DETERMINATION OF OFFERED PRICE IN THE PRIMARY MARKET

shareholders, the Company and the underwriters. The determination of Offering Price at Rp2,500, - two thousand five hundred Rupiah was also by considering the results of book building which has been performed by the underwriters through assessment to investors in domestic and international markets and by considering of various factors such as:  The Companys financial performance;  Data and information regarding the Company, the Companys performance, brief history, business prospects and descriptions of coal mining industry in Indonesia;  Assessment to the directors and the management, operation or performance of the Company, both in the past and at present, and business prospects and future earnings prospects;  Assessment based on the ratio PE and EVEBITDA of several public companies listed on stock exchanges which could be used as comparison;  Market conditions at the time book building was performed; and  Investor demand domestic international XVI. CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFFESIONALS Capital Market Supporting Institutions and Professionals who are helping and playing a role in this Public Offering are as follows:

1. Legal Consultant: MAKES PARTNERS

Menara Batavia Lantai 7 Jl. KH. Mas Mansyur Kav. 126 Jakarta 10220 - Indonesia Telepon: 021 – 574 7181 Fax: 021 – 574 7180 Main Duty and Obligation: The scope of work of the Legal Consultants during this Initial Public Offering includes performing legal examination and providing Legal Examination Report and providing Legal Opinion on legal aspects related to the Company and this Public Offering, in accordance with the Professional Standard and the Capital Market Regulations in order to implement the disclosure principle. The result of the legal examination and opinion disclose all the facts, data and important information concerning the legal aspects of the Company and the Public Offering, as it is mandatory in the application of information disclosure and transparency principles relevant to a Public Offering. Work Guidelines : Professional Standards of Capital Market Legal Consultants attachment to the Decision of Capital Market Legal Consultants Association No. KEP01HKHPM2005, dated March 31, 2004 and is valid from February 18, 2005 The Company’s Appointment Letter: No. 023LMGEMSII2011 dated February 25, 2011 Registered License of the Capital Market Professional STTD : No. 227PMSTTD- KH1998 under the name of Iwan Setiawan, SH Organization : Capital Market Legal Consultants Association HKHPM with HKHPM Membership Number : 200924