Indonesia’s

LEADING and PT Chandra Asri Petrochemical Tbk

COMPANY PRESENTATION
PREFFERED
Petrochemical Company

Jakarta, January 2021

Jakarta, May 19th, 2020

Disclaimer

IMPORTANT NOTICE: This document contains forward-looking statements concerning the financial condition, results of operations
and business of PT Chandra Asri Petrochemical Tbk. All statements other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s
current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or implied in these statements.

There are a number of factors that could affect the operations and future performance of PT Chandra Asri Petrochemical Tbk, and
cause the Company’s results to differ from those expressed in the forward looking statements including (a) cyclicality in the
petrochemical industry, (b) volatility of the international market prices, (c) fluctuations in the cost of feedstock, (d) variances to
capacity and product expansion plans, (e) increased global and local competition, (f) unscheduled outages and shutdowns, (g)
political and macro-economic risks, (h) trade-regulating actions by international governments, (i) evolving environmental and
occupational health and safety laws, (j) dependence on third party providers, (k) approvals to renew permits/approvals/licenses, (l)
risks associated with global pandemics e.g. COVID-19 outbreak, and (m) changes in trading conditions.

All forward-looking statements contained in this document are expressly qualified in their entirety. Readers should not place undue
reliance on forward-looking statements. Neither PT Chandra Asri Petrochemical Tbk nor any of its subsidiaries undertake any
obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other
information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward looking
statements contained in this document.

2
Contents

1 Company Profile

2 Investment Highlights

3 Financial Overview

3
Company Profile

4
Chandra Asri – Indonesia’s leading and preferred petrochemical company
Largest Integrated Petrochemical Producer in Indonesia
 Largest integrated petrochemical producer in Indonesia and operates the country’s only Naphtha Cracker, Styrene Monomer, Butadiene, MTBE and
Butene-1 plants
 Market leadership in highly attractive Indonesia and SE Asia petrochemical market
– Market share of approximately 50%, 30%, and 32% of the domestic market (including imports) in Olefin, Polyethylene, and Polypropylene,
respectively
 Support from Barito Pacific Group and Siam Cement Group
 Vital National Object status
 Transformed in 2016 following the 4Q2015 Naphtha Cracker expansion and Furnace revamping in 2019, Production capacity increased by some
50% to Ethylene 900 KTA, Propylene 490 KTA, Py-Gas 418 KTA, and Mixed C4 330 KTA
 Further downstream expansion completed in 2018-2020, Butadiene plant up to 137 KTA from 100 KTA; new Synthetic Rubber plant with capacity
of 120 KTA (a joint venture with Michelin); new Polyethylene plant of 400 KTA bringing total Polyethylene capacity to 736 KTA, new expanded CAP’s main integrated manufacturing complex
capacity of Polypropylene plant at 590 KTA through debottlenecking; and new plant of MTBE and Butene-1 plant with capacity of 128 KTA and 43 FY-2019 Key Figures
KTA respectively which completed the second phase master plan of CAP integrated complex.

Stable and Robust Financials Supported by Credit Strengths

 Integration from upstream cracker to downstream polyolefin products
Net Revenues EBITDA
– Strategically located near key customers USD1,881m USD180m
 Low production cost base and operating efficiencies
– Benefit from scale of feedstock sourcing and stable supplier relationships
– Naphtha cracker utilization rate >90% in average
Net Income Cash Balance
 Long-standing relationships with diverse customer base USD24m USD660m
– No single customer accounts for more than 7-8% of consolidated revenue
– Around +/- 75% of products by revenue were sold to domestic market

 Captive distribution network provides significant cost efficiencies

– Key customers integrated with CAP production facilities via CAP’s pipelines
Cash Flow from
Capital Expenditure
– Provides significant cost efficiencies to key customers Operating Activities
USD385m
 New projects fueling strategic growth
USD238m
– Other efficiency improvements to complete integration of existing complex.
– CAP 2 plan remains fully unchanged, and the pace will be subject to the stage-gated approach we have consistently adopted to ensure prudent
and effective deployment of capital, underpinned by a strong equity base.

5
 28-year Track Record of Successful Growth
2015 2016 2017 2018 2019 CAP
(USD) 2013 2016
 Strategic partnership with  Issued 2016 Bond IDR500b
3.5bn Michelin to establish PT  Corporate rating upgrade by
2019
Synthetic Rubber
3.2bn Indonesia
Moody’s from B2 to B1
3.0bn  Revised rating outlook by S&P
1.9bn 2.1bn  Butadieneplant of 100KTA from Stable to Positive B+
Total assets commercially operated 2018 2019
 Received idA+ rating by
2007  Secured funding for Pefindo  Issued Shelf Bond II
cracker expansion:
 Added a furnace at its Phase II-2019 IDR750b
naphtha cracker to − Rights issue ca. 2017
 Granted a tax holiday for
1995 2004 increase production 2010 USD127.9m 2018 New PE plant
 Commercial  Product of ethylene to  Issued − Term-Loan facility of 2016  Issued Shelf Bond I  Credit rating upgrade by
production expansion 600KTA, propylene to inaugural USD265m Phase II-2018 IDR500b S&P from B+ to BB-
320KTA, py-gas to
begins at CAP through
280KTA and mixed C4
5-year 2015  Maintained rating from (stable)
with initial selling of USD230m Pefindo idAA-
cracker Mixed C4 to 220KTA Bond 2013 2017  Pefindo reaffirmed
 Upgrade of LT  S&P revised outlook rating at idAA- (stable)
capacity of  Acquisition
of 100%
2011 corporate credit rating CAP Global Bond to
2010
CA

520KTA shares of SMI 2015  Fitch reaffirmed rating at

2009 from B1 to Ba3 by stable BB- (stable)
2004 2007  Completed cracker
Moody's  Fitch reaffirmed rating  Acquired shareholders’
1992 1993 1995 2011 expansion project in Dec
at BB- with stable
 Merger of CA and 2015, resulting to increased  Rights issue ca. approval for merger plan
TPI effective from 1 capacity to 860KTA USD377m in Sep 2017 outlook between PBI and CAP
1992 1993 1995 2009 Jan 2011  Obtained corporate  Completed  Capacity creep post
 Appointment of Toyo Eng.
 Started  Increased  Increased  Increased rating of BB- by Fitch debottlenecking of furnace revamp; and
 Completed de- Corp. for SBR plant
commercial capacity of capacity of Butadiene plant to
TPI

capacity of bottlenecking to construction  Rating upgrade by completed

production of polypropylene polypropylene polypropylene 137KTA debottlenecking of
raise polypropylene  Loan refinancing
of Pefindo from idA+ to
polypropylene plant to plant to plant to capacity to 480KTA idAA-  New Synthetic Rubber Polypropylene plant to
comprising 240KTA 360KTA 480KTA USD150m with 7-year term
plant of 120KTA on 590KTA
annual capacity  SCG Chemicals loan USD94.98m with lower  Issued USD300m 7NC4
stream (JV with New PE plant of 400KTA
of 160KTA acquired 23.0% of interest rate Bond 
Michelin) on stream and officiated
Company from  Issued Shelf Bond I
Appleton  Issued Shelf Bond II by the Indonesian
Phase I-2017 IDR500b
Investments Limited Phase I-2018 IDR500b President
 Obtained export credit  Granted a tax holiday for
facility from JBIC and CAP2
BNP Paribas

Track record of achieving operational and structured growth

6
Vision and Business Strategy

Vision to be Indonesia’s Leading and Preferred Petrochemical Company

1 Increase capacity and product offerings to build on leading market position

2 Expand value proposition to increase profitability

3 Develop feedstock advantage to improve cost competitiveness

4 Develop and nurture human capital

5 Continue to leverage the Company’s branding to maintain premium relationship with stakeholders

Maintain and further improve best-in-class operating standards, cost efficiency, and safety, health and environment
6
framework; leveraging digital transformation

7
Integrated production of diverse products
CAP’s products encompass a wide range across the consumer products value-chain, and its leading position & strategic location
enhances its competitiveness
Capacity (KT/A) Use (Examples)
Capacity
Polyethylene
(KT/A)
Naphtha (736)
Ethylene (900) Styrene
 Naphtha Monomer
consumption of (340)
Merchant
2,500 KT/A at full market
capacity
Polypropylene
Propylene (490) (590)

Pyrolysis
Gasoline (418)

Synthetic Rubber
Feedstock (120)
Butadiene
Mixed C4 (330)
Plant (137)

Butadiene

MTBE (128)
Raffinate-1
Butene-1 (43) (as comonomer for PE)

Support Co-generation Utilities & Water Jetty

facilities plants facilities facilities facilities

8
Our Sustainability – Incorporating ESG
Commitment and clear focus on Environmental, Social and Governance principles

New Fleet of 53 Electrical Forklifts 4,800m2 of Solar Panels reducing up to Enclosed Ground Flare leaves no air discharge,
Replacing Diesel 644T/Yr of CO2 emissions reduces noise, eliminates heat & smoke

 Reduce 92.2mn gallons of water consumption

The deployment of Green Chemistry will  Save 6mn kilowatt hours of energy
deliver continuous improvement in  Mitigate 2,100 metric tonnes of CO2
Green Lower waste-water production by 472,000 tonnes
reducing CAP’s environmental footprint 
Chemistry  Cut down NOx exhaust gas by 75%

9
Our Sustainability – Incorporating ESG (cont’d)
We actively seek a balance health, environmental, economic and social goals.
Health Environment
 Distributing aid for the victims of natural disaster  Working with local Government in implementing plastic asphalt project
 Holding several health events for both internal and external parties  Supporting community-based waste management industry

Socioeconomic Education
 Building partnership to support Polymer material technology innovation  Rebuilding a few inadequate schools
 Exploring opportunities for collaboration in the petrochemical sector  Holding training programs for teachers

10
 Our Sustainability – Incorporating ESG (cont’d)
Recognitions and Quality Standards
Awards

Responsible Care Indonesia Award 2019 Leadership in Energy Management Calibration Compliance from Banten's Gold Category in Indonesian Sustainable Top Community Care Gold Award from ICQCC Tokyo 2019
CAP (Gold) and SMI (Platinum) CEM Insight Award Province Industry and Trade Office Development Goals Awards 2019 Companies in Asia

PROPER Award 2019

3 Stars for Contributing to Excellence (ACE) HR Excellence Awards 2019 OPEXCON 2019 TKMPN XXIII CSR Citra Award 2019 Green Industry 2019
from WKM and AMMPI
Certifications
 ISO 50001:2018 Energy Management System  Halal Assurance System
 ISO 45001:2018 OHS Management System  SMK3 Audit
 ISO 14001:2015 Environmental Management System  Ecolabel
 ISO 9001:2015 Quality Management System  RCI Verification
 SNI 0594:2011 Trilene Polypropylene Resin  KAN Testing Laboratory
 SNI 7808:2012 Asrene Polyethylene Resin

11
Investment Highlights

12
Key Investment Highlights

1 Well-positioned to benefit from attractive Indonesian growth fundamentals

2 Indonesia’s leading petrochemical producer with a diverse product portfolio

3 Diversified customer base and strategically located to supply key customers

4 Diverse and secured sources of feedstock and raw materials

5 Strong Shareholder support

6 Highly experienced Management team with proven track record of delivering Growth

13
1 Well-Positioned to Benefit from Attractive Indonesian Macroeconomic Growth and
Consumption Trends
GDP Growth CAGR (2017 – 2020F)(1) Polyolefin Consumption per Capita(2)

7.7% 10%
Bubble size indicates
6.8% 6.3% 6.2%

Projected CAGR in 2019-2025F

demand in 2018, million tons
5.4%
4.8% 8%
11 India
3.3% China
2.6% 2.0%
1.6% 1.6% 6% Indonesia
3 53
SEA* 9
4% 4 US
4 Brazil
EE CE & WE
20
2%
5 26
Japan
Foreign Direct Investment in Indonesia (2015-2019)
0%
(USDbn)
0 10 20 30 40 50 60 70

29.3 29.0 32.2 29.3 Consumption per capita in 2018 (kg)

28.2
Note: EE = Eastern Europe, CE = Central Europe, WE = Western Europe, SEA* = South East Asia (including
Malaysia, Philippines, Singapore, Thailand and Vietnam) * Excluding Indonesia

Domestic Trends

Rising population Quality of life

2015 2016 2017 2018 2019
Product substitution Consumer spending
Source: Nexant, IMF, BKPM
Note: Urbanization Manufacturing
1. GDP, constant prices; IMF World Economic Outlook Database
2. Polyolefin include HDPE, LLDPE, LDPE and PP

14
1 Strong Demand Growth for Petrochemical Products in Indonesia

End Markets Total Demand Growth (2018 – 2025F CAGR(1))

 Plastic films
 Containers 5.0%
Polyethylene  Bottles
PE
2.9%
 Plastic bags

 Packaging
 Films and sheets 4.3%
Polypropylene  Fibers and filaments PP
 Toys 2.6%

 Automotive parts Indonesia

RoW
 Drinks cups
 Food containers 6.6%
Styrene Monomer SM
 Car interiors 1.2%
 Helmet padding

 Vehicle tires 26.0%

Butadiene  Synthetic rubber BD
0.3%
 Gloves and footwear

Petrochemical products are fundamental to the production of a wide variety of consumer and industrial products, such as packaging, containers, automotive and
construction materials
Source: Nexant

15
2 CAP is the Largest Petrochemical Producer in Indonesia
Capacities of Petrochemical Producers in Indonesia (2020)
Capacity ('000 tons per year) s Others Total

Ethylene 900 - - - - - - - 900

Propylene 490 - 625 - - - - - 1,115
LLDPE 400 200 - - - - - - 600
HDPE 336 250 - - - - - - 586
Polypropylene 590 - 45 300 - - - - 935
Ethylene Dichloride - - - - 760 380 - - 1,140
Vinyl Chloride Monomer - - - - 875 130 - - 1,005
Polyvinyl Chloride - - - - 550 110 - 202 862
Ethylene Oxide - - - - - - - 240 240
Mono Ethylene Glycol - - - - - - - 220 220
Acrylic Acid - - - - - - - 140 140
Butanol - - - - - - - 20 20
2-Ethylhexanol - - - - - - - 140 140
Pygas 418 - - - - - - - 418
Crude C4 330 - - - - - - - 330
Butadiene 137 - - - - - - - 137
Benzene - - 100 - - - 2071 - 307
Para-Xylene - - 270 - - - 5001 - 770
Styrene 340 - - - - - - - 340
Synthetic Rubber 120 - - - - - 75 195
Methyl Tert-butyl Ether 128 128
Butene-1 43 43
Total 4,232 450 1,040 300 2,185 620 707 1,037 10,571
CAP offers the most diverse product range and is a dominant producer with market share of approximately 50%, 30%, and 32% of the domestic market (including imports) in
olefin, polyethylene and polypropylene respectively
Source: Company, ICIS, Nexant

16
2 CAP is the Country’s Market Leader for its Product Portfolio
CAP is a market leader in Indonesia across all of its products, and a leading player in the region
1 Largest Petrochemical Company in Indonesia1 Olefin Top 10 South East Asia Producers2
(’000 tons per year)
Olefins Polyethylene
5,000
CAP CAP
4,000 7
Pertamina LCT 3,000
50% 30% 2,000
22% 18%
Total Total 1,000
Supply Supply 0

Chemical…
2.8m tons 2.5m tons

Chandra
Shell/QPI

PCG

Pertamina
IRPC
PTTGC

SCG

Sumitomo
ExxonMobil

Asri*
Lotte
Import
Import
28%
52%
Ethylene Propylene
Ethylene Capacity Addition Propylene Capacity Addition
Polypropylene Styrene Monomer
Polyolefin Top 10 South East Asia Producers2
(’000 tons per year)
Pertamina CAP CAP
2% 32% 5,000
100% 4,000
Polytama 5
3,000
16% Total
Total 2,000
Supply
Supply 1,000
1.8m tons 0.3m tons 0

Chemical…
ExxonMobi

Chandra

JG Summit
IRPC

PCG
IRPC
SCG

PTTGC

TPC

Chevron
TPC
Chandra

Phillips
Asri*
Asri*
Lotte
Import

l
50%

Source: Company, Nexant

Note: HD LL LD PP Polyolefins Capacity Addition
1. By production excluding fertilizer producers and including imports
2. Chandra Asri capacity is inclusive of SCG’s equity in Chandra Asri

17
3 Strong Brand with Diversified Client Base of Industry Leaders, Developed Over Many Years
Sales & Marketing Strategy Top 10 Customers (2019)
 Long term relationships with key customers Customer Products % of Revenue Customer Since Location
 Network of 300+ customers, with diversified clientele
Customer 1 Polyethylene, Polypropylene 7.04% 1995 Indonesia
⁻ Top 10 customers account for only 43.41% of revenues in 2019 Customer 2 Ethylene 5.50% 1995 Indonesia
 Majority of top 10 customers have been with CAP for >10 years Customer 3 Styrene Monomer, Butadiene 5.12% 2004 Indonesia

 Trademarked brand names Customer 4 Styrene Monomer, Butadiene, HP Steam 5.00% 2018 Indonesia
Customer 5 Polyethylene, Polypropylene 4.06% 2015 Indonesia
― “Asrene” for polyethylene products, Customer 6 Py-Gas 3.91% 2019 Singapore
― “Trilene” for polypropylene products, Customer 7 Butadiene, Raffinate-1 3.54% 2013 Singapore
Customer 8 Polyethylene, Polypropylene 3.37% 1995 Indonesia
― “Grene” for resin products
Customer 9 Styrene Monomer 3.07% 2018 Singapore
 Strong marketing and distribution platform with nation-wide network Customer 10 Polyethylene, Polypropylene, Ethylene 2.79% 2010 Japan
― Short delivery times result in premium pricing over benchmarks Top 10 Customers % of Revenue 43.41%
― On ground technical support.

Sales Breakdown (2017 – 2019)

(US$m)
Domestic Export

783 734 412 943 1,184 899 433 411 373 252 205 188 2,411 2,535 1,872
1% 2% 5%
39% 36% 31% 27% 27%
47% 45% 48% 44%
57%
88% 83%
99% 98% 95%
61% 64% 69% 73% 73%
53% 55% 52% 56%
43%
12% 17%

2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019

Olefins & by-products(1) Polyolefin Styrene Monomer & by-products Butadiene & by-products Total(2)
(1) Include ethylene, propylene, and by-products such as Py-Gas and Mixed C4
- Propylene: Majority used as feedstock for polypropylene production internally
- Mixed C4: Majority used as feedstock for butadiene production internally
- Py-gas: Primarily sold to SCG
(2) Exclude Tanks & Jetty Rent

18
3 Strategically Located Key Customers, with Location Proximity & a Proprietary Pipeline
CAP’s Integrated Petrochemical Complexes

Inti Everspring Indonesia

BASF Indonesia
Merak Energi
Lobunta Kencana
Rhone Poulenc SBL
Sulfindo Adiusaha NAOH, Cl2
Santa Fe Sulfindo Adi Usaha. EDC, VCM Indochlor
Sauh Bahtera samudera
Sulfindo Adi. PVC
Gumindo Perkasa Redeco Petrolin Utama
Industri Polychem Lindo
Styrene Monomer Plant
Gajah Tunggal Tbk -SBR
Nufarm Indonesia
GT Petrochem Industries Tbk
Capacity 340 KT/A
Indo sukses Sentra Usaha
Sintetikajaya Polychem Indonesia Tbk.
Conch Cement Indonesia
Merak Bakrie Construction
Arbe Styrindo RBS
Integrated Complex Multisidia Gunanusa Fabrikasi
Banten Java Persada
 Main Plant Capacity (KT/A) Puloampel-Serang Duta Sugar Wilmar Group N
− Ethylene: 900 Buana Sulfindo
Statomer PVC
− Propylene: 490
Prointail
− Py-Gas: 418
Unggul Indah AB
− Mixed C4: 330 PIPI PS and SBL
− Polyethylene: 736 Mitsubishi Kasei

− Polypropylene: 590
 Butadiene Plant: 137 KT/A TITAN PE
Amoco Mitsui UAP
 MTBE and B1 Plant: 128 KT/A and 43 KT/A
Cabot Dow Chemical
 On-Site Power Indonesia
Siemens KS Air Liquide
 SBR Plant: 120 KT/A
Hoechst

Indorama Petrochemical Cilegon

Sankyu
Asahimas
Lautan Otsuka
Dongjin Cilegon
NSI

Jakarta

Anyer
Integrated Complex

Jetty Toll Road CAP Pipeline Road Customers with pipeline access

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.

19
4 Stable & Flexible Feedstock Supply from Long-Term International Suppliers
Feedstock Procurement Overview Main Raw Materials (2019)

 Long-standing stable supplier relationships

Naphtha/
100%
 No material feedstock supply disruption historically Condensate

 Flexibility in feedstock purchasing (spot vs. contract)

Benzene 100%
― Avoids single supplier dependence
― 80% of naphtha under contract with major oil trading companies in 2019
Propylene 27% 73%
 Procurement synergies with SCG
 Substantial naphtha storage capacity to support 27 days of operations Ethylene 100%

Externally Sourced Internally Sourced

Naphtha Supply (2019) Key Suppliers of Naphtha (2019)

Supplier US$m %
Shell International Eastern Trading 341.1 32.91%
20%
38% 36% Marubeni Petroleum Co. Ltd 316.9 30.58%
Total Trading Asia Pte Ltd 114.8 11.08%
Chevron U.S.A. Inc 112.9 10.90%
80% Konsorsium PT. Titis Sampurna 41.5 4.00%
62% 64%
Kuwait Petroleum Corporation 30.4 2.93%
Shell MDS (Malaysia) Sendirian Berhad 29.7 2.87%
Saudi Aramco Product Trading Company 19.5 1.88%
2017 2018 2019 PT Surya Mandala Sakti 16.9 1.63%
BP Plc 12.7 1.23%
Contract Purchase Spot Purchase Total 1,036.4 100.0%

Win-Win Mindset, Reliability and Trustworthy Credit have Resulted in Long-standing Relationships

20
5 Strong Commitments from Shareholders, Realizing Significant Partnership Benefits
Strong commitment from Shareholders
The Siam Cement Public
Company Limited
Prajogo Pangestu
100.00%
72.17% SCG Chemicals
PT Barito Pacific Tbk Prajogo Pangestu Marigold Resources(2) Company Limited Public float
41.88% 15.07% 4.75% 30.57% 7.73%

Barito Pacific Key benefits of partnership

 Indonesia based conglomerate with business interests in property,  Barito Pacific is committed to the growth and development of CAP
timber, plantation, power generation and petrochemicals ― Available land for expansion
― Financial commitment (e.g. full subscription to prior rights offerings)
Siam Cement Group Key benefits of partnership
 Thailand’s largest industrial conglomerate and Asia’s leading chemicals
 Sharing of production know-how and best operational practices
producer  Raw material procurement savings
 Invested 30% in CAP in 2011  Sales and marketing collaboration
 Second largest olefins and polyolefin producer in South East Asia  Access to Thai financial institutions
 Accelerate CAP’s expansion plans
Strong backing from long term marquee strategic regional investors committed to development of the business
Note:
1. Group structure as of 30 September 2020
2. Subsidiary of PT Barito Pacific Tbk

21
5 Barito Pacific Group – A Leading Indonesian Conglomerate with Diversified Assets
Business Description Business Segments1
 Barito was originally established in 1979 under the name of PT Bumi Raya Pura Mas Breakdown by FY2019 Sales Breakdown by FY2019 EBITDA
PT Barito Pacific Tbk (“Barito”) is a Kalimantan, with its beginnings centered around the forestry and timber businesses 0.0%
resource-based company listed on  Barito is listed on the Indonesia Stock Exchange with a market capitalization of c. USD9.7bn,
the Indonesia Stock Exchange with a and has now transformed into an integrated energy company with multiple power and 22.0% 30.0%
diversified portfolio of businesses
industrial assets
including petrochemicals, property,
plantation and renewable energy.  Owns a controlling share in PT Chandra Asri Petrochemical Tbk, Indonesia’s largest and only 78.0%
68.0%
Organizational Structure integrated petrochemical company
PT Barito Pacific Tbk
(“Barito Pacific”)  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
CAP Star Energy Barito & Others2
Property and
 Barito’s largest shareholder is Prajogo Pangestu, an Indonesian business magnate and
Petrochemicals Energy
Others investor with c.71.48% stake in the company

46.63% 66.7% 49.0% 100% Financial Performance3 (USDm) Market Capitalization & Credit Profile

2019A 2018A 2017A As of Dec 31, 2019 IDRb USDm

Star Energy
Chandra Asri PT Indo Raya
Group PT Griya Idola
Petrochemical Tenaga
Holding
Sales 2,402 3,076 2,852 Price (IDR / USD) 1,510 0.11
Growth (%) -21.9% 14.7% 46.3% x Shares Outstanding (m) 89,016 89,016
Management Team
EBITDA 595 813 899 Market Cap. 134,414 9,669
Name Position
Agus Salim Pangestu President Director
Margin (%) 24.8% 26.4% 31.5%
Total Debt 35,248 2,536
Rudy Suparman VP Director EBIT 451 675 765
Total Cash 10,345 744
David Sulaiman Director Margin (%) 18.8% 21.9% 26.8%
Debt / EBITDA 4.3x 4.3x
David Kosasih Independent Director Net Income 137 242 375
Net Debt / EBITDA 3.0x 3.0x
Diana Arsiyanti Director Margin (%) 5.7% 7.9% 13.1%
Sources: Company presentations, Bloomberg and Factset as of 31 December 2019
Notes:
1. Based on FY2019 sales; Petrochemical segment sales exclude tank & jetty rents
2. EBITDA from Barito & Others was insignificant in FY2019
3. Growth rates calculated in local currency (IDR)

22
5 SCG – Thailand’s Largest Industrial Conglomerate and Asia’s Leading Chemicals Producer
Business Description Business Segments

 SCG is a leading business conglomerate in the ASEAN region and engaged in the Breakdown by FY2019 Breakdown by FY2019
Siam Cement Group (“SCG”) is a leading production and distribution of chemicals (41.0%), building materials (39.0%) and Sales1 EBITDA
conglomerate in the ASEAN region focusing packaging products (20.0%)
8.9%
on three core business lines – SCG Cement-  Established in 1913 following a Royal Decree of His Majesty King Rama VI of Thailand 20.0%
Building Materials, SCG Chemicals and SCG (Currently owned c.33.3% by His Majesty King) 20.0
43.1%
Packaging. 41.0% %
 SCG is Thailand’s largest industrial conglomerate and Asia’s leading chemicals
SCG is currently rated A+ by Fitch National producer. SCG is the second largest olefins and polyolefin producer in South East Asia 39.0 28.0
%
(Thailand). %

Key Manufacturing Locations

 Strong presence and focus in the SEA region which it is committed to grow, as
demonstrated by its investment in the Long Son Petrochemical Plant in Vietnam in
2018 Chemicals Packaging
Cement-Building Materials Others2

Financial Performance3 (USDm) Market Capitalization & Credit Profile

2019A 2018A 2017A As of Dec 31, 2019 THBm USDm

Sales 14,624 14,801 13,284 Price (IDR / USD) 392 13.1

Management team Growth (%) -3.6% 11.4% 6.5% x Shares Outstanding (m) 1,200 1,200
Name Position EBITDA 2,503 2,680 3,007
Market Cap. 470,400 15,720
Roongrote Rangsiyopash President & CEO, SCG
Margin (%) 17.1% 18.1% 22.6%
Tanawong Areeratchakul President – Chemicals Total Debt 181,684 6,066
EBIT 1,703 2,065 2,373
Sakchai Patiparnpreechavud VP-Polyolefin & Vinyl Total Cash 45,729 1,527
Mongkol Hengrojanasophon VP-Olefins Margin (%) 11.7% 14.0% 17.9%
Suracha Udomsak VP-Chemicals Debt / EBITDA 2.4x 2.4x
Net Income 1,069 1,384 1,621
Nithi Patarachoke President-Cement
Net Debt / EBITDA 2.4x 2.4x
Chana Poomee VP-Cement & Building Materials Margin (%) 7.5% 9.4% 12.2%
Paramate Nisagornsen VP-Regional Business
Sources: Company presentations, Bloomberg and Factset as of 31st December 2019
Yuttana Jiamtragan VP-Corporate Administration
Notes:
VP SCG, Finance and Investment
Thammasak Sethaudom
& CFO
1. Based on FY2019 sales before adjustments for intra-company transactions
2. Other EBITDA refers to dividend from investment in associated companies
Aree Chavalitcheewingul President – Cementhai Holding
3. Converted based on annual average FX rate of USD/THB 31.05 (2019), USD/THB 32.33 (2018), and USD/THB 33.95 (2017); Growth rates calculated in local currency (Thailand Baht)

23
6 Strong Management Team with Substantial Industry Experience
Board of Commissioners

DJOKO SUYANTO TAN EK KIA HO HON CHEONG AGUS SALIM LIM CHONG THIAN THAMMASAK TANAWONG
President VP Commissioner Commissioner, PANGESTU Commissioner SETHAUDOM(1) AREERATCHAKUL(1)
Commissioner Independent Independent Commissioner Commissioner Commissioner
Independent Commissioner Commissioner
Commissioner
4 years in Industry 46 years in Industry 4 years in Industry 13 years in Industry 39 years in Industry 28 years in Industry 14 years in Industry
4 years with CAP 8 years with CAP 4 years with CAP 13 years with CAP 14 years with CAP 1 year with CAP 1 year with CAP
Board of Directors

ERWIN CIPUTRA CHATRI BARITONO PRAJOGO ANDRE KHOR SOMKOUN FRANSISKUS RULY SURYANDI
President Director EAMSOBHANA(1) PANGESTU Director of Finance SRIWATTAGAPHONG(1) ARYAWAN Director of Human
VP Director of VP Director of Director of Manufacturing Director of Monomer Resource and Corp.
Operations Polymer Commercial Commercial Administration

15 years in Industry 23 years in Industry 14 years in Industry 15 years in Industry 22 years in Industry 17 years in Industry 29 years in Industry
15 years with CAP 1 year with CAP 14 years with CAP 2 years with CAP 1 year with CAP 17 years with CAP 29 years with CAP

(1) Representative of SCG

24
6 Solid Track Record of Delivering Sustainable and Profitable Growth

Cracker New PE,

Merger with SSBR
Expansion PP
TPI and BD Plant Cracker operation, MTBE and
and expansion, CAP2
Increase PE Operation Expansion BD Butene-1
Acquisition Furnace
Capacity expansion
of SMI revamp
8,090 8,090

3,858

4,232 4,232 4,232

4,061
171
C2: Δ1100 KT
3,458 603 MTBE: ∆128KT C3: Δ600 KT
3,301 3,301 3,301 B1: ∆43KT PE: Δ750 KT
157
PP: Δ450 KT
PE: ∆400KT
625 BD: Δ160 KT
2,576 2,676 SSBR: Δ120 KT PP: ∆110KT
BZ: Δ335 KT
BD: Δ37 KT C2: ∆40KT
100 TL: Δ220 KT
C3: ∆20KT
2,080 496 C2: Δ260 KT MX: Δ243 KT
BD: Δ100 KT Py-gas: ∆18KT
C3: Δ150 KT
Pygas: Δ120KT
Mixed C4:
1,510 570 C4: Δ95 KT ∆15KT
PE: Δ16 KT
PP: Δ480 KT
C2: Δ80 KT
C3: Δ50 KT
Pygas: Δ60 KT
C4: Δ40 KT
SM: Δ340 KT

2005 2007 2011 2013 2016 2016 2016 2018 2019 2020 2020 2020 2022 2026 2026

25
Government Supports Exponential Growth

President Jokowi: “The development of Chandra Asri’s new plant

is a concrete step that is needed by our country”
– The Jakarta Post, 9 Dec 2019

26
First MTBE and B1 Plants Geared to Meet Domestic Demand
Ministry of Industry: “We need to support the
domestic petrochemical industry in Indonesia as it
holds an important role to substitute import. In
addition, petrochemical companies such as Chandra
Asri also attracts new investors which will bring
positive impact to the Indonesian economy”
– IDN Financials, 7 Sep 2020
Capacity
 MTBE (Methyl Tert-butyl Ether) plant capacity is 128KTA, tapping into octane
booster market that is still reliant to import.
 B1 (Butene 1) plant capacity is 43KTA, where 33KTA will be absorbed by
Chandra Asri’s own operation while the rest is targeted for domestic market.

Technology
 Both plants are using Lummus Technology, one of the most advanced
petrochemical processing technology in the world.

Values
 Capturing added value along integrated production chain especially Raffinate-1
which produced from our Butadiene plant process. MTBE & B1 Plants

27
US$14 million EGF Investment – a Commitment to Sustainability
Feature
 Enclosed Ground Flare (EGF) is capable of burning 220 tons of hydrocarbons per
hour without heat and noise.

Environmental Perspective
 Designed to carry out the combustion process completely leaving no hydrocarbons
from combustion discharged into the air.

Social Perspective
 Its ability to reduce noise while eliminating flame and smoke.

Chandra Asri’s President Director: “We are committed

to run our plant operations wisely by reducing
potential impacts to the environment and
communities. The EGF construction in our plant
operational area is our environmental and social
investment to reduce carbon footprint and maintain a
more comfortable condition for communities living
Enclosed Ground Flare (EGF) near our operational area.”

28
Chandra Asri & Vopak Sign LOI for Partnership in Industrial Terminal
Objectives

 A collaboration to develop a new jetty and

tank farm line of business to serve new
third party customers.
 Prepare for the investment and
construction of the supporting
infrastructure of our second
petrochemical complex (CAP 2).

Royal Vopak is the world’s leading

independent tank storage company with
over 400 years of history and a focus on
sustainability. They ensure safe, clean and
efficient storage and handling of bulk liquid
products and gases; ranging from chemicals,
oils, gases and LNG to biofuels and vegoils

29
Financial Overview

30
Prudent Financial Policies

 Maintain natural economic hedge as underlying sales and majority of costs and borrowings are denominated in US$
 Treasury risk management on Rupiah currency risks:
Foreign Exchange
− Sales are hedged via pricing to customers and forward swaps with reputable banks
− Minimum Rupiah cash holdings of up to 10 – 15% of idle cash to meet operational needs

Leverage  Maximum total debt to capitalization less than 50% on sustainable basis

Liquidity  Seek to maintain minimum cash of US$100m at all times

Return on Capital  Seek minimum 10% IRR for new investments with positive NPV

 Payout up to 40% of consolidated net profit subject to:

− Liquidity, leverage and reserves
Dividend Policy
− Financial performance / sustainability
− Projected operational and capital expenditure

31
COVID-19 Response - Sustained Focus on Navigating the Pandemic via 3 Key Imperatives

Business Operational Financial

Continuity Excellence Resilience
• Stringent day-to-day • Focus on Asset Integrity, with • Capex reduced by $295m in
operational protocol smooth and safe operations 2020
• Senior Management Covid- post TAM 2019 • Opex reduced by >US$10m
19 Task Force • Supply chain resilience • US$797m total liquidity pool,
• Supporting staff set-up for • Robust IT infrastructure with US$569m cash & equi
maximum work-from-home • Maintain critical customer • Debt reduction via full
capability support & staff productivity prepayment US$125m and
• Support Communities • Successful start-up of new USD bond buyback
• Plant able to continue MTBE/B1 plants even in • Successful launch of IDR 3rd
running through pandemic pandemic situation Shelf. Record 1T issuance

32
Production and Sales
Safe and stable operations throughout COVID, and increased plant capacities, have led to higher production and sales
(all figures in KT)
Ethylene(1) Polyethylene Plant Polypropylene Plant

Prod Sales Prod Sales Prod Sales

641
498 503 512
446 442
312 327
219 223 218
96

YTD Q3-19 YTD Q3-20 YTD Q3-19 YTD Q3-20 YTD Q3-19 YTD Q3-20
Total Production & Sales Volume
Styrene Monomer Plant Butadiene Plant
Prod Sales
Prod Sales Prod Sales
2,757

2,054
1,626
1,394
271 270
173 180
72 73 80 79

YTD Q3-19 YTD Q3-20 YTD Q3-19 YTD Q3-20 YTD Q3-19 YTD Q3-20
(1) Ethylene is used as a feedstock for our Polyethylene and Styrene Monomer plant according to its capacity while the remaining of Ethylene production is sold to merchant sales.
Since New Polyethylene plant 400KTA operates in Q4 2019, Ethylene is mostly self consumed as feedstock for Polyethylene plant.

33
Operating Rates
Operating rates driven by economics and sustained focus on maintaining Safe Operations. Activity levels ramping up for new MTBE and
Butene-1 plants, which came on stream in September 2020
(all figures in %)
Naphtha Cracker Polyethylene Plant Polypropylene Plant Styrene Monomer Plant

106%
101%
95%
89% 91% 87% 69%
77%

YTD Q3-19 YTD Q3-20 YTD Q3-19 YTD Q3-20 YTD Q3-19 YTD Q3-20 YTD Q3-19 YTD Q3-20

Butadiene Plant MTBE Plant Butene-1 Plant All Plants

87% 91%
78% 79%
70%
61%

YTD Q3-19 YTD Q3-20 YTD Q3-20 YTD Q3-20 YTD Q3-19 YTD Q3-20

(1) B1-MTBE plants only on stream since September 2020.

34
Key Financial Highlights
Turnaround performance with improved EBITDA and robust financial resilience with solid liquidity pool

Quarterly EBITDA (US$ million) Total Liquidity Pool (US$ million)

Marketable
Securities
$61 $53

Improved Performance
Q320 vs Q319 = + 103%
Q320 vs Q220 = + 239% Available
$30 Committed US$797m Cash & Cash
Equivalents
$25 RCF $228 $516
$18

($14) Gearing (%)

As of 30 September 2020

Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 31% 33%

Max 50%

EBITDA margin
9% 5% -3% 5% 14%
FY 2019 30-Sep-20
EBITDA = Earnings Before Interest, Tax, Depreciation, Amortization, Unrealized Foreign Exchange, Equity in Net loss of an Associate, and other non-operational, non-cash items 15

35
Updated Capex Budget 2020
Capex channeled towards maintaining asset integrity and safety, and prudent progress being made with new growth projects

Original Capex Revised Capex Capex Spending

Opportunity Classification
Budget 2020 Budget 2020 YTD Sep-2020

Asset Integrity US$23m US$37m US$20m

Margin US$19m US$14m US$10m

Improvement

Growth Projects
US$388m US$84m US$73m
(including CAP 2)

US$430m US$135m US$103m

36
For more information please contact:
Head Office Address: Contact:
PT Chandra Asri Petrochemical Tbk Investor Relations
Wisma Barito Pacific Tower A, 7th Floor Email: investor-relations@capcx.com
Jl. Let. Jend. S. Parman Kav. 62-63 Tel: +62 21 530 7950
Jakarta 11410 Fax: +62 21 530 8930

Visit our website at www.chandra-asri.com