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Bara Energi Lestari

Mifa Bersaudara

Media Djaya Bersama

Alfa Trans Raya

Baruna Dirga Dharma

Pelabuhan Buana Reja

Tiara Marga Trakindo Valle Verde Pte Ltd Public

56.00% 21%23%

ABM is an integrated energy company which focuses on Mining. The Group Structure is established to strengthen Mining Business which consisted of Mining Operation, Mining Contractor, Barging and Fuel Supply

3 IUP

2 Provinces

51 Branches

24 Provinces

8 Locations

4 Provinces

9 Projects

5 Provinces

10 Branches

7 Provinces

6,933 28Employees Provinces

*as of Dec 2018*as of Dec 2018

Low-CV Indonesian Coal Prices Edge Higher

Newcastle thermal coal gains traction amid easing concerns over Chinese import restrictions

Start in mid August, low CV Indonesian coal derivatives prices edge higher and the market was strengthening

*Until 25 Oct 2019

117.2 120.7 118.2 114.4 108.1

99.4 100.0 97.9 91.7 89.4

80.9 78.2 69.2 72.1

62.1 62.6 64.3

48.1 46.5 39.4 38.4 37.9

31.8 30.2 32.6 36.1 38.7 38.2 38.4 36.1 34.8 31.6 32.4 34.1

28.9 28.1 25.6 24.1 23.5 20.9 19.1 20.2 21.6 22.4 22.2 22.8 21.8 21.2 19.5 20.0 21.2

Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19*

Newcastle 6300 GAR ICI Index 4200 GAR (ICI4) ICI Index 3400 GAR (ICI5)

Forward Price (Nov 19 – FY 2020) Coal Demand by Region

Source : • CIF ARA & Newcastle 6300 GAR from Platts as of October 31st 2019• Fob Indo 4,200 GAR from Argus as of October 31st 2019

Others

Other Asia

India

China

OECD

4500

4000

3500

3000

2500

2000

1500

1000

500

Mtoe

2000 2010 2020 2030 2040

Source : BP Energy Outlook: 2019 edition

56.55 58.15

60.20

64.00 67.10 67.25

69.60 71.90

34.50 34.35 34.80 34.90

Nov-19 Dec-19 Q1-20 2020

CIF ARA Newcastle 6300 GAR fob Indo 4,200 GAR

Indonesia Energy Mix of Power PlantProduction and Domestic Consumption

Coal54.4%

Renewable23.0%

Gas22.2%

Fuel0.4%

2025

RUPTL 2018 - 2027

458 461 456 461

528

76 86 91 97 115

2014 2015 2016 2017 2018

Produksi Konsumsi Domestik

Source : Kementerian ESDM RI

Source : Kementerian ESDM RI

▪ Coal production continue to increase in line with domesticconsumption and export

▪ The DMO target in 2018 reaches 121 million tons, but therealization is only 115 million tons. However, the realization of theDMO in 2018 has increased compared to previous years.

▪ The biggest coal market in Indonesia is power plant

▪ In 2025, based on the RUPTL 2018 – 2027, coal still thelargest contributor to the power plant

exp

ort

exp

ort

exp

ort

exp

ort

exp

ort

5.45.8

5.34.6

3.43.0

2015A 2016A 2017A 2018A 9M 2018 9M 2019

29.8 27.5

40.0 40.8 42.9

33.5

2015A 2016A 2017A 2018A 9M 2018 9M 2019

4.84.1

5.4

7.0 6.77.1

2015A 2016A 2017A 2018A 9M 2018 9M 2019

23.7

19.8

24.1

30.7 30.1 31.0

2015A 2016A 2017A 2018A 9M 2018 9M 2019

1.4

0.5

2.7

4.9

3.7

5.5

2015A 2016A 2017A 2018A 9M 2018 9M 2019

21.7 22.4

26.3 24.926.5

20.2

2015A 2016A 2017A 2018A 9M 2018 9M 2019

2.5

0.7

2.42.2 2.2

2.4

2015A 2016A 2017A 2018A 9M 2018 9M 2019

29.225.4

18.716.7 16.2 17.5

2015A 2016A 2017A 2018A 9M 2018 9M 2019

17.516.6

17.6

20.0

15.4

13.4

2015A 2016A 2017A 2018A 9M 2018 9M 2019

131.1 131.3 129.1

140.4

104.7

71.7

2015A 2016A 2017A 2018A 9M 2018 9M 2019

4.9

42.3 54.9

136.8

89.4

46.1 0.7%

7.2% 8.0%

17.7%

15.4%

10.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-

50.0

100.0

150.0

2015 2016 2017 2018 9M 2018 9M 2019

134.8

166.0 171.6 195.3

157.5

82.2

20.6%

28.1%24.8% 25.3%

27.1%

18.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

-

50.0

100.0

150.0

200.0

250.0

2015 2016 2017 2018 9M 2018 9M 2019

654.6 590.7

690.7 773.1

581.5

443.4

2015 2016 2017 2018 9M 2018 9M 2019

(38.1)

12.6 5.6

65.5

30.2 11.3

-5.8%

2.1%0.8%

8.5%

5.2%

2.5%

-10.0%

-5.0%

0.0%

5.0%

10.0%

(60.0)

(40.0)

(20.0)

-

20.0

40.0

60.0

80.0

2015 2016 2017 2018 9M 2018 9M 2019

* Incl. Reversal of of impairment losses on mining properties US$45.4 mn

0.3%

4.5%6.5%

17%14.8%

2015 2016 2017 2018 LTM 9M 2019

4.5

3.2 3.0

1.9

3.0

3.4 2.6

2.2

1.0

2.1

2015 2016 2017 2018 LTM 9M 2019

Debt/EBITDA Net Debt/EBITDA

3.5 3.3 3.2

1.5 1.4 2.7 2.7

2.3

0.8 1.0

2015 2016 2017 2018 LTM 9M 2019

Debt to Equity Net Debt to Equity

-21.9%

7.9% 3.4%

26.4%18.6%

2015 2016 2017 2018 LTM 9M 2019

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