1

PT Toba Bara Sejahtra Tbk (“Toba”)

Company PresentationFirst Quarter 2013

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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.

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Content

Financial Highlights4

1 Corporate Profile

2 Operational Profile

3 Business Overview

CSR & Environmental Highlights5

4

Corporate Profile 1

ABN69%

IM31%

5

ABN66.1%

IM15.7%

TMU18.2%

Toba 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

Toba in Brief

• Substantial and diversified thermal coal

reserves and resources

oJORC-compliant proved and probable reserves of

147 MM tonnes and measured, indicated and

inferred resources of 236 MM tonnes

oCoal brands with calorific values ranging from

4,700 - 5,800 Kcal / kg GAR

ABN79.6%

IM15.0%

TMU5.4%

Reserves%

• Strong growth profile

oProduced 5.2 MM tonnes of coal in 2011 and grew to

produce around 5.6 MM tonnes of coal in 2012

o Prime location provides the operational cost edge to

grow as a logistical & operational center for the area

oContinued exploration effort to increase our Reserves and

Resources. Current reserves only account for 52% of our

total area has been explored

Dec 2012 Revenue%

Dec 2012 EBITDA%

Resources%

Total: 147 MM TonnesTotal: US$ 396 MM Total: US$ 31 MM (1) Total: 236 MM Tonnes

ABN74%

IM23%

TMU3%

Note: (1) Includes net income attributable to minority interest (ABN and IM only)

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Notes:

1. Son of TS founder, Luhut B. Pandjaitan

2. Figures are rounded

Ownership Structure

• 20-year Production Operation Mining

Permit (“IUPOP”) expiring in December

2029

• IUPOP was converted from a Kuasa

Pertambangan (“KP”) in 2009

• IUPOP expiring in June 2013

– IUPOP was converted from a KP in 2010

• IUPOP extension has been completed in

March 2013 (First extension until 2023)

• 13-year IUPOP expiring in December

2023

• IUPOP was converted from a KP in

2010

• 2,990 ha • 683 ha • 3,414 ha

• Reserves: 117MT- JORC

• Resources: 156MT- JORC

• Reserve: 22 MT- JORC

• Resources: 37MT- JORC

• Reserves 8 MT- JORC / 15 MT (Internal

estimate)

• Resources: 43 MT- JORC

License

Area

Davit Togar Pandjaitan (1) PT Bara Makmur AbadiPT Toba Sejahtra (“TS”) Roby Budi PrakosoPT 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%

51.0% 99.99% (2)

Public

12.5%

Reserve

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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

• A privately owned group founded in 2004 with interests in energy

and plantations

• Its business segments are as follow:

– Energy: Owns 5 coal mining concessions through Toba and PT

Kutai Energi. All of TS' mines are characterized by low production

costs and favorable proximity to ports

– Oil & Gas: In the exploration phase of the 4,567 sq miles South

East Madura Block through subsidiary E&P company PT Energi

Mineral Langgeng

– Power Plant: Operates a 30 MW coal-fired power plant in Palu,

Central Sulawesi and is developing a 120 MW greenfield power

plant in Senipah, East Kalimantan

– Agribusiness: A 25% stake in a 12,000 ha palm oil plantation in

East Kalimantan

• 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

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Initial Public Offering

Listed on IDX 06 July 2012

Number of shares offered 210.681.000 shares or 10.47%

IPO Proceed Rp. 400,293,900,000

Anchor Investor Barings Private Equity (8% at IPO)

Ticker Code TOBA

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2007

• IM commenced

production

2011

• TMU commenced

production

• Toba production

hit 5m tons

2008

• ABN commenced

production

• Operational

adjustment due to

a drop in coal

market

2010

• TS acquired the remaining share

for IM from minority shareholder

• Toba acquired 51.0% of ABN,

52.5% of TBE (IM’s shareholding

company) and 51.0% of TMU

• Toba production hit 4m tons

Key Milestones

Strong track record of acquisitions, development of greenfield mines, rapid production ramp-up and

experience to adjust operation in a down-market

2007 2008 2009 2010 2011 2012 2013

2012

• Toba acquired the minorities’shares in TBE and TMU

• IPO/Listed on IDX, 6th July

2012

• Eliminated overlapping issues

with plantation company (PKU)

2009

• ABN & IM production

reached 2m tons

2013

• IM successfully

extended IUPOP

until 2023

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Operational Profile2

Source: Company data

0.1

1.1

3.1 3.8

4.4

~ 6,5

0.7

0.9

0.9

1.4

1.0 0.0

0.3

0

1

2

3

4

5

6

7

2007 2008 2009 2010 2011 2012 2013

TMU Indomining ABN

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Solid Operating Track Record

0,8

2,0

3,9

5,3

5,6

Production GrowthMT = Million Tonnes

0,2

~5,8 – 6,4

Fo

recast

• Toba started exploration on ABN & IM in 2006 and TMU in 2008

• Production grew at 65% CAGR from initial size of 800k in 2008 to 5.6 MT in 2012

• Toba is focusing on Continuous Production Growth and this is supported with available

infrastructure capacity of 13 MT of coal

• Additional 3 MT worth of capacity is expected to be realized in 3-4Q13 to become total 16 MT

• Production growth will be driven by TMU and Additional CAPEX will help fuel growth in TMU

ABN

IMTMU

Toba is transitioning from Greenfield into growing major player

Fo

recast

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Prime Location Gives Significant Advantage in Cost

Samarinda

Mahakam River

Muara Jawa

Muara

Berau

Makassar Strait

Major City

Jetty

Transshipment Point

~55 Km

(total ~120 Km)

~65 Km

kilometers

0 12 24 36 48

ABN

Kutai Energy

Adjacent

locations for all

3 mines

TMUABN

IM

1

17km

ABN Jetty

IM Jetty

~ 5 km

NDM Jetty

17km

Furthest pit to

jetty 25km | with

closest one ~5km

3Major city is

less than 50

km

4

Close proximity

transhipment

point & jetty

2

All infrastructures are owned by Toba’s giving significant operating

leverage vs other concessions in surrounding areas

Prime Location

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ABN

66.1%

TMU

18.2%

IM

15.7%

Coal Reserves Coal Resources

(MM

Tonnes) Proved Probable

Total

Reserves Measured Indicated Inferred

Total

Resources

ABN 70 47 117 73 70 13 156

IM 11 10 22 24 10 4 37

TMU 5 4 8 9 8 26 43

Total 86 61 147 106 88 43 236

Reserves and resources upside from the conversion of resources to reserves and further exploration of

concession areas

Notes:

1. Differences in totals are due to rounding

2. The Runge Report for ABN is as of 31 December 2011, the PT SMG Consulting Report for IM is as of 1 January 2012 and the Marston Report for TMU is as

of 31 October 2011

Total: 147 MM Tonnes Total: 236 MM Tonnes

Substantial Reserves and Resources to

Support Production Expansion

Coal Reserves and Resources (1)(2) (JORC)Reserves (1)

MM Tonnes

Resources (1)

MM Tonnes

ABN

79.6%

TMU

5.4%IM

15.0%

Note: Areas already explored

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ABN

IM

Significant Portion of Area still Unexplored

• Explored 3,704 of 7,087 hectares of its concession areas (52% of total concession area) and drilled 3,512

boreholes as of 31 December 2011

• Additional JORC coal reserves and resources expected to be discovered, especially at TMU where only 680

hectares out of 3,414 hectares of the concession (20% of TMU concession area) have been explored

TMU

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Strong Relationships with Multinational Customers

Major Customers

DRAGON ENERGY GROUP

Major customers provide the stable

business support for Toba’s marketing…

… minimum marketing fees because Toba

handles our own marketing internally

Toba’s Marketing Operations

Central Marketing Operations of all 3

subsidiaries

Internally developed customer base that

allows Toba to have low marketing costs

Balance mix of long term contracts, short

term and spot

Active participation in reputable

conference and trade shows to promote

the Toba brand

Enhance marketing strategy to sell

directly to end-users

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Business Overview3

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Recent Coal Market Update

Coal Prices Rebound

Range-bound US$88 -95/ton

China’s Economic Recovery

• Coal Prices have bounced back from

high 70’s in 4Q 2012 and are range-

bound at US$88 – 95/ton in early 2013

• China’s economic recovery rebounded in

4Q 2012 as China is the largest buyer in

the global seaborne market

20122012 2013

Source: Platts Source: Bloomberg

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Manage cash costs: Lower SR,

Shorten Dump Distance

Construct hauling road from

TMU to IM

Share current infrastructures :

CPP & Jetty & lower costs

Centralize fuel supply

Optimize sales through hedging

activities

Increase our reserves through

acquisition and exploration

Strategic Initiatives to Manage Changing Environment

Returning future

Profitability

Level

Strategic Initiatives / Response to Changing Coal Prices

1

2

3

4

5

6

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Toba’s Milestone 2013

2007 2008 2009 2010 2011 2012

• Hauling Road TMU – IM

has been completed

ahead of schedule

• TMU Production ready

for ramp up to 80 - 100 K

tons/mo

May’13 Sept’13

• New CPP in IM

expected to be

completed

• Indomining

Capacity expected

to increase up to 6

MMTPA

Oct’13

• 2nd underpass in

ABN expected to

be completed

Apr’13

• TMU set up mine

operations in

block 4

• Border-mining in

ABN & IM

commenced

Jan’13

• IM entered into

new Mining

Contract with

RPP for 5 years

Toba is on track in integrating its operation and infrastructure

capabilities

………..

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Integration of three (3) mines

• Benchmarking and

sharing between

departments and

functions

• Optimize and

coordinate mine

planning and logistics

• Centrally coordinate

and streamline

corporate finance,

legal, human resource

and CSR functions

• Joint mine plan and

infrastructure sharing

1Increase coal reserve

and resource

• Continue exploration

activities to increase

proven and probable

reserves as only 52%

has been explored to

JORC standard

• Consider opportunities

to acquire coal

concessions with

significant reserves

3Strengthen existing

and develop new customer

relationships

• Supply a higher

proportion of sales

volume to end users,

while maintaining

relationships with

existing coal traders

• Target customers in

Japan, Taiwan, South

Korea, China, Vietnam

and Hong Kong, South

East Asia and India

4Continue to focus on

health and safety, environmental track

record and commitment to CSR

• Maintain and enhance

high international

operating standards,

utilize automated

mining methods to

minimize accidents and

enhance safety

• Foster community ties

through development

programs as well as job

creation

5Organically increase

coal production levels

• Expand coal production

through increased

production and mine

development activities

• Strengthen

relationships with third

party mining

contractors and work

closely with them to

improve their

productivity

2

Business Strategies

Growing Reserves and Maintain Profitability at Different Cycles

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Operational & Financial Highlights4

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Toba Bara Operational Performance

Quarterly Production & Stripping RatioThousand Tonnes

Production

(million ton)

Stripping

Ratio (x)

1Q12 1Q13

1.1 1.3

17.7 15.2

Production Summary

Stripping Ratio continues

to decline

Sales

(million ton)1.1 1.4

Sales are mainly contributed by ABN and remain flat at 5.5

million tonnes per year for two consecutive years

Change

27%

18%

-14%

Comments

Production rose 18% to 1.3 milllion due to lower rainfall.

Contributions: from ABN 0.93 million tons, from IM 0.28

million tons and from TMU: 0.08 million tons

Stripping ratio was higher in 2012 primarily due to pre-

stripping activities in 1H 2012 in all three (3) mines, and

delay caused by higher rainfall

Source: Company data

Pre-stripping activity was lower in

1Q13 vs 1Q12, causing lower SR

on yoy basis. Yoy production was

higher due to lower rainfall while

dump distance fell from 2.3km in

1Q12 to 1.6km in 1Q13

774 768 1,141 1,078 884 1,078 1,224 1,225 925

11.1x

16.8x

13.7x14.2x

17.6x17.1x

14.5x 12.6x

16.6x

5x

10x

15x

20x

500

1,000

1,500

1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q2013

Production volume Stripping Ratio

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ABN Operational Performance

Production & Stripping RatioThousand Tonnes

Despite significant changes in coal market price, production

grew 17 % YoY. ABN Operation in 1H2012 was impacted by

higher mining SR and higher rainfall

Operational advantage & focus

Short coal hauling distance 4km

High Built Crusher Cap 10 mm ton/year

Barge Loading JettyLoading Speed of up to

1,800 ton/hour

Under Pass:Capitalizing on Infra

Strength

1 2 3 4

ABN

Key Highlights

TMU

IM

PT Kutai Energi

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IM Operational Performance

IM operation was impacted by higher mining SR and lower level

of equipment productivity from contractor

IM appointed PT RPP Contractor Indonesia replacing SIS

starting January 2013

IUPOP has been extended until 2023

Key Highlights

Production & Stripping RatioThousand Tonnes

Operational advantage & focus

Short coal

hauling dist. < 5km

CPP Ramp up to

6MM TPY

Conveyor for TMU

& Others

Cross Border

Mining with ABN

1 2 3 4

TMU

ABN

PT Kutai Energi

291 394 378 347

190 236 265 272 278

10.1x

8.6x8.9x

8.1x

14.6x14.5x 13.1x

10.5x11.2x

5x

10x

15x

0

250

500

1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Production volume Stripping Ratio

Dump

Distance(m)2,809 2,822 2,530 2,550 2,564 2,547 2,179 2,178 1,724

25

TMU Operational Performance

Key Highlights

Production & Stripping RatioThousand Tonnes

Operational advantage & focus

TMU started pre-striping in 4Q 2011 until 2Q 2012. High level

of rainfall caused higher stripping ratio

Further drilling is expected to increase reserves. Our internal

estimation expects additional reserves of approximately 7

million tons, hence totaling 15 million tons

Build ~16km

Road to ABN

Integrate CPP

Ops with IM

Exploration in

West Block

1 2 3

ABN

IM

PT Kutai Energi

0 0 0

39 23 59 85 90 84

24.5x

45.6x

14.4x

17.0x10.8x

11.2x

10x

20x

30x

40x

50x

0

25

50

75

100

1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Production volume Stripping Ratio

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Snapshot of Financial Performance –

1Q 2013 vs 1Q 2012

Notes (a) FOB vessel Costs: COGS, Selling Expenses excluding depreciation

and amortization

(b) 1Q 2013 Financials is unaudited

(a)

• Coal Production Volume

increased 17% QoQ mainly due

to lower rainfall and better

overall stripping ratio

• Sales Volume increased by 27%

due to increase in production

volume and clearance of our

2012 ending inventory

• FOB vessel cash costs

decreased by 18% due to lower

stripping ratio and shorter

dumping distance

• EBITDA decreased by 38%

mainly due decrease in ASP of

23%

1Q 2012 1Q 2013 Change %

Operation

Sales Volume million ton 1,1 1,4 27%

Coal production million ton 1,1 1,3 17%

Striping Ratio x 17,7 15,1 -15%

NEWC Index US$/ton 114 93 -18%

Financials

Sales US$'000 97.563 94.942 -3%

Gross Profit US$'000 21.077 14.389 -32%

Operating Profit US$'000 14.061 7.742 -45%

EBITDA US$'000 15.131 9.445 -38%

Net Income US$'000 10.658 5.972 -44%

Net Income after Minority

Interest

US$'000 5.100 3.210 -37%

Ratio

Gross Profit Margin % 21,6% 15,2% -30%

EBITDA Margin % 14,4% 8,2% -43%

Net Profit Margin % 11% 6% -42%

Per Ton Basis

ASP US$/ton 86,5 66,2 -24%

FOB Vessel Cash Cost US$/ton 67,1 55,1 -18%(a)

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Debt and Cash Position

Net Debt PositionUS$ Mn

Net Cash 2% 34% 6% 11% Net CashNet Debt to Equity

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CSR & Environmental Highlights5

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• Toba is continuously developing and implementing its corporate social responsibility programs

– Creating educational opportunities for local communities including renovating schools, training teachers,

providing post-graduate educational assistance and creating a literacy program for adults and a scholarship

program for school-aged children

– Providing health services to the local communities

– Helping groups of farmers plant crops of vegetables and bamboo and assisting with land rehabilitation

– Creating local employment opportunities by sourcing some of the Company’s site workforce from the

neighboring areas

Helping Farmers Plant Crops Creating Educational OpportunitiesProviding Health Services

Toba is Committed to Being a Responsible

Corporate Citizen

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Awards

Ernst & Young Social

Entrepreneur of the

Year 2011

East Kalimantan Green

Proper Mining Award

ABN

East Kalimantan Blue

Proper Mining Award

Indomining

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Appendix

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• Current production capacity (31 December 2012):

– Crusher: 10 MM tonnes p.a.

– Conveyor: 10 MM tonnes p.a.

• Produces two varieties of blended thermal coal

– ABN 52: Marketed CV(1) of 5,200 kcal / kg GAR

– ABN 55: Marketed CV of 5,500 kcal / kg GAR

– ABN 58 : Marketed CV of 5,800 kcal / kg GAR

• Substantially all of the owners of the land within ABN’s

concession area have been compensated and ABN has been

granted the exclusive right to mine those areas

• Area: 2,990 ha

• Location: Sanga-Sanga, Kutai Kartanegara, East Kalimantan

• Type of license: IUPOP

• Expiry date: 1 December 2029

• Commencement of production: September 2008

• 2012 production: 4.4 MM tonnes

• Mining consultant: PT Runge Indonesia

ABN: Coal Concession Overview

IM

TMU

ABN

JettyABN

Overview

Operations

Marketing

• Historically sold between 50%-100% of its annual production through

long-term (longer than 1 year) with coal trading companies

– The remainder were sold on the spot market

Note:

1. Calorific value

33

• Current production capacity (31 December 2012):

– Crusher: 3.0 MM tonnes p.a.

– Conveyor: 4.5 MM tonnes p.a.

• Produced one variety of blended thermal coal “Indomining”

with marketed CV(1) of 5,700 kcal / kg GAR in 2012

– May produce additional varieties of blended thermal coal in

the future

• Has compensated the majority all of the owners of the land

within its concession area for their land and has been granted

the exclusive right to mine those areas

• Area: 683 ha

• Location: Sanga-Sanga, Kutai Kartanegara, East Kalimantan

• Type of license: IUPOP

• Expiry date: 22 June 2013 (in the process of renewing its

IUPOP; expects to receive renewal confirmation through 2022

by end of 1st quarter 2013)

• Production commencement: August 2007

• 2012 production: 1 MM tonnes

• Mining consultant: PT SMG Consultants

IM: Coal Concession Overview

IM

TMU

Overview

Operations

Marketing

• Historically sold approximately 50% of its annual production through

short-term (one year or shorter) contracts with coal trading companies

– Clients include Glencore, Flame, Peabody, Dragon, Aempire

• The remainder are sold on the spot market

IM

Jetty

Note:

1. Calorific value

ABN

34

• Current production capacity (31 December 2012):

– Crusher: 1.4 MM tonnes p.a.

• Produces one variety of blended thermal coal “Trisensa-

47”, with marketed CV(1) of 4,700 kcal / kg GAR

– May produce additional varieties of blended thermal

coal in the future

• Area: 3,414 ha

• Location: Loa Janan, Muara Jawa and Sanga-Sanga,

Kutai Kartanegara, East Kalimantan

• Type of license: IUPOP

• Expiry date: 14 December 2023

• Commencement of production: October 2011

• 2012 coal production: ~257,000 tonnes

• Mining consultant: Marston & Marston

TMU: Coal Concession Overview

Overview

Operations & Marketing

Note:

1. Calorific value

Jetty NDM

Planned haul

road and jetty

(17 km)

IM

ABN

TMU

Sungai Sangasanga

Sungai Dondang

Pulau Seribu

Jetty KE

Planned haul road

to ABN and IM (25 km)