Together We Build a Better Future 0

INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE SMGR Corporate Presentation

JUNE 2014

Singapore

Kuala Lumpur

SMGR

2

1

3

4 5

1

1

6 7

CEMENT INDUSTRY AT A GLANCE

2

1. SEMEN INDONESIA 29.5 mn ton

- Semen Padang : 7.3 mn ton

- Semen Gresik : 14.4 mn ton

- Semen Tonasa : 7.8 mn ton

2. Semen Andalas 2) 1.6 mn ton

3. Semen Baturaja 1.3 mn ton

4. Indocement TP 20.5 mn ton

5. Holcim Indonesia 12.1 mn ton

6. Semen Bosowa 6.0 mn ton

7. Semen Kupang 0.5 mn ton

TOTAL 71.5 mn ton

• Design Capacity : 68.0 mio tons 71.5 mio tons 82.2 mio tons

• Production Capacity : 55.2 mio tons 60.0 mio tons 69.8 mio tons

• Domestic Growth : 5.5% 6.0% 6.0%

• Domestic Utilization : 100% 100% 94%

•Supply

Domestic : 58.0 mio tons 61.0 mio tons 65.8 mio tons

Export : 0.5 mio tons 0.5 mio tons 0.5 mio tons

Import : 3.3 mio tons2) 3.0 mio tons 3) 3.0 mio tons3)

1) Based on the Company’s forecast

2) Imported cement by PT Semen Andalas (1.0 mio ton) and clinker by Bosawa and Kupang

3) Imported cement & clinker

DOMESTIC CAPACITY (2014) CEMENT INDUSTRY 2013 2014F 1) 2015F 1)

No Company Targeted Plant

Location

Declared Capacity

(mn tons)

Prognose Design

Capacity (mn tons)

Investment

(US$ mn)

Remarks + Local Partner

1 Siam Cement (Thailand) Sukabumi, West Java 1.8 1.8 360 Greenfield

2 CNBM (China) Central Java 2.4 0 350 Greenfield, Semen Grobogan

3 Semen Merah Putih Bayah, Lebak, Banten 11.5 3.0 600 Greenfield (PT Cemindo Gemilg)

4

Anhui Conch Cement

- Tanjung

- Tanah Grogot

- Pontianak

- West Papua

Various

- South Kalimantan

- East Kalimantan

- West Kalimantan

- West Papua

13.7

3.8

3.8

3.8

2.4

3.0

2,350

400

600

600

750

Greenfield

Greenfield

Greenfield

Greenfield

Greenfield

5 Ultratech Wonogiri, Centr Java 4.5 0 827 Greenfield

6 Semen Puger East Java 0.6 0 n.a Upgrading

7 Semen Barru Barru, South Sulawesi 3.3 0 470 Greenfield (Fajar Group)

8 Semen Panasia Ajibarang, Central Java 2.0 1.5 240 Greenfield

9 Jui Shin Indonesia Karawang, West Java 1.5 1.5 n.a Greenfield

T O T A L 40.3 10.8 4,470

New Cement Capacity from Existing Players (2013 – 2017)

No Company Targeted Plant

Location

Declared Capacity

(mn tons)

Prognose Design Capacity

(mn tons)

Investment

(US$ mn)

Remarks

1 Semen

Indonesia

Java, Sumatera,

Sulawesi 11.5 9.0 970

Upgrading +

green/brownfield

2 Indocement Java, Kalimantan 8.8 6.3 1,560 (E) Cement Mill +

brown/greenfield

3 Holcim East Java 3.8 3.4 680 (E) Brown/Greenfield

4 Bosowa Java, Sulawesi 7.9 3.4 620 Cement Mill + Brownfield

5 Semen Andalas Sumatera 1.6 0 300 Greenfield

6 Semen Baturaja Sumatera 2.6 1.5 325 Greenfield/Brownfield

T O T A L 36.2 23.6 4,130

ADDITIONAL INSTALLED CAPACITY IN THE NEXT 5 YEARS

Source: Deutsche, Indonesia Cement Association

229

kg

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

China

Singapore

Malaysia

Vietnam

Thailand

Indonesia

Philippines

India

kg/capita

COMPARISON: CEMENT CONSUMPTION PER CAPITA 2013

INDONESIA’S ECONOMY AND DOMESTIC CEMENT CONSUMPTION GROWTH

Source: Indonesian Cement Association & BPS Statistic

Growth

:

1.1%

Growth

:

9.7%

Growth

:

4.2%

Growth

:

1.8%

Growth

:

6.6%

Growth

:

5.8%

Growth

:

19.4%

Domestic consumption (LHS) GDP growth % (RHS)

(mio tons)

40,8

48,0

54,9

58,0

23,7

39,1

27,2 27,530,2

31,5 32,134,2

38,1

6,10%

6,00%

5,70%

6,80%5,6%

4,7%

5,1%5,4%

4,4%

6.3%

6.1% 4.60%

6,50%

3.7%

5,5%

14,5%

6.0%

11.5%

4.2%

9.7%

2.5%

6.6%

1.8%1.1%

5.8%

17.7%

0,0

10,0

20,0

30,0

40,0

50,0

60,0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 5M2014

0,0%

10,0%

20,0%Cement growth % (RHS)

ARISING INFRASTRUCTURE EXPANSION TREND

Bag and Bulk cement consumption (million tons)

21,0

6,5

18,1

1,0

16,9

1,9

20,0

2,3

22,7

3,0

23,7

3,5

23,7

3,8

25,2

5,0

25,5

6,0

26,9

5,1

28,2

6,0

32,2

5,9

32,8

6,2

34,2

6,6

39,2

8,8

44,1

10,8

45,7

12,2

18,7

5

0

5

10

15

20

25

30

35

40

45

1997 1999 2001 2003 2005 2007 2009 2011 2013

Bagged Cement Bulk Cement

Retail (residential) sector is the largest

consumer of cement in Indonesia

Bag 79%

Bulk

21%

Key Drivers of Domestic cement demand:

• National Economic Growth

• Favorable Interest Rate Environment

• Infrastructure Expansion

• Per Capita Consumption increase from

current low levels

• Ready-mix (infrastructure): ± 60%

• Fabricator (pre-cast, fiber cement, cement based industry): ± 35%

• Projects (mortar, render): ± 5%

• Housing: ± 90%

• Cement based industry: ± 10%

±

±

Source: Internal Research

DOMESTIC MARKET CONSUMPTION (2013)

DOMESTIC MARKET UPDATE SMGR Corporate Presentation

JUNE 2014

MARKET BY GEOGRAPHY

Papua

Bali & N T

Sulawesi

Kalimantan

Population Distribution (2013)

Sumatera

21.3% Java

57.5.%

8.4%

5.8%

5.5% 1.5%

REGION MARKET SHARE (%)

SMGR INTP SMCB BSWA ANDLS BTRJA KPG

1. JAVA 41.2 38.2 17.9 2.4 - - 0.2

2. SUMATERA 42.9 15.2 14.4 3.3 15.6 8.6 -

3. KALIMANTAN 49.3 30.8 11.3 8.6 - - -

4. SULAWESI 61.5 15.4 0.9 22.1 - - -

5. NUSA TENGGR. 40.9 33.9 4.3 16,0 - - 4.8

6. EASTERN IND. 54.3 21.1 0.7 23.9 - -

TOTAL

INDONESIA 44.0 30.5 14.2 5.8 3.8 1.8 0.4

SG

SP

ST 1

2 3 4

5

6

20.9%

7.9%

7.4% 5.5% 2.9%

Java

55.9%

Sumatera

Cement Distribution (5M2014)

Domestic Market Share (5M2014)

MARKET UPDATE - Cement Consumption 4M2014

*) Source: Indonesia Cement Association, un-audited figures

AREA 5M 2014 5M 2013 CHANGE (%)

Jakarta 2,369,820 2,177,464 8.8

Banten 1,276,761 1,382,750 (7.7)

West Java 3,575,296 3,288,320 8.7

Central Java 2,544,369 2,578,205 (1.3)

Yogyakarta 389,026 368,214 5.7

East Java 3,132,778 2,869,734 9.2

Total Java 13,288,051 12,664,688 4.9

Sumatera 4,989,864 4,932,070 1.2

Kalimantan 1,882,895 1,803,045 4.4

Sulawesi 1,763,360 1,622,599 8.7

Nusa Tenggara 1,317,726 1,355,331 (2.8)

Maluku & Papua 542,968 556,752 (2.5)

TOTAL

INDONESIA 23,784,864 22,934,485 3.7

Export Cement 32,155 85,240 (62.3)

Export Clinker - 21.467 (100.0)

Total Export 24,955 106,707 (69.9)

GRAND TOTAL 23,817,019 23,041,192 3.4

5M 2014 – Domestic Consumption (mio tons)

DESCRIPTION 5M-14 5M-13 CHANGE (%)

DOMESTIC 10,467,232 10,017,522 4.5

Semen Indonesia 5,648,628 5,190,159 8.8

Semen Padang 2,723,628 2,796,549 (2.6)

Semen Tonasa 2,094,926 2,030,813 3.2

EXPORT 22,155 89,907 (75.4)

GRAND TOTAL

10,489,387

10,107,429

3.8

Industry Sales Type (mio tons)

5M-14 5M-13 YoY Change

Bag 18.7 (78.9%) 18.2 (79.5%) 2.9%

Bulk 5.0 (21.1%) 4.7 (20.5%) 6.6%

5M 2014 - SMGR Sales Volume (million tons)

SMGR Sales Type (mio tons)

5M-14 5M-13 YoY Change

Bag 7.9 (76.4%) 7.7 (77.6%) 2.8%

Bulk 2.4 (23.6%) 2.2 (22.4%) 10.0%

COMPANY PROFILE SMGR Corporate Presentation

JUNE 2014

1957 : Inauguration of Gresik I, installed capacity of 250,000 ton cement per annum

1991 : Initial Public Offering, Market Cap.: IDR0.63tn, resulting shareholding structure post IPO:

● Government of Republic of Indonesia: 73%

● Public: 27%

1995 : Acquisition of PT Semen Padang (Persero) and PT Semen Tonasa (Persero)

1998 : Cemex became a strategic partner, Market Cap.: IDR4.9tn

2006 : Blue Valley Holdings bought Cemex’s 24.9% stake in SMGR, Market Cap.: IDR21.5tn

2010 : In March 31, Blue Valley Holdings sold all of its stake ownership in SMGR, Market Cap per April 30, 2010: IDR72.1tn

2011 : Total installed capacity of 20.00mm tons, Market Cap per June 29, 2012: IDR67.0tn

2012 : Acquisition of Thang Long Cement Vietnam, Total installed capacity of 2.3mm tons, Market Cap Dec 19th, 2012: IDR91.9tn

BRIEF HISTORY

0,0

5,0

10,0

15,0

20,0

25,0

30,0

1957 -

1970 -

1980 -

1984

1985

1986 -

1990 -

1995

1997

1998 -

2006

2007

2008

2009

2010

2011

2012

2013

SMGR CAPACITY BUILD-OUT (Mio TONS)

Pre-consolidated capacity

Post-consolidated capacity

_ _ _ _ _ _

SMGR IS THE #1 CEMENT COMPANY IN INDONESIA

• Total Installed capacity: 30 million

tons (2013) including TLCC;

• Market share of Semen Indonesia in

2013 was 44% based on sales volume

• 2013 Revenues amounted to IDR 19.6

trillion (equivalent to EUR 1.2 billion),

with EBITDA margin of 35%

Public The Government of the Republic of Indonesia

PT Semen Indonesia (Persero) Tbk.

PT Semen Padang PT Semen Tonasa

OWNERSHIP STRUCTURE1

¹ As of Jan, 2014

51.01% 48.99%

99.99% 99.99%

Name Activities % Ownership

1. Igasar Cement distribution & Trading 12.00%

2. Sepatim B General trading, cement packaging 85.00%

3. Bima SA General trading, cement packaging 80.00%

4. SUPS Cement Packaging 10.00%

Name Activities % Ownership

1. UTSG Limestone & Clay Mining 55.00%

2. IKSG Cement Packaging 60.00%

3. KIG Industrial Estate

65.00%

4. Swadaya Gra Steel fabrication, contractor 25.00%

5. Varia Usaha Transport and general trading 24.90%

6. Eternit Gresik Building materials 17.60%

7. SGG Prima Coal Trading Coal 99.99%

8. SGG Prima Beton Ready Mix Concrete 99.99%

Thang Long Cement, VN

70.00%

Name Activities % Ownership

1. UTSG Limestone & Clay Mining 55.00%

2. IKSG Packaging Paper 60.00%

3. KIG Industrial Estate 65.00%

4. Swadaya Graha Contractor & Machine Fabricator 25.00%

5. Varia Usaha Transport and general trading 24.90%

6. Eternit Gresik Building materials 17.60%

7. SGG Energy Prima Coal Mining and Trading 97.00%

8. SGG Prima Beton Ready Mix Concrete 99.99%

FOCUS IN CORE BUSINESS

PT Semen Gresik

REGIONAL CEMENT PLAYERS SMGR Corporate Presentation

JUNE 2014

Integrated Cement Plant 4 location

Kiln 13 Unit

Cement Mill 22 Unit

Grinding Plant 2 location

Cement Mill 4 Unit

Warehouse 30 location

Packing Plant 22 location

Sea Port 11 location

Kiln 1 unit

Cement

Mill 1 unit

Kiln 4 unit

Cement

Mill 6 unit

Kiln 4 unit

Cement

Mill 9 unit

Grinding

Plant

1 unit Cement

Mill

Kiln 4 unit

Cement

Mill 6 unit

Grinding

Plant

3 unit Cement

Mill

COMPETITIVENESS OF SEMEN INDONESIA

Kiln 1 unit

Cement

Mill 1 unit

Kiln 4 unit

Cement

Mill 9 unit

Grindin

g Plant

1 unit Cement

Mill

Kiln 4 unit

Cement

Mill 6 unit

Grindin

g Plant

3 unit Cement

Mill

NEW TARGET

Kiln 4 unit

Cement

Mill 6 unit

STRATEGIC POSITION IN THE REGION

FINANCIAL UPDATE SMGR Corporate Presentation

JUNE 2014

EBITDA (Rp billion)

NET INCOME (Rp billion)

EBITDA Margin (%)

FY07 FY08 FY09 FY10 FY11 FY12 FY13

29.7 31.7 33.2 34.6 33.0 35.0 33.1

NET INCOME Margin (%)

FY07 FY08 FY09 FY10 FY11 FY12 FY13

18.5 20.7 23.1 25.3 24.0 24.7 21.9

4847

3,9253,633

3,326

2,524

1,775

0

1.000

2.000

3.000

4.000

5.000

2007 2008 2009 2010 2011 2012 2013

6.869

2,849

3,867

4,773 4,9705,402

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

2007 2008 2009 2010 2011 2012 2013

FINANCIAL SUMMARY: FY2013 RESULTS

8.099

5.370

Description

(Rp bn) 3M-2013 3M-2014

Change

(%)

Revenue 5,544 6,178 11.4

Cost of Revenue 3,059 3,503 14.5

Gross Profit 2,485 2,675 7.7

Operating Expenses 879 1.021 16.0

Operating Income 1.605 1.655 3.1

EBITDA a) 1,862 1,953 4.9

Profit attributable to equity holders

of parent entity (Net Income) 1,236 1,303 5.4

EPS (full amount) 280 220 5.4

Ratio (%) Formula 3M-2013 3M-2014

Ebitda Margin Ebitda / Revenue 33.59 31.61

Interest Coverage (x) Ebitda / Interest Expense 24.65 24.50

Cost Ratio (COGS+Opex) / Revenue 71.16 73.47

Total Debt to Equity b) Total Debt / Total Equity 18.72 18.61

Total Debt to Asset b) Total Debt / Total Asset 13.26 11.96

Cash balance (IDR bn) Total debt (IDR bn)

4.7194.2133.905 3.3173.6823.846

5.283

2008 2009 2010 2011 2012 2013 1Q2014

3.8384.0833.850

251 199686

1.871

2008 2009 2010 2011 2012 2013 1Q2014

* Include short term investment

Debt/EBITDA Return on Assets

0,50x

0,06x

2,00x

0,35x

0,04x0,14x

0.56x

2008 2009 2010 2011 2012 2013

The projected adjusted debt/EBITDA of 2.0x to

maintain rating level from Moody’s Investors

Service.

17,4%18,2%24,0%

25,8%23,5%

20,1%

2008 2009 2010 2011 2012 2013

STRONG BALANCE SHEET AND RETURNS

50% 50% 55% 50% 45% 45%50%

2007 2008 2009 2010 2011 2012 2013

Average: 50%

SMGR DIVIDEND PAY OUT RATIO IN THE LAST 7 YEARS

REGULAR DIVIDENDS

Key determinants of dividend policy:

•Historical dividend payout trends

•Comparison with peers

•Projected cash-flows available for dividends (after taking into account potential expansionary capex etc)

•Analyst and investor expectations

REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD

887,7

1.261,7

1.829,5 1.816,7 1.962,7

2.181,3 2.416,6

0

500

1000

1500

2000

2500

3000

2007 2008 2009 2010 2011 2012 2013

Total Dividend Payout

Total Dividend (IDR billion)

COGM / Ton* 1Q-2013(Rp) 1Q-2014 (Rp) CHANGE (%)

Raw & Supporting

Material 28,786 30,675 6.6%

Fuel 111,032 121,821 9.7%

Electricity 69,931 76,794 9.8%

Direct Labor 47,997 49,610 3.4%

Maintenance 39,032 48,392 24.0%

Depletion,

Depreciation &

Amortization

38,036 41,279 8.5%

GA, Tax &

Insurance 15,281 18,405 20.4%

COGM 350,094 386,976 10.5%

COGS / Ton** 1Q-2013 (Rp) 1Q-2014 (Rp) CHANGE (%)

COGM 350,094 386,976 10.5%

Packaging 33,976 37,668 10.9%

Transportation 73,012 87,380 19.7%

Other 24,039 8,759 (63.6%)

COGS 481,121 520,784 8.2%

COGM & COGS BREAKDOWN (1Q-2014)

*) Divided by cement production exclude commercial volume for production

**) Divided by sales volume exclude commercial volume for sales

STRATEGIC PROJECTS SMGR Corporate Presentation

JUNE 2014

SMGR LONG TERM STRATEGIC FOCUS

THE OVERALL

STRATEGY

COMBINES

6 CRITICAL

ELEMENTS

1. Undertake Capacity Growth

2. Manage Energy Security

3. Enhance Company Image

4. Move Closer To The Customer

5. Enable Corporate Growth

6. Manage Key Risks

SMIG

CEMENT PLANTS PROJECTS

Tuban’s view

Pyroprocessing Tonasa V

Jetty Extension Area

Tuban

Tonasa

Tonasa

ESP Power Plant

These strategic projects will ensure sustainability of

the Company’s market leadership

Preheater Tuban IV

Raw Mill Dept. Tonasa V

New Plants

Location

Capacity

(mn tons)

Investment

(US$ mn)

Construction

Start Completed

Indarung VI-SumBar 3.0 352 2013 Q4-2015

Rembang-Java 2 3.0 403 2013 Q2-2016

TOTAL CAPEX 6.0 755

INSTALLED CAPACITY (Mio Ton)

17,1 18 19 19 20,225,3

30 31,8 33,3

39,3 40,8

2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F

Installed Capacity

UP GRADING CAPACITY PLAN

Year Plant Design Capacity

(mio tons)

Est. Time

Operation Location

2013 New Cement Mill 1.5 Q3 Tuban

2014 New Cement Mill 0.9 Q3 Dumai

Cement Mill 0.4 Q2 Gresik Plant B

2015 New Cement Mill 1.5 Q3 Tonasa

2015 New Cement Plant 3.0 Q4 Indarung

2016 New Cement Plant 3.0 Q2 Rembang

2017 New Cement Plant - - Domestic Area

CONCLUSION: WHY SMGR? SMGR Corporate Presentation

JUNE 2014

Outstanding

performance

Experienced

management

team

Conservative

capital

structure and

financial

policies

Robust cash flow

generation

Outstanding

business

performance

Favorable

industry

outlook

Outstanding business performance – Leading cement player in Indonesia with over 43.8% market share based on

sales volume for 10M-2013 and approximately 41% share of total installed cement capacity (Source: Indonesia Cement Association (“ASI”))

– Strategically plants location is close to key markets throughout the country

– As of Dec 2012, acquired Thang Long Cement Company, Vietnam by 70% share with installed capacity 2.3 mio tons per annum

– Substantial growth opportunities through expansion and optimization

– Superior distribution network and strong brands recognition

– Long-term access to raw materials for cement production and coal for fuel consumption

– Concerns on environmental and Corporate Social Responsibility programs to ensure sustainable growth.

Favourable industry outlook – Cement consumption pretty much in-line with Indonesian economic growth

– Real estate and infrastructure projects and declining interest rates key demand drivers

– High barriers to entry (plant, distribution and brand investment costs)

– Disciplined investment on supply side

Robust cash flow generation – Historically strong revenue, margin and price trends

– High plant utilization and strong focus on cost and revenue management

Conservative capital structure and financial policies – [Investment grade-like credit metrics]

– Conservative capital structure policy; low use of leverage

– Access to capital markets for expansion initiatives

Experienced management team – Experienced and successful management team

Strengths of SMGR

SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES SMGR

TO BE THE MARKET LEADER IN INDONESIA

Gresik Office:

Semen Indonesia Tower

Jln. Veteran

Gresik 61122 – Indonesia

Phone: (62-31) 3981731 -2, 3981745

Fax: (62-31) 3983209, 3972264

Jakarta Office: The East Building, 18th Floor,

Jln. DR. Ide Anak Agung Gde Agung Kav. E3.2 No.1,

Mega Kuningan, Jakarta 12950 – Indonesia

Phone : (62-21) 5261174 – 5

Fax : (62-21) 5261176 www.semenindonesia.com

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 mis-statements, 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.

THANK YOU