Banpu: 3Q16 results Opportunity Day 28 th November 2016 1 2 - - PowerPoint PPT Presentation

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Banpu: 3Q16 results

Opportunity Day

28th November 2016

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DISCLAIMER

The information contained in this presentation is intended solely for your reference. This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and

• uncertainties. All statements, other than statements of historical fact contained in this presentation including, without limitation, those regarding

Banpu’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where Banpu participates or is seeking to participate and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which Banpu will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. Banpu does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or

• therwise. The information set out herein is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it

may not contain all material information concerning the Company. Banpu makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one if many possible scenarios and should not be viewed as the most likely or standard scenario. No assurance given that future events will occur or our assumptions are correct. Actual results may materially differ from those provided in the forward- looking statements and indications of past performance are not indications of future performance. In no event shall Banpu be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this material. Banpu makes no representation whatsoever about the opinion or statements of any analyst or other third party. Banpu does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or use of any such opinion or statement. Banpu’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of such act or such laws. This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell Banpu’s securities in any jurisdiction.

4 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Takeaways 6

5

Banpu Power IPO: 28th October 2016

IPO ALLOCATION*

Banpu shareholders

32% 20% 22% 26%

International investors Retail Local institutional

Received 93% acceptance from Banpu shareholders Raised $389M for: debt repayment $334M, business expansion $28M, working capital $9M and other expenses 1 $18M Well-diversified investor base with international investors Strong investor support, THB 21/sh top-end of IPO price range

Thank you for your support

Note: *28th October 2016

1 Including legal fees, underwriting fees and financial advisory fees

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Banpu Power IPO: delivering on our promise

Unleashing value

6

Capital for power business growth Strengthen Banpu capital structure Power business accountability

Realized market cap.

• f US$2.36bn* on

1st day of trading

1

BPP will provide capital for future growth options Recapitalized balance sheet and reduced gearing* Separate disclosure, separate analyst presentation starting next quarter

3 2 4

*Consolidated net debt to equity *At closing price THB 27.25/share

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Coal: leaner, stronger

PRODUCTIVITY / OPERATIONAL IMPROVEMENT (2013 – Present) COST RATIONALIZATION (2013 – Present)

 Own mining contractor  Bharinto ramp-up  Embalut and Jorong reserves

• ptimization

 Logistics, infrastructure improvement  34% cost reduction: from US$65/t in 2013 to US$43/t in 2016*  Stripping ratio optimization  Contractor management and negotiation  Step Change Productivity  Portfolio optimization  Record production: Mandalong, Clarence  New LW at Springvale  Production cost from US$50/t in 2013 to US$36/t in 2016*  Logistics optimization  Mining bolter  New railspur  Singapore office

China/ Mongolia Coal MS&L 1

Note: *2016 target

1 Marketing, sales & logistics

Infrastructure & logistics improvement to invigorate productivity and maximize benefits from coal prices upturn Continuous cost reduction efforts through process

• ptimization and stakeholder

management

8

Note: 1 As of 10 November 2016

Supply drivers – short term, seasonal Supply drivers - structural Demand drivers – short term, seasonal

Coal: tight supply in thermal market

Supply restrictions in SA, Russia & Colombia

Delayed reaction from production cuts Thermal coal switch back to metallurgical use

Cost-cutting to curtail quick production increases in every country

Newcastle Coal Index 1

Unit: US$/t 160 40 140 120 100 60 80 2010 2016

+c.130%

• Highest since 2013
• Tohoku Electric

Power and Glencore settled contract at US$94.75/t

Unplanned replacement purchases China’s capacity removal and production caps Cutbacks by major exporters and market

Accelerated catch-up purchases from low inventory

Prolonged wet season in Indonesia Winter season

2011 2012 2013 2014 2015

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• Unsold tonnage, different index
• Auger mining
• Improvement of hauling road
• Additional export of 1Mt in

2017 compared to 2016

• Increase clean coal

to metallurgical market

Coal: strategic options

China/ Mongolia Coal MS&L 1

• Development of Mongolian

assets

• Portfolio optimization

− New tonnage from projects advancements (i.e. Airly stage 2, Neubecks) − Resumption of Newstan and Angus Place

• Reoptimize mine plan / reserves
• Additional exploration, development
• Reserves acquisition

SHORT-TERM OPTIONS MEDIUM TO LONG-TERM OPTIONS

Note: 1 Marketing, sales & logistics

BANPU GROUP

“Choose & Focus”

• CHOOSE flexibly
• FOCUS on margins & delivery predictability

Adjust coal product to maximize average selling price. Maintain focus on productivity improvement and cost rationalization

10 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Takeaways 6

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OTHERS CHINA EUROPE OTHER N.ASIA INDIA

Note: Includes anthracite and lignite Source: EIA International Energy Outlook 2016

Global demand trends: 2016 vs 2015

+13 (19) (7) (14)

+8

+35

GLOBAL

• Supply rationalization created short supply,

rising domestic coal prices

• Weak power demand, low power plant utilization,

increased domestic coal production and high coal prices hampered coal imports

• Low UK imports; gas-switching; coal plant

retirements and increased renewable energy

• Vietnam, Philippines and Malaysia

expected to add c.11Mt of demand

• Slow economic growth, high renewable energy

and plant maintenance lower coal burn

GEOGRAPHY CHANGE 2015-16 (MT.) COMMENTS

12

• Continued rainfall and increased domestic

demand limited export growth

S.AFRICA INDONESIA RUSSIA COLOMBIA

• Bad weather and maintenance tighten supply

AUSTRALIA

• Rising domestic demand and limited rail capacity

restrict export growth

• Improve domestic demand, limited volume for

export

GLOBAL

• 1

+8 +7

• 2
• 10

+1

• 8
• 11

USA OTHERS

• Weather condition and social and labour issues

interrupted supply from time to time

• Shortage coal wagon limited spot availability and

tighten supply

Note: includes anthracite and lignite Source: EIA International Energy Outlook 2016

• Uncertainty long term demand caused producers

to rethink about growing mining capacity

GEOGRAPHY CHANGE 2015-16 (MT.) COMMENTS

Global supply trends: 2016 vs 2015

13

Global coal market trends 2016 vs. 2015

EUROPE USA

• 10

+8

• 19
• 2

SOUTH AFRICA

+35

• 14
• 7

+13

• 11
• 1

INDIA COLOMBIA CHINA INDONESIA AUSTRALIA OTHER N. ASIA OTHERS

PACIFIC +27

• 5
• 19
• 3

ATLANTIC

SUPPLY DEMAND

Unit: Mt

+1

OTHERS

+7

RUSSIA

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250 350 450 550 650 750 2014 2015 2016 > 5,800 kcal/kg > 5,500 kcal/kg > 5,000 kcal/kg

704 678 600

Note: *includes anthracite and lignite imports/exports Source: www.sxcoal.com/cn 9 November 2016

CHINA THERMAL COAL IMPORTS/EXPORTS*

Sources: Banpu MS&L estimates

Unit: Mt

• YTD China’s imports surpassed 2015 levels.
• Supply cut policy resulted in significant price

spikes.

• Government eased capacity-reduction target in

the efforts to stabilize coal price 8 Sep: allow 74 mines to increase production 23 Sep: allow 791 mines to lift production between 276 and 330 working days per year in Q4 but have been ineffective as spot prices continue to rise .

• Truck haulage cost increased following the new

truck loading policy – cut 6 tons freight volume per truck.

• Imports are likely to remain relatively high in Q4

as winter demand step in and production increased will take time.

• China likely to continue capacity -reduction

policy

China thermal coal market review

CHINA DOMESTIC COAL PRICES

Unit: RMB/t QUARTERLY (ANNUALIZED) ANNUALLY IMPORT EXPORT

201 153 160 167 145 148 176 221 1Q15 5 5 2 3Q14 199 4Q14 4 6 4 2Q16 3Q16 10 4Q15 6 3Q15 2Q15 5 1Q16 156 191 2016e 8 2015 4 2014 5 229 2014 2015 2016e 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 2014 2015 2016

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INDIA THERMAL COAL IMPORTS*

Unit: Mt

• India still faces a surplus supply situation

and high stocks in domestic coal market due to weak demand and high domestic coal production

• Expected higher coal burn inQ4 due to

low hydro as monsoon passed

• India added 800 MW new coal-fired

power generation capacity in July-August but capacity utilization remains low.

• Slow power distribution reform means

power off-take will remain low

• Government continues pushing state-
• wned coal-fired power plants to use only

domestic coal.

• High coal prices will impact coal imports

but private coal-fired power plants in coastal locations and cement industry will continue using imported coal.

Note: *includes lignite grade imports Sources:: HDR, Banpu MS&L Estimates

India thermal coal market review

QUARTERLY (ANNUALIZED) ANNUALLY

168 197 171 180 142 161 149 171 134 2Q15 4Q15 2Q16 1Q16 3Q15 3Q16 1Q15 4Q14 3Q14 163 164 150 2016e 2015 2014 2014 2015 2016e 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

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Coal prices outlook: sustainability of increase

SUPPLY SEASONALITY

constrains supply increase in Indonesia, Russia and Australia

WINTER SEASON

increases electricity demand in India and China

SHORT-TERM IMPACT MEDIUM TO LONG-TERM IMPACT

SUPPLY DELAYS

• f new mine infrastructure

construction ( >1 year)

SMALL PRICE SPREADS

between premium and off-spec coals are unlikely to induce new expansion in premium coal

CHINA’S POLICY

• f structural adjustment

will remain

COMMERCIALIZATION

• f Chinese goods production

supports LT seaborne traded coal demand

STEEL DEMAND

leads to sales of thermal coal into metallurgical coal market

HIGH SEA FREIGHTS

constrain sales of Atlantic basin coals into Asia-Pacific market

Demand drivers Supply drivers

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Notes: * Excluding Mongolia coal THAILAND HK CHINA TAIWAN ITALY

7.0 0.1

INDIA

2.9 Mt 2.3 Mt 11.1 Mt 0.5 Mt 2.4 Mt 0.1 Mt 6.7 Mt 2.2 Mt

JAPAN

5.4

MALAYSIA

0.3 Mt

INDONESIA

3.7 Mt

PHILIPPINES AUSTRALIA

8.7 Mt

OTHERS

0.5 1.2 1.7 Mt Indonesia coal Australia coal China coal

Japan, 15% Korea, 5% Taiwan, 5% China , 25% Australia, 19% SE Asia 19% India 6% Others, 6%

Notes:

* Sales from Indonesia are included on 100% basis, sales from Australia and

China are included on equity basis ** Illustrative target *** Include coal sales from domestic production in China S KOREA

Banpu group coal sales 2016e 45.0 Mt**

***

COAL SALES* SOURCE – DESTINATION ANALYSIS 2016 GLOBAL COAL SALES* 2016 BY REGION

1.5 0.8 2.3 Mt 1.3 0.9 1.5 4.0

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Indicative 2016 Banpu coal sales pricing status

Fixed 95% 4% 1%

Fixed Indexed

27.1

Mt*

Unsold

52% 48% 33% 2% 1%

Indexed Fixed Export Domestic: long-term export parity

13.7

Mt*

Domestic: legacy Unpriced

*Target sales

AUSTRALIA COAL INDONESIA COAL

*Target sales

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Note: * Included post shipment price adjustments as well as traded coal

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

• 3Q16 ASP firmed according to general

bullish market driven by Chinese production cap policy as well as supply tightness – ITM ASP: US$51.35/t* (+11% QoQ) – CEY ASP: A$67.00/t* (+8% QoQ) – NEX (Nov 10, 2016)**: US$112.9/t

• NEX benchmark prices got a very strong

gain during second half of Q3 and reached a four and a half year high level during Oct 16

Unit: US$/t

Banpu ASPs vs thermal coal benchmark prices

BANPU ASP VS BENCHMARK PRICES COMMENTS 20 40 60 80 100 120 140 160 180 200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Monthly NEX Quarterly ITM ASP Quarterly Centennial ASP

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

20 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Key takeaway 6

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Australia: operational and financial summary

Wollongong

PKCT Airly Neubeck Angus Place Clarence Springvale Mandalong Myuna Newstan

Sydney

PWCS

Newcastle

Inglenook

Project Underground mine Port Power station Road Rail C&M 4

WESTERN OPERATIONS: 2016e: 5.5 Mt NORTHERN OPERATIONS: 2016e: 7.4 Mt NCIG

2016e output: 12.9 Mt

Production

• Equity ROM: 3.2 Mt

(3Q15: 3.2 Mt).

• Output impacted by poor

conditions at Myuna and an extended longwall changeover at Springvale – gateroad conditions and regulatory changes to ventilation requirements.

• Continued productivity and

efficiency improvements, with two further output records achieved (Airly and Clarence). ASP

• 3Q16: ~A$65/t vs 2Q16:

~A$59/t – with the ASP benefitting from a new export-parity priced domestic contract (replacing a lower priced legacy contract) and improving export prices.

• Sales volume up 6% YoY

and 19% QoQ

• Domestic: export split

65%:35% (2015: 62%:38%).

Note 1: Mannering placed on “Care & Maintenance” November 2012 – benefitting 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: Newstan (1 August 2014) and Angus Place (February 2015 ) placed on care & maintenance.

3Q16 YoY QoQ Sales revenue A$236 M ▲12% ▲32% EBITDA A$34 M ▼2% ▼1% PBT A$(9) M ▼5% ▼23% NPAT A$(6) M ▼1% ▼13% Gearing

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

39%

2016e OUTPUT (ROM EQUITY BASIS) KEY UPDATES FINANCIAL SUMMARY

22

MANDALONG

Australia: northern operations quarterly output

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

• Mandalong: Production up 34% QoQ, remains on target at 6Mtpa.

Currently concluding a LW changeover. YTD production is 6% lower

• Myuna: Production down 11% QoQ, and 28% Y0Y, due to difficult

mining conditions. In response to prevailing conditions:

– Implemented a shift roster change for productivity (increasing

• perating time to compensate for increasing travel times);

– First of the two proposed super panels introduced into the

Fassifern seam in late August, reaching full production in September; and

– A second Super Panel is planned to be introduced shortly

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

3Q15 2Q16 3Q16 4Q16e 1Q17e Mth 1 Mth 2 Mth 3 2 wks 2 wks 1.8 1.2 1.7 1.3 2Q16 3Q15 4Q16e 3Q16 0.4 0.3 0.4 0.3 3Q16 4Q16e 3Q15 2Q16

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

MYUNA COMMENTS

3Q15 2Q16 3Q16 4Q16e 3Q15 2Q16 3Q16 4Q16e

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Australia: western operations quarterly output

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

• Springvale: Production up 10% QoQ and 828% YoY from

extended LW changeover due to gateroad conditions and regulatory changes. YTD production is 21% higher. On track for record year. While Court dismissed legal challenge to Springvale approval process, an appeal has been lodged. Hearing not expected until mid-2017.

• Clarence: Production down 4% QoQ but up 13% YoY. Achieved

daily production record. YTD production is 6% higher; Clarence on track for 2.9Mtpa

• Airly: Production down 1% QoQ and 3% YoY – despite this, new

monthly record achieved since re-opening in June 2014.

Note: 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

SPRINGVALE COMMENTS

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

OTHER OPERATIONS

0.4 0.8 0.3 4Q16e 3Q15 2Q16 0.0 3Q16 0.7 0.7 0.6 0.7 0.3 0.2 0.2 0.2

CLARENCE

3Q15 4Q16e 3Q16

AIRLY

2Q16 3Q15 2Q16 3Q16 4Q16e 1Q17e

LW 3 MOVE SCHEDULE

Mth 1 Mth 2 Mth 3 12 wks 4 wks 5 wks 3Q15 2Q16 3Q16 4Q16e

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Australia: operating costs

• Continued focus on cost control and

productivity, driven by step-change in productivity programme and increasing LW automation.

• Productivity continues to improve,

with daily production records at Airly and Clarence.

• Remain on track for YoY reduction in

unit costs.

• 3Q16 over 2Q16 cost increase due to:
• Extended LW changeover at

Springvale and ventilation regulatory changes;

• Variable mining conditions

at Clarence and Myuna.

• Continued focus on reducing

distribution costs and increasing efficiency of distribution chain.

Note: 1 These figures do not include selling, distribution and royalty costs; based on ‘sold’ production 2 Open-cut production ceased in CY2015

Unit: A$/t 2015 2016 5 10 15 20 25 30 35 40 45 50 55

2Q

Stores and supplies General expense

3Q

54 Labor Cash overhead Repair and maintenance 49 Coal handling & preparation 45 52

1Q

50

FY14

49 52

4Q

Depreciation 46

2Q FY16

48

FY15 FY13 3Q

44 Open-cut 2 51

1Q

AVERAGE PRODUCTION COST 1 COMMENTS

25 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Takeaways 6

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Indonesia: operational and financial summary

East Kalimantan

Balikpapan Palangkaraya Banjarmasin

Central Kalimantan South Kalimantan

Kitadin - Embalut 0.9 Mt Indominco 16.0 Mt Trubaindo 5.8 Mt Bharinto 2.5 Mt Jorong 1.0 Mt

Jorong Port Bontang Coal Terminal Captive coal- fired power project

2016 target: 26.2 Mt

• Indominco : 3Q16 production output was lower than

target due to rain affecting mine production.

• Trubaindo: 3Q16 production according to target.
• Bharinto : 3Q16 production output slightly lower

than target due to higher rainfall at mine area.

• Kitadin Embalut: 3Q16 production output was lower

than target due to bad weather and sliding.

• Jorong: 3Q16 production according to target.

Samarinda

PRODUCTION OUTPUT 2016 KEY UPDATES FINANCIAL SUMMARY

Bunyut Port

27

Indonesia rainfall 2010 - 2016

• 3Q16 rainfall levels at

most mines reached highest levels in 6 years since 2010, with September’s level up steeply

• Despite lower than

average rainfall in 1H16, Indominco’s rainfall in 3Q16 was higher than expected, which impacts output

• Trubaindo and

Jorong achieved production record despite heavy

• rainfall. Indominco,

Bharinto and Embalut yielded slightly lower-than- target production

Unit: Millimeter Unit: Millimeter Unit: Millimeter Unit: Millimeter

INDOMINCO TRUBAINDO & BHARINTO JORONG EMBALUT

50 100 150 200 250 300 350 400 450 500 100 200 300 400 500 600 50 100 150 200 250 300 350 400 450 500 50 100 150 200 250 300 350 400 450 500

2010–15 average rainfalls 2016 rainfalls 2010-15 rainfall range

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0.3 0.3 0.2 0.3

Indonesia: quarterly output

CV: 5300 kcal/kg** STRIP RATIOS (bcm/t)

4.6 13.8 Note: *Output figures are 100% basis **CV figures are air-dried basis JORONG 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** 3Q15 2Q16 3Q16 4Q16e STRIP RATIOS (bcm/t)

3.8 14.4 11.4

STRIP RATIOS (bcm/t)

2.7

7.8 9.0

2.0

17.7 7.1 8.4 6.8 7.9 4.3

2.2

13.4 8.3 8.0 5.5 5.0 13.9

2.4

12.1 7.2 10.5 7.6 5.7 16.9

0.3 0.3 0.1 0.2 2.9 3.5 3.3 3.8 0.3 0.5 0.4 0.6 0.6 3.8 4.0 3.7 4.4 2.0 1.4 1.6 1.6

0.7 0.6 0.6 0.8

INDOMINCO - BONTANG TRUBAINDO - BHARINTO EMBALUT - JORONG

3Q15 2Q16 3Q16 4Q16e 3Q15 2Q16 3Q16 4Q16e 3Q15 2Q16 3Q16 4Q16e 3Q15 2Q16 3Q16 4Q16e 3Q15 2Q16 3Q16 4Q16e 3Q15 2Q16 3Q16 4Q16e

29

Indonesia: total costs

INDICATIVE AVERAGE TOTAL COSTS COMMENTS

• 3Q16 cost slightly higher than

2Q16 mainly due to:

• Lower coal volume at

Indominco and Embalut due to higher rainfall

• Higher oil price from

US$0.42/ltr to US$0.46/ltr

• Continuous cost reduction

efforts through process

• ptimization such as overburden

distance minimization, explosive cost reduction, contractor management and negotiation

• Remain on track for a YoY

reduction in unit costs

Note: * Repair and maintenance, salaries and allowances, etc.

5 10 15 20 25 30 35 40 45 50 55 60 65

Mining cost 43

4Q

48

FY14 FY16 3Q 3Q 2Q

59

FY13

42 42

FY15

46

1Q

62 Other production cost*

1Q

50 52 52 Depreciation & amortisation Coal handling & preparation 44

2Q

SG&A expenses

Unit: US$/t 2015 2016

30 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Takeaways 6

31

Hebi

China, Mongolia summary

1.9 2.5 2.8 2.3

3Q15 2Q16 3Q16 4Q16e

Summary 4Q15 1Q16 2Q16 3Q16 Sales (Mt) 2.2 1.9 2.4 2.1 ASP (US$/t) 41 37 41 50 Revenue (US$M) *** 91 69 96 104 COGS (US$/t) 42 36 38 36 EBITDA (US$M) 12 21 26 36 Gaohe HEBI 1.2 Mt GAOHE 10 Mt

Hebi

• Underground working area

improvements: enhance dust control in working areas; closely monitoring gas and CO2 in development areas adjacent to goaf 1 and increase safety management on gas control Tsant Uul

• Performed batch operations to

confirm product specifications

• Commercial-scale technical pre-

feasibility study and market study Unst Khudag and Altai Nuurs

• Received MRAM 2 approval and

coal mining licenses

• Continuing water resource

modeling and development

• Preliminary feasibility for coal

conversion and power facility scenarios incl. technical and market related studies

Unit: Mt ROM

Note: * Output figures are ROM output (100% basis) ** CV figures are air-dried basis *** Exchange rate of 3Q16 is RMB 6.67/USD

0.3 0.3 0.2 0.3

3Q15 2Q16 3Q16 4Q16e

CHINA COAL 2016 PRODUCTION 3Q15 – 3Q16 CHINA COAL OUTPUT GAOHE OPERATIONAL UPDATES HEBI OPERATIONAL UPDATES

Operation BEIJING

Gaohe

• 3Q16 production up from 2Q16 due to

good mining conditions, as well as Gaohe being named on e of 74 “Advanced Coalmines” in China, allowing for production to increase, in times tight supply.

• Coal supply tight due to supply-side

reform, as well as customers’ demand better than expected during peak summer season.

Note: 1 Part of a mine from which the mineral has been partially

• r wholly removed

2 Mineral Resources Authority of Mongolia

feasibility study Project

MONGOLIA

MONGOLIA PROJECTS UPDATES

32 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Takeaways 6

33

Banpu Power: 3Q16 overview

CHINA – SOLAR

• Reported revenue

from solar

• perations in total
• f US$1.4M

THAILAND

• BLCP: reported

EBITDA of US$46M JAPAN – SOLAR

• Project Awaji

construction reached10.8% as

• f Sep 2016
• Project Nari Aizu

achieved project financing LAOS

• Hongsa: reported

EBITDA of US$60M CHINA

• BIC: reported

EBITDA of US$66M

• SLG construction

reached 28% (as

• f Sep 2016) and

expected to COD in 1H18

THAILAND LAOS CHINA JAPAN SOLAR CHINA SOLAR

34

Thailand power: BLCP in 3Q16

* Based on Banpu Power’s 50% interest

FX loss

20 9

USD million

EQUITY INCOME AVAILABILITY PAYMENT (AP) TOTAL REVENUE ENERGY PAYMENT (EP) DISPATCH (%) EBITDA EBIT

56.1 69.9 51.5 3Q15 2Q16 3Q16 139.9 153.4 125.0 3Q15 2Q16 3Q16 36.2 50.6 34.4 3Q15 2Q16 3Q16 37.2 48.9 46.1 3Q15 2Q16 3Q16

14

78.1 76.7 66.5 3Q15 2Q16 3Q16

FX gain

2 11

• 2

3Q15

• 1

3Q16 2Q16 12 21

FX loss

99.3 99.5 98.3 3Q15 2Q16 3Q16 Q-Q : -18.5% Y-Y : -10.7% Q-Q : -5.7% Y-Y : 23.9% Q-Q : -32.0% Y-Y : -5.0% Q-Q : -13.3% Y-Y : -14.9% Q-Q : -26.3% Y-Y : -8.2% Q-Q: -55.0% Y-Y: -35.7%

35

Thailand power: HPC in 3Q16

Q-Q : -23.8% Y-Y : 103.4%

* Based on Banpu Power’s 40% interest

• 9.4
• 4

14 2Q16 3Q15 0.4 3Q16 6

• 1

FX loss FX gain

13 2

23.6 93.2 63.3 3Q15 2Q16 3Q16 12.1 43.6 45.6 3Q15 2Q16 3Q16 35.7 137.3 109.0 3Q15 2Q16 3Q16 28.5 76.6 59.5 3Q15 2Q16 3Q16 29.5 78.7 60.0 3Q15 2Q16 3Q16

• 9

93.3 100.0 100.0 4Q15 1Q16 2Q16 USD million

EQUITY INCOME AVAILABILITY PAYMENT (AP) TOTAL REVENUE ENERGY PAYMENT (EP) DISPATCH (%) EBITDA EBIT

Q-Q : -20.6% Y-Y : 205.3% Q-Q : -32.1% Y-Y : 168.2% Q-Q: -84.6% Y-Y: 122.2% Q-Q : -22.3% Y-Y : 108.8% Q-Q : 4.6% Y-Y : 276.9%

FX loss

3Q15 2Q16 3Q16

36

China power: BIC in 3Q16 (100% basis)

Note: *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%) (RMB/t)

3Q15 2Q16 3Q16

3Q16 sales and EBITDA lower QoQ and YoY due to decline in power sales for lower utilization and higher coal price. 3Q16 sales higher QoQ and YoY due to increase in sales of cooling water. However, higher coal price lead to EBITDA lower than 2Q16 and YoY. 3Q16 sales lower QoQ and YoY due to decline in power sales for lower utilization. Meanwhile, higher coal price lead to lower QoQ and YoY EBITDA . COAL PRICE** UTILIZATION (RMB/kwh) EBITDA (RMB M) (RMB M) (hours) POWER TARIFF SALES* BIC

19 21 21 3Q16 2Q16 3Q15 1,149 3Q15 3Q16 2Q16 1,027 1,043 0.39 3Q15 2Q16 3Q16 0.41 0.39 342 316 322 3Q16 2Q16 3Q15 59 58 56 3Q15 3Q16 2Q16 0.32 3Q16 3Q15 0.35 2Q16 0.32 310 294 295 3Q15 3Q16 2Q16 1,546 3Q16 2Q16 3Q15 1,602 1,403 99 104 105 3Q15 2Q16 3Q16 25 36 39 3Q15 3Q16 2Q16 0.38 2Q16 0.40 0.37 3Q16 3Q15 454 401 427 3Q15 2Q16 3Q16 3Q15 1,504 3Q16 2Q16 1,469 1,702 22 23 23 3Q16 2Q16 3Q15 48 52 51 3Q16 2Q16 3Q15 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 3Q15 2Q16 3Q16 1,043 1,149 1,027 1,602 1,403 1,546 1,469 1,702 1,504

37

Banpu Power : sales and profit from JVs

703 635 569 458 426 415

• 49

10 16 11 3Q15 2Q16 3Q16

1,171 1,078 1,045

Steam

• 3% QoQ
• 9% YoY

Power

• 10% QoQ
• 19% YoY

Other Solar - Japan SLG Hongsa BLCP 499 692 316 (322) 485 68 (4) (0) (76) 128 3Q15 2Q16 3Q16

172 1,101

Power Others Steam Solar Solar SALES SHARE OF PROFIT FROM JOINT VENTURES THB million Q-Q : -3.0% Y-Y : -10.8% Q-Q : -53.5% Y-Y : 197.6% $33.2 $30.5 $30.0 $4.9 $31.2 $14.7

512

BLCP

• 54% QoQ
• 37% YoY

Hongsa

• 86% QoQ

121% YoY Solar-Japan*

Note: *3Q16 one-off FX gain

38

Banpu Power : EBITDA and NPAT

3Q15 2Q16 3Q16

644 1,526

3Q15 2Q16 3Q16

96 1,335 489

Q-Q : -42.6% Y-Y : 36.0% Q-Q : -63.4% Y-Y : 409.4% THB million

EBITDA NET PROFIT AFTER TAX 876 $18.3 $43.4 $25.1 $2.7 $37.8 $14.0 Impacts of:

• BIC: seasonal

power demand

• BLCP: planned

maintenance

• HPC: unplanned
• utage (low AP)

39 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Takeaways 6

40

U.S. gas market update

• Gas prices remain volatile but average increased due to

slow inventory build-up from falling production. However, weather has been warmer and tends to damp demand in autumn

• Gas stockpiles remain high. However, there has been

below-average increases for 21 consecutive weeks as strong underlying consumption and falling output have rebalanced the market

Source: EIA Unit: US$/Mmbtu

$2.73 27 Oct 16

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50

Jan-16 Apr-16 Jul-16 Oct-16

YTD average $2.41 Q1 Q2 Q3

Unit: Bcf

AVERAGE HENRY HUB PRICE 2016 U.S. TOTAL NATURAL GAS PRODUCTION NATURAL GAS IN UNDERGROUND STORAGE

• 10%
• 5%

0% 5% 10% 2,000 4,000 6,000 2015 2016 % Increase compared to 5-years average 5-years (2011-2015) maximum billion cubic feet Working Gas in Storage billion cubic feet

3,909 Bcf

(As of 21st Oct 2016)

Below-average increases Unit: Bcf/d

• 20

40 60 80 2015 2016

Marcellus “Other Shale Gas” Production Other Natural Gas Production 3% decreases from Jan-16

76 Bcf/d

(As of Sep 2016)

2015 2016 2015 2016

41

Chaffee Corners 3Q16 performance

Note: 1 British thermal unit 2 Pipeline recovery income

Midstream

4.92

Upstream Unit: Trn btu 1

3 Lease operating expense and work over expenses 4 Royalty, taxes, marketing and transportation expenses, and administrative expense

Operating expense 3 Selling and admin 4

• Avg. Henry Hub

Upstream Midstream 2 Ebitda

2.86 2.14 0.16 0.23 0.81 1.26 1.89 2.30 2Q16 3Q16 3.65 5.28 2.03 2.89 2Q16 3Q16

As a result of strong asset performance, the fund sent first capital return back to Banpu: US$1M (early Oct)

TOTAL REVENUE EBITDA

Unit: US$M Unit: US$M

EBITDA BREAKDOWN

Unit: US$/Mmbtu

UNIT PRODUCTION

3.31 4.92 0.34 0.36 2Q16 3Q16

42 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Takeaways 6

43

Banpu consolidated sales revenues

USD million

404 295 367 160 140 184 34 31 30 3Q15 2Q16 3Q16

Note: Revenue from others is included in Coal Indonesia.

598 469 586

• 2% YoY

Coal Australia +31% QoQ +15% YoY Coal Indonesia +24% QoQ

• 9% YoY

Power

• 3% QoQ
• 12% YoY

Gas Power Coal Australia Coal Indonesia

Gas +25% QoQ +25% QoQ

44

Banpu consolidated EBITDA

61 33 63 (0) (5) 3 30 30 28 13 40 19 2 3 3Q15 2Q16 3Q16

USD million

105 99

Coal - China Coal - Indonesia +3% YoY +91% QoQ Coal - Australia

• 7% QoQ
• 7% YoY

Power

• 53% QoQ

+46% YoY

115

+9% YoY +16% QoQ

Gas Power Coal Australia Coal China Coal Indonesia

Gas - USA +50% QoQ +160% QoQ

45

Banpu: 3Q16 consolidated NPAT

COAL 17 OPERATING PROFIT

52

(35) FINANCE CHARGES RECURRING PROFIT

17

NPAT NON- RECURRING ITEMS POWER 35

(9)

COAL 26 OPERATING PROFIT

32

(33) FINANCE CHARGES RECURRING PROFIT

(1) (2)

NPAT NON- RECURRING ITEMS POWER 6

(1)

3Q15 NET PROFIT AFTER TAX

USD million

2Q16 NET PROFIT AFTER TAX

USD million

8

Non-recurring items

• FX gain $3M
• Others ($2M)
• Derivative loss ($10M)

Non-recurring items

• FX gain $18M
• Others ($1M)
• Derivative loss ($18M)

19

2

NON- RECURRING ITEMS NPAT OPERATING PROFIT

POWER 15

RECURRING PROFIT FINANCE CHARGES

(34) 53 COAL 38

• 57% Q-Q

+140% Y-Y +127% Q-Q +48% Y-Y

Non-recurring items:

• FX loss USD:THB ($8M)
• Derivative loss ($8M)
• FX ($5M)
• Coal swap ($1M)
• IRS* ($2M)
• Others ($1M)

(17)

3Q16 NET PROFIT AFTER TAX

USD million

Note : * Interest rate swap

46

Banpu consolidated balance sheet

3Q16 CONSOLIDATED BALANCE SHEET DEBT FX STRUCTURE

USD Fixed 44% AUD Fixed 3% THB Fixed 16% USD Float 22% AUD Float 8% THB Float 7% Total gross debt: US$3.58 billion As of 30 Sep 2016 (reduced to US$3.20 billion post-IPO) 1.18 1.40 1.34 Net debt / Equity 1 (x) 54% 58% 57% Net market gearing 2 (%) Net debt / EBITDA (x) 4.40 5.90 2014 2015 3Q16

GEARING RATIOS

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 September 2016)

USD million

6,621 2,375 403 1,066 3,583

TOTAL ASSETS TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ASSETS TOTAL SHAREHOLDERS’ EQUITY TOTAL BORROWINGS OTHER LIABILITIES CASH EQUIVALENT

47 2.2 Australia operations Coal business Investor focus 2 1 2.3 Indonesia operations 2.4 China, Mongolia operations Gas business 4 Financial summary 5 Power business 2.1 Coal market 3 Takeaways 6

48

Key takeaways

POWER IPO SUCCESS Top-end of price range; up c.30% on first day; US$0.4 bn capital raised POWER GROWTH Portfolio targeted at 4.3GWe by 2025; >20% renewables COAL PRICE Has more than doubled in 2016, highest since 2013; outlook strong POWER PROJECTS Progressing well: Japan solar, China solar, China coal-fired SUSTAINABLE STRATEGY Integrated pan-Asia- Pacific energy player; balancing conventional with new energy GAS INVESTMENT Chaffee Corners: first dividend FINANCIAL STRENGTH Balance sheet strong: capital from IPO; warrant exercise; gearing down CASHFLOW RECOVERY Consolidated EBITDA US$115M up 16% QoQ

49

Structure for next results presentation

BANPU POWER PRESENTATION FY16 Banpu Power presentation

• 2016 summary
• Operational performance
• Financial performance

BANPU POWER Q&A Q&A regarding Banpu Power (excluding questions about Banpu Group) BANPU PRESENTATION FY16 Banpu presentation

• Investor focus
• Coal business
• Power business
• Gas business
• Group financial

summary BANPU Q&A Q&A regarding Banpu Group (excluding questions about Banpu Power) 15 MINS BREAK

9.30 am 10.10 am 10.30 am 10.45 am 12.10 pm 12.30 pm

50

Appendices

51

Key external and corporate events

EXTERNAL EVENTS CORPORATE EVENTS DIRECT INDIRECT ADB cuts Thai growth forecast First investment in unconventional shale gas 1Q16 result Announcement on China solar projects 2H15 dividend paid Bt0.5/share Completion of rights offering & capital increase warrants issue China announced reduction in coal mine working days to 276 Indonesia’s Sep HBA hit new high at $63.9/Mt Vietnam’s July coal imports surged 141% YoY to 1.3Mt Increasing NEX since end of June BOT maintained policy rates at 1.50% BoA Thailand raised Thai GDP forecast to 3.2% from 2.8% China’s mild inflation created room to boost economy Moody’s lowered Thailand’s economic strength to ‘high(-)’ from ‘high’ FED maintained rates at 0.25-0.5% level Voters approved military- backed constitution Announced plans to acquire additional 5% stake in Chaffee Corners 2Q16 F/S report and Analyst meeting Signed solar power R&D projects MOU with KMITL, Huawei and Techen First day trade

• f new shares

Announced details on rights offering

• f BPP IPO

Commercial

• peration of

Solar power projects in China Report on utilization

• f proceeds

from capital increase Beginning

• f BPP IPO

period 1st warrant exercise date 2Q16 3Q16

52

Banpu group Q-Q revenue analysis: coal

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 Note: Hebi and Gaohe revenues are not consolidated in Banpu income statement. SALES (Mt) AVERAGE SELLING PRICE (US$/t) excl. VAT REVENUE (US$M) 48 49 38 48 50 3Q15 4Q15 1Q16 2Q16 3Q16 1.0 1.1 1.0 1.2 1.1 3Q15 4Q15 1Q16 2Q16 3Q16

ASP

49 45 39 41 49 3Q15 4Q15 1Q16 2Q16 3Q16

NEX*

59 53 51 52 67

Equity basis Equity basis Domestic Export

2.3 1.8 2.4 1.8 2.3 3.4 2.8 3.4 3.0 3.6 3Q15 4Q15 1Q16 2Q16 3Q16 SALES (Mt) AVERAGE SELLING PRICE (A$/t) REVENUE (A$M) 208 177 216 179 236 3Q15 4Q15 1Q16 2Q16 3Q16

ASP

61 63 63 59 65 3Q15 4Q15 1Q16 2Q16 3Q16

NEX*

59 53 51 52 67

Equity basis Equity basis Domestic Export

5.9 6.1 5.8 5.4 6.0 6.8 7.1 6.9 6.2 7.0 3Q15 4Q15 1Q16 2Q16 3Q16 SALES (Mt)

100% basis Domestic Export

AVERAGE SELLING PRICE (US$/t) REVENUE (US$M) 382 383 331 278 349 3Q15 4Q15 1Q16 2Q16 3Q16

NEX* ASP

59 53 51 52 67

100% basis

56 53 48 45 50 3Q15 4Q15 1Q16 2Q16 3Q16

INDONESIA COAL (ITM) AUSTRALIA COAL (CENTENNIAL) CHINA COAL

53

Banpu consolidated coal gross margin 3Q16: 30%

Note: AUD exchange rate – US$ 0.7413/A$ (average of 3Q16)

Coal sales Gross margin

3Q15 2Q16 3Q16

160 184 Indonesia coal gross margin: 36%

37% 34%

USD million USD million

Australia coal gross margin: 22% 140

32%

3Q15 2Q16 3Q16

30% 37%

347 388 283

36% 28% 28% 22%

AUSTRALIA COAL INDONESIA COAL

54

Indonesia coal gross margin 3Q16 : 36%

3Q15 2Q16 3Q16

36% 30% 37% 347

Indonesia Coal 3Q15 2Q16 3Q16 Indominco

32% 27% 34% 180 163 179

3Q15 2Q16 3Q16

25% 46% 37% 107

Trubaindo

109 72

3Q15 2Q16 3Q16 Jorong

41% 33% 40% 9 9 7

52% 3Q15 2Q16 3Q16

10 28% 28% 26%

Kitadin

16 12 388 283

3Q15 2Q16 3Q16 Bharinto

43 27 29% 43%

52% 3Q152Q163Q16 Tandung Mayang

0.0

• 6%

93% 51% 32 0.4 44 45%

USD million

55

BLCP: 3Q16 operational performance

Dispatch (%) AAH (hours)

4,345 4,242 3,680 3Q15 2Q16 3Q16

Commercial availability (%) Net generation (Gwh) Coal consumption (‘000 tonnes) Heat rate (kj/KWh)

2,923 2,847 2,477 3Q15 2Q16 3Q16 1,090 1,068 917 3Q15 2Q16 3Q16 9,405 9,493 9,396 3Q15 2Q16 3Q16 99.3 99.5 98.3 3Q15 2Q16 3Q16 97.4 99.9 96.5 3Q15 2Q16 3Q16

56

HPC: 3Q16 operational performance

Dispatch (%) AAH (hours)

1,229 4,207 4,730 3,249 4,585 3Q15 2Q16 3Q16

Commercial availability (%) Net generation (Gwh) Coal consumption (‘000 tonnes) Heat rate (kj/KWh)

EGAT EDL

93.3 100.0 100.0 3Q15 2Q16 3Q16 12,676 12,274 12,532 3Q15 2Q16 3Q16 62.7 63.9 71.2 3Q15 2Q16 3Q16 903 2,187 2,199 3Q15 2Q16 3Q16 1,086 2,683 2,778 3Q15 2Q16 3Q16

57

BIC Luannan: 3Q16 operational performance

Utilization (hours) Electricity sold (GWh) Steam sold (‘000 tonnes)

51.4 54.9 51.2 3Q15 2Q16 3Q16 8,473 8,704 7,322 3Q15 2Q16 3Q16

Coal consumption (‘000 tonnes) Heat rate (kj/KWh)

100.8 125.1 147.4 3Q15 2Q16 3Q16 90.4 98.3 86.8 3Q15 2Q16 3Q16 1,043 1,149 1,027 3Q15 2Q16 3Q16

58

BIC Zhengding: 3Q16 operational performance

Electricity sold (GWh) Steam sold (‘000 tonnes) Coal consumption (‘000 tonnes) Heat rate (kj/KWh) Utilization (hours)

1,415 1,403 1,546 3Q15 2Q16 3Q16 98.6 90.5 95.7 3Q15 2Q16 3Q16 179.2 171.3 165.9 3Q15 2Q16 3Q16 8,692 8,175 8,255 3Q15 2Q16 3Q16 66.5 59.7 66.5 3Q15 2Q16 3Q16

59

BIC Zouping: 3Q16 operational performance

Coal consumption (‘000 tonnes) Heat rate (kj/KWh) Electricity sold (GWh) Steam sold (‘000 tonnes) Utilization (hours)

1,469 1,702 1,504 3Q15 2Q16 3Q16 117.0 136.5 118.8 3Q15 2Q16 3Q16 701.2 725.0 635.0 3Q15 2Q16 3Q16 4,457 4,684 4,900 3Q15 2Q16 3Q16 106.9 118.7 108.7 3Q15 2Q16 3Q16

60

FX impact analysis guidance on P&L

CURRENCY EXPOSURE NPAT IMPACT 3Q16 (US$M) APPROXIMATE FX EXPOSURE (US$M) NPAT 5% SENSITIVITY 3Q16 (US$M)

• 8
• 0.7
• 0.2
• 7

Banpu: THB bond and others +2 +70

+15 +0.2

• 3

+18

NET LIABILITY NET ASSET

• Moderate growth
• BI cut rates 25 bps in

Oct

• Moderate growth
• Slowly recovery GDP

Assuming 5% depreciation of local currencies against USD

ITMG: IDR asset and liabilities CEY: USD asset Net

• 350

61

Banpu group EBITDA breakdown

Note: all ownership 100% unless otherwise shown. *BIC = Banpu Investment China 11 22 26 10

• 4
• 2
• 2
• 2

3 4 1 5 1 2 1 3 3 1 9 25 18 3 18 35 23 28 31

Jorong

55 43 79 60 31 50 49 25

• 2
• 3
• 7
• 7

71 50 33 59

50% 40%

Power & New energy

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

5 6 5 5

Zhengding

9 10 3 4

Luannan

8 9 3 4

& holding companies 65% Indominco Trubaindo Kitadin AACI OVERHEAD 100%

7 40 34 34

Consolidated NOT consolidated

• 1
• 1
• 1
• 1

21 23 11 13

AUD mil

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

115 113 99 115

Bharinto

4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16

USD million

62

Banpu group net debt breakdown

Note: all ownership 100% unless otherwise shown.

2,56 2 2,122 2,203 2,22 5

225 226 187 110 & holding companies 2,893 3,241 3,212 3,181 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% 739 709 761 752

• 268
• 295
• 266
• 268
• 90
• 85
• 81
• 96
• 1
• 1
• 2
• 1

315 275 269 231

• 9
• 15
• 27
• 7

AUD mil

Consolidated NOT consolidated Net debt Net cash

4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16 4Q15 1Q16 2Q16 3Q16

USD million

63

Banpu consolidated : operating profit

Sales revenues – Power Cost of sales Gross profit* GPM Sales revenues – Coal Total sales revenues* Gross profit – Coal Gross profit – Power GPM – Power GPM – Coal

• 8%

YoY%

• 2%
• 2%
• 11%
• 11%
• 18%

Note: * Including other businesses

30% QoQ% 25% 27% 34%

• 2%
• 8%

34 (400) 198 33% 598 557 187 11 33% 34% 30 (405) 181 31% 586 544 166 9 30% 30%

USD million

3Q15 3Q16 2Q16 31 (330) 140 30% 469 429 124 10 32% 29% Sales revenues – Gas

• 45%
• 5

4 Gross profit – Gas

• 81%
• 2

1 GPM – Gas

• 45%

36%

64

Banpu consolidated : operating profit

Gross profit GPM SG&A Royalty Other income EBIT EBITDA EBIT - Coal EBIT - Power Income from associates EBITDA - Coal EBITDA - Power Mining property EBITDA - Gas 198 33% (78) (60) 5 68 105 58 10 5 92 (1) 13

• 181

31% (72) (56) 6 71 115 54 17 17 93 (6) 19 3 30% 23% 17% QoQ% 81%

• 56%

68%

• 54%

n.m.

• 6%

66%

• 8%

4% 9% YoY% 2% 39% n.m.

USD million

3Q15 3Q16 2Q16 140 30% (69) (44) 9 58 98 20 38 26 57 (4) 40 2

65

Banpu consolidated : net profit

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

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 items FX translations Net Profit EPS (US$/share) 4% YoY% n.m. n.m. 0% Deferred tax income (expenses) 23% QoQ% 106%

• 75%

57% Gain (Loss) on Derivatives Transactions 71 (32) (2) (11) (0) (0) 10 (15) 11 (8) 2 0.000 7 (8) 68 (31) (2) (10) (1) (3) (20) (14) 11 18 (2) (0.001) (10) (18) 58 (33) (2) (5) (2)

• (11)

7 10 5 3 (10) 8 0.002

USD million

3Q15 3Q16 2Q16

66

Centennial : income statement

USD million

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

• 10%
• 8%

8%

• 32%

6% 15% 11% n.m. QoQ% 3%

• 2%

33%

• 17%

19% 31%

• 6%

n.m. Deferred tax income (4.4)

• (143.6)

40.3 22% (11.6) (24.1) 6.6 3.6 183.9 2.0 (6.5) (0.8) (0.8) (5.0) 2.1 (4.1)

• (26.0)

0.7 (8.7)

• (115.5)

44.8 28% (10.8) 9.8 3.4 160.2 1.8 (6.9) (0.7) (5.8)

• 3Q15

3Q16 2Q16 (100.6) 39.3 28% (8.8) (24.6) 8.0 3.0 139.9 2.1 (6.6) (0.8) 0.2 (6.4) 1.4

67

Banpu Power : income statement

THB million

Cost of sales Gross profit GPM Equity income Administrative Expense EBIT Sales revenue Sales revenue Dividend income Interest expenses Financial expenses Income tax – Core Business Net profit NCI/Minorities Other income YoY%

• 17%

17% 197% 57%

• 11%
• 408%

QoQ%

• 9%

18%

• 54%
• 47%
• 3%
• 28%
• 63%

3Q15 (793.9) 377.0 32% 172.4 (186.1) 483.6 1,170.9

• (49.5)

(0.1) (97.0) 96.1 (141.7) 120.2 3Q16 (731.7) 313.0 30% 511.8 (218.3) 761.6 1,044.7 6.6 (130.0) (0.6) (54.1) 488.7 (21.2) 148.5 2Q16 (732.4) 345.3 32% 1,100.8 (184.9) 1,446.9 1,077.7 9.3 (115.4) (0.4) (108.5) 1,335.2 (38.2) 176.4 Non-recurring items (8.4) (49.7) (34.7) Deferred tax income / expense 15.9 (8.5) 108.2 FX translations (106.8) (8.8) 77.3 24%

• 16%

68

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

1.4 1.2 1.2 1.7 1.2 1.3 1.7 1.2 2.1 1.6 2.0 1.7 1.5 2.2 1.6 2.4 2.8 3.2 2.7 3.3 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 1Q16 2Q16 3Q16 4Q16e 1Q17e 2Q17e 3Q17e 4Q17e

Total equity ROM (Mt)

WESTERN NORTHERN

LW relocation

Australia coal: quarterly equity ROM output

3.5 3.4

ACTUAL PLANNED (INDICATIVE ONLY)

2016 2017e LW move Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Mandalong (100%) Springvale (50%) 2 wks 2 wks 9 wks 4 wks 4 wks

3.5 3.6