Company Update. October 2017 TO BE A SUSTAINABLE ASEAN-CLASS CONSTRUCTION AND INVESTMENT COMPANY

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Elijah Boone
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1 Company Update October 2017 TO BE A SUSTAINABLE ASEAN-CLASS CONSTRUCTION AND INVESTMENT COMPANY

Table of Contents 1. Company Overview 3 2. Company Update 8 3. Financial Highlights 11 4. Opera?onal Highlights 17 5. Project Progress & Investments 22 6.

2 Table of Contents 1. Company Overview 3 2. Company Update 8 3. Financial Highlights Opera?onal Highlights Project Progress & Investments Appendices 25 Cover front: New Port of Makassar Project, 1 st phase IMPORTANT: The following forms part of, and should be read in conjunction with, this presentation This presentation contains privileged information and has been prepared solely for the recipient. By accepting a copy (or the contents) of this presentation, you are deemed to have acknowledged and agreed to the provisions appearing hereinafter. The existence of this presentation and the contents thereof should not be disclosed, reproduced, copied or otherwise disseminated to any other person or published, in whole or in part, without prior consent of PT PP (Persero) Tbk. ( PTPP or the Company ) Unless otherwise stated, the Company is the source for all data contained in this presentation. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, transmission, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction This presentation is made solely for information purposes and does not constitute or form part of any offer for sale or invitation, or solicitation of an offer, to subscribe for or purchase any securities and should not be treated as giving investment advice, and neither this document nor anything contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation does not constitute a prospectus or other offering circular in whole or in part. Any decision to purchase or subscribe for securities should be made only on the basis of the information contained in a prospectus or offering circular issued by the Company in connection with any such offering. This presentation has no regard to the specific investment objectives, financial situation or particular needs of any recipient. This presentation contains forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Although the Company believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, and competition from other companies. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of the management on future events Information and opinions contained in this presentation are provided for reference of the recipients only and are not to be relied upon as authoritative or without the recipient s own independent verification or taken in substitution for the exercise of the recipient s own judgment. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any reference to past performance should not be taken as an indication of future performance. The information contained in this presentation is subject to changes without notice. In furnishing the presentation, the Company has not undertaken to provide the recipient with access to any additional information or updates. None of the Company or the banks warrant or guarantee whatsoever that this presentation will lead to the successful completion or consummation of any transactions Accordingly, the Company and the banks disclaim any liability whatsoever in connection therewith and with any decisions that might be taken upon the basis of this presentation, directly or indirectly. None of the Company, its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this presentation. In particular, the Company and the banks owe no duty to the recipient (except as required by applicable laws) to exercise any judgment on its behalf as to the merits or suitability of any transaction. This document is not intended to provide and should not be relied upon for tax, legal or accounting advice, investment recommendations or a credit or other evaluation of any transaction. The recipient agrees that the merits or suitability of any such transaction to its particular situation will be independently determined by the recipient including consideration of the legal, tax, accounting, regulatory, financial and other related aspects thereof. The recipient of this presentation shall only use the information contained herein solely in the context of the evaluation of the proposals set out in this presentation and not for any other purposes, commercial or otherwise. Subject to the above, this presentation and the contents thereof are strictly confidential and remains at all times the property of the Company 2

3 Kalibaru Port, Indonesia s biggest container terminal Winner, Asian Civil Engineering Coordina=ng Council Award 2016 Sec=on 1 Company Overview

4 About PTPP PTPP in brief 64 years Established in 1953, over 6 decades of experience 7 business lines Infrastructure, Energy, Property, Construc?on, EPC, Precast and Construc?on Equipment 2010 Went public on February 9, trillion Rupiah Market capitaliza?on as of August 31, % Free float (public ownership) in the market 29% Foreign investor ownership as of August 31, 2017 VISION To be a leading and sustainable construc?on and investment company in South East Asia MISSION Providing Construc?on and EPC services as well as Good Corporate Governance- based Investment, QSHE Management, Risk Management, and Green Concept that priori?ze on customer sa?sfac?on and sustainability Developing Business Synergy Strategy to create high compe??veness and op?mal value add for the Stakeholders Crea?ng Excellent Human Resources with Recruitment, Development and Assessment based on Corporate Culture Op?mizing Knowledge Management to achieve Sustainable Excellent Performance Developing Corporate Strategy through Financial strengthening to increase Equity P P B I D Personal Awareness Professional Be Grateful Integrity Discipline 4

5 Company Milestones 2017 Transformed to become PT Pembangunan Perumahan (Persero) 1953 EMBO Government of Republic Indonesia 51% KKSPP 49% 1971 Established as NV PP Diversifica?on to Property and Realty Diversifica?on to EPC and Investment Diversifica?on to Construc?on Equipment 2012 Diversifica?on to Precast IPO: February 9 Listed on the Indonesia Stock Exchange Completed Right Issue at PT PP (Persero) Tbk Diversifica?on to Energy and Infrastructure IPO: May 19 Subsidiary PT PP Proper? Tbk was listed on the Indonesia Stock Exchange Completed Right Issue at PT PP Proper? Tbk Planning IPO of PT PP Presisi Tbk 5

6 Corporate Shareholding Structure Government of Republic Indonesia KKPSPP Public (Below 5.0%) 51.00% 0.08% 48.92% 64.98% 99.98% 99.99% 99.00% 99.00% Proper? Presisi Urban Energi Infrastruktur Below 50% Subsidiaries PT HKM 99.00% PT SPPP 49.00% PT GSN 99.90% PT PPP 40.00% PT WSS 55.00% PT JPP 49.00% PT PPPJR 52.60% Below 50% Subsidiaries PT Lancarjaya Mandiri Abadi 51.00% PT Griyaton 96.57% PT MDP 99.00% PT IME 35.00% PT SDP 75.00% 40.00% PT Solo Citra Metro Plasma Power 35.00% PT Jasamarga Pandaan Malang 30.00% PT Alam InZ Energi 25.00% PT Prima MulZ Terminal 20.00% PT Sinergi Investasi ProperZ 15.00% PT Jasamarga Kualanamu 15.00% PT Jasamarga Balikpapan 15.00% PT Jasamarga Manado Bitung 15.00% PT Teknik Rekayasa Kereta Kapsul 15.00% PT PP Taisei 15.00% PT Wijaya Karya Serang Panimbang 14.00% PT Citra Karya Jabar Tol 12.50% PT Citra Wapphutowa 10.00% PT Sinergi Colomadu PT GSN : PT Gitanusa Sarana Niaga PT PPPJR : PT PP ProperZ Jababeka Residence PT Griyaton : PT Griyaton Indonesia PT PPP : PT Pekanbaru Permai ProperZndo PT HKM : PT Hasta Kreasi Mandiri PT SDP : PT SepoeZh Daya Prima PT IME : PT Inpola Meka Energi PT SPPP : PT Sentul PP ProperZ PT JPP : PT Jababeka PP ProperZ PT WSS : PT Wisma Seratus Sejahtera PT MDP : PT Muba Daya Pratama 6

Business Lines UPSTREAM MIDSTREAM DOWNSTREAM INFRA ENERGY PROPERTY CONSTRUCTION EPC PRECAST EQUIPMENT TOLL ROAD PORT AIRPORT PT PP INFRASTRUKTUR Asset: 61

5% of Revenues* COMMERCIAL RESIDENTIAL HOSPITALITY PT PP PROPERTI TBK Asset: 10.7 Trillion Equity: 4.

7 Business Lines UPSTREAM MIDSTREAM DOWNSTREAM INFRA ENERGY PROPERTY CONSTRUCTION EPC PRECAST EQUIPMENT TOLL ROAD PORT AIRPORT PT PP INFRASTRUKTUR Asset: 61 billion Equity: 53 billion POWER PLANT OIL & GAS PT PP ENERGI Asset: 664 billion Equity: 222 billion 13.5% of Revenues* COMMERCIAL RESIDENTIAL HOSPITALITY PT PP PROPERTI TBK Asset: 10.7 Trillion Equity: 4.7 Trillion SEA PORTS, AIPORTS DAM HIGH RISE BUILDINGS ROAD & BRIDGES POWER PLANT OIL & GAS MINING PTPP (List Co) Asset: 21.7 Trillion (Parent Only) Equity: 8.7 Trillion (Parent Only) 82.8% of Revenues* HIGH RISE BUILDING PRECAST INFRASTRUCTURE PRECAST PRECAST PLANT BUILDING MANAGEMENT PT PP URBAN Asset: 1,489 billion Equity: 368 billion EARTH MOVING FOUNDATION FORMWORK READY MIX EQUIPMENT RENT PT PP PRESISI Asset: 1,309 billion Equity: 281 billion 3.7% of Revenues* INVESTMENT CONSTRUCTION All figures in Rupiah (before elimina?on) as of June 30, 2017 * Before elimina?on, 1H

8 Sec=on 2 Company Update Dual Fuel 200MW Power Plant Pesanggaran, Bali, Indonesia Winner Asian Power Award 2016

September 2017 New Contracts PTPP bagged 8-

ng in the IDX on November 2017 Yogyakarta

selected strategic partner of PT Angkasa

9 September 2017 New Contracts PTPP bagged 8- months 2017 new contracts of IDR24.1 Trillion, upped by 29% year- on- year Subsidiary IPO PT PP Presisi Tbk completed 1 st registra?on to OJK on September 6 with planned lis?ng in the IDX on November 2017 Yogyakarta InternaZonal Airport Project PTPP, as the selected strategic partner of PT Angkasa Pura 1 (Persero), commenced the construc?on of Yogyakarta Interna?onal Airport in Kulon Progo, Yogyakarta 9

10 Use of Right Issue Proceeds Use of proceeds from Government Capital InjecZon or PMN 25% 15% 12.5% 15% 15% 15% Projects LocaZon PMN RealizaZon Balance 1. Mul?purpose Terminal Kuala Tanjung Port North Sumatra IDR 166 Bn IDR 166 Bn - 2. Toll Road Medan - Kualanamu - Tebing Tinggi North Sumatra IDR 174 Bn IDR 114 Bn IDR 60 Bn 3. Toll Road Depok - Antasari DKI Jakarta IDR 62 Bn IDR 60 Bn IDR 2 Bn 4. Toll Road Balikpapan - Samarinda East Kalimantan IDR 449 Bn IDR 20.1 Bn IDR Bn 5. Toll Road Pandaan - Malang East Java IDR 627 Bn IDR Bn IDR Bn 6. Toll Road Manado - Bitung North Sulawesi IDR 231 Bn IDR 10.8 Bn IDR Bn 7. Middle Class Apartment (MBR Rusunami) Greater Jakarta IDR 541 Bn - IDR 541 Bn TOTAL INVESTMENT IDR 2.25 T IDR Bn IDR 1,741.6 Bn As of June 30, 2017, we have used 23% of PMN- based proceeds PTPP stake in JV 10

11 Sec=on 3 Financial Highlights Ministry of Public Works and Housing Building, Indonesia s 1 st cer=fied pla=num- grade green building Winner Green Building Award 2016

12 8- Months 2017 Achievements NEW CONTRACTS +29% 8M 2016 IDR 18.7 Trillion 8M 2017 IDR 24.1 Trillion REVENUES +19% NET INCOME +58% 8M 2016 IDR 9.7 Trillion 8M 2017 IDR 11.5 Trillion 8M 2016 IDR 530 Billion 8M 2017 IDR 836 Billion 12

03x 11,710 Note: (*) included Short- Term Investments 7,112 7,112 6,789 323 Interest- bearing Debt Equity Interest- bering Debt Cash & Near Cash* Net Debt Equity

13 Financial Strength: (1) Balance Sheet Capacity June 30, 2017 Consolidated Gearing Ra?o June 30, 2017 Consolidated Net Gearing Ra?o (in billion Rupiah) (in billion Rupiah) 0.6x 11, x 11,710 Note: (*) included Short- Term Investments 7,112 7,112 6, Interest- bearing Debt Equity Interest- bering Debt Cash & Near Cash* Net Debt Equity June 30, 2017 Parent Only - Gearing Ra?o June 30, 2017 Parent Only - Net Gearing Ra?o (in billion Rupiah) 8,657 (in billion Rupiah) 0.4x - 0.2x 8,657 Note: (*) included Short- Term Investments 3,369 5,509 3,369 2,140 Interest- bearing Debt Equity Interest- bering Debt Cash & Near Cash* Net Cash Equity 13

14 Financial Strength: (2) Debt, Net Debt, EBITDA June 30, 2017 Debt to LTM EBITDA June 30, 2017 Net Debt to LTM EBITDA (in billion Rupiah) 7,112 (in billion Rupiah) 2, x 0.03x 2, Interest- bearing Debt LTM EBITDA Net Debt LTM EBITDA LTM = Last Twelve Months 14

Financial Strength: (3) Cash Flow June 30, 2017 Year- to- Date Movement of Cash Flow June 30, 2017 Cash receipt from customers- to- Revenues 9,125 (in billion Rupiah) 87% (in billion Rupiah) 945

15 Financial Strength: (3) Cash Flow June 30, 2017 Year- to- Date Movement of Cash Flow June 30, 2017 Cash receipt from customers- to- Revenues 9,125 (in billion Rupiah) 87% (in billion Rupiah) 945 8,126 6,662 7,046 (2,173) (3) (1,231) Cash and Near Cash, Beginning Balance Opera?ng Cash Flow Inves?ng Cash Flow Financing Cash Flow Effect of Exchange Rate Cash and Near Cash, Ending Balance Cash Flow Receipt from Customers Revenues 15

16 Debt: Maturity Profile and Breakdown (in billion Rupiah) June 30, 2017 Maturity Profile of Outstanding Interest- bearing Debts June 30, 2017 Breakdown of Interest- Bearing Debts Bonds 22% 3,790 3,322 MTN 13% 53% 47% Bank Loans 59% Total Outstanding Debt: IDR7.1 trillion Non- Bank Loans 4% Leasing Payables 1% Below 1 Year Over 1 Year 16

17 Cikampek - Palimanan Toll Road (116 km), West Java, Indonesia Indonesia s longest toll road, opened in 2015, part of the Trans Java highways Sec=on 4 OperaZonal Highlights

18 New Contract by Project Owner (9M 2017) 62.4% 49.2% SOE Government Private Actual 9M 2017: IDR 31.9 Trillion Target FY 2017: IDR 40.6 Trillion 27.2% 10.4% 20.6% 30.2% 18

19 New Contract by Project (9M 2017) Buildings 16.8% 26.0% 23.0% 30.6% Road and Bridges Energy Irriga?on 23.0% Actual 9M 2017: IDR 31.9 Trillion 2.4% Target FY 2017: IDR 40.6 Trillion Ports 10.1% Others 1.9% 12.6% 19.8% 20.8% 13.1% 19

20 New Contract by Business Lines (9M 2017) 2.7% Construc?on EPC Precast Property 6.9% 1.7% 6.7% Actual 9M 2017: IDR 31.9 Trillion 61.6% 2.2% 7.6% 10.6% Target FY 2017: IDR 40.6 Trillion 56.2% Construc?on Equipment Infrastructure & Energy 3.4% 20.8% 19.8% 20

4 Order Book (ex JO) 86.7 New Contracts Regular 38.3 Carry Over 61.

21 Order Book (in Trillion Rupiah) New Contracts JO 7.3 Order Book (ex JO) 64.9 New Contracts Regular 25.3 Carry Over 48.4 New Contracts JO 2.4 Order Book (ex JO) 86.7 New Contracts Regular 38.3 Carry Over 61.7 Carry Over 39.6 Revenues 16.4 Carry Over 48.4 Revenues JO: Joint Opera?on 21

22 Sec=on 5 Project Progress & Investment Installa=on of precast jeyy at Kuala Tanjung Port, North Sumatra Kuala Tanjung is des=ned to be a Hub Port, part of Indonesia s strategic projects

23 Project Progress as of end of September 2017 Projects Land AcquisiZon Progress ConstrucZon Progress 1. Kuala Tanjung Port * 75.00% 86.09% 2. Medan Kuala Namu Tebing Tinggi Toll Road ** 100% 98.63% 3. Depok Antasari Toll Road 92.97% 57.57% 4. Pandaan Malang Toll Road 80.69% 29.31% 5. Manado Bitung Toll Road 65.47% 23.02% 6. Cisumdawu Toll Road *** 37.00% 0.00% 7. Serang Panimbang Toll Road **** 40.00% 0.00% Notes: * Change in contract value from IDR897.7 billion to IDR1.21 trillion ** Sec?on VII started on September 2007 (land acquisi?on: 61.37%, construc?on: 0%) *** Construc?on will start on October 2017 **** Construc?on will start on November

24 Investments in Associates & Other Long- Term Investments A. Investment in associated enzzes No Company Share Rp Bn Remarks 1 PT Prima Mul? Terminal 25.0% Hub Port Kuala Tanjung, North Sumatra Infrastructure 2 PT Jasamarga Pandaan Malang 35.0% Toll Road Pandaan- Malang, East Java Infrastructure 3 PT Sinergi Investasi Proper? 20.0% 91.7 JV with BPJS Ketenagakerjaan for worker housing projects Housing 4 PT Sentul PP Proper? 49.0% 49.7 Property and Realty, Sentul, West Java, 10k Ha Property 5 PT Pekanbaru Permai Proper?ndo 40.0% 46.0 Condotel Pekanbaru Park, Pekanbaru, Riau Property 6 PT Aryan PP Proper? 49.0% 45.1 Chid Playing Recrea?on, Surabaya, East Java, 4,500m2 Property 7 PT Jababeka PP Proper? 49.0% 36.9 Property and Realty, Cibitung, West Java, 25.8k Ha Property 8 PT Inpola Meka Energi 38.3% 34.4 Mini Hydro 10MW Lau Gunung, North Sumatra Energy 9 PT Solo Citra Metro Plasma Power 40.0% 25.0 Waste to Energy 10MW Surakarta, Central Java Energy Total B. Other long- term investments No Company Share Rp Bn Remarks 1 PT Jasa Marga Kualanamu 15.0% Toll Road Medan- Kuala Namu- Tebing Tinggi, North Sumatra Infrastructure 2 PT Wijaya Karya Serang Panimbang 15.0% 52.9 Toll Road Serang- Panimbang, Banten Infrastructure 3 PT Citra Waspphutowa 12.5% 60.0 Toll Road Depok- Antasari, Greater Jakarta Infrastructure 4 PT Jasamarga Balikpapan- Samarinda 15.0% 20.1 Toll Road Balikpapan- Samarinda, East Kalimantan Infrastructure 5 PT Citra Karya Jabar Tol 14.0% 14.0 Toll Road Cileunyi- Sumedang- Dawuan, West Java Infrastructure 6 PT Jasamarga Manado- Bitung 15.0% 10.8 Toll Road Manado- Bitung, North Sulawesi Infrastructure 7 PT Teknik Rekayasa Kereta Kapsul 15.0% 7.5 Metro Kapsul LRT Infrastructure 8 PT Sinergi Colomadu 10.0% 4.2 Tourism Des?na?on, JV with other 7 SOEs Hospitality 8 PT Pancakarya Grahatama 15.0% 3.8 Business Area, Commercial, and Hotel Project, Bogor Property 9 PT Mitra Cipta Polasarana 4.7% 1.6 Office Space Rental, Menteng, Jakarta Property Total

25 Medan- Kuala Namu- Tebing Tinggi (MKTT) Toll Road Project, North Sumatra PTPP owns 15% stake in the MKTT toll road operator, PT Jasa Marga Kualanamu Sec=on 6 Appendices

26 Profit & Loss Highlight, June 30, 2017 (in IDR billion) 1H H 2016 Δ YoY Opera?ng Revenues 8,126 6,472 1,654 26% Cost of Goods Sold (6,944) (5,566) (1,378) 25% Gross Profit 1, % Total Opera?ng Expenses (293) (224) (69) 31% Opera?ng Income % Other Income % Other Expenses (26) (19) (8) 42% Impairment (19) (10) (9) 86% Interest Expenses (152) (104) (48) 46% Profit from JV % Income from Associated Company 1-1 N/M Total Other Income (Expenses) 2 (44) 46 N/M Pre- tax Profit % Total Income (Expenses) Tax (260) (228) (32) 14% Net Profit Arer Tax % EBITDA 1, % Minority Interest % Net Profit Arer Tax & Minority Interest (NPATMI) % EPS, fully diluted, IDR (*) % (*) Number of issued shares pre- right offering: 4,843,087,000 Number of issued shares post- right offering: 6,199,897,354 (ex- right December 2, 2016) 26

27 Financial PosiZons, June 30, 2017 (in IDR billion) Jun 30, 2017 Dec 31, 2016 Assets Cash and cash equivalents 6,662 9,125 (2,463) - 27% Short- term Investment (172) - 58% Trade Receivables, net 5,958 4,776 1,182 25% Gross Receivables from Project Owner, net 5,984 4,906 1,078 22% Inventories 2,845 2, % Other Current Assets 2,808 2, % Current Assets 24,385 24, % Fixed Assets, net 4,448 4, % Other Non Current Assets 2,992 2, % Non Current Assets 7,440 6, % Total Assets 31,825 31, % LiabiliZes and EquiZes Short- term Interest- bearing Debts 3,790 3, % Trade Payables, net 9,143 10,237 (1,094) - 11% Other Current Liabili?es 2,260 1, % Current Liabili?es 15,193 15,879 (686) - 4% Long- term Interest- bearing Debts 3,322 3, % Other Non Current Liabili?es 1,600 1, % Non Current Liabili?es 4,922 4, % Total Liabili?es 20,115 20,437 (322) - 2% Shareholders Equity 11,710 10, % Δ YTD 27

28 Selected Key RaZos, June 30, 2017 Jun 30, 2017 Jun 30, Profitability Gross Profit Margin 14.5% 14.0% Opera?ng Profit Margin 10.9% 10.6% EBITDA Margin 12.8% 11.2% Net Profit Margin* 7.0% 5.5% (in IDR billion, unless otherwise stated) Jun 30, 2017 Dec 31, Leverage Short- term Interest- bearing Debt 3,790 3,707 Long- term Interest- bearing Debt 3,322 3,083 Total Interest- bearing Debt 7,112 6,790 Cash and cash equivalents + Short- term Investment 6,789 9,424 Net Debt (Cash) 323 (2,634) Equity, including Non- controlling Interests 11,710 10,796 EBITDA** 2,389 2,071 Gearing ra?o (x) Net Gearing ra?o (x) Debt to EBITDA (x) Net Debt to EBITDA (x) Jun 30, 2017 Jun 30, 2016 EBITDA to Interest Expense (x) (*) auributable for the owners of parent en?ty (**) trailing 12- months EBITDA for June 30,

Credit RaZng PTPP credit razng 2012-2016 A- A A A A+ Credit ra?ng agency Pefindo rated PTPP A+ for Corporate as well as outstanding Bonds and MTN with stable outlook, applied up to November 1, 2017.

29 Credit RaZng PTPP credit razng A- A A A A+ Credit ra?ng agency Pefindo rated PTPP A+ for Corporate as well as outstanding Bonds and MTN with stable outlook, applied up to November 1, Dec 2012 Dec 2013 Dec 2014 Dec 2015 Nov 2016 Source: Pefindo Bonds issuance by PTPP (excluding subsidiary) Currency Size Maturity Due Coupon Rupiah 700 Billion Rupiah 300 Billion 5 years March 19, % 5 years February 24, % Excluding subsidiary, total outstanding Rupiah- denominated bonds reached IDR 1.0 Trillion 29

30 NOTES 30

31 NOTES 31

32 Contact us at: Investor Relations PT PP (Persero) Tbk Plaza PP Wisma Subiyanto Jl. Letjend. TB. Simatupang No 57 Pasar Rebo, Jakarta Indonesia Telp ; Fax website :

TO BE A SUSTAINABLE ASEAN-CLASS COMPANY. Company Update. April 2017

TO BE A SUSTAINABLE ASEAN-CLASS COMPANY Company Update April 2017 Table of Contents 1. Company Overview 3 2. Company Update 9 3. Financial Highlights 13 4. Opera?onal Highlights 18 IMPORTANT: The following