PT Indonesian Paradise Property Tbk Company Presentation Page Title: 24 pt; Nirmala Disclaimer 50 50 50 You must read the following before continuing. The confidential information following this page, the oral presentation of such information and other materials distributed at, or in connection with, the presentation (the "Presentation") is for information purposes only, and does not constitute or form part of any offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for, or any offer to underwrite or otherwise acquire any securities of PT Indonesian Paradise Property Tbk (“Indonesian Paradise Property” or Placeholder Heading the “Company”) or any other securities, nor shall any part of the Presentation or the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto in Singapore, the United States, China, Japan or any other jurisdiction. This Presentation has been prepared solely for Font color – 14/62/78 informational use and may not be taken away, reproduced, referred to publicly or redistributed in whole or in part to any other person. By attending this presentation and/or reading Fill Color – 255/255/255 this Presentation, you are agreeing to be bound by the foregoing and below restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. If you are not the intended recipient of this Presentation, please delete and destroy all copies immediately. Line: 14/62/78 This Presentation is confidential, and all contents of this Presentation are to be kept strictly confidential until the publication of research in accordance with the applicable guidelines. Some of the information in the Presentation is still in draft form, has not been legally verified. This Presentation is intended only for the recipients thereof, and may not be copied, reproduced, retransmitted or distributed by a recipient to any other persons in any manner. Charts/Objects Color Scheme This Presentation contains certain forward-looking statements that may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “depends,” 14 62 78 “projects,” “estimates” or other words of similar meaning and that involve risks and uncertainties. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward- looking statements are based on certain assumptions and expectations of future events which are subject to significant uncertainties and contingencies many of which are beyond 20 92 118 the Company’s control. The Company does not guarantee that these assumptions and expectations are accurate or will be realized. Past performance does not guarantee or predict future performance. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. 27 123 157 Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in demand for tenancy, level of rental income from properties which may decrease for a number of reasons including the lowering of rates, insolvency of 140 140 140 tenants, delay in payment by tenants, changes in operating expenses including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which 190 190 190 are based on the current view of the Company on future events. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.
4 212 240 The information in this Presentation has been prepared by Company and has not been independently verified, approved or endorsed by any selling agent or advisor retained by the Investment Manager. No representation or warranty, express or implied, is made as to, and no reliance, in whole or in part, should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this Analyst Presentation. It is not intended that these materials provide, and you may not rely on these materials as 199 171 115 providing, a complete or comprehensive analysis of Indonesian Paradise Property or any proposed offering. The information and opinions in these materials are provided as at the date of this Presentation, and are subject to change without notice. None of the Company, or any of their respective affiliates, agents, advisers or representatives, makes any representation as to, or assumes any responsibility with regard to, the accuracy or completeness of any information contained herein (whether prepared by it or by any other person) 165 107 124 or undertakes any responsibility for any reliance which is placed by any person on any statements or opinions appearing herein or which are made by the Company or any third party, or undertakes to update or revise any information subsequent to the date hereof, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) nor shall they accept responsibility for any loss or damage howsoever arising from any information or opinions presented in these materials or use of this Presentation or its contents or otherwise arising in connection with this Presentation. Highlight for Tables This Presentation may not be taken or transmitted into the United States, Canada or Japan or distributed directly or indirectly, in the United States, Canada or Japan. No portion of these materials is an offer of securities for sale in any jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration 255 102 0 under the U.S. Securities Act of 1933, as amended (the “Securities Act’).
Key Message
16 113 175 Confidential 2 Page Title: 24 pt; Nirmala Table of contents 50 50 50
Placeholder Heading Font color – 14/62/78 Fill Color – 255/255/255 Line: 14/62/78 1 Overview of INPP
Charts/Objects Color Scheme 14 62 78 20 92 118 2 Key Business Updates 27 123 157
140 140 140
190 190 190 3 Financial Highlights 4 212 240
199 171 115
165 107 124 4 Appendix Highlight for Tables
255 102 0
Key Message
16 113 175 Confidential 3 1. Overview of INPP
Confidential 4 If numbers show well, demonstrate growth in 5Y – like # rooms, NLA etc
Page Title: 24 pt; Nirmala We develop & operate iconic lifestyle destinations in 50 50 50 Indonesia’s key cities Commercial Placeholder Heading 1 (retail & office) 2 Hospitality 3 Property sales Font color – 14/62/78 Fill Color – 255/255/255 Portfolio comprises of 7(2) modern lifestyle Hospitality portfolio comprises of 9 hotel Developer of some of the most iconic Line: 14/62/78 concept malls and 1 premium office tower, brands across 13 hotels, consisting of skyline residential projects in Indonesia - with total commercial net leasable area approximately 2,600(3) rooms from 2-star One Residence, 31 Sudirman Suites and (NLA) of approximately 240,000m2 across business to 5-star business hotels across Beachwalk Residence Bali, Bandung, and Jakarta Bali, Batam, Jakarta, Makassar, and
Charts/Objects Color Scheme Description Yogyakarta
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20 92 118
27 123 157
140 140 140 Keyproperties 1,060 2 190 190 190 36.6mn 387K 193K 59K m IDR 536 bn 2018 Number of (4) 2018 Annual Shopper 2018 Guest Visits 2018 Room Nights Total GFA built Cumulative (4) Traffic(4) Retailers Sold(4) marketing sales 4 212 240
199 171 115 92.6% 3.4 years 71.7% IDR 1.3 mn 367 IDR 24 mn/m2
2Q19 Occupancy(4) 2Q19 WALE(5) 2018 Occupancy(4) 2018 ARR(4) Number of Units Sold Average selling price Keystatistics
165 107 124
Highlight for Tables Track record of delivering growth Internationally recognized for excellence 255 102 0 1.8x 3.2x 4.7x >200 International Revenue Growth Asset Growth Net Income Growth Awards 50 Best of the Best Keystatistics Companies 2016 -2018 Over the past 5 years(1) For our products, designs, & services(3) Key Message
16 113 175 Notes: (1) Based on reported figures from FY13A to FY18A. Confidential (2) Refers to operating and under development retail malls. (3) Refers to operating hotels and current hotels under development. 5 (4) Figures based on Indonesian Paradise Property and Plaza Indonesia Realty combined. (5) Figures based on Indonesian Paradise Property only.
387K 193K 59K m2 IDR 536 bn 36.6mn 1,060 Guest Visits Room Nights Sold Total GFA built Cumulative
Annual Shopper Number of Retailers marketing sales Traffic 64 Number of Office 71.7% IDR 1,3 mn 367 IDR 24 mn/m2 92.6% Tenants 2018 Occupancy 2018 ARR Number of Units Sold Average selling price 2Q19 Occupancy Keystatistics 3.4 years
2Q19 WALE [•] [•] [•] 2017 2017 2015-2018 [•] [•] [•]
Grand Hyatt Awards Best Business Hotel in Jakarta Page Title: 24 pt; Nirmala Diversified business model with financial excellence 50 50 50 & high quality earnings profile
Placeholder Heading Highest One of the largest With a long operating history and strong track record of operational and financial excellence, Font color – 14/62/78 Proportion of recurring income for property companies Listed property companies with recurring income by we have established ourselves as one of the leading developers of iconic integrated (1) (2) Fill Color – 255/255/255 on the Indonesia Stock Exchange (IDX) market capitalization on the IDX developments in Indonesia Line: 14/62/78 (IDRtn) 33.2 17% 23% 49% 26.2 Charts/Objects Color Scheme 60% 23.0 68% 72% 74% 14 62 78 18.6 17.3 83% 77% (IDRbn) 8.6 20 92 118 51% 40% 3.9 13% 11% 0% 3% 73% 32% 28% 26% 27 123 157 LPKR PWON SMRA APLN CTRA BSDE PWON BSDE CTRA LPKR SMRA APLN 6,076 Recurring Non-recurring 8,318 140 140 140 924 207 1,111 – 190 190 190 Diversified income profile One of the best Commercial Hospitality Property sales Landbank Investment Total (1) 4 212 240 Across business segments & geography Capitalized property companies on the IDX % of NAV (3) (Debt to total equity) 199 171 115 Net revenue by segment Net revenue by geography 92% Property 84% Sumatra 165 107 124 sales 71 19 (16) 17% Hospitality 375 24% 52% 47% 36% 43% 1H2019A 1H2019A Bali 45% 32% 321 Highlight for Tables IDR IDR 25% 770 430bn 430bn 255 102 0 47% 31% PWON BSDE LPKR CTRA APLN SMRA Hospitality Commercial Property sales Service Elimination Total Commercial Jawa
Key Message Companies listed on IDX with DIRE (REIT) platform
Notes: Abbreviations represent the following. PWON: Pakuwon Jati Tbk; BSDE: Bumi Serpong Damai Tbk; CTRA: Ciputra Development Tbk; LPKR: Lippo Karawaci; SMRA: 16 113 175 Summarecon Agung Tbk; APLN :Agung Podomoro Land Tbk. Confidential (1) Latest available company filings. (2) Market capitalisation as of 19 August 2019. 6 (3) % of total revenue excluding inter-company eliminations.
With a long operating history and strong track record of operational and financial excellence, we have established ourselves as one of the leading developers of iconic integrated developments in Indonesia Page Title: 24 pt; Nirmala Portfolio overview 50 50 50
Placeholder Heading Batam Font color – 14/62/78 Fill Color – 255/255/255 Balikpapan Line: 14/62/78 Leading player across its core Established and proven business groups track record to grow Jakarta Jababeka Makassar Charts/Objects Color Scheme operational assets
17 Sentul Semarang
14 62 78 development projects Bandung Hotel portfolio consists of over # of keys 8 Bali 2,050 rooms from 5-star luxury Yogyakarta [•] 20 92 118 Across Hospitality, Commercial & hotels to 2-star business hotels in Property sales Batam, Jakarta, Yogyakarta and Bali [•]
27 123 157 Current Upcoming Hospitality
Operational assets developments developments Hospitality 2013A 2018A 140 140 140 Bali Jakarta Bali Balikpapan 2013
Beachwalk Lifestyle Mall Cikini Gold Center Beachwalk Extension Dome CBD Balikpapan Commercial portfolio consists of 190 190 190 Complex NLA (sqm) Park 23 Entertainment FX Sudirman Mall Aloft Hotel high-end luxury and modern [•] Center lifestyle concept malls with total Plaza Indonesia Yello Hotel Jababeka 4 212 240 Presence in cities Harris Tuban Hotel NLA of >220,000 sqm in Jakarta, 10 The Plaza Office Tower Beachwalk Residence New development Maison Aurelia Bandung and Bali [•] across Indonesia Grand Hyatt Hotel 199 171 115 Sheraton Kuta Hotel Batam
Harris FX Suites Commercial Focused on tapping the upper- Semarang Commercial One Residence New development 2013A 2018A 165 107 124 middle income and affordable Bandung Harris Tebet 2013 Keraton Luxury Hotel
markets 23 Paskal Shopping Makassar
Apartment portfolio consists of # of apartments built Center Sentul Yogyakarta Hyatt Place Hyatt Regency Hotel premium apartments and [•] 31 Sudirman Suites condominiums in Batam, with two Highlight for Tables Batam Pop! Sangaji Hyatt Regency Sentul further apartment projects under Harris Batam Center 255 102 0 South Jakarta development in Sentul and [•] Harris Resort Waterfront Commercial
New development Makassar Apartments
Hospitality Apartments
Property sales 2013A2013 2018A Key Message
16 113 175 Confidential 7 Prestech Page Title: 24 pt; Portfolio overview (cont’d) Kindly help layout the pictures nicely Nirmala Would like to have 50 50 50 Commercial portfolio -Beachwalk -Plaza Indonesia Hotels not included are Placeholder Heading Larger• thanKeraton the othersLuxury Hotel Font color – 14/62/78 • Harris FX Fill Color – 255/255/255 • Harris Tebet Line: 14/62/78 • Harris Tuban Hotel
23 Paskal Shopping Center – Bandung Residence 42,000m2 NLA Charts/Objects Color Scheme • FX residence? 14 62 78
20 92 118
27 123 157 Beachwalk Lifestyle Mall – Bali Park 23 Entertainment Center- Bali 2 2 140 140 140 28,600m NLA 12,000m NLA
190 190 190
4 212 240
199 171 115 The Plaza Office Tower – Jakarta 165 107 124 56,477m2 NLA
Highlight for Tables
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Plaza Indonesia – Jakarta FX Sudirman Mall – Jakarta 65,236m2 NLA 31,724m2 NLA Key Message
Note: Only selected hotels included on this page. 16 113 175 Plaza Office Tower, FX Sudirman Mall, and Grand Hyatt are held under DIRE Simas Plaza Indonesia. Confidential 8 Page Title: 24 pt; Nirmala Portfolio overview (cont’d) 50 50 50 Hospitality portfolio
Placeholder Heading Font color – 14/62/78 Fill Color – 255/255/255 Hospitality Line: 14/62/78
Charts/Objects Color Scheme 14 62 78
20 92 118 Sheraton Kuta Hotel – Bali Grand Hyatt– Jakarta 27 123 157 203 rooms 427 rooms Grand Hyatt Hotel – Jakarta Sheraton Kuta Hotel – Bali 427 rooms 203 rooms 140 140 140
190 190 190
4 212 240
199 171 115 Harris Tuban – Bali Maison Aurelia Sanur – Bali Harris Tuban – Bali Maison Aurelia – Bali Keraton Luxury Hotel – 165 107 124 146 rooms 42 rooms Jakarta 140 rooms 146 rooms 42 rooms Harris Hotel Batam Center – Batam 169 rooms Highlight for Tables
255 102 0
Harris Resort Waterfront – Batam Harris Batam Center – Batam POP! Sangaji – Yogyakarta 308 rooms 169 rooms 151 rooms Key Message Harris Resort Waterfront – Keraton Luxury Hotel– Jakarta POP! Sangaji – Yogyakarta 151 rooms Batam 250 rooms 140 rooms Note: Only selected hotels included on this page. 16 113 175 Plaza Office Tower, FX Sudirman Mall, and Grand Hyatt are held under DIRE Simas Plaza Indonesia. Confidential 9 Page Title: 24 pt; Nirmala Portfolio overview (cont’d) 50 50 50 Mixed-use and property sales
Placeholder Heading Font color – 14/62/78 Fill Color – 255/255/255 Line: 14/62/78
Charts/Objects Color Scheme 14 62 78
20 92 118
27 123 157
140 140 140 Beachwalk Expansion – Bali Aloft Hotel 178 rooms, Yello Hotel 145 rooms, Residence 36 units, Retail 6,500m2 NLA One Residence – Batam 331 units 190 190 190
4 212 240
199 171 115
Sentul Mixed Use – South Jakarta (Apartment) 165 107 124 Hospitality 270 rooms 1,500 units
Highlight for Tables
255 102 0
31 Sudirman Suites – Makassar Dome CBD Balipapan (Mixed) – Semarang CBD (Mixed) – Apartment 256 units, Hyatt Place 147 rooms 260,000m2 GSA 170,000m2 GSA Key Message
Note: Only selected developments included on this page. 16 113 175 Confidential 10 Page Title: 24 pt; Nirmala Proven track record of growth supported with 50 50 50 strong support from founder Business Total asset growth and key milestones segment Growth metrics
Placeholder Heading (IDRtn) NLA (sqm) Font color – 14/62/78 Commercial Listing of c. 240,000 Fill Color – 255/255/255 DIRE Simas (retail & Raised stake 1 Plaza (3) Line: 14/62/78 in PLIN to Indonesia(2) office) c. 34,000 36% Raised 2013A 1H2019A IDR2.8tn 23 Paskal Shopping through a # of rooms Charts/Objects Color Scheme rights issue Center Bandung Purchased c. 2,600 14 62 78 26% stake in Maison 2 Hospitality(4) Plaza Aurelia c. 1,100 Indonesia Sanur Hotel 20 92 118 Realty Tbk 2013A 1H2019A (“PLIN”) # of apartments sold 27 123 157 c. 370 8.2 Property 3 140 140 140 Sahid Kuta 7.0 sales 0 HARRIS Lifestyle 6.7 (1) Hotel Batam Resort 2013A 1H2019A2018A Center 190 190 190 POP! Hotel 4.9 5.2 HARRIS Sangaji Suites Strong support and commitment 4 212 240 fxSudirman from founder 2.2 1.8 2.0 199 171 115 1.1 0.8 Boyke Gozali 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 Co-Founder > 30 165 107 124 Years of experience in PT Plaza Indonesia managing leading public Realty Tbk and private companies in Early 2015 2019 Indonesia Highlight for Tables 2000s • Recurring • Hotel to retail Close relations Key affiliations to sales 255 102 0 • Single asset to mixed- With top international hotel In leading firms across • Mixed-use and retail mall operators different industries use Focused on to CBD standalone Mixed-use hotels development Mixed-use development Key Message in CBD areas
Notes: 16 113 175 (1) The Sahid Kuta Lifestyle Resort includes both the Beachwalk Lifestyle Mall and Sheraton Kuta Hotel. Confidential (2) Listing occurred on 4 July 2019. (3) Refers to operating and under development retail malls. 11 (4) Refers to operating hotels and current hotels under development.
Residential
Residential Officetel Page Title: 24 pt; Nirmala Strategy to drive next phase of growth 50 50 50 In the coming years, INPP expansion plan is to progress away from single-asset developments to Placeholder Heading focus on LARGER INTEGRATED PROJECTS Font color – 14/62/78 Fill Color – 255/255/255 Existing Current Developments Upcoming Developments Bali - Park 23 Entertainment Center South Jakarta Line: 14/62/78 Focus and diversify to New Asset Types Cikini Gold Center - Apartment Bali - Harris Tuban Hotel 1.1 Mixed-use / CBD Charts/Objects Color Scheme Bali - Maison Aurelia complex Single asset developments Batam - Harris Batam Center 14 62 78 Batam - Harris Resort Waterfront
2.2 Developments Jakarta - Harris Tebet 20 92 118 with selling components Yogyakarta – POP! Sangaji 27 123 157 Jakarta - Plaza Indonesia Batam Center Complex Sentul - Mixed-use complex - Plaza Indonesia - Harris Batam Center - Hyatt Regency Hotel 140 140 140 - The Plaza Office Tower - One Residence - Apartment - Grand Hyatt Hotel Bali - Sahid Kuta Lifestyle Resort 2 190 190 190 - Keraton Luxury Hotel - Beachwalk Extension Bali - Sahid Kuta Lifestyle Resort 1 - Aloft Hotel 4 212 240 - Beachwalk Lifestyle Mall - Yello Hotel Mixed-use asset - Sheraton Kuta Hotel - Beachwalk Residence 199 171 115 Jakarta - FX Sudirman Lifestyle Mall Makassar - Hyatt Place - FX Sudirman Mall - Hyatt Place 165 107 124 - Harris FX Suites - 31 Sudirman Suites - FX Residence Bandung - 23 Paskal Highlight for Tables - 23 Paskal Shopping Center Bandung 255 102 0 Commercial - Yello Paskal Hospitality Balikpapan - CBD complex (11 Ha) CBD / complex Jababeka - Mixed-use complex (16 Ha) Property sales asset Key Message Semarang – CBD complex
16 113 175 Confidential 12 Page Title: 24 pt; Nirmala Corporate structure
50 50 50 Star East Development Elysium Investment PT Grahatama Kreasibaru Anemone Continental SA Others Corporation Partners Ltd
Placeholder Heading 37.0% 22.1% 20.6% 18.0% 2.2% Font color – 14/62/78 Fill Color – 255/255/255 Line: 14/62/78 Market capitalisation of IDR 8.6tn(1)
Charts/Objects Color Scheme 14 62 78 Commercial Hospitality Property sales Investments Name Stake Name Stake Name Stake Name Stake 20 92 118 Operating assets Operating assets Current / upcoming developments DIRE 35.3%
27 123 157 Park 23 Entertainment 99.9% HARRIS Tuban 100.0% One Residence 99.9% Grand Hyatt Jakarta Center Beachwalk Shopping 140 140 140 57.9% HARRIS Batam Center 99.9% 31 Sudirman Suites 60.0% Plaza Indonesia Shopping Center Center 23 Paskal Shopping 51.0% Maison Aurelia Sanur 99.9% The Plaza Office Tower 190 190 190 Center Bandung Beachwalk Residence 57.9% POP! Sangaji Yogyakarta 92.7% 4 212 240 Mall operator / service Hyatt Regency Sentul 51.0% fX Sudirman HARRIS Resort 60.0% Waterfront Cornerstone 60.0% PIM 44.1% 199 171 115 Sheraton Bali Kuta Resort 57.9% Current / upcoming developments HARRIS Suites fX Keraton Luxury Hotel 51.0% 165 107 124 Sudirman Beachwalk Extension 57.9% HARRIS Tebet 27.5% Mayfair
Current / upcoming developments Landbank Highlight for Tables Hyatt Place Makassar 60.0%
255 102 0 Aloft Kuta 57.9%
Hyatt Regency Sentul 51.0% Yello Kuta 57.9% Key Message Listed entities Note: 16 113 175 (1) Market capitalisation as of 19 August 2019. Confidential 13
Valuation NLA Valuation Unsold Name Stake Keys Occupancy (IDR bn) Name Stake (sqm) Occupancy (IDR bn) Name Stake Rooms Occupancy GDV GDV HARRIS Resort 51.0% [308] 65.0% 247 Plaza One Waterfront Indonesia [ ] 300 [ ] 36.4% 71,170 94.8% 7,170 Residence HARRIS Hotel Shopping 27.5% [180] 80.0% [ ] Tebet Center Total - 300 - HARRIS Hotel 99.9% [168] 71.8% 160 The Plaza Batam Center 36.4% 56,637 87.8% 3,644 HARRIS Hotel Office Tower 100.0% [146] 77.0% 104 Tuban 23 Paskal HARRIS Suites 50.9% [143] 85.3% 171 Shopping fX Sudirman 51.0% 41,337 98.5% 710 Center Grand Hyatt 36.4% [427] 63.2% 3,551 Bandung Jakarta fX Sudirnam Sheraton Bali 36.4% 31,802 95.2% 669 55.0% [203] 87.0% 1,107 Kuta Resort Jakarta POP! Hotel Beachwalk 92.7% [151] 79.1% 64 Sangaji Shopping 55.0% 28,250 93.7% 2,056 Keraton at the Center 36.4% [140] [ ] 913 Plaza Park 23 Hotel Maison Entertainment 99.8% 11,714 74.7% 221 99.8% [42] 76.4% 65 Aurelia Center Total - [ • ] [73.4%] [ ] Total - 240,910 92.7% [ ] 2. Key business updates
Confidential 14 Page Title: 24 pt; Nirmala Update on key management team 50 50 50 Dedicated and professional management team Board of Directors
Placeholder Heading Current: Mr Santoso has been serving as a member of the Board of Commissioner at several companies under Indonesian Paradise Property Font color – 14/62/78 Agoes Soelistyo Fill Color – 255/255/255 Past: He served as CEO of Indonesian Paradise Property from 2002–2018, a Director of Budi Acid Jaya (1992-1996) Santoso and President Director of Ometraco Corporation (1996-2000), working as a Finance & Accounting Manager prior Line: 14/62/78 Education: He graduated with a Bachelor’s degree from the Faculty of Economics, Parahyangan Catholic University, in 1985 Charts/Objects Color Scheme Current: Mr Susilo is the Chief Executive Officer of Indonesian Paradise Property
14 62 78 Anthony Past: He has held multiple directorships from 2012 to 2015. Prior to this, he was a Vice President of Principia Prabowo Susilo Management Group and Cardig Air from 2008 to 2015 20 92 118 Education: He obtained his Bachelor of Science degree, majoring in Business Administration, concentration in Finance and Accounting, from Georgetown University 27 123 157 Current: Mr Rendradjaja has been serving as Chief Project Design and Planning of Indonesian Paradise Property 140 140 140 Patrick Santosa Past: Prior to this, he was an Architect at Atelier 6 Group and a Project Coordinator at Lippo City Development Rendradjaja from 1989 to 2000 190 190 190 Education: He graduated with a Master of Science in Architecture from Delft Technical University, The Netherlands, in 1986 4 212 240
199 171 115 Current: Mrs Solaiman currently serves as a Chief Financial Officer at Indonesian Paradise Properety Diana Solaiman Past: From 1992 to 2001 she worked as a Finance & Accounting Manager at several companies including Putera 165 107 124 Ometraco Electric and Ometraco Corporation Education: She graduated with an MBA from Philippine Christian University in 1992
Highlight for Tables Current: Mr Nartates is the Chief Investor Relation of Indonesian Paradise Property 255 102 0 Alexander N. Past: From 1979 to 2014 he worked as a Corporate Finance at several companies including PT Arwana Citramulia Nartates Tbk and PT Kawasan Industri Jababeka Tbk
Education: He graduated from Colegio de San Juan De Letran – Intramuros in 1975 Key Message
16 113 175 Confidential 15 Page Title: 24 pt; Nirmala Illustrative DIRE financial impact on INPP 50 50 50 Pre DIRE Post DIRE
Placeholder Heading Plaza Indonesia DIRE Font color – 14/62/78 (“PLIN”) 95.4% 100.0% Fill Color – 255/255/255 Stabilized assets Line: 14/62/78 PIR SMI transferred to Key operational DIRE Subsidiaries Joint ventures assets
Charts/Objects Color Scheme 100% ownership SMI – 80.6% PIJ – 70% 14 62 78 Creation of a JPI – 30% capital recycling PIM platform for INPP
20 92 118 (Non-DIRE) Structure PIU (land bank) – 100.0% 27 123 157 99.99% Recurring stream 140 140 140 of cash dividends Land Bank 190 190 190
4 212 240
199 171 115
Pre DIRE (IDRbn) Post DIRE (IDRbn)
165 107 124 Investment in PLIN (36.41%) 3,787 Investment in DIRE (35.31%) 3,673
Investment in Non-Dire (44.08%) 734 Equity share in PLIN’s P&L 4 years average 93 Highlight for Tables Gain on sale of PLIN 1,799 Dividends received since 2015 to 2019 (311)
255 102 0 Expected annual distributions from DIRE 220.3 Financial impact Financial Average ROI c.3% Average ROI on DIRE ±6%
Key Message
16 113 175 Confidential 16
PreDire (In IDR bn) Post DIRE (In IDR bn)
Investment in PLIN (36.41%) 3,786.6 Investment in DIRE XSPI (35.31%) 3,672.6 Investment in PIM (44.08%) 734.1 Equity share in PLIN’s P&L 4 years average 93.4 Gain on sales of PLIN 1,798.9
Dividends received since 2015 Projected Dividend from DIRE’s 220.3 to 2019 (311.0)
Average ROI 2.5% Average ROI on DIRE 6%
Superior local network providing access to new land Page Title: 24 pt; opportunities Nirmala INPP’s enhanced competitive advantage Ability to control 50 50 50 cost margins INPP’s superior end-to-end value chain… …translates to unique execution capabilities which through in-house creates competitive advantage design and Placeholder Heading construction management
Font color – 14/62/78 Superior local network providing access to new land Fill Color – 255/255/255 opportunities, including via collaborations with Initial steps Long term Line: 14/62/78 Project identification / acquisition through wholly-owned / joint land owners to jointly develop projects partnership with venture basis local contractors
Charts/Objects Color Scheme Ability to control cost margins through in-house 14 62 78 Pre-development design and construction management Project design, building permitting, approvals, pre-marketing and 20 92 118 construction financing
27 123 157 Long term partnership with local contractors
Development business model business Development Construction 140 140 140 Contracting, foundation, base-building Disposal of assets to
190 190 190 Plaza Indonesia DIRE
4 212 240 Completion/ High quality earnings profile driven by recurring Create recurring Lease-up / for-sale nature long-term fee income income Maximize asset valuation through securing competitive rents , and development 199 171 115 Recurring room rates and high occupancies, or sale of residential units earnings
165 107 124 Competitive edge vs. other Indonesia property Asset Recycling Recycle capital through potential injection into Plaza Indonesia companies – ability to leverage on DIRE as capital
Capital DIRE recycling platform to fund growth
Highlight for Tables recycling
255 102 0 One of the three IDX listed companies with a listed REIT/DIRE platform; one of the two with an Indonesian listed DIRE platform(1) Key Message
Note: 16 113 175 (1) Three companies listed on IDX with DIRE / REIT platform include INPP, BSDE, and LPKR. Two companies listed on IDX with Indonesia DIRE platform include INPP and BSDE. Confidential 17 Page Title: 24 pt; Nirmala Current and upcoming project launches 50 50 50 Current Upcoming
Placeholder Heading Font color – 14/62/78 Fill Color – 255/255/255 Beachwalk Sentul Mixed Dome CBD One Residence Makassar Semarang South Jakarta Line: 14/62/78 Expansion Use Balikpapan
Location Batam Makassar Bali Sentul Balikpapan Semarang Ciputat
Charts/Objects Color Scheme Project site area (m2) 3,883 3,752 17,040 18,668 84,000 90,000 18,000 2 14 62 78 Total GSA (m ) 24,960 45,881 56,405 71,884 260,000 170,000 104,000 Product type Property sales Hospitality Commercial Hospitality Commercial Commercial Property sales 20 92 118 (Residential) (Hyatt Place) Hospitality Property sales Hospitality Hospitality (Residential) Property sales Property sales (Residential) Property sales Property sales (31 Sudirman (Residential) (Residential) (Residential) 27 123 157 Suites)
140 140 140 Project commencement August 2017 July 2019 April 2017 2020 2020 2020 2021 Estimated completion November September March 2022 2023 2026 2024 2025 190 190 190 2019 2020 Total number of rooms / 331 units Hyatt Place: Aloft Hotel: Hospitality: n.a. n.a. n.a. 4 212 240 units 147 rooms 178 rooms 270 rooms 31 Sudirman Yello Hotel: Property sales: Suites: 256 145 rooms 350 units 199 171 115 units Property sales: 36 units 165 107 124 Target segment for Middle-upper Upper Upper Middle-upper Middle Middle Middle property sales
Highlight for Tables Property sales status Units sold: Units sold: 37 Units sold: 18 n.a. n.a. n.a. n.a. 312 (95%) (20%) (50%) 255 102 0 GSA sold: GSA sold: GSA sold: 23,319m2 5,867m2 2,375m2 Marketing Marketing Marketing sales: IDR sales: IDR sales: IDR Key Message 321bn 125bn 90bn
Note: Data as of 30 June 2019. 16 113 175 Confidential 18 Page Title: 24 pt; Nirmala Update on Beachwalk Lifestyle mall and extension 50 50 50
Placeholder Heading Font color – 14/62/78 Fill Color – 255/255/255 Line: 14/62/78
Charts/Objects Color Scheme Aloft Yello 14 62 78
20 92 118
27 123 157 Current Sahid Kuta Lifestyle Resort(1) and Expansion development Beachwalk Extension Beachwalk Residence 140 140 140
190 190 190 Key project highlights Key details of property extension
Located alongside each other at the heart 4 212 240 Iconic of Kuta – one of the most popular areas for (Extension) 1 destination tourists in Bali 199 171 115 Estimated 2020 2020 2020 2020 completion
165 107 124 Internationally recognized 5-star hotel Estimated Hospitality located at beachfront, with c.90% IDR107bn IDR86bn IDR200bn IDR65bn 2 offering occupancy and consistently growing renovation cost average room rate (ARR) Highlight for Tables NLA / Number of 5,325 sqm 145 rooms 178 rooms 36 units rooms ( unit ) 255 102 0 Built its reputation as one of the most Retail recognised integrated shopping malls in Estimated ARR / IDR 50mn / 3 opportunity Bali with occupancy rates that have Selling price at IDR368k IDR550k IDR1.1m sqm consistently been over 95% completion Key Message
Note: 16 113 175 (1) The Sahid Kuta Lifestyle Resort includes both the Beachwalk Lifestyle Mall and Sheraton Kuta Hotel. Confidential 19 Page Title: 24 pt; Nirmala Landbank for upcoming development 50 50 50
Location Land Area Appraisal value by location(1) Placeholder Heading Font color – 14/62/78 Fill Color – 255/255/255 Jakarta – Ciputat 1.9 ha. Line: 14/62/78 Jakarta 5.1% Tangerang – Ciater 4.0 ha. Charts/Objects Color Scheme Balikpapan Tangerang 21.8% 12.3% 14 62 78
Cikarang – Jababeka 16.0 ha. 20 92 118
27 123 157 Batam IDR Bogor – Sentul 1.8 ha. 5.2% 140 140 140 1,834bn Manado 190 190 190 0.6% Cikarang Manado 0.2 ha. 30.5% 4 212 240
199 171 115 Batam – Waterfront 3.0 ha. Sentul 24.5% 165 107 124
Balikpapan - CBD 8.4 ha. Location of land bank aligned with broader strategy: To Highlight for Tables develop assets located in attractive cities focused on tapping the upper-middle income and affordable markets 255 102 0 Total 35.3 ha.
Key Message
Note: 16 113 175 (1) Only includes assets directly owned by INPP. Confidential 20 3. Financial highlights
Confidential 21 Page Title: 24 pt; Nirmala 2Q 2019 results overview 50 50 50
Placeholder Heading Net Revenue Recurring Revenue Gross operating profit Font color – 14/62/78 Fill Color – 255/255/255 1H2019 2Q2019 1H2019 2Q2019 1H2019 2Q2019 Line: 14/62/78 IDR IDR IDR IDR IDR IDR Charts/Objects Color Scheme 430bn 195bn 357bn 180 bn 272bn 131bn 14 62 78
20 92 118 28.3% yoy 14.8% yoy 6.6% yoy 5.9% yoy 14.4% yoy 8.1% yoy 27 123 157
140 140 140 Profit Before Tax Total Assets Total Equity 190 190 190
4 212 240 1H2019 2Q2019 1H2019 1H2019
199 171 115 IDR IDR IDR IDR 165 107 124 1,878bn 1,796bn(1) 8,179bn 6,205bn
Highlight for Tables n.m.(1) n.m. (2) 21.7% yoy 47.4% yoy 255 102 0
Key Message
Notes: 16 113 175 (1) On June 21 and 24 2019, the Company released 1,292,525,024 shares of ownership in PT Plaza Indonesia Realty Tbk at a price of IDR 3,740 per share. Confidential (2) Company recorded loss in 1H18 and 2Q18. 22 770 19 596 579 587 547 71
375 430 236 252 196 293 8 88 200 344 335 351 303 321 141 2014 2015 2016 2017 2018 1H2019 Hospitality Commercial Apartment Services
Recurring revenue growth Page Title: 24 pt; (IDRbn) Nirmala Key financial highlights 699 579 598 50 50 50 587 547
357 Placeholder Heading Net revenue(1) Gross operating profit (GOP) and EBITDA trend Font color – 14/62/78 (IDR bn) (IDR bn) Fill Color – 255/255/255 770 4 73% 72% 68% 67% 64% 71% 63% 71 73 Line: 14/62/78 598 71 – – 587 – – 579 547 2 43% 40% 32% 33% 34% 31% 32%
2014 2015 2016 2017 2018 1H 2019 375 430 Charts/Objects Color Scheme 236 253 207 293 Recurring revenue Development income 335 73 14 62 78 – 201 490 182 422 422 373 402 343 335 341 20 92 118 303 321 238 272 153 157 250 232 259 178 196 105 135 27 123 157 2014 2015 2016 2017 2018 1H 2018 1H 2019 2014 2015 2016 2017 2018 1H2018 1H2019
GOP EBITDA GOP margin EBITDA margin 140 140 140 Hospitality Commercial Apartment Others
Debt / equity CS calc 190 190 190 Debt to equity / net debt to equity Debt to asset / net debt to asset (%) (%) CS calc net debt / 4 212 240 49% 28% 0.49x 25% EBITDA 40% 22% 0.40x 199 171 115 6.27x 35% 19% 0.35x 31% 18% 17% 0.31x 15% 16% 0.26x 165 107 124 25% 26% 25% 13% 4.77x 0.24x 0.25x 12% 19% 18% 10% 0.19x 15% 3.69x 0.15x 0.13x 13% 6% 0.07x 0.07x Highlight for Tables 7% 1.76x 255 102 0 1.22x 2014 2015 2016 2017 2018 1H 2019 2014 2015 2016 2017 2018 1H2019 2014 2015 2016 2017 2018 1H20192Q2019 Debt to asset Net debt to asset Total debt / equity Net debt / equity Debt to equity Net debt to equity Key Message 2014 2015 2016 2017 2018 Notes: Exchange rate of USD1 : IDR13,996 used. 16 113 175 FY17 financials are restated for the 60% acquisition of PT Pop Properti Indonesia in April 2018, which engages in property retail management. Confidential (1) Others include Services and Elimination. 23 Page Title: 24 pt; Nirmala Estimated appraised value of assets 50 50 50 Assets INPP value Book value Start of INPP Asset valuation Category (based on % (as of 30 June Project Location operation stake (%) (IDRm) Placeholder Heading stake) 2019) Font color – 14/62/78 Sheraton Hotel Kuta Bali 2012 672,854 389,547 284,141 Fill Color – 255/255/255 Beachwalk Mall Bali 2012 57.89% 1,431,802 828,938 623,107 SKLR II Bali Development 521,484 301,912 290,170 Line: 14/62/78 Flagship / Harris Hotel Batam Center Batam 2011 159,927 159,767 56,967 Mixed-use 99.90% One Residence Batam Center Batam Development 331,227 330,896 229,768 Charts/Objects Color Scheme Hyatt Place Makassar Development 117,375 70,425 68,631 60.00% 14 62 78 31 Sudirman Suites Makassar Development Flagship / Mixed Used - Sub Total 3,234,669 2,081,484 1,552,783 20 92 118 Harris Hotel Tuban Bali 2002 100.00% 107,812 107,812 71,530 27 123 157 23 Paskal Mall Bandung 2017 51.00% 754,097 384,589 399,485 Maison Aurelia Sanur - Hotel Bali 2016 99.88% 65,085 65,007 49,703 140 140 140 Single - Harris Hotel Suites fX Sudirman Jakarta 2011 51.00% 171,275 87,350 54,394 Assets Harris Resort Waterfront Batam Batam 2008 60.00% 215,972 129,583 80,917 190 190 190 Pop Hotel Sangaji Tugu Yogyakarta 2012 92.71% 63,761 59,114 36,425 Cikini Gold Center Jakarta 2006 30.60% - - - 4 212 240 Park 23 Mall Bali 2015 99.88% 232,330 232,051 88,619
199 171 115 Single Assets - Sub Total 1,610,332 1,065,507 781,072 Manado Land Manado Development 99.98% 11,299 11,297 8,322 165 107 124 Landbank CBD Balikpapan Balikpapan Development 55.00% 398,914 219,403 109,872 Sentul Land Jakarta Development 51.00% - - 19,818
Landbank - Sub total 410,213 230,699 138,012 Highlight for Tables PLIN DIRE Assets 35.31% 14,999,173 5,296,208 3,672,568 255 102 0 Investment PLIN Non Dire Assets 44.08% 1,769,226 779,875 734,090
Investment - Sub total 16,768,399 6,076,083 4,406,658 Key Message TOTAL ASSETS VALUE 22,023,613 9,453,774 6,878,526
Notes: Book value of PLIN DIRE assets and PLIN non-DIRE assets represent 35.3% and 41.4% of the appraisal value of each asset. Appraisal values for PLIN DIRE and PLIN non- 16 113 175 DIRE assets as IDR 15.0tn and 1.8tn respectively. Confidential Assets are valued by several Appraisers, KJPP Rengganis Hamid & Rekan, KJPP Ihot Dollar Raymon, KJPP Yanuar Bey. Appraised valuation for each asset based on latest available valuation report. 24
4. Appendix
Confidential 25 Page Title: 24 pt; Nirmala Dire Simas Plaza Indonesia structure 50 50 50
Placeholder Heading Font color – 14/62/78 DIRE Unit Holder Fill Color – 255/255/255 Ownership Line: 14/62/78 Distributions of Units Investment Management Custodian Bank PT Sinarmas Asset Services Fees PT Bank CIMB Charts/Objects Color Scheme DIRE Simas Plaza Management Niaga Tbk Indonesia 14 62 78 (Investment Manager) Investment Management Acts on behalf of (Custodian Bank) Fees Unitholders Ownership Dividends 20 92 118 99.9%
27 123 157 PT Plaza Indonesia Investama 140 140 140 Ownership Dividends 190 190 190 95.37% PT Plaza Indonesia 4 212 240 Property Management Fees 100.0% PT Sarana Mitra Investama Realty Tbk ("SMI") ("PIR") 199 171 115 73.9% 165 107 124 PT Plaza Lifestyle Prima ("PLP")
Highlight for Tables Property Management 255 102 0 PT Plaza Nusantara Realti Services Plaza Indonesia, DIRE ("PNR") The Plaza, Grand Assets fX Sudirman (Property Manager) Hyatt Jakarta Key Message
16 113 175 Confidential 26 Page Title: 24 pt; Nirmala Debt maturity profile as of 30 June 2019 50 50 50
Debt maturity schedule Placeholder Heading (IDRbn) Font color – 14/62/78 Debt balance by currency Fill Color – 255/255/255 Line: 14/62/78
Charts/Objects Color Scheme USD IDR 14 62 78 45.8% 1,530bn IDR 20 92 118 554 54.2% 27 123 157 93 140 140 140 371 190 190 190 273 4 212 240 32 461 199 171 115 141 371 116 165 107 124 241 76 116 141 76 Highlight for Tables 2019E 2020E 2021E 2022E 2023E 2024E and beyond 255 102 0
Corporate level debt Project level debt Key Message
Note: 16 113 175 (1) Assumed exchange rate of IDR 14,000:USD 1 to convert USD to IDR. Confidential 27