13 August 2012

ANALYST BRIEFING2Q12 performance results

Disclaimer

2

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

3

1. Introduction

2. Operational review

3. Commercial review

4. Financial review

Appendices

Disclaimer

4

Agenda

1. Introduction

ASP (/t)

Revenue

GPM

EBIT

Income

Highlights of 2Q12 and 1H12 Results

5

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12E

Units: Mt

5.8

6.77.2

5.7

Up 1.1 Mt+18% Q-Q

Up 1.0 Mt +17% y-y

1Q12 2Q12 QoQ 1H11 1H12 YoY

$101.1 $94.6 -6% $92.2 $97.7 +6%

578 626 +8% 970 1,204 +24%

36% 31% -5% 35% 34% -1%

169 152 -10% 268 321 +20%

124 122 -2% 205 247 +20%

6.87.1

Indominco

Trubaindo

Kitadin

JorongBharinto

QUARTERLY OUTPUTFINANCIAL SUMMARY

Coal sales6.62 MtUp 0.9 Mt +15% Q-Q

Coal sales12.37 MtUp 1.7 Mt +15% y-y

Disclaimer

6

Agenda

2. Operational review

Indominco Mandiri

7

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

Post Panamax

95,000DWT

SCHEMATIC

10.9

13.1

10.9

13.3

10.9

12.5E

BLO

CK

WB

LOC

K

12.5

13.9 15.8

11.2

E B

LOC

KW

BLO

CK

QUARTERLY OUTPUT

MAJOR QUARTERLY UPDATES

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12e

1.62.1 2.1

1.62.1 2.0

1.8

2.1 2.0

1.41.4 1.8

3.4

4.2 4.1

3.03.5

3.8

2Q12 production was slightly below plan due to weather issue.Will lower strip ratio during 2H12 to reduce production cost due to declining coal price.IPCC system: On process of importing the crusher and conveyer unit.Port expansion: Conducted an external study to expand existing capacity at Bontang port.

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12e

13.8

10.5

2012 Target: 15.0 mt

Units: Mt

Units: Bcm/t

Trubaindo and Bharinto

8

1.7 1.8 2.11.7 2.0 2.0

0.21.7 1.8

2.11.7

2.02.2

Mahakam River

South Block 1(Dayak Besar)

North Block

40kmMine to port

KedangpahuRiver

ROM stockpile

BunyutPort

0 10 2515 205 km

Product coal conveyor, stacking,

stockpile

EAST KALIMANTAN

Bharinto 60km south west of

TrubaindoNorth Block

South Block 2(Biangan)

PT. BHARINTO

PT. TRUBAINDO

SCHEMATIC

TRU

BA

IND

O11.8 14.1 12.4 13.4 13.5

Operations

Stockpile

Hauling

Barge Port

TRU

BA

IND

OB

HA

RIN

TO

QUARTERLY OUTPUT

MAJOR QUARTERLY UPDATES

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12e

Trubaindo: 2Q12 production was slightly higher than plan due to higher coal in-pit inventory.Port expansion: under process of reviewing consultants for detail designs.

Bharinto: Coal mining activities already started since April 2012 while 1st coal hauling activities started on 1st May 2012.

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12e

11.7

2012 Target TCM : 7.1 mtBEK : 0.7 mt

Units: Mt

Units: Bcm/t

Balikpapan

MahakamRiver Samarinda to Muara Berau

Bontang city

EMBALUT

Embalut Port

to Muara Jawa

ROM stockpile

Operations

Stockpile

Ports

Hauling

Crusher0 106 82 km4

5km Mine to port

TD. MAYANG

EAST KALIMANTAN

IMM EBIMM WB

Bontang Port

Kitadin Embalut and Tandung Mayang

9

SCHEMATIC

0.3 0.3 0.4 0.3 0.3 0.3

0.4 0.5 0.7 0.60.3 0.30.8 0.8 1.0 0.9

11.511.28.712.0 11.7

TDM

EM

BE

MB

QUARTERLY OUTPUT

MAJOR QUARTERLY UPDATES

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12e

15.1

TDM 15.1 15.1 15.1

Kitadin Embalut:

2Q12 production achieved as according to plan.

Kitadin Tandung Mayang:

2Q12 production achieved slightly higher than plan.

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12e

11.7

15.1

2012 Target EMB : 0.7 mtTDM : 2.7 mt

Units: Mt

Units: Bcm/t

Jorong

10

0.4 0.4 0.3 0.3 0.40.2

Coal terminal

Jorong

Pelaihari

Pacific Ocean

Haul road

0 10 2515 205 km

20km

MAJOR QUARTERLY UPDATESSCHEMATIC

8.68.68.6 8.6 8.6Operations

Stockpile

Hauling

Barge Port

QUARTERLY OUTPUT

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12e

• 2Q12 production achieved above the plan due to better optimization of the mining equipment.

• Annual production output is expected to be slightly higher than plan.

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12e

8.6

2012 Target JBG: 1.0 mt

Units: Mt

Units: Bcm/t

Disclaimer

11

Agenda

3. Commercial review

12

2Q 2012 seaborne thermal coal market drivers

• Downward trend in sentiment, despite global coal trade expanding.

• Uncertainty impacting forecasts due to European debt concerns, and GDP and employment levels generally.

• Uncertainty of rate/timing of Chinese import increase.

• USA exports high until end 2012, then unhedged prices vs. cost should impact.

• Gas prices support coal demand in Europe but opposite in USA with diverted coal to export.

• 2012 world growth forecast 2.1%* (Prev. 2.2%**) ; Asian growth forecast 6.0%* (Prev. 6.5%**).

*Country Forecast August 2012 from The Economist Intelligence Unit Limited 2012 as of 16 July,2012**Macroeconomic Assumptions as of April 2012

• Indonesia normal. Stocks built up.

• Chinese winter/summer normal. Good rains increase hydro.

• Australia nothing significant.

• USA mild 1H, reduces demand.

• GDP growth declining possibly below announced levels.

• Coal production increased beyond demand increase.

• Imports in 1H, double 1H 2011.

• Policy uncertainty and level of planned stimulation affecting confidence.

• Results in high stock and low domestic price.

WEATHER CHINESE DEMAND OTHER DRIVERS

13

MEDIUM TERM TREND LONG TERM TREND

2012: year of coinciding extremes• Cheap shale gas creates excess coal

stocks in the US• High coal prices and very low freight

rates allow US to export its coal• Most exports hedged to end 20122013: year of adjustmentAtlantic• Re-adjust and cutback traditional US

exports of high quality, high cost products• More demand for Russia, Colombia, S.

Africa to balance sulfurPacific• Significant reduction of Atlantic coal starts• Supply reduced due output cuts.

USA• Increasing share of natural gas

consumption in the local markets• Higher USA growth prospects due to

lower energy cost• Coal industry adjusts by rationalization• Exports have higher percentage of high

sulfur productsChina / Australia• More difficult to extract shale gas

reservoirs. Early days • Consumption and delivery of pipeline is

likely to be delayed• Wood Mackenzie expects that shale gas

in China will not be significant before 2020.

US shale gas: medium and long term trends

14

US Shale gas: limited threats from US coal exports to Asia

LOW US GAS PRICE IS UNSUSTAINABLE US COAL AND NATURAL GAS PRICES

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

2014201320122011201020092008

Central Appalachian coal

Henry Hub natural gas

> US$4/mmbtuby 2013

Source: Wood Mackenzie, EIA, Bloomberg, AWR Lloyd estimates

Woodmac

Powder River Basin coal (PRB)

US$/mmbtu• Domestic gas demand is likely to rise from additional US petchemexpansions and NGV vehicles

• 2011 winter was unusually warm

• Avg. breakeven price for shale gas at $3.8/mmbtu vs. 1Q low point of $1.9/mmbtu

• PRB coal remains competitive to gas and is less impacted by cheap gas. Delivered cost to Asia above discounted Indonesian sub-bituminous product.

15

US Shale gas: limited threats from US coal exports to Asia

US COAL EXPORTS TO ASIA IS LIMITED US COAL EXPORT BREAKDOWN (Mt)

139 8

18

262

3

2

7

2010

23

4

1

2009

20

1 1

2008

3534

40

1Q12 annualised

Others

2011

AfricaAsia

Europe

7

1

Source: Wood Mackenzie, EIA, Bloomberg, AWR Lloyd estimates

1Q12YoY-0.3 Mt (-1.2 Mt)**QoQ+0.5 Mt(+2.0 Mt)**

** annualised

• Majority of additional export went to Europe and North America.

• In 1Q12, YoY growth for coal exports to Asia actually declined

• Challenging economics for export to Asia over LT

• High FOB cost – c.U$70/t for PRB coal (5,00kcal/kg with low sulfur)

• But some Illinois Basin + Pittsburge 8 seam coals competitive, depending on freight and options in Atlantic.

16

US shale gas: limited threats from US coal exports to Asia

14 16

2012

46

3016

2011

39

25 OthersMobile

2013

50

34

US GULF (Mt)

22 24 25

Hamton Road

Baltimore

2013

91

66

2012

90

66

2011

88

66

Port capacity

2013

155

2012

149

2011

141

141414Port capacity

201320122011

TOTAL US COAL PORT CAPACITY(Mt)

EAST COAST(Mt)

WEST COAST (Mt)

• Potential coal export route to Asia

OperatingOperating w/ planned expansionPlanned

Northern LigniteLow sulfur3,333 – 3,889 kcal/kgNorth PRB

Low sulfur4,833 – 5,278 kcal/kg

S. WyomingLow-Mid sulfur5,000 – 6,667 kcal/kg

South PRBVery low sulfur4,333 – 4,889 kcal/kg

Rocky mountain regionLow sulfur4,444 – 6,667 kcal/kg

Central AppalachianLow to Mid6,667+ kcal/kg

Illinois basinHigh sulfur6,111+ kcal/kg

Gulf ligniteLow to mid sulfur3,333 – 4,444 kcal/kg

Four cornersLow to mid sulfur4,722 – 6,667 kcal/kg

• Future expansions also need to address political and permit issues

Source: Platts, AWR Lloyd estimates

30

50

70

90

110

130

150

170

190

Jan-

07

Apr

-07

Jul-0

7

Oct

-07

Jan-

08

Apr

-08

Jul-0

8

Oct

-08

Jan-

09

Apr

-09

Jul-0

9

Oct

-09

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

17

ITM ASP VS BENCHMARK PRICES

ITM ASPs vs seaborne thermal coal benchmark prices

COMMENTS

Unit: US$/t

Monthly NEXQuarterly ASP

ASP 1Q12 $101.1/tASP 2Q12 $94.6/t

NEX* Aug 02, 2012$88.30

ASP held up well in 1Q 2012, but 2Q market starts to cap and reduce prospects

Continuing pressure from weaker market prices and product mix, impacts ASP and tonnage but not significantly

ITM remains protected by relatively high ‘sold with price’ status (+81%) and negligible reliance of traders as buyers

Also protected by hedge status (+6%).

Indicative 2012 coal sales

18

COMMENTSCOAL SALES CONTRACT AND PRICING STATUS

Contract Status Price Status

Contracted

TARGET SALES 2012: c. 26.5 Mt

Uncontracted

94%

6%

Mostly insulated from market weakness (including hedged tonnes, 87% of sales)6%

81%

13%

Fixed

Indexed

Unsold

19

COAL SALES BREAKDOWN BY DESTINATION 1H12 (Mt) COAL SALES 1H12

Total Coal Sales : 12.4 Mt

29%

15%

10%7%

8%

8%

7%

5%

7% 3%1%

Japan

China

Taiwan

S Korea

Italy

Thailand

Philippines

Hong Kong

India

Indonesia

JAPAN1.9 Mt

PHILIPPINES0.8 Mt

THAILAND1.0 MtINDIA

1.0 Mt

HK0.4 Mt

S KOREA0.9 Mt

CHINA3.5 Mt

TAIWAN0.8 Mt

ITALY0.7 Mt

1.5

INDONESIA1.3 Mt

MALAYSIA0.1 Mt

Malaysia

ITM coal sales 1H12

20

COAL SALES BREAKDOWN BY DESTINATION 2012e (Mt) COAL SALES 2012e

Total Coal Sales : 26.5 Mt

24%

18%

11%9%

7%

7%

5%

5%

5%2%

2% 5%

Japan

China

Taiwan

S Korea

Italy

Thailand

Philippines

Hong Kong

IndiaIndonesia

JAPAN4.7 Mt

PHILIPPINES1.6 Mt

THAILAND1.8 MtINDIA

2.3 Mt

HK0.6 Mt

S KOREA1.3 Mt

CHINA6.3 Mt

TAIWAN1.8 Mt

ITALY1.4 Mt

1.5

INDONESIA2.9 Mt

MALAYSIA0.5 Mt

Malaysia

ITM coal sales 2012e

Others

OTHERS 1.3 Mt

Disclaimer

21

Agenda

4. Financial review

Sales revenue

22

SALES VOLUME REVENUE* GROWTH

2Q11 3Q11 4Q11 1Q12 2Q12

2Q11 3Q11 4Q11 1Q12 2Q12

5.2

6.8 7.1

97.4 98.4

103.1

5.7

101.1

+27% YoY+15% QoQ

-3% YoY-6% QoQ

ASP

2Q11 3Q11 4Q11 1Q12 2Q122Q11 3Q11 4Q11 1Q12

500

675

729

575

+24% YoY+8% QoQ

Units: Mt

Units: US/t

Units: US$M

Indominco

Trubaindo

JorongKitadin

Indominco

Trubaindo

JorongKitadin

6.6

94.6

2Q12

622

* excluding port revenue

Average gross margin

23* COGS included royalty

ITM Consolidated1Q11

502

38%

1Q12 2Q12

578

36%

Indominco Trubaindo Kitadin Jorong

396

28%

180

28%

37% 36

18%

23

23%

46%

17%

Revenue

GPM* (%)

341

27%

228

35%83

42%23

18%2Q11 1Q12 2Q12 2Q11 1Q12 2Q12 2Q11 1Q12 2Q12 2Q11 1Q12 2Q12

Units: US$M

434

20%

219

30%

95

41%23

26%

626

31%

24

Cash costs

STRIP RATIO CASH PRODUCTION COST

2Q11 3Q11 4Q11 1Q12 2Q12

45.349.3 48.0

51.9

2Q11 3Q11 4Q11 1Q12 2Q12

11.412.3 12.2

13.1

FUEL PRICE TOTAL CASH COST

2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12

1.10 1.05 1.03 1.0764.6

70.2 71.068.5

Units: US$/t

Units: Bcm/t

Units: US$/Ltr

Units: US$/t13.1

1.07

51.6

70.0

25

Cash Production Cost

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2012 original plan 2012 revised plan

US$/t

Overburden removal costs

Cut Indominco SR:13.2 to 12.9 (and potentially to 12.6)

Cut Trubaindo SR: 13.5 to 12.5

Other pit-operation activities

Waste mining cost

Logistics and overheads

Reduce management overheads

Processing, haulage and port

ILLUSTRATIVE AND INDICATIVE ONLY

INDICATIVE FOB CASH PRODUCTION COSTS PER TONNE

-$3/t

OUTPUT: 27.0 Mt 27.0 Mt

Target reduction

EBITDA

26

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

Indominco Trubaindo2Q11

Kitadin Jorong1Q12 2Q12

102.2

51.4

8.6 4.4

88.0

64.5

34.8

3.2

78.6

49.239.6

4.2

2Q11 1Q12 2Q12 2Q11 1Q12 2Q12 2Q11 1Q12 2Q12

+2% YoY-9% QoQ

Revenue1Q122Q11 2Q12

183.8

COGS SellingRoyalty Admin

164.9 167.9

+48.4

Royalty increased with revenues

Higher sales volume by 15%Lower ASP by 6%

(52.5)

CONSOLIDATED

MINE BY MINE

Units: US$M

Units: US$M

(7.0) (2.8) (2.0)

Net income

27

67.6

4.0

33.8

3.2

61.4

23.3

42.5

0.6

55.9

33.8 33.1

2Q11 1Q12 2Q12 2Q11 1Q12 2Q12 2Q11 1Q12 2Q12 2Q11 1Q12 2Q120.1

+8% YoY-4% QoQ

1Q12 2Q12OthersEBIT IncomeTax

DerivativeTransactions

FOREXNet Fin.Charges

2Q11

110.1

124.5122.2

Derivative gain/loss

(17.1)(4.1)

(31.9)

+32.8

CONSOLIDATED

MINE BY MINE

Indominco Trubaindo Kitadin Jorong

Units: US$M

Units: US$M

Higher sales volume by 15%Lower ASP by 6%

(1.1) +19.1

Balance sheet

28

CASH POSITION KEY RATIOS

Units: US$M

DEBT POSITION

Units: US$M

2008

222

2008

11

55

2009

429

2009

2011

612

0

2011

295

2010

0

2010

2Q12

0

2Q12

Net Gearing (%)

Net D/E (times)

(0.34)

(34%)

(0.47)

(44%)

(0.57)

(57%)

(0.41)

(41%)

2008 2009 20112010 2Q12

532

(0.52)

(52%)

1

2

2012 Capital expenditure

29

Unit: US$M

Indominco

Trubaindo

Bharinto

Kitadin

Jorong

ITM Consolidated

65

9

48

133

Realized up to Jun’12

2012 Capex plan

108

80

9

209

6

25

2

Note: Total capex plan includes Jakarta office

11

1

44

Capex postponed

32

76

Disclaimer

30

Question & Answer

Disclaimer

31

Agenda

Appendices

ITM structure and history

32Note: * Updated Coal Resources and Reserves as of 30 June 2012

ITMG

65.00%

Indominco Trubaindo Jorong

PT Indominco Mandiri

(CCOW Gen.I)

PT Trubaindo Coal Mining

(CCOW Gen II)

PT Kitadin-Embalut

(KP)

PT Jorong Barutama Greston

(CCOW Gen II)

50.00%

PT Indo TambangrayaMegah Tbk.

Banpu Minerals (Singapore) Pte Ltd

99.99% 99.99% 99.99% 99.67%

Banpu Minerals Co.Ltd

Reserves 404* Mt

Resources 1,627* Mt

BMS

99.99%

BMC

Banpu PCLBanpu

Public35.00%

Kitadin

PT Kitadin-Td.Mayang

(KP)

BCI50.00%

100.00%Banpu Coal

Investment Co.Ltd

East Kalimantan East Kalimantan South KalimantanEast Kalimantan

INDONESIAN STOCK EXCHANGEIPO 18th Dec 2007

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

Acquired Jorongin 1997 Transferred into ITM 2007

Output 12: 15.0 Mt Output 12: 7.1 Mt Output 12 : 2.7 Mt Output 12 : 1.0 Mt

Bharinto

PT Bharinto Ekatama

(CCOW Gen III)

99.99%

East / Central Kalimantan

6,400-6,800 kcal/kg

Output 12 : 0.7 Mt

Acquired Bharintoin 2004

The “Indocoal” assets

East Kalimantan

165 Mt

695 MtResources

Reserves96 Mt

327 MtResources

Reserves13 Mt

150 MtResources

Reserves112 Mt

298 MtResources

Reserves5 Mt

144 MtResources

Reserves8 Mt13 Mt

Resources

Reserves

33

Income statement

Unit: US$ thousand 2Q12 1Q12 QoQ%

Net Sales 626,403 577,955 8%Gross Profit 196,988 209,207 -6%GPM 31% 36%SG&A (44,897) (40,025) EBIT 152,091 169,182 -10%EBIT Margin 24% 29%EBITDA 164,855 183,851 -10%EBITDA Margin 26% 32%Net Interest Income / (Expenses) 1,660 3,028 FX Gain / (Loss) (6,189) (2,138) Derivative Gain / (Loss) (4,966) 26,916 Others 11,411 (21,492) Profit Before Tax 154,007 175,496 -12%Income Tax (31,763) (50,999) Net Income 122,244 124,497 -2%Net Income Margin 20% 22%

34

Income statement

Unit: US$ thousand 1H12 1H11 YoY%

Net Sales 1,204,358 970,312 24%Gross Profit 406,195 340,848 19%GPM 34% 35%SG&A (84,922) (72,551) EBIT 321,273 268,297 20%EBIT Margin 27% 28%EBITDA 351,718 296,608 19%EBITDA Margin 29% 31%Net Interest Income / (Expenses) 4,688 1,295 FX Gain / (Loss) (8,327) 4,617 Derivative Gain / (Loss) 21,950 4,822 Others (10,081) (5,345) Profit Before Tax 329,503 273,686 20%Income Tax (82,762) (68,356) Net Income 246,741 205,330 20%Net Income Margin 20% 21%