Company Presentation August 2013 1 Disclaimer These materials have - PowerPoint PPT Presentation

PT Toba Bara Sejahtra Tbk ( “ Toba ” ) Company Presentation August 2013 1

Disclaimer These materials have been prepared by PT Toba Bara Sejahtra Tbk (the “Company”) . These materials may 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,” 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 of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice. 2

Content 1 Corporate Profile & Updates 2 Investment Highlights & Growth Strategies 3 Business Overview & Updates 4 Financial Highlights 5 CSR & Environmental Highlights 3

Corporate Profile & Updates 1 4

Toba in Brief Toba specializes in thermal coal production and comprises three operating subsidiaries: Adimitra Baratama Nusantara (ABN), Indomining (IM) and Trisensa Mineral Utama (TMU), which hold adjacent concession areas located in East Kalimantan, Indonesia • Strong growth profile • Substantial and diversified thermal coal reserves and resources o Produced 5.2 MM tons of coal in 2011 and grew to produce around 5.6 MM tons of coal in 2012 o JORC-compliant proved and probable reserves of 147 MM tons and measured, indicated and o Prime location provides the operational cost edge to inferred resources of 236 MM tons grow as a logistical & operational center for the area o Coal brands with calorific values ranging from o Continued exploration effort to increase our Reserves and 4,700 - 5,800 Kcal / kg GAR Resources. Current reserves only account for 52% of our total area has been explored Revenue (1) EBITDA (1) Reserves Resources % % % % TMU TMU TMU 4.4% 5.4% 4.5% TMU IM 18.2% 15.0% IM IM 21.8% 19.6% IM 15.7% ABN ABN 76.0% 73.7% ABN ABN 66.1% 79.6% Total: US$ 30 MM Total: US$ 425 MM Total: 147 MM Tonnes Total: 236 MM Tonnes 5 Note: (1) Last Twelve Month analysis ~ Revenue and EBITDA

Coal Specifications Calorific Value GAR 4,200 6,700 Toba’s coal quality 4,100 5,100 is in mid-upper 4,200 4,900 range 6,700 4,500 5,000 5,100 4,900 6,500 4,200 7,200 6,000 5,300 5,900 5,200 TOBA 4,700 5,800 Ash Sulphur 1,4% 0,2% 2,5% 12,0% 0,1% 0,2% 1,5% 2,0% 0,1% 0,1% 2,5% 3,3% 0,2% 2,0% 4,0% 5,5% 0,6% 1,0% 5,0% 5,5% 0,5% 0,7% 8,0% 4,0% 0,1% 1,5% 4,5% 13,0% 0,7% 7,0% 1,0% 11,5% 0,2% 9,0% 0,5% 2,0% 1,9% 10,9% 1,0% TOBA TOBA 0,2% 6 Source: Broker Reports

Ownership Structure PT Toba Sejahtra ( “ TS ” ) Davit Togar Pandjaitan (1) PT Bara Makmur Abadi PT Sinergi Sukses Utama Roby Budi Prakoso Public 3.6% 71.8% 0.8% 6.2% 5.1% 12.5% ABN Minorities 49.0% 99.99% (2) PT Toba Bumi Energi ( “ TBE ” ) 51.00% 99.99% (2) 99.99% (2) 90.00% • Plantation permit expires in 2036 • 20-year Production • IUPOP expires in June 2013 • 13-year IUPOP expires in December Operation Mining Permit 2023 • IUPOP was converted from KP in ( “ IUPOP ” ) expiring in • IUPOP was converted from a KP in 2010 License December 2029 2010 • IUPOP extension was completed • IUPOP was converted from in March 2013 (First out of 2 Kuasa Pertambangan extensions: in 2023, with tenor of ( “ KP ” ) in 2009 10 years each) Area • 2,990 ha • • 3,414 ha • 8,633 ha (Right to Use Land) 683 ha • Reserves : 8 MT - JORC and • Reserves: 117MT- JORC • • Planted Area: 2,896 ha Reserve: 22 MT- JORC Reserve additional 7 MT of internal estimate • Resources: 156MT- JORC • Resources: 37MT- JORC 7 • Resources: 43 MT- JORC Notes: 1. Son of TS founder, Luhut B. Pandjaitan 2. Figures are rounded off

Majority Shareholder Toba believes it benefits from Toba Sejahtra’ s experience in the Indonesian coal sector as well as its leadership and experience Controlling Shareholder with Established Track Record… … Helmed by an Experienced Leader • A privately owned group founded in 2004 with interests in energy • General (Ret.) Luhut B. Pandjaitan is the key shareholder and and plantations founder of Toba Sejahtra group. He is currently the chairman of TS • Its business segments are as follow: • Mr. Luhut had a long and illustrious career in the civic service before turning to the commercial sector. Over the course of thirty – Energy: Owns 5 coal mining concessions through Toba and PT years in the Army Special Forces, Mr. Luhut rose to become a four- Kutai Energi. All of TS' mines are characterized by low production star general costs and favorable proximity to ports – In 1999, Mr. Luhut retired from the military service to serve as – Oil & Gas: In the exploration phase of the 4,567 sq miles South Ambassador for the Republic of Indonesia to Singapore East Madura Block through subsidiary E&P company PT Energi – In 2000, he was appointed Minister of Industry and Trade of the Mineral Langgeng Republic of Indonesia – Power Plant: Operates a 30 MW coal-fired power plant in Palu, • Thereafter, Mr. Luhut applied his knowledge and leadership skills to Central Sulawesi and is developing a 120 MW greenfield power plant in Senipah, East Kalimantan establish TS in 2004, building it from the ground up into a major business group with interests in energy oil and gas, power and – Agribusiness : A 25% stake in a 12,000 ha palm oil plantation in agribusiness East Kalimantan 8

Initial Public Offering Listed on IDX 06 July 2012 Number of Shares Offered 210,681,000 shares or 10.47% IPO Proceed IDR 400,293,900,000 Anchor Investor Baring Private Equity Asia (8% at IPO) TOBA Ticker Code 9

Historical Share Price Ticker Code: Toba In full amount IDR IPO (6 th Jul 2012) IDR 1900 2 nd July 2013 IDR 860 2013 2012 Sources: Bloomberg • Decline in TOBA ’s share price reflects lack of liquidity and lack of stock coverage • Going forward, we are considering various options to increase liquidity and coverage 10

Key Milestones Strong track record of acquisitions, development of greenfield mines, rapid production ramp-up and experience to adjust operation in a down-market 2007 2009 2011 2013 • IM commenced • ABN & IM production • TMU commenced • IM successfully production reached 2m tons production extended IUPOP until 2023 • Toba production hit 5m tons 2007 2008 2009 2010 2011 2012 2013 2012 2008 2010 • Toba acquired the minorities ’ • ABN commenced • TS acquired the remaining share shares in TBE and TMU production for IM from minority shareholder • IPO/Listed on IDX, 6 th July • Operational • Toba acquired 51.0% of ABN, 2012 adjustment due to 52.5% of TBE (IM ’ s shareholding drop in coal company) and 51.0% of TMU • Eliminated overlapping issues market • Toba production hit 4m tons with plantation company (PKU) 11

Investment Highlights and Growth Strategies 12

Solid Operating Track Record (i) Toba is transitioning from Greenfield into growing major player Production Growth MT = Million Tons ~5,8 – 6,4 7 ABN ~ 6,5 IM 5,6 6 TMU 5,3 0.3 0.3 0.0 5 Forecast Forecast 1.0 1.4 3,9 4 0.9 3 2,0 4.4 2 3.8 0.9 3.1 1 0,8 1.1 0.7 0,2 0 0.1 2007 2008 2009 2010 2011 2012 2013 TMU Indomining ABN Source: Company data • Toba started exploration at ABN & IM in 2006 and at TMU in 2008 • Production grew at 65% CAGR from initial size of 800k in 2008 to 5.6 MT in 2012 • Toba focuses on Continuous Production Growth and this is supported by available infrastructure capacity of 13 MT of coal • Additional 3 MT of capacity is expected to be realized in 3-4Q13 to become total of 16 MT 13 • Production growth will be driven by TMU and Additional CAPEX will help it fuel growth

Solid Operating Track Record (ii) Production Growth Comparison 2009 - 2012 CAGR % Toba’s production growth is among the highest in the industry over the last 4 years 14

Prime Location Gives Significant Advantage in Cost (i) Prime Location Major City 0 12 24 36 48 Jetty Transhipment Point kilometers Muara TMU - IM Hauling Road Berau 4 3 Major city is Furthest pit to less than 50 jetty 25km | with km Samarinda closest one ~5km ~55 km Mahakam River (total ~120 km) 2 Close proximity ~ 5 km IM transhipment ABN Makassar Strait ABN IM Jetty point & jetty TMU ABN Jetty Kutai Energy 17km Jetty 1 Adjacent locations for all Muara Jawa ~65 km 3 mines Balikpapan Toba owns all infrastructures (coal processing plants, overland conveyors, and jetties), giving significant operating leverage vs other concessions in surrounding areas 15