ndr conf 2008

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PP

PT AntPT Ant

An OverAn Ove

r

OutlookOutlook

Global NDR aGlobal NDR aMayMay

ised For Growthised For Growth

m Tbkm Tbk

view of Performance and

view of Performance and

d Conferenced Conference20082008

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Discl

We are not in a position to aadvising you, and the conten

not be construed as any advi

purchase any of our securitie

investment in our securities, tor how or whether you can ef

your investment.

All information contained in t

made public. Actual results could differ ma

imer

vise you, we are nots of this presentation must

e to you, on (a) whether to

or, (b) if you hold an

he value of your investmentfect any trades relating to

is presentation has been

erially from forecasts.

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Our Key MessageOur Key Message

We are poised for growtreserves and resources awe will create substanticome.

We have a strong and strstructure, healthy cash fproject pipeline, we arestage of expansion.

and with largend good partnerships,l value in the years to

ngthening financiallows and a largeready for the next

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Rapat PWhat iWhat i impinan 2007Antam?Antam?

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Got Three Minutes? CGot Three Minutes? C Diversified. VerticallyIntegrated. Ind

Gold. Nickel. Bauxite. A great mix.

Large quality reserves and resources.

Low cost operations.

Unique position to lower costs.

Industrybeating margins and returns

Possible ferronickel production incre

Exciting project pipeline.

Targeted gold acquisition program

Big dividends, lots of cash and strong

investments

nsider:nsider:onesian. Experienced.

.

se over next few years.

financial positions to make

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How Antam Makes ItsHow Antam Makes ItsHow Antam Makes ItsHow Antam Makes Its

Profitably exploring, discovering,refining mineral deposits and theas we have been doing for four d

locate and add to our vast res

develop those deposits with a

value construct and operate sustain

develop longterm relationshi

Operate according to principlGovernance (GCG)

prudent financial managemen

MoneyMoneyMoneyMoney

excavating, processing andselling them around the world

cades

rves and resources

view to extracting maximum

ble processing facilities

s with world class customers

s of Good Corporate

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How Antam Makes ItsHow Antam Makes ItsHow Antam Makes ItsHow Antam Makes Its MoneyMoneyMoneyMoney

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Our StrategyOur StrategyOur StrategyOur Strategy We will create maximum sharehol

diversify horizontally into oth

focus on those commodities wgold and bauxite.

diversify through an active exstrategic acquisitions

maintain a diversity of custom

diversify vertically by moving d

focus on mines and deposits i

seek international partnerships

companies

engage the rise of China

be a low cost operator and hol

resources

not overly burden our balance

prudent approach to making in

a return of at least 15%

der value by:

r commodities where suitable

e know best, which are nickel,

loration program and through

rs

ownstream.

Indonesia

with world class mining

er of large reserves and

sheet

estments, which must generate

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Antams activities are vertically integrated fAntams activities are vertically integrated fdevelopment, mining, refining and processindevelopment, mining, refining and processin

VerticallyVertically--Integrated, DIntegrated, D

Operational Project

CGA Taya(Bau

(

Logam Mulia(Precious Metals

Refinery and

Processing)

Kijang(Bauxite)

Pongkor(Gold)

Geomin(Exploration Unit)

om exploration,om exploration,and marketingand marketing

iversifiediversified

n Projectite)

PomalaaFerronickel and

Nickel Ore)

Gee(Nickel Ore)

Tanjung Buli(Nickel Ore)

Mornopo(Nickel Ore)

PearlFeNi IVProject(Nickel)

PearlHydromet

Project(Nickel)

Stainless Steel withTsingshan Project

(Nickel)

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PT Dairi Prima Minerals

(Base Metals) 20%

PT Sorikmas Mining(Gold) 25%

PT Galuh Cempaka(Diamond) 20%

PT Pelsart Tambang K

(Gold) 15%

PT CibaliungSumberDaya

(Gold) 10.25%

PT StraitsConsultancy

(Gold) TBD

PTTim

(G

Minority Joint VenturesMinority Joint Ventures

PT Nusa HalmaheraMinerals

(Gold) 17.5%

PT Weda BayNickel

(Nickel) 10%

encana

PT GagNickel

(Nickel) 25%

T GorontaloMinerals

(Gold) 20%

umbawaur Miningold) 20%

Blue SkyBlue Sky

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What it All Boils DowWhat it All Boils DowResources and ReserResources and Reser

to:to: Our LargeOur Largeeses

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600566

402

22221892

62 147 1960

500

1000

1500

2000

2500

3000

1Q03 1Q04 1Q05

Sales Operating

(Rp Billion)

QuarterlyQuarterly IncomeIncome

** Results are unauditedResults are unaudited

2092

2386

563

937

1425

148

675

131

1073

1Q06 1Q07 1Q08

Profit Net Profit

Significant and ConsiSignificant and Consi

tenttent AnnualAnnual IncomeIncome

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28592139

17711097

448247

177 227810

0

2000

4000

6000

8000

10000

12000

14000

2002 2003 2004

Sales Operating

(Rp Billion)

Significant and ConsiSignificant and Consiand Margin Growthand Margin Growth

12008

5629

3251

6796

2404

1100

5132

842

1553

2005 2006 2007

Profit Net Profit

tenttent AnnualAnnual IncomeIncome

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First Quarter 08First Quarter 08 PerfPerf

Description

Sales

COGS

Operating Income

Net Income

Net Margin

Assets

CashTotal LT Debt

Long Term Debt / Assets

** Results are unauditedResults are unaudited

(Rp Billion)

rmancermance

Q07 1Q08Comparison

(%)

2,386 2,092 -12

884 1,061 20

1,425 937 -34

1,073 675 -37

45% 32% -29

8,178 12,004 47

2,095 4,568 118

891 685 -23

8.4% 5.7% -32

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Solid AnnualSolid Annual PerforPerfor

Description

Sales

COGS

Operating Income

Net Income

Net Margin

Assets

CashTotal LT Debt

Long Term Debt / Assets

(Rp Billion)

anceance

006 2007Comparison

(%)

5,629 12,008 113%

2,888 4,795 66%

2,404 6,796 183%

1,553 5,132 230%

28% 43% 54%

7,291 12,038 75%

1,194 4,744 297%

1,070 700 -35%

15% 6% -60%

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FeNi IIIFeNi III Holding StabHolding Stab

FeNi III is currently running

Rather than a complete rthe design we have

The repairs were covered u Big leap in size and new c

get used to

However, no bells or alarm Every new furnace leaks.

problems are over.

lele

at 32MW

design we seek to optimalize

nder warranty.ooling system require time to

went off at time of leak.We hope FeNi III teething

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Low Cost OperationsLow Cost Operations except FeNiexcept FeNi

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Low Cost OperationsLow Cost Operations

2007 Nickel Industry C

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

0 200 400 600 800 1000 1200 1400

Producti

C1Cas

h

Cos

t($/lb

Ni)

except FeNiexcept FeNi

st Curve (2007$)

PTAneka-

Pomaal

1600 1800 2000 2200 2400 2600 2800 3000

n (kt Ni)

Copyright Brook Hunt 2008

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Rapat PHistoriHistori impinan 2007al Antamal Antam

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Industry Beating MargIndustry Beating MargIndustry Beating MargIndustry Beating Marg

Source: PWC mineIndonesia 2006

Antams net profit margin was 43% in full yeAntams net profit margin was 43% in full ye

ns and Returnsns and Returnsns and Returnsns and Returns

r 2007r 2007

V P Hi t i l RV P Hi t i l R E B ttE B tt

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Vs Peers: Historical RVs Peers: Historical R E BetterE Better

V P Hi t i l RV P Hi t i l R E B ttE B tt

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Rapat PFutureFuture impinan 2007AntamAntam

P d ti d SP d ti d S

l O tl kl O tl k

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Production and SaProduction and Sa

In order to maintain safetyAntam currently operat

megawatts. Antam targets 2008 product

contained in ferronickel. In 2008, depending on

expects nickel ore producti

and sales to reach 5.8 millio Antam target 2008 gold pr

troy oz) and 20,703 kg (665,

les Outlookles Outlook

and prevent further leakages,s the smelter at 3032

ion of 17,000 tonnes of nickel

emand from China, Antamon to reach 6.25 million wmt

n tonnes.duction of 2,980 kg (95,809

617 troy oz) of silver.

Sources of FutureSources of Future

rowthrowth

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Sources of FutureSources of Future1 Indonesia Chemical Alumina (ICA)

ownership) 300,000 tonnes per annum of CG Location: Tayan, West Kalimant +US$350 million ICA established in February 2007 To maximize value of large baux Attractive IRR expectation remai Current progress: selecting EPC

2 Pearl Project Alliance with BHP BilA. Feni IV

30,000 tonnes or more per annu Operation Target: 2012 Location: North Maluku Current progress: JVA negotiatio

B. Hydromet +60,000 tonnes per annum of nic Product: nickel (plus cobalt) as i Location: North Maluku Current progress: negotiations a

rowthrowth(Antam 49%, with an option to increase

A27n

ite reservesns despite rising cost forecastsnd financing

liton

of nickel in ferronickel

n and studies

kelntermediate products

d studies. BFS Target: 2012

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rowthrowth

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Sources of FutureSources of Future6SGA Mempawah with Hangzhou (Ant

1,000,000 tpa of Smelter Grad

US$800US1 billion Location: West Kalimantan Current progress: JVA, Feasibi

7 SGA Munggu Pasir with Rusal (Anta 1,200,000 tpa of Smelter Grad

US$US1.2US$1.5 billion Location: West Kalimantan Agreement signed in Septemb Current progress: JVA, Feasibi

rowthrowtham 55%)e Alumina

lity studies

49%)e Alumina

r 2007lity studies


rowthrowth

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Sources of FutureSources of Future8. Acquisition of Herald Resources/

Antam/Zhongjin made takeove

share on January 29, 2008 Higher valuation then other biexperienced partner, Zhongjin

Zhongjin, at its mine in Southegreater depths and lower grad

The Ministry of StateOwned Eis fully supportive of this bid.

This move increases the diversivalue for our shareholders.

9. Gold Acquisition To replenish dwindling gold

Logam Mulia, natural hedge to Location: Indonesian archipela Current progress: Due diligen

identified from shortlist in 200

rowthrowthPT Dairi Prima (lead/zinc):r bid made for Herald, A$2.50 per

justified due to introduction of

n China, operates a low cost mine ats than is planned for the Dairi projectterprises, which owns 65% of Antam,

ty of our assets and will create good

reserves, operational synergies withdollar/oil exposure/nickel volatilityo/Neighbouring Regione and advice by Macquarie. Targets

Energy ConversionEnergy Conversion

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Energy ConversionEnergy Conversion

Lake PosoLake Poso

PoPo

SSengkangengkang

KalimantanKalimantan

ENERGY CONVERSION ALTERNATIVES:1. Coal

Pre feasibility study completed onuse of SPLC (Smart Predictive LineControl) technology to reduce loadfluctuation.

Coal Source: Kalimantan

IPP (Power Plant, Transmission)

2. Hydro

3. Natural Gas

Target: Decision by 2008 and

conversion by 2010

TangguhTangguh

alaaalaa

Mornopo,Mornopo,

Tg Buli,Tg Buli,GeeGee

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Rapat PThe BiThe Bi impinan 2007PicturePicture

Big Picture Items:Big Picture Items:

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Big Picture Items:Big Picture Items:

Regulatory and Investment Climat Cautious Optimism

Mining Law will it or wont it get Possible upside for Antam as w Debate ongoing regarding the

after law is passed

Ore Exports will they or wont th Possible upside for Antam

Improving

passed.ll as Industrytransition period of 35 years

y be banned out of Indonesia.

Commodities Outlook: NiCommodities Outlook: Ni kel and Goldkel and Gold

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Commodities Outlook: NiCommodities Outlook: Ni

Nickel:

Supply side remains tight with underi

Historically nickel is still strong and tsubstitution.

Gold:

Positive drivers for gold remains withrisk, and continuing growth in invest

Nickel Supply vs. ConsumptionNickel Supply vs. Consumption

S

Source: Brookhunt, Antams Annual Report 2006

kel and Goldkel and Gold

2007 2008E 2009E 2010E

Nickel (US$/lb)Nickel (US$/lb) 16.9 14.8 12.0 7.5

Gold (US$/toz)Gold (US$/toz) 684 750 800 820

nvestment in mines and smelters;

e cooling off has reduced the threat of

weaker US$, heightened geopoliticalent demand.

Commodity Price OutlookCommodity Price Outlook

ource: Brookhunt, Citigroup

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O K MO K M

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Our Key MessageOur Key Message

We are poised for growtreserves and resources awe will create substanticome.

We have a strong and str

structure, healthy cash fproject pipeline, we arestage of expansion.

and with largend good partnerships,l value in the years to

ngthening financial

lows and a largeready for the next

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Tha

ny

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nk You

uestion ?

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