Confidential

Pakuwon Jati Results Presentation – 1Q 2021 Disclaimer

By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. The company (including any of its affiliates, advisors and representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising from any use of this presentation.

In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. No assurance can be given that future events will occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those forecast and projected.

This presentation is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation may not be used or relied upon by any other party, or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the company.

1 Table of contents

Section 1 Company Overview 3 Section 2 Recent Developments 8 Section 3 Key Credit Highlights 11 Section 4 Financial Highlights 26 Section 5 Notes 2028 Summary 30 Appendix Supporting asset details 32

2 Section 1 Company Overview What sets Pakuwon Jati apart?

Market leader in c.776k sqm ’s leading retail mall developer and owner #1 + #3 Largest superblocks in South Jakarta  Retail Malls NLA #1 Largest retail mall in South Jakarta #2 Largest mall portfolio in Jakarta Consistent track record of balancing recurring and 2,118  development income #3 Largest shopping mall in Jakarta keys

Strategically focused on Indonesia’s two largest and 5  wealthiest metropolises Superblocks (2.9m habitants1) Jakarta (10.8m habitants1) Growth and value creation potential from attractive  developments, land bank and acquisitions 2 Market leader in Surabaya Townships #1 + #2 Largest superblock in Surabaya One of the leading property developers in Indonesia #1 Largest land bank in Surabaya City 464,3 ha  with almost 40-year track record of growth #1 Largest retail mall in Indonesia land bank

Note: 4 1 Based on World Population Review data for 2020 Well balanced exposure with focus on Indonesia's two largest cities Jakarta and Surabaya are consistently among the fastest growing regions in Indonesia, and recent acquisitions in Central Java expand PWON’s footprint across the nation Jakarta Surabaya Central Java

Hartono Mall Solo Grand Pakuwon Tunjungan City Somerset Berlian Pakuwon City Hartono Mall Yogyakarta Blok M Plaza Marriott Hotel Yogyakarta Bekasi Pakuwon Mall

Royal Plaza

 3 superblocks (Kota Kasablanka, Gandaria City, Pakuwon  2 superblocks (Tunjungan City, Pakuwon Mall1)  2 retail malls (Hartono Lifestyle Mall Bekasi) Mall Solo, Hartono Lifestyle Mall  2 townships (Grand Pakuwon, Pakuwon City)  1 retail mall (Blok M Plaza) Yogyakarta)  1 retail mall ()  1 serviced apartment (Somerset Berlian)  1 hotel (Marriott Hotel Yogyakarta)

Marriott Hotel Kota Kasablanka Gandaria City Tunjungan City Pakuwon City Yogyakarta

Hartono Mall Blok M Plaza Bekasi Project Somerset Berlian Royal Plaza Pakuwon Mall Grand Pakuwon Yogyakarta Hartono Mall Solo

Note: 1. Includes serviced apartments Ascott Waterplace Surabaya 5 Almost 40 years track record of growth

2019 2016 Opening of Four 2014 Opening of Four Points by Sheraton Points by Sheraton Acquired 67.1% of Surabaya Pakuwon Surabaya in Jun- PT Pakuwon Permai Indah 2012 2016 Issued US$200m of Completed 4 7.125% Senior condos, 2 offices Unsecured Notes 2010 and opened Kota due 2019 Kasablanka mall Completed 2 with 94% Increased 2007 condos, 1 office pre-leasing rate shareholding of Entered the Jakarta tower, and 1 mall in 4.5 ha Simatupang market with the Gandaria City, as Opening of Pakuwon 1991 Acquisition of Bekasi land bank from 45% acquisition of land well as 1 mall in Mall 4 and Pakuwon land plot to 70% Opening of Pakuwon Completed for Gandaria City Pakuwon City Mall Phase 2 & 3 and City Mall 2 1982 2 Superblock in Tunjungan Plaza 6 Acquired Hartono Shopping Center South Jakarta Pakuwon Jati (Lifestyle Center) Mall and Marriott established to and the Mandiri Refinanced US$200m Yogyakarta and develop Tunjungan Office Tower Opening of Ascott bond with US$250m of Hartono Mall Solo Plaza 1, the first Waterplace in May 5.0% Senior Unsecured in Nov-20 modern shopping 2015, Tunjungan Plaza Notes due 2024 Opening of The center in Surabaya Acquired 33% stake in mall 5 and Sheraton 2017 Westin Surabaya in Usada Insani Hospital, Grand Jakarta in Dec-20 as well as 45% stake in Oct 2015 Rebranding of 4.5 ha land bank in 2015 2020 Completed Tunjungan Pakuwon City into a Simatupang, Plaza 3 and 4, Surabaya self-contained city, Acquired Kota South Jakarta Sheraton Hotel, and complemented with Kasablanka project in 2013 Regensi Condominium retail / commercial 1st property Jakarta’s fringe CBD areas, schools, and a company to be Tunjungan City opens 2011 hospital listed on the Jakarta as the 1st Superblock Stock Exchange in Indonesia 2008 1989 1996-2002

6 Winning business strategy

 Continue to build strong recurring cashflows to complement sales of development properties

 Long term target to maintain balanced split between recurring and development income 1 Well balanced portfolio of recurring and  Continue to construct, own, and manage high quality, complementary retail, office and hotel properties which can deliver attractive development income rental yields and stable recurring income over the long-term

 Build on the proven and successful superblock concept – leveraging synergies between all segments ‒ Iconic malls and other amenities serve as demand drivers for condominium, office and hotel projects

2 Strength in ‒ Condominiums, offices and hotels provide natural catchment for malls, both night and day superblock development  Leverage synergies and economies of scale within superblocks to drive operational efficiencies and higher margins

 Take advantage of strong balance sheet to opportunistically acquire investment properties or land bank at attractive prices 3  Acquire large plots of land only if there are concrete development plans for the land Disciplined acquisitions and land banking strategy

7 Section 2 Recent developments Opportunistic acquisitions in line with strategy Broadening exposure beyond Jakarta and Surabaya on the back of an opportunistic acquisition during the pandemic

Acquisition summary

• Acquired from one seller two shopping malls and a hotel in Central Java

– Yogyakarta: largest shopping mall (77k sqm NLA) in Central Java and Yogyakarta, with an adjacent Marriott hotel (347 rooms)

– Solo: mid-market retail mall (36k sqm NLA) in commercial district

• Opportunistic acquisition at a cap rate of c.13% based on 2019 financials

• Acquisition fully cash financed and closed in November 2020

Location overview

Jakarta Solo

Yogyakarta

Surabaya

9 Bekasi superblock update Ready to kick-off construction in 2021, with completion of phase 1 expected for 2024/25

Project summary • 5th superblock development of Pakuwon 4 condominiums • Build upon successful fully-integrated concept, combining condos, retail and hotel GSA: 119,000 sqm – 4 condominiums with 119k GSA – 2 hotels with a total of 324 rooms – 1 retail mall with 43k NLA

Location overview

 In the heart of Bekasi, a vibrant city with 3.5m habitants1

 Next to major toll road 4-star & 3-star Hotel 324 rooms  400m walking distance to LRT2 from Bekasi to Jakarta

Indicative timeline

Acquisition of Construction Construction Completion Retail Mall land plot start put on hold start in phases phase 1 NLA: 43,000 sqm

Conceptualization, planning, and permissioning

2012 2020 2021 2024/25 Source : Google maps Notes: 1 Based on World Population Review data for 2020 10 2 Expected to operate in 2022 Section 3 Key Credit Highlights 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Key credit highlights

Experienced management team Leading Indonesian developer with with strong track record well-diversified portfolio 6 1

Strong long-term Strong recurring income base macroeconomic and property generated from investment market fundamentals in 5 2 property portfolio Indonesia 4 3

Superior margins supported by Attractive development projects with active land banking strategy post-pandemic recovery momentum

12 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Well-diversified portfolio Development and investment properties diversified across multiple segments and target customers provide income stability

Revenue breakdown by segment Revenue breakdown by project %

100 2.1 100 1.5 .4 3.4 Central Java Java 3 3 Office sales 1.3 Central 13.5 16.8 8.5 Royal Plaza 24.7 80 80

Landed houses 9.0 18.2 Grand Pakuwon 45.4%

45.6% 28.9 Pakuwon City

Development

62.0% 60.7% 18.8 Surabaya Condo sales (%) 19.1

60 60 18.4 Tunjungan City (%) 4.1 5.5 Pakuwon Mall 7.8 7.5 Office leasing 14.4 15.7 40 40 0.6 2.2 0.4 Somerset 11.5 1.9

Hotel & Serviced 10.3 Blok M Plaza 54.6% 54.4% 42.5 Apartments 20 41.6 Recurring 20

34.6% Gandaria City 39.3% Retail leasing 24.9 21.9 Jakarta Kota Kasablanka 0 0 1Q 2020 1Q 2021 1Q 2020 1Q 2021

 Strength of diversification strategy proven  Surabaya: higher proportion of revenue from Pakuwon City  PWON continues to target long term 50/50 recurring/development  Jakarta: highest proportion of revenue from Kota Kasablanka condominiums  Contribution of recurring income continues to be driven by retail mall leasing  Central Java : contribution only as of Dec 2020 income

13 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Portfolio overview – Jakarta

Kota Kasablanka Gandaria City Bekasi Project Somerset Berlian Blok M Plaza

Description Superblock Superblock Superblock Serviced apartment Retail mall  12.9ha located right next to Jakarta’s  3rd largest superblock in South Jakarta  3,6 ha located at West Bekasi Contains the  Serviced apartment situated in the exclusive  Mid-market retail mall in South Jakarta’s Golden Triangle  Located on a 9.3ha lot along a main mall, 4 condominiums, and 2 brand of Hotels residential area of South Jakarta and a short commercial district. Situated along the main  Contains the largest mall in South Jakarta, thoroughfare linking South Jakarta to drive from the financial center thoroughfare connecting South Jakarta and opened on July 28, 2012 West Jakarta  Managed by The Ascott Limited under the the central business district "Somerset" brand  MRT terminal connected directly into the Mall in March 2019 Residential  4 condos, 1,077 units, GSA: 96k sqm  2 condos, 715 units  4 condominiums, 2.991 unit GSA: 95k sqm  3 additional condos, GSA: 121k sqm  2 condos GSA: 120k sqm  Phase 4 & 5 condos , GSA: 101.5k sqm

Office  Tower A GSA: 36k sqm  Tower A GSA: 37k sqm (for sale)  Tower C GSA: 40.5k sqm

Retail  Middle- to upmarket mall NLA: 119k sqm  Middle to upper middle NLA: 100k sqm  NLA: 43k sqm  NLA: 30k sqm  NLA : 42k sqm

Office  Tower A NLA: 21k sqm  Tower A NLA: 21k sqm (for lease)  Tower B NLA: 32k sqm  Tower C NLA: 34k sqm

Hospitality  350 rooms, 4-star hotel  293 rooms, 5-star hotel  144 rooms, 4-star hotel  123 serviced apartment units1  180 rooms, 3-star hotel (Somerset brand)

Location

Notes: 1. 7 out of 123 units have been sold to 3rd party investors, who in turn receive 5% of all net Projects in red are currently under construction or targeted to start construction income generated by the Somerset Berlian 14 within the next 2 years, and are based on estimates. GSA/NLA and number of units/rooms are estimates.NLA: Net Leasable Area, GSA: Gross Saleable Area 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Portfolio overview – Surabaya

Tunjungan City Pakuwon Mall Grand Pakuwon Pakuwon City Royal Plaza

Description Superblock Superblock Township Township Retail mall  8.8ha located in prime central precinct  14.6ha located in affluent neighborhood  Self contained city in West Surabaya  Self-contained city in East Surabaya  Mid-market strata retail mall 78% owned  PWON’s first development in 1986,  Has a mid-market retail mall, Pakuwon Mall  Consisting of residential area and a future  Consisting of a residential area, commercial and managed by a subsidiary of PP expanded in phases and a strata retail mall commercial area area, and an education park  Situated along one of Surabaya’s main  Developing Phase 5 and 6 with premium  Developing Phase 3 & 4 with premium leased thoroughfares easily accessible retail, office, and residential towers retail, residential condos and hotels from nearby toll roads and public transport

Residential  TP5 GSA: 30k sqm  Phase 2: two towers GSA: 60k sqm  House and land lot community  House and land lot community  TP6 GSA: 58k sqm  Phase 3: one tower GSA: 41k sqm  4 Educity condos GSA:103k sqm3  Phase 4: 135k sqm  3 ECM condos GSA: 94k sqm  Phase 5: 105k sqm

Office  TP5 GSA: 10.5k sqm  Shophouses, university, schools, and (for sale)  TP6 GSA: 28k sqm a hospital

Retail  NLA: 149k sqm  PM NLA: 135k sqm  Phase 1+2 NLA: 31k sqm  NLA: 53k2 sqm  PTC NLA: 46k1 sqm  PCM Phase 3 NLA: 15k sqm

Office  TP5 NLA: 9k sqm (for lease)  TP6 NLA: 14k sqm

Hospitality  359 rooms, 5-star hotel  317 rooms, 4-star hotel  300 roms, 4-star Hotel  293 rooms, 4-star hotel  204 rooms, 5-star hotel  182 serviced apartment (Ascott) Location

Notes: 1. Pakuwon Trade Center (“PTC”) NLA excludes sold area of 5,467 sqm Projects in red are currently under construction or targeted to start construction 2. Royal Plaza NLA excludes sold area of 15,226 sqm 15 within the next 2 years, and are based on estimates. GSA/NLA and number of units/rooms are estimates.NLA: Net Leasable Area, GSA: Gross Saleable Area 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Portfolio overview – Central Java

Hartono Mall Yogyakarta Marriott Hotel Yogyakarta Hartono Mall Solo Asset pictures (all locations)

Blok M Plaza Description • Midd-upper retail market in Yogyakarta,  Marriott hotel in Yogyakarta  Mid-market retail mall in Solo commercial the largest shopping mall in Central Java  Located directly adjacent to Hartono Mall district and Yogyakarta Yogyakarta

Residential Kota Kasablanka

Office (for sale)

Retail  NLA : 77 sqm  NLA : 33K sqm

Westin Tunjungan Plaza Mall

Office (for lease)

Hospitality  347 rooms, 5-star hotel

Location

Pakuwon Mall Pakuwon City Mall

16 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Strong recurring income base with track record of growth …service charge almost fully covered operating expenses in 1Q 2021 despite COVID-19

Recurring Revenue Recurring revenue 51.9% 49.0% 51.3% 57.8% 54.4% 54.6% share as % of total

4,000 3,692 3,468 509 2,986 470 3,000 381 720 692 2,300 601 236 2,000 Rp bn Rp 443

2,306 2,463 898 1,000 2,004 110 610 1,621 169 11371 618 426 0 2 2017 2018 2019 2020 1Q 2020 1Q 2021

Rental and Service charge Other Operating Revenue 1 Hotel

Note: 1. Other Operating Revenue represents revenues from electricity and water billing, parking fees and others 17 2. The impact of Covid -19 reflected since Q2 2020 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Growth of recurring income portfolio Plans to continue growing retail and hotel portfolio to maintain recurring income mix

Retail Mall NLA Growth Hotel Room Growth 3,000 1,000 2742 876 900 2,500 776 800 2118

700 2,000

600 776

500 1,500

400 1,000 2118 300

200 500

100

0 0 Current NLA Planned by 2025 Current Rooms Planned by 2026

 Pakuwon City Mall 3  Fairfield Bekasi Hotel  Pakuwon Mall Bekasi  Four Points Bekasi Hotel  Kota Kasablanka Phase 4  Pakuwon City Mall 4-star Hotel

2020 basis Future estimate 18 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Retail: High quality mall portfolio Minimal lease terminations, as tenants continue to be confident about the long-term viability of retail in Indonesia

Historical Occupancy Lease Expiry Profile (NLA breakdown)

As % Occupancy 2017 2018 2019 2020 1Q 2021 9% 13% 23% 13% 9% 33% of total Kota Kasablanka Mall (119k sqm) 98% 99% 99% 99% 99% 300,000

Gandaria City Mall (100k sqm) 96% 94% 98% 92% 92% Jakarta 250,000 Blok M Plaza (30k sqm) 91% 96% 97% 93% 88%

1 Tunjungan Plaza (149k sqm) 98% 96% 96% 93% 92% 200,000 Largely due to recent 2 3 Pakuwon Mall (135k sqm) 94% 95% 96% 90% 89% developments/expansions 150,000 (Pakuwon Mall, Tunjungan 7 Pakuwon Trade Center (46k sqm ) 94% 92% 92% 88% 89% Plaza, Hartono Mall

Surabaya 8 4 Yogyakarta) Royal Plaza (53k sqm ) 97% 96% 94% 91% 91% 100,000 Pakuwon City Mall (31k sqm) – – – 74%5 76% 50,000 Hartono Mall Yogyakarta (77k sqm) – – – 88%6 85%

Java

Central 6 Hartono Mall Solo (36k sqm) – – – 97% 97% 0 Vacant 2021 2022 2023 2024 2025 Onwards Notes: 1 Includes Tunjungan Plaza 6 opened on 23 S eptember 2017 Kota Kasablanka Mall Gandaria City Mall Tunjungan Plaza 2 Includes Pakuwon Mall 2 & 3 opened on 22 February 2017 Pakuwon Mall Pakuwon Trade Center Royal Plaza 3 Excludes Pakuwon Mall 4 opened on 28 February 2020 4 Includes finished refurbished floor, opened on 9 October 2020 Blok M Plaza Hartono Mall Yogyakarta Hartono Mall Solo 5 Pakuwon City Mall opened on 20 November 2020 Pakuwon City Mall 6 Acquired on 25 November 2020 7 Pakuwon Trade Center NLA excludes sold area of 5,467 sqm 8 Royal Plaza NLA excludes sold area of 15,226 sqm

19 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Retail: Well-diversified tenant base Targeting the right tenant mix to support PWON’s malls as e-commerce resilient lifestyle destinations

Retail mall tenant base breakdown by leased area (%) Top 10 tenants by rent and service charge contribution

Other¹  Many top-10 tenants have experienced strong sales during COVID (e.g. Electronics 7.5% home furnishing, supermarkets), others have recovered to close to 1.7% Fashion retail pre-COVID levels (e.g. fast fashion) Health and beauty 19.0% 3.8% # Tenant Segment Services Houseware and home furnishing 5.0% 1

2 Houseware and home furnishing Supermarkets 7.7% 3 Supermarket

4 Supermarket

Department stores 5 Fashion retail Houseware and 18.8% home furnishing 6 Department store 10.0% Contribution to rents significantly lower due to lower rent psf 7 Fashion retail

8 Supermarket

Entertainment and Fashion retail leisure 9 11.1% Food and beverage 15.4% 10 Fashion retail

Notes: 1 Includes storage, management office, promotion areas and others 20 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Office: Stable occupancy supported by quality tenant base

Kota Kasablanka Office 88 Prudential Tower Pakuwon Tower Jakarta Gandaria Tower Pakuwon Center Surabaya Pakuwon Tower Surabaya

Asset impression

Description  39 floor landmark tower  Well equipped with high-speed data  Modern 41 floors of office space  32 floor office building  Prestigious business address, in the  Premium strata title office space on  Direct access to Kota Kasablanka connections, meeting rooms and  Green building performance with  First Green Mark certified building heart of Tunjungan City Superblock the top of Tunjungan Plaza 5 Retail Mall teleconferencing systems e.g. double glazing in Indonesia  Close to entertainment and  12 floors with total area 20,260 sqm  4 basements with Car Park  Less than 20 min. away from  6 high speed elevators and one VIP shopping center international airport by car elevator NLA 24k sqm 32k sqm 48k sqm 21k sqm 10k sqm 24k sqm

Major tenants

Location

Overall 95.3 99.5 98.8 99.4 99.4 88.7 92.5 92.0 88.5 88.7 87.3 49.5 47.8 33.6 34.8 34.5 occupancy 78.1 83.8 81.1 80.7 1 72.0 (%) 22.6

n.a. n.a.

2018 2019 2020 1Q 2021 2018 2019 2020 1Q 2021 2018 2019 2020 1Q 2021 2018 2019 2020 1Q 2021 2018 2019 2020 1Q 2021 2018 2019 2020 1Q 2021

Notes: 1 NLA and occupancy include both space for lease and sale, apart from Prudential Tower 21 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Hospitality: Portfolio hosting major hotel brands

Sheraton Grand Jakarta Somerset Berlian Sheraton Surabaya Four Points Tunjungan Four Points Pakuwon The Westin Surabaya Ascott Waterplace Marriott Yogyakarta

Asset impression

Description  Five-star luxury hotel  Serviced apartment  Five-star luxury hotel  Four-star hotel  Four-star hotel  Five-star luxury hotel  Serviced apartment  Five-star luxury hotel  293 keys  123 units1  359 keys  293 keys  317 keys  204 keys  182 units  347 keys  Part of Gandaria City  Only 15-minute drive  Part of Tunjungan  Part of Tunjungan  Part of Pakuwon Mall  Part of Pakuwon Mall  Part of Pakuwon Mall  Next to Hartono mall superblock away from Jakarta City superblock City superblock superblock superblock superblock Yogyakarta prime financial hubs

Brands

Rev PAR2 (Rp'000 /room/day) +4.1% +4.5% +4.9% +13.3% +4.0%

1,0 651 659 156 620 680 760 785 960 00 659 582 582 240

489 513 400 403 331 293 282 156 184 190 207 269 258

2018 2019 2020 1Q 2021 2018 2019 2020 1Q 2021 2018 2019 2020 1Q 2021 2018 2019 2020 1Q 2020 1Q 2021 2020 1Q 2021 2018 2019 2020 1Q 2021 2020 1Q 2021 2021

Note: 1. 8 out of 123 units have been sold to 3rd party investors, who in turn receive 5% of all net income generated by the Somerset Berlian RevPAR growth 2018-2019 22 2. Calculated based on Average Room Rate multiplied by Occupancy rate 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Attractive residential developments Strong pre-sales momentum going into Q4-2020 and Q1-2021, as COVID situation stabilizes in Indonesia

Quarterly pre-sales (Rp bn) Pre-sales and construction update of highrise projects

600 Handover Superblock / Township Project name Segment GSA % Progress update (sqm) Sold Schedule 500 481 Angelo Condo 36.9k 84% Completed 2018 Bella Condo 36.8k 86% Completed 2018 Recovery 427 Kota Kasablanka momentum Chianti Condo 47.3k 78% Completed 2019 400 1 365 Pakuwon Tower Office 47.4k 12% Completed 2019 356 354

312 Pakuwon Mall Bekasi Amor Condo 23.6k 47% Preliminary Stage 2025 301 300 Pakuwon Center Office 10.4k 92%1 Completed 2018 Tunjungan City 224 One Icon Condo 57.8k 70% Completed 2018 Pakuwon Tower Office 27.7k 35%1 Completed 2019 200 Amor Condo 48.5k 89% Finishing stage 2021 136 Pakuwon City Bella Condo 31.2k 28% Foundation stage 2025

100 Anderson Condo 57.1k 94% Completed 2018 Pakuwon Mall Benson Condo 53.7k 81% Completed 2020 La Viz Condo 32.2k 57% Finishing Stage 2021 0 Company data as of Maret 31, 2021

Note: 1 As % of saleable area, excluding approximately 50-60% of area set aside for lease

Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q4-2020 Q1-2021 Q3-2020

23 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Sufficient land bank for >10 years of development Disciplined land banking strategy to sustain growth and high margins; further land banking purely opportunistic and discretionary

Land bank summary Land bank breakdown by location

Land under Jakarta Additional land Total land Location Project development 5.4% bank (ha) bank (ha) (ha) Kota Kasablanka - 3.8 3.8 South Jakarta Gandaria City - 1.9 1.9 Simatupang land bank - 4.5 4.5

West Jakarta Daan Mogot land bank 11.0 11.0

Greater Jakarta Bekasi land bank 2.7 0.9 3.6 West and Central 464.3 East Surabaya Central Surabaya Tunjungan City - 2.1 2.1 Surabaya 55.4% Pakuwon City Township 1.0 234.8 235.9 39.2% East Surabaya ha Outside Pakuwon City - 21.5 21.5 land bank Grand Pakuwon Township - 167.3 167.3 Pakuwon Mall 1.1 2.8 3.9 West Surabaya Royal Plaza - 1.9 1.9 Outside Grand Pakuwon - 6.9 6.9 Total Land Bank 464.3

24 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins 5. Strong macro fundamentals 6. Experienced management team Superior operational margins Resilient profitability underpinned by superior operational margins

EBITDA margin (%) Gross profit margin by segment (%)

Gross profit margin 58.5 57.2 56.3 48.8 59.2 46.5

60.0% 59.3% 55.2% 55.2% 54.9% 80.0% 51.6% 50.9% 70.0% 67.4% 50.0% 64.3% 62.9% 60.7% 60.2% 60.6% 60.0% 53.0% 53.6% 52.7% 52.3% 40.0% 50.0% 38.5% 30.0% 40.0% 34.8%

30.0% 20.0% 20.0% 10.0% 10.0%

0.0% 0.0% 1 2017 2018 2019 2020 1Q 2020 1Q 20211 2017 2018 2019 2020 1Q 2020 1Q 2021

Recurring gross profit margin Development gross profit margin

1. The impact of Covid -19 reflected since Q2 2020 25 Section 4 Financial Highlights Strong sales growth and balanced revenue going forward Revenue to come from well diversified sources and marketing-sales to recover gradually to pre-pandemic levels

Pre-sales (Rp'bn) Revenue (Rp'bn)

Superblock share1 Recurring revenue share 59.9% 59.2% 55.4% 52.1% 57.3% 46.5% 51.9% 49.0% 51.3% 57.8% 54.4% 54.6% 2,505

2,203

7,081 7,202

1,503 5,749 3,613 3,509 2,763 1,026 3,977

1,677

427 1,651 365 3,693 2,986 3,468 1,116 2,300 752 506 898 610 2 2017 2018 2019 2020 1Q 2020 1Q 2021 2017 2018 2019 2020 1Q 2020 1Q 2021

Gandaria City Kota Kasablanka Bekasi Recurring Development Total Others (Somerset) Tunjungan City Grand Pakuwon Pakuwon Mall Pakuwon City Total

Note: 1 Represents marketing sales from Kota Kasablanka, Gandaria City, Pakuwon Mall Bekasi, Tunjungan City, and Pakuwon Mall, as a % of total 27 2 The impact of Covid-19 reflected since Q2 2020 Resilient profitability profile Gross profit and EBITDA margins to remain resilient

Gross profit1 (Rp'bn) EBITDA (Rp'bn)

Gross profit margin EBITDA margin 58.5% 57.2% 56.3% 48.8% 59.2% 46.5% 55.7% 55.5% 55.3% 51.6% 59.3% 50.9%

4,050 4,058 3,927 3,983 3,362 3,200 1,940 2,052 979 977 519 569

2 2 2017 2018 2019 2020 1Q 2020 1Q 2021 2017 2018 2019 2020 1Q 2020 1Q 2021

Note: 1. D&A expenses are included in COGS. Therefore, gross profit is net of D&A 2. The impact of Covid-19 reflected since Q2 2020 28 Robust financial profile Proactively extending maturity profile; USD debt exposure continues to be well-hedged

Capitalization table (as at 31-Mar-2021) Debt maturity profile (Rp bn) Rp bn US$ m Average debt maturity of 2.8 years, with average cost of debt 6.4% p.a.2 Cash & cash equivalents 3,194.8 219.2 As % Long-term liabilities of total 3% 7% 1% 0% 89% Notes issued 3,615.5 248.1 4,000 Total long-term indebtedness 3,615.5 248.1 3,643 3,500 Equity Subscribed and paid-up capital 1,204.0 82.6 3,000

Additional paid-in capital 362.2 24.9 2,500 Difference in value due to changes in equity 13.5 0.9 of subsidiaries 2,000 Other comphrehensive income 7.7 0.5 1,500 Appropriated retained earnings 9.0 0.6 1,000 Unappropriated retained earnings 13,277.0 911.1

Non-controlling interest 2,979.7 204.5 500 270 128 50 Total Equity 17,853.0 1,225.2 - - 0 Total capitalization1 21,468.5 1,473.3 1Q 2021 2Q-4Q 2021 2022 2023 2024

Bank loans Senior Unsecured Notes 2024 (US$ 250m-fully hedged) Lower-upper strike: Rp13,500–15,000 and Rp16,500

Notes: 1 Total capitalization equals long-term indebtedness plus total equity 29 2 Based on post-FX hedging cost of US250m of 5.0% Senior Unsecured Notes due 2024 Section 5 Notes 2028 Summary Bond summary

Remark Initial Notes Additional Notes

Issuer PT Pakuwon Jati Tbk PT Pakuwon Jati Tbk

Series Name Senior Unsecured Note due 2028 Senior Unsecured Note due 2028

Nominal Value US$300,000,000 US$100,000,000

Issuance Date April 29, 2021 May 17, 2021

Issue Price 100% 103.118%

Tenor 7 years 7 years

Corporate Structure 4.875% 4.875%

Under writer UBS AG Singapore Branch, Goldman Sachs (Singapore) Pte. UBS AG Singapore Branch

Trustee The Bank of New York Mellon, London Branch The Bank of New York Mellon, London Branch

Issuer Ratings Ba2 stable (Moody's) / BB stable (S&P) / BB stable (Fitch) Ba2 stable (Moody's) / BB stable (S&P) / BB stable (Fitch)

Security Ratings Ba2 / BB / BB Ba2 / BB / BB

31 Appendix Supporting asset details Kota Kasablanka

Superblock

Residential  4 condos, 1,077 units, GSA: 96k sqm  3 additional condos, GSA: 121k sqm Office (for sale)  Tower A GSA: 36k sqm  Tower C GSA: 40.5k sqm Retail  Middle to upmarket mall with NLA of 119k sqm

Office (for lease)  Tower A / B / C with NLA of 21k sqm / 32k sqm / 34k sqm

Source: Google Maps 33 Kota Kasablanka — Phase 2

Superblock

Source: Google Maps 34 Gandaria City

Superblock

Residential  2 condos, 715 units

Office (for sale)  Tower A GSA: 37k sqm

Retail  Middle to upper middle with NLA of 100k sqm

Office (for lease)  Tower A NLA: 21k sqm

Hospitality  293 rooms, 5-star hotel

Source: Google Maps 35 Gandaria City — Phase 2

Superblock

Residential  2 condos GSA: 120k sqm

Notes: Projects in red are currently under construction or targeted to start construction within the next 2 years, and are based on estimates. GSA/NLA and number of units/rooms are estimates.NLA: Net Leasable Area, GSA: Gross Saleable Area

Source: Google Maps 36 Pakuwon Mall Bekasi

Superblock

Residential  4 condominiums, 2.991 unit  GSA: 95k sqm Retail  NLA: 43k sqm

Hospitality  144 rooms, Four Points  180 rooms, Fairfield

Notes: Projects in red are currently under construction or targeted to start construction within the next 2 years, and are based on estimates. GSA/NLA and number of units/rooms are estimates.NLA: Net Leasable Area, GSA: Gross Saleable Area

Source: Google Maps 37 Blok M Plaza retail mall

Retail mall

Retail  NLA: 30k sqm

Source: Google Maps 38 Tunjungan City

Superblock

Residential  TP5: TP Residence GSA: 30k sqm  TP6: One Icon GSA: 58k sqm Office (for sale)  TP5: Pakuwon Center GSA: 10.5k sqm  TP6: Pakuwon Tower GSA: 28k sqm Retail  NLA: 149k sqm

Office (for lease)  TP5: Pakuwon Center NLA: 9k sqm  TP6 : Pakuwon Tower NLA : 14k sqm Hospitality  306 rooms and 53 serviced apartments, 5-star hotel  293 rooms, 4-star hotel

Source: Google Maps 39 Tunjungan City — Phase 5 and 6

Superblock

Source: Google Maps 40 Pakuwon Mall

Superblock

Residential  Phase 2: two towers GSA: 60k sqm  Phase 3: one tower GSA: 41k sqm  Phase 4: three towers GSA: 143k sqm

Retail  PM NLA: 135k sqm  PTC NLA: 46k sqm (NLA excludes sold area of 5,467 sqm)

Hospitality  317 rooms, 4-star hotel  204 rooms, 5-star hotel  182 serviced apartment (Ascott)

Source: Google Maps 41 Pakuwon Mall — Phase 2 and 3

Superblock

Source: Google Maps 42 Pakuwon Mall — Phase 4

Superblock

Source: Google Maps 43 Pakuwon Mall — Phase 5

Superblock

Retail Mall GFA: 71,000 sqm

Source: Google Maps 44 Grand Pakuwon

Township

Residential  House and land lot community

Source: Google Maps 45 Pakuwon City

Township

Residential  House and land lot community  4 Educity condos GSA:103k sqm  East Coast Mansion

Commercial units/ plots  Shophouses, university, schools, and a hospital

Retail  PCM Phase 1+2 NLA: 31k sqm

Hospitality  300 rooms, 4-star hotel

Notes: Projects in red are currently under construction or targeted to start construction within the next 2 years, and are based on estimates. GSA/NLA and number of units/rooms are estimates. NLA: Net Leasable Area, GSA: Gross Saleable Area

Source: Google Maps 46 Royal Plaza

Retail mall

Retail  NLA: 53k sqm (excludes sold area of 15,226 sqm)

Source: Google Maps 47 Hartono Mall and Marriott Hotel Yogyakarta

Retail mall

Retail  NLA: 77k sqm

Hospitality  347 rooms, 5-star hotel

Source: Google Maps 48 Hartono Mall Solo

Retail mall

Retail  NLA: 36k sqm

Source: Google Maps 49