#1Investor Presentation FY 2021 April 2022 AVAVAVA Delta Dunia 1 - STRICTLY CONFIDENTIAL -#2Disclaimer Delta Dunia These presentation materials have been prepared by PT Delta Dunia Makmur Tbk ("Delta") (the "Company"), solely for the use at this presentation and have not been independently verified. Information relating to PT Bukit Makmur Mandiri Utama ("BUMA") has been included with its content, and has not been independently verified. This presentation is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate it to (all such persons being referred to as relevant persons). This presentation is only directed at relevant persons and any investment or investment activity to which the presentation relates is only available to relevant persons or will be engaged in only with relevant persons. Solicitations resulting from this presentation will only be responded to if the person concerned is a relevant person. Other persons should not rely or act upon this presentation or any of its contents. You agree to keep the contents of this presentation strictly confidential. This presentation material is highly confidential, is being presented solely for your information and may not be copied, reproduced or redistributed to any other person in any manner. In particular, this presentation may not be taken or transmitted into Canada or Japan or distributed, directly or indirectly, in the Canada or Japan. Further, this presentation should not be distributed to U.S. persons except to (1) qualified institutional buyers in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A and (2) to non-U.S. persons outside the United States in an "offshore transaction" as defined in Regulation S of the U.S. Securities Act of 1933, as amended. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Neither the Company nor any of its affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice. In addition, certain information and statements made in this presentation contain "forward-looking statements." Such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "considering," "depends," "estimate," "expect," "intend," "plan," "planning," "planned," "project," "trend," and similar expressions. All forward-looking statements are the Company's current expectation of future events and are subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements. Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares or other securities of the Company or BUMA and neither any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities in any offering of securities of the Company or BUMA should be made solely on the basis of the information contained in the offering document which may be published or distributed in due course in connection with any offering of securities of the Company or BUMA, if any. By participating in this presentation, you agree to be bound by the foregoing limitations. - STRICTLY CONFIDENTIAL - 2#3FY21 Financial Highlights Revenue EBITDA US$ 911M US$ 234 M Up 51% Y-o-Y 28.3% EBITDA Margin Net Profit/(Loss) US$ 0 M Effect of ramp-up of new growth Overburden Removal and Coal 326 MBCM Up 16% Y-o-Y 54 MT Up 19% Y-o-Y 1. FY22 Guidance includes contribution from BUMA Australia Delta Dunia Operating Cashflow US$ 267 M Flat profitability YoY, less tax refund FY22 Overburden Guidance 480-565 MBCM FY22 Coal Guidance 74 - 86 MT Net Debt US$ 700 M > 60% of debt only due 2026 or later FY22 Revenue Guidance US$1,300 - 1,500M FY22 EBITDA Guidance US$320 - 380M FY22 Capital Expenditure Guidance US$150 - 200M - STRICTLY CONFIDENTIAL - 3#4Highlights in 2021 Delta Dunia Financial Refinanced with a US$400M 2026 bond same pricing, more flexibility to accommodate growth ■ Secured US$350M bank loan facility from Bank Mandiri, to facilitate new contracts' capex and geographical diversification ■ Recent extension of long-term contracts with manufacturers that includes leasing facilities, with a move towards global supply agreements Financial Lease Facility by Komatsu Astra Finance of US$317M Offshore loan by CAT Finance group of US$170M Operations ■ New Contracts/Extensions: - New 5 year contract with Adaro's Tutupan Mine operation with total contracted volume of over 234 MBCM OB and 44 MT coal Signed an extension and expansion contract for Bayan's Indonesia Pratama mine for 5 years to 2031, with total contracted volume of over 650 MBCM OB and over 75 MT coal Operational Improvements: - - Advanced mining technology roll- outs in certain sites to improve productivity and cost reduction Improved dumping method to address challenging mine condition and increase productivity and safety level especially during heavy rainfall Growth Mining Services - Expanded geographical capability and diversified customer base into the Australian market by acquiring Downer Mining East Mine Ownership Acquired a 15.4% stake in Asiamet Resources (ARS) ListCo and conducting due diligence for an investment at the project level Looking Ahead - FY2022 ■ Announced the extension of BUMA Australia's contract with the BHP Billiton and Mitsubishi Alliance at the Blackwater until 2026, almost doubling our Australian orderbook ■ BUMA is actively engaging on additional projects, including expansion into base metals: - BUMA has been increased its orderbook in Indonesia by c.USD2.3bn (c.55% increase) since September 2020 - STRICTLY CONFIDENTIAL -#5Community, Health and Safety Workforce > 13,500 employed in Indonesia >1,000 employed in Australia Over 250,000 man-hours of safety training conducted in 2021 Over 12,000 man-hours hours of operational and technical training conducted in 2021 Safety Track Record 0 Fatal Incident Rate in 2021 3 Loss Time Injury in 20212 COVID-19 Vaccinations >95% of workforce vaccinated¹ Through DOID, 73% of employees' family have received the first dose¹ Community c. IDR24bn spent in 2020 on economic empowerment, education, health and other initiatives in the community Created 3 community-based businesses and empowered >100 women through entrepreneurship training and business coaching Created 89 brands with average income IDR 5 million/month Target to support livelihood of >300,000 people in communities directly connected to BUMA business activities through its projects or services by 2030 1. 100% fully vaccinated in Indonesia. Approximately 95% fully vaccinated in Australia 2. O Loss Time Injury in Indonesia and 3 in Australia orasi dengan: P - STRICTLY CONFIDENTIAL - www Delta Dunia umban LO 5 Lor#6Company Overview Financial Overview Key Investment Highlights Mining Services Overview Appendix AVAVAVA Delta Dunia - STRICTLY CONFIDENTIAL - 6#7NTP Ltd 37.9% Corporate Overview Public shareholders 62.1% 100%' listed on IDX (2001) Delta Dunia Holding company BUMA Operating company 100% Delta Dunia BUMA Australia Operating company Established in 1990, listed in IDX as DOID in 2001. NTP Ltd., now consisting of SHPL, own 37.9% with remainder owned by public shareholders. ■ Holding company of PT Bukit Makmur Mandiri Utama ("BUMA"), one of the leading coal mining services contractor in Indonesia BUMA, acquired in 2009, is the primary operating of DOID Established in 1998, and wholly owned by PT Delta Dunia Makmur (DOID) since 2009 Strong #2 mining contractor in Indonesia with c.15% market share ■ Customers include largest and lowest cost coal producers in Indonesia and new players with high potential for future growth ■ Secured long-term, life of mine contracted volume ■ Over 3,000 high quality equipment from Komatsu, Caterpillar and Scania More than 15,500 employees ◉ ☐ Established in 2021 to acquire the Open Cut Mining business of Downer Acquisition included the transition of all people, mining services contracts, assets, systems and intellectual property Leading Tier 1 mining contractor in Australia for more than 75 years Robust contract base with BHP-Mitsubishi Alliance (BMA) Blackwater-Goonyella coking coal mines & 2 mine-mouth powerplant for Queensland government Highly experienced management team exploring substantial growth pipelines More than 1,000 employees 1. Full ownership less one share - STRICTLY CONFIDENTIAL - 7#8Corporate Strategy CORE BUSINESS: MINING SERVICES INDONESIA AUSTRALIA ◉ US$m, US$m, unless FY18³ FY19 FY20 FY21 FY18 FY19 FY20 FY21 unless stated² ■ stated' OB Removal OB Removal 393 380 282 326 149 172 169 146 (MBCM) (MBCM) Revenue ex. 822 824 557 911 Revenue 362 356 392 385 fuel EBITDA 298 236 164 234 EBITDA 56 52 74 80 % margin³ 36% 29% 29% 28% % margin 15% 15% 19% 21% BUMA is Indonesia's second largest mining contractor, with a ~15% market share BUMA averaged ~350MBCM for the last 4 years Established, long-term contract base, with current orderbook of ~US$6.5bn BUMA has actively expanded its contract base, targeting first quartile mining operations Dominant positions with, Adaro Energy, Bayan Resources and Berau Coal Energy ☐ The completion of the Downer Mining East (BUMA Australia) acquisition expands our core business another key mining jurisdiction Adds 160MBCM capacity to our core business Robust contract base with BHP- Mitsubishi Alliance (BMA) Blackwater- Goonyella coking coal mines & 2 mine- mouth powerplant for Queensland government Highly experienced management team exploring substantial growth pipelines Strong and stable cashflows will drive diversification Delta Dunia ADJACENT GROWTH PILLARS DIVERSIFY: COMMODITIES Build our mining services capabilities, as a mine owner and operator Strategic acquisitions to expand DOID's portfolio to include other commodities (initially copper) DIVERSIFY: GEOGRAPHY ◉ ☐ The BUMA Australia acquisition is a first step in expanding our core business into key global mining markets DOID is seeking to leverage our long-standing relationships to build a broad global client base ☐ ADVANTAGE: TECHNOLOGY Monetising BUMA's industry-leading capabilities in Predictive and Digital Maintenance, Mine Plan Optimization and Safety Analytics - Build an Operation Excellence Technology Division to spin-off developed technology The application of this technology to acquisitions (including BUMA Australia) add substantial value ADVANTAGE: INFRASTRUCTURE AND RENEWABLES Leveraging our infrastructure capability to capture Indonesia's renewable business growth and opportunities Initial investments in SUN SG, which is expanding its renewable business throughout South-East Asia and Australia SYNERGIES " Fleet Management Systems Operational Excellence and Safety Systems 123 1. DOID Consolidated financials (BUMA is currently the only operating subsidiary) 2. 3. BUMA's Financial Year is from Jan - Dec. BUMA Australia's Financial Year is from Jul - Jun. Converted at AUDUS$ of 0.75 for FY18, 0.67 for FY19, 0.72 for FY20 and 0.77 for FY21 Calculated as EBITDA divided by revenue ex. Fuel - STRICTLY CONFIDENTIAL - 8#9Implementation Plan Consolidating Core Business Improvement of Core Business Mine Ownership Delta Dunia ■ ■ Focus Area Integration and expansion of the Australian business Stabilisation of operations, leveraging the respective strength of the Australian and Indonesian businesses to improve global performance Focus Area Extension and expansion of current order book Targeting commodity diversification (including base metals) Selectively seeking further acquisitions, and organic growth Focus Area ■ Seeking to expand our core business into mine operation and ownership, with an initial focus on Indonesia and Australia Acquisitions will be considered based on the requirements and capacity within our core business ☐ Π Integration of BUMA Australia has commenced, and will conclude after transitional arrangements with Downer conclude Executing global supply arrangements with key suppliers across Australia and Indonesia Rolling out technological transformation, especially predictive maintenance across the businesses ◉ Actively bidding for a pipeline work, particularly in Australia Continuing to improve the quality of our orderbook, and counterparties Continuing to review opportunistic acquisitions, in contracting and adjacent businesses Continued optimisation of funding profile We have reviewing a number of acquisitions. We will be selective based on the nature of the operations and the commodities May look to partner selectively, although there is a strong preference for controlling positions Preference for assets with a clear path to production - STRICTLY CONFIDENTIAL - 9#10Company Overview Financial Overview Key Investment Highlights Mining Services Overview Appendix AVAVAVA Delta Dunia 10 - STRICTLY CONFIDENTIAL -#11Financial Highlights Overburden Removal' (m bcm) 393 380 340 326 282 Guidance 480 - 565 Revenue¹² (US$m) 892 882 911 765 602 Delta Dunia Guidance 1,300 - 1,500 FY17 FY18 FY19 FY20 FY21 FY22E FY17 FY18 FY19 FY20 FY21 FY22E 40 22 42 Coal Production' (mt) 50 45 54 4 EBITDA and EBITDA Margin¹,² (US$m) 38.6% 36.2% 28.6% 29.4% 28.3% Guidance 320 - 380 Guidance 74 - 86 298 281 236 FY17 FY18 FY19 FY20 FY21 FY22E 1. FY22E Guidance includes full contribution from BUMA Australia. 2. Margins are based on net revenue excluding fuel. - STRICTLY CONFIDENTIAL - 164 234 FY17 FY18 FY19 FY20 FY21 FY22E 11#12Financial Results Delta Dunia US$m, unless stated FY20 FY21 Change 4Q20 4Q21 Change Overburden Removal increased by 16% from FY20 FY21 reflects volume recovery and incremental volume from one of the new contracts Volumes Overburden Removal (m bcm) Revenue increased by 51% from FY20 282 326 16% 52 94 80% Coal (mt) 45 54 19% 12 15 29% Mostly due to higher tiering price Cumulative effect of mining difficulty compensation Increase in volume Key Financials Revenue 602 911 51% 108 314 192% EBITDA 164 234 43% 13 84 569% EBITDA Margin 29.4% 28.3% 12.8% 29.8% Operating Profit 20 82 314% (21) 40 288% Net Profit/(Loss) (23) 0 101% (20) 16 184% EPS (in Rp) Rp (40) Rp 0 101% Rp (33) Rp 27 181% Unit Financials (US$) Cash costs ex fuel per 1.11 1.42 28% 1.19 1.70 43% bcm Cash costs ex fuel per 0.40 0.50 25% 0.45 0.58 31% bcm/km EBITDA increased by 43% from FY20 4Q21 reflects the effect of mining difficulty compensation Increase in cost to support volume growth and new contracts Cash costs ex fuel per bcm increased by 28% from FY20 Incurred upfront costs necessary to facilitate recovery and growth ramp up efforts Cost related to higher than expected rain hours caused by the La Nina anomaly Cost related to health cost as Covid 19 pandemic surge in Jun-Aug 2021 - STRICTLY CONFIDENTIAL - 12#131. 2. Balance Sheet and Cashflow US$m, unless stated Jun 21 Sep 21 Liquidity position Dec 21 Key Balance Sheet Items Cash Position¹ 126 371 221 Borrowings Net Debt Net Debt to EBITDA² FCCR² 537 894 920 ◉ 412 523 700 3.17x 3.23x 2.82x 2.49x 2.96x 4.62x Delta Dunia Free cash flow decreased significantly reflected a significant incremental USD317mn capital expenditure to support growth expected from two new contracts signed Net debt to EBITDA ratio of 2.8x in 4Q 2021, showing that BUMA remain in healthy condition and continue maintaining minimum debt level Refinancing of 2022 Notes - Refinanced MUFG loan and Senior Notes 2022 with new US$400M Senior Notes 2026 with greater flexibility to accommodate growth Secured new US$350M Syndicated Facility led by Mandiri to fund growth capex and Australia acquisition Borrowings comprise: US$350m (amortization not started yet) US$400m Bank Loan of US$m, unless stated FY20 FY21 Change 4Q20 4Q21 Change Senior Notes Unit Financials (US$) Financing leases Operating Cashflow 234 267 14% 32 114 260% Free Cashflow 211 (188) 189% 25 (66) 778% - - Capital Expenditure 24 24 340 1305% 6 171 2,879% Includes cash, cash equivalents and other current financial assets Status of BUMA's in lieu of its Senior Notes and bank loan covenants US$125m Operating Cashflow increased by 14% Driven by higher revenue and EBITDA and more efficient working capital management The Group continues to maintain good relationships with customers to ensure no delay of payments Free Cashflow decreased by 189% from FY20 - High growth capex to support volume growth and new contracts Certain investment by the Group - STRICTLY CONFIDENTIAL - 13#14Capital Expenditure 340 c.86% FY21 Capital Expenditure ■ Growth Capital Expenditure: Core Fleet for ADR Tutupan Core Fleet for IPR Expansion - FY22E Capital Expenditure' Delta Dunia Guidance 150 - 200 c.60% Growth Capital Expenditure: Carry forward Core Fleet for ADR Tutupan Core Fleet for IPR Expansion Sustaining Capital Expenditure: c.40% c.14% Support unit replacement for existing sites FY21 1. FY22E Guidance includes contribution from BUMA Australia - STRICTLY CONFIDENTIAL - FY22E Sustaining Capital Expenditure: Support unit replacement for existing sites - 14#15FY22E Guidance US$m, unless stated Volumes FY21 FY22E1 ■ Factors underpinning volumes: - Full I year production in ADR Tutupan Increase from IPR contract expansion Additional from consolidating BUMA Australia Overburden Removal (m bcm) 326 480-565 Capital Expenditure: Coal (mt) Financials Revenue EBITDA Capital Expenditure 1. FY22E Guidance includes contribution from BUMA Australia 54 74-86 1,300- 911 1,500 234 320-380 340 150-200 Carry forward 2021 Capex Growth Capex to support IPR contract expansion Maintenance capex from Existing projects and BUMA Australia Delta Dunia - STRICTLY CONFIDENTIAL - 15#16Weather Challenges Higher rainfall throughout early months of the year as compared to the same months in previous years " This heavier rainfall has continued ■ to 3Q 2021 which is usually a driest season of the year BMKG expects El Nino is neutral but will potentially turn to La Nina towards the end of the year to Jan- 22; thus, a continued risk for slower volume ramp-up for the remainder of the year 2021 weather has been an anomaly as seen impacting the whole Indonesia coal production but the Company will continue to address the loss production by optimizing other operational metrics. 248 244 236 Delta Dunia Total Rainfall Hours at Mine Site in Indonesia Total for the Year Rainfall Hours 2017 823 2018 758 2019 745 2020 974 2021 1,050 297 294 233 211 206 203 180 160 130 80 Q1 Q2 Q3 2017 2018 2019 2020 2021 - STRICTLY CONFIDENTIAL - 243 221 218 212 200 Q4 +4 280 254 16#17Company Overview Financial Overview Key Investment Highlights Appendix Mining Services Overview AVAVAVA Delta Dunia 17 - STRICTLY CONFIDENTIAL -#18Key Investment Highlights 1 Delta Dunia Scalable Core Business: Secure contracts with long-term clients provide predictable and stable revenues 2 Track Record: History of improving operating performance, reducing maintenance costs and efficient capex strategy Capital Management: Active capital management throughout 2021 sees >60% of debt due in 2026 or later 3 Delta Dunia 4 Opportunistic Growth: Strong and stable cashflows, and available liquidity, to drive opportunistic acquisitions and organic growth 5 Experienced Management: Management team, with significant industry experience, to push further optimization and growth ― STRICTLY CONFIDENTIAL - 18#191 Scalable Core Business: Secured, long-term contracts... Delta Dunia Contracts Orderbook No Indonesia Customers Kalimantan 1 Adaro (Paringin)2 Years of Relationship 16 years Existing Contract Period 2 Adaro (Tutupan) 16 years 2009-20221 2021-2025 North Kalimantan 3 Angsana Jaya Energi (AJE) 3 years 5 & 6 4 - Bayan Indonesia Pratama (IPR)4 15 years East Kalimantan 5 Berau Coal (Binungan)2 22 years West Kalimantan 4 Samarinda Pontianak Balikpapan 6 Berau Coal (Lati)² 22 years 9 10 Central 1&2 Kalimantan South Kalimantan 7 - Geo Sungai Danau Jaya (SDJ)1 5 years 8 - Geo Tanah Bumbu Resources (TBR) 1 5 years 9 RAIN - Insani Baraperkasa (IBP) 2 years Banjarmasin 3, 7, 8 10 Tadjahan Antang Mineral (TAM) 5 years 2018-20217 2018-2031 2003-20251 2012-20251 2015-20231 2018-20241 2018-2025 2015-2025 Contribution to BUMA Order book volume (%) Queensland Government, 1.5% Others, 13.2% Berau, 24.8% Stanwell, 4.2% US$7.4bn Queensland No Australia Customers Years of Relationship Existing Contract Period BMA, 6.1% 1 BHP Billiton and Mitsubishi Alliance (Blackwater) Adaro, 11.4% 10 years 2022 - 2026 BHP Billiton and Mitsubishi Alliance 2 Goonyella 2 14 years 2020 20226 (Goonyella) Blackwater 1 Millmerran Power Management 3 21 years 2019-2024 (Commodore) Meandu 4 4 Stanwell Corp (Meandu) 9 years 2020-2025 Commodore 3 1) Life of mine contract 2) CCoW licensed 3) Work completed in September 2020 4) In IQ21, signed an extension and expansion contract with Bayan to 2031. Bayan relationship started in 2003 but the Group did not work continuously at the Bayan mine sites 5) Currently BUMA is not operational in this mine 6) Option to extend to 2024 7) Term sheet has been signed and extended to 2025 - STRICTLY CONFIDENTIAL - Bayan, 38.8% 19#201 ...provide predictable and stable revenues BUMA Revenue (US$m) 892 882 765 Impact of COVID-19 602 911 BUMA Australia Revenue¹ (US$m) Delta Dunia Australian regulation, border closures and vaccination programme prevented any material disruption from COVID-19 392 362 356 282 385 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 Company will remain prudent on capex planning and liquidity management to preserve future strong cash generation and support the incremental overall volumes. 1. BUMA Australia's historical results are for reference only and do not form part of DOID's financial statements. BUMA Australia's Financial Year is from Jul-Jun - STRICTLY CONFIDENTIAL - 20#212 Track Record: History of improving performance... Repair and Maintenance Cost per BCM (US$/BCM) Physical Availability Production Parameters Loader Hauler Delta Dunia 0.49 100% 80% 60% 40% 0.46 20% 0% FY17 FY18 FY19 FY20 FY21 Utilization Availability 0.43 80% 60% 40% 20% 0% Ave FY13-16 Ave FY17-21E FY22E FY17 FY18 FY19 FY20 FY21 Initiatives including implementing digital maintenance and taking maintenance fully in-house have helped to extend major components life, resulting in a continuous improvement in Maintenance Costs per BCM moved while maintaining consistent performance - STRICTLY CONFIDENTIAL - 21#222 Track Record: ...and efficient capex strategy Delta Dunia Capital Expenditure (US$m) Peak of replacement cycle coupled with growth that made up for current existing capacity Minimum capital spending, given excess capacity in the midst of pandemic-driven business environment New contracts with significant increase in volumes (orderbook growth), requiring higher capex but is expected to normalise 340 186 126 305 86% Growth Guidance 150 - 200 60% Growth 46 46 56 73 56 24 14% Maintenance 24 40% Maintenance FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22E Optimal capital spending and utilization of capacity are keys for highest return in investment and liquidity buffer to sustain uncertainties Maintenance capex for existing capacity is expected to normalize in next few years ☐ Excess capacity will be optimized to minimize capital spending ― STRICTLY CONFIDENTIAL - 22#233 Capital Management: Active capital management sees >60% of debt due in 2026 or later Delta Dunia Capital Management in 2021 US$400 million % of Debt Senior Notes - Rated BB- by Fitch (Stable), Ba3 by Moody 9% 7% Due Refinancing of previous debt structure was completed in March 31, 2021 800 Coupon of 7.75% p.a. Tenor of 5NC2 - due 2026 Debt Maturity Profile (US$m) 10% 13% 61% 0% " Settlement at maturity (no amortization) Secured by DSRA 600 Main use of proceeds to repay previous bank loans and Senior Notes Minimal debt repayment requirements from 2022 to 2025 524 US$350 million 400 Syndicated Loan Facility " Interest of LIBOR+3% p.a. 200 Tenor of 4.75 years maturing Jan 2026 110 73 87 Step-up amortization with average life of 3.65 years 60 Secured by assets 0 Main use of proceeds to support organic and inorganic growth 0 2022 2023 The formerly bilateral loan facility is now a syndicated loan facility consisting of Bank Mandiri and JTrust. ■Bonds 2024 Bank Loans 2025 2026 2027 Financing Leases As of September 2021, the facility was fully drawn. Financing Leases ■ Post orderbook expansion over the last 2 years, the current mining services contracts are expected to be stable and consistent Back-ended amortization, preserving liquidity in the early years, providing flexibility to pursue growth ◉ Low average cost of debt Maintains great rapport with numerous suppliers. Post-BUMA Australia acquisition, the Group is now seeking to enter global supply contract agreements As we did in 2021, we will continue to actively manage our capital structure, in consideration of market conditions and opportunities " Average cost of LIBOR + 4.00% - 4.50% Tenor 4-5 years, some extendable to 7 years Straight-line installments " Outstanding at December 2021 appx. US$127 million 1 ■ 1. Excludes rights-of-use lease labilities from capitalized operating lease - STRICTLY CONFIDENTIAL - 23#244 Opportunistic Growth: Strong and stable cashflows to drive diversification and growth Delta Dunia 243 EBITDA (US$m) 320-380 Diversification Debt Management Spin-offs ◉ Average 2017-2020 FY22E By Region: Now one of the key contractors in two of the world's key mining jurisdictions By Client: Diversifying and strengthening our contract book and client base, focusing on the lowest cost operations By Commodity: Beyond thermal coal By Participation: Into mine ownership Strong, stable cashflows allow us to effectively manage our capital structure. The Company has limited debt repayment for the next 4 years We retain flexibility to manage our debt position depending on market conditions and expansion initiatives We are seeking to monetise BUMA's industry-leading capabilities in Predictive and Digital Maintenance, Mine Plan Optimization and Safety Analytics This includes building an Operation Excellence Technology Division, with a view to potential separation of the division ― STRICTLY CONFIDENTIAL - 24#255 Dedicated management team with significant industry experience and expertise Delta Dunia Highly experienced leadership team, supported by Board of Commissioners with significant experience in the mining industry and expertise across capital markets and private equity Delta Dunia Board of Commissioners Hamid Awaludin President Commissioner and Independent Commissioner President Commissioner since 2011 Also serves as President Commissioner of PT Surya Esa Perkasa Tbk and PT Pelita Samudera Shipping Tbk Previously served as the Ambassador of the Republic of Indonesia to the Russian Federation and Republic of Belarus Previously Minster of Justice and Human Rights of the Republic of Indonesia Ashish Gupta Commissioner Commissioner since 2021 Ronald Sutardja President Director Over 20 years of corporate finance and investing experiences across industries such as financial services, technology, media, natural resources and infrastructure Currently Managing Director of Tiga Investments Previously Managing Director and Partner at Farallon Capital Management Rani Sofjan Director Nurdin Zainal Independent Commissioner Independent Commissioner since 2009 Retired Major General of the Indonesian Military Previously, among others, Deputy Assistant of Security for Army Chief of Staff, Chief of Staff at Regional Military Command 17 Trikora, Commander of Regional Military 17 Trikora Peter John Chambers Independent Commissioner Independent Commissioner since 2021 Over 25 years of experience in finance, telecommunications and investment oversight Currently advisor to Farallon Capital and Lippo Karawaci, and serves on a number of Boards and Board Committees, including Siloam Hospitals, PT BUMA, Indomines Pty Ltd, PT Kredit Pintar and Lippo Karawaci Una Lindasari Director - STRICTLY CONFIDENTIAL - Delta Dunia Board of Directors President Director of Delta Dunia since 2021 Previously President Director at BUMA Previously held various senior roles in PT Trikomsel, Northstar Group, etc Director of Delta Dunia since 2009 Also serves as a Managing Director of PT Northstar Pacific Capital Director of Delta Dunia since 2021 Had served in BUMA since 2014 as Director Previously a CFO in Noble Group Indonesia and financial controller in BP Indonesia 25#265 Dedicated management team with significant industry experience and expertise Delta Dunia Operational excellence underpinned by a strong and highly experienced management team with long tenures in the company BUMA Senior Management BUMA Australia Senior Management Sorimuda Pulungan President Director President Director of BUMA since 2021 Previously Director at BUMA from 2012 to 2021 Previously held various senior roles in PT Aurora Gold, PT INCO Tbk, etc. Experience in mining industry (gold/nickel/coal) Indra Kanoena Vice President Director Iwan Salim Director Vice President Director of BUMA since 2021 Previously Director at BUMA from 2013 to 2021 Colin Gilligan CEO BUMA Australia Previously held various senior role in PT INCO Tbk, PT HM Sampoerna Tbk, etc. Experience in Human Resources and heavy equipment maintenance management Ryan Kirkwood General Manager - Plant General Manager - East and EGM with Downer since 2018 25 years of global mining experience at companies including Angloamerican, Thiess, Mitsui, Downer and GPR in executive and director roles General Manager Plant for all of Downer Mining since 2019 Focused on Asset and Operations Management Over 15 years of experience in Asset Management covering mining, utilities and asset infrastructure at Thiess and Ventia Director of BUMA since 2019 Previously as Regional Manager Asia and Middle East in Shell Global Engineering Experience in Energy sector lan Briggs General Manager - Legal and Risk General Manager - Legal and Risk for Downer Mining since 2013 Over 30 years of experience covering private practice and corporate legal roles, he was a partner of a major Australian law firm for 17 years and has led corporate legal teams working on projects, compliance and disputes in the construction and resources sectors for the past 8 years. Peter Setiawan Director Director of BUMA since 2021 Held various roles in BUMA including General Manager of Finance, Budget, and Reporting, Accounting Manager at BUMA from 2010 to 2021 Experience in Big 4 accounting firms Neil Reynoldson General Manager - HST General Manager - Health, Safety, Training and Sustainability with Downer Mining since 2018 Over 30 years of Australian mining experience at companies such as Peabody, BMA, Yancoal and Downer, he has worked on both contractor and owner operated mines Hanno Nieuwoudt General Manager - HR Human Resources and Organisational Development professional with over 23 years experience spanning Construction, Aggregates, Cement and Mining industries in global fortune 500 companies - WBHO, Holcim, Cement Australia, Peabody Australia Certified Executive Coach with qualifications and experience in employee development, mentorship, talent management and HR systems - STRICTLY CONFIDENTIAL - 26#27Company Overview Financial Overview Key Investment Highlights Mining Services Overview Appendix AVAVAVA Delta Dunia - STRICTLY CONFIDENTIAL - 27#28Overview of Mining Services Provides overburden removal, coal mining and coal transportation services Planning and scheduling of mining operations within parameters set by the mine owners BUMA work scope covers the full mining production spectrum' Delta Dunia Coal mining contract miners play a critical role in the Indonesian coal industry Business Process BUMA D Top Soil Disposal G Top Soil Removal Overburden Disposal A Mine Survey & Plan B Land Clearing Office Workshop Hot Seat Shift Change από Overburden Drilling & Blasting OOF Overburden Removal AA Mess H Coal Mining Coal Shipment Stockpile & Port J Top Soil Placement Pit Stop Run of Mine K Coal Transport Rehabilitation BUMA allows mining companies to efficiently manage capital by focusing on asset development and reducing capital investment on fixed assets BUMA has started extending its capabilities into the related mining infrastructure space, hence being better able to provide a broader service offering to its key coal mining customers Note: 'Mining is carried out by mine owner with BUMA personnel/equipment under equipment rental arrangements - STRICTLY CONFIDENTIAL - 28#29Operational Strategies • OOOOO Process Improvement Streamline Processes • Cost Reduction Cost Efficiency Initiatives - Maintenance Delta Dunia Digital Maintenance • • Digitizing our manual maintenance procedures (WICOPE) Streamlining maintenance process while producing more accurate and higher quality results Further improving control over the maintenance process and providing more efficient inventory management. Predictive Maintenance and EHMS Improved condition-based monitoring of equipment health, allowing for more effective and longer component life extension Utilizing artificial intelligence to better and more accurately predict the needs for maintenance and devise most effective maintenance plans, therefore streamlining maintenance process, reducing manhours, and reducing cost. Addressing Mineplan Issues Direct Dumping • Soft material issues at one of the largest site has created productivity challenges Previous dumping method requires blending of soft material with hard material to prevent dangerous area throughout site. Lack of blending material delays production process Direct dumping uses channeling method whereby soft materials or mud can be channeled directly to specific disposal area that will not impact operations Managing Unpredictable Weather Various planning scenarios for multiple rain hours assumptions ensuring better planning and preparation against unpredicted weather Optimize time loss during rain by using for other activities such as maintenance to reduce down time during high-production period. Post-recovery management: ensuring the sufficient availability of equipment necessary to reduce slippery hours such as graders and pumps for optimized use. Managing fleet post rain to ensure lowest incremental cost ― STRICTLY CONFIDENTIAL - 29#30Company Overview Financial Overview wwwwww Key Investment Highlights Mining Services Overview Appendix AVAVAVA Delta Dunia - STRICTLY CONFIDENTIAL - 30#31Consolidated Performance - FY 2021 Consolidated Statements of Financial Position Delta Dunia Consolidated Statements of Profit or Loss and OCI In US$ mn (unless otherwise stated) Cash and cash equivalents Other financial assets current Dec-21 Dec-20 YTD In US$ mn (unless otherwise stated) 194 112 74% Net revenues 26 35 -26% Revenue excl. fuel Trade receivables - current 295 151 96% Cost of revenues Other current assets 158 69 128% Fixed assets - net 849 501 69% Other non-current assets 113 106 7% Gross profit Operating expenses Finance cost TOTAL ASSETS 1,635 974 68% Others - net Pretax profit Trade payables LT liabilities - current Other current liabilities 253 50 410% Tax expense 100 136 -26% 121 34 246% LT liabilities - non current Other non-current liabilities TOTAL LIABILITIES TOTAL EQUITY 830 433 92% 65 57 16% 1,369 710 93% 2) Profit (loss) for the period Other comprehensive income (loss) - net Comprehensive income (loss) EBITDA Basic EPS (in Rp)´ Dec-21 Dec-20 ΥΟΥ 911 602 51% 826 557 48% (776) (550) 41% 135 52 159% (53) (32) 64% (62) (51) 23% (12) 7 -279% 8 (24) -133% (8) (2) -936% - (23) -101% 2 6 -75% 2 (17) -111% 234 164 43% (40) -101% 266 264 1% Financial Ratios 1) Notes: 1) Margins are based on net revenues excluding fuel 2) Reported Basic EPS translated into Rp using average exchange rate of Rp14,312 and Dec-21 Dec-20 Rp 14,578 for FY21 and FY20, respectively.. Gross margin Operating margin 16.3% 9.9% 9.3% 3.5% EBITDA margin 28.3% 29.4% Pretax margin Net margin 1.0% 0.0% -4.4% -4.2% - STRICTLY CONFIDENTIAL - 31#32Quarterly Progression Delta Dunia US$m, unless stated 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Volumes Overburden Removal 87.3 81.2 61.2 52.1 65.0 (m bcm) 77.0 90.4 94.0 Coal (mt) 12.1 10.3 11.5 11.4 12.7 12.3 13.9 14.9 Key Financials Revenue 194 158 142 108 160 189 248 314 EBITDA 63 39 49 13 31 42 77 84 EBITDA Margin 35.9% 26.0% 37.0% 12.8% 28.4% 35.0% 33.3% 29.8% Operating Profit 24 2 15 (21) (1) 8 35 40 Net Profit/(Loss) (23) 15 4 (19) (26) (7) 17 16 Unit Financials (US$) Cash costs ex fuel per bcm 1.03 1.15 1.09 1.19 1.34 1.24 1.35 1.70 Cash costs ex fuel per bcm/km 0.36 0.40 0.40 0.45 0.49 0.45 0.42 0.58 - STRICTLY CONFIDENTIAL - 32#33Cash Costs BUMA's cash cost ex fuel (FY 2021) Lubricants 3% Tires 5% Drilling & blasting. 5% Rental 6%. Others 10% Overhead & office. 12% Employee compensation 24% Spare parts & maintenance 34% Delta Dunia ▸ The management team led the business to navigate through the prolonged downturn in 2020, focusing on optimizing asset utilization, strategically reducing capex, efficient inventory management and prudently reducing costs ▸ Employee costs have started to gradually normalized as volume recovers ➤ FY 2021 includes upfront costs in order to facilitate recovery and growth efforts, unusually high-rainfall condition in 2H 2021 causing higher costs, topped with COVID-19 Delta surge that slowed operations down in July and August. Benefits of those upfront costs will be visible from 2022 onwards, when volume have fully ramped-up. COVID-19 challenges were well-contained as case numbers went down significantly by September and operations normalized again. ► Technology driven initiatives continued to be pursued and are expected to reduce costs sustainably going forward - STRICTLY CONFIDENTIAL - 33#34ESG Programme Our Sustainability Framework KEY STRATEGY Operational Excellence Delta Dunia Diversification to support Low Carbon Economy Transition Cross cutting ESG factors SUSTAINABILITY KEY PROGRAMS Safety Providing safe and healthy workplace through operational excellence and technology ■Safety Leadership ■Fatigue management ■Hazard & Risk ■Remote Health Optimize Optimization on operational excellence and asset utilization with technology to drive efficiency and sustainability Adaptive mine planning and e-GMP Predictive maintenance Digital maintenance Ownership Fostering sense of ownership and competencies in employees and developing future talent pipeline Industrial Class (BO-BM) ■DESA (teamwork) ■Multiple Versatility and e-Learning Eco-efficiency Responsible mining through good mining practices which continue to drive efficiency ■Water conservation ■Waste recycle ■Fuel efficiency Community Empowerment of community and society to improve quality of life Local business development Climate Strengthen resilience and adaptive capacity to climate related hazards and natural disasters Local education support Annual tree plantation program KEY ENABLERS Corporate Governance | Risk Management | Compliance Management | Transparency - STRICTLY CONFIDENTIAL - 34#35THANK YOU Howwwwww AWAWAWAWAY Delta Dunia AVAVAVA 35 - STRICTLY CONFIDENTIAL -