#1PT Lippo Karawaci Tbk 3Q21 Results Presentation 4 November 2021 EMBARCADE COOLIPPO PT LIPPO KARAWACI TBK Siloam LIPPOMAL#2Shareholder Structure SOLIPPO PT LIPPO KARAWACI TOK Description No. of Investors As of 30 September 2021 As of 31 December 2020 No. of Shares % No. of Investors No. of Shares % Change YTD (%) Domestic Insurance 27 1,167,466,540 1.6% 24 Individual 20,301 3,716,440,828 5.2% 20,166 Corporation 140 32,967,332,420 46.5% 122 1,049,803,440 2,885,379,262 32,802,325,492 1.5% 11.2% 4.1% 28.8% 46.3% 0.5% Foundation 2 332,500 0.0% 2 332,500 0.0% 0.0% Pension Fund 23 40,169,390 0.1% 25 52,756,420 0.1% -23.9% Others 3 460,200 0.0% 53 219,789,584 0.3% -99.8% Sub Total International Retail 20,496 37,892,201,878 53.4% 20,392 37,010,386,698 52.2% 2.4% 61 26,750,838 Institutional 238 32,979,065,653 0.0% 46.5% 58 253 30,221,538 33,857,410,133 0.0% -11.5% 47.8% -2.6% Others 0.0% 0.0% Sub Total 299 33,005,816,491 46.6% 311 33,887,631,671 47.8% -2.6% Total 20,795 70,898,018,369 100.0% 20,703 70,898,018,369 100.0% 0.0% 2#3Contents COLIPPO Business Model 04-08 Recent Developments 09-19 9M21 Financial Data 20-40 Corporate Governance Initiatives 41-46 Subsidiaries 47-58 Meikarta 59-61 Corporate Data Appendix 62-65 66 74 - Looking Ahead 75-82 PT LIPPO KARAWACI TOK#4Lippo Karawaci - Business Overview REAL ESTATE LPKR: Holding company, developer of high rise and landed properties across Indonesia LPCK: Developer of Lippo Cikarang, the largest integrated the largest integrated township in the eastern corridor of Jakarta GMTD: developer of Tanjung Bunga in Makassar 1 27% SOLIPPO PT LIPPO KARAWACI TOK OTHER BUSINESSES * COLIPPO *Size of circle represents revenue contribution of each business as at 9M21 19% LMIR Trust: the only Indonesian retail REIT listed in Singapore owning 22 malls and 7 retail space with an AUM of S$1.8bn and NLA of 960,000 sqm. Through Holdco manages 55 3 malls across Indonesia, the country's largest mall operator Hotel: Operator of Aryaduta Hotels with 10 properties across Indonesia Investment & Fund Management Throughout this presentation we will use LMIRT results post adjusting for eliminations 54% 2 HEALTHCARE Siloam Hospital: The largest private hospital group in Indonesia with 40 hospitals across 29 cities +#5Key Investment Highlight 1 Large landbank and strong growth in marketing sales that is expected to remain elevated in coming years, generating positive cashflow 3 LIPPO 2 QOLIPPO PT LIPPO KARAWACI TOK Controlling stake in the largest hospital operator in Indonesia with over 40 hospitals across 26 cities delivering clinical excellence and access to healthcare 4 Hotels, malls and ancillary business assets that are profitable and supplement the main business by providing regular dividend income Strong management team with focus on Sustainability & Governance 5#6Indonesia's Leading Integrated Real Estate and Healthcare Platform SOLIPPO PT LIPPO KARAWACI TOK One of the largest integrated real estate company The only fully integrated business model Largest healthcare revenue Investments #1 #1 by revenue by recurring #2 by total assets 10+ Years Real Estate Real Estate Management & Services & Fund Management (IDR tn) 10 5.8 4.4 5 3.4 1.1 0.5 revenue of land bank Development SILO HEAL MIKA BMHS SAME Largest Property by total revenues (IDR tn) Recurring revenues driven by market leading Healthcare & Mall franchises One of the largest hospital networks in Indonesia 12.0 8.1 6.2 5.0 4.0 (IDR tn) 8.6 50 42 40 40 26 30 20 2.3 1.4 0.9 0.9 10 0 LPKR CTRA BSDE SMRA PWON LPKR PWON SMRA CTRA BSDE HEAL SILO Second largest by total assets Strong Marketing Sales Growth* (YoY 9M20 to 9M21 Marketing Sales Growth) 5 3 MIKA BMHS SAME Indonesia has one of the lowest hospital beds per capita (per '000 people) (IDR tn) 4.0 3.5 80% 71% 71% 60.9 3.0 2.7 2.6 51.9 60% 2.1 39.3 26.5 24.9 40% 20% 45% 33% 2.0 29% 1.0 1.9 0% 0.0 li 1.5 1.2 1 0.7 BSDE LPKR CTRA PWON SMRA LPKR SMRA PWON CTRA BSDE Brunei Singapore Vietnam Thailand Malaysia Laos Indonesia Myanmar Cambodia Note: All figures as of financial year ending 31 December 2020; no adjustments for PSAK 72/73 implementation * Marketing sales data as of 9M21 6#7Simplified 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 Capital Allocation Strategy HoldCo ■ No increase in head office personal expenses over the next 3 years Focused business strategy base off operational excellence, transparency and strong governance structure Land Banking & Development ■ Asset monetization vs. Land acquisition: 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 and Cikarang where LPKR has differentiated landbank assets Real Estate Management & Services ■ROCE-accretive growth ■ Operating and efficiency improvement targeting substantial EBITDA margin improvement Active asset recycling / disposal strategy Investments and Fund Management Active approach to managing proprietary portfolio of assets as well as 3rd party assets ■ Explore alternative avenues to recycle capital Incremental capital requirement limited to seeding minority position in new funds Active portfolio management strategy to be executed with Rp3.5 trillion worth of non-core assets (excl. sale of Puri Mall) identified for ROCE-accretive disposals 7#8Recent events highlights A B C D On 11 Sep 2021, LPKR launched Cendana Parc Phase II, which is an extension of the seventh affordable landed residential cluster launched in Lippo Village. Demand for product within the segment remains strong. Out of a total of 724 units offered, 94% were sold within 1 day. COLIPPO In Sep 2021, footfall traffic in our malls recovered to 40% of pre covid levels after having reached 22% of pre covid levels in Jul-Aug 2021 as malls started to see gradual relaxation of social distancing measures since the beginning of Sep 2021. At current level of recovery, company expect to see rental discount subsiding by Dec 2021. 2020 landed residential developments continue to see positive handover progress. As of Sep 2021, 93% of units sold in Waterfront Estates Riverside cluster has been handed over, while handover progress in Silvercreek cluster reached 82%. Construction progress for the remaining cluster remain to be on track for timely completion. Siloam continue to see huge impact of covid to its business. Through 9M21, Siloam have conducted more than 567k PCR tests and more than 1.4m serology tests all while actively supporting the government in providing national vaccination. YTD Siloam have vaccinated over 370,000 of the Indonesian population. PT LIPPO KARAWACI TOK 8#9Financial Highlights SOLIPPO PT LIPPO KARAWACI TOK Revenues increased 44% EBITDA grew 84% Net loss lowered by Rp1.8 tr To To Rp10.9tr in 9M21 Vs 9M20 Rp2.9tr in 9M21 Vs 9M20 To Rp573bn in 9M21 Vs 9M20 Total cash balance improved to Rp4.9tr at 9M21 Vs Rp3.9tr At FY20 Quarterly Revenue increased 65% To Rp3.7tr EBITDA margin expanded 577bps Το 26.6% In 9M21 vs 20.9% 9M20 Quarterly net loss improved by Rp780bn To Rp310bn in 3Q21 Vs 3Q20 Net Debt to Equity (excluding LMIR) remains stable 0.43 at 9M21 Vs 0.46 at FY20 6#10Debt to Equity Datapoints Total Debt (1) 2017 to Present Rp bn 25,000 20,000 QOLIPPO Debt (1) to Equity Ratios 2017 to Present PT LIPPO KARAWACI TOK (x) 1.10 22,660 0.90 4,645 0.70 0.59 056 0.5 0.50 0.46 0.30 0.10 1.00 0.78 0.58 0.46 15,000 13,638 14,621 13,725 10,000 5,000 10,830 2,808 12,738 1,883 12,080 918 11,162 11,539 2,186 18,015 2017 2018 ◆ Debt/Equity Cost of Debt - 2017 to Present 0.35 0.22 2019 2020 Net Debt/Equity 9M21 11.0% 9.4% 9.0% 9.2% 8.4% 7.0% 7.3% 6.5% 5.0% 3.0% 2017 2018 2019 2020 9M21 2017 2018 2019 2020 9M21 Bonds ■Bank Loans (Rp bn) 2017 2018 2019 2020 9M21 Note (1) Total debt excludes Financial Leases (2) Cost of Debt is calculated using annualized interest expense in 9M21 divided by the average of beginning and ending debt balance for the time period. Cost of Debt Average Debt Interest expense 13,587 14,130 13,351 12,903 18,193 998 1,329 866 1,080 1,677 7.3% 9.4% 6.5% 8.4% 9.2% 10#11Liquidity continues to stabilise from initiatives such as rental renegotiation that yielded Rp325b of annual savings COLIPPO PT LIPPO KARAWACI TOK Historical Net Debt (1) Rp bn 20,000 Historical FCCR 2.1 2.0 0.9 17,768 1.9 18,000 16,000 12,803 14,000 11,100 12,000 0.52 10,000 0.46 7,395 8,000 6,000 4,000 2,000 0.8 1.8 0.78 1.7 1.6 0.7 1.6 1.5 0.6 1.5 10,732 1.4 0.5 10.46 1.3 0.43 0.4 1.2 0.3 1.1 0.22 10,235* 1.0 0.2 FY20 0.1 0 Historical Holdco Cash 2017 2018 2019 2020 9M21 3,000 Net debt (ex. LMIRT) Consolidated net debt DER (ex. LMIRT) DER ratio (consol) 2,500 2,082 (Rp bn) 2017 Total Debt 13,638 Cash & Cash Equivalents 2,538 Net Debt 11,100 2018 14,621 1,818 12,803 2019 12,080 4,685 7,395 2020 13,725 2,993 9M21 2,000 22,660 4,892 1,432 1,500 10,732 17,768 1,000 USD m) Total Debt 1,007 981 869 948 Net Debt 820 859 532 742 1,570 1,231 500 (1) Total debt excludes financial lease *) Net debt level excluding LMIRT consolidation 1.9 1.9 1Q21 2Q21 3Q21 2,418 2,182 2,096 3Q20 4Q20 1Q21 2Q21 3Q21 11#12As of Jun 21, construction for all of 2019's legacy projects have been completed Cost to Completion $230 $212m Construction Progress (1) Percent Complete 100% 90% SOLIPPO PT LIPPO KARAWACI TOK 100.0% 97.9%99.0% 88.9% 81.9% $180m $160m $110m $87m $54m 80% 71.7% 70% 60% 50% 40% 31.7% 30% 42.4% 54.2% 20% $36 $21 10% $0 0% 1019 2019 3Q19 4Q19 1Q20 2020 3020 4Q20 1Q21 2Q21 2019 3019 4Q19 1020 2020 3Q20 4Q20 1Q21 2Q21 (1) Cost to complete does not include late delivery penalties and other costs outside of construction costs 12#13QOLIPPO PT LIPPO KARAWACI TOK Real Estate Business Key Metrics Marketing sales increased 71% To Rp3.9tr in 9M21 Vs 9M20 FY21 marketing sales guidance increased 20% To Rp4.2tr from Rp3.5tr on the back of strong performance Revenue increased 26% Το Rp3.Otr in 9M21 Vs 9M20 Holdco revenue contribution increase to 57% of Property Revenues in 9M21 from 27% in 9M20 EBITDA increased 67% To Rp680bn in 9M21 Construction on track for timely completion. Handover of Cendana Homes reached Vs 9M20 with 52% 39% (Rp356bn) coming from the Holdco EBITDA margin expanded by 550bps To 22.7% in 9M21 Vs 9M20 led by Landed Residential in 9M21 Launching of Cendana Parc Phase Il launch reached 94% Take up rate out of 724 Total units growth 13#14Commitment to deliver new 2020 projects Cendana Homes - QOLIPPO PT LIPPO KARAWACI TOK started construction in 3Q20. As of Sep21 39% of total units have been handed over Launched 2020 Target completion 2Q21 Estimated Total residential units construction 324 $2 mn costs to completion Total GFA 20,860 sqm Cendana View Sep 21 Cendana Place Sep 21 % Sold as per 30 Sep 2021 100% Waterfront Estates - started construction in 2020 Riverside cluster Sep 20 Launched 2020 Target completion 2Q/4Q21* Estimated Total residential units construction 900 $8 mn costs to completion % Sold as Total GFA 52,411 sqm Riverside cluster Jun 21 per 30 Sep 2021 99% *Construction for Riverside cluster in Waterfront was completed in Apr21 and handovers commenced thereafter. As of 30Sep21, about 236/164 units of Riverside/Silvercreek cluster have been handed over. Travertine cluster is expected to be completed by 4Q21. Note: USD/IDR exchange rate for construction cost to completion in 9M21 refers to the average rate between 30Jun21 to 30Sep21 at Rp14,429 14#15Commitment to deliver new 2020 projects Cendana Peak - started construction in 4Q20 Road works Jun 21 Target Launched 2020 completion Estimated SOLIPPO PT LIPPO KARAWACI TOK 3Q21 Total residential units construction 328 $5 mn costs to completion Total GFA 22,863 sqm Cendana Peak Sep 21 % Sold as per 30 Sep 2021 100% SOHO at Fairview Tower - started construction in 2Q20 SoHo Jul 21 Launched 2020 Target completion 3Q21 Estimated Total residential units construction 91 $3 mn costs to completion % Sold as Total GFA 6,601 sqm Sep 21-ready for handover per 30 Sep 2021 39% Note: USD/IDR exchange rate for construction cost to completion in 9M21 refers to the average rate between 30Jun21 to 30Sep21 at Rp14,429 15#16Commitment to deliver new 2021 projects Cendana Icon - started pre-construction progress in 2Q21 Launched 2021 Target completion Estimated SOLIPPO PT LIPPO KARAWACI TOK 2Q22 Total residential units construction 809 $28 mn costs to completion % Sold as 127,308 Total GFA per 30 Sep 83% Cendana Icon Jun 21 Land clearing Sep 21 sqm 2021 Cendana Parc - started pre-construction progress in 2Q21 Cendana Parc Jun 21 Launched 2021 Target completion 2Q22 Estimated Total residential units construction 467 $21 mn costs to completion % Sold as Total GFA 36,495 sqm Infra work Sep 21 per 30 Sep 2021 100% Note: USD/IDR exchange rate for construction cost to completion in 9M21 refers to the average rate between 30Jun21 to 30Sep21 at Rp14,429 116#17Commitment to deliver new 2021 projects Holland Village Designer Homes Collection - started pre-construction progress in 3Q21 Launched 2021 QSOLIPPO Target completion 3Q22 Estimated Total construction residential units 127 $4 mn costs to completion % Sold as Total GFA 11,978 sqm Housing complex 1&2 Sep 21 Housing complex 3 Sep 21 per 30 Sep 2021 76% Note: USD/IDR exchange rate for construction cost to completion in 9M21 refers to the average rate between 30Jun21 to 30Sep21 at Rp14,429 PT LIPPO KARAWACI TOK 17#18Meikarta Construction Status District 1 80% 70% 60% 50% 49% 43% 40% 30% 28% 20% 14% 11% 10% 68% 68% 63% 63% 60% 57% Sales Pickup Rp bn 250 200 209.9 181.3 180.6 155.5 150 133.3 100 69.1 67.1 59.0 50 SOLIPPO PT LIPPO KARAWACI TOK Units 550 224.8 500 450 400 138.3 350 133.1 300 250 200 150 100 50 0% 0 1019 2019 3Q19 4Q19 1020 2020 3Q20 4Q20 1Q21 2Q21 3Q21 As of Sep21, approximately 1,377 units have been handed over. 1019 2019 3019 4019 1020 2020 3020 4Q20 1Q21 2Q21 3Q21 Sales volume (units) Sales value (Rp bn) Marketing Sales in 3Q21 decreased by 34% YoY to Rp138bn from Rp210bn in 3Q20 Note: District 2 of Meikarta began construction in 2H19. As of 30 September 2021, construction progress is at 26% 18#19Meikarta: Significant progress since 2019, Handovers Commence Jun 2021 Jun 2021 COLIPPO PT LIPPO KARAWACI TOK ~58ha of land owned. Currently have ongoing development for two apartment districts. District 1 Consists of ~13ha 28 towers, all of which have been topped off as of 30Dec20. Handover commenced. As of 30Sep21, ~1,377 units have been handed over. District 2 District 1 View A (Jun 21) District 1 View A (Sep 21) District 1 View B (Jun 21) District 1 View B (Sep 21) Consists of ~11ha 10 towers in District 2 is under construction. As of 30Sep21, construction progress is at 26%. Marketing Sales 9M21 Amount (Rp Bn) 496 Total Units 1,101 Sqm 50,746 Cash Mortgage Installment 26% 52% 22% 19#209M21 FINANCIAL DATA EMBARCADER Siloam LIPPOMN LIPPO PT LIPPO KARAWACI TBK#21LPKR Financials as of 9M21, Property Business Strengthening Revenue (Rp Bn) SOLIPPO PT LIPPO KARAWACI TOK EBITDA (Rp Bn) 12,000 3,500 1,919 23 10,952 10,000 3,000 5,889 131 2,500 8,000 2,000 6,000 1,500 4,000 2,990 1,000 680 2,000 500 2,247 2,917 -10 Real Estate Healthcare & Development Malls Others (Mgmt & Svcs) Recurring Income Fund Mgmt. & Invnt Revenue Net Profit (Rp Bn) Real Estate Real Estate & Development Mgmt & Services Fund Mgmt. EBITDA & Investment Recurring Income Capex (Rp Bn) 2,000 -200 1,800 297 1,715 -400 1,600 785 726 40 40 1,400 -600 -22 -573 1,200 -800 1,000 -1,000 800 652 600 -1,200 400 -1,400 -1,336 200 Real Estate -1,600 & Development & Services Real Estate Mgmt Recurring Income Fund Mgmt. Net Profit & Investment LPKR LPCK GMTD SILO Capex 21#22Stable Improvement in Real Estate and Healthcare Outperformance More than Offset Declines in Other Areas Revenue (RpBn) EBITDA NPAT (RpBn) SOLIPPO PT LIPPO KARAWACI TOK (RpBn) - 110 10,952 970 Others 621 LMIR Real 1,875 Estate Dev. SILO 7,594 2,917 112 267 Others 272 LMIR Real 906 Estate Dev. SILO 1,584 -573 -334 356 9M21 LMIR Others -2,340 1163 SILO Real 582 Estate Dev. 9M20 9M21 9M20 9M21 saw 44% YoY revenue growth across all business segments as a result of the continued handover of units in Holland Village Jakarta, Embarcadero & Cendana Homes and LMIRT consolidation impact. Hospitals are also performing well as a result of covid spike in 3Q21. Excluding LMIR business combination, LPKR consolidated revenue in 9M21 grew by 31% yoy. 9M21 9M21 EBITDA grew 84% YoY mainly driven by strong hospital performance in 9M21. Siloam EBITDA margin improved by 9.1%pts to 28.9% compared to the same period last year. Real Estate also contributed positively with EBITDA margin improving by 6% to 22.7%. Other recurring businesses such as Malls & Hotels were affected significantly by Covid closure. Excluding LMIR business consolidation, EBITDA grew by 67% YoY to Rp2.7tn. 9M20 Consolidated NPAT in 9M21 improved by 76% YoY to -Rp573bn as Siloam saw business turnaround in most of its loss making hospitals, while demand for real estate remains strong. Excluding the impact of LMIR consolidation, 9M21 NPAT was -Rp239bn, improving by 89% YoY. 23 23#23Operating Cash Flow Continues to Improve from Marketing Sales & Recurring Revenue Historical Operating Cashflow (RpBn) Cash Breakdown (Sept 2021) (RpBn) -936 973 2018 2019 (500) 2020 9M21 (1,000) (1,500) (2,000) (2,500) -2,373 (3,000) (3,500) -3,409 (4,000) (4,500) (5,000) -4,539 Cashflow movement (9M21) (RpBn) 6,000 5,000 Operating 4,000 2,993 3,000 2,000 1,000 Investing -936 5 -463 2,450 43 378 1,404 QOLIPPO PT LIPPO KARAWACI TOK 2,096 ■Holdco (incl subs) ■LMIRT ■SILO ■LPCK ■ GMTD Revenue Nature Breakdown (Sept 2021) 1,140 4,892 -296 Financing 27% ΤΟ 73% Recurring vs Development revenue Cash at Business Investment & Dividend Acquisition of Net finance beginning operations Property subsidiaries proceeds Forex impact Cash at end 24 24#24Starting to see resolution in existing pipeline projects, while newly launched projects in 2020 are expected to finish on time Completed projects with units ready to be sold SOLIPPO PT LIPPO KARAWACI TOK Project Stake Type Total GFA (sqm) Total residential units Target Completion FY20 Account FY20 Est. value of Rec. ($m) Unsold Units ($m) 9M21 Account Rec. ($m) 9M21 Est. value of Unsold Units Percentage Sold ($m) Kemang Village 100% St Moritz Puri 100% Mixed-use development Mixed-use development 253,337 1,698 Completed 1.3 13.5 2.1 8.4 99% 211,929 1,075 Completed 1.4 4.3 4.8 3.8 99% Projects recently completed and projects under construction Construction Status Achieved sales Future sales Projects Type Total GFA Launched (sqm) Year Target Completion 1Q21 Estimated Costs to Completion Project Total Project Sold Project Balance ($m) Total units Value Total Value Total Value ($m) units ($m) units ($m) Holland Village Millenium Village Kemang Hotel* Embarcadero Lippo Office Thamrin Holland Village Manado Cendana Homes Cendana Peak Mixed-use development Mixed-use development Grade A Office Space Mixed-use development Grade A Office Space Landed Residential Landed Residential 85,693 2013 1Q21 15 678 137 523 97 155 40 100,716 2014 Done LO 5 560 108 376 75 184 34 21,937 2007 Done 95 42 95 42 67,724 2014 Done 20,856 2013 Done N.A. 2015 Done 20,860 2020 2Q21 2012 721 50 515 34 206 16 63 48 63 48 341 26 331 24 10 2 324 18 324 18 Landed Residential 22,863 2020 3Q21 5 328 19 328 19 Waterfront Estates Landed Residential 68,807 2020 1Q22/2Q23 16 1,151 70 987 58 164 SoHo at MV Mixed-use development 6,601 2020 2Q21 3 91 7 34 2 57 15 11 Cendana Icon Landed Residential 127,308 2021 2Q22 28 809 58 668 45 141 13 Cendana Parc (Ph1&2) Landed Residential 98,348 2021 HVM Parc Landed Residential 19,647 2021 2Q22 3Q22 21 1,181 70 1,168 69 13 1 4 127 8 97 5 30 2 Total 97 6,469 661 5,414 494 1,055 167 * Initially planned to convert to office and sell as strata, however process was cumbersome, current plan is to sell it as a hotel post Covid Source: Company information. Note: USD/IDR exchange rate for construction cost to completion in 9M21 refers to the average rate between 30Jun21 to 30Sep21 at Rp14,429 25 25#25Land Bank Reconciliation CHOLIPPO Comprehensive review of landbank conducted at YE20 based on current market values, detailed breakdown of key landbanks Ownership (%) Land Area (ha) Market value (US$ m) Area: Lippo Village* 100% 344 975 Lippo Cikarang 84% 615 1,700 Tanjung Bunga 62.7% 254 70 San Diego Hills 100% 39 499 Outside Lippo Village 98% 110 567 - Puncak 100% 29 80 - Sentul 100% 18 50 - Holland Village Manado 100% 7 14 - Prapanca 62% 7 141 - Kemang 100% 7 137 - St Moritz 100% 3 50 - Others 100% 39 96 SUB TOTAL 1,362 3,810 *Reported landbank in Lippo Village area excludes golf area amounting to 63.4 ha valued at $766.6 million. **All values as of 31 Dec 2020 and in US$ using the average exchange rate between 30 Sep 2020 and 31 Dec 2020 US$1=Rp14,473. 26#26Key Financial Highlights SOLIPPO PT LIPPO KARAWACI TOK 9M21 9M20 Change (%) Presales (Rp billion) 3,886 2,276 71% Revenue (Rp billion) 10,951 7,594 44% Recurring Revenue (Rp billion) 7,962 5,225 52% EBITDA (Rp billion) 2,917 1,584 84% EBITDA Margin 26.6% 20.9% N.A. Net Income (Rp billion) (573) (2,340) 76% Interest Coverage Ratio (X) 2.26 2.10 N.A. 9M21 9M20 Cash (Rp billion) 4,892 3,717 Inventory (Rp billion) 23,861 30,269 Net Debt/Equity Ratio (X) 0.78 0.34 Note: Above reported metrics are consolidated for LMIRT in 1H21. Impact from LMIRT to cash is Rp1.7tr, excluding LMIR Net debt to Equity is 0.42, LMIR EBITDA is Rp476bn, and to recurring revenue is Rp677bn. 27 27#279M21 Marketing Sales grew by 71% YoY Project Location Old FY21 Revised FY21 9M21 Marketing Sales Marketing Sales Marketing Target (Rp bn) Target (RpBn) Sales (RpBn) 9M21 Units 9M21 Land sold ASP (Rpm per sqm) Marketing Sales by Location 2.9% COLIPPO PT LIPPO KARAWACI TOK Holdco Lippo Village 2,350 2,850 2,879 4,413 12.1 7.5% West Greater Jakarta 1,400 1,800 1,788 1,891 10.9 5.6% Holland Village Manado Manado, North Sulawesi 63 63 114 122 9.9 Tanjung Bunga Makassar, South Sulawesi 250 250 217 414 6.5 10.0% 48.1% San Diego Hills Karawang, West Java 250 350 291 1,852 20.8 Kemang Village South Jakarta 122 122 72 8 14.1 Hillcrest & Fairview (LV) West Greater Jakarta 70 70 80 40 17.2 ■ Lippo Village ■ Cikarang ■ Jakarta ■Makassar ■ Karawang ■ Manado St. Moritz West Jakarta 30 30 211 Park View South Jakarta Holland Village Jakarta North East Jakarta 100 100 Lippo Office Thamrin Central Jakarta 15 15 Embarcadero Suites Tangerang 50 20 50 27 153 11.8 25.9% 1 15.0 57 31 13.6 16 2 2 41.5 33 47 15.6 Retail Inventory Sumatera Location 9M21 9M20 Change % Lippo Cikarang 1,150 1,350 1,007 619 7.5 Residential East Greater Jakarta 25 Waterfront East Greater Jakarta 700 700 Commercial East Greater Jakarta 65 125 Industrial East Greater Jakarta 310 450 2622 25 22 17 8.3 Lippo Village 1,868 763 145% 388 453 10.1 Cikarang 1,007 928 8% 230 6 8.9 Jakarta 390 253 54% 303 93 1.8 Makassar 217 178 22% DS 8 East Greater Jakarta 13 1 1.7 Karawang 291 149 95% Orange County East Greater Jakarta Total 50 3,500 50 4,200 52 49 16.4 Manado 114 5 2305% 3,886 5,032 Total 3,886 2,276 71% On the back of continued strength in marketing sales, LPKR revised full year guidance for 2021 to Rp4.2tn from Rp3.5tn. The increase represents a 20% increase from LPKR's initial guidance, and if achieved would represent a YoY increase of 57% from Rp2.67tn in 2020 marketing sales. 28#28Property marketing sales by structure SOLIPPO PT LIPPO KARAWACI TOK (in Rp bn) FY17 FY18 FY19 FY20 9M21 FY21 Guidance Residential 423 1,336 860 2,027 3,050 3,275 Low Rise 227 1,190 668 1,678 2,528 2,838 High Rise 196 146 192 349 521 437 Commercial 63 19 130 137 230 125 Industrial 78 81 714 291 316 450 Unique Product SDH 138 162 142 214 291 350 Total Property Sales 702 1,598 1,846 2,670 3,886 4,200 Assets sold to REITS 1,109 3,500 3,500 Total Marketing Sales 1,811 1,598 1,846 2,670 7,386 7,700 29 29#29LMIRT business consolidation in 9M21 impact (Rp Billion Consolidated) ASSETS SOLIPPO PT LIPPO KARAWACI TOK 9M21 FY20 LIABILITIES & STOCKHOLDERS' EQUITY 9M21 FY20 CURRENT ASSETS CURRENT LIABILITIES Cash & Cash Equivalent 4,892 2,993 Bank Loans 1,586 1,723 Trade Accounts Receivable 2,783 1,882 Lease Liabilities 676 771 Inventories 23,861 26,607 Accrued Expenses 1,955 1,936 Prepaid Taxes & Expenses 1,523 1,050 Trade accounts payables 1,482 1,177 Other current assets 444 Total Current Assets 33,504 545 Taxes payable 33,078 Contract Liabilities 405 250 3,018 3,439 Other Current Liabilities 1,869 1,278 NON-CURRENT ASSETS Total Current Liabilities 10,992 10,574 Investments 2,398 4,088 Investment properties 11,513 1,084 NON-CURRENT LIABILITIES Property & Equipment 11,125 8,787 Bank Loans 3,059 463 Goodwill & Intangible Assets 902 668 Lease Liabilities 5,419 3,424 Land for Development 897 941 Bonds Payable 18,015 11,539 Deferred Tax Assets 85 140 Contract Liabilities 1,354 1,353 Advances 962 855 Other Non-Current Liabilities 1,512 938 Other Non Current Assets Total Non Current Assets 1,679 29,561 2,224 Total Non Current Liabilities 18,787 29,358 17,718 EQUITY Capital Stock Issued & Fully Paid 7,090 7,090 Additional Paid In Capital 11,461 10,509 Difference in transactions w/ non-controlling interest 2,666 2,666 Other Equity Components 5,190 5,193 Treasury stock (46) - 125 Retained Earnings (7,191) (6,617) Other Comprehensive Income (1,680) 762 Total Equity Attributable to Owner 17,490 19,477 of the Parent Non-Controlling Interest 5,224 4,096 Total Stockholders' Equity 22,714 23,574 TOTAL ASSETS 63,064 51,865 TOTAL LIABILITIES & STOCKHOLDERS EQUITY 63,064 51,865 Impact from LMIRT consolidation - Bank Loan +2.5tn; Bonds +6.4tn 30 50#30Debt maturity profile Debt breakdown Debt maturity Profile (as of 9M21) SOLIPPO PT LIPPO KARAWACI TOK 9% $ million Coupon rate 7.25% pa Coupon rate 8.125% pa Coupon rate 7% pa 700 617.0 600 500 420.0 400 91% 300 250.0 200 ■ $ debt ■ Rp debt 100 18.8 144.2 56.3 44.7 29.6 21.9 0 10% 2021 2022 2023 2024 2025 2026 Rp Loans (Local) ■Bonds 90% ■ Fixed Debt ■Floating Debt (in $m) 2021 2022 2023 Rp Loans (Local) 18.8 144.2 2024 2025 2026 56.3 44.7 29.6 21.9 Bonds 0.0 0.0 0.0 250.0 420.0 617.0 31#319M21 P&L overall gradual business recovery SOLIPPO PT LIPPO KARAWACI TOK P&L Statement (in Rp billion) Total Revenues 3Q21 3,722 3Q20 2,262 Change % 9M21 9M20 1,461 65% 10,952 7,594 Change % 3,357 44% COGS Gross Profit (2,155) (1,055) (1,100) 104% (6,286) (4,271) (2,015) 47% 1,567 1,206 360 30% 4,665 3,323 1,342 40% Operating Expenses (1,126) (995) (131) 13% (3,232) (2,967) (265) 9% Operating Profit 441 212 229 -308% 1,433 357 1,076 302% Other Income & Expenses - Net (157) (654) 497 -76% 580 (1,109) 1,689 -152% Financial Income - Net of Charges (656) (448) (208) 46% (1,890) (1,175) (715) 61% Income Before Tax (372) (890) 518 -58% 123 (1,927) 2,050 -106% Tax Expenses (190) (119) (70) 59% (704) (299) (405) 135% Profit for the Period (562) (1,010) 448 -44% (581) (2,226) 1,645 -74% Non Controlling Interest (252) 80 (331) -416% (8) Profit for the period attributable (310) (1,089) 779 -72% (573) 114 (2,340) (122) -107% 1,767 -76% to owners of the parent Profit by segment (in Rp billion) 3Q21 3Q20 Change % 9M21 9M20 Change % Total Revenues 3,722 2,262 1,461 65% 10,952 7,594 3,357 44% Real Estate Development 1,052 1,053 (1) 0% 2,990 2,369 620 26% Healthcare 2,077 838 1,239 148% 5,889 4,014 1,875 47% Malls 262 85 177 208% 1,110 261 849 325% Others (Management Services) 331 272 59 22% 940 884 55 6% Fund Management & Investments 0 14 (14) -100% 23 66 (42) -65% COGS 2,155 1,055 1,100 104% 6,286 4,271 2,015 47% Real Estate Development 627 723 (95) -13% 1,841 1,436 405 28% Healthcare 1,081 196 885 451% 3,069 2,374 695 29% Malls 673 664 N/A 971 962 10403% Others (Management Services) (226) 127 (353) -277% 405 452 (47) -10% Fund Management & Investments N/A N/A Gross Profit 1,567 1,206 360 30% 4,665 3,323 1,342 40% Note: Above reported metrics are consolidated for LMIRT. 32 22#32Business is underpinned by a high quality revenue profile with significant recurring income visibility High proportion of revenue attributable to recurring income streams Recurring vs Development revenue COLIPPO PT LIPPO KARAWACI T 76% 24% (Rp bn) 73% 27% 76% 24% 73 27 27 % > 73 125 213 1,696 81 1,183 23 1,779 339 940 506 246 403 1,110 1,726 397 7,110 7,018 5,965 5,889 5,306 2,396 2017 3,093 2018 2,975 2019 3,253 2020 2,990 9M21 ■Real Estate Development Healthcare ■Malls Others (Managements Services) ■Fund Management Investment Notes: Real Estate Development revenue refers to revenue from sale of properties and rental of LPKR's assets. Recurring revenue refers to revenue from LPKR's healthcare, malls, other management services, and fund management/investment businesses.#33Balance sheet highlights Total assets (Rp Bn) 70,000 Total capitalization (Rp Bn) COLIPPO PT LIPPO KARAWACITK 50,000 60,000 45,000 19,891 40,000 12,080 50,000 8,746 8,448 35,000 1.047 22,660 10,496 5,369 941 897 14,621 5,601 40,000 30,000 13,725 1.122 4,685 8,787 5.398 11,125 30,000 1,818 7,731 2,993 25,000 4,846 4,088 4,892 20,000 7,009 4,096 5,224 2,398 20,000 15,000 28,775 25,403 27,501 26,607 23,861 10,000 17,738 19,477 10,000 17,490 5,000 2018 2019 2020 9M21 Total equity (Rp Bn) ■Inventories Investments Cash & cash equiv PP&E Land for dev Others Net debt and cash position (Rp Bn) 2018 2019 2020 9M21 ■Equity attr to owner Non Controll interest ■Total borrowings 40,000 50,000 35,000 45,000 30,000 8,150 40,000 25,000 8,496 6,130 17,768 35,000 5,601 6,328 20,000 5,224 30,000 3,005 4,096 25,000 4,892 15,000 7,009 12,802 10,732 20,000 7,395 10,000 5,022 17,620 17,599 18,551 15,000 1,818 4,685 2,993 5,000 6,389 10,000 22,660 14,621 5,000 12,080 13,725 (5,000) (10,000) 2018 2019 (661) (JM191) ■Share Capital ■Retained Earnings ■Non Controlling Interest Others 2018 2019 2020 9M21 ■Total borrowings Cash and cash equiv Net debt Notes: IDRUSD of 14,429 used throughout unless otherwise stated (1) Financial lease excluded from total borrowings 34 34#34Key credit metrics Net debt / EBITDA (x) 6.1 EBITDA / Interest (x) (1) 4.4 5.7 5.6 2018 2019 Net debt / Total assets (%) 26% 13% 5.6 2020 9M21 21% 28% COLIPPO PT LIPPO KARAWACIT 2.3 1.8 1.5 2019 2020 9M21 2018 Net debt/ Total equity (%) 52% 22% 46% 78% 2018 2019 2020 9M21 2018 2019 2020 9M21 (1) Include interest arising from bank loan and bond borrowings 35#35Key Operational Metrics of Recurring Income Assets Occupancy Trend Malls Under Management Occupancy Trend Network of Hospitals Occupancy Trend Hotels Under Management 50% 100% 70% 64% 88% 88% 87% 90% 80% 60% 56% 78% 53% 80% 70% 60% 50% 40% 30% 30% 20% 10% 0% 2017 2018 20% 10% 0% 2019 2020 9M21 2017 2018 2019 40% || Average Rental Rate Trend (Rp '000 per sqm per month) 140 120 100 80 60 40 20 124 120 121 68 64 Mu 80% 75% 73% 71% 70% 52% 53% 60% 50% 40% 30% 20% 10% 0% 2020 9M21 2017 Average Revenue Inpatient per day (Rp '000) 6,000 5,950 5,958 5,900 5,850 5,785 5,800 5,750 5,700 5,650 5,600 5,550 42% 51% la 2018 2019 2020 Average Room Rate (Rp '000 per room per day) 800 686 700 656 5,877 600 5,811 500 400 566 458 9M21 413 luat lin 5,669 300 200 100 2017 2018 5,500 2019 2020 9M21 2017 2018 2019 2020 9M21 2017 2018 2019 2020 9M21 56 36#36Income statement details Property marketing sales (Rp Bn) 8,000 Revenue (Rp Bn) SOLIPPO PT LIPPO KARAWACI TOK 14,000 125 81 7,000 12,000 213 23 1,696 1,183 6,000 10,000 1,779 506 940 339 3,500 403 1,110 5,000 8,000 4,000 7,018 7,110 6,000 5,965 5,889 3,000 230 4,000 291 2,000 2,000 19 714 3,050 3,093 2,975 3,253 2,990 1,000 2,027 1,336 860 FY18 FY19 FY20 9M21 2018 Real Estate Development 2019 Healthcare 2020 9M21 Malls Residential ■Commercial Industrial ■SDH Assets sold Others (Managements Services) ■Fund Management Investment EBITDA (Rp Bn) Net income (Rp Bn) 3,500 2,000 720 2,917 3,000 2,500 2,295 2,000 1,500 1,000 500 2018 1,299 2019 1,903 2020 Notes: IDR:USD of 14,535 used throughout unless otherwise stated 2018 2019 2020 9MZI -573 -2,000 -4,000 -6,000 -1,983 -8,000 9M21 -8,891 -10,000 36 37#37Historical capex spending & land bank purchases Capex Spending (Rp Bn) SOLIPPO PT LIPPO KARAWACI TOK 12,000 ■ SILO ■ GMTD ■LPCK LPKR 10,000 8,000 1,925 6,000 4,000 2,197 1,598 2,000 1,051 873 477 2016 279 2015 1,480 7,011 958 2017 I... 1,475 3,699 1,641 798 844 468 1,440 652 726 259 297 2018 2019 2020 9M21 Acquisition of Land for Development 1) - Historical (In Hectares) 42.1 40 35 30 20 25 O G B M W GD& 15 10 2016 0 2017 0 2018 0 0 2019 2020 ☐ 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 1) At PT Lippo Karawaci Tbk only, excluding subsidiaries - Net 38#38Holdco Hedging Strategy BOND 2025 15,000 Hedging SOLIPPO PT LIPPO KARAWACI TOK 16,000 17,500 BOND 2026 15,000 16,000 17,500 COUPON 2026* 13,300 Hedged Description Amount ($m) (Rp) Lower Strike Upper Strike (Rp) Maturity Bond 2025 420 15,000 17,500 Jan-25 Bond 2026 417 15,000 17,500 Oct-26 Coupon 2026* 417 13,300 15,500 Oct-26 15,500 17,000 Unhedged The Company enters into non- deliverable USD call spread options to protect our USD denominated bonds principal & coupon payments. *2026 coupon hedge has cap of Rp17,000. There will be no coverage if USD/IDR exchange rate goes beyond Rp17,000. Note: Subsequently we recalled our hedges of principal in 1020 for a gain of more than Rp860 billion and changed them to collar hedges at Rp15,000 to Rp17,500 39#39Rental Payment to REITS Rp Bn 600 500 400 300 200 100 511 442 COLIPPO PT LIPPO KARAWACI TOK Successful renegotiation of rental lease with FREIT and LPKR is expected to bring in Rp325bn in savings from adjustments to rents. Fixed base rate increase of 4.5% per annum, and variable rate mechanism of the higher of base rate or 8% of hospital's GOR. Key changes include a shift in currency denomination from S$ to Rp, thereby removing currency exchange risk. Starting from Mar21, Siloam pays its portion for rent directly to First REIT. 390 372 335 332 322 315 304 290 280 274 265 263 256 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 40#40CORPORATE GOVERNANCE INITIATIVES EMBARCADER Siloam LIPPOMN LIPPO PT LIPPO KARAWACI TBK#41Corporate Governance Framework SOLIPPO PT LIPPO KARAWACI TOK Market Shareholders Economy 1. Land Banking & Real Estate Development ■Low Assets Turnover ■Development Plan ■■Project Funding ■Project Management incl Permit mgmt ■Business Model MISSION Corporate Risks Real Estate Management & 3. Fund Management Services Business Profitability ■■Business Efficiency to generate Free Cash Flow ■Consumer/Patient Safety & Investments ■Failed investment ■Fund Management Value down Business Process/Internal Control (Policy, Process & System) Strategy & Planning Fixed Asset & Inventory Management Capital & Cash Management Talent & Resource Management IT & Data Security Operations Financial Reporting Culture/Values People Process/System/Policy Assurance (Management Review) Legal / Regulatory Related Parties Re-Assurance (Internal & External Audit) 42#42Bring Value Added to Lippo administration corporate committees rules policy . GOVERNANCE board staff • ethics mission decision making responsibility SOLIPPO PT LIPPO KARAWACI TOK Good Reputation • • Maintain ethical standards which provide long term value Build investor confidence Organization Efficiency Build qualified Board members accountable for efficient organization Stronger culture and embracing values Financial Sustainability • Reduce threat of fraud and develop • more trust for investors Business sustainability Communication & Transparency • Reduce information asymmetry • Creating transparent working culture 43#43Redefining Lippo Karawaci Governance Principles SOLIPPO PT LIPPO KARAWACI TOK • Rebuilding the Governance Principle beyond 5 standard principles¹ • Structural changes and more focused • . Ensure core corporate governance system and processes are aligned with values-driven management New framework to ensure integrity, clear accountability and transparency New initiatives/actions by Top Management, involving cross- functional team synergy 1Transparency Accountability Responsibility Independence Fairness 44#44Proposed New Governance Principles Principle 1 Government & Public Sector Relationship REDEFINING LIPPO KARAWACI GOVERNANCE PRINCIPLES Principle 2 Management and Oversight Principle 4 Operations & Communications Principle 3 Ethics, Integrity & People Principle 5 Finance & Risks Management Standard GCG Principles: Transparency Accountability Responsibility Independence Fairness SOLIPPO PT LIPPO KARAWACI TOK 45#45Lippo Governance Roadmap SOLIPPO PT LIPPO KARAWACI TOK Creating a Climate for Change Engaging & Enabling the Whole Organization Sustain & Institute NOW 01 Urgency to Change 02 Strong Team 03 Vision & Strategy 04 Work Plans & Groups A I' 05 06 07 08 80 Improve - Enhance - Quick Wins for Long Instill& Manage Embed in Culture I 46#46SUBSIDIARIES (ALL) EMBARCADER Siloam LIPPOMN LIPPO PT LIPPO KARAWACI TBK#47Record Performance from Siloam, Non-Covid Revenue Continues to Improve SOLIPPO PT LIPPO KARAWACI TOK Revenue* increased 47% to IDR5.9tn in 9M21 Vs 9M20 Quarterly Revenue* increased 38% to IDR2.1tn EBITDA grew 114% to IDR1.7tn in 9M21 vs 9M20 EBITDA Margin expanded to 28.9% from 19.9% in 9M21 vs 9M20 Quarterly EBITDA grew Net Profit booked at 62% to IDR609bn in 3Q21 vs 2Q21 IDR533bn in 9M21 Quarterly Net Profit booked at IDR241bn growing 89% in 3Q21 vs 3Q21 Quarterly Net Profit Margin expanded to 11.6% in 3Q21 vs 2Q21 Net Cash Position increased by IDR270bn yoy Net Cash Position at IDR973bn as of 9M21 Operating Cash Flow booked at IDR652bn Free Cash Flow booked at IDR312bn *Revenue referred to 'Non-Specialist Revenue' in Statutory Report 40 48#48Siloam Hospitals are Well Equipped to both Treat and Recover from Covid SOLIPPO PT LIPPO KARAWACI TOK The decision to create a clean and safe hospital strategy whereby we allocate certain hospitals for COVID and leave other hospitals COVID free to focus on all general health needs was strategically important. We believe that Siloam's base case business will continue its strong rebound for the remainder of 2021 and throughout 2022. Jakarta & Greater Jakarta Medan 4 8 5 9 Jambi Palembang 1. Lippo Village 6. Kelapa Dua 2. RSUS 7. Mampang Lubuk Linggau Bangka Belitung 3. Kebon Jeruk 4. MRCCC 5. TB Simatupang 8. ASRI 9. Cinere West Java, Yogyakarta Palangkaraya Balikpapan Banjarmasin* Surabaya Jember Buton Makassar Mataram Clean Hospital O Covid-19 Treatment Manado (2) Ambon >778,000 PCR Specimens Processed as of 31 September 2021 40 Hospitals available to take PCR samples 2 5 3 4 6 7 1. Bekasi (3) 2. Lippo Cikarang 8 4. Purwakarta 3. Bogor Denpasar (3) 5. Cirebon 6. Syubannul Wathon (Magelang) 7. Yogyakarta 8. Semarang Labuan Bajo Kupang 16 Sites with PCR labs 49 49#49Continued Growth of Corporate and Insurance Business Payee Group Contribution to NGOR (IDR bn) +17% -10% +29% SOLIPPO PT LIPPO KARAWACI TOK +25% -6% +37% +10% -20% -4% +39% -31% +45% %% growth 3,000 2.500 2,000 1,500 1,000 500 0 9M18 9M19 9M20 9M21 Out of Pocket 9M18 9M19 9M20 9M21 9M18 9M19 9M20 9M21 4Q20 1021 2021 3Q21 Corporate + Insurance BPJS MoH* Siloam Hospitals 200% Medical Checkup business increased by 200% 1 over the last 2 quarters 3Q21 Corporate Presentation | 50#50Siloam Continues to Lead in HealthTech Initiatives SOLIPPO PT LIPPO KARAWACI TOK Siloam has continued to make strategic investment in health technology platform. Below are some current capabilities with many more in development: S MySiloam: . One stop portal for patients appointments, medical check up, vaccination and COVID testings. Access to personal medical records and connected to an integrated Siloam Health Information System. Virtual assistant services for touchless check in and virtual queue line. aido ido health Health Care Comes to Your Home O prixa Aido: • • Teleconsultation and homecare platform. Customised health care advice and wellness services. Referral and follow up care functions. Prixa: . Leverages Al technology to precisely diagnose patient's medical condition through their symptoms. Linked and accessible by the Peduli Lindungi application the national application used by the Indonesian government to record and provide evidence of vaccination, COVID testing and travel history 51#51Lippo Cikarang Balance Sheet and Marketing Sales SOLIPPO PT LIPPO KARAWACI TOK Balance Sheet (Rp Billion) FY17 FY18 FY19 FY20 9M21 Assets 11,267 9.226 12,219 9,720 9,528 Debt 249 200 977 925 Liability 4,734 1,696 1,337 3,140 2,772 Equity 6,533 7,530 10,882 6,579 6,756 Return on Assets (%) -7.3% 21.3% 2.5% -37.6% 4.8% Return on Equity (%) -12.6% 26.1% 2.9% -55.5% 6.8% Net Gearing Ratio (x) 0.04 0.04 0.08 Liability to Asset Ratio (x) 0.42 0.18 0.11 0.32 0.29 FY21 Marketing Sales (Rp Billion) FY17 FY18 FY19 FY20 9M21 Guidance Lippo Cikarang Residential 54 935 177 673 409 725 Commercial 54 1 87 12 230 125 Industrial 8 81 387 291 303 450 Total Lippo Cikarang 116 1,017 651 977 943 1,300 Orange County Residential 123 16 52 39 52 50 DS8 JV 71 327 13 Total Sales 310 1,033 1,030 1,015 1,007 1,350 52 52#52Lippo Cikarang summary income statement 2,500 Revenue (Rp Bn) 2,210 2,000 1,545 1,501 1,500 1,000 1,844 1,695 1,200 1,000 800 606 600 400 1,181 200 EBITDA (Rp Bn) 985 SOLIPPO PT LIPPO KARAWACI TOK 496 445 313 (200) 2016 2 7 2018 2019 2020 9M21 500 (400) (600) (800) (768) 2016 2017 2018 2019 2020 9M21 (1,000) Marketing Sales (Rp Bn) Net Profit (Rp Bn) 3,000 1,200 1,000 800 749 1,033 1,030 1,015 1,962 1,007 2,000 1,000 540 311 344 2016 2 7 2018 2019 20 9M21 (1,000) (822) (2,000) (3,000) 2017 2018 2019 2020 9M21 (4,000) (3,654) 600 400 200 | 2016 310 33 53#53Lippo Malls QOLIPPO PT LIPPO KARAWACI TOK Dominant position in retail development & property management, through management of 55 malls throughout Indonesia ■ 3.5 million sqm GFA ■ As of September 30, 2021: Overall average occupancy 77.5% and 82.3% in LMIRT properties Stricter social restriction in Jun 2021 resulted in lower footfall traffic. Temporary mall closure in Jakarta and Bali province since Jul 2021 result in tenants experiencing about 30-50% rental discount in 3Q21. Rental rates in 2016-2019 was supported by specialty stores. 2020 rental rates decrease significantly with change in payment terms to % of revenue, vs. previously based on a fixed rate. IDR '000 per sqm per month Occupancy rates remain high at 78%-82% Occupancy rates across malls managed by Lippo Malls Indonesia 100% 88% 88% 87% 140 124 120 100 80 60 40 20 90% 80% 120 121 78% 80% 70% 60% 68 449 50% 64 40% 30% 20% 10% 0% 2017 2018 2019 2020 9M21 2017 2018 2019 2020 9M21 54 54#54Lippo Malls- Existing Network across Indonesia Sumatra Area 655,535 sqm NLA* 306,924 sqm Occupancy: 83% ARR ('000) Rp 60/sqm/mo ASC ('000) Rp 39/sqm/mo Kalimantan Area 24,852 sqm NLA 17,684 sqm Occupancy: 79% ARR* ('000): Rp 79/sqm/mo ASC ('000) Rp 41/sqm/mo Sulawesi Area 153,815 sqm NLA* 82,814 sqm Occupancy: 69% ARR ('000) Rp 26/sqm/mo ASC ('000) Rp 26/sqm/mo SUMATRA SULAWESI KALIMANTAN JAVA BALI NUSA TENGGARA COLIPPO MALUKU PAPUA : Greater Jakarta Area 833,147 sqm NLA501,775 sqm Occupancy: 61% ARR ('000) Rp 66/sqm/mo ASC ('000) Rp 30/sqm/mo Java (Excl. Jakarta) Area: 1,358,015 sqm NLA 458,525 sqm Occupancy: 72% ARR ('000) Rp 51/sqm/mo ASC (000) Rp 33/sqm/mo Bali & Nusa Tenggara Area: 102,452 sqm NLA 52,739 sqm Occupancy: 80% ARR (000) Rp 101/sqm/mo ASC ('000): Rp 25/sqm/mo .Note: * NLA = Net Leaseable Area ARR = Average Rental Rate (Blended) ASC Average Service Charge (Blended) 55 55 PT LIPPO KARAWACI TOK Malls 55 59#55Aryaduta Hotels - gradual business resumption since July 20 have helped support occupancy rates in our hotels SOLIPPO PT LIPPO KARAWACI TOK 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 Aryaduta Hotel Jakarta Aryaduta Hotel Pekanbaru* Imperial Aryaduta Hotel & Country Club, LK* Aryaduta Hotel Medan Aryaduta Hotel Manado Aryaduta Hotel Kuta Bali 43.8% 46.3% 83.7% 55.0% 55.4% 6.7% 420 327 417 400 357 654 302 158 191 195 199 29 LPKR LPKR First REIT LPKR First REIT LPKR Aryaduta Hotel Aryaduta Suites Aryaduta Hotel Aryaduta Hotel Palembang Semanggi* Makassar* 65.8% 48.9% 21.5% Bandung 50.2% 375 498 452 434 167 275 Third Party Third Party 224 Third Party 254 Third Party FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST HOTEL ARYADUTA LIPPO VILAGE (191 rooms) .Note: HOTEL ARYADUTA JAKARTA (302 rooms) HOTEL ARYADUTA MEDAN (195 rooms) HOTEL ARYADUTA PEKANBARU (158 rooms) HOTEL ARYADUTA MANADO (199 rooms) HOTEL ARYADUTA KUTA BALI (29 rooms) * Between Oct-Dec20, only 1 hotel in Kuta Bali is closed as a result of covid-19 outbreak severity within the region meanwhile all others have resumed operation. Within 1H, opened hotels have an average occupancy rate of 54%, and improvement from 4Q20's 44%. ** We are calculating occupancy rate based off of year to date data. 56 56#56Notes: (1) Hotels - Severely impacted by Covid-19 Pandemic Tourism industry is a key priority of the Government and benefits from favourable initiative Average room rate (1) 2017-1021 IDR '000 per room per day Number of Rooms 2017 - 1021 COLIPPO PT LIPPO KARAWACI TOK 2,200 800 700 656 600 500 400 300 200 100 2,144 2,144 2,144 686 2,150 566 2,100 2,056 458 2,050 413 2,000 1,965 1,950 1,900 1,850 2017 2018 2019 2020 9M21 2017 2018 2019 2020 9M21 Occupancy 2017 - 1021 80% 75% 73% 71% 70% 60% 50% 40% 30% 20% 10% 0% 2017 2018 Includes Aryaduta Hotel Kuta Bali from 2018 onwards 51% 42% 2019 2020 9M21 Indonesia's tourism sector recap amidst pandemic ■ Covid19 pandemic continue to weigh down the country's tourism sector with stricter mobility restrictions applied to both foreign and domestic travellers between Jul-Aug21. YTD as of Sep21 BPS continue to record a decline in number of foreign tourists visiting Indonesia by 67%, even after accounting for covid impact for the most part of 2020. ■ Strict mobility restrictions though proved to have been effective in curbing disease spread. The government have as a result ease up travel restrictions including mandatory quarantine stay for international travels from previously 7 days in Aug21 to just 3 days in Nov21, which we believe should drive demand for the remaining of 2021. 57 40#57Lippo Malls REIT - Manages 22 retail malls and 7 retail spaces COLIPPO PT LIPPO KARAWACI TOK S$ Millions 3Q21 3Q20 Y-O-Y FY19 FY18 Y-O-Y Gross Rental Income (GRI) 17.7 15.3 16.2% 155.3 155.2 0.1% Total Gross Revenue 30.9 28.9 7.0% 273.0 230.3 18.5% Net Property Income (NPI) 17.3 13.1 31.5% 176.2 165.0 6.8% Distributable Income to Unitholders 6.9 2.0 237.0% 64.9 58.4 11.1% DPU (Cents) 0.09 0.07 28.6% 2.23 2.05 8.8% S$ Millions 1H21 FY20 Assets Non Current Assets (1) 1,806.8 1,470.3 Cash and Cash Equivalents 133.2 108.9 Other Current Assets (2) 90.8 57.4 Total Debt 859.4 685.3 Other Liabilities 162.1 178.4 Total Equity (3) 1,009.30 772.90 Gearing Ratio (4) 42.3% 41.9% Total Units in Issue (million) 7,673.3 9.78 2,926.8 17.40 Net Asset Value (per units in cents) (3) Notes: 1) Included in the Non-Current Assets are Investment properties of S$1,779.8 million as at 30 September 2021 and S$1,459.4 million as at 31 December 2020. The Trust has engaged external valuers to measure the fair value of each of its investment properties on 31 December 2020. The carrying amount as at 30 September 2021 was based on the assessment by the Manager. The assessment took into consideration the assumption and the methodology used in the valuation on 31 December 2020 and the information available at the date of the assessment. The changes in the carrying amount of investment properties arise from the acquisition of Puri Mall in January 2021. It is offset by the decrease in fair value of investment properties as well as write-off of acquisition cost related to the acquisition of Puri. 2) Total equity is represented by Unitholder's funds of S$750.2 million and Perpetual Securities of S$259.1 million as at 30 September 2021 and Unitholders' funds of S$509.3 million and Perpetual Securities of S$263.6 million as at 31 December 2020. 3) Net Asset Value per unit is calculated as Unitholder's funds over the units issued at the end of the period. NAV as at 30 September 2021 included 4,682.9 million of Rights Units and 63.7 million management fee units and acquisition fee units issued during the period. 58#58MEIKARTA EMBARCADER Siloam LIPPOMN LIPPO PT LIPPO KARAWACI TBK#59PT 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 Jakarta International Airport GZ 12.000 EXPATRIATES 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 MEIKARTA the world of curs KERTAJATI INTERNATIONAL AIRPORT BANDUNG DELTAMAS KIIC SURYA CIPTA EXPRESS TRAIN JAKARTA - BANDUNG 60 60#60New 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 ELEVATED TOLL ROAD (JAKARTA - CIKAMPEK) Estimated cost: Rp 16.0 Tn, Estimated completion: Already Operational LIGHT RAIL (LRT CAWANG - BEKASI TIMUR) G LRT JAKARTA 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 19 61#61CORPORATE DATA EMBARCADER Siloam LIPPOMN LIPPO PT LIPPO KARAWACI TBK#629M21 Shareholder Structure Lippo Related Companies 58.2% No of Floating Shares: 70,829,181,669 LIPPO (excl. Treasury Shares) PT LIPPO KARAWACI TBK 55.4% 84.0% 62.7% 100.0% PT Siloam International Hospitals Tbk PT Lippo Cikarang Tbk PT Gowa Makassar Tourism Development PT Asiatic Sejahtera Finance Tbk Public < 5% 41.8% SOLIPPO PT LIPPO KARAWACI TOK 100.0% PT Bowsprit Asset Management 63#63Notes Outstanding CHOLIPPO PT UPPO KARAWACI TBK Theta Capital Pte. Ltd QOLIPPO PT LIPPO KARAWACI TOK POLIPPO PT LIPPO KARAWACI TBK Theta Capital Pte. Ltd POLIPPO PT LIPPO KARAWACI TBK Theta Capital Pte. Ltd $325m 8.125% Senior Notes Reg S Due 2025 January 2020 $95m 8.125% Senior Notes Reg S Due 2025 February 2020 $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 Non Investment Grade Investment Grade 64 4#64New 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 ■ 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 Anangga W. Roosdiono Independent Commissioner 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 Kartini Sjahrir Independent Commissioner Independent Commissioner of SILO. Previously Senior Advisor for Climate Change Issues to the Indonesian Coord. Minister for Maritime. ■Served as the Indonesian Ambassador to Argentina, Uruguay and Paraguay from 2010 to 2014, and recipient of the Order de Mayo el Merito en el Grando Cruz from the Argentinean government. Since 2020, she also serves as Chairman of the Board of Trustees at the Univ. of N. Sumatra. George Raymond Zage III Commissioner 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 Key Management Team with appropriate ESOP in place to ensure alignment of interests Kin Chan Commissioner ■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 Anand Kumar Commissioner ■Managing Partner at Gateway Partners ■Brings more than 28 years of experience in the field of Merger and Acquisition, Equity Capital Markets, and Leveraged Finance in South East Asia. ■Non-Executive Director position at Healthway Medical Corporation (Singapore) and TVS Supply Chains Solutions (India). John Riady Chief Executive Officer Surya Tatang Chief Investment Officer Daniel Phua Chief Financial Officer Rudy Halim Chief Operating Officer Gita Irmasari Director of Projects ■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 Chief Financial Officer and Head of Business Transformation for Blue Bird ■■Brings over 23 years of experience in corporate finance, business strategy, process improvement and corporate governance. ■Holds degree in Commerce from the University of Western Australia and is also a Certified Practicing Accountant (Australia). ■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 Brings over 17 years of experience in the construction industry particularly in Sales, Marketing and Business Development. Holds degree in Architecture from Institut Teknologi Sepuluh Nopember (ITS) and Master's degree in Management from Prasetya Mulya University. 65 99#65APPENDIX CE EMBARCADER Siloam LIPPOMN LIPPO PT LIPPO KARAWACI TBK#66COLIPPO PT LIPPO KARAWACI TOK The Lippo Group operates across multiple industries ☑ LIPPO GROUP Regional Presence in China, Hong Kong, Japan, Singapore, Korea, and Macau III CORE Property Healthcare Indonesia INVESTMENT Retail & Financial FOUNDATION TMT Education COLIPPO Siloam Hospitals MATAHARI LIPPO CIKARANG TANJUNG BUNGA THE PRIDE OF MAKASSAR CLMIR TRUST LIPPO MALLS INDONESIA RETAIL TRUST LIPPO MALLS HOTEL ARYADUTA DEPARTMENT STORE h hypermart BOSTON Health & Beauty Ciptaďana NOBU NATIONAL BANK Lippo Insurance OVO က 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 68#67Nationwide presence across Indonesia creates network effect SOLIPPO Business segment Growth metrics PT LIPPO KARAWACI TOK Cummulative Marketing Sales (Rp Bn)¹) Sumatra Kalimantan Sulawesi(4) +5 12 +2 1 14 67 Property Development + 4 3 2 4,115 Sumatra Jakarta Kalimantan Sulawesi Jakarta Java excl. Jakarta Java(2)(3) excl. Jakarta 5 14 +8 3 "On-the-ground" intel provides first-hand knowledge on trends 3 30 + 18 2 Indonesia's "go-to" landlord for international and established local brands Notes: (1) (2) Cumulative (starting in 2013A) marketing sales on a consolidated basis including asset sold 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 2013 24,479 5.9x 9M21 # of malls under management 55 34 1.6X Lifestyle Malls 0+ 2013 9M21 Network of hospitals 2.9X 40 Healthcare 14 Lifestyle Malls 2013 9M21 Largest hospital network across Indonesia # refers to number of projects / assets under LPKR Healthcare Hotels 68 89#68Real Estate Development SOLIPPO PT LIPPO KARAWACI TOK - Lippo Village in Karawaci, West of Jakarta Dev. Rights 3,226 ha Acq. Land Jobs 48,734 1,418 ha Landbank (Net) 344 ha Houses 10,593 Roads Built 113.5 km Condos 5,686 Lippo Cikarang- East of Jakarta CONNECTION ROAD TO MARUBENI (M MM 2100 Existing Industrial TOLL GATE CIKARANG BARAT/CILEMAHABANG Industrial Landbank TOLL ROAD JAKARTA-CIKAMPEK DIRECT ACCESSLL GATE KM 34+700 CIBATULIPPO CIKARANG EJIP (Sumitomo) BIIE (Hyundai) Existing Residential MEIKARTA LEGENDS: DELTA SILICON INDUSTRIAL PARK INDUSTRIAL PARK RESIDENTIAL & COMMERCIAL AREA ORANGE COUNTV EXISTING MAIN ROAD *** FUTURE ROAD Shophouses 1,193 Trees planted 58,199 Population 59,519 Dev. Rights Orange County 3,250 ha Workers 574,042 Acq. Land 2,826 ha Factories 1,359 Landbank (Net) 615 ha TOLL GATE CIKARANG PUSAT Houses 17,192 Roads Built 286 km Condos 4,488 Shophouses 1,216 Existing Industrial Trees 94,600 Population 55,128 planted 69#69Real Estate Development SOLIPPO PT LIPPO KARAWACI TOK Tanjung Bunga- Makassar, South Sulawesi Dev. Rights 1,500 ha Acq. Land Jobs 14,724 659 ha Landbank (Net) 254 ha Roads Built 26.7 km Houses 7,075 Shophouses 199 Trees planted 13,199 Population 21,030 San Diego Hills Memorial Park & Funeral Homes Master Plan 500 ha Acq. Land 125 ha Landbank 39 ha 70 70#70Regulations becoming more conducive to growth SOLIPPO PT LIPPO KARAWACI TOK LTV relaxation in Feb21*: * Assuming all banks are NPL compliant with NPL ratio below 5% New Property Type First Second and subsequent First Residential (landed > 70sqm 100% 100% and high rise) 21-70sqm <21sqm Shophouse All sizes 100% 100% Old Second and subsequent 85% 90% 90% Up to 100% Mortgage Disbursement for properties under construction: New regulation Disbursement Old regulation Terms Mortgage disbursement can be up to Both for Landed properties and Apartments 100% before construction reach completion. Banks must continue implementing risk-based assessment for mortgage disbursement to property developers. Up to 30% of total credit Up to 50% of total credit Up to 90% of total credit Up to 100% of total credit Following signing of credit agreement Complete foundation |Complete topping off Handover accompanied with letter of acceptance and deeds of purchase and mortgage deeds/ authorization for mortgage assignment Acquisition of land/building: Buyer's tax Items New Old % of selling price Land and acq. Rights 5% 5% VAT 0-10% 10% Luxury Tax 20% 20% Super Luxury Tax 1% 1% 71#71Foreign ownership remains to be a challenge in 2020 but is expected to show relaxation in 2021 LAND TITLES AVAILABLE: 1. Freehold : QOLIPPO PT LIPPO KARAWACI TOK 1. 2. 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 Goverment 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#72Units Overview of Jakarta's Condominium market Units SOLIPPO PT LIPPO KARAWACI TOK Condominium Market Overview Units Sold on the Market Total Units on the Market Sales Rate 1H21 SALES RATE BY GRADE 80,000 80% ■Proposed ■Unit Sold ◆Sales Rate 75% 70,000 726 71% 60,000 6 70% 64 6 50,000 61% 58% 40,000 30,000 20,000 10,000 63% 63% 62% 60% 60% 30,000 25,000 80% 67% 64% 20,000 59% 60% 15,000 40% 10,000 50% 20% 5,000 40% 0 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Upper Grade Middle Grade Lower Grade 100% Units 25,000 44% 20,000 15,000 10,000 5,000 ། 30% 22% 20% 2016 2017 2014 2015 New Launches Demand New Launches by Segment & Prices Per Square Meter 31% 21% 2018 2019 I New Launches Supply 50% 70 39% 60 40% 50 40 30% 30 20 20% 10 9% 10% 0% 2020 2021 Sales Rate Lower middle Middle Source: 9M21 Jones Lang LaSalle Research 2Q21 73#73300,000 250,000 200,000 Overview of Jakarta's shopping mall & CBD office market NET ABSORPTION, NEW SUPPLY AND OCCUPANCY Retail Market Overview RENTAL RATES 150,000 σ 100,000 50,000 0 -50,000 2011 2012 Net demand 2013 2014 2015 2016 2017 OCCUPANCY BY GRADE 100% 90% Occupancy 80% 70% 60% 50% 1015 2018 2019 ي 2020 2021 2022 Occupancy rate 2023 2024 2025 100% 95% 90% 85% 80% 75% 70% 65% 60% 800,000 700,000 600,000 500,000 IDR per sqm per month 400,000 300,000 200,000 100,000 Upper Middle Middle Low FY21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 3Q19 1Q19 3Q18 1Q18 3Q17 1Q17 CBD Office Overview RENTAL RATES 2018 3018 4018 1019 2019 3019 4019 1020 2020 3020 4020 1021 2021 3Q21 IDR per sqm per month Premium Grade A Grade B Grade C CBD Overall Grade C: 83% Grade B: 79% CBD Average: 72% Premium: 70% Grade A: 66% 500,000 400,000 300,000 200,000 100.000 0 1015 2015 3015 4015 1016 2016 3Q16 4Q16 1017 2017 3Q17 Premium 4017 1018 2018 3018 4Q18 1Q19 2019 3Q19 4Q19 1Q20 2020 3020 FY22 4020 1021 FY23 2Q21 3021 Grade A Grade B Grade C Source: 9M21 Jones Lang LaSalle Research 74 FY24 FY25 SOLIPPO PT LIPPO KARAWACI TOK#74LOOKING AHEAD EMBARCADER Siloam LIPPOMN LIPPO PT LIPPO KARAWACI TBK 77#75COLIPPO PT LIPPO KARAWACI TOK Macro Environment & Outlook Trending Positive Indonesia's macro environment remains accommodative with low interest rates, a stable currency, increased mobility, and strong commodity prices. Bank Indonesia has been less aggressive than EM peers in cutting interest rates and this has created an attractive operating environment. This was further supported by regulatory relaxation with the removal of VAT taxes and speeding up the timing of mortgage disbursement by banks to property companies. The 0% VAT regulation which effectively translates to 0-10% discount should somewhat affect demand for existing inventory (~Rp1.5tn are estimated to be impacted by this regulation). In addition, new regulations on mortgage disbursement has resulted in increased cash flows from banks releasing mortgage funds at origination. Indonesia's property industry is expanding as accommodative policy, focus on middle income customers, rising average selling prices are supporting industry expansion. Accommodative policy as mentioned above is lowering the cost to buy through VAT reductions, increasing the liquidity of property company's by tightening the cash collection cycle and mortgage rates are at historical low levels helping to lower the debt servicing ratio for buyers. The industry continues to focus on middle income consumers by offering products that are affordable to the burgeoning middle class in Indonesia. We would note that in the last 9 months it is the first period of rising home prices in nearly a decade. Macro Outlook - Accomodative, Not too Aggressive Property Market Outlook 8 7 6 5 4 3 2 1 Red Dot Position End of Jan 2020 Blue Line: Position End of Sep 2021 Chile Poland Thailand 60 12 50 53 11.36 11.08 40 11 10.80 30 10.14 10.17 10 9.69 9:39 43 934 20 912 8.85 963 9 8 7 6 (10) (20) 8 8 8 Source: BIS Among EM peers Indonesia was relatively conservative in lowering interest rates since Jan 2020, supporting currency appreciation over the past 16 months. Implying global tightening may have limited fund flow pressure Bl average mortgage rate -YOY ASP growth (%, RHS) Source: Peer data and Historically low mortgage rates are making home ownership accessible to middle class. After pricing troughed, we are seeing Average Selling Prices (ASP) rise for the first time in ~10 yrs. 76#76Allowing Marketing Sales Momentum to be Maintained o Keep the momentum by launching affordable homes in Karawaci, Cikarang and Makassar o Upward revision of Marketing Sales to Rp4.2tn, with 60% coming from the Holdco o Excited to see our Core Development Business turnaround (i.e. Marketing Sales). In 2022, this could become the biggest factor contributing to operating cash flow and the turnaround of our business, it now accounts for 27.7% of our revenues. o As legacy development costs are fully absorbed by early 2022, the underlying business strength will be recognized. Providing an opportunity to drive profitability as we convert cash generated into either profitable investments or debt reduction COLIPPO Riverside Cluster at Cendana Place Waterfront Estates In Lippo Village 77 PT LIPPO KARAWACI TOK#7799% Drop in Covid Cases Provides Growth Opportunity for all Business Segments including HealthCare that is Benefiting from the Continual Recovery of Non-Covid Services COLIPPO PT LIPPO KARAWACI TOK Indonesia daily cases, travel status, and positivity rate Daily Cases PSBB Transition 60.000 20% 10% - By Sep, all malls had reopened with restrictions. Hence, the impact of this year's lockdown was more short-lived compared to the lockdown in Q2 2020 when malls had to close for about 2 ½ months on average. In September 2021, covid treatment makes up less than 9% of total Siloam revenue as non- covid services continue to recover. 50.000 30.000 Tight PPKM <-----> Micro PPKMM Health Travel Protocol Micro Tight PPKM 40.000 Q4 2020 Q1 2021 Q2 2021 32% 20.000 End year 10.000 0 01/10/20 01/11/20 01/12/20 01/01/21 01/02/21 Peak 2 01/03/21 01/04/21 01/05/21 Daily Cases SOURCE: KEMENKES DATA, 2021 +8 per. Mov. Avg. (Daily Cases) Lebaran 01/06/21 01/07/21 01/08/21 Emergency PPKM ---- Peak 3 56,757 27% Positive Lv 1-4 PPKM Rate 50% 40% Q2021 -99% 30% 01/09/21 01/10/21 ****** 7 per. Mov. Avg. (Positivity rate) 747 0.6% 0% 78#78Siloam in particular will Benefit from the Clean Hospital Strategy as Covid Cases Decline Medan Jakarta & Greater Jakarta 8 9 Jambi Palembang 1. Lippo Village 6. Kelapa Dua 2. RSUS 7. Mampang Lubuk Linggau Bangka Belitung 3. Kebon Jeruk 8. ASRI 5. TB Simatupang 4. MRCCC West Java, Yogyakarta 9. Cinere 1. Bekasi (3) 2. Lippo Cikarang 2 5 8 4. Purwakarta 3 3. Bogor Average base case 2019-- Palangkaraya Balikpapan Banjarmasin* Surabaya Jember 5. Cirebon 6. Syubannul Wathon (Magelang) 7. Yogyakarta 8. Semarang Buton Makassar Clean Hospital O Covid-19 Treatment Manado (2) Mataram Labuan Bajo Kupang Denpasar (3) Base Case Revenue per Month (2021) Jan Feb Mar Apr May Jun Jul Aug Sep Ambon COLIPPO 70 79 PT LIPPO KARAWACI TOK#79Continual Focus on Improving Liquidity, Operational Excellence, and ESG COLIPPO PT LIPPO KARAWACI TOK o Preserving Cash by continuing to strengthen cash collections across our businesses and manage construction costs diligently. On track to achieve our commitment of positive operating cash flow in 2022 without one-off divestment o Continual focus on operational excellence, talent development, governance improvement and transparency ○ Implementing our ESG strategy through gender diversification in Board of Directors and Commissioners, identifying and pushing sustainability through our supply chain and working to continuously evolve in a sustainable manner 80 60#80LPKR's trading performance LPKR historical Price / NAV per share post global financial crisis Rp 1,600 1,400 1,200 1,000 800 600 400 200 (x) QOLIPPO PT LIPPO KARAWACI TBK 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Rolling BVPS - Closing price 0.95 PT. Pakuwon Jati Tbk. 0.71 CIPUTRA Average: 0.55 0.44 0.41 0.23 COLIPPO BSDCITY PT LIPPO KARAWACI TBK Alam Sutera Source: Market data extracted from Bloomberg as of 31 Jun 2021. Note: (1) Peers average determined based on the simple average Fw-P/BV ratio of Pakuwon, Ciputra, Bumi Serpong, Alam Sutera, and Lippo Karawaci 88 82#81Notes: COLIPPO PT LIPPO KARAWACI TBK#82Notes: COLIPPO PT LIPPO KARAWACI TBK#83QLO Investor Relations Bret Ginesky Head of Investor Relations : [email protected] QOLIPPO PT LIPPO KARAWACI TBK : +62 21 25669078 : www.lippokarawaci.co.id