PT GTS Internasional Tbk

Management Presentation

Public Expose
19 August 2021

Joint Lead Underwriters

PT Mirae Asset PT Reliance Sekuritas

PT RHB Sekuritas Indonesia
Sekuritas Indonesia Indonesia Tbk
Table of Content
Company Introduction
The information that follows is a presentation of general background information about PT GTS Internasional Tbk.
3
(the “Company” or “GTSI”) prepared by the Company. The information contained in this presentation shall be
treated as strictly confidential.

This presentation has been prepared for information purposes only. This presentation does not constitute as
prospectus or other offering memorandum in whole or in part. None of the information appearing in this
Business Strategy 9 presentation may be distributed to the press or other media or reproduced or redistributed in the whole or in part in
any form at any time. Any recipient of this presentation and its directors, officers, employees, agents and affiliates
must hold this presentation and any information provided in connection with this presentation in strict confidence
and may not communicate, reproduce, distribute or disclose to any other person, or refer to them publicly, in whole
Industry Outlook 11
or in part.

The information contained in this presentation is not intended for potential investors and does not constitute an
offer to sell or the solicitation of an offer to buy any securities in the United States, Indonesia or any other
jurisdiction, and neither this presentation nor anything contained herein shall form the basis of or be relied on in
Services 17
connection with any contract or commitment whatsoever. Certain statements in this document 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
Financial Highlight 25
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 other 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
Investment Thesis 28 represent, in each case, only on of many possible scenarios and should not be viewed as the most likely or
standard scenario.

Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on
IPO Structure & Timetable 30
the fairness, accuracy, completeness or correctness of the information and opinions in this presentation, nor is it
intended to be a complete statement or summary of the resources markets or developments referred to in this
presentation. Accordingly, none of the Company or its subsidiaries or any of its agents or advisers, or any of their
respective affiliates, advisers or representatives, undertake to update or revise any information, including forward-
looking statements, whether as a result of new information, future events or otherwise and none of them shall
have any liability (in 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. It should not be regarded by recipients as a
substitute for the exercise of their own judgment.

By accepting delivery of all or part of this presentation, the recipient agrees to maintain absolute confidentiality
regarding the information disclosed in this presentation and to be bound by the statements, restrictions and
limitations set forth herein and agrees to keep confidential the existence and scope of this presentation and of all
conversations. Any failure to comply with these restrictions may constitute a violation of applicable securities law.

2
Company Introduction
Company Introduction

4
 Company Introduction
PT GTS Internasional Tbk (“GTSI”)
GTSI has been providing LNG vessel renting
Vessel services for 30 years of experience, GTSI has 2
LNG Vessel Carrier with international certification
Charter and licenses. Until now, GTSI has 158,500 cbm
Vision
total capacity
• Be a trusted and leading
partner in LNG Logistic, Storage
and infrastructure nationally
Ship Management is the heart of LNG shipping and worldwide
company, complex management and knowledge
Ship are needed in this field. GTSI has been managing Mission
Management 3 self-owned vessels and 2 LNG vessels,
managing 472,500 cbm. • We are committed to operational
excellence with zero tolerance
for operational or environmental
hazards
Floating Storage and Regasification Unit (FSRU)
provide storage and regasification unit offshore,
Storage & where the facility can be moved around,
Regasification currently we have 1 FSRU with 170,000 cbm
capacity.

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 Company Structure
GTSI and Its subsidiaries (“GTSI Group) is part of Humpuss Group and become the key business to manage and ensure the transportation of natural gas

0,04% 99,96%
KKB

99,96% 95% 51% 99,96% 88,22

HLI HSB BIS PKR ANOA

Ship Ship Ship Ship Future

Management Owner Owner Owner Development

Managed by HLI
Owned by GTSI Group 3rd Party Vessels
SRGS
Ekaputra I Triputra FSRU Jawa Satu FSRU Amurang Surya Aki

136,000 cbm 22,500 cbm 170,000 cbm 15,000 cbm 19,500 cbm
PT Humolco LNG Indonesia : HLI PT Hikmah Sarana Bahari : HSB Koperasi Karyawan Bhakti : KKB PT Bhaskara Inti Samuda : BIS
PT Permata Khatulistiwa Regas : PKR PT Anoa Sulawesi Regas : ANOA PT Sulawesi Regas Satu : SRS
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Milestone
2016 2021
1986 1990 1994 1999 Acquire ANOA as future
FSRU construction plan
GTSI joins the consortium
Establishment of Humolco ST Ekaputra begins operations ST Dwiputra begins to operate ST Surya Satsuma with 22,500 between Pertamina, Initial Public Offering
A new venture between under Humolco under Humolco CBM begins construction at NKK Marubeni and Sojitz. Java 1
HIT with Mitsui O.S.K Lines Corp. FSRU projects will begin in
Ltd. 2021

Humolco supervises the
construction of its first
vessel, ST Ekaputra with
136,000 CBM vessel built
by Mitsubishi
1987
ST Dwiputra with 125,000
CBM, construction is
started by Mitsubishi
1992
ST Surya Aki with 19,000 CBM
vessel managed by Humolco
begins to operate.
1996
ST Surya Satsuma GTSI wins tender for LNG
ventures to sea under supply to newly launched
GTSI’s management. Benoa FRU the first small scale
LNG vessel in Indonesia
between Bontang and Benoa
2000 2015
FSRU Jawa Satu
construction begin with
Samsung Heavy Industries,
Korea and delivered by
2020. (170,000 cbm
capacity)

2019 - 2020
LNG Capacity Growth
500,0
400,0 144,0
With a 30 years track record in
300,0 314,0 shipping excellence, The Company is
144,0 the first and still the only Indonesian
200,0 144,0 LNG transport company
328,5
100,0 158,0 158,5
136,0 136,0
0,0
1990 1996 2000 2016 2020 - Current
Owned Capacity ('000 cbm) Non Owned Capacity ('000 cbm)

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Management
Board of Commissioner
Budi Haryono Hari Purnomo
President Commissioner Independent Commissioner
• Indonesian Citizen, 63 y/o • Indonesian Citizen, 52 y/o
• Bachelor of Economics in Accounting in • Master of Business and Administration in
1998 Finance at Universitas Gajah Mada in 2011
• Experience in the upstream and • Deep knowledge in Indonesia Capital
downstream Oil & Gas industry for more Market and Regulation practices with more
than 35 years than 28 years experience
• Previously as President Director of PT • Previously served as Director of Indonesia
Humpuss Intermoda Transportasi Tbk Credit Rating Agency (PEFINDO)

Board of Director
Kemal Imam Santoso Dandun Widodo
President Director Director
• Indonesian Citizen, 58 y/o
• Indonesian Citizen, 60 y/o
• Bachelor of Management in Finance at
• Master of Business and Administration from
University Prof. Dr. Moestopo in 1993
California State University in 1988
• Vast experience in financial and accounting
• Veteran banker with more than 32 years
areas within Oil & Gas operation for more
experience in Investment & Financing
than 30 years
• Previously served as Finance & Investment
• Currently served as President Director PT
Director BPJS Kesehatan
Humolco LNG Indonesia
• Currently served as President Director of PT
Humpuss Intermoda Transportasi Tbk
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Business Strategy
Business Strategy
To ensure The Company’s prospect, operational and business growth. The Company applies comprehensive
business strategies as follow:

§ Business Growth
To expand our services and revenue growth, we always look for business acquisition
opportunity to increase our potential revenue. We Believe by integrating our current
business and new acquisition will boost our market share significantly

§ New Contract Acquisitions

We believe to increase our revenue, acquiring new long-term contract at the end of 2022
will boost our revenue even more, we are also able to convert our LNG Carrier into FSRU
Vessel or acquire new vessel to suit market demand.

§ Funding Strategy
To provide enough funding for the Company to growth (bigger business scale means
bigger revenue) we believe by offering our new shares to public is one of the solution
needed. Looking into the future, we also looking for any possibilities such as bank loan,
Rights Issuance, Bond Issuance.

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Industry Outlook
 Industry Outlook
History of LNG in Indonesia

The History of LNG in Indonesia

• 1977 Indonesia began exporeting Natural Gas from Bontang
• In 1978 followed by Arun refinery, Indonesia had become the largest
LNG exporting country in the world.
• In 2017, Indonesia Natural gas utilization was 58,89% absorbed by
domestic and 44,41% for exports.

Domestic absorption in 2017

• Industrial 23,18%
• Electricity 14,09%
• Fertilizer 10,64%
• Oil and gas lifting of 2,73%
• Domestic LNG 5,64%
• Domestic LPG 2,17%
• Household gas and gas stations 0,15%
Export
• Piped gas 12,04%
• LNG Exports 29,36%
Prosentase Pemanfaatan Gas Bumi Indonesia 2017
Sumber: Ditjen Migas & SKKMigas 2018

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Industry Outlook
Historical LNG Use Energy Source Mix

Natural gas has been one of consistent source of electricity from PLN with LNG source consistently
increase in gas consumption Perkiraan Kebutuhan Gas Bumi Region I – VI (1 Januari 2018)
Sumber: Neraca Gas Indonesia 2018 - 2027

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Industry Outlook
Electricity Production
The need for oil and gas in Indonesia is also increasing in line with the increase in population which triggers an increase
in electricity demand in Indonesia. The following is a projection of electricity production per type of energy in
Indonesia:

Produksi Listrik per Jenis Energi

Sumber: Sekretariat Jenderal Dewan Energi Nasional (ISSN25273000)

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Industry Outlook
LNG Upstream Area in Indonesia

TCSF: Trillions of standard cubic feet of gas

Indonesia's natural gas reserves reached 142.72 TSCF, amounted to 100.36 TSCF is a proven reserve and 42.36
TSCF is a potential reserve which source from six different regions.
Cadangan Gas Bumi Infonesia dan Beberapa Proyek Hulu Gas Indonesia
Sumber:Ditjen Migas & SKK Migas, 2018

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Industry Outlook
Shift to Smaller LNG Vessel
Scale of Mini and Small
LNGC & FSRU
Gas source: Bontang and Tangguh

L • Size Ranging From

3,000- 22,000 M!
N • Investment of
G USD 25-70 Million
C • 50 – 400 MW IPP

F • Size Ranging From

5,000- 25,000 M!
PLN’s LNG Cluster
S • Investment of
Sumber: PLN R USD 20-80 Million
Indonesia as an archipelago country provide opportunity to develop smaller LNG U • 50 – 400 MW
supply chain ecosystem as these 11 areas stated above are scattered area with
small capacity and far from gas sources

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Services
LNG Supply Chain
Natural
Gas Field C
Plants for Natural
Gas Treatment
and Liquefaction

A
Floating Storage
B Regasification
Unit
LNG Transportation

LNG Supply Chain

A. Up-Stream: Gas exploration process and liquified
process D
B. Mid-Stream (1): LNG Shipping from Seller Terminal to Power Plant
Industrial User
Buyer Terminal
C. Mid-Stream (2): The process of temporary storage
and regasification of LNG into ready-to-use gas by End
Users
D. Down Stream: End users such as Power generators
and other Industries.

LNG Supply Chain is separated to four aspects whereas GTSI focusing on

Midstream B and C process
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Vessel Specification
Currently, The Company and its subsidiaries owned 3 vessels consist of
2 LNG carrier and 1 FSRU (Floating Storage Regasification Unit)

EKAPUTRA 1 TRIPUTRA JAWA SATU

Type LNG carrier Type LNG carrier Type FSRU
Year Established 1988 Year Established 1999
Year Established 2018
Capacity 136,000 m3 Capacity 22,500 m3
Gross Tonnage 109,258 T Gross Tonnage 21,056 T Capacity 170,000 m3
Class Lloyd's Register (LR) Class Nippon Kaiji Kyokai Gross Tonnage 106,900 T
(NK)
Class Bureau Veritas (BV)
Deadweight 78,988 T Deadweight 12,493 T
Builder Mitsubishi Heavy Builder NKK CORPORATION, Deadweight 90,191 T
Industry Ltd, No. TSUWORKS, NO. 192 Builder Samsung Heavy
2011 Industries Co.Ltd

Flag Indonesia Flag Indonesia Flag Indonesia

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Operational Routes
GTSI have experience in international and domestic logistic transportation routes, where GTSI shipped LNG from
Indonesia, Australia, Nigeria and Qatar LNG terminals and deliver to Taiwan, Japan and Korea.
Domestic Terminals International Transportation Routes

Company extend its footprint by providing ship management service for Both domestic and international routes
several domestic routes such as Bontang, Jakarta, Amurang and Benoa. mainly done by time-charter contracts

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 LNG Transportation
Business Process and Contract Arrangement

Our steadfast marine service is enabler factor for client’s satisfaction

Type of Contracts
Charter Contract
Description Time Charter Spot Charter
Recurring Scheme The Company rent their ships to The Company carries out LNG
Contract charterer for certain period of transportation under short agreed
time, and customer can use the period from one place to another
ship for the period agreed. according to customer’s
Pricing Pricing is based on time frame for Pricing is based on time frame for
long term contract. short term contract.
Company Responsibility Crew member, ship maintenance, All operating cost
Spot Time Customer spare parts and others.
Charter Charter Satisfaction Charterer Responsibility Fuel, port charges, agency fees Fuel, port charges, agency fees
(other than renting
expense)

Ship
Our Major Clients
Delivery
Inspection

PT PLN (Persero) PT Pertamina (Persero) PT Pelabuhan Indonesia III

Billing
to
Operation MRO client

Contract Period PT Indonesia Power PT Nusantara Regas PT Pelindo Energi Logistik

MRO : Maintenance Repair & Overhaul

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LNG Storage & Regasification
FSRU Jawa Satu

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 LNG Storage & Regasification
FSRU (Floating Storage and Regasification Unit)
The FSRU has an important role in shorten and simplify LNG logistics procurement time FSRU Layout
compared to building LNG storage and regasification tanks on shore. Faster
construction time, license and simplicity is the advantages of FSRU Vessel.
Normal Scenario

Transporting Gas Sending

Vessel Carrier On Shore storage & Used by Consumer

Regasification facility

Speed up with FSRU

Gas Sending
Transporting

Vessel Carrier Floating Storage and Used by powerplant

Regasification Unit and consumer
Vessels Charter Contract Operational Area Charterer
Period
FSRU – Time charter 2021 – 2046 Patimban – PT Jawa
Building New FSRU Jawa stationary position Satu Power
Satu
New FSRU - Time charter 2019 -2034 Amurang, PT PLNGG
FSRU Amurang Gorontalo,
Likupang –
stationary position
Converting Vessel Carrier to FSRU
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Ship Management
Ship management requires a very high level of operational and technical complexity, GTSI with its subsidiary, PT Humolco
LNG Indonesia, offers substantial years of experience with unlimited expertise in LNG Management

ISO Certification Currently manage 5 vessels with Ship Management

total capacity of 473,000 cbm Services Including
• ISO 9001:2015 for Quality Ekaputra I 136,000 cbm
Management System (QMS)
Triputra 22,500 cbm
• ISO 14001:2015 for Environmental Prepare, monitor and
Management System (EMS) FSRU Jawa Satu 170,000 cbm record plans for ship
LNG Aquarius 125,000 cbm operations.
• ISO 45001: 2018 for Occupational
Health and Safety Management Surya Aki 19,500 cbm Prepare, monitor, report
System (OH&S) and settle budget

30 Years of Experience Starting Monitoring and

Unrivaled competition
From 1986 implementing Plan
due to expertise and experience
Maintenance Program
Establishment of Humolco A new GTSI Expertise with decades of and Docking Schedule
venture between HIT with Mitsui O.S.K experience create smaller competition
Lines Ltd Starting from 1986 within an industry with high barrier of Provide training and
entry education to crew
2020
2.6
Prepare, monitor and
Snapshot
42 9 million 𝐌 𝟑
218
Trained and
5 report obligations on
tax and financial audits
Shipment Certification Cargo skillful LNGC OCIMF SIRE
capacity Crews Inspection

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Financial Highlight
Financial Highlight (1/2)
(In thousand USD)

Strong and Healthy Balance Sheet Solid Cash Flow

250.000 17.729
20.000 14.982
12.126
9.122
200.000 19. 7% 10.000
CAGR
60.270
-
150.000 46.512
37.920 42.420 (10.000) (3.331)
100.000 41.257 (10.039) (4.199)
33.698 (20.000)
(10.121)
(19.843)
50.000 87.769 102.690 (30.000)
71.618
2018 2019 2020
-
2018 2019 2020 Net cash from operating activities Net cash from investi ng activities
Net cash from financing activities
Asset Liability Equity

Low Leverage with Strong Liquidity Consistenly Increasing Return

1,20 1,11 30,00% 26,90%
1,00 25,00% 22,94%
0,76
0,80 19,70%
20,00%
0,56 15,79%
0,60
0,39 15,00% 12,16%
0,40 0,31 10,43%
10,00%
0,20 0,11
5,00%
0,00
2018 2019 2020 0,00%
2018 2019 2020
Debt to Equi ty Ratio Current Ratio
Return on Assets Return on Equity

26
Financial Highlight (2/2)
(In thousand USD)

Positive Revenue Growth Revenue by Segment

32.000 32.000
31.329
31.000 683
31.000
30.172 30.000 495
30.000
7 . 35% 29.000
GR
29.000 CA 28.000
30.647
28.000 27.000 505 29.677
27.185
26.000
27.000
26.679
25.000
26.000
24.000
2018 2019 2020
25.000
2018 2019 2020 Vessel Charter Ship Management

Impressive Profitability
Consistently Increasing Profit 60%
55%
20.000
17.371 55% 54%
18.000 16.214
16.000 14.619 48% 52%
50%
14.000 46%
12.399
12.000 10.669 45%
10.000 38%
7.471 40%
8.000
6.000 35% 35%
4.000 31%
2.000 30%
- 27%
25%
2018 2019 2020
2018 2019 2020
Gross Profit Net Income Gross Profit Margin Operating Profit Margi n Net Profit Margin

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Investment Thesis
Investment Thesis
Integrated LNG Supply Chain Business with Parent Company
Part of Parent Company’s LNG energy resource logistics business ecosystem (crewing,
certification, and tug boats)

Long term contract that yielded sustainable future earnings

Time charter contract with contract ranging from 7-25 years

Technical excellence and solid track record

Domestic and international experience in LNG industry for 30+ years

Clear Target Market that in line with Government’s

development program in the energy sector
Focusing on Government’s LNG project to provide electricity needs at rural area

Experienced management team

30+ years experience and partnering with strategic partner in it process (Mitsui OSK Line,
Nusantara Regas, Pertamina, Pelindo, etc.)

Long term relationship with major customer for more than 30 years
Partnering with strategic customer since 1990

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IPO Structure & Timetable
Offering Structure
Issuer v PT GTS Internasional Tbk (“GTSI”)

Listing Venue v Indonesia Stock Exchange (“IDX”)

Offering Structure v Initial public offering in Indonesia under OJK, IDX and KSEI Regulations

v Up to 2,860,000,000 shares representing up to 17,6% of post IPO shares

Shares Offered v Nominal value IDR50,- per share

v Up to 64% will be used for capital expenditure at subsidiary level through shareholder loan arrangement
IPO Use of Proceeds v Up to 20% will be used for Company’s working capital
v Up to 16% will be used for enlarge equity participation to subsidiary company

Joint Lead Underwriters

PT Mirae Asset Sekuritas Indonesia PT RHB Sekuritas Indonesia PT Reliance Sekuritas Indonesia Tbk

Auditor v KAP Purwantono, Sungkoro & Surja (Member of Ernst & Young)

Legal Counsel v Ery Yunasri & Partners

Supporting Professionals
Notary v Christina Dwi Utami, S.H., M.Hum., M.Kn.
Share Registrar v Edi Indonesia

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Indicative IPO Timeline
Management Roadshow &
v 20 August 2021 – 26 August 2021
Bookbuilding

IPO Pricing v 26 August 2021

OJK Effective Statement v 31 August 2021

Offering Period v 2 September - 6 September 2021

Allotment v 6 September 2021

Distribution v 7 September 2021

Listing v 8 September 2021

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Bookbuilding Price Range

Bookbuilding
Price Range IDR 100 – 150,- per share

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 THANK YOU
PT GTS Internasional Tbk
Joint Lead Underwriters

PT Mirae Asset PT Reliance Sekuritas

PT RHB Sekuritas Indonesia
Sekuritas Indonesia Indonesia Tbk