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PT Toba Bara Sejahtra Tbk (“Toba”)

Company Presentation

Full Year 2015

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.

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Table of Contents

2 5 Company Profile 4 2015 Operational Highlights 3 2015 Marketing Highlights Guidance for 2016 1 2015 Financial Highlights

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4

Company Profile

1

• JORC-compliant proved and probable reserves
• f 147 MM tons and measured, indicated and

inferred resources of 236 MM tons

• Coal brands with mid to upper range calorific

values (CV) of 4,700-5,800 kcal/kg GAR

• Strong production growth profile, registering

~34% CAGR between 2008 and 2015. Produced 6.5 MM tons in 2013 and grew ~25% to 8.1 MM tons in 2014

• Prime location near Capital of East Kalimantan

and proximity to waterways provides

• perational cost edge to grow as logistical &
• perational center for the area

Strong Growth Profile Toba specializes in thermal coal production and comprises of three mining subsidiaries: Adimitra Baratama Nusantara (ABN), Indomining (IM) and Trisensa Mineral Utama (TMU)

Toba Bara Sejahtra in Brief

Diversified Thermal Coal Reserves and Resources

5

Strategic Mine Locations

Muara Berau Muara Jawa Makassar Strait

~55 km (total ~120 km)

Balikpapan Samarinda

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

Kutai Energi

TMU ABN IM

Major city to north is less than 50 km Adjacent locations for all 3 mines Close proximity to jetty and transhipment point of Muara Jawa Distance from pit to jetty, with closest

• ne ~5 km and

furthest ~25 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

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TMU

IM ABN TMU

Underpass Infrastructure Loading Speed of 1,800 TPH High Built CPP Cap up to 10 Mn TPA Short Coal Hauling Distance < 5km ~16 km Hauling Road to Connect with ABN Mine Ops Commenced at Block 4 CPP Capacity (cap) Ramped Up to 6 Mn Tons/Annum (TPA) IM Conveyor for TMU usage & Others Short Coal Hauling Distance ~4km

Infrastructure & Operational Capabilities

Toba’s Concessions

Integrated CPP and Jetty Ops with IM

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Note: PT Adimitra Baratama Nusantara (ABN) PT Indomining (IM) PT Trisensa Mineral Utama (TMU)

• 20-year Production Operation

Mining Permit (“IUP-OP”) expiring in December 2029

• IUP-OP was converted from

Kuasa Pertambangan (“KP”) in 2009

• IUP-OP expires in June 2013
• IUP-OP was converted from KP

in 2010

• IUP-OP extension was

completed in March 2013 (First

• ut of 2 extensions: in 2023, with

tenor of 10 years each)

• 13-year IUP-OP expires in

December 2023

• IUP-OP was converted from a

KP in 2010

• Plantation permit of PT

Perkebunan Kaltim Utama I (PKU) 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: 37 MT- JORC
• Reserves : 8 MT - JORC
• Resources: 43 MT- JORC
• Planted Area: 2,896 ha

Ownership Structure

Note:

• 1. Figures are rounded off

License Area

Davit Togar Pandjaitan PT Bara Makmur Abadi PT Toba Sejahtra Roby Budi Prakoso PT Sinergi Sukses Utama 71.8% 0.8% 6.2% 5.1%

PT Toba Bumi Energi (“TBE”)

99.99% (1) 99.99% (1) 3.6% ABN Minorities 49.0% 51.00% 99.99% (1) Public 12.5%

Reserve

90.00%

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9

2015 Operational Highlights

2

Realization

2015

“Strengthening Resilience for Sustainable Growth”

Operational 2014(2) 2015

Δ%

Production Vol 8.1 6.1 (24.7)% Sales Vol 7.9 6.4 (19.0)% Stripping Ratio 13.3 12.3 (7.5)% Sales 500.0 348.7 (30.3)% EBITDA 67.0 53.7 (19.9)% Net Profit 35.5 25.7 (27.6)% Financial 2014 2015 63.7 NEWC Index 59.2 (16.4)% 70.8 ASP 54.8 (14.0)%

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

Δ%

EBITDA/Ton 8.5 8.4 (1.1)%

US$/ton

Focused on profitable production output through optimization of :

• Infrastructure and connectivity sharing

(hauling road, coal processing plants (CPP), & jetties)

• Joint mine plan between three adjacent
• perating mines
• Competitive & premium coal pricing

driven by strong coal branding from consistency in scheduled delivery/product quality and established customer relationship with diversified customer base

• Average Selling Price (ASP)
• utperformance relative to benchmark

Newcastle due to sale executions based

• n well-timed predictions in market trends

Note: (1) EBITDA = Gross Profit – selling expenses – G&A + depreciation and amortization (2) Restated due to compliance on PSAK 24R implementation

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2008 2009 2010 2011 2012 2013 2014 2015 2016

ABN IM TMU

Guidance Annual Coal Production

Mt : In Million Tons

5.6 6.5 5.0 - 7.0 8.1

• Production volume rose from only

800K tons in 2008 to 6.1 mn tons in 2015, booking CAGR growth

• f 33.6% over 8 years
• With strategy to sustain certain

margin, while preserving life-

• f-mine (LoM) reserves, 2015

production reached 6.1 mn, in line with 2015 target of 6.0-8.0 mn tons and mine plan

• Stripping Ratio (SR) stabilized

at 12.3x, or at higher end of 2015 target range of 11x-12x, but lower than 13.3x in 2014

• 2015
• verall

results from subsidiaries came in line with 2015 annual guidance

Cumulative production achievement >10 Mt Cumulative production achievement >20 Mt 5.2 4.1 0.8 2.0

2015 Production

2008 2009

ABN (Mt) IM (Mt)

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 (Mt) SR (x)

• 11.9x

10.5x

• 9.9x

12.7x 0.2 14.9x 0.9 1.4 13.4x 13.3x 2015E 4.0-5.0 1.1-1.5 6.0-8.0 0.9-1.5 11x-12x

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2015 6.1 3.9 1.2 1.0 12.3x

6.1

2015 Operational Performance

Quarterly Production & Stripping Ratio (SR)

Production in Thousand Tons

Production Summary

MT: Million Ton

2014 2015 Change Comment Sales Volume SR (x) 7.9 6.4 13.3 12.3 (19.0)% (7.5)% Sales volume decreased by 19.0% in line with production adjustment SR contracted resulting in lower mining cost 8.1 6.1 Production volume declined y-o-y to 6.1 mn tons in 2015 in line with mine plan, while ensuring certain margin and optimizing reserve preservation (24.7)% Production Volume

Production Summary

MT: Million Ton

• Q-o-q production volume of 1.5

mn tons in 4Q15 came in line with 2015 quarterly guidance of 1.5 - 2.0 mn tons

• 2015 SR and quarterly SR

stabilized at 12x level, in line with annual and quarterly SR guidance

• f 11x - 12x
• Quarterly SR decreased y-o-y by

12.3% from 13.8x in 4Q14 to 12.1x in 4Q15 12

1,950 1,911 2,160 2,330 1,653 1,505 1,469 1,565 1,529 12.7x 13.5x 13.8x 12.5x 13.8x 12.4x 12.5x 12.0x 12.1x 0.0x 5.0x 10.0x 15.0x 20.0x 500 1,000 1,500 2,000 2,500 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

TOBA

Production Volume (000) Stripping Ratio

ABN Operational Performance

ABN

TMU IM

PT Kutai Energi

Quarterly Production & Stripping Ratio

Production in Thousand Tons

Key Highlights  4Q15 quarterly production increased y-o-y and q-o-q from 4Q14 and 3Q15 respectively, both in line with 2015 internal guidance  SR in 4Q15 edged down q-o-q to 12.6x level from 13.0x in 3Q15, and by 11.3% y-o-y from 14.2x in 4Q14

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930 904 969 987 994 14.2x 13.1x 13.3x 13.0x 12.6x 0x 5x 10x 15x 20x 840 860 880 900 920 940 960 980 1,000 1,020 4Q14 1Q15 2Q15 3Q15 4Q15

ABN

Production Volume (000) Stripping Ratio

IM Operational Performance

TMU ABN

PT Kutai Energi

Quarterly Production & Stripping Ratio

Production in Thousand Tons

Key Highlights  Production increase of 288K tons in 4Q15 came in line with 2015 internal quarterly guidance of 275K - 375K tons  SR in 4Q15 edged up q-o-q and y-o-y respectively

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493 388 231 319 288 13.3x 12.0x 12.7x 12.2x 13.6x 0x 5x 10x 15x 100 200 300 400 500 600 4Q14 1Q15 2Q15 3Q15 4Q15

IM

Production Volume (000) Stripping Ratio

TMU Operational Performance

ABN IM

PT Kutai Energi

Note: - - - Hauling road

Key Highlights Quarterly Production & Stripping Ratio

Production in Thousand Tons

 4Q15 production volume came in at 247K tons, in line with 2015 internal quarterly production guidance of 225K-375K tons  4Q15 SR on q-o-q and y-o-y basis stabilized at 8.3x and declined by 35.7% from 12.9x respectively due to operational improvement

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231 213 269 259 247 12.9x 10.4x 9.4x 8.3x 8.3x 0x 5x 10x 15x 50 100 150 200 250 300 4Q14 1Q15 2Q15 3Q15 4Q15

TMU

Production Volume (000) Stripping Ratio

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2015 Financial Highlights

3

Evolution of Quarterly FOB Cash Cost from 3Q12-4Q15

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 deferred exploration & development costs 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

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60 57 55 55 53 49 49 53 51 50 47 43 41 38 63 52 59 56 51 52 51 54 50 51 46 42 41 38 14.2x 12.1x 15.1x 13.6x 12.7x 12.7x 13.5x 13.8x 12.5x 13.8x 12.4x 12.5x 12.0x 12.1x 0x 3x 6x 9x 12x 15x 18x 21x 20 40 60 80 100 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

FOB cash cost

• Adj. FOB cash cost

SR

51.5 40.7 12.4 10.3 4.3 4.8 2014 2015

TMU IM ABN

54.9 44.9 48.4 42.5 46.9 35.0 2014 2015

TMU IM ABN

4.4 3.9 2.3 1.2 1.4 1.0 2014 2015

TMU IM ABN

6.1

Operational & Financial Highlights

Production (mn tons)

8.1 24.7%

FOB Cash Cost (US$/ton)

51.3 42.2 17.7%

EBITDA (US$ mn)

67.0 53.7 19.9%

1 2 3

In line with the mine plan, production volume decreased 24.7% y-o-y to 6.1 mn tons in 2015. Sales volume decreased 19.0% to 6.4 mn tons over the same period, following the production adjustment FOB cash cost fell by 17.7% y-o-y, resulting from continuous cost management initiatives, better execution of mine plan, and lower fuel costs EBITDA declined by 19.9% y-o-y to US$ 53.7 mn in 2015, yet EBITDA margin increased from 13.4% to 15.4% over the same period due to the same reasons above

Notes: (1) FOB Cash Cost = COGS including royalty and selling &marketing expense – depreciation and amortization (2) EBITDA = Gross Profit – selling expenses – G&A + depreciation and amortization

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Financial and Operational Highlights

All figures are in million US$ unless

• therwise stated

20143) 2015 Changes Operation Sales Volume mn ton 7.9 6.4 (19.0)% Production Volume mn ton 8.1 6.1 (24.7)% Stripping Ratio (SR) X 13.3 12.3 (7.5)% FOB Cash Cost1) US$/ton 51.3 42.2 (17.7)% NEWC Index Price US$/ton 70.8 59.2 (16.4)% Average Selling Price (ASP) US$/ton 63.7 54.8 (14.0)% Financial Performance Profit (Loss) 2014 2015 Changes Sales US$ mn 500.0 348.7 (30.3)% Cost of Goods Sold US$ mn 413.8 278.1 (32.8)% Gross Profit US$ mn 86.2 70.5 (18.2)% Operating Profit US$ mn 55.7 42.3 (24.1)% EBITDA2) US$ mn 67.0 53.7 (19.9)% Profit for the Period US$ mn 35.5 25.7 (27.6)% Total Comprehensive Income for the Period US$ mn 31.7 29.8 (6.0)% EBITDA/ton US$/ton 8.5 8.4 (1.1)% Operating cash flows US$ mn 18.9 19.7 4.2% Capex US$ mn 15.4 12.1 (21.4)% Balance Sheet 2014 2015 Changes Interest Bearing Debt US$ mn 58.1 64.0 10.2% Cash and Cash Equivalents US$ mn 47.8 45.5 (4.8)% Net Debt US$ mn 10.3 18.5 79.6% Total Assets US$ mn 300.7 282.4 (6.1)% Total Liabilities US$ mn 158.8 127.3 (19.8)% Total Equity US$ mn 141.9 155.1 9.3% Financial Ratios Gross Profit Margin % 17.2% 20.2% EBITDA Margin % 13.4% 15.4% Operating Profit Margin % 11.1% 12.1%

Financial Performance

Notes: (1) FOB Cash Cost = COGS including royalty and selling expense – depreciation and amortization (2) EBITDA = Gross Profit – selling expenses – G&A + depreciation and amortization (3) Restated due to compliance on PSAK 24R implementation

16.4% weaker y-o-y NEWC Index price caused decline in ASP at lower pace of 14.0% due to marketing initiative of predicting market downtrend and securing contracts at fixed price Financial position remains solid as cash preservation is maintained with cash and cash equivalents at US$ 45.5 million as of Dec 2015 Stabilization of annual SR to 11x-12x level is shown by y-o-y decline by 7.5% to 12.3x in 2015

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Gross profit margin, EBITDA margin, and operating margin each rose y-o-y to 2015 resulting from better

• perational performance, disciplined

cost management initiatives, and effective marketing strategy

3) 3)

Balance Sheet

Consolidated Balance Sheet

In Million US$

Net Debt to EBITDA2)

In Million US$

• Total assets moderated 6.1% to US$ 282.4 mn at end-2015 from US$ 300.7 mn as per end 2014,

while liabilities dropped much more by 19.8% to US$ 127.3 mn over the same period

• Total equity value increased 9.3% to US$ 155.1 mn from US$ 141.9 mn, attributable to additional

profit for the period booked in unappropriated retained earnings

• Net Debt to EBITDA ratio has constantly recorded stability from quarter to quarter at way below 2x

Note: (1) Restated due to compliance on PSAK 24R implementation (2) EBITDA = Gross Profit – selling expenses – G&A + depreciation and amortization

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282.4 Total Assets 300.7 (6.1)% Interest Bearing Debt 64.0 58.1 10.2% Total Liabilities 127.3 158.8 (19.8)% Shareholders Equity 155.1 141.9 9.3% Balance Sheet Dec ’141) Changes Dec ‘15 Cash and Cash Equivalent 47.8 (4.8)% 45.5

10.3 9.2 8.9 13.3 18.5 9.5 17.7 12.1 12.2 11.7 2 4 6 8 10 12 14 16 18 20 4Q14 1Q15 2Q15 3Q15 4Q15

Net Debt (Cash) (US$ Mn) EBITDA (US$ Mn)

Ratio(x) 1.1 0.5 0.7 1.1 1.6

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2015 Marketing Highlights

4

Overall Marketing Performance

Covergence of NEWC Index & ASP (in US$/ton) Sales by Product Mainly Contributed by 5600 (GAR)

• Average NEWC Index declined by 16.4% from US$ 70.8/ton 2014 to US$ 59.2/ton in 2015, while ASP

contracted less by 14.0% from US$ 63.7/ton to US$ 54.8/ton over the same period

• at ~66%, the 5,600 GAR products account for the largest portion of 2015 total sales volume

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US$/ton 98.5 121.1 96.9 85.3 70.8 59.2 65.5 91.3 72.2 66.6 63.7 54.8 20 40 60 80 100 120 140 2010 2011 2012 2013 2014 2015

NEWC ASP

12.1% 35.6% 30.0% 10.1% 8.2% 4.0% 0.0 0.5 1.0 1.5 2.0 2.5

4800 5600 HS 5600 RS 5800 5900 LS Others

Million Tons Notes:

• HS is High Sulphur, max 2.0%
• RS is Regular Sulphur, max 1.0%
• LS is Low Sulphur, max 0.6%

More Diversified Market Base & Customer Base

Initiatives Undertaken: Total Sales by Customer Type Sales Destinations by Country

• Building well-diversified export destination base and customer base backed by positive demand

prospects and quality customers respectively: In 2015, Korea replaced China as main export destination, while the customer base consisted of mainly reputable international traders with growing composition of notable regional end-users, increasing from 3.6% in 2014 to 36.8% in 2015

• Maintaining product brand with customers by making good on delivery with specifications ensured
• Achieving tighter discount to even premium to Newcastle adjusted reference price

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32.4% 13.9% 12.8% 10.1% 8.9% 8.7% 4.3% 4.1% 3.2% 1.7%

0.0 0.2 0.4 0.6 0.8 1.0

Korea Taiwan Malaysia India China Japan Vietnam Thailand Bang'desh Others

Million Tons

2.1 Mt

63.2% 36.8%

Traders End-Users

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Guidance for 2016

5

Snapshot of 2016F

Operation

Prod Vol (mn ton) SR (x)

12.3x 6.1

2014

13.3x 8.1

NEWC Coal Price (US$/ton)

59.2 70.8

• Objective is to execute disciplined mine plan that generates certain margin without compromising long

term reserves

• After 17.7% y-o-y reduction in FOB cash cost in 2015, joint mine plan and infrastructure sharing are to

be better streamlined among 3 operating subsidiaries, with initiatives to lower costs throughout value chain from mining to logistics costs

• Marketing is to focus on better diversification of export destination base and customer base (ideal mix

between traders and end-users) and maintaining product branding

• 2016 CAPEX is estimated at US$ 5 - 8 mn to support mainly mining facilities and equipment, and to

lesser extent, plantation operation of PKU. Currently, PKU is in final stage of constructing palm oil mill with capacity of 30 fresh fruit bunch (FFB) / hour to be completed by first semester 2016

• To maintain sustainable business growth by having more stable revenue stream, Toba is currently

evaluating prospects of undergoing downstream integration in energy-related sector

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11x - 12x 5 - 7

2016 F

50 - 55

2015

THANK YOU