IDX Mini Expose

May 2021

Strictly Confidential

March 2020
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1
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2
Agenda
Page

1 Company overview 4

2 Business deep-dive 10

3 Strengths & strategies 17

4 Financial overview 31

5 Summary of the offering 37

6 Appendix 43

3
Section 1

Company overview
Our Mission: To provide a fair economy for all

Our mission is to provide a fair economy for all. We pride ourselves on being an “All Commerce” company, instead of just your everyday e-commerce platform. Our
focus is clear. To empower offline and online MSMEs through the use of technology.

Our mission is to help everyone buy and sell goods and services with fair access to capital, technology and infrastructure that is required to trade and transforming
MSMEs through technology. We believe that we can tackle the core challenges that hinders MSMEs from growing and thereby lead to a better economy for Indonesia.
Today, we are proud to help more than 6.5 million online merchants and 7 million offline MSMEs, enabling traditional convenience stores to be digitized.

Problems we want to solve

We aim to create opportunities to

level the playing field for all

Capital Infrastructure Financial Inclusion

Our Values

 Enable customers to grow: Our users are our main stakeholders, we grow  Keep it simple: We strive to be simple and frugal
together with them
 Give a d@mn: At Bukalapak, we take pride in our work and care
 Jangan baper, lihat data (look at the data): We let data be the impartial judge about the outcomes

 Gotong royong (communal work): We don’t believe in going at it alone. We  Be fun: We love doing our work, deliver fun and share our happiness
strive to build a community where each of our individual strengths contribute to the with our customers
whole
5
Understanding Indonesian MSMEs’ and individuals’ pain points

>50% of Indonesians High prices and

Limited banking
>70% of MSMEs do not have no bank lack of assortment
outlets and physical
have access to credit accounts and no for end consumer
touchpoints
access to savings

Limited High costs of

Lack of business Traditional retailers
assortment of inventory and working
process make up 88% of total
physical and capital and
management offline retailers
digital goods challenging logistics

Source: e-Conomy SEA 2019 report by Google, Temasek and Bain & Financial inclusion MSMEs’ pain points
Company, Frost & Sullivan 6
End users’ pain points
Highly synergistic ecosystem that drives usage and stickiness of the platform

Dominant ecommerce platform for beyond Tier 1 region Empowering and digitalizing offline micro retail stores

 Wider range of products

and services More end users will drive
Improving supply chain
management
higher demand for Mitras
and their offerings…

Greater savings
Wider range of
SKUs 

Ability to transact Access to

online using cash virtual / financial products
End users Mitras

Access to Financial inclusion

financial products solutions

… and with more offerings,

Better product offerings Bukalapak will attract more Access to
from Mitras end users… more end customers

7
Bukalapak | An “All-Commerce” platform bridging offline consumers to online consumption

Dominant ecommerce platform for consumers in beyond Tier 1 region Empowering and digitalizing offline micro retail stores

US$6.0bn 70% 27% #1

of TPV from
Total Processing Value (“TPV”)(1)(2) of TPV from Mitras(1) Mitra network in Indonesia(4)
beyond Tier 1 region(1)(3)

US$11.53 104.9mm 6.9mm 3x

registered users registered Mitras growth in sales per
Average Transaction Value(1)(2)
as of December 31, 2020 as of December 31, 2020 Mitra after joining(5)

Successful proven O2O track record with measurable results… … with strong financial performance across its years of operations

>1,200% <US$6 115% US$95.8mm

growth in Mitra revenue
Customer Acquisition Costs(1)(2) Revenue CAGR from 2018 to 2020 2020 Revenue(2)
from 2018 to 2020

Note: 1. For year 2020 4. According to Frost & Sullivan

2. Exchange rate used: 1 USD = 14,105 IDR 5. Based on Company’s internal estimates
8
3. Tier 1 region is defined as DKI Jakarta (excluding Kepulauan Seribu), the city of Bandung and the regencies of
Bandung and West Bandung, the city of Semarang and the regency of Semarang and the cities of Surabaya and Medan
Section 2

Business deep-dive
Marketplace – User acquisition, experience and engagement

Bukalapak strategically utilize its technological capabilities to enhance its user acquisition, experience and engagement

Customer traffic to Bukalapak’s platforms Promote a good customer experience with a User Engagement through variety of in-app
through multiple marketing stream personalized app experience games, live streaming and social features

Word-of-mouth referrals, especially by Variety of in-app games and live streaming functions
our existing customers and Mitras in Search system is to encourage user interactions and platform
beyond Tier 1 areas continuously being improved engagement…
to make sure we provide the
Online channels include: relevant search results

• Organic traffic generated from search

engine optimization efforts Recommendation section to
check other products sold by
• Strong impressions coverage of same merchants or view
BukaReview similar products
… which has developed into a traffic generator to our
• Leveraging various owned media marketplaces as well as boosting customer retention
channels available on apps such as push
Cross-sell offers provided to
notifications, electronic direct marketing
customers with outreach on Other social features include:
via email, in-app banners and game
the app to engage users with
more relevant offerings based Live shopping BukaReview Buka talks
Offline channel involve incentivizing on profile, purchases,
Mitras with a small referral fee when category interest, etc.
their offline customers become our online Religious features such as Quran and prayer time
users

Customer traffic is primarily generated from Personalized experience which encourages In-app games have over 80% of players
word-of-mouth referrals additional purchases per customer transacting in the marketplace each year

10
Physical products offerings

Bukalapak earns commission and other streams of revenue from its ecommerce marketplace

More than 6mn

merchants Product
of which c.1 million have
transacted in the last 12 Categories Apparels / Childcare and Food and Electronic
months shoes / bags Mothercare Beverage appliances
Key
Metrics
558k
“Super Sellers”
merchants who have opted Furniture and Cosmetics Sports and Auto
into the program and met household and other fitness accessories
certain metrics for user goods personal care
satisfaction
Business
Models Base offering
Create their own storefronts and listing free of charge
and set the price for their products
3,000 official
More than
stores in BukaMall
which consists of more 100m users “Super Sellers“ BukaMall Official Stores
than 3,000 large located in both Tier 1 areas Commission schemes for small scale merchants to Commission schemes for large consumer brand to
international, national and and beyond Tier 1 areas in increase their visibility and improve their conversion increase their visibility and improve their conversion
regional consumer brands Indonesia
Purchase advertising assets
Offer merchants the ability to purchase advertising assets on platform, including cost-per-click
based offerings such as promoted products in search results, cost-per-impression based display
assets
11
Virtual products

Bukalapak provides comprehensive virtual product offerings through its marketplace and Mitra Bukalapak and by leveraging
its technology, the Company facilitates the ability for customers to make payment for products and services

Investments Selected Offerings

Top up phone credit, electricity, etc
BukaEmas Send Gold BukaReksa Phone top ups and
Balance from (Mutual Funds)
(Gold
Prepaid Phone Top Up DANA Data Plan Prepaid
Investment) BukaEmas telecommunications
Credit Electricity According to Infokomputer, more than 90% of
Indonesians are using prepaid telecommunication
Loans plans, hence prepaid telecommunication products
Electronic Redeem DANA Add-on
Money Voucher IndiHome are one of the largest contributors to virtual
products
BukaCicilan BukaPinjaman BukaModal Apply for Credit
Electricity bill, credit card bill, BPJS, etc (Installment (Cash (Capital Loan) Card
Without Credit
Card)
Financing) Investments
As of December 31, 2020, Bukalapak platforms
Loan
Postpaid Vehicle Credit Card
Installments
had facilitated more than US$19 million of assets
Electricity Registration
(West Java) under management for its partners since launch in
Travel 2017
National Health Water Bill Landline Bill Postpaid
Insurance Phone Credit
Airport Train Travel Train Ticket Flight Ticket
Loans
Facilitate the offering of loans for merchants and
Cable TV PLN Non- Property Tax
buyers through referrals; partner with banks and
National
Electricity Bills Vehicle Tax other lenders to provide microfinance, small-
Bus Ticket
amount, flexible-term credit services
Government
Revenues

Digital Payment Services

Collaborate with various financial institutions across banking and fintech sectors as well as retailers
to enable payment for physical and virtual products on the platforms
Cooperate with DANA, a subsidiary of Ant Financial Group and a leading e-wallet and e-money provider in Indonesia,
as one of the payment methods available for our end customers and Mitras to seamlessly make payments for their purchases
12
Mitra Bukalapak – Digitalizing Indonesia's offline micro retailers

Extended reach Improved well-being

Extensive Network of MSMEs across Indonesia that enables access to Mitras enjoy benefits including financial inclusion, simpler inventory
unbanked and offline customers replenishment, and access to a wide array of physical and virtual
product offerings

Mitra Bukalapak app Sustainable growth

A specialized Bukalapak app for Mitras, designed for ease of use and All of the above creates a sustainable growth in competitive advantage
compatibility as Bukalapak continuously builds upon its Mitra platform

Addressing MSMEs' core issues

Traditional warungs Mitra Bukalapak

 Limited income opportunities: small physical shops  Better margins: supplies at more competitive prices
vs
 Higher COGS: low purchasing power, middlemen raises prices  More income opportunity: virtual product offerings
 Missed sales opportunities: inefficient inventory system  Efficient stock-up: simple ordering system, same day delivery

13
Mitras – One-stop solutions

Bukalapak works closely with the Mitras to address pain points in their businesses and empower them by offering one-stop
solutions on our platform
Consolidation of inventory sourcing requirements
One-stop Solution for Mitras

Mitras are able to source their inventory either from merchants who act as distributors or FMCG principals through Bukalapak’s platforms

Offering of virtual and financial products to Mitra customers

Mitras are able to offer digital products, such as prepaid phone credits, remittance, prepaid electricity, electronic money and e-wallet top ups, to their customers

Building community infrastructure in non-Tier 1 areas

Mitras are able to serve as community infrastructure (e.g. logistic agents, drop off points, pick up points, payment channels) in beyond Tier 1 areas

Offering business improvement tools to Mitras

Mitras can utilize Bukalapak’s bookkeeping and ledger integration tools and utilizatile their smartphones as mobile customer management, profit tracking and point-of-
sale terminals for Bukalapak’s digital products via a software as service (“SaaS”) model

Range & availability of products Pricing Timely delivery

Key Benefits for Mitras

Mitra Bukalapak app provides a wider range Bukalapak believes prices on the Mitra Bukalapak integrates technology to enable
than most offline distribution channels and Bukalapak app are generally cheaper than next-day delivery for Mitras which is
has up to date available product selection offline distribution channels, which should beneficial for MSMEs with limited cashflow
result in better margin for the Mitras and ability to finance inventory

Training Financial inclusion solutions Increase in income

Bukalapak sales representatives visit newly
added Mitras regularly to provide training,
helping them to better use the platform and
offer Bukalapak’s products more effectively
Bukalapak connects Mitras to financial Mitras are able to generate additional
institutions that are providing financial income streams by selling various virtual and
services to MSMEs, such as micro-loans for financial products
working capital and e-money platform
access
14
Corporate social responsibility – key initiatives

Bukalapak has been highly committed to corporate social responsibility efforts both in their ecosystem as well as in their
surrounding communities across Indonesia, with its mission to build a fair economy for all

Financial inclusion Digital inclusion Charitable ecosystem Employee support

Bukalapak strives to build the foundation
of financial inclusion in the underserved,
underbanked areas of Indonesia.
BukaEmas (gold saving product) and
BukaReksa (mutual fund product) are
inclusive innovations that enable lower-
income communities to invest from only
Rp.1,000.
In 2019, Bukalapak formed a
community group for its Mitras.
The community currently has over
27,000 Mitras spread across
Indonesia, which Bukalapak regularly
engages with for feedback and
provides regular training focused on
basic digital and financial literacy.
Bukalapak empowers female
entrepreneurs when they are first
onboarded on the platform through
customized training with financial and
business content and mentorship.
Bukalapak believes that by building a
charitable ecosystem, the Company
would empower entire communities to
become more responsible and
sustainable.
Bukalapak is committed to building an
inclusive environment for all employees
and have created a range of programs
and committees in this regard.
For example, Kartini Bukalapak is an
internal committee dedicated to
organizing events, mentorship
programs and leadership training with
the objective of reaching gender
equality in the workplace.

15
Section 3

Strengths and Strategies

What differentiates – our competitive strengths

1 Outsized opportunity for Indonesia ecommerce and offline micro retail market

2 “All-Commerce” platform for the core of Indonesia’s consumer economy

3 Increasingly evident market leadership in the offline micro retail market

4 Only “All-Commerce” player with successful track record of O2O initiatives

5 Strong commitment to technology leadership

6 Attractive growth and strong unit economics driving visible path to profitability1

7 Proven management team supported by shareholders with aligned strategic interest

8 Driving social benefits to our Mitra partners and our community

Note: 1. Covered in financial overview 17

1 Outsized opportunity for Indonesia ecommerce and offline micro retail market

One of the fastest growing countries in SEA, enjoying strong macro tailwinds

Fourth largest population in the world MSMEs & offline retail market Internet penetration

Percentage of population who use the internet, %

Indonesia 270 ~64mm ~61%

overall GDP
MSMEs
contributed by MSMEs
Philippine 84.2%
109
s

Vietnam
~97%
97 63.2%
total workforce are employed in MSMEs

Thailand 70

Malaysia 33
~88% US$110bn
of Indonesia’s estimated market size
retail sale is of offline retail market
Singapore 6 traditional in Indonesia(2)
2020E 2025F

Largest population in SEA(1) Significant offline market opportunity Fast growing online user base

Source: Frost & Sullivan, IMF WEO October 2020

Note: 1. SEA includes Indonesia, Thailand, Vietnam, Malaysia, Philippines, and Singapore 18
2. For year 2020
1 Outsized opportunity for Indonesia ecommerce and offline micro retail market

Large addressable Indonesian ecommerce opportunity

Ecommerce as % of retail market Indonesia ecommerce market Beyond Tier 1’s growth is key

GMV contribution by %

35.9%

Indonesia GMV
70%
2025E
US$75.7bn
52%
21.7% 48%

30%

2020E
5.6% US$
30.6bn
Tier 1 Beyond Tier 1
2017 2020 2025F 2020 2025

More expected to shop online 2020 – 2025E CAGR of 19.9% Opportunity in beyond Tier 1(2)

Source: Frost & Sullivan

Note: 1. SEA includes Indonesia, Thailand, Vietnam, Malaysia, Philippines, and Singapore 19
2. Tier 1 region is defined as DKI Jakarta (excluding Kepulauan Seribu), the city of Bandung and the regencies of Bandung and West Bandung, the city of
Semarang and the regency of Semarang and the cities of Surabaya and Medan
 Significant progression from an ecommerce player to an "All-Commerce” platform servicing the
2
core of Indonesia’s consumer economy
Strategically focused on beyond Tier 1 cities plus mass market of Tier 1 cities, with solutions targeted to capture the
rapidly growing demand in the attractive Mitra segment
Rp. billions / USD billions(1) 2018-2020
73.3% 85,082 6.0 CAGR
CAGR

22,882 1.6 105%

Total Processing Value

57,391 4.0

10,373 0.7

28,338 2.0
62,200 4.4 65%
5,459 0.4 47,018 3.3

22,879 1.6

2018 2019 2020

TPV Mitra TPV Marketplace

2016 2017 2018 2019 2020

Offerings

Launch of
Key

BukaEmas BukaReksa Electricity DANA Credit card Loan Telephone Property Government Kirim Uang eMoney Gift card
(Gold (Mutual billing top-up billing application billing tax revenue (domestic top-up
Investment) Funds) & payment remittance)

Note: 1. Exchange rate used: 1 USD = 14,105 IDR 20

 Significant progression from an ecommerce player to an “All-Commerce” platform servicing the
2
core of Indonesia’s consumer economy
Bukalapak offers MSMEs the opportunity to provide an “All-Commerce” experience. Significant growth opportunity for
Bukalapak in offline traditional retail by growing our existing products with more Mitra

FMCG Fashion
B2B marketplace transaction for Women and men’s apparel
Mitra

Physical
Electronics Motorcycle and 6.9mm 3.6mm
Household appliances, vehicle accessories registered Annual
smartphones, etc. Vehicle spare parts and
accessories Mitras as of Transacting
December 31, Mitras in 2020
2020
Electricity bills Phone Credit Voucher deals
Electricity bill settlement Pulsa and data plan top ups Buy discounted vouchers for KFC,
H&M, Alfamart, etc
Virtual
Products
Telkom bills Game voucher BPJS
Landline bill settlement
Google Play, Mobile Legends,
PUBG, Steam, Bigo, etc. BPJS fee settlement 107% 64%
CAGR of Mitra decrease in
TPV from 2018 customer
Bookkeeping mPOS(1) to 2020 acquisition cost
SaaS Offline transaction recording Portable point of sale on a smartphone from 2018 to
or tablet that functions as a register.
2020

Top up & withdraw(2) Kirim Uang Pay at Mitra

Financial
Converting offline’s customer’s Laku Pandai scheme where Mitra act Paying C2C marketplace
Inclusion cash into E-money at Mitra as Agent Network Management transaction at Mitra

Note: As of Dec 2020

1. In pipeline 21
2. Withdrawal in pipeline
3 Increasingly evident market leadership in the offline micro retail market

Mitra Bukalapak works closely with offline micro retail market to address pain points, and its success is increasingly
evident through its market leadership and its competitive "moats"

Mitra network in Indonesia Key barriers to entry Positive on-ground Mitras’ feedback

eWarung market share

Price floor set by Lower Prices
FMCG principals Prices on the Mitra Bukalapak are
New players cannot compete on pricing cheaper vs offline distribution channels

Bukalap Additional services create Availability of products and

ak
stickiness timely delivery
39% Others Mitras to expand to additional business Up to date availability information and
61% lines without additional working capital faster delivery

Ability to move Micro-loans offering for

Bukalapak’s offline users working capital
online Connecting Mitras to financial
Mitra loyalty points to convert offline institutions that can provide credit
users in Mitras to buy online

First mover with largest network Defensible position Stronghold in the market

Source: Frost & Sullivan

22
3 Increasingly evident market leadership in the offline micro retail market

Improving the supply chain management for our Mitra Bukalapak

Current supply chain for micro retailers is highly inefficient due to multiple parties acting as middlemen

FMCG Tier 1 Tier 2 Tier 3 Tier 4 Retailer /

Agent Wholesaler
principal distributors distributors distributors distributors kiosk

Mitra Bukalapak’s value-add Bukalapak operates 2 distribution models for physical goods

Distribution center
Bukalapak provides FMCG principals better reach
and visibility of data, while providing micro DC Mitra
retailers better prices
Last mile

FMCG Retailer /
Intermediary distribution center
principal Kiosk
Wholesaler
Mitra
Bukalapak Integrated Technology enables next Last mile
day delivery to Mitras with many SKUs to choose
from

23
3 Increasingly evident market leadership in the offline micro retail market

There is still a large untapped MSME market, even for Mitra Bukalapak, the #1 player in this space(1)

Sumatra Kalimantan

 666k Mitras, c.10% of Total  154k Mitras, c.2% of Total

 Largest concentration in North  South and East Kalimantan
Sumatra, Lampung, and South contribute to >80% of Kalimantan
Sumatra Mitras

Java

 5,853k Mitras East Indonesia

 Makes up over 84% of total
Legend:  276k Mitras, c.4% of Total
Gradation indicate depth of Mitra penetration
 Most are in South Sulawesi

Bukalapak has yet to fully realize the entire opportunity within its existing network of 6.9 million Mitras,
while there is also significant upside available through bringing more MSMEs into the Mitra network

Note: As of Dec 2020 24

1. According to Frost & Sullivan
 The only “All-Commerce” player with a successful track record of O2O initiatives as an enabler to
4
capture untapped ecommerce potential
Bukalapak's strategy is built on its successful FMCG business and parlaying this into a broader O2O venture

Best positioned to capture opportunity Key O2O strategy Measurable results

Increased cross sell from

Offline loyalty program offline channels to drive
First mover and growth in the C2C marketplace
Offline customers receive
largest Mitra network(1) Mitra / rewards (such as Bukalapak
Warung
Over 1,200% growth in Mitra
Visitors credits) after transacting at a revenue from 2018 to 2020
Send the visitors’ Mitra to encourage online
rewards and the transactions Lower customer acquisition
Limited overlap of ecommerce activation link
costs
marketplace users
The CACs for these new
consumers are lower than other
channels and have helped to
lower our CAC by 64% from
No direct competitor – 2nd player Mitra referral program 2018 to 2020
in the offline market is not an Mitras receive rewards for Selected by Indonesian govt to
ecommerce player(2) signing up their offline disburse subsidies
customers as Bukalapak
users Additional stream of new
customers who can spend with
us

Note: 1. According to Frost & Sullivan 25

2. The Company believes that the next largest player is not an ecommerce player, and ecommerce players with a presence in this space are far smaller in
terms of their scale
5 Strong commitment to technology leadership

Our daily operations and platform growth are supported by our democratized approach to data, dedicated data science
team working with real time data, proprietary technology and data-enabled approach to marketing

690 engineers
c.37% of total employees
Infrastructure

From top tier universities…

Databases

Google BigQuery

Dataproc Dataflow
From leading companies… Analytics

Artificial
Intelligence + multiple AI libraries

Bukalapak continuously focuses on innovating and creating new proprietary products and services to solve user problems using its artificial
intelligence and machine learning capabilities

26
7 Proven management team supported by shareholders with aligned strategic interest

CLEAR VISION
Bukalapak was started by 3 individuals,
Achmad Zaky, Muhammad Fajrin Rasyid,
Nugroho Herucahyono, with a clear vision
aimed at creating a positive impact in Indonesia
by empowering small and medium
enterprises…
Rachmat Kaimuddin Teddy Oetomo Willix Halim Natalia Firmansyah
EXPERIENCED LEADERSHIP Chief Executive Officer President Chief Operating Officer Chief Financial Officer

… and shared the vision with a professional

management team, each with more than 10
years of relevant experience, who are
passionate and determined to execute that
vision…

STRATEGIC AND FINANCIAL SHAREHOLDERS

… guided by strategic and financial shareholders

committed to the business, who provide an
ecosystem of potential partnerships…

The balance between passionate founders, leadership experienced in execution, and global strategic
shareholders led Bukalapak to execute a rational strategy –
growing the business in a disciplined way while minimizing the burn rate to drive return on capital
27
8 Driving social benefits to our Mitra partners and our community

Bukalapak's founders had a clear vision aimed at creating a positive impact in Indonesia by empowering small and
medium enterprises and the population beyond Tier 1 cities

Sustainability Development Goals

End poverty in all its forms Increasing product offering Increasing income and Help the community
everywhere and reach to a wider user base demand to create new jobs get out of poverty

Promote sustained,
inclusive and sustainable
economic growth, full and
productive employment
and decent work for all
Expanding Mitras’ offering Increasing payment Sustainable growth in the
beyond FMCG and channels and ease of business with increased
physical goods business operations productivity

Access to financial products,

Reduce inequality within Encourage long term Increasing overall income
including savings accounts and
and among countries financial planning and savings of households
investments

28
Our key strategies

Increase our product offering of both Leveraging increasing scale to improve

physical and digital goods unit economics and profitability

Introduce additional products and services to grow Increase monetization and drive growth in higher take-
share of wallet with Mitras and increase synergies rate products. Leverage Mitra network for efficient
between offline network and marketplace customer acquisition. Leverage scale to negotiate for
more competitive trading terms

Leverage our Mitras to tap into the potential Deepen and broaden Driving social benefits to our Mitra
of Indonesia in non-Tier 1 areas that have low partnerships with product partners and the communities in which
financial inclusion and rely on cash providers we operate

Deepen market penetration into more categories of offline Leverage scale and data capabilities to Empower small and medium enterprises and population
businesses and into more regions offer additional value-add services to in non-Tier 1 areas. Improve access to financial
partners and negotiate for better prices products

29
Section 4

Financial overview
Key operating metrics

Improving operating metrics post rationalization in 2019 with focus on higher quality and sustainable growth

TPV growth has been driven by higher quality transactions post … with a sustainable growth trajectory in number of users and Mitras
rationalization in 2019…
Total Processing Value, Rp. billions / USD Annual Transacting Users(2), millions
billions(1)
100,000 6.0 80% 34%
85,082 16.6
61% CAGR
80,000 59%
70%
4.0 60% 13.6
57,391
60,000
2.0 40% 9.3
40,000 28,338 18% 27%
20%
20,000 19%

0 0%
2018 2019 2020
TPV Non-Tier 1 TPV Mitra TPV 2018 2019 2020

Average Transaction Value, Rp. / USD(1) Annual Transacting Mitras, millions

14.4 14.1 126%
203,233 199,045 CAGR 3.6
11.5
11.0 162,573
154,470 5.7
80,351
108,521 7.7 1.6
77,020 79,106
73,917
5.5 5.6 0.7
5.2

2018 2019 2020

ATV - Overall ATV - Mitra ATV - Marketplace 2018 2019 2020

Note: 1. Exchange rate used: 1 USD = 14,105 IDR 31

2. Annual Transacting Users also includes Annual Transacting Mitras
Key growth drivers

Growth driven by users and Mitras expansion, increased monetization and economies of scale

Acquisition, retention and engagement Monetization of platform and network

of users
 User experience (including product  TPV growth
selection and platform features)
 User base growth
 Investment in marketing
 Rollout of new products, e.g. fintech and
 Acquisition through Mitra network, virtual products
especially in non-Tier 1 areas

Acquisition and retention of merchants Economies of scale and Mitra network

and Mitras; deepening of relationships

 Product availability and partnerships  Operating leverage, e.g. network effect

 Merchant tools and service offerings  Limited inventory risk and capital
requirements
 Price competitiveness
 Low customer acquisition cost through Mitra
 Logistics optionality network
 User base and sales volumes
 Cross-selling opportunities

32
Revenue drivers

Bukalapak’s revenues are derived from 3 main segments – Marketplace, Mitra and BukaPengadaan (BPI)

Mitra segment is contributing to a growing … and is driven by key factors such as sales of physical and virtual products and provision of
share of our overall revenue… logistics services
Revenue, Rp. billions / USD millions(1)
115% 1,352 96 Marketplace revenue
CAGR
121 9 • Primarily derived from commissions generated from sales by merchants of physical
products and sales by virtual product partners on our e-commerce platform
199
• Also includes marketing spend by merchants, who can purchase advertising directed
1,077 76 14
at the user and priority placement of their products
• Logistics revenue derived from fulfillment services offered to merchants and is driven
272 19 by number of transactions as logistics fees are typically flat

74 5
Mitra revenue
• Derived from commissions generated from sales by merchants and FMCG principals
1,032 73 of physical products to Mitras on our Mitra Bukalapak platform and sales of virtual
products by Mitras to their customers
731 52 • Also derived from logistic providers who provide logistics services to Mitras
292 21
15 2

275 20 BukaPengadaan (BPI) revenue

• Derived from sales Bukalapak facilitates of its own or partners’ products and is tied
2018 2019 2020 to the sale of physical and virtual products
Marketplace Mitra BPI
• BPI revenue consists of cost of goods and the margin on physical goods from sellers on
the marketplace and virtual products from its partners

Note: 1. Exchange rate used: 1 USD = 14,105 IDR 33

Cost drivers

Bukalapak’s operating costs have fallen despite increase in revenue; near-term profitability a focus

Selling and marketing expenses take up … and are expected to fall as percentage of its revenue as Bukalapak gains
majority of its operating expenses… economies of scale and drive down its customer acquisition costs through Mitras
Operating expenses, Rp. billions / USD millions(1)
259
3,650 Selling and marketing expenses
60 4
3,066 217 • Consists primarily of vouchers, online and offline advertising (including content
2,572 183 90 creation activities), seller / Mitra acquisition cost and support services,
1,267 49 3
159 11
coordination and payment channel expenses and other expenses associated with
737 52 1,498 106 selling and marketing activities
• Expected to increase in absolute amounts in the foreseeable future with growth but
decline as a percentage of revenues as its economies of scale grow
2,323
1,997 142 165
1,520 108
General and administrative expenses
• Consists primarily of salaries, wages and employee benefits, stock-based
2018 2019 2020 compensation expenses, internet, hosting, data storage and maintenance
Other operating expenses Other operating income expenses, depreciation and amortization, utilities, recruitment and office
General and administrative expenses expenses and other related expenses
Selling and marketing expenses • Expected to increase in absolute amounts in the foreseeable future due to the
anticipated growth of the business as well as accounting, insurance, investor relations
Revenue – S&M expenses, Rp. billions / USD millions(1) and other public company costs

(168) (12)
Other operating income / expenses
• Primarily relates to gains and losses on foreign exchange, driven by changes in the
(1,246) (88) exchange rate between the U.S. dollar and the Rupiah, as well as other related
(1,705) (121) expenses
2018 2019 2020

Note: 1. Exchange rate used: 1 USD = 14,105 IDR 34

Cash flows

Bukalapak has shown sustainable growth through improving monetization and efficient capital management

Net Cash Flow used in Operating Activities Net Cash Flow used in Investing Activities Net Cash Flow from Financing Activities
Rp. billions / USD millions(1) Rp. billions / USD millions(1) Rp. billions / USD millions(1)

(1) 295
4,164
(0)
(83)
(6)

(1,154)
(82)
142
2,005 124
(1,810)
1,748
(128)

(3,062) (547)
(217) (39)
2018 2019 2020 2018 2019 2020 2018 2019 2020

Decrease driven by increased monetization Shift to cloud-based servers and IT Sustainable growth through efficient
and improve operational efficiency outsourcing results in lower capex needs capital management

Note: 1. Exchange rate used: 1 USD = 14,105 IDR 35

Section 5

Summary of the Offering

Offering summary

Issuer • PT Bukalapak.com Tbk

Offering structure • Primary offering: Up to 25% of enlarged capital

Employee Stock Allocation (“ESA”) • Up to 0.1% of total shares offered

Management and Employee Stock Option

• Up to 4.91% of total issued and paid-up capital after IPO
Plan (“MESOP”)

Distribution format • International offering (Regulation S / Rule 144A)

• Domestic offering

Listing venue / Ticker • Indonesia Stock Exchange / BUKA

37
Offering summary

Joint Global Coordinators (“JGC”) • UBS, BofA Securities

Joint Bookrunners (“JBRs”) • UBS, BofA Securities, Mandiri Sekuritas

Joint Lead Managing Underwriters • Mandiri Sekuritas, Buana Capital Sekuritas

Domestic Underwriters • UBS Sekuritas Indonesia

Indicative use of proceeds • Working capital and general corporate purposes

38
Supporting Professionals and Institution

Public Accountant Kantor Akuntan Publik Purwantono, Sungkoro & Surja (EY Indonesia)

Legal Consultant to Issuer Assegaf Hamzah & Partners

Legal Consultant to Underwriter Witara Cakra Advocates

Notary Aulia Taufani, S.H.

Share Registrar PT Datindo Entrycom

39
Indicative timeline

1st OJK registration 7th May 2021

Analyst presentation 10th May 2021

2nd OJK registration 11th June 2021

OJK Pre-effective statement 25th June 2021

Bookbuilding & Roadshow 28th June 2021

IPO pricing 9th July 2021

Final OJK registration 13th July 2021

OJK effective statement 21st July 2021

Public offering 23rd July – 27th July 2021

Payment to issuer 28th July 2021

IDX listing 29th July 2021

40
 Thank You
Questions and Answers

41
Appendix

Industry overview
Indonesia retail market size and evolution of ecommerce penetration

While the ecommerce segment has expanded rapidly in recent years, transactions at brick-and-mortar outlets still dominate
the retail landscape
Retail sector is on a growth trajectory with … and increased internet and smartphone penetration
improving consumer sentiments … has led to rapid growth in ecommerce segment
Indonesia retail market size, USDbn Ecommerce GMV in Indonesia, USDbn

240 40% 80 75.8

COVID-19 pandemic
has further accelerated 210.5
the growth in

Beyond Tier 1
ecommerce 35.9%

ECommerce as a % of Retail
180 30% 60 Beyond Tier 1 cities accounted 19.9%
for c.30% of the ecommerce 36.4
Retail Sales (USDbn)

145.7 market in 2020 and is expected

140.9

GMV (USDbn)
132.8 135.4 to growth to c.48% of the
ecommerce market in 2025 at
120 20% 40 a CAGR of 32%
21.7% 30.6

9.2

Tier 1
60 12.3% 10% 20 17.9 39.4
11.6
8.1% 7.6 21.4
5.6%
0 0% 0
2017 2018 2019 2020 2025F 2017 2018 2019 2020 2025F

Ecommerce in Beyond Tier-1 cities is expected to witness nearly a 5-fold increase over the forecast period as
there has been a major government push to encourage digitalization of these cities

Source: BPS, Frost & Sullivan analysis (interviews conducted with industry experts as part of their analysis)
43
Buyer behaviour in Indonesia ecommerce landscape

Ecommerce landscape is unique that while a significant percentage of the target market has access to internet and a
smartphone, many of them are still unbanked
Mobile phones are used more often than web-based platform with … however, cash continues to be a preferred mode of transactions, as
98.2% of internet users (aged 16 to 64) own a smart phone… more than 83 million of Indonesians are still unbanked
Ecommerce percentage of value spent by device Share of ecommerce payment methods, 2019E
100% E-wallet
Card 1.06%
29.0 27.4 24.3 4.67% Others
31.2
80% 0.03%
Bank
transfer/ATM
21.20%
60%

40% 75.7
68.8 71.0 72.6

20%

Cash
0% 73.04%
2017 2018 2019 2020
Mobile PC

Ecommerce in Indonesia needs to focus on building a strong platform on mobile and be able to bridge the gap
between cash payments and shopping online

Source: BPS, Frost & Sullivan analysis (interviews conducted with industry experts as part of their analysis)
44
Key trends driving ecommerce market in Indonesia

Increasing income and internet penetration, coupled with supportive government initiatives, are driving the demand for
ecommerce spending

Beyond Tier 1 cities as the key growth driver
• Beyond Tier-1 cities is expected to rise to approximately 50% of
the GDP in 2025
• Government programs accelerating the digital development of the
Beyond Tier 1 cities
Growing number of fintech and alternative payment options
• With more than 83 million Indonesian being unbanked as of 2020,
there has been a surge in new e-wallet options

Income growth and millennial generation Government initiatives to elevate investments

• Growing middle-income class in Indonesia with the share of
population with income levels of >US$10k increasing from 47%
in 2019 to 57% expected in 2023F
• 63.5m of the population belonging to the tech-savvy millennial
generation
• As of Feb 2021, the Indonesian Government has issued a regulation
for a priority list of sectors including ecommerce - likely to benefit
from incentives such as tax allowances, tax holidays and relaxed
licensing procedures

Increasing internet penetration COVID-19 impact driving ecommerce

• Internet penetration rate expected to increase from 64% in 2020
to c.85% by 2025
• Shift towards online purchases, usage of internet by households
for the purpose of purchasing goods and services has increased
from 14.7% in 2017 to 17.9% in 2019
• COVID-19 pandemic stimulated the growth of ecommerce, creating
a shift in consumer spending habits in Indonesia due to the closure of
retail outlets and the movement restriction orders and lockdowns
• Greater acceptance of purchasing staples goods online vs only
aspirational products previously

The combination of the above drivers make the sector attractive

Source: Frost & Sullivan

45
Competitive landscape of the ecommerce sector in Indonesia

Given ecommerce is one of the fastest growing sector in Indonesia, the country has witnessed a growth in the ecommerce
marketplace providers
Leading ecommerce player in the … Frost and Sullivan has identified the following factors to be the
Beyond Tier 1 cities in Indonesia… key success factors that enable ecommerce players to dominate the market
Estimated market share, %
Promotional and advertising capabilities M-commerce focused
Refining marketing activities over time and Optimizing for mobile commerce by including key
deliver positive return on their investments features such as easy checkout and payment

Localization and geographical adaptation Products, pricing and merchants

Adapting quickly and implementing strategies Offering wide range of products and competitive
that are vital to the geographical market prices to prevent churn
Bukalapak
35% Customer-friendly user interface Backend process efficiencies
Ensuring customer friendly interface to translate Efficiently managing and automating backend
traffic into sales process e.g. shipping, payment processing
Others
65% Barriers to entry

Appropriate High initial and Access to

technology and ongoing capital distribution and
partners requirements supply chains

Bukalapak is the leading ecommerce player in the beyond Tier 1 cities in Indonesia,
which is expected to make up 48% of the total ecommerce market in Indonesia by 2025

Source: Frost & Sullivan

46
Estimated MSMEs market size and forecast

MSMEs contributed to approximately 60% of Indonesia’s GDP in 2020, and this is supported by increased consumer
confidence, which in-turn is likely to stimulate spending and result in a demand for goods and services
Number of MSMEs, especially micro enterprises, is expected to grow … and MSMEs, especially micro enterprises, continue to
as a result of increased consumer confidence … contribute significant to the country’s GDP
Number of micro enterprises, million Value of micro enterprises, USDbn and as % of GDP

587.5
100 600 38.6%
92.3

75 450 424.5 410.9 38.2%

66.5 64.6 383.4 392.8
62.1 63.4

50 300 37.8%

25 150 37.4%

0 0 37.0%
2017 2018 2019 2020 2025 2017 2018 2019 2020E 2025F
Value of Micro % of GDP

MSMEs form the backbone of the economy and is a key opportunity for ecommerce companies to tap into

Source: Frost & Sullivan

47
Key drivers for MSMEs growth in Indonesia

Government initiatives would be a key factor in MSME growth across Indonesia

Government support to provide conductive Tightening of predatory pricing

environment for MSME to flourish
• Policy direction introduced for the development of MSMEs,
with initiatives such as facilitating business partnerships and
access to financing for MSMEs
• Stimulus packages to sustain MSMEs during Covid-19
• Government likely to introduce predatory pricing ban, preventing
foreign products from being sold at low prices through
ecommerce platforms and allowing MSMEs to compete fairly

High internet and social media penetration
• MSMEs incentivized to collaborate with digital platforms for
greater market access and to take advantage of shift in
consumers’ shopping habits to online
• There are 170 million social media users representing 61.8%
of total population
Omnibus law on job creation (UU Cipta Kerja)
• Omnibus law on job creation promulgated in November 2020
contained several provisions for development of MSMEs, including
incentives provisions, integrated management of MSMEs, ease of
financing and legal assistance and protection

Synergy between Government, digital marketplace and MSME

• Government-backed initiatives to increase digitization of MSME e.g. “Ayo Jualan Online” movement
for MSMEs to sell their products online, in collaboration with six marketplaces Bukalapak, Blibli,
Lazada, Shopee, Tokopedia and Blanja.com

MSMEs will continue to play an integral part in the Indonesia economy and will continue to undergo digitization

Source: Frost & Sullivan

48
Challenges faced by MSMEs

MSMEs are held back by these challenges which prevents them from expanding their businesses and product offerings

Limited access to finance and financial information Distribution of goods

• Difficulty getting access to credit due to perception of being a • Lack of efficient channel for goods distribution, mainly relying on
high-risk business and low financial literacy among MSMEs recommendations and word-of-mouth for logistics. Problem is
• Only 24% of MSME have access to credit exacerbated in remote areas with lacking infrastructure, resulting
in high logistic costs

Low quality human capital Unregistered MSMEs

• Limited human resources especially in the fields of
management, production engineering, quality control,
accounting, data processing and marketing – indispensable
skills for maintaining or improving productivity in
production, expanding market share and penetrating new
markets
• Many MSMEs do not have the required licenses and permits due to
either the cumbersome process or insufficient knowledge regarding
the requirements. Unlicensed MSMEs are denied official support
which hinders their business from expanding

Lack of technology
• Lack of technology due to factors such as limited investment capital, limited information regarding
technological developments and limited human resources that can operate new machines, resulting in
low production efficiencies and causing MSMEs to manufacture low quality products

The ability for an ecommerce player to address these challenges will help elevate the success of the MSMEs

Source: Frost & Sullivan

49
O2O market opportunity

Ecommerce players are entering the traditional micro-retail space through the O2O model to enable warungs to purchase their
inventory and digital goods
O2O market has been growing
specifically, and expected to grow strongly… … with many platforms offering financial inclusion services
eWarungs / O2O market size estimate and forecast, USDbn

60 Physical Goods Digital Goods 55.4

2018 60% 40% QRIS    
50 2019 50% 50%
Business
2020E 35% 65%
   
GMV (USDbn)

40 2025F 20% 80% Loan

36.0
Payment
30 of Bills    

20
Gold Saving    
Transfer
10 Money    
2.9 3.98
0.5 0.6 1.4 1.8
0
Investment    
2018E 2019E 2020E 2025F
eWarung o2o Bookkeeping Tools    

O2O platforms are expected to form more partnerships within the digital ecosystem to continue attracting
and increasing its foothold within the micro-retail business

Source: Industry sources, Frost & Sullivan estimates

Note: Warungs are small mom and pop stores that mainly deal with FMCG and digital products, while O2O is any MSME that is looking to modernize their business 50

through online channels. This includes traditional convenience stores and other types of offline stores
Appendix

Financial Statements
Consolidated statements of financial position
For the year ended December 31,

2018 2019 2020

(Expressed in Thousands Rupiah, Unless Otherwise Stated) (in rupiah billions) (in rupiah billions) (in rupiah billions)
Assets
Current assets
Cash and cash equivalents 2,049.30 883.99 1,484.44
Trade receivables
Third parties – net 91.36 334.95 156.46
Related parties – net 13.80 22.00 9.26
Other receivables
Third parties – net 55.82 39.29 11.21
Related parties 67.62 2.30 -
Advances and prepaid expenses 80.72 103.30 25.42
Prepaid taxes 121.70 38.42 25.10
Other current financial assets 17.08 18.35 57.93
Total current assets 2,497.41 1,442.61 1,769.82
Non-current assets
Fixed assets – net 536.14 451.57 271.55
Right-of-use assets – net - - 63.46
Claims for tax refund - 123.07 -
Deferred tax assets - - 477.79
Investment in an associated entity 1.06 0.00 -
Investment in shares 9.27 7.77 3.15
Intangible assets – net 4.06 3.07 2.27
Prepaid expenses – non-current - 3.07 1.73
Other non-current assets 20.16 22.31 3.88
Total non-current assets 570.69 611.04 823.84
Total assets 3,068.10 2,053.65 2,593.66
Liabilities and Equity
Liabilities
Current liabilities
Trade payables
Third parties 103.92 60.11 61.23
Related parties 30.90 1.97 10.96
Other payables
Third parties 523.80 213.20 276.86
Related parties 63.90 50.23 24.19
Taxes payables 11.98 4.86 5.81
Accrued expenses 282.84 400.48 378.10
Short term employee benefit liabilities 62.81 96.62 99.10
Lease liabilities – current portion - - 17.20
Advances from customers - 3.07 8.52
Total current liabilities 1,080.15 830.54 881.99
Non-current liabilities
Long term lease liabilities - - 51.00
Liabilities for employee benefits 28.07 67.93 45.90
Provision for dismantling cost - - 6.934.533
Total non-current liabilities 28.07 67.93 103.83
Total liabilities 1,108.22 898.47 985.82

52
Consolidated statements of financial position (cont'd)

For the year ended December 31,

2018 2019 2020

(Expressed in Thousands Rupiah, Unless Otherwise Stated) (in rupiah billions) (in rupiah billions) (in rupiah billions)
Equity
Total Equity attributable to Owners’s of the Parent Entity
Share capital - par value Rp1,000 (full amount) and Rp3,000 (full amount) per share Authorized - 7.25 1,417.37 2,508.28
(2020: 20,231,509 shares; 2019: 19,031,509 shares; 2018: 18,267,878 shares) Issued and fully
paid - (2020: 8,161,561 shares; 2019: 7,797,926 shares; 2018: 7,246,789 shares)
Additional paid-in capital 5,410.29 6,004.73 6,623.55
Difference in value of transactions with non-controlling interests - - 39.40
Other equity 38.95 46.59 59.25
Advance for stock subscription 0.00 - -
Accumulated deficit (3,507.62) (6,302.97) (7,654.89)
Other comprehensive income 11.00 (10.54) 21.64
Total 1,959.88 1,155.19 1,597.23
Non-controlling interest 0.00 - 10.61
Total Equity 1,959.88 1,155.19 1,607.84
Total Liabilities and Equity 3,068.10 2,053.65 2,593.66

53
Consolidated statements of profit or loss and other comprehensive income

For the year ended December 31,

2018 2019 2020

(Expressed in Thousands Rupiah, Unless Otherwise Stated) (in rupiah billions) (in rupiah billions) (in rupiah billions)
Net Revenues 291.91 1,076.60 1,351.66
Cost of revenues - (267.88) (123.26)
Selling and marketing expenses (1,997.16) (2,322.63) (1,519.72)
General and administrative expenses (737.35) (1,267.38) (1,497.48)
Other operating (expenses)/income 159.30 (60.10) (48.88)
Loss from Operations (2,283.30) (2,841.38) (1,837.67)
Finance income 50.41 46.40 14.08
Finance expense (0.30) (0.37) (8.55)
Share of loss of an associated entity (0.04) - -
Loss before Income Tax (2,233.23) (2,795.35) (1,832.14)
Income Tax Benefit/(Expense) (10.19) - 483.10
Loss for the Year (2,243.42) (2,795.35) (1,349.04)
Other Comprehensive Income
Item to be reclassified to profit or loss in subsequent years: Available for sale financial asset - net 0.73 (0.23) -
of tax
Item not to be reclassified to profit or loss in subsequent years:
Remeasurement gain/(loss) on employee benefit liabilities - net of tax 8.47 (21.31) 32.68
Total other comprehensive income/(loss) 9.20 (21.54) 32.68
Total Comprehensive Loss for the Year (2,234.22) (2,816.89) (1,316.36)
Loss for the year attributable to:
Owners of the Parent Entity (2,243.42) (2,795.35) (1,349.04)
Non-controlling interests (0.00) - (0.00)
(2,243.42) (2,795.35) (1,349.04)
Comprehensive loss for the year attributable to:
Owners of the Parent Entity (2,234.22) (2,816.89) (1,316.36)
Non-controlling interests (0.00) - (0.00)
(2,234.22) (2,816.89) (1,316.36)
Loss Per Share Attributable to Equity Holders of the Parent Entity (in full amount) (0.34) (0.37) (0.00)

54
Consolidated statements of cash flows

For the year ended December 31,

2018 2019 2020

(Expressed in Thousands Rupiah, Unless Otherwise Stated) (in rupiah billions) (in rupiah billions) (in rupiah billions)
Cash Flows from Operating Activities
Cash receipts from customers 230.51 935.80 1,649.65
Proceeds from the Company’s online marketplace users which has not been yet transferred to 586.41 261.20 295.08
merchants – net
Payments to suppliers and employees （2,731.76) (4,351.08) (3,239.90)
Receipts from finance income – net 46.54 46.13 17.70
Receipt from/(payments of) other operating activities 57.60 46.72 13.25
Payments of finance expense （299,951） （370,742） (8.55)
Receipt from claim for tax refund - - 118.39
Net Cash used in Operating Activities 1,811.00) (3,061.61) (1,154.37)
Cash Flows from Investing Activities
Acquisition of fixed assets (534.75) (83.61) (14.79)
Proceeds from disposal of fixed assets - 0.30 13.35
Addition of investment (8.64) - -
Acquisition of intangible assets (3.11) - -
Net Cash Used in Investing Activities (546.50) (83.30) (1.44)
Cash Activities Flows from Financing
Payments of lease liabilities - - (12.25)
Proceeds from additional capital contribution 4,163.76 2,004.56 1,709.72
Proceed from advance for stock subscription 0.00 - -
Capital contribution from non-controlling interest of a subsidiary - - 50.01
Net Cash Provided by Financing Activities 4,163.76 2,004.56 1,747.48
Net Increase/(Decrease) in Cash and Cash Equivalents 1,806.26 (1,140.35) 591.67
Effect of changes in foreign exchange rates on cash and cash equivalents 1.00 (24.97) 8.78
Cash and Cash Equivalents at Beginning of Year 242.03 2,049.30 883.99
Cash and Cash Equivalents at End of Year 2,049.30 883.99 1,484.44

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