EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF PT Petrosea Tbk Garden Hotel Jakarta 15 December 20

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EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
OF PT Petrosea Tbk Garden Hotel Jakarta 15
December 2006
Engineering Construction and Mining
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EGM 15 December 2006

• Good morning, Shareholders, Ladies and
  Gentlemen,
• Allow me as President Commissioner of PT Petrosea
  Tbk to welcome and thank you for your presence at
  this Extraordinary General Meeting of
  Shareholders of PT Petrosea Tbk.
• Pursuant to Article 22 Paragraph 1 of the
  Articles of Association, I was appointed by the
  Board of Commissioners to open and chair this
  Extraordinary General Meeting of Shareholders of
  PT Petrosea Tbk.

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EGM 15 December 2006

• Pursuant to article 21 paragraph 2 of Articles
  of Association, the Board of Directors
  announced the Preliminary Notice and the Final
  Notice of this meeting in the same two daily
  newspapers on 7 November 2006 and 27 November
  2006 respectively.
• Before we move to the main points of this
  meeting, first of all, I would like to confirm
  the number of shareholders or their proxies which
  have been lodged prior to this meeting and
  whether a quorum is present to hold this meeting.
  

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EGM 15 December 2006

• I have been confirmed by the Notary that this
  meeting has been attended by the shareholders of
  the Company or represented by their legal proxies
  who represent

80,454,100 shares or equal 82.28 of the total
shares issued by the Company.
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EGM 15 December 2006

• Hence the quorum as required in Law No.1/1995
  concerning the Limited Liability Company under
  Articles 73 Paragraph 1 and Articles 23 Paragraph
  1a of the Companys Articles of Association, this
  Extraordinary General Meeting of Shareholders
  shall be lawful and rightful to make resolution
  which is legal and binding in consideration with
  all matters mentioned in the agenda.
• Since all provisions have been fulfilled, as the
  Chairman of Meeting, I declare that The
  Extraordinary General Meeting of Shareholders
  which is held on Friday, 15 December 2006 shall
  be lawful and officially opened.

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EGM 15 December 2006

• Agenda
• Amendments to the composition of the Board of
  Commissioners.

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EGM 15 December 2006

• I also draw your attention to Article 23
  paragraph 5 of the Articles of Association which
  states that the casting of votes concerning a
  person shall be in writing, but not signed and
  shall be put into a closed envelope, except if
  the meeting Chairman allows the casting of votes
  verbally, and if there is no objection from a
  person present and entitled to cast a vote.
• In accordance with paragraph 3 of Article 14 of
  the Company Articles of Association the office
  term of the Board of Commissioners is from the
  closing of this meeting until the closure of the
  Annual General Meeting of shareholders in 2008.

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EGM 15 December 2006

• Pursuant to paragraph 5 of Article 21 of the
  Company Articles of Association, we have received
  a proposal from the shareholder Clough
  International Singapore Pte Limited in its letter
  dated 20 October 2006 proposing
• To appoint John S. Karamoy as Independent
  Commissioner, this appointment shall be for the
  period from the closing of this meeting and
  expiring at the closure of the Annual General
  Meeting of shareholders in 2008.

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EGM 15 December 2006

• Today, John Karamoy joined PT Petrosea Tbk as an
  Independent Commissioner. Throughout his career
  John has undertaken roles for many oil and gas
  companies such as Stanvac, Huffco, and Medco
  Energy. In 2001 to 2006 as President
  Commissioner at PT Medco Energy International
  Tbk. Including as Chairman of Audit Committee,
  and Chairman of the Risk Management. And many
  more in professional and social activities. 

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EGM 15 December 2006

• Therefore the composition of the Board of
  Commissioners is as follows
• President Commissioner Drs. Haji Udaya
  Sastrodimedjo
• Independent Commissioner Firdaus A. Siddik
• Independent Commissioner John S. Karamoy
• Commissioner David P.A. Singleton
• Commissioner Andrew J. Walsh