Confidential

Pakuwon Jati
Results Presentation – 1H 2021
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1
Table of contents
Section 1 Company Overview 3
Section 2 Recent Developments 8
Section 3 Key Credit Highlights 11
Section 4 Financial Highlights 26
Section 5 Notes 2028 Summary 30
Appendix Supporting asset details 32

2
Section 1

Company Overview
What sets Pakuwon Jati apart?
Market leader in Jakarta
c.776k sqm
 Indonesia’s leading retail mall developer and owner #1 + #3 Largest superblocks in South Jakarta
Retail Malls NLA
#1 Largest retail mall in South Jakarta

Consistent track record of balancing recurring and #2 Largest mall portfolio in Jakarta

 development income #3 Largest shopping mall in Jakarta

2,118
keys

Strategically focused on Indonesia’s two largest and

 wealthiest metropolises
5
Superblocks
Surabaya
(2.9m habitants1)
Jakarta
(10.8m habitants1)
Growth and value creation potential from attractive
 developments, land bank and acquisitions Market leader in Surabaya
2
Townships
#1 + #2 Largest superblock in Surabaya

One of the leading property developers in Indonesia #1 Largest land bank in Surabaya City
 with almost 40-year track record of growth
465,3 ha
land bank
#1 Largest retail mall in Indonesia

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

Hartono Mall Solo

Grand Pakuwon
Tunjungan City
Kota Kasablanka
Somerset Berlian
Pakuwon City Hartono Mall Yogyakarta
Gandaria City Blok M Plaza Pakuwon Mall Marriott Hotel Yogyakarta
Pakuwon Mall Bekasi

Royal Plaza

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

Marriott Hotel
Kota Kasablanka Gandaria City Tunjungan City Pakuwon City Yogyakarta

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

Note:
1. Includes serviced apartments Ascott Waterplace Surabaya 5
Almost 40 years track record of growth
2021
Refinanced
2019 US$250m bond with
2016
Opening of Four US$400m of 4.875%
2014 Opening of Four
Points by Sheraton Senior Unsecured
Acquired 67.1% of Points by Sheraton
Surabaya Pakuwon Notes due 2028
PT Pakuwon Permai Surabaya in Jun-
Indah
2012 2016
Issued US$200m of
Completed 4 7.125% Senior
condos, 2 offices Unsecured Notes
2010 and opened Kota due 2019
Kasablanka mall
Completed 2 Increased
2007 with 94%
condos, 1 office shareholding of
pre-leasing rate
Entered the Jakarta tower, and 1 mall in 4.5 ha Simatupang
1991 market with the Gandaria City, as land bank from 45% Opening of Pakuwon
Acquisition of Bekasi
acquisition of land well as 1 mall in to 70% Mall 4 and Pakuwon
Completed land plot Opening of Pakuwon
for Gandaria City Pakuwon City City Mall 2
Tunjungan Plaza 2 Mall Phase 2 & 3 and
1982 Superblock in
Shopping Center Tunjungan Plaza 6 Acquired Hartono
Pakuwon Jati South Jakarta
(Lifestyle Center) Mall and Marriott
established to and the Mandiri Refinanced US$200m Yogyakarta and
develop Tunjungan Office Tower Opening of Ascott bond with US$250m of Hartono Mall Solo
Plaza 1, the first Waterplace in May 5.0% Senior Unsecured in Nov-20
modern shopping 2015, Tunjungan Plaza Notes due 2024
center in Surabaya Acquired 33% stake in Opening of The
mall 5 and Sheraton 2017
Usada Insani Hospital, Westin Surabaya in
Grand Jakarta in
as well as 45% stake in Dec-20
Oct 2015
Rebranding of 4.5 ha land bank in 2020
Completed Tunjungan 2015
Pakuwon City into a Simatupang,
Plaza 3 and 4, Surabaya self-contained city, Acquired Kota South Jakarta
Sheraton Hotel, and complemented with Kasablanka project in 2013
Regensi Condominium retail / commercial Jakarta’s fringe CBD
1st property
Tunjungan City opens areas, schools, and a 2011
company to be
as the 1st Superblock hospital
listed on the Jakarta
Stock Exchange in Indonesia 2008
1989 1996-2002

6
Winning business strategy
 Continue to build strong recurring cashflows to complement sales of development properties

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

 Build on the proven and successful superblock concept – leveraging synergies between all segments
‒ Iconic malls and other amenities serve as demand drivers for condominium, office and hotel projects
2 Strength in ‒ Condominiums, offices and hotels provide natural catchment for malls, both night and day
superblock development
 Leverage synergies and economies of scale within superblocks to drive operational efficiencies and higher margins

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

7
Section 2

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

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

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

– Solo: mid-market retail mall (33k sqm NLA) in commercial district

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

• Acquisition fully cash financed and closed in November 2020

Location overview

Jakarta Solo

Yogyakarta

Surabaya

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

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

Location overview

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

 Next to major toll road 4-star & 3-star Hotel

324 rooms
 400m walking distance to LRT2 from Bekasi to Jakarta

Indicative timeline

Acquisition of Construction Construction Completion Retail Mall

land plot start put on hold start in phases phase 1 NLA: 43,000 sqm

Conceptualization, planning,
and permissioning

2012 2020 2021 2024/25

Source : Google maps
Notes:
1 Based on World Population Review data for 2020 10
2 Expected to operate in 2022
Section 3

Key Credit Highlights

 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Key credit highlights

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

6 1
Strong long-term Strong recurring income base
macroeconomic and property
market fundamentals in 5 2 generated from investment
property portfolio
Indonesia

4 3
Superior margins supported by Attractive development projects with
active land banking strategy post-pandemic recovery momentum

12
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Well-diversified portfolio
Development and investment properties diversified across multiple segments and target customers provide income stability

Revenue breakdown by segment Revenue breakdown by project

100 2.0

3.5%
1.9 100 1.5 3.5

Central
Office sales 1.4

Java
14.7 13.8 7.5 Central Java
20.9

Development
Landed houses Royal Plaza

46.0%
42.2%

80 80 8.4 19.3

62.6%
57.6%
Condo sales Grand Pakuwon
29.4

Surabaya
19.3 18.6 Pakuwon City
60 Office leasing
(%)

60 15.9

(%)
6.8 5.2 Tunjungan City
15.3
7.3 Hotel & Serviced
8.2 18.6 Pakuwon Mall
40 Apartments 40 2.2
Retail leasing Somerset
12.0 1.7
54.0%

Recurring
57.8%

Office sales 9.9 Blok M Plaza

42.4%

33.9%
20 43.7 40.6 20

Jakarta
Gandaria City
Landed houses 27.6 21.7
Kota Kasablanka
0 0
1H 2020 1H 2021 1H 2020 1H 2021

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

13
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Portfolio overview – Jakarta

Kota Kasablanka Gandaria City Bekasi Project Somerset Berlian Blok M Plaza

Description Superblock Superblock Superblock Serviced apartment Retail mall

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

Office  Tower A GSA: 36k sqm  Tower A GSA: 37k sqm

(for sale)  Tower C GSA: 42.8k sqm

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

Office  Tower A NLA: 21k sqm  Tower A NLA: 21k sqm

(for lease)  Tower B NLA: 32k sqm
 Tower C NLA: 32k sqm

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

Location

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

Portfolio overview – Surabaya

Tunjungan City Pakuwon Mall Grand Pakuwon Pakuwon City Royal Plaza

Description Superblock Superblock Township Township Retail mall

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

Residential  TP5 GSA: 30k sqm  Phase 2: two towers GSA: 60k sqm  House and land lot community  House and land lot community
 TP6 GSA: 58k sqm  Phase 3: one tower GSA: 41k sqm  4 Educity condos GSA:103k sqm3
 Phase 4 : three tower GSA : 143k sqm  ECM Phase 2 : one tower GSA : 47k sqm
 Phase 5: 105k sqm  ECM Phase 3 : two towers GSA : 47k sqm

Office  TP5 GSA: 10.5k sqm  Shophouses, university, schools, and

(for sale)  TP6 GSA: 28k sqm a hospital

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

Office  TP5 NLA: 9k sqm

(for lease)  TP6 NLA: 14k sqm

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

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

Portfolio overview – Central Java

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

Description Blok M Plaza

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

Residential Kota Kasablanka

Office
(for sale)

Retail  NLA : 77k sqm  NLA : 33k sqm

Westin Tunjungan Plaza Mall

Office
(for lease)

Hospitality  347 rooms, 5-star hotel

Location

Pakuwon Mall Pakuwon City Mall

16
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Strong recurring income base with track record of growth

…service charge fully covered operating expenses in 1H 2021 despite COVID-19

Recurring Revenue
Recurring revenue
51.9% 49.0% 51.3% 57.8% 57.8% 54.0%
share as % of total

4,000 3,693
3,468
509
2,986 470
3,000
381 720
692
2,300
601
Rp bn

236
2,000
444
1,328
1,141
2,306 2,463 175
1,000 2,004 118 244
1,620 240

783 910

0
2 2
2017 2018 2019 2020 1H 2020 1H 2021
1
Rental and Service Charge Other Operating Revenue Hotel

Note:
1. Other Operating Revenue represents revenues from electricity and water billing, parking fees and others
2. The impact of Covid -19 reflected since Q2 2020
17
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Growth of recurring income portfolio

Plans to continue growing retail and hotel portfolio to maintain recurring income mix
Retail Mall NLA Growth Hotel Room Growth
1,000
3,000
872 2742
900
776
800 2,500

700 2118

776 2,000
600

500
1,500
400

1,000 2118
300

200
500
100

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

 Pakuwon City Mall 3  Fairfield Bekasi Hotel

 Pakuwon Mall Bekasi  Four Points Bekasi Hotel

 Kota Kasablanka Phase 4  Pakuwon City Mall 4-star Hotel

1H 2021 basis Future estimate 18

 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Retail: High quality mall portfolio

Minimal lease terminations, as tenants continue to be confident about the long-term viability of retail in Indonesia

Historical Occupancy Lease Expiry Profile (NLA breakdown)

As %
O c c upanc y 2017 2018 2019 2020 1H 2021 11% 6% 27% 12% 9% 35%
of total
Kota Kasablanka Mall (119k sqm) 98% 99% 99% 99% 99%
Jak ar ta

300,000
Gandaria City Mall (100k sqm) 96% 94% 98% 92% 91%
250,000
Blok M Plaza (30k sqm) 91% 96% 97% 93% 88%

Tunjungan Plaza (149k sqm) 98% 96%1 96% 93% 92% 200,000
Largely due to recent
2 3
Sur abay a

Pakuwon Mall (135k sqm) 94% 95% 96% 90% 89% developments/expansions
150,000
(Pakuwon Mall, Tunjungan
Pakuwon Trade Center (46k sqm7 ) 94% 92% 92% 88% 88% Plaza, Hartono Mall
8 4 100,000 Yogyakarta)
Royal Plaza (53k sqm ) 97% 96% 94% 91% 91%

Pakuwon City Mall (31k sqm) – – – 74%5 77% 50,000

Centr al

6 9
Hartono Mall Yogyakarta (77k sqm) – – – 88% 67%
Jav a

0
6 Vacant 2021 2022 2023 2024 2025 Onwards
Hartono Mall Solo (33k sqm) – – – 97% 95%
Kota Kasablanka Mall Gandaria City Mall Tunjungan Plaza
Notes: Pakuwon Mall Pakuwon Trade Center Royal Plaza
1 Includes Tunjungan Plaza 6 opened on 23 S eptember 2017 Blok M Plaza Hartono Mall Yogyakarta Hartono Mall Solo
2 Includes Pakuwon Mall 2 & 3 opened on 22 February 2017 Pakuwon City Mall
3 Excludes Pakuwon Mall 4 opened on 28 February 2020
4 Includes finished refurbished floor, opened on 9 October 2020
5 Pakuwon City Mall opened on 20 November 2020
6 Acquired on 25 November 2020
7 Pakuwon Trade Center NLA excludes sold area of 5,467 sqm
8 Royal Plaza NLA excludes sold area of 15,226 sqm
9 Under refurbishment

19
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Retail: Well-diversified tenant base

Targeting the right tenant mix to support PWON’s malls as e-commerce resilient lifestyle destinations

Retail mall tenant base breakdown by leased area (%) Top 10 tenants by rent and service charge contribution
Electronics Other 1  Many top-10 tenants have experienced strong sales during COVID (e.g.
4% home furnishing, supermarkets), others have recovered to close to
Health and 1%
beauty pre-COVID levels (e.g. fast fashion)
4% Fashion retail
Services 19% # Tenant Segment
8%
1 Houseware and home furnishing

2 Houseware and home furnishing

Supermarkets 3 Supermarket
8%
Department 4 Supermarket
stores
17%
Houseware and 5 Fashion retail
home furnishing Contribution to rents
10% significantly lower due
6 Department store
to lower rent psf
7 Fashion retail

8 Supermarket
Entertainment Food and
and leisure beverage 9 Fashion retail
13% 16%
10 Fashion retail

Notes:
1 Includes storage, management office, promotion areas and others 20
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Office: Stable occupancy supported by quality tenant base

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

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

Major
tenants

Location

Overall 99.5 98.8 99.4 99.4

95.3 92.5 92.0 49.5 34.8 35.0
occupancy 88.7 88.5 88.7 87.3 46.7
78.1 83.8 81.1 79.9 33.6
69.7
(%)1 22.6

n.a. n.a.

2018 2019 2020 1H 2021 2018 2019 2020 1H 2021 2018 2019 2020 1H 2021 2018 2019 2020 1H 2021 2018 2019 2020 1H 2021 2018 2019 2020 1H 2021

Notes:
1 NLA and occupancy include both space for lease and sale, apart from Prudential Tower 21
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Hospitality: Portfolio hosting major hotel brands

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

Asset
impression

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

Brands

Rev PAR2
(Rp'000
/room/day)
+44.7% +7.9%
-4.4%
1,0 651 659 225
680 620 331 785 +5.8%
00 659 582 760 259
960 +29.6%
+8.7%
+37.3% 156
489 517
+4.1% 400 411
319
293
253 316
348 184 240
269

2018 2019 2020 1H 2021 2018 2019 2020 1H 2021 2018 2019 2020 1H 2021 2018 2019 2020 1H 2020 1H 2021 2020 1H 2021 2018 2019 2020 1H 2021 2020 1H 2021
2021

Note:
1. 8 out of 123 units have been sold to 3rd party investors, who in turn receive 5% of all net income generated by the Somerset Berlian RevPAR growth 2020-1H 2021 22
2. Calculated based on Average Room Rate multiplied by Occupancy rate
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Attractive residential developments

Strong pre-sales momentum going on Q1 and Q2-2021, as a result of supportive regulatory measures
Quarterly pre-sales (Rp bn) Pre-sales and construction update of highrise projects
600

Handover
Recovery Superblock / Township Project name Segment GSA % Progress update
481 Schedule
500 (sqm) Sold
momentum
Angelo Condo 36.9k 84% Completed 2018
427
394 Kota Kasablanka Bella Condo 36.8k 88% Completed 2018
400 365 Chianti Condo 47.3k 81% Completed 2019
356 354
Pakuwon Tower Office 47.4k 11%1 Completed 2019
312 301 Pakuwon Mall Bekasi Amor Condo 23.6k 47% Preliminary Stage 2025
300
Pakuwon Center Office 10.4k 92%1 Completed 2018
224 Tunjungan City One Icon Condo 57.8k 71% Completed 2018
200 Pakuwon Tower Office 27.7k 35%1 Completed 2019

136 Amor Condo 48.5k 93% Finishing stage 2021

Pakuwon City
Bella Condo 31.2k 28% Foundation stage 2025
100
Anderson Condo 57.1k 95% Completed 2018
Pakuwon Mall Benson Condo 53.7k 83% Completed 2020
La Viz Condo 32.2k 64% Finishing Stage 2021
0 Company data as of June 30, 2021
Q1-2019

Q2-2019

Q3-2019

Q4-2019

Q1-2020

Q2-2020

Q3-2020

Q4-2020

Q1-2021

Q2-2021

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

23
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Sufficient land bank for >10 years of development

Disciplined land banking strategy to sustain growth and high margins; further land banking purely opportunistic and discretionary

Land bank summary Land bank breakdown by location

Land under
Additional land Total land Jakarta
Location Project development
bank (ha) bank (ha) 5%
(ha)
Kota Kasablanka - 3.8 3.8
South Jakarta Gandaria City - 1.9 1.9
Simatupang land bank - 4.5 4.5
West Jakarta Daan Mogot land bank 11.0 11.0
Greater Jakarta Pakuwon Mall Bekasi 2.7 0.9 3.6
Central Surabaya Tunjungan City - 2.1 2.1 465.3
East Surabaya
Pakuwon City Township
Outside Pakuwon City
1.0
-
235.1
21.5
236.2
21.5 ha
Grand Pakuwon Township - 167.9 167.9 West and Central land bank
Pakuwon Mall 1.1 2.8 3.9 Surabaya
West Surabaya 39%
Royal Plaza - 1.9 1.9 East Surabaya
Outside Grand Pakuwon - 6.9 6.9 56%
Total Land Bank 465.3

24
 1. Diversified portfolio 2. Recurring income 3. Attractive development projects 4. Superior margins

Superior operational margins

Resilient profitability underpinned by superior operational margins

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

Gross profit
margin 58.5 57.2 56.3 48.8 49.0 47.6 70.0% 65.6%
64.3% 62.9%
60.0% 60.7% 60.2% 60.2%
55.2% 55.2% 54.9%
60.0%
51.6% 50.8% 50.8% 53.6%
53.0% 52.7%
50.0%
50.0%

40.0% 38.5%
40.0% 36.9% 36.9%

30.0%
30.0%

20.0% 20.0%

10.0% 10.0%

0.0% 0.0%
1 1
2017 2018 2019 2020 1H 2020 1H 2021 2017 2018 2019 2020 1H 2020 1H 2021

Recurring gross profit margin Development gross profit margin

1. The impact of Covid -19 reflected since Q2 2020 25

Section 4

Financial Highlights
Strong sales growth and balanced revenue going forward
Revenue to come from well diversified sources and marketing-sales to recover gradually to pre-pandemic levels

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

Superblock share1 Recurring revenue share
59.9% 59.2% 55.4% 52.1% 57.2% 41.9% 51.9% 49.0% 51.3% 57.8% 57.8% 54.0%

2,505

2,203
7,081 7,202

5,749
1,503 3,509
3,613
2,763 3,977
1,026
820 1,677 2,460
1,974
501
3,468 3,693 1,132
2,986 833
2,300
1,141 1,328
2
2017 2018 2019 2020 1H 2020 1H 2021 2017 2018 2019 2020 1H 2020 1H 2021
Gandaria City Kota Kasablanka Bekasi Recurring Development
Others (Somerset) Tunjungan City Grand Pakuwon
Pakuwon Mall Pakuwon City Total

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

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

Gross profit margin EBITDA margin
58.5% 57.2% 56.3% 48.8% 49.0% 47.6% 55.7% 55.5% 55.3% 51.6% 50.8% 50.8%

4,050 4,058 3,927 3,983

3,362 3,200

1,941 2,052
968 1,171 1,004 1,250

2017 2018 2019 2020 1H 2020 1H 2021 2 2017 2018 2019 2020 1H 2020 1H 2021 2

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

Capitalization table (as at 30-Jun-2021)

Debt maturity profile (Rp bn)
Average debt maturity of 6.8 years, with average cost of debt 4.9% p.a.2
Rp bn US$ m
Cash & cash equivalents 5,801.8 400.2 As %
of total 2% 3% 1% 0% 0% 0% 0% 0% 94%
Long-term liabilities
Notes issued 5,743.3 396.2
7,000
Total long-term indebtedness 5,743.3 396.2
6,000
Equity
Subscribed and paid-up capital 1,204.0 83.1 5,000

Additional paid-in capital 362.2 25.0

4,000
Difference in value due to changes in 13.5 0.9
equity of subsidiaries 3,000 5,798
Other comphrehensive income 6.9 0.5
2,000
Appropriated retained earnings 9.0 0.6
Unappropriated retained earnings 13,504.9 931.6 1,000
114 156 50
Non-controlling interest 3,024.7 208.7 - -
0 - - -
1H 2021 3Q-4Q 2021 2022 2023 2024 2025 2026 2027 2028
Total Equity 18,125.3 1,250.4
Bank loans
Total capitalization1 23,868.5 1,646.6 Senior Unsecured Notes 2028 (US$ 250m-hedged, approx US$ 150m in USD Deposit)

Lower-upper Strike : Rp15,000-Rp17,000

Notes:
1 Total capitalization equals long-term indebtedness plus total equity 29
2 Based on post-FX hedging cost of USD400m of 4.875% Senior Unsecured Notes due 2028
Section 5

Notes 2028 Summary

Bond summary
Remark Initial Notes Additional Notes
Issuer PT Pakuwon Jati Tbk PT Pakuwon Jati Tbk

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

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

Issuance Date April 29, 2021 May 17, 2021

Issue Price 100% 103.118%

Tenor 7 years 7 years

Corporate Structure 4.875% 4.875%

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

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

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

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

31
Appendix

Supporting asset details

Kota Kasablanka

Superblock
Residential
 4 condos, 1,077 units, GSA: 96k sqm
 3 additional condos, GSA: 121k sqm
Office (for sale)
 Tower A GSA: 36k sqm
 Tower C GSA: 42.8k sqm
Retail
 Middle to upmarket mall with NLA of 119k sqm

Office (for lease)

 Tower A / B / C with NLA
of 21k sqm / 32k sqm / 32k sqm

Source: Google Maps

33
Kota Kasablanka — Phase 2

Superblock

Source: Google Maps

34
Gandaria City

Superblock
Residential
 2 condos, 715 units

Office (for sale)

 Tower A GSA: 37k sqm

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

Office (for lease)

 Tower A NLA: 21k sqm

Hospitality
 293 rooms, 5-star hotel

Source: Google Maps

35
Gandaria City — Phase 2

Superblock
Residential
 2 condos GSA: 120k sqm

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

Source: Google Maps

36
Pakuwon Mall Bekasi

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

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

Notes:
Projects in red are currently under construction or targeted
to start construction within the next 2 years, and are based
on estimates. GSA/NLA and number of units/rooms are
estimates.NLA: Net Leasable Area, GSA: Gross Saleable
Area
Source: Google Maps
37
Blok M Plaza retail mall

Retail mall
Retail
 NLA: 29.3k sqm

Source: Google Maps

38
Tunjungan City

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

Office (for lease)

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

Source: Google Maps

39
Tunjungan City — Phase 5 and 6

Superblock

Source: Google Maps

40
Pakuwon Mall

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

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

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

Source: Google Maps

41
Pakuwon Mall — Phase 2 and 3

Superblock

Source: Google Maps

42
Pakuwon Mall — Phase 4

Superblock

Source: Google Maps

43
Pakuwon Mall — Phase 5

Superblock

Retail Mall
GFA: 71,000 sqm

Source: Google Maps

44
Grand Pakuwon

Township
Residential
 House and land lot community

Retail
 Food Junction NLA: 61k sqm

Source: Google Maps

45
Pakuwon City

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

Commercial units/ plots

 Shophouses, university, schools, and a hospital

Retail
 PCM Phase 1+2 NLA: 31k sqm

Hospitality
 300 rooms, 4-star hotel

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

Source: Google Maps 46

Royal Plaza

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

Source: Google Maps

47
Hartono Mall and Marriott Hotel Yogyakarta

Retail mall
Retail
 NLA: 77k sqm

Hospitality
 347 rooms, 5-star hotel

Source: Google Maps

48
Hartono Mall Solo

Retail mall
Retail
 NLA: 33k sqm

Source: Google Maps

49