COMPANY UPDATE Indika Energy October 2018 Shareholder Structure - - PowerPoint PPT Presentation

SLIDE 1

COMPANY UPDATE

Indika Energy

October 2018

SLIDE 2

Disclaimer

1 Investors and security holders are cautioned that this communication contains forward-looking statements and that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of PT Indika Energy Tbk. Neither PT Indika Energy Tbk., its affiliates nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this communication. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such

• ffer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Shareholder Structure

Changes YoY

• No. of

Investors

• No. of shares

%

• No. of

Investors

• No. of shares

% % I. Domestic Retail 11,549 871,883,318 16.7% 8,208 1,135,681,577 21.8%

• 30.3%

Employee 20 9,569,500 0.2% 56 35,381,500 0.7%

• 269.7%

Cooperative 6 524,700 0.0% 3 284,500 0.0% 45.8% Foundation 8 933,100 0.0% 7 5,374,200 0.1%

• 476.0%

Pension Funds 28 18,803,700 0.4% 22 15,825,600 0.3% 15.8% Insurance 41 38,153,500 0.7% 7 4,197,400 0.1% 89.0% Bank 1 25,000 0.0%

• 0.0%

100.0% Corporation 83 3,618,762,730 69.5% 58 3,354,807,172 64.4% 7.3% Mutual Funds 156 157,019,608 3.0% 67 112,627,800 2.2% 28.3% Total 11,892 4,715,675,156 90.5% 8,428 4,664,179,749 89.5% 1.1% II. INTERNATIONAL Retail 73 3,955,400 0.1% 55 4,048,000 0.1%

• 2.3%

Institutional 177 490,561,444 9.4% 90 541,964,251 10.4%

• 10.5%

Total 250 494,516,844 9.5% 145 546,012,251 10.5%

• 10.4%

III. TOTAL 12,142 5,210,192,000 100.0% 8,573 5,210,192,000 100.0% 0.0% No Description By 30 September 2018 By 30 September 2017

SLIDE 3

2

Table of Contents

Results Overview Page #

• Key Highlights

3

• Financial Statement Overview

4

• Detail Income Statement Analysis

5 – 7

• Cash & Debt

8

• Commodity Price Outlook

9 – 10

• Kideco Financial & Operational Overview

11 – 14

• Asset Overview

15 – 16

• Kideco Acquisition

17 – 18

• Subsidiary Review

19 – 20

• Corporate Guidance

21

• Recent Developments

22

• Peer Comparison

23 Appendix 25 – 44 Indika Energy Overview 46 – 51

SLIDE 4

3

Key Highlights

Kideco’s Coal Production & Strip Ratio Capex (IE Consolidated) (US$m) Core Profit (Consolidated) vs Net Profit at Kideco

9,805 10,132 10,110 10,294 9,849 8,656 10,669 9,846 8,360 8,036 7,795 7,891 7,904 7,791 8,374 7,931 8,231 8,289 8,838 6.1 6.6 6.9 6.0 5.9 6.6 6.3 6.2 5.3 5.9 6.7 6.3 5.4 5.7 6.8 6.5 5.9 6.2 6.6 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7,000 7,500 8,000 8,500 9,000 9,500 10,000 10,500 11,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Coal Production ('000 Ton) Strip Ratio (bcm/ton) 12.6 16.8 15.6 21.8 15.5 16.3 4.5 21.5 3.1 4.6 4.9 9.3 8.5 15.8 14.6 26.6 36.9 37.4 34.8 1.0 6.0 11.0 16.0 21.0 26.0 31.0 36.0 41.0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

(9.4) (38.7) (43.3) 94.5 163.6 154.4 138.1 88.6 277.1 224.1

• 100
• 50

50 100 150 200 250 300 FY 2014 FY 2015 FY 2016 FY 2017 9M18

Core Profit US$m Kideco Net Profit US$m

SLIDE 5

Indika Energy’s Consolidated Balance Sheet

4

Summary Balance Sheet 9M18 * 9M17 * 2017 2016 2015 2014

(in USD mn)

Cash balance** 785.4 718.9 729.0 311.9 339.4 411.1 Current assets 1,436.1 715.7 1,353.8 667.4 827.3 831.4 Total assets 3,678.8 1,931.4 3,635.7 1,822.3 2,150.4 2,290.3 Current liabilities 627.4 262.6 659.5 313.0 505.6 396.7 Total interest bearing debt*** 1,433.6 1,452.5 1,440.2 806.0 976.8 1,025.7 Shareholder equity 1,196.5 821.1 1,115.0 741.1 831.5 913.9 Current ratio (X) 2.4 2.7 2.1 2.1 1.6 2.1 Debt to equity (X) 1.3 1.2 1.3 1.1 1.2 1.1 Net debt to equity (X)**** 0.6 0.6 0.6 0.7 0.8 0.7 Core ROA***** 5.9% 5.4% 9.2%

• 3.7%
• 2.1%
• 1.2%

Core ROE***** 18.2% 12.9% 30.1%

• 9.1%
• 5.4%
• 3.0%

*) unaudited financial statements **) includes restricted cash ***) includes unamortized bond issuance costs ****) total cash balance deducted from total debt divided by shareholder's equity *****) annualized

SLIDE 6

Indika Energy’s Consolidated Income Statement Highlights

5

*)Unaudited Financial Statements **)Consolidated EBITDA plus dividends received from associates

3Q18 3Q17 YoY 2Q18 QoQ 9M18 * 9M17 * YTD YoY Revenues 733.2 241.6 203.4% 638.2 14.90% 2,180.4 694.7 213.9% COGS (559.1) (211.7) 164.0% (489.2) 14.27% (1,628.5) (608.4) 167.7% Gross Profit 174.2 29.8 483.6% 148.9 16.95% 551.9 86.3 539.5% SG&A Expenses (33.3) (14.6) 127.8% (32.9) 1.34% (98.9) (56.9) 73.8% Operating Profit 140.9 15.2 825.0% 116.1 21.36% 453.0 29.4 1440.5% Pre tax Profit 84.2 33.2 153.9% 54.8 53.72% 278.2 79.0 252.2% Adjusted EBITDA *) 174.8 51.6 238.8% 151.7 15.27% 554.0 122.1 353.8% Income Tax (40.5) (4.2) 852.7% (33.8) 19.78% (148.0) (2.9) 4924.3% Core Profit 51.2 31.3 63.8% 36.9 38.68% 163.6 84.7 93.1% Net Profit 35.9 30.1 19.1% 17.9 99.92% 112.2 81.4 37.9% Gross Margin(%) 23.8% 12.4% 92.3% 23.3% 1.8% 25.3% 12.4% 103.7% EBIT Margin(%) 19.2% 6.3% 204.9% 18.2% 5.6% 20.8% 4.2% 390.8% Core Profit Margin(%) 7.0% 12.9%

• 46.0%

5.8% 20.7% 7.5% 12.2%

• 38.5%

Net Profit Margin(%) 4.9% 12.5%

• 60.8%

2.8% 74.0% 5.1% 11.7%

• 56.1%

Summary P&L (US$ mn) Quarter Data Year To Date

SLIDE 7

6

Revenue Transformation Driven By Kideco Acquisition

*

Revenues

9M17: US $694.7 million 9M18: US $2,180.4 million

Kideco 64.6% Indika Resources 12.9% Petrosea 10.7% Tripatra 8.5% MBSS 2.1% Others 1.2% Indika Resources 29.7% Petrosea 26.0% Tripatra 30.5% MBSS 7.2% Others 6.5%

Indika Resources 206.4 Petrosea 180.9 Tripatra 212.0 MBSS 50.3 Others 45.2 Subsidiary 9M17 Revenues (US$ mn) Kideco 1,408.7 Indika Resources 281.3 Petrosea 232.4 Tripatra 184.8 MBSS 46.7 Others 26.7 Subsidiary 9M18 Revenues (US$ mn)

SLIDE 8

Disaggregation of 9M18 Consolidated Earnings – Key Income Statement Segments

7

Net Profit Disaggregation Revenue By Business Segment Cost of Goods Sold Disaggregation SG&A Per Subsidiary

2,180.4 1,628.5 17.5 98.9 7.0 74.7 142.5 148.0 112.2

• 400.0

800.0 1,200.0 1,600.0 2,000.0 2,400.0

Revenue COGS Inc from Associates SG&A Other Inc. Finance Costs Other XP Tax NPAT

1,408.7 281.3 232.4 184.8 73.4 2,180.4 500 1000 1500 2000 2500 Kideco Indika Resources Petrosea Tripatra MBSS & Others Total Revenue 24.1 32.1 14.6 12.7 8.5 6.9 98.9 20 40 60 80 100 120 Holding Co Kideco Petrosea IIR Tripatra MBSS Total 600.7 272.4 187.0 127.4 111.7 80.3 249.1 1,628.5 200 400 600 800 1000 1200 1400 1600 1800

Contractor Materials Royalty Fuel Salary Depr. Others Total COGS

SLIDE 9

Cash and Debt Position

8

637.9 79.0 68.5 1,340.0 44.2 49.4 400 800 1,200 1,600 CASH DEBT Cash

• Fin. Assets
• Rest. Cash

Bonds 2) Bank Loans 3) Leases 4) 1)PTRO: $63.1m, MBSS: $34.5 m, Tripatra: $131.5m, Kideco; $225.4m, HoldCo: 330.9m. 2)$265.0m due 2022 (Snr. notes V), $500m due 2023 (Snr. Notes IV), and $575 due 2024 (Snr. Notes VI). 3) PTRO: $20.1m, MBSS $14.3m, HoldCo.: $9.8m. 4) PTRO $49.4m. 785.41) 1,433.6 US$ million Cash and Debt Breakdown

SLIDE 10

34.5 17.9 19.1 3.0 279.9 504.0 575.0 100 200 300 400 500 600 700 2018 2019 2020 2021 2022 2023 2024 2025 2026

Strong Cash Position and Low Net Debt Ratio

9

Net Debt Ratios Improving Debt Maturity Profile

US$ million

US$ million 614.6 466.6 494.2 711.2 648.2 2.7 2.4 3.2 2.4 0.9 0.7 0.6 0.7 0.6 0.5

• 0.5

1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 150 300 450 600 750 2014 2015 2016 2017 9M18 Net debt Net debt to LTM EBITDA 239.0 202.5 146.3 337.9 330.9 144.4 225.4 65.4 55.0 67.8 59.6 63.1 58.6 39.9 60.3 152.5 131.5 48.1 42.0 37.5 34.6 34.5 150 300 450 600 750 900 2014 2015 2016 2017 9M18 HoldCo Kideco Petrosea Tripatra MBSS US$ million

Cash Breakdown by Subsidiaries

52.3 105.6 45.3 165.0 133.0 289.3 48.8 15.4 49.4 15.8 (5.9) 27.0 (4.0) 20.4 23.4 25.3 8.8 1.7 7.8 6.9 (10.1)

• 20

80 180 280 380 480 2014 2015 2016 2017 LTM 9M18 HoldCo Kideco Petrosea Tripatra MBSS US$ million

Free Cash Flow

SLIDE 11

10

Source: Bloomberg

Global Commodity Prices & Indicators Declined Modestly in 3Q18

Newcastle vs. QHD 5500 Price ICI 4 Historical Pricing China PMI WTI Oil Price

50.3 50.1 49.7 51.4 51.6 51.5 51.5 51.3 48.0 48.5 49.0 49.5 50.0 50.5 51.0 51.5 52.0 52.5 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 38.6 36.3 26.8 42.2 45.7 48.2 44.6 41.7 20 25 30 35 40 45 50 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 525 520 355 619 697 623 682 631 74.55 62.3 50.6 88.4 100.8 96.4 114.4 113.9 20 40 60 80 100 120 140 160 100 200 300 400 500 600 700 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 QHD 5500 NEWCASTLE (RHS) 101.6 53.3 37.0 53.7 60.4 64.9 74.2 73.3 20 40 60 80 100 120 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

SLIDE 12

11

Source: Platts & US Energy Information Administration

Coal Price Remains Above Our Internal Targets

• Newcastle coal prices were relatively stable in 3Q18 but started to see some demand weakness through August and

September that increased decoupling of ICI4 pricing from Newcastle 6300 price.

• We anticipate that as we move into 4Q18 that Chinese demand will start to increase which could provide some

modest improvement in pricing, but we are cautious on Indonesian government export targets.

• Full year 2018 internal target of $90/ MT for Newcastle is expected to be achieved.
• DMO is leading to greater spread between our ASP and Newcastle which now stands at 53.2%.

US$/ton 74.6 62.3 50.6 88.4 100.8 96.4 114.4 113.9 52.4 48.8 39.7 42.7 52.5 56.4 52.1 50.0

• 29.7%
• 21.7%
• 21.5%
• 51.7%
• 47.9%
• 41.5%
• 54.5%
• 56.1% -60%
• 50%
• 40%
• 30%
• 20%
• 10%

0% 20 30 40 50 60 70 80 90 100 110 120 130 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18* 3Q18 Newcastle Price ASP % Discount (RHS) % Average Discount (RHS)

SLIDE 13

Kideco Operational Highlights In Line Production Offset By DMO Pricing

12

Summary P&L (USD mn) 3Q18 3Q17 YoY 2Q18 QoQ 9M18 9M17 YoY Sales 469.9 424.1 11% 411.0 14.3% 1408.7 1232.9 14.3% Gross profit 124.0 147.9

• 16%

109.6 13.1% 430.1 435.8

• 1.3%

Operating profit 112.9 140.6

• 20%

99.1 13.9% 398.9 413.4

• 3.5%

Net income 61.3 78.3

• 22%

56.0 9.5% 224.1 229.8

• 2.5%

EBITDA 119.9 146.6

• 18.3%

108.0 10.9% 422.9 431.3

• 1.9%

Gross margin 26.4% 34.9%

• 24.3%

26.7%

• 1.1%

30.5% 35.3%

• 13.6%

Operating margin 24.0% 33.2%

• 27.5%

24.1%

• 0.4%

28.3% 33.5%

• 15.6%

Net margin 13.1% 18.5%

• 29.3%

13.6%

• 4.2%

15.9% 18.6%

• 14.7%

EBITDA margin 30.0% 34.6%

• 13.2%

26.3% 14.2% 30.0% 35.0%

• 14.2%

Overburden (mn bcm) 58.4 57.2 2.1% 51.3 14.0% 158.3 144.6 9.5% Production volume (Mt) 8.8 8.4 5.5% 8.3 6.6% 25.4 24.1 5.4% Sales volume (Mt) 8.8 7.9 12.4% 7.9 11.8% 26.1 23.8 9.4% Stripping ratio (X) 6.6 6.8

• 3.2%

6.2 6.9% 6.2 6.0 3.9% Cash Cost excl royalty (US$/ton) 31.9 28.2 13.1% 30.8 3.5% 30.0 26.4 13.5% Average selling price (US$/ton) 53.3 54.0

• 1.4%

52.1 2.3% 54.0 51.7 4.4%

SLIDE 14

13

China, Indonesia & Korea Drive Kideco’s Sales

9M17 – Total Sales Volume: 23.8 mn ton 9M18 – Total Sales Volume: 26.1 mn ton Growth By Country Products Breakdown

China 32% Indonesia 29% Korea 11% India 9% Taiwan 5% Southeast Asia 8% Japan 3% Others 3% China 26% Indonesia 30% Korea 12% India 10% Taiwan 4% Southeast Asia 12% Japan 4% Others 2% SM 4200- 4300 Kcal 58% Blended 4500 Kcal 11% Roto 4900 Kcal 31% Destination Sales YoY Growth China 8,335,085.0 35.5% Indonesia 7,446,548.0 4.7% Korea 2,811,605.0

• 3.0%

India 2,377,393.0 2.9% Taiwan 1,343,068.0 25.6% Southeast Asia 2,194,676.0

• 24.1%

Japan 809,655.0

• 6.3%

Others 758,342.0 42.5% TOTAL 26,076,372.0 9.4%

SLIDE 15

Kideco’s Cash Costs Among the Lowest in the Industry

14

3Q17 Cash Cost 3Q18 Cash Cost

365 369 367 357 308 285 290 272 249 203 227 217 220 189 221 252 259 243 281 37.2 36.4 36.3 34.7 31.2 32.9 27.2 27.6 26.3 26.4 29.5 28.5 25.8 25.3 28.2 33.0 27.6 30.8 31.9 5 10 15 20 25 30 35 40

• 100

200 300 400 500 600 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Total Cash Cost excl. royalty (US$ million) (LHS) Cash Cost/Ton excl. royalty (US$/Ton)

Kideco Cash Cost ex Royalty

Contract Mining + Rental 59%

• Gov. Royalty

17% Material 8% Freight 5% O/H 10% Labor 1% Others 0% Contract Mining + Rental 58%

• Gov. Royalty

17% Material 9% Freight 6% O/H 5% Labor 2% Others

• 3%

SLIDE 16

Kideco Inside the Numbers

15

Reserves by Calorific Value Reserve to Resources (MT) Resources By Mine (MT) Reserves By Mine (MT)

4,200-4,300 75% 4,800-5,000 22% 5,000-5,500 1% 5,500+ 2% Reserves 422 Resources 1375 Roto South 175 Roto North 40 Roto Middle 187 Susubang 9 Samarangau 935 Roto South G 33 Roto South 62 Roto North 9 Roto Middle 22 Susubang 4 Samarangau 317 Roto South G 8

SLIDE 17

16

Attractive Location With Well Built Infrastructure

Indika Energy owns 91% of Kideco, the third- largest coal producer in Indonesia with a 50,921 Hectare concession in East Kalimantan Kideco has engaged in surface open-cut mining since 1993 First-generation Coal Contract of Work valid through 2023 Kideco produces a range of sub-bituminous, ultra- low sulphur (0.1%) and low ash (average between 2.1% to 4.9%) coal JORC resources as of June 2015 stood at 1,375mt and reserves at 422mt. We are in the process of updating our JORC report

SLIDE 18

Logistic

• Hauling road 38 Km
• Barging & Shipping 58 km

Logistic

• Hauling road 80 Km
• Barging & Shipping 240 km

Logistic

• Port ~280Km and to secondary port

~160km Logistic

• Hauling road 40 Km to coal port
• Conveyor belt from coal port to Panamax 6.5 km

One of the Lowest Cost Operators from Mine to Port

Total Reserves : 223MT Total Resources : 1,617MT Total reserves : 1,354 MT Total Resources : 13,700MT Total Reserves : 422MT Total Resources : 1,375MT Total Reserves : 3,330MT Total Resources : 8,270MT

Publicly Listed Competitor A Publicly Listed Competitor C Publicly Listed Competitor B

SLIDE 19

Kideco Acquisition Overview

18

• Indika Energy entered into a SPA (Share Purchase

Agreement) on 22 September 2017 to acquire 40.0% and 5.0% of Kideco shares from Samtan and PT Muji Inti Utama, respectively.

• The transaction was completed on 8 December 2017,

and increased Indika Energy’s stake to a 91.0% equity interest in Kideco .

• The total consideration for the 45.0% stake was US

$677.5 million , consisting of:

• US$517.5 million upfront payment at closing; and
• Deferred payment of US$160.0mn or 25.0% of the

shares of Kideco (at Indika’s option) at the time of CCOW conversion

• Excludes full cash distribution via dividend to

existing shareholders at the end

• f

2017 (estimated $250mn)

Consideration Source & Use of Funds

Source of Funds (US$ mn) Notes Issuance $575.0 Total Sources $575.0 Use of Funds (US$ mn) Kideco Stake Purchase $517.5 General Corporate Purposes & Transaction Costs $57.5 Total $575.0

SLIDE 20

19

Acquisition of additional 45% Stake in Kideco

Accounting Treatment Impact Post Kideco Transaction

Transaction value 46% Kideco Book Value 46% Kideco Gain on Revaluation Description 529.0 (144.8) 384.2 US$m US$m US$m UoM One-Off Gain on Revaluation Calculation Cash consideration paid Transaction Value 46% Kideco Contingent consideration

• bligation

91% net asset Kideco* Goodwill Description 517.5 529.0 127.5 (538.8) 635.2 US$m US$m US$m US$m US$m UoM Goodwill Calculation Intangible assets Amortization exp/year Deferred tax liability Deferred tax liability/ year Net Amortization Description 701.7 131.6 (327.3) (61.4) 70.2 Until LoC (2023)/ 5.33yr US$m US$m US$m US$m US$m UoM Amortization Calculation *) based on independent appraisal

SLIDE 21

Total Backlog Total Backlog Total Backlog 660MW PowerPlant $873.7M $125.2M $477.5M 9M18 Net Income 9M18 Net Income 9M18 Net Income 9M18 Net Income $17.8M

• $10.4M

$25.5M $24.1M (20% Indika) 9M18 EBITDA Margin 9M18 EBITDA Margin 9M18 Adjusted EBITDA Margin 9M18 EBITDA Margin 27.1% 27.8% 13.5% 30.9% ROE ROE ROE ROE 9.6%

• 5.8%

18.7% 6.9%

• Coal contract mining and E&C

capabilities

• Integrated coal transport &

logistics business

• Multi-disciplined engineering/EPC

and project capabilities

• Kideco cross sells

approximately 1.6MT to CEP annually

• Opportunity to increase group

synergies by winning more Kideco contracting share

• Consists of 78 barges, 87

tugboats, 1 support vessel, 4 floating cranes and 2 floating loading facilities

• Two subsidiaries:
• Indika’s portion of net income in

9M18 is 4.8M 1) PT Cotrans Asia – 45% stake barging / transportation business

• 20% ownership of CEP
• 69.8% ownership
• 51% ownership

2) PT Sea Bridge Shipping – 46% stake; domestic coal transshipment for Kideco

• 6.25% ownership of CEP II

(expansion project)

20

Supported by Improving Subsidiary Results

Petrosea MBSS Tripatra Cirebon Electric Power

SLIDE 22

Existing Synergies & Future Opportunities

21

• Plans to increase production over the medium term could

be driven by increased synergies with Petrosea and MBSS.

• Increased production could come from Samarangau in an

area where Petrosea is the contractor.

• Kideco is contracted to provide 60% of coal demand to CEP

which is the equivalent of 1.6MT of coal per year

• Upon completion in 2022 could provide 2MT of coal to CEP2

plant

• 14-20% of Kideco's overburden removal historically could

rise to 25-30%+. Through 9M18, Petrosea’s revenues are $67.6M for OB removal of 30.6 Mbcm at Kideco (19%).

• Bridge Construction for Kideco with a 2018 projected

revenue of $3.6 million..

• Floating crane contracted to Kideco in 9M18 provided $6.6

million in revenue and transported 3.9MT

• Barging Opportunity with Kideco and MUTU
• Currently barges approximately 30% of Kideco coal

SLIDE 23

Indika Energy’s 2018 Corporate Guidance

22

2018 9M18 2017 YoY Target Actual Actual Change KIDECO Production (MT) 33-34 25.4 32.0 2.9 Strip Ratio (x) 5.9 6.2 6.1

• 3.3%

Cash Cost xRoyalty ($/MT) 30.0 30.0 28.0 7.0% Capex ($Millions) 7.6 0.5 2.2 245.5% Overburden Volume (BCM) 202 158.3 194.1 4.1% PETROSEA Overburden Volume (BCM) 133.9 104.1 97.6 37.2% Backlog ($Millions) 1,026.7 873.7 696.2 47.5% Capex ($Millions) 112.6 78.6 49.6 127.0% MBSS Barging Volume (MT) 22.2 16.0 18.5 20.0% Floating Crane Volume (MT) 8.2 8.3 8.7

• 5.7%

Backlog ($Millions) 67.9 125.2 67.9 0.0% Capex ($Millions) 27.2 24.6 10.7 154.2% TRIPATRA Backlog ($Millions) 583.0 477.5 601.2

• 3.0%

SLIDE 24

• On October 9, 2018, Petrosea and PT Bank Mandiri (Persero) Tbk signed a new long-

term loan agreement consisting of a total facility of US$130 million. This loan consists

• f an investment credit facility amounting to US$40 million, a special transaction loan

amounting to US$60 million, a working capital loan amounting to US$30 million and adjustment of investment credit facility (PT Kideco Jaya Agung) of US$15 million.

• On October 16, 2018, Kideco declared an interim dividend in the amount of US$100
• million. PT Indika Energy Tbk will receive our proportion (91%) at the end of

November 2018.

Recent Developments

23

SLIDE 25

Peer Comparison (2Q18 Data)

24

EBITDA MARGIN PRODUCTION STRIP RATIO RESERVE/RESOURCE RATIO CASH COSTS Domestic Sales/ Total (DMO 25%)

4.2 4.9 5.9 11.4 3 4 5 6 7 8 9 10 11 12 PTBA ADRO INDY ITMG 31.6 32.0 34.0 49.2 20 23 26 29 32 35 38 41 44 47 50 53 ADRO PTBA INDY ITMG 52% 28% 22% 11% 0% 10% 20% 30% 40% 50% 60% PTBA INDY ADRO ITMG

DMO Requirement *Kideco only

23.3 31.0 23.2 35.6 5 10 15 20 25 30 35 40 ADRO PTBA ITMG INDY* 43.8 32.8 21.12 17.6 15 20 25 30 35 40 45 50 ADRO INDY PTBA ITMG 22% 31% 40% 16% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% ADRO INDY PTBA ITMG

SLIDE 26

25

Appendix

SLIDE 27

(27.6) (44.6) (65.9) 335.5 112.2

• 100

100 200 300 400 2014 2015 2016 2017 9M18 (9.4) (38.7) (43.3) 94.5 163.6

• 100
• 50

50 100 150 200 2014 2015 2016 2017 9M18 26

Indika Energy’s Financial Highlights

Gross Profit (USD mn) Operating Profit (USD mn)

Income from Associates (USD mn)

Core Profit/Loss** (USD mn) Net Profit/Loss* (USD mn)

* Profit/loss for the period attributable to owners of the company ** Core Profit/Loss defined as Net Profit/Loss for the year Attributable to Owners of the Company excluding one-off non-operating gains or losses (amortization of intangible assets, impairment of assets and gain on revaluation of assets) and related taxes.

161.0 88.3 88.7 122.9 551.9 100 200 300 400 500 600 2014 2015 2016 2017 9M18 28.8 (15.4) (10.1) 34.1 453.0

• 50

50 150 250 350 450 2014 2015 2016 2017 9M18 73.5 72.6 59.5 136.2 17.5 40 80 120 160 2014 2015 2016 2017 9M18

SLIDE 28

198.0 270.3 166.0 121.3 55.2 74.6 330.8 582.7 33.4% 36.1% 19.2% 10.9% 5.0% 9.6% 30.1% 26.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 100 200 300 400 500 600 700 2011 2012 2013 2014 2015 2016 2017 9M18

• Adj. EBIT

EBIT Margin

LTM Adj. EBITDA* (USD mn) & EBITDA Margin (%) Revenues (USD mn)

27

Indika Energy’s Key Business Indicators

LTM Adj. EBIT to Assets (ROA) LTM Adj. EBIT (USD mn) & EBIT Margin** (%)

** Adjusted EBITDA / EBIT includes consolidated EBITDA / EBIT plus dividends from Kideco, Cotrans, SBS, and CEP

* Last twelve months period ended September 31, 2018. Includes dividends from associates

593.4 749.7 863.4 1,109.5 1,097.3 775.2 1,098.8 2,180.4 400 800 1,200 1,600 2,000 2,400 2011 2012 2013 2014 2015 2016 2017 9M18 9.8% 11.5% 7.2% 5.3% 2.6% 4.1% 9.1% 16.4% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2011 2012 2013 2014 2015 2016 2017 9M18 250.0 333.0 260.6 231.9 192.0 155.7 291.9 724.3 42.1% 44.4% 29.5% 20.9% 17.5% 20.1% 26.6% 33.2% 0% 10% 20% 30% 40% 50% 200 400 600 800 2011 2012 2013 2014 2015 2016 2017 9M18 EBITDA EBITDA Margin

SLIDE 29

LTM Adj. FFO / Debt (%) Gross Debt & Net Debt / Adj. EBITDA (x) LTM Adj. FCF / Debt (%) Debt / Capital (%)

28

Indika Energy’s Key Credit Ratios (1)

3.8 3.1 4.1 4.3 5.1 5.2 4.9 2.0 1.8 1.9 2.4 2.5 4.9 3.2 2.4 0.9 2 4 6 8 2011 2012 2013 2014 2015 2016 2017 9M18 52.4% 50.3% 52.1% 51.0% 54.0% 52.3% 56.4% 54.5% 0% 20% 40% 60% 80% 2011 2012 2013 2014 2015 2016 2017 9M18 16.9% 23.1% 14.5% 15.7% 11.9% 11.8% 15.1% 31.6% 0% 20% 40% 60% 2011 2012 2013 2014 2015 2016 2017 9M18

• 21.0%

5.9% 19.6% 15.4% 13.6% 16.6% 15.7% 31.6%

• 30%
• 5%

20% 45% 2011 2012 2013 2014 2015 2016 2017 9M18

SLIDE 30

LTM EBITDA Less Capex / Interest (x) LTM FFO + Interest / Interest (x) LTM EBIT / Interest (x) LTM EBITDA / Interest (x)

29

Indika Energy’s Key Credit Ratios (2)

3.4 4.4 3.0 3.8 2.7 2.6 3.7 6.9 2 4 6 8 2011 2012 2013 2014 2015 2016 2017 9M18 3.1 4.2 2.8 3.4 2.6 2.6 3.8 5.6 2 4 6 8 2011 2012 2013 2014 2015 2016 2017 9M18 2.7 3.6 2.0 2.2 0.8 1.2 0.4 4.3 2 4 6 8 2011 2012 2013 2014 2015 2016 2017 9M18 (2.6) 0.8 2.3 2.5 1.9 2.2 2.9 5.6 (4) (2) 2 4 6 8 2011 2012 2013 2014 2015 2016 2017 9M18

SLIDE 31

Indika Energy’s Subsidiaries Backlog

30

New Contract/ Adjustment Value in 2018 Per 31 Dec 2017 Per 30 Sep 2018 Per 30 Sep 2018 Contract mining 487.2 422.9 196.9 713.2 E&C 140.1 35.8 76.9 99.0 POSB 68.9 45.0 52.4 61.5 Total (USD mn) 696.2 503.7 326.2 873.7 Tripatra Engineers & Constructors 564.3 46.7 162.2 448.8 Tripatra Engineering 36.9 14.3 22.6 28.6 Total (USD mn) 601.2 61.0 184.8 477.4 Barging 40.1 78.7 38.0 80.8 Floating Crane*) 27.8 30.5 13.8 44.5 Total (USD mn) 67.9 109.2 51.8 125.3 Total Consolidated (USD mn) 1,365.3 673.9 562.8 1,476.4 Tripatra MBSS Descriptions Remaining Contract Value Revenue Recognition Remaining Contract Value Petrosea

*) includes time charter

SLIDE 32

31

Capex Spending & Approved Dividend

*

*) CEP cash return consisted of dividend, repayment of SH loan principal and SH Loan Interest

CAPEX Allocation Unit 2018 Budget 3M18 A 1H18 A 9M18 A Realization IE Holding USD mn 1.3 0.4 0.3 0.4 31.7% PTRO USD mn 112.6 32.7 60.1 78.6 69.8% MBSS USD mn 27.2 1.8 11.6 24.6 90.6% ILSS USD mn 0.3 0.0 0.1 0.2 72.0% Kideco USD mn 7.6 0.4 0.5 0.5 6.6% Resources USD mn 13.8 1.6 1.7 4.7 34.2% Total USD mn 162.8 36.9 74.4 109.1 67.0% May-18 75.0 68.3 Jul-18 50.0 45.5 Kideco (2018 interim) 100.0 Nov-18 100.0 91.0 Petrosea 4.5 May-18 4.5 3.2 Apr-18 4.2 1.9 Oct-18 1.8 0.8 Apr-18 7.3 3.3 Oct-18 2.9 1.3 ILSS/KPI 8.0 Jun-18 8.0 8.0 Mar-18 24.0 4.8 Sep-18 18.0 3.6 231.7 Total Indika Energy Portion (USD mn) Sea Bridge Shipping (SBS) 6.0 Cotrans 10.2 Company Dividend Declared

(USD mn)

Payment Scheduled (USD mn) CEP cash return*) 42.0 Kideco (2017 performance) 125.0

SLIDE 33

32

Kideco’s Financial Highlights

Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) Net Profit (USD mn) EBITDA (USD mn)

Cash Balance (USD mn) 2059.4 1658.2 1247.8 1633 1408.7 500 1000 1500 2000 2500 2014 2015 2016 2017 9M18 328.9 281.3 180.0 527.8 430.1 150 300 450 600 2014 2015 2016 2017 9M18 295.6 253.8 155.4 469.4 397.5 150 300 450 600 2014 2015 2016 2017 9M18 154.4 138.1 88.6 277.1 224.1 75 150 225 300 2014 2015 2016 2017 9M18 328.7 281.8 179.7 526.0 422.9 150 300 450 600 2014 2015 2016 2017 9M18 107.3 188.6 32.8 144.4 225.4 75 150 225 300 2014 2015 2016 2017 9M18

SLIDE 34

33

Kideco’s Operational Highlights

Overburden Removal (mn bcm) Coal Production (mn ton) Coal Sales (mn ton) Stripping Ratio (x) Average Selling Price (USD/ton)

Cash Cost (USD mn) 257.4 244.6 193.9 195.9 158.3 75 150 225 300 2014 2015 2016 2017 9M18 40.3 39.0 32.1 32.0 25.4 15 30 45 60 2014 2015 2016 2017 9M18 40.2 38.6 32.5 31.5 26.1 15 30 45 60 2014 2015 2016 2017 9M18 6.4 6.3 6.0 6.1 6.2 2 4 6 8 2014 2015 2016 2018 9M18 51.3 42.9 38.4 51.9 54.0 15 30 45 60 2014 2015 2016 2017 9M18 42.1 34.6 32.1 34.4 36.9 36.2 29.6 27.6 28.0 30.0

2014 2015 2016 2017 9M18 Incl Royalty Excl Royalty

SLIDE 35

34

Petrosea’s Financial Highlights (1)

Revenues (USD mn)

*

EBITDA (USD mn) Coal Getting Volume (MT) Net Profit/Loss* (USD mn) Gross Profit (USD mn) Overburden Removal (MT)

348.0 206.8 209.4 259.9 326.2 100 200 300 400 2014 2015 2016 2017 9M18 66.6 29.1 34.9 40.9 52.3 20 40 60 80 2014 2015 2016 2017 9M18 131.2 66.0 57.3 97.6 89.2 50 100 150 2014 2015 2016 2017 9M18 13.5 14.1 14.2 24.8 26.8 10 20 30 40 2014 2015 2016 2017 9M18 112.0 66.3 68.7 74.6 83.7 30 60 90 120 2014 2015 2016 2017 9M18 2.4 (12.7) (7.9) 8.2 17.8

• 15
• 10
• 5

5 10 15 20 2014 2015 2016 2017 9M18

SLIDE 36

32.6% 18.8% 17.6% 17.0% 9.9% 4.1% 25.8% 12.1% 34.2% 17.8% 6.3% 3.8% 60.4% 23.6% 16.1%

35

Petrosea’s Financial Highlights (2)

*

Revenues Breakdown by Value

*

Cost Structure

Salary Operation Sub-contractors Others Depreciation Operation Depreciation Salary Others Rental Rental E&C POSB Contract Sub contractor

9M18: USD326.2 mn 9M17: USD224.1 mn 9M18: USD273.8 mn 9M17: USD189.5 mn

54.2% 20.5% 25.3%

Contract E&C POSB

SLIDE 37

17.9 26.8 10 20 30 40 9M17 9M18 59.5 89.2 20 40 60 80 100 9M17 9M18 36

Petrosea’s Contract Mining Operation

*

Coal Getting Volume (Mn Tonne) Overburden Removal Volume (Mn BCM)

49.9% 49.7%

Client 9M17 9M18 KJA 4.4 6.6 TBG 9.7 14.9 IAC 0.7 0.8 ANZ 0.5 0.1 BMB 2.5 4.4 Total volume 17.9 26.8

Client 9M17 9M18 KJA 22.0 30.6 TBG 12.2 31.7 IAC 10.0 3.2 ANZ 3.4 0.7 BMB 11.8 23.0 Total volume 59.5 89.2 Revenue from Contract Mining 121.5 196.9 Contract Mining Revenue/Bcm 2.0 2.21

SLIDE 38

37

Tripatra’s Financial Highlights (1)

* Profit/loss for the period attributable to owners of the company ** Including dividends from associates

Month/year Month/year

Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn) Income from Associates (USD mn)

Month/year Month/year

Adjusted EBITDA** (USD mn)

418.6 475.9 217.5 274.8 184.8 125 250 375 500 2014 2015 2016 2017 9M18 39.4 18.9 34.2 45.0 36.8 15 30 45 60 2014 2015 2016 2017 9M18 19.4 (5.5) 22.8 25.8 25.5

• 8

8 24 40 2014 2015 2016 2017 9M18 8.8 9.6 9.2 8.4 9.1 3 6 9 12 2014 2015 2016 2017 9M18 31.7 11.5 28.0 35.2 24.9 8 16 24 32 40 2014 2015 2016 2017 9M18

SLIDE 39

35.4% 43.4% 6.4% 3.5% 2.3% 9.1% Salary Rental & Repair

38

Tripatra’s Financial Highlights (2)

*

Revenues Breakdown by Value Cost Structure

TPEC TPE TPEC TPE

Sub contractor Salary Rental & Repair Misc Sub Contractor Misc Material Material

9M18: USD184.8 mn 9M17: USD212.0 mn 9M18: USD148.0 mn 9M17: USD172.1 mn

87.8% 12.2% 91.7% 8.3% Handling 40.0% 35.5% 9.1% 5.7% 3.7% 6.0% Handling

SLIDE 40

39

Cotrans’ Financial Highlights

Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) Net Profit (USD mn) Coal Handling (mn ton)

84.2 80.0 59.9 59.3 53.7 15 30 45 60 75 90 2014 2015 2016 2017 9M18 16.4 17.1 13.0 12.3 10.8 4 8 12 16 20 2014 2015 2016 2017 9M18 14.6 16.3 12.0 11.2 10.0 4 8 12 16 20 2014 2015 2016 2017 9M18 15.3 16.0 11.5 10.9 9.7 4 8 12 16 20 2014 2015 2016 2017 9M18 34.5 32.8 27.9 27.1 23.0 8 16 24 32 40 2014 2015 2016 2017 9M18

SLIDE 41

40

SBS’ Financial Highlights

Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) Net Profit (USD mn) Coal Handling (mn ton)

13.1 14.2 12.3 12.2 11.2 4 8 12 16 20 2014 2015 2016 2017 9M18 6.1 5.2 8.8 7.6 10.2 4 8 12 16 20 2014 2015 2016 2017 9M18 10.0 12.7 10.7 10.0 13.0 4 8 12 16 20 2014 2015 2016 2017 9M18 11.3 14.0 11.5 10.7 13.5 4 8 12 16 20 2014 2015 2016 2017 9M18 27.9 29.4 24.7 24.9 24.2 7 14 21 28 35 2014 2015 2016 2017 9M18

SLIDE 42

41

MBSS’ Financial Highlights (1)

*

Revenues (USD mn) Net Profit (USD mn) EBITDA (USD mn) Floating Crane Vol. (mn ton) Barging Vol. (mn ton)

135.3 89.8 65.8 68.5 51.8 40 80 120 160 2014 2015 2016 2017 9M18 20.2 (12.0) (29.9) (8.9) (10.4)

• 50
• 25

25 50 2014 2015 2016 2017 9M18 53.0 29.5 14.8 18.4 14.6 15 30 45 60 2014 2015 2016 2017 9M18 21.5 15.8 12.9 8.7 8.3 8 16 24 32 40 2014 2015 2016 2017 9M18 31.1 22.2 22.1 18.5 16.0 8 16 24 32 40 2014 2015 2016 2017 9M18

Gross Profit (USD mn)

43.4 15.1 0.9 2.5 2.1 10 20 30 40 50 2014 2015 2016 2017 9M18

SLIDE 43

38.3% 22.9% 12.0% 7.2% 6.7% 13.0% 36.5% 21.3% 12.9% 6.7% 5.8% 16.8% 73.3% 26.7%

42

MBSS’ Financial Highlights (2)

*

Revenues Breakdown

* Floating crane Barging Floating crane Barging

Salary Fuel Depreciation Spare parts Port Charge Salary Fuel Others Depreciation Others Spare parts

Cost Structure

Port Charge

9M18: USD49.7 mn 9M17: USD48.9 mn 9M18: USD51.8 mn 9M17: USD51.0 mn

72.3% 27.7%

SLIDE 44

14.2 16.0 4 8 12 16 20 9M17 9M18 7.0 8.3 2 4 6 8 10 9M17 9M18

Barging (mn ton)

43

MBSS’ Operating Highlights

*

Floating Crane (mn ton)

* Includes time charter

18.6% 12.7% Clients 9M17 9M18 ADRO 2.4 2.3 Contrans 7.0 9.6 BCS 0.3 0.0 MMS 1.2 0.4 BAG 0.0 0.8 MUTU 0.2 0.0 BPB 0.1 0.1 Atlas 0.1 0.1 Others 2.9 2.7 Total Volume 14.2 16.0 Revenue (USD mn) 36.8 38.0 Revenue/ton 2.6 2.4 Clients 9M17 9M18 KJA 3.1 3.9 ADRO 1.5 BYAN 0.0 0.7 BRAU 0.5 0.0 BCS 2.0 0.0 BIB 0.0 0.4 TCP 0.0 0.4 MGM 0.0 0.4 Others 1.4 1.0 Total Volume 7.0 8.3 Revenue* (USD mn) 14.1 13.8 Revenue/ton 2.0 1.7

SLIDE 45

MBSS Large Fleet of Vessels

44

Tug Barges Floating Crane Support Vessel

As of Dec 31, 2017 Additional YTD 81 +6 Total 87 As of Dec 31, 2017 Additional YTD 69 +9 Total 78 As of Dec 31, 2017 Additional YTD 4 Total 4 As of Dec 31, 2017 Additional YTD 1 Total 1

Floating Loading Facility

As of Dec 31, 2017 Additional YTD 2 Total 2

SLIDE 46

45

CEP’s Financial Highlights

Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn) Net Profit (USD mn) EBITDA (USD mn)

254.1 261.9 229.6 245.7 189.1 60 120 180 240 300 2014 2015 2016 2017 9M18 90.7 109.9 98.4 91.4 61.9 30 60 90 120 150 2014 2015 2016 2017 9M18 84.1 104.2 93.0 86.6 58.4 30 60 90 120 150 2014 2015 2016 2017 9M18 22.5 38.9 99.2 34.9 24.1 30 60 90 120 150 2014 2015 2016 2017 9M18

84.4 106.8 96.0 89.9 60.7 30 60 90 120 150 2014 2015 2016 2017 9M18

SLIDE 47

46

Indika Energy Overview

SLIDE 48

Indika Energy, Indonesia’s leading fully integrated energy company

47

*Companies within Indika Energy Group mentioned on this slide are non-exhaustive

Energy Resources

PT Indika Energy Tbk.

1

• 3rd largest coal producer
• Resources 1,375.0 MT, reserves 422.0 MT
• 91.0% ownership as of 6 Dec. 2017
• Bituminous thermal & coking coal
• Resources 75.2 MT, reserves 40.6 MT
• 85.0% ownership
• Coal trading, ~7.0 MT volume
• Transshipment and water transportation
• 51.0% ownership
• 20.0% owned 660MW, enviro-friendly

supercritical technology

• 6.25% owned 1000MW expansion , ultra

supercritical technology

• Offshore Supply Base
• Pusat Logistik Berikat in Balikpapan
• Logistic base for offshore operations
• 100% owned, integrated logistic services
• Port Business Entity license to operate

and provide port and logistic services at all Indonesia major ports

• Established since 1973
• Leading EPC and O&M

services in oil & gas

• 100% ownership
• Established since 1972
• Coal contract mining and

E&C capabilities in mining and oil and gas

• 69.8% ownership

2 3 Energy Services Energy Infrastructure

SLIDE 49

Indika Energy Group Companies Cover End-To-End Coal Business Value Chain

48 A well-integrated energy platform across the entire value chain Energy resources Energy services Energy infrastructure

Identification / acquisition

• f assets

Exploration Economic and feasibility study Engineering and construction Production Processing Land transportation Barging Loading / transshipment Power generation Offtake sales

• Operational synergies from intra-

group cross-selling opportunities

• part of Kideco's overburden

removal, coal barging and transshipment services

• utsourced to Petrosea and

MBSS

• Kideco contracted to provide

1.9mt of coal per year to CEP

• discussion underway amongst

MUTU, Petrosea and MBSS for the provision of overburden removal, coal barging and transshipment services

• Cost synergies from integrated
• perations - work-share and

knowledge-share amongst Tripatra, Petrosea and MBSS

• Increasingly stable earnings and

cashflow from continued diversification

SLIDE 50

Indika Energy has grown through inorganic and

• rganic expansions

49

SLIDE 51

Notes Outstanding

50

Indo Energy Finance II B.V.

USD500.0 mn 6.375% 10-year Senior Notes Reg S / 144A due 2023

The Senior Notes are rated:

B + / Positive Outlook International Ratings (as of Dec. 2017) A / Positive Outlook National Ratings (as of Dec. 2017) Ba 3 Outlook Stable (as of Dec. 2017)

January 2013

*Subsequent to a tender offer to repurchase $128 .6 mm of principal amount in December 2015

.

Indo Energy Capital II Pte. Ltd.

USD265.0 mn 6.875% 5-year Senior Notes Reg S / 144A due 2022

April 2017

Indo Energy Capital III Pte. Ltd.

USD575.0 mn 5.875% 7-year Senior Notes Reg S / 144A due 2024

November 2017

SLIDE 52

 Coal

transportation and transhipment service

Corporate Structure

PT Tripatra Engineering (Indonesia) PT Tripatra Engineers and Constructors (Indonesia) PT Indika Inti Corpindo (Indonesia) PT Indika Infrastruktur Investindo (Indonesia) Indika Power Investments Pte.Ltd (Singapore) PT Indika Energy Infrastructure (Indonesia) Indo Integrated Energy B.V. (The Netherland) PT Indika Indonesia Resources (Indonesia) PT Tripatra Multi Energi (Indonesia)

PT Indika Energy Tbk.

(Indonesia)

 Consultation

services for construction, industry and infrastructure

 Provision of

consultancy services, construction business and trading 100%

Energy Services

 Investment and

general trading 100%

Energy Resources Energy Infrastructure

 Investment

100%

 Coal-fired

power plant PT Cirebon Electric Power (Indonesia)

 Operations and

maintenance of electrical equipment and facilities PT Cirebon Power Services (Indonesia)

 Investment

100%

 Trading,

development and services 100% 100% 100%

 Financing

90% PT Mitrabahtera Segara Sejati Tbk. (Indonesia)

 Sea logistics

and transhipment 51% 100%

 General trading

100% PT Indika Multi Energi Internasional (Indonesia)

 General trading  Mining and trading

100% 69.80% 100% Indo Integrated Energy II B.V. (The Netherland)

 Financing

Indo Energy Finance B.V. (The Netherland)

 Financing

100% 100% Indo Energy Finance II B.V. (The Netherland)

 Financing

Indo Energy Capital II B.V. (The Netherland)

 Financing

100% PT Indika Logistic & Support Services (Indonesia)

 Port operation

100% PT LPG Distribusi Indonesia (Indonesia)

 Trading,

industry, mining and services PT Prasarana Energi Indonesia (Indonesia)

 General

trading 25%

 General

trading

Mitrabahtera Segara Sejati Pte.Ltd. (Singapore)

 Shipping

100% PT Mitra Jaya Offshore (Indonesia)

 Shipping

51% PT Mitra Hartono Sejati (Indonesia)

 Shipping

50% PT Mitra Swire CTM (Indonesia)

 Shipping

69.97% PT Mitra Alam Segara Sejati (Indonesia)

 Shipping

60% 15% 15% 5% 5% 100% PT POSB Infrastructure Indonesia (Indonesia)

 Specific port

management 100% PT Petrosea Kalimantan (Indonesia)

 Trading and

contracting services 100% Tripatra (Singapore) Pte.Ltd. (Singapore)

 Investment

45% PT Cotrans Asia (Indonesia) 46% PT Sea Bridge Shipping (Indonesia)

 Domestic goods

shipment Tripatra Investments Limited (B.V.I)

 Investment

100% 51% PT Kideco Jaya Agung (Indonesia)

 Exploration,

development, mining and marketing of coal 100% PT Citra Indah Prima (Indonesia)

 Investment

100% Indika Capital Pte.Ltd. (Singapore)

 Marketing and

investment Indika Capital Resources Limited (B.V.I)

 Financing

100% 43.3% PT Intan Resource Indonesia (Indonesia)

 Coal trading and

mining consultancy PT Melawi Rimba Minerals (Indonesia)

 Mining

90% PT Sindo Resources (Indonesia)

 Mining

90% 100% PT Indika Multi Daya Energi (Indonesia)

 General trading

60% PT Mitra Energi Agung (Indonesia)

 Coal mining

85% PT Multi Tambangjaya Utama (Indonesia)

 Coal mining

100% Indika Capital Investments Pte.Ltd. (Singapore)

 Coal and

mineral trading and general trading activities PT Indika Energy Trading (Indonesia)

 Trading

90% 100% Indo Energy Capital B.V. (The Netherland)

 Financing

PT Indy Properti Indonesia (Indonesia)

 Development,

services and trading 100% Mahaka Industri Perdana (Indonesia)

 Trading,

mining and

• ther

industries 51.25%

 Coal-fired

power plant

PT Kuala Pelabuhan Indonesia (Indonesia) 95%

 Port operation

PT Indika Multi Niaga (Indonesia)

 Transportatio

n management services, trading and

• ther services

100% 60% Indika Energy Trading Pte.Ltd. (Singapore)

 Trading

PT Petrosea Tbk. (Indonesia)

 Engineering,

construction, mining and other services Note: * 100% share ownership of Indonesian limited liability company (PT) held by 2 shareholders both of which are PT Indika Energy Tbk. and or its subsidiaries.

.

100% PT POSB Reksabumi Indonesia (Indonesia)

 Hazardous

waste management

PT Prasarana Energi Cirebon (Indonesia) 100% PT Cirebon Energi Prasarana (Indonesia) 25%

100% Indika Energy Capital

• Pte. Ltd.

(Singapore)

 Financing

Indika Energy Capital II Pte.Ltd. (Singapore)

 Financing

PT Kariangau Gapura Terminal Energi (Indonesia) 75%

 Specific port

management PT Karya Bhumi Lestari (Indonesia)

 Mining service

100% PT Petrosea Rekayasa Konstruksi (Indonesia)

 Engineering and

Construction 100% PT Transship Teknik Solusi (Indonesia)

 Maintenance

Facility 100% 100% Indika Energy Capital III Pte.Ltd. (Singapore)

 Financing

100% 10% 25% 5%

 Stevedoring

PT Mitra Baruna Nusantara (Indonesia) 99,8%

40% 10%

SLIDE 53

Indika Energy Group

52 ** BI: IDR14,910/USD

Market Cap

As of 30 Sept 18

Number of Shares Listing Shareholding Structure

• PT Indika Inti Investindo : 37.79%
• PT Teladan Resouces : 30.6 5%
• Public

: 31.56% listed in the Indonesia Stock Exchange on June 11, 2008 Part of IDX’s LQ 45 Index and MSCI Indonesia Index 5,210,192,000 IDR 2.800,-/ share IDR15.1 trillion (USD1,010 million)**

• PT Indika Energy Tbk : 69.80%
• Public

: 30.20% listed in the Indonesia Stock Exchange on May 21, 1990 1,008,605,000 IDR 2.040,-/ share IDR2.1 trillion (USD140 million)**

• PT Indika Energy

infrastructure : 37.79%

• China Navigation

Co Pte Ltd : 30.6 5%

• Public

: 31.56%

INDY

PT Indika Energy Tbk

PTRO

PT Petrosea Tbk

MBSS

PT Mitrabahtera Segara Sejati Tbk

listed in the Indonesia Stock Exchange on April 06, 2011 1,750,026,639 IDR 610,- / share IDR1.1 trillion (USD74 million)**

SLIDE 54

THANK YOU

PT Indika Energy Tbk. Graha Mitra

• Jl. Jend. Gatot Subroto Kav. 21

Jakarta 12930, Indonesia + 62 21 2557 9888 www.indikaenergy.co.id Investor.relations@indikaenergy.co.id