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PT Mega Manunggal Property Tbk

September 2015


Disclaimer

This document is prepared by PT Mega Manunggal Property Tbk and is for distribution only as may be permitted by law. It is not directed to, or intended for

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licensing requirement within such jurisdiction. It is published solely for information purposes; it is not an advertisement nor is it a solicitation or an offer to buy

or sell any financial instruments or to participate in any particular trading strategy. No representation or warranty, either expressed or implied, is provided in

relation to the accuracy, completeness or reliability of the information contained in this document (‘the Information’), except with respect to Information

concerning PT Mega Manunggal Property Tbk . The Information is not intended to be a complete statement or summary of the securities, markets or

developments referred to in the document. PT Mega Manunggal Property Tbk does not undertake to update or keep current the Information. Any opinions

expressed in this document may change without notice and may differ or be contrary to opinions expressed by other business areas or groups of PT Mega

Manunggal Property Tbk. Any statements contained in this report attributed to a third party represent PT Mega Manunggal Property Tbk’s interpretation of

the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not

been reviewed by the third party.


Agenda presentation

Section Pages

1 Brief profile of MMP 1

2 Review of MMP business 4

3 Investment thesis 9

4 Industry 15

5 Financial review 21

6 Growth Strategy 27

7 Summary of investment consideration 31

8 Appendix 1 Financial Information 32


Section 1

Brief Profile of MMP


Brief profile of PT Mega Manunggal Property Tbk

MMP’s shareholder structure (Post IPO)

PT Mega Manunggal Property Tbk. (“MMP” or “Company”)

was established in 2010.

MMP develops, owns and operates logistic properties, with

a focus in warehousing that specifically meet international

standards. Development of these warehouses is intended to

meet multinational and domestic companies’ needs for

modern logistic properties.

Currently, MMP has successfully developed and owned 4

(four) high quality logistic properties with a total Net

Leasable Area (NLA) of 163.757 m2 including:

Univeler Mega DC

Li & Fung

Intirub Business Park I & II

Selayar

MMP plans to acquires land and develop logistic properties

in a bid to expand its portfolio.

Company background

70%30%

PublicPT Mega Mandiri

Properti

PT Mega Manunggal

Property Tbk

PT Intirub

99,5% 0,5%

Unilever

Mega DC

Li & Fung

Intirub Business

Park I & II

Selayar

1

Hungkang

Sutedja


Fernandus Chamsi

President Director

Bonny Budi Setiawan

Independent Director

Johny Johan

Director

Company’s management

Board of

commissioners

Board of directors

Supporting good corporate governance practices

Audit Committee

Head : Abdul Rahim Tahir

Member : Drs. Herbudianto Ak.

Member : Debbie Ana Sumargo

Nomination and Remuneration Committee

Head : Debbie Ana Sumargo

Member : Hungkang Sutedja

Member : Tri Ramadi

Internal Audit

Head : Thelly Krishanty

Corporate Secretary

Khrisna Daswara

2

Hungkang Sutedja

President Commissioner

Tri Ramadi

Vice President

Commissioner

Nicholas The

Commissioner

Abdul Rahim Tahir

Independent

Commissioner

Debbie Ana Sumargo

Independent

Commissioner


End of 2014:

Stable operational

activities

4 logistic properties

Total NLA 163.757

m2

Occupancy rate

94%

Long term contract

with average

remaining contract

of 6.5 years

December 2014

Construction of

Selayar

completed

NLA: 5.620 m2

January 2014

Construction of

Selayar

Warehouse began

May 2013

Construction of Li

& Fung

completed

NLA: 21.612 m2

June 2012

Construction of Li

& Fung began

and MMP

acquired land

area of 79.654 m2

December 2011

DHL began its

operational in

Intirub Business

Park I

NLA: 27.911 m2

October 2010

Construction of

Unilever Mega

DC began

Company’s Strategy:

Acquiring industrial land in

Jabodetabek and large cities

Constructing logistic properties with

international standard

Obtaining long term contract from

high quality tenant

June 2014

Construction of

Intirub Business

Park II completed

NLA: 18.326 m2

October 2012

Construction of

Intirub Business

Park II began

April 2012

Construction of

Unilever Mega

DC completed

NLA: 90.288 m2

March 2011

Construction of

Intirub Business

Park I

August 2010

MMP was

established

Track record of MMP

20188-2010 3-2011 4-2012

5-201312-201110-2010 5-2013

10-2012 6-2014

2-2015 20181-2014 12-20142010 2011 2012 2013 2014 2015

3

June 2015

Initial Public

Offering

(IPO)


Section 2

Review of MMP Business


Location MMP’s logistic properties

Marunda

Center

Tanjung

Priok

Port

Jababeka

Growing industrial

estates

(automotive,

consumer, light and

medium industries)

Kota Deltamas

Modern

Bekasi

Industrial estates

expansion areas

Jakarta

Industrial

Estate

Soekarno

Hatta

Airport

Unilever

Li & Fung

Selayar

Intirub

Business

Park

Halim

Lippo

Cikarang

Access to Bandung

and Cikampek

(main transportation

route of goods)

Access to Merak

port and

Lampung

(main

transportation

route to

Sumatera)

(in km)Intirub Business

ParkUnilever Mega DC Li & Fung Selayar

Distance to Jakarta 0 35 35 35

Distance to Tanjung Priok port 22 48 48 48

Distance to International Airport 39 68 68 68

MM2100

Heavy

industry and

petrochemica

l estates

4


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.

5


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

6


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 : 23.272 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 : 13.680 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)

7


Property logistic profile – Selayar

8

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


Section 3

Investment Thesis


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.

9


Proven track record in developing and delivering logistic properties

10

Growth in NLA in the past 3 years

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

construction.

Consistency in maintaining occupancy rate above 90%

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 15 December 2010 16 months 25 April 2012

Li & Fung 34.637 m2 21.702 m2 21.612 m2 9 July 2012 11 months 15 May2013

Standard Warehouse Building

Project Land Area Gross Floor Area Net Leasable Area Months to develop

Intirub Business Park I 28.195 m2 30.086 m2 (warehouse) + 5.455 m2 (office) 23.397 m2 (warehouse) + 4.639 m2 (office) 9 months

Intirub Business Park II 32.380 m2 23.219 m2 (warehouse) + 5.696 m2 (office) 13.709 m2 (warehouse) + 4.646 m2 (office) 18 months

Selayar 9.164 m2 5.742 m2 5.620 m2 12 months

2012 2013 2014 9M15

Unilever IBP I L&F IBP II Selayar

163.757 163.911

118.199

139.811

CAGR 17,7%

Built-to-suit

(m2)

90%

97%

94%Occupancy rate 97%

2 0 1 2 2 0 1 3 2 0 1 4 9 M 1 5

Unilever IBP I L&F IBP II Selayar

154.623159.549

105.657

135.311


Solid business model

Unilever Mega DC

(operated by Linfox)Li & Fung

Rental revenue

2014:

Rp 82,9 bn

Rental revenue

2014:

Rp 15,9 bn

Intirub Business Park

Rental revenue

2014:

Rp 42,8 bn

Selayar

Construction completed in

Desember 2014

11

MMP focus 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


MMP’s logistic properties are located strategically 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

Sumber: Himpunan Kawasan Industri

% Industrial estate areas % Industrial estates that are

developed

Jakarta, Banten &

Jabar71%

Jateng5%

Jatim8%

Riau & Kep. Riau8%

Sumut5%

Sumbar0%

Sulsel2%

Kaltim1%

Jakarta, Banten &

Jabar57%

Jateng6%

Jatim9%

Riau & Kep. Riau9%

Sumut4%

Sumbar1%

Sulsel2%

Sulteng4%

Kaltim3%

Bangka Belitung5%

12

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


MMP’s logistic properties are located closer to consumers

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

13

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

Source: PT Bekasi Fajar Tbk.


Creating trust among our clients

Consumption Logistic

Bank

Logistic

E-commerce Consultant

Manufacturing

Training

Build to Suit

Multi Tenant

Tenant profile of MMP’s logistic properties as of 30 September 2015

14

Bank0%

Consultant0%

Consumer58%

Distributor0%

E-commerce4%

Logistics29%

Manufacture6%

Service1%

Trading1%

Training Center1%


Section 4

Industry


Growing market to support logistic industry

ASEAN continues to be the focus for multinational companies to grow and Indonesia is one of the countries prioritized in the region. Demand for

supporting infrastructure including logistic properties is expected to grow along with the increase in investment.

% of respondent that indicate country to be prioritized in their future business

expansion

Source: ASEAN Business Outlook Survey 2015

135

155

0

40

80

120

160

200

2013 2014

USD bn

Growth in Indonesia’s logistic industry

Source: Frost & Sullivan

Frost & Sullivan estimated 14,7% growth in the logistic industry in Indonesia for

2014 helped by growth in service sector and increase in household consumption

Domestic business tends to shift key aspect of supply chain management and

distribution to provider of logistic services, particularly FMCG, electronic and

petrochemical.

15

41%

37%35%

32%30%

28%

21%

18% 18%

13%

7%

Indo

nesia

Vie

tna

m

Mya

nm

ar

Ma

laysia

Th

aila

nd

Fili

pin

a

Ka

mb

oja

Sin

ga

pura

Tid

ak a

da

Lao

s

Bru

ne

i

Indonesia becomes main target for business development in ASEAN

Track record in the strong growth in the logistic industry in Indonesia

E E


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

tio

n (m

n)

Rata-rata estimasi pertumbuhan PDB riil 2012-2016F

Indonesia continues to be an attractive target for FDI

16

184 187 183 235 252 283 283 280 321372 400

477234 268 253

292 325 357 391 386 405 432 464 505623

740 697

882

1,040 990 974 988 1,010 1,030 1,080 1,130

273 351399

450539

617692

771

862961

1,0601,170

0

200

400

600

800

1,000

1,200

1,400

2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F 2018F

Indonesia Thailand Brazil China

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

Source: EIU, International Labour Organisation, IMA Asia

Ave

rag

e m

on

thly

wag

es

(USD

)

Source: EIU, Euromonitor

0%

20%

40%

60%

80%

100%

1990 2000 2010 2015

% h

ousehold

s b

ased o

n in

com

e

level

<5K USD 5K - 10K USD 10K-15K USD >15K USD

Rising middle class income

Retail sales increase in 1Q 2014 supported by election, higher minimum

wages in 2013, and good harvest.

Retail sales in Q1 2014 increased 20% from previous year for food and

beverages, household equipment and clothing.

Although there are concerns that increase in minimum wages will reduce

Indonesia’s attractiveness for FDI, average minimum wages in Indonesia

is expected to be more competitive that in Thailand and China.

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

Increase in minimum wages helps boost consumption in Indonesia, while average minimum wages in Indonesia continue to be competitive compared to Thailand and China


0

50

100

150

200

250

2011 2012 2013 2014

Bekasi Bogor Tangerang

Karawang Serang Rata-rata

Investment support increases in industry property

Demand for industrial estate increase along with the growth in FDI and domestic investment. Such has elevated the increase in land prices which

inevitably forces companies to allocate their capital efficiently towards productive assets and let third parties to handle supporting activities including

logistics.

Source: Colliers International

(USD/m2) 2011 2012 2013 2014% CAGR

(2011-2014)

Bekasi 123 184 215 223 22%

Bogor 107 127 220 174 18%

Tangerang 111 123 126 159 13%

Karawang 83 136 177 185 31%

Serang 78 101 130 133 19%

Average 100 134 174 175 20%

17

Source: Bank Indonesia, Colliers

3.0

3.4

3.0

4.5

5.3

5.0

3.5

5.4

4.5

3.2

5.8

5.6

3.8

4.6

5.9

4.6

5.1

4.9

7.6

4.7

1Q

2010

2Q

2010

3Q

2010

4Q

2010

1Q

2011

2Q

2011

3Q

2011

4Q

2011

1Q

2012

2Q

2012

3Q

2012

4Q

2012

1Q

2013

2Q

2013

3Q

2013

4Q

2013

1Q

2014

2Q

2014

3Q

2014

4Q

2014

(US

D m

n)

Foreign Direct Investment Land price (USD/m2)


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


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


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.

18


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.

19


Riding along with the growing E-commerce

Increasing middle class income has helped E-commerce sectors growing at 42% CAGR 2012-15

195 180 145

170

45 85 135 110

2010 2020 2030 2030

Below Global Consuming Class Global Consuming Class

(5-6% GDP Scenario) (7% GDP Scenario)

Source : BPS, Bappenas, UNPP, Mckinsey

Estimated B2C eCommerce sales by country 2013 – 2016 (in USD billion)

2013 2014 2015E 2016E

China 181.6 274.6 358.6 439.7

Japan 118.6 127.1 135.5 143.1

Korea Selatan 18.5 20.2 21.9 23.7

India 16.3 20.7 25.7 30.3

Indonesia 1.8 2.6 3.6 4.9

EEE

Source : BPS, Bappenas, UNPP, Mckinsey

20


Section 5

Financial Review


Solid revenues growth

Development of NLA and Occupancy Rate Each asset contribution towards revenues

In the past 2 years, MMP has successfully posted a 51,2% CAGR to Rp141,9bn in 2014 supported by growth in NLA and occupancy rate. As of

1H15, our NLA stood at 163.757m2

2012 2013 2014 9M15

Net Leasable Area (m2) 118,199 139,811 163,757 163,911

Leased area (m2) 105,657 135,311 154,623 159,549

Occupancy Rate (%) 89% 97% 94% 97%

(Rp bn) 2012 2013 2014 9M15

Unilever Mega DC 50.6 88.3 82.9 64,32

Li & Fung - 6.8 16.2 10,20

Intirub Business Park 11.5 24.4 42.8 43.8

Selayar - - - 1.88

Total revenue 62.1 119.5 141.9 120.2

21

118,199

139,811

163,757 163,911

89%

97%94%

97%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

-

50,000

100,000

150,000

200,000

250,000

2012 2013 2014 9M15

Net Leasable Area (m2) Occupancy Rate

2012 2013 2014 9M15

Unilever Li & Fung Intirub Business Park Selayar

141,9

120,2119,5

62,1

CAGR 51,2%


Summary of profit and loss comprehensive

Summary of profit and loss comprehensive

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) 2012 2013 2014 9M14 9M15

Revenues 62.1 119.5 141.9 101.6 120.2

Operating profit 48.8 105.6 114.3 84.9 91.8

Interest expenses (16.3) (36.1) (43.9) (34.6) (38.9)

Forex loss - net (22.0) (117.7) (15.2) (5.9) (46.5)

Changes in fair value of PII 357.5 222.4 261.1 - -

Profit before tax 372.3 174.2 309.4 37.7 22.5

Income tax (6.3) (12.2) (14.2) (10.2) (12.0)

Comprehensive profit and loss 313.9 90.5 286.4 19.6 10.5

Appraised value of Investment properties per 31 Desember

2014 1(Rp miliar)

Unilever 847.2

Li & Fung 160.9

Selayar 44.1

Landbank 424.9

Intirub Business Park 559.7

Total investment properties 2,036.8

Note:

1) Appraised value from KJPP Stefanus Tonny Hardi & Rekan

495.6 686.5

764.3

12.5%

17.4%18.6%

9.9%

15.4% 14.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

(100.0)

100.0

300.0

500.0

700.0

900.0

1,100.0

1,300.0

1,500.0

2012 2013 2014

(%)

Average outstanding investment property at investment cost

Rental revenue / investment cost

Operating profit / investment cost

Component of recurring value creation

Asset yield

22

357.5

223.6 261.1

-

62.1

119.5

141.9

101.6 120.2

2012 2013 2014 9M14 9M15

IDR

Bn

Increase in fair value of investments properties Rental Revenue


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 0.4x at the end of 2014.

(Rp bn) 2012 2013 2014 9M15

Cash and cash

equivalent6.3 6.4 11.3 816,6

Current asset 88.7 88.9 82.4 893

Investment properties 1,409.2 1,748.6 2,037.2 2,042.3

Non current asset 1,411.5 1,751.1 2,056.1 2.254,8

Total asset 1,500.1 1,840.0 2,138.5 3,147.9

Short term liabilities 465.3 604.4 136.6 198.6

Long term liabilities 329.0 367.8 554.4 503.7

Debt 397.4 562.5 597.4 613.6

Total liabilities 794.3 972.2 691.0 702.2

Paid in capital 75.0 75.0 400.0 571.4

Retained earnings 439.1 529.6 816.0 826.3

Total equity 705.8 867.8 1,447.5 2,445.7

23


Summary of financial position

Revenues, Rp bn EBITDA, Rp bn

Equity, Rp bn Capital expenditure, Rp bn

2012 2013 2014 9M14 9M15

2012 2013 2014 9M14 9M15

2012 2013 2014 9M14 9M15

24

62

119

142

101

12018%

51.3%

706868

1.448

895

2,442

2012 2013 2014 9M15 2015F

283

233

435

1,035

5

49

106

115

8592

8%52.8%


Key performance matrix

2012 2013 2014 %CAGR 9M14 9M15 %YoY

Operational metric

Net Leasable Area, m2

Built to suit 90,288 111,900 111,900 11% 111,900 111,900 0%

Multi tenants 27,911 27,911 51,857 36% 46,237 51,857 12%

Total, m2118,199 139,811 163,757 18% 158,137 163,757 4%

Occupancy rate, %

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

Multi tenants 55% 84% 87% - 87% 98% -

Average occupancy rate, % 89% 97% 94% - 95% 97% -

Average remaining lease term, years 10.0 7.5 6.5 - 7.0 6.0 -

Revenue by segment

Revenue, Rp bn

Rental built to suit 50,594 94,931 99,160 40% 68,469 76,397 12%

Rental multi tenants 11,472 24,555 42,758 93% 33,098 43,797 32%

Total revenues, Rp bn 62,066 119,486 141,918 51% 101,567 120,194 18%

Profitability

Operating Profit (EBIT), Rp bn

Built to suit 48,931 104,114 84,574 - 64,717 59,765 -

Multi tenants -91 1,488 29,675 - 20,180 32,077 -

Total EBIT, Rp bn 48,840 105,602 114,249 53% 84,898 91,843 8%

EBIT margin, % 79% 88% 81% - 84% 76%

EBITDA, Rp bn 49,296 106,268 115,063 53% 85,466 92,445 8%

% margin 79% 89% 81% - 84% 77% -

Interest expense, Rp bn -16,049 -35,991 -42,818 63% 34,647 38,886 12%

Forex loss nett, Rp bn -21,987 -117,712 -15,201 -17% 5,872 46,465 691%

Profit before tax, Rp bn 372,338 174,187 309,395 -9% 37,736 22,446 -41% 25


Built to suit (% of total revenue) 82% 81% 72% 63%

Revenues breakdown

Built to suit warehouses account for two third of total revenues

Revenues breakdown

26

Net leasable composition area

As of Sep 2015

50.59

88.29 82.95 64.32

-

6.75 16.21

10.20

11.47

24.44

42.76

43.80

2012 2013 2014 9M15

Unilever Li & Fung Intirub Business Park Selayar

Revenue

IDR Bn119.486

141.918

120.19

62.066

68%

32%

Built to suit

Multi Tenants


Section 6

Growth Strategy


1

2

3

Constructing new logistics properties in strategic location

Focus in built to suit property logistic

Continue to improve operating efficiency

Our growth strategies

27


Constructing logistic properties with international standard1

Warehouse Site identifiedLand acquired

(downpayment)

Construction permits

securedEstimate opening

Site 1 √ √ - 4Q2016-Q12017

Site 2 √ √ - N/A

Site 3 √ √ - N/A

Site 4 √ √ - N/A

Site 5 √ - - N/A

Site 6 √ - - N/A

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

28


Focus in built to suit warehouse2

Facts

MMP has track record complete complex construction

Our capabilities to build high specification warehouses:

- Superflat floors

- Double decker warehouse

Increase Profitability

Increase Recuring Revenue

Results in higher margin since majority of

the expenses bear by tenant

Increase our brand name

Investing 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,

eCommerce to built warehouse for their company

Revenues breakdown

29


Continue to improve operating efficiency3

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

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

30


Investment Consideration

Section 7


First mover in provider of modern logistic property

Investment consideration

1

Provider of high quality logistic property2

Portfolio of assets that provide stable and recurring cash flow 3

Proven track record in land acquisition and delivery4

Strategically located logistic property in Indonesia5

Strong exposure to consumer sector that has high potential growth6

31


Section 6

Appendix 1


Unaudited balance sheet

Year to Dec 31, Rp mn 2012 2013 2014 9M14 9M15 % YoY

Cash and Equivalents 6,309 6,368 11,311 28,973 816,595 2,718.5%

Trade receivables 381 10,457 13,714 13,733 16,890 23.0%

Other current assets 81,964 72,054 57,381 68,366 59,602 -12.8%

Property & equipment 1,262 1,236 2,107 1,267 1,953 54.1%

Investment properties 1,409,229 1,748,687 2,037,233 1,752,416 2,042,285 16.5%

Other non-current assets 962 1,208 16,756 1.907 210,581 1,0661.1%

Total assets 1,500,107 1,840,009 2,138,502 1,866,663 3,147,905 68.6%

Trade payable 178,435 42,240 26,574 23,700 6,047 -74.5%

Unearned revenue 70,345 23,932 23,528 48,753 58,373 19.7%

Bank loans - short term 70,381 201,333 35,636 83,888 126,294 50.6%

Other current liabilities 146,123 336,898 50,859 276,399 7,915 -97.1%

Bank loan 325,859 360,440 541,288 524,503 486,504 -7.2%

Customer deposits - 3,665 7,845 7,523 10,879 44.6%

Other long term liabilities 3,149 3,700 5,236 6,517 6,225 -4.5%

Total Liabilities 794,291 972,208 690,966 971,282 702,238 -27.7%

Minority interest - - 2,673 0 2,813 -

Equity 705,815 867,801 1,444,863 895,380 2,442,854 172.8%32


Unaudited profit and loss

Year to Dec 31, Rp mn 2012 2013 2014 9M14 9M15 % YoY

Revenue 62,066 119,486 141,918 101,567 120,194 18.3%

Cost of revenue 3,886 5,940 13,084 7,796 11,865 52.2%

Gross profit 58,180 113,546 128,834 93,771 108,329 15.5%

G&A 9,340 7,944 14,584 8,873 16,486 85.8%

Operating profit 48,840 105,602 114,251 84,898 91,843 8.2%

EBITDA 49,296 106,268 115,063 85,466 92,445 8.2%

Net interest income (expense) -16,049 -35,991 -42,818 (33,820) (23,291) -31.1%

Increase in fair value Invt Prop 357,511 222,424 261,127 - - -

Other items -17,964 -117,848 -23,165 (13,343) (46,105) 245.5%

Profit before tax 372,338 174,187 309,395 37,736 22,446 -40.5%

Tax -6,298 -12,201 -14,192 (10,157) (12,019) 18.3%

Proforma adjustment -52,110 -71,454 -8,482 (7,945) - -100.0%

Net income 313,930 90,532 286,722 19,634 10,427 -46.9%

Core income -21,593 -14,180 40,796 25,506 56,754 122.5%

33


Unaudited cashflow

Rp mn 2014 9M15 %Change

Cash flow from operating activities

Cash Receipt from Customer 154,744 170,411 10%

Interest Received 1,046 15,595 1,392%

Cash Paid for Operating Expenses and Employees (12,981) (15,052) 16%

Payment to Supplier and Others (14,667) (29,103) 90%

Tax paid (13,208) (14,447) 9%

Interest paid (44,620) (38.186) -14%

Net cash provided by operating activities 70,315 89,219 29%

Cash flow from investing activities

Acquisition of Investment Properties 56,776 (28,429) -150%

Acquisition of Property and Equipment (93,660) (302) -100%

Advance for Purchase of property & equipment (14,850) (763)

Advances for purchases of land - (183,250) 1,134%

Acquisition of shares of subsidiary (40,469) -

Net Cash Used in Investing Activities (92,202) (214,104) 131%

Cash flow from financing activities

Loan Receipts from Related Parties 161,689 9,608 -94%

Payment to Related Parties (218,567) (37,626) -83%

Loan Receipts from Bank 235,210 14,957 -94%

Payment to Bank Loan (202,541) (46,252) -77%

Payment of consumer Financing Liabilities (1,188) (538) -55%

Paid-up capital stock non controlling 2

Receipt from Paid in Capital 55,000 987,702 1,696%

Net Cash provided by Financing Activities 29,602 927,853 3,034%

Changes in cash and cash equivalent 7,715 804,328 10,324%

Effect of forex (2,772) 956 -134%

Beginning balance 6,368 11,311 78%

Ending balance 11,311 816,595 7,119%

34


End of presentation

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