PT Alam Sutera Realty Tbk. hereby announced the following. The Company has commenced an offer to purchase for cash (the "Offer") to Eligible Holders (as defined herein) its outstanding Senior Secured Notes due 2024 (the "Notes") (ISIN: XS2238946581, Common Code: 223894658), guaranteed by certain of its subsidiaries, up to an aggregate principal amount of the Notes validly tendered pursuant to the Offer that the Company determines, in its sole discretion, that it will accept for purchase pursuant to the Offer (the "Acceptance Amount").

The Offer is made available to Eligible Holders of the Notes, on the terms and subject to the conditions set in the offer to purchase and consent solicitation memorandum dated as of October 10, 2022 (the "Offer to Purchase and Consent Solicitation Memorandum"). Concurrently with the Offer, the Company is soliciting consents from Eligible Holders of the Notes (the "Consent Solicitation" and together with the Offer, the "Offer and Consent Solicitation") to amend certain provisions of the indenture dated as of November 2, 2020 (the "Indenture") governing the Notes, among the Company, the subsidiary guarantors named therein, The Bank of New York Mellon, London Branch as the trustee, and Madison Pacific Trust Limited, as the notes collateral agent and the pari passu collateral agent. The proposed amendments would amend certain terms of the Indenture including to eliminate substantially all of the restrictive covenants, all of the reporting requirements, and certain of the events of default in the Indenture (the "Proposed Amendments").

The purchase price ("the "Purchase Price") for the Notes will be determined by a "unmodified Dutch auction" procedure (the "Auction Process"). Pursuant to the Auction Process, the Company will determine, in its sole discretion, (a) the Acceptance Amount and (b) a price up to which Notes validly tendered will be accepted for purchase (the "Maximum Purchase Price") (expressed as an amount per USD 1,000 of the principal amount of the Notes validly tendered), taking into account the aggregate principal amount of the Notes so tendered and the prices at which such Notes are so tendered. Once the Company has determined the Maximum Purchase Price and the Acceptance Amount, the Company intends to first accept for purchase all validly submitted Non-Competitive Tender Instructions (as defined herein), subject to possible proration in the event that such tender instructions have been submitted with respect to a greater principal amount than the Acceptance Amount.

It will then accept for purchase validly submitted Competitive Tender Instructions (as defined here), starting from the lowest offer price (the "Offer Price") by any Eligible Holder and continuing with the next lowest Offer Prices, such that all such acceptances would not result in a payment in respect of the Offer in excess of the Acceptance Amount. The Company will accept for purchase all validly submitted Competitive Tender Instructions that specify an Offer Price equal to the Maximum Purchase Price on a pro rata basis, if necessary, such that the purchase of the Notes accepted for purchase would result in the Company spending no more than the Acceptance Amount and will reject Notes tendered at an Offer Price above the Maximum Purchase Price. Eligible Holders may participate in the Offer by validly tendering at or before 4:00 p.m., London time, on October 19, 2022 (the "Expiration Time").

As the Purchase Price applicable to each Eligible Holder who validly submits a tender which is accepted by the Company is determined on the basis of the relevant Offer Price specified by such Eligible Holder in its tender instruction, the Purchase Price payable to each such Eligible Holder will not necessarily be the same. Each Eligible Holder whose Notes are validly tendered and accepted for payment on the Settlement Date (as defined herein) will receive the Purchase Price and accrued and unpaid interest from, and including, the last interest payment date to, but not including the Settlement Date (the "Accrued Interest"). Upon tendering Notes on or prior to the Expiration Deadline, such Eligible Holders are deemed to have consented to the Consent Solicitation.

Eligible Holders whose Notes are validly tendered and accepted for payment will not receive a separate Consent Fee, which is included in the Purchase Price. Eligible Holders may choose to deliver their Consents for the Notes pursuant to the Consent Solicitation without tendering their Notes for purchase in the Offer and the Company will pay such Eligible Holders, subject to the terms and conditions in the Offer to Purchase and Consent Solicitation Memorandum, a cash amount equivalent to USD 2.00 per USD 1,000 in principal amount of Notes (the "Consent Fee"). Notes validly tendered pursuant to the Offer may not be withdrawn and Consents deemed to have been delivered with such validly tendered Notes or validly delivered pursuant to the Consent Solicitation may not be revoked.

The consummation of the Offer and Consent Solicitation is conditioned upon the satisfaction of the Requisite Consent Condition (as defined in the Offer to Purchase and Consent Solicitation Memorandum), the satisfaction of the Financing Condition (as defined in the Offer to Purchase and Consent Solicitation Memorandum) and the satisfaction or waiver by the Company, in its sole discretion, other conditions set in the Offer to Purchase and Consent Solicitation Memorandum. Notwithstanding any other provision of the Offer to Purchase and Consent Solicitation Memorandum, the Company will not be obligated to accept for purchase, and pay for, any Notes validly tendered pursuant to the Offer or any Consents validly delivered pursuant to the Consent Solicitation, as applicable, unless each of the conditions is satisfied or waived. Payment of the Purchase Price, Accrued Interest and Consent Fee will be made promptly after the Expiration Time on the Settlement Date, provided that the conditions to the Offer and the Consent Solicitation have been satisfied or waived.

The Settlement Date is expected to be the fourth business day following the Expiration Time.