Malaysia Smelting Corporation BhdA Global Integrated Tin Mining and

Smelting Group

1Q2011 Results Briefing Financial Results for 1st Quarterended 31 March 2011

Kuala Lumpur - 9 May 2011

Disclaimer Notice

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This presentation should be read in conjunction with Malaysia Smelting Corporation Berhadresults for 1Q2011.

The presentation may contain forward-looking statements that involve risks anduncertainties. Such forward-looking statements and financial information involve known andunknown risks, uncertainties and other factors that may cause our actual results,performance or achievements, or industry results, to be materially different from any futureresults, performance or achievements expressed or implied by such forward-lookingstatements and financial information. Such forward-looking statements and financialinformation are based on numerous assumptions regarding our present and future businessstrategies and the environment in which we will operate in the future.

As these statements and financial information reflect our current views concerning futureevents, these statements and financial information necessarily involve risks, uncertaintiesand assumptions. Actual future performance could differ materially form these-lookingstatements and financial information. You are cautioned not to place undue reliance on theseforward-looking statements, which are based on Malaysia Smelting Corporation Berhad’scurrent view of future events.

Contents

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Pages

1 Introduction 4

2 1Q2011 Performance Highlights 5-9

3 Tin Market Overview 10-14

4 MSC Group – Development 15

5 Outlook 16

Introduction

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About Malaysia Smelting Corporation Berhad

Description One of the world’s leading integrated producers of refined tin metalProduction of refined tin in 2010 ranked 2nd in the world, contributing 13% of world production

Major assets/ earnings contributors

1. Butterworth smelter in Penang2. Rahman Hydraulic Tin: open pit tin mine in northern Perak3. PT Koba Tin: alluvial tin mine and smelter in Bangka, Indonesia

Financials in FY2010

Total Sales Revenue: RM2.7 billion Net cash generated from operating activities: RM56 million Profit before tax and unusual items: RM76 millionTotal Assets: RM1.2 billionNet Assets: RM307 million

Smelter capacity(Designed)

Butterworth smelter: 35,000 tonnesPT Koba Tin smelter: 25,000 tonnesTotal: 60,000 tonnes

Reserves / Resources(JORC compliant)

Rahman Hydraulic Tin: 19,479 tonnes (as at March 2010)PT Koba Tin: 39,433 tonnes (as at June 2010)

SGX-ST Listing in January 2011

Raised RM 104 millionIssued Capital increased by 25 million shares to 100 million shares

Market Cap RM438 million (SGD178 million) – as at 5 May 2011

LME Cash Settlement Prices

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USD/TONNE Remarks

2010 Q1 17,209

Q2 17,882

Q3 20,409

Q4 25,873

Average 2010 20,447

2011 Q1 29,910 74% Increase over Q1 201015% Increase over Q4 2010

46% Increase over Average 2010

HIGHLIGHTS – Q1 2011

1. Recent price highs of over USD 30,000/tonne heavily influenced by investment fund buying

2. High prices causing short term additional supply

- from previously unreported stocks in China

- from stocks of tin in slags in Indonesia

- increase in small scale production in Indonesia

3. Other factors

- Development in global financial/commodities markets

- “Conflict minerals” issue in Africa

- Crisis in Japan

4. Long term fundamental supply/demand factors still positive

1Q2011 Highlights – Production (in tin metal equivalent)

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• MSC Butterworth smelter operating at full capacity

- (2,870 tonnes or 30% under tolling contract)

• Higher production in Rahman Hydraulic Tin due mainly to improved operational efficiency

• Marginally lower figure in PT Koba Tin due mainly to lower production from treatment of slag stocks. However mine production was higher

20111Q

(tonnes)

20101Q

(tonnes)

Increase/(Decrease)

( % )

2010 FY

MSC Butterworth smelter

9,473 9,414 +0.6 36,968

Rahman Hydraulic Tin

452 408 +10.8 1,769

PT Koba Tin 1,763 1,803 (2.2) 6,644

Total 11,688 11,625 +0.5 45,381

Financial Highlights

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(RM million) 20111Q

20101Q

Increase/(Decrease)

(%)

2010FY

Total Revenue 738 651 13.3 2,739

Profit/(loss )before tax and unusual items

46 28 65.1 76

Unusual items 0 (48) - (154)

Profit/(loss) before tax 46 (20) 326.3 (78)

Profit/(loss) after tax 33 (28) 214.5 (100)

Profit attributable to equity holders of MSC*

28 (29) 197.1 (80)

Earnings per share (sen) 30 (39) 178.4 (107)

* After deducting profit attributable to minority interests

Financial Highlights – Segment Reporting 1st Quarter 2011

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(RM million) Malaysia Indonesia Others (Eliminations)/ Adjustments

Total

REVENUE

Sales to external customers 736 2 - - 738

Inter-segment sales - 150 - (150) -

Total Revenue 736 152 - (150) 738

RESULTS

Profit / (loss) from operations 31 24 - (6) 49

Finance costs (5) (2) - 1 (6)

Share of profits of associates 1 2 - 3

Profit / (loss) before tax 27 22 2 (5) 46

Incomes tax (7) (8) - 1 (14)

Profit / (loss) after tax 20 14 2 (4) 32

Unaudited Condensed ConsolidatedBalance Sheet Summary

9PRIVATE AND CONFIDENTIAL 9

(RM million) As at 31 Mar 2011 As at 31 Dec 2010 Increase(+)/Decrease(-)

%

Total Assets 1,403 1,220 +183 +15.0%

Inventories 417 404 +13 +3.2%

Trade and other receivables

340 259 +81 +31.2%

Cash, bank balances and deposits

198 119 +79 +66%

Total Liabilities 969 912 +57 +6.2%

Net assets 434 307 +127 +41%

Net assets per share attributable to equity holders of MSC (RM)

3.89 3.53 +0.36 +10.2%

Tin Market Overview

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• China tin consumption is still on an upward trend, though in recent months it has been a net exporter ofrefined tin (from previously unreported stocks) mainly to take advantage of higher price differentials ininternational markets

• Current high tin prices are supported by investment funds who are still maintaining a long term bullishview of the tin market

• There has been increased production from small scale miners particularly in Indonesia because of highertin price, but this is not sustainable in view of law enforcement by the Government authorities as wellas scarcity of accessible mining areas

• ITRI estimated that the recent crisis in Japan may result in a short term drop in consumption which willpick up again when rebuilding the economy begins

• A significant fall in price will constrain supply growth and the market will continue to be in deficit

• For the long term, we expect market fundamentals would continue to be strong with annual tinconsumption expected to grow between 2% and 3% y.o.y. (consistent with ITRI forecast), with the marketstill experiencing supply constraints

• Based on this forecast, an additional 7,000 – 8,000 tonnes need to be produced annually to meet thegrowth in consumption

MSC - 2nd Largest Refined Tin Producer in 2010

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LEADING TIN COMPANIES

(Production, tonnes refined tin)Company 2007 2008 2009 2010 % YoY

Yunnan Tin (China) 61,129 58,371 55,898 59,180 5.9%

Malaysia Smelting Corp 25,471 31,630 36,407 38,737 6.4%

PT Koba Tin (Indonesia) 7,724 7,109 7,455 6,644 -10.9%

Total MSC Group 33,195 38,739 43,862 45,381 3.5%

PT Timah (Indonesia) 58,325 49,029 45,086 40,413 -10.4%

Minsur (Peru) 35,940 37,960 33,920 36,052 6.3%

Thaisarco (Thailand) 19,826 21,731 19,300 23,505 21.8%

Guangxi China Tin (China) 13,193 12,037 10,500 14,300 36.2%

Yunnan Chengfeng (China) 17,064 13,500 14,947 14,155 -5.3%

EM Vinto (Bolivia) 9,448 9,544 11,805 11,520 -2.4%

Metallo Chimique (Belgium) 8,372 9,228 8,690 9,945 14.4%

Geijiu Zi-Li (China) 8,234 7,000 5,600 9,000 60.7%

Jiangxi Nanshan Tin (China) 8,007 3,100 3,000 6,000 100.0%

Data: ITRI

MSC expects to maintain its No.2 position in 2011

Global Tin Supply will continue to be in deficit

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Global Tin Supply/Demand Balance

('000 tonnes) 2007 2008 2009 2010 2011f % change

Production 345.8 337.1 335.8 351.3 360.0 2.5%

DLA Sales 7.7 3.9 0.0 0.0 0.0

Consumption 354.1 348.4 320.5 362.0 371.1 2.5%

Market Balance -0.6 -7.4 15.3 -10.7 -11.1

Reported stocks 48.7 32.5 46.1 34.4 29.0 -15.7%

Stock Ratio

(weeks consumption) 7.1 4.8 7.5 4.9 4.1 -17.8%

Source: ITRI, April 2011

World Refined Tin Production andConsumption Trends

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('000 tonnes) 2007 2008 2009 2010 2011fProductionChina 144.0 125.3 140.6 155.0 160.0Indonesia* 78.0 65.7 64.5 57.1 60.0Malaysia 25.5 31.6 36.4 38.7 38.0Thailand 19.8 20.4 19.3 23.5 22.0Bolivia 12.3 11.8 15.0 15.0 16.0Brazil 10.2 11.0 10.4 8.0 10.0Peru 35.9 38.0 33.9 36.1 32.0Belgium 8.4 9.2 8.7 9.9 12.0Russia 3.2 1.6 1.0 1.0 1.0Other 9.2 8.6 6.0 7.0 9.0Total World 346.5 323.2 335.8 351.3 360.0ConsumptionChina 131.4 121.4 132.4 149.2 157.0Japan 34.2 32.2 27.1 32.5 28.0Other Asia 63.2 63.2 59.2 66.9 70.0USA 33.5 25.0 26.4 30.0 30.5Other Americas 17.5 17.4 16.6 20.4 21.4Europe 71.0 67.9 55.8 59.9 61.0Other 3.3 3.5 3.0 3.1 3.2Total World 354.1 330.6 320.5 362.0 371.1

* Note: Indonesian production excludes metal re-refined in other countriesData: production - CNI-A, Malaysia Chamber of Mines, MSC, PT Timah, Thaisarco, Minsur, SNIEE, WBMS consumption - USGS, WBMS, ITRI

Tin price marches on ….

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MSC Group - Development

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• Integrated capabilities / focused business strategy – A unique tin player

• Increasing the number of production units:

• PT Koba Tin – additional 3 gravel pump mining units and 2 tailing retreatment

facilities – to sustain production level

• Rahman Hydraulic Tin – an additional palong unit – to increase production by 20%

• MSC Butterworth smelter – further efficiency improvements for full-capacity operation

• Pro-active engagements with all stakeholders on ‘conflict metals’ issues

• Continual improvements in operational efficiencies for cost-effective mining operations

• Mining of lower grade/marginal deposits

• Development of new mining units in Indonesia by PT MSCI under cooperation agreements

• Enhancing efforts in increasing tin resources and sustaining production throughinvestments in exploration and in acquisition of new and existing mining projects inMalaysia and Indonesia

• Continuing with divestment of remaining non-tin assets

– Asian Mineral Resources Ltd (15.42%) – nickel development in Vietnam

– KM Resources Inc (30%) – copper, gold, silver and zinc mine in the Philippines

Outlook

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• MSC is optimistic on the long term prospects of the tin industry and believes that the Groupwill be able to capitalize on the strong global tin market fundamentals and the currentuptrend in tin prices

• We expect the current year overall performance to be significantly better than that of theprevious year

• With the Group’s refocus on the integrated tin business and our presence throughout thevalue chain, we could enhance our pre-eminent position and seize new investmentopportunities in the industry

Malaysia Smelting Corporation Berhad

A Global Integrated Tin Mining and Smelting Group

THANK YOU