2Q15 results investor and analyst update 14 th August 2015 - - PowerPoint PPT Presentation

2Q15 results

investor and analyst update

14th August 2015

2

DISCLAIMER The views expressed here contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Banpu Public Company

• Limited. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

3

Financial summary Power business Coal marketing Coal operations Focus: Banpu Power growth update 5 4 3 2 1 Looking forward 6

4

Banpu Power profile update agenda

Banpu’s power portfolio Hongsa progress Power assets in China Japan solar Banpu Power looking ahead

5

Japan solar 4 MW

Banpu Power asset portfolio

*Power capacity is derived from the capacity of power and steam combined in MW equivalent **As of 14th Aug 2015 Note : Banpu effective ownership - Hongsa (40%), BLCP (50%), Luannan and Zhengding (100%), Zouping (70%), SLG (30%), Japan solar (40-75%)

CHINA

Luannan

123 MW*

Zhengding

139 MW*

Zouping

180 MW*

Hongsa

(COD 2015-16) 1,878 MW

LAOS

BLCP

1,434MW

SLG (COD 2017) 1,200 MW Mukawa (COD 2016) 17 MW

All capacity presented on 100% basis

Nari Aizu (COD 2018) 20 MW Olympia 10 MW Hino (COD 2016) 3.2 MW Awaji (COD 2016) 8.4 MW

Project coal-fired Operational coal-fired Project Solar Operational Solar

THAILAND

0 .4 0 .5 1.0 1.4 2.3 Power capacity

(GW equity)

TECO 266 MW COCO 103 MW

20 0 0

Ratch 543 MW

20 0 5

SLG 360 MW Japan solar 37 MW BLCP 717 MW BIC 424 MW*

20 18 e

(Committed)

Hongsa 751 MW BIC 327 MW*

20 10

BLCP 717 MW Hongsa 250 MW BLCP 717 MW

20 15**

BIC 388 MW*

DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect assumptions, and have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

6

97% 94% 100% 99.2% 99.9% 96.6%

PROGRESS* Power plants Ash and gypsum handling system Transmission line and substations Mining works Infrastructure works Social development

0% 0% 0% 0% 0% 0%

Hongsa: 97.8 % com plete*

*As of June 2015

Power plants Transm ission line and substations

7

97% 94% 100% 99.2% 99.9% 96.6%

PROGRESS* Power plants Ash and gypsum handling system Transmission line and substations Mining works Infrastructure works Social development

0% 0% 0% 0% 0% 0%

Hongsa: 97.8 % com plete* (continued)

*As of June 2015

Conveyor line Coal/soil crusher Stock yard Stacker Main road from country border Nam Ken Dam Ban Homexai Ban Homesawang

Mining works Infrastructure works Social developm ent

8

Hongsa: m ine in operation

Coal/soil crusher

East

• verburden

zone Nam Ken Dam Nam Louk Dam West

• verburden

zone East lake Main pit Overburden Conveyor line Overburden crusher Coal crusher Coal stockyard

Stock yard

Area: 272,000 m2

• Max. stock: 0.75 mt

reserved for 15 days

Coal stacker Conveyor line

Overburden flow Coal flow

9

Hongsa: perform ance and reliability testing

Com m ents

• Extensive testing process

conducted by Hongsa and 3rd parties (e.g. EGAT) to ensure reliability

• Capex lower than budget so far
• Unit 1 is now in operation
• Passed all tests on PPA,

performance and reliability

• Unit 2 and Unit 3 are on schedule

NOV 14

Acid clean

DEC 14

Steam blow

FEB 15

Start-up with oil

FEB 15

1st network synchronization

MAR 15

Start up with coal & PPA test

MAY 15

Performance test start

MAY 15

Reliability and trial run test start

JUL 15

Reliability test complete

FEB 15

Start-up with oil

JUN 15

COD Alkaline clean

Unit 1

OCT 14

10

Hongsa: social developm ent

ECONOMIC DEVELOPMENT

• Currently >3,000 families employed
• Increased resettlers’ income to 150% over

baseline in most areas

COMPENSATION

• New houses in residential area (450 sq.

m./ household)

• Cash compensation and household

account training

• New farms (2 ha/ settler), with provision
• f budget for preparation

LIVELIHOOD IMPROVEMENT

• Utilities: farm access road, piped water

supply & irrigation, shared electricity, bus station and police box

• Capacity building: learning center,

cooperatives & market place, training courses

• Health and education: schools, hospital &

medical equipment and health check with database management PHYSICAL RELOCATION

• Relocated 450

households of 5 villages to resettlement areas

• Arranged health

check before relocation INCOME RESTORATION

• Capacity building
• Provided budget for

plantation COMMUNITY DEVELOPMENT

• Constructed

public facilities and infrastructure

• Built primary and

secondary schools

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Road to farmland Pipeline installation Primary school Secondary school Chili cultivation Market place

11

20.1 15.9 9.4 18.8 26.1 27.0

593 745 804 682 566 471

2009 2010 2011 2012 2013 2014

Banpu Power assets in China

• Zhengding expansion completed,

including additional chilled water unit to boost revenue during summer time

• Luannan and Zouping have expansion

potential as local demand continues to grow

• Special niche in CHP market which

can secure higher power dispatch due to:

• being the only heat source that

supplies both industrial and residential heat demand

• generating both power and steam at

the same time, therefore obtains priority dispatch from the grid company

• obtaining strong local government

support and recognition

• With a strong local team and local

experience, Banpu is able to maintain a consistent track record Com m ents

Henan Shaanxi Liaoning Jiangsu Yellow sea

Luannan

10 0 MW 128 tph

Zouping

10 0 MW 450 tph

Beijing

Zhengding

73 MW 370 tph 35 MW

Hebei Shandong

30%

Shanxi Lu Guang

1,20 0 MW 70%

(+25) (+173) (+35) Equity capacity 603 MW 813 tph

Operational Project Steam Power Chilled water

BIC’S NET INCOME (U$ M) VERSUS COAL PRICE BIC’s average coal price (RMB/t) BIC’s net income (U$ M) 35 MW

Capacity presented on a 100% basis

12

The Chinese power m arket com pared

• No wholesale market
• No retail competition
• Price/ dispatch regulated

but also reflect supply/ demand and cost (coal-power tariff linkage policy)

• No wholesale market
• No retail competition
• Regulated
• Predictable rate of return
• Investment through PPA
• Mostly private
• Power sold through

power exchanges

• Retail market are

competitive

• Limited intervention
• Price/ return driven by

supply/ demand and marginal cost

Buyer Seller Buyer Seller Seller Buyer CHINESE MARKET APPROVAL-ORIENTED “SINGLE BUYER MARKET” e.g. Thai IPP and Japan solar MERCHANT INVESTMENT “MARKET – DRIVEN” e.g. Australia and Europe

Fuel risks Demand risks Finance risks Operational risks

13

BIC strategy and perform ance

• Higher power dispatch

from heat determined power policy as a result of being the only heat source in the area

• With heat load, CHP*

average efficiency is higher than pure power plants

• Integrated into local

community as essential utility unit (heat source)

BIC’s com petitive advantages

100 200 300 400 500 600 700 800 0.32 0.34 0.36 0.38 0.40 0.42 2006 2007 2008 2009 2010 2011 2012 2013 2014 Tariff (RMB/kwh) (LHS) Coal price (RMB/t) (RHS)

Coal price versus tariff rate – Zhengding

China’s average utilization hour ZD 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2010 2011 2012 2013 2014

BIC’s utilization versus industry

ZP (1) LN Hour

*Combined Heat and Power

(1) ZP utilization hour dropped in 2013 was due to short term lower steam load

Source: China Electricity Council, nationw ide coal-fired operating hour/ year

14

Shanxi Lu Guang update

*Development and Reform Commission

**State-owned enterprises

Power plant Finance Project approval 2013 2014 2015 2016 2017

Other approvals: water, land and EIA Preliminary approval by Shanxi Provincial DRC* Final approval by Shanxi Provincial DRC* JV formed Weather monitoring for air cooling COD 1st unit Construction and commissioning Design and procurement COD 2nd unit

Com m ents

• SLG has competitive fuel cost

(nearby coal mines e.g. Gaohe), high efficiency, and partnerships with strong SOEs **

• 17 out of 20 approvals obtained
• Remaining approvals: EIA report,

Social Stabilization Risk Assessment, and final approval from Shanxi Provincial Development and Reform Committee (DRC). Grid connection will be obtained after final project approval.

• 1st equity injection of RMB 50 m

(RMB 15 m by Banpu) in Mar 2015.

• 2nd capital injection of

RMB 150 m (RMB 59 m by Banpu)

• Preparations are underway to begin

construction.

Equity drawdown Debt drawdown 30% Equity 70% Debt Banpu’s contribution c.US$ 74 M DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect assumptions, and have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

15

Japan solar: first step

*Banpu effective ownership is between 40-75%

Hino (COD 2016) 3.2 MW Awaji (COD 2016) 8.4 MW Mukawa (COD 2017) 17 MW Nari Aizu (COD 2018) 20 MW Olympia 10 MW

Tokyo

Japan solar portfolio

• 58.6 MW (100%)

36.9 MW equity*

• 20-year PPA,

¥36-40/ kwh tariff (c.¢29-32/ kwh)

• Average capex of

c.US$ 3.5m/ MW

• In process of adding

additional capacity

Construction phase Operation phase Development phase

Hokkaido Honshu Shikoku Kyushu

16

Japan solar: investm ent rationale

STRATEGIC FIT

REGULATIONS

RISKS FINANCING ECONOMICS

• Shorter development time and less time to first cash flow

generation, which complements coal-fired projects with longer development time

• Banpu’s project development and financing skills add value

to the project

• Transparent regulatory framework
• Clear feed-in tariff and PPA life framework
• Developed technology
• Experienced EPC
• Low country risks
• Non-recourse project finance
• Well supported by Thai and Japanese banks
• Economic return
• Shorter payback period

17

Banpu Power: looking ahead

Note: Banpu effective ownership - Hongsa (40%), BLCP (50%), BIC (100%), SLG (30%), Japan solar (40-75%)

SLG 1,200 MW Hongsa 1,878 MW BLCP 1,434 MW BIC 273 MW 948 tph

Luannan and Zouping expansion

Operation

Japan solar 59 MW

Capacity presented on a 100% basis Consid era tions :

• Strategy fit
• Regulations
• Risks
• Financing
• Econom ics

Thailand Other ASEAN Other Asia-Pac Greater Mekong

Philippines Indonesia India China China India Biomass Wind Solar Myanmar Laos Vietnam Cambodia Laos DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect assumptions, and have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

18

Financial summary Power business Coal marketing Coal operations Focus: Banpu Power growth update 5 4 3 2 1 Looking forward 6

19

2Q15 YoY QoQ Sales revenue A$198M ▼ 9% ▼ 15% EBITDA (pre FX) A$29M ▼ 17% ▼40% PBT (pre FX) A$(14)M ▼ 17% n.m. Unrealised FX 3 A$3M n.m. n.m. NPAT A$(2)M n.m. n.m. Gearing

(Net debt to net debt + book value of equity)

37%

Australia coal: operational and financial sum m ary

2015e OUTPUT (ROM EQUITY BASIS) FINANCIAL SUMMARY Wollongong

PKCT Charbon Airly Neubeck Angus Place Clarence Springvale Mandalong Myuna Newstan

Sydney

PWCS

Newcastle

Inglenook

Open-cut mine Project Underground mine Port Power station Road Rail

WESTERN OPERATIONS: 6.1 Mt NORTHERN OPERATIONS: 7.9 Mt NCIG Mannering

20 15e outp ut: 14.0 Mt KEY UPDATES

Production

• Equity ROM this quarter: 3.0

Mt (down 17% YoY) due to Mandalong longwall changeover and Angus Place C&M

• Focus on productivity and cost

reduction continues

• Following 2014 restructure,

productivity and production improvement at operating mines has been achieved

ASP

• 2Q15: ~A$64/ t vs 1Q15:

~A$64/ t

• Sales volume down 5% YoY

as export prices remain weak

• Domestic: export split

58%:42% (2014: 60%:40%), as a result of reduced domestic supply from Mandalong (and Angus Place)

Note 1: Mannering placed on “Care & Maintenance” November 2012 – benefiting from new production sharing arrangement with neighbouring mine. Note 2: NCIG = Newcastle Coal Infrastructure Group; PWCS = Port Waratah Coal Services; PKCT = Port Kembla Coal Terminal. Note 3: Pre tax impact of A$ translation of US$ denominated net debt. Note 4: Newstan (1 August 2014) and Angus Place (from February 2015 upon completion of block) placed on care & maintenance.

20

Australia coal: Northern operations quarterly output

COAL OUTPUT (Mt)1 CV: 6,700 kcal/ kg2

1.2 2.1 1.0 2.0 1.1 1.9

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

0.7 0.6 0.5 0.5 0.5 0.6

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

Mandalong

• Quarterly production down 44%

QoQ and 9% YoY, with quarter impacted by planned LW3 changeover (completed mid May15).

Myuna

• Quarterly production down 2%

QoQ and up 6% Y0Y.

• YTD production up 4% YoY.
• Continue to seek further

productivity improvements COMMENTS

LW MOVE SCHEDULE Mth 1 Mth 2 Mth 3

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

• Decision made to return mine to care

and maintenance – effective 1 August 2014

• Under progress on both Northern coal

services and Newstan extension

Completion date extended

Note: 1 ROM output on an equity basis 2 CV figures are air-dried basis 3 Longwall 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e LW3 MOVE SCHEDULE Mth 1 Mth 2 Mth 3 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e 4Q15e

3 wks 4 wks 3 wks 3 wks

OTHER OPERATIONS

COAL OUTPUT (Mt)1 CV: 6,700 kcal/ kg2

NEWSTAN EXTENSION MANDALONG

21

Australia coal: Western operations quarterly output

Airly: production up 2% QoQ and 49% YoY Angus Place: production ceased mid-February 2015, with mine placed on C&M. Clarence: production down 11% QoQ, but up 5% YoY

• 2Q15 and 3Q15 focus on first workings as FCT4 undergoes a planned overhaul

– FCT to return in 3Q15. Springvale: production down 4% QoQ, but up 3% YoY, with staff and equipment successfully transferred from Angus Place and now targeting an additional 1 Mtpa.

• Mine commenced bolt up of LW 3 417 in June, with LW equipment relocated

to LW 3 418 during July, and production scheduled to recommence in August. OTHER OPERATIONS

COAL OUTPUT (Mt) 1 CV: 6,700 kcal/ kg 2

0.4 0.3 0.6 0.6 0.6 0.3

COAL OUTPUT (Mt) 1 CV: 6,700 kcal/ kg 2

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

1 ROM output on an equity basis: Angus Place and Springvale 50%, Clarence 85% and Charbon 95% 2 CV figures are air-dried basis 3 Longwall 4 Flexible Conveyor Train Note: Following material overflow in reject emplacement area at Clarence in July, authorities were notified and actions were taken in compliance with NSW Environmental Protection Agency Clean-up Notice

COMMENTS

Mth 1 Mth 2 Mth 3

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e 4Q15e 7 wks 1 wk

LW 3 MOVE SCHEDULE

6 wks

SPRINGVALE CLARENCE 0.6 0.8 0.6 0.7 0.6 0.8

COAL OUTPUT (Mt) 1 CV: 6,700 kcal/ kg 2

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

0.8 0.8 0.5 0.5 0.2 0.2

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

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Australia coal: operating costs

• Continued focus on cost

control and productivity.

• 2Q15 impacted by a planned

longwall changeover at Mandalong, while Springvale commenced bolting in mid- June.

• Angus Place completed

extraction during 1Q15 and is now on C&M.

• Clarence’s high-production

FCT1 panel was offline during the quarter, with the FCT1 undergoing a planned major

• verhaul, with plan to resume

production in late August.

INDICATIVE AVERAGE PRODUCTION COSTS* COMMENTS 10 20 30 40 50 60 FY13

General expenses Open-cut contractor cost Repairs & maintenance Stores & supplies Labour Depreciation

* These figures do not include selling, distribution and royalty costs; based on ‘sold’ production ** Illustrative target $52 A$/ t

Cash overhead

$46 $49 1Q 2Q 3Q 4Q 2014 FY14 1Q FY15E** $51 $44 $48 $48 $52 2015 $50 2Q

Coal handling & preparation

1 Flexible Conveyor Train

23

Indonesia coal: operational and financial sum m ary

OUTPUT 2015 (100% BASIS, SALEABLE COAL) FINANCIAL SUMMARY

East Kalim antan

Bunyut Port Balikpapan Palangkaraya Banjarmasin

Central Kalim antan South Kalim antan

Kitadin - Em balut 1.2 Mt Indom inco 15.0 Mt Trubaindo 7.0 Mt Bharinto 3.0 Mt Jorong 1.3 Mt

Samarinda Jorong Port Operation Project Operation Project POWER COAL Bontang Coal Terminal Captive coal- fired power project

Kitadin Tandung Mayang 2.0 Mt 20 15 ta rget: 29.5 Mt KEY UPDATES

2Q15 YoY QoQ Sales revenue US$397M ▼ 15% ▼ 7% EBITDA US$55M ▼27% ▼26% NPAT US$20M ▼ 61% ▼ 46% Gearing

(Net debt to net debt + book value of equity)

n.a. CAPEX US$8M

• Indom inco: 2Q15 production achieved

according to plan

• Trubaindo & Bharinto: 2Q15 production

achieved above plan due to better weather condition

• Kitadin Td.Mayang & Em balut: 2Q15

production achieved according to target

• Jorong: 2Q15 production is according to target

24

0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.3

CV: 5300 kcal/ kg** STRIP RATIOS (bcm/ t) 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

7.0 11.3 4.1 11.6 6.1 10.2 5.5 10.9 5.4 10.5 5.2 9.8

Indonesia coal: quarterly output

Note: *Output figures are 100% basis **CV figures are air-dried basis

JORONG

EMBALUT AND JORONG INDOMINCO - BONTANG TRUBAINDO - BHARINTO

E BLOCK TDMY W BLOCK INDOMINCO TDMY TRUBAINDO BHARINTO TRUBAINDO BHARINTO EMBALUT JORONG EMBALUT EAST WEST

COAL OUTPUT (Mt)* CV: 5950 - 6250 kcal/ kg** COAL OUTPUT (Mt)* CV: 6550 - 6700 kcal/ kg** COAL OUTPUT (Mt)* CV: 5800 kcal/ kg** 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

3.0 3.4 3.2 3.2 3.2 3.1 0.6 0.6 0.6 0.2 0.3 0.5 0.5 0.4 0.3 0.6 0.7 0.6 4.1 4.4 4.1 4.0 4.2 4.2

STRIP RATIOS (bcm/ t)

13.8 18.0 7.9 24.4 17.5 7.0 16.0 20.6 9.6 10.4 14.0 8.3 6.6 17.1 9.5 3.7 15.9 9,0

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

1.8 1.8 1.9 1.8 1.9 2.0 0.5 0.7 0.8 0.5 0.7 0.9

STRIP RATIOS (bcm/ t) 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e

2.3 2.5 2.6 2.7 2.3

9.9 8.9 8.0 9.1 11.4 8.0 8.8 6.7 8.2 5.3

2.9

7.9 5.1

25

Indonesia coal: total costs

* Repair and maintenance, salaries and allowances, etc.

COMMENTS

• Continue to implement

cost reduction programs:

• Optimize strip ratios,
• verhaul parts,

washing plant performance

• Reduce overburden

distance, explosive cost, ship-loading cycle time

• The fall in oil price by

more than 40% this year will help ITM reduce costs further

INDICATIVE AVERAGE TOTAL COSTS

Mining cost Other production costs* Depreciation & amortisation SG&A expenses Royalty

$59 $60 $61 $56 $52 $59 $52 $52 U$/ t

• 10

20 30 40 50 60 70

1Q14 2Q14 3Q14 4Q14 FY14 1Q15 2Q15 FY15e

26

China coal: operational sum m ary

CHINA COAL 2015 PRODUCTION TARGET*

BEIJING

Hebi (40 %), Henan 1.45 Mt Gaohe (45%), Shanxi 10 Mt

Note: * Output figures are ROM output (100% basis) ** CV figures are air-dried basis

Gaohe

• 2Q15 production increased slightly from 1Q15 above

target by 0.2 Mt

• Selling price declined due to weak market demand.

Cost reduction program implemented with target to reduce production cost by 10%

• Railway spur construction finished at the end of 2Q

and will begin commissioning in 3Q Hebi

• Underground

w orking area im provem ents: Improving ventilation, and continued repair

• f

railways and roadways

• Cost reductions: Continued manpower reduction

and optimization. Plan to reduce labor costs in 2015.

OPERATIONAL UPDATES

Sum m ary 3Q14 4Q14 1Q15 2Q15 Sales (Mt) 2.4 2.1 1.6 2.2 ASP (RMB/ t) 343 372 372 304 Revenue (US$ M) 133 129 94 107 COGS (RMB/ t) 249 235 187 166 EBITDA (US$ M) 47 51 44 44

Operation Project Operation Project POWER COAL 2.3 2.2 2.2 2.4 2.9 3Q14 4Q14 1Q15 2Q15 3Q15e

Gaohe CV: 6500-8000 Kcal/ kg** Hebi CV: 5300-6800 Kcal/ kg**

3Q14 – 2Q15 COAL OUTPUT (Mt ROM)

0.3 0.3 0.3 0.3 0.4 3Q14 4Q14 1Q15 2Q15 3Q15e

27 UNST KHUDAG AND ALTAI NUURS PROJECTS

Mongolia coal: project developm ents

TSANT UUL PROJECT

Unst Khudag Project

• Completed updated geological and

mining models

• Continuing water resource modeling and

development

• Currently conducting a preliminary

feasibility study for coal-to-liquid, coal- to-gas, and power facility Altai Nuurs Project

• Conducting hydrology and baseline

environmental studies

• Obtained preliminary mining agreement

approvals from the Mongolian Government

• Completed plant installation and

currently performing functional testing and commissioning

• Studying the potential for a

coal-to-chemicals commercial scale project

OVEN PLANT INSTALLATION

28

Financial summary Power business Coal m arketing Coal operations Focus: Banpu Power growth update 5 4 3 2 1 Looking ahead 6

29

Global therm al coal m arket trends: 20 15 vs 20 14

“ Oversupply continues”

SUPPLY TRENDS DEMAND TRENDS

• 40 Mt

+2 Mt +4 Mt +2 Mt +3 Mt

• 5 Mt

Indonesia Australia Russia Colombia S.Africa USA India Others Other N.Asia Europe China*

Global demand likely to fall for first time in decade due to steep decline in Chinese import but other Asian demand continues to grow

Note: *steam coal imports only

• 4 Mt

+3 Mt +15 Mt +20 Mt

• 40 Mt

USA : significant domestic demand falls pressure producers as does, strengthened US$ Russia : diverted to more coal to Asia due to lower UK import, still benefit from Rouble depreciation Indonesia : coal exports fall due low China demand, huge

• versupply on LCV

coal, new government policy; use of domestic currency Australia : tight HCV coal supply, HA coal finds alternative buyers in India and Malaysia with larger discount due to falling Chinese demand. Take-or-pay forces producers to export more coal Colombia : night coal railing ban has limited impact to coal export, new port capacity to support export South Africa : continued political and social issues; limited rail capacity; uncertain expansion; high competition in India market

Thermal market continues to be oversupplied. Premium coals are trending tighter while off-spec coal is trending to more oversupply

Europe : increased carbon pricing, gas-switching, increased renewable energy and coal-fired capacity retirements per IED program will reduce coal burn China :

• versupply in

domestic market despite production cuts by major producers, weak power demand, high hydro and risk

• f failing trace

elements test lower import India : demand growth still strong and domestic coal sector reforms can not contain import growth in the short-term, infrastructure constraint remains Others : South America and Turkey drive demand growth Other Asia : about 15 GW are expected to come

• nline in the next

two to three years although some projects are still facing environmental and regulatory challenges

30

China therm al coal m arket review

*Note: Does NOT include lignite imports c.50Mtpa

CHINA ANNUALIZED ACTUAL IMPORT 1Q13-2Q15* CHINA THERMAL COAL IMPORTS/ EXPORTS* CHINA DOMESTIC COAL PRICES 93 103 147 135 96 14 7 5 4 2 2 2010 2011 2012 2013 2014 2015F Import Export

Sources: Banpu MS&L Estimates

Unit: Mt

152 148 140 159 167 135 116 122 84 86 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Import Export

Unit: Mt 200 400 600 800 1,000 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15

> 5,800 kcal/ kg > 5,500 kcal/ kg > 5,000 kcal/ kg

392 343

CHINA

175

428

COMMENTS

Source: www.sxcoal.com/ cn 4 August 2015

• Chinese domestic coal market continues to

be oversupplied despite production cuts by major producers

• Weak economic performance has led to weak

power demand

• Coal imports declined further than expected
• High rainfall increased hydropower and

reduced coal burn in southern and eastern provinces

• Continued emphasis on pollution control

especially along coastal provinces

• Trace elements testing has added

uncertainty to some imported coal due to the risk of having coal failing inspections

• Commissioned 7.7 GW of new solar power

in the first half of this year

• Better economic performance expected in 2H

after a range of expansionary policies in 2Q

Unit: RMB/ t

31

India therm al coal m arket review

INDIA THERMAL COAL IMPORTS* INDIA ANNUALIZED ACTUAL IMPORT 1Q13-2Q15

Sources:: Salva Report India, Banpu MS&L Estimates

131 159 135 120 126 163 168 197 171 180 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Unit: Mt Unit: Mt

• Indian coal industry reform is unlikely to

increase output to planned 1 billion tonnes by 2020.

• Insufficient domestic coal supply will

continue with imported coal required to fill the gap

• Infrastructure bottlenecks still constrain

the rate of import growth

• Re-allocation of cancelled domestic coal

blocks involves high bidding cost as mostly for high CV coal located inland – focus is more on inland buyers rather than serving coastal areas

• Coal remains the cheapest source of power

generation in India, and much higher quality import coal is at price parity with domestic coal in coastal locations.

INDIA

Note: *includes lignite grade imports (approximately 25% - 30%)

COMMENTS

68 87 107 136 163

2010 2011 2012 2013 2014 2015F

184

32

Banpu group coal sales 20 15e*

(1) Excluding Mongolia coal (2) Sales from Indonesia are included on 100% basis, sales from Australia and China are included on equity basis

COAL SALES(1) SOURCE – DESTINATION ANALYSIS 2015e GLOBAL COAL SALES(2) 2015e BY REGION

THAILAND HK CHINA TAIWAN ITALY

4.8 1.4 4.7 0.3 1.0

USA

0 .6 Mt 0 .8 Mt

INDIA

6.5 Mt 9.8 Mt

JAPAN

1.7 5.4 7.1 Mt 3.2 Mt

MALAYSIA

0 .3 Mt

INDONESIA

3.8 Mt

PHILIPPINES

2.0 Mt 2.4 Mt 0 .3 Mt

AUSTRALIA

8 .6 Mt

OTHERS

0.3 0.4 0 .7 Mt Indonesia coal Australia coal China coal

48 .6

Mt(2)

Japan 15% Korea 5% Taiwan 5% China, 20%** Australia 18% SE Asia 20% India 13% Others 4%

* Illustrative target ** Include coal sales from domestic production in China S KOREA

1.1 2.5 Mt 1.4

33

Indicative 20 15 Banpu coal sales pricing status

Fixed 82% 9% 1% 8%

Fixed Unsold Unpriced Indexed

30 .0

Mt*

*Target sales as at 31 July 2015

48% 13% 32% 3%4%

Unsold Indexed Domestic: legacy Fixed Export Domestic: long-term export parity

13.8

Mt*

AUSTRALIA COAL INDONESIA COAL

34

Banpu ASPs vs therm al coal benchm ark prices

* The Newcastle Export Index (previously known as the Barlow Jonker Index – BJI)

• ITM ASP eased due to general market

weakness – 2Q15 ASP was 6% down Q-o-Q

• Centennial ASP almost flat, supported by

domestic pricing as well as depreciation of A$ – 2Q15 ASP unchanged Q-o-Q

• NEX benchmark prices remain weak
• With better demand-supply balance of high

CV coal than other coals, especially in Indonesia, we further diversified coal sales both in ITM and CEY to sustain delivery and growth.

• To year end, CEY's domestic sales will be

proportionately higher than export compared to 2Q and 3Q.

• Centralized ITM/ CEY sales management is

delivering dividends.

ITM ASP 2Q15 $57.2 (-6% QoQ) CEY ASP 2Q15 A$64.0 (+0% QoQ) NEX* August 6, 20 15 $59.9 Unit: $/ t 20 40 60 80 100 120 140 160 180 200 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15

Monthly NEX Quarterly ITM ASP Quarterly Centennial ASP

BANPU ASP VS BENCHMARK PRICES COMMENTS

35

Financial summary Power business Coal marketing Coal operations Focus: Banpu Power growth update 5 4 3 2 1 Looking ahead 6

36

30 17 14

• 2

7

2Q14 1Q15 2Q15

Thailand power: BLCP in 2Q15

USD m illion

Energy Paym ent (EP) Dispatch (%) Availability Paym ent (AP)

Q-Q : +16.8 % Y-Y : -3.8 % Q-Q : +31.7 % Y-Y : -26.1% Q-Q : +30 .1% Y-Y : -26.3%

Total revenue EBIT EBITDA

Q-Q : +7.0 % Y-Y : -12.2% Q-Q : +30 .9 % Y-Y : -15.9%

Based on Banpu’s 50% interest

Q-Q: +43.9% Y-Y: -31.4% Equity incom e

14

FX loss

21 30

FX gain

83.9 53.9 70.5

2Q14 1Q15 2Q15

79.8 65.5 70.1

2Q14 1Q15 2Q15

166.1 124.5 146.5

2Q14 1Q15 2Q15

69.1 38.8 51.0

2Q14 1Q15 2Q15

69.9 39.6 51.5

2Q14 1Q15 2Q15

98.3 80.9 97.8

2Q14 1Q15 2Q15

37

Thailand power: Hongsa project in Laos

Ov era ll p rogress a p p rox. 97.8 % on sched ule (a s a t June 20 15)

Unit 1 Unit 2 Unit 3

Cooling tower

100% 99% 99% 99% 98% 98%

Concrete construction and system installation Hongsa project progress in 2Q15 Boiler and turbine Commissioning activity

• Completed steam blow-out
• Preparing for first sync.
• COD : 2nd Nov 2015
• Energized power back
• COD: 2nd Mar 2016
• COD on 2nd June

38

10.2 19.4 3.5 9.9 16.4 9.4 3.7 6.7 3.6 5.9 5.6 6.0 1,928 1,205 1,343 1,516 1,510

1,618

1,743 1,418 1,838 0.42 0.42 0.43 0.37 0.36 0.40 0.42 0.41 0.42 429 357 464 512 457 555 362 357 419

2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15 2Q14 1Q15 2Q15

8.7 11.5 4.1 18.4

17.1 15.9

China power: BIC* in 2Q15 (10 0 % basis)

Note: *BIC = Banpu Investment China (formerly BPIC), **Unaudited figures, *** Including transportation

Luannan

Hebei Province Power 100 MW Steam 128 tph (Banpu 100% )

Zhengding

Hebei Province Power 73 MW Steam 370 tph Chilled water 35 MW (Banpu 100%)

Zouping

Shandong Province Power 100 MW Steam 450 tph (Banpu 70%) Sales** (US$M) EBITDA (US$M) Utilization (hours) Power tariff (RMB/ kwh) Coal price*** (RMB/ t)

BIC*

2Q14 1Q15 2Q15

2Q15 sales w ere low er than 1Q15 due to the heating season ending and low er YoY sales due to w eaker steam dem and resulting from w eak econom ics. Low er coal price helped stabilize the YoY EBITDA. 2Q15 sales w ere low er than 1Q15 and YoY due to pow er tariff being low ered by low coal price. Low er coal price helped

• ffset effect of low er tariff,

hence 2Q15 EBITDA higher than 1Q15 and YoY 2Q15 sales w ere low er than 1Q15 due to ending heating season and low er YoY sales w ere due to low er pow er sales and pow er tariff being low ered by low coal price As a result, YoY 2Q15 EBITDA w as low er

39

Financial sum m ary Power business Coal marketing Coal operations Focus: Banpu Power growth update 5 4 3 2 1 Looking ahead 6

40

Australia cut rates by 0.25% to 2.00% (second tim e in 2015)

Key external and corporate events

EXTERNAL EVENTS CORPORATE EVENTS DIRECT INDIRECT

c.10% resource tax set in Inner Mongolia and Shanxi NEX coal index closed at $72/ t JPU forecast cut from $77/ t to $70/ t 4Q14 Analyst m eeting 4Q14 SET Opportunity Day Thai inflation dropped to 5-year low est at 0.6% yoy BOT hold policy rate at 2% Euro dropped to 11-year low against USD after ECB launched one trillion euros bond-buying Announced Bt0.70/ share 2H14 dividend 2014 Result Announcement BOT cut rate by 0.25% to 1.75% Fed m aintained sam e rate, but likely to rise 50Mt of contracts w ith Japan settled at $69/ t

1Q15

Annual General Meeting for 2015 1Q15 Analyst m eeting 1Q15 SET Opportunity Day Australia coal prices jum p 10% to $68/ t after storm hit Indonesia m aking L/ C m andatory for coal export BOT cut GDP forecast to 3.8% BOT cut rate by 0.25% to 1.5% China cut rates by 0.25% to 5.1% for lending and 2.25% for deposit. China im poses ban

• n coal w ith

ash content higher than 16% or Sulphur 1% HBA price dropped 0.7% from June to $59.16/ m t FOB ADB cut GDP grow th for SEA from 6.3% to 6.1% EU announced interest rates unchanged China plans to step up control

• n coal

im port

3Q15

Australian PWCS term inals' Jun coal shipm ents to China fall 41% from May PBOC cuts 0.25% rates

• n one-year

deposit rates to 2% and lending rate to 4.85% COD of Hongsa’s 1st unit Citi dow ngrades LT therm al coal price forecast

2Q15

BOD’s approval

• n BPP’s listing

plan on SET BOT hold rate at 1.5%

41

Banpu group Q-Q revenue analysis: coal operations

Note: ITM and Centennial revenues are consolidated in Banpu income statement. Australia Coal – Third party coal sales included. *NEX = Newcastle Export Index (formerly Barlow Jonker Index or BJI) It is relevant but not linked to China Coal’s ASP

CHINA COAL

Note: Hebi and Gaohe revenues are not consolidated in Banpu income statement.

SALES (Mt) AVERAGE SELLING PRICE (US$/ t) excl. VAT REVENUE (US$M) 178 159 154 118 135 2Q14 3Q14 4Q14 1Q15 2Q15 1.3 1.2 1.1 0.8 1.1 2Q14 3Q14 4Q14 1Q15 2Q15

ASP

63 60 65 65 55 2Q14 3Q14 4Q14 1Q15 2Q15

NEX*

73 69 64 66 60

Equity basis 100% basis Domestic Export

AUSTRALIA COAL (CENTENNIAL)

1.9 3.0 2.1 2.3 1.7 3.2 4.6 3.8 3.7 3.1 2Q14 3Q14 4Q14 1Q15 2Q15 SALES (Mt) AVERAGE SELLING PRICE (A$/ t) REVENUE (A$M) 218 305 244 233 198 2Q14 3Q14 4Q14 1Q15 2Q15

ASP

68 66 67 64 64 2Q14 3Q14 4Q14 1Q15 2Q15

NEX*

73 69 64 66 60

Equity basis Equity basis Domestic Export

INDONESIA COAL (ITM)

5.7 6.8 6.4 6.2 6.0 6.7 7.8 7.3 7.1 6.9 2Q14 3Q14 4Q14 1Q15 2Q15 SALES (Mt)

100% basis Domestic Export

AVERAGE SELLING PRICE (US$/ t) REVENUE (US$M) 462 522 455 428 397 2Q14 3Q14 4Q14 1Q15 2Q15

NEX* ASP

73 69 64 66 60 68 67 63 61 57 2Q14 3Q14 4Q14 1Q15 2Q15

100% basis

42

477 447 405 203 190 163 38 53 34

2Q14 1Q15 2Q15

Banpu consolidated sales revenues

Note: Revenue from others is included in Coal Indonesia.

US$ M

• 13% Q –Q

718 68 9 60 2

• 16% Y –Y

Coal Australia

• 14% Q - Q
• 20% Y - Y

Coal Indonesia

• 9% Q- Q
• 15% Y - Y

Power

• 36% Q - Q
• 12% Y - Y

Power Coal Australia Coal Indonesia

43 INDONESIA COAL

Banpu consolidated coal gross m argin 2Q15: 30 %

AUSTRALIA COAL

Note: AUD exchange rate – US$ 0.779/ A$ (Average of 2Q15)

Coal sales Gross margin

2Q14 1Q15 2Q15

30 % 25%

203 163 Indonesia coal gross m argin: 32%

37% 34%

US$ M US$ M

Australia coal gross m argin: 24% 190

24 % 32%

2Q14 1Q15 2Q15

37% 34%

396 460 430

32%

44 75 73 48 8 3 2 37 45 36 40 32 26

Banpu consolidated EBITDA and NPAT

US$M

159 152

US$M

EBITDA NET PROFIT

113

• 29% Y –Y
• 26% Q – Q

Power

• 17% Q-Q
• 34% Y-Y

Coal Australia

• 20% Q-Q
• 2%Y-Y

Coal China

• 67% Y-Y
• 10% Q-Q

Coal Indonesia

• 36% Y-Y
• 34% Q-Q
• 108% Y –Y
• 177% Q – Q

Power Coal Australia Coal China Coal Indonesia

2Q14 1Q15 2Q15 2Q14 1Q15 2Q15

24 41 20 32 22 18 (32) (33) (33) (2) (10) 17

(3) (8) (7)

2.1 21

• 1.6

Power Operating profit

• 18% Q-Q
• 44% Y-Y

Derivatives

• Losses (Banpu) US$8.4M
• Losses (CEY) US$8.7M

Others FX

• FX gain (Banpu) US$14.7M
• FX gain (CEY) US$2.0M

Financial Charges Coal Operating profit

• 51% Q-Q
• 17% Y-Y

Other non recurring Derivatives Power Operating profit Coal Operating profit Financial charges FX

45

GEARING RATIOS

Banpu gearing and foreign exchange structure

DEBT FX STRUCTURE

Note: 1 Net debt to book value of shareholders' equity 2 Net debt to enterprise value (enterprise value = net debt + market capitalization as at 30 June 2015)

USD Fixed 47% USD Float 23% AUD Fixed 3% AUD Float 8% THB Fixed 17% THB Float 2% Total gross debt: US$3.2 billion As of 30 June 2015

1.10 1.17 1.23 Net debt / Equity1 (x) 52% 54% 55% Net m arket gearing2 (%) Net debt / EBITDA (x) 4.17 4.38

2013 2014 2Q15

46

Financial summary Power business Coal marketing Coal operations Focus: Banpu Power growth update 5 4 3 2 1 Looking ahead 6

47

COMPETITIVE ADVANTAGES

• Unique regional Asia-Pacific coal supply chain

synergy value potential

• Over 3 decades of continuous operational

expertise (UG, OP , contracting…)

• Diverse portfolio of mid-high CV coals
• Established network of premium customer

relationships throughout the region

• Trackrecord: over 2 decades of pioneering,

successful Asian power sector experience

• Comprehensive skills: acquisition, project

development, project finance, operations…

• Proven ability to enter new countries in Asia-

Pacific with relative ease, speed

• Reputation: communities, governments…

SHORT TERM OBJECTIVES

• Productivity improvements, cost controls
• Coal blending: quality enhancements, price

discount reduction

• Indonesia: lower diesel costs and SRs in H2
• Organic growth projects: Hongsa capacity ramp

up, SLG development, Japan solar…

• BLCP: no outage expected H2, back to normal
• Preparations for raising new equity capital

LONGER TERM OBJECTIVES

• Full realization of regional coal supply-chain

logistics, blending and trading synergies

• Coal value-add technologies and projects
• Resources to reserves conversion, optimization
• Inorganic expansion focused on economies of

scale, risk mitigation, synergies

• New growth: regional acquisition and

investment pipeline development

• Develop balanced conventional – renewables

portfolio throughout Asia-Pacific region

• Enhance efficiency and environmental

performance of conventional power

COAL POWER

Looking ahead…

DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect assumptions, and have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

48

Appendices

49

Indonesia coal gross m argin 2Q15 : 32%

2Q14 1Q15 2Q15

32% 37% 34% 396

Indonesia Coal 2Q14 1Q15 2Q15 Indom inco

37% 35% 25% 164 194 218

2Q14 1Q15 2Q15

40 % 35% 36% 114

Trubaindo

134 139

2Q14 1Q15 2Q15 53% Jorong

51% 36% 42% 11 13 13

52% 2Q14 1Q15 2Q15

18 23% 28 % 26%

Kitadin

15 14 460 430

2Q14 1Q15 2Q15 Bharinto

46 35 37% 35%

52% 2Q14 1Q15 2Q15 Tandung Mayang

42 27% 41% 26% 38 35 44 37%

US$M

50

FX im pact analysis guidance on P&L

NPAT IMPACT 2Q20 15 (US$m ) APPROXIMATE FX EXPOSURE (US$m ) NPAT 5% SENSITIVITY 3Q20 15 (US$m ) +18

+2 +1 +15

Banpu: THB bond and

• thers

Banpu: THB bond and

• thers

+20 +20

+ 19 1

• 1

+ 19

NET LIABILITY NET ASSET

• Disappointing GDP
• US rate hike
• Moderate grow th
• US rate hike
• Weak com m odity price
• Disappointing GDP
• US rate hike

Assum ing 5% depreciation of local currencies against USD

CURRENCY EXPOSURE ITMG: IDR asset and liabilities ITMG: IDR asset and liabilities CEY: USD liabilities CEY: USD liabilities Net Net

• 370

51

Banpu group EBITDA breakdown

Note: all ownership 100% unless otherwise shown. *BIC = Banpu Investment China (formerly BPIC)

47 51 44 43

• 2
• 2
• 3
• 4

3

• 1

1 2 5 2 4 13 8 5 3 3 19 15 20 16 29 35 44 22

Jorong

• 2
• 2
• 1
• 16

48 14 40 52 2 1 5 64 56 74 55

50% 40%

Power & New energy

40% 45% 70% Gaohe Hebi BLCP HONGSA BIC* Zouping

4 6 6 6

Zhengding

3 9 12 4

Luannan

4 6 7 4

& holding companies 65% Indom inco Trubaindo Kitadin AACI OVERHEAD

Unit: US$M

100%

73 32 45 32

Consolidated NOT consolidated

• 1
• 2
• 1
• 1

9 11 24 13

Unit: AUD Mil

All figures are 100% basis except for Centennial which is equity basis

167 118 152 112

Bharinto

3Q4 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15

52

Banpu group net debt breakdown

Note: all ownership 100% unless otherwise shown.

2295 2425 2545 2649

170 178 210 193 & holding companies 2,761 2,813 2,740 2,776

3Q14 4Q14 1Q15 2Q15

AUSTRALIA COAL INDONESIA COAL CHINA COAL MONGOLIA COAL THAILAND POWER LAOS POWER CHINA POWER

Gaohe Hebi HONGSA BLCP BIC*

100% 65% 45% 40% 100% 50% 40% 100% 672 704 717 720

• 350
• 226
• 273
• 284
• 12
• 27
• 10
• 21
• 5
• 2
• 3
• 2

413 409 374 365 9 2

• 6
• 8

Unit: AUD Mil

Unit: US$M

2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15 2Q15 3Q14 4Q14 1Q15

Consolidated NOT consolidated Net debt Net cash

53

Banpu consolidated : operating profit

Unit: USD m illion Sales revenues – Power (BIC) Cost of sales Gross profit* GPM Sales revenues – Coal Total sales revenues* Gross profit - Coal Gross profit – Power (BIC) GPM – Pow er (BIC) GPM - Coal

• 19%

YoY%

• 16%
• 17%
• 20%
• 12%
• 4%

Note: * Including other businesses

• 26%

QoQ%

• 13%
• 11%
• 26%
• 36%
• 51%

34 (421) 18 2 30 % 2Q15 60 2 561 167 11 33% 30% 38 (494) 224 31% 2Q14 718 673 208 12 30% 31% 53 (445) 24 5 36% 1Q15 68 9 631 226 22 42% 36%

54

Unit: USD m illion Gross profit GPM SG&A Royalty Other income EBIT EBITDA EBIT - Coal EBIT - Power Income from associates EBITDA - Coal EBITDA - Power

• 19%
• 36%
• 29%

YoY%

• 35%
• 38%
• 27%
• 34%

Other expenses - Operations

Banpu consolidated: operating profit

18 2 30 % (82) (62) 7 64 113 2Q15 42 22 19 87 26

• 26%
• 38%
• 26%

QoQ%

• 44%
• 21%
• 28%
• 17%

224 31% (90) (77) 10 10 0 159 2Q14 64 36 39 119 40 (7) 24 5 36% (91) (69) 4 10 3 152 1Q15 75 28 14 120 32

55

Banpu consolidated : net profit

Note: * Income from non-core assets and other non-operating expenses

Unit: USD m illion EBIT Interest expenses Financial expenses Minorities Non-recurring items* Income tax (non - core business) Net profit before FX Income tax (core business) Net profit before extra item s FX translations Net Profit EPS (US$/ share)

• 36%

YoY% 178%

• 108%
• 63%

Deferred tax income (expenses) 64 2Q15 (30) (2) (8) (24) (3) (18 ) (13) 10 17 (2) (0.001) (2)

• 38%

QoQ%

• 255%
• 177%
• 57%

10 0 2Q14 (29) (3) (19) (1) (4) 23 (23) 26 (2) 21 0.008 3 10 3 1Q15 (31) (2) (14) (18) (4) 12 (34) 23 (10) 2 0.001 11

56 Unit: USD m illion

Cost of sales Gross profit GPM Royalty SG&A EBIT Sales revenue Sales volum e (Mt) Other income Interest expenses Financial expenses Gain (loss) on exchange rate Net profit Gain (loss) on derivative Other expenses

Centennial : incom e statem ent

YoY%

• 22%
• 32%
• 20%

n.m.

• 3%
• 20%
• 38%

n.m. QoQ%

• 31%
• 14%
• 16%
• 62%
• 16%
• 14%

+96% n.m. 2Q14 (152.9) 50 .1 25% (13.8) (39.3) (2.7) 3.2 203.1 7.2 (7.3) (1.5) 0.8 (9.6) 0.3 (7) Deferred tax income 0.9 1Q15 (132.9) 56.7 30% (13.2) (31.2) 14 .5 3.7 189.6 2.3 (7.0) (0.7) (2.5) (2.2) (6.5)

• 2Q15

(123.7) 38 .9 24% (11.1) (26.8) 5.5 3.1 162.6 4.5 (6.5) (1.0) 2.0 (8 .6) (8.7)

57

Australia coal: quarterly equity ROM output

Note: 1. Bar width is indicative of the equity production contributions to Centennial

• 2. Production generally responds to the timing of longwall changeovers (i.e. lower production results during a longwall changeover period)
• 3. Angus Place was put on care and maintenance from February 2015.

Normal production Bolt-up/ commissioning

1.5 1.8 1.9 1.7 1.8 1.4 1.3 1.6 2.2 1.9 2.7 1.5 2.5 1.6 2.6 1.2 3.7 3.7 4 .6 3.2 4 .3 3.0 3.9 2.8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15e 4Q15e

Total equity ROM (Mt) ACTUAL PLANNED (INDICATIVE ONLY)

WESTERN NORTHERN

LW relocation 3 wks

2014 2015e

6 wks 6 wks 4 wks 3 wks 6 wks Care & maintenance 3 wks

58

Shanxi Lu Guang: power project

*Note: Ultra-super critical power plants in general consume less coal (c.284 g/ KWh) and have higher efficiency (heat efficiency of 44%, boiler efficiency of 93%) and lower emissions (SOx of 35 mg/ Nm3, NOx of 50 mg/ Nm3, dust of 10 mg/ Nm3)

Note: PPA in China

• PPA in China is a general

agreement for parties to sell and purchase power

• IPPs normally secure sales

by entering into “Interconnection and dispatch agreements” with grid companies. Duration of agreement is c.3-5 years, regularly renew when expired.

• Shanxi Lu Guang project

already obtained dispatch approval to export power to Hubei province

• Tariff adjustments made to

reflect coal price change

• Government subsidy for

lower emission levels – De-NOx : 10RMB/ MWh – De-SOx : 15RMB/ MWh – Dust removal : 2RMB/ MWh

Coal consum ption 3.2 Mtpa Gaohe m ine

2 x 600 MW air-cooling, ultra-super critical technology*

Banpu 35% Lu’an Group Gem eng International 35% 30 % 45% 55%

• SIEG holding 47%
• KEPCO 34%
• Deutsche bank 9%
• J-Power 7%
• Chugoku Electric 3%

500 kv T/ L

Hubei province

Conveyer belt

3 km

0 .6 Mtp a Lu’an group and

• ther sources

in Shanxi 2.6 Mtp a ILLUSTRATIVE & INDICATIVE ONLY