13 November 2012

ANALYST BRIEFING3Q12 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

2

Agenda

1. Introduction

2. Commercial review

3. Operational review

4. Financial review

Appendices

3

DisclaimerAgenda

1. Introduction

4

Asian thermal benchmark coal price trends 2007-2012

Slower global recovery than expected

Euro area falls into recession

Excess supply of coal due to :

Unusual warm winter in US and EU

Good weather for mining in Indonesia and Australia

Below normal freight rates and increased export from Atlantic

Increased utilization of natural gas

Increased production of shale gas

5

Response to changing market environment

Export sales mainly to strong credit large corporate buyers

Strong cash position

Financial discipline and risk management systems

Good corporate governance

FUNDAMENTALS

Adjust mine plans to lower strip ratios during 2012-13

Improve operational efficiency

Reduce overhead costs

Reduce and delay capex: target 30% cut 2012-15

Maintain dividend payout ratio

ACTION PLAN 2012-15

6

7

Progress on cost and capex reductionsTOTAL CASH COST MAJOR DISCRETIONARY CAPEX FOR 2012-2015

• Total cash costs down $4/t since 1Q12

• Further reductions planned for 4Q12

• Strip ratios reduced at Indominco and Trubaindo

• OB and mining contracts restructuring ($0.2M savings 4Q12)

• Other costs including overhead also being cut

• ITM is planning reduction of around 30% in original discretionary capex plans for 2012-2015

• Most capex cutbacks and postponement at Indominco and Trubaindo mines

• Limited impact to medium term output targets

4Q123Q12

67

2Q12

70

1Q12

71

Units: US$/t

345

245

Original plan

Revised plan

MAJOR PROJECTS

• Indominco East Block IPCC system

• Bontang port expansion

• Bunyut port expansion

• Bharinto improvement

Units: US$M-$4/t

vs 1Q12

Medium term preparation for coal market recovery

ILLUSTRATIVE AND INDICATIVE ONLY

INDO COAL - BONTANG BARGE LOADER EXPANSION INDO COAL - BUNYUT PORT EXPANSION

• Expansion of barge loader, conveyor, and off-shore floating crane at Bontang (2015)

• Increased handling capacity by 8-10Mt to 18-22Mt and lower unit costs

• Loading to capesize vessel will be facilitated which will increase group’s marketing flexibility

BoCT

Port stockyard

Existing facilities

Panamax95,000 DWT

Capesize150,000

DWT

OFFSHORE FLOATING CRANE

BARGE LOADER

Mahakam River

• Expansion of additional coal loader and coal stockpile capacity will facilitate increased Bharinto supply

• Higher tonnage and lower operating costs

• Provide a better position to ship coal from that region

INDOMINCO

TRUBAINDO

COAL LOADER COAL STOCKPILES

8

ITM group operations

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

Units: Mt

6.7 7.2

5.7

Indominco

Trubaindo

Bharinto

KitadinJorongEast

Kalimantan

Bunyut Port

Balikpapan

Palangkaraya

Banjarmasin

Central Kalimantan

South Kalimantan

KITADIN-EMBALUT

1.2 Mt

INDOMINCO 14.5 Mt

TRUBAINDO 7.4 Mt

BHARINTO0.3 Mt

JORONG 1.2 Mt

Samarinda

Jorong Port

Bontang Coal Terminal

Captive coal-fired power

project

KITADINTANDUNG MAYANG2.4 Mt

2012 outlook: 27Mt

2012 OUTPUT TARGETS*

INDICATIVE OUTPUT TARGETS**

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

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2010 2011 2012E 2013E 2014E 2015E

Units: Mt

Indominco

Trubaindo

Bharinto

KitadinJorong

** Not including inorganic growth.Note: These output targets are indicative only and are subject to change

6.8 7.07.5

* Saleable tonnes

QUARTERLY OUTPUT

9

Highlights of 3Q12 and 9M12 results

3Q12

576

31%

133

120

$87.5

Q-Q

-8%

0%

-12%

-2%

-8%

Unit: US$ Mn

Coal sales

6.6 MtDown 0.3 Mt

-1% Q-Q

9M12

1,781

33%

454

367

$94.1

y-y

+8%

-4%

-7%

+2%

-1%

Coal sales

19.0 MtUp 1.4 Mt

+8% y-y

Total Revenue

Gross Profit Margin

EBIT

Net income

ASP (USD/ton)

2Q12

626

31%

152

122

$94.6

9M11

1,649

37%

487

361

$94.6

10

DisclaimerAgenda

2. Commercial review

11

Market adjusting from oversupply since early 2012

Excludes: anthracite and lignite imports to China Sources: Wood Mackenzie, Banpu

REST OF WORLD

JAPAN

SE ASIA

CHINA

INDIA

EUROPE

COLOMBIA

SOUTH AFRICA

INDONESIA

AUSTRALIA

USA S.KOREA

RUSSIA

Change in shipments (Mt)

2011 2012 CHANGE

TOTAL DEMAND(including stock change)

757 821 +64 Mt

TOTAL SHIPMENTS 741 822 +81 Mt

THERMAL DEMAND AND SUPPLY CHANGE 2011 – 2012 (MT) COMMENTS

• Demand continues to grow in 2012, at 8%, but slower than supply growth

• Key markets like China and India continue to grow

• Coal demand growth from Europe remains solid

• Supply growth continues to come from Indonesia and Australia.

• Unprecedented surge in US coal available for export has de-stabilized market

• The market is adjusting back to equilibrium but will take time

-4 +19

+7

+12

+12

+36

+10

+5

-1

+3+29

+15+7

-1 -5

Change in demand (Mt)

12

1950

7 5-1

60

7 7

10 8

15 10

29 40

Supply overhang has impacted market psyche

Source: Wood Mackenzie, Banpu

Supply Potential (Mt)

Supply Change 2012 vs2011 (Mt)

COLOMBIA

SOUTH AFRICA

INDONESIA

AUSTRALIA

RUSSIA

* Stocks in South and East coast area only (incl. at power stations)

USA

TOTAL SHIPMENT GROWTH +81 Mt

POTENTIAL SUPPLY +120 Mt

CHINA*

THERMAL SUPPLY POTENTIAL 2011 – 2012 (MT) COMMENTS

• Weakening market has put pressure on producers to reduce inventories, cut back production, close operations

• Idle capacity and stocks in Indonesia are lower CV

• High stocks in US implies big supply overhang – but in reality most cannot be exported or replaced at current spot prices

• Australia / Colombia selling coal at marginal cost, increasing exports in the short term

• South Africa / Colombia supply capped by port and social / union issues

Coal stocks at coal terminals in Europe 8Mt

(+60 Mt from China)

Freight rates at historical lows

13

US$/t

Approximately 20% of supply is below cash cost at $85/t Unit: MtSEABORNE THERMAL EXPORT TOTAL CV-ADJUSTED CASH COST CURVE COMMENTS

• At $85/t, approx 20% of world supply is below cash cost

• At $95/t, approx 10-15% of the supply curve is below cash cost

• High sulphur, high ash, high moisture and very low CV result in substantial discounts below CV adjusted price

• Production cuts already being implemented in all countries:

Indonesia: 30 – 60 Mt

Australia: 10 – 15 Mt

China: about 100 Mt

US: about 100 Mt

150

100

50

0 100 200 300 500 600 700

85

0

Source: Wood Mackenzie, AME, AWR Lloyd analysis

Colombia S.Africa Indonesia Australia US Appalachia

Russia

5261

75

5% 5% 18% 20%% below cash cost for new supply

92 95

100% 10%

US high sulfur

400

47 – 88 44 – 95 38 – 102 54 – 170 FOB cash cost range ($/t) 73 – 126 79 – 100 70 – 75

62

WEIGHTED

AVERAGE

COLOMBIA

WEIGHTED

AVERAGE

S.AFRICA

WEIGHTED

AVERAGE

INDONESIA 73

WEIGHTED

AVERAGE

US HIGH S

WEIGHTED

AVERAGE

AUSTRALIA

WEIGHTED

AVERAGE

US APPAL.

WEIGHTED

AVERAGE

RUSSIA

14

15

Historical perspective and rise in off-spec coal supply

HISTORICAL MARGINAL COST CURVE AND NET PRICE RELATIONSHIP COMMENTS

• In the past when prices have fallen close to or below 90th

cost percentile, it has been sign of an imminent spike

• A spike historically has resulted from two events coinciding: 1) demand recovery 2) supply reduction

• Current situation is more complex with uncertainty of demand recovery and greater % of lower net priced supply

• Higher quality coals more scarce

• Since 2010, proportion of off-spec coals in global seaborne supply has increased

US$/t

Source: Wood Mackenzie, AME, AWR Lloyd analysis

0

20

40

60

80

100

120

140

160

180

200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

90th cost (seaborne FOB)

80th cost (seaborne FOB)

Spot coal price

Hi Sulfur, Hi ash, net Price

LCV (4200 kcal/kg, GAR), net priceCV adjusted to 6322 GAR

*Off-Spec = quality which does not fit within traditional range of standard or benchmark grades

Percentage of coal at off-spec* quality

As of 2012

8% 21% 35%

16

3Q 2012 seaborne thermal coal market drivers

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

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

• Rate of cutbacks and closures increases in all countries

• World growth forecast of 2.2%* (Prev. 2.1%**) in 2012 and 2.4%* in 2013; Asian growth forecast of 5.7%* (Prev. 6.5%**) in 2012 and 6.4%* in 2013

* Economist Intelligence Unit, Global Outlook, October 2012** Internal Macroeconomic Assumptions as of July 2012

• Indonesia normal. Stocks built up.

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

• Australia nothing significant.

• USA mild 1H, reduces demand.

• Economic activity declining well below announced GDP levels.

• Coal production increased beyond consumption increase. Electricity Dddeclining for coal.

• Imports in 1H 2012, double 1H 2011, continuing strong.

• Policy uncertainty clouds upsides

• Overall impact – high stock and low domestic price, despite minor recovery.

WEATHER CHINESE DEMAND OTHER DRIVERS

0

20

40

60

80

100

120

140

160

180

200

Feb-

07M

ay-0

7A

ug-0

7N

ov-0

7Fe

b-08

May

-08

Aug

-08

Nov

-08

Feb-

09M

ay-0

9A

ug-0

9N

ov-0

9Fe

b-10

May

-10

Aug

-10

Nov

-10

Feb-

11M

ay-1

1A

ug-1

1N

ov-1

1Fe

b-12

May

-12

Aug

-12

Nov

-12

17

ITM ASP VS BENCHMARK PRICES

ITM ASPs vs seaborne thermal coal benchmark prices

COMMENTS

Unit: US$/t

Monthly NEXITM quarterly ASP

ASP 3Q12 $87.5/tASP 2Q12 $94.6/t

NEX* Nov 08, 2012$80.35

• ASP started to decline marginally in 2Q and this extended to 3Q, but not as quickly as the general market and spot.

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

• ITM fully sold status for 2012

* Barlow Jonker Index: benchmark NSW FOB thermal coal index

26%

17%

12%9%

8%

7%

6%

5%5% 3%2%

0%

18

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

Total Coal Sales: c26.5 Mt

Japan

China

Taiwan

S Korea

Italy

Thailand

Philippines

Hong Kong

IndiaIndonesia

JAPAN4.5 Mt

PHILIPPINES1.6 Mt

THAILAND1.9 MtINDIA

3.2 Mt

HK0.7 Mt

S KOREA1.5 MtCHINA

6.7 Mt

TAIWAN2.1 Mt

ITALY1.4 Mt

1.5

INDONESIA2.3 Mt

MALAYSIA0.4 Mt

Malaysia

ITM coal sales 2012e

OTHERS 0.1 Mt

Others

Indicative 2012-2013 coal sales

Contracted96%

4%

TARGET SALES 2012: c26.5 MtAs at 12 November 2012

2012 SALES TARGET

INDICATIVE SALES 2013: c28.5 Mt

2013 INDICATIVE SALES

10%

46%

Unpriced

28%

16%

Indexed

Priced

Unsold

Focus more on index-linkedFocus on lower quality product sales

Priced

Indexed

19

DisclaimerAgenda

3. Operational review

20

Indominco Mandiri

EAST BLOCK

Santan River Port stock yard

Bontang City

Asphalt haul road 2.5Km

35Km

Sea conveyor

Mine stockyard

Inland conveyor 4km

0 106 82 km4

WEST BLOCK

Operations

Stockpile

Ports

Hauling

Crusher

ROM stockpile

Post Panamax

95,000DWT

SCHEMATIC

10.9

13.1

10.9

13.3E

BLO

CK

WB

LOC

K

12.5

13.915.8

11.2

E B

LOC

KW

BLO

CK

QUARTERLY OUTPUT

QUARTERLY UPDATES

2.1 2.11.6

2.1 2.0 2.1

2.1 2.0

1.41.4 1.8

2.1

4.2 4.1

3.03.5 3.8

4.2

3Q12 production achieved according to plan.Expect lower SR during 2H12 in response to declining coal price.Already obtained forestry permit for the remaining East Block area.IPCC system: on process to obtain import permit for crusher and conveyer unit.Port expansion: completed the feasibility study by consultants and continue with construction (EPC) bidding process.

13.2

9.2

2012 outlook: 14.5 Mt

Units: Mt

Units: Bcm/t 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12e

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

13.1

9.0

21

Trubaindo and Bharinto

22

1.8 2.1 1.7 2.0 2.0 1.8

0.21.82.1

1.72.0 2.0 2.0

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

O

14.112.4

13.4 13.5

Operations

Stockpile

Hauling

Barge Port

TRU

BA

IND

OB

HA

RIN

TO

QUARTERLY OUTPUT

QUARTERLY UPDATES

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

Trubaindo: 3Q12 production was according to plan due to better weather and improved coal hauling capacity.Expects lower strip ratio towards the end of the year to reduce production cost.Bunyut Port expansion: discussing with consultants on project scope and expectation.

Bharinto: Coal crushing activities started in August 2012 and initial coal sales was done in September 2012.

13.4

2012 outlook TCM: 7.4 MtBEK: 0.3 Mt

Units: Mt

Units: Bcm/t

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

12.7

BH

AR

INTO

7.4 7.4

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

0.3 0.4 0.3 0.3 0.3 0.3

0.5 0.7 0.6 0.60.3

0.8 0.8 1.0 0.9 0.9

11.511.212.0 11.7

TDM

EM

BE

MB

QUARTERLY OUTPUT

15.1TD

M 15.1 15.1 15.1

Kitadin Embalut:

3Q12 production achieved according to plan.

Expects higher coal production by the end of the year due to better working conditions.

Kitadin Tandung Mayang:

3Q12 production and full year target is lower than plan due to change in market requirement.

11.4

15.1

Units: Mt

Units: Bcm/t

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

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

11.5

15.1

SCHEMATIC QUARTERLY UPDATES

2012 outlook EMB: 1.2 MtTDM 2.4 Mt

23

Jorong

0.4 0.3 0.3 0.3 0.3 0.3

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

• 3Q12 production achieved above the plan due to better weather condition and optimization of the mining equipment.

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

8.6

2012 outlook JBG: 1.2 Mt

Units: Mt

Units: Bcm/t

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

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

24

DisclaimerAgenda

4. Financial review

25

Sales revenue

SALES VOLUME REVENUE* GROWTH

3Q11 4Q11 1Q12 2Q12 3Q12

3Q11 4Q11 1Q12 2Q12 3Q12

6.8 7.1

98.4

103.1

5.7

101.1

-3% YoY0% QoQ

-11% YoY-8% QoQ

3Q11 4Q11 1Q12 2Q12 3Q123Q11 4Q11 1Q12

675

729

575

-15% YoY-8% QoQ

Units: Mt

Units: US/t

Units: US$M

Indominco

Trubaindo

JorongKitadin

Indominco

Trubaindo

Jorong

Kitadin

6.6

94.6

2Q12

622

* excluding port revenue

6.6

Bharinto

87.5

ASP

3Q12

572

26

Average gross margin

* COGS included royalty

ITM Consolidated3Q11

678

39%

2Q12 3Q12

626

31%

Indominco Trubaindo Kitadin Jorong

486

34%

229

28%

36% 45

30%

26

19%

46%

17%

Revenue

GPM* (%)434

20%

219

30%

95

41%23

26%3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12

Units: US$M

390

22%

188

28%

103

35% 1716%

576

31%

27

Cash costs

WEIGHTED AVERAGE STRIP RATIO CASH PRODUCTION COST

3Q11 4Q11 1Q12 2Q12 3Q12

49.3 48.051.9

3Q11 4Q11 1Q12 2Q12 3Q12

11.8 11.913.1

FUEL PRICE TOTAL CASH COST

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

1.05 1.03 1.0770.2 71.0

68.5

Units: US$/t

Units: Bcm/t

Units: US$/Ltr

Units: US$/t13.1

1.07

51.6

70.01.02

12.0 49.8

67.2

28

EBITDA

29

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

Indominco Trubaindo3Q11

Kitadin Jorong2Q12 3Q12

78.6

49.2 39.7

4.2

3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12

-36% YoY-12% QoQ

Revenue2Q123Q11 3Q12

167.9

COGS SellingRoyalty Admin

232.9

148.4+23.7

Royalty decreased with revenues

Lower ASP by 8%Lower sales volume by 1%

(50.1)

CONSOLIDATED

MINE BY MINE

Units: US$M

Units: US$M

+5.8 +1.0 +0.1

150.9

61.0

15.73.5

75.8

36.6 37.3

2.0

Net income

30

101.1

8.5

44.0

1.8

58.933.133.8

0.1

76.9

25.2 19.2

3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12 3Q11 2Q12 3Q12

1.4

-23% YoY-2% QoQ

2Q12 3Q12OthersEBIT IncomeTax

DerivativeTransactions

FOREXNet Fin.Charges

3Q11

155.9

122.2 119.9

Derivative gain

(19.6)

CONSOLIDATED

MINE BY MINE

Indominco Trubaindo Kitadin Jorong

Units: US$M

Units: US$M

+2.8 +4.3

+40.6

(14.8)(15.6)

Lower ASP by 8%Lower sales volume by 1%

Balance sheet

CASH POSITION KEY RATIOS

Units: US$M

DEBT POSITION

Units: US$M

2008

222

2008

1155

2009

429

2009

2011

612

0

2011

295

2010

0

2010

3Q12

0

3Q12

Net Market Gearing (%)

Net D/E (times)

(0.34)

(34%)

(0.47)

(44%)

(0.57)

(57%)

(0.41)

(41%)

2008 2009 20112010 3Q12

631

(0.67)

(67%)

31

1

2

Capital expenditure 2012*

Unit: US$M

Indominco

Trubaindo

Bharinto

Kitadin

Jorong

ITM Consolidated

35

15

27

77

Realized up to Sep’12

2012 Capex plan

108

80

4

209

8

32

1

*Total capex includes Jakarta office and maintenance capex

11

1

73

Capex postponed

53

132

32

Disclaimer

Question & Answer

33

DisclaimerAgenda

Appendices

34

27%

17%

11%10%

7%

7%

6%

5%5% 3%

1%

1%

COAL SALES BREAKDOWN BY DESTINATION 9M12 (Mt) COAL SALES 9M12

Total Coal Sales: 19.0 Mt

Japan

China

Taiwan

S Korea

Italy

Thailand

Philippines

Hong Kong

India

Indonesia

JAPAN3.2 Mt

PHILIPPINES1.1 Mt

THAILAND1.3 MtINDIA

2.0 Mt

HK0.5 Mt

S KOREA1.0 Mt

CHINA5.2 Mt

TAIWAN1.4 Mt

ITALY1.0 Mt

1.5

INDONESIA1.9 Mt

MALAYSIA0.2 Mt

Malaysia

ITM coal sales 9M12

OTHERS0.1 Mt

Others

35

ITM structure and history

Note: * Updated Coal Resources and Reserves as of 30 Sep 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 398* 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

The “Indocoal” assets

East Kalimantan

164 Mt

695 MtResources

Reserves96 Mt

327 MtResources

Reserves13 Mt

150 MtResources

Reserves112 Mt

298 MtResources

Reserves5 Mt

144 MtResources

Reserves7 Mt13 Mt

Resources

Reserves

36

Income statement

Unit: US$ thousand 3Q12 2Q12 QoQ%

Net Sales 576,267 626,403 -8%Gross Profit 176,334 196,988 -10%GPM 31% 31%SG&A (43,827) (44,897) EBIT 132,507 152,091 -13%EBIT Margin 23% 24%EBITDA 148,448 167,867 -12%EBITDA Margin 26% 26%Net Interest Income / (Expenses) 4,474 1,660 FX Gain / (Loss) (1,912) (6,189) Derivative Gain / (Loss) 35,617 (4,966) Others (3,403) 11,411 Profit Before Tax 167,283 154,007 9%Income Tax (47,392) (31,763) Net Income 119,891 122,244 -2%Net Income Margin 21% 20%

37

Income statement

Unit: US$ thousand 9M12 9M11 YoY%

Net Sales 1,780,625 1,648,752 8%Gross Profit 582,529 606,472 -4%GPM 33% 37%SG&A (128,749) (119,365) EBIT 453,780 487,107 -7%EBIT Margin 25% 30%EBITDA 500,166 529,381 -6%EBITDA Margin 28% 32%Net Interest Income / (Expenses) 9,162 2,649 FX Gain / (Loss) (10,239) 1,861 Derivative Gain / (Loss) 57,567 (2,876) Others (13,484) (7,258) Profit Before Tax 496,786 481,483 3%Income Tax (130,154) (120,273) Net Income 366,632 361,210 2%Net Income Margin 21% 22%

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