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A. Stotz Investment Research

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BRPT: Capacity Gains a Market Share Chain Reaction

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Chandra Asri Petrochemical / Equity Bottom-Up

<ul><li>Good price momentum, low correlation to the Indonesian market, and improving asset turnover relative to its sector</li><li>TPIA’s petrochemical production capacity accounts for almost 50% of Indonesia’s total, placing it ahead of competition to distribute future product lines</li><li>Future synthetic rubber plant in JV with Michelin to use output from TPIA’s butadiene plant as feedstock resulting in lower production costs</li><li>TPIA looks attractive as operating profit has grown by almost 5x in 9M16 YoY while revenue grew by 22% during the same period</li><li>Risks: Naphtha corresponds to 57% of feedstock. Price volatility may affect margins significantly</li></ul><p><em>* Consensus Estimates</em></p>

Good price momentum, low correlation to the Indonesian market, and improving asset turnover relative to its sectorTPIA’s petrochemical production capacity accounts for almost 50% of Indonesia’s total, placing it ahead of competition to distribute future product linesFuture synthetic rubber plant in JV with Michelin to use output from TPIA’s butadiene plant as feedstock resulting in lower production costsTPIA looks attractive as operating profit has grown by almost 5x in 9M16 YoY while revenue grew by 22% during the same periodRisks: Naphtha corresponds to 57% of feedstock. Price volatility may affect margins significantly* Consensus Estimates

TPIA: Operating Profit Lifts Indonesian Chemical Boss