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Press Release

September 5, 2016

PT Mitra Adiperkasa Tbk.

Analysts: Martin Pandiangan / Yogie Surya Perdana
Phone/Fax/E-mail: (62-21) 7278 2380 / 7278 2370 / /
As of/for the year ended Jun-2016 Dec-2015 Dec-2014 Dec-2013
Corporate Rating idAA-/Stable (Unaudited) (Audited) (Audited) (Audited)
Total Adjusted Assets [IDR Bn] 9,908.6 9,353.8 8,586.8 7,695.7
Rated Issues Total Adjusted Debt [IDR Bn] 4,255.3 3,656.8 3,425.7 2,776.4
Shelf Registered Bond I/2012-2014 id AA- Total Adjusted Equity [IDR Bn] 2,886.4 2,845.8 2,418.9 2,271.8
Total Sales [IDR Bn] 6,660.8 12,832.8 11,822.1 9,734.2
EBITDA [IDR Bn] 661.9 1,119.9 1,094.1 1,219.8
Rating Period Net Income after MI [IDR Bn] 46.3 37.3 79.1 331.8
September 1, 2016 September 1, 2017 EBITDA Margin [%] 9.9 8.7 9.3 12.5
Adjusted Debt/EBITDA [X] *3.2 3.3 3.1 2.3
Rating History Adjusted Debt/Adjusted Equity [X] 1.5 1.3 1.4 1.2
SEP 2015 id AA-/Negative FFO/Adjusted Debt [%] *17.5 15.0 17.3 30.6
MAY 2015 id AA-/Negative EBITDA/IFCCI [X] 3.1 2.8 2.9 5.1
SEP 2014 idAA-/Stable USD Exchange Rate [IDR/USD] 13,180 13,795 12,440 12,189
SEP 2013 idAA-/Stable FFO = EBITDA IFCCI + Interest Income Current Tax Expense
SEP 2012 idAA-/Stable EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
SEP 2011 IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest *Annualized
SEP 2010 idA+/Stable The above ratios have been computed based on information from the company and published accounts. Where applicable,
some items have been reclassified according to PEFINDOs definitions.

PEFINDO affirms idAA- rating for PT Mitra Adiperkasa Tbk and revises outlook to stable

PEFINDO has affirmed its idAA- ratings for PT Mitra Adiperkasa Tbk (MAPI or the Company) and its Shelf Registered Bond I 2012/2014.
PEFINDO also has revised the outlook for MAPIs corporate rating to stable from negative, based on our expectation that the
Companys profitability margin will be maintained at current level in the near to medium term supported by better operating efficiency
and inventory management. MAPIs profitability margin has recovered gradually over the past four quarters as a result of Companys
effort to manage inventory level. We note that its inventory level has gradually declined to 172 days in the first six months of 2016
(1H2016) from more than 200 days in 1H2014. Thus, we do not expect huge discount program to occur frequently in the near to medium
term. We view that this strategy is positive for the Company and could give a room for MAPI to enjoy improvement on its profitability
margin. The Companys quarterly EBITDA margin in 2016 had recovered consistently to more than 9% from 8% in 2015.

An obligor rated idAA differs from the highest rated obligors only to a small degree, and has a very strong capacity to meet its long-term
financial commitments relative to that of other Indonesian obligors.

The Minus (-) sign in a particular rating indicates that the rating is relatively weak within the respective rating category.

The ratings reflect MAPIs strong market position in the modern retail industry with diverse and strong retail concepts, its relatively
diversified store locations, and above average cash flow protection. However, the ratings are constrained by its moderate capital
structure due to sizeable capital expenditure, and intense competition amid limited retail space in first tier cities.

The ratings may be raised if the Company is able to improve its profitability margin and financial leverage, while maintaining its strong
business position through its well-diversified existing stores and successful expansion. However, the ratings may be lowered if MAPI
experiences further pressure in its profitability margins, and if it incurs significantly larger-than-projected debt without being compensated
by better business performance, as indicated with a debt to EBITDA ratio exceeding 3.5x on a sustainable basis.

MAPI is a leading retailer in Indonesia serving the middle and upper consumer segments. As of June 30, 2016, MAPIs major shareholder
was PT Satya Mulia Gema Gemilang (56.0%). September 2016

Press Release
September 5, 2016

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