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Page 1
                         EXPLANATION ON THE AGENDA OF
             THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF
            PT HANJAYA MANDALA SAMPOERNA Tbk. ON FEBRUARY 27, 2026


In relation to the plan to hold Extraordinary General Meeting of Shareholders ("EGMS") of PT
Hanjaya Mandala Sampoerna Tbk. (the "Company") which will be convened on Friday,
February 27, 2026, and in view of the following provisions:

-   Law No. 40 of 2007 dated August 16, 2007, regarding Limited Liabilities Companies (the
    “Company Law”);
-   OJK Regulation No. 15/POJK.04/2020 dated April 20, 2020, regarding the Planning and
    Convening of a General Meeting of Shareholders of Public Companies (“OJK 15/2020”);
-   OJK Regulation No. 33/POJK.04/2014 dated December 8, 2014, regarding the Board of
    Directors and Board of Commissioners of Issuers and Public Companies (“OJK 33/2014”);
-   The Articles of Association of the Company as set out in the Deed of Statement of Meeting
    Resolutions on the Amendments to the Articles of Association of the Company No.107
    dated May 27, 2025, made before Aulia Taufani S.H., Notary in Jakarta.

The Company hereby provides an explanation for the agenda of EGMS as follows:

                                         Agenda 1
       Approval of the changes to the composition of the Company’s Board of Directors


1.1.   Background

       Pursuant to (i) Article 94 paragraph 1 of Company Law; (ii) Article 3 of OJK 33/2014; and
       (iii) Article 15 paragraph 3 of the Company's Articles of Association, the members of the
       Board of Directors are appointed by the General Meeting of Shareholders.

1.2.   Explanation

       The appointment of members of the Board of Directors is carried out in accordance with
       the Company's Articles of Association and other related regulatory provisions.

       In connection with the above, the Company will propose to the shareholders of the
       Company in the EGMS to decide and approve the appointment:

       1. Reno Bontemps as Director of the Company who will replace Sergio Colarusso;
       2. Houria Raselma as Director of the Company who will replace Gunnar Beckers;
       3. Rianto Probo Hartono as Director of the Company,
                                                                                               1
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       with a term of office that will end at the closing of the fifth Annual General Meeting of
       Shareholders as of the Annual General Meeting of Shareholders on May 27, 2025, namely
       at the Annual General Meeting of Shareholders in 2030. Thus, the composition of the
       Board of Directors and the Board of Commissioners of the Company shall become as
       follows:

       Board of Directors
       President Director            : The Ivan Cahyadi
       Director                      : Elvira Lianita
       Director                      : Johan Bink
       Director                      : Andre Dahan
       Director                      : Sharmen Karthigasu
       Director                      : Yohan Lesmana Tjhin
       Director                      : Reno Bontemps
       Director                      : Houria Raselma
       Director                      : Rianto Probo Hartono

       Board of Commissioners
       President Commissioner      : Paul Janelle
       Vice President Commissioner : Mindaugas Trumpaitis
       Independent Commissioner : Luthfi Mardiansyah
       Independent Commissioner : Justin Mayall

       The term of office of all members of the Board of Directors and the Board of
       Commissioners will end at the closing of the fifth Annual General Meeting of Shareholders
       as of the Annual General Meeting of Shareholders on May 27, 2025, namely at the Annual
       General Meeting of Shareholders in 2030.

1.3.   Supporting Material

       The following are the curricula vitae of Reno Bontemps, Houria Raselma, and Rianto
       Probo Hartono.




                                                                                               2
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                                RENO BONTEMPS
SUMMARY OF QUALIFICATIONS

Reno Bontemps has over 15 years of experience in strategy consulting and corporate finance within the
FMCG industry, including more than a decade with Philip Morris International. He has proven expertise in
Finance Leadership, Strategy Development, and Business Growth. Prior to this, Reno spent 5 years at a top-
tier global strategy consulting firm, leveraging strong financial acumen and strategic insight to drive
sustainable business performance.


PROFESSIONAL EXPERIENCE

PHILIP MORRIS INTERNATIONAL                                                             2015 – PRESENT

PM Management Services                           DUBAI, UNITED ARAB                APR 2024 - PRESENT
                                                     EMIRATES
FINANCE & STRATEGY DIRECTOR

   •    Responsible for PMI’s affiliate based in Dubai, specifically covering the Gulf Cooperation Council
        (GCC) and Iraq markets (7 markets in total: Saudi Arabia, United Arab Emirates, Kuwait, Oman,
        Qatar, Bahrain, and Iraq).
   •    Manage all aspects of accounting operations, ensuring accurate and timely processing of financial
        transactions and adherence to regulatory requirements.
   •    Oversee business controlling, including performance analysis and key performance indicators
        (KPIs).
   •    Lead financial planning and analysis, including budgeting, rolling forecasts, and
        management/statutory/group reporting.
   •    Oversee commercial finance activities, such as cost control and return on investment (ROI) analysis.
                                                                                                     3
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   •   Supervise treasury and tax departments.
   •   Drive the strategic planning cycle and Program Management Office (PMO) initiatives.
   •   Manage mergers & acquisitions (M&A) and joint venture (JV) partnerships with business partners.
   •   Lead and manage a team of 14 direct reports and provide oversight for 20+ people through dotted-
       line relationships.

PM World Trade S.A.R.L                              LAUSANNE,                    APR 2021 – MAR 2024
                                                   SWITZERLAND
FINANCE & STRATEGY DIRECTOR

   •   Responsible for PMI’s affiliate based in Lausanne, overseeing the commercialization of PMI
       products in Travel Retail and Duty-Free channels worldwide (e.g., airports, airlines, border shops,
       etc.).
   •   Manage and supervise all aspects of accounting operations, ensuring accurate and timely processing
       of financial transactions and adherence to regulatory requirements.
   •   Oversee business controlling, including performance analysis and key performance indicators
       (KPIs).
   •   Lead financial planning and analysis, including budgeting, rolling forecasts, and
       management/statutory/group reporting.
   •   Oversee commercial finance activities, such as cost control and return on investment (ROI) analysis.
   •   Supervise treasury and tax departments.
   •   Drive the strategic planning cycle and Program Management Office (PMO) initiatives.
   •   Lead and manage a team of 11 direct reports and provide oversight for 6 people through dotted-line
       relationships.

PM World Trade S.A.R.L                              LAUSANNE,                     JAN 2018 – MAR 2021
                                                   SWITZERLAND
FINANCE & BUSINESS CONTROLER

   •   Manage all aspects of accounting operations, ensuring accurate and timely processing of financial
       transactions and adherence to regulatory requirements.
   •   Conduct business controlling activities, by conducting in-depth performance analyses and
       monitoring key performance indicators (KPIs) to support data-driven decision making.
   •   Manage the financial planning and analysis function which includes preparing annual budgets,
       developing and updating rolling forecasts, and producing comprehensive management, statutory,
       and group financial reports.
   •   Collaborate with cross-functional teams to optimize accounting processes and enhance internal
       controls for improved financial integrity.

PM World Trade S.A.R.L                              LAUSANNE,                     JUN 2015 – DEC 2017
                                                   SWITZERLAND
STRATEGIC PLANNING MANAGER

                                                                                                    4
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   •   Manage the strategic planning cycle for the affiliate, ensuring alignment with corporate objectives.
   •   Formulate and communicate business strategies across the organization to drive operational
       excellence.
   •   Conduct comprehensive cost-benefit analyses to evaluate and prioritize strategic initiatives.

ROLAND BERGER STRATEGY                         BRUSSELS, BELGIUM                 OCT 2009 – MAY 2015
CONSULTANTS

SENIOR CONSULTANT                                                                 JAN 2013 – MAY 2015

   •   Lead and manage multiple client projects across the Retail, FMCG, and Pharmaceutical sectors,
       with additional experience in Chemicals and Financial Services.
   •   Lead direct cost optimization programs, develop market entry strategies, and oversee supply chain
       and route-to-market optimization initiatives.
   •   Conduct comprehensive procurement efficiency analyses to identify and implement operational
       improvements.
   •   Coordinate and deliver over 20 assignments, ensuring project objectives aligned with client goals
       and industry best practices.

CONSULTANT                                                                         JUL 2011 – DEC 2012

   •   Support the execution of strategic projects for clients in Retail, FMCG, Pharmaceutical, and
       related industries.
   •   Contribute to analysis and development of market entry strategies and supply chain optimization
       projects.
   •   Assist in cost optimization initiatives by collecting and interpreting data and preparing
       recommendations for efficiency improvements.
   •   Collaborate with cross-functional teams to deliver project deliverables and client presentations.

JUNIOR CONSULTANT                                                                 OCT 2009 – JUN 2011

   •   Conducting research and quantitative analysis to support client projects in diverse industries,
       including Retail and FMCG.
   •   Assisting senior team members in preparing reports, market studies, and internal presentations.
   •   Gathering data for supply chain, cost optimization, and procurement efficiency projects,
       contributing to actionable insights for clients.


EDUCATION
IMPERIAL COLLEGE LONDON                             LONDON, ENGLAND                           2008 - 2009
Master of Science in Finance


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UNIVERSITE LIBRE DE                            BRUSSELS, BELGIUM                             2002 - 2008
BRUXELLES
MSc in Mechanical and Aeronautical Engineering

Double Engineering degree (Ingénieur Civil Mécanicien from the University of Brussels and Ingénieur en
Aéronautique from the Supaero School of the Institut Supérieur de l’Aéronautique et de l’Espace – ISAE in
Toulouse) as part of the TIME network (Top International Managers in Engineering), which is a network of
60 universities in 27 countries offering double degree programs in engineering and related fields.


LANGUAGE
English – Native
French – Fluent
Dutch – Proficient




                                                                                                  6
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                              HOURIA RASELMA
SUMMARY OF QUALIFICATIONS

Houria has over 20 years of experience in marketing and brand strategy across telecom, research, and
global FMCG. She began her career in telecom, driving B2C and B2B offers and pioneering digital through
Value-Added Services, followed by a brief period in research that strengthened her consumer-centric
approach. Since 2012, Houria has held senior roles at Philip Morris International, managing brands across
home markets and global duty-free, leading portfolio and innovation strategy for EEMA, and spearheading
marketing and trade for Maghreb. She currently serves as Director, Combustible Category for MEA,
leveraging her expertise in strategic thinking, analytics, and omnichannel marketing to deliver growth and
lead multicultural teams across international markets.


PROFESSIONAL EXPERIENCE

Philip Morris International                                                       FEB 2012 - PRESENT
DIRECTOR COMBUSTIBLE                                 DUBAI, UAE                   JUL 2023 - PRESENT
CATEGORY MEA REGION

   •   Maintain leadership of the Combustible Category across the Middle East, Levant, and Africa,
       ensuring a strategic balance between value creation and volume to support margin sustainability.
   •   Develop and support the regional business strategy for PMI, actively driving regional priorities
       within MEA markets.
   •   Provide ongoing guidance and support to market teams, empowering them to achieve their business
       objectives and deliver results.

DIRECTOR CONSUMER                                ALGIERS, ALGERIA                 MAY 2021 – JUL 2023
EXPERIENCE & CC MARKETING
MAGHREB CLUSTER


                                                                                                    7
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  •   Drive the overall business performance of the Combustibles Category at the Cluster level,
      overseeing category P&L, Net Operating Revenue, market share, product margin, and executing
      portfolio and brand marketing strategies in alignment with regional and global teams.
  •   Ensure local market competitiveness by optimizing brand portfolio mix, pricing, formats, and
      segments, and build strong brand equity across the Cluster.
  •   Develop and implement compelling marketing propositions for LAS (Legal Age Smokers), partner
      with Commercial Operations leadership for effective commercial planning, and deploy commercial
      toolkits in compliance with local regulations.
  •   Manage trade marketing and digital CRM activities for the Combustibles Category, aiming to
      maximize performance in indirect channels and implement the infrastructure for efficient LAS
      conversion to smoke-free alternatives.

HEAD OF CONSUMER & CUSTOMER                   ALGIERS, ALGERIA                 JAN 2019 – MAY 2021
EXPERIENCE

  •   Design and execute comprehensive commercial strategies and consumer/customer programs,
      including defining touchpoints and managing budget allocations.
  •   Lead digital and offline engagement initiatives, oversee trade marketing activities to strengthen
      brand presence in indirect channels, and ensure consistent content across all touchpoints.
  •   Implement and monitor digital tools and CRM journeys, design customer experiences (such as app
      navigation and rewards programs), and foster a test-and-learn culture for communication platform
      validation.
  •   Mentor and develop direct reports to enhance managerial capabilities and prepare them for future
      leadership roles.

MANAGER PORTFOLIO STRATEGY &                  ALGIERS, ALGERIA                 AUG 2017 – JAN 2019
SPECIAL PROJECTS

  •   Lead market intelligence initiatives, provide in-depth understanding of consumers and customers,
      and track market and business performance trends.
  •   Define and implement comprehensive market strategies, including portfolio strategy for products,
      innovation, brand positioning, and pricing.
  •   Design and launch the first digital trade engagement strategy and program, successfully deploying
      it across 8,000 points of sale (POS) with a high active user rate.
  •   Manage a team of 8, mentoring and developing the next generation of marketing talent.

MANAGER PORTFOLIO STRATEGY &                     LAUSANNE,                     MAY 2016 – JUL 2017
INNOVATION - EEMA Region                        SWITZERLAND

  •   Manage the Marlboro brand and spearhead product innovation initiatives across the EEMA region
      (Eastern Europe, Middle East & Africa).


                                                                                                8
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   •   Conduct performance assessments and identify business opportunities to drive brand and product
       growth.
   •   Recommend strategic portfolio and product innovation solutions to address key business challenges,
       with a focus on Sub-Saharan Africa.
   •   Develop and execute deployment plans for portfolio strategies, ensuring successful market entry
       and expansion.

BRAND MANAGER MARLBORO DUTY                                                      OCT 2014 – APR 2016
FREE WORLDWIDE

   •   Evaluate Marlboro’s brand performance and identify growth opportunities within the global travel
       retail channel.
   •   Recommend portfolio and brand strategies to strengthen brand positioning and achieve volume and
       market share targets.
   •   Enhance brand equity by leveraging travel retail trends and addressing the interests of legal age
       smokers from diverse regions.
   •   Develop exclusive, tailor-made offers and consumer experiences for legal age smokers in travel
       retail settings.

GROUP BRAND MANAGER                            ALGIERS, ALGERIA                 MAY 2013 – OCT 2014
MARLBORO

   •   Lead Marlboro’s brand strategy and performance, ensuring strong positioning and growth.
   •   Continuous monitoring of Marlboro’s brand performance indicators to identify growth opportunities
       and or threats and drive its portfolio and brand LRP strategy.
   •   Develop and execute strategic initiatives to drive volume, market share, and brand equity aligned
       with consumer trends.

BRAND MANAGER MEDIUM BRANDS                    ALGIERS, ALGERIA                  FEB 2012 – APR 2013

   •   Develop and implement both short- and long-term brand strategies for L&M.
   •   Lead assigned brand initiatives, focusing on strategic portfolio management and effective budget
       utilization.
   •   Support brand growth by creating tailored marketing solutions and driving successful brand
       programs.

Nielsen                                         ALGIERS, ALGERIA                 OCT 2010 – JAN 2012
SENIOR RESEARCH EXECUTIVE

   •   Manage key client accounts by providing comprehensive marketing research, data analysis, and
       detailed reporting.


                                                                                                  9
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   •   Ensure smooth project execution from initial client briefing through to report writing and results
       presentation.
   •   Support clients in understanding market trends and needs, helping them identify opportunities and
       mitigate risks.

Wataniya Telecom Algérie                        ALGIERS, ALGERIA                APR 2007 – OCT 2010
VAS MARKET MANAGER                                                              JUL 2009 – OCT 2010

   •   Manage and enhance the Value-Added Services (VAS) portfolio to support business growth, ARPU
       (Average Revenue Per User), and brand positioning.
   •   Develop and launch new VAS offers and concepts for the mass market to maintain multimedia
       leadership.
   •   Conduct market studies, competitive analysis, and performance reporting to inform strategy and
       decision-making.

LOYALTY & RETENTION MARKET MANAGER                                                DEC 2008 – JUL 2009

   •   Conduct in-depth analysis of customer spending patterns and mobile service usage to identify
       causes of churn.
   •   Evaluate consumer behavior to design the development of effective loyalty and retention programs
       concepts.
   •   Implement targeted retention strategies to enhance customer loyalty and reduce churn rates.
   •   Use data-driven insights to support decision-making and improve overall program effectiveness.

DATA MARKET MANAGER                                                              JUL 2008 – NOV 2008
   •   Leverage customer insights and competitive analysis and analyze market needs and emerging trends
       to inform the creation of data offer concepts.
   •   Collaborate with cross-functional teams to develop and refine tailored data service propositions.

CORPORATE OFFERS & VAS                                                           APR 2007 – JUN 2008
SPECIALIST
   •   Develop tailored offers and value-added service (VAS) concepts specifically for the corporate
       segment.
   •   Lead cross-functional project management initiatives targeting corporate clients.
   •   Collaborate with internal teams to ensure effective delivery and refinement of corporate-focused
       solutions.

EEPAD TISP (Entreprise d'Exploitation          ALGIERS, ALGERIA                  JUN 2004 – MAR 2007
et de Prestation d' Accès à Distance /
Télécommunications, Informatique,
Services, Réseaux et Support)
VOIP PRODUCT MANAGER                                                             APR 2006 - MAR 2007
                                                                                                  10
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   •   Lead the conception and design of double play offers (Internet + Voice over IP) for residential and
       corporate clients (Assila Box).
   •   Develop Voice over IP solutions for professionals, including Call Shops and IP Centrex, through
       comprehensive market research, business case development, and process design.
   •   Create and implement media plans for product launches and deliver sales force training focused on
       product knowledge and user experience.
   •   Conduct post-launch product evaluations and in-depth analysis to support continuous improvement
       and market adaptation.

VOIP & VAS PRODUCT MANAGER                                                         JUL 2005 – MAR 2006
ASSISTANT
   •   Conduct market research for residential and corporate segments to identify opportunities and guide
       product development.
   •   Manage all purchase orders, billing, and customer care for corporate clients using the prepaid Voice
       over IP solution ‘Hatifnet.’
   •   Oversee the sales and distribution of prepaid Voice over IP solution cards for residential customers.
   •   Handle hosted services for corporate clients, including domain names, websites, and hosted email
       by creating offers and developing activation processes.
   •   Manage purchase orders and billing for hosted services, while ensuring efficient back-office
       customer care support.
   •   Participate in organizing various events and press conferences, such as Salon Telecom-Alger, le
       Salon Hitech-Alger, la Foire des mobiles-Constantine, and the EEPAD Web portal press conference
       attended by the Algerian Telecom minister.

CALL CENTER AGENT                                                                   JUN 2004 – JUL 2005
   •   Handle inbound and outbound customer calls, delivering accurate information and support.
   •   Respond promptly to customer inquiries, addressing questions and concerns professionally.
   •   Resolve customer issues efficiently, ensuring customer satisfaction and a positive experience.

EDUCATION
Université d'Alger                                         ALGERIA                             2001 - 2005
Bachelor’s degree in marketing


LANGUAGE
English – Fluent
Arabic – Native
French – Native




                                                                                                    11
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                      RIANTO PROBO HARTONO
SUMMARY OF QUALIFICATIONS

Experienced leader with over 18 years at PT HM Sampoerna Tbk. group (an affiliate of Philip Morris
International), driving strategic initiatives across People & Culture, External Affairs, Commercial Strategy,
Field Operations, Marketing, and Business Planning. Proven expertise in governance, regulatory
stakeholder management, and strategic leadership, with a strong track record of leading diverse teams and
delivering complex business solutions. Former Head of External Affairs with deep cross-functional
experience in commercial strategy and zone leadership, recognized for analytical strength, innovation
mindset, and ability to foster collaboration and cultural transformation aligned with organizational
priorities.

PROFESSIONAL EXPERIENCE

PT HM Sampoerna Tbk.                            JAKARTA, INDONESIA                       2007 - PRESENT
DIRECTOR OF PEOPLE & CULTURE                                                             2025 - PRESENT

•   Lead the development and execution of market People & Culture (P&C) strategy aligned with
    transformation objectives
•   Drive the talent agenda, including succession planning, leadership development, and capability
    building initiatives
•   Champion cultural transformation and embed organizational values to foster engagement and high
    performance.
•   Enhance organizational effectiveness through change management, workforce planning, and agility
    initiatives.
•   Establish and maintain governance frameworks to ensure compliance and strategic consistency across
    the organization.

HEAD OF EXTERNAL AFFAIRS                                                                        2022 – 2025

•   Direct fiscal strategy, regulatory compliance, and stakeholder engagement initiatives.
•   Represent the company in high-level engagements with ministries and government agencies.
•   Ensure alignment with public policy and regulatory requirements across operations.
                                                                                                     12
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HEAD OF COMMERCIAL STRATEGY                                                                   2020 – 2022

•   Drive market strategy initiatives across multiple channels and categories to support growth objectives.
•   Enable data-driven decision-making by leveraging analytics and performance insights.
•   Implement performance management frameworks to optimize operational efficiency and business
    outcomes.

HEAD SRC PARTNERSHIP & OPERATIONS                                                             2019 – 2020

•   Build and nurture external partnerships to strengthen market presence and drive collaborative growth.
•   Streamline operational processes to enhance efficiency and accelerate commercial ecosystem
    effectiveness.
•   Implement initiatives that optimize partner engagement and improve overall business performance.

HEAD OF ZONE - SOUTH SUMATRA                                                                  2018 – 2019

•   Manage large-scale field operations to ensure seamless execution and operational excellence.
•   Drive revenue delivery through effective planning, monitoring, and performance optimization.
•   Oversee route-to-market strategies to expand reach, improve distribution efficiency, and maximize
    profitability.

MANAGER COMMERCIAL STRATEGY                                                                   2016 – 2018

BRAND MANAGER                                                                                 2015 – 2016

MANAGER COMMERCIAL PROJECT                                                                              2015

MANAGER STRATEGIC PLANNING                                                                    2013 - 2015

MANAGER PRICING                                                                               2011 – 2013

MANAGER SALES DISTRIBUTION                                                                              2011

MANAGER AREA SALES                                                                            2010 – 2011

KEY ACCOUNT BUSINESS PLANNER - PT Perusahaan Dagang dan                                       2009 - 2010
Industri Panamas, a subsidiary of PT HM Sampoerna Tbk

MANAGEMENT TRAINEE – PT Perusahaan Dagang dan Industri                                        2007 - 2009
Panamas, a subsidiary of PT HM Sampoerna Tbk.




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EDUCATION
International Institute for                       LAUSANNE, SWITZERLAND                      2025
Management Development (IMD)
Executive Training Course, Future Readiness

University of Toronto                               TORONTO, ON, CANADA              2001 - 2005
Honor Bachelor of Science, specialist in Actuarial Science and minor in Statistics

LANGUAGE
Indonesia – Native
English – Fluent




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Names mentioned 21 people and organisations named in the text · linked when the evidence is strong

linked org HANJAYA MANDALA SAMPOERNA Tbk. p.1 ×5
linked person Reno Bontemps · Director p.1 ×5
linked person Sergio Colarusso p.1
linked person Houria Raselma · Director p.1 ×4
linked person Gunnar Beckers p.1
linked person Rianto Probo Hartono · Director p.1 ×4
linked person The Ivan Cahyadi p.2
linked person Elvira Lianita p.2
linked person Johan Bink p.2
linked person Andre Dahan p.2
linked person Sharmen Karthigasu p.2
linked person Yohan Lesmana p.2
linked person Mindaugas Trumpaitis · President Commissioner p.2 ×2
linked person Luthfi Mardiansyah · Commissioner p.2
linked person Justin Mayall · Commissioner p.2
linked org Philip Morris p.3 ×5
linked org HM Sampoerna Tbk. p.12 ×11
unresolved person Aulia Taufani S.H. · Notaris p.1
unresolved org PT Perusahaan Dagang p.13 ×2
unresolved org Perusahaan Dagang dan | 2009 - 2010 Industri Panamas p.13
unresolved org Perusahaan Dagang dan Industri | 2007 - 2009 Panamas p.13

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