Company Presentation Full Year 2014 1 Disclaimer These materials - PowerPoint PPT Presentation

PT Toba Bara Sejahtra Tbk ( “ Toba ” ) Company Presentation Full Year 2014 1

Disclaimer These materials have been prepared by PT Toba Bara Sejahtra (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.

Table of Contents 1 Company Profile 2 2014 Operational Highlights 3 2014 Financial Highlights 4 2014 Marketing Highlights 5 Guidance for 2015

Company Profile 1 4

Toba’s Strategic Mine Locations Major Jetty Transshipment TMU – IM City Point Hauling Road Muara Berau Major city is less Samarinda than 50 km Furthest pit to jetty 25 km, with closest ~55 km one ~5 km (total ~120 km) IM ~5 km ABN 25 km IM jetty TMU Makassar Strait ABN jetty Close proximity transshipment Kutai Energi point & jetty Adjacent locations for all 3 mines Balikpapan ~65 km Muara Jawa Toba owns all infrastructures (coal processing plant, overland conveyors, and jetties), giving significant operating leverage vs other concessions in surrounding areas

Infrastructure & Operational Capabilities ABN Short Coal Hauling CPP Ramp Up to 6Mn Conveyor for TMU Distance < 5km Tons/Annum (TPA) & Others INDOMINING TMU IM TMU Short Coal Hauling Distance 4km ABN High Built CPP Cap TMU Hauling Road to IM 10 mn TPA Loading Speed of 1,800 TPH Toba’s Concessions Mine Ops Commenced Underpass Coal calorific values : mid to upper at Block 4 Infrastructure range (4,700 – 5,800 Kcal/kg GAR) Integrate CPP Ops with IM

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: 117 MT- JORC • • Planted Area: 2,896 ha Reserve: 22 MT- JORC Reserve additional 7 MT of internal estimate • Resources: 156 MT- JORC • Resources: 37MT- JORC • 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 • General (Ret.) Luhut B. Pandjaitan is the key shareholder and founder of Toba Sejahtra Group. He is currently the chairman of TS • Mr. Luhut had a long and illustrious career in the civic service before turning to the commercial sector. Over the course of thirty years in the Army Special Forces, Mr. Luhut rose to become a four-star general Coal Mining Power Other Industry – In 1999, Mr. Luhut retired from the military service to serve as • • PT Toba Bara • PT Pusaka PT Tritunggal Ambassador for the Republic of Indonesia to Singapore Jaya Palu Sejahtra Tbk Sentra Buana – In 2000, he was appointed Minister of Industry and Trade of the Power (Palm Oil) • PT Kutai Republic of Indonesia • PT Toba • PT Energi Pengembang • Thereafter, Mr. Luhut applied his knowledge and leadership skills Kartanegara Sejahtra Energi to establish TS in 2004, building it from the ground up into a (Property) Perkasa major business group with interests in energy oil and gas, power • Others and agribusiness Established in 2004, PT Toba Sejahtra (TS) is a fast growing Indonesian enterprise with industries, ranging from Energy Sector such as Natural Resources, Power, and Agriculture (Palm Oil) to Property

2014 Operational Highlights 2 9

2014 Target & Realization 2014 “Growing with Sustainability” Focus on production growth (~15%-20%) Operational Δ % 2013 2014 while maintaining certain profitability level NEWC Index 70.8 85.3 (17.0)% US$/ton through optimization of : 66.6 63.7 ASP (4.4)% US$/ton • Infrastructure and connectivity sharing Production Vol mn ton 6.5 8.1 24.6% (hauling road and CPP) Sales Vol mn ton 6.4 7.9 23.4% • Joint mine plan • x 13.4 Stripping Ratio 13.3 Coal sale pricing driven by relationship, (0.7)% consistency in scheduled delivery and Δ % 2013 product quality 2014 Financial • Competitive price-fixing relative to US$ mn 421.9 500.0 Sales 18.5% benchmark Newcastle adjusted price US$ mn 58.7 EBITDA 67.3 14.8% US$ mn 35.8 Net Profit 34.6 3.5% EBITDA/Ton US$/ton 9.2 8.6 (6.5)%

Solid Operating Track Record Yearly Coal Production in million tons (mt) • Production volume rose significantly from only 800,000 tons 8.1 TMU IM ABN in 2008 to 8.1 mn tons in 2014, 7.2 – 7.8 booking CAGR growth of 47.1% 6.5 over 6 years Initial target 5.6 5.2 • 2014 production volume of 8.1 mn 4.1 tons exceeds 2013 volume by 24.6%, while also surpassing its 2.0 initial production target of 7.2 – 7.8 mn tons 0.8 • Stripping Ratio (SR) stabilized from 2008 2009 2010 2011 2012 2013 2014 2014e 13.4x in 2013 to 13.3x in 2014 • IM and TMU posted highest Cumulative production Cumulative production production growth to 2014 total achievement >10 mt achievement >20 mt production growth of 24.6% with 2008 2009 2010 2011 2012 2013 2014 each contributing growth of 64.3% Production and 55.6% 0.8 2.0 4.1 5.2 5.6 6.5 8.1 Vol. (mt) ABN 0.1 1.1 3.1 3.8 4.4 4.2 4.4 IM 0.7 0.9 1.0 1.4 1.0 1.4 2.3 TMU - - - - 0.2 0.9 1.4 SR (x) 11.9x 10.5x 9.9x 12.7x 14.9x 13.4x 13.3x

2014 Operatioinal Performance Cumulative Production & Stripping Ratio (SR) Production in thousand tons 20.0x • 2014 quarterly production run rate 8000 averaged around 2.0 mn tons • Lower 15.0x production in 4Q14 6000 15.1x compared to previous quarters 14.3x 13.7x 13.6x 13.4x 13.5x 13.3x 13.2x resulted mainly from relatively 10.0x strong seasonal wet conditions 4000 • In anticipation of continued weak coal prices in 2015, the relatively 5.0x 2000 higher SR in 4Q14 stemmed from 1,298 2,799 4,601 6,551 1,911 4,071 6,401 8,054 higher pre-stripping activities to 0 0.0x allow for better coal extraction in 1Q13 1H13 9M13 2013 1Q14 1H14 9M14 2014 subsequent periods Production Volume (000) Stripping Ratio Production Summary Production Summary mt: million tons MT: Million Ton 2013 2014 Change Comment Production Production volume grew y-o-y significantly 8.1 24.6% 6.5 Volume from 2013 to 2014 mainly driven by border mining at (mt) IM and production ramp-up at TMU Sales Volume Sales volume grew significantly in line with production 7.9 23.4% 6.4 (mt) volume growth SR (x) SR continued to fall resulting in lower mining cost 13.4 13.3 (0.7)%

ABN Operational Performance Cumulative Production & Stripping Ratio Production in thousand tons IM Production Volume (000) Stripping Ratio ABN 5000 20.0x 4000 15.0x TMU 16.6x 15.5x 14.6x 3000 14.1x 14.0x 13.9x 13.8x 14.4x 10.0x 2000 5.0x 1000 925 1,920 3,108 4,209 1,003 2,216 3,516 4,446 PT Kutai Energi 0 0.0x 1Q13 1H13 9M13 2013 1Q14 1H14 9M14 2014 Dump Dist. 1,719 1,789 1,808 1,806 1,894 1,860 1,858 1,913 (m) Key Highlights  Yearly production rose from 4.2 mt in 2013 to 4.4 mt in 2014, while lower 4Q14 production was due to relatively strong seasonal wet conditions  2014 SR stabilized at ~13.9x  4Q14 SR rose from previous quarters due to relatively high pre-stripping to anticipate better coal extraction during continued weak coal prices in 2015