Beginning in mid-2003, Antam’s shareholders elected a new Board of Directors for the Company. The President Director, D. Aditya Sumanagara was reappointed to his position, while the other four directors are new replacements.

On March 1, 2004 Antam invited key players in the financial community to interview the Board. The interview was conducted in English.

Moderator

• - Cameron Tough, Investor Relations Consultant, Antam

Interviewers

• - Dharwin Yuwono, CFA
  Vice President PT JP Morgan Securities Indonesia
• - Imelda J. Saerang
  Analyst, PT JP Morgan Securities Indonesia
• - Michael Chambers
  Head of Research, CLSA Indonesia
• - Frits Jan Algera
  Assistant Vice President, Asian Debt Markets Origination, ABN AMRO
• - Mira Arifin
  Director and Head of Debt Capital Markets, ABN AMRO
• - Ray Anthony Gerungan
  Director, PT Merrill Lynch Indonesia

Board of Directors

• - Dedi Aditya Sumanagara
  President Director
• - Alwin Syah Loebis
  Operations Director
• - Kurniadi Atmosasmito
  Finance Director
• - Darma Ambiar
  Development Director
• - Syahrir Ika
  HR & General Affairs Director
  (participated in one on one interview with Moderator at a later date)
  

Questions ( click on a question below to read the answer )

• - To start off, how was Antam’s operational performance in 2003? How was production output in 2003?

• - What about Antam’s cost situation in 2003 ?

• - Antam has been talking about the cost reduction program since 2002, brought in to reduce the impact from the loss of the fuel subsidy. However, I see your cash costs continuing to rise. What do you say about this?

• - I’d like to shift from costs to more of a strategic level. Most of you are senior officials of one of Indonesia’s largest SOEs. What are your thoughts on the existing government? How have they benefited or disadvantaged you? Have they listened to your needs? What can they do better to help Antam’s operation and on the flip side, have they done anything to hurt Antam’s operation?

• - Regarding the forestry law. In your long term strategy of finding new deposits and opening new mines, have you identified the deposits you would like to develop but are currently blocked by the forestry law? Has your exploration strategy been modified as regards the forestry law?

• - Gentlemen, what is the status of your exploration? As well, is there any progress made with your joint venture companies?

• - What is the worse case scenario with regards to the upcoming elections? Have you considered the different outcomes of the election and the impact on the company?

• - The capital market is applying a certain discount to Indonesia. Do you think that is fair and what do you tell investors to alleviate their concerns about Indonesia? Do you think Indonesia is a high risk country?

• - We know the company pretty well and it has plans to continue to grow, now that FeNi III is underway. The Tayan project - what are the plans for that?

• - What are your plans with the iron sands division? Do you have any plans for a divestment?

• - Does iron sands, which has been a rather insignificant business, have the potential to contribute a bigger share to Antam’s revenues?

• - Antam has started construction on the FeNi III project. Could you tell us the progress to this point, are things on time or have you found any bottlenecks?

• - Some view that by 2006 there will be downward pressure on the nickel price, have you considered speeding up the construction process?

• - Until production in 2006, Antam is going to have to pay special attention to its cash flows. Will Antam generate revenue from FeNi III before 2006?

• - Is it also because of less expensive electricity? What will be the cash costs for FeNi I and FeNi II?

• - There’s always concern with regards to labour unions, like we have seen with other mining companies in Indonesia, and their potential impact on operations. How has Antam approached this issue, perhaps lets say, to give investors more comfort that Antam has control of this issue?

• - Does the PKB have incentives for the workers if they perform well?

• - Given that costs have been on the rise, it’s worth asking about the mine contractors owned by Antam’s pension fund that Antam uses for some of its operations. How are these contracts obtained and should investors be worried about the fees they charge Antam?

• - What is Antam’s relationship with China at the moment? Is there any impact on growth and strategy?

• - It was mentioned earlier that Antam has excellent relationships with local communities and governments. How important are Antam’s community development programs?

• - Pak Syahrir, what about the environment? Did Antam make any progress in 2003?

• - What is the outlook for 2004? What is your strategy for the future?

• - We’ve approached the end of our interview. Is there anything else you would like to say?

PT ANTAM Tbk
Gedung Aneka Tambang Jl. Letjen T.B. Simatupang No. 1
Lingkar Selatan, Tanjung Barat Jakarta 12530 - Indonesia
Phone : (62 - 21) 789-1234, (62 - 21) 781-2635, Fax : (62 - 21) 789-1224
email: corsec@antam.com - www.antam.com