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• PT. CENTRATAMA TELEKOMUNIKASI INDONESIA, TBK

Company Presentation April 2019

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 2

DISCLAIMER

These materials and information have been prepared by PT Centratama Telekomunikasi Indonesia, Tbk. (the “Company”) “as is” and without warranties of any kind and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. Neither the Company nor any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss arising from any information presented or contained in these materials. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information in this materials or other information provided. Unless otherwise noted, these materials are the exclusive property of the Company or used with permission and may not be copied or distributed, in whole or in part, without the express written consent of the Company. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. These materials contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” “outlook” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation to buy or subscribe for any securities of the Company in any jurisdiction, nor should these materials or any part of them form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever.

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 3

GENERAL OVERVIEW

Group Structure Brief Profile

• PT. Centratama Telekomunikasi

Indonesia Tbk

• PT. Network Quality

Indonesia

• PT. Mac Sarana Djaya
• PT. Fastel Sarana

Indonesia

• PT. Centratama

Menara Indonesia

• PT.

Centratama Telekomunikasi, Tbk, and its subsidiaries, (“the Group”, “Company”) is an independent telecommunication infrastructure company, providing integrated services for tower and in-building DAS1 as well as internet

• The Company managed 1,773 towers with 1.38x

tenancy ratio and 839 in-building DAS sites with 1.84x tenancy ratio as of December 2018

• During 2018, the Company booked Rp 801.2B

revenue, Rp 562.5B EBITDA (70.2% EBITDA margin), and Rp 35.6B net profit Key Milestones

• Acquired PT. Centratama Menara Indonesia, the
• perating company for telecommunication tower

business, in 2013

• Acquired PT. Network Quality Indonesia (“NQI”)

and its subsidiaries in 2017:

• PT. Mac Sarana Djaya - the in-building DAS

business operating company

• PT. Fastel Sarana Indonesia - the internet

services provider and other value added businesses Revenue by Business Segments

Tower Lease 39% In-building DAS Lease 59% Internet 2%

Note: 1 Distributed Antenna System

99.99% 99.99% 99.99% 99.99%

1

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 4

OUR CORE STRENGTHS

An integrated telco infrastructure company Fastest growing tower company in the market The largest independent in- building DAS provider in Indonesia Proven execution track record with national scale footprints Robust balance sheet position Untapped growth potential from vast range of new product offerings

c.60%

Independent in-building

DAS Market share

2.3x

Net Debt to

EBITDA 2018

52%

CAGR in # of

Tower Tenants

1

(1 Management estimate)

Digital tal Signa nage

5

Section 1

Industry Overview

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 6

DEMAND FOR MOBILE NETWORK INFRASTRUCTURES

Surging data usage to drive demand for quality telco infrastructure

Growth in the mobile data consumption is expected to persist…

4.4 28.3

2017 2022F

Indonesia’s Annual Mobile Traffic in Exabytes (EB)

1.1 5.9

2017 2022F

Average Mobile Connection Traffic in Gigabytes (GB)/month

…yet the network infrastructures is still relatively less developed 3.4 3.6 5.9 6.1 6.1 7.1 7.6 9.3 14.3

India IndonesiaS.Korea Australia USA MalaysiaThailand Vietnam China

Average: 8.1 Towers Number of Towers /10,000 persons, 3Q18

4G Adoption (2017) % of Total Connections

10% 21% 26% 47% 71% 75% 82% Philippines India Indonesia Malaysia China Japan

• S. Korea

Source: GSM Association (GSMA) Source: Cisco VNI Source: Tower Exchange, EIU, DBS, in-house calculation & estimates

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 7

INTRODUCTION TO IN-BUILDING DISTRIBUTED ANTENNA SYSTEM (DAS)

• Outdoor towers cellular signal have limited indoor

coverage

• DAS “extends” the telco coverage into buildings
• Perfect solution for urban area coverage with dense

high rise building population

Indoor Antennas Repeater Antenna Pole Operator BTS

Site Acquisition – MAC:

▪

Pays upfront lease

▪

Secures long term exclusivity

▪

Exclusivity over vast scope of services related to telecommunication and media MAC provides:

▪

Design

▪

Equipment sourcing

▪

Project management expertise

▪

Site maintenance DAS Infrastructure Rental :

▪

Secures long term revenue with

• perators

▪

Fixed rent bases

Tenant Placement

Site Acquisition

DAS Installation

Coaxial Cables

What is In-building DAS? Typical Business Model

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 8

417 420 289 206 1,332 2019F 2020F 2021F 2022F Onwards Total Pipeline

IN-BUILDING DAS GROWTH DRIVERS

Network coverage remains the most important factor to mobile subscribers in a 2016 survey… … especially given that 70%-90% of voice and data demand is generated by mobile subscribers’ indoor usage

Note: 1 Defined as buildings with a minimum 10 storeys or 15,000m2 floor area; Source: BCI Asia

~70% ~90% Voice Data

Voice and Data Demand % of Usage Indoor

Source: Indonesian Small Cell Industry Alliance

Strong construction pipeline of addressable buildings across Indonesia Number of Addressable1 Buildings | by year of construction completion

45% 26% 8% 6% Strong Signal Affordable Pricing Saving Plenty of Bonuses

Source: APJII

Reason of using particular mobile internet operator

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 9

17,437 1 15,032 1 6,070 2

1,773 1

1,297 3 3,800 4 32,1254

8,600 4 4,000 4

• c. 5,300 5

Protelindo Tower Bersama STP Centratama Bali- tower Others Telkom, Telkomsel, Mitratel, PST Indosat XL Others

COMPETITIVE LANDSCAPE: TOWER

Number

• f Towers

#4

Independent Tower Providers (ITPs) MNOs6 & MNOs Affiliated

Notes: 1 As of end of 4Q18 based on the respective company filing, 2 As of end of 3Q18 based on the respective company filing, 3 As of end of 1Q18 based on the respective company filing, 4 Estimated tower count based on TowerXchange 2017, 5 Management estimate, 6 Mobile Network Operators

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 10

MAC c.60% Others c.40% MNOs c.70% Independent DAS Players c.30%

COMPETITIVE LANDSCAPE: IN-BUILDING DAS

c.70% of Indonesia’s DAS market is owned by MNOs1 MAC dominates the independent in-building DAS market

Notes: 1 Mobile Network Operators and the affiliated companies; Source: Management estimates of current landscape

Estimated c.1,500 independent in-building DAS installed Estimated c.4,900 in-building DAS installed

11

Section 2

Company Overview

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 12

INTEGRATED AND INDEPENDENT TELECO INFRASTRUCTURE COMPANY

Note: 1 management estimate

Telecommunication Tower

▪ 4th largest1 independent tower

• perator in Indonesia

▪ Owns/operates 1,773 towers nationwide with 1.38x tenancy ratio as of December 2018 ▪ Stellar growth track record: 52% tower tenants portfolio CAGR from 2013 to 2018

In-Building Coverage

▪ Largest independent operator of in- building distributed antenna system (“DAS”) with c.60% share1 ▪ Operates 839 sites across Indonesia with tenancy ratio of 1.84x as of December 2018

Value Added Services

▪ Product offerings utilizing the group’s relationships with the building managements ▪ Internet Service Provider (“ISP”) license ▪ Triple play capability ▪ Serving 1,383 corporate and retail ISP customers as of December 2018

Note: 1 management estimate

DAS (Indoor site) Operators’ BTS Microcell (Outdoor Site)

1 1 2

Bundled Indoor and Outdoor BTS Capex sharing for operator

1 2

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 13

NATIONAL SCALE FOOTPRINTS

Tower Sites tes by by Geog

• graphic

ical l Loc Locatio ion as of f 20 2018 18

Jabodetabek 6.8% Java (excl. Jabodetabek) 46.5% Bali & Nusa Tenggara 5.9% Sumatra 30.2% Kalimantan 5.2% Sulawesi 5.3% Jabodetabek 44.5% Java (excl. Jabodetabek) 27.4% Sumatra 10.3% Bali & Nusa Tenggara 9.3% Sulawesi 5.7% Kalimantan 2.9%

In In-build ildin ing DAS S Sites tes by by Geog

• graphic

ical l Loc Locatio ion 20 2018 18

Proven execution track record with national scale footprints

Best st Partne ner for B2S Tower er (2017 2017) Wi Winn nner er No Non MLA MLA TP No North h Sumat atra a Regi gion

• n

(2016 2016) 2nd

nd Runn

nner Up Up

• n MLA

MLA TP Collo

• S. Sumat

atra a (2016 2016) Best st TP No Non MLA MLA Ka Kaliman antan an Region

• n

(2016 2016) Mo Most st Inter eractive (2018 2018) The e Highe ghest st Revenu enue e Gr Grow

• wth

Bali Nu Nusr sra a Regi gion (2016 2016-2017 017)

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 14

SENIOR MANAGEMENT TEAM

Yuana Susatyo Chief Marketing Officer 20+ years in sales & marketing for various telecoms products Adi Mulyono VP, Implementation 13+ years in engineering and execution Michael Loebis VP, Human Capital 16+ years in HR Hartanto Kusmanto Chief Financial Officer 25+ years in Finance Asep Suhendi VP, iVAS 25+ years in Sales & Marketing Telco Industry

Experienced management team

Raymond Yan Chief Executive Officer 14+ years in telecom industry in Indonesia

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 15

237 473 581 810 1,290 1,773 302 586 765 1,134 1,872 2,444 2013 2014 2015 2016 2017 2018 65 84 119 136 142 142 173 152 196 216 233 263 2013 2014 2015 2016 2017 2018

Tenancy Ratio, x Sites

HISTORICAL OPERATING GROWTH

Tenancy Ratio, x 2.64x 1.82x 1.65x 1.84x 1.59x

Land Grab Period

Installed Antennas ‘000 1.63x

Tower Sites, Tenants, and Tenancy Ratio In-building DAS Installed Antennas, Antenna Lessees, and Tenancy Ratio1

XL-Axis merger impact

1.27x 1.24x 1.32x 1.38x 1.40x 1.45x

Note: 1 Based on NQI’s historical numbers

Antenna Lessees ‘000

###

Tenants

###

Enhanced site selection framework and elimination of legacy contracts

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 16

563 648 708 801 2015PF 2016PF 2017 2018

ROBUST FINANCIAL PERFORMANCE

Note: 1 The proforma figures include MAC and Fastel’s historical figures

Revenue

(Rp B)

EBITDA

(Rp B)

1 1 1 1

324 467 526 563 2015PF 2016PF 2017 2018

17

Section 3

FY18 Performance Update

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 18

2018 PERFORMANCE: HIGHLIGHTS

TOWERS

1,773 sites 2,444 tenants

(30.6% YoY, 1.38x Tenancy Ratio)

IN-BUILDING DAS 142k antennas 263k lessees

(12.9% YoY, 1.84x Tenancy Ratio) 2018 Rp B YoY Revenue 801.2 13.2%

EBITDA 562.5 6.8% Net Profit 35.6 154.7B

P&L

“In-building DAS maintenance cost shifted from OpEx to direct cost due to vendorization” Asset Lifespan Tower 30 Yrs In-Building DAS 15 Yrs

Adopted new FA accounting

YoY Revenue Increase by Customer, Rp B

708.0 801.2 53.9 33.4 19.5 11.3 (25.0) 2017 Telkomsel XL H3I Indosat Other 2018 1,728.0 1,272.1 455.9 Debt Cash Net Debt

Net Debt

2.3x Net Debt to EBITDA

Non-Recurring OpEx:

Rp 45.3B

bad debt provision

779.6 1,015.6 236.0 Fixed Assets Site Lease Prepayment Total

CapEx

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 19

2018 PERFORMANCE: TENANTS

# of Tower Tenants (% of total) # of In-Building DAS Antenna Lessees ‘000 (% of total)

26.6% 34.8% 29.2% 26.8% 6.6% 12.0% 22.3% 18.5% 15.3% 7.9% 1,872 2,444

2017 2018

Others Indosat Telkomsel H3I XL

1.45x

Tenancy Ratio

1.38x

34.4% 39.7% 24.4% 21.6% 15.7% 15.0% 19.2% 22.8% 6.4% 0.9% 233 263

2017 2018

Others Indosat Telkomsel H3I XL

1.63x

Tenancy Ratio

1.84x

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 20

2018 PERFORMANCE: REVENUES

Revenue by Business Line, Rp B (%) Revenue by Customer, Rp B(%)

69.3% 59.2% 29.6% 39.4% 1.1% 1.4% 708.0 801.2

2017 2018 Internet & Others Tower In Building DAS

30.3% 29.2% 27.9% 28.8% 17.7% 22.3% 12.0% 12.0% 12.2% 7.6% 708.0 801.2

2017 2018 Indosat Telkomsel XL H3I

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 21

P&L, in Rp B 2017 2018 YoY CASFHLOWS in Rp B 2017 2018 YoY Revenue 708.0 801.2 13.2% Cash Provided by Operation 125.0 452.0 261.7% Cost of Revenue (Ex. D&A) (30.9) (55.1) 78.4% Receipt of Interest 24.1 10.4

• 56.6%

Gross Profit 677.1 746.0 10.2% Income Tax (61.0) (81.6) 33.8% % of Revenue 95.6% 93.1%

• 2.5pps

Cashflow from Operations 88.0 380.8 332.7% Opex (Ex. D&A) (150.6) (183.6) 21.8% Site Lease Prepayment (193.7) (236.0) 21.8% EBITDA 526.4 562.5 6.8% Acquisition of PP&E (263.8) (779.6) 195.6% % of Revenue 74.4% 70.2%

• 4.1pps

Other (55.0) 0.4

• 100.7%

D&A (547.2) (351.5)

• 35.8%

Cashflow from Investments (512.5) (1,015.2) 98.1% EBIT (20.8) 211.0 +231.8B Debt Drawdown/(Repayment) (1,191.8) 881.3

• 173.9%

% of Revenue

• 2.9%

26.3% +29.3pps Interest Expense (83.3) (163.2) 96.0% Other Income/(Expense) 0.8 (31.2)

• 31.9B

Other 1,916.7 (1.6)

• 100.1%

Interest Income/Expense (93.5) (158.3) 69.3% Casflow from Financing 641.6 716.4 11.7% EBITDA/Interest, x 5.6x 3.6x

• 36.9%

TOTAL CASHFLOW 217.0 82.1

• 62.2%

Pre-Tax Income (113.5) 21.6 +135.1B % of Revenue

• 16.0%

2.7% +18.7pps BALANCE SHEET, in Rp B Dec-17 Dec-18 Tax (5.6) 14.1 +19.6B Cash 367.8 455.9 23.9% Net Profit (119.0) 35.6 +154.7B PP&E 2,294.7 2,601.8 13.4% % of Revenue

• 16.8%

4.4% +21.3pps Other Assets 1,832.3 2,149.6 17.3% Total Asset 4,494.8 5,207.3 15.9% Debt 792.2 1,728.0 118.1% Net Debt / (Cash) 424.4 1,272.1 199.7% Net Debt to EBITDA, x 2 0.8x 2.3x 180.5% Other Liabilities 734.5 440.9

• 40.0%

Total Liabilities 1,526.7 2,168.9 42.1% Total Equity 2,968.1 3,038.4 2.4%

2018 PERFORMANCE: FINANCIALS

Note: 1 Debt figures after adding back the unamortized transaction cost, the Company’s current US$ debt is hedged at the FX rate of Rp 13,510/US$ , 2 Jun-17 and Jun-18 ratios are based on annualized first half EBITDA figures

Highlights:

• In-building DAS maintenance cost shifted from OpEx to

Direct cost as the works were getting outsourced to vendors

• Includes a non-recurring Rp 45.3B bad debt provision
• The company adopted new fixed assets accounting in 2018

(30 years useful life for towers and 15 years useful life for in- building DAS)

1 2 3 1 2 3

Company Presentation | April 2019 PT CENTRATAMA TELEKOMUNIKASI INDONESIA TBK 22

VALUATION

Tower Co A 9.3x EV/EBITDA

Tower Co C 10.2x EV/EBITDA Tower Co B 10.3x EV/EBITDA Tower Co D 19.5x EV/EBITDA CENT at Rp 88/share 7.2x EV/EBITDA 5.0x 7.5x 10.0x 12.5x 15.0x 17.5x 20.0x

• 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% EV / 2018 EBITDA , x1 YoY Growth of 2018 Revenue, %

Comparatively attractive revenue growth-EV/EBITDA profile

Note: 1 Based on the latest available closing share price (Tower Co A) or the average of closing share prices during the latest 20 trading days (Tower Co’s B,C and D ) as of 8 April 2019.

23

Contact Us Investor Relations

• PT. Centratama Telekomunikasi Indonesia Tbk

 ir@centratamagroup.com  +62 21 2952 9404 TCC Batavia Tower One 19th Floor

• Jl. KH Mas Mansyur Kav. 126, Jakarta Pusat 10220

Thank You

End of Presentation