BUMI ANNOUNCES FIRST QUARTER 2008 RESULTS - STRONGEST EVER DURING CHALLENGING OPERATING CONDITIONS

Wisma Bakrie 2, 7th floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta, INDONESIA 12920 Website: www.bumiresources.com

Corporate Information

BUMI ANNOUNCES FIRST QUARTER 2008 RESULTS - STRONGEST EVER DURING CHALLENGING OPERATING CONDITIONS Jakarta, 30 May 2008 NET INCOME q

Net Income on 100% basis increased 89% to a record $151.9 million (compared with $80.4 million in Q107)

q

Net Income after 30% minority adjustment increased 29% to $103.3 million (compared with $80.2 million in Q107)

q

Minority interest is $48.6 million in Q108 (compared with $0.2 million in Q107)

GROSS REVENUE q

Gross Revenue increased by 18% to $750.4 million (compared with $637.2 million in Q107)

FOB REVENUE q

FOB Revenue increased 20% to $726.4 million on a sales volume of 12.5 million tons (compared with $604.5 million on a sales volume of 14.5 million tons in Q107)

UNIT FOB PRICE q

FOB price increased 39% to $57.95/ton (compared with $41.69/ton in Q107)

OPERATING INCOME q

Operating income increased 43% to $160.9 million (compared with $112.3 million in Q107)

OPERATING EXPENSES q

Total Operating expenses decreased 7% to $89.3 million or by $6.7 million (compared with $96.0 million in Q107)

q

Marketing commissions increased 10% to $36.2 million (compared with $32.9 million in Q107) reflecting the 39% higher price realized. Page 1 of 5

q

Freight costs reduced by 42% to $19.0 million (compared with $32.8 million in Q107) reflecting higher FOB contracts.

q

Marketing expenses reduced by 20% to $9.3 million (compared with $11.6 million in Q107) by optimising transhipments

q

General and Administration expenses increased 33% to $16.9 million (compared with $12.7 million in Q107) mainly on account of general inflation and expansion related activities.

OPERATING METRICS OVERBURDEN REMOVAL q

Overburden removed increased 13% to 118.7 million tons (compared with 105.5 million tons in Q107) reflecting improved productivity

STRIP RATIO q

Strip ratio increased 5% to 9.3 (compared with 8.8 in Q107) reflecting the trending to the longer term average of 9.5.

q

Guidance for FY08 is 9.5

COAL MINED q

Coal mined increased 3% to 12.8 million tons (compared with 12.4 million tons in Q107) in spite of challenging weather conditions

COAL SOLD q

Coal sold is 98% of coal mined (compared with 117% or 2.1 million tons from inventory in Q107 )

q

Sales volume from fresh production increased 1% to 12.5 million tons (compared with 12.4 million tons in Q107)

q

Total sales volume reduced by 14% to 12.5 million tons (compared with 14.5 million tons in Q107) because of negligible opening inventory in 2008.

q

Guidance for FY 2008 is 61 million tons

PRODUCTION CASH COSTS INFLUENCED BY ESCALATING FUEL PRICES q

Production cash costs increased 32% to $30.7/ton mined (compared with $23.3/ton in Q107) or an increased by 18% compared with $25.9/ ton in FY07

q

Fuel cost increased to 29% of production cash cost (compared with 22% in Q107 and 24% in FY07)

q

Diesel oil price increased 62% to $0.81/litre (compared with $0.50/ litre in Q107 and $0.58/litre in FY07).

q

2008 guidance for diesel oil is $0.80/litre.

Page 2 of 5

GUIDANCE FOR FY 2008 - NO CHANGE Production - 64 million tons

(compared with 54.2 million tons FY07)

Sales - 61 million tons

(compared with 55.4 million tons FY07)

Price - $70/ ton

(compared with $44.0/ton FY07)

We will provide a 4th update on expected FY08 price next month once the Japanese settlements are concluded. MEDIUM TERM PRODUCTION RAMP UP AND COST REDUCTION PLANS q

100 million tons from 2011 onwards, target commissioning in Q4 10.

q

Build additional 100 km of conveyors and switch 100% to captive coal fired power plants implementation plan on target for Q4 2010 commissioning.

q

Hence, reduce production cash cost by $3/ ton in 2011.

COAL RESERVE UPDATE q

Coal reserve and resource is 8,132 million tons

q

Coal reserve 1,402 million tons

q

Coal Resource 6,730 million tons.

Additional drilling in progress, coal reserve expected to rise significantly by year end 2008. INHOUSE VALUATION OF COAL RESERVES q

International valuation is $25/reserve ton or $5/ton for combined reserves and resources for thermal coal trades

q

Intrinsic present KPC/Arutmin valuation by this measure on its reserves of 1.4 billion tons @ $25/ ton amounting to $35 billion (with KPC mined to extent of only 45%).

q

Intrinsic KPC/Arutmin present value of its combined coal reserves and resources of 8 billion tons at $5/ ton amounts to $40.6 billion

q

KPC/Arutmin's intrinsic valuation is between $35 billion to $40.6 billion by coal reserves and combined reserve & resources respectively.

PUBLIC RECOGNITION FORBES MAGAZINE q

Ranked 2nd out of Forbes Global 2000 winners with a total 1 year return of 361%.

q

Ranked 1633 overall in the world

q

Ranking combines four measures of size - sales, profits, assets and market value

Page 3 of 5

PLATTS q

Nominated Asia's fastest growing amongst Top 250 Energy companies and the world's second fastest globally by Platts.

q

Nominated as the most popular listed company in Indonesia by Investor Magazine

SAFETY q

Zero accident award for Arutmin by Indonesian Ministry of labour and transmigration

INCREASING WEIGHTAGE ON INDONESIAN STOCK INDEX q

2nd largest by market value on the Indonesian Stock exchange and highest weight on MSCI

JOINT ANALYST CUM STAKEHOLDER BRIEFING FOLLOWED BY MEDIA CONFERENCE Details will be advised shortly. FINANCIALS Q108 Statement to Regulators enclosed. LIMITED REVIEW REPORT Q108 Being posted on our web site.

FURTHER INFORMATION

For further information, please contact: Dileep Srivastava Senior Vice President, Investor Relations Corporate Communications Company Secretary PT Bumi Resources Tbk. Tel (62-21) 5794 2080 Fax (62-21) 5794 2070 email [email protected] www.bumiresources.com

Page 4 of 5

SUMMARY OF OPERATING PERFORMANCE

Financial 1Q08 Overburden Removed (Mbcm) Coal Mined (MT) * Coal Conveyed (MT) * Coal Sales (MT) * Strip Ratio Production Cash Costs ($/ton mined) Average FOB Price ($/ton) * includes government entitlement of 13.5% Metrics 1Q08 in US$ million FOB Revenue Sales** Gross Profit Operating Income EBITDA (operations) Net Income (100% basis, unadjusted) Net Income (adj. minority interest) ** net of the government’s royalty

1Q08 118.7 12.8 12.5 12.5 9.3 30.7 57.95

1Q07 105.5 12.4 13.9 14.5 8.8 23.3 41.69

Chg % +12.6% +3.3% -9.5% -13.5% -5.2% -32.0% +39.0%

1Q08

1Q07

Chg %

726.4 663.6 250.2 160.9 175.9 151.9 103.3

604.5 577.9 208.3 112.3 131.8 80.4 80.2

+20.2% +14.8% +20.1% +43.3% +33.4% +88.9% +28.8%

Page 5 of 5

PT BUMI RESOURCES Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 MARET 2008 DAN 2007 (TIDAK DIAUDIT)

PT BUMI RESOURCES Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2008 AND 2007 (UNAUDITED)

(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)

(Figures in table are expressed in United States Dollar, unless otherwise stated)

ASSETS

AKTIVA Catatan/ Notes AKTIVA LANCAR Kas dan bank Rekening bank yang dibatasi penggunaannya Investasi jangka pendek Piutang usaha Pihak ketiga - setelah dikurangi penyisihan piutang tak tertagih AS$ 161.834 pada tahun 2008 dan 2007 Piutang lain-lain - setelah dikurangi penyisihan piutang tak tertagih AS$ 2.164.646 tahun 2008 dan 2007 Persediaan - setelah dikurangi penyisihan persediaan usang AS$ 2.793.678 pada tahun 2008 dan 2007 Tagihan PPN Biaya dibayar dimuka dan jaminan Pajak dibayar dimuka Aktiva lancar lainnya

2008

2007

CURRENT ASSETS

2d,4 2d,5 2e,39v

42.030.819 134.658.959 118.312.375

65.153.223 108.020.955 -

2f,6

218.573.770

150.694.465

2f,7

95.708.543

126.280.116

2h,8 35a 2i,9 2i,35b 35d

97.421.294 407.125.560 18.363.182 21.085.499 32.948.468

138.447.438 299.987.826 26.540.839 14.988.538 5.734.470

Cash on hand and in banks Restricted cash in banks Short-term investment Trade receivables Third parties - net of allowance for doubtful accounts of US$ 161,834 in 2008 and 2007 Other receivables - net of allowance for doubtful accounts of US$ 2,164,646 in 2008 and 2007 Inventories - net of provision for obsolescence of US$ 2,793,678 in 2008 and 2007 VAT recoverable Prepaid expenses and deposit Prepaid tax Other current assets

1.186.228.469

935.847.870

Total Current Assets

2g,36a 2v,35f

3.129.941 39.941.505

129.941 36.477.486

2k,2m,2n,11 2l,12 2o,13

659.461.936 123.234.064 106.832.891

695.403.128 87.524.605 530.331

2o,14 2b,2j,10 2p,15 2v,35c 2c,16

89.525.652 101.909.773 187.048.196 18.501.975 272.189.434 71.090.026 111.955.690

94.002.792 12.323.834 75.184.749 22.156.578 435.595.268 11.959.692 9.744.084

Due from related parties Deferred tax assets Fixed assets - net of accumulated depreciation of US$ 967,878,382 in 2008 and US$ 904,894,732 in 2007 Oil and gas properties Deferred exploration cost Deferred exploration and development cost - net Investment in associates Deferred stripping cost Claim for tax refund Goodwill Advances and deposits Other non-current assets

Jumlah Aktiva Tidak Lancar

1.784.821.083

1.481.032.488

Total Non-Current Assets

JUMLAH AKTIVA

2.971.049.552

2.416.880.358

TOTAL ASSETS

Jumlah Aktiva Lancar AKTIVA TIDAK LANCAR Piutang pihak hubungan istimewa Aktiva pajak tangguhan Aktiva tetap - setelah dikurangi akumulasi penyusutan AS$ 967.878.382 pada tahun 2008 dan AS$ 904.894.732 pada tahun 2007 Aktiva minyak dan gas bumi Biaya eksplorasi tangguhan Biaya eksplorasi dan pengembangan tangguhan - bersih Investasi pada perusahaan asosiasi Biaya pengupasan ditangguhkan Taksiran tagihan pajak Goodwill Uang muka dan deposito Aktiva tidak lancar lainnya

17

Catatan atas Laporan Keuangan Konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.

NON-CURRENT ASSETS

The accompanying Notes to Consolidated Financial Statements are an integral part of the consolidated financial statements.

1

PT BUMI RESOURCES Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 MARET 2008 DAN 2007 (TIDAK DIAUDIT)

PT BUMI RESOURCES Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2008 AND 2007 (UNAUDITED)

(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)

(Figures in table are expressed in United States Dollar, unless otherwise stated)

LIABILITIES AND STOCKHOLDERS’ EQUITY

KEWAJIBAN DAN EKUITAS Catatan/ Notes KEWAJIBAN LANCAR Pinjaman jangka pendek Hutang usaha - pihak ketiga Hutang lain-lain - pihak ketiga Biaya yang masih harus dibayar Hutang pajak Kewajiban jangka panjang yang jatuh tempo dalam waktu satu tahun Pinjaman jangka panjang Hutang sewa guna usaha Taksiran kewajiban restorasi dan rehabilitasi lingkungan

CURRENT LIABILITIES

110.000.000 92.826.871 469.570.966 178.743.433 14.184.815

29.692.682 115.242.648 359.429.221 122.502.007 75.688.537

22 2m,24

32.475.576

8.692.000 29.972.031

2t,25

9.071.288

3.070.633

Short-term loans Trade payables - third parties Other payables - third parties Accrued expenses Tax payable Current maturities of long-term liabilities Long-term loans Obligation under capital leases Estimated liability for restoration and rehabilitation

906.872.949

744.289.759

Total Current Liabilities

2g,36b 2v,35f 2y,37 26

1.587.134 149.336.637 23.481.978 16.838.216

5.042.346 152.320.722 16.180.445 26.076.452

NON-CURRENT LIABILITIES

Due to related parties Deferred tax liabilities Employee benefits obligation Deferred revenue

22 2m,24

7.979.733 31.696.736

929.838.057 55.821.895

2t,25 2q,23

156.709.137 124.857.744

101.027.413 -

Long-term liabilities - net of current maturities Long-term loans Obligation under capital leases Estimated liability for restoration and rehabilitation Convertible bonds

512.487.315

1.286.307.330

Total Non-Current Liabilities

10.460.426

MINORITY INTEREST IN NET ASSETS OF SUBSIDIARIES

Jumlah Kewajiban Tidak Lancar HAK MINORITAS ATAS AKTIVA BERSIH ANAK PERUSAHAAN

2007

18 19 20 21 2v,35e

Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Hutang pihak hubungan istimewa Kewajiban pajak tangguhan Kewajiban manfaat karyawan Pendapatan ditangguhkan Kewajiban jangka panjang setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Pinjaman jangka panjang Hutang sewa guna usaha Taksiran kewajiban restorasi dan rehabilitasi lingkungan Obligasi konversi

2008

2b

Catatan atas Laporan Keuangan Konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.

273.108.433

The accompanying Notes to Consolidated Financial Statements are an integral part of the consolidated financial statements.

2

PT BUMI RESOURCES Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 MARET 2008 DAN 2007 (TIDAK DIAUDIT)

PT BUMI RESOURCES Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2008 AND 2007 (UNAUDITED)

(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)

(Figures in table are expressed in United States Dollar, unless otherwise stated)

Catatan/ Notes EKUITAS Modal saham - nominal Rp 500 (setara dengan AS$ 0,07) Modal dasar - 20.000.000.000 saham Modal ditempatkan dan disetor penuh 19.404.000.000 saham Tambahan modal disetor Saham beredar yang diperoleh kembali Biaya emisi saham Selisih kurs penjabaran laporan keuangan Selisih penilaian kembali aktiva tetap Selisih nilai transaksi restrukturisasi entitas sepengendali Saldo laba

2008

2007

STOCKHOLDERS’ EQUITY

27 23 2r,28 2s 2w

1.400.714.922 255.314.794 (11.032.390 ) (1.830.367 ) 18.775.401 14.518

2c,29

(1.233.700.656 ) 850.324.633

Jumlah Ekuitas

1.278.580.855

JUMLAH KEWAJIBAN DAN EKUITAS

2.971.049.552

Catatan atas Laporan Keuangan Konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.

Capital stock - Rp 500 (equivalent to US$ 0.07) par value Authorized - 20,000,000,000 shares Issued and fully paid 1.400.714.922 19,404,000,000 shares Additional paid-in capital (97.666.443 ) Treasury stock (1.830.367 ) Share issuance cost (4.554.296 ) Translation adjustments 14.518 Revaluation increment in fixed assets Difference in value from restructuring transactions of (1.233.700.656 ) of entities under common control 312.845.165 Retained earnings 375.822.843

Total Stockholders’ Equity

TOTAL LIABILITIES AND

2.416.880.358 STOCKHOLDERS’ EQUITY

The accompanying Notes to Consolidated Financial Statements are an integral part of the consolidated financial statements.

3

PT BUMI RESOURCES Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASI UNTUK PERIODE TIGA BULAN YANG BERAKHIR PADA TANGGAL 31 MARET 2008 DAN 2007 (TIDAK DIAUDIT)

PT BUMI RESOURCES Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED)

(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)

(Figures in table are expressed in United States Dollar, unless otherwise stated)

Catatan/ Notes

2008

2007

PENJUALAN

2u,31

663.590.916

577.911.710

SALES

HARGA POKOK PENJUALAN

2u,32

413.392.024

369.622.088

COSTS OF SALES

250.198.892

208.289.622

GROSS PROFIT

72.334.230 16.932.375

83.273.687 12.742.413

89.266.605

96.016.100

Total Operating Expenses

160.932.287

112.273.522

OPERATING INCOME

LABA KOTOR BEBAN USAHA Penjualan Umum dan administrasi

2u,33

Jumlah Beban Usaha LABA USAHA PENDAPATAN (BEBAN) LAIN-LAIN Penghasilan dari pelabuhan Bagian atas laba bersih perusahaan asosiasi Rugi selisih kurs - bersih Beban amortisasi Beban bunga - bersih Amortisasi atas pendapatan yang ditangguhkan Lain-lain - bersih

1.352.400

1.282.125

10 2w 2o,16 18,22

1.790.656 (1.118.155 ) (7.945.029 ) (4.507.014 )

(168.908 ) (8.064.074 ) (23.480.342 )

26

(3.071.820 )

4.164.000 174.977

Jumlah Beban Lain-lain - Bersih

(13.498.962 )

(26.092.222 )

LABA SEBELUM BEBAN PAJAK

147.433.325

86.181.300

MANFAAT (BEBAN) PAJAK Kini Tangguhan

2v,35f

Jumlah Manfaat (Beban) Pajak - Bersih

Catatan atas Laporan Keuangan Konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.

(18.387 ) 4.471.466

(8.397.818 ) 2.639.260

4.453.079

(5.758.558 )

OPERATING EXPENSES

Selling General and administrative

OTHER INCOME (EXPENSES)

Port facility fee Equity interest in net income of Associates Loss on foreign exchange - net Amortization expenses Interest expenses - net Amortization of deferred revenue Others - net Total Other Expenses - Net

INCOME BEFORE TAX EXPENSES TAX BENEFIT (EXPENSES)

Current Deferred

Total Tax Benefit (Expenses) - Net

The accompanying Notes to Consolidated Financial Statements are an integral part of the consolidated financial statements.

4

PT BUMI RESOURCES Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASI UNTUK PERIODE TIGA BULAN YANG BERAKHIR PADA TANGGAL 31 MARET 2008 DAN 2007 (TIDAK DIAUDIT)

PT BUMI RESOURCES Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED)

(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)

(Figures in table are expressed in United States Dollar, unless otherwise stated)

Catatan/ Notes LABA BERSIH SEBELUM HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN

2008

2007

151.886.404

2b

LABA BERSIH

(48.618.705 )

80.422.742

(216.783 )

NET INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES

103.267.699

80.205.959

NET INCOME

LABA PER 1.000 LEMBAR SAHAM

2aa,34

5,38

4,13

BASIC EARNINGS PER 1,000 SHARE

LABA PER 1.000 LEMBAR SAHAM DILUSIAN

2aa,34

5,34

-

DILUTED EARNINGS PER 1,000 SHARE

Catatan atas Laporan Keuangan Konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.

The accompanying Notes to Consolidated Financial Statements are an integral part of the consolidated financial statements.

5