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Transfer of Shares of Subsidiary

On December 23, 2020, the Company and PT DSSE Energi Mas Utama (“EMU”), a subsidiary, transferred 75% of shares in PT DSSP Power Mas Utama (“PMU”), a subsidiary, to Datang Overseas (Hong Kong) Energy Investment Co., Limited with share transfer price of USD 394,000,000.

This transaction is expected to support the Company’s efforts to develop the power generation business, realize further expansion plans in the future, increase the Company’s ability to develop its business portfolio, and diversify business risks, including analysing renewable energy business opportunities that can provide added value to the Company.

The transfer of shares will cause the Company and EMU not to consolidate the financial statements of PMU and the subsidiaries in the next financial statements.

Further information regarding the transaction can be seen in the Company’s Information Disclosure that has been uploaded on the IDX’s website https://www.idx.co.id/StaticData/NewsAndAnnouncement/ANNOUNCEMENTSTOCK/From_EREP/202012/f4a374e1ec_c9a5d640e2.pdf