MANAGEMENT PRESENTATION

PT Sumber Alfaria Trijaya Tbk As of March 31, 2018 As of March 31, 2018

Confidential - Do not duplicate or distribute without written permission from the Company • Overview Ytd March 2018 • Groceries Retail Industry Overview • Operational Performance • Financial Highlights

OVERVIEW Ytd MARCH 2018 OVERVIEW Ytd MARCH 2018

 Indonesian Groceries recorded a minus growth of 0.7 % in Q1 2018 vs 4 % in Q1 2017.

The most severe decline were Traditional Channel from 4,1% to -3,1% and Hyper/Super from -0,7% to

-4,2%. At the same time Minimarket Trade Channel only declined marginally from 5,9% to 5,8%.

 Of 55 categories; Food and Non Food were still declining , with the exception of Cooking & Seasoning and Indulgences .

 Net addition of stores ytd March 2018 ; Alfamart 26 stores and Alfamidi 57 stores.

GROCERIES RETAIL INDUSTRY OVERVIEW TRADE CHANNEL GROWTH

 All trade channel recorded minus growth in Q1 2018 vs Q1 2017, with the exception of Mini Market Modern Trade which showed a marginal decline of positive growth from 5.9 % to 5.8 %

Indonesia Total Grocery | Total 55 FMCG Categories | Q1 2018 vs Q1 2017

-0.7 4.0 -4.2 MT Hyper/Super -0.7 2.7 Modern Trade 3.8

5.8 -3.1 MT Minimarket Traditional Trade 5.9 4.1

Q1 2018 Q1 2017 Q1 2018 Q1 2017

Source: Nielsen Retail Audit GROWTH BY DEPARTMENTS

 Of 55 categories, Food and Non Food were still declining , with the exeption of Cooking & Seasoning and Indulgences.

Indonesia Total Grocery | Total 55 FMCG Categories | Q1 2018 vs Q1 2017

-0.4 Beverages -0.7 1.3 Total FMCG 2.7 Cooking & Seasoning 4.0 14.8 -2.5 Breakfast 3.1 -0.6 2.9 Indulgence Food 9.3 4.7 Dry Food -0.2

-1.6 -1.2 Personal Care 2.7 Non Food 0.3 2.2 Home Care 0.6 -3.0 Q1 2018 Q1 2017 Pharmaceutical 3.6

Source: Nielsen Retail Audit TRADE CHANNEL CONTRIBUTION

 Both excluding and including Cigarettes, the market share of Super/Hyper were decreasing while Minimarket was Increasing

Indonesia Total Grocery | Total 55 Indonesia Total Grocery |Total 55 FMCG FMCG Categories | Q1 2018 Categories + Cigarette | Q1 2018

58.3 58.5 58.1 57.8 57.8 74.0 74.2 74.0 74.0 73.8

14.9 14.5 13.4 12.6 12.4

8.5 8.1 7.4 6.9 6.7 26.9 27.0 28.5 29.6 29.8 17.6 17.7 18.6 19.1 19.5

2014 2015 2016 2017 Q1 2018 2014 2015 2016 2017 Q1 2018

Traditional Stores Super Hyper Minimarket Traditional Stores Super Hyper Minimarket

Source: Nielsen Retail Audit ALFAMART & ALFAMIDI MARKET SHARE Q1 2018

Alfamart market share to Total Indonesia MT Minimarket remained the same at 31.1%. Alfamidi market share to Total Indonesia MT Minimarket grew from 5.2% to 5.4%. Group market share grew from 36.3% to 36.5%.

Alfamart & Alfamidi vs MT MM | Total 55 FMCG Categories

Alfamart to Indonesia MT MM Alfamidi Share to Total Indonesia MT MM Group to Total Indonesia MT MM

36.5 36.3

31.1 31.1

5.4 5.2

Q1 2018 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Q1 2017

Source: Nielsen Retail Audit INDUSTRY LANDSCAPE AS of MARCH 2018

Store Number

Jan 18 Mar 2018 ALFAMART 13.490 13.503 ALFAMIDI 1.419 1.450 ALFAMIDI SUPER 12 14 37 37 DAN+DAN 108 110 396 393 15.226 15.394 FARMER MARKET 20 20 SUPERINDO 155 155 RANCH MARKET 13 14 LOTTE SUPER 2 2 RAMAYANA 87 87 FOODMART 38 36 GIANT EKSPRES 105 101 HERO 29 29 LOTTE HYPER 15 15 GIANT EKSTRA 58 58 HYPERMART 114 113 WATSONS 79 81 BOSTON 100 100 GUARDIAN 251 254

Source: Nielsen Retail Audit GROCERIES GROWTH BY REGION

 Java still recorded the highest contribution of 68.5 % , whilst Kalimantan recorded the highest growth of 3.4%.

Indonesia Total Groceries | Total FMCG 55 Categories | Q1 2018 vs Q1 2017

Source: Nielsen Retail Audit MODERN TRADE GROWTH BY REGION

 Greater only grew marginally by 0,1% , whilst Other Islands (Kalimantan, Sulawesi & Other Eastern Indonesia ) grew the highest of 7 %

Total Indonesia Modern Trade | Total FMCG 55 Categories | Q1 2018 vs Q1 2017

Source: Nielsen Retail Audit OPERATIONAL PERFORMANCE ALFAMART GROUP AT A GLANCE

We are still increasing store numbers and members / loyal customers

 More than 15.000 stores scattered in Indonesia  500 + active Suppliers  132.000 + employees *  12 million + members  42 warehouses

Store Concept No .of Stores Description

 Selling space 90-100 m2  Small format with > 4.000 SKUs 13.503  74% owned, 26% franchise  Mostly located in residential area

 Selling space 250–300 m2  Larger format with > 7.000 SKUs 1.464  Selling fresh products in addition to groceries  Mostly located in residential area

 Selling space 44 – 184 m2 37  > 2.500 SKUs  Mostly located in commercial area  Selling space 100 m2  > 5.000 SKUs 110  Targeting middle and middle lower consumers for health and beauty related products  Mostly located in residential / commercial area

* Including Franchise store employees STORE GROWTH

The shift of new store opening / store presence from Greater Jakarta to Outside of Greater Jakarta and Outer Island during the last 5 years.

Geographic Breakdown Company Owned & Franchise Stores

9.302 10.758 12.258 13.745 15.028 15.114 14.153

17.9% 21.2% 25.4% 27.7% 28.7% 29.0% 28.0%

3,559 3,543 3,383 3,451 41.0% 37.4% 35.0% 3,172 38.0% 37.6% 37.5% 37.7% 2,941 2,523

11,469 11,571 10,362 10,702 9,086 41.1% 41.4% 39.6% 7,817 34.3% 33.7% 33.5% 34.3% 6,779

2013 2014 2015 2016 2017 YTD Mar YTD Mar 2013 2014 2015 2016 2017 YTD Mar YTD Mar 2018 2017 2018 2017

Outside Java Java (Outside Greater Jakarta) Greater Jakarta Company Owned Franchise

Above are consolidated total number of Alfamart, Alfamidi, Lawson and Dan+Dan stores. WAREHOUSE

Java (24 warehouses) Outside Java (18 warehouses)

 Cileungsi  Semarang  Medan 1 & 2a)  Makassar 1 & 2a)  Jababeka 1 & 2a)  Klaten  Pekan Baru  Jambi  Cikokol  Malang   Pontianak  Balaraja  Sidoarjo  Lampung  Banjarmasin  Bogor  Jember  Denpasar  Lombok  Bandung 1 & 2  Karawang  Kotabumi  Batam  Plumbon  Rembang  Samarinda a)  Manado 1 & 2a)  Cilacap  Parung a)  Surabaya a)  Bitung 1 a) & 2 b)  Palu

 Serang  Yogyakarta a)

Notes :  Cianjur

a) Alfamidi b) Dan+Dan

As of March 2018, we managed 42 warehouses scattered throughout Indonesia (32 warehouses for Alfamart, 9 for Alfamidi and 1 for Dan+Dan)

FINANCIAL HIGHLIGHTS INCOME STATEMENT SUMMARY-CONSOLIDATED (Rp Billion) As of MARCH, 2018

Revenue Gross Profit

CAGR = 15,42% Unaudited CAGR = 17,13% Unaudited 61.465 56,107 12.001 48,265 10.872 41.496 9,209 34,634 7,735 6,376

14,675 13,763 3,183 2,974

2013 2014 2015 2016 2017 YTD Mar YTD Mar 2013 2014 2015 2016 2017 YTD Mar YTD Mar 2018 2017 2018 2017

Income for the year attributable to owners of the EBITDA Parent Company CAGR = -13,63% CAGR = 13,30% Unaudited Unaudited

3,306 3,439 2,791 602 2,568 539 540 451 2,087 300

929 121 794 73

2013 2014 2015 2016 2017 YTD Mar YTD Mar 2013 2014 2015 2016 2017 YTD Mar YTD Mar 2018 2017 2018 2017 Subsidiaries Include: PT Midi Utama Indonesia Tbk. , PT Sumber Indah Lestari, Alfamart Retail Asia Pte.Ltd (ARA), PT Sumber Trijaya Lestari and PT Sumber Wahana Sejahtera FINANCIAL (RETURN & LEVERAGE)

ROAA (%) ROAE (%)

Unaudited Unaudited 5.41 18.53 19.16 4.33 3.47 3.09 11.49 11.86

1.45 5.70

0.54 0.37 2.27 1.38

2013 2014 2015 2016 2017 Q1 2018 Q1 2017 2013 2014 2015 2016 2017 Q1 2018 Q1 2017

DER ( Gross Debt to Equity ) Net Gearing Ratio (x) Unaudited Unaudited

1.64 1.46 1.50 1.45 1.32 1.28 1.34 1.33 1.23 1.27 1.11 1.09

0.82 0.66

2013 2014 2015 2016 2017 31-Mar- 31-Mar- 2013 2014 2015 2016 2017 31-Mar- 31-Mar- * Net Gearing (Consolidated) : as of Sep 30, 2016 1.14x18 17 18 17 as of Sep 30, 2015 0.98x