Project Kantenara

Investment Teaser
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Project Kantenara Strictly private and confidential 2

The opportunity to invest in Kantenara, one of Indonesia’s digitally integrated logistic company

Investment opportunity in Kantenara Kantenara’s high level shareholding structure

Kantenara’s Holding Co aims to support Kantenara’s 5 years strategic

growth initiatives to further become a stronger key player in Indonesia’s
shipping industry by: Kantenara’s
Holding Co Public
shareholders
❑ Becoming a logistic service provider with a digitally integrated
ecosystem; ~80% ~20%

❑ Inorganic initiatives to enhance future business growth; and

❑ Maintain consistent performance in the industry Kantenara
Holding Co is inviting investor(s) to participate in an investment
opportunity to acquire a stake of up to 49% of Kantenara’s ownership
through a combination of existing and new shares
Group of Shipping Terminal Depot
Holding Co will consider for types of injection preferred by investor(s) subsidiaries
from equity and through a disbursement of fixed income products on
Kantenara’s subsidiaries

Transaction Timeline

Evaluation &
Process letter &
shortlisting Due diligence &
Teaser Information Non-Binding Binding Offer Signing &
NBO; Due management Negotiation
circulation memorandum Offer (NBO) (BO) closing
Diligence presentation
circulation
Process Letter

Project Kantenara Strictly private and confidential 3

Kantenara as one of the leading shipping and logistic companies in Indonesia

▪ Indonesia logistic industry is categorized as early developed, leaving ample opportunity of development
1 Sustainable industry growth ▪ Sea transportation and related sectors accounted for ±1% of Indonesia’s GDP with positive outlook
▪ Indonesia freight and logistic market size will grow at a CAGR of ±9.2% with current throughput at 14 Mn TEUS

▪ Kantenara is considered as Top 5 shipping company with widespread port coverage in Indonesia with extensive

2 Proven track record

list of productive assets to accommodate its strong operational base
▪ With its solid presence in domestic market, Kantenara is seeking an opportunity to expand its range of business
to digital-based shipping, logistic solution, and further exploring international niche market

▪ Kantenara has identified a long-term strategic growth initiatives and aspirations to become a key player in

3 Strong growth initiatives

shipping industry
▪ Kantenara’s growth initiatives is modeled based on expansion mindset, by acquiring digital startup, port
terminals, warehouses, vessels, containers and shipping line companies

▪ Kantenara is managed by a highly experienced Board of Directors and Board of Commissioners with profound

4 Highly experienced Management

expertise in shipping industry
▪ Kantenara preserves its founding value, one Co-Founder maintains a position at leadership lineup and two other
members have served extensive duration years in Kantenara’s ecosystem

▪ Over the last four years, Kantenara successfully to booked an increasing EBITDA Margin (proximate to ~40% in
5 Resilient financial performance 2022A) and a healthier financial position reflected in its decreasing gearing ratio from 0.96 in 2018 to 0.86x in
9M2022

Project Kantenara Strictly private and confidential 4

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Indonesia’s logistic industry is categorized as early stage based on its development stage, offering
potential opportunity for growth along with its development

Indonesia’s logistics sector position based on stages of development

Logistics costs fall

Local operators adopt to a compete
Basic local Demand for modern Online retail becomes best practice and international Modern
warehouse market logistics growth established grow further standard logistics hub

Growth in Legislation supportive of Infrastructure Credit card market Bureaucratic port

FMCG Industry level play field between development (ports, becomes clearance times
local and international roads, and rail) established reduced
logistics operators

▪ Opportunity exists for Indonesia logistic sector to evolve further by pursuing the position of modern logistic hub in the long run
▪ Indonesia has shown early stages of best practice implementation and bureaucratic clearance simplification across the logistic market value chain
Source: Indonesia’s Ministry of Transportation and other secondary resources

Project Kantenara Strictly private and confidential 5

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Indonesia’s GDP has grown with ~3% CAGR during 2017-2021; sea transportation and related sectors
consistently contributed to ~1% of total GDP albeit with slower growth compared to aggregate

Indonesia constant GDP Growth by Sector 2017 – 2021 (IDR Tn)

+2.9% CAGR
2017- 2021
11,500 11,119 The overall
10,949
11,000 10,723 Indonesia economy
10,426 Agriculture, Forestry & Fisheries experience
10,500 13% 2,8%
9,913 13% Sea Transportation, Warehousing slowdown in 2020
10,000 13%
13% 1% Transportation Support Services; 1,9% due to Covid-19
9,500 1% Postal and Courier
13% 1% 8% pandemic
9,000 1% 8% 1,4%
8% Mining
8,500 1% 8%
8,000 8%
7,500 22% 21% Manufacturing 2,1% Despite overall GDP
21%
7,000 22% drop in 2020, sea
6,500 22% transportation and
1% 1% Electricity & Gas 3,2% related sectors
6,000 1%
1% 10% Construction successfully
5,500 1% 11% 10% 2,8%
10% maintained its GDP
5,000 10% 3% Transportation
3% 3% -0,6% contribution at ~IDR
4,500 3% 100 Tn
3% Wholesale and Retail Trade;
4,000 14% 13% 14% 2,6%
Car and Motorcycle Repair
3,500 14%
14% In the post-
3,000 7% Information & Communication 8,5%
6% 6% pandemic period,
2,500 5% 5%
the sea
2,000 transportation and
1,500 related sectors is
22% 22% 22% 23% 22% Others 3,6%
1,000 believed to recover
500 in line with
0 Indonesia’s
2017 2018 2019 2020 2021 aggregate trend
Source: Indonesia Central Bureau of Statistics (BPS)

Project Kantenara Strictly private and confidential 6

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

The cost of logistics in Indonesia is significantly higher than in other selected Asia countries (~23% of
GDP); by 2024, Indonesia aims to lower its logistics costs to 20% of GDP

Historical logistics cost as a % of GDP (% of GDP, 2016, except Indonesia in 2019)

-14% Indonesia’s aspirations

24 23% Projected
2024
22 Efficient logistic cost
20%
20

18

16 Robust CAPEX planning

15%
14 Avg.
13% 13% 14%
12
Integrated port operation
10 9% 9%
8%
8

6 Optimum port infrastructure

& digitalization
4

2
Implementation of digital
0 initiatives

Source: World Bank and RPJMN 20-24

Project Kantenara Strictly private and confidential 7

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Contributed by the continuous growth of port output during the historical period, Indonesia’s freight and
logistic market size is foreseen to grow sustainably until 2026F

Indonesia’s historical container port throughput (Mn TEUs) Indonesia freight and logistic market size (USD Bn)

+3.1%
15,000 14,764 150
14,060 14,025 138.0
14,000 140
13,000 12,830 130 126.4
12,432
+9.2%
12,000 120 115.7
11,000 110 105.9
10,000 100 96.9
88.8
9,000 90
81.3
8,000 80
7,000 70
6,000 60
5,000 50
4,000 40
3,000 30
2,000 20
1,000 10
0 0
2016 2017 2018 2019 2020 2020 2021 2022E 2023F 2024F 2025F 2026F
Source: CEIC, CLSA, Mordor Intelligence, Indonesia Economic Forum

Project Kantenara Strictly private and confidential 8

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Kantenara is actively competing in logistic segment which generates significant portion of margin to
coup by covering first and middle mile activities in the traditional logistic value chain

First Mile Middle Mile Last Mile

15-30% 15-30% 3-5% 15-30%

Depo Port Sea Cargo Port Depo Catalog and Packing

Wholesale Delivery

Manufacturing Delivery Distributors Distributors Delivery Delivery Retailers

Land Freight Agents Corporate Customers

First leg of supply chain journey:
▪ manufacturer transporting
finished goods to distributors, or
▪ retailers transporting their goods
from a warehouse
▪ The last step of the supply chain process,
▪ Comprised of multiple layers of main distributors ►sub-distributors ► area the journey from retailers to end customers
distributors ►wholesalers ►sub-wholesalers before reaching modern trade ▪ Following the growth of eCommerce, last
(groceries) / general trade (wet market) mile logistics have expanded into its own
category

Kantenara’s presence Expected Margin

Source: AC Ventures, Mordor Intelligence

Project Kantenara Strictly private and confidential 9

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Kantenara is operating an integrated setup of logistic service comprised of domestic-international marine

shipping, terminals, and depot facilities management across major port locations in Indonesia

Kantenara’s coverage and productive assets

Extensive presence in
major ports with high
traffic in Indonesia

Ability to streamline
flow of goods and
shipping services
through digitalized
system
Departing from strong
domestic coverage,
Kantenara has prepared
to capture International
Market

Experience in handling
international shipping
Kantenara’s presence across continents

Vessels TEUs Capacity Trucking Asset Operate Terminal Heavy Lifting Equipment TEUs Depot Capacity Depot Locations Heavy Equipment

50 25,919 66 1 18 41,620 7 67
Source: Kantenara

Project Kantenara Strictly private and confidential 10

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Kantenara has identified a 5-year strategic growth initiatives in order to boost its market positioning as a
key player in the logistic industry

2027
2019-2020 Kantenara’s future aspiration
▪ Purchased Quay
Container Crane and
Rubber Tyred Gantry
Crane
▪ Establishment of port and
Early 2000s 2014 2017 shipping bulker
Kantenara went publicly ▪ Signed MoU with Pelindo in Signed a Sea
subsidiaries
listed on Indonesia Stock relation to the Pendulum Route Toll Contract
Exchange ▪ Purchased thousands of 20ft with Directorate Expansion
Food Grade Container and General of Sea oriented
hundreds of High Cube Transportation
Container
<1990 Addition of 3 Terminals in Central Indonesia
Kantenara was 2021
established Purchase 20+ additional vessels
▪ Acquired a Depo subsidiary
▪ Signed an agreement to establish ±Addition of 30.000 new container boxes
public services in freight transport Initiatives
in sea (in some of sea toll routes) Construction of a new warehouse
2015
2013 ▪ Signed a purchase contract for 3 units of Harbor
Acquire a shipping line company
▪ Acquired a Stevedoring subsidiary Mobile Cranes to enhance Company’s operations
▪ Purchased thousands of Food ▪ Signed a MoU the cooperation in stevedoring
Expansion to a new non-cyclical market
Grade Container activities in Tanjung Priok
Source: Kantenara

Project Kantenara Strictly private and confidential 11

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Kantenara will develop an integrated ecosystem within its business streams in order to become a pioneer
in digitalized integrated shipping business

National Network & Coverage Synergy Port Services

Built physical delivery network services and

facilitate inter island trade in Indonesia – not
only sea logistic but also caters services for
Port establishment across the country with
big volume, specialized and heavy cargo
adoption of digitalized system to streamline
Utilizing its wide range of national coverage, flow of goods and shipping services
Kantenara is enable to capture delivery
demand in developed and developing areas
with high efficiency within Indonesian market

Integrated Digital
Distribution Ecosystem
(IDE)

Leveraging its liner services, anticipates and

Kantenara has a strong domestic coverage facilitates trade growth to support the
to gain resilience to be the gateway to the progress of local economy with higher
international market volume of good trades and more vessel
calls

Go International Local Economic Development

Source: Kantenara

Project Kantenara Strictly private and confidential 12

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Kantenara has been developed by highly experienced senior leadership with extensive experience in the
in the logistic industry to provide an appropriate strategic direction of growth

Kantenara’s senior leadership profile

200+ Kantenara is managed

by highly experienced
years of professional experience leaders in the fields of
President Commissioner logistics

148+ 47 years industry experience

Kantenara preserves its
years of industry experience founding value
attentively, with one Co-
Founder sits at the
leadership and two
Independent Commissioner other members have
Independent Commissioner
39 and 14 years of professional and industry
45 years industry experience
experience served 20+ years in
Kantenara’s ecosystem

Kantenara is a family-
owned business
established since 1987
President Director
which reflecting a strong
23 years of industry experience entrepreneurial spirit
and commitment,
unified leadership, and
Finance & Business Development Director
Digital Innovation & Transformation Director agility in its business
26 and 19 Years of professional and industry
20 years of professional experience decisions
experience
Source: Kantenara

Project Kantenara Strictly private and confidential 13

 Sustainable Industry Growth Proven Track Record Strong Growth Initiatives Highly Experienced Management Resilient Financial Performance

Kantenara’s top line is projected to reach ~IDR 5 Trillion by 2022 with shipping services remains a top
contributor; EBITDA margin and gearing ratio for 2022 estimated to be ~40% and <1, respectively

Kantenara’s historical Financial Performance (IDR Bn)

Shipping Stevedoring Total Assets

CAGR 17-22A
5,500 5,500
5,027
5,000 5,000
4,500 10.3% 4,500 +10.2%
+19% 1,318 4,185
4,052
4,000 4,000 3,837

3,500 3,370 3,500 3,266

3,000 527 3,000 2,837
2,657 2,714
2,463
2,500 2,500
2,128 922 1,001
2,000 876 2,000
3,709 22.9%
807
1,500 2,843 1,500
1,000 1,000
1,588 1,735 1,713
1,321
500 500
0 0
2017 2018 2019 2020 2021 2022A 2018 2019 2020 2021 9M2022
EBITDA D/E
21% 18% 23% 23% 46% 39% 0.96x 1.18x 1.73x 1.16x 0.69x
Margin ratio
Source: Kantenara

Project Kantenara Strictly private and confidential 14

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Jl Jendral Sudirman Kav. 58 Floor
Jakarta 12190 Jl Pemuda 60-70
Indonesia Surabaya 60271
Phone : (62-21) 250 5678 Indonesia
Fax : (62-21) 250 5087 Phone : (62-31) 535 2788
PT. Bahana Sekuritas is registered and supervised by Indonesia’s Financial Service Authority E-mail : bs_ibfa@bahana.co.id Fax : (62-31) 546 1157

Strictly private and

15
confidential