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NEWS RELEASE Jakarta, 3 March 2021

CHANDRA ASRI PETROCHEMICAL ANNOUNCES RESULTS

FOR THE PERIOD ENDING DECEMBER 31, 2020

On 3 March 2021, PT Chandra Asri Petrochemical Tbk (IDX: TPIA) released its audited consolidated financial statements for the full year of 2020. The Company recorded Net Revenues of US$1,806.4 million.

The Company’s Director, Suryandi, commented: “We are pleased to announce a solid financial performance for FY 2020, bolstered by a turnaround from the second half of the year. In the 3 months of Q4 2020, Chandra Asri recorded an EBITDA of US$121 million. As a result, we booked a FY 2020 EBITDA of U$187 million and net profit after tax of US$52 million, which was more than double the FY 2019 figure. Chemicals demand recovery picked up pace, as economies slowly emerged from lockdown from the second half of the year. PE and PP to naphtha spreads strengthened to levels in excess of US$600/T, with strong consumption rebound in China and North East Asia. This trend in Q4 2020 is carrying into 2021, and we are cautiously optimistic of sustained resilience and growth in demand. We executed our Key Strategic Imperatives successfully to maintain Business Continuity, Operational Excellence and Financial Resilience. The plant site was kept open throughout the year, and we successfully brought on stream our B1-MTBE plants to complete our Integration Master Plan in 2020. We delivered on our plans to reduce structural cost and enhance competitiveness. Through proactive steps taken to optimize our capital structure and maximize cash flow, we lowered our average interest cost and ended 2020 with positive net cash after debt. We achieved the exceptional operational and financial results, whilst also making significant progress in our focus on Impactful Sustainability with the start-up of our US$14 million Enclosed Ground Flare investment, and delivering on our ESG focus with world-class partners like Ecolab, BYD and Total Solar to abate 3,190 tons of C02 per annum via Green Chemistry and electrical forklifts, powered by solar panels.

The turnaround performance was capped with a strong Balance Sheet, comprising of a total Liquidity Pool of US$1.2 billion including US$919 million cash and cash equivalents at the end of 2020. This positions the Company strongly going into 2021 to seize emerging upside opportunities, as GDP growth resumes, and economies rebound with vaccine-enabled optimism.”

FY 2020 FINANCIAL HIGHLIGHTS:

Net Revenues decreased by 4.0% to US$1,806.4 million from US$1,881.0 million in FY2019 as a result

of lower average selling prices across all products, but with continued healthy demand resulting in

increased sales volume with the increased scale and capacity (2,222 KT in FY2020 vs 1,943 KT in FY2019).

Cost of Revenues was US$1,641.3 million in FY2020, reflecting lower naphtha prices (average of

US$414/MT in FY2020 vs US$542/MT in FY2019), led by lower Brent crude oil prices which contracted

to an average of US$42/bbl compared to US$64/bbl in FY2019. However, this was partially offset by

higher naphtha consumption due to increased capacity and production.

PT Chandra Asri Petrochemical Tbk (CAP)

About CAP: CAP, a subsidiary of PT Barito Pacific Tbk, is Indonesia’s largest integrated petrochemical company producing olefins and polyolefins. CAP’s state-of-the-art facility and infrastructure are located in Cilegon and Serang, in Banten province on Java. CAP operates the country’s only naphtha cracker, and is the sole producer of ethylene, styrene monomer, butadiene and MTBE/B1 in Indonesia. In addition, CAP is also the largest polyolefins producer in Indonesia, producing raw materials and base petrochemical products used for packaging products, pipes, automotive, electronics, and consumer goods in support of Indonesia’s growth and industrialization ambitions. For more information, please contact: Suryandi, HR & Corp. Affairs Director – Corporate Secretary suryandi@capcx.com Investor Relations investor-relations@capcx.com

www.chandra-asri.com

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EBITDA for FY 2020 increased to US$186.7 million, and was even better than pre-COVID FY 2019

performance of US$180.1 million, with petrochemical spreads rebounding significantly in Q4 2020.

Overall, FY 2020 EBITDA margin was 10.3%, which was up 70 basis points vs FY 2019. Domestic

Indonesian and Regional Asian petrochemical demand remains resilient, in the backdrop of container

shortages across Asia. With the gradual scaling up of economic activity, the demand for polyethylene

and polypropylene improved towards the end of 2020.

Net Profit After Tax in 2020 was US$51.5 million, 118% higher as compared to the FY2019 figure of

US$23.6 million, with a combination of more competitive operating expenditure structure, fiscal uplift

and strengthening margins.

Strong liquidity pool of US$1,195.6 million consisting of US$918.9 million in cash and cash equivalents,

US$226.0 million of available Revolving Credit Facility, and US$50.7 million in marketable securities.

After the prepayment of the long-term secured loan, USD bond buyback and repayment of IDR bond,

coupled with successful IDR bond issuance, total interest-bearing debt as of 31 December 2020 was

US$844.3 million, with an overall net cash position of US$74.7 million (vs a net debt position of

US$127.7 million on 31 December 2019).

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US$ million, unless otherwise stated FY2020 FY2019 % change

Net Revenues 1,806.4 1,881.0 (4.0)

Cost of Revenues 1,641.3 1,709.9 (4.0)

Gross Profit 165.1 171.1 (3.5)

Net Profit After Tax 51.5 23.6 118.0

EBITDA 186.7 180.1 3.6

Cash Flows from (used in) Operating Activities 388.4 238.1 63.1

Capital Investments 113.9 385.2 (70.4)

Earnings per share (US$) 0.0029 0.0013 123.1

US$ million, unless otherwise stated FY2020 FY2019 % change

Total Assets 3,593.7 3,451.2 4.1

Total Liabilities 1,782.3 1,690.2 5.4

Shareholders’ Equity 1,811.4 1,761.0 2.9

Interest Bearing Debt 844.3 787.9 7.2

Cash & Cash Equivalents 918.9 660.2 39.2

Net Debt / (Cash) (74.7) 127.7 (158.5)

Financial Ratios

FY2020 FY2019

Gross Profit Margin 9.1% 9.1%

EBITDA Margin 10.3% 9.6%

Interest service coverage (x) 6.0 4.1

Debt to Capitalization 32% 31%

Debt to EBITDA (x) - LTM 4.6 4.4

Net Debt/ (Cash) to EBITDA (x) – LTM (0.4) 0.7

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Business Segments

In US$ million Revenues

FY2020 FY2019 % change

Olefins 232.9 412.3 (43.5)

Polyolefins 1,256.1 899.2 39.7

Styrene Monomer 187.8 373.1 (49.7)

Butadiene 110.4 187.5 (41.1)

MTBE and Butene-1 9.8 0.0 NA.

Tanks and Jetty Rental 9.4 8.9 5.9

Consolidated 1,806.4 1,881.0 (4.0)

In US$ million Gross Profit

FY2020 FY2019 % change

Olefins 33.3 39.1 (14.8)

Polyolefins 138.2 79.6 73.6

Styrene Monomer (10.9) 37.5 (129.0)

Butadiene (2.3) 8.5 (126.5)

MTBE and Butene-1 (2.2) 0.0 NA.

Tanks and Jetty Rental 8.9 6.4 40.1

Consolidated 165.1 171.1 (3.5)

FINANCIAL PERFORMANCE ANALYSIS

Net Revenues

Net Revenues decreased by US$75 million, i.e. 4.0% lower to US$1,806.4 million from US$1,881.0 million in FY2019, mainly reflecting

lower average selling prices to US$813/T from US$968/T in FY2019 in view of Ethylene and Polyethylene prices dropping sharply to

US$720/T and US$902/T (from US$861/T and US$1,047/T respectively over the corresponding period in 2020). Conversely our sales

volume increased by 14% to 2,222KT in FY2020, up from 1,943KT in FY2019 as we continue to be able to sell our products stably with

no drop in demand supported by our increasing scale with the new PE, PP, B1 and MTBE capacity that have come onstream.

Cost of Revenues

Cost of Revenues was US$1,641.3 million in FY2020, against US$1,709.9 million in FY2019 largely due to lower naphtha price that was

US$542/MT in FY2019 as compared to an average of US$414/MT in FY2020, largely due to lower Brent crude oil prices (35% decline

year-on-year to an average of US$42/bbl against US$64/bbl in FY2019).

As a result of the foregoing, Gross Profit for twelve months of 2020 was US$165.1 million, 3.5% lower than FY2019.

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EBITDA

EBITDA increased by 3.6% to US$186.7 million from US$180.1 million in FY2019 driven by improved spreads, especially for ethylene

and polymer products in 4th Quarter 2020. Regional Asian petrochemical demand remains resilient. With the gradual rebound of

economic activity, local demand for polyethylene and polypropylene improved towards the end of 2020, as demonstrated in the

robust fourth quarter results.

Net Profit After Tax

The Company realized a US$51.5 million Net Profit After Tax in FY2020 compared to US$23.6 million in the same period last year. The

US$28 million addition is largely attributable to tax benefit due to adjustment of lower tax coupled with the achievement of the

Company’s structural cost reduction program; to deliver better performance in an environment of improving market conditions.

Total Assets

Total Assets increased by 4.1% to US$3,593.7 million as of 31 December 2020, against US$3,451.2 million on 31 December 2019. This

is largely due to higher cash and cash equivalents reflecting the increased net cash generated from operations, as well as proceeds

of our IDR bonds issuance in 2020 totaling US$164 million, offset by full prepayment in July 2020 of US$125 million of Chandra Asri's

last secured Term Loan with an original principal of US$199.8 million (due to mature in 2023), repurchasing of US$24 million of our

USD bonds in the open markets, and repayment of our IDR Bond of PUB 1 Phase I-2017 Series A of US$11 million (=IDR150 billion).

This was also coupled with lower account receivables as part of the Company’s focus on cash to optimize working capital.

Total Liabilities

Total Liabilities increased to US$1,782.3 million from US$1,690.2 in FY 2019 mainly due to higher account payables at US$699.7 million, coupled with increased total debt position of US$844.3 million, offset by lower deferred tax liabilities at US$119.3 million. As of December 31, 2020, the Company had an overall net cash position of US$74.7 million.

Cash Flows from Operating Activities

Net cash provided from Operating activities was US$388.4 million in FY2020 against US$238.1 million in FY2019, due to higher tax restitution received coupled with less income taxes paid and less cash paid to suppliers, offset by lower cash receipts from customers due to lower average selling prices.

Cash Flows from Investing Activities

Net cash used in Investing activities decreased by 72.9% to US$111.6 million in FY2020 from US$411.9 million in FY2019, in line with Management strategy to re-phase capex to maintain a robust balance sheet, and with all material capex projects largely completed, and only final payments channeled towards the MTBE and B1 plant completion, in line with the full scope of Chandra Asri’s Integration Master Plan.

Cash Flows from Financing Activities

Net cash used in Financing activities was US$18.0 million in FY2020 against net cash provided from Financing activities US$107.2 million in FY2019 due to repayment of short term bank loans US$115.1 million, full prepayment of outstanding principal US$125 million from a Term Loan facility, USD bond repurchase of US$24 million and repayment IDR Bond US$11 million, offset by working capital credit facility US$115 million, higher proceeds from IDR Bond issuance of US$164 million from three issuances, and no final dividend declared.

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MARKET CONDITIONS Q4 2020

Brent crude price increased to US$45/bbl in Q4-2020 from US$43/bbl in Q3-2020 on the back of firmer demand due to restocking activity post-holiday in October, whilst less production output during conflict between Armenia & Azerbaijan in early Q4 coupled with positive note on vaccine development, boosting the sentiment in energy market. Naphtha price in Q4-2020 increased from an average of US$397/MT in Q3-2020 to US$408/MT in Q4-2020 due to healthy cracking demand on many new capacity additions from crackers and reformers coupled with firmer gasoline demand amid festive season in China, India & South Korea in October amid eased mobility restrictions & improved downstream demand in December on buying activities ahead of the Chinese New Year holidays. Ethylene price increased from US$748/MT in Q3-2020 to US$854/MT in Q4-2020 due to the bullish energy market, firmer demand from Polyethylene, vinyl chains and Styrene Monomer sectors & emerging spot Ethylene demand from South Korea, Japan & Thailand amid crackers’ outages, added by tight supply on delayed cargoes arrivals from EU, Brazil & the US, while trading remained active in December due to 2021’s contract settlements delay and firmer derivatives production ahead of Chinese New Year. Polymer price increased in Q4-2020 to US$1,016/MT for Polyethylene and US$1,153/MT for Polypropylene. Stronger Polyethylene prices were driven by bullish sentiment on healthy demand especially on post-holiday restocking activity in October in China and NEA and tighter supply, also further supported by the RMB appreciation against USD. Polypropylene prices strengthened due to tighter supply on scheduled turnaround maintenance activities in Vietnam and Thailand, and container shortage across Asia. Butadiene price increased from US$533/MT in Q3-2020 to US$1,105/MT in Q4-2020 on the back of supply crunch and bullish downstream ABS and Nitrile Rubber market demand in early Q4 as well as tighter supply on unexpected shutdown in China in October and delayed Lotte’s cracker’s restart. Styrene Monomer price increased from US$667/MT in Q3-2020 to US$960/MT in Q4-2020, due to revived activity post-holiday in October, recovering futures market and firmer domestic prices on higher import demands and healthy downstream ABS and PS demand. In addition there was tight supply due to outages & falling China’s inventory in East China amid steady consumptions and falling imports.

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CORPORATE NEWS

Chandra Asri Acquired 2 Platinum Medals at TKMPN XXIV On 18 November 2020, the Company won two platinum medals at the TKMPN (National Quality & Productivity Gathering) XXIV. Both platinum medals were acquired for the two projects, namely “Reducing Chemical Cost Lost in Ethylene Plant Within 7 Months by Eliminating Excess-DMDS Consumption” and “Eliminating Maintenance Cost Loss by Increasing MTBF in SWRO Unit for 10 months”.

Chandra Asri Granted the PBB-P2 Model Taxpayer Award Cilegon 2020 On 19 November 2020, the Company was recognized as a Rural, Urban Land, and Building Model Taxpayer (PBB-P2) for Cilegon. The Company remains fully committed to its responsibility of being a responsible corporate citizen paying taxes and doing its part contributing towards the development of Cilegon.

Chandra Asri and Star Energy Cooperation in the Supply of HDPE Materials for Pipe Applications On 20 November 2020, the Company together with Star Energy signed a memorandum of understanding virtually to outline cooperation to supply the Company’s HDPE (High-Density Polyethylene) material for Star Energy’s pipeline application. This supply will replace the imported HDPE material which can support government programs in TKDN (Domestic Content) and saving foreign exchange.

Chandra Asri Achieved Gold and Bronze Awards at OPEXCON 2020 On 25 November 2020, the Company achieved Gold and Bronze Awards in manufacturing at the 9th Indonesia Operational Excellence Conference (OPEXCON) & Award. The Gold Award is presented to the SGA Block Copo (Engineer) and the Bronze Award is presented to the SGA Exver (Operator).

Styrindo Mono Indonesia Earned Two Platinum Medals at ICQCC 2020 On 3 December 2020, the Company’s subsidiary, PT Styrindo Mono Indonesia, won two platinum medals at the ICQCC (45th International Convention on Quality Control Circles) which was held virtually in Dhaka, Bangladesh.

Extraordinary General Meeting of Shareholders (EGMS) 2020 On 7 December 2020, the Company held an Extraordinary General Meeting of Shareholders (EGMS) with strict health protocols. The EGMS approved the merger plan between Chandra Asri and its subsidiary, PT Styrindo Mono Indonesia. This merger is to create a petrochemical company that is more integrated in Indonesia and ready to compete with the major regional petrochemical players who are largely integrated, with improved effectiveness and operational efficiency.

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Groundbreaking Ceremony of Cahaya Bintang Kindergarten On 8 December 2020, the Company and the Happy Hearts Indonesia Foundation began the construction of Cahaya Bintang Kindergarten which is located in Kamurang Pal Village, Grogol Indah, Anyer District, Serang Regency. This 4th Kindergarten to be built as part of the Company’s commitment to education.

Chandra Asri and KASIKORNBANK Sign a US$50 million-equivalent Trade and Revolving Credit Facility On 9 December 2020, the Company partnered with KASIKORNBANK (Kbank), to extend and expand a 1.6 billion Thai Baht (US$50 million-equivalent) trade finance and committed unsecured revolving credit facility. This is the first ever offshore facility of this type extended by Kbank to a customer outside of Thailand, in recognition of the strong credit quality of Chandra Asri.

Chandra Asri Donates Fiber Boats and Ketinting Machines to Fisherman On 15 December 2020, the Company provides 15 units of fiber boats and 28 units of “ketinting” boats to 43 fishermen in Pangaradan Village, Anyer District, Serang Regency, and Tanjung Leneng, Ciwandan District, Cilegon City. On the same occasion, Chandra Asri also distributed assistance in the form of food packages to support the fishermen, over the COVID-19 pandemic as well as the monsoon season which limits the opportunities for fishermen to go to sea.

Chandra Asri and Ecolab Partner to Implement Green Chemistry, Strengthen Commitment to Sustainability On 11 January 2021, the Company partnered with Ecolab, to implement Ecolab’s state-of-the-art Green Chemistry technologies, to embed world-class safety and environmental standards. On an annualized basis, it will reduce 92.2 million gallons of water consumption, save 6 million kilowatt hours of energy, mitigate 2,100 metric tonnes of carbon dioxide, lower wastewater production by 472,000 tonnes, and cut down Nitrogen Oxide exhaust gas by 75%.

Chandra Asri Donates to Rumah Pintar Orphanage and Dhuafa Al-Ikhlas On 27 January 2021, the Company visited the Rumah Pintar Yatim & Dhuafa Al-Ikhlas Foundation, assisted by an employee of Chandra Asri, Mr. Heru Wahyono, who gave his house for the activities of the Rumah Pintar Foundation for around 40 orphans and children living around the Grand Pesona, Kertasana Village, Bojonegara District. The Company provides assistance in the form of educational supplies and 200 masks to support teaching and learning activities.

Chandra Asri Donates Food Packages for the Flood Victims in Patia District On 2 February 2021, the Company distributed aid in the form of 100 food packages to flood-affected communities in Patia District, Pandeglang Regency. This assistance is one of the fund allocations collected from donations from Chandra Asri’s employees in the Year End Giving 2020 Program.

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Chandra Asri Continues its Partnership with Total Solar DG to Build a Second Solar Panel in Cilegon On 2 February 2021, the Company continues its partnership with Total Solar DG to build a second solar panel or photovoltaic (PV) installation in the former Cilegon plant. The rooftop PV will power Chandra Asri’s warehouses, laboratory buildings, and charging stations for electrical forklifts, reducing up to 438 tons of CO2 emissions. It is set to produce an addition of 554 megawatt-hours of solar-powered electricity which represents an equivalent of 40 household consumption & will allow saving as much CO2 as planting almost 7,000 trees.

Chandra Asri and BYD Operate the Largest Fleet of Electric Forklifts in Indonesia to Reduce Emissions On 8 February 2021, the Company partnered with BYD, to roll out 53 units of pure electric forklifts. This investment in electric vehicles is the Company’s real step to focus on sustainability and the principles of ESG as well as being committed to reduce fossil fuel consumption and emissions. Each year, the fleet will reduce 69,445 kg of liquified petroleum gas (LPG), save 165,360 liters of diesel (solar), cut 446,472 metric kilograms of carbon dioxide, and eliminate nitrogen oxide exhaust.

Chandra Asri Distributes Variety of Donations to Banten Community through 2020 Year End Giving Program On 8 February 2021, the Company provided a variety of assistance to the people of the Banten area through the Indonesian Red Cross (PMI) and the Regional Disaster Management Agency (BPBD) of Cilegon City, Serang Regency, and Pandeglang Regency in the context of preventing and handling COVID-19 as well as other general social assistance.

Chandra Asri Obtained US$60 million Structured Trade Facility from DBS Bank to Support Export Growth On 22 February 2021, the Company received a US$60 million structured trade facility from DBS Bank to support Chandra Asri’s plans to expand export growth of petrochemical products in Indonesia, and bolster the country’s balance of payments. This uniquely structured trade finance solution gives Chandra Asri the ability to attain, scale, and diversify access to competitive financing.