24 out of 28 towers in District 1 were topped off by Feb 2020 and the remaining 4 towers were topped off by Mar 2020 Marketing Sales FY19 Amount (Rp bn) 328.5 Total units 796 MEIKARTA Sqm Cash 37,517 19% Mortgage 52% Installment 29% Ex. Tower B 31st Floor Ex. Tower B: Topped Off 14#15FY19 FINANCIAL DATA EMBARCADE Siloam LIPPOMAL LIPPO PT LIPPO KARAWACI TBK#16LPKR Financials as of FY19 Revenue (Rp Bn) EBITDA (Rp Bn) 14,000 1,400 1,696 125 12,320 1,200 12,000 506 1,000 7,018 10,000 800 600 8,000 400 6,000 200 4,000 2,975 2,000 SOLIPPO PT LIPPO KARAWACI TOK 81 1,675 1,299 (200) (400) (600) Real Estate Healthcare Malls Others Fund Mgmt. Revenue (457) Real Estate Real Estate & Development Net Profit (Rp Bn) (Mgmt & Svcs) & Investment Recurring Income & Development Mgmt & Services Recurring Income Free Cash Flow (Rp Bn) Fund Mgmt. EBITDA & Investment (500) (1,000) (1,500) 5,000 1,295 (5,000) 894 (3,278) (1,983) 1,664 (5,043) (10,000) (4,468) (1,715) 76 (2,000) 59 (15,000) (1,983) (2,118) (20,000) (6,183) (2,500) Real Estate Real Estate & Development Fund Mgmt. Mgmt & Services & Investment (25,000) EBITDA Net Profit Taxes Net Depr. & Operating Operating CF from Depr. & Income Amort. Assets Liabilities Operating Amort. Accounts Accounts Activities Capex Free CF Recurring Income 16#17Starting to see resolution in existing pipeline projects Completed projects with units ready to be sold QSOLIPPO PT LIPPO KARAWACITOK Project Stake Type Total Total GFA residential (sqm) units Target Completion 3Q19 Account Rec. ($m) 3Q19 Est. value of Unsold Units ($m) 4Q19 Account Rec. ($m) 4Q19 Est. value of Unsold Units Percentage Sold ($m) Kemang Village 100% St Moritz Puri 100% Mixed-use development Mixed-use development 253,337 1,688 Completed 0.8 10.4 0.7 10.6 99% 211,929 1,064 Completed 3.3 13.3 1.2 10.5 98% Projects under construction Construction Status Achieved sales Future sales Total Projects under Туре GFA construction Launched Year Target Target Completion Completion Estimated Costs to Completion Project Total Project Sold Project Balance (sqm) 3Q19 4Q19 Total Value Total Value Total Value ($m) units ($m) units ($m) units ($m) Holland Village Mixed-use development 85,693 2013 4Q20 1Q21 70 707 161 475 93 232 69 Millenium Village Mixed-use development 100,716 2014 1020 1Q20 33 454 118 333 71 121 47 Kemang Office Embarcadero Grade A Office Space 21,937 2007 1Q20 1Q20 95 42 95 42 Mixed-use development 67,724 2014 1Q21 4Q20 44 Lippo Office Thamrin Grade A Office Space 20,856 2013 4Q19 4Q19 Holland Village Manado Total Landed Residential N.A. 2015 3019 4Q20 7500 722 56 462 58 49 51 8 469 41 362 32% 33 260 23 42 7 7 28 107 13 160 2,505 467 1,683 266 822 200 Source: Company information. Note: Assume exchange rate 30/9 of US$1 to IDR 14,174 and 31/12 of 13,901; all figures subject to FX movements. St. Moritz Makassar and Monaco Bay Residences removed from the list 17#18Net asset value breakdown URBAN DEVELOPMENT: Lippo Village 1A) 1A) Lippo Cikarang1 Tanjung Bunga 1c) San Diego Hills 1A) Micro Suburbs 1C) Ownership (%) Land Area (ha) COLIPPO Assets Value ($m) PT LIPPO KARAWACI TOK 100% 424 2,399 81% 455 1,035 62.7% 192 118 100% 91 189 100% 20 25 3,765 SUB TOTAL LARGE SCALE INTEGRATED DEVELOPMENT: City of Tomorrow (retail, apart, inv & hotel) 1C) 85% Kemang Village 1C) 100% St Moritz 1B) 100% 532 44 13 159 21 563 6 New Projects 1A) 202 Others (land, retail space inv & other devt) 1C) 100% 182 SUB TOTAL 1,150 RETAIL MALLS: Retail Space Inventory 100% 53 53 SUB TOTAL²) HOTELS: Hotels SUB TOTAL2) Hospitals³) First REIT³) LMIRT³) 100% 121 121 51.05 4.04 415 24 31.57 ESTIMATED TOTAL ASSET VALUE 156 5,683 Add: Less: Cash Debt³) 3) 337 881 Less: Advances from Customers³) 143 ESTIMATED NAV 4,996 1A) Appraised value as of 31 Dec 2018 by FAST 1B) FAST appraised all non Puri Mall assets at St. Moritz and Lippo Mall Puri appraised value as of 31 Dec 2018 by local partner of CBRE 1C) Appraised value as of 31 Dec 2016 by local partner of CB Richard Ellis & local partner of Baker Tilly International 2) Business Value as of 31 Dec 2016: Malls: 12.66% WACC; Hotels: 11.96% WACC 3) All values as of 31 Dec 2019 and in US$ using the exchange rate as at 31 Dec 2019 US$1 = Rp 13,901 18#19Key Financial Highlights QOLIPPO PT LIPPO KARAWACI TOK FY19 FY18 Change (%) Presales (Rp billion) 1,846 1,598 16% Revenue (Rp billion) 12,320 11,453 8% Recurring Revenue (Rp billion) 9,345 8,360 12% EBITDA (Rp billion) 1,299 2,296 -43% EBITDA Margin 11% 20% -2% Net Income (Rp billion) (1,983) 720 -375% Net Debt/Equity Ratio (X) 0.22 0.53 N.A. Interest Coverage Ratio (X) 1.45 1.70 N.A. Cash (Rp billion) 4,685 1,818 158% Inventory (Rp billion) 27,501 25,403 8% 19#20Marketing sales on track with adjusted target SOLIPPO PT LIPPO KARAWACI TOK FY19 Marketing Project Location FY19 Marketing FY19 FY19 Land Units ASP (Rp Marketing Sales by Location 16 Sales Target Sales (Rp Bn) Sold Mn/sqm) (Rp Bn) 142 392 155 Lippo Village West Greater Jakarta 154 362 19 18.9 Lippo Cikarang: 832 978 198 111 Residential East Greater Jakarta 392 177 142 11.3 Commercial East Greater Jakarta 35 87 2 10.7 Industrial East Greater Jakarta 105 387 49 2.4 DS8 (JO) East Greater Jakarta 300 327 5 1.3 1,030 Holland Village Manado Manado, North Sulawesi 16 16 12 10.1 Tanjung Bunga Makassar, South Sulawesi 133 155 279 6.2 San Diego Hills Karawang, West Java 135 142 1,579 13.0 ■Lippo Village ☐ ■Makassar Cikarang ■ Karawang ■ Jakarta ■ Manado Kemang Village South Jakarta 46 16 4 19.5 St Moritz Jakarta West Jakarta 81 90 21 25.6 Marketing Sales FY19 FY18 Embarcadero Tangerang, Banten 1 3 3 19.8 based on Location Changes YoY % Nine Residence South Jakarta 2 2 2 23.3 Lippo Village 392 127 Park View Depok, West Java 0 1 7.9 Cikarang 1,030 1,033 208% 0% Holland Village Jakarta Central Jakarta 10 20.0 Jakarta 111 124 -10% Makassar 155 168 -7% Orange County East Greater Jakarta 55 52 57 16.7 Karawang 142 162 -13% Millenium Village West Greater Jakarta 35 30 11 21.6 Manado 16 (16) N/.A Total 1,500 1,846 2,186 Total 1,846 1,598 20#21Property marketing sales by structure SOLIPPO PT LIPPO KARAWACITOK FY19 (in Rp bn) FY15 FY16 FY17 FY18 FY19 Guidance Residential 3,039 973 423 1,336 860 915 Low Rise 1,129 573 227 1,190 668 685 High Rise 1,910 400 196 146 192 230 Commercial Industrial 127 63 19 130 45 279 75 78 81 714 405 Unique Product SDH 178 154 138 162 142 135 Total Property Sales 3,623 1,201 702 1,598 1,846 1,500 Assets sold to REITS 938 1,109 Total Marketing Sales 3,623 2,139 1,811 1,598 1,846 1,500 21#22Full impact of rights issue improves B/S & deleveraging SOLIPPO PT LIPPO KARAWACI TOK (Rp Billion Consolidated) ASSETS FY19 FY18 LIABILITIES & STOCKHOLDERS' EQUITY FY19 FY18 Current Assets Current Liabilities Cash & Cash Equivalent 4,685 1,818 Bank Loan 747 1,495 Investments 7,731 4,846 Other Debt - Non Bank 82 119 Account Receivable 2,152 2,402 Accounts Payable 2,126 2,292 Inventories 27,501 25,403 Accrued Exp. & Taxes Payable 2,012 1,676 Prepaid Taxes & Expenses 1,020 876 Customers' Deposits 1,994 3,182 Adv & Other Receivable 2,994 Total Current Assets 46,083 Deferred Income 4,213 Deferred Gain on Sale and Leaseback 39,558 921 1,081 676 716 Estimated Liabilities on Employees' Benefits 652 453 Other Payables 71 65 Total Current Liabilities 9,281 11,079 Fixed Assets 5,801 5,830 NON-CURRENT LIABILITIES Bank Loans and Finance Lease Bonds Total Non Current Liabilities 261 11,162 519 12,738 11,423 13,257 Non Current Assets Land for Future Dev. 1,047 1,122 EQUITY Goodwill & Intangible Assets 761 708 Capital Stock - Issued & Fully Paid 7,090 2,308 Other Non Current Assets 1,388 1,865 Additional Paid In Capital 10,530 4,081 Total Non Current Assets 3,196 3,694 Other Additional Capital 8,150 6,327 Retained Earnings 3,005 5,022 Total Equity Attributable to Owner 28,775 17,738 of the Parent Non-Controlling Interest 5,601 7,009 Total Stockholders' Equity 34,376 24,747 TOTAL ASSETS 55,080 49,083 TOTAL LIABILITIES & STOCKHOLDERS EQUITY 55,080 49,083 22 22#23Debt maturity profile Debt breakdown Debt maturity Profile (as of FY19) $ million 8% 450 Coupon rate 7% pa 409.3 400 350 300 92% 250 200 ■ $ Bonds ■Rp Bank Loans 150 100 SOLIPPO PT LIPPO KARAWACI TOK Coupon rate 6.75% pa 417.0 5% 60 42.1 50 12.5 5.3 8.2 3.0 0 2020 2021 2022* 2023 2024 2026 Rp Loans (Local) ■Bonds (in $m) 95% Rp Loans (Local) 2020 42.1 2021 2022* 2023 2024 2026 5.3 12.5 Bonds 0.0 0.0 409.3 8.2 3.0 0.0 0.0 0.0 417.0 ■Fixed Debt ■Floating Debt * We refinanced our 2022 Bonds into a 2025 in Jan 2020 23 23#244Q19 Net Loss Compared to 4Q18 QSOLIPPO PT LIPPO KARAWACITOK (in Rp million) 4Q19 4Q18 Total Revenues 4,046,249 3,184,641 Change 861,608 % COGS 2,738,595 1,804,390 934,205 Gross Profit 1,307,654 1,380,251 (72,597) -5% FY19 27% 12,320,248 52% 7,724,006 4,596,242 FY18 11,452,799 Change % 867,449 8% 6,200,783 1,523,223 25% 5,252,016 Operating Expenses 1,106,494 1,015,700 90,794 9% 4,003,429 Operating Profit 201,160 364,551 (163,391) -45% Other Income 299,462 1,131,279 (831,817) -74% Other Expenses 670,348 486,176 184,172 38% Income Before Tax (169,726) 1,009,654 (1,179,380) -117% 592,813 721,361 2,836,264 (1,522,090) (655,774) -12% 3,587,467 415,962 12% 1,664,549 (1,071,736) -64% 3,337,958 (2,616,597) -78% Tax Expenses 198,813 Profit for the Period (368,539) Non Controlling Interest (110,174) 230,968 778,686 (720,879) (32,155) -14% (1,147,225) -147% 610,705 -85% 539,328 (2,061,418) 2,764,562 2,237,945 575,260 71,702 (3,760,035) -168% 3% (35,932) -6% 1,662,685 (3,724,103) -224% (78,119) 942,708 (1,020,827) -108% Profit for the period attributable to owners of the parent (258,365) 1,499,565 (in Rp million) 4Q19 4Q18 Change (1,757,930) -117% % Total Revenues 4,046,249 3,184,641 861,608 (1,983,299) FY19 27% 12,320,248 719,977 (2,703,276) -375% FY18 11,452,799 Real Estate Development 1,264,084 640,613 623,471 97% 2,974,746 3,093,071 Healthcare 1,802,225 1,568,652 233,573 15% 7,017,920 5,964,650 Change % 867,449 8% (118,325) -4% 1,053,270 18% Malls 195,433 153,831 41,602 27% 506,340 403,802 102,538 25% Others (Management Services) 752,142 792,090 (39,948) -5% 1,696,069 1,777,987 (81,918) -5% Fund Management & Investments 32,365 29,455 2,910 10% 125,173 213,289 (88,116) -41% COGS 2,738,595 1,804,390 934,205 52% 7,724,006 6,200,783 1,523,223 25% Real Estate Development Healthcare 918,240 1,295,579 226,528 691,712 305% 2,080,267 1,239,131 841,136 68% 1,044,773 250,806 24% 4,730,517 4,035,795 694,722 17% Malls 314 Others (Management Services 524,462 2,317 530,772 (2,003) -86% (6,310) -1% 1,334 911,888 4,299 921,558 (2,965) -69% (9,670) -1% Fund Management & Investments Gross Profit 1,307,654 1,380,251 (72,597) 0% -5% 0% 4,596,242 5,252,016 (655,774) -12% 24#25Review of One off items (Rp billion) FY19 FY18 YoY% Revenue 12,320 11,453 7.6% Comments COLIPPO PT LIPPO KARAWACIT FY18 had one time sales of Rp838 bn and FY19 of Rp65 bn that impacted revenues EBITDA 1,299 2,296 -43.4% Impacted by non-recurring gains in 2018 and non-recurring losses in 2019 Net income (1,983) 720 -375.4% Includes cost overruns, penalty One-off 479 (2,104) N/A related costs and other costs in adjustments FY19 and FY18 Adjusted net income (1,504) (1,384) N/A Adjusted for non-recurring items and tax impact 25#26Business is underpinned by a high quality revenue profile with significant visibility High proportion of revenue attributable to recurring income streams Recurring vs Development revenue COLIPPO PT LIPPO KARAWACI T (Rp bn) 73% 27% 76% 24% 73% 27% 76% 24% 12,320 11,453 10,962 125 10,071 213 1,696 228 1,779 246 506 2,224 1,726 403 353 397 7,018 5,965 5,168 5,306 2,990 2,396 3,093 2,975 2016A ■Real Estate Development 2017A Healthcare Malls 2018A ■Others (Managements Services) 2019A ■Fund Management Investment Notes: Development revenue refers to revenue from sale of properties and rental of LPKR's assets. Recurring revenue refers to revenue from LPKR's healthcare, hospitality, property and portfolio management businesses. 26 26#27Balance sheet highlights Total assets (Rp Bn) 60,000 Total capitalization (Rp Bn) 50,000 COLIPPO PT LIPPO KARAWACITK 45,000 50,000 8,315 11,301 1,047 40,000 12,080 10,210 5,801 40,000 35,000 8,062 1114 4:308 1.122 4,685 1.299 2,538 5,830 30,000 13,638 14,621 5,601 3,527 30,000 3,250 3,900 1.818 7,731 25,000 13,536 4,700 4,367 20,000 6,489 7,009 20,000 3,503 15,000 28,775 28,119 25,403 27,501 10,000 22,437 10,000 15,911 17,878 17,738 5,000 2016 2017 2018 2019 2016 2017 2018 2019 ■Inventories Inv in associates Cash & cash equiv PP&E Land for dev ■Others Net debt and cash position (Rp Bn) Equity attr to owner Non Controll interest ■Total borrowings Total equity (Rp Bn) 40,000 35,000 35,000 30,000 30,000 8,150 25,000 25,000 10,286 12,802 11,100 5,601 20,000 7,395 20,000 7,128 6,328 3,005 4,716 15,000 3,250 2,538 1,818 4,685 15,000 3,503 6,489 7,009 10,000 10,000 4,806 4,362 5,022 17,620 13,536 13,638 14,621 12,080 5,000 5,000 6,389 6,389 6,389 2016 2017 2018 2019 2016 2017 ■Share Capital ■Retained Earnings Non Controlling Interest Others ■Total borrowings ■Cash and cash equiv 2018 2019 ■Net debt Notes: IDRUSD of 13,901 used throughout unless otherwise stated (1) Financial leases excluded from total borrowings. 27 27#28Key credit metrics Net debt / EBITDA (x) (1) EBITDA / Interest (x) (2) COLIPPO PT LIPPO KARAWACIT 20.7 2.1 1.7 1.1 .I.. [.!ı 4.2 2016A 2017A Net debt / Total assets (%) 5.6 5.7 0.5 2018A 2019A 2016A 2017A 2018A 2019A Net debt / Total equity (%) 53% 26% 24% 22% 13% 52% 46% 22% 2016A 2017A 2018A 2019A 2016A 2017A 2018A 2019A ฮิล (1) (2) FY 2019 EBITDA is annualised and Debt excludes Financial Leases Refers to adjusted interest which includes capitalised interest expenses. 28 88#29SOLIPPO Key Operational Metrics of Recurring Income Assets Occupancy Trend Malls Under Management Occupancy Trend Network of Hospitals Occupancy Trend Hotels Under Management PT LIPPO KARAWACI TOK 90% 88% 86% 85% 84% 82% 82% 70% 76% 75% 88% 88% 58% 59% 88% 57% 87% 60% 55% 74% 50% 48% 50% 72% 71% 71% 40% 70% 68% 30% 68% 68% 20% 66% 80% 10% iili 73% 78% 0% 64% 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Average Rental Rate Trend (Rp '000 per sqm per month) Average Revenue Inpatient per day (Rp '000) Average Room Rate (Rp '000 per room per day) 130 6,400 6,307 800 737 728 697 686 124 125 700 656 6,200 120 121 566 119 119 600 120 5,969 5,958 6,000 5,864 500 115 5,785 5,800 400 5,669 110 107 300 5,600 105 200 5,400 100 100 95 5,200 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 29 29#30Income statement details Property marketing sales (Rp Bn) 2,500 Revenue (Rp Bn) SOLIPPO PT LIPPO KARAWACI TOK 14,000 12,000 213 2,000 125 1,696 228 10,000 1,779 142 2,224 246 506 938 1,726 403 353 1,500 162 8,000 397 $3 714 7,018 1,109 6,000 5,965 1,000 154 75 5,168 5,306 130 4,000 138 1,336 2,000 500 973 强 2,990 860 423 2016 2017 ■Residential Commercial Industrial 2018 2019 SDH Asset Sold 2,396 3,093 2,975 2016 2017 ■Real Estate Development ■Malls Others (Managements Services) ■Fund Management Investment 2018 Healthcare 2019 EBITDA (Rp Bn) 3,000 2,435 2,500 2,000 1,500 1,000 500 2016 537 2017 2,296 2018 Net income (Rp Bn) 1,500 1,000 500 882 Cost overrun, due to full accrual of penalties, impairment and change in interest expensing policies and including SILO one off adjustments of Rp426 bn in FY19(1) 720 2016 6377) 2018 2019 (500) 1,299 (1,000) (1,983) (1,500) (2,000) (2,500) 2019 Notes: IDRUSD of 13,901 used throughout unless otherwise stated (1) One-off impairment of St Mortiz Makassar and Monaco Bay Manado. Before 1H2019, some interest payments were capitalized. Starting 1H2019, all interests payments are expense per OJK guidelines and including SILO one off non cash adjustment of Rp426 bn as per FY2019 30 50#31Historical capex spending & land bank purchases Capex Spending (Rp Bn) 12,000 ■SILO GMTD LPCK LPKR 10,000 1,925 8,000 6,000 1,480 7,011 4,000 2,401 2,197 3,699 2,000 1,598 1,641 1,096 1.051 873 98 331 248 958 75% 844 468 2014 2015 2016 2017 2018 2019 QOLIPPO PT LIPPO KARAWACI TOK 50 40 30 HN 10 20 Acquisition of Land for Development 1) - Historical (In Hectares) 42.1 ☐ New Policy is to monetize existing land banks ☐ If any new land purchases it is to be strategic in nature to support immediate development plans 0 2016 0 0 0 0 0 0 2017 2018 1Q19 2019 3Q19 4Q19 1) At PT Lippo Karawaci Tbk only, excluding subsidiaries - Net 31#32Currency risk is offset by our hedging strategy BOND 2022 BOND 2026 COUPON 2026 11,500 Hedging SOLIPPO PT LIPPO KARAWACI TOK 14,000 17,000 11,500 14,500 13,300 Hedged Description Amount ($m) Lower Upper Strike (Rp) Strike (Rp) Maturity Bond 2022 409.3 11,500 14,000 Apr-22 Bond 2026 417 11,500 14,500 Oct-26 Coupon 2026 417 13,300 17,000 Oct-26 17,000 15,500 17,000 Unhedged From time to time, the Company enters into non-deliverable USD call spread options to protect our USD denominated bonds principal & coupon payments. Note: Subsequently we recalled our hedges of principal in 1Q20 for a gain of more than $60 million and changed them to collar hedges at Rp15,000 to Rp17,500 32#33Rental Payment to REITS Rp Bn 1,200 1,189 984 984 1,000 SOLIPPO PT LIPPO KARAWACI TOK Expected reduction in net rental payments from 2022 onwards as certain lease rental agreements mature and are renegotiated There is a portion that is reflective of exchange rate changes between SGD and IDR The annual changes are linked to Sg CPI changes and Siloam revenues SILO paid to LPKR Rp116 billion for rent in FY19 800 600 400 200 755 713 713 713 488 488 358 159 103 103 30 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 33 33#34Extension of the long-stop date for completion of sale of Puri Mall QOLIPPO PT LIPPO KARAWACI TOK 1 2 3 Puri Mall Strata process is currently pending the below: Regulatory body approval Governor's approval Administrative process to obtain the legalization of segregation deed and registration of title Once Strata is issued, LMIRT and LPKR will start the completion process, which involves processes including SGX clearance, fund raising, and unitholder extraordinary general meeting, In light of the above, we estimate the transaction to be completed in 4Q20 (*updated in 2020) LPKR and LMIRT have agreed to an extension of the long stop date of the transaction to December 31, 2020 34 =4#35SUBSIDIARIES EMBARCADE Siloam LIPPOMAL LIPPO PT LIPPO KARAWACI TBK#36Siloam's Strategic Growth to Take Advantage of the Market Potential GOLIPPO PT LIPPO KARAWACIT Owned Hospitals SH Mataram SH Bekasi Timur SH Bangka Belitung SH Palangka Raya SH Paal Dua SH Balikpapan SH Lippo Cikarang SH Jambi BIMC Nusa Dua Asri Sentosa 1996 SH Lippo Village 2002 2011 2012 2013# 2014 2016* 2017* SH Cirebon SH Jember SH Lubuk Linggau 2018 RSU Kelapa Dua RSU Syubbanul Wathon 2019 SH Surabaya SH MRCCC SH Palembang SH TB Simatupang SH Medan SH Buton SH Yogyakarta SH Semarang SH SH Cinere SH Bali SH Kupang SH Labuan Bajo SH Bogor Kebon Jeruk SH Makassar BIMC Kuta SH Purwakarta Hosana Medika SH Manado Leased Hospitals RSUS/SHLV Flagship Total Bed Capacity: 7,682 Total Operational Beds: 3,679 Notes: Financials and operational metrics include all hospitals and exclude clinics Mature Distinct BPJS New No. of GPs and Specialists and Dentist: 3,184 No of Nurses and Medical Staff: 7,660 36#37Siloam hospitals EBITDA & EBITDA Margin* by Segments FY19 (IDR bn) CHOLIPPO PT LIPPO KARANGIT Margin: 31% Contribution: 59% 591 Flagship Margin: 37% Contribution: 14% Margin: 9% Contribution: 4% Margin: -46% Contribution: -13% Margin: 27% 39 Contribution: 63% 141 134 Contribution: -27% 623 Mature Distinct 266 994 BPJS Ramping Up HO Expenses and Others** **Others include non-hospital units (e.g. clinics) FY19 *EBITDA Margin is calculated by dividing EBITDA with NOR of each segments *Contribution is calculated by dividing EBITDA from each segments by the total EBITDA for FY19 *Represents Underlying EBITDA for 4Q19 37 37#38MRCCC Siloam Hospitals - Flagship Hospitals COLIPPO PT LIPPO KARAWACITK Name Class Region Year Bed Operational GPs & Opened Capacity Beds Specialists Nurses Centre of Excellence Accreditation Land/ Building Ownership SH Lippo Village B 1. Greater Jakarta 1996 308 274 253 407 Cardiology, Orthopedics, Neuroscience, Emergency JCIA BPJS Kesehatan Radan Penyelenggara Jaminan Sa FIRST REIT REST REAL ESTATE INVESTMENT TRUST Cardiology, Urology, SH Kebon B Jeruk 1. Greater Jakarta 2002 285 214 192 367 Orthopedics, Emergency FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST JCIA Siloam MRCCC Siloam Semanggi 1. Greater B 2011 Jakarta 334 176 193 274 Cancer, Liver, Emergency BPJS Kesehatan Radan Penyelenggara Jaminan Sasia FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST 38#39Siloam Hospitals - Mature Hospitals Name Class Region Year Bed Operational GPs & Opened Capacity Beds Specialists Nurses Centre of Excellence Accreditation SH Surabaya B 3. East Java 2002 160 147 156 247 Cardiology, Emergency SH Lippo B 2. West Java 2002 164 98 79 161 Cikarang Occupational Health, Emergency Siloam SH Jambi B 5. Sumatera 2011 119 108 62 120 Emergency SH Balikpapan B 4. Kalimantan 2011 232 165 104 160 Orthopedics, Emergency SH Manado B 4. Sulawesi 2012 238 177 95 95 215 Emergency SH Cardiology, Emergency, B 4. Sulawesi 2012 362 215 129 241 Makassar SH C 5. Sumatera 2012 357 170 115 180 Palembang SH Denpasar B 3. Bali 2013 281 124 135 203 Endocrinology Gastroenterology, Emergency Cardiology, Orthopedics, Tourists, Emergency BPJS Kesehatan Badan Penyelama BPJS Kesehatan Badan Penyela Jaminan Soal BPJS Kesehatan BPJS Kesehatan Badan Peeler Jaminan Sa BPJS Kesehatan Badan Penyelenggara Jaminan Sosial BPJS Kesehatan Radn POLIPPO PT LIPPO KARAWACITK Land/Building Ownership FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST FIRST TREIT FRST REAL ESTATE INVESTMENT TRUST Siloam Hospitals Siloam Hospitals FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST BPJS Kesehatan FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST Badan Penyelen SH TB Simatupang B 1. Greater Jakarta 2013 269 99 60 JCIA BPJS Kesehatan 130 146 Cardiology, Emergency, Neuroscience, Oncology SH Siloam Dhirga B 5. Sumatera 2014 356 129 117 164 Emergency, Trauma Surya Medan FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST Related Party 39#40Siloam Hospitals - Mature Hospitals (Cont'd) COLIPPO Name Class Region Year Bed Operational Opened Capacity Beds GPs & Specialists Nurses Accreditation Land/Building Ownership RS Umum Putera Bahagia C 2. West Java 2017 114 94 44 116 Siloam Hospitals BPJS Kesehatan Rada Penga 10,31 RS Hosana C 2. West Java 2017 98 72 43 91 Siloam Hospitals Bekasi BPJS Kesehatan Badan Pengura Janiran Sosial SH Mataram C 3. West Nusa Tenggara 2017 69 40 40 57 64 Siloam Hospitals PT LIPPO KARAWACITK 40 40#41Siloam Hospitals - Distinct Hospitals COLIPPO PT LIPPO KARAWACITK Name Class Region Date Bed Operational GPs & Opened Capacity Beds Specialists Nurses Centre of Excellence Accreditation Land/Building Ownership SH Cinere с 1. Greater Jakarta 2012 203 333 33 22 61 Cardiology Siloam Hospitals BPJS Kesehatan P BIMC Kuta C 3. Bali 2013 39 18 44 59 59 BIMC Nusa B 3. Bali 2013 24 EMERGENC 24 Dua 24 24 48 48 ထု 1. Greater SH Asri B 2014 54 54 105 95 95 Jakarta Tourists, Emergency Cosmetic Surgery, Emergency 3rd Party 3rd Party ACHSI Urology BPJS Kesehatan Radan Penyelenggara Jaminan Sal Siloam Hospitals 41#42Siloam Hospitals - BPJS Hospitals COLIPPO PT LIPPO KARAWACITK Name Class Place Date Bed Opened Capacity Operational GPs & Beds Specialists Land/Building Nurses Accreditation Ownership RSUS B 1. Greater Jakarta 2012 640 250 137 245 SH Purwakarta B 2. West Java 2014 235 228 79 263 SH 3. East Nusa B 2014 416 140 68 215 Kupang Tenggara CHOLIPPO BPJS Kesehatan Badan Penyele BPJS Kesehatan Badan Penyelenggara Jamin Sal BPJS Kesehatan Badan Penyelia Jaminan Sal FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST FIRST REIT FIRST REAL ESTATE INVESTMENT TRUST 42 22#43Siloam Hospitals - Ramping Up Hospitals COLIPPO PT LIPPO KARAWACIT FIRST REIT HRS REAL ESTATE INVESTMENT TRUST Name Class Region Date Bed Operational GPs & Opened Capacity Beds Specialists Nurses Accreditation Land/Building Ownership Raya Jaman Sosial SH Buton C 4. Sulawesi 2016 140 80 33 89 BPJS Kesehatan 27 27 71 14 56 56 56 65 SH Labuan Bajo 3. East Nusa 2016 124 95 95 Tenggara SH Bogor C 2. West Java 2017 246 RS Siloam Bangka 5. Bangka C 2017 412 33 33 Belitung RS Siloam 2. Central C 2017 249 Yogyakarta Java Siloam Medika Blu C 2. West Java 2017 53 Plaza RS Umum D 2. West Java 2017 51 Sentosa 30 30 BPJS Kesehatan Badan Penyelenggara Jaminan Sosial 36 50 50 BPJS Kesehatan Radan Peelers Jamirani Sosial 62 62 50 50 BPJS Kesehatan 50 50 39 69 69 60 50 37 62 62 Rada Jamiran Social BPJS Kesehatan Rada Penyera lamine Sasia BPJS Kesehatan Badan Penyelenggara Jaminan Sosial FIRST REIT PRET REAL ESTATE WET TRUT Related Party Siloam Hospitals FIRST REIT FRS REAL ESTATE INVESTMENT TRUST Related Party Siloam Hospitals 23 43#44Siloam Hospitals - Ramping Up Hospitals (Cont'd) COLIPPO PT LIPPO KARAWACITK Siloam Hospitals Date Name Class Region Bed Operational GPs & Opened Capacity Beds Specialists Nurses Accreditation Land/Building Ownership 46 46 RS Siloam Lubuk Linggau с 5. Sumatera 2018 175 45 35 54 SH Jember с 3. East Java 2018 323 30 30 SH Semarang D 2. Central Java 2018 32 32 50 50 17 40 40 24 24 50 50 29 42 SH Palangka с 4. Kalimantan 2018 44 37 39 Raya AN RSU Kelapa C Dua 1. Greater Jakarta 2019 215 40 40 RSU Syubannul Wathon C 2. Central Java 2019 120 40 40 199 Siloam Hospitals BPJS Kesehatan Radan Penyelengur 29 29 Siloam Paal 4. North C 2019 69 27 50 36 Dua Sulawesi BPJS Kesehatan Radian BPJS Kesehatan Radang 3rd Party 3rd Party Siloam Hospitals 3rd Party Siloam Hospitals 44#45Lippo Cikarang balance sheet and marketing sales SOLIPPO PT LIPPO KARAWACITOK Balance Sheet (Rp Billion) Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Assets Debt 5,477 30 5,727 11,267 9,226 12,219 249 200 Liability 1,813 1,483 4,734 1,696 1,337 Equity 3,633 4.244 6,533 7,530 10,882 Return on Assets (%) 16.7% 9.4% -7.3% 21.3% 2.5% Return on Equity (%) 25.2% 12.7% -12.6% 26.1% 2.9% Net Gearing Ratio (x) 0.01 0.04 Liability to Asset Ratio (x) 0.33 0.26 0.42 0.18 0.11 FY19 Marketing Sales (Rp Billion) FY15 FY16 FY17 FY18 FY19 Guidance Lippo Cikarang Residential 652 363 54 935 177 392 Commercial 53 54 1 87 35 Industrial 29 6 8 81 387 105 Total Lippo Cikarang 734 369 116 1,017 651 532 Orange County Residential 1,708 311 123 16 52 55 DS8 JV 250 69 71 327 300 Total Sales 2,692 749 310 1,033 1,030 887 45#46Lippo Cikarang summary income statement SOLIPPO PT LIPPO KARAWACI TOK 2,500 2,120 2,000 1,803 1,500 1,000 500 3,000 Revenue (Rp Bn) 1,545 1,501 2,210 1,695 1,200 932 1,000 800 600 400 200 1,014 EBITDA (Rp Bn) 606 985 496 Duli"," 2014 2015 2016 2017 Marketing Sales (Rp Bn) 2,692 2018 (200) (400) (600) (800) 2019 (1,000) 2,500 2014 2015 2016 7 (768) Net Profit (Rp Bn) 2018 2019 2,500 1,891 2,000 1,500 1,000 500 749 2,000 1,500 915 1,000 846 540 1,033 1,030 500 1,962 311 310 2014 2015 2016 7 2018 2019 (500) 2014 2015 2016 2017 2018 2019 (1,000) (822) 46#47Lippo Malls Dominant position in retail development & property management, through management of 51 malls throughout Indonesia ■ 3.5 million sqm GFA ■ As of December 31, 2019: Overall average occupancy 87.3% and 91.5% in LMIRT properties SOLIPPO PT LIPPO KARAWACI TOK MANAGED MALLS: LIPPO MALL PURI Auguign GOLD'SGYM. ORMIT R PX Pavilion PX PAVILLION PIPELINE MALLS: CITY WALK LIPPO VILLAGE SENAYAN PARK 47#48Lippo Malls- Existing Network across Indonesia Sumatra Area 687,378 sqm NLA* 322,774 sqm Occupancy: 90% ARR ('000) Rp 106/sqm/mo ASC ('000) Rp 59/sqm/mo Kalimantan Area 24,852 sqm NLA* 17,606 sqm Occupancy: 83% ARR* ('000): Rp 95/sqm/mo ASC (000): Rp 41/sqm/mo Sulawesi Area 142,620 sqm NLA* 73,712 sqm Occupancy: 73% ARR ('000) Rp 67/sqm/mo ASC ('000) Rp 27/sqm/mo SUMATRA Greater Jakarta SULAWESI KALIMANTAN JAVA BALI NUSA TENGGARA COLIPPO MALUKU PAPUA Area 1,254,540 sqm NLA 526,532 sqm : Occupancy: 78% ARR ('000) Rp 122/sqm/mo ASC ('000) Rp 72/sqm/mo Java (Excl. Jakarta) Area 1,275,795 sqm NLA 433,328 sqm Occupancy: 85% ARR ('000) Rp 89/sqm/mo ASC ('000) Rp 51/sqm/mo Bali & Nusa Tenggara Area 102,452 sqm NLA .Note: * NLA = Net Leaseable Area ARR = Average Rental Rate (Blended) ASC Average Service Charge (Blended) PT LIPPO KARAWACI TOK 52,793 sqm Occupancy: 94% ARR (000) Rp 125/sqm/mo 51 Malls ASC ('000) Rp 47/sqm/mo 48#49Aryaduta Hotels Occupancy rate Avg room rate (Rp '000/room/day) Number of rooms Hotel Owner Occupancy rate Avg room rate (Rp '000/room/day) Number of rooms Hotel Owner FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST HOTEL ARYADUTA LIPPO VILAGE (192 rooms) Aryaduta Hotel Aryaduta Hotel Imperial Aryaduta Jakarta Pekanbaru Hotel & Country Club, LK 71.0% 60.1% 80.7% SOLIPPO PT LIPPO KARAWACI TOK Aryaduta Hotel Aryaduta Hotel Aryaduta Hotel Medan 82.3% Manado Kuta Bali 78.9% 77.4% 563 345 302 158 LPKR LPKR 608 520 424 853 192 197 199 178 First REIT LPKR First REIT LPKR Aryaduta Hotel Aryaduta Suites Aryaduta Hotel Aryaduta Hotel Palembang Semanggi Makassar 80.2% 72.2% 57.5% Bandung 73.7% 487 167 693 275 490 571 224 252 Third Party Third Party Third Party Third Party HOTEL ARYADUTA JAKARTA (302 rooms) HOTEL ARYADUTA MEDAN (197 rooms) HOTEL ARYADUTA PEKANBARU (158 rooms) FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST HOTEL ARYADUTA MANADO (199 rooms) HOTEL ARYADUTA KUTA BALI (178 rooms) 49 49#50Lippo Malls REIT - Manages 23 retail malls and 7 retail spaces SOLIPPO PT LIPPO KARAWACITOK S$ Millions 4Q19 4Q18 Y-O-Y FY19 FY18 Y-O-Y Gross Rental Income (GRI) 39.5 36.6 8.1% 155.3 155.2 0.0% Total Gross Revenue 69.6 63.7 9.2% 273.0 230.3 18.5% Net Property Income (NPI) 47.6 38.4 23.9% 176.2 165.0 6.8% Distributable Income to Unitholders 15.1 8.7 73.8% 64.9 58.4 11.0% DPU (Cents) 0.52 0.30 73.3% 2.23 2.05 8.8% S$ Millions FY19 FY18 Non Current Assets 1 1,712.8 1,851.0 Current Assets 300.2 115.1 Total Debt Other Liabilities Total Equity² Gearing Ratio 721.7 680.0 215.4 206.9 1,075.9 1,079.2 35.9% 34.6% Total Units in Issue (million) 2,894.9 2,859.9 3 Net Asset Value (per unit in cents)* 28.20 28.66 Notes: 1) Included in the Non Current Assets are the Investment properties of S$1,696.8 million as at 31 December 2019 and S$1,831.6 million as at 31 December 2018. The carrying values of the properties are stated based on the independent valuation as at 31 December 2019 and adjusted for property enhancement to date. The valuation and property enhancement figures are recorded in the financial statements in Indonesian Rupiah and translated into Singapore Dollar using the respective exchange rate as at the end of the respective period 2) The Current Assets included in the Investment Properties held for divestment of S$124.1 million as at 31 December 2019. On 30 December 2019, the Trust has entered into conditional sale and purchase agreement ("CSPA") to divest Pejaten Village and Binjai Supermall for a total consideration of Rp1,280.7 billion (approximately S$124.1 million) 3) Total equity is represented by Unitholder's funds of Unitholder's funds of S$816.3 million and Perpetual Securities of S$259.6 million as at 31 December 2019 and $819.6 million and Perpetual Securities of $259.6 million as at 31 December 2018. 4) Net Asset Value per unit is calculated as Unitholder's funds over the units issued at the end of the period. 50 50#51First REIT - LPKR decreases ownership to 4.0% in 4Q19 S$ Millions Rental and Other Income Net Property Income Distributable Income DPU (cents) S$ Millions Assets Non Current Current Total Liabilities Non Current Current Total SOLIPPO PT LIPPO KARAWACITOK 4Q19 4Q18 Y-O-Y FY19 FY18 Y-O-Y 28.9 29.3 -1.6% 115.3 116.2 -0.8% 28.3 28.5 -0.8% 112.9 114.4 -1.3% 17.2 17.0 0.9% 68.5 67.7 1.2% 2.15 2.15 8.60 8.60 FY19 FY18 FIRT Ownership 1,342.3 1,373.8 3019 4Q19 84.8 65.0 8.92% 4.04% 1,427.1 1,438.8 527.4 418.9 44.1 150.8 91.08% 571.4 569.6 794.8 808.3 99.64 102.51 Unitholders' Funds NAV/Unit (in cents) Total Debt (in SGD mn) 492.7 503.0 Gearing Ratio 34.5% 35.0% 95.96% ■LPKR Others 51#52TURNAROUND INITIATIVES EMBARCADE Siloam LIPPOMAL LIPPO PT LIPPO KARAWACI TBK#53Strategic Initiatives Funding Program Update on Transformation Plan (E) Pro - Event (A) Announced (B) Status FY19 March 2019 (C) Variance (C=B-A) (D) Forma Contracted / Variance Committed (E=C+D) LPKR Rights Issue LPKR Rights Issue $730m $787.5m $58m $58m Asset Sale of Myanmar $20m $20m Divestment healthcare JVS Proceeds from sale of Lippo Mall Puri $260m ($260m) $260m Comments SOLIPPO PT LIPPO KARAWACI TOK . Investment by anchor investors for over $230m Strong shareholder response to rights issuance indicate renewed confidence in LPKR Sale of Myanmar healthcare joint ventures completed in April 2019 Sale of Lippo Mall Puri delayed in the regulatory strata titling process, long-stop date for completion of sale extended to 31 Dec 2020 Subtotal $1,010m $807.5m ($202m) $260m $58m Deleveraging Bond tender and loan repayments ($275m) ($186m) $89m $89m • Bond tender completed in March 2019, total of $8.67m of bonds was tendered . $75m bond repayment completed in August . $50m UBS-DB syndicated loan repayment completed in March 2019 • • Other bank loans were paid down in 1H19 Shore Up Liquidity Buffer ($288m) ($164m) Liquidity Working Capital ($27m) ($54m) Generate Investment in LPCK/ ($320m) ($188m) $124m ($165m) ($27m) ($40m) $132m ($130m) ($41m) ($67m) $2m Returns Meikarta & Puri Mall LPCK rights issuance completed in July 2019, $188m invested transaction Investment in existing ($100m) pipeline projects ($48m) $52m ($93m) ($41m) $48m have been invested into existing pipeline projects Subtotal ($1,010m) ($640m) $370m ($428m) ($58m) 53 53#54Delever, improve liquidity and generate returns Comprehensive funding programme ($m) QOLIPPO PT LIPPO KARAWACI TOK Strategic initiatives to delever, improve liquidity and generate returns Shore up 20 20 788 808 Delever 186 liquidity 218 48 Generate returns 188 168 I I I I I Liquidity buffer and 1 Investment in existing pipeline projects Investment in LPCK/ Meikarta Surplus funds for other I projects and investments I LPKR Right Issuance Myanmar Asset Divestment Total Funding Bond buyback / Debt ון ! reduction ! working || ii capital Note: Assume exchange rate of US$1 to IDR 13,901; all figures subject to FX movements. 54 54#55Commitment to deliver existing key projects Investment in existing key projects ($m) 150 18 Sources Refers to unsold units from completed projects Inventories are ready to be sold with no further construction costs Refers to progress payments to be collected from sold units 21 200 160 Uses SOLIPPO PT LIPPO KARAWACITOK 229 Proceeds from fund raising Account receivables (1) (sold units) Estimated value of future sales- Completed projects Estimated value of future sales - Projects under construction Estimated construction costs to completion Surplus funds for other projects and investments Cost to complete existing projects fully funded by (i) additional $150 mn capital set aside for investment; (ii) accounts receivable to be received; and (iii) future sales Source: Company information. Note: (1) Assume exchange rate of US$1 to IDR 13.901; all figures subject to FX movements. As at 31 Dec 2019. 55 59#56MEIKARTA EMBARCADE Siloam LIPPOMAL LIPPO PT LIPPO KARAWACI TBK#57Meikarta: our next development initiative (cont'd) Investment in LPCK / Meikarta Sources ($m) LPCK will launch a concurrent rights issue to raise the funds required for the completion of its Meikarta project LPKR invested $188m through rights issuance of LPCK Rights issuance was completed by mid July 2019 Further details of the rights issuance has been announced 200 150 57 218 180 Further financing by LPCK into Meikarta Other equity or project financing to be raised Account receivables (sold units) (1) Estimated value of future sales Malls and other income yielding assets 400 Estimated construction costs to completion Uses 230 QOLIPPO PT LIPPO KARAWACITOK 175 Existing debt and payables Surplus funds for other projects and investments Fully funded business plan to complete current development projects in Meikarta Phase 1A Source: Company information. Note: (1) Assume exchange rate of US$1 to IDR 13,901 as per 31 Dec 2019; all figures subject to FX movements. As at 31 Dec 2019. 57 557#58PT KARAWACI Strategic region for growth - In between 2 of Indonesia's largest cities COLIPPO (Jakarta & Bandung); West Java is Indonesia's most populous province SURROUNDED BY FORTUNE 500 COMPANIES ☐ 4.000 MULTINATIONAL COMPANIES 1 MILLION CAR PRODUCTION / YEAR 10 MILLION MOTORCYCLES PRODUCTION / YEAR 12.000 EXPATRIATES MEIKARTA the world of curs Jakarta International Airport GZ JORR W1 SCBD Pondok Indah JORR W2 Kelapa Gading JAKARTA JAGORAWI TOLLWAY EJIP DELTA SILICON BEKASI MM 2100 HYUNDAI JORR E2 LIPPO CIKARANG LRT CAWANG BEKASI TIMUR CIKARANG CIKARANG STATION VABABEKA PATIMBAN DEEP SEAPORT Elevated Hi-way CIKAMPEK TOLLWAY MEIKARTA APM / Monorail KERTAJATI INTERNATIONAL AIRPORT BANDUNG DELTAMAS KIIC SURYA CIPTA EXPRESS TRAIN JAKARTA - BANDUNG 58#59New infrastructure underway increasing accessibility to Industrial Estates, Future driver of FDI KERTAJATI INTERNATIONAL AIRPORT + Estimated cost: Rp 25.4 Tn. Estimated completion: Already Operational airport LRT JAKARTA ELEVATED TOLL ROAD (JAKARTA - CIKAMPEK) Estimated cost: Rp 16.0 Tn, Estimated completion: Already Operational LIGHT RAIL (LRT CAWANG - BEKASI TIMUR) Estimated cost: Rp 3.2 Tn. Estimated completion: 2021 PATIMBAN DEEP SEAPORT QSOLIPPO PT LIPPO KARAWACI TOK Estimated cost: Rp 40.0 Tn. Estimated completion: End of 2021 (Partial) HIGH SPEED TRAIN (JAKARTA - BANDUNG) Estimated cost: Rp 65.0 Tn. Estimated completion: 2022 APM (MONORAIL) CONNECTING INDUSTRIAL ESTATES Estimated cost: Rp 21.0 Tn. Estimated completion: N/A 59 59#60CORPORATE DATA EMBARCADE Siloam LIPPOMAL LIPPO PT LIPPO KARAWACI TBK#614019 Shareholder Structure Lippo Related Companies 58.07% No of Floating Stocks: 70,591,913,869 LIPPO (excl. Treasury Stocks) PT LIPPO KARAWACI TBK 51.1% 81.0% 62.7% 100.0% Public < 5% 41.93% SOLIPPO PT LIPPO KARAWACI TOK 100.0% PT Siloam International Hospitals Tbk PT Lippo Cikarang Tbk PT Gowa Makassar Tourism Development PT Asiatic Sejahtera Finance PT Bowsprit Asset Management Tbk 19 61#62Notes Outstanding CHOLIPPO PT UPPO KARAWACI TBK Theta Capital Pte. Ltd $149.3m 7.0% Senior Notes Reg S Due 2022 April 2014 QOLIPPO PT LIPPO KARAWACI TOK POLIPPO PT LIPPO KARAWACI TBK Theta Capital Pte. Ltd POLIPPO PT LIPPO KARAWACI TBK Theta Capital Pte. Ltd $260m 7.0% Senior Notes Reg S Due 2022 August 2016 $417m 6.75% Senior Notes Reg S Due 2026 October 2016 STANDARD & POOR'S DCCC CCC-CCC CCC+ B- B B+ BB- BB BB+ BBB- BBB BBB+ A- A A+ AA- AA AA+ AAA MOODY'S Fitch Ratings Non Investment Grade Investment Grade C Ca Caa3 Caa2 Caa1 B3 B2 B1 Ba3 Ba2 Ba1 Baa3 Baa2 Baa1 A3 A2 A1 Aa3 Aa2 Aa1 Aaa Non Investment Grade Investment Grade DCCC CCC-CCC CCC+ B- B B+ BB- BB BB+ BBB- BBB BBB+ A- A A+ AA- AA AA+ AAA * We refinanced our 2022 Bonds into a 2025 in Jan 2020 Non Investment Grade Investment Grade 62 62#63New leadership team focused on corp. governance and transparency COLIPPO PT LIPPO KARAWACI TOK Board of Commissioners provides adequate representation to minority shareholders John A Prasetio Independent President Commissioner Dr. Stephen Riady Commissioner George Raymond Zage III Commissioner Kin Chan Commissioner Anangga W. Roosdiono Independent Commissioner President Commissioner of the Indonesia Stock Exchange since 2017 Other notable roles include Indonesian Ambassador to Republic of Korea, Asia Pacific CEO of Andersen Worldwide, Executive Chairman of EY Indonesia, Independent Commissioner of PT Global Mediacom Tbk ■Executive Chairman of OUE Limited, Executive Director of Lippo Limited and Hong Kong Chinese Limited ■Strong record of public service including the role as an Advisor in the Hong Kong and Macao Office of the State Council Founder and Chief Executive Officer of Tiga Investments ■Prior to the role, he served as Chief Executive Officer, Managing Director and Portfolio Manager at Farallon Capital Management ■ Non-executive Director of Whitehaven Coal Limited ■Independent Director of Toshiba Corporation Founding shareholder and Chief Investment Officer of Argyle Street Management ■Previous roles as Executive Director at Goldman, Sachs & Co, Chief Executive and Managing Director of Lazard Asia Limited Key Management Team with appropriate ESOP in place to ensure alignment of interests Founder and Senior Partner of Roosdiono & Partners. Prior to the role, he served as Senior Legal Advisor at PT Mobil Oil Indonesia and Partner at Makarim & Taira Vice Chairman of the Indonesian Arbitration Board and member of the ASEAN Business Advisory Council John Riady Chief Executive Officer Surya Tatang Chief Financial Officer Peter Yu Director of Projects Rudy Halim Chief Operating Officer Bret Ginesky Head of Investor Relations ■Director of PT Lippo Karawaci Tbk and various executive positions at Lippo Group companies ■President Commissioner of PT Siloam International Hospitals Tbk ■ Holds degrees in Political Philosophy and Economics from Georgetown University; an MBA from the Wharton School of Business, and a Juris Doctor from the Columbia University Law School ■Previously Chief Financial Officer and Independent Director of PT Link Net Tbk, and Corporate Finance at PT Star Pacific Tbk ■Formerly the Head of Research at Sucorinvest Central Gani ■Previously Manager of Property Development at various regional firms including Impiana Group, IGE Group of Companies, Keppel Land and MK Land ■■Previously Group President Director of PT Mitra Pinasthika Mustika Tbk, a leading player in Indonesia's motorcycle distribution industry, and Energy Business Head / Director of Sinarmas Group ■ Strong experience in operations, leading company transformations and investments ■ Held several senior roles in IDX- listed and private Indonesian companies ■Previously Head of Investor Relations at PT Indika Energy, and Head of Investor Relations Group at PT Bank Mandiri Formerly a Research Analyst at PT CLSA Indonesia 63#64APPENDIX EMBARCADE Siloam LIPPOMAL LIPPO PT LIPPO KARAWACI TBK#65The Lippo Group operates across multiple industries III CORE Healthcare COLIPPO PT LIPPO KARAWACI TOK ☑ LIPPO GROUP Regional Presence in China, Hong Kong, Japan, Singapore, Korea, and Macau Indonesia INVESTMENT Retail & Financial FOUNDATION TMT Education Property COLIPPO Siloam Hospitals LIPPO CIKARANG TANJUNG BUNGA THE PRIDE OF MAKASSAR FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST CLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST LIPPO MALLS HOTEL ARYADUTA G MATAHARI DEPARTMENT STORE h hypermart BOSTON Health & Beauty Ciptadana NOBU NATIONAL BANK Lippo Insurance OVO OVO MULTIPOLAR FIRST MEDIA Empowering You! Link Net BIG GTN CINEMAXX Mbiz YPH YAYASAN PELITA HARAPAN SPH INTERNATIONAL UPH UNIVERSITAS PELITA HARAPAN LIPPO GROUP Growing in Stewardship, Transforming Lives 65 99#66Nationwide presence across Indonesia creates network effect COLIPPO Business segment Growth metrics PT LIPPO KARAWACI TOK Cummulative Marketing Sales (Rp Bn)¹) Sumatra Kalimantan Sulawesi(4) +5 10 +2 1 1 3 67 Property Development + 4 3 2 4,115 Sumatra Jakarta Kalimantan Sulawesi Jakarta Java excl. Jakarta Java(2)(3) excl. Jakarta 5 12 +8 【 3 "On-the-ground" intel provides first-hand knowledge on trends 3 25 + 18 2 Indonesia's "go-to" landlord for international and established local brands Notes: (1) Cumulative (starting in 2013A) marketing sales on a consolidated basis including asset sold 24 (2) Also includes Bali and Nusa Tenggara in this illustration. (3) Included Orange County and Meikarta via LPCK. (4) Included Tanjung Bunga via GMTD. Property Development 2013A 18,272 4.4x 2019A # of malls under management 51 34 1.5X Lifestyle Malls 0+ 2013A 2019A Network of hospitals 37 2.6X Healthcare 14 Lifestyle Malls 2013A Largest hospital network across Indonesia # refers to number of projects / assets under LPKR Healthcare Hotels 2019A 66 99#67Residential & Urban development Lippo Village in Karawaci, West of Jakarta - Lippo Cikarang- East of Jakarta CONNECTION ROAD TO MARUBENI (M Existing Industrial TOLL GATE CIKARANG BARAT/CILEMAHABANG Industrial Landbank TOLL ROAD JAKARTA-CIKAMPEK SOLIPPO PT LIPPO KARAWACI TOK Dev. Rights 3,226 ha Acq. Land 1,418 ha Jobs 48,734 Landbank 304 ha Houses 10,593 Roads Built 113,5 km Condos 5,686 Shophouses 1,193 Population 59,519 Trees planted 58,199 Dev. Rights 3,250 ha Orange Workers 574,042 County Acq. Land 2,822 ha Factories 1,359 Landbank 394 ha TOLL GATE CIKARANG PUSAT Houses 17,192 Condos 4,488 Roads Built 286 km EJIP (Sumitomo) BIIE (Hyundai) DIRECT ACCESSLL GATE KM 34+700 CIBATULIPPO CIKARANG Existing Residential MEIKARTA LEGENDS: DELTA SILICON INDUSTRIAL PARK INDUSTRIAL PARK RESIDENTIAL & COMMERCIAL AREA ORANGE COUNTV EXISTING MAIN ROAD *** FUTURE ROAD Existing Industrial Shophouses 1,216 Trees Population 55,128 94,600 planted 67 20#68Residential & Urban development Tanjung Bunga- Makassar, South Sulawesi San Diego Hills Memorial Park & Funeral Homes SOLIPPO PT LIPPO KARAWACI TOK Dev. Rights 1,500 ha Acq. Land Jobs 14,724 651 ha Landbank 276 ha Houses 7,075 Roads Built 26,7 km Shophouses 199 Population 21,030 Trees planted 13,199 Master Plan 500 ha Acq. Land 125 ha Landbank 88 ha 68#69Regulatory Accounting Changes - Context Old PSAK 23/34/44 Revenue Separate models for: Construction Contracts, Real estate developments, Goods and Services Focus on risk & reward Old PSAK 30 Leases Dual lease model Off-balance sheet treatment New PSAK 72 Revenue Single model for performance obligations Focus on Control New PSAK 73 Leases ☐ Single lease model All leases on balance sheet SOLIPPO PT LIPPO KARAWACI TOK 69#70Key Principles - PSAK 72 & 73 SOLIPPO PT LIPPO KARAWACI TOK PSAK 72 The new standard require recognition of Revenue based on when control is transfer to the customer. Therefore, for certain contracts where the Group does not have enforceable right to payment, revenue is recognized only when the completed residential project is delivered to the customers and the customers have accepted it in accordance with the sales contract. Thus, some of the project that has been recognized as Revenue in the financial statements is being reversed. PSAK 73 No impact on actual cash flow. Significant impact on reporting of financial statements: All leases (operating and finance lease) will be recognized: Right-of-use (ROU) assets Lease liability Any deferred gain on sale and leaseback will be allocated against ROU assets on adoption Lease expense is replaced by: Depreciation of ROU Assets Interest expense on lease liability For sub-lease arrangement, the lessor must recognizes any difference between the ROU asset and the net investment in the sublease in profit or loss 70 0#71Regulations becoming more conducive to growth SOLIPPO PT LIPPO KARAWACI TOK 80% 85% In 2019 the regulators have: Increased the transaction price the for super luxury tax to be implemented from Rp 10 billion to Rp 30 billion Lowered the VAT tax (PPh 22) to 1% from 5%, and 0% for victims of a natural disaster Property Type Old Regulation New Regulation II III & above | II & above Landed Property > 70 sqm 85% 80% 75% 22-70 sqm 85% 80% <= 21 sqm Apartment > 70 sqm 85% 80% 75% 80% 22-70 sqm 90% 85% 80% 85% <= 21 sqm 85% 80% 85% Shop House 85% 80% 85% Mortgage Disbursement: Old Regulation Disbursement Terms Landed Properties Up tp 40% from total credit Up tp 80% from total credit Up tp 90% from total credit Up tp 100% from total credit Apartments Up tp 40% from total credit Up tp 70% from total credit Up tp 90% from total credit Up tp 100% from total credit Complete Foundation Topping Off Hand Over Completion of SPA Complete Foundation Topping Off Hand Over Completion of SPA Disbursement Landed Properties Up tp 30% from total credit Up tp 50% from total credit Up tp 90% from total credit Up tp 100% from total credit Apartments Up tp 30% from total credit Up tp 50% from total credit Up tp 90% from total credit Up tp 100% from total credit New Regulation Terms Following signing of credit agreement Complete Foundation Hand Over Completion of SPA Following signing of credit agreement Complete Foundation Hand Over Completion of SPA 71#72Foreign ownership remains a challenge QOLIPPO PT LIPPO KARAWACI TOK 1. 2. LAND TITLES AVAILABLE: 1. Freehold 2. Right to Build (renewable leasehold) 3. Right to Use (renewable leasehold) : : OPTIONS FOR FOREIGN OWNERSHIP : may be held by Indonesian citizens only (not even by fully Indonesian-owned companies). may be held by Indonesian citizens and any company established in Indonesia for an initial 30 years. may be held by Indonesian citizens, any company and foreigner residence in Indonesia for an initial 30 years, extendable for another 20 years and renewable for another 30 years Foreign residence in Indonesia can purchase property in own name under Right to Use title under Government Regulation no 103/2015 dated on 22 December 2015 and further reinforced by The Ministry of Agricultural and Spatial Planning /National Land Agency Regulation no 29/2016 dated on 19 Sept 2016 for certain minimum property value, which in Jakarta Province, a minimum Rp 10 bn for landed house and Rp 3 bn for condominium and subsequently much lower value for other areas. Establish a company with approval for full or part foreign ownership (PMA company) to own the property. 3. Through Indonesian nominees, establish a locally owned company. 4. Use an Indonesian professional third party corporate nominee. 5. Private unregistered lease. 6. Establish a person to person arrangement with an Indonesian private individual who will personally own the property. 72#73SOLIPPO PT LIPPO KARAWACI TOK Quarterly & Annual Condominium Sales Overview of Jakarta's Condominium market 8,000 7,000 6,000 5,000 Units 4,000 3,000 2,000 1,000 0 432 3Q12 1Q12 2Q12 4Q11 432 3Q11 1Q11 2Q10 45,000 40,000 35,000 30,000 25,000 20,000 Units 15,000 10,000 5,000 0 3Q13 4Q13 432 1Q13 2Q13 4Q16 1Q17 432 25,000 20,000 15,000 Units 2Q19 3Q19 1Q18 2Q18 3Q18 4Q18 14 4Q17 2Q17 3Q17 10,000 5,000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 New Launches by Segment & Prices Per Square Meter 1Q16 2Q16 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 20% IDR 20 40% IN 10 60% 100% 60 80% 50 per sq m Millions WA 30 40 0% Middle Grade Lower Grade Unit Sold ◆ Sales Rate Upper Grade ■Proposed Source 4019 Jones Lang LaSalle Research 0 2Q12 1Q12 4Q11 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Lower middle 66 4Q19 3Q19 2Q19 1Q19 4Q18 3Q18 2Q18 1Q18 4Q17 3Q17 2Q17 1Q17 Middle 73#74Sqm Overview of Jakarta's shopping mall & CBD office market Quarterly and Annual Shopping Mall Net Absorption 295,000 Sqm 120,000 100,000 80,000 60,000 40,000 20,000 -20,000 -40,000 150,000 125,000 100,000 75,000 50,000 25,000 0 (25,000) 0 245,000 195,000 145,000 95,000 45,000 437 0000 -5,000 06666∞∞∞966605555444433332222TTITOOOO@@8866 321432143274321 3214321432143214321432143 Quarterly and Annual CBD Office Net Absorption 3Q19 1Q19 3Q18 1Q18 3Q17 1Q17 3Q16 1Q16 3Q15 Q15 3Q14 1Q14 3Q13 1Q13 3Q12 1Q12 3Q11 1Q11 3Q10 1Q10 3Q09 1Q09 3Q08 1Q08 (50,000) ■Grade A ■Grade B Grade C Source 4019 Jones Lang LaSalle Research Sqm 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 SOLIPPO PT LIPPO KARAWACI TOK 2019 2018 2017 2016 2015 2014 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 74#75Indonesia - An Underpenetrated Healthcare Market 53,000 Doctors in Indonesia (1) SOLIPPO PT LIPPO KARAWACI TOK 238,000 Total number of Hospital Beds in Indonesia (1) 2.0 264,000,000 9.0 Doctors to 10,000 population in Indonesia (1) The Population of Indonesia Beds to 10,000 population in Indonesia (1) 12.5 Doctors to 10,000 population in China, Vietnam, India and Malaysia (1) 21.0 Average beds to 10,000 population in China, Vietnam, India and Malaysia (1) Despite growth in healthcare in recent years, the number of doctors and hospital beds per population in Indonesia is still significantly below regional peers. (1) Source: WHO and World Bank, 2017 75 15#76PT LIPPO KARAWACI TOK Strong growth in private insurance and government healthcare spend COLIPPO BPJS Participation (million people) (3) Annual value of private medical insurance continue to % of BPJS coverage increase(1). 79% 71% US$2bn 65% 208 188 172 +186% US$0.72bn 2007 2020 2016 2017 2018 The number of insured people by private medical insurance providers experienced a 33% growth (2) +33% 6,046 4,534 2016 2017 CAGR for Indonesian Government Healthcare Budget Spending between 2015-2019 is 15.4% (4) The increasing demand for healthcare services in Indonesia creates substantial opportunities for private healthcare providers. Number insured Source: (1) McKinsey Report, (2) OJK Insurance Statistics 2017, (3) BPJS Kesehatan, (4) Ministry of Finance 76 70#77LPKR's trading performance LPKR historical Price / NAV per share post global financial crisis Rp 2,000 1,500 1,000 500 имини QOLIPPO PT LIPPO KARAWACI TBK Period Price / NAV average Min Average Max 2015 1.3X 1.6X 1.9X 2017 0.5X 0.8X 1.0X 2019 0.2X 0.5X 0.7X 0 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 INAV per share LPKR Share Price Price to Book as of 28 February 2020(1) (x) 1.80 1.70 PT. Pakuwon Jati Tbk. summarecon Wunderful Life-Wonderful World 1.17 CIPUTRA Average: 0.84 0.67 0.55 0.31 0.28 0.24 BSDCITY QOLIPPO PT LIPPO KARAWACI TBK Ab Alam Sutera Big City. Big Opportunity AGUNG PODOMORO LAND Source: Market data extracted from Bloomberg and FactSet as of 28 February 2020. Note: (1) Peers average determined based on the simple average P/BV ratio of Summarecon, Pakuwon, Ciputra, Bumi Serpong, Alam Sutera, Agung Podomoro and Modernland MODERNLAND PT MODERNLAND REALTY Tbk 77#78Notes: COLIPPO PT LIPPO KARAWACI TBK#79Notes: COLIPPO PT LIPPO KARAWACI TBK#80QLO Investor Relations Bret Ginesky Head of Investor Relations : [email protected] QOLIPPO PT LIPPO KARAWACI TBK : +62 21 25669078 : www.lippokarawaci.co.id