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INDONESIAS CEMENT INDUSTRY: NOW and THE FUTURE

SMGR Corporate Presentation June 2013

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CEMENT INDUSTRY AT A GLANCE

2
Kuala Lumpur Singapore

1
3 4 5
CEMENT INDUSTRY
Design Capacity Production Capacity Domestic Growth Domestic Utilization Supply Domestic Export Import : : : :

SMGR 1

1
6

7
2014F 1)
74.0 mio tons 66.6 mio tons 9.0% 99%

2012
60.2 mio tons 54.2 mio tons 14.5% 98%

2013F 1)
65.6 mio tons 60.7 mio tons 10.0% 100%

DOMESTIC CAPACITY (2013) 1. SEMEN INDONESIA - Semen Padang : - Semen Gresik : - Semen Tonasa : 2. Semen Andalas 2) 3. Semen Baturaja 4. Indocement TP 5. Holcim Indonesia 6. Semen Bosowa 7. Semen Kupang TOTAL
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: 54.9 mio tons : 0.2 mio tons : 0.7 mio tons2)

60.5 mio tons 0.5 mio tons 3.0 mio tons 3)

65.9 mio tons 0.2 mio tons 3.0 mio tons3)

1) Based on the Companys forecast 2) Imported cement by PT Semen Andalas (1.0 mio ton) and clinker by Bosawa and Kupang 3) Imported cement & clinker

27.7 mn ton 6.4 mn ton 14.0 mn ton 7.3 mn ton 1.6 mn ton 1.3 mn ton 20.5 mn ton 10.4 mn ton 3.6 mn ton 0.5 mn ton 2 65.6 mn ton

DOMESTIC DEMAND VS NATIONAL CAPACITY (2012 2017)

000 tons
120.000 Installed Capacity Real Production Consumption

100.000

80.000

60.000

40.000

20.000 2012 2013F 2014F 2015F 2016F 2017F

ton(000) 2012 Installed Capacity Real Production Consumption Surplus/deficit Domestic Utilization Export Domestic Consumption Growth 60,270 54,243 54,964 (721) 100% 200 14.5% 2013F 66,420 61,106 60,460 646 99% 200 10% 2014F 69,520 63,958 65,902 (1,943) 100% 200 9% 2015F 79,020 72,698 71,833 865 99% 200 9% 2016F 93,070 79,110 78,298 812 100% 200 9% 2017F 108,570 98,073 85,345 12,728 87% 200 9%

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CEMENT CAPACITY COULD ALMOST DOUBLE IN THE NEXT 5 YEARS

New Cement Capacity from Existing Players (2013 2017) No 1 2 3 4 5 6 Company Semen Indonesia Indocement Holcim Bosowa Semen Andalas Semen Baturaja TOTAL New Cement Capacity from Potential Foreign and Domestic Players (By 2017) No 1 2 3 4 Company Siam Cement (Thailand) CNBM (China) Semen Merah Putih (Wilmar) Anhui Conch Cement (China) - Tanjung - Tanah Grogot - Pontianak - West Papua Ultratech Semen Puger Semen Barru Targeted Plant Location West Java Central Java Banten Various - South Kalimantan - East Kalimantan - West Kalimantan - West Papua Wonogiri, Central Java East Java South Sulawesi Capacity (mn tons) 1.8 2.4 11.5 13.7 3.8 3.8 3.8 2.4 4.5 0.6 3.3 Pot. to be impl. (mn tons) 1.8 0 4.5 Investment (US$ mn) 360 350 n.a 2,350 400 600 600 750 827 n.a 470 Remarks + Local Partner Greenfield, Sukabumi Greenfield, Semen Grobogan Greenfield (PT Cemindo Gemilang Commercial) Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield Upgrading Greenfield (Barru, South Sulawesi) Targeted Plant Location Java, Sumatera, Sulawesi Java, Kalimantan East Java Java, Sulawesi Sumatera Sumatera Capacity (mn tons) 11.5 8.8 3.8 7.9 1.6 2.6 36.2 Investment (US$ mn) 970 1,560 (E) 680 (E) 620 300 325 4,130 Remarks Upgrading + green/brownfield Cement Mill + brown/greenfield Brown/Greenfield Cement Mill + Brownfield Greenfield Greenfield/Brownfield

3.8

5 6 7

0 0 0

Semen Panasia
TOTAL

Central Java

2.0
40.3

2.0
12.1

240

4,470

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Greenfield (Banyumas)

COMPARISON: CEMENT CONSUMPTION PER CAPITA 2012

kg/capita

kg
1.800 1.600 1.400 1.200 1.000 800 600 400 200 0

223

a ng Si

m na et Vi

do In

p ili Ph

Source: Deutsche, Indonesia Cement Association

a in Ch

nd la ai Th

a di In

a si ay al

a si ne

s ne pi

po re

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INDONESIAS SOLID ECONOMIC AND DOMESTIC CEMENT CONSUMPTION GROWTH

(mio tons)

60.0
Domestic consumption (LHS)

Cement growth % (RHS) GDP growth % (RHS)

20.0% 17.7% 54.9 48.0

50.0

40.0 9.7% 30.2 27.2 20.0 5.8% 27.5

Growth 5.6% 5.1% :

11.5% 40.8 38.1 39.1 34.2

14.5%

30.0

31.5

32.1

10.0% 7.2% 6.10%

Growth 4.60% :

Growth :

5.4% Growth :

6.3%
Growth : 6.1% 6.6%

10.0

4.4%

5.8% 4.7%

1.1%

4.2%

9.7%
1.8%

4.2%

1.8%
2.5%

6.0%

6.50% Growth : 6.80%

6.6%

22.9 Growth : 6.00% (A)

19.4%

0.0 2002

1.1%

0.0% 2007 2008 2009 2010 2011 2012 5M2013

2003

2004

2005

2006

Source: Indonesian Cement Association & BPS Statistic

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SO FAR INFRASTRUCTURE EXPANSION RELATIVELY SLOW

Bag and Bulk cement consumption (million tons)
45 40 35 30 25
21.0 22.7 20.0 18.1 16.9 18.2 10.8 23.7 23.7 25.2 25.5 26.9 28.2 32.2 32.8 39.2 34.2 44.1

20 15 10
6.5

8.8 3.0 3.5 3.8 5.0 6.0 5.1 6.0 5.9 6.2 6.6 4.7

5
1.0 1.9

2.3

0
1997 1999 2001 2003 2005 2007 2009 2011 5M2013

Bagged Cement
Source: Indonesia Cement Association and the Companys data

Bulk Cement
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DOMESTIC MARKET CONSUMPTION (2012)

Bulk 20%

Ready-mix (infrastructure): 60% Fabricator (pre-cast, fiber cement, cement based industry): 35% Projects (mortar, render): 5%

Bag

80%

Housing: 90% Cement based industry: 10%

Key Drivers of Domestic cement demand:

Source: Internal Research

Retail (residential) sector is the largest consumer of cement in Indonesia

National Economic Growth Favorable Interest Rate Environment Infrastructure Expansion

Per Capita Consumption increase from current low levels

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MARKET UPDATE
SMGR Corporate Presentation June 2013

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MARKET BY GEOGRAPHY
Cement Distribution (5M 2013) Population Distribution (2012)
Papua Bali & N T Kalimantan Sulawesi

2
SP

3 6

7.9% 7.1%

5.9

2.4%

5.8% 8.4%

5.5%

1.5%

1
SG

ST

Sumatera

21.5%

Java

55.2% Domestic Market Share (5M-2013)

REGION
1. JAVA

Sumatera Java 21.3% 57.5.%

MARKET SHARE (%)

SMGR
39.1 45.5 64.1 51.0 41.9 53.6

INTP
40.5

SMCB
18.4

BSWA ANDLS BTRJA

2.0 -

KPG
-

2. SUMATERA
3. SULAWESI 4. KALIMANTAN 5. NUSA TENGGR. 6. EASTERN IND.

13.0
14.8 28.6 31.8 24.3

13.8
0.9 11.3 3.7 0.8

3.0
20.0 9.0 16.5 21.1

16.0
-

9.0
-

6.0

TOTAL INDONESIA

43.7

30.9

14.3

5.3

3.4

1.9

0.3

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MARKET UPDATE - Cement Consumption 5M-2013

5M 2013 - SMGR Sales Volume (million tons)
DESCRIPTION DOMESTIC Gresik Padang Tonasa EXPORT GRAND TOTAL 5M-13 5M-12 CHANGE (%)

5M 2013 Domestic Consumption (mio tons)

AREA Jakarta Banten 5M 2013 2,177,464 1,382,750 3,288,320 2,578,205 5M 2012 2,033,529 1,256,732 3,038,365 2,256,123 CHANGE (%) 7.1 10.0 8.2 14.3

10,017,522
5,190,159

8,512,926
4,259,574 2,582,087 1,671,265

17.7
21.8 8.3 21.5

West Java Central Java Yogyakarta East Java Total Java Sumatera Kalimantan Sulawesi Nusa Tenggara Maluku & Papua TOTAL INDONESIA

2,796,549
2,030,813

368,214
2,869,734 12,664,688 4,932,070 1,803,045 1,622,599 1,355,331 556,752 22,934,485 85,240 21,467 106,707 23,041,192

310,430
2,647,113 11,542,291 4,896,337 1,678,952 1,617,705 1,154,576 512,975 21,402,837 43,508 100,416 143,924 21,546,761

18.6
8.4 9.7 0.7 7.4 0.3 17.4 8.5 7.2 95.9 (78.6) (25.9) 6.9

89,907
10,107,429

29,246
8,542,172

207.4
18.3

Industry Sales Type (mio tons)

5M-13 Bag Bulk 18.2 (79.5%) 4.7 (20.5%) 5M-12 17.4 (81.7%) 3.9 (18.3%) YoY Change 4.6% 20.5%

Export Cement Export Clinker Total Export GRAND TOTAL

*) Source: Indonesia Cement Association, un-audited figures

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COMPANY PROFILE
SMGR Corporate Presentation June 2013

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12

SMGR IS THE #1 CEMENT COMPANY IN INDONESIA

BRIEF HISTORY
1957 : Inauguration of Gresik I, installed capacity of 250,000 ton cement per annum 1991 : Initial Public Offering, Market Cap.: IDR0.63tn, resulting shareholding structure post IPO:

1995 1998 2006 2010 2011 2012

Government of Republic of Indonesia: 73% Public: 27% : Acquisition of PT Semen Padang (Persero) and PT Semen Tonasa (Persero) : Cemex became a strategic partner, Market Cap.: IDR4.9tn : Blue Valley Holdings bought Cemexs 24.9% stake in SMGR, Market Cap.: IDR21.5tn : In March 31, Blue Valley Holdings sold all of its stake ownership in SMGR, Market Cap per April 30, 2010: IDR72.1tn : Total installed capacity of 20.00mm tons, Market Cap per June 29, 2012: IDR67.0tn : Acquisition of Thang Long Cement Vietnam, Total installed capacity of 2.3mm tons, Market Cap Dec 19th, 2012: IDR91.9tn

SMGR CAPACITY BUILD-OUT (MM TONS)

30.0
Post-consolidated capacity

Installed capacity: 25.3 mio tons (2012) including TLCC

25.0 20.0 15.0 10.0 5.0 0.0

Pre-consolidated capacity

19 57 19 70 19 80 19 8 19 4 8 19 5 86 19 90 19 9 19 5 9 19 7 98 20 0 20 6 0 20 7 0 20 8 0 20 9 1 20 0 1 20 1 12

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FOCUSES IN CORE BUSINESS

OWNERSHIP STRUCTURE1

The Government of the Republic of Indonesia

51.01%
48.99%

Public

PT Semen Indonesia (Persero) Tbk.

99.99% 99.99% 70.00%

PT Semen Gresik

PT Semen Padang

PT Semen Tonasa

Thang Long Cement, VN

Name 1. Igasar 2. Sepatim B 3. Bima SA 4. SUPS

Activities Cement distribution & Trading

% Ownership 12.00%

General trading, cement packaging 85.00% General trading, cement packaging 80.00% Cement Packaging 10.00%

Name Activities % Ownership Name Activities % Ownership 1. UTSG Limestone & Clay Mining 55.00% 1. UTSG Limestone & Clay Mining 55.00% 2. IKSG Packaging Paper 60.00% 2. IKSG Cement Packaging 60.00% 3. KIG Industrial Estate 65.00% 3. KIG Industrial Estate 65.00% 4. Swadaya Graha Conyractor & Machine Fabricator 25.00% 4. Swadaya Gra Steel fabrication, contractor 25.00% 5. Varia Usaha Transport and general trading 24.90% 5. Varia Usaha Transport and general trading 24.90% 6. Eternit Gresik Building materials 17.60% 6. Eternit Gresik Building materials 17.60% 7. SGG Energy Prima Coal Mining and Trading 97.00% 7. SGG Prima Coal Trading Coal 99.99% 8. SGG Prima Beton Ready Mix Concrete 99.99% 8. SGG Prima Beton Ready Mix Concrete 99.99%

As of Dec 18, 2012

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SMGRs PRODUCTION FACILITIES ARE WELL SUPPORTED BY STRATEGICALLY LOCATED MARKETING AND DISTRIBUTION FACILITIES
Aceh

Kuala Lumpur
Belawan

Singapore

Bitung Batam Pontianak Samarinda Palu Sorong

Teluk Bayur

Kalimantan

Sulawesi

Maluku
Ambon

Sumatera

Installed Cap.: 6.4 mn tons

Tanjung Priok West Java Serang Tangerang Bogor Cibitung Bandung Tasik Malaya Cirebon Narogong Ciwandan

Banjarmasin

Biringkasi

Papua

Jakarta

Tuban

Gresik

Pelabuhan Tuban

Makassar

Installed Cap.: 7.3 mn tons

Java
Central Java Tegal Purwokerto Kudus Magelang Solo/Palur Alas Tuwo Mojopahit Sayung

Surabaya

Bali

Lombok
Pelabuhan Gresik

Cement Plant Packing Plant Port Warehouse

DI Yogyakarta Lempuyangan East Java Janti Margomulyo Tanjung Wangi Bangkalan Swabina

Bali Tabanan Denpasar Singarajan

Installed Cap.: 14.0 mn tons

Total production 2012: 22.8 mn tons and targetted 2013 domestic: 26.0 mn tons and TLCC: 2.0 mn tons Operate 8 special sea ports: Padang, Tuban, Gresik, Biringkassi, Dumai, Ciwandan, Banyuwangi and Sorong 20 large packing plants: Aceh, Belawan, Padang, Dumai, Batam, Ciwandan (2 Units), Tanjung Priok, Tuban,

Gresik, Banyuwangi, Banjarmasin, Samarinda, Celukan Bawang, Tonasa, Makassar, Palu, Bitung, Ambon and Sorong Supported by warehouses in all areas of Java, Bali, Sumatra, Kalimantan, Sulawesi and Papua Nationwide distribution networks

15

FINANCIAL UPDATE
SMGR Corporate Presentation June 2013

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16

FINANCIAL SUMMARY: FY2012 RESULTS

Description (Rp bn) Net Revenue Cost of Revenue Gross Profit Operating Expenses Operating Income EBITDA2) Net Income EPS (Rp) FY 2011 16,379 8,892 7,487 2,595 4,892 5,402 3,925 662 FY 2012 19,598 10,300 9,297 3,116 6,181 6,869 4,847 817 Change (%) 19.7 15.8 24.2 20.1 26.4 27.2 23.5 23.5
EBITDA (Rp billion)
6.869

7.000 6.000 5.000 4.000 3.000 2.000 1.000 0

3,867 2,849 2,234

4,773

4,970

2007

2008

2009

2010

2011

2012

EBITDA Margin (%) FY07

29.7

FY08
31.7

FY09
33.2

FY10
34.6

FY11
33.0

FY12
35.0

NET INCOME (Rp billion)

4847

5.000 4.000 3.000 2.000 1.000 0 2007 2008 2009

1,775 1,296 2,524

3,326

3,633

2010

2011

2012

NET INCOME Margin (%)

FY07
18.5

FY08
20.7

FY09
23.1

FY10
25.3

FY11
24.0

FY12
24.7

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FINANCIAL HIGHLIGHT 1Q 2013

Description (Rp bn)
Net Revenue

1Q 2012
4.284 2,362 1,922 669

1Q 2013
5,584 3,058 2,484 879

Change (%)
29.4

Ratio (%)
Ebitda margin Interest coverage (x) Cost ratio Total debt to equity *) Total debt to asset *)

Formula
Ebitda / Revenue Ebitda / Interest expense [COGS + Opex] / Revenue Total debt / Total equity Total debt / Total asset

1Q 2012
32.9 258.3 70,7 48.5 29,7

1Q 2013
33.6 24.7 71,2 44.0 31.7

Cost of Revenue
Gross Profit Operating Expenses

29.5
29.3 31.6

Operating Income
EBITDA Net Income EPS (Rp)

1,254
1,410 1,011 170

1,605
1,862 1,236 208

28.0
32.0 22.3 22.3

*) Total debt calculated from interest bearing debt

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STRONG BALANCE SHEET AND RETURNS

Cash balance (IDR bn)
* Include short term investment

Total debt (IDR bn)

3,850
3,846 5,283 3,905 3,682 3317

1,871 251 199 686

2008

2009

2010

2011

2012

2008

2009

2010

2011

2012

Debt/EBITDA
2,00x

Return on Assets

0.56x 0,35x 0,06x 2008 0,04x 2009 0,14x 2010 2011 2012

24.0%

25.8%

23.5%

20.1%

18.2%

2008

2009

2010

2011

2012

The projected adjusted debt/EBITDA of 2.0x and operating margin below 20-%23% to maintain rating level from Moodys Investors Service. Together We Build a Better Future

19

REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD

Total Dividen Pay Out
2500,0 2000,0 1500,0 1261,7 887,7

1829,5 1816,7

1962,7

2181,3

REGULAR DIVIDENDS Key determinants of dividend policy: Historical dividend payout trends Comparison with peers Projected cash-flows available for dividends (after taking into account potential expansionary capex etc) Analyst and investor expectations Shareholder profile

1000,0
500,0 0,0

2007

2008

2009

2010

2011

2012

total dividen (IDR billion)

SMGR DIVIDEND PAY OUT RATIO IN THE LAST 6 YEARS Average: 50%

50%

50%

55%

50%

50%

45%

2007

2008

2009

2010

2011

2012
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STRATEGIC PROJECTS
SMGR Corporate Presentation June 2013

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21

SMGR LONG TERM STRATEGIC FOCUS

THE OVERALL STRATEGY COMBINES

1. Undertake Capacity Growth

2. Manage Energy Security

3. Enhance Company Image 4. Move Closer To The Customer

SMGR

6 CRITICAL
ELEMENTS

5. Enable Corporate Growth

6. Manage Key Risks

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CEMENT PLANTS PROJECTS

New Plants Location Indarung VI-SumBar Rembang-Java 2 TOTAL CAPEX

Capacity Investment (mn tons) (US$ mn) 3.0 3.0 6.0 352 403 755

Construction
Tuban

Start 2013 2013

Completed Q4-2015 Q2-2016

Preheater Tuban IV

Tubans view

Tonasa

Pyroprocessing Tonasa V

Raw Mill Dept. Tonasa V

Tonasa

These strategic projects will ensure sustainability of the Companys market leadership

ESP Power Plant

Jetty Extension Area

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INSTALLED CAPACITY (Mio Ton)

Installed Capacity
39,3 25,3
17,1 30 40,8

31,8

33,3

18

19

19

20,2

2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F

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SEMEN INDONESIA POTENTIAL SYNERGIES

Potential synergies in:

- Investment
- Production, - Marketing, - Procurement,

- etc.

3
2
SMGR's existing plant locations Packing plants Warehouses Sea port TLCC Existing plants TLCC Expansion projects
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SGG HOLISTIC TRANSFORMATION

Thn

1991

1995
Post-Acquisition

2003-5

Independent Company

Consolidated and Synergy

2011

Business Expansion

SG

GO PUBLIC
1 IPO (SG became the first state-owned Enterprise to go public on IDX). Operating Company 2 The process of consolidation of SP, SG and ST through the acquisition method. 3 Implementation of Synergy & Practice GCG program consistently. 4 Business Expansion

Operating Holding

Functional Holding

Strategic Holding

Background changes Company Name: PT Semen Gresik (Persero). Tbk

PT Semen Indonesia (Persero) Tbk.

1. Creates Strategic Holding, to Enhance Competitiveness and to Increase Bargaining Power 2. Separates and Optimize the Role or Function of Holding and Operating Co. 3. Tax Considerations, in order to implement the Best Form of Holding 4. Support the Future Company Vision 5. Faces Challenging Environment and Business Competition 6. Optimize Performance through increased Consolidation and Synergy
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CONCLUSION: WHY SMGR?

SMGR Corporate Presentation June 2013

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27

SMGRs COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES SMGR TO BE THE MARKET LEADER IN INDONESIA
Outstanding business performance
Leading cement player in Indonesia with over 43.% market share based on sales volume for 4M-2013 and approximately 41% share of total installed cement capacity (Source: Indonesia Cement Association (ASI)) Strategically plants location is close to key markets throughout the country As of Dec 2012, acquired Thang Long Cement Company, Vietnam by 70% share with installed capacity 2.3 mio tons per annum Substantial growth opportunities through expansion and optimization Superior distribution network and strong brands recognition Long-term access to raw materials for cement production and coal for fuel consumption Concerns on environmental and Corporate Social Responsibility programs to ensure sustainable growth.

Strengths of SMGR

Experienced management team

Outstanding business performance

Conservative capital structure and financial policies

Outstanding performance

Favorable industry outlook

Favourable industry outlook

Cement consumption pretty much in-line with Indonesian economic growth Real estate and infrastructure projects and declining interest rates key demand drivers High barriers to entry (plant, distribution and brand investment costs) Disciplined investment on supply side

Robust cash flow generation

Robust cash flow generation

Historically strong revenue, margin and price trends High plant utilization and strong focus on cost and revenue management

Conservative capital structure and financial policies

[Investment grade-like credit metrics] Conservative capital structure policy; low use of leverage Access to capital markets for expansion initiatives

Experienced management team

Experienced and successful management team Together We Build a Better Future

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THANK YOU
IMPORTANT NOTICE THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION, RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER. THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN PART. This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others: economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia; the effects of competition; the effects of changes in laws, regulations, taxation or accounting standards or practices; acquisitions, divestitures and various business opportunities that we may pursue; changes or volatility in inflation, interest rates and foreign exchange rates; accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets; labor unrest or other similar situations; and the outcome of pending or threatened litigation. DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Indonesia (Persero) Tbk and/or its affiliated companies and/or their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Indonesia (Persero) Tbk, its affiliated companies or their respective employees or agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed.

We can give no assurance that our expectations will be attained.

Main Office: Semen Gresik Tower Jln. Veteran Gresik 61122 Indonesia Phone: (62-31) 3981731 -2, 3981745 Fax: (62-31) 3983209, 3972264

Jakarta Office: The East Building, 18th Floor, Jln. DR. Ide Anak Agung Gde Agung Kav. E3.2 No.1, Mega Kuningan, Jakarta 12950 Indonesia Phone : (62-21) 5261174 5 Fax : (62-21) 5261176

www.semenindonesia.com

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