Dear Star Energy Geothermal Community,

As we start the new year, I hope 2022 will be a very happy, exciting and healthy year for all of you.

It has been 21 Months since the government announced the first Covid-19 case in Indonesia on 2 March 2020. The Pandemic has changed the way we do business very dramatically and has challenged all of us to deliver our very best. Despite those very difficult period and physical constraints that we experience, I am glad and proud to share our key accomplishment in 2021:

• Our three power plants managed to produce 6,911,000 MWH of electricity from all three assets, Salak, Darajat and Wayang Windu. That is at an impressive 90% of our installed capacity.
• Star Energy Geothermal generate a very strong financial performance in 2021: USD 537.4 mn in revenue, USD 443.8 mn in EBITDA and USD 163.7 mn in net income. That is 3%, 4% and 39% higher compare to year 2020, respectively.
• Our drilling team completed 6 wells drilling program in 163 days at US$ 19.57 mn at Wayang Windu. This is 63 days faster and US$ 14.82 mn lower than our AFE budget, respectively. The program also yields 131 kg/s of steam gain, or 14.9% higher than our P50 target. We also completed a 5-well MUW drilling program in Salak in 126 days with drilling cost US$ 18.14 mn which is 15 days faster and US$ 7.27 mn lower than our AFE Budget, respectively.
• We completed a study with Accenture how to improve our human capital capability and strategy. We aim to implement this program starting year 2022.
• On safety, we reach 22,136,987 hours, 16,814,576 hours and 13,993,560 hours without LTI at Salak, Darajat and Wayang Windu, respectively (YTD Dec 2021)
• Our power plant operation team completed the uprating of all power plant in Wayang Windu, Salak and Darajat and add additional 10.2 MW of generation capacity
• In July 2021, started the construction of the infrastructure work for the 15mw binary power plant
• Our asset management team completed the study with Schlumberger to make the World’s first Geothermal Fracture Modelling Technique
• We completed the vaccination of all of our employee and majority of their family.
• We received Gold PROPER for Wayang Windu. This is the 9 (nine) times for Wayang Windu to receive the Gold PROPER award.

In 2022, we will continue our path to become the leading and the largest geothermal energy producer by focusing on six strategy focus: maintain our operation excellence, continue to innovate in finding  a new way to reduce cost and improve our business process, maintain excellent stakeholder management,  become the top employee of choice, continue to lead the geothermal industry in finding new technology in the areas of drilling, power plant and resources management and achieving another milestones to hit our growth target of 1,200 mw by year 2028.

I am looking forward to more success stories to write and new accomplishment to make.

Sincerely,

HENDRA SOETJIPTO TAN

Group Chief Executive Officer

Make Tomorrow Brighter