Investor Presentaiton

2 Favorable Indonesian Macro & Retail Fundamentals Rising affluence and growing middle-income population Indonesia - Real GDP, Consumer Prices Real GDP projected to grow, inflation remains low Real GDP Breakdown by Expenditure (3Q2020) Private consumption still the largest contributor to GDP and is expected to recover in 2021 6.4 5 5.1 38 5.2 5 6.1 5.1 33 3 8 1.6 2015 2016 2017 2018 2019 2020* 2021* 2025* -1.5 Consumer Prices (% annual change) Real GDP (annual % change) *Projections Source: IMF World Economic Outlook October 2020 Burgeoning Middle Class Others Government Consumption 8% 7% Fixed Investment (gross fixed capital formation) 32% Source: Badan Pusat Statistik, Q3 2020 Private consumption 53% Population Data (in millions) (Million people) 238.5 Yr 2017 Yr 2030E +76% 91 mn 160 mn 271.1 183.5 296.4 201.8 124 158.5 95 22 62 65 65 63 68.1 70.7 67.9 24 26 21 9 26.7 11.9 16.8 Poor Affluent Established middle class Emerging middle class Aspirant 2017 ■2030E 2010 2020 Source: The Boston Consulting Group - How the Digital Revolution is Integrating Southeast Asia's Consumers, September 2018 Age Group 0-14 ■Age Group 15-64 Age Group 65+ Source: Badan Pusat Statistik - Proyeksi Penduduk Indonesia 2010-2035 Growing middle class along with strong domestic consumption, serve as a solid foundation for the retail industry 2030 Total Population 15

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