Investor Presentaiton

BUMA Financing Transformation 2009–2011 Leverage Buyout Financing - November 2009 ■ US$600MM total financing ■Sources US$285MM Four Year Syndicated Loan - US$315MM 144A/Reg S High Yield Bond due 2014 ■ Uses • US$260MM leverage recap of BUMA balance sheet - US$310MM refinancing of existing debt - US$30MM of fees and general corporate purposes Syndicated Loan / High Yield Bond were structured with a security sharing deed, making them fully pari-passu ■ Cash and Account Management Agreement ("CAMA") structure in place for lenders to control cash - Debt service is first ranking Typical tight LBO covenants, preferential to Senior Lenders Key Milestones Bond/Bank Refinancing Call - December 2010 ■ US$600MM single-tranche five year bank loan raised to take out 2009 bank loan and high yield bond ■ US$315MM Tender Offer, Consent Solicitation and Tax Call due to changes in WHT regime ■ Tender and Consent were priced at 106%. Positively received by bondholders, 97% participation. 3% were redeemed through tax call ■ Structure was substantially similar (tight covenants, CAMA) but with substantially cheaper rates ■ Deal was completed prior to shareholder changes Shareholder Change - Delta Dunia December 2010 ■ In December 2010, a consortium consisting of TPG Capital ("TPG"), Government of Singapore Investment Corporation ("GIC") and China Investment Corporation ("CIC"), collectively acquired non-voting interests in NTP, the Northstar-led entity that owns 40% of Delta - - - TPG is a leading private equity firm based in the U.S. - GIC manages the Singapore government's long- term foreign reserves CIC manages China's sovereign wealth fund LBO Structure Nov 2009 Dec 2010 Apr 2011 May 2011 Corporate Borrower Interest Rate Swap - March/April 2011 ■ US$500MM Vanilla Interest-Rate Swap ■Interest-rate risk mitigant Together with the May 2011 refinancing fixed rate pricing dropped from 14.7% on 2009 high yield bonds to 6.33% for the swapped loan, including all WHT charges Underlying cash flows match the loan - achieves 'hedge' accounting US$800MM Corporate Loan - May 2011 ■ US$800MM refinancing, capex line and revolver - Conversion of LBO debt structure to 'corporate loan' structure Removal of all materially restrictive covenants (cash sweep, limits on indebtedness, restrictive financial covenants, etc.) - Tenor extension, double average life Reduce balance sheet (funding) risk and interest expense Capex Lines Going Forward " Approx. US$80 - 90MM available for capex under the 2011 Bank Facility ■ Substantial committed capex financing available from vendor finance providers for future growth 18

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