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050/CLD/HMS/V/2019 Attachment : Attendance List, Q&A, Press Release Re

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050/CLD/HMS/V/2019 Attachment : Attendance List, Q&A, Press Release Re UNOFFICIAL TRANSLATION Number : 050/CLD/HMS/V/2019 Attachment : Attendance List, Q&A, Press Release Re. : Perfection on Report on the Implementation of Public Expose of PT Hanjaya Mandala Sampoerna Tbk. (the “Company”) Jakarta, 15 May 2019 To. The Board of Directors of PT Bursa Efek Indonesia Indonesia Stock Exchange Building Jl. Jend. Sudirman Kav. 52-53 Jakarta - 12190 Attn.: Head of Company Evaluation Division I Dear Sirs, Referring to Letter of the Company No.048/CLD/HMS/V/2019 dated 13 May 2019 regarding Report on the Implementation of Public Expose of the Company, hereby the Company intends to resubmit the Perfection on the Report on the Implementation of Public Expose, especially in Appendix 2 - Public Expose - Q & A Session where several adjustments has been made to the language and format of the report, and we need to emphasize that the adjustment made does not substantially change the contents of the report, so that the whole of the Company's Public Expose Implementation Report is as follows: Public Expose of the Company has been held on: Date : Thursday, 9 May 2019 Time : 11.00 - 12.00 Western Indonesian Time Venue : PT HM Sampoerna Tbk. Ruang Meeting Taman Sampoerna One Pacific Place Lantai 18 Sudirman Central Business District (SCBD) Jl. Jendral Sudirman Kav. 52-53 Jakarta - 12190 Agenda : 2018 & Q1 - 2019 Company Performance Participants attending the Public Expose (excluding the Management and employees of the Company) are 105 persons, consisting of financial analysts, retail investors, shareholders and media journalists in detail as set forth in Appendix 1. The material of the Public Expose is presented by the Management of the Company, as follows: UNOFFICIAL TRANSLATION No Materi Pembicara 1. Highlights of Company Performance 2018 Mindaugas Trumpaitis 2. Highlights of Company Performance Q1 2019 3. Business Overview 4. Financial Highlights of the Company 5. Commitment to Indonesia 6. Awards in the year 2018 7. Question and Answer After the presentation by Management of the Company, the audience was given the opportunity to ask questions. Questions and answers take place in Bahasa Indonesia and English which are further summarized in Bahasa Indonesia and in detail as attached in Appendix 2. In Public Expose, the Company did not hold a press conference, but the Company provided Press Release material at the time of registration to the journalist as attached in Appendix 3. Best Regards, PT Hanjaya Mandala Sampoerna Tbk. Signed and sealed Andy Revianto Corporate Secretary UNOFFICIAL TRANSLATION Appendix 1 - Attendance List No Name Institution / Origin 1 Pierre Bogor 2 TJoa NA 3 Eddy NA 4 Surja Bogor 5 Kholik D Jakarta 6 Maria Rini Bogor 7 Sarah Bogor 8 Surly Bogor 9 Yongky Jakarta 10 Erick Gunawan Tangerang 11 Ali Zamlikan Tangerang 12 Yudi Agung W Karawang 13 Sukini NA 14 Tjetjino NA 15 Ai Pin NA 16 Liliek N.D Kalibata 17 Budi NA 18 Melly NA 19 Bpk. Aji N AKURAT.CO 20 Ibu Nanda Arin ALINEA.ID 21 Ibu Novita BISNIS INDONESIA 22 Bpk. Andi BISNIS INDONESIA 23 Ibu Azizah BISNIS.COM 24 Ibu Fathiya Dahrul BLOOMBERG 25 Ibu Monica CNBC INDONESIA 26 Ibu Safyre CNNINDONESIA.COM 27 Ibu Lia COGENCIS 28 Bpk. Ahmad Churi EKSEKUTIF 29 Bpk. Elvis EMINTENNEWS.COM 30 Ibu Ester C. Natalia FORBES INDONESIA 31 Ibu Flora GATRA.COM 32 Bpk. Pinto GATRA.COM 33 Bpk. Kholid R IDN FINANCIALS 34 Ibu Vera INDO POS UNOFFICIAL TRANSLATION No Name Institution / Origin 35 Bpk. Ari INDO POS 36 Ibu Nisa JAWA POS 37 Ibu Anisa (Cetak) JAWA POS 38 Bpk. Ulum KATADATA.CO.ID 39 Ibu Fika KOMPAS.COM 40 Ibu Qalbi KONTAN 41 Ibu Selfy KUMPARAN.COM 42 Bpk. Dadag LISTED INDONESIA MAGAZINE 43 Bpk. Agus Siswanto MARKETPLUS.CO.ID 44 Bpk. Dwi Aditya Putra MERDEKA.COM 45 Bpk. Aditya RAKYAT MERDEKA 46 Ibu Cindy Silviana REUTERS 47 Bpk. Tatang Muchtar SINDO WEEKLY 48 Bpk. Eko Edhi cendo SINDO WEEKLY 49 Bpk. Agoes Sofyan SUARAKARYA.ID 50 Ibu Vina Anggita SWA 51 Ibu Riska THE JAKARTA POST 52 Bpk. Surya TRANSASIA 53 Bpk. Praz VIVA.CO.ID 54 Ibu Anis WARTA EKONOMI 55 Gerry H Deutsche Bank 56 Raja A Deutsche Bank 57 Naomi OCBC 58 Yekti OCBC 59 Linda OCBC 60 Ivan UBS 61 Radit IPS 62 Putri Morgan Stanley 63 Christien F. DBS 64 Christabel Michael DBS 65 Vilhelmina CIMB 66 Janni NA 67 Riyanto Mandiri 68 Adrian Joezer Mandiri 69 Leonardo H. Bahana 70 Vincent Y NA 71 Muhammad Naufal Danareksa Sekuritas 72 Jessica RHB UNOFFICIAL TRANSLATION No Name Institution / Origin 73 Stella Ciptadana 74 Vivi Citigroup 75 Fariz RHB AM 76 Mega Christina Credit Suisse 77 Deidy Wijaya Credit Suisse 78 Robert Pranata Macquerie 79 Ria Sari Devi CN 80 Yosia Lesley CN 81 Wilbert Sinarmas 82 Steven Ho CLSA 83 William BNI 84 Merlissa CLSA 85 Darien Trimegah 86 Benny JP Morgan 87 Giovanni Bahana 88 Christine Mirae Asset 89 Silvia Mirae Asset 90 Ike Pranata Surabaya 91 Maria Cendra Surabaya 92 Jimmy Panin 93 Felix Ferdian MUFG Bank 94 Adri Indopos 95 Chandra Rustam MUFG Bank 96 Yana UOB 97 Dhea Aditya UOB 98 Maya HSBC 99 Bernard HSBC 100 Rayana SRC 101 Nia Metro TV News 102 Cheppy A.M Kontan 103 Ninis Indriswari BRI 104 Shella Rosalina BRI 105 M. Naufal Danareksa UNOFFICIAL TRANSLATION Appendix 2 - Public Expose - Q&A Session Question 1 There are three questions. So the first question is what will be the CAPEX spending plan for this year? Any plan to execute for a specific planning or project? Second one, does Phillip Morris International has the iQOS factory in Malaysia, is there any direction for Sampoerna as an affiliate of Phillip Morris International to move to aerosol or vaping industry? That’s the second question. And the third one, which is the last one is about the consumer goods and consumer preferences. Do you see any changes in the consumer preferences, specifically talking about the value products and the packaging? I think they are the three questions coming from the firm. Answer: When it comes to investment, average a year we invest about one trillion rupiah, and that goes into machine upgrades and machine improvement. So nothing different estimated for 2019. The guiding number would be 1 trillion rupiah that we invest in average in CAPEX. Now when it comes to iQOS factory in Malaysia, let me correct you, Philip Morris International doesn’t have iQOS factory in Malaysia, they have a third party manufacturing contract. In Malaysia, it’s the devices that are being produced, not the heatstick. But your question is about do we plan to invest in Indonesia? Again, first we need to introduce this product at a large scale. If the product is successful, there’s no reason not to start production in Indonesia. But again, those linked to the volume performance of the products. Today, the product is not commercialized yet at the scale. When it comes to the consumer trends, again, there are many different indications on what’s happening with FMCG company or retail. So last year, retail sales grew by 3.7% and that compared to double digit growth in 2015 and 2016. So you can see that market is still slightly depressed. Again, we are not talking about cigarettes only, but we are talking about all different goods that are sold through retail. Now the good news that in Q1 2019, we observe the growth of 8.8%. So that is leading into the right direction. Now zooming into tobacco category, specifically, as I mentioned in my presentation, you see that adult consumers are trending towards value product, cheaper product, and what is now unique is, for many years in Indonesia, the low tar segment was growing and we starting to see high tar segment is growing again. In a way, take over from low tar segment. Our interpretation from that is the same, that adult consumer is looking for a value proposition, for higher impact product with lower price. So this is the trend that we observe. So retail sales was depressed in 2018, but starting some recovery, in terms of tobacco industry, the high tar is growing faster than low tar. Question 2 I would like to ask some questions. First, when HM Sampoerna will launch the e-cigarette? And whether you will launch the iQOS in Indonesia? Also, I would like to ask your view about the cigarette market in Indonesia, because I see, there is a stagnant growth in cigarette market right now. Perhaps can you elaborate more about your strategy and what is your view in the future? Answer: Now talking about e-cigarette iQOS, again in March this year, we introduced iQOS Club in Jakarta, a small test group. Our objective is to see the adult consumer behavior when it comes to this product, namely what UNOFFICIAL TRANSLATION type of product that they prefer, is it menthol, high impact, or low impact; what is the comprehension of the messages, meaning, what do we understand about the product. So we’re still in the learning phase, but this product has been introduced in March 9, 2019 to a small panel. And depending on the test market result, we’re going to decide when to expand, because we believe this product can make a very positive impact on adult consumer, on adult smoker in Indonesia. We estimate today we have about 50 million adult smokers in Indonesia. And to offer them, a reduced risk product is a right thing to do. Now when it comes to your second question about the stagnant volume. Yes, as I stated in my presentation, over the last two years, 2016 and 2017, average annual industry decline was 2%.
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