Confidential - Do not duplicate or distribute without written permission from the Company

As of March 31, 2018 PT Sumber Alfaria Trijaya Tbk

As of March 31, 2018

MANAGEMENT PRESENTATION

• Overview Ytd March 2018

• Groceries Retail Industry Overview

• Operational Performance

• Financial Highlights

OVERVIEW Ytd MARCH 2018

OVERVIEW Ytd MARCH 2018

Indonesian Groceries recorded a minus growth of 0.7 % in Q1 2018 vs 4 % in Q1 2017.

The most severe decline were Traditional Channel from 4,1% to -3,1% and Hyper/Super from -0,7% to

-4,2%. At the same time Minimarket Trade Channel only declined marginally from 5,9% to 5,8%.

Of 55 categories; Food and Non Food were still declining , with the exception of Cooking & Seasoning

and Indulgences .

Net addition of stores ytd March 2018 ; Alfamart 26 stores and Alfamidi 57 stores.

GROCERIES RETAIL INDUSTRY OVERVIEW

Source: Nielsen Retail Audit

Indonesia Total Grocery | Total 55 FMCG Categories | Q1 2018 vs Q1 2017

-0.7

2.7

-3.1

4.0

3.8

4.1

Indonesia

Modern Trade

Traditional Trade

Q1 2018 Q1 2017

-4.2

5.8

-0.7

5.9

MT Hyper/Super

MT Minimarket

Q1 2018 Q1 2017

All trade channel recorded minus growth in Q1 2018 vs Q1 2017, with the exception of Mini Market Modern Trade which showed a marginal decline of positive growth from 5.9 % to 5.8 %

TRADE CHANNEL GROWTH

Source: Nielsen Retail Audit

Indonesia Total Grocery | Total 55 FMCG Categories | Q1 2018 vs Q1 2017

-0.7

-0.6

-1.2

4.0

4.7

2.2

Total FMCG

Food

Non Food

Q1 2018 Q1 2017

-0.4

2.7

-2.5

2.9

1.3

14.8

3.1

9.3

-0.2

Beverages

Cooking & Seasoning

Breakfast

Indulgence

Dry Food

-1.6

0.3

-3.0

2.7

0.6

3.6

Personal Care

Home Care

Pharmaceutical

Of 55 categories, Food and Non Food were still declining , with the exeption of Cooking & Seasoning and Indulgences.

GROWTH BY DEPARTMENTS

Source: Nielsen Retail Audit

Both excluding and including Cigarettes, the market share of Super/Hyper were decreasing while Minimarket was Increasing

Indonesia Total Grocery |Total 55 FMCG Categories + Cigarette | Q1 2018

Indonesia Total Grocery | Total 55 FMCG Categories | Q1 2018

58.3 58.5 58.1 57.8 57.8

14.9 14.5 13.4 12.6 12.4

26.9 27.0 28.5 29.6 29.8

2014 2015 2016 2017 Q1 2018

Traditional Stores Super Hyper Minimarket

74.0 74.2 74.0 74.0 73.8

8.5 8.1 7.4 6.9 6.7

17.6 17.7 18.6 19.1 19.5

2014 2015 2016 2017 Q1 2018

Traditional Stores Super Hyper Minimarket

TRADE CHANNEL CONTRIBUTION

Alfamart market share to Total Indonesia MT Minimarket remained the same at 31.1%. Alfamidi market share to Total Indonesia MT Minimarket grew from 5.2% to 5.4%. Group market share grew from 36.3% to 36.5%.

Alfamart & Alfamidi vs MT MM | Total 55 FMCG Categories

Source: Nielsen Retail Audit

Alfamart to Indonesia MT MM Group to Total Indonesia MT MM Alfamidi Share to Total Indonesia MT MM

31.1 31.1

Q1 2018 Q1 2017

5.4 5.2

Q1 2018 Q1 2017

36.5 36.3

Q1 2018 Q1 2017

ALFAMART & ALFAMIDI MARKET SHARE Q1 2018

Source: Nielsen Retail Audit

Store Number

Jan 18 Mar 2018

ALFAMART 13.490 13.503

ALFAMIDI 1.419 1.450

ALFAMIDI SUPER 12 14

LAWSON 37 37

DAN+DAN 108 110

CIRCLE K 396 393

INDOMARET 15.226 15.394

FARMER MARKET 20 20

SUPERINDO 155 155

RANCH MARKET 13 14

LOTTE SUPER 2 2

RAMAYANA 87 87

FOODMART 38 36

GIANT EKSPRES 105 101

HERO 29 29

LOTTE HYPER 15 15

GIANT EKSTRA 58 58

HYPERMART 114 113

WATSONS 79 81

BOSTON 100 100

GUARDIAN 251 254

INDUSTRY LANDSCAPE AS of MARCH 2018

Source: Nielsen Retail Audit

Java still recorded the highest contribution of 68.5 % , whilst Kalimantan recorded the highest growth of 3.4%.

Indonesia Total Groceries | Total FMCG 55 Categories | Q1 2018 vs Q1 2017

GROCERIES GROWTH BY REGION

Source: Nielsen Retail Audit

Total Indonesia Modern Trade | Total FMCG 55 Categories | Q1 2018 vs Q1 2017

Greater Jakarta only grew marginally by 0,1% , whilst Other Islands (Kalimantan, Sulawesi & Other Eastern Indonesia ) grew the highest of 7 %

MODERN TRADE GROWTH BY REGION

OPERATIONAL PERFORMANCE

Store Concept No .of Stores Description

13.503

Selling space 90-100 m2 Small format with > 4.000 SKUs 74% owned, 26% franchise Mostly located in residential area

1.464

Selling space 250–300 m2 Larger format with > 7.000 SKUs Selling fresh products in addition to groceries Mostly located in residential area

37 Selling space 44 – 184 m2 > 2.500 SKUs Mostly located in commercial area

110

Selling space 100 m2 > 5.000 SKUs Targeting middle and middle lower consumers for health and beauty related products Mostly located in residential / commercial area

More than 15.000 stores scattered in Indonesia 132.000 + employees * 42 warehouses

500 + active Suppliers 12 million + members

We are still increasing store numbers and members / loyal customers

* Including Franchise store employees

ALFAMART GROUP AT A GLANCE

Geographic Breakdown Company Owned & Franchise Stores

Above are consolidated total number of Alfamart, Alfamidi, Lawson and Dan+Dan stores.

The shift of new store opening / store presence from Greater Jakarta to Outside of Greater Jakarta and Outer Island during the last 5 years.

41.1% 41.4% 39.6% 34.3% 33.7% 33.5% 34.3%

41.0% 37.4% 35.0%

38.0% 37.6% 37.5% 37.7%

17.9% 21.2% 25.4% 27.7% 28.7% 29.0% 28.0%

2013 2014 2015 2016 2017 YTD Mar2018

YTD Mar2017

Outside Java Java (Outside Greater Jakarta) Greater Jakarta

6,779 7,817

9,086 10,362

11,469 11,571 10,702

2,523

2,941

3,172

3,383 3,559 3,543

3,451

2013 2014 2015 2016 2017 YTD Mar2018

YTD Mar2017

Company Owned Franchise

9.302 12.258 13.745 15.114 14.153 10.758 15.028

STORE GROWTH

Java (24 warehouses)

Cileungsi Semarang

Jababeka 1 & 2a) Klaten

Cikokol Malang

Balaraja Sidoarjo

Bogor Jember

Bandung 1 & 2 Karawang

Plumbon Rembang

Cilacap Parung

Surabaya a) Bitung 1 a) & 2 b)

Serang Yogyakarta a)

Cianjur

Outside Java (18 warehouses)

Medan 1 & 2a) Makassar 1 & 2a)

Pekan Baru Jambi

Palembang Pontianak

Lampung Banjarmasin

Denpasar Lombok

Kotabumi Batam

Samarinda a) Manado 1 & 2a)

Palu a)

As of March 2018, we managed 42 warehouses scattered throughout Indonesia (32 warehouses for Alfamart, 9 for Alfamidi and 1 for Dan+Dan)

Notes : a) Alfamidi b) Dan+Dan

WAREHOUSE

FINANCIAL HIGHLIGHTS

6,376 7,735

9,209

10.872 12.001

3,183 2,974

2013 2014 2015 2016 2017 YTD Mar2018

YTD Mar2017

Gross Profit

CAGR = 17,13%

34,634 41.496

48,265

56,107 61.465

14,675 13,763

2013 2014 2015 2016 2017 YTD Mar2018

YTD Mar2017

Revenue

Subsidiaries Include: PT Midi Utama Indonesia Tbk. , PT Sumber Indah Lestari, Alfamart Retail Asia Pte.Ltd (ARA), PT Sumber Trijaya Lestari and PT Sumber Wahana Sejahtera

Unaudited CAGR = 15,42%

2,087

2,568 2,791

3,306 3,439

929 794

2013 2014 2015 2016 2017 YTD Mar2018

YTD Mar2017

EBITDA

CAGR = 13,30% Unaudited

539 540 451

602

300

121 73

2013 2014 2015 2016 2017 YTD Mar2018

YTD Mar2017

Income for the year attributable to owners of the Parent Company

CAGR = -13,63% Unaudited

Unaudited

INCOME STATEMENT SUMMARY-CONSOLIDATED (Rp Billion)

As of MARCH, 2018

* Net Gearing (Consolidated) : as of Sep 30, 2016 1.14x as of Sep 30, 2015 0.98x

5.41

4.33

3.09 3.47

1.45

0.54 0.37

2013 2014 2015 2016 2017 Q1 2018 Q1 2017

ROAA (%)

Unaudited

18.53 19.16

11.49 11.86

5.70

2.27 1.38

2013 2014 2015 2016 2017 Q1 2018 Q1 2017

ROAE (%)

1.34

1.64

0.82

1.27

1.50 1.45 1.33

2013 2014 2015 2016 2017 31-Mar-18

31-Mar-17

DER ( Gross Debt to Equity )

Unaudited

1.11

1.46

0.66

1.09

1.32 1.28 1.23

2013 2014 2015 2016 2017 31-Mar-18

31-Mar-17

Net Gearing Ratio (x)

Unaudited

Unaudited

FINANCIAL (RETURN & LEVERAGE)