The document provides information about the Modernization, Optimation, Pomalaa And Power Plant Project (MOP PP Project) including: 1. The project consists of 8 packages including a jetty, belt conveyor system, refining plant, oxygen plant, and coal fired power plant. 2. The project location is at PT Antam Tbk's FeNi plant in Pomalaa. 3. A master schedule is provided showing timelines for tendering, evaluation, contracting and construction activities from 2011-2013. 4. Estimated total investment cost is $534.7 million and financing options including corporate bonds and loans are discussed.

1. November 2011
1
Modernization, Optimation, Pomalaa And Power Plant Project
MOP PP Project Economic Aspect
Private & Confidential 1

2. Private & Confidential 2
Disclaimer
The purpose of this document is to provide the Interested Party with general information about Modernization, Optimation Pomalaa & Power Plant Project (“MOP PP Project”), which may assist such
party to decide whether or not to participate finance the project.
This document is issued subject to the conditions outlined below. The retention of this document by the Interested Party evidences its acceptance of those conditions. If any of the condition is not
acceptable to Interested Party, such party should immediately return this document and any copies of it to Antam.
•This document (including the accompanying information) is supplied to the interested party subject to the potential restrictions contained in the Confidential Agreement. The interested party
acknowledges that this document is subject to the terms of the Confidentiality Agreement.
•The document does not, and does not purport to, contain all the information that may be required or expected in order for the interested party to evaluate and make an informed decision about the
transaction. The interested party must at its own cost, conduct and rely solely on, its own independent review,investigation and analysis of the Transaction and of the information contained and referred
to in this document.
•This document has been made available to the interested party for information purposes only and is not intended to be and does not constitute a prospectus or a short form prospectus. This document
does not constitute an offer for the issue, sale or purchase of any securities.
•This document is not to be taken to be, and does not amount to, either expressly or by implication, a recommendation, an invitation or an offer by Antam to enter into the Transaction.
•Some of the information contained in this document has been obtained from third parties. None of the information has been independently verified. Antam does not make any representation or
warranty, express or implied, as to the adequacy, accuracy, reliability or completeness of:
• The information; or
• Any information subsequently provided to the interested party or a specified Person by or on behalf of Antam and/or any of Antam affiliate in connection with the Transaction, including,
without limitation, the estimates, opinions, forward looking statements, and projections (and any other information derived from them), and nothing contained in this document is, or may be
relied upon by the interested party or a Specified Person or any other person as, an express or implied promise or representation, whether as to the past or to the future.
•To the maximum extent permitted by law, neither Antam nor its affiliates accepts any liability for any loss or damage (including any cost, expense, outgoing, interest, loss of profits or other loss of any
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• This document, including, without limitation, any statement, opinion, estimate, projection or other information contained in it or any error in or omission from this document, or for any lack or
accuracy, completeness, currency or reliability of any statement, opinion, estimate, projection or
• other information in this document or for any lack of care in the preparation of the document
•The Interested Party, a Specified Person or any other person placing any reliance on any statement, opinion, estimate, projection or other information set out in the document, or on the accuracy,
completeness, currency or reliability of this document.
•The estimates, projection, and forward-looking statements contained in this document involve significant elements of subjective judgment and analysis which may of may not be accurate or correct.
There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast, estimated or anticipated, and the differences can be
material. Any such estimate, projection or forward-looking statement contained in the document does not constitute and must not be regarded as a representation or assurance by Antam and/or its
affiliates that the estimated or projected results will be achieved or achievable, or that the assumptions underlying the estimate or projection are valid, or that there is a reasonable basis for the
estimate, projection or forward-looking statement. The Interested Party and each Specified Person must form their own view in relation to such matters by undertaking their own independent review
of the assumptions, calculations, principles and policies upon which the estimates, projections, and forward-looking statements are based.
•Antam and/or any of its affiliate may in their sole and absolute discretion, but without being under obligation to do so, update or supplement this document from time to time (whether to correct
any inaccuracies or otherwise). Any information provided to the Interested Party or a Specified Person by or on behalf of Antam and/or any of its affiliates in connection with the Transaction will be
subject to these conditions and the Confidentiality Agreement. Neither Antam and/or any of its affiliates is under any obligation to, or accepts any responsibility to, inform the Interested Party or any
Specified Person of any matter arising or coming to its notice which may affect any matter referred to in this document.
•This document, including any update of supplement to it, is not warranted in any way and does not and will not form part of any contract in respect of the Transaction. Any formal contract for
investment will contain an express acknowledgement by the Interested Party that they have not relied on any representation or warranties given or made, expressly or impliedly, by or on behalf of
Antam and/or its affiliate in entering into the sale contract other than any representations and warranties explicitly set out in such investment contract.
•This document has been prepared and issued by Antam.
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disclaimed and excluded.
•To the extent that any of the above paragraphs are found to be in contravention of any applicable law, such paragraph will be read down and/or severed (as the case may require) to that extent only
and the remaining paragraphs will continue to have full force and effect.

3. Table of Content
3
1
2
3
Project Background
Project Location
Time Schedule
4 Economic Aspect
Private & Confidential

4. 1 Project Background
Private & Confidential 4

5. MOP PP
Project
Package 1 : Jetty & facilities
Package 2 : Belt Conveyor
Package 3 : Refining
Package 4 : Ladle Furnace
Package 5 : Line-4
Package 6 : ESF
Package 7 : Oxygen Plant
Package 8 : CFPP
PMC MOP
EPCM ESF
Background
 Safety and Environment Concern
 Efficiency
Private & Confidential 5
Background
 New Technology
 Increasing Production

6. Modernization, Optimation and
Power Plant Project
Package 1 Package 2 Package 3 Package 4 Package 5 Package 6 Package 7 Package 8
Jetty & ElectricSmelter
Oxygen plant CFPP
facilities
Furnace
Private & Confidential 6
Belt
Conveyor
Refining
Plant
Ladle furnace Line-4
Capacity
12k DWT
Capacity 90
tonne per hour
Length 4 km Capacity 25
tonne per heat
Name Plate
Capacity 2 x 30
MW
Capacity 800
Nm3/hour
Name Plate
capacity 38 MW
Capacity 25
tonne per heat
PMC and EPCM ESF

7. 2 Project Location
Private & Confidential 7

8. Location
8
FeNi Plant Capacity FeNi 1 Plant FeNi 2 Plant FeNi 3 Plant Total
Before MOP Project 3,143 4,776 10,100 18,019
After MOP Project 8,400 7,700 10,300 26,400
FeNi Plant Pomalaa :
• FeNi 1 Plant
• FeNi 2 Plant
• FeNi 3 Plant
Private & Confidential

9. 3 Time Schedule
Private & Confidential 9

10. Private & Confidential 10
MOP-PP Master Schedule ( 8 Package )
PT. Antam Tbk.
No. Description
0 MOP-PP Master Schedule FIX
1 Jetty & Facilities
2 Material Handling (Belt Conveyor System)
3 Refining 3
4 Ladle Furnace
5 Ore Preparation & Calcination Line 4
6 ESF 1 Auxilliary & Utility Plant
7 Oxygen Plant
8 CFPP
Legend :
Proses Tender sampai dengan pemasukan Proposal
Evaluasi Proposal sampai dengan penunjukan pemenang
Kontrak Negosiasi
EPC Contractor
Des-11 Jan-12 Feb-12 Mar-12 Apr-12 Mei-12 Jun-12 Jul-12 Agust-12 Sep-12 Okt-12 Nop-12 Des-12 Jan-13 Feb-13 Mar-13 Apr-13

11. 4 Economic Aspect
Private & Confidential 11

12. Investment Cost
12
Item Description Amount (MUSD)
Package 1 Jetty & Facilities 47,25
Package 2 Belt Conveyor 13,94
Package 3 Refining 34.08
Package 4 Ladle Furnace 10.99
Package 5 Line- 4 88.84
Package 6 Electric Smelter Furnace 59.25
Package 7 Oxygen Plant 10.84
Package 8 CFPP 2x 30 MW 132.00
PMC Project Management Consultancy 5.84
EPCM EPCM for ESF 7.54
Pomalaa portion FeNi 2 optimation, GCT, Diesel 2 x 17 MW 116.13
others owner cost (import duty, LC) 8
TOTAL 534.7
Private & Confidential

13. Private & Confidential 13
Financing MOP PP Project
+/- 534.7 MUSD
Investment Cost
ANTAM Bond
Corporate Loan

14. Private & Confidential 14
Production
(tpa)
Load Factor
85% * 90% 95%
FeNi 1 production 8,400 8,900 9,400
FeNi 2 production 7,700 8,100 8,600
FeNi 3 production 10,200 10,800 11,400
Total Production 26,300 27,800 29,300
Description
Load Factor
85% * 90% 95%
NPV (MUSD) 61.44 154.59 253.96
IRR (%) 12.57 14.3 15.95
Pay Back Period 5y 3m 4y 5m 3y 10m
Ref : * 85% is base load
Based on Q3 Brookhunt Forecast
USD/lb
Key Points

15. 15
IPP Option For CFPP
Pros and
Cons
Project
Economic
Comparison
Pros Cons
 IPP have better competencies to
built and operate coal fired
power plant
 Sharing risk and funding
 Potential of project delay due to
procurement of IPP Partner and
negotiation phase
 More expensive electricity cost
 Antam has limited control to
CFPP
Description With IPP Without IPP
NPV (MUSD) 114.33 MUSD 61.44 MUSD
IRR (%) 14.22 % 12.57 %
Pay Back Period 4 years 5 months 5 years 3 months
Private & Confidential

16. 16
IPP Option For CFPP (rev. Tim MOP)
Benefit to
Investor
• Real off-taker . Antam is real off taker and more than 35 years
operation.
• High electricity demand. Normal operation of process plant is
more than 90% in year
• Attractive electricity tariff. Electricity tariff is based on business
to business transaction that offers valuable investment to the
investor.
• Land has secured. Power plant location has been secured by
Antam.
• Opportunity for expansion. Antam has planning for replacing
existing all diesel power plant to coal fired power plant. IPP has
first option to develop new coal fired power plant inside Antam’s
concession.
• Several Study have been completed such as Environmental
Impact Assessment, Feasibility Study
Private & Confidential

17. Thank You
Private & Confidential 17