COMPANY UPDATE

Indika Energy

October 2018

Disclaimer

1

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.

Shareholder Structure

Changes YoY

No. of

Investors No. of shares %

No. of

InvestorsNo. of shares

% %

I. Domestic

Retail 11,549 871,883,318 16.7% 8,208 1,135,681,577 21.8% -30.3%

Employee 20 9,569,500 0.2% 56 35,381,500 0.7% -269.7%

Cooperative 6 524,700 0.0% 3 284,500 0.0% 45.8%

Foundation 8 933,100 0.0% 7 5,374,200 0.1% -476.0%

Pension Funds 28 18,803,700 0.4% 22 15,825,600 0.3% 15.8%

Insurance 41 38,153,500 0.7% 7 4,197,400 0.1% 89.0%

Bank 1 25,000 0.0% - - 0.0% 100.0%

Corporation 83 3,618,762,730 69.5% 58 3,354,807,172 64.4% 7.3%

Mutual Funds 156 157,019,608 3.0% 67 112,627,800 2.2% 28.3%

Total 11,892 4,715,675,156 90.5% 8,428 4,664,179,749 89.5% 1.1%

II. INTERNATIONAL

Retail 73 3,955,400 0.1% 55 4,048,000 0.1% -2.3%

Institutional 177 490,561,444 9.4% 90 541,964,251 10.4% -10.5%

Total 250 494,516,844 9.5% 145 546,012,251 10.5% -10.4%

III. TOTAL 12,142 5,210,192,000 100.0% 8,573 5,210,192,000 100.0% 0.0%

No Description

By 30 September 2018 By 30 September 2017

2

Table of Contents

Results Overview Page #

Key Highlights 3

Financial Statement Overview 4

Detail Income Statement Analysis 5 – 7

Cash & Debt 8

Commodity Price Outlook 9 – 10

Kideco Financial & Operational Overview 11 – 14

Asset Overview 15 – 16

Kideco Acquisition 17 – 18

Subsidiary Review 19 – 20

Corporate Guidance 21

Recent Developments 22

Peer Comparison 23

Appendix 25 – 44

Indika Energy Overview 46 – 51

3

Key Highlights

Kideco’s Coal Production & Strip Ratio

Capex (IE Consolidated) (US$m) Core Profit (Consolidated) vs Net Profit at Kideco

9,805

10,132 10,110 10,294

9,849

8,656

10,669

9,846

8,360

8,036 7,795 7,891 7,904

7,791

8,374

7,931

8,231 8,289

8,838

6.1

6.6 6.9

6.0 5.9

6.6

6.3

6.2

5.3

5.9

6.7

6.3

5.4

5.7

6.8

6.5

5.9

6.2

6.6

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7,000

7,500

8,000

8,500

9,000

9,500

10,000

10,500

11,000

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Coal Production ('000 Ton) Strip Ratio (bcm/ton)

12.6

16.8 15.6

21.8

15.5 16.3

4.5

21.5

3.1 4.6 4.9

9.3 8.5

15.8 14.6

26.6

36.9 37.4 34.8

1.0

6.0

11.0

16.0

21.0

26.0

31.0

36.0

41.0

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

(9.4)

(38.7) (43.3)

94.5

163.6 154.4 138.1

88.6

277.1

224.1

-100

-50

0

50

100

150

200

250

300

FY 2014 FY 2015 FY 2016 FY 2017 9M18

Core Profit US$m

Kideco Net Profit US$m

Indika Energy’s Consolidated Balance Sheet

4

Summary Balance Sheet 9M18 * 9M17 * 2017 2016 2015 2014

(in USD mn)

Cash balance** 785.4 718.9 729.0 311.9 339.4 411.1

Current assets 1,436.1 715.7 1,353.8 667.4 827.3 831.4

Total assets 3,678.8 1,931.4 3,635.7 1,822.3 2,150.4 2,290.3

Current liabilities 627.4 262.6 659.5 313.0 505.6 396.7

Total interest bearing debt*** 1,433.6 1,452.5 1,440.2 806.0 976.8 1,025.7

Shareholder equity 1,196.5 821.1 1,115.0 741.1 831.5 913.9

Current ratio (X) 2.4 2.7 2.1 2.1 1.6 2.1

Debt to equity (X) 1.3 1.2 1.3 1.1 1.2 1.1

Net debt to equity (X)**** 0.6 0.6 0.6 0.7 0.8 0.7

Core ROA***** 5.9% 5.4% 9.2% -3.7% -2.1% -1.2%

Core ROE***** 18.2% 12.9% 30.1% -9.1% -5.4% -3.0%

*) unaudited financial statements

**) includes restricted cash

***) includes unamortized bond issuance costs

****) to tal cash balance deducted from total debt divided by shareholder's equity

*****) annualized

Indika Energy’s Consolidated Income Statement

Highlights

5

*)Unaudited Financial Statements

**)Consolidated EBITDA plus dividends received from associates

3Q18 3Q17 YoY 2Q18 QoQ 9M18 * 9M17 * YTD YoY

Revenues 733.2 241.6 203.4% 638.2 14.90% 2,180.4 694.7 213.9%

COGS (559.1) (211.7) 164.0% (489.2) 14.27% (1,628.5) (608.4) 167.7%

Gross Profit 174.2 29.8 483.6% 148.9 16.95% 551.9 86.3 539.5%

SG&A Expenses (33.3) (14.6) 127.8% (32.9) 1.34% (98.9) (56.9) 73.8%

Operating Profit 140.9 15.2 825.0% 116.1 21.36% 453.0 29.4 1440.5%

Pre tax Profit 84.2 33.2 153.9% 54.8 53.72% 278.2 79.0 252.2%

Adjusted EBITDA *) 174.8 51.6 238.8% 151.7 15.27% 554.0 122.1 353.8%

Income Tax (40.5) (4.2) 852.7% (33.8) 19.78% (148.0) (2.9) 4924.3%

Core Profit 51.2 31.3 63.8% 36.9 38.68% 163.6 84.7 93.1%

Net Profit 35.9 30.1 19.1% 17.9 99.92% 112.2 81.4 37.9%

Gross Margin(%) 23.8% 12.4% 92.3% 23.3% 1.8% 25.3% 12.4% 103.7%

EBIT Margin(%) 19.2% 6.3% 204.9% 18.2% 5.6% 20.8% 4.2% 390.8%

Core Profit Margin(%) 7.0% 12.9% -46.0% 5.8% 20.7% 7.5% 12.2% -38.5%

Net Profit Margin(%) 4.9% 12.5% -60.8% 2.8% 74.0% 5.1% 11.7% -56.1%

Summary P&L (US$ mn)Quarter Data Year To Date

6

Revenue Transformation Driven By Kideco

Acquisition *

Revenues

9M17: US $694.7 million 9M18: US $2,180.4 million

Kideco 64.6%

Indika Resources

12.9%

Petrosea 10.7%

Tripatra 8.5%

MBSS 2.1%

Others 1.2%

Indika Resources

29.7%

Petrosea 26.0%

Tripatra 30.5%

MBSS 7.2%

Others 6.5%

Indika Resources 206.4

Petrosea 180.9

Tripatra 212.0

MBSS 50.3

Others 45.2

Subsidiary 9M17 Revenues (US$ mn)

Kideco 1,408.7

Indika Resources 281.3

Petrosea 232.4

Tripatra 184.8

MBSS 46.7

Others 26.7

Subsidiary 9M18 Revenues (US$ mn)

Disaggregation of 9M18 Consolidated Earnings

– Key Income Statement Segments

7

Net Profit Disaggregation Revenue By Business Segment

Cost of Goods Sold Disaggregation SG&A Per Subsidiary

2,180.4 1,628.5

17.5 98.9 7.0 74.7

142.5

148.0 112.2

-

400.0

800.0

1,200.0

1,600.0

2,000.0

2,400.0

Revenue COGS Inc fromAssociates

SG&A Other Inc. FinanceCosts

Other XP Tax NPAT

1,408.7

281.3 232.4

184.8 73.4

2,180.4

0

500

1000

1500

2000

2500

Kideco IndikaResources

Petrosea Tripatra MBSS &Others

TotalRevenue

24.1

32.1

14.6 12.7

8.5 6.9

98.9

0

20

40

60

80

100

120

HoldingCo

Kideco Petrosea IIR Tripatra MBSS Total

600.7

272.4

187.0

127.4 111.7

80.3

249.1 1,628.5

0

200

400

600

800

1000

1200

1400

1600

1800

Contractor Materials Royalty Fuel Salary Depr. Others TotalCOGS

Cash and Debt Position

8

637.9

79.0 68.5

1,340.0

44.2

49.4

0

400

800

1,200

1,600

CASH DEBT

Cash Fin. Assets Rest. Cash Bonds 2) Bank Loans 3) Leases 4)

1)PTRO: $63.1m, MBSS: $34.5 m, Tripatra: $131.5m, Kideco; $225.4m, HoldCo: 330.9m.

2)$265.0m due 2022 (Snr. notes V), $500m due 2023 (Snr. Notes IV), and $575 due 2024 (Snr. Notes VI).

3) PTRO: $20.1m, MBSS $14.3m, HoldCo.: $9.8m.

4) PTRO $49.4m.

785.41)

1,433.6 US$ million

Cash and Debt Breakdown

34.5 17.9 19.1 3.0

279.9

504.0

575.0

0

100

200

300

400

500

600

700

2018 2019 2020 2021 2022 2023 2024 2025 2026

Strong Cash Position and Low Net Debt Ratio

9

Net Debt Ratios Improving Debt Maturity Profile

US$ million US$ million

614.6

466.6 494.2

711.2

648.2

2.7

2.4

3.2

2.4

0.9

0.7

0.6

0.7 0.6

0.5 -

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0

150

300

450

600

750

2014 2015 2016 2017 9M18

Net debt

Net debt to LTM EBITDA

239.0 202.5 146.3

337.9 330.9

144.4 225.4

65.4 55.0

67.8

59.6 63.1

58.6 39.9

60.3

152.5 131.5

48.1 42.0 37.5

34.6 34.5

0

150

300

450

600

750

900

2014 2015 2016 2017 9M18

HoldCo Kideco Petrosea Tripatra MBSSUS$ million

Cash Breakdown by Subsidiaries

52.3 105.6

45.3

165.0 133.0

289.3

48.8 15.4

49.4

15.8

(5.9)

27.0

(4.0)

20.4

23.4

25.3

8.8 1.7 7.8

6.9

(10.1) -20

80

180

280

380

480

2014 2015 2016 2017 LTM 9M18

HoldCo Kideco Petrosea Tripatra MBSSUS$ million

Free Cash Flow

10 Source: Bloomberg

Global Commodity Prices & Indicators Declined

Modestly in 3Q18

Newcastle vs. QHD 5500 Price

ICI 4 Historical Pricing China PMI

WTI Oil Price

50.3

50.1 49.7

51.4 51.6

51.5 51.5

51.3

48.0

48.5

49.0

49.5

50.0

50.5

51.0

51.5

52.0

52.5

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

38.6 36.3

26.8

42.2 45.7

48.2

44.6

41.7

20

25

30

35

40

45

50

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

525 520

355

619

697

623

682

631

74.55 62.3

50.6

88.4

100.8 96.4

114.4 113.9

0

20

40

60

80

100

120

140

160

0

100

200

300

400

500

600

700

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

QHD 5500

NEWCASTLE (RHS)

101.6

53.3

37.0

53.7 60.4

64.9 74.2

73.3

0

20

40

60

80

100

120

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

11

Source: Platts & US Energy Information Administration

Coal Price Remains Above Our Internal Targets

• Newcastle coal prices were relatively stable in 3Q18 but started to see some demand weakness through August and

September that increased decoupling of ICI4 pricing from Newcastle 6300 price.

• We anticipate that as we move into 4Q18 that Chinese demand will start to increase which could provide some

modest improvement in pricing, but we are cautious on Indonesian government export targets.

• Full year 2018 internal target of $90/ MT for Newcastle is expected to be achieved.

• DMO is leading to greater spread between our ASP and Newcastle which now stands at 53.2%.

US$/ton

74.6

62.3

50.6

88.4

100.8

96.4

114.4

113.9

52.4

48.8

39.7

42.7

52.5 56.4 52.1

50.0

-29.7%

-21.7% -21.5%

-51.7%

-47.9%

-41.5%

-54.5%

-56.1% -60%

-50%

-40%

-30%

-20%

-10%

0%

20

30

40

50

60

70

80

90

100

110

120

130

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18* 3Q18

Newcastle Price ASP % Discount (RHS) % Average Discount (RHS)

Kideco Operational Highlights

In Line Production Offset By DMO Pricing

12

Summary P&L (USD mn) 3Q18 3Q17 YoY 2Q18 QoQ 9M18 9M17 YoY

Sales 469.9 424.1 11% 411.0 14.3% 1408.7 1232.9 14.3%

Gross profit 124.0 147.9 -16% 109.6 13.1% 430.1 435.8 -1.3%

Operating profit 112.9 140.6 -20% 99.1 13.9% 398.9 413.4 -3.5%

Net income 61.3 78.3 -22% 56.0 9.5% 224.1 229.8 -2.5%

EBITDA 119.9 146.6 -18.3% 108.0 10.9% 422.9 431.3 -1.9%

Gross margin 26.4% 34.9% -24.3% 26.7% -1.1% 30.5% 35.3% -13.6%

Operating margin 24.0% 33.2% -27.5% 24.1% -0.4% 28.3% 33.5% -15.6%

Net margin 13.1% 18.5% -29.3% 13.6% -4.2% 15.9% 18.6% -14.7%

EBITDA margin 30.0% 34.6% -13.2% 26.3% 14.2% 30.0% 35.0% -14.2%

Overburden (mn bcm) 58.4 57.2 2.1% 51.3 14.0% 158.3 144.6 9.5%

Production volume (Mt) 8.8 8.4 5.5% 8.3 6.6% 25.4 24.1 5.4%

Sales volume (Mt) 8.8 7.9 12.4% 7.9 11.8% 26.1 23.8 9.4%

Stripping ratio (X) 6.6 6.8 -3.2% 6.2 6.9% 6.2 6.0 3.9%

Cash Cost excl royalty (US$/ton) 31.9 28.2 13.1% 30.8 3.5% 30.0 26.4 13.5%

Average selling price (US$/ton) 53.3 54.0 -1.4% 52.1 2.3% 54.0 51.7 4.4%

13

China, Indonesia & Korea Drive Kideco’s Sales

9M17 – Total Sales Volume: 23.8 mn ton 9M18 – Total Sales Volume: 26.1 mn ton

Growth By Country Products Breakdown

China 32%

Indonesia 29%

Korea 11%

India 9%

Taiwan 5%

Southeast Asia 8%

Japan 3%

Others 3%

China 26%

Indonesia 30%

Korea 12%

India 10%

Taiwan 4%

Southeast Asia 12%

Japan 4%

Others 2%

SM 4200-4300 Kcal

58%

Blended 4500 Kcal

11%

Roto 4900 Kcal 31%

Destination Sales YoY Growth

China 8,335,085.0 35.5%

Indonesia 7,446,548.0 4.7%

Korea 2,811,605.0 -3.0%

India 2,377,393.0 2.9%

Taiwan 1,343,068.0 25.6%

Southeast Asia 2,194,676.0 -24.1%

Japan 809,655.0 -6.3%

Others 758,342.0 42.5%

TOTAL 26,076,372.0 9.4%

Kideco’s Cash Costs Among the Lowest in the

Industry

14

3Q17 Cash Cost 3Q18 Cash Cost

365 369 367 357

308 285 290 272

249 203

227 217 220 189

221 252 259 243

281

37.2 36.4 36.3

34.7

31.2

32.9 27.2

27.6 26.3 26.4

29.5 28.5 25.8 25.3

28.2

33.0

27.6

30.8 31.9

0

5

10

15

20

25

30

35

40

-

100

200

300

400

500

600

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Total Cash Cost excl. royalty (US$ million) (LHS) Cash Cost/Ton excl. royalty (US$/Ton)

Kideco Cash Cost ex Royalty

Contract Mining + Rental 59%

Gov. Royalty 17%

Material 8%

Freight 5%

O/H 10%

Labor 1%

Others 0%

Contract Mining + Rental 58%

Gov. Royalty 17%

Material 9%

Freight 6%

O/H 5%

Labor 2%

Others -3%

Kideco Inside the Numbers

15

Reserves by Calorific Value Reserve to Resources (MT)

Resources By Mine (MT) Reserves By Mine (MT)

4,200-4,300 75%

4,800-5,000 22%

5,000-5,500 1%

5,500+ 2%

Reserves 422

Resources 1375

Roto South 175

Roto North 40

Roto Middle

187

Susubang 9

Samarangau

935

Roto South G 33 Roto

South 62

Roto North 9

Roto Middle 22

Susubang 4

Samarangau 317

Roto South G 8

16

Attractive Location With Well Built Infrastructure

Indika Energy owns 91% of Kideco, the third-

largest coal producer in Indonesia with a 50,921

Hectare concession in East Kalimantan

Kideco has engaged in surface open-cut mining

since 1993

First-generation Coal Contract of Work valid

through 2023

Kideco produces a range of sub-bituminous, ultra-

low sulphur (0.1%) and low ash (average between

2.1% to 4.9%) coal

JORC resources as of June 2015 stood at

1,375mt and reserves at 422mt. We are in the

process of updating our JORC report

Logistic

• Hauling road 38 Km

• Barging & Shipping 58 km

Logistic

• Hauling road 80 Km

• Barging & Shipping 240 km

Logistic

• Port ~280Km and to secondary port

~160km

Logistic

• Hauling road 40 Km to coal port

• Conveyor belt from coal port to Panamax 6.5 km

One of the Lowest Cost Operators from Mine to

Port

Total Reserves : 223MT

Total Resources : 1,617MT

Total reserves : 1,354 MT

Total Resources : 13,700MT

Total Reserves : 422MT

Total Resources : 1,375MT

Total Reserves : 3,330MT

Total Resources : 8,270MT

Publicly Listed Competitor A

Publicly Listed Competitor C

Publicly Listed Competitor B

Kideco Acquisition Overview

18

• Indika Energy entered into a SPA (Share Purchase

Agreement) on 22 September 2017 to acquire 40.0% and

5.0% of Kideco shares from Samtan and PT Muji Inti

Utama, respectively.

• The transaction was completed on 8 December 2017,

and increased Indika Energy’s stake to a 91.0% equity

interest in Kideco .

• The total consideration for the 45.0% stake was US

$677.5 million , consisting of:

o US$517.5 million upfront payment at closing; and

o Deferred payment of US$160.0mn or 25.0% of the

shares of Kideco (at Indika’s option) at the time of

CCOW conversion

o Excludes full cash distribution via dividend to

existing shareholders at the end of 2017

(estimated $250mn)

Consideration Source & Use of Funds

Source of Funds (US$ mn)

Notes Issuance $575.0

Total Sources $575.0

Use of Funds (US$ mn)

Kideco Stake Purchase $517.5

General Corporate Purposes &

Transaction Costs

$57.5

Total $575.0

19

Acquisition of additional 45% Stake in Kideco

Accounting Treatment Impact Post Kideco Transaction

Transaction value 46% Kideco

Book Value 46% Kideco

Gain on Revaluation

Description

529.0

(144.8)

384.2

US$m

US$m

US$m

UoM

One-Off Gain on Revaluation Calculation

Cash consideration paid

Transaction Value 46% Kideco

Contingent consideration

obligation

91% net asset Kideco*

Goodwill

Description

517.5

529.0

127.5

(538.8)

635.2

US$m

US$m

US$m

US$m

US$m

UoM

Goodwill Calculation

Intangible assets

Amortization exp/year

Deferred tax liability

Deferred tax liability/ year

Net Amortization

Description

701.7

131.6

(327.3)

(61.4)

70.2

Until LoC

(2023)/ 5.33yr

US$m

US$m

US$m

US$m

US$m

UoM

Amortization Calculation

*) based on independent appraisal

Total Backlog Total Backlog Total Backlog 660MW PowerPlant

$873.7M $125.2M $477.5M

9M18 Net Income 9M18 Net Income 9M18 Net Income 9M18 Net Income

$17.8M -$10.4M $25.5M $24.1M (20% Indika)

9M18 EBITDA Margin 9M18 EBITDA Margin 9M18 Adjusted EBITDA Margin 9M18 EBITDA Margin

27.1% 27.8% 13.5% 30.9%

ROE ROE ROE ROE

9.6% -5.8% 18.7% 6.9%

• Coal contract mining and E&C

capabilities

• Integrated coal transport &

logistics business

• Multi-disciplined engineering/EPC

and project capabilities

• Kideco cross sells

approximately 1.6MT to CEP

annually

• Opportunity to increase group

synergies by winning more

Kideco contracting share

• Consists of 78 barges, 87

tugboats, 1 support vessel, 4

floating cranes and 2 floating

loading facilities

• Two subsidiaries: • Indika’s portion of net income in

9M18 is 4.8M

1) PT Cotrans Asia – 45% stake

barging / transportation

business

• 20% ownership of CEP

• 69.8% ownership • 51% ownership

2) PT Sea Bridge Shipping –

46% stake; domestic coal

transshipment for Kideco

• 6.25% ownership of CEP II

(expansion project)

20

Supported by Improving Subsidiary Results

Petrosea MBSS Tripatra Cirebon Electric Power

Existing Synergies & Future Opportunities

21

• Plans to increase production over the medium term could

be driven by increased synergies with Petrosea and MBSS. • Increased production could come from Samarangau in an

area where Petrosea is the contractor.

• Kideco is contracted to provide 60% of coal demand to CEP which is the equivalent of 1.6MT of coal per year

• Upon completion in 2022 could provide 2MT of coal to CEP2 plant

• 14-20% of Kideco's overburden removal historically could rise to 25-30%+. Through 9M18, Petrosea’s revenues are $67.6M for OB removal of 30.6 Mbcm at Kideco (19%).

• Bridge Construction for Kideco with a 2018 projected revenue of $3.6 million..

• Floating crane contracted to Kideco in 9M18 provided $6.6 million in revenue and transported 3.9MT

• Barging Opportunity with Kideco and MUTU • Currently barges approximately 30% of Kideco coal

Indika Energy’s 2018 Corporate Guidance

22

2018 9M18 2017 YoY

Target Actual Actual Change

KIDECO

Production (MT) 33-34 25.4 32.0 2.9

Strip Ratio (x) 5.9 6.2 6.1 -3.3%

Cash Cost xRoyalty ($/MT) 30.0 30.0 28.0 7.0%

Capex ($Millions) 7.6 0.5 2.2 245.5%

Overburden Volume (BCM) 202 158.3 194.1 4.1%

PETROSEA

Overburden Volume (BCM) 133.9 104.1 97.6 37.2%

Backlog ($Millions) 1,026.7 873.7 696.2 47.5%

Capex ($Millions) 112.6 78.6 49.6 127.0%

MBSS

Barging Volume (MT) 22.2 16.0 18.5 20.0%

Floating Crane Volume (MT) 8.2 8.3 8.7 -5.7%

Backlog ($Millions) 67.9 125.2 67.9 0.0%

Capex ($Millions) 27.2 24.6 10.7 154.2%

TRIPATRA

Backlog ($Millions) 583.0 477.5 601.2 -3.0%

• On October 9, 2018, Petrosea and PT Bank Mandiri (Persero) Tbk signed a new long-

term loan agreement consisting of a total facility of US$130 million. This loan consists

of an investment credit facility amounting to US$40 million, a special transaction loan

amounting to US$60 million, a working capital loan amounting to US$30 million and

adjustment of investment credit facility (PT Kideco Jaya Agung) of US$15 million.

• On October 16, 2018, Kideco declared an interim dividend in the amount of US$100

million. PT Indika Energy Tbk will receive our proportion (91%) at the end of

November 2018.

Recent Developments

23

Peer Comparison (2Q18 Data)

24

EBITDA MARGIN

PRODUCTION STRIP RATIO

RESERVE/RESOURCE RATIO

CASH COSTS

Domestic Sales/ Total (DMO

25%)

4.2 4.9

5.9

11.4

3

4

5

6

7

8

9

10

11

12

PTBA ADRO INDY ITMG

31.6 32.0 34.0

49.2

20

23

26

29

32

35

38

41

44

47

50

53

ADRO PTBA INDY ITMG

52%

28% 22%

11%

0%

10%

20%

30%

40%

50%

60%

PTBA INDY ADRO ITMG

DMO Requirement

*Kideco only

23.3

31.0

23.2

35.6

0

5

10

15

20

25

30

35

40

ADRO PTBA ITMG INDY*

43.8

32.8

21.12

17.6

15

20

25

30

35

40

45

50

ADRO INDY PTBA ITMG

22%

31%

40%

16%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

ADRO INDY PTBA ITMG

25

Appendix

(27.6) (44.6) (65.9)

335.5

112.2

-100

0

100

200

300

400

2014 2015 2016 2017 9M18

(9.4) (38.7) (43.3)

94.5

163.6

-100

-50

0

50

100

150

200

2014 2015 2016 2017 9M18

26

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/Loss defined as Net Profit/Loss for the year Attributable to Owners of the Company

excluding one-off non-operating gains or losses (amortization of intangible assets, impairment of

assets and gain on revaluation of assets) and related taxes.

161.0

88.3 88.7 122.9

551.9

0

100

200

300

400

500

600

2014 2015 2016 2017 9M18

28.8 (15.4) (10.1) 34.1

453.0

-50

50

150

250

350

450

2014 2015 2016 2017 9M18

73.5 72.6

59.5

136.2

17.5

0

40

80

120

160

2014 2015 2016 2017 9M18

198.0

270.3

166.0 121.3

55.2 74.6

330.8

582.7 33.4%

36.1%

19.2%

10.9%

5.0% 9.6%

30.1%

26.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

0

100

200

300

400

500

600

700

2011 2012 2013 2014 2015 2016 2017 9M18

Adj. EBIT EBIT Margin

LTM Adj. EBITDA* (USD mn) & EBITDA Margin (%) Revenues (USD mn)

27

Indika Energy’s Key Business Indicators

LTM Adj. EBIT to Assets (ROA) LTM Adj. EBIT (USD mn) & EBIT Margin** (%)

** Adjusted EBITDA / EBIT includes consolidated EBITDA / EBIT plus dividends from Kideco, Cotrans, SBS, and CEP

* Last twelve months period ended September 31, 2018. Includes dividends from associates

593.4 749.7

863.4

1,109.5 1,097.3

775.2

1,098.8

2,180.4

0

400

800

1,200

1,600

2,000

2,400

2011 2012 2013 2014 2015 2016 2017 9M18

9.8%

11.5%

7.2%

5.3%

2.6%

4.1%

9.1%

16.4%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2011 2012 2013 2014 2015 2016 2017 9M18

250.0

333.0

260.6 231.9

192.0 155.7

291.9

724.3

42.1% 44.4%

29.5%

20.9% 17.5%

20.1%

26.6%

33.2%

0%

10%

20%

30%

40%

50%

0

200

400

600

800

2011 2012 2013 2014 2015 2016 2017 9M18

EBITDA EBITDA Margin

LTM Adj. FFO / Debt (%)

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

LTM Adj. FCF / Debt (%)

Debt / Capital (%)

28

Indika Energy’s Key Credit Ratios (1)

3.8

3.1

4.1 4.3

5.1 5.2 4.9

2.0 1.8 1.9 2.4 2.5

4.9

3.2

2.4

0.9

0

2

4

6

8

2011 2012 2013 2014 2015 2016 2017 9M18

52.4% 50.3% 52.1% 51.0% 54.0% 52.3%

56.4% 54.5%

0%

20%

40%

60%

80%

2011 2012 2013 2014 2015 2016 2017 9M18

16.9%

23.1%

14.5% 15.7% 11.9% 11.8%

15.1%

31.6%

0%

20%

40%

60%

2011 2012 2013 2014 2015 2016 2017 9M18-21.0%

5.9%

19.6% 15.4% 13.6%

16.6% 15.7%

31.6%

-30%

-5%

20%

45%

2011 2012 2013 2014 2015 2016 2017 9M18

LTM EBITDA Less Capex / Interest (x) LTM FFO + Interest / Interest (x)

LTM EBIT / Interest (x) LTM EBITDA / Interest (x)

29

Indika Energy’s Key Credit Ratios (2)

3.4

4.4

3.0

3.8

2.7 2.6

3.7

6.9

0

2

4

6

8

2011 2012 2013 2014 2015 2016 2017 9M18

3.1

4.2

2.8

3.4

2.6 2.6

3.8

5.6

0

2

4

6

8

2011 2012 2013 2014 2015 2016 2017 9M18

2.7

3.6

2.0 2.2

0.8 1.2

0.4

4.3

0

2

4

6

8

2011 2012 2013 2014 2015 2016 2017 9M18

(2.6)

0.8

2.3 2.5 1.9 2.2

2.9

5.6

(4)

(2)

0

2

4

6

8

2011 2012 2013 2014 2015 2016 2017 9M18

Indika Energy’s Subsidiaries Backlog

30

New Contract/

Adjustment Value

in 2018

Per 31 Dec 2017 Per 30 Sep 2018 Per 30 Sep 2018

Contract mining 487.2 422.9 196.9 713.2

E&C 140.1 35.8 76.9 99.0

POSB 68.9 45.0 52.4 61.5

Total (USD mn) 696.2 503.7 326.2 873.7

Tripatra Engineers & Constructors 564.3 46.7 162.2 448.8

Tripatra Engineering 36.9 14.3 22.6 28.6

Total (USD mn) 601.2 61.0 184.8 477.4

Barging 40.1 78.7 38.0 80.8

Floating Crane*) 27.8 30.5 13.8 44.5

Total (USD mn) 67.9 109.2 51.8 125.3

Total Consolidated (USD mn) 1,365.3 673.9 562.8 1,476.4

Tripatra

MBSS

Descriptions

Remaining Contract

Value

Revenue

Recognition

Remaining Contract

Value

Petrosea

*) includes time charter

31

Capex Spending & Approved Dividend

*

*) CEP cash return consisted of dividend, repayment of SH loan principal and SH Loan Interest

CAPEX Allocation Unit 2018 Budget 3M18 A 1H18 A 9M18 A Realization

IE Holding USD mn 1.3 0.4 0.3 0.4 31.7%

PTRO USD mn 112.6 32.7 60.1 78.6 69.8%

MBSS USD mn 27.2 1.8 11.6 24.6 90.6%

ILSS USD mn 0.3 0.0 0.1 0.2 72.0%

Kideco USD mn 7.6 0.4 0.5 0.5 6.6%

Resources USD mn 13.8 1.6 1.7 4.7 34.2%

Total USD mn 162.8 36.9 74.4 109.1 67.0%

May-18 75.0 68.3

Jul-18 50.0 45.5

Kideco (2018 interim) 100.0 Nov-18 100.0 91.0

Petrosea 4.5 May-18 4.5 3.2

Apr-18 4.2 1.9

Oct-18 1.8 0.8

Apr-18 7.3 3.3

Oct-18 2.9 1.3

ILSS/KPI 8.0 Jun-18 8.0 8.0

Mar-18 24.0 4.8

Sep-18 18.0 3.6

231.7Total

Indika Energy

Portion (USD mn)

Sea Bridge Shipping (SBS) 6.0

Cotrans 10.2

CompanyDividend Declared

(USD mn)Payment Scheduled (USD mn)

CEP cash return*) 42.0

Kideco (2017 performance) 125.0

Kideco dividend

32

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)

2059.4

1658.2

1247.8

1633

1408.7

0

500

1000

1500

2000

2500

2014 2015 2016 2017 9M18

328.9

281.3

180.0

527.8

430.1

0

150

300

450

600

2014 2015 2016 2017 9M18

295.6 253.8

155.4

469.4

397.5

0

150

300

450

600

2014 2015 2016 2017 9M18

154.4 138.1

88.6

277.1

224.1

0

75

150

225

300

2014 2015 2016 2017 9M18

328.7

281.8

179.7

526.0

422.9

0

150

300

450

600

2014 2015 2016 2017 9M18

107.3

188.6

32.8

144.4

225.4

0

75

150

225

300

2014 2015 2016 2017 9M18

33

Kideco’s Operational Highlights

Overburden Removal (mn bcm) Coal Production (mn ton) Coal Sales (mn ton)

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

257.4 244.6

193.9 195.9

158.3

0

75

150

225

300

2014 2015 2016 2017 9M18

40.3 39.0

32.1 32.0

25.4

0

15

30

45

60

2014 2015 2016 2017 9M18

40.2 38.6

32.5 31.5

26.1

0

15

30

45

60

2014 2015 2016 2017 9M18

6.4 6.3 6.0 6.1 6.2

0

2

4

6

8

2014 2015 2016 2018 9M18

51.3

42.9

38.4

51.9 54.0

0

15

30

45

60

2014 2015 2016 2017 9M18

42.1

34.6 32.1

34.4 36.9 36.2

29.6 27.6 28.0

30.0

2014 2015 2016 2017 9M18

Incl Royalty Excl Royalty

34

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 (MT)

348.0

206.8 209.4

259.9

326.2

0

100

200

300

400

2014 2015 2016 2017 9M18

66.6

29.1 34.9

40.9

52.3

0

20

40

60

80

2014 2015 2016 2017 9M18

131.2

66.0 57.3

97.6 89.2

0

50

100

150

2014 2015 2016 2017 9M18

13.5 14.1 14.2

24.8 26.8

0

10

20

30

40

2014 2015 2016 2017 9M18

112.0

66.3 68.7 74.6

83.7

0

30

60

90

120

2014 2015 2016 2017 9M18

2.4

(12.7)

(7.9)

8.2

17.8

-15

-10

-5

0

5

10

15

20

2014 2015 2016 2017 9M18

32.6%

18.8% 17.6%

17.0%

9.9%

4.1%

25.8%

12.1%

34.2%

17.8%

6.3% 3.8%

60.4% 23.6%

16.1%

35

Petrosea’s Financial Highlights (2)

*

Revenues Breakdown by Value

* Cost Structure

Salary

Operation

Sub-contractors

Others

Depreciation Operation Depreciation

Salary

Others Rental Rental

E&C

POSB

Contract

Sub contractor

9M18: USD326.2 mn 9M17: USD224.1 mn

9M18: USD273.8 mn 9M17: USD189.5 mn

54.2%

20.5%

25.3%

Contract

E&C

POSB

17.9

26.8

0

10

20

30

40

9M17 9M18

59.5

89.2

0

20

40

60

80

100

9M17 9M18

36

Petrosea’s Contract Mining Operation

*

Coal Getting Volume (Mn Tonne) Overburden Removal Volume (Mn BCM)

49.9%

49.7%

Client 9M17 9M18

KJA 4.4 6.6

TBG 9.7 14.9

IAC 0.7 0.8

ANZ 0.5 0.1

BMB 2.5 4.4

Total volume 17.9 26.8

Client 9M17 9M18

KJA 22.0 30.6

TBG 12.2 31.7

IAC 10.0 3.2

ANZ 3.4 0.7

BMB 11.8 23.0

Total volume 59.5 89.2

Revenue from

Contract Mining121.5 196.9

Contract Mining

Revenue/Bcm2.0 2.21

37

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)

418.6

475.9

217.5

274.8

184.8

0

125

250

375

500

2014 2015 2016 2017 9M18

39.4

18.9

34.2

45.0

36.8

0

15

30

45

60

2014 2015 2016 2017 9M18

19.4

(5.5)

22.8 25.8 25.5

-8

8

24

40

2014 2015 2016 2017 9M18

8.8 9.6

9.2 8.4

9.1

0

3

6

9

12

2014 2015 2016 2017 9M18

31.7

11.5

28.0

35.2

24.9

0

8

16

24

32

40

2014 2015 2016 2017 9M18

35.4%

43.4%

6.4%

3.5% 2.3%

9.1%

Salary

Rental & Repair

38

Tripatra’s Financial Highlights (2)

*

Revenues Breakdown by Value

Cost Structure

TPEC

TPE

TPEC

TPE

Sub contractor

Salary

Rental & Repair

Misc

Sub Contractor

Misc

Material Material

9M18: USD184.8 mn 9M17: USD212.0 mn

9M18: USD148.0 mn 9M17: USD172.1 mn

87.8%

12.2%

91.7%

8.3%

Handling

40.0%

35.5%

9.1%

5.7%

3.7%

6.0%

Handling

39

Cotrans’ Financial Highlights

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

Net Profit (USD mn) Coal Handling (mn ton)

84.2 80.0

59.9 59.3 53.7

0

15

30

45

60

75

90

2014 2015 2016 2017 9M18

16.4 17.1

13.0 12.3

10.8

0

4

8

12

16

20

2014 2015 2016 2017 9M18

14.6

16.3

12.0 11.2

10.0

0

4

8

12

16

20

2014 2015 2016 2017 9M18

15.3 16.0

11.5 10.9

9.7

0

4

8

12

16

20

2014 2015 2016 2017 9M18

34.5 32.8

27.9 27.1

23.0

0

8

16

24

32

40

2014 2015 2016 2017 9M18

40

SBS’ Financial Highlights

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

Net Profit (USD mn) Coal Handling (mn ton)

13.1 14.2

12.3 12.2 11.2

0

4

8

12

16

20

2014 2015 2016 2017 9M18

6.1 5.2

8.8 7.6

10.2

0

4

8

12

16

20

2014 2015 2016 2017 9M18

10.0

12.7

10.7 10.0

13.0

0

4

8

12

16

20

2014 2015 2016 2017 9M18

11.3

14.0

11.5 10.7

13.5

0

4

8

12

16

20

2014 2015 2016 2017 9M18

27.9 29.4

24.7 24.9 24.2

0

7

14

21

28

35

2014 2015 2016 2017 9M18

41

MBSS’ Financial Highlights (1)

*

Revenues (USD mn)

Net Profit (USD mn)

EBITDA (USD mn)

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

135.3

89.8

65.8 68.5

51.8

0

40

80

120

160

2014 2015 2016 2017 9M18

20.2

(12.0)

(29.9)

(8.9) (10.4)

-50

-25

0

25

50

2014 2015 2016 2017 9M18

53.0

29.5

14.8 18.4

14.6

0

15

30

45

60

2014 2015 2016 2017 9M18

21.5

15.8 12.9

8.7 8.3

0

8

16

24

32

40

2014 2015 2016 2017 9M18

31.1

22.2 22.1

18.5 16.0

0

8

16

24

32

40

2014 2015 2016 2017 9M18

Gross Profit (USD mn)

43.4

15.1

0.9 2.5 2.1

0

10

20

30

40

50

2014 2015 2016 2017 9M18

38.3%

22.9%

12.0%

7.2%

6.7%

13.0%

36.5%

21.3%

12.9%

6.7%

5.8%

16.8%

73.3%

26.7%

42

MBSS’ Financial Highlights (2)

*

Revenues Breakdown

*

Floating crane

Barging

Floating crane

Barging

Salary

Fuel

Depreciation

Spare parts

Port Charge

Salary

Fuel

Others

Depreciation

Others

Spare parts

Cost Structure

Port Charge

9M18: USD49.7 mn 9M17: USD48.9 mn

9M18: USD51.8 mn 9M17: USD51.0 mn

72.3%

27.7%

14.2 16.0

0

4

8

12

16

20

9M17 9M18

7.0

8.3

0

2

4

6

8

10

9M17 9M18

Barging (mn ton)

43

MBSS’ Operating Highlights

* Floating Crane (mn ton)

* Includes time charter

18.6% 12.7%

Clients 9M17 9M18

ADRO 2.4 2.3

Contrans 7.0 9.6

BCS 0.3 0.0

MMS 1.2 0.4

BAG 0.0 0.8

MUTU 0.2 0.0

BPB 0.1 0.1

Atlas 0.1 0.1

Others 2.9 2.7

Total Volume 14.2 16.0

Revenue (USD mn) 36.8 38.0

Revenue/ton 2.6 2.4

Clients 9M17 9M18

KJA 3.1 3.9

ADRO 0 1.5

BYAN 0.0 0.7

BRAU 0.5 0.0

BCS 2.0 0.0

BIB 0.0 0.4

TCP 0.0 0.4

MGM 0.0 0.4

Others 1.4 1.0

Total Volume 7.0 8.3

Revenue* (USD mn) 14.1 13.8

Revenue/ton 2.0 1.7

MBSS Large Fleet of Vessels

44

Tug Barges Floating Crane

Support Vessel

As of

Dec 31, 2017

Additional

YTD

81 +6

Total 87

As of

Dec 31, 2017

Additional

YTD

69 +9

Total 78

As of

Dec 31, 2017

Additional

YTD

4 0

Total 4

As of Dec 31, 2017 Additional YTD

1 0

Total 1

Floating Loading Facility

As of Dec 31, 2017 Additional YTD

2 0

Total 2

45

CEP’s Financial Highlights

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

Net Profit (USD mn) EBITDA (USD mn)

254.1 261.9

229.6 245.7

189.1

0

60

120

180

240

300

2014 2015 2016 2017 9M18

90.7

109.9

98.4 91.4

61.9

0

30

60

90

120

150

2014 2015 2016 2017 9M18

84.1

104.2

93.0 86.6

58.4

0

30

60

90

120

150

2014 2015 2016 2017 9M18

22.5

38.9

99.2

34.9 24.1

0

30

60

90

120

150

2014 2015 2016 2017 9M18

84.4

106.8 96.0

89.9

60.7

0

30

60

90

120

150

2014 2015 2016 2017 9M18

46

Indika Energy Overview

Indika Energy, Indonesia’s leading fully integrated

energy company

47 *Companies within Indika Energy Group mentioned on this slide are non-exhaustive

Energy Resources

PT Indika Energy Tbk.

1

- 3rd largest coal producer

- Resources 1,375.0 MT, reserves 422.0 MT

- 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

- Transshipment and water transportation

- 51.0% ownership

- 20.0% owned 660MW, enviro-friendly

supercritical technology

- 6.25% owned 1000MW expansion , ultra

supercritical technology

Offshore Supply Base

- Pusat Logistik Berikat in Balikpapan

- Logistic base for offshore operations

- 100% owned, integrated logistic services

- Port Business Entity license to operate

and provide port and logistic services at

all Indonesia major ports

- Established since 1973

- Leading EPC and O&M

services in oil & gas

- 100% ownership

- Established since 1972

- Coal contract mining and

E&C capabilities in mining

and oil and gas

- 69.8% ownership

2 3 Energy Services Energy Infrastructure

Indika Energy Group Companies Cover

End-To-End Coal Business Value Chain

48

A w

ell-i

nte

gra

ted e

nerg

y p

latf

orm

acro

ss t

he e

ntire

valu

e c

hain

Energ

y r

esourc

es

Energ

y s

erv

ices

Energ

y infr

astr

uctu

re

Identification / acquisition

of assets

Exploration

Economic and feasibility

study

Engineering and

construction

Production

Processing

Land transportation

Barging

Loading / transshipment

Power generation

Offtake sales

• Operational synergies from intra-

group cross-selling opportunities

- part of Kideco's overburden

removal, coal barging and

transshipment services

outsourced to Petrosea and

MBSS

- Kideco contracted to provide

1.9mt of coal per year to CEP

- discussion underway amongst

MUTU, Petrosea and MBSS for

the provision of overburden

removal, coal barging and

transshipment services

• Cost synergies from integrated

operations - work-share and

knowledge-share amongst Tripatra,

Petrosea and MBSS

• Increasingly stable earnings and

cashflow from continued

diversification

Indika Energy has grown through inorganic and

organic expansions

49

Notes Outstanding

50

Indo Energy Finance II B.V.

USD500.0 mn

6.375% 10-year Senior Notes

Reg S / 144A

due 2023

The Senior

Notes are rated:

B + / Positive Outlook

International Ratings (as of Dec. 2017)

A / Positive Outlook

National Ratings (as of Dec. 2017)

Ba 3

Outlook Stable (as of Dec. 2017)

January 2013

*Subsequent to a tender offer to repurchase $128 .6 mm of principal amount in December 2015 .

Indo Energy Capital II Pte. Ltd.

USD265.0 mn

6.875% 5-year Senior Notes

Reg S / 144A

due 2022

April 2017

Indo Energy Capital III Pte. Ltd.

USD575.0 mn

5.875% 7-year Senior Notes

Reg S / 144A

due 2024

November 2017

Coal transportation and transhipment service

Corporate Structure

PT Tripatra Engineering (Indonesia)

PT Tripatra Engineers and Constructors (Indonesia)

PT Indika Inti Corpindo

(Indonesia)

PT Indika Infrastruktur Investindo (Indonesia)

Indika Power Investments Pte.Ltd

(Singapore)

PT Indika Energy Infrastructure (Indonesia)

Indo Integrated Energy B.V.

(The Netherland)

PT Indika Indonesia Resources (Indonesia)

PT Tripatra Multi Energi

(Indonesia)

PT Indika Energy Tbk. (Indonesia)

Consultation services for construction, industry and infrastructure

Provision of consultancy services, construction business and trading

100%

Energy Services

Investment and general trading

100%

Energy Resources Energy Infrastructure

Investment

100%

Coal-fired power plant

PT Cirebon Electric Power

(Indonesia)

Operations and maintenance of electrical equipment and facilities

PT Cirebon Power Services

(Indonesia)

Investment

100%

Trading, development and services

100%

100%

100%

Financing

90%

PT Mitrabahtera Segara Sejati Tbk.

(Indonesia)

Sea logistics and transhipment

51% 100%

General trading

100%

PT Indika Multi Energi

Internasional (Indonesia)

General trading

Mining and trading

100%

69.80% 100%

Indo Integrated Energy II B.V.

(The Netherland)

Financing

Indo Energy Finance B.V.

(The Netherland)

Financing

100%

100%

Indo Energy Finance II B.V.

(The Netherland)

Financing

Indo Energy Capital II B.V.

(The Netherland)

Financing

100%

PT Indika Logistic & Support Services

(Indonesia)

Port operation

100%

PT LPG Distribusi Indonesia

(Indonesia)

Trading, industry, mining and services

PT Prasarana Energi

Indonesia (Indonesia)

General trading

25%

General trading

Mitrabahtera Segara Sejati

Pte.Ltd. (Singapore)

Shipping

100%

PT Mitra Jaya Offshore

(Indonesia)

Shipping

51%

PT Mitra Hartono Sejati

(Indonesia)

Shipping

50%

PT Mitra Swire CTM

(Indonesia)

Shipping

69.97%

PT Mitra Alam Segara Sejati (Indonesia)

Shipping

60%

15%

15%

5%

5%

100%

PT POSB Infrastructure

Indonesia (Indonesia)

Specific port management

100%

PT Petrosea Kalimantan (Indonesia)

Trading and contracting services

100%

Tripatra (Singapore)

Pte.Ltd. (Singapore)

Investment

45%

PT Cotrans Asia (Indonesia)

46%

PT Sea Bridge Shipping

(Indonesia)

Domestic goods shipment

Tripatra Investments

Limited (B.V.I)

Investment

100%

51%

PT Kideco Jaya Agung

(Indonesia)

Exploration, development, mining and marketing of coal

100% PT Citra Indah

Prima (Indonesia)

Investment

100%

Indika Capital Pte.Ltd.

(Singapore)

Marketing and investment

Indika Capital Resources

Limited (B.V.I)

Financing

100%

43.3%

PT Intan Resource Indonesia

(Indonesia)

Coal trading and mining consultancy

PT Melawi Rimba Minerals

(Indonesia)

Mining

90%

PT Sindo Resources (Indonesia)

Mining

90%

100%

PT Indika Multi Daya Energi (Indonesia)

General trading

60% PT Mitra Energi

Agung (Indonesia)

Coal mining

85% PT Multi

Tambangjaya Utama

(Indonesia)

Coal mining

100%

Indika Capital Investments

Pte.Ltd. (Singapore)

Coal and mineral trading and general trading activities

PT Indika Energy Trading

(Indonesia)

Trading

90%

100% Indo Energy Capital B.V.

(The Netherland)

Financing

PT Indy Properti Indonesia

(Indonesia)

Development, services and trading

100%

Mahaka Industri Perdana

(Indonesia)

Trading, mining and other industries

51.25% Coal-fired

power plant

PT Kuala Pelabuhan Indonesia

(Indonesia)

95%

Port operation

PT Indika Multi Niaga

(Indonesia)

Transportation management services, trading and other services

100% 60%

Indika Energy Trading Pte.Ltd.

(Singapore)

Trading

PT Petrosea Tbk. (Indonesia)

Engineering, construction, mining and other services

Note:

* 100% share ownership of Indonesian limited liability company (PT) held by 2 shareholders both of which are PT Indika Energy Tbk. and or its subsidiaries.

.

100%

PT POSB Reksabumi Indonesia

(Indonesia)

Hazardous waste management

PT Prasarana Energi Cirebon

(Indonesia)

100%

PT Cirebon Energi Prasarana

(Indonesia)

25%

100% Indika Energy Capital

Pte. Ltd. (Singapore)

Financing

Indika Energy Capital II Pte.Ltd.

(Singapore)

Financing

PT Kariangau Gapura Terminal

Energi (Indonesia)

75%

Specific port management

PT Karya Bhumi Lestari

(Indonesia)

Mining service

100%

PT Petrosea Rekayasa Konstruksi (Indonesia)

Engineering and Construction

100%

PT Transship Teknik Solusi (Indonesia)

Maintenance Facility

100%

100%

Indika Energy Capital III Pte.Ltd.

(Singapore)

Financing

100%

10%

25%

5%

Stevedoring

PT Mitra Baruna Nusantara (Indonesia)

99,8%

40%

10%

Indika Energy Group

52 ** BI: IDR14,910/USD

Market Cap As of 30 Sept 18

Number of

Shares

Listing

Shareholding

Structure

• PT Indika Inti Investindo : 37.79%

• PT Teladan Resouces : 30.6 5%

• Public : 31.56%

listed in the Indonesia Stock

Exchange on June 11, 2008

Part of IDX’s LQ 45 Index and MSCI

Indonesia Index

5,210,192,000

IDR 2.800,-/ share

IDR15.1 trillion

(USD1,010 million)**

• PT Indika Energy Tbk : 69.80%

• Public : 30.20%

listed in the Indonesia Stock

Exchange on May 21, 1990

1,008,605,000

IDR 2.040,-/ share

IDR2.1 trillion

(USD140 million)**

• PT Indika Energy

infrastructure : 37.79%

• China Navigation

Co Pte Ltd : 30.6 5%

• Public : 31.56%

INDY PT Indika Energy Tbk

PTRO PT Petrosea Tbk

MBSS PT Mitrabahtera Segara

Sejati Tbk

listed in the Indonesia Stock

Exchange on April 06, 2011

1,750,026,639

IDR 610,- / share

IDR1.1 trillion

(USD74 million)**

THANK YOU

PT Indika Energy Tbk.

Graha Mitra

Jl. Jend. Gatot Subroto Kav. 21

Jakarta 12930, Indonesia

+ 62 21 2557 9888

www.indikaenergy.co.id

Investor.relations@indikaenergy.co.id