Remarks by Paul Janelle President Director, PT HM Sampoerna Tbk. Asia Region Investor Field Trip Surabaya, Indonesia. June 4, 2013

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1 Remarks by Paul Janelle President Director, PT HM Sampoerna Tbk. Asia Region Investor Field Trip Surabaya, Indonesia June 4, 2013 (SLIDE 1) Good morning everyone, and welcome to Surabaya, the home of Sampoerna. This morning I will give you an overview of the exciting Indonesian market, our successful business, and our growth opportunities. (SLIDE 2).. Just a reminder that our remarks today may contain forward-looking statements and I therefore direct your attention to the Forward-Looking and Cautionary Statements slide of today s presentation for a review of various factors that could cause actual results to differ materially from forward-looking statements I would like, first of all, to introduce our management team, most of whom are with us here today. (SLIDE 3) We have a diverse and experienced team of professionals from seven different countries with an average experience of nearly 20 years in the company across a wide range of markets and functions. I am very proud to lead this diverse group, which brings a unique blend of international perspective and a deep understanding of the local environment. (SLIDE 4) In today s economic climate Indonesia stands apart. It has favorable demographics, a growing economy, political stability, rising consumer affordability 1

2 and when we overlay these favorable conditions with Sampoerna s superb brand portfolio, we can conclude that we have ample opportunities for organic growth. (SLIDE 5) Indonesia is a large and diverse country. The distance from west to east is greater than from San Francisco to New York. It is comprised of over 17,500 islands with hundreds of different ethnic and linguistic groups across three time zones. The population is approximately 245 million, growing 1% annually, making Indonesia the fourth most populous country in the world. (SLIDE 6) Indonesia s economic performance has been remarkable. GDP growth in the first quarter of 2013 reached some 6.0%, placing it amongst the top economic performers in Asia. More than half of Indonesia s GDP is derived from domestic demand making the country relatively resilient to external shocks. Consumer confidence remains in the optimistic zone and inflation at just below 6% is manageable, but needs to be carefully monitored for its impact on consumer disposable income. (SLIDE 7) Complementing the positive economic environment is a rising middle class. A recent study estimated that the middle class will almost double by 2020 to approximately 140 million consumers with some eight to nine million consumers entering the middle class each year. This same study underscored consumer optimism with 66% of Indonesians surveyed believing they live a better life than their parents, and 71% believing the next generation will live an even better life. (SLIDE 8) The cigarette industry in Indonesia is truly unique, and is underpinned by the strong preference of adult smokers for kretek cigarettes, which use a blend of tobacco and cloves. 2

3 (SLIDE 9) A hand-rolled kretek cigarette, known as SKT, is non-filter, conically-shaped, and is typically available in packs of 12, although pack formats of 10, 16, 20 and 50 are also available. Sampoerna s key SKT brands are Dji Sam Soe and Sampoerna Kretek. Machine-made kretek cigarettes are known as SKM. There are two segments: SKM Full Flavor, predominantly sold in packs of 12, and SKM Low Tar Low Nicotine, or LTLN, predominantly sold in packs of 16. Sampoerna s key SKM brands are Sampoerna A, U Mild and Dji Sam Soe Magnum. (SLIDE 10) SPM, or machine made White cigarettes, is the remaining category. The pack sizes are limited to 20. Sampoerna holds the lion s share of the segment thanks to Marlboro. (SLIDE 11) Industry volume grew at a compound annual rate of 6.4% from 2009 to Last year we estimate the industry increased by 8.2% to reach 303 billion units and our outlook for this year is for continued growth, but at a more moderate pace of approximately 5% to 6%. (SLIDE 12) In terms of segment trends, the SKM LTLN segment has grown from number 3 in 2009 to become the clear leader, reaching 40% of the market at the end of the first quarter of Notably, the SKM Full Flavor segment, after years of decline, recently stabilized at 29% of the market. (SLIDE 13) Back in 2011, the low-price segment grew driven by new launches, primarily in the SKM LTLN segment, as companies took advantage of a loophole in the excise tax structure. However, the mid and premium-price segments have proven to be 3

4 resilient, and over the last 12 months we have seen the low-price segment decline, which bodes well for our premium-skewed portfolio. (SLIDE 14) Moving to the competitive landscape, five major competitors make up 90% of the market, with Sampoerna the clear leader. Our key competitors are Gudang Garam, Djarum, BAT, and Nojorono. Both Djarum and Nojorono are privately held companies and BAT is the only significant international competitor. It should be noted that approximately 10% of the industry remains with hundreds of small local competitors. (SLIDE 15) And while there are over 1,000 brands on sale in Indonesia, the share of the top ten brand families accounts for over 60% of the total market. Sampoerna s five key brand families are well represented in the top ten. Sampoerna A is the clear market leader with 14.3%. The Dji Sam Soe family, which includes the leading SKT brand, known as the King of Kretek, has a share of 7.2%. Marlboro is the leading SPM brand in the country with a share of 5.0%. Rounding out our key brands are Sampoerna Kretek and U Mild, and, with the exception of Dji Sam Soe, all brands grew share in the first quarter of this year. (SLIDE 16) Our overriding goal is to continue to grow volume, share, profitability and cash flow. We will achieve this goal by advocating a reasonable regulatory and excise tax environment. We will continue to work with the government and stakeholders to ensure that regulations are balanced and meet the stated government priorities of revenue, employment and health. We will continue to support and grow our local and international brands by investing in innovation, and by using our superior sales and marketing organization to meet and exceed the expectations of adult smokers. 4

5 The sheer magnitude of our business demands that we are sufficiently equipped with manufacturing capacity and that we secure the supply of raw materials, notably domestic tobacco and cloves. The effectiveness of our organization and our people underpins our success on all fronts. We will continue to develop a fully integrated sales and marketing organization with the capacity, motivation and empowerment to execute with excellence. And we continue to invest in the development of our people through sophisticated training, challenging on the job learning and through local and international assignments, all of which contribute to developing tomorrow s talent for both Sampoerna and PMI. (SLIDE 17) After three years of deliberation, the government enacted new regulations in December last year that introduced important changes to the regulatory environment. The first was the introduction of a minimum age for the purchase of tobacco products. Outdoor advertising will be limited to 72 square meters and will include a 15% graphic health warning replacing the current textual warning. Descriptors, such as Lights and Mild, are not permitted for all future brand launches. Importantly, existing brands, such as A Mild, retain their descriptors. Graphic health warnings will be introduced on packs in mid-2014 and branded sponsorship will not be permitted as of December Although these changes are important for the industry, we view these regulations as balanced and manageable. (SLIDE 18) Excise taxes are determined by the category of cigarette, the annual sales volume of the respective legal entity and finally the price as printed on the banderole. All of this makes the excise tax structure complex, but simplification is underway. Since 2011 we have seen the number of tiers reduced from 19 to 13. 5

6 Importantly, by eliminating lower tax tiers the government is also securing its fiscal revenues and creating a level playing field. (SLIDE 19) Further simplification recently occurred with the Ministry of Finance issuing a new regulation that addressed the loophole whereby large manufacturers could spread their production volume across sister companies and benefit from the lower excise tax rates. Under the new regulation, which comes into effect this month, companies will be deemed as related based upon a range of criteria including terms of capital, key management, raw material supply and family relationships. The excise tariff will then be determined on a consolidated group basis for these companies. If we assume that all sister companies are impacted, and noting that we do not know the legal entity structures of privately held companies, over 13% of the market could move up in tax tiers, generating additional annualized excise tax revenues of approximately $400 million for the government. (SLIDE 20) Excise tax rates increase once every year. Since 2010 we have seen average increases in the range of 6% to 14%. Retail prices have progressed at a moderate, steady pace, allowing us to more than recover the tax increases and continuously improve unit profitability. In particular, this applies to premium brands like Sampoerna A, Dji Sam Soe, and Marlboro, which are already located in the highest excise tax tiers. However, particularly in the low and mid-price segments, many brands were exposed to the impacts of tier changes and eliminations, resulting in higher excise tax increases and, consequently, more substantial retail price movements. (SLIDE 21) We have increased the recommended retail selling prices of our key premium offerings in reasonable steps. The strong brand equity of our franchises has allowed us to maximize our pricing potential while continuing to grow our overall share. However, when a brand breaks a critical price point (for instance, Dji Sam 6

7 Soe is breaking the Rp. 12,000 per pack price point this year) one can expect some temporary share erosion before the brand stabilizes and re-establishes its position. (SLIDE 22) Our SKM LTLN brand portfolio is well balanced with Sampoerna A in the premium segment and U Mild in the mid-price segment. We have two brands made by sister companies that will be impacted by the new regulation, but they collectively have only 0.8% market share. (SLIDE 23) Sampoerna A is the only truly national brand in Indonesia and it has delivered outstanding share and volume growth for Sampoerna and PMI. In the period 2009 to 2012, Sampoerna A added over 11 billion units in organic growth. (SLIDE 24) Our marketing platform uses a full spectrum of tools from mass communication to personalized adult consumer engagement. We use our superior sales force to ensure visibility at retail and we are always adapting our marketing campaigns to reinforce our leadership position and the brands relevance among legal age to 29 year-old adult smokers. For instance, our recent television campaign, aired across multiple networks, inspires our target adult smokers to follow their dreams and make them a reality. In Indonesia, tobacco advertising on television is permitted between the hours of 9:30 p.m. and 5:00 a.m. TV Commercial (SLIDE 25) (SLIDE 26) U Mild is our key mid-priced offering in the SKM LTLN segment. U Mild has been incredibly successful, reaching a 4.1% share of market in the first quarter of this year. By establishing strong brand equity we have been able to add nearly 8 billion 7

8 units since 2009, and the brand is poised for further success on the back of the expanding mid-price segment. (SLIDE 27) Our full flavor portfolio is well-layered with Dji Sam Soe in the premium segment, and Sampoerna Kretek in the mid-price segment. We also have a regional midprice brand and a tactical brand in the low-price segment. (SLIDE 28) Dji Sam Soe was first launched in 1913 and is known as the King of Kretek. Dji Sam Soe is the leading premium SKT kretek cigarette in Indonesia. While its share has softened recently as it transitions a key price point, it remains a brand with strong equity and heritage. (SLIDE 29) The strategy behind Dji Sam Soe is to reinforce its premium positioning and product quality while building a contemporary image. We use mass communication, an exciting events platform, and premium visibility at wholesale and retail to communicate with adult smokers. (SLIDE 30) Dji Sam Soe Magnum is our only brand in the large SKM Full Flavor segment. Over the past few years we have increased our focus behind Dji Sam Soe Magnum and the results have been positive. At the end of the first quarter, our share of market grew to 0.9%. And even though our share of the 87 billion unit fullflavor segment is only 3.1%, we are encouraged by the brand s progress and future. Our support behind the brand, as shown in the following TV commercial, focuses on a charismatic leader who has uncompromising tastes and includes an aspirational twist. TV Commercial (SLIDE 31) 8

9 (SLIDE 32) Sampoerna Kretek is our key mid-price SKT offering. This is a highly competitive segment and Sampoerna Kretek, with a 2012 volume of 13.7 billion units, continues to grow, outperforming the declining SKT segment. (SLIDE 33) Marlboro has steadily developed a very strong foothold in Indonesia with sales volume last year of nearly 15 billion units. Marlboro is the leading white cigarette brand in the market with a sizeable segment share of over 70%. Our Marlboro portfolio spans the three pillars of the new architecture of Flavor, Smooth and Fresh, and we continue to introduce new innovative offerings, the most recent of which has been Marlboro Ice Blast, launched in October of last year. (SLIDE 34) Given the geographic size of Indonesia, it is no surprise that our sales and marketing footprint is comprehensive. We have a total of 76 sales and marketing offices across Indonesia. This allows us to conduct marketing activities relevant to the distinct adult consumer preferences throughout the country. (SLIDE 35) Our distribution network is also extensive. From our various manufacturing locations we ship product to our 76 distribution centers. We then sell into various trade channels with the largest volume going through our vast wholesale network. We also sell to 31 agents who operate in remote areas, giving us access to a consumer base that otherwise would be economically difficult to reach. And finally we sell directly to some 335,000 retailers, including key accounts and independent modern outlets. (SLIDE 36) An important platform in our sales strategy is engaging with retailers. We have developed a program called the Sampoerna Retail Community where we invest in high traffic retail outlets. We improve the store layout, educate the retailer about stock management, and improve the visibility of our brands. 9

10 We have over 9,000 retailers as part of our Sampoerna Retail Community. In addition to the relationship and loyalty we have created, it also gives us an opportunity to engage directly with adult consumers. (SLIDE 37) Our strong brand portfolio and sound sales and marketing strategies make us confident that organic growth can continue. For example, if we just focus on the island of Java, excluding the Jakarta zone, the total market size is over 100 billion units and our share in 2012 varied from a low of 20% in Central Java to 34% in West Java. All of these shares were below our national average of 35.6%. (SLIDE 38) Our manufacturing footprint is located across the island of Java. We have three modern machine-made manufacturing centers and seven hand rolling plants. We also contract with 38 third-party-operated hand rolling plants. We employ directly more than 30,000 people and our third party operators employ over 60,000 people, all of which contributes to the economic development and prosperity in these areas for both employees and their families. (SLIDE 39) Domestic tobacco leaf and cloves play an important role in our blends, our production costs and our working capital requirements. Sampoerna is one of the largest buyers of domestic leaf and cloves. Importantly, the importation of cloves is prohibited, although the ban was temporarily lifted in 2011 when the domestic crop was short. Clove production is primarily concentrated in Java, Bali and Sulawesi and with over one million farmers, the production base is large and fragmented. Expansion of clove production is difficult as a newly planted tree requires seven years to begin to produce and another 20 years to reach maturity. (SLIDE 40) Due to weather conditions, harvesting and agricultural practices and the natural cycle of the clove tree, the crop size fluctuates between 15,000 and 140,000 10

11 metric tons. To put that into perspective, we estimate the industry s annual clove requirements to be just above 100,000 metric tons. These fluctuations contributed to the recent rise in average market prices, which we estimate were nearly $12 per kilogram in 2012 and $15-$16 per kilogram in 2011, compared to $5-$6 per kilogram in the prior years. In the future, we expect the crop size and the resulting price to remain volatile and somewhat unpredictable. (SLIDE 41) Because of these complexities we have established a presence in the key clove growing areas, and we are developing a close co-operation and partnership with farmers. We are rolling out good agricultural practices, which will improve the long term crop yield and productivity. And finally, our procurement and inventory strategies are set to provide long-term supply stability. (SLIDE 42) Rounding out our strategies is our people. We invest a lot of time and energy sustaining our winning and agile organization. Last year, we recruited over 800 external talents into our organization, bringing new perspectives and invigorating new energy into our workforce. In addition, we recruited more than 10,000 people for our newly-opened hand-rolling facility. We continue to develop our internal talent through a variety of methods including on-the-job training and international assignments. Finally, we are building a world-class commercial organization by integrating activities and empowering the field force, which will expand our coverage and strengthen our service to wholesalers, retailers and adult smokers. (SLIDE 43) Our performance in Indonesia has been impressive. In 2012, we posted a record market share of 35.6%, an increase of 2.8 points versus the prior year. Our 11

12 volume reached billion units, substantially outperforming the growth in the industry, and we added sales of an additional 16 billion units. This growth has been driven by our superior brand portfolio, competitive pricing positions, and our overall field execution on the back of a growing and vibrant industry. And while it will be difficult to repeat this level of growth in the future, we fully expect to continue to grow share and outperform industry growth. (SLIDE 44) In summary, the overall demographics, the economic outlook and the emerging middle class all bode well for the country. The regulatory environment is evolving, but remains manageable. On the excise tax front, we believe that continued simplification and reforms augur well for the industry, and provide Sampoerna with a level playing-field where our superior portfolio will be able to flourish. And our portfolio is unmatched with superior brand equity and leadership positions in many key segments. We have growth opportunities for our core brands, there are geographies where we need to successfully expand and some taste segments, such as SKM Full Flavor, that we are only beginning to penetrate. Finally, I believe that our superior organization and our powerful sales and marketing execution, in concert with the strengths and opportunities I have outlined, will produce sustainable volume, profitability and share growth into the future. (SLIDE 45) Thank you very much for your interest. I would now be pleased to answer your questions. 12

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