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PT Mega Manunggal Property Tbk

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PT Mega Manunggal Property Tbk

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PT Mega Manunggal Property Tbk

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PT Mega Manunggal Property Tbk

Disclaimer

The information contained in this presentation has been prepared by PT Mega Manunggal Property Tbk. (the “Company”) and is being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part in any manners or for any purpose. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in any jurisdiction which prohibits the same except in compliance with applicable securities laws. This presentation does not contain all material information concerning the Company and the information set forth in these materials is subject to change without notice. The third party information and statistical data in this presentation have been obtained from sources the Company believes to be reliable but there can be no assurance as to the accuracy or completeness of the included information. No reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. None of the Company, its directors, officers, shareholders, advisors or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the information in this presentation, and nothing in this presentation is, or should be relied upon as, a promise or representation by any of them. None of the Company, its directors, officers, shareholders, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Certain statements in this presentation may constitute “forward-looking statements”, including statements regarding the Company’s expectations and projections for future operating performance and business prospects. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard to new information, future events or

• ther circumstances.

The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Accordingly, parties reviewing this presentation should not place undue reliance on any forward-looking statements. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. This presentation is not intended to form basis any investment decision to purchase securities of the Company and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company in any jurisdiction, including the United States. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold or delivered within the United States absent registration under or an applicable exemption from the registration requirements of the Securities Act and this presentation does not constitute or form a part of any offer to sell or solicitation of an offer to purchase or subscribe for securities in Indonesia in which such offer, solicitation or sale would be unlawful prior to registration and such registration being deemed effective by the Otoritas Jasa Keuangan. By reviewing this presentation, you acknowledge this Disclaimer and agree to be bound by the foregoing limitations, and you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

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PT Mega Manunggal Property Tbk

Agenda presentation

Section Pages 1 Brief profile of MMP 6 2 What’s new? 11 3 Investment thesis 23 4 Review of MMP business 30 5 Industry 42 6 Financial review 61 7 Appendix 1 Financial Information 68

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PT Mega Manunggal Property Tbk

Section 1

Brief Profile of MMP

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PT Mega Manunggal Property Tbk

Company at a glance

Overview

• PT. Mega Manunggal Property Tbk

(“MMP”) is a warehouse provider that supports industrial property needs in Indonesia focusing

• n

developing,

• wning

and

• perating

logistic properties, with a focus in warehousing that specifically meet international standards. Established on mid 2010, currently MMP has Net Leasable Area of area total 163,911 m2 - including a 90,000 m2 NLA warehouse for PT Unilever Indonesia, one of the largest Unilever warehouses globally.

Projects

Currently MMP has 4 assets in 2 different strategic locations: Bekasi MM 2100:

• Unilever Mega DC
• Li & Fung Logistic
• Selayar

Halim Cililitan, East Jakarta:

• Intirub Business Park

MMP is currently finishing its 5th warehouse for LAZADA, the largest Ecommerce in Indonesia in Jalan Raya Bogor Depok and its 6th, 7th, and 8th warehouses in Block AE, Cibatu and Cileungsi, for ARK Logistic that caters towards FMCG tenants and multi-tenants.

• Facilities

Facilities of PT. Mega Manunggal Property Tbk are developed with specifications which refer to international standards to meet the demand in the Indonesian logistics services business while keeping the specifications comply to local regulations. MMP is committed to give good quality products and deliver added value services to support the client’s business.

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PT Mega Manunggal Property Tbk

Brief profile of PT Mega Manunggal Property Tbk

MMP’s shareholder structure

PT Mega Manunggal Property Tbk

Unilever Mega DC Li & Fung Intirub Business Park I & II Selayar PT Mega Khatulistiwa Properti PT Mega Tridaya Properti

66,6%

PT Intirub

99,0% 99,5% 33,4%

GIC PT Subang Horison Properti PT Mega Dharma Properti PT Manunggal Persada Properti PT Subang Cakrawala Properti

99,9% 99,5% 99,0% 99,0%

PT Mega Properti Logistik Nusantara

99,0%

PT Mega Buana Properti Logistik

99,0%

Cibitung Airport Cibitung Jababeka Depok Cileungsi Bekasi Halim 8

PT Mega Manunggal Property Tbk Bonny Budi Setiawan

President Director and Independent Director

Johny Johan

Director

Company’s management

Board of commissioners Board of directors

Hungkang Sutedja

President Commissioner

Tri Ramadi

Vice President Commissioner

Fernandus Chamsi

Commissioner

Ho Kee Sin

Independent Commissioner

Zainul Abidin Rasheed

Independent Commissioner 9

PT Mega Manunggal Property Tbk

Track record of MMP

2018

October 2010 Construction of Unilever Mega DC began

3-2011 4-2012 5-2013 12-2011 10-2010 5-2013 10-2012 6-2014 2-2015 2018 1-2014 12-2014

2010 2011 2012 2013 2014 2015

December 2011 DHL began its

• perational in

Intirub Business Park I NLA: 28.036 m2

2016

December 2014 Construction of Selayar completed NLA: 5.620 m2 August 2010 MMP was established May 2013 Construction of Li & Fung completed NLA: 21.612 m2 December 2015 Acquired 9 ha land for Lazada Project April 2012 Construction of Unilever Mega DC completed NLA: 90.288 m2 June 2014 Construction of Intirub Business Park II completed NLA: 18.355 m2 June 2015 Initial Public Offering (IPO) August 2015 MMP signed lease agreement with Lazada September 2016 Ground breaking for 6th and 7th warehouses in Cibatu and Block AE April 2016 Signed partnership with GIC December 2016 Ground breaking for 8th warehouses in Cileungsi 10

PT Mega Manunggal Property Tbk

Section 2

What’s New?

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PT Mega Manunggal Property Tbk

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

Three factors of success

Efficiency Funding Volume

500,000 m2 NLA Min of 10% average initial yield

 To achieve our NLA target of 500,000 m2 by end of 2018  Continues to reduce construction cost to maximize yield

to cost

 Sustainable of funding structure and recycle of cash  To accelerate growth and generate stable cash flow  Sustain profitability and greater EBITDA margin  Timely execution of development  To increase transparency and good corporate

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

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PT Mega Manunggal Property Tbk

On the right track...

We have done 3 (three) groundbreakings in 2016 for a total of approximately 106,332 m2 NLA warehouses, with pre-committed leasable area of 72,000 m2.

 Strategic location  Target yield 9 – 11%  Has secured tenants  Payback periods 8 years  Penetration outside greater Jakarta to other big cities in Indonesia such as Surabaya, Kalimantan etc.  Targeting Top 5 Companies in different sectors : (Consumer, Logistic, Manufactures, E-commerce, Trading)

Development criteria

Strategic business

Location: MM2100 Industrial estates, West Cikarang, Bekasi Land area : 35,740 m2 Net leasable area : 38,472 m2 (2-floor) Estimated completion : 4Q 2017 Location: Scientia Boulevard Jababeka V, Cikarang Land area : 50,000 m2 Net leasable area : 36,216 m2 Tenant : ARK Logistic Lease period : 10 years Estimated completion : 4Q 2017 Location:Jl Raya Narogong KM 17, Cileungsi Land area : 50,004 m2 Net leasable area : 31,392 m2 Tenant : ARK Logistic Lease period : 10 years Estimated completion : 2018 13

PT Mega Manunggal Property Tbk

Current pipelines on track to achieve our NLA targets

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

Tenants Company Location Sector Land area, m2 NLA, m2 Site identified Land acquired Estimated

• pening

Current status 3PL MBPL Airport Logistic 55,000 9,000 ✓ ✓ 4Q 2018 Solution design progress 3PL MBPL Airport Logistic 55,000 20,000 ✓ ✓ 4Q 2018 Solution design progress 3PL SCP Cibitung Logistic 36,000 11,000 ✓ ✓ 4Q 2017 Signed agreement 3PL SCP Cibitung Logistic 36,000 10,000 ✓ ✓ 4Q 2017 Waiting for approval 3PL SCP Cibitung Logistic 36,000 17,000 ✓ ✓ 4Q 2017 Drafting agreement 3PL SHP Cibitung FMCG 46,000 7,000 ✓ ✓ 2Q 2018 Using temporary WH at Cikarang, waiting for approval 3PL SHP Cibitung Pharmacies 46,000 15,000 ✓ ✓ 2Q 2018 Waiting for tender result 3PL

• Cikarang

Chemical 35,000 22,000 ✓ ✓ 4Q 2018 Solution design progress 3PL

• Cikarang/Cibitu

ng FMCG 35,000 20,000 ✓ 2Q 2018 Already submit LOI 3PL MPLN Cileungsi FMCG 25,000 30,000 ✓ ✓ 1Q 2018 Solution design progress 3PL

• Cimanggis

3PL 20,000 5,000 ✓ 3Q 2018 Waiting for land status at Raya Bogor for BOT 3PL MLP Marunda 3PL, FMCG 50,000 70,000 ✓ 2Q 2018 Solution design progress

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PT Mega Manunggal Property Tbk

Current pipelines on track to achieve our NLA targets

Tenants Company Location Sector Land area, m2 NLA, m2 Site identified Land acquired Estimated

• pening

Current status 3PL

• Surabaya

3PL 40,000 20,000 ✓ 3Q 2018 Solution design progress 3PL

• Semarang

3PL 20,000 5,000 ✓ 2Q 2018 Fact finding progress 3PL

• Surabaya

FMCG 20,000 12,000 ✓ 2Q 2018 Already submit LOI 3PL

• Surabaya

3PL 70,000 28,000 ✓ 3Q 2018 Fact finding progress Consumer

• Raya Bogor,

Jakarta Ecommerce 90,000 30,000 ✓ 1Q 2018 Waiting for land status at Raya Bogor Consumer

• Raya Bogor,

Jakarta FMCG 90,000 50,000 ✓ 2Q 2018 Fact finding progress 3PL

• Surabaya

3PL 20,000 5,000 ✓ 3Q 2018 Fact finding progress 3PL

• Surabaya

Raw Mat 20,000 5,000 ✓ 2Q 2018 discussion on design 3PL

• Surabaya

3PL 20,000 5,000 ✓ 2Q 2018 Solution design progress Consumer

• Tangerang

3PL 50,000 30,000 ✓ 4Q 2018 Fact finding progress

Note : 3PL: Third Party Logistic 15

PT Mega Manunggal Property Tbk

Focus in built to suit warehouse

Facts  MMP has track record to complete complex construction  Our capabilities to build high specification warehouses:

• Superflat floors
• Double decker warehouse

 Increase profitability  Increase recurring revenue  Results in higher margin since majority of the expenses bear by tenant  Strengthen our brand name  Invest in human capital (marketing team, which shall ensure that our growth strategy will continue to be in placed)  Improve our building management service  Offer our potential clients with value engineering ( offer alternative design & construction to improve client’s optimization and efficiency )  Develop innovative & high quality ( ex: Green Building Concept)  Improve relationship with existing tenants  High demand from manufacturers company and eCommerce to built warehouse for their company  Create a strong exit barrier

Our focus that will add values to our clients

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PT Mega Manunggal Property Tbk

 We have secured partnership with GIC, and in the

advanced discussion with another partnership

 This will create transparency and good corporate

• governance. GIC also help in expanding our

relationship with overseas banks which provide attractive offers.

 The partnership with GIC will bring funding that will

accelerate the development of the projects.

 MMP will continue to have stable cash flow from its

existing 4 warehouses that potentially gives upside to future dividend payment

 All development will be conducted under PT Mega

Khatulistiwa Properti

 Each project will be set under one company to monitor

the performance of each project and for the purpose of future monetization should opportunity arises

Our corporate structure allows for flexible funding

Our corporate structure allows for flexible funding structure. Partnership with largest logistic properties developers in the world would expedite the development of the properties and ensure that funding is met on timely basis.

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PT Mega Manunggal Property Tbk

Values created from existing assets

Existing operating assets generate high yield to cost Existing operating assets IRR since the inception 109% 32% 17% 56% 80% 0% 20% 40% 60% 80% 100% 120% Unilever Li&Fung Selayar IBP Total 460.4 629.3 785.0 809.9 939.1 579.9 672.4 826.9 833.3 848.3 9.8% 16.8% 15.2% 17.1% 17.6% 5.5% 8.7% 7.8% 8.7% 8.4%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2012 2013 2014 2015 2016 Fair value changes, Rp bn Asset at cost, Rp Bn Yield to cost (LHS) Yield to current value (LHS) 18

PT Mega Manunggal Property Tbk

Yield to cost continue to increase

Yield to cost continues to improve Values of existing operating assets have yet to peak

11.0% 19.8% 18.4% 18.2% 17.9%

• 0.1%

4.6% 11.5% 9.2% 12.0% 0.0% 0.0% 0.0% 5.1% 9.8% 7.4% 18.6% 13.7% 21.9% 21.8%

• 5.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

• 100

200 300 400 500 600 700 800 900 2012 2013 2014 2015 2016 Unilever at cost, Rp bn Li&Fung at cost, Rp bn Selayar at cost, Rp bn IBP at cost, Rp bn Unilever YTC Li&Fung YTC Selayar YTC IBP YTC 7.1% 11.5% 9.6% 9.5% 8.9%

• 0.1%

4.0% 8.9% 6.9% 8.5% 0.0% 0.0% 0.0% 4.8% 8.9% 2.4% 4.9% 5.3% 8.3% 7.5%

• 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

• 200

400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2012 2013 2014 2015 2016 Unilever at current value, Rp bn Li&Fung at current value, Rp bn Selayar at current value, Rp bn IBP at current value, Rp bn Unilever Li&Fung Selayar IBP 19

PT Mega Manunggal Property Tbk

446 913 2012 2016

Simulation for cash recycle

Equity value of Unilever has grown 5x over 5 years Cash recycle is earnings lucrative. If we were to recycle Unilever WDC and invest in 10% yield warehouse, EBITDA is expected to increase by 48% 42.7 42.7 34.9 72.0 72.0 20 40 60 80 100 120 140 2016E Additional EBITDA Total EBITDA

Forgone EBITDA assuming 45% stake

• n the asset is sold at current market

Additional EBITDA obtained after investing proceed at 10% yield Combined EBITDA increased by 48% from EBITDA prior to sales

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PT Mega Manunggal Property Tbk

Continuous effort to cut costs amid aggressive capacity expansion

 We have successfully cut down our construction cost by 10% on recent development plan  We set our yield to cost for at least of 9-10%  Our formula is to have land cost for 1/3 of total cost  We strengthen our engineers team to look for best possible design that will cut any unnecessary cost  We continue to monitor construction progresses to align with existing budget

Efficiency Volume

 Plan to construct 4 to 5 warehouses this years (2017) and 5-6 warehouses next year (2018)  Block AE has started construction in September– a 36,000 m2 sheltered warehouse, which will be

completed in end of year 2017.

 Phase II warehouse for Lazada to begin in 2H17 – 30,000 m2, which will be completed in end of 2018  MMP warehouse no. 7 in Cibatu has also started its construction in 2016 – a 36,000 m2 which will be

completed in end of year 2017

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

be completed in beginning of 2018

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PT Mega Manunggal Property Tbk

Continue to improve operating efficiency

 Investing in operating system to release some of the

• perational bottleneck and to improve our productivity

 Implement a unified database for storage of tenant records and

• ther information

to reduce costs and improve efficiency  Increase scale of NLA Warehouse will allow us to achieve economies of scale  Gain greater bargaining power in procurement process  Invest in marketing team

Integrated IT platform Reducing cost

 Outsourcing to support our services including cleaning service, parking etc.  Standardize warehouse specifications to shorten the building process  Benchmarking

• ur

construction cost with

• ther

industry players  Investing in engineers  Effective tender process to determine the most effective contractors  Quarterly review of budgeting to ensure that costs are aligned with the proposed budget  Invest in high quality people to manage estates and to increase productivity

Management focus Economies of scale

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PT Mega Manunggal Property Tbk

Section 3

Investment Thesis

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PT Mega Manunggal Property Tbk

Investment consideration

Provider of high quality and international standard logistic properties

1

Proven track record in developing and delivering logistic properties

2

Solid business model that provides stable and recurring cash flow

3

Strategically located logistic property in Indonesia

4

Diversified and strong client base

5

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PT Mega Manunggal Property Tbk

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

Note: Not all MMP’s logistic properties are equipped with the above specifications

Standard warehouse Unilever Mega DC Li & Fung Intirub Business Park Selayar Lazada Floor capacity ≤ 1,5 ton/m2 s/d 6 ton/m2 s/d 6 ton/m2 s/d 4/4,5 ton/m2 s/d 4 ton/m2 s/d 4 ton/m2 Ceiling height ≤ 5,0 m 12 m (center 17 m) 11 m (center 12,5 m) 10 m (Tahap I) 9 m (Tahap II) 9 m (center 13m) 12 m (center 16 m) Distance between pillar ≤ 8,0m Main area: 18 x 36 m Area aerosol: 9 x 28,5 m 27 x 18 m; 30 x 18 m Stage 1: Basement: 8 x 8 m Ground Floor 8 x 30 m Stage 2: Basement: 6 x 15 m Ground Floor 12 x 30m 30 x 12m 24 x 18 and 32 x 18 Level single Single (multi racking) Single (multi racking) Multi Single Single (multi racking Flooring standar Super flat Super flat Flat Flat Flat

Warehouse specification Typical specification from high-performance logistic properties

1 2 3 3

Office space Better working environment for employees

2 3 1

Car Berths Number of facilities that allow trucks to loading/unloading efficiently

Dock shelters

To prevent and protect from wind, rain, moisture, dust, etc., while handling cargos. Ceiling height of 5,0 m or more to provide space for cargo lifting using forklifts Distance between pillar 8,0 m or more to increase efficiency Floor capacity 1,5 ton/m2

• r more to accommodate

use of forklifts

MMP’s existing logistic properties surpass main criteria and specification for modern logistic properties.

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

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PT Mega Manunggal Property Tbk

2012 2013 2014 2015 2016

Unilever IBP I L&F IBP II Selayar

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

Growth in NLA in the past years

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

Project Land Area Gross Floor Area Net Leasable Area Date of Contract Months to develop Delivery date Unilever Mega DC 194.297 m2 156.462 m2 90.288 m2 15 December 2010 16 months 25 April 2012 Li & Fung 34.637 m2 21.702 m2 21.612 m2 9 July 2012 11 months 15 May2013

Standard Warehouse Building

Project Land Area Gross Floor Area Net Leasable Area Date of Contract Months to develop Delivery date Intirub Business Park I 28.195 m2 30.086 m2 (warehouse) + 5.455 m2 (office) 23.397 m2 (warehouse) + 4.639 m2 (office) 30 Dec 2011 9 months 15 Jan 2012 Intirub Business Park II 32.380 m2 23.219 m2 (warehouse) + 5.696 m2 (office) 13.709 m2 (warehouse) + 4.646 m2 (office) 23 Dec 2013 18 months 21 April 2014 Selayar 9.164 m2 5.742 m2 5.620 m2 27 April 2015 12 months 28 April 2015

Built-to-suit

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

CAGR 8,52% m2 NLA

118,911 26

PT Mega Manunggal Property Tbk

• 3. Solid business model that provides stable and recurring cash flow

Unilever Mega DC (operated by Linfox) Li & Fung

Rental revenue 2016: Rp 88.52 bn Rental revenue 2016: Rp 17.78 bn

Intirub Business Park

Rental revenue 2016 : Rp 64.48 bn

Selayar

 MMP focuses towards developing warehouse with size of

5.000 to 100.000 m2.

 Built-to-suit tenants that currently contribute around 70%of

total revenues minimizes risks of tenants exiting.

 Stable operating cash flow with greater upside potential

from improving economy cycle, while at the same time sheltered against downside risks from economy slowing.

 High operating leverage with high EBITDA margin.  Improve tenants’ efficiency and productivities through

centralization of warehouses.

Competitive advantages Operating assets that provide recurring and stable cash flow

Rental revenue 2016: Rp 4.53 bn 27

PT Mega Manunggal Property Tbk

Jakarta, Banten & Jabar 57% Jateng 6% Jatim 9% Riau &

• Kep. Riau

9% Sumut 4% Sumbar 1% Sulsel 2% Sulte… Kaltim 3% Bangka Belitung 5% Jakarta, Banten & Jabar 71% Jateng 5% Jatim 8% Riau &

• Kep. Riau

8% Sumut 5% Sumbar 0% Sulsel 2% Kaltim 1%

• 4. Strategically located logistic property in Indonesia

 Near centre of production and consumption  Easy access towards transportation network  Easy supply of labour workforce and convenient

transportation for employees

 Provide benefits to tenants in reducing logistic costs

Source: Himpunan Kawasan Industri

% Industrial estate areas % Industrial estates that are developed

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

BEST

Cinere Kunciran Tangerang Cengkareng Penjaringan Tanjung Priok DKI Jakarta Kebon Jeruk Ulujami Veteran (Pd Pinang) Jagorawi (Cimanggis) Jawa Barat Cibitung Cikunir Jatiasih Hankam Raya (Jatiwarana) Taman Mini Laut Jawa Banten Bekasi Cakung Cilincing (Rorotan)

15 14 13 12

9

8 7 6 5 3 2 1 16 17 11 4 10

Operational In construction Negotiation/tender Contract signed

1

to

9

JORR I 10 to 17 JORR II

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

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PT Mega Manunggal Property Tbk

• 5. Diversified and strong client base

Consumption Logistic Bank Logistic E-commerce Manufacturing Training

Build to Suit Multi Tenant Tenant profile of MMP’s logistic properties as at 31 Dec 2016

E-commerce

Consumer 1% E-commerce 8% Logistics 21% Manufacture 62% Service 1% Trading 1% Training Center 1% Others 7%

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PT Mega Manunggal Property Tbk

Section 4

30

Review of MMP Business

PT Mega Manunggal Property Tbk

Location MMP’s logistic properties and pipeline

(in km) Intirub Business Park Unilever Mega DC Li & Fung Selayar Lazada Block AE Block H Cileungsi Cibatu Distance to Jakarta 32 31 32 22 32 33 26 35 Distance to Tanjung Priok port 22 44 43 44 43 44 45 41 51 Distance to International Airport 39 66 65 66 60 66 67 59 73 31

PT Mega Manunggal Property Tbk

Tanjung Perak Port Juanda Air Port

Toll Roads

In Operation Under construction Planning In (Km) Manyar Warehouse Distance to Surabaya 31 Distance to Airport 52 Distance to Tanjung Perak Port 29

Location MMP’s logistic properties and pipeline

MMP properties

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PT Mega Manunggal Property Tbk

Logistic property profile – Unilever Mega DC

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

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

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PT Mega Manunggal Property Tbk

Logistic property profile – Li & Fung

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

• Ltd. Group) / Fonterra & ARK / Ultra Jaya

Specification:

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

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PT Mega Manunggal Property Tbk

Logistic property profile – Intirub Busines Park I & II

Intirub Business Park I Location : Halim, East Jakarta Land area : 28.195 m2 Gross floor area : 30.086 m2 (warehouse) + 5.455 m2 (office) NLA : 23.397 m2 (warehouse) + 4.639 m2 (office) Floor capacity : up to 4,5 ton per m2 Ceiling height : 10 m Warehouse specification : warehouse with semi basement, 3 floor office and parking area Special specifications : 5 loading dock levelers Tenants : DHL, ARK/Ingram, Yokogawa, aCommerce (warehouse), Bank BNI46, DHL, Mahadasha, Scan Global (office) Intirub Business Park II Location : Halim, East Jakarta Land area : 32.380 m2 Gross floor area : 23.219 m2 (warehouse) + 5.696 m2 (office) NLA : 13.709 m2 (warehouse) + 4.646 m2 (office) Floor capacity : up to 4,5 ton per m2 Ceiling height : 9 m Warehouse specification : warehouse with semi basement, 3 floor office and parking area Special specifications : 10 loading dock levelers Tenants : Grundfos, DHL, ARK, MHE-Demag (warehouse), Grundfos, Deraya, MHE-Demag (office)

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PT Mega Manunggal Property Tbk

Property logistic profile – Selayar

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

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PT Mega Manunggal Property Tbk

Building value delivering result

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

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PT Mega Manunggal Property Tbk

Property logistic profile – Lazada

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

• Flat floor;
• Parking Area & Basement Area
• Double Decker (stage 2)

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PT Mega Manunggal Property Tbk

Property Profile – AE Warehouse

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

Cawang Intersection Cikunir Intersection MM2100 Industrial Estate

Architectural & Structural Specification:

• Floor Load Capacity

: 4 ton/m2 (Ground Floor) 3 ton/m2 (Upper Floor)

• Foundation

: Concrete Pile

• Floor

: Reinforced Concrete

• Column

: Reinforced Concrete

• Roof Structure : Steel Truss
• Floor Flatness : Flat
• Effective Ceiling Height

: 9 m (Ground Floor) 8 m (Upper Floor)

• Wall

: AAC Wall + Metal Cladding

• Roof

: Boltless Metal Roof + Insulation

• Loading Doors : 48 Units
• Canopy Width : 10 m (Ground Floor)

8 m (Upper Floor)

Mechanical/Electrical Specification:

• Sprinkler

: Yes

• Smoke Detector

: Beam Detector

• Artificial Lighting

: 120 lux (Warehouse)

• Generator Set

: 300 KVA

39

PT Mega Manunggal Property Tbk

Property Profile – Cibatu Warehouse

Location : Scientia Boulevard, Jababeka V Cikarang Land area : 50,000 m2 Net Leasable Area : 36,216 m2 Lease period : 10 years Tenant : Ark Logistics Estimated Completion Year : 2017

Architectural & Structural Specification:

• Floor Load Capacity

: 4 ton/m2

• Foundation

: Concrete Pile

• Floor

: Reinforced Concrete

• Column

: Tappered Steel Column

• Roof Structure

: Tappered Steel Beam

• Floor Flatness

: Superflat

• Effective Ceiling Height

: 12 m

• Wall

: AAC Wall + Metal Cladding

• Roof

: Boltless Metal Roof + Insulation

• Loading Door

: 19 Units

• Canopy Width

: 13 m Mechanical/Electrical Specification:

• Sprinkler

: Yes

• Smoke Detector

: Beam Detector

• Artificial Lighting

: 100 lux (Warehouse)

• Generator Set

: 400 KVA

40

PT Mega Manunggal Property Tbk

Property Profile – Cileungsi Warehouse

Location : Jl Raya Narogong KM 17, Cielungsi Land area : 50,000 m2 Net Leasable Area : 31,392 m2 Lease period : 10 years Tenant : Ark Logistics Estimated Completion Year : 2017

Mechanical/Electrical Specification:

• Sprinkler

: yes

• Smoke Detector

: yes (laser beam detector

• Artificial Lighting

: 120 lux – 150 lux

• Generator Set

: on design process (around 50% of total power needed) Architectural & Structural Specification:

• Floor Load Capacity

: 2 ton (staging area) & 5 ton (storage area)

• Foundation

: Concrete Pile

• Floor

: Reinforced Concrete Slab

• Column

: Reinforced Concrete Column

• Roof Structure

: Steel Structure (Truss System)

• Floor Flatness

: FF30 FL 20

• Effective Ceiling Height

: 12 m

• Wall

: AAC Wall + Corrugated Metal Cladding

• Roof

: Corrugated Metal Roof (boltless system) with insulation Loading Door

• Loading Door

: 24 (outbond) + 12 (inbound)

• Canopy Width

: 10 - 12 m

41

PT Mega Manunggal Property Tbk

Section 5

42

Industry

PT Mega Manunggal Property Tbk

Evolution of the logistics sector

• The logistics sector in Indonesia remains nascent in comparison to other markets in the region, particularly compared to more

mature markets such as Singapore and Australia.

• Notwithstanding this, the growth potential is huge and there are signs of a fundamental imbalance between available supply and

demand for modern logistics warehousing space. We expect to see the Indonesian logistics market evolve into a modern logistics hub in the same way the sector has evolved in other markets regionally and globally.

43

PT Mega Manunggal Property Tbk

• The

logistics sector has seen gradual development in recent times.

• However,

at present most supply chain

• perations remain largely inefficient.
• Only in recent years has the market begun to

evolve from the traditional ‘gudang’ style of warehouse to modern logistics warehouse building specifications for greater efficiency.

Evolution of the logistics sector

44

PT Mega Manunggal Property Tbk

A nascent industry to enter

26% 19% 9% 8% 14% 9% 13% 2016 2020 2035 Singapore Malaysia Japan South Korea

Logistic cost as % of total GDP

45

PT Mega Manunggal Property Tbk

Economic Growth and Scale

The Potential Opportunity

Recent disruptions in the commodities markets hit the Indonesian economy hard, but government spending began to pick up in 2015, economic growth started to improve and Indonesia remains the largest economy in Southeast Asia or 16th globally. Annual GDP growth has averaged 5.8% over the past 10 years and historically, domestic consumption has driven the national economy. Indonesia weathered the global economic turmoil in 2008 better than most neighboring countries due to domestic demand. The current administration is now spearheading a shift to further stimulate growth through investment.

46

PT Mega Manunggal Property Tbk

Asia logistics, industrial yields and rentals

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

0% 2% 4% 6% 8% 10% 12% India China Japan Singapore Hongkong Yield (%per annum) Yield (%p.a) Risk - free Rates

Source: Colliers International

5% 5% 0% 5% 4% 10% 3% 0% 2% 4% 6% 8% 10% 12% 5 10 15 20 25 HongkongSingapore Tokyo Delhi Shanghai Beijing Guangzhou Rental, US$ per sq ft p.a. (LHS) Forecast growth, % YoY

Source: Colliers International

Due to the sustained flow of investments into Asia, and the region’s subdued inflationary environment, risk-free rates have consistently fallen. The logistics and industrial property yield spread compared to these risk-free rates narrowed up to 1Q 2013. However, the spread widened in Japan. In China, long-term real estate funds have been eyeing opportunities for modern warehousing facilities for long-term growth in both the first and second-tier cities. Investment yields for quality logistics premises in China currently range from 6 to 8% per annum. The normal rental rate in China is around US$6-7 per sq. ft. per annum; and in most Chinese cities, they are expected to increase in the order of 3-5% per annum, thanks to the sustained growth of industrial production, cargo throughput volume and local retail sales. Beijing is going to deliver an exceptional performance, primarily due to the accelerating expansion of its third-party logistics (3PL) companies and e-commerce sector.

47

PT Mega Manunggal Property Tbk

Asia Logistics / Industrial Rental

Capitalization rates for logistic properties in Asia

 The average industrial capitalization rate in Asia fell to an all-time low of 5.8% in 2Q 2012; but edged up again to 7.1% in 1Q 2013, according to statistics provided by RCA.  The increase in cap rates reflected growing uncertainty in the traditional warehousing sector about the sovereign debt problems in the Eurozone, which had still not been fully resolved.  However, strong demand continues for quality logistics warehouses and distribution facilities, particularly those supported by seasoned managers, and the average capitalization rates have been compressed.

48

PT Mega Manunggal Property Tbk

High logistic cost demand better infrastructures

“Besides the very high cost, logistic services in Indonesia are also bad like intervals in Indonesia for imported commodities requiring 5.5 days and transportation is also very costly” – The Indonesia Chamber of Commerce and Industry (Kadin) “Indonesia’s high logistic cost is due to under-utilized logistic assets, exacerbated by long and fragmented supply chains, low port efficiency and road congestion” – World Bank

49

PT Mega Manunggal Property Tbk

Future toll road that will create value to our properties

50

PT Mega Manunggal Property Tbk

Attractiveness of Greater Jakarta Connectivity and Established Infrastructures

Toll Roads Airports Railways

• Greater Jakarta has been

connected by 18 toll roads with length of 292.44 km throughout Jakarta, Bogor, Depok, Tangerang, dan Bekasi.

• 15 toll roads are operated by

Jasa Marga and the other 3 toll roads are operated by private sectors.

• Greater Jakarta has integrated

railways transportation, which include passengers and cargoes transportation.

• Indonesia’s government starts

to build railways project within Soekarno-Hatta International airports in terms of utilizing Indonesia’s railways transportation potential.

• Jakarta is also supported by

two major airports which located in West Jakarta and East Jakarta.

• Indonesia’s government and

state-owned airport operators Angkasa Pura I dan Angkasa Pura II are keen to attract participation through public- private partnership This will positively affect the process of delivering goods and services for tenant companies, which becomes competitive advantage for warehouse investment

51

PT Mega Manunggal Property Tbk

Tanjung Perak Port

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

Attractiveness of the Locations – Connectivity

21 Km

22 Km

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

35 Km

6 Km

Key Industry Served :FMCG, FnB, Electronic, Chemicals Greater Surabaya

52

PT Mega Manunggal Property Tbk

Industries driving the demand for logistics

Healthy Growth in FMCGs and Retail Urbanisation and growing wealth is already translating into growth in the FMCG sector and retail sales. This will increase the appeal of the logistics real estate market to a broader spectrum of modern international logistics players. Indonesia has a robust manufacturing sector Indonesia has a large manufacturing base driven by a large domestic consumer market and low labour costs. The robust manufacturing sector is another major driver of demand for logistics services and associated real estate. In 2015, manufacturing accounted for 22% of GDP.

Source: JLL

53

PT Mega Manunggal Property Tbk

Indonesia Manufacturing Industry Snapshot

647 725 812 910 1,020 1,143 2015 2016 2017 2018 2019 2020 9.00% Food and Beverage Manufacturing Sector GDP Value, 2015-2020, IDR Trillions 2,405 2,622 2,858 3,115 3,395 3,700 2015 2016 2017 2018 2019 2020

1. Positive demographics profile 2. Robust economic growth 3. Large number of middle income class 4. High degree of consumption

Growth Drivers Market Restraints

1. Slowing in global economy 2. Poor logistics infrastructure 3. High logistics cost 4. Regulation

Manufacturing Industry GDP Value, 2015-2020, IDR Trillions

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

Source: Frost & Sullivan

54

PT Mega Manunggal Property Tbk

Indonesia e-Commerce Market Snapshot

1. Positive demographics profile 2. Robust economic growth 3. High ICT adoption 4. Large number of local players

Growth Drivers Market Restraints

1. Poor logistics infrastructure 2. Large unbanked population 3. Low adoption of cashless payment 4. Limited ICT competency

31.1%

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

Ecommerce is a growing tent that will push up the demand of warehouse space

Source: Frost & Sullivan

55

PT Mega Manunggal Property Tbk

Government’s investment on infrastructure will boost efficiency for wholesale, retail, and automotive sector

IDR 257.64 Tn

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

retail companies in Indonesia, which include time and cost reducing

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

Source: Frost & Sullivan

56

PT Mega Manunggal Property Tbk

Government investment plan and initiatives

• n

infrastructure sector are expected to reach IDR 313 trillion in 2016, approximately 8.0% increase from 2015. GDP’s share for transport, storage and courier is estimated to grow around 38.0 percent in 2016 at IDR 798 trillion. where 23 share percent accounts for warehousing

Infrastructure initiatives help boost economic improvement

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

Growth of Service Segment 2011- 2016 (f)

Source: Frost & Sullivan

57

PT Mega Manunggal Property Tbk

Source: EIU, Euromonitor

High growth, large domestic market Low growth, small domestic market Low growth, small domestic market Low growth, large domestic market

Indonesia Singapura Filipina Thailand Malaysia Jepang Australia Vietnam Myanmar 50 100 150 200 250 300 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Population (mn) Estimated average real GDP growth 2012-2016F

Indonesia continues to be an attractive target for FDI

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

Rising middle class income

• Jakarta minimum wage increased 17.9% per year on average,

which will imply in higher labour cost due to higher inflation rate. Productivity issue is assumed to be constant.

• Abundant amount of working-age population will increase labour

availability in the long-term. The composition also shows that male workers are dominating in working-age population.

Resilient economy growth and large domestic market are expected to boost investment in Indonesia Increase in minimum wages helps boost consumption in Indonesia, while minimum wages in Indonesia continue to be in the uptrend

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 2011 2012 2013 2014 2015 Minimum Wage Increase in PMW

Rp

Jakarta’s Historical Minimum Wage 2011 - 2015

Source: JLL

Indonesian population is becoming wealthier and consumption is expected to increase. By 2020, more than half of the population is expected to be middle class or above

30%

Middle and above

70%

Below middle

53%

Middle and above

47%

Below middle 58

PT Mega Manunggal Property Tbk

Demand and land price overview in industry property

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

Source: Central Bank of Indonesia; Frost & Sullivan Analysis

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

94.00 96.00 98.00 100.00 102.00 104.00 106.00 108.00 110.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4e 2014 2015 2016

Warehouse Demand Index, 2014-2016 (Quarterly)

50 100 150 200 250 2011 2012 2013 2014 2015 USD/sqm

Greater Jakarta Industrial Land Price

Bogor Bekasi Tangerang Karawang

Increase 9% in Q4 2016 from Q1 2014

Source: Analysis by Frost & Sullivan 59

PT Mega Manunggal Property Tbk

Riding along with the growing E-commerce in Indonesia

Successful e-commerce businesses require scale which Indonesia is able to offer. This sector is expected to develop considerably over the short to medium term. While the e-commerce phenomenon has taken hold in many

• ther markets in the region, the sector is still in its infancy in

Indonesia and the potential future growth also presents an

• pportunity.

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

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PT Mega Manunggal Property Tbk

Section 6

61

Financial Review

PT Mega Manunggal Property Tbk

50.59 88.29 82.95 85.97 88.52 11.47 24.44 42.76 60.93 65.21

• 6.75

16.21 13.95 17.79

• 2.64

4.53

2012 2013 2014 2015 2016

Unilever IBP L&F Selayar

Solid revenues growth

Development of NLA and Occupancy Rate

Each asset contribution towards revenues

In the past 4 years, MMP has successfully posted a 28.9% CAGR to Rp176.06 bn in 2016 supported by growth in NLA and occupancy rate. Currently, our NLA stood at 163.911 m2.

2013 2014 2015 2016 Net Leasable Area (m2) 139,811 163,757 163,911 163,911 Leased area (m2) 135,311 154,623 159,318 163,911 Occupancy Rate (%) 97% 94% 97% 100% (Rp bn) 2013 2014 2015 2016 Unilever Mega DC 88.3 82.9 85.97 88.52 Li & Fung 6.8 16.2 13.95 17.79 Intirub Business Park 24.4 42.8 60.93 65.21 Selayar

• 2.64

4.53 Total revenue 119.5 141.9 163.49 176.06 CAGR 28.9% 118,199 139,811 158,137 163,911 163,911 89% 97% 98% 97% 100% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 105%

• 50,000

100,000 150,000 200,000 250,000 2012 2013 2014 2015 2016 Net Leasable Area (m2) Occupancy Rate 62

PT Mega Manunggal Property Tbk

357.5 222.4 261.1 64.8 323.0 62.1 119.5 141.9 163.5 175.3 2012 2013 2014 2015 2016 IDR Bn Increase in fair value of investments properties Rental Revenue

Summary of profit and loss

Summary of profit and loss statement

Aside from recurring income from leasing its own logistic properties, MMP also has recurring value creation from recognition over increase in fair value of investment properties. Each investment properties that have been completed will be measured at fair value.

(Rp bn) 2012 2013 2014 2015 2016 Revenues 62.1 119.5 141.9 163.5 175.3 Operating profit 48.8 105.6 114.3 121.7 117.7 Finance Costs (16.3) (36.1) (43.9) (51.8) (46.8) Forex gain / loss - net (22.0) (117.7) (15.2) (28.9) 3.3 Changes in fair value of PI 357.5 222.4 261.1 64.8 323.0 Profit before tax 372.3 174.2 309.4 131.0 416.6 Income tax (6.3) (12.2) (14.2) (16.3) (17.6) Net income (loss) 313.9 90.5 286.4 114.4 342.2 Appraised value of Investment properties per 31 Desember 2016 1 (Rp bn) Unilever 912.6 Li & Fung 180.4 Selayar 47.5 Land bank and CIP 1,531.4 Intirub Business Park 646.7 Total investment properties 3,318.6

Note: 1) Appraised value from KJPP Stefanus Tonny Hardi & Rekan

Asset yield Component of recurring value creation

460.4 629.3 785.0 809.9 939.1 579.9 672.4 826.9 833.3 848.3 9.8% 16.8% 15.2% 17.1% 17.6% 5.5% 8.7% 7.8% 8.7% 8.4%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2012 2013 2014 2015 2016 Fair value changes, Rp bn Asset at cost, Rp Bn Yield to cost (LHS) Yield to current value (LHS) 63

PT Mega Manunggal Property Tbk

1,409 1,749 2,037 2,388 3,319 397 563 597 587 520 706 868 1,448 2,551 3,284 0.56x 0.65x 0.41x 0.23x 0.16x 0.00x 0.10x 0.20x 0.30x 0.40x 0.50x 0.60x 0.70x

• 500

1,000 1,500 2,000 2,500 3,000 3,500

2012 2013 2014 2015 2016 IDR Bn Investment Properties Debt Equity Net Debt-to-Equity

Summary of financial position

Summary of financial position Asset and capital structure

Investment properties that is measured in the fair value is the largest component of asset in the summary of financial position of MMP. From liability side, MMP is currently sourcing its financing from the equity, debt and bank loan. With strong value creation from investment properties, MMP could achieve conservative leverage with net debt to equity ratio of 0.16x at the end of Dec 2016.

(Rp bn) 2012 2013 2014 2015 2016 Cash and cash equivalent 6 6 11 383 105 Current asset (a) 89 89 82 519 200 Investment properties 1,409 1,749 2,037 2,388 3,319 Non current asset (b) 1,411 1,751 2,056 2,685 3,766 Total asset (a+b) 1,500 1,840 2,139 3,204 3,966 Short term liabilities (c) 465 604 137 176 235 Long term liabilities (d) 329 368 554 478 446 Debt 397 563 597 587 520 Total liabilities (c+d) 794 972 691 653 682 Paid in capital 75 75 400 571 571 Retained earnings 439 530 816 932 1,273 Total equity 706 868 1,448 2,551 3,284 64

PT Mega Manunggal Property Tbk

• 100.000

200.000 300.000 400.000 500.000 600.000 700.000 2013 2014 2015 2016

Summary of financial position

Revenues, Rp bn

EBITDA, Rp bn

Equity, Rp bn

Gross Capital Expenditure for investment property., Rp bn

284,506 233,294 286,807

62,066 119,486 141,918 163,492 175,320

2012 2013 2014 2015 2016

Revenue (Rp bn) 49,296 106,268 115,063 122,852 120,756

2012 2013 2014 2015 2016

EBITDA (Rp bn) 705,815 868,242 1,445,182 2,548,111 2,890,585

2012 2013 2014 2015 2016 607,088

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PT Mega Manunggal Property Tbk

2012 2013 2014 2015 2016 %YoY CAGR 2012-16 Operational metric Net Leasable Area, m2 Built to suit 90,288 111,900 111,900 111,900 111,900 0% 6% Multi tenants 27,911 27,911 51,857 52,011 52,011 0% 17% Total, m2 118,199 139,811 163,757 163,911 163,911 0% 9% Occupancy rate, % Built to suit 100% 100% 98% 97% 100% 3%

• Multi tenants

55% 84% 87% 98% 100% 2%

• Average occupancy rate, %

89% 97% 94% 97% 100% 3%

• Average remaining lease term, years

10.0 7.5 6.5 6.0 6.5 17%

• Revenue by segment

Revenue, Rp bn Rental built to suit 50,594 94,931 99,160 99,922 106,313 6% 20% Rental multi tenants 11,472 24,555 42,758 63,570 69,006 9% 57% Total revenues, Rp bn 62,066 119,486 141,918 163,492 175,320 7% 30% Profitability Operating Profit (EBIT), Rp bn Built to suit 39,365 81,881 83,514 77,714 96,793 25% 25% Multi tenants 9,476 23,721 30,736 44,134 20,939

• 53%

22% Total EBIT, Rp bn 48,841 105,601 114,251 121,848 117,732

• 3%

25% EBIT margin, % 79% 88% 81% 75% 67%

• 10%

EBITDA, Rp bn 49,296 106,267 115,063 122,852 120,756

• 2%

25% % margin 79% 89% 81% 75% 69%

• 8%

Finance Cost, Rp bn

• 16,253
• 36,054
• 43,863
• 51,843
• 46,806
• 10%

30% Forex loss net, Rp bn

• 21,987
• 117,712
• 15,201
• 32,018

3,295

• 111%

Interest Income, Rp bn 204 63 1,045 28,203 17,543

• 38%

205% Profit before tax, Rp bn 372,338 174,187 309,395 131,003 416,831 218% 3%

Key performance matrix

66

PT Mega Manunggal Property Tbk

94,931 99,160 99,922 106,313 24,555 42,758 63,570 69,006 10,000 60,000 110,000 160,000 210,000 2013 2014 2015 2016 Built to Suit Multi Tenants

Revenues breakdown Built to suit warehouses account for two third of total revenues

Revenues breakdown

Net leasable composition area As of 31 Dec 2016 Revenue IDR Bn

141,918 163,492 119,486 175,320

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PT Mega Manunggal Property Tbk

Section 7

68

Appendix 1 Financial Information

PT Mega Manunggal Property Tbk

Audited Balance Sheet

Year to Dec 31, Rp mn 2012 2013 2014 2015 2016 % YoY Cash and Equivalents 6,309 6,368 11,311 382,973 104,683

• 72.7%

Trade receivables 381 10,457 13,714 8,775 2,307

• 73.7%

Other current assets 81,964 72,054 57,381 127,100 92,962

• 26.9%

Property & equipment 1,262 1,236 2,107 13,483 13,342

• 1.0%

Investment properties 1,409,229 1,748,426 2,036,806 2,388,400 3,318,776 39.0% Advances

• 280,842

426,699 51.9% Other non-current assets 962 1,469 17,183 2,748 7,001 154.8% Total assets 1,500,107 1,840,010 2,138,502 3,204,321 3,965,769 23.8% Trade payable 178,435 25,081 26,574 12,646 93,779 641.6% ST unearned revenue 70,345 23,932 23,528 25,281 42,641 68.7% Bank loans - short term 70,381 181,547 35,636 124,911 89,859

• 28.1%

Other current liabilities 146,123 373,842 50,859 12,630 8,896

• 29.6%

Bank loan 325,859 360,440 541,288 460,646 427,901

• 7.1%

LT unearned revenue

• 2,743

100.0% Customer deposits

• 3,665

7,845 11,353 9,511

• 16.2%

Other long term liabilities 3,149 3,259 4,917 5,826 6,179 6.0% Total Liabilities 794,291 971,766 690,647 653,294 681,509 4.3% Minority interest

• 2,673

2,916 393,675 13400.2% Equity 705,815 868,242 1,445,182 2,548,111 2,890,585 13.4%

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PT Mega Manunggal Property Tbk

Audited Profit and Loss Statement

Year to Dec 31, Rp mn 2012 2013 2014 2015 2016 % YoY Revenue 62,066 119,486 141,918 163,492 175,320 7.2% Cost of revenue 3,886 5,940 13,084 16,059 18,444 14.9% Gross profit 58,180 113,546 128,834 147,432 156,875 6.4% G&A 9,340 7,944 14,616 25,754 39,143 52.0% Operating profit 48,840 105,602 114,218 121,677 117,732

• 3.2%

EBITDA 49,296 106,268 115,031 122,852 120,756

• 1.7%

Net interest income (expense) (16,049) (35,991) (42,818) (23,640) (29,262) 23.8% Increase in fair value Invt Prop 357,511 222,424 261,127 64,787 323,288 399.0% Other items (17,964) (117,848) (23,165) 31,822 5,073

• 115.9%

Profit before tax 372,338 174,187 309,363 131,003 16,831 218.2% Tax (6,298) (12,201) (14,192) (16,349) (17,624) 7.8% Proforma adjustment

• 52,110
• 71,454
• 8,482
• Net income

313,930 90,532 286,404 114,415 342,166 199.1% Core income

• 21,593
• 14,180

40,478 78,567 15,583

• 80.2%

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PT Mega Manunggal Property Tbk

Audited Cashflow

Rp mn 2015 2016 Yoy Change Cash flow from operating activities Cash Receipt from Customer 191,312 221,769 15.9% Interest Received 26,529 18,905

• 28.7%

Cash Paid for Operating Expenses and Employees (23,484) (37,644) 60.3% Payment to Supplier and Others (51,686) (53,098) 2.7% Tax paid (16,009) (20,404) 27.5% Interest paid (50,840) (49,175)

• 3.3%

Net cash provided by operating activities 75,823 80,352 6.0% Cash flow from investing activities Acquisition of Investment Properties (302,318.85) (497,879) 64.7% Acquisition of Property and Equipment (10,830.61) (2,959)

• 72.7%

Advance to Purchase Land (264,950) (58,500)

• 77.9%

Advances payment to contractors

• (62,558)

Acquisition of Share Subsidiary

• (2,171)

Loans (56,407.76)

• 100.0%

Other investment activities

• (2,120)

Net Cash Used in Investing Activities (634,507) (626,187)

• 1.3%

Cash flow from financing activities Loan Receipts from Related Parties 1,508

• 100.0%

Payment to Related Parties (17,826)

• 100.0%

Loan Receipts from Bank 14,957 61,239 309.4% Payment to Bank Loan (55,985) (128,967) 130.4% Payment of consumer Financing Liabilities (646) (702) 8.6% Paid-in capital of non-controlling interest 4 334,002 7590856.8% Receipt from Paid in Capital 987,702

• 100.0%

Net Cash provided by Financing Activities 929,714 265,573

• 71.4%

Net increase (decrease) in cash and cash equivalents 371,029.45 (280,262)

• 175.5%

Effect of foreign exchange, net 632.50 (228)

• 136.1%

Cash and cash equivalent of subsidiaries - before acquisition 2,200 100.0% Cash and cash equivalent, beginning balance 11,311.27 382,973 3285.8% Cash and cash equivalent ending balance 382,973.22 104,683

• 72.7%

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PT Mega Manunggal Property Tbk

End of presentation

Thank you

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PT Mega Manunggal Property Tbk