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PT Toba Bara Sejahtra Tbk (“Toba”)

Company Presentation

Full Year 2014

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

• r 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

• f the Company should be made after seeking appropriate professional advice.

Table of Contents

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

4

Company Profile

1

Toba’s Strategic Mine Locations

Muara Berau Muara Jawa Makassar Strait

~55 km (total ~120 km)

Balikpapan Samarinda

~65 km Major City Jetty Transshipment Point TMU – IM Hauling Road

Kutai Energi

TMU ABN IM

Major city is less than 50 km Adjacent locations for all 3 mines Close proximity transshipment point & jetty Furthest pit to jetty 25 km, with closest

• ne ~5 km

~5 km IM jetty ABN jetty

Toba owns all infrastructures (coal processing plant, overland conveyors, and jetties), giving significant operating leverage vs other concessions in surrounding areas

25 km

Coal calorific values : mid to upper range (4,700 – 5,800 Kcal/kg GAR)

TMU

IM ABN TMU

Underpass Infrastructure Loading Speed of 1,800 TPH High Built CPP Cap 10 mn TPA Hauling Road to IM Mine Ops Commenced at Block 4 Short Coal Hauling Distance < 5km CPP Ramp Up to 6Mn Tons/Annum (TPA) Conveyor for TMU & Others Short Coal Hauling Distance 4km

ABN TMU

Infrastructure & Operational Capabilities

INDOMINING

Integrate CPP Ops with IM

Toba’s Concessions

Ownership Structure

Notes:

• 1. Son of TS founder, Luhut B. Pandjaitan
• 2. Figures are rounded off
• 20-year Production

Operation Mining Permit (“IUPOP”) expiring in December 2029

• IUPOP was converted from

Kuasa Pertambangan (“KP”) in 2009

• IUPOP expires in June 2013
• IUPOP was converted from KP in

2010

• IUPOP extension was completed

in March 2013 (First out of 2 extensions: in 2023, with tenor of 10 years each)

• 13-year IUPOP expires in December

2023

• IUPOP was converted from a KP in

2010

• Plantation permit expires in 2036
• 2,990 ha
• 683 ha
• 3,414 ha
• 8,633 ha (Right to Use Land)
• Reserves: 117 MT- JORC
• Resources: 156 MT- JORC
• Reserve: 22 MT- JORC
• Resources: 37MT- JORC
• Reserves : 8 MT - JORC and

additional 7 MT of internal estimate

• Resources: 43 MT- JORC
• Planted Area: 2,896 ha

License Area

Davit Togar Pandjaitan (1) PT Bara Makmur Abadi PT Toba Sejahtra (“TS”) Roby Budi Prakoso PT Sinergi Sukses Utama 71.8% 0.8% 6.2% 5.1%

PT Toba Bumi Energi (“TBE”)

99.99% (2) 99.99% (2) 3.6% ABN Minorities 49.0% 51.00% 99.99% (2) Public 12.5%

Reserve

90.00%

Majority Shareholder

Coal Mining

• PT Toba Bara

Sejahtra Tbk

• PT Kutai

Energi

• PT Pusaka

Jaya Palu Power

• PT

Kartanegara Energi Perkasa

Power

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 – In 1999, Mr. Luhut retired from the military service to serve as Ambassador for the Republic of Indonesia to Singapore – In 2000, he was appointed Minister of Industry and Trade of the Republic of Indonesia

• Thereafter, Mr. Luhut applied his knowledge and leadership skills

to 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

• PT Tritunggal

Sentra Buana (Palm Oil)

• PT Toba

Pengembang Sejahtra (Property)

• Others

Other Industry

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

9

2014 Operational Highlights

2

2014 Target & Realization

2014

“Growing with Sustainability”

Operational 2013 2014

Δ%

Production Vol 6.5 8.1 24.6% Sales Vol 6.4 7.9 23.4% Stripping Ratio 13.4 13.3 (0.7)% Sales 421.9 500.0 18.5% EBITDA 58.7 67.3 14.8% Net Profit 34.6 35.8 3.5% Financial 2013 2014 66.6 NEWC Index 70.8 (17.0)% 85.3 ASP 63.7 (4.4)%

mn ton mn ton x US$/ton US$/ton US$ mn US$ mn US$ mn

Δ%

EBITDA/Ton 9.2 8.6 (6.5)%

US$/ton

Focus on production growth (~15%-20%) while maintaining certain profitability level through optimization of :

• Infrastructure and connectivity sharing

(hauling road and CPP)

• Joint mine plan
• Coal sale pricing driven by relationship,

consistency in scheduled delivery and product quality

• Competitive price-fixing relative to

benchmark Newcastle adjusted price

2008 2009 2010 2011 2012 2013 2014 2014e

TMU IM ABN Yearly Coal Production

in million tons (mt)

Cumulative production achievement >10 mt Cumulative production achievement >20 mt 5.6 5.2 4.1 2.0 0.8 6.5 7.2 – 7.8 8.1

Initial target

• Production

volume rose significantly from only 800,000 tons in 2008 to 8.1 mn tons in 2014, booking CAGR growth of 47.1%

• ver 6 years
• 2014 production volume of 8.1 mn

tons exceeds 2013 volume by 24.6%, while also surpassing its initial production target of 7.2 – 7.8 mn tons

• Stripping Ratio (SR) stabilized from

13.4x in 2013 to 13.3x in 2014

• IM

and TMU posted highest production growth to 2014 total production growth of 24.6% with each contributing growth of 64.3% and 55.6%

2008 2009

ABN IM

0.1 1.1 0.7 0.9 0.8 2.0

Production

• Vol. (mt)

2010 2011 3.1 3.8 1.0 1.4 4.1 5.2 2012 4.4 1.0 5.6 2013 2014 4.2 4.4 1.4 2.3 6.5 8.1

TMU SR (x)

• 11.9x

10.5x

• 9.9x

12.7x 0.2 14.9x 0.9 1.4 13.4x 13.3x

Solid Operating Track Record

2014 Operatioinal Performance

Cumulative Production & Stripping Ratio (SR)

Production in thousand tons

Production Summary

MT: Million Ton

2013 2014 Change Comment Sales Volume (mt) SR (x) 6.4 7.9 13.4 13.3 23.4% (0.7)% Sales volume grew significantly in line with production volume growth SR continued to fall resulting in lower mining cost 6.5 8.1 Production volume grew y-o-y significantly from 2013 to 2014 mainly driven by border mining at IM and production ramp-up at TMU 24.6% Production Volume (mt)

Production Summary

mt: million tons

• 2014 quarterly production run rate

averaged around 2.0 mn tons

• Lower

production in 4Q14 compared to previous quarters resulted mainly from relatively strong seasonal wet conditions

• In anticipation of continued weak

coal prices in 2015, the relatively higher SR in 4Q14 stemmed from higher pre-stripping activities to allow for better coal extraction in subsequent periods

1,298 2,799 4,601 6,551 1,911 4,071 6,401 8,054 15.1x 14.3x 13.7x 13.4x 13.5x 13.6x 13.2x 13.3x 0.0x 5.0x 10.0x 15.0x 20.0x 2000 4000 6000 8000 1Q13 1H13 9M13 2013 1Q14 1H14 9M14 2014 Production Volume (000) Stripping Ratio

925 1,920 3,108 4,209 1,003 2,216 3,516 4,446 16.6x 15.5x 14.4x 14.0x 14.1x 14.6x 13.8x 13.9x

0.0x 5.0x 10.0x 15.0x 20.0x 1000 2000 3000 4000 5000 1Q13 1H13 9M13 2013 1Q14 1H14 9M14 2014 Production Volume (000) Stripping Ratio

ABN Operational Performance

ABN

TMU IM

PT Kutai Energi

Cumulative Production & Stripping Ratio

Production in thousand tons

Key Highlights

Dump Dist. (m)

1,719 1,789 1,808 1,806 1,894 1,860 1,858 1,913

 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

IM Operational Performance

TMU ABN

PT Kutai Energi

Cumulative Production & Stripping Ratio

Production in thousand tons

Key Highlights  Quarterly production run-rate stabilized at ~550K level throughout 2014, up from quarterly run-rate of ~350K throughout 2013  2014 production volume rose ~64.0% y-o-y from 1.4 mt to 2.3 mt  4Q14 production was affected by strong seasonal wet conditions  2014 SR normalized at 13.3x

278 637 976 1,401 547 1,117 1,817 2,310 11.2x 11.7x 12.8x 12.8x 13.7x 13.1x 13.2x 13.2x

0.0x 5.0x 10.0x 15.0x 20.0x 500 1000 1500 2000 2500 1Q13 1H13 9M13 2013 1Q14 1H14 9M14 2014 Production Volume (000) Stripping Ratio

Dump Dist. (m) 1,703 1,678 1,698 1,651 1,900 1,899 1,920 1,901

TMU Operational Performance

ABN IM

PT Kutai Energi

Note: - - - Hauling road

Key Highlights Cumulative Production & Stripping Ratio

Production in thousand tons

 Post completion of hauling road at TMU to ABN in 2Q13, production run-rate significantly rose from low of 80-90K per quarter up to average ~340K throughout 2014  2014 SR stabilized at 11.8x  Strong seasonal wet weather affected 4Q14 production

84 230 505 925 362 741 1,141 1,372 11.2x 12.1x 11.2x 11.1x 11.4x 11.6x 11.6x 11.8x

0.0x 5.0x 10.0x 15.0x 20.0x 200 400 600 800 1000 1200 1400 1600 1Q13 1H13 9M13 2013 1Q14 1H14 9M14 2014 Production Volume (000) Stripping Ratio

16

2014 Financial Highlights

3

Evolution of Quarterly FOB Cash Cost from 2012-2014

Quarterly FOB Cash Cost in US$/ton

Notes: (1) FOB Cash Cost = COGS including royalty and selling &marketing expense – depreciation and amortization (2) Adj. FOB cash costs = COGS, including selling & marketing expense and royalty – depreciation & amortization of exploration & development and excluding deferred stripping cost

Constant convergence between FOB cash cost and adjusted FOB cash cost underline normalization of SR over quarterly period resulting from more efficient mine operations

67 69 60 57 55 55 53 49 49 52 53 50 77 73 63 52 59 56 51 52 52 52 51 52 17.7x 16.6x 14.2x 12.0x 15.1x 13.6x 12.7x 12.7x 13.5x 13.8x 12.5x 13.8x

0x 3x 6x 9x 12x 15x 18x 20 40 60 80 100 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

FOB Vessel cash cost

• Adj. FOB Vessel cash cost

SR

48.8 51.5 9.1 12.4 5.1 4.3 2013 2014 TMU IM ABN 55.9 54.9 51.7 48.4 39.2 46.9 2013 2014 TMU IM ABN 4.2 4.4 1.4 2.3 0.9 1.4 2013 2014 TMU IM ABN

Operational & Financial Highlights

Production (in mt)

6.5 8.1 24.6%

• Avg. Cash Cost (in US$/ton)

52.9 51.3 3.0%

EBITDA (US$ mn)

58.7 67.3 14.8%

1 2 3

Production volume expanded 24.6% y-o-y from 6.5 mn tons in 2013 to 8.1 mn tons in 2014 due to significantly higher volume contributions from ABN, TMU and IM FOB cash cost was lowered by 3.0% y-o-y, resulting from lowered overall SR by 0.7% y-

• -y from 13.4x in 2013 to 13.3x in

2014 EBITDA surged by 14.8% y-o-y from US$ 58.7 mn in 2013 to US$ 67.3 mn in 2014

11.9 34.6 35.8 2012 2013 2014 22.5 58.7 67.3 2012 2013 2014 396.7 421.9 500.0 2012 2013 2014

Financial Performance

Sales

US$ million

EBITDA

US$ million

Net Profit (a)

US$ million Note: (a) Net Income before minority interest

• Despite declining NEWC Index price trend on y-o-y basis from 2012 to 2013 and to 2014, sales value

increased 6.4% from US$ 396.7 million in 2012 to US$ 421.9 million in 2013 and 18.5% to US$ 500.0 million in 2014

• EBITDA surged 160.9% y-o-y to US$ 58.7 million in 2013 and 14.8% y-o-y to US$ 67.3 million in 2014

resulting from higher sales volume and better mine plan execution, hence lowering mining costs in the process

• Total profit for the period in 2013 stood at US$ 34.6 million, up 190.8% from 2012. Meanwhile, from 2013

to 2014, profit increased y-o-y by 3.5% to US$ 35.8 million

Financial Performance

Notes: *FOB Cash Cost = COGS including royalty and selling expense – depreciation and amortization **EBITDA = Gross Profit – selling expenses – G&A + depreciation and amortization

Despite weaker ASP, sales rose 18.5% y-o-y to US$ 500.0 mn in 2014 due to 23.4% sales volume growth EBITDA increased 14.8% y-o-y to US$ 67.3 mn in 2014 attributable to increased production and lower cash cost by 24.6% and 3.0% respectively

Financial and Operational Highlights All figures are in million US$ unless

• therwise stated

2013 2014 Changes Operation Sales Volume mn ton 6.4 7.9 23.4% Production Volume mn ton 6.5 8.1 24.6% Stripping Ratio (SR) x 13.4 13.3 (0.7)% FOB Cash Cost* US$/ton 52.9 51.3 (3.0)% NEWC Index Price US$/ton 85.3 70.8 (17.0)% Average Selling Price (ASP) US$/ton 66.6 63.7 (4.4)% Financial Performance Profit (Loss) 2013 2014 Changes Sales US$ mn 421.9 500.0 18.5% Cost of Goods Sold US$ mn 342.3 413.8 20.9% Gross Profit US$ mn 79.6 86.2 8.4% Operating Profit US$ mn 50.0 56.0 12.0% EBITDA** US$ mn 58.7 67.3 14.8% Profit for the Period US$ mn 34.6 35.8 3.5% EBITDA/ton US$/ton 9.2 8.6 (6.5)% Capex US$ mn 23.3 11.8 (49.4)% Balance Sheet 2013 2014 Changes Interest Bearing Debt US$ mn 55.9 58.1 3.9% Cash and Cash Equivalents US$ mn 63.3 47.8 (24.5)% Net Debt*** US$ mn Net Cash 10.3 N/A Total Assets US$ mn 311.7 300.6 (3.6)% Total Liabilities US$ mn 181.2 158.3 (12.6)% Total Equity US$ mn 130.5 142.4 9.1% Financial Ratios Gross Profit Margin % 18.9% 17.2% (8.6)% EBITDA Margin % 13.9% 13.5% (3.1)% Operating Profit Margin % 11.9% 11.2% (5.5)%

• 17.0

2.5 13.4

• 7.4

2.5 4.5

• 6.5

10.3 9.4 12.5 18.2 18.0 21.1 17.2 19.5 9.5

• 20
• 15
• 10
• 5

5 10 15 20 25 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Net Debt (Cash) (US$ Mn) EBITDA (US$ Mn)

Balance Sheet

Consolidated Balance Sheet

in million US$

Net Debt to EBITDA

in million US$

• Total assets decreased 3.5% to US$ 300.6 mn in 2014 from US$ 311.6 mn as per end 2013
• Over same period, total liabilities declined 12.6% to US$ 158.3 mn
• Total equity in 2014 increased 9.1% to US$ 142.4 mn from US$ 130.5 mn, attributable to additional income

for the period

Ratio(x) (1.8) 0.2 0.7 (0.4) 0.1 0.3 (0.3) 1.1

Des-13 Des-14 Changes (%) Cash and Cash Equivalents US$ mn 63.3 47.8 (24.4)% Fixed Assets US$ mn 49.0 47.9 (2.2)% Others US$ mn 199.3 204.9 2.8% Total Assets US$ mn 311.6 300.6 (3.5)% Trade Payable US$ mn 69.3 64.1 (7.5)% Interest Bearing Debt US$ mn 55.9 58.1 3.9% Others US$ mn 56.0 36.1 (35.5)% Total Liabilities US$ mn 181.2 158.3 (12.6)% Shareholders Equity US$ mn 130.5 142.4 9.1%

22

2014 Marketing Highlights

4

2014 Marketing Performance

NEWC Index & ASP (in US$/ton) Product Contribution (GAR)

• Average NEWC Index declined by 17.0% from US$ 85.30/ton in 2013 to US$ 70.80/ton in 2014,

while ASP declined by 4.4% from US$ 66.6/ton in 2013 to US$ 63.7/ton

• Total sales are mainly contributed from 4700 GAR and 5600 GAR products

98.5 121.1 96.9 85.3 70.8 65.5 91.3 72.2 66.6 63.6 20 40 60 80 100 120 140 2010 2011 2012 2013 2014

NEWC ASP

0.0 1.0 2.0 3.0 4.0

4700 5400 HS 5600 HS 5600 RS 5900 Others

Million Tons

13.1% 4.9% 29.4% 38.2% 5.2% 9.2%

0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8

China Korea India Taiwan Philippines Vietnam Thailand Others

2014 Marketing & Sales – Quality & Diversified Buyers

Initiatives Undertaken: Major Customers Export Destinations by Country

• Maintaining well-diversified customer base consisting of mainly reputable international traders, while

also growing the number of end-users

• Generating good quality sales backed by quality buyers and favorable terms of payment
• Achieved tighter discount rate to reference market price

0.0 0.3 0.6 0.9 1.2 1.5 1.8

Glencore Mercuria Vitol Dragon Energy Trafigura CER AES Adani Others End Buyers

Million Tons Million Tons

20.1% 16.8% 15.7% 13.5% 6.0% 4.6% 3.5% 2.9% 13.2% 3.6% 32.9% 19.0% 16.5% 15.2% 3.8% 3.8% 2.5% 6.3%

25

Guidance for 2015

5

Target & Strategy

1 2

“Sustainability & Resilience”

3

2015 Strategy

Focus on maintaining level of profitability during uncertain times Increase reserve through exploration & acquisition Diversify into downstream industries

20 40 60 80 100 120 140 Jan 2011 Apr 2011 Jul 2011 Okt 2011 Jan 2012 Apr 2012 Jul 2012 Okt 2012 Jan 2013 Apr 2013 Jul 2013 Okt 2013 Jan 2014 Apr 2014 Jul 2014 Okt 2014 Jan 2015

NEWC Index (2011 – 2014)

Dec ‘14 US$63/ton Dec ‘13 US$86/ton Dec ‘12 US$93/ton

(27)%

Jan ‘11 US$130/ton

• Coal Market has been under pressure for past

two years. In Dec 2013, NEWC Index reached US$86/ton or 34% lower compared to the highest in Jan 2011 of US$130/ton

• Newcastle Index continued to fall by ~27%

from US$86/ton in Dec 2013 to US$63/ton in Dec 2014

• VIEW:

Prolonged excess capacity has undermined coal price and is expected to continue in medium-term

US$

Operational & Financial Snapshot 2015F vs 2014

Operation

Prod Vol (mt) Sales Vol (mt) SR (x)

11x - 12x 6 - 8 6 - 8

2015 F 2014

13.3x 7.9 8.1

NEWC Coal Price

62 - 65 70.8

• SR expected to be lowered to ~11x level. SR reduction expected to come mainly from IM & TMU
• Production and sales volume expected to stabilize at 6-8 million tons

16% 41% 32% 11% 48 LS 56 RS 56 HS Others

Marketing Performance – 2015

More than 60% of total projected sales in 2015 has been locked

Customer Base – 2015 Marketing Plan & Strategy

1 2 Secure good quality sales backed by quality buyers and favorable terms of payment 3 Achieve ASP based on tighter discount rate to reference market price 4 Continuously improve quality control by minimizing product deviation and delayed shipment: full coordination with production and logistics teams

2015 Marketing Strategy

Build well-diversified customer base. Focus to increase sales to end users

63% Locked 51% Locked 52% Locked 99% Locked

2015 CAPEX

In 2015, Toba is planning to realize CAPEX of US$ 10 – 14 mn

US$ mn

Salient Points

1 - 2 2 - 3 4 - 5 4 - 5 2 4 6 8 10 12 14 16 Conveyor Land Comp. Building Road & Bridges Total CAPEX 2015 14

• Toba’s 2015 CAPEX supports its on-going sustainability program strategy amidst cutbacks among

major industry producers

• Majority of Toba’s mining-related CAPEX i.e. Infrastructure upgrade had already been realized in
• 2013. Hence, 2014 and 2015 will mainly focus on: operational facilities and equipment (conveyor

and heavy equipment); land compensation; maintenance for building & road and bridges

Long Term: Create Downstream Synergy through Power Sector Backed by Continuous Reserve

Build sustainable cash-flow Increase margin

Short - Medium Term Medium - Long Term VERTICAL DIVERSIFICATION

Continuous increase in coal reserve via concession acquisition

Protect and maximize margin in prolonged weak & volatile coal market Focus on continuous improvement in cost efficiency Generate higher portion of durable cash-flow, improving margin over time

• Run executable mine plan focusing on

profitable production growth

• Deploy hedging (coal & fuel price)
• Source cheaper substitute energy to

replace diesel fuel Commercially-viable

• Develop and operate coal-fired power

plant, optimizing supply for domestic consumption

THANK YOU