33 Horseferry Road “Building for a better future” 2Q &1H 2019 Financial Results Presentation 1 Disclaimer This presentation has been prepared by Sinarmas Land Ltd. (“SML” or “Company”) for informational purposes, and may contain 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 current assumptions which are subject to various risks and which may change over time. 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 projected. A prospective investor must make its own independent decision regarding investment in securities. Opinions expressed herein reflect the judgement of the Company as of the date of this presentation and may be subject to change without notice if the Company becomes aware of any information, whether specific to the Company, its business, or in general, which may have a material impact on any such opinions. The information is current only as of its date and shall not, under any circumstances, create any implication that the information contained therein is correct as of any time subsequent to the date thereof or that there has been no change in the financial condition or affairs of SML since such date. This presentation may be updated from time to time and there is no undertaking by SML to post any such amendments or supplements on this presentation. The Company will not be responsible for any consequences resulting from the use of this presentation as well as the reliance upon any opinion or statement contained herein or for any omission. © Sinarmas Land Ltd. All rights reserved. 2 01. KEY HIGHLIGHTS 02. FINANCIAL PERFORMANCE 03. BUSINESS UPDATES 04. APPENDIX 3 Key Highlights for 2Q & 1H 2019 The Group’s 2nd Quarter (“2Q”) & 1st Half (“1H”) 2019 revenue increased by 83.0% and 46.0% compared to the corresponding period last year respectively to S$361.0 million and S$560.9 million. This was contributed mainly by higher sales of commercial and industrial land parcels in BSD City and Kota Deltamas. In tandem with the higher revenue, 2Q & 1H 2019 gross profit increased by 68.7% and 42.1% compared to the corresponding period last year respectively to S$236.4 million and S$383.8 million. Profit attributable to owners of the Company increased by 588.8% in 1H 2019 to S$330.8 million in line with the higher revenue and a one-off restructuring of an associated company which had a positive effect of S$368.2 million. 1H 2019 financial position remained healthy with total assets of S$7,434.0 million of which cash and cash equivalents stand at S$1,006.0 million and a net debt to equity ratio of 21.2%. BSDE achieved IDR 2.7 trillion of marketing sales for 1H 2019 or 43.5% of full year 2019 (“FY 2019”) target of IDR 6.2 trillion. DMAS managed to achieve marketing sales of IDR1,218 billion for 1H 2019 or 97.4% of full year 2019 (“FY 2019”) target of IDR 1,250 billion. Sinarmas Land and Grab announced the launch of a pilot project for an innovative mobility solution, GrabWheels. This is part of the development of the BSD City region into an integrated smart digital city. Following the signing of a Shareholder Agreement with Citramas Group on 25 February 2019 to jointly develop Nongsa Digital Economy Hub, both parties has appointed Surbana Jurong as the Master Planner for this development. 4 01. KEY HIGHLIGHTS 02. FINANCIAL PERFORMANCE 03. BUSINESS UPDATES 04. APPENDIX 5 2Q & 1H 2019 Financial Highlights Revenue S$ million 1,600.0 Total revenue in 2Q & 1H 2019 increased by 83.0% and 46.0% respectively to S$361.0 million and S$560.9 1,400.0 1,347.4 million, contributed mainly by higher sales of commercial 1,200.0 land parcels in BSD City and Kota Deltamas 1,000.0 956.7 879.1 864.1 800.0 In addition, higher contribution from the sales of industrial 560.9 land parcel in Kota Deltamas and Karawang International 600.0 Industrial City led to the increase in 1H 2019’s revenue 384.3 361.0 400.0 197.2 200.0 - 2015 2016 2017 2018 1H 18 1H 19 2Q 18 2Q 19 Gross Profit and Gross Profit margin S$ million 1,400.0 90.0% In tandem with the higher revenue, 2Q & 1H 2019 gross 73.1% 80.0% profit increased by 68.7% and 42.1% compared to the 1,200.0 69.2% 70.3% 71.0% 68.7% 66.6% 68.4% corresponding period last year respectively to S$236.4 65.5% 70.0% 1,000.0 million and S$383.8 million. 60.0% 800.0 708.8 50.0% 656.9 Despite higher gross profit, 2Q & 1H 2019 gross profit 585.1 600.0 40.0% margin reduced marginally by 5.5 and 1.9 percentage 383.8 30.0% points to 65.5% and 68.4% respectively due to higher 400.0 332.9 270.1 236.4 20.0% average land costs for Kota Deltamas, BSD City and 200.0 140.1 Karawang International Industrial City. 10.0% 0.0 0.0% 2015 2016 2017 2018 1H 18 1H 19 2Q 18 2Q 19 6 2Q & 1H 2019 Financial Highlights EBITDA and EBITDA margin S$ million 1,200.0 EBITDA increased 87.7% and 59.9% to S$205.4 million 70.0% 59.7% 60.4% and S$338.8 million in 2Q and 1H 2019 respectively in 1,000.0 55.1% 55.5% 56.9% 60.0% line with the higher revenue contribution from Indonesia 52.0% 53.3% 47.5% 804.2 800.0 50.0% division, coupled with lower promotion and marketing expenses incurred and lower depreciation recorded in the 40.0% 600.0 period. 497.6 460.2 417.2 30.0% 400.0 338.8 In line with the higher gross profit margin, EBITDA 20.0% 211.8 205.4 margin increased by 1.4 percentage points to 56.9% in 200.0 109.4 10.0% 2Q 2019 and 5.3 percentage point to 60.4% in 1H 2019 - 0.0% 2015 2016 2017 2018 1H 18 1H 19 2Q 18 2Q 19 Profit attributable to Owners of the Company S$ million Profit attributable to owners of the Company increased 400.0 by 588.8% in 1H 2019 to S$330.8 million due to the 353.9 350.0 330.8 restructuring of an associated company which had a 300.0 287.5 positive effect of S$368.2 million. 250.0 The restructuring of PT Bumi Serpong Damai Tbk 200.0 (“BSDE”)’s stake in PT Plaza Indonesia Realty Tbk 143.1 150.0 114.9 119.0 (“PLIN”), the acquisition of units in Dana Investasi Real 100.0 Estat Simas Plaza Indonesia (“DIRE”, similar to Real 48.0 50.0 Estate Investment Trust) as well as acquisition of shares 20.0 in PT Plaza Indonesia Mandiri (“PIM”), the Group - 2015 2016 2017 2018 1H 18 1H 19 2Q 18 2Q 19 recorded a one-off exceptional item aggregating to S$373.7 million in 1H 2019 7 1H 2019 Revenue Breakdown Revenue – Product Breakdown (%) Revenue – Geographical Breakdown (%) 3.0% 1.4% 3.2% 14.7% 1H 2019 26.0% 1H 2019 Revenue Revenue 69.4% 82.3% Sales of Development Properties and Land BSDE Non-BSDE Rental Income UK Others Others* * : Other countries include China, Singapore, Malaysia and Batam 8 1H 2019 Recurring Income (Revenue) Breakdown Recurring Income (Revenue) – Product Breakdown Increasing Recurring Income (Revenue)* base (S$ million) S$ million S$ million 85.0 82.5 82.5 180.0 80.0 163.5 158.8 12.9 11.7 160.0 75.0 149.4 70.0 140.0 130.2 65.0 69.6 70.8 120.0 60.0 1H 18 1H 19 100.0 Rental Income Hotel, Golf & Resort 82.5 80.0 Recurring Income (Revenue) – Geographical Breakdown S$ million 60.0 100.0 82.5 82.5 90.0 80.0 8.0 7.3 40.0 70.0 20.2 18.0 60.0 20.0 50.0 40.0 30.0 54.3 57.2 - 20.0 2015 2016 2017 2018 1H 19 10.0 * : Recurring income (Revenue) includes rental income, hotel revenue and revenue from golf and 0.0 resort operations 1H 18 1H 19 Indonesia United Kingdom Singapore / Malaysia 9 1H 2019 – Financial Snapshot (S$ ‘000) As at 30 Jun 2019 As at 31 Dec 2018 Assets Cash and cash equivalents 1,006,007 984,135 Investment properties 1,666,557 1,613,038 Properties held for sale 1,325,935 1,224,017 Properties under development for sale 1,762,844 1,664,855 Other assets 1,672,704 1,074,489 Total Assets 7,434,047 6,560,534 Liabilities Borrowings 1,122,250 948,052 Bond Payables 841,334 903,756 Other liabilities 934,508 925,419 Total Liabilities 2,898,092 2,777,227 Equity Total Capital and reserves 2,461,509 2,037,832 Non-controlling Interest 2,074,446 1,745,475 Total Equity 4,535,955 3,783,307 10 Key Financial Ratios Debt / Assets and Debt / Equity Net Debt / Equity (x) (%) 0.60 25.0% 22.95% 21.15% 0.49 0.50 20.0% 0.42 0.43 0.38 0.40 0.35 15.01% 14.76% 15.0% 12.75% 0.28 0.30 0.26 0.26 0.22 0.23 10.0% 0.20 5.0% 0.10 0.00 0.0% 2015 2016 2017 2018 1H 2019 2015 2016 2017 2018 1H 2019 Total Debt / Total Assets Total Debt / Total Equity Total Debt / EBITDA EBITDA / Interest Expense (x) (x) 4.50 8.00 4.03 6.98 4.00 7.00 6.15 3.50 3.26 6.00 2.90 5.17 3.00 2.83 5.00 2.50 3.89 1.90 4.00 2.00 3.04 3.00 1.50 1.00 2.00 0.50 1.00 0.00 - 2015 2016 2017 2018 2019* 2015 2016 2017 2018 1H 2019 * : Annualized 11 Debt Maturity Profile & Funding Mix Debt Maturity Profile as at 30 June 2019 Funding Mix as at 30 June 2019 S$ million 0.1% 600.0 2.2% 500.0 3.8 26.5% 400.0 43.2% CURRENCY 300.0 - 461.2 504.7 28.0% 334.5 200.0 - 300.6 Rupiah (Rp) 100.0 198.1 Sterling Pound (GBP) US Dollar (USD) 41.8 Chinese Yuan (RMB) 34.0 44.1 40.8 Singapore Dollars (S$) - Less than 1 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years Beyond year Borrowings Bond payables 12 01.