0 89 79

245 175 22 PT Kawasan Industri Jababeka Tbk. 132 115 82 Investor Presentation March 2019 200 218 78

86 134 182

205 102 95

133 111 160

0 0 89 Leading township developer & infrastructure powerhouse 79 PT Kawasan Industri Jababeka Tbk. ("KIJA") is a leading township developer with an established track record in industry- based townships supported by residential & commercial components... 245 KIJA overview Business segments 175 22 FY17 Revenue Breakdown (%) PT Kawasan Industri Jababeka Tbk (Rp 2,995 billion) Infrastructure & Port, 14% 132 Real Estate Infrastructure 115 82 Real Estate & Industrial Power Others, 41%

200 Residential Infrastructure 218 Power Plant, 78 Commercial Dry Port 45%

 Established in 1989 and became the first publicly listed industrial FY17 Gross Profit Breakdown (%) 86 estate developer in in 1994 (Rp 1,137 billion – 38% GPM) 134  , KIJA's flagship development, is a mature industry- 182 based integrated township in with on-site power plant Infrastructure & and dry port Port, 17%  Diversification projects: Kendal Industrial Park – Park by the Bay in Central , tourism-based township in Tanjung Lesung, 205 and a tourism development project in Morotai 102  Large and strategically located land bank of 3,883 hectares as of 30 Real Estate & Power Plant, 20% Others, 63% 95 September 2018 Vision: To Create Modern Self Sustained Cities in Every Province in Indonesia and Provide Jobs for Better Life 133 111 160 …with world class infrastructure to support its development

1 0 89 Milestones & Awards 79 More than 25 years track record in township development Selected awards 245 175 22 #1 #1

Investor Magazine - 2012 SWA Magazine - 2016 132 Indonesia Property Watch- Fortune Indonesia - 2015 Top 10 Best performing 2015 Best Company award Top 25 Most Creative 115 listed companies and Best The best township Companies in Indonesia 82 listed company in property development concept 2016

Groundbreaking 200 Kendal Industrial 218 #1 #1 2014 Park – Park by 78 the Bay D’Khayangan Frontier Consulting Group Award Supply Chain Asia Awards 2014 Ministry of Industry - 2015 2013 Senior Living 2014 #1 Corporate Image Asia Logistics Centre/Park of the Best Industrial Estate – Launched Industrial Estate Year Infrastructure & Facilities 86 2011 Power Plant 134 commenced Acquisition 182 2010 operations of 1,500 ha Cikarang Dry land in 2003 Port begins Tanjung operations Lesung, 2001 Commenced 205 Banten 1996 development of 102 Inauguration of 1994 Jababeka CBD Education Park, 95 1989 Acquisition of including President IPO on Menara Batavia University and in Jakarta CBD established and 133 started Stock 111 development of Exchange 160 the industrial estate 2 0 89 Sizeable land bank in strategic locations with upside potential 79

Kota Jababeka Cikarang Fully integrated and matured city development 35km east of Jakarta, 45mins from Jakarta’s CBD 245  Master plan: 5,600 hectares  175  35km east of Jakarta Most established industrial area in Greater Jakarta, home 22  Land Bank: 1,239ha(1)  to >2,000 local and multinational companies INDONESIA 132 115 Tanjung 82 Lesung Kota Jababeka Kendal, Cikarang 200 Semarang 218 78 Karawang Surabaya

86 134 182 Tanjung Lesung  Master plan: 1,551 hectares  170km southwest of Jakarta (1) 205  Land Bank: 1,537ha Designated strategic estate 102 Kendal, Central Java  status under presidential 95  Master plan: 2,700 hectares decree Designated as a Special Economic Zone   450km east of Jakarta Strategically located along Located 180km southwest of Jakarta and covers 1,500 (1)  Land Bank: 587ha  the Jakarta-Semarang-  ha of untouched peninsula facing the Indian Ocean 133 Surabaya Economic Envisaged to become a first-class integrated resort Offers a deep pool of young Corridor 111  destination for both domestic and international tourists  and skilled labour at a 160 competitive cost Note: 1 Land bank as at 30 September 2018 3 0 89 1 Kota Jababeka — Flagship industry-based integrated township 79 Kota Jababeka is a mature industry-based township strategically located in close proximity to Jakarta CBD, sea port and airport… 245 175 Excellent accessibility and connectivity with 3 Exit Toll Accesses to Kota Jababeka 22 and development of Major Transportation Infrastructure along Jakarta Eastern Corridor to Kota Jababeka.

132 115 82

1.5 hours 200 Proposed 218 MRT Station 78 JAKARTA KOTA JABABEKA 86 134 KM 29 182 KM 31

6 lane Highway of Jakarta Inner Ring Road 205 Tranportation infrastructure 102 KM 34 (Proposed / Under Construction) 95 • 35 KM from Jakarta City LRT Track • Close to International Airport & Seaport High Speed Train Elevated Toll Road • Accessible by toll road and railway MRT Track 133 Double-double track Railway 111 160 …and is home to over 2,000 local and multinational customers from over 20 countries

4 0 89 1 Kota Jababeka – Anchored by a blue-chip customer base 79 The portfolio of high quality multinational and domestic customers at Kota Jababeka is a testament to the township's strategic location and superior infrastructure facilities 245 175 22 Diverse mix of occupants across sectors (breakdown by number of occupants) – As of 30 Sept 2018 Portfolio of high quality customers

132 115 82 Electronics 11% Machinery

200 7% Customer Goods 218 Chemicals 78 45% 6% Automotive Plastics 6% 86 Foods 134 6% Building 182 Metal Fabrication 5% 4% Tekstile 4% 4% Others 205 2% 102 95

133 111 160

5 0 89 1 Jababeka Residence – A City for Your World 79 Residential & Commercial Developments

245 175 22

132 115 Oscar Townhouse Sudirman Boulevard 82 Cluster Commercial Center

Mixed-Use Developments 200 218 KM 29 78

KM 31 86 134 182 Hollywood Junction, Monroe & Elvis Tower KM 34

Facilities 205 102 95

133 111 International Senior Living 160 Hospitals President Jababeka Golf & Jababeka Jababeka Stadium Hotels University & Country Club D’Khayangan Convention Center 6 Reputable Schools 0 89 1 Kota Jababeka – Enhancing value through Joint Venture projects 79

PT PP Properti (Persero) Tbk PT Plaza Indonesia Realty Tbk 245 175 22 51% “Riverview 30% “MAYFAIR Estate JV 1 JV 1 49% 132 Residence” 70% & Park Land” 115 82  4 apartment towers strategically located near the  Mixed use superblock on a 12-ha site right next to the golf course toll exit  Groundbreaking happened in June 2015; piling completed 200  Catering to the lower end of 218 the market 78  Tower 1 – Mahakam Tower – 90% sold out & topped off, hand-over started - Tower 2 – 86 Bengawan Tower –> 199 units 134 sold, piling completed 182 47.4% JV 2 52.6% 205 70% 102 JV 2 95  Mixed use superblock on a 30% 4.6-ha site  With 6 apartment towers  To be developed on 4-ha site adjacent to JV 1 and Japanese style mall 133  Concept to be decided on at a later stage – to support / complement 111 JV 1 160

7 0 89 1 Kota Jababeka – Kawana Golf Residence 79 Kawana Golf Residence – The One & Only Golf Residence in Indonesia 245  Kawana Golf Residence is a JV between KIJA’s Jababeka Residence (60%) and Creed Group (40%) from Japan 175  High-end golf view apartment tower with 234 units 22  Total 100% sold in 2 phases – delivery scheduled in 2020  Kawana 2 planned to be launched later in 2019

132 115 82

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8 0 89 2 Enhancing Kota Jababeka's value proposition: Jababeka Infrastruktur 79

PT Jababeka Infrastruktur provides top notch to infrastructure and services, including clean water provision, waste water 245 treatment, estate management, and other services such in-house fire brigade, 24 hour security, fiber optics, natural gas 175 and others… 22 WWTP 2 WTP 1 WTP 2 WWTP 1 Capacity Capacity 125 L/sec 132 400 L/sec Capacity Capacity 115 200 L/sec 208 L/sec 82 Waste Water

200 Treatment Plan 218 78

86 134 182 Water Treatment Plan

205 102 95 Telco Natural Gas

133 111 …which meet the international standards and operate in accordance with environmentally 160 friendly policies in integrated city Kota Jababeka in Cikarang

9 0 89 2 Enhancing Kota Jababeka's value proposition: Plant 79 KIJA is the only industrial estate developer in Indonesia with its own power plant located within its estate Integrated Power Generation & Distribution Process 245  130MW gas fired combined cycle plant 175  20 year 100% off-take agreement from Perusahaan Listrik Negara 22 1 (“PLN”) 100% output to PLN – Rate per KWH: ~US$11 cents – Average gas cost / MMBTU: ~US$9.0 – Fuel costs borne by PLN on a pass-through basis 132 – Fully contracted gas supply 115 2 Buy back from PLN PLN 82 (+16% margin) – Flexibility to buy back power and resell it at a premium  During the repair of a leakage in one of the boilers the power 3 Direct sale to factories plant operated at about 50% of the usual capacity for about 3 (+ margin) months in 2016 200  The power plant was in full “reserve shutdown” for most of 1Q18 218 Factories and has operated intermittently since then, since 3Q18 on 5 days 78 full capacity during the week and half capacity on weekends Financial Highlights Operational Highlights IDR billion Description 2014 2015 2016 2017 9M18 86 1,600 1,499 30.0% 134 1,360 1,400 1,310 26.7% Net Dependable Capacity 118.8MW 120MW 120MW 121MW 119MW 182 1,267 25.0% 1,200 1,062 Load Factor 108MW 110MW 93MW 109.1MW 112MW 20.0% 1,000 17.1% 774 Capacity factor 90.01% 90.01% 81.85% 87.95% 92% 800 14.3% 15.0% 205 12.5% 600 12.2% 102 10.0% Equivalent Availability Factor 90.34% 96.39% 82.85% 94.53% 99% 95 400 7.7% 215 232 Planned Outage Factor 7.88% 3.09% 15.15% 5.00% 0% 155 164 207 5.0% 200 82 - 0.0% Equivalent Forced Outage Rate 1.78% 0.52% 2.00% 0.47% 0.19% 2013 2014 2015 2016 2017 9M18 133 Revenue Gross Profit Gross Profit Margin 111 160 Providing a significant marketing advantage over its competitors as access to reliable electricity supply is one of the primary concerns for industrial clients in Indonesia 10 0 89 2 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port 79 Strategic location in the heart of the largest manufacturing zone along the Bekasi-Cikampek industrial corridor…

245 175 22

132 115 82 Airport

200 218 78 JABABEKA MM 2100 1 86 62% 134 EJIP LIPPO 182 HYUNDAI GIIC SURYA CIPTA

KIIC KIKC KIM KBI 205 Enhanced Accessibility with New Toll Gate KM 29 Railway Connectivity to the Sea Port 102 Cikarang Utama New Toll Gate KM 29 95 Toll Gate Highway Exit KM 29 International Port Code: IDJBK 133 Surrounded by 11 Industrial Estates and 111 more than 3,000 manufacturing companiee 160 Flyover to Notes: Jakarta 1 Estimated % of total throughput at Tanjung Priok Port originating from this area 11 0 89 2 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port 79 Facilities & services offered at Cikarang Dry Port

245 175 New Customs Office 22 New Office & Warehouse

To Surabaya Bonded Logistics Center 132 Office: CDP, 115 Quarantine, Banking 82

Gate

200 CFS 218 78

Reefer

86 134 Physical Inspection 182

Railway Emplacement Mobile X-Ray

205 102 95

133 111 160 To Jakarta / Tanjung Priok

12 0 89 2 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port 79

245 175 22

132 115 82

200 218 78

Smart Port Solution Mobile Application

86 134 182

205 102 95

133 111 160

13 Auto Gate System Next: E - Payment 0 89 2 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port 79

245 175 22

132 115 82

200 218 78

Bonded Logistics Center 86 134 182

205 102 95

133 111 160

14 0 89 2 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port 79 Cikarang Dry Port (CDP) is the first and only integrated customs, quarantine and logistics facility in Indonesia… Overview Strong momentum in CDP operations 245  Since 2012, Cikarang Dry Port is an official port of origin and Revenue (IDR billion) 175 destination with international port code IDJBK – now 180 171 22 connected with 25 major shipping lines 162 160 151  Integrated port and logistics facilities with multi modal 140 transportation services 120 120 132  Smart Port Solution to streamline the business process 100 115 78  Besides export/import, CDP also serves domestic distribution 80 82 62 via main railway line that runs from to east Java and 60 also combining it with domestics shipping lines services 40  200 Bonded Logistics Centre (FTZ facilities) for Cotton & 20 minerals/metals 218 - 78 Selected customer & partner profile at Cikarang Dry Port 2013 2014 2015 2016 2017 9M18 Shipping Lines: Throughput (TEU) 80,000 73,946 86 69,128 70,000 65,250 134 Third Party Logistics Provider (3PL): 182 60,000 50,844 50,000 37,507 Shippers / Consignees: 40,000 205 30,000 25,808 102 95 20,000 10,000 - 133 2013 2014 2015 2016 2017 9M18 111 160 …allowing customers to more efficiently manage their imports and exports and benefit from cost savings

15 0 89 3 Sizeable and stable USD-denominated recurring income base 79 The provision of these infrastructure services has enabled the progressive build out of a significant recurring revenue base… Total Revenue & Breakdown Recurring revenue (IDR billion) 245 2,000 35.0% 175 1,868 22 1,774 Recurring(1) 2017 1,800 1,723 30.7% 30.0% 1,592 Real Estate(2) 1,600 132 1,349 25.0% 115 41% 1,400 24.6% 82 59% 23.6% 22.2% 1,200 21.6% 1,115 2014 20.0% 1,000 200 218 15.5% 15.0% 800 78 43% 57% IDR 2,994 billion

600 10.0%

86 400 134 5.0% IDR 2,799 billion 424 419 182 2012 200 344 415 342 210 17% 0 0.0% 2013 2014 2015 2016 2017 9M18 83% Recurring EBITDA Recurring Revenue EBITDA Margin 205 102 95 …based on USD pricing terms (power & water), further enhancing stability and visibility of cash flows for IDR 1,401 billion Jababeka and also providing a natural hedge for its USD-denominated interest expenses…

133 …Furthermore, US$ 200 million notional is hedged by means of call spreads with an average lower strike 111 of 13,021 Rupiah and an average upper strike of 15,997 Rupiah 160 Notes: 1 Recurring revenue/EBITDA includes contribution from power plant, dry port and service & maintenance fees 2 Comprises real estate, golf and other non-infrastructure segments 16 0 89 4 Diversified land bank 79 A geographically diversified land bank allows KIJA to capture different market segments and enhances earnings resilience… Diversified by geography, positioning and segment 245 175 Land Bank Kota Jababeka Kendal Industrial Park – Tanjung Lesung 22 Park by the Bay Total(1): 3,362ha

132 115 82 1,239ha 586ha 1,537ha

PositioningPositioning Established MNCs and domestic More cost-conscious customers Tourism, leisure and hospitality companies willing to pay a premium looking for an alternative to Greater focused integrated township to tap 200 for strategic location and mature Jakarta industrial estates that still into entertainment/leisure spending 218 township with top notch provides top notch infrastructure by rising middle class in Indonesia 78 infrastructure in place

86 134 Well diversified across multiple segments (Breakdown of segments by 2017 revenue contribution) 182 Real Estate(2): 41% Recurring(3): 59%

1.6% 2.6% 205 19.7% 5.0% 5.5% 4.2% 2.2% 45.4% 13.8% 102 95 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% Land Industrial Commercial Residential Tourism Golf Others Power Plant Service & Maintenance

133 111 …in addition to benefiting from future infrastructure developments across its land bank locations 160 Notes: 1 As per 30 September 2018 and excluding Morotai with 521 hectares of land bank 2 Comprises real estate, golf and other non-infrastructure segments 3 Recurring revenue includes contribution from power plant, dry port and service & maintenance fees 17 0 89 4 Diversified projects: Kendal Industrial Park – Park by the Bay 79 Kendal Industrial Park – Park by the Bay benefits from Sembcorp's expertise in developing and marketing industrial zones across Asia (China, Vietnam, Batam, Bintan, etc)… 245 175 Kendal Industrial Park – Park by the Bay is a JV between KIJA and Excellent connectivity to major infrastructure in Central Java 22 Sembcorp

132 115 Kendal Port 82 Tanjung Emas Seaport 49% 51% 200 218 78 Ahmad Yani Semarang Int'l Airport

86 134 182

Total planned area: 2,700 hectares 205 Phase 1: 860 ha (586 hectares as per 30 September 2018) 102 Distance to Kendal Industrial Park – Park by the Bay 95 Tanjung Emas International Seaport (Indonesia's 3rd largest) 25 km Ahmad Yani International Airport 20 km Semarang (Central Java capital) 21 km 133 111 …and complemented by KIJA’s long track record and experience in Indonesia industrial estate developments and 160 infrastructure operations 18 0 89 4 Diversified projects: Kendal Industrial Park – Park by the Bay 79 Our Kendal Industrial Park – Park by the Bay development in Central Java is well-positioned to benefit from growing demand for relatively low cost industrial estates with good connectivity and competitive labor costs 245 175 22  Kendal Industrial Park – Park by the Bay offers customers an affordable product with top notch infrastructure  Low labour costs in Central Java makes Kendal Industrial Park – Park by the Bay particularly interesting for labor intensive industries Key Highlights 132  Kendal Industrial Park – Park by the Bay is situated along the Jakarta-Semarang-Surabaya Economic Corridor 115  Increasing traffic congestion at Tanjung Priok Port in Jakarta has led to growing interest in alternative sites 82 with good connectivity via air and sea

Diverse mix of occupants across sectors 200 (breakdown by number of occupants) – As of August 2018 218 78

Others, 8%

86 F&B, 10% 134 Manufacturing 182 Furniture & , 36% Wood Processing, 10% 205 102 95 Logistics & Warehousing, 15% Building & Related 133 Official opening ceremony on November 14th 2016 by the President of Industries, 21% 111 160 Indonesia, Mr Joko Widodo, and the Prime Minister of Singapore, Mr Lee Hsien Loong 19 0 89 4 Diversified projects: Kendal Industrial Park – Park by the Bay 79

245 175 22

132 115 82

200 218 78

86 134 182

205 102 95

133 111 160

20 0 89 4 Diversified projects: Tanjung Lesung 79

Tanjung Lesung overview Malaysia 245 175 Singapore Location ~ 180 km southwest of Jakarta in Banten 22 Indonesia Tanjung Lesung Tourism-based integrated township (hotels, Concept 132 apartments, sailing, diving & beach clubs) 115 82 Currently accessible by toll road from Jakarta in Australia Access ~ 3.5 hours 200 218 78 SOEKARNO – HATTA Merak International Airport

86 Krakatau Anyer Serang 134 Mountain Jakarta 182 Pandeglang Jakarta-Merak Tanjung Lesung Toll Road Labuan 205 Future 102 Toll road Panaitan 95 Island Panimbang

President Joko Widodo speaking on Ujung Kulon National Park Tanjung Lesung’s designation as Special 133 Economic Zone for Tourism 111 160

21 0 89 4 Diversified projects: Tanjung Lesung 79 Strong government support for Tanjung Lesung's development as a tourism zone...

245 Facilities and infrastructure at Tanjung Lesung 175 22  Existing infrastructure includes access roads, a water treatment plant, wastewater treatment plant, electricity supply and telecommunication links

 Visitors currently have access to ~ 300 rooms spread out over two hotels/resorts, a bed and 132 breakfast and several cottages 115 82  Other facilities: restaurant and bar, golf course, a swimming pool, a spa, a beach club, a sailing Golf course club, private air strip, school, mosque, residential housing units, and a medical clinic

200 218 Strong government support for development of Tanjung Lesung 78  One of 10 New Tourism Destinations in Indonesia that the Indonesian Government is promoting 86 134  New toll road from Serang Timur to Panimbang: A consortium led by PT Wijaya Karya Tbk 182 (Persero) won the tender for this project, land acquisition is ongoing and construction has Aerial view commenced

205 102 95

 Tanjung Lesung has been designated as Special Economic Zone for Tourism 133 Villa with private pool at Tanjung Lesung 111 160 …is expected to increase interest from potential investors/partners for the project

22 0 89 4 Diversified projects: Tanjung Lesung 79

245 175 Current property products 22

132 115 82

200 218 KALICAA 78 VILLA

86 134 182

205 102 95

133 111 160

23 0 89 4 Diversified projects: Morotai 79 Future tourism and logistics hub strategically located in the heart of Pacific Asia with natural tropical beauty and World War 2 historic sites and relics 245 175 Morotai 22

Strategically located in the Halmahera group of eastern  Indonesia’s Maluku islands, in the heart of Pacific Asia in 132 115 between Asia and Australia 82  3 hours flight from Singapore and Taipei 200 218 Great potential for tourism, agricultural and fishing 78  industries and as a logistics hub

Morotai is a Special Economic Zone for tourism and 1 of 10 86  new tourism destinations promoted by the government 134 182  PT Jababeka Morotai has been appointed as the Beach view at Morotai implementing entity of the Morotai development project by the Coordinating Ministry of Economic Affairs of the 205 Republic of Indonesia 102 95

133 111 160 Evening view at Morotai 24 0 89 5 Clear strategic focus 79 KIJA's existing pipeline provides visible opportunities over different time frames

245 175 22

 Continue to develop and capitalize on  Development of Tanjung Lesung Kota Jababeka Township 132 tourism-based township 115 82 Short Term Medium Term  Further development of Kendal  Development of Morotai, initially as a Industrial Park in partnership with tourism-based township 200 Sembcorp in Central Java 218 78

86 134 Long Term Vision 182

205 102  Replicate Kota Jababeka's industry-based integrated township model throughout Indonesia 95  Build out an infrastructure facility portfolio (power, water, ports, etc.) to support these new townships

133 111 160

25 0 89 6 Financial Highlights 79

Revenue breakdown (IDR billion) Gross profit (IDR billion) and Gross profit margin (%) 3,500 1,600 60% 245 3,140 2,931 2,995 175 3,000 2,799 1,400 55% 1,389 22 1,200 50% 2,500 1,272 1,221 1,252 1,243 1,208 1,137 1,207 1,000 45% 44% 45% 2,000 42% 1,580 132 800 40% 1,500 38% 38% 115 465 600 35% 82 597 1,000 1,868 1,592 1,723 1,774 400 30% 1,115 500 200 25%

200 - 0 20% 218 2014 2015 2016 2017 9M18 2014 2015 2016 2017 9M18 78 Recurring revenue Real estate & other revenue Gross profit Gross profit margin EBITDA (IDR billion) and EBITDA margin (%) Net income (IDR billion) 1,400 60% 500 86 400 134 1,200 427 ( 2) 50% 399 (1) 182 1,167 300 (1) 1,000 1,130 331 1,025 200 40% 914 40% 800 37% 37% 35% 100 150 (2) 600 205 31% 30% 0 102 400 2014 2015 2016 2017 9M18 95 470 (100) 20% 200 (200) (300) 0 10% (379) (1) 133 2014 2015 2016 2017 9M18 (400) 111 EBITDA EBITDA margin (500) 160 Notes: 1 Approximate unrealized foreign exchange loss (non cash) for FY14: IDR 65 billion, FY15: IDR 156 billion, 9M18: IDR 408 billion 2 Approximate unrealized foreign exchange gain (non cash) for FY16: IDR 135 billion, FY17: IDR 59 billion – and in FY17 additional 1-off expenses of Rp 175bn as a result of redemption of 2019 senior notes 26 0 89 6 Balance Sheet Highlights 79

Assets and cash (IDR billion) Debt, Equity (IDR billion) and Debt/Equity (x) 14,000 5,638 5,900 245 6,000 5,570 1.00 175 11,226 11,543 4,978 0.95 12,000 10,734 5,000 4,662 22 9,741 4,525 0.90 4,041 10,000 0.85 8,505 4,000 3,565 3,510 0.81 8,000 0.80 132 3,000 2,705 0.75 6,000 115 0.71 0.70 0.68 2,000 82 0.65 4,000 0.63 0.60 2,000 1,000 0.58 0.55 895 200 0 595 827 792 723 0 0.50 218 2014 2015 2016 2017 9M18 2014 2015 2016 2017 9M18 78 Cash and cash equivalents Total assets Total debt Total equity Debt/Equity

EBITDA/Interest expense (x)1 Net debt/EBITDA (x) 86 4.5 6.0 134 4.0 182 5.0 3.5 3.8 5.0 3.0 3.4 4.0 3.1 2.5 205 3.0 3.4 102 2.0 2.3 95 2.7 1.5 1.8 2.0 2.3 1.0 1.9 1.0 0.5 133 111 0.0 0.0 160 2014 2015 2016 2017 9M18 2014 2015 2016 2017 9M18

Notes: 1 Includes capitalized interest + Hedging Fees 27 0 89 7 Experienced management team 79 Average of more than 25 years of industrial township development experience

245 Board of Commissioners 175 22

132 115 82

200 218 Setyono Djuandi Darmono Bacelius Ruru Hadi Rahardja Gan Michael 78 President Commissioner Vice President Commissioner Commissioner Commissioner (Founder) Independent Commissioner (Founder)

86 Board of Directors 134 182

205 102 95

133 Budianto Liman Hyanto Wihadhi Sutedja Sidarta Darmono Tjahjadi Rahardja Setiawan Mardjuki Basuri Tjahaja Purnama 111 160 President Director Director Director Director Director Director

28 0 7 89 KIJA NAV – As per 30 September 2018 79

Land bank Size (ha) ASP (Rp million) NAV (Rp bn) Cikarang Inventory 167 4.00 6,663 245 Land for Development* 1,072 0.55 5,896 175 22 Kendal Inventory 1 1.50 14 Land for Development* 585 0.35 2,048 Tanjung Lesung Inventory 23 1.00 231 Land for Development* 1,514 0.25 3,785 132 Morotai Inventory 475 0.20 951 115 82 Land for Development 46 0.02 9

Subtotal land bank 19,598

200 Infrastructure & Others (DCF) 2,717 218 78 Add (cash, advances, investments in associates, deposits, etc) 1,940 Deduct (loans, customer advances, etc) (5,038)

86 Total NAV 19,218 134 Nmber of shares (billion): 20.82 182 NAV per share 923

Current Share Price 214 205 Discount to NAV 77% 102 95 * Replacement value

Disclaimer:

The purpose of this section is to provide shareholders, bondholders, analysts, brokers/dealers, potential investors and other capital market participants with a general 133 overview of the Company’s internal net asset value (NAV) calculation. The information is provided for quick reference only.

111 The information provided is not an offer to sell securities or the solicitation of an offer to buy securities. The information has been compiled from sources believed to be 160 reliable. The information contained in this section is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the Company. The Company makes no representation regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors in or omissions from, any information contained herein. 29 0 89 79

245 175 22 Thank You 132 115 www.jababeka.com 82

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