Analyst BriefingFY13 performance results

27 Feb 2014

2

The views expressed here contain information derived from publicly available sources that have not been independentlyverified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Anyforward looking information in this presentation has been prepared on the basis of a number of assumptions which mayprove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by PT. IndoTambangraya Megah Tbk. Nothing in this release should be construed as either an offer to buy or sell or a solicitation ofan offer to buy or sell shares in any jurisdiction

3

AppendicesFinancial reviewCommercial reviewOperational reviewIntroduction

34

21

4

Highlights of 4Q13 and FY13 results

4Q13

546

23%

83

46

$71.0

Q-Q

+1%

-3%

-16%

-25%

-2%

Unit: US$ Mln

Coal sales7.7 Mt

Up 0.3 Mt +4% Q-Q

FY13

2,179

23%

337

230

$74.9

y-y

-11%

-7%

-40%

-47%

-17%

Coal sales29.1 Mt

Up 1.9 Mt +7% y-y

Total Revenue

Gross Profit Margin

EBIT

Net income

ASP* (USD/ton)

* Includes bonus/ penalty

FY12

2,439

30%

558

432

$90.0

3Q13

543

26%

99

61

$72.5

5

2013 in review: strengthening our core

Embalut - Jorong

Trubaindo - Bharinto• Lower SR to reduce

production costs• Shortened OB hauling

distance to dumping area

• Trial shipment of Bharinto coal to non-Japan market

• Reduce fuel consumption on tug-boats

• Renegotiating barging contract

• Optimized mining reserves at Embalutmine

• New conveyer belt system at Embalut port

• Prepared mine closure master plan at Jorongmine

Jakarta Office

• Establishment of PT. ITM Indonesia for coal trading business

• Establishment of PT. TRUST for in-house mining contractor business

• Establishment of Compliance and Risk Management Dept in the Org. Structure

• Reduce total cost by 11% to $62/t in 2013

• Capex postponement and rationalization

• Lower SR to reduce production costs

• IPCC trial commenced in Dec 2013

• Completed study for trucks to partially replace diesel with LNG

• Achieved TPM level 4 at Td.Mayang mine and level 3 at Indominco mine

Indominco – Td. Mayang

Mahakam River

INDOMINCO

BALIKPAPAN

JORONG

TDMY

BHARINTOEMBALUT

BONTANG

JORONG(ANCHORAGE)

TRUBAINDO

SAMARINDA(ANCHORAGE)

MINE SITE

COAL TERMINAL

POWER PLANT

6

Key achievement in 2013

PT Indo Tambangraya Megah Tbk.Received Social BusinessInnovation Awards with thepredicate of “Special Achievementfor Community DevelopmentRecovery Initiative’ from WartaEkonomi Magazine

PT Indo Tambangraya Megah Tbk.awarded Corporate GovernanceAward with “Best Overall” by theIndonesian Institute for CorporateDirectorship (IICD)

PT Indo Tambangraya Megah Tbk.received 7 categories of GKPM Award.GKPM alone stands for CommunityDevelopment Works Exhibitionfrom Coordinating Ministry of People’sWelfare in collaboration with CFCD

PT Indo Tambangraya Megah Tbk received in the category of“excellence award” from International Convention on QCCircles 2013 by Association of Pioneer Quality ControlResearch-Taiwan

PT Indo TambangrayaMegah Tbk receivedIndonesia CorporateGovernance Awardsin the category of“Trusted Company”from SWA Magazine andcollaboration withInstitute of CorporateGovernance (IICG)

7

BEST PRACTICEGROWTH COST MANAGEMENT

• Comply with new Accounting Standard (ISAK 29)

• Strengthen CSR through Community Consultative Committee (CCC) together with mining contractors

• Become the Top 10 of ASEAN CG Score Card

• Strengthen safety and environment standard at all mine sites

• Further operational excellence through TPM implementation

• Enhance Risk Management best practices

• Increase Bharinto production capacity up to 3.0 mtpa

• Trubaindo infrastructure development (hauling road improvement, bridge construction, etc.)

• Exploration drilling at Trubaindo and Bharinto area

• Bontang and Bunyut port capacity expansion

• Commencement of in-house mining contractor operation (PT. TRUST)

• Start coal trading activity through PT. ITM Indonesia

• Continue to look for coal and power opportunities

• Continue on cost reduction initiatives

• Contractor management

• Trial stage for coal and overburden hauling using bi-fuel (LNG) at Indominco mine

• Study on different mining techniques

• Further study for alternative mode of transportation (IPCC project, electrification, belt conveyer, etc.)

• Maximize utilization of power plant at Bontang port

• Energy saving schemes

2014 and beyond: further cost reduction

2013 vs 2014 operation summary

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

East Kalimantan

Balikpapan

Palangkaraya

Banjarmasin

Central Kalimantan

South Kalimantan

Samarinda

Trubaindo

Bharinto

Jorong

Embalut

Indominco

Td.Mayang

FY13 OUTPUT: 29.4Mt FY14 TARGET: 29.5Mt

2013 2014e

15.1 15.2

2013 2014e

7.8 7.3

2013 2014e1.6 3.0

2013 2014e

1.3 1.2

2013 2014e1.1 1.0

2013 2014e

2.5 1.8

8

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14E

7.6

Indominco

Trubaindo

KitadinJorongBharinto

QUARTERLY OUTPUT

8.07.1 7.2 7.5

INDICATIVE OUTPUT TARGETS*

Indominco

Trubaindo

KitadinJorongBharinto

Indominco

33.0

27.529.4 29.5

32.0

Units: Mt

Units: Mt

2012 2013 2014e 2015e 2016e

7.1

9

AppendicesFinancial reviewCommercial reviewOperational reviewIntroduction

34

21

4Q13 production slightly lower than target due to weather condition.IPCC Project: project already commenced in Dec 2013. In process of handover from project team to operation team.

● Coal Transport: Project study and bi-fuel trial test already conducted successfully. In process of finalizing implementation plan.

10

QUARTERLY UPDATES

Indominco MandiriSCHEMATIC

EAST BLOCK

Santan RiverPort 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

2014 target: 15.2mt

E B

LOC

KW

BLO

CK

E B

LOC

KW

BLO

CK

2.5 2.4 2.5 2.7 3.0 3.4

2.01.1 1.1 1.3 1.0 0.4

4.5

3.5 3.6 4.0 4.0 3.8

Units: Mt

Units: Bcm/t

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

13.9

9.0

19.1

9.3

QUARTERLY OUTPUT

16.9

7.2

Avg.SR: 10.2 12.4 10.3

19.1

9.3

12.3

16.8

7.2

9.6

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

17.1

7.7

8.5

PIT BENCHES

IN-PIT CONVEYORS

BACKHOE EXCAVATOR

TRUCK

SPREADER

IPCC WASTE DUMPNON-IPCC

WASTE DUMP

C.120 M

C.80 MIN-PIT

CRUSHERDEEPER

TONNAGES

IPCC WASTE

COMMENTS

11

In Pit Crushing Conveying (IPCC) system

● IPCC trial stage commenced in December 2013 at Indominco East Block

● OB removal capacity: 14 MBcm per year

● Using power from Indominco coal-fired power plant

● Estimated cost savings around 10% of OB costs

● Other benefits include access to deeper coal reserves and being more environmentally friendly (less dust, noise, emission)

CONCEPT OF IN-PIT CRUSHING AND CONVEYING (IPCC)

Mine depth without IPCCMine depth with IPCC

ILLUSTRATIVE ONLY

Trubaindo: 4Q13 production slightly lower than target due to weather condition.New crushing plant: Select EPC bidders and negotiate for terms and conditions.Bunyut port expansion: Engage with engineering design for barge loading system upgrade.

Bharinto: 4Q13 production slightly lower than target due weather condition.

12

QUARTERLY UPDATES

Trubaindo and BharintoSCHEMATIC

QUARTERLY OUTPUT

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

Trubaindo North Block

South Block 2(Biangan)

PT. BHARINTO

PT. TRUBAINDO

Operations

Stockpile

Hauling

Barge Port

2014 Target: TCM : 7.3mt BEK : 3.0mt

2.1 2.0 2.0 2.0 1.9 1.7

2.4 2.32.6 2.5

2.1

TRUBAINDO

TRUBAINDO

BHARINTO

Units: Mt

Units: Bcm/t

12.7

BHARINTO7.8

0.2

10.9

7.6

0.3

10.9

7.5

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

11.1

6.9

0.5

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

11.2

(0.4)

0.60.30.52.2

10.3

9.2

13

Kitadin Embalut:

4Q13 production is according to target.

Kitadin Tandung Mayang:

4Q13 production is according to target.

Start to transfer some fleets from own concession to contractors business.

QUARTERLY UPDATES

Kitadin Embalut and Tandung Mayang

SCHEMATIC

QUARTERLY OUTPUT

0.3 0.2 0.3 0.3 0.2 0.3

0.4 0.8 0.5 0.50.6

0.50.7

1.00.8 0.8

1.10.8

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

BontangPort

TDM : 1.8mt

TDM

EM

BE

MB

TDM

Units: Mt

Units: Bcm/t

6.0

15.1

11.5

15.1

2014 Target: EMB : 1.0mt

10.9

15.1

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

10.6

15.1

11.5

15.1

11.5

17.9

Coal terminal

Jorong

Pelaihari

Pacific Ocean

Haul road

0 10 2515 205 km

20km

Operations

Stockpile

Hauling

Barge Port

FY14 target: 1.2mt

MAJOR QUARTERLY UPDATES

14

Jorong

• 4Q13 production as according to target.

QUARTERLY OUTPUT

8.68.68.6 8.6 8.6 6.0

Units: Mt

Units: Bcm/t

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

0.3 0.3 0.3 0.30.4

0.3

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14e

SCHEMATIC

15

AppendicesFinancial reviewCommercial reviewOperational reviewIntroduction

34

21

Europe • Continue power plant retirement, strong clean-dark spreads keep coal burn high

China • Slower demand growth, political / environmental issues, low quality coal import ban (?), high competition from domestic suppliers.

India • High electricity demand growth, insufficient domestic coal supply, focus LCV

NorthAsia

• Continue nuclear stoppage in Japan, coal still competitive in all north Asian countries

Others • Other Asian and South Americas drive demand growth

USA • Continue retracting to domestic and HS bigger share of export

Colombia • Drummond export ban in Q1, political, social/environmental issues continue

South Africa

• Higher rail efficiency. Continuing political, social issues. Expand or not debatable

Indonesia* • Debating policies: export level, price levels, tax levels, DMO, losing market share for LCV, offshore loading, trading oversight

• Considerable expansion (More LCV / Less HCV)

Australia • Encouraged by exchange rate. Discouraged by prices and challenges for H. Ash

• Considerable expansion

16

New Emerging Thermal Trends for 2014SUPPLY (INCREASE FOCUS IN 1H) DEMAND (INCREASE FOCUS IN 2H)

*Before government cap on production

-3 mt

+5 mt

+2 mt

+15 mt

+10 mt

SUPPLY DEMAND

+1-5 mt

+1-5 mt

+1-5 mt

+12 mt

+10 mt

17

China and India thermal coal market review

CHINA ANNUALIZED ACTUAL IMPORT 1Q12-4Q13&1Q14e

CHINA THERMAL COAL IMPORTS/EXPORTS INDIA THERMAL COAL IMPORTS

INDIA ANNUALIZED ACTUAL IMPORT 1Q12-4Q13&1Q14e

CHINA DOMESTIC COAL PRICES

93 103

147 155 

14 7 5 4 4

2010 2011 2012 2013 2014F

ImportExport

Sources: China Coal Report Jan 2014, Banpu MS&L Estimates

Unit: Mt

Net import142 Mt

152

Net import148 Mt

Net import151 Mt

155

2010 2011 2012 2013

6887

107

148 

2010 2011 2012 2013 2014F

136 148

Sources: Salva Report India, Banpu MS&L Estimates2010 2011 2012 2013

116 151 146 175 148 140 159 162 144

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

Import

Export

94 97 104133 131

159 135 120 120

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

ImportExport

Unit: Mt

Unit: Mt Unit: Mt

400500600700800900

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13

Oct

-13

Dec

-13

Feb-

14

> 5,800 kcal/kg> 5,500 kcal/kg> 5,000 kcal/kg

Unit: RMB/t

545510450

Source: www.sxcoal.com/cn 4 February 2014

COMMENTS• Flat• Weather?

COMMENTS

• Electricity demand continues to grow

• Coal remains the base-load for power generation

• Insufficient domestic coal supply

• Depreciation of Rupee impact coal import.

18

ASP vs thermal coal benchmark prices

• Declines in ASP are combination of continued market easing and product mixes.

• 2014 tonnages remain high for shipment, protecting total revenues.

ITM ASP VS BENCHMARK PRICES

* The Newcastle Export Index (previously known as the Barlow Jonker Index – BJI)

ITM ASP 4Q13 $71.0 (-2% QoQ)

NEX* February 13, 2014 $76.9

Unit: $/t

COMMENTS

0

20

40

60

80

100

120

140

160

180

200

Jan-

07A

pr-0

7Ju

l-07

Oct

-07

Jan-

08A

pr-0

8Ju

l-08

Oct

-08

Jan-

09A

pr-0

9Ju

l-09

Oct

-09

Jan-

10A

pr-1

0Ju

l-10

Oct

-10

Jan-

11A

pr-1

1Ju

l-11

Oct

-11

Jan-

12A

pr-1

2Ju

l-12

Oct

-12

Jan-

13A

pr-1

3Ju

l-13

Oct

-13

Jan-

14

Monthly NEX

Quarterly ITM ASP

COAL SALES 2013

19

ITM coal sales 2013

COAL SALES BREAKDOWN BY DESTINATION

JAPAN4.6 Mt

PHILIPPINES 2.2 Mt

THAILAND1.8 Mt

INDIA2.5 Mt

HK0.3 Mt

S KOREA2.2 MtCHINA

8.1 Mt

TAIWAN1.7 Mt

ITALY0.8 Mt

1.5

INDONESIA3.2 Mt

MALAYSIA0.8 Mt

28%

16%

11%9%

8%

7%

6%

6%

3%3%

2%

Total Coal Sales: 29.1 Mt

Japan

ChinaTaiwan

S Korea

Italy

Thailand

Philippines

Hong Kong

IndiaIndonesia

Malaysia

2%

USA

USA0.6 Mt

OTHERS 0.3 Mt

Others

42%

23%

12%

23%

20

Indicative coal sales 2014

COAL SALES CONTRACT AND PRICING STATUS

Contract Status Price Status

Fixed

Indexed

Unsold

TARGET SALES 2014: 29.7 Mt

77%

23%

Contracted

Uncontracted

Unpriced

21

AppendicesFinancial reviewCommercial reviewOperational reviewIntroduction

34

21

22

Sales revenue

427 341 327

1,591 1,362

242176 203

877

759

24 64 19

26

164

7258 77

352

274

24 17 19

88

68

4Q12 3Q13 4Q13 2012 2013

USD million-11% (YoY)

Indominco

2,179

2,439

546 543 658

-17% (YoY)

+1% (QoQ)

Note : Total consolidated revenue after elimination

Indominco-4% (QoQ)

Trubaindo+15% (QoQ)

Bharinto-70% (QoQ)

Kitadin+32% (QoQ)

Jorong+13% (QoQ)

Indominco-14% (YoY)

Trubaindo-13% (YoY)

Bharinto+531% (YoY)

Kitadin-22% (YoY)

Jorong-22% (YoY)

Trubaindo Bharinto Kitadin Jorong

ASPFY12 : $90.0 /tonFY13 : $74.9 /ton4Q12 : $80.6 /ton3Q13 : $72.5 /ton4Q13 : $71.0 /ton

23

Average gross margin

Revenue

GPM* (%)

Units: US$M

Indominco Trubaindo Kitadin Jorong

39%

28%

Bharinto

3Q13

24

ITM Consolidated

4Q13

546

23%

4Q124Q12

658

24%

427

19%

242

19%

4Q12

72

31%

4Q12

24

19%

4Q12

327

21%

203

15%

77

26%

1919

24%4Q13 4Q13 4Q13 4Q134Q13

* COGS included royalty

341

22%

176

19%

3Q13

58

3Q13

24%

17

64

27%

3Q13 3Q133Q13

543

26%

14%

4Q12

17%23%

24

EBITDA

USD million

Note : Total consolidated EBITDA after elimination

USD million

4Q12 3Q13 4Q13 2012 2013

621

401

314

173

4

139

10

228

73

31

64

121114

72

233

281

-35% (YoY) -11% (QoQ) -16% (YoY)

Indominco Trubaindo Bharinto Kitadin Jorong

Indominco-27% (YoY)

Trubaindo-58% (YoY)

Bharinto+632% (YoY)

Kitadin-54% (YoY)

Jorong-68% (YoY)

Indominco-4% (QoQ)

Trubaindo-25% (QoQ)

Bharinto-97% (QoQ)

Kitadin+60% (QoQ)

Jorong-43% (QoQ)

3

68

2112131

102

65

160.3201

25

Net Income

USD million

Note : Total consolidated Net Income after elimination

USD million

4Q12 3Q13 4Q13 2012 2013

432

230

231

112

1

82

3

144

3916

37

(3)

65 6146

34

11272

46

974

(2)(1)

30

7

13

(4)

-47% (YoY) -25% (QoQ) -29% (YoY)

Indominco Trubaindo Bharinto Kitadin Jorong

Indominco-38% (YoY)

Trubaindo-65% (YoY)

Bharinto+1249% (YoY)

Kitadin-55% (YoY)

Jorong-200% (YoY)

Indominco-34% (QoQ)

Trubaindo-22% (QoQ)

Bharinto-148% (QoQ)

Kitadin+262% (QoQ)

Jorong-86% (QoQ)

26

Cash cost

4Q12 1Q13 2Q13 3Q13 4Q13

Units: US$/t

* Cash production cost + royalty + SG&A4Q12 1Q13 2Q13 3Q13 4Q13

Units: US$/Ltr

4Q12 1Q13 2Q13 3Q13 4Q13

Units: Bcm/t

4Q12 1Q13 2Q13 3Q13 4Q13

Units: US$/t

WEIGHTED AVERAGE STRIP RATIO CASH PRODUCTION COST

TOTAL CASH COST *FUEL PRICE

10.8

1.03

47.7

65.0

11.7

1.04

46.3

62.7

Avg. FY12: 12.2Avg. FY13: 11.1

Avg. FY12: $50.1/tAvg. FY13: $44.6/t

Avg. FY12: $1.05/ltrAvg. FY13: $1.02/ltr

11.6

46.9

0.97 63.1

10.7

42.2

Avg. FY12: $68.0/tAvg. FY13: $60.3/t

57.1

1.02

10.4

1.06

42.8

57.8

27

CASH POSITION

Net Gearing (%)

Net D/E (times)

(0.47)

(44%)

(0.57)

(57%)

(0.41)

(41%)

2009 20112010 2012

(0.46)

(46%)

Balance sheetKEY RATIOS

DEBT POSITION

Units: US$M

2009

429

2011

612

295

2010 2012

461

Units: US$M

55

2009

0

2011

0

2010

0

2012 2013

0

2013

289

2013

(0.30)

(30%)

28

2014 Capital Expenditure plan

Note: Total capex plan including Jakarta office and PT. TRUST (Mining Contractor Business)

Units: USD million

Indominco Trubaindo Bharinto Kitadin Jorong ITM Consolidated*

86.046.4

21.8

4.2

0.1

IPCC extensionConveyer belt replacement

Trubaindo infrastructureCrushing plant

11.7

44.3

2013 ITM Consolidated

2929

● ISAK 29 – Stripping Costs in the Production Phase of a Surface Mining

● ISAK 29 equivalent to IFRIC 20 under IFRS

● Stripping costs, which provides an improved access benefit to ore (coal) is recognized as an asset

● Effective date: January 1, 2014

● Compulsory for all mining companies with surface mines

● Change in accounting policy (retroactive and require restatement)

● First result will be shown in 1Q14 statements

COMMENTS

Note: - Charts not drawn to scale. - ISAK stands for Interpretasi Standar Akuntansi Keuangan (Interpretation of Financial Accounting Standard)- IFRIC : International Financial Reporting Interpretation Committee- IFRS : International Financial Reporting Standard

1. Cash basis

• Capitalized O/B if there is future benefit (e.g. access to coal)

• O/B above LOM avg. is capitalized• Capitalized O/B is amortized according

to production and remaining reserves by pit

• Jorong

• Td.Mayang

• Indominco

• Trubaindo

• Embalut

• Bharinto

*New practice to be applied for all ITM mines

8.0 8.4 8.2 8.7 4.2

2.01.0 2.5 1.03.5

2. Life of mine

3. Betterments (Levelized)ROM

4. IFRIC 20/ISAK29

S/R

ISAK 29CURRENT PRACTICES

Based on LOM S/R

Based on S/Rattributable to coal inventory

Avg. 8.0

7.0

11.8

3.5

12

8.09.0

1 2.5 3.5ROM

S/R

ROM

8.9 7.5 7.9 4.011.6S/R

ROM

Amort.(year 1)

Amort.(year 2)

Based on LOM S/R, production and reservesS/RILLUSTRATIVE ONLY

Implementation of ISAK29

Avg. 8.0

Avg. 8.0

S/R

S/R

Avg. 8.0

S/R

8.0 8.0 8.0 8.0 8.0

30

Q&A Session

31

Appendices

ITM structure

32

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% 99.99%

Banpu Minerals Co.Ltd

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

Output FY13 : 15.1 Mt Output FY13 : 7.8 Mt Output FY13 : 3.6 Mt Output FY13 : 1.3 Mt

Bharinto

PT Bharinto Ekatama

(CCOW Gen III)

99.00%

East / Central Kalimantan

Output FY13 : 1.6 Mt

East Kalimantan

ITMI

PT ITM Indonesia

Coal Trading

99.99%

Jakarta Office

TRUST

PT Tambang Raya Usaha Tama

Mining Services

99.99%

Jakarta Office

Reserves 361* Mt

Resources 1,595* Mt

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

144 Mt

679 MtResources

Reserves86 Mt

318 MtResources

Reserves12 Mt

149 MtResources

Reserves111 Mt

298 MtResources

Reserves3 Mt

142 MtResources

Reserves

5 Mt10 Mt

Resources

Reserves

Note: * Updated Coal Resources and Reserves as of 31 Dec 2013

33

Income statementUnit: US$ thousand FY13 FY12 YoY%

Net Sales 2,17 8,7 63 2,438,941 -11%Gross Profit 509,194 7 41,167 -31%GPM 23% 30%SG&A (17 1 ,7 19) (182,7 29) EBIT 337 ,47 5 558,438 -40%EBIT Margin 15% 23%EBIT DA 400,7 43 620,7 7 3 -35%EBIT DA Margin 18% 25%Net Interest Income / (Expenses) 7 ,946 13,269 Derivative Gain / (Loss) 5,259 48,535 Others (29,7 32) (29,133) Profit Before T ax 320,948 591,109 -46%Income Tax (90,464) (159,066) Net Incom e 230,484 432,043 -47 %Net Incom e Margin 11% 18%

34

Income statement

Unit: US$ thousand 4Q13 3Q13 4Q12 QoQ% YoY%

Net Sales 546,194 542,983 658,316 -18% -17 %Gross Profit 126,37 0 142,7 58 158,638 -10% -20%GPM 23% 26% 24%SG&A (43,17 0) (43,382) (53,980) EBIT 83,200 99,37 6 104,658 -5% -21%EBIT Margin 15% 18% 16%EBIT DA 101,568 113,804 120,607 -6% -16%EBIT DA Margin 19% 21% 18%Net Interest Income / (Expenses) 1 ,7 27 1 ,634 4,107 Derivative Gain / (Loss) (594) 967 (9,032) Others (16,941) (15,7 67 ) (5,410) Profit Before T ax 67 ,392 86,210 94,323 -9% -29%Income Tax (21,241) (25,307 ) (28,912) Net Incom e 46,151 60,903 65,411 -7 % -29%Net Incom e Margin 8% 11% 10%