PWON – target after the acquisition of Four Points Kuta

PT Pakuwon Jati Tbk. (PWON) has just spent IDR165 bn to buy the Four Points Hotel Kuta, Bali. The
company said the purchase expanded the potential for business growth beyond Surabaya and Jakarta. In
this purchase, PWON had to reach up to IDR165 bn from internal cash to buy the hotel. PWON bought
Hotel Four Points Kuta from PT Umah Benesari located in Badung Regency, Bali. The company said that
geographical diversification was carried out in order to obtain opportunities for new growth bases
outside of Surabaya and Jakarta. Hotel Four Points Kuta was purchased in operational condition with a
capacity of 185 rooms. The addition of the portfolio is considered to strengthen PWON's growth through
increasing recurring income. PWON had sufficient resources to manage the additional property portfolio
and PWON's cash and cash equivalents are also considered sufficient to fund the purchase.

HRTA – exporting gold to India

PT Hartadinata Abadi Tbk. (HRTA) will cooperate with a company from India to export gold. The
company said that export activities could further increase HRTA's business growth in 2023. HRTA is
collaborating on gold exports to India with Kundan Care Products LTD (Kundan), which is India's largest
manufacturer, refiner and exporter of gold, silver and energy products. The commercial value of gold
jewelry export transactions is estimated to contribute USD25 mn–USD31 mn per month to HRTA's
consolidated revenue. As of March 2023, HRTA had recorded export sales of USD19 mn in gold jewelry.
HRTA explained that the success of the company's export activities was also one of the results of full
support from Himbara or the Association of State-Owned Banks, where PT Bank Negara Indonesia
(Persero) Tbk (BBNI) became the Mandated Lead Arranger & Bookrunner (MLAB) for syndicated funding
to HRTA worth IDR2.4 tn on 27 December 2022.

BBTN - sets IDR609 bn dividend

The annual general meeting of shareholders of PT Bank Tabungan Negara (Persero) Tbk (BTN) approved
dividend for the 2022 financial year worth IDR 609 bn. This figure is equivalent to a dividend ratio of 20%
of last year's net profit of IDR3.04 tn. In order to strengthen the company's capital, shareholders also
agreed to set as much as 80% of net profit for the 2022 financial year as retained earnings. Furthermore,
the company has also set several financial performance targets this year, such as credit and financing
targeted to grow 8-10%. From the funding side, third party funds are targeted to grow 8-10%, net profit
is also targeted to increase at the same range, and gross NPLs are expected to improve in the range of
3.2% to 3%. As for achieving this target, the company has set a general policy direction, namely "Housing
Ecosystem-Based Business Expansion" including by optimizing contributions to the subsidized mortgage
loan program and increasing non-subsidized mortgage loan through collaboration with developers,
property agents, developing mortgage schemes targeting the millennial generation.

WEHA - expects transportation demand to increase during Eid 2023

PT Weha Transportasi Indonesia Tbk (WEHA) sees the potential for transportation demand to increase
during the Eid 2023 momentum. The company estimates that transportation demand contribution
during Eid can contribute 8% of this year's revenue target. WEHA also targets revenues to reach IDR280
bn to IDR300 bn. WEHA explained that the contribution between buses and intercity shuttles will be
almost equal this year. From the tourism bus business side, it is estimated that there will be an increase
in several types of units which are in very high demand. For the shuttle side, WEHA carries out a
dynamic pricing strategy where prices or rates fall during low months and prices will rise during busy
months. Demand for transportation is expected to come from the retail and corporate sectors during
the 2023 Eid period. To reach its target, WEHA will try to gain market share. This is because the
company's view of the demand side is very good, while competition in the market is reduced.