28 February 2012

ANALYST BRIEFINGFY11 Performance Results

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

Agenda

1. Introduction

2. Operational Review

3. Commercial Review

4. Financial Review

DisclaimerAgenda

1. Introduction

Highlights of 4Q11 & FY11 Results

Q-Q

+8%

0%

0%

+19%

+5%

Unit: USD Million

Coal sales

7.1 MtUp 0.3 Mt

+4% Q-Q

FY10

1,645

32%

363

204

$74.9

y-y

+45%

+5%

+95%

+168%

+30%

Coal sales

24.7 MtUp 2.5 Mt

+11% y-y

FY11

2,382

37%

707

546

$97.1

Total Revenue

Gross Profit Margin

EBIT

Net Income

ASP (USD/ton)

3Q11

678

39%

219

156

$98.4

4Q11

733

39%

220

185

$103.1

DisclaimerAgenda

2. Operational Review

Reserves upgrade 2011

JORONGINDOMINCO KITADIN EMB & TMTRUBAINDO BHARINTO

• In-Pit Crushing Conveying (‘IPCC’) system means it will be economic to go deeper (and mine more resources)

• IPCC facilitates cheaper and quicker OB removal costs from deeper pits (enabling overall OB costs per bcm to remain competitive)

• Exploration work has also boosted reserves at IndomincoEast Block in 2011

• Further reserves upgrades are planned at Indominco East Block based on additional exploration and mining studies.

RESERVES UPGRADE : INDOMINCO EAST BLOCK

• Engineering studies (including IPCC) and further exploration drilling have boosted reserves estimates

• Further reserves upgrades are planned at Bharinto based on additional exploration and mining studies.

RESERVES UPGRADE : BHARINTO

Unit: Mt

YE 2010 YE 2011

SALES

25

-17 6

RESERVES UPGRADE

YE 2010 YE 2011

SALES

-15150+39 174

YE 2010 YE 2011

SALES

-225 23

YE 2010 YE 2011

SALES

-7109 102

YE 2010 YE 2011

45

+67 112

RESERVES UPGRADE

Total reserves as of 31 Dec 2011: 417 Mt

Coal reserves growth

Organic increase in reserves*

Exploration, study and LT price:

Exploration, study and LT price:

Study: Exploration, study and LT price:

Exploration, new technology (IPCC):

2007 2008 2009 2010 2011

+3Mt

+106Mt

+92Mt

+46Mt

+63Mt

Indominco (+39)

Bharito (+67)

Indominco (+19)

Kitadin (+10)

Bharito (+18)

Indominco (+66)

Trubaindo (+27)

Trubaindo (+3) Indominco (+29)

Trubaindo (+36)

*Not including the effect of sales depletion

Reserves upgrade 2011: note on IPCC method

100 m

50 m

PIT BENCHES

BACKHOEEXCAVATOR

TRUCK

IN-PITCRUSHER

IN-PITCONVEYORS

SPREADER STOCKPILE

100 m

50 m

IPCC ILLUSTRATION

• IPCC, electricity-based mining method, tends to require higher capex but lower opex as compared to diesel excavation and trucking

• It also requires sufficient mine life (10 years+) and sufficient volume• Typically allows economic OB and coal excavation at depths of 100-200m

where conventional truck/shovel method would not be economic.

.

SEMI-MOBILE CRUSHER

CONVEYOR

SPREADER

.

Indominco14.8mt output in FY11. Output target of 15.0mt for 2012

Captive coal-fired power

Trubaindo7.1mt output in FY11.

Output target of 7.1 Mt for 2012

Jorong1.4mt output in FY11. Output

target of 1.0mt for 2012

Bharinto0.7mt output target in

2012Kitadin-Embalut1.3 Mt output in FY11. Output target of 0.7mt for 2012

Kitadin-Td.Mayang0.4mt output in FY11 and 2.7mt output target for 2012. Also worked in FY11 as mining contractor at IMM area

FY11 output: 25mt and FY12 target: c.27mt

Operation in 2012

Indominco Mandiri

3.1

EAST BLOCK

Santan River Port stock yard

Bontang City

Asphalt haul road 2.5Km

35Km

Sea conveyor

Mine stockyard

Inland conveyor 4km

0 106 82 km4

WEST BLOCK

Operations

Stockpile

Ports

Hauling

Crusher

ROM stockpile

INDOMINCO-BONTANG SCHEMATIC

Post Panamax

95,000DWT

INDOMINCO PRODUCTION ANALYSIS

3.1 3.44.2 4.1

1Q 2Q 3Q 4Q

20112012

SR 13.511.8

12.0 12.1

West Block

1.8 1.5 1.8 2.1 2.0

1Q 2Q 3Q 4Q

East Block

1.3 1.6 1.62.1 2.1

1Q 2Q 3Q 4Q

SR 15.8 12.513.1 13.3

10.1 10.910.9 10.9

Volume

FY11 output: 14.8mt; FY12 target: 15.0mt

Volume

MAJOR QUARTERLY UPDATESFY11 production achieved as target mainly from better weather condition in 2H11 and additional mining equipment from PAMA Continue the pre-feasibility study for washing plant at East Block areaCompleted pre-feasibility study on In-Pit Crushing Conveyer (IPCC) system Conduct study to expand existing port capacity and to expand mine-stock capacity by consultant

Trubaindo and Bharinto

Mahakam River

Operation

Stockpile

Hauling

Barge Port

Crusher

South Block 1(Dayak Besar)

North Block

40kmMine to port

KedangpahuRiver

ROM stockpile

BunyutPort

0 10 2515 205 km

Product coal conveyor, stacking,

stockpile

TRUBAINDO-BHARINTO SCHEMATIC

EAST KALIMANTAN

Bharinto 60km south west of

TrubaindoNorth Block

South Block 2(Biangan)

PT. BHARINTO

PT. TRUBAINDO

TRUBAINDO PRODUCTION ANALYSIS

1.5 1.6 1.7 1.82.1

1Q 2Q 3Q 4Q

SR : 10.0 11.9 14.1

12.4FY11 output: 7.1mt; FY12 target: 7.1mt

20112012Volume :

BHARINTO PRODUCTION ANALYSIS

1Q 2Q 3Q 4Q

FY12 target: 0.7mt

Volume : 0.0 0.0 0.0 0.00.0

20112012

MAJOR QUARTERLY UPDATESTrubaindo:

FY11 production was slightly lower than target due to full stockyard capacity as a result of Kutai Kartanegara Bridge Collapse

Bharinto: Already started pre-stripping activities since Jan 2012Coal hauling road to port is expected to be completed by 1Q12Expect to commence operations in 2Q12

Kitadin Embalut and Td.Mayang

Balikpapan

MahakamRiver Samarinda to Muara Berau

Bontang city

EMBALUT

Embalut Port

to Muara Jawa

ROM stockpile

Operations

Stockpile

Ports

Hauling

Crusher

0 106 82 km4

5km Mine to port

TD. MAYANG

EAST KALIMANTAN

IMM EB

KITADIN SCHEMATIC

IMM WB

Bontang Port

EMBALUT PRODUCTION ANALYSIS

0.3 0.3 0.3 0.4

1Q 2Q 3Q 4Q

SR : 8.9 8.7 11.211.5

FY11 output: 1.3mt; FY12 target: 0.7mt

Volume :

TD.MAYANG PRODUCTION ANALYSIS

1Q 2Q 3Q 4Q

Volume :0.0 0.0 0.0

0.2

FY11 output: 0.4mt; FY12 target: 2.7mt

20112012

201120120.4

0.5

15.1SR :

MAJOR QUARTERLY UPDATESKitadin Embalut:

FY11 production achieved higher than plan supported by good performance of mining contractorsLower production in 2012 due to approaching difficult mining condition (hard-band materials) and land compensation

Kitadin Tandung Mayang: Already have production from its own area since 3Q11 and expect 2.7mt production in 2012Currently also has some fleets working as mining contractor at Indominco area

Jorong

Coal terminal

Jorong

Pelaihari

Pacific Ocean

Haul road

Operations

Stockpile

Hauling

Barge Port

0 10 2515 205 km

20km

JORONG SCHEMATIC JORONG PRODUCTION ANALYSIS

0.3 0.2

1Q 2Q 3Q 4Q

SR :

FY11 output: 1.4mt; FY12 target: 1.0mt

8.6

Volume :0.4

8.6

0.4

8.6

201120120.3

8.6

MAJOR QUARTERLY UPDATES

FY11 production achieved according to target due to good contractor performance

Maintain production level of around 1.0mt per annum due to limited reserves

DisclaimerAgenda

3. Commercial Review

Main 2012 coal market driver update

Weather Chinese Demand World Growth

Sources: Country Forecast February 2012 from The Economist Intelligence Unit Limited 2012

• Gas/oil (and nuclear) favor the coal.

• Develop scarcity for benchmark coal quality

• Growing supply (and demand) for off-spec coal

• Europe is on supply issue but not on demand issue

• Can US continue to sell below cost?

• How much low-ranked coal can be shipped in 2012?

• How long can Indian politics cap tariffs/ slow growth/ and cap currency?

• World growth forecast 2.0% Asian growth forecast 6.0%

• Indonesia wet season seems normal (↓ 20% rain) but some operations affected more than others. Can 2H2012 be as good as 2H 2011?

• Chinese winter is normal. Will wet season boost hydro?

• Australian weather damage yet to appear.

• Currently demand weak, stocks high, but not if compared consumption level.

• Production varies by region, transportation and lower quality still a constraint.

• 1Q 2011 weak, improving in 2Q and exceptionally strong in 3Q and 4Q.

• Could 2012 similar? But with higher starting base?

Thermal coal benchmark prices

Coal price benchmarksIndonesian indices follow seasonal impact more than other indices

South African index is affected by higher railing, coinciding with greater competition from Indonesia and lately Australia and Colombia for the off-spec coal

60

70

80

90

100

110

120

130

140

150

Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12

US$

/ to

nne

FOB Richards Bay 6000 kcal/kg, NARFOB Newcastle 6300 kcal/kg, GARFOB Kalimantan 5900 kcal/kg, GARFOB Kalimantan 5000 kcal/kg, GAR

Average Selling Prices

USD per tonne

NEX* Feb 11, 2012$116.10

Comparative ASP trend shows traditional lag, due to a mix of pricing and contract length versus the spot indices

ASP captured earlier premium so that the impact of lower quality tons was limited (or be it at higher margin)

ASP 4Q11 $103.1/t

ASP FY11 $97.1/t

0

20

40

60

80

100

120

140

160

180

200

Mar

-07

Jun-

07

Sep

-07

Dec

-07

Mar

-08

Jun-

08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Monthly BJI

Quarterly BJI

Quarterly ASP

Monthly NEX

Quarterly NEX

Quarterly ASP

Indicative 2012 Coal Sales

51%

31%

6%13%

Coal sales contract and pricing status Comment

Marginally higher-priced commitment than usual for risk management

Can still capture upside in unpriced portion and in the decreasingly elastic price of indices

Coal sales contract and pricing status

Contract Status Price Status

Contracted Fixed

Index

TARGET SALES 2012: C. 27 Mt

UncontractedUnpriced

Unsold

87%

13%

Coal Sales by Geographic Destination JAPAN (16%)

INDIA (9%)

INDONESIA (9%)

PHILIPPINES (5%)

HONG KONG (4%)

TAIWAN (8%)

S.KOREA (5%)

THAILAND (7%)

2012 trend expectation

2012

*Includes small, non-regular purchasers

Coal sales 2011 (total 24.7 Mt)

OTHERS* (0%)

2012

CHINA (23%)

2012 2012

2012

2012

20122012

2012

4.1 4.2 4.5

4.1

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2008 2009 2010 2011

2.4

0.6

1.8 1.4

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2008 2009 2010 2011

2012

-

0.9 1.2 0.9

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2008 2009 2010 20111.6

3.1

5.1 5.8

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2008 2009 2010 2011

1.4 1.4 1.8 1.8

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2008 2009 2010 2011 1.7

2.6 2.4 2.0

-

0.5

1.0

1.5

2.0

2.5

3.0

2008 2009 2010 2011

1.6 1.8

1.1 1.3

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2008 2009 2010 2011

1.4 1.3 0.5

2.1

-

0.5

1.0

1.5

2.0

2.5

2008 2009 2010 2011

2.1 2.0

1.5 1.7

-

0.5

1.0

1.5

2.0

2.5

2008 2009 2010 2011

0.1 0.2 0.2

- -

0.1

0.1

0.2

0.2

0.3

2008 2009 2010 2011

MALAYSIA (5%) 2012

1.3 0.9 1.1

1.3

-

0.5

1.0

1.5

2.0

2.5

3.0

2008 2009 2010 2011

0.1

2.2

0.9

2.3

-

0.5

1.0

1.5

2.0

2.5

2008 2009 2010 2011

ITALY (7%)

DisclaimerAgenda

4. Financial Review

Sales Revenue

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

Units: Million TonSALES VOLUME

Units: USD/Ton

AVERAGE SELLING PRICE

Units: USD Million

REVENUE* GROWTH

IndomincoTrubaindo

JorongKitadin

* excluding port revenue2007 2008 2009 2010 2011

18.1 17.7

+11%YoY

21.022.2

73.9

42.3

+30%YoY

71.574.9

2007 2008 2009 2010 2011

765

1,311

1,5011,658

+45%YoY

24.7

97.1

2,397

Average Gross Margin

* COGS included royalty

Units: USD million

ITM Consolidated Indominco Trubaindo Kitadin Jorong2009 2009 2009 2009 2009

1,501

38%

1,052

30%

473

28%

41% 124

19%

111

26%2010

1,645

32%

2010

1,293

23%

2010

540

32%

2010

192

21%

2010

4119%

Total Revenue

GPM* (%)

2011

2,382

37%

28%

1,758

28%

2011 2011 2011 2011

815

37% 219

32%105

18%

EBITDAUnits: USD million CONSOLIDATED

MINE BY MINE

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

Revenue20102009 2011

415.7

COGS SellingRoyalty Admin

491.9

290.7

148.0

42.820.3

Indominco Trubaindo2009

Kitadin Jorong2010 2011

248.0

119.9

49.7(10.8)

Units: USD million

763.9(96.2)

+737.2

+84%YoY

450.3

224.9

79.1

13.5

(23.5) (6.6)

Royalty increased with revenues

Higher ASP by 30%Higher Volume by 11%

(262.7)

2009 2010 2011 2009 2010 2011 2009 2010 2011

Net Income

2010 2011OthersEBIT IncomeTax

DerivativeTransactions

FOREXNet Fin.Charges

2009

CONSOLIDATED

MINE BY MINE

Units: USD million

335.5

546.1

208.2

20.7

94.5

7.4

Indominco Trubaindo JorongKitadin

111.280.5

21.8

Units: USD million

(16.9)

+344.0+22.2 +168%

YoY

204.2

+2.4

Derivative gain

340.0

155.5

48.1

(2.0)

(4.5)

+88.4

(110.6)

Higher ASP by 30%Higher Volume by 11%

2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011

Balance Sheet

Net Gearing (%)

Net D/E (times)

(30%)

(0.34)(0.36)

(34%)

(Units: USD million)

CASH POSITION

2007 2008

258222

(Units: USD million)

DEBT POSITION

2007 2008

92

11

55

2009

429

(0.47)

(44%)

2009

2011

612

0

2011

(0.57)

(57%)

295

2010

0

2010

(0.41)

(41%)

2007 2008 2009 20112010

2012 Capital Expenditure Plan

Units: USD million

Note: Total capex plan including Jakarta office

Indominco Trubaindo Bharinto Kitadin Jorong ITM Consolidated*

209

80

108

96

2

In-pit crushing conveyor systemPort expansionCrushing plant & washing plant

Trubaindo infrastructureCrushing plant

Disclaimer

Question & Answer

DisclaimerAgenda

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%

174 Mt

695 MtResources

Reserves102 Mt

327 MtResources

Reserves13 Mt

150 MtResources

Reserves112 Mt

298 MtResources

Reserves6 Mt

144 MtResources

Reserves

Banpu Minerals Co.Ltd

Reserves 417* Mt

Resources 1,627* Mt

BMS

99.99%

BMC

Banpu PCLBanpu

Public35.00%

Kitadin

PT Kitadin-Td.Mayang

(KP)

10 Mt13 Mt

Resources

Reserves

BCI50.00%

100.00%Banpu Coal

Investment Co.Ltd

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

East Kalimantan East Kalimantan South KalimantanEast KalimantanEast / Central Kalimantan

INDONESIAN STOCK EXCHANGEIPO 18th Dec 2007

6,500-7,300 kcal/kg6,000-6,300 kcal/kg 5,800 kcal/kg6,400-6,800 kcal/kg 6,700 kcal/kg 5,300 kcal/kg

Coal Resources and Reserves (as of 31 Dec 2011)

Indominco

Kitadin-Td.Mayang

Jorong

Trubaindo

W.Block

E.Block

242 Mt

28 Mt

453 Mt

151 Mt

14Mt

144 Mt

6Mt

327 Mt

102 Mt

298 Mt

112 Mt

12Mt

RESOURCES

RESERVES

Kitadin-Embalut

Total Reserves: 417 Mt

Total Resources: 1,627 Mt

146 Mt

9Mt

Bharinto

Note: * Updated Coal Resources and Reserves as of 31 Dec 2011 is based on estimates prepared by Competent Persons (considered suitably experienced under the JORC Code) & technical studies and audits conducted by the following international coal mining consulting companies

Income Statement

Unit: US$ thousand FY11 FY10 YoY%

Net Sales 2,381,875 1,644,650 45%Gross Profit 892,068 518,053 72%GPM 37% 31%SG&A (185,153) (155,145) EBIT 706,915 362,908 95%EBIT Margin 30% 22%EBITDA 763,947 415,659 84%EBITDA Margin 32% 25%Net Interest Income / (Expenses) 4,684 2,179 FX Gain / (Loss) 639 5,131 Derivative Gain / (Loss) 34,304 (54,091) Others (16,604) (38,773) Profit Before Tax 729,938 277,354 163%Income Tax (183,812) (73,203) Net Income 546,126 204,151 168%Net Income Margin 23% 12%

Income Statement

Unit: US$ thousand 4Q11 3Q11 4Q10 QoQ% YoY%

Net Sales 733,123 678,440 439,655 8% 67%Gross Profit 285,596 265,624 108,443 8% 163%GPM 39% 39% 25%SG&A (65,788) (46,814) (43,894) EBIT 219,808 218,810 64,549 0% 241%EBIT Margin 30% 32% 15%EBITDA 234,566 232,773 76,442 1% 207%EBITDA Margin 32% 34% 17%Net Interest Income / (Expenses) 2,035 1,354 1,257 FX Gain / (Loss) (1,222) (2,756) 617 Derivative Gain / (Loss) 37,180 (7,698) (38,303) Others (9,346) (1,913) (3,987) Profit Before Tax 248,455 207,797 24,133 20% 930%Income Tax (63,539) (51,917) (5,846) Net Income 184,916 155,880 18,287 19% 911%Net Income Margin 25% 23% 4%