PT. Bumi Resources Tbk.

• The Company’s published financial statements have been presented in accordance with prevailing regulations including accounting standards,
• Audit functions conducted by both Internal and External Auditors, have been adequately performed,
• Business activities have been conducted ethically and in compliance with the prevailing laws and regulations.

In discharging its roles the Audit Committee of PT Bumi Resources Tbk (BUMI or the Company) conducts intensive communications with Directors, Management and Auditors both Internal as well as the External. The Audit Committee, however, did not duplicate the activities of these parties and relied on the information presented by them.

In relation to its roles, the main responsibility of the Audit Committee is to enhance good practices in financial reporting, risk management and ethical conduct. The Company’s Directors and management bear the primary responsibility for presenting the financial statements in accordance with the prevailing laws standards and regulations, the adequacy of risk management and establishing adequate internal controls and compliance with laws and regulations. The Internal and External Auditors bear responsibility for their respective audit functions.

The Audit Committee discussed and reviewed the audit plans prepared by both Internal and External Auditors and regularly discussed their findings.

Audit Committee reports its activities and findings to the Board of Commissioners every 3 (three) months.

Below is summary of curriculum vitae of the members of the Audit Committee are as follows:

Sulaiman Zuhdi Pane
Chairman/Independent Commissioner
Graduated from the School of Geology, Bandung Institute of Technology in 1962. Commissioner of the Company since 2001. Pursued a career in Pertamina since 1962. Born in Pematang Siantar, 23 February 1938.

Kanaka Puradiredja
Member
Graduated from the Economics Faculty majoring in Accounting at Padjadjaran University, Bandung. Practicing in public accountant for more than 30 years. Former Managing Partner and Chairman of KPMG Indonesia and former Senior Partner at Kanaka Puradiredja, Suhartono Public Accounting Firm.

Currently, Honorary Chairman of the Board of the Indonesian Institute of Accountants and Chairman of the Executive Board of the Indonesian Institute of Audit Committees. Member of Honorary Board of Professionals in Risk Management Association and Member of Supervisory Board of the Aceh- Nias Rehabilitation and Reconstruction Agency. Former member of the Executive Board of International Transparency and a member or former member of audit committees in various publicly listed companies.

Mawar I.R. Napitupulu
Member
Graduated from the Faculty of Economics University of Indonesia, Jakarta, majoring in Accounting and Master of Business Administration, Katholieke Universiteit Leuven, Belgium, majoring in Finance. Currently, she is the Managing Partner at RSMAAJ Associates – Aryanto Amir Jusuf & Mawar, Public Accounting Firm. She is also the Chairman of the Board of Quality Review of the Indonesian Institute of Certified Public Accountants, member of the Risk Monitoring Committee of PT CIMB Niaga Tbk. and a lecturer at the Accounting Department Faculty of Economics, University of Indonesia.

Indra Safitri
Member
Graduated from the Faculty of Law University of Indonesia, Jakarta, majoring in Public International Law. He was also a participant at the Wisconsin Law School. Currently, he is a senior partner at the Law Office of Safitri & Partners and as a legal  practitioner in finance and securities laws. Others activities include being a Board Member of Indonesian Capital Market Lawyers Association, Arbiter of the Indonesian Capital Market Arbitration and Board Member of the Indonesian Institute of Audit Committees and Indonesia Professional in Risk Management Association. He has experience in other listed companies as an audit committee member.

In 2008 the Audit Committee conducted 21 meetings, including 4 (four) meetings with the Board of Commissioners. The attendance rates of the respective members were as follows: ZP 4 (19%), KP 20 (95%), MN 19 (90%) and IS 21 (100%).

In 2008 BUMI has assigned a Public Accountant which is not the Company’s External Auditor to assist Management to improve the quality of its published financial statement. In 2008, to strengthen the risk management activities, with the assistance of a risk management consultant, the Company started the implementation of the Enterprise Risk Management system at PT Bumi Resources Tbk. and its subsidiaries. Currently, the development of the system is advanced and still on going.

Continuing its efforts to improve internal audit function, in 2008 BUMI also recruited a VP of Internal Audit in order to assist in the Company efforts to be more focused in the implementation of internal audit in the Company and its subsidiaries. The audit plan for 2009 was developed based on the risk assessment result from the implementation of the aforementioned enterprise risk management activities.

To promote ethical business conduct, since 2006 BUMI has implemented the Code of Conduct that should be complied with by all employees including management, the Board of Directors and Commissioners and other stakeholders.
The Code of Conduct is consistently implemented and monitored through a Speak Up System that was established in 2008 and outsourced to an independent third party. Refinements to the Speak Up System are still on going.

The above efforts are fully supported and its development is monitored intensively by the Audit Committee because from the Audit Committee view all these efforts show the Company’s Management seriousness to improve the implementation of the principles of Good Corporate Governance in its business activities. These efforts also been recognized by The Assets, an international magazine based in Hong Kong. The Company is ranked 3rd for the winners of The Best in Corporate Governance 2008 by The Assets.

In particular, the Audit Committee also reports to the Board of Commissioners who then convey their message to the Board of Directors in relation with the Company’s various corporate actions conducted in 2008 and suggested the Company to always comply with the prevailing laws and regulations including Capital Markets laws.