Investor Presentation 2020

Sugar - Industry Dynamics 2 Sugar Price (IDR/Kg) 9,700 8,900 9,100 9,100 9,100 9,100 8,100 8,100 8,250 7,000 6,350 6,032 6,161 5,986 5,681 5,350 5541 5,064 4,779 4,885 4,502 4,342 4,458 4,441 4,656 4,307 4,423 4,634 4690 3,699 3,688 3,326 3,307 3,549 3,704 3585 April 09 April 10 April 11 April 12 April 13 April 14 -Indonesia's sugar floor price (HPP Gula - Deperindag) April 15 April 16 Raw sugar (CSCE Sugar #11) April 17 April 18 April 19 Apr-20 -Refined sugar (London white sugar #5) Note: •Indonesia's floor price for sugar is set by the Ministry of Trade before the start of the milling season in April of each year. •Raw sugar price as quoted on the New York Coffee, Sugar and Cocoa Exchange (CSCE). •Refined sugar price as quoted on the LIFFE ⚫For illustration purposes, Price for International raw and refined sugar were converted from USD/Pound to IDR/Kg based on the average USD: IDR exchange on the first week of April of each particular year: April 2009 = Rp11,200, April 2010 = Rp8,880; April 2011 = Rp8,460; April 2012 = Rp8,960; April 2013 = Rp9,500; April 2014 = Rp11,100, April 2015 = Rp12,900, April 2016 = Rp13,182, April 2017 = Rp13,200, April 2018 = Rp14,000, April 2019 = Rp14,000 SUGAR CONSUMPTION PER CAPITA 2015/2016 (KG) 57.2 56.2 50.5 38.3 33.9 21.8 21.7 21.5 Malaysia Singapore Australia Thailand USA Philliphines Indonesia Vietnam 13 Source: USDA sugar consumption

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