We wish to announce that our Indonesian subsidiary, PTNJL, have on 28 November 2019 filed a civil suit in the Pengadilan Negeri Jakarta Selatan against Menteri Agraria dan Tata Ruang/Kepala Badan Pertahanan Nasional Republik Indonesia (“BPN”) and PT Adindo Hutani Lestari (“AHL”) (collectively, “Defendants”). The President Republik Indonesia and Menteri Lingkungan Hidup dan Kehutanan Republik Indonesia (“Menteri Kehutanan”) have been named as co-defendants in the said suit.

PTNJL is seeking legal recognition of its rights over land title Hak Guna Usaha No. 01/Nunukan Barat (“HGU”); an injunction to (i) order BPN and Menteri Kehutanan to issue permit, recommendation, or approval for PTNJL to undertake its plantation activities, (ii) bar AHL from preventing PTNJL from undertaking its plantation activities within the HGU areas which overlap with AHL’s operating permits/interests; and to restrain Menteri Kehutanan from issuing any new licences permits or approvals to any parties on or within the HGU. PTNJL is also seeking an order from the court to stay the enforcement of the Ministerial Order dated 25 July 2016 pending full and final determination of the matter by the Indonesian courts.

Further updates in respect of any material development on the matter will be made from time to time.

This announcement is dated 28 November 2019.