STRICTLY PRIVATE & CONFIDENTIAL 1

[IDX: ESSA]

PT SURYA ESA PERKASA TBK

Public Expose 2019

JW Marriott Hotel, Jakarta

23 October 2019

22

SEP at a Glance

2

Overview of Financials

LPG Performance

Ammonia Performance

2

3

4

5

Agenda

Executive Summary1

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Executive Summary - H1 2019

3

Ammonia

➢ Total Ammonia Production: 377,185 MT

➢ Production stabilized at over 2,200 TPD

➢ Plant utilization rate above 98,3%

➢ $97 MM of export contributing to forex reserve of RI

➢ 165 birds released by Maleo conservation program

Consolidated

➢ Substantial increase in Revenue: $ 117 MM vs $ 23 MM in H1 2018; Ammonia commenced in H2 2018

➢ EBITDA: $ 40 MM vs $ 10 MM in H1 2018

➢ Company fulfilling all Environment and Social obligations

LPG

➢ Stable Plant operations: 116% of design capacity

➢ LPG Price realization: $ 470/MT in H1 2019

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Received Zero Accident Award on 22 Apr 2019

➢ Continuous operations: 306 days with zero down time

➢ Zero Accident Award for 8th consecutive year

➢ Strong Retention: 60% employees since 2007

Achieved 117% of nameplate capacity

Vision, Mission and Core Values (VMV)

4

On May 2, 2019 Vision, Mission & Core Values (VMV) were launched for the GroupEvery employee of the Group is committed to adhere to the VMV

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

55

SEP at a Glance

5

Overview of Financials

LPG Performance

Ammonia Performance

2

3

4

5

Agenda

Executive Summary1

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Sponsors

Reputed Entrepreneurs from Indonesia as the sponsors of SEP Group

Vinod LaroyaGaribaldi ThohirTheodore P. Rachmat

6Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Our Locations

LPG PlantJl. Raya Palembang – Indralaya Km. 17 Simpang Y Palembang Sumatera Selatan Indonesia

Ammonia PlantJl. Poros Sulawesi, Desa Uso Kec. Batui, Kabupaten Banggai Sulawesi Tengah, Indonesia

Head OfficeDBS Tower 18th FloorCiputra World 1 Jakarta Selatan Indonesia

HO

Sumatera

Kalimantan

Java

Sulawesi Papua

Luwuk

Palembang

Jakarta

LPG Plant Ammonia Plant

7Public Expose 2019 – PT Surya Esa Perkasa Tbk.

2011

2012

8

Company Milestone

SEP Establishment

Commercial production of LPG & Condensate

Acquires 60% of PT. Panca Amara Utama (PAU)

Listed on IDX (ticker: ESSA)

LPG Capacity expanded from 120 to 190 TPD

• Commercial Production of Ammonia

• Pre-emptive Rights Issue $ 36 MM

10 years of Operationswith Zero Accident

Groundbreaking of Ammonia Plant by President Bpk. Joko Widodo

2007

Non-Pre-emptive Rights Issue $ 26 MM

2017

2015

2014

2011

2012

2013

2014

2015

2017

2018

20072006

2006

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

9

Board of Commissioners & Directors

9

Rahul PuriCommissioner

IB Rahmadi SupancanaIndependent

Commissioner

Theodore PermadiRachmat

Vice-President Commissioner

Hamid AwaluddinPresident &

Independent Commissioner

Commissioners

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Ida Bagus Made Putra Jandhana

Director

Garibaldi ThohirPresident Director

Chander Vinod LaroyaVice President Director

Mukesh AgrawalIndependent Director

Isenta HioeDirector

Directors

1010

SEP at a Glance

10

Overview of Financials

LPG Plant Performance

Ammonia Plant Performance

2

3

4

5

Agenda

Executive Summary1

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Financials – Profit & Loss (Consolidated)

Particulars H1 2019 H1 2018* Growth

Revenue 116.9 23.2 ↑ 403%

COGS 91.9 10.8 ↑ 751%

EBITDA 39.7 10.3 ↑ 285%

Net Profit 5.3 3.5 ↑ 51%

11

Significant increase in Revenue as Ammonia operations commenced

*Note: H1 2018 does not include PAU earnings as the commercial production started in August 2018

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

(in USD Million)

Financials – Balance Sheet (Consolidated)

Particulars H1 2019 2018 Growth

Assets 931.8 924.5 ↑ 1%

Liabilities 606.6 600.8 ↑ 1%

Equity & Reserve

325.2 323.7 ↑ 1%

12

Debt reduced by $ 51 MM in H1 2019Outstanding loan: $ 529 MM vs 580 MM in Dec 2018

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

(in USD Million)

Financials – Cash Flow (Consolidated)

Particulars H1 2019 H1 2018

Beginning Cash & Cash Equivalents

105.4 39.8

Net Cash from Operating Activities

53.0 6.0

Net Cash utilized inInvesting Activities

(3.0) (52.9)

Net Cash receipt fromFinancing Activities

(12.0) 93.1

Ending Cash & Cash Equivalents

143.5 86.0

13

Strong Cash Position with $ 144 MM as of H1 2019

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

(in USD Million)

1414

SEP at a Glance

14

Overview of Financials

LPG Performance

Ammonia Performance

2

3

4

5

Agenda

Executive Summary1

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

LPG Performance Highlights H1 2019

➢ 16% higher LPG production over design capacity

➢ Higher LPG Recovery: 96.3% vs 93.8% (design)

➢ Plant utilization rate at 99.7% of days

➢ Achieved plant operations for continuous 306 days with Zero down time

➢ Received Zero Accident Award for 8th consecutive year – Cumulative 4.6 MM man hours without lost time incident till date

➢ Received PROPER BIRU Award for 4th time in a row for Environment Management activities

➢ Organized Blood Donation Camp and various CSR activities.

15Public Expose 2019 – PT Surya Esa Perkasa Tbk.

1616

LPG Production Condensate Production

46,200

82,838

75,77071,577

76,823 75,919

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2014 2015 2016 2017 2018 1H 2019

Pro

du

ctio

n (M

T/ye

ar)

142,459

203,197

180,511168,374

157,412170,169

0

50,000

100,000

150,000

200,000

250,000

2014 2015 2016 2017 2018 1H 2019

Pro

du

ctio

n (B

bl/

year

)

LPG Operational Performance

LPG Production: 220 TPD vs 190 TPD (design) Condensate Production: 496 BPD vs 510 BPD (design)

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

LPG Plant in Palembang

17Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Cumulative 4.6 MM man hours without lost time incident

Achievement & Awards

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Zero Accident Award Proper BIRU

ESDM Award KAN Accreditation

43

1 2

Buka Puasa Bersama

On May 16, 2019, the Company held Break fasting event attended by BOC and BODand local community in Palembang. Appreciation award was given to employeescompleting 5 & 10 years service. Scholarship was provided to students andappreciation to orphans from Yayasan Panti Asuhan Al-Yamin.

19Public Expose 2019 – PT Surya Esa Perkasa Tbk.

20

CSR Activities

Blood Donation Camp held on 13 Feb 2019

Scholarship for Local StudentsCommunity Development

20Public Expose 2019 – PT Surya Esa Perkasa Tbk.

VMV Summit & Leadership Workshop

21

Vision, Mission & Core Values (VMV) was launched by Management on May 2, 2019. Allemployees participated in the brainstorming sessions to devise the Company’s VMV. SituationalLeadership II Workshop was also held in April 2019 at HO and site to improve leadership skillsof employees.

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

2222

SEP at a Glance

22

Overview of Financials

LPG Performance

Ammonia Performance

2

3

4

5

Agenda

Executive Summary1

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Ammonia Performance Highlights H1 2019

➢ Plant operations stabilized at over 2,200 TPD vs

nameplate capacity 1,900 TPD

➢ Ammonia Production: 377,185 MT

➢ Ammonia Export: 384,561 MT in H1 2019

➢ 100% Ammonia Production is On- spec

➢ Plant utilization rate above 98,3%

➢ Gas Daily Contract Quantity increased from 55 to

62 mmscfd from Feb 2019

➢ 165 Maleo birds (~ 5.5 % of world population)

released till date

➢ Training program for dedicated local graduates to

upgrade their skills

➢ 100% export contributing to foreign exchange reserves of RI

23Public Expose 2019 – PT Surya Esa Perkasa Tbk.

64

55

66 6763 62

40

63

79

55 54

93

0

10

20

30

40

50

60

70

80

90

100

January February March April May June

Pro

du

cti

on

(M

illi

on

MT

)

Production Export

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Ammonia Operational Performance

Ammonia Production : 377,185 MT vs 369,655 MT (planned)Ammonia Operations: 17% above nameplate capacity

Ammonia Production & Export

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Ammonia Plant in Luwuk

25Public Expose 2019 – PT Surya Esa Perkasa Tbk.

First Greenfield Ammonia Plant in the World to use KBR’s Reforming Exchanger System & Purifier Technology

Maleo Conservation Program

26

Maleo Conservation Program:

➢ PAU’s Maleo Conservation is one of the successful program that is fast becoming a cultural icon

and tourist attraction. The government is very active in promoting PAU’s Maleo site to bring

awareness regarding Maleo’s endangered status.

➢ Total birds released till date 165 birds (5.5 % of world population)

➢ Great impact to Maleo research activities, key to understanding the species and designing

conservation approach. This program has facilitated 16 undergraduate and 1 doctorate students.

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Tourists

Maleo Bird

Maleo Bird Release 25 Feb 2019

27

On 27 May 2019, PAU held break fasting event attended by the Management, employees

and Banggai community. PAU provided support to students, orphans from Yayasan Wadah

Islamiyah and local community

Buka Puasa Bersama

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Skill Training Program

28

In collaboration with PT Eptco Dian Persada,

PAU held training program for dedicated

local graduates to upgrade skills. Graduates

from welding received MIGAS certification

which will help them for better employment.

Skill Training Program

Classroom TheoriesField TrainingSkill Training Program

No ParticularsNo. of Trainees

Enrolled Graduated

1 Pipe Fitting 44 30

2 Pipe Welding 10 8Graduation & Closing Ceremony

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Education and Medical Facilities Support

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Support for Orphans

Yayasan Wadah

Islamiyah

PAU Community Care

Program provided support

to students and Orphans

from Yayasan Wadah

Islamiyah, Kec. Batui,

Kimtom and Nambo

Support for Kintom

Puskesmas

In Q1 2019, at the behest of

Puskesmas head, PAU

provided medical

equipment, built new well

and water tank to ensure

clean water for Kintom

Puskesmas.

Support for Orphans

Public Expose 2019 – PT Surya Esa Perkasa Tbk.

Support for Kimtom Puskemas

STRICTLY PRIVATE & CONFIDENTIAL 30

QUESTIONS AND ANSWERS

Thank You

Head Office

PT. Surya Esa Perkasa Tbk.

DBS Bank Tower 18th Floor

Ciputra World Jakarta 1

Jl. Prof. Dr. Satrio Kav.3-5

Jakarta 12940, Indonesia

Phone: +62 21 2988 5600

Fax: +62 21 2988 5601

Email: corporate.secretary@sep.co.id

31Public Expose 2019 – PT Surya Esa Perkasa Tbk.