Company Presentation July 2012 1 Content 1 Introduction to TBS - PowerPoint PPT Presentation

PT Toba Bara Sejahtra Tbk ( “ TBS ” ) Company Presentation July 2012 1

Content 1 Introduction to TBS Investment Highlights and Growth Strategies 2 3 Coal Logistics Chain 4 Financial Highlights 2

Introduction to TBS 1 3

Senior Management – TBS Justarina Naiborhu Pandu P. Syahrir ( “ Nana") Director of Finance President Director Arthur M. Simatupang Catherine Warouw Director Director of Marketing Sudharmono Saragih Director 4

Overview of TBS TBS comprises three coal companies, Adimitra Baratama Nusantara (ABN), Indomining (IM) and Trisensa Mineral Utama (TMU), which hold adjacent concession areas located in East Kalimantan, Indonesia • Substantial and diversified thermal coal reserves • Strong growth profile and resources – Produced 5.2 MM tonnes of coal in 2011 and is forecasted – JORC-compliant proved and probable reserves of to produce 7.6, 10.8 and 12.1 MM tonnes of coal in 2012, 147 MM tonnes and measured, indicated and 2013 and 2014 respectively inferred resources of 236 MM tonnes • Reputable multinational customers – 4 coal brands with calorific values ranging from – Including Vitol, Flame, Glencore and Peabody 4,700 - 5,800 Kcal / kg GAR 2011 Revenue 2011 Net Income Reserves Resources % % % % TMU TMU 5.4% IM 18.2% 15.0% IM 33.2% IM 37.2% IM 15.7% ABN ABN 62.8% ABN 66.8% 66.1% ABN 79.6% Total: US$ 114 MM (1) Total: US$ 481 MM Total: 147 MM Tonnes Total: 236 MM Tonnes 5 Note: 1. Includes net income attributable to minority interest. The split between ABN and IM excludes net loss from TMU and income/expenses at TBS holding company

Group Structure PT Toba Sejahtra ( “ TS ” ) Davit Togar Pandjaitan (1) PT Bara Makmur Abadi PT Sinergi Sukses Utama Roby Budi Prakoso Public 73.8% 0.8% 6.2% 3.6% 10.5% 5.1% ABN Minorities 49.0% 99.99% (2) PT Toba Bumi Energi ( “ TBE ” ) 51.0% 99.99% (2) 99.92% (2) • 20-year Production Operation Mining • IUPOP expiring in June 2013 • 13-year IUPOP expiring in December Permit ( “ IUPOP ” ) expiring in December 2023 – IUPOP was converted from a KP in 2029 – IUPOP was converted from a KP in 2010 – IUPOP was converted from a Kuasa License 2010 • In the process of renewing its IUPOP Pertambangan ( “ KP ” ) in 2009 – Expects to receive renewal of 10-year IUPOP by end 2012 Area • 2,990 ha • • 3,414 ha 683 ha 6 Notes: 1. Son of TS founder, Luhut B. Pandjaitan 2. Figures are rounded

Strong Sponsorship from Established Major Shareholder TBS 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 TBS 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 7

Key Milestones Strong track record of acquisitions, development of greenfield mines and rapid production ramp-up 2004 2006 2008 2010 • Incorporation • ABN and IM were granted • ABN commenced • IM and TMU converted their KPs to of ABN and KPs for exploration production IUPOPs TMU • Establishment of TBE and • TMU was granted a • TBS acquired 51.0% of ABN, acquisition of 99.99% of IM by KP for exploration 52.5% of TBE (IM ’ s shareholding TBE company) and 51.0% of TMU • TS acquired 51.0% of TMU and 52.5% of TBE 2004 2005 2006 2007 2008 2009 2010 2011 2012 2005 2007 2009 2011 2012 • Incorporation of IM • ABN and IM were • ABN converted its • TMU commenced • TBS acquired the granted KPs for KP to an IUPOP production minorities ’ shares • TS acquired 51.0% exploitation in TBE and TMU of ABN • IM commenced • IPO production 8

Investment Highlights and Growth Strategies 2 9

Investment Highlights 1 Solid operating track record and visible earnings growth 2 Competitive cost producer of coal in Indonesia 3 Substantial reserves and resources to support significant production expansion 4 Well-positioned to capture growth opportunities in thermal coal markets 5 Wide range of coal quality grades to meet customers ’ requirements 6 Strong relationships with multinational customers 7 Strong sponsorship from established major shareholder 10

Solid Operating Track Record and Visible 1 Earnings Growth Strong historical and projected production growth with limited capex requirements Production Historical MM Tonnes Historical 15 10 5.2 0,04 5 3.9 1.4 0.9 2.0 3.8 0.9 3.1 1.1 0 2009 2010 2011 ABN Production IM Production TMU Production 11 Note: 1. The company ’ s historical sales have been very close to its production volume: 2009 - 1.9 MM tonnes, 2010 - 4.2 MM tonnes and 2011 - 5.3 MM tonnes

Solid Operating Track Record and Visible 1 Earnings Growth (cont ’ d) TBS has achieved significant revenue and earnings growth driven by strong growth in production and ASP combined with its competitive cost position Revenue (1) EBITDA (1)(2) and Margin Net Income (1)(4) and Margin US$ MM US$ MM US$ MM 114 481 160 274 58 81 33% 30% 24% 21% 101 13% 10% 13 10 2009 2010 2011 2009 2010 2011 2009 2010 2011 12 Notes: 1. USD/IDR exchange rate of 1:9,400, 8,991 and 9,068 as of December 31, 2009, 2010 and 2011, respectively (Source: Bank Indonesia) 2. EBITDA equals gross profit less general and administrative expenses and selling expenses plus depreciation and amortization 3. CAGRs calculated based on financials which are reported in IDR 4. Includes net income attributable to minority interest

Competitive Cost Producer of Coal in Indonesia 2 Favorable location of TBS mines to transshipment points and key end customer markets result in competitive cash costs for ABN and IM Adjacent Concessions in Close Proximity to Jetties and Transshipment Estimated Global Export Thermal Coal Cost Curve (1) Points 2011 CIF Qingdao, China US$/Tonnes 0 12 24 36 48 200 kilometers Muara Berau 150 ABN IM US$63.98 100 US$56.23 Samarinda 50 Mahakam River ~55 Km 0 IM NDM Jetty (total ~120 Km) 4km 0% 25% 50% 75% 100% 17km IM Jetty ABN Makassar Strait Source AME ABN Jetty TMU 5km 2011 CIF Matsuyama, Japan Kutai 17km Energy US$/Tonnes Kutai Energi Jetty 200 Major City 150 Muara Jawa Jetty ABN ~65 Km Transshipment Point IM US$65.38 100 US$57.58 Source Company 50 • Adjacent concessions enable integrated mine management, sharing of 0 resources and best practices 0% 25% 50% 75% 100% • Favorable location close to jetties and transshipment points results in lower 13 Source AME costs for FOB sales Note: 1. Based on tonnage produced by companies in AME ’ s sample set

Expanding Cash Margins 2 Expanding cash margins due to rise in ASP at a faster rate than cash costs Cash Margins (1) US$ / Tonne TBS ABN Indomining 102.2 90.2 93.9 33.7 39.7 71.3 54.6 63.6 65.5 55.2 50.1 23.3 30.6 25.2 46.3 14.7 12.4 10.6 56.5 54.2 47.7 40.2 40.3 40.4 40.6 37.7 35.8 2009 2010 2011 2009 2010 2011 2009 2010 2011 FOB Cash Cost Margin ASP 14 Note: 1. Cash margin equals ASP minus FOB cash cost including royalties

One of the Highest ASP and Cash Margins 2 TBS ’ high ASP and cash margin reflect its high coal quality and competitive cost position 2011 ASP US$ / Tonne 96.4 93.9 92.9 90.2 89.9 73.0 71.5 ITM TBS Harum Bumi Bukit Asam Adaro Kideco 2011 Cash Margin US$ / Tonne 44.9 39.7 38.4 37.5 35.6 34.0 26.6 Bukit Asam TBS Bumi Harum ITM Adaro Kideco 15 Source Company Filings