PT United Tractors TbkAnalyst Gathering

Construction Machinery – Mining Contracting – Coal Mine – Gold Mine – Construction Industry - Energy

YTD Sep’19 Performance Update

Establish in:

13 October 1972

No. of employee (as of September 2019)

34,046 people

Go Public:

19 September 1989

Market cap. (as of 30Sep 2019)

Rp76.7 trillion

Construction

Machinery

Coal Mining

Mining

Contracting

Construction

Industry

Main Business:

Shareholder Composition

40.5%59.5%

Public

3,730,135,136 share asOf 30 Sep 2019

Energy

2

Gold Mining

United Tractors in Brief

29% 30%

50%51%

53% 43%14% 10%

15%

15%

16%

13%36% 46%

24%

24%

21%

29%21%14%

11%

10%

10%

15%

2015 2016 2017 2018 9M 2018 9M 2019

Mining Plantation Construction Forestry

2,568

3,681

Komatsu Sales (in unit)

2,124 2,181

3,788

-30%4,879

3

YTD Sep’19 Komatsu sales volume down 30% to 2,568 units. Based on Internal Market Research, Komatsu maintained its position as market leader with 33% market share.

3

Source: Internal Market Research

KOMATSU33%

CATERPILLAR17%

HITACHI19%

KOBELCO13%

SUMITOMO5%

OTHERS13%

Komatsu Market Share 9M19

Construction Machinery

77

361

700808

624

387

246

532

1,116

792683

382

2015 2016 2017 2018 9M 2018 9M 2019

UD TRUCKS SCANIA

UD TRUCKS AND SCANIA

-44%

4

YTD Sep’19 UD Trucks sales volume was decreased 38% from 624 units to 387 units and Scaniaproducts was decreased 44% from 683 units to 382 units.

-38%

Construction Machinery

6,093 5,818

7,113

9,359

6,850 6,846

2015 2016 2017 2018 9M 2018 9M 2019

5

YTD September’19 Parts and Service revenue recorded flat growth of Rp6.8 trillion.

Spare Parts & Service Revenue(after elimination, in billion Rupiah)

Construction Machinery

109.0 109.2 112.6 125.1 90.5 96.4

766.6701.5

800.8

979.4

717.6 749.9

7.06.4

7.1

7.8 7.9 7.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

2015 2016 2017 2018 9M 2018 9M 2019

Coal Production (in milion tons) Overburden Removal (in million bcm) Strip Ratio

+7%

+5%

YTD Sep’19 PAMA recorded 7% increase in coal production at 96.4 million tonnes and 5%increase in overburden removal at 749.9 million bcm.

6

Mining Contracting

YTD Sep’19 Tuah Turangga Agung (TTA) recorded total coal sales volume of 6.4 milliontonnes or increase 11%, including 839 thousand tonnes of coking coal.

TTA’s Coal Sales Volume (in thousand tonnes)

4,604

6,808

6,2196,215

5,2895,609

116807

525839

2015 2016 2017 2018 9M 2018 9M 2019

Thermal Coal Coking Coal

11%

7,0226,336

5,8146,448

7

Coal Mining

8

Location: South Tapanuli, North Sumatra

Operates under a 30-years Contract of Work

The construction has started in 2008 and the production began in 2012

Resources : 8.1 million ounces of gold

Estimated reserve : 4.5 million ounces of gold (December 2018)

Production Target: 400,000 ounces

YTD September Gold Sales : 306,000 ounces

97’E 98’E 99’E [110’E]

3’N

2’N

1’N

Medan

Tebing Tinggi

Tanjung

Balai

PematangsiantarKabanjahe

Sidikalang

Lake Toba

SUMATRA

Parapat

Rantau

PrapatBarus Tarutung

80km0N

Sibolga MARTABE DEPOSITS

BatangtoruPadangsidempuanGunung Sitoli

NIAS

ISLANDINDONESIA

MARTABE

GOLDMINE

JakartaJava

Nusa TenggaraIndian

Ocean

KalimantanSulawesi Irian Jaya

Kotanopan

Lubuksikaping

Singapore

Martabe Gold Mine

Gold Mining

New Contracts(in billion Rupiah)

3,0883,773

8,441

1,596

835

1,709

2015 2016 2017 2018 9M 2018 9M 2019

• Until September 2019, PT Acset Indonusa Tbk (ACSET) recorded net revenue of Rp3,1trillion, increase from Rp2,7 trillion in the same period last year.

• ACSET obtained new contracts worth of Rp 1.7 trillion until September 2019

9

Construction Industry

Photo: PLTU Jawa-4 (Tanjung Jati 5&6), September 2019

Photo: PLTU PAMA-1, September 2018

PLTU PAMA-1

UT through subsidiary has built the mine mouthpower plant PLTU PAMA-1 of 2x15 MW in CentralKalimantan. The first unit has started operation on27 September 2018, while the second unit willstart in 2020.

PLTU Jawa-4 (Tanjung Jati 5 & 6)

Bumi Jati Power, 25%-owned by UT is developingand will operate 2x1,000 MW coal fired powerplant in Jepara, Central Java. Until September2019, the progress of development has reached82%, in line with plan and scheduled to startcommercial operation in 2021.

10

Energy

9

7,181

YTD September’19 net revenue increased by 7% to Rp65.6 trillion from Rp61.1 trillion, driven byhigher revenue of Mining Contracting, Coal Mining, added with a new contribution from the GoldMining segment and partially offset by lower contribution from Construction Machinery segment

11

In Billion Rupiah

13,629 14,61824,771 29,615 21,347 18,166

30,545 24,003

29,637

40,559

28,91330,019

3,8175,124

7,181

10,727

8,134 8,4891,357 1,794

3,031

3,724

2,731 3,0605,874

2015 2016 2017 2018 9M 2018 9M 2019

Construction Machinery Mining Contracting Coal Mine Construction Industry Gold Mine

49,347 45,539

64,559

84,625

61,125

65,608

Net Revenue

9

7,181

12

(*): Profit after tax attributable to owners of the parent.

Financial Highlight

Expressed in billion Rupiah

Year 2015 2016 2017 2018 9M 2018 9M 2019

Exchange rate (Rp/US$) 13,795 13,436 13,548 14,481 14,929 14,174

Net Revenue 49,347 45,539 64,559 84,624 61,125 65,608

Gross Profit 11,702 9,661 14,484 21,110 15,079 16,213

Gross Profit Margin 23.7% 21.2% 22.4% 24.9% 24.7% 24.7%

Net Income* 3,853 5,002 7,403 11,126 9,072 8,639

Earning per Share (in full Rp) 1,033 1,341 1,985 2,983 2,432 2,316

Cash 15,413 19,461 20,831 13,438 28,615 15,978

Total Assets 61,715 63,991 82,262 116,281 107,579 119,338

Total Liabilities 22,465 21,369 34,724 59,230 53,100 60,327

Net Debt/Equity (gearing) ratio net surplus net surplus net surplus net surplus net surplus net surplus

13

The Company launched UT CommandCenter. This facility developed as anoperational control to ensure andenhance customer satisfaction of UTproducts and services.

1 March 2019

Event Highlight

16 July 2019

The company launched the latest 20 tonclass Hydraulic Excavator, KomatsuPC210-10MO, designed to produce highproductivity, low production costs, andeasy maintenance.

14

Projection

Company’s 2019 Outlook:

Komatsu sales volume outlook: 3,200 units; flat growth in parts and service;

2% growth in coal production (128 million tons); andslightly decrease in overburden removal (966 million bcm);

8.8 million tons of coal sales volume (21% is contributed by coal trading/ offtakes).

400,000 ounces of gold equivalent sales.

Thank You

Disclaimer: This report has been prepared by PT United Tractors Tbk independently and is circulated for the purpose of general information

only. It is not intended to specific person who may receive this report. The information in this report has been obtained from sources which we

deem reliable. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations

included in this report constitute our judgment as of this date and are subject to change without prior notice.

We disclaim any responsibility or liability without prior notice of PT United Tractors Tbk and/or their respective employees and/or agents

whatsoever arising which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the

contents of this report and neither PT United Tractors Tbk and/or its affiliated companies and/or their respective employees and/or agents

accepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might

otherwise arise.