Company PresentationSeptember 2019

Company Overview

Company Overview

Pioneer in ultra high temperature ("UHT") processing in Indonesia,

partnering with Tetra Pak since 1975.

Largest manufacturer of UHT liquid milk in Indonesia

Market share of 40% in UHT liquid milk products¹

Largest manufacturer of RTD tea in carton packs in Indonesia

Market share of 71% in the ready-to-drink ("RTD") tea in

carton pack segment¹

Also produces, directly or through JVs, or toll manufactures sweetened

condensed milk, health drinks, cheese products, powdered milk and

juices

Partnerships / agreements with leading multinationals including

Unilever, Mondelez International, and Sanghiang Perkasa

Vertically integrated and highly automated production process

Best practices and stringent quality controls over the entire

production chain

Extensive sales and distribution network throughout Indonesia

9M2019 Revenue: IDR 4,585 bnvs. LY +13.4%

9M2019 EBITDA: IDR 1,106 bnEBITDA margin: 24.1%

vs. margin LY 21.4%

9M2019 Net income: IDR 821 bnNet income margin: 17.9%

vs. margin LY 15.4%

1

2

3

4

5

Notes:1. Based on Nielsen data, UHT liquid milk market share by volume in Sept 2019 and RTD tea in carton pack market share by volume in Sept 2019

01

02

03

Dairy• #1 in UHT liquid milk with 40% market share• Offer a variety of products with different flavours and target customers

Ultra Milk brand for adults and young children, Low Fat Hi Cal brand for health conscious customers Ultra Ultra Mimi brand for young children Sweetened condensed milk under our own Cap Sapi brand

• In 9M2019 total Dairy achieved sales of IDR 3,245 mio – 71.0% of total net sales

Tea and Health Drink• # 1 in RTD tea in carton packs with 71% market share• Offer a variety of products UHT RTD tea drinks in various packaging options

Teh Kotak Jasmine Regular and Less Sugar brands as primary UHT tea drinks sold in carton packs Teh Kotak Rasa brand for flavored UHT tea drinks Offer a variety of UHT health drinks, such as mung bean, tamarind drinks and juices

• In 9M2019 total Tea and Health drinks achieved sales of IDR 1,021 mio –22.0% of total net sales

Other• Tolling agreement for production of powdered milk for an affiliate of PT Sanghiang Perkasa• Tolling agreement for production of UHT fruit juice under the Buavita brand for PT Unilever Indonesia

Tbk• Exports to several countries in Asia, Middle East, Pacific Island, Nigeria, Australia and America• In 9M2019 total Other achieved sales of IDR 319 mio – 7.0% of total net sales

Business Overview

SABANA PRAWIRAWIDJAJA

PT NIKOS INTERTRADE

PT KRAFT ULTRAJAYA INDONESIA

PT NIKOS DISTRIBUTION

INDONESIA

PT ITO-EN ULTRAJAYA WHOLESALE

PT ULTRA SUMATERA

DAIRY FARM

PT ULTRA PETERNAKAN

BANDUNG SELATAN

MONDELEZ INTERNATIONAL INDIVIDUAL

PT TOLL INDONESIA

ITO-EN

ASIA PACIFIC

HOLDING

PT TIRTA TALAGA JAYA

KOPERASI PETERNAKAN

BANDUNG SELATAN

21%

50%70%30%

32%32%

70% 30% 40% 31%50% 25%

85% 75%

Data per 30 September 2019

PT PRAWIRAWIDJAJA PRAKARSA PT INDOLIFE PENSIONTAMA PUBLIC

15%

PT ULTRAJAYA MILK INDUSTRY & TRADING COMPANY Tbk.

69%

15%

INDIVIDUAL PT KARYA PUTRAJAYA PERSADA INDIVIDUAL

Associated Company & Subsidiaries

60%

Business Strengths

0102

03

0405

06

07

08

03. PRESENCE IN MULTIPLE CATEGORIES AND TRACK RECORD OF PRODUCT DEVELOPMENT

05. STRINGENT QUALITY CONTROLS ACROSS ENTIRE PRODUCTION CHAIN

01. INDUSTRY FUNDAMENTALS ARE STRONG

06. EXTENSIVE NATIONWIDE DISTRIBUTION NETWORK

04. VERTICALLY INTEGRATED AND HIGHLY AUTOMATED PRODUCTION

08. HIGHLY EXPERIENCED MANAGEMENT TEAM

07. GROWING SUPPLY OF HIGH QUALITY FRESH MILK

02. LEADING MARKET POSITION POISED TO CAPTURE CONTINUED GROWTH

Business Overview

01. Robust Industry FundamentalsAlthough growth has reduced, Indonesia has shown fast real GDP growth and has significant potential in GDP per capita growth. In addition, Indonesia has the largest population in SEA and increasing urbanization will drive consumer demand going forward

Continued GDP Growth (World Bank) Significant potential in GDP per capita growth (US) (2018, US$)

Largets population in SEA – 2018 population (million) Expanding urban population - % of total population

Source: World Bank

4.9% 6.2%

6,1%

6,0% 5,5%

5,0%

4,7%

5.1%

5.2%

10 11 12 13 14 15 16 17 18

Singapore,64,582

Korea Rep.,31,363

Malaysia,11,239

China,9,771

Thailand,7,274

Indonesia,3,894

Philippines,3,103

Vietnam,2,564

Indonesia, 268

Philippines, 107 Vietnam,96

Thailand,69 Malaysia,

32 Singapore,6

53.5%53.9%

54.4% 54.8% 55.3%

2014 2015 2016 2017 2018

01. Robust Industry Fundamentals (cont.’)Especially the liquid milk market in Indonesia, will continue to demonstrate strong growth

DAIRY

Market size Liquid Milk (IDR mln.) 2018 consumption per capita (L)

57.4

0

15

30

45

75

Malaysia Thailand Philippines Indonesia

37.2 15.6

60

Key characteristics / trends

Urbanization and increasing disposable income strengthening drinking milk demand

Health and wellness trend driving growth

Liquid milk outpacing powdered milk

– Higher quality / perceived health benefits of liquid milk

– Substitution of powdered milk to RTD liquid milk

UHT makes up the largest segment of liquid milk

Young adults are getting more accustomed to drinking milk compared to their parents

7,843 8,626

9,725

3Q2017 3Q2018 3Q2019

Source: Nielsen Source: Tetra Compass

RTD TEA

Market size RTD Tea (IDR mln.)

717 772

852

3Q2017 3Q2018 3Q2019

RTD CP TEA

Source: Nielsen

Key characteristics / trends

Various packaging segments targeting different consumer needs, e.g.

– Cup – low end positioning

– Carton – primarily convenience, home and school consumption, impulse consumption

– PET – primarily impulse consumption

Black tea is the largest product segment strong growth in niche segment

15.6

4,439 4,599

5,017

3Q2017 3Q2018 3Q2019

RTD PET TEA

Largest in UHT milk and RTD tea in carton packs segments

Trusted brands among consumers with strong brand equity

High quality and healthy positioning allowing us to capture expected segment growth

Competitive landscape and market share in 3Q2019

UHT milk volume share2

RTD tea in carton pack volume share3

Ultra Milk40%

Frisian Flag21%

Indomilk18%

Milo5%

Real Good4%

Others12%

02. Leading Market Position to capture position expected growthWe are a leading player in fast growing consumer segments in Indonesia with award-winning brands

Volume market growth Liquid Milk in 2017-2019¹

3Q2017 3Q2018 3Q2019

Growth 6.2% Growth 7.7%

Liquid milk increase 7.7% in 3Q2019

UHT milk increases faster than sterilized milk

RTD TEA increase 1% during 3Q2019 vs last

year

Notes: 1,2,3 Source: Nielsen

Teh Kotak71%

Teh Sosro25%

Fruit Tea2%

Yeos0%

Others2%

03. Presence in multiple categories and track record of product development

Brand Awards/ Certifications

Top 10 Strongest Local Brand 2018

RTD Flavoured Milk WOW Brand 2017

Most Recommended Brand UHT category 2015

Most Recommended Brand UHT category 2015

Indonesia Best Brand 2014

"Ultra Milk" – Top Brand 2013

Most Chosen Brand 2019

Most Supportive Sponsor 2019

03. Presence in multiple categories and track record of product development (con’t)Ultrajaya Milestone

We have continued to introduce new product categories and have developed products for different segments to expand our product reach.

2019

Additional 1.600 cows arrived in USDF

04. Vertically integrated and Highly-Automated production facilitiesOur production process is highly-automated with UHT treatment technology and an integrated aseptic packaging system

Vertically integrated production process across all products

Highly-automated production process with minimal human intervention

Utilizes state-of-the-art production equipment and aseptic packing to ensure high quality standards

Efficient Automated Storage and Retrieval System ("ASRS") implemented at warehouse using Automated Guided Vehicles ("AGVs")

Production processing overview1

Raw materials delivery, cooling and storage

Formulation,

purification,

homogenization and

pasteurization

UHT treatmentAseptic storage

and packaging

Packaging and

warehouse storage

HIGHLY-AUTOMATED

Note: 1. UHT milk production process used for illustrative purposes

05. Stringent quality controls across entire production chainWe consistently produce high quality products by implementing strict monitoring and quality control

systems throughout our operations

Full traceability and tracking of our products1

Quality checks at multiple stages2

3 No product recall since establishment

4 FSSC 22000:2010 Certificate

5 No additives or chemicals added to products

Multiple stages of testing throughout our operations

Inspection and testing of raw materials upon delivery

Highly-automated – minimal human contact

Products tested at multiple stages of processing

Testing of product samples and packaging

Products quarantined for incubation and testing

Raw materials delivery, cooling

and storage

Raw materials delivery,

cooling and storage

UHT treatment

Aseptic storage and packaging

Packaging and warehouse

storage

Electronic tagging of product labels

Electronic tagging of

product labels

We operate an extensive nationwide distribution network both in Java and to other regions

Our extensive nationwide distribution network

Within Java – sales to modern retail through our own sales force and to traditional retail through our subsidiary – approximately 65,000 points of sale

Outside Java – we utilize approximately 61 distributors to reach retail outlets throughout the country

22 Sales Office in Java

Approximately 65,000 points of sale in Java

Approximately 61 distributors outside Java

14 distributors for overseas

Bandung

6. Extensive nationwide distribution network

7. Growing Supply of high quality raw milk

We maintain a collaborative relationship with local dairy farmers to ensure consistent supply of high quality raw milk

Dairy Farmers Cooperatives – majority of raw milk supply

Our Model Dairy Farm – part of 20% of raw milk supply

UPBS – joint venture with KPBS to operate a model dairy farm

In 2019 with approximately 3,300 animals

Exclusive supply for Ultrajaya

Managed by experienced professionals in dairy farm operations

We provide guidance, education, technical and managerial training as well as financing programs to local farmers

We maintain long-term relationships with several local dairy farmers cooperatives to ensure stable and high quality raw milk supply

We have strong relationship with South Bandung Farmers’ Cooperative ("KPBS"), which is a cooperative of dairy farmers in the Pangalengan area in West Java

We have a dedicated team to work with local farmers for training and knowledge

Secure, stable and long-term supply*

Access to high quality raw milk*

Cooperative arrangement*

Improved dairy farming methods*

Replication of best practice and improvement of product quality at large scale

*

Higher quality raw milk and higher output level

*

7. Consistent Supply of high quality raw milk cont’

We maintain a collaborative relationship with local dairy farmers to ensure consistent supply of high quality raw milk

Our farm in Berastagi, North Sumatera

● We have identified the need to further invest in milk availability

● Climate in area is favorable

● Capitalize on expertise gained in model farm

● Large scale farm with high yield international quality cows

● > 400 productive cows + 1,600 to calve early 2020

Control on supply and quality*

Joint venture, shared investment*

Unlock potential of Sumatera*

Other initiatives

Educate farmers on technique, hygiene, feed

Smaller scale initiatives in South Bandung area (‘colony’ with cooperatives for up to 350 cows, started end of 2016)

CSR with student contribution learning-working.

Increase milk security*

Benefit company and country*

We do not consider ourselves to be dairy farming company, focus remains on manufacturing, branding and selling.

*

BO

AR

D O

F D

IREC

TOR

SSEN

IOR

MA

NA

GEM

ENT

Sabana PrawirawidjajaFounder & President Director

• Founded Ultrajaya and has been holding the currentposition since 1971

• Also serves as the Commissioner of PT Kraft UltrajayaIndonesia since 1994 and President Commissioner of PTCampina Ice Cream Industry since 1995 until 2017

Samudera PrawirawidjajaDirector

Jutianto IsnandarDirector

• Has been with Ultrajaya since 1974 as ProductionManager, Assistant to the Plant Manager, Sales &Distribution Manager and now as a Director

• Previously worked at PT Indomilk• Also serves as a President Commissioner of PT

Campina Ice Cream Industry since 2017.

Rob NieuwendijkChief Financial Officer

• Has been with Ultrajaya since 2011• Previously held senior management positions for leading dairy

companies including FrieslandCampina and Royal Numico NV

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7. Highly experienced Management Team

• Over 25 years of experience with Ultrajaya since 1989• Also serves as President Director of PT Campina Ice

Cream Industry

Siska SuryamanHead of Marketing Department• Has been with Ultrajaya since 2010• Previously held marketing positions at Mead Johnson Nutrition, Citibank

Indonesia, Bentoel Prima and Kalbe Nutritional

Rachmat SuhappyHead of Manufacturing

• Has been with Ultrajaya since 2017.• Previously held several position in Production, Industrial and Operation of local

companies as well as multinational companies such as Numico and Danone

Flemming SchmidtGeneral Manager Engineering

• Has been with Ultrajaya since 1987, responsible for investments in newequipment

• Experienced in engineering and equipment

• Has been with Ultrajaya since 2008• Previously held various supply chain management positions with Toll Asia

Logistics and Cold Storage Chain

Henry KhorGeneral Manager Supply Chain

Strategies

Strategies01 Further expand our distribution platform

Within Java

FOCUS: Increase penetration of modern and traditional retail

PLANS:

Expand the sales team on the ground

Continuously investing in training and in the quality of sales force

Improve sales efficiency through investing in IT and technology

Outside Java

FOCUS: Support distributors expanding their reach

PLANS:

Focus on distribution in Sumatra and Kalimantan

Help distributors secure financing to sell more of our products

Achieve IT connectivity with all of our distributors

02 Further expand our distribution platform

Increasing Capacity

To increase capacity at our existing production facility

On-going investment in new packaging lines from Tetra Pak and Combibloc

New Distribution Centre

To help enhance distribution efficiency and speed to market

Plan to start building new distribution centre within the Greater Jakarta area in 2020

New Production Facility

To support longer term growth and expansion

Planning of new modern and automated production facility to commence building in 2019/2020

Expected to be fully operational by 2021

Strategies cont’03 Continued focus on new product development

Joint Venture with Ito En

Combine significant product expertise Ito En with ouron the ground presence and knowledge

Explore opportunities in new tea categories

Be flexible on where opportunities exist

Focus is on unsweetened category

Outsource until volumes justify investing in ownfactory

New products in the dairy segment

Monitor customer preferences and identify newpossibilities

Introduced new flavours, to further develop the categoryand offer a wider range of products, also to improvepresence on the shelves

Develop Tea Segment in carton pack

Continue to monitor the market for new opportunities forpotential product launches

Look to develop and launch new products

Functional and value-added products

Consider launching products at the appropriate time, forexample

Yoghurt drinks

Pasteurized milk

Introduced new flavours in the growing liquid milk segment:Ultra Milk Taro and Caramel

Strategies cont’04 Expansion of Dairy Farming operations to secure supply source

Dairy fam JV in Sumatra

Long term plan for farm with 6,000 milking cows

Short term plan 2019-2020 to get phase I operational with 2,000 milking cows

69-31JV with PT Karya Putrajaya Persada, a local partner

International technology and equipment

In addition, we plan to build a new modern automated production facility and warehouse once the farm achieves a certain operating capacity

Working together with dairy farmers

Continue to look for ways to work together andassist dairy farmers and investing in raw milk supplyto secure a consistent supply of high quality freshmilk

05 Continued investment to improve operational efficiency

Production Quality Control Waste Management

Invest in upgrading to new equipment for production and packaging

Invest in waste management processes such as recycling of waste and reducing waste water

Invest in new technology to improve efficiency and effectiveness of quality control procedures

Financial Highlights

Financial strategiesHistorically, our business has been demonstrating strong growth momentum and robust profit generation capability. In 2019 sales growth has accelerated, but with pressure on margin mainly due the depreciation of the value of the IDR against the USD

Sales and growth (IDR bn, %) Gross Profit and Margin (IDR bn, %)

4,879 5,472

4,044 4,585

2017 2018 3Q2018 3Q2019

12.2%

1,836 1,956 1,456 1,717

2017 2018 3Q2018 3Q2019

35.7%36.0% 37.4%

EBITDA ¹ and Margin (IDR bn, %) Profit after tax and Margin (IDR bn, %)

1,114 1,035

865

1,106

2017 2018 3Q2018 3Q2019

22.8%18.9%

21.4%

Sales growth 2019 continues to be good. Price increase (± 2%) in September’2019

Margins remain on historical strong levels

There needs to be some caution going forward

As costs remain controlled, profit margin can further improve in Q3. Note:1 EBITDA= Earning (Net Income) except costs/expense interest, Tax, Depreciation and Amortization

13.4%

37.6%

24.1%

718 702622

821

2017 2018 3Q2018 3Q2019

12.8%14.7%15.4%

17.9%

Segments Net Sales breakdownOur own branded products for the Indonesia market have performed strongly. Key factors for growth remain. Tea sales has turned around from seemingly saturated be strong growth

Dairy (IDR bn, %) Tea and Health drinks (IDR bn, %) Other (IDR bn, %)

3,514 3,904

2,886 3,245

2017 2018 3Q2018 3Q2019

12.5%

1,020 1,182 871 1,021

2017 2018 3Q2018 3Q2019

345 386 287 319

2017 2018 3Q2018 3Q2019

11.0%zz

15.9%17.2%

11.9% 11.1%

Continued strong sales growth primarily driven by volume increase

There is price increase in Q3 2019

Demand for our products is still strong

Further investments in capacity are done

Continued strong growth in 2019 by Teh Kotak

Although new flavours continue to perform well, the standard 300 ml, remains by far the largest SKU

Development UHT Toll manufacturing is good

Exports slightly behind.

COGS BreakdownWe have seen increasing gross margins due to favorable development in direct material costs due to exchange rates and better deals with suppliers.

COGS Breakdown (IDR bn) COGS Breakdown as % of Net Sales

2017 2018 3Q2018 3Q2019

Direct materials Direct Labour

Depreciation Electricity and Energy

Repair and Maintenance Salary and wages

Others

3,044

3,517

2,5882,868

As % of net sales 2017 2018 3Q2018 3Q2019

Direct Materials 51.0% 53.2% 53.1% 52.0%

Direct Labor 0.6% 0.5% 0.6% 0.6%

Depreciation 2.7% 2.5% 2.5% 2.0%

Electricity and Energy 2.0% 2.0% 2.0% 1.8%

Repair and Maintenance 1.9% 2.0% 1.7% 1.9%

Salary and Wages 1.1% 1.0% 1.0% 1.0%

Others 3.0% 3.1% 3.1% 3.2%

Other COGS (excl direct materials)

11.4% 11.1% 10.9% 10.6%

Total COGS 62.4% 64.3% 64.0% 62.6%

Majority of COGS comprise direct materials – a.o raw milk, tea leaves, sugar, milk powder and packaging

In 2019 Direct raw materials decrease with more than 1% points compare with net sales– Development in direct raw materials in 2019 driven by exchange rate, world market prices, deals with suppliers

Other COGS declining as % of NS, especially taking into account volume growth, inflation and lower depreciation costs– Conversion costs as a % of sales at 10.9% in 3Q2018 and 10.6% in 3Q2019

Operating ExpensesOperating expenses are under control

Selling expenses breakdown (IDR bn, % of NS) General and admin expenses breakdown (IDR bn,% of NS)

2017 2018 3Q2018 3Q2019

A&P Logistics-Freight Out Others

690

855

599

2017 2018 3Q2018 3Q2019

Salary Others

172197

619

14.1%15.6%

14.8%13.5%

Advertising & Promotion (A&P) spend, which is the largest selling expense, has only slightly increase in Q3 2019 but will increase in Q4

Logistics costs increasing with volumes and fuel prices

Other selling costs largely comprise salary and rent expenses and increased at lower pace than sales

3.5% 3.6%

135148

3.3% 3.2%

Salary expenses are the largest component of general and administrative expenses and have remained relatively stable

General and administrative costs on relatively low level, although some increases have happened

Operating Cash Flow and Capex

Operating Cash Flow (IDR bn)

Cash flows historically have been sufficient to fund capex requirements

Cash flows from operating activities increased in 2018 corrected for 735 bio IDR invested in government bond

We are able to generate sufficient cash flow to meet ST investing and financing requirements.

Capex (IDR bn)

Major capex projects mainly as project development (DC, office, Long Term additional manufacturing)

USDF as a 69-31 joint venture has until now been fully financed with capital contributions and shareholder loan

1,072

576 675 637

2017 2018 3Q2018 3Q2019

352 348 315

171

2017 2018 3Q2018 3Q2019

Summary Highlights

Full Year, Quarter 3

(IDR million)2017 2018 2018 2019

Revenue 4,879,559 5,472,882 4,044,312 4,585,139

COGS (3,043,936) (3,516,606) (2,587,891) (2,868,423)

Gross profit 1.835,623 1,956,276 1,456,421 1,716,716

Selling expenses (689,769) (855,358) (599,245) (619,375)

General & administrative expenses (172,082) (196,900) (134,788) (148,193)

Other expenses (5,477) (11,453) 30,115 44,590

Total (867,328) (1,063,711) (703,918) (722,978)

Operating Income 968,295 892,565 752,503 993,738

Finance income 70,510 60,084 47,673 70,801

Finance cost (1,497) (2,107) (224) (1,269)

Shares of net (loss) in associates or JV (2,116) (1,524) 6,523 7,647

Profit Before Income Tax 1,035,192 949,018 806,475 1,070,917

Income tax expenses (316,790) (247,411) (184,589) (250,348)

Profit after tax 718,402 701,607 621,886 820,569

Profit attributable to:

Owners of the parent 708,192 697,784 609,806 814,318

Non-controlling interest 10,210 3,823 12,080 6,251

EBITDA 1,113,867 1,035,324 865,234 1,105,805

Income Statement

Balance SheetAs of December 31st As of September 30st

(IDR million) 2017 2018 2019

Current assets

Cash 2,120,400 1,444,310 1,682,562

Trade receivables 504,629 530,498 626,090

Inventories 682,624 708,773 832,215

Others 132,337 109,940 360,815

Total current assets 3,439,990 2,793,521 3,501,682

Non-current assets

Fixed assets 1,336,398 1,453,135 1,546,542

Investment in associates 81,530 101,506 109,154

Other non-current assets 317,978 1,207,709 1,233,543

Total non-current assets 1,735,906 2,762,350 2,889,239

Total assets 5,175,896 5,555,871 6,390,921

Current liabilities

Trade and other payables 534,492 302,403 443,245

ST loans 2,234 26,397 2,665

Current portion of LT Loans 26,520 27,153 20,081

Other current liabilities 563,246 279,208 382,719

Total current liabilities 820,625 635,161 848,710

Non-current liabilities

LT debt 56,821 31,787 9,660

Deferred tax 25,588 14,762 7,796

Other 73,266 99,205 79,245

Total non-current liabilities 157,560 145,754 96,701

Total Liabilities 978,185 780,915 945,411

Minority interest 121,118 114,684 109,535

Equity 4,076,593 4,660,272 5,335,975

Cash Flow StatementFull Year Quarter 3,

(IDR million) 2017 2018 2018 2019

Cash flow from operations

Cash receipts from operating activities 1,264,458 719,629 728,162 794,558

Interest income 80,355 60,084 47,673 70,801

Interest expense (1,500) (1,247) (224) (1,268)

Income tax (347,000) (291,922) (190,493) (152,536)

Others 76,203 89,279 89,715 (74,560)

Net cash generated from operating activities 1,072,516 575,823 674,833 636,995

Cash flow from investing

Capex (351,804) (348,138) (308,264) (162,444)

Others (47,883) (741,048) (9,087) 1,472

Net cash from investing activities (399,687) (1,089,186) (317,351) (160,972)

Cash flow from financing

ST loans1 (470) 24,163 112 (23,732)

LT loans - - - -

Others (73,331) (186,890) (135,160) (214,039)

Net cash from financing activities (73,801) (162,727) (135,048) (237,771)

Net increase/(decrease) in cash 599,028 676,090 222,434 238,252

Cash at beginning of year/period 1,521,372 2,120,400 2,120,400 1,444,310

Cash at end of year/period 2,120,400 1,444,310 2,342,834 1,682,562