PT Mega Manunggal Property Tbk

1 PT Mega Manunggal Property Tbk

2 PT Mega Manunggal Property Tbk

3 Disclaimer

The information contained in this presentation has been prepared by PT Mega Manunggal Property Tbk. (the “Company”) and is being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part in any manners or for any purpose. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in any jurisdiction which prohibits the same except in compliance with applicable securities laws. This presentation does not contain all material information concerning the Company and the information set forth in these materials is subject to change without notice. The third party information and statistical data in this presentation have been obtained from sources the Company believes to be reliable but there can be no assurance as to the accuracy or completeness of the included information. No reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. None of the Company, its directors, officers, shareholders, advisors or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the information in this presentation, and nothing in this presentation is, or should be relied upon as, a promise or representation by any of them. None of the Company, its directors, officers, shareholders, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Certain statements in this presentation may constitute “forward-looking statements”, including statements regarding the Company’s expectations and projections for future operating performance and business prospects. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard to new information, future events or other circumstances. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Accordingly, parties reviewing this presentation should not place undue reliance on any forward-looking statements. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. This presentation is not intended to form basis any investment decision to purchase securities of the Company and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company in any jurisdiction, including the United States. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold or delivered within the United States absent registration under or an applicable exemption from the registration requirements of the Securities Act and this presentation does not constitute or form a part of any offer to sell or solicitation of an offer to purchase or subscribe for securities in Indonesia in which such offer, solicitation or sale would be unlawful prior to registration and such registration being deemed effective by the Otoritas Jasa Keuangan. By reviewing this presentation, you acknowledge this Disclaimer and agree to be bound by the foregoing limitations, and you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

4 Agenda presentation

PT Mega Manunggal Property Tbk

Section Pages

1 Who we are 6

2 Growth strategy 17

3 On the right track 22

4 Strong growth opportunity 27

5 Key financial 46

6 Assets in details 53

7 Other financial info 65

5 PT Mega Manunggal Property Tbk

Section 1

Who We Are

6 Company at a glance PT Mega Manunggal Property Tbk

Overview Facilities Projects PT. Mega Manunggal Property Tbk Facilities of PT. Mega Manunggal Currently MMP has 6 assets in 3 different (“MMP”) is a warehouse provider that Property Tbk are developed with strategic locations: supports industrial property needs in specifications which refer to Indonesia focusing on developing, international standards to meet Bekasi MM 2100: owning and operating logistic the demand in the Indonesian properties, with a focus in logistics services business while . Unilever Mega DC warehousing that specifically meet keeping the specifications comply . Li & Fung Logistic international standards. to local regulations. MMP is . Selayar committed to give good quality Established on mid 2010, currently products and deliver added value Halim Cililitan, East Jakarta: MMP has Net Leasable Area of area services to support the client’s total 194,468 m2 - including a 90,000 business. . Intirub Business Park m2 NLA warehouse for PT Unilever Indonesia, one of the largest Unilever Tapos, Depok: warehouses globally. . Lazada warehouse

Jababeka: . Cibatu

MMP is currently developing its 7th, and 8th warehouses in Block AE, Cileungsi, for ARK Logistic that caters towards FMCG tenants and multi-tenants.

- 7 Brief profile of PT Mega Manunggal Property Tbk PT Mega Manunggal Property Tbk MMP’s asset structure

Unilever Mega DC

Bekasi Li & Fung

Selayar PT Mega Manunggal Property Tbk

99,5% 99,0%

Intirub Business PT Mega Tridaya Halim PT Intirub Park I & II Properti

55.0%

PT Mega 45.0% Khatulistiwa GIC Properti

99,0% 99,9% 99,5% 99,0% 99,0% 99,0% 95,0% 95,0% 99,5% 99,5% PT Mega PT Mega PT Manunggal PT Subang PT Subang PT Mega Buana PT Bukit PT Mega PT Mega Properti PT Manunggal Dharma Persada Cakrawala Horison Properti Properti Cahaya Angkasa Logistik Timur Properti Properti Properti Properti Properti Logistik Logistik Properti Properti Nusantara

Cileungsi Depok Cibatu Cibitung Cibitung Airport Manyar Pondok Ungu Jababeka

8 Board of Directors

PT Mega Manunggal Property Tbk Bonny Budi Setiawan President Director

Has has been the Company’s Director since 2015 and appointed as the President Director in January 2017. Earned a Bachelor of Business Administration in Accounting and Finance from Simon Fraser University, Canada (1997). Previously served as Executive Director of PT UBS Securities Indonesia (2011-2015); Senior Vice President of PT Danareksa Sekuritas, Jakarta (2010 - 2011); Vice President of Research Division of PT Danareksa Sekuritas in Jakarta (2009 - 2010); Vice President of Research Division of Merrill Lynch, Jakarta (2007 - 2009); Vice President of Research Division of PT CIMB-GK Securities, Assistant Vice President of research division of PT Danareksa Sekuritas (2005 - 2007); Supervisor Consultant Financial Advisory Services (FAS) of Prijohandojo Boentoro & Co. (2003 - 2005); Research Analyst of PT Panin Sekuritas (2002 - 2003) and Export Supervisor of PT Pabrik Kertas Tjiwi Kimia (1998-2000).

Timothy Eugene Alamsyah Independent Director

Has been appointed as the Independent Director since 2017. He is in charge of finance division. He earned Economics and Finance Bachelor’s degree from University of Melbourne, Australia in 2010. He was Chief Financial Officer for PT Nirvana Development (2016 – 2017), Corporate Secretary / Director for PT Nirvana Development ( 2015 - 2016), Analyst for PT Trimegah Securities ( May 2015 – September 2015), Analyst for PT UBS Securities Indonesia (2011 – 2014).

Loa Siong Lie Independent Director

Has been appointed as the Independent Director since 2017. He is in charge of technical and construction. He earned Civil Engineering Bachelor’s degree from University of Tarumanegara, Jakarta in 1996. He was Project Manager for PT Sinar Menara Deli (2016 – 2017), Project Manager for PT Supra Megah Utama ( 2012 - 2016), Site Manager for PT Pradani Sukses Abadi (2010 – 2012), Site Manager for PT Intersatria Budi Karya Pratama (2007 – 2010). Construction Manager for PT Praga Artamida ( 1996 – 2007).

9 Track record of MMP

PT Mega Manunggal Property Tbk

August 2010 April 2012 June 2014 June 2015 August 2015 September 2016 December 2016 October 2017 MMP was Construction of Construction of Initial Public MMP signed lease Ground breaking Ground breaking Ground breaking established Unilever Mega DC Intirub Business nd Offering agreement with for 6th and 7th for 8th warehouses for 2 Phase completed Park II completed (IPO) Lazada warehouses in in Cileungsi Lazada WH. NLA: 90.288 m2 NLA: 18.355 m2 Cibatu and Block AE

2010 2011 2012 2013 2014 2015 2016 2017

October 2010 December 2011 May 2013 December 2014 December 2015 April 2016 April 2017 Dec 2017 Construction of Construction of Li Construction of DHL began its Acquired 9 ha land Signed partnership Lazada warehouse Cibatu warehouse Unilever Mega DC & Fung completed Selayar operational in for Lazada Project with GIC begin its begin its began Intirub Business completed NLA: 21.612 m2 operational operational Park I NLA: 5.620 m2 2 2 NLA: 28.036 m2 NLA : 31,500 m NLA : 35,335 m

10 Investment consideration

PT Mega Manunggal Property Tbk

1 Provider of high quality and international standard logistic properties

2 Proven track record in developing and delivering logistic properties

3 Solid business model that provides stable and recurring cash flow

4 Strategically located logistic property in Indonesia

5 Diversified and strong client base

11 1. Provider of high quality and international standard logistic properties

PT Mega Manunggal Property Tbk We are the first mover in provider of modern logistic property, focusing on developing, owning and operating logistic properties, with a focus in warehousing that specifically meet international standards

Typical specification from high-performance logistic properties Warehouse specification

MMP’s existing logistic properties surpass main criteria and specification for modern logistic Floor capacity 1,5 ton/m2 properties. or more to accommodate Distance between use of forklifts pillar 8,0 m or more Ceiling height of 5,0 m or to increase Standard Unilever Intirub more to provide space for Li & Fung Selayar Lazada efficiency warehouse Mega DC Business Park cargo lifting using forklifts

Floor ≤ 1,5 ton/m2 s/d 6 ton/m2 s/d 6 ton/m2 s/d 4/4,5 ton/m2 s/d 4 ton/m2 s/d 4 ton/m2 capacity

Ceiling 12 m 11 m 10 m (Tahap I) 9 m 12 m ≤ 5,0 m height (center 17 m) (center 12,5 m) 9 m (Tahap II) (center 13m) (center 16 m) 3 3 2 3 Stage 1: Basement: 8 x 8 m Ground Floor 1 Main area: 8 x 30 m Distance 2 18 x 36 m 27 x 18 m; 24 x 18 and 1 Office space between ≤ 8,0m 30 x 12m Area aerosol: 30 x 18 m Stage 2: 32 x 18 pillar Better working 9 x 28,5 m Basement: environment for employees 6 x 15 m Ground Floor Dock shelters Car Berths 12 x 30m To prevent and protect from wind, Number of facilities that rain, moisture, dust, etc., while Single (multi Single (multi Single (multi allow trucks to Level single Multi Single handling cargos. loading/unloading efficiently racking) racking) racking

Flooring standar Super flat Super flat Flat Flat Flat Note: Not all MMP’s logistic properties are equipped with the above specifications

12 2. Proven track record in developing and delivering logistic properties

PT Mega Manunggal Property Tbk MMP has proven track record in acquiring land and developing logistic properties, which generally takes around 9 to 18 months to complete construction.

Growth in NLA in the past years

NLA 230,370 CAGR 13.3% m2

163,911 158,137 163,911 139,811

Built-to-suit 2013 2014 2015 2016 2017

Project Land Area Gross Floor Area Net Leasable Area Date of Contract Months to develop Delivery date Net Leasable Area (m2) Occupancy Rate Unilever Mega DC 194.297 m2 156.462 m2 90.288 m2 December 2010 16 months April 2012

Li & Fung 34.637 m2 21.702 m2 21.612 m2 July 2012 11 months May2013

Lazada Warehouse 90,041 m2 33,356 m2 31,500 m2 August 2015 19 months April 2017

Cibatu 50,000 m2 40,000 m2 36,335 m2 June 2016 15 months December 2017 Standard Warehouse Building

Date of Contract Months to Delivery date Project Land Area Gross Floor Area Net Leasable Area develop

Intirub Business Park I 28.190 m2 30.086 m2 (warehouse) + 5.455 m2 (office) Dec 2011 9 months Jan 2012 36.622 m2 (warehouse) + 8.393vm2 (office) Intirub Business Park II 32.380 m2 23.219 m2 (warehouse) + 5.696 m2 (office) Dec 2013 18 months April 2014 13 Selayar 9.164 m2 5.742 m2 5.620 m2 April 2015 12 months April 2015 3. Solid business model that provides stable and recurring cash flow

PT Mega Manunggal Property Tbk

Competitive advantages Operating assets that provide recurring and stable cash flow

 MMP focuses towards developing warehouse with size of Unilever Mega DC Li & Fung 5.000 to 100.000 m2. (operated by Linfox)

 Built-to-suit tenants that currently contribute around 70%of total revenues minimizes risks of tenants exiting.

 Stable operating cash flow with greater upside potential from improving economy cycle, while at the same time sheltered against downside risks from economy slowing. Selayar

 High operating leverage with high EBITDA margin. Intirub Business Park  Improve tenants’ efficiency and productivities through centralization of warehouses.

Cibatu

Lazada warehouse

14 4. Strategically located logistic property in Indonesia

PT Mega Manunggal Property Tbk

Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia

Bangka Belitung Sulsel Kaltim  Near centre of production and consumption Kaltim Sumbar 3% 5% 2% 1% Sulsel Sulte… Sumut0% 2% Riau &5% Easy access towards transportation network Sumbar  1% Kep. Riau Jakarta, Sumut Jakarta, 8% Jatim Banten & 4% Banten & 8% Easy supply of labour workforce and convenient Riau & Jabar Jabar  Jateng 71% transportation for employees Kep. Riau 57% 5% 9% Jatim 9%  Provide benefits to tenants in reducing logistic costs Jateng 6% % Industrial estate areas % Industrial estates that are developed Source: Himpunan Kawasan Industri

Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia

1 to 9 JORR I Laut Jawa

10 to 17 JORR II Tanjung Priok Cengkareng Penjaringan 10 Banten Cilincing 11 1 DKI (Rorotan) 9 Tangerang 17 Kebon Jakarta Cakung Jeruk 2 8 Bekasi Kunciran Ulujami 3 Cikunir 16 6 7 5 Cibitung Veteran Jatiasih (Pd Pinang) 4 Hankam Raya Taman (Jatiwarana) Mini 15 BEST Cinere Operational 13 12 Contract signed Jawa Barat In construction 14 Jagorawi

Negotiation/tender (Cimanggis) 15 5. Diversified and strong client base

PT Mega Manunggal Property Tbk

Tenant profile of MMP’s logistic properties as at 31 Dec 2017 Clients

E-commerce Logistic

Others 3%

E-commerce 19% Logistics 35%

Manufacturing Consumption

Manufacture 43%

16 PT Mega Manunggal Property Tbk

Section 2 Growth Strategy

17 A strategy that focuses on three factors of success to reach scalable size

PT Mega Manunggal Property Tbk

Our strategy is simplified into three factors – funding, efficiency and volume. Timely ability to seek flexible funding structure and continues effort to reduce cost will maximize yield to cost. This will lead to greater profitability. Our initial scalable size to be achieved by end of 2018 is 500,000m2 NLA.

Three factors of success

 To achieve our NLA target of 500,000 m2 by end of 2018

 Continues to reduce construction cost to maximize yield to cost

500,000 m2  Sustainable of funding structure and recycle of cash NLA Efficiency Funding  To accelerate growth and generate stable cash flow Min of 10%  Sustain profitability and greater EBITDA margin average initial yield  Timely execution of development

 To increase transparency and good corporate governance Volume

18 Focus in built to suit warehouse

PT Mega Manunggal Property Tbk Facts

 MMP has track record to complete complex construction  Increase profitability  Our capabilities to build high specification warehouses:  Increase recurring revenue - Superflat floors - Double decker warehouse  Results in higher margin since majority of the expenses bear by tenant

 Strengthen our brand name

 High demand from manufacturers company and eCommerce to built warehouse for their company  Create a strong exit barrier

Our focus that will add values to our clients

 Invest in human capital (marketing team, which shall ensure that our growth strategy will continue to be in placed)

 Improve our building management service

 Offer our potential clients with value engineering ( offer alternative design & construction to improve client’s optimization and efficiency )

 Develop innovative & high quality ( ex: Green Building Concept)

 Improve relationship with existing tenants

19 Our corporate structure allows for flexible funding

PT Mega Manunggal Property Tbk

Our corporate structure allows for flexible funding structure. Partnership with largest logistic properties developers in the world would expedite the development of the properties and ensure that funding is met on timely basis.  We have secured partnership with GIC, and in the advanced discussion with another partnership

 This will create transparency and good corporate governance. GIC also help in expanding our relationship with overseas banks which provide attractive offers.

 The partnership with GIC will bring funding that will accelerate the development of the projects.

 MMP will continue to have stable cash flow from its existing 4 warehouses that potentially gives upside to future dividend payment

 All development will be conducted under PT Mega Khatulistiwa Properti

 Each project will be set under one company to monitor the performance of each project and for the purpose of future monetization should opportunity arises

20 Continuous effort to cut costs amid aggressive capacity expansion

PT Mega Manunggal Property Tbk

 We have successfully cut down our construction cost by 10% on recent development plan

 We set our yield to cost for at least of 9-10%

Efficiency  Our formula is to have land cost for 1/3 of total cost

 We strengthen our engineers team to look for best possible design that will cut any unnecessary cost

 We continue to monitor construction progresses to align with existing budget

 Plan to construct 2 to 3 warehouses this year

 Block AE has started construction in September– a 36,000 m2 sheltered warehouse, which will be completed in Q2 2018. Volume  Phase II warehouse for Lazada to begin in 3Q17 – >35,000 m2, which will be completed in beg of 2019

 MMP warehouse no. 8 in Cileungsi has also started its construction in 2016 – a 31,000 m2 which will be completed Q2 2018

21 Continue to improve operating efficiency

PT Mega Manunggal Property Tbk Integrated IT platform Reducing cost

 Investing in operating system to release some of the  Outsourcing to support our services including cleaning service, operational bottleneck and to improve our productivity parking etc.

 Implement a unified database for storage of tenant  Standardize warehouse specifications to shorten the building records and other information to reduce costs and process improve efficiency  Benchmarking our construction cost with other industry players

 Investing in engineers

Management focus Economies of scale

 Effective tender process to determine the most effective  Increase scale of NLA Warehouse will allow us to achieve contractors economies of scale

 Quarterly review of budgeting to ensure that costs are  Gain greater bargaining power in procurement process aligned with the proposed budget  Invest in marketing team  Invest in high quality people to manage estates and to increase productivity

22 PT Mega Manunggal Property Tbk

Section 3 On The Right Track

23 On the right track...

PT Mega Manunggal Property Tbk

Currently we have 3 (three) projects under construction during 2016-2017 for a total of approximately 105,780 m2 NLA warehouses.

Location: MM2100 Industrial estates, West Cikarang, Location: Tapos, Depok (Phase 2) Location:Jl Raya Narogong KM 17, Cileungsi Bekasi Land area : 50,000 m2 Land area : 50,004 m2 Land area : 35,740 m2 Net leasable area : 35,916 m2 Net leasable area : 31,392 m2 Net leasable area : 38,472 m2 (2-floor) Tenant : Lazada Tenant : ARK Logistic Tenant : Multi-tenant Lease period : 10 years Lease period : 10 years Estimated completion : 2Q 2018 Estimated completion : 1Q 2019 Estimated completion : 2Q 2018

Development criteria Strategic business

 Strategic location  Penetration outside greater Jakarta to other big cities in Indonesia such as Surabaya, Kalimantan etc.  Target yield 9 – 11%  Targeting Top 5 Companies in different sectors :  Has secured tenants (Consumer, Logistic, Manufactures, E-commerce, Trading)

 Payback periods 8 years

24 Current pipelines on track to achieve our NLA targets

PT Mega Manunggal Property Tbk

Inquiries that could lead our 500,000m2 NLA target to be achieved within 3-years. Achieving this requires approximately Rp2.5trn of capital expenditure. We undertake a strict and proper KYC process in selecting tenants as it is very essential to have good track record, long term tenants.

Pipelines (NLA sqm)

complected under construction pipelines

330k

440k 274k

143k 106k 31k 338k 164k 230k

2016 2017 2018E

25 Values created from existing assets

PT Mega Manunggal Property Tbk

Existing operating assets generate high yield to cost

3,000.0 20.0% 17.6% 18.0% 2,500.0 16.8% 17.1% 16.0% 15.2% 14.4% 14.0% 2,000.0 12.0% 1,500.0 9.8% 10.0% 8.7% 8.7% 7.8% 8.4% 8.1% 8.0% 1,000.0 5.5% 6.0% 4.0% 500.0 2.0% - 0.0% 2012 2013 2014 2015 2016 2017

Changes of PI fair value, Rp bn Assets at cost, Rp bn Yield to cost (LHS) Yield to current value (LHS)

26 Simulation for cash recycle

PT Mega Manunggal Property Tbk

Equity value of Unilever has grown 2x over 5 years

1,000.0 945.8 800.0

600.0

400.0 445.5

200.0

- 2012 2017

Cash recycle is earnings lucrative. If we were to recycle Unilever WDC and invest in 10% yield warehouse, EBITDA is expected to increase by 55%

Additional EBITDA obtained after Combined EBITDA increased by 55% 140 investing proceed at 10% yield from EBITDA prior to sales

120 Forgone EBITDA assuming 45% stake on the asset is sold at current market 100 value

80 84 84

60 38

20 46 46

- 27 2017E Additional EBITDA Total EBITDA PT Mega Manunggal Property Tbk

Section 4 Strong Growth Opportunity

29 Evolution of the logistics sector PT Mega Manunggal Property Tbk

. The logistics sector in Indonesia remains nascent in comparison to other markets in the region, particularly compared to more mature markets such as Singapore and Australia.

. Notwithstanding this, the growth potential is huge and there are signs of a fundamental imbalance between available supply and demand for modern logistics warehousing space. We expect to see the Indonesian logistics market evolve into a modern logistics hub in the same way the sector has evolved in other markets regionally and globally.

30 Evolution of the logistics sector PT Mega Manunggal Property Tbk

• The logistics sector has seen gradual development in recent times.

• However, at present most supply chain operations remain largely inefficient.

• Only in recent years has the market begun to evolve from the traditional ‘gudang’ style of warehouse to modern logistics warehouse building specifications for greater efficiency.

31 A nascent industry to enter

PT Mega Manunggal Property Tbk Logistic cost as % of total GDP

26%

19%

14% 13% 9% 8% 9%

2016 2020 2035 Singapore Malaysia Japan South Korea

32 The Potential Opportunity

PT Mega Manunggal Property Tbk

Economic Growth and Scale

Recent disruptions in the commodities markets hit the Indonesian economy hard, but government spending began to pick up in 2015, economic growth started to improve and Indonesia remains the largest economy in Southeast Asia or 16th globally.

Annual GDP growth has averaged 5.8% over the past 10 years and historically, domestic consumption has driven the national economy. Indonesia weathered the global economic turmoil in 2008 better than most neighboring countries due to domestic demand. The current administration is now spearheading a shift to further stimulate growth through investment.

33 Asia logistics, industrial yields and rentals

PT Mega Manunggal Property Tbk

Asia logistics / industrial yields by key centres Asia logistics / industrial rentals by key markets

25 12% 12% 10% 10% 10% 20

8% 8% 15 5% 5% 5% 6% 6% 10 4% 3% 4% 4%

ield (%per ield annum) 5 Y 2% 2% 0% 0 0% 0% HongkongSingapore Tokyo Delhi Shanghai Beijing Guangzhou India China Japan Singapore Hongkong Rental, US$ per sq ft p.a. (LHS) Forecast growth, % YoY Yield (%p.a) Risk - free Rates Source: Colliers International Source: Colliers International

Due to the sustained flow of investments into Asia, and the region’s subdued inflationary environment, risk-free rates have consistently fallen. The logistics and industrial property yield spread compared to these risk-free rates narrowed up to 1Q 2013. However, the spread widened in Japan. In China, long-term real estate funds have been eyeing opportunities for modern warehousing facilities for long-term growth in both the first and second-tier cities. Investment yields for quality logistics premises in China currently range from 6 to 8% per annum.

The normal rental rate in China is around US$6-7 per sq. ft. per annum; and in most Chinese cities, they are expected to increase in the order of 3-5% per annum, thanks to the sustained growth of industrial production, cargo throughput volume and local retail sales. Beijing is going to deliver an exceptional performance, primarily due to the accelerating expansion of its third-party logistics (3PL) companies and e-commerce sector.

34 Asia Logistics / Industrial Rental

PT Mega Manunggal Property Tbk

Capitalization rates for logistic properties in Asia

 The average industrial capitalization rate in Asia fell to an all-time low of 5.8% in 2Q 2012; but edged up again to 7.1% in 1Q 2013, according to statistics provided by RCA.

 The increase in cap rates reflected growing uncertainty in the traditional warehousing sector about the sovereign debt problems in the Eurozone, which had still not been fully resolved.

 However, strong demand continues for quality logistics warehouses and distribution facilities, particularly those supported by seasoned managers, and the average capitalization rates have been compressed.

35 High logistic cost demand better infrastructures

PT Mega Manunggal Property Tbk

“Besides the very high cost, logistic services in Indonesia are also bad like intervals in Indonesia for imported commodities requiring 5.5 days and transportation is also very costly” – The Indonesia Chamber of Commerce and Industry (Kadin)

“Indonesia’s high logistic cost is due to under-utilized logistic assets, exacerbated by long and fragmented supply chains, low port efficiency and road congestion” – World Bank

36 Future toll road that will create value to our properties

PT Mega Manunggal Property Tbk

37 Attractiveness of Greater Jakarta Connectivity and Established Infrastructures PT Mega Manunggal Property Tbk

Toll Roads Railways Airports

. Greater Jakarta has been . Greater Jakarta has integrated . Jakarta is also supported by connected by 18 toll roads with railways transportation, which two major airports which length of 292.44 km throughout include passengers and located in West Jakarta and Jakarta, Bogor, Depok, cargoes transportation. East Jakarta. Tangerang, dan Bekasi. . Indonesia’s government starts . Indonesia’s government and . 15 toll roads are operated by to build railways project within state-owned airport operators Jasa Marga and the other 3 toll Soekarno-Hatta International Angkasa Pura I dan Angkasa roads are operated by private airports in terms of utilizing Pura II are keen to attract sectors. Indonesia’s railways participation through public- transportation potential. private partnership

This will positively affect the process of delivering goods and services for tenant companies, which becomes competitive advantage for warehouse investment

38 Attractiveness of the Locations – Connectivity

PT Mega Manunggal Property Tbk

In the near future, Gresik, Sidoarjo, and Surabaya will become our expansion target

Greater Surabaya Key Industry Served :FMCG, FnB, Electronic, Chemicals Tanjung Perak Port 6 Km 21 Km

22 Km

Juanda air Port

35 Km

In terms of land prices and availability, Gresik and Sidoarjo seem potential for warehouse location. It offers effective route to airport and port which could be added value for our future tenant. 39 Industries driving the demand for logistics

PT Mega Manunggal Property Tbk

Healthy Growth in FMCGs and Retail

Urbanisation and growing wealth is already translating into growth in the FMCG sector and retail sales. This will increase the appeal of the logistics real estate market to a broader spectrum of modern international logistics players.

Indonesia has a robust manufacturing sector

Indonesia has a large manufacturing base driven by a large domestic consumer market and low labour costs. The robust manufacturing sector is another major driver of demand for logistics services and associated real estate. In 2015, manufacturing accounted for 22% of GDP.

Source: JLL 40 Indonesia Manufacturing Industry Snapshot

PT Mega Manunggal Property Tbk

Growth Drivers Market Restraints

1. Positive demographics profile 1. Slowing in global economy 2. Robust economic growth 2. Poor logistics infrastructure 3. Large number of middle income class 3. High logistics cost 4. High degree of consumption 4. Regulation

Manufacturing Industry GDP Value, Food and Beverage Manufacturing Sector 2015-2020, IDR Trillions GDP Value, 2015-2020, IDR Trillions

9.00% 1,143 3,700 1,020 3,115 3,395 910 2,622 2,858 812 2,405 647 725

2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020

The growing economy will further amplify the manufacturing industry, especially food & beverages that will create bigger demand of warehousing

Source: Frost & Sullivan 41 Indonesia e-Commerce Market Snapshot

PT Mega Manunggal Property Tbk

Growth Drivers Market Restraints

1. Positive demographics profile 1. Poor logistics infrastructure 2. Robust economic growth 2. Large unbanked population 3. High ICT adoption 3. Low adoption of cashless payment 4. Large number of local players 4. Limited ICT competency

Indonesia e-Commerce Market Size, 2015-2019, USD Millions

31.1%

Ecommerce is a growing tent that will push up the demand of warehouse space Source: Frost & Sullivan 42 Government’s investment on infrastructure will boost efficiency for wholesale, retail, and automotive sector PT Mega Manunggal Property Tbk

Greater Jakarta GDRP by Key Industries, 2015 (% of GDRP)

IDR 257.64 Tn

• Wholesale, retail, and automotive sector was 17.0 percent of 2015 GDRP equivalent to IDR 304.65 Trillion • Investment in existing infrastructure, mainly on toll roads, will further amplify logistics efficiency for wholesale and retail companies in Indonesia, which include time and cost reducing

Source: Frost & Sullivan 43 Infrastructure initiatives help boost economic improvement

PT Mega Manunggal Property Tbk

Growth of Service Segment 2011- 2016 (f)

Government investment plan and initiatives on infrastructure sector are expected to reach IDR 313 trillion in 2016, approximately 8.0% increase from 2015.

GDP’s share for transport, storage and courier is estimated to grow around 38.0 percent in 2016 at IDR 798 trillion. where 23 share percent accounts for warehousing

Source: World Bank, Indonesian Statistical Agency, Frost & Sullivan

Source: Frost & Sullivan 44 Indonesia continues to be an attractive target for FDI

PT Mega Manunggal Property Tbk

Competitive wages and large domestic market makes Indonesia to be an attractive target for FDI in ASEAN

Resilient economy growth and large domestic market are expected to boost investment in Indonesia

Rising middle class income Low growth, large domestic market High growth, large domestic 300 market

250 Indonesia 30% Middle and above 47% 200

) Below middle

mn 150 Jepang Filipina 70% 100 Vietnam Below middle 53% Thailand Population ( Population Middle and above 50 Low growth, small domestic LowMyanmar growth, small market Malaysia domestic market Australia Singapura Indonesian population is becoming wealthier and consumption is 0 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% expected to increase. By 2020, more than half of the population is expected to be middle class or above Source: JLL Source: EIU, Euromonitor Estimated average real GDP growth 2012-2016F

Increase in minimum wages helps boost consumption in Indonesia, while minimum wages in Indonesia continue to be in the uptrend

Jakarta’s Historical Minimum Wage 2011 - 2015 • Jakarta minimum wage increased 17.9% per year on average, Rp 50.00% 3,000,000 which will imply in higher labour cost due to higher inflation rate.

40.00% 2,500,000 Productivity issue is assumed to be constant. 2,000,000 30.00% 1,500,000 • Abundant amount of working-age population will increase labour 20.00% 1,000,000 availability in the long-term. The composition also shows that male workers are dominating in working-age population. 10.00% 500,000

0.00% 0 2011 2012 2013 2014 2015 Minimum Wage Increase in PMW 45 Demand and land price overview in industry property

PT Mega Manunggal Property Tbk

This shows that demand for warehouse complex in Jabodetabek area is still growing, which this will be great opportunity to invest in the area. Stable land prices over the year encourages acquisition of new lands to satisfy the growing demand in the industry property.

Warehouse Demand in Greater Jakarta (Jabodetabek) Land price (USD/m2)

Warehouse Demand Index, 2014-2016 Greater Jakarta Industrial Land Price (Quarterly) 110.00 250 108.00 106.00 200 104.00 102.00 Increase 9% in 150 100.00 Q4 2016 from Q1 2014

98.00 USD/sqm 100 96.00

94.00 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4e 2014 2015 2016 0 2011 2012 2013 2014 2015 Source: Central Bank of Indonesia; Frost & Sullivan Analysis Bogor Bekasi Tangerang Karawang Source: Analysis by Frost & Sullivan

46 Riding along with the growing E-commerce in Indonesia

PT Mega Manunggal Property Tbk

The Indonesian population has a large online presence. Internet and mobile internet traffic has increased significantly.

While the e-commerce phenomenon has taken hold in many other markets in the region, the sector is still in its infancy in Indonesia and the potential future growth also presents an opportunity.

Successful e-commerce businesses require scale which Indonesia is able to offer. This sector is expected to develop considerably over the short to medium term.

47 PT Mega Manunggal Property Tbk

Section 5 Key Financial

48 Solid revenues growth

PT Mega Manunggal Property Tbk

MMP has successfully posted revenue Rp208.8 bn in FY17 supported by stable NLA and occupancy rate. Currently, our NLA stood at 230,370 m2.

Development of NLA and Occupancy Rate Each asset contribution towards revenues

250,000 105% 100% 100% 100% 97% 98% 97% 200,000 95% 90% 150,000 85% 80% 230,370 100,000 75% 158,137 163,911 163,911 139,811 70% 50,000 65% 60% - 55% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Unilever IBP L&F Selayar MDP I MPP Net Leasable Area (m2) Occupancy Rate

2013 2014 2015 2016 2017

Net Leasable Area (m2) 139,811 163,757 163,911 163,911 230,370

Leased area (m2) 135,311 154,623 159,318 163,911 230,196

Occupancy Rate (%) 97% 94% 97% 100% 100%

49 Summary of profit and loss PT Mega Manunggal Property Tbk Aside from recurring income from leasing its own logistic properties, MMP also has recurring value creation from recognition over increase in fair value of investment properties. Each investment properties that have been completed will be measured at fair value.

Summary of profit and loss statement Component of value creation

(Rp bn) 2014 2015 2016 2017 Y/Y 323.0 Revenues 141.9 163.5 175.3 208.8 19.1% 261.1 217.0 212.0208.8 Operating profit 114.3 121.7 117.7 142.4 20.1% 175.3 miliar 163.5 141.9 (51.8) Finance Costs (43.9) (46.8) (52.3) 11.6% IDR 64.8 Forex gain / loss - net (15.2) (28.9) 3.3 (0.8) -126.3%

Changes in fair value of PI 261.1 64.8 323.0 217.2 -32.8% 2014 2015 2016 2017

Profit before tax 309.4 131.0 416.6 314.0 -24.7% Increase in fair value of investmet properties Revenues

Income tax (14.2) (16.3) (17.6) (20.9) 19.0% Asset yield Net income (loss) 286.4 114.4 342.2 252.3 -26.3%

Changes of PI fair value, Rp bn Assets at cost, Rp bn Yield to cost (LHS) Yield to current value (LHS) 50 Summary of financial position

PT Mega Manunggal Property Tbk Investment properties that is measured in the fair value is the largest component of asset in the summary of financial position of MMP. From liability side, MMP is currently sourcing its financing from the equity, debt and bank loan. With strong value creation from investment properties, MMP could achieve conservative leverage with Debt-to-Equity ratio of 0.10x at the end of Dec 2017.

Summary of financial position Asset and capital structure

(Rp bn) 2013 2014 2015 2016 2017 Cash and cash 6 11 383 105 201 3,500 0.70x equivalent 0.65x Current asset (a) 89 82 519 200 390 3,000 0.60x Investment properties 1,749 2,037 2,388 3,319 4,592

2,500 0.50x Non current asset (b) 1,751 2,056 2,685 3,766 4,972 2,0370.41x Total asset (a+b) 1,840 2,139 3,204 3,966 5,363 2,000 1,749 0.40x Short term liabilities (c) 604 137 176 235 294 3,319 1,500 1,448 3,284 IDR Bn IDR 3,163 0.30x Long term liabilities (d) 368 554 478 446 399 2,3880.23x2,551 Debt 563 597 587 520 526 1,000 868 0.20x 597 0.16x 1,737 Total liabilities (c+d) 972 691 653 682 693 563 500 0.10x 0.10x Paid in capital 75 400 571 571 689 587 520 319 Retained earnings 530 816 932 1,273 1,525 - 0.00x Total equity 868 1,448 2,551 3,284 4,670 2013 2014 2015 2016 2017 Investment Porperty Debt Equity Debt-to-Equity

51 Summary of financial position

PT Mega Manunggal Property Tbk

Revenues, Rp bn EBITDA, Rp bn

145.9 122.9 208.8 115.1 120.8 106.3 163.5 175.3 141.9

119.5

miliar IDR

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Revenues

Equity, Rp bn Gross Capital Expenditure for investment property only, Rp bn

1,118.3 4,670

3,284

2,551 607.09 billion 1,447.50

IDR IDR 284.51 286.81 867.2 233.29

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Equity Gross Capex Inv. Prop. 52 Key performance matrix

PT Mega Manunggal Property Tbk

2013 2014 2015 2016 2017 Net Leasable Area, m2 Built to suit 111,900 111,900 111,900 111,900 179,735

Multi tenants 27,911 51,857 52,011 52,011 50,635

Operational metric Total, m2 139,811 163,757 163,911 163,911 230,994 Occupancy rate, % Built to suit 100% 98% 97% 100% 100% Multi tenants 84% 87% 98% 100% 100% Average occupancy rate, % 97% 94% 97% 100% 100%

Average remaining lease term, years 7.5 6.5 6.0 5.4 5.4

Revenue, Rp bn

Rental built to suit 94,931 99,160 99,922 106,313 137,015 Revenue by segment Rental multi tenants 24,555 42,758 63,570 69,006 72,452

Total revenues, Rp bn 119,486 141,918 163,492 175,320 209,467

Operating Profit (EBIT), Rp bn

Built to suit 81,881 83,514 77,714 96,793 124,469

Multi tenants 23,721 30,736 44,134 20,939 56,614

Total EBIT, Rp bn 105,601 114,251 121,848 117,732 181,083 EBIT margin, % 88% 81% 75% 67% 86% Profitability EBITDA, Rp bn 106,267 115,063 122,852 120,756 179,236 % margin 89% 81% 75% 69% 77% Finance Cost, Rp bn (36,054) (43,863) (51,843) (46,806) (52,254) Forex loss net, Rp bn (117,712) (15,201) (32,018 ) 3,295 0,864

Interest Income, Rp bn 63 1,045 28,203 17,543 4,890

Profit before tax, Rp bn 174,187 309,395 131,003 416,831 239,104 53 Revenues breakdown

PT Mega Manunggal Property Tbk

Revenues breakdown

Net leasable composition area As of 31 Dec 2017 Multi Tenants, 35%

Built to suit , 65%

Built to suit warehouses account for two third of total revenues

Revenue IDR Bn

208.8 175.3 250 163.5 200 141.9 119.5 72.5 150 69.0 42.8 63.6 100 24.6 137.0 50 94.9 99.2 99.9 106.3

- 2013 2014 2015 2016 2017 Built to Suit Multi Tenants

54 PT Mega Manunggal Property Tbk

Section 6 Assets in Details

55 Location MMP’s logistic properties and pipeline

PT Mega Manunggal Property Tbk

Tanjung Priok Seaport Industrial Estate Soekarno-Hatta Expansion Area Int’l Airport Airport warehouse Pondok Ungu warehouse

Intirub Business Park Halim PK Airport

MM2100 Jababeka LF Warehouse Delta Silicon Cibatu Warehouse Selayar Warehouse Block AE UnileverWarehouse Warehouse Block H Warehouse

Cileungsi Warehouse Lazada Warehouse

Toll Road in operation Toll Road under construction

Intirub Unilever Mega (in km) Li & Fung Selayar Lazada Block AE Block H Cileungsi Cibatu Business Park DC

Distance to Jakarta 0 32 31 32 22 32 33 26 35 Distance to Tanjung Priok port 22 44 43 44 43 44 45 41 51 56 Distance to International Airport 39 66 65 66 60 66 67 59 73 Location MMP’s logistic properties and pipeline

PT Mega Manunggal Property Tbk

MMP properties

Tanjung Perak Port

Juanda Air Port

Toll Roads In Operation Under construction Planning

In (Km) Manyar Warehouse Distance to Surabaya 31 Distance to Airport 52 Distance to Tanjung Perak Port 29 57 Logistic property profile – Unilever Mega DC

PT Mega Manunggal Property Tbk

Location : MM2100 industrial estates, West Cikarang, Bekasi Land area : 194.297 m2 Gross floor area : 156.462 m2 NLA : 90.288 m2 Lease period : 10 years, with an option to extend another 10 years Operator : PT Linfox Logistics Indonesia Floor capacity : 6 ton per m2 Ceiling height : 12 m (center 17 m)

Specification: - Super flat floors (FF; Floor Flatness); - Double deep pallet racking system; - Heat shield; - Parking area up to 104 truck; - 85 loading doors; - 8 loading dock levelers; - Sprinkler on each rack, with immediate response; - Fire extinguisher with standard of ULFM; - Rental that include racking, sprinkler and office.

58 Logistic property profile – Li & Fung

PT Mega Manunggal Property Tbk

Location : M2100 industrial estates, West Cikarang, Bekasi Land area : 34.637 m2 Gross floor area : 21.702 m2 NLA : 21.612 m2 Lease period : 5 years, with option to extend for another 5 years Floor capacity : 6 ton per m2 Ceiling height : 11 m (center 12,5 m) Tenant : PT LF Services Indonesia (part of Li & Fung Ltd. Group) / Fonterra & ARK / Ultra Jaya

Specification: - Super flat floor; - 38 loading doors with tight sealing to keep hygiene; - Heat shield; - 19 loading dock levelers

59 Logistic property profile – Intirub Busines Park I & II

PT Mega Manunggal Property Tbk

Intirub Business Park I Location : Halim, East Jakarta Land area : 28.195 m2 Gross floor area : 30.086 m2 (warehouse) + 5.455 m2 (office) NLA : 23.397 m2 (warehouse) + 4.639 m2 (office) Floor capacity : up to 4,5 ton per m2 Ceiling height : 10 m Warehouse specification : warehouse with semi basement, 3 floor office and parking area Special specifications : 5 loading dock levelers Tenants : DHL, ARK/Ingram, Yokogawa, aCommerce (warehouse), Bank BNI46, DHL, Mahadasha, Scan Global (office)

Intirub Business Park II Location : Halim, East Jakarta Land area : 32.380 m2 Gross floor area : 23.219 m2 (warehouse) + 5.696 m2 (office) NLA : 13.709 m2 (warehouse) + 4.646 m2 (office) Floor capacity : up to 4,5 ton per m2 Ceiling height : 9 m Warehouse specification : warehouse with semi basement, 3 floor office and parking area Special specifications : 10 loading dock levelers Tenants : Grundfos, DHL, ARK, MHE-Demag (warehouse), Grundfos, Deraya, MHE-Demag (office)

60 Property logistic profile – Selayar

PT Mega Manunggal Property Tbk

Location : MM2100 industrial estates, West Cikarang, Bekasi Land area : 9.164 m2 Gross floor area : 5.742 m2 NLA : 5.620 m2 Floor capacity : 4 ton per m2 Ceiling height : 9 m (center 13 m) Special specifications : 6 loading doors with 2 loading dock levelers Tenants : Yusen Logistics Solution Indonesia

61 Property logistic profile – Lazada

PT Mega Manunggal Property Tbk Location : Tapos, Depok Land area : 90.180 m2 Gross floor area : +/- 62.000 m2 (phase 1 and phase 2) Lease period : 10 years, with option to extend for another 5 years Floor capacity : 4 ton per m2 Ceiling height : 12 m (center 16m) Tenant : LAZADA

Specification: - Flat floor; - Parking Area & Basement Area - Double Decker (stage 2)

62 Property Profile – Cibatu Warehouse

PT Mega Manunggal Property Tbk Location : Scientia Boulevard, Jababeka V Mechanical/Electrical Specification: Cikarang - Sprinkler : Yes Land area : 50,000 m2 - Smoke Detector : Beam Detector 2 Net Leasable Area : 36,216 m - Artificial Lighting : 100 lux (Warehouse) Lease period : 10 years - Generator Set : 400 KVA Tenant : Ark Logistics Estimated Completion Year : 2017

Architectural & Structural Specification: - Floor Load Capacity : 4 ton/m2 - Foundation : Concrete Pile - Floor : Reinforced Concrete - Column : Tappered Steel Column - Roof Structure : Tappered Steel Beam - Floor Flatness : Superflat - Effective Ceiling Height : 12 m - Wall : AAC Wall + Metal Cladding - Roof : Boltless Metal Roof + Insulation - Loading Door : 19 Units - Canopy Width : 13 m

65 Building value delivering result

PT Mega Manunggal Property Tbk

From Abandoned Factory In progress to become the largest DC for LAZADA Indonesia

63 Property Profile – AE Warehouse

PT Mega Manunggal Property Tbk

Location : MM2100 Industrial Estates, West Cikarang, Bekasi Land Area : 35,740 m2 Net Leasable Area : 21,328 m2 (ground floor) 2 Cawang 18,718 per m (upper floor) Estimated Completion Year : 2017 Intersection Cikunir Intersection

Architectural & Structural Specification: -Floor Load Capacity : 4 ton/m2 (Ground Floor) 3 ton/m2 (Upper Floor) MM2100 -FoundationIndustrial Estate : Concrete Pile -Floor : Reinforced Concrete -Column : Reinforced Concrete -Roof Structure : Steel Truss -Floor Flatness : Flat -Effective Ceiling Height : 9 m (Ground Floor) 8 m (Upper Floor) -Wall : AAC Wall + Metal Cladding -Roof : Boltless Metal Roof + Insulation -Loading Doors : 48 Units -Canopy Width : 10 m (Ground Floor) 8 m (Upper Floor)

Mechanical/Electrical Specification: - Sprinkler : Yes - Smoke Detector : Beam Detector - Artificial Lighting : 120 lux (Warehouse) - Generator Set : 300 KVA

64 Property Profile – Cileungsi Warehouse

PT Mega Manunggal Property Tbk Location : Jl Raya Narogong KM 17, Cielungsi Mechanical/Electrical Specification: Land area : 50,000 m2 - Sprinkler : yes Net Leasable Area : 31,392 m2 - Smoke Detector : yes (laser beam detector Lease period : 10 years - Artificial Lighting : 120 lux – 150 lux Tenant : Ark Logistics - Generator Set : on design process (around 50% of Estimated Completion Year : 2017 total power needed)

Architectural & Structural Specification: - Floor Load Capacity : 2 ton (staging area) & 5 ton (storage area) - Foundation : Concrete Pile - Floor : Reinforced Concrete Slab - Column : Reinforced Concrete Column - Roof Structure : Steel Structure (Truss System) - Floor Flatness : FF30 FL 20 - Effective Ceiling Height : 12 m - Wall : AAC Wall + Corrugated Metal Cladding - Roof : Corrugated Metal Roof (boltless system) with insulation Loading Door - Loading Door : 24 (outbond) + 12 (inbound) - Canopy Width : 10 - 12 m

66 PT Mega Manunggal Property Tbk

Section 7 Other Financial Info

67 Audited Balance Sheet

PT Mega Manunggal Property Tbk

Year to Dec 31, Rp mn 2013 2014 2015 2016 2017 % YtD

Cash and Equivalents 6,368 11,311 382,973 104,683 93% 201,516 Other current assets 72,054 57,381 127,100 92,962 180,651 94%

Property & equipment 1,236 2,107 13,483 13,342 12,327 -8%

Investment properties 1,748,426 2,036,806 2,388,400 3,318,776 4,592,009 38%

Other non-current assets 1,469 17,183 2,748 7,001 72% 12,026 Total assets 1,840,010 2,138,502 3,204,321 3,965,769 5,363,669 35%

ST unearned revenue 23,932 23,528 25,281 42,641 25,398 -40%

Bank loans - short term 181,547 35,636 124,911 89,859 84% 164,988 Other current liabilities 373,842 50,859 12,630 8,896 19,115 115%

Bank loan 360,440 541,288 460,646 427,901 361,205 -16%

LT unearned revenue - - - 2,743 291% 10,725 Other long term liabilities 3,259 4,917 5,826 6,179 4,944 -20%

Total Liabilities 971,766 690,647 653,294 681,509 693,479 2%

Minority interest - 2,673 2,916 393,675 885,106 125%

Equity 868,242 1,445,182 2,548,111 2,890,585 4,670,189 62%

68 Audited Profit and Loss Statement

PT Mega Manunggal Property Tbk

Year to Dec 31, Rp mn 2013 2014 2015 2016 2017 % Y/Y

Revenue 119,486 141,918 163,492 175,320 208,794 19%

Cost of revenue 5,940 13,084 16,059 18,444 20,146 9%

Gross profit 113,546 128,834 147,432 156,875 188,647 20%

G&A 7,944 14,616 25,754 39,143 46,202 18%

Operating profit 105,602 114,218 121,677 117,732 142,445 21%

EBITDA 106,268 115,031 122,852 120,756 145,984 21%

Net interest income (expense) (35,991) (42,818) (23,640) (29,262) (47,363) 48%

Increase in fair value Invt Prop 222,424 261,127 64,787 323,288 217,211 62%

Other items (117,848) (23,165) 31,822 5,073 (1,272) -33%

Profit before tax 174,187 309,363 131,003 416,831 314,051 -25%

Tax (12,201) (14,192) (16,349) (17,624) (20,986) 19%

Proforma adjustment (71,454) (8,482) - -

Net income 90,532 286,404 114,415 342,166 252,262 -26% 69 Audited Cashflow

PT Mega Manunggal Property Tbk Rp mn 2016 2017 %Y/Y

Cash flow from operating activities

Cash Receipt from Customer 221,769 226,867 2%

Payment to Supplier and Others (53,098) (131,671) 148%

Tax paid (20,404) (20,594) 1%

Interest paid (49,175) (52,925) 8%

Net cash provided by operating activities 80,352 (15,754) -80% Cash flow from investing activities

Acquisition of Investment Properties (497,879) (1,034,729) 108%

Loans -

Other investment activities (2,120) (180) -92%

Net Cash Used in Investing Activities (626,187) (992,422) 58% Cash flow from financing activities

Loan Receipts from Bank 61,239 97,653 59%

Payment to Bank Loan (128,967) (92,214) -28%

Receipt from Paid in Capital - 432,507

Net Cash provided by Financing Activities 265,573 1,105,014 316%

Net increase (decrease) in cash and cash equivalents (280,262) 96,837 -135%

Effect of foreign exchange, net (228) (4) -98%

Cash and cash equivalent of subsidiaries - before acquisition 2,200 -100%

Cash and cash equivalent, beginning balance 382,973 104,683 -73%

Cash and cash equivalent ending balance 104,683 201,516 93%

70 PT Mega Manunggal Property Tbk

End of presentation Thank you PT Mega Manunggal Property Tbk