PT Kawasan Industri Jababeka Tbk. Investor Presentation May 2021 (updated with 1Q21 financials)

0 Disclaimer

This presentation material has been prepared by PT Kawasan Industri Jababeka Tbk (the “Company”) and may contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions.

These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice.

The information has been compiled from sources believed to be reliable. The information contained in this section is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the Company. The Company makes no representation regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors in or omissions from, any information contained herein.

1 Outlook & Guidance for 2021

Marketing Sales & Other Highlights Cash Flow Overview for 2021: ➢ 2020 Marketing Sales Rp898bn realized ➢ Cash inflow: • Down ~46% vs 2019 due to the Covid-19 pandemic • Rp1,450bn • On a positive note, the performance in 2H20 was more - 50% Backlog (3/4 /others – 1/4 Kendal) than 2.5x 1H20 on the back of an industrial pick-up in - 50% New Sales (2/3 Cikarang– 1/3 Kendal) Kendal and Cikarang, and a successful launch of a • Rp400bn Recurring EBITDA from power, water, port and landed residential project in Cikarang other recurring businesses • Total: Rp1,850 billion → 1Q21: ~Rp300bn ➢ 1Q21 Marketing Sales Rp231bn realized - 1Q21: incl. ~Rp110bn Recurring EBITDA • More than double the Rp111bn in 1Q20 • Cikarang/others contributed 94%, Kendal 6% ➢ Cash outflow • Rp250bn Construction & Land Development in Cikarang ➢ 2021 Marketing Sales Target: Rp1,400bn • Rp400bn Infrastructure & Land Development in Kendal • Rp1,000bn Cikarang & Others: 50/50 split between • Rp100bn Maintenance Capex Industrial vs Residential / Rp400bn Kendal (industrial) • Rp150bn Land Acquisition (discretionary) • Solid pipeline for industrial in both Cikarang and Kendal • Rp400bn Interest / Launch plan of 3-4 residential products • Rp450bn SG&A (excl. infra) • Rp150bn Tax ➢ Infrastructure – 1Q21 volumes increased 6% (water) 2% • Total: Rp1,900 billion → 1Q21: ~Rp432bn (power) & 2% (port) vs 4Q20 - 1Q21: incl. ~Rp187bn interest, ~Rp99bn construction • 2020 showed margin & cash flow resiliency despite & land development (Cikarang & Kendal), ~Rp11bn volume reductions in 2020 (yoy 15% for water, 9% for land acquisition & maintenance CAPEX power end-users, 24% for port – offset by PLN capacity payments and other infrastructure services in 2020 ➢ Cash balance of ~Rp1.05trillion as of 31 March 2021 • 2021 expected to be in line with 2020 • Compared to ~Rp1.18trillion at the end of 2020, mainly down due to bond coupon payment late March 2021. ➢ Leisure & Hospitality • Not very material with overall small contributions to ➢ ~Rp14bn debt repaid in 1Q21 - no draws made from the new earnings & cash flow Rp100bn loan facility at Kendal JV (OCBC, ~10% cost p.a.)

2 Joins the Fight against Covid-19

➢ Together with President University, Jababeka Group initiated a crowd- funding exercise, which has raised nearly Rp 7 billion (and counting) for medical equipment required to combat Covid-19

➢ Collaboration with tenants Croda , Evonik Indonesia and Danone Indonesia for the production and packaging of hand sanitizers and disinfectant fluids – totally producing 15 tons so far

➢ Together with several tenants produced 50,000 fabric face masks for the Covid-19 task force in

➢ Together with President University and numerous tenants provided Rp 7.2 billion into the to combat and prevent the spread of Covid-19

➢ Distribution of free face masks in and around

➢ Providing social aid to 13 villages in and around Kota Jababeka

➢ Preventive spraying of disinfectants at all office premises, providing hand sanitizer for all staff, checking body temperatures, etc.

➢ Jababeka Fighting Covid which includes Jababeka, tenants and Government create a routine event called Treasure Market which sell used clothes and the revenue from that event will be used to develop MSME.

3 Leading township developer & infrastructure powerhouse

PT Kawasan Industri Jababeka Tbk. ("KIJA") is a leading township developer with an established track record in industry- based townships supported by residential & commercial components...

FY20 Revenue Breakdown (%) PT Kawasan Industri Jababeka Tbk (Rp 2,396 billion) Dry Port; 6% Real Estate Infrastructure Water / Estate; 12% Industrial Power

Residential Water & Estate Real Estate & Others; Power; 27% 56% Commercial Dry Port

• Established in 1989 and became the first publicly listed industrial estate developer in Indonesia in 1994 FY20 Gross Profit Breakdown (%) • Kota Jababeka, KIJA's flagship development, is a mature industry- (Rp 1,018 billion – 43% GPM) based integrated township in Cikarang with on-site power plant and dry port Dry Port ; 4% • Kendal Industrial Park – Park by the Bay in Central , tourism- Water / Estate; 14% based townships in Tanjung Lesung, Banten, and in Morotai, North Maluku - all three enjoy Special Economic Zone status • Large and strategically located land bank of 5,082 hectares as 31 March 2021 Power; 17% Real Estate Vision: To Create Modern Self Sustained Cities in Every & Others; Province in Indonesia and Provide Jobs for Better Life 65%

…with world class infrastructure to support its development

4 Milestones & Selected Awards

More than 30 years track record in township development

Golden Property 6th Property Award 2019 Indonesia Awards 2016 The Best Township 2018 Development Project – The Recommended Groundbreaking Kota Jababeka Condominium Kendal Industrial Cikarang Development in 2014 Park – Park by Cikarang - Kawana the Bay Golf Residence D’Khayangan 2013 Senior Living Golden Property Launched Award 2019 Bekasi 2011 Lifetime Achievement Power Plant commenced Award to Mr.Setyono Acquisition 2010 operations Djuandi Darmono of 1,500 ha land in 2003 Cikarang Dry Port begins Tanjung 2001 operations Lesung, Commenced Banten 1996 development of Inauguration of Property Guru - 2020 1994 Jababeka CBD Education Park, Best Developer & 1989 Acquisition of including President Industrial Estate IPO on Menara Batavia University Jababeka Group and in Jakarta CBD established and Surabaya started Stock development of Exchange the industrial estate 5 Sizeable land bank in strategic locations with upside potential

Kota Jababeka Cikarang Fully integrated and matured city development 35km east of Jakarta, 45mins from Jakarta’s CBD  Master plan: 5,600 hectares ✓  35km east of Jakarta Most established industrial area in Greater Jakarta, home  Land Bank: 1,243ha(1) ✓ to >2,000 local and multinational companies INDONESIA

Tanjung Lesung Kota Jababeka Kendal, Cikarang Semarang

Karawang Surabaya

Tanjung Lesung  Master plan: 1,500 hectares  170km southwest of Jakarta  Land Bank: 1,496ha(1) Kendal, Central Java Special Economic Zone for  Master plan: 2,700 hectares ✓ Industrial Estate Designated as a Special Economic Zone for Tourism ✓  450km east of Jakarta Located 170km southwest of Jakarta and covers more than  Land Bank: 550ha(1) Strategically located along the ✓ 1,500 ha of land on a peninsula facing the Indian Ocean ✓ Jakarta-Semarang-Surabaya Envisaged to become a first-class integrated resort Offers a deep pool of young Economic Corridor ✓ destination for both domestic and international tourists ✓ and skilled labour at a competitive cost Note: 1 Land bank as at 31 March 2021 6 Kota Jababeka — Flagship industry-based integrated township

Kota Jababeka is a mature industry-based township strategically located in close proximity to Jakarta CBD, sea port and airport…

• 35 KM from Jakarta City • Close to International Airport & Seaport JORR 2 Toll Road Cibitung – Tanjung • Accessible by toll road and railway Priok Seaport ±1.5 • Connectivity with 3 Toll Access / Exit hours • Development of Major Transportation KOTA Infrastructure JAKARTA JABABEKA

Cikarang Train Station

Lemah Abang 6 lane Highway of Jakarta Inner Ring Road Train Station

Proposed MRT Station

KM 29 LRT MRT High speed train KM 31 Tranportation infrastructure (Proposed / Under Construction) KM 34 LRT Track High Speed Train Elevated Toll Road MRT Track Double-double track Railway Commuter train Elevated toll road JORR 2 Jakarta 2nd Outer Ring (JORR) Road

7 Kota Jababeka – Anchored by a blue-chip customer base

The portfolio of high-quality multinational and domestic customers at Kota Jababeka is a testament to the township's strategic location and superior infrastructure facilities

Diverse mix of occupants across sectors (breakdown by number of occupants as of 31 March 2021 Portfolio of high quality customers

11% Electronics Machinery 7% Consumer Goods Chemicals 6% Automotive 47% Plastics 6% F&B Building 6% Metals

5% Textile 4% Others 2% 4% 4%

Kota Jababeka is home to over 2,000 local and multinational customers from over 20 countries

8 Jababeka Residence – A City for Your World

Residential & Commercial Developments

Oscar Townhouse Sudirman Boulevard Cluster Commercial Center

Mixed-Use Developments KM 29

KM 31

Hollywood Junction, Monroe & Elvis Tower KM 34

Facilities

International President Hospitals Jababeka Golf & Living Plaza Jababeka Jababeka Stadium Hotels University & Country Club Jababeka Convention Center Reputable Schools 9 Enhancing Kota Jababeka's value proposition: Jababeka Infrastruktur

PT Jababeka Infrastruktur provides top notch to infrastructure and services, including clean water provision, wastewater treatment, estate management, and other services such in-house fire brigade, 24-hour security, fiber optics, natural gas and others…

WWTP 2 WTP 1 WTP 2 WWTP 1 Capacity Capacity 125 L/sec 400 L/sec Capacity Capacity 200 L/sec 208 L/sec

Wastewater Treatment Plant

Water Treatment Plant

Telco Natural Gas

…which meet the international standards and operate in accordance with environmentally friendly policies in integrated city Kota Jababeka in Cikarang

10 Enhancing Kota Jababeka's value proposition: Bekasi Power Plant

KIJA is the only industrial estate developer in Indonesia with its own power plant located within its estate

Integrated Power Generation & Distribution Process • 130MW gas fired combined cycle plant 1 100% output to PLN • 20 year 100% off-take agreement from Perusahaan Listrik Negara (“PLN”) – Rate per KWH: ~US$11 cents 2 Buy back from PLN PLN (+ margin) – Average gas cost / MMBTU: ~US$8.7 – Fuel costs borne by PLN on a pass-through 3 Direct sale to factories basis (+ margin) – Fully contracted gas supply – Flexibility to buy back power and resell to Factories industrial customers at a premium Financial Highlights (IDR billion) • During repair of a leakage in one of the boilers the power plant operated at about 50% of the 1,600 35% 1,360 usual capacity for about 3 months in 2016 1,400 1,310 30% • The power plant was in full “reserve shutdown” 1,200 1,102 25% 27% for most of 1Q18 and 2Q19 and has operated 1,000 832 20% 22% intermittently in other quarters of 2018, 2019, 800 638 15% and 1Q20. In 2Q20 the power plant was almost 600 17% 16% 15% 10% in full reserve shutdown, whereas in 2H20 the 400 13% 240 plant operated more, but still more reserve 200 5% 248 164 232 136 172 36 shutdown than not – this situation continued in - 0% 2016 2017 2018 2019 2020 1Q21 1Q21.

Gross Profit Revenue Gross Profit Margin

Providing a significant marketing advantage over its competitors as access to reliable electricity supply is one of the primary concerns for industrial clients in Indonesia 11 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port

Strategic location in the heart of the largest manufacturing zone along the Bekasi-Cikampek industrial corridor…

Airport

JABABEKA MM 2100 62%1 EJIP LIPPO

HYUNDAI GIIC SURYA CIPTA Enhanced Accessibility with New Toll Gate KM 29 KIIC KIKC New Toll Gate KM CFLD Cikarang Utama KIM 29 Toll Gate KBI

Highway Exit KM 29

International Port Code: IDJBK Surrounded by 12+ Industrial Estates and more than 3,000 manufacturing companiee Flyover to Jakarta Notes: 1 Estimated % of total throughput at Tanjung Priok Port originating from this area 12 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port

New rd Bonded Office: Office 3 Gate Logistics CDP, & PLB Party Port Center Quarantine 2 DC Customs (PLB) Code: & Banking IDJBK Physical Inspection

Container Freight Railway Station Emplacement Reefer Mobile X-Ray

Container Yard

200 ha of integrated port & logistics facilities

13 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port

Cikarang Dry Port (CDP) is the first and only integrated customs, quarantine and logistics facility in Indonesia… Overview Revenue (IDR billion)

• Since 2012, Cikarang Dry Port is an official port of origin and 225 destination with international port code IDJBK – now connected with 202 25 major shipping lines 171 • Integrated port and logistics facilities with multi modal transportation 151 146 services • Smart Port Solution to streamline the business process

• Besides export/import, CDP also serves domestic distribution via main 43 railway line that runs from to east Java and also combining it with domestics shipping lines services

• Bonded Logistics Centre (FTZ facilities) for Cotton & minerals/metals 2016 2017 2018 2019 2020 1Q21

Selected customer & partner profile at Cikarang Dry Port Throughput (TEU)

Shipping Lines: 95,314 82,161 73,946 Third Party Logistics Provider (3PL): 65,250 62,381

Shippers / Consignees:

17,875

2016 2017 2018 2019 2020 1Q21

…allowing customers to more efficiently manage their imports and exports and benefit from cost savings

14 Diversified land bank

A geographically diversified land bank allows KIJA to capture different market segments and enhances earnings resilience…

Township Development & Kota Jababeka Kendal Tanjung Lesung Morotai Land Bank – Total (1): 5,082ha

1,243ha 550ha 1,496ha 1,794ha

PositioningPositioning Established MNCs and More cost-conscious Tourism, leisure and Future tourism and logistics domestic companies willing to customers looking for an hospitality focused integrated hub strategically located in pay a premium for strategic alternative to Greater Jakarta township to tap into the heart of Pacific Asia with location and mature industrial estates that still entertainment/leisure natural tropical beauty and township with top notch provides top notch spending by rising middle World War 2 historic sites infrastructure in place infrastructure class in Indonesia and relics

Well diversified across multiple segments (segment breakdown by 1Q21 revenue contribution in %): Real Estate & Others(2): 44% Recurring(3): 56%

24% 2% 5% 7% 1%3% 2% 37% 12% 7%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Developed Land Factory Buildings Commercial Residential Tourism Golf Others Power Plant Water & Estate Services Dry Port

…in addition to benefiting from future infrastructure developments across its land bank locations

Notes: 1 As per 31 March 2021 2 Comprises real estate, golf and other non-infrastructure segments 3 Recurring revenue includes contribution from power plant, dry port and service & maintenance fees 15 Kendal Industrial Park – Park by the Bay

 Joint Venture between Jababeka (51%) and Sembcorp (49%) from Singapore  Special Economic Zone for Industrial Estates  Benefits from Sembcorp’s expertise in developing and marketing industrial estates across Asia (China, Vietnam, Indonesia) and Kendal Port Jababeka’s long track record and experience in Tanjung Emas industrial estate development and Seaport infrastructure operations  Total planned area of 2,700ha; phase 1: 860ha  Excellent connectivity to major infrastructure Ahmad Yani Semarang and amenities Int'l Airport

Distance to Kendal Industrial Park – Park by the Bay Tanjung Emas International Seaport 25 km Ahmad Yani International Airport 20 km Semarang (Central Java capital) 21 km Official opening ceremony on November 14th, 2016, by the President of Indonesia, Mr Joko Widodo, and the Prime Minister of Singapore, Mr Lee Hsien Loong

16 Kendal Industrial Park – Park by the Bay

Our Kendal Industrial Park – Park by the Bay development in Central Java is well-positioned to benefit from growing demand for relatively low-cost industrial estates with good connectivity and competitive labor costs

• Macro infrastructure planning that supports growth of Kendal Industrial Park – improved connectivity and accessibility (for example newly opened Trans Java toll road and new Ahmad Yani Airport) • Competitive manpower / low labour costs in Central Java makes Kendal Industrial Park – Park by the Bay Key Highlights particularly interesting for labor intensive industries • Numerous human resources education & training facilities • Top notch infrastructure & One-stop solution for licensing, manpower recruitment, on-site logistics, security and estate management services

Tenant breakdown (66 confirmed tenants)

17 Kendal Industrial Park – Park by the Bay

18 Tanjung Lesung

Tanjung Lesung overview Malaysia

Singapore Location ~ 170 km southwest of Jakarta in Banten Indonesia Tanjung Lesung Tourism-based integrated township (hotels, Concept apartments, sailing, diving & beach clubs)

Currently accessible by toll road from Jakarta in Australia Access ~ 3.5 hours

SOEKARNO – HATTA Merak International Airport

Anyer Krakatau Serang Mountain Jakarta

Pandeglang Jakarta-Merak Tanjung Lesung Toll Road Labuan Future Toll road Panaitan Island Panimbang

President Joko Widodo speaking on Ujung Kulon National Park Tanjung Lesung’s designation as Special Economic Zone for Tourism

19 Tanjung Lesung

Strong government support for Tanjung Lesung's development as a tourism zone... Facilities and infrastructure at Tanjung Lesung

• Existing infrastructure includes access roads, a water treatment plant, wastewater treatment plant, electricity supply and telecommunication links

• Visitors currently have access to ~ 300 rooms spread out over two hotels/resorts, a bed and breakfast and several cottages

• Other facilities: restaurant and bar, golf course, swimming pool, spa, beach club, sailing club, Golf course private air strip, school, mosque, residential housing units, and a medical clinic

Strong government support for development of Tanjung Lesung

 One of 10 New Tourism Destinations in Indonesia that the Indonesian Government is promoting

 New toll road from Serang Timur to Panimbang: A consortium led by PT Wijaya Karya Tbk is Aerial view constructing the told road and a first section is expected to become operational in 2021.

 Tanjung Lesung has been designated as Special Economic Zone for Tourism

Villa with private pool at Tanjung Lesung

…is expected to increase interest from potential investors/partners for the project

20 Tanjung Lesung

Current property products

Tanjung Lesung Beach Hotel

KALICAA VILLA

21 Morotai

Future tourism and logistics hub strategically located in the heart of Pacific Asia with natural tropical beauty and World War 2 historic sites and relics

✓3 hours flight from Singapore and Taipei ✓Great potential for tourism, agricultural and fishing industries, and as a logistics hub

Morotai is a Special Economic Zone for ✓tourism and 1 of 10 new tourism destinations promoted by the government

Evening view at Morotai

Beach view at Morotai

22 Clear strategic focus

KIJA's existing pipeline provides visible opportunities over different time frames

• Development of Tanjung Lesung • Continue to develop and capitalize on tourism-based township Kota Jababeka Township

Short Term Medium Term • Development of Morotai, initially as a • Further development of Kendal tourism-based township, longer term Industrial Park in partnership with also as a logistics hub and for Sembcorp in Central Java agriculture /fishery industries

Long Term Vision

• Replicate Kota Jababeka's industry-based integrated township model throughout Indonesia

• Build out an infrastructure facility portfolio (power, water, ports, etc.) to support these new townships

23 Financial Highlights

Revenue breakdown (IDR billion) Gross profit (IDR billion) and Gross profit margin (%)

Recurring revenue Real estate & other revenue 1,400 70% 2,995 Gross profit Gross profit margin 2,931 65% 2,712 1,200 1,243 60% 2,396 1,137 1,179 2,254 1,000 55% 1,208 1,221 1,018 1,142 800 50% 843 963 1,336 45% 600 40% 42% 43% 43% 35% 400 38% 1,723 1,774 1,570 37% 37% 1,291 30% 1,060 283 200 238 25% 358 0 20% 2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21

EBITDA (IDR billion) and EBITDA margin (%) Net Income (IDR billion) 1,200 60% EBITDA EBITDA margin 55% 1,000 (2) 1,025 427 950 50% 800 914 802 45% 600 672 40%

35% (2) 400 150 141(2) 35% 35% 33% 30% (1) 32% 67 45(1) 200 31% 30% (1) 207 25% (54) 0 20% 2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21

Notes: 1 Approximate unrealized foreign exchange loss (noncash) for FY18: IDR 248 billion, FY20: IDR 61 billion, 1Q21: IDR 82 billion 2 Approximate unrealized foreign exchange gain (noncash) for FY16: IDR 135 billion, FY17: IDR 59 billion, FY19: IDR 158 billion – and in FY17 additional 1-off expenses of Rp 175bn as a result of redemption of 2019 senior notes 24 Balance Sheet Highlights

Assets and cash (IDR billion Debt, Equity (IDR billion) and Debt/Equity (x)

Cash and cash equivalents Total assets 12,000 12,304 Total equity Total debt Debt/Equity 0.95 11,784 12,185 12,200 11,266 10,734 10,000 0.85 4,177 4,240 4,373 8,000 4,041 4,359 3,565 0.75 6,000 0.72 0.65 0.68 0.70 0.66 0.68 4,000 0.63 0.55 5,638 5,900 6,053 6,307 6,260 6,206 2,000 0.45 1,086 1,292 1,177 792 895 884 0 0.35 2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21

EBITDA/Interest expense (x) (including capitalized interest & hedging fees) Net debt/EBITDA (x)

3.1 4.6 2.7 3.7 3.7 (1) 2.3 3.4 3.6 2.1 (1) 1.9 1.7 2.7

2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21

Notes: 1 LTM 25 1Q21 Financial Highlights Press Release

PT Jababeka Tbk (“KIJA”) recorded a total revenue of Rp 640.6 billion for the first quarter of 2021, an increase of 35% compared to the first quarter of 2020.

The Company’s Land Development & Property pillar saw revenue increase 116% to become Rp 257.8 billion in 1Q21, from Rp 119.6 billion in 1Q20. This increase in revenue was mainly the result of a strong performance of developed land plot sales, which jumped from Rp 35.1 billion in 1Q20 to Rp 154.8 billion in 1Q21.

The Infrastructure Pillar revenue increased 7% to become Rp 357.6 billion for the first three months of 2021, compared to Rp 333.5 billion over the same period of 2020. All Infrastructure segments saw an increase in 1Q21 compared to the same quarter of 2020, the main contributor to this increase was from Bekasi Power which saw revenue increase by Rp 17.7 billion as the power plant operated more in 1Q21 compared to 1Q20.

KIJA’s Leisure & Hospitality pillar posted a 22% increase in revenue to become Rp 25.1 billion in the first quarter of 2021. This was the result of a better overall performance of most subsegments within the pillar, including golf and tourism. The golf segment contributed 65% to the total revenue of the Leisure & Hospitality pillar in 1Q21.

Recurring revenue from the Infrastructure pillar contributed 56% to total revenue in the first quarter of 2021, compared to 70% in 1Q20. This lower contribution is mainly the result of significantly more revenue contribution from the Land Development & Property segment.

The Company’s gross profit increased by 47% to become Rp 238.4 billion in 1Q21, versus Rp 162.6 billion a year earlier. At the same time, KIJA’s consolidated gross profit margin for the first quarter of 2021 was recorded at 37%, compared to 34% in the same period of 2020. The slight increase in gross profit margin is mainly due to an increase in contribution from the Land Development & Property Pillar in 1Q21.

KIJA booked a net loss of Rp 53.5 billion in the first quarter of 2021, a significantly better performance compared to the net loss of Rp 759.8 billion in 1Q20. The main reason for the huge difference is the impact of foreign exchange (forex) movements as the Company booked a forex loss of Rp 82.1 billion (translation loss) in 1Q21 compared to a forex loss of Rp 699.1 billion in 1Q20.

The Company’s EBITDA for the first quarter of 2021 was recorded at Rp 207.2 billion, up 74% from 1Q20 when the Company recorded Rp 119.1 billion in EBITDA.

In terms of Land Development and Property marketing sales the Company achieved Rp 230.8 billion in the first quarter of 2021, more than 2x compared to Rp 110.5 billion in the first quarter of 2020. Marketing sales from Cikarang and others contributed 94%, Kendal 6%. Sales from industrial products (land or land with standard factory buildings) contributed 73%, while the residential/commercial and others segment contributed the balance 27%. The Company’s full year 2021 marketing sales target is set at Rp 1.4 trillion, which consists of Rp1.0trillion from Cikarang and others, and Rp400bn from Kendal.

Please contact us at [email protected] if you want to be included in the Company’s distribution list 26 1Q21 Marketing Sales

1Q21 Description Area (m2) Amount (RpK) 100% Consolidated / Wholly Owned Land Plots - Cikarang 55,704 149,882,564 Industrial Buildings - Cikarang 523 5,266,050 Landed Houses - Cikarang 3,597 31,987,190 Commercial / Shop Houses - Cikarang 1,201 18,975,773 Apartments - Cikarang - - Tanjung Lesung, Rental & Other - 9,383,191 Subtotal 61,025 215,494,768

Joint Venture - Attributable subtotal: Land Plots - Kendal * 51% 10,073 13,699,280 Industrial Buildings - Kendal * 51% - - Apartments - Kawana ** 60% - - Apartments - Riverview *** 51% - 1,652,618 Subtotal (ownership % * sales value) 7,829,468

Total attributable marketing sales 223,324,237

Total marketing sales 71,098 230,846,667

1Q21 Marketing Sales achieved Rp231 billion, compared to Rp111bn in 1Q20

27 FY20 Marketing Sales

Description Total Q1 Q2 Q3 Q4

Area (m2) Amount (RpK) M2 Amount (RpK) M2 Amount (RpK) M2 Amount (RpK) M2 Amount (RpK) 100% Consolidated / Wholly Owned Land Plots - Cikarang 92,966 220,297,389 14,761 42,004,500 16,722 26,736,000 15,314 38,729,988 46,169 112,826,901 Industrial Buildings - Cikarang 11,843 84,872,976 3,337 23,945,413 3,671 26,757,391 4,835 34,170,172 Landed Houses - Cikarang 36,643 202,295,840 2,789 22,325,368 9,680 48,566,731 17,684 85,899,505 6,490 45,504,236 Commercial / Shop Houses - Cikarang 7,157 110,341,523 3,867 44,978,600 1,138 22,927,914 1,319 26,531,827 833 15,903,182 Apartments - Cikarang - 6,068,390 387,000 2,897,181 2,784,209 - Tanjung Lesung, Rental & Other - 44,579,526 440,000 16,696,618 19,598,636 7,844,272 Subtotal 148,609 668,455,644 21,417 110,135,468 30,877 141,769,857 37,988 200,301,556 58,327 216,248,763

Joint Venture - Attributable subtotal: Land Plots - Kendal * 51% 169,907 216,153,572 - - - - 79,689 95,437,633 90,218 120,715,939 Industrial Buildings - Kendal * 51% ------Apartments - Kawana ** 60% - 1,608,182 - - - - - 1,608,182.00 - - Apartments - Riverview *** 51% - 12,460,143 - 660,388 - 2,995,165 - 4,548,713 - 4,255,877 Subtotal (ownership % * sales value) 117,557,904 336,798 1,527,534 51,957,946 63,735,626

Total attributable marketing sales 786,013,548 110,472,266 143,297,391 252,259,502 279,984,388

Total marketing sales 467,125 898,677,540 42,834 110,795,856 61,754 144,765,022 155,665 301,896,085 206,872 341,220,578

KIJA achieved Rp898.7bin Marketing Sales in in 2020, about 54% compared to 2019 mainly due to the Covid-19 pandemic. On a positive note, the performance in 2H20 was more than 2.5x 1H20 on the back of an industrial pick-up in Kendal and Cikarang, and a successful launch of a landed residential project in Cikarang

28 Historical Marketing Sales

Description 2020 2019 2018 2017 M2 Amount (RpK) M2 Amount (RpK) M2 Amount (RpK) M2 Amount (RpK)

Land Plots - Cikarang 92,966 220,297,389 104,269 252,599,124 59,077 233,445,682 64,166 211,899,435

Land Plots - Kendal 169,907 216,153,572 583,415 722,891,817 132,873 160,188,224 10,724 78,192,961

Standard Factory Buildings 11,843 84,872,976 8,995 67,061,942 13,412 98,321,825 12,745 124,146,085

Landed Houses 36,643 202,295,840 26,335 187,416,062 32,232 291,682,182 14,683 403,522,276

Commercial / Shop Houses 7,157 110,341,523 11,249 231,372,395 21,904 304,234,228 - 266,068,746

Apartments - 20,136,715 - 63,665,272 - 176,955,356 132,479 186,693,695

Tanjung Lesung, Rental & Other - 44,579,526 - 139,389,418 110,405 91,144,760 - 263,514,314

Total 318,516 898,677,540 734,263 1,664,396,030 369,903 1,355,972,257 234,797 1,534,037,512

29 Debt Overview – As of 31 March 2021

Debt Maturity Profile (in million USD) (1) Fixed vs Floating Interest Rate $300.0 1%

Standard Chartered Bank Central Asia Floating Bank Tabungan Negara Bank Negara Indonesia Fixed Global Notes 99%

IDR vs USD Debt 2% $2.7 $1.9 $1.9 IDR $1.0 $0.7 $0.7 $0.5 $0.3 USD 98% 2021 2022 2023 2024

Total Debt as per 1Q21 IDR 4.49 trillion equivalent (1 USD = 14,572 IDR) – average cost of debt 6.57% p.a.

• Bank Tabungan Negara IDR 77bn 11% p.a. Construction Loan (JV w PT PP – Riverview) • Bank Central Asia USD 1.625mn 5% p.a. Project loan (warehouse in logistics park) Bank Loans (1) • Standard Chartered Bank USD 1.87mn 3M LIBOR + 4.15% p.a. Working Capital at Bekasi Power • Bank Negara Indonesia IDR 13bn 11.75% p.a. Construction Loan (JV with Creed - Kawana)

Senior Notes US$ 300 million Guaranteed Senior Notes Due 2023, Coupon of 6.5% p.a. • US$ 200 million notional is hedged by means of call spreads with an average lower strike of 13,021 Rupiah and an average upper strike of 15,997 Rupiah Hedging Practice • Recurring revenue provides stability and visibility of cash flows , which are partially based on USD pricing terms (power & water) providing a natural hedge for USD-denominated interest expenses

Notes: 1 Excludes Rp2bn working capital facility at PT Banten West Java at 9% average interest rate & Finance Lease payables amounting to Rp2.1bn 30 Management Team

Average of more than 25 years of industrial township development experience Board of Commissioners

Setyono Djuandi Darmono Bacelius Ruru Hadi Rahardja Gan Michael President Commissioner Vice President Commissioner Commissioner Commissioner (Founder) Independent Commissioner (Founder)

Board of Directors

Budianto Liman Hyanto Wihadhi Sutedja Sidarta Darmono Tjahjadi Rahardja Setiawan Mardjuki Basuri Tjahaja Purnama President Director Director Director Director Director Director

31 KIJA NAV – As per 31 March 2021

Land bank Size (ha) ASP (Rp million) NAV (Rp bn) Cikarang Inventory 159 4.00 6,352 Land for Development* 1,084 0.55 5,965 Kendal Inventory 1.50 Land for Development* 550 0.35 1,923 Tanjung Lesung Inventory 22 1.00 223 Land for Development* 1,473 0.25 3,683 Morotai Inventory 465 0.20 931 Land for Development 1,328 0.02 265

Subtotal land bank 19,342

Infrastructure & Others (DCF) 2,676

Add (cash, advances, investments in associates, deposits, etc.) 2,678 Deduct (loans, customer advances, etc) (5,623)

Total NAV 19,073 Number of shares (billion): 20.53 NAV per share 929

Share Price (as at March 2021) 176 Discount to NAV 81% * Replacement value

Disclaimer: The purpose of this section is to provide shareholders, bondholders, analysts, brokers/dealers, potential investors and other capital market participants with a general overview of the Company’s internal net asset value (NAV) calculation. The information is provided for quick reference only. The information provided is not an offer to sell securities or the solicitation of an offer to buy securities. The information has been compiled from sources believed to be reliable. The information contained in this section is subject to change without notice, its accuracy is not guaranteed, and it may not contain all material information concerning the Company. The Company makes no representation regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors in or omissions from, any information contained herein.

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