Corporate PresentationNOVEMBER 2011

WHY SMGR?WHY SMGR?±42%Domestic Market Share

SP

SG

ST

1

INDONESIA’S CEMENT INDUSTRYSMGR Corporate Presentation

November 2011

2

1. SMGR 20.2 mn ton- Semen Padang: 6.1 mn ton

- Semen Gresik : 10.0 mn ton

- Semen Tonasa : 4.1 mn ton

2. Semen Andalas 3) 1.6 mn ton3. Semen Baturaja 1.3 mn ton4. Indocement TP 18.6 mn ton5. Holcim Indonesia 8.5 mn ton6. Semen Bosowa 3.8 mn ton7. Semen Kupang 4) 0.5 mn ton

TOTAL 54.5 mn ton

CEMENT INDUSTRY AT A GLANCE

• Production Capacity : 51.3 mio ton 54.5 mio ton 59.4 mio ton• Domestic Growth : 6.0% 16.0% 7.0%• Domestic Utilization : 79% 87% 85%• Total Utilization : 85% 90% 88%• Supply Domestic : 40.8 mio ton 47.3 mio ton 50.6 Export : 2.9 mio tons 1.5 mio ton 1.5 Import 2) : 1.5 mio tons 1.0 mio ton -

1) Based on the Company’s forecast2) Imported cement by PT Semen Andalas as its cement plant is currently under reconstruction3) Under reconstruction, scheduled to complete in mid 20114) Semen Kupang does not produce or sell cement in the last 3 years due to its financial problem

Singapore

Kuala Lumpur

SMGR

22

11

33

4455

1

1

6677

THE PLAYERS and CAPACITY (2011)

SMGR: 20.2 mio ton (37% of Industry Cap.)

CEMENT INDUSTRY 2010 2011F 1) 2012F 1)

3

COMPARISON: CEMENT CONSUMPTION PER CAPITA 2010

Source: UBS; Deutsche, Indonesia Cement Association

0

200

400

600

800

1000

1200

1400

1600

Saudi Arabia

China

South Korea

Singapore

Malaysia

ItalyJapan

Vietnam

USAThailand

Germany

Indonesia

IndiaPhilipina

kg/capita

172

kgkg

Region PopulationCement

Consump-tion (ton)

Cement Consumpt. Per Capita

(kg)

GDP – US$ (2010)

1. JAVA 136,563,142 21,996,688 161 3,165

2. SUMATERA 50,613,947 9,690,931 191 2,712

3. SULAWESI & MALUKU 19,926,385 3,421,522 172 1,450

4. KALIMANTAN 13,772,543 2,833,018 206 4,976

5. BALI & NUSA TENGGARA 13,067,599 2,326,931 178 1,228

6. PAPUA 3,612,854 513,287 142 3,792

Total Indonesia 237,556,470 40,782,377 172 2,656

MARKET BY GEOGRAPHY & CEMENT CONSUMPTION PER CAPITA (FY2010)

Papua

Bali & N T

Kalimantan

Sulawesi

Population DistributionPopulation Distribution

Sumatera21.3% Java

57.5.%

8.4%

5.8% 5.5% 1.5%

4

REGIONMARKET SHARE (%)

SMGR INTP SMCB BSWA ANDLS BTRJA

1. JAVA 36.3 40.4 21.1 2.0 - 0.01

2. SUMATERA 42.6 15.9 11.5 2.0 16.0 12.0

3. SULAWESI 60.9 13.4 0.9 25.0 - -

4. KALIMANTAN 48.5 28.4 13.5 10.0 - -

5. NUSA TENGGR. 37.7 36.5 4.5 20.4 - -

6. EASTERN IND. 65.1 16.8 0.4 17.7 - -

TOTALINDONESIA

41.0 31.3 15.6 5.8 3.7 2.7

SG

SP

ST1

234

5

6

23.9%

7.4%7.1%

5.9% 2.2%

Java53.5.%

Sumatera

Cement DistributionCement Distribution

Domestic Market Share (Up to 10M2011)

DOMESTIC MARKET CONSUMPTION

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

5

Bag80%

Bulk20%

Key Drivers of Domestic cement demand:• National Economic Growth

• Favorable Interest Rate Environment

• Infrastructure Expansion

• Per Capita Consumption increase from current low levels

• Ready-mix (infrastructure): ± 50%

• Fabricator (pre-cast, fiber cement, cement based industry): ± 45%

• Projects (mortar, render): ± 5%

• Ready-mix (infrastructure): ± 50%

• Fabricator (pre-cast, fiber cement, cement based industry): ± 45%

• Projects (mortar, render): ± 5%

• Housing: ± 90%

• Cement based industry: ± 10%

• Housing: ± 90%

• Cement based industry: ± 10%±

±

Source: Internal Research

6

COMPANY PROFILESMGR Corporate Presentation

November 2011

7

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:

● Government of Republic of Indonesia: 73% ● Public: 27%

1995 : Acquisition of PT Semen Padang (Persero) and PT Semen Tonasa (Persero) 1998 : Cemex became a strategic partner, Market Cap.: IDR4.9tn 2006 : Blue Valley Holdings bought Cemex’s 24.9% stake in SMGR, Market Cap.: IDR21.5tn 2010 : In March 31, Blue Valley Holdings sold all of its stake ownership in SMGR, Market Cap per March 31, 2010: IDR43.3tn 2011 : Targeted total installed capacity of 20.20mm tons, Market Cap per Oct 31, 2011: IDR56.3tn

BRIEF HISTORYBRIEF HISTORY

SMGR IS THE #1 CEMENT COMPANY IN INDONESIA

0,0

5,0

10,0

15,0

20,0

1957

1970

1980

1984

1985

1986

1990

1995

1997

1998

2006

2007

2008

2009

2010

2011

SMGR CAPACITY BUILD-OUT (MM TONS)SMGR CAPACITY BUILD-OUT (MM TONS)

Pre-consolidated capacityPre-consolidated capacity

Post-consolidated capacity

Based capacity: 16.9 mio tons

Upgrading: 3.3 mio tons

Total installed capacity: 20.2 mio tons

8

Public The Government of the Republic of Indonesia

PT Semen Gresik (Persero) Tbk.

PT Semen Padang PT Semen Tonasa

OWNERSHIP STRUCTURE1OWNERSHIP STRUCTURE1

FOCUSES IN CORE BUSINESS

¹ As of April 09, 2010

Four subsidiaries Non-cement producers:

51.01% 48.99%

99.99% 99.99%

Name Activities % Ownership

1. Igasar Cement distribution 12.00%

2. Sepatim B General trading, cement packaging 85.00%

3. Bima SA General trading, cement packaging 80.00%

4. SUPS Cement Packaging 10.00%

Six subsidiaries Non-cement producers:

Name Activities % Ownership

1. UTSG Limestone & Clay Mining 55.00%

2. IKSG Cement Packaging 60.00%

3. KIG Industrial Estate 65.00%

4. Swadaya Gra Steel fabrication, contractor 25.00%

5. Varia Usaha Transport and general trading 24.90%

6. Eternit Gresik Building materials 17.60%

99

Total installed capacity EoY 2010: 19.0 mn tons and EoY 2011: 20.2 mn tons Nationwide distribution network Distribution warehouses in all areas of Java, Bali, Sumatra, Kalimantan, Sulawesi and Irian Operate 4 special sea ports: Padang, Tuban, Gresik, Biringkassi 17 large packing plants

SMGR’s PRODUCTION FACILITIES ARE WELL SUPPORTED BY STRATEGICALLY LOCATED MARKETING AND DISTRIBUTION FACILITIES (2011)

TelukBayur

Sumatera

Kalimantan

SulawesiMaluku

Papua

LombokBaliJava

Batam

Ciwandan

Tanjung Priok Jakarta

Samarinda

Banjarmasin

Palu

Bitung

Ambon

Makassar

Biringkasi

BaliTabananDenpasarSingarajan

DI YogyakartaLempuyanganJanti

Central JavaTegalPurwokertoKudusMagelangSolo/PalurAlas TuwoMojopahitSayung

West JavaSerangTangerangBogorCibitungBandungTasik MalayaCirebonNarogong

Belawan

Singapore

Kuala Lumpur

Tuban

Surabaya

Cement Plant

Packing PlantPort

Warehouse

East JavaMargomulyoTanjung WangiBangkalanSwabina

Aceh

Pelabuhan Tuban

Pelabuhan Gresik

Installed Cap.:6.1 mn tons

Installed Cap.:10.0 mn tons

Installed Cap.:4.1 mn tons

Gresik

10101010

9.601

12.210

14.388 14.344

4.001

5.355

6.774 6.810

1.7792.234

8.728

3.3284.343 4.489

3.3872.397

4.9704.773

3.867

2.8493.6333.326

2.5241.7751.296

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

2006 2007 2008 2009 2010

Revenue Gross Profit Operating Profit Ebitda Net Profit

(Rp billions) CAGR(2006 – 2010)

Revenue 13%

Cost of Revenue 9%

Gross Profit 20%

Operating Income 26%

EBITDA 22%

Net Income 29%

Total assets 20%

Total Equity 22%

SGG HAS EXPERIENCED ROBUST FINANCIAL GROWTH

2010

1111

STRONG BALANCE SHEET AND RETURNS

Cash balance (IDR bn) Total debt (IDR bn)

3.836 3.9025.283

1.9292.939

2006 2007 2008 2009 2010

660

224159 180 151

2006 2007 2008 2009 2010

* Include short term investment

Debt/EBITDA Return on Assets

20,8%17,3%23,4%23,8% 25,7%

2006 2007 2008 2009 2010

0,10x 0,03x0,06x 0,05x 0.13x

2006 2007 2008 2009 2010

3,0x

The projected adjusted debt/EBITDA of 3.0x and EBITDA/Interest of 3-4x to maintain rating level from Moody’s Investors Service.

1212

3.0% 2.7%

5.2%4.1%

3.2%

2006 2007 2008 2009 2010

Average: 3,6%

2.0% 1.6%

3.2%

1.0%

JSX

Top-20

*)

INTP SMCB SMGR

SMGR DIVIDEND YIELD IN THE LAST 5 YEARS 1)SMGR DIVIDEND YIELD IN THE LAST 5 YEARS 1)

*):Based on median of Top-20 Biggest Market Capitalization JSX listed companies in dividend yield, excluding Semen Gresik for FY2010

2010 DIVIDEND YIELD 1)2010 DIVIDEND YIELD 1)

REGULAR DIVIDENDSREGULAR 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

REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD

1) shares price based on closing price at the end of year

Shares stock split 1:10Shares stock split 1:10

US Sub-prime mortgage crisisUS Sub-prime

mortgage crisis

Shares buy backShares buy back

Blue Valley’s divestment

Blue Valley’s divestment

High inflation fearHigh inflation fear

No cartel conclusion by

KPPU

No cartel conclusion by

KPPU

Market Cap:Rp21.5T

Market Cap:Rp56.3T3980

516053005600

5000

40003425

41753725

4900

6300

75507300

87509250

8700

9.9009.800

9.2009.450

7.750

8.4008.750

9.500 9.4509.100

8300

9.500

1805 ,521830 ,92

2139 ,282359 ,21

2745 ,832447 ,32349 ,1 1832 ,5 1355 ,4

1434 ,072020 ,78

2467 ,592534 ,35

2777 ,32913 ,68

3.069 ,283.081 ,88

3.501 ,303.635 ,323.531 ,21

3.703 ,513.409 ,173.416 ,76

3.524 ,483.741 ,813.813 ,86

3.888 ,564.130 ,80

3.841 ,733549 ,03

3.790 ,84

9.6009.700

3630

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

28-D

es-06

30-M

ar-07

29-Ju

n-07

28-S

ep-07

28-D

es-07

31-M

ar-08

30-Ju

n-08

29-S

ep-08

30-D

es-08

31-M

ar-09

30-Ju

n-09

30-S

ep-09

30-D

es-09

31-M

ar-10

30-Ju

n-10

30-Ju

l-10

31-A

gust-

1030

-Sep

-1029

-Okt-

1030

-Nop

-1030

-Des

-1031

-Jan-1

114

-Feb

-1115

-Mar-

1108

-Apr-

1103

/05/20

1130

/06/20

1129

/07/20

1126

/08/20

1130

/09/20

1131

/10/20

11

SMGR JCI

SMGR STOCK PRICE HAS CONTINUED TO GROW….

Euro Market Crisis

Euro Market Crisis

14

MARKET UPDATESMGR Corporate Presentation

November 2011

MARKET UPDATE (Cement Sales FY2010 and 10M2011) *)

DESCRIPTION 2010 2009 CHANGE (%)

DOMESTIC 17,64 17,82 (1.0)

EXPORT 0.29 0,60 (52.9)

GRAND TOTAL 17,93 18,43 (2.8)

FY 2010 - Sales Volume (million tons)

Java 21,99 21,15 4.0

Sumatera 9,69 8,87 9.2

Kalimantan 2,83 2,44 15.8

Sulawesi 3,04 3,00 1.5

Nusa Tenggara 2,32 2,18 6.6

Maluku & Papua 0,88 0,80 10.4

TOTAL IND. 40,78 38,46 6.0

Export Semen 0,77 1,23 (37.2)

Export Clinker 2,10 2,79 (24.7)

Total Export 2,88 4,03 (28.5)

GRAND TOTAL 43,66 42,49 2.7

*) Source: Indonesia Cement Association, un-audited figures*) Source: Indonesia Cement Association, un-audited figures 15

DESCRIPTION 2011 2010 CHANGE (%)

DOMESTIC 15,961,928 14,400,773 10.8

EXPORT 116,641 194,618 (40.1)

GRAND TOTAL 16,078,569 14,595,391 10.2

Jakarta 3,755,721 3,098,155 21.1

Banten 2,234,315 1,707,054 30.9

West Java 5,733,589 4,809,197 19.2

Central Java 4,336,6548 3,708,153 16.9

Yogyakarta 624,497 507,942 22.9

East Java 4,839,907 4,173,322 15.9

Total Java 21,521,578 18,003,822 19.5

Sumatera 8,970,306 7,829,036 14.6

Kalimantan 2,742,141 2,333,295 17.5

Sulawesi 2,843,419 2,466,471 15.3

Nusa Tenggara 2,254,289 1,969,790 14.4

Maluku & Papua 651,559 737,299 (11.6)

TOTAL INDONESIA 38,983,292 33,339,714 16.9

Export Cement 211,929 637,460 (66,8)

Export Clinker 923,055 1,746,594 (47.2)

Total Export 1,134,984 2,384,054 (52.4)

GRAND TOTAL 40,118,275 35,723,768 12.3

10M-2011 - Sales Volume (million tons)

16

FINANCIAL UPDATESMGR Corporate Presentation

November 2011

1717

FINANCIAL SUMMARY: FY2010 RESULTS

EBITDA (Rp billion)

NET INCOME (Rp billion)NET INCOME (Rp billion)

EBITDA Margin (%)EBITDA Margin (%)

FY06 FY07 FY08 FY09 FY10

25.6 29.7 31.7 33.2 34.6

NET INCOME Margin (%)NET INCOME Margin (%)

FY06 FY07 FY08 FY09 FY1014.8 18.5 20.7 23.1 25.3

Description(Rpbn)

FY2009 FY2010 Change (%)

Revenue 14,388 14,344 (0.3)

Cost of revenue 7,614 7,534 (1.0)

Gross profit 6,774 6,810 0.5

Operating expenses 2,432 2,321 (4.5)

Operating income 4,343 4,489 3.4

Ebitda 4,773 4,970 4.1

Net Income 3,326 3,633 9.2

EPS (full amount) 566 613 8.3

4,9704,773

3,867

2,8492,234

0

1.000

2.000

3.000

4.000

5.000

2006 2007 2008 2009 2010

3,6333,326

2,524

1,7751,296

0

1.000

2.000

3.000

4.000

2006 2007 2008 2009 2010

1818

FINANCIAL SUMMARY: 9M-2011 RESULTS

EBITDA (Rp billion)

NET INCOME (Rp billion)NET INCOME (Rp billion)

EBITDA Margin (%)EBITDA Margin (%)

9M-07 9M-08 9M-09 9M-10 9M-11

29.1% 31.6% 32.5% 34.5% 32.8%

NET INCOME Margin (%)NET INCOME Margin (%)

Description(Rpbn)

9M-2010

9M-2011

Change (%)

Revenue 10,292 11,611 12.8

Cost of revenue 5,356 6,328 18.1

Gross profit 4,936 5,283 7.0

Operating expenses 1,729 1,881 8.8

Operating income 3,207 3,402 6.1

Ebitda 3,546 3,805 7.3

Net Income 2,522 2,761 9.5

EPS (full amount) 465 425 9.42.761

1.272

1.791

2.408 2.522

0

500

1.000

1.500

2.000

2.500

9M07 9M08 9M09 9M10 9M11

9M-07 9M-08 9M-09 9M-10 9M-11

17.9% 20.3% 23.1% 24.5% 23.8%

3.8053.5463.3792.783

2.063

0

1.000

2.000

3.000

4.000

9M07 9M08 9M09 9M10 9M11

19

STRATEGIC PROJECTSSMGR Corporate Presentation

November 2011

2020

SMGR LONG TERM STRATEGIC FOCUS

SMGRSMGR

THE OVERALL

STRATEGY

COMBINES

66 CRITICAL

ELEMENTS

1. Undertake Capacity Growth

2. Manage Energy Security

3. Enhance Company Image

4. Move Closer To The Customer

5. Enable Corporate Growth

6. Manage Key Risks

2121

Cement Finish GrindingPreparation Bored Pile

Coal StorageSteel Structure

Jetty Extension Area

TubanTuban

TonasaTonasa

TonasaTonasa

New Power Plant Area

New Plants Location

Capacity (mn tons)

Investment (US$ mn)

Construction

Start Completed

Java 2.5 304 2009 Dec 2011

Sulawesi 2.5 290 2009 Apr 2012

Sub Total 5.0 594

Power Plants Location

Capacity (MW)

Investment (US$ mn)

Construction

Start Completed

Sulawesi 2 x 35 114 2010 2012

TOTAL CAPEX US$ 708mn

CEMENT PLANTS & POWER PLANT PROJECTS

These strategic projects will ensure sustainability of the Company’s market leadership

Preheater Tuban IV

Blending Silo Tonasa V

22

Progress of Tonasa V Cement Plant Project Progress of Tuban IV Cement Plant Project

Progress of Power Plant Project - Tonasa 2 x 35 MW

Preheater Tonasa VPreheater Tuban IV

PROGRESS OF CEMENT & POWER PLANT PROJECTS – October 31, 2011

Description Weight Planning Actual

Preparation 0.39% 100.00% 100.00%

Management 2.88% 95.30% 97.07%

Engineering 3.83% 100.00% 100.00%

Procurement 72.82% 99.19% 99.03%

Construction 18.03% 95.93% 73.95%

Commissioning 2.05% 31.66% 4.12%

Total 100 % 97.14% 92.55%

Description Weight Planning Actual

Preparation 0.12% 97.37% 97.42%

Management 5.58% 93.59% 98.40%

Engineering 4.14% 100.00% 100.00%

Procurement 69.41% 100.00% 99.49%

Construction 18.77% 92.02% 84.80%

Commissioning 1.97% 52.84% 52.53%

Total 100 % 97.21% 95.77%

Description Weight Planning Actual

Preparation 2.63% 100.00% 100.00%

Management 4.60% 66.75% 66.78%

Engineering 5.75% 98.58% 95.54%

Procurement 55.13% 62.27% 65.91%

Construction 26.45% 38.67% 31.66%

Commissioning 5.44% 0.00% 0.18%

Total 100% 55.93% 55.92%

DESIGN CAPACITY (Mio Ton)

23.0

26.226.9

17,717.816.715.2

1.00,30.7

1.8

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

17.118.0

19.0 19.0

Export sales ▪

Domestic sales ▪

Export sales ▪

Domestic sales ▪

20.2

28.7

Based Capacity

Based Capacity

Up-grading

Up-grading

New Capacity

New Capacity

16.9

3.1

8.7

24

ENVIRONMENTAL FOCUSSMGR Corporate Presentation

November 2011

2525

Generate revenue

Emissions reduction programs

Carbon credits trading

Environmental Management

Reduce operating expense

Energy efficiency programs

Technology-driven cost savings

Promote company image

Domestic capacity expansion

Investment communities

SMGR IS FOCUSED ON DRIVING VALUE THROUGH AN ENVIRONMENTALLY-SUSTAINABLE BUSINESS PLATFORM

1. Alternative Fuel

The use of alternative fuel is the company’ strategy plan in order to improve non renewable energy efficiency as well as consume friendly environmental energy.

2. Waste Heat Recovery Power Generator

Utilize exhaust (waste gas) from pre-heater & cooler to produce electricity (power plant).

3. Shifting Coal Consumption from High-Medium CV to Low CV by 2011

4. Environmental Management System:• Environment Monitoring Program• Environment Management Program• Resources Conservation Program• Community Development Program

• Environment Monitoring Program• Environment Management Program• Resources Conservation Program• Community Development Program

26

FUTURE OF INDONESIA’S CEMENT INDUSTRYSMGR Corporate Presentation

November 2011

2727

Pessimist : 5.5%

Moderate : 6.5%

Optimist : 7.0%

Annual Growth Rates

NATIONAL DEMAND IS FORECAST TO RISE TO 142mm TONS BY 2030

Indonesia Cement Market Growth 2010-2030

43 46 49 52 56 59 63 6772

8186

9298

104111

118125

133

117

40

76

142

163

0

20

40

60

80

100

120

140

160

180

2010 2015 2020 2025 2030

Pessimist

Moderate

Optimist

Indonesia’s demand growth will make it the largest cement producer in Southeast Asia

Source: Internal Research

2020:76 mio tons

2030:142 mio tons

2030:142 mio tons

2015:56 mio tons

SMGR•Design Cap : 29.8 mio tons•Production (P) : 28.5 mio tons•Domestic market : 25.0 mio tons•Export market : 3.5 mio tons

2828

DEMAND IN 2010-2030 WILL INCREASINGLY SHIFT TO THE OUTER ISLANDS

SMGR with its wide geographical presence is well positioned to tap the growththroughout Indonesia

Malaysia

Timor Leste

MalaysiaMalaysia

Timor LesteTimor LesteTimor Leste

22 50

10 39

3 20 3 16

1 6

2 11

Kalimantan17 MT (618%) Sulawesi

13 MT (406%)

Bali9 MT (403%)

Java28 MT (130%)

Sumatera29 MT (310%)

East of Indonesia 5 MT (625%)

2010

2030

Key

Figures are in MT

202020

8 7

2

534

Source: Internal Research

2929

Transportation 2,458

Rai lways 11,960

Toll roads15,248

Power 3,695

Water resources 779

Project Value by Sector (US$ million) 2010-2014

Toll RoadProject Status

No. of projects

Project value

(USD mio)

Length(Km)

Cement demand

(MT)

Projects Ready For Offer 3 1,000 135 405

Priority Projects 8 2,474 342 1,026

Potential Projects 19 11,774 857 2,571

TOTAL 30 15,248 1,334 4,002

Source: National Development Planning Agency/Redwing estimates

INDONESIA PLANS TO INVEST HEAVILY IN INFRASTRUCTURE – PARTICULARLY TOLL-ROADS

TOTAL VALUE: US$34,140 mn

Details Toll Road Projects

CONCLUSION: WHY SMGR?SMGR Corporate Presentation

November 2011

313131

SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE HAS DRIVEN SMGR TO BE THE MARKET LEADER IN INDONESIA

Outstanding performance

Experienced management

team

Conservative capital structure

and financial policies

Robust cash flow generation

Outstanding business

performance

Favorable industry outlook

Outstanding business performance– Leading cement player in Indonesia with over 43% market share based on

sales volume for 2010 and approximately 37% share of total installed cement capacity (Source: Indonesia Cement Association (“ASI”))

– Strategically located plants proximate to key markets throughout the country

– 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.

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– 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

Strengths of SMGR

APPENDIXSMGR Corporate Presentation

November 2011

21.0

6.5

18.1

1.0

16.9

1.9

20.0

2.3

22.7

3.0

23.7

3.5

23.7

3.8

25.2

5.0

25.5

6.0

26.9

5.1

28.2

6.0

32.2

5.9

32.8

6.2

34.2

6.6

0

5

10

15

20

25

30

35

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Bag Consumption Bulk Consumption

SO FAR INFRASTRUCTURE EXPANSION HAS BEEN RELATIVELY SLOW

Bag and Bulk cement consumption 1997 – 2010 (million tons)

33

Source: Credit Suisse Research, Indonesia Cement Association, the Company’s data

34

INDONESIA CEMENT CONSUMPTION PER CAPITA (1997 – 2010)

123 128

141

96 94

110

125 130 130140 144 145

152162

167 172

0

20

40

60

80

100

120

140

160

180

1995 19961997 19981999 20002001 20022003 20042005 20062007 20082009 2010

kg/per capitaSource: Indonesia Cement Association

34

It was only back in 2004

ASIAN Economics

Crisis

ASIAN Economics

Crisis

35

Source: Indonesian Cement Association & BPS Statistic

INDONESIA HAS EXPERIENCED SOLID ECONOMIC AND DOMESTIC CEMENT CONSUMPTION GROWTH

Growth:

1.1%

Growth:

9.7%

Growth:

4.2%

Growth:

1.8%

Growth:

6.6%

Growth:

5.8%

Growth:

19.4%

Domestic consumption (LHS) GDP growth % (RHS)

(mio tons)

DOMESTIC CEMENT CONSUMPTION, CEMENT GROWTH, GDP GROWTH AND CONSTRUCTION GROWTH IN INDONESIA

40,839,039,1

27,2 27,5

30,231,5 32,1

34,2

38,1

6,10%

5,6%

4,7%

5,1%5,4%

4,4%

6.3%

6.1% 4.60%

6,60%

6.0%

11.5%

4.2%

9.7%

2.5%

6.6%

1.8%1.1%

5.8%

16.9%

0,0

10,0

20,0

30,0

40,0

2002 2003 2004 2005 2006 2007 2008 2009 2010 10M2011

0,0%

10,0%

20,0%Cement growth % (RHS)

(F)(F)

3636

IN ADDITION TO CEMENT DEMAND FROM TOLL ROAD PROJECTS, THE MULTIPLIER EFFECT WILL FURTHER STRENGTHEN RETAIL CEMENT DEMAND

Riau480,000

W. Java507,000

Lampung600,000

S. Sumatera216,000

N. Sumatera408,000

Jabotabek264,000

E. Java693,000C. Java

507,000

Bali24,000

W. Sumatera165,000

N. Sulawesi138,000

Potential cement demand : Toll road projects 2010 to 2014

Source: National Development Planning Agency/Redwing estimates

TOTAL CEMENT DEMAND: 4,002 MT

3737

Main Office:Main Building of Semen Gresik

Jln. Veteran Gresik 61122 –Indonesia

Phone: (62-31) 3981731 -2, 3981745Fax: (62-31) 3983209, 3972264

Representative Office:Gedung The East, 18th Floor,Jln. Lingkar Mega Kuningan Kav. E3.2 No. 1,Jakarta 12950 – IndonesiaPhone : (62-21) 5261174 – 5Fax : (62-21) 5261176

www.semengresik.com

THANK YOUTHANK YOUIMPORTANT 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 INCONNECTION 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 INTHIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR INPART.This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertaintiesand 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.We can give no assurance that our expectations will be attained.

DISCLAIMERThe information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Gresik (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 Gresik (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 Gresik (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.