HARGA BATUBARA ACUAN (HBA) & HARGA PATOKAN BATUBARA (HPB) BULAN MEI 2012HBA

HBA (US$/Ton)

102.12

FOB Vessel

HPB BATUBARA MARKER KUALITAS TYPICAL TM TS CV (kcal/kg GAR) (%, ar) (%, ar) 7,000 10.0 1.0 6,700 12.0 0.6 6,200 14.5 0.6 5,700 17.5 1.6 5,400 22.5 0.4 5,000 26.0 0.1 4,400 32.0 0.3 4,200 35.0 0.2 HPB BATUBARA LAINNYA Kualitas Typical No 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 MEREK DAGANG/ BRAND Gunung Bayan II Marunda Thermal Coal Trubaindo HCV_HS Trubaindo HCV_LS Tanjung Formation Coal Pinang 6000 NAR Arutmin Satui 10 Arutmin Senakin Arutmin A6250 Mandiri A Wahana Coal Indominco IM_West / 6500 TAJ Coal Mandiri B Trubaindo MCV_LS SKB Coal Baramarta Coal Arutmin A6100 Insani Coal BCS Coal Indominco IM_West / 6350 Bangun Coal Pinang 6000 Indominco IMM_MCVHS Multi Coal Low Multi Coal Middle Pinang 5900 Arutmin A5900 CV (kcal/kg GAR) 7,000 6,600 6,553 6,423 6,420 6,300 6,300 6,250 6,250 6,210 6,200 6,171 6,100 6,148 6,143 6,130 6,112 6,100 6,050 6,050 6,029 6,072 6,000 5,970 5,950 5,900 5,900 5,900 TM (%,ar) 12.0 11.0 12.0 11.5 11.0 14.0 11.0 11.0 10.0 10.0 12.0 15.5 12.0 10.0 14.0 9.0 9.5 11.5 19.0 16.3 15.5 10.0 16.0 15.5 16.0 16.0 19.0 12.0 TS (%,ar) Ash (%,ar) 2.00 0.50 1.69 0.71 0.70 0.60 1.00 1.00 1.20 0.70 0.90 0.76 1.00 1.26 0.76 2.20 0.95 1.00 0.15 0.45 0.71 2.20 0.60 1.65 1.00 2.00 0.90 0.90 10.0 10.0 4.2 4.8 12.5 5.5 10.0 12.0 12.0 4.7 10.0 5.2 15.0 4.7 5.2 17.0 13.0 12.5 3.2 9.3 5.2 14.9 5.0 5.1 7.0 7.0 4.5 13.0 HPB (US$/ton) 105.36 106.33 102.01 104.26 101.72 99.73 99.65 98.06 98.36 102.67 97.40 95.63 93.45 99.43 96.84 91.54 97.32 94.99 93.38 92.62 93.72 90.36 93.29 89.15 90.15 85.42 87.71 91.56

NO 1 2 3 4 5 6 7 8

MEREK DAGANG/ BRAND Gunung Bayan I Prima Coal Pinang 6150 Indominco IM_East Melawan Coal Envirocoal Jorong J-1 Ecocoal

Ash (%,ar) 15.0 5.0 5.5 4.8 5.0 1.2 4.2 3.9

HPB MARKER (US$/ton) 109.81 108.32 97.67 83.33 79.08 73.28 59.07 53.66

Kualitas Tipikal No 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 MEREK DAGANG/ BRAND Multi Coal High KCM Coal TSA coal Tanito Coal Mahakam Coal Ebony High Sulphur Pinang 5700 IBP 5500 Arutmin A5700 BSS Coal Lanna Harita Coal Pinang 5500 Mahoni Medium Sulphur Mahoni Mahakam Coal B Mahoni B Kideco Coal Agathis Lanna Harita Coal IBP 5000 Sungkai Medium Sulphur Sungkai Sungkai High Sulphur Arutmin A5000 Warukin Formation Coal IBP 4600 Bas Gumay Coal IBP 4400 IBP 4200 PIC Coal Borneo BIB PKN 3500 LIM 3000 CV (kcal/kg GAR) 5,765 5,730 5,700 5,700 5,700 5,700 5,700 5,500 5,700 5,520 5,500 5,500 5,500 5,500 5,400 5,300 5,125 5,100 5,000 5,000 5,000 5,000 5,000 5,000 4,760 4,600 4,400 4,400 4,200 4,200 3,800 3,520 2,995 TM (%,ar) 16.0 10.5 18.0 17.5 17.5 18.0 19.0 20.0 11.0 10.0 22.0 21.0 20.0 20.0 23.0 22.5 24.5 25.0 27.0 25.0 26.0 26.0 26.0 22.4 25.0 28.0 35.0 30.0 32.0 33.0 41.0 43.4 50.1 TS (%,ar) Ash (%,ar) 3.20 0.90 2.00 1.00 1.00 1.75 0.50 1.00 0.80 0.45 1.00 0.40 1.30 0.80 1.50 0.80 0.10 0.82 1.20 1.00 1.30 0.90 1.70 0.54 0.55 0.50 0.50 0.50 0.50 1.75 0.40 0.15 0.60 7.0 20.5 8.0 8.5 8.5 4.7 5.0 7.0 14.0 15.5 6.0 5.5 4.7 4.7 8.0 4.6 2.0 4.5 6.0 7.0 4.5 4.5 4.5 8.9 4.5 7.0 5.0 7.0 6.0 6.0 5.0 3.4 5.3 HPB (USD/ton) 78.63 87.44 80.06 84.37 84.37 82.38 86.26 79.65 89.47 88.43 78.12 81.69 79.37 81.37 73.01 76.28 75.94 71.28 66.09 68.24 67.16 68.76 65.56 71.60 67.88 62.55 55.43 58.48 53.83 48.07 38.17 33.85 25.24

FORMULA HARGA PATOKAN BATUBARA STEAM (THERMAL)

1. Harga Batubara Acuan (dalam kesetaraan nilai kalor 6322 kkal/kg GAR) HBA = 25% lCl1 + 25% Platts1 + 25% NEX + 25% GC Di mana: HBA ICI NEX GC

[USDIton]

= Harga Batubara Acuan = Indonesia Coal Index = New Castle Export Index = New Castle Global Coal Index

[US$/ton] [US$/ton] [US$/ton] [US$/ton]

Konversi nilai kalor batubara dari kondisi ADB ke GAR: KGAR = KADB * (100-TM) / (100-IM) Di mana: K GAR = Nilai kalor batubara kondisi GAR (gross as received) K ADB = Nilai kalor batubara kondisi ADB (as dried basis) TM = Total moisture IM = Inherent Moisture Untuk : Kandungan Belerang Batubara dalam as received (ar) Kandungan Abu Batubara dalam as received (ar)

2. Menghitung HPB marker No. 1 - 7 HPB Marker (i) = (HBA * K (i) * A (i)) (B (i) + U (i)) Di mana: HBP Marker (i) K (i) A (i) B (i) U (i) (i) [US$/ton]

= HPB dari 7 batubara price marker = Nilai Kalor Batubara (i) / 6322 = (100 - Kandungan Air Batubara (i)) / (100 8) = (Kandungan Belerang Batubara (i) 0.8) * 4 = (Kandungan Abu Batubara (i) 15) * 0.4 = price marker 1 7

[US$/ton] [fraksi] [fraksi] [US$/ton] [US$/ton]

3. Harga Patokan Batubara Marker No. 8 HPB Marker (i) = (HBA * K (i) * A (i)) (B (i) + U (i)) Di mana: HBP Marker (i) K (i) A (i) FKA(i) B (i) U (i) (i) [US$/ton]

= HPB batubara price marker 8 = Nilai Kalor Batubara (i) / 6322 = (100 - Kandungan Air Batubara (i)) / (100 8/FKA(i)) = (((((100-8)/(100 Kandungan Air Batubara(i)))* Kandungan Air Batubara(i)))+(100 8))/100 = (Kandungan Belerang Batubara (i) 0.8) * 4 = (Kandungan Abu Batubara (i) 15) * 0.4 = price marker 8

[US$/ton] [fraksi] [fraksi] [persen] [US$/ton] [US$/ton]

4. Harga Patokan Batubara Lain No. 9 64 HPB (j) = {(HPB Price Marker (i) + (B (i) + U (i))) * (K(j) / K(i)) * [(100 Kandungan Air (j))/(100 Kandungan Air (i)]* [(100 8)/(100 8)]} (B (j) + U (j)) Di mana: HPB (j) B (i) U (i) B (j) U (j) K (j) / K (i) (i) (j) = HPB batubara selain batubara Price Marker = (Kandungan Belerang Batubara (i) 0.8) * 4 = (Kandungan Abu Batubara (i) 15) * 0.4 = (Kandungan Belerang Batubara (j) 0.8) * 4 = (Kandungan Abu Batubara (j) 15) * 0.4 = Nilai Kalor Batubara (j) / Nilai Kalor Batubara (i) = price marker 1 7 = batubara lain 9 64

[USD/ton] [US$/ton] [US$/ton] [US$/ton] [US$/ton] [US$/ton] [fraksi]

5. Harga Patokan Batubara Lain No. 65 70 (Batubara Kalori Rendah) Bila TM < 40% HPB (j) = {(HPB Price Marker (i) + (B (i) + U (i))) * (K(j) / K(i)) * [(100 Kandungan Air (j))/(100 Kandungan Air (i)]* [(100 8/FKA(i))/(100 8/FKA(j)]} (B (j) + U (j)) Di mana: HPB (j) HPB Marker (i) B (i) U (i) B (j) U (j) FKA(j) = HPB batubara selain batubara Price Marker = HPB batubara price marker (i) = (Kandungan Belerang Batubara (i) 0.8) * 4 = (Kandungan Abu Batubara (i) 15) * 0.4 = (Kandungan Belerang Batubara (j) 0.8) * 4 = (Kandungan Abu Batubara (j) 15) * 0.4 = (((100-Kandungan Air Batubara)/(100 Kandungan Air Batubara(j)))*Kandungan Air Batubara(j))+ (100 Kandungan Air Batubara)/100 = Nilai Kalor Batubara (j) / Nilai Kalor Batubara (i) = price marker 8 = batubara lain 65 66

[USD/ton] [USD/ton] [USD/ton] [USD/ton] [USD/ton] [USD/ton] [USD/ton]

K (j) / K (i) (i) (j) Bila TM 40%

[persen] [fraksi]

HPB (j) = {(HPB Price Marker (i) + (B (i) + U (i))) * (K(j) / K(i)) * [(100 Kandungan Air (j))/(100 Kandungan Air (i)]* [(100 8/FKA(i))/(100 8/FKA(j)]} Di mana: HPB (j) = HPB batubara selain batubara Price Marker HPB Marker (i) = HPB batubara price marker (i) FKA(j) = (((100-Kandungan Air Batubara)/(100 Kandungan Air Batubara(j)))*Kandungan Air Batubara(j))+ (100 Kandungan Air Batubara)/100

[USD/ton] [USD/ton] [USD/ton]

[persen]

K (j) / K (i) (i) (j)

= Nilai Kalor Batubara (j) / Nilai Kalor Batubara (i) = price marker 8 = batubara lain 67 70

[fraksi]

Ketentuan : 1. Harga Batubara Acuan dan Harga Patokan Batubara diatas merupakan harga batubara untuk penjualan spot dalam periode 1 Mei 2012 sampai dengan 31 Mei 2012; 2. Dalam hal penjualan batubara dilakukan secara jangka tertentu (term), harga batubara mengacu pada rata-rata 3 (tiga) Harga Patokan Batubara terakhir pada bulan dimana dilakukan kesepakatan harga batubara, dengan fakor pengali 50% untuk Harga Patokan Batubara bulan terakhir, 30% untuk Harga Patokan Batubara satu bulan sebelumnya dan 20% untuk Harga Patokan Batubara dua bulan sebelumnya.

MARKERBULAN HBA (USD/ton) Pinang Coal Gunung Bayan I Prima Coal 6700 Indominco IM East Melawan Coal Envirocoal 5000 6150 kcal/kg 7000 kcal/kg (gar) kcal/kg (gar) 5700 kcal/kg (gar) 5400 kcal/kg (gar) kcal/kg (gar) (gar) Jorong J-1 4400 kcal/kg (gar) Arutmin Ecocoal 4200 kcal/kg (gar)

2012 Des 2012 Nov 2012 Okt 2012 Sep 2012 Ags 2012 Juli 2012 Juni 2012 Mei 2012 Apr 2012 Mar 2012 Feb 2012 Jan 2012 Rata2 Des 2011 Nov 2011 Okt 2011 Sept 2011 Ags 2011 Juli 2011 Juni 2011 Mei 2011 Apr 2011 Mar 2011 Feb 2011 Jan 2011 Rata2 Des 2010 Nov 2010 Okt 2010 Sept 2010 Ags 2010 Juli 2010 Juni 2010 Mei 2010 Apr 2010 Mar 2010 Feb 2010 Jan 2010 Rata2 Des 2009 Nov 2009 Okt 2009 Sept 2009 Ags 2009 Juli 2009 Juni 2009 Mei 2009 Apr 2009 Mar 2009 Feb 2009 Jan 2009 Rata2

102.12 105.61 112.87 111.58 109.29 108.29 112.67 116.65 119.24 116.26 117.21 118.24 119.03 117.61 122.02 122.43 127.05 112.40 118.40 103.41 95.51 92.68 90.05 94.86 96.65 97.22 92.07 86.58 86.64 87.81 77.39 103.58 74.51 68.99 66.71 70.44 71.47 71.29 63.87 62.83 63.08 75.11 81.35 78.70 70.70

109.81 113.59 121.46 120.06 117.58 116.50 121.24 125.55 128.36 125.13 126.16 127.27 128.13 126.59 131.37 132.01 137.02 121,15 128.08 111.41 102.85 99.79 96.94 102.15 104.09 104.71 99.13 93.18 93.25 94.61 83.22 111.10 80.11 74.13 71.66 75.70 76.82 76.62 68.58 67.45 67.72 80.75 87.51 84.65 75.97

108.32 111.86 119.22 117.91 115.59 114.58 119.02 123.05 125.68 122.65 123.62 124.66 125.46 124.02 128.49 127.71 132.39 117,54 125.16 108.43 100.42 97.55 94.88 99.76 101.58 102.16 96.93 91.37 91.43 92.70 82.05 108.54 79.14 73.54 71.23 75.01 76.05 75.86 68.34 67.29 67.54 79.74 86.06 83.38 75.26

97.67 100.85 107.47 106.30 104.21 103.30 107.29 110.92 113.28 110.56 111.43 112.37 113.09 111.79 115.81 115.03 119.25 105,89 112.80 97.70 90.50 87.92 85.52 89.91 91.54 92.06 87.36 82.36 82.41 83.56 73.98 97.82 71.36 66.33 64.25 67.65 68.59 68.42 61.66 60.71 60.94 71.90 77.59 75.18 67.88

83.33 86.15 92.02 90.97 89.12 88.32 2011 91.86 95.07 97.17 94.76 95.53 96.36 97.00 95.85 99.41 99.56 103.29 91,45 96.89 2010 84.18 77.79 75.50 73.38 77.27 78.71 79.18 75.01 70.57 70.62 71.63 63.14 84.04 2009 60.82 56.35 54.51 57.52 58.36 58.21 52.21 51.37 51.57 61.29 66.34 64.20 57.73

79.08 81.59 86.81 85.89 84.24 83.52 86.67 89.53 91.40 89.25 89.94 90.68 91.25 90.22 93.40 92.29 95.62 85,08 90.93 78.61 72.92 70.89 68.99 72.46 73.74 74.16 70.45 66.50 66.54 67.44 59.88 78.85 57.82 53.84 52.20 54.89 55.63 55.49 50.15 49.41 49.59 58.24 62.73 60.83 55.07

73.28 75.50 80.12 79.30 77.84 77.21 79.99 82.53 84.17 82.28 82.88 83.54 84.04 83.14 85.94 84.12 87.06 77,74 83.61 72.02 67.00 65.20 63.53 66.59 67.72 68.09 64.81 61.32 61.36 62.15 55.47 72.48 53.64 50.13 48.68 51.05 51.71 51.59 46.87 46.21 46.37 54.02 57.99 56.30 51.21

59.07 60.87 64.60 63.94 62.76 62.25 64.50 66.55 67.88 66.35 66.84 67.37 67.77 67.04 69.31 67.89 70.26 62,73 67.43 58.10 54.04 52.58 51.23 53.70 54.62 54.92 52.27 49.44 49.47 50.12 44.71 58.46 43.24 40.40 39.22 41.14 41.67 41.58 37.76 37.22 37.35 43.54 46.75 45.39 41.27

53.66 55.26 58.58 57.99 56.94 56.49 58.49 60.31 61.50 60.13 60.57 61.04 61.40 60.75 62.77 61.23 63.34 56,64 61.05 52.52 48.90 47.61 46.41 48.61 49.43 50.82 48.41 45.83 45.86 46.45 41.51 53.22 40.17 37.57 36.50 38.25 38.74 38.65 35.17 34.68 34.80 40.44 43.37 41.21 38.30