Wednesday February 24, 2016

Operational Summary – FY2015 Sales volume In million tonnes Semen Indonesia Semen Padang Semen Tonasa Total Indonesia plants Thang Long Cement Total Semen Indonesia Indonesia cement output

Domestic 14.00 6.52 5.45 25.97 1.42 27.39 60.45

FY15 Export 0.00 0.37 0.11 0.48 0.91 1.39 1.01

Total Domestic 14.00 13.99 6.89 6.74 5.56 5.42 26.45 26.16 2.33 1.44 28.78 27.60 61.45 59.91

FY14 Export 0.00 0.12 0.07 0.20 1.04 1.23 0.27

Total 13.99 6.87 5.49 26.35 2.48 28.83 60.17

Change (%) Domestic Export 0.0 -3.3 201.4 0.6 49.9 -0.7 144.3 -1.3 -11.9 -0.7 13.0 0.9 280.0

Total 0.0 0.4 1.2 0.4 -5.7 -0.2 2.1

Market share

Java Sumatra Kalimantan Sulawesi Nusa Tenggara East Indonesia Total Indonesia

SMGR 39% 43% 52% 63% 37% 57% 43%

INTP 37% 11% 28% 12% 32% 18% 28%

SMCB 18% 15% 10% 1% 6% 1% 14%

SMBR 12% 3%

Market share Bosowa Andalas Kupang 2% 3% 14% 7% 24% 14% 7% 24% 5% 3% 0%

CG 3% 2% 3% 0% 3% 2%

Source: Company data, Indonesia Cement Association

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SJW 1% 0%

JS 2% 0% 1%

Financial Summary – FY2015 In Rpbn Revenue Cost revenue Gross profit Operating expenses Operating income EBITDA Pre-tax profit Net profit EPS (Rp) Ratio EBITDA margin Interest coverage - x Cost ratio Net debt to equity Debt to equity Receivable turnover - days

FY15 FY14 Change 26,948 26,987 -0.1% 16,302 15,408 5.8% 10,646 11,579 -8.1% 4,700 4,437 5.9% 5,946 7,142 -16.8% 7,390 8,301 -11.0% 5,851 7,077 -17.3% 4,521 5,560 -18.7% 762 937 -18.7% 27% 20 78% 0% 15% 48

31% 22 74% -4% 16% 43

-3% (2) 4% 4% -1% 5

EBITDA

Net profit

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Balance Sheet Cash balance (Rpbn)

Debt/EBITDA (x)

Total debt (Rpbn)

Net Debt/Equity

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Margin & Returns Return on Equity (%)

EBITDA/t (US$/t)

Return on Assets (%)

Receivables Turnover (days)

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Price pressure vs cost increase ASP Rp000/t

Cash COGS Rp000/t

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Market update – recovery of demand Domestic consumption (million tons) Area Jan-16 Jakarta 0.42 Banten 0.29 West Java 0.76 Central Java 0.60 Yogyakarta 0.08 East Java 0.72 Total Java 2.88 Sumatera 1.10 Kalimantan 0.30 Sulawesi 0.42 Nusa Tenggara 0.32 Maluku & Papua 0.12 Total outside Java 2.26 Total Indonesia 5.14 Export Cement 0.03 Clinker Total export 0.03 Grand total 5.17

Jan-15 Change (%) 0.52 (19.1) 0.27 7.1 0.71 7.5 0.53 13.0 0.08 3.9 0.62 15.8 2.73 5.3 0.95 15.8 0.44 (30.6) 0.36 19.0 0.31 1.6 0.13 (13.0) 2.19 3.3 4.92 4.4 0.01 0.01 4.93

371.2 371.2 4.9

SMGR sales volume (million tons) Jan-16 Domestic Semen Indonesia 1.20 Semen Padang 0.52 Semen Tonasa 0.43 Total domestic 2.16 Export 0.03 Total volume 2.19

Jan-15 Change (%) 1.18 0.51 0.42 2.10 0.01 2.11

2.1 1.7 4.3 2.4 371.2 3.7

SMGR sales type Jan-16 mt Bag 1.7 77% Bulk 0.5 23%

Jan-15 mt 1.6 79% 0.4 22%

Change (%)

Industry sales type Jan-16 mt Bag 4.0 78% Bulk 1.1 22%

Jan-15 mt 3.8 78% 1.0 22%

Change (%)

Source: Indonesia Cement Association

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1.0% 7.7%

3.9% 6.3%

-1.1% 1.1%

-2.2% 2.2%

Market by Geography Population Distribution (FY14)

Cement Distribution

7.8% 6.7%

5.8%

2.2%

Papua

8.4%

5.5%

1.5%

Bali & N T

5.8%

Sulawesi

Sumatera

21.6%

Java 55.8%

Sumatera 21.3%

Kalimantan

Java 57.5.%

Domestic Market Share Market share SMGR

INTP

SMCB

SMBR

Bosowa

Andalas

Kupang

CG

SJW

JS

Java

37.5%

35.3%

18.0%

-

1.0%

-

-

2.9%

3.2%

2.0%

Sumatra

43.0%

13.5%

17.2%

9.5%

0.4%

14.2%

-

1.9%

-

0.6%

Kalimantan

54.6%

29.5%

9.6%

-

4.0%

-

-

1.9%

-

0.3%

Sulawesi

62.6%

14.5%

2.2%

-

20.7%

-

-

0.0%

-

-

Nusa Tenggara

32.8%

36.9%

7.1%

-

15.2%

-

7.0%

1.2%

-

-

East Indonesia

57.9%

22.8%

1.1%

-

18.2%

-

-

-

-

-

Total Indonesia

41.9%

28.4%

15.0%

2.0%

3.9%

3.0%

0.4%

2.2%

1.8%

1.3%

Source: Indonesia Cement Association, Central Bureau of Statistics

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Current overcapacity condition

Source: Internal Research, Indonesia Cement Association

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Progress of our projects Strategic Projects

Capacity

Investment (US$mn)

Construction Start

Completion

Indarung VISumatera Barat

3.0 Mt

352

Q2-2013

Q4-2016

Rembang – Jawa Tengah

3.0 Mt

403

Q2-2013

Q4-2016

Grinding mill Jawa Barat

2.0 Mt

61.1

Q2-2015

Q4-2016

30.6 MW

49.3

Q4-2014

Q4-2016

Waste Heat Recovery Power Generation

INDARUNG PROJECT

REMBANG PROJECT

RAW MILL

MAIN STORAGE

PREHEATER AREA

PREHEATER AREA

CLINKER STORAGE

PULVURIZED BLD & KILN

Projects completed in 2015: • Packing Plant Pontianak • Packing Plant Balikpapan • Packing Plant Lampung • Grinding Plant Dumai • New Coal Mill Tonasa

These strategic projects are to ensure the Company’ position as the market leader.

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Thank You IMPORTANT NOTICE THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION, RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER. THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN PART. This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others: ● economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia; ● the effects of competition; ● the effects of changes in laws, regulations, taxation or accounting standards or practices; ● acquisitions, divestitures and various business opportunities that we may pursue; ● changes or volatility in inflation, interest rates and foreign exchange rates; ● accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets; ● labor unrest or other similar situations; and ● the outcome of pending or threatened litigation. We can give no assurance that our expectations will be attained. DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Indonesia (Persero) Tbk and/or its affiliated companies and/or their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Indonesia (Persero) Tbk, its affiliated companies or their respective employees or agents accepts liability for any errors, omission or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed.

Main Office: Main Building of Semen Gresik Jln. Veteran Gresik 61122 – Indonesia Phone: (62-31) 3981731 -2, 3981745 Fax: (62-31) 3983209, 3972264

Representative Office: The East Building, 18 floor Jl. Lingkar Mega Kuningan Blok E 3.2 No. 1, JAKARTA – 12950 Telp.: 021 – 5261174, 5261175; Faks : 021 – 5261176

www.semenindonesia.com

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