Dear Dr. Richter,
Thank you for sharing the BDIC investor deck. Before advancing internal committee review and structuring conversations with potential Chinese EPC / equity syndication partners, we would appreciate your written response to the following questions. Items marked GATING are pre-conditions for us to invest any pre-FID working capital or introduce third-party capital.
尊敬的 Richter 博士：
感谢分享 BDIC 项目材料。在推进内部投委审议、并与潜在中方 EPC / 股权组盘方进行结构性对话之前，恳请就以下问题给予书面答复。标注 【关键前置 GATING】 的问题为我方投入 pre-FID 资金或引入第三方资本的先决条件。
A Anchor Tenant Status 锚定客户状态
A1
Gating · 关键前置
ENPlease confirm the executed status of the ByteDance engagement. Is it a Letter of Interest (LOI), Heads of Agreement (HOA), or binding term sheet? What is the committed MW volume, take-or-pay ratio, lease tenor, and termination fee structure? Can we review a redacted copy under NDA?
中请确认与 ByteDance 的合作实际签署状态：是 LOI、HOA 还是有约束力的 Term Sheet？承诺电量（MW）、take-or-pay 比例、租约期限、终止赔偿结构分别是什么？可否在 NDA 项下审阅脱敏版本？
A2
ENThe deck states single-tenant concentration will be capped at ≤35%, yet ByteDance strategic scale is targeted at 150-250 MW (30-50% of 500 MW). How is this reconciled with the covenant framework?
中Deck 声明单一租户浓度上限 35%，但 ByteDance 战略规模目标为 150-250 MW（占 500 MW 的 30-50%）。这与融资 covenant 框架如何协调？
A3
ENBeyond ByteDance, which specific counterparties among Alibaba Cloud / AWS / Google Cloud have entered documented engagement (NDA, RFI response, site visit)? Please list stage and expected LOI window.
中除 ByteDance 外，Alibaba Cloud / AWS / Google Cloud 中哪些具体主体已进入书面接触阶段（NDA、RFI 回复、场地考察）？请列出各方所处阶段及预期 LOI 窗口。
A4
ENIn the scenario that ByteDance defers commitment beyond Q2 2026 (given ongoing TikTok / CFIUS-related considerations), what is the fallback anchor plan and its impact on Phase 1 FID timing?
中若 ByteDance 因 TikTok / CFIUS 相关因素将决策推迟至 2026 Q2 之后，备用锚户方案是什么？对一期 FID 时间表的影响？
B Grid & Power 电网与电力
B1
Gating · 关键前置
ENPlease provide PLN's Surat Ketersediaan Daya (SKD / grid capacity confirmation letter) — or, if not yet issued, the current stage of application, filing date, and expected issuance date. Which of the three candidate substations (GI Sentul / GI Bogor Baru / GI Cibinong) is the primary connection point?
中请提供 PLN《Surat Ketersediaan Daya》（电力供应能力函）；若尚未取得，请说明当前申请阶段、递交日期、预期出函日期。三个候选变电站（GI Sentul / GI Bogor Baru / GI Cibinong）中哪个是主接入点？
B2
ENFor the 150-180 MW geothermal PPA at $0.080-0.095/kWh: identify the counterparty (Star Energy, Pertamina Geothermal Energy, Supreme Energy, or other), the specific geothermal field, current WKP status, and the surplus capacity actually available for hyperscale offtake.
中关于 150-180 MW 地热 PPA（$0.080-0.095/kWh）：请指明交易对手（Star Energy / Pertamina Geothermal Energy / Supreme Energy 或其他）、具体地热田、当前 WKP 状态，以及可用于超大规模客户的实际富余产能。
B3
ENFor the 500-700 MWp ground solar PPA at $0.045-0.065/kWh: PLN's most competitive 2024 solar tender cleared at ~$0.058/kWh. What margin exists for BDIC to secure prices at the lower end? Which IPPs are in dialogue?
中关于 500-700 MWp 地面光伏 PPA（$0.045-0.065/kWh）：PLN 2024 年最具竞争力的光伏中标价约为 $0.058/kWh。BDIC 是否有足够 margin 拿到区间下限？在谈的 IPP 有哪些？
B4
ENFor the 200-300 MWp floating solar PPA: the Cirata reservoir concession is already committed to Masdar. Please identify the alternative Java reservoir target(s) and current permitting stage.
中关于 200-300 MWp 漂浮式光伏 PPA：Cirata 水库特许权已授予 Masdar。请指明 Java 岛替代水库标的及当前许可阶段。
B5
ENBESS 30 MW / 160 MWh appears undersized for a 100 MW Phase 1 with >80% variable renewables. Please provide the dispatch simulation output showing ride-through capability, ramp-rate coverage, and required PLN top-up hours per year.
中BESS 30 MW / 160 MWh 相对于 >80% 波动性可再生能源的一期 100 MW 负载显得不足。请提供调度仿真结果，说明穿越能力、爬坡覆盖能力、以及年均需 PLN 顶峰补充的小时数。
C Land & Site 土地与场地
C1
Gating · 关键前置
ENPlease provide the HGB (Hak Guna Bangunan) certificate or, if pre-issuance, the land purchase agreement, current landholder(s), agreed acquisition price, and status of BPN transfer application. If the land is not yet controlled by PT BDIC, on whose balance sheet does it sit today?
中请提供 HGB（建设用地使用权）证书；若尚未取得，请提供土地购买协议、当前土地持有人、约定购买价、以及 BPN 过户申请状态。若土地尚未由 PT BDIC 持有，目前挂在哪个主体名下？
C2
ENFor a 181 ha contiguous parcel in Mulyaharja / Palasari / Pamoyanan of South Bogor: how many original landowners were consolidated? Are there any customary land (tanah adat), religious endowment (wakaf), or village-level (tanah desa) claims? Please provide the title-chain summary.
中关于南茂物 Mulyaharja / Palasari / Pamoyanan 的 181 ha 完整地块：整合了多少位原始业主？是否存在习惯法土地、宗教捐赠土地或村集体土地权益？请提供权属链摘要。
C3
ENKKPR (spatial-planning conformity) — has it been formally approved for data-centre industrial use, and does the West Java provincial RTRW currently zone this site for industrial or commercial use?
中KKPR（空间规划一致性）— 数据中心工业用途是否已获正式批准？西爪哇省 RTRW（空间规划）目前将该地块划为工业用地还是商业用地？
C4
ENWater sourcing (Ciawi / Cisadane catchment): with WUE target <0.2 L/kWh and 500 MW ultimate load, please provide the water-balance study and hydrological allocation letter from BBWS Ciliwung-Cisadane.
中水源（Ciawi / Cisadane 流域）：在 WUE 目标 <0.2 L/kWh 且 500 MW 终期负载下，请提供水平衡研究报告及 BBWS Ciliwung-Cisadane 出具的水权分配函。
D Sponsor, Governance & Capital 发起人、治理与资本
D1
Gating · 关键前置
ENWho is the sponsoring entity behind BDIC Holdings Pte. Ltd.? Please provide the shareholder structure, ultimate beneficial ownership, sponsor's data-centre delivery track record (specific hyperscale campuses completed, MW commissioned), and audited financial statements demonstrating capacity to fund the "minimum 25% co-invest" (~USD 70-90M).
中BDIC Holdings Pte. Ltd. 背后的发起主体是谁？请提供股东结构、最终受益人、发起人数据中心交付履历（具体已完成的超大规模项目、投运 MW 数）、以及能证明有能力承担"最低 25% co-invest"（约 USD 70-90M）的经审计财务报表。
D2
ENWho is currently funding pre-FID working capital (typically USD 15-30M for permitting, DD, EPC bidding)? What is the pre-FID cost incurred to date and the projected additional burn to reach FID?
中目前 pre-FID 运营资金（通常 USD 15-30M，用于审批、尽调、EPC 招标）由谁承担？截至目前已发生的 pre-FID 成本，以及至 FID 前预计追加的资金消耗？
D3
ENAre any Indonesian BUMN (Telkom, PLN Nusantara, Danantara, MIND ID, BRIN) or state-related equity partners engaged, formally or informally? A BUMN anchor materially de-risks land, AMDAL, and grid processes.
中是否已有印尼国有企业（Telkom、PLN Nusantara、Danantara、MIND ID、BRIN）或政府相关方作为股权伙伴（正式或非正式）？BUMN 背书对土地、AMDAL、电网流程有实质性去风险作用。
D4
ENWhich DFIs (IFC, ADB, AIIB) have issued indicative term sheets or mandate letters? What ESG framework (IFC Performance Standards 1-8, Equator Principles) has BDIC formally adopted for the debt package?
中已有哪些 DFI（IFC、ADB、AIIB）出具了 indicative term sheet 或 mandate letter？为债务方案 BDIC 正式采纳了哪一套 ESG 框架（IFC PS 1-8 / 赤道原则）？
D5
ENHoldCo domicile — Singapore or Hong Kong? Please share the rationale (tax treaty positioning, investor-familiarity considerations, exit optionality) and the intended tax structure between HoldCo, PT BDIC, and downstream OpCos.
中HoldCo 落地新加坡还是香港？请说明选址依据（税收协定、投资人熟悉度、退出优化）以及 HoldCo — PT BDIC — 下属运营公司的税务结构。
E CAPEX, EPC & Delivery CAPEX、EPC 与交付
E1
Gating · 关键前置
ENCAPEX intensity of $7.5-8.5M/MW is materially below the Asian AI-ready hyperscale benchmark ($10-14M/MW). Please provide an indicative fixed-price letter (or budgetary offer) from at least one Tier-1 EPC (CRCC / PowerChina / China Energy Engineering / equivalent) supporting this number.
中CAPEX 单位造价 $7.5-8.5M/MW 明显低于亚洲 AI-ready hyperscale 基准（$10-14M/MW）。请提供至少一家 Tier-1 EPC（中铁建 / 中国电建 / 中国能建 / 或同级别）出具的 indicative fixed-price letter 或 budgetary offer 予以支撑。
E2
ENPlease share the Phase 1 CAPEX bill-of-quantities cross-check: (a) civil + structural, (b) HV & MV electrical, (c) UPS & switchgear, (d) liquid cooling CDU / CT / CRAC, (e) fibre / connectivity, (f) BESS. Any lump-sum EPC quote must be reconciled to this BOQ.
中请提供一期 CAPEX 分项工程量清单交叉核对：(a) 土建结构；(b) 高压/中压电气；(c) UPS 与开关柜；(d) 液冷 CDU / CT / CRAC；(e) 光纤 / 连接；(f) BESS。任何 EPC 一口价报价须与该 BOQ 对齐。
E3
ENFor the 24-36 month Phase 1 delivery target: what buffer is built in for AMDAL delays (typically 6-9 months) and PLN interconnection scheduling? Which milestones are on the critical path?
中关于 24-36 个月一期交付目标：为 AMDAL 延误（通常 6-9 个月）与 PLN 并网排期预留了多少缓冲？哪些里程碑在关键路径上？
E4
ENCooling system: Warm-water direct-to-chip requires 30-35°C supply. Bogor's ambient wet-bulb design temperature is ~26-27°C — please share the free-cooling hours per year and top-up chiller sizing assumption.
中冷却系统：温水直接芯片冷却（D2C）要求 30-35°C 供水。茂物年设计湿球温度约 26-27°C — 请提供年自然冷却小时数与顶峰冷水机组容量假设。
F Financial Model & Returns 财务模型与回报
F1
ENPlease share the underlying financial model (Excel), with sensitivities on (a) lease rate ±20%, (b) utilisation 60/75/85%, (c) CAPEX +15%, (d) IDR/USD ±10%, (e) blended energy cost ±25%. Base-case IRR is stated at 15-22% — please split unlevered project IRR vs sponsor equity IRR.
中请提供底层财务模型（Excel），并对以下变量做敏感性分析：(a) 租金 ±20%；(b) 利用率 60/75/85%；(c) CAPEX +15%；(d) IDR/USD ±10%；(e) 混合电价 ±25%。基础情境 IRR 声明为 15-22% — 请拆分为无杠杆项目 IRR 与 sponsor 股权 IRR。
F2
ENEBITDA margin 55-65% appears optimistic vs listed comps (Equinix ~45%, Digital Realty ~50%, EdgeConneX ~48%). Please explain the operating cost structure and what drives BDIC's premium.
中EBITDA 利润率 55-65% 相对上市公司可比数据（Equinix ~45%、Digital Realty ~50%、EdgeConneX ~48%）显得乐观。请说明运营成本结构以及 BDIC 溢价的驱动因素。
F3
ENLease rate assumption $110-140/kW/month — please confirm whether this is colocation retail or wholesale hyperscale pricing. Asian wholesale comps typically clear at $80-110/kW/month.
中租金假设 $110-140/kW/月 — 请确认是零售 colocation 定价还是批发 hyperscale 定价？亚洲批发市场可比价通常为 $80-110/kW/月。
F4
ENFor the CIT holiday under PMK 69/2024: has BDIC formally applied to BKPM? Confirmed on the pioneering-industry positive list? Please provide the Surat Keputusan if issued, or filing acknowledgement.
中关于 PMK 69/2024 项下的企业所得税假期：BDIC 是否已正式向 BKPM 申请？是否已确认列入 pioneering industry 正面清单？如已出批文（Surat Keputusan）请提供，或提供受理回执。
G Exit & Governance 退出与治理
G1
ENExit path: SG S-REIT vs Indonesia DIRE vs strategic sale. Please share the exit-thesis note, target investor list, and expected timeline post-stabilisation. What single-tenant concentration cap is required for S-REIT eligibility?
中退出路径：SG S-REIT vs 印尼 DIRE vs 战略出售？请提供退出论证文件、目标投资人清单、stabilisation 后预计时间。S-REIT 资格所需的单一租户浓度上限是多少？
G2
ENPost-FID board composition and minority-shareholder protections: information rights, tag-along, drag-along, veto matrix — please share the proposed shareholders' agreement key terms.
中FID 后董事会组成与小股东保护：信息权、tag-along、drag-along、否决事项清单 — 请提供拟议股东协议的关键条款。
G3
ENAlignment: what portion of the sponsor's equity is subject to lock-up until Phase 1 COD? What key-man clauses apply to Dr. Richter's role?
中一致性：sponsor 股权中有多少比例锁定至一期 COD？关于 Richter 博士角色的关键人条款是什么？
✉ Response Format Requested 回复格式
ENWe would appreciate written responses in the same numbered structure. Documentary evidence (LOI, SKD, HGB, term sheets, model file) may be shared under NDA via secure data room.
Target turnaround: 10 business days.
中烦请按上述编号顺序书面回复；证明性文件（LOI、SKD、HGB、term sheet、模型文件）可通过安全数据室在 NDA 项下分享。
期望回复时间：10 个工作日。
Best regards,
顺颂商祺，
Grace Zhang
gracez@daonagroup.com