November 2010

PT Delta Dunia Makmur Tbk

Investor Presentation

2

Delta Overview

Delta is the largest pure play mining contractor listed in Indonesia.

Northstar Pacific, a leading Indonesian focused private equity fund, and its consortium own 40% of

Delta. The remaining shares are public float.

(1) Less one share as required by Indonesian regulations (2) Using FX US$/Rp of 8,900

Source: BUMA Company Data

Delta

BUMA

100% (1)

Northstar

40%

Shareholding structure

Public Shareholders

60%

Share Data

Bloomberg Ticker

DOID.IJ

Reuters Ticker

DOID.JK

Shares Outstanding

6,790,411,860

Free Float

60%

Current Share Price (As of 19 Nov 2010)

Rp 1,200

Market Capitalization (2)

Rp 8.15 trillion

US$ 916 million

152

132

53

42

32

168

134

7062

4742

177

140

7366

4943

66

Indonesia Australia Colombia South

Africa

Russia China

2009

2010E

2011E

47 5268 71

95 102120

188

217229

252

281

316

365

391406

132

166

56

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010E

2011E

2012E

2013E

2014E

Indonesia is the world’s largest exporter of thermal coal, with a market share of ~25% in 2009 and is rising

Import demand growth is driven by India and China where thermal coal remains the principal (and most times

the only) source of power

Indonesia thermal coal production is forecasted to grow by ~10% per annum from 2010 until 2014

mt

c.25%+ of international traded coal supply

World Thermal Coal Exporters

Positive Coal Outlook

Sources: AME, EIA, Press articles, various companies’ reports

Indonesia Coal Production

1996 – 2009

CAGR 13.8%

2010 - 2014

CAGR 9.6%

mt

Source: Wood Mackenzie. Excludes shipping costs.

Illustrative Production Prices

Supply Transshipment Customer Customer

$7/t

$7/t

$19/t

$16/t

$19/t

$14/t

$11/t

Northern

China

SOUTHERN

CHINA

INDIA

South

Africa Australia

Indonesia

$18/t

Source: AME

0

10

20

30

40

50

60

70

80

0

50

100

150

200

250

300

350

400

450

500

550

600

Primarily

Indonesia

Global Cost Curve Shipping Costs for Key Coal Producer

Indonesia Competitiveness

Indonesia has strong competitive advantages in coal exports because its production cost is the lowest in the

world and it benefits from lower freight costs and delivery lead times due to close proximity to major importing

countries in Asia

Coal mining contractors provide overburden removal, coal mining and coal transportation

services

– The contractors hire their own labor force and own and operate fleets of heavy equipment such as bulldozers,

excavators, cranes, drilling machines, prime movers and dump trucks

Contractors are responsible for the planning and scheduling of mining operations within

parameters set by the mine owners

– The mine owners advise contractors, in advance on a yearly basis, of the required coal and overburden production

volumes according to the overall mine plan. The contractors then perform short-to-medium term planning and scheduling

of mining operations

Coal mining contractors play a critical role in the Indonesian coal industry, producing ~90% of

coal output

BUMA is the second largest mining contractor in Indonesia with scale advantages

Coal Mining Contracting

Overburden Removal / Coal Mining Load & Haul

6

Favorable Industry Dynamics

has High Bargaining Power

Strong Coal Demand

Continued strong coal demand

Fixed coal volumes as specified in the long-term sales contracts

Less impacted than other coal producing countries due to cost competitiveness

Indonesia as Lowest Marginal Cost Producer, Formula-Based Pricing and Term Contracts

Rising

Coal

Prices

Falling

Coal

Prices

Mine owners may accelerate production to capitalize on high prices, subject to fleet constraints

Marginal coal deposits become profitable

Increase in Coal Price

High Barriers to Entry High Cost of Contractor Switching

Proven track record and strong reputation

Term contracts

High capital investment

Strong ties with local communities

Long transition downtime

High opportunity cost

Loss of mine site knowledge

Unique Positioning

Lack of Well Capitalized,

Reputable and Technically

Proficient Contractors

New Contracts from Existing and New Customers

Source: BUMA Company Data

DEWA

No Customers & Locations Contract Period

1 Berau Coal – Lati Coal mining 1998-2018

2 Berau Coal – Binungan Coal mining 2003-2018

3 Berau Coal – Suaran Port Coal hauling 2003-2018

4 Kideco Coal mining 2004-2019

5 Adaro Coal mining 2009-2013

6 Bayan – Gunung Bayan OB Removal 2007-2013

7 Bayan – Perkasa Inakakerta Coal mining 2007-2012

8 Marunda Graha Mineral Coal mining 2003-2012

9 Lanna Harita Indonesia Coal mining 2001-2013

10 Arutmin Coal mining 2008-2014

11 Bukit Baiduri Energi – Merandai Coal mining 2001-2010

12 Darma Henwa Coal mining 2010-2013

Robust Contract Backlog

Contract Underwriting Criteria Coal Marketability

– Coal Quality must meet minimum requirements

Customer Requirements

– Shareholder reliability / sufficient risk mitigates

– Significant reserves

– Low operating costs

Profitability of Contract

– Specified minimum return

– Contract duration

New Contract Announcement

Arutmin Contract Extension, signed Nov 2010

Contract Term: three years until 2014

Overburden 80.9 mm bcm, Coal 6.7 mm tonnes

Total Backlog Contract Equivalent to (1)

Coal Mining (mm tonnes) 328 9.9 years

Overburden Removal (mm bcm) 2,538 9.1 years

(1) Estimated outstanding contracted volume as of 31 Dec 2009, plus the new DH and

Arutmin contracts

BUMA’s Exisiting Contracts

Track Record of Growth

Source: BUMA Company Data

Implied Stripping Ratio

Coal Production Volume Overburden Removal Volume

mm bcm mm tons

140191 207

262 278207 211

2005 2006 2007 2008 2009 9M09 9M10

5.9x 5.9x

7.2x

8.5x 8.6x 8.3x

6.3x

2005 2006 2007 2008 2009 9M09 9M10

2432 33 36 33

24 25

2005 2006 2007 2008 2009 9M09 9M10

Financial Performance

Notes: 1) Revenues net of fuel costs Source: BUMA Company Data

EBITDA Sustainable Net Revenue Growth 1)

349

487418

358

504

2007 2008 2009 9M 09 9M 10

US$ mm

Capital Expenditure

149

199166

142

202

2007 2008 2009 9M 09 9M 10

US$ mm

Healthy EBITDA margin

83 95

153

75

2007 2008 2009 9M 10

US$ mm

42.6% 40.9% 39.7%39.6%40.0%

2007 2008 2009 9M 09 9M 10

Key Developments

Organizational transformation in place from a family run business to become a

professional run company

Established key function and responsibilities for Delta and BUMA management

Successfully hired 4 professionals from prominent companies to expand the functions and roles within the Board of Directors

2009 Organizational Structure 2010 Organizational Structure

President Director

Budikwanto K.

Plant (Maint.)

Director

J. Hurst(*)

Corp. Service

Director

D. Lee(*)

Finance &

Acc. Director

S. Martin(*)

Operations

Director

S. Josal(*)

President Director

Budikwanto K.

Ops & Biz. Dev.

Director

A. Kharis

Fin. & Acc.

Director

Wiliam S.

Biz. Dev.

Director

A. Kharis

Management Background

Name Short CV Description

Budikwanto Kuesar

Has served as the President Director of BUMA since 2009. He was the Managing Director of BUMA from 2001-2009. He began his career at PT United Tractors

Tbk as Administration Department Head in 1974 and held several positions within United Tractors until becoming the Deputy General Manager for the Plant Hire

Mining Division in 1991

Achmad Kharis Has served as a Director of BUMA since 2009. Prior to joining BUMA in 1998, he worked at PT Pamapersada Nusantara (Pama), a subsidiary of PT United

Tractors Tbk as an operational manager

Darmadi Lee

Has 18+ years of experience in various companies, in which he has extensive experience in HR issues, Change Management, Material Management and

Logistics. Prior to joining BUMA in May 2010, he worked as Corporate HR Director and Head of Business Improvements in APRIL Group, Singapore. He is

currently focused on a number of continuous improvement programs to support BUMA’s growth

Joseph Hurst

An Australian National with 24+ years of experience in mining and heavy equipment with various companies in Australia and Indonesia, including Leighton

Contractors Indonesia, Thiess Contractors (Australia and Indonesia) and Roche Bros. & Roche Mining (Australia). Prior to joining BUMA in July 2010, he was the

Plant Manager at Leighton Contractor Indonesia. His primary responsibility at BUMA is to maintain and monitor the mining fleet to maximize equipment availability

at optimum cost

Sujoko Martin He has 18+ years in the field of accounting in various companies within Astra Group. His last position was as PT Bina Pertiwi, a subsidiary of PT United Tractors

Tbk, as a Finance and Accounting Director. He plans to join BUMA in October 2010 as Finance and Accounting Director

Sjamsi Josal He has spent 6+ years as a Project Manager for PT Thiess Contractors Indonesia and is responsible to provide total mining solution to PT Kaltim Prima Coal

(KPC). He joined BUMA in November 2010

(*) denotes Delta appointees

Key Developments (2)

Successful execution of business plan through contract wins / renewals

Successful renewal of Kideco contract for an additional 10 years signed in October 2009

New contract with Darma Henwa (KPC) signed in June 2010

Signed Arutmin extension contract early this month for an additional three years until 2014

6 new contracts in the pipeline, with high probability of winning

Orders for larger equipment to meet expansion plans on track

Firm orders totaling c. US$280MM for delivery up to 2012 with Caterpillar, Komatsu and Hitachi

Big equipment to ensure that traffic congestion in the mines will be reduced and to lower some of the cost compared to

smaller size trucks (like fuel consumption and man power requirement)

Financing for growth

Opportunity to reduce capital cost on existing indebtedness (loan + bond) with improved market sentiment which created

sufficient market liquidity and demand

Successfully raised ~US$ 230 million of capex financing for equipment purchase, per YTD 2010 the available commitment is

~US$ 107 million

SAP implementation for operational excellence

Phase 1: Finance, Accounting and Enterprise Resource Management (fleet management, spare parts procurement) to be

launched in 1Q 2011

Phase 2: Human Resources Management to be launched in 2H11

Staffing growth to meet expansion

2000+ employees have been hired in 9M 2010 to fuel growth in 2011.

No major labor issues experienced to date

Appendix

13

Overview of BUMA

PT Bukit Makmur Mandiri Utama

One of the Largest Mining Contractors in Indonesia (1)

Long Term Mine

Planning

Drilling and

Blasting

Stripping

Excavation

Haulage

Road Building and

Maintenance

Reclamation

High Value-add to the Coal Mining Value Chain

Mine Owners’ Scope of Work

(1) BUMA estimate based on public information relating to production volume of mining contractors, as of 2009

Source: BUMA Company Data

Barging

Processing

Hauling

Overburden Removal

Geology &Planning

Coal Mining

BUMA’s Scope of Work

BUMA provides open-cut mining services to the largest coal producers in the country

– Its customers include key coal producers, such as Adaro, Arutmin, Bayan, Berau, Kideco and Lanna

Resources

– Its operations are located in Central, East and South Kalimantan

– It operates under long-term mining contracts with coal mine owners for periods ranging from 3 to 10 years

BUMA has more than 10,000 employees and operates more than 2,900 units of heavy equipment

PAMA 32.2%

BUMA 16.7% Thiess 13.2%

SIS 8.8%

Cipta Kridatama

5.3%

Leighton 3.1%

Darma Henwa 3.1%

Others 17.6%

14

BUMA: Dominant Market Position

Market

Share

No. of Key

Customers

Fleet Flexibility

Low Cost

Diversified

Customer

Base

Local

Relationships Suppliers

Allocate

Between

Mines

17%

10

Big Local

Company 32% 7 ?

Foreign

Company 16% 3

? ? ? ?

Others

(15+ Companies) 35% ? ? ? ?

(1)

Industry Competitive Landscape

(1) Excludes mines owned by parent company

Source: 2008 BUMA Company Data

Unique Positioning

15

BUMA: High Quality and Diversified Customers

Coal

Production

in 2009

(mm tonnes)

BUMA’s

Share

Relationship

Since

14.3 77% 1994(2)

19.3 5.5% 2008

40.6 19.5% 2002

24.7 26% 2004

12.0 16.5% 2007 Bayan Group

BUMA Revenue by Customer 9M10 (9M08) (1)

(1) Based on IDR (2) Started as a subcontractor through PT Bukitmakmur Widya (BMW) Source: BUMA Company Data

Berau 30% (32%)

Adaro 16% (17%)

Kideco 15% (14%)

Bayan 7% (9%)

Arutmin 6% (5%)

MGM 6% (5%)

BBE 4% (5%)

Lanna 4% (3%)

PIK 8% (5%)

Dewa & Others 4% (5%)

All contracts are either paid in US$ or in Rupiah pegged to the prevailing exchange rate

Naturally hedged and no requirement for derivatives

BUMA reports in Rupiah due to local regulations – creates non realized FX gains and losses

16

Formula-Based Pricing That Allow Fuel Cost Pass-Through

BUMA’s Cost Structure for 9M2010 (9M2009)

Non-fuel Costs

Some contracts

contain pre-

determined cost

escalation

payments

One off payments

under extraordinary

circumstances

US$ Based Company

Fuel Costs

All contracts have a

cost pass through

mechanism for fuel

As of 2010, 60% of

customers are now

securing their own

fuel. Positive for

working capital

Source: BUMA Company Data

Cost Structure

Fuel, 12% (24%)

Spare parts, 27% (22%) Other

consumables, 12% (12%)

Salary, 13% (10%)

Depreciation, 21% (17%)

Others, 15% (16%)

17

Mining Law

New Mining Law and Its Implications on Coal Mining

Key points of the new regulation

(PerMen 28/2009)

Possible Impacts on existing and future mining activities

of BUMA

.

Positive - In 2008, foreign-owned mining contractors

(Thiess and Leighton) account for ~15% market share

Slightly negative – coal extraction and loading activities

account for 3% of BUMA’s revenue. May be partially

mitigated by leasing the relevant equipment to mining

companies which will be used for coal extraction and

loading activities. Manpower is excluded.

Local and national mining contractors are now given

preferential treatment in securing mining service contracts

vis-à-vis foreign-owned mining contractors

Mining companies have to undertake coal extraction and

loading activities

18

Contacts

PT Delta Dunia Makmur Tbk. Cyber 2 Tower, 28th Floor

HR Rasuna Said Blok X-5 No.13

Jakarta 12950 – Indonesia

Phone: +6221 2902 1352 | Fax: +6221 2902 1353

www.deltadunia.com | ir@deltadunia.com

Thomas Husted (CFO) thomas.husted@deltadunia.com

Rani Sofjan (Investor Relations) rsofjan@deltadunia.com

Andre Soelistyo (Corporate Secretary) asoelistyo@deltadunia.com

19

Disclaimer

These presentation materials have been prepared by PT Delta Dunia Makmur Tbk (“Delta”) (the “Company”), solely for the use at this presentation and have not been

independently verified. Information relating to PT Bukit Makmur Mandiri Utama (“BUMA”) has been included with its content, and has not been independently verified.

This presentation is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to

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You agree to keep the contents of this presentation strictly confidential. This presentation material is highly confidential, is being presented solely for your information and

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reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A and (2) to non-U.S. persons outside the United States in an

“offshore transaction” as defined in Regulation S of the U.S. Securities Act of 1933, as amended.

No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information

presented or contained in this presentation. Neither the Company nor any of its affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or

damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date

hereof and is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any

undertaking to update any such information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice.

In addition, certain information and statements made in this presentation contain “forward-looking statements.” Such forward-looking statements can be identified by the

use of forward-looking terminology such as “anticipate,” “believe,” “considering,” “depends,” “estimate,” “expect,” “intend,” “plan,” “planning,” “planned,” “project,” “trend,”

and similar expressions. All forward-looking statements are the Company's current expectation of future events and are subject to a number of factors that could cause

actual results to differ materially from those described in the forward-looking statements. Caution should be taken with respect to such statements and you should not

place undue reliance on any such forward-looking statements.

Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, the

Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on

various factors.

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares or other securities of the Company or BUMA and neither any part of this

presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any

decision to purchase securities in any offering of securities of the Company or BUMA should be made solely on the basis of the information contained in the offering

document which may be published or distributed in due course in connection with any offering of securities of the Company or BUMA, if any.

By participating in this presentation, you agree to be bound by the foregoing limitations.