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2 3 4 5 6 7 Bag cement still represent the largest portion of Cement demand growth was dominated by the growth

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  8. Bag cement still represent the largest portion of Cement demand growth was dominated by the growth of bulk cement Indonesia cement consumption to support infrastructure projects in million ton 80 40.0% 35.0% 70 30.0% 60 18.7 18.8 16.9 BULK 14.5 14.8 25.0% 13 12.2 50 10.8 25.02% 20.0% 8.8 40 6.6 6.2 15.0% 30 10.0% 51.0 50.8 BAG 49.4 46.9 47.5 46.8 45.7 44.1 20 39.2 74.98% 5.0% 34.2 32.8 January 2020 10 0.0% 0 -5.0% source: Indonesia Cement Association 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Bag Vol Bulk Vol Growth Bag Growth Bulk Bulk Portion source: Indonesia Cement Association Domestic Sales in Java v.s. Outside of Java 419 415 410 in million ton 388 80.0 20.0% 317 70.0 in trillion IDR 290 15.0% 60.0 50.0 39.0 38.9 10.0% 37.4 33.4 34.5 33.7 184 178 32.6 40.0 30.3 26.5 146 5.0% 30.0 21.9 114 86 20.0 0.0% 30.9 30.5 28.9 27.5 28.2 26.2 24.6 25.3 10.0 21.5 18.9 - -5.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Outside Java Java Growth source: Indonesia Cement Association 8

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  10. 55.1% 53.4% 25.1% 25.6% 5.9% 5.5% 3.6% 3.0% 3.0% 2.0% 3.3% 1.7% 1.4% 2.5% 2.3% 2.3% 2.0% 0.4% 1.5% 0.4% SMGR INTP Conch Bosowa Merah Baturaja Jui Shin Siam STAR Semen SMGR INTP Conch Bosowa Merah Baturaja Jui Shin Siam STAR Semen (SMIG + Putih Cement Kupang (SMIG + Putih Cement Kupang SBI) SBI) Market Share Market Share source: Indonesia CementAssociation 10 10

  11. JANUARY JANUARY DESCRIPTION AREA 2020 2019 YoY(%) 2020 2019 YoY(%) Semen Indonesia Jakarta 305,737 355,886 -14.09% Domestic 2,087,805 2,146,463 -2.73% Banten 249,235 288,183 -13.52% Export 252,712 210,918 19.82% West Java 862,725 896,320 -3.75% 2,340,517 2,357,381 -0.72% Central Java 634,519 709,789 -10.60% TLCC Yogyakarta 78,256 121,598 -35.64% Domestic 72,715 80,198 -9.33% East Java 730,677 792,946 -7.85% Export 99,978 58,200 71.78% Total Java 2,861,149 3,164,723 -9.59% 172,692 138,398 24.78% Sumatra 1,053,427 1,177,220 -10.52% Total Group (SMGR) 2,513,209 2,495,779 0.70% Kalimantan 339,364 363,670 -6.68% SBI (ex-Holcim) Sulawesi 462,454 462,961 -0.11% Domestic 775,018 904,748 -14.34% Nusa Tenggara 275,916 289,966 -4.85% Export 69,219 89.02% East Indonesia - - #DIV/0! 36,620 844,237 -10.32% Total Indonesia 4,992,311 5,458,540 -8.54% 941,368 SMGR + SBI* 3,357,446 2,495,779 34.53% Export Cement 68,856 70,328 -2.09% Export Clinker 307,331 168,706 82.17% -> Indented numbers in orange tables are SBI numbers Total Export 376,187 239,035 57.38% before the acquisition by SMIG thus not included in SMIG Grand Total** 5,368,497 5,697,575 -5.78% consolidated numbers * Total Group (SMGR) January 2019 excluding SBI sales volume ** One small player not updated yet in January 2020 source: Indonesia CementAssociation 11 11

  12. PP Balikpapan PP Dumai PP Samarinda PP Belawan PP Belawan GP Dumai PP Banjarmasin PP Mamuju PP Lhoksumawe PP Pontianak PP Pontianak PP Palu LHOKNGA PLA LH PLANT Cap : 1,8 Mt/Yr PP Lhoksumawe PP Batam PP Maluku Utara PP Sorong GP Kuala Indah PP Bitung PP Malahayati IN INDARUNG PLA PLANT PP Batam Cap : 9,4 Mt/Yr Tl Bayur Port PP Bengkulu REMB EMBANG PLANT PLA TU TUBAN PLA PLANT Cap : 3 Mt/Yr PP Kendari Cap SI: 14,7 Mt/Yr PA PANGKEP EP PLA PLANT Cap LHI : 3,6 Mt/Yr Cap : 7,4 Mt/Yr PP Lampung Port : 40.000 DWT PP Lampung NAROGONG PLA PLANT Cap : 6 Mt/Yr Biringkassi Port CILA ILACAP P PLA PLANT GP Cigading Cap : 3,4 Mt/Yr PP Makassar PP Ciwandan SP PP Ambon PP Tj Priok PP Celukan Bawang PP Ciwandan SI Source: Internal SMIG GP Gresik GP Ciwandan PP Banyuwangi 12 12

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  14. 32,000 40.0% 30,688 15,000 50.0% 42.9% 39.5% 37.7% 31.1% 30,000 30.0% 40.0% 28,123 27,814 30.4% 30.1% 28.6% 10,000 28,000 20.0% 26,987 26,948 30.0% 26,134 26,000 10.1% 10.3% 10.0% 20.0% 11,579 6.4% 10,646 5,000 9,856 9,331 8,476 7,960 24,000 0.0% -0.1% 10.0% -3.0% 22,000 -10.0% - 0.0% 2014 2015 2016 2017 2018 9M 2019 2014 2015 2016 2017 2018 9M 2019 Revenue Revenue Growth Gross Profit Gross Profit Margin 31.5% 10,000 35.0% 6,000 25.0% 27.7% 26.6% 20.6% 30.0% 8,000 5,000 17.3% 21.4% 16.8% 20.0% 25.0% 21.0% 17.6% 4,000 6,000 20.0% 15.0% 10.0% 3,000 15.0% 8,492 5,566 4,000 7,474 10.0% 6,957 4,521 4,522 5.8% 6,577 2,000 4.6% 5,910 10.0% 4,904 3,079 2,000 5.0% 5.0% 1,000 1,621 1,295 - 0.0% - 0.0% 2014 2015 2016 2017 2018 9M 2019 2014 2015 2016 2017 2018 9M 2019 EBITDA EBITDA Margin Net Profit Net Profit Margin 14 14

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  16. IMPORTANT NOTICE THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION, RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER. THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN PART. This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others: ● economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia; ● the effects of competition; ● the effects of changes in laws, regulations, taxation or accounting standards or practices; ● acquisitions, divestitures and various business opportunities that we may pursue; ● changes or volatility in inflation, interest rates and foreign exchange rates; ● accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets; ● labor unrest or other similar situations; and ● the outcome of pending or threatened litigation. We can give no assurance that our expectations will be attained. DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Indonesia (Persero) Tbk and/or its affiliated companies and/or their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Indonesia (Persero) Tbk, its affiliated companies or their respective employees or agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed. 16 16

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