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PT Mega Manunggal Property Tbk

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Disclaimer

The information contained in this presentation has been prepared by PT Mega Manunggal Property Tbk. (the “Company”) and is being furnished to you solely for your information and may not

be reproduced or redistributed to any other person, in whole or in part in any manners or for any purpose. In particular, neither the information contained in this presentation nor any copy hereof

may be, directly or indirectly, taken or transmitted into or distributed in any jurisdiction which prohibits the same except in compliance with applicable securities laws.

This presentation does not contain all material information concerning the Company and the information set forth in these materials is subject to change without notice. The third party

information and statistical data in this presentation have been obtained from sources the Company believes to be reliable but there can be no assurance as to the accuracy or completeness of

the included information. No reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein.

None of the Company, its directors, officers, shareholders, advisors or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the

information in this presentation, and nothing in this presentation is, or should be relied upon as, a promise or representation by any of them. None of the Company, its directors, officers,

shareholders, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its

contents or otherwise arising in connection with this presentation.

Certain statements in this presentation may constitute “forward-looking statements”, including statements regarding the Company’s expectations and projections for future operating

performance and business prospects. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the

environment in which the Company will operate in the future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company expressly

disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard to new information, future events or

other circumstances. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such

forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Accordingly, parties reviewing this

presentation should not place undue reliance on any forward-looking statements. The information contained in this presentation should be considered in the context of the circumstances

prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation.

This presentation is not intended to form basis any investment decision to purchase securities of the Company and does not constitute or form part of, and should not be construed as, any offer

for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company in any jurisdiction, including the United States. The Company’s securities

have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold or delivered within the United States

absent registration under or an applicable exemption from the registration requirements of the Securities Act and this presentation does not constitute or form a part of any offer to sell or

solicitation of an offer to purchase or subscribe for securities in Indonesia in which such offer, solicitation or sale would be unlawful prior to registration and such registration being deemed

effective by the Otoritas Jasa Keuangan.

By reviewing this presentation, you acknowledge this Disclaimer and agree to be bound by the foregoing limitations, and you acknowledge that you will be solely responsible for your own

assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future

performance of the business of the Company.

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Agenda presentation

Section Pages

1 Who we are 6

2 Growth strategy 17

3 On the right track 22

4 Strong growth opportunity 27

5 Key financial 46

6 Assets in details 53

7 Other financial info 65

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Section 1

Who We Are

6


Company at a glance

Overview

PT. Mega Manunggal Property Tbk

(“MMP”) is a warehouse provider that

supports industrial property needs in

Indonesia focusing on developing,

owning and operating logistic

properties, with a focus in

warehousing that specifically meet

international standards.

Established on mid 2010, currently

MMP has Net Leasable Area of area

total 194,468 m2 - including a 90,000

m2 NLA warehouse for PT Unilever

Indonesia, one of the largest Unilever

warehouses globally.

ProjectsCurrently MMP has 6 assets in 3 different

strategic locations:

Bekasi MM 2100:

Unilever Mega DC

Li & Fung Logistic

Selayar

Halim Cililitan, East Jakarta:

Intirub Business Park

Tapos, Depok:

Lazada warehouse

Jababeka:

Cibatu

MMP is currently developing its 7th, and 8th

warehouses in Block AE, Cileungsi, for

ARK Logistic that caters towards FMCG

tenants and multi-tenants.

-

FacilitiesFacilities of PT. Mega Manunggal

Property Tbk are developed with

specifications which refer to

international standards to meet

the demand in the Indonesian

logistics services business while

keeping the specifications comply

to local regulations. MMP is

committed to give good quality

products and deliver added value

services to support the client’s

business.

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Brief profile of PT Mega Manunggal Property Tbk

MMP’s asset structure

8

PT Mega Manunggal

Property Tbk

Unilever

Mega DC

Li & Fung

Intirub Business

Park I & II

Selayar

PT Mega

Khatulistiwa

Properti

PT Mega Tridaya

Properti

55.0%

PT Intirub

99,0%99,5%

45.0%

GIC

99,9% 99,5% 99,0% 99,0%

PT Mega

Properti

Logistik

Nusantara

99,0% 99,0%

Cibitung AirportCibitungCibatuDepokCileungsi

Bekasi

Halim

Pondok UnguManyar

95,0% 95,0%

PT Mega

Dharma

Properti

PT Manunggal

Persada

Properti

PT Subang

Cakrawala

Properti

PT Subang

Horison

Properti

PT Mega Buana

Properti

Logistik

PT Manunggal

Timur Properti

PT Bukit

Properti

Logistik

PT Mega

Cahaya

Properti

PT Mega

Angkasa

Properti

99,5% 99,5%

Jababeka


Board of Directors

9

Bonny Budi SetiawanPresident Director

Has has been the Company’s Director since 2015 and appointed as the President Director in January 2017. Earned a Bachelor of Business Administration inAccounting and Finance from Simon Fraser University, Canada (1997). Previously served as Executive Director of PT UBS Securities Indonesia (2011-2015);Senior Vice President of PT Danareksa Sekuritas, Jakarta (2010 - 2011); Vice President of Research Division of PT Danareksa Sekuritas in Jakarta (2009 -2010); Vice President of Research Division of Merrill Lynch, Jakarta (2007 - 2009); Vice President of Research Division of PT CIMB-GK Securities, AssistantVice President of research division of PT Danareksa Sekuritas (2005 - 2007); Supervisor Consultant Financial Advisory Services (FAS) of PrijohandojoBoentoro & Co. (2003 - 2005); Research Analyst of PT Panin Sekuritas (2002 - 2003) and Export Supervisor of PT Pabrik Kertas Tjiwi Kimia (1998-2000).

Timothy Eugene AlamsyahIndependent Director

Has been appointed as the Independent Director since 2017. He is in charge of finance division. He earned Economics and Finance Bachelor’s degree fromUniversity of Melbourne, Australia in 2010. He was Chief Financial Officer for PT Nirvana Development (2016 – 2017), Corporate Secretary / Director for PTNirvana Development ( 2015 - 2016), Analyst for PT Trimegah Securities ( May 2015 – September 2015), Analyst for PT UBS Securities Indonesia (2011 –2014).

Loa Siong LieIndependent Director

Has been appointed as the Independent Director since 2017. He is in charge of technical and construction. He earned Civil Engineering Bachelor’s degreefrom University of Tarumanegara, Jakarta in 1996. He was Project Manager for PT Sinar Menara Deli (2016 – 2017), Project Manager for PT Supra MegahUtama ( 2012 - 2016), Site Manager for PT Pradani Sukses Abadi (2010 – 2012), Site Manager for PT Intersatria Budi Karya Pratama (2007 – 2010).Construction Manager for PT Praga Artamida ( 1996 – 2007).


Track record of MMP

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2010 2011 2012 2013 2014 2015

October 2010

Construction of

Unilever Mega DC

began

December 2011

DHL began its

operational in

Intirub Business

Park I

NLA: 28.036 m2

December 2014

Construction of

Selayar

completed

NLA: 5.620 m2

August 2010

MMP was

established

May 2013

Construction of Li

& Fung completed

NLA: 21.612 m2

December 2015

Acquired 9 ha land

for Lazada Project

April 2012

Construction of

Unilever Mega DC

completed

NLA: 90.288 m2

June 2014

Construction of

Intirub Business

Park II completed

NLA: 18.355 m2

June 2015

Initial Public

Offering

(IPO)

August 2015

MMP signed lease

agreement with

Lazada

September 2016

Ground breaking

for 6th and 7th

warehouses in

Cibatu and Block

AE

April 2016

Signed partnership

with GIC

December 2016

Ground breaking

for 8th warehouses

in Cileungsi

April 2017

Lazada warehouse

begin its

operational

NLA : 31,500 m2

2016 2017

Dec 2017

Cibatu warehouse

begin its

operational

NLA : 35,335 m2

October 2017

Ground breaking

for 2nd Phase

Lazada WH.


Investment consideration

Provider of high quality and international standard logistic properties1

Proven track record in developing and delivering logistic properties2

Solid business model that provides stable and recurring cash flow 3

Strategically located logistic property in Indonesia4

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5Diversified and strong client base


1. Provider of high quality and international standard logistic properties

Note: Not all MMP’s logistic properties are equipped with the above specifications

Standard

warehouse

Unilever

Mega DCLi & Fung

Intirub

Business ParkSelayar Lazada

Floor

capacity≤ 1,5 ton/m2 s/d 6 ton/m2 s/d 6 ton/m2 s/d 4/4,5 ton/m2 s/d 4 ton/m2 s/d 4 ton/m2

Ceiling

height≤ 5,0 m

12 m

(center 17 m)

11 m

(center 12,5 m)

10 m (Tahap I)

9 m (Tahap II)

9 m

(center 13m)

12 m

(center 16 m)

Distance

between

pillar

≤ 8,0m

Main area:

18 x 36 m

Area aerosol:

9 x 28,5 m

27 x 18 m;

30 x 18 m

Stage 1:

Basement: 8 x 8 m

Ground Floor

8 x 30 m

Stage 2:

Basement:

6 x 15 m

Ground Floor

12 x 30m

30 x 12m24 x 18 and

32 x 18

Level singleSingle (multi

racking)

Single (multi

racking)Multi Single

Single (multi

racking

Flooring standar Super flat Super flat Flat Flat Flat

Warehouse specificationTypical specification from high-performance logistic properties

1

2

33

Office space

Better working

environment for

employees

2

3

1

Car Berths

Number of facilities that

allow trucks to

loading/unloading efficiently

Dock shelters

To prevent and protect from wind,

rain, moisture, dust, etc., while

handling cargos.

Ceiling height of 5,0 m or

more to provide space for

cargo lifting using

forklifts

Distance between

pillar 8,0 m or more

to increase

efficiency

Floor capacity 1,5 ton/m2

or more to accommodate

use of forklifts

MMP’s existing logistic properties surpass main criteria and specification for modern logistic

properties.

We are the first mover in provider of modern logistic property, focusing on developing, owning and operating logistic properties, with a focus in

warehousing that specifically meet international standards

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139,811

158,137 163,911 163,911

230,370

2013 2014 2015 2016 2017

Net Leasable Area (m2) Occupancy Rate

2. Proven track record in developing and delivering logistic properties

Growth in NLA in the past years

MMP has proven track record in acquiring land and developing logistic properties, which generally takes around 9 to 18 months to

complete construction.

Project Land Area Gross Floor Area Net Leasable Area Date of Contract Months to develop Delivery date

Unilever Mega DC 194.297 m2 156.462 m2 90.288 m2 December 2010 16 months April 2012

Li & Fung 34.637 m2 21.702 m2 21.612 m2 July 2012 11 months May2013

Lazada Warehouse 90,041 m2 33,356 m2 31,500 m2 August 2015 19 months April 2017

Cibatu 50,000 m2 40,000 m2 36,335 m2 June 2016 15 months December 2017

Standard Warehouse Building

Project Land Area Gross Floor Area Net Leasable AreaDate of Contract Months to

develop

Delivery date

Intirub Business Park I 28.190 m2 30.086 m2 (warehouse) + 5.455 m2 (office)36.622 m2 (warehouse) + 8.393vm2 (office)

Dec 2011 9 months Jan 2012

Intirub Business Park II 32.380 m2 23.219 m2 (warehouse) + 5.696 m2 (office) Dec 2013 18 months April 2014

Selayar 9.164 m2 5.742 m2 5.620 m2 April 2015 12 months April 2015

Built-to-suit

CAGR 13.3%m2

NLA

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3. Solid business model that provides stable and recurring cash flow

Unilever Mega DC

(operated by Linfox)

Li & Fung


Selayar

MMP focuses towards developing warehouse with size of

5.000 to 100.000 m2.

Built-to-suit tenants that currently contribute around 70%of

total revenues minimizes risks of tenants exiting.

Stable operating cash flow with greater upside potential

from improving economy cycle, while at the same time

sheltered against downside risks from economy slowing.

High operating leverage with high EBITDA margin.

Improve tenants’ efficiency and productivities through

centralization of warehouses.

Competitive advantages Operating assets that provide recurring and stable cash flow

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Lazada warehouse

Cibatu


Jakarta, Banten &

Jabar57%

Jateng6%

Jatim9%

Riau & Kep. Riau

9%

Sumut4%

Sumbar1%

Sulsel2%

Sulte…

Kaltim3%

Bangka Belitung

5%

Jakarta, Banten &

Jabar71%Jateng

5%

Jatim8%

Riau & Kep. Riau

8%

Sumut5%

Sumbar0%

Sulsel2%

Kaltim1%

4. Strategically located logistic property in Indonesia

Near centre of production and consumption

Easy access towards transportation network

Easy supply of labour workforce and convenient

transportation for employees

Provide benefits to tenants in reducing logistic costs

Source: Himpunan Kawasan Industri

% Industrial estate areas % Industrial estates that are developed

Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia

BESTCinere

Kunciran

Tangerang

CengkarengPenjaringan

Tanjung Priok

DKI

JakartaKebon

Jeruk

Ulujami

Veteran

(Pd Pinang)

Jagorawi

(Cimanggis)

Jawa Barat

Cibitung

Cikunir

Jatiasih

Hankam Raya

(Jatiwarana)Taman

Mini

Laut Jawa

Banten

Bekasi

Cakung

Cilincing

(Rorotan)

15

14

1312

9

8

765

3

2

1

16

17

11

4

10

Operational

In construction

Negotiation/tender

Contract signed

1 to 9 JORR I

10 to 17 JORR II

Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia

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E-commerce

5. Diversified and strong client base

Consumption

Logistic

Manufacturing

ClientsTenant profile of MMP’s logistic properties as at 31 Dec 2017

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Logistics35%

Manufacture43%

E-commerce19%

Others3%


Section 2

Growth Strategy

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A strategy that focuses on three factors of success to reach scalable size

Three factors of success

Efficiency Funding

Volume

500,000 m2

NLA

Min of 10%

average initial

yield

To achieve our NLA target of 500,000 m2 by end of 2018

Continues to reduce construction cost to maximize yield

to cost

Sustainable of funding structure and recycle of cash

To accelerate growth and generate stable cash flow

Sustain profitability and greater EBITDA margin

Timely execution of development

To increase transparency and good corporate

governance

Our strategy is simplified into three factors – funding, efficiency and volume. Timely ability to seek flexible funding structure and continues effort to

reduce cost will maximize yield to cost. This will lead to greater profitability. Our initial scalable size to be achieved by end of 2018 is 500,000m2

NLA.

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Focus in built to suit warehouse

Facts

MMP has track record to complete complex construction

Our capabilities to build high specification warehouses:

- Superflat floors

- Double decker warehouse

Increase profitability

Increase recurring revenue

Results in higher margin since majority of

the expenses bear by tenant

Strengthen our brand name

Invest in human capital (marketing team, which shall ensure that our growth strategy will continue to be in placed)

Improve our building management service

Offer our potential clients with value engineering ( offer alternative design & construction to improve client’s optimization and

efficiency )

Develop innovative & high quality ( ex: Green Building Concept)

Improve relationship with existing tenants

High demand from manufacturers company and

eCommerce to built warehouse for their company

Create a strong exit barrier

Our focus that will add values to our clients

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We have secured partnership with GIC, and in the

advanced discussion with another partnership

This will create transparency and good corporate

governance. GIC also help in expanding our

relationship with overseas banks which provide

attractive offers.

The partnership with GIC will bring funding that will

accelerate the development of the projects.

MMP will continue to have stable cash flow from its

existing 4 warehouses that potentially gives upside to

future dividend payment

All development will be conducted under PT Mega

Khatulistiwa Properti

Each project will be set under one company to monitor

the performance of each project and for the purpose of

future monetization should opportunity arises

Our corporate structure allows for flexible funding

Our corporate structure allows for flexible funding structure. Partnership with largest logistic properties developers in the world would expedite the

development of the properties and ensure that funding is met on timely basis.

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Continuous effort to cut costs amid aggressive capacity expansion

We have successfully cut down our construction cost by 10% on recent development plan

We set our yield to cost for at least of 9-10%

Our formula is to have land cost for 1/3 of total cost

We strengthen our engineers team to look for best possible design that will cut any unnecessary cost

We continue to monitor construction progresses to align with existing budget

Efficiency

Volume

Plan to construct 2 to 3 warehouses this year

Block AE has started construction in September– a 36,000 m2 sheltered warehouse, which will be

completed in Q2 2018.

Phase II warehouse for Lazada to begin in 3Q17 – >35,000 m2, which will be completed in beg of

2019

MMP warehouse no. 8 in Cileungsi has also started its construction in 2016 – a 31,000 m2 which will

be completed Q2 2018

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Continue to improve operating efficiency

Investing in operating system to release some of the

operational bottleneck and to improve our productivity

Implement a unified database for storage of tenant

records and other information to reduce costs and

improve efficiency

Increase scale of NLA Warehouse will allow us to achieve

economies of scale

Gain greater bargaining power in procurement process

Invest in marketing team

Integrated IT platform Reducing cost

Outsourcing to support our services including cleaning service,

parking etc.

Standardize warehouse specifications to shorten the building

process

Benchmarking our construction cost with other industry

players

Investing in engineers

Effective tender process to determine the most effective

contractors

Quarterly review of budgeting to ensure that costs are

aligned with the proposed budget

Invest in high quality people to manage estates and to

increase productivity

Management focus Economies of scale

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Section 3

On The Right Track

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On the right track...

Currently we have 3 (three) projects under construction during 2016-2017 for a total of approximately 105,780 m2 NLA warehouses.

Strategic location

Target yield 9 – 11%

Has secured tenants

Payback periods 8 years

Penetration outside greater Jakarta to other big cities in Indonesia such as

Surabaya, Kalimantan etc.

Targeting Top 5 Companies in different sectors :

(Consumer, Logistic, Manufactures, E-commerce, Trading)

Development criteria Strategic business

Location: MM2100 Industrial estates, West Cikarang,

Bekasi

Land area : 35,740 m2

Net leasable area : 38,472 m2 (2-floor)

Tenant : Multi-tenant

Estimated completion : 2Q 2018

Location: Tapos, Depok (Phase 2)


Net leasable area : 35,916 m2

Tenant : Lazada

Lease period : 10 years


Location:Jl Raya Narogong KM 17, Cileungsi


Net leasable area : 31,392 m2

Tenant : ARK Logistic



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Current pipelines on track to achieve our NLA targets

Inquiries that could lead our 500,000m2 NLA target to be achieved within 3-years. Achieving this requires approximately Rp2.5trn of capital

expenditure.

We undertake a strict and proper KYC process in selecting tenants as it is very essential to have good track record, long term tenants.

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164k 230k338k31k

106k

274k

143k

440k

330k

2016 2017 2018E

Pipelines(NLA sqm)

complected under construction pipelines


Values created from existing assets

Existing operating assets generate high yield to cost

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9.8%

16.8%15.2%

17.1% 17.6%

14.4%

5.5%

8.7%7.8%

8.7% 8.4% 8.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

-

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

2012 2013 2014 2015 2016 2017

Changes of PI fair value, Rp bn Assets at cost, Rp bn

Yield to cost (LHS) Yield to current value (LHS)


Simulation for cash recycle

Equity value of Unilever has grown 2x over 5 years

Cash recycle is earnings lucrative. If we were to recycle Unilever WDC and invest in 10% yield warehouse, EBITDA is expected to increase by 55%

Combined EBITDA increased by 55%

from EBITDA prior to sales

27

46 46

38

84 84

-

20

40

60

80

100

120

140

2017E Additional EBITDA Total EBITDA

Forgone EBITDA assuming 45% stake

on the asset is sold at current market

value

Additional EBITDA obtained after

investing proceed at 10% yield

445.5

945.8

-

200.0

400.0

600.0

800.0

1,000.0

2012 2017


Section 4

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Strong Growth Opportunity


Evolution of the logistics sector

The logistics sector in Indonesia remains nascent in comparison to other markets in the region, particularly compared to more

mature markets such as Singapore and Australia.

Notwithstanding this, the growth potential is huge and there are signs of a fundamental imbalance between available supply and

demand for modern logistics warehousing space. We expect to see the Indonesian logistics market evolve into a modern

logistics hub in the same way the sector has evolved in other markets regionally and globally.

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• The logistics sector has seen gradual

development in recent times.

• However, at present most supply chain

operations remain largely inefficient.

• Only in recent years has the market begun to

evolve from the traditional ‘gudang’ style of

warehouse to modern logistics warehouse

building specifications for greater efficiency.

Evolution of the logistics sector

31


A nascent industry to enter

26%

19%

9% 8%

14%

9%

13%

2016 2020 2035 Singapore Malaysia Japan South Korea

Logistic cost as % of total GDP

32


Economic Growth and Scale

The Potential Opportunity

Recent disruptions in the commodities markets hit

the Indonesian economy hard, but government

spending began to pick up in 2015, economic growth

started to improve and Indonesia remains the largest

economy in Southeast Asia or 16th globally.

Annual GDP growth has averaged 5.8% over the

past 10 years and historically, domestic consumption

has driven the national economy. Indonesia

weathered the global economic turmoil in 2008 better

than most neighboring countries due to domestic

demand. The current administration is now

spearheading a shift to further stimulate growth

through investment.

33


Asia logistics, industrial yields and rentals

Asia logistics / industrial yields by key centres Asia logistics / industrial rentals by key markets

0%

2%

4%

6%

8%

10%

12%

India China Japan Singapore Hongkong

Yie

ld (

%p

er

an

nu

m)

Yield (%p.a) Risk - free Rates

Source: Colliers International

5% 5%

0%

5%

4%

10%

3%

0%

2%

4%

6%

8%

10%

12%

0

5

10

15

20

25

HongkongSingapore Tokyo Delhi Shanghai Beijing Guangzhou

Rental, US$ per sq ft p.a. (LHS) Forecast growth, % YoY

Source: Colliers International

Due to the sustained flow of investments into Asia, and the region’s subdued inflationary environment, risk-free rates have consistently fallen. The

logistics and industrial property yield spread compared to these risk-free rates narrowed up to 1Q 2013. However, the spread widened in Japan.

In China, long-term real estate funds have been eyeing opportunities for modern warehousing facilities for long-term growth in both the first and

second-tier cities. Investment yields for quality logistics premises in China currently range from 6 to 8% per annum.

The normal rental rate in China is around US$6-7 per sq. ft. per annum; and in most Chinese cities, they are expected to increase in the order of

3-5% per annum, thanks to the sustained growth of industrial production, cargo throughput volume and local retail sales. Beijing is going to deliver

an exceptional performance, primarily due to the accelerating expansion of its third-party logistics (3PL) companies and e-commerce sector.

34


Asia Logistics / Industrial Rental

Capitalization rates for logistic properties in Asia

The average industrial capitalization rate in Asia fell to

an all-time low of 5.8% in 2Q 2012; but edged up again

to 7.1% in 1Q 2013, according to statistics provided by

RCA.

The increase in cap rates reflected growing uncertainty

in the traditional warehousing sector about the

sovereign debt problems in the Eurozone, which had

still not been fully resolved.

However, strong demand continues for quality logistics

warehouses and distribution facilities, particularly those

supported by seasoned managers, and the average

capitalization rates have been compressed.

35


High logistic cost demand better infrastructures

“Besides the very high cost, logistic services in Indonesia are also bad like intervals in Indonesia for imported commodities

requiring 5.5 days and transportation is also very costly” – The Indonesia Chamber of Commerce and Industry (Kadin)

“Indonesia’s high logistic cost is due to under-utilized logistic assets, exacerbated by long and fragmented supply chains, low

port efficiency and road congestion” – World Bank

36


Future toll road that will create value to our properties

37


Attractiveness of Greater Jakarta Connectivity and Established Infrastructures

Toll Roads AirportsRailways

Greater Jakarta has been

connected by 18 toll roads with

length of 292.44 km throughout

Jakarta, Bogor, Depok,

Tangerang, dan Bekasi.

15 toll roads are operated by

Jasa Marga and the other 3 toll

roads are operated by private

sectors.

Greater Jakarta has integrated

railways transportation, which

include passengers and

cargoes transportation.

Indonesia’s government starts

to build railways project within

Soekarno-Hatta International

airports in terms of utilizing

Indonesia’s railways

transportation potential.

Jakarta is also supported by

two major airports which

located in West Jakarta and

East Jakarta.

Indonesia’s government and

state-owned airport operators

Angkasa Pura I dan Angkasa

Pura II are keen to attract

participation through public-

private partnership

This will positively affect the process of delivering goods and services for tenant companies,

which becomes competitive advantage for warehouse investment

38


Tanjung Perak Port

Juanda air Port

In the near future, Gresik, Sidoarjo, and Surabaya will become our expansion target

Attractiveness of the Locations – Connectivity

21 Km

22 Km

In terms of land prices and availability, Gresik and Sidoarjo seem potential for warehouse location. It offers

effective route to airport and port which could be added value for our future tenant.

35 Km

6 Km

Key Industry Served :FMCG, FnB, Electronic,

Chemicals

Greater Surabaya

39


Industries driving the demand for logistics

Healthy Growth in FMCGs and Retail

Urbanisation and growing wealth is already translating into

growth in the FMCG sector and retail sales. This will

increase the appeal of the logistics real estate market to a

broader spectrum of modern international logistics players.

Indonesia has a robust manufacturing sector

Indonesia has a large manufacturing base driven by a large

domestic consumer market and low labour costs. The robust

manufacturing sector is another major driver of demand for

logistics services and associated real estate. In 2015,

manufacturing accounted for 22% of GDP.

Source: JLL40


Indonesia Manufacturing Industry Snapshot

647 725812

9101,020

1,143

2015 2016 2017 2018 2019 2020

9.00%

Food and Beverage Manufacturing Sector

GDP Value, 2015-2020, IDR Trillions

2,405 2,622 2,858 3,115 3,3953,700

2015 2016 2017 2018 2019 2020

1. Positive demographics profile

2. Robust economic growth

3. Large number of middle income class

4. High degree of consumption

Growth Drivers Market Restraints

1. Slowing in global economy

2. Poor logistics infrastructure

3. High logistics cost

4. Regulation

Manufacturing Industry GDP Value,

2015-2020, IDR Trillions

The growing economy will further amplify the manufacturing industry,

especially food & beverages that will create bigger demand of warehousing

Source: Frost & Sullivan 41


Indonesia e-Commerce Market Snapshot

1. Positive demographics profile

2. Robust economic growth

3. High ICT adoption

4. Large number of local players

Growth Drivers Market Restraints

1. Poor logistics infrastructure

2. Large unbanked population

3. Low adoption of cashless payment

4. Limited ICT competency

31.1%

Indonesia e-Commerce Market Size, 2015-2019, USD Millions

Ecommerce is a growing tent that will push up the demand of warehouse spaceSource: Frost & Sullivan

42


Government’s investment on infrastructure will boost efficiency for

wholesale, retail, and automotive sector

IDR 257.64

Tn

• Wholesale, retail, and automotive sector was 17.0 percent of 2015 GDRP equivalent to IDR 304.65 Trillion

• Investment in existing infrastructure, mainly on toll roads, will further amplify logistics efficiency for wholesale and

retail companies in Indonesia, which include time and cost reducing

Greater Jakarta GDRP by Key Industries, 2015

(% of GDRP)



Government investment plan and initiatives on

infrastructure sector are expected to reach IDR 313

trillion in 2016, approximately 8.0% increase from

2015.

GDP’s share for transport, storage and courier is

estimated to grow around 38.0 percent in 2016 at

IDR 798 trillion. where 23 share percent accounts for

warehousing

Infrastructure initiatives help boost economic improvement

Source: World Bank, Indonesian Statistical Agency, Frost & Sullivan

Growth of Service Segment 2011- 2016 (f)



Source: EIU, Euromonitor

High growth, large domestic

market

Low growth, small

domestic market

Low growth, small domestic

market

Low growth, large domestic market

Indonesia

Singapura

Filipina

Thailand

Malaysia

Jepang

Australia

Vietnam

Myanmar

0

50

100

150

200

250

300

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Popula

tion

(mn)

Estimated average real GDP growth 2012-2016F

Indonesia continues to be an attractive target for FDI

Competitive wages and large domestic market makes Indonesia to be an attractive target for FDI in ASEAN

Rising middle class income

• Jakarta minimum wage increased 17.9% per year on average,

which will imply in higher labour cost due to higher inflation rate.

Productivity issue is assumed to be constant.

• Abundant amount of working-age population will increase labour

availability in the long-term. The composition also shows that

male workers are dominating in working-age population.

Resilient economy growth and large domestic market are expected to boost investment in Indonesia

Increase in minimum wages helps boost consumption in Indonesia, while minimum wages in Indonesia continue to be in the uptrend

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

2011 2012 2013 2014 2015Minimum Wage Increase in PMW

Rp

Jakarta’s Historical Minimum Wage 2011 - 2015

Source: JLL

Indonesian population is becoming wealthier and consumption is

expected to increase. By 2020, more than half of the population

is expected to be middle class or above

30%Middle and above

70%Below middle 53%

Middle and above

47%Below middle

45


Demand and land price overview in industry property

This shows that demand for warehouse complex in Jabodetabek area is still growing, which this will be great opportunity to invest in the area.

Stable land prices over the year encourages acquisition of new lands to satisfy the growing demand in the industry property.

Source: Central Bank of Indonesia; Frost & Sullivan Analysis

Warehouse Demand in Greater Jakarta (Jabodetabek) Land price (USD/m2)

94.00

96.00

98.00

100.00

102.00

104.00

106.00

108.00

110.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4e

2014 2015 2016

Warehouse Demand Index, 2014-2016

(Quarterly)

0

50

100

150

200

250

2011 2012 2013 2014 2015U

SD/s

qm

Greater Jakarta Industrial Land Price

Bogor Bekasi Tangerang Karawang

Increase 9% in

Q4 2016 from

Q1 2014

Source: Analysis by Frost & Sullivan

46


Riding along with the growing E-commerce in Indonesia

Successful e-commerce businesses require scale which Indonesia is able to offer.

This sector is expected to develop considerably over the short to medium term.

While the e-commerce phenomenon has taken hold in many

other markets in the region, the sector is still in its infancy in

Indonesia and the potential future growth also presents an

opportunity.

The Indonesian population has a large online presence.

Internet and mobile internet traffic has increased significantly.

47


Section 5

Key Financial

48


Solid revenues growth

Development of NLA and Occupancy Rate Each asset contribution towards revenues

MMP has successfully posted revenue Rp208.8 bn in FY17 supported by stable NLA and occupancy rate. Currently, our NLA stood at 230,370

m2.

2013 2014 2015 2016 2017

Net Leasable Area (m2) 139,811 163,757 163,911 163,911 230,370

Leased area (m2) 135,311 154,623 159,318 163,911 230,196

Occupancy Rate (%) 97% 94% 97% 100% 100%

49

139,811 158,137 163,911 163,911

230,370

97% 98% 97%100% 100%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

105%

-

50,000

100,000

150,000

200,000

250,000

2013 2014 2015 2016 2017

Net Leasable Area (m2) Occupancy Rate

2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7

Unilever IBP L&F Selayar MDP I MPP


Summary of profit and loss

Summary of profit and loss statement

Aside from recurring income from leasing its own logistic properties, MMP also has recurring value creation from recognition over increase in fair

value of investment properties. Each investment properties that have been completed will be measured at fair value.

(Rp bn) 2014 2015 2016 2017 Y/Y

Revenues 141.9 163.5 175.3 208.8 19.1%

Operating profit 114.3 121.7 117.7 142.4 20.1%

Finance Costs (43.9) (51.8) (46.8) (52.3) 11.6%

Forex gain / loss - net (15.2) (28.9) 3.3 (0.8) -126.3%

Changes in fair value of PI 261.1 64.8 323.0 217.2 -32.8%

Profit before tax 309.4 131.0 416.6 314.0 -24.7%

Income tax (14.2) (16.3) (17.6) (20.9) 19.0%

Net income (loss) 286.4 114.4 342.2 252.3 -26.3%Asset yield

Component of value creation

50

9.8%

16.8%15.2%

17.1% 17.6%

14.4%

5.5%

8.7%7.8%

8.7% 8.4% 8.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

-

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

2012 2013 2014 2015 2016 2017

Changes of PI fair value, Rp bn Assets at cost, Rp bn

Yield to cost (LHS) Yield to current value (LHS)

261.1

64.8

323.0

217.0

141.9 163.5 175.3

212.0

2014 2015 2016 2017

IDR

mili

ar

Increase in fair value of investmet properties Revenues

208.8


1,749

2,037

2,388

3,319

1,737 563 597

587 520 319

868

1,448

2,551

3,284 3,163

0.65x

0.41x

0.23x

0.16x

0.10x

0.00x

0.10x

0.20x

0.30x

0.40x

0.50x

0.60x

0.70x

-

500

1,000

1,500

2,000

2,500

3,000

3,500

2013 2014 2015 2016 2017

IDR

Bn

Investment Porperty Debt Equity Debt-to-Equity

Summary of financial position

Summary of financial position Asset and capital structure

Investment properties that is measured in the fair value is the largest component of asset in the summary of financial position of MMP. From

liability side, MMP is currently sourcing its financing from the equity, debt and bank loan. With strong value creation from investment properties,

MMP could achieve conservative leverage with Debt-to-Equity ratio of 0.10x at the end of Dec 2017.

(Rp bn) 2013 2014 2015 2016 2017

Cash and cash

equivalent6 11 383 105 201

Current asset (a) 89 82 519 200 390

Investment properties 1,749 2,037 2,388 3,319 4,592

Non current asset (b) 1,751 2,056 2,685 3,766 4,972

Total asset (a+b) 1,840 2,139 3,204 3,966 5,363

Short term liabilities (c) 604 137 176 235 294

Long term liabilities (d) 368 554 478 446 399

Debt 563 597 587 520 526

Total liabilities (c+d) 972 691 653 682 693

Paid in capital 75 400 571 571 689

Retained earnings 530 816 932 1,273 1,525

Total equity 868 1,448 2,551 3,284 4,670

51


Summary of financial position

Revenues, Rp bn EBITDA, Rp bn

Equity, Rp bn Gross Capital Expenditure for investment property only, Rp bn

52

284.51 233.29

286.81

607.09

1,118.3

2013 2014 2015 2016 2017

Gross Capex Inv. Prop.

867.21,447.50

2,551

3,284

4,670

2013 2014 2015 2016 2017

IDR

billio

n

Equity

119.5 141.9

163.5 175.3

208.8

2013 2014 2015 2016 2017

IDR

milia

r

Revenues

106.3115.1

122.9 120.8

145.9

2013 2014 2015 2016 2017


2013 2014 2015 2016 2017

Operational metric

Net Leasable Area, m2

Built to suit 111,900 111,900 111,900 111,900 179,735

Multi tenants 27,911 51,857 52,011 52,011 50,635

Total, m2 139,811 163,757 163,911 163,911 230,994

Occupancy rate, %

Built to suit 100% 98% 97% 100% 100%

Multi tenants 84% 87% 98% 100% 100%

Average occupancy rate, % 97% 94% 97% 100% 100%

Average remaining lease term, years 7.5 6.5 6.0 5.4 5.4

Revenue by segment

Revenue, Rp bn

Rental built to suit 94,931 99,160 99,922 106,313 137,015

Rental multi tenants 24,555 42,758 63,570 69,006 72,452

Total revenues, Rp bn 119,486 141,918 163,492 175,320 209,467

Profitability

Operating Profit (EBIT), Rp bn

Built to suit 81,881 83,514 77,714 96,793 124,469

Multi tenants 23,721 30,736 44,134 20,939 56,614

Total EBIT, Rp bn 105,601 114,251 121,848 117,732 181,083

EBIT margin, % 88% 81% 75% 67% 86%

EBITDA, Rp bn 106,267 115,063 122,852 120,756 179,236

% margin 89% 81% 75% 69% 77%

Finance Cost, Rp bn (36,054) (43,863) (51,843) (46,806) (52,254)

Forex loss net, Rp bn (117,712) (15,201) (32,018 ) 3,295 0,864

Interest Income, Rp bn 63 1,045 28,203 17,543 4,890

Profit before tax, Rp bn 174,187 309,395 131,003 416,831 239,104

Key performance matrix

53


94.9 99.2 99.9 106.3137.0

24.642.8 63.6 69.0

72.5

-

50

100

150

200

250

2013 2014 2015 2016 2017

Built to Suit Multi Tenants

Built to suit , 65%

Multi Tenants, 35%

Revenues breakdown

Built to suit warehouses account for two third of total revenues

Revenues breakdown

Net leasable composition area

As of 31 Dec 2017

Revenue

IDR Bn

141.9163.5

119.5

175.3

54

208.8


Section 6

55

Assets in Details


Location MMP’s logistic properties and pipeline

(in km)Intirub

Business Park

Unilever Mega

DCLi & Fung Selayar Lazada Block AE Block H Cileungsi Cibatu

Distance to Jakarta 0 32 31 32 22 32 33 26 35

Distance to Tanjung Priok port 22 44 43 44 43 44 45 41 51

Distance to International Airport 39 66 65 66 60 66 67 59 7356

Tanjung PriokSeaport Industrial Estate

Expansion Area

Halim PK Airport

Pondok Ungu warehouse

Lazada Warehouse

Cileungsi Warehouse


JababekaMM2100Cibatu Warehouse

Block AE Warehouse

LF WarehouseSelayar Warehouse

Unilever WarehouseBlock H Warehouse

Delta Silicon

Airport warehouse

Soekarno-Hatta Int’l Airport

Toll Road in operation Toll Road under construction


Tanjung Perak Port

Juanda Air Port

Toll RoadsIn Operation

Under construction

Planning

In (Km) Manyar Warehouse

Distance to Surabaya 31

Distance to Airport 52

Distance to Tanjung Perak Port 29

Location MMP’s logistic properties and pipeline

MMP properties

57


Logistic property profile – Unilever Mega DC

Location : MM2100 industrial estates, West

Cikarang, Bekasi

Land area : 194.297 m2

Gross floor area : 156.462 m2

NLA : 90.288 m2

Lease period : 10 years, with an option to extend another

10 years

Operator : PT Linfox Logistics Indonesia

Floor capacity : 6 ton per m2

Ceiling height : 12 m (center 17 m)

Specification:

- Super flat floors (FF; Floor Flatness);

- Double deep pallet racking system;

- Heat shield;

- Parking area up to 104 truck;

- 85 loading doors;

- 8 loading dock levelers;

- Sprinkler on each rack, with immediate response;

- Fire extinguisher with standard of ULFM;

- Rental that include racking, sprinkler and office.

58


Logistic property profile – Li & Fung

Location : M2100 industrial estates, West Cikarang,

Bekasi



NLA : 21.612 m2

Lease period : 5 years, with option to extend for another 5

years


Ceiling height : 11 m (center 12,5 m)

Tenant : PT LF Services Indonesia (part of Li & Fung

Ltd. Group) / Fonterra & ARK / Ultra Jaya

Specification:

- Super flat floor;

- 38 loading doors with tight sealing to keep hygiene;

- Heat shield;

- 19 loading dock levelers

59


Logistic property profile – Intirub Busines Park I & II

Intirub Business Park I

Location : Halim, East Jakarta


Gross floor area : 30.086 m2 (warehouse) + 5.455 m2 (office)

NLA : 23.397 m2 (warehouse) + 4.639 m2 (office)

Floor capacity : up to 4,5 ton per m2

Ceiling height : 10 m

Warehouse specification : warehouse with semi basement, 3 floor office

and parking area

Special specifications : 5 loading dock levelers

Tenants : DHL, ARK/Ingram, Yokogawa, aCommerce

(warehouse), Bank BNI46, DHL, Mahadasha,

Scan Global (office)

Intirub Business Park II

Location : Halim, East Jakarta


Gross floor area : 23.219 m2 (warehouse) + 5.696 m2 (office)

NLA : 13.709 m2 (warehouse) + 4.646 m2 (office)

Floor capacity : up to 4,5 ton per m2

Ceiling height : 9 m

Warehouse specification : warehouse with semi basement, 3 floor office

and parking area

Special specifications : 10 loading dock levelers

Tenants : Grundfos, DHL, ARK, MHE-Demag

(warehouse), Grundfos, Deraya, MHE-Demag

(office)

60


Property logistic profile – Selayar

Location : MM2100 industrial estates, West

Cikarang, Bekasi



NLA : 5.620 m2


Ceiling height : 9 m (center 13 m)

Special specifications : 6 loading doors with 2 loading dock

levelers

Tenants : Yusen Logistics Solution Indonesia

61


Property logistic profile – Lazada

Location : Tapos, Depok


Gross floor area : +/- 62.000 m2 (phase 1 and phase 2)

Lease period : 10 years, with option to extend for another

5 years


Ceiling height : 12 m (center 16m)

Tenant : LAZADA

Specification:

- Flat floor;

- Parking Area & Basement Area

- Double Decker (stage 2)

62


Property Profile – Cibatu Warehouse

Location : Scientia Boulevard, Jababeka V

Cikarang


Net Leasable Area : 36,216 m2


Tenant : Ark Logistics

Estimated Completion Year : 2017

Architectural & Structural Specification:

- Floor Load Capacity : 4 ton/m2

- Foundation : Concrete Pile

- Floor : Reinforced Concrete

- Column : Tappered Steel Column

- Roof Structure : Tappered Steel Beam

- Floor Flatness : Superflat

- Effective Ceiling Height : 12 m

- Wall : AAC Wall + Metal Cladding

- Roof : Boltless Metal Roof + Insulation

- Loading Door : 19 Units

- Canopy Width : 13 m

Mechanical/Electrical Specification:

- Sprinkler : Yes

- Smoke Detector : Beam Detector

- Artificial Lighting : 100 lux (Warehouse)

- Generator Set : 400 KVA

65


Building value delivering result

From Abandoned Factory In progress to become the largest DC for LAZADA Indonesia

63


Property Profile – AE Warehouse

Location : MM2100 Industrial Estates, West Cikarang, Bekasi

Land Area : 35,740 m2

Net Leasable Area : 21,328 m2 (ground floor)

18,718 per m2 (upper floor)

Estimated Completion Year : 2017Cawang

Intersection Cikunir

Intersection

MM2100

Industrial Estate


-Floor Load Capacity : 4 ton/m2 (Ground Floor)

3 ton/m2 (Upper Floor)

-Foundation : Concrete Pile

-Floor : Reinforced Concrete

-Column : Reinforced Concrete

-Roof Structure : Steel Truss

-Floor Flatness : Flat

-Effective Ceiling Height : 9 m (Ground Floor)

8 m (Upper Floor)

-Wall : AAC Wall + Metal Cladding

-Roof : Boltless Metal Roof + Insulation

-Loading Doors : 48 Units

-Canopy Width : 10 m (Ground Floor)

8 m (Upper Floor)


- Sprinkler : Yes

- Smoke Detector : Beam Detector

- Artificial Lighting : 120 lux (Warehouse)

- Generator Set : 300 KVA

64


Property Profile – Cileungsi Warehouse

Location : Jl Raya Narogong KM 17, Cielungsi


Net Leasable Area : 31,392 m2


Tenant : Ark Logistics

Estimated Completion Year : 2017


- Sprinkler : yes

- Smoke Detector : yes (laser beam detector

- Artificial Lighting : 120 lux – 150 lux

- Generator Set : on design process (around 50% of

total power needed)


- Floor Load Capacity : 2 ton (staging area) & 5 ton (storage area)

- Foundation : Concrete Pile

- Floor : Reinforced Concrete Slab

- Column : Reinforced Concrete Column

- Roof Structure : Steel Structure (Truss System)

- Floor Flatness : FF30 FL 20

- Effective Ceiling Height : 12 m

- Wall : AAC Wall + Corrugated Metal Cladding

- Roof : Corrugated Metal Roof (boltless system) with

insulation Loading Door

- Loading Door : 24 (outbond) + 12 (inbound)

- Canopy Width : 10 - 12 m

66


Section 7

67

Other Financial Info


Audited Balance Sheet

Year to Dec 31, Rp mn 2013 2014 2015 2016 2017 % YtD

Cash and Equivalents 6,368 11,311 382,973 104,683 201,516

93%

Other current assets 72,054 57,381 127,100 92,962 180,651 94%

Property & equipment 1,236 2,107 13,483 13,342 12,327 -8%

Investment properties 1,748,426 2,036,806 2,388,400 3,318,776 4,592,009 38%

Other non-current assets 1,469 17,183 2,748 7,001 12,026

72%

Total assets 1,840,010 2,138,502 3,204,321 3,965,769 5,363,669 35%

ST unearned revenue 23,932 23,528 25,281 42,641 25,398 -40%

Bank loans - short term 181,547 35,636 124,911 89,859 164,988

84%

Other current liabilities 373,842 50,859 12,630 8,896 19,115 115%

Bank loan 360,440 541,288 460,646 427,901 361,205 -16%

LT unearned revenue - - - 2,743 10,725

291%

Other long term liabilities 3,259 4,917 5,826 6,179 4,944 -20%

Total Liabilities 971,766 690,647 653,294 681,509 693,479 2%

Minority interest - 2,673 2,916 393,675 885,106 125%

Equity 868,242 1,445,182 2,548,111 2,890,585 4,670,189 62%

68


Audited Profit and Loss Statement

Year to Dec 31, Rp mn 2013 2014 2015 2016 2017 % Y/Y

Revenue 119,486 141,918 163,492 175,320 208,794 19%

Cost of revenue 5,940 13,084 16,059 18,444 20,146 9%

Gross profit 113,546 128,834 147,432 156,875 188,647 20%

G&A 7,944 14,616 25,754 39,143 46,202 18%

Operating profit 105,602 114,218 121,677 117,732 142,445 21%

EBITDA 106,268 115,031 122,852 120,756 145,984 21%

Net interest income (expense) (35,991) (42,818) (23,640) (29,262) (47,363) 48%

Increase in fair value Invt Prop 222,424 261,127 64,787 323,288 217,211 62%

Other items (117,848) (23,165) 31,822 5,073 (1,272) -33%

Profit before tax 174,187 309,363 131,003 416,831 314,051 -25%

Tax (12,201) (14,192) (16,349) (17,624) (20,986) 19%

Proforma adjustment (71,454) (8,482) - -

Net income 90,532 286,404 114,415 342,166 252,262 -26%

69


Audited Cashflow

Rp mn 2016 2017 %Y/Y

Cash flow from operating activities

Cash Receipt from Customer221,769 226,867 2%

Payment to Supplier and Others(53,098) (131,671) 148%

Tax paid(20,404) (20,594) 1%

Interest paid(49,175) (52,925) 8%

Net cash provided by operating activities80,352 (15,754) -80%

Cash flow from investing activities

Acquisition of Investment Properties(497,879) (1,034,729) 108%

Loans-

Other investment activities(2,120) (180) -92%

Net Cash Used in Investing Activities(626,187) (992,422) 58%

Cash flow from financing activities

Loan Receipts from Bank61,239 97,653 59%

Payment to Bank Loan(128,967) (92,214) -28%

Receipt from Paid in Capital- 432,507

Net Cash provided by Financing Activities265,573 1,105,014 316%

Net increase (decrease) in cash and cash equivalents(280,262) 96,837 -135%

Effect of foreign exchange, net(228) (4) -98%

Cash and cash equivalent of subsidiaries - before acquisition 2,200 -100%

Cash and cash equivalent, beginning balance382,973 104,683 -73%

Cash and cash equivalent ending balance104,683 201,516 93%

70


End of presentation

Thank you

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