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August 2020

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Presentation
We believe 1 Indonesia commerce is primarily offline and Bukalapak
Bukalapak is fast are #1 in O2O business

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becoming
2 Ability to maximize investors capital

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Indonesia’s

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commerce market

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leader

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3 Focused on growing a sustainable business

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4 Strong management team overseeing founders’ vision

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5 Continued backing by reputable investors
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1 Indonesia Commerce is Primarily Offline and Bukalapak are #1 in O2O
Business
Online Retail as a % of Total Retail Sales No. of Offline Agents

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14.0%
12.8%

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5,447,352
11.4%

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12.0%

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9.6%
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7.9%

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8.0%

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5.8% ~ 2,600,000

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4.1%

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4.0%

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2.4%

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1.9%

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1.5%
2.0% 1.1%
~ 350,000

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~ 5,000
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2014 2015 2016 2017 2018 2019E2020E2021E2022E2023E Bukalapak Grab Kiosk
1
Tokopedia
2
Warung Pintar
3
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Indonesia’s online retail sales only account for 4% of total retail sales and warungs control 65%-70% of Indonesia’s retail sales.
Currently Bukalapak has the most amount of offline agents (including warungs and agents) in Indonesia
Source: CLSA research titled "E-warung, Indonesia's New Digital Battleground”, Company
1 Grab Kiosk; 2 Tokopedia; 3 Warung Pintar – based on 2019 year end target
1 Indonesia Commerce is Primarily Offline and Bukalapak are #1 in O2O
Business (cont’d)
Sumatra Kalimantan

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l 550K Mitras, ~10% of Total l 128K Mitras, ~2% of Total

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l Largest concentration in l South and East Kalimantan
Lampung, North Sumatra, and contribute to >90% of

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South Sumatra Kalimantan warungs

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25% of TPV1

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40% of TRX1

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Java

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4,544K Mitras East Indonesia

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Makes up over 83% of total

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Most are in South Sulawesi

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Bukalapak current covers 40% of all warung across Indonesia covered and there is still a large untapped Market, even for Mitra
Bukalapak, the #1 player in the O2O space

1. Based on June 2020

2 Ability to Maximize Investors Capital

Valuation / Total Funding Ratio MAU / Total Funding Ratio EBITDA as a % of TPV

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4.7 -2.0%
-2.2%

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0.07 -2.5%

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-3.0%

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-3.5% -3.5%

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2.7 -4.0% -3.9%

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Bukalapak Tokopedia Bukalapak
PR Tokopedia Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
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Bukalapak’s funding ratio in terms of valuation and monthly active users are better than Tokopedia’s and based on EBITDA as a
% TPV Bukalapak has outperformed Shopee’s in the last 5 consecutive quarters

Source: iPrice, Company quarterly reporting

3 Focused on Growing a Sustainable Business
Total Processing Value (US$’m) Net Revenue (US$’m) & Take Rate
2.0%

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1,347 21.1 1.8%

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1,277 20.0
19.1 1.6%

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1,036 1.4%

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13.9 1.2%

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 PR Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020
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Continued growth in total processing value and major improvement on the take rate resulting in an even stronger growth in net
revenue

Source: Company
3 Focused on Growing a Sustainable Business (cont’d)

Total Expenses (US$’m) & Total Expenses as a % of TPV EBITDA (US$’m)

12.0%

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73
70 70
65

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10.0%

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020
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With greater financial disciplined implemented, total expenses have significantly reduced resulting in much lower EBITDA
losses which has been reducing since Q4 2018

Source: Company
4 Strong Management Team Overseeing Founders’ Vision

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Rachmat Kaimuddin Teddy Oetomo Willix Halim Natalia Firmansyah

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CEO President COO CFO

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>52 years of combined relevant professional experience executing Bukalapak’s founders’ vision built up in the last 10+ years

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6 million

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merchants use Bukalapak

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ITB alumni’s who
142 cities

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to build “A fair

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Nugroho Bukalapak
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Achmad Zaky Fajrin Rasyid

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Herucahyono
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Under Bukalapak’s founders’ leadership, it has grown into one of the biggest tech companies in Indonesia and in 2018 became
the fourth unicorn to emerge from Indonesia
5 Continued Backing by Reputable Investors

Indonesian technology, Mirae Asset-Naver Asia

telecommunication and media Growth Fund is a joint initiative

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conglomerate - it is Indonesia’s between Mirae Asset Financial
second largest media company Group and Naver Corporation

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Ant Financial is the highest Second largest commercial

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valued FinTech company in the bank in South Korea in terms

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world, and the world's most of total assets and market

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valuable unicorn, with a capitalization

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valuation of US$150 billion

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GIC is Singapore’s sovereign 500 Startups is the #1 Most

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wealth fund global long-term Active VC Globally in Exits and
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investor with well over US$100
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billion in assets in over 40 Bukalapak
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countries worldwide
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Timely Opportunity to Invest in Indonesia’s 4th “Unicorn” with a Clear
Path to Profitability
§ Series E led by § Series E § New management team

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2018 Ant Financial 2019 extension led by 2020
§ Acquired over 5.5m
Naver-Mirae
§ Achieved Unicorn offline agents since

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status § Series F launching in 2017

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§ Partnership with

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Disclaimer
This presentation and the accompanying slides (the “Presentation”) have been prepared by PT Bukalapak.com (“Bukalapak”) solely for information purposes and do not constitute recommendation or
solicitation of an offer to subscribe for or purchase any shares or securities and nothing contained herein shall form the basis of any contract or commitment whatsoever.
This Presentation is strictly confidential and may not be reproduced or redistributed to any other person.

Neither Bukalapak nor any of its respective affiliates, advisors or representatives or agent (collectively, the “Affiliates”) make any representation or warranty, express or implied, as to the fairness,
accuracy, completeness or correctness of the information in this Presentation, and nothing in this Presentation is, or shall be relied upon as, a promise or representation by Bukalapak or any of its
respective Affiliates, and Bukalapak or any of its respective Affiliates shall not have any responsibility or liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from
this Presentation or its content or otherwise in connection therewith.

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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

TI
which may occur after the date of the Presentation. You acknowledge and agree that Bukalapak and/or its Affiliates and/or their respective employees have no responsibility or liability (express or implied)

EN
or
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D
result of acting in reliance upon the whole or any part of the contents of this Presentation and neither Bukalapak, its Affiliates nor their respective employees accepts any liability for any error, omission

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or misstatement, negligent or otherwise, in this Presentation and any liability in respect of the Presentation or any inaccuracy therein or omission therefrom which might otherwise arise is hereby

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expressly disclaimed.

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Certain statements contained in this Presentation may be statements of Bukalapak’s beliefs, plans and expectations about the future and other forward-looking statements that are based on

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management's current expectations or beliefs as well as a number of assumptions about Bukalapak’s operations and factors beyond Bukalapak’s control and involve known and unknown risks and

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uncertainties that could cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking

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statements. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

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Likewise, none of the future projections, expectations, estimates or prospects in this Presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance

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or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in

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this Presentation. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on

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forward-looking statements, which speak only as of the date of this Presentation.

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Certain data contained in this Presentation was obtained from various external data sources believed to be reliable, and neither Bukalapak nor any of its Affiliates has verified this data with independent

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sources and does not guarantee its accuracy or completeness. Accordingly, Bukalapak and its respective Affiliates make no representation as to the accuracy or completeness of that data.
PR
The information contained in this Presentation is not to be taken as any recommendation made by Bukalapak or any other person to enter into any agreement with regard to any investment. You will be
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solely responsible for your own assessment of the market and the market position of Bukalapak and you will conduct your own analysis and be solely responsible for forming your own view of the
PR

potential future performance of the business of Bukalapak.

By participating in this Presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.