ANALYST BRIEFING 1Q11 Performance Results

12 May 2011

DISCLAIMER

The views expressed here contain information derived from publicly available sources that have not been

independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the

information. Any forward looking information in this presentation has been prepared on the basis of a number of

assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or

forecast by PT. Indo Tambangraya Megah Tbk. Nothing in this release should be construed as either an offer to buy or

sell or a solicitation of an offer to buy or sell shares in any jurisdiction

1. Introduction

2. Financial Review

3. Operational Review

4. Commercial Review

Agenda

Agenda

1. Introduction

ITM Operations in 2011

East Kalimantan

Bunyut Port

Balikpapan

Palangkaraya

Banjarmasin

Central Kalimantan

South Kalimantan

KITADIN

EMBALUT

1.0 Mt

INDOMINCO

15.0 Mt

TRUBAINDO

7.3 Mt

JORONG

1.0 Mt

ITM OPERATIONS & PROJECTS

Captive coal-

fired power

Samarinda

Jorong Port

Bontang Coal

Terminal

Operation

Project

Indominco

Trubaindo

Bharinto

Embalut

Td. Mayang

Jorong

Total coal output:

1Q11: 5.2 Mt

FY11: 25.0 Mt target

- 1Q11 output: 3.1Mt

- FY11 target: 15.0Mt

- Additional mining equipment will arrive

starting in June 2011 onwards

- 1Q11 output: 1.5Mt

- FY11 target: 7.3Mt

- 1 new mining contractor and additional

mining equipment in this year

- FY11 target: 0.2Mt

- First production output by 4Q 2011

- 1Q11 output: 0.3Mt

- FY11 target: 1.0Mt

- Expected higher cost in 2011 due to mud

and difficult mining area

- Works as mining contractor at IMM area

- Production from own mine will commence by

2H 2011 with target output of 0.5Mt

- 1Q11 output: 0.3Mt

- FY11 target: 1.0Mt

- Higher strip ratio due to change of mine plan

BHARINTO

0.2 Mt

KITADIN

TD.MAYANG

0.5 Mt

2011 Board of Commissioners

Ibrahim Yusuf President & Independent Commissioner

Somruedee Chaimongkol Commissioner

DR. Sathidpong Wattananuchit Commissioner

(replacing Rawi Corsiri)

Ir. Lukmanul Hakim, MM Commissioner

Rudijanto Boentoro Commissioner

Prof. Dr. Djisman S.Simandjuntak Independent Commissioner

Joined Banpu PCL since 1998 started as VP HR and in 2004-2005 as VP Internal Audit and

during 2006-2007 was assigned as Group Senior Vice President - Corporate Services and

in 2007 till present appointed as the Assistant CEO - Corporate Service

7 years in Finance and Securities industry

Nithipat Capital Public Company Limited, as VP HR & Administration

Peregrine Nithi Finance & Securities Company, as Manager HR

3 years in the Infrastructure / Transportation Industry

Bangkok Mass Transit System Company Limited, as HR & Administration

Tanayong Public Company Limited, as VP HR & Administration and acting as Legal

Manager

Name : DR. Sathidpong Wattananuchit

Date of Birth : 18 June 1959

Working Experiences

Board of Commissioners:

2011 Board of Directors

Somyot Ruchirawat President Director

Pongsak Thongampai Director

Edward Manurung SE, MBA Director

Mahyudin Lubis Director

Hartono Widjaja Director (replacing Aphimuk Taifayongvichit)

Board of Directors:

Name : Hartono Widjaja

Date of Birth : 03 December 1963

Working Experiences

1988 : Sales Associate in Metrodata (IBM)

1989 : Assistant Marketing Manager PT Kitadin

1992 : Marketing Manager PT Kitadin

1994 : Deputy General Manager - Marketing & Shipping

1996 : General Manager - Marketing & Shipping

1999 : Deputy Director - Marketing & Shipping

2002 : Vice President Regional Marketing

2007 : Senior Vice President - Marketing China & North Asia

2010 : Senior Vice President - Marketing Japan, Europe, NZ & Marketing Compliance

Agenda

2. Financial Review

Sales Revenue

402.9

+6.1

(3.5)

1Q10 4Q10

439.6

468.3

1Q11 Indominco Trubaindo Jorong Kitadin Others

+28.4 (0.9) (1.4)

Unit: USD Million

Lower sales volume

Higher ASP by 14%

Higher sales volume

Higher ASP by 10%

Average Gross Margin

* COGS included royalty

ITM Consolidated Indominco Trubaindo Kitadin Jorong

1Q10

403

32%

291

24%

142

28% 33%

46

24%

21

25%

Units: USD millions

4Q10

440

25%

328

14%

148

30% 46

10%

18

19%

Total

Revenue

GPM* (%)

1Q11

468

33%

28%

22%

37%

13% 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11

364

164

44

18%

19

EBITDA

Units: USD million CONSOLIDATED

MINE BY MINE

*COGS = Prod cost + Transport cost + Inv. movement

Revenue 4Q10 1Q10 1Q11

76.4

COGS Selling Royalty

Admin

107.1

61.1

32.4

10.4

1.2

Indominco Trubaindo

1Q10

Kitadin Jorong

4Q10

28.4 30.8

5.5 1.8

1Q11

71.6

47.0

10.6

1.9

Units: USD million

1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11

131.8

+28.7

(4.8) +22.2 +2.1

+7.2

Royalty increased

with revenues

Higher ASP

by 13%

Lower SR

+73% QoQ

Net Income

4Q10 1Q11 Others EBIT

Income

Tax

Derivative

Transactions

FOREX Net

Fin.Charges 1Q10

CONSOLIDATED

MINE BY MINE

Units: USD million

67.2

18.3

95.2

41.3

6.3

22.2

(3.0)

Indominco Trubaindo Jorong Kitadin

(11.2) 1.1

20.4

1.3

55.2

33.0

5.4

1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11

Units: USD million

(0.4)

+52.9 (1.0) +2.5

+47.8

+0.6

(25.9)

+421% QoQ

Higher ASP

by 13%

Derivative

gain

Balance Sheet

Net Gearing (%)

Net D/E (times)

(30%)

(0.34) (0.36)

(34%)

(Units: USD million)

CASH POSITION

2007 2008

258 222

(Units: USD million)

DEBT POSITION

2007 2008

92

11

55

2009

429

(0.47)

(44%)

2009

1Q11

384

0

1Q11

(0.49)

(49%)

295

2010

0

2010

(0.41)

(41%)

2007 2008 2009 1Q11 2010

2011 Capital Expenditure Plan: USD 126 m

Units: USD million

Trubaindo infrastructure

Indominco East block

washing plant

Indominco port

improvement

Td.Mayang equipment

Bharinto development

2.1

Realized up to Mar’11

2011 major Capex plan

57.2

7.1

7.2

10.5

33.4

Maintenance and

improvement initiatives

0.0

0.9

0.7

10.6

1.4

4.1

Agenda

2. Operational Review

3.1 3.8

Indominco Mandiri

EAST BLOCK

Santan River Port stock yard

Bontang City

Asphalt haul

road 2.5Km

35Km

Sea conveyor

Mine

stockyard

Inland

conveyor 4km

0 10 6 8 2 km 4

WEST BLOCK

Operations

Stockpile

Ports

Hauling

Crusher

ROM

stockpile

INDOMINCO-BONTANG SCHEMATIC INDOMINCO PRODUCTION ANALYSIS

Post

Panamax

95,000DWT

1Q

14.7 SR 15.0

2Q

14.9

3Q

14.9

4Q

15.0 Mt

14.3 Mt 2010

2011e

3.7 3.5 3.6

SR 13.5

3.6

MAJOR QUARTERLY UPDATES

1Q11 production was lower than target due to heavy

rainfalls affecting the mining productivity

Additional mining equipment from PAMA and TDM

contractor starting in June 2011 onwards

Overall strip ratio in 2011 is expected to be lower than

2010 due to higher portion of EB production which have

lower strip ratio

Expansion of port (PSY-3) and installation of tunnel

conveyor is still ongoing and expected to be completed

within 2Q11

1.8

SR 15.8

West Block

1.3

East Block

10.1

1Q 1Q

8.0 Mt 7.0 Mt 2.0 1.8

2Q 2Q

1.5

Trubaindo and Bharinto

Mahakam

River

TRUBAINDO PRODUCTION ANALYSIS

Operation

Stockpile

Hauling

Barge Port

Crusher

1Q 2Q 3Q 4Q

2010

7.3 Mt

5.5 Mt

2011e

1.1 1.6 1.5 1.3

SR 10.0

MAJOR QUARTERLY UPDATES

Trubaindo:

1Q11 production achieved according to plan

1 new mining contractor and additional mining equipment

from existing contractors started to arrive in April 2011

onwards

Bharinto:

Crushing plant construction is ongoing with 95% progress

and estimated to be fully completed by May 2011

Mining contractor already selected in March 2011

Site preparation to start pre-stripping activity in 3Q11 is

progressing as planned

FY11 production output of 0.2 Mt by 4Q11 is still on track

South Block 1

(Dayak Besar)

North

Block

40km

Mine to port

Kedangpahu

River

ROM

stockpile

Bunyut

Port

0 10 25 15 20 5 km

Product coal

conveyor, stacking,

stockpile

TRUBAINDO-BHARINTO SCHEMATIC

EAST KALIMANTAN

Bharinto 60km

south west of

Trubaindo

North Block

South Block 2

(Biangan)

PT.

BHARINTO

PT.

TRUBAINDO

SR 11.0 11.4 11.4 10.5

1.8

0.3

Kitadin Embalut and Tandung Mayang

KITADIN PRODUCTION ANALYSIS

Balikpapan

Mahakam River

Samarinda to Muara Berau

Bontang city

EMBALUT

Embalut Port

to Muara Jawa

ROM

stockpile

Operations

Stockpile

Ports

Hauling

Crusher

0 10 6 8 2 km 4

5km Mine to port

TD. MAYANG

EAST KALIMANTAN

IMM EB

KITADIN SCHEMATIC

IMM WB

Bontang Port

1Q 2Q 3Q 4Q

2010

1.0 Mt

1.2 Mt

2011e

0.4 0.3

SR 8.9

SR 10.4 10.6

0.3

10.7 10.8

MAJOR QUARTERLY UPDATES

Kitadin Embalut:

1Q11 production achieved according to plan

Higher strip ratio in 2Q11 due to mud and difficult mining

area from heavy rainfalls

Kitadin Tandung Mayang:

Currently works as mining contractor at Indominco area

Already started the pre-stripping activity in1Q11

Coal production will start in 3Q11

Expected total production in 2011 will be 0.5 Mt

0.3

0.3

0.3

Jorong

Coal terminal

Jorong

Pelaihari

Pacific Ocean

Haul road

Operations

Stockpile

Hauling

Barge Port

0 10 25 15 20 5 km

20km

JORONG SCHEMATIC JORONG PRODUCTION ANALYSIS

1Q

6.9 SR 6.9

2Q 3Q

6.9

4Q

1.0 Mt

0.9 Mt 2010

2011e

0.4 0.1

SR 8.6

0 . 0 . 0.4

MAJOR QUARTERLY UPDATES

1Q11 production achieved according to plan

Adjusted strip ratio in this year to match with

remaining reserves and to keep up with the

current mining sequence

0.3

Agenda

3. Commercial Review

Main Driver for 2011 Coal Market

Weather

Chinese Demand

World Growth

Sources: Country Forecast February and March 2011 from The Economist Intelligence Unit Limited 2011

• World growth forecast 3.1%,

Asian growth forecast 5.1%

• If unemployment concern

defers interest rate rises,

there is potential for demand

lift in 2H 2011

• But oil, food and raw material

cost will have a gradual

impact

• Japanese effect

• Oil/gas effect

• Indonesia wet season was

normal, what will dry season

be like?

• Chinese winter was normal

but with water shortages,

what will summer and end

year winter be like?

• Australian storms/floods

damage recovering slowly

• Demand is strong and

resilient above expectations

• Grid transmission/generation

infrastructure may cap

effective demand

• Statistics are contradictory in

terms of consistency in

quality as well as supply

ability vs. demand

• Imports still strong in 2011

and should exceed 2010

levels for thermal coal

Thermal Coal Benchmark Prices

Coal price benchmarks Upswing due largely to :

– Carry over impacts of rain and

accidents

– Oil and gas price rises

– Strong Asian growth

– “Fall out” in Europe due to

Japanese nuclear problem

Increased production and waiting

for demand lift to India/China and

domestic demand

Forecasts: depends on weather

and China 60

70

80

90

100

110

120

130

140

150

Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11

US

$ /

to

nn

e

FOB Richards Bay 6000 kcal/kg, NAR

FOB Newcastle 6300 kcal/kg, GAR

FOB Kalimantan 5900 kcal/kg, GAR

FOB Kalimantan 5000 kcal/kg, GAR

Newcastle, RB,

Coal prices merge

Japan Earthquake Impact on Coal Demand in 2011

Change in demand (Mt)

NE Japan

Make-up in transferred power

Western Japan + Hokkaido

Cement industry

Steel industry

Total coal demand from Japan*

European coal demand in 2011**

1H 2011 2H 2011

* Assumes no major nuclear radiation fall out to wide areas

** Impact from oil price increase resulting from the political instability in the Middle East and North Africa as well as diversion of coal demand from Japan

Total INDICATIVE ONLY

2.5

0.5

0.5

0.5

0.5

1.0

0.5

0.5

0.5

0.5

2.0

5.0

4.0 3.5

3.0 8.0

4.0 2.5 6.5

0

0

Source: Company estimates

605 602 608

714787 771 770

845 830

571567 577

676741 733 727

788 780

361358 381

458 474 457 440 495 495

0100200300400500600700800900

1,000

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11e

14

58

93

85-120

36

18 14 7 - 14

2008 2009 2010 2011 Outlook

Import Export

China Thermal Coal Market Review

Net

import

c. 92 Mt

End Mar’11 2 May’11

(RMB) (RMB)

Datong 825 860

Shanxi 770 815

Common 493 493

Source: www.sxcoal.com/cn 2 May 2011

Datong super mixed coal (6,000 kcal/kg)

Shanxi super mixed coal (5,500 kcal/kg)

Common mixed coal (4,000 kcal/kg)

RMB

China domestic coal prices China thermal coal imports and exports

Mt

Sources: China Coal Report February 2011, MS&L Estimates

Net

import

79 Mt

ITM Average Selling Prices

30

50

70

90

110

130

150

170

190

Jun-08 Feb-09 Oct-09 Jun-10 Feb-11

Monthly BJI Monthly ASP

USD per tonne

Quarterly

BJI

Quarterly

ASP

BJI* May 05, 2011 $123.95

ASP 1Q11 $87.3/t

ASP FY10 $74.9/t

ASP vs. spot BJI trend shows a

mix of pricing (LT/MT/ST)

Despite increases in product

margins, the increase in lower

CV tonnages hampers ASP

increases

Still, higher CV coal has

increased relative to index, JPU

or spot price

Indicative 2011 Coal Sales

Coal sales contract and pricing status Comment Coal sales contract and pricing status

Sales target remains at 25 Mt,

assuming normal seasonal

weather in Indonesia

Close to fully sold by 1H as

more contract settlements

expected in 2Q

Remaining unsold;

anticipating stronger market

price for low grade products

62%

24%14%

Contract Status Price Status

Contracted Fixed

100%

5%

95%

Uncontracted Unpriced

Index

TARGET SALES 2011: C. 25 Mt

Coal Sales by Geographic Destination

JAPAN (27%)

INDIA (11%)

INDONESIA

(3%)

PHILIPPINES

(5%)

HONG KONG (3%)

TAIWAN (5%)

S.KOREA (5%)

THAILAND (9%)

2011 trend expectation

2011

*Includes small, non-regular purchasers

Coal sales 1Q11

(total 5.5 Mt)

OTHERS* (1%)

ITALY (9%) 2011

CHINA (22%)

2011 2011 2011

2011

2011 2011

2011

1.4

2.3

3.5

4.5

1.5

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

3M10 6M10 9M10 FY10 3M11

0.3

0.8 1.2

1.8

0.3

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

3M10 6M10 9M10 FY10 3M11

2011

0.3

0.6

1.0 1.2

0.1 -

0.2

0.4

0.6

0.8

1.0

1.2

1.4

3M10 6M10 9M10 FY10 3M11 1.5

2.7

3.6

5.1

1.2

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

3M10 6M10 9M10 FY10 3M11

0.5 0.9

1.2 1.8

0.5

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

3M10 6M10 9M10 FY10 3M11

0.5

1.1

1.8

2.4

0.3

-

0.5

1.0

1.5

2.0

2.5

3.0

3M10 6M10 9M10 FY10 3M11

0.6 0.8

0.9 1.1

0.3

-

0.2

0.4

0.6

0.8

1.0

1.2

3M10 6M10 9M10 FY10 3M11

0.1 0.3

0.4 0.5

0.1

-

0.1

0.2

0.3

0.4

0.5

0.6

3M10 6M10 9M10 FY10 3M11

0.4

0.7

1.1

1.5

0.5

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

3M10 6M10 9M10 FY10 3M11

-

0.4 0.7

0.9 0.6

-

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

3M10 6M10 9M10 FY10 3M11

0.1 0.1 0.2 0.2

0.0 -

0.1

0.1

0.2

0.2

0.3

3M10 6M10 9M10 FY10 3M11

Questions & Answers

Agenda

Appendices

ITM structure and history

ITMG

65.00%

Indominco Trubaindo Bharinto Jorong

PT Indominco Mandiri

(CCOW Gen.I)

PT Trubaindo Coal

Mining

(CCOW Gen II)

PT Kitadin-Embalut

(KP)

PT Bharinto

Ekatama

(CCOW Gen III)

PT Jorong Barutama

Greston

(CCOW Gen II)

50.00%

PT Indo Tambangraya Megah Tbk.

Banpu Minerals

(Singapore) Pte Ltd

99.99% 99.99% 99.99% 99.99% 99.67%

146 Mt

697 Mt Resources

Reserves

107 Mt

335 Mt Resources

Reserves 15 Mt

152 Mt Resources

Reserves

45 Mt

298 Mt Resources

Reserves

7 Mt

145 Mt Resources

Reserves

Banpu Minerals

Co.Ltd

Reserves 330* Mt

Resources 1,640* Mt

BMS

99.99%

BMC

Banpu PCL Banpu

Public 35.00%

Kitadin

PT Kitadin-Td.Mayang

(KP)

10 Mt

13 Mt Resources

Reserves

BCI 50.00%

100.00% Banpu Coal

Investment Co.Ltd

Note: * Updated Coal Resources and Reserves as of 31 Mar 2011

East Kalimantan East Kalimantan South Kalimantan East Kalimantan East / Central Kalimantan

INDONESIAN STOCK EXCHANGE

IPO 18th Dec 2007

6,500-7,300 kcal/kg 6,000-6,300 kcal/kg 5,800 kcal/kg 6,400-6,800 kcal/kg 6,700 kcal/kg 5,300 kcal/kg

Coal resources and reserves (as of 31 Mar 2011)

Indominco

Kitadin-Td.Mayang

Jorong

Trubaindo

W.Block

E.Block

251 Mt

33 Mt

446 Mt

152 Mt

15Mt

145 Mt

7Mt

335 Mt

107 Mt

298 Mt

45 Mt

13Mt

RESOURCES

RESERVES

Kitadin-Embalut

Total Reserves : 330 Mt

Total Resources : 1,640 Mt

113 Mt

10Mt

Bharinto

Note: * Updated Coal Resources and Reserves as of 31 Mar 2011 based on estimates prepared by Competent Persons (consider suitably experienced under the JORC Code)

in 31 Dec 2010 and deducted from coal sales volume in 1Q11