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Truba Alam Manunggal Engineering Tbk (Truba)Investor PresentationIndonesia Energy Day, Singapore, 17 March 2008

SECTION 1

Company Overview

2

Truba Alam Manunggal OverviewAn Integrated Company, with more than 30 years experience in power EPC operations

♦ A one-stop solution company for energy needs in Indonesia

♦ The Company was incorporated on 1 February 2001 and was initially a subsidiary of Truba Jaya Engineering (TJE)

♦ Truba’s main activities include:

1) engineering, procurement and construction (EPC) services

2) power generation/independent power producer (IPP)

3) coal mining and trading; and

4) power & industrial plants operation and maintenance (O&M)

♦ Enjoys the privilege as one of the few companies that are able to provide all three EPC activities in the power field

♦ Through TJE, Truba supported the construction and civil engineering of more than 90% of PLN’s coal and gas fired power plant over the past 30 years, with unit capacities ranging from 25MW to 660MW

♦ Truba’s total revenues increased from IDR279.1bn in 2005 to IDR972.3bn in 2006 on the back of increased EPC projects. EPC projects contributed approximately 85% of sales in 2006.

♦ Truba’s total revenues increased 54.9% to IDR1,506.2bn in 2007 as compared to 2006. – As of Dec 2007, Truba has achieved net income of IDR212.7bn.– Truba was listed on the Main Board of the Indonesia Stock Exchange

(IDX) on 16th October 2006. Current market cap as of 10 March 2008 was USD1.9bn

Engineering Procurement Construction

Coal Mining &Trading

Operation & Maintenance

Integrated Power

Company

IPP

Truba undertakes strategic functions which are integral to the development of the Indonesian energy sector. It tries to harness the value chain in Energy Development in Indonesia.

3

Corporate Structure

Note: * The remaining shareholders are EDF Trading ** Currently 28%, but upon CBs conversion by 1H08, it will be 51%

PT Truba Alam Manunggal Engineering Tbk.

Operation & Maintenance

PT Manunggal PowerPower Plant

100%

IPP Projects

TAME Turnkey Construction

Pte Ltd

100%PT Manunggal InfrasolusiEPC / Project Management

PT Truba Jaya EngineeringConstruction

PT Manunggal EngineeringEngineering & Procurement

100%

96%

99%

PT Suar Alam EngineeringEngineering & Construction

99%

100%PT Maxima Infrastruktur

Coal Mining & Trading

PT Manunggal Multi Energi Coal Mining

PT Truba Segihan UtamaStock Piling

90%

70%

Maxima Coal Pte Ltd.*Coal Trading - Export

50%

PT Meta EpsiEPC / Transmission

51%**

PT Meta Epsi Minatara

PT Andira Agro

PT Mesa Inti Kebun

PT METAEPSIEngineers & Constructor

PT Central Energi Pratama

99%

75%

100%

100%

60.00%

PublicPT Mandala Kapital(MK)

PT Alam Manunggal(AM)

24.98% 14.04% 43.04%

BNP Paribas Arbitrase HK Ltd

Indo Infrastructure Group Pte

3.61% 14.33%

Corporate and Shareholding Structure as of December 2007

♦ Commitment towards Truba: The Jiaravanon Family will directly and indirectly own about 60.9% of Truba through AM and MK (upon conversion of convertible bonds in 2011)

♦ The Jiaravanon family also have interests in Charoen Pokphand & Central Proteinaprima Tbk (rated B1 by Moody’s & B+ by Fitch) in Indonesia (all listed entities)

4

Solid Market Share and Well Spread Geographic PresenceTruba has an established market presence with a portfolio of existing projects throughout Indonesia.

Truba’s operations are nationally well spread out, with IPP projects mainly focused outside Java & Bali.

5

Growth Strategy

Strategic thrust is to tap into the coal supply business, given the organic growth development of the power plant business and strong demand for coal in Indonesia. With a view to secure coal supplies for both its IPP captive use as well as third party customers, Truba continues to perform due diligence on several prospective mines in Indonesia, as well as exploring avenues to develop its coal mining business. Through 90% owned MIS, Truba plans to focus on domestic coal mines with huge reserves of quality coal.

• Coal Mining & Trading

Started by providing O&M services required by the Power Projects to the Project Companies, and over time to provide similar services to third party customers (like PLN). Expansion plan will ride on the stepped-up phase of their IPP projects as more entities-owned power plants generation are established

• O & M

Focus is outside the Java-Bali grid region, which will allow Truba to tap into the under-served power needs of some 11.6 million electricity consumers. At the same time, this strategy will allow Truba to strengthen its position among the small-mid sized players.

Growth model is premised on the Indonesia government’s Fast Track Program. Leveraging on its strategic partnership with the Chinese companies and TJE, Truba is expecting to support and undertake construction for up to 5,400 MW of PLN projects that have been awarded under this program. Also through recently acquired Meta Epsi, Truba’s growth focus will also include EPC transmission business

Truba’s Future Strategies

• IPP Business

• EPC Business

Business Segment

EPC would still remain as the main driver of revenue in the short to medium term, while IPP, coal mining and trading should help to diversify revenue base in the medium to longer term

Vision

To be a one-stop energy solution for Indonesia’s power generation needs

♦ Focus on EPC projects throughout Indonesia and IPP projects outside Java Bali region

♦ Focus on synergies between the EPC, IPP, O&M and coal operations to create an integrated power generation business

♦ Secure and develop coal supplies ♦ Provide plant O&M services, such as repair, renovation, predictive

and preventative services, and other aftermarket services in thepower plant sector

♦ Strategic alliance with Chinese & local engineering companies

Strategy

♦ Deliver high quality standard, timely and cost effective products and services

♦ Use engineering skills, appropriate technologies and dedicated work to implement innovative solutions

♦ Understand needs, solve problems and exceed expectation of the client

Goal

6

Financial Highlights

(US$ '000) 2007 2006

Revenue 163,718 105,683 COGS 127,334 92,590 Gross Profit 36,384 13,093 Gross Margin (%) 22.2% 12.4%

Operating Expenses 17,041 8,230 Operating Profit 19,343 4,863

Other Expense (Income) 10,616 1,493 Net Income (before tax) 31,078 6,899

Tax (6,399) (1,838) Minority Interest (1,555) (1,263)

Net Income 23,123 3,798

IDR (million) 212,734,734 34,941,198

* Exchange rate: US$1 : IDR 9,200

Balance SheetIncome Statement

(US$ '000) 2007 2006

Cash 204,370 66,126 Short term investments 32,529 10,860 Accounts Receivable 73,522 37,195 Inventory 831 594 Advance Payment & Prepaid Tax 54,835 17,853 Total Current Assets 366,088 132,629

Long Term Investment 12,400 48,311 Trade Financing 115,822 167 Fixed Assets 40,686 8,867 Others 7,527 6,265 Total Non-Current Assets 176,436 63,610

Total Assets 542,524 196,238

Accounts Payable 18,685 16,087 Advance & Others 33,411 9,276 Current Maturity of LTD Bank loans 6,702 5,986 Consumer financing loan 581 Total Current Liabilities 59,379 31,349

Long Term Loans Bank Loans 7,535 - Consumer financing loans 2,074 - Due to related parties 115 Shareholders' Loan 278,609 - Others 2,659 1,630 Total Long Term Liabilities 290,878 1,745

Total Liabilities 350,257 33,093

Capital 156,064 141,971 Retained Earnings 26,129 3,006 Total Shareholders' Equity 182,194 144,977 Minority Interest 10,073 18,168 Total Liabilities & Equities 532,450 178,070

SECTION 2

Key Company Strengths

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Key Company Strengths

Healthy financial position expected to strengthen

further

4

Strategic partnership with strong Chinese partners

Established operating track record as EPC player

2

Integrated power business model

1

Skilled and experienced management

5

Favorable long-term industry fundamentals &

outlook

6

3

9

Integrated Power Business Model

♦ Truba’s integrated power business model is premised on the rising demand for energy in Indonesia. It capitalizes on the Indonesia Government’s initiative of the Fast Track Program, and the overall 2020 Electrification Plan

♦ Integrated business model covering the entire power generation value chain that includes:– Engineering, procurement and construction services (“EPC”) – Independent power generation (“IPP”) for sale to PLN or

industrial customers– Operation and maintenance services (“O&M”) – Coal trading & mining

♦ Competitive Advantages, Truba is able to harnessing through synergies of its integrated model– Complete control over the construction and operation phases – Economies of scale– Increased operating efficiency, particularly in the power

generation business– Enhanced training and skills upgrades for its employees– Better purchasing power and delivery schedule for

equipment and materials– Established EPC Platform and strategic tie-ups with Chinese

partners

♦ To further enhance its integrated platform, Truba :– Through PT Meta Epsi will be engaged in large scale turnkey

projects in infrastructure, oil & gas, petrochemicals and electricity transmission projects

– Investing in power plant projects in N Sumatra (Paluh Merbau, 2x150MW), Bali (Karang Asem, 2x100MW), and CDE coal fired power plants (4x30MW)

1

♦ As coal will become the dominant fuel for power generation in Indonesia and is cheaper than distillate fuel fired power plants, Truba enjoys advantageous cost position through its integrated model.

♦ Coal contracting companies can manage the mine, Truba also has stockpile facilities, and a jv with a coal trading company.

Coal

O&M

♦ Truba’s IPP Projects provide a captive platform to for the O&M business. Truba started by providing O&M services required by the Power Projects to the Project Companies.

♦ Eventually, Truba plans to provide similar services to third party customers. Truba’s focus is to build on its self-serve O&M capabilities through strategic alliance with the Chinese engineering partners.

IPP

♦ Truba has an established EPC platform and strategic tie-ups with Chinese partners

♦ Will be a thrust of Truba’s model with higher margin yield and recurring income stream through long-term take-or-pay contracts with PLN

♦ IPP focus is outside the Java-Bali grid region where electricity demand is relatively unmet, and which allows the Company to strengthen its position as a niche player

Through an integrated model, Truba covers the entire power generation value chain.

10

Established Operating Track Record as EPC Player

♦ Backed by 30 years of experience, through 96% owned Truba Jaya Engineering (“TJE”), Truba has supported the construction of more than 90% of the coal-fired and gas-fired power plants in Indonesia with unit capacities ranging from 25 to 660 MW for industrial power plant owners, IPPs and PLN. In all, Truba has helped to construct power plants with aggregate installed capacity of more than 15,000 MW.

♦ Other than power plants, Truba has also constructed numerous industrial plant projects in the cement, fertilizer, chemical & petro-chemical, oil & gas and pulp & paper sectors. Truba has also expanded into the EPC for electricity transmission projects.

♦ Comprehensive EPC services, include program and project management services for EPC, facility commissioning and start-up projects. Truba often acts as its customers’ direct representative, or program management contractor, by overseeing the work of other engineering and construction contractors:

♦ Certifications and Accreditations evidencing ability to meet rigorous standards include:– American Society of Mechanical Engineers (ASME) for design and assembly of power boilers– ISO9001 (Quality Management Systems) from Lloyd’s– ISO14001 (Environmental Management System) from Sucofindo International– OHSAS18001 (Occupational Health and Safety Management) from Sucofindo International

2

Truba is a dominant power and industrial plant contractor involved in some of the largest, most complex EPC projects with in-depth knowledge of the Indonesian market

Some of the major EPC projects undertaken by Truba over the last 10 years:Nature of Industries Nature of the Works Project Name Site Services Carried Out

Power Plant PLTU PLTU Suralaya 2x600 MW Suralaya, Banten

Coal handling system fabrication andinstallation, mechanical and electrical erection for turbine generator

PLTU Paiton 2x660 MW Probolinggo, East Java Boiler construction and insulation

PLTU Tanjung Jati 2x660 MW Tanjung Jati, JeparaBoiler erection, turbine erection, and steel structure procurement and fabrication

PLTU Cilacap 2x300 MW Cilacap, Central Java Mechanical and electrical constructionPLTU Tarahan Unit 38-4 2x100 MW Tarahan, Lampung Mechanical and electrical construction

PLTGU PLTGU Tambak Lorok 500 MWTambak Lorok,Semarang Erection of HRSG and BOP units

PLTGU Tanjung Priok 1,180 MW Tanjung Priok, Jakarta Pipe fabrication and erection of HRSG

PLTGU Cilegon 740 MW Cilegon, BantenErection of all power plant, EPC for transmission of 150 KV and substitution, local supply and fabrication

PLTGU Gresik 1500 MW Gresik, East JavaTurbine installation, fabrication, steel structure and construction

TurbinePower Plant PPG Turbine Power Plant 400 MW Riyadh, Saudi Arabia Mechanical & electrical construction and instrumentationPrivatePower Plant Paiton Private Power Plant 2x650 MW Probolinggo, East Java

Boiler erection and supporting facilities for mechanical and electrical construction of BOP (Balance of Plant)

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Strategic Alliance with Strong Chinese Partners

♦ Strategic partnership fostered with leading Chinese power equipment manufacturers and power producers enables Truba to leverage on their expertise and to secure EPC & IPP contracts:– Strong support from the Chinese

Government, which has also asked Chinese financial institutions like the EXIM Bank of China to provide financial support for Indonesian coal-fired power plant projects

– Also, the alliance with Chinese partners enable Truba to secure access to supply machineries and equipments; and overtime help cement contracts for engineering and other ancillary contracts in the Chinese market

♦ Under the Agency Agreements with Shanghai Electric & Qingdao Jieneng for a number of Indonesian engineering EPC projects, Truba will be awarded the sub-contracts for the local construction work, in addition to 2.5% of the contract price upon successful bid

♦ Strong relationships with major international EPC contractor in Indonesia, including ABB, Mitsubishi Heavy Industries and Marubeni, also help to improve Truba’s access to heavy equipment suppliers with better bargaining power

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Increasing cooperation with Chinese companies and support from the Government, will be valuable in securing future contracts and having access to financial support.

Shanghai Electric – Truba has a first-right of refusal for all their EPC projects in Indonesia– Largest Chinese power equipment manufacturer for coal-fired, gas-fired, hydro,

nuclear power plants

Qingdao Jieneng Power Station Engineering – Truba has a first-right of refusal for all their EPC projects in Indonesia– More than 50% market share for turbines of 50MW or below in China; with

production capacity of more than 10,000 MW / year

Shanghai Golden Concord– In the cooperation as the on-shore contractor of China EPC contractor– One of the major Power Company in China for Engineering Design and

Management and Operation and Maintenance

Beijing Electric Power Construction Co. – In the cooperation as the on-shore contractor of China EPC contractor– Abundant experience in the construction of 600 MW and 200 MW coal-fired

power plants, State-class training center for installation of power plant in Beijing, China

China Guodian Overseas Power Co., Ltd– In the operation and maintenance of TAME IPP power plants and other plants in

Indonesia– One of the top 5 Power Generation Groups in China

Xin Yuan International Investment Company– Abundant experience in conducting international power and fund investment– Installed capacity of more than 50,000 MW in more than 120 power plants in

China

Sinohydro Corporation Limited– One of the biggest civil contractors in China– Annual revenue is more than USD8bn

Shenergy Company Limited– It invests and manages Shanghai electric power and energy projects – Market share is 2,230 MW or about 25.5% of the total installed capacity in

Shanghai

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Healthy Financial Position Expected to Strengthen Further4

With the strong EPC order book size, coupled with the IPP projects pipeline, Truba’s financial profile and credit metrics are expected to improve significantly.

♦ Financial flexibility is maintained through strong internal cash flow generation. Most of its EPC project needs could be covered through progress billings. Truba’s experience with doubtful receivables has been minimal (provision for doubtful accounts averaging less than 1.5% over the last two years)

♦ Bank Guarantee Facilities: all of its EPC projects are secured by banks guarantees, whereby Truba has good relationship with 3-4 banks (Deutsche, Mizuho, OCBC, & BNI). As of end Dec 2007, the Company has total bank guarantee facilities of IDR514 bn.

70%

30%

Project Finance Equity

10-15%

85-90%Progress billings/internally generatedresourcesWorking capital needs

.

♦ Cost structure is expected to be stable, given Truba’s economies of scale benefits. – EPC: on average 85-90% of its project needs can be met through internal cash flow generation and progress billings, with

the remaining 10-15% through working capital facilities. – IPP: about 30% of project cost is met through equity injection; with the balance by project financing. – Coal: no major financing need anticipated, as capex and working capital requirement will be under the responsibility of coal

contracting company

Average Funding Structure of Truba’s Project Needs Key Credit Metrics2007 2006

Gross Margin (%) 22.2% 12.4%EBITDA Margin (%) 26.4% 8.3%FFO + Gross Interest Paid / Gross Interest Paid (x) 8.0 3.6EBITDA / Gross Interest Paid (x) 27.13 3.47Total Debt / Capital 10.8% 4.3%

Key Credit Financials (USD '000)Funds from Operations 11,082 6,505 EBITDA 43,181 8,798 Total Debt 16,892 6,100 Payment of interest & financial charges 1,592 2,538 Cash 204,370 66,126 Net Debt (187,478) (60,026)

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Favorable Long-term Industry Fundamentals & Outlook

2.1 2.11.7 1.6

1.2

0.70.4 0.3 0.2 0.1 0.1 0.1 0.1 0.1

0.0

0.5

1.0

1.5

2.0

2.5

Singapo

reJa

pan

Hong KongTaiwan

KoreaMalaysi

aThailand

China

Philippines

Sri Lan

kaPakis

tanViet

nam

IndiaIndon

esia

(kW

/cap

ita)

Source : PLN, based on 2004 estimate

100

120

140

160

180

200

220

2007 2008 2009 2010 2011

Demand Forecast Production Forecast

GWh (000)

Very Low Installed Capacity/Capita Demand and Supply Forecast

Capacity Breakdown (Dec 2006)

Additional Capacity Breakdown (2007-2015)

Source : PLN

6

Oil35%

Coal25%

Gas24%

Hydro14%

Others2%

Oil1%

Coal50%

Gas36%

Hydro9%

Others4%

Truba capitalizes on the rising demand for energy in Indonesia, particularly given the government’s “Fast Track Program” that was launched in 2006.

♦ The “Fast Track Program” involves building a total of 10,000 MW of additional power capacity across the country by 2010

♦ The program mandated PLN to build coal-fired electricity generating plants (“PLTU”s) at 40 locations in Indonesia, including 10 plants with an aggregate capacity of 6,900 MW in Java-Bali and 30 plants with an aggregate capacity of 1,852 MW outside Java-Bali. The Fast Track Program is supported by the availability of sufficient coal reserves for the next 50 years in contrast to petroleum (10 years) and natural gas (30 years)

♦ Truba expects the PLTUs to be built and operational by 2010. PLN projects that by end 2015, over 34,000 MW of additional capacity (of which 15,656 MW are coal-fired) will be required

♦ Indonesia has est 5bn mt of coal reserves. Coal fuelled 33% of PLN’s production in 2006 but amounted to only 9% of fuel cost; there is much potential for Truba’s coal supply.

♦ With oil price hikes globally, upon the establishment and deployment of new coal-fired plants, PLN expects savings of approximately US$3bn per year.

♦ As of 2006, Truba has 25% capacity for coal, and for 2007-2015, it has reserved 50% capacity.

Coal will become the dominant fuel for power generation

SECTION 3

Company Operations

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Engineering, Procurement, Construction (EPC)

Truba is the EPC contractor of choice for large scale power plants in Indonesia

Engineering

Procurement

Construction

Truba views the EPC business as an integral part of the one-stop energy solution services, which forms the backbone of its integrated model that rides on Indonesia’s upward trending energy market

♦ Supports power plant construction activities and industrial engineering services and civil facilities such as roads, bridges, buildings

♦ Engineering services through subsidiary TJE include: urea bulk storage 3 & conveyor system project Bontang, E Kalimantan, and container crane in Cilegon Banten

♦ Supplies all equipment and machineries necessary for project construction

♦ Responsible for the procurement of material and construction equipments, building material and import goods necessary for both mechanical and electrical construction of power plants as well as industrial factories or civil facilities construction

♦ Some of the completed projects include: Pertamina UP-V Balikpapan, E Kalimantan; and Cirebon substation, West Java

♦ Construction services both in mechanical and electrical construction for power plants, industrial factories or public facilities construction

♦ In EPC industry, designing and infrastructure engineering skills are required. To secure mandates /contracts in the industry, the Company cooperates with foreign strategic partners with extensive experience in power plant and continues to deliver quality service to clients

EPC

Track

Record

♦ Some of the major power plants undertaken include: the Combined Cycle Power Plant in Cilegon (740MW), the Coal-fired Power Plant in Cilacap (2x300MW), the Tanjung Jati B Power Plant (2x660MW), the Paiton Power Plant (2x400MW), the Combined Cycle Power Plant in Gresik (1500MW) and the Suralaya Power Plant (3x600MW), Kuala Tanjung and Banyuasin(both at 2x135MW), Lampung (4x30MW), Pontianak (2x25MW) and in Bangka (2x12MW)

♦ EPC projects outside of power plants include oil and gas pipeline networks, pulp and paper factories, oil and gas processing factories, fertilizer plants and others.

♦ TJE is mainly involved in industrial & power plant construction. It undertook the construction of more than 90% of PLN’s coal-and-gas-fired power plants, with unit capacities ranging from 25MW to 660MW

♦ ME is the engineering and equipment procurement arm

♦ Meta Epsi will spearhead the EPC transmission business. It has more than 30 years of experience and some of the major projects completed included the US$397 mil Stage 1 Jakarta-W Java substation and transmission lines project for PLN

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Major Customers of Truba:

Selected Power Plant Projects Selected Industrial ProjectsCustomer Project Capacity (MW)Alstom PLN Bukit Asam 4x65

PLN Ombilin 2x100ABB PLN Paiton 2x400

IPP Paiton 2x660Mitsubishi PLN Suralaya 4x400

PLN Gresik 1,500PLN Cilegon 740

Marubeni PLN Suralaya 3x600PLN Tanjung Priok 1,190

CNCEC IPP Palembang 150Chengda IPP Cilacap 2x300

Industry Customer Location Customer

OilExxon Mobil NSO Phase A Field Development

Saudi Arabia

Arabian Bemco, Installation of Gas Turbine

Minerals Processing

INCO, Nickel Smelter Plant Qatar Qatar Petroleum,

Tank WorksPetro-chemical

Pertamina, Aromatic Plant Thailand Laem Chabang,

Gantry Cranes

Fertilizer PT Pupulk Kaltim, Urea Fertilizer Storage

Singapore Siemens, Structural Works

Within Indonesia Outside Indonesia

Renowned customer base and significant relationship with international power and industrial EPC players

29,164

129,600

480, 499

950,000

4,269,335

Project Size (USD’ 000)

Gulf Industrial Investment Co5

Antam4

Chevron3

PT Intanjaya Agromegah2

PLN1

Contracted Party (Owner)

29,164

129,600

480, 499

950,000

4,269,335

Project Size (USD’ 000)

Gulf Industrial Investment Co5

Antam4

Chevron3

PT Intanjaya Agromegah2

PLN1

Contracted Party (Owner)

Top 5 EPC customers (for contract period 2008-2014)

Engineering, Procurement, Construction (EPC)

17

Independent Power Production (IPP)Capitalizing on Indonesia’s rising energy needs, Truba will entrench its IPP footprint in the domestic power-generation market.

Contract Terms

With PLN

♦ Duration: 20-30 years tenor

♦ Obligations: Truba – dependable contracted capacity, PLN: Counterparty payment risk

♦ Tariff system: PPA tariff structure: with PLN that provides for fixed capital cost recovery, and full cost pass-through of fuel (coal) cost and other operating costs subject to inflation index

♦ Payment: Monthly billings on average are 30-45 days receivables turnover. Minimum payment based on PPA (based on minimum capacity usage). If Truba cannot deliver per PPA capacity they will have to bear penalty charges. Payment in Rupiah.

♦ Tenor Extension: Subject to PPA clauses

♦ Outside the Java-Bali region, Truba will focus on its IPP projects with a view to strengthen its position amongst small & mid sized players and step in to provide the unmet power needs coming from some 11.6 mn consumers.

♦ Truba will grow its IPP business through potential investments in power plant projects in N Sumatra (Paluh Merbau, 2x150MW), Bali (Karang Asem, 2x100MW), and CDE coal fired power plants (4x30MW)

All of Truba’s IPP plants are on build/operates/own (BOO) basis

Project Name Location Capacity UsageCommercial Operating

Date

Bangka Belitung Province

2 x 12 MW

(Coal)Generating electricity for sale by PT Bangka Manuggal Power to PLN

Sep 2009

Tulang Bawang Lampung Province

4 x 30 MW

(Coal)Generating electricity for sale by PT Central Daya Energi to PT Central Pertiuii Bahari

Aug 2009

Kuala TanjungNorth

Sumatra Province

2 x 135 MW

(Coal)Generating electricity for saleby PT Ranyza Energi to PLN

July 2010

PontianakWest

KalimantanProvince

2 x 30 MW

(Coal)Generating electricity for sale by PT Equator Manunggal Power to PLN

Dec 2009

BanyuasinSouth

Sumatra Province

2 x 135 MW

(Coal)Generating electricity for saleby PT Banyuasin Power Energy to PLNOct 2010

Tulang Bawang Lampung Province

210 MW

(Diesel)Generating electricity for sale by PT Central Daya Energi to PT Central Pertiuii Bahari

Already COD

18

Operation & Maintenance (O & M)

Source: Company

♦ Leveraging on its IPP platform, Truba plans to provide plant O&M services (such as operation, repairs and renovation) in the power plant sector

♦ Started by providing O&M services required by the Power Projects to the Project Companies, and eventually providing similar services to third party customers (like PLN)

♦ Through strategic alliances with its Chinese partners (for example China Guodian Overseas Power), Truba not only improves its O&M know-how and capability, but also to gain future contracts in Indonesia

♦ In advance negotiation with several parties(eg. China Guodian Overseas, PJB), to form JVs providing and maintenance, training, spare parts supply, system improvement services for its captive power plants like Project Tulang Bawang, Project Bangka, Project Kuala Tanjung, Project Pontianak and Project Banyuasin

♦ Truba intends to make their O&M contracts Performance / incentive based

Power Plant Sector

Service Centers

O & M

Spare Part Centers Training Centers

Operating & Repairs Renovation

Predictive& Preventative

Services

Other Aftermarket

Services

Project Companies Third Party Customers

Truba’s O&M thrust leverages on its EPC & IPP platform, which will provide ancillary opportunities for the Company, given the tendency for capital intensive companies to have their own power generation plants

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Coal Mining and Trading

♦ Through its Muara Enim mine in South Sumatra, it can mine coal reserves of approximately 140 million metric tons

– Mining is expected through open pits (with low coal strip ratio: 1:2), with first production of 0.5 million metric tons by FY2008, and subsequently doubling to 1.0 million metric tons by FY2009

– Logistic advantage: close proximity to PT Bukit Asam railway infrastructure, and eventual plan to own barges fleet for coal transportation to power plants

♦ Coal trading objective: to improve its suppliers network, management of quality and logistics. Also, to generate modest earnings from coal transshipment to neighboring big scale operators for export markets like India and Philippines

♦ Coal stock piling facilities in Gresik, East Java, had been completed at end-Dec 2007. Objective: to support coal trading function. At the same time, also meant for sale of coal to domestic non-power companies (like pulp and paper)

Coal mining and trading platform is expected to enhance Truba’s coal supply reliability and cost for its IPP business.

♦ A new source of revenue for Truba

– aligned with the Indonesian Government’s energy reform and “Fast Track Program” initiated in 2006

♦ Increasing disparity in terms of high oil prices and reserves provides the opportunity for coal to serve as a more affordable and reliable source of energy

– With coal reserves of approximately 140.8 million metric tons of open pit exploitation, the Company is expected to produce 1 million metric tons by 2009

♦ Truba has obtained the key environmental permits and approvals needed to support its operations, and in compliance with the Environment Management and Government Regulation No. 27/1999 (AMDAL)

♦ Its EPC subsidiary (TJE) has been awarded the ISO 14001:2004 certification from Sucofindo International for its environmental conservation efforts

♦ The group employs environmentally safe techniques such as the use of dust precipitators, desulpurization and silencers

Environmental Regulation

♦ Truba is insured against management liability, property damage, fire, third party liabilities and marine risks

♦ Fixed assets and equipments are insured up to about IDR137bn with a state-owned insurance company and others

Insurance coverage

20

Financial Policies

Liquidity and liability

management

Specific financial target

Truba is not expecting to pay any dividendsNo dividends expected

Truba enjoy relatively stable turnover of its trade receivables with collection period of approximately 46 days

Strong receivables collection

Minimal foreign exchange and interest rate

exposure

Target Debt to EBITDA around 3 to 3.5 times over the medium termTarget EBITDA interest coverage ratio of 3 times over the medium term

Prudent credit ratio benchmarks

IPP business: foreign exchange risk is nil, it is a passed through under the PPA

Company regularly review its need to undertake hedging (if necessary)

Revenue is mostly USD denominated or USD pegged

Ensure good working capital managementTo provide financial flexibility in the balance sheetGradual de-leveraging using internal cash flow

General financial policies

Maintains minimum cash balance to support at least 3 months of working capital needs

Adequate cash coverage

SECTION 4

Additional Information

22

Key MilestonesBacked by an established operating track record, robust demand prospects for power, and further long-term IPP offtake contract to be signed…

♦ PT Maxima Infrastruktur (MIS) started commercial operations in March 2006 and is engaged in coal-trading activities

♦ On 5 July 2006, the Indonesian President issued Presidential Decree No. 71 Year 2006, which assigned PLN to speed up coal-fired power-plant development in Indonesia

♦ On 16 October 2006, Truba was listed on IDX♦ Indonesian government introduced the Fast Track Program to build a total of 10,000MW of

additional power capacity across the country by 2010

♦ In 2002, TJE owned 97% interest in the Company

2002

♦ The Company was formed on February 1, 2001 under the laws of Indonesia bearing the name of PT Truba Alam Manunggal Engineering

2001 2006

…Truba is in a solid position to embark on its growth plans

2007

♦ Acquired additional 45% of TJE shares to increase its shareholdings in the company to 96%

♦ Four Project Companies power-purchase agreements (PPAs) were signed by individual Project Companies with PLN on 21 March 2007, and one with CP Bahari on 27 April with total installed IPP capacity aggregating 684MW

♦ As of Dec 2007, Truba had already secured 9,158 MW of EPC projects and 4,308MW of power generation projects which will start commercial operation in 2009-2010

♦ Truba fostered EPC strategic alliances with eight Chinese companies namely, Shanghai Electric, Qingdao Jieneng Power Station Engineering, Shanghai Golden Concord, Beijing Electric Power Construction Co., China Guodian Overseas Power Co., Ltd, Xin Yuan Intl Investment Co., Sinohydro Corp. Ltd. and Shenergy Co., Ltd.

♦ From 1 Sep 2007, Truba Jurong Engineering was renamed Truba Jaya Engineering

2005

♦ On 27 December 2005, Truba through MIS, acquired a 51% interest in TJE from TJE’s existing shareholders

♦ Removal of fuel subsidies in Indonesia resulted in a push for the industrial sector to switch from fuel to coal-fired power plant to generate electricity

1976

♦ In 1976, PT. Truba Jurong Engineering (TJE) was established as a Joint Venture between Jurong Engineering Ltd. of Singapore and Tri Usaha Bhakti of Indonesia

♦ TJE is mainly a power and industrial plant contractor

2008

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Subsidiaries Profile

♦ Involved in the field of EPC, maintenance and project management encompassing the civil, mechanical, electrical; technical disciplines in the industrial plant, power plant, and oil & gas sectors

PT Truba Jaya Engineering (TJE)

Construction96.00%

PT Manunggal Power (MP)IPP

99.9%♦ Operates as Truba’s investment arm and acts as a power project owner

PT Maxima Infrastruktur (MIS)

Coal Mining & Trading 99.9%

♦ It is the fuel supply arm of Truba

PT Manunggal Engineering (ME)

Engineering & Procurement

99.00%

♦ A newly established subsidiary responsible for engineering and procurement activities

PT Manunggal Multi Energi (MME)Coal Mining

90. 00%

♦ Formed to handle coal mining activities at Muara Enim, South Sumatra

♦ Owns a mining licence (Kuasa Pertambangan) in Muara Enim, South Sumatra

PT Manunggal Infrasolusi (MIF)

EPC/Project Management99.9%

♦ It is the project management arm of Truba

PT Meta Epsi (EPC – Transmission)

51.0%♦ Established in 1975, Meta Epsi is one of the dominant EPC companies in Indonesia with strong focus in EPC transmission business.

PT Suar Alam EngineeringEngineering & Construction

99.0%

♦ PT Suar Alam Engineering is an EPC company, engaging in energy & power plant, petrochemical, bio diesel and oil & gas plant

Maxima Coal Pte LtdCoal Trading - Export

50.0%

♦ Joint venture with EDF Trading (50%:50%)

♦ Started commercial operation in Dec 2007

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High Barriers of Entry Protect Truba’s Position Barriers to entry help to entrench Truba's market position

Funding

♦ Power and industrial plant construction industry is a capital intensive one. In Truba’s context, it benefits from the relationship established with 4 core banks that provide them with banker’s guarantee facilities, and that more than 2/3 of its project needs can be covered through internally generated reserves/progress billings

Integrated & large operations

♦ One of the few companies in the industry which is able to provide a one-stop solution to energy needs

Low consumer bargaining power

♦ Being in an oligopoly industry, it leaves consumers little bargaining power. This enables Truba to set appropriate profit margin

Regulatory

♦ Supportive regulatory framework

Threat of substitute

♦ There is a growing demand to switch from the costlier diesel-fired power plant to coal-fired power plant in the market;

♦ Until alternative fuel sources like bio-diesel becomes more commercially affordable, the threat of fuel substitute over coal-fired energy generation is expected to be limited

Concentrated competition

♦ Energy supply is a niche market where competition tends to be concentrated

♦ Existing providers have substantial experience, and have formed long term relationships with suppliers and customers alike