Company Updates PT Indika Energy Tbk. 25 April 2019 Shareholder - PowerPoint PPT Presentation

Company Updates PT Indika Energy Tbk. 25 April 2019

Shareholder Structure By 31 March 2019 By 31 March 2018 Changes YoY No. of No. of No. of shares No. of shares No Description Investors % Investors % % I. Domestic Retail 16,166 1,026,231,818 19.7% 7,810 898,089,078 17.2% 12.5% Employee 16 8,093,500 0.2% 26 22,521,500 0.4% -178.3% Cooperative 6 570,500 0.0% 3 320,000 0.0% 43.9% Foundation 10 555,500 0.0% 1 150,000 0.0% 73.0% Pension Funds 32 19,250,300 0.4% 13 14,577,200 0.3% 24.3% Insurance 31 30,813,900 0.6% 19 7,612,400 0.1% 75.3% Bank - - 0.0% - - 0.0% 0.0% Corporation 90 3,613,938,708 69.4% 70 3,612,262,784 69.3% 0.0% Mutual Funds 108 82,338,806 1.6% 114 100,371,088 1.9% -21.9% Total 16,459 4,781,793,032 91.8% 8,056 4,655,904,050 89.4% 2.6% II. INTERNATIONAL Retail 81 5,239,200 0.1% 60 3,712,000 0.1% 29.1% Institutional 151 423,159,768 8.1% 169 550,575,950 10.6% -30.1% Total 232 428,398,968 8.2% 229 554,287,950 10.6% -29.4% III. TOTAL 16,691 5,210,192,000 100.0% 8,285 5,210,192,000 100.0% 0.0% Disclaimer Investors and security holders are cautioned that this communication contains forward-looking statements and that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of PT Indika Energy Tbk. Neither PT Indika Energy Tbk., its affiliates nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this communication. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 2

Table of Contents Results Overview Page #  Commodity Price Outlook 3 - 4  Key Highlights 5  Financial Statement Overview 6 – 8  Detail Income Statement Analysis 9  Cash & Debt 10 – 11  Kideco Financial & Operational Overview 12 – 14  Asset Overview 15 – 17  Kideco Acquisition 18 – 19  Subsidiary Review 20 – 21  Corporate Guidance 22  Recent Developments 23 – 24  Peer Comparison 25 26 – 48 Appendix 50 – 55 Indika Energy Overview 3

Global Commodity Prices & Indicators slightly improved in 1Q19 while Newcastle continued to decline Newcastle vs. QHD 5500 Price WTI Oil Price 115.0 160.0 700 QHD 5500 697 105.0 140.0 580 619 NEWCASTLE (RHS) 619 600 95.0 120.0 103.0 85.0 500 100.8 100.0 445 75.0 88.4 400 92.8 80.0 60.1 355 65.0 60.4 300 60.0 56.8 55.0 47.6 53.9 50.6 200 40.0 53.7 45.0 100 20.0 35.0 37.0 0 0.0 25.0 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 China PMI ICI 4 Historical Pricing 50 52.5 45.7 52 45 51.6 51.5 51.4 42.2 40 51 50.5 35.2 50.5 35 35.1 50.1 50 49.9 33.9 30 49.5 49.7 49 26.8 25 48.5 48 20 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 4 Source: Bloomberg

Coal Price Remains Above Our Internal Targets US$/ton 130 0% Newcastle Price 120 114.4 ASP -10% % Discount (RHS) 110 113.9 100.8 % Average Discount (RHS) 103.0 100 -20% 96.4 90 -21.7% -21.5% 88.4 92.8 -29.7% 80 -30% 74.6 70 62.3 56.4 60 52.5 -40% 52.4 49.2 50.0 50.6 50 45.7 48.8 42.7 -41.5% 40 -50.7% -50% -47.9% 39.7 30 -51.7% -56.1% -52.2% 20 -60% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18* 3Q18 4Q18 1Q19 Source: Platts & US Energy Information Administration • Newcastle coal prices continued to decline in 1Q18 while ICI4 pricing improved. • China issued stricter requirements for importing Australian coal • Full year 2018 internal target of $85/ ton where Newcastle on average US$92.8/ ton in 2018 • DMO is leading to greater spread between our ASP and Newcastle which now stands at 50.7%. 5

Key Highlights Kideco’s Coal Production & Strip Ratio 25.0 10.0 9.0 20.0 8.0 7.0 6.8 6.7 6.6 6.6 6.5 6.4 6.3 6.2 6.3 6.2 15.0 6.0 5.9 5.9 5.9 5.9 5.7 5.4 5.3 5.0 10.7 9.8 9.8 8.7 8.8 8.6 10.0 8.4 8.4 4.0 8.2 8.3 8.3 8.0 7.9 7.9 7.9 7.8 7.8 3.0 5.0 2.0 1.0 - - 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 Coal Production ('MT) Strip Ratio (x) Capex (IE Consolidated) (US$m) Core Profit (Consolidated) vs Net Profit at Kideco 150.4 277.1 300.0 160.0 260.1 140.0 Core Profit US$m 250.0 120.0 200.0 168.4 100.0 138.1 150.0 80.0 65.6 94.5 88.6 57.8 100.0 60.0 40.5 33.6 40.0 28.2 50.0 21.9 (43.3) (38.7) 20.0 - FY 2015 FY 2016 FY 2017 FY 2018 3M19 - (50.0) FY 2015 FY 2016 FY 2017 FY 2018 3M19 6 (100.0)

Indika Energy’s Consolidated Balance Sheet Summary (US$ mn) 3M19 3M18 YoY FY18 YTD Cash balance* 892.8 846.6 5.5% 785.4 13.7% Current assets 1,565.6 1,483.4 5.5% 1,436.1 9.0% Total assets 3,774.1 3,743.0 0.8% 3,678.8 2.6% Current liabilities 719.6 702.3 2.5% 627.4 14.7% Total Debt** 1,555.8 1,411.4 10.2% 1,433.6 8.5% Shareholder equity 1,127.0 1,181.2 -4.6% 1,196.5 -5.8% Current ratio (X) 2.2 2.1 3.0% 2.3 -4.9% Debt to equity (X) 1.4 1.2 17.2% 1.2 16.8% Net debt to equity (X)*** 0.6 0.5 25.5% 0.5 10.8% * includes restricted cash ** total debt with interest bearing *** total debt minus total cash balance divided by shareholder equity 7

Indika Energy’s Consolidated Income Statement Highlights Quarter Data Summary P&L (US$mn) 1Q19 1Q18 YoY 4Q18 QoQ Revenues 700.7 809.0 -13.4% 782.4 -10.4% COGS (583.1) (580.2) 0.5% (693.1) -15.9% Gross Profit 117.6 228.8 -48.6% 89.3 31.6% SG&A Expenses (35.0) (32.7) 6.8% (34.3) 2.0% Operating Profit 82.6 196.1 -57.8% 55.0 50.1% Pre tax Profit 35.9 139.3 -74.2% (13.1) -373.7% Adjusted EBITDA *) 124.2 227.5 -45.4% 98.0 26.8% Income Tax (17.5) (73.7) -76.3% (19.2) -9.0% Core Profit 33.6 75.5 -55.5% 4.8 601.2% Net Profit 11.7 58.4 -80.0% (32.1) -136.4% Gross Margin (%) 16.8% 28.3% -40.7% 11.4% 47.0% EBIT Margin (%) 11.8% 24.2% -51.3% 7.0% 67.6% Core Profit Margin (%) 4.8% 9.3% -48.7% 0.6% 683.0% Net Profit Margin (%) 1.7% 7.2% -76.9% -4.1% -140.7% *) Consolidated EBITDA plus dividends received from associates **) Core Profit refers to the current year’s profit attributable to the owner of the company, excluding non -operating gains / losses and related taxes (amortization of intangible assets, impairment of assets, fair value changes on contingent consideration obligation, and gain on revaluation). 8

Consolidated Revenue Breakdown * Revenues 3M19: US$ 700.7 million 3M18: US$809.0 million Others MBSS Others MBSS 2% 3% 2% 3% Tripatra 7% Tripatra 13% Petrosea 11% Petrosea Kideco 15% 55% Kideco Indika Resources 63% 15% Indika Resources 11% Subsidiary 3M19 Revenues (US$ mn) Subsidiary 3M18 Revenues (US$ mn) Kideco 409.9 Kideco 527.8 Indika Resources Indika Resources 81.4 126.0 Petrosea Petrosea 115.2 89.5 Tripatra Tripatra 96.5 60.3 MBSS MBSS 20.9 14.4 Others Others 19.0 15.9 9

Disaggregation of 3M19 Consolidated Earnings – Key Income Statement Segments Net Profit Disaggregation Revenue By Business Segment 800.0 800 700.7 39.9 96.5 700.7 583.1 700 115.2 600 600.0 81.4 500 409.9 400 400.0 300 200 200.0 7.6 35.0 100 3.9 25.4 17.5 1.2 11.7 0 - Kideco Indika Petrosea Tripatra MBSS & Others Total Revenue Revenue COGS Inc from SG&A Other Inc. Finance Other XP Tax NPAT Resources Associates Costs Cost of Goods Sold Disaggregation SG&A Per Subsidiary 40 700 35.0 2.4 583.1 35 3.1 112.8 600 5.6 30 500 28.1 4.9 42.8 25 45.5 9.6 400 62.5 20 106.7 300 15 184.7 9.3 200 10 5 100 0 0 10 Holding Co Kideco Petrosea IIR Tripatra MBSS Total Contractor Materials Royalty Fuel Salary Depr. Others Total COGS

Cash and Debt Position Cash and Debt Breakdown US$ million 1,555.8 1,600 202.5 13.3 1,200 892.8 1) 70.6 800 127.8 1,340.0 400 694.3 0 CASH DEBT Cash Fin. Assets Rest. Cash Bonds Bank Loans Leases 1) PTRO: $68.2mn, MBSS: $44.1mn, Tripatra: $134.7mn, Kideco: $222.4mn, Indika Resources: $27.5mn, ILSS-Interport: $27.3mn HoldCo: $368.6mn. 2) $265mn due 2022 (Senior Notes V), $500mn due 2023 (Senior Notes IV), and $575mn due 2024 (Senior Notes VI). 3) PTRO: $153.5mn, MBSS $12.8m, HoldCo.: $36.2mn. 4) PTRO $13.3mn. 11