Company Presentation February 2020 Page Title: 24 pt; Nirmala Disclaimer 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 50 50 50 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 You must read the following before continuing. This presentation (the "Presentation") is for information purposes only, and does not constitute or form part of any offer or invitation to sell or the subscribe for, or any offer to underwrite or otherwise acquire any securities of PT Indonesian Paradise Property Tbk (“Indonesian Paradise Property” or the “Company”) or any other securities, nor 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 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 Property” or 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 thereto in Indonesia, Singapore, the United States, China, Japan or any other jurisdiction. This Presentation has been prepared solely for informational use and may not be taken away, Placeholder Heading contract, commitment or investment decision in relation thereto in Indonesia, Singapore, the United States, China, Japan or any other jurisdiction. This Presentation has been prepared solely for reproduced, referred to publicly or redistributed in whole or in part to any other person. By attending the meeting where the Presentation is made and/or by reading this Presentation, you are informational use. By reviewing this Presentation, you are agreeing to be bound by the foregoing and below restrictions and represent that you are a person who is permitted under applicable law agreeing to be bound by the foregoing and below restrictions and represent that you are a person who is permitted under applicable law and regulation to receive information of the kind contained Font color – 14/62/78 and regulation to receive information of the kind contained in this Presentation. This Presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or in this Presentation. This Presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other Fill Color – 255/255/255 resident or located in any locality, state, country or other jurisdiction where such distribution, transmission, publication, availability or use would be contrary to law or regulation or which would jurisdiction where such distribution, transmission, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. require any registration or licensing within such jurisdiction. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. If you are not the intended recipient 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 Line: 14/62/78 of this Presentation, please delete and destroy all copies immediately. immediately.

Some of the information in the Presentation is still in draft form and has not been independently verified. 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 and has not been legally verified. 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,” “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, This Presentation contains certain forward-looking statements that may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “depends,” “projects,” 14 62 78 statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on “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, certain assumptions and expectations of future events which are subject to significant uncertainties and contingencies many of which are beyond the Company’s control. The Company does not statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on 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 certain assumptions and expectations of future events which are subject to significant uncertainties and contingencies many of which are beyond the Company’s control. The Company does not 20 92 118 results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. 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. Representative examples of these factors include (without limitation) general industry and economic conditions, government policies and actions, interest rate trends, cost of capital and capital 27 123 157 availability, competition, shifts in demand for tenancy, levels of tourism, amount of business travel, level of rental income from properties which may decrease for a number of reasons including the 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 lowering of rates, insolvency of tenants, delay in payment by tenants, changes in operating expenses including employee wages, benefits and training, governmental and public policy changes and 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 tenants, delay in 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 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 140 140 140 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 amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the subsequent developments, information or events, or otherwise. 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. 190 190 190 The information in this Presentation has been prepared by the Company and has not been independently verified, approved or endorsed by any other party. 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 Presentation. It is not The information in this Presentation has been prepared by the Company and has not been independently verified, approved or endorsed by any underwriter, selling agent or advisor retained by the intended that these materials provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of Indonesian Paradise Property. The information and opinions Company. It is not intended that these materials provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of Indonesian Paradise Property or any 4 212 240 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 its affiliates, agents, advisers or representatives, 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 makes any representation as to, or assumes any responsibility with regard to, the accuracy or completeness of any information or opinions contained herein (whether prepared by it or by any other underwriter, selling agent or advisor appointed by the Company, or any of its or their respective affiliates, agents, advisers or representatives, makes any representation as to, or assumes any person) 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 responsibility with regard to, the accuracy or completeness of any information or opinions contained herein (whether prepared by it or by any other person) or undertakes any responsibility for any 199 171 115 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 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 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 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 its contents or otherwise arising in connection with this Presentation. 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 165 107 124 with this Presentation. This Presentation also contains certain statistical data and analyses (the “Statistical Information”) which have been prepared in reliance upon information furnished by the Company and/or other sources. Numerous assumptions were used in preparing the Statistical Information, which assumptions may or may not appear herein. As such, no assurance can be given as to the Statistical This Presentation also contains certain statistical data and analyses (the “Statistical Information”) which have been prepared in reliance upon information furnished by the Company and/or other Information’s accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present sources. Numerous assumptions were used in preparing the Statistical Information, which assumptions may or may not appear herein. As such, no assurance can be given as to the Statistical market conditions or future market performance. Information’s accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present Highlight for Tables market conditions or future market performance. No portion of these materials is an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Any public offering of securities to be made in the United States will be made by means of a 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 255 102 0 prospectus that may be obtained from the issuer or a selling security holder and that will contain detailed information about the Company and management, as well as financial statements. Neither 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 under the U.S. Securities Act of the Company nor any seller of securities intends to register any portion of any offering in the United States or to conduct a public offering of securities in the United States. This Presentation is not 1933, as amended (the “Securities Act”). Neither the Company nor any seller of securities intends to register any portion of any offering in the United States or to conduct a public offering of an offer of securities for sale in the Republic of Indonesia and does not constitute a public offering in Indonesia under the Indonesian Law No. 8 of 1995 on Capital Markets and its implementing securities in the United States. This Presentation is not an offer of securities for sale in the Republic of Indonesia and does not constitute a public offering in Indonesia under the Indonesian Law regulations. No. 8 of 1995 on Capital Markets and its implementing regulations. Key Message 16 113 175

Confidential | 1 Plaza Indonesia – Jakarta

I. Company overview

2 Page Title: 24 pt; Nirmala An established integrated developer of iconic 50 50 50 properties across key cities in Indonesia

Placeholder Heading Target the Font color – 14/62/78 Fill Color – 255/255/255 Experienced Team Upper Middle Class in Indonesia through Line: 14/62/78 behind the success of various Quality Assets within its landmark projects Charts/Objects Color Scheme Integrated Ecosystem 14 62 78 Replicated Success 20 92 118 across key cities in Indonesia 27 123 157

140 140 140

190 190 190

4 212 240

199 171 115

165 107 124

Highlight for Tables

255 102 0

Key Message 16 113 175

Confidential | 3 Page Title: 24 pt; Nirmala Focused business model on four key verticals 50 50 50

Placeholder Heading 1 COMMERCIAL 2 HOSPITALITY 3 PROPERTY SALES 4 INVESTMENT Font color – 14/62/78 Fill Color – 255/255/255 (1) Portfolio comprises of 3 Hospitality portfolio comprises Developer of over 600 35.3% stake in Plaza Line: 14/62/78 modern lifestyle concept 7 operating hotels under 7 exclusive units of high rise Indonesia DIRE, the largest malls, with total commercial brands, consisting of residential projects that Indonesian REIT with market net leasable area (NLA) of approximately 1,600 rooms complements the commercial cap of IDR 15.6tn(4) approximately 85,000m2 from 2-star business to 5-star or hospitality development Charts/Objects Color Scheme

Description across Bali & Bandung hotels across Jakarta, Bali, within the same area, located 14 62 78 Batam, Makassar & Yogyakarta in Batam, Makassar & Bali

20 92 118

27 123 157

140 140 140 Minority stakes in Keraton at Keyproperties The Plaza, HARRIS Hotel 190 190 190 Tebet, and Landbank IDR 375bn IDR 321bn IDR 542bn(3) 4 212 240 2018 Net Revenue 2018 Net Revenue Cumulative marketing sales 199 171 115 90% 77% 372 2018 Occupancy Rate(2) 2018 Occupancy Rate(2) Number of units sold 165 107 124 Keystatistics

Highlight for Tables Financial snapshot Internationally recognized for excellence 255 102 0 IDR 770bn IDR 259bn 91%(5) >200 International Awards Net Revenue EBITDA Recurring Revenue For our products, designs, & services Trifecta Awards Recipient of 50 Best Publicly Listed FY 2018 Companies Award from 2016-2018 Key Message

Notes: 16 113 175 (1) Refers to operating and under development retail malls. (2) Weighted average occupancy rate. (3) As of 9M2019. (4) Market cap as of 22 January 2020. (5) Revenue from Commercial, Hospitality and Other segments divided by total company revenue. Confidential | 4 Page Title: 24 pt; Nirmala Presence across key cities in Indonesia 50 50 50

Placeholder Heading Presence in 10 cities 16 operational assets 7 projects under development Font color – 14/62/78 across Indonesia Across Hospitality, Commercial & In strategically chosen locations across Fill Color – 255/255/255 Focused on tapping the upper-middle Property sales Indonesia income population Line: 14/62/78 Net revenue by segment

Property sales Charts/Objects Color Scheme 17% Hospitality 14 62 78 36% 1H2019A Batam* IDR20 92 118 430bn Balikpapan Has operational assets 27 123 157 Has current developments 47% Cikarang Commercial 140 140 140 Jakarta Makassar Has upcoming developments Sentul Semarang 190 190 190 Bandung Bali* Net revenue by geography(1) Yogyakarta 4 212 240 Sumatra

199 24%171 115 Batam Jakarta Bandung Yogyakarta Bali 1H2019A Bali 45% 165 107 124 6u IDR 430bn 2 2 4 1 1 2 3 Retail Mall Hotel Retail Malls Hotels Highlight31% for Tables Hotels Retail Malls Hotels

255 102Jawa 0 1.3mn 10.5mn 2.5mn 3.8mn 4.3mn Population Population Population Population Population

Key Message

Source: Cushman and Wakefield 16 113 175 Note: *Bali and Batam have operational assets as well

Confidential | 5 Page Title: 24 pt; Nirmala Diversified business model with high quality, 50 50 50 resilient earnings profile

Placeholder HeadingIDR 13.8bn INPP relative to its listed peers Font color – 14/62/78 (1) Fill Color – 255/255/255 Debt to total equity (%) Line: 14/62/78 120%

Charts/Objects Color Scheme Highest

14 62 78 100% Proportion of recurring revenue IDR 20 92 118 13.8tn IDR 3.2tn Lowest 80% Proportion of debt to total equity 27 123 157 SMRA APLN One of the largest 140 140 140 Listed property companies with recurring IDR income by market capitalization on the (2) 190 190 190 60% 18.1tn CTRA IDX

4 212 240 IDR Highest % of IDR 16.3tn recurring 199 171 115 40% 22.5tn income and IDR lowest debt 165 107 124 27.0tn LPKR to total IDR equity BSDE 11.0tn INPP 20% amongst its peers Highlight for Tables PWON 255 102 0 % of recurring revenue(2) 0% 20% 30% 40% 50% 60% 70% 80% 90% Key Message *Size of bubble represents market cap(3)

Source: company filings, Bloomberg 16 113 175 Notes: Abbreviations represent the following: APLN – Agung Podomoro Land Tbk; BSDE – Bumi Serpong Damai Tbk; CTRA – Ciputra Development Tbk; LPKR – Lippo Karawaci; PWON – Pakuwon Jati Tbk; SMRA: Summarecon Agung Tbk. (1) Book value of debt to market value of equity. (2) Recurring revenue as defined in each of the company’s filings. For INPP, it is the revenue derived from commercial and hospitality segments. (3) As of 22 Jan 2020. Confidential | 6

…with highest proportion of recurring income for property One of the least leveraged property companies on the IDX… companies on the Indonesia Stock Exchange (IDX)(2) (Debt to total equity) 92% 84% (IDRtn33.2) 17% 23% 26.2 49% 23.0 60% 68% 72% 74% 18.6 17.3 52% 47% 43% 83% 77% 8.6 3.9 51% 32% 40% 25% 32% 28% 26% PWON BSDE CTRA LPKR SMRA APLN LPKR PWON SMRA APLN CTRA BSDE Recurring Non-recurring

PWON BSDE LPKR CTRA APLN SMRA Can we show more companies? Currently INPP doesn’t rank well Page Title: 24 pt; Nirmala Portfolio overview 50 50 50 Commercial portfolio

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

190 190 190 beachwalk Lifestyle Mall – Bali 27,991 m2 NLA 4 212 240

199 171 115

165 107 124

Highlight for Tables

255 102 0

23 Paskal Shopping Center – Bandung Park 23 Entertainment Center – Bali 41,520 m2 NLA 11,510 m2 NLA Key Message 16 113 175 Note: Only selected commercial assets included on this page.

Confidential | 7 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 Line: 14/62/78

Charts/Objects Color Scheme 14 62 78

20 92 118

27 123 157 Sheraton Kuta Hotel – Bali Maison Aurelia – Bali 140 140 140 203 rooms 42 rooms

190 190 190

4 212 240

199 171 115 HARRIS Hotel Tuban – Bali HARRIS Hotel Batam Center – Batam 166 rooms 166 rooms 165 107 124

Highlight for Tables

255 102 0

HARRIS Resort Waterfront – Batam HARRIS fX Suites – Jakarta POP! Sangaji – Yogyakarta 250 rooms 144 rooms 150 rooms Key Message 16 113 175 Note: Only selected hospitality assets included on this page.

Confidential | 8 Page Title: 24 pt; Nirmala Portfolio overview (cont’d) 50 50 50 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 beachwalk Expansion – Bali Aloft Hotel (178 rooms), Yello Hotel (145 rooms), Residence (36 rooms), Retail 5,325m2 NLA 140 140 140

190 190 190

4 212 240

199 171 115

165 107 124

Highlight for Tables

255 102 0

One Residence – Batam 31 Sudirman Suites – Makassar Residence (331 units) Residence (256 units), Hyatt Place (147 rooms) Key Message 16 113 175 Note: Only selected developments included on this page.

Confidential | 9 Page Title: 24 pt; Nirmala Portfolio overview (cont’d) 50 50 50 Investments portfolio

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 Plaza Indonesia – Jakarta The Plaza Office Tower – Jakarta 73,002 m2 NLA 54,162 m2 NLA 140 140 140

190 190 190

4 212 240

199 171 115 Grand Hyatt Hotel – Jakarta 427 rooms 165 107 124

Highlight for Tables

255 102 0

fX Sudirman Mall – Jakarta HARRIS Tebet – Jakarta Keraton at The Plaza –Jakarta 33,235 m2 NLA 179 rooms 140 rooms Key Message 16 113 175

Confidential | 10 beachwalk Lifestyle Mall – Bali

II. Key investment highlights

11 Page Title: 24 pt; Nirmala Key investment highlights 50 50 50

Placeholder Heading Established integrated real estate developer with diversified, high quality Font color – 14/62/78 1 Fill Color – 255/255/255 and resilient business model Line: 14/62/78

Charts/Objects Color Scheme 2 High quality and diversified portfolio of best-in-class real estate assets in Indonesia 14 62 78 2 End-to-end business model complete with a DIRE platform

20 92 118

27 123 157 Proven track record of growth driving value accretion for shareholders 140 140 140 3

190 190 190

4 212 240 4 Well-positioned to capture upside from favorable macro and industry 199 171 115 trends

165 107 124

Highlight for Tables Experienced management team with support and commitment from 5 founder 255 102 0

Key Message 16 113 175

Confidential | 12 Page Title: 24 pt; 1 Nirmala Established integrated real estate developer 50 50 50 with diversified and resilient business model Complementary portfolio with diversified business Placeholder Heading segments… …supported by robust debt metrics

Font color – 14/62/78 (%) Fill Color – 255/255/255 Net revenue by segment GP by segment Property Line: 14/62/78 Property sales sales 40% 10% Hospitality 18% Hospitality 35%

Charts/Objects Color Scheme 38% 26% 9M2019 9M2019 42% 25% 20% 14 62 78 IDR IDR 681bn 423bn 48% 9% 20 92 118 44% Commercial 27 123 157 Commercial 2017 2018 9M2019

140 140 140 Debt to equity Net debt to equity Low anchor tenant dependency… …spread across various categories 190 190 190 Top 10 tenants on a consolidated basis (% of rental revenue) Top 10 rental categories (% by sqm) 4 212 240 Fashion Apparel & Accessories 1.1% 5.9% 3.4% Food & Beverage 2.8% 3.3% 2.4% 199 171 115 Entertainment 3.5% 4.0% 3.9% Beauty & Health 3.6% 165 107 124 35.7% Electronic, Gadgets, Music & Video Top 10 5.7% rental 2.0% Supermarket 1.6% 1.6% 1.5% 1.5% 1.4% 1.4% categories Highlight for Tables Children's Apparel, Accessories & Toys (% by sqm) 17.1% Sports & Lifestyle 255 102 0 Storage 21.4%

Home & Furnishing

Others Key Message 16 113 175

Confidential | 13 Page Title: 24 pt; 2 End-to-end business model complete with a DIRE Nirmala 50 50 50 platform Recurring revenue Placeholder Heading Font color – 14/62/78 Fill Color – 255/255/255 Property Line: 14/62/78 Property development Asset recycling and reinvestment management

 Local network and partnerships  High quality earnings profile  Potential to leverage on DIRE Charts/Objects Color Scheme by recurring revenue as an instrument to raise funds DIRE platform 14 62 78  Leverages integrated business from investments to be re- model to develop mixed-use  Active asset enhancement invested subsequently properties which includes property initiatives Raise funds 20 92 118 efficiently sales  Highly complementary DIRE  Cornerstone, an in-house platform potentially enables

27 123 157 capability, currently INPP to recycle its mature  Pursues active land bank manages 4 flagship malls, and stable assets to be 140 140 140 approach to secure land in with the goal of providing reinvested for future Optimal capital Stable and strategic locations management services to development and to provide a structure and recurring 190 190 190 external malls in the future reliable source of dividend tax efficiency revenue stream income 4 212 240

199 171 115

165 107 124 Achieving sustainable value creation for stakeholders through focus on recurring Highlight for Tables revenue, asset recycling and optimizing long-term capital structure 255 102 0

Key Message Source: Company 16 113 175

Confidential | 14 Page Title: 24 pt; 3 Nirmala Proven track record of growth, … 50 50 50 INPP has been able to pivot its business model to adapt to changes in the real estate landscape in Indonesia, allowing it to Placeholder Heading exponentially increase its asset size at a CAGR (FY10-19) of 29%

Focus on CBD Font color – 14/62/78 Property Sales as Focused on Mixed-use areas in key part of mixed-used Fill Color – 255/255/255 standalone hotels developments Indonesian developments cities Line: 14/62/78

Charts/Objects Color Scheme Early 2000s 2012 2017 2019

14 62 78 Raised (IDRtn) stake in Raised IDR2.8tn 20 92 118 PLIN to HARRIS through a rights 36% Listing of DIRE Hotel Tuban issue Simas Plaza (2002) (1) 27 123 157 Purchased 26% 23 Paskal Indonesia beachwalk Shopping HARRIS stake in Plaza Resort Kuta Shopping Center Center Indonesia Maison 140 140 140 Beach Realty Tbk Aurelia (2004) Sheraton (“PLIN”) Sanur HARRIS HARRIS Bali Kuta 190 190 190 Hotel Tebet Hotel Batam Resort Listing of (2005) Center DIRE Simas HARRIS POP! Hotel 7.9 4 212 240 HARRIS Sangaji 7.0 Plaza Resort Suites fX 6.7 Waterfront Indonesia Sudirman 4.9 5.2 (1) 199 171 115 Batam 1.8 2.0 2.2 0.1 0.8 1.1

165 107 124 Total asset growth and milestones key 2001 2010 2011 2012 2013 2014 2015 2016 2017 2018 9M 2019

Hospitality(2) Commercial(2) Property sales Highlight for Tables # of rooms NLA (sqm) # of apartments sold 372 c. 2,300

metrics c. 250,000 255 102 0 c. 1,100

c. 34,000 0 Growth Growth Key Message 2013A 9M2019A 2013A 9M2019A 2013A 9M2019A2018A

Notes: 16 113 175 (1) Listing occurred on 4 July 2019. (2) Include assets under DIRE investment and assets under development

Confidential | 15 To show 3 examples: Page Title: 24 pt; 3 - LHS: beachwalk Nirmala … driving value accretion for shareholders - Top right: HARRIS waterfront rejuvenation 50 50 50 - Bottom right: HARRIS fXrejuvenation

Sahid Kuta Lifestyle Resort expansion (SKLR 2) INPP to provide information on: Placeholder Heading - When the AEI was done . In Q1 2017, we demolished our HARRIS Kuta Hotel and we are Font color – 14/62/78 - More pictures of pre and post AEI to show what developing a mixed used property at the same location Fill Color – 255/255/255 has been done . It is expected to consist of two hotels (a three-star hotel, YELLO and - How average rent rate increased Line: 14/62/78 a four-star hotel Aloft), as well as expand our beachwalk shopping - How occupancy rate has increased center and luxury apartments

Charts/Objects Color Scheme Pre- Post-expansion 14 62 78 expansion Total 20 92 118 (Expansion) (Residence) Estimated completion - - 2020 2020 2020 2020

27 123 157 Estimated development - IDR458bn IDR107bn IDR86bn IDR200bn IDR65bn cost 140 140 140 191 NLA / Number of rooms - 5,325 sqm 145 rooms 178 rooms 36 units rooms 190 190 190 Estimated ARR / Selling - IDR 50mn / IDR595k IDR440k IDR550k IDR1.1m price at completion sqm 4 212 240

199 171 115

165 107 124

Highlight for Tables

255 102 0

In addition, our asset enhancement initiatives are testament to our focus on optimising returns and productivity Key Message across our asset portfolio 16 113 175

Confidential | 16 Page Title: 24 pt; 4 Nirmala Well-positioned to capture upside from favorable 50 50 50 macro and industry trends

Placeholder Heading Strongest GDP amongst ASEAN countries Young population and consumptive culture driving retail demand GDP (USD bn) Percentage of population between 25 and 44 as a % of total population based on 2018 Font color – 14/62/78 rd 4.2% Largest economy with 3 highest 2019E-2023E figures Fill Color – 255/255/255 GDP per capita GDP CAGR 32.82% 32.54% Domestic consumption accounted for Line: 14/62/78 1042 57% of GDP 2.8% 30.31% 29.95% 29.59% Charts/Objects Color Scheme 3.8% 29.53% 29.33% 505 5.3% 5.2% 4.9% 28.37% 28.34% 14 62 78 359 331 5.3% 5.3% 245

20 92 118 71 25 18

27 123 157

Vietnam

LaoPDR

Vietnam

Thailand

LaoPDR

Thailand

Malaysia

Singaore

Myanmar

Indonesia

Cambodia

Cambodia Philippines 140 140 140 Philippines

190 190 190 Indonesia’s rising personal disposable income per capita Indonesia’s increasing domestic and international tourist numbers

Indonesia personal disposable income per capita (USD) Indonesia Tourism Numbers 4 212 240 352 363 337 4400 321 303 305 4057

199 171 115 264 271 26.5% (%) rate Growth 3716 251 256 3374 3125 165 107 124 2874 2918 2669 12.6% 2618 12.6% 21.9% 13.3% 2494 11.0%

8.4% 7.3% 10.1%

5.0% 4.5% 12.0% 0.5% 2.9% Highlight for Tables 2.1% 3.1% 2.5% 5.2% 27 30 9 14 16 20 21 24 10 12 255 102 0 Number tourists of (mn) 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E Domestic tourists International tourists Growth rate - Domestic Growth rate - International Key Message 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 16 113 175 Source: Cushman & Wakefield

Confidential | 17 Page Title: 24 pt; 4 Nirmala INPP’s strategy is aligned with key government 50 50 50 initiatives & strong macroeconomic tailwinds Balikpapan Bali Semarang Placeholder Heading Font color – 14/62/78 INPP’s current Fill Color – 255/255/255 and upcoming

Line: 14/62/78 developments

Charts/Objects Color Scheme 14 62 78 Key Government Initiatives • Ground breaking will • Government is planning to • A new toll road is planned 20 92 118 commence for the new build a new international to connect the western part ■ Planning higher capital in 2021 airport on the northern part of Semarang city to the 27 123 157 budget for new of the island to increase the neighboring city of Demak • Indonesian government has infrastructure passenger arrival capacity prepared a financing 140 140 140 developments from both local and scheme totaling IDR 466 international flights ■ Relocation of capital trillion (USD 32.9 billion) for 190 190 190 city to East Kalimantan the relocation project

4 212 240 ■ Promote tourism

199 171 115 Indonesian Macro Tailwinds • Balikpapan has strong • Indonesia’s key tourist • Main entry gate to access 165 107 124 ■ Rising disposable potential buying power as destination with very high all cities in Central Java as income reflected by the minimum tourist arrivals airport caters to domestic wage of Balikpapan being and foreign route flights • 53.2% of Bali’s population Highlight for Tables ■ Strong domestic larger than overall are upper-class, showing • International brands such as consumption Indonesia 255 102 0 the potential demand for H&M are expected to enter ■ Increasing tourism investment assets, including the Semarang retail market arrivals retail sectors

Key Message 16 113 175 Source: Cushman and Wakefield, company

Confidential | 18 Page Title: 24 pt; 5 Nirmala Experienced management team with support 50 50 50 and commitment from founder

Placeholder Heading Management team Font color – 14/62/78 Fill Color – 255/255/255 Agoes Soelistyo Santoso Anthony Prabowo Susilo Diana Solaiman Alexander N. Nartates Vice President Commissioner Vice President Director & Director & CFO Chief of Investor Relations Line: 14/62/78 & former CEO CEO 20 4 16 5

 Previously served as the Chief Executive  Been with the company since 2016  Been with the company since 2004  Been with the company since 2015 Officer of the company Charts/Objects Color Scheme  Also currently serving as Vice President  More than 25 years of working experience in  More than 40 years of working experience in Director at PT Plaza Indonesia Realty Tbk finance and accounting for large corporations various industries, providing strategic  Has been with the company since 2000 since 2019 in Indonesia guidance and initiatives for business 14 62 78 transformation & alliances and in corporate  More than 35 years of working experience in  More than 10 years of working experience in finance accounting, finance, and management for large various industries such as transports & corporations in Indonesia logistics, manufacturing & investment 20 92 118 consultancy.

27 123 157 Amelia Gozali Patrick Santosa Rendradjaja Djatikesumo Subagyo Reagan Halim Commissioner & Director & Chief of Project Director & Chief of Project Chief of Project Marketing CEO of Cornerstone Planning & Design Construction 140 140 140 10 21 2 4

 Currently serving Commissioner of PT  Been with the company since 1999  Been with the company since 2018  Been with the company since 2016 Indonesian Paradise Property Tbk since 2010 190 190 190  More than 30 years of working experience in  More than 40 years of working experience in  More than 15 years of working experience in & CEO of Cornerstone (PT Pop Properti project design and planning in architecture project development and management for property sales and marketing Indonesia) since 2014 firm as well as for large property developer in large property developers and construction 4 212 240  More than 10 years of working experience in Indonesia company in Indonesia business consultancy and retail operations

and management 199 171 115 Denotes number of years with the company Founder 165 107 124

BOYKE GOZALI >30 years of experience in managing leading public and Highlight for Tables private companies in Indonesia Founder, PT Indonesian Paradise Property Tbk 255 102 0 Co-Founder, PT Plaza Indonesia Realty Tbk Strong industry experience and access to key stakeholders

Key Message 16 113 175

Confidential | 19 One Residence – Batam

III. Growth strategy 20 Page Title: 24 pt; Nirmala Focus on the development of larger, integrated 50 50 50 multi-purpose real estate developments

Placeholder Heading In the coming years, INPP expansion plan is to progress away from single-asset developments to focus on Font color – 14/62/78 LARGER INTEGRATED PROJECTS Fill Color – 255/255/255 Line: 14/62/78 Existing Current Developments Upcoming Developments Bali – Park 23 Entertainment Center Bali – HARRIS Hotel Tuban Charts/Objects Color Scheme Bali – Maison Aurelia Sanur 14 62 78 Single asset Batam – HARRIS Hotel Batam Center Batam – HARRIS Resort Waterfront 20 92 118 Jakarta – HARRIS Hotel Tebet

Yogyakarta – POP! Hotel Sangaji 27 123 157 Jakarta – Plaza Indonesia Batam Center Complex Sentul – Mixed-use complex - Plaza Indonesia - One Residence 140 140 140 - The Plaza Office Tower Bali - Sahid Kuta Lifestyle Resort 2 - Grand Hyatt Hotel - beachwalk Extension 190 190 190 - Keraton at The Plaza - Aloft Hotel Bali – Sahid Kuta Lifestyle Resort 1 - Yello Hotel 4 212 240 Mixed-use asset - beachwalk Shopping Centre - beachwalk Residence - Sheraton Bali Kuta Resort Makassar - Hyatt Place 199 171 115 Jakarta – fX Sudirman Lifestyle Mall - Hyatt Place 165 107 124 - fX Sudirman Mall - 31 Sudirman Suites - Harris Suites fX Sudirman Bandung – 23 Paskal Shopping Center Balikpapan – Mixed-use complex Highlight for Tables Mixed-use (CBD) Cikarang – Mixed-use complex 255 102 0 Semarang – Mixed-use complex

Commercial Hospitality Property sales Key Message 16 113 175

Confidential | 21 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 31 Sudirman beachwalk Dome CBD Pearl of Java, One Residence Sentul City Cikarang Line: 14/62/78 Suites Expansion Balikpapan Semarang

Location  Batam  Makassar  Bali  Sentul  Balikpapan  Semarang  Cikarang

2 Charts/Objects Color Scheme Project site area (m )  3,883  3,752  17,040  18,668  83,957  90,000  120,000 Total GFA (m2)  24,960  45,881  56,405  31,992  167,544  185,243  436,044 14 62 78 Asset type  Mixed use  Mixed use  Mixed use  Mixed use  Mixed use (CBD)  Mixed use (CBD)  Mixed use (CBD)

20 92 118 Product type  Property sales  Hospitality  Commercial  Hospitality  Commercial  Commercial  Commercial (Residential) (Hyatt Place)  Hospitality  Property sales  Property sales  Property sales  Hospitality  Property sales  Property sales (Residential) (Residential) (Residential and  Property sales 27 123 157 (31 Sudirman (Residential) shop house) (Residential, Suites) SOHO(1))

140 140 140 Project commencement  August 2017  July 2019  March 2017  July 2020  July 2020  July 2020  July 2020

Estimated completion  March 2020  March 2022  September 2020  January 2023  May 2024  January 2024  July 2028 190 190 190 Total number of rooms / units  331 units  Hyatt Place: 147  beachwalk  Hospitality: 154  Mall: 45,000  Mall: 72,000  Mall: 59,000 + / NLA / GSA rooms Expansion: 5,325 rooms sqm sqm 35,000 sqm 4 212 240  31 Sudirman sqm  Property sales:  Property sales:  Property sales:  Hospitality: 150 Suites: 231 units  Aloft Hotel: 178 185 units 680 units 1,371 units, rooms 199 171 115 rooms shop houses: 76  Property sales:  Yello Hotel: 145 units 1,920 units rooms  SOHO(1): 10,000 165 107 124  Property sales: + 20,000 sqm 36 units

Property sales status  33 months since  9 months since  5 months since  n.a.  n.a.  n.a.  n.a. March 2017 March 2019 July 2019 Highlight for Tables  Units sold: 315  Units sold: 59  Units sold: 15  GSA sold:  GSA sold:  GSA sold: 255 102 0 15,006m2 (94%) 7,788m2 (30%) 1,645m2 (42%)  Marketing sales:  Marketing sales:  Marketing sales: IDR 341bn IDR 193bn IDR 76bn

Key Message

Note: Data as of 31 December 2019. 16 113 175 (1) SOHO: Small Office / Home Office

Confidential | 22 Page Title: 24 pt; Nirmala Strategy to drive next phase of growth 50 50 50

 Optimize returns and productivity through Placeholder Heading active management initiatives at the asset Font color – 14/62/78 level Fill Color – 255/255/255  Leverage successful track record in developing Focus on core and operating iconic lifestyle destinations Line: 14/62/78 competencies,  Continued focus on mixed use development, operational creating synergies between retail, hospitality Charts/Objects Color Scheme and apartment properties in CBD of excellence & Indonesia’s key cities 14 62 78 innovative product  Leverage integrated execution and development operational capabilities to compete effectively 20 92 118

27 123 157  Implement and enforce non- 140 140 140  Maintain financial flexibility discrimination policies with provided by diversified cash regard to gender, race and 190 190 190 flow and retain a balanced religion Focus on core competencies, operational excellence & recurring to non-recurring  Maintain high corporate income profile Strong corporate innovative product development 4 212 240 Prudent capital government standards  Maintain prudent debt levels governance and which are driven by principles of transparency, 199 171 115 and diversify funding sources management from financial institutions best practices accountability, responsibility and capital markets and fairness 165 107 124  Efficient use of DIRE to provide stable and recurring distribution income and Highlight for Tables recycle assets to re-invest the capital into future 255 102 0 growth opportunities

Key Message 16 113 175

Confidential | 23 23 Paskal Shopping Center – Bandung

IV. Financial highlights

24 73% 72%

43% 40%

Page Title: 24 pt; Nirmala Key financial highlights 50 50 50 Discuss why GOP decreased in 9M 2019 Placeholder Heading Net revenue(1) Gross profit (GP) - Only 9 months - Seasonality Font color – 14/62/78 (IDR bn) (IDR bn) Fill Color – 255/255/255 770 60% 69% 598 681 64% Line: 14/62/78 4 70% 62% 2 71 Change it to GP 2 122 – Charts/Objects Color Scheme 375 293 300 14 62 78 494

422 20 92 118 303 321 256 416

27 123 157 2017 2018 9M2019 2017 2018 9M2019

Hospitality Commercial Property Sales Others GP GP margin 140 140 140 EBITDA(2) Net profit for the year 190 190 190 (IDR bn) (IDR bn) (3) 4 212 240 25% 16% 57% 32% 33% 34% 35% 32% 33% 34% 32% 1,974 One-time gain related 199 171 115 to sale of Plaza Indonesia shares as 1,585 part of the DIRE 165 107 124 Simas Plaza Indonesia 259 transaction 219 196 389 Highlight for Tables 148 123 255 102 0 2017 2018 9M2019 2017 2018 9M2019

EBITDA EBITDA margin Net profit Net profit margin Key Message

Notes: FY17 financials are restated for the 60% acquisition of PT Pop Properti Indonesia in April 2018, which engages in property retail management. 16 113 175 (1) Others include Services and Elimination. (2) EBITDA is calculated as gross profit minus operating expenses, then adding back depreciation and amortisation. (3) Excludes one-time gain. Confidential | 25 Page Title: 24 pt; Nirmala Commercial 50 50 50 Key financial and operating highlights

Placeholder Heading Weighted average rental rate(1) Weighted average occupancy rate(1) Lease Expiry Profile(1) Font color – 14/62/78 (IDR ‘000) (%) (% of NLA of leases expiring)

Fill Color – 255/255/255 52.6% 90.3% 93.4% Line: 14/62/78 83.4% 199 214 212 Charts/Objects Color Scheme WALE of 3.7 years as of 9M 2019 21.8% 14 62 78 11.3% 8.2% 20 92 118 6.0%

27 123 157 highlights Operating 2017 2018 9M2019 2017 2018 9M2019 2020 2021 2022 2023 2024

140 140 140

190 190 190 Net revenue (IDR bn) 4 212 240

199 171 115 375 300 165 107 124 293 104 93 79 85 59 66 Highlight for Tables 141 192 149

255 102 0 breakdown Revenue 2017 2018 9M2019

Rental revenue Service charge revenue Other Key Message

Note: 16 113 175 (1) Excluding DIRE properties.

Confidential | 26 Page Title: 24 pt; Nirmala Hospitality 50 50 50 Key financial and operating highlights

Placeholder Heading Weighted average daily room rate(1) Weighted average occupancy rate(1) Weighted RevPAR(1) Font color – 14/62/78 (IDR ‘000) (%) (IDR ‘000)

Fill Color – 255/255/255 Line: 14/62/78 753 76.7% 72.2% 604 575 748 68.6% 501 Charts/Objects Color Scheme

14 62 78 698

20 92 118

27 123 157 highlights Operating 2017 2018 9M2019 2017 2018 9M2019 2017 2018 9M2019

140 140 140

(2) 190 190 190 Net revenue (IDR bn) 4 212 240 321 303 199 171 115 8 9 256 83 78 8 165 107 124 68

217 231 Highlight for Tables 181

255 102 0 breakdown Revenue 2017 2018 9M2019 Room Food and beverages Others Key Message

Notes: 16 113 175 (1) Excluding DIRE properties. (2) Total revenue shown is net of tax, and service charge.

Confidential | 27 Page Title: 24 pt; Nirmala Capital expenditure and debt maturity profile 50 50 50

Placeholder Heading Total projected capex over the next 3 years Font color – 14/62/78 Fill Color – 255/255/255 (IDR bn) Line: 14/62/78

Charts/Objects Color Scheme 2,010 14 62 78 1,465 567 20 92 118 2020 2021 2022 27 123 157 Debt maturity profile (as of 30 Sep 2019) USD and IDR debt 140 140 140 (IDR bn) Total debt (IDR tn)

190 190 190 469 1.5 1.7 1.2

4 212 240 120 40.3% 199 171 115 45.6% 255 66.3% 165 107 124

144 350 147 138 95 255 59.7% Highlight for Tables 73 54.4% 147 138 95 33.7% 255 102 0 71 2019E 2020E 2021E 2022E 2023E 2024E and beyond 2017 2018 9M 2019 Holding level debt (USD) Project level debt (IDR) USD IDR Key Message 16 113 175

Confidential | 28 Sheraton Bali Kuta Resort – Bali

Appendix

29 Page Title: 24 pt; Nirmala Estimated appraised value of assets (Sep 19) 50 50 50 Assets Land INPP Asset Valuation INPP value Start of Placeholder Heading Category stake 30-Sep-19 (based on Company Project Location operation Sqm Assets Land Asset Valuation INPP value Book value (%) (IDR mn) % stake) Start of INPP Font color – 14/62/78 Category 30-Sep-19 (based on 30-Sep-19 Company Project Location operation Sqm stake (%) Fill Color – 255/255/255 Sheraton Bali Kuta Resort 694,962 437,095 (IDR mn) % stake) (IDR mn) IPI Bali 2012 35,422 62.89% Line: 14/62/78 beachwalk Shopping Center 1,506,933 947,782 Sheraton Hotel Kuta Bali 2012 694,962 437,095 (1) RIN HARRIS Hotel Batam Center Batam 2011 9,221 99.90% 168,728 168,559 35,422 62.89% INPP HARRIS Hotel Tuban Bali 2002 4,500 100.00% 110,045 110,045 IPI Beachwalk Mall Bali 2012 1,506,933 947,782 Charts/Objects Color Scheme SKLR II Bali Development 17,040 632,182 397,609 MPN 23 Paskal Shopping Center Bandung 2017 30,000 51.00% 1,289,727 657,761 Flagship / Total 2,834,077 1,782,485 1,226,472 14 62 78 Existing SBK Maison Aurelia Sanur Bali 2016 2,443 99.88% 66,261 66,182 Mixed-use Harris Hotel Batam Center Batam 2011 168,728 168,559 55,825 ABL HARRIS Suites fX Sudirman Jakarta 2011 n/a 51.00% 164,678 83,986 RIN 9,221 99.90% One Residence Batam Center Batam Development 260,021 259,761 20 92 118 ANR HARRIS Resort Waterfront Batam Batam 2008 68,141 70.00% 244,476 171,133 Hyatt Place (land) Makassar Development RMP 3,752 60.00% 136,954 82,172 80,117 KPU POP! Hotel Sangaji Yogyakarta 2012 3,094 92.71% 55,359 51,324 31 Sudirman Suites (land) Makassar Development 27 123 157 PKS Park 23 Entertainment Center Bali 2015 9,500 99.88% 232,606 232,327 Flagship / Mixed Used - Sub Total 3,399,780 2,292,978 1,362,414 Sub Total 4,533,775 2,926,193 140 140 140 INPP Harris Hotel Tuban Bali 2002 4,500 100.00% 110,045 110,045 70,910 IPI SKLR 2 Bali - 17,040 62.89% 632,182 397,609 MPN 23 Paskal Mall Bandung 2017 30,000 51.00% 1,289,727 657,761 413,666 (1) RIN One Residence Batam Center Batam - 9,221 99.90% 260,021 259,761 SBK Maison Aurelia Sanur - Hotel Bali 2016 2,443 99.88% 66,261 66,182 51,216 190 190 190 Current Single - Hyatt Place ABL Harris Hotel Suites fX Sudirman Jakarta 2011 n/a 51.00% 164,678 83,986 58,077 Development RMP Makassar - 3,752 60.00% 136,954 82,172 Assets 4 212 240 31 Sudirman Suites ANR Harris Resort Waterfront Batam Batam 2008 68,141 70.00% 244,476 171,133 94,515 Sub Total 1,029,157 739,543 KPU Pop Hotel Sangaji Tugu Yogyakarta 2012 3,094 92.71% 55,359 51,324 36,584 PKS Park 23 Mall Bali 2015 9,500 99.88% 232,606 232,327 89,293 199 171 115 KCU Manado Land Manado - 2,144 99.98% 41,817 41,809 Single Assets - Sub Total 2,163,152 1,372,757 814,260 Upcoming MGM CBD Balikpapan Balikpapan - 83,957 55.00% 352,884 194,086 165 107 124 Development EIS Sentul Land Jakarta - 18,668 51.00% 286,225 145,975 KCU Manado Land Manado Development 2,144 99.98% 41,817 41,809 11,529 Sub Total 680,926 381,870 Landbank MGM CBD Balikpapan Balikpapan Development 83,957 55.00% 352,884 194,086 109,871 EIS Sentul Land Jakarta Development 18,668 51.00% 286,225 145,975 19,833 DIRE Simas Plaza Indonesia 35.31% 14,999,173 5,296,208 Landbank - Sub total 680,926 381,870 141,234 Highlight for Tables Plaza Indonesia Mandiri 44.08% 1,769,226 779,875 Investments Java Paradise Island(2) 27.50% 208,841 57,431 DIRES Sima Plaza Indoneisa 35.31% 14,999,173 5,296,208 3,670,647 255 102 0 Investment Sub Total 16,977,240 6,133,514 Plaza Indonesia Mandiri 44.08% 1,769,226 779,875 824,431 Java Paradise Island 27.50% NA NA 24,236 Total 287,603 23,221,098 10,181,119 Landbank - Sub total 16,768,399 6,076,083 4,519,314 Key Message TOTAL ASSETS VALUE 287,882 23,012,257 10,123,688 6,837,222 Notes: 16 113 175 (1) Total combined land area of Harris Hotel Batam Center and One Residence Batam Center. (2) No recent appraised valuation available; valuation as of 22 June 2016.

Confidential | 30 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 11.0tn(1)

Charts/Objects Color Scheme Commercial Hospitality Property sales Investments 14 62 78 Name Stake Name Stake Name Stake Name Stake Current / upcoming Operating assets Operating assets DIRE 35.3% 20 92 118 developments Park 23 HARRIS Tuban 100.0% Grand Hyatt Jakarta Entertainment 100.0% One Residence 100.0% 27 123 157 HARRIS Batam Center 100.0% beachwalk Plaza Indonesia Shopping Center 62.9% beachwalk Residence Center 62.9% Maison Aurelia 140 140 140 Shopping Center 100.0% Sanur 31 Sudirman Suites 60.0% The Plaza Office Tower 23 Paskal POP! Sangaji 92.7% 190 190 190 Shopping Center 51.0% Yogyakarta fX Sudirman Bandung HARRIS Resort 70.0% Waterfront 4 212 240 Under construction Sheraton Bali Kuta PIM 44.1% 62.9% beachwalk Resort 62.9% Keraton Luxury Hotel 199 171 115 Extension HARRIS Suites fX 51.0% Sudirman Mall operator / service Mayfair and other land bank 165 107 124 Current / upcoming developments Cornerstone 60.0% Landbank Aloft Kuta 62.9%

Highlight for Tables Yello Kuta 62.9% JPI 27.5% Hyatt Place 60.0% 255 102 0 Makassar HARRIS Tebet

Listed entities Key Message Notes: 16 113 175 (1) Market capitalisation as of 22 January 2020.

Confidential | 31 Page Title: 24 pt; Nirmala Illustrative DIRE financial impact on INPP 50 50 50 Before DIRE Simas Plaza Indonesia transaction After DIRE Simas Plaza Indonesia transaction

Placeholder Heading Font color – 14/62/78 INPP INPP Fill Color – 255/255/255 Line: 14/62/78 35.3% 42.6% DIRE Simas Plaza Charts/Objects Color Scheme Indonesia 14 62 78 PLIN 44.1% 95.3% 20 92 118 PIM PLIN 27 123 157

140 140 140 . Plaza Indonesia - . fX Sudirman Mall - . Plaza Indonesia - Jakarta Jakarta . Keraton at The Plaza - 190 190 190 Jakarta . The Plaza Office . Keraton at The Jakarta . The Plaza Office Tower Tower - Jakarta Plaza - Jakarta . Various land banks 4 212 240 - Jakarta . Grand Hyatt Hotel . Various land . Grand Hyatt Hotel - - Jakarta banks Jakarta 199 171 115 . fX Sudirman Mall - Jakarta 165 107 124

Accounting Highlight for Tables treatment on Share in net profit of Share in net profit of Dividend Income 255 102 0 income statement associates associates

Key Message 16 113 175

Confidential | 32 Page Title: 24 pt; Nirmala DIRE Regulation 50 50 50 On December 21, 2017, OJK issued OJK Regulation No. 64/POJK.04/2017 of 2017 regarding Real Estate Investment Fund in the Form of Collective Investment Contract (“OJK Regulation 64 of 2017”) which became effective as of Placeholder Heading December 22, 2017 Font color – 14/62/78 Fill Color – 255/255/255 Investment  A DIRE may be used as an instrument to raise funds from investors to be subsequently invested in: Line: 14/62/78 Scope i. Real estate assets (i.e., land and buildings, majority shares of the companies which own land and buildings) of at least 80% of its net asset value (“NAV”) ii. Other assets (i.e., real estate-related assets (securities of the companies whose main business activities are in the field of Charts/Objects Color Scheme real estate (“Real Estate Companies”) which are listed in IDX and/or issued by the Real Estate Companies), money market instruments, securities portfolio) of not more than 20% of its NAV, and/or 14 62 78 iii. Cash and cash equivalents of not more than 20% of its NAV

20 92 118 Prohibitions in  A DIRE is prohibited from: Investments i. Investing in a vacant land plot 27 123 157 ii. Lending and/or encumbering the real estate assets owned by DIRE for the benefit of other parties iii. Being involved in sale of securities that have not been owned (short sale) 140 140 140 iv. Being involved in purchasing securities by margin v. Investing in a real estate asset, a real estate-related asset and/or other assets located outside of Indonesia, vi. Investing in a real estate asset, a real estate-related asset and/or other assets in dispute, or 190 190 190 vii.Transferring the real estate assets at a price or value lower than 90% of the price or value determined by an appraiser, the appraisal date of such appraiser shall be no later than 6 months prior to the date of such transfer 4 212 240 Distributions  A DIRE shall annually distribute dividends to its unitholders equal to at least 90.0% of its net profit. DIRE may also conduct 199 171 115 public offering of its participation units to investors and list its participation units in IDX

Borrowings  A DIRE is permitted to issue debt securities or incur borrowings up to a maximum amount of 45% of the real estate assets 165 107 124 value to be purchased

Others  A DIRE is formed under a collective investment contract (Kontrak Investasi Kolektif or “KIK”), which shall be notarized and entered into by and between the Investment Manager and the Custodian Bank Highlight for Tables  The terms and conditions which shall be covered in KIK are further specified under OJK Regulation 64 of 2017. DIRE may invest with or without utilizing a special purpose company (“DIRE SPC”) 255 102 0  A DIRE SPC is a limited liability company owned by DIRE of at least 99.9% of the paid-up capital  In the event that DIRE utilizes a DIRE SPC to carry out its investments, such DIRE SPC must distribute all investment return to DIRE and other parties proportionately Key Message 16 113 175

Confidential | 33

Table of Contents