INDIKA ENERGY GROUP COMPANY UPDATE

PT Indika Energy Tbk.

July 2021

INDIKA ENERGY GROUP

COMPANY UPDATE

Investors and security holders are cautioned that this communication contains forward-looking statements

and that forward-looking statements are subject to various risks and uncertainties, many of which are difficult

to predict and are generally beyond the control of PT Indika Energy Tbk.

Neither PT Indika Energy Tbk., its affiliates nor any other person assumes responsibility for the accuracy

and completeness of the forward-looking statements in this communication.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in

the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to

registration or qualification under the securities laws of any such jurisdiction.

Disclaimers

3

Table of Contents

Page #

▪ Indika Energy - Overview 4 - 5

▪ Income Statement Analysis 6 - 9

▪ Highlights – Latest Cash and Debt Position 10 - 11

▪ Proactive Liability Management amid Low Coal Price Environment 12 - 13

▪ Cost Saving and Improvement Initiatives 14 - 16

▪ Operational Performance YTD and Corporate Guidance 2021 17

▪ Coal Price & Sector Development 18 - 22

▪ Our Growth and Diversification Strategy 23 – 24

▪ New Growth Projects, Non-Coal Diversification 25 - 34

▪ ESG Highlights 35 - 40

▪ Appendix 41 – 61

4

Indika Energy is Indonesia’s Leading Integrated and Diversified Company

✓ Integrated energy value chain with portfolio spanning across Indonesia

✓ Well-placed to capture domestic economic growth and global economic

recovery

✓ Provides complementary products and services to domestic and international

customers

✓ Strong operating track-record, with focus on cost control and unlocking

synergies within the Group

✓ Ongoing diversification initiatives such as renewables, digital technologies and

gold mining (target 50% non-coal revenue by 2025)

✓ Strong focus on and commitment to ESG initiatives

✓ Prudent financial management, with established track record in debt and equity

capital markets

(1) As measured by 2019 production according to Wood Mackenzie

Energy Resources1

Indonesia’s 3rd largest coal miner(1)

Coal exploration and production through

flagship Kideco and MUTU

Coal trading (ICI and IETPL)

Energy Services2

Contract mining and E&C services for

the mining sector (Petrosea)

EPC and O&M services in oil & gas and

power generation (Tripatra)

Other Businesses4

Gold development project (Awak Mas,

Nusantara Resources)

Evaluating renewable energy technologies

and opportunities

Digital technology activities (integration of

Group ICT systems)

Energy Infrastructure3

River and sea transportation solutions

(MBSS)

Port and logistics services, as well as

fuel storage (Interport)

Electricity generation (CEP/CEPR)

Green Initiatives

Digital technology

Key Recent Development

(1) FEED refers to Front End Engineering and Design

2017 2018 2019 2020

Apr-2018: Signed a storage

facility Agreement with PT

ExxonMobil Lubricants

Indonesia for 20 years with an

option for a 10-year extension

Mar-2019: Construction

agreement with PT Freeport

Indonesia for multiple

projects at Grasberg

Dec-2017: Increased

stake in Kideco to

91.0% from 46.0%

through acquisition of

45.0% from Samtan

Jun-2020: Revised

mining law passed

Dec-2018: Strategic

investment in ASX-listed

Nusantara Resources,

developing Awak Mas Gold

Project in South Sulawesi

Aug-2020: Acquired

indirect 25% in

Masmindo,

increasing effective

interest in Awak Mas

Gold Project to 45.8%

Sep-2018: Established Xapiens

Oct-2018: Established Zebra X

Digital technology

Apr-2017: 5-year

USD265mn 6.875%

bond (2022 Notes)

Nov-2017: 7-year

USD575mn 5.875%

bond (2024 Notes)

Mar-2020: Contract with

Masmindo to provide

FEED(1) services

Jun-2020: Transfer of

BUMA’s contract mining

volumes to Petrosea began

(completed in Sep-2020)

Ongoing: Actively exploring

opportunities in renewable

energy sources

Green Initiatives

Diversification

initiatives

Aug-2019: USD215mn

partial redemption of

2023 Notes

Jun-2018: Petrosea launched

Minerva project at Tabang

Nov 20: Fuel storage

facility in Kariangau

commenced commercial

operation

Oct/Nov-2020- Issued

USD 675m bonds to

refinance 2023 and

2024 Notes and

funding new projects

Dec 20: Govt appointed

Pantimban Consortium as

operator of Pantimban Port

with 40 years concession

Nov 20: Indika Energy

and IIR obtained ISO

37001 certification for anti

bribery management

system

Dec-2020: wins Gold PROPER

Award, the highest recognition

from Ministry of Environment and

Forestry (KLH) for company with

excellence performance in key

ESG aspects

5

Indika Energy – 6M21 Revenue Contribution

6

4)

Revenue 6M21: US$1,287.9 million Revenue 6M20: US$1,128.9 million

6M21

Coal : 86.3%

Non-Coal : 13.7%

3M20

Coal : 76.4%

Non-Coal : 23.6%

Kideco63%

Indika Resources

11%

Petrosea 14%

Tripatra7%

MBSS2%

Interport1%

Others 2%

Kideco55%

Indika Resources

11%

Petrosea 15%

Tripatra16%

MBSS2%

Interport0%

Others 1%

Indika Energy’s Consolidated Income Statement Highlights

7

*) Consolidated EBITDA plus dividends received from associates

**) Core Profit refers to the current year’s profit attributable to the owner of the company, excluding non-operating gains / losses and

related taxes (amortization of intangible assets, impairment of assets, fair value changes on contingent consideration obligation, and

gain from a bargain purchase).

Summary P&LQuarter Data Year To Date

2Q21 2Q20 YoY 1Q21 QoQ 6M21 6M20 YTD YoY

Revenues 705.7 487.4 44.8% 582.2 21.2% 1,287.9 1,128.9 14.1%

COGS (532.6) (418.0) 27.4% (461.2) 15.5% (993.9) (954.6) 4.1%

Gross Profit 173.0 69.4 149.5% 120.9 43.1% 294.0 174.3 68.7%

SG&A Expenses (38.5) (40.5) 3.5% (36.1) 6.6% (74.6) (76.7) -2.8%

Operating Profit 134.6 28.9 365.9% 84.9 58.6% 219.4 97.6 124.9%

Pre tax Profit 78.0 6.0 1202.7% 23.8 228.2% 101.7 (10.8) 1040.0%

Adjusted EBITDA *) 172.4 72.2 138.6% 134.2 28.5% 306.6 174.5 75.7%

Income Tax (45.9) (4.0) -1044.6% (26.9) 70.6% (72.9) (4.9) 1383.0%

Core Profit (Loss) 43.3 5.6 666.0% 12.5 245.4% 55.8 6.5 757.3%

Net Profit (Loss) 21.4 (0.9) 2496.5% (9.4) 328.2% 12.0 (21.9) -45.2%

Gross Margin(%) 24.5% 14.2% 20.8% 22.8% 15.4%

EBIT Margin(%) 19.1% 5.9% 14.6% 17.0% 8.6%

Core Profit Margin(%) 6.1% 1.2% 2.2% 4.3% 0.6%

Net Profit Margin(%) 3.0% -0.2% -1.6% 0.9% -1.9%

8

6M21 Business Highlights – Revenue Breakdown

Subsidiaries6M21

(US$ mn)

6M20

(US$ mn)YoY Chg Remarks

Kideco 876.8 663.2 32.2% • ASP ▲ 21.9% (+US$8.7/ton) to US$48.6/ton in 6M21,

• Sales Volume ▲ 8.5% (+1.4MT) to 18.1MT in 6M21

Petrosea 193.3 175.9 9.9%

• Contract mining revenue ▲ US$36.9m to US$140.9m; OB volume : 58.0 mbcm in 6M21 vs 45.8

mbcm in 6M20; Coal getting : 16.0 MT in 6M21 vs 12.7 MT in 6M20

• ENC revenue ▼US$8.8m to US$24.7m, mainly due to lower contribution from Freeport project

• PLSS revenue ▼ US$8.1m to US$6.8m mainly due to completion of Tg Batu and lower activities

in Sorong

Tripatra 95.8 195.8 -51.1%• Lower contribution from Tangguh project (-US$83.5m) to US$85.9m

• Lower revenue from Emily project (US$4.8m for 6M21 vs US$21.7m for 6M20)

• Completion of Vopak project in 2020 (6M20: Vopak = US$1.9m).

Indika Resources 158.5 133.5 18.7%• MUTU’s sales volume ▲ 34.2% (+0.2MT) to 0.9 MT in 6M21 with ASP ▲ 30.4% (+US$19.2 per

ton) to US$86.9 per ton in 6M21

• Coal traded volume ▼ 35.9% to 2.2MT in 6M21

MBSS 33.4 29.0 15.0%• Barging revenue ▲ (+US$2.3m) to US$23.4m in 6M21, volume ▼(-1.3MT) to 12.1MT in 6M21

• Transhipment revenue▲ (+US$2.1m) to US$10.0m, with higher volume (5.2MT in 6M21 vs

3.6MT in 6M20)

Interport 14.5 3.3 335.3%• Interport revenue +335.3% to US$14.5m in 6M21 as its fuel storage has started operation since

Nov 2020 with volume of 7.1kbd in 6M21

Others 29.7 17.2 72.7%

Total Gross Revenue 1,402.0 688.2 15.2%

Elimination (114.0) (87.6) -30.2%

Total Net Revenue 1,287.9 1,128.9 14.1%

9

6M21 Business Highlights- Gross Profit

Subsidiaries6M21

(US$ mn)

6M20

(US$ mn)

YoY

ChangeRemarks

Kideco 240.0 114.1 110.4%- SR declined to 5.1 x in 6M21 from 5.6x in 6M20

- Cash cost ex Royalty ▲ (+US$1.5/ton) from US$27.2/ton in 6M20 to US$28.7/ton in 6M21 on

normalized contractor rate and higher fuel cost

Petrosea 30.0 31.9 -5.8%

- Total gross margin decreased to 15.5% in 6M21 compared to 18.1% in 6M20 due to lower

E&C Margin.

- Contract mining gross profit margin increased to 28.0% in 6M21 compared to 21.7% in 6M20

due to an adjustment in contract mining rate with movement in coal price ( index linked).

- E&C gross profit margin decreased to 20.0% in 6M21 compared to 39.7% in 6M20

Tripatra (20.3) 12.0 -269.2% • Gross loss recognized due to BP Tangguh of US$20.3m in 6M21 vs US$12.0m profit in 6M20

• Gross margin dropped to -21.2% in 6M21 from 6.1% in 6M20.

Indika Resources 34.0 8.1 195.0% • ASP ▲ 30.4% (+US$19.2 per ton) to US$86.9 per ton in 6M21

• Cash cost▲ 0.9% (+US$0.5 /ton) to US$55.6/ton in 6M21

MBSS 5.4 1.5 260.0%- Improved GP margin in Barging : 16.0% in 6M21 vs 3.3% in 6M20 due to higher volume in

spot segment with higher barging rate

- Improved GP margin in FC : 32.9% in 6M21 vs 10.1% in 6M20

Interport 4.4 0.9 388.9%- Interport fuel storage has started operation since Nov 2020 with volume of 7.1kbd in 6M21.

Others 3.0 2.7 11.1%

Elimination (2.5) (0.3) 733.3%

Total Gross Profit294.0 174.3 70.5%

614.5

142.11,250.0

332.1

31.2

32.9

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

1600.0

1800.0

CASH DEBT

Cash Other Fin. Assets Bonds 2) Bank Loans 3) Leases 4) Other loans 5)

Indika Energy – Strong Cash Position

10

756.61)

1,646.2

US$ million

Cash and Debt Breakdown as of 30 June 2021

4)

1) PTRO: US$107.5m, MBSS: US$34.3m, Tripatra: US$44.8m, Kideco: US$215.8m, IIR: US$55.0m, Interport: US$10.6m, HoldCo: US$288.4m

2) US$575mn due 2024 and US$675m due 2025

3) PTRO: US$125.1m, MBSS: US$18.2m, Tripatra: US$19.5m; HoldCo: US$169.4m

4). PTRO US$31.2m

5) Tripatra: US$32.9m

Indika Energy – Sound Balance Sheet

11

Net Debt Ratio Long Dated Debt Maturity Profile

US$ millionUS$ million

Cash Breakdown by Subsidiaries LTM Free Cash Flow

US$ millionUS$ million

337.9 336.9 310.4392.3 354.2

144.4 171.3114.1

187.5 215.8 59.6

81.3

84.7

134.4 107.5 152.5133.6

154.3

42.7 44.8

34.6 4040.3

35.2 34.3

2017 2018 2019 2020 6M21

HoldCo & Others Kideco Petrosea Tripatra MBSS

211.0

323.0

198.4 176.4

261.6

0

50

100

150

200

250

300

350

2017 2018 2019 2020 6M21

133.3 105.8 83.9

648.3 675

0

100

200

300

400

500

600

700

800

2021 2022 2023 2024 2025 2026

2.4

1.1

2.1

3.3

2.2

0.6 0.6

0.9

1.1 1.0

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

-

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1,000.0

2017 2018 2019 2020 6M21

Net debt Net debt to EBITDA Net debt to Equity

78 102 83 72 45

265 285

575 675

0

100

200

300

400

500

600

700

800

2020 2021 2022 2023 2024 2025 2026

Successful Refinancing to Support Future Growth

12

US$ million

Indika Energy successfully issued global bond of US$675million with 5-year tenor and 8.25% coupon

Sources & Uses

USD Million Sources

Original Issue (16 October 2020) 450

Tap Issue (28 October 2020) 225

Total 675

USD Million Uses

Call Balance 2022s, Including Call

Premium 274

Call Balance 2023s, Including Call

Premium 288

Repayment of principal debt matured in

202125

Diversification, and Transaction

Expenses 88

Total 675

Consolidated Debt Maturity Profile Post Liability Management

Loans & Lease Bonds

• Additional debt to support diversification plan

• Improve liquidity and lengthen maturity profile

• Obtained 85.9% consent from 2024 bondholders to align with new bond covenants.

• Rating agencies maintain debt rating:

Moodys : Ba3 (negative outlook)

Fitch : BB- (negative outlook)

Strengthen Balance Sheet with active liability management

13

Consolidated CAPEX

US$ millionTotal Debt and Total Cash

US$ million

✓ Extending bonds maturity in 2022 & 2023 to 2025

✓ Net debt to EBITDA was 2.2x as of Jun 2021

✓ Cash balance remains strong at USD756.6m as of Jun 2021

✓ Selective capital spending – balancing maintenance capex and

replacement and additional capacity

1,073 1,038 1,026 977

806

1,440 1,476 1,523

1,694 1,646

421 406 411 339 312

729 763 704

792 757

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2012 2013 2014 2015 2016 2017 2018 2019 2020 6M21

Total Debt Total Cash

212.5

74.5 68.558.7

21.9

65.6

150.4 156.9

84.2

37.0

0

50

100

150

200

250

2012 2013 2014 2015 2016 2017 2018 2019 2020 6M21

Group-wide Cost Saving and Operational Improvement Initiatives

14

Oil Brent Price

US$/bbl • Minerva Project - a technology-based initiative, using digitalization

and data analysis. Three main areas of improvement:

✓ Fleet management system

✓ Mine planning

✓ Performance management

• The initiative is aimed to increase assets utilisation (e.g fewer fleet

requirement/ unit production), reduce cost (e.g fuel consumption),

and improve efficiency/ productivity.

• More contracts for Petrosea in Kideco and Awak Mas Project

• Expanding existing projects (e.g fuel storage)

Value Creation : Synergy / Integration

73

-

10

20

30

40

50

60

70

80

Jan-1

9

Fe

b-1

9

Mar-

19

Apr-

19

May-1

9

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct-

19

Nov-1

9

Dec-1

9

Jan-2

0

Fe

b-2

0

Mar-

20

Apr-

20

May-2

0

Jun-2

0

Jul-20

Aug-2

0

Sep-2

0

Oct-

20

Nov-2

0

Dec-2

0

Jan-2

1

Fe

b-2

1

Mar-

21

Apr-

21

May-2

1

Jun-2

1

15

Mine Operation Planning Dashboard (MOPAD)

Mine Operation Control Dashboard (MOCOM)

Fuel Consumption

Energy use management: Optimize mine design

with effective haul distance through real-time mine

planning dashboard (MOPAD) and live planning

(MOCOM) to provide dynamic mine planning for

minimize fuel use and hence emission

Mine Planning Optimization

Fuel consumption: provide real-time monitoring of

Fuel performance with capturing man, machine and

environment parameters. Then integrate with

operator individual performance reward.

Minerva App for monitor Operator individual performance

Realtime Fuel analyzer (Man, machine, and environment)

Digger Productivity

Gain 19% more digger

productivity though Realtime

performance Advance

19%

Truck Productivity

Gain 14% more truck

productivity through Dynamic

dispatch and Road Analyzer

14%

Fuel Ratio Reduction

Reduce 6% of fuel ratio through

Fuel analyzer and Road

Analyzer

6%

Overall reduction in fuel

consumption at project level

15%

Some benefits of technological

application in our operations:

Operational Improvement also reduces carbon emissions

16

Petrosea has been Inducted into WEF's Global Lighthouse Network

Industrial lighthouses are diversifying and digitizing beyond the four walls of the factory

Petrosea is the only local company in Indonesia and Southeast Asia with this status

Indika Energy’s Operational Highlights Vs 2021 Corporate Guidance

17

Operational Data Guidance2021 Actual

%Budget 6M21 6M20

KIDECO

Production (MT) 35.7 18.2 16.9 7.7%

Strip Ratio (x) 5.5 5.1 5.6 -9.7%

Newcastle Benchmark ($/ton) 99.6 95.9 61.3 56.4%

Average Selling Price ($/ton) 50.5 48.6 39.8 21.9%

Cash Cost xRoyalty ($/ton) 29.3 28.7 27.2 5.3%

Overburden Volume (BCM) 193.5 92.4 95.0 -2.8%

PETROSEA

Overburden Volume (mBCM) 128.8 58.0 45.8 26.6%

Coal Getting (MT) 31.0 16.0 12.7 26.0%

MBSS

Barging Volume (MT) 21.4 12.2 13.3 -8.3%

Floating Crane Volume (MT) 16.8 5.2 4.5 15.6%

INDIKA RESOURCES

Coal Traded Volume (MT) 4.6 3.0 3.4 -11.8%

MUTU Production Volume (MT) 1.6 0.9 0.7 28.6%

CAPEX2021 Budget 6M21 %

(US$M) (US$M)

Kideco 12.9 0.2 1.6%

Petrosea 80 26.6 33.2%

MBSS 6.9 4.2 60.6%

Tripatra - - 0.0%

Indika Resources 7.7 0.5 6.5%

Interport 14.3 3.7 26.0%

Indika Holding

Company2.1 0.3 16.5%

IMP 0.9 1.5 169.0%

Total Capex 124.8 37.0 29.7%

18

Thermal Coal Price 2021 – Price looks robust

USD/ton

Demand

• China increases import quota for coal in 2021, on the back of

economic recovery

• Summer period in NE Asia, heatwave and drought to reduce

hydropower and boost demand.

• Demand from India looks steady despite the spread of Covid-

19, while demand from SEA remains robust

Supply

• Stringent measures on health & safety related to mine fatalities

in China limits domestic production

• Heavy rainfall in some areas in Kalimantan, impacting

production and logistics in first few months 2021..

• Indonesia to increase production to 625MT in 2021, back to

2019 level.

• Australia scales back production, infrastructure challenges in

some producing countries, e.g S. Africa, Columbia and Russia.

103.4 106.6 117.5

102.4 92.4 75.6

65.9 63.9 68.4 54.3

54.2 66.1

89.2

111.5

48.0 44.8 41.6

33.5 35.5 37.6 33.0 34.2

34.4 25.3 24.2

32.3 40.8 54.2

56.452.1 53.3 49.3 45.7 47.1

44.4 45.1 43.036.4 36.3

35.445.2 52.1

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

Newcastle ICI-4 ASP

19

Indonesia aims to increase production 11% YoY to 625MT in 2021

MT

451 459 461

549 610

561 625

86 91 97 115 138 132 138

367 370 389 429 455

405

488

0

100

200

300

400

500

600

700

2015 2016 2017 2018 2019 2020 2021F

Indonesia Production, DMO and Export volume

Production DMO Export

• Government expects coal production in 2021 to increase to

625MT; on the back of strong demand, as coal price has been

robust recently.

• No significant change on 2021 DMO policy with price capped at

USD70/ton FOB and minimum allocation of 25% (for first

550MT production)

• Coal still plays as major contributor to domestic power

generation in the Long Term. National electricity supply is

expected to grow by 4.05% pa in 2020-2029 with additional

41,775 MW by 2029, about half of the new capacity is to come

from coal.

38.2 37.0 40.0

31.5 29.4

32.1 31.4 29.3 28.2

32.1

37.0

40.6 38.3

33.8 34.4 33.1

37.0

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Sources: APBI and others

Indonesia Export Volume (monthly)

20

Indonesia Export volume in 5M21 remains stable despite strong demand

due to weather problem

• Heavy rainfall and flood in some areas in Kalimantan limit

production in 1H21.

• Concerns over Covid outbreak also put operational challenges

• Global freight cost has increased YoY

Indonesia Export Volume stable - 5M21 vs 5M20 China remains the largest export market for Indonesia

China35%

India21%

SE Asia23%

Jap Kor Taiwan17%

Other4%

5M20

China41%

India21%

SE Asia21%

Jap Kor Taiwan13%

Other4%

5M21

Sources: APBI and others

73.8103.8 109.0 125.7 138.6 141.0

130.2

151.8 162.1156.2

160.8 163.1

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2015 2016 2017 2018 2019 2020

Indonesia Other Countries

China’s Coal Import from Indonesia steadily increases

Countries 5M20 5M21 % Chg

China 61.6 71.9 17%

India 36.8 37.2 1%

SE Asia 41.0 37.4 -9%

Japan – Korea - Taiwan 30.0 23.7 -21

Other 6.7 6.4 -4%

Total 176.1 176.6 0.3%

21

Coal Outlook – LT Demand Remains Solid

Source: BP Energy Outlook 2019

• In the LT basis, International Energy Agency forecasts higher global coal

consumption by 2030 and only marginally lower consumption by 2040

• Thermal coal remains the largest power generator in the world

• Growing demand driven by China, India and SE Asia ( Vietnam, Indonesia)

22

Kideco: Impact of the Revised Mining Law

On 10-Jun-2020, the Indonesian parliament issued Mining Law No. 3 of 2020, which technically guarantees holders of CoW / CCoW

extensions for an effective:

(a) 20 years (in the form of two 10-year extensions) if the CoW or CCoW has never been extended; or

(b) 10 years (in the form of one 10-year extension) if the CoW or CCoW has been extended before

The authority to issue licenses and production approvals now are exclusively at the central government and ministry level, where it had

previously been at the governor and regency head. Additional guidance on the government royalty, income tax, and VAT to issued

Kideco’s existing CCoW expires in Mar-2023 and will be extended by conversion to an IUPK Continuation (IUPK sebagai Kelanjutan Operasi)

subject to application to the government including the submission of necessary documentation and other statutory requirements being fulfilled

Many large Indonesian miners have mining licenses that will expire before Kideco's

CCOW

1st Generation

Revised Mining Law No. 3

(2020)Key Highlights

Concession 49,000ha(1) Can Keep existing size of

concession(2)

Revised mining law allows for existing concession sizes to remain with

a conversion to IUPK

Licensing Period 2 x 10-year

extensions 2 x 10-year extensions

20 years (in the form of two 10-year extensions) if the CoW or CCoW

has never been extended; or

10 years (in the form of one 10-year extension) if the CoW or CCoW

has been extended before

% Government Royalty 13.5% TBD Royalty scheme will be further clarified in subsequent legislation

% Corporate Income Tax 45% 22% Separate legislation lowered Indonesian corporate income taxes

Additional Levy on Net Profit None 10% 10% levy on net profit introduced

Source: Mining Law 3/2020 (10-Jun 2020)

(1) Kideco’s size of concession

(2) Based on Mining Law 3/2020

Latest Developments

Strategies to Enhance Our Position as a Leading Integrated and Diversified

Indonesian Company

23

Diversify cash flows and increase revenue contribution from non-coal related businesses

• Increasing non-coal customer segments for energy-related services

• Exploring investment opportunities in non-coal mining sectors

• Developing other non-coal businesses

Strong focus and commitment to ESG in all aspects of our operations and management

• Continuing to maintain strong environmental management practices at our operations and promote green initiatives in the

community

• Continuing to be a leader in social responsibility through education, health, safety and community empowerment initiatives

• Maintaining a robust corporate governance framework and ensuring compliance with all prevailing laws and regulations

Continue to extract operational efficiencies and harness significant synergies among Group companies

• Continuing to increase operational efficiency and reduce costs

• Managing capital expenditure and negotiating with suppliers to distribute impact of adverse market conditions

• Continuing to provide a high-quality service and ongoing efficiency and optimisation improvements at coal mining services

business

• Continuing to leverage intra-Group cross-selling opportunities and integration of capabilities across businesses to increase

profitability

• Centralizing certain functions among Group companies (e.g. ICT, supply chain and procurement)

Continue to exercise prudent financial management and maintain healthy operating cash flows

• Using internally-generated cash ahead of external financing and maintaining a target total debt to EBITDA ratio

• Ongoing focus on delivering and controlling costs to position to be able to take advantage of future opportunities

• Generating sufficient cash flows from operations and diversifying access to available capital sources

24

Transforming into a diversified business portfolio

Current: Coal as core business Future: Diversified Business Portfolio

Business that

relies on coal, from

resources,

services and

infrastructure

✓ Diversified Business

Portfolio

✓ Significant growth

✓ Less volatility

✓ Eco-friendly

✓ Target to generate 50% revenue from non-coal businesses by 2025

✓ Growing the existing non-coal business and expanding into key areas of interest by leveraging our core competence

✓ Reducing exposure in coal related business, including through divestment

✓ Benefit of synergies across businesses

✓ Financial prudence and discipline maintained for all investments

25

Indika Energy people know today

Strong capabilities across the entire coal value chain

The future of Indika Energy

Unlocking sustainable development in Indonesia

New

portfolio

s

Logistics &

Infrastructure

Logistic assets, EPC

services, infrastructure,

e.g. fuel storage

Minerals Exploration of gold and

other metals and minerals

Nature

Solutions

Renewable energy, EV mobility, green economies

Digital

Ventures

Digital transformation and

analytics

Others Business incubation to develop

emerging new businesses

Field exploration of coal

resources, production and trading

Coal contract mining

and EPC services in oil

& gas

Transportation of bulk materials

and port infrastructure

Coal-fired power plant

Energy

resources

Energy

services

Energy

infrastructure

GAPURA TERMINALENERGI

26

Diversification Investments – Gold Asset Project

A Strategic investment in Nusantara Resources Limited (ASX: NUS). Nusantara

owned 100% PT Masmindo Dwi Area which has sole rights to exploit in Awak

Mas Gold Project

Location : South Sulawesi, 370 km from Makasar

Potential Resources : 2.29 million onz

Potential Reserves : 1.46 million onz *(1.35g/t)

License : COW (Contract of Work) amended in March 2018

Total concession : 14,390Ha, explored area ± 2,000Ha

Current Status : FEED

Definitive feasibility study has been completed in 2018

Ownership : Total 45.8% in Masmindo , through 27.8% in Nusantara

Resources Limited & 25% direct ownership in Masmindo.

Indika Energy has entered Scheme Implementation Deed

“SID” to acquire the remaining shares in Nusantara.

Potential Direct or Indirect ownership = 100%

* Reserve at USD1,400 per ounce gold price

Awak Mas/Masmindo Gold Project – Investment Structure

27

27.8%

Exercised 1st option:

USD 15m for 25% in MDWI

Indika Energy

Nusantara

(ASX Listed)

Masmindo DWI Area (gold project)

75%

Project Activities 2 stage

Stage 1 : To reach Final Investment Decision (1H21)

Complete: FEED

Detailed Design, permit for Tailings Storage Facility (TSF)

Land Access and compensation

Early Civil works

Conclude Debt and equity funding

Stage 2: Mid 2021

Award major contracts

Full scale construction

Commissioning is expected 2Y from Final Investment Decision

Ownership: Has exercised first stage option; paid USD 15m and owns directly 25% of Masmindo.

Transaction has been approved by MEMR on 25 Aug 20.

Direct 25%

Current ownership: 45.8%

• To acquire remaining ~72% shares of Nusantara through binding “Scheme Implementation

Deed” (SID) with an estimated cost AU$58.8m (~US$45m).

• NUS’ Independent Board Committee unanimously recommend to vote in favor of the scheme

• To get approval from NUS’ General Meeting to be held in mid- late Sept 2021

28

Diversification Investments – Fuel Storage Project

Build and operate fuel storages exclusively for ExxonMobil

Location : Balikpapan, Kariangau, East Kalimantan

Project Company : PT Karingau Gapura Terminal Energy

Total Project Cost : US$115million

Funding Structure : US$75 million - bank loan & US$38 million - equity

Storage Capacity : 75ML – Diesel; 13ML – MoGas; - 8ML –B100

Construction Periods : 18 months starting January 2019

COD : Commercial operation as of 9 November 20

Contractors : Tripatra & Petrosea

Phase 1

29

Diversification Investments – Patimban Port

▪ A strategic infrastructure project development; as the first integrated supply chain port in Indonesia

▪ On 30 Dec 20, Ministry of Transport has appointed Consortium of Patimban as operator of Patimban Port

▪ Indika joined the consortium through Indika Logistic & Support Services (ILSS) with 29% stake

Location : Patimban, Subang West Java

Scheme : Procure – Operate – Transfer

Concession Period : 40 years (2021 to 2061)

Capacity : 3.75 million TEUs for container terminal

600,000 CBU for car terminal

Development : 4 phases

Phase I

• Car terminal with capacity of 218,000 CBU (expected to operate by end

2021)

• Container terminal with area of 10.74 ha and capacity of 250,000 TEUs

Phase II

• Development will be in 2021-2027

• Car terminal with capacity of 382,000 CBU

• Container terminal with area of 63.45 ha and total capacity of 3.75m

(TEUS)

Indonesia to rely more on New and Renewable Energy (NRE)

30

NRE; 4.2

Fuel; 43.0

Coal; 34.2

Gas; 18.6

2014

NRE Fuel Coal Gas

National Primary Energy Mix (MTOE)

NRE; 23

Fuel; 25

Coal; 30

Gas; 22

2025

NRE Fuel Coal Gas

~400 MTOE

NRE; 31

Fuel; 20

Coal; 25

Gas; 24

2050

NRE Fuel Coal Gas

197 MTOE ~1,000 MTOE

8.6 16.2 45.2

69.7

118.6

167.6

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2015 2020 2025 2030 2040 2050

Power Supply Generation (GW)

Fossil NRE

1 2 5 7 11

13

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2019 2020 2021 2022 2023 2024

NRE - Power Generation Mix (%)

Geothermal Hydro Wind Bio Others Solar

Source: Rencana Strategis Kementerian ESDM 2020-2024 (RUEN)

31

INVESTASI

• Indika Energy formed a JV to operate solar power business with Fourth Partner Energy,

India’s leading solar developer, called Empat Mitra Indika Tenaga Surya (EMITS), with

51% stakes.

• EMITS will provide a one-stop-shop, renewable energy solutions platform for Indonesia’s

commercial and industrial sectors.

• EMITS aims to install 500MW in the next 5 year in Indonesia, combination of Utilities,

Commercial & Industrial and Off Grid/ Mini GridDIVERSIFICATIONINVESTMENT

Renewable Energy

Diversification Investments – Solar PV

C&I PV Rooftop C&I Provider Sale to PLN

ConceptClients Install Rooftop PV to

save electricity bill

Clients supply their own

electricity (off grid)

Build Solar PV and inject

power to PLN's grid

ClientCommercial & Industrial

Clients

Commercial & Industrial

ClientsPLN

Development

time< 1 year 1-2 years >2 years

Types of Market Segmentation

32

Govt to boost the use of Solar Energy

Policy To increase Solar Power capacity

RUEN

• Target to develop solar power capacity by 2025

• The use of solar rooftop and floating solar power

plant

• Fiscal and non-fiscal incentives for developer

30%

Utilisation of rooftop for solar panel

25%Requirement to utilize minimum 25% of rooftop area

on luxury houses, housing complex, and apartment

trough IMB (building licence)

Requirement to utilize minimum of 30% rooftop area

on government building for solar panel. 6.5GW

Source: Rencana Strategis Kementerian ESDM 2020-2024 (RUEN), Perpress NO 22/2017

77 92

119

180

260

34 44 52

73

146

-

50

100

150

200

250

300

2015 2016 2017 2018 2019

Solar Power Installed Capacity (MW)

Target Realization

CAGR

44%

261 589

929 1,572

2,215

6,500

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2020F 2021F 2022F 2023F 2024F 2025F

Solar Power - Installed Capacity (MW)

CAGR 114%

Diversification business – Electric 2W

33

8.01

7.06

7.74 7.87

6.48 5.93 5.89

6.38 6.49

3.66

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

2W domestic sales (m units)

Source: AISI and BPS

• Indika Energy, through PT Electra Mobilitas Indonesia (EMI), plans to

develop 2W electric vehicle business in Indonesia

✓ Large 2W domestic market, with estimated 116m vehicles as of 2020;

ratio of 2W to population is 1:2.3

✓ More than 43% of 2W is > 10 years old

✓ Government aims to boost 2W EV reaching 2 million by 2025

✓ Gojek with current driver partners of 2 million plans to use EVs by 2030

for all its transport services (2W and 4W)

✓ PLN to build charging stations across the country, supporting the

infrastructure development

Underbone6%

Scooter88%

Sport6%

Domestic 2W category -2020

34

INVESTASI

Diversification Investments – Industrial Forestry

Through Indika Multi Properti, developing more than 24,000 ha industrial

forest area, located in East Kalimantan

• Wood pellets for biomass (for co-firing)

• Carbon credit potentials

Biomass for co-firing Calorific value (kcal/kg)

Palm fiber 4,556

Calliandra 4,200

Bagasse (cane) 4,213

Empty palm oil bunches 3,700

Rice hulls 3,053

Source: Rencana Strategis Kementerian ESDM 2020-2024 (RUEN)

Strong Focus on and Commitment to ESG Initiatives

35

Environmental

✓ Comply with all Indonesian environmental laws,

regulations and standards

✓ Strong focus on five key elements

✓ Climate change (Greenhouse gas and carbon

emissions)

✓ Water & effluents

✓ Waste management

✓ Biodiversity conservation

✓ Environmentally friendly initiatives

✓ Environmentally friendly technologies at operations

✓ Ultra-supercritical coal-fired technology which reduces

CO2 emissions

✓ Solar panels at Kideco and CEP

✓ Low ash and sulfur Kideco coal relatively cleaner

burning

✓ Industry 4.0 (decreased materials, fuel and spare parts

usage)

✓ Environmental management practises recognized by

governments

✓ Kideco received Gold PROPER award from Ministry of

Environment and Forestry

✓ Promote green activities, including by partnering with

local communities

✓ Contribute to Indonesia’s wildlife protection efforts

Social Responsibility

✓ Focus on supporting long-term economic growth and

improving the quality of life in regions of operation

Governance

✓ Continuously implementing and improving good

corporate governance

✓ Recent addition of three individuals to Board of

Directors, including a female member (representing

20% of the board)

✓ Robust anti-bribery management system – Indika

Energy, IIR and Petrosea obtained ISO37001, while

the other subsidiaries are in the process of obtaining

✓ Complying with prevailing laws and regulations

Transparency

Accountability

Responsibility

Independence

Fairness & Equality

Corporate Principles

Education Develop education infrastructure

Provide scholarships and key skills

vocational training

Health and

Safety

Employees receive mandatory health

and safety specialized training

Comply with Indonesian safety and

health standards

Engage in programs to promote

healthier living in the community

Community

Significant portion of site workforce

from local areas

Support small community businesses

Sponsor infrastructure development in

local communities

Collaboration with key welfare

organisations (Indorelawan)

Intercultural Innovation Awards (UNAOC(1) and

BMW Group)1

“Achievements in promoting national tolerance and diversity”

(1) United Nations Alliance of Civilizations

Awards / Recognition/Certification

• Kideco has won Gold PROPER National

Award from Ministry of Environment

and Forestry (KLH) - 2020

• Out of 2,038 national companies

participated in the evaluation, only 32

companies including Kideco received

the Gold award in Dec 2020

• Gold is the highest rank that given only

for companies that have demonstrated

environmental excellence in their

production and services. They also have

conducted business that is highly ethical,

socially responsible as well as commitment

in sustainability development.

PT Indika Energy Tbk has been ranked 1st in the Basic Materials

Sector of the 2020 Global Fixed-Income Investor Relations

ranking by Institutional Research for the following categories:

✓ 1st Best Investor Relation - High Yield (2019-2020)

✓ 1st Best Use of Debt – High Yield (2019-2020)

✓ 2nd Best Use of Debt – Investment Grade (Asia)

Evaluation were based on 5 areas:

1. Balance sheet transparency

2. Communication of strategy shifts

3. Clarity of debt covenant calculations and other provisions

4. Responsiveness to questions on debt ratings

5. Engagement with bondholders

Indika Group (including subsidiaries) has received ISO 37001

certification for anti bribery system at end of 2020

✓ Indika Energy Tbk (INDY)

✓ PT Kideco Jaya Agung

✓ Petrosea Tbk

✓ Tripatra

✓ Mitrabahtera Segara Sejati Tbk (MBSS)

✓ Indika Resources

✓ Interport

MSCI

ESG Ratings

* Prev BB

BBB

Sustainalytics

ESG Risk Rating

** Prev 44.2

38.1

37

Our Commitment to the Environment

Lower Carbon Emission

Scope 1 GHG

emissions*

1,398,597 Ton CO2 eq

13.5%

Total energy usage**

14,307,917 GJ 8.1%

Total fuel

consumption***

466,587,377 liter

12.2%

GHG emission

intensity**

0.041

12.8%

Energy intensity

ratio**

0.42

4.0%

Efficient Use of Water

Total water

consumption*

5,109,615 M3

8.0%

Waste Management

Total usage of

recycled waste**

504.6 ton

73.1%

Total weight of

reused waste**

2,065.0 ton85.7%

Reclamation

Reclamation and

reforestation**

5,357 Ha

11.9%

Biodiversity Preservation

Together with local organizations and communities,

we protect and preserve biodiversity, flora and

fauna. We monitor and minimize impact on

biodiversity through rehabilitation program,

reforestation, seed nursery, land reclamation and

develop conservation areas and wildlife corridors in

East Kalimantan.

Developing Solar PV panel for

Kideco camp and officeAll information in this page, based on activities in:

*) Kideco, Petrosea and Tripatra

**) Kideco

***) Kideco and Petrosea

38

Our Commitments to the Communities

Provided Job Opportunities

Impacting 27.000+

family members across

Indonesia

7,539

People

Donation for Covid-19 Handling

Total numbers PCR Swab

testing for staff and families

and surrounding communities

in Jakarta 2,333 and

Balikpapan 5,567

8,000+

Indika Solidarity Collaboration with various parties

Total donation made by

Indika Energy Group

including through Indika

Foundation and other

organization

US$5.9

million

Total Rapid Test Antibody

dan Antigen 4,576 (Jakarta),

2,496 (Balikpapan) 7,000+

Rice packages for

surrounding communities in

Balikpapan and supported

local vendors as rice

suppliers and transport.

20,000+

Isolation Center

Providing self-care medical facilities for

employees and families affected by COVID-

19 in Jakarta.

We, in collaboration with some-minded

parties, took part in a number of initiatives

in relation to COVID-19 impact to the

country and its people.

In addition, as part of Indika Energy 20th

Anniversary, we donate Rp2 billion for

Swab and Save Indonesia. (Swab and

Save Indonesia is a donation program

under GSI Lab providing PCR swab tests

for those who can’t afford it).

39

Our Commitment to Good Governance

Strong Business Ethics

Obtained

ISO37001:2016 for Anti-

Bribery Management

System from British

Standard Institute

Transparency and Communication

with Investors

20%

Board Diversity Share Buyback

Voted by Institutional

Investor in the 2020

Global Fixed Income

Investor Relations survey

as: 1st Best Overall IR

(High-yield) and 2nd Best

Use of Debt in Asia

(Investment Grade), in

Basic Material Sector

+3New members of the

Board of Directors to

strengthen management

Dividend

Indika Energy distributed cash dividend of

Rp467.0 billion (Rp89,6 per share) from its

retained earnings to the shareholders.

The Company bought back 7.5 million shares with

avergae price of Rp 692.99 per share.Board of Directors is

Female

Rp 467.0 Billion

7,500,000 shares

Appendix

40

41

PT Indika Energy Tbk.

Energy Services Energy InfrastructureEnergy Resources

▪

-Established since 1991

-3rd largest coal producer

-Resources 1,625 MT, reserves

569 MT as of end Dec 2017

-91.0% ownership as of 6 Dec.

2017

▪


-Bituminous thermal & coking coal

-Resources 75.2 MT, reserves

40.6 MT

-85.0% ownership

▪


-Coal trading, ~7.0 MT volume

▪


- Integrated water coal transportation

and logistic

-51% ownership

▪


-20.0% owned 660MW, enviro-

friendly supercritical technology

-6.25% owned 1000MW expansion ,

ultra supercritical technology (under

construction)

▪


- Integrated logistic services

-Build and operate fuel storage

facility

-Port Business Entity license to

operate and provide port and logistic

services at all Indonesia major ports

▪


-Leading EPC and O&M services in

oil & gas and power generation

-100% ownership

▪


-Coal contract mining and E&C

capabilities in mining and oil and

gas

-69.8% ownership

Other Portfolios

▪


- Investment company in mineral

mining

-Developing gold project Awak Mas

in South Sulawesi

-Resources 2 million oz, reserves

1,1 million oz

-21% ownership

4321

Indika Energy, Indonesia’s leading fully integrated energy company

42

As a Group, Indika Energy creates synergy and offers comprehensive

set of multi-sector expertise and competencies

Example: IEG end-to-end competencies in coal value chain

En

erg

y

reso

urc

es

En

erg

y s

erv

ice

sE

ne

rgy in

fra

str

uc

ture

Identification /

acquisition of assets

Exploration

Economic and

feasibility study

Engineering and

construction

Production

Processing

Land transportation

Barging

Loading /

transshipment

Power generation

Offtake sales

• Operational synergy from intra-Group cross-selling opportunities- Petrosea and MBSS provides part of Kideco's

overburden removal, coal barging and transshipment services

- Kideco provides 1.9mt of coal per year to CEP- MBSS provides coal barging and transshipment

services to MUTU and Kideco

• Cost synergy from integrated operations (work-sharing and knowledge-sharing) among Tripatra, Petrosea and MBSS

• Increasingly stable earnings and cashflow from continued multi-sector diversification

Synergy across the Group

Total Backlog Total Backlog Total Backlog 660MW Power Plant

$883.5M $79.1M $111.8M

6M21 Net Income 6M21 Net Income 6M21 Net Income 6M21 Net Income

$11.9M $0.1M -$32.9M $5.0M (20% Indika)

6M21 EBITDA Margin 6M21 EBITDA Margin 6M21 Adj. EBITDA Margin 6M21 EBITDA Margin

25.6% 33.7% -28.2% 31.8%

ROE ROE ROE ROE

5.0% 0.0% -36.9% 6.4%

43

Indika Energy Subsidiary Results

Petrosea MBSS Tripatra Cirebon Electric Power

• Coal contract mining and E&C

capabilities

• Opportunity to increase group

synergies by winning more Kideco

contracting share

• 69.8% ownership

• Integrated coal transport & logistics

business

• Consists of 78 barges, 87 tugboats,

1 support vessel, 4 floating cranes

and 2 floating loading facilities

• 51% ownership

• Multi-disciplined engineering/EPC

and project capabilities

• Two subsidiaries:

1. PT Cotrans Asia – 45% stake

barging / transportation business

2. PT Sea Bridge Shipping – 46%

stake; domestic coal

transshipment for Kideco

• Kideco cross sells approximately

1.7MT to CEP annually

• Indika’s portion of net income in

6M21 is US$5.0M

• 20% ownership of CEP

• 6.25% ownership of CEP II

(expansion project)

Indika Energy’s Subsidiaries Backlog

44

Descriptions

Remaining

Contract Value

New Contract/

Adjustment

ValueRevenue

Recognition

Remaining

Contract Value

in 2020

Per 31 Dec 2020 Per 30 Jun 2021 Per 30 Jun 2021

Petrosea

Contract mining 750.6 207.4 140.4 817.6

E&C 47.3 14.5 25.9 35.9

POSB 32.1 25.0 27.1 30.0

Total (USD mn) 830 246.8 193.3 883.5

Tripatra

Tripatra Engineers & Constructors 129.2 46.3 77.6 97.9

Tripatra Engineering 17.8 4.5 8.5 13.9

Total (USD mn) 147.0 50.9 86.1 111.8

MBSS

Barging 47.6 17.6 23.4 41.8

Floating Crane 44.9 2.4 10.0 37.3

Total (USD mn) 92.5 20.0 33.4 79.1

Total Consolidated (USD mn) 1,069.5 317.7 312.8 1,074.4

45

Indika Energy’s Financial Highlights

Gross Profit (USD mn) Operating Profit (USD mn)

Income from Associates (USD mn)Core Profit/Loss**

(USD mn)

Net Profit/Loss*(USD mn)

* Profit/loss for the period attributable to owners of the company** Core Profit refers to the current year’s profit attributable to the owner of the company, excluding non-operating gains / losses and related taxes

(amortization of intangible assets, impairment of assets, fair value changes on contingent consideration obligation, gain on revaluation, acceleration on

amortization of bond issuance cost, gain from bargain purchase).

.

Revenues (USD mn)

1,098.8

2,962.9

2,079.9 2,077.2

1,287.9

-

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

3,500.0

2017 2018 2019 2020 6M21

122.9

641.2

426.7

253.9 294.0

0

130

260

390

520

650

780

2017 2018 2019 2020 6M21

34.1

508.1

289.5

115.9

219.4

0

100

200

300

400

500

600

700

800

2017 2018 2019 2020 6M21

136.2

20.6 30.0 32.6

16.7

0

40

80

120

160

2017 2018 2019 2020 6M21

335.5

80.1

(18.2)(117.5) 12.0

-120

-20

80

180

280

380

2017 2018 2019 2020 6M21

94.5

168.4

75.5

(52.2)

55.8

-100

-50

0

50

100

150

200

2017 2018 2019 2020 6M21

Gross Debt & Net Debt / LTM Adj. EBITDA (x)

LTM Adj. FCF / Debt (%)

Debt / Capital (%)

46

Indika Energy’s Key Business and Credit Ratios

LTM Adj EBIT / Interest (x)

LTM Adj EBITDA* (USD mn) & LTM Adj EBITDA

Margin (%)

LTM Adj EBIT (USD mn) & EBIT Margin (%)

291.9

652.5

436.0

274.1

406.1

26.6%

15.6%15.7%

13.2%

18.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-

200.0

400.0

600.0

800.0

1,000.0

2017 2018 2019 2020 6M21

EBITDA EBITDA Margin

330.8

519.9

298.7

132.7

236.3

30.1%

17.5%

10.7%6.4%

11.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0.0

200.0

400.0

600.0

800.0

1000.0

2017 2018 2019 2020 6M21

Adj. EBIT EBIT Margin

4.9

2.3

3.5

6.2

4.1

2.4

1.1

1.9

3.3

2.2

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2017 2018 2019 2020 6M21

56.4% 56.7%

59.9%

66.1%65.0%

50.0%

52.0%

54.0%

56.0%

58.0%

60.0%

62.0%

64.0%

66.0%

68.0%

2017 2018 2019 2020 6M21

0.4

5.1

2.6

1.1 1.2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2017 2018 2019 2020 6M21

15.7%

21.9%

13.0%

10.4%

15.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2017 2018 2019 2020 6M21

39.0

32.1 32.034.0 34.3 33.0

30.0

4.0

2015 2016 2017 2018 2019 2020 2021F

Actual Gov Approval Additional Target

47

Kideco – Leading Coal Producer in Indonesia

SM 4200-4300 Kcal

65%

Blended 4500 Kcal

8%

Roto 4900 Kcal

27%

Kideco Product Mix Kideco Production

Million Ton

34.0

Kideco Sales – by country

• Third largest coal producer in Indonesia

• Environmental friendly thermal coal with ultra-low sulphur of 0.1% and low ash of

(2.1% to 4.9%)

• Attractive location with well-built infrastructure, and integrated value chain within

the group, allowing for strong control over operation

• Low cost coal producer

• Resources of 1,550 MT and reserves of 531 MT based on JORC report Dec 2019

• Geographically diversified customer base

China33%

Indonesia35%

Korea5%

India9%

Taiwan3%

Southeast Asia14%

Japan1%

Others0%

48

Kideco’s Financial Highlights

Revenues (USD mn) Gross Profit (USD mn) Operating Profit (USD mn)

Net Profit (USD mn) EBITDA (USD mn) Cash Balance (USD mn)

1,633.0

1,802.2

1,574.2

1,249.5

876.8

0

400

800

1,200

1,600

2,000

2017 2018 2019 2020 6M21

527.8492.1

248.5

177.2

240.0

0

100

200

300

400

500

600

2017 2018 2019 2020 6M21

469.4450.3

208.2

138.3

216.4

0

100

200

300

400

500

2017 2018 2019 2020 6M21

277.1260.1

119.8

75.4

120.3

0

50

100

150

200

250

300

2017 2018 2019 2020 6M21

526.0489.5

245.7

160.7

227.6

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2017 2018 2019 2020 6M21

144.4

171.3

114.3

187.5

215.8

0

50

100

150

200

250

2017 2018 2019 2020 6M21

49

Kideco’s Operational Highlights

Cash Cost Breakdown Coal Production (mn ton) Coal Sales (mn ton)

Stripping Ratio (x) Average Selling Price (USD/ton) Cash Cost (USD mn)

Contract Mining + Rental54%

Gov. Royalty

17%

Material10%

Freight7%

O/H11%

Labor1%

32.034.0 34.3 33.0

18.2

0.0

15.0

30.0

45.0

2017 2018 2019 2020 6M21

31.534.1 34.9

33.0

18.1

0

15

30

45

2017 2018 2019 2020 6M21

6.1 6.3 6.35.7

5.1

0

2

4

6

8

2018 2018 2019 2020 6M21

51.9 52.9

45.1

37.8

48.6

0.0

15.0

30.0

45.0

60.0

2017 2018 2019 2020 6M21

34.437.8 37.3

31.834.7

28.030.9 31.2

27.028.7

2017 2018 2019 2020 6M21

Incl Royalty Excl Royalty

Kideco’s Operational Highlights

50

Summary P&L (US$mn)Quarter Data YTD

2Q21 2Q20 YoY 1Q20 QoQ 6M21 6M20 YoY

Sales 461.9 286.9 61.0% 414.9 11.3% 876.8 663.2 32.2%

Gross profit 136.3 46.5 193.2% 103.7 31.4% 240.0 114.1 110.4%

Operating profit 124.7 35.4 252.5% 91.7 36.1% 216.4 92.2 134.6%

Net income 69.2 21.6 220.0% 51.1 35.3% 120.3 46.7 157.4%

EBITDA 130.3 41.0 217.8% 97.2 34.1% 227.6 103.3 120.2%

Gross margin 29.5% 16.2% 25.0% 27.4% 17.2%

Operating margin 27.0% 12.3% 22.1% 24.7% 13.9%

Net margin 15.0% 7.5% 12.3% 13.7% 7.0%

EBITDA margin 28.2% 14.3% 23.4% 26.0% 15.6%

Overburden (mn bcm) 44.8 48.5 -7.7% 47.6 -5.8% 92.4 95.0 -2.8%

Production volume (Mt) 9.1 8.1 12.1% 9.1 -0.1% 18.2 16.9 7.7%

Sales volume (Mt) 8.9 7.9 12.4% 9.2 -3.4% 18.1 16.6 8.5%

Stripping ratio (X) 4.9 6.0 -17.6% 5.2 -5.7% 5.1 5.6 -9.7%

Cash Cost excl royalty

(US$/ton)29.8 24.7 20.4% 27.6 7.9% 28.7 27.2 5.3%

Average selling price (US$/ton) 52.1 36.4 43.2% 45.2 15.2% 48.6 39.8 21.9%

69%

34%

27%

15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

PTBA INDY ADRO ITMG

Peer Comparison (3M21 Data)

51

EBITDA MARGIN

PRODUCTION ANNUAL (MT) STRIP RATIO (x)

RESERVE/RESOURCE RATIO

CASH COSTS ex Royalty (US$/t)

Domestic Sales/ Total (DMO 25%)

*Kideco only

DMO requirement

51

36

1816

0

10

20

30

40

50

60

ADRO INDY * PTBA ITMG

5.2

3.8

5.2

11.5

0

2

4

6

8

10

12

14

PTBA ADRO INDY * ITMG

35%

22%

16%

23%

0%

5%

10%

15%

20%

25%

30%

35%

40%

ADRO PTBA ITMG INDY*

16%

22%

31%

40%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

ITMG ADRO INDY PTBA

36 39

33

53

-

10

20

30

40

50

60

ADRO PTBA INDY * ITMG

52

Petrosea’s Financial Highlights (1)

Revenues (USD mn)

*

EBITDA (USD mn)Coal Getting Volume (MT) Net Profit/Loss* (USD mn)

Gross Profit (USD mn) Overburden Removal (mbcm)

313.5

465.7 476.4

340.7

193.3

0

100

200

300

400

500

600

2017 2018 2019 2020 6M21

45.7

73.1

81.1 74.9

30.0

0

20

40

60

80

100

2017 2018 2019 2020 6M21

97.6

121.1 123.5

94.4

58.0

0

35

70

105

140

2017 2018 2019 2020 6M21

24.8

34.6

31.0

26.7

16.0

0

8

16

24

32

40

2017 2018 2019 2020 6M21

74.6

116.8127.1

112.9

50.0

0

30

60

90

120

150

2017 2018 2019 2020 6M21

11.6

23.4

31.3 32.5

11.8

0.0

15.0

30.0

45.0

2017 2018 2019 2020 6M21

53

Petrosea’s Financial Highlights (2)

*

Revenues Breakdown by Value

*Cost Structure

6M21: US$193.1mn 6M20: US$175.9 mn

6M21: US$163.3 mn 6M20: US$144.0 mn

Contract Mining72.6%

E&C12.8%

POSB14.0%

Others0.6%

Contract Mining59.1%

E&C19.1%

POSB19.7%

Other2.1%

Salary31.4%

Operations24.8%

Depreciation20.3%

Subs & Rental9.3%

Rental7.9%

Material4.9%

Amortization & other cost

1.4%

Salary34.9%

Operations22.2%

Depreciation20.9%

Subs & Rental8.9%

Rental8.7%

Material3.2%

Amortization & other cost

1.2%

54

Tripatra’s Financial Highlights (1)

* Profit/loss for the period attributable to owners of the company

** Including dividends from associates

Month/year Month/year

Revenue (USD mn) Gross Profit (USD mn) Net Profit* (USD mn)

Income from Associates (USD mn)

Month/year Month/year

Adjusted EBITDA** (USD mn)

274.8 278.3

462.3

299.4

95.8

0

125

250

375

500

2017 2018 2019 2020 6M21

45.041.7

37.5

-31.7

-20.3

-40

-25

-10

5

20

35

50

2017 2018 2019 2020 6M21

8.4

10.2 10.29.3

5.3

0

3

6

9

12

2017 2018 2019 2020 6M21

35.2 35.129.2

-36.6

-20.9

-45

-37

-29

-21

-13

-5

3

11

19

27

35

2017 2018 2019 2020 6M21

25.8 28.4

16.9

-43.5

-32.9

-49

-42

-35

-28-21

-14

-7

0

7

14

21

28

35

2017 2018 2019 2020 6M21

55

Tripatra’s Financial Highlights (2)

*

Revenues Breakdown by Value

Cost Structure

6M21: US$95.8 mn 6M20 : US$195.8mn

3M21 US$52.1 mn 3M20: US$93.2 mn

TPEC88.9%

TPE11.1%

TPEC92.0%

TPE8.0%

Material18.6%

Sub Contractors

39.3%

Salary6.2%

Handling1.2%

Rental9.7%

Others25.0%

Material41.1%

Sub Contractors

30.0%

Salary6.1%

Handling4.5%

Rental7.8%

Others10.4%

56

MBSS’ Financial Highlights (1) *

Revenues (USD mn)

Net Profit (USD mn)

EBITDA (USD mn)

Floating Crane Vol. (mn ton)Barging Vol. (mn ton)

Gross Profit (USD mn)

68.5 75.4 77.8

54.9

33.4

-

25.0

50.0

75.0

100.0

2017 2018 2019 2020 6M21

2.5

4.9

18.4

3.95.4

0

4

8

12

16

20

2017 2018 2019 2020 6M21

18.4

24.0

27.7

14.8

11.2

0

5

10

15

20

25

30

2017 2018 2019 2020 6M21

-8.9

-18.2

4.3

-14.9

0.1

-20

-15

-10

-5

0

5

10

15

20

2017 2018 2019 2020 6M21

18.5

22.1

25.1 24.6

13.4

0

5

10

15

20

25

30

2017 2018 2019 2020 6M21

8.7

11.810.1

8.1

5.2

0

5

10

15

20

25

2017 2018 2019 2020 6M21

57

MBSS’ Financial Highlights (2)

*

Revenues Breakdown

*Cost Structure

6M21: US$288.0 mn 6M20: US$27.5 mn

6M21 US$33.4mn 6M20: US$29.0mn

Barging70%

FC 30%

Barging73%

FC 27%

Depreciation36%

Fuel19%

Salaries12%

Spareparts9%

Port charges5%

Insurance3%

Others16%

Depreciation39.8%

Fuel13.5%

Salaries12.4%

Spareparts13.0%

Port charges7.1%

Insurance2.8% Others

11.4%

Indika Resources’ Financial Highlights

Revenues (USD mn)

Net Profit (USD mn)

Gross Profit (USD mn)

MUTU Production Vol. (mn ton)Coal Trading Vol. (mn ton)

Cost of Good Sold (USD mn)

58

319.8

398.8

325.9

192.9

156.3

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2017 2018 2019 2020 6M21

306.5

359.4

300.8

170.3

122.7

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2017 2018 2019 2020 6M21

13.3

36.2

21.3 22.6

33.6

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

2017 2018 2019 2020 6M21

(142.4)

2.4 4.3 2.2

20.6

(160.0)

(120.0)

(80.0)

(40.0)

-

40.0

2017 2018 2019 2020 6M216.8

8.4

6.5

4.3

3.0

0

2

4

6

8

10

2017 2018 2019 2020 6M21

0.5

1.2

1.6

1.3

0.8

0

0.5

1

1.5

2

2017 2018 2019 2020 6M21

59

Indika Resources’ Financial Highlights (2)

*

Revenues Breakdown

*MUTU ASP (USD/ton)

6M21: US$156.3 mn 6M20: US$132.3 mn

MUTU Cash Cost ex Royalty (USD/ton)

Coal Trading54.6%

MUTU45.4%

Coal Trading69.4%

MUTU30.6%

78.3

87.6

76.3

60.1

82.3

0

20

40

60

80

100

2017 2018 2019 2020 6M21

62.2 61.3

53.2

46.644.04

0

10

20

30

40

50

60

70

2017 2018 2019 2020 6M21

60

Notes Outstanding

The Senior

Notes are rated:BB - / Negative Outlook

International Ratings (as of Oct 2020)

A + / Negative Outlook

National Ratings (as of Oct 2020)

Ba 3

Negative Outlook (as of Oct. 2020)

Indo Energy Capital IV Pte. Ltd.

USD675.0 mn

8.250% 5-year Senior Notes

Reg S / 144A

due 2025

October 2020

Indo Energy Capital III Pte. Ltd.

USD575.0 mn

5.875% 7-year Senior Notes

Reg S / 144A

due 2024

November 2017

Documents

INDIKA ENERGY GROUP COMPANY UPDATE