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PT TRUBA ALAM MANUNGGAL ENGINEERING Tbk.

Committed to Provide

EnergyAnnual Report 2007

Annual Report 2007 - Truba Manunggal

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Contents

Contents 1 About PT Truba Alam Manunggal Engineering Tbk.

2 Vision and Mission

3 Financial Highlights

4 Corporate Structure

6 Report from The President Commissioner

9 Profile of The Commissioners

10 Report from The President Director

14 Profile of The Directors

16 Business Strategy, Partnership

20 Operation

21 1. EPC

29 2. IPP

33 3. Coal Mining and Trading

34 Supporting

1. Human Resources

2. Environment

36 Awards and Acknowledgement

38 Risk Management

41 Corporate Governance

42 Management Discussion and Analysis

49 Financial Statement

Corporate Data

Truba Manunggal - Annual Report 2007

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2007As of March 31, 2007, there were approximately 36.1 million electricity customers throughout Indonesia

Indonesia is set for a substantial expansion of generating capacity. The country currently faces a shortage of generating power, a problem made worse by the lack of an integrated national grid. Improving both capacity and the transmission network are major components of Indonesia’s fiscal 2009 infrastructure development, accounting for 20.0% of the Rp1,500 trillion target outlined at the Infrastructure Summit held by the Government in January 2005.

As of March 31, 2007, there were approximately 36.1 million electricity customers throughout Indonesia, of which 24.4 million or 67.5% of the total were served by the Java-Bali grid. Over 93.0% of all customers are residential, with the sector accounting for around 39.1% of total electricity sales. A further 4.3% of customers are commercial concerns which account for 16.7% of total electricity sales. The remaining customers come from the industrial and other sectors, which account for approximately 37.8% and 6.3% of total electricity sales, respectively.

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About Truba Alam Manunggal Engineering

PT Truba Alam Manunggal Engineering Tbk. is engaged in services related to engineering, procurement and construction, and are integrated supplies of energy sources and power plants.

The Company was formed on February 1, 2001 and was initially known as PT Truba Jurong Engineering with over 30 years of experience in general contracting and technical planning encompassing electrical, mechanical and water generation installation technology.

To capitalize business opportunities in accordance with the Indonesian government’s efforts to alleviate the electric supply shortages in most parts of the country by intensively building coal-fired power plants, the Company implemented a number of restructuring efforts throughout 2005 and 2006.

As a result of this restructuring, the Company became the first Company in Indonesia that offers integrated power generation services ‘under one roof’ (one stop solution service) that covers the construction, ownership, operation, and management of power plants, as well as the procurement of energy sources required by power plants.

In its bid to strengthen its business foundation and to encourage the general public to actively participate in the power generation business throughout Indonesia, the Company listed its shares with the Jakarta Stock Exchange on October 16, 2006.

Mision• Produce and provide products and services that

are of high quality standards, punctual, and cost efficient both in terms of production and services

• Utilize technical abilities and technologies that are appropriate and are dedicated towards providing innovative solutions

• Understand needs, provide solutions to problem as well as exceed client expectations

VisionTo respond to the challenges of engineering and power generation


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Description 2007 2006 2005 2004* 2005**

STATEMENT OF INCOME

Revenues 1.506.202 927.286 279 2.258 1.247.154

Cost of Revenues 1.171.472 851.831 257 2.135 1.133.550

Gross Profit 334.730 120.455 22 123 113.604

Operating Expenses 156.779 75.712 304 627 68.743

Operating Income (Loss) 177.951 44.742 (281) (504) 44.861

Net Income (Loss) 212.735 34.941 (159) (317) 11.475

BALANCE SHEETS

Current Asset 3.368.005 1.220.183 575.475 4.661 575.475

Non-current Asset 1.623.211 585.209 127.442 20 119.544

Total Assets 4.991.216 1.805.392 702.916 4.681 695.019

Current Liabilities 546.285 288.407 525.171 15.515 514.182

Long-term Liabilities 2.676.074 16.052 10.347 1.592 1.174.056

Minority Interests 92.674 167.148 173.684 1 -

Total Liabilities 331.503 471.607 709.202 17.108 688.238

Total Equity (Capital Deficiency) 1.676.181 1.333.785 (6.287) (12.427) 6.781

Total Liabilities and Equity 4.991.216 1.805.392 702.915 4.681 695.019

(in million rupiah)

* Restated** Proforman/a: data not available

In these financial highlights, the Company restates its financial reports of 2007 and 2006, as well as its proforma financial report of 2007 representing the Company’s financial performance at which time the acquisition of its subsidiaries has been undertaken since January 1, 2005.

Financial Highlights

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PT Truba Jaya Engineering(Construction)

PT Manunggal Engineering(Engineering & Procurement)

PT Suar Alam Engineering(Engineering & Procurement)

PT Manunggal Infrasolusi EPC(Power Plant/Industrial)

PT Maxima Infrastruktur(Coal Mining & Trading)

• PT Menamas Mitra Energi• PT Central Daya Energi• PT Ranyza Energi• PT Banyuasin Power Energy• PT Bangka Manunggal Power• PT Equator Manunggal Power

PT Manunggal Power(Power Plant)

PT Meta Epsi EPC(Transmission)

PT Truba Alam Manunggal Engineering Tbk.(Operation and Maintenance)

28.91%

Corporate Structure

99.9%

99.99%

96%

99.998%

99.99%

90%

70%

PT Manunggal Multi Energi(Coal Mining)

PT Truba Segihan Utama(Stock Piling)

Maxima Coal Pte Ltd(Coal Trading - Export)

50%

PT Mandala KapitalBNP Paribas Arbitrase

HK LtdPT Alam Manunggal

Indo Infrastructure Group Pte

Public

29.97% 3.17% 14.04% 14.23% 43.59%

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99.99%

TAME TurnkeyContracting Pte. Ltd.

100%


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Business OverviewPT Truba Alam Manunggal Engineering Tbk (“Truba Manunggal” or the “Company”) is a provider of Engineering, Procurement and Construction (“EPC”) services and Independent Power Production (“IPP”).

PT Truba Jaya Engineering (“TJE”), it’s subsidiary, is the dominant power and industrial plant contractor in Indonesia with over 30 years of experience across a wide variety of power plants, including coal-fi red and gas-fi red power plants with a total installed capacity of more than 15,000MW. Truba Manunggal estimates that through TJE, it has undertaken the construction of more than 80% of various types of power plants including coal-fi red and gas-fi red power plants in Indonesia with unit capacities ranging from 25MW to 660MW for industrial power plant owners, IPPs and Perusahaan Listrik Negara (“PLN”). Truba Manunggal has also successfully completed a large number of industrial plant EPC projects, including cement plants, fertilizer plants, chemical and petro-chemical plants, oil and gas processing facilities and pulp and paper plants. Truba Manunggal is currently developing capabilities in power generation using renewable energy sources, the Operation and Maintenance (“O&M”) of power and industrial plants in Indonesia and in coal mining and trading.

Truba Manunggal believes that its portfolio of businesses enables it to provide complementary products and services to its customers positioning itself well to take advantage of the growth opportunities within the Indonesian energy sector, and to maximize sales and operational synergies through expansion business segment of inter-related and inter-dependent businesses.

History and corporate structureThe Company was incorporated on 1 February 2001 under the laws of Indonesia bearing the name of PT Truba Alam Manunggal Engineering. The Company was initially a subsidiary of TJE. In 2002, TJE owned a 97% interest and Rudy Solaiman owned a 3% interest in the Company. On 22 June 2006 PT Maxima Integra Investama acquired a 99.9% interest in the Company from the Company’s two existing shareholders while the remaining 0.1% interest was acquired by Heru Hidayat. Through this acquisition, TJE completely divested its interests in the Company. The Company subsequently acquired a 51% interest in TJE through its subsidiary MIS.

On 26 June 2006, PT Maxima Integra Investama’s entire 99.9% interest in the Company was transferred to PT Alam Manunggal (“AM”) while PT Nusantara Langit Biru acquired the remaining 0.1% interest in the Company. Through a subsequent increase of the Company’s share capital, AM and PT Nusantara Langit Biru each became 50% shareholders of the Company. PT Nusantara’s 50% interest in the Company was acquired by PT Mandala Kapital (“MK”) on 31 August 2006.

Operational activitiesThe Company and its subsidiaries’ operational activities are supplying power or electricity, engineering, procurement and integrated construction, as shown in the table below:

Truba Manunggal off ers EPC services through TJE. TJE’s current areas of services include the construction of power plants and industrial plants, such as cement plants, fertilizer plants, chemical and petro-chemical plants, oil and gas processing facilities and pulp and paper plants. Truba Manunggal, through PT Manunggal Power (“MP”), currently holds minority interests in the Power Plant Projects currently under development in Indonesia, and one majority interest in dual fuel fi red power plant. Truba Manunggal currently off ers maintenance services, from which revenue is recognized as part of EPC services, but does not off er O&M services. Truba Manunggal intends to provide plant O&M services, such as repair, renovation, predictive and preventative services, and other aftermarket services in the power plant sector. Truba Manunggal carries out small volumes of coal trading and is currently at exploration stage for one coal mine. Truba Manunggal is also in the process of constructing a coal stockpiling facility.

The Company focuses on increasing value for its shareholders through implementing the accurate business strategies in its operation using integrated activities consist of:• Engineering, procurement and

construction services• Power generation• Operation and maintenance• Supply of fuel

Company’s operational activities

Company’s Name Operational Activity

PT Truba Alam Manunggal Engineering Operation and maintenance of power plants

PT Manunggal Power Owner and supplier of electricity

PT Maxima Infrastruktur Coal Mining and Trading

PT Manunggal Infrasolusi Project Management Service (EPC)

PT Truba Jaya Engineering Construction Civil (Mechanical and Electrical) +

instrumental work

PT Meta Epsi EPC transmission


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Report from The President Commissioner

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Hendrik TeePresident Commissioner

“Our EPC business is enjoying significant growth from the robust engineering and construction activities that have been in progress in Indonesia over the past several years. We anticipate this robust trend to continue for several years to come, especially in the construction of new power plants in which Truba Manunggal excels. “


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PT Truba Alam Manunggal Engineering Tbk. is poised to capitalize from the strategic fit and integration of our EPC, IPP and coal supply businesses. Although 2007 was a challenging year in many ways, we forged ahead by securing no less than 12 IPP contracts from the State Power Company, PT PLN (Persero), and private companies alike. The Indonesian economy continued to show stability and growth in 2007, buttressed by sound monetary and economic policies of the Indonesian government. Annual gross domestic product (GDP) growth was 6.3% in 2007 compared to 5.6% in 2006. Both inflation and interest rates were held stable below double digits at 6.3% and 8.0%, respectively, by year-end 2007. The average exchange rate of the Indonesian Rupiah against the US dollar fell slightly by 3.9% from Rp9,090 to US$1.00 in 2006 to Rp9.266 in 2007. Indonesia’s balance of payment showed a significant surplus balance of US$13.8 billion from growing exports. The country also showed a current account surplus of Rp14.2 trillion in 2007 compared to a current account deficit of Rp10.2 trillion in 2006. In the capital markets, the Jakarta Stock Exchange (now Indonesia Stock Exchange) registered a composite index growth of 52% in 2007, the second highest performing market in the world after China.

The strengthening of Indonesia’s economy is highly encouraging in light of growing uncertainties in the global economy stemming from the rise in oil price to more that US$100.00 per barrel, the collapse of the subprime bonds market and looming economic recession in the US. Given these uncertainties, a careful nurturing of the economy is mandatory if Indonesia is to maintain its steady and sustainable economic growth over the foreseeable future.

Domestically, Indonesia’s economy faces two key issues that may pose a significant challenge to sustainable growth. The first one is the question of how long will the

government be able to continue to subsidize the price of fuel, and at what level. The second one has to do with the potential electricity shortage that the country faces over the next several years, if the government is unable to realize the accelerated development program for the construction of 10.000 MW of coal-fired power plants.

If the price of oil lingers around US$100.00 per barrel, the cost of fuel subsidy for the government increases tremendously that it may not be possible for Indonesia to sustain its current account surplus. However, if there were to be an electricity power shortage in the country any time soon, there may not be sufficient economic growth to support a subsidy, balance of payment or current account surplus of any kind whatsoever.

Serving a Critical NeedSeen in that context, Truba Manunggal serves a critical need that is directly correlated with the sustainability of the Indonesian economy. First, our EPC expertise in power plant construction for two decades places us in an ideal and strategic position to play a major role in the construction of any type of power plants. Secondly, our entry into the IPP business by entering into 12 PPA (power purchase agreements) in 2007 with the State Power Company, PLN, and several industrial customers, has set the stage for Truba Manunggal to contribute directly to alleviating the potential power shortage in Indonesia, and thereby ensure the availability of power supply to fuel the country’s continuing economic growth. Last but not least, our coal supply business will capitalize on prevailing bullish energy markets, while also ensuring the supply of fuel for our future coal-fired power plants.

In 2007, Truba Manunggal posted a net income of Rp212.7 billion on total sales of Rp1,506.2 billion, an increase of 509.4% and 54.4%, respectively, from those of 2006. Our results of operations exceeded our budget and business targets for the year 2007, and paved the way for us to pursue our IPP targets in 2008.


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Hendrik TeePresident Commissioner

Governing Truba Alam Manunggal Engineering The Board of Commissioners continue to appraise the development of the Company on a regular basis, and the Board takes an active approach to monitor progress and ensure that we are on track on most of our key developments. The Board oversees the activities of Truba Manunggal through direct engagement with the Directors and senior managers of the Company, as well as with the assistance of the BOC Committees including the Audit Committee and the Risk Management Policy Committee.

Good corporate governance is implemented within the Company on the basis of the Indonesian National Code on Corporate Governance, the Company’s Articles of Association, our internal policies and guidelines on corporate governance, Code of Conduct for management and employees, standard operating procedures, and international best practices on good corporate governance.

Future ProspectsWe believe that Truba Manunggal has promising growth prospects on the basis of the nature of power utility services that project steady and sustainable revenue stream over the long-term. Even today, our EPC business is enjoying significant growth from the robust engineering and construction activities that have been in progress in Indonesia over the past several years. We anticipate this robust trend to continue for several years to come, especially in the construction of new power plants in which Truba Manunggal excels.

I would like to thank my predecessor, Rennier Abdul Rachman Latief, who resigned as President Commissioner of the Company effective June 14, 2007. We also welcome Sidarta Sidik who replaces Gani Bustan as a member of our Board of Commissioners. However, with the approval of our Annual General Meeting of Shareholders, Mr. Sidik will assume the post of President Director, replacing Arifin Wiguna who has resigned since March 12, 2008.

The Board extends its gratitude to the entire management and staff of the Truba Manunggal Group for their tireless efforts in undertaking our continuing transformation to being the first truly integrated provider of energy and EPC services in Indonesia.


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Profile of The Commissioners

Mr Hendrik Tee —President Commissioner, holds a Bachelor of Science from Walsh College and Duke University, USA (1984). Mr Tee also attained a Master of Business Administration from the College of William and Mary, Virginia, USA. Since 2000, Mr Tee has served as Advisor of Charoen Pokphan Group. Prior to this, Mr Tee worked for several large companies and international financial institutions including Chase Manhattan Bank, PT Fuji Bank International Indonesia. Mr Tee was also appointed as commissioner for several companies before joining the Company

Mr Siswanto —Independent Commissioner, has a military background and his last active post was Brigadier General (Retired) of the Indonesian Military (TNI). During his military career, Mr Siswanto held several key military appointments, including at the UN Mission (Cambodia), the Indonesian Command and Staff College (Bandung) and the Indonesian Armed Forces Headquarter (Jakarta). Mr Siswanto currently serves as commissioner and director of other large oil and gas companies.

Mr Sidarta Sidik —Commissioner, holds a Master of Science from Stanford University, California, USA and a Bachelor of Science from University of Washington, USA. Prior to 2001, Mr Sidik had worked for several companies in Indonesia such as PT NTT Indonesia, Artha Graha Group, NTT Group—Japan and AT Kearney, Inc.—USA. He currently serves as Senior Vice President and Chief Information Officer of PT Charoen Pokphand Indonesia (since 2001) and Director of Corporate Affairs of PT Hutchinson CP Telecommunications (since 2005).


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Report from The President Director


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Arifin WigunaPresident Director

“Our unique business strategy of integrating EPC with power utility and coal supply opportunities is beginning to take shape. “


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In 2007 we were able to post significant earnings growth from our EPC business, while positioning ourselves strategically with our consortia partners to secure PPA contracts for the construction and operation of approximately 4,000 MW coal-fired power plants in the next 2-3 years.

Our unique business strategy of integrating EPC with power utility and coal supply opportunities is beginning to take shape. Not only did we post significant earning growth on our EPC services, but we made strong headway in securing PPA (Power Purchase Agreement) contracts in 2007 that set us on our way to meet our IPP goals in the near future.

Our company earned total revenues of Rp1,506.2 billion for the 2007 financial year, a growth of 54.4% from revenues of Rp972.3 billion in 2006. Our operating revenues in 2007 were primarily derived from EPC services related to the construction and maintenance of power plants, tanks and pipes, industrial plants, civil works, trading and others, all of which amounted to Rp1,352.3 billion. The sale of coal contributed to additional revenues of Rp153.8 billion during the year, a slight increase from Rp142.4 billion in 2006. Income from investment and treasury activities was also significant, rising by more than 410% to Rp138.1 billion in 2007.

Net income for the year under review amounted to Rp212.7 billion, compared to Rp34.9 billion a year ago. That’s a growth of more than 500% year-on-year, which underlined our growing economies of scale as we increased revenues by a higher margin than the increase of our cost of revenues. Return on average assets and average equities were 6.25% and 14.1%, respectively, in 2007. We expect to increase our returns on capital employed in the future as we continue to undertake more EPC contracts by leveraging on our existing resources.

Growing EPC RevenuesOur 2007 results mainly reflected the growing volume of our EPC contracting works across the board from maintenance services to construction of power plants,

tanks and pipes as well as industrial plants. However, although we achieved more than 70% growth on our contract revenues in 2007, our challenge going forward remains substantial. We believe that we will still have to rely on generating the bulk of our revenues from EPC works and services over the next two to three years, before new revenues from our IPP business start to come on stream.

Fortunately, we have the experience and track record that are second to none in engineering, procurement and construction works and services for power plants and a wide range of industries from oil-and-gas to petrochemicals and manufacturing plants. We remain to be the dominant power and industrial plant contractor in Indonesia with over 30 years of experience across a wide variety of power plants, including coal-fired and gas-fired power plants with a total installed capacity of 15,000MW. We have, through our subsidiary construction company, PT Truba Jaya Engineering, been involved in the construction of more than 80% of various coal-fired and gas-fired power plants in Indonesia, with capacities ranging from 25MW to 660MW.

In 2007, we booked several EPC contracts in the country. We expect that this will continue as some of our major projects progress into more advanced stages and we acquire new ones in the years to come. Long-term Growth from IPP Business. Our vertically integrated business model that covers the entire power generation value chain allows us to leverage our EPC strength to undertake strategic, long-term investments in the power utility sector, thereby controlling both the construction and operation phases. With the completed acquisitions in 2007 of our four sub-holding companies that are engaged in (i) EPC and Project Management, (ii) EPC Contracting, (iii) Power Plant Operations, and (iv) Coal Mining and Trading, Truba Manunggal is currently Indonesia’s only fully integrated player in the power generation value chain that includes initial project development, EPC construction, O&M services, coal supply and power generation for sale to PLN or industrial customers. Not only will we benefit from the long-term nature


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of investments in the power utility sector, but we are expecting a more stable and steady cash flow stemming from our IPP business once the power plants start commercial operations.

In October 2007, Truba Manunggal undertook a major acquisition of PJB, a special purpose company that was established in 1995 by the PJB Consortium to develop a 450 MW coal-fired power plant in Serang, West Java, under a 30-year power purchase agreement with the state power company, PLN. However, the project fell apart during the Asian financial crisis, and was postponed indefinitely. It was recently revived and reconfigured into a 600MW coal-fired power plant development, in which Truba Manunggal had acquired 95% interest at a price of US$30 million.

The PJB power plant development represents a green field project with an estimated total project cost of approximately US$600 million, of which we intend to finance with 30% of equity injection and 70% of debt financing. We believe that it is one of the few sizeable IPP projects in Indonesia available for acquisition, and the significant generating capacity of this power plant upon its successful construction and commissioning will provide us with significant long-term revenue stream in the power generation business.

Together with the other power plant projects that we currently intend to build, own and operate, the acquisition of PJB brought our total number of IPP projects to seven power at year-end 2007.

Growth Through Strategic Partnering We continue to pursue our growth also by forging strategic partnerships with leading power equipment manufacturers and power producers from the People’s Republic of China (RPC) and elsewhere. China is a recognized global leader in producing cost competitive but reliable power plant equipment. Our Agency Agreement partnership with Shanghai Electric, the largest power equipment manufacturer in China with an annual

production capacity of 30,000 MW of power turbines for coal-fired, gas-fired, hydro and nuclear power plants, gives Truba Manunggal exclusive rights to market and represent Shanghai Electric’s power equipment of 100 MW or more in Indonesia. While for power generating turbines of less than 100 MW, we have also signed an Agency Agreement with another world-class PRC power equipment manufacturer, Qingdao Jieneng, which specializes in small to mid-size turbines. Truba Manunggal has also forged a partnership arrangement with Sinohydro Corporation, the largest hydraulics and hydroelectric equipment manufacturer in China, today.

Completing Our Vertical Integration by Securing Coal Supplies Coal is a much cheaper source of energy relative to diesel fuel or gas, and it is also more widely available in Indonesia compared to oil or gas. The government’s accelerated program to phase out diesel power plants in favor of coal-fired power plants will save the government approximately US$2 billion per annum on diesel fuel bills and subsidy costs. Moreover, the use of coal-fired power plants has been ascertained to turn PLN into a profitable and sustainable corporation over the long term – which says a lot about the long-term prospects and viability of the entire power generation value chain of which Truba Manunggal is an integral part.

Because of these considerations, coal is a strategic element in the power supply chain line, as well as in Truba Manunggal’s vertical integration strategy. In 2007, the exploration of over 500-hectare of our more than 5,500-hectare of mining concession in South Sumatra yielded proven coal reserves amounting to 140.8 million tons at a strip ratio of 1 : 2, and with a coal calorific value ranging between 4,000 to 5,100 kcal/kg. We intend to commence coal stripping by mid 2008, in line with the outcome of our environmental impact analysis and study. Since the discovery of our first coal reserves, we have also built coal stockpile facilities in Kutai Kartanegara, for the sourcing and storing of coal in the interest of coal trading.


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Good Corporate Governance and Risk Mitigation We believe that in a highly integrated business such as ours, strong management, good corporate governance and holistic risk management systems are keys to our continued success and sustainability over the long term. Despite our aggressive push to develop our IPP business, we continue to pursue a highly coordinated and carefully planned course that includes the management and mitigation of the business risks faced by the Company and subsidiaries. At the same time we continue to adhere to good corporate governance in line with best international practices. This includes dealing with all of our stakeholders under the universal principles of good governance that encompass transparency, accountability, responsibility, independence and fairness. To ensure good corporate governance, we are in the process of establishing various executive committees that will assist the Management to govern and manage our integrated businesses effectively going forward.

I would like to inform you that, due to personal reasons, I am resigning from the Board effective March 12, 2008. The Board of Commissioners has nominated my

successor, Sidarta Sidik, who up until his appointment by the Annual General Meeting of Shareholders is a serving Commissioner of the Company. There were other changes to the Board during 2007, namely Chua Thiam Joo who replaces Kirtiyoso, and Shi Hong Chao who replaces Hendrik Tee. Mr. Tee has been appointed as President Commissioner since June 14, 2007, replacing Rennier Abdul Rachman Latief.

On behalf of Truba Manunggal, the Board expresses its gratitude to our business partners, customers, central and regional government authorities, the capital market authorities, members of the House of Representatives, as well as the communities in which we operate. Your trust and support of Truba Manunggal are highly appreciated



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Mr Arifin Wiguna —President Director, attained a Certificate of International Business and Professional Program in Direct Marketing from University of San Diego, San Diego in 1993. From 2000 to 2003, Mr Wiguna was Deputy Managing Director of Indika Multimedia Division. From 1997 to 2000, Mr Wiguna served as the President Director of Indika Telemedia. Mr Wiguna also held the post of General Manager, from 1997 to 1999, and Marketing Manager, from 1995 to 1997 at Indika Piranti Solusindo. From 1992 to 1993, Mr Wiguna was a Field Interviewer with Mission Surveys in San Diego California and from 1990 to 1992 he held the post of Marketing Representative with Massachusetts Indmenity and Life Insurance Company and Primerica Financial Services. He currently serves as Vice President of Indika Group (since 2004).

Mr FX. Agus Edyono, S.Ip—Unaffiliated Director, has a military background and his last active post was Colonel. During his military career he served in East Timor, the Middle East, Morocco, Cambodia and Australia. Before his military career, Mr Edyono was part of the operational staff of PT Barajmusti Citra Nusantara and operational staff of PT Usaha Kita Makmur Bersama. Mr Edyono holds a Bachelor’s Degree in State Administration, from Universitas Terbuka, Bandung (1996).

Mr Shi Hong Chao—Director, received a Bachelor’s Degree and a Master’s Degree in Thermal Power Engineering from Shanghai Jiaotong University and an MBA from China-Europe International Business School. Apart from serving as a Director, Mr Shi also serves as President Director of ME since November 2006. During the period of June 1996 up to October 2006, he worked for CHEC and his latest position was Operation Director in charge of business operations.

Mr Chua Thiam Joo—Director, received a Bachelor’s Degree (Hons.) in Engineering from National University of Singapore and is a CFA (Chartered Financial Analyst). Mr Chua had previously worked in the Indika Group (Vice President in Strategic Development & Corporate Finance and Director of PT Kideco Jaya Agung), and the Economic Development Board—Singapore (Director for Jakarta Centre—International Operations) while serving concurrently as First Secretary to the Embassy of Singapore, International Business Division of ASEAN.

Profile of The Directors


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FX. Agus Edyono, S. IpUnaffiliated Director

Chua Thiam JooDirector


Shi Hong ChaoPresident Director


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Business Strategy

Partnership


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The dominant power and industrial plant contractor in Indonesia, and strong track record in EPC businessTruba Manunggal through it’s subsidiary TJE, has over 30 years of experience in power plant, with significant experience in working together with numerous major international EPC contractors in Indonesia. The Company has constructed more than 80% of PLN’s coal-fired and gas-fired power plants with total capacity of well over 15,000MW. Truba Manunggal has also completed numerous industrial plant construction projects in the cement, fertilizer, chemical & petrochemical, oil & gas and paper sectors, and the Company is certified by the American Society of Mechanical Engineers (ASME) for the design and assembly of larger than 300MW boilers for power plant projects.

Strategic partnerships with global leaders and world class People Republic of China (PRC) companies as well as domestic companiesTruba Manunggal has forged strategic partnerships with leading PRC power equipment manufacturers and power producers to leverage on their expertise and to enhance timely equipment procurement. The PRC partners’ expertise in the power plant sector ensures that Truba Manunggal will be placed in a favourable position for any tender for projects. Partnership with PRC companies is an important advantage in the tender for projects due to PRC companies’ ability to offer competitive prices for their power plant equipment. The PRC Government has also stated its support for Indonesian coal-fired power plant projects, and has asked PRC financial institutions like the EXIM Bank of China to provide financial support for these projects. This initiative provides a further boost to Truba Manunggal and its PRC partners’ joint bids, as the ability to procure financing for a project is a crucial determinant in the tender award process.

Truba Manunggal has entered into strategic partnerships with world-class players in equipment manufacturing and power generation

• Shanghai Electric: Partnership Agreement signed in Jan 2007. Truba Manunggal has a first-right of refusal for all their EPC projects in Indonesia. Shanghai Electric is the largest Chinese power equipment manufacturer for coal-fired, gas-fired, hydro, nuclear power plants. It specialized in large scale power plants, with annual production of over 30,000MW power plant equipment with unit capacity up to 1,000MW. The company is established in 1953, and publicly listed on HK Stock Exchange.

• Qingdao Jieneng Power Station Engineering: Partnership Agreement signed in May 2007. Truba Manunggal has a first-right of refusal for all their EPC projects in Indonesia. Chinese state-owned enterprise specialized in the production of small-to-mid size turbines. More than 50% market share for turbines of 50MW or below in China; with production capacity of more than 10,000MW/year. The company has extensive product supply and EPC experiences in Indonesia and other Asian countries.

• Beijing Electric Power Construction Co: MOU signed in July 2007. In the cooperation as the on-shore contractor of China EPC contractor. One of the major Power Construction Company in China. Extensive experience in the construction of 600MW and 300MW coal-fired power plant in China. World-class training centre for installation of power plant in Beijing, China.

• China Guodian Overseas Power Co., Ltd: MOU signed in July 2007. In the operation and maintenance of Truba Manunggal IPP power plants and other plants in Indonesia. One of the top 5 Power Generation Group in China. Installed capacity of more than 50,000MW in more than 120 power plants around China. Extensive Operation and Maintenance resources and network in China.


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• Shanghai Golden Concord: MOU signed in March 2007 .In the cooperation as the on-shore contractor of China EPC contractor One of the major Power Company in China for Engineering Design & Management, Equipment manufacturing, Project Construction and Operation and Maintenance. Extensive experience in medium scale power plant.

• Xin Yuan International Investment Company: MOU signed in August 2007. Extensive experience and resource in conducting international power and fund investment. Arm of State Grid Corporation of China for overseas investment. Total installed capacity of more than 20,000MW.

• Sinohydro Corporation Limited: MOU signed in August 2007. Extensive experience in constructing hydro and thermal power plant. One of the biggest civil contractors in China. Annual revenue is more than US$8 billion.

• Shenergy Company Ltd: MOU signed in September 2007. The first listing company in the industry of electric power and energy in China. It invests and manages Shanghai electric power and energy projects with the aim to alleviate the city’s chronic power shortage. Its market share is 2230MW or about 25.5% of the total installed capacity in Shanghai

• EDF Trading: JVA signed in 26 September 2007. Major Player in energy trading. Active trading in the international wholesale energy markets; buying and selling electricity, emissions, natural gas, coal, freight, biomass, and oil. One of the largest electricity traders in Europe, a leading European gas trader, and one of the first traders to move into the global market for liquefied natural gas. A 100% owned subsidiary of the EDF Group, Europe’s largest power utility and a group with a growing presence in the natural gas industry

Truba Manunggal Has a Fully Integrated Business ModelTruba Manunggal has a fully integrated business model covering the entire power generation value chain, which includes initial project development, EPC construction, O&M services, coal supply and power generation for

sale to PLN or industrial customers. Briefly, the power generation value chain can be divided into 2 phases; construction and operation. In a typical power generation value chain, different companies will participate in either the construction or operation phase. Truba Manunggal’s fully integrated business model will enable it to participate in both the construction and operation phases, and generate revenue from each of these phases. During the construction phase, Truba Manunggal’s project management services are able to provide the initial consulting engineering services for the development of the project followed by the construction through its EPC services. During the operation phase, upon commercial operation, Truba Manunggal, as the owner of the power plants will be able to generate revenue through the sale of electricity to PLN or industrial customers, supply of the coal and provision of O&M services for the power plant.

Truba Manunggal believes it will enjoy the following competitive advantages as a result of a fully integrated approach:• Complete control over the construction and

operation phases. Such integration, particularly in Truba Manunggal’s power generation business, will enable Truba Manunggal to have control over the appointment of the EPC contractor, the O&M operator and the fuel supplier, whereas in other IPP projects, Truba Manunggal will be required to go through a complex and lengthy tender process in order to be appointed as a contractor. As such, at each stage of the value chain of its power generation business, Truba Manunggal will be able to generate revenue, firstly from the provision of EPC services including the subcontracted portion for the local construction work from an EPC contractor, and following the Commercial Operation Date (“COD”), from sale of electricity to PLN and the provision of O&M services, and revenue from the sale of coal.

• Economies of scale. • Increased in operating efficiency, particularly in the

power generation business, where Truba Manunggal will build the power plants through the provision of EPC services and operates the power plant through the provision of O&M services. Truba Manunggal believes that its O&M services will become increasingly efficient as a result of the technical knowledge it obtains from constructing power plants.

• Enhanced training and skills upgrades for its employees.• Better purchasing power and delivery schedule for both

equipment and materials for construction.


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Strong Project Pipeline and Stable Cashflow from Power Generation InvestmentsTruba Manunggal, through its subsidiary, MP currently holds minority interests in 13 early-stage coal-fired power plant projects currently under development in Indonesia. In addition to its current minority interests, Truba Manunggal also holds mandatory convertible bonds in which to acquire either a 50% or majority interest in each project companies undertaking 5 of the power plant projects. Investments in power generation projects help ensure that Truba Manunggal will have steady cashflow in the future, once the Commercial Operation Date for the projects occur. Truba Manunggal expects this steady cashflow will complement and stabilize cashflow from EPC services, which is non-recurring.

Truba Manunggal has minority interest in 5 early stage IPPs. The Project Companies sell electricity to PLN based on a take-or-pay agreement with PLN under their power purchase agreements which ensures predictability of

Truba Manunggal’s cashflow. These Project Companies also do not bear the volatility in fuel (coal) prices in their operations as the cost is absorbed by PLN.

To date, in the Company’s Order Book for power plant projects approximately 2,454MW EPC projects are in the construction progress. This consists of PLN projects which forms the major part (1,650MW), for Truba’s own IPP (684MW) and others (120MW). There are still a lot of market opportunity (9,588MW) which can be tapped by the Company to strengthen its pipeline. The completed plants and pipeline projects also represent opportunities for Truba Manunggal to provide O&M services.

In 2007, the Company’s order book approximated for 4,074MW of EPC power plants contracts, which are in various stages of power construction progress. This consists of PLN power projects of about 3,480MW, for Trtuba’s own IPP (474MW) and others (1201MW).


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Truba Manunggal’s construction capabilities encompass all aspects of construction execution, including construction management, hiring and training local workforce, subcontractor management, and an extensive support organization for systems, equipment and tools.

Operation

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Truba Manunggal provides program and project management services for EPC, facility commissioning and start-up projects. Truba Manunggal’s project management, engineering and construction managers assume overall responsibility for all aspects of a project, from feasibility studies to facilities commissioning and start-up. In addition, Truba Manunggal often acts as its customers’ direct representative, or program management contractor, by overseeing the work of other engineering and construction contractors.

Truba Manunggal’s engineering services support both power plant and industrial plant construction activities. Several engineering services projects already carried out through TJE are, among others, the Boiler Structure in Paiton Private Power Plant in Probolinggo, East Java, the Cilegon Combined Power Plant of 740MW, the Container Crane in Cilegon, Banten, among others. In addition, Truba

1. EPCEngineering, Procurement and Construction Services

Manunggal has the expertise to support the engineering services for the development and construction of civil facilities such as roads, bridges, and buildings. Truba Manunggal’s procurement services in relation to mechanical and electrical construction for power and industrial plants and the construction of civil facilities include the purchase of building and construction material, the purchase of equipment, the importation of goods for the construction projects needs, materials management, expediting procurement, inspection and logistics.

Truba Manunggal’s construction capabilities encompass all aspects of construction execution, including construction management, hiring and training local workforce, subcontractor management, and an extensive support organization for systems, equipment and tools.

PT Manunggal Infrasolusi EPC(Power Plant/Industrial)

PT Truba Jaya Engineering(Construction)

PT Manunggal Engineering(Engineering & Procurement)

PT Suar Alam Engineering(Engineering & Procurement)

PT Meta Epsi EPC(Transmission)

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Power plant projects and infrastructure that have been completed for the last 10 years are:

Completed EPC Projects

Power Plants PLTU Unit 1 & 2 (2x65MW) Banjarmasin PLN Mitsui 1998

Co-Generation 300MW Duri Utara Amoseas Stone & Webster 1999

GTPP 2x50MW Pemaron PLN Wasamitra 2003

Turbin Gas 6x143MW Muara Tawar PLN Samsung 2003

Cilegon CC 740MW Cilegon PLN Mitsubishi 2004

PLTU 2x300MW Cilacap Sumber Segara Cengda 2004

Prima (SSP)

PLTU Unit 3 & 4 (2x100MW) Tarahan PLN JEL 2005

PLTU Tanjung Jati B (2x660MW) Jepara PLN JEL 1997

(Jurong Engineering Ltd.)

PLTU Unit 3 & 4 (2x100MW) Tarahan PLN JEL 2005

Paper Factories Musi Pulp Mill Tanjung Enim TEL Klockner 1998

Mechanical and Construction Work PM 2 Pekanbaru RAPP Pectech Sep 07

Tank Foundation work, piping, Aerial pool Pekanbaru RAPP Pectech Sep 07

Area Maintenance IKPP/RAPP Pekanbaru IKPP/ RAPP IKPP/ RAPP Apr 07

Power installation in Kiln Evaporator Pekanbaru RAPP Pectech Aug 07

Oil and Gas Area-10 Pipe Line Duri Caltex Caltex 1999

Oil Tank Rehabilitation Mesaid Qatar Qatar-Petro Qatar-Petro 2001

Oil Production Area OSEIL Seram Kuwait Foreign Daewoo 2001

Petroleum Exploration

Company (KUFPEC)

Area-10 Hook-Up & POP Duri Caltex Caltex 2002

Suban Gas Suban Gulf Resource Hyundai 2002

Booster Compresseion Lhouksukon Exxon Mobil Tri Patra 2002

Depot Terminal BBM Cikampek Pertamina Pertamina 2002

DSF-11 Duri Caltex Caltex 2003

Oil Area maintenance Minas Caltex Caltex 2003

FPM Duri Chevron Tri Patra 2005

FPM Minas Chevron Tri Patra 2005

LNG Tangguh Tanah Merah Britisth Petroleum (BP) Japan Gas 2006

Indonesia Corporation (JGC) Track

Kellogg Brown & Root (KBR)

FPM—Maintenance and Construction work Duri Chevron Tripatra—Flour Dec 07

Civil Work and Ground Work Kulin Chevron Tripatra—Flour Dec 07

Fertilizers Factories

UBS-3 and conveyor system Bontang PKT Chengda 2000

UBS-5 and conveyor system Bontang PKT Kalimantan Industrial 2005

Estate (KIE)

Chemical Factories

Styrene Monomer (SM-2 exp) Merak Styrene Monomer Mitsubishi 1998

Indonesia (SMI)

RFCC Taoyuan Taiwan Sung Do Lucky Gold (LG) 2000

Engineering

Cement PlantKerteh Olefin Plant Malaysia Optimal Bhd JEL 2000

Cement Factories

SteelCibinong Cibinong Semen Cibinong Semen Cibinong 2003

Steel Processing and Mining

Indominco Coal Bontang Indominco Mitsubishi 1998

Inco-Dryer Unit 2 (Gas Cleaning) Soroako Inco Beca 1998

Up-grade Coal Port Kertapatih PT Bukit Asam (Persero) PT Bukit Asam (Persero) 2001

(PTBA) (PTBA)

Construction work and Soroako Inco Inco Dec 07

Gas Cleaner Installation

Project Name Location Owner Client Commencement Date


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Pipe and Tank Construction Minas Tank GS-6 Riau Caltex Siemens 1998

Tank Renovation TK-220 Dumai Pertamina UP-II Elnusa 2000

Oil Tank OSEIL Bula Kufpec Daewoo 2001

Depot Tank BBM Cikampek Pertamina Pertamina 2002

Civil and Architectural Work

Bridge Expansion Lukut-Ukui Perawang IKPP IKPP 2002

Heavy Equipment Work

Container Crane Tg.Mas Semarang Pelindo IHI 1998

Container Crane ESCO Thailand Eastern Sea Laem JEL 1998

Container Crane P.Panamac Jakarta Pelindo II Barata 1999

Container Crane Makasar Makasar Pelindo Noell Indonesia 2000

RTG Crane 35 ton Panjang Pelindo II Pelindo II 2001

Transmission and Substation Work

Transmission and Power Tower Cilegon PLN Mitsubishi 2004

Spilicing Fiber Optic Line 4 Soroako Inco Inco 2004

Completed EPC Projects


Power plant projects that are still under construction are:

EPC projects under construction


Power Plant PLTU2 (2x300MW) Banten PLN Chengda Dec 09

PLTU Pelabuhan Ratu (3x350)MW Sukabumi PLN Shanghai Electric Apr 10 Company (SEC)

Paper Factories

Maintenance and Operation Work Musi TEL TEL Apr 09

Oil and Gas

Mechanical Work-LNG Tangguh Tanah merah BP Indonesia JGC/KBR Jul 08

Construction for Releasement Duri Chevron Tripatra-Flour Apr 08

FPM-Maintenance and Construction Minas Chevron Tripatra-Flour Jun 08

Civil and Architectural Work

Civil and Mechanical for UBC Satui Kobe Kobe Nov 08

Overseas Projects

GIIC Pellet Plant Mechanical and Bahrain Gulf Industrial Kobe Steel Ltd. May 09 Erection Work Plus Steel Structure Investment Co. Supply and Works

Steel Components Fabrication for Bahrain Gulf Industrial Kobe Steel Ltd. Sep 08 GIIC Pellet Plant Investment Co.

Strategic partnerships with strong PRC and domestic companiesTruba Manunggal has forged strategic partnerships with leading People’s Republic of China (“PRC”) power equipment manufacturers and power producers to leverage on their expertise and to enhance timely equipment procurement. The PRC partners’ expertise in the power plant sector ensures that Truba Manunggal will be placed in a favorable position for any tender for projects. Partnership with PRC companies is an important advantage in the tender for projects due to PRC companies’ ability to offer lower prices for their power plant equipment.

The PRC Government has also stated its support for Indonesian coal-fired power plant projects, and has asked PRC financial institutions such as the EXIM Bank of China to provide financial support for these projects. This initiative provides a further boost to Truba Manunggal and its PRC partners’ joint bids, as the ability to procure financing for a project is a crucial determinant in the tender award process.


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In 2006, the Company has formed partnership with PT Kertas Basuki Rachmat to build power plant which uses coal energy with a capacity of 2x15MW, located in Banyuwangi, East Java.

On 25 January 2007, Truba Manunggal entered into an Agency Agreement with Shanghai Electric (the “SEAA”). The commercial arrangement with Shanghai Electric primarily covers the Indonesian market for 100MW generating units and above. Under the SEAA, Truba Manunggal acts as Shanghai Electric’s marketing agent in relation to a number of Indonesian engineering/EPC projects. Under the SEAA, Shanghai Electric’s services are promoted and marketed in Indonesia by Truba Manunggal, and Truba Manunggal is given first right to cooperate with Shanghai Electric for these projects. Truba Manunggal’s presence in Indonesia, together with its local network and existing relationships with Indonesian customers, allows Truba Manunggal to market Shanghai Electric’s services effectively, improving Shanghai Electric’s prospects of being awarded contracts in Indonesia. Under the SEAA, Truba Manunggal is entitled to 2.5% of the contract price upon a successful bid.

In addition, Truba Manunggal stands to benefit from the cooperation between Shanghai Electric and Truba Manunggal in the execution and implementation of such contracts, including, through TJE, being awarded subcontracts for local construction work. Additionally, Truba Manunggal, Shanghai Electric and the Governor of the province of South Sumatra have entered into a MOU on 14 December 2006 for the establishment of a training program in relation to power plant projects in South Sumatra.

In March 2007, Truba Manunggal entered into an agreement with Shanghai Golden Concord (“SGC”), in the cooperation as the on-shore contractor of China EPC contractor. SGC is one of the major power companies in China for engineering design and management, equipment manufacturing, project construction and operation and maintenance. SGC has an abundant experience in medium scale power plant.

On 18 June 2007, Truba Manunggal entered into an Agency Agreement with Qingdao Jieneng Power Station Engineering (“Qingdao Jieneng”). The commercial arrangement with Qingdao Jieneng primarily covers the Indonesian market for 100MW generating units

and below. As the partner of Qingdao Jieneng for EPC projects below 100MW, Truba Manunggal also enjoys a competitive advantage in relation to tenders for small to medium scale coal-fired power plants. Similar to its relationship with Shanghai Electric, Truba Manunggal, through TJE, will be awarded the sub-contract for the local construction work, in addition to 3% of the contract price upon a successful bid. Qingdao Jieneng is PRC state-owned enterprise specializing in the production of small-to-mid size turbines.

Truba Manunggal also formed a partnership with Beijing Electric Power Construction Co (“BEPC”) in July 2007, in the cooperation as the on-shore contractor of China EPC contractor. BEPC is one of the major power construction companies in China which has abundant experience in the construction of 600MW and 300MW coal-fired power plants in China as well as a state-class training centre for installation of power plant in Beijing, China.

Truba Manunggal has also entered a partnership agreement with Xin Yuan International Investment Company (“Xinyuan”) in August 2007. Xinyuan is an arm of State Grid Corporation of China for overseas investment. It has plenty of experience and resources in conducting international power and fund investment. Xinyuan has a total installed capacity of more than 20,000MW.

Truba Manunggal has signed a cooperation agreement with Sinohydro Corporation (“Sinohydro”) on August 2007. Under this arrangement, Truba Manunggal will be Sinohydro’s partner for joint investments and joint tenders in relation to hydro electric power projects in Indonesia. Sinohydro is the largest hydraulics and hydroelectric construction enterprise in the PRC and has undertaken 70% of the PRC’s large-scale and medium-sized hydroelectric stations and key water control projects.

Truba Manunggal is currently in negotiations with PT Total Bangun Persada Tbk (“Total”) to enter into a cooperation agreement. Under this arrangement, Truba Manunggal will sub-contract parts of local construction work to Total. Total is an established civil construction company in Indonesia and listed on the IDX (Indonesian Stock Exchange).

The data of Company’s sales revenue for the past 5 years are as follows:


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EPC transmission business

Sales revenue (Rp million)

Description 2007 2006 2005 2004 2003 2002 (9 months) (1 year) (1 year) (1 year) (1year) 1 year)

Maintenance service 358,772 340,266 — — — —

Construction of power plant 27,851 198,509 — — — —

Industrial plant 172,639 195,080 — — — —

Coal supply service 153,077 142,418 — — — —

Civil work 18,854 39,862 270 2,238 649 1,386

Trading activity 12,188 16,648 — — — —

Tank and pipe 156,295 11,141 — — — —

Others 94,061 28,361 9 20 — —

Total 993,737 972,285 279 2,258 649 1,386

Recognising the potential growth in the power transmission business, the Company recently acquired a 28.3% equity stake in PT Meta Epsi (“Meta Epsi”), a local engineering, procurement and construction company, in October 2007 for approximately US$6.25 million. Along with the acquisition, the Company also extended some intercompany loan to Meta Epsi amounting to approximately US$9.75 million, which is convertible into additional 22.7% equity stake, giving final direct equity interest of 51% in Meta Epsi by the Company.

PT Meta Epsi was founded and established in 1975, under the name of PT Meta Epsi Engineering. The Company’s main business is providing services to its client on, among

others, project management, fabrication and erection of steel structures, civil works. Its clients range from various industrial sectors, such as power plant, cement plant, oil and gas plant and fertilizer plant.

With over 30 years of experience in the EPC business, Meta Epsi is now one of the fast growing EPC companies in Indonesia, who has developed its expertise and it has gained experiences from the execution of large scale turn key projects in infrastructure, oil and gas, petrochemicals and electricity projects. Some of the main projects that Meta Epsi has completed in the past include:

List of completed projects above US$10mm

Description Period Project value (US$) Owner Scope

Procurement and installation of North Duri 230 kV station (Package A) Riau

1999—2000 10,367,069 PT Caltex • Engineering• Procurement• Construction

500/150/20 kV Conventional Switchgear for Cirebon Substation West Java

1994—1996 11,064,000 PT PLN • Procurement• Construction

East Java 500 kV Pasuruan (GRATI) and West Java 150 kV Conventional Switchgears, 20kV Metalclad Switchgear Power Transformers, and Associated equipment under French Protocol 1992

1994—1996 76,000,000 PT PLN • Engineering• Procurement• Construction

150/20 kV Conventional Substation under Australian Loan Stage , West Java


Design, Procurement, and Construction for Big Consumer Danayasa 150 kV GIS Substation, East Java


Jakarta and West Java Substation and Transmission Lines Project Credit Export Stage-1


150kV Conventional Substations Bekasi Industrial Estate under French Protocol 1991, West Java

1992 20,520,000 PT PLN • Construction


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Description Period Project value (US$) Owner Scope

Super Crash Program Tj. Priok 150 kV GIS Substation, Tj. Priok, Pulo Gadung, Bekasi, Plumpang, Jababeka


West Java 500 and 150 kV Conventional Substations under French Protocol 1990


Civil and Construction Works New Paiton 500 kV GIS Open s/s, East Java


MECHANICAL, ELECTRICAL AND CIVIL PROJECTS

International Airport “Cengkareng” Phase 2, West Java 1990 30,000,000 Jo. PPIK & SSC • Procurement• Construction

OIL AND GAS PROJECTS

Requlu—Teras Pipeline including Transit Terminal for Fuel Teras, Central of Java, Jogjakarta

2002—2004 18,000,000 Pertamina • Engineering• Procurement• Construction

Transit Terminal for Fuel (Premium, Kerosene, Diesel fuel and Actur) at Teluk Kabung-Padang, West Sumatera

1991—1994 27,930,375 Pertamina • Engineering• Procurement• Construction

Badak—Bontang Gas Pipeline East Kalimantan 1983 17,700,000 Pertamina • Construction

Handil—Badak Gas Pipeline East Kalimantan 1981 14,300,000 Pertamina • Construction

Post acquisition of Meta Epsi by the Company, Meta Epsi plans to streamline and consolidate its business operation to focus on the Engineering, Procurement and Construction (EPC) business as well as the IPP business.As for the EPC business, Meta Epsi will primarily focus on the EPC for electricity transmission business across Indonesia, while the IPP business will primarily focus on running the two gas fired power plants: 20MW Tanjung Batu IPP and the 80MW Gunung Megang IPP.


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Truba Manunggal intends to build service centres, including spare part centres, training centres to support its O&M services. Truba Manunggal will begin by providing O&M services required by the Power Projects to the Project Companies.

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Operation


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PT Manunggal Power(Power Plant)

• PT Menamas Mitra Energi• PT Central Daya Energi• PT Ranyza Energi• PT Banyuasin Power Energy• PT Bangka Manunggal Power• PT Equator Manunggal Power

Power generationTruba Manunggal currently has 15 power plant projects in-hand. 7 of these projects are under the Power Purchase Agreement (“PPA”), and the remaining 3 projects are projects under the Energy Supply Agreement (“ESA”). The power plant projects under the ESA have similar nature of contractual terms to PPA, except that the power off-taker has the obligation to supply the fuel required for the power plants.

Five of the PPA projects are currently being developed and under construction. These include: • Project Bangka is planned as 2 X 12MWcoal fired power

plant project to be located in Bangka, Bangka-Belitung province. Built for PT Bangka Manunggal Power, upon completion, it will generate electricity for sale by PT Bangka Manunggal Power to PLN. The Commercial Operation Date is expected to be in June 2009.

• Project Tulang Bawang is planned as 2 X 30MWcaptive coal fired power plant project to be located in Tulang Bawang, Lampung province. Built for PT Central Daya Energi, upon completion, it will generate electricity for sale by PT Central Daya Energi to CPB. Construction started in April 2007 and the first unit is expected to come into operation in April 2009.

2. IPPIndependent Power Producer

• Project Kuala Tanjung is planned as 2 X 135MWcoal fired power plant project to be located in Kuala Tanjung, North Sumatra province. Built for PT Ranyza Energi, upon completion, it will generate electricity for sale by PT Ranyza Energi to PLN. The Commercial Operation Date is expected to be in July 2010.

• Project Pontianak is planned as 2 X 30MWcoal fired power plant project to be located in Pontianak, West Kalimantan province. Built for PT Equator Manunggal Power, upon completion, it will generate electricity for sale by PT Equator Manunggal Power to PLN. The Commercial Operation Date is expected to be in October 2009.

• Project Banyuasin is planned as 2 X 135MWcoal fired power plant project to be located in Banyuasin, South Sumatra province. Built for PT Banyuasin Power Energy, upon completion, it will generate electricity for sale by PT Banyuasin Power Energy to PLN. The Commercial Operation Date is expected to be in July 2010.

Menamas – Tanjung Batu, and Gunung Megang, are the only two power plant projects under PPA which are currently in operation, while the remaining 5 power plant projects under PPA are currently still in MOU stage and expecting to finalize PPA negotiation by 2008. Almost all of these PPA power plant projects are for power supply to the state electricity company, PT Perusahaan Listrik Negara or PLN, and only one power plant projects are with private party.

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Truba Manunggal power plant projects

Name Capacity Current Interest of Held by Signed with (MW) Interest (%) Conversion (%)Project Bangka 2x12 19.6 • 40 / 70 • Manunggal Power • PLN

Project Tulang Bawang 2x30 19.0 • 95 • Manunggal Power • Central Daya Energi

Project Kuala Tanjung 2x135 19.0 • 80 • Manunggal Power • PLN

Project Pontianak 2x30 19.6 • 50 / 51 • Manunggal Power • PLN

Project Banyuasin 2x135 19.6 • 70 • Manunggal Power • PLN

Menamas-Tanjung Batu 1x20 64.0 • NA • Meta Epsi (25%) • PLN

• PLNManunggal Power (51%)

Gunung Megang 2x40 26.0 • NA • Meta Epsi • PLN

PLTU Belawan 2x135 • NA

Truba Manunggal power plant projects (ESA)

Name Capacity Current Interest of Held by Signed with (MW) Interest (%) Conversion (%)Central Daya Energi • Project (a) • 59.84 • NA • NA • Manunggal Power • Central Daya Energi

• Project (b) • 90 • NA • NA • Manunggal Power • Central Daya Energi

• Project (c) • 61.58 • NA • NA • Manunggal Power • Central Daya Energi


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Truba Manunggal’s interest in these power plants are held indirectly through MP and Meta Epsi, a recently acquired EPC and IPP company. For power plant projects under PPA, Truba Manunggal plans to initially hold minority equity stakes in each of the PPA companies (typically below 20%). In addition to these initial minority interests in the PPA projects, Truba Manunggal is also holder of mandatory convertible bonds in each of the PPA companies: PT Bangka Manunggal Power, PT Cendral Daya Energi, PT Ranyza Energi, PT Equator Manunggal Power, and PT Banyuasin Power Energy (the “PPA Companies”). With these mandatory convertible bonds, Truba Manunggal will acquire either a 50% or majority interest (“Interest after Conversion”) in the PPA Companies, at no additional investment cost to Truba Manunggal, upon occurrence of certain conversion events.

On 19 April 2007, Truba Manunggal acquired a 51% interest in PT Menamas Mitra Energi which currently operates a 1 X 20MW Dual Fired Power Plant (PLTG Unit 3/GT-3) in Tanjung Batu, Samarinda, East Kalimantan, with total investment costs of approximately Rp30 billion. The electricity generated is sold to PLN of East Kalimantan (WKT) via the PLN WKT Mahakam Interconnected System. Each of the Project Companies has entered into power purchase agreements with PLN.

The power purchase agreements are for periods of 25 to 30 years after commercial operations begin, while the gas-fired IPP power purchase agreement is for a period of approximately 11 years. Truba Manunggal has agreed with PLN, subject to certain restrictions, to sell dependable capacity (expected to total approximately 80% of the available MW in the aggregate) at a fixed price (capacity charge) and to sell the electricity dispatched at variable prices pegged to operating, maintenance and fuel costs (energy charge).

In July 2007, the MOU between China Guodian Overseas Power Co.Ltd (“CGOP”) and Truba Manunggal was signed for the operation and maintenance of Truba Manunggal IPP power plants and other plants in Indonesia. CGOP is one of the top 5 Power Generation Group in China, having installed capacity of more than 50,000MW in more than 120 power plants around China and abundant Operation and Maintenance resources as well as network in China.

In September 2007, Truba Manunggal has formed a partnership with Shenergy Company Ltd (“Shenergy”)

which is the first listed company in the China’s power and energy industry.

Shenergy invests and manages Shanghai electric power and energy projects, aiming to alleviate the city’s chronic power shortage. The current market share of the company is 2,230MW or approximately 25.5% of the total installed capacity in Shanghai.

Operation and maintenanceThe Company currently provides maintenance services, such as repairs and renovation work in the power plant sector, from which revenue is currently recognized as part of EPC services. The services are important in maintaining the equipments and machineries to be in good conditions so as to meet the demand of electricity from PLN according to the agreed contract. Truba Manunggal intends to provide plant O&M services, such as operation and repairs, renovation, predictive and preventative services, and other aftermarket services in the power plant sector. O&M services focus on asset management and/or long-term facility care using direct-hire maintenance technicians along with knowledge-based systems.

Truba Manunggal intends to build service centres, including spare part centres, training centres to support its O&M services. Truba Manunggal will begin by providing O&M services required by the Power Projects to the Project Companies, and it plans to eventually provide similar services to third party customers. Truba Manunggal expects that it will be able to provide plant O&M services for the Project Tulang Bawang which is expected to be completed in 2009.


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The total coal reserve in the mining location is approximately 140,774,100 ton with an overburden of 261,295,400 BCM which results in a stripping ratio of 1.9 BCM/ton.

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Operation


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PT Maxima Infrastruktur(Coal Mining & Trading)

PT Manunggal Multi Energi(Coal Mining)

PT Truba Segihan Utama(Stock Piling)

Maxima Coal Pte Ltd(Coal Trading - Export)

Coal mining and trading Truba Manunggal is tapping into the coal supply business as a result of both the organic growth development of its power plant business and the strong growth in demand for coal in Indonesia. PLN has estimated that coal demand from PLN and IPPs will increase from 32 million tons in 2006 to 76.1 million tons in 2010. Truba Manunggal has started a coal trading business, acquired interests in a coal concession and is performing due diligence on several prospective coal mines in Indonesia.

Through PT Maxima Infrastruktur (“MIS”), Truba Manunggal owns a 90.1% interest in PT Manunggal Multi Energi (“MME”). MME owns a KP Eksplorasi for a concession area of 5,574ha at Muara Enim, South Sumatra. Initial exploration covering 5,574ha has resulted in estimated coal reserves of 140.8m tonnes. Also, through MIS, Truba Manunggal also signed a joint corporation agreement with PT Gresik Jasatama for acquisition of coal stockpile in Gresik, East Java. The period of the agreement is 20 years whereby Truba Manunggal is required to do construction work and build facilities on the stockpile area. The construction has now been completed and the stockpile has a capacity of 450,000 tons per annum.

3. COALCoal Mining and Trading

Truba Manunggal also signed a joint venture agreement with EDF Trading (“EDF”) in September 2007 which is one of the largest electricity and gas in Europe. EDF is actively trading in the international energy markets, buying and selling electricity, emissions, natural gas, coal, freight, biomass and oil. The company is 100% owned by the EDF Group which is Europe’s largest power utility and a group with growing presence in the natural gas energy.

Muara Enim project feasibility studyBased on the feasibility study that was performed in mid 2007, the Muara Enim coal mining operation will apply surface mining method with benching system (open-pit mining) using Shovels-Dump Truck.

The total coal reserve in the mining location is approximately 140,774,100 ton with an overburden of 261,295,400 BCM which results in a stripping ratio of 1.9 BCM/ton. Based on amount of coal present, the target sales is 500,000 ton for the first year, 1,000,000 ton for the second year and 2,000,000 ton for third year onwards. With an assumption of some production losses incurred and stockpile requirement, the mining target production output is 110% of the target sales which is 550,000 ton for the first year, 1,100,000 ton for the second year and 2,200,000 for the third year onwards. The mining age for this project is 65.3 years.

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Human, Environment

Supporting


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Environmental mattersTruba Manunggal considers environmental issues to be an important factor in its operations, and takes various measures to ensure that its operations do not negatively impact the environment. In its operations, Truba Manunggal uses environmentally conscious techniques that it believes are safe and effective. These measures and techniques include use of dust precipitators, FGD (de-sulphurisation), Low Nox Burner and silencers.

Truba Manunggal believes in its full integration approach will enable it to better manage and implement environmental best practices. Truba Manunggal complies with all applicable national and local environmental and social requirements of Indonesia’s laws and regulations as well as strict internal social policies and environmental, health and safety guidelines. Truba Manunggal believes that it is in compliance with AMDAL and is up to date with its filings of ANDALs, RKLs and RPLs.

Pursuant to current environmental regulations, particularly Law No. 23/1997 concerning Life Environment Management and Government Regulation No. 27/1999 concerning Analysis on Environmental Impact (“AMDAL”), companies in certain prescribed sectors that have already obtained a business license were required to adjust to the provisions of such regulations within a period of five years from the effective date of Law No. 23/1997 and file certain documents such as ANDAL, RKL and RPL concerning the impact of its activities. Truba Manunggal believes that it complies with all applicable national and local environmental and social requirements of Indonesia’s laws and regulations as well as strict internal social policies and environmental, health and safety guidelines.

The Company has to obtain relevant permits and licenses depending on the nature of the projects before it can get the approval from the local governor. Some examples of a number of permits and licenses that the Company has for existing projects are as follows:• Project Muara Enim• KA-ANDAL no 165.k year 2007 dated October 2, 2007

which was approved by Head of Environmental Reserve Organization

• Project Kuala Tanjung• ANDAL no 239/ANDAL/2007 dated May 7, 2007

approved by the North Sumatera Local Government (BAPEDALDA)

• RPL no 239/RPL/2007 2007 dated May 7, 2007 approved by the North Sumatera Local Government (BAPEDALDA)

• RKL no 239/RKL/2007 dated May 7, 2007 approved by the North Sumatera Local Government (BAPEDALDA)

Truba Manunggal’s key subsidiary, TJE, has been internationally recognized for its efforts in environmental conservation through the receipt of the ISO 14001 certification from Sucofindo International Certification Services on 24 March 2006. This certification evidences TJE’s implementation of an effective Environmental Management System (“EMS”). Under the EMS, TJE’s project management team identifies the environmental aspect of its operations and carries out risk and impact analysis. Methods for the control and management of such environmental risk are then defined in order to eliminate or minimize environmental impact to meet applicable statutory standards or customers’ requirements. TJE’s certification is valid until 3 April 2009.

EmployeesAs of September 30, 2007, the average number of permanent employees is 510 for PT Truba Manunggal Group or the (“Group”), which comprised of 7 senior managements, 16 engineering personnel, and 487 support and administrative personnel.

Truba Manunggal is registered with, and makes contributions to, the Indonesian Workers Social Security Scheme (Jaminan Sosial Tenaga Kerja), the national workers social security scheme. At Truba Manunggal, we never experience any labour strike or work stoppage.

Workplace health and safetyTruba Manunggal actively seeks to maintain a safe, healthy and environmentally friendly workplace for all of its employees and those who work with Truba Manunggal. Workplace safety is an important factor that Truba Manunggal stringently evaluates when implementing its project plans and carrying out its contractual obligations. Truba Manunggal has established safety guidelines with which its employees and contractors are required to comply when carrying out their operations. Truba Manunggal has not experienced any serious accidents or fatalities in its operations during 2005, 2006 or 2007. TJE has successfully been certified by the National Council on Occupational Safety and Health Administration (“OSHA”) of the US. This certification is an international recognition that TJE’s business activities are deemed to be both occupationally healthy and safe. In addition to the OSHA certification, TJE also secured the OHSAS 19001 certification (for Occupational Health and Safety Management System Requirements). Certified by Sucofindo for OHSAS 18001 (for Occupational Health and Safety Management System Requirements) from Ministry of Manpower & Transmigration for occupational health and safety.


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Awards & Acknowledgement

LicencesTruba Manunggal possesses the necessary licenses for its day-to-day operations, having obtained in 2006, a Busi-ness License and having received the relevant Approval of the Minister of Law and Human Rights (SK-Menkum-ham), amongst others. None of the licenses or approv-als required for its operations has been revoked by the


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relevant government ministries or authorities during the past 3 years.

Certifications and AwardsBecause of excellent operational results in different as-pects, the Company received a number of certificates and awards which is shown on the tables below.

List of company’s management system certifications and awards

Certificate No. Scope of Certification Standard Certification Date

Certification Body

Description

931631 • Project management• Factories construction

design (Central Office’s Activity)

BS EN ISO 9002:1987

22 November 1993

Llyod’d Register Quality Assurance

Quality Management System

931631 • Project Management• Construction design for

industries and power plants

BS EN ISO 9002:1994

18 January 1995





BS EN ISO 9002:1987

22 November 1993





BS EN ISO 9002:1994

18 January 1995





BS EN ISO 9002:1987

22 November 1993





BS EN ISO 9002:1994

18 January 1995





BS EN ISO 9002:1987

22 November 1993





BS EN ISO 9002:1994

18 January 1995




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InsuranceA substantial portion of the insurance policies maintained by Truba Manunggal has been reinsured by international reinsurers. The insurance policies maintained by Truba Ma-nunggal do not cover liability or damage arising from acts of war and terrorism and other customary exclusions from coverage. Truba Manunggal is insured against manage-ment liability, property damage, fire, third party liabilities (workmen compensation) and marine risks.

The Company has insured its fixed assets such as build-ings to PT Asuransi Jasa Indonesia with a sum insured amount of Rp24.4 billion, heavy equipments such as crane, truck, forklift, trailer to PT Asuransi ASEI with a claim amount of USD10.8 million and Rp11.1billion and vehicles to PT Asuransi ACA, PT Tokyo Marine Indonesia, PT Raksa Pratikara and PT Sinar Mas with a claim amount of Rp11.4 billion for fire risks, property all risk and industrial all risk. The Company does not have any affiliation to the above insurance companies.

PropertyTruba Manunggal leases properties on a temporary basis throughout Indonesia at locations where its services are provided. Truba Manunggal is headquartered at Sona Topas Tower, 11th floor, Jl. Jend. Sudirman Kav. 26, Jakarta 12920, Indonesia.

Intellectual propertyTruba Manunggal has registered all its trademarks, service-marks and logos which it uses in the course of its business with the Department of Law and Human Rights of the Republic of Indonesia. The Company also maintains trade secrets and copyrights in all its publications, manuals and materials.

SuppliersTruba Manunggal relies on a number of suppliers to meet its business needs and does not rely on any single sup-plier for key services or components for its business.

Legal ProceedingsFrom time to time, Truba Manunggal may be involved in legal proceedings concerning matters that arise in the ordinary course of business operations, including civil disputes and tax disputes. However, Truba Manunggal is currently not involved in any legal proceedings, which Truba Manunggal believes could, if determined adversely against it, have a material adverse impact on Truba Manunggal.


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Risk Management

Risk Management The Company is, in the course of its business, susceptible to various business risks. Risks do occur for a Company that serves as a provider of electrical energy services and integrated engineering, procurement and construction (EPC) services. Despite this, the Company constantly strives, in the course of implementing its business activi-ties, to monitor and seeks to mitigate these risks. The business risks that the Company and its subsidiaries likely encounters include:

1.Risk of Project Failure or Delays In the course of work and construction carried out for a project, the Company may, through its subsidiaries, be susceptible to risks associated with project failure or de-lays. A project’s failure or delays can culminate due to vari-ous factors that include, among others: reaction or outcry against the project by the people within the vicinity, failure or delays in the delivery of the project’s machinery or equipment by its suppliers, high project costs which exceeds budget, inability to fulfill regulations prescribed by the Regional and Central Governments, and others.

2. Risk of Dependence on Strategic Partners, Mine Concession Holders, Mining Contractors, and Equip-ment Suppliers Since it is a provider of energy sources required by Power Plants and its own Power Generation, the Company is susceptible to risks associated with dependence on third parties that include: strategic partners that provide the ex-pertise and technology, mining concession owners/hold-ers, mining contractors, and the public that inhabit the vicinity. Risks of dependence on foreign strategic partners culminates as Power Generation technology in Indonesia, particularly in terms of steam turbine technology, must still be imported from overseas suppliers or producers. This condition clearly results in dependence on suppliers of turbine machinery and equipment.

As a result, guarantees for the machinery and equipment, as well as operational efficiency, are vitally needed from the suppliers.


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The Company is also susceptible to risks associated with dependence on third parties for procuring energy sources needed for power generation plants. In this respect, the Company can be dependent on the authorized mine owners/concession holders or even the contractors. Risks posed by the concession owners involve the likelihood of their withdrawl of support for the project that will significantly negatively hamper the sourcing of coal to the Company. In addition to this, the Company’s productiv-ity and revenues can be severely affected by disruptions on the part of the contractor, such as labor stoppages or strikes carried out by the contractor’s employees and/or when the contractor is deemed bankrupt or even with instances where the level of service extended by the contractor clearly deteriorates. Disruptions attributed to the contractors that can severely hamper technical opera-tions or others include instances such as demonstrations, labor strikes or even public disruptions to the contractors activities that can cause the contractor’s performance to deteriorate.

3. Risk of Dependence on the Company and Other Business Units As a Company involved with electrical generation and integrated engineering, procurement and construction (EPC) services, operational aspects between the subsidiar-ies can tend to become inter-dependent, especially with a Company that serves as a holding company which is involved in operational & maintenance services. This is unavoidable, as the project’s tender generally require in-tegrated services that range from the beginning from the construction and up to the operation and maintenance. As the project owner that received the contract to supply electricity to PT PLN (Persero) or even the private sector, PT Manunggal Power, as the subsidiary, will depend on the performance of other units, such as PT Manunggal Infrasolusi, PT Manunggal Engineering and PT Truba Ju-rong Engineering that operate as integrated EPC services as well as with the Company in its role as the provider of operation & maintenance services. Operational disrup-tions within the EPC and the operation & maintenance level can potentially result in their inability to provide the power supply level specified within the PPA contract or, so as to fulfill the target specified within the PPA, it must resort to sub contract to third parties which, eventually results in added costs.


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4. Payment Risk This risk occurs when the project’s owner or other third parties encounter payment difficulties that results in rising cost of funds and deteriorates the value of the assets. This can eventually has a severe effect on the Company’s performance. Payment Risk occurs when the service extended may not be in accordance with that specified within the contract. Other types of financial risk may arise from the purchaser’s side as it attempts to fulfill its pay-ment obligations in accordance with the PPA. Moreover, the owner’s financial state can also impact the financial risk of the Company.

5. Risk of Termination of Contract Every contract stipulates the general conditions for unilaterally cancelling or terminating a contract. Inabilities to proceed with work in accordance with the contract are prime causes that lead to the unilateral cancellation or termination of such contracts. These cancellations do not only affect the financial performance, as a result of the loss of potential revenue sources for the Company, but can also impact the Company’s image within the industry.

6. Business Competition Risk As a provider of electricity and integrated EPC services, the Company does seem to have a clear ‘competitive edge’ as there is no other company of its kind in Indone-sia. Despite this, the Company’s construction business unit is prone to competition risks from various domestic and international Companies that operate in the same line of business. In competition terms, efficiency and product quality, as well on time delivery, plays a crucial role. The Company’s market share can suffer declining sales and net profit if it fails to operate efficiently, maintain superior quality, as well complete its work in accordance with its timetable. Such an event can also result in declining sales and net profit. Since the EPC business currently serves as the main pillars of the Company, therefore a decline in its market share will likely result in declining revenues for the Company.

7. Human Resources and Expertise Deficiency Risk As a provider of operator and maintenance services, the Company requires substantial human resources that pos-sess both expertise and knowledge of power generation. The Company, in line with the integrated EPC concept, directly performs the operation and maintenance of the power generation units themselves and, if effectively implemented, this can result in enhanced efficiency. However, if the Company fails to adequately equip its human resources to operate and maintain these power plant projects that it owns, this may potentially disrupt the Company’s performance as a provider of electrical energy that eventually results in dissatisfied customers.

8. Risk Associated with Equipment Prices needed to Construct Power PlantsIn the course of its building work, the Company is suscep-tible to risk associated with prices for the equipment and machinery required to construct the IPP project. Equip-ment and machinery price increases can eventually lead to higher power plant production costs, which eventually reduces the Company’s profit.

9. Forex Risks This risk arises if the Company takes foreign denominated debt while simultaneously receives foreign currency pay-ment for the project’s contracts. Since a number of the Company’s contracts, along with a number of assets and liabilities, are denominated in foreign currency, therefore the fluctuation of the Rupiah and other foreign currencies can impact the Company’s performance. Fluctuating ex-change rates can result in losses that significantly impact the Company’s profits.

Efforts to Minimize RisksThe Company strives to continuously implement risk management mechanisms in every facet of the man-agement process and subsequently contributing to the Company’s success. At the same time, efforts are under-way to avoid events or situations that cannot be antici-pated and expected while, provide sound assurances that the Company’s risk remain within a tolerable level that can appropriately managed.


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The Company and its subsidiaries have taken steps to mitigate risks, no matter how small, by insuring its prime assets, hedging on the impact of fluctuating coal prices and others. A number of strategic steps have been implemented which includes, among others, securing an ideal strategic partner, fulfilling International Standards of Operation (ISO), ensuring the reliability and availability of machinery as well as determining investments that are appropriate and sound.

Corporate SecretaryAs a publicly owned Company, PT Truba Manunggal realizes the importance that all corporate-related information should be openly communicated and publicly accessed.

For this purpose, the Company has appointed Jenty Tjandradjaja as the Corporate Secretary who is responsible for communicating and disseminating information regarding the Company’s finance and performance to the shareholder, the authorities and capital market practitioners as well as the general public. The financial statements is periodically published in a number of local newspapers. The Company also has its own website, http://www.truba-manunggal.com which provides access to various Corporate information.

Jenty Tjandrajaja is 45 years of age and is an Indonesian. She has a degree from the Universitas Katolik Atmadjaja, in Jakarta and previously served as the Corporate Secretary for PT Broadband Multimedia Tbk. and PT Lippo Securities Tbk.


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Corporate Governance

As a publicly listed Company with the Jakarta Stock Exchange, the Company continuously seeks to enhance its experiences respect to implementation of good corporate governance principles.

The Company seeks to continuously adopt good corporate governance practices by strictly applying transparency, accountability, responsibility, fairness as well as independence throughout its business and operations.

A number of major aspects regarding good corporate governance policy and implementation within the Company is reflected in the clear separation of authority and responsibility between the Board of Commissioners and Directors; clear vision and business direction; risk management and internal control which includes the role of the Audit Committee; conducting business in a professional, fair, transparent manner; timely and equitable dissemination of information to the shareholders and related parties; clear emphasis on safety and the Environment as well as compliance to with the prevailing law and regulations.

Board of CommissionersThe Board of Commissioners is responsible for monitoring the management of the Company and evaluating the management’s effectiveness on the basis of the Company’s policy, decision-making and execution of strategy. The task and responsibility of the Board of Commissioners includes providing direction and monitoring the Company’s performance in accordance with its strategic objectives, business plan and budget. In addition to that, the Board of Commissioners also nominates the President Commissioner, the President Director, members of the Board of Commissioners and Directors as well as recommend, determine, and provide guidance to the Directors.

The Company’s Board of Commissioners, as of the 31 December 2006, comprise of three Commissioners, which includes an Independent Commissioner. Profiles of the respective members of the Board of Commissioners are provided separately in this Annual Report.

DirectorsThe Board of Directors is generally responsible for leading and managing the Company in its efforts to achieve the Company’s objectives and ensure that the Company’s assets are appropriately utilized in the interest of the Company and all shareholders.

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As of 31 December 2006, the Company’s Board of Directors comprise of five Directors, which includes the President Director, and a non-affiliated Director. Profiles of the respective members of the Board of Directors are provided separately in this Annual Report. Board MeetingsIn the course of performing its tasks, the Board of Commissioners and Directors routinely (or as required) convenes meetings that are either internal or joint meetings. Matters discussed within these meetings include business objectives, strategic plan, financing and large-scale purchases, acquisition and divestment, operational performance, risk management, as well as corporate governance.

The Audit CommitteeThe Audit Committee provides its professional independent opinion to the Board of Commissioners in regards to reports or other recommendations from the Board of Directors to the Board of Commissioners. The task and responsibility of the Audit Committee includes, among others, propose nominees for Independent Auditor; ensuring that there is no conflict of interest in regards to the above-mentioned appointment; evaluating audit plans and implementation by the Internal Audit team or the External Auditor; analyze and propose improvements to the Company’s internal control system; as well as identify issues that require the attention of the Board of Commissioners.

As of the end of 2006, the members of the Audit Committee comprise of Siswanto as Chairman, along with Chandra Kurniawan Halim and Irwan Sujarwo Sianipar as members.

External AuditorThe Company appointed the Public Accountancy Firm of Tanubrata Sutanto Sibarani as the Auditor for the Company’s financial statements for FY 2006. This External Auditor has performed its tasks in accordance with professional standards and ethics. Legal CasesThe Company, as of the end of 2006, was not involved in any legal cases, either in the form of civil or criminal, disputes, bankruptcy suits and/or delay in debt payments, tax disputes, labor disputes, as well as regulatory disputes.


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Management Discussion and Analysis

Industry OverviewBackgroundIndonesia, the fourth most populous country in the world, is a developing nation in Southeast Asia spread across an archipelago of over 17,500 islands. The nation is undergoing rapid economic change as it continues its recovery from the severe economic shocks it suffered during the Asian financial crisis that began in mid-1997, which adversely affected several Asian countries. Indonesia is simultaneously undergoing fundamental political changes as it transforms itself from a centralized authoritarian system to a participatory democracy that places greater political power in the hands of local and regional governments.

The following table sets forth certain information regarding Indonesia’s principal economic indicators for the specified periods. Growth in GDP and inflation (measured in changes in consumer price index (“CPI”)) is indicated on a year-on-year basis:

Macroeconomic outlookOn December 6, 2007, Bank Indonesia decided to lower the BI Rate 25 bps from 8.25% to 8%. This decision is based on a comprehensive evaluation of the Indonesian economy, which is showing steady improvement, the trend in the inflation rate and the economic outlook. Bank Indonesia is confident that the BI rate cut will not disrupt achievement of the inflation target, particularly in the medium to long term. The lower rate is expected to deliver an economic stimulus and sustain momentum for stronger economic growth while maintaining macroeconomic stability in coming years. This decision also takes account of risks, especially in relation to the high level of international oil prices. In the second quarter of 2007, there are growing signs of improvement in the real sector and this trend is expected to be reinforced by the reduction in the BI Rate. In addition, Bank Indonesia is confident of achieving the 2007 inflation target.

In the assessment by Bank Indonesia, the impact on economic expansion and inflation brought about by external shocks and surging oil prices remains manageable. The Government policy response to the high oil prices is expected to mitigate pressures on fiscal sustainability while sustaining economic growth momentum in order to reduce unemployment and

poverty. This policy will be complemented by carefully timed, measured actions by Bank Indonesia to manage rupiah volatility. Bank Indonesia will make optimum use of its policy instruments to guide inflation towards the established target. Achievement of the future inflation target will also be supported with transparent and effective public communications. Given the policy synergy between the Government and Bank Indonesia, improving economic fundamentals and growing resilience, the outlook for improved economic growth remains stable and on track.

In overall terms, economic expansion in Indonesia is set to maintain the same pace as in the previous quarter. Q4/2007 economic growth is forecasted at 6.5%, bringing growth for the year to 6.33%. The key factors driving this growth are rising consumption and exports. The strong showing in exports is expected to bring even further improvement in the balance of payments. In 2007, the balance of payments is set to chart an even greater surplus compared to the preceding year. At the end of November 2007, international reserves were recorded at USD54.9 billion, equivalent to 5.5 months of imports and servicing of Government foreign debt.

Indonesia Power SectorMarket Structure and Reform The electricity sector in Indonesia is an effective monopoly under PLN. PLN’s history dates back to Indonesia’s independence in 1945, although it has been through a variety of structural reorganizations. In 1995, PLN was reorganized into a holding company with two main generating subsidiaries and a number of specialist subsidiaries. It operates under the control of the Directorate General of Electricity and Energy Utilization (“DGEEU”).

PLN had a complete monopoly on power generation and distribution until the middle of 1989. Concern that PLN would be unable to meet an estimated increase in future demand of 10.0% per annum resulted in a 1989 decision to allow IPPs to participate in power generation. By 1997, PLN had signed 27 IPP projects with a combined capacity of 10.5 GWh, typically with consortiums that featured well-connected Indonesian partners.


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However, the Asian economic crisis in 1997 had a negative impact on PLN as a result of which the company faced significant financial difficulties. In response to this, the Government launched a number of initiatives which included the renegotiation of certain PPAs to improve the economic sustainability of such contracts. In 2003, the Government renegotiated 26 power plant projects with the IPPs. Of those, six of the schemes were terminated and five projects were taken over by the Government, PLN and Pertamina.

The Government also issued a white paper in August 1998 which articulated a number of objectives for electricity sector restructuring. The restructuring policy came into force in Electricity Law No. 20/2002 which promoted a gradual deregulation of the electricity sector, including the introduction of competition. However, Indonesia’s Constitutional Court annulled this law in December 2004 ruling that it was against Indonesia’s constitution to deregulate the industry. The Constitutional Court reinstated the previous law, the Electricity Law which was further implemented by Government Regulation No. 23/1994 which gives PLN the sole right to provide electricity in Indonesia.

Market OverviewIndonesia is set for a substantial expansion of generating capacity. The country currently faces a shortage of generating power, a problem made worse by the lack of an integrated national grid. Improving both capacity and the transmission network are major components of Indonesia’s fiscal 2009 infrastructure development, accounting for 20.0% of the Rp1,500 trillion target outlined at the Infrastructure Summit held by the Government in January 2005.

As of March 31, 2007, there were approximately 36.1 million electricity customers throughout Indonesia, of which 24.4 million or 67.5% of the total were served by the Java-Bali grid. Over 93.0% of all customers are residential, with the sector accounting for around 39.1% of total electricity sales. A further 4.3% of customers are commercial concerns which account for 16.7% of total electricity sales. The remaining customers come from the industrial and other sectors, which account for approximately 37.8% and 6.3% of total electricity sales, respectively.

The following table sets forth the number of customers, installed capacity, peak demand, electricity production and electrification ratios, for the electricity power system, in Indonesia as of December 31, 2006:

No of Installed Peak Electricity Electrification customers capacity demand sales ratio (millions) (MW) (MW) (GWH) (%)Java-Bali 24.1 22,008 15,396 89,043 63.7

Sumatra 6.3 3,811 2,582 13,316 54.5

Sulawesi 2.1 1,045 747 3,567 53.1

Kalimantan 1.8 980 821 3,643 54.3

Other Islands 1.4 1,082 659 3,041 33.9

Total 35.7 28,926 20,205 112,160 58.8


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Business ReviewEPC revenuesWe currently generate most of our revenues from the provision of EPC and related services. The revenue on an EPC contract is recognized as soon as it can be estimated reliably. We use the percentage of completion method to determine the appropriate amount to recognize in any given period. The stage of completion is measured by reference to physical progress incurred to date to estimated total cost for each contract. The full amount of the anticipated loss, including any loss related to future work on the contract, is recognized in the period in which the loss is identified. Delays in a particular EPC project, many of which are unforeseen and outside our control, have an effect on the timing of completion and hence on our ability to recognize and generate revenue on such project.

Backlog Our backlog of EPC projects at December 31, 2007, 2006 and 2005 was Rp 5,711,936 (U.S.$ 606,427), Rp 237,166 (U.S.$ 26,293) and Rp 93,300 (U.S.$ 9,491), respectively, on a consolidated basis. Backlog represents the total accumulation of value of all contracts awarded less the amount of revenue recognized to date on contracts at a specific point in time; therefore, it comprises the total value of awarded contracts that are not completed and the revenue that is expected to be reflected over the remaining life of the projects in process. Backlog is our key predictor of future earnings potential. Although backlog reflects business that is considered to be firm, cancellations, significant delays, or scope adjustments may occur. We have adjusted backlog to reflect project cancellations, deferrals and revisions in scope and cost, both upward and downward, as we were reasonably able to determine at the reporting date.

IPP Most of our IPP projects are still in the development phase and require significant capital expenditure. The [six] early-stage coal-fired power plant projects in which we have invested are currently in the construction phase and are not anticipated to begin producing revenue until 2009. While we have conservatively estimated the completion date of these projects, a variety of factors, some of which we do not control, can affect the time that such project becomes operational. As a result, our ability to generate revenues from such projects would be delayed.

In contrast to our EPC business, revenues generated in our IPP business will be based on contracted capacity and availability factor by the particular plant. For each plant, prior operational, we entered into long-term power supply contract with PLN as well as private company. These agreements should allow us to manage any future increases in the cost of fuel through our ability to pass increased costs through to PLN.

Coal production and trading The extension of our business into the coal production and supply was the result of both the natural growth of our power plant business and the strong growth in demand for coal in Indonesia.

Coal, increasingly becoming the dominant fuel in Indonesia and the region, is one of the cheapest sources of fuel and is readily available in Indonesia. PLN has estimated that coal demand for electricity generation from both PLN and IPPs will increase from 32 million tons in 2006 to 76.1 million tons in 2010.

We, through MIS, focus on domestic coal mines which contain large reserves of quality coal. We are in cooperation with mining concession holders, both private and cooperative, through which we are able to extract or secure the supply of coal for our customers and the Power Plant Projects.

The current development of our coal operations is as follows: • Muara Enim, South Sumatra — We own a 90.1% interest in PT Manunggal Multi Energi (“MME”). MME owns a KP Eksplorasi for a concession area of 5,574ha at Muara Enim, South Sumatra. We have completed explorations for 511ha (1st stage) of our concession area (total of 5574ha) and proved 140.8 million tons of mineable reserves at a strip ratio of 1:2 with coal of calorific value ranging between 4,200 - 5,100 kcal/kg (gross as received). Most of the coal is sub-bituminous and suitable for power generation. Initially, we intend to supply coal from this mine to PLN’s power plant, which is in close proximity to the mine (approximately 12km). Eventually, we intend to supply coal from this mine to our other power plants. We plan to commence mining by the second half of 2008, with an estimated production of 0.5 million metric tons in the first year and one million metric tons the following year. We have completed the environmental impact assessment and received the


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relevant approval (KP Eksploitasi), and are currently in the process of land clearance. We expect the land clearance to be completed by the end of 2008.

• Gresik, East Java – Our coal stockpile facility in Gresik, East Java commenced operations in January 2008. Besides providing stockpiling services to third parties, we also intend to use this facility to support our domestic coal trading business, with a focus on industrial customers. The throughput capacity of the facility is 450,000 tons per year.

• Maxima Coal Pte. Ltd. – In December 2007, we started coal trading (export) through our Singapore based joint venture company, Maxima Coal Pte Ltd. (“Maxima Coal”). Maxima Coal is 50% owned by Maxima Infrastruktur and 50% owned by EDF Trading Limited. We anticipate that our domestic and export coal trading operations will improve our supply network and enhance our expertise in quality and logistics management. We anticipate that these operations will strengthen our domain knowledge and expertise and in turn, enhance the reliability of our coal supply to the Power Plant Projects.

Other operating expenses / Depreciation Operating costs consist of direct costs on contracts, including labor and raw material costs (which include equipment purchase costs), amounts payable to subcontractors and direct overhead costs (including depreciation, fuel, maintenance and repairs). Depreciation is provided using a straight-line method for construction equipment. Operating costs are recorded as incurred and revisions in contract revenue and cost estimates are reflected in the accounting period when known. If we project a loss on a project, we immediately recognize the estimated loss. Operating revenues from contract change orders are recognized when the owner agrees to the change order. The foregoing, as well as project delays due to weather conditions, stage of completion and mix of contracts at different margins, may cause fluctuations in gross profit between periods and these fluctuations may be significant from period to period.

Principal Components and Results of Operations The following table sets forth our selected income statement and other financial information for the periods presented as a percentage of net revenue.

Year ended December 31, 2005 % of Net 2005 % of Net 2006 % of Net 2007 % ofNet Revenue Revenue Revenue Revenue (audited) (pro-forma) (audited)(in million Rupiah) Revenues 279 100.0% 1,247,153 100.0% 972,286 100.0% 1,506,202 100.0%

Cost of revenues 257 91.8% 1,133,550 90.9% 851,831 87.6% 1,171,472 77.8%

Gross profit 22 7.9% 113,604 9.1% 120,455 12.4% 334,730 22.2%

Operating expenses 303 108.6% 68,743 5.5% 75,713 7.8% 156,779 10.4%

Operating income (loss) (281) (100.7%) 44,860 3.6% 44,742 4.6% 177,951 11.8%

Other income (charges)

Income from investments 23 8.2% - - 26,846 2.8% 138,088 9.2%

Miscellaneous-net 99 35.5% 9,020 0.7% (13,113) (1,3%) (40,425) (2.7%)

Other income – net 122 43.7% 9,020 0.7% 13,733 1.4% 97,663 6.5%

Income from associate companies - - 4,997 0.5% 10,299 0.7%

Income(loss) before income tax (159) (57.0%) 35,840 2.9% 63,472 6.5% 285,913 19.0%

Income tax expense

Current - (18,349) (1,5%) (18,367) (1.9%) (64,612) (4.3%)

Deferred - 4,900 0,4% 1,453 0.1% 5,741 0.4%

Income tax expense - (13,449) 1.1% (16,914) (1.7%) (58,871) (3.9%)

Income (loss) after income tax expenses before minority interest (159) (57.0%) 22,391 1.8% 46,558 4.8% 227,042 15.0%

Minority interest - 10,916 0.9% (11,617) (1.2%) (14,307) (0.9%)

Net income (loss) (159) (57.0%) 11,475 0.9% 34,941 3.6% 212,735 14.1%

Year ended December 31, 2007 Compared to Year Ended December 31, 2006


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RevenuesOur revenues increased from Rp972.3 billion for the year ended December 31, 2006 to Rp1,506.2 billion (US$159.9 million) for the year ended December 31, 2007, an increase of 55%.

This increase was primarily due to :1. increase in tank and pipe revenues by Rp233.4 billion

(US$ 24.8 million)2. increase in power plant construction revenues by

Rp110.2 billion (US$ 11.7 million)3. increase in maintenance revenues by Rp142.5 billion

(US$ 15.1 million)

Cost of revenuesOur cost of revenues increased from Rp851.8 billion for the year ended December 31, 2006, to Rp1,171,5 billion (US$124.4 million) for the year ended December 31, 2007, an increase of 38%. This increase was primarily due to 1. increase in cost of subcontractor by Rp124.4 billion (US$13.2 million)2. construction material by Rp61.9 billion (US$ 6.6 million)3. salaries, wages and welfare by Rp30.3 billion (US$ 3.2 million).

Gross profitAs a result of the foregoing factors, our gross profit increased 178% from Rp120.5 billion for the year ended December 31, 2006, to Rp334.7 billion (US$35.5 million) for the year ended December 31, 2007.

Operating expensesOur operating expenses increased from Rp75.7 billion for the year ended December 31, 2006, to Rp156.8 billion (US$16.6million) for the year ended December 31, 2007, an increase of 107%. This increase was primarily due to 1. increase in salaries, wages and employee welfare by

Rp44.1 billion (US$ 4.7 million)2. increase in traveling expense by Rp7.0 billion

(US$ 0.7 million)3. increase in bad debt expense by Rp6.5 billion

(US$ 0.7 million)4. increase in depreciation of fixed assets by Rp4 billion

(US$ 0.4 million)

Operating income Our operating income increased from Rp44.7 billion for the year ended December 31, 2006, to Rp178.0 billion (US$18.9million) for the year ended December 31, 2007, an increase of 298%. This increase was primarily due to increase in gross profit percentage from 12% in December 31, 2006 to 22% in December 31, 2007.

Other incomeOur other income – net increased from Rp13.7 billion for the year ended December 31, 2006, to Rp97.7 billion (US$10.4 million) for the year ended December 31, 2007, an increase of 613%. The increase was primarily due to:• Income from investments: Our income from investments increased 414%, from Rp26.8 billion for the year ended December 31, 2006, to Rp138.1 billion (US$14.7 million) for the year ended December 31, 2007. The increase in income from investments can be attributed to :1. Interest income from investment management

(increased by Rp78 billion or US$ 8.3 million)2. Interest income from time deposits (increased by

Rp46.6 billion or US$ 4.9 million)

• Miscellaneous-Net : Our loss on foreign exchange increased by Rp15.5 billion or US$ 1.6 million resulted from depreciation of Rupiah against US Dollar during 2007.

Income from associate companiesOur income from associate companies increased from Rp5.0 billion for the year ended December 31, 2006, to Rp10.3 billion (US$1.1 million) for the year ended December 31, 2007, an increase of 106%. The increase was primarily due to increase in income from investment in Truba Arabia Co Ltd by Rp8.4 billion or US$ 0.9 million.

Income before taxAs a result of the foregoing factors, our income before tax increased 350% from Rp63.5 billion for the year ended December 31, 2006, to Rp285.9 billion (US$30.4million) for the year ended December 31, 2007.

Income tax expenseOur income tax expense increased from Rp16.9 billion for the year ended December 31, 2006, to Rp58.9 billion (US$6,3million) for the year ended December 31, 2007.


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Income after income tax expenses before minority interestAs a result of the foregoing factors, our net income after income tax expenses before minority interest increased Rp46.6 billion for the year ended December 31, 2006, to Rp227.0 billion (US$24.1million) for the year ended December 31, 2007, an increase of 387%.

Liquidity and Capital Resources We fund our short-term working capital requirements through cash flow from operating activities, working capital facilities, short-term bridge financings from Indonesian banks and shareholder loans. The capital requirements for the development of power plant projects / IPP is funded through loan from local banks.

Cash FlowsYear ended December 31, 2007As of December 31, 2007, we had cash and cash equivalents of Rp 1,880.2 billion (US$ 199.6 million).

Our cash used by operating activities was Rp102 billion (US$ 10.8 million) in 2007. Furthermore, we paid interest and financial charges of Rp14.6 billion (US$ 1.6 million) and a tax payment of Rp35.5 billion (US$ 3.8 million). This amount was partially offset by interest receipts of Rp138 billion (US$ 14.7 million). Our net cash used by operating activities was Rp102 billion (US$ 10.8 million).

Our net cash used in investing activities was Rp1.493 billion (US$ 158.5 million) in 2007. We received Rp399.9 billion (US$ 42.5 million) from notes receivable. In addition, Rp4.8 billion (US$ 0.5 million) was receipt from investment from other companies. This amount was partially offset by payment trade financing other company of Rp1,051.8 billion (US$ 111.7 million), acquisition of fixed assets of Rp318.7 billion (US$ 33.8 million) and acquisition of subsidiaries of Rp219.3 billion (US$ 23.3 million).

Our net cash provided by financing activities was Rp2.867,8 billion (US$ 304.5 million). We had proceeds from shareholders loan by Rp2.563,2 billion (US$ 272.1 million), from our exchangeable bond financing in 2007, bank loan by Rp156.4 billion (US$ 16.6 million) and additional paid in capital from warrant by Rp129.7 billion

(US$ 13.8 million).Year ended December 31, 2006 As of December 31, 2006, we had cash and cash equivalents excluding overdraft of Rp608.4 billion. Our cash used by operating activities was Rp59.8 billion (US$ 6.6 million) in 2006. Furthermore, we received interest income of Rp23.3 billion (US$ 2.6 million) and a tax payment of Rp19.8 billion (US$ 2.2 million). This amount was partially offset by interest payment of IDR 3.5 billion (USD 0.39 million) and payments of income tax of Rp19,8 billion (US$ 2.1 million). Our net cash used by operating activities was Rp59,8 billion (US$ 6,6 million).

Our net cash used in investing activities was Rp590.6 billion (US$ 65.5 million) in 2006. We used Rp399.6 billion (US$ 44.3 million) for purchase of [ notes receivable ]. In addition,Rp101.5 billion (US$ 11,3 million) was used for the purchase of [short-term equity investments], and Rp54.6 billion (US$ 6,1 million) was mainly used for cquisition of Truba Jaya Engineering.

Our net cash provided by financing activities was Rp 1,161.4 billion. This amount consists primarily of proceeds from our initial public offering by Rp 500 biliion together with Rp 799 billion that we received as additional paid-in capital of our significant shareholders offset mainly by the settlement of notes payable of Rp 156 billion.


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Planned capital expenditure

The table (right) sets forth our planned capital expenditure for 2008, 2009, 2010, 2011 and 2012. The budgeted amounts may vary from the actual amounts of capital expenditures for a variety of reasons, including changes in rates of exchange between the Rupiah and foreign currencies, changes in interest rates and other factors. See Risk Management section.

For the year ended December 31,

Expected Capital Outlay 2008 2009 2010 2011 2012 (IDR billions)

Total CAPEX 1,889.5 1,302.3 5,428.6 14,655.8 5,197.5

Our planned capital expenditure for 2008, through to 2012 are generally for the purpose of further investing in our IPP business, increasing our EPC capabilities and expanding our coal mining operations. These capital expenditures will be funded by the contribution of project level funding, cash flow generated within the business.Material Contractual Obligations

The following table sets forth the payments due for our material contractual obligations as of December 31, 2007:

Payment due by period Contractual Obligations Total Less than 1 year 1-3 years 3-5 years More than 5 years (IDR billions)

Short-term obligations(1) 546.3 546.3

Long-term obligations(2) 2,651.60 - 88.4 2,563.20

Other non current liabilities 24.5 - - - 24,5

Purchase obligations - - - -

Total 3,222.40 546.30 88.40 2,563.20 24,5

Notes:

(1) Current maturities of long-term debts, trade payables, contract advances, notes payables and other current liabilities.

(2) Shareholder’s loan, long term debts net of current maturities bank loans and consumer financing loan.

Off-Balance Sheet Arrangements As of December 31, 2007, we have no material off-balance sheet arrangements.

Quantitative and Qualitative Disclosures about Market Risk Market risk is the risk of loss related to adverse changes in market prices, including interest rates and foreign exchange rates, of financial instruments. We are exposed to various types of market risk, including changes in foreign exchange rates, in the ordinary course of business. Currently we do not hedge against financial or market risks.

The following table sets forth our gains and losses as a result of our foreign exchange transactions for the years

Year ended Year ended December December 31, 2006 31, 2007Net gain/(loss) on foreign exchange Rp 7.2 billion Rp 22.7 billion


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Financial Review


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We, the undersigned, being the members of BoC and BoD of Truba Manunggal, declare that we are fully responsible towards the preparation and presentation of this 2007 Annual Report and 2007 Financial Statements. All information on this publication has been fully and accurately disclosed, and the Reports do not contain false or ommitted information or material fact.

Jakarta, April 30, 2008

Responsibilities towards the Annual Report and Financial Statements 2007


FX. Agus Edyono, S.IpUnaffiliated Director

Shi Hong ChaoDirector

Chua Thiam JooDirector

Hendrik Tee President Commissioner

SiswantoIndependent Commissioner

Mr Sidarta SidikCommissioner

PT TRUBA MANUNGGAL ENGINEERING Tbk

Wisma BRI II, 16th FloorJl. Jend. Sudirman No. 44-46. Jakarta 10210,Indonesia

Phone:(62-21) 5785 3528

Fax:(62-21) 5785 1991

www.truba-manunggal.com

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