PT United Tractors Tbk

YTD Sep’17 Performance Update

Analyst Gathering2 November 2017

Construction Machinery ◦ Mining Contracting ◦ Mining Concession ◦ Construction Industry ◦ Energy

United Tractors in Brief

Establish in:

13 October 1972

No. of employee

(as of Sept 2017)

28,702 people

Go Public:

19 September 1989

Market cap . (as of

Sept 2017)

Rp 119.4 trillion

Shareholder

Composition

40.5%

59.5%

Construction

Machinery

Mining

Concession

Mining

Contracting

Construction

Industry

Main Business:

Network:

20 branches, 22 site support,

10 rep. offices, and 14 mine offices

Public

3,730,135,136 share as

Of 30 Sept 2017

Energy

2011 2012 2013 2014 2015 2016 9M 16 9M 17

Forestry

Construction

Agribusiness

Mining

Heavy Equipment Market (in unit)

-29%

-14%

-33% +16% +59%

-17%

14,421

10,252

8,867

5,9126,844

4,796

7,622

17,360

• Note: As of September 2017, HE market was up 59% y-o-y `

Hydraulic Excavator

Bulldozer

Motor Grader

Wheel Loader

Articulated Dump Truck

Dump Truck

Construction Machinery

KOMATSU Sales (in unit)

67%

54%

43% 35%

29% 30% 26% 50%

17%

24%

26%

23%

14% 10% 9%

16%

10%

16%

23%

28%

36% 46% 49%

22%

6%

6%

8%

14%

21% 14%

16%

12%

2011 2012 2013 2014 2015 2016 9M 16 9M 17

Forestry

Construction

Agribusiness

Mining

-16%

8,467

6,202

2,124

4,2033,513

2,181

• Note: As of September 2017, Komatsu sales volume up 73% to 2,744 units,

with 36% market share.

-27%

-32%

-40% +3%

1,588

2,744

+73%

171

77

361

266

485

293

200

311

174

657

34 46

221156

105

2014 2015 2016 9M 2016 9M 2017

UD TRUCKS SCANIA Truck SCANIA Bus

Construction Machinery

UD TRUCKS, SCANIA Truck & Bus Sales (in unit)

+82%

+369%

-55%

-32%

+56%

+278%

+35%

+380%

-33%

4.864

5.8895.518

5.980 6.0935.818

4.210

5.115

2011 2012 2013 2014 2015 2016 9M 16 9M 17

Parts & Service Revenue

Construction Machinery

+21%-6%

+8%

Spare Parts & Service Revenue(after elimination in billion Rp)

-5%

+21%

+2%

Mining Contracting

Pamapersada Nusantara

86,8 94,4 105,1 113,5 109,0 109,2 78,6 82,4

796,4855,5 844,9

806,4766,6

701,5 523,9585,0

9,2 9,1

8,0

7,1 7,06,4 6,7

7,1

0,0

2,0

4,0

6,0

8,0

10,0

0

200

400

600

800

1000

1200

2011 2012 2013 2014 2015 2016 9M 16 9M 17

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

+5%

+12%

Coal by

Customer2012 2013 2014 2015 2016

Adaro 17.2 18.5 21.1 19.6 18.5

Indominco 13.9 14.6 13.8 11.9 12.1

KPC 12.7 15.3 15.9 18.3 20.3

Kideco 12.6 12.9 12.7 12.0 8.1

Jembayan 6.9 7.9 6.9 6.1 8.7

Trubaindo 4.8 4.9 5.2 4.6 3.6

Bukit Asam 6.4 9.0 10.9 12.4 12.6

Others 19.9 22.0 27.0 24.1 25.3

Total 94.4 105.1 113.5 109.0 109.2

OB by

Customer2012 2013 2014 2015 2016

Adaro 131.0 119.0 134.2 116.8 90.2

Indominco 188.4 173.7 136.4 114.9 93.2

KPC 117.2 122.4 118.6 131.5 134.0

Kideco 100.7 96.4 95.2 91.9 72.1

Jembayan 95.0 88.6 69.5 68.3 77.1

Trubaindo 58.0 56.5 50.0 38.9 27.9

Bukit Asam 26.8 44.3 56.8 66.2 70.1

Others 138.4 144.0 145.7 138.1 136.9

Total 855.5 844.9 806.4 766.6 701.5

Mining Concession

� As of September 2017, Tuah Turangga Agung (TTA ) recorded total coal sales

volume of 5.1 million tons or down 12%.

1

4.4895.627

4.176

5.6724.604

6.8085.746

5.078

2011 2012 2013 2014 2015 2016 9M 16 9M 17

TTA's Coal Sales Volume (in thousand tons)

-12%

� Gold mine concession PT Sumbawa Jutaraya (SJR) which was acquired in 2015, is

currently still in infrastructure development phase and further exploration. SJR is

expected to start production in early 2019.

CONSTRUCTION INDUSTRY

Until September 2017, PT Acset Indonusa Tbk (ACSET) recorded net revenue of Rp1.9

trillion from Rp1.2 trillion, with net profit increased by 179% to Rp111 billion, and

obtained new contracts worth of Rp7.2 trillion compared to Rp2.5 trillion in the same

period 2016.

ACSET holds new contracts in 2017 for:

• Jakarta-Cikampek II elevated toll road

• Bakauheni-Sidomulyo toll road

• JORR II Kunciran-Serpong toll road

New Contracts(in billion Rupiah)

2014 2015 2016 9M 2016 9M 2017

606

3,0883,773

2,499

7,153

+186%

ENERGY

PLTU PAMA-1LOCATION

CAPACITY

BARUNANG, KALIMANTAN TENGAH

2 x 15 MW

START

PROGRESS

100% / PT ENERGIA PRIMA NUSANTARA

Civil : 96% ;

Electrical, Mechanical & IC: 81%.

Scheduled to start operation in early

2018 for 1st unit and 2nd unit in 2019

INVESTMENT US$ 60 million

OWNERSHIP

January 2015

LOCATION

CAPACITY

PLTU Jawa-4 (Tanjung Jati 5 & 6)JEPARA, JAWA TENGAH

2 x 1,000 MW

START

PROGRESS

25% / PT UNITRA PERSADA ENERGIA

Overall progress 8% in line with plan;

Scheduled to start commercial operation

in 2021

INVESTMENT US$ 4.2 billion

OWNERSHIP

April 2017

Photo: PLTU Jawa-4 (Tanjung Jati 5&6), August 2017

Photo: PLTU PAMA-1, July 2017

Financial Highlights(in billion Rupiah)

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

Expressed in billion Rupiah

Year 2012 2013 2014 2015 2016 9M2016 9M2017

Exchange rate (Rp/US$) 9.670 12.189 12.440 13.795 13.436 12.998 13.492

Net Revenue 55.954 51.012 53.142 49.347 45.539 33.897 46.258

Gross Profit 10.521 9.517 12.070 11.702 9.661 6.580 10.439

Gross Profit Margin 18,8% 18,7% 22,7% 23,7% 21,2% 19,4% 22,6%

Net Income* 5.780 4.834 5.362 3.853 5.002 3.127 5.638

Earning per Share (in full Rp) 1.549 1.296 1.437 1.033 1.341 838 1.512

Cash 3.995 7.936 10.060 15.413 19.461 17.334 20.266

Total Assets 50.301 57.362 60.307 61.715 63.991 60.899 79.697

Total Liabilities 18.000 21.713 21.777 22.465 21.369 20.703 33.584

Net Debt/Equity (gearing) ratio 3.8% net surplus net surplus net surplus net surplus net surplus net surplus

22.15815.644 14.983 13.629 14.618

10.64917.441

27.994

31.554 33.49330.545

24.003

17.731

21.223

5.8023.814

4.666

3.817

5.124

4.226

5.646

1.3571.794

1.290

1.949

2012 2013 2014 2015 2016 9M2016 9M2017

Construction Machinery Mining Contracting Mining Construction Industry

55,95451,012

53,14249,347

45,539

Consolidated Revenue(in billion Rupiah)

33,897

46,258+36%

Events Highlight in 2017

� 23 March 2017, the Company through its subsidiary Tuah Turangga Agung has

completed the acquisition of 80.1% ownership in PT Suprabari Mapanindo Mineral

(SMM), a coking coal concession in Central Kalimantan. SMM is expected to start

production by the end of 2017.

� 31 March 2017, 25%-owned PT Bhumi Jati Power (BJP) has completed its project

financing agreement with lenders (financial close). BJP will develop and operate

2x1,000 MW thermal power plant in Jepara, Central Java and scheduled to start

commercial operation in 2021.

� 11 April 2017, launch of Komatsu Excavator PC195LC-

8 (19.5 ton class for construction sector). This new

unit is expected to contribute around 6% to total

Komatsu sales volume in 2017.

� 13 September 2017, launch of Scania Heavy Tipper:

Scania P360CB-6X4 (30 ton class) and Scania P410CB-

8X4 (40 ton class). This new model is expected to sell

around 200 units in 2018.

Thank You

Disclaimer: This report has been prepared by PT United Tractors Tbk independently and is circulated for the purpose of general informationonly. It is not intended to specific person who may receive this report. The information in this report has been obtained from sources which wedeem reliable. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimationsincluded 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 agentswhatsoever 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 thecontents of this report and neither PT United Tractors Tbk and/or its affiliated companies and/or their respective employees and/or agentsaccepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which mightotherwise arise.