Slide 1: Antam: A Solid Bright Future - Public Expose 2003
Antam A Solid Bright Future Public Expose 2003 Jakarta, 14 November 2003 e473 Overview Operation and Financial Performance S Growth Strategy Shareholders’ Information Environment, Social Responsibilities and Good Corporate Governance
Slide 2: Highlights Antam
Highlights Antam e AMining Company of International Standards e Competitive position ~ Nickel: Competitive cost producer ~ Gold: Low cost producer e Strong and solid financial performance e Vast reserves and resources with 2.7 million hectares of licensed territories e Focus on maximising shareholde
Slide 3: Revenues largely US$ denominated; nickel and gold dominant
Antam’s Revenues are largely US$ ee denominated; Nickel and Gold > 90% “ jenominatio Rupiah 1% Ferronickel 34% Nickel Ore 31% ron Sands y % Bauxite 6% Bus Gold usb 28% 89% Nickel and gold are Antam’s main commodities 4 Diversified Market; Europe, Japan, Taiwariga Korea and Australia Europe 13% With
Slide 4: 9M03 Profit and Loss Highlights
oN Agenda cs S&S Overview oy Operation and Financial Performance Growth Strategy Shareholders’ Information Ss Environment, Social Responsibilities “£\ and Good Corporate Governance FINANCIAL - PERFORMANCE 9M03 Profit and Loss Highlights GR (Rp Billion) gmoz2 9M03 YoY Sales 1,133 1,427 26% Gross Prof
Slide 5: 9M03 Balance Sheet and Cash Flow Highlights
FINANCIAL - PERFORMANCE 9M03 Balance Sheet Highlights oy (Rp Billion) 9mo2 9M03 YoY Total Asset 2,508 2,516 0.3% Total Liabilities 643 501 -22% Total Equity 1,860 2,009 8% Long-term Bank Loans 89 0 na. Working capital 760 933 23% As of September 30 2003, Antam records zero fong term bank loan FINANC
Slide 6: Selected Financial Ratios; Ferronickel
FINANCIAL - PERFORMANCE 9MO03 Selected Financial Ratios 9 (Rp Billion) 9Mi02 9M03 YoY Return on Investment (ROI) 6.38% 10.07% 58% Return on Equity (ROE) 6.49% 8.48% 31% Return on Assets (ROA) 4.85% 6.69% 38% Debt to Equity Ratio 34.55% 24.95% -28% Operating Margin 15.40% 22.42% 46% 1p OPERATIONAL-~-
Slide 7: Ferronickel cost and Nickel Ore operations
OPERATIONAL- PERFORMANCE Ferronickel 44 373 3.72 3.84 34 2.99 a . 2 284 2.79 a Z 2) Bis a 44 6.5 4 ° 4998 1909 2000 2007 2002 9Mo3 Year — Avg. Selling —— Prod. Cost —2— Cash Cost improved 9M03 production over 9MO02 is due to increased power output and toil smelting agreement with Pamco OPERATIONAL-~
Slide 8: Nickel Ore Cost and Selling Price; Gold
OPERATIONAL-~ PERFORMANCE ae Nickel Ore — Cost and Selling Price x 28.3 1a 27.08 12.22 2 % 21.38 2 ‘0 j 21473 2a H a q 8 a 3 : 4 a g 2 i i, 5 2 437 t T T T T T T 7 0 t T 1 1998 1988200000 aaz «gs 4999 200020012082 SHS Year Year + Avg Selling -o-Prod. Cost -- Cash Cost —+ Avg Selling -o- Prod, Cost -
Slide 9: Gold costs; Bauxite operations
OPERATIONAL-~ PERFORMANCE Gold 353.75 960 7 312.22 300 | 723-78 ag 77 270.82 270.98 260 4 222.55 223.66 171.25 192-34 180.8 141.87 s60 | 165.69 163.74 436.22 159.71 440.69 Price (USDitoz} nn Cc i~J 98.99 1998 41999 2000 2001 2002 sMo3 Year —e— Avg.Selling —o— Prod. Cost —s— Cash Cost 9M03 gold produ
Slide 10: Bauxite costs; Iron Sands operations
OPERATIONAL- PERFORMANCE Bauxite 27 44 41.21 14.25 '1*" 11.06 44.03 114.24 45.28 NOt Price (USD/wmt) 3.84 1998 4999 2000 2061 2002 9M03 Year —e— Avg Selling —-— Prod. Cost 2 Cash Cost 9M03 bauxite production decreased in fine with plans to close the Kijang bauxite mine OPERATIONAL- PERFORMANCE lron
Slide 11: Iron Sands production and costs
OPERATION AL- PERFORMANCE Iron Sands CE 120,060 4 100,990 + 96,445 90,279 E 80,000 | 86,509 ~% 60,000 | Q 2 & 40,000 + 20,060 5 0 T T T , T 1998 1999 2006 2001 2062 9Ma3 Year —e Avg. Seiling —o— Prod. Cost —.— Cash Cost 9M03 iron sands production decreased in line with lower sales 20 Agenda ° eg, Ov
Slide 12: Strategy Forward; Competitive Position - Ferronickel
syn Strategy Forward Z 4 To operate in the most efficient manner through cost reduction measures Sustainable growth through expansion projects, strategic alliances and increasing quality reserves 22 Competitive Position - Ferronickel oy 3.04 Average nickel industry cash cost = USD2. 18 as of 2002. i
Slide 13: Low Cost Position - Gold; Cost Reduction Program
Low Cost Position - Gold Antam ——si‘#és«éLG3Z Newmont 178 Anglogold 161 Barrick 177 Gold Fields 178 Harmony 192 Antam positions itself competitively Source: Goid Fields Minerai Services, August 2003, in USD par troz Cost Reduction Program, CRP « Reduction on operational costs * More efficient fuel a
Slide 14: CRP Programs - 9M03 Highlights
CRP Programs — 9M03 Highlights S& SBU 2002 9M03 SBU Nickel 11.7 21.1 SBU Gold 4.2 41 SBU Logam Mulia 0.9 0.3 SBU Bauxite 0.8 1.6 Iron Sands Mining Unit 0.8 0.7 Unit Geomin - 3.6 “in Billion Rupiah Oe Strategy Forward TE i To operate in the most efficient manner through cost reduction measures Sustai
Slide 15: Expansion Project: FeNi III
Expansion Project: FeNi Ill @ Kay project for Antam's growth and sustainability @ Increased production scale and efficiency through economics of scale @ The project will more than double Antam’s annual contained nickef capacity from 11,000 tonnes Ni per year to 26,000 tonnes Ni per year @ Secured ma
Slide 16: Expansion Project: Bauxite Tayan
Expansion Project: Bauxite Tayan WE @ Involves the exploitation of bauxite and production of Chemical Grade Alumina {CGA} @ Production is planned = at 850,000 wmt of washed bauxite per year resulting in production of 300,000 tons of chemical grade alumina per tahun * Construction is expected to take
Slide 17: East Pomalaa Cooperative Resources Agreement
East Pomalaa Cooperative Resources Sak Agreement with PT Inco Tbk. aes # Cooperation Resources Agreement (CRA) to develop nickel deposits in East Pomalaa with PT Inco Tbk. « Cooperation area of 3,000 Ha. * Production is expected to be used as ore feed for the new FeNi lil smelter * Production is pla
Slide 18: Analysts' Recommendation
oN Agenda cs S&S Overview 4 Operation and Financial Performance Growth Strategy Environment, Social Responsibilities B Shareholders’ Information B and Good Corporate Governance 34 Analysts’ Recommendation BZ sh Gs GK Goh Trading Buy 3 November CLSA Buy 6 October Danareksa Hold 25 September Trimegah
Slide 19: Shareholders' Composition; Use of IPO Funds
Sharehoiders’ Composition e Antam’s largest shareholder aside from the Government is Oppenheimer Developing Market Funds USA with a 4.97% interest e The top 5 countries of origin for Antam’s foreign shareholders in terms of shares held: ~ USA ~ UK — Luxembourg — Switzerland — France Majority of Anta
Slide 20: Environment and Social Responsibilities
Agenda S&S Overview Se Operation and Financial Performance Growth Strategy Shareholders’ Information Ss Environment, Social Responsibilities “<\ and Good Corporate Governance 38 Environment and Social SS Responsibilities “ e In 9M03 Antam distributed funds of Rp2.9 billion to small-scale enterprises
Slide 21: Illegal Mining; Good Corporate Governance
Illegal Mining Antam’s proactive community development has drastically reduced illegal mining activities around the Pongkor gold mine e@ The number of illegal miners is currently estimated at below 100 people e Programs to reduce illegal mining is executed through all encompassing approach e Better
Slide 22: Antam - A Solid Bright Future
- Antam — A Solid Bright Future cs Vast, high quality reserves and resources More than 35 years experience in the mining industry USD-based revenue Strong and solid financial and operational performance Competitive cost producer Focus on maximising shareholders’ value Responsible social and environm
Slide 23: Thank You
Antam A Solid Bright Future Thank You Visit our website www.antam.com