PT Barito Pacific Tbk[IDX: BRPT]

Public Expose 201828 November 2018

Contents

Company Overview

2018 Business Highlights

9M-2018 Consolidated Financial and Operation Performance

Growth Strategy

2

Company Overview

3

Barito Pacific Profile

Barito Pacific is a publicly listed company since 1993. It has now transformed

into an integrated energy company with multiple power and industrial assets

Barito Pacific owns a controlling share in PT Chandra Asri Petrochemical Tbk,

Indonesia’s largest and only integrated petrochemical company

Barito Pacific also owns a controlling share in Star Energy, the largest

geothermal company in Indonesia and the third largest geothermal company

in the world

Along with Indonesia Power, a subsidiary of PLN, Barito Pacific is developing

Java 9 & 10, a 2 x 1,000MW Ultra Super-critical class power plant, one of the

most energy efficient and environmentally friendly coal technology in the

market.

4

Current Organization Structure

PT Griya Idola

Property and Others

100.00%

Wisma Barito Pacific office complex in Jakarta

Integrated industrial park: 60 ha

Wisma Barito Pacific 2 (expected completion: 2Q 2020)

Hotel Mambruk Anyer

46.26%

PT Chandra Asri Petrochemical Tbk

Petrochemicals

Domestic market share (including imports) of approximately 52% and 27% in olefin and polyolefins, respectively(1)

Market capitalization of c.US$5.7bn as at 31 Oct 2018

Energy

PT Indo Raya Tenaga

2,000 MW ultra supercritical coal-fired power project (scheduled COD in 2023)

Consortium with PLN

PT Barito Pacific Tbk (“Barito Pacific”)

49.00%

Star Energy Group Holding Pte Ltd

875 MW Geothermal Power Plant (The largest operator in Indonesia and Number 3 in the world

Long-term offtake contract agreement with Pertamina and PLN with average contract period of 24 years (from 2017)

66.67%

5

(1) For the year ended 31 December 2016 according to Nexant; polyolefin market share based on combined figures of polyethylene and polypropylene

As of 31 October 2018

World Class Partners

6

Petrochemicals BusinessPower Business

Partners Partners

Reputable Suppliers & Customers

■ Largest supplier of naphtha feedstock to CAP, accounting for 23.1% of total supply in 2017

■ Key supplier of naphtha feedstock to CAP, accounting for 17.8% of total supply in 2017

■ Acquired 30% stake in CAP in 2011■ Currently owns a 30.57% stake in CAP■ Sharing of technical and operational expertise■ Access to Thai financial institutions

■ Key customer / offtaker of ethylene from CAP

■ Key customers of CAP

■ Partner to CAP in the Synthetic Rubber JV (45% held by CAP(1) and 55% held by Michelin)

Strong support from world class partners is a testament to the quality of Barito Pacific’s assets

■ Recently partnered with Barito Pacific in the development of Java 9 & 10, a 2 x 1,000 MW ultra supercritical coal-fired power project

■ Acquired 33.33% stake in Star Energy for a total consideration of US$357m in July 2017

■ Partnered with Star Energy on the acquisition of Salak and Darajat geothermal assets from Chevron on 31 March 2017

■ Partnered with Star Energy on the acquisition of Salak and Darajat geothermal assets from Chevron in April 2017

■ Acquired 20.00% stake in Wayang Windu in 2012

■ Partnered with Star Energy on the acquisition of Salak and Darajat geothermal assets from Chevron in April 2017

■ Acquired 20.00% stake in Wayang Windu in 2014

■ Star Energy’s counterpart under the Joint Operation Contract basis to develop geothermal fields in Indonesia

■ PLN has been an offtaker of Star Energy since 1994

Customers & Counterparts

Barito Pacific Management

7

Agus Salim Pangestu President Director

23 years in industry21 years with Barito Pacific

Rudy SuparmanVice President Director

31 years in industry1 year with Barito Pacific

Andry SetiawanDirector

15 years in industryAppointed in April 2018

David KosasihIndependent Director

7 years in industryAppointed in April 2018

Board of Directors

2018 Business Highlights

8

2018 Business Highlights Barito Pacific

Completed Rp8.9 trillion Rights Issue and successfully acquired 66.67% ownership

interest in Star Energy Group Holdings Pte. Ltd (Star Energy) on 7 June 2018.

Successfully extended the tenure of its US$250m term loan with Bangkok Bank for

another 12 months (due in September 2019).

Recently obtained new US$175m term loan facility (with Greenshoe option of

US$25m) from DBS and Barclays, to refinance Bangkok Bank loan.

Declared US$30m dividend (25.4% of 2017 net income attributable to owners of the

company) paid in July 2018 @ Rp24.43/share.

Groundbreaking of Wisma Barito Pacific 2 that is expected to be completed in 2Q-

2019, through PT Griya Idola.

Completed sale of PT Royal Indo Mandiri’s 95% ownership in plantation for

US$67.9m.

Appointed David Kosasih and Andry Setiawan, as the new Directors of the company,

at the same time accepted the resignations of Henky Susanto and Salwati Agustina

from the BoD.9

2018 Business Highlights PT Chandra Asri Petrochemical Tbk (CAP)

Completed its Butadiene Plant expansion to 137ktpa (up by 37%) in June 2018.

Awarded 6 License and engineering design agreements to world-class licensors for

its new petrochemical complex (CAP 2).

Awarded EPC to Toyo Engineering Group for its new MTBE (127ktpa) and Butene-1

(43ktpa) plants that are expected to commercially operate in 3Q-2020.

Achieved mechanical completion of PT Synthetic Rubber Indonesia, JV with Michelin.

The first plant in Indonesia to produce the feedstock of environmentally-friendly tire,

using Michelin’s proprietary technology.

Inaugurated Plastic Asphalt Road as a form of support to the Government’s target to

reduce plastic waste to 70% by 2025.

Issued Shelf Registration Bonds I Phase II - Rp500bn (~US$36.3m) in March 2018 to

prepaid the US$94.98m term loan and for working capital.

Signed US$120m working capital facility agreement with Bank Mandiri.

10

2018 Business Highlights

Star Energy

Issued 15-year US$580m Green Bond in April 2018 with coupon rate of 6.75% to

refinanced the US$660m Wayang Windu term loan.

Repaid amortizing loan principal of Salak and Darajat totalling US$52.5m for 9M-

2018.

11

9M-2018 Consolidated Financial and Operation Performance

12

9M-2018 Consolidated Financial PerformanceAs Restated

9M-2018 9M-2017 % Change 9M- 2017Net Revenues 2,357 1,823 29.3% 2,101

CAP 1,962 1,798 9.1% 1,798 Star Energy 391 - 0.0% 294 Others 4 25 -84.0% 9

Cost of Revenues 1,696 1,402 21.0% 1,441 Gross Profit 661 421 57.0% 660 Finance Costs 159 42 278.6% 106 Net Income After Tax 217 220 -1.3% 286 Attributable to:

Owners of the company 70 96 -27.1% 121 Non-controlling interests 147 124 18.5% 165

EBITDA 635 432 47.0% 682 Gross Profit Margin (%) 28.0 23.1 21.2% 31.4 EBITDA Margin (%) 26.9 23.7 13.5% 32.5 Debt to Capital (%) 47.7 24.7 93.1% 48.1 Debt to EBITDA (x) - LTM 2.90x 1.20x 141.7% 2.70x Net Debt to EBITDA (x) - LTM 1.90x net cash 0.0% 1.90x

As Restated9M-2018 FY-2017 % Change FY-2017

Cash Balance 827 881 -6.1% 906 Total Debt 2,482 913 171.8% 2,629 Net Debt 1,655 32 5071.9% 1,723

As Previously Reported

As Previously Reported

Note: To better understand geothermal contribution to BRPT 9M-2018, management is using the comparison between the9M-2018 vs 9M-2017

13

9M-2018 Consolidated Financial Profile

3,060; 45%

3,262; 48%

430; 7% Assets

581; 23%

1,650; 67%

251; 10%

Total Debt

1,962; 83%

391; 17%

4; 0%Net Revenues

339; 52%305; 47%

-9; -1%EBITDA

Amounts in US$m

14

Petrochemical

15

Chandra Asri Petrochemical at a Glance

16

Market leader in highly attractive Indonesia and SE Asia petrochemical market

◦ Domestic market share (including imports) of approximately 52% and 27% in olefin and polyolefins, respectively

3.4 mtpa of existing production capacity

Integration from upstream cracker to downstream polyolefin products

Strategically located near key customers with a captive distribution network

◦ Significant cost efficiencies for CAP and its key customers

Long-standing relationships with diversified customer base

◦ No single customer accounts for more than 8% of consolidated revenue

◦ Most customers produce for the domestic market and not for export

CAP’s main integrated manufacturing complex

Low production cost base and operating efficiencies

◦ Benefits from scale of feedstock sourcing and stable supplier relationships

Transformed in 2016 following the 4Q 2015 naphtha cracker expansion, resulting in significant EBITDA growth, reinforced balance sheet and a more diversified product mix

Support from Barito Pacific Group and Siam Cement Group (“SCG”)

◦ Barito Pacific’s stake in CAP: 46.26%

◦ SCG’s stake in CAP: 30.57%

Vital National Object status

Track Record of Successful Growth

17

CAP

EBITDA

1992

TP

IC

A

1992

Started commercial production of polypropylene comprising annual capacity of 160 ktpa

1993

1993

Increased capacity of polypropylene plant to 240 ktpa

1995

1995

Increased capacity of polypropylene plant to 360 ktpa

2009

2009

Increased capacity of polypropylene plant to 480 ktpa

1995

Commercial production begins at CAP with initial cracker capacity of 520 ktpa

2004

2004

Product expansion through selling of Mixed C4

2007

2007

Added a furnace at its naphtha cracker to increase ethylene production to 600 ktpa, propylene production to 320 ktpa, pygas production to 280 ktpa and mixed C4 production to 220 ktpa

Acquisition of 100% shares of SMI

2010

2010

Issued inaugural 5-year US$230m Bond

2011

2015

2016

2015

Completed cracker expansion project and TAM

2013

Strategic partnership in the synthetic rubber business with Michelin to establish PT Synthetic Rubber Indonesia

Commenced operations of our butadiene plant with a nameplate capacity of 100 ktpa

Secured funding for cracker expansion:

− Limited public offering of shares with pre-emptive rights of approximately US$127.9m in the IDX

2011

Merger of CA and TPI effective from 1 January 2011

Completed de-bottlenecking to raise polypropylene capacity to 480 ktpa

SCG Chemicals acquired 23.0% of Company from Apleton Investments Limited, a wholly-owned subsidiary of Temasek Holdings (Private) Limited, and 7.0% from Barito Pacific

2015

155m

2016

510m

2017

550m(US$)

2016

Issued CAP IDR Bond I –2016

Received upgraded corporate rating from Moody’s from B2 to B1

Revised rating outlook from S&P from Stable to Positive B+.

Received idA+ rating from Pefindo

2017

2013

2017

Upgrade of long-term corporate credit rating from B1 to Ba3 by Moody's

Completed rights issue of approximately US$377m

Issued US$300m 7NC4 bond

Issued CAP IDR Bond II –2017

Obtained long-term credit rating of BB-Stable from Fitch.

Track record of achieving operational and structured growth

Sept 2018

337m

2018

Issued CAP I Phase II Bonds 2018

Maintained rating from Pefindo idAA-

S&P revised CAP Global Bond outlook to Stable

Completed debottlenecking of Butadiene plant to 137 ktpa

New Synthetic Rubber Plant of 120 ktpa on stream (JV with Michelin).

2018

Integrated Production of Diverse Products

18

Ethylene (860)

Propylene (470)

PyrolysisGasoline (400)

Mixed C4 (315)

Polypropylene (480)

Naphtha consumption of 2,450 ktpa at full capacity

Polyethylene (336)

Styrene Monomer (340)

Naphtha

Co-generation plants

Utilities & facilities

Water

facilitiesJetty facilities

Support facilities

Butadiene (100)

(ktpa)

Merchant market (430)

Capacity

Capacity (ktpa) Use of Goods (examples)

CAP’s products encompass a wide range across the consumer products value-chain, and its leading position and strategic location enhances its competitiveness

Strategically Located to Supply Key Customers

19

Cilegon

Merak

Jetty CAP PipelineToll Road Road

Puloampel-

Serang

Styrene Monomer Plant

Capacity 340 ktpa

Sriwie

DongjinLautan Otsuka

AsahimasPolypet PET

Polyprima PTAARCO PPG

Amoco MitsuiTITAN PE

Mitsubishi KaseiPIPI PS and SBL

Unggul Indah ABProintail

Statomer PVCBuana Sulfindo

Santa Fe

Rhone Poulenc SBLSulfindo Adiusaha

NAOH, CL2

Golden Key ABSMultisidia

Risjad BrasaliEPS, SAN

Trans BakrieCont Carbon CB

Indochlor

Sintetikajaya

Showa EsterindoSulfindo Adi. PVC

Polychem

Redeco

Cabot

Siemens

Hoechst

KS

Dow Chemical

Air Liquide

UAP

Customers with pipeline access

NSI

Sulfindo Adi. EDC, VCM

Indonesia

Cilegon

Integrated ComplexAnyer

NIntegrated Complex

Main Plant Capacity (ktpa)

− Ethylene: 860

− Propylene: 470

− Py-Gas: 400

− Mixed C4: 315

− Polyethylene: 336

− Polypropylene: 480

Butadiene Plant: 137 ktpa

On-Site Power

Jakarta

Location proximity and well established pipeline ensures excellent connectivity to key customers. This coupled with reliability of supply lead to premium pricing, with integration of facilities creating significant barriers to entry

Market Leading Positions - Petrochemical

20

CAP52%

Pertamina24%

Import24%

CAP27%

LCT14%

Polytama8%

Pertamina2%

Import49%

Olefin producers in Indonesia Polyolefin producers in Indonesia (1)

2.6 mtpa 3.0 mtpa

largest Olefin producer in Southeast Asia7 largest Polyolefin producer in Southeast Asia6

largest Olefin producer in Indonesia1 largest Polyolefin producer in Indonesia1

2016 Olefin Supply in Indonesia 2016 Polyolefin Supply in Indonesia

Source: Nexant(1) Based on combined figures of polyethylene and polypropylene

Strong Operating Performance

Cracker Polyethylene

Polypropylene Styrene Monomer Butadiene

Product 9M17 (KT)

9M18 (KT) YoY Δ%

Ethylene 636 624 (1.9%)

PE 232 259 11.6%

PP 339 392 15.6%

SM 266 225 (15.4%)

BD 87 62 (28.7%)

Production Volume

Planned shutdown (Mar-May) for

expansion tie-ins

Maintained high operating rates. Butadiene planned shutdown for expansion tie-ins

99% 97%

9M-2017 9M-2018

92%103%

9M-2017 9M-2018

94%

109%

9M-2017 9M-2018

104%

88%

9M-2017 9M-2018

116%

71%

9M-2017 9M-2018

21

Energy

22

Star Energy at a Glance

23

Operating assets

Sukabumi Regency and Bogor Regency, West Java

377 MW total installed capacity Units 1 to 3 (Steam): 3 x 60 MW(1)

Units 4 to 6 (Power): 3 x 65.6 MW SEGHPL effective ownership: 51.95% Acquired from Chevron on 31 March 2017

Salak

Garut Regency and Bandung Regency, West Java

271 MW total installed capacity Unit 1 (Steam): 55 MW Unit 2 (Power): 95 MW Unit 3 (Power): 121 MW

SEGHPL effective ownership: 51.95% Acquired from Chevron on 31 March 2017

and from PT DGI on 27 September 2017

Darajat

Bandung Regency, West Java 227 MW total installed capacity

Unit 1 (Power): 110 MW Unit 2 (Power): 117 MW

SEGHPL effective ownership: 60.00% Tariff increase of US¢3.11/kWh effective

April 2016

Wayang Windu

Exploration projects

Both PT Star Energy Geothermal Suoh Sekincau and PT Star Energy Geothermal Indonesia have completed the preliminary survey (“PSP”) and have right to match the best tender offer for the license to develop the resource area

The third largest geothermal IPP globally and the largest in Indonesia(2)

(1) While contractual capacity is 55 MW, Star Energy generally provides steam flow up to 60 MW (2) Based on 2017 installed capacity, according to Frost & Sullivan

24

Geothermal Energy Producers in Indonesia Top Geothermal Energy Producers Globally

1

largest geothermal energy producer in Indonesia1 largest geothermal energy producer globally3

3

2017 Installed Capacity (MW) 2017 Installed Capacity (MW)

Source: Frost & Sullivan, company websites, company filings

Listed Southeast Asia IPPs with Geothermal Exposure

EDC

PhilippinesVivant Corp

Philippines

Phinma Energy

Philippines

BCPG

Thailand

First Gen

Philippines

Aboitiz Power

Philippines EGCO

Thailand

Market Leading Positions - Geothermal

875

617

220

120

1,169

899 875 874

725

Stable Cash Flows from Geothermal Business

25

Long-term offtake agreements with state-owned enterprises (PLN and Pertamina)

Capacity contracted on take-or-pay basis:

Wayang Windu: 95.0%

Darajat: 80.0% (Unit 1); 95.0% (Units 2 and 3)

Salak: 95.06% (Units 1 to 3); 90.14% (Units 4 to 6)

Tariffs protected against macroeconomic risks

FX risk: Capacity payment tariffs denominated in USD

Inflation risk: O&M portion of tariffs adjusted for Indonesia and US inflation

Cost inflation risk: Tariffs adjusted for machinery and tools inflation

Current contracts have a capacity weighted average remaining term of ~24 years

PLN

Remaining Contract Life by Asset (years)

Stable cash flows underpinned by long-term take-or-pay offtake agreements from the geothermal business will provide a cushion against the cyclical nature of the petrochemical business

2223

27

Wayang Windu Salak Darajat(1)

(1) Capacity-weighted based on Unit 1 and Unit 2 remaining contract life of 24 years and Unit 3 remaining contract life of 30 years

Strong Operating Performance

Net Dispatch (G1)

1,925 1,910

1,420

FY-2016 FY-2017 9M-2018

165 182

136

FY-2016 FY-2017 9M-2018

Revenue (US$m)

1,405 1,3441,089

1,521 1,561

1,187

FY-2016 FY-2017 9M-2018

Units 1-3 Units 4-6

195 194

149

FY-2016 FY-2017 9M-2018

SalakWayang WinduNet Dispatch (GWh) Net Dispatch (GWh) (1)

Darajat

381 41891

1,699 1,682

1,325

FY-2016 FY-2017 9M-2018

Unit 1 Units 2-3

Revenue (US$m) Revenue (US$m)

132 135

105

FY-2016 FY-2017 9M-2018

(1) Darajat Unit 1 power plant is operated by PT Indonesia Power, a subsidiary of PLN. There were 3.5 days unplanned shutdown in January 2018 and has been shutdown since 18 March 2018 due to high vibration and back to commercial operation on 30 September 2018.

26

Growth Strategy

27

Growth StrategyGrowth Factors Development Opportunities

Low electricity consumption per capita in Indonesia as

compared to other ASEAN countries; headroom for rapid

growth

Government development plan to increase electrification

ratio

Significant growth in coal power and geothermal power

capacity required, of which majority is allocated to IPPs

Star Energy will focus on renewable energy opportunities

Further expansion of existing operational geothermal

projects.

Development of current exploration assets in

Indonesia – Hamiding & South Sekincau.

Greenfield or brownfield renewable energy

opportunities in Indonesia and outside.

Diversification into coal-fired power generation

Indonesia only

2 x 1,000 MW ultra supercritical coal-fired power plant

(Java 9 & 10) in partnership with Indonesia Power, a

subsidiary of PLN

Rising population and median incomes to drive consumer

spending and GDP growth in Indonesia

Strong domestic demand for petrochemical products and

basic chemicals

Increase production capacity, expand product offering and

further optimize integration

Improve operational efficiency

28

Strategic Growth via Expansion and Debottlenecking (Excluding 2nd Petrochem Complex)

29

157

510

233

3,301 3,458

3,968 4,201 4,201

2017 2018 2019 2020 2020

(KT / A)

2016 – 2020 CAGR: 6.2%

BD: ∆37KT

C2: ∆40KT

C3: ∆20KT

MTBE: ∆130KT

B1: ∆43KT

BD expansion & SSBR operation

C2, C3, MTBE and Butene-1

PE: ∆400KT

PP: ∆110KT

PE expansion& PP

Debotlenecking

After doubling the size of production capacity over historical 10 years, the expected further growth in the next 5 years will come from several expansion & debottlenecking initiatives.

Note: SSBR – Solution Styrene Butadiene RubberBD Expansion - Butadiene Plant Expansion

PE - PolyethylenePP – Polypropylene

MTBE - Methyl tert-butyl ether C2 / C3 – Refers to furnace revamp

SSBR: ∆120KT

30

Strategic Growth via Expansion and Debottlenecking

ScheduleCAPEX (US$m)

Funding Status

Capacity Increase

Cumulative CapacityProject Description Start Proposed

Start up

Current Production Capacity 3,301 KT/A

Butadiene Plant Expansion 2Q – 2017 2Q – 2018 42.0 Fully Funded 37 KT/A 37 KT/A

Synthetic Rubber Project (through SRI JV) 4Q – 2015 3Q – 2018 570.0 Fully Funded 120 KT/A 120 KT/A

Production Capacity at the end of 2018 3,458 KT/A

PP Debottlenecking 4Q - 17 3Q – 2019 39.5 Fully Funded 110 KT/A 110 KT/A

New Polyethylene Plant 1Q – 2018 4Q – 2019 380.0 Fully Funded 400 KT/A 400 KT/A

Production Capacity at the end of 2019 3,968 KT/A

Furnace Revamp 3Q – 2018 1Q – 2020 48.0 Fully Funded 40 KT/A C2; 20 KT/A C3

60 KT/A

MTBE and Butene – 1 Plant Not yet started 3Q – 2020 114.0 Fully Funded 130 KT/A MTBE;

43 KT/A B1173 KT/A

Production Capacity at the end of 2020 4,201 KT/A

Completed

31

Wayang Windu Unit 3 Expansion Potential Potential for Unit 3, scaling up gross power generation by up to 60 MW

Expansion aimed at enhancing competitiveness, given growing demand, cost competitiveness and underutilized offtake agreement

Star Energy has extensive experience and efficient business processes to identify optimal growth strategy and maximize upside while limiting capex

Decision on Unit 3 to depend on the outcome of initial exploration drilling programs and returns generated from the capex

Significant upside from Resource Availability

GeothermEx estimates Wayang Windu geothermal energy reserves going forward are sufficient to sustain current generation of Unit 1 & 2 at or near 227 MW gross, with sufficient reserves to support output at 280 MW for 30 years and at 390 MW for 20 years

Potential to add up to 60 MW through Unit 3, increasing installed capacity to up to 287 MW

Capital expenditure could be in excess of US$120m, and depends on outcome of drilling program in 2018 – 2021

Star Energy already has the exclusive rights to the geothermal development of the land that contains the resources

Strong Past Track Record provides Confidence for Future Expansion

Have past experience of over 2 decades of dealing with the regulators and local communities

Experience in successfully drilling wells for Units 1 and 2

Timely completion of drilling programs with Unit 2 having started operations 14 days ahead of schedule

Star Energy employs reputed and experienced drilling contractors and consultants

Star Energy employs experienced suppliers and contractors for the plant construction

Star Energy will utilize a third party geothermal consultant of international standing to confirm the existence of sufficient geothermal resources in the Wayang Windu area to support any expanded generation capacity for a period of no less than 20 years before incurring any capital expenditures for new geothermal units.

32

Geothermal Development Projects

Salak Binary

Proposed Start-up: 2021

15 MW capacity

Development stage: feasibility studies

Salak Unit 7

Proposed Start-up: 2023

55 MW power generation capacity

Development stage: feasibility studies

Salak Expansion Geothermal Exploration

Sekincau

Located in West Lampung, Sumatera

Right to match the best tender offer for the license to develop the resource area

Development stage: preliminary survey & exploration

Kota Agung

Bandar Lampung

Kotabumi

Sekincau

Hamiding

Located in North Halmahera, Maluku

Right to match the best tender offer for the license to develop the resource area

Development stage: preliminary survey & exploration

Tobelo

Hamiding

Sofifi

TernateSindangoli

Supu

Pandanga

33

Java 9 & 10 Power ProjectProject Timeline

Project Ownership

Description

2,000 MW (2 x 1,000 MW) ultra supercritical coal-fired power project developed under a BOOT scheme

Located in Suralaya, Banten province

The site is located in close proximity to CAP’s integrated petrochemical complex in Cilegon

Land for the project has already been secured and currently undergoing initial site preparations

The project, which is targeted to commence operations in 2023, is at an advanced development stage

Conditional PPA with PLN signed in June 2017

Under the Java 9 & 10 PPA, the project is contracted to PLN for 25 years

PLN takes fuel supply risk with relation to the project

Furthermore, PLN purchases the project power capacity on a take-or-pay basis, such that the project bears no dispatch risk

Project sponsors intend to enter into a turnkey fixed price EPC contract with a reputable, experienced EPC contractor

Total project cost budgeted at US$3.1 billion

The Java 9 & 10 project will be financed by a competitive long-term limited recourse project financing on a 70:30 debt-to-equity ratio basis, in line with precedent Indonesian power projects

Financial close targeted for 1H 2019

1H 2024: Unit 2 targeted COD

June 2017: Conditional PPA with PLN signed

1H 2018: EPC contractor selection 2H 2018:

EPC contract signing

1H 2019: Financial close + notice to proceed

2H 2023: Unit 1 targeted COD

(1) Held indirectly though PT Barito Wahana Lestari(2) Java 9 & 10 project company

Project Finance

Debt

EPC Contract

100% Govt.

Owned

51%

EPC Contractor

(TBD)

PT Indo Raya Tenaga (1)

49%1

Project Financing

(TBD)

100%

PPA

Electricity

Coal

Appendix

34

CAP 2 Project Master Schedule

35

Gate 3: 4Q - 2019Gate 1: Sep - 2017

Cap 2 Concept

1. Complex Configuration

2. Feed Design Basis

3. Preliminary Investment

1. Prelim project return

2. Technology Award

4. License/ BEP/ PDP

5. FEED ITB

1. FEED

2. AMDAL

3. Bankability Report

4. EPC ITB

1. EPC Bidding

2. Final TIC

3. Investment Return Report

4. Firmed Funding Plan

5. Permits

1. EPC Work

2. Financial Close

3.Commissioning

4. Startup

Stage 0 Stage 1 Stage 2 Stage 3 Stage 4

Gate 2: 1Q - 2019 Gate 4: 2Q - 2020

1. Prelim project return2. Technology Award3. Appoint FA

We are here… • Budget Approval for land/ FEED/ AMDAL/ ITB (170 + MUSD) • FID Approval

CAP 2 Progress…• Investment license granted and preparing to apply for income tax holiday at

least 20 years.• Completed technology selection• Developing basic engineering designs which will be completed by December

2018 (current progress: 80%)• Awarded Technology Licensors and Basic Design Package in April 2018

36

Production Plant Licensor

Olefins(1.1 MMTA C2) • Lummus

Butadiene(160 KTA BD) • BASF/ Lummus

Aromatics(335 KTA BZ, 220 KTA TL, 243 KTA MX) • GTC

Production Plant Licensor

HDPE(450KTA) • Texplore

LDPE(300 KTA) • Lyondellbasell

PP(450 KTA) • Lyondellbasell

• Selected HSBC as financial advisor.• Developing bankability study report which will be completed by March 2019.

High-density polyethylene (450)

Low-density polyethylene (300)

Polypropylene (450)

Butadiene (160)

Benzene (335)

Capacity (KTA)

Toluene (220)

Mixed Xylenes (243)

Merchant (260)

CAP1 & Merchant

(140)

SMI (270) & Merchant

Propylene (600)

Mixed C4 (400)

Capacity (KTA)

Ethylene (1,100)

Pyrolysis Gasoline (900)

Est. Flow (KTA)

Naphtha(2,800)

Propane(Flexible up

to 70%)

CAP1 Pygas(440)

Est. Flow (KTA)

CAP 2 Product flows and production capacities

37

38

Thank You

Office address: Contact: PT Barito Pacific Tbk Investor Relations /Corporate SecretaryWisma Barito Pacific Tower B, Fl. 8 Email: investor.relations@barito.co.idJl. Letjen. S. Parman Kav. 62-63 corpsec@barito.co.idJakarta 11410 Telp: +62 21 530 6711

Visit our website at www.barito-pacific.co.id

Disclaimer: This document was prepared solely and exclusively for the parties presently being invited for the purpose ofdiscussion. Neither this document nor any of its content may be reproduced, disclosed or used without the prior written consentof PT Barito Pacific Tbk. This document may contain statements that convey furute oriented expectations which represents theCompany’s present views on the probably future events and financial plans. Such views are presented on the basis of currentassumptions, are exposed to various risks and are subject to considerable changes at any time. Actual results can be differentfrom the projection.

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